SOTL Annual Report FY21 Final

Networks that
make us human
www.stl.tech Sterlite Technologies Limited

Annual Report 2020-21
Forward-looking and Cautionary Statement
Certain words and statements in this report concerning Sterlite Technologies Limited (STL) and its prospects, and other
statements relating to STL’s expected financial position, business strategy, the future development of STL’s operations and the
general economy in India, are forward-looking statements. Such statements involve known and unknown risks, uncertainties
and other factors, which may cause actual results, performance or achievements of STL, or industry results, to differ materially
from those expressed or implied by such forward-looking statements. Such forward-looking statements are based on
numerous assumptions regarding STL’s present and future business strategies and the environment in which STL will operate
in the future. The important factors that could cause actual results, performance or achievements to differ materially from such
forward-looking statements include, among others, changes in government policies or regulations of India and, in particular,
changes relating to the administration of STL’s industry, and changes in general economic, business and credit conditions in
India. Additional factors that could cause actual results, performance or achievements to differ materially from such forward-
looking statements, many of which are not in STL’s control, include, but are not limited to, those risk factors discussed in STL’s
various filings with the BSE Limited and The National Stock Exchange of India Limited. The Company does not undertake
to update any forward-looking statements that may be made from time to time by or on behalf of the Company unless it is
required by law.
These filings are available at:
www.nseindia.com and www.bseindia.com
In this
Report
Strategic Overview 2-93

Chairman's Message 3
Letter to the Shareholders 4
Customer and Solution Stories 6
STLer Stories 12
Board of Directors 16
Executive Leadership 18
Advisory Council 22
Awards and Accolades 24
Financial Highlights 26
Financial Discussion and Analysis 28
Management Discussion and Analysis 32
Risk Management 52
Responsible Corporate Citizenship 60
DQS-Independent Assurance Statement 90
GRI Index and UNGC Principles 92
Governance Reports 94-139

Directors' Report 94
Corporate Governance Report 114
Business Responsibility Report 132
Financial Statements 140-292

Standalone Financials 140
Consolidated Financials 218
Strategic
Overview
CHAIRMAN’S MESSAGE
Connecting humanity with

Networks of Progress
In a challenging year, STL took giant
strides towards connecting humanity
with networks of progress. We invested
in technology and prepared for these
confluences which are shaping digital Anil Agarwal
Non-Executive Chairman
networks; and we made solid efforts to
take the power of the internet to billions
in rural and underserved communities
Dear Stakeholders,
It is with great pleasure that I bring to you, the annual report till here. In fact, technologists, academicians, industry and
of STL - Sterlite Technologies Limited, for the financial year governments are all working closely to get the next half of the
2020-21 (FY21). 2020 established the power of digital world online, by 2030.
beyond doubt. To the extent that it significantly accelerated
digital transformation that was underway. However, it also STL will have a pivotal role to play, and
accentuated the gaps that remain in our society. Whether it is
the migrant crisis or the digital divide that hindered equitable
we are ready to deliver
education, 2020 told us that there is still a lot to be done. At STL, we have been preparing for this moment for a long
As the world responds and prepares to be stronger, we are time. New-age digital networks will be highly scalable, very
fervently working towards delivering future-ready digital agile and bring the best of optical, wireless and satellite
networks that are resilient enough to bridge the digital divide. technologies together. They will be more virtualised and
also operate very close to the customers. These confluences
The world is now fundamentally are now a reality and require sophisticated design and
integration. Over the years, we have been at the centre
different than last year of technological evolution and have built the ability to
Today, human lives are intertwined with technology in integrate these networks. We have been pioneers in optical
previously unimaginable ways. During the time of uncertainty, connectivity for over 25 years, delivered some of the toughest
what has increased the most is our willingness to adopt system integration projects for over the past 10 years and are
technology for responsiveness and greater good. We making disruptive efforts on the wireless and programmability
have seen how digital technologies like data analytics, AI/ front. With a purpose that is closely aligned to our business
ML, robotics, digital commerce, and IoT have been used and a heart that beats for people, we are ready for this
for enhancing resilience and business continuity. Had it upcoming decade of network creation.
not been for 2020 and this crisis, it would have possibly
taken years to make the power of digital so accessible and We will transform billions of lives through
palpable for billions.
digital networks
While continuing to connect, collaborate and innovate across
Come 2021, the real potential of ‘digital’ the globe, STL is leading this front by taking the power of
is waiting to be unlocked digital networks to billions. On one hand, we are building
2000s and 2010s were all about uninterrupted connectivity a new-age technology ecosystem and on the other hand,
and speed and the rise of data. In these years, we witnessed we are enabling access and adoption for the underserved,
the transition from 2G to 3G to 4G connectivity. Come 2021, bottom of the pyramid communities. We are a part of the
we will transition from possibility to reality. This is the time to world’s largest digital inclusion drive and play a vital role in
think beyond connectivity. Digital technologies would now the nation-building process, not only in India, but all across
become the means to solve the toughest world problems. the globe. This is reflected in some of our global partnerships
Digital networks will now act as an enabler, an equaliser for optical, FTTH, radio units and fibre rollout with reputed
and as a springboard for future leaps. Technologies like global players.
precision medicine, autonomous driving, or conversational
I am extremely excited that STL will play a role in building this
AI, demonstrate the need for digital networks that are
future! I would like to thank you for your ongoing support and
fundamentally more evolved than the ones that brought us
look forward to our continued partnership in this journey – to
become the world’s leading integrator of digital networks.
Sterlite Technologies Limited 3

LETTER TO THE SHAREHOLDERS
Taking wonders of
technology to billions
Pravin Agarwal Dr. Anand Agarwal

Vice Chairman and Group CEO and
Whole-time Director Whole-time Director
Dear Stakeholders,
We hope that you and your dear ones are safe in these as an unprecedented number of users joined the internet on
challenging times. The past 12 months have been extremely a daily basis. This internet gold rush was accompanied with
dynamic and eventful for a variety of reasons. With our agility strategic investments in digital networks across the world.
to respond and sincerity to develop new solutions, we came Some of the notable investments included FCC’s allocation
out stronger and better prepared for the upcoming decade of $20 billion in the Rural Digital Opportunity Fund (RDOF) in
of network creation. While we faced challenges due to the the US, Telefónica and Allianz Private Equity investment of
pandemic in the first half of the financial year, STL recorded ~$5 billion for FTTH build-outs in Germany and ~$4.5 billion
strong, sustained growth in the second half and strengthened for National Broadband Network (NBN) in Australia.
its global position with long-term orders. We have an order
The technology warp was true for the digital networks
book of over ` 10,700 crores with diversified global wins. All
too. In 2021, technologies like 5G, FTTH and Open RAN
of this was enabled by an unprecedented year that solidified
went mainstream. These led to sustained growth in optical
humanity’s belief in the technology of digital networks.
fibre demand. Already ahead in the technology curve, with
capabilities around converged networks, disaggregation,
compute and edge, STL, opened up the path for non linear
2020 – A year of technological leaps for growth for this upcoming decade of network creation. Here
the world are some notable developments:
The world is in a technology warp. Things that we previously
• Big strides towards transforming billions of lives
thought impossible are happening now. GPT 3, world’s largest
through digital networks:
AI language with 175 billion neurons, is set to revolutionise
This is not just a statement, this is the purpose that we
human-like content and machine learning. Satellite mega
live by. FY21 was a big step forward in this direction. We
constellations are ready to beam the internet to the world
engaged with industry leaders, customers, governments
and with recently demonstrated quantum supremacy, the
and the R&D community to push the envelope for
possibilities of computing are set to expand to unexplored
digital inclusion. We worked very closely with operators
levels. Aren’t these all the wonders of technology? In
across the world to make large-scale rural broadband
years to come, there are sure to be more revolutionary
programmes a reality through deep fiberisation and access
products that will continue to change our lives. But before
densification. We also took the baton for 5G readiness and
they become a reality, we would have to be ready with
built a technology ecosystem and an alternative supply
robust digital networks that would carry these wonders of
chain for secure and open 5G networks.
technology to billions.
• Deep and long-term engagements with customers:
Our larger vision backed by technology and R&D led
FY21 – A year of turning adversity into a to some multi-million dollar engagements with top
springboard for us customers across the globe. We deepened our 14-year-old
Although 2020 was tough, it brought about one major relationship with the British telecom leader, Openreach
transformation – an inflection point for digital networks. And to help build a connected UK, partnered with one of
the rest, they say, is history. We all know that these networks the leading telcos in the US for open source radios, and
proved to be the backbone of society during the pandemic tested programmable FTTx with a large Asian telco. These
4 Annual Report 2020-21

Strategic
Overview
partnerships will shape the network build outs for the next
decade and open up new growth possibilities for us.
In this tough year, a big part of
• Robust 5G solutions:
This year marked our entry into the wireless and 5G space
our focus was on people’s
with three significant product launches. We developed safety and our commitment to
commercially viable open source indoor small cells
offering, called Garuda, 5G multi-band radios, and vRAN
customers. Despite the pandemic,
solutions to kickstart our 5G journey. This was marked by we built mega-scale digital
the formation of our Access Solutions business unit, which
will be dedicated to developing programmable, software
networks and demonstrated
defined and open source solutions for the 5G world. project delivery excellence.
• Relentless, IP-backed innovation:
This exciting journey was shaped by our fundamental The future hinges on solving core
R&D efforts to solve industry problems. During FY21, we
exhibited 105% growth in patent portfolio, with our patent
networking problems
count touching 569. The future of digital networks will be defined by 5G
readiness, deep fiberisation and a shift to open and
In this tough year, a big part of our focus was on people’s disaggregated networks. At STL, we have a deep
safety and our commitment to customers. Despite the understanding of the nuances of networks and with our
pandemic, we built mega-scale digital networks and end-to-end solutions spanning optical, system integration
demonstrated project delivery excellence. Project Varun and wireless access, we are ready to solve networking
(Navy Communication Network) reached 92% and Mahanet challenges for telcos, enterprises, citizen networks and cloud
(Rural broadband) reached 98% completion. Not only this, we companies. In future, our three strategic levers will drive
fast tracked our capacity enhancement to 33 mn fkm (by June growth for us:
2021) and also strengthened our leadership team by hiring
industry stalwarts globally. And this is just the beginning, we • Grow optical business
have greater plans for the future. • Globalise system integration, while scaling in India
• Build disruptive, open source Access Solutions
STL has its eyes on the future
As we enter this exciting decade of network creation, we
We expect the growth momentum to continue in FY22.
take with us our successes and aspirations, and look forward
With commercially launched new products for optical and
to delivering the wonders of technology to billions.
wireless networks, we have set up the stage for disruptive
We would like to thank our employees, all STLers, for their
growth in the 5G era. In the preceding years, we prepared
commitment to our purpose. It is their alignment behind our
for technology confluences that are shaping the future of
strategy and dedication that enabled us to deliver on our
digital networks. Now, we are making foundational efforts
promises. We also want to thank you, our shareholders, for
in all the areas that matter to us as a business and as a part
your trust in us. We look forward to your continued support
of humanity. Connectivity for us implies connecting every
in this journey. We assure you we will continue to strive to
human at the bottom of the pyramid and that’s why we have
transform billions of lives by delivering digital networks.
a major focus on digital inclusion and are pioneering rural
connectivity at large. Sustainable manufacturing is at the core
of our operations as we believe in a ‘greener’ future. We are
committed to the UN Sustainable Development Goals and our
business decisions are guided by what is good for the planet.
Some of the STL’s sustainable manufacturing initiatives
include Life Cycle Assessments (LCA) of products, opting for
a zero waste to landfill strategy, leveraging water resources
wisely and reducing carbon emissions.
~$20 billion 569

Invested in the Rural Digital Opportunity Patents in FY21
Fund (RDOF) in the US

CUSTOMER AND SOLUTION STORIES
At the forefront of
the 'Techscape'
Driving global optical

connectivity
We all know how 2020 marked the beginning of an
upcoming decade of digital network creation. These high- Celesta
speed, low-latency networks will only be possible due A super-engineered, high-
to deep fiberisation that enables higher data capacities capacity cable with up to
than ever before. 6,912 fibres
We need optical solutions that can carry the ever-increasing

data traffic load, can be deployed easily and reach every
possible end point. With 25 years of leadership in optical Stellar
engineering, precision manufacturing and material science, An industry-best optical
STL has cracked the code for fiberisation. The Company fibre known for its bend
insensitivity
calls it Opticonn - the end-to-end solution portfolio for
optical products. STL’s Opticonn solution portfolio comprises
Optical Fibre, OF Cables, and Optical interconnect kits.
It includes cutting-edge products like Celesta - a super-
engineered, high-capacity cable with up to 6,912 fibres,
TruRibbon
An intelligently bonded cable for data
Stellar - an industry-best optical fibre known for its bend centres and 5G
insensitivity, TruRibbon - an intelligently bonded cable for
data centres and 5G.
During FY21, STL further strengthened Opticonn with the
acquisition of Optotec, an Europe-based leader in Optical
Interconnect Products. The recent collaboration with
Openreach is enabling gigabit broadband in the UK. With
the Company’s Italy manufacturing unit, it is supporting the
build-outs for the FiberCop programme and in India, STL
is supporting the BharatNet initiative, to take broadband
connectivity to 600,000 villages.

Strategic
Overview
Empowering digital
transformation in the MEA
region
The world is stepping into an era, which marks a revolution
in intelligent connectivity underpinned by ubiquitous and
robust networks. This will have a significant and profound
impact on individuals, industries, society and the economy,
transforming how we live and work. This has also driven
digital adoption in the vibrant region of Middle East and
Africa (MEA). Investments are underway to pave the way
for a thriving digital economy. STL, as a leading integrator
of digital networks, has always been at the forefront of
nations’ digital-led socio-economic transformation. In MEA
too, STL is building oases of transformation. It is engaging
with leading telcos in the region to build robust future-ready
digital networks.
Recently, the Company has partnered with a leading telecom
service provider in the UAE for providing Opticonn, optical
communication solutions and software services with deep
customer engagement. STL will be offering customised and
innovative optical fibre solutions with high fibre count cables
and 5G-ready software solutions. These solutions will ensure
that the telco significantly improves its fixed-line penetration
in the UAE and advances its 4G, 5G and FTTx infrastructure.
In addition, STL's path-breaking industry-leading solutions
will have applications in Smart Dubai City project and Smart
Infrastructure for greenfield projects, ensuring a complete
transition from existing copper to fibre infrastructure.
STL will be offering customised

and innovative optical fibre
solutions with high fibre
count cables and 5G-ready
software solutions.

Digital, with a difference –
the new story of rural India
The ongoing pandemic brought forth the power of digital
networks, but it also made us realise that digital access is not
a given for millions. This realisation has become the central
thought for connecting rural communities, world over. At STL,
we have been closely working with the government to get
high-speed broadband and meaningful rural use cases, to
bridge the digital divide. With Mahanet, a rural broadband
project under BharatNet, we have connected 17 million
citizens across 4,000 gram panchayats in Maharashtra, but
we are not stopping at just connectivity. STL believes that
digital programmes must be able to increase opportunities
and income avenues, improve the standard of living, and
eventually bring villages at par with cities.
We are doing this through STL Garv, a digital platform for rural
India, which will enhance the usability and impact of these
broadband highways. Garv is taking meaningful services
like telemedicine, e-tutoring, assisted e-commerce and
e-governance to rural citizens and is creating a change, one
life at a time. STL Garv has touched 53,000 rural lives and we
are still counting!
17 million
Citizens connected through
Mahanet across 4,000 gram
panchayats
Building data centres that
are timeless!
53,000 In 2020, humans and machines created 64 ZB of data, which
Rural lives benefitted through
STL Garv is 3,100% greater than data created in the last decade. To
put it into perspective, in 2020, there was 40 times more
data in the datasphere than observable stars in the universe,
and this is not the endgame. This figure will nearly double by
2024. So it is not surprising that end user data centre spends
are pegged at $200 billion in 2021. Super-engineered data
centres need to be built really fast and they need to get
smarter, greener and more secure.
While the world is busy creating data, STL is busy designing,
building future-ready solutions, across the data centre
ecosystem. With its fast and cost-optimised build outs and
well-structured in and out networking, integrated ICT and
containment solutions, STL has enabled some of the biggest
hyperscalers across the UK, the Nordics and Europe, the
Middle East and Africa (EMEA) regions. It recently completed
the construction of its first two data centres in South Africa
and three more are planned in 2021.
STL’s top-notch services and

engineering teams have paved
the way for customers’ cloud
deployment services to be
future-ready.

Strategic
Overview
Taking the magic of Anything-

as-a-Service (XaaS) to the
world of telcos
Communication Service Providers (CSPs) are witnessing a
fundamental shift to a flexible consumption model, better known
as Everything-as-a-Service (XaaS). XaaS presents an opportunity
for CSPs to scale their infrastructure and adopt agile business
models. But data security, integration, and costs are some of the
challenges service providers face while scaling up their efforts
towards XaaS. They also require a seamless integration with
various stakeholders to offer a great customer experience.
To solve these challenges, STL re-calibrated its software
portfolio, which provides everything that is required by CSPs to
thrive and capitalise on the XaaS economy. This new digital+,
microservices-based, and web scale-enabled, Network Software
2.0 portfolio makes the renaissance to a digital and post-digital
future easier, faster and profitable. It harnesses cloud-native
and open architectures, Artificial Intelligence (AI) and edge
computing to offer CSPs a technology stack to capitalise on all
yet-to-be seen opportunities. With this next-gen portfolio now in
place, CSPs can gain the ability to scale with reduced CapEx and
faster time-to-market!
STL recalibrated its software

portfolio, which provides
everything that is required by
CSPs to thrive and capitalise on
the XaaS economy.

STL Enterprise Marketplace
– enabling Telcos’ big leap to
Over the Top (OTT)
In this age of networks the whole world is collaborating
across industry lines. Communication Service Providers
(CSPs) also need to take an ecosystem approach, unlock
new revenue streams and offer new services on the go.
However, constraints like inflexible business models, complex
integrations, and legacy systems make it tough for them to
out-innovate their industry counterparts.
In this rapidly changing competitive landscape, software
offerings for telcos need to go beyond digitising customer
and partner journeys. They need to open up new business
and revenue models. STL Enterprise Marketplace is a new-
age, platform-based model that simplifies collaboration
and has the potential to open up multi-sided marketplace
opportunities. With STL Enterprise Marketplace, CSPs
can go beyond traditional connectivity and offer relevant
OTT services to increase monetisation. The DevOps-
based solution ensures seamless product development
and automated deployment at the customer's end. It is
built with open architecture concepts bringing agility and
easy integration with the wider ecosystem of partners and
vendors. STL provides the Marketplace framework, with
modularity so that customers can pick and choose elements
that work alongside their existing stack.

Strategic
Overview
Traveling the distance in

pFTTx - from concept to the
field
When we talk about gigabit speeds, we have to go to the very
last mile. These mammoth, statewide and countrywide networks
need to be smartly built and simply managed. In an industry
weighed by legacy, monolithic systems and infrastructure, this
shift towards open networking can prove to be challenging. As
leaders in optical networks, taking fibre-to-anywhere (FTTx)
with in-built disaggregation and programmability was definitely
the next frontier for STL. FY21 was a landmark year for its
Programmable FTTx (pFTTx) offering. The Company built and
tested its marquee solution on a live broadband access network
of one of the largest telcos in South East Asia.
This new take on fixed broadband networks will help the industry
break the traditional boundaries of legacy equipment and vendor
lock-ins. With this feat on the wireline side, STL is paving the way
for enabling critical 5G use cases for millions, while presenting
a more agile and cost-effective networking model for telecom
service providers, enterprises and citizen networks. During FY21,
we took our technology closer to 5G and come FY22, we will
take the industry and the consumers closer to 5G!
Going wireless, in style

5G is here. Across the globe, we see service providers,
governments, policymakers and academia coming together
to build an open-source 5G ecosystem. Five years back,
STL started building capabilities in Access technologies in
the wireless domain. This year, we launched our first set of
commercially viable 5G wireless offerings, while building a
global ecosystem spanning hardware, virtualisation, radio and
software. Staying ahead of the industry, STL launched Garuda
- an Open RAN compliant 5G indoor small cell for short-range
connectivity and a Wi-Fi6 Access point for seamless public
connectivity. More disruption is underway. STL is now one of
the very few in the world to offer 5G Open-RAN solutions for
multiband radio. With a unique collaboration with Saankhya
Labs, VVDN and the associated Open RAN communities, STL’s
new approach to 5G Radio Units will enable global telecom
operators to speed up large-scale deployments of 5G.
These milestones were topped by its first-ever 5G patent on
‘open and programmable framework’. This innovation will
provide a programmable and vendor-agnostic way to deploy
and control photonic devices in a highly scalable manner. It will
also pave the way for high-bandwidth and latency-sensitive
applications needed for 5G. This is a great start, and the
Company is sure that FY22 beholds greater feats.

STLer STORIES
A stellar workplace
for the STLers!
STL, a great place to work
What makes a company a Great Place to Work? Trust leaders
establish in their employees; Pride employees have in what
they do; and Development they undergo at their workplace.
It is all these factors that got STL Great Place to Work® (GPTW)
certified for the second consecutive year. The Company made
significant progress in all the key parameters. In a difficult year,
its Trust Index went up by 6 points. STL performed higher than
India and Global Top 100 companies on multiple parameters.
This consistent recognition from GPTW is a testament
to its commitment in building a culture of care, inclusion,
transparency, and trust that enables and empowers employees
to excel at their work. Isn’t this truly STLer!

Strategic
Overview
In it, stronger, together Inside-out approach to

If the past year has taught us anything, it is to value people.
As the pandemic spread its tentacles, STL came together
become Techwise
to ensure the safest workspaces for people working from As STL works closely with network creators, it realises
plants, projects and homes and fostered a culture of care the need to solve their most complex challenges
and empathy. It launched STLCare, a cohesive programme to comprehensively. Hence, it set out to become a solution-
provide resources for STLers and their families to help them based organisation, with the aim of providing technology-led
safely navigate the pandemic. STLCare enables employees end-to-end outcomes. STL knew that to do this, the Company
with credible resources for telemedicine, at-home care and will have to foster a tech-led culture first. So, STL worked
COVID-19 testing. The Company also rolled out a set of relentlessly towards strengthening its core pillars: Technology
benefits like enhanced insurance, advance salary payouts, and People. A 105% growth in its patents tells how STL’s
and mental health support through one-on-one counselling. technology story is accelerating. Its tech culture and people
Through this programme, and through STL’s genuine are behind every great breakthrough. Hence, the Company
comradeship, it was able to emerge stronger, together in this decided to get this change INSIDE OUT and conceptualised
unprecedented year. Techwise – a learning journey to strengthen its tech culture
by building a strong technical foundation with snackable
STLCare e-learning courses. They are designed to evoke curiosity for

beginners and wizards alike. Till now 1,000+ STLers have
A cohesive programme to provide resources for undertaken courses across five modules and STL is just
STLers and families to help them safely navigate getting started!
the pandemic

Skilling it for the next decade
of network creation
Highly sophisticated networks need a pool of highly skilled
network professionals. The year 2020 saw STL Academy
taking huge strides towards creating a talent base to drive
the new age of digital networks. The Academy entered the
most coveted Guinness Book of World Record by attracting
2,123 professionals for F-Tech 2.0, an online workshop on
fibre optics. It also launched 5G Empower, an initiative to
train over 1,00,000 women on 5G technology. Over the
next few months, STL Academy will train 5,00,000 people
from rural India on different aspects of digital technology
including fibre optics, trenching and ducting, Fibre-to-the-
Home, among others.
1 Lac women Celebrating 25 years of

Empowered with Next-gen skills optical fibre with STL
veterans
The year was 1995. The Internet was the ‘new thing’. No
one had thought it would define our lives the way it does.
STL took upon a unique journey of designing, manufacturing
and providing optical fibre solutions. It began with a small
team in Aurangabad. As it completed 25 successful years
of being in the business of optical fibre, STL’s OF solutions
have transformed digital networks in over 100 countries.
This achievement is a testament to the efforts of over 3,000
STLers, including 40 veterans who have been associated
with the Company for over 25 years and have taken STL
to amazing heights. With fibre set to define the 5G era,
STL is more excited than ever to write the next successful
chapter together.
As it completed 25 successful
years of being in the business of
optical fibre, STL’s OF solutions
have transformed digital networks
in over 100 countries.

BOARD OF DIRECTORS
Creating sustainable
value for the business
Anil Agarwal Pravin Agarwal Dr. Anand Agarwal Sandip Das

Non-executive Chairman Vice Chairman and Group CEO and Non-executive and
Whole-time Director Whole-time Director Independent Director
Anil Agarwal awarded as the ‘Most Promising Business Leaders of Asia’ by

Non-executive Chairman Economic Times at Asian Business Leaders Conclave 2020
and ‘CEO of the Year’ at the Economic Times Digital Telco
Anil Agarwal founded the Group in 1976. In over three
Summit in 2020 for his significant contribution to the Indian
decades, the Group, under his leadership and with his
Telecom ecosystem. He was also awarded with “Pathbreaker
strategic guidance, has grown into a pioneering global
of the Year’ ‘ award in 2019 for transforming India’s digital
conglomerate with a world-class portfolio of large, diversified,
infrastructure at the Telecom Leadership Forum and
structurally low-cost assets. His entrepreneurial style of
“Broadband Infrastructure Leader Award’ in 2016.
identifying and turning around companies has led the Group
to achieve a profitable growth. He is also known for his As a flagbearer of culture and diversity, he has built a
commitment to leverage the growth and profitability of the passionate and inclusive organisation that is strongly
Group towards eradication of poverty through development connected to its larger purpose of transforming billions
initiatives within the communities in which it operates. of lives through digital networks. A Ph.D. in Materials
Engineering from Rensselaer Polytechnic Institute and
Pravin Agarwal
B.Tech from IIT Kanpur, Anand is a hands-on technologist in
Vice Chairman and Whole-time Director
advanced photonics and programmable networks. He is a
Pravin Agarwal is the Vice Chairman and Whole-time Director firm believer in empowering and transforming lives through
of STL, and the Non-Executive Chairman of Sterlite Power innovations in technology.
Transmission Limited. He has been closely involved with
Sandip Das
Sterlite Group’s operations in India since its inception in
Non-executive and Independent Director
1979. He has been the driving force behind the expansion of
Sterlite Group’s telecom and power businesses into multiple Sandip Das is one of Asia’s most respected
markets and the Company’s continued growth momentum. telecommunications professionals and an acclaimed Chief
He is an astute businessman and a leader with almost four Executive. He was listed among the top 100 Globally Most
decades of experience. Powerful Leaders in Telecom by Global Telecom magazine
for four years. He is currently an independent Board Director
Dr. Anand Agarwal
for Greenlam Industries, Senior Advisor to Analysys Mason,
Group CEO and Whole-time Director
Advisor to a UK-based investment company and reputation
A strong believer in the transformational power of technology, management firm Astrum. He also holds respectable
Dr. Anand Agarwal is the Group CEO and Whole-time positions like Mentor to C-Suite executives, Member National
Director at STL. Recognising the shifts in the global Board Council (Russell Reynolds), besides consulting for
technology landscape, Anand has navigated STL from an investment companies. He was formerly the MD & CEO of
optical connectivity company to a global leader in end-to- Reliance Jio, Group CEO and Executive Director of Maxis
end network solutions. With his disruptive efforts, Anand Communications Berhad, Malaysia and CEO & Board Director
has scaled the organisation to over 100 geographies, while of Hutchison Essar Telecom, India (Orange, Hutch).
shaping the digital infrastructure landscape globally. Under
He holds a BE degree in Mechanical Engineering from NIT
his leadership, STL has developed core capabilities in optical
Rourkela, an MBA in Marketing from Faculty of Management
connectivity, virtualised radio, network software, and system
Studies (FMS), University of Delhi and is an Advanced
integration. Anand has recently been appointed as Chairman,
Management Program alumni from Harvard Business School.
National Telecom & Broadband Committee, CII. Anand was

Strategic
Overview
Kumud Srinivasan S Madhavan B J Arun Ankit Agarwal

Non-executive and Non-executive and Non-executive and CEO, Connectivity Solutions
Independent Director Independent Director Independent Director Business and
Whole-time Director
Kumud Srinivasan B J Arun

Non-executive and Independent Director Non-executive and Independent Director
Kumud Srinivasan is Vice President and General Manager BJ Arun has founded and led multiple successful ventures
of Manufacturing & Operations Automation Systems at in Silicon Valley. He founded California Digital, a Linux-
Intel Corporation. In this capacity, she is responsible for based HPC leader, Librato, a software company, and was
the automation and analytics of Intel’s global logic and recently the CEO of July Systems - a location-based mobile
memory factories. She has spent 30+ years at Intel USA, management platform. He has been instrumental in scaling
leading multiple global functions, prominent being digital these companies and finding synergistic exits by merging
transformation and industrial automation. She is a seasoned them with global technology giants like SolarWinds and Cisco.
leader, skilled at mobilising resources across organisation He is currently the Vice Chairman of TiE Global. He has also
levels. Her management experience includes leading large served as the President of the TiE Silicon Valley Chapter
teams in matrix, geo-dispersed organisations in the US, and remains dedicated to fostering entrepreneurship in the
China and India. From 2012 to 2016, she served as President technology community.
for Intel India. She joined the STL Board in 2018, and her
Ankit Agarwal
experience in key industry domains such as Internet of
CEO, Connectivity Solutions Business
Things, R&D, manufacturing and semiconductors is invaluable
and Whole-time Director
to the Company and its global customers.
As a deep believer in innovation and customer first approach,
S Madhavan
Ankit leads the Connectivity Solutions Business and guides the
Non-executive and Independent Director
strategic roadmap of the company as the Whole-time Director.
Mr. Madhavan is a fellow member of the Institute of Chartered He is focused on developing next-gen solutions to address
Accountants of India and also has an MBA from the Indian the evolving network and communication opportunities in the
Institute of Management Ahmedabad, He has had a long and telecommunications landscape. He has played a crucial role in
illustrious career in accounting and tax and retired as a senior STL’s global expansion and helped establish STL’s presence
partner in PricewaterhouseCoopers, after holding leadership in over 100 countries and executed joint ventures, mergers &
positions over a 15 year career. Mr Madhavan started his acquisitions and Greenfield projects across Brazil, China and
career in Hindustan Unilever Ltd and spent several years Italy. Ankit is committed to environmental sustainability. Under
there. He has also held senior committee positions in leading his stewardship, STL became the first optical fibre and cable
Chambers of Commerce such as ASSOCHAM and FICCI. He producer globally, to be Zero Waste to Landfill certified. Prior
currently holds directorial positions in some of the top listed to STL, Ankit led the Corporate Strategy of Vedanta Resources
companies in India such as HCL Technologies, ICICI Bank, and played a key role in Vedanta’s strategic transactions
UFO Moviez, and Transport Corporation of India. He is a including its $8.6 billion acquisition of Cairn India, and $2.6
leading exponent of corporate governance through his board billion bid for ASARCO. As an Analyst at the Investment Banking
and committee work. division of Deutsche Bank (London) prior to his stint at Vedanta,
he played a significant role in cross-border transactions such
as Tata Steel’s acquisition of Corus for $12 billion & Eurasian
Natural Resources’ $2.7 billion IPO.
Ankit is a champion of inclusion and diversity, and regularly
advocates for healthy living and fitness. He holds a Bachelor’s
degree from University of Southern California and an MBA
degree from London Business School.
EXECUTIVE LEADERSHIP
Leading with experience

and foresight
Dr. Anand Agarwal Mihir Modi

Group CEO and Chief Financial Officer
Whole-time Director
A strong believer in the transformational power of Mihir is a seasoned professional with more than 20 years
technology, Dr. Anand Agarwal is the Group CEO and of experience in Finance, M&A, Strategy, and General
Whole-time Director at STL. Recognising the shifts in the Management. As the Chief Financial Officer of STL, Mihir has
global technology landscape, Anand has navigated STL been instrumental in delivering consistent shareholder value
from an optical connectivity company to a global leader through strong financial performance, deep industry alliances
in end-to-end network solutions. With his disruptive and high internal efficiencies.
efforts, Anand has scaled the organisation to over 100
Prior to joining STL, Mihir co-founded a contemporary digital
geographies, while shaping the digital infrastructure
media content company based in Mumbai. He has also
landscape globally. Under his leadership, STL has
worked as Chief Strategy Officer & CFO at Zee Entertainment,
developed core capabilities in optical connectivity,
where he helped the company transform from a television
virtualised radio, network software, and system integration.
broadcaster to a 360-degree entertainment conglomerate,
Anand has been recently appointed as Chairman,
and to increase the market cap 3X to $9 billion. He has
National Telecom & Broadband Committee, CII. Anand
also held key leadership positions at Godrej Consumer
was awarded as the ‘Most Promising Business Leaders
Products, Novartis Pharma and Ernst & Young. Mihir is a
of Asia’ by Economic Times at Asian Business Leaders
qualified Chartered Accountant and an MBA from the Indian
Conclave 2020 and ‘CEO of the Year’ at the Economic
School of Business.
Times Digital Telco Summit in 2020 for his significant
contribution to the Indian Telecom ecosystem. He was also
awarded with “Pathbreaker of the Year’ award in 2019 for
transforming India’s digital infrastructure at the Telecom
Leadership Forum and “Broadband Infrastructure Leader
Award’ in 2016.
As a flagbearer of culture and diversity, he has built a
passionate and inclusive organisation that is strongly
connected to its larger purpose of transforming billions
of lives through digital networks. A Ph.D. in Materials
Engineering from Rensselaer Polytechnic Institute and
B.Tech from IIT Kanpur, Anand is a hands-on technologist in
advanced photonics and programmable networks. He is a
firm believer in empowering and transforming lives through
innovations in technology.

Strategic
Overview
Ankit Agarwal KS Rao

CEO, Connectivity Solutions CEO - Network Services and
Business and Whole-time Director Software Business
As a deep believer in innovation and customer-first KS Rao joined STL in 1993 to set up India’s first optical-fibre
approach, Ankit leads the Connectivity Solutions Business cable plant in Aurangabad, and after having worked at most
and guides the strategic roadmap of the Company as functions within the Company, he now leads the Company’s
a Whole-time Director. He is focused on developing Network Services and Software Business, as its CEO. He has
next-gen solutions to address the evolving network and been instrumental in STL’s growth in fibre, cables, services
communication opportunities in the telecom landscape. and business operations in six locations, including China and
He has played a crucial role in STL’s global expansion and Brazil. Under his leadership, STL has emerged as a global
helped establish STL’s presence in over 100 countries leader in the optical fibre and cables business.
and executed Joint Ventures, Mergers & Acquisitions
Closely connected to the company’s purpose of transforming
and Greenfield projects across Brazil, China and Italy. He
billions of lives through digital networks, he is greatly
is committed to environmental sustainability. Under his
contributing towards the country’s economic development
stewardship, STL became the first Optical Fibre and Cable
by delivering broadband networks for critical areas within
producer globally to be Zero Waste to Landfill certified.
Defence, BharatNet, Smart Cities and Public and Private
Prior to STL, he led the Corporate Strategy of Vedanta
telcos. He is actively involved in expanding Network
Resources and played a key role in Vedanta’s strategic
Services business into international geographies towards
transactions including its $8.6 billion acquisition of Cairn
delivering STL growth.
India, and $2.6 billion bid for ASARCO. As an Analyst at the
Investment Banking division of Deutsche Bank (London), Under his leadership, STL has taken up several initiatives
prior to his stint at Vedanta, he played a significant role in such as adopting villages for holistic development of rural
cross-border transactions such as Tata Steel’s acquisition India, water conservation through check-dams, women
of Corus for US$12 billion & Eurasian Natural Resources’ empowerment and creation of green zones. Outside of work,
$2.7 billion IPO. KS is a sports fan and supports budding sportspersons by
providing them with platforms to sharpen their skills.
He is a champion of inclusion and diversity, and regularly
advocates for healthy living and fitness. He holds a
Bachelor’s degree from University of Southern California
and an MBA degree from London Business School.

EXECUTIVE LEADERSHIP
Chris Rice Dr. Badri Gomatam

CEO - Access Solutions Business Group Chief Technology Officer
Chris Rice brings over 25 years of experience in the A photonics expert, Dr. Badri Gomatam leads core research
telecom industry. He is a recognised leader and pioneer in optical communications products and network solutions.
in software-defined networks and systems. In addition, With his wide experience across multiple networking
he is known for driving engagement of the broader Telco technologies, he guides the Company’s technology vision.
ecosystem in open source networking efforts. Prior to He joined STL in 2011, and has since led STL’s transition to
STL, he was a Senior Vice President at AT&T, where he led an end-to-end solutions company. His deep expertise in
a multi-year technology strategy and vision for both the photonics, enterprise and access networks has helped shape
network and the underlying system’s evolution. He also this evolution. Under his leadership, the Company today has
led AT&T’s pivot to Software-Defined Networking (SDN), over 569 patents to its credit. He is an MS and Ph.D. from
leading the team that built the fundamental automation and the University of Massachusetts, Amherst, and a Bachelor of
platform capabilities to drive this shift. Over a four-year Science from the Birla Institute of Technology.
period, he and his team converted over 75% of the network
to a software-defined architecture. He holds an MBA from
the University of Central Florida, a Bachelor's and Master's
degree in Electrical Engineering from Virginia Tech, and is
a graduate from Rutgers’ Wireless Information Networks
Laboratory (WINLAB) programme.
Anjali Byce Manish Sinha

Chief Human Resources Officer Chief Marketing Officer
As STL grows exponentially, Anjali Byce and her team From being an innovation catalyst to a customer champion
are building an agile and culturally strong organisation and a storyteller, Manish has donned many hats. Starting
by running impactful programmes on talent, culture, his career as a consultant with McKinsey, he has also led
values and diversity. She has extensive experience in business planning at WNS and Capital One. He has also
building culture, learning and development and industrial been a ‘start-up guy’ at Quikr Homes and Common Floor. He
relations. She has also worked at SKF, Tata Motors, Bajaj is an engineering graduate from IIT Delhi and an MBA from
Allianz Life Insurance, Cummins and Thermax. She has a IIM Calcutta. Since joining STL in 2017, Manish has been the
Master's in Human Resources from the Symbiosis Centre driving force behind STL’s rebranding efforts and has built a
for Management and HRD, and in Applied Psychology from vibrant digital presence for the Company. Leading customer
the University of Delhi. engagement for STL, Manish has developed robust marketing
capabilities for the organisation to grow exponentially and be
future-ready. An enthusiastic culture champion, analyst and
visionary, Manish has become the face of change for STL.

Strategic
Overview
Manuj Desai Sandeep Girotra

Chief Information Officer Global Sales Head
Manuj Desai comes with over 20 years of experience Sandeep Girotra is a seasoned business leader with over
in the IT and Technology space, having extensively three decades of experience in B2B infrastructure business
worked in Architecture, Product Development, Process across ICT, IT, Telecom Infrastructure and Telecom Services.
re-engineering, Analytics, Visualisation, Automation, Prior to joining STL, he was associated with Nokia for 24
Digitisation and Data Science domains. In his earlier years where he held multiple executive roles such as Head
roles, he has been associated with companies like of India, Head of Asia Pacific and Japan, and Head of Global
Paypal, AIG, USDA, Amedisys, Sprint spread across the Sales Transformation. He sees massive opportunities in the
US, Canada, and India. He is a Computer Engineer from connectivity infrastructure, application and services space. He
Mumbai University and has a master’s certificate in Project believes the four greatest value creators in the coming years
Management from George Washington University. will be deep connectivity, industrial IoT, cloud, disaggregation
and security, underpinned by elastic business models, low
latencies, and definitive shift towards the edge.
He is a collaborative leader who takes pride in his team
delivering forecasted outcomes and driving customer
intimacy across markets. He is an expert in Business
Development, P&L, Key-account Management, Enterprise
Business and Stakeholder Management, among others.
He holds a B.E. in Electrical and Electronics from Birla Institute
of Technology and Science, Pilani.
Gaurav Basra
Chief Strategy Officer
Akanksha Sharma
Global Head ESG-CSR and Sustainability Gaurav Basra was the Chief Strategy Officer at STL.
It is with a profound sense of loss, that we share the
news of his sad demise in June 2021. His contribution
Passionate about ‘transforming lives’, Akanksha Sharma
to STL's journey is invaluable and will always be held
leads the Company’s ESG portfolio for exponential impact
in the highest regard by the management and all the
through CSR and Sustainability. She brings eclectic global
employees. With significant international consulting
experience on International Development spread across
experience, Gaurav worked closely with the leadership
four continents and has worked with organisations such as
team to develop long-term strategies for growth at STL.
UNICEF, Vedanta and Jubilant FoodWorks. Post her MBA,
During his tenure, Gaurav led the company's strategy
she has done an advanced programme in Social Impact
to build a robust business model and agile operations
and Policy from Harvard Business School. At STL, she
which enabled the company to transform itself from an
drives the development narrative through multi-sectoral
optical fibre manufacturer to an end to end solutions
partnerships, policy discourse and effective execution,
company. He had 20 years of experience in corporate
contributing to the UN Sustainable Development Goals.
strategy development and transformation, innovation
She comes with many feathers on her cap and has won
management and investment portfolio management.
accolades like ‘Most Impactful CSR Leaders Globally,
Last year, Gaurav played an important role in defining
Asia’s Top Sustainability Leaders, Young CSR Leader, and
customer engagement models that resulted in key
Influential Sustainability Leaders, among others.
customer wins for STL including a multiyear deal with
BT-Openreach. His vision, zeal and energy will be
thoroughly missed by each one at STL.

ADVISORY COUNCIL
Leveraging
trusted insights
Sandip Das BS Shantharaju Krish Prabhu JS Deepak
Sandip Das Currently, Mr. Shantharaju is the Chairman of Ramky

Sandip Das is one of Asia’s most respected Environ Engineers Limited, India’s largest Waste to Energy
telecommunications professionals and an acclaimed Chief Management company with majority holding by KKR Private
Executive. He was listed among the top 100 Globally Equity and Director on the Board of CLP India Pvt Limited.
Most Powerful Leaders in Telecom by Global Telecom
magazine for four years. He is currently an independent
Krish Prabhu
Board Director for Greenlam Industries, Senior Advisor
Krish was CTO at AT&T where he was responsible for
to Analysys Mason, Advisor to a UK-based investment
AT&T’s global technology direction which included network
company, reputation management firm Astrum, Mentor to
innovation, product development and research. Before joining
C-Suite executives,Member National Board Council (Russell
AT&T in 2011, Prabhu was Chief Executive Officer of Tellabs,
Reynolds), besides consulting for investment companies.
an Optical Network Technologies company. He was with
He was formerly the MD & CEO of Reliance Jio, Group CEO Alcatel from 1991 to 2001 in various executive positions and
and Executive Director of Maxis Communications Berhad, served as the Chief Operating Officer from 1999 to 2001.
Malaysia and CEO & Board Director of Hutchison Essar His career includes corporate leadership positions with
Telecom, India (Orange, Hutch). Rockwell Telecom and Bell Laboratories. Krish is an alumnus
of IIT, Bombay and a PhD in Electrical Engineering from the
He holds a BE degree in Mechanical Engineering from
University of Pittsburgh.
NIT Rourkela, an MBA in Marketing from Faculty of
Management Studies (FMS), University of Delhi and an
Advanced Management Program alumnus from Harvard JS Deepak
Business School. A driver of technological adoption, JS Deepak has previously
worked as Secretary Telecom and Secretary Electronics
BS Shantharaju & Information Technology, Government of India. The first
BS Shantharaju has over 15 years of experience as CEO ever harmonisation, sharing and trading of spectrum in
across four large enterprises. He retired as CEO of Indus India happened on his watch in 2016-17. As Joint Secretary,
Towers, the world’s largest telecom tower company with Telecom from 2008-10, JS led the design and conduct of
an estimated valuation of $12 billion at the time of his the first ever 3G/4G spectrum auctions in India. He was also
retirement. He was also the CEO of New Delhi International India’s Ambassador & Permanent Representative to the
Airports, where he led the organisation’s transformation post World Trade Organisation (WTO) at Geneva for 3 years and
privatisation. As Managing Director of Gujarat Gas Company Additional Secretary, Commerce. He has an MBA degree
(then subsidiary of British Gas), he led it to a major growth from the Indian Institute of Management (IIM), Ahmedabad
trajectory. He was also the Chief Financial Officer for India and pursued an advanced course in Health Communication
and Country Managing Director for Bangladesh of SmithKline from Johns Hopkins University, Baltimore, USA.
Pharmaceuticals Limited. He is a qualified accountant, has
an MBA degree from the International Management Institute,
New Delhi and is an alumnus of London Business School.
He was among the final shortlisted candidates for the CNBC
Asia Business Leader Award in 2005. He has also been a
speaker at various leadership forums, including at Harvard
Business School.

Strategic
Overview
John Medamana Hank Kafka Guy Lupo
John Medamana Hank Kafka

John B. Medamana, instrumental in creating networking Hank Kafka, instrumental in launching the ORAN / Open RAN
products and services, accounting for multi-billions of ecosystem, is a wireless networking leader and innovator. He
dollars of revenue, was an early pioneer in architecting and has been a key figure in the industry since the early days of
fielding Telco data networks. He has deep expertise in wireless. Hank has been Vice President of Wireless Systems -
optical systems, routing, switching, and PON (Passive Optical AT&T and currently serves as an O-RAN ALLIANCE Executive
Networks). John now serves as a senior-level technology and Committee member and an alternate board member. He
product strategy consultant for the networking industry. Prior holds an MSEE degree from the University of Illinois.
to this , he served as Vice President, Network and Services
Development, AT&T. John holds a Master's degree from
Guy Lupo
IIT Madras, India.
Guy Lupo has been instrumental in creating the Network as
a Service (NaaS) software concept and getting it adopted
by the TMForum for use by the industry. He is an innovator
and disruptor who comes with over 30 years of experience.
Guy has led multiple successful ventures across Australia
and Israel, including stints at Telstra Bluereef and more. He
holds a PhD degree from Swinburne University in Australia.
His expertise in software systems to build scalable and
cost-effective, software-defined networking products will
contribute greatly to STL’s efforts in this area.

AWARDS AND ACCOLADES
A year of recognitions
Recognitions make STL doubly energetic and motivated to drive
a greater purpose of transforming billions of lives through digital
networks. In 2020, we won recognitions from the best in the business.
1. BCG Top 100 Tech Challengers 6. Women Achievers Summit

STL recently featured in the most coveted and Award 2020
2020 BCG Tech Challengers list. Prepared by STL was named the best organisation
the Boston Consulting Group, the list of 100 for women empowerment at the Women
emerging-market tech challengers consists Achievers Summit and Awards. Women
of prestigious companies that have ambition Achievers Summit and Awards 2020
and potential to reinvent and reshape the salutes the formidable spirit of the
industries. The ‘Challengers’ are chosen women in the communications industry
for their adoption of technology, industry and is a celebration of womanhood and
position, business models and proven commitment to the industry’s continuous
market traction. pursuit of excellence.
2. CII-ITC Sustainability Award 7. STL Partners’ Top 60 Edge companies

For the third time in the last four years, STL was recently named as one of the
STL won the CII-ITC Sustainability Awards ‘Edge companies to watch in 2021’. The
for Excellence in the Corporate Social competition by STL Partners throws
Responsibility category. The award a spotlight on 60 companies who are
recognises trailblazers who have CSR and making waves in edge computing.
Sustainability as an integral part of their STL was recognised for its developed
business strategy. programmable software stack on a
micro-services architecture which is
disaggregated and cloud native.
3. DuPont Safety & Sustainability Award
STL was declared the APAC winner of
the globally renowned DuPont Safety &
Sustainability Awards for its Zero Waste to
Landfill (ZWL) initiative. This award felicitates
organisations dedicated towards improving
safety, reducing their carbon footprint and
driving efficiency within industrial processes.
4. GLOTEL Award for OSS/BSS

STL won the OSS/BSS Transformation
Excellence award at the 8th Global Telecoms
(GLOTEL) Awards for its dTelco solution.
dTelco is a next-gen BSS/OSS solution that is
built to help communication service providers
move from a traditional siloed model to a
customer-centric, agile, data-driven model.
5. ET Telecom Award for dWiFi

STL was recognised at Economic Times
Digital Telco Virtual Summit for its dWiFi
solution. A dWiFi is a comprehensive and
converged WiFi platform helps telcos unlock
new business models, implement innovative
use cases and differentiate themselves in
the market. With zero touch deployment
and zero downtime, dWiFi increases WiFi
adoption by 30%.

FINANCIAL HIGHLIGHTS
Exhibiting resilient
performance
In this singular year, where businesses across the world were impacted,
STL showed resilience during first half of FY21 and recorded 18% y-o-y
revenue growth in H2 FY21. Taking the learnings and successes from
this year to the next, we are building on our strong fundamentals
to deliver sustained and shared progress for all stakeholders. We
are accelerating our value proposition across optical connectivity,
large-scale digital network integration, and virtualised access to enable
this extensive network build.
Revenue ` crores EBITDA ` crores
FY21 4,825 FY21 854

FY20 5,154 FY20 1,104
FY19 5,087 FY19 1,164
FY18 3,205 FY18 789
FY17 2,594 FY17 542
EBIT ` crores ROCE ` crores
FY21 568 FY21 13

FY20 813 FY20 22
FY19 969 FY19 34
FY18 606 FY18 30
FY17 383 FY17 21

Strategic
Overview
Unit FY17 FY18 FY19 FY20 FY21
Consolidated Numbers
Revenue ` crores 2,594 3,205 5,087 5,154 4,825
Growth % 14 24 59 1 -6
EBITDA ` crores 542 789 1,164 1,104 854
EBIT ` crores 383 606 969 813 568
PBDT ` crores 419 685 1,058 883 651
PAT (After minority interest) ` crores 201 334 563 472 275
Capital Employed ` crores 1,844 1,993 2,845 3,770 4,244
Diluted EPS ` 4.98 8.25 13.83 10.64 6.84
Revenue $ million 350.5 433.1 687.4 696.5 652.0
EBITDA $ million 73.2 106.6 157.3 149.2 115.3
EBIT $ million 51.8 81.9 130.9 109.9 76.8
PBDT $ million 56.6 92.6 143.0 119.3 87.9
PAT (After minority interest) $ million 27.2 45.1 76.1 63.8 37.2
Ratios
Return on capital employed % 20.8 30.4 34.1 21.6 13.4
EBITDA Margin % 20.9 24.6 22.9 21.4 17.7
EBIT Margin % 14.8 18.9 19.0 15.8 11.8
PBDT Margin % 16.2 21.4 20.8 17.1 13.5
PAT Margin % 7.8 10.4 11.1 9.2 5.7
Effective Tax Rate % 15.4 26.5 32.2 20.5 30.5
Conversion rate 1 USD = ` 74

The numbers reported above in this section are before considering exception item.

FINANCIAL DISCUSSION AND ANALYSIS
Positioned for
stable growth
FY21 was an unprecedented year, where the COVID-19 induced lockdowns impacted
revenue growth. But STL emerged stronger with a robust 18% y-o-y revenue growth
in the second half of FY21. The initial slowdown notwithstanding, 2020 clearly came
out as a year of inflection for digital networks. We saw a disproportionate number
of investments done in creating these networks. In 2021, we can clearly foresee
that this investment momentum will continue, powering the next decade of digital
network creation.
New technologies such as 5G, FTTH and Open RAN are Going forward, STL will be focusing on the following three
entering mainstream and creating quality digital networks growth levers to drive its future growth:
with scale and reach. If we look at 5G, this year saw 163
commercial deployments globally. With this, 5G has become
the fastest technology to reach 400 million subscribers (2G Grow optical business
took 30 quarters, 3G took 25 quarters, 4G took 17 quarters,
5G took 5 quarters!). In terms of FTTH roll out, we see that
Europe continues to witness large-scale FTTH buildouts
with multiple operators doing over 1 million + home passes Globalise system integration, while
every year. In the next 5 years, Germany, Italy and the UK scaling in India
are expected to see the most frantic FTTH build outs. Back
home in India, RJIO and Airtel are planning to reach 75 million
and 40 million home passes, respectively. If we look at Build disruptive, open source
Open RAN, as expected, it is making inroads with major Access solutions
communication service providers, either piloting or deploying
it in their network.
In 2020, the following four technology confluences were Financials at a glance
established and are now further strengthened. First is that
• Y-o-Y revenue dipped due to the extended impact
the networks are getting built closer to the edge. Second,
of COVID-19 in H1
the new-age networks are converged networks. Third, the
networks are a combination of connectivity, compute and • Regained momentum in H2, with 18% y-o-y
storage. Fourth is that hardware and software are getting revenue growth
disaggregated and open sourced.
STL had long foreseen these technology confluences Particulars FY21 FY20 y-o-y
and has been building its capabilities systematically. The
Company has been leading the industry for the last 25 years Revenue (` crores) 4,825 5,154 -6%
in providing end-to-end solutions in the optical connectivity
space. The Company has built its capabilities in wireless, EBITDA (before exception) 854 1,104 -23%
software and cloud with investments in Elitecore, ASOCS
and IDS, combined with ecosystem alliances stitched in
the last five years. Lastly, based on STL’s experience in PAT (after minority interest 275 472 -42%
execution of large-scale projects for the last 10 years, it has before exception)
also strengthened its capability in system integration. All of
this puts the Company in a unique position to be the leading PAT (after minority interest) 275 434 -37%
network integrator in the decade of network creation.
EBITDA Margin (%) 18 21
EPS (Diluted) (`) 6.84 10.64 -36%
Net profit margin (%) 6 9
ROCE (%) 13 22

Strategic
Overview
Revenue
STL recorded revenues of ` 4,825 crores during the year The benchmark tax rate is 26%. The difference in tax rate for
under review. The performance for H1 FY21 got negatively the current year vis-à-vis the benchmark tax rate is broadly
impacted due to COVID-19. The execution on the project due to the following reasons:
sites was significantly impacted because of the lockdown.
1. Change in tax laws as per which tax benefit on goodwill
Production and delivery were affected as a result of logistical
amortisation is not available starting current financial year.
challenges and safety concerns. However, in H2 FY21, the
Subsequent years will not be impacted as entire goodwill is
revenue was higher by 18% vis-à-vis H2 FY20. In this year, the
already amortised in the books
Company generated 42% revenue from outside India. Export
revenue for the year was ` 2,033 crores, which is higher 2. Tax losses incurred by the parent Company’s subsidiaries on
by 14% vis-à-vis FY20. This performance is a result of our which the Group has not recognised deferred tax assets
balanced and consistent focus on our customer segments and
The net profit after tax, after minority interest before exception
geographical expansion. Looking ahead, in terms of customer
item, for the year thus is ` 275 crores, compared to ` 472 crores
segments, we are working towards increasing our share in the
for last year, showing a decrease of 42% y-o-y.
telco and cloud segments. In terms of geographies, we are
expanding in Europe, the Middle East and America.
Dividend
Profitability In continuation to the progressive dividend policy, the Board
of Directors recommended a final dividend of 100%, ` 2/- per
The Company’s earnings before interest, tax, depreciation
equity share subject to the approval of shareholders.
and amortisation (EBITDA) is ` 854 crores in FY21 translating
into an EBITDA margin of 18%.
The Company’s interest cost has decreased from ` 221 crores Balance sheet
in FY20 to ` 203 crores in FY21. The decrease is mainly due
to lower cost of borrowings as compared to the previous year.
Particulars FY21 FY20
The depreciation for the year was ` 285 crores compared to
` 290 crores in the previous year. Net debt (` in crores) 2,410 1,970
Tax expenses for the year were ` 111 crores, implying a tax
Debt equity ratio 1.16 0.97
rate of 31% compared to ` 109 crores in FY20 with a tax
rate of 21%. The difference in the tax rate was attributed to
Debtors turnover ratio 3.32 3.30
the change in tax rate by the government. Accordingly, the
Company recomputed the Deferred Tax Liability basis the
Inventory turnover ratio 7.70 11.40
revised lower tax rate and impact of the same was recognised
in FY20.
Interest coverage ratio 4.20 4.99
Current ratio 1.00 0.95
Return on net worth 13% 21%

Gross block and capital Working capital (` crores)
work in progress
The Company is in the process capacity expansion to Particulars March 21 March 20
33 million fkm for OFC, to meet the increase in demand, from
across the globe. The Company acquired Optotec S.p.A. As a Inventories 626 452
result of this, the gross block increased from ` 4,659 crores
as on March 31, 2020 to ` 5,043 crores as on March 31, 2021. Trade receivables 1,451 1,563
The capital work-in-progress stood at ` 227 crores at the Current investment 181 233
end of FY21 as against ` 133 crores at the end of FY20.
The Company is in the process of setting up a new facility of Cash & bank balances 248 245
Optical Fibre Cable and backward integration of Optical Fibre.
Others including 1,978 1,312
loans & advances
Borrowings, cash and bank
balance (A) Total current assets 4,485 3,805
The gross debt of the Company increased from ` 2,201 crores
as on March 31, 2020 to ` 2,490 crores as on March 31, (B) Total current liabilities 3,210 2,714
2021. The total cash and bank balance, coupled with current
Working capital (A-B) 1,275 1,091
investments at the end of FY21, was ` 429 crores as against
` 478 crores at the end of FY20.
Current ratio of the Company stood at 1.00 times in FY21
The net debt increased from ` 1,970 crores as on March 31, against 0.95 as at the end of FY20.
2020 to ` 2,410 crores as on March 31, 2021, mainly due to
capacity expansion projects and acquisition of Optotec S.p.A.
The net debt equity ratio of the Company stood at 1.16 at end Return on Capital Employed
of FY21 as compared to 0.97 a year ago.
(ROCE) and capital structure
The ROCE in the current financial year declined to 13%
as against 22% a year ago. ` 4,495 crores employed in
business as on March 31, 2021 against ` 3,993 crores as on
March 31, 2020.
Total equity of the Company as on March 31, 2021
stood at ` 2,085 crores as against ` 2,023 crores as on
March 31, 2020.

MANAGEMENT DISCUSSION & ANALYSIS
In the driving seat for

the upcoming decade
of network creation
Last year was truly unprecedented. COVID-19

impacted individuals, economies and businesses
alike. STL also witnessed its impact in terms of
lukewarm growth in the first 2 quarters. But,
with continued technology innovation and
deep customer engagement, STL regained
momentum and recorded 18% y-o-y revenue
growth in the second half of FY21.

Strategic
Overview
FY21 has propelled digital adoption to a whole new

level, which is expected to continue unabated well after
the pandemic ends. This has resulted in the accelerated
acceptance of emerging digital technologies among
ordinary people and has opened up a decade-long network
creation cycle. Although many aspects of human interaction
have shifted online, the digital divide continues to exist
between citizens as a result of different levels of access
to technologies.
Resilient data networks

are the new normal
The pandemic clearly gave way to a new mantra for the
industry – Pivot or Perish. Digital transformation became a
necessity for businesses rather than a choice. Since then,
new records of data usage are being set and broken almost
every quarter, making 2020 as a year of inflection for digital
networks. Here are some numbers that substantiate this:
• ~2 million internet users were added in 2020, a 17%
growth over 2019, beating the last ten years1 (2009-19)
average of 7%. Digital transformation deals saw a 30%
jump2; an 80% jump in cloud spending, and a 15% increase
in customer experience since the pandemic
• India’s digital landscape is buoyant. There is a massive
surge in data with ~60x traffic growth in the last 5 years
which was further catapulted by COVID-19. In December
2020, the average monthly data usage per user touched
13.5 GB3, growing by more than 20% annually
Digital acceleration, leading direction. In 2021, telecom industry will see $1,791 billion4 in
revenues and $292 billion in CapEx, for an average capital
to a multi-year network intensity of 16.3%. This next wave of CapEx infusion is driven
by aggressive 5G and FTTH rollout plans.
build cycle
Owing to the shift in the ways of working and modern living, 5G networks
digital connectivity has become the backbone for all kinds of 5G networks are the next generation of mobile internet
services – be it delivering healthcare, education, banking or connectivity, offering connections that are significantly faster,
governance. This is resulting in an ever-increasing demand for highly agile and reliable.
reliable and high-speed networks, triggering off a multi-year
network creation cycle across the globe. As per GSMA, by 2025, 5G will account for 20% of global
connections, with take-up particularly strongly across
It is being led by a multitude of industry participants, including developed Asia, North America and Europe. To support this
telecom operators, cloud companies, large enterprises and generational shift, operators are expected to invest ~$1.1
citizen networks. trillion worldwide between 2020 and 2025 in mobile CapEx,
roughly 80% of which will be in 5G networks.
Telecom operators More than 144 operators in 61 countries/territories have
As work from home became the new normal due to launched commercial 3GPP-compatible 5G services.
COVID-19, it propelled telecom providers into the sphere This number was just 56 operators in 31 countries/
of essential services for most consumers. The importance territories at the end of 2019. Currently, 413 operators
of ultra-reliable connectivity got heightened for at-home, in 131 countries/territories are actively investing in 5G
work, school and social interaction, necessitating telecom networks. Among those, 65 operators are investing in
providers to upgrade their existing networks as well as create standalone 5G networks5.
new infrastructure to provide a secure, reliable and high
throughput network. The operators are taking big steps in this
1
Statista 4
Communications Today Report
2
NASSCOM Report 5
GSMA February 2021 Update
3
Nokia Mobile Broadband Index 2021

China: Anywhere between 600,000 South Korea: In July of 2020, Korean USA: Top three telecom operators
to 1 million new 5G base stations, mobile operators SK Telecom, KT and in the US namely Verizon, AT&T, and
expected to be deployed in 2021 LG Uplus agreed to invest a total of T-Mobile bid $78 billion on 5G airwaves
$22 billion through 2022 to boost 5G licensing. Verizon is planning to spend
infrastructure across the country $17.5 billion to $18.5 billion in network
expansions in 2021. Dish invested more
than $50 million for 5G in Q4 FY20 and
expects the 5G network deployment to
cost about $10 billion, in its SEC filing
France: Orange activated 5G in 160 India: India’s mobile operators spent a

cities; Bouygues Telecom initially combined $11 billion on spectrum in the
launched 5G in 20 cities; Iliad launched country’s latest auction
5G services in December 2020 and SFR
in November 2020
FTTH networks
The need for higher speeds and low latency requires • Europe and the UK are to go big on FTTH with 202 million
operators to build dense fibre networks. This year saw a homes to be passed for FTTH/B in 2026 in EU27+UK
greater push by governments and large private equity firms to compared to 26.2 billion in 2019. Germany (+730%), UK
disproportionately invest in broadband networks. (+548%) and Italy (+218%) are expected to experience
strong growth in the number of homes passed in 2026
• The US government allocated $170 billion to increase
compared to 20196
broadband access, especially in rural and suburban areas.
While the Coronavirus Aid, Relief & Economic Security • Strong investment growth expected at Telefonica, TIM, Oi,
(CARES) Act and American Rescue Plan Act (ARPA) are Net/Claro, alongside ambitious FTTH connectivity plans.
funding for broadband access in the next 2-3 years, the Notable connectivity projects such as Programa Norte
Rural Digital Opportunity Fund (RDOF) aims to provide Conectado, which aims to connect 9.2 million people in the
more than $20.4 billion over the next 10 years to connect Amazon region through a 10,000 route-km of optical cable,
unserved rural areas planned over the coming years
• France has allocated €570 billion ($690 million) to roll out • Deutsche Telekom is joining forces with the US financial
fibre to the country’s rural areas, with the aim of achieving investor KKR to accelerate fibre rollout by creation of JV
full coverage by 2025 Open Dutch Fibre, with an initial investment volume of
€ 700 million. KKR has made investments in FiberCop
in Italy, Hyperoptic in the UK, Deutsche Glasfaser in
Germany, Telxius in Europe and Latin America, Hivory in
France, Global Technical Realty in Europe, Bharti Infratel in
India, and Pinnacle Towers in the Philippines

Strategic
Overview
Cloud companies
Cloud companies continue to invest heavily on network
creation in the form of hyperscale data centres and sub-sea
cable networks to power data intensive applications. By the
end of 2020, there were ~600 hyperscale data centres - twice
as many as there were 5 years ago. Notable investments in
hyperscale data centres include:
Amazon and Google opened most of Google opened its second data centre
their new data centres in the past 12 in the Netherlands in December 2020,
months, accounting for 50% of the taking its total data centre investment
total amount of new hyperscale data in the region to $3.06 billion. In 2021,
centres opened in 2020 Google plans to spend $7 billion+ on US
data centres and offices.
Microsoft announced investments to Amazon announced investments of

establish a new data centre region in $2.8 billion to build its second data
Denmark and to open its sustainable data centre region in India. This will allow
centre region in Sweden in 2021. It also Amazon to launch an AWS cloud region
announced its first Azure data centre in Hyderabad by mid-2022.
region in Taiwan in October 2020.

Large enterprises
Large enterprises, particularly the global defence forces,
are getting ahead of the ‘digital curve’ and putting in place
the infrastructure for net-centric operations. Many defence
forces are aiming for digital supremacy while deploying digital
technologies across intelligence, surveillance, navigation and
communication. This is leading to an unprecedented focus on
digital readiness for defence strategies, next-gen warfare, and
modernisation of their defence operations.
In October 2020, the US Department of Defense said it
would spend $600 million for 5G experiments and testing
at a few military sites, after increased efforts by China to
make 5G a reality in many defence applications, following
investments in artificial intelligence (AI), quantum computing
and under-sea cables.
India has built expansive and secure defence networks
across tri-forces like Naval Communication Network (NCN),
Army Radio Engineered Network (AREN), Air Force Cellular
Network (AFCEL), and Air Force Network (AFNET). The
three wings of the armed forces are keen to harness 5G
to augment AI and the use of unmanned vehicles in their
battle to measure up with the best in business, worldwide.
In October 2020, the Cabinet Committee on Security (CCS)
cleared a project worth ` 7,796 crores to establish a secure
communication network for the Indian Army that will include
modern optical fibre cable links to forward areas.

Strategic
Overview
Citizen networks
Access to broadband is a critical lever for the growth of our knowledge economy and
accelerated development across economic, business and social indicators. It has the ability
to meaningfully impact the life of every citizen by enhancing convenience and improving
accessibility to quality services (banking, healthcare, education), along with providing
employment avenues. As such, governments across the globe are investing in subsidising
network build-out to provide access to high-speed broadband, especially in rural and
unserved areas. Here are a few data points:
• In early-December the Federal Communications under BharatNet scheme, etc. Internet access under
Commission (FCC) announced winners of Phase 1 bidding the BharatNet scheme has been made available to the
of the giant $20.4 billion Rural Development Opportunity government institutions. The CSC e-Governance Services
Fund (RDOF). Total $9.2 billion in funding is awarded of Ministry of Electronics & Information Technology (MEITY)
through the auction and the aim is to connect 5.2 million has been assigned the task of providing FTTH connectivity
unserved homes and businesses around the country to the government institutions, including schools
• In the UK, telecom regulator Ofcom unveiled a host of • These data points adequately substantiate the investments
financial incentives to help achieve the government’s goal and implementation trajectory of digital networks. We
of creating a ‘gigabit’ Britain. After the announcement, are indeed at the cusp of a multi-year network creation
BT has committed to investing £12 billion in getting faster cycle. The question is whether we will see ‘more of the
broadband connections to 20 million UK homes, including same’ or something fundamentally different in the world
in remote rural areas of digital networks? We are of the opinion that future
networks will be architected very differently, following
• India is working on connecting at least 2.5 lakh gram
these four technological confluences that are now working
panchayats (GPs) with optical fibre under the BharatNet
together seamlessly.
programme, which is under implementation. The
government has also taken various steps to provide
online education amidst the pandemic. These include
PRAGYATA Guidelines on digital education, internet access

Four technology confluences are
shaping the future of networks
The exploding data traffic, along with the
performance needs of low latency, high
bandwidth, quality of service and mobility are
driving structural changes to the networks we
see today. While the technology advancements
(for example, SDN/NFV, MEC) have been the
buzzwords in the industry for long, the recent
developments suggest that most of these are
now becoming mainstream and shaping the
future of networks.
This upcoming decade of next-generation
networks will be architected mainly on four
technology confluences.

Strategic
Overview
The convergence of wired and Bringing the network to the

wireless networks EDGE, closer to the customer
Till now wired and wireless networks have been built, Proliferation of intelligent and cheap end-point devices in
relatively independent of each other. Going forward, the operational world, enabled by the growth of IoT and 5G
sharing infrastructure between FTTH and 5G will become is making it economically viable for edge computing to take
the dominant way to maximise value from CapEx. hold, and it’s likely to increase further in the coming years.
Automated planning solutions are able to assist in creating With the concept of business digitalisation, edge computing
these optimised networks. Converging fibre and mobile models are going to become a key component for many IoT
networks is productive for reasons such as increased initiatives. As per studies, the edge computing market is likely
economic value, improved user experience, and greater to grow at a CAGR of about 35% from 2019 to reach $28
application possibilities. billion by 2027. Gartner predicts that while currently ~10% of
enterprise-generated data is created and processed outside
As per FTTH Council, 65-96% of fibre costs for 5G xHaul can
a traditional centralised data centre or cloud, by 2025, this
be eliminated by rolling out an optimised and future-proof
figure will reach 75%. Drawing from these trends, we saw
converged fibre network. The extra investment needed to
some bold moves in this space.
immediately make an FTTH network ready for 5G (even for
high density of cells) is only 1% to 7%. Significantly, the FTTH Recently, Microsoft launched ‘Azure for Operators’ to partner
Council study findings show that such huge cost savings in with service providers for a carrier-grade platform for edge
future could be achieved by incremental investments of less and cloud computing. In addition to AT&T, inaugural partners
than 6% in fibre today. for Azure for Operators include system integrators such as
Accenture and Tech Mahindra, and tech bigwigs such as
ASOCS, Etisalat, Hewlett Packard Enterprise, Intel, Mavenir
Computing to enhance and more. Microsoft also plans to spend $5 billion in IoT by
network capabilities 2022 involving its edge computing initiatives. In late 2020,
Google also made some important announcements. It joined
There is a growing demand for micro-modular solutions
forces with 200 application partners, including Equinix,
which requires enhanced mobility and portability of the IT
Palo Alto Networks, and Siemens Advanta, to develop new
environment. These facilities allow enterprises to easily shift
5G-enabled edge computing technologies. Companies
or relocate their IT infrastructure to new business locations.
like Dell and Intel invested in Foghorn, an edge intelligence
As per estimates, the Micro Data Centre Market is expected
provider for industrial and commercial IoT applications. Both
to surpass $15 billion by 2025. The North America Micro
companies participated in Foghorn’s latest $25 million Series
Data Centre Market will witness at a CAGR of 23% over
C round in February 2020.
the forecasted time span owing to the rapid digitalisation,
urbanisation, and technological adoption in the region. This year saw significant investments across the board
and also brought a set of new technology confluences to
the fore. Mainstream system integrators and operators are
Disaggregation of hardware increasingly moving to converged networks, bringing the
and software power of compute to network applications, disaggregating
hardware and software and coming closer to the edge.
The new network architecture is embracing a software- These confluences or architecture shifts are here to stay.
centric approach and promoting more virtualisation and STL has been anticipating these shifts and has been building
versatility. It supports an unprecedented level of vendor capabilities to leverage the opportunities presented by the
neutrality, allowing telcos to combine superior functions from upcoming decade of network creation.
multiple vendors. Open Radio Access Network is driving
this disaggregation in the 5G networks. Pushing past lab
experiments and field trials towards commercial deployments,
Open RAN technology is set to ramp up significantly this year.
2020 saw the first public commitments to Open RAN by the
world’s MNO community. In the UK, Vodafone announced a
2,600-site Open RAN deployment with a commitment to have
1,150 of these sites live by 2023. At the same time, Telefonica
unveiled plans to begin Open RAN trials in its core markets
of Germany, Spain, the UK, and Brazil. The US government
announced a recent bill proposing to inject $750 million over
the next 10 years to promote the accelerated development
and deployment of Open RAN technologies. Dish completed
a successful field validation of its virtualised, standalone 5G
core using an Open-RAN compliant radio in December 2020
and has a commitment to cover 70% of the US population by
June 2023. Verizon is also expected to start deploying Open
RAN gear this year.

STL anticipated and prepared for these
four technology confluences
New-age networks require new-age characteristics. This In optical connectivity, it has been leading the industry for
new generation of digital networks will be built on these the last 25 years and with the Optotec acquisition, STL has
four technology confluences. To bring all these confluences strengthened its capability in providing end-to-end solutions.
together, the role of a digital network integrator becomes The Company has built its capabilities in wireless, software
very important. This requires an integrator who possesses a and cloud with investments in Elite core, ASOCS and IDS,
varied set of capabilities in optical and wireless, legacy and combined with ecosystem alliances stitched in the last five
open source, and core and edge. STL had long foreseen years. And lastly, based on its experience in execution of
these technology trends and has been building its capabilities large-scale projects, STL has also strengthened its capability
systematically to lead this technology evolution. in system integration.
Large Scale Networks System Integration

10 Years Network Design & Integration Solutions
Optical Interconnect Virtualised Wireless Digital

25 years
(Software, Cloud)
= Networks
3 years
Extraordinary
Strategic alliances and Integrator
track record
product development
Globally respected
Close to the Edge At the Edge

EDGE
Seamless Wired & Wireless STL can integrate

CONVERGED Optical & Radio
all these
technologies
Enhanced Experience
COMPUTE Connectivity & Compute
Agile, Scalable, Agnostic Hardware & Software

DISAGGREGATED

Strategic
Overview
STL’s roadmap is built on five

strategic pillars
STL has been continuously working to bring together its capabilities across optical
connectivity, network integration and next-generation wireless to create a solution-
based approach. Fundamentally, it has been working on these five strategic pillars
to take its capabilities to world-class levels:
Technology-led
E2E Solutions
Increasing market
share by integrated
technology
1
Pillar
Ecosystem
Top Talent Alliances and
and Culture 5 2
Investments
Drive good Pillar Pillar
Increase Addressable
returns to our
CapEx through
stakeholders/
strategic investments
community
4 3
Pillar Pillar
Key Accounts Large - Scale

Management Complex Integration
Target 21 Developing better
KAMs globally integration practices

Pillar 1 Technology-led end-to-end solutions
STL believes that value to customers can be delivered if it solves problems
comprehensively. This happens when the Company provides advanced
technological approaches, delivered across the value chain to provide sustainable
benefits to its customers. With this in mind, STL has been developing holistic
solutions in the area of optical, system integration and next-gen wireless.
2.0
In optical connectivity, STL has made significant technology Increasingly, telecom service providers and governments
advancements in optical fibre, optical fibre cable and optical feel the need for fast and efficient network deployment and
interconnectivity kits. One of its marquee optical fibres, fibre rollouts. Implementation plans need to be expedited
StellarTM offers bend insensitivity and negligible data loss with to take the best of the networks to every customer and
industry-best performance. In cables, STL’s Celesta, with 6912 citizen. For this, one of the key success factors is to have
fibres, offers ultra-high density. In optical interconnect, with a comprehensive, technology-led process that spans all
Optotec on board, it can now offer customised underground crucial stages from survey to field operations. STL’s LEAD
and aerial kits. 360o – an industry first, deployment approach has been a
pioneer in this space.
Together optical fibre plus cable and optical interconnect
combined with logistics and partner services make Opticonn Over the last year, faced with unique execution challenges
a truly comprehensive solution. Opticonn enables STL’s during the pandemic, STL strengthened its integration and
customers to save cost by eliminating the need of skilled delivery solutions using various technology enhancements.
manpower in the field, save time with field-ready plug- It launched LEAD 360o 2.0, the next generation of its fibre
and-play solutions and achieve a higher quality of network roll-out solution. This new version of LEAD 360o uses robotic
infrastructure. process automation (RPA), drone survey, augmented reality/
virtual reality (AR/VR) based digital training, design-led
planning and integrated remote field management to ensure
fast and efficient roll outs.

Strategic
Overview
Virtualised access solutions

As STL noticed the move towards the edge, it focused
attention on the access network, creating virtualised 5G Multi-Band Radio
and programmable solutions which would enhance the
Comprehensive Open
capabilities of these networks. Last year STL launched a
RAN (Radio Access
bouquet of commercially viable solutions – two of which were
Network) solution spanning
in the wireless space and one in the FTTx space.
across Radio Unit (RU),
The first among those is Garuda, a smart 5G indoor small cell. Centralised Unit (CU) and
As we all know that 5G signals will require closer proximity to Distributed Unit (DU)
mobile devices, creating a need for short range networks. STL
Garuda will seamlessly complement the network capacity,
density and coverage of macro networks, and will serve as
a single board optical-to-radio interface solution for 5G low- Garuda
power pico-cell applications. This O-RAN 7.2x split small cell
An O-RAN compliant,
can handle more than 30 concurrent user devices and can
indoor small cell solution
be backhauled across several kilometres. Moreover, it can
be installed within 30 minutes and deployment can be as
seamless as that of a simple Wi-Fi.
Another important solution that STL unveiled is an end-to-end
multi-band radio solution for next-generation 5G networks.
It is a comprehensive Open RAN solution spanning across
Radio Unit (RU), Centralised Unit (CU) and Distributed Unit Wi-Fi 6 Access Solution
(DU). STL is now one of the very few in the world to offer a 5G
An integrated solution
O-RAN solution.
that leverages Wi-Fi 6
The Company has also launched high-capacity outdoor Wi-Fi technology to provide
6 Access Point (AP) for high-density deployments. STL’s Wi-Fi carrier-class connectivity
6 AP is an intelligent device which does level 1 processing in dense environment
at the edge and enables seamless Wi-Fi experience and
management. The solution complements 5G to bring the
same level of performance in terms of speed and latency
in unlicensed spectrum, which will drastically improve the
quality of public connectivity.
Solid intellectual property

All of the new product development was made possible only
due to investment in R&D and new IP was developed by STL’s
technologists and engineers. The Company’s R&D spend
stands at 3.1% of its revenues in FY21. It filed 191 patents
in FY21 and that takes STL’s total patent count to 569 at the
end of FY21. The Company is also very happy to announce
that it got its first 5G patent granted in the US titled ‘System
and method for configuring photonic components using a
photonic abstraction interface’.

Pillar 2 Ecosystem alliances and investments
As the new confluences of technologies get established and adopted by industry players,
the industry requires working with specialists in each technology and domain, which
makes taking an ecosystem approach absolutely essential. STL, with its solid integration
and development capability, is working with global players across the value chain to
aggregate the thought layer in this space.
Ecosystem for 5G Access:

Global industry alliances
The Company has created an ecosystem to deliver 5G Access On the radio side, it is working closely with VVDN and Xilinx,
solutions with alliances and investments. The ecosystem NxP and Saankhya, and on the software side, STL is building
alliance partners bring together complementary capabilities in-house capabilities. The Company has formed various
with STL integrating the complete solution. On the hardware academic alliances to develop new technologies. It is also a
front, it is working closely with Edgecore, Zyxel and Alpha part of various forums to develop open networking standards.
networks. On the virtualisation front, STL has invested in
ASOCS and is also working closely with VMware.
Backed by STL’s global ecosystem
Virtualisation
Hardware Software
Zyxel Alpha
networks
Academic Alliances Open Networking

5G & Access Standards
Solutions
Radio

Strategic
Overview
Optotec acquisition
STL completed the Optotec acquisition in Q4 FY21. This
strategic acquisition added the interconnect capability to
its Opticonn portfolio. The Company is optimistic that with
the combined capability of STL and Optotec, it will make
quick inroads in the global optical interconnect market of
$10 to $12 billion.
Capacity expansion in OFC to

33 million fkm
On the back of a strong portfolio, STL invested to expand
its capacity. Its OFC expansion project to increase
capacity to 33 million fkm is on track vis-à-vis planned
timelines and budgeted cost.

Pillar 3 Large-scale complex integration
With constant focus on improving STL’s delivery engine through the use of
sophisticated technology and best-in-class deployment methodology, the
Company kept up the execution rigour in FY21. It prioritised people and safety
and deployed technology to increase the speed, predictability and efficiency of
on-ground execution. As a result, its project delivery went on smoothly, despite
the pandemic. The Company brought the critical Navy Communication Network
project to 92% closure and Mahanet project to 98% closure.
Network
modernisation
Project Varun
(Indian Navy Project): 92%
completed
Futuristic SDN ready state-wide

network
Projects
T-Fiber (A)
26%
completed
T-Fiber (B)
18%
completed

Strategic
Overview
Transformative
digital inclusion
BharatNet Projects
98%
Mahanet (A) completed
Mahanet (B)
61%
completed
Modern optical
network
Fibre roll out

(Large Indian telco)
41%
completed

Pillar 4 Key account management
A year back STL took to a solutions-based approach and
carved out a vision for its key accounts management.
Converting that vision into execution, on the key account
management side, we have built an account-based Multi-year strategic partnership
organisation with global experts in customer engagement. with Openreach to help build new
In addition to that, STL is investing in processes and full-fibre network in the UK
capability. The Company is also focusing on co-creation and
co-innovation with its customers to create maximum problems
and solve industry challenges. Put together, it is resulting in
deep engagement with STL’s key customers. This KAM rigour,
coupled with its solutions approach has culminated in some
large global wins.
Five years, multi million contract
for dual band and tri band units in
the US
Multi-year LOI with Airtel for fibre

roll out across 10 circles in India
Multi-year contract for Opticonn

solution in UAE
Digital transformation for

a leading telco in Africa

Strategic
Overview
Pillar 5 Top talent and culture

If STL is able to deliver on all of its commitments, then it’s only because
of the exceptional talent it houses. With the Company’s full focus on this
critical pillar, throughout the year, STL onboarded some phenomenal
global talent to all its business functions, including optical, wireless,
integration and corporate. Going forward, this global talent pool will take
STL to the newer horizons of growth.
Virtualised US UK Governance Key Accounts

Access Market Services
Chris Rice Stephan Keith Rowley Mihir Modi Sandeep Girotra

Chief Executive Szymanski Chief Operating Chief Financial Global Sales
Officer, Access General Manager, Officer, Officer Head
Solutions Business Americas Services, UK
25+ years of 20+ years of 20 years of

25 years of
25 years of experience in the experience in the career spanning
experience in the
experience in the communications communications finance, strategy
communications
communication Industry driving Industry driving across large companies
industry building
industry driving business dev and transformation and startups.
Key Accounts and
multiyear technology product management programmes as CDO Cofounded digital
driving 10x growth
strategy at AT&T at Prysmian, at Flomatic Network startup led Zee Ent
at Nokia
N.Am Svcs CBO+CFO

In optical connectivity, the market opportunity is $18-
As a result of these strategic 20 billion, split between optical fibre cables and optical
interconnect kits. The virtualised access products and
efforts, the Company has network software products market opportunity stands at
increased its addressable market $15 billion. If we look at the sub-segments, Open RAN and
small cell market size is $5-6 billion and the network software
to $40 billion and moved its market is $10-11 billion. STL’s addressable market for system
revenue mix in desired segments. integration Services is $7 billion. This includes all four
customer segments in India and Cloud segment in Europe,
which it addresses through its data centre interconnect
offerings in Europe.
Enhanced our addressable market to $40 billion
Optical Interconnect Network Software

Products
~$18 B ~$3 B
Virtualised Access System Integration

Products Services
~$5 B ~$14 B
The Company has been able to move the revenue mix in its segments of choice. In terms of customer
segments, it is increasing its share in the telco and cloud segment. In terms of geography, STL is
increasing its share in Europe, the Middle East and America.
Customer Segments Revenues (I crores) Geographical Distribution Revenues (I crores)
5,154 4,825
5,154
3%
2% 4,825 2% 2%
2% 3% 1%
25% 4%
22%
27% 37%
23% 11%
Cloud RoW
Citizen Networks China
Americas
50% 65% Enterprises 65% 56%
Telcos EMEA
India
FY20 FY21 FY20 FY21

Strategic
Overview
As STL moves forward, the Company shall pull

the following growth levers to reach its target
Lever
1 Grow optical business
The first is to grow OFC volume and Optical share and also penetrate new markets to increase
Interconnect business. If you look at STL’s global overall OFC volume.
market share in optical fibre cable, the Company
In terms of optical interconnect business, in
has steadily increased it from 1.3% to 5.1% over the
the initial phase, STL will leverage its existing
last 20 quarters. Specifically, in FY21, its volume
customer relationships in Europe and the Middle
grew by more than 35% in a flat industry. This has
East to expand the business. Going forward,
been made possible by gaining a higher share of
it will continue to offer Optical Interconnect
business in STL’s key accounts. Going forward,
products through the Opticonn solution, which is a
the Company shall continue to increase its market
compelling value proposition for STL customers.
Lever
2 Globalise system integration, while scaling in India
The second lever is to take system integration metropolitan cities and also provided data centre
global while scaling in India. If you look at how solutions to cloud companies.
the Company has developed this business
Now going forward, the Company is planning to
over the years, you will notice that STL started
undertake international projects. As a first step, it
with deploying long haul networks for Indian
is entering the UK market. STL has started building
Defence and Indian citizen networks. Post that,
its team and is in advanced discussions with its
it modernised complex pan-India networks for
customers for orders. After the UK, it will further
Indian Defence. In the next phase, STL designed
enter select European markets.
and deployed fibre networks in the large Indian
Lever
3 Build disruptive, open source Access solutions
The last but the most exciting lever is to scale scale O-RAN deployments and 5G networks. The
STL’s virtualised access solutions business. The Company has already shared that it has partnered
Company is building a world-class business by with a leading telco in the US market to build
leveraging a team of exceptional professionals a greenfield 5G network based on Open RAN
and ecosystem partnerships. Currently, it has a technology and currently the product trials are
team strength of 200. STL is relentlessly working being conducted at customer premises.
towards becoming a partner of choice for large-
Buoyant demand outlook, investment traction, technology evolution and STL’s fully aligned strategy and growth levers, put it
in a unique position, through which the Company can drive accelerated business growth, and meaningfully contribute to this
multi-year network creation cycle.
FY21, has been a year like no other. This year challenged humanity at many levels and like many other things, digital networks
had to stretch to deliver the best. Realising the impact of digital networks across all fields of human endeavour, governments,
operators, enterprises and private equity players collectively came out to announce significant investments. Technology
advancements that were considered future possibilities, became mainstream. Keeping its eyes on the future, STL worked hard
to build its prowess across wireless, optical and system integration. The Company has been able to convert many of these
possibilities into fundamental capabilities and solutions that, in this upcoming decade of network creation, will place STL in a
strong stead to deliver to its customers and create value for its shareholders.

