Adani Power Ltd
Chairman Speech
To say the world is in uncharted waters would be an understatement.
The adverse impact of a mix of the pandemic, armed conflict and climate change has
exposed the fragility of the global system that we had largely considered as having
competently learned how to manage itself. It has now dawned on governments across the
world that the implications of this multidimensional crisis are hard to predict, may
complicate further and that signs of its damaging effects — uncontrolled inflation,
disrupted food supplies, increased human displacement, exposed healthcare machinery,
stalled education levels and faltering job creation ecosystems — are evident and
testing the resilience of every nation.
Resilience is defined as the characteristic that makes it possible to rebound into
shape; it is the ability to withstand crises; it is the ability to face uncertainties with
curiosity and optimism. This capacity to rebound is becoming harder to model or predict as
the crises drivers are becoming harder to anticipate and increasingly intermingled. While
there is always room for debate, there can be no denying that, looking back, India has
emerged far better in its handling of the Covid-19 crisis from the humanitarian and
economic perspectives than most developed economies. India has been able to take a mature
approach to the ongoing conflict and has been one of the most aggressive nations in terms
of establishing a renewable energy target for itself; while doing all of this, India has
also emerged as the fastest growing major economy.
The overarching takeaway is that despite global instability, India has fared better
than almost any other major nation. While there were situations over the past 24 months
when it appeared that events were getting out of control, we must give credit where credit
is due — India was able to bounce back each time, a testimony to our nation's
resilience. In my view, utopian as some may call it, India's resilience comes from its
historic culture that has been shaped across thousands of years — a model of
co-existence that actually works and the philosophy of 'vasudhaiva kutumbakam', which
means that the world is one family.
A culture of resilience
It is India's inherent resilience that provides our nation its underlying optimism. My
belief in our nation has never been higher. To use a cricketing analogy, we are now
playing on one of the strongest home grounds and on one of the firmest pitches that has
ever existed. This pitch is expected to remain firm for several decades. Optimism comes
from resilience. Resilience comes from belief. And belief is optimism.
In our case, it is this resilience, optimism and belief that drives us. The primary
reason for the success of the Adani Group comes from our alignment with the India growth
story. Never have we shied from investing in India, never have we slowed our investments,
and never have we feared to enter adjacent sectors - our resilience comes from this
unshakeable belief and confidence in the aspirations of our fellow Indians and the future
of India.
During the journey of more than 25 years, there were uncharted waters we entered and
multidimensional crises that we faced. While we may have stumbled a few times, we were
always able to get back on our feet. Our ability to rise after every stumble meant we grew
bigger and stronger by drawing
Preparing to go 'green'
The best recent evidence for our confidence and belief in the future has been the USD
70 billion investment we announced in facilitating India's 'green' transition. We are
already one on our experience. It is these experiences that have enriched us with
resilience and laid the foundation of our optimism.
At a fundamental level, our strategy is linked to the strategy of the nation. Over the
past decades, we have always believed in the policies announced by the Government, have
continued to invest through all economic cycles, watched for emerging sectors critical for
the country's growth and entered new sectors with a confidence in our learning and
operating abilities. We have grown adjacency by adjacency without getting hung up on
textbook business models. We have built infrastructure anticipating a far larger and
greater India; this confidence has paid dividends.
The sum of these investments of the past empowered us to address the present crisis and
set us up stronger to handle any new crisis in the future. It is this future that unfolded
over the period FY 2021-22.
This was a year when we announced ourselves to the world. In FY 2021-22, our confidence
in our ability was validated. Our belief in our past defines our ability to believe in our
future, translating into the big bets that we make of the world's largest developers of
solar power. Our strength in renewables will empower us enormously in our effort to make
'green' hydrogen, the fuel of the future; it will equip us to produce the least expensive
'green' electron and the least expensive hydrogen. We are leading the race to transform
India from a country that is over-reliant on imported oil and gas to a country that can
become a net exporter of clean energy. This would be a 'never- done-before' transformation
in fortunes in a stunningly short period of time across the largest scale. This
transformation will help reshape India's energy footprint in an extraordinary way.
While we are now a major global renewable energy player, we made remarkable progress in
several other industries. In one stroke, we have become the largest airport operator in
India. Around the airports where we operate, we are engaged in the adjacent business of
building aerotropolises and creating localised community-based economic centres. We have
made entries in sectors ranging from data centres, super apps and industrial clouds to
defence and aerospace, metals and materials - all aligned with the Government's vision of
an Atmanirbhar Bharat.
We continue to grow as builders of India's infrastructure, winning some of the largest
road contracts in the nation and growing our already substantial market share in
businesses like ports, logistics, transmission and distribution, city gas and piped
natural gas. The successful IPO of Adani Wilmar made us the largest
FMCG company in the country and we are now the second largest cement manufacturer in
India. This year, our combined Group market capitalisation exceeded USD 200 billion. We
raised billions of dollars from the international markets - a validation of confidence in
the India and Adani growth stories. This growth and success have been recognised around
the world. Foreign governments now come to us with proposals to work in their geographies
and help build their infrastructure. The result is that in 2022 we laid the foundation to
seek a broader expansion beyond India's boundaries.
Robust results, record numbers
The growth in our market capitalisation has been supported by a robust and sustained
growth in our cash flows. Our focus on operational excellence and accretive capacity
addition delivered, across our portfolio, an EBITDA growth of 26%. Portfolio EBITDA stood
at Rs.42,623 crore. This growth was diversified and reflected across our businesses, the
results speaking for themselves.
Group highlights
• Our Utilities portfolio grew 26%
• Our Transport and Logistics portfolio grew 19%
• Our FMCG portfolio grew 34%; and
• Our Incubator business, represented by AEL, grew 45%
The high growth of our incubator AEL provides the group with a robust foundation for
the continued development of new businesses for yet another big decade. AELs unique
business model has no parallel and we intend to leverage this further.
Segment highlights
AGEL
• Adani Green Energy Limited added 1,940 MW operational capacity in FY 2021-22
(greenfield commissioning 200 MW and inorganic addition 1,740 MW)
• Adani Green Energy Limited's solar capacity utilisation factor (CUF) improved
130 bps YoY to 23.8% and wind CUF improved 400 bps YoY to 30.8% in FY 2021-22
ATL
• Adani Transmission Limited added 1,104 ckm to its network, reaching 18,795 ckm,
and sold a record 7,972 million units during the year.
APSEZ
• Adani Ports and Special Economic Zone Limited cargo volume grew 26% to 312 MMT
in FY 2021-22; the journey from 200 MMT to 300 MMT in cargo volume was achieved in the
record time of just three years.
