(i) For charges created to lender, refer note 17A and 17B.

(ii) Depreciation of ' 19 crore (Previous year Nil) has been allocated to subsidiaries, including stepdown subsidiaries and other related parties as part of Corporate Cost Allocation basis the benefit of Property, Plant and Equipment availed by such subsidiaries, including stepdown subsidiaries (including under construction entities) and other related parties.

(iii) Leasehold improvement mainly include interior development of office building taken on lease.

(i) Depreciation of ' 12 crore (Previous year ' 34 crore) relating to Land - Leasehold has been capitalized alongwith cost of development of solar park of Khavda (including Capital work in progress).

(ii) During the year, the Company has recognised alteration / modification in respect of lease arrangements (including depreciation impact). The depreciation impact of alteration / modification relating to previous year is also adjusted in Capital work in progress.

(iii) Leasehold Land includes 19,000 hectares of allocation of wasteland by Government of Gujarat for Solar / Wind / Hybrid park development.

(iv) For charges created to lender, refer note 17A and 17B.

(v) The Company has subleased 6,129 hectares land out of 19,000 hectares at Khavda to its various subsidiaries and other related parties. Accordingly the Company has derecognised Right of use assets and recognised lease rent receivables during the year.

(iii) The Company does not have any project temporarily suspended or any CWIP which is overdue or has exceeded its cost compared to its original plan.

(iv) Addition during the year includes depreciation charge on Right of use Assets of ' 13 crore and interest on Lease Liabilities (net of interest income on sublease) of ' 42 crore, which has been capitalised in capital work in progress considering such cost has been incurred by the Company to develop an infrastructure assets on 19,000 hectares of lease hold land, which is in process as at March 31, 2024. Also during the year, the Company has capitalised depreciation charges on RoU assets and interest on lease liability totaling ' 31 crore in Property, Plant and equipments along with cost incurred by the Company to develop an infrastructure asset on 6,058 hectares of lease hold land and accordingly closing balance of CWIP as at March 31, 2024, includes depreciation charges on RoU assets of ' 17 crore and interest on Lease Liabilities of ' 47 crore.

(v) As at year ended March 31, 2023, Capital work in progress includes assets related to new office building under construction, interior lease hold improvements of office facilities taken on lease and component of development of solar park at Khavda. The new office building under construction of ' 47 crore was transferred to a Group Company (related party) during the year.

(i) Details of Equity Shares/ Compulsorily Convertible Debentures/ Optionally Convertible Debentures/ Non Convertible Debentures/ Optionally Convertible Preference Shares/ Compulsorily Convertible Preference Shares pledged by the Company as security for secured loans availed by respective subsidiaries from banks / financial institutions is as under.

Equity Shares of Adani Renewable Energy (KA) Limited, 76,53,200 shares (March 31, 2023: 76,53,200 shares).

Compulsorily Convertible Debentures of Adani Renewable Energy (KA) Limited, 7,34,160 debentures (March 31, 2023: 7,34,160 debentures).

Equity Shares of Adani Wind Energy (Gujarat) Private Limited, 3,32,59,994 shares (March 31, 2023: 1,69,62,600 shares).

Equity Shares of Adani Wind Energy Kutchh One Limited (Formerly Known as Adani Green Energy (MP) Limited), 11,80,23,694 shares (March 31, 2023: 11,80,23,694 shares).

Compulsorily Convertible Debentures of Adani Wind Energy Kutchh One Limited (Formerly Known as Adani Green Energy (MP) Limited), 84,39,000 debentures (March 31, 2023: 84,39,000 debentures).

Optionally Convertible Debentures of Wind One Renergy Limited (formerly known as Wind One Renergy Private Limited), 41,00,000 debentures (March 31, 2023 41,00,000 debentures).

Optionally Convertible Debentures of Wind Three Renergy Limited (formerly known as Wind Three Renergy Private Limited), 48,91,955 debentures (March 31, 2023: 48,91,955 debentures).

Non Convertible Debentures of Wind One Renergy Limited (formerly known as Wind One Renergy Private Limited), 5,000 debentures (March 31, 2023: 5,000 debentures).

Non Convertible Debentures of Wind Three Renergy Limited (formerly known as Wind Three Renergy Private Limited), 4,467 debentures (March 31, 2023: 4,467 debentures).

Equity Shares of Dinkar Technologies Limited (formerly known as Dinkar Technologies Private Limited), 20,813 shares (March 31, 2023: 20,813 shares).

Equity Shares of Surajkiran Renewable Resources Limited (formerly known as Surajkiran Renewable Resources Private Limited) , 42,440 shares (March 31, 2023: 42,440 shares).

Compulsory Convertible Debentures of Surajkiran Renewable Resources Limited (formerly known as Surajkiran Renewable Resources Private Limited), 43,500 debentures (March 31, 2023: 43,500 debentures).

Equity Shares of Surajkiran Solar Technologies Limited (formerly known as Surajkiran Solar Technologies Private Limited), 54,803 shares (March 31, 2023: 54,803 shares).

Compulsory Convertible Debenture of Surajkiran Solar Technologies Limited (formerly known as Surajkiran Solar Technologies Private Limited), 44,861 debentures (March 31, 2023: 44,861 debentures).

Optionally Convertible Debentures of Wind Five Renergy Limited (formerly known as Wind Five Renergy Private Limited), 65,06,000 debentures (March 31, 2023 65,06,000 debentures).

Equity Shares of Adani Wind Energy Kutchh Four Limited (Formerly known as Adani Wind Energy (GJ) Limited), 10,13,47,200 shares (March 31, 2023 6,11,89,810 shares).

Compulsorily Convertible Debentures of Adani Wind Energy Kutchh Four Limited (Formerly known as Adani Wind Energy (GJ) Limited), 1,05,40,170 debentures (March 31, 2023: 58,79,290 debentures).

Equity Shares of Adani Solar Energy Kutchh Two Private Limited (Formerly known as Gaya Solar (Bihar) Private Limited), 1,56,00,000 shares (March 31, 2023: 2,65,20,000 shares).

Equity Shares of Spinel Energy & Infrastructure Limited, 25,497 shares (March 31, 2023: 25,497 shares).

Compulsorily Convertible Debentures of Spinel Energy & Infrastructure Limited, 171,105 debentures (March 31, 2023: 171,105 debentures).

Optionally Convertible Preference Share of Spinel Energy & Infrastructure Limited, 2,29,500 shares (March 31, 2023: 2,29,500 shares).

Compulsorily Convertible Preference Share of Spinel Energy & Infrastructure Limited, 2,668 shares (March 31, 2023: 2,668 shares).

Equity Shares of Wind One Renergy Limited (formerly known as Wind One Renergy Private Limited), 10,000 shares (March 31, 2023: 10,000 shares).

Equity Shares of Wind Three Renergy Limited, (formerly known as Wind Three Renergy Private Limited)

10.000 shares (March 31, 2023: 10,000 shares).

Equity Shares of Wind Five Renergy Limited (formerly known as Wind Five Renergy Private Limited),

18.510.000 shares (March 31, 2023: 18,510,000 shares).

(ii) Conversion of Compulsory Convertible Debenture:

Compulsorily Convertible Debentures shall be converted into equity shares between the range of 10 to 20 years from the date of issue using conversion ratio which is face value divided by price per equity share as determined by valuation methodology at the time of conversion.

(iii) Conversion of Non Cumulative Compulsory Convertible Preference Shares:

Non Cumulative Compulsory Convertible Preference Shares carries dividend rate of 0.01% and tenure of the instrument is 30 years.

(iv) Conversion of Optionally Convertible Debenture:

Optionally Convertible Debentures shall be converted into equity shares between the range of 10 to 20 years from the date of issue at the sole option of the Company on the maturity date.

(v) Terms of Conversion of Unsecured Perpetual Securities ("Securities"):

The Company's investments in Unsecured Perpetual Securities are perpetual in nature with no maturity or redemption and are callable only at the option of the issuer. The distribution on these securities are cumulative and at the discretion of the issuer at the rate ranging from 10.05 % p.a. to 10.60% p.a. (previous year from 10.05 % p.a. to 10.60% p.a.). Investments in Perpetual Securities which are credit impaired carries Nil rate of Interest. As these securities are perpetual in nature, ranked senior only to the share capital of issuer and the issuer does not have any redemption obligation, these are considered to be in the nature of equity instruments.