RISK MANAGEMENT
Fortifying the
business against
uncertainties
At STL, Enterprise Risk Management (ERM) is

a critical function that helps the Company to
protect and enhance value for its customers,
investors, employees, partners and other
stakeholders. STL works proactively to identify
and monitor most significant risks through an
ERM process. The purpose of this process is to
minimise surprises, improve decision-making in
order for STL to achieve its strategic, financial,
compliance and operational objectives and
actively work to reduce the impact and likelihood
of identified risks.

Strategic
Overview
ERM governance framework

Risk management activities
k Identificatio
Ris n
R is
a n M o n i t o ri
Risk
d Re
k
Assessm
p o r ting
ng
en
t
R is
k Re s o n se
p
Governance framework
BOD
Risk
Committee
Chief Risk Officer
Risk Champions
Functional Unit
Risk-management organisational structure

STL has a multi-layered risk-management framework • Risk Management Committee: Overseeing risks and their
aimed at effectively mitigating various risks to which its management and reporting to the Board on the status of
businesses are exposed. the risk-management initiatives and their effectiveness
The key roles and responsibilities as defined in the • Chief Risk Officer: Developing and ensuring
ERM policy are: implementation of the ERM policy
• Board of Directors: Ensuring that the risk-management • Risk Champions: Ensuring that risks are considered in all
framework is contributing to achieving business objectives, decision-making processes and to adhere to mitigation
safeguarding assets and enhancing shareholder value plans developed for each risk

ERM risk management activities
Risk management includes activities relating to risk The risk assessment also includes Business Interruption
identification, risk assessment, risk response, and risk Risk caused by COVID-19 pandemic.
monitoring and reporting.
Risk identification Business interruption risk caused by

This involves identifying those events, occurring internally the pandemic
or externally, that could impact strategy and achievement of The ongoing outbreak of COVID-19, has and may continue
objectives. Events identified are further categorised into: to, negatively impact the global economy, impacting supply
chains, restricting the movement of goods and people,
and halting manufacturing and economic activities. The
measures implemented to curtail the spread of the virus have
already impacted and will continue to impact STL’s ability to
successfully operate and deliver on its financial performance
Strategic Risks Operational Risks and goals. Besides, health concerns of STL’s people may lead
to a complete or partial closure of operations. There may be
• Geo-political and • Talent management other operational issues that might impact its manufacturing
economic • Service delivery facilities or those of its suppliers. Moreover, reduced
• Industry • Supply chain economic activity may severely impact STL’s customers’
• Customer and • Cyber security financial condition and liquidity and may lead to decreased
competition demand for the Company’s products and services or impact
• Product portfolio the timing of on-going or planned projects.
and innovation
The Company has proactively put in place a Business
Continuity Plan with clear focus on :
Employee and ecosystem safety

Financial and Compliance Risks
Reporting Risks
Customer commitment and fulfillment
• Financial reporting • Code of Business
• Liquidity • Conduct, Bribery and
Cash flow planning/managing liquidity
• Commodity Corruption,
• Interest rate • Environment, Tax
• Foreign currency (GST, Income Tax)
Preparedness for quick restart
• Counter party

Strategic
Overview
Strategic risk
Strategic risks are those risks which
are inherent to the industry in which
the Company operates. Strategic risks
are analysed and mitigated through
strategic actions on markets and
customer offerings, investment in R&D
and product innovation, the Company’s
business model, etc. STL periodically
assesses strategic risks to the successful
execution of its strategy and its impact
on financial performance, effectiveness
of organisation structure and processes,
and retention and development of high-
performing talent and leadership.
Geo-political and economic risk Customer and competition risks

STL operates in a global environment, and can be affected The market is competitive with few barriers to capacity
by the general economic environment, political uncertainties, expansion by existing players. Globally, most of the contracts
local business risks, as well as laws, rules and regulations are finalised through the competitive bidding process,
in individual countries, thereby affecting demand for its therefore, product pricing becomes an important factor. While
offerings. The Company closely monitors the development of the Company dominates in this segment, it does not have
world events and undertakes proactive actions to minimise much pricing power due to low global market share. The
the potential negative impact. Company is expanding its capacity and continuing to focus on
increasing its market share through access to new markets,
new product development and enhancing its client footprint.
Industry risk STL closely monitors technological advances and competitive
The Company may not be able to implement its strategy market changes to adapt its strategies to be able to benefit
successfully and deliver growth due to the changes in the from these opportunities and safeguard against potential
industry in which it operates. STL’s business depends on threats.
CapEx by the telecommunication sector, which includes
investments in backhaul, rollout of a new generation of
mobile network and investment in fibre infrastructure and
Product portfolio and innovation risks
deployment. The Company continues to invest in its product There is a risk that STL might be unable to develop new
portfolio and capabilities to increase its total addressable products and solutions which can proactively meet
market. Further, STL is expanding its technology-led end-to- customer’s unmet needs. In the fast-changing world, new
end solutions and Key Account Management to focus on key technically improved variants of products or solutions by
customers across four key customer segments STL’s competitors could put the Company’s prospects at
risk. To minimise the impact of these risks and pursue new
opportunities, the Company continues to invest, deep in
new technologies and capabilities through ecosystem
partnerships and investments. In addition, it is continuously
investing in its existing product portfolio and large innovation
projects. Key innovation projects are closely monitored, with
a well-established gate and project management approach.
Further, it also aims to execute value-creating M&A, to further
develop STL’s technology-led end-to-end solutions.

Operations risks
Operations risks are risks which can negatively
impact the operations of the Company. These
risks are related to people, policies, procedures,
and IT systems impacting the product and
service delivery to its customers. One of the
focus areas is to transform its business through
processes, platforms and analytics. The Company
has a strong mechanism in place to review
the operations, including business processes
and procedures to minimise the risk related to
product and service delivery to customers.
Talent management risk in timing and placement of orders by its customers can
also impact its planning and fulfilment. There is also a risk
STL’s ability to successfully implement its strategy and deliver of a single or limited source for a few input materials. The
value and growth is highly dependent on its organisation Company has implemented digital tools for scenario-based
structure, ability to attract, develop, engage and retain best planning and forecasting. Procurement intelligence and
professional talent with a focus on diversity. The Company benchmarking is followed to optimise prices and engage
has taken significant steps in building future readiness. STL with the right vendors. Further, to protect against disruptions
onboarded best-in-class talent globally, including a vibrant and volatility in global supply chains, the Company is
group of graduate engineers and management trainees. The driving initiatives for development of the vendor ecosystem,
Company focused on building future capabilities and talent diversification of sourcing geographies, along with emphasis
pipeline through a robust succession planning programme, on local sourcing wherever possible.
extensive job rotation and development programmes to To mitigate the impact of COVID-19 on availability of key
identify and develop young leaders. It invested in developing input materials and logistic disruptions, STL has proactively
capabilities to reskill and upskill its employees for future roles. implemented a multi-model shipping network for outbound
During the year, STL implemented several initiatives to help its logistics. This will help to minimise the impact of uncertainties
employees, their families and communities who are impacted in ocean shipping and strategic inventory build-up for key
by COVID-19. It rolled out programmes focused on employee input materials and identification of alternate suppliers, to
well-being and mental health. STL has been certified as ‘Great further strengthen the resiliency in securing the key materials
Place to Work’ for the second year in row. in the event of any disruption.
Service delivery risk Cyber security risk

The Company is undertaking various large-scale, end- Cyber security risk is one of the key risks as cyber threats
to-end projects. The Company has implemented strong continue to develop and become more sophisticated.
Project Management Frameworks, which are supported by Cyber security incidents include data theft, ransomware
digital tools and applications. Despite this, there is a risk (monetary/reputational losses), business interruption by
that STL may not be able to complete its projects within the malware, phishing, data privacy breaches and availability of IT
contractually agreed timelines, which can result in penalties systems. Further, rapid adoption of digital technologies and
and in remote scenarios, contract termination. Such outcomes interactions across stakeholders have put in place a greater
may result in lower revenues, margins and adverse brand need for secure and reliable IT systems and infrastructure.
image. STL has implemented an in-depth defence approach to
manage and control these risks, which include a multi-year
Supply chain risk programme that focuses on Cyber security resilience and
capability. The programme is addressing Cyber security
With the global reach and scale of STL’s operations, it is by looking at risk identification, assessment, response and
important for the Company to have a smooth functioning recovery, taking account of people, tools and technology and
supply chain as disruptions in its manufacturing, delivery, processes. The Company continues to assess the risk and
logistics or supply chain can negatively impact the Company’s invest in evolving security architecture to further strengthen
revenue and reputation. Additionally, significant fluctuation its capabilities in managing Cyber security risks.

Strategic
Overview
Financial and reporting risks

Financial risks include risks such as
currency fluctuation, interest rate,
credit and liquidity, tax and ability to
manage financial cost and optimise
returns on investment. Further,
there is also a risk of errors in the
financial reporting of the Company,
that accounting principles are not
correctly applied etc. resulting in
misrepresentation of the Company’s
financial position.
Financial reporting risk

Ineffective internal control over financial reporting may 1st Line of
not provide the desired true and fair view of the financial defence
position and business performance. The Company maintains • Management Controls
robust Internal Financial Control (IFC) in order to ensure that • Internal Control
reporting is complete, transparent and free from material Measures
weaknesses. The system for internal control is based on
internal control and integrated framework issued by The
Committee of Sponsoring Organisations of the Treadway 2nd Line of
Commission (COSO) which outlines the components, defence
principles, and factors necessary for an organisation to • Financial Control
effectively manage its risks through the implementation of 3rd Line of
• Security
internal control framework. defence
• Risk Management
• Internal Audit
• Quality
Control environment Risk assessment • Inspection
• Compliance
Code of business Strategic, Operations,
Conduct, Defined role of Financial and
BoD and management Compliance Risks Regular internal audits, by independent external auditors,
ensure that controls are designed and operated effectively.
The Audit Committee of the Board of Directors periodically
reviews the adequacy and effectiveness of internal control
Control activities Information & systems and suggests improvement for further strengthening
Process controls, IT communication of internal controls.
general controls, Policies and
MIS reviews Procedure, SOPs, IT tools Liquidity risks
The Company requires funds both for short-term operational
needs, as well as for long-term investment projects, mainly for
growth projects. The aim is to minimise the risk by generating
Monitoring
sufficient cash flows from its current operations, which in
Exco review, addition to the available cash and cash equivalents, liquid
Internal audits investments and sufficient committed fund facilities, will
provide liquidity both in the short term and long term. The
Company works with a healthy mix of long-term and short-
In addition, the Company has also implemented The term debt. Further, in response to COVID-19 pandemic, STL
Three Lines of Defence model which defines duties and has performed scenario-based testing to ensure that it has
responsibilities in addressing risks. enough liquidity to navigate the current crisis.

Commodity risks Foreign currency risks
The Company is exposed to the risk of price fluctuation on The Company’s policy is to hedge all long-term foreign-
raw materials and energy resources. As a market leader in exchange risks, as well as short-term exposures within the
the industry, the Company has strong policies and systems defined parameters. The long-term foreign-exchange liability
in place to minimise the price risk of its raw material to a is fully hedged, and hedges are on a held-to-maturity basis.
large extent. STL is vertically integrated globally, and any Within foreign currency, there are two major risk categories -
movement in a single raw material does not impact its cost risk associated with the operations of the Company, such as
structure significantly. purchase or sale in foreign currency, and risk associated with
the borrowing of the Company denominated in the foreign
currency. The Company has a defined and proven policy to
Interest risks manage both kinds of risks, and this is reviewed frequently
The Company is exposed to interest rate fluctuations in in the light of major developments in economic and global
both domestic- and foreign-currency borrowings. It uses a scenarios.
judicious mix of Indian and foreign currency borrowing within
the stipulated parameters to mitigate the interest-rate risk.
This also helps to have a lower blended interest rate. The
Counterparty risks
interest rate for Rupee borrowing is largely linked to Mumbai The Company is exposed to counterparty risks on its
Interbank Offered Rate (MIBOR) and the rate is linked to receivables and investments. It has clearly defined policies
prevailing US Dollar The London Interbank Offered Rate to mitigate these risks. Limits are defined for exposure to
(LIBOR) for foreign currency borrowings. individual customers and the exposure is strictly monitored
on an ongoing basis. Moreover, given the diverse nature of
the Company’s businesses, trade receivables are spread
over several customers with no significant concentration of
the credit risk. Cash and liquid investments are held primarily
in debt mutual funds and banks with high credit ratings,
approved by CRISIL. Emphasis is given to the security of
investments.

Strategic
Overview
Compliance risks
Compliance risks are those resulting
from violations or non-compliance with
laws and regulations, code of business
conduct and ethics and contractual
compliance having material impact on
the Company’s financial, organisational
and reputational standings. Compliance
with laws and regulations is one of
the essential elements of our code of
business conduct.
The Company has strong compliance management Risk response

framework which also includes mandatory e-learnings
on code of conduct, prevention of sexual harassment at This involves identifying and evaluating possible responses
workspace (POSH), etc. Risks related to various compliances to risks, which include evaluating options in relations to risk
are identified, assigned to owners and monitored on periodic appetite (accept, mitigate or transfer the risks), cost versus
basis. Further, a strong Whistleblower mechanism has been benefit of potential risk responses and degrees to which a
in place for reporting of non-compliances (the whistleblower response will reduce impact and/or likelihood. Mitigation
policy is available on STL’s website). In addition, external plans are finalised, risk owners are identified and assigned
independent and internal auditors review the compliance the tasks to implement the plans.
management framework including its operating effectiveness
and submit their findings to the Audit Committee. Risk monitoring and reporting
The Risk Committee reviews the adequacy and effectiveness
Risk assessment of the risk response plans and reports it to the Board. The
This includes assessing risks on the likelihood of occurrence Committee also monitors and reports factors affecting
and potential impact. Risks are assessed at inherent (gross identified risks, such as changes in business processes,
risk without considering controls) and residual basis (e.g. operating and regulatory environments and future trends.
Net Risk). Residual risks are considered for prioritisation of These reviews are aimed at continual improvements in the
response and monitoring. organisation’s risk management culture.

RESPONSIBLE CORPORATE CITIZENSHIP
Redesigning
the narrative for
a better world
As the pandemic raged on, STL’s CSR efforts

ensured holistic development through
impact-focused initiatives driven by best-in-
class technology and data. The Company
collaborated with front-runners across its value
chain for numerous ESG priorities, creating
shared value for all.

Strategic
Overview
Building it on an all-inclusive
ESG framework
STL made some significant achievements in FY20 on eco-
friendly operations. It created shared value, leveraging tech
Aligning with global goals
and data among several other aspects. However, with the STL considers the UN Sustainable Development Goals (SDGs)
pandemic raging beyond what anyone had fathomed, it as interrelated. They have the impeccable ability to create
became necessary to push the boundaries even further to change that spans across multiple areas. The domino effect
build in resilience for the Company’s operations, value chain they create, be it in business operations, across the supply
and communities. STL innovated on the go and adopted more chain or even community programmes, is unique and often
technology tools than before to implement programmes that understated. Therefore, STL has been able to integrate its
ensured social development and environmental conservation operations and CSR programmes with not just one or two or
are not stalled. three UN SDGs, but 15 of them.
And collaborations made what STL achieved in FY21 However, STL has not stopped here. To achieve sustainable
possible. Not just through its social impact programmes, growth, especially in a frenzied world afflicted with the
but also its sustainability initiatives and governance pandemic, along with climate change, gender inequality,
mechanisms. Thereby, STL has ensured its Environmental, poverty and several other issues, the Company abides by
Social, Governance (ESG) agenda occupies centre stage and the UN Global Compact 10 principles on Human Rights,
governs each of its actions. Fair Labour and Anti-corruption in addition to Environment
Conservation. Ethics, transparency in reporting, adequate
Being driven by leadership across the spectrum, not only
redressal systems, best-in-class health and safety policies for
is this agenda an integral part of the Company’s overall
employees also form a pivotal part of STL’s overall business
business strategy, but also being imbibed across its value
strategy and culture.
chain. The Company is looking to eventually lead the
ESG space by collaborating with front-runners on several To reinforce the Company’s commitment to this universal
environmental, social and governance priorities. This, of agenda that encompasses the UN SDGs and UNGC 10
course, covers its employees (STLers) and will help the principles, STL even publishes its Communication on
Company nurture a culture of innovation to achieve optimum Progress annually.
use of resources, enhance its community impact, address
critical issues plaguing the planet and, in turn, deliver
meaningful and sustainable transformation.
Reporting boundaries for the

FY21 report
The reporting boundaries for the following ESG data cover
three of its manufacturing facilities in Aurangabad and
two manufacturing facilities in Silvassa. It does not cover
operations outside India and non-manufacturing facilities
such as offices in India. STL has aligned this report with the Aligned with
core option based on GRI Standards. 15 of the 17 UN
Development
Priorities

Creating a ‘shared value’ proposition
Stakeholder engagement
STL believes in collective action and collaboration. And But this belief is not limited to stakeholders involved with
that’s why, ongoing and effective stakeholder engagement is STL’s operations. It is embedded across the Company’s
pivotal for the Company. Regular interactions and joint efforts value chain comprising partners up and down stream, and
have helped it use insights from several stakeholders to communities where we operate in as well as elsewhere in the
create better and innovative strategies and programmes. To country. STL’s stakeholders, thus, include organisations and
STL, stakeholder engagement is all about realising the point individuals impacted by or who can influence its operations,
of agreement or common motivation that allows different as well as its customers, suppliers, waste buyers and
stakeholders to work in unison for the greater good. And other partners.
using well-established mechanisms – direct and indirect – to
source continuous and unbiased feedback have been central
to helping the Company sort the innumerable insights and
integrate them into its ways of working and culture.
Stakeholder groups Mode of engagement Topics of engagement
Townhall, all hands meeting, Professional growth, skill development,

leadership shop floor visits, increasing diversity, competency
performance management systems, enhancement, CSR and Sustainability
one-to-one interactions, trainings,
Employees induction workshops and surveys
Plant visits, customer satisfaction survey, New product development, research and
key account management, conferences innovation, delivery compliance, customer
Customers and events and social audits satisfaction, social and environment
actions and achievements
Supplier meets, supplier plant visits and Supplier satisfaction, material

relationship management compliance, joint development and
Suppliers mutual value creation
Community visits, social needs and impact Development projects according

assessment, philanthropic engagement to the identified needs and support
and employee volunteering to social cause
Communities
Annual general meeting, performance Economic value creation, disclosure on

calls, interaction with investors, Environment, Social and Governance
Other Stakeholders governments, NGOs and other agencies (ESG) performance, sector and
programme related

Strategic
Overview
Materiality assessment
STL prioritises ESG areas that are fundamental for creating to focus on. It also helps ensure clear responsibility, precise
sustainable growth for regions and communities it operates targets, governance, and formulate a well-defined and time-
in, its employees, stakeholders and, of course, the Company. bound achievement strategy.
Each one of these areas are based on the feedback
Each material topic is also aligned with the GRI standards and
from several stakeholder engagement forums. And most
its indicators. The reporting boundaries have been defined
importantly, the Company ensures it aligns these with its
from the materiality assessment and depicted in the GRI index
vision and values as well as business priorities.
that forms a part of this section.
Every theme is assessed in consultation with respective
process owners and management to gauge their significance,
legitimacy and impact. This process gives STL the materiality
matrix, which allows it to identify areas the Company needs
Materiality matrix
• Research optimisation • Economic value creation

High
• Waste diversion from • Research and development

landfill and recycling
• Waste management
• Energy conservation
• Occupational health & safety
• Employee satisfaction
• Community development
Stakeholder Concern
• Training and professional development
• Upholding human rights and ethical behavior
• Customer satisfaction
Low
Low Business Priority High

Embracing ESG for sustainable growth
STL’s mission is to be a ‘responsible leader in ensuring a However, the world is still beleaguered by innumerable
connected and inclusive world’. This pertains not only to STL's concerns including increasing climate change, widening
business, but also how it designs and implements its ESG inequality gaps, poverty, hunger and so on. STL hence
agenda. Therefore, STL's responsibility does not stop with believes that it is not just its moral duty, but essential for
its operations. It extends across the Company's entire value generations beyond tomorrow, to also encourage behavioural
chain. It incorporates how STL sources its raw materials, how change in communities on circularity of resources, gender
it designs its products using eco-friendly material, ensuring equality, ethics, human rights and facilitate a more inclusive
its partners adhere to ESG practices STL abides by, waste future through access to quality education and healthcare.
management, minimising emissions from manufacturing, STL therefore does not just look to reduce energy, other
storage, transportation and ultimately ensuring customers resource usage and waste within its boundaries but also
and end users are able to use green products and services takes every opportunity to replenish what the company uses.
that help create a more connected world. This is done through comprehensive community programmes
that look to leverage innovation, technology and data for
sustained and meaningful impact.
Our strategy
Sustainable
sourcing
Connected,
Drivers for transparent and
business traceable supply
change chains
Leading on ESG by Proactively

Growth of ESG
understanding and
reporting Creating Shared addressing risks, going
Value beyond compliance
Delivering Integrating
business for the business with
benefit of all environment
Propelling
local cluster
development

Strategic
Overview
STL’s leadership has been instrumental in driving its ESG stakeholders across the value chain to innovate collectively,
agenda across the value chain. Not only do they oversee ensure compliance, and imbibe the Company's values and
implementation, but also monitor progress and aid mitigating beliefs on human rights practices, sustainable sourcing of
challenges through a Sustainability & CSR Council. Along raw material, fair labour practices, transparency in operations
with leadership, a cross-functional taskforce covers each and reporting. This adherence also certifies that they conduct
of the four major areas the Company has framed its 2030 their operations in an eco-friendly manner.
Sustainability Targets on. This allows STL to work with
ESG
Environmental Social Governance

• Climate change strategy • Equal opportunities • Business ethics
• Biodiversity • Freedom of association • Compliance
• Water efficiency • Health and safety • Board independence
• Energy efficiency • Human rights • Executive compensation
• Carbon intensity • Customer & products • Shareholder democracy
responsibility
• Environmental
management system
STL’s processes are governed by a Quality, Environment, Health and Safety policy, and each of the areas
are also monitored through an ISO 14001 certified Environment Management System. This helps the
Company maintain high environmental and safety standards across its facilities as well as identify gaps
and proactively mitigate them through appropriate action.

Environment
Environmental highlights for FY21

and till date
Aiming at 100% sustainable sourcing
The recent pandemic amplified more than ever the need for In addition to building in sustainability, partnerships facilitate
corporates to have a robust and balanced supply chain. At the innovation. Through various forums, the Company works
same time, it highlighted the need for better implementation with partners to develop green, reusable packaging material
of human rights, fair labour and wages practises up and down and source durable and disaster-proof raw material that are
stream. capable of withstanding natural calamities.
Over the last few years, STL has been working to create a Such partnerships have led to simple, but significant
healthy mix of local and global suppliers. The Company not innovations — the latest being the Ultra-Light Weight (ULW)
only works with them on packaging and product innovations, Cable drums developed together with Networks Centre, UK.
but also adherence to human rights and other such aspects
Previously, weighing 130 kg each, the Ultra-light weight cable
which are all fundamental to creating shared value and
drums not only made shipping difficult and costly, but also
ensuring a eco-friendly and socially conscious supply chain.
posed a risk of damaging the cable. Even at the customer’s
Along with STL’s suppliers, who it considers partners in end, they were difficult to handle, transport and re-reel.
progress, the Company aims to create products that offer
The size of these drums made it impossible for them to
an exceptional experience to customers and end users.
be stored on a pallet rack. This meant, they needed to be
Their durability, tactful network laying and robustness
stored upright, occupying significant warehousing space.
ensure this. However, to make this possible globally, the
Additionally, customers were unable to accept the cable in
Company maintains the highest standards when it comes
this format due to the bulky drums that were difficult to deal
to sourcing its raw material, as well as adhering to stringent
with and offload.
international requirements such as Restriction of Hazardous
Substances (RoHS) and Registration, Evaluation, Authorisation So basically, what was needed were small, light reels that
and Restriction of Chemicals (REACH) regulations for could preferably be handled by one person.
STL’s products. In addition to this, the Company is now
STL, together with Networks Centre's technical, warehouse
implementing supplier assessments and audits that will
and cable reeling teams, devised the best possible solution
ensure their alignment with its values and practises not just
using smaller reels. This meant STL could now transport three
on environmental parameters, but also on waste disposal,
drums in the same space as one, increasing shipping capacity
human rights, fair labour and anti-corruption.
by over 60%. The new design also meant saving 2.28 MT of
To build a sustainable supply chain, STL ensures an plastic and 13 tCO2e. The smaller size of drums meant further
optimal mix of national and international suppliers. Locally, economies in transportation as well as reduced the damage
it prioritises partnering with suppliers in and around to the cable while shipping. The new dimensions easily fit on
its operations, which helps the Company reduce its to a pallet ensuring minimal-to-no movement unlike the earlier
environmental footprint while simultaneously upskilling local ones which had to be stacked on account of the size. Even
talent and minority communities. loading time of the drums for shipping reduced to one-fourth
of what was earlier required to load fewer drums.
Local Suppliers (%)
FY21 56 Before After
FY20 58
33 drums 54 drums
FY19 34 in 1 hour in 20 minutes

Strategic
Overview
Contributions to UN SDGs
• The programme ensured regional development in Silvassa
through collaborations with local suppliers for packaging
material and non-critical materials
• Fibre-reinforced drums, ULW drums and S.U.R.E.
packaging were developed through collaborations with
partners across the value chain
• 56% of raw material by value was sourced from local
suppliers promoting development in these regions
• STL ensured resource efficiency in consumption and
production of packaging by decoupling economic growth
from environmental degradation through innovations
such as Fibre Reinforced Drums, ULW Cable Drums,
S.U.R.E. packaging
• STL took measures to eradicate forced labour, end modern
slavery and human trafficking, and secure the prohibition
and elimination of child labour by making adherence to these
aspects mandatory for all our suppliers. These form clauses
in each of our contracts which suppliers need to agree to
• The programme implemented a 10-year framework in 2020
for ensuring 100% sustainable sourcing and transitioning to
a green supply chain by 2030. This focuses on sustainable
consumption and production, development and capability
building as well as collaboration with suppliers and other
partners across the value chain
• The Company is working harmoniously with suppliers and
waste buyers to develop their capabilities and adopt new
technologies that reduce our environmental impact

Designing and delivering
eco-friendly products
STL’s products and services are best-in-quality and eco-
friendly. It ensures eco-friendliness by conducting life cycle Contributions to UN SDGs
assessments for product families, which helps the Company
identify areas where either energy optimisation or material • LCA for 10 optic fibre cable families have been
replacement is required to reduce the product’s eco-footprint. completed till date
Till date, the Company has conducted Life Cycle Assessments • Significantly increased access to information and
(LCA) for ten product families and aim to cover 100% by 2030. communications technology to provide universal
Further, a comprehensive Quality, Environment Health and and affordable access to internet through STL Garv
Safety policy guides its operations to minimise accidents, and STL’s projects with BharatNet, Mahanet and
spillage and reduce any negative environmental impact. STL others reaching out to 3 villages across Maharashtra,
trains professionals to deploy the networks with minimal wear Telangana and Uttar Pradesh
and tear, replacements and downtime. • Improving resource efficiency in consumption
The Company’s smart city and software solutions have not and production in an endeavour to decouple
only contributed to building better, greener and safer cities, economic growth from environmental degradation
but also played a critical role during the pandemic to help by developing durable and green products such as
local governments monitor the situation in their respective Mobilite, Multilite, Olympus Lite cables and others
states. Additionally, these offerings provide cities with
high-speed data transfer, ensuring efficient information
management, better traffic controlling, optimisation of energy
consumption and fast emergency service management.

Strategic
Overview
Aiming at water positivity globally

Water scarcity is now a global issue. While STL’s operations
are not water intensive, it still uses a significant amount. Reduce
Therefore, water management features as an ‘extremely high’
priority area on the Company's materiality matrix.
During FY21, STL conducted a comprehensive water footprint
study across all its Indian manufacturing units. This allowed
the Company to identify exact areas it needs to target through Replenish Recycle
optimisation and innovation to reduce its water consumption.
The Company leverages technology and monitors
processes that enable it to recycle the waste water from
manufacturing. This has allowed it to substantially reduce its
fresh water intake.
Reuse
Post STL’s water footprint study conducted by SGS
India, it has undertaken a holistic water management
approach that includes:
Harvesting rainwater Water consumption (m3)

Harvesting rainwater during the monsoon is not just a
sustainable option of saving water, but also prevents 50,483 421,316
wastage due to run-off. During FY21 STL ensured each of FY21 471,799
its manufacturing units has rainwater harvesting structures,
allowing it to conserve over 4,000 m3. 37,125 394,578
FY20 431,703
Rainwater harvested (m )
3
43,288 344,156
FY19 387,444
FY21 4,450 58,296 354,516
FY18 412,812
FY20 1,000
Groundwater Purchased Water

Optimisation of water use
In FY20, the Company implemented a number of measures to
optimise its water use, including water dashboards at plants, • By 2030, STL aims to become water positive across
an automated dosing system in cooling towers, substitution all its manufacturing locations globally. To achieve it,
of fresh water with recycled water for scrubbing, optimisation the Company is ensuring sustainable management of
of cooling tower blow down and Reverse Osmosis (RO) plant. scarce resources such as water through prevention of
During FY21, several improvements to existing structures waste, reduction, recycling, reuse and replenishment
helped the Company achieve 20% improvement from the
previous year. Some of these measures are: • The Company is reducing pollution, eliminating
dumping and minimising the release of hazardous
• Optimisation of consumption in SiCl4 (Silicon chemicals and materials at Waluj (Maharashtra),
Tetrachloride) area resulted in saving of 150 m3 Shendra (Maharashtra), Rakholi (Dadra and Nagar
• Installation of automatic taps to reduce touchpoints and Haveli) and Dadra (Dadra and Nagar Haveli) through
save water water treatment facilities and monitoring mechanisms
• Softener backwash water diverted from Multiple Effect • In FY21, 1,41,863 m3 of water was recycled and
Evaporator (MEE) feed to Blowdown stream for re-use and reused at STL’s manufacturing facilities in India.
MEE condensate to boiler feed 1,07,410 m3 freshwater intake was avoided in FY21
• The Company is investing in technology like effluent
Water recycled and reused (m3) and sewage treatment plants, multiple effect
evaporators and others. This helped STL reuse and
recycle 3,45,274 m3 water till date
FY21 141,863
• Rainwater harvested structures are created at
FY20 124,791 all Indian plants
• All optic fibre plants are Zero Liquid Discharge
FY19 78,620 Certified and these efforts are replicated at
Silvassa as well
• Effluent and sewage treatment plants are installed to
treat wastewater from manufacturing plants across all
three units in Aurangabad
• Wastewater that has been recycled is reused within
STL’s manufacturing premises for horticulture

Strategic
Overview
Working towards circularity

Waste management is a national priority. It is also an excellent Our approach
way to not just improve efficiencies by reducing waste at
source, but also promote a circular economy identifying
alternative uses for waste or by-products in natural or
industrial cycles.
Waste generation Waste segregation
At STL, it is one of the most fundamental ways the Company reduction
drives its sustainability agenda. It has enabled STL optimise
resource utilisation and operate in a more efficient and eco-
friendly manner by treating waste as a resource.
Four of its five manufacturing units in India are Zero Waste
to Landfill certified by Intertek, a U.S. Quality Assurance Reuse and recycle Legal compliance
provider. The Company aims to have all its plants across the
globe certified.
Total waste break-up by disposal method FY21

364,32.4 MT 0.06 0.01
0.69 0.18 2.77
251.6
21.9
2.6
1,009.5 % 42.30
15,411.6
53.99
19,669.2
65.9
Co-processing Distillation Incineration Landfill Recycling Reuse WTE
Total waste break-up by type FY21 8

3
36,432 MT 4
2,914
1,059
%
1,449
31,011 85
By-Product E-Waste Hazardous Waste Other Waste
Waste diverted away from landfills (mt) Waste break-up by type (%)
FY21 35,420 1 4 1.5 0.1 4.4 0.1 8.0 2.9

9.4 4.0
FY20 28,388
FY19 36,300
FY18 35,305 95 98.5 86.1 85.1
FY18 FY19 FY20 FY21
By-product E-waste Hazardous waste Other waste

Used lead acid batteries

Committed to Net Zero Emissions Energy mix (gj)
Energy consumption is a material topic for STL, as it ultimately
results in carbon emissions. The Company endeavours to 688,369
reduce its carbon footprint and achieve net zero emissions. FY21 844,695
To understand better the areas where efficiencies need to be
created, STL has undertaken a carbon footprint study of 100% 156,326
of its operations based on which a strategic plan and annual 671,754
targets have been defined. FY20 787,151
After setting an annual reduction target of 10% to achieve
115,397
its 2030 goal, STL exceeded this by more than doubling
592,626
its savings reducing 23.6% specific emissions in FY21 FY19 614,036
considering FY20 data as the baseline. Some of the ways STL
achieved these savings include: 21,410
• Optimisation of air conditioning systems 520,393
across all locations FY18 713,787
• Installation of VFDs in pumps, chillers and compressors 193,394

• Switch to LED lights for all replacements
From fuels From purchased electricity
The total energy consumption in the reporting period
was 844,695 GJ.
Carbon emission (tCO2)
STL continues to rigorously monitor its carbon emissions
and it is working towards its reduction. During FY21, Scope
1 and 2 emissions were 4,002 and 156,795 tonnes of CO2
equivalent, respectively.
FY21 156,795
4,002
7,619+ FY20 153,011

tCO2e avoided
3,941
FY19 134,987
1,636
FY18 118,534
15,435
Scope 1 Scope 2

Strategic
Overview
• Zero waste is sent to landfills at Shendra, Aurangabad,
Rakholi and Dadra (Silvassa)
• 96.21% waste generated at Waluj manufacturing facility is
diverted away from landfills, ensuring Zero Waste to Landfill
Level 2 certification
• Programmes are implemented for sustainable consumption
and production through S.U.R.E. packaging, saving 840 MT of
plastic and 770 MT of wood and paper in FY21
• 2,914 MT of by-products were repurposed in FY21
• 97% of waste is recycled, reused and co-processed
• All waste buyers are assessed as per the requirements of
Zero Waste to Landfill certification
• Redesigned packaging material has helped save 2,327
trees during FY21
• Value engineering in packing spool covers have helped
reduce 23 MT of Polypropylene
• Sustainable practices and integrated sustainability
information are adopted into STL’s reporting cycle through
disclosures in its Annual Report and the Communication of
Progress on ESG through the UN Global Compact website
• Awareness drives on water conservation and e-waste
recycling were conducted in FY21 for all employees
• 100% employees of Rakholi, Dadra and Shendra draw were
covered under Zero Waste to Landfill awareness programme.
This awareness module covered topics like importance of
sustainability, water positive and zero waste to landfill

Social
Building a better and more

inclusive world
The COVID-19 pandemic brought to the forefront deliver on the 2030 UN SDG Agenda, collective action is
innumerable glaring gaps in India’s development landscape. crucial to drive change that is meaningful and lasting. It is also
In STL’s endeavour to bridge these, it turned to its core essential to delve deeper into such social, environmental and
expertise – technology and innovation. This year saw new governance issues to understand what is actually leading
models that have helped the Company guarantee access to to their existence. Communities and governments therefore
quality healthcare, education and better livelihoods for rural become not just important stakeholders, but partners in
communities. Some of these communities are from districts development, as it is only along with them that the root cause
that are among some of the lowest ranking regions on the of an issue can be done away with to prevent it from recurring.
Human Development Index.
The Company has incorporated its learnings of several years
The agility built into these models allowed them to endure into its programmes and models successfully. As it continues
and continue even during the second wave of the COVID-19 to work closely with communities, STL is undertaking more
pandemic. This has ensured that education to children from inclusive, tech-driven and sustainable initiatives that not only
lesser privileged families does not stop even if their schools help improve their standards of living, but also create safer,
are closed, the sick have access to a doctor at all times, digital healthier, more inclusive and greener communities.
literacy continues to grow, gender equality does not get
During FY21, STL set the base to not just deliver on national
affected, communities keep benefiting from the experience
and global priorities, but also its 5-5-5 ESG goals for 2025.
of STLers and the Company’s work on environment
These include improved healthcare, education and gender
conservation goes on.
equality, water availability to counter scarcity and carbon
As always, while focusing on a core UN Sustainable emissions reduction while improving livelihoods.
Development Goal, STL has also incorporated aspects
In each of these programmes, data has been a critical
that allow it to contribute to mitigating other social and
element that has helped the Company in better decision-
environmental issues, making its interventions holistic
making and programme design alterations proactively be it
and sustainable.
in healthcare, education, women empowerment, employee
Additionally, each of its focus areas has a unique ability to volunteering, digital literacy or environment conservation.
influence several other development areas. However, to
Social highlights for FY21 and till date
1.43+ million
Overall impact till FY21
20,000+ 8,38,000+ 4,45,000+

Lives benefitted through Lives benefitted through Lives benefitted through
Women Empowerment Education Healthcare
Total lives impacted (million)
FY21 1.43
1,26,000+ 5,000+ FY20 1.32
Lives benefitted through Lives benefitted through
Environment initiatives; Volunteering
20,000+ trees planted FY19 0.83

Strategic
Overview
Women empowerment
Set up in Ambavane, Velhe, Maharashtra in 2014, the
Jeewan Jyoti Women Empowerment Programme has,
over the years, empowered women to become agents of
change. The comprehensive ecosystem that the programme
provides ensures that women are supported during their
skilling courses through additional facilities. These women
are guided on personality development and career growth
that helps them emerge more confident of their abilities and
potential with a clear direction on the way forward. This has
created a new generation of women in rural Maharashtra
who want to make their dreams a reality. There are now, not
just more women employed, but an increasing number of
women entrepreneurs.
At the production unit set up at Velhe in FY20 women are
trained on advanced handicrafts as well as quality, supply
chain management, packaging, and other processes.
To further strengthen this holistic ecosystem, STL launched
the Jeewan Jyoti application in FY21. The Company further
Anita Shilmkar
extended the programme to urban youth in Aurangabad. From helping her husband on their fields to making
Here, apart from equipping them with industry relevant ends meet, Anita today runs a successful tractor
skills, they are also guaranteed employment on successful rental business at her village. She was quick to learn
completion of the course. from the self-help group trainings how accounting
management and microfinance worked. She turned
Lives impacted her family’s fortunes around after purchasing a
tractor with a microloan. But she did not stop there.
Knowing the difficulties faced by farmers in her
FY21 7,500+ village in accessing such equipment, she started a
tractor rental business. This has not only helped make
FY20 5,000+
available advanced farm equipment at nominal costs,
but also reduced time and resources on farming.
FY19 1,800+
Leveraging partnerships for the goals

Together with STL’s partners: MAVIM, RangSutra and
Lighthouse Foundation, the Company is working to transform
rural women into role models for future generations. The
potential these women have is immense. They simply need a
guide to show them the way to achieve their aspirations. The
Jeewan Jyoti Women Empowerment programme is doing
precisely that and looks to expand its reach even further in
the coming years.

• Till date, the Jeewan Jyoti Women Empowerment • 86 women and 13 self-help groups have been
Programme has provided vocational education and linked to banks for financing them to set up their
livelihood opportunities to 3,855 women impacting over own businesses. ` 26.7 lakhs has been disbursed to
19,000 villagers and over 7,500 in FY21 these women in FY21
• This is among few programmes that provide beneficiaries • The programme has helped digitally empower
with transportation facilities from their villages to the 593 women through computer courses
programme site. This has allowed STL to cover women
• 198 students currently hold well-paid jobs in
from over 100 villages across Bhor, Velhe and Haveli
administration, hospitals, teaching and private
talukas in Maharashtra.
companies while 457 have their own businesses
• 1,500+ women in FY21 benefited through the programme
• 65 women were trained on advanced handicrafts and
• The programme has addressed discrimination against managing the production unit
all women and girls through a comprehensive support
• ` 10 lakhs worth orders were processed through
system across rural Pune and Aurangabad
the production house in FY21
• 32% of beneficiaries now earn a livelihood through
• 6 micro-livelihood opportunities (social enterprises)
jobs, small enterprises, self-help groups and their own
were created among rural women
businesses. 19% were added in FY21
• 100 women accessed digital learning opportunities
• Minimum salary earned by beneficiaries is ` 2,500 (~$ 34)
through the Jeewan Jyoti app
per month, thereby, eradicating extreme poverty in
these rural areas. • 54 youth were equipped with industry-relevant skills in
Aurangabad through the Lighthouse programme
• 50 self-help groups were initiated in FY21 to help women
earn a livelihood out of the 100 formed till date • The programme substantially increased the number
of youth and adults who have job relevant skills,
• Crèche facilities are provided to enable young mothers to
including technical and vocational skills, from 1,014 in
avail of the vocational course and livelihood opportunities
FY20 to 1,561 FY21
• 904 women have benefited through healthcare services
provided through the programme till date
• 500+ women have been trained on managing self-help
groups and played a crucial role in turning them into profit
making ventures

Strategic
Overview
Education
STL has always believed that education can help build a
more progressive and inclusive society. However, the onset
of the COVID-19 posed many challenges for students. The
Company, therefore, designed an agile programme that could
mitigate this issue by not only focusing on providing quality
state-board-aligned online education in vernacular languages,
but also ensuring teachers and school management are
adequately trained to leverage digital platforms for teaching.
In Aurangabad (Maharashtra), Silvassa (Dadra and Nagar
Haveli) and Nandurbar (Maharashtra), the programme
augments the New Education Policy through STEM labs,
digital learning, content and 2x learning improvements.
An important element in this programme has been ‘bridging
the digital divide’. During the COVID-19 outbreak in 2020,
a huge number of children from families below the poverty
line had to stop learning. This was mainly due to the lack of
access to a digital device. The programme therefore, through Vaishnavi Sadare
community educators and classes seeks to address this
widely prevalent issue. In Nandurbar, a hub-and-spoke model In March 2020, as students began preparing for their
ensures migrants who are usually field-workers do not have final exams, regular schooling came to a standstill
to travel to send their children to school ensuring they are and schools were abruptly shut. For urban children
not kept out of the education system. Mobile libraries here, blackboards and classrooms were quickly replaced
ensure that children learn holistically and can access the with laptop screens and online classes. However,
wonderful world of knowledge books offer. education for many children from poor households
and villages stopped due to the digital divide.
Further, STL’s Digital Empowerment programme in Pune
ensured that digital platforms were leveraged to the fullest Vaishnavi Sadare, a standard four student from
across four slums in Pune to not only create awareness during Gadhejalgaon village, Aurangabad was one of them.
the pandemic, but also allow people to improve their learning A bright girl, she missed going to school, meeting
and earning opportunities through e-commerce, access utility her friends and studying. She couldn’t attend classes
payments, use telehealth during the lockdown and so on. online as her parents were unaware of digital
After transitioning to a fully online model, the programme education techniques.
is now pivoting digital earning opportunities for individuals STL’s ed-tech programme through a community
where they are given advanced training to either enhance educator helped such students connect back to
their small enterprise’s reach and sales or be employed as school. Using an EduKit with several academic
virtual assistants and so on. topic videos, they helped parents by handholding
them to teach their children to use online learning
Lives impacted mechanisms. Now, Vaishnavi does not only regularly
attend school albeit online, but also enjoys meeting
her friends, encourages other children in her village
FY21 18,000+ to join online classes and even teaches her younger
brother.
FY20 3,61,000+
FY19 1,86,000+
Each one of these programmes hopes to create equal

access to quality learning opportunities that will help create
progressive communities and uplift people from poverty.

Contributions to UN SDGs Leveraging partnerships for the goals
• Till date quality education is made accessible STL believes quality education should not be restricted to
to over 838,000 beneficiaries from low-income just students. In India, even faculty needs ongoing upskilling
families through STL’s education initiatives. 1,700+ and training on how to leverage digital content and teaching
government schools covered techniques better. Even today, several communities still need
to be educated on the importance of educating their children.
• Technology made learning amidst the pandemic
possible for 12,141 children across 100+ schools To address these issues, the Company has gone beyond its
in FY21. Students completed free, equitable and areas of operation to districts like Nandurbar where there
quality primary and secondary education, leading to is a huge portion of the migrant population. Through each
relevant and effective learning outcomes of these interventions, it is making sure children from lower
income families and migrant communities have access to
• 1,196 individuals from across age groups were quality education and individuals in urban slums can leverage
digitally empowered through STL’s Digital the digital landscape for progress and, thus, a better and
Empowerment programme in FY21 more inclusive future.
• Mentoring and self-learning was facilitated
for 200+ youth
• STL’s latest ed-tech programmes will cover 1,00,000
beneficiaries annually under digital learning
across 300 schools in Aurangabad, Silvassa and
Nandurbar with 2x learning outcomes improvement
• 185 teachers were trained through STL ed-tech
programmes in FY21
• 794 youth and 614 adults, both men and
women, achieved literacy, digital literacy and
numeracy in FY21
• Ensuring 1,100+ children had access to quality
early childhood development, care and pre-primary
education so that they are ready for primary
education till date and 532 in FY21

Strategic
Overview
Healthcare
Over the last year, the COVID-19 pandemic upended social
progress in several regions. The pressure it has put on the
healthcare system is tremendous and needs to be augmented
through CSR. Rural communities need to be strengthened
through appropriate healthcare and well-being initiatives.
In addition to STL’s Mobile Medical Unit in Silvassa, the
Company assimilated learnings from the pandemic and
initiated an AI-telehealth-onsite healthcare programme at
Aurangabad, Gadchiroli (Maharashtra) and Nandurbar. STL
has been able to ensure that residents of these villagers,
have access to healthcare at their doorsteps and anytime
access to a doctor, free medication, nutrition and door-step
testing facilities.
During the second wave of the pandemic, the programme
extended support through 24x7 free teleconsultation,
door-step testing and sample collection, screening for
COVID-19, free medication and home-care treatment for
patients who tested positive. This is being done while
the regular programme continues to support the over-
burdened healthcare system by ensuring individuals with Sitting outside his home in Sinoni, a small village in
other morbidities than COVID-19 receive adequate care and Silvassa, Pritesh a 5 year-old often wondered if he
timely treatment. would ever enjoy playing like his friends do – running
around the village, playing cricket and climbing trees.
Affected by complications at the time of his birth,
Lives impacted Pritesh was unable to use his limbs. His doctor had
suggested regular physiotherapy and medication.
FY21 26,000+ But this required his father, a daily wager, to take
him every day to a hospital 20 kms away from their
FY20 1,16,000+ village. Unable to miss work through which he
supported his family and afford Pritesh’s treatment
FY19 14,000+ which was expensive, his father abandoned hope of
his son ever walking again.
A health camp held by STL’s Mobile Medical Unit,
helped change this whole situation. When the
Leveraging partnerships for the goals doctors heard of Pritesh’s condition, they sought
professional advice to help the boy. Thereafter,
on their visits to the nearby villages they ensured
seeing Pritesh and providing him with the required
medication and physiotherapy exercises.
A little over a year later, Pritesh is no longer
dependent on anyone to move around. He beams
and says, “Now I can walk, but one day soon, I know I
will be able to run around with my friends”.

• 3,040 children below 5 years of age were provided • Free testing facilities were provided to 6,615 villagers
with medical care in Aurangabad, Gadchiroli, across three districts in FY21
Nandurbar and Silvassa during FY21. The number
• 67 free teleconsultations were provided in FY21
since 2006 is over 37,000.
across 31 villages
• Over 1,10,000 women and 76,000 children were
• Nutrition to over 610 beneficiaries have helped ensure
treated through STL’s healthcare programmes till
their well-being and good health
date. Of these 10,782 women and 4,261 children
received quality healthcare in FY21. • 3,000+ patients were treated for COVID through STL’s
healthcare programmes
• 299 villagers and tribals were treated for tropical
diseases like malaria and scabies during FY21 • Over 100,000 lives benefited through STL's COVID relief
work across 20 locations in India
• 14,598 villagers covered through awareness drives
on hygiene, prevention of seasonal outbreaks • The programme addressed all forms of malnutrition
and health camps in 154 children under 5 years of age, as well as the
nutritional needs of 192 adolescent girls, 32 pregnant
• Over 5,480 rural and tribal patients between the age-
and lactating women and 232 older persons in FY21
group of 60 and above were treated and provided
free medicines to ensure their well-being in FY21
Today, STL’s health programmes

have ensured that villagers across
these districts are not deprived
of essential healthcare. They are
adequately cared for and are made
aware of the need of sanitation and
preventive care. They are also taught
to leverage new and better ways to
ensure their well-being.

Strategic
Overview
Environment
STL believes that simply operating in an eco-friendly manner
is not sufficient. This needs to be reinforced with action on
climate change even in communities. It should not simply
be about plantations or water conservation, but holistic
approaches that transform regions.
Hence, together with World Banks’s Water Resources Group
2030 and Village Social Transformation Foundation, it is
working in Aurangabad to build water resilient communities
and is undertaking massive afforestation and smart
agricultural practises that help set-off carbon emissions.
STL’s comprehensive water programme is focused on not just
conservation, but through community involvement, centres
around sustainability, behavioural change, groundwater
replenishment, rainwater harvesting and wastewater
treatment. This goes towards groundwater recharge,
afforestation and agriculture. It also focuses on government
convergence that ensures access to drinking water for all, Mission green
better housing, schools and other such rural development
schemes through extensive convergence initiatives. Further, Reforestation involves several factors, including
through women-led self-help groups (SHGs), the programme restricting grazing and encouraging communities
focuses on the gender equality. Here, livelihood opportunities to participate in ensuring the sustainability of
are being created for SHGs who comprise women from plantations.
the villages the programme is being implemented at. They When the ‘Mission Green’ programme began at
will ensure maintenance of the water storage structures, Vetale to ensure community involvement, bamboo
plantations, and undergo trainings. ‘Jaldoot’s’, who are tree guards made by local craftsmen were used to
youth from these villages also help the SHGs monitor and protect the trees. Unfortunately, the design lacked
create awareness on better ways of using scarce resources, the strength to withstand the impact of grazing
sanitation, hygiene, rainwater harvesting and so on. animals and transportation was costly. The pandemic
Similarly, through its Mission Green programme, STL restricted professionals from visiting and sharing their
looks to counter the adverse effects of industrialisation in ideas to resolve this issue.
Aurangabad by increasing the green cover while creating By then the local tribal craftsmen were keen to revive
livelihood opportunities for SHGs in the villages and ensuring their surroundings and determined to turn things
sustainability. Biodiversity restoration forms an important part around. They went back to the drawing board and
of the programme. what they came up with was jaw dropping! The design
Apart from Aurangabad, the programme is also present in was not just sturdy, aesthetically pleasing, impact
Vetale, Pune. Here, in addition to plantations, STL is also resistant, environment friendly, but also easy to
undertaking water conservation, livelihood creation and transport and assemble on site.
biodiversity restoration activities. The Vetale programme Being used extensively across the programme, this
looks at reforestation of barren land that has suffered due to ingenious innovation by the local craftsmen has
extensive burning of shrubs and grass. created livelihood opportunities for thousands of
others in the area.
Lives impacted
FY21 50,000+
FY20 8,000+
FY19 0

• Over 20,000 plantations are done till date and • It provided access to inclusive and accessible, green
10,000+ are in FY21 across Aurangabad and Vetale public spaces through afforestation and reforestation in
Aurangabad and Vetale
• 39,000 villagers benefited through STL’s water
programme across 12 villages • It achieved sustainable management and efficient use
of water in drought prone Aurangabad by replenishing
• The programme supports and strengthens the
over 7,85,000 m3 of water in communities till date
participation of local communities in improving water
and is undertaking construction of another 92 water
and sanitation management across 23 villages till
conservation, groundwater storage and rainwater
date and 12 in FY21
harvesting structures
• It built the resilience of over 126,000 villagers in
• The programme ensured holistic rural development
drought-prone Aurangabad through STL’s water and
through government convergence funds in FY21
rural development programmes till date
• Capacity building and environment management training
• ~136,000 tCO2e is reduced through plantations done
sessions were held for 84 youth and women across
• 100+ livelihood opportunities are created 230 days in FY21
• 40 acres of land is reforested in Vetale, Pune • Over 4,000 villagers were mobilised through awareness
drives focused on resource management, better
• 9,000+ m3 water conservation potential created
agricultural practises and participation for greening their
through ponds in Vetale. The same is used to support
communities through afforestation
the trees planted
• The programme led on a circular economy even through
• 208 flora and 143 fauna species are being monitored
STL’s Mission Green programme by converting over 250
under biodiversity restoration activities and studies
MT of waste into 100+ MT of compost used as fertiliser
• 127 women mobilised through 12 SHGs to and saving over ` 5,00,000
build in sustainability of the programme and
community involvement

Strategic
Overview
Leveraging partnerships for the goals The power of one STL

Both STL’s environment programmes are hopeful to not only The pandemic in FY21 restricted STL's employee volunteers
transform Aurangabad into a water-resilient region, but also from undertaking community work. However, they persisted,
restore biodiversity and the green cover in the city and Vetale albeit virtually. The Company’s transformation enablers, its
through such holistic and community-centric model. employees were able to help children learn better, mentor
youth from lesser privileged families, spread the joy of giving
with physically challenged children, record audio books for
the visually challenged and even do their part to protect
the environment.
Each of them enthusiastically participated, despite their hectic
professional and household schedules in this work-from-
home set-up. Their dedication and commitment to transform
everyday living for communities continue to help us create a
better world beyond tomorrow.
4,000+ 11,500+
Employee volunteers till Hours volunteered
date
Employee volunteering over the years
FY21 650+
300+
FY20 2.900+
1,100+
FY19 2,100+
1,000+
Volunteering hours Employees volunteers
Overall, in FY21, 381 employees volunteered virtually

benefiting more than 2,200 lives across the country and
helped STL contribute to UN SDGs 1, 3, 4, 5,10, 12 and 13.

Contributions to UN SDGs Leveraging partnerships for the goals
• 2,526 children, women and men have been

provided with clothes, essentials, food grains, toys
and learning aids through Daan Utsav till date. The
number in FY21 is 373
• Blood donations helped 6,335 underprivileged
individuals till date
• 877 students have benefited through mentoring
sessions over the last three years
• 25 employees volunteered their time to coordinate
COVID-19 relief measures across 20 locations in FY21

Strategic
Overview
Governance
STL has a dedicated Human Rights policy covering aspects
Governance at par with global such as prohibition of forced and child labour, employee
standards as well as contractors health and safety, labour standards,
Being a responsible corporate citizen is an important diversity and equal opportunity among other areas. The
element of STL’s ESG agenda. It focuses around ensuring policy also guides adherence to labour standards on working
transparency through adherence to industry standards, hours, working conditions, wages and overtime pay. Further,
disclosures and reporting. However, to assure stakeholders it ensures fair compensation, opportunity to improve skills
that what is reported is accurate and true, the Company and capabilities, safe and healthy working condition, diversity
ensures what its reports is externally verified. Over the last and equal opportunity and non-discrimination. And through
two years, the Company has even gone beyond just financial its business, social impact initiatives and collaborations,
and business reporting, to publish its progress on Corporate the Company ensures it uses these guidelines and policies
Social Responsibility (CSR) and sustainability as well as the to ensure protection and fulfilment of human and labour
UN Sustainable Development Goals and UN Global Compact rights as well as the safety and well-being of its employees,
(UNGC) 10 principles through STL Annual Report and labourers, and individuals across its value chain and the
Communication on Progress published on the UNGC website. communities surrounding its operations.
Through regular interactions, the Company ensures
Governance highlights for FY21 and employees and workers have the opportunity to ask
till date questions and share their views directly with top
management, and get to know of the Company’s plans for
Adherence to global standards on human rights growth, thereby increasing diversity across organisation,
and labour practices competency enhancement, professional growth, skill
development and several other aspects.
STL’s people are its biggest and most valuable asset.
However, the Company believes its responsibility does Anti-corruption
not end with ensuring adherence to Human Rights, Fair The trust of its stakeholders has always been a priority for
Labour Practises and ensuring safe working conditions for STL. Transparency, regulatory compliance and a robust code
only STLers. It extends to individuals working across the of conduct and ethics policy guide its processes, operations
Company’s value chain. and culture.
The Company is guided by the principles of the United The importance of anti-corruption is reiterated to every
Nations Universal Declaration on Human Rights and employee and partner right at the start. For an employee at
the International Labour Organisation’s Declaration on the joining phase and for partners it is part of the Code of
Fundamental Principles and Rights at Work as well as the Conduct STL has incorporated into every contract. A whistle-
UNGC. It ensures the highest standards on human rights, blower grievance mechanism is also in place to allow partners
ethical and equitable labour practices are adhered to. While and employees to raise any cases of corruption, bribery,
a code of conduct forms a mandatory part of all STL’s partner extortion and others to the Company's attention.
contracts, it is looking to take further steps to ensure these
principles are adhered to.

• Provision of fair wages is made for over 3,260 temporary/ • QEHS policy guides our Quality, Environment, Health and
contractual/casual employees according to state acts safety processes
• STL ensured women’s full and effective participation with • All manufacturing facilities are ISO 14001 certified for
over 16% of STL’s workforce comprising women Environment Management System
• Adherence to International Labour Organisation • The Company ensures environmentally sound
standards across STL locations management of chemicals and wastes throughout their
use, in accordance with agreed international frameworks
• The Company takes effective measures to eradicate
(Zero Liquid Discharge, Zero Waste to Landfills, etc.) to
forced labour, end modern slavery and human trafficking
minimise impact on human health and the environment
and secure the prohibition and elimination of the worst
forms of child labour through inclusion of this clause in all • The Company ensures equal opportunity and reduced
partner contracts inequalities by promoting appropriate legislation through
effective grievance mechanisms like the Whistle-blower
• All its manufacturing facilities are ISO 45001 certified
Policy, Code of Conduct, POSH and others

Strategic
Overview
Awards & Accolades

STL’s ESG and COVID-19 relief work won 22 awards for the Company in FY21. The recognition
included two of the country’s most prestigious awards as well as some renowned international
awards. The wins are:
DuPont Safety & Sustainability Golden Peacock Awards CII-ITC Sustainability Awards
Awards
Winner (Telecom) – CSR Winner - Overall CSR
APAC Winner - Zero Waste to
Landfill
Global WasteMet Awards National CSR Leadership Growcare India Awards

Awards
Winner - Waste Management Platinum - Waste Management
Winner - Overall CSR
CSR Health Impact Awards Growcare India Awards 7th CSR Times Awards
Bronze - COVID Relief Work Gold - Sustainability Gold - Women Empowerment
Growcare India Awards Greentech Environment Awards 8th India CSR Awards
Platinum - Women Sustainability Winner - Overall CSR
Empowerment
7th Greentech CSR Impact Apex India Foundation Apex India Foundation
Awards
Gold - Overall CSR Platinum - Sustainability
Gold – Women Empowerment
Brand India Awards Mahatma Awards Mahatma Awards

Winner - Most Socially Winner - Sustainability: Waste & Winner - CSR: Partnerships for
Responsible Company Material Productivity the Goals
Rushlight Awards (UK) ACEF Asian Leaders Award

Winner - Zero Waste to Landfill Bronze - Excellence in CSR
The Golden Globe Tigers

Winner - Waste Management
ACEF Asian Leaders Award

Gold - Reduce, Reuse and
Recycle Achievement

An inclusive future,
beyond tomorrow
FY21 started off as a challenging year, with the
pandemic disrupting business operations and social
progress. But the learnings and lessons from this
year have helped us introspect, learn and innovate to
emerge stronger and even more resilient.
Despite the several barriers, STL has moved strongly
toward its ESG goals and is confident that it will be
able to deliver on them.
The new programmes can now continue to spread
hope even while the second wave of the pandemic
continues to ravage the country. And with its ESG
agenda occupying centre stage, sustainability is part
of how the Company operates.
STL remains committed to its vision of ‘transforming
everyday living by delivering smarter networks' and its
work and external recognition have further reinforced
the commitment it has towards making this vision a
reality not just for India, but for the world.

DQS- Independent Assurance Statement
To the Management and Stakeholders of Independence and competences of the
Sterlite Technologies Limited, assurance provider
DQS Group is an independent professional services firm that
DQS has been engaged by Sterlite Technologies Limited
provides assurance on sustainability disclosures under the
(STL) to provide independent assurance over (non-financial)
Global Reporting Initiative (GRI), CDP and other specialised
based on GRI - Core reporting framework with selected KPIs.
management and reporting mechanisms. Independent
The engagement took place from 28.05.2021 to 01.06.2021
verifiers have not been involved in the development
through virtual assessment considering current COVID-19
of the report nor have they been associated with STL’s
conditions.
sustainability program, data collection or strategic processes.
Objectives
DQS Group ensures that the assurance team possesses the
The objective of this assurance engagement was to
required competencies, maintained neutrality and performed
independently express conclusions on underlying reporting
ethically throughout the engagement. Further information,
processes and validate qualitative and quantitative claims, so
including a statement of impartiality, can be found at: www.
as to limit misinterpretation by stakeholders and increase the
dqs-cfs.com. The management of STL was responsible for
overall credibility of the reported information and data.
the preparation of the sustainability part of the Corporate
Report and all statements and figures contained within it.
Scope of assurance
The assurance encompassed the entire report and focused
on all figures, statements and claims related to sustainability Assurance methodology
during the reporting period April 2020 to March 2021. More The assurance procedures and principles used for this
specifically, this included: engagement were drawn from the International Standards
and methodology for data verification developed by DQS as
• Statements, information and performance data contained
below:
within the sustainability report
1. Based on GRI - Core reporting framework, STL has
• STL’s management approach of material issues; and identified selected corporate KPIs and data sets, which are
classified according to the relevant data owners and the
• STL’s reported data and information as per the
type of evidence required for the verification process
requirements of the Global Reporting Initiative Standards
2. Carry out interviews with key functional managers and
The assurance engagement was performed in accordance
data owners at STL
with a Type 2 assurance of the AA1000 Assurance Standard
(AA1000AS v3), which consists of: 3. Data quality verification included the following:
• Evaluating the company’s sustainability framework I. Enquiring about the quantitative and qualitative
and processes using the inclusivity, materiality, aspects of the KPI disclosures, including performance
responsiveness, and impact criteria of the AA1000 information, policies, procedures and underlying
AccountAbility Principles (AA1000APS 2018), and management systems
• Evaluating the quality of the reported sustainability II. Requesting evidence of the data sources and
performance information explanation of relevant collection and calculation
methods to substantiate the figures and claims
The report has been self-declared to comply with the ‘in
accordance – core’ requirements of the GRI Standards. 4. Challenging the KPI claims, where possible, confirming
the presented evidence, including calculation methods,
Operational Boundary: Verification of Corporate office
criteria, and assumptions, with multiple data owners and
at Pune of Sterlite Technologies Limited (STL) along with
other documentation from internal and external sources
specific production sites - Dadra Plant, Rakholi Plant, Waluj
Plant, Shendra Draw Plant and Gaurav Plant for the following: 5. Assess the collected information and provide
recommendations for immediate correction wherever
1. CSR
required or for future improvement of the non-financial
2. Water indicators verification within the scope
3. Waste Key observations and recommendations
4. Energy / Carbon Emissions Strengths
1. Strong management commitment is noted towards water
Level of assurance and limitations conservation. Good progress is observed in areas of
A moderate level of assurance under AA1000AS was water conservations through Water Positive & Zero Liquid
provided for this engagement. Information and performance Discharge initiatives.
data subject to assurance is limited to the content of the
2. Initiatives and structured plan for achieving carbon
sustainability report. The assurance did not cover financial
neutrality by 2030 are found appreciable
data, technical descriptions of buildings, equipment and
production processes or other information not related to 3. Implementation of automated tools for data gathering,
sustainability or already supported by existing documents, capturing, monitoring real-time information of important
such as third-party audits or certifications and previous STL parameters towards energy, waste, carbon, water, social
annual reports. impact, etc.

Strategic
Overview
4. Appreciation from various external agencies in terms of Responsiveness

awards towards CSR & Sustainability activities (Ex: CII-ITC
How the organisation responds to stakeholder issues and
Award, DuPont Safety & Sustainability Awards, Mahatma
feedback through decisions, actions, performance and
Awards - Winner - CSR: Partnerships for the Goals) are
communication.
highly commendable
STL is responding to those issues that it has identified as
Opportunities for improvement material and demonstrates this in its policies, objectives,
1. Community Grievance Redressal, Community Survey indicators and performance targets. The organisation and
and Community complaint management system can be its stakeholders can use the reported information as a
established reasonable basis for their opinions and decision-making.
The company has taken various initiatives towards delivering
2. Social capital valuation or SROI for CSR projects may be
environmentally friendly services along with occupational
opted, which will help in understanding the efficiency and
health and safety, appropriate measures for emergency
effectiveness of the projects
handling, control and risk management in its operations. The
3. ISO 26000 (Social Responsibility) and ISO 20400 responses to material aspects are fairly articulated in the
(Sustainable Procurement guideline) standards can be report, i.e. disclosures on STL´s policies and management
implemented, which will help to strengthen the supply systems including governance. In our view, the level at which
chain function the Report adheres to this principle is very good.
4. Type of fuels with related data on percentage of Impact
consumption can be mentioned in the report. Future plans
How the organisation monitors, measures and ensures
on fuel substitution along with management commitment
accountability for how its actions affect their broader
on renewables can also be shared in the report.
ecosystems.
5. Next carbon footprint assessment may be planned to
STL has implemented systems to monitor and measure its
include Scope 3 emissions
economic, environmental and social impacts. Identified
impacts are incorporated into both stakeholder engagement
Evaluation of the adherence to AA1000 as well as the periodic materiality assessment process.
AccountAbility Principles The corporate report discloses impacts in a balanced and
effective way, indicating both realised and unrealised goals.
Inclusivity
In our view, the level at which the Report adheres to this
How the organisation engages with stakeholders and principle is very good.
enables their participation in identifying issues and finding
Conclusion
solutions.
On the basis of a moderate assurance engagement
The stakeholder identification and engagement process
according to the above-listed criteria, nothing has come to
is well documented and implemented through the STL
our attention that causes us to believe that the sustainability-
Sustainability programme, and the Report brings out key
related strategies of STL and its sustainability-related key
stakeholder concerns as material aspects of significant
performance indicators defined in the 2021 Corporate
stakeholders. In our view, the level at which the Report
Report are materially misstated.
adheres to this principle is very good. Therefore, it is
recommended that STL should continue with the planned The STL Corporate Report of 2021 is in line with the
process of direct dialogue with the stakeholders at GRI Standards Core Option. The material aspects and
determined intervals. their boundaries within and outside of the organisation
are properly defined in accordance with GRI’s reporting
Materiality principles.
How the organisation recognises issues that are relevant and STL has made significant strides to introduce innovative
significant to itself and its stakeholders. solutions towards mitigating impacts and influence supply
chain partners in the process. Continued alignment of
The Report addresses the range of environmental, social
risk assessments, stakeholder engagement processes,
and economic issues that STL and its stakeholders have
materiality and strategy will further strengthen the global
identified as being of material importance. The identification
sustainability practice of STL.
of material issues has considered both internal assessments
of risks and opportunities to the business, as well as On behalf of the DQS India assurance team June 2, 2021
stakeholders’ views and concerns. A process of stakeholder Signature:
engagement through sustainability board meetings identified
the material issues. The Report fairly brings out aspects
and topics and its respective boundaries for the diverse
operations of STL. In our view, the level at which the Report
adheres to this principle is very good. It is recommended that
STL continues with this process. Dr. Murugan Kandasamy
CEO & Managing Director Certified Sustainability Assessor

GRI Index and UNGC Principles
Page Number/
Title Disclosure Disclosure Title. Individual disclosure items ('a', 'b', 'c', etc.)
GRI Standard External
Number are not listed here
Reference
General Disclosures
GRI 102: 102-1 Name of the organisation 132
General Disclosures 2016 102-2 Activities, brands, products, and services 132
102-3 Location of headquarters End Cover Page
102-4 Location of operations 132
102-5 Ownership and legal form 128, 153
102-6 Markets served 132
102-7 Scale of the organisation 132, 133
102-8 Information on employees and other workers 136
102-9 Supply chain 66, 67
102-10 Significant changes to the organisation and its supply chain No Change
102-11 Precautionary principle or approach 64, 65
102-12 External initiatives 138
102-13 Membership of associations 138
102-14 Statement from senior decision-maker 3-5
102-16 Values, principles, standards, and norms of behavior 64
102-18 Governance structure 114
102-40 List of stakeholder groups 62
102-41 Collective bargaining agreements 136, 137
102-42 Identifying and selecting stakeholders 62
102-43 Approach to stakeholder engagement 62
102-44 Key topics and concerns raised 63
102-45 Entities included in the consolidated financial statements Financial Report
102-46 Defining report content and topic boundaries 61
102-47 List of material topics 63
102-48 Restatements of information None
102-49 Changes in reporting No Change
102-50 Reporting period 61
102-51 Date of most recent report FY 19-20
102-52 Reporting cycle Annual
102-53 Contact point for questions regarding the report End Cover Page
102-54 Claims of reporting in accordance with the GRI Standards 61
102-55 GRI content index 92
102-56 External assurance 90
GRI 200: Economic
Economic Performance
GRI 201:
201-1 Direct economic value generated and distributed Financial Report
Economic Performance 2016
Indirect Economic Impacts
GRI 203:
201-1 Significant indirect economic impacts Financial Report
Economic Impacts 2016
% local procurement 66
Anti-Corruption
GRI 205: Anti-corruption 2016 205-2 Communication and training about anti-corruption policies and procedures 85
205-3 Confirmed incidents of corruption and actions taken 137
GRI 300: Environmental
Energy
GRI 302: Energy 2016 302-1 Energy consumption within the organisation 72
302-5 Reduction in energy requirements of products and services 72, 73
Water
GRI 303: Water 2016 303-1 Water withdrawal by source 69
303-3 Water recycled and reused 70

Strategic
Overview
Page Number/
Title Disclosure Disclosure Title. Individual disclosure items ('a', 'b', 'c', etc.)
GRI Standard External
Number are not listed here
Reference
Emissions
GRI 305: Emissions 2016 305-1 Direct (Scope 1) GHG emissions 72
305-2 Energy indirect (Scope 2) GHG emissions 72
Effluents and Waste
GRI 306: Effluents and Waste
306-2 Waste by type and disposal method 71
2016
GRI 400: Social
Employment
GRI 401: Employment 2016 401-1 New employee hires and employee turnover 136
Training and Education
GRI 404: 404-1 Average hours of training per year per employee 136
Training & Education 2016 404-2 Programmes for upgrading employee skills and transition assistance 136
Local Communities
GRI 413: Local Communities Operations with local community engagement, impact assessments, and
413-1 74
2016 development programs
Marketing and Labeling
GRI 417: Marketing and
417-1 Requirements for product and service information and labeling 139
Labeling 2016
United Nations Global Compact Index

UNGC Principles Page No.
Human Rights
Principle 1
Businesses should support and respect the protection of internationally proclaimed human rights 85
Principle 2
Businesses should make sure they are not complicit in human rights abuses 137
Labour
Principle 3
Businesses should uphold the freedom of association and the effective recognition of the right to collective 85, 137
bargaining
Principle 4
Businesses should uphold the elimination of all forms of forced and compulsory labour 85, 136
Principle 5
Businesses should uphold the effective abolition of child labour 85, 136
Principle 6
Businesses should eliminate discrimination in respect of employment and occupation 85, 136
Environment
Principle 7
Business should support a precautionary approach to environmental challenges 64, 65
Principle 8
Business should undertake initiatives to promote greater environmental responsibility 66-73
Principle 9
Business should encourage the development and diffusion of environmentally friendly technologies 66, 67
Anti-Corruption
Principle 10
Businesses should work against corruption in all its forms, including extortion and bribery 85, 135

Directors’ Report
To the Members,
Your Directors are pleased to present the Annual Report for the Financial Year 2020-21 together with the audited financial
statements of the Company for the financial year ended March 31, 2021.
Financial Summary/Highlights
(` in crores)
Standalone Consolidated
Particulars
2020-21 2019-20 2020-21 2019-20
Net Revenue from Operations 4,142.01 4,760.50 4,825.18 5,154.40
Profit/(Loss) before Interest, Depreciation & Tax 756.15 1,018.13 843.72 1,094.73
Add: Finance Income 14.35 11.67 9.90 8.90
Less: Finance cost 189.71 204.46 203.00 221.04
Less: Depreciation and amortisation expense 215.10 232.42 285.26 290.28
Net Profit/(Loss) before exceptional item and taxation 365.69 592.92 365.36 592.31
Exceptional Item - 50.71 - 50.71
Net profit/(loss) before taxation 365.69 542.21 365.36 541.60
Total Tax Expenses 104.28 108.69 111.27 108.88
Net Profit/(Loss) for the year after tax 261.41 433.52 254.09 432.72
Share of profit/(loss) of Joint venture NA NA 14.86 -
Net Profit for the year after tax & share in profit/(loss) of joint 261.41 433.52 268.95 432.72
venture
Loss from Discontinued Operations NA NA (3.59) (8.28)
Profit for the year 261.41 433.52 265.36 424.44
Share of profit of minority interest NA NA (10.11) (9.46)
Net Profit attributable to owners of the Company 261.41 433.52 275.47 433.90
Balance carried forward from previous year 1,477.62 1,225.05 1,577.32 1,323.73
Amount available for appropriation 1,739.03 1,658.57 1,852.79 1,757.63
APPROPRIATIONS
Equity dividend and tax thereon (160.44) (170.09) (160.44) (170.09)
Transfer to debenture redemption reserve - - - -
Others 2.46 (10.86) 2.46 (17.83)
Balance carried forward to the next year 1,581.05 1,477.62 1,694.81 1,577.32
and cloud companies globally have accelerated their plans

Performance
to bring these digital networks to the market, while they
Standalone
continue to invest in modernising the current networks.
FY21 closed with Revenues of ` 4,142.01 crores, EBITDA
STL, with 25 years in optical connectivity, large-scale digital
of ` 756.15 crores, PAT of ` 261.41 crores and EBITDA
network integration and virtualised wireless capabilities,
margins of 18%.
is uniquely placed to establish its position as a leading
integrator of digital networks.
Consolidated
FY21 closed with Revenues of ` 4,825.18 crores, EBITDA
The wellbeing of employees continues to be of utmost
of ` 843.72 crores, Net Profit attributable to owners of the
priority for the Company. Several initiatives to support
Company ` 275.47 crores and EBITDA margins of 17%.
employees and their families during the pandemic have
been taken, viz. telemedicine consultation, healthcare
Operations
service at home, COVID-19 testing, vaccination support,
Highlights of your Company’s operations and state of
emotional/mental support. The Company is also assisting
affairs for the Financial Year 2020-21 are included in the
its employees with hospital availability, isolation, oxygen
Management Discussion and Analysis Report, which forms
concentrator/cylinder, injections, plasma, ambulance, etc.
part of this Annual Report.
Though the safety and wellbeing of our employees was at
COVID-19
the top of our mind, we equally contributed to society and
As the world continues to grapple with the COVID-19
humanity as a whole:
pandemic and remote working becomes the new norm, the
shift to digital is now permanent. Globally, internet traffic has
• STL contributed $75,000 to the Italy local government
increased significantly, and the demand for data connectivity
fund via Italy plant; sent masks to Italy
continues to grow exponentially. Digital service providers

Governance
Reports
• STL provided PPE support to China; got sanitizers, ` 112.53 per Equity Share. The Company deployed
disinfectants, wards & ventilator assemblies ready in approximately ` 99.78 crores representing approximately
just 5 days 68.82% of Maximum Buyback Size.
STL’s plants were not only converted into large quarantine

Shifting of Registered Office
•
facilities but were producing PPE gear
The shifting of registered office of the Company from E1,
Dividend MIDC Industrial Area Waluj Aurangabad - 431136, under
The Board of Directors (‘the Board’) is pleased to the jurisdiction of Registrar of Companies Mumbai, (ROC
recommend a final dividend of ` 2/- per Equity Share Mumbai) to 4th Floor, Godrej Millennium, Koregaon Road 9,
(i.e. 100%) of ` 2/- each for the FY21. The distribution of STS 12/1, Pune - 411001, under the jurisdiction of Registrar
dividend will result in payout of around ` 79.31 crores of Companies, Pune (ROC Pune) was approved by the
(excluding tax) on dividend. The dividend payout is subject shareholders in the Annual General Meeting held on
to approval of shareholders at the ensuing Annual General August 31, 2020. The Company has received order from
Meeting (‘AGM’). The Company proposes not to carry any the Regional Director, Western Region vide order number-
amount to reserves for the FY21. RD/Sec.12(5)/R68671668/1803 on November 10, 2020.
The same is still pending for approval with the Registrar of
The Dividend Distribution Policy of the Company, in terms Companies, Pune.
of Regulation 43A of the SEBI (Listing Obligations and
Disclosure Requirements), Regulations, 2015 (‘Listing Corporate Governance
Regulations’), is available on the website of the Company at A Report on Corporate Governance, in terms of Regulation
https://www.stl.tech/Code-of-Conduct-and-Policies.html 34 of the Listing Regulations, along with a Certificate from
Practising Company Secretary, certifying compliance of
Acquisition of Optotec SPA, Italy conditions of Corporate Governance enumerated in the
During the year, the Company, through its wholly owned Listing Regulations, is presented in a separate section
subsidiary, STL Optical Interconnect SpA acquired forming part of this Annual Report.
100% shareholding in Optotec S.p.A, a leading Optical
Interconnect Products Company based in Italy at an Management Discussion and Analysis Report
enterprise value of Euro 29 million. Management Discussion and Analysis Report for the
year under review, giving detailed analysis of Company’s
Optotec provides a complete range of Optical Interconnect operations, as stipulated under Regulation 34 of the Listing
Products for Telecommunication, FTTH and Cloud Networks Regulations, is presented in a separate section forming part
in Europe. Optotec, under its patented technology, has an of this Annual Report.
end-to-end portfolio ranging from Outside Plant (OSP) to
Central Office (CO) to Customer Premises (CP) that would Business Responsibility Report (BRR)
complement the Company’s “Opticonn” offering of optical In compliance with the Listing Regulations, the Company has
fibre and cables for a truly integrated products portfolio. included a separate section on Business Responsibility as a
part of this Annual Report.
Optotec has a strong legacy in Optical Interconnect portfolio
of over 20 years and shares long standing relationships with Material Changes and Commitments, if any,
marquee European telecom operators. The acquisition will affecting the Financial Position of the Company
help create a solid springboard to offer a complete bouquet There were no adverse material changes or commitments
of solutions to customers across Europe, India and the occurred between the end of financial year and date of
Middle East. this report, which may affect the financial position of the
Company or may require disclosure.
Buyback of Equity Shares
The Board, at its meeting held on March 24, 2020, had Board Meetings
approved the buyback of fully paid-up equity shares of the A calendar of Meetings is prepared and circulated in
Company from the open market through stock exchange advance to the Directors. During FY21, six meetings of the
mechanism, at a price not exceeding ` 150/- per equity Board of Directors were held on May 12, 2020;
share for an aggregate amount not exceeding ` 145 crores. July 23, 2020; October 5, 2020; October 22, 2020;
January 20, 2021 and March 17, 2021. The maximum time
The buyback commenced on April 7, 2020 and closed on gap between any two consecutive meetings did not exceed
August 27, 2020. The Company bought back 88,67,000 one hundred and twenty days. Owing to the ongoing
Equity Shares at a volume weighted average price of pandemic, most of the Board meetings were held through
Video conferencing facilities.

Directors’ Report contd.
Composition of Audit Committee 6 of the Companies (Appointments and Qualifications of

The Audit Committee of the Board comprises of the Directors) Rules, 2014. The Board is of the opinion that the
following members: Ms. S Madhavan – Chairperson, Independent Directors of the Company possess requisite
Mr. Kumud Srinivasan – Member, Mr. Sandip Das – Member qualifications, experience and expertise and they hold
and Mr. Pravin Agarwal – Member. Mr. A. R. Narayanaswamy highest standards of integrity.
and Mr. Arun Todarwal ceased to be the members, with the
completion of their tenure as Directors, on March 31, 2021. In terms of provisions of Section 203 of the Act, and the
All recommendations given by Audit Committee during FY21 Rules made thereunder, following are the Key Managerial
were accepted by the Board. Personnel (KMP) of the Company:
1. Dr. Anand Agarwal – Chief Executive Officer

Further details on the Audit Committee and other
Committees of the Board are given in the Corporate 2. Mr. Mihir Modi – Chief Financial Officer
Governance Report, which forms a part of this
3. Mr. Amit Deshpande – Company Secretary
Annual Report.
Mr. Anupam Jindal resigned as Chief Financial Officer (CFO)
Directors and Key Manangerial Personnel and Key Managerial Personnel of the Company effective
Mr. Arun Todarwal and Mr. A.R. Narayanaswamy were re- September 11, 2020, Mr. Mihir Modi was appointed as
appointed as Independent Directors of the Company for a Chief Financial Officer and Key Managerial Personnel of the
second term of two years with effect from April 1, 2019 to Company effective October 5, 2020.
March 31, 2021. Upon completion of their term on March 31,
2021, they have ceased to be Directors. Mr. Pratik Agarwal Your Directors place on record their appreciation for the
resigned as Non-Executive Director of the Company valuable contribution made by the retiring and resigning
effective January 20, 2021. Directors and the CFO during their tenure with the Company.
Pursuant to the recommendation of the Nomination & Performance Evaluation of the Board, its
Remuneration Committee (NRC), the Board, in its Meeting Committees and Individual Directors
held on January 20, 2021, appointed Mr. S Madhavan The Board of Directors of the Company is committed to
and Mr. BJ Arun as Additional Directors (Non-Executive, assessing its own performance as a Board in order to
Independent) effective January 20, 2021. They hold identify its strengths and areas in which it may improve its
office upto the forthcoming AGM of the Company. Upon functioning. To that end, the NRC has established processes
recommendation of the NRC, Mr. Ankit Agarwal was also for performance evaluation of Independent Directors,
appointed as Additional Director (Executive) of the Company the Board and Committees of the Board. Pursuant to the
effective January 20, 2021 and holds office upto the provisions of the Act and the Listing Regulations, the Board
forthcoming AGM. Necessary Resolution for appointment of has carried out an annual evaluation of its own performance,
Mr. S Madhavan and Mr. BJ Arun as Independent Directors performance of its Committees as well as the Directors
and Mr. Ankit Agarwal as Whole-time Director have been individually. Details of the evaluation mechanism are
included in the Notice convening the AGM. provided in the Corporate Governance Report.
Pursuant to Section 149 read with Section 152 of the The Board has, on the recommendation of the NRC, framed
Companies Act, 2013 (‘the Act’), Mr. Anil Agarwal, Non- a policy for selection and appointment of Directors, Senior
Executive Director will retire by rotation at the ensuing AGM Management and their remuneration (‘NRC Policy’). The
and being eligible, offers himself for re-appointment. The NRC Policy of the Company includes criteria for determining
Board recommends his appointment. qualifications, positive attributes and independence of a
Director and policy relating to the remuneration of Directors,
Details of the aforesaid proposals for appointment are Key Managerial Personnel and other employees and is
provided in the Annexure to the Notice of the AGM. framed with the object of attracting, retaining and motivating
talent which is required to run the Company successfully.
The Company has received necessary declarations from The Policy can also be accessed on Company’s website
all the Independent Directors confirming that they meet at the link: https://www.stl.tech/Code-of-Conduct-and-
the criteria of independence as prescribed under the Act Policies.html
and the Listing Regulations. The Independent Directors
of the Company have also registered themselves in the Directors’ Responsibility Statement
databank with the Indian Institute of Corporate Affairs Pursuant to provisions of Section 134(3)(c) and Section
and confirmed compliance of relevant provisions of Rule 134(5) of the Act, your Directors state that:

Governance
Reports
a) in the preparation of the annual accounts for the year Subsidiaries and Joint Ventures
ended March 31, 2021, the applicable accounting In accordance with Section 129(3) of the Act, a statement
standards read with requirements set out under containing salient features of the financial statements of the
Schedule III to the Act, have been followed and there subsidiary companies in Form AOC-1 is provided as part
are no material departures from the same; of the consolidated financial statement. Hence, a separate
report on the performance and financial position of each of
b) the Directors have selected such accounting policies the subsidiaries and joint venture companies is not repeated
and applied them consistently and made judgements here for the sake of brevity. This also includes highlights of
and estimates that are reasonable and prudent so as performance of Jiangsu Sterlite Tongguang Fibre Co. Ltd.
to give a true and fair view of the state of affairs of the and Metallurgica Bresciana S.p.A., material subsidiaries of
Company as at March 31, 2021 and of the profit of the the Company.
Company for the year April 1, 2020 to March 31, 2021;
During the year under review, the following have become
c) the Directors have taken proper and sufficient care subsidiaries (direct/indirect) of the Company
for the maintenance of adequate accounting records
a. PT Sterlite Technologies Indonesia (Indonesia)
in accordance with the provisions of the Act for
safeguarding the assets of the Company and for b. Sterlite Technologies DMCC (Dubai)
preventing and detecting fraud and other irregularities; c. Sterlite Technologies, Pty Ltd. (Australia)
d. STL Optical Interconnect S.p.A (Italy)
d) the Directors have prepared the annual accounts on a
e. Optotec S.P.A. (Italy)
‘going concern’ basis;
f. Optotec International S.A. (Switzerland)
e) the Directors have laid down internal financial controls g. STL Edge Networks Inc. (USA)
to be followed by the Company and that such internal h. STL Networks Limited (India)
financial controls are adequate and are operating
effectively; and Sterlite Tech Holdings (UK) Limited has ceased to be
subsidiary/joint venture or associate of the Company
f) the Directors have devised proper systems to ensure during FY21.
compliance with the provisions of all applicable laws
and that such systems are adequate and operating The Company has complied with Foreign Exchange
effectively. Management (Non-debt Instruments) Rules, 2019,
as amended, for the downstream investments made
Compliance with Secretarial Standards during the year.
Your Directors confirm that the Secretarial Standard - 1 on
Meetings of Board of Directors and Secretarial Standard - 2 Policy on material subsidiaries, as approved by the Board of
on General Meetings, issued by The Institute of Company Directors, may be accessed on the Company’s website at
Secretaries of India, have been duly complied with. https://www.stl.tech/Code-of-Conduct-and-Policies.html
Contracts or Arrangements with Related Parties The Audited Financial Statements of the Subsidiary
All contracts and arrangements with related parties, entered Companies have not been included in the Annual Report.
by the Company during the financial year, were in the The financial statements of the Subsidiary Companies and
ordinary course of business and on an arm’s length basis, the related information will be made available upon request
except for those which were specifically approved by the to the members seeking such information at any point
Board (for transactions not in ordinary course). of time. These financial statements will also be available
on the website of the Company https://www.stl.tech/
During the year, the Company had not entered into any downloads.html
contract or arrangement with related parties which could
be considered ‘material’ in terms of the Company’s Related Financial Statements
Party Transactions Policy. Accordingly, there are no The Ministry of Corporate Affairs and SEBI has provided
transactions that are required to be reported in Form AOC-2. several relaxations, in view of difficulties faced by the
Companies, on account of threat posed by COVID-19.
Details regarding the policy, approval and review of Pursuant to General Circular No.20/2020, dated May 5,
Related Party Transactions are provided in the Corporate 2020, issued by the Ministry of Corporate Affairs, and
Governance Report. Circular No. SEBI/HO/CFD/CMD1/CIR/P/2020/79 dated
May 12, 2020 issued by SEBI, the Company shall not be

dispatching physical copies of financial statements and the Internal Financial Controls
Annual Report shall be sent only by email to the members. The Company has in place adequate internal financial
controls commensurate with the size, scale and complexity
The consolidated financial statements of the Company of its operations. During the year, such controls were tested
prepared in accordance with Indian Accounting Standards and the Company has, in all material respects, maintained
(Ind AS) notified under the Companies (Indian Accounting adequate internal financial controls over financial reporting
Standards) Rules, 2015, duly audited by Statutory Auditors, as of March 31, 2021 and are operating effectively.
also forms part of this Annual Report.
The Board of Directors has devised systems, policies and
Statutory Auditors procedures/frameworks, which are currently operational
Pursuant to provisions of Section 139 of the Act read with within the Company for ensuring the orderly and efficient
the Companies (Audit and Auditors) Rules, 2014, M/s. Price conduct of its business, which includes adherence to
Waterhouse Chartered Accountants LLP (Firm Registration Company’s policies, safeguarding assets of the Company,
No. 012754N/N500016) (‘PWC’) were appointed as prevention and detection of frauds and errors, accuracy
the Statutory Auditors for a period of 5 years from the and completeness of the accounting records and timely
conclusion of the AGM of the Company held on July 4, 2017. preparation of reliable financial information. In line with best
practices, the Audit Committee and the Board review these
Statutory Auditor’s Report internal control systems to ensure they remain effective
There are no qualifications, reservations or adverse remarks and are designed to achieve their intended purpose.
the Statutory Auditors in their report for the financial year Where weaknesses, if any, are identified as a result of
ended March 31, 2021. the reviews, corrective actions are then put in place to
strengthen controls.
Secretarial Auditor
Pursuant to Section 204 of the Act, Mr. Jayavant B Bhave, The systems/frameworks include proper delegation of
Practising Company Secretary, was appointed to conduct authority, operating philosophies, policies and procedures,
the Secretarial Audit of the Company for the financial year effective IT systems aligned to business requirements,
ended March 31, 2021. The Report of the Secretarial Auditor an internal audit framework, an ethics framework, a risk
is annexed as Annexure I to this Report. The Secretarial management framework and adequate segregation of duties
Audit Report does not contain any qualification, reservation to ensure an acceptable level of risk.
or adverse remark.
The Company has documented Standard Operating
Procedures (SOP) for key functions such as for procurement,
Cost Auditor
project/expansion management, capital expenditure,
The Company is required to make and maintain cost records
human resources, sales and marketing, finance, treasury,
for Copper Cables as specified by the Central Government
compliance management, safety, health, and environment
under sub-section (1) of Section 148 of the Act. Accordingly,
(SHE), and manufacturing. The Company’s internal audit
the Company has been making and maintaining the records
activity is managed through the Management Assurance
as required.
Services (‘MAS’) function. It is an important element of
the overall process by which the Audit Committee and the
Pursuant to Section 148 of the Act, read with The
Board obtains assurance on the effectiveness of relevant
Companies (Cost Records and Audit) Rules, 2014, the cost
internal controls.
audit records maintained by the Company are required
to be audited. Mr. Kiran Naik, Cost Accountant, has been The scope of work, including annual internal audit plan,
appointed as the Cost Auditor to audit the cost accounts of authority and resources of MAS, is regularly reviewed and
the Company for said products for FY21 at a remuneration approved by the Audit Committee. Annual internal audit
of ` 90,000 plus at actuals out of pocket expenses. Mr. Kiran plan is aligned with ERM to ensure that all critical risks are
Naik has confirmed that his appointment is within the covered in the audit plan. Besides, its work is supported by
prescribed limits. As required by the provisions of the Act, a the services of leading international audit firms. The annual
resolution seeking Members’ approval for the remuneration internal audit includes: monthly physical verification of
payable to Mr. Kiran Naik, Cost Auditor is included in the inventory and review of accounts/MIS and a quarterly review
Notice convening the ensuing AGM. of critical business processes. To enhance internal controls,
the internal audit follows a stringent grading mechanism,
Cost Audit Report for FY20 was filed with the Registrar of monitoring and reporting of the implementation of internal
Companies within the prescribed timelines. auditors’ recommendations of internal auditors. The internal
auditors make periodic presentations on audit observations,
including the status of follow-up to the Audit Committee.