• Adani Ports and Special Economic Zone Limited also handled record container
volume of 8.2 million TEUs, a growth of 14%
ATGL
• Adani Total Gas Limited added 117 CNG stations, 556 commercial, 154 industrial
and 85,840 domestic customers, a combined volume of 697 MMSCM (CNG+PNG)
Strategic highlights
• Adani Green Energy Limited completed the acquisition of Softbank's 5 GW
renewable energy portfolio
• Adani Enterprises Limited commenced operations of its Bravus mine in Australia.
• Adani Enterprises Limited took over operations of the Guwahati, Jaipur and
Thiruvananthapuram airports and completed the acquisitions of MIAL and NMIAL.
While we can look back and feel content, we are only now gathering momentum, What we
have built over two decades is India's largest integrated infrastructure business based on
a rapid extension into adjacent businesses, The result is that this is now being
transformed into an integrated 'platform of platforms' that combines energy with
logistics, This is moving us closer to an unprecedented access to the Indian consumer, I
know of no company that has such a business model with potential access to an unlimited
B2B and B2C market for the next several decades,
A landmark year
It is here that I also want to take a moment to reflect on 2022 as a year with special
personal meanings, It represents the 100th birth anniversary of my inspiring and role
model father Shri Shantilal Adani, and my 60th birthday, To mark this milestone, the Adani
family came together and decided to contribute Rs.60,000 crore towards charitable
activities related to healthcare, education and skill development, especially for rural
India, These three areas should be seen holistically, rather than separately, because they
collectively form the drivers for an equitable and future-ready India, We have an
opportunity in India to decisively lift tens of millions of people permanently out of
poverty, We owe it to ourselves and our country to do everything we can to catalyse that
process, Our experience in large project planning and execution and the learnings from the
ongoing work done by the Adani Foundation will help us uniquely accelerate and implement
these programmes across societies that need them the most,
The road ahead
Getting back to the theme of optimism as a driving force for a society, Martin
Seligman, often referred to as the 'father of positive psychology', wrote in the Harvard
Business Review that he came to his insights into the power of optimism 'the long, hard
way, through many years of research on failure and helplessness,' Essentially, he
discovered over several years of studies, that resilient people develop the courage of
interpreting setbacks as temporary, local and changeable, A quote attributed to Winston
Churchill echoes Seligman's findings on resilience, "Success is not final,"
Churchill is supposed to have said, "failure is not fatal: it is the courage to
continue that counts,"
The reason I have always been inspired by writing and thinking around resilience is
because as an entrepreneur, my philosophy has always been to keep trying,
I am an incurable optimist, My optimism is founded on my belief in our ability to
create a better future, This is why I always argue that India has become one of the
greatest countries in which to be an entrepreneur, The prospects and potential for the
future are dazzlingly bright, In India, I see a real relish to finally reclaim our former
economic stature and our position as a pivotal force in global affairs, There will be
bumps along the road, as has been the case in the past, and is expected to be the case in
the future, However, there cannot be any doubt that the largest middle-class that will
ever exist, augmented by an increase in the working age and consuming population share,
will have a positive impact on India's growth rates, much in line with the demographic
dividend that India enjoys,
I have no reason to believe that over the next two decades we will not suitably address
this challenge, It is a virtuous cycle that is driven by the growth in the middle-class
population and India today enjoys the world's firmest pitch on which to bat,
Gautam Adani
Chairman.
Adani Power Ltd
Directors Reports
Your Directors are pleased to present the 27th Annual Report along with the Audited
Financial Statements of your Company for the financial year ended 31st March, 2023 (FY 022-23).
Financial Performance
The Audited Financial Statements of your Company as on 31st March, 2023, are prepared
in accordance with the relevant applicable Ind AS and Regulation 33 of the Securities and
Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations,
2015 ("SEBI Listing Regulations") and the provisions of the Companies Act, 2013
("Act").
The summarized financial highlight is depicted below:
( Rs. In crore)
Particulars |
Consolidated |
Standalone |
|
2022-23 |
2021-22 |
2022-23 |
2021-22 |
| Revenue from operations |
38,773.30 |
27,711.18 |
36,681.21 |
27,711.18 |
| Other Income |
4,267.22 |
3,975.29 |
4,519.98 |
4,068.32 |
Total Income |
43,040.52 |
31,686.47 |
41,201.19 |
31,779.50 |
| Expenditure other than Depreciation, Finance cost and |
28,613.97 |
17,852.90 |
27,337.43 |
17,850.00 |
| Net Foreign Exchange (Gain) / Loss |
|
|
|
|
| Depreciation and Amortisation Expenses |
3,303.68 |
3,117.54 |
3,142.79 |
3,116.21 |
| Foreign Exchange (Gain) / Loss (net) |
114.67 |
44.12 |
24.79 |
24.49 |
| Finance Cost |
3,333.50 |
4,094.78 |
3,306.80 |
4,086.92 |
| - Interest and Bank Charges |
3,475.53 |
4,100.95 |
3,448.83 |
4,093.09 |
| - Derivative (Gain)/Loss (net) |
(142.03) |
(6.17) |
(142.03) |
(6.17) |
Total Expenditure |
35,365.82 |
25,109.34 |
33,811.81 |
25,077.62 |
Profit Before Tax |
7,674.70 |
6,577.13 |
7,389.38 |
6,701.88 |
| Total Tax Expense |
(3,482.80) |
1,824.05 |
(3,287.63) |
1,824.04 |
Profit for the year |
10,726.64 |
4,911.58 |
10,246.15 |
5,036.34 |
Other Comprehensive income (net of tax) |
33.74 |
43.63 |
(4.17) |
17.00 |
Total Comprehensive Income for the year (net of tax) |
10,760.38 |
4,955.21 |
10,241.98 |
5,053.34 |
| Attributable to: |
|
|
|
|
| Equity holders of the parent |
10,760.38 |
4,955.21 |
- |
- |
| Non-controlling interests |
* |
* |
- |
- |
(Figures below Rs. 50,000 are denominated as *)
1. There are no material changes and commitments affecting the financial position of
your Company, which have occurred between the end of the financial year and the date of
this report.
