Tata Power 2020

11th June 2021
BJ/SH-L2/
BSE Limited National Stock Exchange of India Limited

Corporate Relationship Department Exchange Plaza, 5th Floor,
1st Floor, New Trading Ring, Plot No. C/1, G Block,
Rotunda Bldg., P. J. Towers, Bandra-Kurla Complex,
Dalal Street, Fort, Bandra (East),
Mumbai 400 001. Mumbai 400 051.
Scrip Code: 500400 Symbol: TATAPOWER EQ
Dear Sirs,
Sub: Submission of the Annual Report under Regulation 34 of the SEBI (Listing Obligations
and Disclosure Requirements) Regulations, 2015 (Listing Regulations)
Pursuant to Regulation 34(1) of the Listing Regulations, we forward herewith the Integrated Annual
Report of the Company for FY 2020-21. The 102nd Annual General Meeting of the Company will be
held on Monday, 5th July 2021 at 3 p.m. (IST) via two-way Video Conference / Other Audio Visual
Means. The said Integrated Annual Report FY 2020-21 is being sent through electronic mode to the
shareholders of the Company and is also available on the website of the Company at
https://www.tatapower.com/pdf/investor-relations/102Annual-Report-2020-21.pdf.
Please take the same on record.
Thanking-you,
Yours faithfully,
For The Tata Power Company Limited
(H. M. Mistry)
Company Secretary
Encl.
# F U T U R E R E A DY
Empowering
customers
for tomorrow's
world
I N TE GR AT E D A N N UA L RE P ORT
2020-21
THE TATA POWER COMPANY LIMITED

Contents
About this report 2 Our COVID-19 response
OVERVIEW
CEO and MD’s Message 6
Performance Highlights 8
Business at a glance 10
National reach
Awards and accolades
12
13 28
Value Creation Model 40
Key milestones
Sustainable Development Goals 42
Stakeholder engagement 44
Materiality assessment 46
OUR VALUE‑CREATION PARADIGM
14 Manufactured Capital
Intellectual Capital
50
66
Human Capital 72
Corporate governance 16
Social and Relationship Capital 86
#FUTUREREADY
Financial Capital 104
Empowering customers for

OUR EMPHASIS ON VALUE
Natural Capital 110
tomorrow’s world
Our strategy GRI Content Index 126
Integrated Report - Annexures 132
As the world changes in unprecedented ways, our constant impacting the approach of power utilities globally. Chief
STATUTORY REPORTS endeavor remains-to bring energy to empower lives. among these are the growing attention towards sustainable
However, the means to capture, process and deliver this growth and development, wide-ranging customer
Board’s Report 133
energy is increasingly evolving, with diverse externalities requirements and business continuity concerns.
Management Discussion and Analysis 161
Report on Corporate Governance 184
Serving our customers and community has always been the cornerstone
of the Tata Group’s philosophy. Being at the forefront of innovation, The
20 Business Responsibility Report
FINANCIAL STATEMENTS
215
Tata Power Company Limited (Tata Power) has consistently delivered
sustained value to its stakeholders and constantly challenged the status
Risk Management 24 Standalone Financial Statements 224 quo for continuous improvement and better service delivery. We believe
Consolidated Financial Statements 316 in accelerating the transition to a sustainable future and our #futureready
Notice 444 approach has enabled us to carefully strategise our business offerings and
Independent Assurance Statement 465 empower customers for tomorrow’s world.
Glossary 467
About this report
Manufactured Capital Intellectual Capital
We, at The Tata Power Company Limited, welcome our stakeholders to our second
Annual Integrated Report <IR> FY2020-21 (FY21). In furtherance to our FY2019-20 annual Our robust business structure and operational Our brand and product value, R&D, innovation
processes, inclusive of our physical assets as capacity and strategic partnerships that
integrated report, this report presents our financial and non-financial performance from 1st April well as our products and services that help us to support us to develop smart energy solutions
2020 to 31st March 2021. The report aims to provide our stakeholders with a concise and complete develop energy efficient solutions. empowering our customers to be future ready.
assessment of Tata Power’s contribution nationally, our vision, performance against strategy,
and value creation journey.
REPORTING BOUNDARY AND SCOPE the Company’s business model, strategy and the use of various
capitals to highlight how we translate promise into action.
The report covers the business activities of Tata Power across
In furtherance to the Stakeholder Engagement and Materiality
its business clusters and all its subsidiaries. This includes our
Assessment (SEMA) carried out in FY20, we conducted a
business of renewables, conventional generation, transmission
materiality review in FY21 to understand matters that have
and distribution, next-gen power solutions, power trading,
become more relevant during the year. Our prioritised material
renewable energy products, utility scale solar EPC and services Page no. 50 Page no. 66
topics define the contours of this report and are further
business. We aim to focus on material topics that have the
emphasised across our six capitals to showcase how we aim to
potential to influence our business operations and long-term
strengthen our value creation journey.
value creation for our stakeholders. Furthermore, in FY21
we have strengthened our long-term strategy with defined RESPONSIBILITY STATEMENT
Human Capital Social & Relationship Capital
sustainability goals and targets. We have not made any material Our Board acknowledges the accountability for the integrity
restatement in this report. and completeness of this report and its contents. We have Our agile workforce and vibrant work Robust stakeholder relationships, inclusive of the
also ensured collective responsibility for the preparation and environment as well as expansive skill-set and local communities in which we operate, to build a
FRAMEWORKS REFERRED
presentation of this report in accordance with the International technical know-how that enable innovative and strong, holistic and thriving society and economy.
Our Integrated Report is guided by the principles and sustainable solutions for our customers and long- We empower our customers with cost effective
Integrated Reporting Council (IIRC) - <IR> Framework.
requirements of the International Integrated Reporting term value creation for our stakeholders. energy efficient solutions for brighter tomorrow.
Council’s (IIRC) <IR> Integrated Reporting Framework. The ASSURANCE
content of the report is also in accordance with the Global The non-financial information disclosed in this report has
Reporting Initiative (GRI) standards: Core option, with linkages been independently assured by Ernst & Young Associates LLP
to India’s National Voluntary Guidelines (NVG) on Social, (EY). The independent assurance statement can be accessed
Environmental and Economic responsibilities of business. on page 465 of this report. The consolidated annual financial
The report also provides linkages to the United Nations statements have been audited by M/s. S R B C & CO. LLP (SRBC).
Sustainable Development Goals (UN SDGs) and United
Nations Global Compact Principles (UNGCP). The financial and FEEDBACK
statutory information in this report is in accordance with the Your valuable insights and feedback on this report would help
requirements of the Companies Act, 2013, Indian Accounting us to strengthen our future reporting initiatives. Your inputs Page no. 72 Page no. 86
Standards, the Securities and Exchange Board of India (Listing may be communicated to [email protected]
Obligations and Disclosure Requirements) Regulations, 2015
and the Secretarial Standards. FORWARD-LOOKING STATEMENTS
Certain elements of this report contain forward-looking Financial Capital Natural Capital
INTEGRATED THINKING statements. These may be typically identified by terminology
used such as ‘believes’, ‘expects’, ‘may’, ‘will’, ‘could’, ‘should’, Our promoter’s equity, funding from investors, The responsible use of natural resources across
At Tata Power, we actively adopt integrated thinking to build
‘intends’, ‘estimates’, ‘plans’, ‘assumes’, and ‘anticipates’, or debt capital from lenders that support the our business operations and key operational
robust internal processes and consistently work towards
negative variations. These forward-looking statements are progress of our business activities, ensuring efficiency initiatives which enable us to reduce
sustainable business operations. This approach is showcased
through our value creation model, which provides a holistic subject to particular risks and opportunities that could be sustained value for all our stakeholders. our carbon footprint and enhance our bio-
view of the Company’s use of resources and effect on its 6 <IR> beyond the Company’s control or currently based on the diversity conservation measures.
capitals, thereby strengthening our viability and resilience Company’s beliefs and assumptions of future events. There
over time. could be a possibility of the Company’s performance differing
from expected outcomes and performance implied in this
OUR APPROACH TO INTEGRATED REPORTING report. With a varied range of risks and opportunities facing
Our integrated report aims to showcase a balanced and the Company, no assurance can be provided for future results
transparent outlook of how we create, preserve, or enhance to be achieved as the actual results may differ materially for the
value over time. The report also introduces our stakeholders to Company and its subsidiaries.
Page no. 104 Page no. 110

This report was prepared under unprecedented challenges due to the COVID-19 pandemic. We, at The Tata Power Company Limited would like to
take this opportunity to thank all stakeholders involved for the Integrated Report FY21. We would like to express our gratitude towards colleagues
involved across essential services during this pandemic.
2 The Tata Power Company Limited Integrated Annual Report 2020-21 #Futureready: Empowering customers for tomorrow’s world 3
Overview
6 CEO and MD’s Message
8 Performance Highlights
10 Business at a Glance
12 National Reach
13 Awards and Accolades
14 Key Milestones
16 Corporate Governance
CEO AND MD’S MESSAGE
Being proactive. Staying resilient.
Overview
We believe, a key step towards our transition towards carbon neutrality
is to make sustainable products and services more affordable and
accessible to our customers. This will enable us to strengthen our current
stakeholder relationships and expand a suite of products and services
that make our business more resilient as we move into the next decade
The year 2020 was fraught with multiple of sustainability. With a deeply entrenched customer centric strategy, we
challenges and an uncertain global outlook. continue to leverage innovation and technology to develop affordable
and low carbon energy solutions for our customers. We also continued
Yet, we collectively stood strong in the to strengthen our investments in SMART grid technologies to ensure
face of adversity, demonstrating resilience, an efficacious and resilient network as well as identified opportunities
to transition towards an Energy as a Service (EaaS) business model.
innovation and agility across the organisation. “Despite downside risks posed by
Our Emphasis on Value

Strengthening our position as a B2C company, we continue to leverage
As a purpose driven Company, we tapped into
all our resources and capabilities to produce
smart choices to light up the lives of our customers in a more sustainable
manner. COVID 2.0, we remain cautiously
actionable impact for our stakeholders Driving valued impact, we stand by our responsible procurement
practices across the value chain. We are committed to local sourcing and
optimistic and will continue
and help combat a profound health and increased ESG transparency with our Business Associates (BA). We also to build a resilient tomorrow
humanitarian crisis. The road ahead is clear encourage local businesses with 99% of non-fuel procurement locally
and we are committed to achieving equitable

sourced in FY21. Additionally, 46% of our overall procurement budget, and advance our sustainability
including fuel was spent on local suppliers. We thus aim to minimise any
growth that makes a positive difference to our adverse environmental and social impacts across our value chain. agenda.”
people and our planet.
Our Value‑creation Paradigm

Energised by our teams to deliver impact
Caring for our people and the communities we work with is deeply to install microgrids across 200 villages, with value added services
ingrained in our core values. We focus on upskilling and reshifting our implemented for our rural customers, including EMI schemes, Energy
teams across functions and businesses to enhance innovation, enable Efficient Applications and Micro Financing Institute (MFI) linkage for
positive impact and light up the lives of our customers across the nation. commercial and industrial customers.
Dear Stakeholders, We remain committed to fuel each and every employee’s passion, hone
Going beyond our thrust areas, we continued to work relentlessly
their inherent talents and empower a diverse and inclusive workplace.
The year 2020 has been like no other before in living memory, renewables, transmission and distribution, as well as customer centric to support responsible citizens in augmenting energy and resource
In FY21, we continued to advance diversity and inclusion across our
characterised by extraordinary challenges. However, it has also been businesses of Solar Rooftops, Solar Pumps, Microgrids, EV charging, conservation across the country. Owing to the pandemic, we could not
businesses and leadership. By enabling supportive gender diversity
a year in which we recommitted ourselves to our vision of providing Energy Services (ESCO), Home Automation and Floating Solar, amongst conduct on ground programmes but capitalised on digital platforms to
policies, women at Tata Power represent 8% of our total workforce in
future ready energy solutions to our customers to empower them for others. Your Company achieved a major strategic milestone by winning introduce ‘E-learning Fridays’ and bi-weekly webisode series for children
FY21. Additionally, women represent 31% of selected candidates in FY21
tomorrow’s world. Our employees and partners were not discouraged by bids in the privatisation of the Discoms in Odisha. This has expanded our and their parents. These efforts encouraged people to adopt sustainable
across campus recruitment.
our strategic business objectives and meeting the evolving requirements operational footprint and increased our customer base in distribution to living practices amid the lockdown with a successful 35,000 views across
of our customers. As India went into one of the world’s largest COVID-19 12 million customers. With workforce mobility and employee well being a critical issue in the webisode series.
lockdowns, our employees ensured uninterrupted electricity supply FY21, we further strengthened our Business Continuity Plan (BCP) in
Statutory Reports
In line with India’s Nationally Determined Contributions (NDC), we have response to the COVID-19 pandemic. This enabled effective operational
across the country. We proactively adopted strategic measures to
furthered our vision for a sustainable tomorrow with our commitment to
Transforming sustainably to empower millions
combat the adverse impacts across our operations, workforce, and preparedness and proactive measures to ensure the safety of our
achieving Carbon Neutrality before 2050. We are increasing our efforts We will continue to draw on our collaborative spirit to transform and
communities. Despite downside risks posed by COVID 2.0, we remain employees, while they worked hard to keep the power on in each and
in this direction with our commitment to set emission reduction targets ensure the resilience of our Company through new challenges in the
cautiously optimistic and will continue to build a resilient tomorrow and every home. Even during these unprecedented times, our employees
in line with the Science Based Targets initiative (SBTi). Additionally, coming years. There is much to do and we have a clear direction and a
advance our sustainability agenda. remained steadfast in our vision to ensure sustainable, affordable,
we plan to phase out coal based capacity and expand our clean and strategy for the future. I have strong faith in our leaders and employees,
and innovative energy solutions for all our stakeholders. Their support
green capacity to 80% by FY30. As India’s largest integrated solar EPC who continue to effectively execute strategy and deliver sustainable
enabled us to accelerate our own transformation to a new energy world.
Building future-ready solutions company, we delivered strong performance in FY21 with Tata Power To enable a seamless transition to the new work from home paradigm,
value to all our stakeholders.
In FY21, we took effective steps to de-leverage our balance sheet. Solar’s order book over ₹8,700 crore and a capacity of around 2,800 we leveraged on various training modules and programmes to bolster Before I conclude, I must extend my heartfelt gratitude to all our go-
This strategy resulted in greater investor confidence in our performance MW. This achievement also strengthens our position as the No. 1 Solar digital transformation across the organisation. getters-frontline workers who overcame challenges posed by the
and our market capitalisation increased by 214% from ₹10,496 crore in EPC player for seven years in a row. As of date, we have five renewable pandemic to ensure uninterrupted power supply to millions of citizens
FY20 to ₹32,990 crore in FY21. Furthermore, we raised ₹2,600 crore by way projects registered under the Clean Development Mechanism (CDM) We continue to build deeper partnerships with our stakeholders and across the country. We will continue to focus on sustainable growth while
of issuing equity share capital on preferential basis to Tata Sons Private programme by United Nations Framework Convention on Climate drive positive impact across communities. Bolstering our Corporate Social delivering future ready solutions to our customers and empowering
Financial Statements
Limited ("Tata Sons") reinforcing their commitment to strengthening Change (UNFCCC). It is noteworthy that 87,351 Certified Emission Responsibility (CSR) vision and thrust areas, we aim to positively impact the nation.
our Company’s financials by increasing their shareholding from 35.27% Reductions (CERs) were traded from these projects in FY21, generating 30 million lives directly and through the enabling community institutions
Yours sincerely,
in FY20 to 45.21% in FY21. The completion of sale of the South African around ₹1.77 crore gross revenue. #Futureready for a cleaner tomorrow, around the regions we operate in. In FY21, our CSR expenditure stood at
assets, shipping assets as well as defence business and the consequent we aim to capitalise on opportunities across hybrid and offshore wind ₹39.24 crore with around 17,000 employees volunteering 57,257 hours
reduction in debt and a corresponding upgrade in credit ratings has projects, floating solar, hydrogen fuel and strengthen our partnerships to enable positive impact across communities. Furthermore, all our CSR Dr. Praveer Sinha
enabled the Company to further reduce financing costs. This has for battery storage projects. initiatives are aligned to the United Nations Sustainable Development CEO & MD
accelerated our ambitious plans to expand our business portfolio across Goals (UN SDGs). We also encouraged inclusivity across our CSR The Tata Power Company Limited
interventions with 56% of our CSR beneficiaries being women in FY21.
In our endeavour to transform India’s rural landscape, we continued
PERFORMANCE HIGHLIGHTS FY21
Delivering with responsibility
Overview
As India’s largest integrated power company, we aim to be the partner of choice for all our
stakeholders and usher in a future of smart energy solutions for our customers
The integrated and responsible use of our Responsible resource Robust financial growth Enhanced generation &
Natural, Financial and Manufactured capitals consumption distribution of power
boosts our efforts to provide smart, future

ready energy solutions for our customers 4 Discoms
0.687 tCO2e/MWh ₹33,079 crore 31% acquired
Carbon intensity Revenue generated Clean & green capacity in Odisha
7.5% ₹1,439 crore 500+ MW 30,000+

reduction in coal consumption Profit After Tax Rooftop solar Solar pumps
We create a culture of innovation, facilitating Diverse & talented workforce Innovations to deliver operational excellence

our inspired workforce to develop energy
efficient technologies and sustainable
solutions
8.6% 40 member
New employee hire rate Innovation council across divisions
20% 6
women leaders on Tata Power’s patents filed in FY21
Board of Directors
Statutory Reports
We engage and empower our customers and Improving the lives of our customers and communities
other stakeholders to embrace tomorrow’s
smart energy solutions
532 Public EV charging points 161 microgrids
in over 92 cities, showcasing our Commissioned with over 4.8 MW
commitment towards green mobility installed capacity, building a future ready
installed rural India
BUSINESS AT A GLANCE
Enabling smart energy solutions At Tata Power, we aim to translate promise into action and presence across the energy value chain has been further
build a future that supports sustainable energy transition. With strengthened with our diverse business portfolio supporting our
a 107 year old legacy, we continue to empower customers to ambition as the first power utility in India to commit to ‘Carbon
for a future ready customer be #Futureready and pave the way for a smarter and greener Neutrality’ before 2050. 1 We have a focused 3-D framework
tomorrow. Driven by the ambition to contribute to the global of Decarbonization, Decentralization and Digitalization.
agenda of sustainable development, our vision and innovation Additionally, to foster collaborative growth, we regularly interact
Overview
driven culture enable us to leverage sustainable solutions with government bodies, institutions, NGOs and industry players
to become a benchmark in the utility sector. Our integrated across a myriad of member platforms.
Our Businesses Our Vision Our value generated outcomes
Empower a billion lives

through sustainable,
affordable and innovative

Renewable Energy Generation energy solutions
Our Mission Power Supply Solar Rooftops Solar modules and cells Solar RO systems
Transmission & Distribution With strengthened partnerships and a As India’s undisputed solar rooftop As one of the globally recognised Tier-1 To address the challenge of availability
collective vision to deliver uninterrupted leader, Tata Power provides Engineering, bankable solar module manufacturers, and accessibility to clean and safe
Keeping the customer at the
power supply, Tata Power goes beyond Procurement and Construction (EPC) we consistently augment technology drinking water, Tata Power provides
center of all we do
the meter to deliver solutions that solutions pan India, across residential, innovation with cutting edge solar powered water purifier solutions
enhance customer experience and commercial, industrial and institutional manufacturing capabilities. with the latest technologies of Reverse

Manufacturing Operating assets and satisfaction with presence across the consumers. Osmosis (RO) or Ultra Filtration (UF) in
executing projects at entire value chain. remote and rural India.
benchmark level through
technology & innovation
Utility scale solar EPC

Sustainable growth with a
focus on profitability and
market leadership
Conventional Energy Generation Creating an empowered EV Charging Solar Pumps Microgrids Home automation solutions
workforce driven by passion Tata Power drives innovative and Tata Power provides a range of sustainable To augment the provision of dependable, In our endeavor to drive energy
& purpose seamless Electric Vehicle (EV) charging solar water pumps that provide myriad affordable and clean power supply to efficiency, we offer innovative home
Statutory Reports
experiences for its customers across solutions to empower communities and rural households and enterprises, Tata automation solutions for all our
Home, Offices, Malls, Hotels, Retail drive the renewables growth agenda of Power continues to scale up innovative consumers, enabling the convenient
‘Leadership with Care’ for all
New Business Outlets and places of public access, India. microgrid solutions through robust and remote use of home appliances
stakeholders
enabling green mobility. partnerships and unique collaborations. along with safe and satisfied user
experience.
Utility scale solar EPC
As India’s largest integrated solar EPC
Power trading
Company, TPSSL manufactures solar
cells and modules and provides end
to end solutions to our customers for
establishing utility scale rooftop and
other solar projects.
Services Business
Our memberships and associations are provided in Annexure 1. We have 59 subsidiaries (inclusive of 7 foreign-based), 33 Joint Ventures (JV) and 5 associates
which are further detailed in Annexure 2. Of the subsidiaries, 3 companies have been classified as JVs under Indian Accounting Standards (Ind AS).
1
https://www.tatapower.com/pdf/investor-relations/edelweiss-esg-conference-mar2021.pdf
NATIONAL REACH AWARDS AND ACCOLADES
Powering India at scale Winning at the centre stage
Overview
Tata Power has a significant global footprint with 12,808 MW holding structure is detailed in the AOC-I on page 441. For
generation capacity. Together with our subsidiaries and Joint FY21, there have been no significant changes in the location
Ventures (JVs), we have built a strong presence across the entire of suppliers, structure of the supply chain or relationships with
value chain of conventional and renewable energy as well as next- suppliers. The share capital structure has undergone a change
generation energy solutions for customers. We have now begun since last year with the shareholding of Tata Sons increasing
to expand in the Energy as a Service (EaaS) space. Tata Power’s from 35.27% in FY20 to 45.21% in FY21.
Ranked as Recognized as one of
one of India’s most respected the most sustainable company of India
1. Gujarat | 4,444 MW 10. Madhya Pradesh | 174 MW companies by Business World by Sustain Labs Paris with a rank of 13 and A+ rating across

31 diverse parameters
4,150 194 100 130 44

Honored with
14 17
2. Uttar Pradesh | 1,981 MW
11. West Bengal | 120 MW
best risk management framework Honored with Edison award
16 for its Club Enerji #switchoff2switchon campaign under
& systems award
Delhi Powerlines
12 social innovation category and social energy solutions
6 120
2 1,980 1 - Power & Risk Governance Award subcategory
Ajmer
13 12. Delhi | 111 MW
3. Maharashtra | 1,801 MW
1 4
Won a gold at Brandon Hall 2020 human Won 5 platinum and 5 gold awards

10 11 108 3
930 447 239 at the CII National Kaizen Competition-2021 and a
9
Odisha
13. Bihar | 41 MW
capital management excellence awards
Mumbai 185 platinum award at CII National 3M Competition-2021
3 under “best advance in competencies and skill
4. Jharkhand | 1,725 MW development” category
15 41
Won the best ESG disclosure award
5 8 1,597 120 8 14. Punjab | 36 MW
Received Environment Excellence Award under ESG category midcap at investor relations society
by Indian Chamber of Commerce awards held jointly with BSE and KPMG
18 5. Karnataka | 616 MW
36
7
566 50 15. Telangana | 16 MW Won the gold award for
Won best asset management team
6. Rajasthan | 400 MW “rooftop solar EPC company of the year” EPC utility solar in the RE Asset Management Awards
Statutory Reports
16 under industrial category at the India Rooftop Solar ceremony
Fuel Mix (Both Domestic + International)
Congress
12,808 MW 8,859 MW 880 MW 215 185 16. Haryana | 1 MW
Total Thermal Hydro
7. Tamil Nadu | 373 MW Won two gold awards for
375 MW 932 MW 1,762 MW 1
Waste Heat Recovery Wind Solar CSR Initiatives Saheli World (e-com
/BFG 253 120 17. Uttarakhand | 2 MW
platform launched during Covid) and
8. Andhra Pradesh | 305 MW
Distribution of installed capacity (Domestic & International) 2
Adhikaar (financial inclusivity) volunteering
in 9th ACEF Asia Leadership Award
14% 7%
69% 31% Solar Wind
205 100 18. Andaman and Nicobar Islands
| 0.2 MW
Thermal Clean & Green
9. Odisha | 175 MW
7% 3% Won gold award for best financial
Hydro Waste Heat Recovery
/BFG 135 40
0.2 MW reporting
from Institute of Chartered Accountants of India
Thermal Hydro Waste Heat/BFG Wind Solar Distribution Transmission
KEY MILESTONES
2017
A century of leading Constructed 187 MW hydro project in Georgia
Our key achievements FY21
with sustainability
Ū Committed to achieve Carbon Neutrality before 2050.
Increased non-fossil operating capacity to
Ū Reduced carbon intensity in FY21 to 0.687t/Mwh from
3060 MW
0.695t/Mwh in FY20.
Overview
Ū 10.4% reduction in SOx emissions in FY21.
Tata Power has been championing 2018 Ū No further development of coal based capacity and
Integrated EV charging stations in Mumbai
sustainability since its inception phasing out of existing capacities.
in 1915 2014 Launched extensive residential solar rooftop
Ū Increased our outreach for power distribution in central,
Acquired 39.2 MW wind farm near Dwarka, western, southern and northern* parts of Odisha.
solution across India
Jamnagar in Gujarat
1915 Completed commissioning of 32 MW wind Developed 250 MW of solar projects in
Ū Signed a Power Purchase Agreement (PPA) with Tata
Motors Limited, commissioning India’s largest carport

Commissioned first hydroelectric power
farm project in Maharashtra Tumkur, Karnataka and commissioned 100 to reduce ~1.6 lakh tonnes of carbon emissions of
generating system of 40 MW, subsequently
MW Anantapur solar park in Andhra Pradesh Tata Motors in its lifetime.
upgraded to 72 MW at Khopoli Commissioned 28.8 MW solar power project at
Palaswadi, Maharashtra Ū Signed a PPA with Apollo Gleneagles Hospital,
1922 2019 commissioning biggest carport in Indian Health Sector
Commissioned second hydro power station of

2015 Won 105 MWp bid for one of the world’s
to reduce 80 kgs of carbon emission annually.
Commissioned first cross border hydro power Ū Collaborated with central railway to launch EV charging
40 MW, subsequently upgraded to 72 MW at largest floating solar plant to be installed at
project registered under the United Nation points at Mumbai’s railway stations.
Bhivpuri Kayamkulam, Kerala
Framework Convention on Climate Change’s
Ū Signed a PPA with The Indian Hotels Company Limited to
(UNFCCC) Clean Development Mechanism for

Recognised for addressing the challenge provide ~60% of green energy to reduce nearly 22.9
1927 126 MW at Dagachhu, Bhutan
of open defecation by the Government of million kg of CO2 emissions.
Commissioned third hydro power station of Netherlands
90 MW, subsequently upgraded to 150 MW at 2016 Ū Signed a PPA with Tata Steel Limited to develop a 15
MW solar project at Jamshedpur, Jharkhand.
Bhira Commissioned 120 MW Itezhi tezhi hydro Developed a 100 MW and a 250 MW solar
power project in Zambia project in Gujarat Ū TP Renewable Microgrid Ltd. marked its first anniversary
by commissioning 100th solar microgrid project in
2007 Strengthened its renewable portfolio by
commissioning 44 MW Lahori wind farm
Commissioned 150 MW solar project in Ratnapur, Uttar Pradesh.
Completed 50.4 MW Khandke wind farm Rajasthan
project in Madhya Pradesh Ū Tata Power is the only Indian utility to co-create the first
project
SDG roadmap for power utilities along with 10 other
Acquired 1,010 MW renewable assets Partnered with NTT Com-Netmagic to build
global power companies. This was published by the
of Welspun 50 MW solar power project
2011 World Business Council for Sustainable Development
(WBCSD).
Statutory Reports
Commissioned 3 MW Mulshi solar plant in
Maharashtra Ū Tata Power has successfully completed 50 years of
conservation efforts for the blue-finned Mahseer and
helped increase numbers. The International Union for
2012 Conservation of Nature (IUCN) has acknowledged the
Commissioned 25 MW solar plant at Mithapur, efforts and moved the species from endangered to the
Gujarat ‘least concern’ status.
* northern acquired from 1st April 2021
CORPORATE GOVERNANCE
Tata Power’s Policies The status of stakeholder complaints received in FY21 have been
Custodians of responsible
provided below:
Corporate Environment Policy Health and Safety Policy
Stakeholder Received in FY21 Satisfactorily resolved by
the management (%)
governance
Corporate Sustainability Policy Human Rights Policy
Investors 13 100
Responsible Supply Chain
63 (including 9 contract
Employees 97
Overview
Whistle Blower Policy employees)*
Management Policy
Vendors 15 100
At Tata Power, we leverage our vision and responsible governance practices to create value for Risk Management Policy Safety Code of Conduct
Customer 1 100
our stakeholders
*Inquiry is under progress for 2 concerns
Further details on our policies are available on www.tatapower.com
Efficacious tax governance

Leading with responsibility and empathy Tata Power carries out a detailed assessment with regard to
Tata Power employs a responsible approach to enhance
the tax planning for the Annual Business Plan (ABP) period,
organizational performance across the economic, environment,

which ranges from one to five years. The taxation department
social and governance paradigm. We consciously conduct
at Tata Power is headed by a senior officer responsible for the
business in an ethical and fair manner, propagating a corporate
Mr. Natarajan Ms. Anjali Bansal Ms. Vibha Padalkar Mr. Sanjay V. Bhandarkar Mr. Kesava Menon tax planning and litigation of Tata Power Group Companies
culture that is socially and environmentally responsible. For FY21,
Chandrasekaran Chandrashekhar operating in India. We also ensure a routine tax compliance
there were no cases pending in line with unfair trade practices,
which is overseen by the Chief Financial Officers (CFOs) of
irresponsible advertising and/or anti-competitive behaviour.
respective subsidiaries/joint ventures to maintain consistency
Additionally, there were no cases of corruption with reference to
in the Company’s management approach. Actual tax liability
our employees or our business partners.
versus the ABP estimation is compared every year and during
the Union Budget exercise, we submit respective representation
Leadership and Oversight on
Advocacy
Institutional Structures and to the Government of India, proposing benefits accrued to the
Sustainability Systems
sector and in best interest of the Industry. Tax to the government

Mr. Hemant Bhargava Mr. Saurabh Agrawal Mr. Banmali Agrawala Mr. Ashok Sinha Dr. Praveer Sinha is accrued as per relevant provisions and we are humbled to
Initiatives that are based on,
Leadership with Care
and are encompassing state that there have been no non-compliances with regard to
Chairperson Non-Executive Non-Independent Nominee Independent CEO & Managing Director taxation, with the exception of any ambiguity in the provision
Care for our environment (society What needs to be done (material to both which would be subject to litigation in the best interest of the
We are guided by the principles of the Tata Code of Conduct and Sustainability governance at large)
• Environment Conservation
stakeholders and us)
Company.
the Tata Business Excellence Model. These principles guide the The Board of Directors at Tata Power have guided the • Efficient use of Energy
• Investment in Green Technology We track tax compliance details as well as timelines on our
organisation’s growth along a sound and sustainable pathway. organization’s strategy based on the Company’s external
Care for our shareholders What we are good at doing which is compliance portal which is updated in a timely manner with
Our esteemed Board comprises of experts with rich experience and regulatory environment, material issues and stakeholder and customers linked to our business objectives the status of compliance against due dates. In order to ensure
across diverse fields. requirements. We have a robust sustainability model that
Care for our community
What we should take up as national the effective monitoring and review of tax compliance, the
is driven by a beyond compliance approach. With our core thrust areas for development
compliance report is also provided independently to senior
Our Board represents the highest authority across the Company’s
objective of ‘Leadership with Care’, we aim to drive initiatives What we should define as our standards; management by the risk and compliance department. In order
governance and management paradigm. It continues to Care for our people from compliance, to competing, to
that are material to the Company and its stakeholders as well as to mitigate unethical or unlawful behaviour, we maintain all tax
exemplify trust, transparency and integrity, supported by leading
in line with national thrust areas for development. Furthermore, workings and positions for future reference and advance tax
Tata Power’s ethical and inclusive Corporate Governance (CG)
Statutory Reports
Benchmarking.
we have strengthened our sustainability strategy in line with New Technology Architecture of Care payments are made only with the approval from the Financial
mechanism. This responsible approach to governance enables Going beyond compliance
us to maximise value for all our stakeholders in line with a our goal to become carbon neutral before 2050. An augmented Controller (FC) and Chief Financial Officer (CFO). We also prepare
balanced and sustainable strategy to achieve our long-term element of sustainability to Tata Power’s core governance Enablers Objective and its Elements Encompassing values contingent liability statements every quarter and revise all
business objectives and aspirations. structure has paved the way for numerous sustainability related pending litigations with a regular update of tax positions.
policies that effectively govern our strategic direction and value We strongly encourage respect for human rights and the Further information on our Corporate Governance structure and
creation process. dignity of all people in line with Tata Power’s core values. We committees are detailed in our Report on Corporate Governance,
Ownership Structure page 184.
are humbled to state that there have been no complaints
We hold periodic sessions during the year to appraise the Board concerning the rights of indigenous people, child labour, forced
46.86% Promoter and
33.03% promoter group of Directors on regulatory changes, CSR and sustainability related labour, freedom of association, the right of collective bargaining
matters to gain valued perspective and strategic orientation for and gender or social discrimination. Besides, we comply with
Public (Holding)
the future performance of the Company. In addition, we have product and service regulations in regard to health and safety
Public (Institutional implemented a Senior Leaders’ Development Programme (SLDP) impacts, marketing communication as well as information and
Investors) in partnership with IIM, Ahmedabad. This is a 15 month on labelling. In FY21, there were no pending or unresolved show-
20.11% Public (Others) campus leadership development journey which covers diverse cause notices issued from the Central Pollution Control Board
53.14%
modules, such as emerging business models, customer centric (CPCB) or State Pollution Control Board (SPCB). At Tata Power,
strategic planning, digital transformation, design thinking and compliance is fundamental to our value creation story and we
disruptive innovation among others. In FY21, we also introduced are proud to state that there have been no significant regulatory
e-trainings on ‘‘COVID-19: Building a Resilient Response’, Business fines or sanctions for non-compliance with environmental or
Continuity Management and Managing Shifting Realities and social, local and national laws.
so on.
Our emphasis
on value
20 Our Strategy
24 Risk Management
28 Our COVID-19 Response
40 Value Creation Model
42 Sustainable Development Goals
44 Stakeholder Engagement
46 Materiality Assessment
OUR STRATEGY
Strategically positioned to deliver Our Strategic Business Objectives and targets
value and empower lives SBO 1

Profitable scale-up of Renewables, Distribution,
Targets
y Increase share of clean and green energy in Company's portfolio to 80% by FY30
Overview
Services and Energy Solutions business y 40 million customer base across distribution businesses by FY26
y Being the leading EV charging network provider in India with over 1 lakh chargers installation
by FY26
As India’s largest integrated power company, Tata
Power is committed to its vision to ‘Empower SBO 2 y Attain Carbon Neutrality before 2050
Tata Power’s Vision Focus on Sustainability with an intent to y Reduce specific fuel consumption by improving operational efficiency
a billion lives through sustainable, affordable Empower a billion lives through sustainable, affordable
attain carbon neutrality y Benchmark in waste management (Gainful fly ash utilisation)
and innovative energy solutions.
and innovative energy solutions’. We prioritise SBO 3 y Strengthening of balance sheet by reducing debt to a more sustainable level
long-term value creation to deliver sustainable Our Values

Maintaining financial leverage at targeted levels y Adopt debt-light models through innovative financial engineering and restructuring
outcomes and equitable benefits to all our SAFETY SBO 4 y Establish digital platforms for new businesses like EV Charging, Home Automation and Energy Services
stakeholders. In FY21, we conducted a 360 degree Safety is a core value over which no business Leverage digital platforms to drive new y Leveraging data analytics to deliver customized solutions and Value Added Services (VAS) to
objective can have a higher priority customer centric businesses customers
review of business impact on all our stakeholders, y Generating insights from various customer data across businesses to improve offerings
CARE
bringing the Environment Social and Governance
Care for Environment, Shareholders, Customers SBO 5 y Focus on adapting and introducing new models for satisfying energy needs of the customers
(ESG) paradigm and commitment to carbon (both existing and potential), our Community Develop future energy products and solutions y Becoming the one stop solution provider for varied customer needs on energy through integrated
neutrality to the core of our business strategy. and our People (our Employees and Partners) offerings
SBO 6 y Enhancing employee engagement and targeting to be amongst the employers of choice
AGILITY Create an engaged, agile, customer centric y Building organizational capabilities to drive customer-centricity

At Tata Power, we have an established and integrated approach
Speed, Responsiveness and being Proactive, and future ready workforce y Create next generation leaders
to formulate and implement a purpose driven strategy. We
achieved through Collaboration and y Focus on Diversity & Inclusion
conduct an annual strategy review, enabling efficacious
Empowering Employees y Nurture existing core competencies and build new competencies in the areas of innovation,
performance assessment, evaluation of the current strategy and technology and digital platform
establishing avenues to capitalize on our stakeholder’s needs. A LEARNING
thorough assessment of our existing business activities as well as Building future ready skill sets through learning SBO 7 y Optimising the coal cost under recovery through better coal sourcing, optimal blending and
their interdependence is conducted with regard to the evolving and training. Maximise usage of e-learning Minimizing coal cost under recovery in CGPL freight management
external and regulatory environment, geo-political challenges, platforms y Operating plant at optimum efficiency levels and achieving better operational parameters
macro economic environment and innovation, among others.
SBO 8 y Achieve benchmark performance in various operational parameters in Thermal and Hydro plants
Our 4 phase approach representing a feedback loop supports ETHICS
Set new benchmarks in operational excellence y Maximise incentives in regulated business
the seamless and effective implementation of our strategy and Achieve the most admired standards of Ethics
and financial returns for existing businesses y Operating RE portfolio at benchmark and above design parameters to increase the yield
forms the core of our strategic planning process. through Integrity and mutual trust
y AT&C loss reduction in Odisha Discoms
Statutory Reports
y Improve asset performance by maximizing digital initiatives
Translating promise into action

We understand that progress in sustainability is driven by
Tata Power’s Customer-Centric Approach
enhancing value generated for our stakeholders. Building on
our vision, we aim to understand our role in society, our ability SCALE new heights Leveraging our strategic business objectives to power a sustainable future
to facilitate enhanced economic activity, progress towards Feedback loop
holistic development and ultimately augment our capabilities
Renewables Conventional Transmission & Primary Services Next generation Power Trading
to create value. A strong foundation of our values guided by
Energy Generation Distribution Business power solutions
our vision and customer-centric approach, enables us to SCALE GATHER & ANALYSE SET DIRECTION
Solar and wind Hydroelectric, Transmission O&M Management EV Charging solutions, Trading power
new heights and establish robust Strategic Business Objectives Encompassing internal By discerning strategic
and external analysis challenges and generation, Solar Thermal and Waste services, Distribution Services Home automation, through exchanges
(SBOs) through an interactive feedback loop. We then leverage
advantages cell and module Heat Recovery Plants services, Demand Smart electrical
our key businesses to strategically translate our SBOs into long- Project Management
manufacturing, Utility Side Management appliances, Battery
term sustainable outcomes. Services
DEPLOY PLAN scale EPC, Floating programmes, Energy storage, Round-the-
At an enterprise level By chalking out clear Solar, microgrids Solar Management Solutions, Corporate clock renewables,
with actionables trickling strategic objectives and rooftop and pumps SMART meters Management Services Hybrid renewables
down to individual KRAs strategic enablers
OUR STRATEGY
Aspirations that drive us

forward
Overview
At Tata Power, we are always inspired by the challenges and needs and preferences of our stakeholders. Additionally, we take
opportunities and strive to energize our customers for smart, cognizance of the diverse range of stakeholder perspectives to
future ready energy solutions. We take conscious and measurable build our strategy and strengthen our performance.
actions to transform our business in response to the evolving
2025 2026 2030 2050

Pursue 2 GW of solar Achieve 100% water Achieve clean & green Achieve carbon
and hybrid capacities neutrality and zero capacity* of 80% neutrality
annually to grow from waste to landfill
4 GW to 15 GW (biodegradable)
Statutory Reports
353 Villages to be Positively impact 30 Pursue 2 GW of solar Become 100% water
empowered through million lives and hybrid capacities positive
microgrids annually to grow more
than 25 GW
Expand clean and green
capacity* to 60%
*Clean & green Capacity – Includes wind, solar, hydro and waste heat gas based capacity
RISK MANAGEMENT
Guiding a sustainable future
Overview
At Tata Power, we are committed to building a vibrant and sustainable future. Our Enterprise Risk We have also established a Board Risk Management Committee Risk compliance
Management (ERM) supports an efficient and risk-conscious business strategy, delivering minimum (RMC) as per SEBI (Listing Obligations and Disclosure Our risk management approach lends impetus to ensure
Requirement) Regulations, 2015 (amended), which constitutes compliance with relevant legislations. Additionally, we have an
disruption to business and creating value for our stakeholders. of 3 Independent Directors and 2 Non-executive Directors. established proprietary software to run an effective Compliance
The RMC met three times in FY21 to review critical risks, which Management System (CMS) that allows for keen monitoring
are additionally monitored at the Cluster Risk Management of the compliance status with regard to applicable laws and
Risk governance and management Committees (CRMC) level. We also discuss and implement any regulations. The CMS at Tata Power also provides a robust
Considering the pervasiveness of industry risks, diversity understand and develop mitigation measures as a response corrective actions and revise mitigation plans, as and when governance structure and a streamlined reporting system that
of our business portfolio and geographical locations of our to risks that could potentially impact the execution of our required. ensures cohesive compliance reporting to the management.

operations, we have devised a robust Risk Management Policy. strategy and ability to create value. In FY21, we implemented The regulatory compliance status report is presented to the Tata
Our process for risk identification is consciously guided by the a new concept in our Risk Management System, termed ‘Risk Power Board on a quarterly basis.
Company’s objectives, external environment, industry reports Velocity’, which measures how fast a risk exposure can impact
as well as internal and external stakeholders, among others. This the organization. We also ensure regular monitoring of the
process ensures that the Company is adequately positioned to mitigation measures for high velocity risks.
Compliance Monitoring
Risk Identification and management at Tata Power Cell (CMC)
Apex Compliance

Committee (ACC)
Chief-Internal Audit &
Risk Management
Business cluster and
corporate function heads
Risks are identified across We designate a risk owner The outcomes of the first two O u r r i s k m a n a g e m e nt
Senior Management
sector specific, technology, and champion responsible stages are collectively mapped system enables Cluster Risk
regulator y, commercial, for structuring mitigation into our internal system with Management Committees
financial, business, climate plans against identified risks designated responsibilities (CRMCs) to ensure seamless
Compliance reports are
change and business and timelines to achieve risk- monitoring and review of
regularly updated by the
continuity parameters related targets current and future risk plans Compliance Department and
Statutory Reports
independently reviewed by
senior management, allowing
for efficacious oversight across
compliance practices.
The CMS covers Tata Power

and all material domestic
subsidiaries.
The extensive benefits of

the software capture alerts
A Risk Mitigation Completion When the RMCI percentage Insights from the risk Tata Power’s risk register lays that inform us of changes
Index (RMCI) is employed is lower than the target, mitigation process are out concise and complete in laws/regulations, while
to determine and monitor the deviation in mitigation further incorporated in the details of our identified risks also updating the database.
the level of completion of action areas are reviewed for risk plan to enable cross and mitigation plans If any legislations are no
longer applicable, they are
mitigation actions requisite intervention functional learning across
accordingly disabled in the
the organization and enable
system.
efficacious risk management
RISK MANAGEMENT
Our operating context and identified risks

At Tata Power, we have established robust processes to warrant an actions taken, there are no material adverse observations which
efficacious system for Internal Financial Controls (IFCs). The support could have a financial or commercial impact or material non- Classification of risk Description Mitigation strategy Strategic Linkage
Overview
of an internal audit function ensures continued effectiveness of compliances that have not been addressed. Furthermore, we
IFCs through a strategic and effective management approach. employ a Control Self-Assessment (CSA) process which enables Commercial risk Ū Non-compliance and renegotiations Ū Policy advocacy at the central and state SBO 1
Our internal audit team has integrated IFCs into the Risk Control the response of each process owner to be used in order to access of PPAs level and legal remedial action, selective SBO 5
Matrix of enterprise processes in line with the requirements of internal controls in each process. This, in turn supports enhanced Ū Risk accumulation in large projects, bidding and avoiding specific identified SBO 8
the Companies Act, 2013. These processes are additionally tested process improvement plans and enables certifications from CEO/ EPC business and rooftop solar states
with regard to approved internal audit plans. We also conduct CFO for internal controls. Details of our identified risks, mitigation Ū Moderation of solar and wind tariff Ū Credit risk assessment of private
periodic reviews of the current anti-fraud framework and strategy and linkage to our strategic business objectives are putting pressure on margin in customers, advocacy for enforcement of
Standard Operating Practices (SOPs) to ensure the relevance of provided below. renewable sector payment security mechanism of Letter
Ū Meeting set Aggregated Technical of credit

our processes. With our internal audit monitoring and equivalent
and Commercial (AT&C) losses in Ū Mitigation through prudent operations
initial years for Odisha Discoms management, resource optimization and
Classification of risk Description Mitigation strategy Strategic Linkage Ū Disallowance of costs / schemes in prudent bidding practices
transmission Ū Focus on installation of new meters and
Sector-specific risk Ū Poor financial performance of state Ū Close monitoring of Distribution SBO 1 replacement of faulty meters; increasing
Discoms Companies (Discoms) SBO 8 efficiency in billing
Ū Credit worthiness and business Ū Sustained advocacy authorities Ū Advocacy with State Transmission
continuity of the customers Ū Diversification of renewable portfolio Utility (STU)/ regulator for acceptance of
across various procurers, tariff structures schemes through cost-benefit analysis
and states

Financial risk Ū Availability of cost- effective capital: Ū Diversification of lenders base SBO 1
Technology risk Ū Cyber security risk threatening data Ū Automated detection and preventive SBO 4 Availability of debt Ū Monetization of non-core assets SBO 3
privacy and having the potential to solutions SBO 5 Ū High leverage: Increased Ū Advocacy with relevant government
impede operational transactions. Ū Reinforcement of security policies and borrowings over last few years authorities
procedures primarily due to losses in CGPL Ū Advocacy with regulators and
Ū Enterprise wide training and awareness Ū Renewal of operating license of government for tariff increase
programs on information security investments
Ū Inputs from Computer Emergency Ū Liquidation of regulatory assets
Response Team (CERT) and other private
cyber intelligence agencies Business Risk Ū Availability of fuel for thermal plant Ū Exploration of alternate coal sources SBO 8
Ū Periodic testing to validate effectiveness at optimal cost
of controls through vulnerability
assessment and penetration testing Climate change and Ū Climate change linked transitional Ū Lowering of carbon intensity by focusing SBO 1
Statutory Reports
Ū Regular internal and external audits business continuity risk: Possibility of capping of carbon more on the renewable portfolio as SBO 2
Ū Investment in cyber insurance linked risks emissions well as venturing into energy efficient SBO 8
Ū ISO27001 certification for Digitalization Ū Climate change linked Physical risks: businesses like rooftop solar, EV
& Information Technology (D&IT) Ū For operations located in coastal charging, microgrids etc.
Ū Implementation of Security Operations area Ū Improvement in operational efficiency
Centre (SOC) as service Ū Rise in water temperature for thermal power plants
potentially affecting processes Ū Installation of pollution control and
Regulatory risk Ū CGPL coal under-recovery Ū Advocacy with Ministry and regulatory SBO 7 Ū Extreme weather events such energy efficient equipment
Ū Continuity of businesses post expiry bodies at various levels SBO 8 as floods and draughts, fuel and Ū Establishment of robust Business
of PPAs Ū New avenues to utilise fly ash in water scarcity Continuity and Disaster Management
Ū Water securitization of hydro plants: ready mix concrete, slag cement, Ū Risk of pandemic and other natural Plan (BCDMP) evidenced through
Risk of reduced generation fertiliser among others for 100% ash disasters recertification on ISO 22301:2012 from
Ū Risk of violating environment norms utilization, implementation of Flue Gas the British Standards Institute (BSI)
Ū Non cost reflective tariff leading to Desulphurization plant (FGD)
accumulation of regulatory assets.
OUR COVID-19 RESPONSE
Plan. Protect. Enhance (PPE)

A glimpse into Tata Power’s COVID-19 interventions
Overview
Tata Power deployed a ‘PPE’ strategy, further to our Business Continuity Plan (BCP), to safeguard
its employees, stakeholders and the larger community from the adverse impacts of the
COVID-19 pandemic.
COVID-19 extracted a huge toll on lives and livelihoods of millions At the onset of the pandemic, Tata Power experienced challenges
of people in India and other parts of the world. It also severely across its business activities and operations. However, with the
impacted the Indian economy and all other industries including efforts of a dedicated workforce, we managed uninterrupted
the power sector which observed a decline in electricity demand, generation, transmission and distribution of power across the

disruption in the power supply chain and financial stress due to country. 70 renewable plants, 11 hydro generation and thermal
the lockdown. The worst decline was observed in the southern
and western regions with national demand reducing by 19%.
Despite being an essential service, the sector grappled with
plants of Tata Power, along with its transmission network across
five cities ran at full capacity to ensure power supply across
various locations during the pandemic.
10,03,251
people supported with food
8,322
migrant workers surveyed for
Distributed digital devices
to students across Delhi Government
Schools to support education for
multiple challenges to serve power to the citizens. grains, meal donation and Public essential service benefits all during the pandemic
Distribution System (PDS) linkages
The Tata Power Company Limited

PlanPage no. 31
6,42,880
people covered under health
7,08,238+
masks created and distributed
Promoted self-meter
reading
to ensure consumer safety
Protect
awareness, disinfectant spray and by women artisans at DHAAGA
drinking water initiatives (Tata Power initiative) across
states
Page no. 32
Statutory Reports
Enhance
Page no. 38
2,262 68,400 kgs 9,000 people
Tata Power employees contributed vegetable supplied by 5,000 Self Across 71 location were covered by
1-day salary to Tata Community Help Group members & farmers to mobile dispensaries deployed by us
Initiative Trust for COVID-19 local mandis
response
Powering through the pandemic

During the pandemic, Tata Power identified various challenges
across its operations, workforce and communities as well as
robust BCP, protection of our workforce by ensuring adequate
health and safety measures and contributions made towards
Plan
Overview
adopted strategic measures to combat identified adverse the communities. It also focuses on the enhancement of our
impacts. These measures are broadly categorised under our technological interventions to minimize COVID-19 risk and
PPE approach (Plan. Protect. Enhance), which includes our optimize our business operations.
Though the COVID-19 pandemic represented an unprecedented
crisis, Tata Power through its robust BCP, ensured minimum
impact of adverse events on its business activities and employees.
The BCP supported our efforts to ensure our plants would run at
full capacity. Furthermore, we implemented a ROTA system for
employees, factoring in backups followed by dry backup teams

who could take charge if one of the ROTA teams was impacted.
Additionally, we are equipped with a workforce who are trained
by continuous mock drills and disaster management exercises
for possible emergency situations. Taking into account 'The New
Normal' we have devised a long-term business continuity plan
which accommodates risks such as plant locations declared as
containment zones or disruption of supply chain and restricted
mobility due to lockdowns.

SOME OF THE STRATEGIES OF OUR LONG-TERM
BCP INCLUDE:
Ū Alternate access for mobility and basic supplies
Ū Planning for minimum workforce confinement
inside facility
Ū Usage of e-platforms for managing businesses
remotely
Ū Identifying local expertise to perform onsite
activities
Statutory Reports
Ū Maintaining stocks of critical equipment and
mutual agreement with industries for sharing
them
Ū Increasing fuel reserve period
Ū Pooling inventory
Ū Provided facilities like cashless mediclaim and medical
Protect advance to most of the COVID-19 positive cases at various

corporate hospitals. We also provided special sick leaves
Overview
for affected employees and a term policy with minimum
premium.
Ū Prepared sanitizers in our DM plants and distributed to our
employees
Ū Provided PPE kits to security teams
Employees Ū Provided 24*7 occupational health center in plant premises
for taking care of outsourced workmen with medicines,
Tata Power undertook various initiatives to assist its employees

consultancy and health checkups.
and contractual workforce during the pandemic.
Ū Provided special COVID-19 leaves for employees who are
SOME OF THE INITIATIVES INCLUDE:
tested positive
Ū Conduced vaccination drives, organized camps to conduct
Ū Formed emergency response teams at central and local levels
rapid antigen test drive at plant premises and ensured
to aid employees with all COVID related emergencies
availability of oxygen, beds, ambulance, quarantine facilities,
testing and injections in collaboration with Tata Medica, Ū Launched ‘Doctors Speak’ awareness session throughout the
Mission Hospital, Apollo Hospital, Tata Motors Hospital, organization to address the concerns of employees related to
Tinplate Hospital and Tata Main Hospital. Vaccination for COVID-19 and create awareness amongst them
contract employees was also facilitated through tie-ups with
Ū Tied up with Hotel Siddharth at Jamshedpur to provide

government hospitals.
isolation centers and medical assistance to our COVID
Ū Provided benefits such as work from home and Group Term affected employees
Life Insurance through a tie up with Mediassist and one-to-
one helpline to ensure employees' mental wellbeing.
Ū Ensured the supply of emergency logistics and medicines
to employees and their families during the lockdown. The
initiative was extended to our retired employees.
Ū Acquired approvals from regulatory authorities to allow the
travel of employees in local trains
Ū Created awareness among employees and contract work
force while maintaining regular communication through 24x7
Statutory Reports
virtual meetings to ensure transparency and emergency
preparedness on critical risks. We also ensured wages to all
Ū Processed salaries on time and provided advance cash to our occupational health center provided in
contractual workforce plant premises
workmen who could not report for duty during the lockdown.
Ū Provided special attention to women employees with children
Ū Ensured adherence to COVID-19 protocols by issuing
guidelines for individuals, families, housing societies, offices Ū Ensured smooth operations by providing regular IT support
and travelling. Post COVID-19 guidelines were also circulated
Ū Partnered with institutions such as TMTC, TPSDI and Coursera
to manage post-recovery vulnerabilities.
for conducting virtual workshops to enhance the knowledge
Ū Provided advisory protocols on safety and precautionary of our employees on safety, managerial skills and project
measures regularly and frequent awareness sessions on management
Doctors speak
COVID-19 by an in-house doctor
Ū Provided dedicated transport service to contract work force
Ū Launched a 24*7 helpline for employees to connect to the to ensure their health and safety
business HR team in case of any emergency
Ū Conducted tele-OPD for the employees staying in Trombay awareness session launched
Ū Ensured regular sanitisation and disinfection at all sites/ colony and provided voluntary OPD facility for non-
offices hospitalization expenses.
Communities
Overview
At Tata Power, caring for the community is an enduring
commitment. We have rolled out initiatives for communities
across various locations.
SOME OF OUR INITIATIVES INCLUDE:
Ū Distributed 7.00 lakh reusable masks and over 50,000 grocery
kits, food, fruits and sanitisers to over 2.4 lakh workers across
10 states. Similarly, food packets and 1,000 masks were
distributed across villages of Uttar Pradesh (UP) and Bihar.

Ū Formed a Corona Village Disaster Management committee to
ensure the health and safety of villagers.
Ū Supported anganwadi sevikas, health workers and field
animators throughout the course of the pandemic
Ū Enabled 39.49 lakh worth order of tailoring & stitching,
essence sticks and mushroom farming for women Special
Help Groups (SHGs)
Ū Conducted COVID-19 general awareness sessions by putting

banners, leaflets and initiatives like “COVID Rath”.
Ū Efforts were made by Mumbai transmission team to remove
Ū Provided medicines to local primary health care centers in the overhead conductor and make way for the 1,000 bed
Gujarat, benefitting ~300 households make-shift COVID-19 hospital at Bandra Kurla Complex (BKC)
ground.
Government Ū Associated with Ministry of Social Justice, Government of
Ū Prepared and distributed food for more than 9,000 labourers
and slum dwellers with the help of government officials Ū Distribution of ration/grocery kits including daily essentials to
India and ‘Khana Chahiye’ to initiate community kitchen over 2,500 beneficiaries was done by TPDDL with the support
Tata Power, in liaison with government agencies took initiatives
operations enabling food and livelihood security in Mumbai of Tata Realty, who distributed nutrition and hygiene kits to
to strengthen the battle against COVID-19.
amidst the lockdown 1,000 migrant workers across Delhi.
Ū Provided 4,000 rapid Antigen kits and 3 oxygen concentrators Ū TPDDL, in partnership with the Delhi Government, sponsored
Ū Requested Discoms to reduce the requirement of hard copies to support district government authorities 3 lakh meals to underprivileged communities and migrant
of Joint Meter Reading (JMR) as it became a challenge during workers. We also coordinated with Taj Hotels and provided
4,000
the pandemic due to the safety protocols. Ministry of New 4,000+ meals/day to doctors, nurses, medical staff and
Statutory Reports
and Renewable Energy (MNRE) and Solar Energy Corporation COVID-19 patients in government hospitals in Delhi.
of India (SECI) also released an official circular for the same.
Ū TPDDL along with Tata Motors provided manpower to
Ū Ensured business continuity of organizations by requesting
rapid Antigen kits provided to support disinfect 500 Delhi Transport Corporation (DTC) buses and
Discoms to adapt to e-meetings and e-hearings as restricted District Government Authorities 1,000 auto rickshaws daily during lockdown.
movement represented a challenge in conducting operations
Ū TPDDL ensured continuous portable water supply to over
Ū Supported Haldia Development Authority with COVID 1 lakh people every day and operated and maintained
healthcare facilities RO plants at 22 locations, 8 Jhuggi Jhopri clusters and 14
government schools which were all converted into isolation
wards and shelter homes
Ū Initiated helplines to implement COVID-19 relief packages
and benefitted ~45,000 people.
Ū Provided tele-medical facility for maternal and child health
services to 5,000 people with partnership of Integrated Child
Development Services (ICDS).
Ū Provided 500 home isolation kits, 3 machines for sanitization Locations

at adjoining villages, 10,000 RAT kits to district administration
We ensured that adequate measures are taken to manage the
and 300 beds and mattresses to COVID care hospital set up by
COVID-19 crisis across all our sites/locations.
Overview
district administration
Some of our initiatives include:
Ū Supported farmers with paddy seeds to ensure food security
Ū TP Ajmer Distribution Limited – Implemented COVID-19
and enhance livelihood options during the pandemic which
protocols such as social distancing, wearing masks, thermal
benefitted 1,350 farmers.
screening and glass partitions, among others to avoid direct
Ū Provided thermal scanners, disposable masks and grocery contact with consumers and ensured these measures were
items to police station and tahsildar office at Karjat being strictly followed at the consumer service centre
Ū Provided bus facility for villagers to get vaccinated at Patnus Ū Maithon Power Limited – Executed the annual overhaul

gram panchayat activity of unit 2 by strictly adhering to COVID-19 SOPs at
site. The activity was planned in a phased manner with an
Ū Assisted government hospital at Shiroli to establish
established quarantine centre. We ensured all workmen
vaccination center in Patnus by providing one nursing
were shifted to the hostel only after 100% RT-PCR tests were
assistant, one computer system, 3 beds, PPE kits for staff and
conducted. This was followed by a safety induction training Ū Tata Power Haldia Plant – Conducted COVID-19 awareness
transportation facility
at TPSDI and continuous monitoring by the medical team till sessions with Self Help Groups in neighbouring villages.
Ū Distributed over 6,100 PPE kits, 15,250 immunity booster the end of the activity
Ū Coastal Gujarat Power Limited – Coordinated with
herbal support items, 7,625 hand sanitizers, 30,500 filter
Ū Tata Power Delhi Distribution Limited – Conducted authorities for plying of fodder trucks in the field along with
based SHG-95 Masks and 12,200 tablets across regions in the
COVID-19 management in an appropriate manner by providing uninterrupted supply of water for fishermen and
country
constituting an Apex Committee for regular monitoring preparing masks for distribution. We also conducted several

Ū Donated over 2,000 oxygen concentrators at Odisha and of initiatives. A ROTA system was implemented along with awareness sessions towards government schemes such as PM
Ū Contributed ₹3.5 lakh to art of living foundation for facilitating
Delhi through Tata COVID-19 task force. We also provided several initiatives for the workforce such as work from home, Garibkalyan Yojna for extra food support.
virtual sessions on COVID resilience mind sets and techniques
5,000 oximeters, 5 generators and 250 cylinders along with work from site, adhering to Health & Safety SOPs, disposable
Ū Provided 50 oxygen cylinders at Mangaon and Mulshi, 6 at
PPE kits and sanitizers to Delhi. Ū Enabled over 100 SHG women to produce technically superior PPE kits for lineman, mapping of operation staff, hostel facility
Jamshedpur and 10 at KPO facility along with 30 oxygen
filter-based cotton masks (SHG-95) by collaborating with the and ensuring adequate quantity and availability of protective
concentrators at Maithon, 5 at Pratapgarh, 6 at Neemuch, 3 at
innovative Billion Social Masks Alliance and produced over gears and medicines
Prayagraj, 2 at Jojobera and 2 at KPO facility. COVID resilience
20,000 masks as a part of the first phase.
kits were also distributed across 64 sites.
Ū All our employees contributed to a fund to support around
350 families with 2 week ration during lockdown in Karandih,
Gadra and nearby locations
Ū Shared video clips to bust the myths associated with COVID
by using a network of 2,500 SHG members
Statutory Reports
Ū Provided passes to vehicles with advocacy from APMC for
carrying out agricultural activities during lockdown which led
to marketing of 80 tons of melons and generated income of
₹8 lakh to 50 farmers.
2,000
oxygen concentrators donated at
Odisha and Delhi
Innovation & Technological Advancements Ū Installed UV-C sanitisation system to disinfect the surfaces
Enhance Tata Power adopted a variety of technological innovations across

its business activities to combat the challenges of COVID-19,
and various other regular use items. A portable form of
this system was also installed to sanitize the electronic
Overview
instruments at offices.
thus ensuring the safety of its employees and enhancing our
ability to create value. Ū Installed a tabletop social distancing device at T&D Mumbai
that buzzed in case of any breach in adhering to the protocol.
Business Operations Ū Integrated portable cameras, apps and CCTV surveillance on
the mobile for remote diagnosis and safety of our workforce. Ū Incorporated smart wearable and safe pass system for social
Despite the challenges faced due to the COVID-19 pandemic, we
distancing alert. It also measure the temperature, provided
continued to run our operations at optimal level by endeavoring Ū Equipped with UV-C sanitization boxes for disinfecting
the facility of contact tracing and real time alerts and
power connectivity across all locations. portable tools and electronic items, among others at
notifications.
Transmission & Distribution (T&D) Mumbai.

Ū Enhanced the surveillance and automatic analysis of videos
Ū Installed a contactless hand sanitizer dispenser for sanitising
Ū Ensured availability of critical spares at ~70 sites across at remote sites by integrating Artificial Intelligence in our
hands without touching at Industrial Energy Limited (IEL),
11 states, despite the restriction of movement during the CCTV camera network. It also ensured social distancing,
Kalinganagar
lockdown by coordinating with communities as well as local, compliance to PPE and safety rules.
district and state authorities. Ū Established an extended control room for addressing
Ū Implemented digital aspects for operational activities to
concerns related to operations of Boiler Turbine & Generator
Ū Achieved a minimum downtime of critical equipment by avoid physical contact
(BTG) equipment and logistical challenges. It was also
making safe accommodation arrangements for contracts and
used as a substitute for central control room in case of any
employees at the control room.
COVID-19 case.
Ū Promptly obtained necessary permissions and resumed
our operations at all project locations amidst the lockdown

ensuring seamless business activity.
Ū Provided accommodations to workers and other staff
members to resume work and avoid their interaction with the Ū Ensured adherence to Government Regulations of restricted
community to ensure their health & safety. mobility by appealing our customers to use digital platforms
for making payments. Our customer touchpoints were also
Ū Enhanced our operations by expanding our manufacturing
operated with limited resources via e-mail and SMS.
facilities with high degree of automation. This was carried out
with the support of our engineers and officials in Germany Ū Initiated a social media challenge of taking a pledge with a
through telephonic conversations and video conference. single action and posting a picture of the same. This challenge
was named as #MyTataPowerPledge.
Ū Provided green power to new shops, household consumers
and a bucket manufacturing plant at Bakhara village of Ū Our employees focussed on optimising our business
Muzaffarpur district in Bihar. operations diligently. They continued to work at remote sites
Statutory Reports
on a shift basis and 400 of them volunteered to contribute
Ū Successfully executed the first-ever transportation of solar
over 800 hours in TPSSL.
modules by rail to National Thermal Power Corporation
(NTPC) Central Public Sector Undertakings (CPSU) project site Ū Ensured 100% adherence to operations and maintenance
in Rajasthan. schedules of the plants and completed 3 annual shutdowns
successfully.
Ū Regularly conducted COVID-19 Task force meetings, Cross-
functional Team (CFT) audits and tabletop exercise to ensure
preparedness level at site.
Ū Formed COVID Core Committee at Jamshedpur to carry out
100%
health care responsibilities.
adherence to operations and
maintenance schedule of plant
VALUE CREATION MODEL
Co-creating sustainable value for all
Overview
Our business model builds on the integrated approach of Tata Power’s businesses to transform the
entire power value chain. With a customer-centric approach, we leverage our strategic objectives to
create sustainable value for our stakeholders and generate tangible outcomes across the six capitals
Our Inputs Our Outcomes

Our Business Model
What We Depend On What We Create

Financial Capital Our Strategic Financial Capital
Our Vision
₹35,946 crore ₹25,250 crore Empower a billion lives through sustainable, Business Objectives ₹33,079 crore ₹32,990 crore 6%
of Net Debt on total equity capital. Infusion affordable and innovative energy solutions Consolidated Revenue Market Capitalization Return on Equity
consolidated basis of ₹2,600 crore from Tata Sons SBO 1
in FY21 Profitable scale-up of Renewables,
Distribution, Services and Energy
Our stakeholders Solutions business
Manufactured Capital Manufactured Capital
3,536 Ckm ₹8,700 crore ₹752 crore SBO 2 31% 11.8 million 161

Board of Directors & Employees and
of Transmission lines of order book for investments to acquire Leadership Employee Unions Focus on Sustainability with an intent to of clean and green of Distribution Microgrids (4.8 MW)
Solar EPC business Orissa Discoms attain carbon neutrality portfolio customers commisioned
Suppliers Customers
Intellectual Capital Investors Community SBO 3 Intellectual Capital
Maintaining financial leverage at
₹7.44 crore Investment in Investment in Lenders Civil Society
targeted levels
6 2,700 532
invested in R&D SMART meters EV charging Regulators Media Patents filed SMART meters installation EV charging points
infrastructure by Mumbai Distribution across 92 cities
SBO 4
Leverage digital platforms to drive new
Human Capital Human Capital
usinesses customer centric businesses
18,626 51.8% 88,000+ O ur B 100% 83% 2.1%
Employee strength of Union learning resource completed Energy EV Ch SBO 5 of our operations assessed Employee attrition rate
employees through "Gyankosh" able n a
Infras rging Develop future energy products and for human rights practices Engagement Score
Statutory Reports
w
ne ratio truc
Re ene tur solutions
G e
Social & Relationship Capital Cus
Social & Relationship Capital
ty to
Ma
& Dist ission
Local sourcing ₹39.24 crore afe me

n
S r SBO 6
tio
nuf
4,000 MWh+ Customer satisfaction scores

ribu
s
m
Create an engaged, agile, customer

actu
invested in CSR
(orders in India):
Trans
of energy saved in Mumbai Generation: 92%, Mumbai Transmission: 97%

centric and future ready workforce
ring
99% non-fuel procurement distribution and 6,000 energy Mumbai Distribution: 99%, TP Delhi Distribution: 96%
efficient appliances distributed
Ethics
46% including fuel purchased

Care
Our Values SBO 7

Utility s
ra t io n
46.65 lakh
on al
Minimizing coal cost under recovery in

CGPL beneficiaries of CSR
e rg e n t i
e ne
cale
Natural Capital Le
E n Co nv
y
yG
a rn i lit Natural Capital

Sol
ing Ag SBO 8
₹22,555 crore 1 millions+
ar
C 2,694 MW 17.18 m3/Mwh

EP
Set new benchmarks in operational

invested in Renewable trees planted a year Po
Energy Projects w ss excellence and financial returns for of RE portfolio (21% of total Specific water consumption (overall)
er T
ra d i us ine existing businesses generation)
ng Ne w B
18.3 million MT 0.687 tCO2e/MWh 70,000 tCO2e/annum
of coal consumed for
conventional energy business Carbon intensity achieved mitigated from trees planted
SUSTAINABLE DEVELOPMENT GOALS
Transforming the way

we do business
Overview
We are steadily augmenting our capabilities to remain future ready and empower our customers
for tomorrow’s world. This is part of our collective endeavour to deliver value-accretive outcomes
across the triple bottom line parameters. Our long-term strategy takes into cognisance the issues
highlighted by the 17 Sustainable Development Goals (SDGs). We reinforced our commitment to
the SDGs by undertaking an SDG-mapping study in FY18, identifying SDG focus areas, high-impact

initiatives and an established roadmap to achieve our goals. Additionally, we have adopted three-
year targets for each of our prioritised businesses and CSR thrust areas in alignment with relevant
UN SDGs. The interconnected nature of the SDGs and our enhanced efforts will amplify our impact
and enable us to achieve our goals.
SDGs Action areas SDGs Action areas

2050 Goals Business Area Solutions 2026 Goals CSR Thrust Area Objectives
Achieve Carbon Neutrality Renewables and Next - Expand clean and green, energy efficient power generation capacity 100% coverage of marginalized Financial inclusivity - Empowering women through Self-Help Groups (SHGs)
Generation Power - Development, construction and operation of wind and solar power assets and deprived communities to - Ensuring social safety nets for the marginalized population
Solutions - Operating Renewable Energy (RE) assets at benchmark levels access government entitlements
- Solar rooftop and pumps Support target communities &
- Microgrid regional institutions by enabling
- EV charging solutions capacities & skills for water
- Home automation recharge & management, health &
nutrition
Benchmark in the utility sector Tata Power - Mitigation of irregular, low-voltage or no power supply
Renewable Microgrid - Offset of extensive kerosene or diesel consumption Benefit 4 lakh youth - directly Livelihood & skill - Enhancing food security by diversified crop production
Limited - Local power usage monitoring through connection of microgrid and & indirectly through digitally building - Enhancing income of farmers and youth
battery bank with computers enabled, integrated vocational - Ensure sustainability of initiatives
Statutory Reports
training centers
100% zero waste to landfill Conventional - Benchmark water and waste management
Generation - Benchmark operation efficiency parameters Build capacities of 25,000 SHGs in
- Waste heat recovery measures target regions
- Coal blending to optimize cost with a focus on GHG emissions Co-develop 10 unique sustainable/
recycled products, services
Facilitate scalability & regular
business pipeline for SHGs
Train 10,000 Trainers/Community Education - Improving learning level of children in primary education and reducing
Leaders to deliver blended dropouts
learning through Govt. schools/ - Encouraging adolescents to complete their schooling
training institutions - Promoting students from Affirmative Action (AA) communities for higher
education
STAKEHOLDER ENGAGEMENT
Building stronger relationships

Stakeholder Why are they Engagement Mechanisms Stakeholder Recommendations Tata Power’s response to
Overview
As India’s largest integrated power company, we are profoundly connected to the environment Groups important? stakeholder recommendations
and communities of our operations. At Tata Power, our ability to create, preserve and deliver value Board of Provide collective - Scheduled Board - Market Leadership - Periodic review of business strategy
Directors & guidance and Meetings - Maximise shareholder value and performance
is strengthened through our strategic partnerships and robust relationships with our stakeholders. Leadership direction for the - Scheduled and special - Focus on sustainable businesses - Greater emphasis on growth
Our transparent communication and established stakeholder engagement strategy is instrumental Company’s strategy Board Committee - Focus on customer-centric policies through non-fossil-based business
and operations meetings and ethical business conduct ventures
for co-creation of value and sustainable growth. - Proactive interaction with investors - Increased focus towards
for ESG initiatives and strategy ESG disclosures and clear
Our approach for efficacious stakeholder - Periodic review of perceived risks communication on ESG aspirations
and mitigation strategy - Sustained focus on CSR activities

engagement We stand strong with our stakeholders for identified thrust areas
At Tata Power, we consciously look to our stakeholders for their Employees Forms the backbone - Training and seminars - Work-life balance - Successful implementation of work
The COVID-19 pandemic substantially impacted the lives
valued inputs and guidance that enables us to capitalise on of our business - Meetings and reviews - Transparent appraisal and from home, ROTA system.
of all our stakeholders. During this tumultuous period, we activities - HR programmes promotion policy - Robust appraisal system and
opportunities and strengthen existing partnerships. In order to ensured extensive interaction with all our stakeholders to - Employee satisfaction - Stability of internal policy redressal process
really make a difference, we engage with our stakeholder groups address key challenges. We undertook various initiatives surveys - Fair remuneration structure - Implementation of internal audit
to understand what matters most to them and how we can meet to support our stakeholders during the pandemic which - Departmental meetings and control system
their expectations. Through transparent dialogue, we enhance can be accessed on page 28. - Townhall meetings - Benchmarking salary structure to
our outlook towards relevant material issues for our stakeholders - Quarterly management be among the best in the industry
communication
and business. This process helps identify key improvement areas
and also drives organizational strategy. Suppliers/ Help us develop - Regular Supplier / Vendor - Formal supplier assessment to - Evaluation of vendors/suppliers

Vendors our business meets verify ESG performance through ESG criterion
ecosystem, support - Contract revision and - Increased awareness to partner - Shared common vision through
our sustainability negotiation meetings green initiatives vendor meets
initiatives, and create - Contractual clauses to reflect
shared value organisational expectations on ESG
parameters
Civil Society Enable better - Project-based - Augmented community - Robust internal and financial
Engaging with our stakeholders implementation of stakeholder meets involvement control system
Key details of our stakeholder engagement mechanisms and outcomes have been provided below. our environment - Periodic meetings - Transparency in business practices - Emphasis on community
and social initiatives and their impacts development and affirmative
Stakeholder Why are they Engagement Mechanisms Stakeholder Recommendations Tata Power’s response to and give feedback action initiatives
Groups important? stakeholder recommendations Local Provide a better - Project-based - Increased infrastructure for training - Training and skill development of
Community socio-economic stakeholder meets community members contractors undertaken by Tata
Investors Provide equity - Scheduled investor - Reduce leverage - Divestment of non-core assets.
context in - Participation in CSR - Safety and security of facilities as Power Skill Development Institute
capital meets - Growth and profitability of ESG - Thrust on growing through energy
our operating activities well as electricity supply (TPSDI)
- Quarterly results call oriented business efficient businesses
Statutory Reports
environment - Relief work for COVID-19 - Regular safety awareness
- Participation in events/ - Better communication to - Regular communications and
campaigns undertaken for
platforms organised by stakeholders interaction with investors
customers and other community
investors
stakeholders.
Lenders Provide debt capital - Periodic meetings - Financial status of Distribution - Regular monitoring of the
Media Plays a vital role - Media briefings - Increased transparency and clarity - Presence of a robust corporate
Companies (Discoms) health of Discoms and portfolio
in keeping our - Press releases in shared information communications team
- Increased disclosure on ESG diversification
stakeholders - Marketing - A strong media and
aspects - Ensuring transparency and periodic
informed of business communication communication strategy across the
communication with lenders
developments, Company
Regulatory Provide guidance for - Scheduled meetings - Climate change related rules/ - Regular engagement, new products and
Authorities conducting business - Regular liasoning regulations communications and advocacy services as well as
and resolving - Industry forums - Optimal tariff to consumers with regulatory authorities the impact of our
disputes - Optimal utilisation of natural - Strict compliance with rules and
business operations
resources regulations-tracking compliance
Employee Help set standards - Scheduled meetings - Ethical and responsible business - Adherence to Tata Code of Conduct
through digital platforms
Unions for education, skill- - Dedicated surveys conduct for all employees
Customers Ultimate recipient - Customer satisfaction - Quality and reliability of power - Improvement of operational levels, wages, health, - Equal opportunities for all - Continuous support of
of our products and surveys supply efficiency measures. and employee management to promote diversity
services - Formal and informal - Improved notifications of - Reduction in forced outages benefits and - Formulation and implementation
feedback disruption, failures, or maintenance - Cost effective energy solutions working conditions of Human Rights policy
for customer transparency - Regular safety awareness of our employees - Support for collective bargaining
campaigns for customers through union employees
MATERIALITY ASSESSMENT
What really counts
Overview
We judiciously apply the principle of materiality to determine the contours of our Integrated Tata Power’s material topics FY21
Report. We leverage the perspectives of our management and stakeholder fraternity to validate Our material topics guide our strategic planning process, operational management and capital
and review key material topics that could impact the Company’s strategy, business activities and investment decisions
our capabilities to create and preserve value over time.
Material topics KPI's SDGs in focus Reference
Our materiality determination process Climate Change - Increase in renewables portfolio

Management - Carbon emission management

Our materiality assessment represents an opportunity to understand material topics relevant to our stakeholders and our business - Operational efficiency
activities, in addition to providing insight on how we create value on Environment, Social and Governance (ESG) landscape - Demand-side management
Considering the unprecedented challenges and evolving ESG landscape in FY21, we undertook a detailed materiality review for the
reporting period. This process led to the addition of seven material topics, further to those reported in FY20. - Waste and Water Management
Environmental - Resource availability
Stewardship - Biodiversity
Our materiality determination process is further
elaborated below.
Workforce Wellbeing - Training, education and

development
- Occupational health and safety
- Human rights
IDENTIFICATION OF PRIORITISATION OF REVIEW OF MATERIAL VALIDATION OF
MATERIAL TOPICS MATERIAL TOPICS TOPICS MATERIAL TOPICS
Future Ready and - Impact on business due to

FY20 FY21 Business Continuity change in coal pricing
- Sustainable investing
- Developed an extensive list of material topics based on sectoral - Engaged with various internal stakeholders to seek their feedback - Innovation in process, service
insights, stakeholder concerns, the macro economic and regulatory on Tata Power’s current material topics and any new focus areas that and solutions
environment. the Company should consider about the evolving ESG landscape - Digitization*
- Identified topics in line with the IIRC Framework, GRI (Global and unprecedented challenges encountered in FY21.
- Cybersecurity*
Reporting Initiatives) Standards and SASB (Sustainability Accounting - Realised evolving perspective of external shareholders and their - Disaster management and
Standards Board) metrics. concerns on Tata Power’s current material topics as well as on
Statutory Reports
external environment through our materiality review process. planning*
- Prioritised Tata Power’s material topics, considering their relevance
to our stakeholders and impact on our strategic intent and business - Materiality topic, thus reviewed, were further validated by Tata
- Local sourcing*
activities. Power’s Senior Management.
- Inputs from internal and external stakeholders were captured using - The materiality review process enabled us to further strengthen our Corporate - ESG compliance*
survey-based assessment forms. strategy and risk management
Governance - Risk management*
- Categorised our material topics based on the magnitude of impact - This process further helped us to understand the diverse set of
and likelihood of occurrence to enable an efficacious organisational challenges and opportunities in an ever-dynamic operational and
strategy. business environment.
Customer - Customer satisfaction

Relationships
* New Materiality topic FY21
IR reference
Corporate
Social And Governance and Risk
Financial Manufactured Intellectual Human Relationship Natural Management
Our
value‑creation
paradigm
50 Manufactured Capital
66 Intellectual Capital
72 Human Capital
86 Social and Relationship Capital
104 Financial Capital
110 Natural Capital
Strategic Business Objectives Governance enablers Material topics
MANUFACTURED CAPITAL SBO1: Profitable scaleup of Ū Risk Management Committee Ū Increase in renewables portfolio
Renewables, Distribution, Services and Ū Executive Committee of the Board Ū Operational efficiency
Overview
Energy Solutions business Ū Committee of Directors
Ū Risk Management Policy
SBO5: Develop future energy products
Ū Corporate Sustainability Policy
and solutions
SBO8: Set new benchmarks in
Co-creating the future of operational excellence and financial

returns for existing businesses
sustainable energy Key performance indicators Key risks addressed Sustainable Development Goals

Ū Installed capacity Ū Technology risk
Ū Clean and green capacity % Ū Regulatory risk
Ū Investments made in RE portfolio Ū Commercial risk

Interaction of manufactured capital
with other capitals
SOCIAL &
HUMAN INTELLECTUAL FINANCIAL NATURAL
RELATIONSHIP
Enhancing generation Dedicated thrust in Profitable growth Leveraging our Our clean and
Capital and manufacturing our clean and green in renewables products and services green capacity
tradeoffs capacity provides capacity enables business through to delight customers enable us to reduce
suitable work us to deliver future prudent bidding and with future-ready carbon emissions
Tata Power is committed to fulfilling the growing energy opportunities for our
employees
ready products for our
customers
cost optimization,
generation of income
energy solutions and other negative
environmental
requirements of a developing India in a sustainable through Carbon impacts
Statutory Reports
Emssion Reduction
manner. We have embarked on an ambitious journey (CER) trading
to transform our energy generation portfolio towards

‘clean and green’ energy sources and attain carbon Impact 8.6% 225 MW ₹5,888 crore Over 30,000 2,694 MW
neutrality before 2050. across the new employee hire
rate in FY21
of hybrid RE asset
under construction
revenue from
renewable segment-
customers for solar
rooftop
of renewable
portfolio
<IR> capitals higher by 48% from domestically
Our ambition and commitment stem from our vision and purpose to serve our
FY20
customers’ needs as well as address the risks associated with climate change. We are
focused on overcoming the challenges associated with sourcing of materials, regulatory
pressures, and uncertainty in renewables, to develop and deliver eco-friendly energy to
our customers.
MANUFACTURED CAPITAL
Domestic Assets
Powering a sustainable economy – Fuel source State / Union Location Normative PPA tenure Return profile Total capacity
our generation capacity Territory capacity under

management
by fuel source
(MW)
Overview
(MW)
We have consistently increased our generation capacity to meet the growing demands of our consumers and help elevate the Thermal Gujarat Mundra 4,150 Long-term Bid-based 8,805
quality of life of millions of people. We have witnessed over four fold growth in capacity addition in the past decade. While the initial (Coal / Gas / Oil)
growth phase was primarily from fossil fuel based generation (coal / oil / gas), we are now primarily focusing on growing through Maharashtra Mumbai 930 Medium-term Regulated
renewables, transmission & distribution, services and energy solutions business to address the future requirements and challenges.
The absence of any thermal addition in the reporting period is a testament to this commitment. Jharkhand Maithon 1,050 Long-term Regulated
Jharkhand Jojobera 547 Long-term - Regulated returns

Cumulative Annual Capacity growth Fuel mix (domestic + international) - Bilaterally negotiated

(captive)
Odisha Kalinganagar 40 Long-term Tolling / Fixed tariff
16,000 Uttar Pradesh Prayagraj 1,980 Long-term - 90% Regulated

12,742
12,808
7 - 10% Merchant
Cumulative capacity (MW)
10,957
10,757
10,615
3 New Delhi Rithala (Gas 108* None Non-operational

12,000
9,150
8,872
8,734
8,671
7 based)
69 31
Thermal (Waste Jharkhand Jamshedpur 120 Long-term Bilaterally negotiated 375
8,000
heat recovery) (captive)
4,805
3,128
14
2,994
2,705
Odisha Kalinganagar 135 Long-term Bilaterally negotiated

2,365

4,000 (captive)
West Bengal Haldia 120 Short-term Merchant sale and
0 bilateral contracts
Other Thermal Solar
Before
FY09
FY09
FY10
FY11
FY12
FY13
FY14
FY15
FY16
FY17
FY18
FY19
FY20
FY21
Hydro Maharashtra Bhira 300 Medium-term Regulated 447
Wind Waste Heat Hydro Maharashtra Khopoli 72 Medium-term Regulated

Recovery / BFG
Maharashtra Bhivpuri 75 Medium-term Regulated
As on 31st March 2021, our total generation capacity nationally and internationally was 12,321 MW and 487 MW, respectively.
Renewables Maharashtra, Wind Farms 932 Long-term Feed-in tariff and bid- 2,694
Gujarat, Madhya driven contracts
Pradesh,
Business Model Eco-friendly generation capacity (MW) Karnataka, Tamil
Nadu, Rajasthan,
Statutory Reports
Renewables and Andhra
2,694 Pradesh
15 2,637
2,325 Andaman & Solar 1,762 Long-term Feed-in tariff and bid-
22 Nicobar, Andhra Photovoltaic driven contracts
2
Non-fossil source Pradesh, Bihar, (PV)
3
3,574 New Delhi,
3,508
3,018 Gujarat, Haryana,
Jharkhand,
Clean & Green energy Karnataka,
21
3,949 Madhya Pradesh,
3,883 Maharashtra,
3,393
37 Punjab, Rajasthan,
Tamil Nadu,
Telangana, Uttar
Regulated Tariff PPA / Fixed Tariff PPA / Fixed Tariff FY21 FY20 FY19 Pradesh and
(Renewable) (Bid / Others)
Uttarakhand
Captive Merchant Under Platform Note: Total domestic capacity 12,321
Management Renewables: Solar and Wind capacity
Non-fossil source: Renewables and Hydro
*Classified as assets held for sale
Clean & Green energy: Non-fossil source and Waste Heat Recovery
State wise RE Portfolio Total RE Portfolio

International Assets 4,008 MW
PB
Fuel source State / Union Location Normative PPA tenure Return profile Total capacity
36
Overview
Territory capacity under by fuel source Solar
management (MW)
(MW)
2,851 MW#
215 UP
Thermal Indonesia PT Citra 54 Long-term Bilaterally negotiated 54
RJ 150 225 Wind
(Coal / Gas / Oil) Kusuma (captive) 100 BH
Perdana 185 40
932 MW
Thermal (Waste Bhutan Dagachhu 126 Short-term Merchant sale 246
heat recovery) 130 JH Hybrid
100
Zambia Itezhi Tezhi 120 Long-term PPA/Fixed tariff
680
MP 44
15 225 MW@
194 GJ
Georgia 187 Long-term PPA/Fixed Tariff 187

134
178
Total international capacity 487 MH Operating Wind Asset
239 TS
15
Our portfolio has a diverse mix of PPA/ Fixed tariff and Return on Equity (RoE) based regulated tariff which provides a natural Operating Solar Asset
balance and guarantees a stable return even in fluctuating business conditions especially in a lower margin renewable AP
564
environment due to competitive bidding. For details of our business portfolio, you may also refer page 161 Management 205 Under Construction Solar Asset
50
100
Discussion and Analysis.
KA
TN Under Construction Hybrid Asset
249
Creating a greener India –

120 # includes u/c solar capacity of 1,089 MW @ u/c
Hybrid capacity of 225 MW
our renewables story

A total of 87,351 Certified Emission Reductions (CERs), better Cumulative capacity of renewable energy
Climate change is one of the biggest challenges of the 21st It has also been manufacturing solar cells and modules since known as carbon credits, were traded from these projects in installed (MW)
century, with the energy sector contributing 25% (Source: IPCC 1989 (oldest in India) and has enabled us to provide end-to-end FY21, generating gross revenues of around ₹ 1.77 crore. Walwhan
AR5 2014) to the global GHG emissions. As energy is an essential solutions to our customers. Renewable Energy Limited (WREL) has eight CDM registered
requirement for economic growth and societal wellbeing, projects but no CERs were issued or traded in FY21. FY21 932 / 1,762
During this financial year, we have made significant expansion
renewable energy (RE) is gaining prominence globally and is at
of our state of the art manufacturing facility in Bengaluru, taking Empowered by our rich experience in the renewable sector FY20 932 /1705
the centre of all our GHG mitigation plans.
the total production capacity of the cells and modules to 1,100 and a very clear vision towards the future, we are well poised
FY19 932 / 1,393
Aligning with our commitment towards environmental MW. to strengthen our industry position and brand recall. We are
stewardship, we commissioned our first wind asset at Supa in committed to take our clean and green portfolio from 31% in FY18 932 / 1,190
Leveraging the opportunities to offset carbon emissions, Tata
Statutory Reports
Maharashtra in 2001 and first solar asset at Mulshi in Maharashtra 2021 to around 80% by 2030. FY17 811 / 935
Power currently has five renewable projects registered under
in 2011. Additionally, our largest renewable acquisition of
the Clean Development Mechanism (CDM) programme by the FY16 623 / 56
Welspun Energy (in 2016) accelerated our commitment
United Nations Framework Convention on Climate Change
towards increasing the renewables portfolio. Today, we have an FY15 519 / 56
(UNFCCC). These include wind assets at Gadag (Karnataka),
impressive renewable portfolio of 2,694 MW domestically, which
Khandke (Maharashtra), Samana and NewGen Saurashtra FY14 487 / 30
makes over 22% of our domestic generation portfolio and has
(Gujarat), and solar assets in Mithapur (Gujarat). FY13 487 / 30
under construction capacity of 1,314 MW.
FY12 416 / 30
Furthermore, we have our presence across value chains of
renewable business, be it products (solar pumps, solar RO FY11 228 / 4
system, solar modules and cells), utility scale solar EPC, solar FY10 218
rooftop solutions, Microgrids, hybrid renewables, floating solar
as well new future ready business ventures. FY09 100
FY08 100
Our 100% subsidiary,Tata Power Solar Systems Limited (TPSSL),
is India’s largest utility scale solar EPC company with presence
across 11 states in India and has order book of over 2,800 MW
Wind Solar
with value of around ₹8,700 crore as on 31st March 2021.
Tata Power’s Renewable Portfolio

State / Union Territory Solar (MW) Wind (MW) Total (MW)
Overview
Andaman & Nicobar 0.2 Nil 0.2
Andhra Pradesh 205 100 305
Bihar 41 Nil 41
New Delhi 3 Nil 3
Gujarat 100 194 294
Haryana 1 Nil 1
Jharkhand 8 Nil 8
Karnataka 566 50 616

Madhya Pradesh 130 44 174
Maharashtra 185 239 424
Punjab 36 Nil 36
Rajasthan 215 185 400
Tamil Nadu 253 120 373
Telangana 16 Nil 16
Uttar Pradesh 1 Nil 1
Uttarakhand 2 Nil 2
Total 1,762 932 2,694

Financial assistance from government Cumulative Investments in Renewable Energy
Ū ₹50.76 crore exemption of customs duty on import of raw (in ₹crore)
materials to manufacture solar modules and solar cells and
import of solar inverters and solar trackers for large projects
Ū Viability Gap Funding of ₹49.10 crore receivable from
Solar Energy Corporation of India Limited for 100 MW
Microgrids — making rural India future ready
Ananthapuram Project and 30 MW Palaswadi Project. 22,555
19,227 20,310 Despite the Government's efforts to improve electricity access We have embarked upon an ambitious new initiative to help
in India through household electrification, energy crisis is a big transform rural India through many micro-enterprises, powered
#FutureReady technologies implemented in challenge in many parts of rural India. The situation is further by clean, affordable and reliable energy from renewable
Statutory Reports
RE portfolio: worsened by the poor financial health of Discoms, impairing microgrids. So far, we have set up microgrids in rural regions of
the service quality in villages. The lack of reliable and affordable Bihar (6 districts) and Uttar Pradesh (3 districts).
Ū Maintenance of drones to detect offline strings, Hot spots,
power supply and grid connectivity compels the inhabitants
diode defaults, revers faults, string mismatch, microcracks
to switch to polluting diesel generators. This situation in large
and surface faults
FY19 FY20 FY21 measure restricts the overall growth opportunities of rural India,
Ū Robotic waterless cleaning and also adds to the country’s carbon footprint.
Ū String level monitoring on real-time basis to track the output
and performance of solar panels Our steady increase in Investments in renewable assets
underlines our commitment to grow responsibly without
compromising the energy need of customers.
Focus areas envisaged to be #FutureReady:
Government of India is also providing impetus to the growth
Ū Competitive bidding to ensure profitable growth of non fossil based energy solutions in the country through
Ū Hybrid project opportunities increased focus and financial assistance, which is expected to
Ū Round the clock renewables solutions increase further in future.
Ū Offshore wind projects
Ū Strategic tie-ups for battery storage projects
Ū Floating solar (coupled with hydro power)
Ū Hydrogen as alternate fuel - Green Hydrogen
Rooftop business Y-o-Y installations (MW)
Highlights
Cumulative customers Residential customers

Tata Power’s Aspirations Highlights 30,000+ 15,000+
175
Ū Electrify villages using renewable mini grids in selected
Installed microgrids Microgrids under construction
Overview
states. Installed Pan India network of
Ū Provide affordable, reliable, high-quality 24x7 service
161 (4.8 MW) 40 (1.2 MW) 86
114
500+ MW 250+ channel
to customers
Villages covered Customers connected
~40% CAGR (FY18-21)
partners
Ū Roll out value-added services e.g. water treatment
plant to provide clean drinking water in rural India 200 3,887 Ranked
Ū Drive economic growth via small enterprises and FY19 FY20 FY21 No 1 Solar EPC Player
agriculture for 7 years in a row
Tata Power’s efforts on energy transition is targeted to bridge the

Ū Promoting affordable and energy efficient appliances
gap between unreliable power supply for micro-enterprises and
Ū Work with relevant central and state governmental socio-economic development of the country. We have rolled out
bodies to advance thoughtful policy reforms microgrids in rural India to provide innovative solutions for the
under-served communities and expanded our global microgrid Solar Water Pumps
footprint. We are constantly looking for ways to further scale up A large proportion of India’s population still depends on agriculture for their sustenance. The high dependence on monsoons to
this business. irrigate crops leads to opportunity losses for farmers in drier months, as well as increases the use of expensive, polluting fuels to
operate conventional irrigation systems. Solar water pumps are a cheaper and cleaner alternative to farmers, which enables them
to improve their productivity throughout the year. This further benefits society through the creation of environment friendly
employment opportunities and less hardship on women and children while carrying water.
Rooftop Solar

As a leading player promoting rooftop solar solutions, we We have over two decades of pioneering excellence in the Annual sales (no. of pumps)
Highlights
are encouraging the shift of consumers to prosumers and rooftop solar segment and are a partner of choice for over
Turn Around Time (TAT)
maximising our solar potential through innovative models. We 30,000 customers. Our solar rooftops business continued
Pumps across India reduced by
have also launched a campaign across India titled ‘SOLAROOF’ its growth trajectory with over 6,000 customer sites in FY21,
Kamai Badhaye Dildaar Banaye to promote solar rooftops as approximately 100% growth over that of previous financial year. 30,000+ 50-70%
a solution to conserve energy, reduce energy costs and help Our accomplishments have been acknowledged by the leading 12,896 12,928
protect the environment. This is augmented by our customised Renewable Consultancy Bridge to India, which has recognised
offerings for a diverse set of consumers (residential, MSMEs us as the No.1 EPC rooftop player for seven years in a row. Leading player in solar pumps
SMEs, commercial and industrial).
4,506
Customers have benefited with
Flagship Projects ₹200+ crore
subsidy from government under the KUSUM programme
Statutory Reports
FY19 FY20 FY21
To propagate its twin priorities of agriculture and renewable

energy, the Government of India is heavily focusing on
distribution of solar water pumps. It aims to benefit 3.5 million
farmers by providing them solar pumps with 60% subsidy
World’s largest solar-powered India’s largest carport India’s largest vertical solar World’s largest rooftop solar through the Pradhan Mantri Kisan Urja Suraksha Evem Utthan
cricket stadium - Brabourne installation in Pune farm for Dell in Bengaluru system at Radha Swamy Mahabhiyan (KUSUM) scheme. Tata Power is proud to support
Stadium, Mumbai Satsang Beas, Punjab
this future focused initiative of the Government of India and is
leveraging its strong network to reach out to rural geographies
of the country. Till date, we have built a portfolio of 30,000+ solar
water pumps across India. Thus, we are enabling sustainable
growth of the agriculture sector through dedicated focus on
setting up around 1 million solar pumps by FY26.
In FY21, we have launched our software platform and mobile
Charging points for public National Highways catered
application which plays a crucial role in a customer’s journey
532 27 city pairs of EV charging by helping them to locate EV charging stations,
#Futureready renewable energy Cities served Home chargers installed

charging EVs and paying bills online. Our charging platform
has been conferred Gold Award by India Smart Grid Forum to
solutions for tomorrow 92 3,000

recognise the innovative solutions deployed through it. We
expect to expand our current network of 532 EV charging points
Overview
across 92 cities to over 1 lakh charging points across the country
Hybrid/ Round the Clock/ by FY26.
Solar plants with battery
Tata Power is of the belief that going forward the emerging trend Energy Services
and general direction of growth in the renewables sectors would
Our interventions via a dedicated Energy Service Company (ESCO) business encourage large commercial and industrial clients
be in the form of hybrid/Round the clock RE solutions. The hybrid
to embrace digitalisation and monitor energy savings. The ESCO vertical aims to substantially reduce carbon footprint and lower
solutions would include a combination of wind and solar plants
the energy consumption through its integrated Energy as a Service (EaaS) offerings supported with digital technologies. We have
along with some battery electric storage solutions (BESS). In this
associated with multiple partners including global companies, which are into smart energy management and have commenced

regard, Tata Power is already constructing our first hybrid project
offering solutions to clients primarily in industrial and commercial segments. We envision ESCO to be the one-stop solution by
of 225 MW, developing land bank for wind site and engaging into
leveraging on the diverse offerings in the power value chain.
strategic tie up with Wind Turbine manufacturers. Tata Power
has already an operational 10 MW/10 MWH BESS solution in
their TPDDL facility. Tata Power is leveraging on this experience Energy saving services Energy management
of assimilating BESS technology and operating the largest BESS
Ū Audits Ū Transactions from exchange
installation in India to undertake strategic tieup with Battery
Original Equipment Manufacturers (OEM). It has also developed Ū Design and retrofit Ū Optimizing power procured
the engineering team to evaluate the rapid changes in battery
Ū Financing Ū Open Access power
chemistry and specification to be able to have the optimum

techno commercial solution for the future opportunities. These Ū Implementing solutions Ū Monitoring energy consumption patterns
opportunities could range from small scale storage with Roof
Ū Real-time monitoring Ū Renewable Purchase Obligation (RPO) compliance
top solutions to utility scale application for peaking shifting and
ancillary services required for frequency regulation.
Floating Solar We plan to leverage our diverse offerings in various segments of the power value chain to create a one stop solution for our customers.
We are executing 70 MW floating solar project at Kayamkulam in
This would enable us to provide enhanced service level to our clients to meet their present, latent and future energy requirements.
Kerala, on backwaters owned by NTPC in Rajiv Gandhi Combined
We anticipate a steep rise in revenue from ESCO to the tune of over ₹3,500 crore by FY26.
Cycle Power Plant. This will be the second largest floating solar
project in India and largest in the state of Kerala. We expect to
commission it by the end of this year.
Home Automation-Smart Energy Management
India is home to a growing middle class population with the We have launched the Tata Power EZ Home products in Delhi,
Statutory Reports
Being #FutureReady – Our New Services Business ambition and drive to improve their quality of life. Aligning with Mumbai, Pune, Bengaluru, Bhubaneswar and Surat so far through
Electric Vehicle (EV) Charging-Greener Mobility Tata Group’s philosophy, we aim to cater to the rising needs of rooftop solar channel partners. We are also planning to sell our
these consumers by providing innovative solutions at affordable Home Automation products through E-commerce platforms
A complementary mix of policies is being carefully laid out
prices. Empowering our customers is key to our pursuit of our such as Amazon, Flipkart, Tata CLiQ and modern retail stores
by the Government of India to promote EV adoption in
new-age energy solutions. such as Croma. We are planning to introduce more categories of
India. In addition to reducing the pollution load on the roads,
products to have a wide product range and are targeting to sell
especially in urban areas, this shift promises more jobs in the Home automation solutions are aligned to enable cost savings,
2.0 lakh EZ Home devices through various network throughout
EV manufacturing space. To complement the EVs being sold, energy efficiency and consequently reduce emissions. Being the
the country in FY22.
presence of a suitable public charging infrastructure is crucial for leader in green and sustainable initiatives, Tata Power developed
successful transformation of mobility in India. Internet of Things (IoT) based home automation solutions as
part of its smart energy management tools. We introduced Tata
Tata Power has made significant impact in developing an EV
Power EZ Home products for customers across the country. This
ecosystem and encouraging EV adoption in the country. We are
helps Customers to monitor, operate and schedule any kind of
committed to playing a key role along with our stakeholders to
home appliances such as ACs, geysers, lights, fans from anywhere
achieve the national goal of transition to Green mobility.
through EZ Home app. The solution has the analytical capability
In addition to its partnership with Tata Motors and Jaguar Land to track and optimise energy consumption at appliance/room/
Rover in FY21, Tata Power has also partnered with MG Motors, for home level and predict monthly consumption.
developing EV charging infrastructure for their customers and
dealers.
Saluting our stalwarts –

future of conventional energy generation
Overview
Guided by our founder’s vision that clean, cheap and abundant This approach has also enabled us to meet our customers’ needs
power is one of the basic ingredients for the economic at affordable rates. However, as the energy demands continue
progress of a City, State or Country, we commissioned our first to grow and we became cognizant of the harmful impacts of
generation capacity of clean energy i.e. Hydro Power Plant of burning fossil fuels, we have taken a conscious business decision
40 MW at Khopoli in Maharashtra in 1915. Ensuring stability to not develop any new projects based on fossil fuels. The equity
and sovereignty of electricity is of paramount importance to a acquisition of Prayagraj Power Generation Company Limited
developing India. With a combination of hydroelectric and fossil (PPGCL) by our foreign JV, Resurgent, in the previous year
fuel based thermal capacity, we are providing equitable power remains to be our last foray in this sector.

to people for over 104 years.
Tata Power’s aspirations in thermal sector

Ū No new coal based capacity to be developed
Ū No further acquisition of coal based stressed assets
Ū Phase out coal based generation upon end of asset life or expiry of existing PPAs
Ū Selective waste heat based thermal generation through Tata Group companies to be pursued

Focus areas for Hydros
Our domestic hydro portfolio, currently at 447 MW, continues to undertakings to ensure long-term availability of electric supply.
Ū Maximise Plant Load Factor
operate strong due to our focused interventions in management In addition, we also ensure that the impacts of hydro projects on
and optimisation of the assets. We undertake risk assessment the surrounding biodiversity is minimised and we aspire to add Ū Centralised operation of plants
for existing projects as well as planned expansions or new value to the lives of the neighbouring communities.
Ū Hydro Analytics – Inflow prediction and integrated maintenance with drone and video
Ū Support micro & mini hydro generation
Ū Large scale afforestation
Ū Western ghats biodiversity hotspot conservation
Statutory Reports
Our strategic focus on customer-centricity has enabled us to
Illuminating lives – Transmission & Distribution emerge as one of India’s largest private power distribution
Efficiently transporting the power generated from stations to
company. We have a well-established T&D portfolio in Mumbai
the end users is an important segment in the power value chain.
and New Delhi to serve our customers most effectively. We also
Transmission and Distribution (T&D) is poised to attract 25% of
operate distribution service in Ajmer (franchisee based) to cater
the investment in power sector between FY21 and FY25, with
to end user requirements. In line with the Company’s expansion
suitable policies and regulations playing an important role to
strategy in distribution, we have recently acquired four
initiate the investment cycle. An opportunity can be realised,
distribution companies in Odisha through competitive bidding
wherein the need for inter-regional corridor, dedicated green
and expanded our customer base to 11.8 million. This business
corridor (for RE), enhanced capacity and improved efficiencies
vertical provides an opportunity to closely interact with our
will drive growth in the T&D space. Tata Power is further focusing
customers We envisage serving 40 million customers by FY26.
on creating a ‘Utility of the Future’ by developing an integrated
management system for advanced real time monitoring and To help conserve the environment, we go beyond our
control of operations, which would further enhance customer business priorities to encourage our customers to reduce
experience. their energy consumption. This is achieved through Demand
Side Management (DSM) initiatives, which helps reduce the
customer’s energy bills. Further details can be found on page 92.
Current T&D Portfolio Initiatives to reduce AT&C losses

To reduce the length and load on 66kV and 33kV feeders, we conducted policy advocacy and introduced more 220kV grids near
Transmission-Circuit KM FY21 FY20 load areas. This has not only led to the reduction in circuit length of incoming circuits, but also ensured reliable power supply to our
Overview
Mumbai Transmission 1,211 1,206 customers. To reduce AT&C losses further, we continued our activities across the following three focus areas:
Powerlinks (Joint Venture) 2,325 2,325
Total 3,536 3,531
Distribution-Consumers (in million) Business Model FY21 FY20

Mumbai Distribution License 0.73 0.72
Delhi Distribution License 1.82 1.75 Process Management Commercial Management Infrastructure
Ajmer Distribution Franchisee 0.15 0.15 Ū Special electricity court for theft Ū Outsourcing collection of Ū Installation of electronic meters

Central Odisha Distribution License 2.71 Nil and electricity dues outstanding amounts and automated meter reading
Western Odisha Distribution License 2.14 Nil for high revenue customers
Ū Focus on meter reading & billing Ū Customer counselling group
Southern Odisha Distribution License 2.34 Nil quality check leading recovery Ū Revision of meter specifications
Northern Odisha * Distribution License 1.91 Nil
Ū High revenue customer data Ū Disconnection drives along with Ū Increasing payment avenues for
Total 11.80 2.62
analysis zonal staff for recovery augmenting digital payments,
improving collection efficiency
Ū Mass enforcement raids in high Ū Recovery of arrears from
*Acquired 51% stake w.e.f. 1st April 2021 and liquidating backlogs
loss areas ‘disconnection with due’ cases
Aggregated Technical & Commercial Losses FY21 FY20
Ū SMART metering: Tie-ups with
Ū Camp connections in slum areas

manufacturers and backward
Mumbai Distribution 0.7% 1.4%
Ū Optimizing revenue billing cycle integration
Delhi Distribution 7.3% 7.9%
Ajmer Distribution 10.2% 10.0% Ū Data analytics – defaulter / theft
prediction
Ū Energy audit module developed
to calculate loss
Focus areas for Transmission business Focus areas for Distribution business
Ū Mergers and acquisitions Ū Acquiring new distribution areas
Ū Greenfield opportunities to leverage project execution Ū SMART meter installations
strength
Ū Process outsourcing, advisory and consultancy
Ū Discom privatisation and PPP business models
Statutory Reports
INTELLECTUAL CAPITAL SBO1: Profitable scale-up of Ū Committee of Directors Ū Increase in renewables portfolio
Renewables, Distribution, Services and Ū Apex Management Committee Ū Innovation in process, services and
Overview
Energy Solutions busines solutions
Ū Digitisation
SBO4: Leverage digital platforms to
Ū Cybersecurity
drive new customer centric businesses
Innovation to reinvent and solutions
energy for tomorrow

Key performance indicators Key risks addressed Sustainable Development Goals

Ū Research and Development (R&D) Ū Technology risk
activities and business collaboration Ū Climate change and business
Ū Energy efficiency and renewable continuity linked risks
energy technologies
Ū Distributed energy
Ū Transmission and distribution
technologies
Ū Advance generation and
technologies
Ū Innovation sustainability related

services
Interaction of intellectual capital with

other capitals
SOCIAL &
Innovation is the key catalyst of value creation at Tata HUMAN MANUFACTURED FINANCIAL
RELATIONSHIP
NATURAL
Power. The intellectual capital that we have nurtured
Statutory Reports
and grown for years resides at the core of our strategy Capital
Employee are key
partners in Innovation
Developing
innovative
Innovative future ready
solutions in developing
Energy efficient
solutions and
Innovative and
clean technology
tradeoffs
and operational excellence. Our approach is to leverage process. Enhancing
capabilities of
technologies
enhances our future
new customer base
in energy efficient
digitalisation
augments customer
improves operational
efficiency, reduces
on our intellectual capital and steadily enhance and our workforce by
leveraging through
ready product
portfolio
businesses such as
home automation,
satisfaction and
improves the
GHG emissions and
reduces waste
enrich our business portfolio to drive sustainable growth various digital learning
platforms
ESCO and thereby
contributing to
quality of life for our
communities
and deliver smart energy solutions, empowering our bottom-line
customers to be future ready.
Impact 1,668 2 patents ₹3,500 crore 2 10,000 m3
across the new ideas generated granted in FY21 expected revenue collaboration projects of DM water saved
in our innovation to improve the from ESCO business by rolled out in FY21 in CGPL due to
<IR> capitals workshop with our metering system FY 2026 innovative water
employees and performance of conservation
Solar PV installations, measures
respectively
INTELLECTUAL CAPITAL
Leveraging our intellectual capital

for value creation
Overview
To accelerate our value creation journey and push the edge of our innovation envelope, we follow a three step process to capitalise
on market differentiating opportunities and deliver value added services for our customers.

Ideate and strategise Guide innovative thinking Drive efficacious implementation
- We build innovative capabilities through - The Innovation Council set up at the - Our innovation projects are reviewed at
employee training programmes and across divisional level propels a stimulating work divisional and corporate levels.
competitions. Forums such as Power culture. It ensures seamless implementation - We conduct an annual business planning
Innovista, Shikhar, ACE, Idea Crucible and of ground breaking ideas and prioritised exercise to track progress and improvements
Hackathon. projects. in projects across divisions/functions.
- Tata Power also participates at group level - We continue to enhance our innovation - Tata Power’s Board of Directors approves the
innovation activities such as Tata Innovista hub along with the Tata Group Innovation

final investment decisions.
and e-Hackathon. Management System (GIMS), which
represents an integrated platform to post - The Company implements a stage gate
- We assess market needs to establish process to launch a potential innovative
short, medium and long-term technology and track theme based as well as ‘Blue Sky’
ideas and innovative solutions. product or service.
roadmaps with regard to emerging
Entrenching innovation at the heart of our operations customer requirements.
- We leverage partnerships with academic
- We evaluate and shortlist ideas to current
business priorities and emerging customer
- We earmark a separate budget to undertake
work on innovation projects that meet a
certain minimum criterion defined in the
institutions such as IIT Bombay, industry needs.
With a 107 year old history, Tata Power’s intellectual capital stage gate process
and IOT based technological solutions to ensure an intelligent partners such as Tata Trusts and the
represents the Company’s knowledge and capability, inclusive of and efficient network (The Power of SMART). Additionally, we Government of India to encourage and
patents, copyrights, software, rights and licenses intrinsic to our provide impetus to the development and upgradation of energy implement sustainable, high quality and
business activities. We leverage digital solutions and innovative storage and battery systems to meet the high energy demand affordable solutions.
technologies to enhance and enrich our market leading of EV charging solutions as well as renewable business. This
portfolio, enabling smart and value generated outcomes for all approach enables us to inculcate fresh perspective across Tata KEY HIGHLIGHTS KEY HIGHLIGHTS KEY HIGHLIGHTS
our stakeholders. We continue to strengthen our investments Power’s strategy to augment value creation and empower our - Established the Clean Energy International - Tata Power’s divisional innovation council - In FY21, our R&D expenditure stood at ₹7.44
Statutory Reports
towards SMART grid technologies such as SMART meters, sensors customers to be future ready. Incubation Centre (CEIIC) in 2018. This includes a diverse set of members, which is crore.
centre provides state of the art laboratory built on a strong foundation of inclusivity. - In FY21, Tata Power completed projects such
facilities with qualified experts, specialists - Tata Power has filed 6 patents in FY21 as Uniflow Generator, Painting BoT and Low
and sector leaders for trials and testing of Voltage High Intensity Lighting. Projects
products and services. - Granted 2 patents for ‘Tamperproof Metering
System’ and ‘Method to recover and prevent such as Solar Panel Cleaning BoT, Air Gap
- Identified improvement areas to potential induced power degradation in solar inspection, Transmission Line Inspection,
implement technologies to ensure a photovoltaic devices’ in FY21. Solar Panel Hot & Cold Detection, Switchyard
resilient distribution grid and automated Inspection, PID, Clean Coal Centre with IITB
support for our customers. Along with - Enabled development of in-house projects and AI integration for Discoms are still in
this it also encouraged value added such as Remote Breaker Rack In/Out BoT progress.
services such as demand response, home platform, among others.
- Our innovative technology to address
automation, solar rooftop and energy grease leakage as well as pitch bearing
efficiency initiatives.
failure across our wind operations won
- Identified opportunities to transition the Gold Award in the 39th National CII
towards Energy as a Service (EaaS) Kaizen Competition in FY21.
Business Model.
- 8 major collaboration projects are in the
implementation phase, of which 2 have
been rolled out in FY21.
INTELLECTUAL CAPITAL
TECHNOLOGY ABSORPTION, ADAPTATION AND INNOVATION
- Launched a Heath Advisory System to provide healthcare recommendations with regards to the COVID-19
pandemic and work-from home challenges.
Investing in best in class technology - Introduced automated solutions such as load demand prediction, dues verification and a Unified Functional
Testing tool (UFT) for SAP application, meter reading entry, billing, invoice purchase requisition or order
to drive sustainable growth creation, among others. We also implemented a selenium tool for automation testing of web applications.
Overview
- Encouraged implementation of analytics and e-security initiatives such as cloud based analytics delivery for
distribution utilities and ThreatCop Phishing Simulation Solution to reduce security risks to the organization.
At Tata Power, we believe in accelerating innovation to drive maximum value for our businesses and stakeholders. We ensure
- Implemented Network topology correction to leverage the use of smart meter data analytics and provide
continuous improvement to enhance overall operational efficiency and propel innovative products or services across the prescriptive anomalies in DT to CA mapping, derived from smart meter events
organisation. Taking into cognisance the macroeconomic environment, regulatory changes, technology disruption and future global
challenges, we have developed a technology roadmap with emphasis on evolving business opportunities. These include hydrogen
as an energy source, carbon capture and valorisation, Energy as a Service (EaaS), Battery Storage, SMART metering solutions and
KNOWLEDGE-BASED PLATFORMS
growth in innovative solutions in renewables like hybrd, round the clock model, floating solar among others.
- Robust presence of group level knowledge based platforms such as Tata Ideas/ Idealogy, Tata Edge and Tata
Innovista
- Enhanced our in-house platforms to capture explicit and tacit knowledge such as:

ENERGY AS A SERVICE (EAAS)
- SHINERGY (platform for registering of improvement projects)
- Introduced multitude Demand Side Management initiatives to augment CO2 reduction
- Gyan Sangam (repository for SEEKH Sessions organised throughout the organisation)
- Lighting scheme for LED and Anti-Bac LED bulbs
- IMS process approval and document availability
- Electric Leakage Circuit Breaker (ELCB) at discounted rates
- IMS and 6S Audit System
- Dedicated EaaS programme for ESCO opportunities
- Business Excellence Maturity Index
- Discount base AC scheme for all consumers
- Customer Engagement Interface at TPDDL Connect for frequently requested services
ADVANCED GENERATION AND TECHNOLOGIES

RENEWABLE ENERGY SOLUTIONS - Urban Micro Grids to enhance power supply to rural areas without the need of laying long rural feeders.
- Implemented 17 grid-injected solar plants with a total capacity of 1.7 MWp. This includes the largest - Ground fault neutraliser system to enhance reliability and help with earth fault without the need of any
Utility Owned 1MWp grid-connected roof-top solar plant commissioned in 2010. outage.
- Low Voltage Automation through Internet of Things (IoT) to support in load balancing and stable voltages.
- Community Storage at Distribution Transformer (DT) level for customized bus arrangement and battery
storages for reducing asset stress during peak hours.
DISTRIBUTED ENERGY SOLUTIONS - Tariff Reforms and subsidy design to enable better policy advocacy.
- EV products and services - Network optimization and RE impact to help reduce technical losses and forecast RE impacts.
- DC fast charge - Deployed projects such as EV charging, Demand Response (DR) & Energy Transition (ET) and I-Electrix.
- Battery swap stations
- Demand response Hot Spot
- Energy transition with renewables based tariff for open access consumers COLLABORATIVE PROJECTS FOR INNOVATION
- Tata Power set up the Central Control Room for Renewable Assets (CCRA) in 2019 to ensure regular monitoring
Statutory Reports
of assets, predictive maintenance analytics and enhance our overall initiatives across the renewable power
TRANSMISSION AND DISTRIBUTION TECHNOLOGIES generation business.
- 10 MWh system Battery Energy Storage System (BESS) installed at Rohini Grid Station. This system addresses - Implemented an in-build peak power control at our solar operating plant to compensate for energy loss
peak load management, enhances solar grid capacity and supports the Delhi Metro during exigencies, among during peak hours.
others. - Introduced new products such as solar trees, solar artefacts, solar car ports and elevated solar solutions across
- Implementation of Advanced Metering Infrastructure (AMI) and roll-out 2,700 smart meter in Mumbai our EPC business.
distribution - SAT-Bifacial system to harness energy from bifacial solar module maximizing the reflection from the rear side.
- Launch of SMART Meter Reading and Dispatch app (SMRD)
INNOVATIVE SUSTAINABILITY RELATED SERVICES
- Deployed Radio Frequency (RF) mesh canopy in areas of operation and rolled out smart meters for customers.
- Initiated smart metering on NBIoT communication technology for non-smart clusters with a target of 20,000
NBIoT smart metering in FY21.
Further details regarding our digital initiatives and technologies can be accessed in Management Discussion and Analysis (MD&A)
- Tata Power and Social Alpha have jointly invested in Industrial IOT startup ‘URJA’ - an innovative
solution consisting of Smart Sensors and Analytics platform. URJA has been awarded a patent on the
Page 174 and in Board Report Annexure III (Page 146-149) respectively.
sensor technology and analytics platform that generates ‘real-time actionable insights’ for factory floor
monitoring & automation. With this offering, Tata Power aims to be a fully integrated Energy as a Service (EaaS)
solution provider with niche Smart Energy Management offerings.
SBO6: Create an engaged, agile, Ū Tata Code of Conduct Ū Employee well-being
customer centric and future ready Ū Human Rights Policy Ū Training, education and
workforce Ū HR Policies development
HUMAN CAPITAL Ū Prevention of Sexual Harassment Ū Occupational health and safety
Policy Ū Human Rights
Overview
Ū Labour management relations Ū Technology risk
Fostering a differentiated Ū Diversity and equal opportunity

Ū Non-discrimination
Ū Risk of incidents concerning child
Ū Climate change and business
continuity linked risks
Ū Talent retention and succession
employee value proposition and forced labor

Ū Freedom of association and
collective bargaining
Ū Human rights assessment and
training
Ū Average hours of training for
employees
Ū Regular performance and career
development for employees
Ū Programs to upgrade employee
skills

Ū Hazard identification, risk
assessment and incident
investigation
Ū Worker training on Occupational
Health and Safety (OHS)
Ū Work related injuries and ill health
Interaction of human capital with other capitals
At Tata Power, our human capital is not only a SOCIAL &

strategic differentiator, but is at the heart and soul INTELLECTUAL MANUFACTURED FINANCIAL NATURAL
Statutory Reports
RELATIONSHIP
of our existence. We consistently strive to create an
environment that supports our employees’ growth and Capital
Building a culture of
innovation and out of
Learning and
development
Depletion of financial
capital to increase
Channeling employee
skill sets and
Presence of
sustainability
tradeoffs
aspirations. Together with a 107-year old legacy, we the box thinking helps
build a future ready
programmes designed
to augment and
investments in
employee training and
productivity levels to
enhance customer
awareness across
our workforce to
leverage our robust and collective pool of knowledge, organization with
innovative offerings
enhance employee
skill set and build
development. Strategic
programmes would
satisfaction and drive
value creation for our
promote green
initiatives and reduce
skills, competence, technical expertise, experience and solutions capabilities resulting
in growth in new
enable significant
return on investment
communities environmental
impact
and innovative culture to drive shared organisational business initiatives and
development of future
in the medium and
long term
objectives and maximise stakeholder value.
ready technology and
energy solutions
Impact Increased employee Required availability ₹4.94 crore 17,000 Over 1,000
across the participation in Power maintained even spend on training employees green heroes as part
Innovista and Shikhar during the time & development of volunteered across of the Greenolution
<IR> capitals of pandemic workforce to enable 1,380 CSR activities initiative
for generation, strategic financial
transmission & decision-making
distribution networks
HUMAN CAPITAL
Leading the way for Employee engagement

value creation and wellbeing
Overview
At Tata Power, we nurture a high performance and innovation Talent At Tata Power, employee well-being represents the cornerstone
driven culture. Our Human Resource (HR) strategy aims to create acquisition and of our HR strategy. We continue to enhance our human capital
a work environment that is driven by our purpose and values. retention by understanding our employees’ aspirations and ambitions
We continue to focus on strengthening employee capabilities in Human Employee through a two-way open channel. We ensure that our workforce
alignment with the Company’s objectives, while safeguarding rights engagement is engaged, commited and deeply connected to Tata Power’s
the welfare of our workforce. Additionally, we leverage seven core values and vision.
focus areas of our HR strategy to enhance employee engagement
Together with our employees, we co-create our HR policies,
and development to deliver sustained growth.

ensuring regular communication across various forums. These
HR-Focus Areas policies are further hosted on an online platform to enable easy
access and feedback across geographies.
Succession Health and
planning safety Additionally, we recognise the integrated nature of employee
performance and a sustainable work culture. We understand the
value of employee engagement and welcome a blended nature
of work that ensures employee productivity and organisational
success. In addition, our Employee Engagement Survey (EES)
Employee provides deep insight into the level of satisfaction and points
Diversity
welfare

towards key organisational attributes that influence workforce
productivity.
Building on our Best Employer Category- Employee Engagement
Score of 83% in FY20, we are in the process of implementing
focused action plans to keep our workforce engaged and
enhance productivity levels. We seek continuous feedback from
Tata Power’s workforce FY21* our employees to identify improvement areas. It also helps us
Employee Category Female Male Aged <30 Aged 30-50 Aged >50 Total to understand key requirements of our employees on which we
years years years remain committed in a timebound manner. Besides, we monitor
Senior Management 17 351 0 125 243 368 employee engagement action plans through SAMIKSHA and our
Middle Management 71 1,100 2 796 373 1,171
Engagement Action Planning Dashboard.
Junior Management 762 4,860 1,407 3,765 450 5,622 Consistent focus on employee well-being helps build a dedicated
and motivated workforce We also put enough emphasis on a
Statutory Reports
Workmen** 377 9,273 292 6,167 3,191 9,650
FDA*** 265 1,550 788 661 366 1,815 healthy work-life balance. The COVID-19 pandemic disrupted
Total 1,492 17,134 2,489 11,514 4,623 18,626
the traditional workplace with a profound adverse impact on
the lives of our people. While it was a period tainted by physical
Contractual Workforce 1,792**** 40,025**** N/A N/A N/A 41,817
and emotional challenges, we implemented myriad initiatives
Permanent employees with 3 33 1 18 17 36 to support our employees through various mental health
disabilities*****
programmes. We also augmented heath insurance schemes
with required top-ups and additional provisions catering to the
* Includes only manpower numbers of Tata Power, TPREL, CGPL, TPSSL, TPRMG, PTL, WREL, MPL, IEL, TPTCL, TPADL, TERPL, TPCDT, FENR, NELCO, TPDDL,
TPSODL, TPCODL, TPWODL special needs of the hour.
** Workmen includes Non-Management Employees
*** FDA includes employees and supervisory trainees on direct contract with the Company
****The gender wise data for contractual workforce is an estimate Detailed initiatives into Tata Power’s
*****Excludes data for TPCODL COVID-19 response for its employees
Page no. 28
HUMAN CAPITAL
A glimpse into our employee engagement platforms and wellness initiatives are provided below.
COVID-19-Taking care of mental health
During these tough times, Tata Power has been sensitive to Special sessions focusing on healing through yoga, breathing
Overview
Employee Engagement Platforms the employees’ needs to ensure overall wellbeing. ’Power techniques and meditation were organised for employees to
Within‘ was launched as an initiative to engage them in help lift morale during stressful times. This also enabled them
small competitive activities, based on physical and mental to continue to be pillars of support at home and at work.
MD AND SENIOR LEADERSHIP TOWN HALLS AND #LEADERS SPEAK BAATON-BAATON MEIN ON MS health, encouraging exercise, healthy food habits, and
Since the beginning of the pandemic, we leveraged our
COMMUNICATION MEET Virtual communication with leadership TEAMS LIVE AND COFFEE WITH expressing gratitude to family and colleagues. Employees
partnership with ‘1to1help’ to spread awareness through
Virtual communication with leadership MANAGER were encouraged to share their experiences on the internal
mailers, webinars, mindfulness sessions and worshops
Virtual communication with leadership social media platform, which brought about a sense of
to identify early signs of stress in colleagues. In addition
connectedness, despite limited in person interactions.
to benefiting from articles and webinars, the counselling

’Forgotten Passions‘ initiative utilised the time saved sessions were attended by 120+ employees across the
REWARDS & RECOGNITION YOUTH POWER CONFLUENCE AND HR CONNECT
due to the lack of work-related travel to enable employees Company.
PLATFORM AND POLICY TALENT NEXT HR outreach platform
revisit old hobbies and interests. Employees could engage
Employee awards and recognition Leadership and talent recognition platform
and share their skills in areas such as growing vegetables,
cooking, crafts, photography, poetry, and painting, thereby
connecting them with others sharing similar interests.
ACTION PLANNING WORKSHOPS PERFORMANCE MANAGEMENT FORGOTTEN PASSIONS
Involving employees in journey to improve SYSTEM Encouraging employees to talk about their
engagement The Leadership Competency Model - AMP hobbies
(Aspire-Motivate-Perform)
Talent management strategy

talented and committed professionals to support evolving
Our commitment to building a diverse workforce and vibrant
business needs. We thus continue to empower our employees
work culture is at the core of Tata Power’s talent management
Employee Wellbeing Initiatives with specific skill-sets to hone their inherent talents in new focus
strategy. We support our employees to effectively manage
areas. Along with encouraging diverse and innovative thinking,
their careers and augment professional growth. In this regard,
our talent management strategy identifies and assesses training
we continue to deploy effective talent acquisition practices,
and functional behavioral skill sets with a systematic approach to
EMPLOYEE ASSISTANCE PROGRAMME MEDICAL ADVANCE FACILITY ON DOCTOR SPEAK : ASK THE EXPERT implement learning and development programmes as well as
workforce upskilling and realising each employee’s professional
(EAP) HOSPITALISATION SESSION help employees to enhanced performance through suitable
goals.
Professional counselling services (Self and Immediate Family) Addressing all doubts and guiding scientifically opportunities and job rotations to deliver value for all our
stakeholders and build a meritocratic workplace. As we journey
through the COVID-19 pandemic and prepare for the aftermath,
we emphasize on the importance of attracting and retaining
VIRTUAL FAMILY GET TOGETHER GROUP TERM LIFE INSURANCE CRECHE AND “NANNY @ HOME”
Statutory Reports
Continuing our efforts to involve families even LAUNCHED FACILITY FOR WOMEN EMPLOYEES
during COVID Helping employees to build peace of mind and Supporting Diversity
security TATA POWER’S TALENT MANAGEMENT STRATEGY
FLEXIBLE WORKING OPTIONS FOR TRANSPORT FACILITIES FOR WOMEN ONLINE SESSION ON YOGA &
WOMEN EMPLOYEES RETURNING EMPLOYEES WORKING LATE MEDITATION
FROM MATERNITY LEAVE Ensuring safe transit of women employees Furthering Mental Wellness Business strategy Individual development Focus group Succession
Supporting Diversity plans needs needs management
Enhancing training and Identification of learning needs Identification of training and career Identification of development
development needs in line with through ‘goal setting’ exercises with progression needs by the Capability needs for successors to ensure
the organisation’s strategy and appraisers and through the People Building Team, Business HR Heads business continuity
emerging skill-sets in the industry Potential Development System and HODs for each department/
team
HUMAN CAPITAL
Learning and development
Learning and development is one of our core values at Tata Power. We employ numerous avenues of learning such as internal and
external training, focused group training, e-learning, coaching, mentoring, on the Job training (OJT), and action learning and higher
education, among others.
In light of the COVID-19 pandemic, we shifted from classroom training to live instructor led virtual trainings. These training
Overview
modules continue to evolve and encompass a variety of areas such as Safety, Job specific Functional & Technical skills, Behavioral
skills, Leadership skills, Contractor Safety Code of Conduct, Tata Code of Conduct (TCoC), Prevention of Sexual Harassment (POSH),
Sustainability Leadership, Business Excellence, etc. A glimpse into our training programmes and talent development initiatives has
been provided below:
Tata Power’s training modules and programmes

ASPIRE-MOTIVATE-PERFORM (AMP) LEADERSHIP FUNCTIONAL CAPABILITY BUILDING
COMPETENCY MODEL Ū Future skill academies - digital & data analytics, sales
Ū Leadership model for behavioral competencies project management and culture centricity
Ū Competency model based on existing and future Ū Gyankosh - certifications and technical courses
competencies Ū दaksha – reskilling and redeployment
Ū Capacita – technical and domain-specific skill building
Ū PACE - Progressive Approach to Competency
Enhancement System (T&D cluster)

Our performance management system is at the heart of our our employee engagement and benefit programmes helped
talent management strategy. In line with our strategic business us retain talent and led to only 2.1% attrition. We maintain a
objectives, we aim to create an engaged, agile, customer centric constant communication with our employees using various
LEADERSHIP DEVELOPMENT AND TRANSITION ASSISTANCE PROGRAMMES
and future ready workforce. In this regard, we focus on building digital platforms. Also, for any operational or significant
core capabilities to drive innovation and customer centricity, developments in the organisation’s management or strategy, Ū Advanced Management Programme - A 15 month leadership development journey for Apex and Senior Leaders at IIM
supporting our workforce to deliver sustainable solutions to our we provide a minimum notice period of 3 months to all our Ahmedabad.
customers. Furthermore, our performance management system employees.
Ū myCoach – A coaching intervention for Apex and Senior Leaders comprising of a Hogan assessment, stakeholder
ensures efficacious talent management with all our employees
discussions and chemistry meetings
having received regular performance appraisal and feedback Attrition rate
in FY21. Ū Achieving your Leadership Potential (AYLP) – A 6-month leadership development journey for high performing and
high potential mid-level officers
We consistently aim to attract and retain a diverse and talented 4.5%
workforce in line with the evolving requirements of the power 3.8%
industry. We also have robust internal mechanisms to ensure fair
HIGHER EDUCATION AND CAREER GROWTH
Statutory Reports
and transparent recruitment practices across the organisation.
2.1%
Furthermore, the presence of numerous diversity policies at Ū External training programmes
Tata Power have enabled a holistic and progressive workplace
Ū Higher Education Sponsorship Programme (HESP) policy.
with women who represent 8% of our total workforce. In
FY21, notwithstanding the adverse impact of the COVID-19 Ū Integrated Senior Leaders’ Development Program (SLDP).
pandemic, we were able to provide employment opportunities FY19 FY20 FY21
Ū Organising Work Integrated Learning Programme (WILP)
and witnessed a 8.6% new employee hire rate. Furthermore,
New Joinee & Attrition
Type Female Male Aged Aged Aged Total
<30 years 30-50 years >50 years
New Joinees FY21* 252 1,355 1,170 367 70 1,607
Attrition FY21* 51 331 127 98 157 382
* Includes data of Tata Power, TPREL, CGPL, TPSSL, TPRMG, PTL, WREL, MPL, IEL, TPTCL, TPADL, TERPL, TPCDT, FENR, NELCO, TPDDL, TPSODL, TPCODL, TPWODL
** Employee figures include only Management, Non-Management and Supervisory trainees on direct contract with the Company
HUMAN CAPITAL
A canvas of diversity
Diversity at Tata Power is the foundation for our Company’s
Our eLearning platform ‘Gyankosh’ has over 88,000 learning resources, success. We enable a value-creation journey that is efficient,
accessible round the clock, across any device. It has been extremely popular insightful and resilient leveraging upon diverse and varied
with all our employees, having achieved global benchmarks in terms of a capabilities, skill sets and competencies covering across
Overview
user adoption rate of 99.69% in FY20 and 98.52% in FY21 and a learning gender and different cross sections of society . Being an equal
resource completion rate of 80.24% in FY20 and 77.84% in FY21, respectively. opportunity employer, we aim to create an inclusive workplace
‘Gyankosh’ has also won Skillsoft’s Programme of the year Award 2020 for to createe sustainable competitive advantage and build
excellence in the digital learning space. In FY21, our employees completed a well-functioning meritocracy.
over 5,09,872 learning modules on ‘Gyankosh’.
A glimpse into our policies to safeguard the diversity of our workforce are provided below.
Average hours of training per employee FY21*
Employee Category Male Female

Senior Management 26.2 30.6
88,000+
Middle Management 29.8 36.2
Junior Management 34.2 32.9
All employees (Including workmen and FDA) 20.1 27.0
learning resources Gender Diversity and Maternity and Health and Wellness Medical Fund Policy on Prevention of
* Includes only training data of Tata Power, TPREL, CGPL, TPSSL, TPRMG, PTL, WREL, MPL, Inclusion Policy Paternity leave Policy Sexual Harassment of
IEL, TPTCL, TPADL, TERPL, TPCDT, FENR, TPDDL Women
Empowering women Tata Power provided 6 Supporting our Industry benchmark Supporting women’s
and an inclusive work months of maternity employees and their for employee benefits right to work with
environment leave before mandated families for chronic over and above the dignity in a welcoming

Human Rights by law illness Mediclaim scheme environment
Our human rights management is embedded in our core values We consistently uphold fundamental human rights across
with Tata Brand name synonymous with respect and upholding our operations and have a zero tolerance approach towards
Employee category* Ratio of basic Ratio of total
Parental Leave:
of Human Rights. Our Human Rights Policy is aligned to the discrimination on any ground. As a responsible company, we
principles of the International Labour Organisation (ILO) and strictly prohibit child and forced labour across our value chain. salary of remuneration 191 employees availed of paternity leave
women to of women to
United Nations Global Compact (UNGC). This Policy is refined Furthermore, we consistently strive to ensure that our work men men 41 employees availed of maternity leave
periodically to ensure its relevance with global standards and environment is free from any prejudice or harassment. We
Senior Management 1 : 1.04 1 : 1.06
practices. Along with stringent adherence to the Tata Code uphold the freedom of association and collective bargaining 95% return to work rate (male employees)
Middle Management 1 : 0.93 1 : 0.93
of Conduct, our pre-induction training and periodic refresher among employees, enabling strong support for our labour
Junior Management 1 : 1.04 1 : 1.14 78% return to work rate (female employees)
modules span varied programmes on the protection of unions to address matters across employee health and safety,
human rights. notice periods and wages, among others. Trainees 1:1 1:1
Statutory Reports
*NOTE: Considers remuneration for employees of Tata Power, TPREL, CGPL,
TPSSL, TPRMG, PTL, WREL, MPL, IEL, TPTCL, TPADL, TERPL, TPCDT, FENR only
Our security personnel and contractors No complaints raised on the grounds of 51.8% (workmen cadre) of our employees
adhere to the Tata Code of Conduct, child or forced labour, human rights and are covered by collective bargaining
which includes detailed aspects of discriminatory employment agreements
human rights
No violations of the rights of indigenous 100% of our operations have undergone Resolved all 3 cases of sexual harassment
people human rights reviews
HUMAN CAPITAL
Building a safe work environment

Tata Power remains committed to establishing a safe work We have established Safety Committees at division and site
Overview
environment for its employees, union workforce, contractual levels to provide requisite guidance on all health and safety
labor, suppliers, visitors and partners. Tata Power Safety matters. We value our workers feedback and ensure that their
Management Framework covers all our business activities and inputs are taken into consideration during the HIRA process,
is aligned with the Tata Group Health and Safety Management safety capability building sessions and incident investigations,
System as well as ISO 45001:2018 requirements. In line with among others. Additionally, we also ensure that our workers are
our aspiration to be a leader in safe work premises and apprised of requisite health and safety information, provided
practices, we have an established Hazard Identification and Risk across the incident learning platform such as Red Stripe Bulletin,
Assessment (HIRA) process for both routine and non-routine among others. We also organise safety campaigns and drives to
jobs. We regularly provide HIRA and Job Safety Assessment (JSA) ensure maximum worker participation and awareness outreach.

trainings to our operation, maintenance and service engineers. Our Enterprise Process Model (EPM) process is established across
Furthermore, through our internal audit process, we identify divisions. This enables us to continuously improve our health
key improvement areas to strengthen workplace safety. In this and safety management systems. It also guides our critical safety
regard, we also have an established SAP-EHSM platform to procedures and provides instructions for safe operations and
ensure efficacy through incident reporting and investigation. maintenance.
This reassures our workers and encourages them to report any
To safeguard the health of our workers, we have an established
unsafe work conditions, with immediate action taken to resolve
process to minimise risks and enable effective identification and
safety aspects that pose a risk to our workforce. This is further
elimination of work related hazards. Additionally, we provide
facilitated by leveraging digital tools, such as the Suraksha
regular health and safety trainings to improve the effectiveness

mobile application, for convenient and swift reporting of unsafe
of our health, safety and emergency management systems
conditions and tracking of subsequent remedial measures.
across our business operations.
OCCUPATIONAL HEALTH SERVICES

- Presence of on-site trained and experienced medical professionals with a formal qualification in industrial and occupational health
- Established in-house laboratory to help implement periodic statutory health check ups
- Robust partnerships with various ISO certified laboratories to enable workplace occupational health checks at smaller sites
- Periodic maintenance of health check reports for individual risk mitigation through an online health management system
- Annual internal audits to ensure quality of services provided
- Daily inspection of all laboratory instruments for quality checks, annual services and calibration with authorised vendors
Statutory Reports
CONFIDENTIALITY OF WORKERS AND HEALTH-RELATED INFORMATION
- All employee health records are maintained online with password protection
- Access to our cloud-based storage of employee health records is available with only those vendors who have signed a confidentiality agreement
with Tata Power
- Only aggregate health data (without employee details) is provided for management review meetings
- Our partnerships with outsourced laboratories are subject to confidentiality agreements with Tata Power
- As mandated by law, occupational health reports are only shared with relevant Government authorities or certified doctors and surgeons
- Analysis of aggregate health records supports us in implementing group level initiatives for the top occupational health risks identified
- No information is provided to any other private medical group or pharmaceutical group for any favourable or unfavourable treatment of our
workers
HUMAN CAPITAL
Our safety performance
The nature of our industry exposes our employees and workers
Occupational health and safety training to common work-related hazards, such as working close to
live electrical systems , working at heights, among others. Our
robust and comprehensive health and safety management
Overview
system ensures effective hazard identification, risk management
Tata Power safety capability building Tata Power safety capability building
and implementation of appropriate control measures at all our
model (Employees) (Contract workers) sites. Further, we undertake a systematic investigation when any
Ū Safety training provided at an induction and lateral Ū Trainings and certifications provided by Tata Power Skill incident occurs, which includes conducting a root cause analysis
movement stage Development Institute (TPSDI) as well as sharing learnings with other sites for implementing
preventive measures. Our efforts ensured that there were no
Ū Certifications for critical safety procedures Ū Job specific safety programs provided during induction
incidents of work related ill health or occupational health hazard
Ū Trainings for established health and safety management Ū Supervisor certification programs in FY21.
systems
Ū First aid and firefighting programs

Ū Safety behaviour and leadership programmes Safety linked metrics
Ū Emergency response and preparedness programs
Ū First aid and firefighting programmes Permanent employees Male Female
Ū Safety behaviour programs
Fatalities (as a result of work related injury) 0 0
Ū Emergency response and preparedness programmes
High consequence work related injuries (excluding fatalities) 2 0
Ū E-learning modules for critical safety procedures Recordable work related injuries 4 0
Lost days 143 0
Manhours worked 1,46,06,268 21,72,200
*Rate of fatalities 0 0

*Rate of high consequence work related injuries 0.14 0
*Rate of recordable work related injuries 0.27 0
PERMANENT EMPLOYEES *Lost day rate 9.79 0
Safety Induction Training At Tata Power, we adopt a proactive and responsible approach
to safeguard the welfare of our employees. In this regard, we
23,396 Manhours provide many non-occupational and voluntary health services
Safety linked metrics
Contract employees Male Female
for our employees and workforce.
Safety Capability Training Fatalities (as a result of work related injury) 2 0
49,224 Manhours Ū Medical fund and V-OPD insurance schemes to support

High consequence work related injuries (excluding fatalities)
Recordable work related injuries
7
13
0
0
medical expenses not covered by insurance Lost days 12,222 0
Ū Medical advance policy for hospitalization without Manhours worked 5,07,99,366 10,26,600
CASUAL/ TEMPORARY/ CONTRACTUAL EMPLOYEES
Statutory Reports
cashless facility *Rate of fatalities 0.04 0
Safety Induction Training *Rate of high consequence work related injuries 0.14 0
Ū Out Patient Department (OPD) facility for employees
73,608 Manhours and their families for consultation, testing and
treatment of acute cases
*Rate of recordable work related injuries
*Lost day rate
0.26
240.59
0
0
Safety Capability Training Ū Disbursement of medicines for diverse chronic

*Rates have been calculated as per 10,00,000 manhours worked
conditions like Diabetes, HT and TB, etc.
3,56,528 Manhours Ū Programmes on diet and nutrition
Ū Walkathon programs to promote physical activity
In FY21, 16,777 trainees from our contractual workforce Ū Monthly health seminars on managing diabetes,
benefitted from health and safety trainings conducted by hypertension, cancer awareness, among others
TPSDI, 67% of total trainees.
Ū Annual health check-up
Ū ‘Doctor Speak - Ask the Expert’ online session for
employees and their families
SOCIAL & RELATIONSHIP
CAPITAL SBO 2: Focus on sustainability with an Ū Tata Code of Conduct Ū Demand side management
intent to attain carbon neutrality Ū Corporate Social Responsibility Ū Customer satisfaction
Overview
Committee Ū Local sourcing
SBO4: Leverage digital platforms to
Ū Stakeholders Relationship Ū Cybersecurity
drive new customer centric businesses
Committee
and solutions
Collective growth through

shared value Key performance indicators Risk and opportunities Sustainable Development Goals

Ū Demand side management Ū Climate change and business
Ū Energy savings for customers continuity linked risks
Ū Proportion of local suppliers
Ū Consumer health and safety
initiatives
Ū Products/services information,
labelling and marketing
Ū Compliances
Ū Customer Privacy

Interaction of Social & Relationship
capital with other capitals
HUMAN MANUFACTURED FINANCIAL INTELLECTUAL NATURAL
As India’s largest integrated power company, we strive Capital

Tata Power’s strong Our ethical and Investments in CSR Evolving needs of our Increasing adoption
sense of commitment responsible business activities and local customers propel us of energy efficient
to delight our customers with smart and future ready tradeoffs
Statutory Reports
towards social partners ensure a businesses enable to develop innovative appliances and
energy. We continue to co-create a sustainable future value provides our

employees with a
robust supply chain
to consistently build
robust collective
financial growth of
and future ready
technologies
smart technologies
significantly mitigate
along with our stakeholders by building a resilient sense of purpose and

motivation
assets and provide
us with necessary
our communities any adverse impact
on our environment
society and drive sustainable growth. impetus to come up
with innovative and
and biodiversity
future ready energy

solutions.
Impact 57,257 hours 200 villages 99% 2,700 4,000+ Mwh

across the volunteered by covered under non-fuel SMART meters of energy saved in
employees collectively Microgrids, connecting procurement was installed in Mumbai Mumbai Distribution
<IR> capitals
3,887 customers locally sourced Distribution area through various
DSM schemes.
SOCIAL & RELATIONSHIP CAPITAL
TRANSFORM
Empowering customers Transforming our business activities to augment customer-centric initiatives, empowering them for tomorrow’s world.
Overview
for future-ready utility Solar rooftop, Solar Pumps & EPC Business
Ū Enhancing experience of over 30,000
Customer-centricity is at the heart of Tata Power’s strategy.
customers through various digital assets
We strive to empower our relationship with customers by
such as:
strengthening our presence as a B2C company. Tata Power
applies a ‘Trust, Act, Transform and Assess’ (TATA) approach for all Ū Solar calculator to save energy cost
its customer centric initiatives. Our corporate customer service

Ū Chatbot on websites and mobile
policy guides these initiatives to ensure that we deliver value-
applications
added services and consistently exceed their expectations.
Furthermore, we partner with our customers in various energy Ū 3D visualisation and sizing tool
saving initiaves thus reinforcing our commitment towards
Ū Supporting 275 channel partners through
environmentally responsible growth.
Channel Partners' (Sales) Incentive
Ū Solar EPC solution for customers
Ū Schemes during COVID-19 pandemic to help
grow their business

TRUST Ū Changing the landscape of rural India through
dedicated focus on setting up around 1 million
Engaging with our customers through multiple touchpoints to build trust and strengthen transparency, while addressing
Solar Pumps by FY26
their queries and concerns.
Microgrids
Ū Customer Relationship Centre Ū Call centre Ū Facebook
(CRC) (24/7 support) Ū Benefited about 3,887 rural customers with
Ū Mobile app Ū Communication by letter
adequate and cheap power supply, and
Ū Email
Ū SMS Ū Microsoft Kaizala provided green jobs to local youth
Ū Customer web portal
Ū WhatsApp Ū Commissioned 161 microgrids with over 4.8
Ū Customer support chatbot MW installed capacity
Ū Twitter
Ū Launched mobile application for monitoring
and ease of payment options
Statutory Reports
EV Charging
ACT
Ū Installed 532 public charging points in over
Delivering quality products and services to meet the expectations of our customers, while safeguarding their health, safety
92 cities, so far, on our way to create a thriving
and data privacy
EV ecosystem for customers
Ū No incidents of non-compliances pertaining to products/services information and labelling, marketing Ū Launched our software platform and mobile
communication and health and safety application to help customers locate EV
charging stations, charge EVs and pay bills
Ū Conducted lifecycle assessments for all products/services across our portfolio to implement the highest standards
online
of health and safety
Ū Aim to integrate 1 lakh EV charging stations by
Ū Zero complaints regarding customer privacy breach or customer data leak, theft or loss.
FY26
Ū Invest in and promote the development of
Charging Point Operators (CPOs) in the next
four years
ASSESS
ESCO Addressing customer feedback effectively through grievance redressal mechanisms (supported by SAP-CRM system) and
conducting annual customer satisfaction surveys.
Overview
Ū Energy Service Company (ESCO) business
dedicated to encourage large commercial and
CSAT score Average CSAT score
industrial clients to embrace digitalisation for
effective monitoring and saving of energy
Ū Associated with multiple partners to provide Generation
integrated Energy as a Service (EaaS) offerings, 92%
92%
supported with digital technologies 90%
Ū Committed to providing enhanced service to Mumbai Transmission

our clients and meet their present, latent and 97% 93.8% 96.0%
98% 89.5%
future energy needs by leveraging our reach 85%
throughout the power value chain
Mumbai Distribution
99%
90%
89%
TPDDL
New Business Services
96%
95% FY19 FY20 FY21
Ū Leveraging our reach in the power value chain 94%
and existing Discoms experience to provide

customised new-age solutions and enhance FY21 FY20 FY19
customer experience:
Ū Home automation (Tata Power EZ Enhancing customer experience
home products and EZ home app) – IoT
Customer concerns Concern redressal and service improvement
based efficient and cost effective home
automation solutions to enable customers Ū Reducing the forced outage of equipment
to monitor, operate and schedule home Ū Improving customer communication on service interruptions
Network reliability
appliances Ū Optimising utilisation of assets
Ū Value added services – e.g. Energy Analytics, Ū Commissioning additional lines for interconnecting with other Discoms to improve the reliability of power supply
Energy Storage Ū Commissioning new gas insulated switchgears and transformers at receiving stations to meet load growth
Ū Floating solar – Augment the energy Availability of lines Ū Reducing outage time through remote operation of line isolators carried out from Supervisory Control and Data
potential of existing hydro projects by Acquisition (SCADA) system
Statutory Reports
utilising reservoir surface Ū Implementing hot line working and carrying out hot line washing
Ū Battery storage solutions – Ensuring Ū Ensuring line patrolling, thermal vision scanning and sensitising local stakeholders about safety hazards around
Tripping of transmission
uninterrupted power availability for lines due to bird hits transmission lines
customers Ū Installing bird repelling contraptions on transmission towers
Ū Installing Power Quality meters such as SMART Meter Reading and Dispatch (SMRD) application
Failures and tripping of Ū Implementing systems to reduce fault level and impact of voltage fluctuations at receiving stations
lines; quality of power Ū Carrying out detailed energy audit for consumers
Ū Replacing old insulators
Voltage fluctuations Ū Adding capacitor banks at receiving stations
Ū Sensitising communities (through partnerships) about safety precautions around transmission lines and
Electrical safety awareness
among communities importance of ISI marked electrical equipment
Ū Conducting safety awareness sessions and audits for consumers
Quick response and Ū Communicating through clearly defined modes – contractual and formal
flexibility in incorporating
changes for EPC projects Ū Improving Turn Around Time (TAT) and adhering to project schedule through stronger review mechanisms
Continuous and affordable Ū Providing 24 hour supply for domestic and commercial establishments
electricity supply through Ū Introducing EMI options for connection charge
Microgrids
Demand side management

Energy conservation is at the forefront of all our endeavours and we partner with our customer on various energy saving
Overview
initiatives. Going above and beyond our business operations and priorities, we continue to promote customer focused, energy
efficient solutions to reduce energy cost for the customers . We provide seamless online registration facilities for our customers
on the Tata Power website, which also enable monitoring of the energy saved.
Demand Side Management (DSM) initiatives in FY21:
Awareness and energy-efficient programmes

Energy saved
Ū Brushless Direct Current (BLDC) super efficient ceiling fans
programme 4,000+ MWh
Ū ACs exchange programme
Ū LED tube light programme Load shifted
Energy audit to identify energy saving opportunity 2 MW
Discount based energy efficient program with Crompton Greaves Enhancing energy efficiency Green power tariff

We have arranged for energy efficient appliances such as LED Aligning with the Government of India’s ambitious goals of
tube light, BLDC celling fans, refrigerators, and AC, among carbon emission mitigation, Indian corporates are increasingly
others, to our Mumbai customers at discounted prices, enabling seeking to shoulder the responsibility and become a zero carbon
them to increase energy efficiency and reduce energy bills. With company. Tata Power is humbled to support their endeavours by
an approved rebate from the Maharashtra Electricity Regulatory offering 100% green energy to customers by levying a Green
Commission (MERC), 6,000 appliances were arranged for our Power Tariff.
consumers in FY21. This led to over 4,000 MWh of energy savings
Benefits Tata Power brought this concept for the first time in Maharashtra,
in Mumbai Distribution. In FY21, a total of 6,750 customers in
enabling customers to source 100% RE power by paying Green
Mumbai Distribution owned rooftop solar plants with a collective
Power Tariff of ₹0.66/kWh in addition to regular tariff. We also
capacity of 174 MWp. We also motivate our bulk consumers to
issue Green Energy Certificate to consumers opting for 100%
carry out energy audits through accredited auditors from the
green energy for their monthly consumption, adding credibility
Bureau of Energy Efficiency (BEE), to identify the potential for
to the customer’s stance of being a zero carbon enterprise.
energy savings.
Statutory Reports
Promoting solar rooftops
We have actively encouraged widespread adoption of solar
CUSTOMERS UTILITY SOCIAL
rooftops to add value at scale to our society and the planet.
Ū Reduced energy expenditure Ū Reduced cost of service Ū Reduced environment Our campaigns under “#TataPowerSolar” have promoted the
degradation affordability and cost saving potential of solar rooftops and
Ū Improved productivity Ū Improved customer service
urged existing customers to be Solar Ambassadors.
Ū Maximized customer welfare
Ū Improved service value Ū Improved operational efficiency
Ū Mitigated impacts of climate Twitter campaigns under #TataPowerSolar
Ū Encouraged safe behavior Ū Reduced capital needs
change
1,02,312 8,183
Reach Post clicks
284 1,50,552
Likes, Comments & Shares Impressions
Responsible supply chain management Driving valued impact -

We have a Responsible Supply Chain Management (RSCM) Policy (https://www.tatapower.com/pdf/aboutus/RSCM-14.pdf ) that Empowering target communities
Overview
guides our engagement with vendors and suppliers, and promotes fair and transparent business practices. It also provides guidelines
to select responsible suppliers and service providers. The policy is an integral part of our supplier relations to ensure alignment with As a responsible corporate citizen, we continue to leverage our partnerships with stakeholders for betterment of life in our
Environment, Health and Safety, Human Rights, Ethics and Compliance parameters. local communities and deliver long term value. We envision our communities to be sustainable and future ready by improving
education and livelihoods while empowering the women, youth, institutions, and community collectively. Through the Tata
We ensure that our service providers, suppliers and vendors comply with all statutory norms and fundamental labour principles. The Power Community Development Trust (TPCDT), we introduce initiatives that focus on diverse community based projects
Tata Code of Conduct supports the RSCM policy by requiring all our associates to conduct business with fairness and transparency. that support causes close to our hearts. Our approach is collaborative, data driven and outcome based for all community
Our Procurement Policy caters to multiple business requirements across fuel sourcing, materials and services procurement, material initiatives enabling us to translate our values into scalable impact across communities.
management and inventory management. No significant changes were observed in our supply chain during FY21.

