a) The Company owns 7,463 hectare (Previous Year 7,568 hectare) of land amounting to f2,984.28crore (Previous Year f2,844.03crore) which has been classified into freehold land 6,320 hectare (Previous Year 6,425 hectare) amounting to f2,471.82crore (Previous Year f2,332.69crore) and Right of Use - Land 1,143 hectare (Previous Year 1,143 hectare) amounting to f512.46crore (Previous Year f511.34crore) based on available documentation.

b) Freehold land acquired by the company includes 62.01 hectare (Previous Year 198.93 hectare) amounting to f155.42crore (Previous Year f48.01crore) in respect of land acquired by the company for which only mutation in revenue records is pending.

c) The transmission system situated in the state of Jammu and Kashmir have been taken over by the company w.e.f. 01 April 1993 from National Hydroelectric Power Corporation of India Limited (NHPC) upon mutually agreed terms pending completion of legal formalities.

d) Right of Use - Land includes area of 16.31 hectare (Previous Year 16.31 hectare) amounting to f107.52crore (Previous Year f107.52crore) in respect of land acquired on perpetual lease basis and hence not amortised.

e) 5.63 hectare (Previous Year 5.63 hectare) having value of f0.04crore (Previous Year f0.04crore) has been transferred to National High Power Test Laboratory Pvt. Ltd. on right to use without granting ownership.

f) Freehold land of 106.47 hectare amounting to f1.84crore is re-classified as Investment Property. Refer note no. 6 for disclosure on Investment Property.

g) "Disposal" includes assets having cost of f1,137.80crore and accumulated depreciation of f505.56crore transferred to Powergrid Teleservices Limited.

h) Refer note no. 50 for disclosure on Right of Use Assets as per Ind AS 116 - "Leases".

i) Refer note no. 23 for information on property, plant and equipment pledged as security by the company.

j) Refer note no. 64 (a) for details of immovable properties where title deeds are not in the name of the company.

k) The critical transmission assets including all cores of OPGW cables etc. are kept with the company and not

transferred to Powergrid Teleservices Limited at time of hiving off of Telecom Business (refer note no. 65). Depreciation on these assets is charged and residual value is adopted as per the accounting policy of the

company which is applicable to Transmission Assets. This does not have a material impact on profitability of

the company.

2) Investments have been valued as per accounting policy no. 2.13, 2.14 & 2.15.

3) POWERGRID's Board of Directors in its meeting held on 01.05.2018 accorded in principle approval to close RINL Powergrid TLT Private Limited (RPTPL) and seek consent of other JV Partner Rashtriya Ispat Nigam Limited (RINL). RINLs Board of Directors in its meeting held on 08.03.2019 has agreed in principle for winding up proceedings of RPTPL & to seek the approval from Ministry of Steel (MoS), Government of India, for closure of RPTPL. The approval for closure of RPTPL was received on 11.07.2022 from MoS. However, winding up process could not be initiated, as contractor for Site Enabling works has served notice on 17.12.2022 for invocation of Arbitration. Conciliator has been appointed & conciliation proceedings are under progress.

4) Refer remarks at Note No 11 for Powergrid Vemagiri Transmission Limited.

5) During the year, a provision of f 149.12 crore has been made towards impairment of investment in Energy Efficiency Services Limited. Refer note 61(A)(vi) for reconciliation of allowance for impairment.

6) Vide Supplimentary Joint venture (JV) agreement dated 23.04.2024 and as part of revival plan of National High Power Test Laboratory Private Limited, Loan given by all JV partners to JV company was converted to equity, additional loan of f94.71 crore was provided by the company, share holding of the company will increase to 50% through additional equity contribution by the company and transfer of shares by other JV partners at notional consideration. Refer note 61(A)(vi) for reconciliation of allowance for impairment.

7) The Company received during the current year f 26.62 crore (previous year f 9.96 crore) from PG InvIT towards repayment of SPV Debt. Consequently, the same has been reduced from the cost of the investment.

by VTSL from the date of acquisition till the liquidation of the company shall be borne by the Company. Subsequently, on a review petition filed by the Company, CERC vide order dated 20/10/2016 held that there are sufficient reasons to review the liability of the Company to pay 20% of the acquisition price and accordingly, directed that the issue shall be decided afresh by taking a holistic view in the matter after disposal of appeals filed by the LTTCs on the issue in Appellate Tribunal of Electricity (ATE). The final hearing in the appeals filed in APTEL was held on 02.03.2020 and Hon'ble APTEL directed all parties to file written submission and reserved the Judgement. However, due to Covid pandemic lock down during Mar'20-May'20, the matter was relisted & heard on 24.08.2020 and Hon'ble APTEL directed all the parties to file concise comprehensive written submissions through email and reserved the Judgement again. Accordingly, concise comprehensive written submissions were filed in APTEL. As one of the Hon'ble Members of APTEL retired during Dec'20 before pronouncement of the judgement, the matter may need to be heard again. An Early hearing application filed in the captioned matter was allowed vide APTEL Order dated 05.07.2021 but due to subsequent vacancy of Chairperson in APTEL matter could not be taken up. The new Chairperson in APTEL was appointed on 02.12.2022 since then the matter was listed on several dates but could not be heard due to paucity of time. Presently, the Hon'ble Tribunal last heard the matter on 22.04.2024 and matter was part heard. The next hearing date is 28.05.2024.

b) Trade Receivables includes Unbilled Receivables relating to transmission segment amounting to W 3,810.06 Crores (Previous Year W 8,088.77 Crores) out of which transmission charges for the month of March including arrear bills for previous quarters, of the financial year amounting to W 3,283.35 crore (Previous Year W 6,634.84 crore) billed to beneficiaries in the subsequent financial year. Trade receivable also includes non-tariff income to be passed on to DICs and revenue from other business (telecom) to be passed on to DICs amounting to W 75.41 crore (Previous Year W 82.81 crore) is netted off against unbilled receivables as the same will be billed on net basis.

c) Based on arrangements between the Company, banks and beneficiaries, the bills of the beneficiaries have been discounted. Amount realised by the Company through discounting and yet to be settled by the beneficiaries to banks as at the end of the year is shown as Borrowings (refer note no. 28) as bills are discounted with recourse to the company. In case of any claim on the company from the banks in this regard, entire amount shall be recoverable from the beneficiaries along with surcharge. The Outstanding Trade receivables includes the amount of W 2693.52 Crore (Previous Year W 1922.61 Crore) that has been discounted with recourse to the company & the same has been shown as Borrowings (refer note no. 28). Total Trade receivables (including noncurrent) net off amount realised through discounting of bills is W 8,415.23crore (Previous Year W 13,077.09crore).