2. Further, there has been no change in nature of business of your Company.
Performance Highlights
Consolidated:
The key aspects of your Company's consolidated performance during the FY 2022-23 are as
follows:
a) Revenue
The consolidated total revenue of your Company for FY 2022-23 stood at H 43,040.52
crore as against RS. 31,686.47 crore for FY 2021-22 showing an increase of 35.83%. The
consolidated revenue for FY 2022-23 comprised revenue from operations of H 38,773.30 crore
and other income of H 4,267.22 crore as compared to H 27,711.18 crore and H 3,975.29 crore
respectively for FY 2021-22. Revenue from operations for FY 2022-23
registered a growth of 39.92% over the previous year due to revival of the Mundra plant's
1,234 MW Bid-2 Power Purchase Agreement ["PPA"] with Gujarat Urja Vikas Nigam
Limited ["GUVNL"] in March 2022, recognition of prior period revenue from
operations of H 2,580 crore in Tiroda TPP due to favourable regulatory orders in respect
of Shortfall in domestic coal, improved tariff realisation due to greater merchant /
short-term demand and higher import coal price, and inclusion of operating results of your
Company's wholly owned subsidiary Mahan Energen Limited ["MEL"], which was
acquired on 16th March, 2022. Other income for FY 2022-23 registered a growth of 7.34%
over the previous year due to higher recognition of prior period other income primarily on
account of regulatory orders for carrying costs and collection of late payment surcharges
from customers. Your Company sold 53.39 Billion units of electricity during FY 2022-23 as
against 52.27 Billion units in FY 2021-22 from all the plants with Plant Load Factor (PLF)
decreasing from 51.5% in the previous year to 47.9% in FY 2022-23. Capacity under
operation increased from 12,450 MW in FY 2021-22 to 13,650 MW in FY 2022-23 following the
acquisition of MEL, which owns and operates a 1,200 MW thermal power plant in Singrauli
District of Madhya Pradesh.
b) Operating and Administrative Expenses
Consolidated Operating and Administrative Expenses during FY 2022-23 were H 28,728.64
crore, which have increased by 60.52% from H 17,897.02 crore in FY 2021-22. The increase
is mainly due to higher fuel cost owing to high prices of import coal, and higher other
operating expenses including employee benefits expenses.
The percentage of Operating and Administrative Expenses to Total Revenue has increased
to 66.75% in FY 2022-23 from 56.48% in FY 2021-22.
c) Depreciation and Amortization Expenses
Consolidated Depreciation and Amortization Expenses during FY 2022-23 were H 3,303.68
crore, which have increased by 5.97% from H 3,117.54 crore in FY 2021-22 primarily
due to the acquisition of MEL.
d) Finance Costs
Consolidated Finance Costs during FY 2022-23 were H 3,333.50 crore, which have
decreased by 18.59% from H 4,094.78 crore in FY 2021-22, mainly due to reduction in
outstanding loans through prepayment as well as scheduled repayments.
e) Tax
Consolidated Tax (Credit) of H 3,267.37 Crore during FY 2022-23 was mainly due to
reversal of deferred tax liability and current tax provision as compared to Tax Expense of
H 1,744.80 Crore during FY 2021-22.
f) Total Comprehensive Income for the year
Consolidated Total Comprehensive Income for FY 2022-23 was higher by 117.15% at H
10,760.38 crore as compared to Total Comprehensive Income of H 4,955.21 crore in FY
2021-22.
The detailed operational performance of your Company has been comprehensively discussed
in the Management Discussion and Analysis Section which forms part of this Annual Report.
Credit Rating
The Companies financial discipline and prudence is reflected in the strong credit
ratings ascribed by rating agencies. The details of credit rating are disclosed in
Corporate Governance Report, which forms part of the Annual Report.
Dividend
The Board of Directors of your Company ("Board"), after considering the
relevant circumstances holistically and keeping in view the Company's Dividend
Distribution Policy, has decided that it would be prudent not to recommend any dividend
for the year under review.
During the year under review, the scheme of amalgamation of Raipur Energen Limited
("REL") and five other wholly owned subsidiaries of the Company
("APL") with APL became effective with effect from
7th March, 2023. In consequence, the preference shareholders of REL, holding
4,15,86,207 0.01% compulsorily redeemable preference shares of H 100/- each fully paid-up,
have been allotted preference shares by APL. These preference shares bear dividend at the
rate of 0.01% per annum for each financial year.
In view of this, the agenda in respect of declaration of the dividend to the said
preference shareholders has been moved in the Notice of the 27th Annual General Meeting of
the Company.
Transfer to Reserves
There is no amount proposed to be transferred to the Reserves. The closing balance of
the retained earnings of your Company for FY2022-23, after all appropriations and
adjustments was H 477.08 crore.
Scheme of Amalgamation
During the year, Scheme of Amalgamation of Six Wholly Owned Subsidiary Companies of
Adani Power Limited ("APL"), viz. (i) Adani Power Maharashtra Limited
("APML"); (ii) Adani Power Rajasthan Limited ("APRL"); (iii) Udupi
Power Corporation Limited ("UPCL"); (iv) Raipur Energen Limited
("REL"); (v) Raigarh Energy Generation Limited ("REGL"); and (vi)
Adani Power (Mundra) Limited ("APMuL") with APL was sanctioned by the Hon'ble
National Company Law Tribunal's Bench at Ahmedabad on February 8, 2023 (the
"Scheme").
All the conditions stated under the Scheme for making it effective have been satisfied,
and hence the Scheme was made effective from the Appointed Date i.e. October 1. 2021.
Consequently, the six aforementioned companies, i.e.
APML, APRL, UPCL. REL, REGL, and APMuL now stand amalgamated with APL. Accordingly, the
financial statements for FY 2022-23 have been published based on amalgamation and the
comparative period numbers have been recasted in standalone Financial Statements in
compliance with applicable accounting standards.
The amalgamation envisaged under this scheme is intended to achieve size, scalability,
integration, greater financial strength and flexibility thereby building a more resilient
and robust organization that can address dynamic business situations and volatility in
various economic factors in a focused manner, in order to achieve improved long-term
financial returns.
Key Developments
A. Mundra TPP
• Subsequent to signing of Settlement Deed on 03.01.2022 and Supplementary Power
Purchase Agreement (SPPA) dated 30th March 2022 between Gujarat Urja Vikas Nigam Ltd.
("GUVNL") and Adani Power (Mundra) Limited
("APMuL") (Now Adani Power Ltd), Hon'ble Central Electricity Regulatory
Commission
(CERC) vide order dated 13.06.2022 has determined Base Rates as on 15.10.2018 in the
Petition filed by GUVNL, same is pending for approval from Government of Gujarat.
Adani Power Ltd. (APL) and Haryana Discoms (i.e UHBVNL and DHBVNL) have entered into
Supplemental PPAs on 28.02.2023 by reducing the Contracted Capacity from 1424 MW to
1200 MW at Haryana Periphery from Units 7 & 8 instead of Units-7, 8 & 9 of
Mundra Thermal Power Plant. In April 2023, the Company has also entered into long term PPA
of 360 MW (Net) with MPSEZ Utilities Limited ("MUL") for supplying power from
third unit of Mundra Phase-IV plant which got freed-up due to amendment in Haryana PPA
capacity. This will ultimately help in maximum utilization of Mundra's Phase-IV units.
Under the Supplemental PPAs dated 28.02.2023, quoted energy tariff including change in
law towards taxes & duties shall be payable in accordance with the PPA for the
scheduled energy to the extent of domestic coal availability.
• For the units supplied using alternate/imported coal, pass through of cost shall
be allowed with reference to the tariff worked out based on the HBA index of the month of
recommencement of supply i.e. March 2023 as base and thereafter every month based on CERC
monthly indexation. The ocean freight shall be as per CGPL PPA, and the Port Handling
charges shall be as applicable for Mundra Power Plant.