(vi) Terms / rights attached to Investment in Equity Shares of Adani Green Energy Twenty Three Limited and Adani Renewable Energy Nine Limited:

The Company has invested in two class of Equity Shares having par value of ' 10 per share

Ordinary equity shares:- Each holder of equity shares is entitled to one vote per share.

Class A Equity shares:- Class A shares shall have no voting right but will have Dividend rights, which will be limited to maximum amount of dividend in accordance with provision of Companies Act, 2013 but not exceeding 50% of the amount of free cash (as determined by the Board of respective entities from time to time).

(vii) Terms of optionally convertible preference shares - Class B :

The Optionally Convertible Preference Shares were issued at face value of ' 10/- per share and (i) shall have the option to be converted into equity shares within a period of 18 years from the issue date at the option of the issuer or the Shareholder; or (ii) shall have the option to be redeemed at the option of the issuer within a period of 18 years from the issue date; and (iii) if not converted till 18 years, the Class B OCPS shall be compulsorily redeemed with in 60 days from the end of 18 years at a price as may be determined by the Board at the time of redemption (including redemption premium, if any). The Optionally Convertible Preference Shares will be converted into equity shares in the ratio of 1:1 (one equity shares in lieu of 1 Class B Optionally Convertible Preference Share).

(viii) Terms of Non Convertible Debentures (NCD):

a) 10.00% Non Convertible Debentures shall be mandatorily redeemed on Final Redemption date, i.e. March 31, 2024 (not yet redeemed).

b) 0.01% Non Convertible Debentures shall be redeemed after the expiry of 10 years from date of allotment i.e. April 3, 2020.

(i) Non Current Loans to related parties / subsidiaries including step down subsidiaries are receivable on mutually agreed terms within period of five years from the date of agreement and carry an interest rate ranging from 9.50% p.a. to 10.60% p.a.

(ii) Non Current Loans to subsidiaries which are Credit Impaired carries Nil rate of Interest.

(iii) Unrealised interest at year end is added with the principal amount as per the terms of agreement, refer footnote 1 of Cashflow Statement.

(iv) For charges created to lender, refer note 17A and 17B.

(i) Represents Debt Service Reserve Account (DSRA) Deposits with banks against Bonds, in previous year and in current year, margin money is pledged / lien against Letter of credit and other credit facilities, which is expected to roll over after maturity till the tenure of Bond.

(ii) For charges created to lender, refer note 17A and 17B.

(iii) For conversion of Interest accrued on intercorporate deposit given to related parties, refer footnote 1 of Cash Flow Statement.

(iv) For related party balances, refer note 36.

(v) Other non trade receivables mainly includes amount receivable from subsidiaries, including stepdown subsidiaries and other related parties as part of Corporate Cost Allocation basis the benefit availed by such subsidiaries, including stepdown subsidiaries and other related parties.

(i) As at year end, the Company has entered into significant contracts for sale of Solar Power Generation System and Wind Turbine Generators with various parties including subsidiaries and also long term power purchase agreement with a State Power Distribution Company for period of 25 years and also has various source of income from investments made in subsidiaries including step down subsidiaries through various instruments, hence management is reasonably certain that deferred tax credit will be utilised in subsequent years to that extent, recognised on the carried forward losses and unabsorbed depreciation will be utilised in subsequent years. Unabsorbed depreciation can be utilised at any time without any restriction or time-frame.

(ii) Deferred Tax Assets / (Liabilities) recognised above are net of Deferred tax created on Right of Use Assets and Lease Liabilities ' 9 Crore (Previous year ' Nil)

(iii) Expected Credit Loss (ECL)

Trade receivables of the Company are majorly from its related parties, related to trading transactions with credit period of 30 to 365 days and from State Electricity Distribution Company (DISCOM) which is Government entity with credit period of 30 days. The Company is regularly receiving its dues from its related entities, DISCOM and others. Delayed payments carries interest as per the terms of agreements with related parties and DISCOM. Accordingly in relation to these dues, the Company does not foresee any Credit Risk.

(iv) During the previous year, trade receivables which were overdue including in respect of receivables from third parties which were classified as Undisputed Trade receivables - having significant increase in credit risk were assessed to be fully recoverable as the Company had confirmation from such parties. In the current year, the Company entered into settlement with the parties.

(vi) During the previous year ended on March 31, 2023, the Company pursuant to the Notification of the Ministry Of Power dated June 3, 2022 under the LPS Rules, 2022 received intimation from DISCOM for opting to the EMI scheme as envisaged by the said notification. Under the said notification, the DISCOM who had an outstanding amount of ' 14 crore outstanding on June 3, 2022 opting to pay in 40 equated installment along with Late Payment Surcharge. As at March 31, 2024, the amount outstanding against such EMI is ' 7 crore (as at March 31, 2023'12 crore).

Ageing schedule has been accordingly updated to give effect of such EMI scheme opted by the DISCOM. The amounts which would become due as per the EMI scheme after a period of 12 months from the balance sheet date have been accordingly classified as non-current.

The board of directors of the Company, in their meeting held on April 8, 2022 had approved the transaction for issue of 2,00,18,198 equity shares of face value of ' 10 each of the Company on a preferential basis, at a price of ' 1,923.25 per share for total consideration of ' 3,850 crore to Green Energy Investment Holding RSC Limited ("Investor”). On May 3, 2022, the shareholders of the Company also approved such issuance of Equity shares and the equity shares were allotted on May 12, 2022, in accordance with the provisions of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 and other applicable rules/regulations /guidelines, if any, prescribed by any other regulatory or statutory authorities. The Company had fully utilized the amount of ' 3,850 crore towards repayment of debts and other general corporate purpose of the Company and its Subsidiaries.

b. Terms/rights attached to equity shares

The Company has only one class of equity shares having par value of ' 10 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 the 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 share holders.

The Company has issued Unsecured Perpetual Security to Adani Properties Private Limited the promoter entity. This security is perpetual in nature with no maturity or redemption and is repayable only at the option of the issuer. The distribution on this security is cumulative and at the discretion of the issuer at the rate of 11.00% p.a. where the issuer has an unconditional right to defer the same.

(ii) Pursuant to the sanction of the Scheme of Arrangement among Adani Enterprise Limited (AEL) and the Company and their respective shareholders and creditors, the Renewable Power Undertaking of AEL had been transferred to the Company with appointed date of April 1, 2018. The excess of the value of equity shares allotted to the shareholders of AEL over the book value of assets and liabilities transferred had been recorded as capital reserve.

(iii) The cash flow hedge reserve represents the cumulative effective portion of gains or losses arising on changes in fair value of designated portion of hedging instruments entered into for cash flow hedges. The cumulative gain or loss arising on hedging instruments that are accumulated under cash flow hedging reserve will be reclassified to profit or loss when the hedged transaction affects the profit or loss.

(iv) Retained earnings represents the amount that can be distributed by the Company as dividends considering the requirements of the Companies' Act, 2013.

(v) Securities premium represents the premium received on issue of shares over and above the face value of equity shares. Such amount is available for utilization in accordance with the provisions of the Companies Act, 2013.

(vi) During the year ended March 31, 2024, the Board of Directors of the Company, in their meeting held on December 26, 2023 have approved a issuance of 6,31,43,677 Warrants, each are convertible into fully paid-up Equity Shares of the Company, on preferential basis to the Promoter Group of the Company, naming Ardour Investment Holding Limited and Adani Properties Private Limited, up to an amount of ' 9,350 crore, at a issuance price of ' 1,480.75 per Warrants (derived pursuant to SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018). Shareholders of the Company, in Extra-ordinary General Meeting held on January 18, 2024, approved the issuance of Warrants on preferential basis. The Company received an aggregate consideration of ' 2,338 crore on January 25, 2024, towards minimum 25% of the Total Consideration of the Warrants.

Each warrant is convertible into one Equity Share of the Company and the rights attached to Warrants can be exercised at any time, within a period of 18 months from the date of allotment of Warrants. Upon such conversion, Warrant Holders will hold 3.83% Equity Shares in the Company, on fully diluted basis. Equity Shares so issued upon conversion of the Warrants, shall rank pari-passu to existing Equity Shares of the Company.