Highlights
Our CSR Vision 2026
We ensure a responsible supply chain through:
e-Business Associates meet 2021
Our approach to sustainable supply chain A one of a kind initiative, where we conducted a digital
To impact 30 million lives positively around
the regions we operate in
₹39.24 crore 102%
CSR expenditure CSR expenditure
Supplier assessment event for our stakeholders and partners to provide support
target achieved
Ū Assessment of Business Associates (BAs) to ensure strong and solidarity during the pandemic Aligning action towards UNSDGs
commitment on Environmental, Social and Governance (ESG)
policies
46.65 lakh 56%
Ū Evaluation of quantifiable measurement of willingness beneficiaries against of all CSR beneficiaries

exhibited by the BA towards a positive ESG impact target of 30 lakh are women
Encouraging employees to volunteer
Promotion of Sustainable and Local sourcing for 15 hours every year
Ū Enhance skill and capacity development of the local
workforce and community for higher safety, productivity and Fostering sustainable interventions through
57,257
hours volunteered collectively by around 17,000
quality standards programme management excellence
employees across 1,380 activities
Ū Ensuring BAs comply with Human Rights clauses in all
significant contracts issued (non-fuel contracts) Furthering livelihoods readiness, life skills,
digital and financial literacy
Ū Encouraging local business, with 99% of non-fuel
procurement being locally sourced in FY21. A total of 46% CSR Beneficiaries (in lakh)
Creating sustainable partnership with
of overall procurement budget (including fuel) was spent on
civil societies, governments, corporates,
local suppliers
Highlights and academia
Statutory Reports
46.65
Affirmative Action (AA) 100% of our new suppliers with PO value 156%
Affirmative Action and social inclusion 122% 118%
Ū Promoting the inclusion of SC/ST in business opportunities, more than ₹5 crore (other than traders), were
efforts for systematically marginalized 30.00
driven at the corporate and division/site level screened through ESG criteria in FY21. 27.10
groups 24.67
22.90
Ū Encouraging entrepreneurship skill among communities These vendors represent 62% of total value of 20.30
through vendor enlistment and ordering (for FY21, ₹9.63 POs (other than fuel) issued in FY21
crore order to 24 vendors from SC/ST community)
Ū Supporting Self-Help Group (SHG) members, youth, women,
7% unemployed youth trained
farmers, and fishermen through skillset and livelihood FY19 FY20 FY21
(of which 28.61% belonged to
initiatives.
SC/ST community)
24,914 Achieved Targeted % Achieved
TPSDI trainees 69% eligible youth provided with

employment opportunities
In FY21, all our suppliers were found to have

no negative (significant or potential) social and
environmental impact
Contributing to a thriving and resilient society Tata Power – a responsible utility

At Tata Power, we leverage our resources to build a thriving and empowered society. Our CSR vision and strategic objectives are At Tata Power, our CSR activities are guided by our Corporate To address these impacts, we have implemented necessary
translated into action across our thrust areas. Additionally, our CSR activities are guided by a robust governance system which Social Responsibility policy. We monitor the outcomes and preventive measures, ecological legislative compliances,
Overview
enables us to refine our initiatives in line with independent monitoring and evaluation frameworks. milestones of our programmes regularly, and commission voluntary conservation efforts and community enabling
independent impact assessments in three to five year cycles. programmes to sustain their livelihood and income.
Our CSR approach is detailed below.
We are cognisant of the significant impacts that some of our
Thrust Areas CSR Aspirations 2026
As a socially conscious company, we ensure consistent
power generation activities have had on local communities.
improvements across our CSR programmes and translate our
Community Welfare These impacts are associated with land acquisition, air pollution
promise of ‘Care for Community’ into a shared value creation as
and consumption of industrial water supply among others.
Education Ū Train 10,000 Trainers/Community Leaders to deliver blended learning through well as generating long term employment.
Govt. schools/training institutions

Community Empowerment
Skilling & Livelihoods Readiness Ū Benefit 4 lakh youth - directly & indirectly through digitally enabled, integrated
vocational training centers
Ū Build capacities of 25,000 SHGs in target regions
Ū Co-develop 10 unique sustainable/recycled products and services
Ū Facilitate scalability & regular business pipeline for SHGs
Financial and digital inclusivity Ū Coverage of marginalised and deprived communities to access government
entitlements and schemes
Ū Support target communities & regional institutions by enabling capacities & skills for

water recharge & management, health & nutrition
Tata Power’s Corporate Social Responsibility Governance We extended our COVID-19

response to 15 states
CSR committee across India with enhanced
focus towards migrant and
Ū 3 Board Directors (including 2 independent directors)
vulnerable communities. We
Ū Guides the CSR policy are humbled to report that
the Company covered 16.59
Statutory Reports
Ū Identifies, outlines and reviews thematic focus areas, geographies,
lakh beneficiaries through
target communities, and resource allocation for CSR activities
its COVID-19 community
response and relief activities,
Ū Deploy development interventions through Tata Power Community
which can be accessed on
Development Trust (TPCDT) and other not for profit partnerships
page 28 of this report.
Ū Activities implemented by a team of over 35 community development

professionals
Our CSR Programmes

Our CSR focuses on areas covering education, health and sanitation, livelihood and skill building, water and financial inclusivity. We
are humbled to have contributed ₹39.24 crore for the welfare and empowerment of communities which benefited over 3 million
Overview
Health and sanitation
people.
Arogya
Community welfare
This programme includes initiatives for
Education
maternal and child health, sanitization,
Vidya immunization and health awareness.
We also collaborate with NGOs and
government health services to spread
The initiatives under Vidya includes

awareness regarding behavioral change
remedial coaching for children, digital
amongst communities.
education, training for teachers,
academic coaching and counselling up Ū Provided Tele Medicine support to
to primary level. community members
Ū Increased health awareness and access
to government health services

Explored partnerships with digital service
providers like TCSiON, learning delight,
ALIG and provided solutions to ensure
continuity of curriculum in rural and
urban schools.
Community empowerment
Financial and digital inclusion
Water security
Adhikaar
Amrutdhara
Aims to inform, enable and empower
Statutory Reports
11.85 lakh beneficiaries covered under marginalised communities including
demand and supply side management SHGs
of water initiatives across Delhi,
4.59 lakh beneficiaries covered worth
Maharashtra, Gujarat, Rajasthan, Madhya
₹312 crore under various government
Pradesh, Jharkhand and Tamil Nadu. We
schemes
collaborate with various government
schemes to enhance our outreach. Won Gold award in 9th ACEF Asian
Leaders Forums for excellence in CSR
Ū Implemented innovative irrigation
for Adhikaar.
practices across the farming sector
Inculcating awareness across
Ū Provided integrated sustainable
communities on various government
drinking water management systems
schemes and facilitating linkage with
them.
Livelihood and skill building

ACHIEVED
Overview
Ū Adopted microenterprise-based capacity building
activities for upskilling and improving livelihood
opportunities for women and Self-Help Group
members.
Ū Provided vocational skills to the youth for
augmentation of household income
Ū Strengthened village institutions through
trainings and enhanced leadership skills

Ū 1,239 Self Help Group (women) with 14,325 Anokha Dhaga & Saheli World Daksh Samriddhi
members involved in various flagship initiatives Ū Upskills women’s SHGs in stitching Ū Augmenting skill building among Creating opportunities for
including Dhaaga, Abha, Bijuli didi, Sakhi, Roshni & tailoring, generating income and the youth to provide employment communities, particularly farmers to
and Samriddhi, generating cumulative revenue of participating in the economic value opportunities. build assets, adopt new livelihoods and
₹4.70 crore. chain of identified goods & services seek opportunities for growth.
Ū Over 47,000 youth skilled (11%
Ū Promoted and sold through Saheli belonging to the AA community)
World (e-commerce platform)
Ū Provided around 6 lakh reusable cotton

masks. New SHG 95 - Filter based mask
introduced by SHG members
TPSDI
Ū Empowering the youth and addressing the skill-gap challenge

Ū Provided modular training and certification on employable skills
Statutory Reports
Ū 6 TPSDI training centres in India
Maval Dairy Enterprise Tata Power- Youth employment ABHAs, Bijuli Didis & SAKHI
Ū Trained over 17,000 youth on safety and soft skills
Facilitation Project programme Programme
Ū Supports women empowerment Ū Collaborating with TCS to increase Ū TPDDL evolved a unique model
through an association with the Maval employment rate of youth in organized furthering women's livelihoods,
Dairy Board, local leaders and technical sectors customer care & safety and shared
TPSDI-ABHA TPSDI – skills on wheels
partners. value generation by upskilling &
Promoting employment Providing mobile skill training Ū Providing training on soft skills,
involving women's SHGs in Metering,
for women through skill to neighboring electricians, Ū Over 1,500 women have been skilled, business communication and etiquette
Billing & Collections operations.
development initiatives along with Recognition for Prior supported and enabled to further this
Ū Qualified candidates are placed in the
Over 1,700 women Learning (RPL), domestic wiring, community-led enterprise benefiting Ū This is being successfully furthered in
BPS/KPO services of TCS
trained and solar skills over 20 villages in the vicinity. Delhi, Odisha and Mumbai serving a
large customer-base in slum & rural
areas.
Ū Over 1,900 women benefit from this
inclusive business model
Beyond our thrust areas
Overview
Social Inclusivity & Affirmative Action policy
As part of Tata philosophy & focus on social inclusivity, Tata Power inducted 25% trainees from AA communities and ensured
continues to focus on the upliftment of target communities exemplary placements after training. We also support SHG
from Scheduled Castes and Scheduled Tribes through defined members with the provision of income generation activities.
‘E’s- Employment, Entrepreneurship, Employability, Education Additionally, we supported youth, women, farmers and
and Essential amenities around our operating sites. In FY21, fishermen through skilling and livelihood initiatives. These
we have covered over 4 lakh beneficiaries under AA initiatives. initiatives demonstrated an overall increase in income level and
Additionally, the Tata Power Skill Development Institute (TPSDI) supported us to make community members self-reliant.
Won Gold for “Say No to Plastics” module in Won Silver for “Switch Off to Switch On”

multimedia CD Rom based presentation in campaign under “Most admired Not for Profit
ABCI 2020 Marketing” category at 9th ACEF Leaders
Forum Award
The programme was launched 12 years ago with the aim series and quizzes for children and their parents. The webisode
to create awareness among school students on energy and series aims to help them adopt sustainable living practices amid
resource conservation. Through a myriad of learning modules, the lockdown. 'E-learning Fridays' supports us to reach out to the
Club Enerji has become a holistic movement to save energy future generation through a digital platform and deliver relevant

and natural resources enabling children to become responsible and practical information regarding sustainability. These
citizens and proactive leaders of the future. modules covered topics on energy and resource conservation,
fuel conservation, water management, afforestation, ‘Say No to
In FY21, due to the COVID-19 pandemic, we could not conduct Plastic’ and disaster management, among others. The success of
any on-ground programmes. However, we have launched our the same was reflected through 35,000 views for the webisode
'E-learning Fridays' module, which comprises bi-weekly webisode series.
Club Enerji
Club Enerji is Tata Power’s nationwide movement relentlessly working towards spreading the message of being responsible citizens
Statutory Reports
by conserving energy and resources across the country with a strategic focus on nation building.
EDUCATE ENGAGE ENHANCE EMPOWER
School children about With peers and community Initiatives by increasing Communities through self-
energy conservation to spread awareness participation from schools sustaining mini clubs
measures
FINANCIAL CAPITAL SBO1: Profitable scale-up of Ū Audit Committee Ū Impact on business due to change
Renewables, Distribution, Services and Ū Risk Management Committee in coal pricing
Overview
Energy Solutions business Ū Finance Committee Ū Sustainable investing
Ū Internal Financial Controls (IFC) Ū Reduce leverage
SBO2: Maintaining financial leverage at
Ū Internal Audit System
targeted levels
SBO3: Minimizing coal cost under
Creating lasting value with recovery in CGPL
a prudent approach Key performance indicators Key risks addressed Sustainable Development Goals

Ū Return on Equity (RoE) Ū Availability of cost- effective capital
Ū Return on Capital Employed (RoCE) including debt capital
Ū Improvement in leverage ratios Ū High leverage
Ū Free cashflow generated Ū Liquidation of regulatory assets
Ū Investment in renewable,
transmission and distribution
business
Ū Market capitalisation

Interaction of financial capital with
other capitals
SOCIAL &
HUMAN INTELLECTUAL MANUFACTURED NATURAL
RELATIONSHIP
At Tata Power, we consistently strive towards sustained Capital

Investments in Investments in R&D Provides the required Funding CSR Investment in
learning and enable development capital for enhancing initiatives and an improvement
value creation of all our stakeholders. With the tradeoffs
Statutory Reports
development to of innovative our asset portfolio increased share of measures and
confidence and undeterred support of our shareholders, augment and enhance

employee skill set and
technologies and
improves our patent
and manufacturing
pipeline
spending on local
suppliers enhances
operational
efficiency technology
we continue to secure cost effective resources required also build capability profile the livelihood of our
local communities
to reduce GHG
emissions. Also
to scale-up our business and generate risk adjusted focus investments
renewable ventures
sustainable returns for our shareholders. help reduce CO2
intensity numbers
Impact ₹4.94 crore ₹7.44 crore ₹22,555 crore ₹39.24 crore ₹5.48 crore
across the investments in training investment in R&D cumulative investment CSR expenditure spent in various
programs to enhance in renewable energy (consolidated basis) environment &
<IR> capitals employee skill sets sustainability
activities in FY21
FINANCIAL CAPITAL
Our overarching objective has always been to create

Market Capitalisation (in ` crore)
sustainable value for all stakeholders, despite macro -
economic headwinds and industry challenges. We realised
32,990
Overview
that financial fitness is the key to the future of the Company.
FY21
In the last 2 years, all efforts were towards deleveraging the
Balance Sheet.
FY20 10,496
This is evident from the increase in the market capitalisation
of the Company from ₹10,496 crore in FY20 to ₹32,990 crore 214%
in FY21, registering 214% increase. The Company raised
`2,600 crore by way of issue of equity shares on preferential
basis to Tata Sons Private Limited, helping the Company in As of 31st March 2021
its objective of deleveraging.

The Company repaid external debt amounting to ₹7,613
crore during the previous year and the net external debt
stands at ₹35,946 crore as at FY21 on a consolidated basis.
The Company’s capital allocation principles are based on

The initiatives that helped the Company in deleveraging are: a balanced approach towards risk and rewards with clear
preference to Renewables, Transmission & Distribution and new
Ū Prudent management of operations and working capital
consumer business.

Ū Disinvestment of non-core assets
Ū Cost optimisation The support of all our stakeholders helps strengthen our
Ū Infusion of Equity by the Promoters commitment to positively impact lives. Understanding and
All the above actions as well as optimal refinancing have resulted being responsive to the interests of our stakeholders through
in upgrade in credit rating from AA- to AA. This has helped us effective dialogue and engagement is critical to delivering on
GOLD award from Institute of Chartered ‘Best ESG Disclosure’ Award under the ESG
reduce our average interest cost to 7.40% p.a compared to 8.30% our commitment. Accountants of India for “Best Financial Category - Midcap at the IR Society – Investor
p.a last year. Reporting” for FY20 Relations Awards 2020 held jointly with BSE &
We continue to channelise our efforts towards expanding our
renewables portfolio, distribution and emerging businesses of
rooftop solar panels, solar pumps and electric vehicle charging
infrastructure and push the bar on performance across the
AA
upgrade in credit rating
KPMG
value chain.
Focus Areas
Statutory Reports
Consistent Revenue Growth Strengthen Balance Sheet
Ū Develop balanced portfolio of business Ū Simplify corporate structure by reducing the number of
subsidiaries
Ū Prudent bidding for diverse projects
Ū Deleveraging through divestment of non-core
Ū Cost management
investments
Ū Efficient working capital management
Ū Long-term resolution for Mundra project
Ū Asset and debt light growth structure
FINANCIAL CAPITAL
Key Financial Trends and Ratios
EBITDA (in ₹ crore) Net Profit After Tax (in ₹ crore)
Overview
8,851
FY21 7,978 FY21 1,439
9,269
FY20 8,317 FY20 1,316
8,636
FY19 7,235 FY19 2,606

7,850
FY18 6,296 FY18 2,611
7,419
FY17 6,193 FY17 1,100
Underlying EBITDA EBITDA
Return on Equity* (%) Net Debt/Equity and Net Debt/EBITDA

7.4
7.1
10.8 6.2
Economic Value Creation at Tata Power 6.2 5.2

5.7 4.5
5.2
4.7
Tata Power generated a positive economic value retained for the last 2 years aided by the initiatives on deleveraging, cost 7.0 4.1
6.6 2.8
optimisation and efficient working capital management. 2.4 2.2
5.8 6.0 2.0
1.4
Particulars (in ₹ crore) FY18 FY19 FY20 FY21
FY17 FY18 FY19 FY20 FY21
Revenue Generated1 26,863 30,370 29,510 33,518
FY17 FY18 FY19 FY20 FY21 Net Debt/Equity Net Debt/Reported EBITDA
Economic value distributed 28,673 30,592 29,110 33,161
* figures before exceptional items Net Debt/Underlying EBITDA
Operating costs2 21,491 24,151 22,352 26,090
Statutory Reports
Employee wages and benefits 1,382 1,339 1,441 2,156
Payments to providers of capital3 5,158 4,557 4,674 4,429 Net Debt (in ₹ crore) and Interest Coverage Ratio Free Cash Flow (in ₹ crore)
Payments to government by country4 602 506 609 447 1.3 1.1 1.2 1.3 1.3
FY21 2,539
Community investments-CSR 40 39 34 39 45,655 44,609 44,853 43,559
Economic value retained = Direct economic value generated less (1,810) (222) 400 357 35,946
FY20 2,271
economic value distributed.

FY19 -3,334
Notes:
1. Revenue generated including other income and movement in regulatory deferral balance
FY18 -1,443
2. Operating cost including Cost of power purchased, Cost of Fuel, Transmission charges, Raw material consumed, Purchase of finished goods, increase/
decrease in WIP, depreciation & other expenses excluding CSR.
FY17 295
3. Payment to providers of capital includes finance cost paid, dividend paid to shareholders & Distribution on Unsecured Perpetual Securities FY17 FY18 FY19 FY20 FY21
4. Payments to government by country include income tax paid (net of refund received)
Net Debt Interest Coverage Ratio
You may refer to “Management Discussion and Analysis” section on page number 161
for more details on financial performance of the Company.
NATURAL CAPITAL
SBO1: Profitable scale-up of Ū Risk Management Committee Ū Carbon emission management
Overview
Renewables, Distribution, Services and Ū Risk Management Policy Ū Operational efficiency
Energy Solutions business Ū Corporate Sustainability Policy Ū Resource availability
Ū Corporate Environment Policy Ū Waste management
SBO2: Focus on Sustainability with an
Ū Biodiversity
intent to attain carbon neutrality
Catering to our customers’

SBO8: Set new benchmarks in
operational excellence and financial
returns for existing businesses
needs in harmony with

nature Ū GHG emissions

(Scope 1, 2 and 3) and mitigation
Ū Auxiliary power consumption
Ū Regulatory risk
Ū Climate change and business
continuity linked risks
Ū Station Heat rate
Ū Water consumption and recycling
Ū Waste generated & disposed
Ū Habitats protected/restored

Interaction of natural capital with
other capitals
SOCIAL &
HUMAN MANUFACTURED FINANCIAL INTELLECTUAL
RELATIONSHIP
As India’s largest integrated power company, Tata Power Capital

Interventions
across eco-
Our drive towards
carbon neutrality
Operational efficiency
measures not only
Responsibly
managing waste and
Unique challenges
in attaining
tradeoffs
is cognizant about the scale of impact its operations friendly initiatives and circular economy reduces GHG emission, water pollutants as sustainability targets
Statutory Reports
instils a sense of creates a suitable it also reduces well as reducing our spurs innovative and
has on the environment. Proudly embracing our environmental
stewardship across
environment for
the proliferation
costs and impacts
profitability
emissions creates a
healthy environment
integrated thinking
across the Company
responsibilities, we have chosen to lead by example our workforce of renewables and
energy-efficient
for the communities
in which we operate
on environmental stewardship and ensure a positive products
outcome for our customers, communities and other

stakeholders. We have taken ambitious targets to realize
our vision of being carbon neutral, internalising circular
economy on water and waste management and being
Impact 49 0.687 tCO2e/ ₹1.77 crore 6,750 100%
a benchmark in the utility sector. across the employees of
CGPL participated
MWh Income from
CER trading from
customers own
rooftop solar plants
Fly ash utilized in
Jojobera due to
<IR> capitals of carbon intensity
in garden plant designated projects with 174 mWp innovative solutions
nursery initiative achieved in FY 21 capacity such as reduction
and sapling in drying time and
distribution increase in depth of
Ash pond.
NATURAL CAPITAL
Progressively reducing our CO2 intensity (tCO2e/MWh) PM emissions (in MT)
environmental impact FY21 Total 6,696
Overview
3,545
0.712 0.695 0.687
3,500
We are committed to amplify our climate action and create a Our approach to managing GHG emissions:
3,150
postive impact for the community and environment in which
we operate. Leading by example, Tata Power became India’s
BUSINESS
1,747
1,680
1,632
first power utility to publicly pledge to ‘Carbon neutrality’ before
1,514
1,504
1,148
2050. We aim to leverage our unparalleled synergies across the Ū Phasing out coal-based power plants and ramping up
780
Renewables Energy (RE) value chain to deliver scalable growth in renewables and other forms of clean energy
585
410
the renewables space and realise our climate ambitions.
Ū Improving operational efficiencies FY19 FY20 FY21

CGPL Maithon Trombay Jojobera
We continue to consciously align our efforts with the UN SDGs Ū Providing clean energy to customers through RE 100
and the goals of the Paris Agreement, and have committed to commitments* FY19 FY20 FY21
In line with our sustainability commitments, we have steadily
setting scientific emission reduction targets through Science
Ū Exploring viable technologies expanded our renewable energy portfolio over the years. This
Based Targets initiative (SBTi). The targets will be aligned to
along with our operational efficiency measures has led to the
keeping global temperature rise well below 2°C, compared to Ū Storage technology (hydrogen)
decrease in our carbon emissions per unit of energy we produce, NOx emissions (in MT)
pre-industrial levels. The SBTi aligned targets will also provide the
Ū Carbon capture / mitigation enabling us to serve our customers with cleaner energy every
pathway to develop integrated solutions for becoming carbon
year. FY21 Total 93,461
neutral. To fulfil these commitments, Tata Power plans to conduct Ū Undertaking afforestation
a thorough scenario analysis to identify interventions areas. Our Addressing air pollution
43,739
Ū Implementing zero waste to landfill
41,758

overarching strategy and goals for decarbonisation, circular
37,780
(biodegradable waste) In addition to GHG, we are conscious about other air pollutants
economy and thought leadership can be read on page 22.
released from our operations. Further to compliance with
24,459
Ū Promotion of E-billing-1.5 lakh customer opted for
23,507
22,711
21,600
regulatory norms, we have implemented measures to reduce
19,694
e-billing in Mumbai distribution which saved around
emissions at source and ensure a healthy environment for our
10,349
2,630 trees.
communities in which we operate. Acting on the precautionary
4,225
3,663
3,611
principles, Tata Power curtailed SOx emissions from both units
EMPLOYEES
of Trombay thermal power plant by installing sea water-based
Ū Reducing travel by utilising digital forums Flue Gas Desulphurisation (FGD) units. This was undertaken CGPL Maithon Trombay Jojobera
much before the recent regulatory notification on control of SOx FY19 FY20 FY21
Ū Tracking travel emissions through a mobile application
emissions was released. To address the issue of NOx emissions,
to identify reduction opportunities
‘Low Burners’ and ‘Over Fire Air Dampers’ have been made an
Ū Promoting paperless office integral part of the installed boilers.
SOx emissions (in MT)
Ū Implementing energy-saving initiatives
Statutory Reports
Air emissions trends from our four major thermal power plants
FY21 Total 1,49,441
Ū Volunteering in afforestation programmes (CGPL, Maithon, Trombay and Jojobera) are provided below:
1,20,000
Ū Championing ‘Greenolution’ with 1000+ Green Heroes
1,11,867
96,098
* RE100 is the global initiative bringing together hundreds of large and
ambitious businesses committed to 100% renewable electricity. Initiatives to reduce air pollution
Ū Electrostatic precipitators made an integral part of
boilers
27,852
27,828
24,682
GHG emission scope Million tCO2e*
22,251
21,897
21,132
Ū FGD installation planned at all coal plants by 2024 to
4,994
5,188
4,383
Scope 1 34.500 reduce SOx emissions
Scope 2 0.031 Ū Reduced carbon monoxide generation through close CGPL Maithon Trombay Jojobera
Scope 3 0.003 monitoring of air fuel mix FY19 FY20 FY21
Total 34.534 Ū NOx emissions controlled through

Ū Combustion optimisation over fire damper
*GHG emission includes T&D losses
Ū Proper burner tilt operation
NATURAL CAPITAL
Delivering power efficiently Station Heat Rate (SHR)

Further to our efforts to reduce auxiliary power requirements at
Station Heat Rate (GJ/kWh)
In the business of generating and delivering energy to our consumers, we also consume a part of this energy for our own operations the power station, we also focus on improving the conversion CGPL
Overview
0.009
to ensure that we deliver without interruptions. We drive efficiencies in our processes to conserve maximum energy and provide efficiency of our power generation systems. Reducing the 0.009
0.009
more output to our customers. heat rate not only results in lower coal consumption without
compromising on customer energy requirements, but also Maithon
0.010
reduces GHG emissions. Our SHR has remained consistent 0.010
Auxiliary Power Consumption (APC) 0.010
despite aging of plant.
Trombay
0.010
Initiatives taken to reduce APC 0.010
0.010
Jojobera
Ū Stoppage of Cooling Tower fans during winter season and low load operation
0.011
0.011

Ū Stoppage of high-tension equipment during low load operation 0.011
IEL-Unit5 Jamshedpur
Ū Optimisation of excess O2 in boilers 0.011
0.011
0.011
Ū Conventional lamps replaced by LED lights in section of operational area of boiler and thermal generation
Ū Reducing operating pressure in feed water system FY21 FY20 FY19
Aux energy consumption (% of total energy consumed)

Initiatives taken to reduce SHR
Total 11.78 million GJ
10.3
10.0
CGPL Maithon Trombay

9.9
9.9
9.7
9.8
9.2
9.2
8.9
8.3
Ū Laser-based combustion and Ū Optimisation of set points regarding Ū Maintenance optimisation
7.9
7.8
7.7
7.7
7.6
6.9
6.7
temperature optimisation coal flow, air flow, burner tilt position under Reliability Centered
6.4
6.1
5.9
5.6
5.4
5.3
5.2
and so on Maintenance (RCM) approach

Ū Power consumption optimisation
and Asset Performance
of electrostatic precipitator and Ū Optimisation in steam consumption
1.8
1.7
1.7
Management (APM) analytics
compressed air system required for soot-blowing
CGPL Maithon Trombay Jojobera IEL PH6 IEL-Unit5 IEL Haldia Hydro
Jamshedpur Kalinganagar (Consolidated)
FY19 FY20 FY21
Statutory Reports
Jojobera IEL Kalinganagar Haldia
Ū Optimisation of mill and Cooling Ū Modified the Coke Oven Gas (COG) Ū Replacement of existing
Water Pump (CWP) operation burner cooling tower glass-reinforced
plastic blade fans with
Ū Boiler Feed Pump de-staging for
high efficiency light weight
optimising APC
fiberglass-reinforced plastic
Ū Compressed air optimisation blades fans
through low-pressure and high-
volume independent conveying air
compressors
NATURAL CAPITAL
Generating power responsibly Our major thermal power plants have Zero-Liquid Discharge
(ZLD) (except sea water used for cooling), wherein the waste
recycling waste water for gardening. Almost all of the water
withdrawn for power generation is discharged into lower
water is treated and reused. The quality of effluent discharge reservoir maintaining acceptable quality. In FY21, there were no
Water stewardship
Overview
is ensured as per regulatory requirements at all applicable incidents of non-compliance pertaining to the discharge limits
India is projected to experience severe shortage of water These efforts have led us to be water neutral in thermal
locations. Our hydro operations use minimal water for facility at any locations.
availability especially in the urban areas. Impacts of climate generation business and water positive in the T&D and RE
inhabitants and Sewage Treatment Plants are installed for
change has only exacerbated this risk further. Currently, a business, supporting our progress to be a benchmark in water
majority of the country’s power requirements are met by thermal management within the Indian utility sector. Going beyond
power plants which consume a significant amount of water for our operations, we have developed rainwater harvesting Specific water consumption (m3/MWh)
daily operations. To ensure a water secure future for our citizens, structures and are also scaling up our participatory groundwater
we are making conscious efforts to reduce our dependence on management programmes to increase groundwater recharge
freshwater and maximise the potential recycle and reuse of our and ensure water availability for our communities.
0.19
0.18
3.31
3.22
3.07
3.07
3.00
2.92
2.92
2.90
2.87
process water in line with principles of circularity.
0.16
0.15
2.71
2.72

2.63
2,59
2.59
0.14
2.32
2.27
0.12
2.00
2.00
Fresh water (Total Dissolved Solids <1000 mg/l) consumption (all figures are in million litres):
Source of water withdrawal Plant Water withdrawn Water discharged Water consumed
Maithon 15,156 Nil 15,156
Trombay 4 Nil 4
IEL Kalinganagar 392 Nil 392 CGPL Trombay Maithon Jojobera IEL PH6 IEL-Unit5 IEL- Haldia
Jamshedhpur Kalinganagar
Bhira 7,72,800 7,72,800 Nil
Surface water Bhivpuri 2,34,040 2,34,040 Nil FY19 FY20 FY21 FY19 FY20 FY21

Khopoli 2,16,887 2,16,887 Nil
Note: Specific water consumption at CGPL and Trombay considers water used for steam generation only. Cooling requirements are excluded as both plants
Wind Nil Nil Nil utilise sea water for cooling.
Solar 73 Nil 73
Total 12,39,352 12,23,727 15,625 Initiatives taken to reduce water consumption
Solar 194 Nil 194
Ground water
Total 194 Nil 194 CGPL Hydro
Trombay 878 91 787 Ū Reduced Demineralized (DM) Water consumption through: Ū Loading hydro stations at their best efficiency to reduce water
Jojobera 9,119 Nil 9,119 consumption and generate more units led to savings of 15.27
Ū Commissioning of condensate drain transfer system
IEL PH6 2,446 Nil 2,446 million m3 of water which is equivalent to 19 MUs.
IEL Kalinganagar 2,902 Nil 2,902 Ū Optimisation of steam consumption by reducing pressure
Third-party water* Ū Utilising 2,100 m3 of water during monsoon for ground water
Haldia 2,281 Nil 2,281 Ū Strengthened system of daily checks with dashboard for recharge and gardening led to reduction in auxiliary consumption
Wind 3 Nil 3 monitoring deviation in DM water consumption thereby reducing the loss and cost to the Mumbai consumers.
Statutory Reports
T&D 80 Nil 80
Ū Achieved specific water consumption of 0.15 m3/MWh
Total 17,709 91 17,618 Trombay
against the target of 0.170 m3/MWh and saved over 10,000
Total fresh water 12,57,255 12,23,818 33,437 Several initiatives taken in combination to optimise raw water
m3 of DM water in FY21
consumption and reduce DM water requirements
*Third party water data comprises of water purchased from municipal corporation, third-party treated effluent (e.g. Tata Steel provides clarified/treated water
at IEL Kalinganagar) and packaged drinking water Ū Reduced service water consumption through:
Ū Rain water harvesting structure commissioned with expected
Ū Phase wise replacement of Mild Steel (MS) water pipeline collection potential of 15,000 m3
Other water (Total Dissolved Solids <1000 mg/l) consumption
with Carbon Steel (CS) having internal coating for corrosion
Source of water withdrawal Plant Water withdrawn Water discharged Water consumed Ū Cross-functional team set up to swiftly identify and address leaks
resistance thereby reducing leakages
in water lines
Seawater* CGPL 46,93,967** 45,08,765 1,85,202
Ū Treated guard pond water used for dust suppression system
Trombay 6,72,824 6,15,519 57,305 Ū Diverted overflow water in the separator tank of vacuum pump
Total 53,66,791 51,24,284 2,42,507 Ū Led to savings of 2,054 m3 of service water daily towards gardening requirements
Total other water 53,66,791 51,24,284 2,42,507
Jojobera
*Sea water is used for cooling only Maithon
Unused recovery water from ash pond is filtered and used as make-
**Water withdrawn from water stress area Ū Reduced fresh water consumption by recovering water from
up water for unit basin thereby reducing freshwater requirement
Note: All figures are in million liters storm water drain and buffer pit
NATURAL CAPITAL
Judicious management of Preparing for a circular

raw materials economy through waste
Overview
As we transition towards renewable energy, we are reducing our
dependence on conventional fuels and the risks associated with
management
their availability. This has a substantial benefit on our environment Tata Power takes pride in going beyond compliance and has
in terms of decreasing the risks arising from the natural resource taken bold steps to improve waste management practices
extraction process. As we phase out our conventional generation across its operations. We aim to benchmark our waste
operations at the end of life, we anticipate decreasing trends management practices in the industry, facilitate circular
in consumption of these resources. Our superior monitoring economy and maximise fly ash utilisation in the Indian utility
and improvement of operational efficiency measures also sector thereby progressing towards zero waste to landfill.

reduce resource consumption significantly. Further, we plan
We take a precautionary approach when we explore new
our operations and maintenance prudently to minimise forced Objectives
business opportunities. In line with regulations, all business
shutdowns, thereby reducing consumption of light diesel oil and
heavy furnace oil.
processes are assessed for probable waste generation before
the start of operations. To minimise waste generation and
Benchmark waste & fly-ash
optimise waste management, we evaluate various options management
of resources, technologies and processes which are further
(100% utilization)
Power station Coal (MT) Light diesel oil (KL) Heavy furnace oil (KL) Natural gas (MT) approved by statutory authorities.
CGPL 1,03,04,531 527 4,272 N/A
Maithon 40,20,482 586 726 N/A
During business operations, these processes are continuously
reviewed and improvement initiatives are suitably undertaken
Zero waste to landfill

biodegradable waste by 2026
and monitored for effectiveness.
Trombay 16,75,287 229 584 3,02,483
Jojobera 22,69,890 1,278 N/A N/A
IEL PH 6 N/A 1,594 N/A N/A
Coal consumption (in MT) Light diesel oil (in KL)

11.3
11.0
10.3
1,644
1,594
3,238
1,483
1,278
1,148
4.3
Statutory Reports
4.0
3.9
886
678
2.5
2.5
624
2.3
2.3
2.3
586
575
527
1.7
229
124
70
CGPL Maithon Trombay Jojobera CGPL Maithon Trombay Jojobera IEL PH6
FY19 FY20 FY21 FY19 FY20 FY21
Heavy furnace oil (in KL) Natural gas (in ‘000 MT)
4,272
4,232
3,991
307
235
302
1,367
1,299
940
726
584
556
CGPL Maithon Trombay Trombay
FY19 FY20 FY21 FY19 FY20 FY21
NATURAL CAPITAL
Quantifying waste management: Waste management initiatives and practices:

Plant Type of waste Generated (MT) Diverted from disposal (MT) Diverted to disposal (MT)
CGPL Hazardous 28.3 7.6 20.7
Overview
Non-hazardous 7,59,555 5,83,437.1 53,563.9 CGPL Jojobera
MPL Hazardous 20.7 20.7 Nil* Ū Waste generation points analysed for prioritisation and collection Ū Reduced ash generation by using coal with low ash percentage
Non-hazardous 16,15,834 7,64,468 19,06,906 (utilising the Government’s Shakti Scheme)
Ū Enhanced awareness on waste segregation and management
Trombay Hazardous 30.3 30.2 0.1 among employees and residents Ū Reduced oil waste generation through RCM process and condition
Non-hazardous 42,398.2 34,200.2 8,873 monitoring, along with the use of additives and offline filtration to
Jojobera Hazardous 14.3 14.3 Nil* Ū Food waste transported to Ashiyana Township for composting
maintain oil quality
Non-hazardous 8,41,452.1 5,99,690 4,49,515
Ū In association with M/s NEPRA, collection centre and Material
IEL PH 6 Hazardous 14.5 14.5 Nil Ū Waste oil undergoes the centrifuge separation and ultrafiltration
Recycle Facility (MRF) at plant as well as township were set up to
IEL Kalinganagar Hazardous 184.7 Nil 184.7 process to reduce contamination and enable oil to be recycled,
systematically manage waste and increase waste recycled

Non-hazardous 495.5 Nil 495.5 leading to ₹7,146 per barrel savings
Haldia Hazardus 0.6 Nil 0.6
Maithon Ū Metallic scrap value increased after segregation and separate
Bhira Hazardous 16.0 16.0 Nil
Ū Coal reject stone and ash gainfully utilised in road repair auctioning process as per metal types
Non-hazardous 119.0 119.0 Nil
Bhivpuri Hazardous 4.3 4.3 Nil Ū Ensured that biomedical waste is disposed in an environment-
Non-hazardous 179.0 179.0 Nil Haldia
friendly manner by implementing a barcode system for tracking
Khopoli Non-hazardous 114.3 114.3 Nil Ū 90% of used oil recycled through different filter machines
(through GPS) till the authorised disposal centre.
Wind Hazardous 0.1 Nil 0.1 (Centrifuge, Low Vacuum Dehydration & Degasification (LVDH) &
Non-hazardous 0.3 Nil 0.3 Electrostatic Liquid Cleaner (ELC))
Trombay
Total Hazardous 313.8 107.6 206.2 Ū Fly ash utilised for manufacturing Ready Mix Concrete (RMC) and Ū Minimised wooden packaging waste by encouraging suppliers to

Non-hazardous 32,60,147.4 19,82,207.6 24,19,353.7 bricks use minimal metal structure which is reusable (added advantage
Note 1: Waste diverted from or to disposal may include leftover stock from waste generated in FY20 of reducing fire load)
Ū Bottom ash utilised for quarry filling (outside plant premises) and as
Note 2: Hazardous waste includes e-waste, battery waste and biomedical waste for the purpose of reporting here
a substrate for green lawns (within premises) Ū Reusing damaged metal boiler tubes as structural handrail, safety
*Negligible amount of biomedical waste generated, which is disposed of through incineration at Common Biomedical Waste Treatment Facility
barricade, cycle/helmet stand, canopy and so on.
Ū Procuring biodegradable plastic and ensuring safe plastic waste
Waste diverted from disposal Onsite (MT) Offsite (MT) Total (MT) disposal through government approved vendor Ū Empty chemical jars in unusable condition were cleaned
Hazardous waste thoroughly and used as containers for plants and trash
Ū Reducing waste oil generation by reconditioning used oil through
Reuse Nil Nil Nil filtration machine Ū Reject cartridge filters from DM plant are reused to improve
Recycling 4.3 58.5 62.8 aquarium water quality
Other recovery options Nil 44.8 44.8 IEL Kalinganagar
Total 4.3 103.3 107.6 Ū ₹6.5 lakh cost savings on procurement of fresh materials in
Ū Supported customer (Tata Steel) in complying with statutory
Non-hazardous waste addition to waste minimisation, safety empowerment and
requirements by collaborating in waste management practices and
Reuse 8 Nil 8 community satisfaction
Statutory Reports
efficient handling of hazardous waste
Recycling Nil 19,82,180.6 19,82,180.6
Other recovery options Nil 19.0 19.0
Total 8 19,82,199.6 19,82,207.6
Waste diverted to disposal Onsite (MT) Offsite (MT) Total (MT)

Hazardous waste
Incineration Nil 20.8 20.8
Landfilling Nil 4.5 4.5
Other disposal options Nil 180.9 180.9
Total Nil 206.2 206.2
Non-hazardous waste
Incineration Nil Nil Nil
Landfilling Nil 24,17,593 24,17,593
Other disposal options 1,213 547.7 1760.7
Total 1,213 24,18,140.7 24,19,353.7
NATURAL CAPITAL
Greenolution
Our teams drive our progress. We encourage them to contribute to developing future-ready solutions to today’s waste problems
thereby turning employees into ‘Green Heroes’. We support their ideas on waste recycle/reuse and inform them about the positive
impacts in terms of environmental and financial benefits.
Case study
Ash management at Jojobera
Overview
Caring for our common habitat –
Enhancing biodiversity
We, at Tata Power, are deeply committed to conserving natural
habitats and strengthening biodiversity.
We firmly believe that our operations are in harmony with the
environment in which we operate. We ensure that we undertake
initiatives across our operations not only to minimize our
impact on the surrounding biodiversity but also enhance it.

Our aspirations have triggered a change in our approach from
conservation of species to entire ecosystems, providing a holistic
outcome to our efforts. We have a formal governance structure
and execution strategy in place which enables us to effectively
manage biodiversity across the organization.
Tata Power’s principles for biodiversity management

Ū Integrating biodiversity into our operations
Ū ‘Beyond the Fence’ projects – i.e. outside the area of impact
Ū Creating a culture of care for biodiversity

ENTERPRISE SITE-SCALE INDIVIDUAL LEVEL
- Providing governance - Developing action plan - Promoting sensitisaton
expertise - Monitoring compliance through exposure
- Issuing guidance - Managing impacts - Volunteering
documents
- Partnering with experts
Challenges: Policy advocacy to improve utilisation Mahseer

Ū High ash content (30-45%) in Indian coal, leading to the Ū Discussions with NHAI to supply pond ash to use as sub-base for
Tata Power has completed 50 years of Mahseer conservation for
Statutory Reports
generation of fly ash of 4000MT/day (80% fly ash, 20% bottom road construction, as well as embankment filler
the blue-finned Mahseer (Tor Khudree), protecting and increasing
ash)
Ū Discussions with nearby industries to fill bare land and reduce the numbers of these Tiger of the Waters. The consistent efforts
Ū Unfavourable conditions – difficult rail route, dense population, costs along with state fisheries department and communities has
high cost of disposal brought this species back from the brink of extinction and
Ū Discussions with real estate organisations for another avenue to
The International Union for Conservation of Nature (IUCN) has
improve utilisation and reduce costs
Partnerships to address the issues: acknowledged Tata Power’s efforts and upgraded the species
Ū Tie up with fly-ash consumers Nuvoco (nearby) and Shree from Endangered to the ‘Least Concern’ category
Upcoming plans to reduce disposal costs:
Cement (within 90 km)
Ū Reducing moisture content in pond ash
Ū Negotiated with Shree Cement and Damia in West Bengal to
Ū Council of Scientific and Industrial Research (CSIR) Jamshedpur
dispatch 30% of ash generated and maintain higher utilisation
research for brick manufacturing from pond ash
pace
Ū Increase number of trips using one-time tare weighment facility
Ū Modernisation at Nuvoco led to increased demand, accounting
and installation of higher-sized weigh bridge
for 40-45% fly ash utilisation
Ū Improving drying time and larger operation depth in ash ponds
by using smart cutting technology
NATURAL CAPITAL
Highlights of our biodiversity initiatives:
Grassland ecosystem conservation (at solar sites) Transmission corridors
Overview
Ū First of its kind of project focused around Grassland ecosystem conservation For operational transmission lines, trees are trimmed to maintain safe distance. Area adjacent to the corridor remains
untouched, except for occasional maintenance requirement. This helps conserve and sustain habitat in and around the
Ū Outcome of the change in our approach from species conservation to ecosystem conservation
transmission lines. To support the conservation efforts, seeds and saplings are planted in the green belt areas.
Ū Temperature and humidity levels are beneficially affected by grassland, thereby improving efficiency of solar panels
Ū Seasonal biodiversity is assessed for harmonious integration of plantation initiatives
Ū The International Union for Conservation of Natura (IUCN) critically endangered species are being identified for planning
conservation efforts
Case study

Ū Facilitates in water conservation, soil erosion and carbon storage in soil
Going beyond compliance at CGPL
Ū This approach will be replicated across additional solar installations
Tree Mittra: A large-scale afforestation drive

Ū More than 3.5 million trees planted till date (mitigating approx. 70,000 tCO2e/annum)
Ū Over 1 million trees planted a year.

Ū An area of 6,000 hectares was aerially dispersed with over 100 tons of seeds of different tree species before onset of
monsoon.
Ū Indigenous species selected to preserve ecosystem and improve survival rate
Ū Fruit bearing trees being included to increase benefit to community
Ū Wild orchid propagation and medicinal plant cultivation undertaken
Ū Involving diverse stakeholders: Customers, communities (Club Enerji), Employees (Greenolution), MoEFCC (species
selection) etc.
Ū E-Platform under development to enable pledging for tree plantation during pandemic induced lockdown
Ū Coastal Gujarat Power Limited (CGPL) had a regulatory Ū Manmade ponds were developed in the green belt
Western Ghats biodiversity hotspot conservation mandate of maintaining 33% green cover (as per using recycled water. These ponds are intended to serve
Environmental Clearance obtained). As CGPL procured as potential eco-restoration zones and provide suitable
Statutory Reports
As the Hydro operations are in the proximity of pristine areas of high biodiversity value, Tata Power has set the following
1,242 hectares of land in total, 409.86 hectares of greenbelt habitat for diverse local and migratory species.
objectives to be observed by such sites:
was to be developed. However, CGPL developed additional
Additional initiative undertaken along with employees –
Ū Protecting the existing flora and fauna 11.53 hectares to promote environmental conservation in
Garden plant nursery ‘NIDHIVAN’
its operations, aligning with SDG 13 and SDG 15.
Ū Increasing green cover Ū 165 m2 nursery developed for nurturing plants and
Ū This was not a one-off initiative – dedicated protocol distributing saplings
Ū Preventing soil erosion and reducing siltation
was set to obtain reliable ground-based Measurement,
Ū Reused discarded items (e.g. paper cups, trays, empty
Highlights of our conservation efforts include: Reporting and Verification (MRV). 133 unique species
drums etc.) used as sapling containers. Scrap material
were observed in the greenbelt. Since inception, CGPL has
Ū Over 50 years of Mahseer conservation efforts (more than 12.6 million fish seeds produced till date) used to build nursery shed
planted 62 different plant species belonging to 12 different
Ū 300 fishery scientists trained groups (e.g. climber, grass, herbs, shrub, tree etc.) Ū Local seeds used for growing saplings
Ū 5 endemic and endangered orchid species selected for profileration Ū Results were confirmed using GIS (Geographic Information Ū 300 nos of saplings (Mango and Papaya) distributed
System) based mapping study, which also identified new
Ū 5 national workshops held for Knowledge Exchange Ū 49 employees participated
plantation areas for further coverage. This study further
Ū Published books on "Birds of Lonavla and Khandala", "Wild orchids of the Northern Western Ghats", "Reptiles of Northern recommended additional species to be considered for
Western Ghats" and a monograph on “The Mighty Mahseer” plantation based on agro-climatic zone and ecological
characteristics of the region.
GRI Content Index
GRI Standard Disclosure Title Report Reference Page Number

General Disclosures
Organizational Profile
GRI 102-1: Name of the organization About this report 2
GRI 102-2: Activities, brands, products, and services Business at a glance 10 & 11
GRI 102-3: Location of headquarters Back cover Back cover
GRI 102-4: Location of operations National Reach 12
About this report
GRI 102-5: Ownership and legal form 2 & 16
Corporate governance
GRI 102-6: Markets served Business at a glance 10 & 11
GRI 102-7: Scale of the organization Business at a glance 10 & 11
Leading the way for value creation - Human
GRI 102-8: Information on employees and other workers 74
Capital
Responsible supply chain management - Social &
GRI 102-9: Supply Chain 94
Relationship Capital
GRI 102-10: Significant changes to the organization and its Responsible supply chain management - Social &
94
supply chain Relationship Capital
GRI 102-11: Precautionary principle or approach Risk Management 24
GRI 102-12: External initiatives Sustainable Development Goals 42 & 43
GRI 102-13: Membership of associations Annexure 1 - List of memberships 132
GRI 102-14: Statement from senior decision-maker CEO & MD's message 6&7
GRI 102: General
Disclosures 2016 GRI 102-15: Key impacts, risks, and opportunities Risk Management 26 & 27
GRI 102-16: Values, principles, standards, and norms of Business at a glance 10, 11, 16
behaviour Corporate governance & 17
GRI 102-17: Mechanisms for advice and concerns about Corporate governance
16, 17 & 208
ethics Report on Corporate Governance
GRI 102-18: Governance structure 16, 192-196
Report on Corporate Governance
GRI 102-19: Delegating authority Corporate governance 16
GRI 102-21: Consulting stakeholders on economic,
Stakeholder engagement 44
environmental, and social topics
GRI 102-30: Effectiveness of risk management processes Risk Management 24-26
GRI 102-31: Review of economic, environmental, and
Risk Management 24-26
social topics
GRI 102-32: Highest governance body’s role in
About this report 2
sustainability reporting
GRI 102-33: Communicating critical concerns Report on Corporate Governance 208
GRI 102-40: List of stakeholder groups Stakeholder engagement 44 & 45
GRI 102-41: Collective bargaining agreements Human Rights - Human Capital 80
GRI 102-42: Identifying and selecting stakeholders Stakeholder engagement 44
GRI 102-43: Approach to stakeholder engagement Stakeholder engagement 44
GRI 102-44: Key topics and concerns raised Stakeholder engagement 44 & 45
GRI 102-45: Entities included in the consolidated financial
Annexure 2 - List of Subsidaries 132
statements
GRI 102-46: Defining report content and topic Boundaries About this report 2
GRI 102-47: List of material topics Materiality assessment 47
GRI 102-48: Restatements of information About this report 2
GRI 102-49: Changes in reporting Materiality assessment 47
GRI 102-50: Reporting period About this report 2
GRI 102-51: Date of most recent report About this report 2
GRI 102-52: Reporting cycle About this report 2
126 The Tata Power Company Limited Integrated Annual Report 2020-21
GRI 102-53: Contact point for questions regarding the
About this report 2
report
GRI 102-54: Claims of reporting in accordance with the GRI
About this report 2
Overview
Standards
GRI 102-55: GRI content index GRI Content Index 126-131
GRI 102-56: External assurance About this report 2, 465 & 466
Topic Specific Disclosures
Manufactured Capital
Increase in renewables portfolio
Installed capacity, broken down by primary energy source Powering a Sustainable Economy – Our
GRI EU 1 52-54
and by regulatory regime Generation Capacity - Manufactured Capital
Operational Efficiency

Net energy output broken down by primary energy Powering a Sustainable Economy – Our
GRI EU 2 52-54
source and by regulatory regime (Cost plus, Bid and PPA) Generation Capacity - Manufactured Capital
Transmission and distribution losses as a percentage of Illuminating lives – Transmission & Distribution -
GRI EU 12 64
total energy Manufactured Capital
Intellectual Capital
GRI 103-1: Explanation of the material topic and its
67-71
GRI 103: boundary
Innovation to reinvent energy for tomorrow -
Management GRI 103-2: The management approach and its
Intellectual Capital 66-71
Approach 2016 components

GRI 103-3: Evaluation of the management approach 67-71
Innovation in process, service & solutions
"Research and development activity and expenditure
aimed at providing reliable electricity and promoting Innovation to reinvent energy for tomorrow -
GRI EU 8 69-71
sustainable development Intellectual Capital
"
Human Capital
73-85
GRI 103: boundary
Fostering a differentiated employee value
proposition - Human Capital 72-85
Employee well-being
Statutory Reports
GRI 401-1: New employee hires and employee turnover Talent management strategy - Human Capital 78
GRI 401: GRI 401-2: Benefits provided to full-time employees that Employee engagement and well-being - Human
75 & 76
Employment 2016 are not provided to temporary or part-time employees Capital
GRI 401-3: Parental leave A canvas of diversity - Human Capital 81
GRI 402: Labour
GRI 402-1: Minimum notice periods regarding operational
management Talent management strategy - Human Capital 78
changes
relations 2016
GRI 405: Diversity GRI 405-1: Diversity of governance bodies and employees Leading the way for value creation - Human 16 & 74
and equal Capital
opportunity 2016 GRI 405-2: Ratio of basic salary and remuneration of
A canvas of diversity - Human Capital 81
women to men
Human Rights
GRI 410: Security GRI 410-1: Security personnel trained in human rights
Human Rights - Human Capital 80
Practices 2016 policies or procedures
#Futureready: Empowering customers for tomorrow’s world 127

GRI Content Index

Training, Education and Development
GRI 404-1: Average hours of training per year per
80
employee
GRI 404: Training Learning and development - Human Capital
GRI 404-2: Programs for upgrading employee skills and
and Development 79
transition assistance programs
2016
GRI 404-3: Percentage of employees receiving regular
78
performance and career development reviews
Talent management strategy - Human Capital
Programs and processes to ensure the availability of a
GRI EU 14 77-80
skilled workforce
Occupational Health & Safety
GRI 403-1: Occupational health and safety management
82
system
GRI 403-2: Hazard identification, risk assessment, and
82
incident investigation
GRI 403-3: Occupational health services 83
GRI 403-4: Worker participation, consultation, and
82-84
communication on occupational health and safety
GRI 403: Building a safe work environment - Human
GRI 403-5: Worker training on occupational health and Capital
Occupational 84
safety
Health & Safety
2018 GRI 403-6: Promotion of worker health 84
GRI 403-7: Prevention and mitigation of occupational
health and safety impacts directly linked by business 84
relationships
GRI 403-8: Workers covered by an occupational health and
82-84
safety management system
GRI 403-9: Work-related injuries 85
Our safety performance - Human Capital
GRI 403-10: Work-related ill health 85
Percentage of contractor and subcontractor employees Building a safe work environment - Human
GRI EU 18 84
that have undergone relevant health and safety training Capital
Social & Relationship Capital
87-103
GRI 103: boundary
Collective growth through shared value - Social &
Relationship Capital 86-103
Local sourcing
GRI 204:
Procurement GRI 204-1: Proportion of spending on local suppliers 94
Practices 2016
GRI 308-1: New suppliers that were screened using
GRI 308: Supplier 94
environmental criteria
Environmental Responsible supply chain management - Social &
Assessment 2016 GRI 308-2: Negative environmental impacts in the supply
Relationship Capital 94
chain and actions taken
GRI 414-1: New suppliers that were screened using social
GRI 414: Supplier 94
criteria
social assessment
2016 GRI 414-2: Negative social impacts in the supply chain and
94
actions taken
Customer relationship
GRI 416-1: Assessment of the health and safety impacts of
GRI 416: Customer product and service categories 91
Health and Safety
Overview
2016 GRI 416-2: Incidents of non-compliance concerning the
91
health and safety impacts of products and services
GRI 417-1: Requirements for product and service Empowering customers for future-ready utility - 89, 90, 92
information and labelling Social & Relationship Capital & 93
GRI 417: Marketing GRI 417-2: Incidents of non-compliance concerning
88
and Labelling 2016 product and service information and labelling
GRI 417-3: Incidents of non-compliance concerning
88
marketing communications
Cybersecurity

GRI 418: Customer GRI 418-1: Substantiated complaints concerning breaches Empowering customers for future-ready utility -
88
Privacy 2016 of customer privacy and losses of customer data Social & Relationship Capital
Demand-side management
Demand-side management programs including
residential, commercial, institutional and industrial Empowering customers for future-ready utility -
GRI G4 DMA (EU) 92
programs Net Investment made in the DSM Programs & Social & Relationship Capital
corresponding MWh saved or MW load shifted
Natural Capital
111-125
GRI 103: boundary

Catering to our customers’ needs in harmony
with nature - Natural Capital 110-125
Resource availability
GRI 301: Materials Judicious management of raw materials - Natural
GRI 301-1: Materials used by weight or volume 118
2016 Capital
Carbon emission management
GRI 302-1: Energy consumption within the organization 114
GRI 302: Energy
GRI 302-3: Energy intensity Delivering power efficiently - Natural Capital 115
2016
GRI 302-4: Reduction of energy consumption 115
GRI 305-1: Direct (Scope 1) GHG emissions 112
GRI 305-2: Energy indirect (Scope 2) GHG emissions 112
Statutory Reports
GRI 305-3: Other indirect (Scope 3) GHG emissions 112
GRI 305: Emissions Progressively reducing our environmental impact
2016 GRI 305-4: GHG emissions intensity - Natural Capital 113
GRI 305-5: Reduction of GHG emissions 112
GRI 305-7: Nitrogen oxides (NOX), sulphur oxides (SOX),
113
and other significant air emission
Water
GRI 303-1: Interactions with water as a shared resource 116 & 117
GRI 303-2: Management of water discharge-related
116 & 117
GRI 303: Water and impacts
Generating power responsibly - Natural Capital
Effluents 2018 GRI 303-3: Water withdrawal 116
GRI 303-4: Water discharge 116
GRI 303-5: Water consumption 116

GRI Content Index

Waste Management
GRI 306-1: Waste generation and significant waste-related
119-122
impacts
GRI 306-2: Management of significant waste-related
GRI 306: Effluents Preparing for circular economy through waste 119-122
impacts
and Waste 2016 management - Natural Capital
GRI 306-3: Waste generated 120
GRI 306-4: Waste diverted from disposal 120
GRI 306-5: Waste directed to disposal 120
Biodiversity
GRI 304-1: Operational sites owned, leased, managed
in, or adjacent to, protected areas and areas of high 124 & 125
biodiversity value outside protected areas
GRI 304: Caring for our common habitat – Enhancing
GRI 304-3: Habitats protected or restored 123-125
Biodiversity 2016 biodiversity - Natural Capital
GRI 304-4: IUCN Red List species and national
conservation list species with habitats in areas affected by 123 & 124
operations
Financial Capital and MDA
161-166
GRI 103: boundary
Management GRI 103-2: The management approach and its Management Discussion & Analysis
166-167
GRI 201: Economic GRI 201-1: Direct economic value generated and Economic value creation at Tata Power - Financial
108
Performance 2016 distributed Capital
Future ready
Non-GRI Frequency of strategy review and planning Our Strategy 20 & 21
Sustainable investing
Our Strategy
Reallocation of capital by divestment of coal business to
Non-GRI Saluting our stalwarts - Future of conventional 20, 21 & 62
transition to more sustainable fuels
energy generation - Manufactured Capital
Impact on business due to change in Coal tax or coal pricing
Investments in renewable energy to reduce impact from Creating a Greener India – Our Renewables Story
Non-GRI 56
changes in coal tax - Manufactured Capital
Corporate Governance
GRI 205-2: Communication and training about anti-
Report on Corporate Governance 185 & 210
GRI 205: Anti- corruption policies and procedures
Corruption 2016 GRI 205-3: Confirmed incidents of corruption and actions
Corporate governance 17
taken
GRI 206: Anti-
GRI 206-1: Legal actions for anti-competitive behaviour,
competitive Corporate governance 17
anti-trust, and monopoly practices
Behaviour 2016
GRI 406: Non GRI 406-1: Incidents of discrimination and corrective Corporate governance
17 & 80
Discrimination 2016 actions taken Human Rights - Human Capital
GRI 407: Freedom
GRI 407-1: Operations and suppliers in which the right to
of Association Corporate governance
freedom of association and collective bargaining may be 17 & 80
and Collective Human Rights - Human Capital
at risk
Bargaining 2016
GRI 408: Child GRI 408-1: Operations and suppliers at significant risk for Corporate governance
17 & 80
Labour 2016 incidents of child labour Human Rights - Human Capital
GRI 409: Forced and
GRI 409-1: Operations and suppliers at significant risk for Corporate governance
Compulsory labour 17 & 80
incidents of forced or compulsory labour Human Rights - Human Capital
2016
GRI 411: Rights of
GRI 411-1: Incidents of violations involving rights of
Indigenous Peoples Human Rights - Human Capital 80
indigenous peoples
2016
Overview
ESG compliance
GRI 307:
307-1: Non-compliance with environmental laws and
Environmental Corporate governance 17
regulations
Compliance 2016
GRI 419:
419-1: Non-compliance with laws and regulations in the
Socioeconomic Corporate governance 17
social and economic area
Compliance 2016

Statutory Reports

Integrated Report Annexures
Annexure 1 – List of Memberships

The Tata Power Company Limited – Memberships
Association of Power Producers Bombay Chamber of Commerce & Industry Central Power Research Institute
Confederation of Indian Industry Electrical Research and Development IMC Chambers of Commerce and Industry
Association
India Energy Exchange Indian Wind Power Associations National Safety Council
Annexure 2 – List of Subsidiaries

The Tata Power Company Limited – Domestic subsidiaries
Af-Taab Investment Company Limited Chirasthayee Saurya Limited Clean Sustainable Solar Energy Private Limited
Coastal Gujarat Power Limited Dreisatz Mysolar24 Private Limited Dugar Hydro Power Limited#
Industrial Energy Limited# Maithon Power Limited MI Mysolar24 Private Limited
NDPL Infra Limited NELCO Limited Nelco Network Products Limited
Nivade Windfarm Limited Northwest Energy Private Limited Poolavadi Windfarm Limited
Powerlinks Transmission Limited# Solarsys Renewable Energy Private Limited Supa Windfarm Limited
Tata Power Delhi Distribution Limited Tata Power Green Energy Limited Tata Power Jamshedpur Distribution Limited
Tata Power Renewable Energy Limited Tata Power Solar Systems Limited Tata Power Trading Company Limited
Tatanet Services Limited TCL Ceramics Limited TP Ajmer Distribution Limited
(formerly known as Tata Ceramics Limited)
TP Akkalkot Renewable Limited TP Central Odisha Distribution Limited TP Kirnali Limited
TP Kirnali Solar Limited TP Renewable Microgrid Limited (formerly TP Roofurja Renewable Limited
known as Industrial Power Utility Limited)
TP Saurya Limited TP Solapur Limited TP Solapur Solar Limited
TP Southern Odisha Distribution Limited TP Western Odisha Distribution Limited TP Wind Power Limited (formerly Indo Rama
Renewables Jath Limited)
Vagarai Windfarm Limited Walwhan Energy RJ Limited Walwhan Renewable Energy Limited
Walwhan Solar AP Limited Walwhan Solar BH Limited Walwhan Solar Energy GJ Limited
Walwhan Solar KA Limited Walwhan Solar MH Limited Walwhan Solar MP Limited
Walwhan Solar PB Limited Walwhan Solar Raj Limited Walwhan Solar RJ Limited
Walwhan Solar TN Limited Walwhan Urja Anjar Limited Walwhan Urja India Limited
Walwhan Wind RJ Limited
The Tata Power Company Limited – Foreign Subsidiaries
Bhira Investments Pte Limited (formerly Bhivpuri Investments Limited Far Eastern Natural Resources LLC
known as Bhira Investments Limited)
Khopoli Investments Limited PT Sumber Energi Andalan Tbk Tata Power International Pte. Limited
Trust Energy Resources Pte. Limited
The Tata Power Company Limited – Joint Ventures
Adjaristsqali Georgia LLC Adjaristsqali Netherlands B.V. Candice Investments Pte. Limited
Indocoal KPC Resources (Cayman) Limited Indocoal Resources (Cayman) Limited Itezhi Tezhi Power Corporation Limited
Koromkheti Georgia LLC Koromkheti Netherlands B.V. LTH Milcom Private Limited
Mandakini Coal Company Limited Prayagraj Power Generation Company Limited PT Antang Gunung Meratus
PT Arutmin Indonesia PT Baramulti Suksessarana Tbk PT Citra Kusuma Perdana
PT Citra Prima Buana PT Dwikarya Prima Abadi PT Guruh Agung
PT Indocoal Kalsel Resources PT Indocoal Kaltim Resources PT Kalimantan Prima Power
PT Kaltim Prima Coal PT Marvel Capital Indonesia PT Mitratama Perkasa
PT Mitratama Usaha PT Nusa Tambang Pratama Renascent Power Ventures Private Limited
Resurgent Power Ventures Pte. Limited Solace Land Holding Limited Tubed Coal Mines Limited
The Tata Power Company Limited – Associates
Brihat Trading Private Limited Dagachhu Hydro Power Corporation Limited Tata Projects Limited
The Associated Building Company Limited Yashmun Engineers Limited
# Classified as Joint Ventures as per Indian Accounting Standards (Ind AS)
Board’s Report
To the Members,
The Directors are pleased to present to you the second Integrated Report (prepared as per the International Integrated
Reporting Council (IIRC) framework and in accordance with Global Reporting Initiatives (GRI) standards: Core options) and
One Hundred and Second Annual Report on the business and operations of your Company along with the audited Financial
Overview
Statements of Account for the financial year ended 31st March 2021.
1. Financial Results
Figures in ` crore
Sl. Particulars Standalone Consolidated
No. FY21 FY20 FY21 FY20
(a) Net Sales / Income from Other Operations* 6,480 7,075 33,079 28,948
(b) Less: Operating Expenditure 4,387 4,794 25,474 21,078

(c) Operating Profit 2,093 2,281 7,605 7,870
(d) Add/(Less): Forex Loss 24 (11) (66) (116)
(e) Add: Other Income 1,249 583 439 563
(f) Less: Finance Cost 1,519 1,510 4,010 4,494
(g) Profit before Depreciation and Tax 1,847 1,343 3,968 3,823
(h) Less: Depreciation & Amortisation 669 686 2,745 2,634
(i) Profit Before Share of Profit of Associates and Joint Ventures 1,178 657 1,223 1,189
(j) Add: Share of Profit of Associates and Joint Ventures NIL NIL 873 953
(k) Profit Before Exceptional Item 1,178 657 2096 2,142
(l) Add/(Less): Exceptional Item (109) (306) (109) 226
Our value-creation paradigm

(m) Profit/ (Loss) before Tax 1,069 351 1,987 2,368
(n) Add/(Less): Tax Expenses /(Credit) (101) (208) (502) (641)
(o) Net Profit after Tax from Continuing Operations 968 559 1,485 1,727
(p) Profit/ (Loss) before Tax from Discontinued Operations (220) (443) (220) (443)
(q) Add/(Less): Tax Expenses /(Credit) from Discontinued Operations 174 32 174 32
(r) Net Profit/(Loss) after Tax from Discontinued Operations (46) (411) (46) (411)
(s) Net Profit for the year 922 148 1,439 1,316
(t) Net Profit for the year attributable to -
- Owners of the Company 922 148 1,127 1,017
- Non-controlling interests NIL NIL 311 299
(u) Other Comprehensive income (Net of Tax) 185 (53) (380) 836
(v) Total Comprehensive Income for the year 1,107 95 1,059 2,153
Statutory Reports
(w) Total Comprehensive Income attributable to -
- Owners of the Company 1,107 95 747 1,856
- Non-controlling interests NIL NIL 312 297
*Including rate regulatory income/(expense)
2. Financial Performance and the State of (CGPL) on account of lower coal prices and higher profit
the Company’s Affairs from Prayagraj acquisition. Finance costs decreased from
2.1. Consolidated ` 4,494 crore to ` 4,010 crore mainly due to repayment of
The Operating Revenue was at ` 33,079 crore in FY21 loans from sale of non-core assets, issue of preferential
compared to ` 28,948 crore in FY20 on a consolidated basis. capital and lower rate of interest. The profits from
This is mainly due to acquisition of three Odisha Distribution Joint Ventures (JV) and Associates were lower mainly due
Companies (Discoms) and execution of major solar to lower profits from Indonesian coal mines due to lower
Engineering, Procurement and Construction (EPC) projects coal prices.
during the year. Operating Profit was at ` 7,605 crore which The Consolidated Profit after tax in FY21 was at ` 1,439
is marginally lower by 3% compared to previous year crore compared to ` 1,316 crore in FY20 mainly due to
mainly due to favourable tariff order in Maithon Power lower losses in CGPL on account of lower coal prices, higher
Limited (MPL) in previous year, lower PLF from wind farms profit from Prayagraj acquisition and lower finance cost.
offset by lower losses in Coastal Gujarat Power Limited

Board's Report
2.2. Standalone 5. Dividend

The Operating Revenue stood at ` 6,480 crore in The Directors of your Company recommend a dividend
FY21 compared to ` 7,075 crore in FY20 on a standalone of ` 1.55 per share of ` 1 each subject to the approval
basis. The decrease was mainly due to lower generation of the Members.
and sales on account of lower demand from procurers
and customers due to COVID-19 pandemic. The profit Pursuant to the Finance Act, 2020, dividend income is
in FY21 was ` 922 crore as compared to ` 148 crore in taxable in the hands of the shareholders w.e.f. 1st April 2020
FY20. The increase in the profit was mainly due to higher and the Company is required to deduct tax at source (TDS)
dividend from foreign subsidiary and lower impairment from dividend paid to the Members at prescribed rates as
loss in Strategic Engineering Division (SED) compared to per the Income-tax Act, 1961.
the previous year.
The Register of Members and Share Transfer Books of the
Refer to Management Discussion and Analysis (MD&A) Company will remain closed from Saturday, 19th June 2021
(Pages 161-183) for more details. to Monday, 5th July 2021 (both days inclusive) for the
purpose of payment of dividend for the financial year
No material changes and commitments have occurred ended 31st March 2021.
after the close of the year under review till the date of this
Report which affect the financial position of the Company. According to Regulation 43A of the Listing Regulations,
the top 1000 listed entities based on market capitalization,
2.3. Annual Performance calculated as on 31st March of every financial year are
Details of your Company’s annual financial performance required to formulate a dividend distribution policy which
as published on the Company’s website and presented shall be disclosed on the website of the listed entity and
during the Analyst Meet, after declaration of annual a web-link shall also be provided in their annual reports.
results, can be accessed using the following link: Accordingly, the Dividend Policy of the Company can be
https://www.tatapower.com/pdf/investor-relations/ accessed using the following link: https://www.tatapower.
analyst-presentation-may-21.pdf. com/pdf/aboutus/dividend-policy.pdf.
2.4. Integrated Report 6. Current Business

Continuing with your commitment towards a sustainable Your Company is present across the entire value chain of
future and focus towards governance-based reporting, power business viz Generation, Transmission, Distribution,
your Company has progressed to second Integrated Report Power Trading, Power Services, Coal Mines and Logistics,
highlighting the Company’s efforts to empower all Solar PV manufacturing and associated EPC services,
categories of customers and stakeholders with future- Consumer-facing businesses such as solar rooftop, solar
ready, smart, energy solutions. pumps, EV charging, home automation and microgrid.
Leading position in many of these segments places
3. Improvement in Leverage Ratios and your Company as one of India’s largest integrated
Cash from Operations power companies.
Your Company’s Net Debt/Underlying EBIDTA ratio has
shown improvement from 4.7 to 4.1 from FY20 to FY21 on a As on 31st March 2021, your Company had an installed
consolidated level reinforcing the Company’s commitment capacity of 12,808 MW out of which 3,948 MW is from
to deleverage its balance sheet. Consequently, Net Debt/ “Clean and Green sources” (Hydro, waste heat recovery,
Equity on a consolidated level has improved from 2.0 to wind and solar) which constitutes about 31% of the
1.4 from FY20 to FY21. Your Company’s efficient working total portfolio.
capital management has resulted in an increase of 15% in
cash from operations over FY20 (FY21-` 8,458 crore vis-à- Moving away from conventional coal based power plants
vis FY20-` 7,375 crore). A brief discussion on the highlights with a commitment to reduce carbon footprint and
of financial performance of your Company and financial & dependency on fossil fuel based resources like coal and
return ratios is presented in the financial capital section of gas, your Company has decided to focus on renewable
Integrated Report (Pages 104-109). generation, consumer-facing businesses like solar rooftop,
solar pumps, EV charging, home automation as well
4. Management Discussion and Analysis as tapping into opportunities to widen its distribution
The Management Discussion and Analysis, as required network and broaden its customer base. Your Company has
in terms of the Securities and Exchange Board of acquired four (4) Discoms in Odisha through competitive
India (Listing Obligations and Disclosure Requirements) bidding which will cater to around 9 million consumers
Regulations, 2015 (Listing Regulations), is annexed and pursuing similar growth opportunity in distribution.
to this Report. Your Company has installed around 161 microgrid projects
as on 31st March 2021 with another 40 projects in the
pipeline in line with its commitment to provide the rural concerned shareholders, creditors of the parties or the
population with affordable, clean and reliable power. public at large.
Furthermore, your Company has launched smart energy Both the schemes are pending approvals from
solutions with the idea of “power of smart” through Regulatory authorities including NCLT.
Overview
Internet of Things (IOT) based Home Automation solutions,
smart energy management tools and various other 7. Reserves
home automation products encouraging customers to As per Standalone financials, the net movement in the
implement efficient and cost-effective home automation reserves of the Company for FY21 and FY20 is as follows:
solutions to manage electricity usage. Figures in ₹ crore
Focussing on achieving growth in an environmentally Particulars As at As at
responsible and sustainable manner, your Company 31st 31st
has added 50 MW Solar PV assets in operating portfolio March March

for supply of power to captive consumers and around 6 2021 2020
MW of rooftop projects in the balance sheet of Tata Power Capital Redemption Reserve 2 2
Renewable Energy Limited (TPREL). Your subsidiary, Capital Reserve 62 62
Tata Power Solar Systems Limited (TPSSL) has built a Securities Premium 8,186 5,635
portfolio of 406 MW of solar rooftop projects and have
Debenture Redemption Reserve 297 297
an order book of over 2,800 MW with value of around
` 8,700 crore as on 31st March 2021. In the solar products General Reserve 3,854 3,854
domain, your Company is a leading player, with a portfolio Retained Earnings 3,370 3,027
of over 33,000 solar agricultural pumps in 16 states. Equity Instruments through OCI 128 (45)
Your Company’s business portfolio has been discussed Statutory Reserve 660 660
Our Value-creation Paradigm

in a greater detail in the Manufactured Capital of
The Board of Directors has decided to retain the entire
Integrated Report (Pages 50-65).
amount of profits for FY21 in P&L account.
6.1 Preferential Allotment of Equity Shares to Tata Sons
Private Limited 8. Subsidiaries/Joint Ventures/Associates
Subsequent to approval accorded by the shareholders As on 31st March 2021, the Company had 59 subsidiaries
at the 101st Annual General Meeting of the Company on (44 are wholly owned subsidiaries), 33 JVs and 5 Associates.
30th July 2020, the Company issued and allotted Of the subsidiaries, 3 companies have been classified as
49,05,66,037 Equity Shares of the Company to its Promoter, JVs under Indian Accounting Standards (Ind AS).
Tata Sons Private Limited, at a price of ₹ 53 (including a
premium of ₹ 52) per Equity Share, aggregating up to During the year under review, the following changes
₹ 2,600 crore, for cash consideration, on a preferential basis. occurred in your Company’s holding structure:
The proceeds of the said Preferential Issue were utilized for a) The Company has acquired 51% stake in the following
Statutory Reports
repayment of debts of the Company and its subsidiaries. Odisha Discoms:
6.2 Scheme of Amalgamation i) TP Central Odisha Distribution Limited

With a view to simplify the Corporate structure, your ii) TP Western Odisha Distribution Limited
Company has filed the following schemes of merger
with the Hon’ble National Company Law Tribunal (NCLT), iii) TP Southern Odisha Distribution Limited
Mumbai Bench, under the applicable provisions of the
Note: The Company has also acquired 51% stake
Companies Act, 2013 (the Act):
in TP Northern Odisha Distribution Limited on
a. Scheme of Amalgamation of Af-Taab Investment 1st April 2021.
Company Limited with the Company.
b) The following companies have been incorporated as
b. Composite Scheme of Arrangement of Coastal subsidiaries of the Company:
Gujarat Power Limited and Tata Power Solar Systems

i) TP Kirnali Solar Limited
Limited with the Company along with capital re-
organisation after the merger. ii) TP Solapur Solar Limited
iii) TP Saurya Limited
The aforesaid Schemes are in the interest of the
shareholders, creditors and all other stakeholders of iv) TP Akkalkot Renewable Limited
the parties and is not prejudicial to the interests of the
v) TP Roofurja Renewable Limited

Board's Report
A report on the performance and financial position of each 10. Directors and Key Managerial Personnel
of the subsidiaries, JVs and Associates has been provided During the year under review, there was no change in the
in Form AOC-I as per Section 129(2) of the Act. composition of the Board.
Further, pursuant to the provisions of Section 136 of the
Act, the financial statements of the Company, consolidated In accordance with the requirements of the Act and the
financial statements along with relevant documents Company’s Articles of Association, Mr. N. Chandrasekaran
and separate audited financial statements in respect retires by rotation and is eligible for re-appointment.
of subsidiaries, are available on the website of the Members’ approval is being sought at the ensuing 102nd
Company at https://www.tatapower.com/investor-relations/ Annual General Meeting (AGM) for his re-appointment.
annual-reports-subsidiaries.aspx.
The policy for determining material subsidiaries of During the year under review, the Non-Executive Directors
the Company has been provided in the following link: (NEDs) of the Company had no pecuniary relationship or
https://www.tatapower.com/pdf/aboutus/policy-for- transactions with the Company, other than sitting fees and
determining-material-subsidiaries.pdf . commission, as applicable, received by them.
9. Directors’ Responsibility Statement In terms of Section 149 of the Act, Ms. Anjali Bansal,
Based on the framework of internal financial controls and Ms. Vibha Padalkar, Mr. Sanjay V. Bhandarkar, Mr. Kesava
compliance systems established and maintained by the M. Chandrasekhar and Mr. Ashok Sinha are the Independent
Company, the work performed by the internal, statutory and Directors of the Company. The Company has received
secretarial auditors and external consultants, including the declarations from all the Independent Directors confirming
audit of internal financial controls over financial reporting
that they meet the criteria of independence as prescribed
by the Statutory Auditors and the reviews performed
under the Act and the Listing Regulations.
by management and the relevant board committees,
including the Audit Committee, the Board is of the opinion
that the Company’s Internal Financial Controls were In terms of Regulation 25(8) of the Listing Regulations,
adequate and effective during FY21. they have confirmed that they are not aware of any
circumstances or situation which exists or may be
Pursuant to Section 134(5) of the Act, the Board of Directors, reasonably anticipated that could impair or impact
to the best of its knowledge and ability, confirms that: their ability to discharge their duties. Based upon the
i. in the preparation of the annual accounts, the declarations received from the Independent Directors, the
applicable accounting standards have been followed Board of Directors has confirmed that they meet the criteria
and there are no material departures; of independence as mentioned under Regulation 16(1)(b)
ii. they have selected such accounting policies and of the Listing Regulations and that they are independent
applied them consistently and made judgments and of the management.
estimates that are reasonable and prudent so as to
give a true and fair view of the state of affairs of the In terms of Section 150 of the Act read with Rule 6 of the
Company at the end of the financial year and of the Companies (Appointment and Qualification of Directors)
profit of the Company for that period; Rules, 2014, as amended, Independent Directors of the
Company have included their names in the data bank of
iii. they have taken proper and sufficient care
for the maintenance of adequate accounting Independent Directors maintained with the Indian Institute
records in accordance with the provisions of Corporate Affairs.
of the Act for safeguarding the assets of the
Company and for preventing and detecting fraud Ms. Anjali Bansal, Ms. Vibha Padalkar and Mr. Sanjay
and other irregularities; Bhandarkar were appointed as Independent Directors
by the Members on 23rd August 2017, for a period of five
iv. they have prepared the annual accounts on a years commencing with effect from 14th October 2016
going concern basis;
upto 13th October 2021.
v. they have laid down internal financial controls to be
The Board, on 12th May 2021, based on the
followed by the Company and such internal financial
controls are adequate and operating effectively; recommendations of Nomination and Remuneration
Committee (NRC) and pursuant to performance evaluation
vi. they have devised proper systems to ensure of Ms. Bansal, Ms. Padalkar and Mr. Bhandarkar respectively
compliance with the provisions of all applicable as a Member of the Board and considering their background,
laws and that such systems are adequate and experience and contribution, the continued association
operating effectively. of these individuals would be beneficial to the Company,
recommended their respective re-appointments as In a subsequent Board meeting, the performance
Independent Directors of the Company, not liable to retire of the Board, its Committees, and individual
by rotation, for a second term of five (5) years commencing Directors was also discussed. Performance evaluation
with effect from 14th October 2021 upto 13th October 2026 of Independent Directors was done by the entire Board,
for approval of the Members by way of a Special Resolution excluding the Independent Director being evaluated.
Overview
at the ensuing 102nd AGM of the Company.
12. Policy on Board Diversity and Director
Accordingly, Members’ approval is being sought at the
ensuing 102nd AGM for their respective re-appointments. Attributes and Remuneration Policy for
Directors, Key Managerial Personnel and
Eight Board Meetings were held during the year Other Employees
under review. For further details, please refer to the In terms of the provisions of Section 178(3) of the
Report on Corporate Governance, which forms part of the Act and Regulation 19 read with Part D of Schedule II to the
Annual Report.

Listing Regulations, the NRC is responsible for determining
qualification, positive attributes and independence
In terms of Section 203 of the Act, the following are the of a Director. The NRC is also responsible for
Key Managerial Personnel (KMP) of the Company as on recommending to the Board, a policy relating to the
31st March 2021: remuneration of the Directors, Key Managerial Personnel
• Dr. Praveer Sinha, CEO and Managing Director and other employees. In line with this requirement, the
• Mr. Ramesh N. Subramanyam, Chief Financial Officer Board has adopted the Policy on Board Diversity and
• Mr. Hanoz M. Mistry, Company Secretary Director Attributes, which is provided in Annexure - I to
this Report and Remuneration Policy for Directors, Key
11. Annual Evaluation of Board Performance Managerial Personnel and other employees of the
and Performance of its Committees and Company, which is reproduced in Annexure - II to

Individual Directors this Report.
The Board of Directors has carried out an annual evaluation
of its own performance, board committees, and individual
directors pursuant to the provisions of the Act and 13. Committees of the Board
Listing Regulations. The Committees of the Board focus on certain specific
areas and make informed decisions in line with the
The performance of the Board was evaluated by the delegated authority.
Board after seeking inputs from all the Directors based
on criteria such as the board composition and structure, The following statutory Committees constituted by
effectiveness of board processes, information and the Board function according to their respective roles
functioning, etc. and defined scope:
• Audit Committee of Directors
The performance of the Committees was evaluated by the
• Nomination and Remuneration Committee
Board after seeking inputs from the Committee members
Statutory Reports
• Corporate Social Responsibility Committee
based on criteria such as the composition of committees,
effectiveness of Committee meetings, etc. • Stakeholders Relationship Committee
• Risk Management Committee
In a separate meeting of Independent Directors,
performance of Non-Independent Directors, the Board as Details of the composition, terms of reference and number
a whole and the Chairman of the Company was evaluated, of meetings held for respective committees are given in
taking into account the views of the Executive Director the Report on Corporate Governance, which forms part of
and NEDs. the Annual Report.
The NRC reviewed the performance of individual directors The Company has adopted a Code of Conduct for its
on the basis of criteria such as the contribution of the employees including the Managing Director and the
individual director to the Board and Committee meetings Executive Directors. In addition, the Company has adopted
like preparedness on the issues to be discussed, meaningful a Code of Conduct for its Non-Executive Directors which
and constructive contribution and inputs in meetings, etc. includes Code of Conduct for Independent Directors
The above criteria are broadly based on the which suitably incorporates the duties of Independent
Guidance Note on Board Evaluation issued by the Directors as laid down in the Act. The same can be accessed
Securities and Exchange Board of India on 5th January 2017. using the following link: https://www.tatapower.com/pdf/
aboutus/Code-of-Conduct-NEDs.pdf.

Board's Report
All Senior Management personnel have affirmed is responsible for monitoring and reviewing the risk
compliance with the Tata Code of Conduct (TCoC). management plan and ensuring its effectiveness. The Audit
The CEO & Managing Director has also confirmed and Committee has additional oversight in the area of financial
certified the same. The certification is enclosed as risks and controls. The major risks identified by the
Annexure - I at the end of the Report on Corporate businesses and functions are systematically addressed
Governance. through mitigating actions on a continuing basis.
Furthermore, your Company has set up a robust internal
14. Conservation of Energy and Technology audit function which reviews and ensures sustained
Absorption effectiveness of internal financial controls by adopting a
Your Company continues its journey of growth in a systematic approach to its work. The development and
sustainable and responsible manner and has achieved implementation of risk management policy has been
significant conservation of energy through its various covered in the Integrated Report (Pages 24-27).
Demand Side Management (DSM) initiatives as well as
fostering energy efficient appliances at highly discounted Internal Financial Control Systems and their Adequacy
prices among its customers. More than 6,000 energy Your Company’s internal control systems are commensurate
efficient appliances like ceiling fans, air conditioners with the nature of its business, the size and complexity
and LED tube lights have been provided to customers of its operations and such internal financial controls
in FY21. Furthermore, around 4,000 Mwh of energy with reference to the Financial Statements are adequate.
savings have been achieved due to the DSM programme Your Company has implemented robust processes to
in Mumbai license area. These initiatives have been ensure that all internal financial controls are effectively
discussed in greater details in the information on working. For details on internal financial control systems,
Conservation of Energy and Technology Absorption please refer Integrated Report (Page 26).
stipulated under Section 134 (3) (m) of the Act read with
Rule 8 of The Companies (Accounts) Rules, 2014, which is 18. Details of Significant and Material Orders
attached as Annexure - III to this Report. No significant and materials orders were passed by the
regulators or courts or tribunals impacting the going
15. Corporate Governance concern status and your Company’s operations in future.
Pursuant to Regulation 34 of the Listing Regulations,
Report on Corporate Governance along with the 19. Statutory and Branch Auditors
certificate from a Practicing Company Secretary certifying Members of the Company at the AGM held on
compliance with conditions of Corporate Governance 23rd August 2017, approved the appointment of M/s. S R B C
forms part of the Annual Report. & CO. LLP (SRBC) (ICAI Firm Registration Number: 324982E/
E300003), as the statutory auditors of the Company for a
16. Vigil Mechanism period of five years commencing from the conclusion of
Your Company believes in the conduct of the affairs of its the 98th AGM held on said date until the conclusion of
constituents in a fair and transparent manner by adopting 103rd AGM of the Company to be held in 2022.
the highest standards of professionalism, honesty,
integrity and ethical behaviour. In line with the TCoC, any The Company has in its Notice sought approval from
actual or potential violation, howsoever insignificant or the Members for passing a resolution vide Item No.8
perceived as such, would be a matter of serious concern authorizing the Board to appoint Branch Auditors of
for the Company. The role of the employees in pointing any Branch office of the Company, whether existing or
out such violations of the TCoC cannot be undermined. which may be opened/acquired, outside India, to act as
Branch Auditors.
Pursuant to Section 177(9) of the Act, a vigil mechanism
was established for directors and employees to report to 20. Statutory Auditors’ Report
the management instances of unethical behaviour, actual The standalone and the consolidated financial statements
or suspected, fraud or violation of the Company’s code of of the Company have been prepared in accordance with
conduct or ethics policy. The Vigil Mechanism provides a Ind AS notified under Section 133 of the Act.
mechanism for employees of the Company to approach the
Chief Ethics Counsellor/Chairman of the Audit Committee The Statutory Auditor’s report does not contain any
of the Company for redressal. No person has been denied qualifications, reservations, adverse remarks or disclaimers.
access to the Chairman of the Audit Committee.
The Statutory Auditors were present in the last AGM.
17. Risk Management
Your Board has formed a Risk Management 21. Cost Auditor and Cost Audit Report
Committee to frame, implement and monitor the risk Your Board has appointed M/s. Sanjay Gupta and
management plan for the Company. The Committee Associates (Firm Registration No.000212), Cost Accountants,
as Cost Auditors of the Company for conducting cost 25. Related Party Transactions
audit for the FY22. A resolution seeking approval of the In line with the requirements of the Act and the
Members for ratifying the remuneration of ₹ 6,50,000 Listing Regulations, the Company has formulated a
(Rupees Six lakh fifty thousand) plus applicable taxes, Policy on Related Party Transactions and the same can be
Overview
travel and actual out-of-pocket expenses payable to accessed using the following link: https://www.tatapower.
the Cost Auditors for FY22 is provided in the Notice to com/pdf/aboutus/rpt-policy-framework-guidelines.pdf.
the ensuing 102nd AGM. Maintenance of cost records as
specified by the Central Government under Section 148 (1) During the year under review there were no material
of the Act is not applicable to the Company. transactions of the Company with any of its related parties.
Therefore, the disclosure of Related Party Transactions as
22. Secretarial Audit Report required under Section 134(3)(h) of the Act in Form AOC-2
M/s. Makarand M. Joshi & Co., Company Secretaries is not applicable to the Company for FY21 and hence the
(Peer Review Number: P2009MH007000), were appointed same is not provided.
as Secretarial Auditors of your Company to conduct

a Secretarial Audit of records and documents of the
Company for FY21. The Secretarial Audit Report confirms 26. Sustainability
that the Company has complied with the provisions of the Your Company remains committed to sustainable
Act, Rules, Regulations, and Guidelines and that there were growth, resource conservation, energy efficiency, habitat
no deviations or non-compliances except the observation protection as a responsible corporate citizen with an aim
that the Annual Performance Report (APR) for Itezhi Tezhi to achieve carbon neutrality. Your Company’s efforts on
sustainability were recognized at various platforms and
Power Corporation Limited (ITPC) is still in the process
a testimony to this were the various awards bestowed
of filing. This was on account of the delay in approval of
upon it. Your Company won the best Environment Social
accounts by ITPC board. The Secretarial Audit Report is
and Governance (ESG) disclosure at the Investor Relations
provided in Annexure - IV to this Report.

Award 2020 and ranked 13th in India’s most sustainable
The Secretarial Audit report does not contain any companies with an A+ rating by BW Business world and
qualifications, reservations, adverse remarks or disclaimers. Sustain lab Paris. Your Company is the only Indian power
utility to co-create Sustainability Development Goal (SDG)
As per the requirements of the Listing Regulations, roadmap for Electric Utilities with World Business Council for
Practicing Company Secretaries of the material unlisted Sustainable Development (WBCSD) along with 10 global
subsidiary of the Company have undertaken secretarial power utilities.
audit for FY21. The Audit Report of such material unlisted
subsidiary confirms that they have complied with the 26.1 Care For Our Community/Community Relations
provisions of the Act, Rules, Regulations, and Guidelines and Your Company focusses on five thrust areas viz.
that there were no deviations or non-compliances. education, health and sanitation, livelihood and skill
building, water and financial inclusivity. In these areas,
The Secretarial Audit Report of the unlisted material key flagship interventions were undertaken, Tata Power
Statutory Reports
subsidiary viz. Tata Power Delhi Distribution Limited has (Standalone) covered around 12.85 lakh people from
been annexed along with the report of the Company. Maharashtra, Jharkhand and West Bengal and at group
level, your Company’s CSR Initiatives covered around
23. Compliance with Secretarial Standards 46.65 lakh beneficiaries across 61 locations in 15 states.
The Company has devised proper systems to ensure The Initiatives are aligned to 6 UN SDGs and Schedule VII
compliance with the provisions of all applicable to the Act.
Secretarial Standards issued by the Institute of
Company Secretaries of India and that such systems are As a part of its COVID-19 response initiatives, your
adequate and operating effectively. Company extended extensive support with a focus on
migrant and vulnerable communities to 15 states across
24.
Loans, Guarantees, Securities and the country impacting around 16.59 lakh beneficiaries.
Investments
Your Company, being an infrastructure company, is exempt Flagship initiatives undertaken across various locations
from the provisions as applicable to loans, guarantees, during FY21 can be summarized as below:
security and investments under Section 186 of the Act.
Therefore, no details are required to be provided. • Financial inclusivity program was undertaken across
all major locations with 4.59 lakh beneficiaries

Board's Report
covered with resources worth ₹ 312 crore accessed 50% workforce from SC/ST community. Your Company
under various Government Schemes by communities. also promoted entrepreneurship at community level
by supporting enterprise development. In this year,
• 1,239 Self-Help Group (SHG) (women) covering 14,325 business worth ₹ 9.63 crore was given to 24 vendors from
members involved in various flagship initiatives such SC/ST community. SHG members were also supported
as Dhaaga, Abha, Sakhi, Roshni and Samriddhi with through income generation activities. Your Company
cumulative revenue generation of ₹ 4.70 crore. supported youth, women, farmers and fishermen through
skilling and livelihood initiatives with a focus to increase
• New integrated Vocational Training (VT) centres
the income level making community members self-
(Roshni) intervention was launched across Bihar,
reliant. This has been further described in greater detail in
Maharashtra, Karnataka, Jharkand, Odisha and
Social and Relationship Capital of Integrated Report.
Tamil Nadu. Total 13 VT centres were set up across
all the locations with 88% candidates employed/self- 26.3 Sustainability Reporting
employed through these centers. Your Company has adopted the IIRC-IR Framework
to prepare its second Integrated Report 2020-21.
• Over 70,000 youth were skilled under
SEBI recommended Integrated Reporting to be adopted
Daksh intervention and TPSDI initiatives with 25%
on a voluntary basis by the top 500 companies, which are
youth from Affirmative Action (AA) community
required to prepare BRR, in February 2017. The content
benefit from the intervention.
of the report is in accordance with the Global Reporting
• Water Initiatives resulted in a coverage of 11.85 Initiative (GRI) standards: Core option and espouses
lakh beneficiaries under demand and supply side linkages from the National Voluntary Guidelines (NVG) on
management of water initiatives across Delhi, Social, Environmental and Economic responsibilities of the
Maharashtra, Gujarat, Rajasthan, Madhya Pradesh, business as well as the United Nations SDGs. The Integrated
Jharkhand and Tamil Nadu. Report communicates Tata Power’s performance on
financial and non-financial aspects to all stakeholders,
The CSR policy of the Company has been provided on the underlying the importance of our leadership and strategy
Company’s website at https://www.tatapower.com/pdf/ towards value creation as well as commitment to empower
aboutus/csr-policy.pdf. the customers for future-ready energy providing smart
energy solutions paving the way for a sustainable future.
The Company’s standalone CSR spend for FY21 stood 1. Environment
at ₹ 3.45 crore against the 2% CSR obligation of ₹ 3.45 Your Company continues to strive for efficiency in
crore. Details of the consolidated CSR activities of your operations and maintenance through adoption
Company and its key subsidiaries are described in Social and of best practices optimizing its efficiency
Relationship Capital of Integrated Report (Pages 86-103) parameters like heat rate and auxiliary resulting
as well as in the Business Responsibility Report (BRR). in lower resource consumption and lower carbon
The annual report on CSR activities (standalone) is provided emissions. Continuing on its path to be a pioneer for
in Annexure - V to this Report. On a consolidated basis, the environmental stewardship in power industry, your
Tata Power Group entities' expenditure on CSR activities Company further focusses on efficient use of water,
stood at ₹ 39.24 crore against the CSR obligation of ₹ 38.60 prudent recycling and waste disposal measures and
crore (calculated as per Section 135 of the Act) in FY21. remains committed to comply with regulations.
Your Company also has been strategically focussing
26.2 Affirmative Action on scaling up renewables business, venturing into
As a part of AA, your Company continued in its journey new energy efficient green business initiatives
of working with local vendors and promoting inclusion like Microgrids, EV charging, Home Automations,
of SC/ST in business opportunities. This is driven by Solar Rooftop as well as exploring new opportunities
Corporate Contracts department with a single point in distribution businesses, All these initiatives
of contact at the Corporate level, as well as at Division/ reinforces your Company’s commitment towards
Site level (Procurement Heads at Division level) to facilitate sustainable “Green” growth and encouraging the
inclusion of SC/ST vendors. AA process for vendor customer to avail energy efficient, future-ready, smart
enlistment and ordering was deployed to encourage and energy solutions. A brief outline of your Company’s
evolve entrepreneurship skill among the communities and efforts towards protection of environment and
enable them to be a part of business ecosystem. It also biodiversity is given in the Natural Capital section of
made them compete with positive discrimination element Integrated Report (Pages 110-125).
by offering a price preference of 5% over the L1 bidder
and gives incentive of 1% of contract value for engaging
2. Health and Safety (microgrids), solar rooftop solutions, Electric Vehicle
Your Company is consciously committed to health (EV) charging etc. Your Company has numerous
and safety of all employees and other stakeholders touchpoints to be in constant communication
with a defined safety vision “To be a leader in with customers as well as a structured process of
tracking complaints and ensuring resolution within
Overview
Safety Excellence in the global power and energy
business”. Your Company employs a pro-active and pre-defined timelines. Your Company has also
pre-emptive approach to occupational health and been a pioneer in leveraging digital technology to
safety and is committed to actively drive the agenda serve customers efficiently. Few of such initiatives
through the length and breadth of the organization. are Know Your Energy Consumption (KYEC),
Consequently, 100% of your contractual workforce is Webchat integrated chatbot TINA, e-Nach, all women
trained on various aspects of Occupational health and customer relations centre, etc. Webchat integrated
safety. Close monitoring of the safety management chatbot TINA went live on customer portal on
6th January 2021 through which consumer can
system helped your company to enhance standard
have live communication with Company officials.
of Health and Safety. Suraksha mobile app is

Furthermore, through implementation of e-billing,
one such monitoring intervention that enables
your Company reinforces its commitment towards
employees to conveniently report unsafe conditions.
saving of trees and ecosystem. In FY21, your
Furthermore, your Company’s commitment towards Company has added more than 1 lakh customers
ethos of safety was further demonstrated on various resulting in a total of more than 1.4 lakh customers
responses during COVID-19 pandemic with a working availing the facilities of e-billing in Mumbai license
theme of “Learn from disaster and prepare for area. A detailed description of your customer
a safer future”. The key focus of this theme was relation measures is given in the Social and
to ensure that health and safety of employees as Relationship Capital section in the Integrated Report
well as other stakeholders who are fundamental (Pages 86-103).
to business are protected and to strengthen your

safety measures through numerous rigorous 4. Human Resource Management
innovation. Furthermore, your Company has already A key area of focus for your Company is to safeguard
started venturing towards application of advanced health and well-being of employees and their families
technologies like usage of drones, remote monitoring, while the employees remain steadfast in their service
safe systems for high risk activities etc. to eliminate to the nation by providing electricity. Many policies
and minimize the risks associated with various and benefits were introduced and innovative work
formats were implemented to maximize safety
activities for betterment of safety performance.
during pandemic situation. Your Company also
More deployment of advanced technologies is
continues to endeavour to create a work environment
planned in near future for further enhancement
which is collaborative and learning and growth
of safety performance. A detailed description of
oriented to enable employees to perform at their
Health and Safety including COVID-19 initiatives full potential. Your Human Resource (HR) strategy
taken by your Company is outlined in Human Capital adopts a multipronged approach covering all the
Statutory Reports
section of Integrated Report (Pages 72-85). key facets of employee development. Learning as
3. Customer Relationship a stated value of the Company also sets the tone of
your Company’s aim to develop competencies to rise
Your Company is working consistently towards
to new challenges especially posed by venturing
a dedicated theme of energizing and sensitizing
into various segments of renewable energy and new
your customers for smart and future-ready energy
business initiatives. Some of the key HR programmes
solutions to ensure a sustainable future. This involves
of your Company are Talent Next, Youth Power
various IOT based home automations and smart Confluence, Gyankosh, Reward & Recognition, etc.
metering solutions for customers across all segments A detailed description is given in the Human Capital
as well as various DSM programs. Furthermore, section of the Integrated Report (Pages 79-80).
your Company has been instrumental in raising
energy conservation awareness and reducing the 26.4 Business Responsibility Report
energy cost for the consumers through initiatives The BRR is in line with the SEBI requirement based
such as “Be Green”, solar rooftop off-grid solutions on the "National Voluntary Guidelines on Social,
and other awareness campaigns. Your Company is Environmental and Economic Responsibilities of Business"
steadily transitioning from a B2B or a B2G company notified by MCA, Government of India, in July 2011.
to a B2C company with enhanced customer- Your Company reported its performance for FY21 as per
centricity. The customer base is getting more the BRR framework, describing initiatives taken from an
divergent with ventures such as rural electrification environmental, social and governance perspective.

Board's Report
As per Regulation 34 of the Listing Regulations, the 30. Deposits

BRR is attached as a part of this Annual Report. Since the The Company has not accepted any deposits from public
Company is publishing Annual Report under IIRC, report and as such, no amount on account of principal or interest
on the nine principles of the NVG on social, environmental on deposits from public was outstanding as on the date of
and economic responsibilities of business as framed by the the Balance Sheet.
MCA, is provided in relevant sections of Integrated Report
with suitable references to the BRR.
31. Foreign Exchange - Earnings and Outgo
26.5 Prevention of Sexual Harassment Figures in ₹ crore
Disclosures in relation to the Sexual Harassment of Particulars - Standalone FY21 FY20
Women at Workplace (Prevention, Prohibition and
Foreign Exchange Earnings 809 125
Redressal) Act, 2013 have been provided in the Report on
Corporate Governance as well as MD&A. Foreign Exchange 843 1,301
Outflow mainly on account of:
27. Annual Return • Fuel purchase 706 1,070
Pursuant to Section 92 of the Act and Rule 12 of the • Interest on foreign currency 4 3
Companies (Management and Administration) Rules, borrowings, NRI dividends
2014, the Annual Return is available on the website of the
• Purchase of capital equipment, 133 228
Company on the following link: https://www.tatapower.
components and spares and other
com/pdf/investor-relations/Annual-Return-MGT-20-21.pdf
miscellaneous expenses
28. Particulars of Employees and
Remuneration 32. Acknowledgements
The information required under Section 197(12) of the On behalf of the Directors of the Company, I would like to
Act read with Rule 5 of the Companies (Appointment and place on record our deep appreciation to our shareholders,
Remuneration of Managerial Personnel) Rules, 2014, is customers, business partners, vendors - both international
attached as Annexure - VI. and domestic, bankers, financial institutions and academic
Statement containing particulars of top 10 employees institutions for all the support rendered during the year.
and the employees drawing remuneration in excess
of limits prescribed under Section 197 (12) of the Act The Directors are thankful to the Government of India, the
read with Rule 5(2) and (3) of the Companies (Appointment various ministries of the State Governments, the central
and Remuneration of Managerial Personnel) Rules, 2014 and state electricity regulatory authorities, communities
is provided in the Annexure forming part of this report. in the neighbourhood of our operations, municipal
In terms of proviso to Section 136(1) of the Act, the Report and authorities of Mumbai and local authorities in areas where
Accounts are being sent to the Members excluding the we are operational in India; as also partners, governments
aforesaid Annexure. The said Statement is also available and stakeholders in international geographies where
for inspection with the Company. Any Member interested the Company operates, for all the support rendered
in obtaining a copy of the same may write to the during the year.
Company Secretary at [email protected].
The Directors regret the loss of life due to COVID-19
Officers of the organisation are classified into five pandemic and are deeply grateful and have immense
management work levels i.e. MA, MB, MC, MD and ME. respect for every person who risked their life and safety, to
The work levels are further divided into grades. Non-
fight this pandemic.
management employees are across different grades and
also have been classified as unskilled, semi-skilled, skilled
Finally, we appreciate and value the contributions made
and highly skilled.
by all our employees and their families for making the
Company what it is.
29. Disclosure requirements
The Company has devised proper systems to ensure
On behalf of the Board of Directors,
compliance with the provisions of all applicable
Secretarial Standards issued by the Institute of Company
N. Chandrasekaran
Secretaries of India and such systems are adequate and
Chairman
operating effectively.
Mumbai, 12th May 2021 (DIN: 00121863)
Annexure - I : POLICY ON BOARD DIVERSITY AND DIRECTOR ATTRIBUTES
(Ref.: Board's Report, Section 12)
1. Objective
Overview
iv) Independence
1.1 The Policy on Board Diversity ("the Policy") sets The independent directors should satisfy the
out the approach to diversity on the board of requirements of the Companies Act, 2013 ("the
directors ("the Board") of The Tata Power Company Act") and the Securities and Exchange Board
Limited ("the company"). of India (Listing Obligations and Disclosure
Requirements) Regulations, 2015 in respect of
1.2 The company recognises that diversity at board the ‘independence’ criterion.
level is a necessary requirement in ensuring an
effective board. A mix of executive, independent Additional Attributes
• The directors should not have any other pecuniary

and other non-executive directors is one important
relationship with the company, its subsidiaries,
facet of diverse attributes that the company desires.
associates or joint ventures and the company’s
Further, a diverse board representing differences
promoters, besides sitting fees and commission.
in the educational qualifications, knowledge,
experience, gender, age, thought and perspective • The directors should not have any of their relatives
results in delivering a competitive advantage and a (as defined in the Act and Rules made thereunder) as
better appreciation of the interests of stakeholders. directors or employees or other stakeholders (other
These differences should be balanced against the than with immaterial dealings) of the company, its
need for a cohesive, effective board. All board subsidiaries, associates or joint ventures.
appointments shall be made on merit having regard • The directors should maintain an arm’s length

to this policy. relationship between themselves and the employees
of the company, as also with the directors and
2. Attributes of Directors employees of its subsidiaries, associates, joint
2.1 The following attributes need to be considered in ventures, promoters and stakeholders for whom the
considering optimum board composition: relationship with these entities is material.
• The directors should not be the subject of allegations
i) Gender diversity of illegal or unethical behaviour, in their private or
Having at least one woman director on the professional lives.
Board with an aspiration to reach three • The directors should have ability to devote sufficient
women directors. time to the affairs of the Company.
ii) Age
3. Role of the Nomination and Remuneration
Statutory Reports
The average age of board members should be
in the range of 60 - 65 years. Committee
3.1 The Nomination and Remuneration Committee ("the
iii) Competency NRC") shall review and assess board composition
The board should have a mix of members with whilst recommending the appointment or
different educational qualifications, knowledge reappointment of independent directors.
and with adequate experience in finance,
accounting, economics, legal and regulatory 4. Review of the Policy
matters, the environment, green technologies, 4.1 The NRC will review this policy periodically and
operations of the company’s businesses, energy recommend revisions to the board for consideration.
commodity markets and other disciplines
related to the company’s businesses.

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

OTHER EMPLOYEES
The philosophy for remuneration of directors, Key o Overall remuneration (sitting fees and commission)
Managerial Personnel (“KMP”) and all other employees of should be reasonable and sufﬁcient to attract, retain
The Tata Power Company Limited (“company”) is based on the and motivate directors aligned to the requirements
commitment of fostering a culture of leadership with trust. of the company (taking into consideration the
The remuneration policy is aligned to this philosophy. challenges faced by the company and its future
growth imperatives).
This remuneration policy has been prepared pursuant to the o Overall remuneration should be reflective of size
provisions of Section 178(3) of the Companies Act, 2013 of the company, complexity of the sector/industry/
(“Act”) and Regulation 19 read with Part D of Schedule company’s operations and the company’s capacity to
II of the Securities and Exchange Board of India (Listing pay the remuneration.
Obligations and Disclosure Requirements) Regulations, 2015 o Overall remuneration practices should be consistent
(“Listing Regulations”). In case of any inconsistency between with recognized best practices.
the provisions of law and this remuneration policy, the o Quantum of sitting fees may be subject to review on
provisions of the law shall prevail and the company shall a periodic basis, as required.
abide by the applicable law. While formulating this policy, o The aggregate commission payable to all the
the Nomination and Remuneration Committee (“NRC”) has NEDs and IDs will be recommended by the NRC to
considered the factors laid down under Section 178(4) of the the Board based on company performance, profits,
Act, which are as under: return to investors, shareholder value creation and
any other significant qualitative parameters as may
"(a) the level and composition of remuneration is reasonable
be decided by the Board.
and sufficient to attract, retain and motivate directors of
o The NRC will recommend to the Board the quantum
the quality required to run the company successfully;
of commission for each director based upon the
(b) relationship of remuneration to performance is clear and
outcome of the evaluation process which is driven by
meets appropriate performance benchmarks; and
various factors including attendance and time spent
(c) remuneration to directors, key managerial personnel and
in the Board and committee meetings, individual
senior management involves a balance between fixed and
contributions at the meetings and contributions
incentive pay reflecting short and long-term performance
made by directors other than in meetings.
objectives appropriate to the working of the company
o In addition to the sitting fees and commission,
and its goals.”
the company may pay to any director such fair
Key principles governing this remuneration policy are as and reasonable expenditure, as may have been
follows: incurred by the director while performing his/her
role as a director of the company. This could include
• Remuneration for independent reasonable expenditure incurred by the director for
directors and non-independent non- attending Board/Board committee meetings, general
executive directors meetings, court convened meetings, meetings with
o Independent directors (“ID”) and non-independent shareholders/creditors/management, site visits,
non-executive directors (“NED”) may be paid sitting induction and training (organised by the company
fees (for attending the meetings of the Board and for directors) and in obtaining professional advice
of committees of which they may be members) and from independent advisors in the furtherance of his/
commission within regulatory limits. her duties as a director.
o Within the parameters prescribed by law, the payment
of sitting fees and commission will be recommended
by the NRC and approved by the Board.
• Remuneration for managing director  In addition to the basic/fixed salary,
(“MD”)/executive directors (“ED”)/KMP/ benefits, perquisites and allowances as
rest of the employees1 provided above, the company provides MD/
o The extent of overall remuneration should be EDs such remuneration by way of commission,
Overview
sufﬁcient to attract and retain talented and calculated with reference to the net profits of
qualified individuals suitable for every role. the company in a particular financial year, as
Hence remuneration should be: may be determined by the Board, subject to
 Market competitive (market for every role is the overall ceilings stipulated in Section 197
defined as companies from which the company of the Act. The specific amount payable to
attracts talent or companies to which the the MD/EDs would be based on performance
company loses talent). as evaluated by the Board or the NRC and
 Driven by the role played by the individual. approved by the Board.
 Reflective of size of the company, complexity of  The company provides the rest of the employees

the sector/industry/company’s operations and a performance linked bonus. The performance
the company’s capacity to pay. linked bonus would be driven by the outcome
 Consistent with recognized best practices. of the performance appraisal process and the
 Aligned to any regulatory requirements. performance of the company.
o In terms of remuneration mix or composition:
• Remuneration payable to Director for
 The remuneration mix for the MD/EDs is as per
the contract approved by the shareholders. services rendered in other capacity
In case of any change, the same would require The remuneration payable to the Directors shall be
the approval of the shareholders. inclusive of any remuneration payable for services
rendered by such director in any other capacity unless:

 Basic/fixed salary is provided to all employees
to ensure that there is a steady income in line a) The services rendered are of a professional nature;
with their skills and experience. and
 In addition to the basic/fixed salary, the
company provides employees with certain b) The NRC is of the opinion that the director
perquisites, allowances and benefits to enable possesses requisite qualification for the practice of
a certain level of lifestyle and to offer scope for the profession.
savings and tax optimization, where possible.
The company also provides all employees • Policy implementation
with a social security net (subject to limits) by The NRC is responsible for recommending the
covering medical expenses and hospitalisation remuneration policy to the Board. The Board is responsible
through re-imbursements or insurance cover for approving and overseeing implementation of the
and accidental death and dismemberment remuneration policy.
Statutory Reports
through personal accident insurance. ________________________________________________
 The company provides retirement
1Excludes employees covered by any long term settlements
benefits as applicable.
or specific term contracts. The remuneration for these
employees would be driven by the respective long term
settlements or contracts.

Board's Report
Annexure - III : CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION

A. Conservation of Energy Renewables Business

The steps taken for impact on conservation of energy: Major initiatives taken in renewables business is
highlighted below:
Your Company is a pioneer in cultivating energy
1. Re-conduiting & upliftment of DC power cables
conservation and operational efficiency with an
ultimate goal to reduce emissions, pollutants and in solar sites.
deliver cost effective and environment friendly energy
solutions to customers. 2. Installation of inverters with reactive power
compensation in solar sites to reduce auxiliary power.
In Mumbai License area, your Company has
distributed more than 6,000 energy efficient appliances 3. Rooftop solar Arrangement for SCADA back-up.
at discounted prices encouraging customers to
save on their electricity consumption cost as well 4. Protection of Wind Turbine Generator (WTG)
as fostering energy conservation measures in FY21. transformer and PM3000 in Inox Make WTG in
More than 4,000 Mwh of energy has been saved in wind sites.
the year in Mumbai as a result of various Demand Side
Management (DSM) schemes of your Company. Transmission and Distribution Business
Major initiatives taken in Transmission and
One of the significant steps taken in Mumbai is
Distribution business is highlighted below:
introduction of the concept of “paperless office” through
e-billing. During the year, around 1.5 lakh customers 1. Introduced Smart Meter Reading and Bill Distribution
opted for e-billing in Mumbai resulting in saving of (SMRD) for improving process efficiency in meter
approximately 2,630 trees. reading and bill dispatch activities.
Your Company continues to strive for new avenues 2. Centralized monitoring of operational parameters
to improve operational efficiency across generation, of LT feeder helping in load balancing and
renewables and transmission and distribution businesses
stable voltages.
leading to conservation of energy and optimization of
resource consumption.
3. Battery storage with preferred bus
Generation Business arrangements for reducing asset stress during peak.
Major initiatives taken in Generation business is
highlighted below: 4. Installation of energy efficient Microgrid that can
supply power to consumers in rural areas.
1. Installation of Sonic Soot blower in Regenerative
Air Preheater (RAPH) at Maithon Power Limited.
5. Introduction of SMART Meters for
automated Meter reading.
2. Optimisation of mill and Cold Work Pressure (CWP)
operation in Jojobera.
6. Use of Artificial Intelligence (AI) model for auto
3. Optimization under Reliability Centric Maintenance segregation and auto email responses.
(RCM) approach and GE APM analytics in Trombay.
7. Use of Intelligent Voice Chat bot for customers.
4. Coke-oven Gas (COG) burner modification in
Industrial Energy Limited (Kalinganagar). 8. Voice operated switchgear for safe operation.
5. Laser based combustion & temperature 9. Unmanned automated Substation.

optimization solution and power consumption
optimization of Electrostatic Precipitators (ECP) in 10. 100% automated billing activity to avoid manual error.
Coastal Gujarat Power Limited.
Overview
11. Completed installation of 2,700 Smart meters in Your Company remains committed to deliver superior
March 2021 in Mumbai license area out of which 930 customer value by leveraging on digital technologies.
Smart meters installed at M/s J P Elara, making it the In FY21, webchat integrated chatbot TINA were made live
first residential complex in Mumbai where supply on customer portal enabling consumer to interact with the
released through 100% smart metering system. Company officers directly through live chat. Furthermore,
your Company introduced availability of hourly, daily
Your Company has also initiated net metering for rooftop and monthly consumption graphs, peer consumption
solar and integration of consumer solar plants with comparison, alerts for consumption slab cross overs
Tata Power grid in Mumbai facilitating customers to and increase in daily consumptions by Smart Meter

harness solar energy. Consumers are able to export excess Analytics are few of the initiatives undertaken to enhance
generation to grid and get a set-off in their electricity customer experience.
bill. In Mumbai area 64 customers owned rooftop solar
PV plants having a capacity of around 1.5 Mwp which have Your Company’s mission of 'being the lead adopter of
been integrated with grid in FY21. technology with a spirit of pioneering and calculated risk
taking' is geared to make the Company future ready for all
Furthermore, your Company facilitated energy audits and technological disruption coming up in the near future.
walk down energy surveys for industrial and commercial
consumers through energy auditors accredited by Bureau of

Energy Efficiency (BEE) helping them to get precise and
actionable recommendations for energy saving.
Statutory Reports

Board's Report
B. Research and Development

1 Specific area in which R&D a) Robotic applications for maintenance and inspection of plant equipment.
carried out by the Company b) Low-cost industrial safety products.
c) Electric Vehicle charging stations.
d) Wearable industrial thermal inspection device.
e) Use of hydrogen as fuel for power generation.
f) In association with IIT Bombay, different CO2 Capture and storage solutions being
developed at lab scale.
g) Underwater inspection Device for leakage identification.
h) Air Gap inspection BOT for large vertical generator.
i) Deployment of energy storage/battery and EV charging station.
2 Benefits derived as a result a) Energy Conservation/improvement in Efficiency.

of the above R&D b) Reduction in Carbon Footprint.
c) Sustaining plant availability by reduction in equipment breakdown.
d) Improvement in equipment and overall plant performance.
e) Improvement in efficiency and reduced maintenance cost of Solar Panels.
f) Good business potential by upscaling of low-cost customized products / devices.
3 Future Plan of Action a) Investments towards SMART grid technologies such as Smart Meters, Sensors, IOTs to
make network more intelligent and efficient.
b) Development and upgradation of energy storage and battery system specially to
meet high energy demand due to EV charging solutions, etc.
C. Technology Absorption
1 Efforts, in brief, made towards a) Deployment of Unmanned Aerial Vehicles with customized payloads for industrial
Technology Absorption, applications like, Switchyard Thermography, Hydro Penstock and DAM Inspection,
adaptation and innovation Solar Plant Thermography, Structures and Chimney Inspections.
b) Deployment of Remotely Operated Vehicle (ROV) for under water inspections and
leakage identification.
c) Deployment of robotics for large vertical generator air gap and tunnel inspection.
d) Deployment of IoT based solution for home energy monitoring and remote
site monitoring.
2 Benefits derived as a result of a) Increased equipment availability by reducing downtime.

the above efforts b) Reduction in cost, time and efforts for preventive maintenance and inspection.
c) Better planning of critical equipment outages.
d) Digitization of inspected objects for future reference.
e) Lowering the inspection time with quality output and enhanced safety.
3 In case of imported technology
(imported during the last five years
reckoned from the beginning of
the financial year), the following
Overview
information may be furnished:
a) Technology Imported
b) Year of Import Nil
c) Has technology been
fully absorbed?
d) If not fully absorbed, areas
where this has not taken place,
reasons thereof and future

plans of action
4 Expenditure on R & D (in ₹ crore) a) Business Collaboration Pliot Project (Indigenization and digitalization) - ₹ 0.6 crore
a) Capital SED- ₹ 6.74 crore
b) Revenue b) ₹ 0.10 crore
On behalf of the Board of Directors,

N. Chandrasekaran
Chairman
Mumbai, 12th May 2021 (DIN: 00121863)
Statutory Reports

Board's Report
Annexure - IV : Secretarial Audit Report

FORM No. MR-3 (iv) Foreign Exchange Management Act, 1999 and the
SECRETARIAL AUDIT REPORT rules and regulations made thereunder to the extent of
Foreign Direct Investment and Overseas Direct Investment;
For the Financial Year (External Commercial Borrowings Not Applicable to
Ended 31st March, 2021 the Company during the Audit Period);
[Pursuant to Section 204 (1) of the (v) The following Regulations and Guidelines prescribed
Companies Act, 2013 and rule 9 of the under the Securities and Exchange Board of India Act,
Companies (Appointment and Remuneration 1992 (‘SEBI Act’):
1. The Securities and Exchange Board of India
of Managerial Personnel) Rules, 2014]
(Substantial Acquisition of Shares and Take
overs) Regulations, 2011;
To,
The Members, 2. The Securities and Exchange Board of India
The Tata Power Company Limited, (Prohibition of Insider Trading) Regulations, 2015;
Bombay House,
24 Homi Mody Street, 3. The Securities and Exchange Board of India (Issue
Mumbai - 400001 of Capital and Disclosure Requirements) Regulations,
2018;
We have conducted the secretarial audit of the compliance
of applicable statutory provisions and the adherence to 4. The Securities and Exchange Board of
good corporate practices by The Tata Power Company India (Share Based Employee Benefits) Regulations,
Limited (hereinafter called 'the Company'). Secretarial Audit 2014; (Not Applicable to the Company during
was conducted in a manner that provided us a reasonable basis the Audit Period)
for evaluating the corporate conducts/statutory compliances
and expressing our opinion thereon. 5. The Securities and Exchange Board of India (Issue
and Listing of Debt Securities) Regulations, 2008;
Based on our verification of the Company’s books, papers, minute
books, forms and returns filed and other records maintained 6. The Securities and Exchange Board of
by the Company and also the information provided by the India (Registrars to an Issue and Share Transfer Agents)
Company, its officers, agents and authorized representatives Regulations, 1993 regarding the Companies Act and
during the conduct of secretarial audit, we hereby report that in dealing with client;
our opinion, the Company has, during the audit period covering
the financial year ended on 31st March, 2021 (hereinafter called 7. The Securities and Exchange Board of India (Delisting
the ‘Audit Period’) complied with the statutory provisions of Equity Shares) Regulations, 2009; (Not Applicable
listed hereunder and also that the Company has proper Board- to the Company during the Audit Period) and;
processes and compliance-mechanism in place to the extent, in
8. The Securities and Exchange Board of India (Buyback
the manner and subject to the reporting made hereinafter:
of Securities) Regulations, 2018; (Not Applicable to
We have examined the books, papers, minute books, forms the Company during the Audit Period).
and returns filed and other records maintained by the
Company for the financial year ended on 31st March, 2021 We have also examined compliance with the applicable clauses
according to the provisions of: of the following:
(i) The Companies Act, 2013 (the Act) and the rules (i) Secretarial Standards issued by The Institute of
made thereunder; Company Secretaries of India
(ii) The Securities Contract (Regulation) Act, 1956 (‘SCRA’) and (ii) The Securities and Exchange Board of India
the rules made thereunder; (Listing Obligations and Disclosure Requirements)
(iii) The Depositories Act, 1996 and the Regulations and Bye- Regulations, 2015
laws framed thereunder;
During the period under review the Company has We further report that there are adequate systems and
complied with the provisions of the Act, Rules, Regulations, processes in the Company commensurate with the size and
Guidelines and Standards, etc mentioned above except operations of the Company to monitor and ensure compliance
the Annual Performance Report (APR) for Itezhi Tezhi with applicable laws, rules, regulations and guidelines.
Overview
Power Corporation Limited which is still in the process of filing.
We further report that during the audit period, the
We further report that, having regard to the Company has
compliance system prevailing in the Company and on the (i) the Company has issued and allotted 37,000
examination of the relevant documents and records in
Unsecured, Redeemable, Taxable, Listed, Rated, Non-
pursuance thereof, on test-check basis, the Company has
Convertible Debentures (NCDs) amounting to ₹ 3,700 crore.
complied with the following laws applicable specifically
to the Company:
(ii) the company has increased Authorized Share Capital
(i) The Electricity Act, 2003 vide shareholders approval through postal ballot dated

(ii) The Indian Electricity Rules, 1956 24th June, 2020 from ₹ 5,79,00,00,000 to ₹ 7,79,00,00,000.
(iii) The rules, regulations and applicable order(s) Subsequently, the Company altered the provisions of
under Central and State Electricity Regulatory Memorandum of Association.
Commissions/Authority
(iv) The Energy Conservation Act, 2001 (iii) the Company has issued and allotted 49,05,66,037
Equity Shares at a price of ₹ 53/- per Equity Share to Tata Sons
We further report that Private Limited aggregating to ₹ 26,00,00,00,000/- through
preferential issue.
The Board of Directors of the Company is duly constituted with
proper balance of Executive Directors, Non-Executive Directors

For Makarand M. Joshi & Co.
and Independent Directors. Further, there were no changes in
Practicing Company Secretaries
the composition of the Board of Directors that took place during
the Audit period.
Makarand Joshi
Adequate notice is given to all directors to schedule the Partner
Board Meetings, agenda and detailed notes on agenda were FCS No. 5533
sent at least seven days in advance and a system exists for CP No. 3662
seeking and obtaining further information and clarifications UDIN: F005533C000283140
on the agenda items before the meeting and for meaningful Peer Review No: P2009MH007000
participation at the meeting.
All decisions at Board Meetings and Committee Meetings are Place: Mumbai
Statutory Reports
carried out unanimously as recorded in the minutes of the Date: 12th May, 2021
meetings of the Board of Directors or Committee of the Board,
as the case may be. This Report is to be read with our letter of even date which is
annexed as Annexure A and forms an integral part of this report.