• Hon'ble Supreme Court vide its order dated 20.04.2023 dismissed the Civil Appeal
no. 4143 of 2020 filed by Haryana Discoms against the
APTEL judgment in Appeal no. 168 of 2019 upholding the CERC order dated 31st May 2018
in Petition No. 97/MP/2017 with regards to change in law towards domestic coal shortfall
for the NCDP period.
• Hon'ble Supreme Court vide its order dated 20.04.2023 dismissed the Civil Appeal
no.
5684 of 2021 filed by Haryana Discoms against the APTEL judgment in Appeal no. 358 of
2019 upholding the CERC order dated 13th June 2019 in Petition No. 251/MP/2018 with
regards to change in law towards domestic coal shortfall for the SHAKTI period.
• Hon'ble Supreme Court vide its order dated 20.04.2023 allowed the Civil Appeal
no. 2908 of 2022 filed by Haryana Discoms and held that Inter Plant Transfer (IPT) is a
‘Change in Law' and accordingly, savings in the cost of transportation has to be
passed on to the DISCOMs and directed CERC to decide the said issue and calculate the
benefits that would be accruable to any of the parties within a period of six months from
the date of order.
B. Maharashtra TPP
• NCDP case corresponding to PPAs of 2500 MW capacity:
Hon'ble Supreme Court vide its order dated 03.03.2023, dismissed the Civil Appeal No.
684 of 2021 filed by Maharashtra State Electricity Distribution Company Ltd.
("MSEDCL") against the APTEL judgment in Appeal no. 182 of 2019 and upheld the
decision of APTEL, allowing the compensation for the entire quantum of coal shortfall,
Station Heat Rate (SHR) and Auxiliary consumption to be considered as per the Tariff
Regulations or actuals, whichever is lower and Gross Calorific Value (GCV) of coal on
‘as received' basis.
• SHAKTI case corresponding to PPAs of 2500 MW capacity:
Hon'ble Supreme Court vide its order dated 20.04.2023, dismissed the Civil Appeal no.
677-678 of 2021 filed by MSEDCL against the judgment of APTEL in appeal no. 155 of 2019
& 116 of 2019 and upheld the decision of APTEL, allowing the compensation for the
entire quantum of coal shortfall and the Station Heat Rate (SHR) and Gross Calorific Value
(GCV) of coal shall be considered at actual values.
• Lohara Case corresponding to PPAs of 800 MW capacity:
Hon'ble Supreme Court vide its order dated 20.04.2023, dismissed the Civil Appeal no.
687-688 of 2021 filed by MSEDCL against the judgement of APTEL in appeal no. 340 of
2019 and 354 of 2019 and upheld the decision of APTEL, allowing that the de-allocation of
the Lohara Coal Blocks by the Ministry of Coal allocated to APML for 800 MW capacity is an
event of Change in Law and further allowing the compensation for such shortfall
considering the Lohara coal cost as a base. MSEDCL has made payment of H 8379 Cr, on
account of shortfall claim related to NCDP, SHAKTI and Lohara case matter as reported
above, subsequent to interim order dated 31st January 2022 passed by the Hon'ble Supreme
Court, directing payment of 50% of the outstanding claim amount to APML.
• Evacuation Facility Surcharge:
APTEL vide its judgment dated 22.03.2022 in Appeal no. 40 of 2022 filed by APML, has
allowed Evacuation Facility Surcharge as Change in Law event and remanded back the matter
to MERC for passing consequential order. MERC passed consequential order on 08.07.2022.
Further, the Civil Appeal no. 5005 of 2022 filed by MSEDCL against the APTEL order has
been dismissed by Hon'ble Supreme Court on 20.04.2023 upholding the APTEL judgement.
According to MERC order and interim order of Hon'ble Supreme Court dated 29.07.2022,
MSEDCL has made a payment of Rs. 302 Cr against the claim raised till April 2022.
• Fly Ash Transportation Cost:
APTEL vide its order dated 21.10.2022 in Appeal no. 148 of 2019 filed by APML, has
allowed Fly Ash Transportation cost to be incurred by APML pursuant to MOEF&CC
notification dated 25.01.2016 as Change in law event and remanded the matter back to MERC
for passing consequential order. APML has filed an application with MERC for issuance of
consequential order. Meanwhile, MSEDCL has filed Civil Appeal no. 127 of 2023 against the
APTEL order before Hon'ble Supreme Court, which is under adjudication.
C. Rajasthan TPP
Adani Power Rajasthan Limited ("APRL") and RUVNL / Rajasthan Discoms
(Discoms) have entered into an Additional PPA on 06.04.2022 for a period of 1 year for
supply/purchase of balance surplus capacity of 40 MW on the same terms and conditions of
existing Long Term PPA dated 28.01.2010 of 1200 MW. Accordingly, Adani Power has commenced
the power supply under the Additional PPA for 40 MW w.e.f 11.06.2022.
D. Jharkhand TPP (APJL)
APJL has made substantial progress in the implementation of 2x800 MW
Ultra-supercritical Thermal Power Project (USCTPP) at Godda, Jharkhand for supply of 1496
MW power to Bangladesh Development Power Board ("BPDB") as per PPA dated 05th
November 2017 and achieved several milestones during FY 2022-23.
Commercial Operation Tests for Unit-01 have commenced w.e.f. 29.03.2023.
By the end of Q1 of FY2023-24, APJL is expected to achieve the Commercial Operation of
Unit-1 and Unit-2.
E. Udupi TPP
• Late Payment Surcharge:
Supreme Court (SC) vide its order dated 10.08.2022 has dismissed the Review Petitions
filed by PCKL in Civil Appeal No. 838 & 842 considering that there were no grounds
warranting review of order dated 08.02.2022.
Consequently, Udupi TPP has received H 1348 crore towards Late Payment Surcharge from
DISCOMs of Karnataka State
Petition no. 155/MP/2019 filed by UPCL before with the Hon'ble CERC
Hon'ble CERC vide its order dated 13.01.2023 has directed the Karnataka Discoms to (i)
pay deemed capacity charges on account of non-availability of 400kV transmission line for
the period 10.03.2011 to 06.09.2012, (ii) calculate the Energy Charges as per provisions
of relevant Tariff Regulations after considering the CIF price of coal, as determined
based on the CERC Formula specified in the order for the period Apr-16 to Mar-19 and (iii)
pay carrying cost on arrears of differential Capacity Charges and differential Energy
Charges till date of CERC order dated 13.01.2023.
F. Mahan TPP (MEL)
APTEL vide Interim Order dated 24.01.2023, in the Appeal filed by MEL, granted interim
stay for payment of transmission charges for the assets of Essar Power Transmission
Company Limited (‘EPTCL') under Stage-II (400 kV D/C Mahan-Sipat transmission line
along with associated bays) for the period from Sep-2018 to Oct-2021 and directed to pay
the same from the date of NCLT order i.e. 01.11.2021 onwards subject to decision in the
main appeal.