Security Details and Repayment Schedule for the balances as at March 31, 2024:

(i) Rupee Term Loan from a financial Institution is aggregating to ' 250 crore (Previous year ' 250 crore) together with all interest, further interest, fees, cost, charges, expenses and other monies whatsoever payable by such borrowings and all other amount stipulated and payable to the lender is and shall be secured by first ranking exclusive Security Interest over the loans and advances extended by the Company to subsidiaries including step down subsidiaries under the Company to the extent of 1.0x cover and first ranking exclusive Security Interest on the Interest Service Reserve Amount (ISRA) (including ISRA Amount maintained in any other form). Rupee Term loan from Financial Institutions is payable at a bullet repayment on April 5, 2024 and accordingly the same has been classified as current borrowings. Borrowing carry an interest rate in range of 10.75% to 11.00% p.a. on such Rupee term loan.

(ii) Senior Secured USD Bonds aggregating to ' 6,255 crore (Previous year ' 6,163 crore) are secured to be secured by first ranking charge over the amount distributed from the Operating Projects and Operating Entities, directly or indirectly to the issuer i.e. AGEL, to the extent deposited in the Specified Operating Account in accordance with Common Terms Deed (dated September 8, 2021) and first ranking changes over the Specified Operating Account, Senior Debt Service Reserve Account, Senior Debt Redemption Account, the Senior Debt Restricted Amortisation Account and the Senior Debt Restricted Reserve Account. The bonds carries an interest rate of 4.375% p.a. The Bonds are repayable on September 8, 2024, due date as per the offering circular, and accordingly the same has been classified as current borrowings.

(iii) Unsecured loans from related parties are repayable on mutually agreed terms within a period of five years from the date of agreement and carry an interest rate in range of 8.05% p.a. to 10.60% p.a.

(iv) Unpaid interest on borrowings from related parties at year end is added to principal amount as per terms of the agreement, refer footnote 1 of Cashflow statement.

(v) The amount disclosed in security details is gross amount before adjustments towards unamortised cost.

(vi) For Maturity of borrowings refer note 31.

(i) Working Capital Loans from Bank aggregating to ' 612 crore (Previous year ' 499 crore) is secured by exclusive charge on the underlying asset which was procured under LC and is being paid from disbursement proceeds. The same is payable in bullet payment (one time) at the end of 6 months from the date of disbursements and carries interest rate in the range of 8.00% to 8.25% p.a.

(ii) Trade credits from Banks aggregating to ' 3,987 crore (Previous year ' 1,211 crore) are secured or to be secured by exclusive charge on underlying equipments and/or receivables arising from sale of equipment / goods from the Company to SPVs and subservient charge on all current assets and movable assets, both present and future of the Company. The same carries an interest rate in range of 7.20% p.a. to 8.65% p.a. for domestic currency and 5.60% p.a. to 6.99% p.a. for foreign currency.

(iii) Unsecured Working Capital Loans from banks carry an interest rate in the range of 8.00% to 8.25% p.a.

(iv) Unsecured Trade Credits from banks carries an interest rate in range of 7.85% p.a. to 8.25% p.a.

(v) Unsecured loans from related parties are repayable within one year from the date of balance sheet and carry an interest rate of 10.60% p.a.

(vi) Unpaid interest from borrowings from related parties at year end is added to principal amount as per terms of the agreement, refer footnote 1 of Cashflow statement.

(vii) The amount disclosed in security details is gross amount before adjustments towards unamortised cost.

(viii) For Maturity of borrowings refer note 31.

29. Contingent Liabilities and Commitments (to the extent not provided for) :

(i) Contingent Liabilities :

Based on the information available with the Company, there is no contingent liability as at March 31, 2024 and March 31, 2023.

30. Leases

The Company has lease contracts for lease of 19,000 hectares of land for setting up solar infrastructure park at Khavda, with lease term of 40 years and lease of office building facilities for 5 years.

The Company has elected exemption available under Ind AS 116 for short term leases and leases of low value. The lease payments associated are recognized as expense on a straight line basis over the lease term.

The weighted average incremental borrowing rate applied to lease liabilities is 10.50% p.a.

(i) Depreciation charges on Right-of-use assets of ' 12 crore (Previous year ' 34 crore) and interest on lease liabilities of ' 54 crore (Previous year ' 129 crore), has been capitalised in Capital Work In Progress considering such cost has been incurred by the Company to construct an infrastructure asset on 19,000 hectares of lease hold land, which is in progress as at March 31, 2024.

(ii) For maturity profile of lease liabilities, refer note 31 of maturity profile of financial liabilities.

31. Financial Instruments, Financial Risk and Capital Management:

The Company's risk management activities are subject to the management direction and control under the framework of Risk Management Policy as approved by the Board of Directors of the Company. The Management ensures appropriate risk governance framework for the Company through appropriate policies and procedures so that risks are identified and measured properly.

The Company's financial liabilities (other than derivatives) comprise mainly of borrowings from banks, financial institutions, borrowings against issue of bonds and inter corporate deposits including interest accrued, leases, trade, capital and other payables. The Company's financial assets (other than derivatives) comprise mainly of investments, cash and cash equivalents, other balances with banks, loans, trade receivables and other receivables.

The Company has exposure to the following risks arising from financial instruments:

Ý Market risk,

Ý Credit risk and

Ý Liquidity risk

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.

i) Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company's exposure to the risk of changes in market interest rates relates primarily to the Company's debt obligations such as trade credits and foreign letter of credits with floating interest rates.

The Company manages its interest rate risk by having a mixed portfolio of fixed and variable rate loans and borrowings. The Company's borrowing from bonds and related parties are at fixed rate of interest and borrowing from financial institution is at floating rate of interest.

The sensitivity analysis have been carried out based on the exposure to interest rates for instruments not hedged against interest rate fluctuations at the end of the reporting periods. The said analysis has been carried on the amount of floating rate non - current borrowings outstanding at the end of the reporting period. A 50 basis point increase or decrease represents the management's assessment of the reasonably possible change in interest rates.

The year end balances are not necessarily representative of the average debt outstanding during the year.

In the previous year, the company intended to hold investment in mutual fund for relatively shorter period of time and hence the interest rate risk is not material to that extent. As at March 31, 2024, the Company does not hold any investment in Mutual Fund.

Foreign Currency risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. The Company is exposed to the effects of fluctuation in the prevailing foreign currency exchange rates on its financial position and cash flows. Exposure arises primarily due to exchange rate fluctuations between the functional currency and other currencies from the Company's operating and financing activities as the Company has foreign currency borrowings and import of solar and wind equipments. The Company has hedged 100% of it's foreign currency borrowings / trade creditors and to that extent, the Company is not exposed to foreign currency risk.

Every 100 basis points depreciation / appreciation in the exchange rate between the Functional currency and Foreign currencies on the unhedged exposures for foreign currency trade payables, interest accrued etc. would have increased / decreased the Company's profit / loss for the year as follows: Refer note 37 for details of unhedged exposure outstanding as at March 31, 2024 and March 31, 2023.

iii) Equity Price risk

The Company does not have equity price risk except to the extent impairment of investment.

Credit risk

Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss.

Trade Receivables

Trade receivables of the Company are majorly from its related entities, related to trading transactions and State Electricity Distribution Company (DISCOM) which is Government entity. The Company is regularly receiving its dues from its related entities, DISCOM and others. Delayed payments carries interest as per the terms of agreements with related parties and DISCOM. Accordingly in relation to these dues, including overdue receivables where confirmation is received from counter parties, the Company does not foresee any Credit Risk.

Financial Guarantees

The Company has issued financial guarantees to banks and financial institutions on behalf of and in respect of loan / credit facilities availed by subsidiary companies and entities under common control. The value of financial guarantee contracts given by the Company as at March 31, 2024 is ' 16,560 crore (Previous year ' 8,543 crore). The value of financial guarantee contracts denotes outstanding amount of credit facilities availed by subsidiary companies and entities under common control.

Other Financial Assets:

This comprises mainly of deposits with banks, loans, investments in mutual funds, derivative assets, lease rent receivables and other receivables. Credit risk arising from these financial assets is limited and there is no collateral held against these because the counterparties are group companies, banks and recognised financial institutions and suppliers. Banks and recognised financial institutions have high credit ratings assigned by the credit rating agencies.