Governance
Reports
During the year under review, neither the Statutory received regarding sexual harassment, which has formalised
Auditors nor the Secretarial Auditor has reported to the a free and fair enquiry process with clear timeline. During
Audit Committee, under Section 143 (12) of the Companies the financial year, the Company had received 1 complaint,
Act, 2013, any instances of fraud committed against the which has been resolved. No other complaint was pending
Company by its officers or employees, the details of which as on March 31, 2021.
would need to be mentioned in the Boards’ report.
Employee Stock Option Scheme
Legal Compliances Management The Company’s Employee Stock Option Schemes are in
The Company mitigates its legal and regulatory compliance line with the Company’s philosophy of sharing benefits of
risks with the help of an online compliance management growth with the growth drivers and are in compliance with
tool. It is a well-defined system for storing, monitoring and the applicable SEBI Regulations. The Company allotted
ensuring compliances under various legislations. Non- 15,32,391 shares during the year to various employees who
compliances, if any, are reported and corrective actions are exercised their options. The Certificate from the Statutory
taken within a reasonable time. Any regulatory amendment Auditors confirming that the Scheme has been implemented
is updated periodically in the system. Based on reports from in accordance with the SEBI Regulations and the resolution
the system and certificates from functional heads, the CEO passed by the shareholders would be placed at the AGM for
presents the quarterly compliance certificate to the Board at inspection by members.
the Board meetings.
Disclosures with respect to Stock Options, as required
Business Risk Management under Regulation 14 of the Regulations, are available in the
The Company has formally implemented Enterprise Risk Annexure II to this Report, Notes to the Financial Statements
Management framework and have policy to identify and and can also be accessed on the Company’s website at
assess the risk events, monitor and report on action taken https://www.stl.tech/downloads.html
to mitigate identified risks. A detailed exercise is carried
out periodically to identify, evaluate, manage and monitor Particulars of Employees and Related
both business and non-business risk. The Audit Committee Disclosures
and the Board of Directors periodically review the risk Disclosures pertaining to remuneration and other details
and suggest steps to be taken to control and mitigate the as required under Section 197(12) of the Act read with Rule
same through a properly defined framework. Details of Risk 5(1) of the Companies (Appointment and Remuneration
Management are presented in a separate section forming of Managerial Personnel) Rules, 2014 are provided as
part of this Annual Report. Annexure III to this Report.
The Risk Management Committee of the Board comprises A statement containing particulars of employees as required
of Ms. Kumud Srinivasan as the Chairperson and Mr. Sandip under Section 197(12) of the Act read with Rules 5(2) and
Das, Dr. Anand Agarwal, Mr. Mihir Modi and Mr. Ankit 5(3) of the Companies (Appointment and Remuneration
Agarwal as Members. of Managerial Personnel) Rules, 2014, is provided as a
separate annexure forming part of this Report. However,
Vigil Mechanism/Whistle Blower Policy the Annual Report is being sent to the members excluding
The Company has established a vigil mechanism and the aforesaid annexure. The said information is available for
formulated the Whistle Blower Policy (WB) to deal with electronic inspection during working hours and any member
instances of fraud and mismanagement, if any. The details interested in obtaining such information may write to the
of the WB Policy are explained in the Corporate Governance Company Secretary or Registrar and Transfer Agent, and the
Report and also posted on the website of the Company. same will be furnished on request.
Disclosure Regarding Prevention of Sexual Annual Return

Harassment In terms of Section 92(3) of the Act, the annual return of the
The Company is committed to maintaining a productive Company for the financial year ended March 31, 2021 shall
environment for all its employees at various levels in the be available on the Company’s website https://www.stl.tech/
organisation, free of sexual harassment and discrimination investors.html
on the basis of gender. The Company has framed a
policy on Prevention of Sexual Harassment in line with Non-Convertible Debentures
the requirements of the Sexual Harassment of Women at As on March 31, 2021, the Company has outstanding
Workplace (Prevention, Prohibition & Redressal) Act, 2013 Secured, Rated, Redeemable, Non-Convertible Debentures
(“POSH Act”). The Company has also set up Prevention of (NCDs) of ` 590 crores. The Company has maintained asset
Sexual Harassment Committee, which is in compliance with cover sufficient to discharge the principal amount along
the requirement of the POSH Act, to redress the complaints with outstanding Interest at all times for its NCDs. NCDs are

listed on the debt segment of BSE Limited, as per the SEBI Agarwal and Dr. Anand Agarwal as Members. The Board
Guidelines and Listing Regulations. has also approved a CSR policy on recommendations of
CSR Committee, which is available on the website of the
The details of debenture trustee are as below–
Company at https://www.stl.tech/Code-of-Conduct-and-
Axis Trustee Services Limited Policies.html
The Ruby, 2nd Floor, SW
29 Senapati Bapat Marg, Dadar West As part of its initiatives under Corporate Social
Mumbai- 400 028 Responsibility, the Company has undertaken projects in
Contact No.: +91- 022-6230 0438 the areas of Education, Health, Women Empowerment and
Community Development during FY21.
Credit Rating
The Company’s financial discipline is reflected in the strong During the year, the Company has spent ` 11.60 crores
credit rating ascribed by ICRA/CRISIL: on CSR activities. The Annual Report on CSR activities,
ICRA CRISIL in accordance with Section 135 of the Act, read with
Debt instrument
Rating Outlook Rating Outlook Companies (Corporate Social Responsibility Policy) Rules,
Non-Convertible Debentures AA Stable NA NA 2014 is annexed as Annexure V to this Report.
Commercial Papers A1+ NA A1+ NA
Line of credit AA Stable AA Stable
General
Your Directors state that no disclosure or reporting is
Particulars of Loans, Guarantees or Investments required in respect of the following items as there were no
Details of Loans, Guarantees and Investments covered
transactions on these items during the year under review:
under the provisions of Section 186 of the Act are given in
the notes to the Financial Statements. a) The Company has not accepted any deposits from the
public or otherwise in terms of Section 73 of the Act
Particulars of Conservation of Energy, read with Companies (Acceptance of Deposit) Rules,
Technology Absorption and Foreign Exchange 2014 and as such, no amount on account of principal or
Earnings and Outgo interest on deposits from public was outstanding as on
The particulars of conservation of energy, technology the date of the Balance Sheet
absorption and foreign exchange earnings and outgo as
b) The Company has not issued any equity shares with
prescribed under Section 134(3)(m) of the Act read with Rule
differential rights as to dividend, voting or otherwise
8 of The Companies (Accounts) Rules, 2014, are given as
Annexure IV to this Report. c) The Whole-time Directors of the Company do not
receive any remuneration or commission from any of its
Investor Education and Protection Fund (IEPF) subsidiaries
Pursuant to the provisions of Section 124 of the Act, relevant
amounts which remained unpaid or unclaimed for a period d) No significant or material orders were passed by the
of seven years have been transferred by the Company to Regulators, Courts or Tribunals which impact the going
the Investor Education and Protection Fund established concern status and Company’s operations in future
by Central Government. Details of unpaid and unclaimed e) The Auditors have not reported any matter under Section
amounts lying with the Company as on March 31, 2021 have 143(12) of the Act, therefore no details are required to be
been uploaded on the Company’s website at https://www. disclosed under Section 134(3)(ca) of the Act
stl.tech/latestdisclosure.html
Acknowledgement
Transfer of ‘Underlying Shares’ to IEPF Your Directors would like to express their appreciation for
In terms of Section 124(6) of the Act, read with IEPF
the assistance and co-operation received from the financial
Authority (Accounting, Audit, Transfer and Refund) Rules,
institutions, banks, Government authorities, customers,
2016, the Company has transferred the equity shares in
vendors and members during the year under review. Your
respect of which dividends have remained unclaimed for
Directors take on record their deep sense of appreciation to
a period of seven consecutive years to the IEPF Account
the contributions made by the employees through their hard
established by the Central Government. Details of shares
work, dedication, competence, support and co-operation
transferred have been uploaded on the website of
towards the progress of your Company.
the Company.
For and on behalf of the Board of Directors
Corporate Social Responsibility
The Board has constituted Sustainability and Corporate Pravin Agarwal Anand Agarwal
Social Responsibility Committee (‘CSR Committee’) which Place: Pune Vice Chairman & CEO & Whole-time
Date: 29 April, 2021 Whole-time Director Director
comprises Mr. B J Arun, Chairman, Mr. Sandip Das, Mr. Pravin

Governance
Reports
Annexure I
Form No. MR-3 (i) The Companies Act, 2013 (the Act) and the rules made
thereunder;
Secretarial Audit Report
For the financial year ended March 31, 2021
(ii) The Securities Contracts (Regulation) Act, 1956
[Pursuant to section 204(1) of the Companies Act, 2013
(‘SCRA’) and the rules made thereunder;
and Rule No.9 of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014]
(iii) The Depositories Act, 1996 and the Regulations and
Bye-laws framed thereunder;
To
The Members,
(iv) Foreign Exchange Management Act, 1999 and the
Sterlite Technologies Limited
rules and regulations made thereunder to the extent of
E1, MIDC Industrial Area, Waluj,
Foreign Direct Investment, Overseas Direct Investment
Aurangabad – 431 136.
and External Commercial Borrowings;
Maharashtra
(v) The following Regulations and Guidelines prescribed
I have conducted the secretarial audit of the compliance of
under the Securities and Exchange Board of India Act,
applicable statutory provisions and the adherence to good
1992 (‘SEBI Act’):
corporate practices by STERLITE TECHNOLOGIES LIMITED.
(Hereinafter called ‘the Company’)
a) The Securities and Exchange Board of India
(Substantial Acquisition of Shares and Takeovers)
Secretarial Audit was conducted for the year from April 1,
Regulations, 2011
2020 to March 31, 2021, in a manner that provided me a
reasonable basis for evaluating the corporate conducts/
b) The Securities and Exchange Board of India
statutory compliances of the Company and for expressing
(Prohibition of Insider Trading) Regulations, 2015;
my opinion thereon.
c) The Securities and Exchange Board of India
Based on my verification of the Company’s books, papers,
(Issue of Capital and Disclosure Requirements)
minute books, forms and returns filed and other records
Regulations, 2009; [Not applicable during the
maintained by the Company and also the information
Audit Period]
provided by the Company, its officers, agents and
authorised representatives during the conduct of secretarial
d) The Securities and Exchange Board of India
audit, the explanations and clarifications given to me and
(Employee Stock Option Scheme and Employee
representations made by the Management and considering
Stock Purchase Scheme) Guidelines, 1999 and
the relaxations granted by the Ministry of Corporate Affairs
Securities And Exchange Board Of India (Share
and Securities And Exchange Board of India warranted due
Based Employee Benefits) Regulations, 2014;
to spread of the COVID-19 pandemic, I hereby report that
in my opinion, the Company has, during the audit period
e) The Securities and Exchange Board of India
covering the financial year ended on March 31, 2021 (“Audit
(Delisting of Equity Shares) Regulations, 2009;
Period”), complied with the statutory provisions listed
[Not applicable during the Audit Period]
hereunder and also that the Company has proper Board-
processes and legal compliance mechanism in place to the
f) The Securities and Exchange Board of India (Issue
extent, in the manner and subject to the reporting made
and Listing of Debt Securities) Regulations, 2008;
hereinafter:
g) The Securities and Exchange Board of India
I have conducted online verification and examination of
(Registrars to an Issue and Share Transfer Agents)
records, as facilitated by the Company from time to time, due
Regulations, 1993 regarding the Companies Act
to COVID-19 pandemic and lockdown situation in the State
and dealing with client;
of Maharashtra for the purpose of issuing this report.
h) The Securities and Exchange Board of India
I have examined the books, papers, minute books, forms and
(Buyback of Securities) Regulations, 1998;
returns filed, and other records maintained by the Company
for the financial year ended on March 31, 2021 according to
the provisions of the following list of laws and regulations:

(vi) Other Applicable Laws: As informed by the I further report that during the audit period –
management, there are no other laws applicable
specifically to the Company. 1. The Board of Directors had approved on March 24,
2020 the proposed buyback of Equity Shares for a
I have also examined compliance with the applicable clauses total amount not exceeding ` 145 crores, being 10% of
of the following: the aggregate of the total paid-up equity capital and
free reserves of the Company based on the audited
(i) Secretarial Standards issued by The Institute of standalone and consolidated financial statements of
Company Secretaries of India. the Company for the financial year ended March 31,
2019. The buyback was completed on August 27, 2020.
(ii) SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015. 2. The shifting of registered office of the Company
from E1, MIDC Industrial Area Waluj Aurangabad,
During the period under review the Company has Aurangabad 431136, Maharashtra, India located in the
complied with the provisions of the Act, Rules, Regulations, State of Maharashtra under the jurisdiction of Registrar
Guidelines, Standards, etc. mentioned above. of Companies Mumbai, (ROC Mumbai) to 4th Floor,
Godrej Millennium, Koregaon Road 9, STS 12/1,
I further report that: Pune - 411001, located in the State of Maharashtra
under the jurisdiction of Registrar of Companies,
The Board of Directors of the Company is duly constituted Pune (ROC Pune) was approved by the shareholders
with proper balance of Executive Directors, Non-Executive by passing special resolution in the Annual General
Directors and Independent Directors. Meeting held on August 31, 2020. The Company
has received order from the Regional Director,
Adequate notice is given to all directors to schedule the Western Region vide order number- RD/Sec.12(5)/
committee and Board Meetings, agenda and detailed notes R68671668/1803 on November 10, 2020.
on agenda are sent at least seven days in advance, and a
system exists for seeking and obtaining further information The same is still pending for approval with the Registrar
and clarifications on the agenda items before the meeting of Companies, Pune.
and for meaningful participation at the meetings. All the
decisions of the board are passed with unanimous consent
For J. B. Bhave & Co.
of all the directors and are recorded as part of the minutes.
Company Secretaries
I further report that there are adequate systems and Jayavant Bhave
processes in the Company commensurate with the size Proprietor
and operations of the Company to monitor and ensure FCS: 4266 CP: 3068
compliance with applicable laws, rules, regulations and Place: Pune PR No. 1238/2021
guidelines. Date: 29 April, 2021 UDIN: F004266C000190815

Governance
Reports
Annexure to the Secretarial Audit Report of Sterlite Technologies Limited (2020-21)

Auditors’ Responsibility
My Report of even date is to be read along with this letter. received and Records maintained by the Company
or given by the Management. I have not verified the
In accordance with the ICSI Auditing Standards (CSA1 correctness and appropriateness of the financial
to CSA4) - records and books of accounts maintained by
the Company.
• Maintenance of secretarial record is the responsibility of
the Management of the Company. My responsibility as 4. Wherever required, I have obtained the Management
the Auditor is to express the opinion on the compliance Representation about compliance of laws, rules and
with the applicable laws and maintenance of Records regulations and happening of events, etc.
based on Secretarial Audit conducted by me
5. The Compliance of the provisions of the Corporate
• The Secretarial Audit needs to be conducted in
Laws, other applicable laws, rules, regulations and
accordance with applicable Auditing Standards. These
standards is the responsibility of the management. My
Standards require that the Auditor should comply with
examination is limited to verification of procedure on
statutory and regulatory requirements and plan and
test basis.
perform the audit to obtain reasonable assurance about
compliance with applicable laws and maintenance
6. Due to COVID-19 pandemic and subsequent lockdown
of Records
declared by the Central, State and Local governments,
• I am also responsible to perform procedures to identify, physical verification of documents/registers/papers was
assess and respond to the risks of material misstatement not possible and hence, we have relied on the scanned
or non-compliance arising from the Company’s failure copies/emails/digitally accessible data, information,
appropriately to account for or disclose an event or registers, documents and papers provided by the
transaction. However, due to the inherent limitations of an Company for carrying out the Secretarial Audit and to
audit including internal, financial and operating controls, that extent our verification of documents and records
there is an unavoidable risk that some Misstatements might have been impacted.
or material non-compliances may not be detected, even
though the audit was properly planned and performed in 7. While carrying out the said Audit, I have followed
accordance with the Standards the social distancing norms and other instructions,
guidelines, directions issued by Maharashtra State
Accordingly, I wish to state as under-
Government/Pune District administration from time to
time for containment of the pandemic.
1. The Secretarial Audit for the financial year 2020-21
has been conducted as per the applicable Auditing
8. The Secretarial Audit Report is neither an assurance as
Standards.
to the future viability of the Company nor of the efficacy
or effectiveness with which the management has
2. I have followed the audit practices and processes
conducted the affairs of the Company.
as were appropriate to obtain reasonable assurance
about the correctness of the contents of the secretarial
records. The verification was done on test basis to For J. B. Bhave & Co.
ensure that correct facts are reflected in the secretarial Company Secretaries
records. I believe that the process and practices
that I followed provide a reasonable basis for my Jayavant Bhave
opinion that the statements prepared, documents or Proprietor
Records maintained by the Company are free from FCS: 4266 CP: 3068
misstatement. Place: Pune PR No. 1238/2021
Date: 29 April, 2021 UDIN: F004266C000190815
3. My responsibility is limited to only express my opinion

on the basis of evidences collected, information

Annexure II
Details of Stock Options as on March 31, 2021
Statement as on March 31, 2021 for Employee Stock Option Scheme, 2010 as required under Regulation 14 of the Securities
and Exchange Board of India (Share Based Employee Benefits) Regulations, 2014.
Sr. No Particulars ESOP 2010 Scheme
1. Date of Shareholders’ approval July 14, 2010
2. Total Number of options approved Upto 5% of the paid-up capital of the Company
3. Vesting Requirements 1. The Company achieving targets as per prescribed Performance Criteria
2. Continuous employment with the Company
4. Source of shares Primary
5. Exercise price Options vest at a nominal value of equity shares i.e. ` 2 per option
6. Maximum term of options granted Granted options would vest over a period of five years from the date of
grant.
Vested options are to be exercised within five years from the date of vesting
7. Variation of terms of option None
8. Option movement during the year:
Number of options outstanding at the beginning of the year 39,33,890
Number of options granted during the year 18,71,240
Number of options forfeited/lapsed during the year 704276
Number of options vested during the year 25,33,958
Number of options exercised during the year 15,32,391
Number of shares arising as a result of exercise of options 15,32,391
Money realised by exercise of options (INR), if scheme is ` 30,64,782
implemented directly by the Company
Number of options outstanding at the end of the year 35,68,463
Number of options exercisable at the end of the year 720,421
9. Employee-wise details of options granted during FY21 to
I. Number of options granted to Senior Managerial Personnel
Dr. Anand Agarwal 1,30,300
CEO & Whole-time Director
II. Any other employee who receives a grant in any one None
year of option amounting to 5% or more of option granted
during that year
III. Identified employees who were granted options during None
any one year, equal to or exceeding 1% of issued capital
(excluding outstanding warrants and conversions) of the
Company at the time of grant
10. Diluted earnings per share pursuant to issue of ordinary ` 6.57 (Basic)
shares on exercise of Options calculated in accordance
with Ind AS 33 ` 6.50 (Diluted)
11. Method of Calculation of Employee Compensation Cost The Company has used fair market value method for calculation of
compensation cost, using the Black Scholes Option Pricing Model and
Monte Carlo simulation model. Use of model is based on the related vesting
conditions.
12. Weighted average exercise price and weighted average `2
fair values of Options granted for options whose exercise Grant I - ` 25.87
price either equals or exceeds or is less than the market
Grant II - ` 29.77
price of the stock.
Grant III - ` 28.22
Weighted Average exercise price (per option)
Grant IV - ` 48.66
Weighted Average Fair value (per option)
Grant V - ` 79.99
Grant VI - ` 84.62 & ` 87.30
Grant VII - ` 103.94
Grant VIII - ` 162.87 & ` 92.90
Grant IX - ` 265.58
Grant X - ` 377.59
Grant XI - ` 291.97 & ` 134. 31
Grant XII - ` 286.53
Grant XIII - ` 136.86 & ` 44.32
Grant XIV - ` 126.69 & ` 63.00 & ` 22.30
Grant XV - ` 180.75

Governance
Reports
13. Description of method and significant assumptions used during the year to estimate the fair values of
options:
a) Assumptions under Black Scholes Option Pricing:
Grants
Details
I II III IV V VI VII VIII IX X XI XII XIII XIV XV
1. Risk Free Interest 8.33 8.04 8.66 7.84 7.22 6.50 6.12 6.20 6.27 6.54 7.03 6.88 6.19 3.92 3.99
rate (%)
2. Expected Life (yrs) 1.5 1.7 1.7 1.7 1.8 1.5 1.54 1.5 1.5 1.5 1.54 1.5 3.5 2.1 2.1
3. Expected Volatility (%) 48.31 53.93 44.41 51.55 55.34 50.28 47.02 37.00 42.75 43.28 44.79 44.64 47.87 54.60 57.90
4. Expected Dividend 0.73 0.79 0.79 0.59 0.72 1.14 0.47 2.20 1.90 1.30 1.04 0.69 1.07 2.5 2.5
Yield (%)
5. Weighted Average Fair 25.87 29.77 28.22 48.66 79.99 84.62 103.94 162.87 265.58 377.59 291.97 286.53 136.86 126.69 180.75
value (`)
Assumptions used are as follows: b) Assumptions under Monte Carlo Simulation

model
• Pricing Model: Fair value of the options
Vesting of options is dependent on the
calculated by using Black-Scholes option
shareholder return during the performance period
pricing model
as compared to comparator group identified
• Stock Price: The closing price on NSE as on the by Nomination and Remuneration Committee.
date of grant has been considered for valuing The Monte Carlo model requires the following
the options granted variables of the Company and comparator group
companies.
• Expected Volatility: The daily volatility of
the stock prices on NSE till the date of grant
• Historical share price and expected volatility
corresponding with the expected life of the
during the performance period
options has been considered to calculate the
fair value of the options • Risk-free interest rate of the country where
stock of comparator group is listed
• Risk-free Interest Rate: The risk-free interest
rate on the date of grant considered for the • Dividend yield based on historical
calculation is the interest rate applicable for dividend payments
a maturity equal to the expected life of the
• Estimate of correlation coefficients for each pair
options based on the zero coupon yield curve
of company
for Government Securities
Assumptions used are as follows:
• Time of Maturity/Expected Life: Time of
Variables Grant VIII Grant XI Grant XIII Grant XIV
Maturity/Expected Life of option is the period
for which the Company expects the option to Price of ` 172.30 ` 301.75 ` 145.35 ` 135.40
underlying
be live. The minimum life of a stock option is
stock
the minimum period before which the options
Expected 37.00% 44.79% 47.87% 54.60%
cannot be exercised and the maximum life volatility
is the period after which the options cannot Risk Free rate 6.40% 7.03% 6.19% 3.92%
be exercised Exercise Price ` 2.00 ` 2.00 ` 2.00 ` 2.00
(per Option)
• Expected dividend yield: Expected dividend
Dividend Yield 2.20% 1.04% 1.07% 2.50%
yield has been calculated on the dividend prior
Fair Value of ` 92.90 ` 134.31 ` 44.32 ` 63.00 &
to the date of the grant the option ` 22.30

Annexure III
Statement of Disclosure of Remuneration
Information as required under the provisions of Section 197(12) of the Companies Act, 2013, read with Rule 5(1) of the
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014
A. Remuneration disclosures for Executive Directors and Key Managerial Personnel (KMP) for the financial
year ended March 31, 2021
` in crores
Ratio of
% increase in
Remuneration remuneration of
Remuneration
Sr. of Director/KMP each Director/
Name of Director/KMP and Designation in the
No. for Financial Year to median
Financial Year
2020-21 remuneration of
2020-21
employees
1 Mr. Pravin Agarwal Vice Chairman & Whole-time Director 9.96 -36% 100
2 Dr. Anand Agarwal (KMP) CEO & Whole-time Director 10.95 -0.3% 113
3 Mr. Ankit Agarwal* Whole-time Director 0.58 NA NA
4 Mr. Mihir Modi (KMP)# Chief Financial Officer 0.86 NA NA
5 Mr. Anupam Jindal** Chief Financial Officer 1.73 NA NA
6 Mr. Amit Deshpande (KMP) Company Secretary 0.71 11% 7
* Appointed as Whole-time Director effective January 20, 2021

# Appointed as Chief Financial Officer effective October 5, 2020
** Ceased to be Chief Financial Officer effective September 11, 2020
Note: As the liability for leave encashment is provided on an actuarial basis for the Company as a whole, the said amounts are not included above.
The remuneration of KMPs also includes perquisites value of Employee Stock Options (ESOPs) exercised, if any.
Details of remuneration paid to Independent Directors and other Non-Executive Directors are provided in the
Corporate Governance Report, which forms a part of the Annual Report.
B. The percentage increase in the median remuneration of employees in the financial year is 6.9%.
C. The number of permanent employees on the rolls of company as on March 31, 2021 is 2514.
D. Average percentile increase made in the salaries of employees other than the managerial personnel in the last financial
year viz. FY21 was 7.6%.
E. It is hereby affirmed that the remuneration paid is as per the as per the Remuneration Policy for Directors, Key
Managerial Personnel and other Employees.

Governance
Reports
Annexure IV
Particulars of Energy Conservation, Technology l. Autonomous maintenance of machines and
Absorption and Foreign Exchange Earnings and Outgo execution of centralised utilities
required under the Companies (Accounts) Rules, 2014 for
the year ended March 31, 2021. m. Air compressor pipeline modified in the FTTH
plant so as to connect the machine trough
A. Conservation of Energy centralised air pipeline and completely eliminate
1. The steps taken or impact on the conservation of use of one 120 CFM compressor
energy.
In FY21, various initiatives were taken up across our One of the special project with a focus on energy
plants which has contributed to decrease in energy saving was “Project URJA”, was driven across the plants
consumption and, hence, the carbon footprint. for reducing cost by saving power and optimising
consumption. The project is divided into four major
a. Old Hydrogen Plant (550Nm3/hr) replaced with areas namely, Power & Distribution, Thermal system,
new enhanced 1100Nm3/hr plant, which led to Fluid dynamics and Process Optimisation.
saving of 3,68,280 Unit/Month in specific Power
consumption 2. The steps taken by the Company for utilising
alternate sources of energy.
b. The continuous load optimisation and revision a. Solar Power Panel installed of Capacity 160KVA
in contract demand depending upon the market capacity. The per month generation Power unit is
conditions and monitoring of load around 12,000 Unit/Month
c. The optimisation of HVAC systems by taking into b. Initiated 165 KVA Roof top solar systems with auto
account the real-time weather conditions and cleaning of panels
AHU’s VFD frequency optimisation has resulted in
a saving of 90,000 Unit/Month c. Installed battery enabled motion sensors in offices
& washrooms to contribute towards saving power
d. Replacement of cooling tower starter with VFDs
has resulted in a saving of 18,567 Unit/Month d. High Recovery RO plant procurement in progress,
with automation and new technology
e. Upgradation in Vacuum machine starter panel with
VFDs has resulted in electricity saving of 7,700 3. The capital investment on energy
Unit/month conservation equipment
f. Installation of motion sensors and timers in office a. High efficiency and quality product delivering
lights and air condition units to reduce power machines commissioned (3 Nos.), which are
consumption capable of producing multiple cable designs
with minimum scrap, consuming less power and
g. Replacement of DC motor by high efficiency AC maintaining high rate of availability
motor for power saving
b. DC Motor has been replaced by High Efficiency AC
h. Installation of Air VAC instead of the conventional motor for power saving
rotary type vacuum pump in new Sheathing lines
c. Installed and commissioned 3 new 400 KVA UPS
with higher efficiency of 96% as compared to
i. Installation of heat exchangers in new sheathing
existing UPS having 92% efficiency
plant to reduce the load on chillers
d. Initiated Centralised Utilities Building, which shall
j. Design and installation of receivers at high air have power saving of 10 to 15%
consumption machines to help towards increase in
efficiency of the air compressors e. Installation of one more new 600 CFM Air
compressor having high power efficiency as
k. Installation of water level sensors at collection compared to existing compressors and saving of
tanks to contribute towards maintaining optimum approximate 300 energy units per day
level of water for the chillers and help towards
power saving f. High cooling efficiency chiller installed as
compared to old chillers

B. Technology Absorption m. Machine running hours being tracked to increase

1. The efforts made towards technology absorption the OEE of machines through efficient planning
a. Old Hydrogen plant (550Nm3/hr) replaced with
new enhanced capacity (1100Nm3/hr) with n. Improved line speed in Buffering from 380 MPM
upgradation in automation with reduced specific to 405 MPM
power consumption
o. Improved the Line speed of Sheathing line
b. The aging HVAC chilled water process lines of 800 from 80MPM to 100 MPM by providing dual
meter was replaced with new insulated water lines, water trough
leading to higher efficiency and reliability. The task
was completed in a 1-Month period p. New design submersible pump installation for the
buffering and sheathing lines centralised water
c. Revamp of Process chilled water pumping system circulation to reduce power consumption, reduce
for improving reliability of system noise generation, reduce maintenance cost and
increase water flow rate
d. LT Distribution Panel replacement (Gas yard, HVAC
DBs & Cooling tower) with newer generation for q. Centralised SCADA system for Utility section
reliability and system safety improvement under new project design phase completed
e. Voltage window upgradation by replacing 10 r. The Centralised Utilities project in progress with
Nos. of UPS battery bank set (2540 Nos. Cell) for main Energy Bridge concept
enhancing power backup of UPS
s. Machine running hours being tracked to increase
f. Upgradation of Grid#2 33Kv Incomer breaker the OEE of machines through efficient planning
replacement with newer generation for better
reliability t. Dual crosshead project initiated to make single
sheathing line capable of producing two products
g. Upgradation in Push Pull blower with soft starter at one time
for newer generation for better reliability
u. Improved line speed in Buffering from 750
h. Old absolute Thermoset scrubber replaced to 1000 MPM
with latest design and PLC-based automation
system with newer generation for better reliability v. Extended phase of Industry 4.0 started to analyse
and safety the data of machine, through OPC UA has been
done on POC on 2 production lines - Colouring
i. Revamp of MEE plant with new designed & buffering & horizontal deployment is planned
evaporators and centrifuge for enhanced capacity for all production lines in FY 2021-22. Also, data
& efficiency analytics has been started based on the data
collected from machines
j. CPP plant compressor capacity enhancement
to 5500 CFM from existing 1500 CFM to enable w. Closed loop heat exchanger system is installed to
DG to hot standby mode during power outage, reduce chilled water losses
resulting MSEB to DG changeover time reduced
for Power backup & reliability of power system x. Aluminium air pipeline installed that have low
friction during flow of air, thereby resulting in high
k. New design cantilever shaft for Buncher payoff efficiency of compressor and low air losses
to increase the machine up time & reduce
the breakdown 2. The benefits derived like product improvement,
cost reduction, product development or import
l. Individual Payoff lay installed for Buncher machine substitution
so that now operator can set the all 4 Payoff lay a. Rain Water Harvesting
Electrically through SCADA. Previously payoff Lay Implementation of rain water harvesting in the
was set mechanically & need to change the pulley plant at Waluj with a harvesting potential of 16.53
ratio manually lakh litres of water annually, with a provision to use
water back into process.

Governance
Reports
3. In case of imported technology (imported during D. Environment and Sustainability

the last three years reckoned from the beginning The Company’s initiatives to minimise environmental
of the financial year) – Not Applicable footprint of products, manufacturing and supply
chain are guided by its environmental policy. The
4. The expenditure incurred on Research and Environment Management System of the company
Development (` crores) is ISO 14001 certified. The company has dedicated
a. Capital – 10.10 departments to manage different environmental
b. Recurring – 113.15 aspects which are responsible for managing and
c. Total - 123.25 monitoring the performance. The performance is
d. Total R&D expenditure as a % of total evaluated periodically and future actions are planned.
turnover – 2.98%
In FY21, under our initiative to become water positive
C. Foreign Exchange Earnings and Outgo we completed Zero Liquide Discharge certification for
Discussion on activities relating to development of three plants in Aurangabad, Maharashtra. In the coming
exports is covered in the Management Discussion & years, we will be expanding this to other plants. Our
Analysis Report. initiatives to reduce carbon footprints include multiple
energy efficiency projects and Kaizen projects.
Foreign Exchange Actual Inflow: 1,112.36 crores
Foreign Exchange Actual Outflow: 1,347.30 crores

Annexure V
ANNUAL REPORT ON CSR ACTIVITIES
1. Brief outline on CSR Policy of the Company

STL, through a collaborative approach envisions ‘Transforming Everyday Living by Delivering Smarter Networks’ for its
communities. Connectivity, Innovation and Sustainability are thus pivotal not only to how STL operates as a business,
but even for its community outreach programmes. This approach helps STL ‘Create Shared Value’ for each of its
stakeholders as well as enable connected future for the nation that is inclusive for all.
Each of STL’s CSR and Sustainability focus areas - Education, Women Empowerment, Health and Environment are
interconnected and power each other through their alignment with the UN Sustainable Development Goals and Ten
Principles of the UN Global Compact Network. This, in addition to strategic partnerships with the Government of India,
NGOs, technical institutions and other development players allows STL to create holistic solutions that positively impact
and contribute to the realisation of integrated development for rural, semi-urban and urban areas in India.
STL’s CSR Policy encapsulates each of these aspects as well as how the Company’s programs are implemented and
monitored as well as governance aspects.
2. Composition of Sustainability and Corporate Social Responsibility Committee: (as on March 31, 2021)
No. of meetings of CSR No. of meetings of CSR
S. No. Name of Director Designation/Nature of Directorship Committee held Committee attended
during the year during the year
i. Arun Todarwal, Chairman Non-Executive & Independent Director 2 2
ii. A.R. Narayanaswamy Non-Executive & Independent Director 2 2
iii. Pravin Agarwal Vice Chairman &Whole-time Director 2 2
iv. Dr. Anand Agarwal CEO & Whole-time Director 2 2
The Sustainability and Corporate Social Responsibility Committee was reconstituted effective April 1, 2021, with the
following Composition:
i. B. J. Arun, Chairman, Non-Executive & Independent Director
ii. Sandip Das, Non-Executive & Independent Director
iii. Pravin Agarwal, Vice Chairman & Whole-time Director
iv. Dr. Anand Agarwal, Vice Chairman & Whole-time Director
3. Provide the web link where Composition of CSR committee, CSR Policy and CSR projects approved by
the board is disclosed on the website of the Company
STL’s website has all details pertaining to the Company’s work on CSR, its policy and CSR Committee composition.
STL’s CSR Policy & Programs as approved by the Board – https://www.stl.tech/about-us/csr/
Sustainability and CSR Committee Composition – https://www.stl.tech/pdf/Composition%20of%20Board%20

Committees.pdf
4. Provide the details of Impact assessment of CSR projects carried out in pursuance of sub-rule (3) of Rule
8 of Companies (CSR Policy) Rules, 2014, if applicable (attach the report)
There are no projects undertaken or completed after January 22, 2021, for which the impact assessment report is
applicable in FY 2020-21, pursuant to sub-rule (3) of rule 8 of the Companies (CSR Policy) Rules 2014.

Governance
Reports
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
Amount available for set-off from Amount required to be set-off for the
Sl. No. Financial Year
preceding financial years (in `) financial year, if any (in `)
Not Applicable
6. Average net profit of the Company as per section 135(5) – ` 579.50 crores
7. (a) Two percent of Average net profit of the Company as per section 135(5) – ` 11.60 crores
(b) Surplus arising out of the CSR projects/programmes or activities for the financial year – ` 0.04 crores
(c) Amount required to be set off for the financial year, if any – None
(d) Total CSR obligation for the financial year (7a+7b- 7c) – ` 11.64 crores
8. (a) CSR amount spent for the financial year:

Amount Unspent
Total Amount Spent for
Total Amount transferred to Unspent CSR Amount transferred to any fund specified under Schedule VII
the Financial Year
Account as per Section 135(6) as per second proviso to section 135(5).
(in ` lakhs)
Amount Date of transfer Name of the fund Amount Date of Transfer
1160 NA NA NA NA 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 12
Amount Mode of Implementation –
Amount transferred to Through Implementing Agency
Local Amount spent
Project ID Item from the list allocated Unspent CSR Mode of
S. Name of the Area Location of Project in the Current
(if avail- of activities in for the Account for the Implementation
No. Project (Yes/ the Project duration Finan-cial Year CSR Registration
able) schedule VII project project as per Direct (Yes/No) Name
No) (in `) number
(in `) Section 135(6)
(in `)
1 Jeewan NA Women Yes Pune, Ongoing 232 280 NA No MAVIM* -
Jyoti Women Empowerment Aurangabad, Rangsutra CSR00001688
Empowerment Nagpur Lighthouse CSR00001116
Program Communities
Foundation
2 Jeewan Jyoti NA Education Yes Pune Ongoing 23 12 NA No Mahashri CSR00002814
Ved Vidyalaya Vedvyas
Prathisthan
3 Digital NA Education Yes Aurangabad, Ongoing 213 193 NA No American India CSR00001977
Equalizer & Silvassa, Foundation
Improved Nandurbar
Learning
Programme
4 Digital NA Education Yes Pune Ongoing 14 25 NA No Lighthouse CSR00001116
Empowerment Communities
Program Foundation
5 Mobile Medical NA Healthcare Yes Aurangabad, Ongoing 341 225 NA No Sevamob CSR00001153
Unit Nandurbar,
Gachiroli, Indian Red -
Silvassa Cross*
6 Mission Green NA Environment Yes Aurangabad, Ongoing 31 55 NA Direct & Ecological CSR00009860
Pune Indirect Society
14 Trees -
Foundation
7 Holistic Water NA Environment Yes Aurangabad Ongoing 195 223 NA No Village Social CSR00003542
Program Transformation
Foundation
8 Employee NA Women Yes Pune, Virtual Ongoing 11 7 NA Direct & Goodera -
Volunteering Empowerment, Indirect
Health,
Education,
Environment

1 2 3 4 5 6 7 8 9 10 11 12
Amount Mode of Implementation –
Amount transferred to Through Implementing Agency
Local Amount spent
Project ID Item from the list allocated Unspent CSR Mode of
S. Name of the Area Location of Project in the Current
(if avail- of activities in for the Account for the Implementation
No. Project (Yes/ the Project duration Finan-cial Year CSR Registration
able) schedule VII project project as per Direct (Yes/No) Name
No) (in `) number
(in `) Section 135(6)
(in `)
9 COVID-19 NA Health Yes Kanpur, Ongoing 30 28 NA Yes - -
Relief Silavssa
10 STLGram NA Education Yes Aurangabad Ongoing 0 12 NA Yes - -
11 Tech for Impact NA Women - - Ongoing 0 13 NA Yes - -
Empowerment,
Health,
Education,
Environment
12 Educational NA Education, Yes Multiple Ongoing 13 36 NA Yes - -
Scholarships Healthcare
13 Administration NA - - - Ongoing 57 55 NA Yes - -
Expenses
Note: CSR activities have been carried out either through Sterlite Tech Foundation (Public Charitable Trust with 3 years track record) or directly by the Company
through administrative support of several Implementing Agencies as mentioned above and other Non-Governmental Organisations or Charitable Institutions.
*Subject to partner’s CSR1 registration
(c) Details of CSR amount spent against other than ongoing projects for the financial year:
1 2 3 4 5 6 7 8 9
Item from Mode of
Amount Mode of Implementation
the list of Impleme-
Project ID (if Local Area Spent for the Through Implementing
S. No. Name of the Project activities in Location of the Project ntation
avail-able) (Yes/No) project Agency
schedule Direct
(in `)
VII (Yes/No)
State District Name CIN
Not Applicable
(d) Amount spent in Administrative Overheads – ` 55 lakhs
(e) Amount spent on Impact Assessment, if applicable – Not applicable for FY 20-21
(f) Total Amount Spent for the Financial Year (8b+8c+8d+8e) – ` 11.60 crores
(g) Excess amount for set off, if any
Sl.
Particular Amount (in `)
No.
(i) Two percent of average net profit of the Company as per section 135(5) 11.60
(ii) Total amount spent for the Financial Year 11.60
(iii) Excess amount spent for the financial year [(ii)-(i)] 0
(iv) Surplus arising out of the CSR projects or programmes or activities of the previous financial years, if any 0
(v) Amount available for set off in succeeding financial years [(iii)-(iv)] 0
9. (a) Details of unspent CSR amount for the preceding three financial years:
1 2 3 4 5
Amount transferred to Amount transferred to any fund specified under
Schedule VII as per section 135(6), if any Amount remaining to be spent
Preceding Financial Year Unspent CSR Account under
in succeeding financial years
section 135 (6) Name of the Fund Amount (in `)
Not Applicable
(b) Details of CSR amount spent in the financial year for ongoing projects of the preceding financial
year(s):
1 2 3 4 5 6 7 8 9

Governance
Reports
Total amount Cumulative Status of

Financial Year in
Project allocated for Amount Spent the project
S. No. Project ID Name of the Project which the project Amount
duration the project at the end of -Completed/
was commenced
(in `) financial year Ongoing.
1 NA Jeewan FY 2014-2015 7 years & 232 280 1077 Ongoing
Jyoti Women ongoing
Empowerment
Program
2 NA Digital FY 2019-2020 3 years 14 25 40 Ongoing
Empowerment
Program
3 NA Jeewan Jyoti Ved FY 2017-2018 3 years 23 12 150 Completed
Vidyalaya
4 NA Mobile Medical Unit FY 2014-2015 5 years 341 225 360 Ongoing
5 NA Mission Green FY 2017-2018 6 years 31 55 203 Ongoing
(Green Belt &
Afforestation)
6 NA Holistic Water FY 2019-2020 4 years 195 223 278 Ongoing
Program
7 NA Employee FY 2018-2019 3 years 11 7 26 Ongoing
Volunteering
8 NA COVID-19 Relief FY 2019-2020 2 years 20 28 128 Ongoing
9 NA Digital Equalizer & FY 2019-2020 2 years 213 205 211 Ongoing
Improved Learning
Programme
10 NA Tech for Impact FY 2019-2020 2 years 10 13 13 Ongoing
11 NA Educational FY 2016-2017 4 years 13 36 221 Completed
Scholarships
10. In case of creation or acquisition of asset, furnish the details relating to the asset so created or acquired
through CSR spent in the financial year.
(Asset wise details)
(a) Date of creation/acquisition of the asset(s) - None
(b) Amount of CSR spent for creation/acquisition of asset - NIL
(c) Details of the entity/public authority under whose name such asset is registered, address etc. - Not Applicable
(d) Provide details of the property or asset(s) created/acquired (including complete address and location of the
property) - Not Applicable
11. Specify the reason(s) if the Company has failed to spend two percent of the average net profit as per
section 135(5):
Dr. Anand Agarwal B J Arun

Chief Executive Officer Chairman, Sustainability and Corporate Social
Responsibility Committee

Corporate Governance Report
Philosophy of the Company on Code of more than ten Committees and Chairman of more than
Governance five Committees (Audit Committee and Stakeholders’
Upholding strong business ethics and implementing the Relationship Committee) across all companies in which
highest standards of corporate governance are integral he/she is a Director. None of the Company’s Independent
parts of the Company’s philosophy and are of prime Directors served as Independent Director in more than
importance to the efficacy of its operational conduct and seven listed companies. The appointment of the Whole-time
stakeholder management. Directors, including their tenure and remuneration are also
approved by the Board.
The Company strives to fulfill its inherent responsibility to
build sustainable growth, create value for all stakeholders, Mr. Pravin Agarwal, Dr. Anand Agarwal and Mr. Ankit
maintain investor confidence and reinforce commitment Agarwal, Whole-time Directors of the Company, are not
towards good governance, transparent engagement, appointed as Independent Directors of any Listed Company.
functional integrity and objective-oriented diligence. Mr. Anil Agarwal and Mr. Pravin Agarwal are brothers.
Mr. Ankit Agarwal is the son of Mr. Pravin Agarwal.
Company’s governance framework is based on its effective
independent Board, separation of Board’s supervisory role All the Independent Directors have confirmed that they
from the executive management team and constitution of meet the ‘independence’ criteria as mentioned under Listing
the Committees of Board. The details of Board structure Regulations. In the opinion of Board, the Independent
and the various committees that constitute the governance Directors fulfill the conditions specified in the Listing
structure of the Company are explained in detail in Regulations and are independent of the management.
this report.
Chart or Matrix setting out the List of Core Skills/
Board of Directors Expertise/Competencies
Composition of Board The skills and attributes of the Board can be broadly
The Board of Directors of the Company (“the Board”) categorised as follows:
comprises three Whole-time Directors and five Non-
Executive Directors, including one Independent Woman • Governance skills (skills directly relevant to performing
Director. Mr. Anil Agarwal is a Non-Executive Chairman and the Board’s key functions);
Mr. Pravin Agarwal is the Vice Chairman of the Board. The
• Industry skills (skills relevant to the industry);
Board composition is in compliance with the requirements
of Regulation 17 of SEBI (Listing Obligations and Disclosure • Personal attributes or qualities that are considered
Requirements) Regulations, 2015 (‘the Listing Regulations’), desirable to be an effective Director.
requiring not less than half the Board to be Independent.
The brief profiles of Directors forming part of this Annual
The profiles of Directors are available at https://www.stl.
Report gives an insight into the education, expertise, skills
tech/board-of-directors/
and experience of STL Directors, thus bringing in diversity
to the Board’s perspectives. The Board has identified matrix
All Directors have made necessary disclosures regarding
below, which is used as a guide for its effective functioning.
Directorships and Committee positions held by them in
other companies. None of the Directors is a Member of

Governance
Reports
Anil Pravin Ankit Kumud Sandip Anand S

Skills sets and description B J Arun
Agarwal Agarwal Agarwal Srnivasan Das Agarwal Madhavan
Leadership √ √ √ √ √ √ √ √
Understanding of organisational systems and
processes complex business and regulatory
environment, strategic planning and risk
management
Strategic Planning and Oversight √ √ √ √ √ √ √ √
Ability to think expansively, evaluate alternatives
and make Choices
Operational Oversight √ √ √ √ √ √ √ √
Understanding of business model and experience
of having managed organisations with large
consumer/customer interface in diverse business
environments
Financial Skills √ √ √ √ √ √ √ √
Experience in handling financial management along
with an understanding of accounting and financial
statements
Risk Management and Internal Control √ √ √ √ √ √ √ √
Understanding various risks and risk management
capabilities within the organisation, including crisis
preparedness and recovery plans
Experience and Knowledge of the Industry √ √ √ √ √ √
Domain Knowledge in Business and understanding
of business environment, optimising the
development in the industry for improving
Company’s business
Geographic, Gender and Cultural Diversity √ √
Representation of gender, geographic, cultural and
other perspective
Technology Skills √ √ √ √ √
Knowledge and understanding of how technology
can be leveraged to produce competitively superior
results and stay ahead
Stakeholder Engagement √ √ √ √ √ √ √ √
Experience of dealing with government officials,
regulators, customers, boards, partners and
suppliers, employees; and broader community for
corporate social responsibility agenda
Board Meetings
During FY21, six meetings of the Board of Directors were held on May 12, 2020; July 23, 2020; October 5, 2020;
October 22, 2020; January 20, 2021 and March 17, 2021. The maximum time gap between any two consecutive meetings
did not exceed one hundred and twenty days. Video/Tele-conferencing facilities were made available to facilitate Directors
to participate in the meetings. As required by Part A of Schedule II to the Listing Regulations, all the necessary information
was placed before the Board from time to time. The Board also reviewed the declaration made by the Chief Executive
Officer regarding compliance with all applicable laws on a quarterly basis as also steps taken to remediate instances of non-
compliances, if any.
The composition of the Board, their attendance in meetings, other Directorships and Committee memberships and their
shareholding in the Company as on March 31, 2021 are as follows:

Corporate Governance Report contd.
Board Attendance at
Committee Number of shares
Meetings the Last AGM Directorships Directorship in
Director Memberships & held in the
attended FY21 held on in other other listed entity
(Category) [Chairpersonships] Company as on
out of the 6 August 31, Companies1 (Category of Directorship)
in other Companies2 March 31, 2021
held 2020
Anil Agarwal, Chairman 02 No 02 Nil • Vedanta Limited Nil
(Promoter
Non-Executive)
Arun Todarwal 06 No 08 05 [02] • Sterlite Power Transmission Nil
(Independent Limited*
Non-Executive) • Anuh Pharma Limited
• Welspun India Limited
(Independent Director In all
companies)
A. R. Narayanaswamy 06 Yes 03 02 • Sterlite Power Transmission 1,000
(Independent Limited*
Non-Executive) (Independent Director in the
Company)
Sandip Das 04 Yes 01 01 • Greenlam Industries Limited 8,290
(Independent (Independent Director)
Non-Executive)
Kumud Srinivasan 04 No Nil Nil Nil Nil
(Independent
Non-Executive)
Pravin Agarwal, Vice 06 Yes 03 02 • Sterlite Power Transmission 5,86,750
Chairman & Whole-time Limited*
Director (Non-executive Director In all
(Promoter, Executive) companies)
Anand Agarwal, CEO & 06 Yes 02 Nil Nil 10,83,640
Whole-time Director
(Executive)
S Madhavan3 02 NA 10 05 [02] • UFO Moviez India Limited 3,000
(Independent • ICICI Bank Limited
Non-Executive) • Transport Corporation of
India Limited
• HCL Technologies Limited
(Independent Director)
B J Arun3 02 NA Nil Nil Nil Nil
(Independent
Non-Executive)
Ankit Agarwal4 02 NA 07 Nil Nil 8,05,041
Whole-Time Director
(Promoter, Executive)
*Debt listed company.
1. All public, private, foreign, Section 8 Companies are included. Directorship in Sterlite Technologies Limited has been excluded.
2. Membership/Chairpersonship only in Audit Committee and Stakeholders’ Relationship Committee are included. Committee positions held in Sterlite
Technologies Limited have been excluded.
3. Appointed as Additional Independent Directors w.e.f January 20, 2021.
4. Appointed as Additional Executive Director w.e.f January 20, 2021.
5. Mr. Arun Todarwal and Mr. A.R. Narayanaswamy, have ceased to be Independent Directors of the Company upon completion of their term on
March 31, 2021.

Governance
Reports
Information provided to the Board Committees of the Board

Information is provided to the Board members on regular I. Audit Committee
basis for their review, inputs and approvals. The quarterly The Audit Committee of the Board is governed by a Charter
Board Meeting presentations (made by the CEO to the drawn in accordance with the requirements of the Act
Board) provide adequate information to Directors on and Regulation 18 of the Listing Regulations and Section
strategy, future roadmap, technology, functional updates, 177 of the Act, besides other terms as may be referred
financial results and their analysis, governance matters by the Board of Directors. The primary objective of the
and legal updates. The Statutory Agenda for Board and Audit Committee of the Board of Directors is to discharge
Committee meetings is sent well in advance as per the responsibilities relating to accounting and reporting
statutory timelines. All material information is incorporated of financial practices adopted by the Company and its
in the agenda for facilitating meaningful and focused subsidiaries, surveillance of internal financial control systems
discussions at the meeting. as well as accounting and audit activities.
Further, Chief Operating Officer (CEO) and Chief Financial The terms of reference of the Audit Committee include:
Officer (CFO) have interactions with all Directors at the
Board Meeting; Members of senior Management also attend 1. Reviewing the Company’s financial reporting process
the Board periodically to provide detailed insight to the and the disclosure of its financial information to ensure
Board Members. the financial statement is correct, sufficient and credible
Separate Meeting of Independent Directors 2. Reviewing with the management, external and internal
As stipulated by the Code of Independent Directors auditors, the adequacy of internal audit function, the
under the Companies Act, 2013 (the ‘Act’) and the Listing structure of the internal audit department, staffing
Regulations, a separate meeting of the Independent and seniority of the official heading the department,
Directors of the Company was held on March 2, 2021 to reporting structure coverage and frequency of internal
review the performance of Non-Independent Directors audit, significant findings by internal auditors and
(including the Chairman) and the Board as whole. The follow-up thereon
Independent Directors also reviewed the quality, content
and timeliness of the flow of information between the 3. Recommending the appointment, terms of appointment
Management and the Board and its Committees, which and removal of auditors and the fixation of audit fees,
is necessary to effectively and reasonably perform and including, payment to Statutory Auditors for any other
discharge their duties. services rendered and any other related payments
Induction and Familiarisation of Board Members 4. Reviewing the Statutory and Internal Auditor’s
Upon appointment, the concerned Director is issued a independence and performance and scrutinising the
Letter of Appointment setting out in detail, the terms of effectiveness of the entire Audit process
appointment, duties, responsibilities and expected time
commitments. Each newly appointed Independent Director 5. Reviewing the findings of any internal investigations
is taken through a formal induction program, including the by the internal auditors into matters where there is
presentation from the Whole-time Director & CEO on the suspected fraud or irregularity or a failure of internal
Company’s manufacturing, marketing, finance and other control systems of a material nature and reporting the
important functions. The Company Secretary briefs the matter to the Board
Directors about their legal and regulatory responsibilities
as a Director. The induction for Independent Directors 6. Reviewing, with the management, the quarterly and
includes interactive sessions with Executive Committee annual financial statements and the Auditors’ report
Members, Business and Functional Heads, visit to the before submission to the Board for approval, focusing
manufacturing site and more. On matters of specialised primarily on:
nature, the Company engages outside experts/consultants
for presentation and discussion with the Board members. a. Matters required to be included in the Directors’
The familiarisation programme of Directors forms part of Responsibility Statement to be included in the
Company’s Nomination and Remuneration Policy and can Board’s report
be viewed on the Company’s website in ‘Investors’ section
b. Compliance with accounting standards and
at the link https://www.stl.tech/Code-of-Conduct-and-
changes in accounting policies and practices and
Policies.html
reasons for the same

c. Major accounting entries involving estimates 15. Reviewing financial statements and investments made
based on exercise of judgment by Management by subsidiary companies
d. Audit qualifications and significant adjustments

16. Evaluating reasons for any substantial defaults in
arising out of audit
payment to the depositors, debenture holders,
e. Significant adjustments made in the financial shareholders (in case of non-payment of declared
statements arising out of Audit findings dividend) and creditors, if any
f. Compliance with listing and other legal

17. Reviewing the effectiveness of the system for
requirements relating to financial statements
monitoring compliance with laws and regulations
g. Disclosure of any related party transactions
18. Approving the appointment of CFO after assessing
h. Modified opinion(s) in the draft audit report
the qualification, experience, background, etc. of
i. Reviewing draft audit report in the format of Key the candidate
Audit Matters - ‘KAM Report’
19. Reviewing the utilisation of loans and/or advances
7. Reviewing, with the management, the statement of from/investment by the holding company in the
uses/application of funds raised through an issue subsidiary exceeding rupees 100 crores or 10% of
(public issue, rights issue, preferential issue, etc.), the the asset size of the subsidiary, whichever is lower
statement of funds utilised for purposes other than including existing loans/advances/investments
those stated in the offer document/prospectus/notice existing amounts
and the report submitted by the monitoring agency
monitoring the utilisation of proceeds of a public or 20. Reviewing the following information:
rights issue, and making appropriate recommendations
a. management discussion and analysis of financial
to the Board to take up steps in this matter
condition and results of operations;
8. To review statement of deviations: b. statement of significant related party transactions

(as defined by the audit committee), submitted by
i. quarterly statement of deviation(s), including management;
report of monitoring agency, if applicable,
c. management letters/letters of internal control
submitted to stock exchange(s) in terms of
weaknesses issued by the statutory auditors;
Regulation 32(1) SEBI Listing Regulations
d. internal audit reports relating to internal control
ii. annual statement of funds utilised for purposes weaknesses; and
other than those stated in the offer document/
e. the appointment, removal and terms of
prospectus/notice in terms of Regulation 32(7) of
remuneration of the chief internal auditor shall be
SEBI Listing Regulations
subject to review by the audit committee
9. Discussing with external auditors, nature and scope of

21. Reviewing compliance with the provisions of the Code
audit as well as having post-audit discussions
of Conduct to Regulate, Monitor and Report Trading
in the Securities of the Company and applicable SEBI
10. Reviewing the Company’s financial and risk
Regulations and to verify that the systems for internal
management policies and risk management systems
controls are adequate and are operating effectively and
to amend, modify, interpret the Code
11. Reviewing Whistle Blower Mechanism (Vigil mechanism
as per of the Companies Act, 2013)
Composition and Meetings
The Audit Committee comprises of three Independent
12. Approving any transactions or subsequent
Directors and one Executive Director. The Chairman of
modifications of transactions with related parties
the Committee (Independent Director) is a Chartered
Accountant and has accounting and financial expertise. The
13. Reviewing inter-corporate loans and investments
other Committee members also are financially literate. The
quorum of the Committee is two members or one-third of its
14. Reviewing valuation of undertakings or assets of the
members, whichever is higher with at least two Independent
Company, if necessary
Directors.

Governance
Reports
The Chairman of the Audit Committee attended the last 2. Formulation of criteria for evaluation of Independent
Annual General Meeting (‘AGM’) of the Company. The Audit Directors and the Board;
Committee met six times during FY21 on May 11, 2020;
July 22, 2020; October 5, 2020; October 22, 2020; 3. Reviewing whether to extend or continue the term
December 4, 2020 and January 19, 2021 and the gap of appointment of the Independent Director, on the
between two meetings did not exceed one hundred and basis of the report of performance evaluation of
twenty days. The Composition of the Audit Committee as at Independent Directors
March 31, 2021 and attendance at committee meetings are
as follows: 4. Devising a policy on Board diversity;
Number of
Name Category
Meetings attended 5. Identifying persons who are qualified to become
A. R. Narayanaswamy, Non-Executive & 06 Directors and who may be appointed in senior
Chairman Independent Director management in accordance with the criteria laid
Arun Todarwal Non-Executive & 06 down, and recommend to the Board their appointment
Independent Director and removal;
Sandip Das Non-Executive & 05
Independent Director 6. Administration of Employee Stock Option Scheme(s);
Pravin Agarwal Vice Chairman & 05
Whole-time Director
7. Recommend to the Board, all remuneration, in
whatever form, payable to senior management, i.e. all
The Audit Committee was reconstituted effective April 1, members of management one level below the Chief
2021, with the following Composition: Executive Officer/Managing Director/Whole-time
Director/manager (including Chief Executive Officer/
Name Category
manager, in case they are not part of the Board) and
S. Madhavan, Chairman Non-Executive & Independent Director
shall specifically include Company Secretary and Chief
Kumud Srinivasan Non-Executive & Independent Director
Financial Officer
Sandip Das Non-Executive & Independent Director
Pravin Agarwal Vice Chairman & Whole-time Director
8. Succession Planning of the CXO team
Audit Committee meetings are usually attended by the

Executive Directors, the CFO and representatives of
The Committee comprises of four Non-Executive
Statutory Auditors and Internal Auditors. Business CEOs and
Independent Directors.
Functional Heads are also invited to the meetings, as and
when needed. The Company Secretary acts as the Secretary
Mr. Sandip Das is the Chairman of the Committee. The
to Audit Committee. The Internal Audit function reports to
Committee met six times during the FY21 on April 30, 2020;
the Audit Committee to ensure its independence.
May 11, 2020, June 23, 2020, July 22, 2020,
October 5, 2020, October 21, 2020, and January 19,
II. Nomination and Remuneration Committee
2021. The Company Secretary acts as the Secretary to
The powers, role and terms of reference of the Nomination
Nomination and Remuneration Committee. The Composition
and Remuneration Committee covers the areas as provided
of the Committee as at March 31, 2021 and attendance at
under Regulation 19 of the Listing Regulations and Section
Committee meetings are as follows:
178 of the Act, besides other terms as referred by the Board.
Number of
Name Category
The terms of reference of the Nomination and Remuneration Meetings attended
Committee include: Sandip Das, Chairman Non-Executive & 06

Independent Director
Arun Todarwal Non-Executive & 06
1. Formulation of the criteria for determining
qualifications, positive attributes and independence
A. R. Narayanaswamy Non-Executive & 06
of a Director and recommend to the Board a policy, Independent Director
relating to the remuneration of the Directors, key Kumud Srinivasan Non-Executive & 06
managerial personnel and other employees; Independent Director

The Nomination and Remuneration Committee was The composition as on March 31, 2021 and attendance at
reconstituted effective April 1, 2021, with the following Committee meetings are as follows:
Composition:
Number of
Name Category
Name Category Meetings attended
Sandip Das, Chairman Non-Executive & Independent Director Kumud Srinivasan, Non-Executive & 04
S. Madhavan Non-Executive & Independent Director Chairperson Independent Director
B. J. Arun Non-Executive & Independent Director Arun Todarwal Non-Executive & 04
Kumud Srinivasan Non-Executive & Independent Director
Pravin Agarwal Vice Chairman & 04
Whole-time Director
III. Stakeholders’ Relationship Committee Sandip Das Non-Executive & 04
he powers, role and terms of reference of the Stakeholders’
T Independent Director
Relationship Committee cover the areas as provided under
Regulation 20 read with Part D of Schedule II of the Listing
The Stakeholders’ Relationship Committee was
Regulations and Section 178 of the Act, besides other terms
reconstituted effective April 1, 2021, with the following
as referred by the Board.
Composition:
he terms of reference of the Stakeholders’ Relationship
T Name Category
Committee include: Kumud Srinivasan, Non-Executive & Independent Director
Chairperson
1. Resolving the grievances of the security holders of the S. Madhavan Non-Executive & Independent Director
listed entity including complaints related to transfer/ B. J. Arun Non-Executive & Independent Director
transmission of shares, non-receipt of annual report, Ankit Agarwal Whole-time Director
non-receipt of declared dividends, issue of new/
duplicate certificates, general meetings, etc. IV. Risk Management Committee
he powers, role and terms of reference of the Risk
T
2. Review of measures taken for effective exercise of Management Committee cover the areas as provided under
voting rights by shareholders Regulation 21 of the Listing Regulations besides other terms
as referred by the Board.
3. Review of adherence to the service standards adopted
by the listed entity in respect of various services being The terms of reference of the Risk Management
rendered by the Registrar & Share Transfer Agent Committee include:
4. Review of the various measures and initiatives taken by 1. Framing, reviewing and monitoring the Risk
the listed entity for reducing the quantum of unclaimed Management Policy and Plan of the Company
dividends and ensuring timely receipt of dividend
warrants/annual reports/statutory notices by the 2. Evaluating significant risk exposures of the Company
shareholders of the Company and assessing management’s actions to mitigate the
exposures in a timely manner
The Stakeholders’ Relationship Committee oversees 3. Monitoring risks and risk management capabilities
redressal of stakeholders’ grievances. within the organisation, including communication
about escalating risk and crisis preparedness and
The Committee met four times during the FY21 on May 11, recovery plans
2020, July 22, 2020, October 21, 2020 and January 19,
2021. Further during the year, the Company received 350 4. Monitoring cyber security risks and assessing the
complaints for various matters like non-receipt of share adequacy of infrastructure controls in place to
certificates, non-issue of duplicate certificates, rejection mitigate the same
of demat requests. All the complaints were resolved to the
satisfaction of investors. Mr. Amit Deshpande, Company 5. Making regular reports to the Audit Committee/Board
Secretary, acts as the Compliance Officer of the Company. on Risk management and minimisation procedures

Governance
Reports
Composition and Meetings 4. To approve the Corporate Sustainability Report and
The Committee met three times during the FY21 on oversee the implementation of sustainability activities
July 22, 2020, October 21, 2020 and January 19, 2021.
The composition and attendance at Committee meetings 5. To formulate and recommend to the Board - policies,
are as follows: principles and practices to foster the sustainable
growth of the Company and to respond to evolving
Number of
Name Category
Meetings attended public sentiment and government regulations
Kumud Srinivasan, Non-Executive & 03
Chairperson Independent Director 6. To aid management in setting strategy, establishing
Arun Todarwal Non-Executive & 03 goals and integrating sustainability into daily business
Independent Director activities across the Company
Sandip Das Non-Executive & 03
Independent Director 7. To review and advise the Board on company’s
Dr. Anand Agarwal Executive Director 03 sustainability reporting and sustainability targets
Anupam Jindal* Chief Financial Officer 01
Mihir Modi** Chief Financial Officer 02
8. To review management’s risk assessment and risk
*Mr. Anupam Jindal ceased to be a member w.e.f September 11, 2020 management policies and procedures with respect to
**Mr. Mihir Modi appointed as a member w.e.f October 5, 2020 sustainability impacts and considerations
The Risk Management Committee was reconstituted The Committee met two times during FY21 on
effective April 1, 2021, with the following Composition: May 11, 2020 and October 21, 2020. Its composition and
attendance are as follows:
Name Category
Kumud Srinivasan, Non-Executive & Independent Director Number of
Name Category
Chairperson Meetings attended
Sandip Das Non-Executive & Independent Director Arun Todarwal, Chairman Non-Executive & 02
Anand Agarwal Chief Executive Officer & Whole-time Independent Director
Director A.R. Narayanaswamy Non-Executive & 02
Mihir Modi Chief Financial Officer Independent Director
Ankit Agarwal Whole-time Director Pravin Agarwal Vice Chairman & 02
Whole-time Director
Anand Agarwal CEO & Whole-time 02
V. Sustainability and Corporate Social Director
Responsibility Committee
The Committee’s primary role is to assist the Company
The Sustainability and Corporate Social Responsibility
in discharging its social responsibilities. The Committee
Committee was reconstituted effective April 1, 2021, with
monitors the implementation of the Corporate Social
the following Composition:
Responsibility Policy and oversees Company’s sustainability
initiatives. The Committee’s constitution and terms of Name Category
reference meet with the requirements of the Act and Rules B. J. Arun, Chairman Non-Executive & Independent Director
made thereunder. Its terms of reference include: Sandip Das Non-Executive & Independent Director
Pravin Agarwal Vice Chairman & Whole-time Director
1. To formulate and recommend to the Board, a Anand Agarwal CEO & Whole-time Director
Corporate Social Responsibility Policy (CSR Policy)
or its modification which shall indicate the activities VI. Other Committees
to be undertaken by the Company as specified in The Board has also constituted the Authorisation and
Schedule VII Allotment Committee to assist in discharging its functions.
This Committee operate within the limit of authorities, as
2. To recommend the amount of expenditure to be delegated by the Board of Directors.
incurred on the activities as prescribed under
CSR Policy Board Evaluation
The Board of Directors of the Company is committed to
3. To monitor the CSR Policy of the Company from assessing its own performance as a Board in order to
time to time identify its strengths and areas in which it may improve its
functioning. To that end, the Nomination and Remuneration
Committee has established processes for performance

evaluation of Independent Directors, the Board and in writing, removal of a Director, KMP or Senior
Committees of the Board. Management Personnel.
Pursuant to the provisions of the Act, and the Listing d. Remuneration of Managing/Whole-time Director,
Regulations, the Board has carried out an annual evaluation KMP and Senior Management
of its own performance, performance of its Committees as The remuneration/compensation/commission, etc.,
well as the Directors individually. A structured evaluation as the case may be, to the Managing/Whole-time
was carried out based on various parameters such as skills Director will be determined by the NRC Committee
and experience to perform the role, level of participation, and recommended to the Board for approval. The
contribution to strategy, degree of oversight, professional remuneration/compensation/commission, etc., as
conduct and independence. the case may be, shall be subject to the prior/post
approval of the shareholders of the Company and
Policy for Selection and Appointment of Central Government, wherever required and shall be
Directors and their Remuneration in accordance with the provisions of the Act and Rules
The Nomination and Remuneration Committee (NRC) has made thereunder. Further, the Whole-time Director of
adopted a Charter which, inter alia, deals with the manner of the Company is authorised to decide the remuneration
selection of the Directors, KMP and Senior Management and of KMP (other than Managing/Whole-time Director) and
their remuneration. This Policy is accordingly derived from Senior Management, and which shall be decided by
the said Charter. the Whole-time Director based on the standard market
practice and prevailing HR policies of the Company.
a. Appointment Criteria and Qualification:
The NRC shall identify and ascertain the integrity, e. Remuneration to Non-executive/Independent
qualification, expertise and experience of the person Director:
for appointment as Director in terms of Diversity Policy The remuneration/commission/sitting fees, as the case
of the Board and recommend to the Board his/her may be, to the Non-Executive/Independent Director,
appointment. shall be in accordance with the provisions of the Act
and the Rules made thereunder for the time being in
For the appointment of KMP (other than Managing/ force or as may be decided by the Committee/Board/
Whole-time Director or Manager) or Senior shareholders.
Management, a person should possess adequate
qualification, expertise and experience for the position An Independent Director shall not be entitled to
he/she is considered for the appointment. any stock option of the Company unless otherwise
permitted in terms of the Act and Listing Regulations,
b. Term: as amended from time to time.
The Term of the Directors including Managing/Whole
time Director/Manager/Independent Director shall be The complete text of the Nomination and Remuneration
governed as per the provisions of the Act and Rules Policy can be accessed on Company’s website at
made thereunder and Listing Regulations, as amended the link: https://www.stl.tech/Code-of-Conduct-and-
from time to time. Policies.html
Whereas the term of the KMP (other than the Managing/ Details of Remuneration Paid to the Directors
Whole-time Director/Manager) and Senior Management Mr. Pravin Agarwal, Dr. Anand Agarwal and Mr. Ankit
shall be governed by the prevailing HR policies of Agarwal are the Executive Directors of the Company.
the Company.
Mr. Pravin Agarwal was appointed as Whole-time Director
c. Removal: of the Company for a period of 5 years with effect from
Due to reasons for any disqualification mentioned in October 30, 2020. As per the terms of appointment, the
the Act or under any other applicable Act, Rules and agreement can be terminated by giving 90 days notice or
Regulations thereunder and/or for any disciplinary equivalent pay by either of the sides. Dr. Anand Agarwal
reasons and subject to such applicable Acts, Rules was appointed as Whole-time Director and designated
and Regulations and the Company’s prevailing HR as Chief Executive Officer of the Company for a period of
policies, the Nomination and Remuneration Committee 5 years with effect from July 30, 2020. As per the terms of
may recommend, to the Board, with reasons recorded appointment, the agreement can be terminated by giving
90 days notice or equivalent pay by either of the sides.

Governance
Reports
Mr. Ankit Agarwal was appointed as Additional Whole-Time Director of the Company for a term of 5 years with effect
January 20, 2021. The said appointment, its terms and remuneration is subject to approval of shareholders of the Company
at the forthcoming Annual General Meeting of the Company.
In FY 21, sitting fee of ` 75,000/- for attendance at each meeting of the Board and ` 40,000/- for each meeting of the
Committees of the Board was paid to its Members (excluding Executive Directors). Remuneration by way of commission
to Non-Executive Directors is decided by the Board of Directors and distributed to them based on their participation and
contribution to the Board and certain Committee meetings as well as time spent on operational matters other than at
meetings. On August 4, 2015, Members had approved the payment of remuneration by way of commission to the Non-
Executive Directors of the Company, of a sum not exceeding 1% per annum of the net profits of the Company. The break-up
of remuneration actually paid to Directors (excluding provisions, if any) in FY21 is as follows:
(` In lakhs)
Salary Incentive/
Director Sitting Fee Total
Perquisites6 Commission
Anil Agarwal - - - -
Arun Todarwal - 22.50 14.10 36.60
A. R. Narayanaswamy - 22.50 10.10 32.60
Kumud Srinivasan 22.50 9.70 32.20
Pravin Agarwal1 805.71 190.03 - 995.74
Anand Agarwal2 800.02 295.14 - 1,095.60
Pratik Agarwal - 22.50 2.25 24.75
Sandip Das3 - 22.50 11.70 34.20
S Madhavan4 - - 1.50 1.50
BJ Arun4 - - 1.50 1.50
Ankit Agarwal5 58.00 - - 58.00
1 I n view of the pandemic and to support the communities and company’s growth plans, Mr. Pravin Agarwal has forgone 64% (` 3.36 crores) of his
variable remuneration for FY21.
2 Remuneration of Dr. Anand Agarwal also includes the perquisite value of Employee Stock Options (ESOPs) exercised by him during the year. He has
exercised 1,34,520 options in FY21 against which equal number of shares were allotted to him. 1,30,300 options were granted to him in FY21, which are
eligible for vesting over a period of five years.
3 The Company has paid ` 4.58 lakhs per month to Mr. Sandip Das as consultancy fees in FY21 for advisory services rendered by him in professional
capacity and the same is not a part of his remuneration as Director.
4 Appointed as Additional Independent Directors w.e.f January 20, 2021.
5 Appointed as Additional Executive Director w.e.f January 20, 2021.
6 As the liabilities for gratuity and leave encashment are provided on an actuarial basis for the Company as a whole, the said amounts are not
included above.
GENERAL BODY MEETINGS

Particulars of last three Annual General Meetings
Date Venue Time Special Resolutions that were passed with requisite majority
June 26, 2018 E1, MIDC Industrial Area, Waluj, Aurangabad, 11.00 am • To offer or invite for subscription of Non-Convertible
Maharashtra – 431 136, India Debentures on private placement basis
• Raising of the funds through Qualified Institutional

Placement (QIP)/External Commercial Borrowings
(ECBs) with rights of conversion into Shares/
Foreign Currency Convertible Bonds (FCCBs)/
American Depository Receipts (ADRs)/Global
Depository Receipts (GDRs)/Optionally or
Compulsorily Convertible Redeemable Preference
Shares (OCPs/CCPs) etc. pursuant to Section 62 of
Companies Act, 2013

Date Venue Time Special Resolutions that were passed with requisite majority
July 23, 2019 E1, MIDC Industrial Area, Waluj, Aurangabad, 11.00 am • Re-appointment of Mr. Arun Todarwal as an
Maharashtra – 431 136, India Independent Director
• Re-appointment of Mr. A. R. Narayanaswamy as an

• Raising of the funds through Qualified Institutional

Placement (QIP)/External Commercial Borrowings
(ECBs) with rights of conversion into Shares/
Foreign Currency Convertible Bonds (FCCBs)/
American Depository Receipts (ADRs)/Global
Depository Receipts (GDRs)/Optionally or
Compulsorily Convertible Redeemable Preference
Shares (OCPs/CCPs) etc. pursuant to Section 62 of
Companies Act, 2013
August 31, Video Conference/Other audio-visual means 03.00 pm • Re-Appointment of Mr. Pravin Agarwal as a Whole-
2020 Deemed Venue: E1, MIDC Industrial Area, Waluj,
Time Director of the Company
Aurangabad, Maharashtra – 431 136, India
• Re-Appointment of Dr. Anand Agarwal as a Whole-
Time Director of the Company
• Shifting of Registered Office of the Company
The Company had provided facility of e-voting pursuant with the interest of the Company. No transaction with
to provisions of the Act and the Listing Regulations to its the Promoters, Directors or their relatives has a potential
Members. A scrutinizer was appointed by the Company to conflict with the Company’s interest. The related party
monitor and review the e-voting process. On completion transactions are entered into based on considerations of
of e-voting process, the Scrutinizer presented a report various business exigencies, such as synergy in operations,
to the Chairman. All the resolutions were passed with sectoral specialisation and the Company’s long-term
requisite majority. strategy for sectoral investments, optimisation of market
share, profitability, legal requirements, liquidity and capital
During FY21, no special resolutions were passed through resources of subsidiaries and associates. All related party
postal ballot. There is no special resolution proposed to be transactions are negotiated on an arm’s length basis and are
conducted through postal ballot. intended to further the Company’s interests.
Subsidiary Companies All transactions entered into with Related Parties as defined
The Company has formulated a policy for determining under the Act and Regulation 23 of the Listing Regulations
‘material’ subsidiaries pursuant to the provisions of the during the FY 21 were on an arm’s length basis. Suitable
Listing Regulations and the same is displayed on its disclosures as required under the applicable Accounting
website at link https://www.stl.tech/Code-of-Conduct-and- Standards have been made in the notes to the Financial
Policies.html Statements. The Board has approved the policy on Related
Party Transactions, which has been uploaded on the
The applicable requirements of Regulation 24 of Listing Company’s website in “Investors” section at link https://
Regulations with respect to material subsidiary are complied www.stl.tech/Code-of-Conduct-and-Policies.html
with. Minutes of subsidiary companies are placed before
the Board and the attention of the Directors is drawn to Code of Conduct
significant transactions and arrangements entered into by The Company has adopted a ‘Code of Business Conduct
the subsidiary companies. & Ethics’ to meet the changing internal and external
environment for its employees at all levels including Senior
Related Party Transactions Management and Directors. The Code has also been posted
All Related Party Transactions are approved by the Audit on the Company’s website at link https://www.stl.tech/
Committee. Approval of the Board is taken, as needed, in Code-of-Conduct-and-Policies.html. The Code serves as a
accordance with the Act and the Listing Regulations. There guide to the employees of the Company to make informed
were no materially significant transactions with related and prudent decisions. As required under the Listing
parties during the financial year which were in conflict Regulations, the affirmation of compliance with the Code

Governance
Reports
has been obtained from Directors and Senior Management possession of unpublished price sensitive information in
personnel for FY21. relation to the Company and during the period when the
Trading Window is closed.
Disclosures in Relation to the Sexual Harassment
of Women at Workplace (Prevention, Prohibition CEO and CFO Certification
and Redressal) Act, 2013: The Chief Executive Officer and Whole Time Director and
The status of complaints is as follows: the Chief Financial Officer of the Company give annual
No. of Complaints Pending as on April 1, 2020 0 certification on financial reporting and internal controls
No. of Complaints filed during financial year 1 to the Board in terms of Regulation 17 of the Listing
No. of Complaints disposed off during financial year 1 Regulations. The Chief Executive Officer and Whole-time
No. of Complaints Pending as on March 31, 2021 0 Director and the Chief Financial Officer also give quarterly
certification on financial results while placing the financial
Vigil Mechanism/Whistleblower Policy results before the Board in terms of Regulation 33 of the
The Company has a Vigil mechanism and has adopted Listing Regulations. The annual certificate for FY 21 given by
a ‘Whistleblower Policy’, which has been communicated the Chief Executive Officer and Whole-time Director and the
to all employees along with Code of Business Conduct & Chief Financial Officer is published in this Report.
Ethics. The Whistleblower policy is the mechanism to help
the Company’s directors, employees, its subsidiaries and Reconciliation of Share Capital Audit
all external stakeholders to raise their concerns about any A qualified Practising Company Secretary carries out a
malpractice, impropriety, abuse or wrongdoing at an early Reconciliation of Share Capital Audit on a quarterly basis
stage and in the right way, without fear of victimisation, to reconcile the total admitted capital with NSDL and CDSL
subsequent discrimination or disadvantage. The policy and the total issued and listed capital. The Audit report is
encourages raising concerns within the Company rather submitted to the stock exchanges and is also placed before
than overlooking a problem. All Complaints under this policy the Board. The audit confirms that the total issued/paid-
are reported to the Director - Management Assurance, who up capital is in agreement with the aggregate of the total
is independent of operating management and businesses. number of shares in physical form and the total number of
‘Complaints’ can also be reported on a web-based portal, shares in dematerialised form (held with NSDL and CDSL).
designated email id or toll-free number as below:
Web based Portal www.vedanta.ethicspoint.com Disclosures
Toll Free number 000 800 100 1681 a. The Company has complied with the requirements
Email [email protected] of the Stock Exchanges, SEBI and other statutory
Mailing address Group Head – Management Assurance, authorities on all matters relating to capital markets. No
Vedanta, 75 Nehru Road, Vile Parle (E), penalties or strictures were imposed on the Company
Mumbai 400 099
by the Stock Exchanges, SEBI or any statutory
Tel No. +91- 22 – 6646 1000,
Fax No. +91- 22 – 6646 1450
authorities on any matter relating to the above.
b. The Company has not received any complaints relating

No person has been denied access to the Audit Committee.
to child labour, forced labour, involuntary labour
The Whistleblower policy has also been extended to
during FY21.
external stakeholders like vendors, customers, etc. The
details of the Whistleblower Policy are available at the link
c. As a result of its businesses and the global nature of
https://www.stl.tech/Code-of-Conduct-and-Policies.html
its operations, the Company is exposed in particular
to market risks from changes in foreign currency
Prevention of Insider Trading
exchange rates and interest rates, while commodity
The Company has adopted a Code of Conduct for
price risks arise from procurement. The Company
Regulating, Monitoring and Reporting of trading in the
has established internal guidelines for risk controlling
securities of the Company (‘the Code’) as per the SEBI
procedures and for the use of financial instruments,
(Prohibition of Insider Trading) Regulations, 2015 with a
including a clear segregation of duties with regard
view to regulate trading in securities by the Directors and
to financial activities, settlement, accounting and the
designated employees of the Company. Under the Code,
related controlling. The guidelines upon which the
the Company has constituted Insider Trading Monitoring
Company’s risk management processes for financial
Committee for overall administration of the Code. The Code
risks are based, are designed to identify and analyze
requires pre-clearance for dealing in the Company’s shares
these risks throughout the company, to set appropriate
and prohibits the purchase or sale of Company’s securities
risk limits and controls and to monitor the risks by
by the Directors and the designated employees while in

means of reliable and up-to-date administrative and c. The Company displays official news releases and the
information systems. The guidelines and systems presentations made to institutional investors or to
are regularly reviewed and adjusted to the changes analysts on the website.
in markets and products. The Company enters into
forward contracts for hedging foreign exchange d. NSE Electronic Application Processing System (NEAPS)
exposures against exports and imports. and BSE Corporate Compliance & Listing Centre
(the ‘Listing Centre’): NEAPS and BSE Listing Centre
d. This Corporate Governance Report of the Company are web-based applications designed by NSE/BSE
for the Financial Year ended March 31, 2021 is in for corporates. All periodical compliance filings like
compliance with the requirements of Corporate shareholding pattern, corporate governance report,
Governance under Listing Regulations. media releases, among others are filed electronically
on these applications.
e. The Company has not raised any funds through
preferential allotment or qualified institutions GENERAL SHAREHOLDER INFORMATION
placement as specified under Regulation 32(7A) of the CIN L31300MH2000PLC269261
Listing Regulations. Annual General Meeting Day, Date – Thursday, August 26, 2021
Time – 9.00 a.m.
f. Total fees for all services paid by the Company and Through Video Conferencing (“VC”) /
Other Audio Visual Means (“OAVM”)
its subsidiaries, on a consolidated basis, to PWC, the
Book Closure Dates Tuesday, August 24, 2021 to Thursday,
statutory auditor and all entities in the network firm/
August 26, 2021 (both days inclusive)
network entity of which the statutory auditor is a part: Dividend Payment Date Dividend, if declared in the AGM will be
(` in lakhs)
paid within the statutory time limits.
Entity Fees paid in FY21
Sterlite Technologies Limited (STL) 149.25 Financial Calendar for FY22 (Financial Year April 1 to
Subsidiaries of STL 15.00 March 31) (tentative)
Total 164.25 First Quarter Results End of July 2021
Half Yearly Results End of October 2021
g. The Company has obtained a certificate from M/s. J. B. Third Quarter Results End of January 2022
Bhave & Co., Company Secretary in practice that none Fourth Quarter/Annual Results End of April 2022
of the Directors on the Board of the Company have
been debarred or disqualified from being appointed Listing of shares on Stock Exchanges
or continuing as Directors of companies by the Board/ The equity shares of the Company are listed on BSE and
Ministry of Corporate Affairs or any such statutory NSE. Annual listing fees for the financial year ended
authority. The said certificate is attached to this Report. March 31, 2021 have been paid to BSE and NSE. The Stock
Codes of the Exchanges are as under:
h. The Board had accepted all recommendation Exchange Code Address
of its committees during FY21, which were BSE 532374 BSE Limited
mandatorily required. Phiroze Jeejeebhoy Towers, Dalal Street
Mumbai- 400001
i. The Company has complied with as stipulated in the NSE STLTECH The National Stock Exchange of India Ltd.
Exchange Plaza, Plot no. C/1, G Block,
Listing Regulations, as applicable. Comments on the
Bandra-Kurla Complex, Bandra (E),
adoption of non-mandatory requirements are given at
Mumbai - 400 051.
the end of this report.
Debt Securities
Means of Communication
The Company has outstanding Secured, Rated,
a. Quarterly Financial Results are published in all-India
Redeemable, Non-Convertible Debentures (NCDs) of ` 590
Editions of Financial Express and, in the Aurangabad
crores. NCDs are listed on the debt segment of BSE Limited,
Edition of Dainik Anand Nagri .
as per the SEBI Guidelines and Listing Regulations.
b. Results are also posted on the Company’s website:

www.stl.tech and the websites of BSE Limited (BSE) and
The National Stock Exchange of India Limited (NSE).

