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Adani Power Ltd

BSE Code : 533096 | NSE Symbol : ADANIPOWER | ISIN:INE814H01011| SECTOR : Power Generation & Distribution |

NSE BSE
 
SMC up arrow

182.50

8.65 (4.98%) Volume 16463799

29-Mar-2023 EOD

Prev. Close

173.85

Open Price

167.00

Bid Price (QTY)

182.50(273063)

Offer Price (QTY)

0.00(0)

 

Today’s High/Low 182.50 - 166.40

52 wk High/Low 432.50 - 132.40

Key Stats

MARKET CAP (RS CR) 70389.14
P/E 0
BOOK VALUE (RS) 43.6899552
DIV (%) 0
MARKET LOT 1
EPS (TTM) 0
PRICE/BOOK 4.17716152750827
DIV YIELD.(%) 0
FACE VALUE (RS) 10
DELIVERABLES (%) 64.76
4

News & Announcements

28-Mar-2023

Adani Transmission Ltd Slides 5%, S&P BSE Utilities index Shed 1.57%

24-Mar-2023

Adani Power Ltd - Adani Power Limited - Updates

23-Mar-2023

Adani Power Ltd - Announcement Under Regulation 30 (LODR)- Updates To Earlier Disclosures For Proposed Stake Sale In Support Properties Private Limited

17-Mar-2023

Adani Power Ltd - Adani Power Limited - Updates

28-Jan-2023

Adani Power to conduct board meeting

17-Jan-2023

Adani Power update on acquisition of D B Power

11-Nov-2022

Board of Adani Power appoints director

01-Nov-2022

Adani Power to announce Quarterly Result

Corporate Actions

Bonus
Splits
Dividends
Rights
Capital Structure
Book Closure
Board Meeting
AGM
EGM
 

Financials

Income Statement

Standalone
Consolidated
 

Peers Comparsion

Select Company Name BSE Code NSE Symbol
Adani Green Energy Ltd 541450 ADANIGREEN
Adani Transmission Ltd 539254 ADANITRANS
Andhra Valley Power Supply Company Ltd (Merged) 500061 ANDRAVALLY
Anzen India Energy Yield Plus Trust 543655 ANZEN
BF Utilities Ltd 532430 BFUTILITIE
CESC Ltd 500084 CESC
CPEC Ltd 505678
Energy Development Company Ltd 532219 ENERGYDEV
Entegra Ltd 532287 ENTEGRA
Gita Renewable Energy Ltd 539013
Greenview Power Projects Ltd 532061
Gujarat Industries Power Co Ltd 517300 GIPCL
IND Renewable Energy Ltd 536709
India Grid Trust 540565 INDIGRID
India Power Corporation Ltd 532130 DPSCLTD
Indowind Energy Ltd 532894 INDOWIND
Inox Wind Energy Ltd 543297 IWEL
Jaiprakash Power Ventures Ltd 532627 JPPOWER
JSW Energy Ltd 533148 JSWENERGY
K.P. Energy Ltd 539686
Karma Energy Ltd 533451 KARMAENG
Kintech Renewables Ltd 512329
KKV Agro Powers Ltd 538368 KKVAPOW
KPI Green Energy Ltd 542323 KPIGREEN
KSK Energy Ventures Ltd 532997 KSK
Lanco Infratech Ltd 532778 LITL
National Wind Power Corporation Ltd 531077 NEPCPAPER
NHPC Ltd 533098 NHPC
NLC India Ltd 513683 NLCINDIA
NTPC Ltd 532555 NTPC
Orient Green Power Company Ltd 533263 GREENPOWER
Potis Power Projects Ltd 530143
Power Grid Corporation of India Ltd 532898 POWERGRID
Powergrid Infrastructure Investment Trust 543290 PGINVIT
RattanIndia Enterprises Ltd 534597 RTNINDIA
Rattanindia Power Ltd 533122 RTNPOWER
Refex Renewables & Infrastructure Ltd 531260
Reliance Energy Ventures Ltd(merged) 532704 RENVL
Reliance Power Ltd 532939 RPOWER
Renewable Energy Systems Ltd 40173
Shivamshree Businesses Ltd 538520
SJVN Ltd 533206 SJVN
Solex Energy Ltd 532566 SOLEX
Southern Power Distribution Company of AP Ltd 511519
SRM Energy Ltd 523222
Sun Source (India) Ltd 517403
Surya Chakra Power Corporation Ltd 532874
T C P Ltd 530282 TCPLTD
Tata Hydro-Electric Power Supply Co. Ltd (Merged) 500409 TATAHYDRO
Tata Power Company Ltd 500400 TATAPOWER
Torrent Power AEC Ltd(merged) 500004 TORRENTAEC
Torrent Power Ltd 532779 TORNTPOWER
Torrent Power SEC Ltd(merged) 501736 TORRENTSEC
Virescent Renewable Energy Trust 535401 VIRESCENT
Waa Solar Ltd 541445
Waaree Renewables Technologies Ltd 534618