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities. The Company monitors its risk of shortage of funds using cash flow forecasting models and matching profiles of financial assets and liabilities. These models consider the maturity of its financial investments, committed funding and projected cash flows from Company's operations including those of subsidiaries. The Company's objective is to provide financial resources to meet its business objectives in a timely, cost effective and reliable manner and to manage its capital structure (including maturity profile of borrowings). Having regard to the nature of the business wherein the Company is able to generate regular cash flows over a period of time, any surplus cash generated, over and above the amount required for working capital management and other operational requirements, is retained as cash and cash equivalents (to the extent required) and any excess is invested in highly marketable debt mutual funds with appropriate maturities to optimise the cash returns on investments while ensuring sufficient liquidity to meet its liabilities or lent to group entities (within Adani Green Energy Limited) at market determined interest rate. The Company has significant borrowings through bonds and borrowings from related parties. To ensure adequate liquidity to repay to bond holders, the Company issued warrants to promoter share holders and received 25% of the consideration equivalent to ' 2,338 crore which is kept in Bank to ensure adequate liquidity.

The Company expects to generate positive cash flows from operations apart from strategic funding from share holders in order to meet its external financial liabilities as they fall due and also consistently monitors funding options available in the debt and capital market with a view to maintain financial flexibility. The Company also has support from related parties (subsidiaries) to extend repayment terms of borrowings due to them, as needed and has access to fund from debt market through various debt instruments.

Maturity profile of financial liabilities:

The table below provides details regarding contractual maturities of financial liabilities based on contractual undiscounted payments:

Capital Management

The Company's objectives for managing capital is to safeguard continuity and healthy capital ratios in order to support its business and provide adequate return to shareholders through continuing growth. The Company's overall strategy remains unchanged from previous year.

The Company determine the amount of capital required on the basis of annual business and long-term operating plans which include capital and other strategic investments through subsidiaries and obligation to lender / bonds holders based on maturity profile.

The funding requirements are met through a mixture of equity, perpetual securities, internal fund generation, and other non - current/current borrowings. The Company's policy is to use current and non - current borrowings to meet anticipated funding requirements including preferential allotment of equity to strategic investors and promoter shareholder through warrants. The Company monitors capital on the basis of the net debt to equity ratio (Capital Gearing ratio).

The Company believes that it will able to meet all its current liabilities and interest obligations in timely manner.

The Company's capital management 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 borrowings in the current year. No changes were made in the objectives, policies or processes for managing capital by the Company.

Except as disclosed below, no funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person(s) or entity(ies), including foreign entities ("Intermediaries”) with the understanding, whether recorded in writing or otherwise, that the Intermediary shall lend or invest in party identified by or on behalf of the Company (Ultimate Beneficiaries).

During the year, the loan amount of ' 12 crore was advanced by the Company involving 1 transaction in the month June 2023 to Adani Renewable Energy Holding Three Limited, a wholly owned subsidiary, which has been further advanced by this entity on same dates to Adani Wind Energy Kutchh Five Limited, a step-down subsidiary. Such transactions are in compliance with the Foreign Exchange Management Act, 1999 (42 of 1999), Companies Act, 2013. Such transactions are not in violation of Prevention of Money-Laundering Act, 2002 (15 of 2003) and are in the normal course of business.

During the year, the loan amount of ' 0 Crore was advanced by the Company on various dates involving 2 transactions in the month December 2023 and February 2024 to Adani Renewable Energy (Mh) Limited, a wholly owned subsidiary, which has been further advanced by this entity on same dates to Vento Energy Infra Private Limited, a step-down subsidiary. Such transactions are in compliance with the Foreign Exchange Management Act, 1999 (42 of 1999), Companies Act, 2013. Such transactions are not in violation of Prevention of Money-Laundering Act, 2002 (15 of 2003) and are in the normal course of business.

During the year, the loan amount of ' 1 Crore was advanced by the Company on involving 1 transaction in the month April 2023 to Adani Renewable Energy Holding Five Limited, a wholly owned subsidiary, which has been further advanced by this entity on same dates to Adani Hybrid Energy Jaisalmer Four Limited, a step-down subsidiary. Such transactions are in compliance with the Foreign Exchange Management Act, 1999 (42 of 1999), Companies Act, 2013. Such transactions are not in violation of Prevention of Money-Laundering Act, 2002 (15 of 2003) and are in the normal course of business.

During the year, the loan amount of ' 122 crore was advanced by the Company on various dates involving 10 transactions in the month January 2024, February 2024 and March 2024 to Adani Saur Urja (KA) Limited, a wholly owned subsidiary, which has been further advanced by this entity on same dates to Adani Renewable Energy Forty Two Limited, a step-down subsidiary. Such transactions are in compliance with the Foreign Exchange Management Act, 1999 (42 of 1999), Companies Act, 2013. Such transactions are not in violation of Prevention of Money-Laundering Act, 2002 (15 of 2003) and are in the normal course of business.

During the year, the loan amount of ' 370 crore was advanced by the Company on various dates involving 47 transactions in the month June 2023, July 2023, August 2023, September 2023, October 2023, November 2023, December 2023, January 2024 and March 2024 to Adani Renewable Energy Holding Four Limited, a wholly owned subsidiary, which has been further advanced by this entity on same dates to Adani Green Energy Twenty Four A Limited, a step-down subsidiary. Such transactions are in compliance with the Foreign Exchange Management Act, 1999 (42 of 1999), Companies Act, 2013. Such transactions are not in violation of Prevention of Money-Laundering Act, 2002 (15 of 2003) and are in the normal course of business.

During the year, the loan amount of ' 4 crore was advanced by the Company on various dates involving 7 transactions in the month July 2023, September 2023, December 2023, January 2024, February 2024 and March 2024 to Adani Renewable Energy Holding Four Limited, a wholly owned subsidiary, which has been further advanced by this entity on same dates to Adani Green Energy Twenty Six A Limited, a step-down subsidiary. Such transactions are in compliance with the Foreign Exchange Management Act, 1999 (42 of 1999), Companies Act, 2013. Such transactions are not in violation of Prevention of Money-Laundering Act, 2002 (15 of 2003) and are in the normal course of business.

During the year, the loan amount of ' 827 crore was advanced by the Company on various dates involving 43 transactions in the month July 2023, August 2023, September 2023, October 2023, November 2023, December 2023, January 2024, February 2024 and March 2024 to Adani Renewable Energy Holding Four Limited, a wholly owned subsidiary, which has been further advanced by this entity on same dates to Adani Green Energy Twenty Five A Limited, a step-down subsidiary. Such transactions are in compliance with the Foreign Exchange Management Act, 1999 (42 of 1999), Companies Act, 2013. Such transactions are not in violation of Prevention of Money-Laundering Act, 2002 (15 of 2003) and are in the normal course of business.

During the year, the loan amount of ' 389 crore was advanced by the Company on various dates involving 25 transactions in the month June 2023, August 2023 September 2023, October 2023, November 2023, December 2023 and January 2024, to Adani Renewable Energy Holding Four Limited, a wholly owned subsidiary, which has been further advanced by this entity on same dates to Adani Green Energy Twenty Six B Limited, a step-down subsidiary. Such transactions are in compliance with the Foreign Exchange Management Act, 1999 (42 of 1999), Companies Act, 2013. Such transactions are not in violation of Prevention of Money-Laundering Act, 2002 (15 of 2003) and are in the normal course of business.

a wholly owned subsidiary, which has been further advanced by this entity on same dates to Adani Green Energy Twenty Four B Limited, a step-down subsidiary. Such transactions are in compliance with the Foreign Exchange Management Act, 1999 (42 of 1999), Companies Act, 2013. Such transactions are not in violation of Prevention of Money-Laundering Act, 2002 (15 of 2003) and are in the normal course of business.

During the year, the loan amount of ' 0 Crore was advanced by the Company involving 1 transaction in the month November 2023 to Adani Renewable Energy Holding Four Limited, a wholly owned subsidiary, which has been further advanced by this entity on same dates to Essel Urja Private Limited, a step-down subsidiary. Such transactions are in compliance with the Foreign Exchange Management Act, 1999 (42 of 1999), Companies Act, 2013. Such transactions are not in violation of Prevention of Money-Laundering Act, 2002 (15 of 2003) and are in the normal course of business.