Governance
Reports
Stock Price Data

Stock Price data for the period April 1, 2020 to March 31, 2021 is as detailed below:
BSE Monthly High BSE Monthly Low NSE Monthly High NSE Monthly Low
Month
(`) (`) (`) (`)
Apr-20 95.35 62.00 95.40 62.00
May-20 106.30 86.80 106.40 86.85
Jun-20 122.20 96.00 122.00 96.40
Jul-20 160.60 108.00 160.60 110.30
Aug-20 174.75 115.00 174.70 115.50
Sep-20 166.80 137.40 167.00 139.25
Oct-20 161.00 140.50 161.30 142.50
Nov-20 163.40 142.65 163.35 142.50
Dec-20 189.75 148.00 189.90 150.00
Jan-21 199.50 171.65 199.90 171.45
Feb-21 218.75 172.85 218.70 172.80
Mar-21 225.75 190.00 225.85 190.00
Sources: Data compiled from BSE & NSE official websites.
Stock Performance
The performance of the Company’s stock prices is given in the chart below:
Stock Performance (FY21)
400
350
300
250
200
150
100
50
-
31-03-2020
05-06-2020
06-05-2020
07-06-2020
08-04-2020
09-02-2020
10-01-2020
11-02-2020
12-03-2020
01-04-2021
02-03-2021
03-04-2021
STL BSE Sensex Midcap BSE 500 BSE Small Cap

Distribution of Shareholding as on March 31, 2021

Sr. no Category Cases % of Cases No. of shares % of shareholding
1 1-5000 183265 97.03 49738248 12.54
2 5001- 10000 3140 1.66 11340568 2.86
3 10001- 20000 1331 0.70 9628485 2.43
4 20001- 30000 419 0.22 5258874 1.33
5 30001- 40000 202 0.11 3577623 0.90
6 40001- 50000 104 0.06 4767652 0.60
7 50001- 100000 228 0.12 16089064 2.03
8 100001 & Above 183 0.10 613312444 77.31
Total: 1,88,872 100.00 396,628,378 100.00
Equity holding pattern as on March 31, 2021 The voting rights on the shares in the suspense account as
Category Number of Shares % of Equity on March 31, 2021 shall remain frozen till the rightful owners
Promoter Group 2,15,998,381 54.46 of such shares claim the shares.
Banks, Mutual Funds, Trusts, 34,379,001 8.67
Govt & Insurance Companies, Share Transfer System
Indian Financial Institutions, Requests for Transfer/Transmission of shares held in
etc.
physical form can be lodged with the Company’s Registrar
FIIs, Foreign National, Foreign 24,175,219 6.10
and Transfer Agent, KFin Technologies Private Limited
Portfolio Investors and NRIs
(‘KTPL), Hyderabad. The requests are generally processed
Bodies Corporates & NBFCs 11,578,887 2.92
Registered with RBI within 10-15 days of receipt of documents, if documents are
Individuals (Public) & HUFs 1,05,597,457 26.62 complete and valid in all respects. Shares under objection
Clearing Members 3,26,877 0.08 are returned within 7-10 days.
Others (including IEPF) 45,72,556 1.15
Total 396,628,378 100.00 Pursuant to Regulation 40(9) of the Listing Regulations,
the Company submits to Stock Exchanges, a certificate,
on half yearly basis, issued by a Practising Company
Dematerialisation of Shares and Liquidity
Secretary for due compliance of share transfer formalities by
The Company’s equity shares are compulsorily traded in
the Company.
the electronic form. As on March 31, 2021 39,37,93,301
shares representing 99.29% of total equity capital were held
Registrar & Transfer Agent
in electronic form. The Shareholders can hold the shares in
KTPL is the Registrar and Transfer Agent of the Company.
demat form either through NSDL or CDSL. The ISIN allotted
Shareholders, beneficial owners and Depository
to the Company is INE089C01029.
Participants, (DPs) can send/deliver the documents/
correspondence relating to the Company’s share transfer
Outstanding GDRs/ADRs/Warrants or any
activity, etc. to KTPL at the following address:
Convertible instruments, conversion date & likely
impact on equity – Nil
Kfin Technologies Private Limited
(Unit – Sterlite Technologies Limited)
Details of outstanding shares in the Unclaimed
Selenium Tower-B, Plot No. 31 & 32,
Suspense Account
Financial District, Gachibowli, Nanakramguda,
In terms of Schedule V of Listing Regulations, the Company
Serilingampally
reports the following details in respect of equity shares lying
Hyderabad 500 008 India
in the suspense account.
Phone No.: 040 67161524 E-mail: [email protected]
No. of Outstanding
Particulars
Total No. of Shares lying Shareholders’ correspondence should be addressed to the
Shareholders in Unclaimed
Suspense Account Company’s Registrar and Transfer Agents at the above-
As on April 1, 2020 35 14,545 mentioned address. In case of unresolved complaints,
Shareholders approached for Nil Nil the members may also write to the Company Secretary
transfer/delivery during FY 21 & Compliance Officer at the office of the Company as
Shares transferred/delivered Nil Nil detailed below:
during FY21
Shares transferred to IEPF Nil Nil
Balance as on March 31, 2021 35 14,545

Governance
Reports
Sterlite Technologies Limited Credit Rating

4th Floor, Godrej Millennium The Company’s credit rating ascribed by ICRA/CRISIL
9 Koregaon Road, “STS 12/1”, Pune – 411 001 as on date:
Maharashtra, India
Phone: +91-20-30514000 Fax: +91-20-30514113 ICRA CRISIL
Debt instrument
E-mail: [email protected] Rating Outlook Rating Outlook
Non-Convertible AA Stable NA NA
Registered Office: Debentures
E1, MIDC Industrial Area Commercial A1+ NA A1+ NA
Waluj, Aurangabad – 431 136, Maharashtra, India Papers
Line of credit AA Stable AA Stable
Debenture Trustee
Axis Trustee Services Limited Compliance Certificate of Practising Company
The Ruby, 2nd Floor, SW Secretary
29 Senapati Bapat Marg, Dadar West Certificate from M/s J B Bhave & Co., Practising Company
Mumbai- 400 028 Secretary confirming compliance with conditions of
Contact No.: +91- 022-6230 0438 Corporate Governance as stipulated under Listing
Regulations is attached to this Report.
Plant Locations
Optical Fibre - E1, E2, E3, MIDC, Waluj, Aurangabad – Compliance with Non-Mandatory Requirements
431136, India 1. The Board
- AL-23, A-1/7, Shendra Five Star Mr. Anil Agarwal is the Non-Executive Chairman of
Industrial Area, Aurangabad 431 201, the Board. As the Chairman has a separate office, the
Maharashtra, India
Company does not reimburse expenses incurred by
- 777 Beihai Beihai Rd, Haimen Town, Hai
him for maintenance of a separate Chairman’s office.
Men City, Jiangsu, China
Fibre Optic Cables & - Survey No. 68/1, Rakholi Village,
OPGW Cables Madhuban Dam Road, Silvassa – 2. Shareholder Rights
396230, Union Territory of Dadra & The Company publishes its results in the newspapers
Nagar Haveli, India having nationwide circulation. Results are also
- Dello (Brescia -Italy) Via uploaded on the Company’s Website. A copy of results
Marconi 31, Italy is furnished to all the shareholders upon request.
- Sao Jose dos Pinhais, State of Parana, at Therefore, the Company does not circulate the half-
Rua Dr. Muricy, 4000, Barracoa Fundos,
yearly results to its shareholders.
Bairro Coesteria, CEP 83015 – 290,
Brazil
- Via Zenale 44 - 20024, Garbagnate 3. Unqualified audit report
Milanese, Milano, Italy. The Auditors’ opinion on the Financial Statements
Copper Telecom Cables Survey No. 33/1/1, Waghdara Road, Dadra is unmodified.
& Structured Data Cables – 396191, Union Territory of Dadra &
Nagar Haveli, India 4. Separate Posts of Chairman and CEO
The Company has separate posts of Chairman and CEO
5. Reporting of Internal Auditor

The Internal Auditor of the Company reports directly to
Audit Committee.

CEO AND CFO CERTIFICATE

(As per Schedule II of the Listing Regulations)
To,
The Board of Directors
a) We have reviewed financial statements and the cash flow statement of Sterlite Technologies Limited for the year ended
March 31, 2021 and to the best of our knowledge and belief:
(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
existing accounting standards, applicable laws and regulations.
b) There are, to the best of our knowledge and belief, no transactions entered into by the Company during the year which
are fraudulent, illegal or violative of the Company’s Code of Conduct.
c) We accept responsibility for establishing and maintaining internal controls for financial reporting and we have evaluated
the effectiveness of Company’s internal control systems of the Company pertaining to financial reporting. We have not
come across any reportable deficiencies in the design or operation of such internal controls.
d) We have indicated to the Auditors and the Audit Committee:
(i) significant changes in internal control during the year;
(ii) significant changes in accounting policies during the year and that the same have 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.
For Sterlite Technologies Limited
Anand Agarwal Mihir Modi
CEO & Whole Time Director Chief Financial Officer
Place: Pune
Date: April 29, 2021
CERTIFICATE ON COMPLIANCE WITH CODE OF CONDUCT

In accordance with Regulation 26 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, I hereby
confirm that, all Board Members and the Senior Management Personnel have affirmed compliance with the Code of Conduct
and Business Ethics of the Company for the Financial Year ended March 31, 2021.
For Sterlite Technologies Limited
Anand Agarwal
CEO & Whole-time Director
Place: Pune
CERTIFICATE ON COMPLIANCE WITH SEBI (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS),

REGULATIONS, 2015 BY STERLITE TECHNILOGIES LIMITED
I have examined all relevant records of Sterlite Technologies Limited (CIN: L31300MH2000PLC269261) for the purpose
of certifying compliance of the conditions of Corporate Governance under SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 for the financial year ended March 31, 2021. I have obtained all the information and
explanations which to the best of my knowledge and belief were necessary for the purpose of the above certification.
The compliance of conditions of corporate governance is the responsibility of the management. My examination was
carried out in accordance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. My examination
was limited to the procedures and implementation thereof, adopted by the company for ensuring the compliance of the
conditions of corporate governance. This certificate is neither an assurance as to the future viability of the Company nor of
the efficacy or effectiveness with which the management has conducted the affairs of the company.
On the basis of my examination of the records produced, explanations and information furnished, I certify that the Company
has complied with the mandatory conditions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations,
2015 as applicable and amended from time to time for the financial year ended March 31, 2021.
Jayavant B. Bhave
For J. B. Bhave and Co.
Company Secretaries
FCS No. 4266 . Certificate of Practice No. 3068
Place: Pune PR No.: 1238/2021
Date: April 29, 2021 UDIN: FO04266 CO00190925

Governance
Reports
CERTIFICATE OF NON-DISQUALIFICATION OF DIRECTORS

(Pursuant to Regulation 34(3) and Schedule V Para C clause (10)(i) of the SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015)
To,
The Members of
STERLITE TECHNOLOGIES LIMITED
E1, MIDC Industrial Area Waluj
Aurangabad- 431136,
Maharashtra
I have examined the relevant registers, records, forms, returns and disclosures received from the Directors of STERLITE
TECHNOLOGIES LIMITED having CIN: L31300MH2000PLC269261 and having registered office at E1, MIDC Industrial Area
Waluj Aurangabad 431136, Maharashtra (hereinafter referred to as ‘the Company’), produced before me by the Company for
the purpose of issuing this Certificate, in accordance with Regulation 34(3) read with Schedule V Para-C Sub clause 10(i) of
the Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.
In my opinion and to the best of my information and according to the verifications (including Directors Identification Number
(DIN) status at the portal www.mca.gov.in) as considered necessary and explanations furnished to me by the Company &
its officers, I hereby certify that none of the Directors on the Board of the Company as stated below for the Financial Year
ending on March 31, 2021 have been debarred or disqualified from being appointed or continuing as Directors of companies
by the Securities and Exchange Board of India, Ministry of Corporate Affairs, or any such other Statutory Authority.
Sr. Date of appointment
Name of Director Designation DIN
No. in Company
1 Anil Kumar Agarwal Non-Executive Director 00010883 30/10/2006
2 Arun Lalchand Todarwal* Non-Executive and Independent Director 00020916 25/01/2003
3 Pravin Agarwal Wholetime Director 00022096 30/10/2006
4 Anand Gopaldas Agarwal Wholetime Director and CEO(KMP) 00057364 30/07/2009
5 Sandip Das Non-Executive and Independent Director 00116303 16/10/2017
6 Narayanaswamy Alampallam Ramakrishnan* Non-Executive and Independent Director 00818169 30/04/2007
7 Kumud Madhok Srinivasan Non-Executive and Independent Director 06487248 22/05/2018
8 Subramanian Madhavan^ Additional Non-Executive and Independent Director 06451889 20/01/2021
9 Bangalore Jayaram Arun^ Additional Non-Executive and Independent Director 02497125 20/01/2021
10 Ankit Agarwal Additional Executive Director 03344202 20/01/2021
11 Pratik Pravin Agarwal** Non-Executive Director 03040062 26/04/2013
* retired w.e.f. 31.03.2021
** resigned w.e.f. 20.01.2021
^ appointed w.e.f. 20.01.2021
Ensuring the eligibility for the appointment/continuity of every Director on the Board is the responsibility of the management
of the Company. Our responsibility is to express an opinion on the same based on our verification. This certificate is
specifically being issued in accordance with Regulation 34(3) read with Schedule V Para-C Sub clause 10(i) of the Securities
Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 and is neither an assurance as
to the future viability of the Company nor of the efficiency or effectiveness with which the management has conducted the
affairs of the Company.
For J. B. Bhave & Co.

Company Secretaries
Jayavant Bhave
Proprietor
FCS: 4266 CP: 3068
PR No. 1238/2021
UDIN: FO04266C000191024
Place: Pune

Business Responsibility Report
Section A: General Information about the Company
1. Corporate Identity Number (CIN) of the Company : L31300MH2000PLC269261

2. Name of the Company : STERLITE TECHNOLOGIES LTD.
3. Registered address : E1, MIDC Industrial Area Waluj, Aurangabad, MH 431136
4. Website : https://www.stl.tech/
5. E-mail id : [email protected]
6. Financial Year reported : 2020-21
7. Sector(s) that the Company is engaged in (industrial activity :
codewise)
Product/Service NIC Code
Fibre Optical Cable 3890
Optical Fibre 3890
Copper Telecom Cables 3130
Fibre Optical Cable Laying Services 3890
8. List three key products/services that the Company manufactures/ a. Connectivity Solutions
provides (as in balance sheet) b. Network Services
c. Network Software
9. Total number of locations where business activity is undertaken by the
Company
a. Number of International Locations (Provide details of major 5)
i. Italy - 2
ii. China - 2
iii. Brazil - 1
iv. UK - 2
V. Dubai - 1
b. Number of National Locations
i. Maharashtra - 6
ii. UT of Dadra and Nagar Haveli and Daman and Diu - 2
iii. Gujarat - 1
iv. Haryana - 1
10. Markets served by the Company – Local/State/National/International

a. Domestic market: Across India
b. International market: Across the globe
Section B: Financial Details of the Company
1. Paid up Capital (`) : 79.33 crores

2. Total Turnover (`) : 4,199.68 crores
3. Total profit after taxes (`) : 261.41 crores
4. Total Spending on Corporate Social Responsibility (CSR) as percentage of profit after tax (%) : 2%
5. List of activities in which expenditure in 4 above has been incurred:
a) Women Empowerment – STL’s Jeewan Jyoti Women Empowerment programme aims to provide rural women with a holistic support
system that extends beyond vocational skilling. It supports them through personality development, transportation, linkages to
microfinancing, training and setting up self-help groups for older women at villages, livelihood and entrepreneurial opportunities.
b) Education – The Company focuses on technology driven programmes for children from lower income families and tribal communities.
These programmes aim at ensuring, that access to quality education is available to the masses through digital learning mechanisms,
make learning fun and interesting, while simultaneously aiding faculty through digital training and teaching techniques. In addition
to this digital literacy for urban slum communities helps include these individuals into the digital landscape improving their access to
livelihood and learning opportunities.

Governance
Reports
c) Healthcare – The Company introduced a hybrid AI-telehealth-onsite healthcare programme that will be covering over 200 villages
across Aurangabad, Nandurbar and Gadchiroli through free teleconsultation, testing facilities, medication, and awareness and reduce
the morbidity rate in these regions. In addition to this, a comprehensive COVID relief plan was undertaken to help stranded migrants
and front-line workers during the pandemic.
d) Environment – Here, The Company has on a holistic water and afforestation programme through which it hopes to build water
resilient villages in Aurangabad. It includes not only water conservation, but also rainwater harvesting, ground water recharging and
wastewater treatment for use in agriculture and for afforestation. Its environment initiatives also include Mission Green at Aurangabad
and Vetale, Pune through which over 10,000 trees have been grown as well as biodiversity restoration undertaken.
Section C: Other Details
1. Does the Company have any Subsidiary Company/Companies? : - Yes

2. Do the Subsidiary Company/Companies participate in the BR Initiatives of the parent company? : - No
If yes, then indicate the number of such subsidiary company(s)
3. Do any other entity/entities (e.g. suppliers, distributors, etc.), that the Company does business with, participate in the BR initiatives of
the Company? If yes, then indicate the percentage of such entity/entities? (Less than 30%, 30-60%, More than 60%):
- During our interactions with stakeholders, we always focus on sharing sustainable practices of STL along with the technical
knowledge. The impact of sustainable practices has helped us get customers’ (less than 30%) support in our BR initiatives.
Section D: BR Information
1. Details of Director/Directors responsible for BR

a. Details of the Director/Director responsible for implementation of the BR policy/policies
1 DIN Number 00057364
2 Name Dr. Anand Agarwal
3 Designation Group CEO & Whole-Time Director
b. Details of the BR Head

No. Particulars Details
1 DIN Number (if applicable) NA
2 Name Anjali Byce
3 Designation Chief Human Resources Officer
4 Telephone number +91-20-30514000
5 e-mail id [email protected]
2. Principle-wise (as per NVGs) BR Policy/policies

a) Details of compliance (Reply in Y/N)
No. Questions P1 P2 P3 P4 P5 P6 P7 P8 P9
Code of Product Employee Stakeholder Human Public Customer
Principle Area Environment CSR
Conduct Responsibility Wellbeing Engagement Rights Advocacy Value
1 Do you have a policy/policies Y Y Y Y Y Y Y Y Y
for …
2 Has the policy been formulated Y Y Y Y Y Y Y Y Y
in consultation with the relevant
stakeholders?
3 Does the policy conform to any Y Y Y Y Y Y Y Y Y
national/international standards?
If yes, specify? (50 words)1
4 Has the policy been approved Y Y N Y Y Y Y Y Y
by the Board? If yes, has it been
signed by MD/owner/CEO/
appropriate Board Director?
5 Does the Company have a Y Y Y Y Y Y Y Y Y
specified committee of the
Board/Director/Official to
oversee implementation of
policy/policies?

Business Responsibility Report contd.
Code of Product Employee Stakeholder Human Public Customer
Principle Area Environment CSR
Conduct Responsibility Wellbeing Engagement Rights Advocacy Value
6 Indicate the link for the policy to Code of Internal Internal Internal Internal Internal Internal CSR Internal
be viewed online? Conduct2 policy3
7 Has the policy been formally Y Y Y Y Y Y Y Y Y
communicated to all relevant
internal and external
stakeholders?
8 Does the Company have in- Y Y Y Y Y Y Y Y Y
house structure to implement the
policy/policies?
9 Does the Company have a Y Y Y Y Y Y Y Y Y
grievance redressal mechanism
related to the policy/policies to
address stakeholders’ grievances
related to the policy/policies?
10 Has the Company carried out Y Y Y N N Y N Y Y
independent audit/evaluation
of the working of the policy/
policies by an internal or external
agency?
Based on National Laws and Regulatory Frameworks

1
2https://www.stl.tech/pdf/coc/Sterlite_Code_of_Conduct_Final.pdf
3https://www.stl.tech/pdf/corporate-social-responsibility-policy-2021.pdf
b) If answer to the question at serial number 1 against any principle, is ‘No’, please explain why: (Tick up to 2 options)
1 The Company has not understood the Principles
2 The Company is not at a stage where it finds itself in a position to formulate and
implement the policies on specified principles
3 The Company does not have financial or manpower resources available for the task
4 It is planned to be done within next 6 months
5 It is planned to be done within the next 1 year
6 Any other reason (please specify)
3. Governance related to BR
(a) Indicate the frequency with which the Board of Directors, Committee of the Board or CEO to assess the BR
performance of the Company. Within 3 months, 3-6 months, annually, more than 1 year
- The Company’s Board of Directors meet every quarter. CSR and Sustainability form a part of the CEO’s
presentation to the Board. In addition to this, the Sustainability Council which is responsible for reviewing the BR
performance meets on a monthly basis.
(b) Does the Company publish a BR or a Sustainability Report? What is the hyperlink for viewing this report? How
frequently it is published?

The Company publishes a Business Responsibility Report (BRR) annually as a part of its annual report. The first BRR
was published in 2016-17. The Company published its first sustainability report for the year 2017-18 prepared as per
globally accepted GRI sustainability reporting framework and thereafter as part of its Annual report.
Link: https://www.stl.tech/pdf/STL-Annual-Report-FY20.pdf

Governance
Reports
World’s slimmest 432F micro cable

Section E: Principle-Wise Performance The micro cable - 432F is the world’s slimmest cable
with a high fibre count. It is 20% slimmer as compared
Principle 1
to the traditional micro cable resulting in reduced
Business should conduct and govern themselves deployment cost and increased scope for network
with ethics, transparency and accountability expansion. This is a RoHS-compliant cable, free from
1. Does the policy relating to ethics, bribery and heavy metals and is environmentally friendly. It requires
corruption cover only the Company? Does it extend lower energy for installation, lesser packaging material,
to the Group/Joint Ventures/Suppliers/Contractors/ easy deployment and reduces harmful environmental
NGOs/Others? impact of manufacturing and deployment.
The Code of Conduct and Ethics policy of the Company
covers the Company as well as its subsidiaries. We Smart city solution
also have a Whistle-blower policy which covers all STL has been working in the domain of sustainable
employees of STL, its subsidiaries and all external smart city solutions with the aim to contribute to the
stakeholders. The Company’s supply chain partners development of cities which are sustainable. The
are covered under Supply Chain Management policy, efficient administration and fast services are driven by
which includes principles on conducting business the power of super-fast communication, based on data
transactions with a high level of ethics, transparency transfer. Our smart city solution enables super-fast
and integrity. communication which helps in better administration,
improved transportation, safety of citizens, energy
2. How many stakeholder complaints have been efficiency and emergency service management,
received in the past financial year and what etc. With the help of these solutions the overall
percentage was satisfactorily resolved by the environmental footprint of the city remains lesser and it
management? If so, provide details thereof, in about helps in creating a better place for society to live.
50 words or so.
Details of the shareholder complaints are included One such example is Kiosk Deployment at Jaipur. In
in the Corporate Governance Report of the Annual Smart City Projects, KIOSK plays a major role. As a
Report under the section on Stakeholders’ Relationship move towards an “approachable city administration”,
Committee. these city kiosks are expected to act as an extended
arm of city administration departments and help in
connecting with citizens while promoting “anytime
Principle 2
services” complementing the mobile platform-based
Businesses should provide goods and services that service delivery. Further details can be referred at
are safe and contribute to sustainability https://www.stl.tech/white-papers/kiosk-deployment-
1. List up to 3 of your products or services whose design at-jaipur.php
has incorporated social or environmental concerns,
risks and/or opportunities. 2. For each such product, provide the following details
We are in the business of digital inclusion by providing in respect of resource use (energy, water, raw
last mile connectivity solutions, thereby transforming materials, etc.) per unit of product (optional):
the lives of millions. Business responsibility is at the (a) Reduction during sourcing/production/distribution
core of our operations across the value chain. achieved since the previous year throughout the
value chain?
Celesta Ribbon Optical Fibre Cable Optical fibre division has undertaken an energy
A high-density optical fibre cable with a capacity of up optimisation project and this has helped the division to
to 6912 optical fibres. The innovative design resulted in achieve 24% reduction in specific GHG emission. Water
a 26% slimmer cable as compared to traditional loose initiatives taken up at the optical fibre division helped to
tube cables. It reduces roll-out time, optimises duct reduce the specific water consumption by 20%.
space utilisation, reduces the size of passive network
infrastructure and improves network performance, (b) Reduction during usage by consumers (energy, water)
resulting in as much as 32% savings in the overall has been achieved since the previous year?
investment. As compared to its traditional counterpart, The products manufactured by the Company do not
it requires lesser raw material and energy for consume any energy or water during their use.
manufacturing with a reduced environmental footprint.

3. Does the Company have procedures in place for 5. Does the Company have a mechanism to recycle
sustainable sourcing (including transportation)? products and waste? If yes, what is the percentage of
(a) If yes, what percentage of your inputs was sourced recycling of products and waste (separately as <5%,
sustainably? Also, provide details thereof, in about 50 5-10%, >10%). Also, provide details thereof, in about
words or so. 50 words or so.
These details can be found under ‘Reimagining the The Company has a systematic mechanism to recycle
Narrative for a Better World’ of the Annual Report products and waste. More than 10% of total waste
under the Supply Chain section. generated is recyled. Further details can be found
under ‘Reimagining the Narrative for a Better
4. Has the Company taken any steps to procure goods World’ of the Annual Report under the Zero Waste to
and services from local & small producers, including Landfill section.
communities surrounding their place of work?
(a) If yes, what steps have been taken to improve their
capacity and capability of local and small vendors?
These details can be found under ‘Reimagining the
Narrative for a Better World’ of the Annual Report
under the Supply Chain section.
Principle 3
Businesses should promote the wellbeing of all employees

1 Please indicate the total number of employees. (On roll) 3107
2 Please indicate the total number of employees hired on a temporary/contractual/casual basis 3260
3 Please indicate the number of permanent women employees 511
4 Please indicate the number of permanent employees with disabilities 2
5 Do you have an employee association that is recognised by management? Yes
6 What percentage of your permanent employees are members of this recognised employee 23 of 3107 (0.74%)
association?
7. Please indicate the number of complaints relating to child labour, forced labour, involuntary labour, sexual harassment in the last
financial year and pending, as on the end of the financial year
No of complaints filed No of complaints pending

Sn Category
during the financial year as on end of the financial year
1 Child labour/forced labour/involuntary labour 0 0
2 Sexual harassment 1 0
3 Discriminatory employment 0 0
8. What percentage of your under mentioned employees were given safety & skill up-gradation training in the last year?
Sn Category Safety Training Skill upgradation

1 Permanent Employees 100% 96%
2 Permanent Women Employees 100% 96%
3 Casual/Temporary/Contractual Employees 100% NA
4 Employees with Disabilities 50% 100%
Principle 4
Businesses should respect the interests of, and be 2. Out of the above, has the Company identified
responsive towards all stakeholders, especially those the disadvantaged, vulnerable & marginalised
who are disadvantaged, vulnerable and marginalised. stakeholders?
1. Has the Company mapped its internal and external The Company actively engages with the communities
stakeholders? around its operations. Our objective has been to
Yes, the Company has identified five direct stakeholder identify and work towards upliftment of those who are
groups – Employees, Customers, Suppliers, socially and financially disadvantaged.
Communities and Shareholders.

Governance
Reports
3. Are there any special initiatives taken by the Company

Principle 6
to engage with the disadvantaged, vulnerable and
marginalised stakeholders? If so, provide details Business should respect, protect, and make efforts to
thereof, in about 50 words or so. restore the environment
At STL, we believe that progress should be inclusive Environmental sustainability has been a core area of focus
and have hence aligned our community outreach for the Company. To achieve the same, the Company has
programmes in a way that not only contributes to implemented a dedicated Quality, Environment, Health and
national priorities, but also to the UN Sustainable Safety (QEHS) policy across its facilities which guides all
Development Goals. environmental initiatives.
Till date, our Jeewan Jyoti Women Empowerment 1. Does the policy related to Principle 6 cover only the
Programme has been actively working with over 3,800 Company or extends to the Group/Joint Ventures/
rural women in Pune to help them emerge as confident, Suppliers/Contractors/NGOs/others.
independent agents of change. Our healthcare The QEHS policy is applicable to STL and its
programmes,since 2006, have been ensuring quality subsidiaries.
healthcare, COVID-19 relief and equitable access
for the masses benefitting over 445,000 lives across 2. Does the Company have strategies/initiatives to
Aurangabad, Gadchiroli, Nandurbar and Silvassa. Our address global environmental issues such as climate
education programmes on the other hand, that focus change, global warming, etc? If yes, please give a
on digital empowerment for Pune’s urban slum citizens, hyperlink for webpage etc.
have so far ensured digital literacy for 1477 individuals. At STL, management of environmental issues starts at
Our ed-tech programmes have benefitted over 838,000 a systemic level and extends to implementation and
lives ensuring quality education is not limited to a monitoring. The environmental initiatives are guided
privileged few. by our well defined QEHS policy and before setting
up of any facility, environment impact assessment
is conducted to understand environment risks for
Principle 5
its avoidance and mitigation. Inside our operations,
Businesses should respect and promote human the Company continuously improves products in
rights terms of resource optimisation, water and electricity
1. Does the policy of the Company on human rights conservation and waste reduction to reduce its
cover only the Company or extend to the Group/Joint environmental footprint. One such example can be
Ventures/Suppliers/Contractors/NGOs/Others? referred to at https://www.stl.tech/optical-interconnect-
The human rights policy applies to STL and products/optical-fibre-cable/images/432F-Worlds-
its subsidiaries. We have taken steps towards slimmest-cable.pdf.
implementation of these principles across our
operations and value chain. The policy includes The Company is also working with UNGC to jointly
important aspects like labour standards, child and contribute towards addressing global sustainability
forced labour, diversity and equal opportunities, and environmental issues. One such initiative is in
health and safety, freedom of association and non- Aurangabad, Maharashtra where the Company is
discrimination, etc. working with the World Bank Water Resources Group
2030, government of Maharashtra and Village Social
2. How many stakeholder complaints have been Transformation Foundation to transform the region to
received in the past financial year and what a water resilient one through community involvement,
percentage was satisfactorily resolved by the livelihood creation and water conservation, recharge
management? and usage sustainability.
2.1 Stakeholder complaints related to human rights Nil
received in the financial year 3. Does the Company identify and assess potential
2.2 Stakeholder complaints related to human rights Nil environmental risks?
pending from previous year Yes. The potential environmental risks are identified
2.3 Stakeholder complaints related to human rights NA through environment impact assessment. Also, we
resolved in the financial year conduct a company-wide risk assessment exercise to
identify potential operational and future risks for taking
suitable mitigation initiatives. Further, the mitigation

plan is developed and responsibility of implementation • Telecom Equipment & Services Export promotion
is assigned which gets reviewed at different Council (TEPC)
management levels.
• Associated Chambers of Commerce and Industry of
India (ASSOCHAM)
4. Does the Company have projects related to Clean
Development Mechanism? If so, provide details 2. Have you advocated/lobbied through above
thereof, in about 50 words or so. Also, if Yes, whether associations for the advancement or improvement of
any environmental compliance report is filed? public good? if yes, specify the broad areas (drop box:
Not Applicable Governance and Administration, Economic Reforms,
Inclusive Development Policies, Energy security,
5. Has the Company undertaken any other initiatives Water, Food Security, Sustainable Business Principles,
on – clean technology, energy efficiency, renewable others)
energy, etc. Y/N. If yes, please give hyperlink for web Being a domestic champion in fibre, networking and
page etc. new technologies, etc., STL drives the nation building
Yes. The detail can be found under ‘Reimagining the agenda of improving the lives of its citizens through
Narrative for a Better World’ of the Annual Report connectivity, technology and innovation. STL believes
under the Environment performance section. in the concept of empowerment through creation of
digital infrastructure for the country and has been a
6. Are the emissions/waste generated by the Company trusted partner of the government in creating robust
within the permissible limits given by CPCB/SPCB for broadband infrastructure in the country. STL, through
the financial year being reported? its leadership positions in various committees, has
Yes. been instrumental in shaping policies and creating
an ecosystem that promotes ease of doing business
7. Number of show cause/legal notices received from in the ICT domain. STL has been providing unbiased
CPCB/SPCB which are pending (i.e. not resolved to inputs/suggestions on issues related to policies and
satisfaction) as on end of Financial Year. regulatory frameworks, governance and administration,
Nil. economics reforms, network modernisation and
sustainable business principles.
Principle 7
Principle 8
Businesses, when engaged in influencing public
and regulatory policy, should do so in a responsible Businesses should support inclusive growth and
manner equitable development
1. Is your Company a member of any trade and chamber STL’s vision is to ‘transform everyday living by delivering
or association? If Yes, name only those major ones smarter networks’. We aim at making this vision a reality by
that your business deals with: facilitating a cleaner, greener, connected and more inclusive
STL continuously engages with industry bodies. We are world, not just through our products and services that drive
an active member of the following associations: progress, but also through our operations and community
outreach programmes.
• ITU-APT Foundation of India
While our primary focus is on communities around our
• Broadband India Forum (BIF)
operations to ensure they have access to quality healthcare,
• Confederation of Indian Industry (CII) education and a pristine environment, we also work
with needy communities across the country to reduce
• Cellular Operator Association of India (COAI)
inequalities through women empowerment programmes,
• India Cellular & Electronics Associations (ICEA) environment conservation and livelihood generation.
COVID-19 relief work has also been an integral part of our
• Society of Indian Defence Manufacturers (SIDM)
social impact work over the last year and our programmes
• Tower and Infrastructure Providers have been altered to factor in the learnings from the
Association (TAIPA) pandemic to ensure agile and tech-based interventions that
ensure social development is not stalled even during these
• Federation of Indian Chamber of Commerce &
difficult times.
Industry (FICCI)

Governance
Reports
1. Does the Company has specified programmes/ 5. Have you taken steps to ensure that this community
initiatives/projects in pursuit of the policy related to development initiative is successfully adopted by the
Principle 8? If yes, details thereof. community? Please explain in 50 words, or so.
The details of our CSR programmes are elaborated on STL’s primary objective is to create shared value for
in the ‘Reimagining the Narrative for a Better World’ each of its stakeholders and the community is one
and ‘Annexure VII to the Director’s Report’ section. its main stakeholders. Hence, each of our community
programmes does not simply work towards benefitting
2. Are the programmes/projects undertaken through lives in communities, but instead works with them
in-house team/own foundation/external NGO/ as partners to drive sustainable transformation. We
government structures/any other organisation? believe that a programme can only be sustainable after
STL’s CSR programmes are undertaken by Sterlite our intervention, when the community understands
Tech Foundation (STF), either directly or through an its importance and is equally committed to wanting
external NGO, NPO or in partnership with government progress and development. Our strategy revolves
authorities. The operations of STF and partner NGOs, around addressing the main issue by resolving the
NPOs among other social development partners are underlying reasons for its emergence. Behavioural
overseen by STL’s in-house CSR team. A few strategic change, awareness, collective effort and ownership
programmes are also undertaken directly by STL. have thus been key factors to ensuring each of our
community outreach programmes are successfully
3. Have you done any impact assessment of your adopted by the communities we implement them for.
initiatives?
Impact assessments have been conducted by third
Principle 9
parties for our Jeewan Jyoti Women Empowerment
Programme and Jaldoot Businesses should engage with and provide value
to their customers and consumers in a responsible
Additionally, every programme is closely monitored by manner
STL basis key performance indicators (KPI) finalised at 1. What percentage of customer complaints/consumer
the time of the programme inception. These include: cases are pending as on the end of financial year?
The total customer complaints/consumer cases open is
• Activity indicators, which show if we are on track to 30.8 percent as on March 31, 2021.
deliver the activities in our programme plan
2. Does the Company display product information on
• Outcome indicators, which tell us if the programme
the product label, over and above what is mandated
is achieving the intended purpose
as per local laws? Yes/No/N.A./Remarks (additional
• Impact indicators, which tell us the short-to- information)
medium term impact achieved resulting from Yes. We comply with the local law with respect to
programme outcomes product labels. Also, we provide additional specific
information and bar coding as per the customer
Our Data Management System ensures that this data
requirement which varies from customer to customer.
is regularly submitted through online mechanism by
our partners enabling us to analyse various trends.
3. Is there any case filed by any stakeholder against
This allows us to proactively implement strategy
the Company regarding unfair trade practices,
changes and programme deliverables to ensure
irresponsible advertising and/or anti-competitive
maximum benefit to the communities the programme is
behaviour during the last five years and pending as on
intended for.
end of financial year? If so, provide details thereof, in
about 50 words or so.
4. What is your Company’s direct contribution to
No.
community development projects - amount in INR and
the details of the projects undertaken?
4. Did your Company carry out any consumer survey/
We have spent ` 11.60 crores in FY 20-21 on our
consumer satisfaction trends?
community outreach programmes. The details of each
As a part of customer engagement, customers’
of our CSR programmes are elaborated on in the
feedback related to products and services is collected
‘Reimagining the Narrative for a Better World’ and
through surveys to gauge their satisfaction level.
‘Annexure VII to the Director’s Report’ sections.

Independent Auditors’ Report
To the members of Sterlite Technologies Limited statements section of our report. We are independent
of the Company in accordance with the Code of Ethics
Report on the audit of the Standalone financial issued by the Institute of Chartered Accountants
statements of India together with the ethical requirements that
Opinion are relevant to our audit of the standalone financial
1. We have audited the accompanying standalone statements under the provisions of the Act and the
financial statements of Sterlite Technologies Limited Rules thereunder, and we have fulfilled our other
(“the Company”), which comprise the balance sheet as ethical responsibilities in accordance with these
at March 31, 2021, and the statement of Profit and Loss requirements and the Code of Ethics. We believe that
(including Other Comprehensive income), statement the audit evidence we have obtained is sufficient and
of changes in equity and statement of cash flows for appropriate to provide a basis for our opinion.
the year then ended, and notes to the standalone
financial statements, including a summary of significant Emphasis of matter
accounting policies and other explanatory information. 4. We draw attention to Note 46 to the standalone
financial statements which describes that the Company
2. In our opinion and to the best of our information and had recognised Goodwill on amalgamation during
according to the explanations given to us, the aforesaid the financial year ended March 31, 2016, which has
standalone financial statements give the information been amortised over a period of five years from the
required by the Companies Act, 2013 (“the Act”) in appointed date of September 29, 2015, in accordance
the manner so required and give a true and fair view with the accounting treatment prescribed under the
in conformity with the accounting principles generally Scheme of amalgamation approved by the Gujarat
accepted in India, of the state of affairs of the Company High Court. Our opinion is not modified in respect
as at March 31, 2021, and total comprehensive of this matter.
income (comprising of profit and other comprehensive
income), changes in equity and its cash flows for the Key audit matters
year then ended. 5. Key audit matters are those matters that, in our
professional judgment, were of most significance in
Basis for opinion our audit of the standalone financial statements of
3. We conducted our audit in accordance with the the current period. These matters were addressed
Standards on Auditing (SAs) specified under section in the context of our audit of the standalone financial
143(10) of the Act. Our responsibilities under those statements as a whole, and in forming our opinion
Standards are further described in the Auditor’s thereon, and we do not provide a separate opinion
Responsibilities for the Audit of the Standalone financial on these matters.

Financial
Statements
Key audit matter How our audit addressed the key audit matter
1. Revenue Recognition
(Refer note 2.1(b), 3 and 26 to the Standalone financial statements) We performed the following procedures:
The Company recognises revenue in accordance with Ind AS 115 Understood and evaluated the design and tested the operating
“Revenue from Contracts with Customers”. This involves application effectiveness of controls relating to revenue recognition.
of significant judgements by Management with respect to:
In respect of certain large and complex contracts and certain other
• ombination of contracts entered into with the same customer;
C contracts our procedures included, among other things:
• Identification of distinct performance obligations;
• eading of selected contracts to identify significant terms of the
R
• Total consideration when the contract involves variable
contracts;
consideration involved;
• Assessing appropriateness of management’s significant
• Allocation of consideration to identified performance obligations;
judgements in accounting for identified contracts such as
• Recognition of revenue over a period of time or at a point in time
identification of performance obligation and allocation of
based on timing when control is transferred to customer. For
consideration to identified performance obligation;
assessment of the date of transfer of control, Management has
• Evaluation of the contract terms and consideration of the legal
obtained legal opinion in respect of certain arrangements.
opinion obtained by Management with respect to assessment of
Further, for contracts where revenue is recognised over a period the date of transfer of control;
of time, the Company makes estimates which impact the revenue • Testing of timing of recognition of revenue (including procedures
recognition. Such estimates include, but are not limited to: related to cut off) in line with the terms of contracts;
• Testing the appropriateness of key assumptions used by
• costs to complete,
Management including the appropriateness and reasonability
• contract risks,
of Management’s conclusion regarding the expected delays in
• price variation claims,
estimated completion of the performance obligations and possible
• liquidated damages
impact on key estimates. Reading of the related contract terms
Further in determining the above estimates for ongoing contracts, and communications with the customers to assess the likelihood
Management has also evaluated the estimates, especially those of availability of contractual remedies.
resulting from expected delays in the completion of the performance • Testing of journal entries for unusual/irregular revenue
obligations and available contractual remedies. transactions; and
• Evaluating adequacy of presentation and disclosures.
We focused on this area because a significant portion of the revenue
generated requires management to exercise judgement and Based on above procedures, we did not note any significant
therefore could be subject to material misstatement due to fraud or exceptions in the estimates and judgements applied by the
error. Management in revenue recognition including those relating
to presentation and disclosures as required by the applicable
accounting standard.
Other Information Responsibilities of management and those charged

6. The Company’s Board of Directors is responsible for with governance for the standalone financial
the other information. The other information comprises statements
the information included in the Director’s report, but 7. The Company’s Board of Directors is responsible
does not include the standalone financial statements for the matters stated in section 134(5) of the Act
and our auditor’s report thereon. with respect to the preparation of these standalone
financial statements that give a true and fair view of the
Our opinion on the standalone financial statements financial position, financial performance, changes in
does not cover the other information and we do not equity and cash flows of the Company in accordance
express any form of assurance conclusion thereon. with the accounting principles generally accepted in
India, including the Accounting Standards specified
In connection with our audit of the standalone financial under section 133 of the Act. This responsibility
statements, our responsibility is to read the other also includes maintenance of adequate accounting
information and, in doing so, consider whether the records in accordance with the provisions of the
other information is materially inconsistent with the Act for safeguarding of the assets of the Company
standalone financial statements or our knowledge and for preventing and detecting frauds and other
obtained in the audit or otherwise appears to be irregularities; selection and application of appropriate
materially misstated. If, based on the work we have accounting policies; making judgments and estimates
performed, we conclude that there is a material that are reasonable and prudent; and design,
misstatement of this other information, we are required implementation and maintenance of adequate internal
to report that fact. financial controls, that were operating effectively
for ensuring the accuracy and completeness of the
We have nothing to report in this regard. accounting records, relevant to the preparation and

Independent Auditors’ Report contd.
presentation of the standalone financial statements • Evaluate the appropriateness of accounting

that give a true and fair view and are free from material policies used and the reasonableness of
misstatement, whether due to fraud or error. accounting estimates and related disclosures
made by management.
8. In preparing the standalone financial statements,
• Conclude on the appropriateness of management’s
management is responsible for assessing the
use of the going concern basis of accounting and,
Company’s ability to continue as a going concern,
based on the audit evidence obtained, whether
disclosing, as applicable, matters related to going
a material uncertainty exists related to events or
concern and using the going concern basis of
conditions that may cast significant doubt on the
accounting unless management either intends to
Company’s ability to continue as a going concern.
liquidate the Company or to cease operations, or
If we conclude that a material uncertainty exists,
has no realistic alternative but to do so. Those Board
we are required to draw attention in our auditor’s
of Directors are also responsible for overseeing the
report to the related disclosures in the standalone
Company’s financial reporting process.
financial statements or, if such disclosures are
inadequate, to modify our opinion. Our conclusions
Auditors’ responsibilities for the audit of the
are based on the audit evidence obtained up to the
standalone financial statements
date of our auditor’s report. However, future events
9. Our objectives are to obtain reasonable assurance
or conditions may cause the Company to cease to
about whether the standalone financial statements as
continue as a going concern.
a whole are free from material misstatement, whether
due to fraud or error, and to issue an auditor’s report • Evaluate the overall presentation, structure and
that includes our opinion. Reasonable assurance content of the standalone financial statements,
is a high level of assurance, but is not a guarantee including the disclosures, and whether the
that an audit conducted in accordance with SAs will standalone financial statements represent the
always detect a material misstatement when it exists. underlying transactions and events in a manner that
Misstatements can arise from fraud or error and are achieves fair presentation.
considered material if, individually or in the aggregate,
11. We communicate with those charged with governance
they could reasonably be expected to influence the
regarding, among other matters, the planned scope
economic decisions of users taken on the basis of
and timing of the audit and significant audit findings,
these standalone financial statements.
including any significant deficiencies in internal control
that we identify during our audit.
10. As part of an audit in accordance with SAs, we exercise
professional judgment and maintain professional
12. We also provide those charged with governance with
scepticism throughout the audit. We also:
a statement that we have complied with relevant
ethical requirements regarding independence, and
• Identify and assess the risks of material
to communicate with them all relationships and
misstatement of the standalone financial statements,
other matters that may reasonably be thought to
whether due to fraud or error, design and perform
bear on our independence, and where applicable,
audit procedures responsive to those risks,
related safeguards.
and obtain audit evidence that is sufficient and
appropriate to provide a basis for our opinion.
13. From the matters communicated with those charged
The risk of not detecting a material misstatement
with governance, we determine those matters that
resulting from fraud is higher than for one resulting
were of most significance in the audit of the standalone
from error, as fraud may involve collusion, forgery,
financial statements of the current period and are
intentional omissions, misrepresentations, or the
therefore the key audit matters. We describe these
override of internal control.
matters in our auditor’s report unless law or regulation
• Obtain an understanding of internal control relevant precludes public disclosure about the matter or when,
to the audit in order to design audit procedures that in extremely rare circumstances, we determine that
are appropriate in the circumstances. Under Section a matter should not be communicated in our report
143(3)(i) of the Act, we are also responsible for because the adverse consequences of doing so would
expressing our opinion on whether the Company has reasonably be expected to outweigh the public interest
adequate internal financial controls with reference benefits of such communication.
to standalone financial statements in place and the
operating effectiveness of such controls.

Financial
Statements
Report on other legal and regulatory requirements (g) With respect to the other matters to be included in
14. As required by the Companies (Auditor’s Report) Order, the Auditor’s Report in accordance with Rule 11 of
2016 (“the Order”), issued by the Central Government the Companies (Audit and Auditors) Rules, 2014, in
of India in terms of sub-section (11) of section 143 of our opinion and to the best of our information and
the Act, we give in the Annexure B a statement on the according to the explanations given to us:
matters specified in paragraphs 3 and 4 of the Order, to
the extent applicable. i. The Company has disclosed the impact of
pending litigations on its financial position
15. As required by Section 143(3) of the Act, we report that: in its standalone financial statements –
Refer Note 22 and 39 to the standalone
(a) We have sought and obtained all the information financial statements;
and explanations which to the best of our
knowledge and belief were necessary for the ii. The Company has made provision,
purposes of our audit. as required under the applicable law
or accounting standards, for material
(b) In our opinion, proper books of account as foreseeable losses, if any, on long-term
required by law have been kept by the Company contracts including derivative contracts
so far as it appears from our examination – Refer Note 20 to the standalone
of those books. financial statements;
(c) The Balance Sheet, the Statement of Profit and iii. There has been no delay in transferring
Loss (including other comprehensive income), amounts, required to be transferred, to the
the Statement of Changes in Equity and Cash Investor Education and Protection Fund
Flow Statement dealt with by this Report are in by the Company.
agreement with the books of account.
iv. The reporting on disclosures relating to
(d) In our opinion, the aforesaid standalone financial Specified Bank Notes is not applicable to the
statements comply with the Accounting Standards Company for the year ended March 31, 2021
specified under Section 133 of the Act.
16. The Company has paid/ provided for managerial
(e) On the basis of the written representations remuneration in accordance with the requisite
received from the directors as on March 31, 2021 approvals mandated by the provisions of Section 197
taken on record by the Board of Directors, none of read with Schedule V to the Act.
the directors is disqualified as on March 31, 2021
from being appointed as a director in terms of For Price Waterhouse Chartered Accountants LLP
Section 164 (2) of the Act. Firm Registration Number: 012754N/N500016
(f) With respect to the adequacy of the internal Neeraj Sharma

financial controls with reference to standalone Partner
financial statements of the Company and the Membership Number: 108391
operating effectiveness of such controls, refer to UDIN: 21108391AAAADF3548
our separate Report in “Annexure A”.
Pune
April 29, 2021

Annexure A to Independent Auditors’ Report
Referred to in paragraph 15(f) of the Independent Auditors’ Report of even date to the members of Sterlite Technologies
Limited on the standalone financial statements for the year ended March 31, 2021
Report on the Internal Financial Controls with Our audit of internal financial controls with reference
reference to standalone financial statements to standalone financial statements included obtaining
under Clause (i) of Sub-section 3 of Section 143 an understanding of internal financial controls
of the Act with reference to standalone financial statements,
1. We have audited the internal financial controls with assessing the risk that a material weakness exists,
reference to standalone financial statements of Sterlite and testing and evaluating the design and operating
Technologies Limited (“the Company”) as of March 31, effectiveness of internal control based on the assessed
2021 in conjunction with our audit of the standalone risk. The procedures selected depend on the auditor’s
financial statements of the Company for the year judgement, including the assessment of the risks of
ended on that date. material misstatement of the standalone financial
statements, whether due to fraud or error.
Management’s Responsibility for Internal
Financial Controls 5. We believe that the audit evidence we have obtained
2. The Company’s management is responsible for is sufficient and appropriate to provide a basis for
establishing and maintaining internal financial controls our audit opinion on the Company’s internal financial
based on the internal control over financial reporting controls system with reference to standalone
criteria established by the Company considering financial statements.
the essential components of internal control stated
in the Guidance Note on Audit of Internal Financial Meaning of Internal Financial Controls with
Controls Over Financial Reporting issued by the reference to standalone financial statements
Institute of Chartered Accountants of India (ICAI). These 6. A company’s internal financial controls with reference to
responsibilities include the design, implementation and standalone financial statements is a process designed
maintenance of adequate internal financial controls that to provide reasonable assurance regarding the
were operating effectively for ensuring the orderly and reliability of financial reporting and the preparation of
efficient conduct of its business, including adherence standalone financial statements for external purposes
to company’s policies, the safeguarding of its assets, in accordance with generally accepted accounting
the prevention and detection of frauds and errors, principles. A company’s internal financial controls with
the accuracy and completeness of the accounting reference to standalone financial statements includes
records, and the timely preparation of reliable financial those policies and procedures that (1) pertain to the
information, as required under the Act. maintenance of records that, in reasonable detail,
accurately and fairly reflect the transactions and
Auditors’ Responsibility dispositions of the assets of the company; (2) provide
3. Our responsibility is to express an opinion on the reasonable assurance that transactions are recorded
Company’s internal financial controls with reference as necessary to permit preparation of standalone
to standalone financial statements based on our financial statements in accordance with generally
audit. We conducted our audit in accordance with the accepted accounting principles, and that receipts and
Guidance Note on Audit of Internal Financial Controls expenditures of the company are being made only in
Over Financial Reporting (the “Guidance Note”) and the accordance with authorisations of management and
Standards on Auditing deemed to be prescribed under directors of the company; and (3) provide reasonable
section 143(10) of the Act to the extent applicable to assurance regarding prevention or timely detection
an audit of internal financial controls, both applicable of unauthorised acquisition, use, or disposition of the
to an audit of internal financial controls and both issued company’s assets that could have a material effect on
by the ICAI. Those Standards and the Guidance Note the standalone financial statements.
require that we comply with ethical requirements
and plan and perform the audit to obtain reasonable Inherent Limitations of Internal Financial
assurance about whether adequate internal financial Controls with reference to standalone financial
controls with reference to standalone financial statements
statements was established and maintained and if such 7. Because of the inherent limitations of internal financial
controls operated effectively in all material respects. controls with reference to standalone financial
statements, including the possibility of collusion or
4. Our audit involves performing procedures to obtain improper management override of controls, material
audit evidence about the adequacy of the internal misstatements due to error or fraud may occur and
financial controls system with reference to standalone not be detected. Also, projections of any evaluation
financial statements and their operating effectiveness. of the internal financial controls with reference to

Financial
Statements
standalone financial statements to future periods are of internal control stated in the Guidance Note on
subject to the risk that the internal financial controls Audit of Internal Financial Controls Over Financial
with reference to standalone financial statements may Reporting issued by the Institute of Chartered
become inadequate because of changes in conditions, Accountants of India.
or that the degree of compliance with the policies or
procedures may deteriorate. For Price Waterhouse Chartered Accountants LLP
Firm Registration Number: 012754N/N500016
Opinion
8. In our opinion, the Company has, in all material Neeraj Sharma
respects, an adequate internal financial controls system Partner
with reference to standalone financial statements Membership Number: 108391
and such internal financial controls with reference UDIN: 21108391AAAADF3548
to standalone financial statements were operating
effectively as at March 31, 2021, based on the internal Pune
control over financial reporting criteria established by April 29, 2021
the Company considering the essential components

Annexure B to Independent Auditors’ Report
Referred to in paragraph 14 of the Independent Auditors’ Report of even date to the members of Sterlite Technologies
Limited on the standalone financial statements as of and for the year ended March 31, 2021
i. (a) The Company is maintaining proper records investments made, and guarantees and security
showing full particulars, including quantitative provided by it.
details and situation, of fixed assets.
v. The Company has not accepted any deposits from the
(b) The fixed assets are physically verified by the public within the meaning of Sections 73, 74, 75 and
Management according to a phased programme 76 of the Act and the Rules framed thereunder to the
designed to cover all the items over a period of extent notified.
three years which, in our opinion, is reasonable
having regard to the size of the Company and the vi. Pursuant to the rules made by the Central Government
nature of its assets. Pursuant to the programme, of India, the Company is required to maintain cost
a portion of the fixed assets has been physically records as specified under Section 148(1) of the Act in
verified by the Management during the year and respect of in respect of manufacture of copper cables.
no material discrepancies have been noticed on We have broadly reviewed the same, and are of the
such verification. Further, the physical verification opinion that, prima facie, the prescribed accounts and
of cables is impractical due the manner in which records have been made and maintained. We have
they have been installed/laid. not, however, made a detailed examination of the
records with a view to determine whether they are
(c) The title deeds of immovable properties, as accurate or complete.
disclosed in Note 4 on fixed assets to the financial
statements, are held in the name of the Company. vii. (a) According to the information and explanations
given to us and the records of the Company
ii. The physical verification of inventory excluding examined by us, in our opinion, the Company
stocks with third parties have been conducted at is generally regular in depositing undisputed
reasonable intervals by the Management during the statutory dues in respect of income tax, goods and
year. In respect of inventory lying with third parties, service tax, labour welfare fund and professional
these have substantially been confirmed by them. tax, though there has been a slight delay in a few
The discrepancies noticed on physical verification cases, and is regular in depositing undisputed
of inventory as compared to book records were not statutory dues, including provident fund,
material and have been appropriately dealt with in the employees’ state insurance, duty of customs, cess
books of accounts. and other material statutory dues, as applicable,
with the appropriate authorities.
iii. The Company has not granted any loans, secured
or unsecured, to companies, firms, Limited Liability (b) According to the information and explanations
Partnerships or other parties covered in the register given to us and the records of the Company
maintained under Section 189 of the Act. Therefore, examined by us, there are no dues of Central
the provisions of Clause 3(iii), (iii)(a), (iii)(b) and (iii)(c) of Sales Tax, Service Tax, Goods and Service Tax and
the said Order are not applicable to the Company. duty of excise which have not been deposited on
account of any dispute. The particulars of dues of
iv. In our opinion, and according to the information and income tax and duty of customs and as at March
explanations given to us, the Company has complied 31, 2021 which have not been deposited on
with the provisions of Section 185 and 186 of the account of a dispute, are as follows:
Companies Act, 2013 in respect of the loans and
Amount
Name of the statute Nature of dues Period to which the amount relates Forum where the dispute is pending
(` crores)
Customs Act, 1962 Customs Duty 67.82 2001-03 CESTAT, Mumbai
Customs Duty 0.68 2011-16 CESTAT, Ahmedabad
Customs Duty 1.53 2013-14 CESTAT, Mumbai
Customs Duty 1.54 2014-19 Commissioner (Appeals) – Mumbai
Customs Duty 15.00 2002-03 Supreme Court of India
Income Tax Act, 1961 Income Tax 17.46 AY 2018-19 Commissioner (Appeals)
Income Tax 3.88 AY 2013-14, AY 2015-16 Commissioner (Appeals) – Mumbai
Income Tax 1.20 AY 2002-03 Mumbai High Court
Income Tax 0.07 AY 2001-02 Mumbai High Court
Income Tax 0.43 AY 2014-15, AY 2016-17 Commissioner (Appeals) – Pune
Income Tax 0.33 AY 2011-12, AY 2013-14 Commissioner (Appeals) – Ahmedabad
Income Tax 0.53 AY 2012-13 Gujarat High Court
Income Tax 0.12 AY 2009-10, AY 2010-11 Income Tax Appellate Tribunal – Ahmedabad

Financial
Statements
viii. According to the records of the Company examined xii. As the Company is not a Nidhi Company and the Nidhi
by us and the information and explanation given to Rules, 2014 are not applicable to it, the provisions
us, the Company has not defaulted in repayment of Clause 3(xii) of the Order are not applicable
of loans or borrowings to any financial institution or to the Company.
bank or Government or dues to debenture holders
as at the balance sheet date. As stated in Note 39 to xiii. The Company has entered into transactions with
the standalone financial statements, the Company related parties in compliance with the provisions of
continues to dispute amounts aggregating ` 18.87 Sections 177 and 188 of the Act. The details of such
crores claimed by a bank in the earlier years, towards related party transactions have been disclosed in
import consignments under letter of credit not accepted the financial statements as required under Indian
by the Company, owing to discrepancies in documents. Accounting Standard (Ind AS) 24, Related Party
Since the matter is in dispute, we are unable to Disclosures specified under Section 133 of the Act.
determine whether there is a default in repayment of
dues to the said bank. xiv. The Company has not made any preferential allotment
or private placement of shares or fully or partly
ix. In our opinion, and according to the information and convertible debentures during the year under review.
explanations given to us, the moneys raised by way Accordingly, the provisions of Clause 3(xiv) of the Order
of term loans have been applied for the purposes are not applicable to the Company.
for which they were obtained. The Company has not
raised any moneys by way of initial public offer or xv. The Company has not entered into any non cash
further public offer. transactions with its directors or persons connected
with him. Accordingly, the provisions of Clause 3(xv) of
x. During the course of our examination of the books and the Order are not applicable to the Company.
records of the Company, carried out in accordance with
the generally accepted auditing practices in India, and xvi. The Company is not required to be registered under
according to the information and explanations given Section 45-IA of the Reserve Bank of India Act, 1934.
to us, we have neither come across any instance of Accordingly, the provisions of Clause 3(xvi) of the Order
material fraud by the Company or on the Company by are not applicable to the Company.
its officers or employees, noticed or reported during
the year, nor have we been informed of any such case For Price Waterhouse Chartered Accountants LLP
by the Management. Firm Registration Number: 012754N/N500016
xi. The Company has paid/ provided for managerial Neeraj Sharma
remuneration in accordance with the requisite Partner
approvals mandated by the provisions of Section 197 Membership Number: 108391
read with Schedule V to the Act. UDIN: 21108391AAAADF3548
Also refer paragraph 16 of our main audit report. Pune

April 29, 2021

Balance Sheet
as at March 31, 2021
(All amounts are in ` crores, unless otherwise stated)
31 March 2021 31 March 2020

Note
(` in crores) (` in crores)
ASSETS
Non-current assets
Property, plant & equipment 4 2,167.03 2,213.30
Capital work-in progress 146.83 127.52
Goodwill 5,6 - 14.65
Other intangible assets 5 36.58 33.65
Financial assets
Investments 7 323.72 289.10
Loans 9 218.78 80.72
Other non-current financial assets 10 10.53 20.41
Other non-current assets 11 8.23 48.94
2,911.70 2,828.29
Current assets
Inventories 12 363.36 285.38
Financial assets
Investments 13 180.00 233.00
Trade receivables 8 1,376.11 1,413.16
Cash and cash equivalents 14 76.14 76.53
Other bank balances 15 55.17 93.92
Loans 9 7.80 11.89
Other current financial assets 10 43.10 58.55
Contract assets 11 1,311.17 735.15
Other current assets 11 378.95 331.97
Assets classified as held for sale 16 32.37 28.27
3,824.17 3,267.82
Total Assets 6,735.87 6,096.11
EQUITY AND LIABILITIES
Equity
Equity share capital 17 79.33 80.79
Other Equity 18 1,747.03 1,728.78
Total Equity 1,826.36 1,809.57
Non-current liabilities
Financial liabilities
Borrowings 19 753.16 519.83
Lease Liabilities 4 59.11 83.33
Other financial liabilities 20 10.08 12.80
Employee benefit obligations 25 48.32 41.16
Provisions 22 0.74 0.89
Deferred tax liabilities (net) 24A 93.40 63.89
964.81 721.90
Current liabilities
Borrowings 19 1,155.81 1,105.17
Trade payables 21
(A) total outstanding dues of micro enterprises and small enterprises (refer note 41) 72.70 30.66
(B) total outstanding dues of creditors other than micro enterprises and small enterprises 1,796.96 1,335.81
Contract liabilities 23 64.35 133.40
Other current liabilities 23 39.98 43.52
Current tax liabilities (Net) 24B 14.88 -
3,944.70 3,564.64
Total liabilities 4,909.51 4,286.54
Total Equity & Liabilities 6,735.87 6,096.11
Summary of significant accounting policies 2
The accompanying notes are an integral part of the financial statements.

As per our report of even date For and on behalf of the board of directors of Sterlite Technologies Limited
For Price Waterhouse Chartered Accountants LLP Pravin Agarwal Anand Agarwal
Firm Registration No: 012754N/N500016 Vice Chairman & Whole-time Director CEO & Whole-time Director
DIN: 00022096 DIN: 00057364
Neeraj Sharma Mihir Modi Amit Deshpande
Partner Chief Financial Officer Company Secretary
Membership Number:108391
Place: Pune Place: Pune
Date: 29 April 2021 Date: 29 April 2021

Financial
Statements
Statement of Profit and Loss

for the year ended 31 March 2021
Note 31 March 2021 31 March 2020

INCOME
Revenue from operations 26 4,142.01 4,760.50
Other income 27 43.32 21.27
Total Income (I) 4,185.33 4,781.77
EXPENSES
Cost of raw materials and components consumed 29 2,115.32 2,273.96
Purchase of traded goods 0.69 2.12
(Increase) / decrease in inventories of finished goods, work-in-progress, traded goods and 29 (30.11) 65.43
construction work-in-progress
Employee benefit expense 30 491.97 519.82
Other expenses 31 851.31 902.31
Total Expense (II) 3,429.18 3,763.64
Earnings before exceptional item, interest, tax, depreciation and amortisation (EBITDA) (I)-(II) 756.15 1,018.13
Depreciation and amortisation expense 32 215.10 232.42
Finance costs 33 189.71 204.46
Finance Income 28 (14.35) (11.67)
Profit before exceptional item and tax 365.69 592.92
Exceptional Item (refer note 44) - 50.71
Profit before tax 365.69 542.21
Tax expense: 34
Current tax 75.23 111.53
Deferred tax 29.05 (2.84)
Total tax expenses 104.28 108.69
Profit for the year 261.41 433.52
Other comprehensive income
Items that may be reclassified to profit or loss in subsequent periods:
Net movement on cash flow hedges (1.48) (51.81)
Income tax effect on the above 0.37 20.20
Net other comprehensive income to be reclassified to profit or loss in subsequent periods (1.11) (31.61)
Items that will not to be reclassified to profit or loss in subsequent periods:
Remeasurements of defined benefits plans 3.29 0.35
Income tax effect on the above (0.83) (0.09)
Change in fair value of FVOCI equity instruments - 1.35
Net other comprehensive income not to be reclassified to profit or loss in subsequent periods 2.46 1.61
Other comprehensive income for the year, net of tax 1.35 (30.00)
Total comprehensive income for the year 262.76 403.52
Earnings per equity share 36
Basic
Computed on the basis of profit for the year (`) 6.57 10.75
Diluted
Computed on the basis of profit for the year (`) 6.50 10.63

DIN: 00022096 DIN: 00057364



Statement of Changes in Equity
A. Equity Share Capital

Equity shares of ` 2 each issued, subscribed and fully paid Note No. in crores Amount
At 01 April 2019 40.25 80.51
Changes in equity share capital 17 0.14 0.28
At 31 March 2020 40.39 80.79
Changes in equity share capital 17 (0.73) (1.46)
At 31 March 2021 39.66 79.33
B. OTHER EQUITY
Employee Debenture Capital Cash Flow
Capital Securities General Retained
stock option Redemption Redemption Hedge Total
Reserve Premium Reserve Earnings
Outstanding Reserve Reserve Reserve
As at 31 March 2019 (19.06) 38.68 29.65 75.00 - 112.50 1,225.07 45.86 1,507.70
Impact of change in accounting policy on adoption - - - - - - (12.48) - (12.48)
of Ind AS 116 (refer note 51)
Restated balance as at 01 April 2019 (19.06) 38.68 29.65 75.00 - 112.50 1,212.59 45.86 1,495.22
Profit for the year - - - - - - 433.52 - 433.52
Other comprehensive income for the year - - - - - - 1.61 (31.61) (30.00)
Total comprehensive income for the year - - - - - - 435.13 31.61 403.52
Addition on ESOPs exercised - 12.68 - - - - - - 12.68
Transferred to Securities premium account - - (12.68) - - - - - (12.68)
Employees stock option expenses for the year - - 9.86 - - - - - 9.86
(refer note 35)
Amount transferred to general reserve - - - (18.75) - 18.75 - - -
Equity dividend including taxes thereon - - - - - - (170.09) - (170.09)
(refer note 48)
Transferred to Statement of profit and loss - - - - - - - (9.73) (9.73)
As at 31 March 2020 (19.06) 51.36 26.83 56.25 - 131.25 1,477.63 4.52 1,728.78
Profit for the year - - - - - - 261.41 - 261.41
Other comprehensive income for the year - - - - - - 2.46 (1.11) 1.35
Total comprehensive income for the year - - - - - - 263.87 (1.11) 262.76
Addition on ESOPs exercised - 14.83 - - - - - - 14.83
Transferred to Securities premium account - - (14.83) - - - - - (14.83)
Utilised for Buy-back of equity shares - (51.36) - - - (48.42) - - (99.78)
Employees stock option expenses for the year - - 11.42 - - - - - 11.42
(refer note 35)
Amount transferred to general reserve - - - (18.75) - 18.75 - - -
Capital redemption reserve created during the year - - - - 1.77 - - - 1.77
Equity dividend including taxes thereon (refer note 48) - - - - - - (138.28) - (138.28)
Tax on Buy-back of equity shares - - - - - - (22.16) - (22.16)
Transferred to Statement of profit and loss - - - - - - - 2.52 2.52
As at 31 March 2021 (19.06) 14.83 23.42 37.50 1.77 101.58 1,581.06 5.93 1,747.03

DIN: 00022096 DIN: 00057364

Financial
Statements
Statement of Cash Flows

31 March 2021 31 March 2020

A. Operating activities
Profit before tax 365.69 542.21
Adjustments to reconcile profit before tax to net cash flows
Depreciation and impairment of property, plant & equipment 192.09 196.06
Amortisation & impairment of intangible assets 23.01 36.36
Provision for doubtful debts and advances 3.83 15.32
Bad debts / advances written off 0.92 5.05
Impairment provision for investment in subsidiaries 7.00 -
(Profit) / Loss on sale of property, plant and equipment, net including gain on termination of lease (21.55) (2.57)
Rental income (0.06) (0.28)
Employees stock option expenses 11.42 9.86
Change in Fair Value of Investment (7.00) -
Finance costs (including interest pertaining to Ind AS 116) 189.71 204.46
Expected credit loss for loan given to related parties - 15.00
Finance income (14.35) (11.67)
Unrealised exchange difference (8.09) (6.69)
376.93 460.90
Operating profit before working capital changes 742.62 1,003.11
Working capital adjustments:
Increase/(decrease) in trade payables 507.18 (330.47)
Increase/(decrease) in long-term provisions (0.15) 0.17
Increase/(decrease) in short-term provisions 0.21 0.06
Increase/(decrease) in other current liabilities (3.54) (6.07)
Increase/(decrease) in other current financial liabilities (47.75) 45.59
Increase/(decrease) in contract liabilities (69.05) (135.91)
Increase/(decrease) in other non-current financial liabilities (2.66) 2.81
Increase/(decrease) in non-current employee benefit obligations 3.87 9.17
Increase/(decrease) in current employee benefit obligations (1.03) (0.13)
Decrease /(increase) in current trade receivable 44.58 (271.12)
Decrease /(increase) in non-current trade receivable - 1.76
Decrease /(increase) in inventories (77.97) 95.62
Decrease/ (increase) in long-term loans 7.66 (13.51)
Decrease/(increase) in short-term loans 4.09 -
Decrease/(increase) in other current financial assets 15.53 (20.91)
Decrease/(increase) in contract assets (576.03) 357.87
Decrease /(increase) in other non-current financial assets 8.40 18.63
Decrease /(increase) in other current assets (46.99) 0.24
Decrease/(increase) in other non-current assets 0.72 2.63
Change in working capital (232.93) 243.57
Cash generated from operations 509.69 759.54
Income tax paid (net of refunds) (41.60) (168.57)
Net cash flow from operating activities 468.09 590.97

Statement of Cash Flows
31 March 2021 31 March 2020

B. Investing activities
Purchase of property, plant and equipment (365.79) (310.29)
Purchase of intangible assets (11.29) (26.37)
Proceeds from sale of property, plant and equipment 21.42 37.06
Investment in subsidiaries (37.87) (119.63)
Purchase of non-current investments - (5.01)
Purchase of current investments (180.00) (233.00)
Proceeds of current investments 233.00 100.00
Proceeds from sale of investment - 1.35
Loan given to subsidiaries (160.98) (29.02)
Repayment received from subsidiaries 14.37 60.74
Net movement in other bank balance 38.75 (4.21)
Unpaid Dividend - (0.79)
Rental income 0.06 0.28
Interest received (finance income) 14.27 11.72
Net cash flow used in investing activities (434.06) (517.17)
C. Financing activities
Proceeds from long term borrowings 623.82 315.54
Repayment of long term borrowings (252.31) (289.75)
Proceeds/(repayment) from/of short term borrowings (net) 50.65 307.69
Proceeds from issue of shares against employee stock options 0.30 0.28
Interest paid (including interest pertaining to Ind AS 116) (184.31) (204.77)
Principal elements of leases payments (12.86) (14.60)
Dividend paid on equity shares (137.77) (141.08)
Buy-back of equity shares (99.78) -
Tax on Buy-back (22.16) -
DDT on equity dividend paid - (29.01)
Net cash flow used in financing activities (34.42) (55.70)
Net increase/(decrease) in cash and cash equivalents (0.39) 18.10
Cash and cash equivalents as at beginning of year (Refer note 14) 76.53 58.43
Cash and cash equivalents as at year end (Refer note 14) 76.14 76.53
Components of cash and cash equivalents:
Balances with banks 76.12 76.51
Cash in hand 0.02 0.02
Total cash and cash equivalents 76.14 76.53

DIN: 00022096 DIN: 00057364



Financial
Statements
Notes
to the Standalone Financial Statements for the year ended March 31, 2021
1. Corporate information • Expected to be realised or intended to be sold or

Sterlite Technologies Limited (the Company) is a public consumed in the normal operating cycle;
company domiciled in India and incorporated under the
• Held primarily for the purpose of trading;
provisions of the Companies Act, 1956. Its shares are listed
on two stock exchanges in India. The registered office • Expected to be realised within twelve months after the
of the Company is located at E-1, MIDC Industrial Area, reporting period; or
Waluj, Aurangabad, Maharashtra, India. The Company is
• Cash or cash equivalent unless restricted from being
primarily engaged in the business of Connectivity and
exchanged or used to settle a liability for at least twelve
Network solutions.
months after the reporting period.
The Company is a global leader in end-to-end data network All other assets are classified as non-current.
solutions. The Company designs and deploy high-capacity
converged fibre cables and wireless networks. With A liability is current when:
expertise ranging from optical fibre and cables, hyper-scale
network design, and deployment and network software, • It is expected to be settled in the normal operating cycle;
the Company is the industry’s leading integrated solutions
• It is held primarily for the purpose of trading;
provider for global data networks. The Company partners
with global telecom companies, cloud companies, citizen • It is due to be settled within twelve months after the
networks and large enterprises to design, build and manage reporting period; or
such cloud-native software-defined networks.
• There is no unconditional right to defer the settlement
of the liability for at least twelve months after the
2. Significant accounting policies
reporting period.
This note provides a list of the significant accounting policies
adopted in the preparation of these standalone financial The Company classifies all other liabilities as non-current.
statements. These policies have been consistently applied
to all the years presented, unless otherwise stated. Deferred tax assets and liabilities are classified as non-
current assets and liabilities.
2.1 Basis of preparation
The standalone financial statements comply in all material Operating cycle of the Company is the time between the
aspects with Indian Accounting Standards (Ind AS) notified acquisition of assets for processing and their realisation
under Section 133 of the Companies Act, 2013 (the Act) in cash or cash equivalents. Based on the nature of
[Companies (Indian Accounting Standards) Rules, 2015] and products and the time between the acquisitions of assets
other relevant provisions of the Act. for processing and their realisation in cash and cash
equivalents, the Company has ascertained operating cycle
The standalone Ind AS financial statements have been of 12 months for the purpose of current and non-current
prepared on a historical cost basis, except for the following classification of assets and liabilities.
assets and liabilities which have been measured at fair value
or revalued amount: a) Foreign currency translation
Functional and presentation currency
• Derivative financial instruments; Items included in the financial statements of the Company
are measured using the currency of the primary economic
• Certain financial assets and liabilities
environment in which the Company operates (`the
measured at fair value
functional currency’). The financial statements are presented
• Share based payments in Indian rupee (INR), which is Company’s functional and
presentation currency.
• Defined benefit plans - plan assets measured at fair value
• Asset held for sale – measured at fair value Transactions and balances
less cost to sale. Foreign currency transactions are translated into the
functional currency using the exchange rates at the dates
The standalone Ind AS financial statements are presented in
of the transactions. Foreign exchange gains and losses
Indian Rupees in Crores, except when otherwise indicated.
resulting from the settlement of such transactions and from
the translation of monetary assets and liabilities denominated
Current versus non-current classification
in foreign currencies at year end exchange rates are generally
The Company presents assets and liabilities in the balance
recognised in profit or loss. They are deferred in equity if
sheet based on current/non-current classification. An asset
they relate to qualifying cash flow hedges and qualifying
is current when it is:

Notes
net investment hedges or are attributable to part of the Revenue recognition policy
net investment in a foreign operation. A monetary item for The Company has following streams of revenue:
which settlement is neither planned nor likely to occur in the
foreseeable future is considered as a part of the entity’s net (i) Revenue from sale of goods
investment in that foreign operation.
(ii) Revenue from sale of services
Foreign exchange differences regarded as an adjustment to
borrowing costs are presented in the statement of profit and (iii) Revenue from network integration projects
loss within finance costs. All other foreign exchange gains
and losses are presented in the Statement of profit and loss (iv) Revenue from software products/licenses and
on the basis of underlying transactions. implementation activities
Non-monetary items that are measured at fair value in a The Company accounts for a contract when it has approval
foreign currency are translated using the exchange rates at and commitment from parties involved, the rights of the
the date when the fair value was determined. Translation parties are identified, payment terms are identified, the
differences on assets and liabilities carried at fair value are contract has commercial substance and collectability of
reported as part of the fair value gain or loss. For example, consideration is probable.
translation differences on non-monetary assets and liabilities
such as equity instruments held at fair value through profit or The Company identifies distinct performance obligations in
loss are recognised in profit or loss as part of the fair value each contract. For most of the network integration project
gain or loss and translation differences on non-monetary contracts, the customer contracts with the Company to
assets such as equity investments classified as FVOCI are provide a significant service of integrating a complex set
recognised in other comprehensive income. of tasks and components into a single project or capability.
Hence, the entire contract is accounted for as one
Non-monetary items that are measured in terms of historical performance obligation.
cost in a foreign currency are translated using the exchange
rates at the dates of the initial transactions. However, the Company may promise to provide distinct
goods or services within a contract, for example when a
b) Revenue from contracts with customers contract covers multiple promises (e.g., construction of
Ind AS 115 Revenue from contracts with customers standard network with its maintenance and support), in which case
deals with revenue recognition and establishes principles for the Company separates the contract into more than one
reporting useful information to users of financial statements performance obligation. If a contract is separated into more
about the nature, amount, timing and uncertainty of than one performance obligation, the Company allocates
revenue and cash flows arising from an entity’s contracts the total transaction price to each performance obligation
with customers. Revenue is recognised when a customer on the basis of the relative standalone selling price of each
obtains control of a promised good or service and thus has distinct product or service promised in the contract. Where
the ability to direct the use and obtain the benefits from the standalone selling price is not observable, the Company
good or service in an amount that reflects the consideration uses the expected cost plus margin approach to allocate the
to which the entity expects to be entitled in exchange for transaction price to each distinct performance obligation. In
those goods and services. case of cost to obtain a contract, the same is determined as
per the terms of contract with the customer and is amortised
The five-step process that must be applied before revenue on a systematic basis that is consistent with the transfer to
can be recognised: the customer of the goods and services.
(i) identify contracts with customers The Company assesses for the timing of revenue recognition
in case of each distinct performance obligation. The
(ii) identify the separate performance obligation Company first assesses whether the revenue can be
recognised over time as it performs if any of the following
(iii) determine the transaction price of the contract criteria is met:
(iv) allocate the transaction price to each of the separate (a) The customer simultaneously consumes the benefits as
performance obligations, and the Company performs, or
(v) recognise the revenue as each performance (b) The customer controls the work-in-progress, or
obligation is satisfied.