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

Management representation about the compliance of
To, laws, rules and regulations and happening of events etc.
The Members,
The Tata Power Company Limited, 5. The compliance of the provisions of Corporate and
Bombay House, 24 Homi Mody Street, other applicable laws, rules, regulations, standards is the
Fort, Mumbai - 400001 responsibility of management. Our examination was limited
to the verification of procedures on test basis.
Our report of even date is to be read along with this letter.
6. The Secretarial Audit report is neither an assurance as to
1. Maintenance of secretarial record is the responsibility the future viability of the company nor of the efficacy or
of the management of the company. Our responsibility effectiveness with which the management has conducted
is to express an opinion on these secretarial records the affairs of the company.
based on our audit.
2. We have followed the audit practices and processes as Practicing Company Secretaries
were appropriate to obtain reasonable assurance about
the correctness of the contents of the Secretarial records. Makarand Joshi
The verification was done on test basis to ensure that Partner
correct facts are reflected in secretarial records. We believe FCS No. 5533
that the processes and practices, we followed provide a CP No. 3662
reasonable basis for our opinion. UDIN: F005533C000283140
Peer Review No: P2009MH007000
3. We have not verified the correctness and appropriateness
of financial records and Books of Accounts of the company.
Place: Mumbai
Date: 12th May, 2021
Secretarial Audit Report of Tata Power ii. The Securities Contracts (Regulation) Act, 1956 (‘SCRA’)
and the rules made thereunder; Not Applicable
Delhi Distribution Limited (The Unlisted
Material Subsidiary) iii. The Depositories Act, 1996 and the Regulations and Bye-
Overview
laws framed thereunder;
FORM No. MR-3 iv. Foreign Exchange Management Act, 1999 and the
SECRETARIAL AUDIT REPORT rules and regulations made thereunder to the extent of
For the Financial Year Ended 31st March 2021 Foreign Direct Investment, Overseas Direct Investment and
[Pursuant to Section 204 (1) of the External Commercial Borrowings;
The Company has complied with the provisions,
Companies Act, 2013 and rule 9 of the rules & regulations of FEMA to the extent applicable.
Companies (Appointment and Remuneration The Company is not having any FDI, ODI and ECB.
of Managerial Personnel) Rules, 2014]

v. The following Regulations and Guidelines prescribed
under the Securities and Exchange Board of India Act,
1992 (‘SEBI Act’) including any statutory modification or
To,
re-enactment thereof: -
The Members,
Tata Power Delhi Distribution Limited a. The Securities and Exchange Board of India
NDPL House, (Substantial Acquisition of Shares and Takeovers)
Hudson Lines, Kingsway Camp, Regulations, 2011; Not Applicable
Delhi 110 009 b. The Securities and Exchange Board of India
(Prohibition of Insider Trading) Regulations,

We have conducted the secretarial audit of the compliance 1992; Not Applicable
of applicable statutory provisions and the adherence to c. The Securities and Exchange Board of India (Issue of
good corporate practices by Tata Power Delhi Distribution Capital and Disclosure Requirements) Regulations,
Limited having CIN U40109DL2001PLC111526 (hereinafter 2009; Not Applicable
called the Company). Secretarial Audit was conducted in a d. The Securities and Exchange Board of India
manner that provided us a reasonable basis for evaluating the (Employee Stock Option Scheme and Employee
corporate conducts/statutory compliances and expressing my Stock Purchase Scheme) Guidelines, 1999;
opinion thereon. Not Applicable
e. The Securities and Exchange Board of India (Issue
Based on our verification of Tata Power Delhi Distribution and Listing of Debt Securities) Regulations, 2008;
Limited’s books, papers, minute books, forms and returns Not Applicable
filed and other records maintained by the Company and
Statutory Reports
f. The Securities and Exchange Board of
also the information provided by the Company, its officers, India (Registrars to an Issue and Share Transfer Agents)
agents and authorized representatives during the conduct Regulations, 1993 regarding the Companies Act and
of secretarial audit, we hereby report that in our opinion, the dealing with client; Not Applicable
Company has, during the audit period covering the financial g. The Securities and Exchange Board of
year ended on 31st March 2021 complied with the statutory India (Delisting of Equity Shares) Regulations, 2009;
provisions listed hereunder and also that the Company has Not Applicable and
proper Board processes and compliance mechanism in place
h. The Securities and Exchange Board of India (Buyback of
to the extent, in the manner and subject to the reporting
Securities) Regulations, 1998; Not Applicable
made hereinafter.
We further report that, having regard to the compliance
We have examined the books, papers, minute books, forms system prevailing in the Company and on the examination
and returns filed and other records maintained by Tata Power of relevant documents and records in pursuance thereof,
Delhi Distribution Limited (“the Company”) for the financial on test check basis, the Company has complied with the
year ended on 31st March 2021 according to the provisions of: following laws applicable specifically to the Company
i. The Companies Act, 2013 (the Act) and the rules • The Electricity Act, 2003
made thereunder; • The Electricity (Supply) Act, 1948

Board's Report
• The Indian Electricity Rules, 1956 Increase in Authorised Share Capital of the
• The Rules, regulations and applicable Company and amendment in the Capital Clause of
order(s) under Central and State Electricity the Memorandum of Association by Capitalization of
Regulatory Commission/Authority reserves of the Company through issue and allotment
of New Bonus Equity Shares at par amounting to ₹ 500
• The Energy Conservation Act, 2001
crore to the existing shareholders of the Company
The Company has also complied with various provisions
The Company had increased its authorized share
of Labour Laws and Environment Laws to the extent
capital from the existing authorised share capital
applicable to the Company.
of ₹ 1,250,00,00,000/- (Rupees One Thousand Two
Hundred and Fifty Crore only) divided into 75,00,00,000
We have also examined compliance with the applicable
(Seventy Five Crore) Equity Shares of ₹ 10/- (Rupees Ten
clauses of the following:
Only) each aggregating to ₹ 750,00,00,000 (Rupees Seven
i. Secretarial Standards issued by The Institute of Hundred and Fifty Crore only) and 5,00,00,000 (Five Crore),
Company Secretaries of India: Secretarial Standard-1 12% Cumulative Redeemable Preference Shares of
on the Meetings of the Board of Directors and ₹ 100/- (Rupees Hundred Only) each aggregating to
Secretarial Standard-2 on General Meetings. ₹ 500,00,00,000 (Rupees Five Hundred Crore only)
ii. The Listing Agreements entered into by to ₹ 1,750,00,00,000/- (Rupees One Thousand Seven
the Company with Stock Exchange(s), if Hundred and Fifty Crore only) divided into 125,00,00,000
applicable; Not Applicable (One Hundred Twenty Five Crore) Equity Shares of ₹ 10/-
(Rupees Ten Only) each aggregating to ₹ 1,250,00,00,000
During the period under review, the Company has complied (Rupees One Thousand Two Hundred and Fifty Crore only)
with the provisions of the Acts, Rules, Regulations, and 5,00,00,000 (Five Crore) 12% Cumulative Redeemable
Guidelines, Standards, etc. as aforesaid. Preference Shares of ₹ 100/- (Rupees Hundred Only)
each aggregating to ₹ 500,00,00,000 (Rupees Five
We further report that Hundred Crore only) by creation of additional 50,00,00,000
(Fifty crore) Equity Shares of ₹ 10/- (Rupees Ten Only)
The Board of Directors of the Company is duly constituted each aggregating to ₹ 500,00,00,000 (Rupees Five
with proper balance of Non-Executive Directors, Hundred Crore only) ranking pari-passu with the existing
Women Directors and Independent Directors. There equity shares of the Company.
were no changes in the composition of the Board of
Directors during the period under review. The Company had capitalized a sum of ₹ 500 crore standing
to the credit of the capital redemption reserve account of
Adequate notice is given to all Directors to schedule the the Company for the purpose of issue and allotment of
Board Meetings, agenda and detailed notes on agenda New Bonus Equity Shares (50 crore of ₹ 10/- each) at par,
were sent at least seven days in advance, and a system credited as fully paid-up equity shares to the holders of the
exists for seeking and obtaining further information and existing equity shares of the Company in consideration of
clarifications on the agenda items before the meeting their shareholding i.e. 51% of total bonus equity shares to
and for meaningful participation at the meeting. The Tata Power Company Limited, which holds 51% shares
Majority decision is carried through while the dissenting in the Company and 49% of total bonus equity shares to
members’ views are captured and recorded as part Delhi Power Company Limited, which holds 49% shares
of the minutes. in the Company.
We further report that there are adequate systems and For Siddiqui & Associates
processes in the Company commensurate with the size Company Secretaries
and operations of the Company to monitor and ensure
compliance with applicable laws, rules, regulations Place: New Delhi K.O.SIDDIQUI
and guidelines. Date: 14th April 2021 FCS 2229; CP 1284
UDIN:F002229C000087041
We further report that during the audit period the
Company had no specific events or actions which are having
a major bearing on the Company’s Affairs in pursuance This Report is to be read with our letter of even date which is annexed as
of the above referred laws, rules, regulations, guidelines, Annexure A and forms an integral part of this report.
standards, etc. referred to above except as under:
‘Annexure A’ 3. We have not verified the correctness and appropriateness
of financial records and Books of Accounts of the Company.
To, 4. Wherever required, we have obtained the
Overview
The Members, Management representation about the compliance of
Tata Power Delhi Distribution Limited laws, rules and regulations and happening of events etc.
NDPL House,
Hudson Lines, Kingsway Camp, 5. The compliance of the provisions of Corporate and
Delhi 110 009 other applicable laws, rules, regulations, standards is the
responsibility of management. Our examination was limited
to the verification of procedures on test basis.
Our report of even date is to be read along with this letter.
6. The Secretarial Audit report is neither an assurance as to

1. Maintenance of secretarial record is the responsibility the future viability of the Company nor of the efficacy or
of the management of the Company. Our responsibility effectiveness with which the management has conducted
is to express an opinion on these secretarial records the affairs of the Company.
based on our audit.
For Siddiqui & Associates
2. We have followed the audit practices and processes as Company Secretaries
were appropriate to obtain reasonable assurance about
the correctness of the contents of the Secretarial records. Place: New Delhi K.O.SIDDIQUI
The verification was done on test basis to ensure that Date: 14th April 2021 FCS 2229; CP 1284
correct facts are reflected in secretarial records. We believe UDIN: F002229C000087041

that the processes and practices, we followed provide a
reasonable basis for our opinion.
Statutory Reports

Board's Report
ANNEXURE - V : ANNUAL REPORT ON CSR ACTIVITIES

1. Brief outline on CSR Policy of the Company:

Tata Power is committed to ensuring the social wellbeing of the communities in the vicinity of its business operations through
Corporate Social Responsibility initiatives (CSR) in alignment with Tata Group Focus Initiatives.
Tata Power shall engage with the community by undertaking the following principles and activities:
• Consult pro-actively with the community and other key stakeholders for understanding needs and designing initiatives for
the social wellbeing of the community.
• Undertake activities as per 5 major thrust areas, which include: -

1. Education
2. Health and Sanitation
3. Livelihood & Skill Building
4. Financial Inclusivity
5. Water (Drinking and Irrigation)
The Company focussed on synergy, scale and simplification for process improvement. 15 key initiatives across locations
helped to achieve scale and deliver sustainable results and change to the communities. Tata Power Community Development
Trust (TPCDT) has internal capabilities to execute CSR programs effectively and efficiently. The Company’s CSR policy, including
overview of projects or programs undertaken or proposed to be undertaken, is provided on the Company’s website.
2. Composition of CSR Committee:
Sl. Name of the Director Category of Directorship No. of CSR Committee No. of CSR Committee
No. Meetings held during tenure Meetings attended
(i) Ms. Anjali Bansal, Chairperson Independent, Non-Executive 4 4
(ii) Mr. K. M. Chandrasekhar Independent, Non-Executive 4 4
(iii) Dr. Praveer Sinha Executive 4 4
3. Web-link where composition of CSR committee, CSR Policy and CSR projects approved by the board are disclosed on the
website of the company:
https://www.tatapower.com/corporate/board-committees.aspx
https://www.tatapower.com/pdf/aboutus/csr-policy.pdf
https://www.tatapower.com/sustainability/social-capital/thrust-areas.aspx
4. Impact assessment of CSR projects carried out in pursuance of sub-rule (3) of rule 8 of the Companies (Corporate Social
Responsibility Policy) Rules, 2014, if applicable (attach the report): Not Applicable
5. Details of the amount available for set off in pursuance of sub-rule (3) of rule 7 of the Companies (Corporate Social
Responsibility Policy) Rules, 2014 and amount required for set off for the financial year, if any: Not Applicable
Sl. Financial Year Amount available for set-off from Amount required to be set off for the
No. preceding financial years (in ₹) financial year, if any (in ₹)
---------------------------------------------------------------------------------NA--------------------------------------------------------------
6. Average net profit of the company as per section 135(5): ₹ 172.63 crore
7. (a) Two percent of average net profit of the company as per section 135(5): ₹ 3.45 crore
(b) Surplus arising out of the CSR projects or programmes or activities of the previous financial years.: NA
(c) Amount required to be set off for the financial year, if any: NA
(d) Total CSR obligation for the financial year (7a+7b-7c): ₹ 3.45 crore
Overview
8. (a) CSR amount spent or unspent for the financial year:
Total Amount Amount Unspent (in `)

Spent for the Total Amount transferred Amount transferred to any fund specified under
Financial Year to Unspent CSR Account as Schedule VII as per second proviso to section 135(5)
(in `) per section 135(6)
Amount Date of Transfer Name of the Fund Amount Date of Transfer

₹ 3.45 crore ------------------------------------------------------------NA-----------------------------------------------------------
(b) Details of CSR amount spent against ongoing projects for the financial year:
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)
Sl. Name Item Local Location Project Amount Amount Amount Mode Mode of
No. of the from area of the duration allocated spent in transferred of Implementation -
Project the (Yes/ project for the the to Imple- Through Imple-
list of No) project current Unspent men menting Agency
activities (in `) financial CSR tation -

in Year Account Direct
Schedule (in `) for the (Yes/No)
VII to project
the Act as per
Section
135(6)
(in `)
State District Name CSR
Registration
number
---------------------------------------------------------------------------------NA------------------------------------------------------------------
Statutory Reports


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

Sl. Name Item Local Location Amount Mode Mode of
No. of the from area of the spent of Implementation -
Project the (Yes/ project for the Implemen Through Imple-
list of No) project tation - menting
activities (in ` crore) Direct Agency
in State District (Yes/No) Name CSR
Schedule Registration
VII to number
the Act
1. Education Item (ii) Yes • Maharashtra Pune 0.14 Yes TPCDT CSR00002946
• West Bengal Purba
Medinipur
2. Health Item (i) Yes • Maharashtra Mumbai & 0.54 Yes TPCDT CSR00002946
and Pune
Sanitation • West Bengal Purba
Medinipur
3. Livelihood Item (ii) Yes • Maharashtra Mumbai, 2.21 Yes TPCDT CSR00002946
and Pune &
Skill Building Palghar
• West Bengal Purba
Medinipur
4 Financial Item (i) Yes Maharashtra Mumbai & 0.28 Yes TPCDT CSR00002946
Inclusivity Pune
5 Others Item (ii) (x) Yes Maharashtra Mumbai & 0.22 Yes TPCDT CSR00002946
Pune
TOTAL 3.39
(d) Amount spent in Administrative Overheads: ₹ 0.06 crore

(e) Amount spent on Impact Assessment, if applicable: Nil
(f) Total amount spent for the Financial Year (8b+8c+8d+8e): ₹ 3.45 crore
(g) Excess amount for set off, if any: Nil
Sl. No. Particular Amount (in ₹ crore)

(i) Two percent of average net profit of the company as per section 135(5) 3.45
(ii) Total amount spent for the Financial Year 3.45
(iii) Excess amount spent for the financial year [(ii)-(i)] NIL
(iv) Surplus arising out of the CSR projects or programmes or activities of the previous NIL
financial years, if any
(v) Amount available for set off in succeeding financial years [(iii)-(iv)] NIL
9. (a) Details of Unspent CSR amount for the preceding three financial years:
Sl. Preceding Amount Amount Amount transferred to any fund specified under Amount
No. Financial transferred spent in the Schedule VII as per section 135(6), if any remaining
Overview
Year to Unspent reporting Name Amount Date of to be spent
CSR account Financial Year of the (in ₹) transfer in succeeding
under (in ₹) Fund Financial
section 135 Year
(6) (in ₹) (in ₹)
------------------------------------------------------------------------NA ------------------------------------------------------------------------
(b) Details of CSR amount spent in the financial year for ongoing projects of the preceding financial year(s):

(1) (2) (3) (4) (5) (6) (7) (8) (9)
Sl. Project Name Financial Year Project Total Amount Cumulative Status of the
No. ID of the in which the duration amount spent on the amount project -
Project project was allocated project in spent Completed
for the the
commenced at the end of / Ongoing
project reporting
Financial reporting
(in ₹)
Year Financial
(in ₹) Year.
(in ₹)
------------------------------------------------------------------------NA ------------------------------------------------------------------------

10. In case of creation or acquisition of capital asset, furnish the details relating to the asset so created or acquired through
CSR spent in the financial year (asset-wise details): NA
(a) Date of creation or acquisition of the capital asset(s): NA
(b) Amount of CSR spent for creation or acquisition of capital asset: NA
(c) Details of the entity or public authority or beneficiary under whose name such capital asset is registered, their
address, etc: NA
(d) Provide details of the capital asset(s) created or acquired (including complete address and location of the capital asset): NA
Statutory Reports
11. Specify the reason(s), if the company has failed to spend two per cent of the average net profit as per section 135(5): NA
Praveer Sinha Anjali Bansal

CEO & Managing Director Chairperson, CSR Committee
(DIN: 01785164) (DIN: 00207746)
Mumbai
12th May 2021

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

a) The ratio of the remuneration of each director to the b) The percentage increase in remuneration of each
median remuneration of the employees of the Company for director, Chief Financial Officer, Chief Executive Officer,
the financial year: Company Secretary or Manager, if any, in the financial year:
Name of Director Ratio of Director’s Name of Director and Percentage increase
remuneration to the Key Managerial Personnel in remuneration in
median remuneration the financial year
of the employees Mr. N. Chandrasekaran $ N.A.
of the Company for
the financial year Ms. Anjali Bansal 20.22
Ms. Vibha Padalkar 12.58
Mr. N. Chandrasekaran $ N.A.
Mr. Sanjay V. Bhandarkar 18.82
Ms. Anjali Bansal 4.71
Mr. K. M. Chandrasekhar 21.11
Ms. Vibha Padalkar 5.05
Mr. Hemant Bhargava 28.23
Mr. Sanjay V. Bhandarkar 5.05
Mr. Saurabh Agrawal # N.A.
Mr. K. M. Chandrasekhar 4.67
Mr. Banmali Agrawala # N.A.
Mr. Hemant Bhargava 3.83
Mr. Ashok Sinha 64.17
Mr. Saurabh Agrawal # N.A.
Dr. Praveer Sinha, CEO and 33.64
Mr. Banmali Agrawala # N.A. Managing Director (KMP)
Mr. Ashok Sinha 5.01 Mr. Ramesh N. Subramanyam, (5.57)

Chief Financial Officer (KMP)
Dr. Praveer Sinha, CEO and 50.90
Managing Director Mr. Hanoz M. Mistry, 0.01
Company Secretary (KMP)
$ As a policy, Mr. N. Chandrasekaran, Chairman, has abstained from receiving Commission from the Company and hence, not stated.
# In line with the internal guidelines of the Company, no payment is made towards Commission to the Non-Executive Directors of the
Company, who are in full time employment with another Tata Company and hence, not stated.
c) The percentage increase in the median remuneration of • Average increase in remuneration of

employees in the financial year: (11.36%). Managers (defined as MD and ED on the Board of
your Company) was 33.64%.
d) The number of permanent employees on the rolls of the
company: 2,673. f) Affirmation that the remuneration is as per the
remuneration policy of the Company:
e) Average percentile increase already made in the salaries of
employees other than the managerial personnel in the last It is affirmed that the remuneration is as per the
financial year, its comparison with the percentile increase 'Remuneration Policy for Directors, Key Managerial
in the managerial remuneration, justification thereof and Personnel and other employees' adopted by the Company.
point out if there are any exceptional circumstances for
increase in the managerial remuneration: On behalf of the Board of Directors,
• Average percentile increase in the salaries of
employees other than managerial personnel N. Chandrasekaran
was 7%. Chairman
Mumbai, 12th May 2021 (DIN: 00121863)
Management Discussion & Analysis
1. Industry Developments by International Renewable Energy Agency (IRENA). Share

Global Power Sector of renewables in new capacity additions rose considerably

The global power sector is on the cusp of a major for the second year in a row, accounting for more than 80%
transformation with new energy sources and new players of the capacity additions, with solar and wind accounting
Overview
entering the arena of energy supply. Nations, corporates, for 91% of the renewables. As per International Energy
individuals across the globe are rising to the cause of Agency (IEA) World Energy Outlook 2020, renewables
climate change, and are consciously opting for greener are expected to overtake coal as the primary means of
sources of energy, resulting in the rising share of producing global electricity in 2025.
renewables in the debate on power sector’s transition While the general sentiment is against coal globally, coal
portfolio mix. The COVID-19 pandemic has further projects are unlikely to be halted overnight. The global
stimulated the debate on power sector’s transition from coal plant pipeline remains concentrated in the Asian
fossil fuels to cleaner energy sources. Additionally, electric economies, mostly in China. Coal capacity expansion is
vehicles, digitalisation, battery storage, cyber security, expected to face an overall squeeze, with global financiers

big data analytics, hydrogen fuel are some of the key increasingly withdrawing from coal projects and global
emerging trends that could profoundly define the way capital focusing on Environmental, Social and Governance
the global power and renewable markets operate in the (ESG) norms as an investment criterion. Even non-power
coming years. companies are not unscathed by this transformation.
The COVID-19 pandemic brought about unprecedented The lucrative renewables market has garnered interest
changes in 2020 to the power sector worldwide, with among oil and gas majors as well, with many increasingly
significant demand disruptions, supply chain bottlenecks, investing in green energy, prompted by revenue
decline in fuel prices, changes in energy consumption diversification, future-readiness and government
profiles, asset sales and acquisitions. It imparted the worst regulation on carbon emissions. Declining oil prices and
ever impact delivered by any crisis on the global economy

rising share of renewables in the global primary energy
and the power sector. Global Gross Domestic Product mix is promoting the increased energy transition of oil and
(GDP) posted the biggest decline of -3.3% as per IMF April gas companies into renewables. Many have announced
2021 report in the past 20 years and the power demand huge renewable plans while foraying into other segments
contraction of 1% was the sharpest registered in more such as retail power and gas distribution and Electric
than 50 years. Power demand is likely to recover slowly Vehicle (EV) charging.
from the COVID-19 disruptions, driven by developing
economies such as China and India, which have shown
Reduction in costs of newer technologies is helping
growth resilience and a steady increase in power demand, greater penetration of such technologies and shifting the
following the easing of lockdown measures. While the power profile towards more variable capacities. The same
extent of demand revival in 2021 remains to be seen, is leading to rising flexibility needs for power systems.
the roll out of vaccines and policy support-led revival in Coal and gas fired power plants are currently the main
economic activities (6% world GDP growth projected for source of flexibility in many systems, with additional
Statutory Reports
2021 by IMF) create grounds for the recovery of power contributions from hydro and nuclear. Energy storage
demand in most countries. systems are gaining strength, as evidenced from the rising
number of new solar projects that come with battery

With an increasing number of nations responding to storage, lower costs, improved performance indices and
the challenge of climate change, the energy landscape policy support are creating opportunities for battery
is undergoing change, with greater focus being lent to storage market. The global energy storage market grew
cleaner sources of energy. More than 100 countries have significantly even in the pandemic year, achieving record
pledged carbon neutrality by 2050 and many more such installations of 5.3 GW in 2020 from 3.4 GW in 2019, led by
commitments are on the horizon. Similar announcements China, and followed by the US and Europe. It is expected
on the corporate front have gathered pace worldwide. Be to grow substantially in the next couple of years, with the
it energy companies or those in the IT/technology space, Asia-Pacific region accounting for more than 50% of the
both utility and non-utility companies are undertaking
global market share.

100% carbon free initiatives.
EV have been in the spotlight for a while now and
Falling costs of wind and solar power are making way are witnessing significant growth owing to growing
for increased investments in renewables that are now environmental concerns and the rising demand for
the preferred mode for energy generation and sourcing. sustainable and energy-efficient transportation.
Renewable capacity addition has beaten all previous Governments across the world have introduced various
records, with more than 260 GW being added in 2020, schemes to incentivize EV purchase over conventional
exceeding 2019 growth by 50% as per the report released vehicles. Strong demand for EVs in a tough year was a

Management
Discussion & Analysis
bright spot in the automotive industry. Sales grew by Indian Power Sector
39% to 3.1 million units in 2020, compared to a 14% sales
India’s power sector witnessed many successes in the
decline in the total passenger car market in the year.
recent years, including energy access being extended to
Several car manufacturers are announcing new EV targets
millions of households, the adoption of energy-efficient
and this is encouraging industry participants to invest in
LED lighting by most households and expansion of
the EV supply chain, including large power utilities and
renewable power sources, led by solar. However, the
oil majors who are investing in EV charging infrastructure
COVID-19 crisis has complicated the efforts to resolve
through acquisitions. This market segment is also
other pressing issues that loom large across the power
attracting a lot of start-ups with new innovative charging
value chain. Among these are reliable power supply,
solutions.
the ailing financial health of Distribution Companies

Green hydrogen is the next level of technological (Discoms) and rising pollution levels.
advancement that is gaining traction. This has captured
The year 2020 was marked by one of the biggest health
the attention of political and market players, given the
challenges faced by the world. It impacted all segments
immense role it can play in energy transition. Recognising
of the economy, and the power sector was no exception.
its potential to disrupt the energy sector, some countries
India’s demand for power fell significantly by 8.5% in the
have already set ambitious targets to advance their green
first half of FY21 but picked up pace in the second half
hydrogen strategies. The global race to develop this
of the fiscal, with the easing of lockdown measures. In
nascent and costly technology gathered momentum with
fact, the country recorded the highest ever peak power
2021 witnessing over 30 countries release their hydrogen
utilisation of 190 GW in FY21.
roadmaps. As per a Hydrogen Council report, there are
more than 200 large-scale projects for a combined $ 300 India’s growing urban population, revival in economic
billion of proposed investment through 2030. Around $ 80 activities in the coming quarters after a sizable
billion of this amount has gone into advanced planning population gets vaccinated and its quest for affordable,
or has passed a final investment decision or has gone clean and reliable power provide a huge scope for
to projects that are under construction or have been continued growth in power demand.
commissioned. Scaling up of projects with the right policy

The coal sector is set for revival in 2021, buoyed
framework in place, could help in faster decline of costs,
by improving economic activities, although the
making green hydrogen a strong contender among green
government’s thrust on renewable energy sources
technologies.
continues and the need for clean energy appearing to be

Decarbonisation of power systems is resulting in more pressing than in pre-COVID times. The Government
decentralised power generation, which is making of India is focussing on renewable energy growth in
digitalisation essential to serve varied needs. The three alignment with sustainability and carbon emission
Ds – Decentralisation, Decarbonisation and Digitalisation reduction targets. It plans to raise renewable energy
– are driving transformation of the energy sector, creating capacity from targeted level of 175 GW in 2022 to 450 GW
opportunities for new business models like Energy-as- by 2030. Even India’s coal behemoth, Coal India Limited
a-Service (EaaS), which is likely to further disrupt the (CIL), and its largest thermal power PSU, NTPC Limited,
utility sector. The future of power utilities is not about are diversifying into cleaner energy technologies.
just selling energy, but also technology, analytics,

Another major focus area of the government has
personalised services and even access to the grid. The
been increased participation of private players in the
focus is shifting from asset-focused, centralised power
Transmission and Distribution (T&D) space, through
generation and its sale to consumers, to offering end-
the Tariff-based Competitive Bidding (TBCB) route in
to-end management of a customer’s energy assets and
transmission and PPP (Public-Private Partnership) or
services. Digitalisation forms the most important element
franchisee models in the distribution segment in a bid
in offering such customised services, thus giving IT and
to improve performance. Distribution continues to be
technology firms the extra edge. Given the requirements
the weakest link in the power value chain, which faces
of physical, communication and digital infrastructure, a
challenges of high Aggregate Technical & Commercial
wide range of players can be a part of the future power
(AT&C) losses, insufficient tariff hikes resulting in a
market, capitalising on their strengths and leading to
widening Average Cost of Supply (ACS)–Average Revenue
a lot of collaboration and Merger & Acquisition (M&A)
Realised (ARR) gap, accumulation of regulatory assets
activities. Though still relatively nascent, this market is
and cross-subsidisation. COVID-19 induced challenges
poised to grow and diversify, especially with the advent of
EVs, smart cities and energy storage.
led to further deterioration in the financial position of energy has garnered interest among global investors, and
Discoms as the deferment of bill payments by consumers this is reflected in project tenders getting oversubscribed
reduced collections, thereby putting pressure on their amid strong participation by global investors and the
revenues and limiting their ability to pay the Generating cost of solar projects dropping further, as seen in the new
Overview
Companies (Gencos). This is further adding to the stress record low tariff of ₹ 1.99/unit discovered in 500 MW solar
in the sector. Given the importance of the segment, the projects of the Gujarat Urja Vikas Nigam Ltd. (GUVNL).
government focused on power sector reforms even Sustained enabling regulations for the renewables sector
during COVID-19 with some landmark initiatives to help are visible through various policy interventions by the
Discoms overcome the challenges. government, catering to both the demand and supply
side, such as the ‘Must Run’ status for renewables, lifting

Government has over the last year moved several
of the tariff cap, thrust on domestic solar manufacturing,
regulatory and legislative changes to bring in reforms
enhancing the Pradhan Mantri Kisan Urja Suraksha evam
in the sector. Some of these changes are covered in
Utthaan Mahabhiyan (PM-KUSUM) scheme, priority sector
the following section and the key highlights include

lending, Domestic Content Requirement (DCR) projects
privatization of Discoms in States and Union Territories, a
and so on. However, delay in Power Purchase Agreement
special one-time liquidity infusion of ₹ 90,000 crore (that
(PPA) tie-ups, renegotiation/cancellation of bids, land
was scaled up to ₹1.35 lakh crore), focus on consumer
issues, supply chain disruptions, etc. are some of the
rights through the Draft Electricity (Rights of Consumers)
challenges that need to be resolved for the sector to meet
Rules, 2020, impetus to domestic solar manufacturing
its targeted growth
through Basic Custom Duty (BCD) imposition and
Performance Linked Incentives (PLI) scheme, opening
up commercial mining for private players, and INSTALLED CAPACITY (GW)
announcement of ₹3.05 trillion reform-based result
linked scheme for distribution. The success of some of
209

these interventions like privatisation of Odisha Discoms
will be key for setting trend in the sector.
Generation
India’s installed generation capacity stands at 382.15 GW
as on 31st March 2021, which excludes 55 GW of captive
generation capacity. Grid connected capacity addition
94
94
during FY21 was 12 GW vis-à-vis 14 GW in FY20.
Thermal Generation
46
38
Coal-based capacities still account for more than half of
25
18
18
India’s total installed capacity, though the share has been
7
5
Statutory Reports
consistently declining over the past ten years from 75% in
1
1
FY11 to about 55% in FY21, indicating subdued investor Coal Gas Nuclear Hydro Renewables Others
interest in the sector. This is also evident in the Plant FY11 FY21
Load Factor (PLF) of thermal plants that have witnessed a
(Source: MoP, GoI, CEA)
declining trend in the last decade, falling from 75% in FY11
to 54.49% in FY21. Fuel
Coal produced by CIL and its subsidiaries declined by 1%
Renewable Generation during FY21 to 596 MT (from 602 MT in the previous fiscal),
Installation of renewables capacity has been on the rise missing its FY21 target of 660 MT. The decline is mainly
from 11% share in FY11 to 25% in FY21. Several policy due to lower demand from power plants during the
initiatives by the government have provided the much- fiscal amid reduced electricity requirement. Thermal coal
needed boost to the sector. Favourable cost economics has imports declined sharply by 18% due to firm prices and
also provided impetus for the rapid increase in renewable high freight rates in the international market.
based capacities. The government’s push towards clean

Management
transmission lines for solar parks under Green Corridor II

GLOBAL COAL PRICE AND (Under Green Corridor-I, Power Grid Corporation of India
INDIA’S COAL IMPORTS Limited is responsible for strengthening transmission
140 7.00 networks and constructing inter-state transmission
120 6.00 network for connecting renewable energy-rich states)
Coal Price (USD/tn)
Coal Imports (MT)

100 5.00
and open-up private participation, which is still limited to
80 4.00
60 3.00
7%, the government has decided to award these projects
40 2.00 to private players through TBCB.
20 1.00
0 0.00
Distribution
Apr-18
Sep-18
Feb-19
Jul-19
Dec-19
May-20
Oct-20
Mar-21

The distribution sector in India is going through a
transformation. The issues of AT&C losses, payables to
Global Coal Price Movement (USD/tn) Gencos and overall effective management of the utility
Coal Import by Power Plant (MT) have been affecting the performance of the sector over the
years. Discoms’ overdue to Gencos had crossed the ₹ 1 lakh
(Source: World Bank, CEA)
crore mark in FY21 and stood at ₹ 67,417 crore as of February

Transmission 2021, indicating the stress in the sector. The government

The backbone transmission system in India is mainly has announced schemes and decisions towards addressing
through 765 kV, 400 kV and 220 kV AC networks, with the the issues in the sector with a liquidity injection of ₹ 90,000
highest transmission voltage level being 800 kV (HVDC). crore (scaled up to ₹ 1.35 lakh crore) being announced
Total transmission lines and substation capacity reached under the COVID-19 relief package in May 2020. It also
nearly 4.42 lakh Ckms and 10.25 lakh MVA respectively, announced the push for the privatisation of Discoms of
reflecting an increase of about 16,750 Ckms and 57,575 Union Territories (UT) and states. The Electricity Amendment
MVA over the previous year. The National Electricity Plan Bill under discussion also highlights several measures
(Volume II-Transmission) i.e. NEP-Trans, has been notified planned, including delicensing the distribution business to
to review the development of transmission system during increase competition in the sector and improve services for
the 12th Plan Period, the current planning period 2017-22 the customers. The Union Budget 2021-22 also saw a ₹3.05
and the subsequent period 2022-27. trillion reform scheme for system improvement and smart
metering in the distribution sector. Effective implementation

With changing power generation mix on account of
of the proposed reforms would be key to ensuring the long
increase in renewables, the government is emphasizing
term recovery and sustenance of the sector in the country.
on augmenting the transmission infrastructure to support
demand growth. In order to expedite the development of
The past year saw the distribution utilities of Odisha
(CESU, WESCO, NESCO & SOUTHCO) entering into PPP for
improving their performance. The bids for privatisation in
ALL INDIA AT&C LOSS, % UTs of Chandigarh, Dadra and Nagar Haveli and Daman
and Diu had also been floated and are in advanced stages.
Many other states and UTs are also evaluating the PPP route,
which opens the opportunity for better supply and services
for 4.5 crore customers across the country. With reform
schemes focusing on operational and financial performance
improvement, opportunities for services segment including
smart meters, smart grids, LED street lighting and advisory
services projects are also expected to get an impetus.

Power Trading
Around 133 Billion Units (BUs) of electricity were traded
in the short-term power market during FY21, as compared
to a total of 137 BUs traded during FY20. Out of this,
22.28
23.50
22.03
23.96
19.10
about 47% of the trading took place on power exchange

platforms. The trading margins were under immense
FY 20
FY 16
FY 18
FY 19
FY 17
pressure due to the stiff competition amongst traders. The

market is concentrated among ~10 larger players, with the
remaining traders operating in regional pockets largely
(Source: PFC Report on Performance of State Power Utilities 2018-19, for trading their own power.
UDAY portal)
At ₹ 2.819 per unit, the average clearing price for spot Maharashtra:
markets in FY21 decreased by 6% as compared to the • Maharashtra Electricity Regulatory Commission (MERC)
previous fiscal. This decrease is largely attributable notified the Consumer Grievance Redressal Forum &
to lower demand, primarily because of the impact of Electricity Ombudsman Regulations, 2020, directing
Overview
COVID-19 in FY21 on the economy and the manufacturing the distribution licensees to establish a forum and web-
sector, and higher merchant capacity available for power based portal for redressal of consumer grievances/
sale on exchange platforms. complaints. The forum shall take cognisance and
redress the grievances as per the priority order set out
Regulatory and Policy Developments in the regulations
Regulatory and policy reforms in the sector are critical,
given the current challenges across the value chain. The ERC notified the Electricity Supply Code and
y M
Ministry of Power issued the Electricity Amendment Bill Standards of Performance of Distribution Licensees
2021, which, inter alia, proposes to replace the process of including Power Quality Regulations, 2021. As per

distribution license with the proposed Discom registration the said regulations, special system of supply, including
process. This would ultimately enable consumers to choose multiple source of supply for specific consumers, may be
one from multiple Discoms. Essentially, the Electricity adopted. Further, the regulations specify that the cost
Amendment Bill 2021 delicenses the distribution business, of network for providing connection to an extra high
brings in competition, the appointment of member from voltage consumer shall be borne by the Transmission
law background in every commission, strengthens the Licensee. The Commission vide the said regulations
Appellate Tribunal for Electricity (APTEL) and prescribes has also directed that all the new connections shall be
rights and duties of consumers. released with smart meter or meter having the facility
of remote reading.
In addition, Electricity (Rights of Consumers) Rules, 2020,
notified on 31st December 2020, establishes the rights of y MERC notified the State Grid Code, 2020 with the

consumers, including the rights of prosumers. Further, the aim to lay down the rules, guidelines and standards to
Rules inter alia have stringent provisions for timelines for be followed by state entities and users of Intra-State
new connections and mandatory use of smart/prepayment Transmission System (InSTS).
meters and so on. The State Commissions are expected to
CERC & JSERC
notify the standards of performance for the distribution
•
Jharkhand State Electricity Regulatory Commission
licensees.
(JSERC) notified the Multi Year Tariff (MYT)
The Ministry of Power also notified the Electricity (Late Regulations, 2020, applicable for the control period
Payment Surcharge) Rules, 2021 on 22nd February 2021. In from FY22 to FY26, wherein the Hon’ble Commission
the said Rules, late payment surcharge is linked to marginal has mostly kept the financial norms like the CERC Tariff
cost of funds-based lending rate for one year of the State Regulations 2019, except for few variations.
Bank of India.
y CERC (Terms and Conditions of Tariff) (First
Statutory Reports
On 26th February 2021, the Ministry of Power issued a letter
Amendment) Regulations, 2020.
on the ‘Implementation of Smart pre-payment meter/pre-
payment meter’. Vide the said letter, Discoms are, inter alia, CERC (Terms and Conditions of Tariff) (Second

required to provide all new connections through smart pre- Amendment) Regulations, 2021.
payment meters/pre-payment meters.
As envisaged in the Principal Regulations, the Central
On 31st March 2021, the Ministry of Environment, Forest Electricity Regulatory Commission (CERC) has amended
and Climate Change (MoEFCC) issued the Environment the Principal Regulations through First Amendment
(Protection) Amendment Rules, 2021 to further amend dated 3rd February 2021, to specify the regulatory
the Environment (Protection) Rules, 1986. The aforesaid framework including financial parameters, operational
amendment specifies relaxed timelines for compliance parameters and recovery mechanism for determination
with the emission norms for thermal generating plants of supplementary tariff for emission control system
that fall in different categories determined by a task force related to the Gencos covered under the jurisdiction of
constituted by the Central Pollution Control Board. Penal the Commission [Section 62 projects].
provision in the form of Environmental Compensation
The Second Amendment dated 19th February 2021 is
has been introduced if there is delay in completion of
meant for the Genco that has integrated mines and
installation of the emission control equipment.
stipulates provisions pertaining to determination of
Following are some of the important regulatory and policy input price of coal or lignite from integrated mine.
changes introduced in FY21:

Management
Coal contract of work (Ccow) license for KPC expires on 31st December 2021. The Company has already applied for extension
2x10 years. Ministry of Mines and Energy is reviewing the application. So far all relevant data pertaining to resources and
reserves, exploration, etc. has been submitted.
2. Tata Power Business Portfolio, Opportunities and Outlook

Your Company’s generation business operates under various business models across divisions in the domestic as well as
international markets, with the PPA/Fixed Tariff model contributing to the largest share of the generation segment. The
following is a summary of the different business models under which various generation assets of your Company operate:
Model Returns Project Capacity (MW) % Overall Capacity

Regulated Tariff Regulated return on equity Mumbai operations (Trombay and Hydro), 2,775 21.7
Maithon, Jojobera (Unit No 2 and 3),
TPDDL-Rithala
PPA/ Fixed Tariff Feed In Tariff+ Bid Driven Wind and Solar Projects (Domestic) 2,694 21.0
(Renewables)
PPA/ Fixed Tariff (Bid/ Bilateral Agreement +Bid Jojobera (Unit 1and 4), CGPL, Itezhi- 4,684 36.6
Others) Driven Tezhi, Hydro Projects, Georgia Hydro,
Kalinganagar-IEL-40 MW
Captive Bilateral Captive Agreement IEL (Unit 5, PH6, KPO), CKP (Indonesia) 429 3.3
Merchant Market Driven Haldia, Dagachhu 246 1.9
Under platform PPA Based Prayagraj 1,980 15.5
management
Total 12,808 100
In the last fiscal year, your Company had significantly expanded its footprint in power distribution business through PPP
model and is now present in the following areas:
Model Returns Distribution Area / Entity No. of Customers (million)

Distribution Licensee Regulated return on equity Mumbai Distribution 0.73
Public-Private-Partnership (PPP) Regulated + Bid conditions TPDDL, TPCODL, TPWODL, TPSODL and TPNODL* 10.92
driven
Distribution Franchisee (DF) Input energy growth and TPADL 0.15
investment driven
Total 11.80
*TPNODL acquired from 1st April 2021
The Indian market continues to remain the primary focus upcoming models of hybrid, round-the-clock (RTC) supply
of business for your Company. Currently, the domestic and renewables with storage. Opportunities in the captive
market accounts for more than 90% of its generation space for renewable generation are also being evaluated
capacity. As highlighted earlier, your Company has plans by your Company. With significant focus on ‘Make in India’,
in place to grow in the areas of renewable generation, your Company is also planning to expand its solar cells
transmission, distribution and new and service-led and modules manufacturing capacity in the coming year
businesses. to support its expansion plan as well as the renewables
Engineering, Procurement and Construction (EPC)

Renewables Generation Business for DCR tenders. Your Company had leveraged

Your Company is a leading player in the renewable this opportunity in last year and had doubled its solar PV
generation space, with presence across the value chain. manufacturing capacity to 1,100 MW of cell and modules
With the focus of the government on clean energy under Tata Power Solar Systems Limited (TPSSL).
transition, specifically solar-based generation, significant
growth opportunities in renewables (both organic Thermal and Hydro Generation
and inorganic) are expected to arise in the future. Your
In line with its intent of achieving carbon neutrality
Company plans to increase its footprint by capitalising before 2050, your Company plans to limit its exposure
on those opportunities through value-accretive projects. to coal-based projects and does not intend to expand
It will also evaluate opportunities for growth through its existing portfolio. Your Company does not have any
greenfield or brownfield expansion plans in the near term same effect. This would enable your Company to offer
but would continue to maintain the existing thermal and value-added services to its customers. With the increase in
hydro operations in a sustainable manner. Your Company EV adoption, your Company plans to cover the segments
will, however, be evaluating inorganic opportunities that of home, workplace and captive charging (including e-Bus
Overview
might come up in hydro power generation assets. It is also charging) through different models and approaches. It
looking at opportunities in Industrial Energy Limited (IEL) is also actively evaluating opportunities in the electric
waste heat recovery (WHR) based portfolio through its 3-wheeler and 2-wheeler charging market.
Joint Venture (JV) with Tata Steel Limited.
In the space of rooftop solar, your Company has presence

Additionally, your Company is evaluating growth in more than 180 districts of India and has rolled out
opportunities in services for thermal and hydro plants by differentiated value-added services with its offerings
leveraging its technical and operation expertise. across segments (residential, commercial and Industrial,
including corporates, owners, MSMEs, institutions and
Transmission
small commercial establishments). Your Company has

Your Company is significantly focusing on augmenting recognised the opportunities arising in rooftop solar
and upgrading transmission infrastructure in its Mumbai and is developing new offerings and models to enhance
operations. In addition, it will also look for suitable its adoption among consumers, including financing
opportunities including acquiring a few stressed solutions, extending the EPC model, recurring revenue
assets through M&A. While expanding its footprint, model and other value-added offerings.
your Company will also look at models for keeping the
Your Company has rolled out microgrids in rural India
expansions debt light.
to provide innovative solutions for the under-served
communities and expand the global microgrid footprint.

Distribution
It has installed around 161 microgrids till March 2021 and

With a view to improve the financial health of the

is evaluating different approaches and models for scaling
distribution sector in India, the government is actively
up this business.
looking at adopting the PPP route for state-run
distribution utilities. The last fiscal year saw a significant
Your Company has identified eight business-wide
progress towards this intent, with bids for many utilities Strategic Business Objectives (SBO) for a focused approach
of states and UTs under the PPP model. Your Company towards capitalising on the opportunities. You may refer
foresees a considerable number of opportunities in this to page number 21 of the Integrated Report for a detailed
space in the near future. During the last year, your Company explanation of these SBOs along with goals and action
acquired 4 new distribution entities in Odisha state (CESU, plans to achieve these objectives.
WESCO, SOUTHCO and NESCO). With this, your Company
now distributes electricity in the entire state of Odisha. It 3. Business Performance
will continue to pursue similar opportunities through the
Consolidated operations of your Company can be
PPP route in other states and UTs to fortify its leadership categorised into four segments: Generation, Transmission
Statutory Reports
position in this space. Moreover, it will continue to explore & Distribution, Renewables and Others. Report on
services business opportunities in both domestic and the performance and financial position of each of the
international markets. subsidiaries, JVs and associate companies has been
provided in Form AOC-1.

Consumer Businesses
Your Company has major plans to scale up Consumer
Your Company’s business performance in FY21 was
businesses such as rooftop solar, EV charging, solar mainly impacted by lower losses in Coastal Gujarat Power
pumps, microgrids, energy efficiency solutions and home Limited (CGPL), lower financing cost due to repayment of
automation. borrowings and stable operational performance across all
businesses. A sizable portfolio of your Company’s business
It has collaborated with Original Equipment Manufacturers under the regulated framework provides a steady and
(OEMs) to roll out EV charging infrastructure and aims to reliable source for its finances. Also, your Company’s
expand its presence further in many cities pf India. Your portfolio is suitably structured to capitalise on favourable
Company has also developed a robust software platform market conditions for market-linked businesses in its
for customers of EV charging and has released a mobile- portfolio while ensuring stable returns from the regulated
based application (Tata Power EZCharge) towards the businesses.

Management
Highlights of the operational performance of key entities improved by 4.2% and 0.3% respectively, through various
are listed below: initiatives taken during these two years.
Particulars FY21 FY20

Renewables
Tata Power Renewable Energy Limited - TPREL Generation Sales (MUs) 1,645 1,639
(1,246 MW) Net Sales (` crore) 1,190 1,203
Type of entity: Wholly owned subsidiary PAT (` crore) 320 183
Particulars FY21 FY20 PAT has increased mainly due to reversal of Minimum
Generation Sales (MUs) 2,329 2,162 Alternate Tax (MAT) credit in FY20 on adoption of the new
Net sales (` crore) 1,025 975 tax regime, coupled with lower debt servicing cost in FY21
on account of interest rate reset and prepayment of loans.
PAT (` crore) 13 (51)

TPREL’s higher sales were due to addition of 56 MW Tata Power Solar Systems Limited – TPSSL
solar capacity during the year and full year of operation Type of entity: Wholly owned subsidiary
of the capacity commissioned in FY21. During the year,
the company added 50 MW solar PV assets in operating
portfolio for the supply of power to captive consumers Net sales (` crore) 5,119 2,141
and 6 MW of rooftop solar assets. PAT (` crore) 208 123
PAT for the year increased due to dividend income from

TPSSL continues to demonstrate significant growth
Walwhan Renewable Energy Limited (WREL) and lower driven by growing demand for renewable power in the
interest cost on account of decrease in borrowing rates. country and capabilities of the company which have been
FY20 includes one-time impact of transition to the new augmented over time.
tax regime.

The sales from the Large Projects segment, which
TPREL and its subsidiaries are executing 1,314 MW solar PV contributes a major portion of sales for TPSSL, has increased
projects under long-term PPAs in Gujarat, Uttar Pradesh, by over three (3) times as compared to the previous year.
Maharashtra, Rajasthan and Jharkhand; 400 MW of this Further, the revenue from Rooftop Solar and Products
capacity will be based out of solar parks located in Gujarat segments increased by 56% and 30% respectively as
with long-term power tie up with GUVNL, and additional compared to the previous year. As a result of improved
120 MW is in non-solar park in Gujarat with long-term tie operations, the Company has seen an increase in PAT by
up with GUVNL. The company has also signed PPA with approximately two (2) times as compared to the previous
Tata Power Mumbai Distribution (TPC-D) for supply of 150 year.
MW from a project in Rajasthan. The company has signed
During the year, TPSSL commissioned 406 MW of utility-
a 100 MW PPA each with Uttar Pradesh Power Corporation
scale solar projects out of which 356 MW was for various
Limited (UPPCL), Noida Power Corporation Limited (NPCL)
third parties.
and Maharashtra State Electricity Distribution Company
Limited.
During the year, TPSSL doubled its manufacturing
capacity to 1,100 MW of cell and modules manufacturing.
The commissioned capacity at the end of FY21 was 1,246
In the solar products domain, the company was declared
MW, TPREL has entered into an agreement with Tata
a market leader, with over 30,000 solar agricultural pumps
Power for the purchase of 252 MW of renewable energy
installed in 16 states, a growth of more than 180% from
assets through a Business Transfer Agreement.
the previous year.
Walwhan Renewable Energy Limited – WREL
During the financial year, TPSSL saw significant growth
(Consolidated Financial statement) (1,010 MW)
in the rooftop solar domain and achieved a portfolio of
Type of entity: Wholly owned subsidiary (through TPREL)
406 MW of rooftop solar projects. The company also has an
WREL is a wholly-owned subsidiary of TPREL. It has an open order book of over 2,800 MW with value of around
operating capacity of 1,010 MW, out of which 864 MW ₹ 8,700 crore as on 31st March 2021.
is solar and 146 MW is wind power. A major part of the
TP Renewable Microgrid Limited - TPRMG
capacity is in Tamil Nadu, followed by Rajasthan, Madhya
Type of entity: Wholly owned subsidiary
Pradesh, Karnataka and Andhra Pradesh.
TPRMG has been setting up microgrids in rural villages of
The generation achieved by WREL in FY21 was 1,645 MUs,
Bihar (six districts) and Uttar Pradesh (three districts). The
marginally higher than 1,639 MUs achieved in FY20. In
company, as of 31st March 2021, has commissioned 161
FY21, the availability of wind and solar assets of WREL has
microgrids with an installed capacity of 4.83 MW, while
around 40 more microgrids (1.2 MW) are in various stages CGPL, Coal and Related Infrastructure Companies
of execution. The rural consumer base of the company has Coastal Gujarat Power Limited - CGPL (4,150 MW)
increased to 3,887 and the consumers are getting power Type of entity: Wholly owned subsidiary
supply from 156 operational microgrids.
Overview
As part of the value-added services delivery for its rural Generation Sales (MUs) 24,536 24,463
consumers, the company has launched mobile apps as Net sales (₹crore) 7,006 7,017
well as EMI scheme for new connections for its consumers.
PAT (₹ crore) (637) (891)
Further, the company has enabled the availability of
energy-efficient appliances and Micro finance institution Loss in FY21 was lower as compared to FY20 mainly due to
(MFI) linkage for Commercial and Industrial (C&I) lower fuel under-recovery on account of lower benchmark
consumers. In yet another sustainability initiative to coal price, effective coal procurement strategy and
enable microenterprises and farmers to save money and reduction in finance cost on pre-payment of long-term
safeguard environment, the company has aided migration loans.

of consumers using diesel generator to electric power
Under-recovery of fuel cost is listed below:
supply from the microgrid.
This business is a pioneering effort in meeting the energy
needs of rural villages through a viable business model. Total Revenue* (` crore) 7,006 7,037
EBITDA (` crore) 922 810
Renewables Division on Balance Sheet of the Parent Fuel under-recovery**
Company (379 MW) (in ` crore) (1,019) (1,066)*
Type of entity: Division (in ` per kWh) (0.42) (0.44)*
Particulars FY21 FY20 * Total revenue consists of Revenue from Operations and other income

Generation Sales (MUs) 555 643 ** Fuel under-recovery consists of total coal cost under recovery (Fuel
revenue net of coal costs).
The portfolio comprises 376 MW of wind assets and 3 MW
** Fuel under-recovery includes ₹ 230 crore Ind-AS 116 non-cash
of solar assets at Mulshi. The Company has entered into positive impact for FY20.
business transfer arrangement for transfer of 349 MW wind
and solar assets to wholly-owned subsidiaries, TPREL and It is pertinent to note that the increase in EBITDA in CGPL is
Tata Power Green Energy Limited (TPGEL), effective on or due to lower fuel under-recovery (due to lower benchmark
after 1st April 2021. This resulted in one-time benefit on coal price and blending) partially offset by negative fuel-
account of the reversal of deferred tax liability amounting to tariff escalation rate and higher forex loss pertaining to
₹ 131 crore. coal and freight exposures in FY21.
CGPL is also making efforts to reduce losses through
Tata Power Hydros (447 MW) initiatives like sourcing of low-cost coal from other
Type of entity: Division
Statutory Reports
geographies and increasing blending of low calorific
value coal.
Generation Sales (MUs)* 1,500 1,493
Coal & Infrastructure Companies
*Includes sales to Company’s distribution division
Your Company, through its subsidiaries, holds a 30%
Availability for the year was 98.64% which was also higher stake in PT Kaltim Prima Coal (KPC) and a 26% stake in PT
compared to the previous year as fewer major outages Baramulti Suksessarana Tbk (BSSR), which are strategic
were planned during the year. Significant reduction assets to hedge imported coal price exposure at CGPL and
in Auxiliary Power Consumption (APC) was achieved form an important part of the supply chain for its coal off-
through various energy conservation measures under take requirements.
sustainability initiatives.

Management
Your Company has signed an agreement to sell its 30% Trust Energy Resources Pte. Limited – TERPL
stake in PT Arutmin Indonesia and associated companies Type of entity: Wholly owned subsidiary
in coal trading and infrastructure. The aggregate
consideration for the stake is $401 million, subject to
certain closing adjustments and restructuring actions. Net sales (` crore) 1,003 1,086
The Company received $225 million till March 2021. Your PAT (` crore) 608 185
Company is pursuing steps to conclude this transaction.
PAT for FY21 includes gain from the sale of three (3) vessels
The mining license for KPC is due for renewal in December (MV Trust Agility, MV Trust Integrity and MV Trust Amity)
2021. KPC has made an application for renewal of along with contracts owned by TERPL. Post sale of vessels,
license and has submitted all necessary documents. The TERPL continues to perform freight services for CGPL at an
Government of Indonesia has amended the Mining Law, optimised freight rate under the Unified Freight Contract.
which now gives more clarity on certain conditions for
the extension. KPC is working with the Government of
Thermal Generation
Indonesia to secure the extension in accordance with the Maithon Power Limited – MPL (1,050 MW)
prevailing laws. Type of entity: Subsidiary (Tata Power: 74%, DVC: 26%)
PT Kaltim Prima Coal, Indonesia Particulars FY21 FY20
Generation Sales (MUs) 5,819 6,340
Net sales* (` crore) 2,503 2741
Coal Production (Million Tons) 59.1 61.2
PAT* (` crore) 311 338
Net sales* (` crore) 21,996 24,628
PAT* (` crore) 910 1,206 *Figures are on 100% basis. Your Company’s share is 74%.
*Figures are on 100% basis. Your Company’s share is 30%.

Profit for FY21 is lower mainly due to the impact of
favourable CERC orders in the previous year.
The coal price realisation for the year was at $48.8/tonne
as compared to $55.22/tonne in the previous year. KPC’s MPL maintained its strong financial position as evident
profitability was adversely affected due to drop in the from the ratings given by CARE and CRISIL for the long-
international coal price index. term facilities (CARE AA Stable & CRISL AA+) and short-
term (CRISIL A1+) bank facilities. MPL completed a railway
PT Baramulti Suksessarana Tbk, and PT Antang infrastructure project for coal transportation.
Gunung Meratus Indonesia
After getting in-principle approval from CERC, construction
work for setting up of the flue gas desulphurisation system
Coal Production (Million Tons) 10.7 11.7 has started.
Net sales* (` crore) 2,358 2,936
PAT* (` crore) 219 277 Industrial Energy Limited – IEL (415 MW)
*Figures are on 100% basis. Your Company’s share is 26%. Type of entity: Subsidiary (Tata Power: 74%, Tata Steel:
26%) (Joint Venture under Ind AS)
PAT is lower mainly due to lower average price realisation
at $29.7/tonne as compared to $35.1/tonne in the previous Particulars FY21 FY20
year. Generation Sales (MUs) 2,845 2,829
Net sales* (` crore) 298 301
The status of the infrastructure company at Indonesia, PT
Nusa Tambang Pratama was as under: PAT* (` crore) 112 149
*Figures are on 100% basis. Your Company’s share is 74%.
PT Nusa Tambang Pratama, Indonesia

IEL operates a 120 MW tolling coal-based plant in
Jojobera. It also operates a 120 MW co-generation plant
Net sales* (` crore) 935 1,065 (Powerhouse #6) in Jamshedpur, inside the Tata Steel plant,
PAT* (` crore) 653 639 which is based on blast furnace and coke oven gas. Two
*Figures are on 100% basis. Your Company’s share is 30%. out of the three units of 67.5 MW each of co-generation
plant at Kalinganagar, Odisha, are also under operation by
deploying production gases from Tata Steel’s plant.

PAT for the year is lower due to one-time impact in Transmission
the previous year on reversal of deferred tax liability Mumbai Transmission
amounting to ₹ 48 crore on account of the company The transmission assets, which are a part of the Mumbai
opting for the new tax regime from FY32 post full licence area, had a grid availability of 99.89% in FY21 as
Overview
utilisation of MAT credit. against the MERC norm of 98%. Availability was maintained
at high levels by proactive actions taken to reduce
The company has started executing the third turbine of
forced shutdowns. These included effective preventive
67.5 MW co-generation plant at Kalinganagar, Odisha,
maintenance practices, adoption of new technology and
based on discussions with Tata Steel for Phase II of the
digitalisation initiatives for condition monitoring and
steel plant. MoU has been signed with Tata Steel for
optimisation of planned outages by judicious planning and
multiple captive projects, including Captive Power Plant
execution.
# 2, various Coke Dry Quenching (CDQ) facilities, TRT
projects, DG projects and thermal projects. Particulars FY21 FY20
Grid Availability (%) 99.89 99.75

Trombay (930 MW) Transmission Capacity (MVA) 10,583 9,838
Type of entity: Division
Particulars FY21 FY20 Powerlinks Transmission Limited – PTL

Generation Sales (MUs)* 4,703 5,576 Type of entity: Subsidiary (Tata Power: 51%, PGCIL: 49%)
(Joint Venture under Ind AS)
*Includes sales to your Company’s distribution division.

The station achieved an availability of 92.3% in FY21
(compared to last year’s availability of 93.6%). Unit 5 Net sales* (` crore) 117 92
overhauling was successfully completed (all three turbine PAT* (` crore) 102 121

modules were overhauled). The plant had undertaken *Figures are on 100% basis. The Company’s share is 51%.
several operational improvement measures, including
reduction in make-up losses, optimising operational The average availability of the lines was maintained at
expenses and reducing store inventory etc. The lower 99.96% during FY21 (previous year availability stood at
station generation is because Unit #8 was out of service 99.97%) as against the minimum stipulated availability
for 184 days for zero scheduling due to the pandemic of 98.50%. The current year profit after tax is lower as
situation. compared to that of the previous year mainly due to
higher MAT credit on account of one-time impact due to
Jojobera (428 MW) change in MAT rate from 18.5% to 15% in FY20 as per the
Type of entity: Division New Tax Ordinance.
Particulars FY21 FY20 Distribution

Generation Sales (MUs) 2,523 2,681 Mumbai Distribution
Statutory Reports
The highlights of the Mumbai Distribution business are as
Jojobera plant achieved availability of 93% in FY21 from
follows:
the previous year level of 97%. This is mainly due to
lower offtake from Tata Steel on account of the COVID-19 Particulars FY21 FY20
pandemic. The Jojobera Division secured 5.7 lakh MT coal Sales (MUs) 4,184 4,573
from Shakti B (iii) coal linkage auction in FY21. Consumer Base (Nos.) 7,30,515 7,20,310
Haldia (120 MW) Mumbai Distribution has added about 10,000 customers in
Type of entity: Division FY21. However, overall sales MUs dropped during the year
when compared to last year due to ongoing pandemic.
Generation Sales (MUs) 614 693 Some key highlights of the Mumbai Distribution Business,
including certain initiatives to improve customer

Generation sales in FY21 were lower than the previous year experience, are:
mainly due to lower flue gas availability from Tata Steel
coke oven plant, mainly due to lower demand of coke on y Mumbai city witnessed a rare power blackout
account of the COVID-19 pandemic. Further, generation during October last year, with supply getting
was restricted due to non-availability of short term open disrupted for many areas of the city and attracted
access (STOA) buyer for surplus available power. lot of public attention. Subsequently three
committees were formed by Central Electricity

Management
Authority (CEA), Government of Maharashtra and y Installed 930 smart meters at M/s J P Elara, making it
Maharashtra Electricity Regulatory Commission the first residential complex in Mumbai where supply
(MERC) for investigation of the grid disturbance is released through 100% smart metering system
and recommending corrective actions to be taken.
y 1.34 lakh e-bill registered consumers as on 31st March
The assessment of the committees identified that
2021.
the cause of power shutdown was mainly due to
outages of the transmission lines at MSETCL system y Completed subsidy tendering process for the Ministry
and dependence of Mumbai demand from outside of New and Renewable Energy (MNRE); 8 vendors
Mumbai Metropolitan Region (MMR) generation and empaneled. MNRE subsidy scheme launched (made
the quality of systemic response to the emergency. The live).
committee has recommended actions to be taken in a
Tata Power Delhi Distribution Limited – TPDDL
time bound manner. Most of the recommendations by
Type of entity: Subsidiary (Tata Power: 51%, Government
various committees, which were to be completed in
of National Capital Territory (NCT) of Delhi: 49%)
short term, have been complied with by the Company.
The Company is also in the process of implementing Particulars FY21 FY20
additional recommendations for more precise Distribution Sales (MUs) 8,347 9,051
operations and response mechanisms. Net sales (` crore) 7,007 7,888
y Mumbai Distribution is now IMS certified (ISO PAT (` crore) 428 414
9001:2015 for Quality Management System, ISO
In FY21, TPDDL had a registered customer base of 18.24
14001:2015 for Environmental Management System,
lakh, spanning across an area of 510 sq. km. in north and
ISO 45001:2018 for Occupational Health and Safety
north-west parts of Delhi. The AT&C losses for the year
Management System).
stood at 7.3% (calculation based on collection adjustment
y Won Platinum Award at ISGF Innovation Awards 2020 from FY21 to FY20, considering lockdown in the last week
for ‘Most Reliable Supply of Electricity by Utility in of March 2020) as against 7.9% last year.
India’.
TPDDL was able to reduce the System Average Interruption
y Introduced a real time tracking solution where Duration Index (SAIDI) to a level of 16.63 hours against
customers can track the real time location of complaint 23.74 hours in the previous year. Compared to the previous
management crew. year, the performance is better by 22%.
y Smart Meter Reading and Dispatch (SMRD) app was TPDDL has adopted Total Quality Management (TQM)
rolled out for meter reading, online spot billing and framework for taking operational excellence to the next
collection. level.
y Became the first power utility to launch Kaizala, in
Average System Availability Index has improved from
collaboration with Microsoft, a one-stop window 99.70% to 99.80%. Data Quality Index (DQI) introduced for
for information/alert sharing, bill and meter-related improving the quality of input data for System Average
information, and complaint management for Interruption Duration Index (SAIDI)/System Average
consumers. Interruption Frequency Index (SAIFI), No Current Complain
(NCC), energy audit and safety.
y Added another all-women Customer Relations Centre
at Ghatkopar, Mumbai, taking the total number to 4. Customer Delight Index (CDI) has moved to 96 from 94
in FY19 and Dissatisfaction Index (DSI) has improved to
y Launched Know Your Electricity Consumption (KYEC)
0.1 from 0.5 in FY19 (reduction of 80%). This indicates
as part of the value-added services which help
jump by one level in the band from 91-95 to 96-100 and
consumers monitor and analyse energy usage; made
achievement of the target band of 96-100 in FY21.
available in intervals of 15 minutes, to help consumers
take decisions. Key initiatives undertaken by TPDDL during the year are:
y Green Power Tariff communication to all High Revenue
y Digital Payment Index has increased by 12.4% to 77.5%
Billing (HRB) and High Tension (HT) consumers.
current year against 68.91% during previous year.
y Completed installation of 2,700 smart meters in March
y 7
MW of Rooftop capacity added; ~800 new
2021.
connections for EVs added upto FY21.
y Smart Grid Lab recognised as ‘In-house R&D Unit’ The total area under the franchisee is around 190 sq. km.
by Department of Scientific and Industrial Research The total consumer base in FY21 is 1.54 lakh and total peak
(DSIR) demand is 93.5 MW, which decreased by 28% compared
to last year due to the COVID-19 pandemic and lockdown.
y Implementation of Advanced Metering Infrastructure
Overview
(AMI) and roll-out Smart Meter for its customers. Upto In FY21, PAT is lower mainly due to increase in AT&C loss
FY21, 2.30 lakh Smart Meters were installed within the from 9.96% in FY20 to 10.2% in FY21 due to the COVID-19
licensed area. To increase transparency and customer pandemic and lockdown.
satisfaction, the data generated from the Smart
For enhancing customer-centricity and reliability, various
Meters has been integrated with Tata Power-TPDDL
initiatives were implemented, resulting in improvement
Mobile app. Revamped TPDDL Connect App, where
in business performance. This led to reduced customer
consumers with Smart Meters can monitor electricity
complaints by 10.71% compared to the previous year,
consumption pattern.
zero-meter faulty pendency within 30 days, reduction in

y Launched an interactive bill service through provisional billing from 1.81% in FY20 to 1.59% in FY21,
WhatsApp with the feature of audio description of bill, increase in digital payment from 33.4% in FY20 to 49.0%
6 months bill history details, nearby payment avenues in FY21. The average restoration time of tripping also
along with existing offers and schemes. improved from 4.20 minutes in FY20 to 3.1 minutes in FY21
(30% reduction).
y Launched various energy efficiency Programs like
5-star AC Replacement Scheme, Super-Efficient BLDC
Acquisition of Odisha Discoms
Fan, LED Lighting Products which helped 55 MUs
During the year, your Company acquired a 51% stake
energy Saving & 35531 MT CO2 reduction since FY-
in TP Central Odisha Distribution Limited (TPCODL), TP
2015.
Western Odisha Distribution Limited (TPWODL) and TP

y Under the Horizon 2020 program, funded by the Southern Odisha Distribution Limited (TPSODL) as a
European Union, TPDDL is carrying out a pilot exercise licensee to carry out the function of distribution and retail
of deploying an Energy Islanding System at one of its supply of electricity covering the distribution circles of
Distribution sub-stations with the aim of creating central, western and southern Odisha for a period of 25
a model for individual community-based storage years effective from 1st June 2020, 1st January 2021 and
systems. The project has deployed a holistic approach 1st January 2021 respectively, thereby adding around 7
including community engagement and technology million customers in its portfolio.
deployment to create a successful model.
Additionally, in April 2021, your Company has acquired
y Partnered with SUN Mobility to set up a Network 51% stake in TP Northern Odisha Distribution Limited
of Swap Points in New Delhi to cater the growth of (TPNODL) as a licensee to carry out the function of
two and three-wheeler EV market. It has recently distribution and retail supply of electricity covering the
established the Battery swapping station in Azadpur, distribution circles of Balasore, Bhadrak, Baripada, Jajpur
Statutory Reports
Delhi. and Keonjhar in the state of Odisha for a period of 25 years
effective from 1st April 2021. This added a further 1.91
y Collaborated with Nexcharge to power up India’s First
million to your Company’s customer base.
grid connected – Community Energy Storage System
(CESS) at Rani Bagh, Delhi.
Other Businesses
TP Ajmer Distribution Limited – TPADL Services
Type of entity: Wholly owned subsidiary In FY21, the Services division provided O&M management
services for 1,980 MW capacity, project management
services for 3,150 MW, corporate management services
Distribution Sales (MUs) 461 483 for 1,425 MW and asset management services for 4 MW
Net sales (` crore) 418 401 of wind assets. In addition, the division also provided
PAT (` crore) 0.36 1.02 advisory services for O&M, asset management systems
and other services to various clients with total capacity of

TPADL, a wholly-owned subsidiary of your Company,
9,818 MW.
has been operating as a franchisee for the supply and
distribution of power in Ajmer city over the past four
years.

Management
Tata Power Trading Company Limited – TPTCL products have been launched in six cities – Delhi, Mumbai,
Type of entity: Wholly owned subsidiary Pune, Bengaluru, Bhubaneswar and Surat through rooftop
solar channel partners. In addition, we are also planning to
sell our home automation products through e-commerce
Generation Sales (MUs) 10,626 10,155 platforms and modern retail stores.
Net sales (` crore) 265 248
PAT (` crore) 33 41 International Businesses
Dagachhu Hydro Power Corporation Limited – DHPC
TPTCL’s sales volumes are better than last year despite
(126 MW)
the COVID-19 pandemic. However, PAT is lower compared
Type of entity: Associate (Tata Power 26%, DGPC &
to last year owing to shrinking trading margins and loss
Affiliates: 74%)
from the renewable assets shutdown due to COVID-19.
Also, last year, PAT was higher on account of lower tax Particulars FY21 FY20
expenses benefit that followed from shifting to the Generation Sales (MUs) 536 513
new tax regime in the current year. There is significant Net sales* (` crore) 181 143
improvement in the working capital cycle and efficient
PAT* (` crore) 65 (43)
receivable management, resulting in lower finance costs.
The Company has repaid all its long-term borrowings and *Figures are on 100% basis. Your Company’s share is 26%.
can be termed as a debt free company.
Adjaristsqali Georgia LLC - AGL
Type of entity: Joint Venture (Tata Power through
Consumer Businesses- EV Charging
TPIPL):50%, Clean Energy Invest: 50%
Your Company has made a significant impact in
developing EV ecosystem and encouraging EV adoption
AGL has developed a 187 MW hydropower project
in the country. Your Company is committed to playing a (Shuakhevi and Skhalta projects) on the Adjaristsqali River
key role along with other stakeholders in achieving the and its tributaries in Georgia. This is one of the largest
national goal of transition to electric-mobility. Tata Power infrastructure investments in Georgia. After restoration
partnered with Tata Motors Limited, Morris Garages India work at the tunnels, both the 89 MW units of Shuakhevi
Limited and Jaguar Land Rover for developing EV charging HPP have been tested and re-commissioned and have
infrastructure for their customers and dealers and commenced commercial operations in March 2020.
installed 532 charging points across the country, including

Further, the company concluded its negotiation with
those for e-buses used by multiple state transport utilities.
the Government of Georgia for a 15-year PPA for power
During the year, your Company rolled out Version 2.0 of
generated from the Shuakhevi project.
its software platform and mobile app that plays a crucial
role in EV charging by helping customers in locating EV The 9 MW Skhalta HPP, which is also a component of the
charging stations, charging EVs and making bill payments overall project, was commissioned in March 2021 and PPA
online. Tata Power EV charging points are now present in for this plant has also been executed for 15 years.
92 cities and various key highways under various business
The company also negotiated a restructuring package
models and market segments. Your Company aims to
with the project lenders to sustain the viability of the
increase its presence both in terms of a greater number of
project.
charging stations and larger geographical presence across
the country. Digital Initiatives

Your Company is focusing on leveraging digital
Consumer Businesses- Home Automation
technologies and solutions across business segments
Your Company has developed an IoT based home
to improve operational efficiency, enhance customer
automation solution and introduced home automation
experience and better customer service, create competitive
products as a part of its Smart Energy Management Tool.
differentiation and support business growth. Tata Power
The purpose is to encourage customers to implement
Digital & IT service has aligned with the accepted global
efficient and cost-effective home automation solutions
benchmarks with its sustained certification for Integrated
to manage their electricity usage. These products enable
Management System (IMS) under ISO 27001:2013 and ISO
customers to monitor, operate and schedule any kind of
9001:2015.
home appliances such as AC, geyser, light and fan from
anywhere through EZ Home app and can also be operated
Some of the key initiatives across business/functions
through voice-enabled devices. The Tata Power EZ Home during the year are as follows:
Initiatives to enhance customer experience Initiative for business growth
y Customer portal enabled with live webchat facility by y New features introduced in EV platform like Radio
interactive chatbots. Frequency Identification (RFID) based charging, switch
profile facility, anchor charging, additional payment
y Availability of hourly, daily and monthly consumption
Overview
avenues like Billdesk/Tata Power Account, charge by
graphs, peer consumption comparison, alerts for
units/amount/time/state of charge etc.
consumption slab crossover and increase in daily
consumption etc. by Smart Meter Analytics. y Launched mobile app and chatbot for rooftop solar
campaign.
y Energy calculator and bill calculations for customers on
portal during the lockdown period. y Tata Power Home Automation solutions with mobile
app and consumption analytics launched for customers.
y Deployment of customer meter read upload feature on
customer portal and mobile app. y Dealers’ management: Implementation of Leads to
Opportunity to enhance business growth.

y Enabling customers on portal to opt for instalment
payment during the lockdown period. Initiatives to enhance Operational Efficiency (Asset
performance and digitisation of processes)
y Tata Power rewards application for customers to view
y SAP implementation for TPCODL to enhance business
and redeem their reward points.
processes in terms of productivity, better inventory
y Automation of process related to Consumer Grievance management, effective human resource management,
Redressal Forum and Electricity Ombudsman made etc.
available on customer portal.
y Complete life cycle management of coal supply chain
y Migrating customers from physical bill to e-bill by process from coal sourcing, coal handling, inventory,
assuring them an alternative option on customer portal quality and final consumption by deployment of

to register request for duplicate bill. different new-age IT analytical applications in thermal
generation plants.
y DSM (Demand side management) green initiative
campaigns for energy-efficient appliances. y Introduction of hybrid infrastructure for smart meter
and unified Personal Identifier (PI) with new Human-
Initiatives to enhance employee productivity,
Computer Interaction (HCI) technology and IPV6
experience and learning
Network protocol to improve agility, reliability and
y Implementation of chatbot for quick online assistance
security of the infrastructure.
to employees.
y Improved IT-OT integration by enhancing the perimeter
y Introduction of employee health management portal
firewall under unified PI project at all generation plants.
for employee well-being.
y Automated asset management process to achieve
y Implementation of ‘Knowledge Management’ and
95% asset accuracy with digitalised asset registered by
Statutory Reports
‘Achievers’ portals to enhance employee engagement.
integrating with Security Operation Centre (SOC).
y Implementation of employee facing applications like
y Deployment of Intelligent Operational Excellence
‘Manager Connect’, ‘COVID-19 Declaration Form’ to
Centre (i-OEC) tools - Real-time monitoring dashboards
connect employees and managers during times of
and visualisation of auxiliary power consumption.
pandemic.
y Virtual forecasting for change overload prediction for
y Implementation of the onboarding portal for
Mumbai Distribution.
enhancing new joiners’ experience and enhance brand
image. Enhancing HR department productivity by y Real time monitoring and predictive analytics for
automating the entire joining process. improvement in availability and performance of solar
sites.
y Adoption of digital event platform to successfully
conduct E-AGM, strategy meet, Board Meetings and y Power manager: Real time power management product
various other business initiatives. in collaboration with power system control centre.
y Successfully delivered efficient end-user support Awards/recognition
during COVID-19 WFH scenario. y Your Company has won the SAP ACE Award for the
year 2020 for successfully deploying AI-ML based email
y IT helpdesk continues to service 24/7 even when WFH,
automation model where machine identifies complaint
leveraging remote infrastructure management.

Management
category and customer sentiments, which helps in Transmission Charges

prioritising the response. (` in crore)
%
y Your Company has won the ISGF Innovation Gold Particulars FY21 FY20 Change Change
Award for Innovative EV Design and EV/EVSE Rollouts
Transmission Charges 258 214 44 21
of the year 2021.
Transmission charges were lower in Mumbai Regulated
4. Financial Performance – Standalone Business on account of MYT order issued by MERC.
Your Company recorded a profit after tax of ₹ 1,107 crore
during the financial year ended 31st March 2021 (PAT was Employee Benefit Expenses
₹ 148.12 crore in FY20). Both the basic and the diluted (` in crore)
earnings per share were at ₹ 2.49 for FY21. %
Particulars FY21 FY20 Change Change
The analysis of major items of the Standalone Financial
Statements is shown below: Employee benefit expenses 649 611 38 6
Revenue
Employee Benefit Expenses are higher mainly due to
(` in crore) normal increment and impact of reversal of performance
pay provision in the previous year offset by reduction in
%
Particulars FY21 FY20 Change Change retiral provisions on account of transfer of employees to
Revenue from Operations 6,180 7,726 (1,546) (20) Odisha Discoms acquisition during the year.
Regulatory Deferral Balances 300 (651) 951 146
including deferred tax Finance Costs
recoverable/(payable) (` in crore)
Total 6,480 7,075 (595) (8) %
The decrease in revenue is mainly due to lower generation Finance Costs 1,519 1,510 9 1
and sales on account of lower demand from procurers
and customers due to the COVID-19 pandemic.
Finance Costs were higher mainly due to increase in
borrowings to meet the fund requirement of the subsidiary

Other Income company. Your Company has earned incremental interest
(` in crore) income on loan given to subsidiary company amounting
%
to ₹ 106 crore.
Interest Income 177 120 57 48 Depreciation and Amortisation
(` in crore)
Dividend Income 996 369 627 170
%
Gain/(Loss) on Investments 17 22 (5) (23)
Other Non-operating Income 59 72 (13) (18)
Depreciation and 669 686 (17) (2)
Total 1,249 583 666 114 Amortisation
The increase in Other Income is mainly due to higher Depreciation has decreased mainly due to reduction in
dividend income from foreign subsidiary and higher depreciation rate for winds assets being offset by the
interest income from loans given to subsidiaries. capitalisation during the year.
Cost of Power Purchased and Cost of Fuel Operations and Other Expenses
(` in crore) (` in crore)
% %
Particulars FY21 FY20 Change Change Particulars FY21 FY20 Change Change
Cost of Power Purchased 504 458 46 10 Repairs and maintenance 329 312 17 5
Cost of Fuel 2,186 2,766 (580) (21) Others 437 445 (8) (2)
Cost of fuel was lower mainly due to lower generation and Total 766 757 9 1
lower fuel price. Repairs and Maintenance Expenses are higher mainly due
to generator replacement during the scheduled outage.
Other Expenses are lower mainly due to the reduction
in rates and taxes and forex gain offset by increase in
the provision for doubtful debts, consultancy fees and (` in crore)
insurance expenses. %
Exceptional Items – Continued Operation Remeasurement of deferred Nil (275) 275 100
Overview
(` in crore) tax on account of new tax
regime (net)
%
Particulars FY21 FY20 Change Change Total 101 (208) 309 (149)
Reversal of Impairment of Nil 235 (235) (100)
Current tax is higher mainly due to higher dividend
Non-current Investments
received from the foreign subsidiary.
and related obligation
Standby Litigation (109) (276) 167 61
Deferred Tax
Remeasurement of Deferred Nil (265) 265 100 During the year, your Company entered into a Business
Tax Recoverable on account
Transfer Agreement with TPREL and TPGEL, wholly-
of New Tax Regime (net)

owned subsidiaries, for the transfer of renewable assets
Total (109) (306) 197 64
(forming part of renewable segment) as a ‘going concern’
on a slump sale basis effective on or after 1st April 2021.
Standby Litigation Consequently, as per the requirement of Ind AS 12,
In the previous year, MERC vide its order dated 30th March your Company has reassessed its deferred tax balances
2020, allowed the recovery of part of the total standby including its unrecognised deferred tax assets on capital
litigation amount from consumers. During the year, MERC losses and has recognised gain of ₹ 131 crore.
vide its order dated 21st December 2020, revised its earlier
order and disallowed the recovery of said standby charges. Tax Expenses for Discontinued Operations
Consequently, your Company has recognised an expense (` in crore)

of ₹ 109 crore (including carrying cost) and disclosed it as %
an exceptional item. Particulars FY21 FY20 Change Change
Current Tax (101) Nil (101) (100)
Exceptional Items- Discontinued Operation Deferred Tax (72) (32) (40) (125)
(Strategic Engineering Division)
Total (173) (32) (141) (436)
(` in crore)
% During the year, your Company completed sale of its SED
Particulars FY21 FY20 Change Change to TASL. Consequently, your Company has recognised
Impairment Loss on (160) (361) 201 57 current tax credit by deduction for impairment loss in
Remeasurement to Fair Value MAT calculation and reversal of deferred tax on account of
difference between the written down value as per books
During the year, the Company completed the sale of its
and as per Income-tax Act.
Strategic Engineering Division (SED) to Tata Advanced
Statutory Reports
Systems Ltd. (TASL) and received upfront consideration of
Property, Plant and Equipment, Investment
₹ 597 crore (net of borrowings of ₹ 537 crore transferred
Property & Intangible Assets
to TASL after certain adjustment as specified in the
(` in crore)
scheme (‘Contingent Consideration’). During the year,
%
your Company reassessed the fair value of the Contingent Particulars FY21 FY20 Change Change
Consideration receivable and recognised an additional
Property, plant and 8,201 7,974 227 3
impairment loss of ₹ 160 crore. equipment
Intangible Assets 55 62 (7) (11)
Tax Expenses for Continued Operations
Capital Work-in-Progress 286 403 (117) (29)
(` in crore)
Total 8,542 8,439 103 1
%

The above assets increased mainly due to higher
Current Tax 205 19 186 979 capitalisation offset by depreciation and amortisation for
Deferred Tax (104) 73 (177) (243) FY21.
Deferred Tax relating to Nil (25) 25 100
earlier Year
Total 101 (208) 309 (149)

Management

Non-Current Investments Finance Lease Receivable
% %
Investment in Subsidiary, JV 25,524 20,743 4,781 23 Non-current 530 553 (23) (4)
and Associate Current 37 32 5 16
Statutory Investments 168 168 Nil Nil Total 567 585 (18) (3)
Others 437 416 21 5
Finance Lease Receivable reduced due to recovery of
Total 26,129 21,327 4,802 23
lease rentals during the year.

Non-current Investments increased mainly due to
infusion of additional investments in CGPL for repayment Other Financial Assets
of external loans and acquisition of three Discoms in (` in crore)
Odisha, namely TP Central Odisha Distribution Limited, %
TP Southern Odisha Distribution Limited and TP Western Particulars FY21 FY20 Change Change
Odisha Distribution Limited during the year. Non-current 620 223 397 178
Current 120 236 (116) (49)

Current Investments Total 740 459 281 61
(` in crore)
%
Other Financial Assets increased mainly due to higher
Particulars FY21 FY20 Change Change receivable from sale of SED business offset by decrease
Mutual Funds (Unquoted) 240 20 220 1100 in recoverable from consumers in the Mumbai Regulated
Total 240 20 220 1100
Business.

Current Investment is higher mainly due to higher
Other Assets
investment in mutual funds during the year. (` in crore)
%

Trade Receivables Particulars FY21 FY20 Change Change
(` in crore) Non-current 1,180 1,010 170 17
% Current 192 146 46 31
Total 1,372 1,156 216 19
Non-current Nil Nil Nil Nil
Current 911 1,109 (198) (18)
Other Assets increased mainly due to increase in
recoverable from consumers in Mumbai Regulated
Total 911 1,109 (198) (18)
Business and increase in pre-paid expenses.
Decrease in Trade Receivables is mainly due to recovery
of dues from BEST in Mumbai Operations and from Assets Classified as Held for Sale
TANGEDCO for wind farms. (` in crore)
%

Loans Particulars FY21 FY20 Change Change
(` in crore) Land 302 302 Nil Nil
% Building 9 9 Nil Nil
Particulars FY21 FY20 Change Change Investments 454 298 156 52
Non-current 490 42 448 1,064 Loan and other receivables 23 23 Nil Nil
Current 1,524 550 974 177 (including interest accrued)
Total 2,014 592 1,422 240 Transmission Lines 9 127 (118) (93)
Assets of Discontinued Nil 1,880 (1,880) (100)
Increase in loans is mainly due to higher loans given to
Operations
related parties.
Total 797 2,639 (1,842) (70)
Assets held for sale reduced due to completion of the sale

of SED to TASL and receipt of reimbursement of expenses
for Vikhroli Transmission lines from MERC.
Liability Classified as Held for Sale Lease Liability
% %
Overview
Liability of Discontinued Nil 1,032 (1,032) (100) Non-current 210 237 (27) (12)
Operations Current 27 42 (15) (36)
Other Liabilities 114 4 110 2,572 Total 237 279 (42) (15)
Total 114 1,036 (922) (89)
Lease Liability decreased mainly due to payment of lease
Liability held for sale has reduced mainly due to rent during the year.
completion of the sale of SED to TASL.

Trade Payables
Regulatory Deferral Account – Asset/ (Liability) (` in crore)

(` in crore) %
% Particulars FY21 FY20 Change Change
Particulars FY21 FY20 Change Change Non-current Nil Nil Nil Nil
Regulatory Deferral – Asset 574 258 316 122 Current 1,137 1,002 135 13
Less: Regulatory Deferral – Nil Nil Nil Nil Total 1,137 1,002 135 13
Liability
Total 574 258 316 122 Trade payable increased mainly on account of payable for
fuel in the Mumbai Regulated Business.
Regulatory Deferral Assets (Net) pertains to regulatory
receivables in the Mumbai Distribution Business. The Other Financial Liabilities
same has increased mainly due to lower sales volume on (` in crore)

account of the COVID-19 pandemic. %
Total Equity Non-current 12 15 (3) (17)
(` in crore) Current 3,043 2,622 421 16
% (Less): Current Maturity of (1,788) (1,764) (24) (1)
Particulars FY21 FY20 Change Change Non-Current Borrowings
Equity Share Capital 320 271 49 18 Total 1,267 873 394 45
Unsecured Perpetual 1,500 1,500 Nil Nil
Securities Other Financial Liabilities increased mainly due to increase
Other Equity 16,559 13,491 3,068 23 in fuel adjustment charges payable to the consumers in
Mumbai Distribution Business, repayment of standby
Total 18,379 15,262 3,117 20
charges recovered from consumers as per MERC order and
Total Equity has increased mainly due to allotment of higher interest accrued but not due on borrowings.
Statutory Reports
equity shares to Tata Sons Private Limited on a preferential
basis, amounting to ₹ 2,600 crore.
Other Liabilities
(` in crore)

Borrowings
%
(` in crore) Particulars FY21 FY20 Change Change
% Non-current 156 161 (5) (3)
Particulars FY21 FY20 Change Change Current 472 503 (31) (6)
Non-Current 13,168 9,826 3,342 34 Total 628 664 (36) (5)
Current 5,596 6,212 (616) (10)
Other Liabilities decreased mainly due to reduction in
Current Maturity of Non- 1,788 1,764 24 1
statutory liabilities and liability towards consumers.
Current
Total 20,552 17,802 2,750 15

Borrowing increased mainly due to issue of Non-
Convertible Debentures, offset by the repayment of
commercial papers.

Management

Provisions y Exceptional items in FY20 included gain on sale of
(` in crore) investments in Cennergi and reversal of impairments,
% offset by remeasurement of deferred tax recoverable
Particulars FY21 FY20 Change Change and regulatory deferral balance on account of the new
Non-current 261 222 39 17 tax regime.
Current 25 62 (37) (59)
Total 286 284 2 1 Property, Plant and Equipment, Investment
Property & Intangible Assets
No major movement in Provisions during the year. (` in crore)
%

Tax Liability/(Assets) Particulars FY21 FY20 Change Change
(` in crore) Property, plant and 48,749 44,663 4,086 9
% Equipment
Intangible Assets 1,346 1,362 (16) (1)
Current Tax Liability 133 108 25 24 Capital Work-in-Progress 3,600 1,612 1,988 123
Deferred Tax Liability (Net) 135 307 (172) (56) Total 53,695 47,637 6,058 13
(Less): Current Tax Assets (135) (135) Nil Nil
Total 133 280 (147) (32)
The above assets increased mainly on account of
acquisition of three Odisha Discoms, increased
During the year, your Company entered into a Business capitalisation in TPDDL and Mumbai Regulated Business.
Transfer Agreement with TPREL and TPGEL, wholly-
owned subsidiaries, for the transfer of renewable assets
Goodwill
(forming part of renewable segment) as a ‘going concern’ (` in crore)
on a slump sale basis effective on or after 1st April 2021. %
Consequently, as per the requirement of Ind AS 1, your Particulars FY21 FY20 Change Change
Company reassessed its deferred tax balances including Goodwill 1,795 1,642 153 9
its unrecognised deferred tax assets on capital losses and
Goodwill increased on account of acquisition of three
has recognised gain of ₹ 131 crore. This resulted in the
Odisha Discoms during the year.
reduction in the Net Tax Liability during the year.

Non-Current Investments
5. Financial Performance – Consolidated (` in crore)
(` in crore)
%
% Particulars FY21 FY20 Change Change
Investments in Joint Ventures 11,921 13,203 (1,282) (10)
Total Income* 33,518 29,510 4,008 14 & Associates
Depreciation & Amortisation 2,745 2,634 111 4 Statutory Investments 168 168 Nil Nil
Finance Costs 4,010 4,494 (484) (11) Others 561 464 97 21
PBT before Exceptional item 2,096 2,142 46 2 Total 12,650 13,835 (1,185) 9
Exceptional Item (109) 226 (335) (148)

Decrease in Non-current investment is mainly due to
Profit Before Taxes 1,987 2,368 (381) (16)
higher dividend declared by the foreign joint venture
Profit for the year 1,439 1,316 122 9%
companies.
*Includes Regulatory Income/(Expenses)
Current Investments
y Total Income increased primarily due to acquisition
(` in crore)
of three Odisha Discoms and execution of solar EPC
%
projects. Particulars FY21 FY20 Change Change
y Depreciation increased primarily due to increased Statutory Investments Nil Nil Nil Nil
capitalisation. Investments in Mutual Funds 500 700 (200) (29)
y Finance Costs were lower mainly due to repayment of Total 500 700 (200) (29)
loans and reduction in interest rate. Current Investments are lower mainly due to lower
y Exceptional items in FY21 included disallowance of investment in mutual fund in WREL, TPDDL and Af-
recovery of standby charges by MERC. taab Investment Company Limited offset by increase in
investment by Tata Power.

Trade Receivables
Other Assets
% %
Overview
Non-current 605 30 575 1,917 Non-current 1,465 1,185 280 24
Current 5,001 4,426 575 13 Current 917 770 147 19
Total 5,606 4,456 1,150 26 Total 2,382 1,955 427 22
Increase in Trade Receivables was mainly due to increase

Non-current Assets increased mainly due to increase
in receivable in TPSSL on account of execution of solar EPC in recoverable from consumers in Mumbai Regulated
projects during March 2021. Business and increase in capital advance in CGPL and
MPL due to Flue Gas Desulphurisation system (FGD)
Loans projects. Current Assets increased mainly due to increase
in advances to vendors on acquisition of three Orissa

(` in crore)
% Discoms and higher pre-paid expenses in Tata Power.
Non-current 58 81 (23) (28) Assets/(Liability) Classified as Held For Sale
Current 31 33 (2) (7) (` in crore)
Total 89 114 (25) (22) %
Decrease in loan is mainly due to write-off of security Assets classified as held for 3,047 6,253 (3,206) (51)
deposit paid for Russian Coal Mine project. sale
(Less): Liability classified as (140) (1,063) 923 87
Finance Lease Receivable held for sale

(` in crore) Total (Net) 2,907 5,190 (2,283) (44)
%
Assets/(Liability) classified as held for sale decreased
Non-current 599 589 10 2 mainly on account of completion of the sale of SED to TASL
Current 41 33 8 25 and receipt of reimbursement of expenses for Vikhroli
Transmission lines from MERC.
Total 640 622 18 3
Finance Lease Receivable increased due to reduction in Regulatory Deferral Account – Asset/ (Liability)
unearned finance income during the year. (` in crore)
%
Other Financial Assets Particulars FY21 FY20 Change Change
(` in crore) Regulatory Deferral – Asset 6,478 5,480 998 18
Less: Regulatory Deferral – (61) Nil (61) (100)
Statutory Reports
%
Particulars FY21 FY20 Change Change Liability
Non-current 1,577 579 998 173 Total Regulatory Deferral 6,417 5,480 937 17
Current 310 1,412 (1,102) (78) – Asset (Net)
Total 1,887 1,991 (104) (5) Regulatory Deferral Assets (Net) pertains to regulatory

Non-current Financial Assets increased mainly due to receivables in TPDDL, Odisha Discoms and Mumbai
increase in deposit with maturity more than 12 months Distribution Business. This has increased mainly due to
on account of acquisition of Odisha Discoms and increase lower sales volume on account of the COVID-19 pandemic
in receivable from sale of SED division of Tata Power. and acquisition of three Odisha Discoms during the year.
Current Financial assets decreased mainly as previous year
included receivable on sale of investment in Cennergi and
fair valuation gain on derivative contracts.

Management

Total Equity Trade Payables
% %
Equity Share Capital 320 271 49 18 Non-current 17 Nil 17 100
Unsecured Perpetual 1,500 1,500 Nil Nil Current 7,120 5,095 2,025 40
Securities Total 7,137 5,095 2,042 40
Other Equity 20,503 17,795 2,708 15
Trade Payable increased mainly in TPSSL on account of
Total 22,323 19,566 2,757 14
payable to vendors for execution of solar EPC projects.
Total Equity of your Company has increased mainly due to
allotment of equity shares to Tata Sons Private Limited on Other Financial Liabilities
a preferential basis amounting to ₹ 2,600 crore. (` in crore)
%

Borrowings Particulars FY21 FY20 Change Change
(` in crore) Non-current 1,391 722 669 93
% Current 12,296 7,503 4,793 64
Particulars FY21 FY20 Change Change (Less): Current maturity of (4,690) (3,837) (853) 22
Non-Current 30,045 32,695 (2,650) (8) Non- Current Borrowings
Current 8,436 11,844 (3,408) (29) Total 8,997 4,388 4,609 105
Current maturity of Non- 4,690 3,837 853 22
Current Other Financial Liabilities have increased mainly due to
acquisition of three Odisha Discoms, advance received
Total 43,171 48,376 (5,205) (11)
from sale of investments in Bhira and TERPL, additional
Decrease in borrowing is mainly due to repayment of suppliers’ credit in CGPL, increase in fuel adjustment
loans in CGPL and reduction in loan in lieu of dividend charges payable to the consumers in Mumbai Distribution
from foreign joint venture. Business and repayment of standby charges recovered
from consumers as per MERC order.
Lease Liability
(` in crore)
Other Liabilities
% (` in crore)
Particulars FY21 FY20 Change Change %
Non-Current 3,142 3,180 (38) (1) Particulars FY21 FY20 Change Change
Current 395 380 15 4 Non-current 6,218 2,085 4,133 198
Total 3,537 3,560 (23) (1) Current 2,052 1,453 599 41
Total 8,270 3,538 4,732 134
Lease Liability decreased mainly due to payment of lease
rent during the year. Other Liabilities increased mainly due to acquisition of
three Orissa Discoms, increase in advance from customers
in TPSSL and increase in statutory liabilities in Tata Power.
Provisions During the year, your Company entered into a Business
(` in crore) Transfer Agreement with TPREL and TPGEL, wholly-
% owned subsidiaries, for transfer of renewable assets
Particulars FY21 FY20 Change Change (forming part of renewable segment) as a ‘going concern’
Overview
Non-current 840 407 433 106 on a slump sale basis effective on or after 1st April 2021.
Current 270 116 154 132 Consequently, as per the requirement of Ind AS 12,
Total 1,110 523 587 112 your Company has reassessed its deferred tax balances
including its unrecognised deferred tax assets on capital
Provision increased mainly due to the acquisition of three losses and has recognised a gain of ₹ 131 crore. In addition,
Odisha Discoms during the year. MPL and TPDDL has also reversed the deferred tax liability
earlier recognised. These have led to reduction in the Net
Tax Liabilities /(Assets) Tax Liability during the year.
(` in crore)

%
Non-Current Tax Liability 3 3 Nil Nil
Current Tax Liability 198 129 69 53
Deferred Tax Liabilities (Net) 976 1,174 (198) (17)
(Less): Non-Current Tax (328) (342) 14 (4)
Assets
(Less): Deferred Tax Assets (184) (74) (110) 148
Total (Net) 665 890 225 (25)

Statutory Reports

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

Avoidance Chairmanship of the Board is a non-executive position and separate from that of the Chief Executive Officer and
of conflict of Managing Director (CEO & Managing Director). The Code of Conduct for Non-Executive Directors (NEDs) and for
interest Independent Directors (IDs) carries explicit clauses covering avoidance of conflict of interest. Likewise, there are
explicit clauses in the TCoC prohibiting any employee - including the Managing Director (MD) and Executive Directors
(EDs) - from accepting any position of responsibility, with or without remuneration, with any other organisation
without the Company’s prior written approval. For MD and EDs, such approval must be obtained from the Board.
Board independence The TCoC, which defines the governance philosophy at Tata Power, emphasizes fairness and transparency to all
and minority stakeholders. Shareholders can communicate any grievance to the Company Secretary’s office through a well-publicized
shareholders’ channel, where complaints are tracked to closure. The Stakeholders’ Relationship Committee oversees the redressal of
interests these complaints. The Annual General Meeting (AGM) is another forum where they can interact with the Board.
Material Aspect Company’s Approach
Values, Ethics and Tata Power consistently adheres to the highest principled conduct and has earned its reputation for trust and integrity in
compliance the course of building a highly successful global business. The Company’s core values are SCALE viz. Safety, Care, Agility,
Learning and Ethics.
Overview
TCoC, which every employee signs at the time of joining the Company, serves as a moral guide and a governing framework
for responsible corporate citizenship. Periodic refresher courses are conducted to ensure continued awareness of the
code, and employee communications from the leadership reiterate the importance of our values and the TCoC.
Customers and suppliers are made aware of the TCoC principles in contract discussions, and through inclusion of specific
clauses in proposals and contracts. The Tata Power Supplier Code of Conduct is shared with suppliers as part of the
procurement process and is published on the Tata Power website.
Changes to legislation are closely monitored, risks are evaluated and effectively managed across our operations. Avenues
have been provided for all employees and stakeholders to report concerns or non-compliance which are investigated and
addressed by following due process. At the apex level, the Audit Committee of Directors oversees compliance to internal

policies and external regulations.
Succession planning Succession planning is an integral part of the operations of the Company.
Succession planning of senior management is reviewed by the Board. Business or unit heads are invited to present on
specific topics at Board meetings from time to time, offering an opportunity for the directors to assess their values,
competencies and capabilities.
Board of Directors
i. The Board is the focal point and custodian of corporate governance for the Company. The Company recognizes and
embraces the benefits of having a diverse Board and sees increasing diversity at Board level as an essential element in
maintaining a competitive advantage. A truly diverse Board will include and make good use of differences in the skills,

regional and industry experience, background, gender and other distinctions between directors. These differences will be
considered in determining the optimum composition of the Board and when possible, will be balanced appropriately.
ii. The size and composition of the Board as on 31st March 2021 is as under:
As on 31st March 2021, the Company has 10 (ten) Directors. Out of 10, 5 (five) (i.e. 50%) are Independent, Non-Executive; 4 (four)
(i.e. 40%) are Non-Independent, Non-Executive (including a Nominee Director) and 1 (one) (i.e. 10%) is Executive.
None of the Directors held Directorship in more than 7 (seven) listed companies. Further, none of the IDs of the Company
served as an ID in more than 7 (seven) listed companies. None of the IDs serving as a whole-time director/managing director
in any listed entity, serves as an ID of more than 3 (three) listed entities. None of the Directors held directorship in more than
20 (twenty) Indian companies, with not more than 10 (ten) public limited companies.
Statutory Reports
None of the Directors is a member of more than 10 committees or acted as chairperson of more than 5 committees (being
Audit Committee and Stakeholders Relationship Committee, as per Regulation 26(1) of the Listing Regulations) across all the
public limited companies in which he/she is a Director. The necessary disclosures regarding committee positions have been
made by the Directors.
All IDs of the Company have been appointed as per the provisions of the Companies Act, 2013 (the Act) and Listing Regulations.
The Chairman of the Company is a NED and not related to the CEO & Managing Director.
iii. The composition of the Board is in compliance with the requirements of the Act and Regulation 17 of the Listing Regulations.
The profile of the Directors can be accessed on our website at https://www.tatapower.com/corporate/board-of-directors.aspx
iv. Eight Board meetings were held during the year under review and the gap between two meetings did not exceed 120 days.
The said Meetings were held on 5th May 2020, 19th May 2020, 2nd July 2020, 12th August 2020, 10th September 2020,
10th November 2020, 4th February 2021 and 10th March 2021. Due to exceptional circumstances caused by the COVID
- 19 pandemic and consequent relaxations granted by MCA and SEBI, all Board meetings in FY21 were held through
Video Conferencing.
v. There are no inter-se relationships between the Board members.

vi. The details of each member of the Board as on 31st March 2021 and their attendance at Board Meetings during the
year and last AGM are provided hereunder:
Table 2
Sl. Name of the Category of Number of Whether No. of other No. of No. of Directorship in other
No. Director Directorship Board attended Directorships* Committee shares listed entities
Meetings last AGM positions held ** held in the including debt listed
attended held on Company (Category of Directorship)
during 30th July Chair- Member Chair- Member
FY21 2020 person person
1. Mr. N. Chandrasekaran, Non-Independent, 8 Yes 6 0 0 0 7,00,000 Tata Consultancy Services
Chairman Non-Executive Limited @
DIN: 00121863 Tata Steel Limited @
Tata Motors Limited @
The Indian Hotels Company
Limited @
Tata Consumer Products Limited @
(formerly Tata Global Beverages
Limited)
Tata Chemicals Limited @
2. Ms. Anjali Bansal Independent, 8 Yes 0 7 0 3 Nil Apollo Tyres Limited #
DIN: 00207746 Non-Executive Voltas Limited #
Piramal Enterprises Limited #
Siemens Limited #
Tata Power Renewable Energy
Limited (Debt Listed) #
3. Ms. Vibha Padalkar Independent, 8 Yes 0 3 1 2 Nil HDFC Life Insurance Company
DIN: 01682810 Non-Executive Limited (MD & CEO)
4. Mr. Sanjay V. Independent, 7 Yes 0 7 4 4 16,262 HDFC Asset Management
Bhandarkar Non-Executive (As a joint Company Limited #
DIN: 01260274 holder) S Chand and Company Limited #
Walwhan Renewable Energy
Tata Power Renewable Energy
Tata Projects Limited
(Debt Listed) #
5. Mr. K. M. Chandrasekhar Independent, 8 Yes 0 7 0 4 Nil Coastal Gujarat Power Limited
DIN: 06466854 Non-Executive (Debt Listed) #
6. Mr. Hemant Bhargava Non-Independent 8 Yes 0 3 0 1 Nil Voltas Limited ^
(Nominee of Life Non-Executive Larsen & Toubro Limited ^
Insurance Corporation ITC Limited ^
of India (LIC) as an
equity investor)
DIN: 01922717
7. Mr. Saurabh Agrawal Non-Independent 8 Yes 4 2 0 2 Nil Tata Steel Limited @
DIN: 02144558 Non-Executive Voltas Limited @
Tata AIG General Insurance
Company Limited
(Debt Listed) @
Tata Capital Limited
(Debt Listed) @
Sl. Name of the Category of Number of Whether No. of other No. of No. of Directorship in other
No. Director Directorship Board attended Directorships* Committee shares listed entities
Meetings last AGM positions held ** held in the including debt listed
attended held on Company (Category of Directorship)
during 30th July Chair- Member Chair- Member
FY21 2020
Overview
person person
8. Mr. Banmali Agrawala Non-Independent 8 Yes 4 2 1 0 Nil Tata Realty and Infrastructure
DIN: 00120029 Non-Executive Limited (Debt Listed) @
Tata Housing Development
Company Limited
(Debt Listed) @
Tata Projects Limited
(Debt Listed) @
9. Mr. Ashok Sinha Independent, 8 Yes 0 6 4 1 Nil Cipla Limited #
DIN: 00070477 Non-Executive J. K. Cement Limited #

Navin Fluroine International
Limited #
Coastal Gujarat Power Limited
(Debt Listed) #
Maithon Power Limited
(Debt Listed) #
10. Dr. Praveer Sinha&, Executive 8 Yes 3 4 0 0 Nil Tata Power Renewable Energy
CEO & Managing Limited (Debt Listed) @
Director
DIN: 01785164
Category of Directorship held:

@ Non-Independent, Non-Executive # Independent, Non-Executive ^ Nominee Director
* Excludes directorship in the Company, private companies, foreign companies and companies under Section 8 of the Act.
** Pertains to memberships/chairpersonships of the Audit Committee and Stakeholders' Relationship Committee of Indian public companies (excluding the
Company) as per Regulation 26(1)(b) of the Listing Regulations.
& Dr. Praveer Sinha, CEO & Managing Director is not an ID of any other listed company.
vii. The Company has not issued any convertible instruments. x. Skills/expertise/competencies of the Board of Directors
viii. Necessary disclosures regarding Committee positions in The Board is satisfied that the current composition reflects
other public companies as on 31st March 2021 have been an appropriate mix of knowledge, skills, experience,
made by the Directors. diversity and independence. The Board provides leadership,
strategic guidance, objective and an independent view to
Statutory Reports
ix. IDs are NEDs as defined under Regulation 16(1)(b) of the
Listing Regulations read with Section 149(6) of the Act the Company’s management while discharging its fiduciary
along with rules framed thereunder. In terms of Regulation responsibilities, thereby ensuring that the management
25(8) of the Listing Regulations, they have confirmed that adheres to high standards of ethics, transparency and
they are not aware of any circumstance or situation which disclosure. The Board periodically evaluates the need for
exists or may be reasonably anticipated that could impair change in its composition and size.
or impact their ability to discharge their duties. Based The Company requires skills/expertise/competencies
on the declarations received from the IDs, the Board of in the areas of strategy, finance, leadership, technology,
Directors has confirmed that they meet the criteria of governance, mergers and acquisitions, human resources,
independence as mentioned under Regulation 16(1)(b) of etc. to efficiently carry on its core businesses such as
the Listing Regulations and that they are independent of generation, distribution and transmission of thermal/
the management. Further, declaration on compliance with renewables/hydro power, power trading, solar photovoltaic
Rule 6(3) of the Companies (Appointment and Qualification (PV) manufacturing and associated engineering,
of Directors) Rules, 2014, as amended by MCA Notification procurement and construction (EPC) services, coal
dated 22nd October 2019, regarding the requirement mines and logistics.
relating to enrolment in the Data Bank created by MCA for
IDs, has been received from all the IDs.

The Board has identified the following skills/expertise/competencies fundamental for the effective functioning of the
Company which are currently available with the Board:
Table 3
Name of the Director Area of skills/expertise/competence
Strategy Finance Leadership Technical HR Governance M&A Government/
Regulatory
Mr. N. Chandrasekaran √ √ √ √ √ √ √ √
Ms. Anjali Bansal √ √ √ √ √ √ - -
Ms. Vibha Padalkar √ √ √ - √ √ √ -
Mr. Sanjay V. Bhandarkar √ √ √ - - √ √ -
Mr. K. M. Chandrasekhar √ √ √ - √ √ - √
Mr. Ashok Sinha √ √ √ √ √ √ √ √
Mr. Hemant Bhargava √ √ √ - √ √ √ √
Mr. Saurabh Agrawal √ √ √ - - √ √ √
Mr. Banmali Agrawala √ - √ √ √ √ - √
Dr. Praveer Sinha √ - √ √ √ √ √ √
xi. Changes in Board composition xiv. Letter of appointment issued to Independent

There are no changes in board composition during FY21. Directors
The IDs on the Board of the Company are given a formal
xii. Term of Board membership appointment letter inter alia containing the term of
The Nomination and Remuneration Committee (NRC) appointment, role, duties and responsibilities, time
determines the appropriate characteristics, skills and commitment, remuneration, insurance, code of conduct,
experience required for the Board as a whole and for training and development, performance evaluation
individual members. Board members are expected to process, disclosure, confidentiality, etc. The terms and
conditions of appointment of IDs are available on the
possess the required qualifications, integrity, expertise and
Company’s website at https://www.tatapower.com/
experience for the position. They also possess expertise
pdf/investor-relations/ Terms-& - conditions- of-IDs-
and insights in sectors/areas relevant to the Company and
appointment.pdf.
have ability to contribute to the Company’s growth. As per
the existing policy, the retirement age for MD/EDs is 65
xv. Information provided to the Board
years, NEDs is 70 years and IDs is 75 years. During FY21, information as mentioned in Part A of
Schedule II of the Listing Regulations, has been placed
xiii. Selection and appointment of new directors before the Board for its consideration.
The Board is responsible for the appointment of new
directors. The Board has delegated the screening xvi. Meeting of Independent Directors
and selection process for new directors to the NRC. During the year under review, two separate meetings
Considering the existing composition of the Board of the IDs were held on 18th December 2020 and 10th
and requirement of new domain expertise, if any, the March 2021. At the said meetings, the IDs discussed
NRC reviews potential candidates. The assessment of
strategic issues affecting the Company and updated
members to the Board is based on a combination of
themselves on the sector outlook. They also reviewed the
criteria that include ethics, personal and professional
performance of NEDs, of the Board as a whole and the
stature, domain expertise, gender diversity and specific
Chairman, after considering the view of the CEO & MD
qualification required for the position. The potential
and NEDs. They also assessed the quality, quantity and
Independent Director is also assessed on the basis of
timeliness of flow of information between the Company’s
independence criteria defined in Section 149(6) of the
Act read with rules framed thereunder and Regulation management and the Board.
16(1)(b) of the Listing Regulations. If the Board approves,
the person is appointed as an Additional Director whose
appointment is subject to the approval of the Members
at the Company’s general meeting.
Details of familiarisation programmes
xvii. for xx. Remuneration to Directors
Directors including Independent Directors Details of remuneration to NEDs during and for the
All Board members of the Company are accorded every year under review:
opportunity to familiarize themselves with the Company, (Gross Amount in ₹) Table 4
Overview
its management, its operations and above all, the industry Sl. Name of Sitting Fees paid Commission for
perspective and issues. They are made to interact with No. the Director during FY21 FY21*
senior management personnel and proactively provided 1. Mr. N. Chandrasekaran$
with relevant news, views and updates on the Company Chairman 3,30,000 N.A.
and sector. All the information/documents sought by
2. Ms. Anjali Bansal 6,00,000 60,00,000
them are also shared with them for enabling a good
understanding of the Company, its various operations and 3. Ms. Vibha Padalkar 5,70,000 65,00,000
the industry of which it is a part. Separate sessions are 4. Mr. Sanjay V. Bhandarkar 5,70,000 65,00,000
organised with external domain experts to enable Board
5. Mr. K. M. Chandrasekhar 5,40,000 60,00,000

members to update their knowledge of the sector.
6. Mr. Ashok Sinha 5,10,000 65,00,000
Details of the familiarisation program on cumulative basis 7. Mr. Hemant Bhargava@ 3,60,000 50,00,000
are available on the Company’s website at https://www.
tatapower.com/pdf/investor-relations/familiarisation- 8. Mr. Saurabh Agrawal # 3,60,000 N.A.
programme-for-directors-20-21.pdf. 9. Mr. Banmali Agrawala # 3,90,000 N.A.
* Commission relates to the financial year ended 31st March
xviii. Code of Conduct 2021, which was approved by the Board on 12th May 2021, to be
The Company has adopted a Code of Conduct for its paid during FY22.
employees including the Managing Director and the $ As per the policy, Mr. N. Chandrasekaran has abstained from
Executive Directors. In addition, the Company has adopted

receiving commission from the Company.
a Code of Conduct for its Non-Executive Directors which
@ Sitting fees for attending meetings are paid to Mr. Bhargava and the
includes Code of Conduct for Independent Directors which Commission is paid to LIC.
suitably incorporates the duties of Independent Directors
# In line with the internal guidelines, no payment is made towards
as laid down in the Act. All Board members and senior
Commission to Mr. Saurabh Agrawal and Mr. Banmali Agrawala,
management personnel have affirmed compliance with NEDs of the Company, who are in full-time employment with
their respective Code of Conduct. The CEO & Managing another Tata company.
Director has also confirmed and declared the same. The
The NEDs are paid remuneration by way of Commission and
declaration is reproduced at the end of this Report and
Sitting Fees. The distribution of Commission amongst the
marked as Annexure I.
NEDs is placed before the NRC and the Board. The Commission
payment for the financial year ended 31st March 2021 was
xix. Tata Code of Conduct for Prevention of Insider
distributed based on the Company's performance and keeping
Trading & Code of Corporate Disclosure Practices in mind the attendance of Directors at Board and Committee
Statutory Reports
In accordance with the Securities and Exchange Board of
meetings and their contribution at these meetings.
India (Prohibition of Insider Trading) Regulations, 2015,
as amended from time to time, the Board of Directors None of the NEDs had any pecuniary relationship or transactions
of the Company has adopted the Tata Code of Conduct with the Company other than the Directors’ sitting fees and
for Prevention of Insider Trading and Code of Corporate commission, as applicable, received by them. The Company
Disclosure Practices (the Code). reimburses the out-of-pocket expenses, if any, incurred by the
Directors for attending meetings.
Mr. Ramesh N. Subramanyam, Chief Financial Officer
(CFO) of the Company is the ‘Compliance Officer’ in
terms of this Code.

Details of remuneration and perquisites paid to the CEO & Managing Director during FY21:
(Gross Amount in ₹) Table 5
Name Salary & allowances Commission for Perquisites & Retirement Total
FY21@ Benefits Benefits
Dr. Praveer Sinha 1,51,47,000 4,50,00,000 84,99,320 26,24,400 7,12,70,720

@ Commission (variable component) relates to the financial year ended 31st March 2021, which was approved by the Board on 12th May 2021, to be paid
during FY22.
Salient features of the agreement executed by the Company with the CEO & Managing Director:
Table 6
Terms of Agreement
Period of appointment 01.05.2018 to 30.04.2023

Remuneration Basic salary upto a maximum of ₹ 15,00,000 p.m.
Commission Within the limits stipulated under the Act.
Incentive Remuneration Not exceeding 200% of basic salary.
Benefits, perquisites and allowances (excluding Company's As may be determined by the Board from time to time.
contribution to Provident Fund, Superannuation, Gratuity,
Leave Encashment)
Notice period The Agreement may be terminated by either party giving to the other party six
months' notice or the Company paying six months' remuneration in lieu thereof.
Severance fees There is no separate provision for payment of severance fees.
Stock Option Nil
Board Committees Audit Committee of Directors

The Committees constituted by the Board focus on specific The composition of the Committee as on 31st March 2021 and
areas and take informed decisions within the framework attendance details of meetings during FY21, are as follows:
designed by the Board and make specific recommendations Table 7
to the Board on matters in their areas or purview. All decisions Name of No. of meetings No. of meetings
the Director held during attended
and recommendations of the Committees are placed before FY21
the Board for information or for approval, if required. To Mr. Ashok Sinha, Chairman 4 4
enable better and more focused attention on the affairs of the Mr. Sanjay V. Bhandarkar 4 4
Company, the Board has delegated particular matters to the
Ms. Vibha Padalkar 4 3
Committees of the Board set up for the purpose.
Mr. Saurabh Agrawal 4 4
The Board has seven committees as on 31st March 2021, Ms. Anjali Bansal 4 4
comprising five statutory committees and two non-statutory Mr. K. M. Chandrasekhar 4 4
committees that have been formed considering the needs
All members are financially literate and bring in expertise
of the Company. Details of the statutory and non-statutory
in the fields of finance, accounting, development, strategy
committees are as follows:
and management.
❖ Statutory Committees Meetings of the Committee were held on 18th May 2020,
The Board has the following statutory Committees as on 11th August 2020, 9th November 2020 and 3rd February 2021,
31st March 2021: with the requisite quorum.
(i) Audit Committee of Directors
The CFO assists the Committee in discharge of its responsibilities.
(ii) Nomination and Remuneration Committee The Committee invites such employees or advisors as it
(iii) Corporate Social Responsibility Committee considers appropriate to attend. The CFO, the head of internal
audit and statutory auditors are generally invited to attend
(iv) Stakeholders Relationship Committee
meetings unless the Committee considers otherwise. Quarterly
(v) Risk Management Committee Reports are sent to the members of the Committee on matters
relating to the Insider Trading Code. The Company Secretary • Bring to the notice of the Board any lacunae in the TCoC
acts as the Secretary of the Committee. and the vigil mechanism (whistle blowing process) adopted
by the Company.
The Internal Auditors and Statutory Auditors of the Company
discuss their audit findings and updates with the Committee • Reviewing with the CEO and the CFO of the Company
Overview
and submit their views directly to the Committee. Separate the underlying process followed by them in their annual
discussions are held with the Internal Auditors to focus on certification to the Board of Directors.
compliance issues and to conduct detailed reviews of the • Approving the appointment of the CFO.
processes and internal controls in the Company. The permissible
non-audit related services undertaken by the Statutory Auditors All the recommendations made by the Committee during the
are also pre-approved by the Committee. year under review were accepted by the Board.
The Board has approved the Charter of the Audit Committee
defining inter alia its composition, role, responsibilities, Mr. Ashok Sinha, Chairman of the Committee, was present at the
powers and processes. last AGM held on 30th July 2020.

The terms of the Charter broadly include: Nomination and Remuneration Committee
• Oversee the processes that ensure the integrity of The composition of the Committee as on 31st March 2021 and
financial statements. attendance details of meetings during FY21, are as follows:
• Oversee the adequacy and effectiveness of the processes Table 8

and controls for compliance with laws and regulations. Name of No. of meetings No. of meetings
the Director held during FY21 attended
• Oversee the adequacy and effectiveness of the process by
which confidential or anonymous complaints or information Mr. Sanjay V. Bhandarkar,
Chairman 3 3
regarding financial or commercial matters are received

and acted upon. This includes the protection of whistle- Mr. N. Chandrasekaran 3 3
blowers from victimization and the provision of access by Ms. Vibha Padalkar 3 3
whistle-blowers to the Chairman of the Committee.
Meetings of the Committee were held on 19th May 2020, 10th
• Approval/modification of the transactions with November 2020 and 10th March 2021, with the requisite quorum.
related parties.
• Enquiry into reasons for any default by the Company in In terms of the provisions of Section 178(3) of the Act and
honouring its obligations to its creditors and members. Regulation 19(4) read with Part D of Schedule II to the Listing
• Oversee the quality of internal accounting controls and Regulations, the Committee is responsible for inter alia
other controls. formulating the criteria for determining qualification, positive
attributes and independence of a Director. The Committee is
• Oversee the system for storage (including back-up).
also responsible for recommending to the Board a policy relating
• Oversee the quality of the financial reporting process,
Statutory Reports
to the remuneration of the Directors, Key Managerial Personnel
including the selection of the most appropriate of and other employees. The Board has adopted the Policy on
permitted accounting policies. Board Diversity & Director Attributes and Remuneration Policy
• Ensure the independence of the auditor. for Directors, Key Managerial Personnel and other employees
• Recommend to the Board the appointment and of the Company, which are attached as Annexures I and II
remuneration of the auditors (including cost auditors). respectively to the Board’s Report. The Company does not have
any Employee Stock Option Scheme.
• Framing of rules for the hiring of any current or former
employee of the audit firm.
The Board has also approved the Charter of the Committee
• Scrutinize inter-corporate loans and investments. defining its composition, powers, responsibilities, reporting,
• Monitor the end use of funds raised through public offers. evaluation, etc. The terms of the Charter broadly include
• Conducting the valuation of any undertaking or asset Board composition and succession planning, evaluation,
of the Company. remuneration, board development and review of HR Strategy,
Philosophy and Practices.
• Oversee the internal audit function and approve the
appointment of the Chief Internal Auditor. Mr. Sanjay V. Bhandarkar, Chairman of the Committee, was
present at the last AGM held on 30th July 2020.

Corporate Social Responsibility Committee The Board has approved the Charter of the Committee defining
The composition of the Committee as on 31st March 2021 and its composition, powers, responsibilities, etc. The terms of the
attendance details of meetings during FY21, are as follows: Charter broadly include:
Table 9
Name of No. of meetings No. of meetings • Review statutory compliances relating to all
the Director held during FY21 attended security holders.
Ms. Anjali Bansal, Chairperson 4 4 • Resolve the grievances of all security holders.
Mr. K. M. Chandrasekhar 4 4 • Oversee compliances in respect of dividend payments and
Dr. Praveer Sinha 4 4 transfer of unclaimed amounts to the Investor Education
and Protection Fund.
Meetings of this Committee were held on 18th May 2020,
11th August 2020, 9th November 2020 and 3rd February 2021 • Oversee and review of all matters related to the transfer of
with the requisite quorum. securities of the Company.
• Ensure setting of proper controls and oversight of
The Company has adopted a CSR policy which indicates performance of the Registrar and Share Transfer Agent (RTA).
the activities to be undertaken by the Company as
specified in Schedule VII to the Act. The policy, including • Approve issuance of duplicate share certificates
of the Company.
overview of projects or programs proposed to be
undertaken, is provided on the Company’s website at • Approve transmission of securities.
https://www.tatapower.com/pdf/aboutus/csr-policy.pdf • Review movements in shareholding and ownership
structure of the Company.
Brief Terms of Reference/Roles and Responsibilities:
• Recommend measures for overall improvement of the
• Formulate and recommend to the Board, a CSR Policy quality of investor services.
indicating the activities to be undertaken by the Company
• Conduct a Shareholder Satisfaction Survey to judge the
as specified in Schedule VII to the Act.
level of satisfaction amongst shareholders.
• Recommend the amount of expenditure to be incurred on
• Suggest and drive implementation of various shareholder-
the activities mentioned in the CSR Policy.
friendly initiatives.
• Monitor the CSR Policy.
• Carry out any other function as is referred by the Board
Ms. Anjali Bansal, Chairperson of the Committee, was present at from time to time or enforced by any statutory notification/
the last AGM held on 30th July 2020. amendment or modification as may be applicable.
Stakeholders Relationship Committee Name, designation and address of the Compliance Officer:
The composition of the Committee as on 31st March 2021 and
attendance details of meetings during FY21, are as follows: Mr. H. M. Mistry, Company Secretary
Bombay House, 24, Homi Mody Street, Mumbai 400 001
Table 10
Tel: 022 6665 8282
Name of No. of meetings No. of meetings
the Director held during FY21 attended
In accordance with Regulation 6 of the Listing Regulations, the
Mr. Banmali Agrawala, Chairman 2 2 Board has appointed Mr. H. M. Mistry, Company Secretary as the
Mr. Hemant Bhargava 2 2 Compliance Officer. He is authorised to approve share transfers/
Ms. Anjali Bansal 2 2 transmissions, in addition to the powers with the members
of the Committee. Share transfer formalities are regularly
Meetings of this Committee were held on 26th November 2020
attended to and atleast once a fortnight. All investor complaints
and 24th March 2021 with the requisite quorum. which cannot be settled at the level of the Compliance Officer,
are placed before the Committee for final settlement.
The Committee specifically discharges duties of servicing and
protecting the various aspects of interest of shareholders,
debenture holders and other security holders.
The status of total number of complaints received during the • Reviewing and approving Enterprise-wide Risk
year under review is as follows: Management (ERM) framework.
Table 11 • Review the alignment of the ERM framework with the
Sl. Total strategy of the Company.
Description
Overview
No. Received Replied Pending • Monitor the Company’s risk appetite and strategy relating
A. Letters received from to key risks, including credit risk, liquidity and funding
Statutory Bodies risk, market risk, cyber security risk, forex risk, commodity
Securities & Exchange risk, product risk and reputational risk, as well as the
Board of India 3 3 1* guidelines, policies and processes for monitoring and
Stock Exchanges 4 4 0 mitigating such risks.
Depositories (NSDL/CDSL) 1 1 0 • Oversee Company’s process and policies for determining
Ministry of Corporate risk tolerance and review management’s measurement and
Affairs 5 5 0 comparison of overall risk tolerance to established levels.

Consumer Forum 0 0 0 • Review and analyse risk exposure related to specific issues,
B. Dividends concentrations and limit excesses, and provide oversight of
risk across organisation.
Non-receipt of dividend/
interest warrants (pending • Review compliance with risk policies, monitor breaches /
reconciliation at the time of trigger trips of risk tolerance limits and direct action.
receipt of letters) 0 0 0 • Nurture a healthy and independent risk management
Total 13 13 1* function in the Company.
* 1 complaint of Mr. J. P. Balasubramanian, received through SEBI and • Carry out any other function as is referred by the Board
brought forward from last year, remains pending.
from time to time or enforced by any statutory notification/

Mr. Banmali Agrawala, Chairman of the Committee, was present amendment or modification as may be applicable.
at the last AGM held on 30th July 2020.
Ms. Vibha Padalkar, Chairperson of the Committee, was present
Risk Management Committee at the last AGM held on 30th July 2020.
The composition of the Committee as on 31st March 2021 and
attendance details of meetings during FY21, are as follows: ❖ Non-statutory Committees
The Board has also constituted the following non-
Table 12
statutory Committees:
Name of No. of meetings No. of meetings
the Director held during FY21 attended (i) Executive Committee of the Board
Ms. Vibha Padalkar, Chairperson 3 3
(ii) Committee of Directors
Mr. Sanjay V. Bhandarkar 3 3
Mr. Ashok Sinha 3 3 Executive Committee of the Board
Statutory Reports
Mr. Hemant Bhargava 3 2 The Committee comprises the following as on 31st March 2021:
Mr. Banmali Agrawala 3 3
• Mr. N. Chandrasekaran, Chairman
Meetings of this Committee were held on 15th July 2020, 26th • Mr. Sanjay V. Bhandarkar
November 2020 and 24th March 2021 with the requisite quorum. • Dr. Praveer Sinha
Terms of Reference:
The Board has adopted Risk Management Strategy Document
The Committee covers a detailed review of the following
which specifies the objective, benefits of Risk Management,
matters before they are presented to the Board:
Risk Management Policy, Risk Management Process, Risk
Organization Structure, Risk Culture, etc. The Board has • Business and strategy review.
also approved the Charter of the Committee defining its • Long-term financial projections and cash flows.
composition, powers, responsibilities, etc. • Capital and revenue budgets and capital expenditure
programmes.
The terms of the Charter broadly include: • Acquisitions, divestments and business restructuring
proposals.
• Reviewing the Company’s risk governance structure, • Any other item as may be decided by the Board.
risk assessment and risk management practices and
guidelines, policies and procedures for risk assessment and
risk management including the risk management plan.