G. Raigarh TPP
Hon'ble Chhattisgarh State Electricity Regulatory Commission (CSERC) vide its order
dated 08.08.2022 in the tariff petition filed by REGL, has determined the energy charge
rate for supply of 5% power to Chhattisgarh State Power Distribution Company Limited
(CSPDCL) for the FY2019-20.
Changes in Share Capital
Consequent to Scheme of Amalgamation referred hereinabove, the Authorized Share Capital
of the six Wholly Owned Subsidiaries have been merged into the Company. The outstanding
Preference Shares of Raipur
Energen Limited and Adani Power (Mundra) Limited as on 7th March, 2023 have been issued
and allotted by Adani Power Limited pursuant to the Scheme of Amalgamation and the
respective Preference Shares of the aforementioned Companies have been automatically
cancelled.
The changes in Share Capital described hereinabove has been given effect to in the
Financial Statements for the Financial Year ending on 31st March, 2023.
Fixed Deposits
There were no outstanding deposits within the meaning of Section 73 and 74 of the Act
read with rules made thereunder at the end of the FY 2022-23 or the previous financial
years. Your Company did not accept any deposit during the year under review.
Particulars of loans, guarantees or investments
The provisions of Section 186 of the Act, with respect to a loan, guarantee, investment
or security is not applicable to your Company, as your Company is engaged in providing
infrastructural facilities which is exempted under Section 186 of the Act. The particulars
of loans, guarantee and investments made during the year under review are disclosed in the
financial statements.
Subsidiaries, Joint Ventures and Associate Companies
A list of bodies corporate which are subsidiaries / associates / joint ventures of your
Company is provided as part of the notes to consolidated financial statements.
During the year under review, following subsidiaries have been formed/acquired:
• Aviceda Infra Park Limited
Innovant Buildwell Private Limited (Earlier known as Eternus Real Estate Private
Limited)
• Resurgent Fuel Management Limited
Support Properties Private Limited ("SPPL") (During the year under review,
100% equity stake of the Company in SPPL has been sold)
As on 31st March 2023, your Company had 13 Subsidiaries and step-down subsidiaries.
Pursuant to the provisions of Section 129, 134 and 136 of the Act read with rules made
thereunder and Regulation 33 of the SEBI Listing Regulations, your Company has prepared
consolidated financial statements and a separate statement containing the salient features
of financial statement of subsidiaries, joint ventures and associates in Form AOC-1, which
forms part of Annual Report.
The Annual Financial Statements and related detailed information of the subsidiary
companies shall be made available to the shareholders of the holding and subsidiary
companies seeking such information on all working days during business hours. The
financial statements of the subsidiary companies shall also be kept for inspection by any
shareholders during working hours at your Company's registered office and that of the
respective subsidiary companies concerned. In accordance with Section 136 of the Act, the
audited financial statements, including consolidated financial statements and related
information of your Company and audited accounts of each of its subsidiaries, are
available on website of your Company (www. adanipower.com).
Your Company has formulated a policy for determining Material Subsidiaries. The policy
is available on your Company's website and link for the same is given in Annexure A
of this report.
Pursuant to Section 134 of the Act read with rules made thereunder, the details of
developments of subsidiaries and joint ventures of your Company are covered in the
Management Discussion and Analysis Report, which forms part of this Annual Report.
Subsidiary Companies and its Financial Performance
A list of bodies corporate which are subsidiaries of your Company is provided as part
of the notes to consolidated financial statements.
Pursuant to the provisions of Section 129, 134 and 136 of the Act read with rules made
thereunder and Regulation 33 of the SEBI Listing Regulations, the Company has prepared
consolidated financial statements and a separate statement containing the salient features
of financial statement of subsidiaries in Form AOC-1, which forms part of this Annual
Report. The Annual Financial Statements and related detailed information of the subsidiary
companies shall be made available to the shareholders of the holding and subsidiary
companies seeking such information on all working days during business hours. The
financial statements of the subsidiary companies shall also be kept for inspection by any
shareholders during working hours at the Company's registered office and that of the
respective subsidiary companies concerned. In accordance with Section 136 of the Act, the
Audited Financial Statements, including Consolidated Financial Statements and related
information of the Company and audited accounts of each of its subsidiaries, are available
on website of the Company (www.adanipower.com).
Pursuant to Section 134 of the Act read with rules made thereunder, the details of
developments of subsidiaries of the Company are covered in the Management Discussion and
Analysis Report, which forms part of this Annual Report.
Financial Performance of Key Subsidiaries
Mahan Energen Limited [MEL]:
MEL's Mahan Power Plant has a total installed capacity of 1,200 MW. PLF for the year
was 35.9%. The Mahan Power Plant had Rs. 2,752 crore towards the total revenue and Rs 771
crore towards the EBIDTA. MEL had Rs 244 crore Total Comprehensive Income during the year.
Adani Power (Jharkhand) Limited [APJL]:
APJL's Godda Power Plant has a total installed capacity of 1,600 MW coal powered
thermal power plant based on ultra super critical technology in the
State of Jharkhand during the year out of which one unit of 800 MW has been
commissioned in April 2023.
Management Discussion and Analysis
The Management Discussion and Analysis Report for the year under review, as stipulated
under the SEBI Listing Regulations, is presented in a section forming part of this Annual
Report.
Directors and Key Managerial Personnel
As of 31st March, 2023, your Company's Board had six members comprising of one
Executive Director, two Non-Executive and Non-Independent Directors and three Independent
Directors. The Board has one Woman Director. The details of Board and Committee
composition, tenure of Directors, areas of expertise and other details are available in
the Corporate Governance Report, which forms part of this Annual Report.
Changes in Directors:
Mr. Sushil Kumar Roongta (DIN: 00309302) and Ms. Chandra Iyengar (DIN 02821294), were
appointed as
Independent Directors of your Company w.e.f. 11th November, 2022. Their appointments
were approved by the shareholders by passing a resolution through Postal Ballot on 31st
December, 2022.
Mr. Raminder Singh Gujral (DIN: 07175393) and Ms. Gauri Trivedi (DIN: 06502788)
resigned as
Independent Directors w.e.f. 11th November, 2022. Both these Independent Directors have
resigned as a matter of good governance policy and decided not to continue holding
position as an Independent Director in more than one listed entity within the same group.
The Board placed on its record the deep appreciation for valuable services and guidance
provided by them during the tenure of their Directorship. In accordance with the
provisions of Section 152 of the Act, read with rules made thereunder and Articles of
Association of your Company, Mr. Rajesh Adani
(DIN: 00006322) is liable to retire by rotation at the ensuing Annual General Meeting
(AGM) and being eligible, offers himself for re-appointment. Your Company has received
declarations from all the
Independent Directors confirming that they meet with the criteria of independence as
prescribed both under sub-section (6) of Section 149 of the Act and Regulation 16(1)(b) of
the SEBI Listing Regulations and there has been no change in the circumstances which may
affect their status as an Independent Director.