@ During the current year, the company has securitised its cashflows from four of its subsidiaries viz. Powergrid Bhuj Transmission Limited, Powergrid Khetri Transmission System Limited, Powergrid Medinipur Jeerat Transmission System Limited and Powergrid Varanasi Transmission System Limited and raised total f 5,700 crore in three tranches to part finance its capital expenditure in pursuance of new National Monetization Pipeline (NMP).

# During the previous year, the company has securitised its cashflows from three of its subsidiaries viz. Powergrid Southern Interconnector Transmission System Limited, Powergrid Mithilanchal Transmission Limited and Powergrid NM Transmission Limited and raised total f 3,412 crore in three tranches to part finance its capital expenditure in pursuance of new National Monetization Pipeline (NMP).

Details of terms of repayment and rate of interest

1 Secured Foreign Currency Loans (Guaranteed by Gol) carry floating rate of interest linked to Daily SOFR. These loans are repayable in semi annual instalment, as per terms of the respective loan agreement, commencing after moratorium period of 3 to 5 years except for one loan f 414.52 Crore (Previous year f 408.08 Crore) which carry fixed rate of interest of 0.25% p.a.

2 Secured other Foreign Currency Loans carry floating rate of interest linked to 6M (EURIBOR). These loans are repayable in semi annual instalment, as per terms of the respective loan agreements, commencing after moratorium period of 3 to 5 years.

3 Secured Rupee loan from banks carry floating rate of interest linked to 3M MCLR. These loans are repayable in semi annual instalments, as per terms of the respective loan agreements, commencing after moratorium period of 5 years.

4 Unsecured Foreign Currency Loans (Guaranteed by Gol) carry fixed rate of interest ranging from 1.63% p.a. to 2.30% p.a. These loans are repayable in semi annual instalments as per terms of the respective loan agreements.

5 Unsecured Foreign Currency Loans carry floating rate of interest linked to 6M (STIBOR/EURIBOR). These loans are repayable in semi annual instalments as per terms of the respective loan agreements, commencing after moratorium period as per terms of the respective loan agreements.

6 Unsecured Foreign Currency Loans carry floating rate of interest linked to 3M TONA. This loan is repayable in five equal annual instalment as per the terms of the loan agreement.

7 Unsecured Rupee loan from bank carry floating rate of interest linked to 3 months MCLR or Repo rate. These loans are repayable in semi annual installments, as per terms of the respective loan agreements, commencing after moratorium period as per terms of the respective loan agreements.

8 There has been no default in repayment of loans or payment of interest thereon as at the end of the year.

9 The company has used the borrowings from banks and financial institutions for the specified purpose for which it was taken as at balance sheet date.

Details of Securities

1 Domestic Bonds are Secured by way of Registered Bond Trust Deed ranking pari passu on immovable property situated at Mouje Ambheti Taluka Kaparada in district Valsad Gujarat and floating charge on the assets of the company.

2 Secured Foreign Currency Loans (Guaranteed by GoI) are secured by pari passu interest in the lien created on the assets as security for the debts.

3 Secured Other Foreign Currency Loans and Rupee Loans are secured by the way of

(i) pari passu charge on the assets of the company except investments, land and building, roads and bridges, water supply, drainage and sewerage and current assets or

(ii) pari passu charge on the assets of the company except investments and current assets or

(iii) floating charge on the immovable properties of the company. as per the terms of respective loan agreements.

A) Employee Benefits

i) Performance Related Pay/Special Incentive:

Provision is created for Performance Related Pay to Executives and Non-Executives

ii) Other Employee Benefits:

Provision is created for the purpose of meeting out leave encashment, settlement allowance, long service award and POWERGRID Employee Family Rehabilitation Scheme. Refer note no. 63 for detailed disclosure related to Employee Benefit Obligations.

B) Others:

i) Downtime Service Credit -Telecom:

Provision is created in case when actual downtime is in excess of the permissible service level agreement, in such cases the necessary credit is passed on to the customer on demand.

However, in some cases, the downtime is not claimed by the customers then in such cases necessary provision on account of downtime is made in the books of accounts as per the links availability reports received from National Telecom Control Centre (NTCC) for the period of non-operation of links given to the customers. The calculation of downtime credit is based on the SLA signed with various customers.

ii) Provision Others:

Provision Others in earlier years included a disputed provision for entry tax amounting to f 174.36 crore as demanded by revenue authorities, contested by the company. During the current year, company has opted for settlement of the disputed entry tax under "The Chhattisgarh Settlement of Arrears of Tax, Interest and Penalty Act, 2023". Accordingly, the Company has paid off the liability, including interest, amounted to f 42.27 crore under the amnesty scheme & balance amount has been reversed.

1. Grant in Aid of f0.00crore (Previous Year f2.41crore) including interest has been recognised from Power System Development Fund (PSDF) under Ministry of Power (MoP), Govt. of India (GoI) for installation of STATCOM in ER (ERSS-XI) and SR (System Strengthening in SR-XXI).

2. Grant in Aid of f13.93crore (Previous Year f0.34crore) including interest has been recognised, from Power System Development Fund (PSDF) under MoP, GoI for establishment of Unified Real Time Dynamic State Measurement (URTDSM).

3. Grant in Aid of f0.00crore (Previous Year f0.01crore) has been recognised under achievement linked/incentive award scheme for Government Sector by Ministry of New & Renewable Energy (MNRE), GoI for establishing solar roof top plants in various buildings of the company.