Financial
Statements
Notes
(c) The Company’s performance does not create an creates new or changes the existing enforceable rights
asset with alternative use to the Company and the and obligations. Most of the contract modifications are for
Company has right to payment for performance goods or services that are not distinct from the existing
completed till date contract due to the significant integration service provided
in the context of the contract and are accounted for as if
If none of the criteria above are met, the Company they were part of that existing contract. The effect of a
recognises revenue at a point-in-time. The point-in-time contract modification on the transaction price and measure
is determined when the control of the goods or services of progress for the performance obligation to which it
is transferred which is generally determined based on relates, is recognised as an adjustment to revenue (either
when the significant risks and rewards of ownership are as an increase in or a reduction of revenue) on a cumulative
transferred to the customer. Apart from this, the Company catch-up basis.
also considers its present right to payment, the legal title
to the goods, the physical possession and the customer When estimates of total costs to be incurred exceed total
acceptance in determining the point in time where control estimates of revenue to be earned on a performance
has been transferred. obligation related to a contract, a provision for the entire loss
on the performance obligation is recognised in the period.
The Company uses input method to measure the progress
for contracts because it best depicts the transfer of control For fixed price contracts, the customer pays the fixed
to the customer which occurs as it incurs costs on contracts. amount based on the payment schedule. If the services
Under the input method measure of progress, the extent rendered by the Company exceed the payment, a contract
of progress towards completion is measured based on asset is recognised. If the payment exceed the services
the ratio of costs incurred to date to the total estimated rendered, a contract liability is recognised.
costs at completion of the performance obligation.
Revenues, including estimated fees or profits, are recorded All the qualitative and quantitative information related to
proportionally as costs are incurred. Revenue in respect of significant changes in contract asset and contract liability
operation and maintenance contracts is recognised on a balances such as impairment of contract asset, changes in
time proportion basis. the timeframe for a performance obligation to be satisfied
are disclosed by the Company at every reporting period.
Due to the nature of the work required to be performed on
performance obligations, the estimation of total revenue and Financing components: The Company does not expect to
cost at completion is complex, subject to many variables have any material contracts where the period between the
and requires significant judgment. It is common for network transfer of the promised goods or services to the customer
integration project contracts to contain liquidated damages and payment by the customer exceeds one year. As a
on delay in completion/performance, bonus on early consequence, the Company does not adjust any of the
completion, or other provisions that can either increase or transaction prices for the time value of money.
decrease the transaction price. These variable amounts
generally are awarded upon achievement of certain Revenue recognised at a point-in-time
performance metrics, program milestones or cost targets For contracts where performance obligation(s) are not
and may be based upon customer discretion. satisfied over time, revenue is recognised at a point in time
when control is transferred to the customer - based on
The Company estimates variable consideration using the right to payment, alternative use of goods, delivery terms,
most likely amount to which it expects to be entitled. The payment terms, customer acceptance and other indicators of
Company includes estimated amounts in the transaction control as mentioned above.
price to the extent it is probable that a significant reversal
of cumulative revenue recognised will not occur when the c) Other Income
uncertainty associated with the variable consideration 1. Interest income
is resolved. The estimates of variable consideration and Interest income is accrued on a time basis, by reference
determination of whether to include estimated amounts in to the principal outstanding and at the effective interest
the transaction price are based largely on an assessment of rate applicable. Interest income is included in finance
the anticipated performance and all information (historical, income in the statement of profit and loss.
current and forecasted) that is reasonably available.
2. Dividends
Contracts are modified to account for changes in contract Dividends are recognised in profit or loss only when the
specifications and requirements. The Company considers right to receive payment is established, it is probable
contract modifications to exist when the modification either that the economic benefits associated with the

Notes
dividend will flow to the Company, and the amount of Deferred tax liabilities are recognised for all taxable
the dividend can be measured reliably. temporary differences, except:
3. Rental income • When the deferred tax liability arises from the initial
Rental income arising from operating leases on recognition of goodwill or an asset or liability in a
investment properties is accounted for on a straight- transaction that is not a business combination and, at the
line basis over the lease terms and is included in other time of the transaction, affects neither the accounting
income in the statement of profit and loss. profit nor taxable profit or loss;
• In respect of taxable temporary differences between

d) Government grants
the carrying amount and tax bases of investments in
Grants from the government are recognised at their fair
subsidiaries, branches, associates and interests in joint
value where there is a reasonable assurance that the grant
ventures, when the timing of the reversal of the temporary
will be received and the Company will comply with all
differences can be controlled by the Company and it is
attached conditions.
probable that the temporary differences will not reverse
in the foreseeable future.
Government grants relating to income are deferred and
recognised in the profit or loss over the period necessary Deferred tax assets are recognised for all deductible
to match them with the costs that they are intended to temporary differences and unused tax losses only if it is
compensate and presented within other income. probable that future taxable amounts will be available to
utilise those temporary differences and losses.
Government grants relating to the purchase of property,
plant and equipment are recognised in books by deducting Deferred tax assets are not recognised for temporary
the grant from the carrying amount of the asset. differences between the carrying amount and tax bases
of investments in subsidiaries, branches and associates
When loans or similar assistance are provided by and interest in joint arrangements where it is not probable
governments or related institutions, with an interest rate that the differences will reverse in the foreseeable future
below the current applicable market rate, the effect of this and taxable profit will not be available against which the
favourable interest is regarded as a government grant. The temporary difference can be utilised.
loan or assistance is initially recognised and measured at
fair value and the government grant is measured as the The carrying amount of deferred tax assets is reviewed at
difference between the initial carrying value of the loan and each reporting date and reduced to the extent that it is no
the proceeds received. The loan is subsequently measured longer probable that sufficient taxable profit will be available
as per the accounting policy applicable to financial liabilities. to allow all or part of the deferred tax asset to be utilised.
Unrecognised deferred tax assets are re-assessed at each
e) Income Taxes reporting date and are recognised to the extent that it has
Current income tax become probable that future taxable profits will allow the
The income tax expense or credit for the period is the tax deferred tax asset to be recovered.
payable on the current period’s taxable income based
on the applicable income tax rate adjusted by changes Deferred income tax is determined using tax rates (and tax
in deferred tax assets and liabilities attributable to laws) that have been enacted or substantively enacted at the
temporary differences. reporting date and are expected to apply in the year when
the asset is realised or the liability is settled.
The current income tax charge is calculated on the basis of
the tax laws enacted or substantively enacted at the end of Current and Deferred tax is recognised in profit or loss,
the reporting period. Management periodically evaluates except to the extent that it relates to items recognised in
positions taken in tax returns with respect to situations in other comprehensive income or directly in equity. In this
which applicable tax regulation is subject to interpretation. case, the tax is also recognised in other comprehensive
It establishes provisions where appropriate on the basis of income or directly in equity, respectively.
amounts expected to be paid to the tax authorities.
Deferred tax assets and deferred tax liabilities are offset if a
Deferred tax legally enforceable right exists to set off current tax assets
Deferred tax is provided in full, using the liability method, against current tax liabilities and the deferred taxes relate to
on temporary differences arising between the tax bases income taxes levied by same taxation authorities on either
of assets and liabilities and their carrying amounts in the same taxable entity or different taxable entities which intend
financial statements at the reporting date. either to settle the current tax assets and tax liabilities on

Financial
Statements
Notes
a net basis or to realise the asset and settle the liability Asset Category
Useful Life
Useful life (Schedule II)
considered#
simultaneously.
Plant and Machinery 3 - 25 Years * Continuous process plant -25
Years Others - 15 Years
f) Property, plant and equipment
Freehold land and Capital work in progress are carried Furniture and fixtures 7.5 - 10 Years * 10 Years
at historical costs. All other items of property, plant and Data processing 3 - 5 Years * Service and networks -6
equipments years and Desktops and
equipment are stated at historical cost, net of accumulated
laptop etc - 3 Years
depreciation and accumulated impairment losses, if any.
Such historical cost includes the cost of replacing part of the Office equipments 4 - 5 Years * 5 Years
property, plant and equipment and borrowing costs if the Electric fittings 4 - 10 Years * 10 Years
recognition criteria are met. When significant parts of the Vehicles 4 - 5 Years * 8 Years
property, plant and equipment are required to be replaced at
* Considered on the basis of management’s estimation, supported by
intervals, the Company depreciates them separately based on technical advice, of the useful lives of the respective assets.
their specific useful lives. Likewise, when a major inspection
# Residual value considered as 15% on the basis of management’s
is performed, its cost is recognised in the carrying amount of estimation, supported by technical advice.
the plant and equipment as a replacement if the recognition
criteria are satisfied. All other repair and maintenance costs The property, plant and equipment acquired under finance
are recognised in statement of profit or loss as incurred. No leases is depreciated over the asset’s useful life or over the
decommissioning liabilities are expected or be incurred on shorter of the asset’s useful life and the lease term if there
the assets of plant and equipment. is no reasonable certainty that the Company will obtain
ownership at the end of the lease term.
Expenditure directly relating to construction activity
is capitalised. Indirect expenditure incurred during The Company depreciates building using straight
construction period is capitalised as part of the construction line method over 30 to 60 years from the date of
costs to the extent the expenditure can be attributable to original purchase.
construction activity or is incidental there to. Income earned
during the construction period is deducted from the total of An item of property, plant and equipment and any significant
the indirect expenditure. part initially recognised is derecognised upon disposal or
when no future economic benefits are expected from its
Subsequent costs are included in the asset’s carrying use or disposal. Any gain or loss arising on derecognition
amount or recognised as a separate asset, as appropriate, of the asset (calculated as the difference between the net
only when it is probable that future economic benefits disposal proceeds and the carrying amount of the asset) is
associated with the item will flow to the Company and the included in the statement of profit or loss when the asset
cost of the item can be measured reliably. The carrying is derecognised.
amount of any component accounted for as a separate
asset is derecognised when replaced. All other repairs An asset’s carrying amount is written down immediately
and maintenance are charged to profit or loss during the to its recoverable amount if the asset’s carrying amount is
reporting period in which they are incurred. greater than its estimated recoverable amount.
Depreciation is calculated using the straight-line method Gains and losses on disposals are determined by comparing
to allocate their cost, net of their residual values, over their proceeds with carrying amount. These are included in profit
estimated useful lives. The Company, based on technical or loss within other gains/(losses).
assessments made by technical experts and management
estimates, depreciates the certain items of tangible assets The assets residual values and useful lives are reviewed and
over estimated useful lives which are different from the adjusted if appropriate, at the end of each reporting period.
useful life prescribed in Schedule II to the Companies Act,
2013. The management believes that these estimated useful g) Intangible Assets
lives are realistic and reflect fair approximation of the period Intangible assets acquired separately are measured on initial
over which the assets are likely to be used. Table below recognition at cost. Following initial recognition, intangible
provide the details of the useful lives which are different assets are carried at cost less accumulated amortisation
from useful lives prescribed under Schedule II of the and accumulated impairment losses. Internally generated
Companies Act, 2013: intangible assets, excluding capitalised development costs,
are not capitalised and the expenditure is recognised in
the Statement of Profit and Loss in the period in which the
expenditure is incurred.

Notes
Intangible assets with finite lives are amortised over allocated between the principal (liability) and finance cost.
their useful economic lives and assessed for impairment The finance cost is charged to profit or loss over the lease
whenever there is an indication that the intangible asset may period so as to produce a constant periodic rate of interest
be impaired. The amortisation period and the amortisation on the remaining balance of the liability for each period.
method for an intangible asset with a finite useful life are The right-of-use asset is depreciated over the shorter of
reviewed at least at the end of each reporting period. the asset’s useful life and the lease term on a straight-line
Changes in the expected useful life or the expected pattern basis. If the Company is reasonably certain to exercise a
of consumption of future economic benefits embodied in purchase option, the right-of-use asset is depreciated over
the asset are considered to modify the amortisation period the underlying asset’s useful life.
or method, as appropriate, and are treated as changes
in accounting estimates. The amortisation expense on Assets and liabilities arising from a lease are initially
intangible assets with finite lives is recognised in the measured on a present value basis. Lease liabilities
statement of profit or loss. include the net present value of the fixed payments
(including in-substance fixed payments), less any lease
The Company does not have any intangible assets with incentives receivable.
indefinite useful lives.
Lease payments to be made under reasonably certain
Gains or losses arising from derecognition of an intangible extension options are also included in the measurement
asset are measured as the difference between the net of the liability. The lease payments are discounted using
disposal proceeds and the carrying amount of the asset and the interest rate implicit in the lease. If that rate cannot be
are recognised in the statement of profit or loss when the readily determined, the lessee’s incremental borrowing rate
asset is derecognised. is used, being the rate that the lessee would have to pay
to borrow the funds necessary to obtain an asset of similar
Customer acquisition costs consist of payments made to value in a similar economic environment with similar terms,
obtain consents/permissions for laying of fibre cables and security and conditions.
other telecom infrastructure in residential and commercial
complexes/townships. Such cost is amortised over the Right-of-use assets are measured at cost comprising the
period of the consent/permission on a straight line basis. following:
All intangible assets are amortised on a straight line basis • the amount of the initial measurement of lease liability
over a period of five to six years.
• any lease payments made at or before the
commencement date less any lease incentives received
Goodwill on amalgamation is amortised on a straight
line basis over a period of five years from the date of • any initial direct costs, and
amalgamation as per the Court Order.
• restoration costs.
Research costs are expensed as incurred. Payments associated with short-term leases and leases of
low-value assets are recognised on a straight-line basis as
h) Leases an expense in profit or loss. Short-term leases are leases
Company has adopted Ind AS 116 with effect from with a lease term of 12 months or less.
April 01, 2019.
Extension and termination options are included in a number
As a Lessee: of property and equipment leases across the Company.
The Company leases various assets which includes land, These terms are used to maximise operational flexibility
building & plant and machinery. Rental contracts are in terms of managing contracts. The majority of extension
typically made for fixed periods of 2 to 15 years but may and termination options held are exercisable only by the
have extension options as described below. Lease terms are Company and not by the respective lessor.
negotiated on an individual basis and contain a wide range
of different terms and conditions. The lease agreements do As a Lessor:
not impose any covenants, but leased assets may not be Lease income from operating leases where the Company
used as security for borrowing purposes. is a lessor is recognised in income on a straight line basis
over the lease term. Initial direct costs incurred in obtaining
Leases are recognised as a right-of-use asset and a an operating lease are added to the carrying amount of the
corresponding liability at the date at which the leased asset underlying asset and recognised as expense over the lease
is available for use by the Company. Each lease payment is term on the same basis as lease income. The respective

Financial
Statements
Notes
leased assets are included in the balance sheet based amount of the obligation. When the Company expects some
on their nature. The Company did not need to make any or all of a provision to be reimbursed, the reimbursement
adjustments to the accounting for assets held as lessor as a is recognised as a separate asset, but only when the
result of adopting the new leasing standard. reimbursement is virtually certain. The expense relating to a
provision is presented in the statement of profit or loss net of
i) Inventories any reimbursement. Provisions are not recognised for future
Inventories are valued at the lower of cost and net operating losses.
realisable value.
If the effect of the time value of money is material, provisions
Cost of raw materials and traded goods comprises cost of are discounted using a current pre-tax rate that reflects,
purchases. Cost of work-in progress and finished goods when appropriate, the risks specific to the liability. When
comprises direct materials, direct labour and an appropriate discounting is used, the increase in the provision due to the
proportion of variable and fixed overhead expenditure, passage of time is recognised as interest expense.
the latter being allocated on the basis of normal operating
capacity. Cost of inventories also include all other costs Contingent Liabilities
incurred in bringing the inventories to their present Contingent liabilities are disclosed when there is a possible
location and condition. Cost includes the reclassification obligation arising from past events, the existence of which
from equity of any gains or losses on qualifying cash flow will be confirmed only by the occurrence or non-occurrence
hedges relating to purchases of raw material but excludes of one or more uncertain future events not wholly within the
borrowing costs. Costs are assigned to individual items of control of the Company or a present obligation that arises
inventory on the basis of weighted average basis. Costs of from past events where it is either not probable that an
purchased inventory are determined after deducting rebates outflow of resources will be required to settle or a reliable
and discounts. Net realisable value is the estimated selling estimate of the amount cannot be made.
price in the ordinary course of business less the estimated
costs of completion and the estimated costs necessary l) Employee benefits
to make the sale. (i) Short-term obligations
Liabilities for wages and salaries, including non-monetary
j) Impairment of non-financial assets benefits that are expected to be settled wholly within 12
Goodwill and intangible assets that have an indefinite useful months after the end of the period in which the employees
life are not subject to amortisation and are tested annually render the related service are recognised in respect of
for impairment, or more frequently if events or changes employees’ services up to the end of the reporting period
in circumstances indicate that they might be impaired. and are measured at the amounts expected to be paid when
Other assets are tested for impairment whenever events or the liabilities are settled. The liabilities are presented as
changes in circumstances indicate that the carrying amount current employee benefit obligations in the balance sheet.
may not be recoverable. An impairment loss is recognised
for the amount by which the asset’s carrying amount (ii) Other long-term employee benefit obligations
exceeds its recoverable amount. The recoverable amount The liabilities for earned leave and sick leave are not
is the higher of an asset’s fair value less costs of disposal expected to be settled wholly within 12 months after
and value in use. For the purposes of assessing impairment, the end of the period in which the employees render the
assets are grouped at the lowest levels for which there related service. They are therefore measured as the present
are separately identifiable cash inflows which are largely value of expected future payments to be made in respect
independent of the cash inflows from other assets or groups of services provided by employees up to the end of the
of assets (cash-generating units). Non-financial assets other reporting period using the projected unit credit method.
than goodwill that suffered an impairment are reviewed The benefits are discounted using the market yields at the
for possible reversal of the impairment at the end of each end of the reporting period that have terms approximating
reporting period. to the terms of the related obligation. Re-measurements as
a result of experience adjustments and changes in actuarial
k) Provisions and contingent liabilities assumptions are recognised in profit or loss.
General
Provisions are recognised when the Company has a The obligations are presented as current liabilities in the
present obligation (legal or constructive) as a result of balance sheet if the entity does not have an unconditional
past events, it is probable that an outflow of resources right to defer settlement for at least twelve months after the
embodying economic benefits will be required to settle reporting period, regardless of when the actual settlement is
the obligation and a reliable estimate can be made of the expected to occur.

Notes
(iii) Post-employment obligations m) Share-based payments

The Company operates the following post- The fair value of options granted under the Employee Option
employment schemes: Plan is recognised as an employee benefits expense with
a corresponding increase in equity. The total amount to be
(a) Defined benefit plans in the nature of gratuity and expensed is determined by reference to the fair value of the
options granted:
(b) Defined contribution plans such as provident fund.
• Including any market performance conditions (e.g., the
Gratuity obligations entity’s share price)
The liability or asset recognised in the balance sheet in
• Excluding the impact of any service and non-market
respect of defined benefit gratuity plans is the present value
performance vesting conditions (e.g. profitability, sales
of the defined benefit obligation at the end of the reporting
growth targets and remaining an employee of the entity
period less the fair value of plan assets. The defined benefit
over a specified time period), and
obligation is calculated annually by actuaries using the
projected unit credit method. • Including the impact of any non-vesting conditions (e.g.
the requirement for employees to save or holdings shares
The present value of the defined benefit obligation for a specific period of time).
denominated in INR is determined by discounting the
The total expense is recognised over the vesting period,
estimated future cash outflows by reference to market
which is the period over which all of the specified vesting
yields at the end of the reporting period on government
conditions are to be satisfied. At the end of each period,
bonds that have terms approximating to the terms of the
the entity revises its estimates of the number of options
related obligation.
that are expected to vest based on the non-market vesting
and service conditions. It recognises the impact of the
The net interest cost is calculated by applying the
revision to original estimates, if any, in profit or loss, with a
discount rate to the net balance of the defined benefit
corresponding adjustment to equity.
obligation and the fair value of plan assets. This cost is
included in employee benefit expense in the statement of
n) Investments and Other Financial assets
profit and loss.
i) Classification & Recognition:
The Company classifies its financial assets in the following
Re-measurement gains and losses arising from experience
measurement categories:
adjustments and changes in actuarial assumptions are
recognised in the period in which they occur, directly in • Those to be measured subsequently at fair value (either
other comprehensive income. They are included in retained through other comprehensive income, or through
earnings in the statement of changes in equity and in profit or loss)
the balance sheet.
• Those measured at amortised cost.
Changes in the present value of the defined benefit The classification depends on the entity’s business model
obligation resulting from plan amendments or curtailments for managing the financial assets and the contractual
are recognised immediately in profit or loss as terms of the cash flows. For assets measured at fair value,
past service cost. gains and losses will either be recorded in profit or loss
or other comprehensive income. For investments in debt
Defined contribution plans instruments, this will depend on the business model in
The Company pays provident fund contributions to publicly which the investment is held. For investments in equity
administered provident funds as per local regulations. instruments, this will depend on whether the Company has
The Company has no further payment obligations once made an irrevocable election at the time of initial recognition
the contributions have been paid. The contributions to account for the equity investment at fair value through
are accounted for as defined contribution plans and the other comprehensive income.
contributions are recognised as employee benefit expense
when they are due. Prepaid contributions are recognised as The Company reclassifies debt investments when
an asset to the extent that a cash refund or a reduction in and only when its business model for managing those
the future payments is available. assets changes.
Regular way purchases and sales of financial assets are

recognised on trade-date, the date on which the Company
commit to purchase or sell the financial asset.

Financial
Statements
Notes
ii) Measurement: in the statement of profit and loss within other gains/(losses)
At initial recognition, the Company measures a financial in the period in which it arises. Interest income from these
asset at its fair value plus, in the case of a financial asset not financial assets is included in other income.
at fair value through profit or loss, transaction costs that are
directly attributable to the acquisition of the financial asset. Equity instruments
Transaction costs of financial assets carried at fair value The Company subsequently measures all equity investments
through profit or loss are expensed in profit or loss. at fair value. Where the Company’s management has elected
to present fair value gains and losses on equity investments
Financial assets with embedded derivatives are considered in other comprehensive income, there is no subsequent
in their entirety when determining whether their cash flows reclassification of fair value gains and losses to profit or loss.
are solely payment of principal and interest. Dividends from such investments are recognised in profit or
loss as other income when the Company’s right to receive
Debt instruments payments is established.
Subsequent measurement of debt instruments depends on
the Company’s business model for managing the asset and Changes in the fair value of financial assets at fair value
the cash flow characteristics of the asset. There are three through profit or loss are recognised in other gain/ (losses)
measurement categories into which the Company classifies in the statement of profit and loss. Impairment losses
its debt instruments: (and reversal of impairment losses) on equity investments
measured at FVOCI are not reported separately from other
Amortised cost: Assets that are held for collection of changes in fair value.
contractual cash flows where those cash flows represent
solely payments of principal and interest are measured at Equity investment in subsidiaries, associates and joint
amortised cost. A gain or loss on a debt investment that is venture are carried at historical cost as per the accounting
subsequently measured at amortised cost and is not part of policy choice given by Ind AS 27.
a hedging relationship is recognised in profit or loss when
the asset is derecognised or impaired. Interest income from The Company makes investments in certain joint ventures
these financial assets is included in finance income using and associates with the objective to generate growth
the effective interest rate method. Impairment losses are in the medium term and with identified exit strategies.
presented as a separate line item in the financial statement. Such investments are managed on a fair value basis. The
Company has elected to measure investments in such joint
Fair value through other comprehensive income (FVOCI): ventures and associates in accordance with Ind AS 109.
Assets that are held for collection of contractual cash flows
and for selling the financial assets, where the assets’ cash iii) Impairment of financial assets
flows represent solely payments of principal and interest, In accordance with Ind AS 109, the Company applies
are measured at fair value through other comprehensive expected credit loss (ECL) model for measurement and
income (FVOCI). Movements in the carrying amount are recognition of impairment loss on the following financial
taken through OCI, except for the recognition of impairment assets and credit risk exposure:
gains or losses, interest revenue and foreign exchange gains
and losses which are recognised in profit and loss. When the a) Financial assets that are debt instruments, and are
financial asset is derecognised, the cumulative gain or loss measured at amortised cost e.g., loans, debt securities,
previously recognised in OCI is reclassified from equity to deposits, trade receivables and bank balance;
profit or loss and recognised in other gains/ (losses). Interest
income from these financial assets is included in other b) Lease receivables under Ind AS 116
income using the effective interest rate method.
c) Trade receivables or any contractual right to receive
Foreign exchange gains and losses and impairment cash or another financial asset that result from
expenses are presented as separate lines item in the transactions that are within the scope of Ind AS 115.
financial statements.
The Company follows ‘simplified approach’ for recognition of
Fair value through profit or loss: Assets that do not meet impairment loss allowance on:
the criteria for amortised cost or FVOCI are measured
• Trade receivables or contract revenue receivables; and
at fair value through profit or loss. A gain or loss on a
debt investment that is subsequently measured at fair • All lease receivables resulting from transactions within
value through profit or loss and is not part of a hedging the scope of Ind AS 116
relationship is recognised in profit or loss and presented net

Notes
The application of simplified approach does not require For assessing increase in credit risk and impairment loss,
the Company to track changes in credit risk. Rather, it the Company combines financial instruments on the basis
recognises impairment loss allowance based on lifetime of shared credit risk characteristics with the objective of
ECLs at each reporting date, right from its initial recognition. facilitating an analysis that is designed to enable significant
increases in credit risk to be identified on a timely basis.
For recognition of impairment loss on other financial assets
and risk exposure, the Company determines that whether The Company does not have any purchased or originated
there has been a significant increase in the credit risk credit-impaired (POCI) financial assets, i.e., financial assets
since initial recognition. If credit risk has not increased which are credit impaired on purchase/ origination.
significantly, 12-month ECL is used to provide for impairment
loss. However, if credit risk has increased significantly, iv) Derecognition of financial asset
lifetime ECL is used. If, in a subsequent period, credit quality A financial asset is derecognised only when the Company
of the instrument improves such that there is no longer a has transferred the rights to receive cash flows from the
significant increase in credit risk since initial recognition, financial asset or retains the contractual rights to receive the
then the entity reverts to recognising impairment loss cash flows of the financial asset, but assumes a contractual
allowance based on 12-month ECL. obligation to pay the cash flows to one or more recipients.
Lifetime ECL are the expected credit losses resulting from all Where the entity has transferred an asset, the Company
possible default events over the expected life of a financial evaluates whether it has transferred substantially all risks
instrument. The 12-month ECL is a portion of the lifetime and rewards of ownership of the financial asset. In such
ECL which results from default events that are possible cases, the financial asset is derecognised. Where the entity
within 12 months after the reporting date. has not transferred substantially all risks and rewards
of ownership of the financial asset, the financial asset is
ECL is the difference between all contractual cash flows that not derecognised.
are due to the Company in accordance with the contract
and all the cash flows that the entity expects to receive (i.e., Where the entity has neither transferred a financial asset
all cash shortfalls), discounted at the original EIR. When nor retains substantially all risks and rewards of ownership
estimating the cash flows, an entity is required to consider: of the financial asset, the financial asset is derecognised if
the Company has not retained control of the financial asset.
• All contractual terms of the financial instrument (including Where the Company retains control of the financial asset,
prepayment, extension, call and similar options) over the asset is continued to be recognised to the extent of
the expected life of the financial instrument. However, continuing involvement in the financial asset.
in rare cases when the expected life of the financial
instrument cannot be estimated reliably, then the entity v) Reclassification of financial assets
is required to use the remaining contractual term of the The Company determines classification of financial assets
financial instrument; and liabilities on initial recognition. After initial recognition,
no reclassification is made for financial assets which are
• Cash flows from the sale of collateral held or other credit
equity instruments and financial liabilities. For financial
enhancements that are integral to the contractual terms.
assets which are debt instruments, a reclassification is
ECL impairment loss allowance (or reversal) recognised made only if there is a change in the business model for
during the period is recognised as income/ expense in the managing those assets. Changes to the business model
statement of profit and loss. This amount is reflected under are expected to be infrequent. The Company’s senior
the head ‘other expenses’ in the statement of profit and management determines change in the business model as
loss. The balance sheet presentation for various financial a result of external or internal changes which are significant
instruments is described below: to the Company’s operations. Such changes are evident to
external parties. A change in the business model occurs
• Financial assets measured as at amortised cost, when the Company either begins or ceases to perform an
contractual revenue receivables and lease receivables: activity that is significant to its operations. If the Company
ECL is presented as an allowance, i.e., as an integral reclassifies financial assets, it applies the reclassification
part of the measurement of those assets in the balance prospectively from the reclassification date which is the
sheet. The allowance reduces the net carrying amount. first day of the immediately next reporting period following
Until the asset meets write-off criteria, the Company the change in business model. The Company does not
does not reduce impairment allowance from the gross restate any previously recognised gains, losses (including
carrying amount. impairment gains or losses) or interest.

Financial
Statements
Notes
o) Financial liabilities Borrowing Costs

Trade and other payables General and specific borrowing costs directly attributable to
These amounts represent liabilities for goods and services the acquisition, construction or production of an asset that
provided to the Company prior to the end of financial year necessarily takes a substantial period of time to get ready
which are unpaid. Trade and other payables are presented for its intended use or sale are capitalised as part of the
as current liabilities unless payment is not due within 12 cost of the asset. All other borrowing costs are expensed
months after the reporting period. They are recognised in the period in which they occur. Borrowing costs consist
initially at their fair value and subsequently measured at of interest and other costs that the Company incurs in
amortised cost using the effective interest method. connection with the borrowing of funds. Borrowing cost also
includes exchange differences to the extent regarded as an
Borrowings adjustment to the borrowing costs.
Borrowings are initially recognised at fair value, net of
transaction costs incurred. Borrowings are subsequently p) Offsetting of financial instruments
measured at amortised cost. Any difference between the Financial assets and financial liabilities are offset and the net
proceeds (net of transaction costs) and the redemption amount is reported in the balance sheet if there is a currently
amount is recognised in profit or loss over the period of the enforceable legal right to offset the recognised amounts and
borrowings using the effective interest method. Fees paid there is an intention to settle on a net basis, to realise the
on the establishment of loan facilities are recognised as assets and settle the liabilities simultaneously. The legally
transaction costs of the loan to the extent that it is probable enforceable right must not be contingent on future events
that some or all of the facility will be drawn down. In this and must be enforceable in the normal course of business
case, the fee is deferred until the draw down occurs. To the and in the event of default, insolvency or bankruptcy of the
extent there is no evidence that it is probable that some or Company or the counter party.
all of the facility will be drawn down, the fee is capitalised as
a prepayment for liquidity services and amortised over the q) Derivatives and hedging activities
period of the facility to which it relates. Derivatives are only used for economic hedging purposes
and not as speculative investments. However, where
Borrowings are removed from the balance sheet when the derivatives do not meet the hedge accounting criteria, they
obligation specified in the contract is discharged, cancelled are classified as ‘held for trading’ for accounting purposes
or expired. The difference between the carrying amount of a and are accounted for at FVPL. They are presented as
financial liability that has been extinguished or transferred to current assets or liabilities to the extent they are expected
another party and the consideration paid, including any non- to be settled within 12 months after the end of the
cash assets transferred or liabilities assumed, is recognised reporting period.
in profit or loss as other gains/(losses).
Derivatives are initially recognised at fair value on the date
Where the terms of a financial liability are renegotiated a derivative contract is entered into and are subsequently
and the entity issues equity instruments to a creditor to re-measured to their fair value at the end of each reporting
extinguish all or part of the liability (debt for equity swap), period. The accounting for subsequent changes in fair
a gain or loss is recognised in profit or loss, which is value depends on whether the derivative is designated
measured as the difference between the carrying amount as a hedging instrument, and if so, the nature of the
of the financial liability and the fair value of the equity item being hedged.
instruments issued.
The Company designates their derivatives as hedges
Borrowings are classified as current liabilities unless the of foreign exchange risk associated with the cash flows
Company has an unconditional right to defer settlement of assets and liabilities and highly probable forecast
of the liability for at least 12 months after the reporting transactions and variable interest rate risk associated with
period. Where there is a breach of a material provision of borrowings (cash flow hedges). The Company documents
a long-term loan arrangement on or before the end of the at the inception of the hedging transaction the economic
reporting period with the effect that the liability becomes relationship between hedging instruments and hedged
payable on demand on the reporting date, the entity does items including whether the hedging instrument is expected
not classify the liability as current, if the lender agreed, to offset changes in cash flows of hedged items. The
after the reporting period and before the approval of the Company documents its risk management objective and
financial statements for issue, not to demand payment as a strategy for undertaking various hedge transactions at the
consequence of the breach. inception of each hedge relationship. The full fair value of
a hedging derivative is classified as a non-current asset or
liability when the remaining maturity of the hedged item is

Notes
more than 12 months; it is classified as a current asset or adjusting either the volume of the hedging instrument
liability when the remaining maturity of the hedged item is or the volume of the hedged item so that the hedge
less than 12 months. ratio aligns with the ratio used for risk management
purposes. Any hedge ineffectiveness is calculated and
Cash flow hedges that qualify for hedge accounting accounted for in profit or loss at the time of the hedge
The effective portion of changes in the fair value of relationship rebalancing.
derivatives that are designated and qualify as cash flow
hedges is recognised in cash flow hedging reserve within Derivatives that are not designated as hedges
equity. The gain or loss relating to the ineffective portion The Company enters into certain derivative contracts to
is recognised immediately in profit or loss, within other hedge risks which are not designated as hedges. Such
gains/(losses). contracts are accounted for at fair value through profit or
loss and are included in statement of profit and loss.
When forward contracts are used to hedge forecast
transactions, the Company designate the full change in fair Embedded derivatives
value of the forward contract as the hedging instrument. Derivatives embedded in a host contract that is an asset
The gains and losses relating to the effective portion of within the scope of Ind AS 109 are not separated. Financial
the change in fair value of the entire forward contract are assets with embedded derivatives are considered in their
recognised in the cash flow hedging reserve within equity. entirety when determining whether their cash flows are
solely payment of principal and interest.
Amounts accumulated in equity are reclassified to profit
or loss in the periods when the hedged item affects Derivatives embedded in all other host contract are
profit or loss (for example, when the forecast sale that is separated only if the economic characteristics and risks
hedged takes place). of the embedded derivative are not closely related
to the economic characteristics and risks of the host
When the hedged forecast transaction results in the and are measured at fair value through profit or loss.
recognition of a non-financial asset (for example inventory), Embedded derivatives closely related to the host contracts
the amounts accumulated in equity are transferred to profit are not separated.
or loss as follows:
r) Financial Guarantee Contracts
• With respect to gain or loss relating to the effective Financial guarantee contracts are recognised as a financial
portion of the forward contracts, the deferred hedging liability at the time the guarantee is issued. The liability
gains and losses are included within the initial cost of the is initially measured at fair value and subsequently at the
asset. The deferred amounts are ultimately recognised in higher of (i) the amount determined in accordance with
profit or loss as the hedged item affects profit or loss (for the expected credit loss model as per Ind AS 109 and (ii)
example, through cost of sales). the amount initially recognised less, where appropriate,
cumulative amount of income recognised in accordance with
When a hedging instrument expires, or is sold or terminated,
the principles of Ind AS 115.
or when a hedge no longer meets the criteria for hedge
accounting, any cumulative deferred gain or loss and
The fair value of financial guarantees is determined based
deferred costs of hedging in equity at that time remains
on the present value of the difference between the cash
in equity until the forecast transaction occurs. When the
flows between the contractual payments required under the
forecast transaction is no longer expected to occur, the
debt instrument and the payments that would be without the
cumulative gain or loss and deferred costs of hedging that
guarantee, or the estimated amount that would be payable
were reported in equity are immediately reclassified to profit
to the third party for assuming the obligations.
or loss within other gains/(losses).
Where the guarantees in relation to the loans or other
The gain or loss relating to the effective portion of the
payables of associates are provided for no compensation,
interest rate swaps hedging variable rate borrowings is
the fair values are accounted for as contributions and
recognised in profit or loss within ‘finance cost’ at the same
recognised as part of the cost of the investment.
time as the interest expense on the hedged borrowings.
s) Cash and cash equivalents
If the hedge ratio for risk management purposes is no
Cash and cash equivalent in the balance sheet comprise
longer optimal but the risk management objective remains
cash at banks and on hand and short-term deposits with an
unchanged and the hedge continues to qualify for hedge
original maturity of three months or less, which are subject
accounting, the hedge relationship will be rebalanced by
to an insignificant risk of changes in value.

Financial
Statements
Notes
For the purpose of presentation in the statement of cash amount of consideration that is unconditional unless there is
flows, cash and cash equivalents consist of cash and cash significant financing components, when they are recognised
equivalent, as defined above, net of outstanding bank at fair value. The Company holds the trade receivables with
overdrafts if they are considered an integral part of the the objective to collect contractual cash flows and therefore
Company’s cash management. measures them subsequently at amortised cost using the
effective interest method, less loss allowance.
t) Dividends
The Company recognises a liability to make cash x) Segment Reporting
distributions to equity holders of the Company when the Operating segments are reported in a manner consistent
distribution is authorised and the distribution is no longer with internal reporting provided to the Chief Operating
at the discretion of the Company. As per the corporate laws Decision Maker (CODM). The Board of Directors has been
in India, a distribution is authorised when it is approved by identified as being the CODM. Refer note 52 for segment
the shareholders. A corresponding amount is recognised information presented.
directly in equity.
y) Non-current assets (or disposal group) held for sale
u) Earnings per share and discontinued operations
Basic earnings per share Non-current assets (or disposal group) are classified as held
Basic earnings per share is calculated by dividing the profit for sale if their carrying amount will be recovered principally
attributable to owners of the Company by the weighted through a sale transaction rather than through continuing
average number of equity shares outstanding during the use and a sale is considered highly probable. They are
financial year, adjusted for bonus elements in equity shares measured at the lower of their carrying amount and fair
issued during the year and excluding treasury shares. value less costs to sell, except for assets such as deferred
tax assets, assets arising from employee benefits, financial
Diluted earnings per share assets and contractual rights under insurance contracts,
Diluted earnings per share adjusts the figures used in which are specifically exempt from this requirement.
the determination of basic earnings per share to take into
account the after income tax effect of interest and other An impairment loss is recognised for any initial or
financing costs associated with dilutive potential equity subsequent write-down of the asset (or disposal company)
shares, and the weighted average number of additional to fair value less costs to sell. A gain is recognised for any
equity shares that would have been outstanding assuming subsequent increases in fair value less costs to sell of
the conversion of all dilutive potential equity shares. an asset (or disposal company), but not in excess of any
cumulative impairment loss previously recognised. A gain or
v) Presentation of EBITDA loss not previously recognised by the date of the sale of the
The Company presents Earnings before interest, tax, non-current asset (or disposal company) is recognised at the
depreciation and amortisation (‘EBITDA’) in the statement date of de-recognition.
of profit or loss; this is not specifically required by Ind AS 1.
The term EBITDA is not defined in Ind AS. Ind AS compliant Non-current assets (including those that are part of a
Schedule III allows companies to present line items, sub- disposal company) are not depreciated or amortised while
line items and sub-totals to be presented as an addition or they are classified as held for sale. Interest and other
substitution on the face of the financial statements when expenses attributable to the liabilities of a disposal company
such presentation is relevant to an understanding of the classified as held for sale continue to be recognised.
Company’s financial position or performance.
Non-current assets classified as held for sale and the
Accordingly, the Company has elected to present EBITDA assets of a disposal company classified as held for sale are
as a separate line item on the face of the statement of presented separately from the other assets in the balance
profit and loss. The Company measures EBITDA on the sheet. The liabilities of a disposal company classified as held
basis of profit/ (loss) from continuing operations. In its for sale are presented separately from other liabilities in
measurement, the Company does not include depreciation the balance sheet.
and amortisation expense, finance income, finance costs
and tax expense. A discontinued operation is a component of the entity that
has been disposed of or is classified as held for sale and that
w) Trade receivable represents a separate major line of business or geographical
Trade receivables are amounts due from customers for area of operations, is part of a single co-ordinated plan to
goods sold or services performed in the ordinary course of dispose of such a line of business or area of operations, or is
business. Trade receivables are recognised initially at the a subsidiary acquired exclusively with a view to resale. The

Notes
results of discontinued operations are presented separately use calculations. The value in use calculation is based on
in the statement of profit and loss. a DCF model. The cash flows are derived from the budget
for the next five years and do not include restructuring
z) Rounding of amount activities that the Company is not yet committed to or
All amounts disclosed in the financial statements and notes significant future investments that will enhance the asset’s
have been rounded off to the nearest crores as per the performance of the CGU being tested. The recoverable
requirement of Schedule III, unless otherwise stated. amount is sensitive to the discount rate used for the DCF
model as well as the expected future cash-inflows and the
aa) Exceptional items growth rate. The key assumptions used to determine the
When the items of income and expense within profit or loss recoverable amount for goodwill including a sensitivity
from ordinary activities are of such size, nature or incidence analysis are disclosed and further explained in Note 6.
that their disclosure is relevant to explain the performance
of the Company for the period, the nature and amount of Revenue Recognition on Contracts with Customers
such items are disclosed separately as exceptional item The Company’s contracts with customers could include
by the Company. promises to transfer multiple products and services to a
customer. The Company assesses the products / services
2.2 Recent Accounting Pronouncements promised in a contract and identifies distinct performance
Ministry of Corporate Affairs (MCA), vide its notification obligations in the contract. Identification of distinct
dated 24 March 2021, amended Schedule III of the performance obligation involves judgement to determine
Companies Act, 2013 with effect from 1 April 2021. the distinct goods/services and the ability of the customer to
There are key amendments relating to Division II which benefit independently from such goods/services.
relate to companies whose financial statements are Judgement is also required to determine the transaction price
required to comply with Companies (Indian Accounting for the contract. The transaction price could be either a fixed
Standards) Rules 2015. amount of customer consideration or variable consideration
with elements such as volume discounts, liquidated
These changes are applicable for the financial year damages, penalties, price concessions and incentives. Any
commencing from 1 April 2021 thus management will consideration payable to the customer is adjusted to the
evaluate disclosures required and applicable to Financial transaction price, unless it is a payment for a distinct product
statements issued in respect of accounting years or service from the customer. The estimated amount of
commencing on or after 1 April 2021. variable consideration is adjusted in the transaction price
only to the extent that it is highly probable that a significant
Note 3: Significant Accounting Judgements, reversal in the amount of cumulative revenue recognised
Estimates and Assumptions will not occur and is reassessed at the end of each reporting
The preparation of financial statements requires the use of period. The Company allocates the elements of variable
accounting estimates. Management also needs to exercise considerations to all the performance obligations of the
judgement in applying the company’s accounting policies. contract unless there is observable evidence that they pertain
Estimates and assumptions are continuously evaluated to one or more distinct performance obligations.
and are based on historical experience and other factors
including expectations of future events that are believed to The Company uses judgement to determine an appropriate
be reliable and relevant under the circumstances. This note standalone selling price for a performance obligation
provides an overview of the areas that involved a higher (allocation of transaction price). The Company allocates
degree of judgement or complexity, and of items which are the transaction price to each performance obligation on
more likely to be materially adjusted due to estimates and the basis of the relative standalone selling price of each
assumptions turning out to be different than those originally distinct product or service promised in the contract.
assessed. Management believes that the estimates Where standalone selling price is not observable, the
are the most likely outcome of future events. Detailed Company uses the expected cost plus reasonable margin
information about each of these estimates and judgements approach to allocate the transaction price to each distinct
is described below. performance obligation.
Impairment of Goodwill The Company exercises judgement in determining whether

The company tests whether goodwill has suffered any the performance obligation is satisfied at a point in time or
impairment on an annual basis. Impairment exists when the over a period of time. The Company considers indicators
carrying value of an asset or cash generating unit exceeds such as how customer consumes benefits as services are
its recoverable amount. The recoverable amount of a cash rendered or who controls the asset as it is being created or
generating unit (CGU) is determined based on value in existence of enforceable right to payment for performance

Financial
Statements
Notes
to date and alternate use of such product or service, transfer • Otherwise, the Company considers other factors
of significant risks and rewards to the customer, acceptance including historical lease durations and the costs and
of delivery by the customer, timing gap between transfer of business disruption required to replace the leased asset.
control and actual revenue recognition, etc. Most extension options in offices and equipment leases
have not been included in the lease liability, because the
Revenue for fixed-price contract is recognised using the Company could replace the assets without significant
input method for measuring progress. The company uses cost or business disruption.
cost incurred related to total estimated costs to determine
The lease term is reassessed periodically whether an option
the extent of progress towards completion. Judgement
is actually exercised (or not exercised) or the Company
is involved to estimate the future cost to complete the
becomes obliged to exercise (or not exercise) it. The
contract and to estimate the actual cost incurred basis
assessment of reasonable certainty is only revised if a
completion of relevant activities towards fulfilment of
significant event or a significant change in circumstances
performance obligations.
occurs, which affects this assessment, and that is within the
control of the lessee.
Contract fulfilment costs are generally expensed as incurred
except for costs that meet the criteria for capitalisation. Such
The lease payments are discounted using the interest
costs are amortised over the life of the contract.
rate implicit in the lease. If that rate cannot be readily
determined, which is generally the case for leases in the
Uninstalled materials are materials that will be used to
Company, the lessee’s incremental borrowing rate is used,
satisfy performance obligations in a contract for which the
being the rate that the individual lessee would have to
cost incurred does not depict transfer to the customer.
pay to borrow the funds necessary to obtain an asset of
The Company excludes cost of uninstalled materials for
similar value to the right-of-use asset in a similar economic
measuring progress towards satisfying a performance
environment with similar terms, security and conditions.
obligation if it involves only provision of a procurement
service. In case of uninstalled materials, the Company
Share-based payments
recognises revenue equal to the cost of the uninstalled
The Company measures the cost of equity-settled
materials if the goods are distinct, the customer is
transactions with employees using Black Scholes model and
expected to obtain control of the goods significantly before
Monte carlo’s simulation model to determine the fair value
services related to the goods are rendered, the cost of
of options. Estimating fair value for share-based payment
the transferred goods is significantly relative to the total
transactions requires determination of the most appropriate
expected costs to completely satisfy the performance
valuation model, which is dependent on the terms and
obligation and the goods are procured from a third party
conditions relating to vesting of the grant. This estimate also
wherein there is no involvement of the Company in
requires determination of the most appropriate inputs to
designing and manufacturing of the good.
the valuation model including the expected life of the share
option, volatility and dividend yield and assumptions about
Ind AS 116 - Leases
them. The assumptions and models used for estimating
In determining the lease term, management considers
fair value for share-based payment transactions are
all facts and circumstances that create an economic
disclosed in Note 35.
incentive to exercise an extension option or not to exercise
a termination option. Extension options (or periods after
Defined benefit plans
termination options) are only included in the lease term
The cost of the defined benefit plan and the present
if the lease is reasonably certain to be extended (or
value of such obligation are determined using actuarial
not terminated).
valuations. An actuarial valuation involves making various
assumptions that may differ from actual developments in
For leases of offices and equipment’s, the following factors
the future. These include the determination of the discount
are normally the most relevant:
rate, future salary increase, employee turnover and
expected return on planned assets. Due to the complexities
• If there are significant penalties to terminate (or not
involved in the valuation and its long term nature, a defined
extend), the Company is typically reasonably certain to
benefit obligation is highly sensitive to changes in these
extend (or not terminate).
assumptions. All assumptions are reviewed at the year end.
• If any leasehold improvements are expected to have Details about employee benefit obligations and related
a significant remaining value, the Company is typically assumptions are given in Note 25.
reasonably certain to extend (or not terminate).

Note 4: Property, Plant & Equipment
168
(` in crores)
Data
Freehold Plant & Furniture & Office Electrical Right of Use
Buildings# processing Vehicles Total
land machinery fixtures equipments fittings asset
equipments
Notes
Cost
At 01 April 2019 67.74 398.44 2,212.20 16.95 59.22 15.48 57.88 12.50 - 2840.40
Adjustment on transition to Ind AS 116 (refer note 51) - - - - - - - - 128.03 128.03
Additions 7.55 126.39 424.35 9.38 12.96 4.24 10.42 1.43 3.39 600.11
Disposals/Adjustments - (28.58) (19.75) (0.82) (1.26) (0.82) (4.37) (0.20) (16.85) (72.65)

At 31 March 2020 75.29 496.25 2,616.80 25.51 70.92 18.90 63.93 13.73 114.57 3,495.89
Additions - 17.22 121.03 2.16 7.87 1.41 4.45 0.75 0.84 155.73
Asset disclosed as Asset held for sale (0.76) (0.19) - - - - - - - (0.95)
At 31 March 2021 74.53 510.60 2,717.70 26.43 78.72 19.37 67.03 12.82 98.95 3,606.14
Accumulated Depreciation, Amortisation & Impairment
At 01 April 2019 - 77.31 948.73 11.74 41.20 11.08 30.69 3.40 - 1,124.13
Charge for the year - 22.90 135.50 2.12 9.47 2.39 5.54 1.96 16.17 196.06
At 31 March 2020 - 90.38 1,065.77 13.12 49.43 12.69 31.87 5.25 14.08 1,282.58
Asset disclosed as Asset held for sale - (0.10) - - - - - - - (0.10)
At 31 March 2021 - 112.27 1,177.19 15.14 60.05 14.19 35.42 5.99 18.87 1,439.11
Net Book Value
At 31 March 2021 74.53 398.33 1,540.52 11.29 18.67 5.18 31.60 6.83 80.08 2,167.03
At 31 March 2020 75.29 405.87 1,551.03 12.39 21.50 6.21 32.05 8.48 100.49 2,213.30
Movement in Capital work in progress # Buildings include those constructed on leasehold land:
Opening balance as at 01 April 2020 127.52 31 March 2021 31 March 2020
Additions during the year 183.97 Gross Block 348.36 349.30

Borrowing cost capitalised during the year (Refer Note 33) 2.75 Depreciation for the year 12.27 3.47
Transfers during the year (167.41) Accumulated depreciation 61.58 49.31
Closing balance as at 31 March 2021 146.83 Net Block 286.78 223.93
Capital work in progress mainly comprises amounts pertaining to plant & machinery. Refer note 19 for information on property, plant and equipment pledged as security
by the Company.
Refer note 38 for disclosure of capital commitments for the acquistion of property,
plant & equipments.
The Company had revised the useful life of certain assets effective from October 01, 2019 based on the available evidence of their expected use and the impact of same on depreciation charge for previous
year is 15 crores. There is similar impact in current year and will also be there in future years.
Financial
Statements
Notes
Details of Leases:
The note provides information for leases where the company is a lessee. The company has taken land, various offices and
equipments on lease. Rental contracts for offices and equipments are typically made for fixed periods of 2 to 15 years, but
have extension options.
(i) Assets recognised in balance sheet

The balance sheet shows the following amount relating to lease:
Particulars 31 March 2021 31 March 2020
Right of Use assets - Gross assets
Leasehold land 17.13 17.29
Buildings 32.64 48.10
Plant & Machinery 49.18 49.18
Total 98.95 114.57
Additions to the right of use assets during the year is ` 0.84 crores. (31 March 2020 - ` 3.39 crores)
Lease liabilities
Non-current 59.11 83.33
Current 19.17 16.43
Total 78.28 99.76
(ii) Amount recognised in the statement of profit & loss

Depreciation charge on right of use assets
Total 32 13.73 16.18
Particulars Note no 31 March 2021 31 March 2020

Interest expenses (included in finance cost) 33 8.69 11.17
Expenses related to short term leases, low value assets (included as rent in other expenses) 31 1.84 5.34
The total cash outflow for leases for the year ended 31 March 2021 is ` 21.55 crores. (31 March 2020 - ` 25.62 crores)
Extension and Termination option:

Extension and termination options are included in a number of property and equipment leases across the company. These
terms are used to maximise operational flexibility in terms of managing contracts. The majority of extension and termination
options held are exercisable only by the company and not by the respective lessor.

Notes
Note 5: Intangible Assets

(` in crores)
Software/ Indefeasible Customer Goodwill
Patents Total
licenses Right of use acquisition (Refer note 6)
Cost
At 01 April 2019 31.27 9.31 1.00 5.72 148.19 195.49
Additions 26.35 - - - - 26.35
At 31 March 2020 57.62 9.31 1.00 5.72 148.19 221.84
Additions 11.68 - - - - 11.68
Disposal/Adjustments (0.38) - - - - (0.38)
At 31 March 2021 68.92 9.31 1.00 5.72 148.19 233.14
Accumulated Amortisation & Impairment
At 01 April 2019 20.37 9.31 0.48 3.14 103.90 137.20
Charge for the year 6.10 - 0.06 0.56 29.64 36.36
At 31 March 2020 26.47 9.31 0.54 3.70 133.54 173.56
Charge for the year 7.73 - 0.07 0.56 14.65 23.01
Disposal/Adjustments (0.01) - - - - (0.01)
At 31 March 2021 34.19 9.31 0.61 4.26 148.19 196.56
Net Book Value
At 31st March 2021 34.73 - 0.39 1.46 - 36.58
At 31st March 2020 31.16 - 0.47 2.02 14.65 48.30
Note 6: Impairment Testing of Goodwill

The Goodwill attributed to the CGU has been completely amortised in the current year ended March 31, 2021. Refer
Note 5 for further details. In the previous year, the Company had performed its annual impairment test by computing the
recoverable amount based on a value in use calculations which required the use of assumptions as given in table below.
The calculations use cash flow projections from financial budgets approved by senior management covering a period of five
years. The management had not identified any instances that could cause the carrying amount of the CGU’s to exceed the
recoverable amount. Goodwill generated on acquisition of Elitecore Technologies Private Limited (‘ETPL’) which was merged
with the Company with effect from 29 September 2015 is attributable to Network Software cash generating units (‘CGU’).
31 March 2021 31 March 2020

Particulars
Goodwill (refer note 5) - 14.66
Key assumptions in the previous years used in the value in use calculations
The following table provides the key assumptions for this CGU that have goodwill allocated to them:
EBIDTA margins over the budgeted period - 10.00%-24.00%
Long-term terminal Growth rate - 5.00%
Pre-tax discount rate - 15.10%
Discount rate
Discount rate represents the current market assessment of the risks specific to the CGU, taking into consideration the time
value of money and individual risks of the underlying assets that have been incorporated in the cash flow estimates. The
discount rate calculation was based on the specific circumstances of the CGU and was derived from the CGU’s weighted
average cost of capital (WACC). The WACC takes into account both debt and equity. The cost of equity was derived from
the expected return on investment by the investors. The cost of debt was based on the interest-bearing borrowings the
Company is obliged to service. CGU specific risk was incorporated by applying individual beta factor. The beta factor was
evaluated annually based on publicly available market data.
Growth rate
The Company had considered growth rate to extrapolate cash flows beyond the budget period, consistent with the
industry forecasts.
EBITDA margins
EBITDA margins are based on the actual EBITDA of the CGU based on the past trend and future expectations.
Sensitivity to changes in assumptions of CGU

The management believes that no reasonably possible change in any of the key assumptions used in the value in use
calculation would cause the carrying value of the CGU to materially exceed its value in use.

Financial
Statements
Notes
Note 7: Investments
31 March 2021 31 March 2020
Non-current investments in equity instruments (fully paid up) (unquoted)
Investment in Subsidiaries
Equity component of debt instrument
44,705,928 (31 March 2020: 44,705,928) 0.01% compulsory convertible debentures of 25.42 32.42
Speedon Network Limited**
Equity investments at cost
33,246,847 (31 March 2020: 29,096,847) Equity shares of Sterlite Global Ventures (Mauritius) Limited of 218.29 186.86
USD 1 each fully paid up
Nil (31 March 2020: 5,050,000) Equity shares of Sterlite Tech SPA of Euro 1 each fully paid-up## - 40.23
7,000,000 (31 March 2020: Nil) Equity shares of Metallurgica Bresciana SPA of Euro 1 each fully paid-up## 40.23 -
50,000 (31 March 2020: 50,000) Equity shares of Sterlite Innovative Solutions Limited of `10 each fully 0.05 0.05
paid-up
50,000 (31 March 2020: 50,000) Equity shares of Sterlite Tech Connectivity Solutions Limited of `10 each 0.05 0.05
fully paid-up
50,000 (31 March 2020: 50,000) Equity shares of Sterlite Tech Cables Solutions Limited of `10 each fully 0.05 0.05
paid-up
1,550,000 (31 March 2020: 1,550,000) Equity shares of Speedon Network Limited of ` 10 each fully paid-up - -
5,000 (31 March 2020: 5,000) Equity shares of Sterlite Technologies UK Ventures Limited of Euro 1 each 0.04 0.04
fully paid-up
100% Equity shares of Sterlite (Shanghai) Trading Company Limited fully paid-up 1.53 1.53
22,451,766 (31 March 2020: 19,875,404) Equity shares of Maharashtra Transmission Communication - -
Infrastructure Limited of ` 10 each fully paid up (Refer Note 16)
1,000 (31 March 2020: 1,000) Equity shares of Sterlite Tech Holding Inc. USA 0.00 0.00
100 (31 March 2020: 100) Equity shares of Elitecore Technologies SDN, BHD - -
1,100 (31 March 2020: Nil) Equity shares of PT Sterlite Technologies, Indonesia of IDR 10 Million each partly 2.22 -
paid up
100,000 (31 March 2020: Nil) Equity shares of STL Optical Interconnect S.p.A. of EUR 1 each fully paid up 0.87 -
50 (31 March 2020: Nil) Equity shares of Sterlite Technologies DMCC of AED 1,000 each fully paid up 0.10 -
100 (31 March 2020: Nil) Equity shares of Sterlite Technologies Pty. Ltd of AUD 1 each fully paid up 0.00 -
Investment in Joint venture (at fair value through P&L)$
511 (31 March 2020: 511) Equity shares of Metis Eduventures Private Limited 8.53 1.53
Investments - Other (at fair value through OCI)
18,683 (31 March 2020: 18,683) Equity shares of Singularity Healthcare IT - -
Systems Private Limited of `10 each fully paid up
Investment in debentures (unquoted)
Investment in debentures - Joint Venture (at fair value through P&L)
17,600,000 (31 March 2020: 17,600,000) 0.001% Compulsorily Convertible Debentures of Metis 17.60 17.60
Eduventures Private Limited
5,000,000 (31 March 2020: 5,000,000) 0.01% Cumulative Optionally Convertible Debentures of Metis 5.00 5.00
Eduventures Private Limited
Investment in preference shares - Joint Venture (at fair value through P&L)
313 (31 March 2020: 313) 0.01% Compulsorily Convertible Preference Shares of Metis Eduventures Private 3.74 3.74
Limited
Total Investments 323.72 289.10
Total non-current investments
Aggregate amount of quoted investments and market value thereof - -
Aggregate amount of unquoted investments 323.72 289.10
Amount of impairment in the value of investments** 7.00 -
* Amount is below the rounding off norm followed by the Company.

$
As described in Significant accounting policies (refer note 2), the Company makes investments in certain joint ventures and associate companies with the
objective to generate growth in the medium term and with identified exit strategies. Such investments are managed on a fair value basis. As permitted by
Ind AS 28, the company has elected to measure such investments in joint ventures and associate companies in accordance with Ind AS 109. Accordingly fair
value gain of ` 7.00 crores (Previous year : ` Nil) has been recognised during the year.
** During the year the impairment of ` 7.00 crores has been recognised.
##
During the year, Sterlite Technologies S.p.A. merged into Metallurgica Bresciana S.p.A. and company has received 0.70 crores shares of Metallurgica
Bresiana S.p.A. in lieu of 0.50 crores shares of Sterlite Technologies S.p.A.

Notes
Note 8: Trade Receivables

31 March 2021 31 March 2020
Particulars
Current
Trade receivables 1,183.43 1,393.25
Receivables from related parties (Refer Note 50) 241.81 65.22
Less: Loss allowance (49.13) (45.31)
1,376.11 1,413.16
Break-up for security details
Trade receivables considered good - Secured - -
Trade receivables considered good - Unsecured 1,425.24 1,458.47
Trade receivables which have significant increase in credit risk - -
Trade receivables - Credit impaired - -
Total 1,425.24 1,458.47
Less: Loss Allowance 49.13 45.31
1,376.11 1,413.16
Total Current trade receivables 1,376.11 1,413.16
No trade or other receivable are due from directors or other officers of the company either severally or jointly with any
other person. Nor any trade or other receivable are due from firms or private companies in which any director is a partner, a
director or a member.
Refer note 19 for information on trade receivables hypothecated as security by the Company.
Note 9: Loans
31 March 2021 31 March 2020
Particulars
Non-current
Loans to related parties (refer note 50) 231.05 85.36
Security deposits 2.73 10.36
Total non-current loans 218.78 80.72
Loans considered good - Secured - -
Loans considered good - Unsecured 233.78 95.72
Loans which have significant increase in credit risk - -
Loans - Credit impaired - -
Total 233.78 95.72
Total 218.78 80.72
Current
Loans to employees 0.17 0.32
Total current loans 7.80 11.89

Financial
Statements
Notes
Note 10: Other Financial Assets

31 March 2021 31 March 2020
Particulars
Non-current (Unsecured, considered good)

Derivative instruments
Foreign exchange forward contracts 6.83 14.83
Others
Others 0.23 0.10
Financial guarantee receivable 3.47 5.48
Total other non-current financial assets 10.53 20.41
Current (Unsecured, considered good)
Currency/ Interest rate swaps 5.82 11.36
Others
Interest accrued on investments/deposits 0.30 0.21
Financial guarantee receivable 2.31 2.12
Others* 13.84 12.31
Total other current financial assets 43.10 58.55
*This includes expenses incurred on behalf of customer, amounting to ` 1.09 crores (31 March 2020: ` 4.51 crores)
Refer note 19 for information on financial assets hypothecated as security by the Company.
Note 11: Other Assets

31 March 2021 31 March 2020
Particulars
Non-current
Capital advances (Unsecured, considered good) 7.95 28.44
Advance income tax, including TDS (net of provision) - 19.51
Prepaid expenses 0.28 0.99
Total other non-current assets 8.23 48.94
Contract assets 1,311.17 735.15
Significant changes in Contract assets

Contract assets have increased from previous year as entity has entered into new contracts during the year and provided
more services ahead of the agreed billing timelines for fixed price contracts.
There is no impairment allowance of the contract assets for current year and previous year.
During the year ended 31 March 2021, ` 538.57 crores (31 March 2020: ` 1,087.04 crores) of opening unbilled revenue has
been reclassified to Trade receivables upon billing to customers on completion of milestones.
Refer note 19 for information on other assets hypothecated as security by the Company.
31 March 2021 31 March 2020
Particulars
Current
Prepaid expenses* 30.63 27.87
Balances with Government authorities 318.62 281.03
Advance to suppliers 23.71 15.01
Other advances 5.99 8.06
Total other current assets 378.95 331.97
* Includes cost to obtain a contract of ` 7.95 crores (March 31, 2020: ` Nil) which is being amortised to Statement of Profit and Loss on a systematic basis
that is consistent with the transfer to the customer of the goods and services. The amount amortised to Statement of Profit and Loss in the current year is
` 1.84 crores (March 31, 2020: ` Nil).

Notes
Note 12: Inventories

31 March 2021 31 March 2020
Particulars
Raw materials 154.13 107.62

[Includes stock in transit ` 30.87 crores (31 March 2020: ` 22.48 crores]
Work-in-progress 46.53 31.48
Finished goods 104.51 90.05
[Includes stock in transit ` 28.03 crores (31 March 2020: ` 1.56 crores)]
Traded goods 3.53 2.93
Stores, spares, packing materials and others 54.66 53.30
Total 363.36 285.38
Amounts recognised in profit or loss

Write-downs of inventories to net realisable value amounted to ` 28.60 crores (31 March 2020 - ` 26.08 crores). These were
recognised as an expense and included in ‘changes in value of inventories of work-in-progress, stock-in-trade and finished
goods’ in statement of profit and loss of respective year.
Refer note 19 for information on inventories hypothecated as security by the Company.
Note 13: Current Investments

31 March 2021 31 March 2020
Particulars
In mutual funds (At fair value through profit or loss) (quoted)

248,357.27 (31 March 2020: 270,323.32) units of SBI Liquid fund - Direct Growth Plan 80.00 84.00
Nil (31 March 2020: 62,292.392) units of Kotak Liquid Fund - Direct growth plan - 25.00
99,370.95 (31 March 2020: 103,122.62) units of Nippon India Liquid Fund - Direct growth plan growth option 50.00 50.00
1,640,873.05 (31 March 2020: 2,520,308.92) units of ICICI Prudential Liquid Fund - Direct Plan - Growth 50.00 74.00
Option
Aggregate amount of quoted investments [Market Value: `180.00 crores (31 March 2020: `233.00 crores)] 180.00 233.00
Amount of impairment in the value of investments - -
Note 14: Cash and Cash Equivalents

31 March 2021 31 March 2020
Particulars
Balances with banks:

In current accounts (in INR) 64.41 47.80
In current accounts (in foreign currency) 11.71 28.71
76.14 76.53
There are no repatriation restrictions with regards to cash and cash equivalents.
Note 15: Other Bank Balances

31 March 2021 31 March 2020
Particulars
Deposits with original maturity of more than 12 months* 0.47 0.01

Deposits with original maturity of more than 3 months but less than 12 months** 50.03 87.84
In unpaid dividend account 4.67 4.16
Other bank balance - 1.91
Total other bank balances 55.17 93.92
* Includes ` 0.47 crores (31 March 2020: ` 0.01 crores) held as lien by banks against bank guarantees.
** ` 0.03 crores (31 March 2020: ` 1.84 crores) held as lien by banks against bank guarantees.

Financial
Statements
Notes
Note 16: Assets Classified as Held for Sale

31 March 2021 31 March 2020
Particulars
Land & building held for sale* 0.85 -

Investment in 22,451,766 (31 March 2020: 19,875,404) equity shares of Maharashtra Transmission 31.52 28.27
Communication Infrastructure Limited#
32.37 28.27
#
Post demerger of the power business in the financial year ended March 31, 2017, the Company has been in the process of obtaining requisite approvals from
government authorities to sell its equity interest in its subsidiary, Maharashtra Transmission Communication Infrastructure Limited (referred as disposal group
or MTCIL) to Sterlite Power Transmission Limited. Management had filed a fresh application with Department of Telecommunication for transfer of the entity
after its earlier application had been rejected. The Department of Telecommunication has currently closed the application citing lack of clarity with respect to
certain aspects in the application. Management is working towards resolving the concerns and is committed to the sale of MTCIL post resolving the concerns
and obtaining requisite regulatory approvals.
The investment in the subsidiary has been measured at lower of carrying amount and fair value, less cost to sell. No write down is required to be
recognised as fair value of the investment is higher than cost. This is a level 3 measurement as per the fair value hierarchy set out in the fair value
measurement disclosure.
* The Company has decided to sell land and building at Hyderabad and the sale is expected to be completed in financial year 2021-22 and hence it has been
classified as held for sale during the reporting period and measured at the lower of its carrying amount and fair value less costs to sell. The fair value of the
building was determined using the sales comparison approach. No write down is required to be recognised as fair value of the assets is higher than cost.
Note 17: Share Capital

31 March 2021 31 March 2020
Particulars
Authorised equity share capital (no. crores)

75.00 (31 March 2020: 75.00) equity shares of ` 2 each 150.00 150.00
Issued, subscribed and fully paid-up shares (no. crores)
39.66 (31 March 2020: 40.39) equity shares of ` 2 each fully paid - up. 79.33 80.79
Total issued, subscribed and fully paid-up share capital 79.33 80.79
a) Reconciliation of the shares outstanding at the beginning and at the end of the reporting period
31 March 2021 31 March 2020
Particulars
No. in crores (` in crores) No. in crores (` in crores)
At the beginning of the year 40.39 80.79 40.25 80.51
Issued during the year against employee stock options 0.16 0.31 0.14 0.28
Shares bought back during the year (0.89) (1.77) - -
Outstanding at the end of the year 39.66 79.33 40.39 80.79
Buy-back of shares:
On 24 March 2020, the Board of Directors had approved the buyback of Equity Shares for a total amount not exceeding
` 145 crores, being 9.95% and 9.32% of the aggregate of the total paid-up equity capital and free reserves (including
securities premium) of the Company based on the audited standalone and consolidated financial statements,
respectively, of the Company for the financial year ended 31 March 2019. The Company closed the buy back on 27
August 2020. The Company has bought back 88,67,000 shares for ` 99.78 crores (excluding taxes).
b) Terms and rights attached to equity shares

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

Notes
c. Shares held by holding company and their subsidiaries/associates:

31 March 2021 31 March 2020
Particulars
No. in crores % holding No. in crores % holding
Twin Star Overseas Limited, Mauritius (Subsidiary of Volcan Investments 20.94 52.80% 20.94 51.85%
Limited, Bahamas [Ultimate holding company])
Vedanta Limited 0.48 1.20% 0.48 1.18%
d. Detail of shareholders holding more than 5% of shares in the company

31 March 2021 31 March 2020
Particulars
No. in crores % holding No. in crores % holding
Twin Star Overseas Limited, Mauritius (Holding Company) 20.94 52.80% 20.94 51.85%
e. Shares reserved for issue under options

For information relating to employees stock options plan, 2010 including details of options issued, exercised and lapsed
during the financial year and options outstanding at the end of the reporting period, refer note 35.
Note 18: Other Equity

31 March 2021 31 March 2020
Particulars
A. Securities premium account

Opening balance 51.36 38.68
Add: Addition on ESOPs exercised 14.83 12.68
Less: Utilised for Buy-back of shares (51.36) -
Closing balance 14.83 51.36
B. Other reserves
Capital reserve (19.06) (19.06)
Employee stock option outstanding
Add: Employees stock option expenses for the year (refer note 35) 11.42 9.86
Less: Transferred to Securities premium account (14.83) (12.68)
Debenture redemption reserve
Less: Amount transferred to general reserve (18.75) (18.75)
Capital redemption reserve
Opening balance - -
Add: Capital redemption reserve created during the year (refer note 17 a) 1.77 -
Closing balance 1.77 -
General reserve
Add: Amount transferred from debenture redemption reserve 18.75 18.75
Cash flow hedge reserve
Add: Cash flow hedge reserve created on currency forward contracts 5.10 (8.60)
Add: Cash flow hedge reserve created on swap contracts (3.51) 9.49
Less: Amount reclassified to Statement of profit and loss (3.07) (52.70)
Less: Amount transferred to Statement of profit and loss 2.52 (9.73)
Less: Deferred tax 0.37 20.20
Total other reserves 151.14 199.79

Financial
Statements
Notes
31 March 2021 31 March 2020

Particulars
C. Retained earnings
Opening balance 1,477.63 1,225.07
Less: Impact of change in accounting policy on adoption of Ind AS 116 (refer note 51) - (12.48)
Add: Net profit for the year 261.41 433.52
Add: Remeasurement of post employment benefit obligation, net of tax 2.46 0.26
Less: Equity dividend and tax thereon (refer note 48) (138.28) (170.09)
Less: Tax on Buy-back (22.16) -
Add: Change in fair value of FVOCI equity instrument - 1.35
Total retained earnings 1,581.06 1,477.63
Total other equity (A+B+C) 1,747.03 1,728.78
Nature and Purpose of reserves other than retained earnings

Securities premium reserve
Securities premium reserve is used to record the premium on issue of shares. The reserve is utilised in accordance with the
provisions of the Companies Act, 2013.
Capital reserve
Capital reserve was created on account of merger of passive infrastructure business of wholly owned subsidiary, Speedon
Network Limited, in the year ended March 31, 2017.
General reserve
General reserve is created out of the amounts transferred from debenture redemption reserve on account of
redemption of debentures.

The Company uses hedging instruments as part of its management of foreign currency risk associated with its highly
probable forecasted sales and purchases and interest rate risk associated with variable interest rate borrowings as
described in note 47. For hedging foreign currency risk, the Company uses foreign currency forward contracts which are
designated as cash flow hedges. For hedging interest rate risk, the Company uses interest rate swaps which are also
designated as cash flow hedges. To the extent these hedges are effective, the change in fair value of the hedging instrument
is recognised in the cash flow hedging reserve. Amounts recognised in the cash flow hedging reserve is reclassified to
profit or loss when the hedged item affects profit or loss. When the forecasted transaction results in the recognition of a
non-financial asset (e.g. inventory), the amount recognised in the cash flow hedging reserve is adjusted against the carrying
amount of the non financial asset.

The share options outstanding account is used to recognise the grant date fair value of options issued to employees under
employee stock option plan (ESOP Scheme) approved by shareholders of the Company.

The Company had created a debenture redemption reserve (DRR) of 25% of the total oustanding debentures out of the
profits which are available for the purpose of redemption of debentures as per provisions of the Companies Act, 2013. The
existing DRR is carried forward to the extent of outstanding amounts.

As per provisions of the Companies Act, 2013, the Company has created a capital redemption reserve (CRR) of 1.77 crores
against face value of equity shares bought back by the Company during the year..

Notes
Note 19: Borrowings

31 March 2021 31 March 2020
Particulars
Non-current borrowings
Debentures (Secured)
Nil (31 March 2020: 750) 8.45% Non convertible debentures of ` 10 lacs each - 75.00
1,500 (31 March 2020:1,500) 8.70% Non convertible debentures of ` 10 lacs each 150.00 150.00
2,900 (31 March 2020: Nil) 8.25% Non convertible debentures of ` 10 lacs each 290.00 -
Term loans
Indian rupee loans from banks (secured) 249.00 90.00
Foreign currency loan from banks (secured) 148.67 183.64
Indian rupee loans from banks (unsecured) 19.45 129.61
Deferred payment liabilities (unsecured) - 138.58
1,007.12 766.83
The above amount includes
Secured borrowings 987.67 498.64
Unsecured borrowings 19.45 268.19
Total Non-current borrowings 1,007.12 766.83
Less: Current maturities of long term borrowings disclosed under the head "other current financial liabilities" 253.96 247.00
(refer note 20)
Net Amount 753.16 519.83
Notes:
a) 8.70% Non convertible debentures carry 8.70% rate of interest. Total amount of non-convertible debentures is due in
the FY 2021-22. These non-convertible debentures are secured by way of mortgage of immovable fixed assets of the
Company located at Aurangabad.
b) 8.25% Non convertible debentures carry 8.25% rate of interest. Total amount of non-convertible debentures is due in 4
equal annual installments starting from FY 2027-28 till FY 2030-31. These non-convertible debentures are secured by
way of mortgage on specified movable fixed assets at Shendra plant (project Gaurav) (both present and future).
c) 7.30% Non convertible debentures carry 7.30% rate of interest. Total amount of non-convertible debentures is due in
d) Foreign Currency term loan from bank amounting to ` 73.11 crores carries interest @ Libor+2.70 % p.a. Loan amount is
repayable in 20 quarterly equated instalments of USD 0.13 crores starting from April 2018. The term loan is secured
by way of first pari passu charge on entire movable fixed assets (both present and future) and mortgage of immovable
fixed assets of the Company located at Dadra & Nagar Haveli and Pune.
e) Foreign Currency term loan from bank amounting to ` 75.56 crores carries interest @ GBP Libor+2.60 % p.a. Loan
amount is repayable in 6 half yearly equated instalments of GBP 0.13 crores starting from Feb 2022. The term loan is
secured by way of first pari passu charge on entire movable fixed assets (both present and future) of the Company.
f) Indian rupee term loan from bank amounting to ` 249.00 crores carries interest @ One Year MCLR +15 Bps p.a. Loan
amount is repayable in 12 quarterly instalments from October 21 of ` 20.75 crores per Quarter (excluding interest). The
term loan is secured by way of first pari passu charge on entire movable fixed assets (both present and future).
g) Unsecured Indian rupee term loan from NBFC amounting to ` 19.45 crores carries interest @ 5.5% p.a. Loan amount of
` 12.89 crores is repayable in FY 2021-22 and remaining amount will be payable in FY 2022-23.

Financial
Statements
Notes
31 March 2021 31 March 2020

Particulars
Current borrowings
Cash credit from banks (secured) - 0.33
Working capital demand loan from banks (secured) 193.47 315.00
Commercial paper from bank (unsecured) 450.00 350.00
Other loans from banks (secured) 317.68 403.00
Other loans (unsecured) 188.00 29.53
Loans from related party (unsecured) 6.66 7.31
1,155.81 1,105.17
Net Amount 1,155.81 1,105.17
Note:
(i) Cash credit is secured by hypothecation of raw material inventory, work in progress, finished goods and trade
receivables. The cash credit is repayable on demand and carries interest @ 7.10 % -11.50 % p.a.
(ii) Working capital demand loan from banks is secured by first pari-passu charge on entire current assets of the Company
(both present and future) and second pari-passu charge on plant & machinery and other movable fixed assets of the
Company. Working Capital Demand Loan has been taken for a period of 7 days to 180 days and carries interest @ 5.11
% to 8.15% p.a.
(iii) Commercial Papers are unsecured and are generally taken for a period from 60 Days to 180 days and carry interest @
4.90% to 6.70% p.a.
(iv) Other loans include buyer’s credit arrangements (secured) and export packing credit (secured and unsecured). These
secured loans are secured by hypothecation of raw materials, work in progress, finished goods and trade receivables.
Export packing credit is taken for a period ranging from 30-180 days. Interest rate for both the products ranges from
5.00% - 8.11% p.a.
(v) Loan from related party includes unsecured loan received from Sterlite Power Transmission Limited which is
repayable on demand.
Net debt reconciliation

This section sets out an analysis of net debt and the movements in net debt for each of the periods presented.
31 March 2021 31 March 2020
Particulars
Cash and cash equivalents 76.14 76.53

Current investments* 230.00 319.00
Current Borrowings (including interest accrued but not due) (1,157.08) (1,105.87)
Non-current borrowings (including interest accrued but not due and current maturity of long term borrowings) (1,008.87) (768.59)
Net Debt (1,859.81) (1,478.93)
The amount of net debt considering the amount of lease liability of ` 78.28 crores (31 March 2020 : ` 99.76 crores) is
` 1,938.09 crores (31 March 2020 : ` 1,578.69 crores)
*includes other bank balance of ` 50 crores (March 31, 2020: ` 86 crores) with respect to fixed deposit. These fixed deposits
can be encashed by the Company at any time without any major penalties.

Notes
31 March 2021 31 March 2020
Particulars

Cashflows 237.43 45.27
Interest expense 44.52 61.28
Interest paid (44.53) (62.64)
Forex adjustment 2.86 (9.74)
Closing balance 1,008.87 769.29
Current borrowings
31 March 2021 31 March 2020
Particulars
Opening balance 1,105.87 797.48

Closing balance 1,157.08 1,105.87
Cash and cash equivalent

31 March 2021 31 March 2020
Particulars

Cashflows (0.39) 18.10
Current Investments
31 March 2021 31 March 2020
Particulars

Cashflows (91.70) 146.77
Realised gain on current investment 2.70 2.23
Note 20: Other Financial Liabilities

31 March 2021 31 March 2020
Particulars
Non-current
Foreign exchange forward contracts - 1.96
Currency / Interest Rate Swaps - 1.25
Payables for purchase of property, plant and equipment 0.56 0.62
Deposits from vendors 6.05 3.49
Financial guarantee payable 3.47 5.48
Total non-current financial liabilities 10.08 12.80
Current
13.86 9.73

Financial
Statements
Notes
31 March 2021 31 March 2020

Particulars
Other financial liabilities at amortised cost
Interest accrued but not due on borrowings 1.75 1.76
Interest payable to related party 1.27 0.70
Current maturities of long-term borrowings (refer note 19) 253.96 247.00
Unclaimed dividend* 4.67 4.16
Deposits from customers 0.26 0.29
Payables for purchase of property, plant and equipment (including deferred 427.88 505.56
payment liabilities)
Employee benefits payable 50.07 94.96
Financial guarantee payable 2.31 2.12
Others 0.96 8.51
743.40 865.50
Total current financial liabilities 757.26 875.23
* There are no amounts due and outstanding to be credited to Investor Education and Protection Fund.
Note 21: Trade Payables

31 March 2021 31 March 2020
Particulars
Total outstanding dues of micro & small enterprises (refer note 41) 72.70 30.66
Total outstanding dues of creditors other than micro & small enterprises
Trade payables to related parties (refer note 50) 24.97 18.38
Acceptances 153.91 -
Others 1,618.08 1,317.43
1,796.96 1,335.81
Total Trade Payables 1,869.66 1,366.47
Note 22: Provisions

31 March 2021 31 March 2020
Particulars
Non-current
Provision for warranty 0.74 0.89
Total non-current provision 0.74 0.89
Current
Provision for litigations / contingencies 9.50 9.50
Total current provision 10.23 10.02
Provision for litigations / contingencies

The provision of ` 9.50 crores as at 31 March 2021 (31 March 2020: ` 9.50 crores) is towards contingencies in respect
of disputed claims against the Company as described in note 39, quantum of outflow and timing of which is presently
unascertainable. There is no movement in the provision for litigations / contingencies during the year.

Notes
Provision for warranty

The Company has given warranty on network software and licences sold to customers. The timing of the outflow is expected
to be within a period of eighteen months from the date of sale of telecom software products. Movement in provision for
warranty is given below.
31 March 2021 31 March 2020
Particulars
At the beginning of the year 1.41 1.18

Arising during the year 0.06 0.23
Utilised during the year - -
At the end of the year 1.47 1.41
Current portion 0.73 0.52
Non-current portion 0.74 0.89
Note 23: Other Current Liabilities

31 March 2021 31 March 2020
Particulars
Unearned revenue 24.74 41.39

Advance from customers 39.61 92.01
Total 64.35 133.40
Significant changes in Contract liabilities

Contract liabilities have decreased as entity has recognised the revenue from the opening unearned revenue & utilised the
advance from customers during the year.
During the year the Company has recognised revenue of ` 41.39 crores (March 31, 2020: ` 86.92 crores) arising from
opening unearned revenue.
31 March 2021 31 March 2020
Particulars
Current
Indirect taxes payable 5.01 6.79
Withholding taxes (TDS) payable 14.75 7.54
Others 20.22 29.19
Total other current liabilities 39.98 43.52
Note 24A: Deferred Tax Liabilities (Net)

31 March 2021 31 March 2020
Particulars
Deferred tax liability

Property, plant & equipment: Impact of difference between tax depreciation and depreciation/amortisation 132.65 106.21
for financial reporting
Impact of fair valuation of Land as at Ind AS transition date 11.44 11.44
Right to Use assets 15.42 20.48
Net movement on cash flow hedges 5.95 5.49
Others 14.69 2.65
Gross deferred tax liability 180.15 146.27

Financial
Statements
Notes
31 March 2021 31 March 2020

Particulars
Deferred tax assets
Provision for doubtful debts, loans and advances, allowed for tax purposes on payment basis 17.90 15.18
Expenditure allowed for tax purposes on payment basis 26.09 19.58
Provision for inventory 7.20 6.56
Impact of fair valuation of Plant & Machinery 1.33 2.66
Lease Liability 19.70 25.11
Impact of change in accounting policy on adoption of Ind AS 115 - 2.46
Impact of change in accounting policy on adoption of Ind AS 116 (refer note 51) 2.80 4.19
Others 8.31 3.22
Gross deferred tax assets 86.75 82.38
Net deferred tax liability 93.40 63.89
Reconciliation of deferred tax liability

31 March 2021 31 March 2020
Particulars
Opening deferred tax liability, net 63.89 72.13
Deferred tax (credit) / charge recorded in statement of profit and loss 29.05 (2.84)
Deferred tax (credit) / charge recorded in OCI 0.46 (20.11)
Utilisation of Tax Credit - 18.90
Impact of change in accounting policy on adoption of Ind AS 116 (refer note 51) - (4.19)
Closing deferred tax liability, net 93.40 63.89
The major components of income tax expense for the years ended 31 March 2021 and 31 March 2020 are:
31 March 2021 31 March 2020
Particulars
Profit or loss section
Current tax 75.23 111.53
104.28 108.69
OCI section
Deferred tax related to items recognised in OCI during in the year
Net (gain)/loss on revaluation of cash flow hedges (0.37) (20.20)
Re-measurement loss defined benefit plans 0.83 0.09
0.46 (20.11)
Reconciliation of tax expense

31 March 2021 31 March 2020
Particulars
Accounting profit before income tax 365.69 542.21
Tax at India’s statutory income tax rate of 25.17% (31 March 2020: 25.17%) 92.04 136.46
Adjustments in respect of current income tax of previous years 1.23 1.51
Tax benefits under various sections of Income tax Act (2.76) (4.09)
Income taxed at lower tax rate - (5.47)
Income tax rate difference - (21.21)
Goodwill DTA written off 8.85 -
Other adjustments 4.93 1.49
Income tax expense 104.28 108.69
Income tax expense reported in the statement of profit and loss 104.28 108.69
Pursuant to the announcement made by the Finance Ministry of the Government of India on September 20, 2019, the parent
company has opted for a lower corporate tax rate as per section 115 BAA of the Income Tax Act, 1961 as introduced by the
Taxation Laws (Amendment) Ordinance, 2019 from financial year 2019-20 onwards. The parent company has accordingly
recognised Provision for Income Tax and Deferred Tax Liability for the year ended March 31, 2021 basis the revised lower tax rate.

Notes
Note 24b: Current Tax Liabilities (Net)

31 March 2021 31 March 2020
Particulars
Opening Current tax liabilities/(assets) (19.51) 55.38

Add: Current tax payable for the year 75.23 111.53
Less: Tax paid (41.60) (168.57)
Less: Utilisation of Tax Credit - (18.90)
Add/(less): Other adjustments 0.76 1.05
Total current tax liabilities/(assets) 14.88 (19.51)
Note 25: Employee Benefit Obligations

31 March 2021 31 March 2020
Particulars
Non Current
Provision for gratuity 29.03 25.66
Provision for compensated absences 19.29 15.50
Total non-current employee benefits obligation 48.32 41.16
Current
Total current employee benefits obligation 13.36 14.40
i) Compensated Absences
The compensated absences cover the company’s liability for sick and earned leave. The company does not have an
unconditional right to defer settlement for any of these obligations. However, based on past experience, the company
does not expect all employees to take the full amount of accrued leave or require payment within the next 12 months
and accordingly amounts have been classified as current and non current based on actuarial valuation report.
ii) Post employment benefit - Gratuity

The company provides for gratuity for employees in India as per the Payment of Gratuity Act, 1972 (amended).
Employees who are in continuous service for a period of 5 years are eligible for gratuity. The amount of gratuity
payable on retirement/termination is the employees last drawn basic salary per month computed proportionately
for 15 days salary multiplied for the number of years of service. The gratuity plan is a funded plan and the Company
makes contributions to fund managed by Life insurance corporation of India. The Company does not fully fund the
liability and maintains a target level of funding to be maintained over a period of time based on estimate of expected
gratuity payments.
Changes in the present value of the defined benefit obligation are as follows:
31 March 2021 31 March 2020
Particulars
Defined benefit obligation at the beginning of the year 40.86 34.18

Current service cost 5.84 5.29
Interest cost 2.68 2.61
Actuarial (gain)/loss (3.46) (0.35)
Benefits paid (1.76) (0.87)
Defined benefit obligation, at the end of the year 44.16 40.86

Financial
Statements
Notes
Changes in the fair value of plan assets are as follows:

31 March 2021 31 March 2020
Particulars
Fair value of plan assets at the beginning of the year 5.32 4.32
Expected return on plan assets 0.35 0.33
Contribution by employer 1.30 1.54
Actuarial gain / (loss) (0.17) -
Fair value of plan assets at the end of the year 5.04 5.32
The company expects to contribute ` 2.50 crores (31 March 2020: ` 2.50 crores) to its gratuity plan in FY 2021-22.
The major categories of plan assets as a percentage of the fair value of total plan assets are as follows:
31 March 2021 31 March 2020
Particulars
(%) (%)
Insurance Fund with Life Insurance Corporation of India 100 100
The fair value of planned assets represents the amount as confirmed by the fund.
Details of defined benefit obligation

31 March 2021 31 March 2020
Particulars
Present value of defined benefit obligation 44.16 40.86

Fair value of plan assets (5.04) (5.32)
Benefit liability 39.12 35.54
The net liability disclosed above relates to funded plans are as follows:
31 March 2021 31 March 2020
Particulars
Present value of funded obligations 44.16 40.86

Deficit of funded plan (A) 39.12 35.54
Unfunded plans (B) - -
Total net obligation (A+B) 39.12 35.54
The company has no legal obligation to settle the deficit in the funded plans with an immediate contribution or additional
one off contributions. The company intends to continue to contribute the defined benefit plans as per the demand
from LIC of India.
Net employee benefit expense recognised in the statement of profit and loss:
31 March 2021 31 March 2020
Particulars

Interest cost on benefit obligation 2.68 2.61
Expected return on plan assets (0.35) (0.33)
Net benefit expense 8.17 7.57
Net employee benefit expense recognised in the other comprehensive income (OCI):
31 March 2021 31 March 2020
Particulars
Actuarial (gains)/losses on Obligation For the Period (3.46) (0.35)

Return on Plan Assets, Excluding Interest Income 0.17 0.00
Net (income)/expense For the Period Recognised in OCI (3.29) (0.35)

Notes
Amounts for the current and previous periods are as follows:

31 March 2021 31 March 2020 31 March 2019 31 March 2018 31 March 2017
Particulars
(` in crores) (` in crores) (` in crores) (` in crores) (` in crores)
Defined benefit obligation 44.16 40.86 34.18 22.80 19.65

Plan assets 5.04 5.32 4.32 3.77 3.37
(Surplus) / deficit 39.12 35.44 29.86 19.03 16.28
Experience adjustments on plan liabilities (3.43) (3.22) 3.08 (0.01) (0.14)
Experience adjustments on plan assets - - - - (0.15)
* Amount is below the rounding off norm followed by the Company.
The principal assumptions used in determining defined benefit obligation are shown below:
31 March 2021 31 March 2020
Particulars
(%) (%)
Discount rate 6.57 6.56

Expected rate of return on plan asset 6.57 6.56
Employee turnover 10.00 10.00
Expected rate of salary increase 10.00 10.00
The estimated future salary increase, considered in actuarial valuation, takes into account the effect of inflation, seniority,
promotion and other relevant factors such as supply and demand in the employment market.
Sensitivity Analysis
31 March 2021 31 March 2020
Particulars
+1% Change in discount rate (2.82) (2.66)

-1% Change in discount rate 3.22 3.04
+1% Change in rate of salary increase 3.09 2.91
-1% Change in rate of salary increase (2.76) (2.61)
+1% Change in rate of employee turnover (0.76) (0.73)
-1% Change in rate of employee turnover 0.85 0.81
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 methods and types of assumptions used in preparing the sensitivity analysis did not change compared to
the prior period.
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 bond yields; if plan assets underperform this
yield, this will create a deficit. Plan assets are maintained with fund manager LIC of India.
The Company’s assets are maintained in a trust fund managed by public sector insurance company via LIC of India. LIC has
a sovereign guarantee and has been providing consistent and competitive returns over the years. The plan asset mix is in
compliance with the requirements of the respective local regulations.
Changes in bond yields:

A decrease in bond yields will increase plan liabilities.