The said matters were discussed in various Board meetings held • Approve investments and recommend investment
during the year under review in the presence of the Executive proposals to Tata Power group companies within overall
Committee of the Board with the intent to avail expertise of Board approved framework.
all Board members. • Framing of Investment Guidelines outlining prudential
norms for investing in Mutual Funds, Fixed Deposits,
Committee of Directors Inter-Corporate Deposits with approved corporates,
The Committee comprises the following as on 31st March 2021: Central and State Government securities and any
subsequent amendments.
• Mr. Sanjay V. Bhandarkar, Chairman
• Modification/addition/deletion of authorised signatory
• Mr. Banmali Agrawala
list to give effect to investments within the Prudential
• Dr. Praveer Sinha
Investment Norms.
Terms of Reference: • Reconstitution of the Boards of Trustees of The Tata
The role of this Committee is as follows: Power Consolidated Provident Fund, The Tata Power
Company Limited Staff Superannuation Fund and Tata
• Borrowings of the Company subject to outstanding Power Gratuity Fund.
facilities not exceeding an amount of ₹ 12,500 crore of term
loans and ₹ 8,000 crore of working capital facilities. • Change in operating instructions involving the
Company’s bank accounts.
• Create security on the assets of the Company to secure the
• Submit Request for Qualification for any project and
borrowings of the Company subject to these being within
authorise execution of all documents, including Powers of
the limit approved by the shareholders of the Company
Attorney, in connection with the same.
under Section 180(1)(a) of the Act.
• All other matters earlier delegated by the Board/
• Issue of corporate guarantees to secure the borrowings Committee thereof, to a Committee comprising the CEO &
of wholly owned subsidiaries / step-down subsidiaries of Managing Director and COO & Executive Director.
wholly owned subsidiaries of the Company.
• To change the authorised signatories for all transactions,
• Change in authorised signatories for the existing borrowings contracts, agreement etc., entered into by the Company in
including working capital facilities of the Company. the ordinary course of business.
• Commitment to capex item exceeding ₹ 200 crore (within • Grant authority to the Company’s officers to exercise
Board approved Annual Business Plan) in a financial year. powers of a higher Work level under the Company’s
• Enter into any coal, fuel and freight contracts having Schedule of Authorities.
tenure above 5 years.
• Write off of receivables exceeding ₹ 10 crore in a The said matters were discussed in various Board meetings
financial year. held during the year under review in the presence of the
Committee of Directors with the intent to avail expertise of
• Claim settlement and dispute exceeding ₹ 25 crore per
instance and ₹ 50 crore in aggregate in a financial year. all Board members.
• Waiver of delayed payment surcharge exceeding ₹ 50 crore
in a financial year.
General Body Meetings

a) The details of the last three AGMs of the Company:
Table 13
Year ended Day, Date & Time Venue Special Resolutions passed
Virtual Meeting through • Issuance of Equity Shares to Tata Sons Private

Thursday, 30th July 2020
31st March 2020 Video Conferencing / Other Limited, Promoter of the Company, on a Preferential
at 3 p.m. (IST)
Audio Visual Means basis
Tuesday, 18th June 2019 Birla Matushri Sabhagar,
31st March 2019 • Nil
at 3 p.m. (IST) Sir Vithaldas Thackersey
Marg, 19, New Marine
Friday, 27th July 2018 Lines, Mumbai • Private placement of Non-Convertible Debentures/
31st March 2018
at 3 p.m. (IST) 400 020 Bonds
b) Extraordinary General Meeting:
No Extraordinary General Meeting of the Members was held during FY21.
c) Details of the meeting convened in pursuance of the order passed by the National Company Law Tribunal (NCLT):
Overview
During the year, pursuant to an order dated 5th January 2021, passed by the Hon’ble National Company Law Tribunal, Mumbai
Bench in the Company Scheme Application No. 1140/MB/2020, a meeting of the Equity Shareholders of the Company was held
through Video Conferencing / Other Audio Visual Means on Tuesday, 16th February 2021 at 3 p.m. (IST) to consider and approve
the Composite Scheme of Arrangement amongst Coastal Gujarat Power Limited and Tata Power Solar Systems Limited and The
Tata Power Company Limited and their respective shareholders under Sections 230 to 232 and other applicable provisions of
the Act and the Rules thereunder.
d) Postal Ballot:

(i) Details of special resolutions passed by postal ballot:
During the year under review, two ordinary resolutions were passed by means of postal ballot on 24th June 2020, the
details of which are as follows:
a) Increase in the Authorised Share Capital of the Company; and
b) Alteration of the Memorandum of Association of the Company.
(ii) Details of Voting Pattern: Table 14
Ordinary Ballots Total In Against Invalid

Resolution No Received Shares favour

Ballots Votes Ballots Votes Ballots Votes
a) 2,306 2,01,16,51,392 2,194 2,00,67,30,821 112 49,20,571 Nil Nil
b) 2,306 2,01,16,55,314 2,176 2,00,67,70,930 130 48,84,384 Nil Nil
(iii)
Person who conducted the aforesaid postal the Company provided only the remote e-Voting
ballot exercise: facility to its Members, to enable them to cast their
Mr. P. N. Parikh (ICSI Membership No. FCS 327), votes electronically.
Practising Company Secretary of Parikh & Associates
conducted the aforesaid postal ballot exercise in a fair The Company engaged the services of National
and transparent manner. Securities Depository Limited (NSDL) for facilitating
remote e-Voting to enable the Members to cast their
(iv) Whether any special resolution is proposed to be votes electronically.
conducted through postal ballot:
No Special Resolution is currently proposed to be Due to non-availability of postal and courier services,
Statutory Reports
conducted through postal ballot. on account of the threat posed by COVID-19 and
in terms of the MCA Circulars, the Company sent
(v) Procedure followed for Postal Ballot: the Postal Ballot Notices in electronic form only to
Pursuant to Sections 108, 110 and other applicable its registered shareholders whose e-mail IDs were
provisions, if any, of the Act, (including any statutory registered/available with the Depository Participants
modification or re-enactment thereof for the time (DPs)/Registrars and Share Transfer Agents (RTA) as on
being in force) read with Rule 22 of the Companies a cut-off date.
(Management and Administration) Rules, 2014 (the
Rules), as amended from time to time, the General Voting rights were reckoned on the paid-up value of
Circular No. 14/ 2020 dated 8th April 2020 and the the shares registered in the names of the Members
General Circular No. 17/ 2020 dated 13th April 2020, as on the cut-off date i.e. 19th May 2020. Members
in relation to “Clarification on passing of ordinary desiring to exercise their votes by electronic mode
and special resolutions by companies under the were requested to vote before close of business hours
Companies Act, 2013 and the rules made thereunder on the last date of e-Voting.
on account of the threat posed by Covid-19” issued by The scrutinizer, after the completion of scrutiny,
the MCA, Government of India (the “MCA Circulars”) submitted his report to Mr. H. M. Mistry, Company
and pursuant to other applicable laws and regulations, Secretary who was authorised to accept, acknowledge

and countersign the Scrutinizer’s Report as well as c) Annual Reports and Annual General Meetings: The
declare the voting results in accordance with the Annual Reports are emailed/posted to Members and
provisions of the Act, the Rules framed thereunder others entitled to receive them. The Annual Reports
and the Secretarial Standard 2 on General Meetings. are also available on the Company’s website at https://
The consolidated results of the voting by postal ballot www.tatapower.com/investor-relations/annual-reports-
and e-Voting were then announced by Mr. Mistry. The archive.aspx in a user-friendly downloadable form. The
results were also displayed at the Registered Office Company also provides live webcast facility of its AGM in
and the Corporate Office of the Company and on co-ordination with NSDL. In line with the MCA Circulars
the Company’s website at https://www.tatapower. dated 5th May 2020 and 13th January 2021 and SEBI
com/pdf/investor-relations/postal-ballot-voting- Circulars dated 12th May 2020 and 15th January 2021, the
results-24jun20.pdf besides being communicated to Notice of the AGM along with the Annual Report 2020-
BSE Limited (BSE), National Stock Exchange of India 21 is being sent only through electronic mode to those
Limited (NSE) and NSDL. The results were announced Members whose e-mail addresses are registered with the
on 24th June 2020. Company/Depositories.
Means of Communication to the shareholders d) News Releases, Presentations, etc.: Official news
a) Calendar of financial year ended 31st March 2021 releases, detailed presentations made to media, analysts,
The Company follows April-March as the financial year. The institutional investors, etc. are displayed on the Company’s
meetings of the Board of Directors for approval of quarterly and website at https://www.tatapower.com/investor-relations/
annual financial results for the financial year ended 31st March analyst-presentation-archive.aspx. Official media releases,
2021 were held on the following dates: sent to the Stock Exchanges, are given directly to the press.
Table 15 e) Website: Comprehensive information about the Company,
Particulars Date its business and operations, Press Releases and investor
Quarter ended 30th June 2020 12th August 2020 information can be viewed at the Company’s website
Quarter/half-year ended 30th September 2020 10th November 2020 at www.tatapower.com. The ‘Investor Relations’ section
Quarter/nine months ended 31st December 2020 4th February 2021 serves to inform the investors by providing key and
Quarter/year ended 31st March 2021 12th May 2021 timely information like financial results, annual reports,
shareholding pattern, presentations made to analysts, etc.
b) Quarterly, Half-yearly and Annual Results

Quarterly, half-yearly and annual financial results of the Company are published in widely circulated national newspapers, as per
the details given below:
Table 16
Name of the Newspaper Region Language
Indian Express - All editions Ahmedabad, Vadodara, Mumbai, Chandigarh, New Delhi, Kolkata, Lucknow, Nagpur and Pune English
Mumbai, Pune, Ahmedabad, New Delhi, Lucknow, Chandigarh, Kolkata, Hyderabad, Bengaluru,
Financial Express English
Kochi and Chennai
Loksatta - All editions Ahmednagar, Mumbai, Pune, Nagpur, Aurangabad and New Delhi Marathi
Jam-e-Jamshed Weekly Mumbai Gujarati
Vyapar + Phulchhab Vyapar (Mumbai) and Phulchhab (Rajkot) Gujarati
Post results, an Investor Conference call is held where members of the financial community are invited to participate in
the Q&A session with the Company’s management. The key highlights are discussed and investor/analyst queries are
resolved in this forum. The quarterly, half-yearly and annual financial results are also uploaded on the Company’s website at
https://www.tatapower.com/investor-relations/quarterly-results.aspx
f) NSE Electronic Application Processing System (NEAPS) (c) Dividend : Dividend of ₹ 1.55 per Equity share of ₹ 1
and BSE Online Portal: NSE has provided online platform each fully paid up (155%) for the financial
NEAPS wherein the Company submits all the compliances/ year 2020-21 has been recommended
disclosures to the Stock Exchanges in the SEBI prescribed by the Board of Directors to Members
Overview
format. Similar filings are made with BSE on their online for their approval. If approved by the
Portal viz. BSE Corporate Compliance & Listing Centre. Members, payment will be made on
and from Wednesday, 7th July 2021.
g) eXtensible Business Reporting Language (XBRL): XBRL For the Members who are unable to
is a standardized and structured way of communicating receive the dividend directly in their
business and financial data in an electronic form. XBRL bank accounts, the Company shall
provides a language containing various definitions (tags) dispatch the dividend warrant to them,
which uniquely represent the contents of each piece on resumption of normal activities.
of financial statements or other kinds of compliance (d) Book Closure : From Saturday, 19th June 2021 to Monday,
and business reports. BSE and NSE provide XBRL

5th July 2021 (both days inclusive)
based compliance reporting featuring identical and
(e) E-Voting Dates: The cut-off date for the purpose of
homogeneous compliance data structures between Stock
determining the shareholders eligible for
Exchanges and MCA. XBRL filings are done on the NEAPS
e-Voting is 28th June 2021.
portal as well as the BSE online portal. The e-Voting commences on Thursday,
h) Web-based Query Redressal System: Members also 1st July 2021 at 9 a.m. (IST) and ends on
have the facility of raising their queries/complaints on Sunday, 4th July 2021 at 5 p.m. (IST).
share related matters through an option provided on
the Company’s website at https://www.tatapower.com/ (f) International Securities Identification Number (ISIN):
investor-relations/investor-queries.aspx. INE245A01021

i) SEBI Complaints Redressal System (SCORES): (g) Corporate Identity Number (CIN):
A centralised web-based complaints redressal system, L28920MH1919PLC000567
which serves as a centralised database of all complaints
received, enables uploading of Action Taken Reports (h) Listing on Stock Exchanges:
(ATRs) by the concerned company and online viewing by Listing of Equity Shares: The Company’s Equity Shares are
the investors of actions taken on the complaint and its listed on two Stock Exchanges in India viz. (a) BSE Limited
(Regional Stock Exchange), Phiroze Jeejeebhoy Towers, Dalal
current status.
Street, Mumbai 400 001 and (b) National Stock Exchange
j) Dedicated email ID for communication with Investor of India Limited, Exchange Plaza, Bandra Kurla Complex,
Education and Protection Fund Authority: The Bandra (E), Mumbai 400 051.
Company has a dedicated e-mail ID [email protected]
Listing of GDS and GDRs: In February 1994, the Company
for communication with the IEPF Authorities. Investors are
Statutory Reports
jointly with the erstwhile The Tata Hydro-Electric Power
requested to send their IEPF claim documents at iepfclaim@
Supply Company Limited and The Andhra Valley Power
tsrdarashaw.com. Supply Company Limited issued Global Depository Shares
k) Reminder to investors: Reminders to collect unclaimed (GDS) in the International Market which have been listed on
dividend on shares or debenture redemption/interest are Luxembourg Stock Exchange, 35 Boulevard Joseph II, 1840,
sent to the concerned shareholders and debenture holders. Luxembourg and have been accepted for clearance through
Euroclear and Cedel. They have also been designated for
General Shareholder Information trading in the PORTAL System of the National Association of
(a) Details of AGM: Monday, 5th July 2021 at 3 p.m. (IST) Securities Dealers, Inc.
In accordance with the Circulars issued
by MCA and SEBI, the AGM will be held In July 2009, the Company raised USD 335 million through
offering of Global Depositary Receipts (GDRs). The GDRs are
through Video Conferencing (VC) / Other

listed and traded in Euro MTF market of Luxembourg Stock
Audio Visual Means (OAVM) only. Exchange and are also available for trading on IOB (International
(b) Financial Year : 1st April to 31st March Order Board) of London Stock Exchange.
Number of outstanding GDS as on 31st March 2021:

• 436 (Issued in 1994 to Citibank NA)
• 2,180 (Issued in 2009 to Bank of New York, Mellon)

Listing of Debt Securities: The various series of Debentures issued by the Company are listed as under:
Table 17
Sl. Series Amount outstanding as Listed on Name of the Debenture trustees with full
No. on 31st March 2021 contact details
(` in crore)
1. 9.15% Secured, Non-Convertible, Non-

Cumulative, Redeemable, Taxable Centbank Financial Services Limited
100 NSE Central Bank of India, MMO Bldg.,
Debentures with Separately Transferable
Redeemable Principal Parts 3rd Floor (East Wing),
55, Mahatma Gandhi Road, Fort, Mumbai 400 001.
2. 9.15% Secured, Non-Convertible, Non- Tel: 022 2261 6217
Cumulative, Redeemable, Taxable Fax: 022 2261 6208
90 NSE
Debentures with Separately Transferable E-mail : [email protected]
Redeemable Principal Parts
3. 9.40% Redeemable, Transferable, Secured,

210 NSE
Non-Convertible Debentures
4. 10.75% Unsecured Debentures 1,500 NSE
5. 11.40% Perpetual Bonds 1,500 BSE & NSE
6. 7.99% Unsecured, Redeemable, Non- IDBI Trusteeship Services Limited

1,200 BSE
Convertible Debentures Asian Building, Ground Floor, 17, R. Kamani Marg,
Ballard Estate, Mumbai 400 001.
7. 9% Series I Unsecured, Redeemable, Taxable,
250 NSE Tel: 022 4080 7000
Listed, Rated, Non-Convertible Debentures
Fax: 022 6631 1776
8. 8.84% Series II Unsecured, Redeemable, E-mail : [email protected]
Taxable, Listed, Rated, Non-Convertible 500 NSE
Debentures
9. 8.84% Series III Unsecured, Redeemable,

Taxable, Listed, Rated, Non-Convertible 750 NSE
Debentures
10. 7.60% Unsecured, Redeemable, Non-

1000 NSE SBICAP Trustee Company Limited
Convertible Debentures
Apeejay House, 6th Floor, 3, Dinshaw Wachha
11. 6% Unsecured, Redeemable, Non- Road, Churchgate, Mumbai 400 020
1000 NSE
Convertible Debentures Tel: 022 4302 5555
Fax: 022 2204 0465
300 NSE Email: [email protected]

400 BSE Axis Trustee Services Limited
The Ruby, 2nd Floor, SW, 29 Senapati Bapat Marg,
14. 7.05% Unsecured, Redeemable, Non- Dadar West, Mumbai 400 028
500 BSE
Convertible Debentures Tel: 022 6230 0603
Mob: 98191 37920
500 BSE Email: [email protected]
(i) Listing and Custodial Fees: (j) Listing Details:
The Company has paid the requisite Annual Listing and Table 18
Custodial Fees to the Stock Exchanges and Depositories viz. Name of the Exchange Stock Code
Central Depository Services (India) Limited (CDSL) and NSDL, BSE Limited
Overview
respectively for the financial years 2020-21 and 2021-22. (physical form) 400
(demat form) 500400
National Stock Exchange of India Limited TATAPOWER EQ
(k) Market Price Data: Month wise High, Low and trading volumes of the Company’s Equity Shares during the last financial year
at BSE and NSE are given below:
Table 19
Stock Exchange BSE NSE

Month High Low No. of shares High Low No. of shares
(`) (`) traded (`) (`) traded
April 2020 36.50 30.20 97,96,045 36.50 30.15 22,08,97,513
May 2020 36.90 27.35 3,57,26,976 36.90 27.30 84,34,43,518
June 2020 46.35 39.55 5,38,42,806 46.35 39.45 90,21,99,083
July 2020 52.55 46.00 4,20,80,116 52.50 46.10 70,59,05,429
August 2020 62.70 48.75 5,32,39,856 62.65 48.75 83,96,43,695
September 2020 61.00 50.35 3,08,05,672 60.95 50.45 53,24,63,877

October 2020 56.15 52.15 1,90,55,204 56.15 52.10 34,36,93,775
November 2020 64.95 52.65 4,30,71,972 64.90 52.65 54,81,80,944
December 2020 77.20 67.95 5,89,06,626 77.20 67.95 86,80,38,315
January 2021 86.05 75.40 5,15,29,304 86.05 75.40 68,15,15,058
February 2021 96.05 79.85 7,94,95,763 96.00 79.90 102,09,63,949
March 2021 113.25 97.80 11,79,26,430 113.25 97.90 159,70,82,988
(l) The market share price in comparison to broad-based indices like BSE Sensex and Nifty are given below:
(i) Comparison of the Company’s Share Price with BSE (ii) Comparison of the Company’s Share Price with NSE
Sensex and BSE Power Sensex in FY21: Nifty and NSE Nifty Energy in FY21:
Table 20 Table 21
Statutory Reports
Months Tata Power BSE Sensex BSE Power Tata Power Nifty Nifty Energy
closing price Sensex Months closing price
at BSE at NSE
April 2020 31.75 33,717.62 1,490.51 April 2020 31.70 9,859.90 13,154.70
May 2020 36.60 32,424.10 1,481.53 May 2020 36.55 9,580.30 13,060.50
June 2020 44.90 34,915.80 1,574.86 June 2020 44.85 10,302.10 14,396.55
July 2020 48.70 37,606.89 1,538.93 July 2020 48.70 11,073.45 15,309.15
August 2020 58.70 38,628.29 1,669.87 August 2020 58.75 11,387.50 15,605.25
September 2020 53.15 38,067.93 1,652.97 September 2020 53.30 11,247.55 15,026.95
October 2020 52.15 39,614.07 1,729.35 October 2020 52.15 11,642.40 14,977.80
November 2020 64.95 44,149.72 1,999.37 November 2020 64.90 12,968.95 16,251.85
December 2020 75.65 47,751.33 2,062.13 December 2020 75.65 13,981.75 16,922.50
January 2021 75.40 46,285.77 2,004.65 January 2021 75.40 13,634.60 16,159.20
February 2021 95.10 49,099.99 2,418.77 February 2021 95.15 14,529.15 18,793.35
March 2021 103.20 49,509.15 2,475.13 March 2021 103.25 14,690.70 18,185.10

(iii) Performance in comparison to broad-based indices: 4. Bungalow No. 1, 'E' Road, Northern Town Bistupur,
Table 22 Jamshedpur - 831001, Tel: +91-657-2426937; Email:
Company's Share Price BSE NSE [email protected]
As at 01.04.2020 31.55 31.55 5. C/o Link Intime India Private Limited, 5th Floor,
As at 31.03.2021 103.20 103.25 506 to 508, Amarnath Business Centre-1 (ABC-1),
Change (%) 227.10 227.26 Beside Gala Business Centre, Nr. St. Xavier's College
Corner, Off. C.G. Road, Ellisbridge, Ahmedabad -
Table 23 380006, Tel: +91-79-26465179; Email: csg-unit@
Indices Sensex Nifty tcplindia.co.in
As at 01.04.2020 28,265.31 8,253.80
As at 31.03.2021 49,509.15 14,690.70
For the convenience of Members, all communications/
documents are also accepted at the abovementioned branches/
Change (%) 75.16 77.99
agency of TSRD between 10.00 a.m. to 3.30 p.m. (Monday to
(m)
None of the Company’s securities have been Friday except bank holidays).
suspended from trading.
(n) (i) Registrars and Share Transfer Agents: TSR (o) Share transfer system:
Darashaw Consultants Private Limited (TSRD) All the transfers are processed by the RTA and are
(formerly known as TSR Darashaw Limited), C-101, approved by the Stakeholders’ Relationship Committee.
1st Floor, 247 Park, Lal Bahadur Shastri Marg, Vikhroli All share transfer and other communications regarding
(West), Mumbai - 400 083, Tel: 022 6656 8484, share certificates, change of address, dividends, etc.
Fax : 022 6656 8494, Email: [email protected], should be addressed to the RTA.
Website: www.tcplindia.co.in
Compliance of Share Transfer formalities
(ii) Branches of TSRD:
As per the requirement of Regulation 40(9) of the Listing
1. C/o. Mr. D. Nagendra Rao, "Vaghdevi" 543/A, Regulations, the Company has obtained half-yearly certificates
7th Main, 3rd Cross, Hanumanthnagar, from the Company Secretary in practice for due compliance of
Bengaluru - 560019, Tel: +91-80-2650 9004;
share transfer formalities.
Email: [email protected]
2. C/o Link Intime India Private Limited, Vaishno The number of shares transferred/transmitted in physical form
Chamber, Flat No. 502 & 503, 5th Floor, 6, Brabourne during the last two financial years are given below:
Road, Kolkata - 700001, Tel: +91-33-4008 1986; Table 24
Email: [email protected] Shares transferred/ FY21 FY20
3. C/o Link Intime India Private Limited, transmitted in physical form
Noble Heights, 1st Floor, Plot No NH-2, C-1
Block, LSC, Near Savitri Market, Janakpuri, Number of transfers/
581 1,046
New Delhi - 110058, Tel: +91-11-4941 1030; transmissions
Email: [email protected] Number of shares 9,02,808 22,40,811
(p) Shareholding details of the Company:

i. Distribution of Equity Shareholding as on 31st March 2021:
Table 25
Number of shares Number of shareholders
Range of Holdings
Physical Demat Total % Physical % Demat % Total %
1 - 5000 1,97,99,433 26,70,05,594 28,68,05,027 8.98 15,602 90.84 9,76,149 98.25 9,91,751 98.12
5001 - 10000 78,43,645 7,00,18,980 7,78,62,625 2.44 1,136 6.61 9,750 0.98 10,886 1.08
10001 - 20000 41,99,133 6,28,57,222 6,70,56,355 2.10 300 1.75 4,481 0.45 4,781 0.47
20001 - 30000 15,75,737 3,22,18,651 3,37,94,388 1.06 66 0.38 1,299 0.13 1,365 0.14
30001 - 40000 12,78,500 1,80,44,304 1,93,22,804 0.60 36 0.21 517 0.05 553 0.05
40001 - 50000 5,24,580 1,46,08,265 1,51,32,845 0.47 12 0.07 324 0.03 336 0.03
50001 - 100000 10,83,400 3,88,46,809 3,99,30,209 1.25 17 0.10 550 0.06 567 0.06
100001 and above 19,74,340 265,34,60,954 265,54,35,294 83.10 6 0.04 521 0.05 527 0.05
Total 3,82,78,768 315,70,60,779 319,53,39,547* 100.00 17,175 100.00 9,93,591 100.00 10,10,766 100.00
*It only represents number of listed Equity shares. It excludes 28,32,060 equity shares not allotted but held in abeyance, 44,02,700 equity shares cancelled
pursuant to a Court Order, 4,80,40,400 equity shares of the Company held by the erstwhile The Andhra Valley Power Supply Co. Ltd. cancelled pursuant to the
Scheme of Amalgamation sanctioned by the High Court of Judicature at Bombay and 16,52,300 forfeited equity shares.
ii. Shareholding pattern of the Company as on 31st March 2021:
Table 26
Equity Shares of ` 1 each
Particulars
No. of Shares %
Overview
Promoters (including Promoter Group) 149,72,57,565 46.86
Directors and their relatives 7,16,262 0.02
Insurance Companies 33,84,20,490 10.59
Financial Institutions/Banks 1,06,71,777 0.33
Mutual Funds / UTI 28,20,71,479 8.83
Provident Funds/ Pension Funds 25,40,735 0.08
Clearing Members 1,74,44,396 0.54

Corporate Bodies 3,78,90,107 1.19
Body Corporate-NBFC 55,175 0.00
Limited Liability Partnership-LLP 9,01,914 0.03
Alternate Investment Fund 75,43,949 0.24
Trusts 10,31,819 0.03
Resident Individuals & HUF 53,84,12,544 16.85
Central / State Governments 2,56,09,803 0.80
Foreign Portfolio Investors - Corporate 38,87,58,487 12.17
OCBs 4,000 0.00

OCBs-DR 3,73,990 0.01
Foreign National-DR 5,631 0.00
Global Depository Receipts 4,14,300 0.01
Non-Resident Indians 3,63,52,770 1.14
IEPF Suspense A/c 88,62,354 0.28
Total 319,53,39,547 100.00
iii. Top 10 Shareholders of the Company as on 31st March 2021

Table 27
Sl. No. Name of Shareholder Total holdings % to capital
1 Tata Sons Private Limited 144,45,13,021 45.21
Statutory Reports
2 Life Insurance Corporation of India 16,41,25,329 5.14
3 Matthews Pacific Tiger Fund 14,93,84,497 4.68
4 ICICI Prudential Value Discovery Fund 8,91,12,249 2.79
5 Tata Steel Limited 3,91,22,725 1.22
6 General Insurance Corporation of India 3,81,00,100 1.19
7 Franklin India Equity Advantage Fund 3,22,07,715 1.01
8 HDFC Life Insurance Company Limited 3,15,96,717 0.99
9 The New India Assurance Company Limited 2,63,43,839 0.82
10 Nippon Life India Trustee Limited- Funds 2,44,33,343 0.76
Grand Total 203,89,39,535 63.81
Persons holding 1% or more of the equity shares in the Company as on 31st March 2021 excluding the list of top 10
shareholders of the Company: None

(q) Details of Equity Shares in dematerialised and physical form as on 31st March 2021:
The Company’s shares are compulsorily traded in dematerialised form and are available for trading through both the
Depositories in India viz. NSDL and CDSL. The details of number of equity shares of the Company which are in dematerialised
and physical form are given below:
Table 28
Particulars of Shares Shares of ₹ 1 each Shareholders
Dematerialised form Number % to total Number % to total
NSDL* (A) 294,95,61,001 92.31 3,36,555 33.30
CDSL (B) 20,74,99,778 6.49 6,57,036 65.00
Sub-total (A+B) 315,70,60,779 98.80 9,93,591 98.30
Physical form 3,82,78,768 1.20 17,175 1.70
Total 319,53,39,547 100.00 10,10,766 100.00
* includes shares held by Tata Sons and promoter group representing 46.86% of the total shareholding.
(r) Commodity price risk or foreign exchange risk and hedging activities:
The Company has adopted the Commodity Price Risk Management Policy to manage its risks associated with commodity
imports (presently only Coal) from international markets. The objective of this policy is to ensure protection from risk
arising out of adverse and volatile movement in commodity prices by proper monitoring of the exposures and taking timely
actions to keep risks to acceptable levels. In terms of SEBI Circular No. SEBI/HO/CFD/CMD1/CIR/P/2018/0000000141 dated
15th November 2018, the required information is provided as under:
i) Risk management policy of the Company with respect to commodities including through hedging:
The Commodity Price Risk Management Policy is available on the Company’s website at
https://www.tatapower.com/pdf/aboutus/commodity.pdf.
ii) Exposure of the Company to commodity and commodity risks faced by the Company throughout the year:
• Total exposure of the listed entity to commodities in ₹:
Total coal exposure of the Company in FY 2020-21 is approx. ₹ 1,191.53 crore.
• Exposure of the listed entity to various commodities:
Table 29
Commodity Exposure in ₹ towards the Exposure in quantity % of such exposure hedged through
Name particular commodity terms towards the commodity derivatives
particular commodity
Domestic market International market Total
OTC Exchange OTC Exchange
Coal • Trombay Plant - ₹ 588.85 crore • Trombay Plant - 1.72 Million MT (imported)
Nil Nil Nil Nil Nil
• Jojobera Plant - ₹ 602.68 crore • Jojobera Plant - 1.54 Million MT (domestic)
• Commodity risks faced by the Company during the year and how they have been managed are given below:
The Company has its coal based power generation plants situated at Trombay, Mumbai and Jojobera, Jamshedpur
(Jharkhand). The Trombay Plant imports coal from Indonesia under long term index linked contract in accordance
with Indonesian price regulation, while Jojobera Plant uses domestic coal (Indigenous coal) which is governed by
notified price declared by Coal India Limited.
The Company, therefore, inherently faces commodity price risk from use of coal for its power generation facilities.
However, as both the aforesaid plants are regulated business and the cost of coal is pass-through, the Company
does not have any risk towards fluctuation of price of coal being sourced for these plants. Therefore, the price risk on
imported as well as domestic coal is not hedged.
To address short term price volatility and assure supply, the Company has entered into long term coal procurement
agreements. Further, to manage sourcing, the Company has a dedicated Fuel Procurement team with strong
understanding of coal markets. This team works closely with coal suppliers and the Company’s operations team to
plan and source its coal supplies through reliable and lowest cost supply chain.
The foreign exchange variation on the imported coal is allowed as a full cost pass-through in the tariff of the two
regulated businesses and is, therefore, not hedged.
(s) Plant locations of the Company and Group Companies:
Table 30
Type of plants Address of plants
Thermal Trombay Generating Station, Mahul Road, Chembur, Mumbai, Maharashtra
Overview
Power
Jojobera Power Plant, Jojobera, Jamshedpur, Jharkhand
Generating
Plants Haldia Power Plant, HFC Complex, Patikhali, Haldia, District Purb, East Medinipur, West Bengal
Coastal Gujarat Power Limited, Mundra Ultra Mega Power Plant, Tunda-Vandh Road, Village Tunda, Taluka Mundra, Kutch, Gujarat
Maithon Power Limited, Village Dambhui, P.O. Barbindia, P.S. Nirsa, District Dhanbad, Jharkhand
Industrial Energy Limited, Inside of Tata Steel Limited, Kalinganagar, Jajpur, Jajpur Road, Duburi, Odisha
Tata Power Delhi Distribution Limited, Rithala CCGT Power Plant, 2/9, Sub Station Building, Behind Char Dham Apartment, Sector 9,

Rohini, New Delhi
Hydro Hydro Generating Station, Bhira P.O. Bhira, Taluka Mangaon, District Raigad, Maharashtra
Generating
Hydro Generating Station, Bhivpuri, P.O. Bhivpuri Camp, Taluka Karjat, District Raigad, Maharashtra
Stations
Hydro Generating Station, Khopoli, P.O. Khopoli Power House, Taluka Khalapur District Raigad, Maharashtra
Itezhi Tezhi Power Corporation Limited, Unit No. 13D, 2nd Floor Pangaea Office Park, Plot 2374, Great East Road, Show Grounds Area,
Postnet 239, Private Bag E891 Mandahill, Lusaka, Zambia
Dagachhu Hydro Power Corporation Limited, Dagapela, Dagana, Bhutan
Adjaristaqali Georgia LLC:

- Shuakhevi - 178 MW (2 x 89 MW) - Shuakhevi Hydro Power Plant, Adjara Region Shuakhevi Municipality, Village Akhaldaba, Georgia
- Skhalta - 9 MW (3 x 3 MW) - Skhalta Hydro Power Plant, Adjara Region Khulo Municipality, Village Tsablana, Georgia
Wind Farms Walwhan Wind RJ Limited, 132 KV Dhalmoo Substation, Village Dhalmoo, Tehsil Pratapgarh, District Pratapgarh, Rajasthan
Walwhan Energy Rajasthan Limited, Dangri Wind Farm, Village Dangri, District Jaisalmer, Rajasthan
Tata Power Renewable Energy Limited:
- Agaswadi Wind Farm, Village Kannarwadi, Hiwarwadi & Agaswadi, Taluka Khatav, District Satara, Maharashtra
- Poolavadi Wind Farm, Villages Anikaduvu, Mongilphuluvu, Illupunagaram, Taluka Madathukulam, District Tripur, Tamil Nadu
- Samana Wind Farm, Village Mota Panchdevda, Taluka Kalavad, District Jamnagar, Gujarat
- Gadag Wind Farm, Hosur, Kanavi, Mulgund, Shiroland Harti, District Gadag, Karnataka
- Dalot Wind Farm, Village Raipur, Jungle, Khanpur, Talabkheda, Karaikhede, Taluka Arnod, District Pratapgarh, Rajasthan
- Rojmal Phase I Wind Farm, Village Sukhpur, Taluka Babra, District Amreli, Gujarat
Statutory Reports
- Rojmal Phase II Wind Farm, Village Sukhpur, Taluka Babra, District Amreli, Gujarat
- Dwarka Wind Farm, Village Bhatiya, District Khambhalia, Gujarat
- Lahori Wind Farm, Village Lahori, District Shajapur, Madhya Pradesh
- Dangri Wind Farm, Village Dangri, District Jaisalmer, Rajasthan
- Nimbagallu Wind Project, Nimbagallu Village, Uravakonda (Mandal), District Anantapur, Andhra Pradesh
- Visapur 32 MW Wind Farm, Village Kokrale, Visapur, Girijashankarwadi & Rajachekurle, Taluka Khatav, District Satara, Maharashtra
Tata Power Green Energy Limited:
- Supa Wind Farm, Kauda Dongar, Village Shahjahanpur & Pimpalgoan Kauda, Taluka - Parner, District Ahmednagar, Maharashtra
- Khandke Wind Farm, Village Ranjani Agadgaon, Deogaon & Mehkari, District Ahmednagar, Maharashtra
- Bramanvel Wind Farm, Village Valve, Taluka Sakri, District Dhulia, Maharashtra
- Sadawaghapur Wind Farm, Village Sadawaghapur, Taluka Patan, District Satara, Maharashtra
The Tata Power Company Limited:

- Nivade Wind Farm, Village Sawarghar and Niwade, Taluka Patan, District Satara, Maharashtra
- Visapur 10 MW Wind Farm, Village: kakrole, Visapur, taluka - Khatav, District – Satara
TP Wind Power Limited, Jath, Dist-Sangli, Pin-416404, Maharashtra
Vagarai Wind Farm Limited, Appayampatti Village, Oddan Chatram Taluk, District Dindigul, Tamil Nadu

Solar Plants Walwhan Urja Anjar Limited, Village Khirasara, Taluka Anjar, District Kutch, Gujarat
Walwhan Solar Energy GJ Limited, Village Khirasara, Taluka Anjar, District Kutch, Gujarat
MI MySolar 24 Private Limited, Village Fatepur, Taluka Dasada, District Surendranagar, Gujarat
Dreisatz MySolar 24 Private Limited, Village Fatepur, Taluka Dasada, District Surendranagar, Gujarat
Walwhan Solar Raj Limited, Khasra No. 44, Village Rawra, Tehsil Bap, Phalodi District, Jodhpur, Rajasthan
Northwest Energy Private Limited, Khasra No. 240/1, Village Rawra, Tehsil Bap, Phalodi District, Jodhpur, Rajasthan
Walwhan Solar AP Limited, Village Shrimandrup Nagar and Rawra, Tehsil Phalodi, District Jodhpur, Rajasthan
Walwhan Solar RJ Limited, Village Deh, Tahsil Kolayat, District Bikaner, Rajasthan
Walwhan Solar MP Limited:
- 105 MW Solar Power plant, Village Bhagwanpura, Diken Area, Tehsil Jawad, District Neemuch, Madhya Pradesh
- 25 MW Solar Power plant, Village Padaliya, Ratangarh Area, Tehsil Singoli, District Neemuch, Madhya Pradesh
Walwhan Solar MH Limited, MIDC Mangalwedha (G.C.), Taluka Mangalwedha, Maharashtra
Walwhan Renewable Energy Limited,
C/o Clean Sustainable Solar Energy Private Limited, Village Shirshuphal, Baramati, Pune, Maharashtra
Walwhan Renewable Energy Limited:
- 30 MW Site, Survey No. 863 & 864, Near Lomada Village, Shimadripuram Mandal, Pulivendula Taluka, District Kadapa, Andhra
Pradesh
- 70 MW Site Vermalapudu, Owk - Mandal Tq, Kurnool District, Andhra Pradesh
- 16 MW Site Rajapura Village, Molakalmuru Tq, Chitradurga District, Karnataka
- 34 MW Site, Kodihalli Village, Hiriyuru Tq, Chitradurga District, Karnataka
- 50 MW Site Bedareddyhalli Village, Challakere Tq, Chitradurga District, Karnataka
- 50 MW Solar Site, Panchapatti, Veeriyapalayam Village, Krishnarayauram Taluk, Karur District
- 50 MW Solar Site, Iyermalai, Karupathur & Vayalur Village, Krishnarayauram Taluk, Karur District
- Kayathar - 50 MW Plant, Metupirancheri Village, Manur Taluk, Tiruneliveli, District 627352, Tamilnadu
- Honda Cars India Limited, Plot No. A-1, Sector - 40/41, Surajpur Kasna Road, Greater Noida, Uttar Pradesh
- Honda Cars India Limited, SPL-1, Tapukara Industrial Area, Khuskhera, Alwar District, Rajasthan
Walwhan Solar KA Limited, Villages Nagasamudra & Heruru Taluka Molakalamuru, District Chitradurga, Karnataka
Walwhan Solar PB Limited, Villages Jagaram Tirath & Teona Pujarian, Tehsil Talwandi Sabo, Bhatinda, Punjab
Walwhan Solar TN Limited, Musri & TT PET - 100MW, Krishnapuram Village, Valaiyeduppu Post, Musiri Taluk, Trichy District, Tamil Nadu
Walwhan Solar BH Limited:
- Bahera, Block: Dobhi, P.O. Barachatti Anchal, Gaya, Bihar
- Savkala & AMP, Khaira Khurd, Block Amas, P.O.: Sherghati Anchal, Sherghati, Gaya, Bihar
Walwhan Solar MH Limited, Village Dhalmu, Pratapgarh, Rajasthan
Tata Power Renewable Energy Limited:
- Mulshi Solar Plant, Mulshi (Khurd), Post Male, Taluka Mulshi, District Pune, Maharashtra
- Roof top Solar, Delhi
- Bidar, Srinivasapura, Kanakagiri, Karnataka
- Noamundi Solar Power Plant, Jharkhand
- Palsawade Solar Plant, Palsawade, Taluka Maan, District Satara, Maharashtra
- Sastra University, Maharashtra
- Mithapur Solar Plant, Plot B, Survey No. 78, Mithapur, District Jamnagar, Gujarat
- Belampalli Village, Ankepalli and Venkapalli, Mandal, Tandur, District Mancherial, Telangana
- Plot No.6, Gujarat Solar Park Charanka, District Patan, Gujarat
- 400 MW Solar Power Plants (blocks # 15,17, 18, 19, 21, 27, 32 and 34) @ 2000 MW Solar Park, Thirumani Village, Pavagada Taluka,
Tumkur District, Karnataka
- Plot - P4&P5, Ananthapuramu Ultra Mega Solar Park, Thumkunta Village, Galiveedu Mandal, Raychoti Taluka, Kadapa, Andhra
Pradesh
- 150 MW TPREL MSEDCL Chhayan Solar PV Plant, Chhayan I, Pokhran, District Jaisalmer, Rajasthan
Poolavadi Windfarm Limited, Netmagic 50 MW, Gholasgaon, Taluka: Akkalkot, District Solapur, Maharashtra, PIN: 413218
Transmission Ambernath Receiving Station, Murbad road, Varap, P O (Via) Kalyan, Dist. Thane, Mumbai - 421301, Maharashtra
and Backbay Receiving Station, 148, Lt. Gen. J. Bhonsle Marg, Nariman Point, Mumbai - 400021, Maharashtra
Distribution
BKC Substation, Near Asian Heart Hospital, Opposite Bharat Diamond Bourse, Bandra Kurla Complex, Bandra (E), Mumbai – 400051,
Overview
Division
Maharashtra
Borivali Receiving Station, Tata Power House Road, Borivali (E), Mumbai- 400066, Maharashtra
Bhokarpada Receiving Station, Hiranandani Business Park, Opposite Maharashtra Jeevan Pradhikaran at - Bhokarpada Village, Post
Poyanje, Panvel, District – Raigad, Mumbai – 410206, Maharashtra
Carnac Receiving Station, 34, Sant Tukaram Road, Carnac Bunder, Mumbai - 400009, Maharashtra
Chembur Receiving Station, PO Box H O 18801, RCF Premises, Near Gate No.2, Chembur, Mumbai - 400074, Maharashtra
Dharavi Receiving Station, Matunga, Near Shalimar Industrial Estate, Dharavi, Mumbai - 400019, Maharashtra
Kalyan Receiving Station, Transmission Division, Shil Road, Netivli, Kalyan, Dist. Thane, Mumbai - 421301, Maharashtra

Kolshet Sub Station, Ghodbunder Road, Manpada, Thane (W), Mumbai - 400601, Maharashtra
Kurla Receiving Station, Tata Power, Kirol Road, Kamani, (Inside HDIL Premier SRA project, opposite building No. 29), Kurla(W), Mumbai
- 400070, Maharashtra
Malad Sub Station, Malad Marve Road, Malad (W), Mumbai - 400 095, Maharashtra
Mankhurd Sub Station, Near Mankhurd – Ghatkopar Highway, Mumbai Pune Road, Mankhurd, Mumbai - 400088, Maharashtra
Mahalaxmi Sub-Station, Senapati Bapat Marg, Lower Parel, Mumbai - 400 013, Maharashtra
Parel Receiving Station, G D Ambekar Marg (Parel Tank Road), Parel, Mumbai - 400 033, Maharashtra
Panvel Receiving Station, Old Mumbai Pune Road, Behind MSEDCL Bhingari, substation, Bhingari Panvel, Dist Raigad, Maharashtra
Powai Receiving Station, Near MTNL Hiranandani Kailas Complex Road, Powai, Mumbai - 400076, Maharashtra
Saki Receiving Station, 42, Saki Vihar Road, Andheri (East), Mumbai - 400072, Maharashtra

Sahar Receiving Station, Near Hotel Leela, Sahar T2 Airport Road, Andheri East, Mumbai - 400 059, Maharashtra
Salsette Receiving Station, Lake Road, Bhandup, Mumbai - 400 078, Maharashtra
Versova Sub Station, Off Andheri - Malad Link Road, Andheri (West), Mumbai - 400053, Maharashtra
Vikhroli Sub Station, Godrej Soap Premises, Vikhroli (East), Mumbai 400079, Maharashtra
Distribution Division, Senapati Bapat Marg, Lower Parel, Mumbai 400013, Maharashtra
Karanjade, Transmission project Site, Plot no 81A, Sector 5A, Karanjade Village, Panvel, Mumbai - 410206, Maharashtra
Waghiwali, Transmission project Site NMIA, Waghiwali Sector 17A, Navi Mumbai, Panvel, Mumbai - 400027, Maharashtra
Antophill, Transmission project Site, Shaikh Misree Road, Antop Hill, Wadala Landmark- Near Wamanrao Mahadik MCGM School
Mumbai- 400037, Maharashtra
(t) Address for correspondence: The Tata Power Company Limited
Bombay House, 24, Homi Mody Street, Mumbai 400 001.
Statutory Reports
Tel.: 022 6665 8282 Fax: 022 6665 8801,
Email: [email protected]; Website: www.tatapower.com
(u) Credit Rating: Further, ICRA Limited (ICRA) has reaffirmed its rating on
During the year under review, Credit Rating Information NCDs of the Company as AA- but revised the outlook from
Services of India Limited (CRISIL) has upgraded its Stable to Positive. The rating indicates highest degree of
rating on the long term bank facilities and Non- safety regarding timely servicing of financial obligation
Convertible Debentures (NCDs) (including perpetual and the rated instruments carry very low credit risk.
and subordinated NCD) from CRISIL AA-/Positive to Care Analysis and Research Limited (CARE Ratings) has
CRISIL AA/Stable. The rating of AA/Stable awarded by assigned the rating of AA/Stable to the long term bank
CRISIL reflects high degree of safety regarding timely facilities of the Company and reaffirmed the rating on
servicing of financial obligations and also indicates that NCDs (including perpetual bonds) of the Company, as
Care AA with the Stable Outlook.
such instruments carry very low credit risk. The rating
of A1+ for the Company's short-term bank facilities and India Ratings & Research Private Limited (Ind-Ra), a Fitch
Commercial Paper has also been reaffirmed by CRISIL. Group Company, assigned the rating of IND A1+ to the
This highest rating of A1+ indicates a very strong degree Commercial Papers issued by the Company and affirmed
of safety with regard to timely payment of interest and the rating on NCDs (NCD program) as IND AA/Stable.
principal. Such instrument carry lowest credit risk.

Other Disclosures:
Table 31
Regulation/Schedule of
Particulars Details and Web link
Listing Regulations
Web link where policy for Regulation 16 (1)(c) and The policy for determining material subsidiaries, adopted by the Board, is
determining material subsidiaries is Schedule V (C) 10(e) uploaded on the Company’s website.
disclosed https://www.tatapower.com/pdf/aboutus/policy-for-determining-material-
subsidiaries.pdf
Code of Conduct Regulation 17 The members of the Board and Senior Management Personnel have affirmed
compliance with the Code of Conduct applicable to them. A certificate by the
CEO & Managing Director on the compliance of same, is reproduced at the end
of this report and marked as Annexure I.
Details of establishment of Vigil Regulation 22 and The Company has adopted a Whistle Blower Policy & Vigil Mechanism for
Mechanism, Whistle Blower policy, Schedule V (C) 10(c) directors, employees and stakeholders to report concerns about unethical
and affirmation that no personnel behaviour, actual or suspected fraud or violation of the Company’s Code of
has been denied access to the Audit Conduct. The said policy has been posted on the Company’s website. The
Committee Company affirms that no personnel have been denied access to the Chairman of
the Audit Committee of Directors.
https://www.tatapower.com/pdf/aboutus/whistle-blower-policy-and-vigil-
mechanism.pdf
Disclosures on materially significant Regulation 23 and There are no material related party transactions during the year under review
related party transactions that may Schedule V (C) 10(f ) that have conflict with the interest of the Company. Transactions entered into
have potential conflict with the with related parties during the financial year were in the ordinary course of
interests of listed entity at large and business and at arm’s length basis and were approved by the Audit Committee of
Web link for policy on dealing with Directors. Certain transactions, which were repetitive in nature, were approved
related party transactions through omnibus route.
The Board has received disclosures from senior management relating to material,
financial and commercial transactions where they and/or their relatives have
personal interest. There are no materially significant related party transactions
which have potential conflict with the interest of the Company at large.
The policy on dealing with related party transactions adopted by the Company
is uploaded on the Company’s website.
https://www.tatapower.com/pdf/aboutus/rpt-policy-framework-guidelines.pdf
Subsidiary Companies Regulation 24 The Audit Committee of Directors reviews the financial statements of subsidiaries
of the Company. It also reviews the investments made by such subsidiaries, the
statement of all significant transactions and arrangements entered into by the
subsidiaries, if any, and the compliances of each materially significant subsidiary
on a periodic basis. The minutes of board meetings of the unlisted subsidiary
companies are placed before the Board. Composition of the Board of material
subsidiaries is in accordance with Regulation 24(1) of the Listing Regulations.
Familiarisation Program Regulation 25(7) read Details of familiarisation program imparted to IDs are available on the Company’s
with Regulation 46 website.
https://www.tatapower.com/pdf/investor-relations/familiarisation-programme-
for-directors-20-21.pdf
Archival Policy and Policy on Regulation 30 and The Archival Policy and Policy on Preservation of Documents, adopted by the
Preservation of Documents Regulation 9 Board, are uploaded on the Company’s website.
https://www.tatapower.com/pdf/aboutus/archival-policy.pdf
https://www.tatapower.com/pdf/aboutus/preservation-policy-documents.pdf
Policy on Determination of Regulation 30 The Policy on determination of materiality for disclosures, adopted by the Board,
Materiality for Disclosures is uploaded on the Company’s website.
https://www.tatapower.com/pdf/aboutus/determining-policy.pdf
Regulation/Schedule of
Particulars Details and Web link
Listing Regulations
Dividend Distribution Policy Regulation 43A The Dividend Policy, adopted by the Board, is uploaded on the Company’s
website.
Overview
https://www.tatapower.com/pdf/aboutus/dividend-policy.pdf
Terms and conditions of Regulation 46 Terms and conditions of appointment/re-appointment of IDs are available on
Appointment of IDs the Company’s website.
https://www.tatapower.com/pdf/investor-relations/Terms-&-conditions-of-IDs-
appointment.pdf
Details of mandatory requirements Schedule II Part E All mandatory requirements of the Listing Regulations have been complied with
and adoption of the non-mandatory by the Company. The status of compliance with the discretionary requirements,
requirements as stated under Part E of Schedule II to the Listing Regulations, is as under:
• Shareholder Rights: The half-yearly financial performance of the Company

is sent to all the Members possessing email IDs. The results are also posted on
the Company’s website.
• Modified opinion(s) in Audit Report: The auditors have expressed an
unmodified opinion in their report on the financial statements of the
Company.
• Reporting of Internal Auditor: The Internal Auditor reports to the Audit
Committee of Directors.
Details of non - compliance by Schedule V (C) 10(b) There were no instances of non-compliance, penalties, strictures imposed on the
the Company, penalty, strictures Company by the Stock Exchanges, SEBI or any statutory authority, on any matter
imposed on the Company by the related to capital markets, during the last 3 years.
Stock Exchange or SEBI or any

statutory authority on any matter
related to capital markets
Disclosures of commodity price risks Schedule V (C) 10(g) The disclosure of commodity price risks and hedging activities is provided under
and commodity hedging activities section ‘General Shareholder Information’. The policy on Commodity Price Risk
Management adopted by the Company is uploaded on the Company’s website.
https://www.tatapower.com/pdf/aboutus/commodity.pdf
Details of utilisation of funds raised Schedule V (C) 10(h) At the AGM of the Company held on 30th July 2020, the Members approved
through preferential allotment or the issuance of 49,05,66,037 Equity Shares of ₹ 1 each at ₹ 53 per share for an
qualified institutional placement as amount aggregating ₹ 2,600 crore to Tata Sons Private Limited on preferential
specified under Regulation 32(7A) basis. The Company has allotted the said shares to Tata Sons Private Limited
on 13th August 2020. The Company has utilized the sum of ₹ 2,600 crore for
repayment of debts of the Company and it subsidiaries.
Statutory Reports
A certificate from Company Schedule V (C) 10(i) A certificate from the Practicing Company Secretaries has been received stating
Secretary in practice for that none of the Directors on the Board of the Company have been debarred or
non-debarment/disqualification disqualified from being appointed or continuing as directors of companies by
SEBI/MCA or any such statutory authority and the same is reproduced at the end
of this report and marked as Annexure IV.
Disclosure with respect to non- Schedule V (C) 10(j) All the recommendations of the various mandatory committees were accepted
acceptance of any recommendation by the Board.
of any Committee of the Board
which is mandatorily required, along
with reasons thereof

Other Disclosures: https://www.tatapower.com/pdf/aboutus/Sexual-harass-

1. The Company has maintained an integrated compliance policy.pdf. All employees (permanent, contractual,
dashboard which provides assurance to the Management temporary and trainees, etc.) are covered under this Policy.
and the Board of Directors regarding effectiveness of
timely compliances. All the compliances applicable to Status of complaints as on 31st March 2021:
the Company have been captured in the dashboard and Table 33
are mapped amongst the respective users. The timelines Number of
Sl. No. Particulars
are fixed based on the legal requirement and the system Complaints
is aligned in such a manner that it alerts the users in a 1. Number of complaints filed during the
3
timely manner. financial year
2. Number of complaints disposed off during
3
2. In terms of Regulation 17(8) of the Listing Regulations, the the financial year
CEO & Managing Director and the CFO made a certification 3. Number of complaints pending at the end of
0
the financial year
to the Board of Directors in the prescribed format for
the year under review, which has been reviewed by the
Audit Committee and taken on record by the Board. The 6. The Company has complied with all the requirements of
same is reproduced at the end of this report and marked Corporate Governance Report as stated under sub-paras (2)
as Annexure II. to (10) of section (C) of Schedule V to the Listing Regulations.
7. The Company follows Indian Accounting Standards

3. The Company has obtained compliance certificate from the
(Ind-AS) in the preparation of its financial statements.
Practising Company Secretaries on corporate governance.
The same is reproduced at the end of this report and
8. As required under Regulation 36(3) of the Listing Regulations
marked as Annexure III. and the secretarial standards, particulars of Directors
seeking re-appointment at the forthcoming AGM are given
4. Details of fees paid/payable to the Statutory Auditors and in the Notice of the AGM to be held on 5th July 2021.
all entities in the network firm/network entity of which
the Statutory Auditor is a part, by the Company and its 9. Directors and Officers Liability Insurance:
subsidiaries during the year, are given below: As per the provisions of the Act and in compliance with
(₹ in crore) Table 32 Regulation 25(10) of the Listing Regulations, the Company
By the By Total has taken a Directors and Officers Liability Insurance (D&O)
Particulars
Company* Subsidiaries* Amount on behalf of all Directors including IDs, Officers, Managers
and Employees of the Company for indemnifying any of
Statutory Audit 4.03 3.33 7.36
them against any liability in respect of any negligence,
Other Services 0.38 1.57 1.95 default, misfeasance, breach of duty or breach of trust for
Out-of-pocket which they may be guilty in relation to the Company.
expenses 0.02 0.11 0.13
Total 4.43 5.01 9.44
Other Shareholder Information:
➢ Transfer of unclaimed/unpaid amounts to Investor
* The above fees are exclusive of applicable tax. Education and Protection Fund:
In accordance with the provisions of Sections 124, 125 and
5. Disclosures in relation to the Sexual Harassment of other applicable provisions, if any, of the Act, read with
Women at Workplace (Prevention, Prohibition and the Investor Education and Protection Fund Authority
Redressal) Act, 2013: (Accounting, Audit, Transfer and Refund) Rules, 2016
The Company has always believed in providing a safe and (hereinafter referred to as ‘IEPF Rules’) (including any
harassment-free workplace. The Company has complied statutory modification(s) or re-enactment(s) thereof for
with the applicable provisions of the aforesaid Act, and the time being in force), the amount of dividend remaining
the rules framed thereunder, including constitution of unclaimed or unpaid for a period of seven years from the
the Internal Complaints Committee. The Company has date of transfer to the Unpaid Dividend Account is required
in place an Anti-Sexual Harassment Policy in line with to be transferred to the Investor Education and Protection
the requirements of the Sexual Harassment of Women at Fund (IEPF) maintained by the Central Government. In
Workplace (Prevention, Prohibition and Redressal) Act, pursuance of this, the dividend remaining unclaimed
in respect of dividends declared upto the financial year
2013 and the same is available on the Company’s website at
ended 31st March 2013 have been transferred to the IEPF.
The details of the unclaimed dividends so transferred The Members whose unclaimed dividends/shares have
are available on the Company's website at https://www. been transferred to IEPF, may claim the same by making an
tatapower.com/investor-relations/unclaimed-dividends. application to the IEPF Authority in e-Form IEPF-5 available
aspx and on the website of MCA at http://www.iepf.gov.in/. on www.iepf.gov.in. No claim shall lie against the Company
in respect of the dividend/shares so transferred.
Overview
In accordance with Section 124(6) of the Act, read with the
➢ Shares held in electronic form: Members holding shares
IEPF rules, all the shares in respect of which dividend has
in electronic form may please note that:
remained unclaimed for a period of seven consecutive years
or more from the date of transfer to the unpaid dividend i) For the purpose of making cash payments to the
account are required to be transferred to the demat account investors through Reserve Bank of India approved
of the IEPF Authority. Accordingly, all the shares in respect electronic mode of payment (such as ECS, NECS, NEFT,
of which dividends were declared upto the financial year RTGS, etc), relevant bank details available with the
ended 31st March 2013 and remained unclaimed were depositories will be used. Members are requested to
due to be transferred to the IEPF. The Company had sent update their bank details with their DPs.

notices to all such Members in this regard and published
a newspaper advertisement and, thereafter, transferred ii) Instructions regarding change of address,
the shares to the IEPF during financial year 2020-21. The nomination and power of attorney should be given
details of such shares transferred have been uploaded in directly to the DPs.
the Company's website at https://www.tatapower.com/ ➢ Shares held in physical form: To facilitate better servicing,
investor-relations/unclaimed-dividends.aspx.
Members holding shares in physical form are requested to
notify/send to TSRD any change in their address/mandate/
The details of unclaimed dividends and equity shares
bank details in which they wish their dividend to be
transferred to IEPF during the year 2020-21 are as follows:
credited, in case they have not been furnished earlier.
Table 34

Amount of unclaimed ➢ Payment of dividend or interest or redemption or
Number of Equity shares transferred
dividend transferred repayment:
₹ 1,57,33,419.10 8,65,891 As required under Regulation 12 read with Schedule I to the
Listing Regulations, companies are directed to use, either
The below table gives information relating to various directly or through the depositories or through their RTA,
outstanding dividends and the dates by which they can be electronic clearing services (local, regional or national),
claimed by the Members from the Company’s RTA: direct credit, real time gross settlement, national electronic
(Amount in `) Table 35 funds transfer, etc. for making payment of dividend/
Unclaimed Dividend Last date for interest on securities issued/redemption or repayment
Date of dividend claiming amount to the investors. For investors holding shares in
declaration (As on 31st March 2021) payment from demat mode, relevant bank details from the depositories
TSRD
will be sought. Investors holding shares in physical form,
Statutory Reports
13.08.2014 2,12,95,013.48 15.09.2021
are requested to register instructions regarding their bank
05.08.2015 2,31,04,085.61 07.09.2022 details with the RTA. Only in cases where either the bank
21.09.2016 2,73,73,049.60 24.10.2023 details such as Magnetic Ink Character Recognition (MICR),
23.08.2017 2,69,52,552.90 20.09.2024 Indian Financial System Code (IFSC), etc., that are required
27.07.2018 2,56,19,046.70 20.08.2025 for making electronic payment, are not available or the
18.06.2019 2,43,83,340.70 17.07.2026 electronic payment instructions have failed or have been
30.07.2020 2,39,23,964.80 30.08.2027 rejected by the bank, physical payment instruments for
making cash payments to the Investors may be used.
It may be noted that the unclaimed dividend for
the financial year 2013-14 declared on 13th August ➢ Investor contact:
2014, is due to be transferred to the IEPF. The same In compliance with Regulation 62 of the Listing Regulations,
can, however, be claimed by the Members by 15th a separate e-mail ID [email protected]

September 2021. Members who have not encashed the has been set up as a dedicated e-mail ID solely for the
dividend warrant(s) from the financial year ended 31st purpose of dealing with Members’ queries/complaints.
March 2014 onwards may forward their claims to TSRD
before they are due to be transferred to the IEPF. The Company maintains a TOLL-FREE Investor Helpline No.
1800-209-8484 to give Members the convenience of one
more contact point with TSRD, for redressal of grievances/
responses to queries.

The Shareholders’ Relations Team is located at the ➢ Reconciliation of Share Capital Audit:
Registered Office of the Company. A Company Secretary in practice carried out a quarterly
Contact Person: Mr. J. E. Mahernosh Tel.: 022 6665 7508 Reconciliation of Share Capital Audit to reconcile the total
admitted capital with NSDL and CDSL and the total issued
➢ E-Voting: and listed capital. The audit report confirms that the total
E-voting is a common internet infrastructure that enables issued/paid-up capital is in agreement with the aggregate
investors to vote electronically on resolutions of companies. of the total number of shares in physical form and the total
The Company will also have the e-Voting facility for the number of shares in dematerialised form (held with NSDL
items to be transacted at this AGM. The MCA has authorised and CDSL). The Audit report is disseminated to the Stock
NSDL and CDSL for setting up electronic platform to Exchanges on quarterly basis and is also available on our
website https://www.tatapower.com/investor-relations/
facilitate casting of votes in electronic form. The Company
stock-exchange-intimation.aspx
has entered into agreements with NSDL and CDSL for
availing e-Voting facilities. ➢ Description of voting rights:
All Equity shares issued by the Company carry equal
➢ Nomination Facility: voting rights.
Pursuant to the provisions of Section 72 of the Act, Members
are entitled to make nominations in respect of shares held ➢ Awareness Sessions/Workshops:
by them. Members holding shares in physical form and Employees across the Company as well as those forming
intending to make/change the nomination in respect of part of the Tata Power group are being sensitized about the
their shares in the Company, may submit their requests various policies and governance practices of the Company.
in Form No. SH-13 to TSRD. Members holding shares in The Company had developed a system of keeping its
electronic form are requested to give the nomination employees educated about TCoC, Vigil Mechanism and
request to their respective DPs directly. Whistle Blower Policy, Sexual Harassment of Women at
Workplace (Prevention, Prohibition & Redressal) Act, 2013,
Form No. SH.13 can be obtained from TSRD or downloaded SEBI Insider Trading Regulations, etc. through emails,
presentations and workshops.
from the Company’s website under the section
‘Investor Relations’ at https://www.tatapower.com/pdf/
➢ Stakeholder Engagement:
nomination-form-14.pdf The Company has a dedicated department which facilitates
an on-going dialogue between the Company and its
➢ Depository Services: stakeholders. The communication channels include:
For external stakeholders - Analyst/investors meet,
Members may write to the respective Depository or to
meeting with key stakeholders, factory visits for
TSRD for guidance on depository services. Address for shareholders, online service and dedicated e-mail service
correspondence with the Depositories is as follows: for grievances, corporate website and access to business
National Securities Central Depository Services media to respond to queries, etc.
Depository Limited (India) Limited For internal stakeholders - Employee satisfaction surveys,
Trade World, 4th Floor, Marathon Futurex, A-Wing, employee engagement surveys for improvement in
Kamala Mills Compound, 25th floor, N. M. Joshi Marg, employee engagement processes, circulars and messages
Senapati Bapat Marg, Lower Parel, from management, corporate social initiatives, welfare
Lower Parel, Mumbai 400 013 initiatives for employees and their families, online updates
Mumbai 400 013 Tel. No. : 022 2272 3333 for conveying topical developments, helpdesk facility, etc.
Tel. No. : 022 2499 4200 Fax No. : 022 2272 3199 ➢ Investor safeguards:
Fax No. : 022 2497 6351 e-mail : [email protected] In pursuit of the Company’s objective to mitigate/avoid risks
e-mail : [email protected] website : www.cdslindia.com while dealing with shares and related matters, the following
website : www.nsdl.co.in are the Company’s recommendations to its Members:
➢ Secretarial Audit: i) Open Demat Account and dematerialise your shares

Members are requested to convert their physical
In terms of the Act, the Company appointed M/s. Makarand
holdings into electronic holdings.
M. Joshi & Co, Practising Company Secretaries, to conduct
Secretarial Audit of records and documents of the
Company for FY21. The Secretarial Audit Report is provided
as Annexure IV to the Board’s Report.
ii) Consolidate your multiple folios v) Obtain documents relating to purchase and sale of
Members are requested to consolidate their securities
shareholdings held under multiple folios. This A valid Contract Note/Confirmation Memo should be
facilitates one-stop tracking of all corporate benefits obtained from the broker/sub-broker, within 24 hours
on the shares and would reduce time and efforts of execution of the trade. It should be ensured that the
Overview
required to monitor multiple folios. It will also help in Contract Note/Confirmation Memo contains order no.,
avoidance of multiple mailing. trade no., trade time, quantity, price and brokerage.
iii) Confidentiality of security details vi) Prevention of Frauds
Folio Nos./DP ID/Client ID should not be disclosed to There is a possibility of fraudulent transactions relating
any unknown persons. Signed delivery instruction to folios which lie dormant. Hence, we urge you to
slips should not be given to any unknown persons. exercise diligence and notify the Company of any
change in address, as and when required.
iv) Dealing with Registered Intermediaries
Members should transact through a registered
vii) Weblinks of Corporate policies and Charters

intermediary. In case the intermediary does not
are available on the Company’s website at
act professionally, Members can take up the
https://www.tatapower.com/corporate/policies.aspx.
matter with SEBI.
Annexure I
DECLARATION
As required by the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, I affirm

that Board Members and the Senior Management Personnel have confirmed compliance with the Codes of Conduct, as applicable to
them, for the year ended 31st March 2021.
Praveer Sinha
CEO & Managing Director
DIN: 01785164
Mumbai, 12th May 2021
Statutory Reports

Annexure ii
Chief Executive Officer (CEO) & Chief Financial Officer (CFO) Certification
To
The Board of Directors
We, the undersigned, in our respective capacities as Chief Executive Officer and Chief Financial Officer of The Tata Power Company
Limited (“the Company”), to the best of our knowledge and belief certify that:
(a) We have reviewed the financial statements and the cash flow statement for the financial year ended 31st March 2021 and to the
best of our knowledge and belief, we state that:
(i) these statements do not contain any materially untrue statement or omit any material fact or contain statements that
might be misleading;
(ii) these statements together present a true and fair view of the Company’s affairs and are in compliance with the existing
accounting standards, applicable laws and regulations.
(b) There are no transactions entered into by the Company during the financial year, which are fraudulent, illegal or violative of the
Company’s code of conduct.
(c) We are responsible for establishing and maintaining internal controls and for evaluating the effectiveness of the same over the
financial reporting of the Company and have disclosed to the Auditors and the Audit Committee, deficiencies in the design
or operation of internal controls, if any, of which we are aware and the steps we have taken or propose to take to rectify these
deficiencies.
(d) We have indicated, based on our most recent evaluation, wherever applicable, to the Auditors and Audit Committee:
(i) significant changes, if any, in the internal control over financial reporting during the year;
(ii) significant changes, if any, in the accounting policies made during the year and that the same has been disclosed in the
notes to the financial statements; and
(iii) instances of significant fraud of which we have become aware and the involvement therein, if any, of the management or
an employee having a significant role in the Company’s internal control system over financial reporting.
Praveer Sinha R. N. Subramanyam

Mumbai, 12th May 2021 CEO & Managing Director Chief Financial Officer
(DIN:01785164)
Annexure III
Practicing Company Secretaries’ Certificate on Corporate Governance
CORPORATE GOVERNANCE COMPLIANCE CERTIFICATE
Overview
To
The Members,
We have examined the compliance of conditions of Corporate Governance by The Tata Power Company Limited (“the Company”)
for the year ended on March 31, 2021, as stipulated in Regulations 17 to 27 and clauses (b) to (i) of sub-regulation (2) of Regulation 46
and Para C, D and E of Schedule V of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The compliance of conditions of Corporate Governance is the responsibility of the management. Our examination was limited to
procedures and implementation thereof, adopted by the Company for ensuring the compliance of the conditions of the Corporate
Governance. It is neither an audit nor an expression of opinion on the financial statements of the Company.
In our opinion and to the best of our information and according to the explanations given to us, and representations made by the
management, we certify that the Company, to the extent applicable, has complied with the conditions of Corporate Governance as
stipulated in Regulations 17 to 27, clauses (b) to (i) of sub-regulation (2) of Regulation 46 and Para C, D and E of Schedule V of SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015.
We further state that such compliance is neither an assurance as to the future viability of the Company nor of the efficiency or
effectiveness with which the management has conducted the affairs of the Company.

Makarand Joshi
Partner
FCS No. 5533
CP No. 3662
UDIN: F005533C000282689
Peer Review No: P2009MH007000
Place: Mumbai
Statutory Reports
Date: 12th May 2021

Annexure IV
Practicing Company Secretaries’ Certificate on Independent Directors
CERTIFICATE OF NON-DISQUALIFICATION OF DIRECTORS
(Pursuant to Regulation 34 (3) and Schedule V Para C Clause (10) (i) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015)
To,
The Members
THE TATA POWER COMPANY LIMITED
We have examined the relevant disclosures provided by the Directors (as enlisted in Table A) to THE TATA POWER COMPANY
LIMITED having CIN L28920MH1919PLC000567 and having registered office at Bombay House, 24, Homi Mody Street,
Mumbai, Maharashtra, 400001 (hereinafter referred to as ‘the Company’) for the purpose of issuing this Certificate, in accordance
with Regulation 34 (3) read with Schedule V Para C clause 10 (i) of the Securities and Exchange Board of India (Listing Obligations
and Disclosure Requirements) Regulations, 2015.
In our opinion and to the best of our information and according to the verifications (including Directors Identification Number (DIN)
status at the portal www.mca.gov.in) as considered necessary and based on the disclosures of the Directors, we hereby certify that
none of the Directors on the Board of the Company (as enlisted in Table A) have been debarred or disqualified from being appointed
or continuing as Directors of the companies by the Securities and Exchange Board of India, Ministry of Corporate Affairs or any such
other Statutory Authority for the period ended as on March 31, 2021.
Table A
Sl. No. Name of the Directors Director Identification Number Date of appointment in the Company
1. Mr. Chandrasekaran Natarajan 00121863 11/02/2017
2. Ms. Anjali Bansal 00207746 14/10/2016
3. Ms. Vibha Padalkar 01682810 14/10/2016
4. Mr. Sanjay Vijay Bhandarkar 01260274 14/10/2016
5. Mr. Kesava Menon Chandrasekhar 06466854 04/05/2017
6. Mr. Hemant Bhargava 01922717 24/08/2017
7. Mr. Saurabh Mahesh Agrawal 02144558 17/11/2017
8. Mr. Banmali Agrawala 00120029 17/11/2017
9. Mr. Ashok Sinha 00070477 02/05/2019
10. Dr. Praveer Sinha 01785164 01/05/2018

Practicing Company Secretaries
Kumudini Bhalerao
Partner
FCS No. 6667
CP No. 6690
Place: Mumbai
Date: 3rd May 2021
UDIN: F006667C000227206
Business Responsibility Report
The Tata Power Company Limited (Tata Power), India’s largest integrated power company has a presence across the power
value chain viz. generation of renewable as well as conventional power including hydro and thermal energy; transmission and
distribution and trading. In line with the Company's view on sustainable and clean energy development, Tata Power is steering the
transformation of traditional utilities to providers of integrated solutions by initiating new business models in EV charging, Solar
Overview
pumps and rooftops, Microgrids, Home automation and Smart meters.
Tata Power believes in conducting its business activities in a responsible and sustainable manner. Tata Power’s vision is to ‘Empower
a billion lives through sustainable, affordable and innovative energy solutions’. Tata Power has a pivotal role to play in the
global efforts to achieve the United Nation's Sustainable Development Goals (SDGs) and the Company’s contribution is essential to
the success of SDGs and for fulfilling India’s commitment to achieve SDGs by 2030. Tata Power undertook a detailed SDG mapping
study which resulted in the prioritization of 10 SDGs, 4 business SDGs and 6 CSR SDGs, for guiding our sustainability efforts.
As on 31st March 2021, the Tata Power group of companies has a generation capacity of 12,808 MW based on various fuel sources
- thermal (coal, gas and oil), hydroelectric power, renewable energy (wind and solar PV) and waste heat recovery. The Company

(including its subsidiaries) has nearly 31% of its capacity (in MW terms) in clean and green generation sources (hydro, wind, solar
and waste heat recovery).
The Business Responsibility Report (BRR) is aligned with National Voluntary Guidelines (NVGs) on Social, Environmental and
Economic Responsibilities of Business, issued by the Ministry of Corporate Affairs (MCA), and is in accordance with clause (f) of
sub-regulation (2) of Regulation 34 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015.
Your Company's Business Performance and Impacts are disclosed based on the 9 Principles as mentioned in the NVGs.
Principle 1 Principle 2 Principle 3 Principle 4

Ethics, Transparency Product Life Employee Stakeholder
& Accountability Cycle Sustainability Well-Being Engagement
Principle 5 Principle 6 Principle 7

Human Rights Environment Policy Advocacy
Principle 8 Principle 9
Statutory Reports
Inclusive Growth Customer
and Equitable Value
Development Creation
Section A: General Information about the Company
1. Corporate Identity Number (CIN) of the company L28920MH1919PLC000567
2. Name of the company The Tata Power Company Limited
3. Registered address Bombay House, 24, Homi Mody Street, Mumbai - 400 001
4. Website www.tatapower.com
5. E-mail ID [email protected]
6. Financial Year reported 2020-21
7. Sector(s) that the Company is engaged in (industrial NIC Code: 351 Electric Power Generation, Transmission and Distribution
activity code-wise) Sector Description: Power Generation, Transmission & Distribution, Power Trading,
Electronic products and Services Business
8. List three key products/services that the - Power through Conventional and Renewable Generation
Company manufactures/provides (as - Transmission and Distribution of electricity
in Balance Sheet) - Power Trading
- Next Generation Power Solutions – Solar Rooftop, EV Charging infrastructure,
Home Automation and Microgrids

9. Total number of locations where business activity is undertaken by the Company

a. Number of International Locations (Provide details of major 5): Singapore, Georgia, Zambia, Indonesia and Bhutan
b. Number of National Locations: Tata Power has 145 locations. The operational status as on 31st March 2021 is given below:
States No. of Project locations Hydros Wind Solar Thermal Transmission Distribution
Andhra Pradesh 6 1 5
Andaman & Nicobar 1 1
Bihar 2 2
Delhi 28 25 1 1 1
Gujarat 12 5 6 1
Haryana 1 1
Jharkhand 9 6 3
Karnataka 13 1 12
Madhya Pradesh 2 1 1
Maharashtra 35 3 9 20 1 1 1
Odisha 4 1 3
Punjab 1 1
Rajasthan 10 4 5 1
Tamil Nadu 9 2 7
Telangana 4 4
Uttar Pradesh 4 3 1
Uttarakhand 3 3
West Bengal 1 1
Total 145 3 23 102 9 2 6
10. Markets served by the Company:

Local/ State/ National International
Delhi License Area Mumbai License Area Ajmer License Area Odisha License Area Singapore
Andhra Pradesh Jharkhand (Jamshedpur Circle) Rajasthan West Bengal Georgia
Bihar Madhya Pradesh Karnataka Jharkhand Zambia
Delhi Maharashtra Tamil Nadu Uttarakhand Bhutan
Gujarat Odisha Telangana Indonesia
Haryana Punjab Uttar Pradesh
Section B: Financial Details of the Company

1. Paid up capital (INR) ₹ 320 crore
2. Total Turnover (INR) ₹ 6,480 crore
3. Total profit after taxes (INR) ₹ 922 crore
4. Total Spending on Corporate Social Responsibility (CSR) as percentage of Profit after taxes (%) 2%*
*Calculated as per Section 135 of the Companies Act, 2013
List of activities in which expenditure in the above has been incurred

Tata Power undertakes CSR initiatives in alignment with the 5 Thrust areas as outlined in the CSR Policy. Tata Power (Parent) covered 12.85 lakh
people from Maharashtra, Gujarat, Jharkhand and West Bengal and at Tata Power group level CSR Initiatives covered 46.65 lakh beneficiaries
across 61 locations in 15 states. Further, Tata Power Standalone (Maharashtra, Gujarat, Jharkhand and West Bengal) covered 12.85 lakh people.
The Initiatives are aligned to 6 UN SDGs and Schedule VII to the Companies Act, 2013 (the Act).
Tata Power Standalone FY21 CSR spend:
Thrust Areas % Spend
Education 10
Health and Sanitation 20
Livelihood and Skill Building 52
Water 5
Financial Inclusivity 3
Misc. & Club Enerji 10
The highlights of Tata Power Group entities' CSR Interventions are reported in Social and Relationship Capital section of Integrated Report
(Reference Pg. 95)
Tata Power collaborates with all relevant stakeholders for
Section C: Other Details sustainability initiatives. The Company’s suppliers/ vendors
1. Does the Company have any Subsidiary Company/ are critical for operations and are engaged through the
Companies? Responsible Supply Chain Management (RSCM) policy which
As on 31st March 2021, the Company had 59 subsidiaries (44 covers guidance on Health & Safety, Environment, Human Rights
Overview
are wholly owned subsidiaries), 33 Joint Ventures (JVs) and 5 and Ethics & Compliance. The suppliers/ vendors are required
Associates. Of the subsidiaries, 3 companies have been classified to ensure conformance to the RSCM policy in addition to the
as JVs under Indian Accounting Standards (Ind AS). Tata Code of Conduct (TCoC).
2. Do the Subsidiary Company/Companies participate in the Section D: Business Responsibility (BR)
BR Initiatives of the parent company? If yes, then indicate the
number of such subsidiary company(s)
Information
1. Details of Director/ Directors responsible for BR
All the Company’s subsidiaries are guided by Tata Code of
a. Details of the Director/ Directors responsible for
Conduct (TCoC) to conduct their business in an ethical, transparent
and accountable manner. The Company positively influences and implementation of the BR policy/ policies
DIN Number 01785164

encourages its subsidiaries to adopt Business Responsibility (BR)
initiatives as recommended by their respective CSR Committees. Name Dr. Praveer Sinha
All subsidiaries are aligned to the CSR Strategy and CSR Policy and Designation CEO & Managing Director
implement activities under the 5 Thrust areas. b. Details of BR Head
3. Do any other entity/entities (e.g. suppliers, distributors DIN No. 06716024
etc.) that the Company does business with, participate in Name Ms. Jyoti Kumar Bansal
the BR initiatives of the Company? If yes, then indicate the Chief- Branding, Corp. Communications,
Designation
percentage of such entity/entities? [Less than 30%, 30- CSR & Sustainability
60%, more than 60%] Contact 022 67171666
2. a. Principle-wise (as per NVGs) BR Policy/ policies (Reply in Y/N)

Sl. No. Questions P1 P2 P3 P4 P5 P6 P7 P8 P9
1 Do you have policy/policies for…. Yes
2 Has the policy been formulated in consultation Yes
with relevant stakeholders?
3 Does the policy conform to any national / Yes
international standards? If yes, specify. Tata Power policies are based on the NVG principles and conform to the
International standards like ISO 9000, 14000, and 45001, UNGC principles, ILO principles
and United Nations Sustainable Development Goals (SDGs). Tata Power follows
GRI standards (Global Reporting Initiative) for measuring and reporting its sustainability
performance, reports to Carbon Disclosure Project (CDP) on Climate Change and
Water and has also committed to Science based target Initiative (SBTi).
4 Has the policy been approved by the Board? Policies are designed to ensure employee feedback, industry norms and legal norms
Statutory Reports
If yes, has it been signed by the MD /owner/CEO/ are met in true spirit. The policies have been developed as per the need and are duly
appropriate Board Director? signed by the CEO & Managing Director.
5 Does the Company have a specified committee The policies at Tata Power strengthen internal governance structures on compliance
of the Board/Director/Official to oversee the and beyond compliance efforts. All the policies are mapped to the respective business
implementation of the policy? functions and their implementation is based on the commitment framework.
The Company has set various processes to monitor the effectiveness of these policies.
6 Indicate the link to view the policy online https://www.tatapower.com/corporate/policies.aspx
7 Has the policy been formally communicated to all Yes
relevant internal and external stakeholders?
8 Does the Company have in-house structure to Yes
implement its policy/policies?
9 Does the Company have a grievance redressal Yes

mechanism related to the policy / policies to
address stakeholders’ grievances related to
policy/policies?
10 Has the Company carried out independent audit/ Policies are reviewed periodically for their implementation based on the commitment
evaluation of the working of this policy by an framework and related risk controls are set in place. Policies related to workforce
internal or external agency? benefits and well-being are co-created, in which employees’ inputs are taken and
incorporated in the policy building process. These inputs along with internal and
external benchmarking, form the pillars of policy.

3. Governance related to BR TCoC consists of 10 sections with sub-clauses that cover

a. Indicate the frequency with which the Board of employees, customers, communities and the environment,
Directors, Committee of the Board or CEO assess value chain partners, financial stakeholders, governments
the BR performance of the Company. Within 3 and group companies. The TCoC extends to Group Joint
months, 3-6 months, Annually, More than 1 year. Ventures/ Subsidiaries/Suppliers/Contractors.
Sustainability performance at Tata Power represents a
long-standing Board agenda, consistently monitored 2. How many stakeholders’ complaints have been
by the CSR Committee and Apex Leadership. received in the past financial year and what percentage
With established quarterly meetings, the was satisfactorily resolved by the management? If so,
CSR Committee also recommends the activities provide details thereof, in about 50 words or so.
to be undertaken by the Company as specified Satisfactorily
in Schedule VII to the Act or prescribed by the Received in resolved
Stakeholder
FY20-21 by the
rules. The CEO & Managing Director reviews the
management (%)
sustainability performance of Tata Power once
54 from on roll
every two months. Employees including
employees & 9 from 97
contract employees
contract employees
Apex Vendor 15 100
leadership Company 0 NA
Society/ Community 0 NA
SBU Heads
Customers 1 100
Corporate Investor 13 100
Sustainability Team
Sustainability SPOCs Principle 2 (P2): Businesses should provide goods and
Thermal, T&D, Hydros, Renewables, HR, services that are safe and contribute to sustainability
CSR, Ethics, IA&RM, Environment, etc. throughout their life cycle
1. List up to 3 products or services whose design has
incorporated social or environmental concerns, risks,
Fig. Sustainability Governance Structure
and/or opportunities.
Tata Power is organised in four business clusters namely
b. Does the Company publish a BR or a
Thermal Generation and Coal mining, Transmision &
Sustainability Report? What is the hyperlink for
Distribution, Renewables and New Businesses.
viewing this report? How frequently it is
published?
Generation: At all generating stations, conformance to
Yes, Tata Power is publishing an Integrated Annual
environmental norms, safety, occupational, health of the
Report for FY21 based on the IIRC framework.
employees (permanent/ contract) is considered a priority.
The Company also published Sustainability Reports
in previous years in accordance with Global Reporting All thermal stations of Tata Power are IMS compliant.
Initiative (GRI) standards annually. These reports Our renewable generation is focused on achieving growth
can be viewed at https://www.tatapower.com/ in an environmentally responsible and sustainable manner.
sustainability/disclosures/iirc-alignment.aspx. Tata Power commissioned around 50 MW of solar PV and
rooftop projects in FY21.
Section E: Principle-Wise Performance
Principle 1 (P1): Businesses should conduct and govern Transmission: Tata Power has always propagated the
themselves with Ethics, Transparency and Accountability importance of electrical safety awareness amongst
1. Does the policy relating to ethics, bribery and communities living in and around its operational areas.
corruption cover only the company? Yes/ No. As a responsible company, Tata Power takes utmost care of
Does it extend to the Group/Joint Ventures/ Suppliers/ the biodiversity around its transmission lines.
Contractors/NGOs /Others?
Being a Tata Group company, Tata Power abides by the Distribution: Initiatives like Safety audits, Energy audits
TCoC, which is a comprehensive document with an in consumer premises, Club Enerji, energy efficient
ethical road map for all internal and external stakeholders appliance exchange Demand Side Management (DSM)
of the Company, thus covering 100% of its operations. programs under ‘Be Green’ initiative creates awareness for
customers/ society at large on energy efficiency and its
conservation, safety, and reducing the carbon footprint. trades/skill sets including entrepreneurship though
Tata Power has secured IGBC Green building certification Tata Power Skill Development Institute (TPSDI) training
for its new as well as existing GIS buildings in Mumbai. centres for enhancing employability.
4. Has the Company taken any steps to procure goods
Overview
Manufactured Capital in Integrated Report (Reference Pg.
54-55, 57-59 & 60-61) and services from local & small producers, including
Social & Relationship Capital in Integrated Report communities surrounding their place of work? If yes,
(Reference Pg. 89-90 & 92-93) what steps have been taken to improve their capacity
and capability of local and small vendors?
2. For each such product, provide the following details The Company engaged with community in the
in respect of resource use (energy, water, raw material neighbourhood as indirect workforce through business
etc.) per unit of product (optional): associates and contractors based on relevant skill set
and nature of job. The contract workforce is trained at
i. Reduction during sourcing/production/
TPSDI on various industrial vocations and safety aspects

distribution achieved since the previous year
to enhance their skills and efficiency in work practices.
throughout the value chain?
Thus, the Company contributes to capability building of
Various environment management measures
the contractors and their workforce to ensure that the
resulting in reduction in auxiliary power
workforce is adequately trained to safely perform the job
consumption, zero water discharge, rainwater
efficiently with higher productivity and quality standards.
harvesting, ash utilization, energy conservation, and
In FY21, the total number of TPSDI trainees were 24,914 out
scrap utilization, etc. are in place at all operating
of which 69% of eligible youth were provided placement.
locations. Tata Power has improved ash utilization
at all coal fired power plants and is continuously 5. Does the Company have mechanism to recycle products
working on reducing fresh-water consumption at and waste? If yes, what is the percentage of recycling

thermal power plants. Tata Power is in the process waste and products?
of minimizing atmospheric pollution by installing Yes, the Fly Ash generated from thermal power stations is
Desulphurization Systems at coal fired power plants. the major waste. This is redirected towards construction
Natural Capital (Reference Pg. 114-118) (RMC as per Fly Ash Notification) and Quarry filling (as
ii. Reduction during usage by consumers (energy, per SPCB NOC). Tata Power’s endeavour is to utilize
water) has been achieved since the previous year? 100% Fly ash at all locations and initiatives are in place
Social & Relationship Capital (Reference Pg. 92) to utilize the bottom ash as well. For the renewable
operations, Tata Power conducted a study on end-of-life
3. Does the Company have procedures in place for considerations for photovoltaic solar panels. The study
sustainable sourcing (including transportation)? portrays future projections with respect to PV panel waste
Tata Power practises responsible sourcing with respect to quantum, disposal problems and how to address them
environment, safety, human rights and ethics, apart from through technology and advocacy.
Statutory Reports
economic considerations. Strict conformation to labour
principles and related laws are mandatory requirements Natural Capital (Reference Pg. 120)
for all suppliers to qualify. Work method and standards,
along with performance of supply and services, form a Principle 3 (P3): Businesses should promote the wellbeing
critical part of our technical evaluation. In addition, safety of all employees
evaluation and qualification are an integral part for the 1. Please indicate the total number of employees.
award and online vendor registration process. Total number of employees are 2673 as on 31st March 2021
for Tata Power Standalone.
Tata Power has established a formal mechanism of
supplier assessment to verify their ESG performance. 2. Please indicate the total number of employees hired
on temporary/ contractual/casual basis.
The evaluation is based on specific ESG criterion for which

they need to secure a minimum score for onboarding. The total number of contract employees are 6473 as on
31st March 2021.
In addition to engaging local workforce and community
development, which is part of project development 3. Please indicate the number of permanent
commitments, Tata Power as part of national skill/ capacity women employees.
development programme, trains local youth in various Total number of permanent women employees are 295 as
on 31st March 2021.

4. Please indicate the number of permanent employees Permanent Employees (includes

FY20-21
with disability. women employees and employees
(Manhours)
Total number of permanent employees with disabilities with disabilities)
are 3 (2 officers + 1 staff) as on 31st March 2021. Safety Induction Training 23,396
Safety Capability Training 49,224
5. Do you have an employee association that is Casual/Temporary/Contractual Employees
recognised by management? Safety Induction Training 73,608
Yes, there is an employee association that is recognized by Safety Capability Training 3,56,528
the management - Union Principle 4 (P4): Businesses should respect the interests
of, and be responsive to the needs of all stakeholders,
6. What percentage of your permanent employees are a especially those who are disadvantaged, vulnerable,
member of this recognised employee association? and marginalised.
30% of the permanent employees are unionized and 1. Has the Company mapped its internal and
members of the employee union. external stakeholders?
Yes, Tata Power conducted a comprehensive
7. Please indicate the number of complaints relating to Stakeholder engagement and materiality assessment
child labour, forced labour, involuntary labour, sexual in 2020. We undertook a materiality review in
harassment in the last financial year and pending, as FY21 considering the evolving ESG scenario, and this
on the end of the financial year. led to addition of 7 material issues for Tata Power to
Tata Power firmly supports human rights and the rights of focus.The Company engages with various stakeholder
all its stakeholders. The Company is proud to declare that groups like Lenders, Investors, Regulatory authorities,
it has not received any complaints regarding violation of Board of Directors, Customers, Employees, Suppliers,
rights of indigenous people, child labour, forced labour, NGO partners, Community, media, etc. through dedicated
freedom of association, right of collective bargaining and listening mechanisms. This transparent communication
discrimination based on gender or social vulnerability. helps us to understand the expectations and co-create
value. The interactions with stakeholders enables us to
No. of complaints No. of complaints
Category filed during pending as on end develop a better perspective on relevant material matters
the financial year of the financial year for Tata Power. This in turn helps to improve the overall
strategy and orientation of businesses.
Child labour/
forced labour/ 0 0
involuntary labour Stakeholder Engagement (Reference Pg. 44 & 45)
Sexual harassment 3 0
2. Out of the above, has the Company identified
Discriminatory the disadvantaged, vulnerable & marginalised
0 0
employment stakeholders?
Social & Relationship Capital (Reference Pg. 102)
8. What percentage of your employees were given safety
& skill up-gradation training in the last year? 3. Are there any special initiatives taken by the Company
Health and Safety management is the Company’s topmost to engage with the disadvantaged, vulnerable, and
priority with a defined safety vision. Your Company marginalised stakeholders? If so, provide details
employs a pro-active and pre-emptive approach to thereof, in about 50 words or so.
occupational health and safety and is committed to Tata Power’s Community Empowerment program is
achieve goal of zero injuries and fatalities. 100% of an interlinked socio-economic and governance-based
contractual workforce are trained on various aspects of initiative which aims to inform, enable and empower
Occupational health and safety. marginalized communities through skill building and
livelihood generation. The program also involves
Self-Help Groups (SHGs) and other vulnerable sections
of society. Community Empowerment Interventions are
run collaboratively with various implementation partners.
The Company has developed and enhanced the capacity Principle 6 (P6): Business should respect, protect, and make
of the SHG members and provided them opportunity to efforts to restore the environment
keep the Company cafeteria/canteens operational for the 1. Does the policy related to Principle 6 cover only the
employee and contractors. Numerous initiatives including Company or extends to the Group/Joint Ventures/
Suppliers/Contractors/NGOs/others?
Overview
market linkages have been provided to help them
Tata Power has a dedicated Environment policy along with
generate sustained income and continuous livelihood
policies on Energy conservation, Sustainability, E-waste
opportunities.
management etc. The Environment policy encourages the
Company to conserve resources, reduce environmental
The present COVID-19 pandemic has put our corporate impact and seeks to enhance the awareness among
social responsibility programs to test. Tata Power is striving employees. The Company is conscious of its environmental
to modify its approach, forge new partnerships with NGOs, responsibility and considers it for future decision-making.
work with the district administrations to deploy innovative The Joint Ventures/Suppliers have developed their own
response during this unprecedented situation to sustain policies taking guidance from the Company policy.

the livelihood of our neighbouring communities spread However, the RSCM policy has environment protection as
across 15 states i.e. Maharashtra, Delhi, Gujarat, Odisha, one of its criteria applicable to all the vendors, contractors
West Bengal, Jharkhand, Telangana, Madhya Pradesh, and service providers.
Andhra Pradesh, Karnataka, Bihar, Uttar Pradesh, Rajasthan,
Natural Capital (Reference Pg. 122-124)
Tamil Nadu and Punjab. We have strategized and deployed
our programs and initiatives to address both immediate
Social & Relationship Capital (Reference Pg. 94)
and long-term needs of our community.
2. Does the Company have strategies/initiatives to address
Social & Relationship Capital (Reference Pg. 102) global environmental issues such as climate change,

global warming, etc.?
Principle 5 (P5): Businesses should respect and promote The energy sector has been at the centre of the climate
human rights. change debate globally. As the largest integrated power
1. Does the policy of the company on human rights utility in India, Tata Power is conscious of its responsibilities
cover only the Company or extend to the Group/ and has committed to a focused 3-D framework of
Joint Ventures/Suppliers/Contractors/NGOs/Others? Decarbonization, Decentralization and Digitalization.
Tata Power respects Human Rights and has a dedicated Tata Power is also the first power utility in India to publicly
Policy on Human Rights with a commitment framework. commit to Carbon neutrality by 2050. The Company has
put forth a commitment for no further coal-based growth
This policy is aligned with the UN Human Rights Declaration,
and to retire coal-based capacity on reaching end-of-life.
International Labour Organisation (ILO) fundamental
This will be supplemented by rapid growth in renewables
conventions and other fundamental labour principles. leading to an increase from 31% in 2021 through clean
Statutory Reports
Through the policy, Tata Power ensures conformance to sources to 60% by 2025, growth through distribution and
fundamental labour principles including the prohibition smart energy solutions for empowering customers and
of child labour, forced labour, freedom of association committing to SBTi.
and protection from discrimination in all its operations
by imparting relevant training and aligning the conduct Tata Power collaborated with WBCSD and 10 global electric
of its employees. utilities to co-create a report on the Sector Transformation:
Human Capital (Reference Pg. 80) An SDG roadmap for Electric Utilities. Tata Power was
the only Indian company involved in its development.
2. How many stakeholder complaints have been received The roadmap provides a vision, direction and a platform
for collaboration that will enable the electric utilities sector
in the past financial year and what percent was
to drive forward the SDGs on the road to 2030.

satisfactorily resolved by the management?
Tata Power have had no instance of violation of any of 3. Does the Company identify and assess potential
the human rights and have not received any complaints environmental risks?
in this regard, which showcases our commitment Yes, environment and climate change related risks are
towards the protection of human rights. Human Capital identified and added to the risk register for periodic
(Reference Pg. 80) reviews. A risk owner and risk champion are assigned to
each identified risk who then analyse the risk for required

mitigation measures. The senior management team and Principle 7 (P7): Businesses, when engaged in influencing
Risk Management Committee of the Board reviews the public and regulatory policy, should do so in a responsible
key risks along with status of mitigation measures on manner
a regular basis. 1. Is your Company a member of any trade and chamber
or association? If Yes, Name only those major ones that
Risk Management (Reference Pg. 26-27) your business deals with:
The Company is member of various trade and chamber
4. Does the Company have any project related to associations. The major ones are:
Clean Development Mechanism? If so, provide details • Confederation of Indian Industry
thereof, in about 50 words or so. Also, if Yes, whether • Bombay Chamber of Commerce and Industry
any environmental compliance report is filed? • Indian Energy Exchange Ltd
Yes, the Company has Clean Development • National Safety Council
• India Energy Forum
Mechanism (CDM) projects registered with United Nations
Framework Convention on Climate Change (UNFCCC).
2. Have you advocated/lobbied through above
Tata Power currently has five of its renewable projects
associations for the advancement or improvement
registered under the CDM program by UNFCCC.
of public good? Yes/No; if yes specify the broad
These projects include Wind projects at Gadag (Karnataka), areas (drop box: Governance and Administration,
Khandke (Maharashtra), Samana and NewGen Saurashtra Economic Reforms, Inclusive Development
(Gujarat). The Company also has Mithapur Solar project Policies, Energy security, Water, Food Security,
registered in Gujarat under CDM. In FY21, volume of 87,351 Sustainable Business Principles, Others)
Carbon Credits (CERs) were traded from these projects Tata Power does not engage in any form of lobbying
combined. The gross revenue generated from such sale is activities. Advocacy policy is in place to enhance
~ ₹ 1.77 crore. Walwhan Renewable Energy Limited (WREL) competitiveness, effectiveness and positively contribute to
has eight CDM registered projects but no CERs were issued the development of the Power sector. The broad areas under
or traded in FY21. the purview of Advocacy policy include Energy Security,
Governance and Administration, enhancing competition
5. Has the Company undertaken any other initiatives on and transparency in power sector, structural changes for
- clean technology, energy efficiency, renewable facilitating capacity addition, overcoming coal related
energy, etc.? Y/N. challenges, electricity distribution reforms and promotion
Tata Power has been a pioneer in technology of renewable energy.
development through innovation and digitization.
Intellectual Capital (Reference Pg. 70-71) Principle 8 (P8): Businesses should support inclusive growth
and equitable development
6. Are the Emissions/Waste generated by the Company 1. Does the Company have specified programmes/
within the permissible limits given by CPCB/SPCB for initiatives/projects in pursuit of the policy related to
Principle 8? If yes details thereof.
the financial year being reported?
There are programs aimed at providing inclusive
Yes, Tata Power conforms to the prescribed
growth opportunities. The TPSDI is a flagship
permissible limits as per Central Pollution
program with strategic intent of training at least 25%
Control Board (CPCB)/State Pollution Control Board
of rural youth particularly from SC/ST communities.
(SPCB) for air emissions, effluent quality and discharge, So far, it has achieved training of 28.61% of rural youth
solid and hazardous waste generation and disposal. from SC/ST communities against its stated intent. Also,
Compliance reports/statements are submitted to SPCB as the focus areas of Affirmative Action program, Education,
well as Regional office, Ministry of Environment, Forest & Employability, Entrepreneurship and Essential Amenities
Climate Change (MoEF&CC) regularly, as applicable. support the marginalized communities. The Company
continues to support developmental projects related
7. Number of show cause/ legal notices received from to garment making unit at Maval (Maharashtra) and
CPCB/SPCB which are pending (i.e. not resolved to Mushroom and Vermicompost making units established
satisfaction) as on end of Financial Year. in Jojobera and Maithon (Jharkhand). Both these projects
There are no pending or unresolved show cause/ legal have incorporated effective use of fly ash into value
notices received from CPCB/SPCB as on 31st March 2021. proposition creating economic benefit to the community
at large. Also, the financial inclusivity interventions have
enabled access to various Government schemes resulting
in 4.59 lakh beneficiaries on socio-economic aspects.
2. Are the programmes/projects undertaken through location teams who assess community needs. Tata Power
in-house team/own foundation/external NGO/ CSR programs have impacted 46.65 lakh beneficiaries
Government structures/any other organisation? across 15 states against a target of 30 lakh. The numbers
Tata Power has a Community Relations function which sets include the 16.6 lakh beneficiaries impacted through
Overview
the strategy and plan for the community development digital and Covid related interventions.
initiatives. Tata Power Community Development
Trust (TPCDT), a registered trust formed by the Company is Principle 9 (P9): Businesses should engage with and
the implementing vehicle for Tata Power group entities. provide value to their customers and consumers in a
TPCDT partners with NGOs and Government organizations responsible manner
to leverage synergies in delivering community 1. What percentage of customer complaints/consumer
development initiatives under the thematic areas. cases are pending as on the end of financial year?
Tata Power encourages its employees to volunteer for As on 31st March 2021, none of the customer complaints/
cause of their choice in pre-defined aspects that are aligned consumer cases beyond turnaround time (TAT) are pending.
to community development initiatives. Tata Power

employees also actively participate 1380 activities during 2. Does the Company display product information on the
the Tata Volunteering week dedicatedly for four weeks. product label, over and above what is mandated as
In FY21, 17,000 employees participated and clocked 57,257 per local laws?
volunteering hours. Tata Power has been fully compliant with products
and service regulations concerning health and safety
3. Have you done any impact assessment of your impacts, marketing communication, information and
initiative? labelling. Tata Power has displayed safety signage at
The Company has developed a scientific process of prominent locations including the sub-stations and
measuring Social Performance using Community Customer Relations Centers. In addition, the Company is
Engagement Index at location level. Besides this, flagship also creating safety awareness among consumers through

programs effectiveness is also measured on an annual various virtual platforms.
basis and reviewed by the CSR Committee under all five
thematic areas. Social Return on Investment Study was 3. Is there any case filed by any stakeholder against
conducted for 3 flagship initiatives and year on year the Company regarding unfair trade practices,
trend analysis showed increase by ₹ 5.04 return on every irresponsible advertising and/or anti-competitive
Rupee Spent (70% improvement on YOY basis). behavior during the last five years and pending as on
end of financial year?
4. What is your Company’s direct contribution to There are no cases pending with regard to unfair
community development projects-Amount in INR and trade practices, irresponsible advertising and/ or anti-
the details of the projects undertaken? competitive behavior as on 31st March 2021.
Tata Power as a Group contributed ₹ 39.24 crore as direct
contribution to community development projects in FY21 Corporate Governance (Reference Pg. 17)
Statutory Reports
which included CSR expenses incurred by Joint Ventures
(Industrial Energy Limited and Powerlinks Transmission 4. Did your Company carry out any consumer survey/
Limited) which are considered as subsidiaries as consumer satisfaction trends?
per the Act. Excluding Industrial Energy Limited Tata Power conducts Customer Satisfaction Surveys to
and Powerlinks Transmission Limited, ₹ 33.89 crore measure both customer satisfaction and dissatisfaction
was direct contribution to community development levels on quarterly basis across all segments i.e.
projects in FY21. commercial, industrial and residential consumers using a 5
point rating scale. The results of the survey are shared with
5. Have you taken steps to ensure that this community the concerned departments to assess the improvement
development initiative is successfully adopted areas and take necessary action. Overall Customer
by the community? Satisfaction Assessment total (CSAT) score in percentage
The process of community engagement begins right from for FY21 is given below:
business development stage, to projects and operations
Customer Satisfaction (%)
stage. The socio-economic study and baselines form
the basis for identification of prioritized needs followed Residential 97
by program planning with help of external experts. Industrial 100
This process is reviewed once every 3-5 years with the Commercial 100
objective of giving back to community. Every year, the
Company implements programs in consultation with the

Independent Auditor's
Independent Auditor's Report
Report
To the Members of Statements’ section of our report. We are independent of the

The Tata Power Company Limited Company in accordance with the ‘Code of Ethics’ issued by
the Institute of Chartered Accountants of India together with
Report on the Audit of the Standalone Ind the ethical requirements that are relevant to our audit of the
AS Financial Statements standalone Ind AS financial statements under the provisions of
the Act and the Rules thereunder, and we have fulfilled our other
Opinion ethical responsibilities in accordance with these requirements
We have audited the accompanying standalone Ind AS and the Code of Ethics. We believe that the audit evidence we
financial statements of The Tata Power Company Limited (“the have obtained is sufficient and appropriate to provide a basis for
Company”), which comprise the Balance sheet as at March 31, our audit opinion on the standalone Ind AS financial statements.
2021, the Statement of Profit and Loss, including the statement
of Other Comprehensive Income, the Cash Flow Statement and Key Audit Matters
the Statement of Changes in Equity for the year then ended, and Key audit matters are those matters that, in our professional
notes to the standalone Ind AS financial statements, including judgment, were of most significance in our audit of the
a summary of significant accounting policies and other standalone Ind AS financial statements for the financial year
explanatory information. ended March 31, 2021. These matters were addressed in the
context of our audit of the standalone Ind AS financial statements
In our opinion and to the best of our information and according as a whole, and in forming our opinion thereon, and we do not
to the explanations given to us, the aforesaid standalone provide a separate opinion on these matters. For each matter
Ind AS financial statements give the information required by below, our description of how our audit addressed the matter is
the Companies Act, 2013, as amended (“the Act”) in the manner provided in that context.
so required and give a true and fair view in conformity with the
accounting principles generally accepted in India, of the state of We have determined the matters described below to be the key
affairs of the Company as at March 31, 2021, its profit including audit matters to be communicated in our report. We have fulfilled
other comprehensive income, its cash flows and the changes in the responsibilities described in the ‘Auditor’s Responsibilities for
equity for the year ended on that date. the Audit of the Standalone Ind AS Financial Statements’ section
of our report, including in relation to these matters. Accordingly,
Basis for Opinion our audit included the performance of procedures designed to
We conducted our audit of the standalone Ind AS financial respond to our assessment of the risks of material misstatement
statements in accordance with the Standards on Auditing (SAs), of the standalone Ind AS financial statements. The results of our
as specified under section 143(10) of the Act. Our responsibilities audit procedures, including the procedures performed to address
under those Standards are further described in the ‘Auditor’s the matters below, provide the basis for our audit opinion on the
Responsibilities for the Audit of the Standalone Ind AS Financial accompanying standalone Ind AS financial statements.
Key audit matters How our audit addressed the key audit matter
Management’s assessment of appropriateness of Going Concern assumption (as described in Note 42.4.3 of the standalone
Ind AS financial statements)
The Company has current liabilities of Rs. 10,434.06 crores and Our procedures included the following:
Overview
current assets of Rs. 3,874.50 crores as at March 31, 2021. • Obtained an understanding of the process and tested
Current liabilities exceed current assets as at the year end. the internal controls associated with the management’s
Given the nature of its business i.e. contracted long term assessment of Going Concern assumption.
power supply agreements and a significant composition of • Discussed with management and assessed the
cost plus contracts leading to significant stability of cashflows assumptions, judgements and estimates used in
and profitability, management is confident of refinancing developing business plan and cash flow projections
and consider the liquidity risk as low and accordingly, the having regards to past performance and current
Company uses significant short term borrowings to reduce its emerging business trends affecting the

borrowing costs. business and industry.
Management has made an assessment of the Company’s • Assessed the Company’s ability to refinance its short
ability to continue as a Going Concern as required by Ind AS term obligation based on the past trends, credit ratings,
1 Presentation of Financial Statements considering all the analysis of solvency and liquidity ratios and ability to
available information and has concluded that the going generate cash flows and access to capital.
concern basis of accounting is appropriate. • Assessed the adequacy of the disclosures in the
Going Concern assessment has been identified as a key audit standalone Ind AS financial statements.
matter considering the significant judgements and estimates
involved in the assessment and its dependence upon
management’s ability to complete the planned divestments,

raising long term capital and / or successful refinancing of
certain current financial obligations.
Revenue recognition and accrual of regulatory deferrals (as described in Note 19 and Note 30 of the standalone Ind AS
financial statements)
In the regulated generation, transmission and distribution Our procedures included the following:
business of the Company, the tariff is determined by the • Read the Company's accounting policies with respect to
regulator on cost plus return on equity basis wherein the accrual of regulatory deferrals and assessed its compliance
cost is subject to prudential norms. The Company invoices its with Ind AS 114 “Regulatory Deferral Accounts” and
customers on the basis of pre-approved tariff which is based Ind AS 115 “Revenue from Contract with Customers”.
on budget and is subject to true up.
• Performed test of controls over revenue recognition and
The Company recognizes revenue as the amount invoiced accrual of regulatory deferrals through inspection of
to customers based on pre-approved tariff rates agreed with
Statutory Reports
evidence of performance of these controls.
regulator. As the Company is entitled to a fixed return on
• Performed substantive audit procedures including:
equity, the difference between the revenue recognized and
entitlement as per the regulation is recognized as regulatory o Evaluated the key assumptions used by the
assets / liabilities. The Company has recognized Rs. 1,148.45 Company by comparing it with prior years, past
crore for generation and transmission business and Rs. 573.60 precedents and the opinion of management’s expert.
crore for distribution business as accruals as at March 31, 2021. o Considered the independence, objectivity and
Accruals are determined based on tariff regulations and past competence of management’s expert.
tariff orders and are subject to verification and approval by the o Assessed management’s evaluation of the likely
regulators. Further the costs incurred are subject to prudential outcome of the key disputes based on past
checks and prescribed norms. Significant judgements are precedents and / or advice of management’s expert.
made in determining the accruals including interpretation
o Assessed the impact recognized by the Company In
of tariff regulations. Further certain disallowances of claims respect of tariff orders received.
have been litigated by the Company which are in various
stages of dispute. o Assessed the disclosures in accordance
with the requirements of Ind AS 114
Revenue recognition and accrual of regulatory deferrals is a “Regulatory Deferral Accounts” and Ind AS 115
key audit matter considering the significance of the amount “Revenue from Contract with Customers”.
and significant judgements involved in the determination.

Recognition and Measurement of Deferred Tax (as described in Note 35 of the standalone Ind AS financial statements)
The Company has recognized Minimum Alternate Tax (MAT) Our procedures included the following:
credit receivable of Rs. 437.51 crores as at March 31, 2021. • Read Company's accounting policies with respect
The Company also has recognized deferred tax assets of to recognition and measurement of tax balances in
Rs. 492.56 crores on long term capital loss on sale accordance with Ind AS 12 “Income Taxes”
of investments.
• Performed test of controls over recognition and
Further, pursuant to the Taxation Laws (Amendment) Act, 2019 measurement of tax balances through inspection of
(new tax regime), the Company has measured its deferred tax evidence of performance of these controls.
balances expected to reverse after the likely transition to new
tax regime, at the rate specified in the new tax regime.
o Involved tax specialists who evaluated the
The recognition and measurement of MAT credit receivable
Company’s tax positions basis the tax law and also
and deferred tax balances; is a key audit matter considering
by comparing it with prior years and past precedents
the significance of the amount, judgement involved in
assessing the recoverability of such credits, estimation of o Discussed the future business plans and financial
the financial projections for determination of the year of projections with the management
transition to new tax regime and judgements involved in the o Assessed the management’s long-term financial
interpretation of tax regulations and tax positions adopted projections and the key assumptions used in the
by the Company. projections by comparing it to the approved business
plan, projections used for estimation of likely year
of transition to the new tax regime and projections
used for impairment assessment where applicable.
• Assessed the disclosures in accordance with the
requirements of Ind AS 12 “Income Taxes”.
Impairment of assets (as described in Note 5 and Note 7 of the standalone Ind AS financial statements)
At the end of every reporting period, the Company assesses Our procedures included the following:
whether there is any indication that an asset or cash
• Read the Company's accounting policies with
generating unit (CGU) may be impaired. If any such indication
respect to impairment in accordance with Ind AS 36
exists, the Company estimates the recoverable amount of
“Impairment of assets”
the asset or CGU.
• Performed test of controls over key financial controls
The determination of recoverable amount, being the higher
related to accounting, valuation and recoverability of
of fair value less costs to sell and value-in-use involves
assets through inspection of evidence.
significant estimates, assumptions and judgements of the
long-term financial projections. • Performed substantive audit procedures including:
The Company is carrying impairment provision amounting to o Obtained the management’s impairment assessment
Rs. 3,555.00 crores with respect to Mundra CGU (comprising
of investment in companies owning Mundra power plant, o Evaluated the key assumptions including projected
coal mines and related infrastructure), Rs. 446.09 crores generation, coal prices, exchange rate, energy
for investment in Company owning hydro power plant in prices post power purchase agreement period and
Georgia and Rs. 100 crores with respect to a generating unit weighted average cost of capital by comparing them
in Trombay. During the year, as the indication exists, the with prior years and external data, where available.
Company has reassessed its impairment assessment with o Obtained and evaluated the sensitivity analysis
respect to the specified CGUs.
Impairment of assets is a key audit matter considering requirements of Ind AS 36 “Impairment of assets”.
the significance of the carrying value, estimations and
the significant judgements involved in the impairment
assessment.
Other Information Auditor’s Responsibilities for the Audit of the
The Company’s Board of Directors is responsible for the other Standalone Ind AS Financial Statements
information. The other information comprises the information Our objectives are to obtain reasonable assurance about
included in the Annual report, but does not include the whether the standalone Ind AS financial statements as a whole
Overview
standalone Ind AS financial statements and our auditor’s are free from material misstatement, whether due to fraud
report thereon. or error, and to issue an auditor’s report that includes our
opinion. Reasonable assurance is a high level of assurance, but
Our opinion on the standalone Ind AS financial statements does is not a guarantee that an audit conducted in accordance with
not cover the other information and we do not express any form SAs will always detect a material misstatement when it exists.
of assurance conclusion thereon. Misstatements can arise from fraud or error and are considered
material if, individually or in the aggregate, they could reasonably
In connection with our audit of the standalone Ind AS financial be expected to influence the economic decisions of users taken
statements, our responsibility is to read the other information on the basis of these standalone Ind AS financial statements.
and, in doing so, consider whether such other information is

materially inconsistent with the standalone Ind AS financial As part of an audit in accordance with SAs, we exercise
statements or our knowledge obtained in the audit or otherwise
professional judgment and maintain professional skepticism
appears to be materially misstated. If, based on the work we have
throughout the audit. We also:
performed, we conclude that there is a material misstatement
• Identify and assess the risks of material misstatement of
of this other information, we are required to report that fact.
the standalone Ind AS financial statements, whether due
We have nothing to report in this regard.
to fraud or error, design and perform audit procedures
Responsibilities of Management for the Standalone responsive to those risks, and obtain audit evidence that
Ind AS Financial Statements is sufficient and appropriate to provide a basis for our
The Company’s Board of Directors is responsible for the opinion. The risk of not detecting a material misstatement

matters stated in section 134(5) of the Act with respect to the resulting from fraud is higher than for one resulting from
preparation of these standalone Ind AS financial statements error, as fraud may involve collusion, forgery, intentional
that give a true and fair view of the financial position, financial omissions, misrepresentations, or the override of
performance including other comprehensive income, cash flows internal control.
and changes in equity of the Company in accordance with the
accounting principles generally accepted in India, including the • Obtain an understanding of internal control relevant to
Indian Accounting Standards (Ind AS) specified under section the audit in order to design audit procedures that are
133 of the Act read with the Companies (Indian Accounting appropriate in the circumstances. Under section 143(3)
Standards) Rules, 2015, as amended. This responsibility also (i) of the Act, we are also responsible for expressing
includes maintenance of adequate accounting records in our opinion on whether the Company has adequate
accordance with the provisions of the Act for safeguarding of internal financial controls with reference to standalone
the assets of the Company and for preventing and detecting Ind AS financial statements in place and the operating
frauds and other irregularities; selection and application of effectiveness of such controls.
Statutory Reports
appropriate accounting policies; making judgments and
estimates that are reasonable and prudent; and the design, • Evaluate the appropriateness of accounting policies used
implementation and maintenance of adequate internal financial and the reasonableness of accounting estimates and
controls, that were operating effectively for ensuring the related disclosures made by management.
accuracy and completeness of the accounting records, relevant
to the preparation and presentation of the standalone Ind AS • Conclude on the appropriateness of management’s use of
financial statements that give a true and fair view and are free the going concern basis of accounting and, based on the
from material misstatement, whether due to fraud or error. audit evidence obtained, whether a material uncertainty
In preparing the standalone Ind AS financial statements, exists related to events or conditions that may cast
management is responsible for assessing the Company’s significant doubt on the Company’s ability to continue as a
ability to continue as a going concern, disclosing, as applicable, going concern. If we conclude that a material uncertainty
matters related to going concern and using the going concern exists, we are required to draw attention in our auditor’s
basis of accounting unless management either intends to report to the related disclosures in the standalone Ind AS
liquidate the Company or to cease operations, or has no realistic financial statements or, if such disclosures are inadequate,
alternative but to do so. to modify our opinion. Our conclusions are based on the
audit evidence obtained up to the date of our auditor’s
Those Board of Directors are also responsible for overseeing the report. However, future events or conditions may cause
Company’s financial reporting process. the Company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of Accounting Standards specified under Section 133
the standalone Ind AS financial statements, including the of the Act, read with Companies (Indian Accounting
disclosures, and whether the standalone Ind AS financial Standards) Rules, 2015, as amended;
statements represent the underlying transactions and
events in a manner that achieves fair presentation. (e) On the basis of the written representations received
from the directors as on March 31, 2021 taken
We communicate with those charged with governance on record by the Board of Directors, none of the
regarding, among other matters, the planned scope and directors is disqualified as on March 31, 2021 from
timing of the audit and significant audit findings, including being appointed as a director in terms of Section 164
any significant deficiencies in internal control that we identify (2) of the Act;
during our audit.
(f) With respect to the adequacy of the internal
We also provide those charged with governance with a statement financial controls with reference to these standalone
that we have complied with relevant ethical requirements Ind AS financial statements and the operating
regarding independence, and to communicate with them effectiveness of such controls, refer to our separate
all relationships and other matters that may reasonably be Report in “Annexure 2” to this report;
thought to bear on our independence, and where applicable,
related safeguards. (g) In our opinion, the managerial remuneration for the
year ended March 31, 2021 has been paid / provided
From the matters communicated with those charged with
by the Company to its directors in accordance
governance, we determine those matters that were of most
with the provisions of section 197 read with
significance in the audit of the standalone Ind AS financial
Schedule V to the Act;
statements for the financial year ended March 31, 2021 and
are therefore the key audit matters. We describe these matters
(h) With respect to the other matters to be included
in our auditor’s report unless law or regulation precludes
in the Auditor’s Report in accordance with
public disclosure about the matter or when, in extremely rare
Rule 11 of the Companies (Audit and Auditors)
circumstances, we determine that a matter should not be
Rules, 2014, as amended in our opinion and to
communicated in our report because the adverse consequences
the best of our information and according to the
of doing so would reasonably be expected to outweigh the
explanations given to us:
public interest benefits of such communication.
i. The Company has disclosed the impact of
pending litigations on its financial position
Report on Other Legal and Regulatory Requirements
in its standalone Ind AS financial statements
1. As required by the Companies (Auditor’s Report) Order,
- Refer Note 38 to the standalone Ind AS
2016 (“the Order”), issued by the Central Government of
financial statements;
India in terms of sub-section (11) of section 143 of the Act,
we give in the “Annexure 1” a statement on the matters
ii. The Company has made provision, as required
specified in paragraphs 3 and 4 of the Order.
under the applicable law or accounting
2. As required by Section 143(3) of the Act, we report that: standards, for material foreseeable losses,
(a) We have sought and obtained all the information if any, on long-term contracts including
and explanations which to the best of our derivative contracts - Refer Note 24 to the
knowledge and belief were necessary for the standalone Ind AS financial statements;
purposes of our audit;
iii. There has been no delay in transferring
(b) In our opinion, proper books of account as required amounts, required to be transferred,
by law have been kept by the Company so far as it to the Investor Education and
appears from our examination of those books; Protection Fund by the Company
(c) The Balance Sheet, the Statement of For S R B C & CO LLP

Profit and Loss including the statement of Other Chartered Accountants
Comprehensive Income, the Cash Flow ICAI Firm Registration Number: 324982E/E300003
Statement and Statement of Changes in Equity
dealt with by this Report are in agreement with the
per Abhishek Agarwal
books of account;
Partner
(d) In our opinion, the aforesaid standalone Mumbai Membership Number: 112773
Ind AS financial statements comply with the Date: May 12, 2021 UDIN: 21112773AAAADG2459
Annexure 1 to the Independent Auditor’s (iii) (a) The Company has granted loans to sixteen
Report referred to in paragraph 1 under the companies covered in the register maintained
heading ‘Report on Other Legal and Regulatory under section 189 of the Companies Act, 2013.
Requirements’ of our report of even date on In our opinion and according to the information and
Overview
the standalone Ind AS financial statements of explanations given to us, the terms and conditions
of the grant of such loans are not prejudicial to the
Company's interest.
(i) (a) The Company has maintained proper records
(iii) (b) The Company has granted loans to seventeen
showing full particulars, including quantitative
companies covered in the register maintained
details and situation of fixed assets. under section 189 of the Companies Act, 2013. The
schedule of repayment of principal and payment of
(i) (b) All fixed assets have not been physically verified interest has been stipulated for the loans granted

by the management during the year but there is and the repayment/receipts are regular.
a regular programme of verification which, in our
opinion, is reasonable having regard to the size of the (iii) (c) There are no amounts of loans granted to
Company and the nature of its assets. No material companies, firms or other parties listed in the
discrepancies were noticed on such verification. register maintained under section 189 of the
Companies Act, 2013 which are overdue for more
(i) (c) According to the information and explanations than ninety days.
given by the management, the title deeds of
immovable properties included in property, (iv) In our opinion and according to the information
plant and equipment are held in the name of the and explanations given to us, provisions of section

Company except for 185 and 186 of the Companies Act, 2013 in respect
a. immovable properties aggregating to of loans to directors including entities in which they
are interested and in respect of loans and advances
Rs. 0.88 crore acquired during merger of
given, investments made, guarantees and securities
Chemical Terminal Trombay Limited in the
given have been complied with by the Company.
earlier year for which registration of title of
deeds is in progress. (v) The Company has not accepted any deposits within
the meaning of Sections 73 to 76 of the Companies
b. immovable properties aggregating to Rs. Act, 2013 and the Companies (Acceptance of
8.01 crore acquired in earlier years for which Deposits) Rules, 2014 (as amended). Accordingly,
registration of title of deeds is in progress. the provisions of clause 3(v) of the Order are
not applicable.
Further registration of title deed is in progress in respect of
Statutory Reports
leasehold land classified under Asset held for sale aggregating We are informed by the management that no
to Rs. 215.56 crore (Gross value Rs. 225.65 crore). order has been passed by the Company Law Board,
National Company Law Tribunal, Reserve Bank of
According to the information and explanations given by the India or any Court or any other Tribunal.
management, the title deeds of immovable properties included
in property, plant and equipment are pledged with the banks (vi) We have broadly reviewed the books of account
and not available with the Company as described in note 22 of maintained by the Company pursuant to the
standalone Ind AS financials statements. The same has not been rules made by the Central Government for the
independently confirmed by the bank and hence we are unable maintenance of cost records under section 148(1)
of the Companies Act, 2013, related to generation,
to comment on the same.

transmission and distribution of electricity, arms
and ammunitions, Radar, radio navigational aid
(ii) The management has conducted physical
apparatus and electricals or electronic machinery
verification of inventory at reasonable intervals
are of the opinion that prima facie, the specified
during the year and no material discrepancies were
accounts and records have been made and
noticed on such physical verification.
maintained. We have not, however, made a detailed
examination of the same.

(vii) According to the information and explanations (b) No undisputed amounts payable in respect of
given to us in respect of statutory dues: provident fund, employees’ state insurance,
income tax, service tax, sales tax, custom
(a) The Company is regular in depositing with duty, excise duty, value added tax, goods
appropriate authorities undisputed statutory
and service tax, cess and other statutory
dues including provident fund, employees’
state insurance, income-tax, goods and dues were outstanding, at the year end, for a
service tax, duty of custom, cess and other period of more than six months from the date
statutory dues applicable to it. they became payable.
(c) According to the records of the Company, the dues of income tax, sales tax, service tax, custom duty, excise duty,
value added tax and cess on account of any dispute are as follows:
Name Nature Amount in Period to which Forum where the

of Statute of dues Crores amount relates dispute is pending
The Customs Act, Customs Duty 34.43 2011-12 and 2012-13 The Customs
1962 Excise and Service Tax
Appellate Tribunal
(CESTAT)
3.60 2004-05 to 2005-06 CESTAT
1.37 2004-05 to 2005-06 Principal
and 2009-10 Commissioner
of Customs
The Central Excise Excise Duty 0.81 1993-94 to 1995-96 CESTAT
Act, 1944
The Water Cess 1.13 2009-10 Chairman,
(Prevention & Maharashtra
Control of Pollution) Pollution Control
Cess Act, 1977 Board (MPCB)
Income Tax Income Tax 8.99 2008-09 Income Tax
Act, 1961 1.08 2009-10 Appellate
100.19 2011-12 - 2014-15 Tribunal
Tax deducted 50.19 2016-17 Commissioner
at source of Income Tax
(Appeals)
The Finance Service Tax 375.29 July 2012 to June 2017 High Court
Act, 1994 5.86 2011-12 to 2014-15 CESTAT
0.25 2007-08 Joint
Commissioner
(Appeals)
(viii) In our opinion and according to the information and explanations given by the management, the Company has not defaulted
in repayment of loans or borrowing to a financial institution, bank or government or dues to debenture holders.
(ix) In our opinion and according to the information and explanations given by the management and audit procedures performed
by us, the Company has utilized the monies raised by way of debt instruments in the nature of debentures and term loans
for the purposes for which they were raised. According to the information and explanations given by the management, the
Company has not raised any money by way of initial public offer or further public offer.
(x) Based upon the audit procedures performed for the we report that the amounts raised, have been used for
purpose of reporting the true and fair view of the the purposes for which the funds were raised. Further,
standalone Ind AS financial statements and according according to the information and explanations to us
to the information and explanations given by the and on an overall examination of the balance sheet, the
Overview
management, we report that no fraud by the Company or Company has not made any preferential allotment or
no material fraud on the Company by the officers and private placement of fully or partly convertible debentures
employees of the Company has been noticed or reported during the year.
during the year.
(xv) According to the information and explanations given
(xi) According to the information and explanations given by by the management, the Company has not entered into
the management, the managerial remuneration has been any non-cash transactions with directors or persons
paid / provided in accordance with the requisite approvals connected with him as referred to in section 192 of
mandated by the provisions of section 197 read with Companies Act, 2013.

Schedule V to the Companies Act, 2013.
(xvi) According to the information and explanations given to
us, the provisions of section 45-IA of the Reserve Bank of
(xii) In our opinion, the Company is not a Nidhi company.
India Act, 1934 are not applicable to the Company.
Therefore, the provisions of clause 3(xii) of the
Order are not applicable to the Company and hence not
For S R B C & CO LLP
commented upon.
Chartered Accountants
ICAI Firm Registration Number: 324982E/E300003
(xiii) According to the information and explanations given by
the management, transactions with the related parties are
in compliance with section 177 and 188 of Companies Act, per Abhishek Agarwal

2013 where applicable and the details have been disclosed Partner
in the notes to the standalone Ind AS financial statements, Membership Number: 112773
as required by the applicable accounting standards. UDIN: 21112773AAAADG2459
(xiv) According to the information and explanations given by Mumbai

the management and audit procedures performed by us, Date: May 12, 2021
the Company has complied with provisions of section 42
of the Companies Act, 2013 in respect of the preferential
allotment of shares during the year. According to the
information and explanations given by the management,
Statutory Reports

Annexure 2 to the Independent Auditor’s Our audit involves performing procedures to obtain audit
Report of even date on the standalone evidence about the adequacy of the internal financial controls
Ind AS financial statements of The Tata over financial reporting with reference to these standalone
Power Company Limited Ind AS financial statements and their operating effectiveness.
Our audit of internal financial controls over financial reporting
Report on the Internal Financial Controls under Clause (i) of included obtaining an understanding of internal financial
Sub-section 3 of Section 143 of the Companies Act, 2013, as controls over financial reporting with reference to these
amended (“the Act”) standalone Ind AS financial statements, assessing the risk that a
material weakness exists, and testing and evaluating the design
We have audited the internal financial controls over financial and operating effectiveness of internal control based on the
reporting of The Tata Power Company Limited (“the Company”) assessed risk. The procedures selected depend on the auditor’s
as of March 31, 2021 in conjunction with our audit of the judgement, including the assessment of the risks of material
standalone Ind AS financial statements of the Company for the misstatement of the standalone Ind AS financial statements,
year ended on that date. whether due to fraud or error.
Management’s Responsibility for Internal Financial Controls We believe that the audit evidence we have obtained is sufficient
The Company’s Management is responsible for establishing and and appropriate to provide a basis for our audit opinion on the
maintaining internal financial controls based on the internal internal financial controls over financial reporting with reference
control over financial reporting criteria established by the to these standalone Ind AS financial statements.
Company considering the essential components of internal
control stated in the Guidance Note on Audit of Internal Financial Meaning of Internal Financial Controls Over
Controls Over Financial Reporting (the “Guidance Note”) issued Financial Reporting With Reference to these Standalone
by the Institute of Chartered Accountants of India (‘ICAI’). Ind AS Financial Statements
These responsibilities include the design, implementation and A company's internal financial control over financial reporting
maintenance of adequate internal financial controls that were with reference to these standalone Ind AS financial statements
operating effectively for ensuring the orderly and efficient is a process designed to provide reasonable assurance regarding
conduct of its business, including adherence to the Company’s the reliability of financial reporting and the preparation of
policies, the safeguarding of its assets, the prevention and standalone Ind AS financial statements for external purposes
detection of frauds and errors, the accuracy and completeness in accordance with generally accepted accounting principles.
of the accounting records, and the timely preparation of reliable A company's internal financial control over financial reporting
financial information, as required under the Act. with reference to these standalone Ind AS financial statements
includes those policies and procedures that (1) pertain to the
Auditor’s Responsibility maintenance of records that, in reasonable detail, accurately
Our responsibility is to express an opinion on the Company's and fairly reflect the transactions and dispositions of the
internal financial controls over financial reporting with assets of the company; (2) provide reasonable assurance that
reference to these standalone Ind AS financial statements transactions are recorded as necessary to permit preparation
based on our audit. We conducted our audit in accordance with of standalone Ind AS financial statements in accordance with
the Guidance Note and the Standards on Auditing as specified generally accepted accounting principles, and that receipts
under section 143(10) of the Act, to the extent applicable to and expenditures of the company are being made only in
an audit of internal financial controls and, both issued by the accordance with authorisations of management and directors
Institute of Chartered Accountants of India. Those Standards of the company; and (3) provide reasonable assurance regarding
and the Guidance Note require that we comply with ethical prevention or timely detection of unauthorised acquisition, use,
requirements and plan and perform the audit to obtain or disposition of the company's assets that could have a material
reasonable assurance about whether adequate internal effect on the standalone Ind AS financial statements.
financial controls over financial reporting with reference to
these standalone Ind AS financial statements was established
and maintained and if such controls operated effectively in all
material respects.
Inherent Limitations of Internal Financial Controls Over and such internal financial controls over financial reporting
Financial Reporting With Reference to these Standalone with reference to these standalone Ind AS financial statements
Ind AS Financial Statements were operating effectively as at March 31, 2021, based on the
Because of the inherent limitations of internal financial controls internal control over financial reporting criteria established by
Overview
over financial reporting with reference to these standalone the Company considering the essential components of internal
Ind AS financial statements, including the possibility of collusion control stated in the Guidance Note issued by the Institute of
or improper management override of controls, material Chartered Accountants of India.
misstatements due to error or fraud may occur and not be
detected. Also, projections of any evaluation of the internal For S R B C & CO LLP
financial controls over financial reporting with reference Chartered Accountants
to these standalone Ind AS financial statements to future ICAI Firm Registration Number: 324982E/E300003
periods are subject to the risk that the internal financial control

over financial reporting with reference to these standalone
Partner
Ind AS financial statements may become inadequate because
Membership Number: 112773
of changes in conditions, or that the degree of compliance with
UDIN: 21112773AAAADG2459
the policies or procedures may deteriorate.
Mumbai
Opinion Date: May 12, 2021
In our opinion, the Company has, in all material respects,
adequate internal financial controls over financial reporting
with reference to these standalone Ind AS financial statements

Statutory Reports

Standalone IndBalance
Standalone AS Statement of Profit and Loss
Sheet
foratthe
as 31styear ended
March, 202131st March, 2020
Notes Page As at As at
31st March, 2021 31st March, 2020
K crore K crore
ASSETS
Non-current Assets
(a) Property, Plant and Equipments 5 246 8,200.75 7,974.07
(b) Capital Work-in-Progress 285.45 402.87
(c) Intangible Assets 6 250 55.39 62.22
(d) Financial Assets
(i) Investments 7 252 26,128.40 21,327.20
(ii)
Loans 9 258 490.18 42.10
(iii) Finance Lease Receivables 10 260 529.57 553.03
(iv) Other Financial Assets 11 261 619.88 222.77
(e) Non-current Tax Assets (Net) 12 262 135.00 135.00
(f) Other Non-current Assets 13 262 1,179.50 1,009.64
Total Non-current Assets 37,624.12 31,728.90
Current Assets
(a) Inventories 14 263 632.94 635.01
(b) Financial Assets
(i) Investments 15 263 240.01 20.00
(ii)
Trade Receivables 8 257 910.87 1,108.68
(iii)
Unbilled Revenue 75.37 83.41
(iv) Cash and Cash Equivalents 16 264 123.67 158.54
(v) Bank Balances other than (iv) above 17 265 19.00 20.40
(vi)
Loans 9 258 1,523.89 550.09
(vii) Finance Lease Receivables 10 260 36.52 31.89
(viii) Other Financial Assets 11 261 120.38 235.58
(c) Other Current Assets 13 262 191.85 146.26
Total Current Assets 3,874.50 2,989.86
Assets Classified as Held For Sale 18a. 265 796.73 2,639.40
Total Assets before Regulatory Deferral Account 42,295.35 37,358.16
Regulatory Deferral Account - Assets 19 268 573.60 258.32
TOTAL ASSETS 42,868.95 37,616.48
EQUITY AND LIABILITIES
Equity
(a) Equity Share Capital 20a. 269 319.56 270.50
(b) Unsecured Perpetual Securities 20b. 270 1,500.00 1,500.00
(c) Other Equity 21 270 16,559.00 13,491.47
Total Equity 18,378.56 15,261.97
Standalone Balance Sheet
as at 31st March, 2021 (Contd.)
Notes Page As at As at
K crore K crore
Liabilities
Overview
Non-current Liabilities
(a) Financial Liabilities
(i)
Borrowings 22 272 13,168.52 9,825.33
(ii)
Lease Liabilities 23 275 209.72 237.03
(iii) Other Financial Liabilities 24 276 12.09 14.60
(b) Deferred Tax Liabilities (Net) 25 276 135.36 307.25
(c) Provisions 26 277 261.38 222.46

(d) Other Non-current Liabilities 27 285 155.70 161.34
Total Non-current Liabilities 13,942.77 10,768.01
Current Liabilities
(i) Borrowings 28 285 5,595.70 6,212.31
(ii)
Lease Liabilities 23 276 27.39 41.82
(iii)
Trade Payables
(a) Total outstanding dues of micro enterprises and small enterprises 17.69 7.72
(b) Total outstanding dues of trade payables other than micro enterprises and

small enterprises 1,119.31 994.15
(iv) Other Financial Liabilities 24 276 3,042.60 2,621.62
(b) Current Tax Liabilities (Net) 29 285 133.47 107.67
(c) Provisions 26 277 25.37 62.02
(d) Other Current Liabilities 27 285 472.53 502.87
Total Current Liabilities 10,434.06 10,550.18
Liabilities directly associated with Assets Classified as Held For Sale 18b. 266 113.56 1,036.32
Total Liabilities before Regulatory Deferral Account 24,490.39 22,354.51
Regulatory Deferral Account - Liability 19 268 Nil Nil
TOTAL EQUITY AND LIABILITIES 42,868.95 37,616.48
Statutory Reports
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 BANMALI AGRAWALA
Chartered Accountants CEO & Managing Director Director
ICAI Firm Registration No.324982E/E300003 DIN 01785164 DIN 00120029
per ABHISHEK AGARWAL RAMESH SUBRAMANYAM HANOZ M. MISTRY

Partner Chief Financial Officer Company Secretary

Membership No. 112773
Mumbai, 12th May, 2021 Mumbai, 12th May, 2021

Standalone IndStatement
Standalone AS Statement
ofof Profitand
Profit and Loss
Loss
for the
for theyear
yearended
ended 31st
31st March,
March, 20212020
Notes Page For the year ended For the year ended
K crore K crore
I Revenue from Operations 30 286 6,180.59 7,726.39
II Other Income 31 290 1,248.96 582.62
III Total Income 7,429.55 8,309.01
IV Expenses
Cost of Power Purchased 504.30 457.59
Cost of Fuel 2,186.38 2,765.61
Transmission Charges 258.18 214.00
Employee Benefits Expense (Net) 32 291 649.07 610.71
Finance Costs 33 291 1,518.77 1,510.38
Depreciation and Amortisation Expenses 5 & 6 246 & 250 668.89 685.75
Other Expenses 34 292 765.68 756.69
Total Expenses 6,551.27 7,000.73
V Profit/(Loss) Before Movement in Regulatory Deferral Balance,
Exceptional Items and Tax 878.28 1,308.28
Add/(Less): Net Movement in Regulatory Deferral Balances 19 268 258.00 (792.24)
Add/(Less): Net Movement in Regulatory Deferral Balances in respect of earlier years 19 268 Nil (21.32)
Add/(Less): Deferred Tax Recoverable/(Payable) 19 268 41.62 162.16
299.62 (651.40)
VI Profit/(Loss) Before Exceptional Items and Tax 1,177.90 656.88
Add/(Less): Exceptional Items
Reversal of Impairment of Non-current Investments and related obligation 7 252 Nil 235.00
Standby Litigation 39a. 299 (109.29) (276.35)
Remeasurement of Deferred Tax Recoverable on account of New Tax Regime (Net) 35 293 Nil (265.00)
(109.29) (306.35)
VII Profit/(Loss) Before Tax from Continuing Operations 1,068.61 350.53
VIII Tax Expense/(Credit)
Current Tax 35 293 205.31 18.61
Deferred Tax 35 293 (104.34) 73.08
Deferred Tax relating to earlier years 35 293 Nil (24.51)
Remeasurement of Deferred Tax on account of New Tax Regime (Net) 35 293 Nil (275.00)
100.97 (207.82)
IX Profit/(Loss) for the Year from Continuing Operations 967.64 558.35
X Profit/(Loss) before tax from Discontinued Operations 18c. 266 (59.84) (81.64)
Impairment Loss related to Discontinued Operations on remeasurement to
Fair Value 18c. 266 (160.00) (361.00)
XI Tax Expense/(Credit) of Discontinued Operations
Current Tax (101.48) Nil
Deferred Tax (72.17) (32.41)
Tax Expense/(Credit) of Discontinued Operations (173.65) (32.41)
XII Profit/(Loss) for the Year from Discontinued Operations 18c. 266 (46.19) (410.23)
XIII Profit/(Loss) for the Year 921.45 148.12
Standalone Statement of Profit and Loss
for the year ended 31st March, 2021 (Contd.)
Notes Page For the year ended For the year ended
K crore K crore
XIV Other Comprehensive Income/(Expenses) - Continuing Operations
Overview
Add/(Less): (i) Items that will not be reclassified to profit or loss
(a) Remeasurement of Defined Benefit Plans 26 277 16.83 (51.79)
(b) Equity Instruments classified at FVTOCI 17.63 (3.50)
(c) Assets Classified as Held For Sale
- Equity Instruments classified at FVTOCI 155.87 (15.84)
(ii) Tax relating to items that will not be reclassified to profit or loss
(a)
Current Tax 35 293 Nil 0.77
(b)
Deferred Tax 35 293 (4.61) 17.40

185.72 (52.96)
XV Other Comprehensive Income/(Expenses) - Discontinued Operations
Add/(Less): Items that will not be reclassified to profit or loss 26 277 (0.34) 0.20
XVI Other Comprehensive Income/(Expenses) For The Year (Net of Tax) 185.38 (52.76)
XVII Total Comprehensive Income for the Year (XIII + XVI) 1,106.83 95.36
XVIII Basic and Diluted Earnings Per Equity Share (of ₹ 1/- each) (₹) 40 300
(i) From Continuing Operations before net movement in regulatory deferral balances 1.99 3.23
(ii) From Continuing Operations after net movement in regulatory deferral balances 2.64 1.44

(iii) From Discontinued Operations (0.15) (1.52)
(iv) Total Operations after net movement in regulatory deferral balances 2.49 (0.08)
Statutory Reports

Standalone IndCash
Flow Statement
for the
for theyear
yearended
ended 31st
31st March,
March, 20212020
For the year ended For the year ended

K crore K crore
A. Cash Flow from Operating Activities
Profit/(loss) before tax from continuing operations 1,068.61 350.53
Profit/(loss) before tax from discontinued operations (219.84) (442.64)
Adjustments to reconcile profit before tax to net cash flows:
Depreciation and amortisation expense 668.89 685.75
Interest income (201.01) (107.44)
Interest on income-tax refund Nil (10.96)
Delayed payment charges (7.02) (6.61)
Dividend income (996.03) (368.81)
Finance cost (Net of capitalisation) 1,543.68 1,546.53
(Gain)/loss on disposal of property, plant and equipment (Net) (16.80) (0.35)
(Gain)/loss on sale/fair value of current investment measured at fair value
through profit and loss (16.93) (13.41)
(Gain)/loss on sale of non-current investments (including fair value change) Nil (9.06)
Guarantee commission from subsidiaries and joint ventures (21.82) (60.63)
Amortisation of service line contributions (8.25) (7.99)
Transfer to statutory consumer reserve 11.00 17.00
Bad debts 2.43 6.05
Allowance for doubtful debts and advances (Net) 30.49 2.85
Provision for standby litigation 109.29 Nil
Reversal of impairment of non-current investments and related obligation (8.00) (235.00)
Impairment loss on remeasurement to fair value related to discontinued
operations 160.00 361.00
Effect of exchange fluctuation (Net) 0.10 (2.44)
1,250.02 1,796.48
2,098.79 1,704.37
Working Capital adjustments:
Adjustments for (increase) / decrease in assets:
Inventories (16.43) (34.65)
Trade receivables 317.31 (10.04)
Finance lease receivables 18.83 6.93
Loans - current (2.01) (2.39)
Loans - non-current 0.07 9.25
Other current assets (239.92) 141.11
Other non-current assets (163.12) 123.64
Unbilled revenue (103.09) (26.24)
Other financial assets - current 57.00 1.18
Other financial assets - non-current (7.28) (41.15)
Regulatory deferral account - assets (315.28) 740.68
(453.92) 908.32
1,644.87 2,612.69
Standalone Cash Flow Statement

K crore K crore
Adjustments for increase / (decrease) in liabilities:
Trade payables 172.74 (277.60)
Overview
Other current liabilities 193.21 139.56
Other non-current liabilities (2.68) 0.70
Current provisions (14.93) (12.66)
Non-current provisions 37.40 25.03
Other financial liabilities - current 376.90 (80.47)
Other financial liabilities - non current 0.29 (24.05)
762.93 (229.49)
Cash flow from/(used in) operations 2,407.80 2,383.20

Income tax paid (Net of refund received) (80.03) (74.40)
Net cash flows from/(used in) Operating Activities A 2,327.77 2,308.80
B. Cash Flow from Investing Activities

Capital expenditure on property, plant and equipment (including capital
advances) (913.49) (705.05)
Proceeds from sale of property, plant and equipment (including property, plant
and equipment classified as held for sale) 257.40 26.53
Proceeds from sale of Strategic Engineering Division (Net) (Refer Note 18c) 420.85 Nil

Purchase of non current investments (4,801.23) (284.11)
Proceeds from sale of non-current investments (including investments
classified as held for sale) Nil 271.28
(Purchase)/proceeds from/ to sale of current investments (Net) (203.08) 35.41
Interest received 133.36 107.83
Delayed payment charges received 7.02 6.61
Loans given (6,514.95) (3,259.41)
Loans repaid 5,093.16 2,824.04
Dividend received 996.03 449.97
Guarantee commission received 18.70 56.16
Bank balance not considered as cash and cash equivalents (0.01) (0.25)
Net cash flow from/(used in) Investing Activities B (5,506.24) (470.99)
Statutory Reports
C. Cash Flow from Financing Activities
Proceeds from issue of shares 2,600.00 Nil
Proceeds from non-current borrowings 5,318.58 3,403.59
Repayment of non-current borrowings (2,107.27) (2,568.35)
Proceeds from current borrowings 20,542.23 30,776.85
Repayment of current borrowings (21,157.79) (31,295.20)
Interest and other borrowing costs (1,442.76) (1,524.17)
Dividends paid (419.24) (351.99)
Distribution on unsecured perpetual securities (171.00) (171.00)
Increase in capital/service line contributions 5.29 7.03

Payments of lease liabilities (30.99) (29.34)
Net Cash Flow from/(used in) Financing Activities C 3,137.05 (1,752.58)
Net increase/(decrease) in Cash and Cash Equivalents (A + B + C) (41.42) 85.23

Cash and Cash Equivalents as at 1st April (Opening Balance) 165.09 79.86
Cash and Cash Equivalents as at 31st March (Closing Balance) 123.67 165.09

Standalone IndCash
Flow Statement
for the
for theyear
yearended
ended 31st
31st March,
March, 20212020
(Contd.)
K crore K crore
Cash and Cash Equivalents include:
(a) Balances with banks

In current accounts 123.67 158.54
(b) Bank overdraft Nil (1.05)
Cash and Cash Equivalents related to Continuing Operations 123.67 157.49
In current accounts Nil 7.62
(b) Book overdraft Nil (0.02)
Cash and Cash Equivalents related to Discontinued Operations Nil 7.60
Total of Cash and Cash Equivalents 123.67 165.09

A. Equity Share Capital
D crore
No. of Shares Amount
Balance as at 1st April, 2019 270,47,73,510 270.50
Issued during the year Nil Nil
Balance as at 31st March, 2020 270,47,73,510 270.50

Issued during the year (Refer Note 21(5)) 49,05,66,037 49.06
B. Unsecured Perpetual Securities

D crore
No. of Securities Amount
Balance as at 1st April, 2019 15,000 1,500.00
Balance as at 31st March, 2020 15,000 1,500.00

for the year ended 31st March, 2021
C. Other Equity (Refer Note 21) D crore

Reserves and Surplus Item of Other
Comprehensive
Income
Description General Reserve Securities Debenture Capital Capital Reserves Statutory Reserve Retained Equity Instrument
Premium Redemption Redemption Earnings through Other
Reserve Reserve Comprehensive
Income Total
Balance as at 1st April, 2019 3,853.98 5,634.98 421.95 1.85 61.66 660.08 2,954.12 330.48 13,919.10
Profit/(Loss) for the year Nil Nil Nil Nil Nil Nil 148.12 Nil 148.12
Other Comprehensive Income/(Expenses) for the year (Net of Tax) Nil Nil Nil Nil Nil Nil (33.42) (19.34) (52.76)
Total Comprehensive Income Nil Nil Nil Nil Nil Nil 114.70 (19.34) 95.36
Dividend paid (including tax on dividend) Nil Nil Nil Nil Nil Nil (351.99) Nil (351.99)
Transfer to/(from) Debenture Redemption Reserve Nil Nil (125.00) Nil Nil Nil 125.00 Nil Nil
Transfer to Retained Earnings on sale of shares Nil Nil Nil Nil Nil Nil 356.25 (356.25) Nil
Distribution on Unsecured Perpetual Securities Nil Nil Nil Nil Nil Nil (171.00) Nil (171.00)
Balance as at 31st March, 2020 3,853.98 5,634.98 296.95 1.85 61.66 660.08 3,027.08 (45.11) 13,491.47
Standalone Statement of Changes in Equity
Balance as at 1st April, 2020 3,853.98 5,634.98 296.95 1.85 61.66 660.08 3,027.08 (45.11) 13,491.47
Profit/(Loss) for the year Nil Nil Nil Nil Nil Nil 921.45 Nil 921.45
Other Comprehensive Income/(Expenses) for the year Nil Nil Nil Nil Nil Nil 11.88 173.50 185.38
Total Comprehensive Income Nil Nil Nil Nil Nil Nil 933.33 173.50 1,106.83
Share Premium collected during the year (Refer Note 21(5)) Nil 2,550.94 Nil Nil Nil Nil Nil Nil 2,550.94
Dividend paid Nil Nil Nil Nil Nil Nil (419.24) Nil (419.24)
Distribution on Unsecured Perpetual Securities Nil Nil Nil Nil Nil Nil (171.00) Nil (171.00)
Balance as at 31st March, 2021 3,853.98 8,185.92 296.95 1.85 61.66 660.08 3,370.17 128.39 16,559.00
#Futureready: Empowering customers for tomorrow’s world

241
Financial Statements Statutory Reports Our Value-creation Paradigm Our Emphasis on Value Overview
Notes toto
Notes the Standalone
the Financial
Standalone 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 2,304 MW in India and a presence in all the segments of the power
sector viz. Generation (thermal, hydro, solar and wind), Transmission and Distribution.
2. Significant Accounting Policies:

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

The Standalone Financial Statements have been prepared on a historical cost basis, except for the following assets and
liabilities which have been measured at fair value
- derivative financial instruments;
- certain financial assets and liabilities measured at fair value (Refer accounting policy regarding financial instruments);
- employee benefit expenses (Refer Note 26 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.
3. Other Significant Accounting Policies

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

The Company presents assets and liabilities in the balance sheet based on current / non-current classification. An asset is
treated as current when it is:
- expected to be realised or intended to be sold or consumed in normal operating cycle,
- held primarily for the purpose of trading,
- expected to be realised within twelve months after the reporting period, or
3. Other Significant Accounting Policies (Contd.)
- cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months
after the reporting period.
All other assets are classified as non-current.
Overview
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 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.
3.4 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 Financial assets at amortised cost
Statutory Reports
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.
3.5.1 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.