Change in Key Managerial Personnel:
During the year under review, there is no change in the Key Managerial Personnel of
your Company. Pursuant to the provisions of Section 203 of the Companies Act, 2013, Mr.
Anil Sardana - Managing
Director, Mr. S. B. Khyalia Chief Executive Officer, Mr. Shailesh Sawa - Chief
Financial Officer and Mr.
Deepak S. Pandya - Company Secretary are the Key Managerial Personnel of your Company
as on 31st March, 2023.
Committees of Board
Details of various committees constituted by the Board, including the committees
mandated pursuant to the applicable provisions of the Act and SEBI Listing Regulations,
are given in the Corporate Governance Report, which forms part of this Annual Report.
Number of meetings of the Board
The Board met 4 (four) times during the year under review. The details of board
meetings and the attendance of the Directors are provided in the Corporate Governance
Report, which forms part of this Annual Report.
Independent Directors' Meeting
The Independent Directors met on 24th March, 2023, without the attendance of
Non-Independent
Directors and members of the management. The Independent Directors reviewed the
performance of Non-Independent Directors, the Committees and the Board as a whole along
with the performance of the Chairman of your Company, taking into account the views of
Executive Directors and Non-Executive Directors and assessed the quality, quantity and
timeliness of flow of information between the management and the Board that is necessary
for the Board to effectively and reasonably perform their duties.
Board Evaluation and Familiarization Programme
The Board carried out an annual performance evaluation of its own performance and that
of its Committees and Individual Directors as per the formal mechanism for such evaluation
adopted by the Board. The performance evaluation of all the Directors was carried out by
the Nomination and Remuneration Committee.
The performance evaluation of the Chairman, the Non-Independent Directors, the
Committees and the Board as a whole was carried out by the Independent Directors. The
exercise of performance evaluation was carried out through a structured evaluation process
covering various aspects of the Board functioning such as composition of the Board &
Committees, experience & competencies, performance of specific duties &
obligations, contribution at the meetings and otherwise, independent judgment, governance
issues etc.
Policy on Directors' appointment and remuneration
Your Company's policy on Directors' appointment and remuneration and other matters
("Remuneration Policy") pursuant to Section 178(3) of the Act is available on
the website of your Company at https://www.adanipower.com/investors/corporate-governance.
The Remuneration Policy for selection of Directors and determining Directors'
independence sets out the guiding principles for the Nomination and Remuneration Committee
for identifying the persons who are qualified to become the Directors.
Your Company's Remuneration Policy is directed towards rewarding performance based on
review of achievements. The Remuneration Policy is in consonance with existing industry
practice.
We affirm that the remuneration paid to the Directors is as per the terms laid out in
the Remuneration Policy.
Directors' Responsibility Statement
Pursuant to Section 134(5) of the Act, the Board, to the best of their knowledge and
based on the information and explanations received from your
Company, confirm that: a. in the preparation of the Annual Financial Statements, the
applicable accounting standards have been followed and there are no material departures;
b. they have selected such accounting policies and applied them consistently and
judgements and estimates that are reasonable and prudent so as to give a true and fair
view of the state of affairs of the Company at the end of the financial year 2022-23 and
of the profit of the Company for that period; c. they have taken proper and sufficientcare
for the maintenance of adequate accounting records in accordance with the provisions of
the Act for safeguarding the assets of the Company and for preventing and detecting fraud
and other irregularities; d. they have prepared the Annual Financial Statements on a going
concern basis; e. they have laid down internal financial controls to be followed by the
Company and such internal financial control are adequate and operating effectively; f.
they have devised proper systems to ensure compliance with the provisions of all
applicable laws and that such systems are adequate and operating effectively.
Internal Financial Control System and their adequacy
The details in respect of internal financial control and their adequacy are included in
Management Discussion and Analysis Report, which forms part of this Annual Report.
Risk Management
The Company has a structured Risk Management Framework, designed to identify, assess
and mitigate risks appropriately. The Board has formed a Risk
Management Committee (RMC) to frame, implement and monitor the risk management plan for
the Company. The RMC is responsible for reviewing the risk management plan and ensuring
its effectiveness. The Audit Committee has additional oversight in the area of financial
risks and controls. The major risks identified by the businesses are systematically
addressed through mitigation actions on a continual basis. Further details on the Risk
Management activities, including the implementation of risk management policy, key risks
identified and their mitigations, are covered in Management Discussion and Analysis
section, which forms part of this Annual Report.
Board policies
The details of various policies approved and adopted by the Board as required under the
Act and SEBI Listing Regulations are provided in Annexure – A to this report.
Corporate Social Responsibility (CSR)
The brief details of the CSR Committee are provided in the Corporate Governance Report,
which forms part of this Annual Report. The CSR policy is available on the website of your
Company at https://www. adanipower.com/investors/corporate-governance. The Annual Report
on CSR activities is annexed and forms part of this report.
Further, the Chief Financial Officer of your Company has certified that CSR spends of
your Company for the FY 2022-23 have been utilized for the purpose and in the manner
approved by the Board of Directors of the Company.
Corporate Governance Report
Your Company is committed to maintain highest standards of corporate governance
practices. The Corporate Governance Report, as stipulated by SEBI Listing Regulations,
forms part of this Annual Report along with the required certificate from a Practicing
Company Secretary, regarding compliance of the conditions of Corporate Governance, as
stipulated. In compliance with Corporate Governance requirements as per the SEBI Listing
Regulations, your Company has formulated and implemented a Code of Conduct for all Board
members and senior management personnel of your Company ("Code of Conduct"), who
have affirmed the compliance thereto.
The Code of Conduct is available on the website of your Company at
https://www.adanipower.com/ investors/corporate-governance.
Business Responsibility & Sustainability Report
The BRSR enables the Members to have an insight into Environmental, Social and
Governance initiatives of the Company. The BRSR disclosures form a part of this Annual
Report.
Annual Return
Pursuant to Section 134(3) (a) of the Act, the draft annual return as on 31st March,
2023 prepared in accordance with Section 92(3) of the Act is made available on the website
of your Company and can be assessed using the link https://www.adanipower.
com/investors/Disclosure-under-Regulation-62-of-SEBI-LODR-Regulations.
Transactions with Related Parties
All transactions with related parties are placed before the Audit Committee for its
approval. An omnibus approval from Audit Committee is obtained for the related party
transactions which are repetitive in nature.
All transactions with related parties entered into during the financial year were at
arm's length basis and in the ordinary course of business and in accordance with the
provisions of the Act and the rules made thereunder, the SEBI Listing Regulations and your
Company's Policy on Related Party Transactions. Your Company has not entered into any
transactions with related parties requiring approval of the Board of Directors in terms of
Section 188 of the Act. Accordingly, the disclosure of related party transactions as
required under Section 134(3)(h) of the Act, in Form AOC 2, is not applicable.