Financial
Statements
Notes
Future salary escalation and inflation risk:

Rising salaries will often result in higher future defined benefit payments resulting in a higher present value of liabilities
especially unexpected salary increases provided at managements discretion may lead to uncertainties in estimating this risk.
Life expectancy
Increases in life expectancy of employee will result in an increase in the plan liabilities. This is particularly significant where
inflationary increases result in higher sensitivity to changes in life expectancy.
The weighted average duration of the defined benefit obligation is 8 years (March 31, 2020 - 8 years). The expected maturity
analysis of gratuity is as follows:
Maturity Analysis of defined benefit obligation:

The expected maturity analysis of undiscounted gratuity is as follows
31 March 2021 31 March 2020
Particulars
Funded Funded
Projected Benefits Payable in Future Years From the Date of Reporting

Less than 1 year 5.94 5.55
Between 1 to 2 years 3.24 2.76
Over 5 years 55.13 54.36
Note 26: Revenue from Operations

31 March 2021 31 March 2020
Particulars
Revenue from contracts with customers

Sale of products
- Finished goods 2,014.65 2,114.42
- Traded goods 2.04 2.20
Revenue from sale of products 2,016.69 2,116.62
Revenue from sale of services 59.64 56.70
Revenue from network integration projects 1,913.81 2,419.17
Revenue from software products/licenses and implementation activities 105.24 92.58
4,095.38 4,685.07
Other operating revenue
- Scrap sales 22.41 21.53
- Export incentives 24.22 53.90
Revenue from operations 4,142.01 4,760.50
Revenue disaggregation in terms of nature of goods and services has been included above.
The total contract price of ` 4,129.16 crores is reduced by the consideration of ` 33.78 crores towards variable components.
Refer note 2 and 3 for accounting policy and significant judgements, respectively.
The Company’s unsatisfied (or partially satisfied) performance obligations can vary due to several factors such as
terminations, changes in scope of contracts, periodic revalidations of the estimates or other relevant economic factors.
The aggregate value of unsatisfied (or partially satisfied) performance obligations is ` 2,986.59 crores which is expected
to be recognised over a period of one to five years. Amount of unsatisfied (or partially satisfied) performance obligations
does not include contracts with original expected duration of one year or less since the Company has applied the practical
expedient in Ind AS 115.

Notes
Note 27: Other Income

31 March 2021 31 March 2020
Particulars
Management Fees 11.08 12.92

Rental Income 0.06 0.28
Profit on sale of assets 21.55 2.57
Gain on fair value of investment in joint venture (at fair value through profit and loss) 7.00 -
Miscellaneous Income 3.63 5.50
Total other income 43.32 21.27
Note 28: Finance Income

31 March 2021 31 March 2020
Particulars
Interest income on
- Bank deposits 5.57 6.13
- Loans to related parties (refer note 50) 5.61 2.97
- Others 0.47 0.34
Income from current investments 2.70 2.23
Total finance income 14.35 11.67
Note 29: Cost of Raw Material and Components Consumed

31 March 2021 31 March 2020
Particulars
Inventory at the beginning of the year (refer note 12) 107.62 128.93
Add: Purchases 2,161.83 2,252.65
Less: Inventory at the end of the year (refer note 12) (154.13) (107.62)
Cost of raw material and components consumed 2,115.32 2,273.96
(Increase)/ decrease in inventories
Opening inventories
124.46 189.89
Closing inventories
154.57 124.46
(Increase)/Decrease in inventories (30.11) 65.43

Financial
Statements
Notes
Note 30: Employee Benefit Expense

31 March 2021 31 March 2020
Particulars
Salaries, wages and bonus 439.84 471.62

Contribution to provident fund (refer note below) 13.53 13.84
Gratuity expenses (refer note 25) 8.17 7.57
Employees stock option expenses (refer note 35) 11.42 9.86
Staff welfare expenses 19.01 16.93
Total Employee benefit expense 491.97 519.82
Defined Contribution Plans:

The Company has a provident fund plan which is a defined contribution plan. Contributions are made to provident
fund administered by the government in India for employees at the rate of 12% of basic salary as per local regulations.
The obligation of the Company is limited to the amount contributed and it has no further contractual nor any
constructive obligation.
The Company has recognised the following expenses in the Statement of Profit and Loss for the year.
31 March 2021 31 March 2020
Particulars
Contribution to Employees Provident Fund 13.53 13.84

Total 13.53 13.84
Note 31: Other Expenses

31 March 2021 31 March 2020
Particulars
Consumption of stores and spares 109.48 87.40
Consumption of packing materials 73.79 69.11
Power, fuel and water 119.67 121.48
Labour Charges 61.40 53.95
Repairs and maintenance
Buildings 1.42 1.63
Others 9.82 10.95
Corporate Social Responsibility (CSR) expenses (refer note 45) 11.60 9.15
Sales commission (other than sole selling agent) 35.20 42.59
Sales promotion 32.52 34.69
Carriage outwards 96.50 60.30
Rent 1.84 5.34
Insurance 20.17 18.66
Legal and professional fees 55.56 73.31
Rates and taxes 7.09 6.25
Travelling and conveyance 16.83 48.76
Bad debts/ advances written off 0.92 5.05
Expected credit loss for loan given to related parties - 15.00
Impairment provision for investment in subsidiaries 7.00 -
Directors sitting fee and commission 1.55 1.55
Payment to auditor (refer note below) 1.08 1.37
Exchange difference, (net) 0.01 1.72
Research and development expenses (refer note 42)
- Salaries, wages and bonus 66.29 49.39
- Raw materials consumed 1.06 0.88
- General expenses 45.80 24.12
Total Research and development expenses 113.15 74.39
Less : Amount transferred to individual expense line item (113.15) (74.39)
Research and development expenses - -
Miscellaneous expenses 177.29 211.39
Total other expenses 851.31 902.31

Notes
31 March 2021 31 March 2020

Particulars
Payment to auditor
As auditor:
Audit fee (including limited reviews and audit of consolidated financial statements) 0.70 0.70
Reimbursement of expenses 0.01 0.08
Tax audit fee 0.04 0.04
In other capacity:
Other services (including certification fees) 0.33 0.55
1.08 1.37
Note 32: Depreciation and Amortisation Expense

31 March 2021 31 March 2020
Particulars
Depreciation of tangible assets 178.36 179.89

Depreciation of right of use assets 13.73 16.17
Amortisation of intangible assets 23.01 36.36
Total depreciation and amortisation expense 215.10 232.42
Note 33: Finance Cost

31 March 2021 31 March 2020
Particulars
Interest on financial liabilities measured at amortised cost* 131.82 157.49

Interest on lease liabilities 8.69 11.17
Bank charges 29.32 17.18
Exchange difference to the extent considered as an adjustment to borrowing costs 19.88 18.62
Total finance cost 189.71 204.46
* During the year, the Company has capitalised borrowing costs of ` 2.75 crores (31 March 2020: ` 11.12 crores) incurred on the borrowings specifically
availed for expansion of production facilities and general borrowing costs. The capitalisation rate used to determine the amount of borrowing costs to be
capitalised is the weighted average interest rate applicable to the company’s general borrowings, in this case 8.26% p.a. (March 31, 2020: 8.49% p.a.).
Note 34: Tax Expenses

31 March 2021 31 March 2020
Particulars
Current tax* 75.23 111.53

Deferred tax# 29.05 (2.84)
*For current year, the current tax expense is net of adjustment of ` 0.42 crores pertaining to current tax of previous year.
#For current year, the deferred tax includes ` 1.65 crores for adjustment pertaining to deferred tax expense of previous year.

Financial
Statements
Notes
Note 35: Employee Share Based Payments

The Company has established employees stock options plan, 2010 (ESOP Scheme) for its employees pursuant to the special resolution passed by
shareholders at the annual general meeting held on July 14, 2010. The employee stock option plan is designed to provide incentives to the employees of
the company to deliver long-term returns and is an equity settled plan. The ESOP Scheme is administered by the Nomination and Remuneration committee.
Participation in the plan is at the Nomination and Remuneration committee’s discretion and no individual has a contractual right to participate in the pIan or
to receive any guaranteed benefits. Options granted under ESOP scheme would vest in not less than one year and not more than five years from the date
of grant of the options. The Nomination and remuneration committee of the company has approved multiple grants with related vesting conditions. Vesting
of the options would be subject to continuous employment with the company and hence the options would vest with passage of time. In addition to this, the
Nomination and remuneration committee may also specify certain performance parameters subject to which the options would vest. Such options would vest
when the performance parameters are met.
Once vested, the options remain exercisable for a period of five years. Options granted under the plan are for no consideration and carry no dividend or
voting rights. On exercise, each option is convertible into one equity share. The exercise price is ` 2 per option.
The Company has charged ` 11.42 crores (31 March 2020: ` 9.86 crores) to the statement of profit and loss in respect of options granted under ESOP scheme.
a) Set Out Below is the summary of options granted under the plan.
31 March 2021 31 March 2020
Particulars Average Average

Number of Number of
Exercise price Exercise price
Options Options
per share per share
Opening Balance 2 39,33,890 2 46,14,478
Granted During the year 2 18,71,240 2 17,41,630
Forfeited During the year 2 - 2 -
Exercised During the year 2 (15,32,391) 2 (14,21,264)
Expired/cancelled During the year 2 (7,04,276) 2 (10,00,954)
Closing Balance 35,68,463 39,33,890
Vested and Exercisable 7,20,421 4,23,130
Average share price for the year ended 31 March 2021 is 148.49 (31 March 2020: ` 141.89).
Share options outstanding at the end of the year have the following expiry date and exercise prices.
Share options Share options
Exercise Price
Grant Date Expiry Date outstanding on outstanding on
(`)
31 March 2021 31 March 2020
30 April 2014 01 June 2024 2 13,200 33,050
30 March 2015 01 June 2025 2 1,06,981 4,38,500
13 July 2016 01 June 2025 2 21,361 85,521
25 July 2016 01 August 2026 2 1,53,900 2,93,290
19 July 2017 01 August 2027 2 2,25,055 3,90,470
16 October 2017 16 October 2027 2 10,770 20,650
17 January 2018 17 January 2028 2 3,660 5,260
19 July 2018 01 August 2028 2 5,04,274 10,13,749
24 January 2019 25 January 2027 2 37,875 44,600
24 October 2019 24 October 2029 2 9,24,735 16,08,800
22 July 2020 31 July 2030 2 14,85,412 -
19 January 2021 19 January 2031 2 81,240 -
Total 35,68,463 39,33,890
Weighted Average remaining contractual life of the options outstanding at the end of the period 3.27 3.11

Notes
b) Fair Value of the options granted during the year-

During the current year remuneration committee has approved one grant. Following are the details of assumptions under
the grant, related vesting conditions and fair valuation model used based on the nature of vesting.
Date of Grant - July 22, 2020

The company has granted options under ESOP scheme based on following two criteria and related assumptions
1. Vesting criteria - Assured vesting of 30% Options in five years subject to continuous employment with the company.
Fair Valuation Method - Black Scholes options Pricing Model

Vest 1 Vest 2 Vest 3 Vest 4 Vest 5
Variables
01-Aug-21 01-Aug-22 01-Aug-23 01-Aug-24 01-Aug-25
Weighted Average Stock Price 135.40 135.40 135.40 135.40 135.40
Expected volatility (%) 54.60% 54.60% 54.60% 54.60% 54.60%
Risk Free rate (%) 3.92% 3.92% 3.92% 3.92% 3.92%
Exercise Price (` per Option) 2.00 2.00 2.00 2.00 2.00
Time To Maturity (years) 2.10 2.10 2.10 2.10 2.10
Dividend Yield (%) 2.50% 2.50% 2.50% 2.50% 2.50%
Outputs
Option Fair value 126.69 126.69 126.69 126.69 126.69
Vesting Percentage (%) 50.00% 20.00% 10.00% 10.00% 10.00%
Fair Value of the option (Black Scholes Model) 126.69
The expected price volatility is based on historical volatality (based on remaining life of the options) adjusted for any
expected change to future volatility due to publicly available information.
2. Vesting criteria - 30% Vesting based on total Shareholders return based on market performance
Fair Valuation Method - Monte Carlo Simulation model
Vesting of these options is dependent on the shareholder return during the performance as compared to comparator group
identified by Nomination and Remuneration Committee. The Monte carlo model requires the following information of the
company and comparator group companies:
- the historical share price and expected volatility during the performance period
- Risk free interest rate of the country where stock of comparator group is listed
- Dividend yield based on historical dividend payments
- Estimate of correlation coefficients for each pair of company

Variables
Price of underlying stock 135.40
Expected volatility 54.60%
Risk Free rate 3.92%
Exercise Price (` per Option) 2.00
Dividend Yield 2.50%
Fair Value of the option 63.00

Financial
Statements
Notes
3. Vesting criteria - 40% Vesting based on achivement of target EBITDA
Vesting of these options is dependent on the achivement of target EBITDA during the performance of FY’ 2020-21 as
per the criteria determined by Nomination and Remuneration Committee. The Monte carlo model requires the following
information of the company:
- Risk free interest rate of the company
- Estimate of EBITDA as per approved business plan

Variables
Date of Grant - January 19, 2021

Vesting criteria - Continuous employment with the company.

Variables
20-Jan-22 20-Jan-23 20-Jan-24 20-Jan-25 20-Jan-26
Expected volatility 57.90% 57.90% 57.90% 57.90% 57.90%
Risk Free rate 3.99% 3.99% 3.99% 3.99% 3.99%
Dividend Yield 2.50% 2.50% 2.50% 2.50% 2.50%
Outputs
Vesting Percentage 50.00% 20.00% 10.00% 10.00% 10.00%
Note 36: Earnings Per Share (EPS)

The following table shows the computation of basic and diluted EPS.
31 March 2021 31 March 2020
Particulars

Weighted average number of equity shares in calculating basic EPS 39.78 40.33
Adjustments for calculation of diluted EPS:
Employee stock option outstanding during the year 0.42 0.45
Weighted average number of equity shares in calculating diluted EPS 40.20 40.78
Earnings per share
Basic 6.57 10.75
Diluted 6.50 10.63
Options granted to employees under the ESOP Scheme 2010 are considered to be potential equity shares. They have been
included in the determination of diluted earnings per share to the extent to which they are dilutive. The options have not
been included in the determination of basic earnings per share. Details relating to the options are given in note 35.

Notes
Note 37: Code on Social Security, 2020

The Indian Parliament has approved the Code on Social Security, 2020 which would impact the contributions by the
Company towards Provident Fund and Gratuity. The draft rules for the Code on Social Security, 2020 have been released by
the Ministry of Labour and Employment on November 13, 2020. The Company is in the process of assessing the additional
impact on Provident Fund contributions and on Gratuity liability contributions and will complete their evaluation and give
appropriate impact in the financial statements in the period in which the rules are notified become effective.
Note 38: Capital and other Commitments

a] Estimated amount of contracts remaining to be executed on capital account and not recognised for (net of advances)
are ` 95.98 crores (31 March 2020: ` 100.09 crores)
b] The company has imported certain machinery under the Export Promotion Capital Goods (EPCG) scheme and
accordingly has export obligation as per details below:
Year upto which
31 March 2021 31 March 2020
Year of Issue export obligation
to be fulfilled
2017-18 2023-24 117.97 596.55
2018-19 2024-25 13.32 224.78
2019-20 2025-26 9.78 35.22
2020-21 2026-27 62.73 -
In this respect, the Company has given bonds of ` 875.87 crores (31 March 2020: ` 881.49 crores) to the Commissioner of
Customs. The company expects to fulfil the export obligation within prescribed time.
c] For commitments relating to lease arrangements please refer note 4.
Note 39: Contingent Liabilities

31 March 2021 31 March 2020
Particulars
1. Disputed liabilities
a) Excise duty [refer note 22 and note 44] - 18.50
b) Customs duty 89.64 74.90
c) Goods and Service tax 0.69 0.69
d) Income tax 11.87 11.44
e) Claims lodged by a bank against the company* 18.87 18.87
f) Claims against the Company not acknowledged as debt$ 15.91 1.11
2. The Company had issued Corporate guarantees amounting to ` 114 crores to the Income tax Authorities in FY 2003-04
on behalf of the Group companies. The matter against which corporate guarantee was paid by STL was decided in favour
of the Group companies by both ITAT and HC orders against which the Department has filed an appeal with the Supreme
Court. The above corporate guarantee is backed by the corporate guarantee issued by the Volcan Investments Limited
(ultimate holding Company) in the favour of the Company.
The Company has not provided for disputed liabilities disclosed above arising from disallowances made in assessments
which are pending with different appellate authorities for its decision. The Company is contesting the demands and
the management, including its tax advisors, believe that its position will likely be upheld in the appellate process. No
liability has been accrued in the financial statements for the demands raised. The management believes that the ultimate
outcome of these proceedings will not have a material adverse effect on the company’s financial position. In respect of
the claims against the company not acknowledged as debts as above, the management does not expect these claims to
succeed. It is not practicable to indicate the uncertainties which may affect the future outcome and estimate the financial
effect of the above liabilities.
* In an earlier year, one of the Bankers of the Company had wrongly paid an amount of ` 18.87 crores under the letter of credit facility. The letter of credit
towards import consignment was not accepted by the company, owing to discrepancies in the documents. Thereafter, the bank filed claim against the
company in the Debt Recovery Tribunal (DRT). Against the DRT Order dated 28 October 2010, the parties had filed cross appeals before the Debt Recovery
Appellate Tribunal. The Debt Recovery Appellate Tribunal vide its Order dated 28 January 2015 has allowed the appeal filed by the company and has
dismissed the appeal filed by the bank. The bank has challenged the said order in WRIT petition before the Bombay High Court. The management doesn’t
expect the claim to succeed and accordingly no provision for the contingent liability has been recognised in the financial statements.
$ Claims against the company not acknowledged as debt mainly pertains to an order against the Company with respect to claim made by a supplier of
` 14.80 crores.

Financial
Statements
Notes
Note 40: Details of Loans and Advances Given to Subsidiaries

The details are provided as required by regulation 53 (f) read with Para A of Schedule V to SEBI (Listing Obligation and
Disclosure Requirements) Regulations, 2015.
31 March 2021 31 March 2020
Name of Subsidiary Outstanding Maximum Outstanding Maximum
amount balance amount balance
Sterlite Global Ventures (Mauritius) Limited 0.36 0.36 0.35 0.35
Speedon Network Limited (net of loss allowance) 10.36 10.36 8.64 30.72
Sterlite Tech Cables Solutions Limited 66.00 66.00 4.20 4.20
Maharashtra Transmission Communication Infrastructure Limited 1.84 5.09 4.38 4.38
Sterlite Technologies UK Ventures Limited 27.34 27.34 24.40 24.40
STH Inc USA 30.74 40.56 17.25 33.47
Sterlite Technologies Pty. Ltd 0.56 0.56 - -
Sterlite Technologies DMCC 7.19 7.19 - -
STL Optical Interconnect S.p.A. 59.70 59.70 - -
Total 204.09 59.22
NOTE 41: Details of Dues to Micro and Small Enterprises as Defined Under Msmed Act, 2006
The Company has certain dues to suppliers registered under Micro, Small and Medium Enterprises Development Act, 2006
(‘MSMED Act’). The disclosures pursuant to the said MSMED Act are as follows:
31 March 2021 31 March 2020
Particulars
(a) The principal amount and the interest due thereon remaining unpaid to any supplier at the end of each
accounting year
Principal amount due to supplier* 72.70 30.66
Interest amount due to supplier 0.54 0.96
(b) The amount of interest paid by the buyer in terms of Section 16 of the Micro, Small and Medium - -
Enterprises Development Act, 2006 along with the amount of the payment made to the supplier beyond
the appointed day during each accounting year
(c) The amount of interest due and payable for the period of delay in making payment but without adding - -
the interest specified under the Micro, Small and Medium Enterprises Development Act, 2006
(d) The amount of interest accrued and remaining unpaid at the end of each accounting year 1.50 0.96
(e) The amount of further interest remaining due and payable even in the succeeding years, until such date - -
when the interest dues above are actually paid to the small enterprise, for the purpose of disallowance
of a deductible expenditure under Section 23 of the Micro, Small and Medium Enterprises Development
Act, 2006
* includes amount of ` 31.31 crores (31 March 2020: ` 11.53 crore) outstanding, but not overdue to micro, small and medium enterprises as on 31 March 2021.
Amount due to Micro and Small enterprises are disclosed on the basis of information available with the Company regarding
status of the suppliers as Micro and Small enterprises.

Notes
Note 42: Research and Development Expenditure

STL through its extensive research capabilities, constant innovation and unique capabilities at following R&D centres is able
to provide customers end to end solutions from manufacturing of cable to system integration to providing software products
required by telecom players:
- Aurangabad – R&D activities to manufacture cable which can cater most bandwidth demand.
- Gurgaon – R&D activities to design, build, manage broadband network for global service providers, smart cities,
rural broadband etc.
- Ahmedabad – R&D activities to develop innovative telecom software products which can cater demand for business
support system and operating support system.
- Pune – R&D activities for Product Engineering towards Programmable Networking & Intelligence.”
31 March 2021 31 March 2020
Particulars
Capital expenditure
- Plants and machinery - purchased and capitalised during the year 9.03 24.83
- Plants and machinery - purchased during the year but pending for capitalisation 2.21 2.95
- Software - capitalised during the year 0.42 4.33
- IT Equipments - capitalised during the year 0.63 2.10
- Furniture & Fixtures - capitalised during the year - 4.14
- Office equipments and Electrical Installation - capitalised during the year 0.02 3.13
- Right of use assets - capitalised during the year - 4.25
12.31 45.73
Revenue expenditure
Total 113.15 74.39
The company has four Research and Development Centres. Centre wise breakup of expenditure is as follows:
31 March 2021 31 March 2020
Particulars
Sterlite Technologies - Aurangabad

- Capital Expenditure 3.78 13.12
- Revenue Expenditure 15.02 17.67
18.80 30.79
Sterlite Technologies - Gurgaon
57.27 30.78
Sterlite Technologies - Ahmedabad
- Capital Expenditure - -
20.44 27.76
Sterlite Technologies - Pune
28.94 30.79

Financial
Statements
Notes
Note 43: Impact of COVID-19 Pandemic

Management has made an assessment of the impact of COVID-19 in preparation for these financial statements.
Management has considered all relevant external and internal factors in the measurement of assets and liabilities including
recoverability of carrying values of its assets, its liquidity position and ability to repay debts. No adjustment to key estimates
and judgements that impact the financial statements have been identified. Since telecom networks have been identified as
an essential service, the Group is operating at its normal operating capacity at all locations. However, the impact assessment
of COVID-19 will be a continuing process given the uncertainties associated with its nature and duration and no significant
impact is envisaged on the operations.
Further due to the ongoing lockdown restrictions, independent confirmations of balances of 5 bank accounts having a
cumulative book balance of ` 0.07 crores and balance with LIC of ` 5.08 crores with respect to the Company’s funded
Gratuity plan assets could not be obtained as at March 31, 2021 from the respective parties. Management has prepared
the financials based on the latest available statements available with Management, which fairly represent the respective
balances. For balance with LIC, the statement available is for balance as at December 31, 2020 and for the 5 bank balances,
the statements are available for balances as at March 31, 2021.
Note 44: Excise /Customs Matter Pending with Honourable Supreme Court
During the previous year ended March 31, 2020, the Company made an application under Sabka Vishwas (Legacy Dispute
Resolution) Scheme, 2019 (SVLDRS), for settlement of the disputed excise matter of ` 188 crores demanded by CESTAT in
2005-06 which the Company was contesting at Honourable Supreme Court, and also some other litigations under Central
Excise Act, 1944 and Chapter V of Finance Act, 1994 which were pending as of June 30, 2019. Based on the provisions
of SVLDRS, Management determined and paid duty in respect of all matters offered for settlement under the scheme and
accordingly recognised expense of ` 50.71 crores in the previous year which has been disclosed as exceptional item in the
Statement of profit and loss.
Note 45: Corporate Social Responsibility

The Company has spent an amount of ` 11.60 crores (31 March 2020: ` 9.15 crores) during the year as required under
section 135 of the Companies Act, 2013 in the areas of education, healthcare, woman empowerment and environment. The
amount was spent by way of contribution to Sterlite Tech Foundation of ` 11.60 crores.
Details of CSR expenditure:

31 March 2021 31 March 2020
Particulars
A. Gross amount required to be spent by the Company as per section 135 of the Companies Act, 2013 11.59 9.15
B. Amount spent during the year on 11.60 9.15
(i) Construction/acquisition of any assets - -
(i) On purpose other than (i) above 11.60 9.15
Note 46: Amortisation of Recognised Goodwill on Acquisition

During the year 2015-16, the Company had acquired 100% of the paid up equity share capital of Elitecore Technologies
Private Limited (‘ETPL’), a global telecom software product company. ETPL has been merged with the Company with the
appointed date of September 29, 2015 under a scheme of amalgamation approved by Honourable Bombay High Court and
Gujarat High Court (the “Scheme”). Goodwill (excess of purchase consideration over the aggregate book value of the net
assets acquired) was being amortised over a period of five years, as per the Scheme. Ind-AS does not allow amortisation of
goodwill, which amounted to ` 14.65 crores (31 March 2020: ` 29.64 crores) for the year. The Goodwill attributable to ETPL
has been completely amortised in the current year ended March 31, 2021.

Notes
Note 47: Financial Risk Management

The Company’s principal financial liabilities, comprise borrowings, trade and other payables and other financial liabilities.
The main purpose of these financial liabilities is to finance the Company’s operations. The Company’s principal financial
assets include Investments, loans, trade and other receivables, cash and short-term deposits and other financial assets that
arise directly from its operations. The Company also enters into derivative transactions.
The Company’s activities expose it to market risk, credit risk and liquidity risk. The Company’s senior management oversees
the activities to manage these risks. All derivative activities for risk management purposes are carried out by specialist
teams that have the appropriate skills, experience and supervision. It is the Company’s policy that no trading in derivatives
for speculative purposes should be undertaken.
The Risk Management policies of the Company are established to identify and analyse the risks faced by the Company, to
set appropriate risk limits and controls and to monitor risks and adherence to limits. Risk management policies and systems
are approved and reviewed regularly by the Board to reflect changes in market conditions and the Company’s activities.
Management has overall responsibility for the establishment and oversight of the Company’s risk management framework.
The risks to which Company is exposed and related risk management policies are summarised below -
(a) 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 three types of risk: interest rate risk, currency risk and price risk, such as equity price
risk and commodity risk. Financial instruments affected by market risk mainly includes loans given and borrowings, financial
assets and liabilities in foreign currency, investments in quoted instruments and derivative financial instruments.
The sensitivity analysis in the following sections relate to the position as at 31 March 2021 and 31 March 2020.
The sensitivity analysis have been prepared on the basis that the amount of 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 31 March 2021 and 31 March 2020.
Interest rate risk

Interest rate risk is the risk that the fair value or the future cash flows of a financial instrument will fluctuate because of
changes in interest rates. The Company’s exposure to the risk of changes in interest rate primarily relates to the Company’s
debt obligations with floating interest rates.
The Company is exposed to the interest rate fluctuation in domestic as well as foreign currency borrowing. The Company
manages its interest rate risk by having a balanced portfolio of fixed and variable rate borrowings. The Company enters into
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. At 31 March 2021, after taking into
account the effect of interest rate swaps, approximately 85% of the Company’s borrowings are at a fixed rate of interest (31
March 2020: 84%).
The exposure of the company’s borrowing to interest rate changes at the end of the reporting period are as follows:
31 March 2021 31 March 2020
Particulars
Variable rate borrowings 397.67 412.22

Fixed rate borrowings 1,765.26 1,459.78
Total borrowings 2,162.93 1,872.00

Financial
Statements
Notes
As at the end of the year, the Company had the following variable rate borrowings and interest rate swap contracts outstanding:
31 March 2021 31 March 2020
Particulars
Balance % of total loans Balance % of total loans
Variable rate borrowings 397.67 18% 412.22 22%
Interest rate swaps (notional principal amount) 73.11 113.49
Net exposure to cash flow interest rate risk 324.56 298.73
Interest rate sensitivity

The following table demonstrates the sensitivity to a reasonably possible change in the interest rates on borrowings at
variable interest rate. With all the other variables held constant, the Company’s profit before tax is affected through the
impact on floating rate borrowings, as follows:
(` in crores)
Effect on profit
Increase/ before tax /
Particulars Decrease in pre-tax equity
Basis Points Decrease/
(increase)
31 March 2021
Base Rate +50 1.62
Base Rate -50 (1.62)
31 March 2020
Base Rate +50 1.49
Foreign currency risk

The company operates internationally and is exposed to foreign exchange risk arising from foreign currency transactions,
primarily with respect to the USD, EURO and GBP. Foreign exchange risk arises from future commercial transactions and
recognised assets and liabilities denominated in a currency that is not the company’s functional currency (INR). The risk is
measured through a forecast of highly probable foreign currency cash flows. The objective of the hedges is to minimise the
volatility of the INR cash flows of highly probable forecast transactions.
The Company has a policy to keep minimum forex exposure on the books that are likely to occur within a 12-month period
for hedges of forecasted sales and purchases. As per the risk management policy, foreign exchange forward contracts are
taken to hedge its exposure in the foreign currency risk. During the year ended 31 March 2021 and 2020, the company did
not have any hedging instruments with terms which were not aligned with those of the hedged items.
When a derivative is entered into for the purpose of hedge, the Company negotiates the terms of those derivatives to match
the terms of the underlying exposure. For hedges of forecast transactions the derivatives cover the period of exposure
from the point the cash flows of the transactions are forecasted up to the point of settlement of the resulting receivable or
payable that is denominated in the foreign currency.
Out of total foreign currency exposure the Company has hedged the significant exposure as at 31 March 2021 and as
at 31 March 2020.
The Company exposure to foreign currency risk at the end of the year expressed in INR are as follows
31 March 2021
(` in crores)
Financial Assets USD EUR GBP AED
Trade receivable 174.19 122.28 106.00 4.95
Bank Balances 0.01 0.49 11.22 -
Loans and advances 33.80 82.67 1.89 7.19
Derivative Assets
Foreign exchange forward contracts - Sell foreign currency 153.44 119.49 106.00 4.19
Net Exposure to foreign currency risk (Assets) 54.56 85.95 13.11 7.95

Notes
31 March 2021
(` in crores)
Financial Liabilities USD EUR GBP
Bank Loan (including deferred payment liabilities) 139.08 25.38 75.56
Payables for purchase of property, plant & equipments 82.13 133.44 -
Trade Payables 109.43 13.40 -
Derivative Liabilities
Foreign exchange forward contracts - Buy foreign currency 227.09 165.04 -
Principal Swap 73.11 - -
Net Exposure to foreign currency risk (Liabilities) 30.44 7.18 75.56
31 March 2020
(` in crores)
Bank Balances 9.73 14.77 4.21 -
Loans and advances 20.03 24.54 2.43 -
Derivative Assets
31 March 2020
(` in crores)
Financial Liabilities USD EUR GBP
Bank Loan (including deferred payment liabilities) 391.52 55.52 69.81
Payables for purchase of property, plant & equipment's 97.19 108.54 7.55
Trade Payables 171.14 2.74 0.03
Foreign exchange forward contracts - Buy foreign currency 525.96 164.49 0.27
Principal Swap 113.08 - -
Net Exposure to foreign currency risk (Liabilities) 20.81 2.30 77.12
Foreign currency sensitivity

The following tables demonstrate the sensitivity to a reasonably possible change in USD, EUR and GBP exchange rates,
with all other variables held constant. The impact on the Company’s profit before tax is due to changes in the fair value of
monetary assets and liabilities. The impact on the Company’s pre-tax equity is due to changes in the fair value of forward
exchange contracts designated as cash flow hedges. The Company’s exposure to foreign currency changes for all other
currencies is not material. With all the other variable held constant, the Company’s profit before tax is affected through the
impact on change of foreign currency rate as follows-
(` in crores)
Effect on profit Effect on profit Effect on profit
Change in USD Change in Change in
before tax / before tax / before tax /
rate Euro rate GBP rate
pre-tax equity pre-tax equity pre-tax equity
31 March 2021 +5% 1.21/2.28 +5% 3.94/16.08 +5% (3.12)/16.28
-5% (1.21)/(2.28) -5% (3.94)/(16.08) -5% 3.12/(16.28)
31 March 2020 +5% 0.73/1.85 +5% 2.35/23.57 +5% (3.24)/(1.65)

-5% (0.73)/(1.85) -5% (2.35)/(23.57) -5% 3.24/1.65

Financial
Statements
Notes
Commodity price risk

The Company is affected by the price volatility of certain commodities. Its operating activities require the ongoing purchase
and manufacture of copper cables and therefore require a continuous supply of copper. To meet requirements the company
enters into contracts to purchase copper. The prices in these purchase contracts are linked to the price on London
Metal Exchange.
The Company has a risk management strategy to mitigate commodity price risk.
Based on a 1 month forecast of the required copper supply, the Company hedges the purchase price using future
commodity purchase contracts. The forecast is deemed to be highly probable.
Commodity price sensitivity

As per the Company’s policy for commodity price hedging, all the commodity price exposures as on reporting dates are fully
hedged. Thus, there are no open unhedged exposures on the reporting dates.
Price risk
The Company’s non-listed equity securities are susceptible to market price risk arising from uncertainties about future
values of the investment securities. The Company manages the equity price risk through diversification and by placing
limits on individual and total equity instruments. Reports on the equity portfolio are submitted to the Company’s senior
management on a regular basis. The Company’s Board of Directors review and approve all equity investment decisions.
At the reporting date, the exposure to unlisted equity securities (other than investments in subsidiaries) at fair value was
` 34.87 crores (31 March 2020: ` 27.87 crores).
The Company also invests into highly liquid mutual funds which are subject to price risk changes. These investments are
generally for short duration and therefore impact of price changes is generally not significant. Investment in these funds are
made as a part of treasury management activities.”
(b) Credit risk

Credit risk is the risk that a counterparty will not meet its obligations under a contract, leading to a financial loss. The
Company is exposed to credit risk from its operating activities (primarily trade receivables) and from its investing activities,
including deposits with banks, foreign exchange transactions and other financial instruments.
Trade receivables and Contract assets

Customer credit risk is managed by each business unit subject to the Company’s established policy, procedures and control
relating to customer credit risk management. Credit quality of a customer is assessed taking into account its financial
position, past experience and other factors, eg. credit rating and individual credit limits are defined in accordance with credit
assessment. Outstanding customer receivables are regularly monitored and any shipments to major customers are generally
covered by letters of credit or other forms of credit assurance.
An impairment analysis is performed at each reporting date on an individual basis for major customers. In addition, a
large number of minor receivables are grouped into homogenous groups and assessed for impairment collectively. The
assessment is based on historical information of defaults. The maximum exposure to credit risk at the reporting date is the
carrying value of each class of financial assets. The Company does not hold collateral as security. The Company evaluates
the concentration of risk with respect to trade receivables as low, as its customers are located in several jurisdictions and
operate in largely independent markets. During the period, the company made write-offs of ` 0.92 crores (31 March 2020:
` 5.05 crores) trade receivables and it does not expect to receive future cash flows or recoveries from collection of cash
flows previously written off.
The contract assets have substantially the same risk characteristics as trade receivables for same type of contract etc.
Therefore management has concluded that the expected loss for trade receivables are at reasonable approximation for loss
rates for contract assets.

Notes
The Company’s customer profile for customer contracts and software services include public sector enterprises, state
owned companies and private corporates. Accordingly, the Company’s customer credit risk is low. The Company’s average
network integration project execution cycle ranges from 12 to 36 months based on the nature of contract and scope of
services to be provided. General payment terms include mobilisation advance, progress payments with a credit period
ranging from 45 to 90 days and certain retention money to be released at the end of the project. In some cases retentions
are substituted with bank/corporate guarantees.
The company provides for expected credit loss based on life-time expected credit losses (simplified approach).
Details of Expected credit loss for trade receivables and contract assets is as follows:
31 March 2021 31 March 2020
Particulars less than more than less than more than
Total Total
365 days 365 days 365 days 365 days
Gross carrying amount 2,410.50 325.91 2,736.41 1,929.39 264.23 2,193.62
Expected credit loss rate 0.28% 13.00% 0.29% 15.00%
Expected credit loss provision 6.76 42.37 49.13 5.68 39.63 45.31
Carrying amount of trade receivable 2,403.74 283.54 2,687.28 1,923.71 224.60 2,148.31
(net of provision)
Financial assets and cash deposits

Credit risk from balances with banks and financial institutions is managed by the Company’s treasury department in
accordance with the Company’s policy. Investments of surplus funds are made only with approved counterparties and within
credit limits assigned to each counterparty. Counterparty credit limits are reviewed by the Company on an annual basis, and
may be updated throughout the year. The limits are set to minimise the concentration of risks and therefore mitigate financial
loss through counterparty’s potential failure to make payments.
Other financial assets that are potentially subject to credit risk consists of inter corporate loans. The company assesses
the recoverability from these financial assets on regular basis. Factors such as business and financial performance of
counterparty, their ability to repay, regulatory changes and overall economic conditions are considered to assess future
recoverability. The company charges interest on such loans at arms length rate considering counterparty’s credit rating.
Based on the assessment performed, the company considers all the outstanding balances of such financial assets to be
recoverable as on balance sheet date and appropriate provision for impairment is considered in financial statement.
The Company’s maximum exposure to credit risk for the components of the balance sheet at 31 March 2021 and 31 March
2020 is the carrying amounts of each class of financial assets.
(c) Liquidity risk

Liquidity risk is the risk that the Company may encounter difficulty in meeting its present and future obligations associated
with financial liabilities that are required to be settled by delivering cash or another financial asset. The Company’s objective
is to, at all times, maintain optimum levels of liquidity to meet its cash and collateral obligations. The Company requires funds
both for short term operational needs as well as for long term investment programs mainly in growth projects. The Company
closely monitors its liquidity position and deploys a robust cash management system. It aims to minimise these risks by
generating sufficient cash flows from its current operations, which in addition to the available cash and cash equivalents,
liquid investments and sufficient committed fund facilities which will provide liquidity.

Financial
Statements
Notes
The liquidity risk is managed on the basis of expected maturity dates of the financial liabilities. The average credit period
taken to settle trade payables is about 60 - 90 days. The other payables are with short term durations. The carrying
amounts are assumed to be reasonable approximation of fair value. The table below summarises the maturity profile of the
Company’s financial liabilities based on contractual undiscounted payments:
(` in crores)
Payable on Less than 3 months to 1 year to
Particulars Total
demand 3 months 12 months 5 years
As at March 31, 2021
Borrowings 6.66 1,263.21 139.90 753.16 2,162.93
Other financial liabilities 5.20 3.98 52.38 9.52 71.08
Trade payables 250.58 769.56 849.52 - 1,869.66
Payables for purchase of Property, plant and equipments - 140.33 287.55 0.56 428.44
Derivative instruments - - 13.86 - 13.86
262.44 2,177.07 1,343.21 763.24 4,545.97
Borrowings 7.64 1,097.26 247.27 519.83 1,872.00
Other financial liabilities 4.89 10.97 102.56 3.49 121.91
Trade payables 279.54 452.33 634.60 - 1,366.47
Payables for purchase of Property, plant and equipments - 207.04 298.53 0.62 506.18
Derivative instruments - - 9.73 3.21 12.94
292.07 1,767.59 1,292.68 527.15 3,879.50
Cash flow hedges

Foreign exchange forward contracts are designated as hedging instruments in cash flow hedges of highly probable
forecast transactions/firm commitments for sales and purchases in USD, EUR and GBP. The foreign exchange forward
contract balances vary with the level of expected foreign currency sales and purchases and changes in foreign
exchange forward rates.
The terms of the foreign currency forward contracts match the terms of the expected highly probable forecast
transactions. As a result, no hedge ineffectiveness arose requiring recognition through profit or loss as on 31 March 2021
and 31 March 2020.
The cash flow hedges for such derivative contracts as at 31 March 2021 were assessed to be highly effective and a net
unrealised gain of ` 21.04 crores, with a deferred tax liability of ` 5.30 crores relating to the hedging instruments, is included
in OCI. Comparatively, the cash flow hedges as at 31 March 2020 were assessed to be highly effective and an unrealised
gain of ` 18.83 crores, with a deferred tax liability of ` 4.75 crores was included in OCI in respect of these contracts. The
amounts retained in OCI at 31 March 2021 are expected to mature and affect the statement of profit and loss during the year
ended 31 March 2022.
At 31 March 2021, the Company has currency/interest rate swap agreements in place with a notional amount of USD 1 crore
(` 73.11 crores) (31 March 2020: USD 1.5 crores) whereby the Company receives a variable rate of interest of Libor + 2.70%
and pays interest at a fixed rate equal to 10.0425% on the notional amount with USD-INR rate fixed at ` 66.3850 per USD.
The swaps are being used to hedge the exposure to changes in the foreign exchange rates and interest rates.
unrealised loss of ` 3.51 crores, with a deferred tax asset of ` 0.88 crore relating to the hedging instruments, is included

Notes
Impact of hedging activities

(a) Disclosure of effects of hedge accounting on financial position:
31 March 2021
(` in crores)
Change in the value
Carrying Changes in
of hedged item
Nominal Amount of Hedge Weighted average fair value
Types of hedge and risks Maturity date used as the basis for
Value Hedging ratio* Strike Price/Rate of hedging
recognising hedge
Instruments instrument
effectiveness
Assets /
(Liabilities)
Cash flow hedge
Foreign exchange risk
(i) Foreign exchange forward 904.50 23.12 April 2021- 1:1 AED:INR - 21.26 0.45 (0.45)
contracts - Assets February 2024 AUD:INR - 56.77
EUR:INR - 93.94
GBP:INR - 108.43
USD:INR - 74.14
(ii) Foreign exchange forward 149.13 (2.08) April 2021- 1:1 AUD:INR - 54.52 1.75 (1.75)
contracts - Liabilities February 2024 EUR:INR - 89.64
GBP:INR - 102.38
USD:INR - 74.36
(iii) Foreign Currency Loan (148.67) 5.82 3- January - 2023 1:1 USD:INR 66.39 (5.54) 5.54
Interest rate risk
Interest rate swap (73.11) (0.69) 3- January - 2023 1:1 N/A 1.86 (1.86)
31 March 2020
(` in crores)
Change in the value
Carrying Changes in
of hedged item
recognising hedge
effectiveness
Assets /
(Liabilities)
Cash flow hedge
(i) Foreign exchange forward 342.60 22.67 April 2020 - 1:1 AED:INR - 20.29 (58.30) 58.30
contracts - Assets December 2023 AUD:INR - 46.65
EUR:INR - 90.25
GBP:INR - 97.19
USD:INR - 73.84
(ii) Foreign exchange forward 193.46 (3.83) April 2020- 1:1 EUR:INR - 88.19 (3.18) 3.18
contracts - Liabilities January 2022 GBP:INR - 94.13
USD:INR - 73.25
CNH:INR -10.73
(iii) Foreign Currency Loan (182.89) 11.36 03 January 2023 1:1 USD:INR 66.39 11.18 (11.18)
Interest rate risk
Interest rate swap (297.77) (2.55) 03 January 2023 1:1 N/A (1.51) 1.51
*The foreign exchange forward contracts are denominated in the same currency as the highly probable future sales therefore the hedge ratio is 1:1.
The notional amount of interest rate swap is equal to the portion of variable rate loans that is being hedged and therefore
the hedge ratio for interest rate swaps is also 1:1.
The entire amount of foreign currency loan (USD) is designated as cash flow hedge and hence the hedge ratio is 1:1.

Financial
Statements
Notes
(b) Disclosure of effects of hedge accounting on financial performance
31 March 2021
(` in crores)
Change in the Value Hedge
Amount reclassified Line item affected in statement
of hedging instrument ineffectiveness
Type of hedge from cash flow hedging of profit and loss because of
recognised in other recognised in
reserve to profit or loss the reclassification
comprehensive income profit or loss
Cash flow hedge
Foreign exchange risk (3.34) - (3.07) Revenue and COGS
Interest Risk 1.86 - - N/A
31 March 2020
(` in crores)
Cash flow hedge
Interest Risk (1.51) - - N/A
The Company’s hedging policy requires for effective hedge relationships to be established. Hedge effectiveness is
determined at the inception of the hedge relationship and through periodic prospective effectiveness assessments to
ensure that an economic relationship exists between the hedged item and hedging instrument. The company enters into
hedge relationships where the critical terms of the hedging instrument match exactly with the terms of the hedged item, and
so a qualitative assessment of effectiveness is performed. If changes in circumstances affect the terms of the hedged item
such that the critical terms no longer match exactly with the critical terms of the hedging instrument, the company uses the
hypothetical derivative method to assess effectiveness.
Ineffectiveness is recognised on a cash flow hedge where the cumulative change in the designated component value of the
hedging instrument exceeds on an absolute basis the change in value of the hedged item attributable to the hedged risk. In
hedges of foreign currency forecast sale may arise if:
- the critical terms of the hedging instrument and the hedged item differ (i.e. nominal amounts, timing of the forecast
transaction, interest resets changes from what was originally estimated), or
- differences arise between the credit risk inherent within the hedged item and the hedging instrument.
Refer note 18 for the details related to movement in cash flow hedging reserve.

Notes
Note 48: Capital Management

For the purpose of the Company’s capital management, capital includes issued equity capital and all other equity reserves
attributable to the shareholders of the Company. The primary objective of the Company’s capital management is to ensure
that it maintains a strong credit rating, healthy capital ratios in order to support its business and maximise shareholder
valuea and optimal capital structure to reduce cost of capital.
The Company manages its capital structure and makes adjustments to it in light of changes in economic conditions and the
requirements of the financial covenants. To maintain or adjust the capital structure, the Company may adjust the dividend
payment to shareholders, return capital to shareholders or issue new shares. The Company monitors capital using a gearing ratio,
which is net debt divided by total capital plus net debt. The Company’s policy is to keep the gearing ratio optimum. The Company
includes within net debt interest bearing loans and borrowings less cash and cash equivalents excluding discontinued operations.
The recent investments by the Company in new businesses, increasing the capacity of existing businesses and increase
in working capital due to certain projects has lead to increase in capital requirement. The Company expects to realise the
benefits of these investments in near future.
As at As at
Particulars March 31, 2021 March 31, 2020
Interest Bearing Loans and borrowings 2,162.93 1,872.00
Less: Cash and Cash equivalents & current investment* (306.14) (395.53)
Net debt 1,856.79 1,476.47
Equity share capital 79.33 80.79
Other equity 1,747.03 1,728.78
Total capital 1,826.36 1,809.57
Capital and net debt 3,683.15 3,286.04
Gearing ratio 50.41% 44.93%
*includes other bank balance of ` 50.00 crores (31 March 2020: ` 86.00 crores) with respect to fixed deposit. These fixed deposits can be encashed by the
Company at any time without any major penalties.
In order to achieve this overall objective, the Company’s capital management, amongst other things, aims to ensure that it
meets financial covenants attached to the interest-bearing loans and borrowings that define capital structure requirements.
Breaches in meeting the financial covenants would permit the bank to immediately call loans and borrowings. There have
been no breaches in the financial covenants of any interest-bearing loans and borrowing in the current year.
No changes were made in the objectives, policies or processes for managing capital during the years ended 31 March 2021
and 31 March 2020.
Dividend Distribution Made And Proposed

As a part of Company’s capital management policy, dividend distribution is also considered as key element and
management ensures that dividend distribution is in accordance with defined policy. Below mentioned are details of
dividend distributed and proposed during the year.
31 March 2021 31 March 2020
Particulars
Cash dividends on equity shares declared and paid:
Final dividend for the year ended on 31 March 2020: ` 3.5 per share (31 March 2019: ` 3.5 per share) 138.28 141.09
Dividend Distribution Tax on final dividend - 29.00
138.28 170.09
Proposed dividends on Equity shares:
Final dividend for the year ended on 31 March 2021: ` 2 per share (31 March 2020: ` 3.5 per share) 79.31 141.35
Dividend Distribution Tax on proposed dividend - -
79.31 141.35
The Finance Act 2020 has repealed the dividend distribution tax. Companies are now required to pay / distribute dividends
after deducting applicable taxes. The remittance of dividends outside India is governed by Indian law on foreign exchange
and is also subject to withholding tax at applicable rate.
During the year ended 31 March 2020, the Company has paid dividend to its shareholders. This has resulted in payment of
Dividend Distribution Tax (DDT) to the taxation authorities. The Company believes that DDT represents additional payment
to taxation authority on behalf of the shareholders. Hence DDT paid is charged to equity.

Financial
Statements
Notes
Note 49: Fair Values

a) Financial Instruments by Category
Set out below, is a comparison by class of the carrying amounts and fair value of the Company’s financial instruments, other
than those with carrying amounts that are reasonable approximations of fair values as of 31 March 2021:
31 March 2021 31 March 2020

FVPL FVOCI Amortised Cost FVPL FVOCI Amortised Cost
Financial assets
Investments
Equity instruments 8.53 - - 1.53 - -
Debentures 22.60 - - 22.60 - -
Preference shares 3.74 - - 3.74 - -
Mutual funds 180.00 - - 233.00 - -
Trade receivables - - 1,376.11 - - 1,413.16
Loans - - 226.58 - - 97.83
Cash and cash equivalents - - 131.31 - - 170.45
Derivative financial assets 5.23 28.25 - 36.06 22.68 -
Other financials assets - - 20.15 - - 15.00
Total financial assets 220.10 28.25 1,754.15 296.93 22.68 1,696.44
Borrowings - - 2,162.93 - - 1,872.00
Derivative financial liabilities 11.09 2.77 - 8.17 4.77 -
Trade Payables - - 1,869.66 - - 1,366.47
Payables for purchase of Property, plant - - 428.44 - - 506.18
and equipment
Deposits from vendors - - 6.32 - - 3.93
Other Financial Liabilities - - 64.76 - - 117.98
Total financial liabilities 11.09 2.77 4,532.11 8.17 4.77 3,866.56
b) Fair value hierarchy

This section explains the judgements and estimates made in determining the fair values of the financial instruments that are
recognised and measured at fair value. To provide an indication about the reliability of the inputs used in determining fair
value, the Company has classified its financial instruments into the three levels prescribed under the accounting standard.
An explanation of each level follows underneath the table.
Fair value measurement using
Significant Significant
Quoted prices in
observable unobservable
Amount active markets
inputs inputs
(Level 1)
(Level 2) (Level 3)
Financial assets and liabilities measured at fair value - recurring fair
value measurements
Investments in Equity Shares of joint venture
As at 31 March 2021 8.53 - - 8.53
As at 31 March 2020 1.53 - - 1.53
Investments in Debentures
As at 31 March 2021 22.60 - - 22.60
As at 31 March 2020 22.60 - - 22.60
Investments in Preference shares
As at 31 March 2021 3.74 - - 3.74
As at 31 March 2020 3.74 - - 3.74
Investments in Mutual Funds
As at 31 March 2021 180.00 180.00 - -
As at 31 March 2020 233.00 233.00 - -
Derivative financial assets - Foreign Exchange Forward Contracts
As at 31 March 2021 5.23 - 5.23 -
As at 31 March 2020 36.06 - 36.06 -

Notes

Quoted prices in
inputs inputs
(Level 1)
(Level 2) (Level 3)
Derivative financial assets - Currency/Interest Rate Swaps
As at 31 March 2021 28.25 - 28.25 -
As at 31 March 2020 22.68 - 22.68 -
Derivative financial Liabilities - Foreign Exchange Forward Contracts
As at 31 March 2021 11.09 - 11.09 -
As at 31 March 2020 8.17 - 8.17 -
Derivative financial Liabilities - Currency/Interest Rate Swaps
As at 31 March 2021 2.77 - 2.77 -
As at 31 March 2020 4.77 - 4.77 -
Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices.
Level 2: The fair value of financial instruments that are not traded in an active market is determined using valuation
techniques which maximise the use of observable market data and rely as little as possible on entity-specific estimates. If all
significant inputs required to fair value an instrument are observable, the instrument is included in level 2.
Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3.
There have been no transfers among Level 1, Level 2 and Level 3.
c) Valuation technique used to determine fair value

The fair value of the financial assets and liabilities is included at the amount at which the instrument could be exchanged
in a current transaction between willing parties, other than in a forced or liquidation sale. The following methods and
assumptions were used to estimate the fair values:
The fair values of the quoted mutual funds are based on quoted price at the reporting date.
The fair values of the unquoted equity shares and debentures have been estimated using a DCF model. The valuation
requires management to make certain assumptions about the model inputs, including forecast of cash flows, discount rate,
credit risk and volatility. The probabilities of the various estimates within the range can be reasonably assessed and are
used in management’s estimate of fair value for these unquoted equity investments.
The Company enters into derivative financial instruments with financial institutions with investment grade credit ratings.
Foreign exchange forward contracts, interest rate swaps are valued using valuation techniques, which employs the use of
market observable inputs. The most frequently applied valuation techniques include forward pricing model, using present
value calculations. The models incorporate various inputs including the credit quality counterparties, foreign exchange spot
and forward rates, yield curves of the respective currencies, currency basis spread between the respective currencies,
interest rate curves etc. The changes in counterparty credit risk had no material effect on the hedge effectiveness
assessment for derivatives designated in hedge relationships and other financial instruments recognised at fair value.
d) Fair value measurements using significant unobservable inputs (level 3)

The following table presents the changes in level 3 items for the periods ended 31 March 2021 and 31 March 2020:
` in crores
Investments in
Investments in Investments in
Particulars Equity Shares
Debentures Preference share
of JV
As at 31 March 2020 1.53 22.60 3.74
Acquisitions - - -
Changes in Fair value 7.00 - -
As at 31 March 2021 8.53 22.60 3.74

Financial
Statements
Notes
e) Valuation inputs and relationships to fair value

The following table summarises the quantitative information about the significant unobservable inputs used in level 3 fair
value measurements.
Significant
Valuation
Particulars unobservable Range Sensitivity of the input to fair value
technique
inputs
FVTPL assets in unquoted equity DCF method Terminal 31 March 2021: 5.0%1% (31 March 2020: 1%) increase/ (decrease) in
shares, preference shares and Growth Rate 31 March 2020: 2.5%the terminal growth rate would result in increase /
debentures (decrease) in fair value by ` 3.23/ (2.85) crores (31
March 2020: ` 2.87/ (2.35) crores)
WACC (pre-tax) 31 March 2021: 21.50% 1% (31 March 2020: 1%) increase/ (decrease) in
31 March 2020: 12.50% the WACC would result in decrease/(increase)
in fair value by ` 4.49/ (5.14) crores (31 March
2020: ` 3.27/ (4.01))
Long-term 31 March 2021: (113.6)% 1% (31 March 2020: 1%) increase/ (decrease) in
operating - 32.6% the margin would result in increase/(decrease)
margin in fair value by ` 2.62/ (2.62) crores (31 March
31 March 2020:
2020: ` 1.44/ (1.44))
(4.0)% - 25.2%
*There were no significant inter-relationships between unobservable inputs that materially affect fair values.
f) Valuation processes
The finance department of the company includes a team that oversees the valuations of financial assets and liabilities
required for financial reporting purposes, including level 3 fair values.
External valuers are involved for valuation of significant assets, such as unquoted financials assets. Involvement of external
valuers is decided by the valuation team. Selection criteria includes market knowledge, reputation, independence and
whether professional standards are maintained. The Valuation team decides, after discussions with the company’s external
valuers, which valuation techniques and inputs to use for each case.
The main level 3 inputs for used by the company are derived and evaluated as follows:
Discount rates are determined using a capital asset pricing model or based on weighted average cost of capital of
counterparty, to calculate a post-tax rate that reflects current market assessments of the time value of money and the risk
specific to the asset.
Risk adjustments specific to the counterparties (including assumptions about credit default rates) are derived from risk
assessment (based on review of financial condition, economic factors) by management.
Earnings growth factor for unlisted equity securities are estimated based on market information for similar
types of companies.
Changes in level 3 fair values are analysed at the end of each reporting period during the valuation discussion between the
valuation team and external valuer. As part of this discussion the team presents a report that explains the reason for the fair
value movements.
The significant unobservable inputs used in the fair value measurement categorised within Level 3 of the fair value hierarchy
together with a quantitative sensitivity analysis as at 31 March 2021 and 31 March 2020 are as shown above.

Notes
g) Financial assets and liabilities measured at amortised cost

31 March 2021
Particulars
Carrying value Fair value
Debentures @ 8.25% 290.00 290.22
Debentures @ 7.30% 150.00 150.00
Debentures @ 8.70% 150.00 150.12
The fair values of non-current borrowings are based on discounted cash flows using a current borrowing rate. They are
classified as level 2 fair values in the fair value hierarchy due to the use of unobservable inputs, including own credit risk.
The management assessed that cash and cash equivalents, trade receivables, trade payables, other current assets and
liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments. The management
has further assessed that borrowings availed and loans given approximate their carrying amounts largely due to the interest
rates being variable or in case of fixed rate borrowings/loans, movements in interest rates from the recognition of such
financial instrument till period end not being material.
NOTE 50: RELATED PARTY TRANSACTIONS

(A) Name of related party and nature of its relationship:
(a) Related parties where control exists
(i) Holding company
Twin Star Overseas Limited, Mauritius (Immediate holding company)
Volcan Investments Limited, Bahamas (Ultimate holding company)
(ii)
Subsidiaries
Jiangsu Sterlite Tongguang Fiber Co. Ltd.
Sterlite Global Ventures (Mauritius) Limited
Maharashtra Transmission Communication Infrastructure Limited
Sterlite Technologies UK Ventures Limited
Speedon Network Limited
Sterlite Telesystems Limited
Elitecore Technologies (Mauritius) Limited
Elitecore Technologies SDN BHD. (Malaysia)
Sterlite (Shanghai) Trading Company Limited
Sterlite Tech Holding Inc.
Sterlite Tech Holdings (UK) Limited (liquidated with effect from September 22, 2020)
Sterlite Technologies Inc.
Sterlite Technologies S.p.A
Metallurgica Bresciana S.p.A
Sterlite Innovative Solutions Limited
STL Digital Limited (earlier “Sterlite Tech Connectivity Solutions Limited”)
Sterlite Tech Cables Solutions Limited
Impact Data Solutions Limited
Impact Data Soultions B.V.
Vulcan Data Centre Solutions Limited
PT Sterlite Technologies Indonesia
Sterlite Technologies Pty. Ltd
Sterlite Technologies DMCC
STL Optical Interconnect S.p.A.
Optotec S.p.A.
Optotec International S.A.
STL Edge Networks Inc.
STL Networks Limited

Financial
Statements
Notes
(b) Other related parties under IND AS-24 “Related party disclosures” with whom transactions have taken place
during the year
(i) Fellow Subsidiaries
Cairn India Holdings Ltd
Sterlite Power Transmission Limited
Twin Star Technologies Limited
Twin Star Display Technologies Limited
Vedanta Limited
Fujairah Gold FZE
(ii)
Joint ventures
Sterlite Conduspar Industrial Ltda (58:42 joint venture between Sterlite Technologies UK Ventures Limited
and Conduspar Condutores Eletricos Limiteda)
Metis Eduventures Private Limited
(iii) Key management personnel (KMP)

Mr. Pravin Agarwal (Vice Chairman & Whole-time Director)
Dr. Anand Agarwal (CEO & Whole-time Director)
Mr. A. R. Narayanaswamy (Non executive & Independent Director)
Mr. Arun Todarwal (Non executive & Independent Director)
Mr. Sandip Das (Non executive & Independent Director)
Ms. Kumud Srinivasan (Non executive & Independent Director)
Mr. Pratik Agarwal (Non executive Director till January 20, 2021)
Mr. B. J Arun (Non executive & Independent Director w.e.f. January 20. 2021)
Mr. S Madhavan (Non executive & Independent Director w.e.f. January 20. 2021)
Mr. Ankit Agarwal (Whole-time Director w.e.f. January 20, 2021)
(iv) Relative of key management personnel (KMP)

Mr. Ankit Agarwal (till January 20, 2021)
Mrs. Jyoti Agarwal
Mrs. Ruchira Agarwal
Mrs. Sonakshi Agarwal
Mr. Navin Agarwal
(v) Entities where key management personnel or relatives of key management personnel have significant
influence (EKMP)
Universal Floritech LLP (EKMP)
Sterlite Tech Foundation (EKMP)
Pravin Agarwal Family Trust (EKMP)
(c) Additional related parties as per Companies Act, 2013 with whom transactions have taken place during the
year
(i) Key management personnel (KMP)
Mr. Anupam Jindal (Chief Financial Officer till September 11, 2020)
Mr. Mihir Modi (Chief Financial Officer from October 05, 2020)
Mr. Amit Deshpande (Company Secretary)

(B) The transactions with related parties during the year and their outstanding balances are as follows:-
212
Fellow Subsidiaries/
Subsidiaries Joint Ventures Holding Company KMP Relatives of KMP
S. EKMP
Particulars
No. 31 March 31 March 31 March 31 March 31 March 31 March 31 March 31 March 31 March 31 March 31 March 31 March
Notes
2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020
1 Remuneration - - - - - - 24.79 29.70 2.47 3.84 - -
2 Sitting Fees - - - - - - 0.51 0.42 - - - -
3 Commission - - - - - - 1.13 1.13 - - - -
4 Consultancy - - - - - - 0.55 0.55 - - - -
5 Dividend (received)/paid - - - - 73.29 73.29 0.93 0.94 0.42 0.41 1.67 1.67

6 Investment during the year 37.86 119.77 - 5.01 - - - - - - - -
7 Sale of investments - 0.82 - - - - - - - - - -
8 Loans and advances given 160.13 28.72 - - - - - - - - 0.85 0.30
9 Repayment of loans 14.37 31.59 - - - - - - - - - 29.14
10 Loan taken - - - - - - - - - - - 4.05
11 Loan repaid - - - - - - - - - - 0.08 5.59
12 Interest charged on loans 4.77 2.97 - - - - - - - - 0.84 -
13 Interest expense on loans - - - - - - - - - - - 0.57
14 Management fees received - 2.18 - - - - - - - - 11.08 10.74
15 Reimbursement of expenses 10.31 9.70 - - - - - - - - 1.62 3.10
16 Corporate guarantee & SBLC commission 2.12 1.94 - - - - - - - - - -
charged
17 Purchase of fixed assets - - - - - - - - - - - 0.42
18 Sale of Fixed assets 31.16 - - - - - - - - - - -
19 Purchase of goods & services 103.98 130.42 - - - - - - - - 142.53 2.51
20 Sale of goods & services 327.79 232.04 5.19 2.14 - - - - - - 16.22 9.65
21 Contributions made for CSR - - - - - - - - - - 11.60 8.10
22 Rental income - - - - - - - - - - 0.06 0.06
Outstanding Balances
1 Loans/advance receivables## 204.10 59.25 - - - - - - - - 11.95 11.11
2 Loans/advance payables - - - - - - - - - - 6.66 7.31

3 Interest payable on loans - - - - - - - - - - 1.27 0.70
4 Trade receivables 220.31 53.75 8.21 7.97 - - - - - - 13.29 3.50
5 Other receivables 8.15 5.22 - - - - - - - - - -
6 Trade payables 24.97 18.18 - - - - - - - - - 0.20
7 Advance to vendors - - - - - - - - - - 0.79 -
8 Investment in equity shares,preference 288.84 261.23 34.87 27.87 - - - - - - - -
shares & debentures
9 Investments classified as assets held for sale 31.52 28.27 - - - - - - - - - -
10 Corporate and bank guarantees given and 5.78 7.60 - - - - - - - - 114.00$ 114.00$
outstanding
Financial
Statements
Notes
(C) Disclosure in respect of material related party transaction during the year:
S. No.Particulars Relationship 31 March 2021 31 March 2020
1 Remuneration
Mr. Pravin Agarwal KMP 9.96 14.86
Dr. Anand Agarwal KMP 10.95 10.76
Mr. Ankit Agarwal KMP 0.58 -
Mr. Ankit Agarwal Relatives of KMP 2.47 3.84
Mr. Anupam Jindal KMP 1.73 3.44
2 Sitting Fees
Mr. Arun Todarwal KMP 0.14 0.13
Mr. A. R. Narayanaswamy KMP 0.11 0.09
Mr. Sandip Das KMP 0.12 0.11
Ms. Kumud Srinivasan KMP 0.10 0.08
3 Commission
Mr. Pratik Agarwal KMP 0.23 0.23
4 Consultancy
5 Dividend (received)/paid
Twin Star Overseas Limited Holding Company 73.29 73.29
6 Investment during the year
Sterlite Global Ventures (Mauritius) Limited Subsidiary 31.43 119.72
Metis Eduventures Private Limited Joint Venture - 5.01
7 Sale of investments
Elitecore Technologies (Mauritius) Limited Subsidiary - 0.82
8 Loans and advances given
Speedon Network Limited Subsidiary 3.04 1.95
Sterlite Tech Holding Inc. Subsidiary 24.35 21.46
Sterlite Tech Cables Solutions Limited Subsidiary 61.80 4.20
Twinstar Display Technologies Limited. Fellow Subsidiary 0.03 0.21
STL Optical Interconnect S.p.A. Subsidiary 59.70 -
9 Repayment of loans
Maharashtra Transmission Communication Infrastructure Limited Subsidiary 3.25 -
Sterlite Tech Holding Inc. Subsidiary 9.82 21.86
Twinstar Display Technologies Limited Fellow Subsidiary - 29.07
10 Loan taken
Sterlite Power Transmission Limited Fellow Subsidiary - 4.05
11 Loan repaid
Sterlite Power Transmission Limited Fellow Subsidiary 0.08 5.59
12 Interest charged on loans
Sterlite Technologies UK Ventures Limited Subsidiary 0.22 0.33
Sterlite Tech Holding Inc. USA Subsidiary 0.44 0.64
Sterlite Tech Cables Solutions Limited Subsidiary 1.01 0.00
Twin Star Technologies Limited Fellow Subsidiary 0.81 -
13 Interest expense on loans
Sterlte Power Transmission Limited Fellow Subsidiary - 0.57

Notes
S. No.Particulars Relationship 31 March 2021 31 March 2020

14 Management fees received
Cairn India Holdings Ltd Fellow Subsidiary 11.08 10.74
Sterlite Technologies Inc. Subsidiary - 2.18
15 Reimbursement of expenses
Elitecore Technologies sdn. bhd. Subsidiary 1.51 -
16 Corporate guarantee & SBLC commission charged
Sterlite Technologies S.p.A Subsidiary - 1.81
Metallurgica Bresciana S.p.A Subsidiary 2.12 0.13
17 Purchase of fixed assets
18 Sale of Fixed assets
Sterlite Tech Cables Solutions Limited Subsidiary 31.16 -
19 Purchase of goods & services
Jiangsu Sterlite and Tongguang Fiber Co. Limited Subsidiary 79.23 112.70
Fujairah Gold FZE Fellow Subsidiary - 2.18
Vedanta Limited Fellow Subsidiary 142.50 0.01
20 Sale of goods & services
Metallurgica Bresciana S.p.A Subsidiary 159.51 135.68
Sterlite Technologies Inc. Subsidiary 100.41 3.23
Jiangsu Sterlite and Tongguang Fiber Co. Limited Subsidiary 60.48 91.39
Sterlite Conduspar Industrial Ltda Joint Venture 5.19 2.14
21 Contributions made for CSR
Sterlite Tech Foundation EKMP 11.60 8.10
22 Rental income
Universal Floritech LLP EKMP 0.06 0.06
(D) Compensation of Key Management Personnel of the Company

31 March 2021 31 March 2020
Particulars
Short term employee benefits 22.69 28.37

Long term & Post employment benefits 1.43 1.45
Share based payment transaction* 3.14 3.72
Total compensation paid to key management personnel 27.26 33.55
##
Includes interest & expenses incurred and recoverable.
$
Refer note 39 for details
*Share-based payments include the perquisite value of stock incentives exercised during the year,determined in accordance with the provisions of the
Income-tax Act,1961.
**The amount is gross of the expenses incurred towards provision of these services.

Financial
Statements
Notes
Note 51: Changes in Accounting Policies

This note explains the impact of the adoption of Ind AS 116 Leases on the company’s financial statements.
During the year ended March 31, 2020, the company had adopted Ind AS 116 retrospectively from 01 April 2019, but
had not restated comparatives for the year March 31, 2019, as permitted under the specific transitional provisions in the
standard. The reclassifications and the adjustments arising from the new leasing rules were therefore recognised in the
opening balance sheet on 01 April 2019. The new accounting policies were disclosed in note 2.
01 April 2019
Particulars
(` in crores)
Balances in retained earnings 1,225.07
Less: Adjustment on account of leases as per IND AS 116 (net of tax of ` 4.19 crore) (12.48)
Balances in retained earnings after adjustment 1,212.59
Adjustments recognised on adoption of Ind AS 116

On adoption of Ind AS 116, the company recognised lease liabilities in relation to leases which had previously been
classified as ‘operating leases’ under the principles of Ind AS 17 Leases. These liabilities were measured at the present
value of the remaining lease payments, discounted using the lessee’s incremental borrowing rate as of 01 April 2019. The
Lessee’s incremental weighted average borrowing rate applied to the lease liabilities on April 01, 2019 was 10%.
(i) Measurement of lease liabilities:

Amount
Particulars
(` in crores)
Operating lease commitments disclosed as at 31 March 2019 4.35
Discounted using the lessee’s incremental borrowing rate at the date of initial application 2.52
Add: adjustments as a result of a different treatment of extension and termination options 103.79
Lease liability recognised as at 1 April 2019 110.66
(ii) Measurement of right of use assets:

The associated right-of-use assets for leases were measured on a retrospective basis as if the new rules had
always been applied.
Amount
Particulars
(` in crores)
Land 34.04
Building 44.81
Plant and machinery 49.18
Right of use assets recognised as at 1 April 2019 128.03
(iii) Adjustments recognised in the balance sheet as on 1 April 2019:

` in crores
01 April 2019
01 April 2019
(without Increase/
Balance Sheet (Extract) (with adoption of
adoption of Ind (Decrease)
Ind AS 116)
AS 116)
Non-current assets
Property, Plant and Equipments (Refer note 4) 1,716.29 128.03 1,844.32
Equity
Other Equity 1,507.70 (12.48) 1,495.22
Lease liabilities - 96.59 96.59
Deferred tax liabilities (Refer note 24A) - (4.19) (4.19)
Current liabilities
Lease liabilities - 14.07 14.07

Notes
Practical expedients applied

In applying Ind AS 116 for the first time, the company has used the following practical expedients permitted by the standard:
- the use of a single discount rate to a portfolio of leases with reasonably similar characteristics
- the accounting for operating leases with a remaining lease term of less than 12 months as at 1 April 2019 as
short-term leases
- the exclusion of initial direct costs for the measurement of the right-of-use asset at the date of initial application, and
- the use of hindsight in determining the lease term where the contract contains options to extend or terminate the lease.
- relying on the assessment of whether leases are onerous as an alternative to performing an impairment review. There
were no onerous contracts as at April 01, 2019.
The company had also elected not to reassess whether a contract is, or contains a lease at the date of initial application.
Instead, for contracts entered into before the transition date the company relied on its assessment made applying Ind AS 17
and Appendix 4 Determining whether an Arrangement contains a Lease.
Note 52: Segment Reporting

The Company has only one operating segment which is Connectivity and Network Solutions. Accordingly, separate segment
information is not required to be disclosed.
Geographical Information
31 March 2021 31 March 2020
Particulars
(1) Revenue from external customers

- Within India 2,780.34 3,476.50
- Outside India 1,361.67 1,284.00
Total revenue as per statement of profit and loss 4,142.01 4,760.50
The revenue information above is based on the locations of the customers
(2) Non-current operating assets
- Within India 2,350.44 2,389.12
- Outside India - -
Total 2,350.44 2,389.12
Non-current assets for this purpose consist of property, plant and equipment, capital work in progress and intangible assets
including Goodwill.

Revenue from two customers in India amounted to ` 841.00 crores (31 March 2020: ` 2,098.68 crores).

Financial
Statements
Notes
Note 53: Previous Year Figures

The financial statements for the year ended 31 March 2020 incorporate the impact of the change in accounting policies as
mentioned in Note 51.
Further, previous year figures have been reclassified to conform to this year’s classification.
DIN: 00022096 DIN: 00057364



Independent Auditors’ Report
To the Members of Sterlite Technologies Limited
Report on the Audit of the Consolidated Financial Statements

Opinion independent of the Group, its associates and jointly
1. We have audited the accompanying consolidated controlled entities in accordance with the ethical
financial statements of Sterlite Technologies Limited requirements that are relevant to our audit of the
(hereinafter referred to as the “Holding Company”) and consolidated financial statements in India in terms of
its subsidiaries (Holding Company and its subsidiaries the Code of Ethics issued by ICAI and the relevant
together referred to as “the Group”), its associates and provisions of the Act, and we have fulfilled our other
jointly controlled entity (refer Note 37 to the attached ethical responsibilities in accordance with these
consolidated financial statements), which comprise the requirements. We believe that the audit evidence we
consolidated Balance Sheet as at March 31, 2021, and have obtained and the audit evidence obtained by
the consolidated Statement of Profit and Loss (including the other auditor in terms of their report referred to
Other Comprehensive Income), the consolidated in sub-paragraph 17 of the Other Matters paragraph
statement of changes in equity and the consolidated below, other than the unaudited financial statements
cash flows Statement for the year then ended, and as certified by the management and referred to in
notes to the consolidated financial statements, sub-paragraph 18 of the Other Matters paragraph
including a summary of significant accounting policies below, is sufficient and appropriate to provide a basis
and other explanatory information prepared based on for our opinion.
the relevant records (hereinafter referred to as “the
consolidated financial statements”). Emphasis of Matter
4. We draw attention to Note 46 to the consolidated
2. In our opinion and to the best of our information and financial statements which describes that the Group
according to the explanations given to us, the aforesaid had recognised Goodwill on amalgamation during
consolidated financial statements give the information the financial year ended March 31, 2016, which has
required by the Companies Act, 2013 (“the Act”) in been amortised over a period of five years from the
the manner so required and give a true and fair view appointed date of September 29, 2015, in accordance
in conformity with the accounting principles generally with the accounting treatment prescribed under
accepted in India, of the consolidated state of affairs of the Scheme of amalgamation approved by Gujarat
the Group, its associates and jointly controlled entity as High Court. Our opinion is not modified in respect
at March 31, 2021, of consolidated total comprehensive of this matter.
income (comprising of profit and other comprehensive
income), consolidated changes in equity and its Key Audit Matters
consolidated cash flows for the year then ended. 5. Key audit matters are those matters that, in our
professional judgment, were of most significance in
Basis for Opinion our audit of the consolidated financial statements of
3. We conducted our audit in accordance with the the current period. These matters were addressed in
Standards on Auditing (SAs) specified under section the context of our audit of the consolidated financial
143(10) of the Act. Our responsibilities under those statements as a whole, and in forming our opinion
Standards are further described in the Auditor’s thereon, and we do not provide a separate opinion
Responsibilities for the Audit of the Consolidated on these matters.
Financial Statements section of our report. We are

Financial
Statements
Key audit matter How our audit addressed the key audit matter
a. Revenue Recognition
(Refer note 2.3 (e), 3 and 26 to the Consolidated Financial We performed the following procedures:
Statements) The Group recognises revenue in accordance with Ind
Understood and evaluated the design and tested the operating
AS 115 “Revenue from Contracts with Customers”. This involves
effectiveness of controls relating to revenue recognition.
application of significant judgements by Management with respect to:
In respect of certain large and complex contracts and certain other
• Combination of contracts entered into with contracts our procedures included, among other things:
the same customer;
• Reading of selected contracts to identify significant terms
• Identification of distinct performance obligations;
of the contracts;
• Total consideration when the contract involves variable
• Assessing appropriateness of management’s significant
consideration involved;
judgements in accounting for identified contracts such as
• Allocation of consideration to identified identification of performance obligation and allocation of
performance obligations; consideration to identified performance obligation;
• Recognition of revenue over a period of time or at a • Evaluation of the contract terms and consideration of the
point in time based on timing when control is transferred legal opinion obtained by Management with respect to
to customer. For assessment of the date of transfer assessment of the date of transfer of control;
of control, Management has obtained legal opinion in
• Testing of timing of recognition of revenue (including
respect of certain arrangements.
procedures related to cut off) in line with the
Further, for contracts where revenue is recognised over a period terms of contracts;
of time, the group makes estimates which impact the revenue
recognition. Such estimates include, but are not limited to: • Testing the appropriateness of key assumptions used
by Management including the appropriateness and
• costs to complete, reasonability of Management’s conclusion regarding the
expected delays in estimated completion of the performance
• contract risks,
obligations and possible impact on key estimates. Reading
• price variation claims, of the related contract terms and communications with
the customers to assess the likelihood of availability of
• liquidated damages
contractual remedies.
Further in determining the above estimates for ongoing contracts,
Management has also evaluated the estimates, especially those • Testing of journal entries for unusual/irregular revenue
resulting from expected delays in the completion of the performance transactions; and
obligations and available contractual remedies.
• Evaluating adequacy of presentation and disclosures.
We focused on this area because a significant portion of the revenue
Based on above procedures, we did not note any significant exceptions
generated requires management to exercise judgement and
in the estimates and judgements applied by the Management in revenue
therefore, could be subject to material misstatement due to fraud or
recognition including those relating to presentation and disclosures as
error.
required by the applicable accounting standard.
Other Information 8. In connection with our audit of the consolidated

6. The Holding Company’s Board of Directors is financial statements, our responsibility is to read the
responsible for the other information. The other other information and, in doing so, consider whether
information comprises the information included in the the other information is materially inconsistent
Director’s report, but does not include the consolidated with the consolidated financial statements or our
financial statements and our auditor’s report thereon. knowledge obtained in the audit or otherwise appears
to be materially misstated. If, based on the work we
7. Our opinion on the consolidated financial statements have performed and the report of the other auditor
does not cover the other information and we do not as furnished to us (Refer paragraph 17 below), we
express any form of assurance conclusion thereon. conclude that there is a material misstatement of this
other information, we are required to report that fact.
We have nothing to report in this regard.

Responsibilities of Management and Those Charged Auditors' Responsibilities for the Audit of the
with Governance for the Consolidated Financial Consolidated Financial Statements
Statements 12. Our objectives are to obtain reasonable assurance
9. The Holding Company’s Board of Directors is about whether the consolidated financial statements as
responsible for the preparation and presentation of a whole are free from material misstatement, whether
these consolidated financial statements in term of the due to fraud or error, and to issue an auditor’s report
requirements of the Act that give a true and fair view that includes our opinion. Reasonable assurance
of the consolidated financial position, consolidated is a high level of assurance, but is not a guarantee
financial performance and consolidated cash flows, that an audit conducted in accordance with SAs will
and changes in equity of the Group including its always detect a material misstatement when it exists.
Associates and Jointly controlled entity in accordance Misstatements can arise from fraud or error and are
with the accounting principles generally accepted in considered material if, individually or in the aggregate,
India, including the Accounting Standards specified they could reasonably be expected to influence the
under section 133 of the Act. The respective Board economic decisions of users taken on the basis of
of Directors of the companies included in the Group these consolidated financial statements.
and of its associates and jointly controlled entities
are responsible for maintenance of adequate 13. As part of an audit in accordance with SAs, we exercise
accounting records in accordance with the provisions professional judgment and maintain professional
of the Act for safeguarding the assets of the Group skepticism throughout the audit. We also:
and for preventing and detecting frauds and other
irregularities; selection and application of appropriate • Identify and assess the risks of material
accounting policies; making judgments and estimates misstatement of the consolidated financial
that are reasonable and prudent; and the design, statements, whether due to fraud or error, design
implementation and maintenance of adequate internal and perform audit procedures responsive to those
financial controls, that were operating effectively for risks, and obtain audit evidence that is sufficient
ensuring accuracy and completeness of the accounting and appropriate to provide a basis for our opinion.
records, relevant to the preparation and presentation The risk of not detecting a material misstatement
of the financial statements that give a true and fair view resulting from fraud is higher than for one resulting
and are free from material misstatement, whether due from error, as fraud may involve collusion, forgery,
to fraud or error, which have been used for the purpose intentional omissions, misrepresentations, or the
of preparation of the consolidated financial statements override of internal control.
by the Directors of the Holding Company, as aforesaid.
• Obtain an understanding of internal control relevant
to the audit in order to design audit procedures
10. In preparing the consolidated financial statements,
that are appropriate in the circumstances. Under
the respective Board of Directors of the companies
section 143(3)(i) of the Act, we are also responsible
included in the Group and of its associates and jointly
for expressing our opinion on whether the Holding
controlled entities are responsible for assessing the
company has adequate internal financial controls
ability of the Group and of its associates and jointly
with reference to financial statements in place and
controlled entity to continue as a going concern,
the operating effectiveness of such controls.
disclosing, as applicable, matters related to going
concern and using the going concern basis of • Evaluate the appropriateness of accounting
accounting unless management either intends to policies used and the reasonableness of
liquidate the Group or to cease operations, or has no accounting estimates and related disclosures
realistic alternative but to do so. made by management.
• Conclude on the appropriateness of management’s

11. The respective Board of Directors of the companies
use of the going concern basis of accounting and,
included in the Group and of its associates and jointly
based on the audit evidence obtained, whether
controlled entity are responsible for overseeing the
a material uncertainty exists related to events or
financial reporting process of the Group and of its
conditions that may cast significant doubt on the
associates and jointly controlled entity.
ability of the Group and its associates and jointly

Financial
Statements
controlled entity to continue as a going concern. 16. From the matters communicated with those charged
If we conclude that a material uncertainty exists, with governance, we determine those matters that were
we are required to draw attention in our auditor’s of most significance in the audit of the consolidated
report to the related disclosures in the consolidated financial statements of the current period and are
financial statements or, if such disclosures are therefore the key audit matters. We describe these
inadequate, to modify our opinion. Our conclusions matters in our auditor’s report unless law or regulation
are based on the audit evidence obtained up to precludes public disclosure about the matter or when,
the date of our auditor’s report. However, future in extremely rare circumstances, we determine that
events or conditions may cause the Group and its a matter should not be communicated in our report
associates and jointly controlled entity to cease to because the adverse consequences of doing so would
continue as a going concern. reasonably be expected to outweigh the public interest
benefits of such communication.
• Evaluate the overall presentation, structure and
content of the consolidated financial statements,
Other Matters
including the disclosures, and whether the
17. The financial statements of one subsidiary located
consolidated financial statements represent the
outside India, included in the consolidated financial
underlying transactions and events in a manner that
statements, which constitute total assets of
achieves fair presentation.
` 518.58 crores and net assets of ` 326.80 crores as
• Obtain sufficient appropriate audit evidence at March 31, 2021, total revenue of ` 221.69 crores,
regarding the financial information of the entities total comprehensive loss (comprising of loss and
or business activities within the Group and its other comprehensive loss) of ` (25.66) crores and net
associates and jointly controlled entity to express an cash flows amounting to ` (7.34) crores for the year
opinion on the consolidated financial statements. We then ended; have been prepared in accordance with
are responsible for the direction, supervision and accounting principles generally accepted in its country
performance of the audit of the financial statements and has been audited by other auditor under generally
of such entities included in the consolidated financial accepted auditing standards applicable in its country.
statements of which we are the independent The Company’s management has converted the
auditors. For the other entities included in the financial statements of such subsidiary located outside
consolidated financial statements, which have been India from the accounting principles generally accepted
audited by other auditor, such other auditor remain in its country to the accounting principles generally
responsible for the direction, supervision and accepted in India. We have audited these conversion
performance of the audits carried out by them. We adjustments made by the Company’s management.
remain solely responsible for our audit opinion. Our opinion in so far as it relates to the balances and
affairs of this subsidiary located outside India, including
14. We communicate with those charged with governance
other information, is based on the report of other
of the Holding Company and such other entities
auditor and the conversion adjustments prepared by
included in the consolidated financial statements of
the management of the Company and audited by us.
which we are the independent auditors regarding,
among other matters, the planned scope and timing
18. We did not audit the financial statements of twenty
of the audit and significant audit findings, including
five subsidiaries, whose financial statements reflect
any significant deficiencies in internal control that we
total assets of ` 1,869.33 crores and net assets of
identify during our audit.
` 491.15 crores as at March 31, 2021, total revenue
of ` 903.17 crores, total comprehensive income
15. We also provide those charged with governance with
(comprising of profit/ loss and other comprehensive
a statement that we have complied with relevant
income) of ` 53.74 crores and net cash flows amounting
ethical requirements regarding independence, and
to ` 50.96 crores for the year ended on that date, as
to communicate with them all relationships and
considered in the consolidated financial statements.
other matters that may reasonably be thought to
The consolidated financial statements also include the
bear on our independence, and where applicable,
Group’s share of net profit after tax of ` 14.86 crores
related safeguards.

and ` Nil for the year ended March 31, 2021 as books of account and records maintained for
considered in the consolidated financial statements, the purpose of preparation of the consolidated
in respect of two associates and one jointly controlled financial statements.
entity respectively, whose financial statements have
not been audited by us. These financial statements (d) In our opinion, the aforesaid consolidated financial
are unaudited and have been furnished to us by the statements comply with the Accounting Standards
Management, and our opinion on the consolidated specified under Section 133 of the Act.
financial statements insofar as it relates to the
amounts and disclosures included in respect of these (e) On the basis of the written representations
subsidiaries, associates and jointly controlled entity and received from the directors of the Holding
our report in terms of sub-section (3) of Section 143 of Company as on March 31, 2021 taken on record
the Act including report on Other Information insofar by the Board of Directors of the Holding Company
as it relates to the aforesaid subsidiaries, associates and its subsidiaries incorporated in India, none of
and jointly controlled entity, is based solely on such the directors is disqualified as on March 31, 2021
unaudited financial statements. In our opinion and from being appointed as a director in terms of
according to the information and explanations given to Section 164(2) of the Act.
us by the Management, these financial statements are
not material to the Group. (f) With respect to the adequacy of internal financial
controls with reference to consolidated financial
Our opinion on the consolidated financial statements, statements of the Group and the operating
and our report on Other Legal and Regulatory effectiveness of such controls, refer to our
Requirements below, is not modified in respect of separate report in Annexure A.
the above matters with respect to our reliance on the
work done and the report of the other auditor and the (g) With respect to the other matters to be included in
financial statements certified by the Management. the Auditor’s Report in accordance with Rule 11 of
the Companies (Audit and Auditor’s) Rules, 2014,
Report on Other Legal and Regulatory Requirements in our opinion and to the best of our information
19. As required by Section 143(3) of the Act, we report, to and according to the explanations given to us:
the extent applicable, that:
i. The consolidated financial statements
(a) We have sought and obtained all the information disclose the impact, if any, of pending
and explanations which to the best of our litigations on the consolidated financial
knowledge and belief were necessary for position of the Group, its associates
the purposes of our audit of the aforesaid and jointly controlled entity– Refer
consolidated financial statements. Note 22, 40 and 44 to the consolidated
financial statements.
(b) In our opinion, proper books of account as
required by law relating to preparation of the ii. Provision has been made in the consolidated
aforesaid consolidated financial statements financial statements, as required under the
have been kept so far as it appears from our applicable law or accounting standards, for
examination of those books and the reports of the material foreseeable losses, if any, on long-
other auditors. term contracts including derivative contracts
as at March 31, 2021 – Refer (a) Note 20
(c) The Consolidated Balance Sheet, the to the consolidated financial statements
Consolidated Statement of Profit and Loss in respect of such items as it relates to the
(including other comprehensive income), Group, its associates and jointly controlled
Consolidated Statement of Changes in Equity and entity and (b) note 52 to the consolidated
the Consolidated Cash Flow Statement dealt with financial statements in respect of the Group’s
by this Report are in agreement with the relevant

Financial
Statements
share of net profit/loss in respect of its 20. The Holding Company has paid/ provided for
associates and jointly controlled entity. managerial remuneration in accordance with the
requisite approvals mandated by the provisions of
iii. There has been no delay in transferring Section 197 read with Schedule V to the Act.
amounts, required to be transferred, to the
For Price Waterhouse Chartered Accountants LLP
Investor Education and Protection Fund Firm Registration Number: 012754N/N500016
by the Holding Company. There were
no amounts which were required to be Neeraj Sharma
transferred to the Investor Education and Partner
Protection Fund by its subsidiary companies Membership Number: 108391
incorporated in India. UDIN: 21108391AAAADG7415
iv. The reporting on disclosures relating to Pune

Specified Bank Notes is not applicable to the April 29, 2021
Group for the year ended March 31, 2021.