4. Grant in Aid was received in earlier years from Ministry of New & Renewal Energy (MNRE) for creating awareness activities for Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyaan(PM KUSUM) in Andhra Pradesh, Kerala and Rajasthan. An amount of f 1.06 crore is repayable as at the end of reporting period to MNRE, Govt. of India (GoI) and shown under Other Current Financial Liabilities.

a) In exercise of powers u/s 178 of the Electricity Act 2003, Central Electricity Regulatory Commission (CERC) has notified "CERC (Terms and Conditions of Tariff) Regulations, 2019" vide order dated 07 March 2019 for the determination of transmission tariff for the block period 2019-24.

b) The company has recognised transmission income during the year as per the following:

i) f38,305.35crore (Previous Year f35,385.69crore) as per final tariff orders issued by CERC for block period 2019-24 and

ii) f2,257.29crore (Previous Year f5,233.61crore) provisionally as per CERC Tariff Regulations for the block period 2019-24 and other orders in similar cases, in respect of transmission assets for which final tariff orders are yet to be issued.

c) Consequent to the final order issued by CERC, transmission income includes f825.88crore(increase)(Previous Year f1,597.30crore(increase)) pertaining to earlier years.

d) Refer note no. 46 for disclosure as per Ind AS 115 "Revenue from Contracts with Customers".

e) "Others" under Other operating revenue includes income from sale of scrap generated from other than PPE.

Other Non-Current Financial Assets and Other Current Financial Assets include lease receivables representing the present value of future lease rentals receivable on the finance lease transactions entered into by the company with the constituents in respect of State Sector ULDC and Bilateral Line Assets. Disclosure requirements of Ind AS 116 'Leases' notified under the Companies Act, 2013 are given as under:

(i) Details of gross investment in lease, un-earned finance income and present value of minimum lease payments receivables at the end of financial year are given as under:

(iii) There are differences in balance lease receivable as at year end as per accounts and tariff records on account of Undischarged liabilities & Unamortised FERV on loans amounting to f95.20crore (Previous Year f81.17crore). Undischarged liabilities become part of project cost only on discharge of such liabilities & FERV are allowed to be recovered as part of tariff on actual payment basis.

b) As a Lessee:

The company has taken assets on lease such as dark fibre, colocation & repeater shelter spaces and office buildings etc. for various periods which are assessed and accounted as per the requirements of Ind AS 116 -"Leases" and required disclosures as per the said Ind AS are as follows:

(i) ROU Assets:

Additions, termination/disposal and depreciation charge on right of use assets for the year and carrying amount of the same as at the end of the financial year by class of underlying asset has been disclosed in note no. 4 as a separate line item.

(ii) Lease Liabilities:

Interest expense on lease liabilities for the year is shown under note no. 38 and total cash outflow for leases for the year has been disclosed in statement of cash flow under financing activities as separate line item and maturity analysis of lease liabilities has been disclosed in note no. 61.

(iii) Short term leases:

The company, during the financial year, has incurred f21.79crore (Previous Year f31.53crore) with respect to short term leases.

The company was committed to short term leases and the total commitment of such leases at the end of financial year was f4.39crore (Previous Year f4.45crore).

51. Disclosures relating to Regulatory Deferral Account Balances

i) Nature of rate regulated activities

The company is mainly engaged in the business of transmission of power. The tariff for transmission of power is determined by the CERC through tariff regulations. The tariff is based on capital cost admitted by CERC and provides for transmission charges recovery of annual fixed cost consisting of Return on equity, Interest on loan capital, Depreciation, interest on working capital and Operation & Maintenance expenses.

ii) Recognition and measurement

FERV arising during the construction period for settlement/translation of monetary items (other than noncurrent loans) denominated in foreign currency to the extent recoverable/payable to the beneficiaries as capital cost as per CERC Tariff Regulations are accounted as Regulatory Deferral Account Balances. In respect of long term foreign currency loan drawn on or after 01 April 2016, exchange difference to the extent recoverable as per CERC Tariff Regulations are recognised as Regulatory Deferral Account Balances. The company expects to recover these amounts through depreciation component of the tariff over the life of the asset or as exchange rate variation on repayment of the loan.

The tariff norms for the block period 2019-2024 notified by the Central Electricity Regulatory Commission (CERC) provide for grossing up of the return on equity based on effective tax rate for the financial year based on the actual tax paid during the year on the transmission income. Accordingly, deferred tax provided during the year ended 31 March 2024 on the transmission income is accounted as 'Deferred Assets against Deferred Tax Liability'. Deferred Assets against Deferred Tax Liability for the year will be reversed in future years (including tax holiday period) when the related deferred tax liability forms a part of current tax.

During the previous year, CERC vide order dated 26 December 2022 has disallowed the claim amounting to S134.16 crore on account of pay revision (2017) which was accounted as Regulatory Deferral Account Balances. Accordingly, the company has reversed the amount shown as recoverable from the beneficiaries in the previous year under the head Net Movement in Regulatory Deferral Account Balances-Income/(Expenses)(Net of Tax). An appeal against order dated 26 December 2022 has been filed before Hon'ble Appellate Tribunal for Electricity bearing Appeal No. 236 of 2023. The Appeal has been listed before APTEL on 29 August 2023 and APTEL has included the same in the List of Short Matters. Date of hearing is yet to be notified.

The cumulative amount of f9.57crore (cumulative previous year amount of f4.10crore) is recoverable on account of other expenses which are not capitalised but allowed as capital cost as per CERC Tariff Regulations and was accounted as Regulatory Deferral Account Balances. Amount of regulatory deferral account balances is on undiscounted basis.

iii) Risk associated with future recovery/ reversal of regulatory deferral account balances

(a) regulatory risk on account of changes in regulations.

(b) other risks including currency or other market risks, if any.

Any change in the Tariff regulations beyond the current tariff period ending on 31 March 2024 may have an impact on the recovery of Regulatory Deferral Account Balances.

The Regulatory Deferral Account Balances (assets) recognised in the books to be recovered from the beneficiaries in future periods are as follows:

53. Corporate Social Responsibility (CSR) Expenses

As per Section 135 of the Companies Act, 2013 along with Companies (Corporate Social Responsibility Policy) Rules, 2014 read with DPE guidelines no F.No.15 (13)/2013-DPE (GM), the Company is required to spend, in every financial year, at least two per cent of the average net profits of the Company made during the three immediately preceding financial years in accordance with its CSR Policy. The details of CSR expenses for the year are as under:

Investment in mutual funds of f608.26crore (previous year f0.00crore) is measured at FVPL & considered as Level 1 instrument.

This section explains the judgements and estimates made in determining the fair values of the financial instruments that are measured at fair value and financial instruments that are measured at amortised cost and for which fair values are disclosed in the financial statements. 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.