Share Holding

Category No. of shares Percentage
Total Foreign 685023688 17.76
Total Institutions 82987 0.00
Total Govt Holding 368 0.00
Total Non Promoter Corporate Holding 10833206 0.28
Total Promoters 2891612567 74.97
Total Public & others 269386125 6.99
Total 3856938941 100
  • Total Foreign
  • Total Institutions
  • Total Govt Holding
  • Total Non Promoter Corporate Holding
  • Total Promoters
  • Total Public & others

About Adani Power Ltd

Adani Power Ltd (APL), a part of Adani Group is India's largest private thermal power producer with a power generation capacity of 13,650 MW including 13,610 MW, of thermal power plants and a 40 MW solar power project. The Company constructed 9,240 MW of thermal power capacity, comprising a 4,620 MW plant of APMuL at Mundra in Gujarat, a 1,320 MW plant of APRL at Kawai in Rajasthan and a 3,300 MW plant of APML at Tiroda in Maharashtra. The Company is engaged in power generation and setting up of power projects. APJL (wholly-owned subsidiary of the Company) is creating a 1,600 MW greenfield ultra supercritical power project in Jharkhand to supply power to Bangladesh. Adani Power was the first company to implement and commission 660 MW supercritical technology units in India. At present, it is currently operating an aggregate of 15,250 megawatts (MW) generation capacity. Adani Power Ltd was incorporated on August 22, 1996 and received a certificate of commencement of business on September 4, 1996. The Company was originally incorporated by Mr. Gautam S. Adani and Mr. Rajesh S. Adani, together with their relatives. The company became a private limited company on June 3, 2002 and the name of the company was subsequently changed to Adani Power Pvt Ltd. In the year 2004, pursuant to internal restructuring amongst the Promoters, the entire shareholding of the company was transferred to Mundra Port and Special Economic Zone Ltd (MPSEZL). Subsequently, on May 29, 2006, MPSEZL transferred its entire shareholding in the company to Adani Enterprises Ltd. In December 19, 2006, the Government of India (GOI) granted approval to the company's proposal for development, operation and maintenance of the sector specific Special Economic Zone (SEZ) at Village: Tunda & Siracha, Taluka Mundra, Gujarat. In February 2, 2007, the company entered into an agreement (PPA) with Gujarat Urja Vikas Nigam Ltd (GUVNL) for supply of power on long term basis. In April 12, 2007, the company was, thereafter, converted into a public limited company and the name of the company was changed to Adani Power Ltd. During the financial year 2009-10, the company entered the Capital Market with initial public offer (IPO) of 30,16,52,031 equity shares of Rs 10 each at a premium of Rs 90 per share. In August 20, 2009, the company's shares were listed on the Bombay Stock Exchange Ltd (BSE) and National Stock Exchange of India Ltd (NSE). The company's power generating units (Unit 1 and Unit 2 each of 330 MW) of their phase I commenced commercial operations effective from October 1, 2009 and March 17, 2010 respectively. During the year, the company incorporated Adani Pench Power Ltd (earlier known as Adani Power MP Ltd) as a wholly owned subsidiary company. The company acquired Kutchh Power Generation Ltd and Adani Shipping PTE Ltd, Singapore by purchase of all shares of respective companies at face value. Subsequently Adani Shipping PTE Ltd, Singapore incorporated Rahi Shipping PTE Ltd, Singapore and Vanshi Shipping PTE Ltd, Singapore as their wholly owned subsidiary companies. During the year 2010-11, the company's Power Generating Units of 1320 MW (Previous Year - 660 MW) commenced commercial operations resulting into total power generating capacity to 1980 MW. During the year 2011-12, the company set up two subsidiaries, namely Aanya Maritime Inc, Panama and Aashna Maritime Inc, Panama. The company alongwith their subsidiaries is implementing various transmission line projects of about 3,000 km length. The company intends to sell the power generated from these projects under a combination of long-term PPAs and on merchant basis. In February 2012, the company approved to consolidate the transmission line business of the company in a new entity