Notes to the Standalone Financial Statements

3.5.2 Financial assets at fair value through profit or loss (FVTPL)
Investments in equity instruments are classified as at FVTPL, unless the Company irrevocably elects on initial recognition
to present subsequent changes in fair value in other comprehensive income for investments in equity instruments which
are not held for trading. Other financial assets are measured at fair value through profit or loss unless it is measured at
amortised cost or at fair value through other comprehensive income.
3.5.3 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.
3.5.4 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.
3.5.5 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
Overview
Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities
designated upon initial recognition as FVTPL. Financial liabilities are classified as held for trading if these are incurred for
the purpose of repurchasing in the near term. Financial liabilities at FVTPL are stated at fair value, with any gains or losses
arising on remeasurement recognised in the statement of profit and loss.
3.6.4 Derecognition
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When
an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms
of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the

original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the
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
Statutory Reports
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.
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.

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 equipments of certain cash generating units (CGU) - Note 5
Estimations used for fair value of unquoted securities and impairment of investments - Note 7
Estimation of defined benefit obligation - Note 26
Estimations used for determination of tax expenses and tax balances (including Minimum Alternate Tax credit) - Note 35
Estimates related to accrual of regulatory deferrals and revenue recognition - Note 19 and Note 30
Estimates and judgements related to the assessment of liquidity risk - Note 42.4.3
Judgement to estimate the amount of provision required or to determine required disclosure related to litigation and
claims against the Company - Note 38
Estimates and judgements are continually evaluated. They are based on historical experience and other factors, including
expectations of future events that may have a financial impact on the Company and that are believed to be reasonable
under the circumstances.
5. Property, Plant and Equipments

Accounting Policy
Property, plant and equipments 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 equipments 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.
The accounting policy related to Right-of-Use Assets has been disclosed in Note 23.
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.
5. Property, Plant and Equipments (Contd.)
Estimated useful lives of the Regulated and Non-Regulated assets are as follows:
Overview
Type of assets Useful lives
Hydraulic Works 40 years
Buildings-Plant 5 to 40 years
Buildings-Others 25 to 60 years
Coal Jetty 25 years
Railway Sidings, Roads, Crossings, etc. 25 to 40 years
Plant and Equipments (excluding Computers and Data Processing units) 5 to 40 years

Plant and Equipments (Computers and Data Processing units) 3 years
Transmission Lines, Cable Network, etc. 25 to 40 years
Furniture and Fixtures 10 to 40 years
Office equipments 5 years
Motor Cars 5 years
Motor Lorries, Launches, Barges etc. 25 to 40 years
Helicopters 25 years

Derecognition
An item of Property, plant and equipments is derecognised upon disposal or when no future economic benefits are
expected to arise from the continued use of the asset. Any gain or loss arising on the disposal or retirement of an item of
property, plant and equipments is determined as the difference between the sales proceeds and the carrying amount of
the asset and is recognised in the statement of profit and loss.
Impairment
Impairment of tangible and intangible assets
The Company assesses, at each reporting date, whether there is an indication that an asset may be impaired. If any indication
exists, or when annual impairment testing for an asset is required, the Company estimates the asset’s recoverable amount.
An asset’s recoverable amount is the higher of an asset’s or cash-generating unit’s (CGU) fair value less costs of disposal and
its value in use. Recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows
Statutory Reports
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 a pre-tax 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.


248
A. Owned Assets ` crore
Description Freehold Hydraulic Buildings - Buildings - Coal Jetty Roads, Plant and Transmission Furniture and Office Motor Helicopters Total
Land Works Plant Others @ Railway Equipment lines and cable Fixtures Equipment Vehicles,
sidings, network Launches,
crossings Barges
Cost
Balance as at 1st April, 2020 117.25 536.37 1,001.07 240.38 106.10 46.76 9,896.78 3,413.96 61.79 25.88 36.19 35.30 15,517.83
Additions 73.43 9.35 109.86 1.05 Nil Nil 340.41 371.44 1.20 2.23 1.31 Nil 910.28
Disposals Nil (0.43) (1.46) (1.02) Nil Nil (49.09) (4.06) (2.13) (1.72) (8.88) Nil (68.79)
Balance as at 31st March, 2021 190.68 545.29 1,109.47 240.41 106.10 46.76 10,188.10 3,781.34 60.86 26.39 28.62 35.30 16,359.32
Accumulated depreciation and impairment

(Refer Note 1 below)
Balance as at 1st April, 2020 Nil 306.23 297.56 101.84 61.61 24.74 5,684.76 1,336.41 40.50 22.58 28.40 31.73 7,936.36
Depreciation Expense - Continuing Operations Nil 10.33 33.84 8.37 5.60 1.18 400.90 154.03 3.58 0.82 2.21 0.02 620.88
Disposals Nil (0.31) (0.67) (1.01) Nil (0.04) (41.07) (3.18) (1.83) (1.64) (8.00) Nil (57.75)
Balance as at 31st March, 2021 Nil 316.25 330.73 109.20 67.21 25.88 6,044.59 1,487.26 42.25 21.76 22.61 31.75 8,499.49
Net carrying amount
As at 31st March, 2021 190.68 229.04 778.74 131.21 38.89 20.88 4,143.51 2,294.08 18.61 4.63 6.01 3.55 7,859.83
` crore
Description Freehold Hydraulic Buildings - Buildings - Coal Jetty Roads,Railway Plant and Transmission Furniture and Office Motor Helicopters Total
Land Works Plant Others @ sidings, Equipment lines and Fixtures Equipment Vehicles,
crossings cable network Launches,
Barges
The Tata Power Company Limited Integrated Annual Report 2020-21

Cost
Balance as at 1st April, 2019 143.63 536.46 937.09 217.35 106.10 46.51 9,583.14 3,163.18 65.47 27.09 42.44 37.01 14,905.47
Additions Nil 0.04 64.24 24.41 Nil 0.53 333.45 251.57 1.97 0.84 0.94 Nil 677.99
Disposals Nil Nil (0.58) (0.93) Nil (0.05) (49.02) (0.10) (5.66) (2.05) (7.19) Nil (65.58)
Reclassified from held for sale (Refer Note 18a.) 0.04 Nil 0.97 0.34 Nil Nil 29.23 Nil 0.01 0.01 Nil Nil 30.60
Reclassified as held for sale (Refer Note 18a.) (26.42) (0.13) (0.65) (0.79) Nil (0.23) (0.02) (0.69) Nil (0.01) Nil (1.71) (30.65)
Balance as at 31st March, 2020 117.25 536.37 1,001.07 240.38 106.10 46.76 9,896.78 3,413.96 61.79 25.88 36.19 35.30 15,517.83

Balance as at 1st April, 2019 Nil 293.86 266.80 95.99 56.01 23.49 5,297.08 1,198.70 41.53 22.99 29.81 33.25 7,359.51
Depreciation Expense - Continuing Operations Nil 12.37 30.22 6.64 5.60 1.30 404.16 137.79 4.20 1.52 4.67 0.01 608.48
Disposals Nil Nil (0.31) (0.91) Nil (0.05) (41.16) (0.08) (5.24) (1.94) (6.08) Nil (55.77)
Reclassified from held for sale (Refer Note 18a.) Nil Nil 0.85 0.12 Nil Nil 24.68 Nil 0.01 0.01 Nil Nil 25.67
Reclassified as held for sale (Refer Note 18a.) Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil (1.53) (1.53)
Balance as at 31st March, 2020 Nil 306.23 297.56 101.84 61.61 24.74 5,684.76 1,336.41 40.50 22.58 28.40 31.73 7,936.36
Net carrying amount
As at 31st March, 2020 117.25 230.14 703.51 138.54 44.49 22.02 4,212.02 2,077.55 21.29 3.30 7.79 3.57 7,581.47
@ Buildings include cost of ordinary shares in co-operative housing societies.
Notes:
1. During the earlier years, the Company had recorded an impairment charge of ` 100 crore in respect of Unit 6 generating station (Generation Segment) located at Trombay.
2. Refer Note 22 for charge created on Property, Plant and Equipments.
3. The title deeds of immovable properties included in Property, Plant and Equipments are held in the name of the Company, except for:
(a) immovable properties aggregating to ₹ 0.88 crore (31st March, 2020 - ` 0.88 crore) acquired during merger of Chemical Terminal Trombay Ltd. in the earlier years for which registration of title of
deeds is in progress;
(b) immovable properties aggregating to ₹ 8.01 crore (31st March, 2020 - ` 8.01 crore) acquired in earlier years for which registration of title of deeds is in progress;
(c) immovable properties aggregating to ₹ Nil (31st March, 2020 - ` 27.57 crore) for which the title deed is in dispute and pending resolution as at 31st March, 2021.
4. The Company has received advance of `113.56 crore towards the sale of Dehrand 'land having net book value of `215.55 crore (31st March, 2020 - `215.55 crore) (Gross value `225.65 crore). The title deed
of the above land is pending registration. (Refer Note 18b)
5. During the year ended 31st March, 2021, the Company has entered into a Business Transfer Agreement with Tata Power Renewable Energy Limited and Tata Power Green Energy Limited, wholly owned
subsidiaries, for transfer of renewable assets (forming part of renewable segment) as a “going concern” on a slump sale basis effective on or after 1st April, 2021.
B. Right-of-Use Assets (Refer Note 23)
` crore
Overview
Description Leasehold Land and Plant and Total
Sub-surface rights Equipments
Cost
Balance as at 1st April, 2020 420.95 11.43 432.38
Additions Nil Nil Nil
Disposals (48.72) Nil (48.72)
Balance as at 31st March, 2021 372.23 11.43 383.66

Depreciation Expense 18.35 4.57 22.92
Disposals (19.96) Nil (19.96)
Net carrying amount
As at 31st March, 2021 338.63 2.29 340.92
` crore

Description Leasehold Land and Plant and Total
Sub-surface rights Equipments
Cost
Balance on transition to Ind AS 116 as at 1 April 2019 395.56 11.43 406.99
Additions during the year 69.31 Nil 69.31
Reclassified as held for sale (43.92) Nil (43.92)
Balance as at 1st April, 2019 Nil Nil Nil
Depreciation Expense 35.21 4.57 39.78
Statutory Reports
Net carrying amount
As at 31st March, 2020 385.74 6.86 392.60
As at As at
Description 31st March, 2021 31st March, 2020
` crore ` crore
Net carrying amount
A. Owned Assets 7,859.83 7,581.47
B. Right-of-Use Assets 340.92 392.60
Total 8,200.75 7,974.07

6. 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
Licences and franchises 5 years
6. Intangible Assets (Contd.)
` crore
Description Computer Copyrights, patents, Licences and Total
softwares $ other intellectual franchises $
Overview
property rights,
services and
operating rights #
Cost
Balance as at 1st April, 2020 249.79 0.57 0.26 250.62
Additions 18.26 Nil Nil 18.26
Disposals (0.11) Nil (0.26) (0.37)
Balance as at 31st March, 2021 267.94 0.57 Nil 268.51
Accumulated amortisation and impairment

Amortisation expense 25.04 0.05 Nil 25.09
Disposals (0.11) Nil (0.26) (0.37)
Balance as at 31st March, 2021 212.57 0.55 Nil 213.12
Net carrying amount
As at 31st March, 2021 55.37 0.02 Nil 55.39
` crore

Description Computer Copyrights, patents, Licences and Total
softwares $ other intellectual franchises $
property rights,
services and
operating rights #
Cost
Additions 15.82 Nil Nil 15.82
Balance as at 31st March, 2020 249.79 0.57 0.26 250.62
Amortisation expense 37.48 0.01 Nil 37.49
Statutory Reports
Balance as at 31st March, 2020 187.64 0.50 0.26 188.40
Net carrying amount
As at 31st March, 2020 62.15 0.07 Nil 62.22
Notes:
# Internally generated intangible assets.
$ Other than internally generated intangible assets.
Depreciation/Amortisation - Continuing Operations:

` crore ` crore
Depreciation on Tangible assets 620.88 608.48
Depreciation on Right-of-Use Assets 22.92 39.78
Amortisation on Intangible assets 25.09 37.49
Total 668.89 685.75

7. Non-Current Investments
As at As at Face Value As at As at
31st March, 31st March, (in ` 31st March, 31st March,
2021 2020 unless stated 2021 2020
otherwise)
Quantity Quantity ` 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. 1,10,99,630 1,10,99,630 10 11.07 11.07
11.07 11.07
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
Coastal Gujarat Power Ltd. (Refer Note 9 below) 800,04,20,000 800,04,20,000 10 8,593.25** 8,593.25**
Bhira Investments Pte. Ltd. 10,00,000 10,00,000 USD 1 4.10 4.10
Bhivpuri Investments Ltd. 7,46,250 7,46,250 Euro 1 4.08 4.08
Tata Power Green Energy Ltd. 50,000 50,000 10 0.02 0.02
Khopoli Investments Ltd. 4,70,07,350 4,70,07,350 USD 1 255.20 255.20
Trust Energy Resources Pte. Ltd. 12,91,53,344 12,91,53,344 USD 1 607.95 607.95
Tata Power Delhi Distribution Ltd.
53,65,20,000 28,15,20,000 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. (formerly
4,01,00,000 1,10,000 10 40.10 0.11
Industrial Power Utility Ltd.)
TCL Ceramics Ltd.(Refer Note 6 Below)
Nil Nil 2 Nil* Nil*
(formerly Tata Ceramics Ltd.)
Tata Power Renewable Energy Ltd. (Refer
104,51,07,715 104,51,07,715 10 1,054.03 1,054.03
Note 9 below)
Tata Power Solar Systems Ltd. 2,29,77,567 2,29,77,567 100 322.98 322.98
Tata Power International Pte. Ltd. 6,77,30,650 6,77,30,650 USD 1 577.55** 577.55**
Af-Taab Investment Co. Ltd. 10,73,000 10,73,000 100 68.68 68.68
TP Central Odisha Distribution Ltd. (Refer
15,30,00,000 Nil 10 178.95 Nil
Note 7 below)
TP Southern Odisha Distribution Ltd (Refer
10,20,00,000 Nil 10 127.52 Nil
Note 7 below)
TP Western Odisha Distribution Ltd (Refer
Note 7 below) 15,30,00,000 Nil 10 255.04 Nil
Supa Windfarm Ltd. 1,10,00,000 Nil 10 10.95 Nil
TP Kirnali Solar Ltd. 1,15,65,090 Nil 10 11.57 Nil
TP Solapur Solar Ltd. 50,000 Nil 10 0.05 Nil
TP Saurya Ltd. 50,000 Nil 10 0.05 Nil
TP Akkalkot Renewable Energy Ltd 50,000 Nil 10 0.05 Nil
13,485.02 12,860.85
** Less: Impairment in the value of Investments (Refer
Note 11 below) 4,009.14 4,009.14
9,475.88 8,851.71
Carried forward……. 9,486.95 8,862.78
7. Non-current Investments (Contd.)
2021 2020 unless stated 2021 2020
otherwise)
Overview
Brought forward……. 9,486.95 8,862.78
(ii) Investment in Perpetual Securities

Unquoted
Tata Power Renewable Energy Ltd.
(Refer Note 5 below) N.A. N.A. 3,895.00 3,895.00
Coastal Gujarat Power Ltd. (Refer Note 5 below) N.A. N.A. 11,183.89 7,035.89

15,078.89 10,930.89
24,565.84 19,793.67
(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 0.13 0.13
Tata Projects Ltd. 9,67,500 9,67,500 100 85.01 85.01

Dagachhu Hydro Power Corporation Ltd. 10,74,320 10,74,320 Nu 1,000 107.43 107.43
192.58 192.58
(C) Investment in Joint Ventures
Unquoted
Tubed Coal Mines Ltd. 1,01,97,800 1,01,97,800 10 10.20** 10.20**
Itezhi Tezhi Power Corporation
(Refer Note 9 below) Nil Nil ZMW 1 Nil* Nil*
Mandakini Coal Company Ltd.
(Refer Note 9 below) 3,93,00,000 3,93,00,000 10 39.30** 39.30**
Powerlinks Transmission Ltd.
23,86,80,000 23,86,80,000 10 238.68 238.68
Statutory Reports
Industrial Energy Ltd. (Refer Note 9 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 59.50 67.50
764.94 756.94
Sub-total I (A) + I (B) + I (C) 25,523.36 20,743.19

Carried forward……. 25,523.36 20,743.19


2021 2020 unless stated 2021 2020
otherwise)
Brought forward……. 25,523.36 20,743.19
II Investments designated at Fair Value through
Other Comprehensive Income
Quoted
Voltas Ltd. 2,33,420 2,33,420 1 23.39 11.13
Tata Consultancy Services Ltd. 766 766 1 0.24 0.14
Tata Teleservices (Maharashtra) Ltd. Nil Nil 10 Nil* Nil*
Bharti Airtel Ltd. 62,919 Nil 10 3.25 Nil
26.88 11.27
Unquoted
Tata Services Ltd. 1,112 1,112 1,000 Nil Nil
Tata Industries Ltd. # 58,28,126 58,28,126 100 102.69 102.69
Tata Sons Pvt. Ltd. # 6,673 6,673 1,000 241.95 241.95
Haldia Petrochemicals Ltd. 2,24,99,999 2,24,99,999 10 56.48 56.48
Tata International Ltd. (Refer Note 8 below ) 5,250 3,500 1,000 8.67 3.75
Tata Teleservices Ltd. Nil Nil 10 Nil* Nil*
Others 0.50 Nil
410.29 404.87
437.17 416.14
III Investments carried at Amortised Cost

(A) Investment in Subsidiaries
Investment in Preference Shares fully Paid-up
TCL Ceramics Ltd.(Refer note 6 below)
(formerly Tata Ceramics Ltd.) Nil Nil 100 Nil* Nil*
Nil Nil
(B) Government Securities (Unquoted) fully Paid-up 3.03 40.00
(C) Statutory Investments

Contingencies Reserve Fund Investments
Government Securities (Unquoted) fully Paid-up 164.84 127.87
Sub-total III (A) + III (B) +III (C) 167.87 167.87
Total 26,128.40 21,327.20

* 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:
1. Aggregate Market Value of Quoted Investments 236.28 161.01
2. Aggregate Carrying Value of Quoted Investments 37.95 22.34
3. Aggregate Carrying Value of Unquoted Investments (Net) 26,090.45 21,304.86
4. Aggregate amount of impairment in value of Investments 4,068.64 4,076.64
5. The Company has invested in unsecured subordinated perpetual securities issued by Tata Power Renewable Energy Ltd.
and Coastal Gujarat Power 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’.
6. The Company, along with its subsidiary, has 30.68% shareholding in TCL Ceramics Ltd (formerly known as Tata Ceramics
Ltd.). Further, TCL Ceramics Ltd. has issued Redeemable Cumulative Convertible Preference Shares which have been fully
subscribed by the Company and its subsidiaries. As the dividend on the said Preference Shares has remained unpaid for
Overview
more than two years, the preference shareholders have assumed voting rights along with the equity shareholders. The
aggregate voting power (together with voting power on preference shares) with the Company along with its subsidiaries
is at 57.07%. As the Company has sufficient dominant voting interest to direct TCL Ceramics Ltd.’s relevant activities,
investment in the said Company has been considered as investment in subsidiary.
Pursuant to the Share Purchase Agreement ('Agreement') dated 4th January, 2020, the Company had transferred its Equity
and Preference share to the purchasers as a part of the conditions mentioned in the Agreement subject to final closing. The
said shares has been pledged back to the Company by the purchasers till the final closure. As all the conditions related to
the closing has not been completed, the Company believes that it still controls TCL Ceramics Ltd. till all the conditions are

fulfilled. Hence, no impact of sale of share has been accounted in the Standalone financial statements. The impact of the
sale on the Company's Standalone financial statement will not be significant.
7. During the year ended 31st March, 2021, the Company has acquired 51 % stake in TP Central Odisha Distribution Limited
('TPCODL'), TP Western Odisha Distribution Limited ('TPWODL') and TP Southern Odisha Distribution Limited ('TPSODL') for
` 178.95 crore, ` 255.04 crore and ` 127.52 crore respectively. TPCODL, TPWODL and TPSODL are the licensees to carry out
the function of distribution and retail supply of electricity covering the distribution circles of Central, Western and Southern
Odisha for a period of 25 years effective from 1st June, 2020, 1st January, 2021 and 1st January, 2021 respectively.
8. During the year, the Company has received bonus equity shares 25,50,00,000 Nos from Tata Power Delhi Distribution Ltd
and subscribed to right issue of equity shares 1,750 Nos from Tata International Ltd.

9. 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.
Category 31st March, 2021 31st March, 2020
Details
Nos. Nos.
Coastal Gujarat Power Ltd. Subsidiary 4,08,02,14,200 3,10,25,44,200

Tata Power Renewable Energy Ltd. Subsidiary 25,81,14,935 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
Statutory Reports
Industrial Energy Ltd. Joint Venture 25,13,48,400 25,13,48,400
* Classified as Asset Held For Sale (Refer Note 18a.)

10. The Board of Directors of the Company in its meeting held on 12th August, 2020, have approved the Composite scheme of
Arrangement for merger of Coastal Gujarat Power Limited and Tata Power Solar Systems Limited (wholly owned subsidiaries) with
the Company along with the capital reorganisation after the merger. The Board of Directors have also approved the Scheme of
Amalgamation for merger of Af-taab Investment Company Limited (a wholly owned subsidiary) with the Company. The aforesaid
schemes have been approved by shareholders of the Company and are subject to the necessary approvals from regulatory
authorities including National Company Law Tribunal. Post necessary approvals, the merger will be accounted in accordance with
Appendix C of Ind AS 103 - 'Business combinations of entities under common control' using pooling of interest method.
11. (a) The Company holds investments in Coastal Gujarat Power Ltd. (CGPL) (a wholly owned subsidiary of the Company
operating 4,000 MW Mundra power plant), 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 CGPL) and Trust Energy Resources Pte. Ltd. (TERPL) (shipping company in Singapore providing
freight services for coal shipment to CGPL). All these companies constitute a single cash generating unit (CGU) and
form part of same segment due to interdependency of cash flows. CGPL is incurring significant losses 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 has performed the impairment assessment and determined the value in use based on estimated
cash flow projections over the life of the assets included in CGU. 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. Cash flow projection of Mines is derived based on estimated coal production considering the renewal
of license for operating the Mines. In the past, the Company had recognised an impairment provision of ` 3,555 crore
in CGU. A reassessment of the assumptions used in estimating the impact of impairment of the cash generating unit
(CGU) comprising of Coastal Gujarat Power Ltd. 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 ₹ 1,625 crore of provision
for impairment. Considering the significant uncertainties arising from ongoing renegotiation of the Mundra Power
Purchase Agreement, as recommended by the High Powered Committee, and the pending renewal of the mining
license at the Indonesian coal mines, the Company has not effected such a reversal. The reversal of impairment has
not resulted from any significant improvement in the estimated service potential of the concerned CGU.
Key assumptions used for value in use calculation include coal prices, energy prices post the PPA period, 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 mine licenses will be renewed post
expiry. Discount rate represents the current market assessment of the risk specific to CGU taking into consideration
the time value of money. Pre tax discount rate used in the calculation of value in use of investment in power plant
is 10.50% p.a. (31st March, 2020: 10.87% p.a.) and investment in coal mines and related infrastructure companies is
14.11% p.a. (31st March, 2020: 12.68% p.a.).
(b) Tata Power International Pte. Ltd. (TPIPL) (a wholly owned subsidiary of the Company) holds investments in
Adjaristsqali Netherlands B.V.(ABV) (a joint venture of TPIPL) operating 187 MW hydro power plant in Georgia. During
the previous year, the Company has recognised a reversal of ` 235.00 crore comprising of reversal of ` 103.74 crore
towards financial guarantee obligation and impairment loss reversal of `131.26 crore which was disclosed as an
exceptional item in the statement of profit and loss.
8. Trade Receivables
(Unsecured unless otherwise stated)
As at As at
Overview
` crore ` crore
Current
Considered Good - Secured (Refer Note 1 below) 245.75 234.48
Considered Good (Refer Note 2 below) 689.41 886.82
Credit Impaired 31.51 30.09
966.67 1,151.39
Less: Allowance for Doubtful Trade Receivables 55.80 42.71
Total 910.87 1,108.68
Note:

1. Company holds security deposits of ` 245.75 crore (31st March, 2020 - ` 234.48 crore) in respect of electricity receivables.
2. The carrying amount of trade receivable of ` 205.00 crore does not include receivables 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 factoring
arrangement.
8.1 Trade Receivables
As at 31st March, 2021, ` 495.13 crore (31st March, 2020 - ` 639.18 crore) is due from Brihanmumbai Electric Supply &
Transport Undertaking, Maharashtra State Electricity Transmission Company Ltd.,Tamil Nadu Generation and Distribution
Corporation and Tata Steel Ltd. which represents Company's large customers who owe more than 5% of the total balance

of trade receivables.
The Company has used a practical expedient by computing the expected credit loss allowance for trade receivables 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
Within the credit period 0.28% 0.00%
1-90 days past due 0.20% 0.03%
91-182 days past due 0.37% 0.10%
More than 182 days past due 15.28% 5.92%
Statutory Reports
Age of Receivables As at As at
` crore ` crore
Within the credit period 515.68 550.31
1-90 days past due 210.85 340.41
91-182 days past due 95.64 50.04
More than 182 days past due 144.50 210.63
Movement in the allowance for doubtful trade receivables As at As at


` crore ` crore
Balance at the beginning of the year 42.71 46.75
Add: Expected credit loss allowance on trade receivables calculated at lifetime expected credit 13.09 (4.04)
losses for the year
Balance at the end of the year 55.80 42.71
The concentration of credit risk is very limited due to the fact that the large customers are mainly government entities and
remaining customer base is large and widely dispersed and secured with security deposit.

9. Loans
As at As at
` crore ` crore
Non-current - At Amortised Cost
(i) Security Deposits
Considered Good 35.90 36.59
67.91 66.75
Less: Allowance for Doubtful Deposits 32.01 30.16
35.90 36.59
(ii) Loans to Related Parties (Refer Note 41)
Considered Good 450.00 Nil
504.38 55.66
Less: Allowance for Doubtful Loans 54.38 55.66
450.00 Nil
(iii) Other Loans
Loans to Employees
Total 490.18 42.10
Current - At Amortised Cost

5.48 3.47
Considered Good 1,518.41 546.62
1,530.41 558.62
1,518.41 546.62
Total 1,523.89 550.09
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.
Overview
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 Maximum Principal Amount
year end Outstanding during the year
(excluding interest accrued)
31st March, 31st March, 31st March, 31st March,
2021 2020 2021 2020
Chirasthaayee Saurya Ltd. Subsidiary 255.00 Nil 255.00 Nil
Coastal Gujarat Power Ltd. Subsidiary 182.00 Nil 740.70 252.00
TP Wind Power Limited (formerly Indo Rama Renewables

Subsidiary 8.00 Nil 8.00 Nil
Jath Ltd.)
Industrial Energy Ltd. Joint Venture Nil Nil 2.60 Nil
Maithon Power Ltd. Subsidiary Nil Nil Nil 200.00
Mandakini Coal Company Ltd. $ Joint Venture 54.39 54.39 54.39 54.39
Nelito Systems Ltd. $
(ceased to be an Associate w.e.f. 6th June, 2019) Associate Nil 1.27 Nil 1.27
Powerlinks Transmission Ltd. Joint Venture Nil Nil Nil 1.00
Prayagraj Power Generation Company Ltd Joint Venture Nil Nil Nil 13.43
Tata Power Green Energy Ltd. Subsidiary 29.82 0.07 37.07 0.07

Tata Power Renewable Energy Ltd. Subsidiary 789.60 450.00 1,974.50 450.00
Tata Power Solar Systems Ltd Subsidiary 509.83 Nil 586.82 100.00
Tata Power Trading Company Ltd. Subsidiary Nil Nil 30.00 80.00
TCL Ceramics Ltd. $ Subsidiary 12.00 12.00 12.00 17.69
TP Ajmer Distribution Ltd. Subsidiary 95.00 95.00 115.00 190.00
TP Kirnali Ltd. Subsidiary 4.00 Nil 4.00 Nil
TP Kirnali Solar Ltd. Subsidiary 24.70 Nil 40.00 Nil
TP Renewable Microgrid Ltd. (formerly Industrial Power
Subsidiary 27.95 1.55 39.74 1.55
Utility Ltd)
TP Saurya Ltd. Subsidiary 1.00 Nil 1.00 Nil
TP Solapur Solar Ltd. Subsidiary 33.00 Nil 33.00 Nil
Vagarai Windfarm Ltd. Subsidiary 8.50 Nil 8.50 Nil
Statutory Reports
Walwhan Solar MP Ltd. Subsidiary Nil Nil Nil 15.09
Walwhan Solar TN Ltd. Subsidiary Nil Nil Nil 81.00
Welspun Renewable Energy Pvt Ltd. Subsidiary Nil Nil 207.00 200.00
2,034.79 614.28
Itezhi Tezhi Power Corporation # Joint Venture 18.59 18.59 18.59 18.59
Total 2,053.38 632.87
Notes:
$ Provided for.
# Reclassified as held for sale (including interest accrued).

10. Finance Lease Receivable - At Amortised Cost

Accounting Policy
Leases are classified as finance lease whenever the terms of the lease transfer substantially all the risks and rewards incidental
to ownership to the lessee. All other leases are classified as operating lease. Amount due from lessees under finance leases are
recorded as receivables at the Company's net investment in the leases. Finance lease income is allocated to accounting periods
so as to reflect a constant periodic rate of return on the net investment outstanding in respect of the lease. The Company
recognises lease payments received under operating leases as income on a straight-line basis over the lease term.
As at As at
` crore ` crore
Finance Lease Receivable - Non-current 529.57 553.03
Finance Lease Receivable - Current 36.52 31.89
Total 566.09 584.92
10.1 Leasing Arrangements

The Company has entered into Power Purchase Agreements (PPA) with a customer for its assets located at Jojobera. The
assets relate to 30 years of take or pay agreements with the customer to supply electricity at a fixed plus variable charge.
The customer, during the term of the PPAs has a right to purchase the assets and at the end of the contract is obligated to
purchase the same on the basis of the valuation to be determined as per the PPAs. The Company has recognised an amount
of ` 84.66 crore (31st March, 2020 - ` 88.91 crore) as income for finance lease during the year ended 31st March, 2021.
10.2 Amount receivable under Finance Lease

` crore
Minimum Lease Minimum Lease
Payments as at Payments as at
Less than a year 113.49 111.96

One to two years 109.62 108.66
Two to three years 108.46 107.66
Three to four years 107.36 106.57
Four to five years 105.56 105.57
Total (A) 544.49 540.42
More than five years (B) 535.95 630.10
Total (A +B) 1,080.44 1,170.52
Unearned finance income 514.35 585.60
Present Value of Minimum Lease Payments Receivable 566.09 584.92
Lessor - Operating Lease

The Company has entered into operating leases for its certain building, plant and machinery and other equipments. These
typically have lease terms of between 1 and 10 years. The Company has recognized an amount of ` 13.29 crore (31st March,
2020 - ` 11.16 crore) as rental income for operating lease during the year ended 31st March, 2021.
11. Other Financial Assets - At Amortised Cost (Unless otherwise stated)
As at As at
` crore ` crore
Non-current
Overview
(i) Accruals
Doubtful
Interest Accrued on Loans to Related Parties 1.24 1.24
1.24 1.24
Less: Allowance for Doubtful Interest 1.24 1.24
Nil Nil
(ii) Others
Unsecured, considered good
Advance towards Equity (Refer Note 1a,1b,1c below) 204.16 178.50
Balances with Banks:

In Deposit Accounts (with remaining maturity of
more than twelve months) (Refer Note 2 below) 0.96 3.14
Receivable on sale of Strategic Engineering Division
(at fair value through profit or loss) (Refer Note 18c)
(Refer Note 3 below) 365.99 Nil
Other Assets 48.77 41.13
Total 619.88 222.77

Notes:
1a. Odisha Electricity Regulatory Commission ('OERC') had issued a request for proposal (RFP) for sale of controlling interest in distribution
business of North Electricity Supply Utility of Odisha. The Company had bid for it and has been identified as the successful bidder. As per the
requirement of RFP, the Company had deposited ` 191.24 crore with OERC. Pending signing of sale agreements for the completion of sale,the

amount deposited is disclosed as non- current financial assets and will be converted to equity after signing of sale agreements.
1b. During the year, the company paid an advance of ` 12.92 crore for subscription of equity shares of TP Akkalkot Renewable Ltd. Pending
allotment of the shares as on 31st March, 2021, it has been disclosed as non-current financial asset.
1c. During the year, pursuant to the vesting order by the OERC for the completion of sale, the amount deposited of ` 178.50 crore with OERC in the
previous year for the acquisition of Central Electricity Supply Utility of Odisha has been converted to equity shares.
2. Balances with Banks held as Margin Money Deposits against Guarantees.
3. Represents contingent consideration on sale of SED, receivable by the company on achievement of certain milestone.
As at As at
` crore ` crore
Current
(i) Accruals
Interest Accrued on Inter-corporate/Bank Deposits 0.64 0.50
Statutory Reports
Interest Accrued on Investments 3.48 3.51
Interest Accrued on Finance Lease Receivable 6.63 6.85
Doubtful
Interest Accrued on Inter-corporate Deposits 1.40 1.40
59.98 15.90
Less: Allowance for Doubtful Interest 1.95 1.95
58.03 13.95
(ii) Others
Recoverable from Consumers 58.13 221.45
Other Receivables 0.03 0.18
Balances with Banks: (Refer Note 1 below)

In Deposit Accounts (with remaining maturity of
4.19 Nil
less than twelve months)
62.35 221.63
Total 120.38 235.58

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

12. Non-Current Tax Assets

As at As at
` crore ` crore
Advance Income-tax (Net) 135.00 135.00
Total 135.00 135.00
13. Other Assets

As at As at
` crore ` crore
Non-current
(i) Capital Advances
Unsecured, considered good 8.87 5.06
Doubtful 0.11 0.12
8.98 5.18
Less: Allowance for Doubtful Advances 0.11 0.12
8.87 5.06
(ii) Balances with Government Authorities

Advances 0.61 0.90
Amount Paid Under Protest 0.33 16.22
VAT/Sales Tax Receivable 7.81 25.73
8.75 42.85
(iii) Others
Prepaid Expenses 0.82 0.89
Recoverable from Consumers 1,161.06 960.84
1,161.88 961.73
Total 1,179.50 1,009.64
Current
(i) Balances with Government Authorities
Advances 6.83 4.86
VAT/Sales Tax Receivable 7.89 Nil
Doubtful 0.37 0.46
15.09 5.32
14.72 4.86
(ii) Others
Advances to Vendors 57.49 102.07
Other Advances 26.25 0.75
Doubtful 0.19 0.13
177.32 141.53
177.13 141.40
Total 191.85 146.26
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
Overview
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
` crore ` crore
Inventories
(a) Fuel 226.36 289.75
Fuel-in-Transit 89.13 60.62

(b) Stores and Spares (Refer Note 2 below) 129.19 133.80
(c) Loose Tools 0.28 0.27
(d) Others
Property under development 187.98 150.57
Total 632.94 635.01

Notes:
1. Refer Note 22 for Inventories pledged as security for liabilities.
2. During the year ended 31st March, 2021, the Company has recognised ` 1.67 crore (31st March, 2020 - ` 6.83 crore) as an expense for the write down
of unserviceable stores and spares inventory.
15. Current Investments

As at As at
` crore ` crore
Investments carried at Fair Value through Profit and Loss
Mutual Funds (Unquoted) 240.01 20.00
Statutory Reports
Total 240.01 20.00
Note:
Aggregate Carrying Value of Unquoted Investments. 240.01 20.00

16. Cash and Cash Equivalents - At Amortised Cost

Accounting Policy
Cash and cash equivalents comprise cash at banks and short-term deposits with an original maturity of three months or
less, which are subject to an insignificant risk of changes in value. Cash and cash equivalents include balances with banks
which are unrestricted for withdrawal and usage.
For the purpose of the Statement of Cash Flows, cash and cash equivalents comprise of cash at banks and short-term
deposits, as defined above, net of outstanding bank overdraft as they are considered an integral part of the Company's cash
management.
As at As at
` crore ` crore
Balances with Banks:
In Current Accounts 123.67 158.54
Cash and Cash Equivalents as per Balance Sheet 123.67 158.54
Bank Overdraft Nil (1.05)
Cash and Cash Equivalents as per Statement of Cash Flows - Continuing Operations 123.67 157.49
(i) Balances with Banks:

In Current Accounts Nil 7.62
(ii) Book Overdraft Nil (0.02)
Cash and Cash Equivalents as per Statement of Cash Flows - Discontinued Operations Nil 7.60
Cash and Cash Equivalents as per Statement of Cash Flows 123.67 165.09
Reconciliation of Liabilities from Financing Activities

` crore
Particulars As at Cash flows Changes Non-cash As at
1st April, related to Transactions 31st March,
2020 Proceeds Repayment Discontinued 2021
Operations
Non-current Borrowings (including Current
Maturities of Non-current Borrowings) 11,589.35 5,318.58 (2,107.27) 57.83 97.58 14,956.07
Current Borrowings (excluding Bank Overdraft) 6,211.26 20,542.23 (21,157.79) Nil Nil 5,595.70
Lease liabilities 278.85 Nil (30.99) Nil (10.75) 237.11
Total 18,079.46 25,860.81 (23,296.05) 57.83 86.83 20,788.88
` crore
Particulars As at Cash flows Reclassified Non-cash As at
1st April, Proceeds Repayment as part of Transactions 31st March,
2019 Discontinued 2020
Operations
Maturities of Non-current Borrowings) 10,720.72 3,403.59 (2,568.35) 28.59 4.80 11,589.35
Current Borrowings (excluding Bank Overdraft) 6,729.61 30,776.85 (31,295.20) Nil Nil 6,211.26
Lease liabilities 225.00 Nil (11.78) Nil 65.63 278.85
Total 17,675.33 34,180.44 (33,875.33) 28.59 70.43 18,079.46
17. Other Balances with Banks - At Amortised Cost
As at As at
` crore ` crore
Overview
(a) In Deposit Accounts (Refer Note below) Nil 2.00
(b) In Earmarked Accounts-
Unpaid Dividend Account 19.00 18.40
Total 19.00 20.40
Note:
Balances with banks held as margin money deposits against guarantees.
18a. Assets Classified as Held For Sale

Accounting Policy
Non-current assets or disposal group are classified as held for sale if their carrying amount will be recovered principally
through a sale transaction rather than through continuing use. This condition is regarded as met only when the asset or
disposal group is available for immediate sale in its present condition subject only to terms that are usual and customary
for sale of such asset or disposal group and its sale is highly probable. Management must be committed to the sale, which
should be expected to qualify for recognition as a completed sale within one year from the date of classification. As at each
balance sheet date, the management reviews the appropriateness of such classification.
Non-current assets or disposal group classified as held for sale are measured at the lower of their carrying amount and
fair value less costs to sell. Property, plant and equipments and intangible assets once classified as held for sale are not

depreciated or amortised.
A disposal group qualifies as discontinued operation if it is a component of an entity that either has been disposed of, or is
classified as held for sale, and:
- represents a separate major line of business or geographical area of operations,
- is part of a single co-ordinated plan to dispose of a separate major line of business or geographical area of operations.
Discontinued operations are excluded from the results of continuing operations and are presented as a single amount as
profit or loss after tax from discontinued operations in the statement of profit and loss. Additional disclosures are provided
hereunder. All other notes to the Standalone financial statements mainly include amounts for continuing operations, unless
otherwise mentioned.
Statutory Reports
As at As at
` crore ` crore
Land (Refer Note (i) below) 301.58 301.66
Building and Plant and Equipments (Refer Note (ii,iii and iv) below) 8.67 8.67
Investments carried at Fair Value through Other Comprehensive Income 178.68 22.81
Investments carried at Cost in Associates and Joint Ventures 275.75 275.75
Loans and other receivables from Joint Venture 22.74 22.74
Transmission Lines - Capital Work in Progress (Refer Note (v) below) 9.31 127.70
Assets of Discontinued Operations (Refer Note 18c) Nil 1,880.07

Total 796.73 2,639.40
Notes:
(i) During the year, the Company sold Hadapsar land at the sale value of ` 26.44 crore (Book Value ` 0.08 crore) which was classified as held for sale.
The resultant gain of ` 26.36 crore has been disclosed in statement of profit and loss under Other Income.
(ii) During the previous year, the Company sold Metropolitan building at the sale value of ` 13.90 crore (Book Value ` 0.89 crore) The resultant gain
of ` 13.01 crore has been disclosed in the statement of proft and loss.

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

(iii) During the previous year, the Company has reclassified following assets from held for sale to Property, Plant and Equipments :
(a) Building at Erangal ` 0.23 crore.
(b) Oil Tankage unit at Trombay (Land ` 0.04 crore, Building and Plant and Equipments ` 4.68 crore).
(iv) During the previous year, the Company has classified Helicopter (Book Value ` 0.17 crore) from Property, Plant and Equipments to held for sale.
(v) During the previous year, Maharashtra Electricity Regulatory Commission ('MERC') had ordered termination of Vikhroli Transmission Lines project,
carried out by the Company and decided to invite fresh bids for completion of the project. MERC had also ordered that cost incurred by the
Company shall be reimbursed by the successful bidder. Accordingly, the Company reclassified the said project as held for sale.During the year, the
Company has received an amount of ` 118.27 crore against the said project.
18b. Liabilities directly associated with Assets Classified as Held For Sale
As at As at
` crore ` crore
Liabilities of Discontinued Operations Nil 1,032.07
Advance received for land classified as held for sale 113.56 4.25
Total 113.56 1,036.32
18c. Assets Classified as Held For Sale - Discontinued Operations

During the earlier year, the Company approved sale of its Strategic Engineering Division (SED) to Tata Advanced Systems Ltd. (TASL)
[a wholly owned subsidiary of Tata Sons Pvt. Ltd.] as a going concern on slump sale basis, subject to regulatory approvals at an
enterprise value of ` 2,230 crore (out of which ` 1,040 crore payable at the time of closing and ` 1,190 crore payable on achieving
certain milestones). Accordingly, defence business segment is presented as discontinued operations. On 31st October, 2020, the
Company has completed the sale of its SED to TASL and has received upfront consideration of ` 597.00 crores (net of borrowings of
` 537.00 crore transferred to TASL) after certain adjustments as specified in the scheme.
Results of Strategic Engineering Division for the year are presented below:

Particulars 31st March, 2021 31st March, 2020
` crore ` crore
Income
Revenue from Operations 193.63 343.77
Other Income 23.52 Nil
Total Income 217.15 343.77
Expenditure
Cost of Components Consumed 139.28 244.22
Employee Benefits Expense 52.66 90.04
Finance Costs 24.91 36.15
Other Expenses 60.14 55.00
Total Expenses 276.99 425.41
Profit/(Loss) before tax from Discontinued Operations (59.84) (81.64)
Impairment Loss on Remeasurement of Fair Value (Refer Note below) (160.00) (361.00)
Tax Expense/(Income)
Current Tax/(Credit) (101.48) Nil
Deferred Tax (72.17) (32.41)
(173.65) (32.41)
Profit/(Loss) after tax from Discontinued Operations (46.19) (410.23)
Other Comprehensive Income/(Expense) (0.34) 0.20
Tax on Other Comprehensive Income Nil Nil
Total Comprehensive Income/(Expense) (46.53) (410.03)
18c. Assets Classified as Held For Sale - Discontinued Operations (Contd.)
Major classes of Assets and Liabilities of Strategic Engineering Division which was classified as held for
sale are as follows:
Overview
Particulars As at
31st March, 2020
` crore
Assets
Non-Current Assets
Property, Plant and Equipments 382.27
Capital Work-in-Progress 422.58
Intangible Assets 124.13
Intangible Assets Under Development 356.71

Non-current Financial Assets 3.68
Other Non-current Assets 35.40
Current Assets
Inventories 83.30
Current Financial Assets 663.67
Other Current Assets 169.33
Assets Classified as Held For Sale 2,241.07
Less: Impairment Loss on Remeasurement of Fair Value (361.00)
Total Assets Classified as Held For Sale 1,880.07
Liabilities

Financial Liabilities 594.76
Provisions 27.68
Current Liabilities
Provisions 9.76
Other Current Liabilities 140.88
Total Liabilities directly associated with Assets Classified as Held For Sale 1,032.07
Net Assets directly associated with Discontinued Operations 848.00
Note:
During the year the Company had reassessed the fair value of consideration receivable from TASL and had recognised an
Statutory Reports
impairment loss of ` 160.00 crore (31st March, 2020, ` 361.00 crore) in the Standalone financial statements. The fair value
on consideration had been determined based on the expected value of the consideration using discounted present value
technique. The fair value had been categorised under Level 3 inputs, the key assumption being achievement/non achievement
of milestones as defined in the scheme of arrangement.
Net cash flows attributable to Strategic Engineering Division are as follows:

Particulars From 01 April 2020 For the year ended
to 31st October, 2020 31st March, 2020
` crore ` crore
Net Cash Flow from/(used in) in Operating Activities 286.62 127.80
Net Cash Flow from/(used in) in Investing Activities (32.30) (44.99)

Net Cash Flow from/(used in) in Financing Activities (85.62) (81.32)
Net Increase/(Decrease) in Cash and Cash Equivalents 168.70 1.49
Cash and Cash Equivalents (Closing Balance) 176.30 7.60
Less: Transferred on sale of Strategic Engineering Division (176.30) Nil
Total of cash and cash equivalents (Net) Nil 7.60

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
` crore ` crore
Regulatory Deferral Account - Liability - Current
Regulatory Liabilities Nil Nil
Regulatory Deferral Account - Assets - Non-current
Regulatory Assets 573.60 258.32
Net Regulatory Assets/(Liabilities) 573.60 258.32
Rate Regulated Activities
(i) As per Ind AS 114 - 'Regulatory Deferral Accounts', the business of electricity distribution is a Rate Regulated activity
wherein Maharashtra Electricity Regulatory Commission ('MERC'), determines Tariff to be charged from consumers
based on prevailing regulations.
MERC Multi Year Tariff Regulations, 2019 ('MYT Regulations'), is applicable for the period beginning from 1st April, 2020
to 31st March, 2024. These regulations require MERC to determine tariff in a manner wherein the Company can recover
its fixed and variable costs including assured rate of return on approved equity base, from its consumers. The Company
determines the Revenue, Regulatory Assets and Liabilities as per the terms and conditions specified in MYT Regulations.
(ii) Reconciliation of Regulatory Assets/Liabilities of distribution business as per Rate Regulated Activities is as follows:
As at As at
` crore ` crore
Opening Regulatory Assets (Net of Liabilities) (A) 258.32 999.00
Regulatory Income/(Expenses) during the year
(i) Power Purchase Cost 1,885.99 2,212.00
(ii) Other expenses as per the terms of Tariff Regulations including return on equity 892.10 779.00
(iii) Billed during the year as per approved Tariff (2,520.09) (3,460.00)
(iv) Amount Collected in respect of earlier years (Net) Nil (323.24)
Net Movement in Regulatory Deferral Balances (i + ii + iii + iv) (B) 258.00 (792.24)
Regulatory Assets/(Liabilities) on carrying cost recognised as revenue (C) 3.00 24.00
Recovery from/(Payable to) Company's Generation Business (D) 12.66 (15.28)
Net Movement in Regulatory Deferral Balances in respect of earlier years (Refer
Note below) (E) Nil (21.32)
Regulatory Assets/(Liabilities) on Deferred Tax Expense/(Income) (F) 41.62 162.16
Regulatory Assets/(Liabilities) on Deferred Tax Expense/(Income) on account of
New Tax Regime (Refer Note 35) (G) Nil (98.00)
Closing Regulatory Assets (Net of Liabilities) (A + B + C + D + E + F + G) 573.60 258.32
Note:
During the previous year, pursuant to receipt of true-up tariff order from the MERC for the year 2017-18 and 2018-19, the Company had recognised a
charge of ` 21.32 crore to revenue from operations.
20a. Share Capital
As at 31st March, 2021 As at 31st March, 2020
Number ` crore Number ` crore
Authorised
Overview
Equity Shares of ` 1/- each
At the beginning of the year 350,00,00,000 350.00 350,00,00,000 350.00
Add: Increase during the year 200,00,00,000 200.00 Nil Nil
Outstanding at the end of the year 550.00 350.00
Cumulative Redeemable Preference Shares of ` 100/- each 2,29,00,000 229.00 2,29,00,000 229.00
579.00 579.00
Issued
Equity Shares [including 28,32,060 shares (31st March, 2020 - 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] 325,22,67,007 325.23 276,17,00,970 276.17
Subscribed and Paid-up

Equity Shares fully Paid-up [excluding 28,32,060 shares (31st March,
2020 - 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] 319,53,39,547 319.54 270,47,73,510 270.48

Less: Calls in arrears [including ` 0.01 crore (31st March, 2020 - ` 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
319.50 270.44
Add: Equity Shares forfeited - Amount paid 16,52,300 0.06 16,52,300 0.06
Total Subscribed and Paid-up Share Capital 319.56 270.50
(i) Reconciliation of the shares outstanding at the beginning and at the end of the reporting period:
Number ` crore Number ` crore
Equity Shares
Issued during the year [Refer Note 21(5)] 49,05,66,037 49.06 Nil Nil
Statutory Reports
Outstanding at the end of the year 319,69,91,847 319.56 270,64,25,810 270.50
(ii) Terms/rights attached to Equity Shares

The Company has issued only one class of Equity Shares having a par value of ` 1/- per share. Each holder of Equity Shares
is entitled to one vote per share. The final dividend proposed by the Board of Directors is subject to the approval of the
shareholders in the ensuing Annual General Meeting.
In the event of liquidation of the Company, the holders of Equity Shares will be entitled to receive remaining assets of the
Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of Equity
Shares held by the shareholders.
(iii) Details of shareholders holding more than 5% shares in the Company
Number % Holding Number % Holding

Equity Shares of ` 1/- each fully paid
Tata Sons Pvt. Ltd. 144,45,13,021 45.21 95,39,46,984 35.27
Life Insurance Corporation of India 16,41,25,329 5.14 17,15,81,237 6.34
Matthews Pacific Tiger Fund 14,93,84,497 4.68 18,03,16,487 6.67
ICICI Prudential Bharat Consumption Funds * 8,91,12,249 2.79 21,83,11,309 8.07
* Shareholding has been reported based on common Permanent Account Number

20b. Unsecured Perpetual Securities

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

As at As at
` crore ` crore
General Reserve 3,853.98 3,853.98
Securities Premium
Opening Balance 5,634.98 5,634.98
Add: Increase on issue of shares during the year (Refer Note 5 below) 2,550.94 Nil
Closing Balance 8,185.92 5,634.98
Capital Redemption Reserve 1.85 1.85

Capital Reserves 61.66 61.66
Statutory Reserve 660.08 660.08
Debenture Redemption Reserve
Opening Balance 296.95 421.95
Add/(Less): Amount transferred from/(to) Retained Earnings (Net) Nil (125.00)
Closing Balance 296.95 296.95
Retained Earnings (Refer Note 1 below)

Opening Balance 3,027.08 2,954.12
Add/(Less): Profit/(Loss) for the year 921.45 148.12
Transfer from Debenture Redemption Reserve (Net) Nil 125.00
Transfer from Equity Instrument through Other Comprehensive Income
(Refer Note 3 below) Nil 356.25
Other Comprehensive Income/(Expense) arising from Remeasurement of Defined
Benefit Obligation (Net of Tax) 11.88 (33.42)
Payment of Dividend (Refer Note 2 below) (419.24) (351.99)
Distribution on Unsecured Perpetual Securities (171.00) (171.00)
343.09 72.96
21. Other Equity (Contd.)
As at As at
` crore ` crore
Overview
Equity Instruments through Other Comprehensive Income
Opening Balance (45.11) 330.48
Add/(Less): Transfer to Retained Earnings (Refer Note 3) Nil (356.25)
Change in Fair Value of Equity Instruments through Other Comprehensive Income 17.63 (3.50)
Change in Fair Value of Equity Instruments classified as held for sale 155.87 (15.84)
Closing Balance 128.39 (45.11)
Total 16,559.00 13,491.47

Notes:
1. Includes gain on fair valuation of land which is not available for distribution ` 222.31 crore (31st March, 2020 - ` 222.31 crore).

2. The shareholders of the Company in their meeting held on 30th July, 2020 approved final dividend of ` 1.55 per share
aggregating ` 419.24 crore for the financial year 2019-20. The said dividend was paid to the holders of fully paid equity
shares on 3rd August, 2020.
3. Represents gain/(loss) on sale of certain investments carried at fair value through other comprehensive income transferred to
Retained Earnings.
4. In respect of the year ended 31st March, 2021, the directors have proposed a dividend of `1.55 per share to be paid on
fully paid shares. This equity dividend is subject to approval at the annual general meeting and has not been included
as a liability in the 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 ` 495.72 crore.
5. During the year, the shareholders in the Annual General Meeting dated 30th July, 2020 has approved the issuance of

49,05,66,037 equity shares of the face value of ` 1 each at ` 53 per equity share for an amount aggregating to ` 2,600
crores to Tata Sons Pvt Ltd on preferential basis.The Company has allotted the said equity shares to Tata Sons Pvt Ltd on
13th August, 2020.
Nature and purpose of reserves:
General Reserve
General Reserve is used to transfer profits from retained earnings for appropriation purposes. The amount is to be utilised
in accordance with the provision of the Companies Act, 2013.
Securities Premium
Securities Premium is used to record the premium on issue of shares and is utilised in accordance with the provisions of the
Companies Act, 2013.
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
Statutory Reports
Rules, 2019 dated 16th August, 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.


Retained Earnings
Retained Earnings are the profits of the Company earned till date net of appropriations.
This reserve represents the cumulative gains and losses arising on revaluation of equity instruments measured at fair value through
other comprehensive income, net of amounts reclassified to retained earnings when those equity instruments are disposed off.
22. Non-current Borrowings - At Amortised Cost
Non-current Current* Non-current Current*
Maturities Maturities
` crore ` crore
(i) Unsecured
Redeemable Non-Convertible Debentures
(a) 10.75% Series 2072 1,496.25 Nil 1,494.40 Nil
(b) 7.77% Series 2031 197.47 Nil Nil Nil
(c) 7.77% Series 2030 148.09 Nil Nil Nil
(d) 7.77% Series 2029 148.09 Nil Nil Nil
(e) 7.05% Series 2026 495.74 Nil Nil Nil
(f) 9.00% Series 2025 249.81 Nil 249.74 Nil
(g) 7.99% Series 2024 898.16 300.00 1,197.21 300.00
(h) 6.18% Series 2024 396.64 Nil Nil Nil
(i) 8.84% Series 2023 748.43 Nil 749.12 Nil
(j) 8.21% Series 2023 300.07 Nil Nil Nil
(k) 7.60% Series 2023 995.39 Nil Nil Nil
(l) 6.00% Series 2023 985.96 Nil Nil Nil
(m) 8.84% Series 2022 499.55 Nil 499.40 Nil
7,559.65 300.00 4,189.87 300.00
Term Loans from Banks
(n) ICICI Bank Nil 225.00 223.56 337.50
(o) Axis Bank Nil 166.67 166.58 166.67
(p) First Abu Dhabi Bank 65.74 67.00 132.54 67.00
(q) Sumitomo Mitsui Banking Corporation 283.53 215.00 199.70 100.00
349.27 673.67 722.38 671.17
Deferred Payment Liabilities
(r) Sales Tax Deferral Nil 2.83 2.83 5.67
(A) 7,908.92 976.50 4,915.08 976.84
(ii) Secured
(a) 8.85% Series 2028 180.95 16.25 197.19 16.25
(b) 9.15% Series 2025 73.92 16.00 89.88 16.00
(c) 9.15% Series 2025 80.00 20.00 99.94 25.00
(d) 9.40% Series 2022 209.80 Nil 209.68 Nil
544.67 52.25 596.69 57.25
Term Loans from Banks
(e) HDFC Bank 1,450.44 140.00 1,590.27 74.37
(f ) ICICI Bank 386.61 120.00 505.78 150.00
(g) Kotak Mahindra Bank 487.25 161.48 561.77 150.95
(h) State Bank of India 1,078.07 75.64 1,139.25 118.68
(i) Canara Bank 55.00 5.00 Nil Nil
(j) Axis Bank 290.36 226.67 516.49 226.66
3,747.73 728.79 4,313.56 720.66
Term Loans from Others
(k) Housing Development Corporation Ltd 967.20 30.00 Nil Nil
(l) Asian Development Bank Nil Nil Nil 6.33
(m) Indian Renewable Energy Development Agency Ltd. Nil Nil Nil 2.94
967.20 30.00 Nil 9.27
(B) 5,259.60 811.04 4,910.25 787.18
Total (A) + (B) 13,168.52 1,787.54 9,825.33 1,764.02

* Amount disclosed under Other Current Financial Liabilities (Refer Note 24)
22. Non-current Borrowings (Contd.)
Security
(i) The Debentures mentioned in (b) have been secured by a charge on movable properties and assets of the Company at
Overview
Agaswadi and Visapur in Satara District of Maharashtra and Poolavadi in Tirupur District of Tamil Nadu.
(ii) The Debentures mentioned in (c) have been secured by a pari passu charge on the assets of the wind farms situated at
Samana in Gujarat, Gadag in Karnataka and immovable properties in Jamnagar, Gujarat.
(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 (a), (e), (g), (h), (i), (j) and (k) have been secured by pari passu charge on all movable Fixed Assets
(excluding land and building), present and future (except assets of all wind projects both present and future) including

movable machinery, machinery spares, tools and accessories, present and future, but excluding vehicles, launches and barges.
(v) The Loans mentioned in (f) have also been secured by whole of current assets of the Company, present and future, in
a first pari passu manner.
(vi) Part of Loan mentioned in (g) is also secured by second charge on all movable fixed assets and current assets.
(vii) The Loans from Asian Development Bank and Indian Renewable Energy Development Agency Limited mentioned in (l)
and (m) respectively have been secured by a charge on the movable and immovable properties situated at Khandke,
Brahmanvel and Sadawaghapur in Maharashtra including the projects' current and future receivables.
Terms of Repayment

` crore
Particulars Amount Financial Year
Outstanding FY 21-22 FY 22-23 FY 23-24 FY 24-25 FY 25-26 FY 26-31 FY 31-32
as at and
31st March, onwards
2021
(i) Unsecured - At Amortised Cost
(a) 10.75% Series 2072 (Refer Note 1 below) 1,500.00 - - - - - 1,500.00
(b) 7.77% Series 2031 200.00 - - - - - 200.00 -
(c) 7.77% Series 2030 150.00 - - - - - 150.00 -
(d) 7.77% Series 2029 150.00 - - - - - 150.00 -
(e) 7.05% Series 2026 500.00 - - - - 500.00 -
Statutory Reports
(f) 9.00% Series 2025 250.00 - - - 250.00 - - -
(g) 7.99% Series 2024 1,200.00 300.00 300.00 300.00 300.00 - - -
(h) 6.18% Series 2024 400.00 - - 400.00 - - - -
(i) 8.84% Series 2023 750.00 - - 750.00 - - - -
(j) 7.60% Series 2023 1,000.00 - - 1,000.00 - - - -
(k) 8.21% Series 2023 300.00 - - 300.00 - - - -
(l) 6.00% Series 2023 1,000.00 - - 1,000.00 - - - -
(m) 8.84% Series 2022 500.00 - 500.00 - - - - -
Term Loans from Banks (Refer Note 3 below)

(n) ICICI Bank 225.00 225.00 - - - - - -
(o) Axis Bank 166.67 166.67 - - - - - -

(p) First Abu Dhabi Bank 133.00 67.00 66.00 - - - - -
(q) Sumitomo Mitsui Banking Corporation 500.00 215.00 100.00 105.00 45.00 35.00 - -
Deferred Payment Liabilities

(r) Sales Tax Deferral (Refer Note 2 below) 2.83 2.83 - - - - - -

22. Non-current Borrowings (Contd.)

` crore
as at and
31st March, onwards
2021
(ii) Secured - At Amortised Cost
(a) 8.85% Series 2028 197.19 16.25 16.25 16.25 16.25 16.25 115.94 -
(b) 9.15% Series 2025 90.00 16.00 16.00 16.00 16.00 16.00 10.00 -
(c) 9.15% Series 2025 100.00 20.00 20.00 20.00 20.00 20.00 - -
(d) 9.40% Series 2022 210.00 - 210.00 - - - - -
Term Loans from Banks (Refer Note 3 below)

(e) HDFC Bank 1,593.42 140.00 140.00 140.00 140.00 166.25 648.42 218.75
(f) ICICI Bank 510.00 120.00 150.00 240.00 - - - -
(g) Kotak Mahindra Bank 648.75 161.48 61.48 61.48 61.48 87.73 215.10 -
(h) State Bank of India 1,153.71 75.64 75.65 151.35 302.59 548.48 - -
(i) Canara Bank 60.00 5.00 5.00 5.00 5.00 5.00 25.00 10.00
(j) Axis Bank 516.67 226.67 60.00 130.00 100.00 - - -
Term Loans from Others (Refer Note 3 below)

(k) Housing Development Corporation Ltd 1,000.00 30.00 60.00 70.00 90.00 120.00 630.00 -
15,007.24 1,787.54 1,780.38 4,705.08 1,346.32 1,514.71 2,144.46 1,728.75
Less: Impact of recognition of borrowing at
amortised cost using effective interest
method. 51.18
14,956.06
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.
21st August, 2072. The Company has the call option to redeem the same at the end of 10 years viz. 21st August, 2022 and at the end
of every year thereafter.
2. Sales Tax Deferral is repayable in 150 installments commencing from April, 2013 and repayable in full by March, 2022.
3. The rate of interest for term loans from banks ranges from 5.45% to 8.50 % (31st March, 2020 - 7.25% to 9.25%) and rate of interest for
term loans from others is 7.60% (31st March, 2020 - 9.36%).
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.
Overview
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) Right-of-Use Assets
The Company recognises right-of-use assets at the commencement date of the lease. Right-of-use assets are measured
at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease
liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred,
lease payments made at or before the commencement date less any lease incentives received and estimate of costs

to dismantle. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the
estimated useful lives of the assets, as follows:
- Plant and Equipment - 2 years
- Leasehold land including Sub-surface rights - 2 to 25 years
The Company presents right-to-use assets that do not meet the definition of investment property in ‘Property, Plant
and Equipment'.
ii) 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.
iii) 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
Statutory Reports
leases of low value assets are recognised as expense on a straight-line basis over the lease term.
Leasing arrangement as Lessee

The Company has lease contracts for various items of plant, machinery, land, vehicles and other equipments used in its
operations. Leases of Leasehold land including sub-surface rights and plant and equipment generally have lease term
between 2 and 25 years. Generally, the Company is restricted from assigning and subleasing the leased assets.
` crore
Amount recognised in the statement of profit and loss For the year ended For the year ended
Depreciation of Right-of-Use Assets 22.92 39.78
Interest on lease liabilities 19.36 17.56

Expenses related to short term leases 28.85 29.07
Expenses related to leases of low value assets, excluding short term leases of low value assets 0.33 0.38
Refer Note 5B for additions to Right-of-Use Assets and the carrying amount of Right-of-Use Assets. Further, Refer Note 42.4.3 for
maturity analysis of lease liabilities.

23. Lease Liabilities (Contd.)

` crore
Amount as per the Statement of Cash Flows For the year ended For the year ended
Total cash outflow of leases 30.99 29.34
As at As at
` crore ` crore
Non-current
(i) Lease Liabilities 209.72 237.03
Total 209.72 237.03
Current
(i) Lease Liabilities 27.39 41.82
Total 27.39 41.82
24. Other Financial Liabilities - At Amortised Cost (Unless otherwise stated)

As at As at
` crore ` crore
Non-Current
(a) Security Deposits from Customers 9.77 9.48
(b) Guarantee Commission Obligation 2.32 5.12
Total 12.09 14.60
Current
(a) Current Maturities of Non-current Borrowings (Refer Note 22) 1,787.54 1,764.02
(b) Interest accrued but not due on Borrowings 284.76 202.23
(c) Interest accrued but not due on Borrowings from Related Party 4.15 Nil
(d) Investor Education and Protection Fund shall be credited by the following amounts namely: **
Unpaid Dividend 23.16 22.56
Unpaid Matured Debentures 0.09 0.09
(e) Other Payables
Payables for capital supplies and services 271.22 350.18
Security deposits from electricity consumers 245.75 234.48
Security deposits from others 31.23 6.74
Payable to Consumers 310.53 Nil
Other Financial Liabilities 77.23 41.32
Derivative contracts (Net) (at Fair Value through Profit and Loss) 6.94 Nil
Total 3,042.60 2,621.62
** Includes amounts outstanding aggregating ` 1.69 crore (31st March, 2020 - ` 1.48 crore) for more than seven years pending
disputes and legal cases.
25. Deferred Tax Liabilities (Net)

(Refer Note 35)
As at As at
` crore ` crore
Deferred Tax Assets 1,028.59 940.99
Deferred Tax Liabilities 1,163.95 1,248.24
Net Deferred Tax Liabilities 135.36 307.25
26. 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
Overview
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:
Statutory Reports
- Service costs comprising current service costs, past-service costs, gains and losses on curtailments and non routine
settlements; and
- Net interest expense or income.
The cost of the defined benefit gratuity plan and other post-employment medical benefits are determined using actuarial
valuations. An actuarial valuation involves making various assumptions that may differ from actual developments in
the future. These include the determination of the discount rate, future salary increases and mortality rates. Due to the
complexities involved in the valuation and its long-term nature, a defined benefit obligation is sensitive to changes in
these assumptions. All assumptions are reviewed at each reporting date. In determining the appropriate discount rate for
plans operated in India, the management considers the interest rates of government bonds. The mortality rate is based
on publicly available mortality tables. Those mortality tables tend to change only at interval in response to demographic
changes. Future salary increases are based on expected future inflation rates.

26. Provisions (Contd.)

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
` crore ` crore
Non-current
Provision for Employee Benefits
Compensated Absences 82.70 87.99
Post-Employment Medical Benefits [Refer Note 26 (2.1) and (2.3)] 57.67 59.12
Other Defined Benefit Plans [Refer Note 26 (2.1) and (2.3)] 106.35 63.49
Other Employee Benefits 14.66 11.86
Total 261.38 222.46
Current
Post-Employment Medical Benefits [Refer Note 26 (2.1) and (2.3)] 2.19 2.09
Other Defined Benefit Plans [Refer Note 26 (2.1) and (2.3)] 15.16 53.21
Total 25.37 62.02
Employee Benefit Plans

1. Defined Contribution plan
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 ` 7.84 crore (31st March, 2020 - ` 9.32 crore) for superannuation contribution in the statement
of profit and loss. The said amount is excluding of amounts recognised by the Strategic Engineering Division (SED)
(Discontinued operations). The contribution payable to the plan by the Company is at rates specified in the rules of the plan.
2. Defined benefit plans
2.1 The Company operates the following unfunded/funded defined benefit plans:
Funded:
Provident Fund
The Company makes Provident Fund contributions to defined benefit plans for eligible employees. Under the scheme, the
Company is required to contribute a specified percentage of the payroll costs to fund the benefits. The contributions as
specified are paid to the provident fund trust set by the Company. The Company is generally liable for annual contributions.
However, any shortfall in the fund assets based on the government specified minimum rates of return are recognised as an
expense in the year it is incurred.
Having regard to the assets of the fund and the return on the investments, the Company expects net shortfall of ₹ 6.50
crore which has been provided as an expenditure during the year.
Overview
The actuary has provided a valuation of provident fund liability based on the assumptions listed and determined the net
short fall of ₹ 6.50 crore as at 31st March, 2021 (31st March, 2020 - ₹ 10.52 crore) which has been recognised as an expense
during the year.
The significant assumptions used for the purpose of the actuarial valuations were as follows:
As at As at

Interest rate 7.50% p.a. 8.50% p.a.
Discount rate 6.60% p.a. 6.50% p.a.
Contribution during the year (` crore) 19.92 21.15
Short fall recognised as an expenditure for the year (₹ crore) 6.50 10.52
The movements in the net defined benefit obligation for provident fund are as follows:
Present value of Fair value of plan Net

Funded Plan: obligation assets Amount
` crore ` crore ` crore

Current service cost 22.02 Nil 22.02
Interest Cost/(Income) 56.34 57.21 (0.87)
Amount recognised in statement of profit and loss 78.36 57.21 21.15
Remeasurement (gains)/losses
Return on plan assets excluding amounts included in interest cost/(income) Nil (40.00) 40.00
Actuarial (gains)/losses arising from changes in demographic assumptions (1.59) Nil (1.59)
Actuarial (gains)/losses arising from changes in financial assumptions (3.30) Nil (3.30)
Actuarial (gains)/losses arising from experience 13.84 Nil 13.84
Amount recognised in Other Comprehensive Income 8.95 (40.00) 48.95
Employer contribution Nil 21.13 (21.13)
Statutory Reports
Employee contribution 49.34 49.34 Nil
Benefits paid (98.17) (98.17) Nil
Acquisitions credit/(cost) 8.97 8.97 Nil

Interest Cost/(Income) 48.84 47.79 1.05
Amount recognised in statement of profit and loss 67.71 47.79 19.92
Return on plan assets excluding amounts included in interest cost/(income) Nil 68.73 (68.73)
Actuarial (gains)/losses arising from changes in demographic assumptions Nil Nil Nil
Actuarial (gains)/losses arising from changes in financial assumptions 52.89 Nil 52.89


Present value of Fair value of plan Net
Funded Plan: obligation assets Amount
Amount recognised in Other Comprehensive Income 75.23 68.73 6.50
Benefits paid (124.23) (116.10) (8.13)
Gratuity
The Company has a defined benefit gratuity plan. The gratuity plan is primarily governed by the Payment of Gratuity Act,
1972. Employees who are in continuous service for a period of five years are eligible for gratuity. The level of benefits
provided depends on the member's length of service and salary at the retirement date. The gratuity plan is funded plan.
The fund has the form of a trust and is governed by Trustees appointed by the Company. The Trustees are responsible for the
administration of the plan assets and for the definition of the investment strategy in accordance with the trust regulations.
2.2 The principal assumptions used for the purposes of the actuarial valuations for funded and unfunded
plan were as follows:
Valuation as at As at 31st March, 2021 As at 31st March, 2020
Discount Rate 6.60% p.a. 6.50% p.a.
Salary Growth Rate
- Management 7% p.a. 7% p.a.
- Non-Management 5% p.a. 5% p.a.
Turnover Rate - Age 21 to 44 years
- Non-Management 0.50% p.a. 0.50% p.a.
Turnover Rate - Age 45 years and above
- Non-Management 0.50% p.a. 0.50% p.a.
Pension Increase Rate 4% p.a. 3% p.a.
Mortality Table Indian Assured Lives Indian Assured Lives
Mortality (2006-08) Mortality (2006-08)
(modified) Ult (modified) Ult
Annual Increase in Healthcare Cost 8% p.a. 8% p.a.
2.3 The amounts recognised in the Standalone financial statements and the movements in the net defined
benefit obligations over the year are as follows:
Overview
Gratuity Fund Plan: Present value of Fair value of plan Net
obligation assets Amount
Balance as at 1st April, 2019* 260.83 (280.29) (19.46)
Interest Cost/(Income) 20.72 (20.74) (0.02)
Less: Amount recognised in Statement of Profit and Loss - Discontinued
Operations 1.30 Nil 1.30
Amount recognised in statement of profit and loss - Continuing Operations 37.82 (20.74) 17.08

Return on plan assets excluding amounts included in interest cost/(income) Nil (8.32) (8.32)
Actuarial (gains)/losses arising from experience (0.95) Nil (0.95)
Add/(Less): Amount recognised in Other Comprehensive Income -
Discontinued Operations (0.21) Nil (0.21)
Benefits paid (35.80) Nil (35.80)

Acquisitions credit/(cost) (1.05) Nil (1.05)
Add: Amounts recognised in current year - Discontinued Operations (1.08) Nil (1.08)
Balance as at 31st March, 2020 * 273.90 (309.35) (35.45)

Interest Cost/(Income) 17.49 (20.11) (2.62)
Less: Amount recognised in Statement of Profit and Loss - Discontinued
Operations (0.89) Nil (0.89)
Amount recognised in statement of profit and loss - Continuing Operations 33.98 (20.11) 13.87
Return on plan assets excluding amounts included in interest cost/(income) Nil (16.60) (16.60)
Statutory Reports
Actuarial (gains)/losses arising from changes in demographic assumptions Nil Nil Nil
Less: Amount recognised in Other Comprehensive Income - Discontinued
Operations (0.34) Nil (0.34)
Amount recognised in Other Comprehensive Income (5.26) (16.60) (21.86)
Benefits paid (24.61) Nil (24.61)
Add: Amounts recognised in current year - Discontinued Operations 0.89 Nil 0.89
Balance as at 31st March, 2021 * 256.54 (346.06) (89.52)
* Net asset is classified as "Other Current Assets".


Unfunded:
Post Employment Medical Benefits
The Company provides certain post-employment health care benefits to superannuated employees at some of its locations.
In terms of the plan, the retired employees can avail free medical check-up and medicines at Company's facilities.
Pension (including Director pension)

The Company operates a defined benefit pension plan for employees who have completed 15 years of continuous service.
The plan provides benefits to members in the form of a pre-determined lumpsum payment on retirement. Executive
Director, on retirement, is entitled to pension payable for life including HRA benefit. The level of benefit is approved by the
Board of Directors of the Company from time to time.
Ex-Gratia Death Benefit

The Company has a defined benefit plan granting ex-gratia in case of death during service. The benefit consists of a pre-
determined lumpsum amount along with a sum determined based on the last drawn basic salary per month and the length
of service.
Retirement Gift
The Company has a defined benefit plan granting a pre-determined sum as retirement gift on superannuation of an
employee.
Unfunded Plan: Amount

` crore
Balance as at 1st April, 2019 102.69

Current service cost 5.24
Past service cost Nil
Past service cost - Plan amendments 13.21
Interest Cost/(Income) 9.15
Add/(Less): Amount recognised in statement of profit and loss - Discontinued Operations 0.07
Amount recognised in statement of profit and loss - Continuing Operations 27.67
Actuarial (gains)/losses arising from changes in demographic assumptions (4.31)
Actuarial (gains)/losses arising from changes in financial assumptions 11.36
Actuarial (gains)/losses arising from experience (9.48)
Add/(Less): Amount recognised in Other Comprehensive Income - Discontinued Operations 0.41
Amount recognised in Other Comprehensive Income (2.02)
Benefits paid (7.19)
Acquisitions credit/(cost) Nil
Add: Amounts recognised in current year - Discontinued Operations (0.48)
Less: Transferred to Assets/Liabilities held for sale - Discontinued Operations Nil
Balance as at 31st March, 2020 120.67
Balance as at 1st April, 2020 120.67

Current service cost 5.38
Past service cost Nil
Past service cost - Plan amendments Nil
Interest Cost/(Income) 7.77
Add/(Less): Amount recognised in statement of profit and loss - Discontinued Operations Nil
Amount recognised in statement of profit and loss - Continuing Operations 13.15
Unfunded Plan: Amount
` crore
Overview
Actuarial (gains)/losses arising from changes in demographic assumptions Nil
Actuarial (gains)/losses arising from changes in financial assumptions 1.55
Actuarial (gains)/losses arising from experience (2.68)
(Less): Amount recognised in Other Comprehensive Income - Discontinued Operations Nil
Amount recognised in Other Comprehensive Income (1.13)
Benefits paid (5.54)
Acquisitions credit/(cost) (2.79)

Add: Amounts recognised in current year - Discontinued Operations 0.10
Less: Transferred to Assets/Liabilities held for sale - Discontinued Operations Nil
Balance as at 31st March, 2021 124.46
Employee Benefit Plans

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

31st 31st 31st 31st 31st 31st

March, March, March, March, March, March,
2021 2020 2021 2020 2021 2020
` crore ` crore ` crore ` crore
Discount rate 0.50% 0.50% Decrease by 17.09 15.83 Increase by 18.08 17.19
Salary/Pension growth rate 0.50% 0.50% Increase by 11.05 11.32 Decrease by 10.44 10.70
Mortality rates 1 year 1 year Decrease by 5.81 5.43 Increase by 5.73 5.35
Healthcare cost 0.50% 0.50% Increase by 4.60 4.81 Decrease by 4.14 4.30
The above sensitivity analysis is based on a change in an assumption while holding all other assumptions constant.
In practice, this is unlikely to occur and changes in some of the assumptions may be correlated. When calculating the
sensitivity of the defined benefit obligation to significant actuarial assumptions the same method (present value of the
defined benefit obligation calculated with the projected unit credit method at the end of the reporting period) has been
applied as when calculating the defined benefit liability recognised in the balance sheet.
Statutory Reports
The method and types of assumptions used in preparing the sensitivity analysis did not change compared to the prior period.
These plans typically expose the Company to actuarial risks such as: Investment Risk, Interest Risk, Longevity Risk and Salary
Risk.
Investment Risk The present value of the defined benefit plan liability is calculated using a discount rate which is
determined by reference to market yields at the end of the reporting period on government bonds.
Interest Risk A decrease in the bond interest rate will increase the plan liability; however, this will be partially offset by
an increase in the return on the plan debt investments.
Longevity Risk The present value of the defined benefit plan liability is calculated by reference to the best estimate
of the mortality of plan participants both during and after their employment. An increase in the life
expectancy of the plan participants will increase the plan’s liability.

Salary Risk The present value of the defined plan liability is calculated by reference to the future salaries of plan
participants. As such, an increase in the salary of the plan participants will increase the plan’s liability.


2.5 The expected maturity analysis of undiscounted defined benefit obligation is as follows:
Funded - Provident Fund Funded - Gratuity Unfunded
31st March, 2021 31st March, 2020 31st March, 2021 31st March, 2020 31st March, 2021 31st March, 2020
` crore ` crore ` crore ` crore ` crore ` crore
Within 1 year 61.74 67.02 19.83 20.87 8.98 8.85
Between 1 - 2 years 101.81 105.84 31.63 33.66 9.41 9.08
Between 2 - 3 years 94.42 96.20 31.53 32.08 9.59 9.16
Between 3 - 4 years 93.72 85.16 31.68 30.55 9.48 9.29
Between 4 - 5 years 86.54 84.05 26.77 34.41 9.61 9.15
Beyond 5 years 533.46 413.74 166.99 167.80 54.45 65.39
As at As at
The weighted average duration of: 31st March, 2021 31st March, 2020
Provident Fund 7.0 Years 7.0 Years
Gratuity Fund 7.4 Years 7.4 Years
The contribution expected to be made by the Company during the financial year 2021-22 is ` 19.20 crore.
2.6 Risk exposure:

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

Plan assets are funded with the trust set up by the Company. The trust invests the funds in various financial instruments.
Major categories of plan assets are as follows:
Provident Fund Gratuity

As at 31st March, 2021 As at 31st March, 2020 As at 31st March, 2021 As at 31st March, 2020
` crore % ` crore % ` crore % ` crore %
Quoted
Equity Instruments 43.33 5% 30.02 4% 65.75 19% 58.78 19%
Government Securities 450.96 54% 405.28 54% 88.63 26% 89.71 29%
Debt and other Instruments 342.22 41% 315.22 42% 191.68 55% 160.86 52%
836.51 100% 750.52 100% 346.06 100% 309.35 100%
27. Other Liabilities
As at As at
` crore ` crore
Overview
Non-current
Deferred Revenue - Service Line Contributions from Consumers 112.95 115.91
Deferred Rent Liability 42.75 45.43
Total 155.70 161.34
Current
Statutory Liabilities 101.00 121.97
Advance from Customers/Public Utilities 178.09 149.68

Statutory Consumer Reserves 179.00 168.00
Liabilities towards Consumers 12.61 60.76
Other Liabilities 1.83 2.46
Total 472.53 502.87
28. Current Borrowings - At Amortised Cost

As at As at
` crore ` crore

Unsecured
From Banks
(a) Term Loans
(i) Repayable on Demand 999.69 500.00
(ii) Others 90.00 90.00
(b) Bank Overdraft - Repayable on Demand Nil 1.05
From Related Parties 922.20 105.45
From Others
Commercial Paper [maximum amount outstanding during the year is ` 6,925 crore (31st
March, 2020 - ` 6,700 crore)] 3,523.81 5,455.81
5,535.70 6,152.31
Secured
Statutory Reports
From Banks
(a) Term Loans 60.00 60.00
60.00 60.00
Total 5,595.70 6,212.31

Notes:
1. The rate of interest for term loans from banks ranges from 6.50% to 8.90% (31st March,2020 - 8.00% to 9.40%) and loan from others
ranges from 3.13% to 7.50% (31st March,2020 - 5.56% to 8.04%).
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.
29. Current Tax Liabilities

As at As at
` crore ` crore
Income Tax Payable (Net) 133.47 107.67
Total 133.47 107.67

30. 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)
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 (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.
(iii) 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.
(iv) Sale of Power - Distribution
Revenue from sale of power is recognised net of cash discount over time for each unit of electricity delivered at the pre
determined rate.
(v) 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.
(vi) Consumers are billed on a monthly basis and are given average credit period of 30 to 45 days for payment. 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 once the dues are received. Revenue in
respect of delayed payment charges and interest on delayed payments leviable as per the relevant contracts are
recognised on actual realisation or accrued based on an assessment of certainty of realisation supported by either an
acknowledgement from customers or on receipt of favourable order from regulator / authorities.
(vii) 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.
30. Revenue from Operations (Contd.)
` crore ` crore
Overview
(a) Revenue from Power Supply and Transmission Charges 4,656.54 6,410.55
Add/(Less): Income to be adjusted in future tariff determination (Net) 157.00 (198.98)
Add/(Less): Income to be adjusted in future tariff determination (Net) in respect of earlier years (8.53) 5.49
Add/(Less): Deferred Tax Recoverable / (Payable) 44.80 31.41
4,849.81 6,248.47
(b) Revenue from Power Supply - Assets Under Finance Lease 942.03 1,051.27
(c) Project/Operation Management Services 173.90 140.71

(d) Income from Finance Lease 84.66 88.91
(e) Other Operating Revenue

Rental of Land, Buildings, Plant and Equipments, etc. 13.29 12.15
Income in respect of Services Rendered 60.94 97.60
Income from Storage and Terminalling 16.31 15.22
Amortisation of Service Line Contributions 8.25 7.99
Sale of Fly Ash 0.28 1.86
Sale of Carbon Credits Nil 6.25

Sale of Renewable Energy certificates Nil 14.66
Miscellaneous Revenue 31.12 41.30
130.19 197.03
Total 6,180.59 7,726.39
Details of Revenue from Contract with Customers

Particulars For the year ended For the year ended
` crore ` crore
Total Revenue from Contract with Customers 6,048.34 7,590.18
Add: Cash Discount/Rebates etc. 27.24 38.28
Statutory Reports
Total Revenue as per Contracted Price 6,075.58 7,628.46
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 31st March, 2021, other than those
meeting the exclusion criteria mentioned above is ` Nil (31st March, 2020 - ` 18.59 crore). The Company expects to recognise
it as revenue within next one year.


Revenue is disaggregated by type and nature of product or services. The table also includes the reconciliation of the
disaggregated revenue with the Company's reportable segment.
Revenue from Contracts with Others Total
Customers
Nature of Goods/Services For the year For the year For the year For the year For the year For the year
ended ended ended ended ended ended
31st March, 31st March, 31st March, 31st March, 31st March, 31st March,
2021 2020 2021 2020 2021 2020
` crore ` crore ` crore ` crore ` crore ` crore
Generation of Power - Thermal and Hydro
Sale of Power 1,393.22 1,588.73 Nil Nil 1,393.22 1,588.73
Sale of Power from Assets Under Lease 942.03 1,051.27 Nil Nil 942.03 1,051.27
Project/Operation Management Services 144.60 100.94 Nil Nil 144.60 100.94
Income from Finance Lease Nil Nil 84.66 88.91 84.66 88.91
Others 3.37 21.70 14.58 15.52 17.95 37.22
Total (A) 2,483.22 2,762.64 99.24 104.43 2,582.46 2,867.07
Generation of Power - Wind and Solar

Sale of Power 107.70 95.24 Nil Nil 107.70 95.24
Others Nil 14.64 Nil 8.02 Nil 22.66
Total (B) 107.70 109.88 Nil 8.02 107.70 117.90
Transmission and Distribution of Power

Transmission of Power 828.79 775.15 Nil Nil 828.79 775.15
Distribution of Power 2,520.09 3,789.37 Nil Nil 2,520.09 3,789.37
Net Movement in Regulatory Deferral Balances Nil Nil 299.62 (651.40) 299.62 (651.40)
Project/Operation Management Services 22.45 33.83 Nil Nil 22.45 33.83
Others 10.82 44.45 27.23 20.76 38.05 65.21
Total (C) 3,382.15 4,642.80 326.85 (630.64) 3,709.00 4,012.16
Others (D) 34.40 30.76 Nil Nil 34.40 30.76
Unallocable Revenue (E) 40.87 44.10 5.78 3.00 46.65 47.10
Revenue from Continuing Operations

(including Net Movement in Regulatory
Deferral Balances) (A + B + C +D + E) 6,048.34 7,590.18 431.87 (515.19) 6,480.21 7,074.99
Revenue from Discontinued Operations 193.63 343.74 Nil Nil 193.63 343.74
Reconciliation of Revenue For the year ended For the year ended
` crore ` crore
Revenue from Continuing Operations as per above table 6,480.21 7,074.99

Less: Net Movement in Regulatory Deferral Balances 299.62 (651.40)
Total Revenue from Operations 6,180.59 7,726.39
Contract Balances As at As at
` crore ` crore
Overview
Contract Assets
Recoverable from Consumers
Non-current 1,161.06 960.84
Total Contract Assets 1,161.06 960.84
Contract liabilities
Liabilities towards Consumers
Current 12.61 60.76
Total Contract Liabilities 12.61 60.76

Receivables
Trade Receivables (Gross) 966.67 1,151.39
Unbilled Revenue for passage of time 75.37 83.41
Recoverable from Consumers 58.13 221.45
(Less): Allowances for Doubtful Debts (55.80) (42.71)
Net Receivables 1,044.37 1,413.54
Total 2,218.04 2,435.14
Contract Assets
Contract asset is the right to consideration in exchange for goods or services transferred to the customer. Contract assets

are transferred to receivables when the rights become unconditional.
Contract Liabilities
A contract liability is the obligation to transfer goods or services to a customer for which the Company has received
consideration (or an amount of consideration is due) from the customer. If a customer pays consideration before the Company
transfers goods or services to the customer, a contract liability is recognised when the payment is made or the payment is
due (whichever is earlier). Contract liabilities are recognised as revenue when the performance obligation is satisfied.
Significant changes in the contract assets and the contract liabilities balances during the year are as follows:
Particulars As at As at
` crore ` crore
Statutory Reports
Opening Balance
Recoverable from consumers 960.84 1,191.79
Liabilities towards consumers (60.76) (11.50)
(A) 900.08 1,180.29
Income to be adjusted in future tariff determination (Net) 157.00 (198.98)

Income to be adjusted in future tariff determination in respect of earlier years (Net) (8.53) 5.49
Refund to customers (including Company's distribution business) 57.59 48.87
Deferred tax recoverable/(payable) 44.80 31.41
Deferred tax recoverable/(payable) on account of New Tax Regime [Refer Note 35(i)] Nil (167.00)
Others (2.49) Nil
(B) 248.37 (280.21)

Closing Balance
Recoverable from consumers 1,161.06 960.84
Liabilities towards consumers (12.61) (60.76)
(A + B) 1,148.45 900.08

31. 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.
` crore ` crore
(a) Interest Income
(i) On Financial Assets carried at Amortised Cost
Interest on Banks Deposits 2.36 4.82
Interest on Overdue Trade Receivables 38.59 65.69
Interest on Non-current Investment 11.80 17.43
Interest on Financial Assets - Subsidiaries 124.37 18.58
177.12 106.52
(ii) Interest on Income-tax Refund Nil 13.03
177.12 119.55
(b) Dividend Income

From Non-current Investments
Subsidiaries 941.51 267.18
Joint Ventures 47.74 85.09
Associates Nil 9.68
Others - Equity Investments designated as FVTOCI 6.78 6.86
996.03 368.81
(c) Gain/(Loss) on Investments

Gain on sale/Fair Value of current investment measured at FVTPL 16.93 13.41
Gain on sale of Non-current investment measured at Amortised cost Nil 9.06
16.93 22.47
(d) Other Non-operating Income

Guarantee Commission from Subsidiaries and Joint Ventures (Refer Note below) 21.82 60.63
Gain/(Loss) on Disposal of Property, Plant and Equipments (Net) 17.17 3.52
Delayed Payment Charges 7.02 6.61
Other Income 12.87 1.03
58.88 71.79
Total 1,248.96 582.62

Note:
During the previous year, pursuant to Advance Pricing Agreement with Income Tax Department, the Company has
recognised guarantee commission income of ₹ 38.30 crore from its subsidiaries and joint ventures pertaining to earlier
years.
32. Employee Benefits Expense
` crore ` crore
Overview
Salaries and Wages 521.68 468.42
Contribution to Provident Fund 19.92 21.15
Contribution to Superannuation Fund 7.84 9.32
Gratuity 13.87 17.08
Pension 14.39 10.78
Staff Welfare Expenses 95.72 93.58
686.63 645.29
Less:
Employee Cost Capitalised 27.12 24.59

Employee Cost Inventorised 10.44 9.99
37.56 34.58
Total 649.07 610.71
33. 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.
` crore ` crore
(a) Interest Expense:
On Borrowings - At Amortised Cost
Interest on Debentures 583.03 412.38
Interest on Loans - Banks,Financial Institutions and Commercial Papers 863.68 1,049.22
Statutory Reports
Interest on Loans - Related Parties 18.44 4.91
Others
Interest on Consumer Security Deposits - At Amortised cost 11.05 21.99
Interest on Lease Liabilities - At Amortised cost 19.36 17.56
Other Interest and Commitment Charges 1.70 0.48
1,497.26 1,506.54
Less: Interest Capitalised 8.38 16.44
Less: Interest Inventorised 10.23 Nil
1,478.65 1,490.10
(b) Other Borrowing Costs:
Other Finance Costs 40.12 20.28

40.12 20.28
Total 1,518.77 1,510.38
Note:
The weighted average capitalisation rate on the Company's general borrowings is 7.64 % p.a. (31st March, 2020 - 8.23 % p.a.).

34. Other Expenses

` crore ` crore
Consumption of Stores and Oil 39.34 36.61

Rental of Land, Buildings, Plant and Equipments 12.17 3.89
Repairs and Maintenance -
(i) To Buildings and Civil Works 82.22 96.09
(ii) To Machinery and Hydraulic Works 242.26 211.60
(iii) To Furniture and Vehicles 4.54 4.63
329.02 312.32
Rates and Taxes 53.10 67.62

Insurance 33.92 29.37
Other Operation Expenses 91.35 86.58
Ash Disposal Expenses 12.21 16.84
Travelling and Conveyance Expenses 16.06 18.60
Consultants' Fees 15.14 10.38
Auditors' Remuneration [Refer Note (i) below] 5.23 5.14
Cost of Services Procured 96.77 93.71
Bad Debts 2.43 6.05
Net (gain)/ Loss on Foreign Exchange (24.08) 10.59
Allowance for Doubtful Debts and Advances (Net) 13.62 (0.19)
Legal Charges 16.47 21.61
Corporate Social Responsibility [Refer Note (ii) below] 3.45 3.80
Transfer to Statutory Consumer Reserve 11.00 17.00
Miscellaneous Expenses 38.48 16.77
Total 765.68 756.69
(i) Payment to the auditors

` crore ` crore
For Statutory Audit 4.03 3.54
For Taxation Matters 0.15 0.12
For Other Services 0.23 0.55
For Reimbursement of Expenses 0.02 0.15
Goods and Service Tax on above 0.80 0.78
Total 5.23 5.14
(ii) Corporate Social Responsibility

` crore ` crore
Contribution to Tata Power Community Development Trust 3.28 3.16
Other expenses 0.17 0.64
Total 3.45 3.80
34. Other Expenses (Contd.)
` crore ` crore
Overview
Amount required to be spent as per section 135 of the Companies Act 2013 3.45 3.04
Amount spent during the year on:
(a) Construction/Acquisition of asset Nil Nil
(b) On purposes other than (a) above 3.45 3.80
35. 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
Statutory Reports
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.

35. 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
` crore ` crore
Current tax 205.31 18.61
Deferred tax (104.34) 73.08
Deferred tax relating to earlier years Nil (24.51)
Remeasurement of Deferred Tax on account of New Tax Regime (Net) (Refer Note below) Nil (275.00)
Total income tax expense 100.97 (207.82)
Note:
Pursuant to the Taxation Laws (Amendment) Act, 2019 domestic companies have option to pay income tax at 22% plus applicable surcharge
and cess (‘New Tax Regime’) subject to certain conditions. Based on the Company's assessment of the expected year of transition to the
New Tax Regime, the Company in the previous year recognised deferred tax income of ` 275.00 crores after adjusting the Minimum
Alternate Tax credit write off. Further, the Company had also remeasured its regulatory asset balance against deferred tax liabilities and
had recognised expense of ` 98.00 crores pertaining to distribution business and ` 167.00 crores for generation and transmission business.
2. Income taxes recognised in the statement of profit and loss (Discontinued Operations)
ended ended
` crore ` crore
Current tax (101.48) Nil
Deferred tax (72.17) (32.41)
Total income tax expense (173.65) (32.41)
The income tax expense for the year can be reconciled to the accounting profit as follows:
ended ended
` crore ` crore
Profit/(Loss) before tax Continuing Operation 1,068.61 350.53
Profit/(Loss) before tax Discontinuing Operation (219.84) (442.64)
Profit/(Loss) Before Tax 848.77 (92.11)
Income tax expense @34.944% being the statutory enacted rate 296.59 (32.19)
Add/(Less) tax effect on account of :
Dividend income not taxable (146.65) (83.27)

Income taxed at lower rate (72.35) (3.80)
Non-Deductible expenses 49.50 88.57
Effect of tax holiday period (66.77) 34.08
Remeasurement of past deferred tax balances on the expected sale of assets (Refer Note 2 below) (131.00) Nil
Utilisation of unrecognised capital loss on sale of asset (11.52) Nil
Unrecognised tax credit (MAT) for the year 31.30 15.38
Provision for impairment Nil 122.63
Measurement of deferred tax at 25.17% expected to be reversed in the new tax regime (20.38) (275.00)
Reversal of impairment of non-current investments and related obligations Nil (82.12)
True up impact basis income tax return Nil (24.51)
Others (1.40) Nil
ended ended
Overview
` crore ` crore
Income tax expenses recognised in Statement of Profit and Loss (72.68) (240.23)
Tax expense for the Continuing Operations 100.97 (207.82)
Tax expense for the Discontinued Operations (173.65) (32.41)
Income tax expense recognised in Statement of Profit and Loss (72.68) (240.23)
Notes:
1. The rate used for calculation of deferred tax is 34.94% and 25.17% for balances expected to be reversed in the new tax regime.

2. During the year ended 31st March, 2021, the Company has entered into a Business Transfer Agreement with Tata Power Renewable
Energy Limited and Tata Power Green Energy Limited, wholly owned subsidiaries, for transfer of renewable assets (forming part of
renewable segment) as a “going concern” on a slump sale basis effective on or after 1st April, 2021. Consequently, as per the requirement
of Ind AS 12, the Company has reassessed its deferred tax balances including its unrecognized deferred tax assets on capital losses and
has recognized gain of ` 131.00 crore in the Standalone Financial Statements.
3. Income tax recognised in other comprehensive income

` crore ` crore
Current Tax

Remeasurement of defined benefit obligation Nil (0.77)
Deferred tax
Remeasurements of defined benefit obligation 4.61 (17.40)
Total income tax recognised in other comprehensive income 4.61 (18.17)
Items that will not be reclassified to statement of profit and loss 4.61 (18.17)
(ii) Deferred Tax

As at As at
Statutory Reports
` crore ` crore
Deferred Tax Assets 1,028.59 940.99
Deferred Tax Liabilities (Net) 135.36 307.25


` crore
2020-21 Opening Recognised in profit Recognised in other Closing
balance or loss (including comprehensive Income balance
discontinued (including discontinued
operation) operation)
Deferred tax assets in relation to
Allowance for Doubtful Debts, Deposits and Advances 26.85 2.74 Nil 29.59
Provision for Employee Benefits and Others 66.37 5.52 (4.61) 67.28
Minimum Alternate Tax Credit 437.51 Nil Nil 437.51
Capital loss on sale of investments and indexation benefit
379.97 112.59 Nil 492.56
available on investments
Lease liability 12.40 (10.75) Nil 1.65
Unabsorbed losses 17.89 (17.89) Nil Nil
940.99 92.21 (4.61) 1,028.59
Deferred tax liabilities in relation to
Property, Plant and Equipments (including finance leases) 1,233.48 (76.29) Nil 1,157.19
Right-of-use asset 10.00 (8.01) Nil 1.99
Others 4.76 Nil Nil 4.76
1,248.24 (84.30) Nil 1,163.95
Deferred Tax Liabilities (Net) 307.25 (176.51) 4.61 135.36

` crore
2019-20 Opening Recognised in profit Recognised in other Closing
balance or loss (including comprehensive Income balance
discontinued (including discontinued
operation) operation)
Allowance for Doubtful Debts, Deposits and Advances 29.24 (2.39) Nil 26.85
Provision for Employee Benefits and Others 51.84 (2.87) 17.40 66.37
Minimum Alternate Tax Credit 517.51 (80.00) Nil 437.51
Capital loss on sale of investments and indexation benefit
425.62 (45.65) Nil 379.97
available on investments
Lease liability Nil 12.40 Nil 12.40
Unabsorbed losses Nil 17.89 Nil 17.89
1,024.21 (100.62) 17.40 940.99
Property, Plant and Equipments (including finance leases) 1,578.04 (344.56) Nil 1,233.48
Right of use asset Nil 10.00 Nil 10.00
Others 29.66 (24.90) Nil 4.76
1,607.70 (359.46) Nil 1,248.24
Deferred Tax Liabilities (Net) 583.49 (258.84) (17.40) 307.25
The amount and the expiry of unrecognised deferred tax asset is as detailed below:
` crore
As at 31st March, 2021 Within one Greater than Greater than Closing
year one year, less five years balance
than five years
Capital Loss on sale of investment and indexation benefit* Nil Nil 1,306.80 1,306.80
MAT credit Nil Nil 124.94 124.94
Total Nil Nil 1,431.74 1,431.74
` crore
As at 31st March, 2020 Within one Greater than Greater than Closing
year one year, less five years balance
Overview
than five years
Capital Loss on sale of investment and indexation benefit* Nil Nil 1,310.03 1,310.03
MAT credit Nil Nil 97.52 97.52
Total Nil Nil 1,407.55 1,407.55
* The unrecognised deferred tax asset on impairment of investments of ` 947.99 crore (31st March, 2020 - ` 949.86 crore)
relating to capital loss shall expire within 8 years from the date of sale of investment.
36. 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:
` crore ` crore
(a) Principal amount remaining unpaid 23.09 7.72
(b) Interest due thereon 0.20 Nil
(c) The amount of Interest paid along with the amounts of the payment made to the supplier beyond
the appointed day Nil Nil
(d) The amount of Interest due and payable for the year Nil Nil
(e) The amount of Interest accrued and remaining unpaid Nil Nil

(f) The amount of further interest due and payable even in the succeeding years, until such date when
the interest dues as above are actually paid, for the purpose of disallowance under section 23. 0.20 Nil
37. Commitments
(a) Estimated amount of Contracts remaining to be executed on capital account and not provided for ` 284.17 crore (31st
March, 2020 - ` 413.08 crore.)
(b) Other Commitments
(i) In terms of the Sponsor Support agreement entered into between the Company, Coastal Gujarat Power Ltd. (CGPL)
and INR term lenders (SBI led consortium) of CGPL, the Company has undertaken to provide support by way of base
equity contribution to the extent of 25% of CGPL’s project cost and additional equity or subordinated loans to be made
or arranged for, if required as per the financing agreements to finance the project. The Sponsor Support Agreement
Statutory Reports
also includes support by way of additional financial support for any overrun in project costs, operational loss and Debt
Service Reserve Guarantee as provided under the financing agreements. In terms of the conditions of the financing
agreements, the Company has provided support through Unsecured Perpetual securities and Equity of ` 19,777.14
crore (31st March, 2020 - ` 15,629.14 crore) to CGPL.
(ii) The Company has undertaken to arrange for the necessary financial support to its subsidiaries Bhira Investments Pte.
Ltd., Khopoli Investments Ltd., Bhivpuri Investments Ltd., TP Renewable Microgrid Ltd. (formerly Industrial Power Utility
Ltd.), Tata Power Jamshedpur Distribution Ltd. and Tata Power International Pte. Ltd.
(iii) In respect of Maithon Power Ltd. (MPL), the Company jointly with Damodar Valley Corporation (DVC) has undertaken
to the lenders of MPL, to provide support by way of base equity contribution and additional equity or subordinated
loans to meet the increase in Project Cost. Further, the Company has given an undertaking to MPL to fulfil payment
obligations of Tata Power Trading Company Ltd. (TPTCL) and Tata Power Delhi Distribution Ltd. (TPDDL) in case of their
default.

38. Contingent liabilities

As at 31st As at 31st
March, 2021 March, 2020
` crore ` crore
Contingent liabilities including:
(a) Claims against the Company not probable and hence not acknowledged as debts
consists of
(i) Demand disputed by the Company relating to Service tax on transmission charges received
for July 2012 to June 2017 (excluding interest and penalty). 375.29 375.29
(ii) Way Leave fees (including interest) claims disputed by the Company relating to rates
charged. 45.87 43.18
(iii) Custom duty claims disputed by the Company relating to applicability and classification of
coal. 34.49 34.49
(iv) Access Charges demand for laying underground cables. 30.14 30.14
(v) Rates, Cess, Excise and Custom Duty claims disputed by the Company. 10.20 26.63
(vi) Compensation disputed by private land owners on private land acquired under the
provisions of Maharashtra Industrial Development Act, 1961. Nil 22.00
(vii) Octroi claims disputed by the Company in respect of octroi exemption claimed by the
Company. Nil 5.03
(viii) Other claims against the Company not acknowledged as debts. 44.28 34.51
540.27 571.27
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 31st March, As at 31st March,
2021 2020
` crore ` crore
(b) Other Contingent Liabilities:
Taxation matters for which liability is disputed by the Company and not provided for (computed
on the basis of assessments which have been re-opened / remaining to be completed). 50.93 50.93
In an earlier year, Maharashtra State Electricity Distribution Company Limited (MSEDCL) had raised
a demand for determination of fixed charges for unscheduled interchange of power. The 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. 215.02 215.02
2021 2020
` crore* ` crore*
(c) Indirect exposures of the Company:
Guarantees given:
(i) Coastal Gujarat Power Ltd. 6,909.94 7,544.17
(ii) Khopoli Investments Ltd. 913.97 1,676.21
(equivalent to USD (equivalent to USD
125.01 million) 221.89 million)
(iii) Bhira Investments Pte. Ltd. 1,425.75 1,462.64
195.01 million) 193.62 million)
(iv) Trust Energy Resources Pte. Ltd. Nil 348.31
(equivalent to (equivalent to USD
USD Nil) 46.11 million)
(v) Tata Power Renewable Energy Ltd. 2,962.87 1,612.53
38. Contingent liabilities (Contd.)
2021 2020
` crore* ` crore*
Overview
(vi) Tata Power International Pte. Ltd. 732.49 Nil
100.19 million) Nil )
(vii) Chirasthaayee Saurya Ltd. Nil 272.12
(viii) Walwhan Renewable Energy Ltd. 1,320.55 1,450.51
(ix) Walwhan Solar TN Ltd. 33.98 126.56
(x) Walwhan Wind RJ Ltd. 83.28 86.03
* 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 90 Million (` 657.99 crore) and Corporate Guarantee of USD 40
Million (` 292.44 crore) to Oldendorff as per the affreightment contract entered by Trust Energy Resources Pte. Ltd.,
wholly owned subsidiary of the Company.
(e) During the year, the Company has acquired 51% stake in TP Central Odisha Distribution Limited ('TPCODL'), TP Western
Odisha Distribution Limited ('TPWODL') and TP Southern Odisha Distribution Limited ('TPSODL') to carry out the
function of distribution and retail supply of electricity covering the distribution circles of central, western and southern
parts of Odisha. Pursuant to these acquisition and as per the terms of the vesting order, the Company has issued
bank guarantee to Odisha Electricity Regulatory Commission (‘OERC’) of `150.00 crore, `150.00 crore, `100.00 crore
respectively.

(f) OERC had issued a request for proposal for sale of controlling interest in distribution business of North Electricity
Supply Utility of Odisha. The Company had bid for it and has been identified as the successful bidder and accordingly
the Company issued bank guarantees to OERC of `150 crore.
(g) The Company has given performance guarantee and letter of credit on behalf of TP Ajmer Distribution Ltd of `106.17
crore (31st March, 2020 `105.00 crore) to Ajmer Vidyut Vitran Nigam Ltd as per the distribution franchisee agreement.
(h) The Company has given performance guarantee on behalf of Trust Energy Resources Pte. Ltd. to Maxpente Shipping
Corporation of USD 10 Million (` 73.11 crore) (31st March, 2020 USD 10 Million (` 74.88 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.
39. Other disputes
Statutory Reports
a. In the previous year, the Company has recognised an expense of ` 276.35 crore net of amount recoverable from customers
including adjustment with consumer reserve in relation to Hon'ble Supreme Court's judgement on standby litigation.
Further in the previous year, Maharashtra Electricity Regulatory Commission (MERC) vide its order dated 30th March,
2020 had allowed the recovery of part of the standby charges amount from the consumers. During the year ended 31st
March, 2021, MERC vide its order dated 21st December, 2020, has revised its earlier order and disallowed the recovery
of the said amount. Consequently, the Company has recognized an expense of `109.29 crore (including carrying cost)
and disclosed as an exceptional item.
b. In the earlier years, Maharashtra Electricity Regulatory Commission has disallowed certain costs amounting to ` 419.00
crore (adjusted upto the current year) (31st March, 2020 `359.85 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.
c. In an earlier year, Maharashtra Electricity Regulatory Commission has disallowed carrying cost and other costs
amounting to `269.00 (31st March, 2020 `269.00) 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.

40. 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.
` crore* ` crore*
A. EPS - Continuing operations (before net movement in Regulatory Deferral
Balances)
Net Profit/ (Loss) from Continuing Operations A 967.64 558.35
Net movement in Regulatory Deferral Balances B 299.62 (651.40)
Remeasurement of Deferred Tax Recoverable on account of New Tax Regime (Net)
[Refer Note 35(i)] C Nil (98.00)
Income-tax attributable to Regulatory Deferral Balances D (104.70) 261.87
Net movement in Regulatory Deferral Balances (Net of tax) E=(B+C+D) 194.92 (487.53)
Net Profit/ (Loss) (before net movement in Regulatory Deferral Balances) F=(A-E) 772.72 1,045.88
Less: Distribution on Perpetual Securities (on accrual basis) G (171.00) (171.00)
Profit/ (Loss) from Continuing Operations attributable to equity shareholders
(before net movement in Regulatory Deferral Balances) H=(F+G) 601.72 874.88
Weighted average number of equity shares for Basic and Diluted EPS 3,01,80,73,391 2,70,76,05,570
EPS - Continuing Operations (before net movement in Regulatory Deferral
Balances)
- Basic and Diluted (In `) 1.99 3.23
B. EPS - Continuing Operations (after net movement in Regulatory Deferral
Balances)
Net Profit/ (Loss) from Continuing Operations 967.64 558.35
Less: Distribution on Perpetual Securities (on accrual basis) (171.00) (171.00)
Profit/ (Loss) attributable to equity shareholders (after net movement in
Regulatory Deferral Balances) 796.64 387.35
EPS - Continuing operations (after net movement in Regulatory Deferral Balances)
- Basic and Diluted (In `) 2.64 1.44
C. EPS - Discontinued operations

Net Profit/ (Loss) from Discontinued Operations (46.19) (410.23)
EPS - Discontinued Operations
- Basic and Diluted (In `) (0.15) (1.52)
40. Earnings Per Share (Contd.)
` crore* ` crore*
Overview
D. EPS - Total Operations (after net movement in Regulatory Deferral Balances)
Net Profit/(Loss) from Operations (after net movement in Regulatory Deferral Balances) 921.45 148.12
Less: Distribution on Perpetual Securities (on accrual basis) (171.00) (171.00)
Net Profit/ (Loss) from Total Operations attributable to equity shareholders (after
net movement in Regulatory Deferral Balances) 750.45 (22.88)
EPS - Total Operations (after net movement in Regulatory Deferral Balances)
- Basic and Diluted (In `) 2.49 (0.08)

* All numbers are in ` crore except weighted average number of equity shares and Basic and Diluted EPS
41. Related Party Disclosures

Disclosure as required by Ind AS 24 - "Related Party Disclosures" is as follows:
Names of the related parties and description of relationship:
(a) Related parties where control exists:
(i) Subsidiaries

1) Af-Taab Investment Company Ltd. 2) Tata Power Solar Systems Ltd.
3) Tata Power Trading Company Ltd. 4) Tata Power Green Energy Ltd.
5) NELCO Ltd. 6) Tatanet Services Ltd. **
7) Maithon Power Ltd. 8) Coastal Gujarat Power Ltd.
9) Tata Power Renewable Energy Ltd. 10) TP Renewable Microgrid Ltd. (Formerly Industrial
Power Utility Ltd.)
11) Bhira Investments Pte Limited (Formerly known as 12) Bhivpuri Investments Ltd.
Bhira Investments Limited)
13) Khopoli Investments Ltd. 14) Tata Power International Pte. Ltd.
15) Trust Energy Resources Pte. Ltd. 16) Energy Eastern Pte. Ltd.** (Merged with Trust Energy
Statutory Reports
Resources Pte. Ltd. w.e.f. 10th June, 2019)
17) NDPL Infra Ltd. ** 18) Tata Power Jamshedpur Distribution Ltd.
19) PT Sumber Energi Andalan Tbk ** 20) Supa Windfarm Ltd.
21) TCL Ceramics Ltd. (Formerly Tata Ceramics Ltd.) 22) Nivade Windfarm Ltd. **
23) Poolavadi Windfarm Ltd. ** 24) Walwhan Renewable Energy Ltd. **
25) TP Wind Power Limited 26) Walwhan Solar AP Ltd. **
(Formerly known as Indo Rama Renewables Jath Ltd.)**
27) Walwhan Urja Anjar Ltd. ** 28) Northwest Energy Pvt. Ltd. **
29) Walwhan Solar Raj Ltd. ** 30) Dreisatz MySolar24 Pvt. Ltd. **
31) Walwhan Solar Energy GJ Ltd. ** 32) Walwhan Energy RJ Ltd. **

33) MI MySolar24 Pvt. Ltd. ** 34) Walwhan Solar MH Ltd. **
35) Walwhan Solar MP Ltd. ** 36) Walwhan Solar PB Ltd. **
37) Walwhan Solar KA Ltd. ** 38) Walwhan Wind RJ Ltd. **
39) Walwhan Solar RJ Ltd. ** 40) Walwhan Solar BH Ltd. **
41) Walwhan Solar TN Ltd. ** 42) Walwhan Urja India Ltd. **
43) Clean Sustainable Solar Energy Pvt. Ltd. ** 44) Chirasthaayee Saurya Ltd. **

41. Related Party Disclosures (Contd.)

45) Solarsys Renewable Energy Pvt. Ltd. ** 46) Vagarai Windfarm Ltd. **
47) Nelco Network Products Ltd. ** 48) Far Eastern Natural Resources LLC **
49) TP Ajmer Distribution Ltd. 50) Tata Power Delhi Distribution Ltd.
51) TP Solapur Ltd.** 52) TP Kirnali Ltd.**
53) TP Central Odisha Distribution Ltd. 54) TP Kirnali Solar Ltd.
55) TP Western Odisha Distribution Ltd. 56) TP Akkalkot Renewable Ltd
57) TP Southern Odisha Distribution Ltd. 58) TP Solapur Solar Ltd.
59) TP Saurya Ltd
** Through Subsidiary Companies
(ii) Employment Benefit Funds

1) Tata Power Superannuation Fund 2) Tata Power Gratuity Fund
3) Tata Power Consolidated Provident Fund
(b) Other related parties (where transactions have taken place during the year or previous year / balances outstanding) :
(i) Associates and its related entities
1) Tata Projects Ltd. 2) Yashmun Engineers Ltd.

3) The Associated Building Co. Ltd. 4) Dagacchu Hydro Power Corporation Ltd.
5) Nelito Systems Ltd (ceased to be an Associate w.e.f. 6) Ind Project Engineering (Sanghai) Co Ltd **
6th June, 2019)
7) TP Luminaire Pvt Ltd. ** 8) Tata Projects Provident Fund Trust*
* Fund of Associates
** 100% Subsidiary of Associates
(ii) Joint Venture Companies
1) Tubed Coal Mines Ltd. 2) Mandakini Coal Company Ltd.

3) Powerlinks Transmission Ltd. 4) Itezhi Tezhi Power Corporation
5) PT Antang Gunung Meratus** 6) PT Kaltim Prima Coal**
7) Adjaristsqali Netherlands BV** 8) Industrial Energy Ltd.
9) LTH Milcom Pvt. Ltd. 10) Dugar Hydro Power Ltd.
11) Renascent Power Ventures Pvt. Ltd. ** 12) Cennergi Pty. Ltd. ** (ceased to be JV w.e.f.
31st March, 2020)
13) Prayagraj Power Generation Co Ltd. ** (w.e.f. 12th 14) Adjaristsqali Georgia LLC **
December, 2019)
** Joint Venture of Subsidiaries
(c) (i) Promoters holding more than 20% - 'Promoter' 1) Tata Sons Pvt. Ltd.
(ii) Subsidiaries and Jointly Controlled Entities of Promoter - Promoter Group (where transactions have taken place during
the year or previous year / balances outstanding) :
1) Ewart Investments Ltd. 2) Tata AIG General Insurance Company Ltd.
3) Tata Industries Ltd. (ceased to be Subsidiary and 4) Tata Communications Ltd.
became a Joint Venture w.e.f. 27th March, 2019)
5) Tata Investment Corporation Ltd. 6) Tata International Ltd.
7) Tata Consultancy Services Ltd. 8) Tata Ltd.
9) Tata Realty and Infrastructure Ltd. 10) Tata Sky Ltd.
11) Infiniti Retail Ltd. 12) Ecofirst Services Ltd.
13) Tata Consulting Engineers Ltd. 14) Tata Housing Development Co. Ltd.
Employees Provident Fund
15) Niskalp Infrastructure Services Ltd. 16) Tata Consultancy Services Employees Provident Fund
(Formerly Niskalp Energy Ltd.)
Overview
17) Tata Housing Development Company Ltd. 18) Tata Capital Financial Services Ltd.
19) Tata AIA Life Insurance Company Ltd. 20) Tata Teleservices (Maharashtra) Ltd.
21) Tata Teleservices Ltd. 22) Tata Advanced System Ltd.
23) Tata Unistore Limited (Formerly Tata 24) Tata Communications Payment Solutions Ltd.
Industrial Services Limited)
(ceased to be a Subsidiary w.e.f. 27th March, 2019)
25) Tata Autocomp Systems Limited 26) Tata International DLT Pvt Ltd
(d) Key Management Personnel

1) N. Chandrasekaran 2) Praveer Sinha CEO and Managing Director
3) Banmali Agrawala 4) Saurabh Agrawal
5) Kesava Menon Chandrasekhar 6) Ashok Sinha (w.e.f. 2nd May, 2019)
7) Vibha U. Padalkar 8) Anjali Bansal
9) Sanjay V. Bhandarkar 10) Hemant Bhargava
11) Ramesh N. Subramanyam - Chief Financial Officer 12) Hanoz Minoo Mistry - Company Secretary
13) Deepak M. Satwalekar (ceased to be Director w.e.f. 14) Nawshir H. Mirza (ceased to be Director w.e.f.
12th August, 2019) 12th August, 2019)
15) Ashok Sethi (ceased to be COO and Executive Director
w.e.f. 30th April, 2019)

(e) Relative of Key Managerial Personnel (where transactions 1) Neville Minoo Mistry (Brother of Hanoz Minoo Mistry -
have taken place during the year or previous year / Company Secretary)
balances outstanding) :
(f) Details of Transactions: ` crore

Sr. Particulars Subsidiaries Associates Joint key Employee Promoter Promoter
Ventures Management Benefit Group
No.
Personnel & Funds /
their relatives Trust
1) Purchase of goods/power (Net
of Discount Received on Prompt
Payment) 64.49 - - - - 0.90 -
Statutory Reports
62.39 - - - - - -
2) Sale of goods/power (Net of
Discount on Prompt Payment) 176.37 - - - - 15.59 -
221.60 0.01 - - - 33.70 -
3) Purchase of Property, Plant and
Equipments and Intangibles 86.07 0.70 - - - 7.82 -
1.20 12.84 - - - 0.22 -
4) Sale of Property, Plant and
Equipments 0.02 - - 0.00 # - 0.68 -
- 0.05 - - - - 0.07
5) Rendering of services 127.57 7.59 83.48 - - 9.11 2.38

102.33 7.17 39.76 - - 8.58 1.25
6) Receiving of services 9.84 12.46 0.06 0.18 - 40.93 0.33
4.03 13.55 0.80 0.01 - 27.02 0.42
7) Brand equity contribution - - - - - - 18.21
- - - - - - 0.87


No.
Personnel & Funds /
8) Contribution to Employee Benefit
Plans - - - - 29.93 - -
- - - - 34.04 - -
9) Guarantee, collaterals etc. given 10,532.81 $ - - - - - -
5,743.33 $ - - - - - -
10) Guarantee, collaterals etc.
cancelled 9,420.64 $ - - - - - -
7,717.53 $ - - - - - -
11) Remuneration paid - short term
employee benefits - - - 12.37 * - - -
- - - 10.58 * - -
12) Long term employee benefits
paid - - - - - - -
- - - 2.80 - - -
13) Short term employee benefits
paid - - - 0.13 - - -
- - - 0.68 - - -
14) Interest income 124.37 - 0.00 # - - 0.00 # -
18.57 - 0.01 - - 0.01 -
15) Interest paid (including
distribution on unsecured
perpetual securities) 18.35 0.08 0.09 - - 26.44 -
4.91 0.08 - - - 26.44 -
16) Dividend income 941.51 - 47.74 - - 0.00 # 6.67
267.18 9.68 85.09 - - 0.09 6.67
17) Dividend paid - - - - - 2.11 147.86
- - - - - 1.77 109.17
18) Guarantee commission earned 21.82 - - - - - -
60.63 - - - - - -
19) Loan Taken 3,886.09 - 120.00 - - - -
5,400.65 - - - - - -
20) Loans given 6,512.35 - 2.60 - - - -
3,244.98 - 14.57 - - - -
21) Reversal of Impairment of
Investments and related
obligation - - 8.00 - - - -
131.46 - - - - - -
22) Equity contribution (includes
advance towards equity
contribution, rights issue and
perpetual bonds) 4,785.08 - - - 2.89 - -
50.00 - - - - - -
23) Loans provided for as doubtful
advances (including interest) - - - - - - -
6.85 - 0.14 - - - -
24) Loans given written off - - - - - - -
5.69 - - - - - -
25) Loans taken repaid 3,069.34 - 120.00 - - - -
5,295.58 - - - - - -
No.
Personnel & Funds /
Overview
26) Loans repaid 5,090.55 - 2.60 - - - -
2,809.63 - 14.43 - - - -
27) Deposits taken 22.50 - - - - 0.01 -
- - - - - 0.19 -
28) Liability written back - - - - - - -
103.54 - - - - - -
29) Advance Given 0.01 13.39 - - - - -
- 11.11 - - - - -

30) Advance adjusted - 2.51 - - - - -
- - - - - - -
31) Bad Debts - 1.16 - - - - -
- - - - - - -
32) Allotment of Equity shares
(including securities premium
paid) - - - - - - 2,600.00
- - - - - - -
33) Consideration received on Sale of
SED (Note 18c) - - - - - 597.00 ** -
- - - - - - -

Balances outstanding
1) Unsecured Perpetual Securities - 0.70 - - - 197.50 -
- 0.70 - - - 197.50 -
2) Redeemable Non-Convertible
Debentures - - - - - 36.50 -
- - - - - 36.50 -
3) Investments 28,574.98 192.58 1,100.19 @ - - 290.28 @ 241.95
23,802.81 192.58 1,100.19 @ - - 129.39 @ 241.95
4) Impairment in value of
investments 4,009.14 - 59.50 - - - -
4,009.14 - 67.50 - - - -
5) Other receivables 80.44 8.84 17.81 @ - 89.52 371.33 2.12
27.21 4.17 32.91 @ - 35.45 4.59 1.73
Statutory Reports
6) Loans given (including interest
thereon) 2030.87 - 72.98 @ - - - -
561.70 1.27 72.98 @ - - - -
7) Loans taken (including interest
thereon) 926.35 - - - - - -
105.52 - - - - - -
8) Loans provided for as doubtful
advances (including interest
thereon) 12.00 - 54.39 - - - -
12.00 1.27 54.39 - - - -
9) Deposits taken outstanding 22.50 - - - - 0.22 2.00
- - - - - 0.21 2.00
10) Advance given outstanding 0.01 19.64 - - - - -
- 8.76 - - - - -
11) Guarantees, collaterals etc.
outstanding 15,951.26 - - - - - -
14,839.09 - - - - - -
12) Advance towards Equity 12.91 - - - - - -
- - - - - - -


` crore
No.
Personnel & Funds /
13) Other payables 68.85 3.33 0.09 7.32 56.91 21.31 16.86
9.95 4.24 0.27 8.04 43.63 3.66 0.04
Notes:
All outstanding balances are unsecured.
$ Includes guarantees given and cancelled in foreign currency, converted in Indian currency by applying average exchange rates.
* Key Managerial Personnel are entitled to post-employment benefits and other long term employee benefits recognised as per Ind AS
19 - ‘Employee Benefits’ in the Standalone financial statements. As these employee benefits are lump sum amounts provided on the
basis of actuarial valuation, the same is not included above.
** Net off borrowings of ` 537 crore transferred to TASL.
# Denotes below ₹ 50,000.
@ Includes amount reclassified as held for sale.
42. Financial Instruments

42.1 Fair values
Set out below, is a comparison by class of the carrying amount and fair value of the financial instruments:
` crore
Carrying value Fair Value
As at As at
2021 2020 2021 2020
Financial assets #
Cash and Cash Equivalents 123.67 158.54 123.67 158.54
Other Balances with banks 19.00 20.40 19.00 20.40
Trade Receivables 910.87 1,108.68 910.87 1,108.68
Unbilled Revenues 75.37 83.41 75.37 83.41
Loans 2,014.07 592.19 2,014.07 592.19
Finance Lease Receivables 566.09 584.92 566.09 584.92
FVTPL Financial Investments 240.01 20.00 240.01 20.00
FVTOCI Financial Investments (Refer Note below) 437.17 416.14 437.17 416.14
Amortised Cost financial investments 171.35 171.38 176.76 176.79
Receivable on sale of Strategic Engineering Division (Refer Note 18c) 365.99 Nil 365.99 Nil
Other Financial Assets 370.79 454.84 370.79 454.84
Asset Classified as Held For Sale (Refer Note 18)#
- Strategic Engineering Division (SED) Nil 667.35 Nil 667.35
- FVTOCI Financial Investments (Refer Note below) 178.68 22.81 178.68 22.81
- Loans and other receivables (including accrued interest) 22.74 22.74 22.74 22.74
Total 5,495.80 4,323.40 5501.21 4,328.81
Financial liabilities
Trade Payables 1,137.00 1,001.87 1,137.00 1,001.87
Floating rate borrowings (including current maturities) 7,981.41 6,579.58 7,981.41 6,579.58
Fixed rate borrowings (including current maturities) 12,836.56 11,386.65 12,811.90 11,397.63
Derivative contracts (Net) 6.94 Nil 6.94 Nil
Other financial liabilities 994.21 707.64 994.21 707.64
22,956.12 19,675.74 22,931.46 19,686.72
# other than investments in subsidiaries, associates and joint ventures accounted at cost in accordance with Ind AS 27 'Separate
Financial Statements'.
42. Financial Instruments (Contd.)
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,
Overview
then reflecting changes in fair value immediately in profit or loss.
The management assessed that the fair value of cash and cash equivalents, other balances with banks, trade receivables, loans, finance

lease receivables, unbilled revenues, trade payables, other financial assets and liabilities approximate their carrying amounts largely
due to the short term maturities of these instruments.
The fair value of the financial assets and liabilities is included at the amount at which the instrument could be exchanged in a current
transaction between willing parties. The following methods and assumptions were used to estimate the fair values.
- Fair value of the government securities are based on the price quotations near the reporting date. Fair value of the unquoted equity
shares have been estimated using market comparable method. The valuation requires management to make certain assumptions
about the marketability, active market price, discount rate, credit risk and volatility. The probabilities of the various estimates within
the range can be reasonably assessed and are used in management's estimate of fair value for those unquoted equity investments.

- The fair value of the remaining FVTOCI financial assets are derived from quoted market price in active markets.
- The fair value of debentures is determined by using the quoted prices .The own non-performance risk as on 31st March, 2021 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:
` crore

Unlisted shares irrevocably designated as at FVTOCI (Refer Note below) For the year ended For the year ended
Opening balance 404.87 404.87
Gain/(Loss)
- in other comprehensive income 2.03 Nil
- in profit or loss Nil Nil
- changes on purchase of equity shares 3.39 Nil
Closing balance 410.29 404.87
Note:
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
Statutory Reports
together with a quantitative sensitivity analysis as at 31st March, 2021 and 31st March, 2020 are as shown below:
Description of significant unobservable inputs to valuation:
Valuation Significant Range (weighted Sensitivity of the input to fair
techniques unobservable inputs average) value
Investments in unquoted equity shares Price of recent Transaction price Varies on case to case 5% (31st March, 2020: 5%)
transaction basis increase (decrease) in the
(PORT) transaction price would result in
increase (decrease) in fair value
by ` 3.26 crores (31st March,
2020: ` 2.82 crore).
42.2 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) :
Fair value hierarchy as at 31st March, 2021
Date of valuation Quoted prices Significant Significant Total
in active observable unobservable
markets inputs inputs
(Level 1) (Level 2) (Level 3)
Asset measured at fair value
FVTPL Financial Investments 31st March, 2021 240.01 Nil Nil 240.01
FVTOCI Financial Investments:
- Quoted equity shares 31st March, 2021 26.88 Nil Nil 26.88
- Unquoted equity shares 31st March, 2021 Nil Nil 410.29 410.29
- Assets classified as held for sale 31st March, 2021 178.68 Nil Nil 178.68
Receivable on sale of Strategic Engineering Division 31st March, 2021 Nil Nil 365.99 365.99
Asset for which fair values are disclosed
Amortised cost Financial Investments:
- Government securities 31st March, 2021 176.76 Nil Nil 176.76
622.33 Nil 776.28 1,398.61

Liabilities measured at fair value
Derivative financial liabilities 31st March, 2021 Nil 6.94 Nil 6.94
Liabilities for which fair values are disclosed
Fixed rate borrowings 31st March, 2021 7,430.32 5,381.58 Nil 12,811.90
Floating rate borrowings 31st March, 2021 1,261.88 6,719.53 Nil 7,981.41
Total 8,692.20 12,108.05 Nil 20,800.25

FVTPL financial investments 31st March, 2020 20.00 Nil Nil 20.00
FVTOCI financial investments:
- Assets Classified as Held For Sale 31st March, 2020 22.81 Nil Nil 22.81

Amortised Cost financial investments:
- Government securities 31st March, 2020 176.79 Nil Nil 176.79
230.87 Nil 404.87 635.74
Overview
Fixed rate borrowings 31st March, 2020 5,337.13 6,060.50 Nil 11,397.63
Floating rate borrowings 31st March, 2020 Nil 6,579.58 Nil 6,579.58
Total 5,337.13 12,640.08 Nil 17,977.21
There has been no transfer between level 1 and level 2 during the period.
42.3 Capital Management & Gearing Ratio

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

The Company's capital management is intended to create value for shareholders by facilitating the meeting of its long-term
and short-term goals. Its Capital structure consists of net debt (borrowings as detailed in notes below) and total equity.
Gearing ratio
The gearing ratio at the end of the reporting period was as follows:
` crore
As at As at
Debt (i) 20,840.67 18,003.89
Less: Cash and Bank balances 123.67 160.54
Net debt 20,717.00 17,843.35
Total Capital (ii) 18,378.56 15,261.97
Statutory Reports
Capital and net debt 39,095.56 33,105.32
Net debt to Total Capital plus net debt ratio (%) 52.99 53.90
(i) Debt is defined as Non-current borrowings (including current maturities) and Current borrowings (excluding
derivative, financial guarantee contracts and contingent considerations) and interest accrued on Non-current and
Current borrowings.
(ii) Equity is defined as Equity share capital, Unsecured perpetual securities and other equity.
In order to achieve this overall objective, the Company’s capital management, amongst other things, aims to ensure that it
meets financial covenants attached to the interest-bearing loans and borrowings that define capital structure requirements.
Breaches in meeting the financial covenants would permit the bank to immediately call loans and borrowings. There have
been no significant breaches in the financial covenants of any interest-bearing loans and borrowing in the current year.
No changes were made in the objectives, policies or processes for managing capital during the years ended 31st March,
2021 and 31st March, 2020.


42.4 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.
42.4.1 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 31st March, 2021 and 31st March, 2020.
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
obligations; provisions; and the non-financial assets.
a. Foreign currency risk management
Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes
in foreign exchange rates. The Company is exposed to foreign exchange risk through its operations in international
projects and purchase of coal from Indonesia. The results of the Company's operations can be affected as the rupee
appreciates/depreciates against these currencies.
The following table analyses foreign currency assets and liabilities on balance sheet dates:
Foreign Currency Liabilities Foreign Currency ` crore Foreign Currency ` crore
(In Millions) (In Millions)
In USD 46.79 342.11 20.50 154.88
In EURO 0.06 0.54 0.31 2.60
In JPY - - 300.78 20.92
In CAD - - 0.02 0.08
In VND - - 790.21 0.25

Foreign Currency Assets Foreign Currency ` crore Foreign Currency ` crore
In USD 9.05 66.16 6.42 48.53
In ZAR 0.41 0.20 0.03 0.01
In SGD 0.04 0.21 0.08 0.41
In VND 56.76 0.02 35.88 0.01
In TAKA 0.20 0.02 0.21 0.02
(i) Foreign currency sensitivity analysis
The following tables demonstrate the sensitivity to a reasonably possible change in USD exchange rates, with all other
variables held constant. The impact on the Company’s equity is due to changes in the fair value of monetary assets and
liabilities is given as under.
` crore
Effect on profit before tax and
consequential impact on equity
Overview
As of 31st March, 2021 Rupee depreciate by ₹ 1 against USD (-) ` 3.77
Rupee appreciate by ₹ 1 against USD (+) ` 3.77
As of 31st March, 2020 Rupee depreciate by ₹ 1 against USD (-) ` 1.41
Rupee appreciate by ₹ 1 against USD (+) ` 1.41
Notes:
1. +/- Gain/Loss
2. The impact of depreciation/appreciation on foreign currency other than USD on profit before tax of the Company is not significant.
ii. Derivative financial instruments
The Company holds derivative financial instruments such as foreign currency forward to mitigate the risk of changes
in exchange rate on foreign currency exposure. The counterparty for these contracts is generally a Bank or a Financial

Institution. These derivative financial instrument are valued based on quoted prices for similar asset and liabilities in
active markets or inputs that is directly or indirectly observable in the marketplace.
The following table gives details in respect of outstanding foreign exchange forward :
Outstanding Contracts
As at 31st March, 2021
Buy/ Sell Foreign Currency Nominal Value in Fair Value in
(in millions) ` crore ` crore
Other Derivatives
Forward contracts
In USD sell 130.00 950.46 (6.94)

Buy/ Sell Foreign Currency Nominal Value in Fair Value in
(in millions) ` crore ` crore
Other Derivatives
Forward contracts
In USD Nil Nil Nil
Note: Fair Value in () denote liability
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.
` crore
Statutory Reports
Effect on profit before tax and
consequential impact on equity
As of 31st March, 2021 Rupee depreciate by ` 1 against USD (-) 13.00
Rupee appreciate by ` 1 against USD (+) 13.00
As of 31st March, 2020 Rupee depreciate by ` 1 against USD Nil
Rupee appreciate by ` 1 against USD Nil
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:

` crore
50 bps increase 50 bps decrease 50 bps increase 50 bps decrease
Interest expense on loan (+) ` 32.55 (-) ` 32.55 (+) ` 37.54 (-) ` 37.54
Effect on equity/profit before tax (-) ` 32.55 (+) ` 32.55 (-) ` 37.54 (+) ` 37.54
42.4.2 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.
` crore
2021 2020
Trade receivables 910.87 1,108.68
Loans 2,014.07 592.19
Finance lease receivables 566.09 584.92
Other financial assets 740.26 458.35
Unbilled Revenue 75.37 83.41
Financial Assets Held for Sale 201.42 712.90
Total 4,508.08 3,540.45
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.
42.4.3 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.
` crore
Up to 1 to 5 5+ Total Carrying
1 year years years Amount
31st March, 2021
Non-Derivatives
Borrowings # 8,850.76 12,157.80 11,828.56 32,837.12 20,840.67
Trade Payables 1,137.00 Nil Nil 1,137.00 1,137.00
Lease Liabilities 43.58 106.22 312.01 461.81 237.11
Other Financial Liabilities 959.21 12.09 Nil 971.30 971.30
Total Non-Derivative Liabilities 10,990.55 12,276.11 12,140.57 35,407.23 23,186.08
Derivatives
Other Financial Liabilities 6.94 Nil Nil 6.94 6.94
Total Derivative Liabilities 6.94 Nil Nil 6.94 6.94
31st March, 2020
Non-Derivatives
Borrowings # 9,323.93 9,118.34 11,479.38 29,921.65 18,003.89
Lease Liabilities 61.26 143.49 333.45 538.20 278.85
Other Financial Liabilities 655.37 14.60 Nil 669.97 669.97
# 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 38(c) for financial guarantee contracts are the maximum amounts the Company could be forced
to settle under respective arrangements for the full guaranteed amount if that amount is claimed by the counterparty to
the guarantee. Based on expectations at the end of the reporting period, the Company considers that it is more likely than
Overview
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.
43. Segment Reporting
Information reported to the CODM for the purpose of resource allocation and assessment of segment performance focuses
on business segment which comprises of Generation, Renewables, Transmission and Distribution and Others. Specifically,
the Company's reportable segments under Ind AS are as follows:
Generation: Comprises of generation of power from hydroelectric sources and thermal sources (coal, gas and oil) from
plants owned and operated under lease arrangement and related ancillary services.

Renewables: Comprises of generation of power from renewable energy sources i.e. wind and solar and related ancillary services.
Transmission and Distribution: Comprises of transmission and distribution network, sale of power to retail customers
through distribution network and related ancillary services.
Others: Comprises of project management contracts/infrastructure management services, property development and
lease rent of oil tanks.
Revenue and expenses directly attributable to segments are reported under each reportable segment. Expenses which are
not directly identifiable to each reporting segment have been allocated on the basis of associated revenue/assets of the
segment and manpower efforts. All other revenue/expenses which are not attributable or allocable to segments have been
disclosed as unallocable. Assets and liabilities that are directly attributable or allocable to segments are disclosed under
each reportable segment. All other assets and liabilities are disclosed as unallocable.
(a) Segment Information:

` crore
Particulars
Segment Revenue
Generation 3,843.06 4,456.33
Renewables 228.90 283.49
Transmission and Distribution 3,709.00 4,012.16
Others 34.40 30.76
7,815.36 8,782.74
(Less): Inter Segment Revenue - Generation (1,260.60) (1,589.26)
(Less): Inter Segment Revenue - Renewables (121.20) (165.59)
Total Segment Revenue 6,433.56 7,027.89
Statutory Reports
Discontinued Operations- Others # 193.63 343.74
Revenue / Income from Operations (including Net Movement in Regulatory Deferral Balances) 6,627.19 7,371.63
Segment Results
Generation 739.58 739.16
Transmission and Distribution 724.69 825.29
Others (7.22) 7.78
Total Segment Results 1,502.78 1,674.66
(Less): Finance Costs (1,518.77) (1,510.38)

Add/(Less): Exceptional Item - Generation (Refer Note 35(i) and 39a.) (109.29) (351.35)
Add/(Less): Exceptional Item - Transmission and Distribution (Refer Note 35(i)) Nil (190.00)
Add/(Less): Exceptional Item - Unallocable [Refer Note 7(11) (b)] Nil 235.00
Add/(Less): Unallocable Income/(Expense) (Net) 1,193.89 492.60
Profit/(Loss) Before Tax from Continuing Operations 1,068.61 350.53
Profit/(Loss) Before Tax from Discontinued Operations (59.84) (81.64)
Impairment Loss on Remeasurement to Fair Value # (160.00) (361.00)

43. Segment Reporting (Contd.)

` crore
Particulars
Segment Assets
Generation 4,500.96 5,068.61
Others 362.23 193.22
Unallocable* 30,533.82 23,571.34
Assets classified as held for sale # Nil 1,880.07
Total Assets 42,868.95 37,616.48
Segment Liabilities
Others 95.81 20.20
Unallocable* 21,866.90 18,998.65
Liabilities classified as held for sale # Nil 1,032.07
Total Liabilities 24,490.39 22,354.51
Capital Expenditure
Others 66.83 4.04
Discontinued Operations 32.97 45.74
899.44 675.34
Depreciation/Amortisation (to the extent allocable to the segment)
Others 3.17 2.51
624.74 677.21
Reconciliation of Revenue
` crore
Revenue from Operations 6,180.59 7,726.39
Add/(Less): Net Movement in Regulatory Deferral Balances 258.00 (792.24)
Add/(Less): Net Movement in Regulatory Deferral Balances in respect of earlier years Nil (21.32)
Add/(Less): Deferred Tax Recoverable/(Payable) 41.62 162.16
Add/(Less): Unallocable Revenue (46.65) (47.10)
Total Segment Revenue as reported above 6,627.19 7,371.63
# Pertains to Strategic Engineering Division being classified as Discontinued Operation and disposed of during the year
ended 31 March, 2021 (Refer note 18c).
* Includes amount classified as held for sale other than Strategic Engineering Division.
Notes:
1. (a) Revenue from a DISCOM on sale of electricity with which Company has entered into a Power Purchase Agreement
(b) Revenue from another customer (Industrial undertaking) pertaining to Finance lease
(c) Revenue from one customer (transmission company) in the current year
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.
Overview
44. Recent pronouncements
On March 24, 2021, the Ministry of Corporate Affairs (‘‘MCA’’) through a notification, amended Schedule III of the Companies
Act, 2013. The amendments revise Division I, II and III of Schedule III and are applicable from April 1, 2021. Key amendments
relating to Division II which relate to companies whose financial statements are required to comply with Companies (Indian
Accounting Standards) Rules 2015 are:
Balance Sheet:
- Lease liabilities should be separately disclosed under the head ‘financial liabilities’, duly distinguished as current or
non-current.
- Certain additional disclosures in the statement of changes in equity such as changes in equity share capital due to

prior period errors and restated balances at the beginning of the current reporting period.
- Specified format for disclosure of shareholding of promoters.
- Specified format for ageing schedule of trade receivables, trade payables, capital work-in-progress and intangible
asset under development.
- If a company has not used funds for the specific purpose for which it was borrowed from banks and financial
institutions, then disclosure of details of where it has been used.
- Specific disclosure under ‘additional regulatory requirement’ such as compliance with approved schemes of
arrangements, compliance with number of layers of companies, title deeds of immovable property not held in name
of company, loans and advances to promoters, directors, key managerial personnel (KMP) and related parties, details
of benami property held etc.