These investments in equity instruments are not held for trading. Instead, they are held for medium or long-term strategic purpose. Upon the application of Ind AS 109, the Company has chosen to designate these investments in equity instruments as at FVTOCI as the company believe that this provides a more meaningful presentation for medium or long-term strategic investments, than reflecting changes in fair value immediately in profit or loss.

The carrying amounts of trade receivables, trade payables, cash and cash equivalents and other current financial liabilities are considered to be the same as their fair values, due to their short-term nature. The carrying values for finance lease receivables approximates the fair value as these are periodically evaluated based on credit worthiness of customer and allowance for estimated losses is recorded based on this evaluation.

For financial assets that are measured at fair value, the carrying amounts are equal to the fair values.

Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices. This includes listed equity bonds which are traded in the stock exchanges, valued using the closing price as at the reporting period.

Level 2: The fair value of financial instruments that are not traded in an active market (for example, traded bonds) 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. This is the case for unlisted equity securities, contingent consideration and indemnification assets included in level 3.

There are no transfers between levels 1 and 2 during the year. The company's policy is to recognise transfers into and transfers out of fair value hierarchy levels as at the end of the reporting period.

Valuation technique used to determine fair value:

Specific valuation techniques used to value financial instruments include:

• the use of quoted market prices or dealer quotes for similar instruments

• the fair value of the remaining financial instruments is determined using discounted cash flow analysis.

All of the resulting fair value estimates are included in level 2 apart from equity instruments of PTC India Limited and POWERGRID Infrastructure Investment Trust which is included in Level 1 fair value hierarchy.

Fair value of financial instruments has been determined by an independent valuer.

¹ POWERGRID & Sikkim Urja Ltd are the Joint venture partners in Sikkim Power Transmission Limited & holds 26% & 74 % equity, respectively as per Shareholding agreement. On call of additional equity by Sikkim Power Transmission limited, POWERGRID contributed their share while the other JV partner has not yet contributed their share of money. Consequently, the holding of POWERGRID increased to 30.92% against 26% provided in shareholding agreement.

² Vide Supplementary Joint venture agreement dated 23.04.2024 and as part of revival plan of JV Company, Loan given by all JV partners to JV company was converted to equity, additional loan of f94.71crore was provided by the company, shareholding of the company will increase to 50% through additional equity contribution by the company and transfer of shares by other JV partners at notional consideration.

³ The Board of Directors of the company have, in its meeting held on 01 May 2022, approved the proposal for purchase of 77,30,225 no. equity shares held by IL&FS Energy Development Company Limited in Cross Border Power Transmission Company Limited (Joint venture of the company). Presently, approvals from relevant authorities is awaited.

⁴ POWERGRID's Board of Directors in its meeting held on 01.05.2018 accorded in principle approval to close RINL Powergrid TLT Private Limited (RPTPL) and seek consent of other JV Partner Rashtriya Ispat Nigam Limited (RINL). RINLs Board of Directors in its meeting held on 08.03.2019 has agreed in principle for winding up proceedings of RPTPL & to seek the approval from Ministry of Steel(MoS), Government of India, for closure of RPTPL. The approval for closure of RPTPL was received on 11.07.2022 from MoS. However, winding up process could not be initiated, as contractor for Site Enabling works has served notice on 17-12-2022 for invocation of Arbitration. Conciliator has been appointed & conciliation proceedings are under progress.

⁵ The Board of Directors of the company have, in its meeting held on 16 December 2023, approved the proposal for purchase of 1,30,000 no. equity shares held by IL&FS Energy Development Co Ltd in PTCN (Joint venture of the company). Presently, the proposal is under review by NCLAT.

# Subsidiaries of Joint Venture

a) EESL EnergyPro Assets Limited*

b) EESL Energy Solutions LLC*

c) Convergence Energy Services Limited *Incorporated outside India

(f) Government Related Entities

The company is controlled by the Government of India (GOI), being a Central Public Sector Enterprise (CPSE) under the Ministry of Power, with GOI holding 51.34% (Previous Year 51.34%) of equity shares capital issued and paid up.

The Company has business transactions with other entities controlled by the GOI for procurement of capital equipment, spares and services. Transactions with these entities are carried out at market terms on arms-length basis through a transparent price discovery process against open tenders, except in a few cases of procurement of spares/services from Original Equipment Manufacturer (OEM) for proprietary items/or on single tender basis due to urgency, compatibility or other reasons. Such single tender procurements are also done through a process of negotiation with prices benchmarked against available price data of same/similar items.

The above transactions are in the course of normal day-to-day business operations and are not considered to be significant keeping in view the size, either individually or collectively.

(g) Outstanding balances with related parties

The following balances are outstanding at the end of the reporting period in relation to transactions with related parties:

Terms and Conditions

The loans to key management personnel are on the same terms and conditions as applicable to all other employees.

All other transactions were made on normal commercial terms and conditions and at market rates. All outstanding balances are unsecured and are repayable in cash.

Loans to Subsidiaries & JVs are provided with interest rate ranging from 7.35% to 8.20% repayable as per agreed terms & conditions.

In addition to the above remuneration, the whole time directors have been allowed to use the staff car (including

for private journeys) on payment of f 2000/- p.m. as contained in the Department of Public Enterprises (DPE) OM

No. 2 (23)/l1-DPE (WC)-GL-V/13 dated 21/01/2013.

56. Operating Segments

a) Business Segment

The Board of Directors is the Company's Chief Operating Decision Maker (CODM) who monitors the operating results of its business segments separately for the purpose of making decisions about resource allocation and performance assessment. Three reportable segments have been identified on the basis of services provided.

• Transmission Services: Company's principal business is transmission of bulk power across different states of India.

• Telecom Services: The Company utilises the spare Optical fibres available in the Optical Ground Wire (OPGW) laid on the transmission network for providing telecom services. It operates as a neutral carrier in the point to point bandwidth leasing business. During the year, Telecommunications and Digital Technology Business of the company has been transferred to Powergrid Teleservices Limited, a wholly owned subsidiary of the company w.e.f. 01 October 2023 and refer note no. 65 for disclosure on discontinued operations.