During the year, the loan amount of ' 0 Crore was advanced by the Company involving 1 transaction in the month December 2023 to Adani Renewable Energy Holding Four Limited, a wholly owned subsidiary, which has been further advanced by this entity on same dates to Adani Green Energy Twenty Seven A Limited, a step-down subsidiary. Such transactions are in compliance with the Foreign Exchange Management Act, 1999 (42 of 1999), Companies Act, 2013. Such transactions are not in violation of Prevention of Money-Laundering Act, 2002 (15 of 2003) and are in the normal course of business.

During the year, the loan amount of ' 0 crore was advanced by the Company involving 1 transaction in the month October 2023 to Adani Renewable Energy Holding Four Limited, a wholly owned subsidiary, which has been further advanced by this entity on same dates to Adani Green Energy Thirty Two Limited, a step-down subsidiary. Such transactions are in compliance with the Foreign Exchange Management Act, 1999 (42 of 1999), Companies Act, 2013. Such transactions are not in violation of Prevention of Money-Laundering Act, 2002 (15 of 2003) and are in the normal course of business.

During the year, the loan amount of ' 0 Crore was advanced by the Company involving 1 transaction in the month November 2023 to Adani Renewable Energy Holding Four Limited, a wholly owned subsidiary, which has been further advanced by this entity on same dates to Adani Green Energy Twenty Seven C Limited, a step-down subsidiary. Such transactions are in compliance with the Foreign Exchange Management Act, 1999 (42 of 1999), Companies Act, 2013. Such transactions are not in violation of Prevention of Money-Laundering Act, 2002 (15 of 2003) and are in the normal course of business.

During the year, the loan amount of ' 8 crore was advanced by the Company on various dates involving 5 transactions in the month September 2023, December 2023, January 2024 and March 2024 to Adani Renewable Energy Holding Four Limited, a wholly owned subsidiary, which has been further advanced by this entity on same dates to Adani Green Energy Twenty Four C Limited, a step-down subsidiary. Such transactions are in compliance with the Foreign Exchange Management Act, 1999 (42 of 1999), Companies Act, 2013. Such transactions are not in violation of Prevention of Money-Laundering Act, 2002 (15 of 2003) and are in the normal course of business.

During the year, the loan amount of ' 746 crore was advanced by the Company on various dates involving 44 transactions in the month July 2023, August 2023, September 2023, October 2023, November 2023, December 2023, January 2024, February 2024 and March 2024 to Adani Renewable Energy Holding Four Limited, a wholly owned subsidiary, which has been further advanced by this entity on same dates to Adani Green Energy Twenty Five B Limited, a step-down subsidiary. Such transactions are in compliance with the Foreign Exchange Management Act, 1999 (42 of 1999), Companies Act, 2013. Such transactions are not in violation of Prevention of Money-Laundering Act, 2002 (15 of 2003) and are in the normal course of business.

Four Limited, a wholly owned subsidiary, which has been further advanced by this entity on same dates to Adani Green Energy Twenty Four Limited, a step-down subsidiary. Such transactions are in compliance with the Foreign Exchange Management Act, 1999 (42 of 1999), Companies Act, 2013. Such transactions are not in violation of Prevention of Money-Laundering Act, 2002 (15 of 2003) and are in the normal course of business.

During the year, the loan amount of ' 1 Crore was advanced by the Company on various dates involving 8 transactions in the month July 2023, August 2023, October 2023, November 2023 and December 2023 to Adani Renewable Energy Holding Four Limited, a wholly owned subsidiary, which has been further advanced by this entity on same dates to Adani Green Energy Twenty Five Limited, a step-down subsidiary. Such transactions are in compliance with the Foreign Exchange Management Act, 1999 (42 of 1999), Companies Act, 2013. Such transactions are not in violation of Prevention of Money-Laundering Act, 2002 (15 of 2003) and are in the normal course of business.

During the year, the loan amount of ' 11 crore was advanced by the Company on various dates involving 24 transactions in the month June 2023, July 2023, August 2023, September 2023, October 2023, November 2023, December 2023, January 2024 and February 2024 to Adani Renewable Energy Holding Four Limited, a wholly owned subsidiary, which has been further advanced by this entity on same dates to Adani Green Energy Twenty Six Limited, a step-down subsidiary. Such transactions are in compliance with the Foreign Exchange Management Act, 1999 (42 of 1999), Companies Act, 2013. Such transactions are not in violation of Prevention of Money-Laundering Act, 2002 (15 of 2003) and are in the normal course of business.

During the year, the loan amount of ' 10 crore was advanced by the Company on various dates involving 6 transactions in the month September 2023, December 2023, January 2024 and March 2024 to Adani Renewable Energy Holding Four Limited, a wholly owned subsidiary, which has been further advanced by this entity on same dates to Adani Renewable Energy Thirty Six Limited, a step-down subsidiary. Such transactions are in compliance with the Foreign Exchange Management Act, 1999 (42 of 1999), Companies Act, 2013. Such transactions are not in violation of Prevention of Money-Laundering Act, 2002 (15 of 2003) and are in the normal course of business.

During the year, the loan amount of ' 15 crore was advanced by the Company on various dates involving 7 transactions in the month September 2023, November 2023, December 2023, January 2024 and March 2024 to Adani Renewable Energy Holding Four Limited, a wholly owned subsidiary, which has been further advanced by this entity on same dates to Adani Renewable Energy Thirty Seven Limited, a step-down subsidiary. Such transactions are in compliance with the Foreign Exchange Management Act, 1999 (42 of 1999), Companies Act, 2013. Such transactions are not in violation of Prevention of Money-Laundering Act, 2002 (15 of 2003) and are in the normal course of business.

During the year, the loan amount of ' 10 crore was advanced by the Company on various dates involving 6 transactions in the month September 2023, December 2023, January 2024 and March 2024 to Adani Renewable Energy Holding Four Limited, a wholly owned subsidiary, which has been further advanced by this entity on same dates to Adani Renewable Energy Forty Limited, a step-down subsidiary. Such transactions are in compliance with the Foreign Exchange Management Act, 1999 (42 of 1999), Companies Act, 2013. Such transactions are not in violation of Prevention of Money-Laundering Act, 2002 (15 of 2003) and are in the normal course of business.

During the year, the loan amount of ' 127 crore was advanced by the Company on various dates involving 25 transactions in the month June 2023, July 2023, August 2023, September 2023, October 2023, November 2023, December 2023, January 2024 and February 2024 to Adani Renewable Energy Holding Four Limited, a wholly owned subsidiary, which has been further advanced by this entity on same dates to Adani Renewable Energy Forty One Limited, a step-down subsidiary. Such transactions are in compliance with the Foreign Exchange Management Act, 1999 (42 of 1999), Companies Act, 2013. Such transactions are not in violation of Prevention of Money-Laundering Act, 2002 (15 of 2003) and are in the normal course of business.

During the year, the loan amount of ' 48 crore was advanced by the Company on various dates involving 15 transactions in the month September 2023, October 2023, November 2023, December 2023, January 2024 and February 2024 to Adani Renewable Energy Holding Four Limited, a wholly owned subsidiary, which has been further advanced by this entity on same dates to Adani Renewable Energy Forty Two Limited, a step-down subsidiary. Such transactions are in compliance with the Foreign Exchange Management Act, 1999 (42 of 1999), Companies Act, 2013. Such transactions are not in violation of Prevention of Money-Laundering Act, 2002 (15 of 2003) and are in the normal course of business.

During the year, the loan amount of ' 20 crore was advanced by the Company on various dates involving 7 transactions in the month September 2023, November 2023, December 2023, January 2024 and March 2024 to Adani Renewable Energy Holding Four Limited, a wholly owned subsidiary, which has been further advanced by this entity on same dates to Adani Renewable Energy Forty Three Limited, a step-down subsidiary. Such transactions are in compliance with the Foreign Exchange Management Act, 1999 (42 of 1999), Companies Act, 2013. Such transactions are not in violation of Prevention of Money-Laundering Act, 2002 (15 of 2003) and are in the normal course of business.