Annexure A to Independent Auditors’ Report
Referred to in paragraph 19 (f) of the Independent Auditors’ Report of even date to the members of Sterlite Technologies
Limited on the consolidated financial statements for the year ended March 31, 2021
Report on the Internal Financial Controls with about whether adequate internal financial controls
reference to financial statements under Clause with reference to consolidated financial statements
(i) of Sub-section 3 of Section 143 of the Act was established and maintained and if such controls
1. In conjunction with our audit of the consolidated operated effectively in all material respects.
financial statements of the Company as of and for
the year ended March 31, 2021, we have audited 4. Our audit involves performing procedures to obtain
the internal financial controls with reference to audit evidence about the adequacy of the internal
financial statements of Sterlite Technologies Limited financial controls system with reference to consolidated
(hereinafter referred to as “the Holding Company”) financial statements and their operating effectiveness.
and its subsidiary companies, which are companies Our audit of internal financial controls with reference to
incorporated in India as of that date. consolidated financial statements included obtaining
an understanding of internal financial controls with
Management’s Responsibility for Internal reference to consolidated financial statements,
Financial Controls assessing the risk that a material weakness exists,
2. The respective Board of Directors of the Holding and testing and evaluating the design and operating
company, and its subsidiary companies, to whom effectiveness of internal control based on the assessed
reporting under clause (i) of sub section 3 of Section risk. The procedures selected depend on the auditor’s
143 of the Act in respect of the adequacy of the internal judgement, including the assessment of the risks of
financial controls with reference to consolidated material misstatement of the consolidated financial
financial statements is applicable, which are companies statements, whether due to fraud or error.
incorporated in India, are responsible for establishing
and maintaining internal financial controls based 5. We believe that the audit evidence we have obtained
on internal control over financial reporting criteria is sufficient and appropriate to provide a basis for
established by the Company considering the essential our audit opinion on the Company’s internal financial
components of internal control stated in the Guidance controls system with reference to consolidated
Note on Audit of Internal Financial Controls Over financial statements.
Financial Reporting issued by the Institute of Chartered
Accountants of India (ICAI). These responsibilities Meaning of Internal Financial Controls with
include the design, implementation and maintenance reference to consolidated financial statements
of adequate internal financial controls that were 6. A company’s internal financial control with reference to
operating effectively for ensuring the orderly and consolidated financial statements is a process designed
efficient conduct of its business, including adherence to provide reasonable assurance regarding the
to the respective company’s policies, the safeguarding reliability of financial reporting and the preparation of
of its assets, the prevention and detection of frauds consolidated financial statements for external purposes
and errors, the accuracy and completeness of the in accordance with generally accepted accounting
accounting records, and the timely preparation of principles. A company’s internal financial control with
reliable financial information, as required under the Act. reference to consolidated financial statements includes
those policies and procedures that (1) pertain to the
Auditor’s Responsibility maintenance of records that, in reasonable detail,
3. Our responsibility is to express an opinion on the accurately and fairly reflect the transactions and
Company’s internal financial controls with reference dispositions of the assets of the Company; (2) provide
to consolidated financial statements based on our reasonable assurance that transactions are recorded
audit. We conducted our audit in accordance with the as necessary to permit preparation of consolidated
Guidance Note on Audit of Internal Financial Controls financial statements in accordance with generally
Over Financial Reporting (the “Guidance Note”) issued accepted accounting principles, and that receipts and
by the ICAI and the Standards on Auditing deemed to expenditures of the Company are being made only in
be prescribed under section 143(10) of the Companies accordance with authorisations of management and
Act, 2013, to the extent applicable to an audit of directors of the Company; and (3) provide reasonable
internal financial controls, both applicable to an audit assurance regarding prevention or timely detection
of internal financial controls and both issued by the of unauthorised acquisition, use, or disposition of the
ICAI. Those Standards and the Guidance Note require Company’s assets that could have a material effect on
that we comply with ethical requirements and plan the consolidated financial statements.
and perform the audit to obtain reasonable assurance

Financial
Statements
Inherent Limitations of Internal Financial system with reference to consolidated financial

Controls with reference to consolidated financial statements and such internal financial controls with
statements reference to consolidated financial statements were
7. Because of the inherent limitations of internal financial operating effectively as at March 31, 2021, based on
controls with reference to consolidated financial the internal control over financial reporting criteria
statements, including the possibility of collusion or established by the Company considering the essential
improper management override of controls, material components of internal control stated in the Guidance
misstatements due to error or fraud may occur and Note on Audit of Internal Financial Controls Over
not be detected. Also, projections of any evaluation Financial Reporting issued by the Institute of Chartered
of the internal financial controls with reference to Accountants of India.
consolidated financial statements to future periods are
subject to the risk that the internal financial control with
For Price Waterhouse Chartered Accountants LLP
reference to consolidated financial statements may Firm Registration Number: 012754N/N500016
become inadequate because of changes in conditions,
or that the degree of compliance with the policies or Neeraj Sharma
procedures may deteriorate. Partner
Membership Number: 108391
Opinion UDIN: 21108391AAAADG7415
8. In our opinion, the Holding Company and its subsidiary
companies incorporated in India, have, in all material Pune
respects, an adequate internal financial controls April 29, 2021

Consolidated Balance Sheet
as at March 31, 2021
31 March 2021 31 March 2020

Note
ASSETS
Non-current assets
Property, plant and equipment 4 2,782.82 2,840.28
Capital work-in-progress 227.19 132.78
Goodwill 5,6 292.08 121.79
Other intangible assets 5 99.11 97.52
Deferred tax assets (net) 24A 17.79 14.47
Financial assets
Investments 7 122.30 100.28
Loans 9 17.16 24.70
Other non-current financial assets 10 7.08 14.95
Other non-current assets 11 39.07 82.05
3,604.60 3,428.82
Current assets
Inventories 12 626.35 451.81
Financial assets
Investments 13 180.90 233.04
Trade receivables 8 1,451.42 1,563.12
Loans 9 9.60 11.89
Cash and cash equivalents 14 192.79 149.60
Other bank balances 15 55.58 94.94
Other current financial assets 10 27.34 52.80
Contract assets 11 1,321.46 744.26
Other current assets 11 430.89 368.75
Assets classified as held for sale 16 171.68 109.97
4,468.01 3,780.18
Total Assets 8,072.61 7,209.00
EQUITY AND LIABILITIES
Equity
Equity share capital 17 79.33 80.79
Other Equity 18 1,908.06 1,838.99
Equity attributable to owners of the parent 1,987.39 1,919.78
Non-controlling interests 98.07 103.18
Total Equity 2,085.46 2,022.96
Borrowings 19 1,255.72 969.99
Deferred tax liabilities (net) 24A 103.30 71.72
1,517.03 1,207.62
Current liabilities
Borrowings 19 1,233.99 1,230.57
Trade payables 21
(A) total outstanding dues of micro enterprises and small enterprises (refer note 41) 74.71 30.67
(B) total outstanding dues of creditors other than micro enterprises and small enterprises 1,868.95 1,399.63
Contract liabilities 23 71.27 135.94
Other current liabilities 23 73.81 76.07
Current tax liabilities (Net) 24B 29.81 -
Liabilities directly associated with assets classified as held for sale 16 159.62 96.03
4,470.12 3,978.42
Total liabilities 5,987.15 5,186.04
Total Equity & Liabilities 8,072.61 7,209.00
The accompanying notes are an integral part of the consolidated financial statements.
DIN: 00022096 DIN: 00057364

Financial
Statements
Consolidated Statement of Profit and Loss

31 March 2021 31 March 2020

Note
Continuing Operations
INCOME
Revenue from operations 26 4,825.18 5,154.40
Other income 27 33.07 25.39
Total Income (I) 4,858.25 5,179.79
EXPENSES
Cost of raw materials and components consumed 29 2,534.14 2,367.74
Purchase of traded goods 0.69 2.12
(Increase) / decrease in inventories of finished goods, work-in-progress, traded goods and construction work-in- 29 (139.90) 97.63
progress
Employee benefit expense 30 647.42 629.80
Other expenses 31 972.18 987.78
Total Expenses (II) 4,014.53 4,085.07
Earnings before exceptional item, interest, tax, depreciation and amortisation (EBITDA) (I) - (II) 843.72 1,094.72
Depreciation and amortisation expense 32 285.26 290.28
Finance costs 33 203.00 221.04
Finance Income 28 (9.90) (8.91)
Profit before exceptional item, tax & share of profit of joint venture 365.36 592.31
Share of profit of joint venture (refer note 52) 14.86 -
Profit before exceptional item and tax 380.22 592.31
Exceptional Item (refer note 44) - 50.71
Profit before tax from continuing operations 380.22 541.60
Tax expense:
Current tax 34 93.51 120.00
Profit from continuing operations 268.95 432.72
Discontinued operation
Loss from discontinued operation before tax (refer note 16) (3.59) (8.28)
Tax expense of discontinued operation (refer note 16) - -
Loss from discontinued operation (3.59) (8.28)
Other comprehensive income
Items that may be reclassified to profit or loss in subsequent periods:
Net movement on cash flow hedges (6.90) (51.81)
Income tax effect on the above 1.73 20.20
Exchange differences on translation of foreign operations 44.23 (6.66)
Net other comprehensive income to be reclassified to profit or loss in subsequent periods 39.06 (38.27)
Items that will not be reclassified to profit or loss in subsequent periods:
Re-measurements of defined benefits plan 3.29 0.35
Income tax effect on the above (0.83) (0.09)
Change in fair value of FVOCI equity instruments - 1.35
Net other comprehensive income not to be reclassified to profit or loss in subsequent periods 2.46 1.61
Other comprehensive income for the year, net of tax 41.52 (36.66)
Total comprehensive income for the year 306.88 387.78
Profit for the year attributable to:
Owners of the Parent 275.47 433.90
Non-controlling interests (10.11) (9.46)
265.36 424.44
Other comprehensive income attributable to:
Owners of the Parent 35.61 (39.70)
Non-controlling interests 5.91 3.04
41.52 (36.66)
Total comprehensive income attributable to:
Owners of the Parent 311.08 394.20
Non-controlling interests (4.20) (6.42)
306.88 387.78
Total comprehensive income attributable to owners arising from:
Continuing Operations 313.44 399.66
Discontinued Operation (2.36) (5.46)
311.08 394.20
Earnings per equity share to owners of the parent 36
Basic
From continuing operations 6.98 10.89
From discontinued operation (0.05) (0.13)
Diluted
DIN: 00022096 DIN: 00057364

Consolidated Statement of Changes in Equity
A. Equity Share Capital

Note No. in crores Amount
Equity shares of ` 2 each issued, subscribed and fully paid
At 01 April 2019 40.25 80.51
Changes in equity share capital 17 0.14 0.28
At 31 March 2020 40.39 80.79
Changes in equity share capital 17 (0.73) (1.46)
At 31 March 2021 39.66 79.33
B. Other Equity
Foreign
Capital Redemption Employee Debenture General Capital Cash Flow Non-
Securities stock option Redemption Reserve Redemption Retained currency
liability Hedge translation Total Controlling
Reserve Premium outstanding Earnings
reserve Reserve Reserve Reserve interest
reserve
As at 31 March 2019 0.04 - 38.68 29.65 75.00 112.50 - 1,323.75 45.72 13.45 1,638.80 95.40
Impact of change in accounting - - - - - - - (11.83) - - (11.83) -
policy on adoption of Ind AS 115
Restated balance as at 0.04 - 38.68 29.65 75.00 112.50 - 1,311.92 45.72 13.45 1,626.97 95.40
01 April 2019
Profit for the year - - - - - - - 433.90 - - 433.90 (9.46)
Other comprehensive income for - - - - - - - 1.61 (31.61) (9.70) (39.70) 3.04
the year
Total comprehensive income for - - - - - - - 435.51 (31.61) (9.70) 394.20 (6.42)
the year
Addition on ESOPs Exercised - - 12.68 - - - - - - - 12.68 -
Transferred to Securities premium - - - (12.68) - - - - - - (12.68) -
account
Employees stock option expenses - - - 9.86 - - - - - - 9.86 -
for the year (refer note 35)
Amount transferred to general - - - - (18.75) 18.75 - - - - - -
reserve
Equity dividend including taxes - - - - - - - (170.09) - - (170.09) -
thereon (refer note 49)
Creation of Redemption liability - (15.22) - - - - - - - - (15.22) -
(refer note 47)
Amount transferred to statement - - - - - - - - (9.76) - (9.76) -
of profit and loss
Transaction with non-controlling - - - - - - - - - 3.04 3.04 -
interests
Minority for IDS acquistion - - - - - - - - - - - 11.70
(refer note 47)
Issue of equity shares - - - - - - - - - - - 2.50
As at 31 March 2020 0.04 (15.22) 51.36 26.83 56.25 131.25 - 1,577.34 4.35 6.79 1,838.99 103.18
Profit for the year - - - - - - - 275.47 - - 275.47 (10.11)
Other comprehensive income for - - - - - - - 2.46 (5.17) 38.32 35.61 5.91
the year, net of tax
Total comprehensive income for - - - - - - - 277.93 (5.17) 38.32 311.08 (4.20)
the year
Addition on ESOPs Exercised - - 14.83 - - - - - - - 14.83 -
Transferred to Securities premium - - - (14.83) - - - - - - (14.83) -
account
Employees stock option expenses - - - 11.42 - - - - - - 11.42 -
for the year (refer note 35)
Amount transferred to general - - - - (18.75) 18.75 - - - - - -
reserve
Equity dividend including taxes - - - - - - - (138.28) - - (138.28) -
thereon (refer note 49)
Utilised for Buy-back of equity - - (51.36) - - (48.42) - - - - (99.78) -
shares
Tax on Buy-back of equity shares - - - - - - - (22.16) - - (22.16) -
Restatement of Redemption - (3.45) - - - - - - - - (3.45) -
liability (refer note 47)
Capital redemption reserve - - - - - - 1.77 - - - 1.77 -
created during the year
Amount transferred to statement - - - - - - - - 2.56 - 2.56 -
of profit and loss
Transaction with non-controlling - - - - - - - - - 5.91 5.91 -
interests
Minority for IDS acquistion - - - - - - - - - - - (2.19)
(refer note 47)
Issue of equity shares - - - - - - - - - - - 1.28
As at 31 March 2021 0.04 (18.67) 14.83 23.42 37.50 101.58 1.77 1,694.83 1.74 51.01 1,908.06 98.07
DIN: 00022096 DIN: 00057364

Financial
Statements
Consolidated Statement of Cash Flows

for the year ended March 31, 2021
31 March 2021 31 March 2020

A. Operating activities
376.63 533.32
Adjustments to reconcile profit before tax to net cash flows
Depreciation and impairment of property, plant & equipment 255.57 245.04
Amortisation & impairment of intangible assets 36.01 45.24
(Profit) / Loss on sale of property, plant and equipment, net including gain on termination of lease (2.91) (2.56)
Rental income (0.06) (0.28)
Share of profit from joint venture (14.86) -
Change in Fair Value of Investment (7.00) -
Employees stock option expenses 11.42 9.86
Finance costs (including interest pertaining to Ind AS 116) 203.00 221.04
Finance income (9.90) (8.97)
Unrealised exchange difference (8.97) (6.69)
467.58 523.86
Operating profit before working capital changes 844.21 1,057.18
Working capital adjustments:
Increase/(decrease) in trade payables 460.92 (387.07)
Increase/(decrease) in long-term provisions (0.69) (0.17)
Increase/(decrease) in short-term provisions 0.21 (1.44)
Increase/(decrease) in other current liabilities (4.24) (9.47)
Increase/(decrease) in contract liabilities (65.34) (134.43)
Increase/(decrease) in other current financial liabilities (50.87) 41.20
Increase/(decrease) in other non-current financial liabilities (4.45) 2.81
Increase/(decrease) in current employee benefit obligations (1.41) (7.81)
Increase/(decrease) in non-current employee benefit obligations 2.89 15.24
Decrease/(increase) in current trade receivable 180.05 (222.72)
Decrease/(increase) in non current trade receivable - 1.76
Decrease/(increase) in inventories (112.56) 144.65
Decrease/(increase) in loans given to related parties 7.93 21.89
Decrease/(increase) in short-term loans 2.61 0.00
Decrease/(increase) in other current financial assets 24.11 (13.45)
Decrease/(increase) in other non-current financial assets 7.87 18.64
Decrease/(increase) in other current assets (36.48) 19.60
Decrease/(increase) in contract assets (577.20) 353.51
Decrease/(increase) in other non-current assets 4.77 (26.64)
Change in working capital (161.88) (183.90)
Cash generated from operations 682.33 873.28
Income tax paid (net of refunds) (43.85) (176.86)
Net cash flow from operating activities 638.48 696.42

Consolidated Statement of Cash Flows
for the year ended March 31, 2021
31 March 2021 31 March 2020

B. Investing activities
Purchase of property, plant and equipments (446.20) (383.30)
Purchase of intangible assets (9.47) (37.13)
Proceeds from sale of property, plant and equipments 1.44 37.06
Investment in Associates/JVs (31.43) (33.71)
Investment in subsidiaries, net of cash acquired (234.13) (82.29)
Purchase of current investments (180.86) (233.00)
Proceeds from current investments 233.00 100.00
Proceeds from sale of investment - 1.35
Net movement in other bank balance 39.35 (3.73)
Unpaid dividend - (0.79)
Rental income 0.06 0.28
Interest received (finance income) 9.67 8.69
Net cash flow used in investing activities (618.57) (626.57)
C. Financing activities
Proceeds from long term borrowings 838.87 388.08
Repayment of long term borrowings (331.60) (289.75)
Proceeds/(repayment) from/of short term borrowings (net) (4.29) 242.06
Proceeds from issue of shares against employee stock options 0.30 0.28
Interest paid (including interest pertaining to Ind AS 116) (202.22) (221.35)
Principal elements of leases payments (18.15) (17.13)
Dividend paid on equity shares (137.77) (141.08)
Buy-back of equity shares (99.78) -
Tax on Buy-back (22.16) -
Tax on equity dividend paid - (29.01)
Net cash flow from / (used in) financing activities 23.20 (67.90)
Net increase/(decrease) in cash and cash equivalents 43.11 1.95
Foreign exchange relating to cash and cash equivalents of Foreign operations 3.28 2.52
Cash and cash equivalents as at beginning of year 153.48 149.01
Cash and cash equivalents as at year end 199.87 153.48
Components of cash and cash equivalents:
Balances with banks 192.76 149.56
Cash & cash equivalents from discontinued operation 7.08 3.88
DIN: 00022096 DIN: 00057364



Financial
Statements
Notes
to the Consolidated Financial Statements for the year ended March 31, 2021
Note 3: Significant accounting judgements, estimates and assumptions

The preparation of financial statements requires the use of The estimated amount of variable consideration is
accounting estimates. Management also needs to exercise adjusted in the transaction price only to the extent that it
judgement in applying the Group's accounting policies. is highly probable that a significant reversal in the amount
Estimates and assumptions are continuously evaluated of cumulative revenue recognised will not occur and is
and are based on historical experience and other factors reassessed at the end of each reporting period. The Group
including expectations of future events that are believed to allocates the elements of variable considerations to all
be reliable and relevant under the circumstances. This note the performance obligations of the contract unless there
provides an overview of the areas that involved a higher is observable evidence that they pertain to one or more
degree of judgement or complexity, and of items which are distinct performance obligations.
more likely to be materially adjusted due to estimates and
assumptions turning out to be different than those originally The Group uses judgement to determine an appropriate
assessed. Management believes that the estimates standalone selling price for a performance obligation
are the most likely outcome of future events. Detailed (allocation of transaction price). The Group allocates
information about each of these estimates and judgements the transaction price to each performance obligation on
is described below. the basis of the relative standalone selling price of each
distinct product or service promised in the contract.
Impairment of Goodwill Where standalone selling price is not observable, the
The Group tests whether goodwill has suffered any Group uses the expected cost plus reasonable margin
impairment on an annual basis. Impairment exists when the approach to allocate the transaction price to each distinct
carrying value of an asset or cash generating unit exceeds performance obligation.
its recoverable amount. The recoverable amount of a cash
generating unit (CGU) is determined based on value in use The Group exercises judgement in determining whether the
calculations. The value in use calculation is based on a DCF performance obligation is satisfied at a point in time or over
model. The cash flows are derived from the budget for the a period of time. The Group considers indicators such as
next five years and do not include restructuring activities how customer consumes benefits as services are rendered
that the Group is not yet committed to or significant future or who controls the asset as it is being created or existence
investments that will enhance the asset’s performance of of enforceable right to payment for performance to date
the CGU being tested. The recoverable amount is sensitive and alternate use of such product or service, transfer of
to the discount rate used for the DCF model as well as the significant risks and rewards to the customer, acceptance
expected future cash-inflows and the growth rate. The key of delivery by the customer, timing gap between transfer of
assumptions used to determine the recoverable amount for control and actual revenue recognition, etc.
goodwill including a sensitivity analysis are disclosed and
further explained in Note 6. Revenue for fixed-price contract is recognised using the
input method for measuring progress. The Group uses
Revenue Recognition on Contracts with Customers cost incurred related to total estimated costs to determine
The Group’s contracts with customers could include the extent of progress towards completion. Judgement
promises to transfer multiple products and services to a is involved to estimate the future cost to complete the
customer. The Group assesses the products / services contract and to estimate the actual cost incurred basis
promised in a contract and identifies distinct performance completion of relevant activities towards fulfilment of
obligations in the contract. Identification of distinct performance obligations.
performance obligation involves judgement to determine
the distinct goods/services and the ability of the customer to Contract fulfilment costs are generally expensed as incurred
benefit independently from such goods/services. except for costs that meet the criteria for capitalisation. Such
costs are amortised over the life of the contract.
Judgement is also required to determine the transaction
price for the contract. The transaction price could be either Uninstalled materials are materials that will be used to
a fixed amount of customer consideration or variable satisfy performance obligations in a contract for which the
consideration with elements such as volume discounts, cost incurred does not depict transfer to the customer. The
liquidated damages, penalties, price concessions and Group excludes cost of uninstalled materials for measuring
incentives. Any consideration payable to the customer is progress towards satisfying a performance obligation if it
adjusted to the transaction price, unless it is a payment for a involves only provision of a procurement service. In case of
distinct product or service from the customer. uninstalled materials, the Group recognises revenue equal
to the cost of the uninstalled materials if the goods are

Notes
distinct, the customer is expected to obtain control of the pay to borrow the funds necessary to obtain an asset of
goods significantly before services related to the goods are similar value to the right-of-use asset in a similar economic
rendered, the cost of the transferred goods is significantly environment with similar terms, security and conditions.
relative to the total expected costs to completely satisfy the
performance obligation and the goods are procured from a Share-based payments
third party wherein there is no involvement of the Group in The Group measures the cost of equity-settled transactions
designing and manufacturing of the good. with employees using Black Scholes model and Monte
carlo's simulation model to determine the fair value of
Ind AS 116 - Leases options. Estimating fair value for share-based payment
In determining the lease term, management considers transactions requires determination of the most appropriate
all facts and circumstances that create an economic valuation model, which is dependent on the terms and
incentive to exercise an extension option or not to exercise conditions relating to vesting of the grant. This estimate also
a termination option. Extension options (or periods after requires determination of the most appropriate inputs to
termination options) are only included in the lease term the valuation model including the expected life of the share
if the lease is reasonably certain to be extended (or option, volatility and dividend yield and assumptions about
not terminated). them. The assumptions and models used for estimating
For leases of offices and equipment’s, the following factors fair value for share-based payment transactions are
are normally the most relevant: disclosed in Note 35."
• If there are significant penalties to terminate (or not Defined benefit plans
extend), the Group is typically reasonably certain to The cost of the defined benefit plan and the present
extend (or not terminate). value of such obligation are determined using actuarial
valuations. An actuarial valuation involves making various
• If any leasehold improvements are expected to have
assumptions that may differ from actual developments in
a significant remaining value, the Group is typically
the future. These include the determination of the discount
reasonably certain to extend (or not terminate).
rate, future salary increase, employee turnover and
• Otherwise, the Group considers other factors including expected return on planned assets. Due to the complexities
historical lease durations and the costs and business involved in the valuation and its long term nature, a defined
disruption required to replace the leased asset. Most benefit obligation is highly sensitive to changes in these
extension options in offices and equipment leases have assumptions. All assumptions are reviewed at the year end.
not been included in the lease liability, because the Details about employee benefit obligations and related
Group could replace the assets without significant cost or assumptions are given in Note 25.
business disruption.
Business Combinations
The lease term is reassessed periodically whether an
In accounting for business combinations, judgement is
option is actually exercised (or not exercised) or the Group
required for valuation of assets and determining whether
becomes obliged to exercise (or not exercise) it. The
an identifiable intangible asset is to be recorded separately
assessment of reasonable certainty is only revised if a
from goodwill. Additionally, estimating the acquisition date
significant event or a significant change in circumstances
fair value of the identifiable asset acquired and liabilities and
occurs, which affects this assessment, and that is within the
contingent considerations involves management judgement.
control of the lessee.
These measurements are based on information available
at the acquisition date and are based on expectations and
The lease payments are discounted using the interest
assumptions, such as discount rate, that have been deemed
rate implicit in the lease. If that rate cannot be readily
reasonable by management. Changes in these judgements,
determined, which is generally the case for leases in the
estimates and assumptions can materially affect the
Group, the lessee’s incremental borrowing rate is used,
results of operations.
being the rate that the individual lessee would have to

Note 4: Property, Plant & Equipment
(` in crores)
Data
Freehold Plant & Furniture & Office Electrical Right of
Buildings# processing Vehicles Total
land machinery fixtures equipments fittings Use asset
equipments
Notes
Cost
At 01 April 2019 119.45 523.15 2,665.92 17.21 60.11 16.33 58.32 12.37 - 3,472.86
Adjustment on transition to Ind AS 116 (refer note 55) - - - - - - - - 148.90 148.90
Additions 7.55 126.39 490.23 11.03 13.14 4.34 10.42 1.48 21.27 685.85
Assets acquired under business combination - - 0.22 - - 0.06 - 0.26 - 0.54
Translation adjustments - 4.77 13.74 0.59 0.00 0.17 - 0.01 (0.59) 18.69
Disposals/adjustments - (28.58) (20.23) (0.82) (1.26) (0.82) (4.37) (0.20) (16.85) (73.13)
At 31 March 2020 127.00 625.73 3,149.88 28.01 71.99 20.08 64.37 13.92 152.73 4,253.72
Additions - 21.95 126.41 2.55 8.19 1.90 4.45 0.75 1.25 167.45
Asset disclosed as asset held for sale (0.76) (0.19) - - - - - - - (0.95)
Assets acquired under business combination (refer note 47) - 2.14 - - - - - - - 2.14
Translation adjustments 1.93 7.80 38.86 0.16 (0.01) 0.44 0.01 0.27 4.09 53.55
Disposals/adjustments - (2.68) (20.13) (1.24) (0.07) (0.95) (1.35) (2.50) (16.46) (45.38)
At 31 March 2021 128.17 654.75 3,295.02 29.48 80.10 21.47 67.48 12.44 141.62 4,430.52
Accumulated Depreciation and Impairment
At 01 April 2019 - 87.01 1,008.95 11.99 41.92 11.42 31.39 3.35 - 1,196.03
Translation adjustments - 1.12 7.89 0.58 - 0.23 - 0.11 0.04 9.97
Disposal / adjustments - (9.83) (18.46) (0.74) (1.24) (0.77) (4.36) (0.10) (2.10) (37.60)
At 31 March 2020 - 106.92 1,173.78 14.05 50.17 13.45 32.57 5.50 17.00 1,413.44
Asset disclosed as asset held for sale - (0.10) - - - - - - - (0.10)
Translation Adjustments - 2.70 16.44 0.11 (0.01) 0.40 0.01 0.26 1.50 21.41
Disposal/Adjustments - (2.38) (20.00) (0.79) (0.02) (0.89) (1.33) (1.95) (8.94) (36.30)
At 31 March 2021 - 135.21 1,347.02 16.32 60.84 15.73 36.13 5.77 30.68 1,647.70
Net Book Value
At 31 March 2021 128.17 519.54 1,948.00 13.16 19.26 5.74 31.35 6.67 110.94 2,782.82
At 31 March 2020 127.00 518.81 1,976.10 13.96 21.82 6.63 31.80 8.42 135.74 2,840.28
Movement in Capital work in progress # Buildings include those constructed on leasehold land:
Opening balance as at 01 April 2020 132.78 31 March 2021 31 March 2020
Additions during the year 275.48 Gross Block 428.17 425.21
Borrowing cost capitalised during the year (Refer Note 33) 2.75 Depreciation for the year 15.85 7.15
Transfers during the year (183.82) Accumulated depreciation 76.96 61.11

Closing balance as at 31 March 2021 227.19 Net Block 351.21 364.10
Capital work in progress mainly comprises amounts pertaining to plant & machinery. Refer note 19 for information on property, plant and equipment pledged as security by the Group.
Refer note 39 for disclosure of capital commitments for the acquisition of property, plant & equipments.
Financial
Statements
233
The Company had revised the useful life of certain assets effective from October 01, 2019 based on the available evidence of their expected use and the impact of same on depreciation charge for previous
year is 15 crores. There is similar impact in current year and will also be there in future years.
Notes
Details of Leases:
The note provides information for leases where the group is a lessee. The group has taken land, various offices and
equipments on lease. Rental contracts for offices and equipments are typically made for fixed periods of 2 to 15 years, but
have extension options.
(i) Assets recognised in balance sheet

The balance sheet shows the following amount relating to lease:
31 March 2021 31 March 2020
Particulars
Right of use assets - Gross assets

Leasehold Land 22.34 23.07
Total 141.62 152.73
Additions to the right of use assets during the year is `1.25 crores (March 31, 2020: ` 21.27 crores).
31 March 2021 31 March 2020
Particulars
Lease liabilities
Current 25.90 34.07
Non-current 78.68 95.23
Total 104.58 129.30
(ii) A
mount recognised in the statement of profit & loss
31 March 2021 31 March 2020
Particulars
Depreciation charge on right of use assets

Total 21.12 19.06
31 March 2021 31 March 2020

Particulars Note No.
Interest expenses (included in finance cost) 33 10.01 11.38

Expenses related to short term leases, low value assets (disclosed as rent in other expenses) 31 4.41 10.00
The total cash outflow for leases for the year ended 31 March 2021 was ` 28.16 crores (March 31, 2020: ` 28.51 crores)
Extension and Termination option:

Extension and termination options are included in a number of property and equipment leases across the group. These
terms are used to maximise operational flexibility in terms of managing contracts. The majority of extension and termination
options held are exercisable only by the group and not by the respective lessor.

Financial
Statements
Notes
Note 5: Intangible Assets

(` in crores)
Customer
Software/ acquisition Indefeasible Goodwill
Particulars Patents Non-Compete Total
licenses / Customer right of use (Refer note 6)
Relationships
Cost
At 01 April 2019 34.48 9.32 36.09 - 1.00 211.26 292.14
Additions 30.21 - - - - - 30.21
Assets acquired under business 0.46 - 37.40 1.06 - 46.46 85.38
combination
Disposals /Adjustments - - - - - (4.57) (4.57)
Translation Adjustments 0.10 - 0.00 0.00 - 2.19 2.29
At 31 March 2020 65.25 9.32 73.49 1.06 1.00 255.34 405.43
Additions 14.29 - 2.08 - - - 16.37
Assets acquired under business 0.05 - - - - 172.98 173.04
combination (Refer note 47)
Disposals /Adjustments (0.46) - - - - 4.13 3.67
Translation Adjustments 0.54 - 5.71 0.00 - 7.84 14.09
At 31 March 2021 79.67 9.32 81.28 1.06 1.00 440.29 612.60
Accumulated Amortisation and
Impairment
At 01 April 2019 20.83 9.32 7.23 - 0.46 103.91 141.73
Charge for the year 7.10 - 8.38 - 0.07 29.64 45.24
Disposals /Adjustments - - - - - - -
Translation adjustments (0.86) - 0.00 0.00 - - (0.86)
At 31 March 2020 27.07 9.32 15.61 0.05 0.54 133.55 186.12
Charge for the year 9.95 - 11.29 0.05 0.07 14.65 36.01
Disposals /Adjustments (0.02) - - - - - (0.02)
Translation adjustments (0.74) - 0.01 0.00 - - (0.73)
At 31 March 2021 36.27 9.32 26.91 0.11 0.60 148.20 221.39
Net Book Value
At 31 March 2021 43.40 - 54.37 0.96 0.39 292.08 391.19
At 31 March 2020 38.18 - 57.88 1.01 0.46 121.79 219.31
* Amount is below the rounding off norm followed by the Group.
Note 6: Impairment Testing of Goodwill

31 March 2021 31 March 2020
Particulars
Goodwill (refer note 5) 292.08 121.79
Goodwill is monitored by management at CGU level. The Group has performed its annual impairment test by computing the recoverable amount based on
a value in use calculations which require the use of assumptions as given in table below. The calculations use cash flow projections from financial budgets
approved by senior management covering a period of five years. The management has not identified any instances that could cause the carrying amount of
the CGU’s to exceed the recoverable amount.
A CGU level summary of the goodwill allocation is given below
31 March 2021 31 March 2020

Particulars
Network software CGU - 14.66

Connectivity Solutions business in Europe Region CGU 61.55 60.67
Network service Solutions business in Europe Region CGU 57.55 46.46
Optical Inter-connect Solutions business in Europe Region CGU (refer note 47) 172.98 -
292.08 121.79

Notes
Key assumptions used in the value in use calculations

The following table provides the key assumptions for those CGUs that have goodwill allocated to them:
31 March 2021 31 March 2020

Particulars
EBIDTA margins over the budgeted period 10.00%-19.00% 10.00%-24.00%

Long-term terminal Growth rate for Network software CGU - 5.00%
Long-term terminal Growth rate for Connectivity Solutions business 2.00% 2.00%
Long-term terminal Growth rate for Network service Solutions 2.00% 2.00%
Pre-tax discount rate for Network software CGU - 15.40%
Pre-tax discount rate for Connectivity Solutions business 4.21% 7.60%
Pre-tax discount rate for Network service Solutions 16.00% 16.00%
Management has determined the values assigned to each of the above key assumptions as follows:
Discount Rate
Discount rate represents the current market assessment of the risks specific to the CGU, taking into consideration the time
value of money and individual risks of the underlying assets that have not been incorporated in the cash flow estimates.
The discount rate calculation is based on the specific circumstances of the Group and the CGU and is derived from the
CGU’s weighted average cost of capital (WACC). The WACC takes into account both debt and equity. The cost of equity is
derived from the expected return on investment by the Group’s investors. The cost of debt is based on the interest-bearing
borrowings the Group is obliged to service. CGU specific risk is incorporated by applying individual beta factor. The beta
factor is evaluated annually based on publicly available market data.
Growth rate assumptions

The Company has considered growth rate to extrapolate cash flows beyond the budget period, consistent with the
industry forecasts.
EBITDA margins
EBITDA margins are based on the actual EBITDA of the CGU based on the past trend and future expectations.
Sensitivity to changes in assumptions - Network service Solutions business in Europe Region CGU
Discount rates
A rise in pre-tax discount rate to 31.50% would result in impairment.
EBITDA margins
A decreased demand can lead to a decline in EBITDA. A decrease in EBITDA margins below 8.03% would
result in impairment.
Sensitivity to changes in assumptions - Connectivity Solutions business in Europe Region CGU

Discount rates
A rise in pre-tax discount rate to 6.70% would result in impairment.
EBITDA margins
A decreased demand can lead to a decline in EBITDA. A decrease in EBITDA margins below 4.29% would
result in impairment.

Financial
Statements
Notes
Note 7: Investments
31 March 2021 31 March 2020
Particulars
Non-current investments
Investment in Joint Venture
58.05% Equity investment in Sterlite Conduspar Industrial Ltda - -
Investment in Joint venture at fair value through P&L$
511 (31 March 2020: 511) Equity shares of Metis Eduventures Private Limited 8.53 1.53
Investments - Other at fair value through OCI
18,683 (31 March 2020: 18,683) Equity shares of Singularity Healthcare IT - -
Systems Private Limited of ` 10 each fully paid up
Investment in debentures (unquoted)
Investment in debentures- Joint Venture at fair value through P&L
17,600,000 (31 March 2020: 17,600,000) 0.001% Compulsorily 17.60 17.60
Convertible Debentures of Metis Eduventures Private Limited
5,000,000 (31 March 2020: 5,000,000) 0.01% Cumulative Optionally 5.00 5.00
Convertible Debentures of Metis Eduventures Private Limited
Investment in preference shares - Joint Venture (at fair value through P&L)
313 (31 March 2020: 313) 0.01% Compulsorily Convetible 3.74 3.74
Preference Shares of Metis Eduventures Private Limited
Investment in Associate Companies
40% stake in MB Maanshan Special Cable Limited 27.30 12.44
12.5% stake in ASOCS** 60.13 59.97
Total Investments 122.30 100.28
Total non-current investments
Aggregate amount of quoted investments and market value thereof - -
Aggregate amount of unquoted investments 122.30 100.28
* Amount is below the rounding off norm followed by the Group.
$ As described in Significant accounting policies (refer note 2), the Group makes investments in certain joint ventures and associates with the objective to
generate growth in the medium term and with identified exit strategies. Such investments are managed on a fair value basis. As permitted by Ind AS 28, the
Group has elected to measure such investments in joint ventures and associates in accordance with Ind AS 109. Accordingly fair value gain of ` 7 crores
(Previous year: ` NIL) has been recognised during the year.
**Investment in ASOCS is classified as fair value through OCI.
Note 8: Trade Receivables

31 March 2021 31 March 2020
Particulars
Current
Trade receivables 1,435.49 1,544.66
Receivables from related parties (refer note 51) 74.55 72.72
1,451.42 1,563.12
Trade receivables considered good - Secured - -
Trade receivables considered good - Unsecured 1,510.04 1,617.38
Trade receivables which have significant increase in credit risk - -
Trade receivables - Credit impaired - -
Total 1,510.04 1,617.38
Less: Loss allowance 58.62 54.26
Total Current trade receivables 1,451.42 1,563.12
No trade or other receivable are due from directors or other officers of the Group either severally or jointly with any other
person. Nor any trade or other receivable are due from firms or private companies in which any director is a partner, a
director or a member.
Refer note 19 for information on trade receivables hypothecated as security by the Group.

Notes
Note 9: Loans
31 March 2021 31 March 2020
Particulars
Non-current ( Unsecured, considered good)
Loans to related parties (Refer note 51) 14.63 14.34
Less: Loss allowance - -
Total non-current loans 17.16 24.70
Loans Considered good - secured - -
Loans Considered good - Unsecured 17.16 24.70
Loans which have significant increase in credit risk - -
Loans - Credit impaired - -
Total 17.16 24.70
Less: Loss allowance - -
Total 17.16 24.70
Current
Loans to employees 0.17 0.32
Total current loans 9.60 11.89
Note 10: Other Financial Assets

31 March 2021 31 March 2020
Particulars
Non-current ( Unsecured, considered good)

Others
Others 0.25 0.12
Total other non-current financial assets 7.08 14.95
Current ( Unsecured, considered good)
Currency/ Interest rate swaps 5.82 11.36
Others
Interest accrued on investments/deposits 0.63 0.40
Others 0.06 8.49
Total other current financial assets 27.34 52.80
Refer note 19 for information on financial assets hypothecated as security by the Group.

Financial
Statements
Notes
NOTE 11: OTHER ASSETS

31 March 2021 31 March 2020
Particulars
Non-current
Capital advances (Unsecured, considered good) 9.74 28.52
Advance income tax, including TDS (net of provision) 2.19 22.82
Prepaid expenses 2.21 1.07
Total other non-current assets 39.07 82.05
Contract assets 1,321.46 744.26
Significant changes in Contract assets

Contract assets have increased from previous year as entity has entered into new contracts during the year and provided
more services ahead of the agreed billing timelines for fixed price contracts.
There is no impairment allowance of the contract assets for current year and previous year.
During the year ended March 31, 2021, ` 547.68 crores (March 31, 2020: ` 1,087.53 crores) of opening unbilled revenue has
been reclassified to Trade receivables upon billing to customers on completion of milestones.
Refer note 19 for information on other assets hypothecated as security by the Company.
31 March 2021 31 March 2020
Particulars
Current
Prepaid expenses* 36.37 30.84
Balances with Government authorities 358.35 305.68
Other advances 12.46 17.22
Total other current assets 430.89 368.75
* Includes cost to obtain a contract of ` 7.95 crores (March 31, 2020: ` Nil) which is being amortised to Statement of Profit and Loss on a systematic basis that
is consistent with the transfer to the customer of the goods and services. The amount amortised to Statement of Profit and Loss in the current year is ` 1.84
crores (March 31, 2020: ` Nil).
Note 12: Inventories

31 March 2021 31 March 2020
Particulars
Raw materials 206.16 174.57

Stores, spares, packing materials and others 76.19 73.14
Total 626.35 451.81
Amount recognised in Statement of Profit and Loss

Write-downs of inventories to net realisable value amounted to ` 34.19 crores (31 March 2020: ` 36.36 crores). These were
recognised as an expense during the year and included in ‘changes in value of inventories of work-in-progress, stock-in-
trade and finished goods’ in statement of profit and loss of respective year.
Refer note 19 for information on inventories hypothecated as security by the Group.

Notes
Note 13: Current Investment

31 March 2021 31 March 2020
Particulars
In mutual funds(at fair value through profit or loss) (quoted)
248,357.27 (31 March 2020: 270,323.32 ) units of SBI Liquid fund- Direct Growth Plan 80.00 84.00
Nil (31 March 2020: 62,292.392 ) units of Kotak Liquid Fund - Direct growth plan - 25.00
99,370.95 (31 March 2020: 103,122.62 ) units of Nippon India Liquid Fund - Direct growth plan growth option 50.00 50.00
1,640,873.05 (31 March 2020: 2,520,308.92 ) units of ICICI Prudential Liquid Fund- Direct Plan- Growth Option 50.00 74.00
Investment in other short term liquid funds 0.90 0.04
Aggregate amount of quoted investments [Market Value: ` 180.90 crores (March 31, 2020: ` 233.04 crores)] 180.90 233.04
Note 14: Cash and Cash Equivalents

31 March 2021 31 March 2020
Particulars
Balances with banks:
In current accounts (in INR) 65.10 115.05
In current accounts (in foreign currency) 127.67 34.51
There are no repatriation restrictions with regards to cash and cash equivalents.
Note 15: Other Bank Balances

31 March 2021 31 March 2020
Particulars
Deposits with original maturity of more than 12 months* 0.47 0.01
Deposits with original maturity of more than 3 months but less than 12 months** 50.44 88.86
In unpaid dividend account 4.67 4.16
Other bank balance - 1.91
Total other bank balances 55.58 94.94
* Includes ` 0.47 crores (31 March 2020: ` 0.01 crores) held as lien by banks against bank guarantees.
** ` 0.44 crores (31 March 2020: ` 2.86 crores) held as lien by banks against bank guarantees.
Note 16: Asset Classified as Held for Sale

31 March 2021 31 March 2020
Particulars
Assets classified as held for sale
Property, plant and equipment 81.73 85.32
Capital work-in-progress 8.64 0.95
Intangible assets 2.93 3.41
Other non-current financial assets - 0.02
Other non-current assets 7.68 9.97
Trade receivables 62.71 5.00
Cash and cash equivalents 7.08 3.88
Other bank balances 0.25 1.26
Other current financial assets - 0.07
Other current assets 0.66 0.09
Total assets of disposal group held for sale 171.68 109.97
Liabilities directly associated with assets classified as held for sale

Financial
Statements
Notes
31 March 2021 31 March 2020

Particulars
Borrowings 20.35 27.59
Trade payables 26.57 29.34
Employee benefit obligations 0.25 0.23
Other financial liabilities 1.02 10.16
Other liabilities 111.43 28.71
Total liabilities directly associated with assets classified as held for sale 159.62 96.03
Net assets of disposal group held for sale 12.06 13.95
1. Post demerger of the power business in the financial year ended March 31, 2017, the Company has been in the process of obtaining requisite approvals
from government authorities to sell its equity interest in its subsidiary, Maharashtra Transmission Communication Infrastructure Limited (referred as
disposal group or MTCIL) to Sterlite Power Transmission Limited. Management had filed a fresh application with Department of Telecommunication for
transfer of the entity after its earlier application had been rejected. The Department of Telecommunication has currently closed the application citing
lack of clarity with respect to certain aspects in the application. Management is working towards resolving the concerns and is committed to the sale of
MTCIL post resolving the concerns and obtaining requisite regulatory approvals.
2. The Group has decided to sell land and building at Hyderabad and the sale is expected to be completed in financial year 2021-22 and hence it has
been classified as held for sale during the reporting period and measured at the lower of its carrying amount and fair value less costs to sell. The fair
value of the building was determined using the sales comparison approach. No write down is required to be recognised as fair value of the assets is
higher than cost.
Financial performance and cash flow information

31 March 2021 31 March 2020
Particulars
Revenue 10.27 6.24
Expenses (13.86) (14.52)
Loss before income tax (3.59) (8.28)
Income tax - -
Loss for the year (3.59) (8.28)
Other comprehensive income - -
Total comprehensive income (3.59) (8.28)
Net cash inflow / (outflow) from operating activities 24.38 17.83
Net cash inflow / (outflow) from investing activities (10.95) (17.34)
Net cash inflow / (outflow) from financing activities (10.23) (2.33)
Net (decrease) / increase in cash generated from discontinuing operation 3.20 (1.84)
Note 17: Share Capital

31 March 2021 31 March 2020
Particulars
Authorised equity share capital (no. crores)

75.00 (31 March 2020: 75.00) equity shares of `2 each 150.00 150.00
Issued, subscribed and fully paid-up shares (no. crores)
39.66 (31 March 2020: 40.39) equity shares of ` 2 each fully paid - up. 79.33 80.79
Total issued, subscribed and fully paid-up share capital 79.33 80.79
a. Reconciliation of the shares outstanding at the beginning and at the end of the reporting period
31 March 2021 31 March 2020
Particulars
Nos in crores (` in crores) Nos in crores (` in crores)
At the beginning of the year 40.39 80.79 40.25 80.51
Issued during the year against employee stock options 0.16 0.31 0.14 0.28
Shares bought back during the year (0.89) (1.77) - -
Outstanding at the end of the year 39.66 79.33 40.39 80.79

Notes
Buy-back of shares:
On March 24, 2020, the Board of Directors had approved the buyback of Equity Shares for a total amount not exceeding
` 145 crores, being 9.95% and 9.32% of the aggregate of the total paid-up equity capital and free reserves (including
securities premium) of the Company based on the audited standalone and consolidated financial statements, respectively,
of the Company for the financial year ended March 31, 2019. The Company closed the buy back on August 27, 2020. The
Company has bought back 88,67,000 shares for ` 99.78 crores (excluding taxes).
b. Terms and rights attached to equity shares

The Company has only one class of equity shares having a par value of ` 2 per share. Each holder of equity shares is entitled
to one vote per share.
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.
c. Shares held by holding company and their subsidiaries/associates:

31 March 2021 31 March 2020
Particulars
Nos in crores % holding Nos in crores % holding
Immediate holding company
Twin Star Overseas Limited, Mauritius (Subsidiary of Volcan Investments 20.94 52.80% 20.94 51.85%
Limited, Bahamas [Ultimate holding company])
Vedanta Limited 0.48 1.20% 0.48 1.18%
d. Detail of shareholders holding more than 5 % of shares in the company

31 March 2021 31 March 2020
Particulars
Nos in crores % holding Nos in crores % holding
1. Twin Star Overseas Limited, Mauritius (Holding Company) 20.94 52.80% 20.94 51.85%
e. Shares reserved for issue under options

For information relating to employees stock options plan, 2010 including details of options issued, exercised and lapsed
during the financial year and options outstanding at the end of the reporting period, refer note 35.
Note 18: Other Equity

31 March 2021 31 March 2020
Particulars
A. Securities premium account
Add: Addition on ESOPs exercised 14.83 12.68
B. Other Reserves
Capital reserve 0.04 0.04
Redemption liability reserve
Opening balance (15.22) -
Add: Restatement of Redemption liability (refer note 47) (3.45) (15.22)
Closing balance (18.67) (15.22)
Add: Employees stock option expenses for the year (refer note 35) 11.42 9.86
Less: Transferred to Securities premium account (14.83) (12.68)
Foreign currency translation reserve
Add: Exchange differences on translation of foreign operations for the year 38.32 (9.70)
Add: Transaction with non-controlling interests 5.91 3.04

Financial
Statements
Notes
31 March 2021 31 March 2020

Particulars
Less: Amount transferred to general reserve (18.75) (18.75)
Opening balance - -
Add: Capital redemption reserve created during the year (refer note 17 a) 1.77 -
Closing balance 1.77 -
General reserve
Add: Amount transferred from debenture redemption reserve 18.75 18.75
Add / (Less): Cash flow hedge reserve created on currency forward contracts (0.32) (8.60)
Add / (Less): Cash flow hedge reserve created on swap contracts (3.51) 9.49
Add / (Less): Amount reclassified to Statement of profit and loss (3.07) (52.70)
Add / (Less): Amount transferred to Statement of profit and loss 2.56 (9.76)
Add / (Less): Deferred tax 1.73 20.20
Total Other Reserves 198.40 210.29
C. Retained earnings
Add /(Less): Impact of change in accounting policy on adoption of Ind AS 116 (refer note 55) - (11.83)
Add: Net profit for the year 275.47 433.90
Add / (Less): Remeasurement of post employment benefit obligation, net of tax 2.46 0.26
Less: Equity dividend and tax thereon (refer note 49) (138.28) (170.09)
Less: Tax on Buy-back (22.16) -
Add / (Less): Change in fair value of FVOCI equity instrument - 1.35
Total retained earnings 1,694.83 1,577.34
Total other equity (A+B+C) 1,908.06 1,838.99
Nature and Purpose of reserves, other than retained earnings

Securities premium reserve
Securities premium reserve is used to record the premium on issue of shares. The reserve is utilised in accordance with the
provisions of the Companies Act, 2013.
General reserve
General reserve is created out of the amounts transferred from debenture redemption reserve on account of
redemption of debentures.
Foreign currency translation reserve

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

The Group uses hedging instruments as part of its management of foreign currency risk associated with its highly probable
forecast sale and inventory purchases and interest rate risk associated with variable interest rate borrowings as described
in note 48. For hedging foreign currency risk, the Group uses foreign currency forward contracts which are designated as
cash flow hedges. For hedging interest rate risk, the Group uses interest rate swaps which are also designated as cash flow
hedges. To the extent these hedges are effective; the change in fair value of the hedging instrument is recognised in the

Notes
cash flow hedging reserve. Amounts recognised in the cash flow hedging reserve is reclassified to profit or loss when the
hedged item affects profit or loss (e.g. sales and interest payments). When the forecast transaction results in the recognition
of a non-financial asset (e.g. inventory), the amount recognised in the cash flow hedging reserve is adjusted against the
carrying amount of the non financial asset.

The share options outstanding account is used to recognise the grant date fair value of options issued to employees under
employee stock option plans (ESOP Schemes) approved by shareholders of the Group.
Redemption liability reserve

Redemption liability reserve is created on account of redemption liability pertaining to acquisition of IDS group. Refer note 47.
Capital reserve
Capital reserve is not available for distribution as dividend.

The Group had created a debenture redemption reserve (DRR) of 25% of the total outstanding debentures out of the profits
which are available for the purpose of redemption of debentures as per provisions of the Companies Act, 2013. The existing
DRR is carried forward to the extent of outstanding amounts.

As per provisions of the Companies Act, 2013, the Company has created a capital redemption reserve (CRR) of `1.77 crores
against face value of equity shares bought back by the Company during the year.
Note 19: Borrowings

31 March 2021 31 March 2020
Particulars
Non-current
Debentures (Secured)
Nil (31 March 2020: 750) 8.45% Non convertible debentures of ` 10 lacs each - 75.00
1,500 (31 March 2020:1,500) 8.70% Non convertible debentures of ` 10 lacs each 150.00 150.00
Term loans
Indian rupee loans from banks (secured) 249.00 90.00
Foreign currency loans from banks (secured) 707.69 633.80
Foreign currency loans from banks (unsecured) 38.94 -
Indian rupee loans from banks (unsecured) 19.45 129.61
Deferred payment liabilities (unsecured) - 138.58
1,605.08 1,216.99
Secured borrowings 1,546.69 948.80
Total Non-current borrowings 1,605.08 1,216.99
Less: Current maturities of long term borrowings disclosed under the head "other current financial liabilities" 349.36 247.00
(refer note 20)
Net Amount 1,255.72 969.99
Notes:
Sterlite Technologies Limited (STL)
a) 8.70% Non convertible debentures carry 8.70% rate of interest. Total amount of non-convertible debentures is due in

Financial
Statements
Notes
b) 8.25% Non convertible debentures carry 8.25% rate of interest. Total amount of non-convertible debentures is due in 4
equal annual installments starting from FY 2027-28 till FY 2030-31. These non-convertible debentures are secured by
way of mortgage on specified movable fixed assets at Shendra plant (project Gaurav) (both present and future).
c) 7.30% Non convertible debentures carry 7.30% rate of interest. Total amount of non-convertible debentures is due in
d) Foreign Currency term loan from bank amounting to ` 73.11 crores carries interest @ Libor+2.70 % p.a. Loan amount is
repayable in 20 quarterly equated instalments of USD 0.13 crores starting from April 2018. The term loan is secured
by way of first pari passu charge on entire movable fixed assets (both present and future) and mortgage of immovable
fixed assets of the Company located at Dadra & Nagar Haveli and Pune.
e) Foreign Currency term loan from bank amounting to ` 75.56 crores carries interest @ GBP Libor+2.60 % p.a. Loan
amount is repayable in 6 half yearly equated instalments of GBP 0.13 crores starting from Feb 2022. The term loan is
secured by way of first pari passu charge on entire movable fixed assets (both present and future) of the Company.
f) Indian rupee term loan from bank amounting to ` 249.00 crores carries interest @ One Year MCLR +15 Bps p.a. Loan
amount is repayable in 12 quarterly instalments from October 21 of ` 20.75 crores per Quarter (excluding interest) . The
term loan is secured by way of first pari passu charge on entire movable fixed assets (both present and future).
g) Unsecured Indian rupee term loan from NBFC amounting to ` 19.45 crores carries interest @ 5.5% p.a. Loan amount of
` 12.89 crores is repayable in FY 2021-22 and remaining amount will be payable in FY 2022-23.
Jiangsu Sterlite and Tongguang Optical Fiber Co. Limited (JSTFCL)

a) Foreign currency loan from bank of Nil ( 31 March 2020: ` 8.90 crores) carries interest @ 4.75% p.a. This loan is secured
by mortgage of immovable fixed assets of the company located at China.
b) Foreign currency loan from bank of ` 29.95 crores ( 31 March 2020: ` 55.40 crores) carries interest @ 4.72% p.a. This
loan is secured by way of hypothecation of Plant and Machinery. Loan amount is repayable in 11 quarterly instalments
of USD 0.08 crores per quarter starting from December 2019 (excluding interest)
Metallurgica Bresciana S.p.A.

a) Foreign currency term loan from bank of ` 185.97 crores (31 March 2020: ` 191.11 crores ) carries interest of EURIBOR
+ 1.90% p.a. This loan is backed by corporate guarantee from Sterlite Technologies Limited. Loan amount is repayable
in 10 half yearly instalments starting from September 2020 to March 2025 (excluding interest).
b) Foreign currency term loan from bank of ` 137.25 crores (31 March 2020: ` 166.76 crores ) carries interest of
EURIBOR + 1.70% p.a. This loan is backed by SBLC issued by Citi Bank, India. Loan amount is repayable in 8 half yearly
instalments of Euro 0.20 crores starting from July 2020 to January 2023 and thereafter Euro 0.40 crores for the period
July 2023 to January 2024 (excluding interest).
c) Foreign currency loan from bank of ` 13.72 crores (31 March 2020: ` 11.19 crores) carries interest of EURIBOR + 1.25%
p.a. Loan amount is repayable in 1 annual installment and 9 half yearly instalments of Euro 0.02 crores starting from
November 2019 to November 2024 (excluding interest).
d) Foreign currency loan from bank of ` 18.01 crores (31 March 2020: ` 16.79 crores) carries interest of EURIBOR + 1.25%
p.a. Loan amount is repayable in 1 annual installment and 9 half yearly instalments of Euro 0.03 crores starting from
August 2019 to August 2024 (excluding interest).
e) Foreign currency loan from bank of ` 5.15 crores carries interest of EURIBOR + 1.55% p.a. Loan amount is repayable in
10 half yearly instalments of Euro 0.03 crores starting from June 2017 to December 2021 (excluding interest).

Notes
f) Foreign currency loan from bank of ` 2.06 crores carries interest of EURIBOR + 1.25% p.a. Loan amount is repayable in
4 half yearly instalments of Euro 0.02 crores starting from June 2018 to December 2019 and bullet repayment of Euro
0.02 crores in the month of June 21 (excluding interest).
STL Optical Interconnect S.p.A.

a) Foreign currency loan from bank of ` 205.86 crores carries interest of 6 months EURIBOR + 1.7% p.a. This loan
is backed by corporate guarantee from Sterlite Technologies Limited. Loan amount is repayable in 9 half yearly
instalments of Euro 0.24 crores starting from January 2023 to January 2025 and thereafter Euro 0.30 crores for the
period July 2025 to January 2027 (excluding interest).
31 March 2021 31 March 2020

Particulars
Current borrowings
Cash credit from banks (secured) - 0.33
Working capital demand loans from banks (secured) 193.47 315.00
Commercial paper from bank (unsecured) 450.00 350.00
Foreign currency loan (unsecured) 76.94 125.40
Other loan from banks (secured) 317.68 403.00
Other loans (unsecured) 189.24 29.53
Loans from related party (unsecured) 6.66 7.31
1,233.99 1,230.57
Net Amount 1,233.99 1,230.57
Note:
(i) Cash credit is secured by hypothecation of raw material inventory, work in progress, finished goods and trade
receivables. The cash credit is repayable on demand and carries interest @ 7.10 % -11.50 % p.a.
(ii) Working capital demand loan from banks is secured by first pari-passu charge on entire current assets of the Company
(both present and future) and second pari-passu charge on plant & machinery and other movable fixed assets of the
Company. Working Capital Demand Loan has been taken for a period of 7 days to 180 days and carries interest @ 5.11
% to 8.15% p.a.
(iii) Commercial Papers are unsecured and are generally taken for a period from 60 Days to 180 days and carry interest @
4.90% to 6.70% p.a.
(iv) Other loans include buyer’s credit arrangements (secured) and export packing credit (secured and unsecured). These
secured loans are secured by hypothecation of raw materials, work in progress, finished goods and trade receivables.
Export packing credit is taken for a period ranging from 30-180 days. Interest rate for both the products ranges from
5.00% - 8.11% p.a.
(v) Loan from related party includes unsecured loan received from Sterlite Power Transmission Limited which is
repayable on demand.
Jiangsu Sterlite and Tongguang Optical Fiber Co. Limited (JSTFCL)

a) Foreign currency loan from bank of ` 34.72 crores (31 March 2020: ` 74.12 crores) carries interest @ 3.20% - 4.60% p.a.
Metallurgica Bresciana S.p.A.

a) Foreign currency working capital loan from bank of ` 42.22 crores (31 March 2020: ` 51.28 crores) carries interest @
EURIBOR + 0.75% - 3.50% p.a.

Financial
Statements
Notes
Net debt reconciliation

This section sets out an analysis of net debt and the movements in net debt for each of the periods presented.
31 March 2021 31 March 2020
Particulars
Cash and cash equivalents* 199.87 153.48

Current investments ** 230.90 319.04
Current Borrowings (including interest accrued but not due) (1,233.99) (1,231.27)
Non-current borrowings (including interest accrued but not due and current maturity of long term borrowings.)*** (1,627.97) (1,246.34)
Net Debt (2,431.19) (2,005.09)
The amount of net debt considering the amount of lease liability of ` 104.58 crores (31 March 2020: ` 129.30 crores) is
` 2,535.77 crores (31 March 2020: ` 2,134.39 crores)
*Includes cash and cash equivalents of ` 7.08 crores (31 March 2020: ` 3.88 crores) relating to disposal group (MTCIL)
classified as discontinued operations (Refer note 16).
** Includes other bank balance of ` 50.00 crores (31 March 2020: ` 86.00 crores) with respect to fixed deposit. These fixed
deposits can be encashed by the Group at any time without any major penalties.
*** Includes non current borrowing ` 20.35 crores (31 March 2020: ` 29.28 crores ) relating to disposal group (MTCIL)
classified as discontinued operations (Refer note 16).
31 March 2021 31 March 2020
Particulars

Cashflows 373.19 146.27
Forex adjustment 7.66 (9.74)
Current borrowings
31 March 2021 31 March 2020
Particulars
Opening balance 1,231.27 982.69

Cash and cash equivalent

31 March 2021 31 March 2020
Particulars

Current Investments
31 March 2021 31 March 2020
Particulars

Cashflows (90.84) 146.64
Realised gain on current investments 2.70 2.23

Notes
Note 20: Other Financial Liabilities

31 March 2021 31 March 2020
Particulars
Non-current
Foreign exchange forward contracts - 1.96
Others
Payables for purchase of property, plant and equipment 0.45 0.63
Redemption liability (refer note 47) 18.67 15.22
Total non-current financial liabilities 25.17 22.55
Current
13.86 9.73
Other financial liabilities at amortised cost
Interest accrued but not due on borrowings 2.54 1.76
Interest payable to related party 1.27 0.70
Current maturities of long-term borrowings (refer note 19) 349.36 247.00
Unclaimed dividend* 4.67 4.16
Deposits from customers 0.26 0.29
Payables for purchase of property, plant and equipment (Including deferred payment liabilities) 453.04 552.05
Employee benefits payable 50.60 94.96
Others# 32.59 39.80
894.60 941.16
Total current financial liabilities 908.46 950.89
* There are no amounts due and outstanding to be credited to Investor Education and Protection Fund.
# This includes amount of ` Nil (March 31, 2020: ` 31.26 crores) payable towards acquisition of an associate company.
Note 21: Trade Payables

31 March 2021 31 March 2020
Particulars
Total outstanding dues of micro & small enterprises (refer note 41) 74.71 30.67
Total outstanding dues of creditors other than micro & small enterprises
Trade payables to related parties (refer note 51) - 0.20
Acceptances 153.91 -
Others 1,715.04 1,399.43
Total Trade Payables 1,943.66 1,430.30

Financial
Statements
Notes
Note 22: Provisions

31 March 2021 31 March 2020
Particulars
Non-current
Total non-current provision 0.74 0.89
Current
Total current provision 10.23 10.02
Provision for litigations / contingencies

The provision of ` 9.50 crores as at 31 March 2021 (March 31, 2020: ` 9.50 crores) is towards contingencies in respect
of disputed claims against the Group as described in note 40, the quantum of outflow and timing of which is presently
unascertainable. There is no movement in the provision for litigations / contingencies during the year.
Provision for warranty

The Group has given warranty on network software and licenses sold to customers. The timing of the outflow is expected
to be within a period of eighteen months from the date of sale of telecom software products. Movement in provision for
warranty is given below.
31 March 2021 31 March 2020

Particulars
At the beginning of the year 1.41 1.18

Arising during the year 0.06 0.23
Utilised during the year - -
At the end of the year 1.47 1.41
Current portion 0.73 0.52
Non-current portion 0.74 0.89
Note 23: Other Current Liabilities

31 March 2021 31 March 2020
Particulars
Contract Liabilities
Unearned revenue 31.52 43.59
Advance from customers 39.75 92.35
Total contract liabilities 71.27 135.94
Significant changes in Contract liabilities

Contract liabilities have decreased as entity has recognised the revenue from the opening unearned revenue & utilised the
advance from customers during the year.
During the year ended 31 March 2021 , the group recognised revenue of ` 43.59 crores (March 31, 2020: ` 87.78 crores)
arising from opening unearned revenue.
31 March 2021 31 March 2020

Particulars
Current
Indirect taxes payable 5.85 7.26
Withholding taxes (TDS) payable 16.08 9.30
Others 51.88 59.51
Total other current liabilities 73.81 76.07

Notes
Note 24: Deferred Tax Liabilities (Net)

31 March 2021 31 March 2020
Particulars
Deferred tax liability

Property, plant & equipment: Impact of difference between tax depreciation and depreciation/amortisation 134.44 106.21
for financial reporting
Impact of fair valuation of Land as at Ind AS transition date 11.44 11.44
Right to use assets 15.42 20.48
Net movement on cash flow hedges 4.59 5.49
Others 24.15 10.48
Gross deferred tax liability 190.04 154.10
Deferred tax assets
Provision for doubtful debts, loans and advances, allowed for tax purpose on payment basis 17.90 15.18
Expenditure allowed for tax purposes on payment basis 26.09 19.58
Provision for inventory 7.20 6.56
Impact of fair valuation of Plant & Machinery 1.33 2.66
Lease Liability 19.70 25.11
Impact of change in accounting policy on adoption of Ind AS 115 - 2.46
Impact of change in accounting policy on adoption of Ind AS 116 (refer note 55) 2.80 4.19
Others 26.09 17.69
Gross deferred tax assets 104.53 96.85
Net deferred tax liability 85.51 57.25
Reconciliation of deferred tax liability / deferred tax asset

31 March 2021 31 March 2020
Particulars
Opening deferred tax liability, net 57.25 74.39

Deferred tax (credit) / charge recorded in statement of profit and loss 17.76 (11.12)
Deferred tax (credit) / charge recorded in OCI (0.90) (20.11)
Utilisation of Tax Credit - 18.90
Impact of change in accounting policy on adoption of Ind AS 116 (refer note 55) - (4.19)
Others 11.40 (0.62)
Closing deferred tax liability, net 85.51 57.25
The major components of income tax expense for the years ended 31 March 2021 and 31 March 2020 are:
31 March 2021 31 March 2020
Particulars
Profit or loss section

Current Tax
Current tax on profit for the year 93.51 120.00
Deferred Tax
Relating to origination and reversal of temporary differences 17.76 (11.12)
Income tax expenses reported in the statement of profit or loss 111.27 108.88
OCI Section
Deferred tax related to items recognised in OCI during in the year:
Net (gain)/loss on revaluation of cash flow hedges (1.73) (20.20)
Re-measurement loss defined benefit plans 0.83 0.09
Income tax charged through OCI (0.90) (20.11)

Financial
Statements
Notes
Reconciliation of tax expense and the accounting profit multiplied by India’s domestic tax rate for 31 March 2021
and 31 March 2020:
31 March 2021 31 March 2020
Particulars
Profit before tax & share in profit of joint venture 380.22 541.60
Tax at India’s statutory income tax rate of 25.17% (31 March 2020: 25.17%) 95.70 136.32
Tax at lower tax rate of subsidiaries (1.86) (2.08)
Adjustments in respect of current income tax of previous years 1.23 1.51
Tax benefits available under various sections of income tax act (2.76) (4.09)
Income taxed at lower tax rate - (5.47)
Income tax rate difference - (21.21)
Goodwill DTA written off 8.85 -
Other adjustments 10.11 3.90
Income tax expense 111.27 108.88
Income tax expense reported in the statement of profit and loss 111.27 108.88
Pursuant to the announcement made by the Finance Ministry of the Government of India on September 20, 2019, the parent
company has opted for a lower corporate tax rate as per section 115 BAA of the Income Tax Act, 1961 as introduced by the
Taxation Laws (Amendment) Ordinance, 2019 from financial year 2019-20 onwards. The parent company has accordingly
recognised Provision for Income Tax and Deferred Tax Liability for the year ended March 31, 2021 basis the revised
lower tax rate.
Note 24B: Current Tax Liabilities (Net)

31 March 2021 31 March 2020
Particulars
Opening Current tax liabilities/(assets) (22.82) 51.27

Add: Current tax payable for the year 93.51 120.00
Less: Tax paid (43.85) (176.86)
Less: Utilisation of Tax Credit - (18.90)
Add/(less): Other adjustments 0.78 1.67
Total current tax liabilities 27.62 (22.82)
Disclosed as current tax assets in note 11 2.19 22.82
Disclosed as current tax liability (29.81) -
Note 25: Employee Benefit Obligations

31 March 2021 31 March 2020
Particulars
Non Current
Provision for employee benefit obligations of Metallurgica Bresciana S.p.A. 5.10 6.08
Total non-current employee benefits obligation 53.42 47.24
Current
Provision for employee benefit obligations of Metallurgica Bresciana S.p.A. 0.01 0.13
Total current employee benefits obligation 13.37 14.53
i) Compensated Absences
The compensated absences cover The Group's liability for sick and earned leave. The Group does not have an
unconditional right to defer settlement for any of these obligations. However, based on past experience, The Group
does not expect all employees to take the full amount of accrued leave or require payment within the next 12 months
and accordingly amounts have been classified as current and non current based on actuarial valuation report.

Notes
ii) Post employment benefit - Gratuity

The Group provides for gratuity for employees in India as per the Payment of Gratuity Act, 1972 (amended). Employees
who are in continuous service for a period of 5 years are eligible for gratuity. The amount of gratuity payable on
retirement/termination is the employees last drawn basic salary per month computed proportionately for 15 days salary
multiplied for the number of years of service. The gratuity plan is a funded plan and the Group makes contributions to
fund managed by Life insurance corporation of India. The Group does not fully fund the liability and maintains a target
level of funding to be maintained over a period of time based on estimate of expected gratuity payments.
Changes in the present value of the defined benefit obligation are as follows:
31 March 2021 31 March 2020
Particulars
Defined benefit obligation at the beginning of the year 40.86 34.18

Interest cost 2.68 2.61
Actuarial (gain)/loss (3.46) (0.35)
Defined benefit obligation, at the end of the year 44.16 40.86
Changes in the fair value of plan assets are as follows:

31 March 2021 31 March 2020
Particulars
Fair value of plan assets at the beginning of the year 5.32 4.32
Expected return on plan assets 0.35 0.33
Contribution by employer 1.30 1.54
Actuarial gain / (loss) (0.17) -
Fair value of plan assets at the end of the year 5.04 5.32
The parent company expects to contribute ` 2.50 crores (31 March 2020: ` 2.50 crores) to its gratuity plan in FY 2021-22.
The major categories of plan assets as a percentage of the fair value of total plan assets are as follows:
31 March 2021 31 March 2020
Particulars
(%) (%)
Insurance Fund with Life Insurance Corporation of India 100 100
The fair value of planned assets represents the amount as confirmed by the fund.
Details of defined benefit obligation

31 March 2021 31 March 2020
Particulars
Present value of defined benefit obligation 44.16 40.86

Benefit liability 39.12 35.54
The net liability disclosed above relates to funded plans are as follows:
31 March 2021 31 March 2020
Particulars
Present value of funded obligations 44.16 40.86

Deficit of funded plan (A) 39.12 35.54
Unfunded plans (B) - -
Total net obligation (A+B) 39.12 35.54
The Group has no legal obligation to settle the deficit in the funded plans with an immediate contribution or additional one
off contributions. The Group intends to continue to contribute the defined benefit plans as per the demand from LIC of India.

Financial
Statements
Notes
Net employee benefit expense recognised in the statement of profit and loss:
31 March 2021 31 March 2020
Particulars

Interest cost on benefit obligation 2.68 2.61
Expected return on plan assets (0.35) (0.33)
Net benefit expense 8.17 7.57
Net employee benefit expense recognised in the other comprehensive income (OCI):
31 March 2021 31 March 2020
Particulars
Actuarial (gains)/losses on Obligation For the Period (3.46) (0.35)

Return on Plan Assets, Excluding Interest Income 0.17 0.00
Net (income)/expense For the Period Recognised in OCI (3.29) (0.35)
Amounts for the current and previous periods are as follows:

31 March 2021 31 March 2020 31 March 2019 31 March 2018 31 March 2017
Particulars
(` in crores) (` in crores) (` in crores) (` in crores) (` in crores)
Defined benefit obligation 44.16 40.86 34.18 22.80 19.65

Plan assets 5.04 5.32 4.32 3.77 3.37
(Surplus) / deficit 39.12 35.54 29.86 19.03 16.28
Experience adjustments on plan liabilities (3.43) (3.22) 3.08 (0.01) (0.14)
Experience adjustments on plan assets - - - - (0.15)
The principal assumptions used in determining defined benefit obligation are shown below:
31 March 2021 31 March 2020
Particulars
(%) (%)
Discount rate 6.57 6.56

Expected rate of return on plan asset 6.57 6.56
Employee turnover 10.00 10.00
Expected rate of salary increase 10.00 10.00
The estimated future salary increase, considered in actuarial valuation, takes into account the effect of inflation, seniority,
promotion and other relevant factors such as supply and demand in the employment market.
Sensitivity Analysis
31 March 2021 31 March 2020
Particulars
+1% Change in discount rate (2.82) (2.66)

-1% Change in discount rate 3.22 3.04
+1% Change in rate of salary increase 3.09 2.91
-1% Change in rate of salary increase (2.76) (2.61)
+1% Change in rate of employee turnover (0.76) (0.73)
-1% Change in rate of employee turnover 0.85 0.81
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 methods and types of assumptions used in preparing the sensitivity analysis did not change compared to
the prior period.

Notes
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 bond yields; if plan assets underperform this
yield, this will create a deficit. Plan assets are maintained with fund manager LIC of India.
The Group's assets are maintained in a trust fund managed by public sector insurance Company via LIC of India. LIC has
a sovereign guarantee and has been providing consistent and competitive returns over the years. The plan asset mix is in
compliance with the requirements of the respective local regulations.
Changes in bond yields:

A decrease in bond yields will increase plan liabilities.
Future salary escalation and inflation risk:

Rising salaries will often result in higher future defined benefit payments resulting in a higher present value of liabilities
especially unexpected salary increases provided at managements discretion may lead to uncertainties in estimating this risk.
Life expectancy
Increases in life expectancy of employee will result in an increase in the plan liabilities. This is particularly significant where
inflationary increases result in higher sensitivity to changes in life expectancy.
The weighted average duration of the defined benefit obligation is 8 years (2020 - 8 years). The expected maturity analysis
of gratuity is as follows:
Maturity Analysis of defined benefit obligation:

The expected maturity analysis of undiscounted gratuity is as follows:
31 March 2021 31 March 2020
Particulars
(Funded) (Funded)
Projected Benefits Payable in Future Years From the Date of Reporting

Less than 1 year 5.94 5.55
Over 5 years 55.13 54.36
(iii) Employee benefit obligations of Metallurgica Bresciana S.p.A.

The provision for the staff leaving indemnity were calculated in accordance with the terms of article 2120 of the Italian
Civil Code, taking into account legal provisions and the specific nature of the contracts and professional categories, and
includes the annual amounts accrued and revaluations performed based on ISTAT coefficients. The amount of the provision
is assessed net of advances paid and the amounts used for terminations of employment occurring during the fiscal year and
represents the certain payable due to the employees on the fiscal year’s closing date.

Financial
Statements
Notes
Note 26: Revenue From Operations

31 March 2021 31 March 2020
Particulars
Revenue from contracts with customers

Sale of products
Finished goods 2,554.63 2,438.69
Revenue from sale of products 2,559.11 2,441.32
Revenue from sale of services 82.39 76.66
Revenue from network integration projects 2,028.34 2,466.37
Revenue from software products/licenses and implementation activities 105.24 92.60
4,775.08 5,076.95
Other Operating income
Scrap sales 25.88 23.55
Export incentives 24.22 53.90
Revenue from operation 4,825.18 5,154.40
Revenue disaggregation in terms of nature of good and service has been included above.
The total contract price of ` 4,808.86 crores is reduced by the consideration of ` 33.78 crores towards variable components.
Refer note 2 and 3 for accounting policy and significant judgements respectively.
The Group’s unsatisfied (or partially satisfied) performance obligations can vary due to several factors such as
terminations, changes in scope of contracts, periodic revalidations of the estimates or other relevant economic factors.
The aggregate value of unsatisfied (or partially satisfied) performance obligations is ` 2,986.59 crores which is expected
to be recognised over a period of one to five years. Amount of unsatisfied (or partially satisfied) performance obligations
does not include contracts with original expected duration of one year or less since the Group has applied the practical
expedient in Ind AS 115.
Note 27: Other Income

31 March 2021 31 March 2020
Particulars
Management Fees 11.08 10.74

Rental Income 0.06 0.28
Profit on sale of assets, net 2.57 2.57
Gain on fair value of investment in joint venture (at fair value through profit and loss) 7.00 -
Miscellaneous Income 12.36 11.80
Total other income 33.07 25.39
Note 28: Finance Income

31 March 2021 31 March 2020
Particulars
Interest income on
- Bank deposits 5.61 6.31
- Loans to related parties (refer note 51) 0.84 -
- Others 0.75 0.37
Income from current investment 2.70 2.23
Total finance income 9.90 8.91

Notes
Note 29: Cost of Raw Material and Components Consumed

31 March 2021 31 March 2020
Particulars
Inventory at the beginning of the year (refer note 12) 174.57 209.62
Adjustment on account of business combination (refer note 47) 52.46 -
Add: Purchases 2,513.27 2,332.69
2,740.30 2,542.31
Less: Inventory at the end of the year (refer note 12) 206.16 174.57
Cost of raw material and components consumed 2,534.14 2,367.74
(Increase)/ decrease in inventories
Opening inventories
204.10 301.73
Closing inventories
344.00 204.10
(Increase) / decrease in inventories (139.90) 97.63
Note 30: Employee Benefit Expense

31 March 2021 31 March 2020
Particulars

Contribution to provident fund (refer note below) 28.98 25.62
Gratuity expenses (refer note 25) 12.11 10.35
Employees stock option expenses (refer note 35) 11.42 9.86
Staff welfare expenses 23.88 20.12
Total Employee benefits expense 647.42 629.80
Defined Contribution Plans:

The Parent Company has a provident fund plan which is a defined contribution plan. Contributions are made to provident
fund administered by the government in India for employees at the rate of 12% of basic salary as per local regulations.
Metallurgica Bresciana S.p.A. has a social security fund which is a defined contribution plan. Contributions are made to
social security fund administered by Italian Goverment for employees at the rate of 16%-25% of salary as per the local laws
present in the country.
The obligation of the Group is limited to the amount contributed and it has no further contractual nor any
constructive obligation.
The Group has recognised the following expenses in the Statement of Profit and Loss for the year.
31 March 2021 31 March 2020
Particulars
Contribution to Employees Provident Fund 28.98 25.62

Total 28.98 25.62

Financial
Statements
Notes
Note 31: Other Expenses

31 March 2021 31 March 2020
Particulars
Consumption of stores and spares 119.45 97.35

Consumption of packing materials 90.93 78.49
Power, fuel and water 142.43 139.18
Labour Charges 61.41 53.95
Repairs and maintenance
Building 1.42 1.67
Plant & machinery 16.68 11.53
Others 25.17 23.07
Corporate Social Responsibility (CSR) expenses (refer note 45) 11.60 9.15
Sales commission 41.84 48.54
Sales promotion 13.78 24.33
Carriage outwards 108.19 60.98
Rent 4.41 10.00
Insurance 23.73 20.28
Legal and professional fees 70.90 86.24
Rates and taxes 11.40 11.28
Travelling and conveyance 23.39 54.87
Directors sitting fee and commission 1.55 1.55
Exchange difference, (net) 0.01 1.65
Payment to auditor 1.20 1.50
Research and development expenses (refer note 42)
Raw materials consumed 1.06 0.88
General expenses 45.80 24.12
Total Research and development expenses 113.15 74.39
Less Amount transferred to individual expense line item (113.15) (74.39)
Research and development expenses - -
Miscellaneous expenses 197.41 230.98
Total other expenses 972.18 987.78
Note 32: Depreciation and Amortisation Expense

31 March 2021 31 March 2020
Particulars
Depreciation of tangible assets 228.13 225.98

Depreciation of right of use assets 21.12 19.06
Amortisation of intangible assets 36.01 45.24
Total depreciation and amortisation expense 285.26 290.28
Note 33: Finance Cost

31 March 2021 31 March 2020
Particulars
Interest on financial liabilities measured at amortised cost* 147.24 171.38

Interest on lease liabilities 10.01 11.38
Bank charges 29.30 18.54
Exchange difference to the extent considered as an adjustment to borrowing costs 16.45 19.74
Total finance cost 203.00 221.04
* During the year, the Group has capitalised borrowing costs of ` 2.75 crores (31 March 2020: ` 11.12 crores) incurred on the borrowings specifically availed
for expansion of production facilities and general borrowing costs. The capitalisation rate used to determine the amount of borrowing costs to be capitalised
is the weighted average interest rate applicable to the Group's general borrowings, in this case 8.26% p.a. (March 31, 2020: 8.49% p.a.).

Notes
Note 34: Tax Expenses

31 March 2021 31 March 2020
Particulars
Current tax* 93.51 120.00

Deferred tax# 17.76 (11.12)
Unused tax losses for which no deferred tax asset has been recognised 21.61 31.93
Potential tax benefit @ 25.17% (31 March 2020: 25.17%) 5.44 8.04
Certain subsidiaries of the Group have undistributed earnings aggregating to ` 372.12 crores (March 31, 2020: ` 521.35 crores).
The Group plans to reinvest these undistributed earnings in the foreseeable future and consequently did not recognise a
deferred tax liability on the same.
These undistributed earnings even if distributed by subsidiaries in the form of dividend will be eligible for tax deduction if it
is utilised for further distribution of dividend to shareholders of the Parent company within timelines specified and as per the
provisions of Income Tax Act, 1961.
*For current year, the current tax expense is net of adjustment of ` 0.42 crores pertaining to current tax of previous year.
#For current year, the deferred tax includes ` 1.65 crores for adjustment pertaining to deferred tax expense of previous year.
Note 35: Employee Share Based Payments

The Group has established employees stock options plan, 2010 (ESOP Scheme) for its employees pursuant to the special
resolution passed by shareholders at the annual general meeting held on July 14, 2010. The employee stock option plan
is designed to provide incentives to the employees of the Group to deliver long-term returns and is an equity settled plan.
The ESOP Scheme is administered by the Nomination and Remuneration committee. Participation in the plan is at the
Nomination and Remuneration committee's discretion and no individual has a contractual right to participate in the plan
or to receive any guaranteed benefits. Options granted under ESOP scheme would vest in not less than one year and not
more than five years from the date of grant of the options. The Nomination and remuneration committee of the Group has
approved multiple grants with related vesting conditions. Vesting of the options would be subject to continuous employment
with the Group and hence the options would vest with passage of time. In addition to this, the Nomination and remuneration
committee may also specify certain performance parameters subject to which the options would vest. Such options would
vest when the performance parameters are met.
Once vested, the options remain exercisable for a period of one year. Options granted under the plan are for no
consideration and carry no dividend or voting rights. On exercise, each option is convertible into one equity share. The
exercise price is ` 2 per option.
The Group has charged ` 11.42 crores (31 March 2020: ` 9.86 crores) to the statement of profit and loss in respect of options
granted under ESOP schemes
a) Set Out Below is the summary of options granted under the plan.
31 March 2021 31 March 2020
Particulars Average
Number of Average Exercise Number of
Exercise price
Options price per share Options
per share
Opening Balance 2 39,33,890 2 46,14,478
Granted During the year 2 18,71,240 2 17,41,630
Forfeited During the year 2 - 2 -
Exercised During the year 2 (15,32,391) 2 (14,21,264)
Expired During the year 2 (7,04,276) 2 (10,00,954)
Closing Balance 35,68,463 39,33,890
Vested and Exercisable 7,20,421 4,23,130
Average share price for the year ended 31 March 2021 is 148.49 (31 March 2020: ` 141.89).