• Consultancy Services: provides company provides Consultancy Services in the Transmission, Distribution and Telecom sectors, including Planning Design, Engineering, Load Dispatch, OPGW on intra state Transmission network, Procurement Management, Operation & Maintenance, Financing and Project Management.

b) The operations of the company are mainly carried out within the country and therefore there is no reportable geographical segment.

c) Information about major customer: Revenue from any single customer is not equal to or exceeds 10% of the company's total revenue.

d) Segment Revenue and Expenses

Revenue directly attributable to the segments is considered as Segment Revenue. Expenses directly attributable to the segments and common expenses allocated on a reasonable basis are considered as segment expenses. Revenue from external customer in India is f42,882.15crore (Previous Year f43,118.57crore) and outside India is f65.49crore (Previous Year f57.28crore).

e) Segment Assets and Liabilities

Segment assets include all operating assets comprising of Property, Plant and Equipment, current assets and loan and advances. Construction, Work-in-progress, construction stores and advances and investments are included in unallocated assets. Segment liabilities include operating liabilities and provisions.

58. Contingent Liabilities and contingent assets

A. Contingent Liabilities

1. Claims against the Company not acknowledged as debts in respect of:

(i) Capital Works

Some of the contractors for supply and installation of equipment and execution of works at our projects have lodged claims on the company seeking enhancement of the contract price, revision of work schedule with price escalation, compensation for the extended period of work, idle charges etc. These claims are being contested by the Company as being not admissible in terms of the provisions of the respective contracts.

The company is pursuing various options under the dispute resolution mechanism available in the contract for settlement of these claims. In such cases, contingent liability of f3,075.98crore (Previous Year f2,945.71crore) has been estimated.

(ii) Land compensation cases

In respect of land acquired for the projects, the land losers have claimed higher compensation before various authorities/courts which are yet to be settled. In such cases, contingent liability of f3,191.32crore (Previous Year f2,541.50crore) has been estimated.

(iii) Other claims

In respect of claims made by various State/Central Government Departments/Authorities towards building permission fees, penalty on diversion of agriculture land to non-agriculture use, Nala tax, water royalty etc. and by others, contingent liability of f408.20crore (Previous Year f6.71crore) has been estimated.

(iv) Disputed Income Tax/Sales Tax/Excise/Municipal Tax Matters

Disputed Income Tax/Sales Tax/Excise/Municipal Tax Matters amounting to f564.39crore (Previous Year f444.69crore) are being contested before various Appellate Authorities. Many of these matters have been disposed of in favour of the company but are disputed before higher authorities by the concerned departments. Against claims of f1.54crore (Previous Year f210.34crore), provision of f0.28crore (Previous Year f174.64crore) is made and balance of f1.26crore (Previous Year f35.70crore) towards penalty is shown as contingent liability as it is not a wilful default and in management opinion, same is not expected to be upheld by the court.

(v) Others

a) Other contingent liabilities amounts to f800.48crore (Previous Year f820.75crore) which includes claim of f569.23crore (Previous Year f563.25crore) related to Arbitration cases/ROW cases.

b) Some of the beneficiaries have filed appeals against the tariff orders of the CERC. The amount of contingent liability in this regard is not ascertainable.

c) Under the Transmission Service Agreement (TSA) with Powerlinks Transmission Ltd, the company has an obligation to purchase the JV company (Powerlinks Transmission Ltd) at a buyout price determined in accordance with the TSA. Such an obligation may result in case JV company (Powerlinks Transmission Ltd) serves a termination notice either on "POWERGRID event of default" or on "force majeure event" prescribed under TSA. No contingent liability on this account has been considered as the same is not ascertainable.

2. Details of Bank guarantees given by the company on behalf of SPV companies, which were taken over to carry out the business awarded under tariff-based bidding, towards performance of the work awarded are as under:

B. Contingent Assets

While determining the tariff for some of the Company's Transmission Systems, CERC has disallowed certain capital expenditure incurred by the Company. The Company aggrieved over such issues has filed appeals with the Appellate Tribunal for Electricity (APTEL)/Hon'ble Supreme Court against the tariff orders issued by the CERC. Based on past experience, the Company believes that a favourable outcome is probable. However, it is impracticable to estimate the financial effect of the same as its receipt is dependent on the outcome of the judgement.

59. Capital management

a) Risk Management

The company's objectives when managing capital are to

• maximise the shareholder value;

• safeguard its ability to continue as a going concern;

• maintain an optimal capital structure to reduce the cost of capital.

For the purpose of the company's capital management, equity capital includes issued equity capital, securities premium Account and all other equity reserves attributable to the equity holders of the company. The company manages its capital structure and makes adjustments in light of changes in economic conditions, regulatory framework and requirements of financial covenants with lenders. To maintain or adjust the capital structure, the company may adjust the dividend payment to shareholders, regulate investments in new projects, return capital to shareholders or issue new shares. The company monitors capital using debt-equity ratio, which is the ratio of long-term debt to total net worth. The policy is to keep the debt-equity ratio wherein the debt is less than 75% of total capital employed (i.e. debt to equity ratio less than 75:25). Total Borrowings include long term and short-term debt, current maturities of long term debt, interest bearing loans and borrowings against bill discounting.

*The Company has issued 232,51,50,955 equity shares of W 10/- each as fully paid bonus shares during the year in the ratio of 1 equity share of W 10/- each for every 3 equity shares held on record date of 12 September 2023. This has been considered for calculating weighted average number of equity shares for all comparative periods. In line with the above, EPS for the year ended 31 March 2023 has been restated.

61. Financial Risk Management

The Company's principal financial liabilities comprise loans and borrowings denominated in Indian rupees or foreign currencies, trade payables and other payables. The main purpose of these financial liabilities is to finance the Company's capital investments and operations.

The Company's principal financial assets include loans and advances, trade and other receivables, and cash and cash equivalents that are generated from its operations.

The Company's activities expose it to the following financial risks, namely,

(a) Credit risk,

(b) Liquidity risk,

(c) Market risk.

This note presents information regarding the company's exposure, objectives, policies and processes for measuring and managing these risks.

Risk management framework

The Company has a duly constituted Risk Management Committee headed by Director (Projects) with Director (Operations), Director (Finance) and an independent director as members. For the purpose of evaluating and managing the uncertainties the enterprise faces, Enterprise Risk Management framework has been implemented in the Company. The framework is a structured, consistent and continuous process for identification, assessment, monitoring and management of risks. As per this framework, the significant business processes / risks are monitored and controlled through various Key Performance Indicators (KPIs). The Committee meets at regular intervals and reviews KPIs and provides updates to the Audit Committee/Board.