During the year, the loan amount of ' 20 crore was advanced by the Company on various dates involving 6 transactions in the month September 2023, December 2023, January 2024, February 2024 and March 2024 to Adani Renewable Energy Holding Four Limited, a wholly owned subsidiary, which has been further advanced by this entity on same dates to Adani Renewable Energy Forty Four Limited, a step-down subsidiary. Such transactions are in compliance with the Foreign Exchange Management Act, 1999 (42 of 1999), Companies Act, 2013. Such transactions are not in violation of Prevention of Money-Laundering Act, 2002 (15 of 2003) and are in the normal course of business.

During the year, the loan amount of ' 42 crore was advanced by the Company on various dates involving 8 transactions in the month September 2023, December 2023, January 2024, February 2024 and March 2024 to Adani Renewable Energy Holding Four Limited, a wholly owned subsidiary, which has been further advanced by this entity on same dates to Adani Renewable Energy Forty Eight Limited, a step-down subsidiary. Such transactions are in compliance with the Foreign Exchange Management Act, 1999 (42 of 1999), Companies Act, 2013. Such transactions are not in violation of Prevention of Money-Laundering Act, 2002 (15 of 2003) and are in the normal course of business.

During the year, the loan amount of ' 19 crore was advanced by the Company on various dates involving 7 transactions in the month September 2023, November 2023, December 2023, January 2024 and March 2024 to Adani Renewable Energy Holding Four Limited, a wholly owned subsidiary, which has been further advanced by this entity on same dates to Adani Renewable Energy Thirty Five Limited, a step-down subsidiary. Such transactions are in compliance with the Foreign Exchange Management Act, 1999 (42 of 1999), Companies Act, 2013. Such transactions are not in violation of Prevention of Money-Laundering Act, 2002 (15 of 2003) and are in the normal course of business.

During the year, the loan amount of ' 1 crore was advanced by the Company on various dates involving 4 transactions in the month January 2024, February 2024 and March 2024 to Adani Renewable Energy Nine Limited, subsidiary company, which has been further advanced by this entity on same dates to Adani Green Energy Twenty Five Limited, a step-down subsidiary. Such transactions are in compliance with the Foreign Exchange Management Act, 1999 (42 of 1999), Companies Act, 2013. Such transactions are not in violation of Prevention of Money-Laundering Act, 2002 (15 of 2003) and are in the normal course of business.

has been further advanced by this entity on same dates to Adani Renewable Energy Forty Five Limited, a step-down subsidiary. Such transactions are in compliance with the Foreign Exchange Management Act, 1999 (42 of 1999), Companies Act, 2013. Such transactions are not in violation of Prevention of Money-Laundering Act, 2002 (15 of 2003) and are in the normal course of business.

During the year, the loan amount of ' 96 crore was advanced by the Company on various dates involving 7 transactions in the month August 2023 and February 2024 to Adani Renewable Energy Holding Sixteen Private Limited, a wholly owned subsidiary, which has been further advanced by this entity on same dates to Adani Solar Energy RJ Two Private Limited, a step-down subsidiary. Such transactions are in compliance with the Foreign Exchange Management Act, 1999 (42 of 1999), Companies Act, 2013. Such transactions are not in violation of Prevention of Money-Laundering Act, 2002 (15 of 2003) and are in the normal course of business.

Previous year - F.Y. 2022-23

During the previous year, the loan amount of ' 140 crore was advanced by the Company on various dates involving 6 transactions in the months of April 2022, May 2022, July 2022 and August 2022 to Adani Renewable Energy Holding Three Limited, a wholly owned subsidiary, which has been further advanced by this entity on same dates to Adani Hybrid Energy Jaisalmer Three Limited, a step down subsidiary. Such transactions are in compliance with the Foreign Exchange Management Act, 1999 (42 of 1999), Companies Act, 2013. Such transactions are not in violation of Prevention of Money-Laundering Act, 2002 (15 of 2003) and are in the normal course of business.

During the previous year, the loan amount of ' 86 crore was advanced by the Company on various dates involving 5 transactions in the months of April 2022, May 2022, July 2022 and August 2022 to Adani Renewable Energy Holding Three Limited, a wholly owned subsidiary, which has been further advanced by this entity on same dates to Adani Hybrid Energy Jaisalmer Two Limited, a step down subsidiary. Such transactions are in compliance with the Foreign Exchange Management Act, 1999 (42 of 1999), Companies Act, 2013. Such transactions are not in violation of Prevention of Money-Laundering Act, 2002 (15 of 2003) and are in the normal course of business.

During the previous year, the loan amount of ' 3 crore was advanced by the Company on various dates involving 16 transactions in the months of April 2022, May 2022, June 2022, July 2022, August 2022 and October 2022 to Adani Renewable Energy Holding Three Limited, a wholly owned subsidiary, which has been further advanced by this entity on same dates to Adani Wind Energy Kutchh Five Limited, a subsidiary. Such transactions are in compliance with the Foreign Exchange Management Act, 1999 (42 of 1999), Companies Act, 2013. Such transactions are not in violation of Prevention of Money-Laundering Act, 2002 (15 of 2003) and are in the normal course of business.

During the previous year, the loan amount of ' 2 crore was advanced by the Company on various dates involving 10 transactions in the months of April 2022, May 2022, June 2022, August 2022, September 2022 and October 2022 to Adani Renewable Energy Holding Three Limited, a wholly owned subsidiary, which has been further advanced by this entity on same dates to Adani Wind Energy Kutchh Three Limited, a subsidiary. Such transactions are in compliance with the Foreign Exchange Management Act, 1999 (42 of 1999), Companies Act, 2013. Such transactions are not in violation of Prevention of Money-Laundering Act, 2002 (15 of 2003) and are in the normal course of business.

During the previous year, the loan amount of ' 11 crore was advanced by the Company on various dates involving 2 transactions in the months of June 2022 and July 2022 to Adani Renewable Energy (MH) Limited, a wholly owned subsidiary, which has been further advanced by this entity on same dates to Vento Energy and Infra Private Limited, a subsidiary. Such transactions are in compliance with the Foreign Exchange Management Act, 1999 (42 of 1999), Companies Act, 2013. Such transactions are not in violation of Prevention of Money-Laundering Act, 2002 (15 of 2003) and are in the normal course of business.

During the previous year, the loan amount of ' 601 crore was advanced by the Company on various dates involving 22 transactions in the months of April 2022, May 2022, July 2022, August 2022, September 2022, October 2022, November 2022 and December 2022 to Adani Renewable Energy Holding Five Limited, a wholly owned subsidiary, which has been further advanced by this entity on same dates to Adani Hybrid Energy Jaisalmer Four Limited, a subsidiary. Such transactions are in compliance with the Foreign Exchange Management Act, 1999 (42 of 1999), Companies Act, 2013. Such transactions are not in violation of Prevention of Money-Laundering Act, 2002 (15 of 2003) and are in the normal course of business.

During the previous year, the loan amount of ' 8 crore was advanced by the Company on various dates involving 3 transactions in the months of August 2022 and September 2022 to Adani Renewable Energy Holding Sixteen Private Limited, a subsidiary, which has been further advanced by this entity on same dates to Adani Solar Energy RJ Two Private Limited, a subsidiary. Such transactions are in compliance with the Foreign Exchange Management Act, 1999 (42 of 1999), Companies Act, 2013. Such transactions are not in violation of Prevention of Money-Laundering Act, 2002 (15 of 2003) and are in the normal course of business.

During the previous year, the loan amount of ' 204 crore was advanced by the Company on various dates involving 41 transactions in the months of April 2022, May 2022, June 2022, July 2022, August 2022, September 2022, October 2022, November 2022, December 2022 and January 2023 to Adani Renewable Energy Holding Nineteen Private Limited, a step down subsidiary, which has been further advanced by this entity on same dates to Adani Solar Energy Jaisalmer One Private Limited, a step down subsidiary. Such transactions are in compliance with the Foreign Exchange Management Act, 1999 (42 of 1999), Companies Act, 2013. Such transactions are not in violation of Prevention of Money-Laundering Act, 2002 (15 of 2003) and are in the normal course of business.