in order to integrate transmission line projects spread across various entities of Adani Group under one umbrella. On 10 September 2012, Adani Power announced that the phase III of its 4,620 MW power plant in Mundra, Gujarat, consisting of two units of 660 MW each, has received carbon credits under the Clean Development Mechanism (CDM) of the United Nations Framework Convention on Climate Change (UNFCCC). This achievement makes the Mundra plant the world's first coal fired power project to receive carbon credits. With this measure, the plant is expected to generate about 1.8 million Certified Emission Reductions (CERs) each year. Adani Power is expected to earn Rs 600 crore by trading these carbon credits during the first 10 years of its operations. On 19 June 2013, Adani Power announced the commissioning of the third unit of 660 MW of its super critical power plant in Tiroda, Maharashtra, thus augmenting its total power generation capacity to 7,260 MW. The third unit was commissioned within a record time of 20 days from synchronization, as against an industry standard of three months. The Board of Directors of Adani Power at its meeting held on 28 December 2013 approved demerger of the transmission line business of the company to its wholly owned subsidiary company (WOS) subject to requisite approvals.On 31 December 2013, Adani Power announced that its state-of-the-art 4620 megawatts (MW) power plant at Mundra, has set a record by attaining the highest generation of 4,644 MW, making it the only power station of such a gigantic size to reach a significant milestone in electricity production. On 14 January 2014, Adani Power announced the commissioning of its 1320 MW coal-fired power plant in Kawai, Rajasthan, thus completing its project as per the schedule. The project comprises 2 units of 660 MW super critical technology each and the power will be supplied to the state energy utilities as per the PPA signed with the Rajasthan government. On 3 April 2014, Adani Power announced the commissioning of the fourth unit of 660 megawatts (MW) at its power plant at Tiroda in Maharashtra, thus emerging as the largest private power producer in India with an overall installed capacity of 8,620 MW. It is a significant milestone in the path to achieve Adani Power's target of generating 20,000 MW by 2020. On 24 November 2014, Adani Power announced that it has executed a binding term sheet for the acquisition of 100% shares of Korba West Power Co. Ltd. (KWPCL) from Avantha Power & Infrastructure. KWPCL owns a completed 600 MW coal based power plant at Korba and an expansion phase in progress. Adani Power will endeavor to expand the capacity of KWPCL expeditiously, leveraging its project execution capabilities. On 4 March 2015, Adani Power announced that it has signed a definitive Share Purchase Agreement for acquisition of 100% shares of Korba West Power Co. Ltd. (KWPCL) from Avantha Power & Infrastructure. The enterprise value of this deal would be around Rs 4225 crore, which would be paid by combination of acquisition debt and cash. The Board of Directors of Adani Power at its meeting held on 16 January 2015 approved the proposal to divest the company's holding of 90.91% equity shares in Adani Transmission (India) Ltd. to Adani Transmission Ltd, a Wholly Owned Subsidiary of Adani Enterprises Ltd. subject to requisite approvals, if any. The board of directors of Adani Power (APL) at its meeting held on 30 January 2015 unanimously approved the scheme of demerger of the diversified businesses of its parent company, Adani Enterprises Ltd (AEL). The scheme involves the demerger of the Power Undertaking of AEL comprising the undertaking, businesses, activities, operations, assets (moveable and immoveable) and liabilities pertaining to the 40 MW solar power project at Bitta village, Kutch district of Gujarat and the investments of AEL in APL into APL. The shareholding of AEL in APL shall be cancelled on the scheme being made effective and APL shall issue new equity shares to the equity shareholders of AEL in the ratio of 18,596 equity shares in APL for every 10,000 equity shares held by such equity shareholder of AEL in AEL as of the record date. On 20 April 