The management of financial risks by the Company is summarised below:

(a) 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. The Company is exposed to credit risk from its operating activities on account of trade receivables and loans and advances and from its financing activities due to deposits with banks and financial institutions, foreign exchange transactions and other financial instruments.

A default on a financial asset is when the counterparty fails to make contractual payments within 3 years of when they fall due. This definition of default is determined considering the business environment in which the Company operates and other macro-economic factors.

Assets are written-off when there is no reasonable expectation of recovery, such as a debtor declaring bankruptcy or failing to engage in a repayment plan with the Company. Where loans or receivables have been written off, the Company continues to engage in enforcement activity to attempt to recover the receivable due. Where such recoveries are made, these are recognised in the statement of profit and loss.

(i) Trade Receivables and Contract Assets

The Company primarily provides transmission facilities to inter-state transmission service customers (DICs) comprising mainly state utilities owned by State Governments and the main revenue is from transmission charges. CERC (Sharing of Inter-State Transmission Charges and Losses) Regulations, 2020 ("CERC Sharing Regulations") entrusts Central Transmission Utility (CTUIL) with the function of Billing, Collection and disbursement functions on behalf of transmission licensees including POWERGRID.

CERC Sharing regulation allow payment against monthly bills towards transmission charges within due date i.e., 45 days from the date of presentation of the bill and levy of surcharge on delayed payment beyond 45 days. However, in order to improve the cash flows of transmission licensee, CTUIL provides a graded rebate for payments made within 45 days. If a DIC fails to pay any bill or part thereof by the Due Date, the Central Transmission Utility (CTUIL) may encash the Letter of Credit provided by the DIC and utilise the same towards the amount of the bill or part thereof that is overdue plus Late Payment Surcharge, if applicable.

CTUIL has a robust payment security mechanism in the form of Letter of Credit (lc) backed by the Tripartite Agreements (TPA). The TPA was signed among the GOI, Reserve Bank of India and the individual State Governments subsequent to the issuance of the One Time Settlement Scheme of State Electricity Boards dues during 2001-02 by the GOI. The TPA also provides that if there is any default in payment of current dues by any State Utility and on fulfilment of condition under TPA, the outstanding dues can be deducted from the State's RBI account and paid to the concerned CPSU including POWERGIRD.

As per provisions of CERC Sharing Regulations, in case tripartite agreement exists, the Letter of Credit to be submitted to CTUIL shall be for an amount equal to 1.05 (one point zero five) times the average amount of the first bill of a year; Provided that where such tripartite agreement does not exist, the DIC shall open the Letter of Credit for an amount equal to 2.10 (two point one times) the average amount of the first bill of a year.

In addition to the encashment of letter of credit, on non-payment of outstanding dues, the CTUIL has power to regulate the power supply or deny Short Term Open Access on the defaulting entity as per Electricity (LPS & Related matter) Rules, 2022 notified by Ministry of Power.

Trade receivables consist of receivables relating to transmission services of W11,223.00crore (Previous Year W14,860.82crore), receivables relating to consultancy services of W175.27crore (Previous Year W182.11crore) and receivables relating to telecom business of W0.00crore (Previous Year W250.77crore).

Contract Assets primarily relates to the Company's right to consideration for work completed but not billed at the reporting date and has substantially the same risk characteristics as the trade receivables for the same type of contracts.

(ii) Other Financial Assets (excluding trade receivables and contract assets)

• Cash and cash equivalents

The Company held cash and cash equivalents of W1,804.90crore (Previous Year W1,583.77crore). The cash and cash equivalents are held with public sector banks and high rated private sector banks and do not have any significant credit risk.

• Deposits with banks and financial institutions

The Company held deposits with banks and financial institutions of W3,376.46crore (Previous Year W3,190.23crore). Term deposits are placed with public sector banks and have negligible credit risk.

• Loans

The Company has given loans to employees, subsidiaries, Joint Venture companies, Government of India and other parties. House building loans and conveyance advance to the employees are secured against the mortgage of the house properties or hypothecation of vehicles for which such loans have been given in line with the policies of the Company. The loans provided to group companies are for projects under Tariff Based Competitive Bidding route and Public private partnership. The risk of default in respect of these loans is considered negligible.

(iv) Provision for expected credit losses

(a) Financial assets for which loss allowance is measured using 12 month expected credit losses

The Company has assets where the counter- parties have sufficient capacity to meet the obligations and where the risk of default is very low. At initial recognition, financial assets (excluding trade receivables and contract assets) are considered as having negligible credit risk and the risk has not increased from initial recognition. Therefore, no loss allowance for impairment has been recognised except as specified in this note.

(b) Financial assets for which loss allowance is measured using life time expected credit losses

In respect of trade receivables and contract assets from Telecom and Consultancy, customer credit risk is managed by regular monitoring of the outstanding receivables and follow-up with the consumer for realisation. With regard to transmission segment, the Company has customers most of whom are state government utilities with capacity to meet the obligations and therefore the risk of default is negligible. Further, management believes that the unimpaired amounts that are 30 days past due date are still collectible in full, based on the payment security mechanism in place and historical payment behaviour.

Considering the above factors and the prevalent regulations, the trade receivables and contract assets continue to have a negligible credit risk on initial recognition and thereafter on each reporting date.

Current year movement in impairment majorly involves allowance for impairment amounting to f149.12 crore has been provided towards impairment of investment in Energy Efficiency Services Limited. During the year, the provision for impairment of Loan to National High Power Test Laboratory Private Ltd which was made in previous year has been transferred to the provision for impairment of Investment in equity of National High Power Test Laboratory Private Ltd on conversion of loan to equity. Based on historic default rates, the Company believes that, apart from the above, no impairment allowance is necessary in respect of any other assets as the amounts are insignificant.

(b) liquidity risk

Liquidity risk management implies maintaining sufficient cash and marketable securities and the availability of funding through an adequate amount of committed credit facilities to meet obligations when due. The Company monitors its risk of a shortage of funds using a liquidity planning tool. The Company has access to a variety of sources of funding such as commercial paper, bank loans, bonds and external commercial borrowings and retains flexibility in funding by maintaining availability under committed credit lines.

Management monitors rolling forecasts of the Company's liquidity position comprising the undrawn borrowing facilities below and cash and cash equivalents on the basis of expected cash flows.

The Company depends on both internal and external sources of liquidity to provide working capital and to fund capital expenditure.