During the previous year, the loan amount of ' 2 crore was advanced by the Company on various dates involving 6 transactions in the months of July 2022, August 2022 and February 2023 to Adani Renewable Energy Holding Ten Limited, a step down subsidiary, which has been further advanced by this entity on same dates to Essel Urja Private Limited, a step down subsidiary. Such transactions are in compliance with the Foreign Exchange Management Act, 1999 (42 of 1999), Companies Act, 2013. Such transactions are not in violation of Prevention of Money-Laundering Act, 2002 (15 of 2003) and are in the normal course of business.

During the previous year, the loan amount of ' 0 Crore was advanced by the Company on various dates involving 2 transactions in the months of February 2023 to Adani Renewable Energy Holding Ten Limited, a step down subsidiary, which has been further advanced by this entity on same dates to TN Urja Private Limited, a step down subsidiary. Such transactions are in compliance with the Foreign Exchange Management Act, 1999 (42 of 1999), Companies Act, 2013. Such transactions are not in violation of Prevention of Money-Laundering Act, 2002 (15 of 2003) and are in the normal course of business.

During the previous year, the loan amount of ' 0 Crore was advanced by the Company on various dates involving 2 transactions in the months of February 2023 to Adani Renewable Energy Holding Ten Limited, a step down subsidiary, which has been further advanced by this entity on same dates to KN Sindagi Solar Energy Private Limited, a step down subsidiary of the Company. Such transactions are in compliance with the Foreign Exchange Management Act, 1999 (42 of 1999), Companies Act, 2013. Such transactions are not in violation of Prevention of Money-Laundering Act, 2002 (15 of 2003) and are in the normal course of business.

During the previous year, the loan amount of ' 0 Crore was advanced by the Company involving 1 transaction in the month of February 2023 to Adani Renewable Energy Holding Ten Limited, a step down subsidiary, which has been further advanced by this entity on same date to Essel Gulbarga Solar Power Private Limited, a step down subsidiary of the Company. Such transactions are in compliance with the Foreign Exchange Management Act, 1999 (42 of 1999), Companies Act, 2013. Such transactions are not in violation of Prevention of Money-Laundering Act, 2002 (15 of 2003) and are in the normal course of business.

During the previous year, the loan amount of ' 0 Crore was advanced by the Company involving 1 transaction in the month of February 2023 to Adani Renewable Energy Holding Ten Limited, a step down subsidiary, which has been further advanced by this entity on same date to KN Muddebihal Solar Energy Private Limited, a step down subsidiary of the Company. Such transactions are in compliance with the Foreign Exchange Management Act, 1999 (42 of 1999), Companies Act, 2013. Such transactions are not in violation of Prevention of Money-Laundering Act, 2002 (15 of 2003) and are in the normal course of business.

During the previous year, the loan amount of ' 0 Crore was advanced by the Company involving 1 transaction in the month of April 2022 to Adani Renewable Energy Nineteen Private Limited, a step down subsidiary, which has been further advanced by this entity on same date to Adani Renewable Energy Twenty Eight Private Limited, a step down subsidiary of the Company. Such transactions are in compliance with the Foreign Exchange Management Act, 1999 (42 of 1999), Companies Act, 2013. Such transactions are not in violation of Prevention of Money-Laundering Act, 2002 (15 of 2003) and are in the normal course of business.

The Company has not received any fund from any party(s) (Funding Party) with the understanding that the Company shall whether, directly or indirectly lend or invest in other persons or entities identified by or on behalf of the Company ("Ultimate Beneficiaries”) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries. The Company, in its capacity as holding company, have received surplus funds from subsidiaries and stepped down subsidiaries through loans in the normal course of business. A portion of such surplus funds received have been invested by the Company, at its sole discretion, in other subsidiaries and stepped down subsidiaries and accordingly, for such transactions, the Company is not considered as an Intermediary entity.

(i) Investments in subsidiaries classified as equity investments and investment in perpetual securities have been accounted at historical cost. Since these are scope out of Ind AS 109 for the purposes of measurement, the same have not been disclosed in the tables above.

(ii) Fair value of financial assets and liabilities measured at amortised cost is not materially different from its carrying value. Further, impact of time value of money is not significant for the financial instruments classified as current. Accordingly, the fair value has not been disclosed separately.

(iii) Trade Receivables, Cash and Cash equivalents, Other bank balance, Other financial assets, Borrowings (including through bonds), Trade Payables and Other Current Financial Liabilities: Fair values approximate their carrying amounts largely due to fixed maturities of these instruments.

(i) The fair values of investments in mutual fund units is based on the net asset value ('NAV').

(ii) The fair values of the derivative financial instruments has been determined using valuation techniques with market observable inputs as at reporting date. The models incorporate various inputs including the credit quality of counterparties and foreign exchange rates.

35. As per Indian Accounting standard 19 "Employee Benefits", the disclosure as defined in the accounting standard are given below.

The status of gratuity plan as required under Ind AS-19 :

The Company operates a defined benefit plan (the Gratuity plan) covering eligible employees, which provides a lump sum payment to vested employees at retirement, death, incapacitation or termination of employment, of an amount based on the respective employee's salary and the tenure of employment.

The Company has a defined benefit gratuity plan (unfunded) and is governed by the Payment of Gratuity Act, 1972. Under the Act, every employee who has completed at least five year of service is entitled to gratuity benefits on departure at 15 days salary (last drawn salary) for each completed year of service. During the previous year the scheme was funded in a very limited extent with Life Insurance Corporation of India (LIC). However during the current year management has planned to keep gratuity unfunded and not to contribute to LIC.

viii. Sensitivity Analysis

Significant actuarial assumptions for the determination of the defined benefit obligation are discount rate, expected salary increase and mortality. The sensitivity analysis below have been determined based on reasonably possible changes of the assumptions occurring at the end of the reporting period, while holding all other assumptions constant. The results of sensitivity analysis is given below:

x. During the previous year, the Company has defined benefit plans for Gratuity to eligible employees, the limited contributions for which are made to Life Insurance Corporation of India who invests the funds as per Insurance Regulatory Development Authority guidelines.

The discount rate is based on the prevailing market yields of Government of India's securities as at the balance sheet date for the estimated term of the obligations.

The expected contributions for Defined Benefit Plan for the next financial year will be Nil.

Terms and conditions of transactions with related parties

Outstanding balances of related parties at the year-end are unsecured.

Note:

The names of the related parties and nature of the relationships where control exists are disclosed irrespective of whether or not there have been transactions between the related parties. For others, the names and the nature of relationships is disclosed only when the transactions are entered into by the Company with the related parties during the existence of the related party relationship. Transactions in excess of 10% of the total related party transactions for each type has been disclosed in note below.

(ii) Hedging activities

Foreign Currency Risk

The Company is exposed to various foreign currency risks as explained in note 31 above. In line with the Company's Foreign Currency & Interest Rate Risk Management Policy, the Company has hedged almost 100% of it's foreign currency borrowings and trade transactions such as purchase of goods and materials. To that extent, the Company is not exposed to foreign currency risk.

All borrowings (including letter of credit) related hedges are accounted for as cash flow hedges.

Interest Rate Risk

The Company is exposed to interest rate risks on floating rate borrowings as explained in note 31 above.

(iii) Hedge Effectiveness

There is an economic relationship between the hedged items and the hedging instruments as the terms of the hedge contracts match the terms of hedge items. The Company has established a hedge ratio of 1:1 for the hedging relationships as the underlying risk of the foreign exchange and interest rate are identical to the hedged risk components. To test the hedge effectiveness, the Company compares the changes in the fair value of the hedging instruments against the changes in fair value of the hedged items attributable to the hedged risks.

(iv) Source of Hedge ineffectiveness

In case of foreign currency risk and interest rate risk, the main source of hedge ineffectiveness is the effect of the counterparty and the Company's own credit risk on the fair value of hedge contracts, which is not reflected in the fair value of the hedged items. The effect of this is not expected to be material.

(v) Disclosures of effects of Cash Flow Hedge Accounting

Hedging instruments

The Company has taken derivatives to hedge its borrowings (including letter of credit) and Interest accrued thereon.

The disclosure in respect of the amount payable to enterprises which have provided goods and services to the Company and which qualify under the definition of micro and small enterprises, as defined under Micro, Small and Medium Enterprises Development Act, 2006 has been made in the Financial statement as at 31^st March, 2024 based on the information available with the Company.