Statement of profit and loss:
- Additional disclosures relating to Corporate Social Responsibility (CSR), undisclosed income and crypto or virtual currency
specified under the head ‘additional information’ in the notes forming part of the standalone financial statements.
The amendments are extensive and the Company will evaluate the same to give effect to them as required by law.
45. Impact of COVID-19

India and other global markets experienced significant disruption in operations resulting from uncertainty caused by the
worldwide coronavirus pandemic. Management believes that there is not much of an impact likely due to this pandemic on
the business of the Company and its subsidiaries, joint ventures and associates except that there exists some uncertainty over
impact of COVID-19 on future business performance of its coal mining companies which form part of Mundra CGU (comprising
of investment in companies owning Mundra power plant, coal mines and related infrastructure). Based on sensitivity analysis,
management believes that the said uncertainty is not likely to impact the recoverability of Mundra CGU. As the situation is
still continuously evolving, the eventual impact may be different from the estimates made as of the date of approval of these
Financial Statements.
Statutory Reports
46. The Code on Social Security, 2020
The Code on Social Security 2020 ('Code') has been notified in the Official Gazette on 29th September, 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.
47. 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.
48. Approval of Standalone Financial Statements
The Standalone financial statements were approved for issue by the Board of Directors on 12th May, 2021.


To the Members of of India together with the ethical requirements that are relevant
The Tata Power Company Limited to our audit of the financial statements under the provisions
of the Act and the Rules thereunder, and we have fulfilled
Report on the Audit of the Consolidated Ind our other ethical responsibilities in accordance with these
requirements and the Code of Ethics. We believe that the audit
AS Financial Statements
evidence we have obtained is sufficient and appropriate to
provide a basis for our audit opinion on the consolidated Ind AS
Opinion financial statements..
We have audited the accompanying consolidated Ind AS financial
statements of The Tata Power Company Limited (hereinafter
referred to as “the Holding Company”), its subsidiaries (the Emphasis of Matter
We draw attention to Note 46 of the consolidated Ind AS financial
Holding Company and its subsidiaries together referred to as
statements, wherein it is stated that there exists a material
“the Group”) its associates and joint ventures comprising of the
uncertainty about the impact of COVID-19 on the future
consolidated Balance sheet as at March 31 2021, the consolidated
operations of a joint venture and an associate of the Group.
Statement of Profit and Loss, including other comprehensive
The auditors of respective companies have reported an
income, the consolidated Cash Flow Statement and the
Emphasis of Matter in this regard in their reports of the respective
consolidated Statement of Changes in Equity for the year
companies. Our opinion is not modified in respect of this matter..
then ended, and notes to the consolidated Ind AS financial
statements, including a summary of significant accounting
policies and other explanatory information (hereinafter referred Key Audit Matters
to as “the consolidated Ind AS financial statements”). Key audit matters are those matters that, in our professional
judgment, were of most significance in our audit of the
In our opinion and to the best of our information and according consolidated Ind AS financial statements for the financial
to the explanations given to us and based on the consideration year ended March 31, 2021. These matters were addressed in
of reports of other auditors on separate financial statements and the context of our audit of the consolidated Ind AS financial
on the other financial information of the subsidiaries, associates statements as a whole, and in forming our opinion thereon, and
and joint ventures, the aforesaid consolidated Ind AS financial we do not provide a separate opinion on these matters. For each
statements give the information required by the Companies Act, matter below, our description of how our audit addressed the
2013, as amended (“the Act”) in the manner so required and give matter is provided in that context.
a true and fair view in conformity with the accounting principles
generally accepted in India, of the consolidated state of affairs of We have determined the matters described below to be the key
the Group, its associates and joint ventures as at March 31, 2021, audit matters to be communicated in our report. We have fulfilled
their consolidated profit/loss including other comprehensive the responsibilities described in the Auditor’s responsibilities for
income, their consolidated cash flows and the consolidated
the audit of the consolidated Ind AS financial statements section
statement of changes in equity for the year ended on that date.
of our report, including in relation to these matters. Accordingly,
our audit included the performance of procedures designed to
Basis for Opinion
respond to our assessment of the risks of material misstatement
We conducted our audit of the consolidated Ind AS financial
of the consolidated Ind AS financial statements. The results
statements in accordance with the Standards on Auditing (SAs),
as specified under section 143(10) of the Act. Our responsibilities of audit procedures performed by us and by other auditors of
under those Standards are further described in the ‘Auditor’s components not audited by us, as reported by them in their
Responsibilities for the Audit of the Consolidated Ind AS financial audit reports furnished to us by the management, including
statements’ section of our report. We are independent of those procedures performed to address the matters below,
the Group, associates, joint ventures in accordance with the provide the basis for our audit opinion on the accompanying
‘Code of Ethics’ issued by the Institute of Chartered Accountants consolidated Ind AS financial statements.
Key audit matters How our audit addressed the key audit matter
Management assessment of appropriateness of Going Concern assumptions (as described in Note 40.4.3 of the consolidated
Ind AS financial statements)
The Group has current liabilities of ` 30,768.09 crores and Our audit procedures and procedures performed by
Overview
current assets of ` 16,371.08 crores as at March 31, 2021. component auditors, included the following:
Current liabilities exceed current assets as at the year end. • Obtained an understanding of the process and tested
Given the nature of its business i.e. contracted long term the internal controls associated with the management’s
power supply agreements and a significant composition of assessment of Going Concern assumption.
cost plus contracts leading to significant stability of cashflows
and profitability, management is confident of refinancing • Discussed with management and assessed the
and consider the liquidity risk as low and accordingly, the assumptions, judgements and estimates used
Group uses significant short term borrowings to reduce its in developing business plan and cash flow
borrowing costs. projections having regards to past performance
Management has made an assessment of the Group’s ability and current emerging business trends affecting the

to continue as a Going Concern as required by Ind AS 1 business and industry.
Presentation of Financial Statements considering all the • Assessed the Group’s ability to refinance its short term
available information and has concluded that the going obligation based on the past trends, credit ratings,
concern basis of accounting is appropriate. analysis of solvency and liquidity ratios and ability to
Going Concern assessment has been identified as a key audit generate cash flows and access to capital.
matter considering the significant judgements and estimates
involved in the assessment and its dependence upon Assessed the adequacy of the disclosures in the consolidated
management’s ability to complete the planned divestments, Ind AS financial statements.
raising long term capital and / or successful refinancing of
certain current financial obligations.

Revenue recognition and accrual of regulatory deferrals (as described in Note 18 and 28 of the consolidated Ind AS
financial statements)
In the regulated generation, transmission and distribution Our audit procedures and procedures performed by
business of the Group, the tariff is determined by the component auditors included the following:
regulator on cost plus return on equity basis wherein the • Read the Group's accounting policies with respect
cost is subject to prudential norms. The Group invoices its
to accrual of regulatory deferrals and assessing its
customers on the basis of pre-approved tariff which is based
compliance with Ind AS 114 “Regulatory Deferral
on budget and is subject to true up.
Accounts” and Ind AS 115 “Revenue from Contract
The Group recognizes revenue as the amount invoiced to with Customers”.
customers based on pre-approved tariff rates agreed with
• Performed test of controls over revenue recognition and
the regulator. As the Group is entitled to a fixed return
accrual of regulatory deferrals through inspection of
on equity, the difference between revenue recognized
evidence of performance of these controls.
and entitlement as per the regulation is recognized as
regulatory assets / liabilities. The Group has recognized • Performed substantive audit procedures including:
Statutory Reports
` 942.71 crores for generation and transmission business and • Evaluated the key assumptions used by the Group by
` 6,416.94 crores for distribution business as accruals as at comparing it with prior years, past precedents and
March 31, 2021. the opinion of management’s expert.
Accruals are determined based on tariff regulations • Considered the independence, objectivity and
and past tariff orders and are subject to verification and competence of management’s expert.
approval by the regulators. Further the costs incurred
are subject to prudential checks and prescribed norms. • Assessed the management’s evaluation of the
Significant judgements are made in determining the likely outcome of the key disputes based on past
accruals including interpretation of tariff regulations. precedents and / or advice of management’s expert.
Further certain disallowances of claims have been litigated • Assessed the impact recognized by the Company in
by the Group which are in various stages of dispute.
respect of tariff orders received.

In the renewables business of the Group, certain customers • Assessed the disclosures in accordance with the
have raised dispute with respect to the tariff as per the requirements of Ind AS 114 “Regulatory Deferral
executed power purchase agreement (‘PPA’) and are making Accounts” and Ind AS 115 “Revenue from Contract
part payment of invoices. Pending outcome of litigation, with Customers”.
Company continues to recognize revenue at PPA rate.
Revenue recognition and accrual of regulatory deferrals is a
key audit matter considering the significance of the amount
and significant judgements involved in the determination.

Recognition and measurement of deferred tax (as described in Note 12 of the consolidated Ind AS financial statements)
The Group has recognized Minimum Alternate Tax (MAT) Our audit procedures and procedures performed by
credit receivable of ` 1,298.79 crores as at March 31, 2021. component auditors included the following:
The Group also has recognized deferred tax assets of
` 410.56 crores on long term capital loss on sale of • Read Group’s accounting policies with respect to
investments. recognition and measurement of tax balances in
accordance with Ind AS 12 “Income Taxes”
Further, pursuant to the Taxation Laws (Amendment) Act,
2019 (new tax regime), the Company has measured its • Performed test of controls over recognition and
deferred tax balances expected to reverse after the likely measurement of tax balances through inspection of
transition to new tax regime, at the rate specified in the evidence of performance of these controls.
new tax regime.
The recognition and measurement of MAT credit receivable
and deferred tax balances; is a key audit matter considering • Involved tax specialists who evaluated the Group’s
the significance of the amount, judgement involved in tax positions basis the tax law and also by comparing
assessing the recoverability of such credits, estimation of it with prior years and past precedents
the financial projections for determination of the year of • Discussed the future business plans and financial
transition to new tax regime and judgements involved in the projections with the management
interpretation of tax regulations and tax positions adopted
by the Company. • Assessed the management’s long-term financial
projections and the key assumptions used in the
projections by comparing it to the approved business
plan, projections used for estimation of likely year
of transition to the new tax regime and projections
used for impairment assessment where applicable.

requirements of Ind AS 12 “Income Taxes”.
Impairment of Assets (as described in Note 4,5, and 6 of the consolidated Ind AS financial statements)
As per the requirements of Ind AS 36, the Group tests the Our audit procedures and procedures performed by
Goodwill acquired in business combination for impairment component auditors, included the following:
annually. For other assets, the Group assesses at the end of
every reporting period, whether there is any indication that • Read the Group's accounting policies with respect
an asset or cash generating unit (CGU) may be impaired. If any to impairment in accordance with Ind AS 36
such indication exists, the Group estimates the recoverable “Impairment of assets”
amount of the asset or CGU.
• Performed test of controls over key financial controls
The determination of recoverable amount, being the higher related to accounting, valuation and recoverability of
of fair value less costs to sell and value-in-use involves assets through inspection of evidence.
significant estimates, assumptions and judgements of the
long-term financial projections. • Performed substantive audit procedures including:
The Group is carrying Goodwill of `1,794.57 crores • Obtained the management’s impairment assessment
relating to acquisition of renewable energy businesses.
The Group is also carrying impairment provision amounting • Evaluated the key assumptions including projected
to ` 1,119.77 crores with respect to Mundra CGU (comprising generation, coal prices, exchange rate, energy
Mundra power plant, investment in companies owning prices post power purchase agreement period and
coal mines and related infrastructure), ` 221.86 crores weighted average cost of capital by comparing them
for investment in company owning hydro power plant
with prior years and external data, where available.
in Georgia and ` 100 crores with respect to a generating
unit in Trombay. During the year, as the indication exists,
• Obtained and evaluated the sensitivity analysis
the Group has reassessed its impairment assessment with
respect to the specified CGUs.
Impairment of assets is a key audit matter considering requirements of Ind AS 36 “Impairment of assets”.
the significance of the carrying value, estimations
and the significant judgements involved in the
impairment assessment.
Information Other than the Financial Statements and In preparing the consolidated Ind AS financial statements, the
Auditor’s Report Thereon respective Board of Directors of the companies included in the
The Holding Company’s Board of Directors is responsible for Group and of its associates and joint ventures are responsible
the other information. The other information comprises the for assessing the ability of the Group and of its associates and
Overview
information included in the Annual report, but does not include joint ventures to continue as a going concern, disclosing, as
the consolidated Ind AS financial statements and our auditor’s applicable, matters related to going concern and using the
report thereon. going concern basis of accounting unless management either
intends to liquidate the Group or to cease operations, or has no
Our opinion on the consolidated Ind AS financial statements realistic alternative but to do so.
does not cover the other information and we do not express any
form of assurance conclusion thereon. Those respective Board of Directors of the companies included
in the Group and of its associates and joint ventures are also
In connection with our audit of the consolidated Ind AS financial responsible for overseeing the financial reporting process of the
Group and of its associates and joint ventures.

statements, our responsibility is to read the other information
and, in doing so, consider whether such other information is
materially inconsistent with the consolidated Ind AS financial Auditor’s Responsibilities for the Audit of the
statements or our knowledge obtained in the audit or otherwise Consolidated Ind AS financial statements
appears to be materially misstated. If, based on the work we have Our objectives are to obtain reasonable assurance about
performed, we conclude that there is a material misstatement whether the consolidated Ind AS financial statements as a
whole are free from material misstatement, whether due to
of this other information, we are required to report that fact.
fraud or error, and to issue an auditor’s report that includes our
We have nothing to report in this regard.
opinion. Reasonable assurance is a high level of assurance, but
is not a guarantee that an audit conducted in accordance with
Responsibilities of Management for the
SAs will always detect a material misstatement when it exists.

Consolidated Ind AS financial statements
Misstatements can arise from fraud or error and are considered
The Holding Company’s Board of Directors is responsible
material if, individually or in the aggregate, they could reasonably
for the preparation and presentation of these consolidated
be expected to influence the economic decisions of users taken
Ind AS financial statements in terms of the requirements
on the basis of these consolidated Ind AS financial statements.
of the Act that give a true and fair view of the consolidated
financial position, consolidated financial performance As part of an audit in accordance with SAs, we exercise
including other comprehensive income, consolidated cash professional judgment and maintain professional skepticism
flows and consolidated statement of changes in equity throughout the audit. We also:
of the Group including its associates and joint ventures
in accordance with the accounting principles generally • Identify and assess the risks of material misstatement of
accepted in India, including the Indian Accounting the consolidated Ind AS financial statements, whether due
Standards (Ind AS) specified under section 133 of the Act read to fraud or error, design and perform audit procedures
with the Companies (Indian Accounting Standards) Rules, 2015,
Statutory Reports
responsive to those risks, and obtain audit evidence that
as amended. The respective Board of Directors of the companies is sufficient and appropriate to provide a basis for our
included in the Group and of its associates and joint ventures are opinion. The risk of not detecting a material misstatement
responsible for maintenance of adequate accounting records in resulting from fraud is higher than for one resulting from
accordance with the provisions of the Act for safeguarding of error, as fraud may involve collusion, forgery, intentional
the assets of the Group and of its associates and joint ventures omissions, misrepresentations, or the override of
and for preventing and detecting frauds and other irregularities; internal control.
selection and application of appropriate accounting policies;
making judgments and estimates that are reasonable and • Obtain an understanding of internal control relevant to
prudent; and the design, implementation and maintenance the audit in order to design audit procedures that are
of adequate internal financial controls, that were operating appropriate in the circumstances. Under section 143(3)
effectively for ensuring the accuracy and completeness of the (i) of the Act, we are also responsible for expressing our
opinion on whether the Holding Company has adequate
accounting records, relevant to the preparation and presentation
internal financial controls with reference to financial
of the consolidated Ind AS financial statements that give a true
statements in place and the operating effectiveness
and fair view and are free from material misstatement, whether
of such controls.
due to fraud or error, which have been used for the purpose of
preparation of the consolidated Ind AS financial statements by • Evaluate the appropriateness of accounting policies used
the Directors of the Holding Company, as aforesaid. and the reasonableness of accounting estimates and
related disclosures made by management.

• Conclude on the appropriateness of management’s use statements for the financial year ended March 31, 2021 and
of the going concern basis of accounting and, based are therefore the key audit matters. We describe these matters
on the audit evidence obtained, whether a material in our auditor’s report unless law or regulation precludes
uncertainty exists related to events or conditions that public disclosure about the matter or when, in extremely rare
may cast significant doubt on the ability of the Group and circumstances, we determine that a matter should not be
its associates and joint ventures to continue as a going communicated in our report because the adverse consequences
concern. If we conclude that a material uncertainty exists, of doing so would reasonably be expected to outweigh the
we are required to draw attention in our auditor’s report
public interest benefits of such communication.
to the related disclosures in the consolidated Ind AS
financial statements or, if such disclosures are inadequate,
to modify our opinion. Our conclusions are based on the Other Matter
audit evidence obtained up to the date of our auditor’s (a) We did not audit the financial statements and other
report. However, future events or conditions may cause financial information, in respect of 3 subsidiaries, whose
the Group and its associates and joint ventures to cease to financial statements include total assets of ` 11,202.64
continue as a going concern. crores as at March 31, 2021, and total revenues of ` 7,755.16
crores and net cash inflow of ` 8.05 crores for the year
• Evaluate the overall presentation, structure and content
of the consolidated Ind AS financial statements, including ended on that date. These Ind AS financial statement and
the disclosures, and whether the consolidated Ind AS other financial information have been audited by other
financial statements represent the underlying transactions auditors, whose financial statements, other financial
and events in a manner that achieves fair presentation. information and auditor’s reports have been furnished to
us by the management. The consolidated Ind AS financial
• Obtain sufficient appropriate audit evidence regarding the
statements also include the Group’s share of net profit
financial information of the entities or business activities
within the Group and its associates and joint ventures of ` 622.76 crores for the year ended March 31, 2021, as
of which we are the independent auditors and whose considered in the consolidated Ind AS financial statements,
financial information we have audited, to express an in respect of 9 associates and joint ventures, whose
opinion on the consolidated Ind AS financial statements. financial statements, other financial information have
We are responsible for the direction, supervision and been audited by other auditors and whose reports have
performance of the audit of the financial statements of been furnished to us by the Management. Our opinion on
such entities included in the consolidated Ind AS financial the consolidated Ind AS financial statements, in so far as it
statements of which we are the independent auditors. relates to the amounts and disclosures included in respect
For the other entities included in the consolidated Ind AS of these subsidiaries, joint ventures and associates, and
financial statements, which have been audited by other
our report in terms of sub-sections (3) of Section 143 of the
auditors, such other auditors remain responsible for the
Act, in so far as it relates to the aforesaid subsidiaries, joint
direction, supervision and performance of the audits
carried out by them. We remain solely responsible for our ventures and associates, is based solely on the reports of
audit opinion. such other auditors.
We communicate with those charged with governance of Certain of these subsidiaries, associates and joint ventures
the Holding Company and such other entities included in the
are located outside India whose financial statements
consolidated Ind AS financial statements of which we are the
and other financial information have been prepared in
independent auditors regarding, among other matters, the
planned scope and timing of the audit and significant audit accordance with accounting principles generally accepted
findings, including any significant deficiencies in internal control in their respective countries and which have been audited
that we identify during our audit. by other auditors under generally accepted auditing
standards applicable in their respective countries.
We also provide those charged with governance with a statement The Holding Company’s management has converted
that we have complied with relevant ethical requirements the financial statements of such subsidiaries, associates
regarding independence, and to communicate with them and joint ventures located outside India from accounting
all relationships and other matters that may reasonably be principles generally accepted in their respective countries
thought to bear on our independence, and where applicable, to accounting principles generally accepted in India.
related safeguards.
We have audited these conversion adjustments made
by the Holding Company’s management. Our opinion
From the matters communicated with those charged with
in so far as it relates to the balances and affairs of such
governance, we determine those matters that were of most
subsidiaries, associates and joint ventures located outside
significance in the audit of the consolidated Ind AS financial
India is based on the report of other auditors and the (b) Attention is drawn to the matters described in Note 44
conversion adjustments prepared by the management of of the consolidated Ind AS financial statements related
the Holding Company and audited by us. to non-availability of certain records, documents and
reconciliations pertaining to pre-acquisition period of
Overview
(b) The accompanying consolidated Ind AS financial the three subsidiaries acquired during the year. In our
statements include unaudited financial statements opinion, except for the possible effects of the aforesaid,
and other unaudited financial information in respect proper books of account as required by law relating
of 6 subsidiaries, whose financial statements and other to preparation of the aforesaid consolidation of the
financial information reflect total assets of ` 60.54 crores financial statements have been kept so far as it appears
as at March 31, 2021, and total revenues of ` Nil and net from our examination of those books and reports of the
cash inflows of ` 7.39 crores for the year ended on that other auditors;
date. These unaudited financial statements and other
unaudited financial information have been furnished (c) Attention is drawn to the matters described in Note 44

to us by the management. The consolidated Ind AS of the consolidated Ind AS financial statements related
financial statements also include the Group’s share of to non-availability of certain records, documents and
net (loss) of ` (25.08) crores for the year ended March 31, reconciliations pertaining to pre-acquisition period
2021, as considered in the consolidated Ind AS financial related to three subsidiaries acquired during the
statements, in respect of 10 associates and joint ventures, year. In our opinion, except for the possible effects
whose financial statements, other financial information of the aforesaid, the Consolidated Balance Sheet, the
have not been audited and whose unaudited financial Consolidated Statement of Profit and Loss including
statements, other unaudited financial information have the Statement of Other Comprehensive Income,
been furnished to us by the Management. Our opinion, the Consolidated Cash Flow Statement and

in so far as it relates amounts and disclosures included Consolidated Statement of Changes in Equity dealt
in respect of these subsidiaries, joint ventures and with by this Report are in agreement with the books of
associates, and our report in terms of sub-sections account maintained for the purpose of preparation of the
(3) of Section 143 of the Act in so far as it relates to the consolidated Ind AS financial statements;
aforesaid subsidiaries, joint ventures and associates, is
based solely on such unaudited financial statements and (d) In our opinion, the aforesaid consolidated
other unaudited financial information. In our opinion and Ind AS financial statements comply with the
according to the information and explanations given to us Accounting Standards specified under Section 133 of the
by the Management, these financial statements and other Act, read with Companies (Indian Accounting Standards)
financial information are not material to the Group. Rules, 2015, as amended;
Our opinion above on the consolidated Ind AS financial (e) On the basis of the written representations received from
Statutory Reports
statements, and our report on Other Legal and the directors of the Holding Company as on March 31,
Regulatory Requirements below, is not modified in respect of 2021 taken on record by the Board of Directors of the
the above matters with respect to our reliance on the work done Holding Company and the reports of the statutory
and the reports of the other auditors and the financial statements auditors who are appointed under Section 139 of the Act,
and other financial information certified by the Management. of its subsidiary companies, associate companies and joint
ventures, none of the directors of the Group’s companies,
Report on Other Legal and Regulatory Requirements its associates and joint ventures, incorporated in India, is
As required by Section 143(3) of the Act, based on our audit and disqualified as on March 31, 2021 from being appointed as
on the consideration of report of the other auditors on separate a director in terms of Section 164 (2) of the Act;
financial statements and the other financial information of
subsidiaries, associates and joint ventures, as noted in the ‘other (f) With respect to the adequacy and the operating
matter’ paragraph we report, to the extent applicable, that: effectiveness of the internal financial controls with
(a) We/the other auditors whose report we have relied reference to consolidated Ind AS financial statements
upon have sought and obtained all the information and of the Holding Company and its subsidiary companies,
explanations which to the best of our knowledge and associate companies and joint ventures, incorporated
belief were necessary for the purposes of our audit of the in India, refer to our separate Report in “Annexure 1”
aforesaid consolidated Ind AS financial statements; to this report;

(g) In our opinion and based on the consideration of reports ii. Provision has been made in the consolidated
of other statutory auditors of the subsidiaries, associates Ind AS financial statements, as required under the
and joint ventures incorporated in India, the managerial applicable law or accounting standards, for material
remuneration for the year ended March 31, 2021 has been foreseeable losses, if any, on long-term contracts
paid / provided by the Holding Company, its subsidiaries, including derivative contracts;
associates and joint ventures incorporated in India to their
directors in accordance with the provisions of section 197 iii. There has been no delay in transferring amounts,
read with Schedule V to the Act; required to be transferred, to the Investor Education
and Protection Fund by the Holding Company,
(h) With respect to the other matters to be included in its subsidiaries, associates and joint ventures,
the Auditor’s Report in accordance with Rule 11 of the incorporated in India during the year ended
Companies (Audit and Auditors) Rules, 2014, as amended, March 31, 2021.
in our opinion and to the best of our information and
according to the explanations given to us and based on For S R B C & CO LLP
the consideration of the report of the other auditors on Chartered Accountants
separate financial statements as also the other financial ICAI Firm Registration Number: 324982E/E300003
information of the subsidiaries, associates and joint
ventures, as noted in the ‘Other matter’ paragraph:
Partner
Membership Number: 112773
i. The consolidated Ind AS financial statements
UDIN: 21112773AAAADI9724
disclose the impact of pending litigations on its
consolidated financial position of the Group, its
Mumbai
associates and joint ventures in its consolidated
Date: May 12, 2021
Ind AS financial statements - Refer Note 36 to the
consolidated Ind AS financial statements;
Annexure 1 to the Independent Auditor’s Report of financial controls with reference to consolidated Ind AS financial
even date on the Consolidated Ind AS Financial statements was established and maintained and if such controls
Statements of The Tata Power Company Limited operated effectively in all material respects.
Overview
Report on the Internal Financial Controls under Our audit involves performing procedures to obtain audit
Clause (i) of Sub-section 3 of Section 143 of the evidence about the adequacy of the internal financial controls
Companies Act, 2013 (“the Act”) with reference to consolidated Ind AS financial statements and
In conjunction with our audit of the consolidated Ind AS financial their operating effectiveness. Our audit of internal financial
statements of The Tata Power Company Limited (hereinafter controls with reference to consolidated Ind AS financial
referred to as the “Holding Company”) as of and for the year statements included obtaining an understanding of internal
ended March 31, 2021, we have audited the internal financial financial controls with reference to consolidated Ind AS
controls with reference to consolidated Ind AS financial financial statements, assessing the risk that a material weakness

statements of the Holding Company and its subsidiaries (the
exists, and testing and evaluating the design and operating
Holding Company and its subsidiaries together referred to
effectiveness of internal control based on the assessed risk.
as “the Group”), its associates and joint ventures, which are
The procedures selected depend on the auditor’s judgement,
companies incorporated in India, as of that date.
including the assessment of the risks of material misstatement
Management’s Responsibility for Internal Financial of the financial statements, whether due to fraud or error.
Controls
The respective Board of Directors of the companies included We believe that the audit evidence we have obtained and
in the Group its associates and joint ventures, which are the audit evidence obtained by the other auditors in terms
companies incorporated in India, are responsible for of their reports referred to in the Other Matters paragraph

establishing and maintaining internal financial controls based below, is sufficient and appropriate to provide a basis for our
on, “the internal financial control over financial reporting qualified audit opinion on the Holding Company’s internal
criteria established by the Company considering the essential financial controls with reference to consolidated Ind AS
components of internal control stated in the Guidance Note on financial statements.
Audit of Internal Financial Controls Over Financial Reporting
issued by the Institute of Chartered Accountants of India (ICAI)”. Meaning of Internal Financial Controls With
These responsibilities include the design, implementation Reference to Consolidated Ind AS financial statements
and maintenance of adequate internal financial controls A company's internal financial control with reference to
that were operating effectively for ensuring the orderly and consolidated Ind AS financial statements is a process designed
efficient conduct of its business, including adherence to the to provide reasonable assurance regarding the reliability of
respective company’s policies, the safeguarding of its assets, financial reporting and the preparation of financial statements
Statutory Reports
the prevention and detection of frauds and errors, the accuracy for external purposes in accordance with generally accepted
and completeness of the accounting records, and the timely accounting principles. A company's internal financial control
preparation of reliable financial information, as required under with reference to consolidated Ind AS financial statements
the Companies Act, 2013. includes those policies and procedures that (1) pertain to the
maintenance of records that, in reasonable detail, accurately
Auditor’s Responsibility
and fairly reflect the transactions and dispositions of the
Our responsibility is to express an opinion on the company's
assets of the company; (2) provide reasonable assurance that
internal financial controls with reference to consolidated
Ind AS financial statements based on our audit. We conducted transactions are recorded as necessary to permit preparation
our audit in accordance with the Guidance Note on of financial statements in accordance with generally accepted
Audit of Internal Financial Controls Over Financial Reporting accounting principles, and that receipts and expenditures
(the “Guidance Note”) and the Standards on Auditing, specified of the company are being made only in accordance with
under section 143(10) of the Act, to the extent applicable to authorisations of management and directors of the company;
an audit of internal financial controls, both issued by the ICAI. and (3) provide reasonable assurance regarding prevention or
Those Standards and the Guidance Note require that we comply timely detection of unauthorised acquisition, use, or disposition
with ethical requirements and plan and perform the audit to of the company's assets that could have a material effect on the
obtain reasonable assurance about whether adequate internal financial statements.

Inherent Limitations of Internal Financial Controls essential components of internal financial controls stated in
With Reference to Consolidated Ind AS financial the Guidance Note. We together with the joint auditors of the
statements said subsidiary companies have issued a disclaimer of opinion
Because of the inherent limitations of internal financial controls on ICFR with reference to the standalone financial statements of
with reference to consolidated Ind AS financial statements, such subsidiary companies.
including the possibility of collusion or improper management
override of controls, material misstatements due to error or Other Matters
fraud may occur and not be detected. Also, projections of any Our report under Section 143(3)(i) of the Act on the adequacy
evaluation of the internal financial controls with reference to and operating effectiveness of the internal financial controls
consolidated Ind AS financial statements to future periods with reference to consolidated Ind AS financial statements in so
are subject to the risk that the internal financial control with far as it relates to three subsidiaries and an associate, which are
reference to consolidated Ind AS financial statements may companies incorporated in India, is based on the corresponding
become inadequate because of changes in conditions, or that reports of the auditors of such companies incorporated in India.
the degree of compliance with the policies or procedures
We also have audited, in accordance with the Standards on
may deteriorate.
Auditing issued by the ICAI as specified under section 143(10)
Qualified Opinion of the Act, the consolidated Ind AS financial statements of the
According to the information and explanations given to us Holding Company, which comprise the Consolidated Balance
and based on the report issued by other auditors on internal Sheet as at March 31, 2021, and the Consolidated Statement
financial controls over financial reporting with reference to of Profit and Loss, including other comprehensive income,
these consolidated financial statements in case of subsidiary the consolidated Cash Flow Statement and the consolidated
companies, its associate companies and joint ventures, which Statement of Changes in Equity for the year then ended, and
are companies incorporated in India, as at March 31, 2021: notes to the consolidated Ind AS financial statements, including
a summary of significant accounting policies and other
In our opinion, except for the possible effects of the disclaimer explanatory information. The disclaimer of opinion with respect
described below on the achievement of the objectives of the to the subsidiary companies as referred above was considered
control criteria in respect of three subsidiary companies, the in determining the nature, timing, and extent of audit tests
Holding Company, its subsidiary companies, its associate applied in our audit of the March 31, 2021 consolidated Ind AS
companies and joint ventures, which are companies financial statements of the Holding Company and this report
incorporated in India, have maintained in all material does affect our report dated May 12, 2021, which expressed an
respects, adequate internal financial controls over financial unqualified opinion thereon.
reporting (‘ICFR’) and such ICFR with reference to these
For S R B C & CO LLP
consolidated financial statements were operating effectively
Chartered Accountants
as at March 31, 2021, based on the ICFR criteria established by
ICAI Firm Registration Number: 324982E/E300003
the Holding Company considering the essential components
of internal financial controls stated in the Guidance Note on per Abhishek Agarwal
Audit of ICFR issued by the Institute of Chartered Accountants of Partner
India (‘Guidance Note’). Membership Number: 112773
UDIN: 20112773AAAACW7931
As described in Note 44, during the year, the
Group has acquired power distribution businesses in Mumbai
Odisha through three subsidiary companies. Prior to Date: May 12, 2021
acquisition, these businesses were administered and operated
by Odisha Electricity Regulatory Commission through
GRIDCO Limited, a State Government Company and the
provisions of Companies Act, 2013, including the requirements
of ICFR, were not applicable to them. The three subsidiary
companies are in the process of strengthening their existing
internal controls, including maintenance of sufficient and
appropriate records over key processes considering the
Consolidated Balance Sheet
as at 31st March, 2021
As at As at
Notes Page ₹ crore ₹ crore
ASSETS
Overview
Non-current Assets
(a) Property, Plant and Equipments 4 342 48,748.86 44,662.61
(b) Capital Work-in-Progress 3,599.80 1,611.52
(c) Goodwill 5a 347 1,794.57 1,641.57
(d) Other Intangible Assets 5b 347 1,345.85 1,362.18
(e) Investments accounted for using the Equity Method 6a 349 11,920.63 13,202.65
(f) Financial Assets
(i) Other Investments 6c 359 728.88 632.68
(ii) Trade Receivables 7 360 604.71 30.28

(iii) Loans 8 362 58.14 80.88
(iv) Finance Lease Receivables 9 362 598.61 588.92
(v) Other Financial Assets 10 363 1,577.04 578.79
(g) Non-current Tax Assets (Net) 11 365 328.35 342.00
(h) Deferred Tax Assets (Net) 12 a 365 184.02 74.24
(i) Other Non-current Assets 13 370 1,465.06 1,185.12
Total Non-current Assets 72,954.52 65,993.44
Current Assets
(a) Inventories 14 371 1,884.80 1,752.35

(b) Financial Assets
(i) Investments 15 372 499.54 699.51
(ii) Trade Receivables 7 360 5,000.97 4,425.90
(iii) Unbilled Revenue 1,573.64 799.42
(iv) Cash and Cash Equivalents 16 a 372 3,782.51 1,861.50
(v) Bank Balances other than (iv) above 16 b 373 2,330.17 232.68
(vi) Loans 8 362 30.71 33.00
(vii) Finance Lease Receivables 9 362 41.45 33.20
(viii) Other Financial Assets 10 363 310.15 1,412.43
(c) Current Tax Assets (Net) 11 365 0.45 1.10
(d) Other Current Assets 13 370 916.69 770.39
Statutory Reports
Total Current Assets 16,371.08 12,021.48
Assets Classified as Held For Sale 17 a 373 3,047.46 6,253.06
Total Assets before Regulatory Deferral Account 92,373.06 84,267.98
Regulatory Deferral Account - Assets 18 376 6,478.17 5,480.17
TOTAL ASSETS 98,851.23 89,748.15

Consolidated Balance Sheet
as at 31st March, 2021 (Contd.)
As at As at
EQUITY AND LIABILITIES
Equity
(a) Equity Share Capital 19 a 378 319.56 270.50
(b) Unsecured Perpetual Securities 19 b 379 1,500.00 1,500.00
(c) Other Equity 20 379 20,502.70 17,795.52
Equity attributable to Shareholders of the Company 22,322.26 19,566.02
Non-controlling Interests 2,927.30 2,332.04
Total Equity 25,249.56 21,898.06
Liabilities
(i) Borrowings 21 382 30,045.03 32,695.14
(ii) Lease Liabilities 22 383 3,142.48 3,180.48
(iii) Trade Payables 17.36 Nil
(iv) Other Financial Liabilities 23 385 1,390.99 721.52
(b) Non-current Tax Liabilities (Net) 24 386 3.03 3.03
(c) Deferred Tax Liabilities (Net) 12 b 365 976.15 1,174.04
(d) Provisions 25 386 839.58 407.40
(e) Other Non-current Liabilities 26 394 6,217.95 2,084.52
Total Non-current Liabilities 42,632.57 40,266.13
Current Liabilities
(i) Borrowings 27 395 8,436.21 11,844.36
(ii) Lease Liabilities 22 383 394.83 379.74
(iii) Trade Payables 7,120.08 5,095.44
(iv) Other Financial Liabilities 23 385 12,296.46 7,502.90
(b) Current Tax Liabilities (Net) 24 386 198.38 129.49
(c) Provisions 25 386 270.11 116.42
(d) Other Current Liabilities 26 394 2,052.02 1,453.08
Total Current Liabilities 30,768.09 26,521.43
Liabilities directly associated with Assets Classified as Held For Sale 17 b 374 139.78 1,062.53
Total Liabilities before Regulatory Deferral Account 73,540.44 67,850.09
Regulatory Deferral Account - Liability 18 376 61.23 Nil
TOTAL EQUITY AND LIABILITIES 98,851.23 89,748.15
See accompanying notes to the Consolidated Financial Statements


Consolidated Statement of Profit and Loss

I Revenue from Operations 28 396 32,468.10 29,136.37
II Other Income 29 403 439.24 562.61
Overview
III Total Income 32,907.34 29,698.98
IV Expenses
Cost of Power Purchased 8,334.41 6,220.46
Cost of Fuel 9,074.96 9,922.39
Transmission Charges 504.60 214.00
Raw Material Consumed 30 404 2,628.19 957.18
Purchase of Finished Goods and Spares 28.89 111.74
(Increase)/Decrease in Stock-in-Trade and Work in Progress 30 404 0.41 (15.64)
Employee Benefits Expense (Net) 31 404 2,156.48 1,440.64

Finance Costs 32 405 4,010.39 4,493.73
Depreciation and Amortisation Expenses 4 & 5 342 & 2,744.94 2,633.56
347
Other Expenses 33 405 2,812.48 2,342.78
Total Expenses 32,295.75 28,320.84
V Profit/(Loss) Before Movement in Regulatory Deferral Balances,
Exceptional Items, Tax and Share of Net Profit of Associates and Joint
Ventures accounted for using the Equity Method 611.59 1,378.14
Add/(Less): Net Movement in Regulatory Deferral Balances 18 376 529.24 (451.68)
Add/(Less): Net Movement in Regulatory Deferral Balances in respect of earlier years 18 376 Nil (21.32)
Add/(Less): Deferred Tax Recoverable/(Payable) 18 376 81.80 284.31

611.04 (188.69)
VI Profit/(Loss) Before Exceptional Items, Tax and Share of Net Profit of
Associates and Joint Ventures accounted for using the Equity Method 1,222.63 1,189.45
Share of Net Profit of Associates and Joint Ventures accounted for using the Equity
Method 873.39 952.55
VII Profit/(Loss) Before Exceptional Items and Tax 2,096.02 2,142.00
Add/(Less): Exceptional Items
Gain on Sale of Investments in Associates 6b (ii) 359 Nil 532.51
Standby Litigation 37f 413 (109.29) (276.35)
Remeasurement of Deferred Tax Recoverable on account of New Tax Regime (Net) 12 365 Nil (265.00)
Reversal of Impairment for Investment in Joint Venture & related obligation 6b (i) (b) 359 Nil 235.00
(109.29) 226.16
VIII Profit/(Loss) Before Tax for the Year from Continuing Operations 1,986.73 2,368.16
IX Tax Expense/(Credit)
Current Tax 34a 406 647.57 494.30
Statutory Reports
Deferred Tax 12 365 (145.69) 330.95
Deferred Tax relating to earlier years Nil (24.51)
Remeasurement of Deferred Tax on account of New Tax Regime (Net) 12 365 Nil (159.25)
501.88 641.49
X Profit/(Loss) for the Year from Continuing Operations 1,484.85 1,726.67
XI Profit/(Loss) before tax from Discontinued Operations 17c 375 (59.85) (81.64)
Impairment Loss related to Discontinued Operations on remeasurement to Fair Value 17c 375 (160.00) (361.00)
XII Tax Expense/(Credit) of Discontinued Operations
Deferred Tax (72.17) (32.41)
Tax Expense/(Credit) of Discontinued Operations (173.65) (32.41)
XIII Profit/(Loss) for the Year from Discontinued Operations (46.20) (410.23)
XIV Profit/(Loss) for the Year 1,438.65 1,316.44
XV Other Comprehensive Income/(Expenses) - Continuing Operations
Add/(Less): (i) Items that will not be reclassified to Profit or Loss
A
(a) Remeasurement of the Defined Benefit Plans 25 386 (296.71) (87.56)

Consolidated Statement of Profit and Loss

(b) Movement in Regulatory Deferral Balance 310.07 Nil
(c) Equity Instruments classified at FVTOCI 230.77 (39.72)
(ii) Tax relating to items that will not be reclassified to Profit or Loss
(a) Current Tax 34a (iii) 408 (1.04) 13.22
(b) Deferred Tax 34a (iii) 408 (4.68) 13.73
(iii) Share of Other Comprehensive Income/(Loss) of Associates and
Joint Ventures accounted for using the Equity Method (net of tax) (3.15) 2.23
B Add/(Less): (i) Items that will be reclassified to Profit or Loss
(a) Exchange Differences in translating the financial statements (423.15) 430.63
of foreign operations
(b) Effective portion of cash flow hedge (371.75) 128.84
(ii) Tax relating to items that will be reclassified to Profit or Loss
(a) Deferred Tax 93.57 (32.43)
(iii) Share of Other Comprehensive Income/(Loss) of Associates and
Joint Ventures accounted for using the Equity Method (net of tax) 86.75 407.06
(379.32) 836.00
XVI Other Comprehensive Income/(Expenses) - Discontinued Operations
Add/(Less): (i) Items that will not be reclassified to Profit or Loss (0.34) 0.20
(0.34) 0.20
XVII Total Other Comprehensive Income for the Year (XV + XVI) (379.66) 836.20
XVIII Total Comprehensive Income for the Year (XIV + XVII) 1,058.99 2,152.64
Profit for the year attributable to:
- Owners of the Company 1,127.38 1,017.38
- Non-controlling Interest 311.27 299.06
1,438.65 1,316.44
Other comprehensive Income for the year attributable to:
- Owners of the Company (380.67) 838.25
- Non-controlling Interest 1.01 (2.05)
(379.66) 836.20
Total Comprehensive Income for the year attributable to:
- Owners of the Company 746.71 1,855.63
- Non-controlling Interest 312.28 297.01
1,058.99 2,152.64
XIX Basic and Diluted Earnings Per Equity Share (of ₹ 1/- each) (₹) 38 414
(i) From Continuing Operations before net movement in regulatory deferral
balances 2.33 5.33
(ii) From Continuing Operations after net movement in regulatory deferral balances 3.32 4.64
(iii) From Discontinued Operations (0.15) (1.52)
(iv) Total Operations after net movement in regulatory deferral balances 3.17 3.12

Consolidated Statement of Cash Flows

₹ crore ₹ crore
A. Cash Flow from Operating Activities
Overview
Profit/(Loss) before tax from Continuing Operations 1,986.73 2,368.16
Adjustments to reconcile Profit Before Tax to Net Cash Flows:
Depreciation and Amortisation Expense 2,744.94 2,633.56
Transfer to Contingency Reserve 11.00 17.00
Reversal of Impairment of Non-Current Investments and related obligation (67.76) (235.00)
Impairment Loss on Remeasurement related to Discontinued Operations 160.00 361.00
(Gain)/Loss on disposal of Property, Plant and Equipment (Net) (5.60) 24.99
Finance Cost (Net of Capitalisation) 4,035.30 4,529.88

Interest Income (175.65) (135.55)
Dividend Income (6.78) (85.87)
Gain on sale of Current Investment measured at fair value through Profit and 25.82 (53.39)
Loss
Gain on sale of Investment in Joint Venture/Associates accounted for using Nil (532.51)
the equity method
Allowances for Doubtful Debts and Advances (Net) 24.37 20.71
Bad debts 69.87 Nil
Provision for Warranties 26.50 10.45

Provision for standby litigation 109.29 Nil
Delayed Payment Charges (66.27) (49.46)
Transfer from Capital Grants Nil (3.15)
Amortisation of Service Line Contributions (152.19) (89.18)
Guarantee Commission from Joint Ventures (8.26) (9.40)
Share of Net Profit of Associates and Joint Ventures accounted for using the (873.39) (952.55)
equity method
Amortisation of Deferred Revenue 48.23 38.69
Amortisation of Leasehold Land 1.12 Nil
Effect of Exchange Fluctuation (Net) (16.75) (105.59)
5,883.79 5,384.63
7,650.67 7,310.15
Statutory Reports
Working Capital Adjustments:
Adjustments for (increase) / decrease in Assets:
Inventories (93.26) (21.32)
Trade Receivables (1,103.76) (96.56)
Unbilled Revenue (885.35) 54.23
Finance Lease Receivables (17.94) (18.60)
Loans-Current 0.83 (13.17)
Loans-Non-Current 21.95 8.58
Other Current Assets (270.14) 387.45
Other Non-current Assets (156.71) 214.01
Other Financial Assets - Current 104.63 10.51

Other Financial Assets - Non-current 3.26 (58.14)
Regulatory Deferral Account - Assets (998.00) 277.97
Current Investments
Purchased (242.80) (365.48)
Proceeds from sale 400.82 226.15


₹ crore ₹ crore
Non-Current Investments
Proceeds from sale Nil 3.68
Movement in Operating Asset (3,236.47) 609.31
Adjustments for increase / (decrease) in Liabilities:
Trade Payables 1,709.92 (796.97)
Other Current Liabilities 729.58 448.63
Other Non-current Liabilities (6.91) 141.53
Other Financial Liabilities - Current 1,081.05 233.51
Other Financial Liabilities - Non-current 356.79 26.04
Regulatory Deferral Account - Liability 61.23 Nil
Current Provisions 128.52 (57.19)
Non-current Provisions 430.66 69.40
Movement in Operating Liability 4,490.84 64.95
Cash flow from/(used in) Operations 8,905.04 7,984.41
Income tax paid - (net of refund received) (447.03) (609.09)
Net Cash Flows from/(used) in Operating Activities A 8,458.01 7,375.32
B. Cash Flow from Investing Activities

Capital expenditure on Property, Plant and Equipments (including capital advances) (3,335.79) (2,225.81)
Proceeds from sale of Property, Plant and Equipments (including property, plant
and equipments classified as held for sale) 1,549.09 36.37
Proceeds from sale of Strategic Engineering Division (Net) (Refer Note 17c) 420.85 Nil
(Purchase)/ proceeds from sale of Current Investments (Net) 83.44 (305.51)
Consideration transferred on business combinations (720.75) Nil
Purchase of Non-current Investments (80.26) (615.26)
Proceeds from sale of Non-current Investments (Including advance and investments
classified as held for sale) 844.32 577.88
Inter-corporate Deposits (Net) 5.46 Nil
Interest Received 161.12 164.92
Delayed Payment Charges received 66.27 49.61
Guarantee Commission Received 3.15 3.84
Dividend Received 1,846.06 1,894.53
Bank Balance not Considered as Cash and Cash Equivalents (175.36) (123.50)
Net Cash Flow from/(used in) Investing Activities B 667.60 (542.92)

₹ crore ₹ crore
C. Cash Flow from Financing Activities
Overview
Proceeds from Issue of Shares including shares issued to Minority Shareholders 2,996.06 20.07
Increase in Capital/Service Line Contributions 155.16 80.10
Proceeds from Non-current Borrowings 5,602.19 7,188.37
Repayment of Non-current Borrowings (7,453.61) (5,607.42)
Proceeds/(repayment) from Current Borrowings (Net) (4,121.95) (1,687.99)
Finance Cost Paid (3,731.42) (4,002.50)
Payment of Lease Liability (351.78) (330.03)
Dividend Paid (526.29) (500.57)

Additional Income-tax on Dividend Paid Nil (98.60)
Distribution on Unsecured Perpetual Securities (171.24) (171.00)
Net Cash Flow from/(used in) Financing Activities C (7,602.88) (5,109.57)
Net Increase in Cash and Cash Equivalents (A + B + C) 1,522.73 1,722.83

Cash and Cash Equivalents as at 1st April (Opening Balance) 1,834.39 61.52
Cash and Cash Equivalents Acquired on Business Combinations 446.29 Nil
Effect of Exchange Fluctuation on Cash and Cash Equivalents (120.55) 50.04
Cash and Cash Equivalents as at 31st March (Closing Balance) 3,682.85 1,834.39

Notes:
Cash and Cash Equivalents include:
(a) Balances with banks (Refer Note 16a.)

(i) In Current Accounts 1,128.34 935.27
(ii) In Deposit Accounts (with original maturity of three months or less) 2,543.84 919.77
(b) Cheques on Hand 45.16 6.44
(c) Cash on Hand 65.17 0.02
(d) Bank Overdraft (99.66) (34.71)
Cash and Cash Equivalents relating to Continuing Operations 3,682.85 1,826.79
Statutory Reports
(i) In Current Accounts Nil 7.62
(b) Book Overdraft Nil (0.02)
Cash and Cash Equivalents relating to Discontinued Operations Nil 7.60
Total Cash and Cash Equivalents 3,682.85 1,834.39



A. Equity Share Capital
332
₹ crore
Issued during the year [Refer Note 20(4)] 49,05,66,037 49.06
B. Unsecured Perpetual Securities
₹ crore
C. Other Equity (Refer Note 20)
₹ crore
Description Reserves and Surplus Item of Other Comprehensive Income Controlling Non- Total
General Securities Debenture Capital Capital Special Statutory Retained Equity Instrument Foreign Effective Interests controlling
Reserve through Other Currency portion of Interests
Reserve Premium Redemption Redemption Reserve Reserves Earnings
Reserve Reserve Fund Comprehensive Translation cash flow

Reserve hedge
Income
Balance as at 1st April, 2019 4,086.53 5,647.80 728.90 515.76 232.09 122.59 660.08 3,265.79 698.52 576.95 Nil 16,535.01 2,166.66 18,701.67
Profit for the year Nil Nil Nil Nil Nil Nil Nil 1,017.38 Nil Nil Nil 1,017.38 299.06 1,316.44
Other Comprehensive Income/(Expenses) for the year (Net of Tax) Nil Nil Nil Nil Nil Nil Nil (56.12) (39.72) 837.68 96.41 838.25 (2.05) 836.20
Total Comprehensive Income Nil Nil Nil Nil Nil Nil Nil 961.26 (39.72) 837.68 96.41 1,855.63 297.01 2,152.64
Issue of Equity Shares during the year Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil 20.07 20.07
Dividend paid (including tax on dividend) Nil Nil Nil Nil Nil Nil Nil (424.36) Nil Nil Nil (424.36) (151.70) (576.06)

Transfer to Retained Earnings on sale of shares Nil Nil Nil Nil Nil Nil Nil 666.34 (666.34) Nil Nil Nil Nil Nil
Transfer to/from Debenture Redemption Reserve Nil Nil (90.70) Nil Nil Nil Nil 90.70 Nil Nil Nil Nil Nil Nil
Transfer to Special Reserve Fund Nil Nil Nil Nil Nil 1.48 Nil (1.48) Nil Nil Nil Nil Nil Nil
Distribution on Unsecured Perpetual Securities Nil Nil Nil Nil Nil Nil Nil (170.76) Nil Nil Nil (170.76) Nil (170.76)
Balance as at 31st March, 2020 4,086.53 5,647.80 638.20 515.76 232.09 124.07 660.08 4,387.49 (7.54) 1,414.63 96.41 17,795.52 2,332.04 20,127.56
Balance as at 31st March, 2020 4,086.53 5,647.80 638.20 515.76 232.09 124.07 660.08 4,387.49 (7.54) 1,414.63 96.41 17,795.52 2,332.04 20,127.56
Profit for the year Nil Nil Nil Nil Nil Nil Nil 1,127.38 Nil Nil Nil 1,127.38 311.27 1,438.65
Other Comprehensive Income/(Expenses) for the year (Net of Tax) Nil Nil Nil Nil Nil Nil Nil 3.14 230.77 (336.40) (278.18) (380.67) 1.01 (379.66)
Total Comprehensive Income Nil Nil Nil Nil Nil Nil Nil 1,130.52 230.77 (336.40) (278.18) 746.71 312.28 1,058.99
Consolidated Statement of Changes in Equity
Issue of Equity Shares during the year [Refer Note 20(4)] Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil 396.06 396.06
Share Premium collected during the year Nil 2,550.94 Nil Nil Nil Nil Nil Nil Nil Nil Nil 2,550.94 Nil 2,550.94
Dividend paid Nil Nil Nil Nil Nil Nil Nil (419.24) Nil Nil Nil (419.24) (113.08) (532.32)
Transfer to Retained Earnings on sale of shares Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil
Transfer to/from Debenture Redemption Reserve Nil Nil (13.14) Nil Nil Nil Nil 13.14 Nil Nil Nil Nil Nil Nil
Transfer to Special Reserve Fund Nil Nil Nil Nil Nil 2.21 Nil (2.21) Nil Nil Nil Nil Nil Nil
Distribution on Unsecured Perpetual Securities Nil Nil Nil Nil Nil Nil Nil (171.23) Nil Nil Nil (171.23) Nil (171.23)
Balance as at 31st March, 2021 4,086.53 8,198.74 625.06 515.76 232.09 126.28 660.08 4,938.47 223.23 1,078.23 (181.77) 20,502.70 2,927.30 23,430.00
Notes to the Consolidated Financial Statements
1. Corporate Information:
The Tata Power Company Limited (the ‘Company’ or 'Parent Company') is a public limited company domiciled and
incorporated in India under the Indian Companies Act, 1913. The registered office of the Company is located at Bombay
House, 24, Homi Mody Street, Mumbai 400 001 India. The Company is listed on the Bombay Stock Exchange of India
Overview
Limited (BSE) and the National Stock Exchange of India Limited (NSE).The principal business of the Company is generation,
transmission, distribution and trading of electricity.
The Company and its subsidiaries (collectively referred to as 'the Group') is one of India's largest integrated power companies
with an international presence. The Group together with its joint venture companies has an installed gross generation
capacity of 12,808 MW and a presence in all the segments of the power sector viz. Fuel Security and Logistics, Generation
(thermal, hydro, solar and wind), Transmission, Distribution and Trading. The Group has developed the country’s first 4,000
MW Ultra Mega Power Project at Mundra (Gujarat) based on super-critical technology. It is also one of the largest renewable
energy players in India with a clean energy portfolio of 3,949 MW. Its international presence includes strategic investments

in Indonesia, Singapore, Zambia, Georgia and Bhutan. With its track record of technology leadership, project execution
excellence, world class safety processes, customer care and driving green initiatives the Group is poised for multi-fold growth
and is committed to 'lighting up lives' for generations to come.
2. Significant Accounting Policies:

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

2.2 Basis of preparation and presentation
The consolidated financial statements have been prepared on a historical cost basis, except for the following assets and
liabilities which have been measured at fair value or revalued amount:
- derivative financial instruments,
- certain financial assets and liabilities measured at fair value (refer accounting policy regarding financial instruments).
- employee benefit expenses (Refer Note 25 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 amount of cash
or cash equivalents expected to be paid to satisfy the liability in the normal course of business. Fair value is the price that
would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the
measurement date.
Statutory Reports
2.3 Basis of Consolidation:
The Group consolidates all entities which are controlled by it. The consolidated financial statements comprise the financial
statements of the Company and its subsidiaries. Control exists when the parent has power over the entity, is exposed, or has
rights, to variable returns from its involvement with the entity and has the ability to affect those returns by using its power
over the entity. Power is demonstrated through existing rights that give the ability to direct relevant activities, those which
significantly affect the entity’s returns. The entities are consolidated from the date control commences until the date control
ceases.
2.3.1 Subsidiaries
The consolidated financial statements of the Group companies are consolidated on a line-by-line basis and intra-group
balances and transactions including unrealised gain/loss from such transactions are eliminated upon consolidation. These
consolidated financial statements are prepared by applying uniform accounting policies in use at the Group. Profit or loss
and each component of other comprehensive income (OCI) are attributed to the equity holders of the parent of the Group
and to the non-controlling interests, even if this results in the non-controlling interest having a deficit balance.
Changes in the Group's holding that do not result in a loss of control are accounted for as equity transactions. The carrying
amount of the Group's holding and the non-controlling interests are adjusted to reflect the changes in their relative
holding. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the
consideration paid or received is recognised directly in equity and attributed to owners of the Company.

2. Significant Accounting Policies(Contd.)

2.3.2 Joint Ventures and Associates
Joint Ventures are entities over which the Group has joint control. Associates are entities over which the Group has significant
influence but not control. Investments in Joint Ventures and Associates are accounted for using the equity method of
accounting. The investment is initially recognised at cost, and the carrying amount is increased or decreased to recognise
the investor’s share of the profit or loss of the investee after the acquisition date. The Group’s investment in Joint Ventures
and Associates includes goodwill identified on acquisition. (Refer Note 6a)
2.4 Business Combinations

The Group accounts for its business combinations under acquisition method of accounting. Acquisition related costs
are recognised in consolidated statement of profit and loss as incurred. The acquiree’s identifiable assets, liabilities and
contingent liabilities that meet the condition for recognition are recognised at their fair values at the acquisition date.
Purchase consideration paid in excess of the fair value of net assets acquired is recognised as goodwill. Where the fair value
of identifiable assets and liabilities exceed the cost of acquisition, after reassessing the fair values of the net assets and
contingent liabilities, the excess is recognised as capital reserve.
The interest of non-controlling shareholders is initially measured either at fair value or at the non-controlling interests’
proportionate share of the acquiree’s identifiable net assets. The choice of measurement basis is made on an acquisition-
by-acquisition basis. Subsequent to acquisition, the carrying amount of non-controlling interests is the amount of those
interests at initial recognition plus the non-controlling interests’ share of subsequent changes in equity of subsidiaries.
Business combinations arising from transfers of interests in entities that are under the common control are accounted at
historical costs. The difference between any consideration given and the aggregate historical carrying amount of assets and
liabilities of the acquired entity are recorded in shareholders’ equity.
In case of bargain purchase, before recognising gain in respect thereof, the Group determines whether there exists clear
evidence of the underlying reasons for classifying the business combination as a bargain purchase. Thereafter, the Group
reassesses whether it has correctly identified all of the assets acquired and all of the liabilities assumed and recognizes
any additional assets or liabilities that are identified in that reassessment. The Group then reviews the procedures used to
measure the amount that Ind AS requires for the purposes of calculating the bargain purchase. If the gain remains after this
reassessment and review, the Group recognises it in other comprehensive income and accumulates the same in equity as
capital reserve. This gain is attributed to the acquirer. If there does not exist clear evidence of the underlying reasons for
classifying the business combination as a bargain purchase, the Group recognises the gain, after reassessing and reviewing,
directly in equity as capital reserve.
2.5 Goodwill
Goodwill is initially measured at cost, being the excess of the aggregate of the consideration transferred and the amount
recognised for non-controlling interests and any previous interest held, over the net identifiable assets acquired and
liabilities assumed. If the fair value of the net assets acquired is in excess of the aggregate consideration transferred, the
Group re-assesses whether it has correctly identified all of the assets acquired and all of the liabilities assumed and reviews
the procedures used to measure the amount to be recognised at the acquisition date. If the reassessment still results in an
excess of the fair value of net assets acquired over the aggregate consideration transferred, then the gain is recognised in
other comprehensive income (OCI) and accumulated in equity as capital reserve. However, if there is no clear evidence of
bargain purchase, the entity recognises the gain directly in equity as capital reserve, without routing the same through OCI.
After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment
testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group’s cash-
generating units that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the
acquiree are assigned to those units.
A cash generating unit to which goodwill has been allocated is tested for impairment annually, or more frequently when
there is an indication that the unit may be impaired. If the recoverable amount of the cash generating unit is less than its
carrying amount, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit
and then to the other assets of the unit pro rata based on the carrying amount of each asset in the unit. Any impairment loss
for goodwill is recognised in profit or loss. An impairment loss recognised for goodwill is not reversed in subsequent periods.
2. Significant Accounting Policies (Contd.)
2.6 Details of the Group's subsidiaries at the end of the reporting period considered in the preparation of the consolidated
financial statements are as follows:
Overview
Country of % %
Incorporation/ voting power held voting power held
Name
Principal Place of as at as at
Business 31st March, 2021 31st March, 2020
Subsidiaries (Direct)
Af-Taab Investment Co. Ltd. India 100 100

Tata Power Trading Co. Ltd. India 100 100
NELCO Ltd. India 50.04 50.04

Maithon Power Ltd. India 74 74
Tata Power Delhi Distribution Ltd. India 51 51
Coastal Gujarat Power Ltd. India 100 100
Bhira Investments Pte. Ltd. Singapore 100 100
Bhivpuri Investments Ltd. Mauritius 100 100
Khopoli Investments Ltd. Mauritius 100 100
Trust Energy Resources Pte. Ltd. Singapore 100 100
TP Renewable Microgrid Ltd. India 100 100
TCL Ceramics Ltd. $ India 57.07 57.07

Tata Power International Pte. Ltd. Singapore 100 100
Tata Power Solar Systems Ltd. India 100 100
Tata Power Renewable Energy Ltd. India 100 100
Tata Power Jamshedpur Distribution Ltd. India 100 100
TP Ajmer Distribution Ltd. India 100 100
Tata Power Green Energy Ltd. India 100 100
Supa Windfarm Ltd. India 100 100
TP Central Odisha Distribution Ltd. India 51 Nil
TP Western Odisha Distribution Ltd. India 51 Nil
TP Southern Odisha Distribution Ltd. India 51 Nil
TP Kirnali Solar Ltd. India 74 Nil
TP Solapur Solar Ltd. India 100 Nil
Statutory Reports
TP Akkalkot Renewable Ltd. India 100 Nil
TP Saurya Ltd. India 100 Nil
TP Roofurja Renewable Ltd. India 100 Nil
Subsidiaries (Indirect)
PT Sumber Energi Andalan Tbk. $ Indonesia 92.50 92.50

NDPL Infra Ltd. India 51 51
Tatanet Services Ltd. (TNSL) (Consolidated with NELCO Ltd.) India 50.04 50.04
Poolavadi Windfarm Ltd. India 74 74

Nivade Windfarm Ltd. India 100 100
TP Wind Power Ltd. (formerly known as Indo Rama Renewables Jath
Ltd.) India 100 100
TP Solapur Ltd. India 100 100
TP Kirnali Ltd. India 100 100
Walwhan Renewable Energy Ltd. India 100 100
Clean Sustainable Solar Energy Pvt Ltd. @ India 99.99 99.99

2. Significant Accounting Policies (Contd.)

Country of % %
Incorporation/ voting power held voting power held
Name
Principal Place of as at as at
Dreisatz Mysolar24 Pvt Ltd. @ India 100 100
MI Mysolar24 Pvt Ltd. @ India 100 100
Northwest Energy Pvt Ltd. @ India 100 100
Solarsys Renewable Energy Pvt Ltd. @ India 100 100
Walwhan Solar Energy GJ Ltd. @ India 100 100
Walwhan Solar Raj Ltd. @ India 100 100
Walwhan Solar BH Ltd. @ India 100 100
Walwhan Solar MH Ltd. @ India 100 100
Walwhan Wind RJ Ltd. @ India 100 100
Walwhan Solar AP Ltd. @ India 100 100
Walwhan Solar KA Ltd. @ India 100 100
Walwhan Solar MP Ltd. @ India 100 100
Walwhan Solar PB Ltd. @ India 100 100
Walwhan Energy RJ Ltd. @ India 100 100
Walwhan Solar TN Ltd. @ India 100 100
Walwhan Solar RJ Ltd. @ India 100 100
Walwhan Urja Anjar Ltd. @ India 100 100
Walwhan Urja India Ltd. @ India 100 100
Chirasthayee Saurya Ltd. India 100 100
Nelco Network Products Ltd. (Consolidated with NELCO Ltd.) India 50.04 50.04
Vagarai Windfarm Ltd. India 72 72
Far Eastern Natural Resources LLC # Russia 100 100
# Based on Unaudited Financial Information, certified by its Management for the year ended 31st March, 2021.
@ Consolidated with Walwhan Renewable Energy Ltd.
$ Classified as held for sale.
3. Other Significant Accounting Policies, critical accounting estimates and judgements

3.1 Foreign Currencies
The Group’s consolidated financial statements are presented in Indian Rupee, which is also the parent company’s functional
currency. For each entity, the Group determines the functional currency and items included in the financial statements of
each entity are measured using that functional currency.
Transactions in foreign currencies are initially recorded by the Group’s entities at their respective functional currency spot
rates at the date the transaction first qualifies for recognition. However, for practical reasons, the Group uses an average rate
if the average approximates the actual rate at the date of the transaction.
Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rates of
exchange at the reporting date.
Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange
rates at the dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated
using the exchange rates at the date when the fair value is determined. The gain or loss arising on translation of non-
monetary items measured at fair value is treated in line with the recognition of the gain or loss on the change in fair value
of the item (i.e., translation differences on items whose fair value gain or loss is recognised in OCI or profit or loss are also
recognised in OCI or profit or loss, respectively).
The results and financial position of foreign operations (none of which has the currency of a hyperinflationary economy) that
have a functional currency different from the presentation currency are translated into the presentation currency as follows:
a) Assets and liabilities are translated at the closing rate at the date of that balance sheet
(Contd.)
b) Income and expenses are translated at average exchange rates (unless this is not a reasonable approximation of the
cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the
Overview
dates of the transactions), and
c) All resulting exchange differences are recognised in OCI.
3.2 Current versus non-current classification
The Group presents assets and liabilities in the balance sheet based on current/ non-current classification. An asset is treated
as current when it is:
- expected to be realised or intended to be sold or consumed in normal operating cycle,
- held primarily for the purpose of trading,
- expected to be realised within twelve months after the reporting period, or

- cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after
the reporting period.
All other assets are classified as non-current.
A liability is current when:
- it is expected to be settled in normal operating cycle,
- it is held primarily for the purpose of trading,
- it is due to be settled within twelve months after the reporting period, or
- there is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period.

The Group classifies all other liabilities as non-current.
Deferred tax assets and liabilities are classified as non-current assets and liabilities.
The operating cycle is the time between the acquisition of assets for processing and their realisation in cash and cash
equivalents. The Group has identified twelve months as its operating cycle.
3.3 Warranties
Provisions for the expected cost of warranty obligations under local sale of goods legislation are recognised at the date of
sale of the relevant products, at the Group's best estimate of the expenditure required to settle the Group's obligation.
3.4 Financial Instruments

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

The effective interest method is a method of calculating the amortised cost of a financial instrument and of allocating
interest income or expenses over the relevant period. The effective interest rate is the rate that exactly discounts future cash
receipts or payments through the expected life of the financial instrument, or where appropriate, a shorter period.
3.5 Financial Assets

All regular way purchases or sales of financial assets are recognised and derecognised on a trade date basis. Regular way
purchases or sales are purchases or sales of financial assets that require delivery of assets within the time frame established
by regulation or convention in the market place. All recognised financial assets are subsequently measured in their entirety
at either amortised cost or fair value, depending on the classification of the financial assets.



(Contd.)
3.5.1 Financial assets at amortised cost
Financial assets are subsequently measured at amortised cost using the effective interest rate method if these financial
assets are held within a business whose objective is to hold these assets in order to collect contractual cash flows and the
contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and
interest on the principal amount outstanding.
3.5.2 Financial assets at fair value through other comprehensive income (FVTOCI)
A financial asset is subsequently measured at fair value through other comprehensive income if it is held within a business
model whose objective is achieved by both collecting contractual cash flows and selling financial assets and the contractual
terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the
principal amount outstanding.
On initial recognition, the Group makes an irrevocable election on an instrument-by-instrument basis to present the
subsequent changes in fair value in other comprehensive income pertaining to investments in equity instruments, other
than equity investment which are held for trading. Subsequently, they are measured at fair value with gains and losses
arising from changes in fair value recognised in other comprehensive income and accumulated in the 'Reserve for equity
instruments through other comprehensive income'. The cumulative gain or loss is not reclassified to consolidated statement
of profit and loss on sale of the investments.
3.5.3 Financial assets at fair value through profit or loss (FVTPL)

Investments in equity instruments are classified as at FVTPL, unless the Group irrevocably elects on initial recognition to
present subsequent changes in fair value in other comprehensive income for investments in equity instruments which are
not held for trading. Other financial assets are measured at fair value through profit or loss unless it is measured at amortised
cost or at fair value through other comprehensive income.
3.5.4 Investment in joint ventures and associates

Investment in joint ventures and associates are accounted using equity method less impairment.
An associate is an entity over which the Group has significant influence. Significant influence is the power to participate in
the financial and operating policy decisions of the investee but is not control or joint control over those policies.
A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net
assets of the joint arrangement. Joint control is the contractually agreed sharing of control of an arrangement, which exists
only when decisions about the relevant activities require unanimous consent of the parties sharing control.
Impairment of investments:
The Group reviews its carrying value of investments carried at cost, amortised cost or equity method annually, or more
frequently when there is an indication for impairment. If the recoverable amount is less than its carrying amount, the
impairment loss is accounted for in the statement of profit 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 and loss.
3.5.5 Derecognition
A financial asset (or, where applicable, a part of a financial asset or part of a Group of similar financial assets) is primarily
derecognised (i.e. removed from the Group’s balance sheet) when:
- the right to receive cash flows from the asset have expired, or
- the Group has transferred its right to receive cash flows from the asset or has assumed an obligation to pay the received
cash flows in full without material delay to a third party under a ‘pass-through’ arrangement; and either (a) the Group
has transferred substantially all the risks and rewards of the asset, or (b) the Group has neither transferred nor retained
substantially all the risks and rewards of the asset, but has transferred control of the asset.
(Contd.)
When the Group has transferred its right to receive cash flows from an asset or has entered into a pass-through arrangement,
it evaluates if and to what extent it has retained the risks and rewards of ownership. When it has neither transferred nor
Overview
retained substantially all of the risks and rewards of the asset, nor transferred control of the asset, the Group continues to
recognise the transferred asset to the extent of the Group’s continuing involvement. In that case, the Group also recognises
an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and
obligations that the Group has retained.
3.5.6 Impairment of financial assets

The Group assesses at each date of balance sheet whether a financial asset or a Group of financial assets is impaired. Ind AS
109 requires expected credit losses to be measured through a loss allowance. The Group recognises lifetime expected losses
for all contract assets and/or all trade receivables that do not constitute a financing transaction. For all other financial assets,

expected credit losses are measured at an amount equal to the 12 month expected credit losses or at an amount equal to
the life time expected credit losses if the credit risk on the financial asset has increased significantly since initial recognition.
3.6 Financial liabilities and equity instruments

3.6.1 Classification as debt or equity
Debt and equity instruments issued by a Group are classified as either financial liabilities or as equity in accordance with the
substance of the contractual arrangements and the definitions of a financial liability and an equity instrument.
3.6.2 Equity Instruments

An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its
liabilities. Equity instruments issued by a Group entity are recognised at the proceeds received, net of direct issue costs.

3.6.3 Financial liabilities
All financial liabilities are subsequently measured at amortised cost using the effective interest rate method. Gains and
losses are recognised in consolidated statement of profit and loss when the liabilities are derecognised as well as through
the effective interest rate (EIR) amortisation process. Amortised cost is calculated by taking into account any discount or
premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs
in the consolidated statement of profit and loss.
Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities
designated upon initial recognition as FVTPL. Financial liabilities are classified as held for trading if these are incurred for the
purpose of repurchasing in the near term. Financial liabilities at FVTPL are stated at fair value, with any gains or losses arising
on remeasurement recognised in the statement of profit and loss.
3.6.4 Derecognition
Statutory Reports
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When
an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms
of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the
original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the
consolidated statement of profit and loss.
3.6.5 Financial guarantee contracts

Financial guarantee contracts issued by the Group are those contracts that require a payment to be made to reimburse the
holder for a loss it incurs because the specified debtor fails to make a payment when due in accordance with the terms of
a debt instrument. Financial guarantee contracts are recognised initially as a liability at fair value, adjusted for transaction
costs that are directly attributable to the issuance of the guarantee. Subsequently, the liability is measured at the higher of
the amount of loss allowance determined as per impairment requirements of Ind AS 109 - ' Financial Instruments' and the
amount recognised less cumulative amortisation.
3.7 Derivative financial instruments and hedge accounting

The Group enters into a variety of derivative financial instruments such as forward contracts, options contacts and interest
rate swaps, to manage its exposure to foreign exchange rate risks, including foreign exchange forward contracts and cross
currency swaps.


(Contd.)
Derivative financial instruments are initially recognised at fair value on the date on which a derivative contract is entered into
and are subsequently re-measured at fair value.
Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is
negative.
The purchase contracts that meet the definition of a derivative under Ind AS 109 are recognised in the consolidated statement
of profit and loss. Any gains or losses arising from changes in the fair value of derivatives are taken directly to consolidated
The Group adopts hedge accounting for forward, interest rate and commodity contracts wherever possible. At the inception
of each hedge, there is a formal, documented designation of the hedging relationship. This documentation includes, inter
alia, items such as identification of the hedged item transaction and nature of the risk being hedged. At inception, each
hedge is expected to be highly effective in achieving an offset of changes in fair value or cash flows attributable to the hedged
risk. The effectiveness of hedge instruments to reduce the risk associated with the exposure being hedged is assessed and
measured at the inception and on an ongoing basis. The ineffective portion of designated hedges is recognised immediately
in the consolidated statement of profit and loss.
When hedge accounting is applied:

• for fair value hedges of recognised assets and liabilities, changes in fair value of the hedged assets and liabilities
attributable to the risk being hedged, are recognised in the consolidated statement of profit and loss and compensate for
the effective portion of symmetrical changes in the fair value of the derivatives.
• for cash flow hedges, the effective portion of the change in the fair value of the derivative is recognised directly in other
comprehensive income and the ineffective portion is recognised in the consolidated statement of profit and loss. If the
cash flow hedge of a firm commitment or forecasted transaction results in the recognition of a non-financial asset or
liability, then, at the time the asset or liability is recognised, the associated gains or losses on the derivative that had
previously been recognised in equity are included in the initial measurement of the asset or liability. For hedges that
do not result in the recognition of a non-financial asset or a liability, amounts deferred in equity are recognised in the
consolidated statement of profit and loss in the same period in which the hedged item affects the consolidated statement
of profit and loss. In cases where hedge accounting is not applied, changes in the fair value of derivatives are recognised
in the consolidated statement of profit and loss as and when they arise.
Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, or exercised, or no longer
qualifies for hedge accounting. At that time, any cumulative gain or loss on the hedging instrument recognised in equity
is retained in equity until the forecasted transaction occurs. If a hedged transaction is no longer expected to occur, the net
cumulative gain or loss recognised in equity is transferred to the consolidated statement of profit and loss for the period.

3.8 Reclassification of financial assets and liabilities

The Group determines classification of financial assets and liabilities on initial recognition. After initial recognition, no
reclassification is made for financial assets which are equity instruments and financial liabilities. For financial assets which
are debt instruments, a reclassification is made only if there is a change in the business model for managing those assets.
Changes to the business model are expected to be infrequent. The Group’s senior management determines change in the
business model as a result of external or internal changes which are significant to the Group’s operations. Such changes are
evident to external parties. A change in the business model occurs when the Group either begins or ceases to perform an
activity that is significant to its operations. If the Group reclassifies financial assets, it applies the reclassification prospectively
from the reclassification date which is the first day of the immediately next reporting period following the change in business
model. The Group does not restate any previously recognised gains, losses (including impairment gains or losses) or interest.
3.9 Offsetting of financial instruments

Financial assets and financial liabilities are offset and the net amount is reported in the balance sheet if there is a currently
enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, to realise the assets
and settle the liabilities simultaneously.
(Contd.)
3.10 Government Grants
Overview
Government grants are not recognised until there is reasonable assurance that the Group will comply with the conditions
attaching to them and that the grant will be received.
Government grants relating to income are determined and recognised in the consolidated statement of profit and loss over
the period necessary to match them with the cost that they are intended to compensate and presented within other income.
Government grants relating to the purchase of property, plant and equipments are reduced from the cost of the assets.
The benefit of a Government loan at a below market rate of interest is treated as a Government grant, measured as the
difference between proceeds received and the fair value of loan based on prevailing market interest rates.

3.11 Dividend distribution to equity shareholders of the Parent Company
The Parent Company recognises a liability to make dividend distributions to its equity holders when the distribution is
authorised and the distribution is no longer at its discretion. As per the corporate laws in India, a distribution is authorised
when it is approved by the shareholders. A corresponding amount is recognised directly in equity. In case of Interim Dividend,
the liability is recognised on its declaration by the Board of Directors.
3.12 Service Concession Agreement (SCA)

A Group entity has entered into contract for design, part finance, engineering, manufacture, supply, erection, testing,
commissioning and operation and maintenance for 25 years of Grid Interactive Solar Power Project through Public
Private Partnership with a public sector power generator (PSU). The PSU has paid part of the project cost to the Group on

commissioning of plant/Handover of Project. Remaining cost and the operations and maintenance cost is being recovered
over the period of the project in accordance with the agreement with the PSU.
Ind AS 115 establishes a five-step model to account for revenue arising from contracts with customers and requires that
revenue be recognised at an amount that reflects the consideration to which an entity expects to be entitled in exchange for
transferring goods or services to a customer. It requires entities to exercise judgement, taking into consideration all of the
relevant facts and circumstances when applying each step of the model to contracts with their customers.
As per the arrangement, the share of electricity revenue is divided into three parts i.e. towards deferred payment, interest
income and operation and maintenance revenue. The Group has initially measured financial asset at fair value and
subsequently at amortized cost by recognising share of electricity sale revenue first towards operation and maintenance
revenue. Subsequent thereto, amount is recognised as interest income at computed Internal Rate of Return (IRR) on opening
balance of the financial asset. Further, surplus of revenue share over and above operation and maintenance revenue and
interest income is recognised as recovery of the financial asset.
Statutory Reports
3.13 Critical accounting estimates and judgements
In the application of the Group's accounting policies, the Management is required to make judgements, estimates and
assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The
estimates and associated assumptions are based on historical experience and other factors that are considered to be
relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are
recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the
revision and future periods if the revision affects both current and future periods. Detailed information about each of these
estimates and judgements is included in relevant notes together with information about the basis of calculation for each
affected line item in the consolidated financial statements.


(Contd.)
The areas involving critical estimates or judgements are:
Estimates and judgements used for impairment assessment of property, plant and equipments of certain cash generating
units (CGU) - Note 4
Estimation and judgements for impairment assessment of goodwill - Note 5a.
Estimations used for fair value of unquoted securities and impairment assessment of investments - Note 6
Estimation of defined benefit obligation - Note 25
Estimation of provision for warranty claims - Note 25
Estimates related to accrual of regulatory deferrals and revenue recognition - Note 18 and Note 28
Estimations used for determination of tax expenses and tax balances - Note 34 and Note 12
Estimates and judgements related to the assessment of liquidity risk - Note 40.4.3
Judgement to estimate the amount of provision required or to determine required disclosure related to litigation and claims
against the Group - Note 36 and Note 37
Estimates and judgement are continually evaluated. They are based on historical experience and other factors, including
expectations of future events that may have a financial impact on the Group and that are believed to be reasonable under
the circumstances.
4. Property, Plant and Equipments

Accounting Policy
Property, plant and equipments is stated at cost less accumulated depreciation and accumulated impairment losses, if any.
Cost includes purchase price (net of trade discount and rebates) and any directly attributable cost of bringing the asset to
its working condition for its intended use and for qualifying assets, borrowing costs capitalised in accordance with Ind AS
23. Capital work in progress is stated at cost, net of accumulated impairment loss, if any. Other Indirect expenses incurred
relating to project, net of income earned during the project development stage prior to its intended use, are considered as
pre-operative expenses and disclosed under Capital Work-in-Progress. When significant parts of plant and equipments are
required to be replaced at intervals, the Group depreciates them separately based on their specific useful lives. Likewise, when
a major inspection is performed, its cost is recognised in the carrying amount of the plant and equipments as a replacement
if the recognition criteria are satisfied. All other repair and maintenance costs are recognised in the consolidated statement
of profit and loss as incurred.
The accounting policy related to Right-of-Use Assets has been disclosed in Note 22.
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 Group covered under Part B
of Schedule II of the Companies Act, 2013, has been provided on the straight line method at the rates specified in tariff
regulations notified by respective Electricity Regulatory Commission ('Regulator').
Non Regulated Assets:

Depreciation is recognised on the cost of assets (other than freehold land and properties under construction) less their
residual values over their estimated useful lives, using the straight-line method.
The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, with
the effect of any changes in estimate accounted for on a prospective basis. The Group, based on technical assessment made
by technical expert and management estimate, depreciates certain items of building, plant and equipments over estimated
useful lives which are different from the useful life prescribed in Schedule II to the Companies Act, 2013. The management
believes that these estimated useful lives are realistic and reflect fair approximation of the period over which the assets are
likely to be used.
Estimated useful lives of the Regulated and Non Regulated assets are as follows:
Type of asset Useful lives
Overview
Hydraulic Works 40 years
Buildings-Plant 5 to 50 years
Buildings-Others 25 to 60 years
Coal Jetty 25 years
Railway Sidings, Roads, Crossings, etc. 5 to 40 years
Plant and Equipments (excluding Computers and Data Processing units) 3 to 40 years
Plant and Equipments (Computers and Data Processing units) 3 to 6 years
Transmission Lines, Cable Network, etc. 4 to 40 years

Furniture and Fixtures 5 to 40 years
Office Equipments 5 to 15 years
Motor Cars 4 to 15 years
Motor Lorries, Launches, Barges etc. 25 to 40 years
Ships 25 years
Helicopters 25 years
De-recognition
An item of property, plant and equipments is derecognised upon disposal or when no future economic benefits are expect-
ed 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 consolidated statement of profit and loss.
Impairment of tangible and intangible assets

The Group assesses, at each reporting date, whether there is an indication that an asset may be impaired. If any indication
exists, or when annual impairment testing for an asset is required, the Group estimates the asset’s recoverable amount. An
asset’s recoverable amount is the higher of an asset’s or cash-generating unit’s (CGU) fair value less costs of disposal and its
value in use. Recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that
are largely independent of those from other assets of or Group of assets.
When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is writ-
ten down to its recoverable amount.
In assessing value in use, the estimated future post tax cash flows are discounted to their present value using a post-tax
Statutory Reports
discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In de-
termining fair value less costs of disposal, recent market transactions are taken into account. If no such transactions can be
identified, an appropriate valuation model is used.
The Group basis its impairment calculation on detailed budgets and forecast calculations, which are prepared separately
for each of the Group’s CGUs to which the individual assets are allocated. These budgets and forecast calculations generally
cover the PPA period. To estimate Cash flow projections beyond periods covered by the most recent budgets/forecasts, the
Group extrapolates cash flow projections in the budget using a steady or declining growth rate for subsequent years, unless
an increasing rate can be justified. In any case, this growth rate does not exceed the long-term average growth rate for the
market in which the asset is used.
Impairment losses of tangible and intangible assets are recognised in the consolidated statement of profit and loss.

344
a. Owned Assets ₹ crore
Description Freehold Hydraulic Buildings - Buildings - Coal Roads, Plant and Transmission Furniture Office Motor Ships Helicopters Assets Total
Land Works Plant Others @ Jetty Railway Equipments lines and and Equipments Vehicles, Under
sidings, cable Fixtures Launches, Lease
crossings network Barges,
etc. etc.
Cost
Balance as at 1st April, 2020 1,048.97 536.37 2,266.78 778.87 106.10 103.63 47,410.14 6,778.74 118.37 188.46 93.60 Nil 35.30 Nil 59,465.33
Additions 142.07 9.35 148.81 8.82 Nil 493.91 1,294.75 826.68 16.95 11.86 10.83 17.93 Nil Nil 2,981.96
Acquisition through business
combination (Refer Note 44) Nil Nil Nil 27.60 Nil Nil Nil 3,713.26 0.88 3.36 0.13 Nil Nil Nil 3,745.23
Disposals (0.35) (0.43) (1.64) (1.02) Nil Nil (151.42) (5.80) (2.31) (15.78) (18.07) Nil Nil Nil (196.82)
Exchange Movement Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil (0.50) Nil Nil (0.50)
Balance as at 31st March, 2021 1,190.69 545.29 2,413.95 814.27 106.10 597.54 48,553.47 11,312.88 133.89 187.90 86.49 17.43 35.30 Nil 65,995.20
Accumulated depreciation and

impairment
Balance as at 1st April, 2020 Nil 306.23 606.61 247.08 61.61 72.65 14,526.82 2,551.90 84.47 87.06 53.53 Nil 31.73 Nil 18,629.69
Depreciation Expense - Continuing

Operations Nil 10.33 73.25 28.30 5.60 1.66 1,891.19 399.68 7.44 16.74 7.19 1.20 0.02 Nil 2,442.60
Disposals Nil (0.31) (0.67) (1.01) Nil (0.04) (117.70) (4.31) (1.98) (5.95) (11.96) Nil Nil Nil (143.93)
Exchange Movement Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil 0.25 Nil Nil 0.25
Balance as at 31st March, 2021 Nil 316.25 679.19 274.37 67.21 74.27 16,300.31 2,947.27 89.93 97.85 48.76 1.45 31.75 Nil 20,928.61
Net carrying amount

As at 31st March, 2021 1,190.69 229.04 1,734.76 539.90 38.89 523.27 32,253.16 8,365.61 43.96 90.05 37.73 15.98 3.55 Nil 45,066.59
As at 31st March, 2020 1,048.97 230.14 1,660.17 531.79 44.49 30.98 32,883.32 4,226.84 33.90 101.40 40.07 Nil 3.57 Nil 40,835.64
a. Owned Assets ₹ crore
Description Freehold Hydraulic Buildings - Buildings - Coal Roads, Plant and Transmission Furniture Office Motor Ships Helicopters Assets Total
Land Works Plant Others @ Jetty Railway Equipments lines and and Equipments Vehicles, Under
sidings, cable Fixtures Launches, Lease
crossings network Barges,
etc. etc.
Cost
Balance as at 1st April, 2019 1,031.54 536.46 2,185.31 752.79 106.10 102.84 44,923.95 6,200.14 120.44 163.48 101.45 1,691.27 37.01 4.43 57,957.21
Reclassified to Right of Use Assets as
at 1st April, 2019 (Refer Note 4b) Nil Nil (0.26) Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil (4.43) (4.69)
Additions 40.79 0.04 83.02 28.90 Nil 1.07 2,398.25 580.71 4.18 29.23 11.84 Nil Nil Nil 3,178.03
Disposals (0.15) Nil (1.61) (2.37) Nil (0.05) (129.84) (1.42) (6.31) (4.25) (19.69) (566.88) Nil Nil (732.57)
Exchange Movement Nil Nil Nil Nil Nil Nil Nil Nil 0.05 Nil Nil 156.07 Nil Nil 156.12
Reclassified from/to as held for sale
(Refer Note 17a) (23.21) (0.13) 0.32 (0.45) Nil (0.23) 217.78 (0.69) 0.01 Nil Nil (1,280.46) (1.71) Nil (1,088.77)
Balance as at 31st March, 2020 1,048.97 536.37 2,266.78 778.87 106.10 103.63 47,410.14 6,778.74 118.37 188.46 93.60 Nil 35.30 Nil 59,465.33
Accumulated depreciation and

impairment
Balance as at 1st April, 2019 Nil 293.86 543.28 221.15 56.01 70.72 12,696.40 2,276.43 81.55 72.91 54.46 454.75 33.25 0.94 16,855.71
Reclassified to Right of Use Assets as
at 1st April, 2019 (Refer Note 4b) Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil (0.94) (0.94)
Depreciation Expense - Continuing
Operations Nil 12.37 63.76 28.15 5.60 1.98 1,824.27 276.14 8.71 18.40 10.35 65.82 0.02 Nil 2,315.57
Disposals Nil Nil (1.28) (2.34) Nil (0.05) (79.27) (0.67) (5.84) (4.25) (11.28) (531.91) Nil Nil (636.89)
Exchange Movement Nil Nil Nil Nil Nil Nil Nil Nil 0.04 Nil Nil 11.34 Nil Nil 11.38
Reclassified from/to as held for sale
(Refer Note 17a) Nil Nil 0.85 0.12 Nil Nil 85.42 Nil 0.01 Nil Nil Nil (1.54) Nil 84.86
Balance as at 31st March, 2020 Nil 306.23 606.61 247.08 61.61 72.65 14,526.82 2,551.90 84.47 87.06 53.53 Nil 31.73 Nil 18,629.69
Net carrying amount
As at 31st March, 2020 1,048.97 230.14 1,660.17 531.79 44.49 30.98 32,883.32 4,226.84 33.90 101.40 40.07 Nil 3.57 Nil 40,835.64
As at 31st March, 2019 1,031.54 242.60 1,642.03 531.64 50.09 32.12 32,227.55 3,923.71 38.89 90.57 46.99 1,236.52 3.76 3.49 41,101.50
Notes:
1. (a)
During the previous year, the Group had recognised an impairment charge of ₹ 18.07 crore against carrying value of Rithala power generation plant (Net carrying value of
₹ 20.04 crore has been classified as assets held for sale).
(b) Total Impairment recognised as at 31st March, 2021 is ₹ 408.18 crore (31st March, 2020 - ₹ 408.18 crore).
2. Refer Note 21 for charge created on Property, Plant and Equipments.
3. The title deeds of immovable properties included in property, plant and equipments are held in the name of the Group, except for:
(a) immovable properties aggregating to ₹ 0.88 crore (31st March, 2020 - ₹ 0.88 crore) acquired during merger of Chemical Terminal Trombay Ltd. in the earlier year for which
registration of title of deeds is in progress;

(b) immovable properties aggregating to ₹ 8.01 crore (31st March, 2020 - ₹ 8.01 crore) acquired in earlier years for which registration of title of deeds is in progress;
(c) immovable properties aggregating to Nil (31st March, 2020 - ₹ 27.57 crore) for which the title deed is in dispute and pending resolution as at 31st March, 2021.
345
4. The Group has received advance of ₹ 113.56 crore towards the sale of Dehrand land aggregating to ₹ 215.55 crore (Gross value ₹ 225.65 crore) (31st March, 2020 - ₹ 215.55
crore). The title deed of the above land is pending registration. (Refer Note 17a.)

b. Right-of-Use Assets - ROU (Refer Note 22)
₹ crore
Description Land Plant and Building- Port and Ships Total
Equipments Plant Intake
Channel
Cost
Balance as at 1st April 2020 1,022.01 14.52 11.97 2,362.54 669.98 4,081.02
Exchange Movement Nil (0.08) Nil Nil (21.55) (21.63)
Additions 14.21 Nil 17.82 59.77 Nil 91.80
Disposals (48.72) Nil Nil Nil Nil (48.72)
Balance as at 31st March, 2021 987.50 14.44 29.79 2,422.31 648.43 4,102.47
Balance as at 1st April 2020 119.26 4.88 2.95 73.36 53.60 254.05
Depreciation Expense - Continuing Operations 50.68 5.58 4.20 75.50 52.66 188.62
Disposals (19.96) Nil Nil Nil Nil (19.96)
Exchange Movement Nil Nil Nil Nil (2.51) (2.51)
Balance as at 31st March, 2021 149.98 10.46 7.15 148.86 103.75 420.20
Net carrying amount
As at 31st March, 2021 837.52 3.98 22.64 2,273.45 544.68 3,682.27
As at 31st March, 2020 902.75 9.64 9.02 2,289.18 616.38 3,826.97
₹ crore
Description Land Plant and Building- Port and Ships Total
Equipments Plant Intake
Channel
Cost
Balance on transition to Ind AS 116 as at 1st April 2019 821.60 11.43 7.73 2,332.32 613.39 3,786.47
Exchange Movement Nil Nil Nil Nil 56.59 56.59
Additions 69.31 3.09 0.08 30.22 Nil 102.70
Disposals Nil Nil (0.53) Nil Nil (0.53)
Reclassified to ROU at 1st April, 2019 (Refer Note 4a and 5b) 174.71 Nil 4.69 Nil Nil 179.40
Reclassified as held for Sale (Refer Note 17a) (43.61) Nil Nil Nil Nil (43.61)
Balance as at 31st March, 2020 1,022.01 14.52 11.97 2,362.54 669.98 4,081.02
Depreciation Expense - Continuing Operations 66.63 4.88 2.01 73.36 50.30 197.18
Exchange Movement Nil Nil Nil Nil 3.30 3.30
Reclassified to ROU at 1st April, 2019 (Refer Note 4a and 5b) 52.63 Nil 0.94 Nil Nil 53.57
Balance as at 31st March, 2020 119.26 4.88 2.95 73.36 53.60 254.05
Net carrying amount
As at 31st March, 2020 902.75 9.64 9.02 2,289.18 616.38 3,826.97
As at 1st April, 2019 821.60 11.43 7.73 2,332.32 613.39 3,786.47
As at As at
₹ crore ₹ crore
Net carrying amount
a. Owned Assets 45,066.59 40,835.64
b. Right of Use Assets 3,682.27 3,826.97
Total 48,748.86 44,662.61
5 a. Goodwill
As at As at
₹ crore ₹ crore
Overview
Cost
Balance at beginning of year 1,641.57 1,641.57
Additions during the year (Refer Note 44) 153.00 Nil
Balance at end of year 1,794.57 1,641.57
Impairment assessment of Goodwill (other than acquired during the year)

In accordance with IND AS 36 “Impairment of Assets” the Group performed impairment testing of Goodwill assigned to
each Cash Generating Unit (CGU) as at 31st March, 2021 applying value in use approach across all the CGUs i.e. using cash
flow projections based on financial budgets covering contracted power sale agreements with procurers (15 to 20 years)

considering a discount rate (pre-tax) in the range of 8.86% per annum. The Group has used financial projections for 15 to 20
years as the tariff rates are fixed as per PPA.
Based on the results of the Goodwill impairment test, the estimated value in use in all CGUs were higher than their respective
carrying amount, hence impairment provision recorded during the current year is Nil (31st March, 2020 - Nil). Management
believes that any reasonably possible change in the key assumptions on which recoverable amount is based would not
cause the aggregate carrying amount to exceed the aggregate recoverable amount of the Goodwill.
The key assumptions used in the value in use calculations for the power cash-generating unit are as follows:
Operation & Maintenance cost inflation Escalation of 5%

Discount Rate 8.86% (31st March, 2020 10.05% to 10.54%) Pre-Tax Discount rate has been
derived based on current cost of borrowing and equity rate of return in line
with the current market expectations.
Plant load factor (PLF) Plant load factor is estimated for each CGU based on past trend of PLF and
expected PLF in future years
5 b. Other Intangible Assets
Accounting Policy
Intangible Assets acquired separately
Intangible Assets acquired separately are measured on initial recognition at cost. Following initial recognition, intangible
assets are carried at cost less any accumulated amortisation and accumulated impairment losses if any.
Internally generated intangibles
Statutory Reports
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 consolidated statement of profit and loss when the asset
is derecognised.
Amortisation of Intangible Assets

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

5 b. Other Intangible Assets (Contd.)

Estimated useful lives of the Intangible Assets are as follows:
Type of asset Useful lives
Copyrights, patents, other intellectual property rights, services and operating rights 5 years
Right-of-Use Assets (Intake Channel) 5 years
Customer Contracts acquired under business combination 12 to 25 years
Computer Software 3 to 6 years
Power Distribution Rights 20 years
For accounting policy related to impairment has been disclosed in Note 4

₹ crore
Description Copyrights, Right- Customer Computer Power Total
patents, other of-Use Contracts Software Distribution
intellectual Assets acquired $ Rights @
property rights, (Intake under business
services and Channel) combination
operating rights # $
Cost
Balance as at 1st April, 2020 4.60 Nil 1,386.14 415.20 70.51 1,876.45
Reclassified to Right-of-Use Assets as at 1st April, 2019
(Refer Note 4b) Nil Nil Nil Nil (0.32) (0.32)
Additions 0.63 Nil Nil 71.74 25.36 97.73
Disposals (0.26) Nil Nil (0.11) (0.06) (0.43)
Balance as at 31st March, 2021 4.97 Nil 1,386.14 486.83 95.49 1,973.43
Balance as at 1st April, 2020 2.72 Nil 226.36 279.93 5.26 514.27
Amortisation expense - Continuing Operations 2.13 Nil 59.80 47.62 4.17 113.72
Balance as at 31st March, 2021 4.59 Nil 286.16 327.44 9.39 627.58
Net carrying amount
As at 31st March, 2021 0.38 Nil 1,099.98 159.39 86.10 1,345.85
As at 31st March, 2020 1.88 Nil 1,159.78 135.27 65.25 1,362.18
₹ crore
Description Copyrights, Right- Customer Computer Power Total
patents, other Of-Use Contracts Software Distribution
intellectual Assets acquired $ Rights @
property rights, (Intake under business
services and Channel) combination
operating rights # $
Cost
Balance as at 1st April, 2019 12.92 174.71 1,386.14 393.32 47.09 2,014.18
Reclassified to Right-Of-Use Assets as at 1st April, 2019
(Refer Note 4b) Nil (174.71) Nil Nil Nil (174.71)
Additions 0.75 Nil Nil 21.91 23.78 46.44
Balance as at 31st March, 2020 4.60 Nil 1,386.14 415.20 70.51 1,876.45
Balance as at 1st April, 2019 11.22 52.75 162.21 224.15 2.03 452.36
Reclassified to Right of Use Assets as at 1st April, 2019
(Refer Note 4b) Nil (52.75) Nil Nil Nil (52.75)
Amortisation expense - Continuing Operations 0.57 Nil 64.15 55.81 3.23 123.76
Disposals (9.07) Nil Nil (0.03) Nil (9.10)
Balance as at 31st March, 2020 2.72 Nil 226.36 279.93 5.26 514.27
5 b. Other Intangible Assets (Contd.)
Net carrying amount

As at 31st March, 2020 1.88 Nil 1,159.78 135.27 65.25 1,362.18
Overview
As at 31st March, 2019 1.70 121.96 1,223.93 169.17 45.06 1,561.82
Notes:
# Internally generated intangible assets.
$ Other than internally generated Intangible Assets.
@ Power Distribution Rights relate to the value of construction service obligation for construction and upgradation of the power supply infrastructure
in Ajmer city as per the agreement with Ajmer Vidyut Vitaran Nigam Ltd.
Depreciation/Amortisation-Continuing Operations
As at As at

₹ crore ₹ crore
Depreciation on Tangible Assets 2,442.60 2,315.57
Add: Depreciation on Right-of-Use Assets 188.62 197.18
Add: Amortisation on Intangible Assets 113.72 123.76
Less: Depreciation/Amortisation Capitalised Nil 2.95
Total 2,744.94 2,633.56
6 a. Investments accounted for using the Equity Method

31st March, 31st March, (in ₹ unless 31st March, 31st March,

2021 2020 stated 2021 2020
Quantity Quantity otherwise) ₹ crore ₹ crore
I Investment in Associates
(a) Investment in Equity Shares fully Paid-up
Unquoted
Brihat Trading Pvt. Ltd. 3,350 3,350 10 0.01 0.01
The Associated Building Co. Ltd. 1,825 1,825 900 3.69 3.30
Yashmun Engineers Ltd. 19,200 19,200 100 4.28 4.28
Dagachhu Hydro Power Corporation Ltd. 10,74,320 10,74,320 Nu 1,000 97.30 80.47
Tata Projects Ltd. 9,67,500 9,67,500 100 690.73 642.20
A 796.01 730.26
II Investment in Joint Ventures
Statutory Reports
Unquoted
PT Kaltim Prima Coal 1,23,540 1,23,540 USD 100 4,395.44 ** 4,357.21 **
Indocoal Resources (Cayman) Ltd. 300 300 USD 1 3,192.35 3,794.31
PT Indocoal Kaltim Resources 82,380 82,380 IDR 10,000 0.25 0.32
PT Nusa Tambang Pratama 18,000 18,000 IDR 10,000 746.05 1,521.47
Candice Investments Pte. Ltd. 3 3 SGD 1 25.22 28.86
PT Marvel Capital Indonesia 1,07,459 1,07,459 IDR 10,000 Nil * Nil *
IDR
PT Dwikarya Prima Abadi 10,769 10,769 1,00,000 68.63 284.89

PT Kalimantan Prima Power 7,500 7,500 USD 100 205.16 204.91
Indocoal KPC Resources (Cayman) Ltd. 300 300 USD 1 0.82 0.90
Adjaristsqali Netherlands B.V. 20,573 16,459 Euro 1 231.18 ** 265.88 **
Khoromkheti Netherlands B.V. 500 500 Euro 1 Nil Nil
Resurgent Power Ventures Pte. Ltd. 5,46,319 77,929 USD 1 436.52 353.00
Powerlinks Transmission Ltd. (Refer Note 4 below) 23,86,80,000 23,86,80,000 10 488.80 484.43

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

2021 2020 stated 2021 2020
Industrial Energy Ltd. (Refer Note 4 below) 49,28,40,000 49,28,40,000 10 700.62 617.54
Dugar Hydro Power Ltd. 4,32,50,002 4,32,50,002 10 31.77 23.55
Tubed Coal Mines Ltd. 1,01,97,800 1,01,97,800 10 Nil Nil
Mandakini Coal Company Ltd. (Refer Note 4 below) 3,93,00,000 3,93,00,000 10 Nil Nil
10,522.81 11,937.27
Quoted
PT Baramulti Sukessarana Tbk. 68,02,90,000 68,02,90,000 IDR 100 1,339.63 ** 1,346.74 **
11,862.44 13,284.01
** Less: Impairment in the value of Investments
[Refer Note 6b (i) (a) & (b)]
1,004.68 1,030.69
B 10,857.76 12,253.32
(b) Investment in Perpetual Securities in Joint Ventures

Unquoted
Adjaristsqali Netherlands B.V. N.A. N.A. 266.86 219.07
C 266.86 219.07
Total A+B+C 11,920.63 13,202.65
Notes:
*Denotes figure below ₹ 50,000
**Impairment in the value of Investments
2. Aggregate Carrying Value of Quoted Investments (Net of Impairment) 1,069.11 1,067.23
3. Aggregate Carrying Value of Unquoted Investments (Net of Impairment) 10,851.52 12,135.42
4. Shares pledged
The Group has pledged shares of joint ventures with the lenders for borrowings availed by the respective joint ventures.
Details Category 31st March, 2021 31st March, 2020

Nos. Nos.
Itezhi Tezhi Power Corporation $ Joint Venture 4,52,500 4,52,500
Mandakini Coal Company Ltd. Joint Venture 2,00,43,000 2,00,43,000
Powerlinks Transmission Ltd. Joint Venture 23,86,80,000 23,86,80,000
Industrial Energy Ltd. Joint Venture 25,13,48,400 25,13,48,400
$ Classified as held for sale
III Details of Material Associates

Details of each of the Group's Material Associates at the end of the reporting period are as follows:
Sr. Name of Associate Principal Activity Country of Proportion of Ownership Interest /

No. Incorporation Voting Rights held by the Group
and Principal As at As at
Place of 31st March, 2021 31st March, 2020
Business
A Tata Projects Ltd. EPC Contracts India 47.78% 47.78%
Dagachhu Hydro Power Hydro Power Generation
B
Corporation Ltd. Company Bhutan 26.00% 26.00%
Summarised Financial Information of Material Associates
A Tata Projects Ltd.
Overview
Summarised Balance Sheet As at As at
₹ crore ₹ crore
Non-current Assets 1,310.59 1,842.34
Current Assets 14,682.94 12,822.83
Non-current Liabilities (1,834.82) (1,676.15)
Current Liabilities (12,748.64) (11,680.70)
Net Assets- Gross 1,410.07 1,308.32

Less: Non-controlling interest 9.32 10.73
Net Assets- Net 1,400.75 1,297.59
Summarised Statement of Profit and Loss For the year ended For the year ended
₹ crore ₹ crore
Revenue 12,187.38 10,687.05
Profit/(Loss) for the year 125.70 108.65
Other Comprehensive Income/(Expenses) for the year (21.45) (35.49)
Total Comprehensive Income/(Expenses) for the year 104.25 73.16

Reversal of Deferred Tax liability on unrealised profits Nil 96.00
104.25 169.16
Dividend received by the Group during the year Nil 9.68
Reconciliation of the above summarised financial information to the carrying amount of the interest in Tata Projects Ltd.
recognised in the consolidated financial statements:
As at As at
₹ crore ₹ crore
Net Assets of Tata Projects Ltd. 1,400.75 1,297.59
Proportion of the Group's ownership interest in Tata Projects Ltd. 47.78% 47.78%
Statutory Reports
667.43 618.90
Goodwill 23.30 23.30
Deferred Tax Liability on Unrealised profits Nil Nil
Carrying amount of the Group's interest in Tata Projects Ltd. 690.73 642.20
B Dagachhu Hydro Power Corporation Ltd.

₹ crore ₹ crore
Current Assets 18.79 25.69

Non-current Liabilities (647.78) (715.82)
Current Liabilities (50.87) (54.78)
Net Assets 374.03 309.63

₹ crore ₹ crore
Revenue 181.25 143.11
Profit/(Loss) for the year 64.74 (42.58)
Other Comprehensive Income/(Expenses) for the year (0.33) Nil
Total Comprehensive Income/(Expenses) for the year 64.41 (42.58)
Dividend received by the Group during the year Nil Nil
Reconciliation of the above summarised financial information to the carrying amount of the interest in Dagachhu Hydro
Power Corporation Ltd. recognised in the consolidated financial statements:
As at As at
₹ crore ₹ crore
Net Assets of Dagachhu Hydro Power Corporation Ltd. 374.03 309.63
Proportion of the Group's ownership interest in Dagachhu Hydro Power Corporation Ltd. 26.00% 26.00%
Carrying amount of the Group's interest in Dagachhu Hydro Power Corporation Ltd. 97.30 80.47
IV Details of individually not Material Associates

Name of Associate Principal Activity Country of Proportion of Ownership Interest /
Incorporation Voting Rights held by the Group
and Principal As at As at
Place of 31st March, 2021 31st March, 2020
Business
Yashmun Engineers Ltd. Billing and other related Services India 27.27% 27.27%
Brihat Trading Private Ltd. Trading Business India 33.21% 33.21%
The Associated Building Co. Ltd. Services Provided for Building India 33.14% 33.14%
Aggregate Summarised Financial Information of Associates that are not individually material
As at As at
₹ crore ₹ crore
The Group's share of Profit/(Loss) from Continuing Operations 0.93 2.10
The Group's share of Other Comprehensive Income/(Expenses) (0.01) Nil
The Group's share of Total Comprehensive Income/(Expenses) 0.92 2.10
As at As at
₹ crore ₹ crore
Aggregate carrying amount of the Group's interests in these Associates 7.98 7.55
As at As at
₹ crore ₹ crore
Unrecognised share of losses of an Associate Nil Nil
As at As at
₹ crore ₹ crore
Cumulative share of loss of an associate Nil Nil
V Details and Financial Information of Material Joint Ventures at the end of the reporting period is as follows:
Sr. Name of Joint Venture Principal Activity Country of Proportion of Ownership Interest /
Overview
No. Incorporation and Voting Rights held by the Group
Principal Place of As at As at
A PT Kaltim Prima Coal Coal mining and exploration Indonesia 30.00% 30.00%
B Indocoal Resources (Cayman) Ltd. # Coal Trading Cayman Island 30.00% 30.00%
C PT Nusa Tambang Pratama Infrastructure Support for Coal Business Indonesia 30.00% 30.00%
D PT Baramulti Suksessarana Tbk Coal mining and trading Indonesia 26.00% 26.00%
E Industrial Energy Ltd. Power generation and operation
of power plant India 74.00% 74.00%

A PT Kaltim Prima Coal

₹ crore ₹ crore
Current Assets 4,824.48 4,592.79
Non-current Liabilities (480.70) (2,163.40)

Net Assets 1,445.64 880.63
The above amounts of assets and liabilities include the following:

Cash and Cash Equivalents 484.60 461.55
Current Financial Liabilities (excluding trade payables and provisions) (1,813.39) (2,292.92)
Non-current Financial Liabilities (excluding trade payables and provisions) Nil (1,070.16)
₹ crore ₹ crore
Revenue 21,662.75 24,628.04
Profit/(Loss) for the year 909.59 1,205.85
Statutory Reports
Other Comprehensive Income/(Expense) for the year (10.46) 11.75
Total Comprehensive Income/(Expense) for the year 899.13 1,217.60
Dividend received by the Group during the year 1,757.62 1,678.78
The above profit/(loss) for the year include the following:
Depreciation and Amortisation 2,524.56 1,369.55
Interest Income 43.10 56.20
Interest Expense 140.67 69.99
Income-tax Expense 852.85 1,212.38
Reconciliation of the above summarised financial information to the carrying amount of the interest in PT Kaltim Prima Coal
recognised in the consolidated financial statements:
As at As at
₹ crore ₹ crore
Net Assets of PT Kaltim Prima Coal 1,445.64 880.63
Proportion of the Group's ownership interest in PT Kaltim Prima Coal 30.00% 30.00%
433.69 264.19
carried forward ........................... 433.69 264.19


As at As at
₹ crore ₹ crore
brought forward ........................... 433.69 264.19
Goodwill 3,961.75 4,093.02
Carrying amount of the Group's interest in PT Kaltim Prima Coal 4,395.44 4,357.21
Impairment of Goodwill (512.30) (529.32)
Carrying amount of the Group's interest in PT Kaltim Prima Coal (net of impairment) 3,883.14 3,827.89
B Indocoal Resources (Cayman) Ltd.

₹ crore ₹ crore
Non-current Assets Nil 1,151.62
Non-current Liabilities Nil Nil
Net Assets 916.52 2,599.86
Cash and Cash Equivalents Nil Nil
Current Financial Liabilities (excluding trade payables and provisions) (1,110.92) (1,256.25)
Non-current Financial Liabilities (excluding trade payables and provisions) Nil Nil
₹ crore ₹ crore
Revenue Nil Nil
Other Comprehensive Income/(Expense) for the year Nil Nil
Total Comprehensive Income/(Expense) for the year 16.33 53.48
Dividend received by the Group during the year 491.14 Nil

Depreciation and Amortisation Nil Nil
Interest Expense Nil Nil
Income-tax Expense Nil Nil
Reconciliation of the above summarised financial information to the carrying amount of the interest in Indocoal Resources
(Cayman) Ltd. recognised in the consolidated financial statements:
As at As at
₹ crore ₹ crore
Net Assets of Indocoal Resources (Cayman) Ltd. 916.52 2,599.86
Proportion of the Group's ownership interest in Indocoal Resources (Cayman) Ltd. 30.00% 30.00%
274.96 779.96
Goodwill 2,917.39 3,014.35
Carrying amount of the Group's interest in Indocoal Resources (Cayman) Ltd. 3,192.35 3,794.31
C PT Nusa Tambang Pratama
Overview
₹ crore ₹ crore
Current Liabilities (778.77) (1,331.94)
Net Assets 2,486.84 5,075.05

Current Financial Liabilities (excluding trade payables and provisions) (638.50) (1,260.02)
Non-current Financial Liabilities (excluding trade payables and provisions) Nil Nil
₹ crore ₹ crore
Revenue 934.63 1,064.97
Other Comprehensive Income/(Expenses) for the year 0.13 (0.01)

Total Comprehensive Income/(Expenses) for the year 652.74 639.03
Dividend received by the Group during the year Nil Nil

Depreciation and Amortisation 147.17 140.54
Income-tax Expense 164.99 212.74
Reconciliation of the above summarised financial information to the carrying amount of the interest in PT Nusa Tambang
Pratama recognised in the consolidated financial statements:
Statutory Reports
As at As at
₹ crore ₹ crore
Net Assets of PT Nusa Tambang Pratama 2,486.84 5,075.05
Proportion of the Group's ownership interest in PT Nusa Tambang Pratama 30.00% 30.00%
Carrying amount of the Group's interest in PT Nusa Tambang Pratama 746.05 1,522.52
D PT Baramulti Suksessarana TBK

₹ crore ₹ crore
Net Assets 1,464.07 1,367.31


Current Financial Liabilities (excluding trade payables and provisions) (38.05) (50.90)
Non-current Financial Liabilities (excluding trade payables and provisions) (57.28) (61.38)
₹ crore ₹ crore
Revenue 2,358.18 2,935.80
Other Comprehensive Income/(Expense) for the year (3.24) (3.92)
Dividend received by the Group during the year 19.29 18.43
Depreciation and amortisation 107.74 125.46
Income-tax Expense 70.42 93.54
Reconciliation of the above summarised financial information to the carrying amount of the interest in PT Baramulti
Suksessarana Tbk recognised in the consolidated financial statements:
As at As at
₹ crore ₹ crore
Net Assets of PT Baramulti Suksessarana Tbk 1,464.07 1,367.31
Proportion of the Group's ownership interest in PT Baramulti Suksessarana Tbk 26.00% 26.00%
380.66 355.50
Goodwill 958.97 991.24
Carrying amount of the Group's interest in PT Baramulti Suksessarana Tbk 1,339.63 1,346.74
Impairment of Goodwill (270.52) (279.51)
Carrying amount of the Group's interest in PT Baramulti Suksessarana Tbk (net of
impairment) 1,069.11 1,067.23
E Industrial Energy Ltd.

₹ crore ₹ crore
Net Assets 946.80 834.52
Current Financial Liabilities (excluding trade payables and provisions) (201.15) (248.83)
Non-current Financial Liabilities (excluding trade payables and provisions) (503.88) (575.53)
₹ crore ₹ crore
Overview
Revenue 297.90 301.29
Other Comprehensive Income/(Expense) for the year 0.64 (0.37)
Dividend received by the Group during the year Nil 49.28
Depreciation and Amortisation Nil Nil

Income-tax Expense 38.16 (3.82)
Reconciliation of the above summarised financial information to the carrying amount of the interest in Industrial Energy
Ltd. recognised in the consolidated financial statements:
As at As at
₹ crore ₹ crore
Net Assets of Industrial Energy Ltd. 946.80 834.52
Proportion of the Group's ownership interest in Industrial Energy Ltd. 74.00% 74.00%

Carrying amount of the Group's interest in Industrial Energy Ltd. 700.62 617.54
VI Details and Financial Information of Individually not Material Joint Ventures at the end of the reporting period is
as follows:
Name of Joint Venture Principal Activity Country of Proportion of Ownership Interest /
Incorporation Voting Rights held by the Group
and Principal
Place of As at As at
PT Indocoal Kaltim Resources # Infrastructure Support for Coal Business Indonesia 30.00% 30.00%
Candice Investments Pte. Ltd.# Investments Singapore 30.00% 30.00%
PT Marvel Capital Indonesia # Infrastructure Support for Coal Business Indonesia 30.00% 30.00%
Statutory Reports
PT Dwikarya Prima Abadi # Infrastructure Support for Coal Business Indonesia 30.00% 30.00%
PT Kalimantan Prima Power Electricity Support Services Indonesia 30.00% 30.00%
Indocoal KPC Resources (Cayman) Ltd. # Coal Trading Cayman Island 30.00% 30.00%
Adjaristsqali Netherlands BV Hydro power generation Netherlands 50.00% 40.00%
Koromkheti Netherlands BV # Hydro power generation Netherlands 40.00% 40.00%
Resurgent Power Ventures Pte Ltd. Investments and Services Singapore 26.00% 26.00%
Powerlinks Transmission Ltd. Power Transmission India 51.00% 51.00%
Dugar Hydro Power Ltd. Hydro power generation India 50.00% 50.00%
Tubed Coal Mines Ltd. # Coal mining and trading India 40.00% 40.00%
Mandakini Coal Company Ltd. # Coal mining and trading India 33.33% 33.33%


Aggregate Summarised Financial Information of Joint Ventures that are not individually material
₹ crore ₹ crore
The Group's share of profit/(loss) from continuing operations 181.66 62.17
The Group's share of Other Comprehensive Income/(Expense) Nil Nil
The Group's share of Total Comprehensive Income/(Expense) 181.66 62.17
As at As at
₹ crore ₹ crore
Aggregate carrying amount of the Group's interests in these Joint Ventures 1,755.21 1,864.75
Impairment of Investments (221.86) (221.86)
Carrying amount of the Group's interest in these Joint Ventures 1,533.35 1,642.89
As at As at
₹ crore ₹ crore
The unrecognised share of profit of Joint Ventures for the year * *
Note:
* Denotes figures below ₹ 50,000/-.
6b. (i) (a) The Group had in accordance with Ind AS 36 – “Impairment of Assets”, carried out impairment assessment of its
Mundra Ultra Mega Power Project (UMPP), shipping assets along with investments in Indonesian mining companies
PT Kaltim Prima Coal (KPC) and PT Baramulti Suksessarana TBK (BSSR). All these Companies constitute a single cash
generating unit (Mundra CGU). The Group has performed the impairment reassessment and determined the value
in use based on estimated cash flow projections over the life of the assets included in CGU. The Group bases its
impairment calculation on detailed budgets and forecast calculations, which are prepared separately for each of the
Group’s CGUs to which the individual assets are allocated. For Mundra power plant, future cash flows is estimated
based on remaining period of long term power purchase agreement (PPA) and thereafter based on management’s
estimate on tariff and other assumptions. Cash flow projection of Mines is derived based on estimated coal production
considering the renewal of license for operating the Mines. Upto the previous year, the Group has recognised net
impairment of ₹ 1,119.77 crore against carrying value of Mundra CGU which consists of impairment of investment of
₹ 808.83 crore, impairment of property, plant and equipments ₹ 308.18 crore and impairment of intangible assets
₹ 2.76 crore.
During the year, the Group has performed the impairment reassessment and determined the value in use based on
estimated cash flow projections over the life of the assets included in Mundra CGU. A reassessment of the assumptions
used in estimating the impact of impairment, combined with the significant impact of unwinding of a year’s discount
on the cash flows, would result in a reversal of ₹ 1,119.77 crore of provision for impairment. Considering the significant
uncertainties arising from ongoing renegotiation of the Mundra Power Purchase Agreement (PPA), as recommended
by the High Powered Committee (HPC) and the pending renewal of the mining license in Indonesian coal mines, the
Group has not effected such a reversal. The reversal of impairment has not resulted from any significant improvement
in the estimated service potential of the concerned CGU.
Key assumptions used for value in use calculation include coal prices, energy prices post the PPA period, 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 mine licenses will be renewed post
expiry. Discount rate represents the current market assessment of the risk specific to CGU taking into consideration
the time value of money. Pre tax discount rate used in the calculation of value in use of investment in power plant
is 10.50% p.a. (31st March 2020: 10.87% p.a.) and investment in coal mines and related infrastructure companies is
14.11% p.a. (31st March 2020: 12.68% p.a.).
6 b. Investments accounted for using the Equity Method (Contd.)
(b) The Group holds investments in Adjaristsqali Netherlands B.V. (ABV) (a Joint Venture of the Group) operating 187
MW hydro power plant in Georgia. In the past, the Group, in accordance with Ind AS 36 – “Impairment of Assets” had
recognized impairment provision on investment of ₹ 459.06 crore and financial guarantee obligation of ₹ 103.74 crore.
Overview
Pursuant to debt restructuring of ABV, execution of long-term power purchase agreement (PPA) with Government
of Georgia, receipt of insurance claims and start of commercial operations, the Group performed the recoverability
assessment and recognised the reversal of impairment of ₹ 235.00 crore comprising of reversal of ₹ 103.74 towards
financial guarantee obligation and reversal of ₹ 131.26 towards its investment in ABV which has been disclosed as an
exceptional item in the statement of profit and loss.
(ii) During the previous year, the Group has sold its investments in Cennergi Pty. Ltd. (a joint venture company of the
Group) and recognised a gain on sale of investments amounting to ₹ 532.51 crore. Further, the Group has hedged its
receivable against consideration to be received, gain on hedge instrument of ₹ 105.09 crore has been recognised in

other income.
6 c. Other Investments
2021 2020 stated 2021 2020
I Investments designated at Fair Value through Other
Comprehensive Income
Quoted

Voltas Ltd. 2,33,420 2,33,420 1 23.39 11.13
Tata Consultancy Services Ltd. 766 766 1 0.24 0.14
Tata Motors Ltd. 3,57,159 3,57,159 10 10.78 2.53
Tata Motors Ltd. - Differential Voting Rights 51,022 51,022 10 0.65 0.16
Tata Investment Corporation Ltd. 7,94,416 7,94,416 2 82.26 50.12
Bharti Airtel Ltd 62,919 Nil 10 3.25 Nil
120.57 64.08
(b) Investment in Equity Shares fully Paid-up
Unquoted
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
Statutory Reports
Haldia Petrochemicals Ltd. 2,24,99,999 2,24,99,999 10 56.48 56.48
Tata International Ltd. (Refer Note 4 below) 36,000 24,000 1,000 59.40 18.77
Tata Capital Ltd 23,33,070 23,33,070 10 12.29 12.29
Others 0.50 Nil
438.84 397.71
Sub-total I (a) + I (b) 559.41 461.79
II Investments carried at Fair Value through Profit or Loss

Quoted
Geodynamics Ltd 2,94,00,000 2,94,00,000 AUD 1.50 1.44 2.86

(b) Investment in Equity Shares fully Paid-up
Unquoted
Zoroastrian Co-operative Bank Ltd. 6,000 6,000 25 0.16 0.16
Sub-total II (a) + II (b) 1.60 3.02

6 c. Other Investments (Contd.)
2021 2020 stated 2021 2020
III Investments carried at Amortised Cost
(a) Government Securities (Unquoted) fully Paid-up 3.03 40.00
(b) Statutory Investments

Contingencies Reserve Fund Investments
Government Securities (Unquoted) fully paid-up 164.84 127.87
Sub-total III (a) + III (b) 167.87 167.87
Total 728.88 632.68

Notes:
2. Aggregate Carrying Value of Quoted Investments 122.01 66.94
3. Aggregate Carrying Value of Unquoted Investments 606.87 565.74
4. During the year, the Group subscribed to right issue of equity shares 12,000 Nos. from Tata International Ltd.
*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.
7. Trade Receivables
As at As at
₹ crore ₹ crore
Non-current
Considered Good - (Refer Note 37d.) 604.71 30.28
605.89 34.83
604.71 30.28
Current
Considered Good - Secured (Refer Note 1 below) 453.83 515.48
Considered Good - (Refer Note 2 and Note 3 below) 4,571.43 3,923.04
5,438.62 4,859.41
Total 5,000.97 4,425.90
Notes:
1. The Group holds security deposits and Letter of Credit of ₹ 453.83 crore (31st March, 2020 - ₹ 515.48 crore).
2. The carrying amount of trade receivable of ₹ 205.00 does not include receivables which are subject to a factoring arrangement. Under this
arrangement, the Group has transferred the relevant receivables to the factor in exchange for cash on non recourse basis. The Group, therefore,
has derecognised the said receivables under the factoring arrangement.
3. Trade receivables include receivables amounting to ₹ 80.17 crore (31st March, 2020 - ₹ 299.79 crore) and ₹ 83.28 crore (31st March, 2020 -
₹ 86.03 crore) from Tamil Nadu Generation and Distribution Corporation Limited (TANGEDCO) and Jaipur Vidyut Vitran Nigam Limited,
respectively, which are subject to a ‘bill discounting arrangement’. Under this arrangement, the Group has transferred the relevant receivables
to the banks in exchange of cash and is prevented from selling or pledging the receivables. The cost of bill discounting is to the customer's
account. However, the Group has retained late payment and credit risk. The Group therefore continues to recognise the transferred assets in
their entirety in its financial statements. The amount repayable under the bills discounting arrangement is presented as unsecured/ secured
borrowing having recourse to the Group and interest liability on amount of bill discounted is borne by the customer. The maturity period of
the transfer is 6 to 9 months from the date of discounting.
7. Trade Receivables (Contd.)
7.1 Trade Receivables
The Group has used a practical expedient by computing the expected credit loss allowance for trade receivables based on a
Overview
provision matrix. The expected credit loss allowance is not calculated on non current trade receivable on account of dispute.
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
₹ crore ₹ crore
Within the credit period 0.40% 0.13%

1-90 days past due 2.58% 1.79%
91-182 days past due 1.35% 0.59%
More than 182 days past due 16.26% 13.11%
* Excludes Special allowance
Age of receivables
As at As at
₹ crore ₹ crore
Within the credit period 3,195.80 1,785.39

1-90 days past due 1,146.40 1,050.25
91-182 days past due 514.01 414.54
More than 182 days past due 1,188.30 1,644.06
Movement in the allowance for doubtful trade receivables

As at As at
₹ crore ₹ crore
Balance at the beginning of the year 438.06 396.02
Add: Expected credit loss allowance on trade receivables calculated at lifetime expected
credit losses for the year 3.52 54.07
Add/(Less): Special allowance on trade receivables for the year 2.75 (12.03)
Balance at the end of the year 438.83 438.06
Statutory Reports
The concentration of credit risk is very limited due to the fact that the large customers are mainly Government entities and
remaining customers base is large and widely dispersed and secured with security deposit.

8. Loans - At Amortised Cost

As at As at
₹ crore ₹ crore
Non-current
85.93 105.62
Less: Provision for Doubtful Security Deposits 32.39 30.61
53.54 75.01
Considered Good* Nil Nil
54.39 55.66
Nil Nil
(iii) Other Loans
Loans to Employees
Total 58.14 80.88
Current
33.92 35.48
Less: Allowances for Doubtful Security Deposits 5.48 4.78
28.44 30.70
Considered Good* Nil 1.99
35.23 32.88
Nil 1.99
(iii) Other Loans
Loans to Employees
Total 30.71 33.00
* Reclassified as Held for Sale. (Refer Note 17a.)
9. Finance Lease Receivable - At Amortised Cost

Accounting Policy
Leases are classified as finance lease whenever the terms of the lease transfer substantially all the risks and rewards incidental
to ownership to the lessee. All other leases are classified as operating lease. Amount due from lessees under finance leases
are recorded as receivables at the Group's net investment in the leases. Finance lease income is allocated to accounting
periods so as to reflect a constant periodic rate of return on the net investment outstanding in respect of the lease. The
Group recognises lease payments received under operating leases as income on a straight-line basis over the lease term.
As at As at
₹ crore ₹ crore
Finance Lease Receivable - Non-current 598.61 588.92

Finance Lease Receivable - Current 41.45 33.20
Total 640.06 622.12
9. Finance Lease Receivable - At Amortised Cost (Contd.)
9.1 Leasing Arrangements
(i) The Group has entered into Power Purchase Agreements (PPA) with a customer for its assets located at Jojobera. The
Overview
assets relate to 30 years of take or pay agreements with the customer to supply electricity at a fixed plus variable charge.
The customer, during the term of the PPAs has a right to purchase the assets and at the end of the contract is obligated
to purchase same on the basis of the valuation to be determined as per the PPAs. The Group has recognised an amount
of ₹ 84.86 crore (31st March, 2020 ₹ 88.91 crore) as income for finance lease during the year ended 31st March, 2021.
(ii) The Group has entered into Power Purchase Agreements (PPA) with various customers for its rooftop solar assets
located across various locations. As this arrangement is dependent on the use of a specific asset and conveys a right
to use on the customer, it qualifies as a lease. As these are long tenor PPAs spread over a major part of the economic
life of the asset, this arrangement has been categorized as a finance lease. The Group has recognised an amount of

₹ 6.57 crore (31st March, 2020 ₹ 2.64 crore) as income for finance lease during the year ended 31st March, 2021.
9.2 Amount receivable under Finance Lease

₹ crore
Minimum Lease Payments Minimum Lease Payments
Particulars As at 31st March, 2021 As at 31st March, 2020
Less than a year 126.75 117.66

One to two years 120.12 114.26

Two to three years 118.93 113.24
Three to four years 117.79 112.13
Four to five years 115.94 111.10
Total (A) 599.53 568.39
More than five years (B) 641.50 680.20
Total (A+B) 1,241.03 1,248.59
Unearned finance income 600.97 626.47
Present Value of Minimum Lease Payments Receivable 640.06 622.12
Lessor - Operating Lease

The Group has entered into operating leases for its certain building, plant and machinery and other equipments. These
typically have lease terms of between 1 and 10 years. The Group has recognized an amount of ₹ 11.98 crore (31st March,
Statutory Reports
2020 - ₹ 10.81 crore) as rental income for operating lease during the year ended 31st March, 2021.
10. Other Financial Assets - At Amortised Cost

As at As at
₹ crore ₹ crore
Non-current
(i) Receivables under Service Concession Agreement 196.14 199.48
(ii) Unbilled Revenue 104.47 95.33
(iii) Others
Advance towards Equity (Refer Note 1 below) 191.24 181.78
Government Grants Receivables* 14.82 22.32
In Deposit Accounts (with maturity more than twelve months) 623.61 36.38

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

As at As at
₹ crore ₹ crore
Receivable on sale of Strategic Engineering Division (at fair value through profit or
loss) (Refer Note 2 below) 365.99 Nil
1,276.43 283.98
Total 1,577.04 578.79
Notes:
1. Odisha Electricity Regulatory Commission ('OERC') had issued a request for proposal (RFP) for sale of controlling interest in distribution business
of North Electricity Supply Utility of Odisha. The Group had bid for it and has been identified as the successful bidder. As per the requirement of
RFP, the Group had deposited ₹ 191.24 crore with OERC. Pending signing of sale agreements for the completion of sale,the amount deposited is
disclosed as non- current financial assets and will be converted to equity after signing of sale agreements (Refer Note 44).
2. Represents contingent consideration on sale of SED, receivable by the Group on achievement of certain milestone (Refer Note 17c).
As at As at
₹ crore ₹ crore
Current
(i) Accruals
Interest Accrued on Investments 30.56 3.51
Interest Accrued on Finance Lease Receivable 6.63 6.85
Unsecured, considered doubtful
49.15 19.31
Less: Provision for Doubtful Interest 1.40 1.40
47.75 17.91
(ii) Receivables under Service Concession Agreement 4.08 2.88
(iii) Others
Derivative Contract (Fair Value through Profit and Loss) 1.48 301.64
Receivable on sale of Current Investments Nil 736.76
Receivable on sale of Property, Plant & Equipments 2.74 2.64
Insurance Claims Receivable 4.16 0.10
Government Grants Receivables* 32.35 30.40
Recoverable from consumers 75.65 232.17
Balances with Banks: (Refer Note below)
In Deposit Accounts (with remaining maturity of less than twelve months) 19.19 Nil
Unsecured, considered doubtful
260.67 1,394.27
Less: Allowances for Doubtful Advances (2.35) (2.63)
258.32 1,391.64
Total 310.15 1,412.43

Note:
Balances with Banks held as Margin Money Deposits against Guarantees.
* One of the subsidiary of the Group is eligible for government grant for certain solar projects. The subsidiary company is in the process of
creating charge on project assets in favour of Solar Energy Corporation of India. Once the charge is created, the subsidiary company will file
application for release of the grant.
11. Tax Assets
As at As at
₹ crore ₹ crore
Overview
Non-current Tax Assets
Total 328.35 342.00
Current Tax Assets

Total 0.45 1.10
12. Deferred Tax

Accounting Policy
Deferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities in the
consolidated financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred
tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised
for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which
those deductible temporary differences can be utilised. Such deferred tax assets and liabilities are not recognised if the
temporary difference arises from the initial recognition of assets and liabilities in a transaction that affects neither the
taxable profit nor the accounting profit. 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
Statutory Reports
and liabilities and their respective tax bases that reverse after the tax holiday ends.
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.
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.
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. Accordingly, MAT is
recognised as deferred tax asset in the balance sheet when the asset can be measured reliably and it is probable that the
future economic benefit associated with the asset will be realised. The Group reviews the “MAT credit entitlement” asset at
each reporting date and writes down the asset to the extent that it is no longer probable that it will pay normal tax during
the specified period.

12. Deferred Tax (Contd.)

In the situations where one or more units of the Group are entitled to a tax holiday under the tax law, no deferred tax
(asset or liability) is recognised in respect of temporary differences which reverse during the tax holiday period, to the
extent the concerned unit’s gross total income is subject to the deduction during the tax holiday period. Deferred tax in
respect of temporary differences which reverse after the tax holiday period is recognised in the year in which the temporary
differences originate. However, the Company restricts recognition of deferred tax assets to the extent it is probable that
sufficient future taxable income will be available against which such deferred tax assets can be realized. For recognition of
deferred taxes, the temporary differences which originate first are considered to reverse first.
Deferred tax assets are recognised for unused tax losses to the extent that it is probable that taxable profit will be available
against which the losses can be utilised. Significant management judgement is required to determine the amount of
deferred tax assets that can be recognised, based upon the likely timing and the level of future taxable profits together
with future tax planning strategies.
12 a. Deferred Tax Assets
As at As at
₹ crore ₹ crore
Deferred Tax Assets 3,202.10 4,432.60

Total - Net Deferred Tax Assets 184.02 74.24
₹ crore
2020 - 21 Opening Recognised in Recognised Closing Balance
Balance Profit or Loss @ in Other
Comprehensive
Income
Deferred Tax Assets in relation to:
Provision for Employee Benefits, Entry Tax and Others 9.97 23.63 Nil 33.60
Unabsorbed Depreciation 3,173.69 (1,111.94) Nil 2,061.75
Measuring of Derivative Financial Instruments at Fair Value 0.15 7.12 93.57 100.84
Carry Forward Losses 78.94 (70.11) 0.05 8.88
Deferred Revenue- Ind AS 115 184.56 17.35 Nil 201.91
MAT Credit Entitlement 76.76 (12.75) Nil 64.01
Lease Liability 859.92 (227.72) Nil 632.20
Others 6.92 42.79 Nil 49.71
4,432.60 (1,324.12) 93.62 3,202.10
Deferred Tax Liabilities in relation to:
Property, Plant and Equipments* 4,322.80 (1,345.45) Nil 2,977.35
Others 35.56 (27.26) 32.43 40.73
4,358.36 (1,372.71) 32.43 3,018.08
Net Deferred Tax Assets 74.24 48.59 61.19 184.02
* including Right of Use and Intangible Assets

@ During the year, one of the subsidiaries while filing the income tax return of FY 2019-2020, transitioned to the new regime as per Taxation Laws
(Amendment) Act, 2019. Accordingly, current year movement includes remeasurement of deferred tax balances at new tax rate of 25.17%,
reversal of unabsorbed depreciation to the extent of additional depreciation claimed as a deduction in prior years and its corresponding
addition in written down value of property, plant and equipments as per tax books.
₹ crore
2019-20 Opening Recognised in Recognised Closing Balance
Balance Profit or Loss in Other
Overview
Comprehensive
Income
Deferred Tax Assets in relation to:
Allowance for Doubtful Debts, Deposits and Advances 49.52 (7.83) Nil 41.69
Provision for Employee Benefits, Entry Tax and Others 9.27 0.70 Nil 9.97
Unabsorbed Depreciation 3,172.93 0.76 Nil 3,173.69
Measuring of Derivative Financial Instruments at Fair Value 26.63 (26.48) Nil 0.15
Carry Forward Losses 156.10 (79.29) 2.13 78.94

Deferred Revenue- Ind AS 115 148.14 36.42 Nil 184.56
MAT Credit Entitlement 105.14 (28.38) Nil 76.76
Lease Liability Nil 859.92 Nil 859.92
Others 1.92 5.00 Nil 6.92
3,669.65 760.82 2.13 4,432.60
Deferred Tax Liabilities in relation to:
Property, Plant and Equipments* 3,575.55 747.25 Nil 4,322.80
Others 4.61 30.95 Nil 35.56
3,580.16 778.20 Nil 4,358.36

Net Deferred Tax Assets 89.49 (17.38) 2.13 74.24
*including Right of Use and Intangible Assets
12 b. Deferred Tax Liabilities

As at As at
₹ crore ₹ crore
Deferred Tax Assets 2,108.97 1,838.55

Total - Net Deferred Tax Liabilities 976.15 1,174.04
Statutory Reports
₹ crore
Comprehensive
Income
Provision for Employee Benefits, Entry Tax and Others 92.61 12.43 (4.91) 100.13
Unabsorbed Depreciation 69.64 60.25 Nil 129.89
Carry Forward Business Losses 77.92 27.93 Nil 105.85

Carry Forward Capital Loss 297.97 112.57 Nil 410.54
MAT Credit Entitlement 1,173.73 61.05 Nil 1,234.78
Government Grant 0.95 (0.47) Nil 0.48
Deferred Revenue -Ind AS 115 29.01 3.89 Nil 32.90
Lease Liability 12.40 (10.75) Nil 1.65
Others 25.02 2.02 0.18 27.22
1,838.55 275.15 (4.73) 2,108.97


₹ crore
Comprehensive
Income
Property, Plant and Equipments* 2,737.96 130.81 Nil 2,868.77
Borrowings 9.39 2.02 Nil 11.41
Revaluation on Consolidation 107.67 (24.97) Nil 82.70
Derivative financial instruments designated for hedging 32.43 Nil (32.43) Nil
Undistributed Profits of Joint Ventures 99.99 (4.81) Nil 95.18
Others 1.15 (0.39) Nil 0.76
3,012.59 104.96 (32.43) 3,085.12
Net Deferred Tax Liabilities 1,174.04 (170.19) (27.70) 976.15
* including Finance lease receivables, Right of Use and Intangible Assets

₹ crore
Comprehensive
Income
Provision for Employee Benefits, Entry Tax and Others 73.79 0.36 18.46 92.61
Unabsorbed Depreciation 142.17 (72.53) Nil 69.64
Carry Forward Business Losses Nil 77.92 Nil 77.92
Carry Forward Capital Loss 343.62 (45.65) Nil 297.97
MAT Credit Entitlement 1,364.42 (190.69) Nil 1,173.73
Government Grant 2.19 (1.24) Nil 0.95
Deferred Revenue -Ind AS 115 30.90 (1.89) Nil 29.01
Lease Liability Nil 12.40 Nil 12.40
Others 9.50 15.52 Nil 25.02
2,025.06 (204.97) 18.46 1,838.55
Property, Plant and Equipments* 2,824.46 (86.50) Nil 2,737.96
Investments at Fair Value 0.38 (0.38) Nil Nil
Distribution on Perpetual Bonds 24.90 (24.90) Nil Nil
Borrowings 9.66 (0.27) Nil 9.39
Revaluation on Consolidation 202.69 (95.02) Nil 107.67
Derivative financial instruments designated for hedging Nil Nil 32.43 32.43
Undistributed Profits of Joint Ventures Nil 92.90 7.09 99.99
Others 1.71 (0.33) (0.23) 1.15
3,081.87 (108.57) 39.29 3,012.59
Net Deferred Tax Liabilities 1,056.81 96.40 20.83 1,174.04

*including Finance lease receivables, Right of Use and Intangible Assets
Notes:
i. The amount and the expiry of unrecognised deferred tax asset is as detailed below:
Overview
₹ crore
As at 31st March, 2021 Within Greater than Greater No Closing balance
Unrecognised deferred tax assets one year one year, less than five expiry
than five years years date
Business losses 163.81 121.33 670.70 Nil 955.84
Unabsorbed depreciation Nil Nil Nil 1,788.49 1,788.49
MAT credit Nil 4.67 212.98 Nil 217.65
Capital Loss Nil Nil 359.80 8.48 368.29
Total 163.81 126.00 1,243.48 1,796.97 3,330.26

₹ crore
As at 31st March, 2020 Within Greater than Greater No Closing balance
Unrecognised deferred tax assets one year one year, less than five expiry
than five years years date
Business losses 94.14 553.87 819.69 Nil 1,467.70
Unabsorbed depreciation Nil Nil Nil 2,227.40 2,227.40
MAT credit Nil 3.99 185.55 Nil 189.54
Capital Loss 2.19 Nil 360.17 14.11 376.47
Total 96.33 557.86 1,365.41 2,241.51 4,261.11
ii. The Group has not recognized any deferred tax liabilities for taxes amounting to ₹ 2,617.47 crore (31st March, 2020 - ₹ 2,382.71 crore) that would

be payable on the Group's share in undistributed earnings of its subsidiaries and its interest in joint ventures because the Group controls the
distribution and is not likely to cause the distribution in the foreseeable future.
12 c. Reconciliation of Deferred Tax Expense amount recognised in Profit or Loss and Other Comprehensive
Income
₹ crore
Recognised in Other
Recognised in profit or loss Comprehensive Income
For the year ended For the year ended For the year ended For the year ended
31st March, 2021 31st March, 2020 31st March, 2021 31st March, 2020
Deferred Tax Assets (Net) - (Refer Note 12 a.)