(C) 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:

i) Currency risk

ii) Interest rate risk

iii) Other price risk, such as equity price risk and commodity risk.

(i) Currency risk

The Company is exposed to currency risk mainly in respect of foreign currency denominated loans and borrowings and procurement of goods and services whose purchase consideration is denominated in foreign currency. Transmission tariff is regulated by the CERC. According to the CERC tariff regulations for the block 2019-24 the Company may hedge foreign exchange exposure in respect of the interest on foreign currency loan and repayment of foreign loan acquired for the transmission system, in part or full in its discretion and recover the cost of hedging of foreign exchange rate variation corresponding to the normative foreign debt, in the relevant year.

If hedging of the foreign exchange exposure is not undertaken, the extra rupee liability towards interest payment and loan repayment corresponding to the normative foreign currency loan in the relevant year is permissible to be recovered as part of transmission tariff provided it is not attributable to the generating Company or the transmission licensee or its suppliers or contractors. During the Current financial year, no hedging for foreign exchange exposure has been undertaken by the Company. In respect of goods and services procured for Capital Investment, the exchange rate variation is part of the project cost, for determination of transmission tariff. The currency risk in respect of goods and services procured for operation activities is not significant.

The Company's exposure to foreign currency risk not hedged by a derivative instrument or otherwise at the end of the reporting period is as follows:

Sensitivity Analysis

Since the impact of strengthening or weakening of Indian rupee against USD, Euro, JPY and other currencies on the statement of profit and loss would not be very significant; therefore, sensitivity analysis for currency risk is not disclosed.

(ii) Interest rate risk

The Company is exposed to interest rate risk arising mainly from long term borrowings with floating interest rates. The Company is exposed to interest rate risk because the cash flows associated with floating rate borrowings will fluctuate with changes in interest rates. The Company manages the interest rate risks by maintaining a debt portfolio comprising a mix of fixed and floating rate borrowings in domestic and foreign currencies.

At the reporting date, the interest rate profile of the Company's variable interest rate-bearing financial instruments is as follows:

Fair value sensitivity analysis for interest-rate risk

As per CERC Regulations, interest on loan during construction forms part of project cost for the purpose of tariff and after the date of commercial operation, interest on loans is recoverable through tariff calculated on the normative average loan of the year by applying the weighted average rate of interest of the actual loan portfolio.

Accordingly, the Company's interest rate risk is not considered significant; hence sensitivity analysis for the risk is not disclosed.

(iii) Other price risk

The Company's exposure to equity securities price risk arises from investments held by the Company and classified in the balance sheet as fair value through OCI.

Considering the magnitude of equity investments, no significant risk is expected to arise.

62. Income Tax expense

This note provides an analysis of the company's income tax expense, and how the tax expense is affected by non-assessable and non-deductible items. It also explains significant estimates made in relation to the Company's tax position.

63. Employee Benefit Obligations

A. Post-employment obligations

I) Defined Contribution Schemes:

i) Pension

The Company has scheme of employees defined Pension Contribution & National Pension Scheme (NPS) for the employees opted for the NPS scheme. Company contribution is paid to separate trust for Employees defined Pension Contribution as well as NPS. Amount of contribution paid/payable for the year of f104.10crore (Previous Year f183.09crore) has been recognised as expense and is charged to Statement of Profit & Loss.

i) Gratuity

The company has a defined benefit gratuity plan. Every employee who has rendered continuous service of five years or more is entitled to get gratuity at 15 days salary (15/26 x last drawn basic salary plus, dearness allowance) for each completed year of service on superannuation, resignation, termination, disablement or on death subject to a maximum of f 20 lacs. The scheme is funded by the company and is managed by a separate trust. The liability for the same is recognised on the basis of actuarial valuation on annual basis on the Balance Sheet date. Company has carried out the actuarial valuation of Gratuity benefit considering ceiling of f20 Lakhs.

to ensure a minimum rate of interest on contributions to the members as specified by GOI. Further, as per the current report of actuary, overall interest earning and cumulative surplus is more than statutory interest payment requirement. Therefore, no further provision is considered necessary. Since the company does not have unconditional right over the PF corpus, the surplus has not been recognised in the Balance Sheet.

Fair value of company's own transferable financial instruments held as plan assets is f19.18crore (Previous Year f30.45crore).

ii) Provident Fund

Company pays fixed contribution to Provident Fund at predetermined rate to a separate trust, which invests the funds in permitted securities. Contribution to family pension scheme is paid to the appropriate authorities. The contribution to the fund and EPS scheme for the year amounting to f137.03crore (Previous Year f134.88crore) has been recognised as expense. The obligation of the company is limited to such fixed contribution and

Fair value of company's own transferable financial instruments held as plan assets is f0.00crore (Previous Year f33.45crore).

iii) Post-Retirement Medical Facility (PRMF)

The Company has Post-Retirement Medical Facility (PRMF), under which retired employees and the spouse are provided medical facilities in the empanelled hospitals. They can also avail treatment as Out-Patient subject to a ceiling fixed by the company. The liability for the same is recognised on the basis of actuarial valuation

a) Baggage Allowance

The Company has a scheme for settlement at the time of superannuation at anywhere in India and dependents to superannuated employees. The scheme is unfunded and liability for the same is recognised on the basis of actuarial valuation on annual basis on the Balance Sheet date.

b) Long Service Award

This benefit is applicable to all regular employees of the company (except for Directors and CMD) who have superannuated after completing at least 10 years of service. This scheme is unfunded and liability for the same is recognised on the basis of actuarial valuation on annual basis on the balance sheet date.

Movement in obligations of ODRB is as follows:

Although the analysis does not take account of the full distribution of cash flows expected under the plan, it does provide an approximation of the sensitivity of the assumptions shown.