Your Company did not enter into any related party transactions during the year which
could be prejudicial to the interest of minority shareholders. No loans / investments to /
in the related party have been written off or classified as doubtful during the year under
review. The Policy on Related Party Transactions is available on your Company's website
and can be assessed using the link https://www.adanipower.com/investors/
corporate-governance.
General Disclosures
Neither the Chairman nor the Managing Director of your Company received any
remuneration or commission from any of the subsidiary of your Company.
Your Directors state that no disclosure or reporting is required in respect of the
following items, as there were no transactions/events of these nature during the year
under review:
1. Issue of equity shares with differential rights as to dividend, voting or otherwise.
2. Issue of Shares (Including Sweat Equity Shares) to employees of your Company under
any scheme.
3. Significant or material orders passed by the
Regulators or Courts or Tribunals which impact the going concern status and your
Company's operation in future.
4. Voting rights which are not directly exercised by the employees in respect of shares
for the subscription/ purchase of which loan was given by your Company (as there is no
scheme pursuant to which such persons can beneficially hold shares as envisaged under
section 67(3)(c) of the Act).
5. Application made or any proceeding pending under the Insolvency and Bankruptcy Code,
2016.
6. One time settlement of loan obtained from the Banks or Financial Institutions.
7. Revision of financial statements and Directors'
Report of your Company.
Insurance
Your Company has taken appropriate insurance for all assets against foreseeable perils.
Statutory Auditors & Auditors' Report
Pursuant to Section 139 of the Act read with rules made thereunder, as amended, M/s.
SRBC & Co.
LLP, Chartered Accountants (ICAI Firm Registration Number: 324982E/E300003) were
appointed as the Statutory Auditors of your Company at the 26th AGM held on 27th
July, 2022, for the second term of five years till the conclusion of 31st Annual General
Meeting (AGM) of your Company to be held in the year 2027. In accordance with the
provisions of the Act, the appointment of Statutory Auditors is not required to be
ratified at every AGM.
The Statutory Auditors have confirmed that they are not disqualified to continue as
Statutory Auditors and are eligible to hold office as Statutory Auditors of your Company.
Representative of the Statutory Auditors of your Company attended the previous AGM of your
Company held on 27th July, 2022.
The Notes to the financial statements referred in the
Auditors' Report are self-explanatory. The Auditors'
Report is enclosed with the financial statements in this Annual Report.
Explanation to Auditors comment:
The Auditors' qualification has been appropriately dealt with in Note No. 64 and 71 of
the Notes to the Standalone Audited Financial Statements and Consolidated Audited
Financial Statements, respectively.
Secretarial Audit Report
Pursuant to the provisions of Section 204 of the Act, read with the rules made
thereunder, the Board had re-appointed Mr. Chirag Shah & Associates, Practicing
Company Secretary, to undertake the Secretarial Audit of your Company for the FY 2022-23.
The Secretarial Audit Report for the year under review is provided as Annexure-B of
this report. There reservations or adverse remarks arenoqualifications, or disclaimers in
the said Secretarial Audit Report.
Secretarial Audit of Material Unlisted Indian Subsidiary
As on 31st March, 2023 your Company had 1 (one) material subsidiaries.
As per the requirements of SEBI Listing Regulations, the Practicing Company Secretaries
appointed by material subsidiary of the Company undertook secretarial audit of these
subsidiaries for FY 2022- 23. Each secretarial audit report confirms that the relevant
material subsidiary has complied with the provisions of the Act, rules, regulations and
guidelines and that there were no deviations or non- compliances.
Cost Auditors
Your Company has appointed M/s Kiran J. Mehta & Co., Cost Accountants (Firm Reg.
No. 000025) to conduct audit of cost records of the Company for the year ended 31st March
2024. The Cost Audit Report for the year 2021-22 was filed before the due date with the
Ministry of Corporate Affairs. The Company has maintained the cost accounts and records in
accordance with Section 148 of the Companies Act, 2013 and Rules framed thereunder
Secretarial Standards
Secretarial Standards
During the year under review, your Company has complied with all the applicable
provisions of Secretarial Standard-1 and Secretarial Standard-2 issued by the Institute of
Company Secretaries of India.
Investor Education and Protection Fund (IEPF)
The Company has not paid dividend in past. Hence, there is no requirement of transfer
of unpaid dividend as per the requirements of the IEPF Rules.
Reporting of frauds by auditors
During the year under review, the Statutory Auditor, Cost Auditor and Secretarial
Auditor of your Company have not reported any instances of fraud committed in your Company
by its officers or employees, to the Audit Committee under section 143(12) of the
Companies Act, 2013.
Awards, Certifications and Accreditations
Awards
• This year ‘8th National Conclave on 5S' was organised by QCFI on 25th June
2022 at Goa with a theme of "5S A Continual Journey for Business Excellence". As
a part of this conclave, case study presentations and papers were invited on various
categories like 5S Implementation, 5S Kaizens, 5S Models, 5S Home etc. It's a matter of
great pride for all of us that out of 16 teams participated, 12 teams received highest
category ‘Par Excellence' award.
• 22 teams from its 6 Power Stations of APL participated in the ‘Ahmedabad
Chapter Convention on Quality Concepts (AHCCQC 2022)'. The teams won 21 Gold Awards and 1
Silver Award for their case studies. The convention was organised on 10th September
‘22 at Ahmedabad Management Association. Teams presented their case studies on the
various quality concepts like Kaizen, 5S, Six Sigma and QC. It's a shining achievement for
the team.
IQMA (Indonesian Quality Management Association) organized the 47th International
Convention in Quality Control Circles 2022 (ICQCC 2022) in Jakarta, Indonesia, from 15th
to 18th November 2022 with a theme of ‘Build Back Better Through Quality Efforts'. We
are proud that Mr. Rituraz Mehta (Head Safety) and 4POE (Four Pillars of Operational
Excellence) received a prestigious International SUDOMO Quality Leadership Award (SQLA)
2022. SQLA is presented to the Quality Practitioners who applied the special and unique
quality leadership model based on the assessment by the SQLA sub-committee.
• 36th National Convention on Quality Concepts (NCQC-2022) was organized by
Quality Circle Forum of India at MGM University, Aurangabad during 27-30 December 2022
with a theme of ‘Integrated Quality Concepts – The Gateway to Global
Leadership'. 10000+ participants from across the 566 organizations participated in the
convention and 2031 case studies were presented on various quality concepts like, 5S,
Kaizen, Quality Circle, TPM etc. 12 teams from APL; two teams form APMuL, two teams from
APML, three teams from APRL, two teams from UPCL, two teams from REL, one team from REGL
presented its case studies on QC, LQC, Kaizen and allied 5S concepts. It's a pride moment
for all of us as 11 teams clinch highest categories:
‘Par Excellence' and ‘Excellent' awards.