Net (increase)/decrease in Deferred Tax Assets (48.59) 17.38 (61.19) (2.13)
Statutory Reports
Deferred Tax Liabilities (Net) - (Refer Note
12 b.)
Net increase/(decrease) in Deferred Tax Liabilities (170.19) 96.40 (27.70) 20.83
Deferred Tax Liabilities (Net) - Discontinued

Operations (Refer Note 17 c)
Net increase/(decrease) in Deferred Tax Liabilities 72.17 32.41 Nil Nil
Deferred Tax Expense (Net) (146.61) 146.19 (88.95) 18.70


13. Other Assets

As at As at
₹ crore ₹ crore
Non-current
(i) Capital Advances
Doubtful 0.11 0.16
168.82 49.63
168.71 49.47
(ii) Security Deposits
(iii) Balances with Government Authorities
Advances 12.25 25.44
Amount Paid Under Protest 52.87 68.76
82.02 123.12
(iv) Deferred Expense
(v) Others
Recoverable from Consumers 1,161.06 960.84
Others 19.36 18.00
Doubtful 1.07 Nil
1,182.68 980.36
Less: Allowance for Doubtful Advances 1.07 Nil
1,181.61 980.36
Total 1,465.06 1,185.12
Current
(i) Balances with Government Authorities
Advances 226.55 173.13
234.71 173.97
(ii) Other Loans and Advances

Advances to Vendors 433.01 422.51
Deferred Rent Expense 1.11 1.11
Unbilled Revenue (contract assets) 21.74 30.07
Power Banking Receivable 41.35 36.66
Doubtful 0.19 1.68
682.17 598.10
681.98 596.42
Total 916.69 770.39
14. Inventories
Accounting Policy
Inventories are stated at the lower of cost and net realisable value. Cost of inventory includes cost of purchase and other costs
incurred in bringing the inventories to their present location and condition. Costs of inventories are determined on weighted
Overview
average basis. Finished goods and work in progress: cost includes cost of direct materials and labour and a proportion of
manufacturing overheads based on the normal operating capacity, but excluding borrowing costs. Net realisable value
represents the estimated selling price for inventories less all estimated costs of completion and costs necessary to make the
sale. Unserviceable/damaged stores and spares are identified and written down based on technical evaluation.
Property acquired or being constructed for sale in the ordinary course of business, rather than to be held for rental or
capital appreciation, is held as inventory property and is measured at the lower of cost and net realisable value (NRV).
Principally, this is residential property that the Group develops and intends to sell before, or on completion of, development.
Cost incurred in bringing each property to its present location and condition includes:

- Freehold and leasehold rights for land
- Amounts paid to contractors for development
- Planning and design costs, costs of site preparation, professional fees for legal services, property transfer taxes,
development overheads and other related costs
NRV is the estimated selling price in the ordinary course of the business, based on market prices at the reporting date, less
estimated costs of completion and the estimated costs necessary to make the sale. When an inventory property is sold, the
carrying amount of the property is recognised as an expense in the period in which the related revenue is recognised. The
carrying amount of inventory property recognised in profit or loss is determined with reference to the directly attributable
costs incurred on the property sold and an allocation of any other related costs based on the relative size of the property sold.

As at As at
₹crore ₹ crore
Inventories
(a) Raw Materials and Fuel

Fuel - Stores 450.78 828.31
Fuel-in-Transit 380.78 157.55
Others 316.79 197.80
(b) Work-In-Progress 6.42 3.99
Statutory Reports
(c) Finished goods 94.15 96.99
(d) Stores and Spares (Refer Note 1 below) 446.30 316.06
(e) Loose Tools 1.60 1.08
(f) Others
Property under Development 187.98 150.57
Total 1,884.80 1,752.35

Notes:
1. The Group has recognised ₹ 5.72 crore (31st March, 2020 - ₹ 19.32 crore) as an expense for the write down of unserviceable stores and spares
inventory.
2. Refer Note 21 and Note 27 for Inventories pledged as security for liabilities.

15. Current Investments

As at As at
₹ crore ₹ crore
I Investments carried at Fair Value through Profit and Loss
Unquoted
(a) Investment in Mutual Funds 499.54 699.51
Total 499.54 699.51

Notes:
Aggregate Carrying Value of Unquoted Investments 499.54 699.51

16 a. Cash and Cash Equivalents

Accounting Policy
Cash and cash equivalent comprise of cash at banks, cash/cheques on hand and short-term deposits with an original
maturity of three months or less, which are subject to an insignificant risk of changes in value. Cash and cash equivalents
include balances with banks which are unrestricted for withdrawal and usage.
For the purpose of the statement of cash flows, cash and cash equivalents comprise of cash at bank, cash/cheques on hand
and short-term deposits, as defined above, net of outstanding bank overdrafts as they are considered an integral part of
the Group's cash management.
As at As at
₹ crore ₹ crore
(a) Balances with Banks:
(i) In Current Accounts 1,128.34 935.27
(ii) In Deposit Accounts (with original maturity of less than three months) 2,543.84 919.77
(b) Cheques on Hand 45.16 6.44
(c) Cash on Hand 65.17 0.02
Cash and Cash Equivalents as per Balance Sheet 3,782.51 1,861.50
Bank Overdraft and Cash Credit attributable to Continuing Operations (Refer Note 27) (99.66) (34.71)
Cash and Cash Equivalents as per Statement of Cash Flows - Continuing Operation 3,682.85 1,826.79
(a) Balances with Banks:
(i) In Current Accounts Nil 7.62
(b) Book Overdraft (Refer Note 17c) Nil (0.02)
Cash and Cash Equivalents as per Statement of Cash Flows - Discontinuing Operation Nil 7.60
Cash and cash Equivalent pertaining to Asset Classified as Held For Sale Nil Nil
Cash and Cash Equivalents as per Statement of Cash Flows 3,682.85 1,834.39
Reconciliation of liabilities from Financing Activities

₹ crore
Changes
As at Cash flows related to As at
Particulars
1st April, Discontinued Foreign 31st March,
Proceeds Repayment
2020 Reclassification Operations Exchange Others 2021
Maturity of Non-current Borrowings) 36,531.57 5,602.19 (7,453.61) Nil 57.83 (125.27) 121.99 34,734.70
Current Borrowings (excluding Bank
Overdraft and Cash Credit from Bank) 11,809.65 28,380.91 (32,090.32) 272.12 Nil (50.92) 15.11 8,336.55
Lease Liabilities 3,560.22 80.97 (365.10) Nil Nil Nil 261.22 3,537.31
Total 51,901.44 34,064.07 (39,909.03) 272.12 57.83 (176.19) 398.32 46,608.56
16 a. Cash and Cash Equivalents (Contd.)
₹ crore
Reclassification
As at Cash flows as part of As at
Overview
Particulars
1st April, Discontinued Foreign 31st March,
Proceeds Repayment
2019 Reclassification Operations Exchange Others 2020
Maturity of Non-current Borrowings) 34,630.66 7,188.37 (5,607.42) (79.75) Nil 391.47 8.24 36,531.57
Current Borrowings (excluding Bank
Overdraft) 13,284.49 42,412.07 (44,100.06) 166.29 Nil 38.80 8.06 11,809.65
Lease Liabilities 3,472.68 Nil (21.30) Nil Nil Nil 108.84 3,560.22
Total 51,387.83 49,600.44 (49,728.78) 86.54 Nil 430.27 125.14 51,901.44

16 b. Other Balances with Banks- At Amortised Cost
As at As at
₹ crore ₹ crore
(a) In Deposit Accounts (Refer Note below) 2,311.10 214.23
(b) In Earmarked Accounts-
Unpaid Dividend Account 19.07 18.45
Total 2, 330.17 232.68
Note:

Balances with banks held as margin money deposits against guarantees.
17 a. 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.
Statutory Reports
Property, plant and equipments and intangible assets once classified as held for sale/distribution to owners are not
depreciated or amortised.
A disposal Group qualifies as discontinued operation if it is a component of an entity that either has been disposed of, or is
classified as held for sale, and:
- represents a separate major line of business or geographical area of operations,
- is part of a single co-ordinated plan to dispose of a separate major line of business or geographical area of operations
Discontinued operations are excluded from the results of continuing operations and are presented as a single amount as
profit or loss after tax from discontinued operations in the statement of profit and loss. Additional disclosures are provided
hereunder. All other notes to the financial statements mainly include amounts for continuing operations, unless otherwise
mentioned.

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

As at As at
₹ crore ₹ crore
Land [Refer Note (i) and (iii)] 301.58 301.66

Building [Refer Note (ii) and (iii)] 8.50 8.50
Other Property, Plant and Equipments [Refer Note (iii) and (v)] 20.21 1,300.67
Investments carried at Fair Value through Other Comprehensive Income 178.68 22.81
Investments in Associates and Joint Ventures 2,480.12 2,562.59
Loan to and other receivables from Joint Venture 22.83 22.83
Transmission lines - Capital Work in Progress [Refer Note (viii)] 9.31 127.70
Other Assets [Refer Note (vii)] 26.23 26.23
Assets of Discontinued Operations [Refer Note 17 (c)] Nil 1,880.07
Total 3,047.46 6,253.06
17 b. Liabilities directly associated with Assets Classified as Held For Sale

As at As at
₹ crore ₹ crore
Liabilities related to Other Assets 139.78 30.46
Liabilities of Discontinued Operations [Refer Note 17 (c)] Nil 1,032.07
Total 139.78 1,062.53
Notes:
(i) During the year, the Group sold Hadapsar land at the sale value of ₹ 26.44 crore (Book Value ₹ 0.08 crore) which was classified as held for sale.
The resultant gain of ₹ 26.36 crore has been disclosed in statement of profit and loss under Other Income.
(ii) During the previous year, the Group sold Metropolitan building at the sale value of ₹ 13.90 crore (Book Value ₹ 0.89 crore) The resultant gain
of ₹ 13.01 crore has been disclosed in the statement of profit and loss.
(iii) During the previous year, the Group has reclassified following assets from held for sale to Property, plant and equipments
- Building at Erangal ₹ 0.23 crore
- Oil Tankage unit at Trombay Land ₹ 0.04 crore, Building and Plant and Equipments ₹ 4.68 crore
(iv) During the previous year, the Group has classified Helicopter (Book Value ₹ 0.17 crore) from Property, Plant and Equipments to held for sale.
(v) During the year, the Group has sold three ships which was owned by Trust Energy Resources Pte. Limited (a wholly owned subsidiary of the
Holding Company) for a consideration of ₹ 1,607 crore. The Group has simultaneously entered into a long term affreightment contract for the
shipping of coal with the buyer. Resultant gain on sale of ships has been deferred and would be recognized over the term of affreightment
contract in accordance with Ind AS 115 ‘Revenue from contract with customers.’
(vi) (a) In the earlier years, the Group had signed definitive agreements for sale of PT Arutmin Indonesia and its associated infrastructure and
trading companies and the sale consideration of USD 400.92 million is being expected to be received in a phased manner over next few
years. Accordingly, the investments (including investment in PT Mitratama Perkasa) have been classified as assets held for sale at ₹ 1,869.46
crore as at 31st March, 2021 (31st March, 2020 - ₹ 1,931.60 crore).
(b) During the previous year, the Group decided to divest its investment in Itezhi Tezhi Power Corporation (‘ITPC’) of ₹ 587.91 crore along with
loan and other receivables from ITPC amounting to ₹ 18.59 crore and ₹ 4.15 crore respectively. Accordingly, the said investment along with
loan and other receivables has been classified as held for sale. No impairment loss has been recognised on reclassification as the Group
expects that the fair value less costs to sell is higher than the carrying amount as at 31st March, 2021.
(vii) During the previous year, the Group has decided to divest its investments in equity and preference shares of its subsidiary, TCL Ceramics
Ltd (formerly known as Tata Ceramics Ltd). Accordingly, the said investments have been classified as held for sale at Nil (Net of impairment
of ₹14.21 crore). Pursuant to the Share Purchase Agreement ('Agreement') dated 4th January, 2020, the Group has transferred its Equity and
Preference share to the purchasers as a part of the conditions mentioned in the Agreement subject to final closing. The said shares has been
pledged back to the Group by the purchasers till the final closure. As all the conditions related to the closing has not been completed, the
Group believes that it still controls TCL Ceramics Ltd. till all the conditions are fulfilled. Hence, no impact of sale of share has been recognised
in the consolidated financial statements. The impact of the sale on the financial statement will not be significant.
(viii) During the previous year, Maharashtra Electricity Regulatory Commission (‘MERC’) has ordered termination of Vikhroli Transmission Lines
project carried out by the Group and decided to invite fresh bids for completion of the project. MERC has also ordered that costs incurred by
the Group shall be reimbursed by the successful bidder. Accordingly, the Group has reclassified the said project as held for sale. During the
year, the Group has received an amount of ₹ 118.27 crore against the said project.

17 c. Assets Classified as Held For Sale - Discontinued Operations
During the earlier year, the Group approved sale of its Strategic Engineering Division (SED) to Tata Advanced Systems Ltd.
(TASL) [a wholly owned subsidiary of Tata Sons Pvt. Ltd.] as a going concern on slump sale basis, subject to regulatory
approvals at an enterprise value of ₹ 2,230 crore (out of which ₹ 1,040 crore payable at the time of closing and ₹ 1,190 crore
Overview
payable on achieving certain milestones). Accordingly, defence business segment is presented as discontinued operations.
On 31st October, 2020, the Group has completed the sale of its SED to TASL and has received upfront consideration of
₹ 597 crore (net of borrowings of ₹ 537.00 crore transferred to TASL) after certain adjustments as specified in the scheme.
Results of Strategic Engineering Division for the year are presented below:
₹ crore ₹ crore
Income
Revenue from Operations 193.63 343.77

Other Income 23.52 Nil
Total Income 217.15 343.77
Expenditure
Cost of Components Consumed 139.28 244.22
Employee Benefits Expense 52.66 90.04
Finance Costs 24.91 36.15
Other Expenses 60.15 55.00
Total Expenses 277.00 425.41

Impairment Loss on Remeasurement to Fair Value (Refer Note below) (160.00) (361.00)
Tax Expenses/(Credit)
Deferred Tax (72.17) (32.41)
Total Tax Expenses/(Credit) (173.65) (32.41)
Other Comprehensive Income/(Expense) (0.34) 0.20
Tax on Other Comprehensive Income Nil Nil
Total Comprehensive Income/(Expense) (46.54) (410.03)
The above loss is attributable to the owners of the Parent Company.
Major classes of Assets and Liabilities of Strategic Engineering Division classified as held for sale are as follows:
Statutory Reports
As at
31st March, 2020
₹ crore
Assets
Non-current Assets
Property, Plant and Equipments 382.27
Capital Work-in-Progress 422.58
Intangible Assets 124.13
Intangible Assets Under Development 356.71
Non-current Financial Assets 3.68
Other Non-current Assets 35.40

Current Assets
Inventories 83.30
Current Financial Assets 663.67
Other Current Assets 169.33

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

As at
31st March, 2020
₹ crore
Assets Classified as Held For Sale 2,241.07
Less: Impairment Loss on Remeasurement of Fair Value (361.00)
1,880.07
Liabilities
Provisions 27.68
Current Liabilities
Provisions 9.76
Other Current Liabilities 140.88
Liabilities directly associated with Assets Classified as Held For Sale 1,032.07
Net Assets directly associated with Discontinued Operations 848.00
Note:
During the year, the Group has reassessed the fair value of consideration receivable from TASL and has recognised an impairment loss of
₹ 160 crore (31st March, 2020 ₹ 361 crore) in the consolidated financials statements. The fair value on consideration has been determined based on
the expected value of the consideration using discounted present value technique. The fair value has been categorised under Level 3 inputs, the
key assumption being achievement/non-achievement of milestones as defined in the scheme of arrangement.
Net cash flows attributable to Strategic Engineering Division are as follows:
From 1st April, 2020 For the year ended

to 31st October, 2020 31st March, 2020
₹ crore ₹ crore
Net Cash Flow from/(used) in Operating Activities 286.62 127.80
Net Cash Flow from/(used) in Investing Activities (32.30) (44.99)
Net Cash Flow from/(used) in Financing Activities (85.62) (81.32)
Net Increase/(Decrease) in Cash and Cash Equivalents 168.70 1.49
Cash and Cash Equivalents (Closing Balance) 176.30 7.60
Less: Transferred on sale of Strategic Engineering Division (176.30) Nil
Total of cash and cash equivalents (Net) Nil 7.60
18. Regulatory Deferral Account

Accounting Policy
The Group determines revenue gaps (i.e. surplus/shortfall in actual returns over returns entitled) in respect of its regulated
operations in accordance with the provisions of Ind AS 114 “Regulatory Deferral Accounts” read with the Guidance Note on
Rate Regulated Activities issued by ICAI and based on the principles laid down under the relevant Tariff Regulations/Tariff
Orders notified by the Electricity Regulatory Commission (Regulator) and the actual or expected actions of the regulator
under the applicable regulatory framework. Appropriate adjustments in respect of such revenue gaps are made in the
regulatory deferral account of the respective year for the amounts which are reasonably determinable and no significant
uncertainty exists in such determination. These adjustments/accruals representing revenue gaps are carried forward as
Regulatory deferral accounts debit/credit balances (Regulatory Assets/Regulatory Liabilities) as the case may be in the
financial statements, which would be recovered/refunded through future billing based on future tariff determination by
the regulator in accordance with the electricity regulations. The Group presents separate line items in the balance sheet for:
i. the total of all regulatory deferral account debit balances and related deferred tax balances; and
ii. the total of all regulatory deferral account credit balances and related deferred tax balances.
18. Regulatory Deferral Account (Contd.)
A separate line item is presented in the Statement of Profit and Loss for the net movement in regulatory deferral account
and deferred tax recoverable/payable.
Overview
As at As at
₹ crore ₹ crore
Regulatory Deferral Account - Liability - Current
Regulatory Liabilities 61.23 Nil
Regulatory Deferral Account - Assets - Non-current
Regulatory Assets 6,478.17 5,480.17
Net Regulatory Assets/(Liabilities) 6,416.94 5,480.17

Rate Regulated Activities
(i) As per the Ind AS-114 'Regulatory Deferral Accounts', the business of electricity distribution is a Rate Regulated activity
wherein the regulators determine Tariff to be charged from consumers based on prevailing regulations in place.
The Group is governed by the tariff regulations and tariff orders issued by Regulatory Commissions in Maharashtra,
Delhi and Odisha. These regulations determine tariff in a manner wherein the Group can recover its fixed and variable
costs including assured rate of return on approved equity base, from its consumers. The Group determines the Revenue,
Regulatory Assets and Liabilities as per the terms and conditions specified in these Regulations.
(ii) Reconciliation of Regulatory Assets/Liabilities of distribution business as per Rate Regulated Activities as on 31st March,
2021, is as follows:

₹ crore ₹ crore
Opening Regulatory Assets (Net of Liabilities) (A) 5,480.17 5,758.13

Regulatory Deferral Balances (net) during the year
(i) Power Purchase Cost 10,132.62 8,569.70
(ii) Other expenses as per the terms of Tariff Regulations
including Return On Equity 4,196.36 2,666.99
(iii) Billed during the year as per approved Tariff (13,489.67) (11,688.37)
Net movement in Regulatory Deferral Balances (i + ii + iii) (B) 839.31 (451.68)
Regulatory Assets/(Liabilities) on carrying cost recognised as revenue (C) 3.00 24.00
Recovery from/(Payable to) Group's Generation Business (D) 12.66 (15.28)
Statutory Reports
Net movement in Regulatory Deferral Balances in respect of
(E) Nil (21.32)
earlier years (Refer Note 1 below)
Regulatory Assets/(Liabilities) on Deferred Tax Expense/(Income) (F) 81.80 284.32
Regulatory Assets/(Liabilities) on Deferred Tax Expense/(Income)
on account of new tax regime (G) Nil (98.00)
Closing Regulatory Asset (Net of Liabilities) (A+B+C+D+E+F+G) 6,416.94 5,480.17

₹ crore ₹ crore
Movement in Regulatory Asset

- recognised in profit or loss 529.24 (451.68)
- in other comprehensive income 310.07 Nil
Total 839.31 (451.68)
Notes:
1. During the previous year, pursuant to receipt of true-up tariff order from MERC for the years 2017-18 and 2018-19 , the Group had recognised a
charge of ₹ 21.32 crore to revenue from operations.

18. Regulatory Deferral Account (Contd.)

2. In respect of the Group's power distribution business in Delhi, Delhi Electricity Regulatory Commission (DERC) vide its order dated 28th
August, 2020 has trued up regulatory deferral account balance up to 31st March, 2019 at ₹ 1,890 crore as against ₹ 4,579.69 crore as per
financial books of accounts. The difference in regulatory deferral account is largely due to provisional truing up of capitalisation, disallowance
of de-capitalised property, plant and equipments, its corresponding impact on return on capital employed (ROCE), income tax and carrying
cost. The difference in regulatory deferral account also includes impact of power purchase cost of Rithala Power Plant allowed by the DERC
vide order dated 11th November, 2019 and other previous review/APTEL appeal orders. The disallowances not as per prevailing law, facts and
figures have been challenged in Review Petition or at APTEL. For truing up of capitalisation, the DERC has shared the preliminary draft report
of physical verification of property, plant and equipments for the period from FY 2004-05 to FY 2015-16. The Group after analysing the draft
report have submitted the response along with necessary documents in support of capitalisation on 29th December, 2020.

19 a. Share Capital
Number ₹ crore Number ₹ crore
Authorised
Equity Shares of ₹ 1/- each
Add: Increase during the year 200,00,00,000 200.00 Nil Nil
Outstanding at the end of the year 550.00 350.00
Cumulative Redeemable Preference Shares of ₹ 100/- each 2,29,00,000 229.00 2,29,00,000 229.00
779.00 929.00
Issued
Equity Shares [including 28,32,060 shares (31st March, 2020 -
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] 325,22,67,007 325.23 276,17,00,970 276.17
Subscribed and Paid-up

Equity Shares fully Paid-up [excluding 28,32,060 shares
(31st March, 2020 - 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] 319,53,39,547 319.54 270,47,73,510 270.48
Less: Calls in arrears [including ₹ 0.01 crore (31st March, 2020 -
₹ 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
319.50 270.44
Add: Equity Shares forfeited - Amount paid 16,52,300 0.06 16,52,300 0.06
Total Subscribed and Paid-up Share Capital 319.56 270.50
(i) Reconciliation of the shares outstanding at the beginning and at the end of the reporting period:
Number ₹ crore Number ₹ crore
Equity Shares
At the beginning of the year 2,70,64,25,810 270.50 2,70,64,25,810 270.50
Issued during the year [Refer Note 20(4)] 49,05,66,037 49.06 Nil Nil
Outstanding at the end of the year 3,19,69,91,847 319.56 2,70,64,25,810 270.50
19 a. Share Capital (Contd.)
(ii) Terms/rights attached to Equity Shares

The Parent Company has issued only one class of Equity Shares having a par value of ₹ 1/- per share. Each holder of Equity
Shares is entitled to one vote per share. The final dividend proposed by the Board of Directors is subject to the approval of
Overview
the shareholders in the ensuing Annual General Meeting.
In the event of liquidation of the Parent Company, the holders of Equity Shares will be entitled to receive remaining assets
of the Parent Company, after distribution of all preferential amounts. The distribution will be in proportion to the number
of Equity Shares held by the shareholders.
(iii) Details of shareholders holding more than 5% shares in the Parent Company
Number % Holding Number % Holding

Equity Shares of ₹ 1/- each fully paid
Tata Sons Pvt. Ltd. 144,45,13,021 45.21 95,39,46,984 35.27
Life Insurance Corporation of India 16,41,25,329 5.14 17,15,81,237 6.34
Matthews Pacific Tiger Fund 14,93,84,497 4.68 18,03,16,487 6.67
ICICI Prudential Bharat Consumption Funds* 8,91,12,249 2.79 21,83,11,309 8.07
* Shareholding has been reported based on common permanent Account Number
19 b. Unsecured Perpetual Securities

As at As at
₹ crore ₹ crore
11.40% Unsecured Perpetual Securities 1,500.00 1,500.00

Add: Movement during the year Nil Nil
Total 1,500.00 1,500.00
In an earlier year, the Company raised 1,500 crore through issue of Unsecured Perpetual Securities (the "Securities"). These
Securities are perpetual in nature with no maturity or redemption and are callable only at the option of the Company. As
these Securities are perpetual in nature and ranked senior only to the Share Capital of the Company and the Company does
not have any redemption obligation, these are considered to be in the nature of equity instruments. Subsequent to the year
end, pursuant to debenture trust deed dated 23rd June, 2011, the Company has exercised the call option to redeem the
Statutory Reports
Securities on 2nd June, 2021 along with final interest.
20. Other Equity

As at As at
₹ crore ₹ crore
General Reserve 4,086.53 4,086.53
Securities Premium 5,647.80 5,647.80

Add: Increase on issue of shares during the year (Refer Note 4 below) 2550.94 Nil
Capital Reserves 232.09 232.09

Statutory Reserves 660.08 660.08


As at As at
₹ crore ₹ crore
Add/(Less): Amount transferred from/(to) Retained Earnings (Net) (13.14) (90.70)

Special Reserve Fund

Add/(Less): Amount transferred from Retained Earnings 2.21 1.48
Retained Earnings (Refer Note 1 below)

Opening balance 4,387.49 3,265.79
Add: Profit/(Loss) for the year 1,127.38 1,017.38
Other Comprehensive Income/(Expense) arising from Remeasurement of Defined Benefit
3.14 Nil
Obligation (Net of Tax)
Transfer from Equity Instrument through Other Comprehensive Income (Refer Note 5 below) Nil 666.34
Transfer from Debenture Redemption Reserve (Net) 13.14 90.70
Less: Distribution on Unsecured Perpetual Securities (Refer Note 4 below) 171.23 170.76
Other Comprehensive Income/(Expense) arising from Remeasurement of Defined Benefit
Obligation (Net of Tax) Nil 56.12
Less: Other Appropriations:
Payment of Dividend (Refer Note 3 below) 419.24 351.99
Tax on Dividend Nil 72.37
Transfer to Special Reserve Fund (under Sec 45-IA of RBI Act, 1934) 2.21 1.48
Transfer to Capital Redemption Reserve Nil Nil
550.98 1,121.70
Equity Instrument through Other Comprehensive Income

Opening Balance (7.54) 698.52
Add/(Less): Transfer to Retained Earnings (Refer Note 5 below) Nil (666.34)
Add/(Less): Change in Fair Value of Equity Instruments through Other Comprehensive Income 230.77 (39.72)
Closing Balance 223.23 (7.54)
Foreign Currency Translation Reserve

Opening balance 1414.63 576.95
Add/(Less): Addition during the year (336.40) 837.68
Effective Portion of Cash Flow Hedge

Opening balance 96.41 Nil
Add/(Less): Effective Portion of Cash Flow Hedge for the year (278.18) 96.41
Closing Balance (181.77) 96.41
Total 20,502.70 17,795.52
Notes:
1. Includes gain on fair valuation of land which is not available for distribution ₹ 362.34 crore (31st March, 2020 - ₹ 362.34 crore).
2. The shareholders of the parent company in their meeting held on 30th July, 2020 approved final dividend of ₹ 1.55 per share aggregating
Overview
₹ 419.24 crore for the financial year 2019-20. The said dividend was paid to the holders of fully paid equity shares on 3rd August, 2020.
3. In respect of the year ended 31st March, 2021, the directors have proposed a dividend of ₹ 1.55 per share to be paid on fully paid shares. This
equity dividend is subject to approval at the annual general meeting and has not been included as a liability in the consolidated financial
statements. The proposed equity dividend is payable to all holders of fully paid equity shares. The total estimated equity dividend to be paid
is ₹ 495.72 crore (31st March, 2020 - ₹ 419.68 crore).
4. During the year, the shareholders in the Annual General Meeting dated 30th July,2020 has approved the issuance of 49,05,66,037 equity shares
of the face value of ₹ 1 each at ₹ 53 per equity share for an amount aggregating to ₹ 2,600 crore to Tata Sons Pvt. Ltd. on preferential basis. The
Company has allotted the said equity shares to Tata Sons Pvt. Ltd. on 13th August, 2020.
5. Represents gain/(loss) on sale of certain investments carried at fair value through other comprehensive income transferred to Retained
Earnings.

Nature and purpose of reserves
General Reserve
General Reserve is used to transfer profits from retained earnings for appropriation purposes. The amount is to be utilised in
accordance with the provision of the Companies Act, 2013.
Securities Premium
Securities Premium is used to record the premium on issue of shares and is utilised in accordance with the provisions of the
Companies Act, 2013.
The Group was required to create a Debenture Redemption Reserve out of the profits which are available for payment of

dividend for the purpose of redemption of debentures. Pursuant to Companies (Share Capital and Debentures) Amendment
Rules, 2019 dated 16th August, 2019, the Group is not creating additional debenture redemption reserve (DRR) from the
effective date of amendment. DRR created till previous years will be transferred to retained earnings on redemption of
debentures.
Capital Redemption Reserve represents amounts set aside on redemption of preference shares.
Capital Reserve
Capital Reserve consists of forfeiture of the amount received from Tata Sons Pvt. Ltd. on preferential allotment of convertible
warrants in the Group, on the lapse of the period to exercise right to convert the said warrants and on forfeiture of amounts
paid on Debentures.
Special Reserve Fund
Statutory Reports
This reserve represents the amount transferred from its annual profits by the non-banking finance subsidiary in the Group
pursuant to Reserve Bank of India regulations.
Statutory Reserve
Statutory Reserve consists of Special Appropriation towards Project Cost, Development Reserve and Investment Allowance
Reserve.
Special appropriation to project cost - Due to high capital investment required for the expansion in the electricity industry,
the Maharashtra State Government permits part of the capital cost of approved projects to be collected through the
electricity tariff and held as a special appropriation.
Development Reserve / Investment Allowance Reserve - Until 1978, the Companies made appropriations to a Development
Reserve and an Investment Allowance Reserve as required by the Income Tax Act, 1956. New appropriations to these reserves
are no longer required due to changes in Indian law. An amount equal to 0.5% on the accumulation in the Investment
Allowance Reserve was included in the reasonable return calculation.
Retained Earnings
Retained Earnings are the profits of the Group earned till date net of appropriations.


This reserve represents the cumulative gains and losses arising on revaluation of equity instruments measured at fair value
through other comprehensive income, net of amounts reclassified to retained earnings when those equity instruments are
disposed off.
Foreign Currency Translation Reserve
Exchange differences relating to the translation of the results and net assets of the Group's foreign operations from their
functional currencies to the Group's presentation currency (i.e. ₹) are recognised directly in other comprehensive income
and accumulated in the foreign currency translation reserve.
Effective Portion of Cash Flow Hedge
The cash flow hedging reserve represents the cumulative effective portion of gains or losses arising on changes in fair value
of designated portion of hedging instruments entered into for cash flow hedges. The cumulative gain or loss arising on
changes in fair value of the designated portion of the hedging instruments that are recognised and accumulated under the
heading of cash flow hedging reserve will be reclassified to profit or loss only when the hedged transaction affects the profit
or loss, or included as a basis adjustment to the non-financial hedged item.
21. Non-current Borrowings - At Amortised Cost

Non-current Current Maturities* Non-current Current Maturities*
₹ crore ₹ crore ₹ crore ₹ crore
(i) Unsecured
Debentures
Redeemable Non-Convertible Debentures 11,509.47 1,938.80 9,423.77 370.00
Term Loans
From Banks 1,769.55 673.67 2,185.01 943.28
Deferred Payment Liabilities-Sales Tax Deferral Nil 2.83 2.83 20.26
Others
13,279.02 2,615.30 11,611.61 1,333.54
(ii) Secured
Debentures
Redeemable Non-Convertible Debentures 2,411.82 247.26 2,460.13 87.25
Term Loans
From Banks 12,961.04 1,785.82 16,596.40 2,375.77
From Others 1,393.15 41.29 2,027.00 39.87
16,766.01 2,074.37 21,083.53 2,502.89
Total 30,045.03 4,689.67 32,695.14 3,836.43

*Amount disclosed under Other Current Financial Liabilities (Refer Note 23)
Security
Redeemable Non-convertible Debentures issued by the Group are secured by charge on movable and immovable assets of
the respective entities.
Term Loans and Buyer’s Credit availed by various entities of the Group from various Banks and Financial Institutions are
secured by way of charge on all present and future moveable and immovable assets, stores and spares, raw materials, work-
in-progress, finished goods, book debts, project receivables, intangibles, uncalled capital receivables, rights under project
documents of the respective entities, project cash flows, regulatory deferral accounts, accounts including Debt Service
Reserve Accounts and bank accounts, bank guarantees and pledge of shares of subsidiaries held by their respective holding
companies.
21. Non-current Borrowings - At Amortised Cost (Contd.)
Terms of Repayment
₹ crore
Overview
as at and
31st March, 2021 onwards
(i) Unsecured - At Amortised Cost
Debentures
Redeemable Non-Convertible
Debentures 13,493.80 1,938.80 1,705.00 5,800.00 550.00 500.00 1,500.00 1,500.00
Term Loans
From Banks 2,444.94 673.67 1,585.81 105.46 45.00 35.00 Nil Nil

Deferred Payment Liabilities-Sales
Tax Deferral 2.83 2.83 Nil Nil Nil Nil Nil Nil
(ii) Secured - At Amortised Cost

Debentures
Redeemable Non-Convertible
Debentures 2,666.19 247.25 559.75 467.05 319.45 361.75 710.94 Nil
Term Loans
From Banks 14,773.26 1,785.83 2,653.42 2,421.08 1,442.36 1,571.70 3,892.34 1,006.52

From Others 1,438.60 41.29 102.33 112.80 133.28 165.25 866.29 17.36
34,819.62 4,689.67 6,606.31 8,906.39 2,490.09 2,633.70 6,969.57 2,523.88

Less: Impact of recognition of
borrowing at amortised cost
using effective interest method
under Ind AS 82.13
Less: Unamortised portion of
fair value of Corporate Guarantee. 2.79
Total 34,734.70
Range of interest rates for:

1. Debentures - 6% to 10.75%
2. (a) Term loan of foreign Companies - 1.26% to 2.24%
Statutory Reports
(b) Term loan of Indian Companies - 4.30% to 9.40%
3. Term loan from others - 7.50% to 9.30%
22. Lease Liabilities

Accounting Policy
At inception of contract, the Group assesses whether the contract is, or contains, a lease. A contract is, or contains, a lease
if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.
At inception or on reassessment of a contract that contains a lease component, the Group allocates consideration in the
contract to each lease component on the basis of their relative standalone price.
As a Lessee
i) Right-of-use Assets
The Group 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 remaining useful lives of the assets, as follows:

22. Lease Liabilities (Contd.)

- Plant and Machinery - 3 years
- Vessels - 12.5 years
- Port Intake channel- 40 years
- Leasehold Land including sub-surface rights- 2 to 95 years
The Group presents right-to-use assets that do not meet the definition of investment property in ‘Property, plant and
equipments.
ii) Lease Liabilities

At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease
payments to be made over the lease term. In calculating the present value of lease payments, the Group generally 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.
The Group presents lease liabilities ₹ 3,537.31 crore (31st March, 2020 - ₹ 3,560.22 crore) as financial liability in the
Balance Sheet.
iii) Short term leases and leases of low value of assets

The Group applies the short-term lease recognition exemption to its short-term leases. It also applies the lease of
low-value assets recognition exemption that are considered to be low value. Lease payments on short-term leases and
leases of low value assets are recognised as expense on a straight-line basis over the lease term.
Leasing arrangement as Lessee
The Group has lease contracts for various items of plant, machinery, land, vehicles and other equipments used in its
operations. Leases of Leasehold land including sub-surface rights generally have lease terms between 2 years and 95
years, while plant and machinery, motor vehicles and other equipments generally have lease terms 3 years and 40 years.
Generally, the Group is restricted from assigning and subleasing the leased assets.
₹ crore
Amount recognised in the Statement of Profit and Loss 31st March, 2021 31st March, 2020
Depreciation of Right-of-use assets 188.62 197.18
Interest on lease liabilities 315.90 308.73
Expenses related to short term leases 31.48 32.03
Expenses related to leases of low value assets, excluding short term leases of low value assets 0.33 1.06
Refer Note (4b) for additions to Right-of-Use Assets and the carrying amount of Right-of-Use Assets as at 31st March, 2021. Further, refer Note 40.4.3
for maturity analysis of lease liabilities.
₹ crore
Amount as per the Statement of Cash Flows 31st March, 2021 31st March, 2020
Total cash outflow of leases 351.78 330.03
As at As at
₹ crore ₹ crore
Non-current
Lease Liabilities 3,142.48 3180.48
Total 3,142.48 3,180.48
Current
Lease Liabilities 394.83 379.74
Total 394.83 379.74
23. Other Financial Liabilities - At Amortised Cost, (Unless otherwise stated)
As at As at
₹ crore ₹ crore
Overview
Non-current
(a) Security Deposits from Customers 740.86 688.16
(b) Guarantee Commission Obligation Nil 5.12
(c) Payables for Capital Supplies and Services 348.40 28.20
(d) Other Liabilities Nil 0.04
(e) Payable to Customer 301.73 Nil
1,390.99 721.52
Current

(a) Current Maturities of Long-term Debt (Refer Note 21) 4,689.67 3,836.43
(b) Interest accrued but not due on Borrowings from Others 688.86 657.76
(c) Interest accrued but not due on Borrowings from Joint Ventures 150.45 181.08
(d) Investor Education and Protection Fund shall be credited
by the following amounts namely: (Refer Note 1 below)
Unpaid Dividend 23.23 22.61
Unpaid Matured Debentures 0.09 0.09
(e) Other Payables
Payables for Capital Supplies and Services 996.32 440.08
Advance Received for Sale of Investments [Refer Note 17b (vi)(a)] 1,645.60 1,576.59

Contingent Consideration Payable (Fair Value through Profit and Loss) 39.65 42.57
Derivative Contracts (Net)- (at Fair Value through Profit and Loss) 192.51 64.03
Security Deposits from Electricity Consumers (including interest accrued but not due) 2,242.87 285.84
Security Deposits from Customers 39.02 13.45
Tender Deposits from Vendors 43.13 39.88
Payable under 'Pass through arrangement' of trade receivables Nil 275.55
Supplier's Credit (Refer Note 2 below) 652.94 Nil
Payable to employees 71.53 Nil
Payable to acquiree company (Refer Note 3 below) 193.33 Nil
Payable to Consumers 310.53 Nil
Other Financial Liabilities 316.73 66.94
Total 12,296.46 7,502.90
Statutory Reports
Notes:
1. Includes amounts outstanding aggregating ₹ 1.69 crore (31st March, 2020 - ₹ 1.48 crore) for more than seven years pending disputes and legal
cases.
2. Certain coal suppliers have granted additional interest bearing credit period to the Group over and above their original credit period. To
leverage on better interest rate, the Group has entered into a Suppliers’ Credit Program (“Facility”) with a party whereby the party shall
pay the said coal suppliers on the original due date on behalf of the Group and the Group shall pay the party on the new due date along
with interest. This Facility is for USD 500 million and available for an initial period of 18 months. The Group has utilised USD 89.70 million
of this facility as at 31st March, 2021. 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.
3. Pursuant to vesting order issued by the Odisha Electricity Regulation Commission ('OERC'), trade receivables for pre-acquisition period are not
transferred to the Group. However, the Group as a collection agent needs to collect these receivables and use the same amount for paying
obligations not transferred to the Group. The Group performs these activities purely as an agent of Western Electricity Supply Company of
Odisha ('WESCO'). (Refer Note 44)

24. Tax Liabilities

As at As at
₹ crore ₹ crore
Non Current
Income-Tax Payable (Net) 3.03 3.03
Total 3.03 3.03
Current
Income-Tax Payable (Net) 198.38 129.49
Total 198.38 129.49
25. Provisions
Accounting Policy
Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is
probable that the Group will be required to settle the obligation and a reliable estimate can be made of the amount of the
obligation. The amount recognised as a provision is the best estimate of the consideration required to settle the present
obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.
When a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the
present value of those cash flows (when the effect of the time value of money is material).
Present obligations arising under onerous contracts are recognised and measured as provisions with charge to consolidated
statement of profit and loss. An onerous contract is considered to exist where the Group has a contract under which the
unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received
from the contract.
Restructuring provisions are recognised only when the Group has a constructive obligation, which is when: (i) a detailed
formal plan identifies the business or part of the business concerned, the location and number of employees affected, a
detailed estimate of the associated costs, and the timeline; and (ii) the employees affected have been notified of the plan’s
main features.
Defined contribution plans
Payments to defined contribution retirement benefit plans are recognised as an expense when employees have rendered
service entitling them to the contributions.
Defined benefit plans
The cost of providing benefits under the defined benefit plan is determined using the projected unit credit method.
Remeasurements, comprising of actuarial gains and losses, the effect of the asset ceiling and the return on plan assets
(excluding amounts included in net interest on the net defined benefit liability), are recognised immediately in the
balance sheet with a corresponding debit or credit to retained earnings through OCI in the period in which they occur.
Remeasurements are not reclassified to profit or loss in subsequent periods.
Past service costs are recognised in consolidated statement of profit and loss on the earlier of:
- the date of the plan amendment or curtailment, and
- the date that the Group recognises related restructuring costs
Net interest is calculated by applying the discount rate to the net defined benefit liability or asset. The Group recognises the
following changes in the net defined benefit obligation as an expense in the consolidated statement of profit and loss:
- Service costs comprising current service costs, past-service costs, gains and losses on curtailments and non-routine
settlements; and
- Net interest expense or income.
The cost of the defined benefit gratuity plan and other post-employment medical benefits and the present value of the
gratuity obligation are determined using actuarial valuations. An actuarial valuation involves making various assumptions
Overview
that may differ from actual developments in the future. These include the determination of the discount rate, future salary
increases and mortality rates. Due to the complexities involved in the valuation and its long-term nature, a defined benefit
obligation is highly sensitive to changes in these assumptions. All assumptions are reviewed at each reporting date. In
determining the appropriate discount rate for plans operated in India, the management considers the interest rates of
government bonds. The mortality rate is based on publicly available mortality tables. Those mortality tables tend to change
only at interval in response to demographic changes. Future salary increases are based on expected future inflation rates.
A liability for a termination benefit is recognised at the earlier of when the entity can no longer withdraw the offer of the
termination benefit and when the entity recognises any related restructuring costs.
As at As at

₹ crore ₹ crore
Non-current
Gratuity (Net) [Refer Note 25 (2.3)] 88.37 51.79
Post-Employment Medical Benefits [Refer Note 25 (2.3)] 62.82 60.88
Other Defined Benefit Plans [Refer Note 25 (2.3)] 428.94 69.30
788.66 370.50

Other Provisions
50.92 36.90
Total 839.58 407.40

Current
Gratuity (Net) [Refer Note 25 (2.3)] 27.79 7.99
Post-Employment Medical Benefits [Refer Note 25 (2.3)] 3.16 3.12
Other Defined Benefit Plans [Refer Note 25 (2.3)] 117.90 55.43
182.31 99.10
Statutory Reports
Other Provisions
Provision for Losses/Onerous Contracts 74.86 3.64
Provision for Rectification Work 2.00 4.50
87.80 17.32
Total 270.11 116.42
Movement of Other Provisions

₹ crore
Provision Provision Provision Provision Total
for for Losses for Losses/ for

Warranties of Joint Onerous Rectification
Ventures Contracts Work
Balance as at 1st April, 2019 39.23 83.45 14.74 13.40 150.82
Additional provisions recognised 10.45 Nil 3.16 Nil 13.61
Reductions arising from payments (3.60) Nil (0.06) (8.90) (12.56)
Reductions arising from remeasurements or settlement
without cost Nil (83.45) (14.20) Nil (97.65)
Balance as at 31st March, 2020 46.08 Nil 3.64 4.50 54.22


Provision Provision Provision Provision Total
for for Losses for Losses/ for
Warranties of Joint Onerous Rectification
Ventures Contracts Work
Balance as at 1st April, 2020 46.08 Nil 3.64 4.50 54.22

Additional provisions recognised 26.49 Nil 71.22 Nil 97.71
Reductions arising from payments (10.71) Nil Nil (2.50) (13.21)
Reductions arising from remeasurements or settlement
without cost Nil Nil Nil Nil Nil
Balance as at 31st March, 2021 61.86 Nil 74.86 2.00 138.72
Notes:
1. The provision for warranty claims represents estimated warranty liability for the products sold. These estimates are established using historical
information on the nature, frequency and average cost of warranty claims and management estimates regarding possible future incidence
based on corrective actions on product failures. The provision related to Asset held for Sale is transferred to Liabilities pertaining to Asset held
for Sale.
2. The provision for losses of Joint Ventures is recognised, to the extent that the Group has incurred legal or constructive obligations, in the event
that the share of losses for joint ventures accounted for using the equity method, exceeds zero.
3. The provision for losses includes provision for estimated losses on onerous contracts and provision for contingency on regulatory assets
recognised.
4. The provision for rectification work relates to the estimated cost of work agreed to be carried out for the rectification of goods supplied to the
customers. The amount is anticipated to be expensed in the subsequent year. These amounts have not been discounted for the purposes of
measuring the provision for rectification work, because the effect is not material.
5. During the year, the Group has acquired the electricity distribution business of central, southern and western Odisha. As a part of business
transfer, all the employees of the undertaking were transferred to the Group on a continuity of service conditions. Certain employees of said
electricity distribution business transferred to the Group are entitled to pension plan, gratuity plan and rehabilitation scheme (post-employ-
ment benefit plans) which are managed by separate trusts created for the purpose which is controlled and monitored by State Government.
As on the date of acquisition, the plan liabilities exceeds plan assets. The vesting order prescribes the mechanism for funding of such plan
liabilities based on request from the respective employee benefit trusts whereby the Group is required to fund the shortfall and is entitled to si-
multaneously recover the amounts from consumers. The Group has assessed these plans are defined benefit plans and accordingly recognised
it in the books of accounts. As the Group acts as an intermediary on behalf of the trusts to collect the amounts from the consumers, the amount
recoverable from consumers for the pre-acquisition period amounting to ₹ 223.34 crore are netted off with revenue from operations.
Employee benefit plan

1. Defined Contribution plan
The Group makes Provident Fund and Superannuation Fund contributions to defined contribution plans for eligible
employees. Under the schemes, the Group is required to contribute a specified percentage of the payroll costs. The provident
fund contributions as specified under the law are paid to the Government approved provident fund trust or statutory
provident fund authorities. The Group has no obligation, other than the contribution payable to the respective fund. The
Group recognises such contribution payable to the respective fund scheme as an expense, when an employee renders the
related service.
The Group has recognised ₹ 69.31 crore (31st March, 2020 - ₹ 67.88 crore) for provident and pension fund contributions
and ₹ 9.25 crore (31st March, 2020 - ₹ 10.75 crore) for superannuation contributions in the consolidated statement of profit
and loss. The said amount is excluding of amounts recognised by the Strategic Engineering Division (SED) (Discontinued
operations). The contributions payable to these plans by the Group are at rates specified in the rules of the plans.
2. Defined benefit plans
2.1 The Group operates the following unfunded/funded defined benefit plans:
Funded:
Provident Fund
The Parent Company makes Provident Fund contributions to defined benefit plans for eligible employees. Under the
scheme, the Parent Company is required to contribute a specified percentage of the payroll costs to fund the benefits. The
contributions as specified under the law are paid to the provident fund set up as a trust by the Parent Company. The Parent
Company is generally liable for annual contributions and any shortfall in the fund assets based on the government specified
minimum rates of return and recognises such contributions and shortfall, if any, as an expense in the year it is incurred.
Having regard to the assets of the fund and the return on the investments, the Group expects shortfall of ₹ 6.50 crore which
has been provided as an expenditure during the year.
The actuary has provided a valuation of provident fund liability based on the assumptions listed and determined the net
short fall of ₹ 6.50 crore as at 31st March, 2021 (31st March, 2020 - ₹ 10.52 crore) which has been recognised as an expense
during the year.
Overview
Pension Fund
The Odisha Distribution Companies acquired by the Group during the year have a defined benefit pension plan, the pension
plan is primarily governed by the Odisha Civil Services (Pension) Rules, 1992. The level of benefits, eligibility depends on the
date of joining, member's length of service and salary at the retirement date. The pension plan is funded plan. The fund is
in the form of a trust and is governed by Trustees appointed by the respective subsidiaries and regulations framed in this
regard. The Trustees are responsible for the administration of the plan assets and for defining the investment strategy in
accordance with the regulations.

The significant assumptions used for the purpose of the actuarial valuations were as follows:
As at As at
Particulars
Interest rate 7.50% p.a. 8.50% p.a.
Discount rate 6.60% p.a. 6.50% p.a.
Contribution during the year (₹ crore) 1,70.29 21.15
Short fall recognised as an expenditure for the year (₹ crore) 6.50 10.52
The movements in the net defined benefit obligations are as follows:

Present value Fair value of Net
Funded Plan:
of obligation plan assets amount
₹ crore ₹ crore ₹ crore
Interest Cost/(Income) 56.34 57.21 (0.87)
Amount recognised in Statement of Profit and Loss 78.36 57.21 21.15
Return on plan assets excluding amounts included in interest cost/(income) Nil (40.00) 40.00
Statutory Reports
Benefits paid (98.17) (98.17) Nil

Liability (includes amount recoverable from consumers for the pre-acquisition period -
4,235.09 524.52 3,710.57
Refer Note 25.5 above)
Interest Cost/(Income) 189.92 67.03 122.89

Amount recognised in Statement of Profit and Loss 237.32 67.03 170.29
Return on plan assets excluding amounts included in interest cost/(income) 0.18 76.02 (75.84)
Amount recognised in Other Comprehensive Income 364.22 76.02 288.20


Funded Plan:
Benefits paid (350.00) (343.92) (6.09)
Less: Amount recoverable from consumers for pre-acquisition period(Refer Note 25.5 above) (3,855.88) (326.86) (3,529.02)
Balance as at 31st March, 2021 1,505.45 1,036.57 468.88
Unfunded:
Post Employment Medical Benefits
The Group provides certain post-employment health care benefits to superannuated employees at some of its locations. In
terms of the plan, the retired employees can avail free medical check-up and medicines at Group's facilities.
Pension (including Director pension)
The Group operates a defined benefit pension plan for employees who have completed 15 years of continuous service. The
plan provides benefits to members in the form of a pre-determined lumpsum payment on retirement. Executive Director,
on retirement, is entitled to pension payable for life including HRA benefit. The level of benefit is approved by the Board of
Directors of the Group from time to time.
Ex-Gratia Death Benefit
The Group has a defined benefit plan granting ex-gratia in case of death during service. The benefit consists of a pre-
determined lumpsum amount along with a sum determined based on the last drawn basic salary per month and the length
of serv.ice.
Retirement Gift
The Group has a defined benefit plan granting a pre-determined sum as retirement gift on superannuation of an employee.
Funded/Unfunded:
Gratuity
The Group has a defined benefit gratuity plan. The gratuity plan is primarily governed by the Payment of Gratuity Act, 1972.
The gratuity plan of the Odisha Distribution Companies acquired by the Group during the year is governed by the Odisha
Civil Services (Pension) Rules, 1992 and the Payment of Gratuity Act, 1972. Employees who are in continuous service for a
period of five years are eligible for gratuity. The level of benefits provided depends on the member's length of service and
salary at the retirement date. The gratuity plan is a combination of funded plan and unfunded plan for various companies in
the Group.
In case of funded plan, the fund has the form of a trust and is governed by Trustees appointed by the Group. The Trustees are
responsible for the administration of the plan assets and for the definition of the investment strategy in accordance with the
trust regulations.
2.2 The principal assumptions used for the purposes of the actuarial valuations for funded and unfunded
plan were as follows:
As at As at
Valuation as at
Discount Rate 6.6% to 6.97% p.a 6.25% to 6.84 % p.a
Salary Growth Rate 5% to 8% p.a. 5% to 8% p.a.
Turnover Rate 0.5% to 8% p.a. 2% to 8% p.a.
Pension Increase Rate 4% to 5% p.a. 3% to 5% p.a.
Mortality Table Indian Assured Lives Mortality (2006-08) Indian Assured Lives Mortality
(modified) Ult & 100% of Indian Assured (2006-08)
Lives Mortality (modified) Ult & 100% of Indian
(2012-2014) Assured Lives Mortality
(2012-2014)
Annual Increase in Healthcare Cost 8% p.a. 8% p.a.
2.3 The amounts recognised in the financial statements and the movements in the net defined benefit
obligations over the year are as follows:
Overview
(a) Gratuity Fund Plan:
Past service cost Nil Nil Nil
Interest Cost/(Income) 25.64 (24.10) 1.54
Less: Amount recognised in Statement of Profit and Loss - Discontinued Operations 1.30 Nil 1.30
Amount recognised in Statement of Profit and Loss - Continuing Operations 45.95 (24.10) 21.85

Return on plan assets excluding amounts included in interest cost/(income) 0.05 (8.25) (8.20)
Actuarial (gains)/losses arising from changes in demographic assumptions 25.46 Nil 25.46
Less: Amount recognised in Other Comprehensive Income - Discontinued Operations (0.21) Nil (0.21)
Employer contribution Nil (6.63) (6.63)
Benefits paid (59.93) 4.09 (55.84)
Add: Amounts recognised in current year - Discontinued Operations (1.08) Nil (1.08)

Balance as at 31st March, 2020* 352.91 (358.73) (5.82)
Balance as at 1st April, 2020 * 352.91 (358.73) (5.82)

Liability (includes amount recoverable from consumers for the pre-acquisition period -
309.06 (94.70) 214.36
Refer Note 25.5 above)
Past service cost Nil Nil Nil
Interest Cost/(Income) 33.48 (26.22) 7.26
Less: Amount recognised in Statement of Profit and Loss - Discontinued Operations (0.89) Nil (0.89)
Amount recognised in Statement of Profit and Loss - Continuing Operations 69.90 (26.22) 43.68
Return on plan assets excluding amounts included in interest cost/(income) 0.80 (16.99) (16.19)
Actuarial (gains)/losses arising from changes in demographic assumptions 8.03 Nil 8.03
Statutory Reports
Less: Amount recognised in Other Comprehensive Income - Discontinued Operations (0.34) Nil (0.34)
Employer contribution Nil (47.96) (47.96)
Benefits paid (90.03) 57.51 (32.52)
Add: Amounts recognised in current year - Discontinued Operations 0.89 Nil 0.89
Less: Amount recoverable from consumers for pre-acquisition period (Refer Note 25.5 above) (269.36) 89.69 (179.67)
Balance as at 31st March, 2021* 369.99 (397.40) (27.41)
* Net assets is classified as "Other Current Assets"
(b) Unfunded Plan - Gratuity and Other Defined Benefit Plans: Gratuity Other Defined
Amount Benefit Plans
Amount
₹ crore ₹ crore
Balance as at 1st April, 2019 22.58 112.56
Current service cost 2.72 6.87
Past service cost Nil 0.25


(b) Unfunded Plan - Gratuity and Other Defined Benefit Plans: Gratuity Other Defined
Amount Benefit Plans
Amount
₹ crore ₹ crore
Past service cost - Plan amendments Nil 13.52
Interest Cost/(Income) 1.60 10.44
Less: Amount recognised in Statement of Profit and Loss - Discontinued Operations Nil 0.07
Amount recognised in Statement of Profit and Loss - Continuing Operations 4.32 31.15
Actuarial (gains)/losses arising from changes in demographic assumptions (0.56) (5.65)
Actuarial (gains)/losses arising from changes in financial assumptions 2.33 10.90
Actuarial (gains)/losses arising from experience 3.64 (9.68)
Less: Amount recognised in other comprehensive income - Discontinued operations Nil 0.41
Amount recognised in Other Comprehensive Income 5.41 (4.02)
Benefits paid (2.72) (7.31)
Acquisitions credit/(cost) 0.56 (0.31)
Add: Amounts recognised in current year - Discontinued Operations Nil (0.58)
Balance as at 31st March, 2020 30.15 131.49
Balance as at 1st April, 2020 30.15 131.49

Liability (includes amount recoverable from consumers for the pre-acquisition period - Refer Note 25.5 above) Nil 157.38
Current service cost 2.99 9.02
Past service cost 0.06 5.68
Past service cost - Plan amendments Nil Nil
Interest Cost/(Income) 1.88 8.09
Less: Amount recognised in Statement of Profit and Loss - Discontinued Operations Nil Nil
Amount recognised in Statement of Profit and Loss - Continuing Operations 4.93 22.79
Actuarial (gains)/losses arising from changes in demographic assumptions 0.04 (0.71)
Actuarial (gains)/losses arising from changes in financial assumptions (0.27) 1.55
Actuarial (gains)/losses arising from experience 8.58 (3.40)
Less: Amount recognised in other comprehensive income - Discontinued operations 0.61 (0.03)
Amount recognised in Other Comprehensive Income 8.96 (2.59)
Benefits paid (3.44) (10.50)
Acquisitions credit/(cost) 11.51 (2.44)
Add: Amounts recognised in current year - Discontinued Operations Nil 0.10
Less: Amount recoverable from consumers for pre-acquisition period (Refer Note 25.5 above) Nil (152.29)
Balance as at 31st March, 2021 52.11 143.94
Reconciliation with amount presented in the Balance Sheet

As at As at
₹ crore ₹ crore
Gratuity provision - funded (27.41) (5.82)
Gratuity provision - unfunded 52.11 30.15
24.70 24.33
Non current provision for Gratuity (net) 88.37 51.79
Add: Current provision for Gratuity (net) 27.79 7.99
Less: Gratuity Assets classified as other assets 91.46 35.45
Gratuity provision (net) 24.70 24.33
Provision for Other defined benefit obligation
As at As at
Overview
₹ crore ₹ crore
Closing provision as per above note 2.1 and 2.3(b) 612.82 188.73
Non current provision for Post-Employment Medical benefits 428.94 69.30
Add: Non current provision for Other defined benefit plans 62.82 60.88
Add: Current provision for Post-Employment Medical benefits 3.16 3.12
Add: Current provision for Other defined benefit plans 117.90 55.43
Closing provision as per above 612.82 188.73

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

31st March, 31st March, 2021 2020 2021 2020
2021 2020
Discount rate 0.50% 0.50% Decrease by 530.54 24.15 Increase by 1,325.53 26.54
Salary/Pension growth rate 0.50% 0.50% Increase by 208.56 19.97 Decrease by 1,273.68 18.56
Mortality rates 1 year 1 year Decrease by 6.26 5.84 Increase by 0.44 5.74

Healthcare cost 0.50% 0.50% Increase by 353.53 5.17 Decrease by 0.30 4.60
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
Statutory Reports
determined by reference to market yields at the end of the reporting period on government bonds.
Interest Risk A decrease in the bond interest rate will increase the plan liability; however, this will be partially offset by
an increase in the return on the plan debt investments.
Longevity Risk The present value of the defined benefit plan liability is calculated by reference to the best estimate
of the mortality of plan participants both during and after their employment. An increase in the life
expectancy of the plan participants will increase the plan’s liability.
Salary Risk The present value of the defined plan liability is calculated by reference to the future salaries of plan
participants. As such, an increase in the salary of the plan participants will increase the plan’s liability.
2.5 The expected maturity analysis of undiscounted defined benefit obligation (Funded and Unfunded) is
as follows:
As at As at
₹ crore ₹ crore
Within 1 year 596.35 106.05
Between 1 - 2 years 523.32 155.63
Between 2 - 3 years 454.90 145.32


As at As at
₹ crore ₹ crore
Between 3 - 4 years 439.56 134.28
Between 4 - 5 years 407.23 136.92
Beyond 5 years 4,314.54 723.06
As at As at
The weighted average duration of:
Provident Fund 7.0 Years 7.0 Years
Gratuity Fund 7.4 Years 7.4 Years
2.6 Risk exposure:

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

Plan assets are funded with the trust set up by the Group. The Insurer trust invests the funds in various financial instruments.
Major categories of plan assets are as follows:
Provident Fund Gratuity Pension
31st March, 2021 31st March, 2020 31st March, 2021 31st March, 2020 31st March, 2021 31st March, 2020
% % % % % %
Quoted Equity Instruments 5% 4% 15% 18% Nil Nil
Debt & Other Instruments 54% 42% 30% 55% 54% Nil
Government Securities 41% 54% 55% 27% 46% Nil
26. Other Liabilities

As at As at
₹ crore ₹ crore
Non-current
Consumers' Benefit Account [Refer Note 37(f )] 72.35 16.97
Deferred Revenue - Service Line Contributions from Consumers 4,251.30 1,321.37
Advance from Customers 0.08 0.11
Deferred Rent Liability 42.76 45.43
Deferred Revenue Liability 809.69 683.43
Deferred Revenue Grant* 16.49 17.21
Government Grant towards cost of capital assets (Pending to be utilized) 1,025.28 Nil
Total 6,217.95 2,084.52
* The Group has recognised an income of ₹ 2.20 crore (31st March, 2020 - ₹ 0.89 crore) on account of Deferred Grants during the year in the
statement of profit and loss account.
26. Other Liabilities (Contd.)
As at As at
₹ crore ₹ crore
Overview
Current
Statutory Liabilities 347.02 241.86
Advance from Customers/Public Utilities 776.75 280.94
Advance from Consumers 432.01 501.21
Liabilities towards Consumers 240.09 195.96
Statutory Consumer Reserves [Refer Note 37(f )] 179.00 168.00
Deferred Revenue Liability 43.51 41.62
Other Liabilities 33.64 23.49

Total 2,052.02 1,453.08
27. Current Borrowings - At Amortised Cost

As at As at
₹ crore ₹ crore
(i) Unsecured
From Debentures
(a) Redeemable Non-Convertible Debentures Nil 370.00

From Banks
(b) Buyers' Line of Credit Nil 9.23
(c) Bank Overdraft - repayable on demand 82.39 34.71
(d) Short-term Loans 2,487.68 1,562.44
From Others
(e) From Related Parties 612.97 2,022.78
(f ) From Other (Refer Note below) Nil 140.28
(g) Commercial Papers 3,922.76 6,630.18
7,105.80 10,769.62
(ii) Secured
Statutory Reports
From Banks
(a) Buyers' Line of Credit 62.62 Nil
(b) Short-term Loans 1,250.52 1,074.74
(c) Cash Credit from Bank 13.78 Nil
(d) Bank Overdraft - repayable on demand 3.49 Nil
1,330.41 1,074.74
Total 8,436.21 11,844.36

Note:
The Group had entered into a Suppliers’ Credit Program (“Facility”) with a party whereby the Group would get additional credit period
over and above the original credit period granted by certain coal suppliers. Under this Facility, the party shall pay the said coal suppliers
on the original due date on behalf of the Group and grant an additional credit period to the Group.
Security
Short-term Loans and Buyer's Line of Credit availed by various entities of the Group are secured by a charge on immovable
property of certain entities, both present and future and are also secured by way of charge on tangible and intangible
assets, current assets, receivables and stores and spares, uncalled capital receivables, rights under project documents,
project cash flows, pledge of shares and monies receivable of the respective entities.

28. Revenue from Operations

Revenue recognition
Accounting Policy
Revenue from contracts with customers is recognised when control of the goods or services are transferred to the customer
at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or
services.
Description of performance obligations are as follows:

(i) Sale of Power - Generation (Thermal and Hydro)
Revenue from sale of power is recognised net of cash discount over time for each unit of electricity delivered.
Contract price determined as per tariff regulations
The Group as per the prevalent tariff regulations is required to recover its Annual Revenue Requirement ('ARR')
comprising of expenditure on account of fuel cost, operations and maintenance expenses, financing costs, taxes and
assured return on regulator approved equity with additional incentive for operational efficiencies. Accordingly, rate per
unit is determined using input method based on the Group's efforts to the satisfaction of a performance obligation to
deliver power. As per tariff regulations, the Group determines ARR and any surplus/shortfall in recovery of the same is
accounted as revenue.
Contract Price as per long term agreements
Rate per unit is determined using input method based on the Group's efforts to the satisfaction of a performance
Variable consideration forming part of total transaction price will be allocated and recognised when the terms of variable
payment relate specifically to the Group's efforts to satisfy the performance obligation i.e. in the year of occurrence of
event linked to variable consideration. The transaction price is adjusted for significant financing component, if any and
the adjustment is accounted as finance cost.
(ii) Sale of Power - Generation (Wind and Solar)
Revenue from sale of power is recognised net of cash discount over time for each unit of electricity delivered at the
contracted rate. The transaction price is adjusted for significant financing component, if any and the adjustment is
accounted as finance cost.
(iii) Transmission of Power
Revenue from transmission of power is recognised net of cash discount over time for transmission of electricity.
The Group as per the prevalent tariff regulations is required to recover its Annual Revenue Requirement
('ARR') comprising of expenditure on account of operations and maintenance expenses, financing costs,
taxes and assured return on regulator approved equity with additional incentive for operational efficiencies.
Input method is used to recognise revenue based on the Group's efforts or inputs to the satisfaction of a performance
As per tariff regulations, the Group determines ARR and any surplus/shortfall in recovery of the same is accounted as
revenue.
(iv) Sale of Power - Distribution
Revenue from sale of power is recognised net of cash discount over time for each unit of electricity delivered at the pre
determined rate.
(v) Trading of power
In the arrangement the Group is acting as an agent, the revenue is recognised on net basis when the units of electricity
are delivered to power procurers because this is when the Group transfers control over its services and the customer
benefits from the Group's such agency services.
The Group determines its revenue on certain contracts net of power purchase cost based on the following factors:
a. another party is primarily responsible for fulfilling the contract as the Group does not have the ability to direct the
use of power supplied or obtain benefits from supply of power.
b. the Group does not have inventory risk before or after the power has been delivered to customers as the power is
directly supplied to customer.
c. the Group has no discretion in establishing the price for supply of power. The Group's consideration in these
contracts is only based on the difference between sales price charged to procurer and purchase price given to
supplier.
Overview
For other contracts which does not qualify the conditions mentioned above, revenue is determined on gross basis.
(vi) Sale of Solar Products
Revenue from turnkey contracts, which are generally time bound fixed price contracts, are recognised over the life of
the contract using the proportionate completion method, with contracts costs determining the degree of completion.
(vii) Rendering of Services
Revenue from a contract to provide services is recognised over time based on :
Input method where the extent of progress towards completion is measured based on the ratio of costs incurred

to date to the total estimated costs at completion of performance obligation. Revenue, including estimated fees or
profits, are recorded proportionally based on measure of progress.
Output method where direct measurements of value to the customer based on survey's of performance completed to
date
Revenue is recognised net of cash discount at a point in time at the contracted rate.
(viii) Consumers are billed on a monthly basis and are given average credit period of 30 to 45 days for payment.
There is no significant judgement involved while evaluating the timing as to when customers obtain control of
(ix) In the regulated operations of the Group where tariff recovered from consumers is determined on cost plus return

on equity, the Income tax cost is pass through cost and accordingly the Group recognises Deferred tax recoverable
/ payable against any Deferred tax expense/ income. The same has now been included in 'Revenue from Operations'
in case of Generation and Transmission Divisions and 'Net Movement in Regulatory Deferral Balances' in case of
Distribution Division
There is no significant judgement involved while evaluating the timing as to when customers obtain control of
₹ crore ₹ crore
(a) Revenue from Power Supply and Transmission Charges 29,264.40 28,264.95
Add/(Less): Cash Discount (418.49) (69.40)
Statutory Reports
Add/(Less): Income to be adjusted in future tariff determination (Net) 71.54 (665.32)
Add/(Less): Income to be adjusted in future tariff determination (Net)
in respect of earlier years (Refer Note 18) (8.53) 5.49
Add/(Less): Deferred Tax Recoverable/Payable 44.80 31.41
Add/(Less): Power Purchase Cost (where Group acts as an agent) (1,884.00) (2,182.90)
27,069.72 25,384.23
(b) Revenue from Power Supply - Assets Under Finance Lease 942.03 1,051.27
(c) Project/Operation Management Services 140.57 119.19

(d) Revenue from Sale of:

Solar Products 3,274.86 1,418.28
Electronic Products 41.28 44.37
3,316.14 1,462.65


₹ crore ₹ crore
(e) Income from Finance Lease 91.23 91.56
(f) Finance Income from Service Concession Agreement 36.61 38.70
(g) Other Operating Revenue

Charter Hire 86.84 220.37
Income in respect of Services Rendered 361.11 404.58
Compensation Nil 0.41
Amortisation of Capital Grants 2.58 3.25
Amortisation of Service Line Contributions 149.60 89.08
Income from Storage & Terminalling 16.31 15.22
Miscellaneous Revenue and Sundry Credits 187.93 93.09
Sale of Fly Ash 13.97 10.00
Sale of Coal Nil 78.21
Sale of Carbon Credits 0.59 6.25
Sale of Products - Trading 1.01 0.95
Dividend from Equity Investments measured at FVTOCI 1.43 1.85
Profit on sale of Current Investment - measured at FVTPL 2.51 4.34
Sale of Renewable Energy Certificates 35.94 50.36
871.80 988.77
Total 32,468.10 29,136.37
Details of Revenue from Contract with Customers

₹ crore ₹ crore
Total Revenue from Contract with Customers 32,020.25 28,836.15
Less: Significant Financing Component (81.11) (67.40)
Add: Cash Discount/Rebates etc. 418.49 69.40
Total Revenue as per Contracted Price 32,357.63 28,838.15
Transaction Price - Remaining Performance Obligation

The remaining performance obligation disclosure provides the aggregate amount of the transaction price yet to be
recognised as at the end of the reporting period and an explanation as to when the Group expects to recognise these
amounts in revenue. Applying the practical expedient as given in Ind AS 115, the Group has not disclosed the remaining
performance obligation related disclosures for contracts as the revenue recognised corresponds directly with the value to
the customer of the entity's performance completed to date.
The aggregate value of performance obligations that are partially unsatisfied as at 31st March, 2021, other than those
meeting the exclusion criteria mentioned above is ₹ 1,11,308.19 crore (31st March, 2020 - ₹ 1,27,165.72 crore). Out of this, the
group expects to recognise revenue of around 6.01% (31st March, 2020 - 5.66%) within the next one year and the remaining
thereafter.
Revenue is disaggregated by type and nature of product or services. The table also includes the reconciliation of the disaggregated revenue with the Group's
reportable segment.
Total
Revenue from Contracts Other than Revenue from
(Before Inter Segment Inter Segment Total
with Customers Contracts with Customers
Elimination)
For the year For the year For the year For the year For the year For the year For the year For the year For the year For the year
Particulars
ended ended ended ended ended ended ended ended ended ended
31st March, 31st March, 31st March, 31st March, 31st March, 31st March, 31st March, 31st March, 31st March, 31st March,
2021 2020 2021 2020 2021 2020 2021 2020 2021 2020
₹ crore ₹ crore ₹ crore ₹ crore ₹ crore ₹ crore ₹ crore ₹ crore ₹ crore ₹ crore
Nature of Goods/Services
Generation
Sale of Power 12,129.74 12,921.98 Nil Nil 12,129.74 12,921.98 2,903.90 3,580.07 9,225.84 9,341.91
Sale of Power from Assets Under Lease 942.03 1,051.27 Nil Nil 942.03 1,051.27 Nil Nil 942.03 1,051.27
Project/Operation Management Services 80.42 47.61 Nil Nil 80.42 47.61 0.12 1.93 80.30 45.68
Charter Hire 86.84 220.37 Nil Nil 86.84 220.37 Nil Nil 86.84 220.37
Income in respect of Services Rendered 73.86 70.88 Nil Nil 73.86 70.88 Nil Nil 73.86 70.88
Sale of Fly Ash 13.97 10.00 Nil Nil 13.97 10.00 Nil Nil 13.97 10.00
Sale of Coal Nil 78.21 Nil Nil Nil 78.21 Nil Nil Nil 78.21
Income from Finance Lease Nil Nil 84.66 88.91 84.66 88.91 Nil Nil 84.66 88.91
Rental of Land, Buildings, Plant and Equipments, etc. Nil Nil 5.16 5.49 5.16 5.49 Nil Nil 5.16 5.49
Amortisation of Service Line Contributions Nil Nil 0.04 0.05 0.04 0.05 Nil Nil 0.04 0.05
Miscellaneous Revenue and Sundry Credits Nil Nil 16.05 37.97 16.05 37.97 0.81 0.99 15.24 36.98
Total (A) 13,326.86 14,400.32 105.91 132.42 13,432.77 14,532.74 2,904.83 3,582.99 10,527.94 10,949.75
Renewables
Sale of Power 2,394.33 2,401.44 Nil Nil 2,394.33 2,401.44 185.72 228.03 2,208.61 2,173.41
Sale of Solar Products 3,356.03 1,425.07 Nil Nil 3,356.03 1,425.07 81.17 6.79 3,274.86 1,418.28
Sale of REC certificates 35.56 49.35 Nil Nil 35.56 49.35 Nil Nil 35.56 49.35
Finance Income from Service Concession Agreement 36.49 38.61 Nil Nil 36.49 38.61 Nil Nil 36.49 38.61
Income from Finance Lease Nil Nil 6.57 2.65 6.57 2.65 Nil Nil 6.57 2.65
Rental of Land, Buildings, Plant and Equipments, etc. Nil Nil Nil 0.02 Nil 0.02 Nil Nil Nil 0.02
Amortisation of Capital Grants Nil Nil 1.85 2.50 1.85 2.50 Nil Nil 1.85 2.50
Miscellaneous Revenue and Sundry Credits Nil Nil 20.61 19.69 20.61 19.69 Nil Nil 20.61 19.69
Sale of Carbon Credits Nil Nil 0.59 6.25 0.59 6.25 Nil Nil 0.59 6.25

Total (B) 5,858.03 3,946.34 29.62 31.11 5,887.65 3,977.45 267.72 235.61 5,619.92 3,741.84
399
400
Total
Revenue from Contracts Other than Revenue from
(Before Inter Segment Inter Segment Total
with Customers Contracts with Customers
Elimination)
For the year For the year For the year For the year For the year For the year For the year For the year For the year For the year
Particulars
ended ended ended ended ended ended ended ended ended ended
31st March, 31st March, 31st March, 31st March, 31st March, 31st March, 31st March, 31st March, 31st March, 31st March,
2021 2020 2021 2020 2021 2020 2021 2020 2021 2020
₹ crore ₹ crore ₹ crore ₹ crore ₹ crore ₹ crore ₹ crore ₹ crore ₹ crore ₹ crore
Transmission and Distribution of Power
Sale of Power 15,635.27 13,869.32 Nil Nil 15,635.27 13,869.32 Nil Nil 15,635.27 13,869.32
Project/Operation Management Services 22.45 38.64 Nil Nil 22.45 38.64 Nil Nil 22.45 38.64
Sale of Products - Trading 1.01 0.95 Nil Nil 1.01 0.95 Nil Nil 1.01 0.95
Sale of REC certificates 0.37 1.01 Nil Nil 0.37 1.01 Nil Nil 0.37 1.01
Finance Income from Service Concession Agreement 0.12 0.09 Nil Nil 0.12 0.09 Nil Nil 0.12 0.09
Income from Finance Lease Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil
Amortisation of Capital Grants Nil Nil 0.73 0.75 0.73 0.75 Nil Nil 0.73 0.75
Amortisation of Service Line Contributions Nil Nil 149.56 89.04 149.56 89.04 Nil Nil 149.56 89.04
Net movement in Regulatory Deferral Balances Nil Nil 611.04 (188.69) 611.04 (188.69) Nil Nil 611.04 (188.69)
Total (C) 15,754.37 14,060.95 915.29 (58.25) 16,669.66 14,002.70 Nil Nil 16,669.66 14,002.70
Others

Sale of Electronic Products 41.28 44.37 Nil Nil 41.28 44.37 Nil Nil 41.28 44.37
Income in respect of Services Rendered 196.87 183.25 Nil Nil 196.87 183.25 8.86 7.66 188.01 175.59
Income from Storage & Terminalling 16.31 15.22 Nil Nil 16.31 15.22 Nil Nil 16.31 15.22
Rental of Land, Buildings, Plant and Equipments, etc. Nil Nil 1.78 1.99 1.78 1.99 1.78 1.99 Nil Nil
Interest on Inter-corporate Deposits Nil Nil Nil 2.77 Nil 2.77 Nil 2.77 Nil Nil
Dividend from Equity Investments measured at FVTOCI Nil Nil 1.43 1.84 1.43 1.84 Nil Nil 1.43 1.84
Miscellaneous Revenue and Sundry Credits Nil Nil 0.92 Nil 0.92 Nil Nil Nil 0.92 Nil
Profit on sale of Current Investment - measured at FVTPL Nil Nil 2.51 4.34 2.51 4.34 Nil Nil 2.51 4.34
Total (D) 255.52 244.59 6.64 10.94 262.16 255.53 11.31 12.56 250.85 242.97
Unallocable
Project/Operation Management Services 5.78 4.17 Nil Nil 5.78 4.17 Nil Nil 5.78 4.17
Total (E) 6.74 9.35 4.02 1.07 10.76 10.42 Nil Nil 10.76 10.42
Revenue from Continued Operations
(A + B + C +D +E) 35,201.52 32,661.55 1,061.48 117.29 36,263.00 32,778.84 3,183.86 3,831.16 33,079.14 28,947.68
Revenue from Discontinued Operations (F) 193.63 343.74 Nil Nil 193.63 343.74 Nil Nil 193.63 343.74
Reconciliation of Revenue For the year ended For the year ended
₹ crore ₹ crore
Overview
Revenue from Continued Operations as per above 33,079.14 28,947.68
Net movement in Regulatory Deferral Balances (611.04) 188.69
Total Revenue from Operations 32,468.10 29,136.37
Contract Balances
As at As at

₹ crore ₹ crore
Contract Assets
Non-Current 1,161.06 960.84
Current Nil Nil
Unbilled Revenue other than passage of time 21.74 30.07
Total Contract Assets 1,182.80 990.91
Contract Liabilities

Deferred Revenue Liability
Non-Current 809.69 683.43
Current 43.51 41.62
Advance from Consumers
Current 432.01 501.21
Liabilities towards Consumers
Non-Current Nil Nil
Current 240.09 195.96
Total Contract Liabilities 1,525.38 1,422.33
Receivables
Statutory Reports
Trade Receivables (Gross)
Current 5,438.62 4,859.41
Current 75.65 232.17
Unbilled Revenue for passage of time
Current 1,573.64 799.42
(Less): Allowances for Doubtful Debts
Non-Current (1.18) (4.55)

Current (437.65) (433.51)
Net Receivables 7,359.44 5,583.10
Total 10,067.62 7,996.34
Contract assets
A contract asset is the right to consideration in exchange for goods or services transferred to the customer. Contract assets
are transferred to receivables when the rights become unconditional.


Contract liability
A contract liability is the obligation to transfer goods or services to a customer for which the Group has received consideration
(or an amount of consideration is due) from the customer. If a customer pays consideration before the Company transfers
goods or services to the customer, a contract liability is recognised when the payment is made or the payment is due
(whichever is earlier). Contract liabilities are recognised as revenue when the performance obligation is satisfied.
Significant changes in the contract assets and the contract liabilities balances during the year are as follows:
Movement in Recoverable from consumers and Liabilities towards consumers

As at As at
₹ crore ₹ crore
Opening Balance
- Recoverable from consumers 960.84 1,505.33
- Liabilities towards consumers (195.96) (11.50)
(A) 764.88 1,493.83
Income to be adjusted in future tariff determination (Net) 71.54 (665.32)

Income to be adjusted in future tariff determination (Net) in respect of earlier years (8.53) 5.49
Refund to Customers (including Group's Distribution Business) 57.58 48.87
Deferred tax recoverable/(payable) 44.80 31.41
Deferred tax recoverable/(payable) on account of new tax regime Nil (167.00)
Revenue recognised during the year 430.09 573.67
Transfer to receivables (423.26) (600.52)
Others (16.13) 44.45
(B) 156.09 (728.95)
Closing Balance
- Recoverable from consumers 1,161.06 960.84
- Liabilities towards consumers (240.09) (195.96)
(A+B) 920.97 764.88
Movement in Unbilled Revenue other than passage of time, Advance from consumers and Deferred Revenue
Liabilities
As at As at
₹ crore ₹ crore
Opening Balance
- Unbilled Revenue other than passage of time 30.07 11.15
- Advance from consumers 501.32 330.41
- Deferred Revenue Liabilities 725.05 579.22
(A) 1,256.44 920.78
Revenue recognised during the year (450.89) (172.28)

Advance received during the year 487.33 486.41
Interest for the year 81.11 75.03
Transfer to receivables (66.96) (53.50)
(B) 50.59 335.66
Closing Balance
- Unbilled Revenue other than passage of time 21.74 30.07
- Advance from consumers 432.09 501.32
- Deferred Revenue Liabilities 853.20 725.05
(A+B) 1,307.03 1,256.44
29. Other Income
Accounting Policy
Dividend income from investments is recognised when the shareholder's right to receive payment has been established.
Overview
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.
Consumers are billed on a monthly basis and are given average credit period of 30 to 45 days for payment. No delayed
payment charges ('DPC') is charged for the initial 30 days from the date of receipt of invoice by customer. Thereafter, DPC is
charged at the rate prescribed by the Power Purchase Agreement on the outstanding balance once the dues are received.
Revenue in respect of delayed payment charges and interest on delayed payments leviable as per the relevant contracts
are recognised on actual realisation or accrued based on an assessment of certainty of realization supported by either an

acknowledgement from customers or on receipt of favourable order from regulatory authorities.

₹ crore ₹ crore
(a) Interest Income
(i) Financial Assets held at Amortised Cost
Interest on Banks Deposits 63.14 18.11
Interest on Overdue Trade Receivables 49.97 66.41
Interest on Non-current Investment - Contingency Reserve Fund 13.25 12.64

Interest on Non-current Investment - Deferred Tax Liability Fund 0.84 7.53
Interest on Loans to Joint Controlled Entity 0.64 0.63
Interest on Loans and Advances 18.93 15.01
146.77 120.33
(ii)
Interest on Income-Tax Refund 7.13 17.71
153.90 138.04
(b) Dividend Income
From Non-current Investments measured at FVTPL 6.78 85.75
6.78 85.75
(c) Gain/(Loss) on Investments
Statutory Reports
Gain on Sale of Current Investment measured at FVTPL 39.14 42.26
Gain on Sale of Investment in Associates measured at Cost Nil 11.13
39.14 53.39
(d) Other Non-operating Income
Discount amortised/accrued on Bonds (Net) Nil 0.03
Commission earned 8.26 8.76
Gain/(Loss) on Disposals of Property, Plant and Equipments (Net) 5.97 (21.83)
Delayed Payment Charges 66.27 49.45
Management Fees 142.71 135.10
239.42 285.43
Total 439.24 562.61

30. Raw Materials Consumed and Decrease/(Increase) in Work-in-Progress/Finished Goods/

Stock-in-Trade
₹ crore ₹ crore
Raw Materials Consumed
Opening Stock 197.80 156.89
Add: Purchases 2,747.18 998.09
2,944.98 1,154.98
Less: Closing Stock 316.79 197.80
Total 2,628.19 957.18
Decrease/(Increase) in Work-in-Progress/Finished Goods/Stock-in-Trade
Work-in-Progress
Inventory at the beginning of the year 3.99 2.93
Less: Inventory at the end of the year 6.42 3.99
(2.43) (1.06)
Finished Goods
Inventory at the beginning of the year 96.99 82.41
Less: Inventory at the end of the year 94.15 96.99
2.84 (14.58)
Total 0.41 (15.64)
31. Employee Benefits Expense

₹ crore ₹ crore
Salaries and Wages 1,723.01 1,214.92

Contribution to Provident Fund [Refer Note 25(1)] 239.60 89.03
Contribution to Superannuation Fund [Refer Note 25(1)] 9.25 10.75
Gratuity [Refer Note 25 (2.3)] 48.61 26.17
Pension 34.05 13.35
Staff Welfare Expenses 165.55 151.03
2,264.49 1,541.05
Less:
Employee Cost Capitalised 97.57 90.42
Employee Cost Inventorised 10.44 9.99
108.01 100.41
Total 2,156.48 1,440.64
32. Finance Costs
Accounting Policy
Borrowing Costs
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets
Overview
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.


₹ crore ₹ crore
(a) Interest Expense:
On Borrowings - At Amortised Cost
Interest on Debentures 1,249.49 1,076.67
Interest on Loans - Banks and Financial Institutions 2,066.03 2,786.76
Interest paid to Joint Ventures 29.64 52.42
Others
Interest on Consumer Security Deposits (Carried at Amortised Cost) 99.98 81.84

Other Interest and Commitment Charges 92.39 57.08
Interest on Lease Liability - At Amortised cost 315.90 308.73
3,853.43 4,363.50
Less: Interest Capitalised 63.78 42.50
3,789.65 4,321.00
(b) Other Borrowing Cost:
Loss/(Gain) arising on Interest Rate Swap derivative contracts designated as
hedging instruments in fair value hedges Nil 1.54
Other Finance Costs 217.26 181.57
Foreign Exchange Loss/(Gain) on Borrowings (Net) 28.34 (0.88)
Less: Finance Charges Capitalised 24.86 9.50
220.74 172.73
Statutory Reports
Total 4,010.39 4,493.73
Note:
The weighted average capitalisation rate on the Group's general borrowings is in the range of 7.13 % to 8.01% per annum (31st March,
2020 - 7.74% to 8.63% per annum).
33. Other Expenses

₹ crore ₹ crore
Consumption of Stores, Oil, etc. 167.79 150.04
Repairs and Maintenance -
(i) To Buildings and Civil Works 109.63 115.55
(ii) To Machinery and Hydraulic Works 822.13 653.28
(iii) To Furniture, Vehicles, etc. 73.90 69.54
1,005.66 838.37

33. Other Expenses (Contd.)

₹ crore ₹ crore
Rates and Taxes 86.14 108.47

Insurance 115.42 96.88
Other Operation Expenses 488.79 366.01
Ash Disposal Expenses 51.21 53.58
Warranty Charges 26.50 10.45
Travelling and Conveyance Expenses 46.84 51.39
Consultants' Fees 42.05 38.42
Compensation 0.29 (0.41)
Auditors' Remuneration 12.87 12.87
Cost of Services Procured 360.39 279.94
Agency Commission 8.75 1.84
Bad Debts 72.14 23.62
Allowance for Doubtful Debts and Advances (Net) 7.50 16.80
Net Loss on Foreign Exchange 65.97 116.21
(Profit)/Loss on Sale of Non-current Investments in Joint Ventures accounted using Equity
method Nil 0.77
Legal Charges 51.41 52.92
Corporate Social Responsibility Expenses 39.11 34.32
Transfer to Contingency Reserve 11.00 17.00
Marketing Expenses 3.07 3.11
Miscellaneous Expenses 92.59 44.61
2,812.48 2,342.78
34. Income Taxes

34 a. Current Tax
Accounting Policy
Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the
taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively
enacted, at the reporting date in the countries where the respective subsidiary companies operates and generates
taxable income.
Current income tax related to items recognised outside statement of profit and loss are recognised either in other
comprehensive income or in equity. Current tax items are recognised in correlation to the underlying transaction
either in OCI or directly in equity. Management periodically evaluates positions taken in the tax returns with respect to
situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate.
(i) Income taxes recognised in Statement of Profit and Loss - Continuing Operations
₹ crore ₹ crore
Current Tax 647.57 494.30
Deferred Tax (Refer Note 12a. & 12b.) (145.69) 330.95
Deferred Tax in respect of earlier years (Refer Note 12a. & 12b.) Nil (24.51)
Remeasurement of Deferred Tax on account of New Tax Regime (Net) Nil (159.25)
Total income tax expense recognised in the current year 501.88 641.49
34. Income Taxes (Contd.)
(ii) Income taxes recognised in Statement of Profit and Loss - Discontinued Operations
Overview
₹ crore ₹ crore
Current tax (101.48) Nil
Deferred tax (72.17) (32.41)
Total income tax expense recognised in the current year (173.65) (32.41)
The income tax expense for the year can be reconciled to the accounting profit as follows:
₹ crore ₹ crore

Profit/(Loss) before tax for Continuing Operation 1,986.73 2,368.16
Profit/(Loss) before tax for Discontinued Operation (219.85) (442.64)
Profit/(Loss) before tax considered for tax working 1,766.88 1,925.52
Income tax expense calculated at 34.944% 617.42 672.85
Add/(Less) tax effect on account of :
Share of profit of Associate and Joint venture (305.19) (332.86)
Utilization of unrecognized capital loss on sale of asset (11.41) Nil
Deferred tax not recognised on Impairment provision/(reversal) of non current investment Nil 45.36
Effect of tax holiday period (82.98) 24.36

MAT credit and deferred tax asset on losses pertaining to earlier years (218.87) (92.82)
Tax on dividend from subsidiaries, associate and joint ventures (eliminated) 348.80 143.31
Exempt Income (18.27) (30.67)
Unrecognized tax credit (MAT) for the current year 180.89 351.68
Profit taxable at different tax rates including for certain subsidiaries and measurement of
deferred tax @ 25.17% for deferred tax expected to be reversed in new tax regime (120.67) (242.36)
Non deductible expenses 76.45 94.74
Reassessment of deferred tax balances on expected sale of asset (Refer Note 3 below) (131.00) Nil
Tax in respect of earlier years Nil (24.51)
Others (6.94) Nil
Income tax expense recognised in Statement of Profit and Loss 328.23 609.08
Tax expense for Continuing Operations 501.88 641.49
Statutory Reports
Tax expense for Discontinued Operations (173.65) (32.41)
Income tax expense recognised in Statement of Profit and Loss 328.23 609.08
Note:
1 The tax rate used for the years 2020-21 and 2019-20 reconciliations above is the corporate tax rate of 34.944%, as payable by Parent Company
in India on taxable profits under the Indian tax law.
2 The rate used for calculation of Deferred tax has been considered basis the standalone financials statements of Parent Company and its
respective subsidiaries, being statutory enacted rates at Balance Sheet date.
3 During the year ended 31st March, 2021, the Holding Company has entered into a Business Transfer Agreement with Tata Power Renewable
Energy Ltd. and Tata Power Green Energy Ltd, wholly owned subsidiaries, for transfer of renewable assets (forming part of renewable segment)
as a “going concern” on a slump sale basis effective on or after 1st April, 2021. Consequently, as per the requirement of Ind AS 12, the Holding
Company has reassessed its deferred tax balances including its unrecognized deferred tax assets on capital losses and has recognized gain of
₹131.00 crore in the standalone financial statements.

34. Income Taxes (Contd.)

(iii) Income tax recognised in Other Comprehensive Income

₹ crore ₹ crore
Current Tax
Net gain on sale of investment in equity shares at FVTOCI Nil Nil
Less : Remeasurement of Defined Benefit Plan 1.04 (13.22)
1.04 (13.22)
Discontinued Operations Nil Nil
Deferred Tax
Net fair value gain on investments in equity shares at FVTOCI Nil Nil
Remeasurements of defined benefit obligation 4.68 (13.73)
Effective portion of cash flow hedge (93.57) 32.43
(88.89) 18.70
Total income tax recognised in Other Comprehensive Income (87.85) 5.48
Bifurcation of the income tax recognised in other comprehensive income into:

Items that will not be reclassified to statement of profit and loss 5.72 (26.95)
Items that will be reclassified to statement of profit and loss (93.57) 32.43
(87.85) 5.48
35. Commitments:
As at As at
₹ crore ₹ crore
(a) Estimated amount of Contracts remaining to be executed on capital account and not
provided for (including consumer funded assets).
(i) the Group 2,992.01 1,995.12
(ii) Group's share of Joint Ventures 169.04 218.46
(iii) Group's share of Associates 25.11 45.32
(b) Other Commitments

(i) Vendor purchase commitments and contracts to provide future post sale services. 425.01 1,273.20
(ii) During the year, the Group has entered into a long term freight Contract with Oldendorff for the supply of coal through ships for
a period of 12 years. The remaining commitment against the said contract is 55.098 million MT and total estimated freight cost at
current price would be ₹ 3,400 crore over the remaining period of 11 years.
(iii) As per the terms of the vesting orders for the acquisition of TPCODL, TPWODL, TPSODL (subsidiaries of the Group), the Group has
committed capital expenditure of ₹ 4,370 to be incurred by the respective subsidiaries over the next 5 years. Further, subsequent
to the year end, the Group has acquired controlling stake in North Eastern Electricity Supply Company of Odisha Ltd. (NESCO) via
special purpose vehicle "TP Northern Odisha Distribution Ltd.". As per the terms of the vesting order for NESCO, the Group has
committed capital expenditure of ₹ 1,270 to be incurred by TP Northern Odisha Distribution Ltd.
36. Contingent Liabilities
As at As at
₹ crore ₹ crore
Overview
a) Contingent liabilities
Claims against the Group not probable and hence not acknowledged as debts
consists of
(i) Interest and penalty pertaining to Customs Duty claims disputed by the Group
relating to applicability and classification of coal. 110.81 110.81
(ii) Demand disputed by the Group relating to Service tax. 484.44 375.29
(iii) Way Leave fees (including interest) claims disputed by the Group relating to
rates charged. 59.35 43.18

(iv) Rates, Cess, Green Cess, Excise and Custom Duty claims disputed by the Group. 585.00 587.05
(v) Octroi claims disputed by the Group, in respect of octroi exemption claimed. Nil 5.03
(vi) Compensation disputed by private land owners in respect of private land
acquired under the provisions of Maharashtra Industrial Development Act, 1961. Nil 22.00
(vii) Disputes relating to power purchase agreements. 209.47 161.33
(viii) Legal cases with employees and others of newly acquired subsidiary engaged in
distribution business of Central Odisha (Refer Note d below). 955.60 Nil
(ix) Legal cases related to subsidiaries acquired during the year (In case of
unfavourable outcome, amount paid will be recoverable from customers). 117.73 Nil

(x) Access Charges demand for laying underground cables. 30.14 30.14
(xi) Other Claims. 176.41 160.19
Claims against the Group's share of Joint Ventures and Group's share of
Associates not acknowledged as debts consists of
Group's share of Joint Ventures

(i) Demand for royalty payment is set-off against recoverable Value Added Tax (VAT)
paid on inputs for coal production. 21.86 51.70
(ii) Other Claims. 37.45 37.00
Group's share of Associates
Statutory Reports
Other Claims. 247.34 232.62
3,035.60 1,816.34
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.

36. Contingent Liabilities (Contd.)

As at As at
₹ crore ₹ crore
b) Other Contingent Liabilities:
Taxation matters for which liability, relating to issues of deductibility and taxability, is
disputed by the Group and provision is not made (computed on the basis of assessments
which have been re-opened and assessments remaining to be completed)
In case of the Group [including interest demanded ₹ 9.30 crore (31st March, 2020 - ₹ 9.19 crore)]. 188.84 188.73
In an earlier year, Maharashtra State Electricity Distribution Company Ltd. (MSEDCL) had raised
a demand for determination of fixed charges for unscheduled interchange of power. The
Group had filed a petition against the said demand for which stay has been granted by the
ATE 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 Group believes that it will be
allowed to recover the same from consumers through future adjustment in tariff. 215.02 215.02
Group's share of Joint Ventures 110.62 114.30
Group's share of Associates Nil 2.50
As at As at
Nos. Nos.
c) Indirect exposures of the Group:
The Group has pledged its shares of investments in joint ventures and others with the lenders
for borrowings availed
Joint Ventures
Powerlinks Transmission Ltd. 23,86,80,000 23,86,80,000
Industrial Energy Ltd. 25,13,48,400 25,13,48,400
Mandakini Coal Company Ltd. 2,00,43,000 2,00,43,000
Itezhi Tezhi Power Corporation 4,52,500 4,52,500
d) i) Central Electricity Supply Utility of Orissa (CESU) had filed an application to Regional Provident Fund Commissioner,
Bhubaneswar (RPFC) for exemption from applicability of the Employees Provident Funds and Miscellaneous
Provisions Act, 1952 for which adjudication is pending. CESU had formed its own trust and deposited the employer
and employee’s contribution in the said trust @ 10% of the eligible salary. Although the adjudication for exemption
was pending, RPFC vide its assessment order dated 13th October, 2014 raised a total demand of ₹ 551.62 crore
(₹ 279.39 crore dues for non-remittance of Employer and Employee contribution to RPFC and ₹ 272.23 crore as
interest) on CESU for the period from November, 1997 to December, 2011.The order also contended that CESU is
required to make contribution @12% of the eligible salary instead of 10%. The order of RPFC was challenged by
CESU before the Hon'ble High Court. The Hon'ble High Court, on 18th November, 2014, directed that the impugned
assessment orders shall remain stayed subject to deposit of ₹ 30 crore by CESU with the RPFC. The order of the
Hon'ble High Court was complied with by CESU. The said writ petition is still pending adjudication before the
Hon'ble High Court.
Subsequently, after the subsidiary company (TPCODL) taking over power distribution business from the erstwhile
CESU with effect from 01.06.2020, it has continued to deposit Employer and Employee contribution @ 10 % each
for the erstwhile employees in the contributory trust as the matter is sub judice. However, on 3rd March, 2021 RPFC
issued a notice for inspection to the Group on the PF issue for the period from January 2012 till May 2020 and for the
period from 1st June, 2020.
Based on a legal opinion, the subsidiary company is of the view that it has a strong case against the demand of
₹ 551.62 crore (November 1997 till December 2011) plus any further demand, if raised by RPFC (January 2012 - May
2020) and accordingly, no provision has been recognized in respect of the same. Further, for the period of operations
Overview
from 1st June, 2020 pertaining to the subsidiary company, it has been decided that employer’s and employee’s
contributions shall be deposited with RPFC and accordingly, the subsidiary company expects that there shall be no
demand payable from 1st June, 2020.
ii) Central Electricity Supply Utility of Orissa (CESU) had entered into agreement with distribution franchisees namely
Riverside Utilities Private Ltd. (‘RUPL’) and Seaside Utilities Private Ltd. (‘SUPL’) on 30th January, 2013. As per the terms
of agreement, franchisees were responsible for carrying out all commercial activities including certain performance
parameters such reduction of AT&C losses, smart metering, minimum capital expenditure, timely collection etc.
However, due to poor performance of RUPL/SUPL and non-compliance of the terms of agreement, erstwhile CESU

did not extend the franchisee period. Writ petition was filed by the franchisees before the Hon’ble Orissa High Court
for renewal of existing franchise agreements along with total claim of ₹ 403.98 crore (₹ 301.75 crore by RUPL and
₹ 102.23 crore by SUPL). CESU had filed a counter claim of ₹ 598.89 crore (₹ 396.87 crore against RUPL and ₹ 202.02 crore
against SUPL). The Hon’ble Orissa High Court vide its order dated 27th March, 2019 ordered termination of franchise
agreement and ordered CESU and the franchisees to reconcile the dues. On failure of reconciliation process, the
High Court vide its order dated 19th February, 2021 ordered CESU and franchisee to settle the claims by way of
arbitration proceedings for which Arbitration Tribunal shall be constituted. The matter is currently pending before
Arbitration Tribunal for adjudication.
Based on merits of the matter, the subsidiary Company is of the view that it has a strong case and accordingly, no

provision has been recognized in respect of the same.
e) During the year, the Group has acquired 51 % stake in TP Central Odisha Distribution Ltd. ('TPCODL'), TP Western
Odisha Distribution Ltd. ('TPWODL') and TP Southern Odisha Distribution Ltd. ('TPSODL') to carry out the function of
distribution and retail supply of electricity covering the distribution circles of central, western and southern parts of
Odisha. Pursuant to these acquisition and as per the terms of the vesting order, the Group has issued bank guarantee
to Odisha Electricity Regulatory Commission (‘OERC’) of ₹ 150.00 crore, ₹ 150.00 crore, ₹ 100.00 crore respectively.
f) OERC had issued a request for proposal (RFP) for sale of controlling interest in distribution business of North
Electricity Supply Utility of Orissa. The Group had bid for it and has been identified as the successful bidder and
accordingly the Group issued bank guarantee to OERC of ₹ 150.00 crore.
The Group, in respect of the above mentioned Contingent Liabilities has assessed that it is only possible but not probable
that outflow of economic resources will be required.
Statutory Reports
37. Other Disputes and Settlements
a) With respect to Mundra Thermal Power Plant, the Group is required to comply with ash disposal requirements in
accordance with the requirements of the Environment Clearance (EC) and the relevant notifications issued by the
Ministry of Environment & Forests (MOEF) from time to time. On 12th February, 2020, National Green Tribunal (NGT)
has passed an order prescribing the formula for determination of Environment Compensation for non-compliance. The
order is subject to proceedings pending before the hon’ble Supreme Court. The Supreme Court has granted an Interim
Stay in the matter. On 22nd April, 2021, MOEF has issued a draft notification which allows legacy fly ash to be disposed /
utilized in a phased manner over a period of 10 years. Once the draft notification comes into effect, it would supersede
all existing notifications and prior orders. The Group has been making concerted efforts for achieving 100% utilisation
of fly ash generated. The Group has, on a prudent basis, recognized a provision of ₹ 21.74 crore (As at 31st March, 2020 -
₹ 4.74 crore) in its financial statements for disposal of past accumulated fly ash based on management’s best assessment
of the expected costs.
b) The Group had obtained 21.65 acres of land through registered lease deed for 33 years for setting up a solar
power plant in Bihar. During the financial year 2018-19, the lease was treated by the Collector, Gaya as illegal for
entering into lease without order of any competent authority, and was cancelled along with recovery of penal

37. Other Disputes and Settlements (Contd.)

rent. The Group filed Writ Petition before the Patna High Court against the said Order. The Patna High Court stayed
the operations of the Collectors Order and provided certain time to file the counter affidavit. The Respondent
('State of Bihar') has filed the counter affidavit on February 2019 and now the matter is pending for argument.
The Group is of the view that it has a good case with likelihood of liability or any loss arising out of the said cancellation
being remote. Accordingly, pending settlement of the legal dispute, no adjustment has been made in the financial
statements for the year ended 31st March, 2021.
c) The liability stated in the opening Balance Sheet of one of the subsidiary company as per the Transfer Scheme as on
1st July, 2002 in respect of consumers’ security deposit was ₹ 10.00 crore. The subsidiary company had engaged an
independent agency to validate the sample data in digitized form of consumer security deposit received by the erstwhile
Delhi Vidyut Board (DVB) from its consumers. As per the validation report submitted by this agency the amount of
security deposit received from consumers aggregated to ₹ 66.71 crore. The subsidiary company has been advised that
as per the Transfer Scheme, the liability in excess of ₹ 10.00 crore towards refund of the opening consumer deposits and
interest thereon is not to the account of the Group. Since the Government of National Capital Territory of Delhi (GNCTD)
was of the view that the aforesaid liability is that of the Group, the matter was referred to Delhi Electricity Regulatory
Commission (DERC). During the year 2007-08, DERC vide its letter dated 23rd April, 2007 conveyed its decision to the
GNCTD upholding the Group’s view. As GNCTD has refused to accept the DERC decision as binding on it, the subsidiary
company has filed a writ petition in the Hon’ble Delhi High Court and the matter was made regular on 24th October,
2011. No stay has been granted by the High Court in the matter for refund of consumer security deposits and payment
of interest thereon.
d) i) The Group supply solar power to TANGEDCO against long term Power Purchase Agreements (PPAs). As per the said
PPAs, the Group is entitled to receive consideration for all energy units supplied and billed. However, whilst effecting
payments to the Group, TANGEDCO has disputed and is not making payment for energy units supplied and billed in
excess of 19% Capacity Utilisation Factor (CUF) in accordance with its internal circular.
The National Solar Energy Federation of India (NSEFI) has filed the writ petition with Madras High Court challenging
the said circular issued by TANGEDCO on behalf of generators who have commissioned solar power plants and
impacted by the said circular. The Tata Power Company Ltd., ultimate holding company of the group, is also a Member
of NSEFI and thereby party to petition filed by NSEFI. The TNERC has now issued Order dated 22nd December 2020 on
the petition filed by the NSEFI and decided the matter in favour of TANGEDCO. The Group has challenged the ruling
of TNERC at the Appellate Tribunal for Electricity (ATE) through NSEFI. Based on legal assessment, the management of
the Group is of the view that the claim of the Group for payment toward units supplied in excess of 19% CUF is entirely
tenable and it is confident of getting a favourable order.
Accordingly, the Group has a trade receivable balance of ₹ 90.85 crore (31st March, 2020 - ₹ 87.92 crore) for such excess
units as on 31st March, 2021. The Group has also recognised a revenue of ₹ 2.93 crore (31st March, 2020 - ₹33.20 crore)
for such excess units as on 31st March 2021. Considering signed PPA and its independent legal evaluation, the Group
believes that these amounts are fully recoverable along with interest and no provision has been recognized in the
consolidated financial statements.
ii) Trade Receivables include ₹ 363.57 crore ( 31st March, 2020 - ₹ 567.09 crore ) receivable from TANGEDCO including
₹ 80.17 crore ( 31st March, 2020 - ₹299.79 crore ) relating to bill discounting with recourse and ₹ 90.85 crore (31st March,
2020 ₹ 87.92 crore) pertaining to CUF adjustment as mentioned above. The Group is of the view that these receivables
are fully recoverable with late payment surcharge.
e) The Group entered into long-term Power Purchase Agreements (“PPAs”) of 200 MW wind and solar plant with the
Southern Power Distribution Company of Andhra Pradesh Ltd. (""APSPDCL"" or “APDISCOM”) to supply power that is
valid for a period of 25 years. The Government of Andhra Pradesh (the “GoAP”) issued an order (the “GO”) dated 1st July,
2019 constituting a High Level Negotiation Committee (the “HLNC”) for review and negotiation of tariff for wind and
solar projects in the state of Andhra Pradesh. Pursuant to the GO, APDISCOM issued letters dated 12th July, 2019 to the
Group requesting for revision of tariffs previously agreed as per the PPAs to ₹ 2.44 per unit. Since the Group and other
power producers did not agree to the rate revision, APDISCOM referred the matter to the Andhra Pradesh Electricity
Regulatory Commission (the “APERC”) for revision of tariffs.
The Group had filed a writ petition on 30th July, 2019 before the Andhra Pradesh High Court (“AP High Court”) challenging
the GO and the said letters issued by APDISCOM for renegotiation of tariffs. The AP High Court has issued its order dated
24th September, 2019 whereby it allowed the writ petition. The AP High court also instructed APDISCOM to honour
Overview
pending and future bills but to pay them at a rate of ₹ 2.44 per unit (as against the billed rate). The AP High Court also
stated that this rate is only an interim measure until the matter is resolved by the APERC and suggested the APERC to
conclude this matter within 6 months period. Thereafter, the Group had filed an appeal in AP High Court in front of two
members bench challenging the matter being referred to the APERC. Further, the APERC has deferred the hearing in
view of the case being filed in the AP High Court, till the AP High Court passes an order in the matter.
The Group has now filed an application for implement in Hon'ble Supreme Court (SC) in the SLP of APSPDCL and transfer
petition before the SC from the AP High Court inter alia on the ground of delays in hearing of the matter by the AP High
Court and the financial hardship that has resulted due to delay in payment by APDISCOM.

During the year ended 31st March 2021, the Group has received an amount of ₹ 38.34 crore ( 31st March, 2020 -
₹ 112.69 crore) from APDISCOM at the interim rate of ₹ 2.44 per unit as against PPA rates stated above.
The Group has a net block of ₹ 1,142.37 crore (31st March, 2020 - ₹ 1,222.25 crore) and has recognised a revenue of
₹ 174.3 crore (31st March, 2020 - ₹ 174.07 crore) for the year ended 31st March, 2021 and has a trade receivable balance
of ₹ 341.16 crore (31st March, 2020 - ₹ 206.17 crore) as on 31st March, 2021 from sale of electricity against such PPAs.
Considering signed PPA, interim order passed by the AP High Court, and its internal legal evaluation, the management
believes that final order would be in its favour and hence no adjustment has been made in the consolidated financial
statements.

f) In the previous year, the Group has recognised an expense of ₹ 276.35 crore net of amount recoverable from customers
including adjustment with consumer reserve in relation to Hon'ble Supreme Court's judgement on standby litigation.
Further in the previous year, Maharashtra Electricity Regulatory Commission (MERC) vide its order dated 30th March,
2020 had allowed the recovery of part of the standby charges amount from the consumers. During the year ended
31st March, 2021, MERC vide its order dated 21st December, 2020, has revised its earlier order and disallowed the recovery
of the said amount. Consequently, the Group has recognized an expense of ₹ 109.00 crore (including carrying cost) and
disclosed as an exceptional item.
g) The Group have acquired private land for setting up solar power plants. In certain cases, these acquisitions have been
challenged on grounds such as unauthorised encroachment, inadequate compensation, seller not entitled to transact
and/or consideration has not been paid to all legal/ beneficial owners. In these cases, the Group has not received any
demand for additional payment and these cases are pending at District Court/High Court Level. The Management
Statutory Reports
believes that the Group has a strong case and outflow of economic resources is not probable.
h) One of the subsidiary company had introduced a Voluntary Separation Scheme (VSS) for its employees in December 2003,
in response to which initially 1,798 employees were separated. The early retirement of these employees led to a dispute
between the subsidiary company and the Delhi Vidyut Board (DVB) Employees Terminal Benefit Fund, 2002 (‘the Trust’)
with respect to pay-out of retirement benefits that these employees were eligible for. The Trust is of the view that its liability
to pay retiral benefits arises only on the employee attaining the age of superannuation or on death, whichever is earlier.
The subsidiary company filed a writ petition with the Hon’ble Delhi High Court which pronounced its judgement on 2nd
July, 2007 on this issue and provided two options to the Discoms for paying retiral benefits to the Trust. The subsidiary
company chose the option whereby the Discoms were required to pay to the Trust an ‘Additional Contribution’ on
account of premature pay-out by the Trust which shall be computed by an Arbitral Tribunal of Actuaries to be
appointed within a stipulated period. The matter was further challenged by the Trust before Hon’ble Supreme Court,
however, no interim relief has been granted by the Hon’ble Supreme Court. Till date no Arbitral Tribunal of Actuaries
has been appointed and therefore, no liability has been recorded based on option chosen by the subsidiary company.
While the above referred writ petition was pending, the subsidiary company had already advanced ₹ 77.74 crore to the
Special Voluntary Retirement Scheme Retirees Terminal Benefit Fund, 2004 Trust (SVRS Trust) for payment of retiral dues
to separated employees. In addition to the payment of retiral benefits/residual pension to the SVRS Trust, in pursuant
to the order of the Hon’ble Delhi High Court dated 2nd July, 2007 the subsidiary company also paid interest @ 8%
per annum, ₹ 8.01 crore in the financial year 2008-09 thereby increasing the total contribution to the SVRS Trust to


₹ 85.76 crore recognised as recoverable from SVRS Trust. As the subsidiary company was entitled to get reimbursement
against advanced retiral benefit amount on superannuation age, the subsidiary company had recovered/adjusted
₹ 85.47 crore as at 31st March, 2021 (as at 31st March, 2020 ₹ 84.88 crore), leaving a balance recoverable ₹ 0.29 crore as at
31st March, 2021 (as at 31st March, 2020 ₹ 0.88 crore) from the SVRS Trust which includes current portion of ₹ 0.03 crore
(as at 31st March, 2020 ₹ 0.33 crore).
i) In the earlier years, Maharashtra Electricity Regulatory Commission has disallowed certain costs amounting to ₹ 419.00
crore (adjusted upto the current year) (31st March, 2020 - ₹ 359.85 crore) recoverable from consumers in the tariff true up
order. The Group has filed appealed against the said order to Appellate Tribunal for Electricity which is pending for final
disposal.
j) In an earlier year, Maharashtra Electricity Regulatory Commission has disallowed carrying cost and other costs amounting
to ₹ 269.00 crore (31st March, 2020 - ₹ 269.00 crore) which was upheld by the Appellate Tribunal for Electricity (ATE). The
Group has filed Special Leave Petition (SLP) against the order of ATE with the Supreme Court which is pending for final
disposal.
38. Earnings Per Share (EPS)

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

₹ crore# ₹ crore#
A. EPS - Continuing Operations (before net movement in Regulatory
Deferral Balances)
Total Profit from Continuing Operations attributable to the owners of the Parent
Company 1,127.38 1,017.38
Add/(Less):(Profit)/Loss for the Year from Discontinued Operations attributable
to the owners of the Parent Company 46.20 410.23
Net Profit from Continuing Operations A 1,173.58 1,427.61
Net movement in Regulatory Deferral Balances (Net of tax) - Owners Share B 298.24 (88.50)
Remeasurement of Deferred Tax Recoverable on account of New Tax Regime
(Net) (Refer Note 12) C Nil (98.00)
Total movement in Regulatory Deferral Balances (Net of tax) D=(B+C) 298.24 (186.50)
Net Profit (before net movement in Regulatory Deferral Balances) E=(A-D) 875.34 1,614.11
(Less): Distribution on Perpetual Securities F (171.00) (171.00)
Profit/(Loss) from Continuing Operations attributable to equity
shareholders (before net movement in Regulatory Deferral Balances) G=(E+F) 704.34 1,443.11
EPS - Continuing Operations (before net movement in Regulatory
Deferral Balances)
- Basic and Diluted (In ₹) 2.33 5.33
38. Earnings Per Share (EPS) (Contd.)
₹ crore# ₹ crore#
Overview
B. EPS - Continuing Operations (after net movement in Regulatory Deferral Balances)
Net Profit from Continuing Operations 1,173.58 1,427.61

(Less): Distribution on Perpetual Securities (171.00) (171.00)
Profit/(Loss) attributable to equity shareholders (after net movement
in Regulatory Deferral Balances) 1,002.58 1,256.61

EPS - Continuing operations (after net movement in Regulatory
Deferral Balances)
C. EPS - Discontinued Operations

Profit/(Loss) from Discontinued Operations (46.20) (410.23)
EPS - Discontinued Operations
- Basic and Diluted (In ₹) (0.15) (1.52)

D. EPS - Total Operations (after net movement in Regulatory Deferral
Balances)
Net Profit/(Loss) from Operations (after net movement in Regulatory Deferral
Balances) 1,127.38 1,017.38
Less: Distribution on Perpetual Securities (171.00) (171.00)
Net Profit/(Loss) from Total Operations attributable to equity
shareholders of parent (after net movement in Regulatory Deferral
Balances) 956.38 846.38
EPS - Total Operations (after net movement in Regulatory Deferral
Balances)
Statutory Reports
# All numbers are in ₹ crore except weighted average number of equity shares and Basic and Diluted EPS
39. Related Party Disclosures:

The Group’s related parties primarily consists of its associates, joint ventures and Tata Sons Pvt. Ltd. including its subsidiaries
and joint ventures. The Group routinely enters into transactions with these related parties in the ordinary course of business
at market rates and terms. Transactions and balances between the Company, its subsidiaries and fellow subsidiaries are
eliminated on consolidation.
Disclosure as required by Ind AS 24 - “Related Party Disclosures” are as follows:
Names of the related parties and description of relationship:

(a) Employment Benefit Funds
1) Tata Power Superannuation Fund
2) Tata Power Gratuity Fund
3) Tata Power Consolidated Provident Fund
4) M/s Maithon Power Gratuity Fund (Fund)

39. Related Party Disclosures: (Contd.)

5) North Delhi Power Ltd. Employees Group Gratuity Assurance Scheme (Gratuity Fund)
6) Special Voluntary Retirement Scheme Retirees Terminal Benefit Fund, 2004 (SVRS RTBF - 2004)
7) CESCO Employees Pension Trust
8) CESCO Employees Gratuity Trust
9) CESCO Employees Provident Fund Trust
10) WESCO Employees Pension Trust
11) WESCO Employees Gratuity Trust
12) WESCO Employees Provident Fund Trust
13) SOUTHCO Employees Pension Trust
14) SOUTHCO Employees Gratuity Trust
15) SOUTHCO Employees Provident Fund Trust
(b) Associates and Joint Venture Companies (where transactions have taken place during the year and previous year
/ balances outstanding) :
(i) Associates
1) Tata Projects Ltd. 2) Yashmun Engineers Ltd.
3) Dagacchu Hydro Power Corporation Ltd. 4) The Associated Building Co. Ltd.
5) Brihat Trading Private Ltd. 6) Nelito Systems Ltd (ceased to be an Associate w.e.f.
6th June, 2019)
7) TP Luminaire Pvt Ltd. ** 8) Ind Project Engineering (Shanghai) Co Ltd **
9) Tata Projects Provident Fund Trust*
* Fund of Associate
** 100% Subsidiary of Associates
(ii) Joint Venture Companies

1) Tubed Coal Mines Ltd. 2) Mandakini Coal Company Ltd.
3) Industrial Energy Ltd. 4) Powerlinks Transmission Ltd.
5) Dugar Hydro Power Ltd. 6) Itezhi Tezhi Power Corporation Ltd.
7) PT Mitratama Perkasa 8) PT Kaltim Prima Coal
9) IndoCoal Resources (Cayman) Ltd. 10) PT Indocoal Kaltim Resources
11) PT Nusa Tambang Pratama 12) PT Marvel Capital Indonesia
13) PT Dwikarya Prima Abadi 14) PT Kalimantan Prima Power
15) PT Baramulti Sukessarana Tbk 16) Adjaristsqali Netherlands B.V.
17) Koromkheti Netherlands B.V. 18) IndoCoal KPC Resources (Cayman) Ltd.
19) Resurgent Power Ventures Pte Ltd. 20) Renascent Ventures Pvt. Ltd.
21) Prayagraj Power Generation Co Ltd. 22) PT Arutmin Indonesia
(w.e.f. 12th December, 2019)
23) PT Indocoal Kalsel Resources 24) Candice Investments Pte. Ltd.
25) LTH Milcom Pvt. Ltd. 26) Solace Land Holding Ltd.
27) PT Mitratama Usaha 28) PT Citra Prima Power
29) PT Guruh Agung 30) PT Citra Kusuma Perdana
31) Koromkheti Georgia LLC 32) Adjaristsqali Georgia LLC
33) PT Antang Gunung Meratus 34) Cennergi Pty. Ltd. (Ceased to be Joint Venture w.e.f.
31st March, 2020)
(c) (i) Promoters holding more than 20% - Promoter Tata Sons Pvt. Ltd.
(ii) Subsidiaries and Jointly Controlled Entities of Promoters - Promoter Group (where transactions have taken
Overview
place during the year and previous year / balances outstanding) :
1) C-Edge Technologies Ltd. 2) Tata Advanced Material Ltd
3) Ewart Investments Ltd. 4) TRIL Infopark Ltd.
5) Tata International DLT Pvt Ltd 6) Tata SIA Airlines Ltd.
7) Tata AIG General Insurance Company Ltd. 8) Tata Autocomp Systems Ltd.
9) Infiniti Retail Ltd. 10) Tata Consultancy Services Ltd.
11) Tata International Singapore Pte. Ltd. 12) Tata Consulting Engineers Ltd.
13) Niskalp Infrastructure Services Ltd. 14) Tata Housing Development Company Ltd.

(Formerly Niskalp Energy Ltd.)
15) Tata Advanced System Ltd. 16) Tata Industries Ltd. (ceased to be Subsidiary and became
a Joint Venture w.e.f. 27th March, 2019)
17) Tata Unistore Ltd. (Formerly Tata Industrial Services Ltd.) 18) Tata International Ltd.
(ceased to be Subsidiary w.e.f. 27th March,2019)
19) Ecofirst Services Ltd. 20) Tata Investment Corporation Ltd.
21) Tata AIA Life Insurance Company Ltd. 22) Tata Realty and Infrastructure Ltd.
23) Tata Ltd. 24) Tata Teleservices (Maharashtra) Ltd.
25) Tata Communications Ltd. 26) Tata Teleservices Ltd.

27) Tata Housing Development Co. Ltd.. 28) Tata Capital Financial Services Ltd.
Employees Provident Fund
29) Tata Consultancy Services Employees Provident Fund 30) Tata Communications Payment Solutions Ltd.
31) Tata Elxsi Ltd. 32) Tata Sky Ltd.
33) Tata Sky Broadband Pvt. Ltd. (Formerly Quickest 34) Tata Communications Collaboration Services Pvt. Ltd.
Broadband Pvt. Ltd.)
(d) Key Management Personnel
1) N. Chandrasekaran 2) Praveer Sinha CEO and Managing Director
3) Banmali Agarwala 4) Saurabh Agrawal
5) Kesava Menon Chandrasekhar 6) Ashok Sinha (w.e.f. 2nd May, 2019)
Statutory Reports
7) Vibha U. Padalkar 8) Anjali Bansal
9) Sanjay V. Bhandarkar 10) Hemant Bhargava
11) Ramesh N. Subramanyam - Chief Financial Officer 12) Hanoz Minoo Mistry - Company Secretary
13) Deepak M. Satwalekar (ceased to be Director w.e.f. 14) Nawshir H. Mirza (ceased to be Director w.e.f.
12th August, 2019) 12th August, 2019)
15) Ashok Sethi (ceased to be COO & Executive Director
w.e.f. 30th April, 2019)
(e) Relative of Key Managerial Personnel (where transactions have taken place during the year and previous year /
balances outstanding) : Neville Minoo Mistry (Brother of Hanoz Minoo Mistry)


f) Details of Transactions ₹ crore
Sr. Particulars Associates Joint key Employee Promoter Promoters
No. Ventures Management Benefit Group
Personnel & Funds
their relatives
Purchase of goods/power (Net of Discount Received
1
on Prompt Payment) 187.32 2,776.60 - - 302.70 -
155.19 2,954.11 - - 8.36 -
Sale of goods/power (Net of Discount on Prompt
2
Payment) 2.78 - - - 25.50 -
17.55 - - - 54.18 -
3 Purchase of Property, Plant & Equipments 0.70 - - - 22.47 -
12.84 - - - 0.22 -
4 Sale of Property, Plant & Equipments - 0.01 - - 0.68 -
0.05 - - - - 0.22
5 Rendering of services 7.59 228.67 - - 35.44 2.44
7.25 175.69 - - 45.81 1.32
6 Receiving of services 23.50 0.06 0.18 - 85.78 12.55
22.22 0.83 - - 92.37 5.96
7 Brand equity contribution - - - - - 20.42
- - - - 0.07 1.76
8 Contribution to Employee Benefit Plans - - - 318.61 # - -
- - - 39.01 - -
9 Remuneration paid- short term employee benefits - - 12.93 * - - -
- - 10.92 * - - -
10 Long term employee benefits paid - - - - - -
- - 2.80 - - -
11 Short term employee benefits paid - - 0.13 - - -
- - 0.68 - - -
12 Interest income - 0.64 - - 0.00 $ -
- 0.63 - - 0.01 -
Interest paid (including distribution on unsecured
13
perpetual securities) 0.08 26.18 - - 26.44 -
0.08 52.29 - - 35.15 -
14 Dividend income - 1,839.30 - - 1.43 6.67
9.68 1,861.27 - - 1.94 6.67
15 Dividend paid - - - - 2.11 147.86
- - - - 1.77 109.17
16 Loans given - 2.60 - - - -
- 14.57 - - - -
17 Impairment of Investments- Reversal - 8.00 - - - -
- - - - - -
18 Impairment of Investments - 118.74 - - - -
- - - - - -
19 Loans repaid (including loan converted into equity) - 2.60 - - - -
- 14.43 - - - -
Loans provided for as doubtful advances (including
20
interest) - - - - - -
- 0.14 - - - -
Sr. Particulars Associates Joint key Employee Promoter Promoters
No. Ventures Management Benefit Group
Personnel & Funds
Overview
their relatives
21 Deposits taken - - - - 0.01 -
- - - - 0.19 -
22 Advance given 110.85 - - - - -
11.11 - - - - -
23 Advance adjusted 2.51 - - - - -
- - - - - -
24 Purchase of Investments - 63.34 - - 16.91 -
- - - - - -

25 Loan taken - 120.00 - - - -
- - - - - -
26 Loan taken repaid - 120.00 - - - -
- - - - - -
Allotment of Equity shares (including securities
27 - - - - - 2,600.00
premium paid)
- - - - - -
28 Provision for doubtful receivables - 0.64 - - - -
- - - - - -

29 Bad debts 1.16 - - - - -
- - - - - -
30 Consideration received on sale of SED (Refer Note 17c) - - - - 597.00 ** -
Balances outstanding
1 Unsecured Perpetual Securities - 0.70 - - 197.50 -

- 0.70 - - 197.50 -
2 Redeemable Non-Convertible Debentures - - - - 36.50 -
- - - - 36.50 -
3 Other receivables 109.28 74.83 @ - 89.81 386.63 14.32
7.65 96.44 @ - 36.32 17.15 7.66
Statutory Reports
4 Loans given (including interest thereon) - 72.98 @ - - - -
1.27 75.62 @ - 0.01 - -
Loans provided for as doubtful advances (including
5 - 54.39 - - - -
interest thereon)
1.27 54.39 - - - -
6 Deposits taken outstanding - 10.96 - - 0.22 2.00
- 12.80 - - 0.21 2.00
7 Advance given outstanding 19.64 - - - - -
8.76 - - - - -
8 Other payables 10.82 2,472.76 7.34 56.91 26.46 19.44
10.89 2,071.63 8.05 43.63 17.80 0.87

9 Loans taken (including interest thereon) - 763.28 - - - -
- 2,203.86 - - - -


Notes:
1. All outstanding balances are unsecured.
2. The Group's principal related parties consist of Tata Sons Pvt. Ltd., its subsidiaries and joint ventures, affiliates and key managerial personnel.
The Group's material related party transactions and outstanding balances are with related parties with whom the Group routinely enters into
transactions in the ordinary course of business.
@ Includes amount reclassified as held for sale.
# Including amount collected from customers for past liability [Refer Note 25(5)].
$ Denotes below ₹ 50,000.
* Key Managerial Personnel are entitled to post-employment benefits and other long term employee benefits recognised as per Ind AS 19 -
‘Employee Benefits’ in the financial statements. As these employee benefits are lump sum amounts provided on the basis of actuarial valuation,
the same is included above on payment basis.
** Net off borrowings of ₹ 537 crore transferred to TASL.
40. Financial Instruments

40.1 Fair values
Set out below, is a comparison by class of the carrying amount and fair value of the financial instruments:
₹ crore
Carrying value Fair Value
As at As at As at As at
31st March, 2021 31st March, 2020 31st March, 2021 31st March, 2020
Financial Assets
Cash and Cash Equivalents 3,782.51 1,861.50 3,782.51 1,861.50
Other Balances with Banks 2,330.17 232.68 2,330.17 232.68
Trade Receivables 5,605.68 4,456.18 5,605.68 4,456.18
Unbilled Revenues 1,573.64 799.42 1,573.64 799.42
Loans 88.85 113.88 88.85 113.88
Finance Lease Receivables 640.06 622.12 640.06 622.12
FVTPL Financial Investments # 501.14 702.53 501.14 702.53
FVTOCI Financial Investments # 559.41 461.79 559.41 461.79
Amortised Cost Financial Investments # 198.43 167.87 171.35 176.79
Derivative Instruments not in hedging relationship 1.48 301.64 1.48 301.64
Receivable on sale of Strategic Engineering Division (Refer Note 17c) 365.99 Nil 365.99 Nil
Other Financial Assets 1,489.16 1,689.58 1,489.16 1,689.58
Asset Classified as Held For Sale (Refer Note 17)
- Strategic Engineering Division (SED) Nil 667.35 Nil 667.35
- FVTOCI Financial Investments # (Refer Note below) 178.68 22.81 178.68 22.81
- Loans (including accrued interest) 22.83 22.83 22.83 22.83
Total 17,338.03 12,122.18 17,310.95 12,131.10
Financial Liabilities
Trade Payables 7,137.44 5,095.44 7,137.44 5,095.44
Fixed rate Borrowings (including Current Maturities) 19,804.57 18,891.49 20,106.39 20,116.49
Floating rate Borrowings (including Current Maturities) 23,632.08 29,484.45 23,632.08 29,492.81
Lease Liability 3,537.31 3,560.22 3,537.31 3,560.22
Derivative Instruments not in hedging relationship 192.51 64.03 192.51 64.03
Other Financial Liabilities 8,540.27 4,323.96 8,540.27 4,323.96
62,844.18 61,419.59 63,146.00 62,652.95
# other than investments accounted for Equity Method
The management assessed that the fair value of cash and cash equivalents, other balances with bank, trade receivables,
loans, finance lease receivables, unbilled revenues, trade payables, other financial assets and liabilities approximate their
carrying amounts largely due to the short term maturities of these instruments.
Overview
The fair value of the financial assets and liabilities is included at the amount at which the instrument could be exchanged
in a current transaction between willing parties. The following methods and assumptions were used to estimate the fair
values.
- Fair value of the quoted bonds, mutual funds, government securities are based on the price quotations near the
reporting date. Fair value of the unquoted equity shares have been estimated using a Discounted Cash Flow (DCF)
model. The valuation requires management to make certain assumptions about the model inputs, including forecast
cash flows, discount rate, credit risk and volatility. The probabilities of the various estimates within the range can be
reasonably assessed and are used in management's estimate of fair value for those unquoted equity investments.