The sensitivity analysis above has been determined based on a method that extrapolates the impact on defined benefit obligation as a result of reasonable changes in key assumptions occurring at the end of the reporting period. This analysis may not be representative of the actual change in the defined benefit obligations as it is unlikely that the change in assumptions would occur in isolation of one another as some of the assumptions may be correlated. The methods and types of assumptions used in preparing sensitivity analysis did not change compared to previous year.

vii) Description of Risk exposures

Valuation is based on certain assumptions which are dynamic in nature and vary over time. As such company is exposed to various risks as follows:

a) Salary Increases (except for PF) - Actual salary increase will increase the plan's liability. Increase in salary increase rate assumptions in future valuation will also increase the liability.

b) Investment risk - If plan is funded then assets liabilities mismatch and actual investment return on assets lower than the discount rate assumed at the last valuation date can impact the liability

c) Discount Rate - Reduction in discount rate in subsequent valuations can increase the plan's liability.

d) Mortality & disability - Actual deaths and disability cases proving lower or higher than assumed in the valuation can impact the liabilities.

e) Withdrawals - Actual withdrawals proving higher or lower than assumed withdrawals and change of withdrawal rates at subsequent valuations can impact Plan's liability.

viii) Maturity analysis of defined benefit schemes:

The weighted average duration of the post-employment defined benefit obligations is 39.52 years (Previous Year 39.48 years) and expected contributions to the same during next financial year is f28.96crore (Previous Year f23.39crore). The expected maturity analysis of undiscounted gratuity, PF, post-retirement medical facility and other defined retirement benefit is as follows:

I) Leave Obligations

The Company provides for earned leave benefit (including compensated absences) and half-pay leave to the employees of the company which accrue annually at 30 days and 20 days respectively. Earned leave is encashable while in service. Half pay leaves (HPL) are encashable only on separation beyond the age of 55 years upto the maximum of 300 days (HPL). However, total number of leave that can be encashed on superannuation shall be restricted to 300 days and no commutation of half pay leave shall be permissible. The liability for same is recognised on the basis of actuarial valuation.

II) POWERGRID Employee family rehabilitation scheme

The company has introduced POWERGRID Employees Family Economic Rehabilitation Scheme on 24 June 2017. The Objective of the scheme is to provide monetary assistance and support to an employee in case of his/ her permanent total disablement and to his/her family in case of death while in service. The beneficiary would be entitled to monthly payment equivalent to the employee's 50% of one month pay last drawn provided the beneficiary deposits with the company an amount equal to PF (excluding VPF) balance, Gratuity amount and Group Insurance (EDLI) amount. Such monthly payment would continue till the normal notional date on which the employee concerned would have attained the age of superannuation had the employee continued in the service of the company. The scheme is optional. Provision for POWERGRID Employees Family Economic Rehabilitation Scheme amounting to f2.64crore (Previous Year f2.52crore) for the year has been made during the year based on actuarial valuation.

65. Discontinued Operations

The Board of directors in their meeting held on 14 July 2023 have approved the proposal for transfer of Telecommunications Business of the company to Powergrid Teleservices Limited (PTL), a wholly owned subsidiary of the company. The critical transmission assets including all cores of OPGW cables etc. are kept with the company and depreciation is charged and residual value is adopted as per the accounting policy of the company. This does not have a material impact on profitability of the company. Thus, Telecommunications Business of the Company which was transferred to PTL w.e.f. 01 October 2023 on slump sale basis at a consideration of f655.02 crore is presented as Discontinued Operations and excluded from the Continuing Operations in the Statement of Profit and Loss in current and previous year as per Ind AS 105- "Non-current Assets Held for Sale and Discontinued Operations".

66. Other Notes

A. Reclassifications in comparative years

In accordance with Ind AS 8 "Accounting Policies, Changes in Accounting Estimates and Errors" and Ind AS 1 "Presentation of Financial Statements", the Company has reclassified/restated the amounts in financial statements as at 31 March 2023 and 01 April 2022 (beginning of the previous year) as follows:

a) As per the opinion of Expert Advisory Committee of Institute of Chartered Accountant of India (EAC of ICAI), trade receivables are to be presented in entirety along with recognition of financial liability for the consideration received from the bank on discounting of such receivables with recourse. Considering the opinion, the amount realised by the company through bill discounting with recourse to the company is included in Current Borrowings instead of netting off with Trade receivables with reclassification of previous year amounting to f1,922.61 crore and opening of previous year amounting to f4,180.23 crore.

b) As per the amendments to Ind AS 12 "Income Taxes" notified by Ministry of Corporate Affairs (MCA), deferred tax amounting of f8.70crore is recognised in Other Equity and Deferred Tax Liabilities (Net) as on 01 April 2022 & a decrease of f2.52crore in deferred tax expense of FY 2022-23.

c) Amount realisable by the company on receipt of refund by Central Transmission Utility Limited (CTUIL) from tax authorities has been reclassified from 'Other Current Financial Assets' to 'Other Non Current Financial Assets' as at the end of the previous year amounting to f640.75crore and at the beginning of previous year amounting to f270.01crore to the extent of expected to be realised after 12 months from end of reporting period.

d) As per the opinion of EAC of ICAI, Income from Scrap generated from other than Property, Plant and Equipment is to be accounted in 'Other Operating Revenue' since the same arises on account of the company's main operating activity. Considering the opinion, an amount of f 21.83 crore has reclassified from 'Other Income' to 'Other Operating Revenue' under 'Revenue from Operations'.

These reclassifications have no effect on the reported Profit & Loss, Total Comprehensive Income and Equity of previous years except for Ind AS 12 amendments. As there is a material effect on the information in the balance sheet at the beginning of the previous year due the reason mentioned in point (a) above, the company has presented a third balance sheet as at the beginning of the preceding year.

B. Acquisitions under process:

The Company was the successful bidder in 5 TBCB Projects under the SPVs namely (i) Khavda IV-E2 Power Transmission Limited, (ii) Rajasthan IV C Power Transmission Limited, (iii) Rajasthan IV E Power Transmission Limited, (iv) Sirohi Transmission Limited & (v) Beawar - Mandsaur Transmission Limited. Out of which the company has acquired first 3 companies from concerned Bid Process Coordinator on 15 April 2024 & Letter of Intent (LoI) in respect of remaining 2 companies has been obtained from concerned Bid Process Coordinator on 09 May 2024.

C. Central Electricity Regulatory Commission (CERC) vide order dated 25 February 2022 stated that expenses related to employees and other related expenses of Central Transmission Utility of India Limited (CTUIL) shall continue to be taken care of by the company for the period till 31 March 2024 or until further orders, whichever is earlier as the same was allowed through various tariff orders. Hence, the expenses related to functions of CTU are being borne by the company. For impact on employee cost, other expenses and other comprehensive income refer note no. 37, 40 and 42 respectively.

67. a) Figures have been rounded off to nearest rupees in crore up to two decimals.

b) Previous year figures have been regrouped/ rearranged wherever considered necessary.