The unbilled revenue primarily relate to the Company's right to consideration for power supply but not billed as at the reporting date. The contract liabilities primarily relate to the advance consideration received from related parties / customers against future supplies.

The Company has deferred the revenue against Infrastructure Support Agreement (ISA).

The Company has renewed certain contracts with customers amounting to ' 2,845 crore (previous year ' 4,974 crore) to extend the performance obligation for a further period ranging from 14 to 18 months and accordingly such contract liabilities has been classified as non-current liability.

The Company does not have any remaining performance obligation for sale of goods and services.

40 . As per para 4 of Ind AS 108 "Operating Segments”, if a single financial report contains both consolidated financial statements and the separate financial statements of the Parent Company, segment information may be presented on the basis of the consolidated financial statements. Thus, the information related to disclosure of operating segments required under Ind AS 108 "Operating Segments”, is given in Consolidated Financial Statements.

42. Exceptional Items:

During the year, the Company made annual assessment of recoverability of the investments in / loans given to various subsidiaries including step down subsidiaries and based on such assessment, an impairment provision of ' 71 crore (' 62 crore on investments in perpetual securities of subsidiaries and ' 9 crore on investments in the form of loans given to subsidiaries) provided and the same is shown as an exceptional item for the year ended March 31, 2024 (refer note 5 A and 6). Following is the list of subsidiaries including step down subsidiaries on which impairment provision is made.

Similarly during the previous year also the Company made an annual assessment of recoverability of the investments in / loans given to various subsidiaries including step down subsidiaries and based on such assessment, an impairment provision of ' 67 crore (' 36 crore on investments in perpetual securities of subsidiaries and ' 31 crore on investments in the form of loans given to subsidiaries) provided and the same is shown as an exceptional item for the year ended March 31, 2023 (refer note 5 A and 6). Following is the list of subsidiaries including step down subsidiaries on which impairment provision is made.

43. As at March 31, 2021, the Company was holding 51% in Adani Solar USA Inc (ASUINC) while remaining 49% was held by Adani Global PTE Limited (AGPTE), a related party entity in Singapore. The Company and AGPTE had entered into an agreement which has resulted into transfer of management rights/control of ASUINC to AGPTE with effect from June 1, 2021. However on completion of procedural compliances, during the year ended March 31, 2023, the 51% equity stake in ASUINC was transferred to AGPTE on February 15, 2023 and a consideration of ' 0.04 Crore was realised.

44. Adani Renewable Energy Holding Two Limited (wholly owned subsidiary of the Company) had entered into a binding term sheet with Essel Infra projects Limited on January 17, 2023 for acquisition of 50% equity interest in Essel Saurya Urja Company of Rajasthan Limited (ESUCRL). Remaining 50% of equity interest in ESUCRL is held by Government of Rajasthan. ESUCRL owns Solar Park which houses 750 MW solar capacity in the state of Rajasthan. As at March 31, 2024, the transaction is not completed, pending customary approvals, conditions and execution of detailed Share Purchase Agreement. The Company has also spent 31 crore towards financial obligation of ESUCRL which is accounted as recoverable in the books.

45. Corporate Social Responsibility

As per Section 135 of the Companies Act, 2013, the Company has formed a corporate social responsibility (CSR) committee. The Company is liable to incur CSR expense as per requirement of Section 135 of Companies Act, 2013. Accordingly, it has contributed ' 0 Crore (Previous year - ' 2 Crore) to the eligible trusts specified in Schedule VII of the Companies Act, 2013.

(a) Gross amount to be spent as per section 135 of the Companies Act, 2013 : ' 0 crore (Previous year ' 2 Crore)

(b) Amount contributed during the year : ' 0 crore (Previous year - ' 2 Crore)

(c) Amount spent during the year on:

(i) Construction / acquisition of any assets : Nil (Previous year - Nil)

48. The Indian Parliament has approved the Code on Social Security, 2020 ('Code') which may impact the contributions made by the Company towards Provident Fund and Gratuity. The Company will evaluate the impact once the corresponding rules are notified and will give appropriate effect in the financial statements in the period in which the Code becomes effective and the related rules are notified.

49. Recent Pronouncements

Ministry of Corporate Affairs ("MCA”) notifies new standards or amendments to the existing standards under Companies (Indian Accounting Standards) Rules as issued from time to time. During the year ended March 31,2024, MCA has not notified any new standards or amendments to the existing standards applicable to the Company.

50. The Company uses an accounting software for maintaining its books of account which has a feature of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in the accounting software. However, the audit trail feature is not enabled for certain direct changes to data when using certain privileged / administrative access rights to the SAP application level and the underlying HANA database. Further no instance of audit trail feature being tampered with was noted in respect of the accounting software. Subsequently to the year end, the log has been activated at the SAP application and the privileged access to HANA database has been restricted to limited set of users who necessarily require this access for maintenance and administration of the database.

51. The Company do not have any transaction to report against the following disclosure requirements as notified by MCA pursuant to amendment to Schedule III:

1. Crypto Currency or Virtual Currency

2. Benami Property held under Benami Transactions (Prohibition) Act, 1988 (45 of 1988)

3. Registration of charges or satisfaction with Registrar of Companies

4. Transaction with Struck off Companies

5. Undisclosed income

6. Related to Borrowing of Funds:

i. Borrowing obtained on the basis of Security of Current Assets

ii. Willful defaulter

iii. Utilization of borrowed fund and share premium

iv. Discrepancy in utilization of borrowings

52. During the previous financial year 2022-23, a short seller report ("SSR”) was published in which certain allegations were made on some of the Adani Group Companies, including on certain entities of the Group, which comprises Adani Green Energy Limited (the "Company"), its subsidiaries and step-down subsidiaries. In this regard, certain writ petitions were filed with the Hon'ble Supreme Court ("SC”) seeking independent investigation of the allegations in the SSR and the Securities and Exchange Board of India ("SEBI”) also commenced investigating the allegations made in the SSR for any violations of applicable SEBI Regulations. The SC also constituted an expert committee to investigate and advise into the various aspect of existing laws and regulations, and also directed the SEBI to consider certain additional aspects in its scope. The Expert committee submitted its report dated May 6, 2023, finding no regulatory failure, in respect of applicable laws and regulations. The SEBI also concluded its investigations in twenty-two of the twenty-four matters as per the status report dated August 25, 2023 to the SC.

The SC by its order dated January 3, 2024, disposed off all matters of appeal relating to the allegations in the SSR (including other allegations) in various petitions including those relating to separate independent investigations. However, the SC concluded that the SEBI should complete the pending two investigations, preferably within 3 months, and take its investigations (including the twenty-two investigations already completed) to their logical conclusion in accordance with law.

During the year ended March 31, 2024, the Company has received a show cause notice (SCN) from the SEBI relating to validity of Peer Review Certificate (PRC) of one of joint auditors in earlier financial years, which the Company has responded to. Based on legal advice obtained, management believes that the matter is technical in nature and has no material consequential effects to the relevant financial statements, and that there is no material non-compliance of applicable laws and regulations.

In April 23, the Company had obtained a legal opinion by independent law firm, confirming (a) none of the alleged related parties mentioned in the short-seller report were related parties to the Group, under applicable frameworks; and (b) the Group is in compliance with the requirements of applicable laws and regulations. Subsequent to the SC order dated January 3, 2024, to uphold the principles of good governance, the Adani Group has also initiated an independent legal and accounting review of the allegations in the SSR and other allegations (including any allegations related to the Group) to reassert compliance of applicable laws and regulations. Such independent review also did not identify any non-compliances or irregularities by the Group, and it has noted on record, the results of this review.

Based on the legal opinions obtained, subsequent independent review referred to above, the SC order and the fact that there are no pending regulatory or adjudicatory proceedings as of date, except relating to the SCN as mentioned above, management of the Company concludes that there are no consequences of the allegations mentioned in the SSR and other allegations on the Group, and accordingly, these financial statements do not have any reporting adjustments in this regard.

53. Events occurring after the Balance sheet Date

The Company evaluates events and transactions that occur subsequent to the balance sheet date but prior to approval of the financial statements to determine the necessity for recognition and/or reporting of any of these events and transactions in the financial statements. As of May 03, 2024, there are no subsequent events to be recognized or reported.

54. Approval of financial statements

The financial statements were approved for issue by the board of directors on May 03, 2024.