- The fair value of the FVTOCI financial assets are derived from quoted market price in active markets and unobservable
inputs.
- The Group enters into derivative financial instruments with various counterparties, principally banks and financial
institutions with investment grade credit ratings. Interest rate swaps, foreign exchange forward and option contracts
are valued using valuation techniques, which employs the use of market observable inputs. The most frequently
applied valuation techniques include forward pricing and swap models using present value calculations. The models
incorporate various inputs including the credit quality of counterparties, foreign exchange spot and forward rates, yield
curves of the respective currencies, currency basis spreads between the respective currencies, interest rate curves and
forward rate curves of the underlying currency. All derivative contracts are fully collateralized, thereby, eliminating

both counterparty and the Group's own non-performance risk. As at 31st March, 2021, the marked-to-market value of
derivative asset positions is net of a credit valuation adjustment attributable to derivative counterparty default risk.
- The fair value of unquoted instruments, loans from banks and other financial liabilities, as well as other non-current
financial liabilities is estimated by discounting future cash flow using rates currently available for debt on similar terms,
credit risk and remaining maturities.
- The cost of certain unquoted investments approximate their fair value because there is a wide range of possible fair
value measurements and the cost represents the best estimate of fair value within that range.
Reconciliation of Level 3 fair value measurement of unquoted equity shares. (Refer Note below)
₹ crore
Unlisted shares Unlisted shares
irrevocably designated as at carried at FVTPL
Statutory Reports
FVTOCI
Year ended Year ended Year ended Year ended
2021 2020 2021 2020
Opening balance 397.71 397.71 0.16 0.16
Gain/(Loss)
- in other comprehensive income 20.83 Nil Nil Nil
- in profit or loss Nil Nil Nil Nil
- changes on purchase of equity shares 19.80 Nil Nil Nil
Closing balance 438.84 397.71 0.16 0.16
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, the Group has chosen to designate these investments in equity instruments as at FVTOCI as the directors believe this provides a more
meaningful presentation for medium and long- term strategic investments, then reflecting changes in fair value immediately in profit or loss.
All gains and losses included in other comprehensive income relate to unlisted shares held at the end of the reporting period and are reported
under "Equity Instruments through Other Comprehensive Income".
The significant unobservable input used in the fair value measurement categorized within Level 3 of the fair value hierarchy together with a
quantitative sensitivity analysis as at 31st March, 2021 and 31st March, 2020 are as shown below:



Description of significant unobservable inputs to valuation:
Valuation Significant Sensitivity of the input to fair value
techniques unobservable inputs
Investments in unquoted Price of recent Transaction price 5% (31st March, 2020: 5%) increase (decrease) in the
equity shares transaction (PORT) transaction price would result in increase (decrease) in
fair value by ₹ 6.41 crore (31st March, 2020: ₹ 3.43 crore)
The discount for lack of marketability represents the amount that the Group has determined that market participants would
take into account when pricing the investments.
40.2 Fair value hierarchy

The fair value hierarchy is based on inputs to valuation techniques that are used to measure fair value that are either
observable or unobservable and consists of the following three levels:
Quoted prices in an active market (Level 1): Inputs are quoted prices (unadjusted) in active markets for identical assets
or liabilities. This includes quoted equity instruments, government securities, quoted borrowings (fixed rate) and mutual
funds that have quoted price.
Valuation techniques with observable inputs (Level 2): Inputs are other than quoted prices included within Level 1
that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). This includes
derivative financial instruments and unquoted borrowings (fixed and floating rate).
Valuation techniques with significant unobservable inputs (Level 3): Inputs are not based on observable market data
(unobservable inputs). Fair values are determined in whole or in part using a valuation model based on assumptions that
are neither supported by prices from observable current market transactions in the same instrument nor are they based on
available market data. This includes unquoted equity shares and contingent consideration receivable.
The following table summarizes financial assets and liabilities measured at fair value on a recurring basis and financial assets
that are not measured at fair value on a recurring basis (but fair value disclosures are required) :
Date of valuation Fair value hierarchy as at 31st March, 2021
Quoted prices Significant Significant Total
FVTPL Financial Investments 31st March, 2021 500.98 Nil 0.16 501.14
Derivative instruments not in hedging relationship 31st March, 2021 Nil 1.48 Nil 1.48
Assets Classified as Held For Sale 31st March, 2021 178.68 Nil Nil 178.68
Receivable on sale of Strategic Engineering Division 31st March, 2021 Nil Nil 365.99 365.99
Investment in Government Securities 31st March, 2021 171.35 Nil Nil 171.35
971.58 1.48 804.99 1,778.05
Derivative Financial Liabilities 31st March, 2021 Nil 192.51 Nil 192.51
Fixed rate Borrowings 31st March, 2021 13,239.48 6,866.91 Nil 20,106.39
Floating rate Borrowings 31st March, 2021 2,302.09 21,329.98 Nil 23,632.07
Total 15,541.57 28,389.40 Nil 43,930.97
Date of valuation Fair value hierarchy as at 31st March, 2020
Quoted prices Significant Significant Total
Overview
FVTPL Financial Investments 31st March, 2020 702.37 Nil 0.16 702.53
- Quoted Equity shares 31st March, 2020 64.08 Nil Nil 64.08
- Unquoted Equity shares 31st March, 2020 Nil Nil 397.71 397.71
Derivative instruments not in hedging relationship 31st March, 2020 Nil 301.64 Nil 301.64

Assets Classified as Held For Sale 31st March, 2020 22.81 Nil Nil 22.81
Investment in Government Securities 31st March, 2020 176.79 Nil Nil 176.79
966.05 301.64 397.87 1,665.56
Derivative Financial Liabilities 31st March, 2020 Nil 64.03 Nil 64.03
Fixed rate Borrowings 31st March, 2020 11,119.13 8,997.36 Nil 20,116.49
Floating rate Borrowings 31st March, 2020 1,191.78 28,301.02 Nil 29,492.80

Total 12,310.91 37,362.41 Nil 49,673.32
Note: There has been no transfer between level 1 and level 2 during the period.
40.3 Capital Management & Gearing Ratio

For the purpose of the Group's capital management, capital includes issued equity capital and all other equity reserves
attributable to the equity holders of the Group. The primary objective of the Group's capital management is to maximize
the shareholder value.
The Group manages its capital structure and makes adjustments in light of changes in economic conditions and the
requirements of the financial covenants. From time to time, the Group reviews its policy related to dividend payment
to shareholders, return capital to shareholders or fresh issue of shares. The Group monitors capital using gearing ratio,
which is net debt divided by total capital plus net debt. The Group’s policy is to keep the gearing ratio between 60% and
80% at consolidated level. The Group includes within net debt, interest bearing loans and borrowings, less cash and cash
Statutory Reports
equivalents, excluding discontinued operations as detailed in the notes below.
The Group's capital management is intended to create value for shareholders by facilitating the meeting of its long-term
and short-term goals. Its Capital structure consists of net debt (borrowings as detailed in notes below) and total equity.
Gearing ratio
The gearing ratio at the end of the reporting period was as follows:
₹ crore
As at As at
₹ crore ₹ crore
Debt (i) 44,010.22 49,214.78

Less: Cash and Bank balances 6,093.61 2,075.73
Net debt 37,916.61 47,139.05
Capital (ii) 22,322.26 19,566.02
Capital and net debt 60,238.87 66,705.07
Net debt to Total Capital plus net debt ratio (%) 62.94 70.67


(i) Debt is defined as Non-current borrowings (including current maturities) and Current borrowings (excluding derivative,
financial guarantee contracts and contingent considerations) and interest accrued on Non-current and Current
borrowings.
(ii) Capital is defined as Equity share capital, Unsecured perpetual securities and other equity including reserves and
surplus.
In order to achieve this overall objective, the Group’s capital management, amongst other things, aims to ensure that it
meets financial covenants attached to the interest-bearing loans and borrowings that define capital structure requirements.
No changes were made in the objectives, policies or processes for managing capital during the years ended 31st March,
2021 and 31st March, 2020.
40.4 Financial risk management objectives and policies
The Group’s principal financial liabilities, other than derivatives, comprise borrowings, trade and other payables, financial
guarantee contracts and other financial liabilities. The main purpose of these financial liabilities is to finance the Group’s
operations and to provide guarantees to support its operations. The Group’s principal financial assets include loans, trade
and other receivables, cash and cash equivalents, other bank balances, unbilled receivables, finance lease receivables and
other financial assets that derive directly from its operations. The Group also holds FVTOCI/FVTPL investments and enters
into derivative transactions.
The Group is exposed to market risk, credit risk and liquidity risk. The Group’s senior management oversees the management
of these risks. The Group’s senior management is supported by a risk committee that reviews the financial risks and
the appropriate financial risk governance framework for the Group. The Group’s financial risk activities are governed by
appropriate policies and procedures and that financial risks are identified, measured and managed in accordance with
the Group’s policies and risk objectives. All derivative activities for risk management purposes are carried out by specialist
teams that have the appropriate skills, experience and supervision. It is the Group’s policy that no trading in derivatives
for speculative purposes may be undertaken. The risk management policy is approved by the board of directors, which is
summarized below.
40.4.1 Market risk
Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in
market prices. Market risk comprises of three types of risk: currency risk, interest rate risk and equity price risk. The impact
of equity price risk is not material. Financial instruments affected by market risk include loans and borrowings, derivative
financial instruments and FVTOCI investments.
The sensitivity analysis in the following sections relate to the position as at 31st March, 2021 and 31st March, 2020.
The sensitivity analysis have been prepared on the basis that the amount of net debt, the ratio of fixed to floating interest
rates of the debt and derivatives and the proportion of financial instruments in foreign currencies are all constant and on
the basis of hedge designations in place at 31st March, 2021. The analysis exclude the impact of movements in market
variables on: the carrying values of gratuity and other post-retirement obligations; provisions; and the non-financial assets
and liabilities of foreign operations.
a. Foreign currency risk management

Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes
in foreign exchange rates. The Group is exposed to foreign exchange risk through its operations in international projects
and purchase of coal from Indonesia and elsewhere and overseas borrowings. The results of the Group's operations can
be affected as the rupee appreciates/depreciates against these currencies. The Group enters into derivative financial
instruments such as foreign exchange forward and option contracts to mitigate the risk of changes in exchange rates on
foreign currency exposures.
When a derivative is entered into for the purpose of being a hedge, the Group negotiates the terms of those derivatives to
match the terms of the hedged exposure. For hedges of forecast transactions the derivatives cover the period of exposure
from the point the cash flows of the transactions are forecasted up to the point of settlement of the resulting receivable or
Overview
payable that is denominated in the foreign currency.
The following table analyzes foreign currency assets and liabilities on balance sheet dates:

Foreign ₹ crore Foreign ₹ crore
Foreign Currency Liabilities Currency Currency
In USD 200.90 1,468.86 207.01 1,563.81
In EURO 0.09 0.75 2.55 21.09

In GBP Nil Nil 0.06 0.59
In JPY 5.90 0.39 328.72 22.86
In VND Nil Nil 790.21 0.25
Foreign ₹ crore Foreign ₹ crore
Foreign Currency Assets Currency Currency
In USD 3.09 22.62 4.58 34.59
In ZAR 0.41 0.20 0.03 0.01

In VND 56.76 0.02 35.88 0.01
In TAKA 0.20 0.02 0.21 0.02
* Denotes figures below 50,000/-
(i) Foreign currency sensitivity analysis

variables held constant. The impact on the Group’s profit before tax and impact on equity is due to changes in the fair value
of monetary assets and liabilities including non-designated foreign currency forward and option contracts given as under.
₹ crore
Effect on Equity (before tax) Effect on Profit (before tax)
As of 31st March, 2021 Rupee depreciate by ₹ 1 against USD (+) ₹ 38.52 (-) ₹ 39.61
Rupee appreciate by ₹ 1 against USD (-) ₹ 38.52 (+) ₹ 39.61
Statutory Reports
As of 31st March, 2020 Rupee depreciate by ₹ 1 against USD (+) ₹ 2.82 (-) ₹ 43.02
Rupee appreciate by ₹ 1 against USD (-) ₹ 2.82 (-) ₹ 43.02
Notes:
1) +/- Gain/Loss
2) The impact of depreciation/ appreciation on foreign currency other than USD on profit before tax of the Group is not significant.
(ii) Derivative financial instruments
The Group holds derivative financial instruments such as foreign currency forward and option contracts to mitigate the risk
of changes in exchange rate on foreign currency exposure. The counterparty for these contracts is generally a Bank or a
Financial Institution. These derivative financial instrument are valued based on quoted prices for similar asset and liabilities
in active markets or inputs that is directly or indirectly observable in the marketplace.


The following table gives details in respect of outstanding foreign exchange forward and option contracts:
Outstanding Contracts
Foreign Currency Nominal Value in Fair Value
Buy/ Sell (In Millions) ₹ crore in ₹ crore
Other Derivatives
Forward contracts
In USD Buy 1,317.20 9,631.22 (181.45)

Foreign Currency Nominal Value in Fair Value
Buy/ Sell (In Millions) ₹ crore in ₹ crore
Other Derivatives
Forward contracts
In USD Buy 596.95 4,509.49 174.18
In ZAR Sell 1,300.00 548.96 52.49
In YEN Buy 2.94 0.20 *
Option contracts
In USD Buy 286.57 2,164.82 74.15
Note: Fair Value in brackets denotes liability.
* Denotes figures below 50,000/-
b. Interest rate risk management

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes
in market interest rates. The Group’s exposure to the risk of changes in market interest rates relates primarily to the Group’s
long-term debt obligations with floating interest rates.
The Group manages its interest rate risk by having a balanced portfolio of fixed and variable rate loans and borrowings. The
Group’s policy is to keep upto 50% of its borrowings at fixed rates of interest. To manage this, the Group enters into fixed
rate loan, Bonds and interest rate swaps, in which it agrees to exchange, at specified intervals, the difference between fixed
and variable rate interest amounts calculated by reference to an agreed-upon notional principal amount.
(i) Interest rate sensitivity
The sensitivity analysis below have been determined based on exposure to interest rates for term loans and debentures
at the end of the reporting period and the stipulated change taking place at the beginning of the financial year and held
constant throughout the reporting period in case of term loans and debentures that have floating rates.
If the interest rates had been 50 basis points higher or lower and all the other variables were held constant, the effect on
Interest expense for the respective financial years and consequent effect on Group's profit in that financial year would have
been as below:
₹ crore
As of 31st March, 2021 As of 31st March, 2020
50 bps increase 50 bps decrease 50 bps increase 50 bps decrease
Interest expense on loan (+) ₹ 117.15 (-) ₹ 117.15 (+) ₹ 147.46 (-) ₹ 147.46
Effect on Equity/Profit before tax (-) ₹ 117.15 (+) ₹ 117.15 (-) ₹ 147.46 (+) ₹ 147.46
(ii) Interest rate swap contracts
An interest rate swap is an agreement between two counterparties in which one stream of future interest payments is
exchanged for another based on a specified principal amount. Interest rate swaps usually involve the exchange of a fixed
interest rate for a floating rate, or vice versa, to reduce or increase exposure to fluctuations in interest rates or to obtain a
marginally lower interest rate than would have been possible without the swap. Interest rate swaps are the exchange of one
set of cash flows for another.
The following table gives details in respect of outstanding receive floating pay fixed contracts:
₹ crore
Overview
Less than 1 year 1 to 5 years 5 years +
31st March 2021 Nominal amounts 100.00 Nil Nil
Fair value assets (liabilities) 9.25 Nil Nil
31st March 2020 Nominal amounts 1,473.08 923.16 128.18
Fair value assets (liabilities) (14.38) (36.05) (13.16)
40.4.2 Credit risk management
Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract,
leading to a financial loss. The Group is exposed to credit risk from its operating activities (primarily trade receivables) and

from its financing activities including loans, foreign exchange transactions and other financial instruments.
₹ crore
At as At as
Trade Receivables 5,605.68 4,456.18
Loans 88.85 113.88
Finance Lease Receivables 640.06 622.12
Other Financial Assets (including derivatives contracts) 1,887.19 1,991.22
Held for Sale Financial Assets 201.51 712.99
Unbilled Revenue 1,573.64 799.42

Total 9,996.93 8,695.81
Refer Note 7 for credit risk and other information in respect of trade receivables. Other receivables as stated above are due
from the parties under normal course of the business and as such the Group believes exposure to credit risk to be minimal.
The Group has not acquired any credit impaired asset.
40.4.3 Liquidity risk management

The Group manages liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing facilities, by
continuously monitoring forecast and actual cash flows and matching the maturity profiles of financial assets and liabilities.
Having regards to the nature of the business wherein the Group is able to generate fixed cash flows over a period of time
and to optimize the cost of funding, the Group, from time to time, funds its long -term investment from short-term sources.
The short-term borrowings can be rollforward or, if required, can be refinanced from long term borrowings. Hence, the
Statutory Reports
Group considers the liquidity risk as low.
The table below summarizes the maturity profile of the Group’s financial liabilities based on contractual undiscounted
payments.
₹ crore
Up to 1 year 1 to 5 years 5+ years Total Carrying Amount
31st March, 2021
Non-Derivatives
Borrowings # 15,656.17 26,668.34 19,143.30 61,467.81 44,013.00
Lease Liabilities 413.01 1,528.20 7,655.21 9,596.42 3,537.31

Other Financial Liabilities 6,574.97 695.29 695.70 7,965.96 7,965.96
Derivatives


₹ crore
Up to 1 year 1 to 5 years 5+ years Total Carrying Amount
31st March, 2020

Non-Derivatives
Borrowings # 18,472.76 27,607.27 25,413.87 71,493.89 49,218.43
Lease Liabilities 404.98 1,856.24 7,535.36 9,796.59 3,560.22
Other Financial Liabilities 2,763.60 43.77 677.75 3,485.12 3,485.12
Derivatives
# The table has been drawn up based on the undiscounted contractual maturities of the financial liabilities including interest that will be paid on
those liabilities upto the maturity of the instruments, ignoring the call and refinancing options available with the Group. The amounts included
above for variable interest rate instruments for non-derivative liabilities is subject to change if changes in variable interest rates differ to those
estimates of interest rates determined at the end of the reporting period.
41. Segment Reporting

Information reported to the Chief Operating Decison Maker (CODM) for the purpose of resource allocation and assessment
of segment performance focuses on business segment which comprises of Generation, Renewables, Transmission &
Distribution and Others. Specifically, the Group's reportable segments under Ind AS are as follows:
Generation: Comprises of generation of power from hydroelectric sources and thermal sources (coal, gas and oil) from
plants owned and operated under lease arrangement and related ancillary services. It also comprises of coal - mining,
trading, shipping and related infra business.
Renewables: Comprises of generation of power from renewable energy sources i.e. wind and solar. It also comprises EPC
and maintenance services with respect to solar.
Transmission and Distribution: Comprises of transmission and distribution network, sale of power to retail customers
through distribution network and related ancillary services. It also comprises of power trading business
Others: Comprises of project management contracts/infrastructure management services, property development, lease
rent of oil tanks, satellite communication and investment business
Revenue and expenses directly attributable to segments are reported under each reportable segment. Expenses which are
not directly identifiable to each reporting segment have been allocated on the basis of associated revenue/assets of the
segment and manpower efforts. All other revenue/expenses which are not attributable or allocable to segments have been
disclosed as unallocable. Assets and liabilities that are directly attributable or allocable to segments are disclosed under
each reportable segment. All other assets and liabilities are disclosed as unallocable.
(a) Segment Information:
₹ crore
Overview
Segment Revenue
Generation 13,432.77 14,532.74
Renewables 5,887.65 3,977.45
Others 262.16 255.53
36,252.24 32,768.42
(Less): Inter Segment Revenue - Generation (2,904.83) (3,582.99)

(Less): Inter Segment Revenue - Renewables (267.72) (235.61)
(Less): Inter Segment Revenue - Others (11.31) (12.56)
Discontinued Operations - Others # 193.63 343.74
Revenue / Income from Operations (including Net Movement in Regulatory Deferral
Balances) 33,262.01 29,281.00
Segment Results
Generation 2,709.81 2,765.46

Renewables 1,494.25 1,499.66
Others 83.16 193.12
Total Segment Results 5,964.24 6,380.38
(Less): Finance Costs (4,010.39) (4,493.73)

Add/(Less): Exceptional Item - Generation (Refer Note 12 and 37f ) (109.29) (351.35)
Add/(Less): Exceptional Item - Transmission and Distribution (Refer Note 12) Nil (190.00)
Add/(Less): Exceptional Item - Unallocable Income/(Expense) (Refer Note 6b (ii)) Nil 767.51
Add/(Less): Unallocable Income/(Expense) (Net) 142.17 255.35
Profit/(Loss) Before Tax from Continuing Operations 1,986.73 2,368.16
Statutory Reports
Impairment Loss on Remeasurement to Fair Value # (160.00) (361.00)
Segment Assets
Generation 37,717.32 40,076.13
Renewables 22,702.98 19,533.81
Others 1,469.98 1,361.59
Unallocable* 11,405.97 9,037.18
Assets classified as held for sale # Nil 1,880.07

Total Assets 98,851.23 89,748.15
Segment Liabilities
Generation 4,690.36 3,685.28
Renewables 3,752.74 1,596.45


₹ crore
Others 118.89 128.71
Unallocable* 51,197.87 56,113.53
Liabilities classified as held for sale # Nil 1,032.07
Total Liabilities 73,601.67 67,850.09
Capital Expenditure (to the extent allocable to the segment)
Renewables 1,235.85 692.51
Others 124.61 45.06
Discontinued Operations# 32.97 45.74
3,137.66 2,196.10
Depreciation/Amortisation (to the extent allocable to the segment)
Generation 1,055.41 1,079.30
Others 25.47 22.31
2,700.48 2,573.75
RECONCILIATION OF REVENUE
₹ crore
Revenue from Operations 32,468.10 29,136.37
Add/(Less): Net Movement in Regulatory Deferral Balances 529.24 (451.68)
Add/(Less): Net Movement in Regulatory Deferral Balances in respect of earlier years Nil (21.32)
Add/(Less): Deferred Tax Recoverable/(Payable) 81.80 284.31
Add/(Less): Unallocable Revenue (10.76) (10.42)
Total Segment Revenue as reported above 33,262.01 29,281.00

# Pertains to Strategic Engineering Division being classified as Discontinued Operation and disposed of during the year ended 31 March, 2021
(Refer note 17c).
* Includes amount classified as held for sale other than Strategic Engineering Division.
Notes:
1. Comparative figures for statement of profit and loss items are for the year ended 31st March, 2020 and Balance Sheet items are as at
31st March, 2020.
2. Revenue from power distribution companies on sale of electricity with which Group has entered into a Power Purchase Agreement accounts
for more than 10% of Total Revenue.
3. Transfer pricing between operating segments are on an arm's length basis in a manner similar to transactions with third parties.
(b) Geographic Information:
The Group operates in two principal geographical areas - Domestic and Overseas
The Group's revenue from continuing operations from external customers by location of operations and information about
its non-current assets by location of assets are detailed below:
Geographical Segment
₹ crore
Overview
Revenue from External Customers

Domestic 33,101.95 28,911.24
Overseas 160.06 369.76
33,262.01 29,281.00
Segment Assets:

Non Current Assets
Domestic 59,903.68 52,470.93
Overseas 10,466.86 11,971.70
70,370.54 64,442.63
Current Assets
Domestic 10,422.09 8,616.26
Overseas 174.46 291.84
10,596.55 8,908.10

Regulatory Deferral Account - Assets
Domestic 6,478.17 5,480.17
6,478.17 5,480.17
Unallocable Assets 11,405.97 10,917.25
Total Assets 98,851.23 89,748.15

Capital Expenditure (to the extent allocable to the segment)
Domestic 3,124.10 2,196.09
Overseas 13.56 0.01
3,137.66 2,196.10
Statutory Reports
42 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.

43. Statement of Net Assets and Profit and Loss attributable to Owners and Non Controlling Interests
432
Net Assets i.e. total assets Total Income i.e. Share of Profit or Share in Other Share in Total
Name of the Entity
minus total liabilities Revenue Plus Other Income (Loss) Comprehensive Income Comprehensive Income
As % of Amount As % of Amount As % of Amount As % of Amount As % of Amount
consolidated (₹ crore) consolidated (₹ crore) consolidated (₹ crore) consolidated (₹ crore) consolidated (₹ crore)
net assets total income profit Other Total
comprehensive comprehensive
income income
The Tata Power Company Ltd. # 32.95 18,378.56 19.58 7,946.32 20.62 921.45 (27.14) 185.38 29.26 1,106.83
Indian Subsidiaries
Nelco Ltd. (Consolidated) 1 0.14 75.81 0.56 228.96 0.28 12.36 (0.04) 0.28 0.33 12.64
Af-Taab Investment Co. Ltd. 0.59 328.95 0.02 7.81 0.14 6.38 (8.53) 58.27 1.71 64.65
Tata Power Trading Co. Ltd. 0.48 265.74 0.66 269.98 0.74 32.96 (0.04) 0.28 0.88 33.24
Maithon Power Ltd. 3.95 2,200.44 6.20 2,520.52 6.97 311.02 (0.14) 0.94 8.25 311.96
Coastal Gujarat Power Ltd. 13.54 7,545.04 17.24 7,006.20 (14.28) (637.33) (0.33) 2.23 (16.80) (635.10)
Tata Power Delhi Distribution Ltd. 6.76 3,770.12 18.85 7,660.60 9.59 428.18 (0.19) 1.28 11.36 429.46
Tata Power Jamshedpur Distribution Ltd. - (1.32) - - - - - - - -
TP Renewable Microgrid Ltd. 0.05 25.92 - 0.29 (0.24) (10.56) 0.07 (0.48) (0.29) (11.04)
Tata Power Renewable Energy Ltd. 9.06 5,051.26 2.49 1,010.13 0.47 21.13 0.08 (0.52) 0.55 20.61
TP Kirnali Ltd. - (0.73) - - - (0.11) - - - (0.11)
TP Solapur Ltd. - (0.16) - - - (0.01) - - - (0.01)
Tata Power Solar Systems Ltd. 1.12 623.42 12.66 5,143.10 4.67 208.39 40.53 (276.77) (1.81) (68.38)

NDPL Infra Ltd. 0.04 24.95 - 1.49 0.02 0.99 - - 0.03 0.99
Tata Power Green Energy Ltd. - (0.68) - - (0.01) (0.61) - - (0.02) (0.61)
TP Wind Power Ltd. (formerly known as Indo Rama
Renewables Jath Ltd.) 0.12 66.36 0.07 29.98 0.03 1.56 - - 0.04 1.56
TCL Ceramics Ltd (formerly known as Tata Ceramics Ltd). - - - - - - - - - -

Supa Windfarm Ltd. 0.02 10.85 - 0.08 - (0.09) - - - (0.09)
Poolavadi Windfarm Ltd. 0.14 77.10 0.04 17.84 0.02 0.71 - - 0.02 0.71
Nivade Windfarm Ltd. - (0.02) - - - - - - - -
Vagarai Windfarm Ltd. (0.06) (31.87) 0.04 17.60 (0.23) (10.09) - - (0.27) (10.09)
TP Ajmer Distribution Ltd. 0.01 7.86 1.05 426.55 0.01 0.38 (0.01) 0.05 0.01 0.43
Chirasthaayee Saurya Ltd. 0.01 8.10 0.12 50.65 0.15 6.69 - - 0.18 6.69
Walwhan Renewable Energy Ltd. (Consolidated) 2 4.67 2,600.37 3.01 1,224.17 7.17 319.92 (0.05) 0.37 8.47 320.29
TP Kirnali Solar Ltd. 0.03 15.43 - - - (0.19) - - (0.01) (0.19)
TP Solapur Solar Ltd. - (0.13) - - - (0.18) - - - (0.18)
TP Akkalkot Renewable Ltd 0.02 12.96 - - - (0.01) - - - (0.01)
TP Saurya Ltd (0.01) (4.27) - - (0.10) (4.32) - - (0.11) (4.32)
TP Roofurja Ltd. - - - - - - - - - -
TP Central Odisha Distribution Ltd. 0.55 306.76 7.21 2,932.17 0.15 6.74 - - 0.18 6.74
TP Western Odisha Distribution Ltd. 0.54 299.02 2.10 851.67 (0.02) (1.00) - - (0.03) (1.00)
TP Southern Odisha Distribution Ltd. 0.40 222.40 0.82 334.10 0.50 22.42 - - 0.59 22.42
Name of the Entity
income income
Foreign Subsidiaries
Bhira Investments Pte. Ltd. (Formerly known as Bhira
5.46 3,042.75 3.16 1,283.11 24.42 1,089.88 11.95 (81.61) 26.67 1,008.27
Investment Ltd.)
Bhivpuri Investments Ltd. 2.40 1,339.59 1.21 491.14 10.01 446.68 5.35 (36.52) 10.85 410.16
Khopoli Investments Ltd. 1.47 821.88 0.12 47.99 (0.11) (5.00) 4.01 (27.41) (0.86) (32.41)
Trust Energy Resources Pte. Ltd. 2.46 1,369.10 2.48 1,009.31 13.64 608.71 7.01 (47.89) 14.83 560.82
PT Sumber Energi Andalan Tbk. (Consolidated) 3 0.02 11.96 - - - - 0.06 (0.40) (0.01) (0.40)
Tata Power International Pte. Ltd. (0.13) (73.77) 0.26 107.57 (3.45) (154.01) 0.05 (0.31) (4.08) (154.32)
Far Eastern Natural Resources LLC (0.09) (51.40) 0.05 21.00 (0.76) (33.87) (0.12) 0.85 (0.87) (33.02)
Indian Associates
The Associated Building Company Ltd. 0.01 3.68 - - 0.02 0.93 - - 0.02 0.93
Yashmun Engineers Ltd. 0.01 4.28 - - - - - - - -
Tata Projects Ltd. 1.20 669.28 - - 1.33 59.50 1.51 (10.28) 1.30 49.22
Foreign Associates
Dagachhu Hydro Power Corporation Ltd. 0.17 97.25 - - 0.38 16.83 (0.02) 0.12 0.45 16.95
Indian Jointly Control Entities
Powerlinks Transmission Ltd. 0.88 488.80 - - 1.17 52.03 - (0.01) 1.38 52.02
Industrial Energy Ltd. 1.26 700.63 - - 1.85 82.61 0.05 (0.37) 2.18 82.24
Dugar Hydro Power Ltd. 0.06 31.70 - - 0.18 8.05 - - 0.21 8.05
Mandakini Coal Company Ltd. (0.10) (57.19) - - - - - - - -
Solace Land Holding Ltd. - 2.29 - - - - - - - -
Foreign Jointly Control Entities
PT Mitratama Perkasa (Consolidated) 3 1.16 645.31 - - - - - - - -
PT Arutmin Indonesia 2.20 1,223.99 - - - - - - - -
PT Kaltim Prima Coal 0.78 433.69 - - 6.11 272.88 21.38 (145.97) 3.36 126.91
Indocoal Resources (Cayman) Ltd. 0.49 274.96 - - 0.09 4.01 17.88 (122.11) (3.12) (118.10)
PT Indocoal Kalsel Resources - 0.20 - - - - - - - -
PT Indocoal Kaltim Resources - 0.01 - - - (0.02) - (0.03) - (0.05)
Candice Investments Pte. Ltd. 0.05 25.22 - - 0.94 41.79 0.23 (1.55) 1.06 40.24
PT Nusa Tambang Pratama 1.34 747.16 - - 4.39 195.78 7.59 (51.85) 3.81 143.94
PT Marvel Capital Indonesia - 0.57 - - - (0.01) - - - (0.01)
PT Dwikarya Prima Abadi 0.12 68.92 - - 0.07 3.23 1.35 (9.21) (0.16) (5.98)
PT Kalimantan Prima Power (Consolidated) 4 0.37 203.87 - - 0.16 6.94 0.98 (6.69) 0.01 0.24
PT Baramulti Sukessarana Tbk (Consolidated) 5 0.68 380.27 - - 1.27 56.89 6.43 (43.88) 0.34 13.01

Adjaristsqali Netherlands BV (Consolidated) 6 0.75 419.98 - - (0.60) (26.74) 8.75 (59.77) (2.29) (86.51)
Koromkheti Netherlands BV (Consolidated) 7 (0.06) (32.23) - - - - - - - -
433
Name of the Entity
434
income income
Itezhi Tezhi Power Corporation 1.14 633.48 - - - - - - - -
Resurgent Power Ventures Pte. Ltd. (Consolidated) 0.78 435.79 - - 2.24 99.87 1.35 (9.24) 2.40 90.63
Indocoal KPC Resources (Cayman) Ltd. - 0.82 - - - (0.06) - (0.02) - (0.08)
100.00 55,741.10 100.00 40,640.33 100.00 4,463.68 100.00 (682.86) 100.00 3,780.83
a) Adjustments arising out of consolidation - (30,491.54) - (6,904.80) - (3,025.03) - 303.20 - (2,721.83)

b) Non-Controlling Interest
Indian Subsidiaries
Nelco Ltd. (Consolidated) 1 - (37.26) - - - (6.17) - (0.14) - (6.31)
Maithon Power Ltd. - (571.68) - - - (80.87) - (0.24) - (81.11)
Tata Power Delhi Distribution Ltd. - (1,847.21) - - - (209.80) - (0.63) - (210.43)
NDPL Infra Ltd. - (12.20) - - - (0.49) - - - (0.49)
Poolavadi Windfarm Ltd. - (20.04) - - - (0.19) - - - (0.19)
TP Kirnali Solar Ltd. - (4.01) - - - 0.05 - - - 0.05
TP Central Odisha Distribution Ltd. - (150.31) - - - (3.31) - - - (3.31)
TP Western Odisha Distribution Ltd. - (146.51) - - - 0.49 - - - 0.49

TP Southern Odisha Distribution Ltd. - (108.98) - - - (10.98) - - - (10.98)
Foreign Subsidiaries
PT Sumber Energi Andalan Tbk. (Consolidated) 3 - (0.43) - - - - - - - -
Total
Foreign Jointly Control Entities - (28.67) - - - - - - - -

PT Mitratama Perkasa (Consolidated) 3 - (2,927.30) - - - (311.27) - (1.01) - (312.28)
Consolidated Net Assets / Profit after tax - 22,322.26 - 33,735.53 - 1,127.38 - (380.67) - 746.71
43. Statement of Net Assets and Profit and Loss attributable to Owners and Non Controlling
Interests (Contd.)
Reconciliation of Total Income (i.e. Revenue plus other income)
Overview
₹ crore
Total Income as per Statement of Profit & Loss 32,907.34
Net Movement in Regulatory Deferral Balances (Net) 611.04
Remeasurement of Deferred Tax Recoverable on account of New Tax Regime (Net) Nil
33,518.38
Add: Revenue from Discontinued Operations 217.15
Total Income as per the above statement 33,735.53
Note:

1. Accounts of Tatanet Services Ltd. have been consolidated with Nelco Ltd.
2. Accounts of all subsidiaries of Walwhan Renewable Energy Ltd. (Refer Note 2.6) have been consolidated with Walwhan Renewable Energy Ltd.
3. Accounts of PT Mitratama Perkasa have been consolidated with PT Sumber Energi Andalan Tbk.
4. Accounts of PT Citra Prima Buana, PT Guruh Agung and PT Citra Kusuma Perdana have been consolidated with PT Kalimantan Prima Power.
5. Accounts of PT Antang Gunung Meratus have been consolidated with PT Baramulti Sukessarana Tbk.
6. Accounts of Adjaristsqali Georgia LLC have been consolidated with Adjaristsqali Netherlands BV.
7. Accounts of Koromkheti Georgia LLC have been consolidated with Koromkheti Netherlands BV.
# Includes Discontinued Operations

43.1 Summarised Financial Information of Material Non Controlling Interests
Financial Information of Subsidiaries that have material non-controlling interest is provided below:
Proportion of equity interest held by non-controlling interests:
Name Country of Incorporation 31st March, 2021 31st March, 2020
Maithon Power Ltd. India 26% 26%
Tata Power Delhi Distribution Ltd. India 49% 49%
A Maithon Power Ltd.

(i) Summarised Balance Sheet:
Statutory Reports
As at As at
₹ crore ₹ crore
Current Liabilities (668.75) (1,195.78)
2,200.39 2,068.43
Attributable to:
Equity holders of parent 1,628.73 1,531.08
Non-controlling interest 571.66 537.35


(ii) Summarised Statement of Profit and Loss:
₹ crore ₹ crore
Revenue 2,503.38 2,741.17
Cost of Power Purchased (1.18) (1.78)
Cost of Fuel (1,500.33) (1,575.51)
Employee Benefits Expenses (40.27) (40.80)
Finance Cost (136.09) (193.11)
Depreciation and Amortisation Expenses (246.07) (243.81)
Other Expenses (280.11) (257.83)
Profit before tax 316.48 456.66
Tax Expenses (5.46) (118.84)
Profit for the year 311.02 337.82
Other Comprehensive Income/(Expense) for the year 0.94 Nil
Total Comprehensive Income for the year 311.96 337.82
Attributable to:
Equity holders of parent 230.85 249.99
Dividend including Dividend Distribution Tax Attributable to:
(iii) Summarised Cash Flow information:
₹ crore ₹ crore
Operating Activities 1,024.74 1,355.86
Investing Activities (427.17) (295.63)
Financing Activities (614.88) (975.68)
Net (Decrease) / Increase in Cash and Cash Equivalents (17.31) 84.55
B Tata Power Delhi Distribution Ltd.

(i) Summarised Balance Sheet:
As at As at
₹ crore ₹ crore
Current Assets 962.13 1,090.56
Assets classified as held for sale 20.04 20.04
Regulatory Deferral Account Debit Balances 5,511.71 5,221.85
3,770.11 3,473.13
Attributable to:
Equity holders of parent 1,922.78 1,771.32
Non-controlling interest 1,847.33 1,701.81
(ii) Summarised Statement of Profit and Loss:
Overview
₹ crore ₹ crore
Revenue including Regulatory income/(expense) 7,296.89 8,350.66
Cost of Power Purchased (5,306.26) (6,299.63)
Employee Benefits Expenses (557.12) (504.90)
Finance Cost (343.91) (344.90)
Depreciation and Amortisation Expenses (353.82) (333.16)
Other Expenses (294.27) (327.33)

Exceptional Items Nil Nil
Profit before tax 557.53 646.06
Tax Expenses (129.36) (231.92)
Profit for the year 428.17 414.14
Other Comprehensive Income/(Expense) for the year 1.28 (3.87)
Total Comprehensive Income for the year 429.45 410.27
Attributable to:

Dividend including Dividend Distribution Tax Attributable to:
(iii) Summarised Cash Flow information:

₹ crore ₹ crore
Operating Activities 816.76 671.99
Investing Activities (266.89) (625.09)
Financing Activities (542.29) (32.62)
Net (Decrease) / Increase in Cash and Cash Equivalents 7.58 14.28
Statutory Reports
44. Business Combinations
44.1 Summary
During the year, pursuant to vesting order issued by the Odisha Electricity Regulation Commission ('OERC'), the Group has
acquired distribution business of Central, Western and Southern Odisha through its three subsidiaries acquired during the
year. Accordingly, the Group is a licensee to carry out the function of distribution and retail supply of electricity covering the
distribution circles of Central, Western and Southern Odisha for a period of 25 years.
Below are the details of subsidiaries acquired:

Name of the acquired Subsidiaries Principal Activity Date of Acquisition Proportion of voting
equity interest
acquired
TP Central Odisha Distribution Ltd. (TPCODL) Distribution business of Central Odisha 1st June, 2020 51%
TP Western Odisha Distribution Ltd. (TPWODL) Distribution business of Western Odisha 1st January, 2021 51%
TP Southern Odisha Distribution Ltd. (TPSODL) Distribution business of Southern Odisha 1st January, 2021 51%
The above subsidiaries were acquired pursuant to order issued by Orissa Electricity Regulatory Commission ('OERC') which is
in line with Group's expansion plan for Distribution Business.

44. Business Combinations (Contd.)

44.2 Consideration transferred and Net Assets acquired
The Group has accounted for these acquisitions on provisional basis in accordance with Ind AS 103 ‘Business Combination’.
The details of these acquisitions are as follows:
₹ crore
Particulars TPCODL TPWODL TPSODL Total
Consideration transferred 178.50 255.00 127.50 561.00
Add: Non-Controlling Interest 147.00 147.00 98.00 392.00
Less: fair value of identifiable net assets acquired (Refer Note 44.3 below) (300.00) (300.00) (200.00) (800.00)
Goodwill 25.50 102.00 25.50 153.00
Acquisition related costs amounting to ₹ 0.50 crore have been excluded from the consideration transferred and have been
recognised as an expenses in profit and loss in the current year, under the head "Other expenses".
44.3 Details of assets acquired and liabilities recognised at the date of acquisition
The erstwhile management of these utilities are in the process of finalizing their audited financial statements as at the
respective acquisition dates. Pending audit of financial statements as at acquisition date, the Group has allocated the
purchase consideration on a provisional basis considering the Vesting Orders. The following table summarises the recognised
provisional amounts of assets acquired and liabilities assumed at the date of acquisition:
₹ crore
Non-current Assets
Property, Plant and Equipments 2,053.97 1,267.27 423.99 3,745.23
Capital Work-in-Progress 618.59 152.50 349.92 1,121.01
Other Non-Current Assets Nil 1.08 2.78 3.86
Current Assets
Inventories 30.00 23.28 6.96 60.24
Cash and Cash Equivalents 80.17 231.90 134.23 446.30
Bank balances other than above 1,235.10 823.75 Nil 2,058.85
Other Current Assets 66.39 0.29 11.27 77.95
Other Non-current Liabilities (989.27) (210.90) (424.86) (1,625.03)
Other Financial Liabilities (1,523.97) (885.48) (27.59) (2,437.04)
Current Liabilities
Borrowings (157.54) (336.49) (172.98) (667.01)
Trade Payables (213.66) (20.68) (139.54) (373.88)
Other Financial Liabilities (844.78) (950.45) (291.40) (2,086.63)
Other Current Liabilities (68.29) (4.15) (10.03) (82.47)
Fair value of Net Assets acquired 300.00 300.00 200.00 800.00
Certain documents, information, records and reconciliations for the balances as at the acquisition dates are incomplete and
have not been made available to the Group. The subsidiary companies are in discussions with the erstwhile management
and OERC for the resolution of such matters. Adjustments, if any, will be recognized post completion of such resolution. As
Overview
per vesting order, any change in the value of assets and liabilities transferred on account of the reconciliation / resolution
of said matters and/ or any other matter identified in future will be allowed to be recovered by the Group in the manner
specified in the vesting order. Hence, the Group believes that the reconciliation / resolution of the above matters will not
have any impact on the financial position and financial performance of the Group as reflected in the financial statements.
44.4 Further, prior to the acquisition, these businesses were administrated and operated by OERC through GRIDCO Ltd., a State
Government Group and accordingly the provisions of Companies Act, 2013, including the provisions of section 143(3)(i) of
the Companies Act, 2013 related to directors and auditors reporting on existence of internal financial controls system and
their operating effectiveness were not applicable to these utilities. Post acquisition, the subsidiary companies are in the

process of strengthening the existing internal controls, including maintenance of sufficient and appropriate records over
key processes considering the essential components of internal controls stated in the Guidance Note.
44.5 Revenue and profit or loss of the acquiree since the acquisition date included in the consolidated statement of
profit and loss of the Group:
Revenue from Operations (Including Net Movement
2,886.14 822.61 309.93 4,018.68
in Regulatory)
Profit before tax 9.02 (1.33) 13.24 20.93

As the records and complete financial statements of erstwhile utilities before acquisition date are not available to the Group,
accordingly, the revenue and profit or loss of the combined entity for the current financial year if the Business Combination
had taken place on 1st April, 2020 has not been disclosed.
44.6 Subsequent to the year, the Group has acquired 51% stake in TP Northern Odisha Distribution Limited (‘TPNODL’) for ₹
191.24 crore. TPNODL is the licensee to carry out the function of distribution and retail supply of electricity covering the
distribution circles of Balasore, Bhadrak, Baripada, Jajpur and Keonjhar in the state of Odisha for a period of 25 years effective
1st April, 2021. Pending audit of financial statements of the acquiree as at acquisition date and details of assets and liability
transferred, said acquisition is recognized on provisional basis.
45
Recent Pronouncement
On 24th March, 2021, the Ministry of Corporate Affairs ('MCA') through a notification, amended Schedule III of the Companies
Statutory Reports
Act, 2013. The amendments revise Division I, II and III of Schedule III and are applicable from 1st April, 2021. Key amendments
relating to Division II which relate to companies whose financial statements are required to comply with Companies (Indian
Accounting Standards) Rules 2015 are:
Balance Sheet:
• Lease liabilities should be separately disclosed under the head ‘financial liabilities’, duly distinguished as current or non-
current.
• Certain additional disclosures in the statement of changes in equity such as changes in equity share capital due to prior
period errors and restated balances at the beginning of the current reporting period.
• Specified format for disclosure of shareholding of promoters.

• Specified format for ageing schedule of trade receivables, trade payables, capital work-in-progress and intangible asset
under development.
• If a company has not used funds for the specific purpose for which it was borrowed from banks and financial institutions,
then disclosure of details of where it has been used.


• Specific disclosure under ‘additional regulatory requirement’such as compliance with approved schemes of arrangements,
compliance with number of layers of companies, title deeds of immovable property not held in name of company, loans
and advances to promoters, directors, key managerial personnel (KMP) and related parties, details of benami property
held etc.
Statement of Profit and Loss:

• Additional disclosures relating to Corporate Social Responsibility (CSR), undisclosed income and crypto or virtual currency
specified under the head ‘additional information’ in the notes forming part of the consolidated financial statements.
The amendments are extensive and the Group will evaluate the same to give effect to them as required by law.
46 Impact of COVID-19
India and other global markets experienced significant disruption in operations resulting from uncertainty caused by the
worldwide coronavirus pandemic. Management believes that there is not much of an impact likely due to this pandemic
on the business of the Group and its subsidiaries, joint ventures and associates except that there exists some uncertainty
over impact of COVID-19 on future business performance of its coal mining companies which form part of Mundra CGU
(comprising of investment in companies owning Mundra power plant, coal mines and related infrastructure). Based on
sensitivity analysis, management believes that the said uncertainty is not likely to impact the recoverability of Mundra CGU.
As the situation is still continuously evolving, the eventual impact may be different from the estimates made as of the date
of approval of these financial statements.
47 The Code on Social Security, 2020

The Code on Social Security 2020 ('Code') has been notified in the Official Gazette on 29th September, 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.
48 Approval of Consolidated Financial Statements

The Consolidated financial statements were approved for issue by the Board of Directors on 12th May, 2021.


FORM AOC-I
Statement containing salient features of the financial statement of Subsidiaries/ Associate Companies/Joint Ventures
Part "A": Subsidiaries (₹ crore)
SN Date of acquiring subsidiary Date of Reporting Reporting Exchange Share Other Total Total Net Invest- Turn- Other Total Profit / Provision Profit/ Proposed Proposed % of
acquiring period currency Rate capital Equity Assets Liabilities Assets ments over 14 Income Income (Loss) for (Loss) Dividend Dividend share--
subsidiary for the as at (Incl.Pref. (Incl. Non- (Excl. Sh. before taxation after on on holding
subsidiary 31st shares and controlling Capital & taxation (incl. taxation Equity Equity
concerned March, Perpetual Interest) Reserves) Deferred Shares Shares
2021 Securities) tax) (%)
1 NELCO Ltd. (Consolidated) 1 31-Dec-05 31-Mar-21 Indian Rupee 1.00 22.82 52.96 246.19 170.41 75.78 0.16 226.12 2.84 228.96 15.88 3.52 12.36 Nil Nil 50.04
2 Af-Taab Investment Co. Ltd. 27-Nov-00 31-Mar-21 Indian Rupee 1.00 10.73 318.23 329.44 0.48 328.96 183.13 7.81 - 7.81 6.80 0.43 6.37 Nil Nil 100.00
3 Tata Power Trading Co. Ltd. 31-Dec-03 31-Mar-21 Indian Rupee 1.00 16.00 249.75 537.67 271.92 265.75 9.02 265.15 6.06 271.21 44.12 11.16 32.95 Nil Nil 100.00
4 Maithon Power Ltd. 02-Sep-05 31-Mar-21 Indian Rupee 1.00 1,508.92 691.47 4,478.65 2,278.26 2,200.39 161.74 2,503.38 17.15 2,520.53 316.48 5.46 311.02 Nil Nil 74.00
5 Coastal Gujarat Power Ltd. 22-Apr-07 31-Mar-21 Indian Rupee 1.00 19,184.30 (11,639.26) 17,958.43 10,413.39 7,545.04 - 6,989.00 17.21 7,006.21 (637.32) - (637.32) Nil Nil 100.00
6 Bhira Investments Ltd. 12 22-Jun-07 31-Mar-21 US Dollar 73.11 0.10 41.52 78.69 37.07 41.62 56.76 0.01 17.28 17.29 16.41 1.73 14.68 Nil Nil 100.00
7 Bhivpuri Investments Ltd. 12 22-Jun-07 31-Mar-21 US Dollar 73.11 0.10 18.22 43.23 24.91 18.32 43.23 - 6.62 6.62 6.22 0.20 6.02 Nil Nil 100.00
8 Khopoli Investments Ltd. 12 17-May-07 31-Mar-21 US Dollar 73.11 4.70 6.54 23.90 12.66 11.24 - - 0.65 0.65 (0.05) 0.02 (0.07) Nil Nil 100.00
9 Trust Energy Resources Pte. Ltd. 12 11-Mar-08 31-Mar-21 US Dollar 73.11 12.92 5.81 40.97 22.24 18.73 0.44 17.86 0.08 17.94 8.36 0.16 8.20 Nil Nil 100.00
10 Tata Power Delhi Distribution Ltd. 22-Jan-08 31-Mar-21 Indian Rupee 1.00 1,052.00 2,718.10 10,957.38 7,187.28 3,770.10 0.05 7,337.54 116.02 7,453.56 557.53 129.35 428.17 Nil Nil 51.00
11 Tata Power Jamshedpur Distribution Ltd. 06-Nov-12 31-Mar-21 Indian Rupee 1.00 8.05 (9.56) 1.06 2.57 (1.51) - - - - - - - Nil Nil 100.00
12 TP Renewable Microgrid Ltd. 28-Mar-07 31-Mar-21 Indian Rupee 1.00 40.10 (14.19) 71.99 46.08 25.91 - 0.68 - 0.68 (10.35) 0.20 (10.55) Nil Nil 100.00
13 Tata Power Renewable Energy Ltd. 28-Mar-07 31-Mar-21 Indian Rupee 1.00 4,940.11 111.16 12,717.93 7,666.66 5,051.27 3,885.46 959.86 52.35 1,012.21 28.42 7.30 21.12 Nil Nil 100.00
14 TP Kirnali Ltd. 19-Feb-20 31-Mar-21 Indian Rupee 1.00 0.05 (0.78) 118.00 118.73 (0.73) - - - - (0.78) - (0.78) Nil Nil 100.00
15 TP Solapur Ltd. 26-Feb-20 31-Mar-21 Indian Rupee 1.00 0.05 (0.22) 0.05 0.22 (0.17) - - - - (0.22) - (0.22) Nil Nil 100.00
16 Tata Power Solar Systems Ltd. 28-Jun-12 31-Mar-21 Indian Rupee 1.00 229.78 393.65 5,060.09 4,436.66 623.43 1.00 5,118.91 24.24 5,143.15 224.51 16.11 208.40 Nil Nil 100.00
17 Tata Power International Pte. Ltd. 12 05-Apr-13 31-Mar-21 US Dollar 73.11 8.59 (9.60) 15.99 17.00 (1.01) 14.83 1.13 0.33 1.46 (2.03) 0.04 (2.07) Nil Nil 100.00
18 NDPL Infra Ltd. 23-Aug-11 31-Mar-21 Indian Rupee 1.00 0.05 24.89 25.09 0.15 24.94 0.33 - 1.49 1.49 1.07 0.08 0.99 Nil Nil 51.00
19 Tata Power Green Energy Ltd. 05-Jan-11 31-Mar-21 Indian Rupee 1.00 0.05 (0.72) 30.79 31.47 (0.68) - - - - (0.61) - (0.61) Nil Nil 100.00
20 PT Sumber Energi Andalan Tbk
(consolidated upto 31st March, 2017
thereafter held for sale) 11, 12 & $ 26-Aug-09 31-Mar-17 US Dollar 73.11 26.37 (14.41) 12.69 0.73 11.96 - - - - - - - Nil Nil 92.50
21 Supa Windfarm Ltd. 10-Dec-15 31-Mar-21 Indian Rupee 1.00 11.00 (0.15) 10.85 - 10.85 - - 0.08 0.08 (0.09) - (0.09) Nil Nil 100.00
22 Nivade Windfarm Ltd. 17-Dec-15 31-Mar-21 Indian Rupee 1.00 0.05 (0.07) 0.02 0.04 (0.02) - - - - * - * Nil Nil 100.00
23 Poolawadi Windfarm Ltd. 09-Jan-16 31-Mar-21 Indian Rupee 1.00 77.21 0.12 345.87 268.78 77.09 - 17.84 * 17.84 0.96 0.24 0.72 Nil Nil 74.00
24 Tata Ceramics Ltd. (consolidated upto
31st December, 2017 thereafter
held for sale) $ 28-May-15 31-Dec-17 Indian Rupee 1.00 19.52 (32.36) 26.23 39.07 (12.84) 0.07 - - - - - - Nil Nil 57.07
25 TP Wind Power Ltd. (formerly known as
Indo Rama Renewables Jath Ltd.) 19-May-16 31-Mar-21 Indian Rupee 1.00 60.30 6.06 137.78 71.42 66.36 0.04 29.93 0.05 29.98 3.13 1.57 1.56 Nil Nil 100.00
26 Walwhan Renewable Energy Ltd.
(Consolidated) 2 14-Sep-16 31-Mar-21 Indian Rupee 1.00 611.36 1,989.05 7,655.37 5,054.96 2,600.41 70.11 1,189.75 44.18 1,233.93 414.49 94.57 319.92 Nil Nil 100.00
27 Vagarai Windfarm Ltd. 27-Feb-17 31-Mar-21 Indian Rupee 1.00 0.53 (32.41) 95.79 127.67 (31.88) 1.50 17.53 0.07 17.60 (10.09) - (10.09) Nil Nil 72.00
28 TP Ajmer Distribution Ltd. 01-Jul-17 31-Mar-21 Indian Rupee 1.00 10.00 (2.13) 220.17 212.30 7.87 - 417.66 8.91 426.57 0.37 - 0.37 Nil Nil 100.00
29 Chirasthaayee Saurya Ltd. 14-Jun-16 31-Mar-21 Indian Rupee 1.00 1.00 7.10 347.33 339.23 8.10 - 50.50 0.15 50.65 8.93 2.25 6.68 Nil Nil 100.00
30 Far Eastern Natural Resources Limited 11, 12 17-Aug-17 31-Mar-21 Russian Rubel 0.97 * (22.13) 49.07 71.20 (22.13) - - 20.95 20.95 (2.88) 0.17 (3.05) Nil Nil 100.00
31 TP Kirnali Solar Ltd. 23-Jul-20 31-Mar-21 Indian Rupee 1.00 15.63 (0.19) 50.64 35.20 15.44 - - - - (0.19) - (0.19) Nil Nil 100.00
32 TP Solapur Solar Ltd. 29-Jul-20 31-Mar-21 Indian Rupee 1.00 0.05 (0.18) 43.62 43.75 (0.13) - - - - (0.18) - (0.18) Nil Nil 100.00
33 TP Akkalkot Renewable Ltd. 11-Aug-20 31-Mar-21 Indian Rupee 1.00 0.05 12.90 12.96 0.01 12.95 - - - - (0.01) - (0.01) Nil Nil 100.00
34 TP Saurya Ltd. 02-Aug-20 31-Mar-21 Indian Rupee 1.00 0.05 (4.32) 0.04 4.31 (4.27) - - - - (4.32) - (4.32) Nil Nil 100.00
35 TP Roofurja Renewables Ltd. 22-Aug-20 31-Mar-21 Indian Rupee 1.00 - 0.05 0.05 - 0.05 - - - - - - - Nil Nil 100.00

36 TP Central Odisha Distribution Ltd. 1-Jun-20 31-Mar-21 Indian Rupee 1.00 300.00 6.75 5,047.71 4,740.96 306.75 - 2,886.14 46.03 2,932.17 9.02 2.27 6.75 Nil Nil 51.00
37 TP Western Odisha Distribution Ltd. 1- Jan-20 31-Mar-21 Indian Rupee 1.00 300.00 (1.02) 3,125.10 2,826.12 298.98 - 819.85 29.06 848.91 (1.36) (0.34) (1.02) Nil Nil 51.00
441
38 TP Southern Odisha Distribution Ltd. 1 Jan-20 31-Mar-21 Indian Rupee 1.00 200.00 22.42 1,563.40 1,340.98 222.42 - 309.93 24.17 334.10 13.24 (9.18) 22.42 Nil Nil 51.00
Part "B": Associates and Joint Ventures
442
(₹ crore)
SN Name of the Associate/Joint Venture Company Date of Latest Reporting Exchange Shares of Amount of Extent of Description Reason why Net worth Profit/ Considered Not
acquiring audited currency Rate Associate/ Investment Holding of how Associate/Joint Venture attributable (Loss) in considered
Associate/ Balance as at 31st Joint Venture in Associate / % there is company to after tax Consoli- in
Joint Sheet Date March, company held Joint significant is not| Shareholding dation Consoli-
Venture 2021 by the Venture influence considered as per dation
company on the companies latest audited
year end (No.) Balance Sheet
Joint Ventures
1 PT Mitratama Perkasa (consolidated upto

30th September, 2016 thereafter held for sale)
(Consolidated) 3, 12 & $ 16-Aug-12 30-Sep-16 US Dollar 73.11 7,500 1.90 28.38% Note 10 - 860.91 Nil Nil -
2 PT Arutmin Indonesia (consolidated upto

31st March, 2014 thereafter held for sale) 12 & $ 26-Jun-07 31-Mar-14 US Dollar 73.11 3,000 652.15 30% Note 10 - 746.07 Nil Nil -
3 PT Kaltim Prima Coal 12 26-Jun-07 31-Mar-21 US Dollar 73.11 1,23,540 4,395.44 30% Note 10 - 433.69 899.46 269.84 -
4 Indocoal Resources (Cayman) Ltd. 11 & 12 26-Jun-07 31-Mar-21 US Dollar 73.11 300 3,192.35 30% Note 10 - 274.96 16.33 4.90 -
5 PT Indocoal Kalsel Resources (consolidated upto

31st March, 2014 thereafter held for sale) 11, 12 & $ 26-Jun-07 31-Mar-14 IDR Rupaiya 0.005 60,000 0.20 30% Note 10 - (0.03) Nil Nil -
6 PT Indocoal Kaltim Resources 11 & 12 26-Jun-07 31-Mar-21 IDR Rupaiya 0.005 82,380 0.25 30% Note 10 - 0.01 (0.05) (0.02) -
7 Powerlinks Transmission Ltd. 07-Jul-03 31-Mar-21 Indian Rupee 1.00 23,86,80,000 488.80 51% Note 10 - 488.80 102.01 52.03 -
8 Industrial Energy Ltd. 23-Feb-07 31-Mar-21 Indian Rupee 1.00 49,28,40,000 700.62 74% Note 10 - 700.63 112.28 83.09 -
9 Dugar Hydro Power Ltd. 21-Apr-11 31-Mar-21 Indian Rupee 1.00 4,32,50,002 31.77 50.001% Note 10 - 31.71 16.10 8.05 -
10 Tubed Coal Mines Ltd. 11 20-Nov-07 31-Mar-20 Indian Rupee 1.00 1,01,97,800 10.20 40% Note 10 Not material to the group Nil Nil Nil -
11 Mandakini Coal Company Ltd. 11 18-Jul-08 31-Mar-20 Indian Rupee 1.00 3,93,00,000 39.30 33.33% Note 10 Not material to the group 22.62 Nil Nil -

12 Solace Land Holding Ltd. 11 12-Sep-12 31-Mar-20 Indian Rupee 1.00 7,66,667 0.77 33.33% Note 10 Not material to the group Nil Nil Nil -
13 Candice Investments Pte. Ltd. 12 28-Oct-10 31-Mar-21 US Dollar 73.11 3 25.22 30% Note 10 - 25.22 37.97 11.39 -
14 PT Nusa Tambang Pratama 12 28-Oct-10 31-Mar-21 US Dollar 73.11 18,000 746.05 30% Note 10 - 1473.54 705.52 211.66 -
15 PT Marvel Capital Indonesia 11 & 12 28-Oct-10 31-Mar-21 US Dollar 73.11 1,07,459 * 30% Note 10 - 0.17 (0.03) (0.01) -
16 PT Dwikarya Prima Abadi 11 & 12 28-Oct-10 31-Mar-21 US Dollar 73.11 10,769 68.63 30% Note 10 - 68.92 3121.24 936.37 -
17 PT Kalimantan Prima Power (Consolidated) 4 & 12 01-Jan-11 31-Mar-21 US Dollar 73.11 7,500 205.16 30% Note 10 - 226.40 23.12 6.94 -
18 PT Baramulti Sukessarana Tbk (Consolidated) 5 & 12 09-Nov-12 31-Mar-21 US Dollar 73.11 68,02,90,000 1,339.63 26% Note 10 - 344.06 285.92 74.34 -
19 Adjaristsqali Netherlands BV (Consolidated) 6 & 12 09-May-13 31-Mar-21 Euro 85.78 16,459 441.66 50% Note 10 - 659.74 (53.24) (26.62) -
20 Indocoal KPC Resources (Cayman) Ltd 11 & 12 02-Jul-14 31-Mar-21 US Dollar 73.11 300 0.82 30% Note 10 - 0.82 (0.19) (0.06) -
21 Koromkheti Netherlands BV (Consolidated) 7, 11 & 12 09-May-14 31-Mar-21 Euro 85.78 500 * 40% Note 10 Not material to the group (25.19) Nil Nil -
22 Itezhi Tezhi Power Corporation Ltd. (Consolidated upto

31st March, 2020 thereafter held for sale) 12 & $ 29-Apr-15 31-Mar-20 US Dollar 73.11 4,52,500 * 50% Note 10 - 394.70 Nil Nil -
23 Resurgent Power Ventures Pte. Ltd. 11 19-May-16 31-Mar-21 US Dollar 73.11 77,929 436.52 26% Note 10 - 408.48 233.43 60.69 -
24 LTH Milcom Pvt. Ltd. 11 & 4 17-Aug-15 31-Mar-17 Indian Rupee 1.00 66,660 0.07 33.33% Note 10 Not material to the group * * * *
Part "B": Associates and Joint Ventures (Contd.)
(₹ crore)
SN Name of the Associate/Joint Venture Company Date of Latest Reporting Exchange Shares of Amount of Extent of Description Reason why Net worth Profit/ Considered Not
acquiring audited currency Rate Associate/ Investment Holding of how Associate/Joint Venture attributable (Loss) in considered
Associate/ Balance as at 31st Joint Venture in Associate / % there is company to after tax Consoli- in
Joint Sheet Date March, company held Joint significant is not| Shareholding dation Consoli-
Venture 2021 by the Venture influence considered as per dation
company on the companies latest audited
year end (No.) Balance Sheet
Associates
1 Tata Projects Ltd. 27-Nov-00 31-Mar-21 Indian Rupee 1.00 9,67,500 690.73 47.78% Note 11 - 673.73 125.70 60.06 -
2 Yashmun Engineers Ltd. 11 27-Nov-00 31-Mar-21 Indian Rupee 1.00 19,200 4.28 27.27% Note 11 - 2.23 Nil - -
3 Dagachhu Hydro Power corporation Ltd. 19-Jan-09 31-Mar-21 Bhutan Nu 1.00 10,74,320 97.30 26.00% Note 11 - 97.25 64.41 16.75 -
4 The Associated Building Co. Ltd. 11 27-Nov-00 31-Mar-21 Indian Rupee 1.00 1,825 3.69 33.14% Note 11 - 3.68 2.82 0.93 -
5 Brihat Trading Pvt. Ltd. 11 22-Feb-05 31-Mar-21 Indian Rupee 1.00 3,350 0.01 33.21% Note 11 Not material to the group (0.01) Nil Nil -
Notes:
1. Accounts of Tatanet Services Ltd. have been consolidated with Nelco Ltd.
2. Accounts of all subsidiaries of Walwhan Renewable Energy Ltd. have been consolidated with Walwhan Renewable Energy Ltd.
3. Accounts of PT Mitratama Usaha have been consolidated with PT Mitratama Perkasa.
4. Accounts of PT Citra Prima Buana, PT Guruh Agung and PT Citra Kusuma Perdana have been consolidated with PT Kalimantan Prima Power.
5. Accounts of PT Antang Gunung Meratus have been consolidated with PT Baramulti Sukessarana Tbk.
6. Accounts of Adjaristsqali Georgia LLC have been consolidated with Adjaristsqali Netherlands BV.
7. Accounts of Koromkheti Georgia LLC have been consolidated with Koromkheti Netherlands BV.
8. Accounts of Resurgent Power Ventures Pte. Ltd. have been consolidated with Renascent Power Ventures Pvt. Ltd
9. There is significant influence due to shareholding and joint control over the economic activities.
10. There is significant influence due to shareholding.
11. Based on Management Accounts for FY 2020-21
12. Figures of foreign subsidiaries and joint ventures are as per their accounts prepared under the respective GAAP, converted to Ind AS.
13. Turnover includes rate regulatory income/(expense).
$ Denotes held for Sale.
Figures below ₹ 50,000 are denoted by "*".
For and on behalf of the Board,

PRAVEER SINHA BANMALI AGRAWALA
CEO & Managing Director Director
DIN: 01785164 DIN: 00120029

RAMESH SUBRAMANYAM HANOZ M. MISTRY
Chief Financial Officer Company Secretary
Mumbai, 12th May, 2021.

443
Notice
Notice
NOTICE IS HEREBY GIVEN THAT THE ONE HUNDRED the Company, not liable to retire by rotation, to hold office
AND SECOND ANNUAL GENERAL MEETING OF THE for a second term of 5 years commencing with effect from
TATA POWER COMPANY LIMITED will be held on 14th October 2021 upto 13th October 2026, based on the
Monday, the 5th day of July 2021 at 3 p.m. (IST) through recommendation of the Nomination and Remuneration
Video Conferencing/Other Audio Visual Means, to transact Committee and the Board.”
the following business: 6. Re-appointment of Ms. Vibha Padalkar (DIN:
01682810) as an Independent Director
Ordinary Business:
1. To receive, consider and adopt the Audited Financial To consider and, if thought fit, to pass the following
Statements of the Company for the financial year ended resolution as a Special Resolution:
31st March 2021, together with the Reports of the Board “RESOLVED that pursuant to the provisions of Sections
of Directors and the Auditors thereon. 149, 152 and other applicable provisions, if any, of the
Companies Act, 2013 (the “Act”) (including any statutory
2. To receive, consider and adopt the Audited Consolidated modification or re-enactment thereof for the time being
Financial Statements of the Company for the financial year in force), read with Schedule IV to the Act, the Companies
ended 31st March 2021, together with the Report of the (Appointment and Qualifications of Directors) Rules, 2014
Auditors thereon. (the “Rules”), as amended from time to time, Regulation
17 and other applicable regulations of the Securities
3. To declare a dividend on Equity Shares for the financial and Exchange Board of India (Listing Obligations and
year ended 31st March 2021. Disclosure Requirements) Regulations, 2015 (“Listing
Regulations”), as amended from time to time, Ms. Vibha
4. To appoint a Director in place of Mr. N. Chandrasekaran Padalkar (DIN:01682810), who was appointed as an
(DIN:00121863), who retires by rotation and, being eligible, Independent Director at the 98th Annual General Meeting
offers himself for re-appointment. of the Company and who holds office upto 13th October
2021 and who is eligible for re-appointment and who
Special Business: meets the criteria for independence as provided in Section
5. Re-appointment of Ms. Anjali Bansal (DIN:00207746) 149(6) of the Act along with the rules framed thereunder
as an Independent Director and Regulation 16(1)(b) of the Listing Regulations and
To consider and, if thought fit, to pass the following who has submitted a declaration to that effect and in
resolution as a Special Resolution: respect of whom the Company has received a Notice in
writing from a Member under Section 160(1) of the Act
“RESOLVED that pursuant to the provisions of Sections proposing her candidature for the office of Director, be
149, 152 and other applicable provisions, if any, of the and is hereby re-appointed as an Independent Director of
Companies Act, 2013 (the “Act”) (including any statutory the Company, not liable to retire by rotation, to hold office
modification or re-enactment thereof for the time being for a second term of 5 years commencing with effect from
in force), read with Schedule IV to the Act, the Companies 14th October 2021 upto 13th October 2026, based on the
(Appointment and Qualifications of Directors) Rules, 2014 recommendation of the Nomination and Remuneration
(the “Rules”), as amended from time to time, Regulation Committee and the Board.”
17 and other applicable regulations of the Securities and
Exchange Board of India (Listing Obligations and Disclosure 7. Re-appointment of Mr. Sanjay V. Bhandarkar (DIN:
Requirements) Regulations, 2015 (“Listing Regulations”), 01260274) as an Independent Director
as amended from time to time, Ms. Anjali Bansal (DIN: To consider and, if thought fit, to pass the following
00207746), who was appointed as an Independent resolution as a Special Resolution:
Director at the 98th Annual General Meeting of the
“RESOLVED that pursuant to the provisions of Sections
Company and who holds office upto 13th October 2021
149, 152 and other applicable provisions, if any, of the
and who is eligible for re-appointment and who meets
Companies Act, 2013 (the “Act”) (including any statutory
the criteria for independence as provided in Section
modification or re-enactment thereof for the time being
149(6) of the Act along with the Rules framed thereunder
in force), read with Schedule IV to the Act, the Companies
and Regulation 16(1)(b) of the Listing Regulations and
(Appointment and Qualifications of Directors) Rules, 2014
who has submitted a declaration to that effect and in
(the “Rules”), as amended from time to time, Regulation
respect of whom the Company has received a Notice in
17 and other applicable regulations of the Securities
writing from a Member under Section 160(1) of the Act
and Exchange Board of India (Listing Obligations and
proposing her candidature for the office of Director, be
Disclosure Requirements) Regulations, 2015 (“Listing
and is hereby re-appointed as an Independent Director of
Regulations”), as amended from time to time, Mr. Sanjay
V. Bhandarkar (DIN:01260274), who was appointed as an NOTES:
Independent Director at the 98th Annual General Meeting 1. In view of the outbreak of COVID-19 pandemic and its
of the Company and who holds office upto 13th October continuation in the current year, the Ministry of Corporate
2021 and who is eligible for re-appointment and who Affairs (the “MCA”), Government of India, has vide its
meets the criteria for independence as provided in Section General Circular No. 14/ 2020 dated 8th April 2020, General
Notice
149(6) of the Act along with the rules framed thereunder Circular No. 17/ 2020 dated 13th April 2020, in relation to
and Regulation 16(1)(b) of the Listing Regulations and “Clarification on passing of ordinary and special resolutions
who has submitted a declaration to that effect and in by companies under the Companies Act, 2013 and the rules
respect of whom the Company has received a Notice in made thereunder on account of the threat posed by Covid-19”,
writing from a Member under Section 160(1) of the Act General Circular No. 20/ 2020 dated 5th May 2020, in
proposing his candidature for the office of Director, be relation to “Clarification on holding of annual general
and is hereby re-appointed as an Independent Director of meeting (AGM) through video conferencing (VC) or other
the Company, not liable to retire by rotation, to hold office audio visual means (OAVM)” and General Circular No. 02/
for a second term of 5 years commencing with effect from 2021 dated 13th January 2021, in relation to “Clarification
on holding of annual general meeting (AGM) through video
14th October 2021 upto 13th October 2026, based on the
conferencing (VC) or other audio visual means (OAVM)”
recommendation of the Nomination and Remuneration
(collectively referred to as “MCA Circulars”) and Securities
Committee and the Board.”
and Exchange Board of India vide Circular No. SEBI/HO/
CFD/CMD1/CIR/P/2020/79 dated 12th May 2020, in relation
8. Appointment of Branch Auditors
to “Additional relaxation in relation to compliance with
To consider and, if thought fit, to pass the following certain provisions of SEBI (Listing Obligations and Disclosure
resolution as an Ordinary Resolution: Requirements) Regulations 2015 - Covid-19 pandemic”
and Circular No. SEBI/HO/CFD/CMD2/CIR/P/2021/11 dated
“RESOLVED that pursuant to the provisions of Section 15th January 2021, in relation to “Relaxation from
143(8) and other applicable provisions, if any, of the compliance with certain provisions of the SEBI (Listing
Companies Act, 2013 (the “Act’’) (including any statutory Obligations and Disclosure Requirements) Regulations, 2015
modification or re-enactment thereof for the time being due to the CoVID -19 pandemic” (collectively referred to as
in force) and the Companies (Audit and Auditors) Rules, “SEBI Circulars”) have permitted the holding of the Annual
2014, as amended from time to time, the Board of Directors General Meeting (“AGM”) through Video Conferencing
(which term shall be deemed to include any Committee (“VC”)/Other Audio Visual Means (“OAVM”), without the
of the Board constituted to exercise its powers, including physical presence of the Members at a common venue.
the powers conferred by this Resolution) be and is hereby In compliance with the applicable provisions of the
authorised to appoint as Branch Auditor(s) of any Branch Companies Act, 2013 (the “Act”) (including any statutory
Office of the Company, whether existing or which may be modification or re-enactment thereof for the time being
opened/acquired hereafter, outside India, in consultation in force) read with Rule 20 of the Companies (Management
with the Company’s Auditors, any persons, qualified to act and Administration) Rules, 2014 (the “Rules”), as amended
as Branch Auditors within the provisions of Section 143(8) from time to time, read with the MCA Circulars, SEBI
of the Act and to fix their remuneration." Circulars and pursuant to Regulation 44 of the SEBI (Listing
9. Ratification of Cost Auditor’s Remuneration Obligations & Disclosure Requirements) Regulations,
2015 (“Listing Regulations”), the Annual General Meeting
To consider and, if thought fit, to pass the following (“AGM”) of the Company is scheduled to be held on
resolution as an Ordinary Resolution: Monday, 5th July 2021, at 3 p.m. (IST) through VC/OAVM
and the voting for items to be transacted in the Notice to
“RESOLVED that pursuant to the provisions of Section
this AGM is only through remote electronic voting process
148(3) and other applicable provisions, if any, of
(“e-Voting”). The deemed venue for the 102nd AGM will be
the Companies Act, 2013 (including any statutory
Bombay House, 24, Homi Mody Street, Mumbai 400 001.
modification or re-enactment thereof for the time being
in force) and the Companies (Audit and Auditors) Rules, 2. As per the provisions of Clause 3.A.II. of the General
2014, as amended from time to time, the Company hereby Circular No. 20/2020 dated 5th May 2020, the matters of
ratifies the remuneration of ₹ 6,50,000 (Rupees Six lakh Special Business as appearing at Item Nos.5 to 9 of the
fifty thousand) plus applicable taxes, travel and actual accompanying Notice, are considered to be unavoidable
out-of-pocket expenses incurred in connection with by the Board and hence, form part of this Notice.
the audit, payable to M/s. Sanjay Gupta and Associates
(Firm Registration No.000212), who are appointed as Cost 3. The relative Explanatory Statement pursuant to Section
Auditors to conduct the audit of cost records maintained 102 of the Act, in regard to the business as set out in Item
by the Company for the financial year 2021-22." Nos.5 to 9 above and the relevant details of the Directors

Notice
seeking re-appointment as set out in Item Nos.4 to 7 9. In terms of the MCA Circulars and the SEBI Circulars, the
above as required under Regulation 36(3) of the Listing Company is sending the Notice of the AGM along with the
Regulations and as required under Secretarial Standard - Annual Report for FY21 in electronic form only to those
2 on General Meetings issued by The Institute of Company Members whose e-mail addresses are registered with the
Secretaries of India, is annexed hereto as Annexure-A. Company/Depositories. The Notice convening the AGM
and the Annual Report for FY21 have been uploaded on
4. Pursuant to the provisions of the act, a the website of the Company at www.tatapower.com and
member entitled to attend and vote at the may also be accessed from the relevant section of the
agm is entitled to appoint a proxy to attend websites of the Stock Exchanges i.e. BSE Limited (“BSE”)
and vote on his/her behalf and the proxy need and National Stock Exchange of India Limited (“NSE”) at
not be a member of the company. Since this agm www.bseindia.com and www.nseindia.com, respectively.
is being held pursuant to the MCA circulars The AGM Notice is also available on the website of NSDL
through VC/OAVM, the requirement of physical at www.evoting.nsdl.com.
attendance of members has been dispensed with.
Accordingly, in terms of the MCA circulars and 10. The Register of Members and the Share Transfer
the sebi circulars, the facility for appointment Books of the Company will remain closed from
of proxies by the members will not be available Saturday, 19th June 2021 to Monday, 5th July 2021,
for this agm and hence, the proxy form, both days inclusive. If the dividend, as recommended by
attendance slip and route map of agm are not the Board of Directors, is approved at the AGM, payment
annexed to this notice. of such dividend, subject to deduction of tax at source
(“TDS”), will be made on or after Wednesday, 7th July
5. Institutional Investors, who are Members of the Company 2021, as under:
and Corporate Members intending to attend the AGM i) To all Beneficial Owners in respect of shares held
through VC or OAVM and to vote thereat through in electronic form as per the data as may be made
remote e-Voting are requested to send a certified copy available by NSDL and Central Depository Services
of the Board Resolution to the Scrutinizer by e-mail at (India) Limited (“CDSL”) (both collectively referred
[email protected] with a copy marked to evoting@ to as “Depositories”) as of the close of business
nsdl.co.in and [email protected]. hours on Friday, 18th June 2021;
6. In case of joint holders attending the AGM, only such ii) To all Members in respect of shares held in physical
joint holder who is higher in the order of names will be form after giving effect to valid transmission and
entitled to vote. transposition requests lodged with the Company
on or before the close of business hours on Friday,
7. The attendance of the Members attending the AGM 18th June 2021.
through VC/OAVM will be counted for the purpose of
reckoning the quorum under Section 103 of the Act. 11. Pursuant to the Finance Act, 2020, dividend income is
taxable in the hands of the Shareholders w.e.f. 1st April
8. The Members can join the AGM in the VC/OAVM mode 2020 and the Company is required to deduct TDS from
30 minutes before and 15 minutes after the scheduled dividend paid to the Members at rates prescribed in the
time of the commencement of the AGM by following the Income-tax Act, 1961 (the “IT Act”). In general, to enable
procedure mentioned in the Notice. The Members will compliance with TDS requirements, Members were
be able to view the proceedings on National Securities requested to complete and/or update their Residential
Depository Limited’s (“NSDL”) e-Voting website at Status, Permanent Account Number (“PAN”), Category as
www.evoting.nsdl.com. The facility of participation per the IT Act with their Depository Participants (“DPs”) or
at the AGM through VC/OAVM will be made available in case shares are held in physical form, with the Company,
to atleast 1,000 Members on a first come first served by sending documents through e-mail by 7th June 2021.
basis as per the MCA Circulars. However, the large
shareholders (i.e. shareholders holding 2% or more 12. Further, in order to receive the dividend in a timely
shareholding), Promoters, Institutional Investors, manner, Members holding shares in physical form,
Directors, Key Managerial Personnel, the Chairpersons who have not updated their mandate for receiving
of the Audit Committee of Directors, Nomination and the dividends directly in their bank accounts through
Remuneration Committee and Stakeholders Relationship Electronic Clearing Service (“ECS”) or any other means
Committee, Auditors, etc. may be allowed to attend the are requested to send hard copies of the following
meeting without any restrictions on account of first come details/documents to the Company’s Registrar and Share
first served basis. Transfer Agent (“RTA”), viz. TSR Darashaw Consultants
Private Limited (“TSR”), at C-101, 1st Floor, 247 Park, Lal 31st March 2021 had been fixed as the cut-off date for
Bahadur Shastri Marg, Vikhroli West, Mumbai 400 083, re-lodgement of transfer deeds and the shares that are
latest by Friday, 25th June 2021: re-lodged for transfer shall be issued only in demat mode.
a) a signed request letter mentioning your Name, Folio In view of this and to eliminate all risks associated with
Number, complete address and following details physical shares and for ease of portfolio management,
Notice
relating to Bank Account in which the dividend is members holding shares in physical form are requested
to be received: to consider converting their holdings to dematerialized
i) Name and Branch of Bank and Bank form. Members can contact the Company or Company’s
Account type; Registrar and Share Transfer Agent, TSR at csg-unit@
tpclindia.co.in for assistance in this regard.
ii) Bank Account Number and type allotted
by your bank after implementation of Core 16. Members are requested to intimate changes, if any,
Banking Solutions; and pertaining to their name, postal address, e-mail
address, telephone/mobile numbers, PAN, registering
iii) 11 digit IFSC Code.
of nomination and power of attorney, Bank Mandate
b) Self-attested copy of cancelled cheque bearing the details such as name of the bank and branch details, bank
name of the Member or first holder, in case shares account number, MICR code, IFSC code, etc., to their DP in
are held jointly; case the shares are held in electronic form and to the RTA
in case the shares are held in physical form.
c) Self-attested copy of the PAN Card; and
17. To prevent fraudulent transactions, Members are advised
d) Self-attested copy of any document (such as to exercise due diligence and notify the Company of any
Aadhaar Card, Driving License, Election Identity change in address or demise of any Member as soon as
Card, Passport) in support of the address of the possible. Members are also advised to not leave their
Member as registered with the Company. demat account(s) dormant for long. Periodic statement of
holdings should be obtained from the concerned DP and
13. Members holding shares in electronic form may please holdings should be verified from time to time.
note that their bank details as furnished by the respective
Depositories to the Company will be considered for 18. As per the provisions of Section 72 of the Act, the facility
remittance of dividend as per the applicable regulations for making nomination is available for the Members in
of the Depositories and the Company will not entertain respect of the shares held by them. Members, who have
any direct request from such Members for change/ not yet registered their nomination, are requested to
deletion in such bank details. Further, instructions, if any, register the same by submitting Form No. SH-13. The said
already given by them in respect of shares held in physical form can be downloaded from the Company’s website
form, will not be automatically applicable to the dividend www.tatapower.com (under "Investor Relations" section).
paid on shares held in electronic form. Members may, Members are requested to submit the said form to their
therefore, give instructions to their DP regarding bank DP in case the shares are held in electronic form and to
accounts in which they wish to receive dividend. the RTA in case the shares are held in physical form.
14. For Members who are unable to receive the dividend 19. The format of the Register of Members prescribed by the
directly in their bank accounts through ECS or any other MCA under the Act, requires the Company/RTA to record
means, due to non-registration of the Electronic Bank additional details of Members, including their PAN details,
Mandate, the Company shall dispatch the dividend e-mail address, bank details for payment of dividend, etc.
warrant/Bankers’ cheque/demand draft to such Members, A form for capturing additional details is available on the
through postal or courier services. In case of any Company’s website www.tatapower.com (under "Investor
disruption of postal or courier services due to prevalence Relations" section). Members holding shares in physical
of COVID-19 in containment zones, upon normalisation form are requested to submit the filled in form to the
of such services. Company or RTA in physical mode or in electronic mode
to [email protected], as per instructions mentioned
15. As per Regulation 40 of the Listing Regulations, as in the form. Members holding shares in electronic form
amended, securities of listed companies can be are requested to submit the details to their respective DP
transferred only in dematerialised form with effect only and not to the Company or RTA.
from 1st April 2019, except in case of request received
for transmission or transposition of securities. Further, 20. Members holding shares in physical form, in identical
in terms of the Circular issued by the Securities and order of names, in more than one folio, are requested
Exchange Board of India dated 2nd December 2020,

Notice
to send to the Company or RTA, the details of such folios The process for registration of e-mail
together with the share certificates for consolidating their address is as under:
holdings in one folio. A consolidated share certificate will I. For Members who hold shares in
be issued to such Members after making requisite changes. Electronic form:
a) https://tcpl.linkintime.co.in/EmailReg/
21. Members are requested to note that dividends, if not email_register.html
encashed for a consecutive period of 7 years from the date b) Select the name of the
of transfer to Unpaid Dividend Account of the Company, Company from dropdown.
are liable to be transferred to the Investor Education and c) Enter details in respective fields such
Protection Fund (“IEPF”). Further, the shares in respect of as DP ID and Client ID, Name of the
such unclaimed dividends are also liable to be transferred Shareholder, PAN details, mobile
to the demat account of the IEPF Authority. In view of number and e-mail ID.
this, Members/Claimants are requested to claim their d) System will send OTP on mobile
dividends from the Company, within the stipulated number and e-mail ID.
timeline. The Members, whose unclaimed dividends/ e) Enter OTP received on mobile number
shares have been transferred to IEPF, may claim the same and e-mail ID and submit.
by making an application to the IEPF Authority, in e-Form/
web form No. IEPF-5 available on www.iepf.gov.in. The II. For Members who hold shares
Members/Claimants can file only one consolidated claim in Physical form:
in a financial year as per the IEPF Rules. For details, please a) https://tcpl.linkintime.co.in/EmailReg/
refer to Report on Corporate Governance, which is a part email_register.html
of this Annual Report. b) Select the name of the
Company from dropdown.
22. Members desiring inspection of statutory registers during c) Enter details in respective fields such
the AGM may send their request in writing in advance to as Folio no. and Certificate no., Name
the Company at [email protected]. of the Shareholder, PAN details, mobile
number and e-mail ID.
23. Members who wish to inspect the relevant documents d) System will send OTP on mobile
referred to in the Notice can send an e-mail to number and e-mail ID.
[email protected] upto the date of the e) Enter OTP received on mobile number
AGM. and e-mail ID and submit.
24. This AGM Notice is being sent by e-mail only to those After successful submission of the
eligible Members who have already registered their e-mail e-mail address, NSDL will e-mail a copy
address with the Depositories/the DP/the Company’s RTA/ of the Integrated Annual Report for
the Company or who will register their e-mail address with FY21 along with the remote e-Voting
TSR, on or before 5 p.m. (IST) on Friday, 25th June 2021. user ID and password on the e-mail
address registered by the Member.
25. Process for registration of e-mail addresses to receive In case of any queries, Members may
the Notice of AGM and the Integrated Annual Report write to [email protected] or
for FY21 electronically and cast votes electronically: [email protected].
(i) Registration of email addresses with TSR: (ii) Registration of e-mail address permanently
To facilitate Members to receive this Notice with Company/DP:
electronically and cast their votes electronically,
the Company has made special arrangement with Members are requested to register their e‑mail
TSR for registration of e-mail addresses in terms address with their concerned DPs, in respect of
of the MCA Circulars. Eligible Members who have electronic holding and with the RTA, in respect
not submitted their e-mail address to TSR, are of physical holding, by writing to them at
required to provide their e-mail address to the [email protected].
RTA, on or before 5 p.m. (IST) on Friday, 25th June (iii) Alternatively, those Shareholders who have not
2021 pursuant to which, any Member may receive registered their email addresses are required to
on the e-mail address provided by the Member, send an e-mail request to [email protected] along
Notice of the AGM along with the Integrated Annual with the following documents for procuring user ID
Report for FY21.
and password for e-Voting for the resolutions set participating at the AGM, who have not already
out in this Notice: cast their vote by remote e-Voting, are eligible to
• In case shares are held in physical mode, exercise their right to vote at the AGM.
please provide Folio No., Name of shareholder,
scanned copy of the share certificate (front III. Members who have already cast their vote by
Notice
and back), self-attested scanned copy remote e-Voting prior to the AGM will also be
of PAN card, self-attested scanned copy eligible to participate at the AGM but shall not be
of Aadhar Card. entitled to cast their vote again on such resolution(s)
for which the Member has already cast the vote
• In case shares are held in Demat mode,
through remote e-Voting.
please provide DP ID-Client ID (8 digit DP ID
+ 8 digit Client ID or 16 digit beneficiary ID), IV. Members of the Company, holding shares
Name, client master or copy of Consolidated either in physical form or electronic form, as on
Account statement, self-attested scanned the cut-off date of Monday, 28th June 2021, may
copy of PAN card, self-attested scanned copy cast their vote by remote e-Voting. The remote
of Aadhar Card. e-Voting period commences on Thursday,
• If you are an Individual shareholder holding 1st July 2021 at 9 a.m. (IST) and ends on Sunday,
securities in Demat mode, you are requested 4th July 2021 at 5 p.m. (IST). The remote
to refer to the login method explained e-Voting module shall be disabled by NSDL for
at para VI below under step 1 (A) i.e. voting thereafter. Once the vote on a resolution
Login method for remote e-Voting and is cast by the Member, the Member shall not be
joining virtual meeting for Individual allowed to change it subsequently.
shareholders/Members holding securities
in Demat mode. V. The instructions for Members attending the AGM
through VC/OAVM are as under:
26. For permanent registration of their e-mail address, A. The Members will be provided with a
Members are requested to register their e-mail address, in facility to attend the AGM through VC/
respect of electronic holdings, with their concerned DPs OAVM through the NSDL e-Voting system.
and in respect of physical holdings, with the RTA. Members may access the same by following
the steps mentioned below for "Access to
27. Those Members who have already registered their e-mail
NSDL e-Voting system". The link for VC/OAVM
addresses are requested to keep their e-mail addresses
validated with their DP/TSR to enable servicing of notices/ will be available in "Member login" where
documents/Annual Reports and other communications the EVEN of the Company will be displayed.
electronically to their e-mail address in future. After successful login, the Members will be
able to see the link of "VC/OAVM" placed
28. Process and manner for Members opting for under the tab "Join General Meeting" against
e-Voting is as under: the name of the Company. On clicking this
I. In compliance with the provisions of Sections 108, link, the Members will be able to attend
and other applicable provisions of the Act, read and participate in the proceedings of the
with Rule 20 of the Rules and Regulation 44 of the
AGM through a live webcast of the meeting
Listing Regulations, the Company is offering only
and submit votes on announcement by the
e-Voting facility to all the Members of the Company
and the business will be transacted only through Chairman.
the electronic voting system. The Company has
engaged the services of NSDL for facilitating B. Members may join the AGM through
e-Voting to enable the Members to cast their votes laptops, smartphones, tablets and iPads
electronically as well as for e-Voting during the for better experience. Further, Members
AGM. Resolution(s) passed by Members through will be required to use Internet with a
e-Voting is/are deemed to have been passed as if it/ good speed to avoid any disturbance
they have been passed at the AGM. during the Meeting. Members will need
the latest version of Chrome, Safari,
II. Members are provided with the facility for voting Internet Explorer 11, MS Edge or Firefox.
through electronic voting system during the VC/ Please note that participants connecting
OAVM proceedings at the AGM and Members from mobile devices or tablets or

Notice
through laptops connecting via mobile by the Company at the earliest post the
hotspot may experience Audio/Video conclusion of the AGM.
loss due to fluctuation in their respective
network. It is, therefore, recommended D. Members who would like to express their
to use stable Wi-Fi or LAN connection to views/ask questions as a Speaker at the AGM
mitigate any glitches. may pre-register themselves by sending a
request from their registered e-mail address
C. Members are encouraged to submit their mentioning their names, DP ID and Client
questions in advance with regard to the ID/folio number, PAN and mobile number
financial statements or any other matter to [email protected]
to be placed at the AGM, from their between Monday, 28th June 2021 (9 a.m.
registered e-mail address, mentioning IST) and Thursday, 1st July 2021 (5 p.m. IST).
their name, DP ID and Client ID number/ The Company reserves the right to restrict
folio number and mobile number, to the number of speakers depending on the
reach the Company’s e-mail address at availability of time for the AGM.
[email protected] before
3 p.m. (IST) on Wednesday, 30th June VI. The instructions for Members for
2021. Queries that remain unanswered at e-Voting are as under:
the AGM will be appropriately responded
The way to vote electronically on NSDL e-Voting system consists of "Two Steps" which are mentioned below:
Step 1: Access to NSDL e-Voting system
A. Log-in method for remote e-Voting and joining virtual meeting for the Individual Shareholders/Members
holding securities in Demat mode
In terms of the Circular issued by the Securities and Exchange Board of India dated 9th December 2020, on
“e-Voting facility provided by Listed Companies”, e-Voting process has been enabled to all the individual Demat
account holders, by way of single login credential, through their Demat accounts/websites of Depositories/ DPs
in order to increase the efficiency of the voting process. Individual Demat account holders would be able to cast
their vote without having to register again with the e-Voting service provider ("ESP") thereby not only facilitating
seamless authentication but also ease and convenience of participating in e-Voting process.
Shareholders are advised to update their mobile number and e-mail ID with their DPs in order to access
e-Voting facility.
Log-in method for Individual Members holding securities in Demat mode is given below:
Type of Log-in Method

Members
For Members A. NSDL IDeAS Facility
who hold If you are already registered, follow the below steps:
shares in
Demat mode i) Visit the e-Services website of NSDL. Open web browser by typing the following URL:
with NSDL https://eservices.nsdl.com/ either on a Personal Computer or on a mobile.
ii) Once the home page of e-Services is launched, click on the “Beneficial Owner” icon under
"Login" which is available under "IDeAS" section.
iii) A new screen will open. You will have to enter your User ID and Password. After successful
authentication, you will be able to see e-Voting services.
iv) Click on "Access to e-Voting" appearing on the left hand side under e-Voting services and you
will be able to see e-Voting page.
Type of Log-in Method
Members
For Members v) Click on options available against company name or e-Voting service provider - NSDL and you
who hold will be re-directed to NSDL e-Voting website for casting your vote during the remote e-Voting
Notice
shares in period or joining virtual meeting and e-Voting during the meeting.
Demat mode
If you are not registered, follow the below steps:
with NSDL
i) Option to register is available at https://eservices.nsdl.com/.
ii) Select "Register Online for IDeAS" Portal or click at https://eservices.nsdl.com/SecureWeb/
IdeasDirectReg.jsp
iii) Please follow steps given in points 1-5 of Point A.
B. e-Voting website of NSDL
i) Open web browser by typing the following URL: https://www.evoting.nsdl.com/ either on a
Personal Computer or on a mobile.
ii) Once the home page of e-Voting system is launched, click on the icon "Login" which is available
under "Shareholder/Member" section.
iii) A new screen will open. You will have to enter your User ID (i.e. your sixteen digit Demat account
number held with NSDL), Password/OTP and a verification code as shown on the screen.
iv) After successful authentication, you will be redirected to NSDL Depository site wherein you
can see e-Voting page. Click on options available against company name or e-Voting service
provider - NSDL and you will be redirected to e-Voting website of NSDL for casting your vote
during the remote e-Voting period or virtual meeting and e-Voting during the meeting.
For Members i) Existing users who have opted for Easi/Easiest, they can login through their User ID and password.
who hold Option will be made available to reach e-Voting page without any further authentication. The
shares in URL for users to login to Easi/Easiest are https://web.cdslindia.com/myeasi/home/login or
Demat mode www.cdslindia.com and click on New System Myeasi.
with CDSL
ii) After successful login of Easi/Easiest the user will be also able to see the e-Voting Menu. The
Menu will have links of e-Voting service provider i.e. NSDL. Click on NSDL to cast your vote.
iii) If the user is not registered for Easi/Easiest, option to register is available at
https://web.cdslindia.com/myeasi/Registration/EasiRegistration.
iv) Alternatively, the user can directly access e-Voting page by providing Demat Account Number
and PAN from a link in www.cdslindia.com home page. The system will authenticate the user by
sending OTP on registered Mobile and Email as recorded in the Demat Account. After successful
authentication, user will be provided links for the respective ESP i.e. NSDL where the e-Voting
is in progress.
For Members i) You can also login using the login credentials of your Demat account through your Depository
who hold shares Participant registered with NSDL/CDSL for e-Voting facility.
in Demat mode
ii) Upon login, you will be able to see e-Voting option. Once you click on e-Voting option, you will
logging in
be redirected to NSDL/CDSL Depository site after successful authentication, wherein you can
through the
see e-Voting feature.
depository
participants iii) Click on options available against company name or e-Voting service provider - NSDL and you
will be redirected to e-Voting website of NSDL for casting your vote during the remote e-Voting
period or joining virtual meeting and e-Voting during the meeting.
Important note: Members who are unable to retrieve User ID/ Password are advised to use Forget User ID and Forget
Password option available at the abovementioned website.

Notice
Helpdesk for the Individual Shareholders/Members holding securities in Demat mode in case of any
technical issues related to Log-in through Depository i.e. NSDL and CDSL:
Log-in Helpdesk details v) Your User ID details are given below:

Method
Securities Please contact NSDL helpdesk Manner of Your User ID is:
held with by sending a request at holding shares i.e.
NSDL [email protected] or call at Demat (NSDL or
toll free no.: 1800 1020 990 CDSL) or Physical
and 1800 22 44 30 a) For Members 8 Character DP ID
who hold shares followed by 8 Digit
Securities Please contact CDSL helpdesk
in Demat account Client ID
held with by sending a request at
with NSDL
CDSL [email protected]
For example if your
or contact at 022 - 23058738 or
DP ID
022 - 23058542 - 43
is IN300*** and
Client ID is
B. Log-in method for remote e-Voting and 12****** then your
joining virtual meeting for the Members user ID is
other than Individual Members holding IN300***12******
securities in Demat mode and Members b) For Members 16 Digit
holding securities in physical mode who hold Beneficiary ID
shares in
How to Log-in to NSDL e-Voting website? Demat account For example if your
with CDSL Beneficiary ID is
i) Visit the e-Voting website of NSDL. Open 12**************
web browser by typing the following: then your user ID is
h t t p s : // w w w. e v o t i n g . n s d l . c o m / 12**************
either on a Personal Computer
or on a mobile. c) For Members EVEN Number
holding shares followed by Folio
ii) Once the home page of e-Voting in Physical Form Number registered
system is launched, click on the icon with the Company
"Login" which is available under
"Shareholder/Member" section. For example if
Folio Number is
iii) A new screen will open. You will have
001*** and EVEN is
to enter your User ID, your Password/
101456 then user ID
OTP and a Verification Code as shown
is 101456001***
on the screen.
iv) Alternatively, if you are registered for

NSDL eservices i.e. IDeAS, you can vi) Your password details are given below:
log-in at https://eservices.nsdl.com/
with your existing IDeAS login. Once a) If you are already registered for
you log-in to NSDL eservices after e-Voting, then you can use your
using your log-in credentials, click existing password to login and
on e-Voting and you can proceed to cast your vote.
Step 2 i.e. cast your vote electronically
on NSDL e-Voting system.
b) If you are using NSDL e-Voting c) If you are still unable to get
system for the first time, the password by aforesaid
you will need to retrieve the two options, you can send a
"initial password" which was request at [email protected]
communicated to you by NSDL. mentioning your Demat
Notice
Once you retrieve your "initial account number/folio number,
password", you need to enter your PAN, your name and your
the "initial password" and the registered address.
system will compel you to
change your password. d) Members can also use the One
Time Password (OTP) based
c) How to retrieve your login for casting the votes on the
"initial password"? e-Voting system of NSDL.
If your e-mail ID is registered in viii) After entering your password, tick on

your Demat account or with the Agree to "Terms and Conditions" by
Company, your "initial password" selecting on the check box.
is communicated to you on
your e-mail ID. Trace the e-mail ix) Now, you will have to click on
"Login" button.
sent to you from NSDL in your
mailbox from [email protected].
x) After you click on the "Login" button,
Open the e-mail and open the
Home page of e-Voting will open.
attachment i.e. a .pdf file. Open
the .pdf file. The password to
Step 2: Cast your vote electronically on
open the .pdf file is your 8 digit
NSDL e-Voting system.
Client ID for NSDL account, last
8 digits of Client ID for CDSL
How to cast your vote electronically on
account or folio number for
NSDL e-Voting system?
shares held in physical form. The
.pdf file contains your "User ID" A. After successful login at Step 1, you
and your "initial password". will be able to see all the companies
"EVEN" in which you are holding shares
vii) If you are unable to retrieve and whose voting cycle and General
or have not received the Meeting is in active status.
"initial password" or have
forgotten your password: B. Select "EVEN" of Company for which
you wish to cast your vote during the
a) Click on "Forgot User Details/ remote e-Voting period and casting
Password?" (If you are holding your vote during the virtual meeting.
shares in your Demat account with For joining virtual meeting, you need to
NSDL or CDSL) option available click on "VC/OAVM" link placed under
on www.evoting.nsdl.com. "Join General Meeting".
b) "Physical User Reset C. Now you are ready for e-Voting as the
Password?" (If you are holding Voting page opens.
shares in physical mode)
option available on www.
evoting.nsdl.com.

Notice
D. Cast your vote by selecting appropriate User Reset Password?" option available on
options i.e. assent or dissent, verify/ www.evoting.nsdl.com to reset the password.
modify the number of shares for
which you wish to cast your vote ii) In case of any queries, you may refer the
and click on "Submit" and also Frequently Asked Questions (FAQs) for
"Confirm" when prompted. Shareholders and e-Voting user manual for
Shareholders available at the download
E. Upon confirmation, the message "Vote section of www.evoting.nsdl.com or call on
cast successfully" will be displayed. toll free no.: 1800 1020 990 and 1800 22 44
30 or send a request at [email protected].
F. You can also take the printout of the
votes cast by you by clicking on the iii) You can also update your mobile number
print option on the confirmation page. and e-mail ID in the user profile details of the
folio which may be used for sending future
G. Once you confirm your vote on the communication(s).
resolution, you will not be allowed to
modify your vote. VIII. The voting rights of Members shall be in proportion to
their shares of the paid-up equity share capital of the
VII. The instructions for Members for e-Voting during Company as on the cut-off date of Monday, 28th June 2021.
the proceedings of the AGM are as under:
IX. Any person holding shares in physical form and non-
A. The procedure for remote e-Voting during the individual shareholders, who acquires shares of the
AGM is same as the instructions mentioned Company and becomes a Member of the Company after
above for remote e-Voting since the Meeting dispatch of the Notice and holding shares as of the cut-off
is being held through VC/OAVM. date i.e. Monday, 28th June 2021, may obtain the login ID
and password by sending a request at [email protected]
B. Only those Members, who will be present or the Company/TSR.
in the AGM through VC/OAVM facility and
have not cast their vote on the Resolutions However, if the person is already registered with NSDL for
through remote e-Voting and are otherwise remote e-Voting, then the existing user ID and password
not barred from doing so, shall be eligible to of the said person can be used for casting vote. If the
vote through e-Voting system in the AGM. person forgot his/her password, the same can be reset
by using “Forgot User Details/Password” or “Physical
C. Members who have voted through Remote User Reset Password” option available on www.evoting.
e-Voting will be eligible to attend the nsdl.com or by calling on toll free no. 1800 1020 990 and
AGM. However, they will not be eligible to 1800 22 44 30. In case of Individual Shareholders holding
vote at the AGM. securities in Demat mode who acquires shares of the
Company and becomes a Member of the Company after
D. Members who need assistance before or sending of the Notice and holding shares as of the cut-
during the AGM, can contact Ms. Pallavi off date i.e. Monday, 28th June 2021 may follow steps
Mhatre, Manager - NSDL or Mr. Amit Vishal, mentioned in the notes to Notice under “Access to NSDL
Senior Manager - NSDL at [email protected] e-Voting system”.
or call on : 1800 1020 990 and 1800 22 44 30.
X. A person whose name is recorded in the Register
General Guidelines for Members of Members or in the Register of Beneficial Owners
maintained by the Depositories as on the cut-off date only
i) It is strongly recommended not to share shall be entitled to avail the facility of remote e-Voting, as
your password with any other person and well as voting at the meeting.
take utmost care to keep your password
confidential. Login to the e-Voting website XI. The Board of Directors has appointed Mr. P. N. Parikh
will be disabled upon five unsuccessful (FCS 327) or failing him, Mr. Mitesh Dhabliwala (FCS 8331)
attempts to key in the correct password. In or failing him, Ms. Sarvari Shah (FCS 9697) of M/s. Parikh
such an event, you will need to go through the and Associates, Company Secretaries as Scrutinizer to
"Forgot User Details/Password?" or "Physical scrutinize the voting at the AGM and remote e-Voting
process, in a fair and transparent manner.
XII. The Chairman shall, at the AGM, at the end of discussion declaration of the result by the Chairman or a person
on the resolutions on which voting is to be held, allow authorised by him in writing. The results shall also be
voting, by use of remote e-Voting system for all those immediately forwarded to the Stock Exchanges where
Members who are present during the AGM through VC/ the Company’s Equity Shares are listed viz. BSE and NSE
OAVM but have not cast their votes by availing the remote and be made available on their respective websites viz.
Notice
e-Voting facility. The remote e-Voting module during the www.bseindia.com and www.nseindia.com.
AGM shall be disabled by NSDL for voting 15 minutes after
the conclusion of the Meeting. By Order of the Board of Directors,
XIII. The Scrutinizer shall, after the conclusion of voting at
the AGM, first count the votes cast during the Meeting H. M. Mistry
and, thereafter, unblock the votes cast through remote Company Secretary
e-Voting, in the presence of at least two witnesses not in FCS No.: 3606
the employment of the Company and shall make, not later
than two working days from the conclusion of the AGM, Mumbai, 12th May 2021
a Consolidated Scrutinizer’s Report of the total votes cast
in favour or against, if any, to the Chairman or a person
authorised by him in writing, who shall countersign the Registered Office:
same and declare the result of the voting forthwith. Bombay House,
24, Homi Mody Street,
XIV. The Results declared, alongwith the Scrutinizer’s Mumbai 400 001.
Report, shall be placed on the Company’s website CIN: L28920MH1919PLC000567
www.tatapower.com and on the website of NSDL Tel: 91 22 6665 8282 Fax: 91 22 6665 8801
www.evoting.nsdl.com, immediately after the E-mail: [email protected]
Website: www.tatapower.com

Notice
EXPLANATORY STATEMENT A brief profile of the Directors proposed to be re-appointed

is given below:
As required by Section 102 of the Companies Act, 2013 (the
(i) Ms. Anjali Bansal is the Founder of Avaana Capital which
“Act”), the following Explanatory Statement sets out all material
invests in technology and innovation led startups for
facts relating to the business mentioned under Item Nos.5 to 9
catalysing returns and impact at scale.
of the accompanying Notice dated 12th May 2021:
Ms. Bansal is former Non-Executive Chairperson of Dena
Item Nos.5 to 7: Ms. Anjali Bansal (DIN:00207746), Ms. Vibha Bank (now Bank of Baroda) appointed by the Government
Padalkar (DIN:01682810) and Mr. Sanjay V. Bhandarkar of India to steer the resolution of the stressed bank. She
(DIN:01260274) were appointed as Independent Directors of the was earlier a global Partner and Managing Director with
Company by the Members of the Company at the 98th Annual TPG Growth Private Equity. Earlier she was Global Partner
General Meeting held on 23rd August 2017, for a period of five and India CEO with Spencer Stuart and co-led their Asia
years commencing with effect from 14th October 2016 upto Boards practice and a strategy consultant with McKinsey
13th October 2021. and Co in New York. She started her career as an engineer.
Based on the recommendation of the Nomination and Ms. Bansal serves as an Independent Non-Executive
Remuneration Committee and pursuant to the performance Director on leading boards including Piramal Enterprises,
evaluation of Ms. Bansal, Ms. Padalkar and Mr. Bhandarkar Tata Power, Voltas and Delhivery. She has previously
respectively, as a Member of the Board and considering their chaired the India board of Women's World Banking and
background, experience and contribution, the continued was on the Advisory Board of the Columbia University
association of these Directors would be beneficial to the Global Centers, South Asia.
Company, the Board, at its meeting held on 12th May 2021,
proposed their respective re-appointment as Independent She is a charter member of TiE, and is closely associated
Directors of the Company, not liable to retire by rotation, for a with NITI Aayog’s Women Entrepreneurship Platform,
second term of five years commencing with effect from 14th Digital solutions and the Atal Innovation Mission. She
October 2021 upto 13th October 2026. The Company has, in has invested in and mentored various successful startups
terms of Section 160(1) of the Act received in writing a notice including Delhivery, UrbanClap, Darwinbox, Nykaa
from a Member, proposing their respective candidatures for the and Lenskart.
office of Director.
She has been elected as President Bombay Chamber of
The Company has received from Ms. Bansal, Ms. Padalkar and Commerce and Industry and serves on the CII National
Mr. Bhandarkar respectively, (i) Consent to act as Director in Committee on Corporate Governance. As an active
Form DIR-2 pursuant to Rule 8 of the Companies (Appointment contributor to the dialogue on corporate governance and
and Qualifications of Directors) Rules, 2014 (the “Rules”); diversity, Ms. Bansal previously co-founded and chaired
(ii) Intimation in Form DIR-8 in terms of the Rules to the effect the FICCI Center for Corporate Governance program for
that he/she is not disqualified under the provisions of Section Women on Corporate Boards. She is a member of the
164(2) of the Act; (iii) Declaration to the effect that he/she meets Young Presidents Organization.
the criteria of independence as provided in Section 149(6) of
the Act read with Regulation 16 of the SEBI (Listing Obligations Ms. Bansal has a BE in Computer Engineering from Gujarat
and Disclosure Requirements) Regulations, 2015, as amended University, a Masters in International Finance and Business
("Listing Regulations"); (iv) Confirmation in terms of Regulation from Columbia University and the YPO Presidents Program
25(8) of the Listing Regulations that he/she is not aware of any at Harvard Business School.
circumstance or situation which exists or may be reasonably
anticipated that could impair or impact his/her ability to (ii) Ms. Vibha Padalkar is the Managing Director & Chief
discharge his/her duties and (v) Declaration pursuant to BSE Executive Officer of HDFC Life Insurance Company Limited
Circular No. LIST/COMP/14/2018-19 dated 20th June 2018, that (HDFC Life), a leading, listed life insurer with assets under
he/she has not been debarred from holding office of a Director management in excess of ₹ 1.7 trillion.
by virtue of any order passed by Securities and Exchange Board
of India or any other such authority. Prior to her appointment with HDFC Life, she has worked
in varied sectors such as Business Process Management,
They have also confirmed respectively that they are in Global FMCG and in a Big 4 audit firm.
compliance with Rules 6(1) and 6(2) of the Rules, with respect
to the registration with the data bank of Independent Directors Ms. Padalkar is a Chartered Accountant from England &
maintained by the Indian Institute of Corporate Affairs. Wales and is also a member of the Institute of Chartered
Accountants of India.
(iii) Mr. Sanjay V. Bhandarkar has over three decades of Ms. Bansal, Ms. Padalkar and Mr. Bhandarkar would be entitled to
corporate finance, advisory and investment banking sitting fees for attending the meetings of the Board of Directors
experience in the country. He is an Independent Non- and Committees thereof where they are a Member. In addition,
Executive Director on the boards of three listed companies they would be entitled to commission as determined each
viz. The Tata Power Company Limited, S Chand & Company year by the Board of Directors within the limits approved by
Notice
Limited and HDFC Asset Management Company Limited the Members of the Company for the Non-Executive Directors
since late 2016 and on the board of the National Investment of the Company.
and Infrastructure Fund Limited as a shareholder nominee.
He has been recently appointed as an Independent Non- In compliance with the provisions of Sections 149, 152 and other
Executive Director on the boards of Tata Projects Limited applicable provisions of the Act read with Schedule IV to the Act
and Chemplast Sanmar Limited. and the Rules made thereunder, and in terms of the applicable
provisions of the Listing Regulations, each as amended, the
Mr. Bhandarkar is on the Investment Committee ("IC") of a re-appointment of Ms. Bansal, Ms. Padalkar and Mr. Bhandarkar,
SEBI registered seed capital fund called Contrarian Vriddhi respectively, as Independent Directors of the Company for
as an external IC member. The fund has fully invested its a second term commencing with effect from 14th October
corpus. He is also on the IC of the US $ 170 million South 2021 upto 13th October 2026 is now being placed before the
Asia Growth Fund II of GEF Capital Partners as an external Members for their approval by way of special resolutions.
IC member. He is on the advisory board of 1Crowd, a seed
capital stage online investing platform which has also The Board recommends the Resolutions at Item Nos.5 to 7
raised a SEBI approved fund for seed stage investing. of the accompanying Notice for approval by the Members
of the Company.
He started his career with ICICI in 1990 and ISec, the joint
venture between ICICI and JP Morgan and then spent two Other than Ms. Bansal, Ms. Padalkar and Mr. Bhandarkar and
years with Peregrine Capital. He was part of the founding their respective relatives, who are concerned or interested in
team of Rothschild India in 1998 and played a key role in the respective Resolutions relating to their re-appointment,
establishing Rothschild as a well-recognised and respected none of the Directors or Key Managerial Personnel (KMP) of
pure play advisory investment banking firm in India. He led the Company and their respective relatives are concerned or
the Rothschild India business from December 2005 to June interested in the Resolutions set out at Item Nos. 5 to 7 of the
2016 when he stepped down from his full-time role. accompanying Notice.
Mr. Bhandarkar’s focus at Rothschild was on M&A as well as Ms. Bansal, Ms. Padalkar and Mr. Bhandarkar are not related to
equity capital market advisory for Indian and international any Director or KMP of the Company.
companies. He led the teams that worked closely with the
Government of India on the 3G and BWA spectrum auctions, Item No.8: As Members are aware, the Company is undertaking
the first e-auctions done in India and on the restructuring several projects/contracts in India as well as outside India
of the Enron and GE owned Dabhol power project, one of mainly for the erection, operation and maintenance of power
the largest and most complex restructurings to date. generation, transmission and distribution facilities. To enable
the Directors to appoint Branch Auditors for the purpose of
He did his MBA from XLRI, Jamshedpur in 1990. auditing the accounts of the Company’s Branch Offices outside
India (whether existing or as may be established), the necessary
In the opinion of the Board, Ms. Bansal, Ms. Padalkar and authorisation of the Members is being obtained in accordance
Mr. Bhandarkar are persons of integrity, fulfil the conditions with the provisions of Section 143 of the Act, in terms of the
specified in the Act and the Rules made thereunder read with Resolution at Item No.8 of the accompanying Notice.
the provisions of the Listing Regulations, each as amended, and
are independent of the Management of the Company. Having The Board recommends the Resolution at Item No.8 of
regard to their qualifications, experience and knowledge, the the accompanying Notice for approval by the Members
Board considers that their association would be of immense of the Company.
benefit to the Company and it is desirable to avail the services
of Ms. Bansal, Ms. Padalkar and Mr. Bhandarkar, respectively, None of the Directors or KMP of the Company or their respective
as Independent Directors. The terms and conditions of relatives are concerned or interested in the Resolution at Item
appointment of Independent Directors are available for No.8 of the accompanying Notice.
inspection without any fee payable by the Members.
Members who wish to inspect the same can send a request to
[email protected].

Notice
Item No.9: Pursuant to Section 148 of the Act, the Company is None of the Directors or KMP of the Company or their respective
required to have the audit of its cost records conducted by a cost relatives are concerned or interested in the Resolution at Item
accountant in practice. On the recommendation of the Audit No.9 of the accompanying Notice.
Committee of Directors, the Board of Directors has approved
the re-appointment of M/s. Sanjay Gupta and Associates (SGA)
(Firm Registration No.000212) as the Cost Auditors of the By Order of the Board of Directors,
Company to conduct audit of cost records maintained by the
Company for FY22, at a remuneration of ₹ 6,50,000 (Rupees Six H. M. Mistry
Lakh Fifty Thousand) plus applicable taxes, travel and actual Company Secretary
out-of-pocket expenses. FCS No.: 3606
Mumbai, 12th May 2021

SGA have furnished a certificate regarding their eligibility for
appointment as Cost Auditors of the Company. They have vast Registered Office:
experience in the field of cost audit and have conducted the Bombay House,
audit of the cost records of the Company for previous years 24, Homi Mody Street,
under the provisions of the Act. Mumbai 400 001.
CIN: L28920MH1919PLC000567
The Board recommends the Resolution at Item No.9 of the Tel: 91 22 6665 8282 Fax: 91 22 6665 8801
E-mail: [email protected]
accompanying Notice for ratification of the Cost Auditors’
Website: www.tatapower.com
remuneration by the Members of the Company.
Annexure - A
Details of the Directors seeking re-appointment at the 102nd Annual General Meeting
(In pursuance of Regulation 36(3) of the Listing Regulations and
Secretarial Standard - 2 on General Meetings)
Name of Director Mr. Natarajan Chandrasekaran Ms. Anjali Bansal
Notice
DIN 00121863 00207746
Designation/Category Chairman, Non-Independent, Non-Executive Independent, Non-Executive
of Directorship
Date of Birth (Age) 2nd June 1963 (57 years) 25th February 1971 (50 years)
Date of Appointment 11th February 2017 14th October 2016
Expertise in specific Mr. Natarajan Chandrasekaran is the Chairman Ms. Anjali Bansal is the Founder of Avaana Capital
functional areas of the Board at Tata Sons Private Limited, the which invests in technology and innovation led
holding company and promoter of all Tata group startups for catalysing returns and impact at scale.
companies. The Tata group companies, across Ms. Bansal is former Non-Executive Chairperson
10 business verticals, have aggregate annual of Dena Bank (now Bank of Baroda) appointed by
revenues over US $110 billion. the Government of India to steer the resolution of
He joined the Board of Tata Sons in October 2016 the stressed bank. She was earlier a global Partner
and was appointed Chairman in January 2017. He and Managing Director with TPG Growth Private
also chairs the Boards of several group operating Equity. Earlier she was Global Partner and India
companies, including Tata Steel, Tata Motors, Tata CEO with Spencer Stuart and co-led their Asia
Power and Tata Consultancy Services (TCS) – of Boards practice and a strategy consultant with
which he was Chief Executive from 2009 to 2017. McKinsey and Co in New York. She started her
His appointment as Chairman followed a 30-year career as an engineer.
business career at TCS, which he joined from Ms. Bansal serves as an Independent Non-
university. He rose through the ranks at TCS to Executive Director on leading boards including
become CEO and Managing Director of the leading Piramal Enterprises, Tata Power, Voltas and
global IT solution and consulting firm. Under Delhivery. She has previously chaired the India
his leadership, TCS generated total revenues of board of Women's World Banking and was on the
US $16.5 billion in 2015-16 and consolidated its Advisory Board of the Columbia University Global
position as the largest private sector employer in Centers, South Asia.
India and the country’s most valuable company. She is a charter member of TiE, and is
In addition to his professional career at Tata, closely associated with NITI Aayog’s Women
Mr. Chandrasekaran is a Director on the Board of Entrepreneurship Platform, Digital solutions and
India's Central Bank, the Reserve Bank of India, the Atal Innovation Mission. She has invested in
since 2016. He is on the International Advisory and mentored various successful startups
Council of Singapore’s Economic Development including Delhivery, UrbanClap, Darwinbox, Nykaa
Board. He is the Chairman of Indian Institute of and Lenskart.
Management Lucknow as well as the President of She has been elected as President Bombay
the Court at Indian Institute of Science, Bengaluru. Chamber of Commerce and Industry and serves
He is the member of Bocconi's International on the CII National Committee on Corporate
Advisory Council and the Co-Chair India US CEO Governance. As an active contributor to the
Forum. He is on the Board of Governors of New dialogue on corporate governance and diversity,
York Academy of Sciences. Ms. Bansal previously co-founded and chaired the
He has been awarded several honorary FICCI Center for Corporate Governance program
doctorates by leading Universities in India and for Women on Corporate Boards. She is a member
internationally, including an honorary Doctor of the Young Presidents Organization.
of Letters from Macquarie University, Australia, Ms. Bansal has a BE in Computer Engineering
Doctor of Letters from the Regional Engineering from Gujarat University, a Masters in International
College, Trichy, Tamil Nadu, where he completed Finance and Business from Columbia University
a Masters degree in Computer Applications before and the YPO Presidents Program at Harvard
joining TCS in 1987.
Business School.
Mr. Chandrasekaran is also the author of Bridgital
Nation, a ground-breaking book on harnessing
technological disruptions to bring Indians closer
to their dreams.

Notice

Qualifications Masters in Computer Applications from Regional B.E. (Computer Engineering), Gujarat University,
Engineering College, Trichy, Tamil Nadu. M.A. International Finance & Business,
Columbia University.
Directorships held • Tata Sons Private Limited • Siemens Limited
in other companies • Tata Consultancy Services Limited • Piramal Enterprises Limited
(excluding • Tata Steel Limited • Voltas Limited
foreign companies) • Tata Motors Limited • Apollo Tyres Limited
• The Indian Hotels Company Limited • Tata Power Renewable Energy Limited
• Tata Consumer Products Limited • Kotak Mahindra Asset Management
• Tata Chemicals Limited Company Limited
• TCS Foundation • C&S Electric Limited
• Delhivery Private Limited
• Avaana Advisory Services Private Limited
• Bombay Chamber of Commerce and Industry
• Unnati Employment Network
Committee Nomination and Remuneration Committee Audit Committee
position held in other Member Member
companies • Tata Sons Private Limited • Siemens Limited
• Tata Consultancy Services Limited • Tata Power Renewable Energy Limited
• Tata Steel Limited • Kotak Mahindra Asset Management
• Tata Motors Limited Company Limited
• The Indian Hotels Company Limited
• Tata Consumer Products Limited Nomination and Remuneration Committee
• Tata Chemicals Limited Chairperson
• Kotak Mahindra Asset Management
Corporate Social Responsibility Committee Company Limited
Chairman • Delhivery Private Limited
• Tata Sons Private Limited Member
• Tata Consultancy Services Limited • Piramal Enterprises Limited
• Voltas Limited
Executive Committee of the Board • Tata Power Renewable Energy Limited
Chairman
• Tata Consultancy Services Limited Corporate Social Responsibility Committee
• Tata Steel Limited Member
• Voltas Limited
• Apollo Tyres Limited
• Tata Power Renewable Energy Limited
Investment Committee
Member
• Voltas Limited
Safety Committee
Member
• Voltas Limited
Committee of Board
Member
• Voltas Limited
Remuneration Sitting Fees as approved by the Board from time Sitting Fees and Commission as approved by the
to time. Board from time to time.
No. of meetings of 8 8
the Board attended
during the year
No. of shares held:
(a) Own 7,00,000 equity shares Nil
(b) For other persons
on a beneficial Nil Nil
Notice
basis
Terms and Conditions Re-appointment in terms of Section 152(6) of the Re-appointment as an Independent Director, not
of re-appointment Companies Act, 2013. liable to retire by rotation, for a second term of 5
years, commencing with effect from 14th October
2021 upto 13th October 2026.

Notice
Name of Director Ms. Vibha Padalkar Mr. Sanjay V. Bhandarkar

DIN 01682810 01260274
Designation/Category Independent, Non-Executive Independent, Non-Executive
of Directorship
Date of Birth (Age) 5th May 1968 (53 years) 26th March 1968 (53 years)
Date of Appointment 14th October 2016 14th October 2016
Expertise in specific Ms. Vibha Padalkar is the Managing Director & Mr. Sanjay V. Bhandarkar has over three decades
functional areas Chief Executive Officer of HDFC Life Insurance of corporate finance, advisory and investment
Company Limited (HDFC Life), a leading, listed life banking experience in the country. He is an
insurer with assets under management in excess Independent Non-Executive Director on the
of ₹ 1.7 trillion. boards of three listed companies viz. The Tata
Prior to her appointment with HDFC Life, she Power Company Limited, S Chand & Company
has worked in varied sectors such as Business Limited and HDFC Asset Management Company
Process Management, Global FMCG and in a Limited since late 2016 and on the board of the
Big 4 audit firm. National Investment and Infrastructure Fund
Limited as a shareholder nominee. He has been
Ms. Padalkar is a Chartered Accountant from
recently appointed as an Independent Non-
England & Wales and is also a member of the
Executive Director on the boards of Tata Projects
Institute of Chartered Accountants of India.
Limited and Chemplast Sanmar Limited.
Mr. Bhandarkar is on the Investment Committee
("IC") of a SEBI registered seed capital fund called
Contrarian Vriddhi as an external IC member. The
fund has fully invested its corpus. He is also on
the IC of the US $ 170 million South Asia Growth
Fund II of GEF Capital Partners as an external IC
member. He is on the advisory board of 1Crowd, a
seed capital stage online investing platform which
has also raised a SEBI approved fund for seed
stage investing.
He started his career with ICICI in 1990 and ISec,
the joint venture between ICICI and JP Morgan,
and then spent two years with Peregrine Capital.
He was part of the founding team of Rothschild
India in 1998 and played a key role in establishing
Rothschild as a well-recognised and respected
pure play advisory investment banking firm in
India. He led the Rothschild India business from
December 2005 to June 2016 when he stepped
down from his full-time role.
Mr. Bhandarkar’s focus at Rothschild was on M&A
as well as equity capital market advisory for Indian
and international companies. He led the teams
that worked closely with the Government of India
on the 3G and BWA spectrum auctions, the first
e-auctions done in India and on the restructuring
of the Enron and GE owned Dabhol power
project, one of the largest and most complex
restructurings to date.
He did his MBA from XLRI, Jamshedpur in 1990.
Qualifications Member of the Institute of Chartered Accountants Degree in Management from XLRI, Jamshedpur.
in England and Wales.
Member of the Institute of Chartered
Accountants of India.
Directorships held • HDFC Life Insurance Company Limited • S. Chand and Company Limited
in other companies • HDFC Pension Management • Tata Power Renewable Energy Limited
(excluding Company Limited • Walwhan Renewable Energy Limited
foreign companies)
Notice
• HDFC Investments Limited • HDFC Asset Management Company Limited
• National Investment and
Infrastructure Fund Limited
• Vagarai Windfarm Limited
• Tata Projects Limited
• Chemplast Sanmar Limited
• Newage Power Company Private Limited
Committee Audit Committee Audit Committee
position held in other Chairperson Chairman
companies • HDFC Investments Limited • Tata Power Renewable Energy Limited
Member • Walwhan Renewable Energy Limited
• HDFC Pension Management Company Limited • Vagarai Windfarm Limited
• Tata Projects Limited
Stakeholders Relationship Committee Member
Member • S Chand and Company Limited
• HDFC Life Insurance Company Limited • HDFC Asset Management Company Limited
• National Investment and Infrastructure
Nomination and Remuneration Committee Limited
Member Stakeholders Relationship Committee
• HDFC Pension Management Company Limited Member
• HDFC Investments Limited • HDFC Asset Management Company Limited
Corporate Social Responsibility Committee Nomination and Remuneration Committee
Member Chairman
• HDFC Life Insurance Company Limited • Vagarai Windfarm Limited
Member
Risk Management Committee • Tata Power Renewable Energy Limited
Member • Walwhan Renewable Energy Limited
• HDFC Life Insurance Company Limited • Tata Projects Limited
• HDFC Pension Management Company Limited Corporate Social Responsibility Committee
Chairman
Investment Committee • Tata Power Renewable Energy Limited
Member Member
• HDFC Life Insurance Company Limited • Walwhan Renewable Energy Limited
• HDFC Pension Management Company Limited • National Investment and Infrastructure
Limited
Policyholder Protection Committee • Tata Projects Limited
Member
• HDFC Life Insurance Company Limited Risk Management Committee
Member
With Profits Committee • HDFC Asset Management Company Limited
Member Share Transfer Committee
• HDFC Life Insurance Company Limited Member
• HDFC Asset Management Company Limited
Capital Raising Committee
Member Share Allotment Committee
• HDFC Life Insurance Company Limited Member
• HDFC Asset Management Company Limited
Finance Committee
Member
• Walwhan Renewable Energy Limited

Notice

Remuneration Sitting Fees and Commission as approved by the Sitting Fees and Commission as approved by the
Board from time to time. Board from time to time.
No. of meetings of 8 7
the Board attended
during the year
No. of shares held:
(a) Own Nil 16,262 equity shares (as a joint holder)
(b) For other persons
Nil Nil
on a beneficial
basis
Terms and Conditions Re-appointment as an Independent Director, not Re-appointment as an Independent Director, not
of re-appointment liable to retire by rotation, for a second term of 5 liable to retire by rotation, for a second term of 5
years, commencing with effect from 14th October years, commencing with effect from 14th October
2021 upto 13th October 2026. 2021 upto 13th October 2026.
For other details such as relationship with other directors and KMP in respect of Mr. Natarajan Chandrasekaran, Ms. Anjali Bansal,
Ms. Vibha Padalkar and Mr. Sanjay V. Bhandarkar, please refer to the Report on Corporate Governance, which forms part of
this Annual Report.
Ernst & Young Associates LLP Tel: +91 22 6192 0000
5th Floor, Block B-2 Fax: +91 22 6192 3000
Assurance Statement
Nirlon Knowledge Park ey.com
Off. Western Express Highway
Independent
Goregaon (E), Mumbai – 400063, India
INDEPENDENT ASSURANCE STATEMENT
The Board of Directors and Management

Mumbai, India
Ernst & Young Associates LLP (EY) was engaged by The Tata Power Company Limited (the ‘Company’) to
provide independent assurance of its Integrated Report (the ‘Report’) for the Financial Year 2020-21.
The sustainability data reported in the Report is based on Global Reporting Initiative (GRI) Sustainability
Reporting Standards 2016 (‘GRI Standards’) and its subsequent updates in 2018 and 2020; its content and
presentation is the sole responsibility of the management of the Company. EY’s responsibility, as agreed
with the management of the Company, is to provide independent assurance on the report content as
described in the scope of assurance. Our responsibility in performing our assurance activities is to the
management of the Company only and in accordance with the terms of reference agreed with the Company.
We do not therefore accept or assume any responsibility for any other purpose or to any other person or
organization. Any dependence that any such third party may place on the Report is entirely at its own risk.
The assurance report should not be taken as a basis for interpreting the Company’s overall performance,
except for the aspects mentioned in the scope below.
Scope of assurance
The scope of assurance covers the following aspects of the Report:
• Data and information related to the Company’s sustainability performance pertaining to the GRI
Standards listed below, for the period 1st April 2020 to 31st March 2021;
• The Company’s internal protocols, processes, and controls related to the collection and collation of
specified sustainability performance data;
• Remote Verification of sample data and related information through consultations with the Company’s
representatives at the following locations of operations:
1) Thermal Power Plant at Trombay, Maharashtra
2) Thermal Power plant at Mundra, Gujarat (Coastal Gujarat Power Limited)
3) Solar Power Plant at Neemuch, Madhya Pradesh
4) Wind Power Plant at Agaswadi, Maharashtra
5) Power Distribution at Delhi (Tata Power Delhi Distribution Limited)
• Review of data on a sample basis, at the above-mentioned locations, pertaining to the following
disclosures of the GRI Standards:
o Environmental Topics: Material (301-1), Energy (302-1, 302-3), Water & Effluent (303-3, 303-
4, 303-5), Emissions (305-1, 305-2, 305-3, 305-4 ,305-7), Waste (306-3, 306-4 & 306-5);
o Social Topics: Employment (401-1), Occupational health and safety (403-9), Training &
Education (404-1).
Limitations of our review

The assurance scope excludes:
• Operations of the Company other than those mentioned in the ‘Scope of Assurance’;
• Aspects of the Report and data/information other than those mentioned above;
• Data and information outside the defined reporting period i.e. 1st April 2020 to 31st March 2021;
• The Company’s statements that describe expression of opinion, belief, aspiration, expectation, aim or
future intention provided by the Company;
• Review of the Company’s compliance with regulations, acts, guidelines with respect to various
regulatory agencies and other legal matters;
• Data and information on economic and financial performance of the Company

Page 1 of 2
A member firm of Ernst & Young Global Limited
Assurance Certificate
Assurance criteria
The assurance engagement was planned and performed in accordance with the International Federation of
Accountants’ International Standard for Assurance Engagements Other than Audits or Reviews of Historical
Financial Information (ISAE 3000). Our evidence-gathering procedures were designed to obtain a ‘Limited’
level of assurance (as set out in ISAE 3000) on reporting principles, as well as conformance of sustainability
performance disclosures as per GRI Standards.
What we did to form our conclusions

In order to form our conclusions, we undertook the following key steps:
• Interviews with select key personnel and the core team responsible for the preparation of the Report to
understand the Company’s sustainability vision, mechanism for management of sustainability issues and
engagement with key stakeholders;
• Interactions with the key personnel at the Company’s locations of operations to understand and review
the current processes in place for capturing sustainability performance data;
• Data assurance through desk reviews covering the Company’s corporate office and other operational
locations as mentioned in the ‘Scope of Assurance’ above;
• Review of relevant documents and systems for gathering, analyzing and aggregating sustainability
performance data in the reporting period.
• Review of the Report for detecting, on a test basis, any major anomalies between the data/information
reported in the Report and the relevant source;
Our observations
The Company has demonstrated its commitment to sustainable development by reporting its performance
on various material topics for FY 2020-21. The Company has prepared Report having sustainability data in
accordance with GRI standards (Core). The Report includes a description of the Company’s stakeholder
engagement process, materiality assessment and relevant performance disclosures on the identified
material topics. Areas of further improvement wherever identified have been brought before the attention
of the management of the company. Specific observations have been provided in the management letter
which has been submitted to the company separately. These observations do not affect our conclusion
presented in this statement.
Our conclusion
On the basis of our review scope and methodology, nothing has come to our attention that causes us not to
believe that the data has been presented fairly, in material respects, in keeping with the GRI Standards and
the Company’s reporting principles and criteria.
Our assurance team and independence

Our assurance team, comprising of multidisciplinary professionals, has been drawn from our climate change
and sustainability network and undertakes similar engagements with a number of significant Indian and
international businesses. As an assurance provider, EY is required to comply with the independence
requirements set out in International Federation of Accountants (IFAC) Code of Ethics for Professional
Accountants1. EY’s independence policies and procedures ensure compliance with the Code.
for Ernst & Young Associates LLP,
Chaitanya Kalia
Partner
10.06.2021
Mumbai
1
International Federation of Accountants (IFAC) Code of Ethics for Professional Accountants. This Code establishes ethical
requirements for professional accountants.
Page 2 of 2
A member firm of Ernst & Young Global Limited
Glossary of Abbreviations
<IR> Integrated Reporting CEO Chief Executive Officer
AA Affirmative Action CFO Chief Financial Officer
ABCI Association of Business Communicators of India CER Certified Emission Reduction
ABP Annual Business Plan CERT Computer Emergency Response Team
AC Air Conditioner CG Corporate Governance
ACC Apex Compliance Committee CGPL Coastal Gujarat Power Limited
AI Artificial Intelligence CII Confederation of Indian Industries
ALIG A Literacy Initiative Group CMC Compliance Monitoring Cell
AMP Aspire-Motivate-Perform CMS Compliance Management System
APC Auxiliary Power Consumption COG Coke Oven Gas
APM Asset Performance Management CO2 Carbon Dioxide
APMC Agricultural Produce Market Committee CPCB Central Pollution Control Board
ASO Asset Supply Optimization CPO Charging Point Operators
AT&C Aggregate Technical & Commercial Losses CPSU Central Public Sector Undertaking
BA Business Associates CRC Customer Relation Centre
B2C Business-to-Customer CRMC Cluster Risk Management Committees
CS Carbon Steel
BCC Behavioural Change Communication
CSA Control Self-Assessment
BCDMP Business Continuity and Disaster Management Plan
CSAT Customer Satisfaction
BCP Business Continuity Plan
CSIR Council of Scientific and Industrial Research
BEE Bureau of Energy Efficiency
CSR Corporate Social Responsibility
BESS Battery Electric Storage Solutions
CWP Cooling Water Pump
BFG Blast Furnace Gas
DISCOM Distribution Company
BIS Bureau of Indian Standards (formerly
Indian Standards Institution) D&IT Digitalization & Information Technology
BITS Pilani Birla Institute of Technology and Sciences, Pilani DM Demineralisation
BKC Bandra Kurla Complex DR Demand Response
BLDC Brushless Direct Current DSM Demand Side Management
BoT Robot DT Distribution Transformer
BSE BSE Limited DTC Delhi Transport Corporation
BSI British Standards Institution EaaS Energy-as-a-Service
CAGR Compounded Annual Growth Rate EAP Employee Assistance Programme
CCRA Central Control Room for Renewable Assets EES Employee Engagement Surveys
CEIIC Clean Energy International Incubation Centre ELC Electrostatic Liquid Cleaner

ELCB Earth-leakage Circuit Breaker IITB Indian Institute of Technology - Bombay

EPC Engineering, Procurement and Construction IUCN International Union for Conservation of Nature
EPM Enterprise Process Model JMR Joint Meter Reading
ERM Enterprise Risk Management JSA Job Safety Assessment
ESCO Energy Services JV Joint Venture
ESG Environment Social Governance
KPI Key Performance Indicator
ET Energy Transition
KPO Knowledge Process Outsourcing
EV Electric Vehicle
kWh Kilowatt hour
EY Ernst & Young Associates LLP
LED Light Emitting Diode
FC Financial Controller
LVDH Low Vacuum Dehydration and Degasification
FENR Far East Natural Resources LLC
MD Managing Director
FGD Flue Gas Desulphurisation
MD&A Management Discussion and Analysis
GHG Greenhouse Gas
MERC Maharashtra Electricity Regulatory Commission
GIMS Group Innovation Management System
MFI Micro Financing Institutes
GIS Geographic Information System
MNRE Ministry of New and Renewable Energy
GJ Gigajoule
GRI Global Reporting Initiative MoEFCC Ministry of Environment,
Forest and Climate Change
GW Gigawatt
MPL Maithon Power Limited
HESP Higher Education Sponsorship Program
MRF Material Recycle Facility
HIRA Hazard Identification and Risk Assessment
MRV Measurement, Reporting and Verification
HOD Head of Department
MS Mild Steel
HR Human Resource
MSME Micro, Small and Medium Enterprises
IARM Internal Audit and Risk Management
MT Metric Tonne
IAS Indian Accounting Standards
MU Million Unit
ICDS Integrated Child Development Services
IEL Industrial Energy Limited MW Megawatt
IFC Internal Financial Control MWh Megawatt hour
IIM Indian Institute of Management NDC Nationally Determined Contributions
IIT Indian Institute of Technology NELCO NELCO Limited
ILO International Labour Organization NGO Non-Governmental Organisation
IMS Integrated Management System NHAI National Highway Authority of India

INR Indian rupee NOx Nitrogen Oxide
IoT Internet of Things NTPC NTPC Limited
IIRC International Integrated Reporting Council NVG National Voluntary Guidelines
ODF Open Defecation Free SBO Strategic Business Objectives
OEMs Original Equipment Manufacturers SBTi Science Based Targets Initiatives
O&M Operation and Maintenance SCADA Supervisory Controlled and Data Acquisition
OJT On-the-Job Training SC Scheduled Caste
OPD Out-Patient Department SDGs United Nations Sustainable Development Goals
PACE Progressive Approach to SEBI Securities and Exchange Board of India
Competency Enhancement System
SECI Solar Energy Corporation of India
PDS Public Distribution System
SEMA Stakeholder Engagement and
PID Proportional Integral Derivative controller Materiality Assessment
PM Particulate Matter SHG Self-Help Groups
POSH Prevention of Sexual Harassment SHR Station Heat Rate
PPA Power Purchase Agreement SIDBI Small Industries Development Bank of India
PPE Personal Protective Equipment SOx Sulphur oxides
PPGCL Prayagraj Power Generation Company Limited SLDP Senior Leaders' Development Program
PPP Public Private Partnership SMEs Small and Medium Enterprises
PV Solar Photovoltaic SOC Security Operations Centre
RAT Rapid Antigen Test SOP Standard Operating Practices
RCM Reliability Centred Maintenance SPCB State Pollution Control Boards
R&D Research and Development SROI Social Return on Investment
RE Renewable Energy ST Scheduled Tribe
RF Radio Frequency STU State Transmission Utility
RMC Risk Management Committee TAT Turn-Around-Time
RMC Ready Mix Concrete TCOC Tata Code of Conduct
RMCI Risk Mitigation Completion Index TCS Tata Consultancy Services Limited
RO Reverse Osmosis TCSiON Tata Consultancy Services (TCS)- Mobile &
Web Education platform
ROCE Return on Capital Employed
T&D Transmission & Distribution
RoE Return on Equity
TP Tata Power
ROTA Rotation (job planning)
TERPL Trust Energy Resources Pte Limited
RPL Recognition for Prior Learning
TMTC Tata Management Training Centre
RPO Renewable Purchase Obligation
TPADL TP Ajmer Distribution Limited
RSCM Responsible Supply Chain Management
TPCDT Tata Power Community Development Trust
RT-PCR Reverse Transcription Polymerase Chain Reaction
TPCL The Tata Power Company Limited
SAP-EHSM SAP Environment Health and Safety Management
TPCODL TP Central Odisha Distribution Limited
SASB Sustainability Accounting Standards Board

TPDDL Tata Power Delhi Distribution Limited UF Ultra Filtration
TPGEL Tata Power Green Energy Limited UNFCCC United Nations Framework Convention
on Climate Change
TPREL Tata Power Renewable Energy Limited
UN United Nations
TPRMG/ TP Renewable Microgrid Limited
TPRML UNGC United Nations Global Compact Principles
TPSDI Tata Power Skill Development Institute WBCSD World Business Council for
Sustainable Development
TPSODL TP Southern Odisha Distribution Limited
WILP Work Integrated Learning Programme
TPSSL Tata Power Solar Systems Limited
WREL Walwhan Renewable Energy Limited
TPTCL Tata Power Trading Company Limited
Y-o-Y Year on Year
TPWODL TP Western Odisha Distribution Limited
ZLD Zero Liquid Discharge
UFT United Functional Testing tool
Leading business
transformation
responsibly
Disclaimer: Some of the images showcased in the report were taken pre-COVID.
THE TATA POWER COMPANY LIMITED Call us toll free Investor www.tatapower.com
Bombay House helpline for any E-mail: [email protected]
24, Homi Mody Street shareholder information at
Mumbai - 400 001, INDIA. 1800-209-8484 CIN: L28920MH1919PLC000567

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Tata Power 2020

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11th June 2021

BSE Limited National Stock Exchange of India Limited

Please take the same on record.

THE TATA POWER COMPANY LIMITED

About this report 2 Our COVID-19 response

OUR VALUE‑CREATION PARADIGM

Empowering customers for

Page no. 104 Page no. 110

Being proactive. Staying resilient.

Our Emphasis on Value

and we are committed to achieving equitable

Our Value‑creation Paradigm

Delivering with responsibility

Our Emphasis on Value

7.5% ₹1,439 crore 500+ MW 30,000+

Our Value‑creation Paradigm

Our Businesses Our Vision Our value generated outcomes

Empower a billion lives

Our Emphasis on Value

Our Value‑creation Paradigm

Utility scale solar EPC

Powering India at scale Winning at the centre stage

Our Emphasis on Value

4,150 194 100 130 44

Our Value‑creation Paradigm

Thermal Hydro Waste Heat/BFG Wind Solar Distribution Transmission

Our Emphasis on Value

1922 2019 commissioning biggest carport in Indian Health Sector

Commissioned second hydro power station of

Our Value‑creation Paradigm

* northern acquired from 1st April 2021

Efficacious tax governance

Our Emphasis on Value

Our Value‑creation Paradigm

Strategically positioned to deliver Our Strategic Business Objectives and targets

value and empower lives SBO 1

Our Emphasis on Value

Our Value‑creation Paradigm

Translating promise into action

Aspirations that drive us

2025 2026 2030 2050

Our Emphasis on Value

Guiding a sustainable future

Our Emphasis on Value

Our Value‑creation Paradigm

The CMS covers Tata Power

The extensive benefits of

Our operating context and identified risks

Our Emphasis on Value

Our Value‑creation Paradigm

Plan. Protect. Enhance (PPE)

Our Emphasis on Value

The Tata Power Company Limited

Our Value‑creation Paradigm

2,262 68,400 kgs 9,000 people

Powering through the pandemic

Our Emphasis on Value

Our Value‑creation Paradigm

Ū Provided facilities like cashless mediclaim and medical

Protect advance to most of the COVID-19 positive cases at various