Financial
Statements
Notes
Share options outstanding at the end of the year have the following expiry date and exercise prices.
Share options Share options
Exercise Price
Grant Date Expiry Date outstanding on outstanding on
(INR)
31 March 2021 31 March 2020
30 April 2014 01 June 2024 2 13,200 33,050
30 March 2015 01 June 2025 2 1,06,981 4,38,500
13 July 2016 01 June 2025 2 21,361 85,521
25 July 2016 01 August 2026 2 1,53,900 2,93,290
19 July 2017 01 August 2027 2 2,25,055 3,90,470
16 October 2017 16 October 2027 2 10,770 20,650
17 January 2018 17 January 2028 2 3,660 5,260
19 July 2018 01 August 2028 2 5,04,274 10,13,749
24 January 2019 25 January 2027 2 37,875 44,600
24 October 2019 24 October 2029 2 9,24,735 16,08,800
22 July 2020 31 July 2030 2 14,85,412 -
19 January 2021 19 January 2031 2 81,240 -
Total 35,68,463 39,33,890
Weighted Average remaining contractual life of the options outstanding at the end of the period 3.27 3.11
b) Fair Value of the options granted during the year-

During the current year remuneration committee has approved two grants. Following are the details of assumptions under
individual grant, related vesting conditions and fair valuation model used based on the nature of vesting.
Date of Grant- July 22, 2020

The Group has granted options under ESOP scheme based on following two criteria and related assumptions
1. Vesting criteria - Assured vesting of 30% Options in five years subject to continuous employment with the company

Variables
01-Aug-21 01-Aug-22 01-Aug-23 01-Aug-24 01-Aug-25
Risk Free rate 3.92% 3.92% 3.92% 3.92% 3.92%
Dividend Yield 2.50% 2.50% 2.50% 2.50% 2.50%
Outputs
The expected price volatility is based on historical volatality (based on remaining life of the options) adjusted for any
expected change to future volatility due to publicly available information.
2. Vesting criteria - 30% Vesting based on total Shareholders return based on market performance
Vesting of these options is dependent on the shareholder return during the performance as compared to comparator group
identified by Nomination and Remuneration Committee. The Monte carlo model requires the following information of the
Group and comparator group companies:

Notes
- Risk free interest rate of the country where stock of comparator group is listed
- Estimate of correlation coefficients for each pair of group

Variables
3. Vesting criteria - 40% Vesting based on achivement of target EBITDA
Vesting of these options is dependent on the achivement of target EBITDA during the performance of FY' 2020-21 as
per the criteria determined by Nomination and Remuneration Committee. The Monte carlo model requires the following
information of the company:
- Risk free interest rate of the company
- Estimate of EBITDA as per approved business plan

Variables
Date of Grant- January 19, 2021

Vesting criteria - Continuous employment with the company.
Fair Valuation Method- Black Scholes options Pricing Model

Variables
20-Jan-22 20-Jan-23 20-Jan-24 20-Jan-25 20-Jan-26
Risk Free rate 3.99% 3.99% 3.99% 3.99% 3.99%
Dividend Yield 2.50% 2.50% 2.50% 2.50% 2.50%
Outputs

Financial
Statements
Notes
Note 36: Earnings Per Share (EPS)

31 March 2021 31 March 2020
Particulars
Profit/(Loss) for the year from continuing operations attributable to owners of the company 277.83 439.36
Profit /(Loss) for the year from discontinued operations attributable to owners of the company (2.36) (5.46)
Weighted average number of equity shares in calculating basic EPS 39.82 40.33
Adjustments for classification of diluted EPS:
Employee stock options outstanding during the year 0.46 0.45
Weighted average number of equity shares in calculating diluted EPS 40.28 40.78
Earnings/(loss) per share
Basic
From discontinued operations (0.05) (0.13)
Diluted
From discontinued operations (0.05) (0.13)
Options granted to employees under the ESOP Scheme 2010 are considered to be potential equity shares. They have been
included in the determination of diluted earnings per share to the extent to which they are dilutive. The options have not
been included in the determination of basic earnings per share. Details relating to the options are set out in note 35.
Note 37: The list of subsidiaries, joint venture and associates which are included in the consolidation
and the group's effective holding therein
Effective Effective
Name of the Group ownership as on ownership as on Country of incorporation
31 March 2021 31 March 2020
List of subsidiaries
Speedon Network Limited 100.00% 100.00% India
Maharashtra Transmission Communication Infrastructure Limited 64.98% 65.99% India
Sterlite Telesystems Limited 100.00% 100.00% India
Sterlite Innovative Solutions Limited 100.00% 100.00% India
STL Digital Limited (Erstwhile "Sterlite Tech Connectivity Solutions Limited") 100.00% 100.00% India
Sterlite Tech Cables Solutions Limited 100.00% 100.00% India
Sterlite Global Ventures (Mauritius) Limited 100.00% 100.00% Mauritius
Jiangsu Sterlite and Tongguang Fiber Co. Limited 75.00% 75.00% China
Sterlite (Shanghai) Trading Co. Limited 100.00% 100.00% China
Sterlite Technologies S.p.A* - 100.00% Italy
Metallurgica Bresciana S.p.A. 100.00% 100.00% Italy
Elitecore Technologies (Mauritius) Limited 100.00% 100.00% Mauritius
Elitecore Technologies SDN. BHD 100.00% 100.00% Malaysia
Sterlite Technologies UK Ventures Limited 100.00% 100.00% United Kingdom
Sterlite Tech Holdings (UK) Limited## - 100.00% United Kingdom
Sterlite Tech Holding Inc. 100.00% 100.00% USA
Sterlite Technologies Inc. 100.00% 100.00% USA
Impact Data Solutions Limited 80.00% 80.00% United Kingdom
Impact Data Solutions B.V. 80.00% 80.00% Netherlands
Vulcan Data Centre Solutions Limited 80.00% 80.00% United Kingdom
PT Sterlite Technologies Indonesia 100.00% 100.00% Indonesia
Sterlite Technologies DMCC 100.00% - United Arab Emirates
Sterlite Technologies Pty. Ltd. 100.00% - Australia
STL Edge Networks Inc. 100.00% - USA
STL Networks Limited 100.00% - India
STL Optical Interconnect S.p.A. 100.00% - Italy
Optotec S.p.A. 100.00% - Italy
Optotec International S.A. 100.00% - Switzerland

Notes
Effective Effective
Name of the Group ownership as on ownership as on Country of incorporation
31 March 2021 31 March 2020
List of Associate companies
MB Maanshan Special Cable Limited 40.00% 40.00% China
ASOCS** 12.50% 12.50% Israel
List of joint venture
Sterlite Conduspar Industries Ltda 58.05% 58.05% Brazil
*Merged with Metallurgica Bresciana S.p.A. during the year.

** Associate company is not considered for consolidation as the operations of the associate company is insignificant for the Group.
## This company is liquidated with effect from 22 September 2020.
Joint Venture with Metis Eduventures Private Limited is not considered for consolidation as the same is accounted as per Ind
AS 109 (Refer note 2s(ii))
Note 38: Code on Social Security, 2020

The Indian Parliament has approved the Code on Social Security, 2020 which would impact the contributions by the Parent
Company and it's Indian subsidiaries towards Provident Fund and Gratuity. The draft rules for the Code on Social Security,
2020 have been released by the Ministry of Labour and Employment on November 13, 2020. The Parent Company and its
Indian subsidiaries are in the process of assessing the additional impact on Provident Fund contributions and on Gratuity
liability contributions and will complete their evaluation and give appropriate impact in the financial statements in the period
in which the rules are notified become effective.
Note 39: Capital and other Commitments

a] Estimated amount of contracts remaining to be executed on capital account and not recognised for (net of advances)
are ` 129.58 crores (31 March 2020: ` 100.09 crores)
b] The Group has imported certain machinery under the Export Promotion Capital Goods (EPCG) scheme and accordingly
has export obligation as per details below:
Year upto which
31 March 2021 31 March 2020
Year of Issue export obligation
to be fulfilled
2017-18 2023-24 117.97 596.55
2018-19 2024-25 13.32 224.78
2019-20 2025-26 9.78 35.22
2020-21 2026-27 69.44 -
In this respect, the Group has given bonds of ` 878.20 crores (31 March 2020: ` 881.49 crores) to the Commissioner of
Customs. The Group expects to fulfil the export obligation within prescribed time.
c] For commitments relating to lease arrangements please refer note 4.
Note 40: Contingent Liabilities

31 March 2021 31 March 2020
Particulars
1. Disputed liabilities
a) Excise duty [refer note 22 and note 44] - 18.50
b) Customs duty 89.64 74.90
c) Goods and Service tax 0.69 0.57
d) Income tax 11.87 11.44
e) Claims lodged by a bank against the Group* 18.87 18.87
f) Claims against the Group not acknowledged as debt$ 20.53 1.11

Financial
Statements
Notes
2. The Company had issued Corporate guarantees amounting to ` 114 crores to the Income tax Authorities in FY 2003-04
on behalf of the Group companies. The matter against which corporate guarantee was paid by STL was decided in
favour of the Group companies by both ITAT and HC orders against which the Department has filed an appeal with
the Supreme Court. The above corporate guarantee is backed by the corporate guarantee issued by the Volcan
Investments Limited ( ultimate holding Company) in the favour of the Group.
The Group has not provided for disputed liabilities disclosed above arising from disallowances made in assessments
which are pending with different appellate authorities for its decision. The Group is contesting the demands and
the management, including its tax advisors, believe that its position will likely be upheld in the appellate process.
No liability has been accrued in the financial statements for the demands raised. The management believes that the
ultimate outcome of these proceedings will not have a material adverse effect on the Group's financial position. In
respect of the claims against the Group not acknowledged as debts as above, the management does not expect these
claims to succeed. It is not practicable to indicate the uncertainties which may affect the future outcome and estimate
the financial effect of the above liabilities.
* In an earlier year, one of the Bankers of the Group had wrongly paid an amount of ` 18.87 crores under the letter of credit facility. The letter of credit towards
import consignment was not accepted by the Group, owing to discrepancies in the documents. Thereafter, the bank filed claim against the Group in the Debt
Recovery Tribunal (DRT). Against the DRT Order dated 28 October 2010, the parties had filed cross appeals before the Debt Recovery Appellate Tribunal.
The Debt Recovery Appellate Tribunal vide its Order dated 28 January 2015 has allowed the appeal filed by the Group and has dismissed the appeal filed by
the bank. The bank has challenged the said order in WRIT petition before the Bombay High Court. The management doesn't expect the claim to succeed and
accordingly no provision for the contingent liability has been recognised in the financial statements.
$Claims against the company not acknowledged as debt mainly includes ` 14.80 crores pertaining to an order against the Parent Company with respect to
claim made by a supplier and ` 4.62 crores is related to claim made on one of the subsidiary by it's employees.
NOTE 41: Details of Dues to Micro and Small Enterprises as Defined Under Msmed Act, 2006
31 March 2021 31 March 2020
Particulars
(i) The principal amount and the interest due thereon remaining unpaid to any supplier at the end of each
accounting year
Principal amount due to micro and small enterprises* 74.71 30.66
Interest due on above 0.54 0.96
(ii) The amount of interest paid by the buyer in terms of Section 16 of the Micro, Small and Medium - -
Enterprises Development Act, 2006 along with the amount of the payment made to the supplier beyond
the appointed day during each accounting year.
(iii) The amount of interest due and payable for the period of delay in making payment but without adding - -
the interest specified under the Micro, Small and Medium Enterprises Development Act, 2006
(iv) The amount of interest accrued and remaining unpaid at the end of each accounting year. 1.50 0.96
(v) The amount of further interest remaining due and payable even in the succeeding years, until such date - -
when the interest dues as above are actually paid to the small enterprise for the purpose of disallowance
as a deductible expenditure under section 23 of the Micro, Small and Medium Enterprise Development
Act, 2006
* includes amount of ` 33.32 crores (31 March 2020: 11.53 crores) outstanding, but not overdue to micro, small and medium enterprises as on 31 March 2021.
Amount due to Micro and Small enterprises are disclosed on the basis of information available with the Company regarding
status of the suppliers as Micro and Small enterprises.

Notes
Note 42: Research and Development Expenditure

STL through its extensive research capabilities, constant innovation and unique capabilities at following R&D centres is able
to provide customers end to end solutions from manufacturing of cable to system integration to providing software products
required by telecom players:
- Aurangabad – R&D activities to manufacture cable which can cater most bandwidth demand
- Gurgaon – R&D activities to design, build, manage broadband network for global service providers, smart cities,
rural broadband etc.
- Ahmedabad – R&D activities to develop innovative telecom software products which can cater demand for business
support system and operating support system
- Pune – R&D activities for Product Engineering towards Programmable Networking & Intelligence
31 March 2021 31 March 2020
Particulars
Capital expenditure
- Plants and machinery - purchased and capitalised during the year 9.03 24.83
- Plants and machinery - purchased during the year but pending for capitalisation 2.21 2.95
- Software - capitalised during the year 0.42 4.33
- IT Equipments - capitalised during the year 0.63 2.10
- Furniture & Fixtures - capitalised during the year - 4.14
- Office equipments and Electrical Installation - capitalised during the year 0.02 3.13
- Right of use assets - capitalised during the year - 4.25
12.31 45.73
Revenue expenditure
Total 113.15 74.39
The Group has four Research and Development Centres. Centre wise breakup of expenditure is as follows:
31 March 2021 31 March 2020
Particulars
Sterlite Technologies - Aurangabad

18.80 30.79
Sterlite Technologies - Gurgaon
57.27 30.78
Sterlite Technologies - Ahmedabad
- Capital Expenditure - -
20.44 27.76
Sterlite Technologies - Pune
28.94 30.79

Financial
Statements
Notes
Note 43: Impact of COVID-19 Pandemic

Management has made an assessment of the impact of COVID-19 in preparation for these financial statements.
Management has considered all relevant external and internal factors in the measurement of assets and liabilities including
recoverability of carrying values of its assets, its liquidity position and ability to repay debts. No adjustment to key estimates
and judgements that impact the financial statements have been identified. Since telecom networks have been identified as
an essential service, the Group is operating at its normal operating capacity at all locations. However, the impact assessment
of COVID-19 will be a continuing process given the uncertainties associated with its nature and duration and no significant
impact is envisaged on the operations.
Further due to the ongoing lockdown restrictions, independent confirmations of balances of 5 bank accounts having a
cumulative book balance of ` 0.07 crores and balance with LIC of ` 5.08 crores with respect to the Company's funded
Gratuity plan assets could not be obtained as at March 31, 2021 from the respective parties. Management has prepared
the financials based on the latest available statements available with Management, which fairly represent the respective
balances. For balance with LIC the statement available is for balance as at December 31, 2020 and for the 5 bank balances
the statements are for balances as at March 31, 2021.
Note 44: Excise / Customs Matter Pending With Hon. Supreme Court
During the previous year ended March 31, 2020, the Company made an application under Sabka Vishwas (Legacy Dispute
Resolution) Scheme, 2019 (SVLDRS), for settlement of the disputed excise matter of ` 188 crores demanded by CESTAT in
2005-06 which the Company was contesting at Honourable Supreme Court, and also some other litigations under Central
Excise Act, 1944 and Chapter V of Finance Act, 1994 which were pending as of June 30, 2019. Based on the provisions
of SVLDRS, Management determined and paid duty in respect of all matters offered for settlement under the scheme and
accordingly recognised expense of ` 50.71 crores in the previous year which has been disclosed as exceptional item in the
Statement of profit and loss.
Note 45: Corporate Social Responsibility

The Group has spent an amount of ` 11.60 crores (31 March 2020: ` 9.15 crores) during the year as required under section
135 of the Companies Act, 2013 in the areas of education, healthcare, woman empowerment and environment. The amount
was spent by way of contribution to Sterlite Tech Foundation of ` 11.60 crores.
Details of CSR expenditure:

31 March 2021 31 March 2020
Particulars
A. Gross amount required to be spent by the Group 11.59 9.15

B. Amount spent during the year 11.60 9.15
(i) Construction / acquisition of any assets - -
(i) On purpose other than (i) above 11.60 9.15
Note 46: Amortisation of Recognised Goodwill on Acquisition

During the year 2015-16, The Group had acquired 100% of the paid up equity share capital of Elitecore Technologies Private
Limited ('ETPL'), a global telecom software product company. ETPL has been merged with The Group with the appointed
date of September 29, 2015 under a scheme of amalgamation approved by Honourable Bombay High Court and Gujarat
High Court (the "Scheme"). Goodwill (excess of purchase consideration over the aggregate book value of the net assets
acquired) was being amortised over a period of five years, as per the Scheme. Ind-AS does not allow amortisation of
goodwill, which amounted to ` 14.65 crores (31 March 2020: ` 29.64 crores) for the year. The Goodwill attributable to ETPL
has been completely amortised in the current year ended March 31, 2021.

Notes
Note 47: Business Combinations

Summary of acquisition FY 2020-21
The Group,through its subsidiary Sterlite Optical Interconnect S.p.A. has acquired 100% of the shares of Optotec S.p.A.
(Optotec) including its wholly owned subsidiary, Optotec International S.A for a purchase consideration of EUR 29.90 million
as per share purchase agreement dated November 02, 2020 as amended on January 8, 2021.
The assets and liabilities recognised as a result of the acquisition are as follows:
Book Value Book Value
Particulars Amount in Euro Amount in `
crores crores
Tangible Assets 0.02 2.14
Intangible Assets 0.00 0.05
Inventories 0.61 52.46
Current investment 0.01 0.86
Cash & Cash equivalents 0.38 32.59
Trade receivables 0.49 41.85
Other assets 0.23 20.15
Borrowings (0.04) (3.38)
Trade and other payables (0.48) (41.29)
Other liabilities (0.11) (10.23)
Net identifiable asset required 1.11 95.20
Non-controlling interest - -
Net identifiable asset required 1.11 95.20
Amount Euro Amount `

Calculation of goodwill
in crores in crores
Consideration transferred 2.99 268.18
Less: Net identifiable assets required (1.11) (95.20)
Goodwill 1.88 172.98
The goodwill is attributable to the synergies from combining operations with group and workforce.
Revenue & Profit Contribution:

If the acquisitions had occurred on 1 April 2020, consolidated pro-forma revenue and profit for the year ended 31 March
2021 would have been ` 4,950.42 crores and ` 279.89 crores respectively. These amounts have been calculated using the
subsidiary's results.
Revenue Profit
Calculation of goodwill
Total revenue and profit of group excluding Optotech Group 4,785.60 259.04
Revenue and profit of Optotech Group 164.82 20.85
Total 4,950.42 279.89
Purchase Consideration - cash outflow

The cash outflow for acquisition of Optotec is ` 234.13 crores, net of cash acquired.
Acquisition related costs

Acquisition related costs of ` 5.43 crores is included in other expenses in Statement of profit & loss.
Measurement period
Considering para 45 of Ind AS 103, management will complete the measurement of acquisition before 1 year from the date
of acquisition and accordingly has considered provisional goodwill in the books of accounts as at March 31, 2021.

Financial
Statements
Notes
Summary of acquisition FY 2019-20

The Group, on 24th September 2019 (the “Acquisition date”) had entered into definitive agreements to acquire 100% stake
in Impact Data Solutions Group (IDS, UK) comprising it's wholly owned subsidiary, Impact Data Solutions B.V. and a group
company Vulcan Data Centre Solutions Limited (collectively referred as ""IDS Group""). The Group had acquired 80% of the
shares of IDS Group for a purchase consideration of GBP 10.2 million subject to subsequent adjustment based on actual
enterprise value calcuated in accordance with the agreement.
Group has an obligation to acquire the balance 20% over the next 2 to 5 years for a consideration based on an earn out
model. Accordingly, the Group has recognised ` 18.67 crores with respect to the redemption liability.
In the current year, the group has received a refund of GBP 0.45 million (` 4.35 crores) against purchase consideration paid
for acquisition of IDS Group in the previous year. This refund was made for the subsequent adjustment based on actual
enterprise value calcuated in accordance with the agreement. This refund of purchase consideration has been deducted
from the goodwill amount recognised in previous year (refer note 5).
Note 48: Financial Risk Management

The Group's principal financial liabilities, comprise borrowings, trade and other payables and other financial liabilities. The
main purpose of these financial liabilities is to finance the Group's operations. The Group's principal financial assets include
Investments, loans, trade and other receivables, cash and short-term deposits and other financial assets that arise directly
from its operations. The Group also enters into derivative transactions.
The Group's activities expose it to market risk, credit risk and liquidity risk. The Group's senior management oversees
the activities to manage of these risks. All derivative activities for risk management purposes are carried out by specialist
teams that have the appropriate skills, experience and supervision. It is the Group's policy that no trading in derivatives for
speculative purposes should be undertaken.
The Risk Management policies of the Group are established to identify and analyse the risks faced by the Group, to set
appropriate risk limits and controls and to monitor risks and adherence to limits. Risk management policies and systems are
approved and reviewed regularly by the Board to reflect changes in market conditions and the Group's activities.
Management has overall responsibility for the establishment and oversight of the Group's risk management framework. The
risks to which Group is exposed and related risk management policies are summarised below -
(a) 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 three types of risk: interest rate risk, currency risk, price risk such as equity price risk
and commodity risk. Financial instruments affected by market risk mainly including loans given and borrowings, financial
assets and liabilities in foreign currency, quoted investments and derivative financial instruments.
The sensitivity analysis in the following sections relate to the position as at 31 March 2021 and 31 March 2020.
The sensitivity analysis have been prepared on the basis that the amount of 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 31 March 2021 and 31 March 2020.
Interest rate risk

Interest rate risk is the risk that the fair value or the future cash flows of a financial instrument will fluctuate because of
changes in interest rates. The Group's exposure to the risk of changes in interest rate primarily relates to the Group's debt
obligations with floating interest rates.
The Group is exposed to the interest rate fluctuation in domestic as well as foreign currency borrowing. The Group manages
its interest rate risk by having a balanced portfolio of fixed and variable rate borrowings. The Group enters into 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. At 31 March 2021, after taking into account the effect
of interest rate swaps, approximately 67% of the Group's borrowings are at a fixed rate of interest (31 March 2020: 70%).

Notes
The exposure of the group's borrowing to interest rate changes at the end of the reporting period are as follows:
31 March 2021 31 March 2020
Particulars
Variable rate borrowings 1,007.90 849.36

Fixed rate borrowings 1,831.17 1,598.20
Total borrowings 2,839.07 2,447.56
As at the end of the year, the group had the following variable rate borrowings and interest rate swap contracts outstanding:
31 March 2021 31 March 2020
Particulars Balance Balance
% of total loans % of total loans
(` In crores) (` In crores)
Variable rate borrowings 1,007.90 36% 849.36 35%
Interest rate swaps (notional principal amount) 73.11 113.49
Net exposure to cash flow interest rate risk 934.79 735.87
The following table demonstrates the sensitivity to a reasonably possible change in the interest rates borrowings at variable
interest rate. With all the other variables held constant, the Group's profit before tax is affected through the impact on
floating rate borrowings, as follows:
(` in crores)
Effect on profit
Increase/ before tax /
Particulars Decrease in pre-tax equity
Basis Points Decrease/
(increase)
31 March 2021
Base Rate +50 4.67
31 March 2020
Base Rate +50 3.68
Foreign currency risk

The Group operates internationally and is exposed to foreign exchange risk arising from foreign currency transactions,
primarily with respect to the USD, EURO, GBP and Chinese renminbi (RMB). Foreign exchange risk arises from future
commercial transactions and recognised assets and liabilities denominated in a currency that is not the Group's functional
currency (INR). The risk is measured through a forecast of highly probable foreign currency cash flows. The objective of the
hedges is to minimise the volatility of the INR cash flows of highly probable forecast transactions.
The Group has a policy to keep minimum forex exposure on the books that are likely to occur within a maximum 12-month
period for hedges of forecasted sales and purchases. As per the risk management policy, foreign exchange forward
contracts are taken to hedge its exposure in foreign currency risk. During the years ended 31 March 2021 and 2020, the
Group did not have any hedging instruments with terms which were not aligned with those of the hedged items.
When a derivative is entered into for the purpose of hedge, the Group negotiates the terms of those derivatives to match the
terms of the underlying exposure. For hedges of forecast transactions the derivatives cover the period of exposure from the
point the cash flows of the transactions are forecasted up to the point of settlement of the resulting receivable or payable
that is denominated in the foreign currency.

Financial
Statements
Notes
Out of total foreign currency exposure the Group has hedged significant exposure as at March 31, 2021 and as at March 31,
2020. The Group's foreign currency exposure at the year end is as follows:
31 March 2021
(` in crores)
Bank Balances 9.66 7.39 15.76 -
Loans and advances - - 2.68 -
Derivative Assets
31 March 2021
(` in crores)
Financial Liabilities USD EUR GBP AUD
Foreign currency
Bank Loan (including deferred payment liabilities) 189.79 25.38 75.56 -
Payables for purchase of property, plant & equipments 82.13 133.44 - -
Trade Payables 111.96 12.16 0.19 -
Foreign exchange forward contracts - Buy foreign currency 227.09 165.04 - -
Principal Swap 73.11 - - -
Net Exposure to foreign currency risk (Liabilities) 83.68 5.94 75.75 -
31 March 2020
(` in crores)
Bank Balances 10.33 19.98 4.21 -
Loans and advances - - 3.23 -
Derivative Assets
31 March 2020
(` in crores)
Financial Liabilities USD EUR GBP MYR
Foreign currency
Bank Loan (including deferred payment liabilities) 480.78 74.08 69.81 -
Payables for purchase of property, plant & equipments 97.19 108.54 7.55 -
Trade Payables 215.46 6.49 0.40 -
Foreign exchange forward contracts - Buy foreign currency 525.96 164.49 0.27 -
Principal Swap 113.08 - - -
Net Exposure to foreign currency risk (Liabilities) 154.40 24.62 77.50 -

Notes
Foreign currency sensitivity

The following tables demonstrate the sensitivity to a reasonably possible change in USD, EUR and GBP exchange rates, with
all other variables held constant. The impact on the Group's profit before tax is due to changes in the fair value of monetary
assets and liabilities. The impact on the Group’s pre-tax equity is due to changes in the fair value of forward exchange
contracts designated as cash flow hedges. The Group’s exposure to foreign currency changes for all other currencies is not
material. With all the other variable held constant, the Group's profit before tax is affected through the impact on change of
foreign currency rate as follows-
(` in crores)
Effect on profit Effect on profit Effect on profit
Change in USD Change in Change in
before tax / before tax / before tax /
rate Euro rate GBP rate
pre-tax equity pre-tax equity pre-tax equity
31 March 2021 +5% (0.86)/0.21 +5% 0.66/12.80 +5% (2.61)/16.78
-5% 0.86/(0.21) -5% (0.66)/(12.80) -5% 2.61/(16.78)
31 March 2020 +5% (6.43)/(5.32) +5% 0.78/22.00 +5% (3.22)/(1.63)

-5% 6.43/5.32 -5% (0.78)/(22.00) -5% 3.22/1.63
Commodity price risk

The Group is affected by the price volatility of certain commodities. Its operating activities require the ongoing purchase
and manufacture of copper cables and therefore require a continuous supply of copper. To meet these requirements the
Group enters into contracts to purchase copper. The prices in these purchase contracts are linked to the price on London
Metal Exchange.
The Group has risk management strategy to mitigate commodity price risk.
Based on a 1 month forecast of the required copper supply, the Group hedges the purchase price using future commodity
purchase contracts. The forecast is deemed to be highly probable.
Commodity price sensitivity

As per the Group's policy for commodity price hedging, all the commodity price exposures as on reporting dates are fully
hedged. Thus, there are no open unhedged exposures on the reporting dates.
Price risk
The Group's non-listed equity securities are susceptible to market price risk arising from uncertainties about future values of
the investment securities. The Group manages the equity price risk through diversification and by placing limits on individual
and total equity instruments. Reports on the equity portfolio are submitted to the Group’s senior management on a regular
basis. The Group’s Board of Directors review and approve all equity investment decisions.
At the reporting date, the exposure to unlisted equity securities (other than investments in subsidiaries) at fair value was
` 122.30 crores (31 March 2020: ` 100.28 crores).
The group invests into highly liquid funds which are subject to price risk changes. These investments are generally for short
durations and therefore impact of price change is generally not significant
(b) Credit risk

Credit risk is the risk that a counterparty will not meet its obligations under a contract, leading to a financial loss. The Group
is exposed to credit risk from its operating activities (primarily trade receivables) and from its investing activities, including
deposits with banks, foreign exchange transactions and other financial instruments.

Financial
Statements
Notes
Trade receivables and Contract assets

Customer credit risk is managed by each business unit subject to the group’s established policy, procedures and control
relating to customer credit risk management. Credit quality of a customer is assessed taking into account its financial
position, past experience and other factors, eg. credit rating and individual credit limits are defined in accordance with credit
assessment. Outstanding customer receivables are regularly monitored and any shipments to major customers are generally
covered by letters of credit or other forms of credit assurance.
An impairment analysis is performed at each reporting date on an individual basis for major customers. In addition, a
large number of minor receivables are grouped into homogenous groups and assessed for impairment collectively. The
assessment is based on historical information of defaults. The maximum exposure to credit risk at the reporting date is
the carrying value of each class of financial assets. The group does not hold collateral as security. The group evaluates
the concentration of risk with respect to trade receivables as low, as its customers are located in several jurisdictions and
operate in largely independent markets. During the period, the group made write-offs of ` 0.92 crores (31 March 2020:
` 5.05 crores) trade receivables and it does not expect to receive future cash flows or recoveries from collection of cash
flows previously written off. The contract assets have substantially the same risk characteristics as trade receivables
for same type of contract etc. Therefore management has concluded that the expected loss for trade recievables are at
reasonable approximation for loss rates for contract assets.
The Group’s customer profile for customer contracts and software services include public sector enterprises, state owned
companies and private corporates. Accordingly, the group’s customer credit risk is low. The group’s average network
integration project execution cycle ranges from 12 to 36 months based on the nature of contract and scope of services to
be provided. General payment terms include mobilisation advance, progress payments with a credit period ranging from 45
to 90 days and certain retention money to be released at the end of the project. In some cases retentions are substituted
with bank/corporate guarantees. The group provides for expected credit loss based on life-time expected credit losses
(simplified approach).
Details of Expected credit loss for trade receivables and contract assets is as follows:
31 March 2021 31 March 2020
Particulars less than more than less than more than
Total Total
365 days 365 days 365 days 365 days
Gross carrying amount 2,469.56 361.94 2,831.50 2,053.19 308.45 2,361.64
Expected credit loss rate 0.47% 13.00% 0.39% 15.00%
Expected credit loss provision 11.57 47.05 58.62 7.99 46.27 54.26
Carrying amount of trade receivable 2,457.99 314.89 2,772.88 2,045.20 262.18 2,307.38
(net of provision)
Financial assets and cash deposits

Credit risk from balances with banks and financial institutions is managed by the Group’s treasury department in accordance
with the Group’s policy. Investments of surplus funds are made only with approved counterparties and within credit limits
assigned to each counterparty. Counterparty credit limits are reviewed by the Group on an annual basis, and may be
updated throughout the year . The limits are set to minimise the concentration of risks and therefore mitigate financial loss
through counterparty’s potential failure to make payments.
Other financial assets that are potentially subject to credit risk consists of inter corporate loans. The Group assesses
the recoverability from these financial assets on regular basis. Factors such as business and financial performance of
counterparty, their ability to repay, regulatory changes and overall economic conditions are considered to assess future
recoverability. The Group charges interest on such loans at arms length rate considering countparty's credit rating. Based on
the assessment performed, the Group considers all the outstanding balances of such financial assets to be recoverable as
on balance sheet date and no provision for impairment is considered necessary.
The Group’s maximum exposure to credit risk for the components of the balance sheet at 31 March 2021 and 31 March
2020 is the carrying amounts of each class of financial assets.

Notes
(c) Liquidity risk

Liquidity risk is the risk that the Group may encounter difficulty in meeting its present and future obligations associated with
financial liabilities that are required to be settled by delivering cash or another financial asset. The Group's objective is to,
at all times, maintain optimum levels of liquidity to meet its cash and collateral obligations. The Group requires funds both
for short term operational needs as well as for long term investment programs mainly in growth projects. The Group closely
monitors its liquidity position and deploys a robust cash management system. It aims to minimise these risks by generating
sufficient cash flows from its current operations, which in addition to the available cash and cash equivalents, liquid
investments and sufficient committed fund facilities, will provide liquidity.
The liquidity risk is managed on the basis of expected maturity dates of the financial liabilities. The average credit period
taken to settle trade payables is about 90 - 120 days. The other payables are with short term durations. The carrying
amounts are assumed to be reasonable approximation of fair value. The table below summarises the maturity profile of the
Group's financial liabilities based on contractual undiscounted payments:
(` in crores)
Payable on Less than 3 3 months to 1 year to
Particulars > 5 years Total
demand months 12 months 5 years
Borrowings 13.62 1,296.89 272.83 1,204.27 51.47 2,839.07
Other financial liabilities 5.20 42.26 44.74 24.72 - 116.92
Trade payables 263.17 788.02 892.47 - - 1,943.66
Payables for purchase of Property, plant - 165.48 287.56 0.45 - 453.49
and equipments
Derivatives - - 13.86 - - 13.86
281.99 2,292.65 1,511.46 1,229.44 51.47 5,367.01
Borrowings 7.64 1,149.77 320.19 969.96 - 2,447.56
Other financial liabilities 4.91 42.23 94.96 18.72 - 160.82
Trade payables 279.54 510.11 640.65 - - 1,430.30
Payables for purchase of Property, plant - 207.04 345.02 0.62 - 552.68
and equipments
Derivatives - - 9.73 3.21 - 12.94
292.09 1,909.15 1,410.56 992.51 - 4,604.31
Cash flow hedges

Foreign exchange forward contracts are designated as hedging instruments in cash flow hedges of highly probable
forecast transactions/firm commitments for sales and purchases in USD, EUR and GBP. The foreign exchange forward
contract balances vary with the level of expected foreign currency sales and purchases and changes in foreign
exchange forward rates.
The terms of the foreign currency forward contracts match the terms of the expected highly probable forecast
transactions. As a result, no hedge ineffectiveness arose requiring recognition through profit or loss as on 31 March 2021
and 31 March 2020.
unrealised gain of ` 21.04 crores, with a deferred tax liability of ` 5.30 crores relating to the hedging instruments, is included
At 31 March 2021, The Group has currency/interest rate swap agreements in place with a notional amount of USD 1 crore
(` 73.11 crore) (31 March 2020: USD 1.5 crores ) whereby The Group receives a variable rate of interest of Libor + 2.70% and
pays interest at a fixed rate equal to 10.0425% on the notional amount with USD-INR rate fixed at INR 66.3850 per USD. The
swaps are being used to hedge the exposure to changes in the foreign exchange rates and interest rates.

Financial
Statements
Notes
unrealised loss of ` 3.51 crores, with a deferred tax asset of ` 0.88 crore relating to the hedging instruments, is included
Impact of hedging activities

(a) Disclosure of effects of hedge accounting on financial position:
31 March 2021
(` in crores)
Change in the value
Carrying Changes in
of hedged item
recognising hedge
effectiveness
Assets /
(Liabilities)
Cash flow hedge
(i) Foreign exchange forward 904.50 23.12 April 2021- 1:1 AED:INR- 21.26 0.45 (0.45)
contracts- Assets February 2024 AUD:INR- 56.77
EUR:INR- 93.94
GBP:INR- 108.43
USD:INR- 74.14
(ii) Foreign exchange forward 149.13 (2.08) April 2021- 1:1 AUD:INR- 54.52 1.75 (1.75)
contracts- Liabilities February 2024 EUR:INR- 89.64
GBP:INR- 102.38
USD:INR- 74.36
(iii) Foreign Currency Loan (148.67) 0.40 3-January-23 1:1 USD:INR 66.39 (10.96) 10.96
Interest rate risk
Interest rate swap (73.11) (0.69) 3-January-23 1:1 N/A 1.86 (1.86)
31 March 2020
(` in crores)
Change in the value
Carrying Changes in
of hedged item
recognising hedge
effectiveness
Assets /
(Liabilities)
Cash flow hedge
(i) Foreign exchange forward 342.60 22.67 April 2020 - 1:1 AED:INR- 20.29 (58.30) 58.30
contracts- Assets December 2023 AUD:INR- 46.65
EUR:INR- 90.25
GBP:INR- 97.19
USD:INR- 73.84
(ii) Foreign exchange forward 193.46 (3.83) April 2020- 1:1 EUR:INR- 88.19 (3.18) 3.18
contracts- Liabilities January 2022 GBP:INR- 94.13
USD:INR- 73.25
CNH:INR-10.73
(iii) Foreign Currency Loan (182.89) 11.36 03 January 2023 1:1 USD:INR 66.39 11.18 (11.18)
Interest rate risk
Interest rate swap (297.77) (2.55) 03 January 2023 1:1 N/A (1.51) 1.51
*The foreign exchange forward contracts are denominated in the same currency as the highly probable future sales therefore the hedge ratio is 1:1.

Notes
The notional amount of interest rate swap is equal to the portion of variable rate loans that is being hedged and therefore
the hedge ratio for interest rate swaps is also 1:1.
The entire amount of foreign currency loan (USD) is designated as cash flow hedge and hence the hedge ratio is 1:1."
(b) Disclosure of effects of hedge accounting on financial performance
31 March 2021
(` in crores)
Cash flow hedge
Interest Risk 1.86 - - N/A
31 March 2020
(` in crores)
Cash flow hedge
Interest Risk (1.51) - - N/A
The Group’s hedging policy requires for effective hedge relationships to be established. Hedge effectiveness is determined
at the inception of the hedge relationship and through periodic prospective effectiveness assessments to ensure that an
economic relationship exists between the hedged item and hedging instrument. The Group enters into hedge relationships
where the critical terms of the hedging instrument match exactly with the terms of the hedged item, and so a qualitative
assessment of effectiveness is performed. If changes in circumstances affect the terms of the hedged item such that the
critical terms no longer match exactly with the critical terms of the hedging instrument, the Group uses the hypothetical
derivative method to assess effectiveness.
"Ineffectiveness is recognised on a cash flow hedge where the cumulative change in the designated component value of the
hedging instrument exceeds on an absolute basis the change in value of the hedged item attributable to the hedged risk. In
hedges of foreign currency forecast sale may arise if:
- the critical terms of the hedging instrument and the hedged item differ (i.e. nominal amounts, timing of the forecast
transaction, interest resets changes from what was originally estimated), or
- differences arise between the credit risk inherent within the hedged item and the hedging instrument. "
Refer note 18 for the details related to movement in cash flow hedging reserve.

Financial
Statements
Notes
Note 49: Capital Management

For the purpose of the Group's capital management, capital includes issued equity capital and all other equity reserves
attributable to the shareholders of the Group. The primary objective of the Group's capital management is to ensure that it
maintains a strong credit rating, healthy capital ratios in order to support its business and maximise shareholder value and
optimal capital structure to reduce cost of capital.
The Group manages its capital structure and makes adjustments to it in light of changes in economic conditions and/or
the requirements of the financial covenants. To maintain or adjust the capital structure, the Group may adjust the dividend
payment to shareholders, return capital to shareholders or issue new shares. The Group monitors capital using a gearing
ratio, which is net debt divided by total capital plus net debt. The Group's policy is to keep the gearing ratio optimum.
The Group includes within net debt, interest bearing loans and borrowings less cash and cash equivalents excluding
discontinued operations.
The recent investments by the Company in new businesses, increasing the capacity of existing businesses and increase
in working capital due to certain projects has lead to increase in capital requirement. The Company expects to realise the
benefits of these investments in near future.
As at As at
Particulars March 31, 2021 March 31, 2020
Interest bearing loans and borrowings 2,839.07 2,447.56
Less: Cash and cash equivalents & current investment* (423.69) (468.64)
Net debt 2,415.38 1,978.92
Equity share capital 79.33 80.79

Other equity 1,908.06 1,838.99
Total capital 1,987.39 1,919.78
Capital and net debt 4,402.77 3,898.70
Gearing ratio 54.86% 50.76%
*includes other bank balance of ` 50.00 crores (31 March 2020: 86.00 crores) with respect to fixed deposit. These fixed deposits can be encashed by the
Company at any time without any major penalties.
In order to achieve this overall objective, the Group's capital management, amongst other things, aims to ensure that it
meets financial covenants attached to the interest-bearing loans and borrowings that define capital structure requirements.
Breaches in meeting the financial covenants would permit the bank to immediately call loans and borrowings. There have
been no breaches in the financial covenants of any interest-bearing loans and borrowing in the current year.
No changes were made in the objectives, policies or processes for managing capital during the years ended March 31, 2021
and March 31, 2020.
Dividend distribution made and proposed

As a part of Group's capital management policy, dividend distribution is also considered as key element and management
ensures that dividend distribution is in accordance with defined policy. Below mentioned are details of dividend distributed
and proposed during the year.
31 March 2021 31 March 2020
Particulars
Cash dividends on equity shares declared and paid:
Final dividend for the year ended on 31 March 2020: ` 3.5 per share (31 March 2019: ` 3.5 per share) 138.28 141.09
Dividend Distribution Tax on final dividend - 29.00
138.28 170.09
Proposed dividends on Equity shares:
Final dividend for the year ended on 31 March 2021: ` 2 per share (31 March 2020: ` 3.5 per share) 79.31 141.35
Dividend Distribution Tax on proposed dividend - -
79.31 141.35

Notes
The Finance Act 2020 has repealed the dividend distribution tax. Companies are now required to pay / distribute dividends
after deducting applicable taxes. The remittance of dividends outside India is governed by Indian law on foreign exchange
and is also subject to withholding tax at applicable rate.
During the year ended 31 March 2020, the Group has paid dividend to its shareholders. This has resulted in payment of
Dividend Distribution Tax (DDT) to the taxation authorities. The Group believes that DDT represents additional payment to
taxation authority on behalf of the shareholders. Hence DDT paid is charged to equity.
Note 50: Fair Values

a) Financial Instruments by Category
Set out below, is a comparison by class of the carrying amounts and fair value of the Group's financial instruments, other
than those with carrying amounts that are reasonable approximations of fair values as of March 31, 2021:
31 March 2021 31 March 2020
FVPL FVOCI Amortised Cost FVPL FVOCI Amortised Cost
Financial assets
Investments
Equity instruments 8.53 60.13 - 1.53 59.97 -
Debentures 22.60 - - 22.60 - -
Preference shares 3.74 - - 3.74 - -
Mutual funds 180.90 - - 233.04 - -
Trade receivables - - 1,451.42 - - 1,563.12
Loans - - 26.76 - - 36.59
Cash and cash equivalents - - 248.37 - - 244.54
Derivative financial assets 5.23 28.25 - 36.06 22.68 -
Other financials assets - - 0.94 - - 9.01
Total financial assets 221.00 88.38 1,727.49 296.97 82.65 1,853.26
Borrowings - - 2,839.07 - - 2,447.56
Trade Payables - - 1,943.66 - - 1,430.30
Derivative financial liabilities 11.09 2.77 - 8.17 4.77 -
Payables for purchase of Property, plant - - 453.49 - - 552.68
and equipment's
Deposits from vendors - - 6.32 - - 3.93
Other Financial Liabilities - - 110.60 - - 156.89
Total financial liabilities 11.09 2.77 5,353.14 8.17 4.77 4,591.36

Financial
Statements
Notes
b) Fair value hierarchy

This section explains the judgements and estimates made in determining the fair values of the financial instruments that are
(a) recognised and measured at fair value. To provide an indication about the reliability of the inputs used in determining fair
value, the Group has classified its financial instruments into the three levels prescribed under the accounting standard. An
explanation of each level follows underneath the table.
Quoted prices in
inputs inputs
(Level 1)
(Level 2) (Level 3)
Investments in Equity Shares of joint venture
As at 31 March 2021 8.53 - - 8.53
As at 31 March 2020 1.53 - - 1.53
Investments in Equity Shares of Associates
As at 31 March 2021 60.13 - - 60.13
As at 31 March 2020 59.97 - - 59.97
Investments in Debentures
As at 31 March 2021 22.60 - - 22.60
As at 31 March 2020 22.60 - - 22.60
Investments in Preference shares
As at 31 March 2021 3.74 - - 3.74
As at 31 March 2020 3.74 - - 3.74
Investments in Mutual funds
As at 31 March 2021 180.90 180.90 - -
As at 31 March 2020 233.04 233.04 - -
Derivative financial assets - Foreign Exchange Forward Contracts
As at 31 March 2021 5.23 - 5.23 -
As at 31 March 2020 36.06 - 36.06 -
Derivative financial assets - Currency/Interest Rate Swaps
As at 31 March 2021 28.25 - 28.25 -
As at 31 March 2020 22.68 - 22.68 -
Derivative financial Liabilities - Foreign Exchange Forward Contracts
As at 31 March 2021 11.09 - 11.09 -
As at 31 March 2020 8.17 - 8.17 -
Derivative financial Liabilities - Currency/Interest Rate Swaps
As at 31 March 2021 2.77 - 2.77 -
As at 31 March 2020 4.77 - 4.77 -
Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices.
Level 2: The fair value of financial instruments that are not traded in an active market is determined using valuation
techniques which maximise the use of observable market data and rely as little as possible on entity-specific estimates. If all
significant inputs required to fair value an instrument are observable, the instrument is included in level 2.
Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3.
There have been no transfers among Level 1, Level 2 and Level 3.

Notes
c) Valuation technique used to determine fair value

The fair value of the financial assets and liabilities is included at the amount at which the instrument could be exchanged
in a current transaction between willing parties, other than in a forced or liquidation sale. The following methods and
assumptions were used to estimate the fair values:
The fair values of the quoted mutual funds are based on quoted price at the reporting date.
The fair values of the unquoted equity shares and debentures have been estimated using a DCF model. The valuation
requires management to make certain assumptions about the model inputs, including forecast of cash flows, discount rate,
credit risk and volatility. The probabilities of the various estimates within the range can be reasonably assessed and are
used in management’s estimate of fair value for these unquoted equity investments.
The Group enters into derivative financial instruments with financial institutions with investment grade credit ratings. Foreign
exchange forward contracts, interest rate swaps are valued using valuation techniques, which employs the use of market
observable inputs. The most frequently applied valuation techniques include forward pricing model, using present value
calculations. The models incorporate various inputs including the credit quality counterparties, foreign exchange spot and
forward rates, yield curves of the respective currencies, currency basis spread between the respective currencies, interest
rate curves etc. The changes in counterparty credit risk had no material effect on the hedge effectiveness assessment for
derivatives designated in hedge relationships and other financial instruments recognised at fair value.
d) Fair value measurements using significant unobservable inputs (level 3)

The following table presents the changes in level 3 items for the periods ended March 31, 2021 and March 31, 2020:
` in crores
Particulars Equity Shares of Equity Shares
Debentures Preference share
Associate of JV
As at 31 March 2020 59.97 1.53 22.60 3.74
Acquisitions - - - -
Changes in Fair value 0.16 7.00 - -
As at 31 March 2021 60.13 8.53 22.60 3.74
e) Valuation inputs and relationships to fair value

The following table summarises the quantitative information about the significant unobservable inputs used in level 3 fair
value measurements.
Significant
Valuation
Particulars unobservable Range Sensitivity of the input to fair value
technique
inputs
FVTPL assets in DCF method Terminal Growth 31 March 2021: 5.0% 1% (31 March 2020: 1%) increase/ (decrease) in the
unquoted equity shares, Rate 31 March 2020: 2.5% terminal growth rate would result in increase /(decrease)
preference shares and in fair value by ` 3.23/ (2.85) crores (31 March
debentures 2020: ` 2.87/ (2.35) crore)
WACC (pre-tax) 31 March 2021: 21.50% 1% (31 March 2020: 1%) increase/ (decrease) in the
31 March 2020: 12.50% WACC would result in decrease/(increase) in fair value
by ` 4.49/ (5.14) crores (31 March 2020: ` 3.27/ (4.01))
Long-term 31 March 2021: (113.6)% - 1% (31 March 2020: 1%) increase/ (decrease) in the
operating margin 32.6% margin would result in increase/(decrease) in fair value
31 March 2020: (4.0)% - by ` 2.62/ (2.62) crores (31 March 2020: ` 1.44/ (1.44))
25.2%
FVOCI assets in DCF method Terminal Growth 31 March 2021: 2.0% 1% increase/ (decrease) in the terminal growth rate
unquoted equity shares Rate would result in increase /(decrease) in fair value by
` 2.87/ (2.57) crore
WACC (pre-tax) 31 March 2021: 20.00% 1% increase/ (decrease) in the WACC would result in
decrease/(increase) in fair value by ` 4.18/ (4.70) crore
Long-term 31 March 2021: (78%) - 1% increase/ (decrease) in the margin would result in
operating margin 52.5% increase/(decrease) in fair value by ` 2.62/ (2.62) crore
*There were no significant inter-relationships between unobservable inputs that materially affect fair values.

Financial
Statements
Notes
f) Valuation processes
The finance department of the Group includes a team that oversees the valuations of financial assets and liabilities required
for financial reporting purposes, including level 3 fair values.
External valuers are involved for valuation of significant assets, such as unquoted financials assets. Involvement of external
valuers is decided by the valuation team. Selection criteria includes market knowledge, reputation, independence and
whether professional standards are maintained. The Valuation team decides, after discussions with the company's external
valuers, which valuation techniques and inputs to use for each case.
The main level 3 inputs for used by the Group are derived and evaluated as follows:
Discount rates are determined using a capital asset pricing model or based on weighted average cost of capital of
counterparty, to calculate a pre-tax rate that reflects current market assessments of the time value of money and the risk
specific to the asset.
Risk adjustments specific to the counterparties (including assumptions about credit default rates) are derived from risk
assessment (based on review of financial condition, economic factors) by management.
Earnings growth factor for unlisted equity securities are estimated based on market information for similar
types of companies.
Changes in level 3 fair values are analysed at the end of each reporting period during the valuation discussion between the
valuation team and external valuer. As part of this discussion the team presents a report that explains the reason for the fair
value movements.
The significant unobservable inputs used in the fair value measurement categorised within Level 3 of the fair value hierarchy
together with a quantitative sensitivity analysis as at 31 March 2021 and 31 March 2020 are as shown above.
g) Financial assets and liabilities measured at amortised cost

31 March 2021
Particulars (` in crores)
Carrying value Fair value
Debentures @ 8.25% 290.00 290.22
Debentures @ 7.30% 150.00 150.00
Debentures @ 8.70% 150.00 150.12
The fair values of non-current borrowings are based on discounted cash flows using a current borrowing rate. They are
classified as level 2 fair values in the fair value hierarchy due to the use of unobservable inputs, including own credit risk.
The management assessed that cash and cash equivalents, trade receivables, trade payables, other current assets and
liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments. The management
has further assessed that borrowings availed and loans given approximate their carrying amounts largely due to the interest
rates being variable or in case of fixed rate borrowings/loans, movements in interest rates from the recognition of such
financial instrument till period end not being material.

Notes
Note 51: Related Party Transactions

(A) Name of related party and nature of its relationship:
(a) Related parties where control exists
(i) Holding company
Twin Star Overseas Limited, Mauritius (Immediate holding company)
Volcan Investments Limited, Bahamas (Ultimate holding company)
(b) Other related parties under IND AS-24 "Related party disclosures" with whom transactions have taken place
during the year
(i) Fellow Subsidiaries
Cairn India Holdings Ltd
Sterlite Power Transmission Limited
Twin Star Technologies Limited
Twin Star Display Technologies Limited
Vedanta Limited
(ii)
Joint ventures
Sterlite Conduspar Industrial Ltda (58:42 joint venture between Sterlite Technologies UK Ventures Limited
and Conduspar Condutores Eletricos Limiteda)
Metis Eduventures Private Limited
(iii) Key management personnel (KMP)

Mr. Pravin Agarwal (Vice Chairman & Whole-time Director)
Dr. Anand Agarwal (CEO & Whole-time Director)
Mr. A. R. Narayanaswamy (Non executive & Independent Director)
Mr. Arun Todarwal (Non executive & Independent Director)
Mr. Sandip Das (Non executive & Independent Director)
Ms. Kumud Srinivasan (Non executive & Independent Director)
Mr. Pratik Agarwal (Non executive Director till January 20, 2021)
Mr. B. J Arun (Non executive & Independent Director w.e.f. January 20. 2021)
Mr. S Madhavan (Non executive & Independent Director w.e.f. January 20. 2021)
Mr. Ankit Agarwal (Whole-time Director w.e.f. January 20, 2021)
(iv) Relative of key management personnel (KMP)

Mr. Ankit Agarwal (till January 20, 2021)
Mrs. Jyoti Agarwal
Mrs. Ruchira Agarwal
Mrs. Sonakshi Agarwal
Mr. Navin Agarwal
(v) Entities where key management personnel or relatives of key management personnel have significant
influence (EKMP)
Universal Floritech LLP (EKMP)
Sterlite Tech Foundation (EKMP)
Pravin Agarwal Family Trust (EKMP)
(vi)
Associates
M.B Maanshan Special Cables Co. Ltd
ASOCS
(c) Additional related parties as per Companies Act, 2013 with whom transactions have taken place during the
year
(i) Key management personnel (KMP)
Mr. Anupam Jindal (Chief Financial Officer till September 11, 2020)
Mr. Mihir Modi (Chief Financial Officer from October 05, 2020)
Mr. Amit Deshpande (Company Secretary)

(B) The transactions with related parties during the year and their outstanding balances are as follows:-
Fellow Subsidiaries/
Joint Ventures Holding Company KMP Relatives of KMP
S. EKMP
Particulars
No. 31 March 31 March 31 March 31 March 31 March 31 March 31 March 31 March 31 March 31 March
Notes
2021 2020 2021 2020 2021 2020 2021 2020 2021 2020
1 Remuneration - - - - 24.79 29.70 2.47 3.84 - -
2 Sitting Fees - - - - 0.51 0.42 - - - -
3 Commission - - - - 1.13 1.13 - - - -
4 Consultancy - - - - 0.55 0.55 - - - -
5 Dividend (received)/paid - - 73.29 73.29 0.93 0.94 0.42 0.41 1.67 1.67
6 Investment during the year - 64.98 - - - - - - - -
7 Loans and advances given 0.28 0.39 - - - - - - 0.85 0.30
8 Repayment of loans - - - - - - - - - 29.14
9 Loan taken - - - - - - - - - 4.05
10 Loan repaid - - - - - - - - 0.08 5.59
11 Interest charged on loans - - - - - - - - 0.84 -
12 Interest expense on loans - - - - - - - - - 0.57
13 Management fees received - - - - - - - - 11.08 10.74
14 Reimbursement of expenses - - - - - - - - 1.62 3.10
15 Purchase of fixed assets - - - - - - - - - 0.42
16 Purchase of goods & services - - - - - - - - 142.53 2.51
17 Sale of goods & services 26.18 33.13 - - - - - - 16.22 9.65
18 Contributions made for CSR - - - - - - - - 11.60 8.10
19 Rental income - - - - - - - - 0.06 0.06
Outstanding Balances
1 Loans/advance receivables## 2.68 3.23 - - - - - - 11.95 11.11
2 Loans/advance payables - - - - - - - - 6.66 7.31
3 Interest payable on loans - - - - - - - - 1.27 0.70
4 Trade receivables 61.26 69.22 - - - - - - 13.29 3.50
5 Trade payables - - - - - - - - - 0.20
6 Advance to vendors - - - - - - - - 0.79 -
7 Investment in equity shares,preference shares & debentures 122.30 100.28 - - - - - - - -

8 Corporate and bank guarantees given and outstanding - - - - - - - - 114.00$ 114.00$

Financial
Statements
281
Notes
S. No. Particulars Relationship 31 March 2021 31 March 2020

1 Remuneration
Mr. Pravin Agarwal KMP 9.96 14.86
Dr. Anand Agarwal KMP 10.95 10.76
Mr. Ankit Agarwal Relatives of KMP 2.47 3.84
Mr. Anupam Jindal KMP 1.73 3.44
2 Sitting Fees
3 Commission
Mr. Pratik Agarwal KMP 0.23 0.23
4 Consultancy
5 Dividend (received)/paid
Twin Star Overseas Limited Holding Company 73.29 73.29
6 Investment during the year
Metis Eduventures Private Limited Joint Venture - 5.01
ASOCS Associate - 59.97
7 Loans and advances given
Twinstar Display Technologies Limited. Fellow Subsidiary 0.03 0.21
Twin Star Technologies Ltd Fellow Subsidiary 0.82 0.09
8 Repayment of loans
Twinstar Display Technologies Limited Fellow Subsidiary - 29.07
9 Loan taken
10 Loan repaid
11 Interest charged on loans
Twin Star Technologies Ltd Fellow Subsidiary 0.81 -
12 Interest expense on loans
Sterlte Power Transmission Limited Fellow Subsidiary - 0.57
13 Management fees received
14 Reimbursement of expenses
15 Purchase of fixed assets
16 Purchase of goods & services
Fujairah Gold FZE Fellow Subsidiary - 2.18
Vedanta Limited Fellow Subsidiary 142.50 0.01

Financial
Statements
Notes
S. No. Particulars Relationship 31 March 2021 31 March 2020

17 Sale of goods & services
M.B Maanshan Special Cables Co. Ltd Associate 8.99 13.86
18 Contributions made for CSR
Sterlite Tech Foundation EKMP 11.60 8.10
19 Rental income
Universal Floritech LLP EKMP 0.06 0.06
(D) Compensation of Key mangement personnel of the company

31 March 2021 31 March 2020
Particulars
Short term employee benefits 22.69 28.37

Long term & Post employment benefits 1.43 1.45
Share based payment transaction* 3.14 3.72
Total compensation paid to key management personnel 27.26 33.55
##Includes interest & expenses incurred and recoverable.

*Share-based payments include the perquisite value of stock incentives excercised during the year,determined in accordance with the provisions of the
Income-tax Act,1961.
**The amount is gross of the expenses incurred towards provision of these services.
$ Refer note 39 for details
Note 52: Interests in Joint Venture and Associates

Joint Venture - Sterlite Conduspar Industrial Ltda
Set out below are the details of Joint venture of the Group which in the opinion of management are material to the Group.
The Group has a 58.05% (31 March 2020: 58.05%) interest in Sterlite Conduspar Industrial Ltda, a joint venture engaged in
the manufacturing of optical fibre cables of some of the Group’s main product lines in Brazil. The Group’s interest in Sterlite
Conduspar Industrial Ltda ('Joint Venture') is accounted for using the equity method in the consolidated financial statements.
Summarised financial information of the joint venture, based on its financial statements, and reconciliation with the carrying
amount of the investment in consolidated financial statements are set out below:
31 March 2021 31 March 2020
Particulars
Current assets 32.92 29.54

Non-current assets 6.92 8.15
Total Asset (A) 39.84 37.69
Current liabilities 10.53 20.05
Non-current liabilities 34.79 26.82
Total Liabilities (B) 45.32 46.87
Net Assets (A+B) (5.48) (9.18)
Proportion of the Group’s ownership 58.05% 58.05%
Carrying amount of the investment - -

Notes
Summarised statement of profit and loss of the Joint Venture:

31 March 2021 31 March 2020
Particulars
Revenue 65.80 67.89

Other Income 0.20 0.19
Cost of raw material and components consumed 44.25 50.20
Depreciation & amortisation 0.96 1.02
Finance cost 1.00 1.53
Employee benefit 4.75 6.32
Other expense 12.46 15.99
Loss before tax 2.58 (6.99)
Income tax expense - -
Loss for the year 2.58 (6.99)
Total comprehensive income for the year 2.58 (6.99)
Group’s share of loss for the year 1.50 (4.06)
Unrecognised share of profit / (loss) of joint venture 1.50 (4.06)
As per paragraph 39 of Ind AS 28, the group has not recongnised the share of loss of joint venture, as the equity investment
in joint venture is reduced to zero. The group will resume recognising its share of profits in the joint venture only after its
share of the profits equals the share of losses not recognised.
The group had no contingent liabilities or capital commitments relating to its interest in joint venture as at 31 March 2021
and 31 March 2020.
Associate Company - M.B Maanshan Special Cables Co. Ltd

31 March 2021 31 March 2020
Particulars
Aggregate carrying amount 27.30 12.44

Aggregate amounts of the group’s share of:
Profit/(loss) from continuing operations 14.86 -
Post-tax profit or loss from discontinued operations - -
Total comprehensive income 14.86 -
Note 53: Disclosure for Non-Controlling Interests

This information is based on amounts before inter-company eliminations.
Financial information of subsidiaries that have material non-controlling interests is provided below.
Proportion of equity interest held by non-controlling interests:

Effective Effective
Country of
Name of the Company Principal activity ownership as on ownership as on
incorporation
31 March 2021 31 March 2020
Maharashtra Transmission Communication Infrastructure Data Transmission 35.02% 34.01% India

Limited (MTCIL)
Jiangsu Sterlite and Tongguang Fiber Co. Limited (JSTFCL)Manufacturing of Optical Fibre 25.00% 25.00% China
Impact Data Solutions Limited* Data centre network 20.00% 20.00% United Kingdom
Impact Data Solutions B.V.* infrastructure design and 20.00% 20.00% Netherlands
Vulcan Data Centre Solutions Limited* deployment 20.00% 20.00% United Kingdom
*collectively referred as "IDS Group" and disclosed below. The numbers for IDS Group for the year ended March 31, 2020 are reported from the acquisition
date to balance sheet date.

Financial
Statements
Notes
Summarised statement of profit and loss for the year ended 31 March 2021:
31 March 2021 31 March 2020
MTCIL JSTFCL IDS Group MTCIL JSTFCL IDS Group
(` in crores) (` in crores) (` in crores) (` in crores) (` in crores) (` in crores)
Revenue 10.27 221.69 114.54 6.24 277.33 47.20
Profit for the year (3.59) (42.45) 10.57 (8.28) (30.07) 4.37
Total comprehensive income (3.59) (25.66) 19.01 (8.28) (19.35) 6.11
Attributable to non-controlling interests (1.23) (6.42) 3.45 (2.81) (4.83) 1.22
Dividends paid to non-controlling - - - - - -
interests
Summarised balance sheet as at 31 March 2021 and 31 March 2020:

31 March 2021 31 March 2020
Non current assets 100.12 445.82 54.24 99.67 448.48 55.27
Current assets 70.70 72.76 56.71 10.30 115.61 52.45
Total Asset (A) 170.82 518.58 110.95 109.97 564.09 107.72
Non current liability (54.07) (4.89) (19.06) (54.07) (64.29) (0.13)
Current liability (105.55) (186.90) (22.88) (41.97) (147.34) (43.00)
Total Liability (B) (159.62) (191.79) (41.94) (96.04) (211.62) (43.12)
Net assets (A+B) 11.20 326.79 69.01 13.95 352.47 64.60
Accumulated NCI 2.57 81.70 13.80 2.37 87.89 12.92
Summarised cash flows

31 March 2021 31 March 2020
Net cash inflow from operating activities 24.38 59.10 9.78 17.83 3.50 12.35
Net cash inflow from investing activities (10.95) (0.40) (1.75) (17.34) (51.50) (0.79)
Net cash inflow from financing activities (10.23) (71.13) (1.66) (2.33) (6.23) 0.15
Net increase /(decrease) in cash and 3.20 (12.43) 6.37 (1.84) (54.24) 11.71
cash equivalents

Note 54: Statutory Group Information
286
Net Assets, i.e total assets minus Share in other comprehensive Share in total comprehensive
Share in profit and loss
total liabilities income income
As % of
Name of the Entity in the group
Notes
As % of As % of consolidated As % of total
consolidated net INR crores consolidated INR crores other INR crores comprehensive INR crores
assets profit and loss comprehensive income
income
Parent

Balance as at 31 March 2021 59.97% 1,250.66 94.59% 251.01 26.35% 10.94 85.36% 261.95
Balance as at 31 March 2020 54.44% 1,101.38 108.61% 460.99 108.29% (39.70) 108.64% 421.29
Subsidiaries
Indian
1. Speedon Network limited
Balance as at 31 March 2021 -0.22% (4.51) -3.02% -8.02 0.00% - -2.61% (8.02)
Balance as at 31 March 2020 0.17% 3.51 -1.70% (7.22) 0.00% - -1.86% (7.22)
2. Maharashtra Transmission Communication
Infrastructure Limited
3. Sterlite Telesystems Limited
Balance as at 31 March 2021 -0.01% (0.16) 0.00% (0.01) 0.00% - 0.00% (0.01)
Balance as at 31 March 2020 -0.01% (0.15) -0.01% (0.03) 0.00% - -0.01% (0.03)
4. STL Digital Limited (earlier “Sterlite Tech
Connectivity Solutions Limited”)
Balance as at 31 March 2021 0.00% 0.02 0.00% (0.01) 0.00% - 0.00% (0.01)
5. Sterlite Innovative Solutions Limited
Balance as at 31 March 2021 0.00% (0.01) 0.00% (0.01) 0.00% - 0.00% (0.01)
Balance as at 31 March 2020 0.00% - 0.00% (0.02) 0.00% - -0.01% (0.02)
6. Sterlite Tech Cables Solutions Limited
7. STL Networks Limited
Balance as at 31 March 2021 0.00% - 0.00% - 0.00% - 0.00% -
Foreign
1. Sterlite Global Ventures (Mauritius) Limited
As % of
Name of the Entity in the group As % of As % of consolidated As % of total
Notes
income
2. Jiangsu Sterlite and Tongguang Fibre Co. Ltd.
Balance as at 31 March 2021 11.75% 245.10 -12.00% (31.84) 30.33% 12.59 -6.27% (19.25)
3. Sterlite (Shanghai) Trading Company Limited
Balance as at 31 March 2021 0.01% 0.30 0.86% 2.29 0.00% - 0.75% 2.29
4. Sterlite Technologies S.p.A (Italy)*
5. Metallurgica Bresciana S.p.A (Italy)
Balance as at 31 March 2021 3.13% 65.33 13.65% 36.21 6.57% 2.73 12.69% 38.94
6. Sterlite Technologies UK Ventures Limited
7. Elitecore Technologies (Mauritius) Limited
8. Elitecore Technologies Sdn Bhd.
9. Sterlite Tech Holding Inc.
10. Sterlite Technologies Inc
Balance as at 31 March 2021 -0.44% (9.09) 1.84% 4.88 0.00% - 1.59% 4.88
11. Impact Data Solutions Limited#
Balance as at 31 March 2021 1.23% 25.67 4.41% 11.70 0.52% 0.69 4.04% 12.39
12. Vulcan Data Centre Solutions Limited#
Balance as at 31 March 2021 0.10% 2.18 -0.06% (0.15) 1.53% 0.16 0.00% 0.01

13. PT Sterlite Technologies Indonesia
Balance as at 31 March 2021 0.11% 2.34 0.09% 0.24 -0.29% (0.12) 0.04% 0.12
Financial
Statements

287
288
As % of
Name of the Entity in the group As % of As % of consolidated As % of total
Notes
income
14. Sterlite Technologies Pty. Ltd
15. Sterlite Technologies DMCC

Balance as at 31 March 2021 -0.13% (2.61) -1.08% (2.86) 0.36% 0.15 -0.88% (2.71)
16. STL Optical Interconnect S.p.A.
Balance as at 31 March 2021 0.32% 6.61 -1.06% (2.80) 20.57% 8.54 1.87% 5.74
17. Optotec S.p.A.$
18. Optotec International S.A.$
19. STL Edge Networks Inc.
20. Share of profit of Joint Venture/ Associate
Company
Balance as at 31 March 2020 0.00% 12.44 0.00% - 0.00% - 0.00% -
Non controlling interest in all subsidiaries
Balance as at 31 March 2021 4.70% 98.07 -3.81% (10.11) 14.23% 5.91 -1.37% (4.20)
Balance as at 31 March 2020 5.10% 103.18 -2.23% (9.46) -8.29% 3.04 -1.66% (6.42)
Total
Balance as at 31 March 2021 100.00% 2,085.47 100.00% 265.37 100.00% 41.52 100.00% 306.89
Balance as at 31 March 2020 100.00% 2,022.96 100.00% 424.44 100.00% (36.66) 100.00% 387.78
All eliminations and adjustments are netted off against balances of parent company for disclosure purpose
*Merged with Metallurgica Bresciana S.p.A. during the year.
# The numbers for the year ended March 31, 2020 are reported from the acquisition date to balance sheet date.
$ The numbers for the year ended March 31, 2021 are reported from the acquisition date to balance sheet date.
ASOCS (Associate company) is not considered for consolidation as the operations of the associate company is insignificant for the Group.
Joint Venture with Metis Eduventures Private Limited is not considered for consolidation as the same is accounted as per Ind AS 109 (Refer note 2s(ii))
Financial
Statements
Notes
Note 55: Changes in Accounting Policies

This note explains the impact of the adoption of Ind AS 116 Leases on the company’s financial statements.
During the year ended March 31, 2020, the Group had adopted Ind AS 116 retrospectively from 01 April 2019, but had not
restated comparatives for the year March 31, 2019, as permitted under the specific transitional provisions in the standard.
The reclassifications and the adjustments arising from the new leasing rules were therefore recognised in the opening
balance sheet on 01 April 2019. The new accounting policies were disclosed in note 2.
01 April 2019
Particulars
(` in crores)
Balances in retained earnings 1,323.75

Less: Adjustment on account of leases as per IND AS 116 (net of tax of ` 4.19 crore) (11.83)
Balances in retained earnings after adjustment 1,311.92
Adjustments recognised on adoption of Ind AS 116

On adoption of Ind AS 116, the group recognised lease liabilities in relation to leases which had previously been classified
as ‘operating leases’ under the principles of Ind AS 17 Leases. These liabilities were measured at the present value of the
remaining lease payments, discounted using the lessee’s incremental borrowing rate as of 01 April 2019. The Lessee's
incremental weighted average borrowing rate applied to the lease liabilities on April 01, 2019 was 10%.
(i) Measurement of lease liabilities:

Amount in
Particulars
` crores
Operating lease commitments disclosed as at 31 March 2019 5.88
Discounted using the lessee’s incremental borrowing rate at the date of initial application 2.52
Add: adjustments as a result of a different treatment of extension and termination options 115.90
Lease liability recognised as at 1 April 2019 124.30
(ii) Measurement of right of use assets:

The associated right-of-use assets for leases were measured on a retrospective basis as if the new rules had
always been applied.
Amount in
Particulars
` crores
Land 40.63
Building 59.09
Plant and machinery 49.18
Right of use assets recognised as at 1 April 2019 148.90
(iii) Adjustments recognised in the balance sheet as on 1 April 2019:

01 April 2019
01 April 2019
(without Increase/
Balance Sheet (Extract) (with adoption of
adoption of Ind (Decrease)
Ind AS 116)
AS 116)
Non-current assets
Property, Plant and Equipments (refer note 4) 2,276.83 148.90 2,425.73
Equity
Other Equity (refer note 18) 1,323.75 (11.83) 1,311.92
Lease liabilities (refer note 4) - 108.21 108.21
Deferred tax liabilities (refer note 24A) - (4.19) (4.19)
Current liabilities
Lease liabilities (refer note 4) - 16.08 16.08

Notes
Practical expedients applied

In applying Ind AS 116 for the first time, the group has used the following practical expedients permitted by the standard:
- the use of a single discount rate to a portfolio of leases with reasonably similar characteristics
- the accounting for operating leases with a remaining lease term of less than 12 months as at 1 April 2019 as
short-term leases
- the exclusion of initial direct costs for the measurement of the right-of-use asset at the date of initial application, and
- the use of hindsight in determining the lease term where the contract contains options to extend or terminate the lease.
- relying on the assessment of whether leases are onerous as an alternative to performing an impairment review. There
were no onerous contracts as at April 01, 2019.
The group has also elected not to reassess whether a contract is, or contains a lease at the date of initial application.
Instead, for contracts entered into before the transition date the group relied on its assessment made applying Ind AS 17
and Appendix 4 Determining whether an Arrangement contains a Lease.
Note 56: Segment Reporting

The Group has only one operating segment which is Connectivity and Network Solutions. Accordingly, separate segment
information is not required to be disclosed.
Geographical Information
31 March 2021 31 March 2020
Particulars

- Within India 2,791.90 3,375.47
- Outside India 2,033.28 1,778.93
Total revenue as per statement of profit and loss 4,825.18 5,154.40
(2) Non-current operating assets
- Within India 2,442.49 2,505.91
- Outside India 958.71 686.46
Total 3,401.20 3,192.37
Non-current assets for this purpose consist of property, plant and equipment, capital work in progress and intangible assets
including Goodwill.

Revenue from two customers in India amounted to ` 841.00 crores (31 March 2020: ` 2,098.68 crores).
Note 57: Previous Year Figures

The financial statements for the year ended 31 March 2020 incorporate the impact of the change in accounting policies as
mentioned in Note 55.
Further, previous year figures have been reclassified to conform to this year's classification.

DIN: 00022096 DIN: 00057364

FORM AOC-1 - PART A
Statement containing salient features of the Financial Statement of Subsidiaries / Associate companies / Joint ventures as per
Companies Act, 2013
(` In crores)
Profit Profit /
Reserve Turnover Provision
Sr. Country of Reporting Exchange Share Total Total / (loss) (loss) Proposed % of
Name of Subsidiary & Investment (Gross for
No. Incorporation currency rate (INR) Capital Liabilities Assets before after dividend Holding
Surplus Revenue) taxation
taxation taxation
1 Speedon Network Limited India INR NA 1.55 (6.06) 37.35 32.84 0.02 10.95 (8.02) - (8.02) - 100.00
2 Sterlite Telesystems Limited India INR NA 0.02 (0.18) 0.19 0.03 - - (0.01) - (0.01) - 100.00
3 Elitecore Technologies (Mauritius) Limited Mauritius MUR 1.79 0.14 0.54 0.17 0.85 - 1.32 0.06 0.04 0.02 - 100.00
4 Elitecore Technologies Sdn Bhd. Malaysia MYR 17.63 - 5.09 3.36 8.45 - 10.35 1.85 0.07 1.79 - 100.00
5 Sterlite Global Ventures (Mauritius) Limited Mauritius US$ 73.11 218.17 54.88 0.41 273.46 266.05 - (0.30) - (0.30) - 100.00
6 Maharashtra Transmission Communication India INR NA 34.55 (25.19) 161.47 170.83 - 10.27 (3.59) - (3.59) - 64.98
Infrastructure Limited*
7 Jiangsu Sterlite Tongguang Fiber Co. Limited China RMB 11.14 154.52 172.27 191.79 518.58 - 221.69 (49.94) (7.49) (42.45) - 75.00
8 Sterlite Technologies UK Ventures Limited UK GBP 100.78 0.04 (5.33) 28.05 22.76 19.14 - (3.33) - (3.33) - 100.00
9 Sterlite Tech Holding Inc. America US$ 73.11 - (1.89) 30.82 28.93 - - (0.49) - (0.49) - 100.00
10 Sterlite Technologies Inc America US$ 73.11 - (9.09) 97.23 88.14 - 70.10 4.87 (0.01) 4.88 - 100.00
11 Sterlite Conduspar Industrial Ltda Brazil Real 12.98 19.14 (24.63) 45.32 39.84 - 65.80 2.58 - 2.58 - 58.05
12 Sterlite (Shanghai) Trading Co. Limited China RMB 11.14 1.53 (1.24) 1.30 1.59 - 6.10 2.29 - 2.29 - 100.00
13 Sterlite Technologies S.P.A.# Italy EUR 85.78 - - - - - - - - - - 100.00
14 Sterlite Innovative Solutions Limited India INR NA 0.05 (0.06) 0.03 0.02 - - (0.01) - (0.01) - 100.00
15 STL Digital Limited (Erstwhile "Sterlite Tech India INR NA 0.05 (0.03) 0.01 0.03 - - (0.01) - (0.01) - 100.00
Connectivity Solutions Limited")
16 Sterlite Tech Cables Solutions Limited India INR NA 0.05 (1.80) 114.98 113.23 - 1.31 - 1.79 (1.79) - 100.00
17 Impact Data Solutions Limited UK GBP 100.78 0.02 38.91 33.98 72.91 - 114.54 17.30 3.83 13.47 - 80.00
18 Impact Data Solutions B.V. Netherlands EUR NA 80.00
19 Vulcan Data Centre Solutions Limited UK GBP 100.78 - 2.73 0.05 2.78 0.01 - (0.19) - (0.19) - 80.00
20 Metallurgica Bresciana S.P.A.# Italy EUR 85.78 56.18 21.58 537.46 615.22 12.47 641.06 47.80 11.59 36.21 - 100.00
21 PT Sterlite Technologies Indonesia Indonesia IDR 0.01 2.22 0.12 2.45 4.79 - 4.61 0.24 - 0.24 - 100.00
22 Sterlite Technologies DMCC United Arab AED 19.91 0.10 (2.71) 14.22 11.61 - 1.43 (2.86) - (2.86) - 100.00
Emirates
23 Sterlite Technologies Pty. Ltd. Australia AUD 55.56 - 0.11 3.58 3.69 - 1.82 0.16 0.04 0.12 - 100.00
24 STL Optical Interconnect S.p.A. Italy EUR 85.78 0.87 5.74 267.83 274.44 268.18 - (2.80) - (2.80) - 100.00
25 Optotec S.p.A. Italy EUR 85.78 31.31 70.15 43.27 144.73 0.86 39.58 8.90 2.58 6.33 - 100.00
26 Optotec International S.A. Switzerland CHF NA 100.00
27 STL Edge Networks Inc.$ America US$ NA NA NA NA NA NA NA NA NA NA NA 100.00
28 STL Networks Limited$ India INR NA NA NA NA NA NA NA NA NA NA NA 100.00
29 ASOCS$ Israel ILS NA NA NA NA NA NA NA NA NA NA NA 12.50%

30 MB Maanshan Special Cable Limited China RMB NA NA NA NA NA NA NA NA NA 14.86 NA 40.00%
* The figures for this company have not been consolidated as it has been classified as 'Asset held-for-sale' under IndAS
# Merged with Metallurgica Bresciana S.p.A. during the year.
Financial
Statements
$ These entities are not considered for consolidation as there are no transactions or are immaterial.
291
Notes
FORM AOC-1 - PART B

STATEMENT PURSUANT TO SECTION 129(3) OF THE COMPANIES ACT, 2013 RELATED TO
ASSOCIATE COMPANIES AND JOINT VENTURES
MB Maanshan
Sr. Sterlite Conduspar
Name of Associate / Joint Ventures Special Cable
No. Industrial Ltda
Limited
1 Latest audited Balance Sheet date 31-03-2021 31-12-2020
2 Shares of Associate/Joint Ventures held by the Company on the year end
a Number NA NA
b Amount of investment (At face value) 19.14 12.44
c % of holding 58.05 40.00
3 Description of how there is significant influence By way of By way of
ownership ownership
4 Reason why the associate / joint venture is not consolidated Equity Method Of Equity Method Of
Accounting (Refer Accounting (Refer
IND AS 28) IND AS 28)
5 Networth attributable to shareholding as per latest audited Balance sheet (5.48) NA
6 Profit/Loss for the year 2.58 37.15
a Considered in consolidation 1.50 14.86
b Not considered in consolidation 1.08 22.29
Note:
Only Direct Joint Venture /Associate Companies are considered.
1. Names of associate or joint ventures which are yet to commence operations:- Nil
2. Names of associate or joint ventures which have been liquidated or sold during the year:- Nil
For and on behalf of the board of directors of Sterlite Technologies Limited

Pravin Agarwal Anand Agarwal Mihir Modi Amit Deshpande
Vice Chairman & Whole-time Director CEO & Whole-time Director Chief Financial Officer Company Secretary
DIN: 00022096 DIN: 00057364
Place: Pune
Date: 29 April 2021

Corporate Information
Board of Directors Bankers Imprints

Anil Agarwal
Axis Bank Ltd. Editorial
Pravin Agarwal
Bank of Baroda Khushboo Chawla, Shaily Rai Sinha,
Dr. Anand Agarwal
Citi Bank Rahul Arora
Sandip Das
CTBC Bank Co. Ltd.
Kumud Srinivasan Brand
Deutsche Bank
S. Madhavan Manish Sinha, Alok Chandar,
Export-Import Bank of India
B.J. Arun Amit Jaurwal, Khushboo Chawla
FirstRand Bank Limited
Ankit Agarwal
HDFC Bank Ltd. Project Management
ICICI Bank Ltd. Shweta Mali, Khushboo Chawla,
Advisory Council IDBI Bank Ltd. Shaily Rai Sinha
Sandip Das IDFC First Bank Ltd.
Management Discussion and Analysis
BS Shantharaju IndusInd Bank Limited
Vishal Kumar, Pankaj Dhawan
Krish Prabhu Kotak Mahindra Bank Ltd.
JS Deepak RBL Bank Ltd. Financial Discussion and Analysis
John B Medamana Shinhan Bank Pankaj Dhawan and Ankur Baser
Hank Kafka State Bank of India
Risk Management
Guy Lupo The Federal Bank Limited
Manish Bhansali
Union Bank of India
Yes Bank Ltd. Corporate Social Responsibility &
Chief Financial Officer UNICREDIT, Italy Sustainability
Mihir Modi
BNL Paribas, Italy Akanksha Sharma, E K Kishanchand,
UBI BANCA, Italy Louette Pai, Umesh Dharmendra
Company Secretary Business Responsibility Report
Amit Deshpande
Registered Office Akanksha Sharma, Louette Pai, Umesh
Dharmendra
Leadership Team 4th Floor, Godrej Millennium,
Dr. Anand Agarwal Koregaon Road 9, STS 12/1, Directors’ Report and Corporate
Group CEO and Whole-time Director Pune-411001, Maharashtra Governance Report
Amit Deshpande, Mrunal Dixit, Palash
Mihir Modi Mutha, Rohit Kulkarni, Sangeet Hunjan,
Chief Financial Officer Locations Ekta Patodia
Ankit Agarwal Albania, Australia, Belgium, Brazil, Financials
CEO - Connectivity Solutions Business China, Denmark, Egypt, France, Navin Sharma, Ankur Baser, Yogesh
and Whole-time Director Germany, Greece, India, Indonesia, Italy, Deshpande
Ivory Coast, Korea, Malaysia, Mauritius,
KS Rao Project Sponsors
Mexico, Netherlands, Philippines,
CEO - Network Services and Dr. Anand Agarwal, Mihir Modi,
Russia, South Africa, Spain, Sudan,
Software Business Manish Sinha
Sweden, Thailand, UAE, UK, USA
Chris Rice With Inputs From
CEO - Access Solutions Business Gaurav Basra, Pankaj Dhawan
Registrar and Transfer
Dr. Badri Gomatam agents
Group Chief Technology Officer
Kfin Technologies Private Limited, (Unit –
Gaurav Basra Sterlite Technologies Limited) Selenium
Chief Strategy Officer Tower B, Plot No. 31 & 32, Financial
Anjali Byce District, Gachibowli, Nanakramguda,
Chief Human Resources Officer Serilingampally, Hyderabad 500 008,
India
Manish Sinha
Chief Marketing Officer Phone No.: +91 040 67161524
E-mail: [email protected]
Manuj Desai
Chief Information Officer
Sandeep Girotra
Global Sales Head
Akanksha Sharma
Head - CSR and Sustainability
Godrej Millenium 9, Koregaon
Road, Pune - 411 001 Maharashtra, India
Phone +91 20 30514000
www.stl.tech

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www.stl.tech Sterlite Technologies Limited

Strategic Overview 2-93

Governance Reports 94-139

Financial Statements 140-292

Connecting humanity with

Sterlite Technologies Limited 3

Pravin Agarwal Dr. Anand Agarwal

4 Annual Report 2020-21

~$20 billion 569

Sterlite Technologies Limited 5

Driving global optical

We need optical solutions that can carry the ever-increasing

6 Annual Report 2020-21

STL will be offering customised

Sterlite Technologies Limited 7

STL’s top-notch services and

8 Annual Report 2020-21

Taking the magic of Anything-

STL recalibrated its software

Sterlite Technologies Limited 9

10 Annual Report 2020-21

Traveling the distance in

Going wireless, in style

Sterlite Technologies Limited 11

12 Annual Report 2020-21

In it, stronger, together Inside-out approach to

STLCare e-learning courses. They are designed to evoke curiosity for

Sterlite Technologies Limited 13

1 Lac women Celebrating 25 years of

14 Annual Report 2020-21

Anil Agarwal Pravin Agarwal Dr. Anand Agarwal Sandip Das

Anil Agarwal awarded as the ‘Most Promising Business Leaders of Asia’ by

16 Annual Report 2020-21

Kumud Srinivasan S Madhavan B J Arun Ankit Agarwal

Kumud Srinivasan B J Arun

Leading with experience

Dr. Anand Agarwal Mihir Modi

18 Annual Report 2020-21

Ankit Agarwal KS Rao

Sterlite Technologies Limited 19

Chris Rice Dr. Badri Gomatam

Anjali Byce Manish Sinha

20 Annual Report 2020-21

Manuj Desai Sandeep Girotra

Sterlite Technologies Limited 21

Sandip Das BS Shantharaju Krish Prabhu JS Deepak

Sandip Das Currently, Mr. Shantharaju is the Chairman of Ramky

22 Annual Report 2020-21

John Medamana Hank Kafka Guy Lupo

John Medamana Hank Kafka

Sterlite Technologies Limited 23

1. BCG Top 100 Tech Challengers 6. Women Achievers Summit

2. CII-ITC Sustainability Award 7. STL Partners’ Top 60 Edge companies

4. GLOTEL Award for OSS/BSS

5. ET Telecom Award for dWiFi

24 Annual Report 2020-21

Revenue ` crores EBITDA ` crores

FY21 4,825 FY21 854