REL achieved national level 5S Accreditation: Sh. D K Srivastava, Executive Director -
Quality Circle Forum of India (QCFI), Hyderabad conductedCertification Audit on 27th
February in presence of Sh. Rituraz Mehta Head-4POE (BEx) and Sh. Kaushik Purohit,
Lead-4POE (BEx). He appreciated the team for bringing out major workplace transformation
at the station.
REGL achieved national level 5S Accreditation:
Sh. D K Srivastava, Executive Director - Quality Circle Forum of India (QCFI),
Hyderabad conducted Certification Audit on 27th February in presence of Sh. Rituraz Mehta
Head-4POE (BEx) and Sh. Kaushik Purohit, Lead-4POE (BEx). He appreciated the team for
bringing out major workplace transformation at the station.
Safety
Your Company has an established Occupational Health & Safety Policy and set of
management and technical standards on Safety including Visible Leadership 10 Commandments
& Life Saving Safety Rules that form the basis of our Safety management system. These
standards are developed and are periodically evaluated and updated with consideration for
national and other global requirements to ensure that Adani's Safety Management system
remains globally oriented and best in class. A dedicated Safety
Function at Business level defines the Adani Power OH&S strategy, develops
necessary ecosystems, processes & enhances capability building to drive it and
monitors safety performance. Each individual
Unit / site has their own Safety Function under the guidance of respective Unit Head
for internalizing and deploying the Safety strategies & programs. At APL, the safety
practices introduced at the organizational level have been transformed with the help of
‘Project Chetna' (Chetna is a Hindi word for Consciousness). Collective and conscious
efforts such as these and others are required to drive occupational health and safety
practices in the organization. In addition to this, your Company has in place several
safety measures adhering to internally known standards such as the ISO 45001 which
together help achieve our strategic goal of ‘Zero Harm' in our workplaces.
Your Company in consultation with M/s DuPont, a pioneer organisation in the field of
safety management have stablished and aligned globally recognized high level Safety
Intervention and Risk
Assessment programs such as Safety Interaction (SI), Vulnerability Safety Risks (VSR),
Site Risk Field Audits (SRFA), Process Hazard Analysis (PHA), and Pre-Startup Safety
Review (PSSR) with Business specific
Integrated Management System based Hazard
Identification and Risk Assessment Process, e.g., HIRA and JSA. Your Company has
adopted this framework and the reporting businesses have developed an ecosystem of
participative and consultative approach for engaging concerned stakeholders, including,
employees, associates, and contract workmen. Your Company recognizes that the dynamic
risks need to be managed and mitigated as per Hierarchy of Control to protect its
stakeholders and achieve objective of Zero Harm with enablement of
Sustainable Growth.
These interventions bring together an understanding of the potential upside and
downside of all job and personal factors which can impact the organization with an
objective to prevent injury, protect assets and add maximum sustainable value to all the
activities and processes of the organization.
Creditable Achievements |
|
|
|
Sr. No. |
Certification / Award |
Given as per/For |
Conferred by |
Year |
Mundra TPP |
|
|
|
| 1 |
"Five Star rating" from |
Excellent safety standards |
British Safety Council |
April 2022 |
|
British Safety Council |
|
(BSC) |
|
Kawai TPP |
|
|
|
| 1 |
Shreshtha Suraksha |
Outstanding Performance for |
National Safety Council |
June 2022 |
|
Puraskar (Silver Trophy) |
Occupational Health & Safety (OHS) |
of India (NSCI) |
|
Adani Power Jharkhand Limited, Godda |
|
|
| 1 |
Greentech International |
Outstanding Achievements in |
Greentech Foundation |
January |
|
Environment, Health & |
Construction Safety |
|
2023 |
|
Safety Award |
|
|
|
Particulars of Employees
Your Company had 2805 employees (on consolidated basis) as of 31st March, 2023.
The percentage increase in remuneration, ratio of remuneration of each Director and Key
Managerial
Personnel (KMP) (as required under the Act) to the median of employees' remuneration,
as required under Section 197 of the Act, read with rule 5(1) of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014, are provided in
Annexure-C of this report.
The statement containing particulars of employees, as required under Section 197 of the
Act, read with rule 5(2) of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014, is provided in a separate annexure forming part of this report. In
terms of Section 136 of the Act, the Annual Report is being sent to the shareholders and
others entitled thereto, excluding the said annexure, which is available for inspection by
the shareholders at the Registered Office of your Company during business hours on working
days of your Company. If any shareholder is interested in obtaining a copy thereof, such
shareholder may write to the Company Secretary in this regard.
Prevention of Sexual Harassment at Workplace
As per the requirement of The Sexual Harassment of Women at Workplace (Prevention,
Prohibition & Redressal) Act, 2013 and rules made thereunder, your Company has
constituted Internal Complaints Committees ICCs, at all relevant locations across India to
consider and resolve the complaints related to sexual harassment. The ICCs includes
external members with relevant experience. The ICCs, presided by senior women, conduct the
investigations and make decisions at the respective locations. The ICCs also work
extensively on creating awareness on relevance of sexual harassment issues, including
while working remotely.
During the year under review, your Company has not received any complaint pertaining to
sexual harassment.
All new employees go through a detailed personal orientation on anti-sexual harassment
policy adopted by your Company.
Vigil Mechanism
Your Company has adopted a whistle blower policy and has established the necessary
vigil mechanism for directors and employees in confirmation with Section 177 of the Act
and Regulation 22 of SEBI Listing Regulations, to facilitate reporting of the genuine
concerns about unethical or improper activity, without fear of retaliation. The vigil
mechanism of your Company provides for adequate safeguards against victimization of
directors and employees who avail of the mechanism and also provides for direct access to
the Chairman of the Audit Committee in exceptional cases. No person has been denied access
to the Chairman of the Audit Committee. The said policy is uploaded on the website of your
Company at https://www. adanipower.com/investors/corporate-governance. During the year
under review, no complaint has been registered under this mechanism.
Conservation of Energy, Technology Absorption, Foreign Exchange Earnings and Outgo
Theinformationonconservationofenergy,technology absorption and foreign exchange
earnings and outgo stipulated under Section 134(3)(m) of the Act read with rule 8 of the
Companies (Accounts) Rules, 2014, as amended is provided as Annexure-D of this
report.
Acknowledgement
Your Directors are highly grateful for all the guidance, support and assistance
received from the Government of India, Governments of various states in India, concerned
Government departments, Financial Institutions and Banks. Your Directors thank all the
esteemed shareholders, customers, suppliers and business associates for their faith, trust
and confidence reposed in your Company.
Your Directors wish to place on record their sincere appreciation for the dedicated
efforts and consistent contribution made by the employees at all levels, to ensure that
your Company continues to grow and excel.