2015, Adani Power announced the completion of the acquisition of 100% of the shares of Udupi Power Corporation Limited (UPCL) from Hyderabad based Lanco Infratech Limited. Udupi Power Corporation Limited (UPCL) is a 1200 MW power plant based on imported coal and includes a captive jetty for coal imports. The transaction was announced earlier last year in August 2014. The Udipi Power Corporation (UPCL) has long term power sale agreements with the Discoms of the states of Karnataka and Punjab. With acquisition of the UPCL, the capacity of APL increases to 10,440 MW. On 21 December 2015, Adani Power announced that it has incorporated a wholly owned subsidiary Company Adani Power (Jharkhand) Limited, which is registered with the Registrar of Companies, Gujarat at Ahmedabad. The Board of Directors of Adani Power at its meeting held on 6 April 2016 approved Preferential offer and issue of up to 52.30 crore warrants, convertible into equivalent number of equity shares of Rs 10 each to the promoter group entities subject to the approval of the shareholders of the company through postal ballot by way of passing special resolution under Section 42 and 62 of the Companies Act, 2013 and other necessary regulatory approvals. On 1 March 2017, Adani Power announced that a 330 megawatt (MW) unit 4 at its 4,620 MW Mundra thermal power plant has created a national record by running continuously for 600 days and generated 4142.56 MUs (million units) of electricity. On 6 June 2017, Adani Power announced that its Board of Directors has considered and approved the slump sale of its Mundra power generating business undertaking to its subsidiary company, namely Adani Power (Mundra) Limited. The transaction will put the Mundra power generating business undertaking at par with other operating subsidiaries of the company, with specific strategic focus as well as specific financial arrangements. The Mundra power generating business undertaking contributed 93.74% to the total income of Adani Power in FY 2016-17. On 7 November 2017, Adani Power announced that the company's wholly owned subsidiary Adani Power (Jharkhand) Limited has signed a long term Power Purchase Agreement (PPA). The PPA has been signed for net capacity of 1496 MW with Bangladesh Power Development Board for 25 years. Power supply under the PPA will be made from a new 1600 MW Ultra-supercritical coal based power plant to be set up by Adani Power (Jharkhand) Limited at Godda, Jharkhand. The Board of Directors of Adani Power at its meeting held on 17 January 2018 approved the setting up of a 1600 MW (2 x 800 MW) UItra-supercritical Thermal Power Project at Godda, Jharkhand, by the company's subsidiary Adani Power (Jharkhand) Limited, at the estimated project cost of Rs 13450 crore approximately. The project is expected to achieve Commercial Operation Date by May 2022, and supply power to the Bangladesh Power Development Board under a PPA for net capacity of 1,496 MW for 25 years. All major statutory clearances have been obtained for the project. In year 2019-20, the Company acquired two operational power projects comprising Raipur Energen Ltd. (REL) of 1,370 MW and Raigarh Energy Generation Ltd. (REGL) of 600 MW, to their portfolio. With this, it operates 12,450 MW of capacity. It commissioned Supercritical boilers at their Mundra (Gujarat) plant, saving ~2% of fuel per unit of power generated and leading to lower GHG emissions. It commissioned 12 units of 660 MW each based on the Supercritical technology. The Company further acquired 52.38% of the equity stake in GMR Chhattisgarh Energy Ltd. (GCEL) and the balance 47.62% equity stake was acquired from the GMR Group, which completed on August 2, 2019 at an Enterprise Valuation of approx. Rs. 3,530 Crore. And subsequent to the acquisition, GCEL was renamed as Raipur Energen Ltd. The Company had 11 direct subsidiaries as on 31st March, 2021. A Scheme of Amalgamation of the Company's six wholly owned subsidiaries, Adani Power Maharashtra Limited; Adani Power Rajasthan Limited; Udupi Power Corporation Limited; Raipur Energen Limited; Raigarh Energy Generation Limited; and Adani Power (Mundra) Limited with Adani Power Limited was approved by the respective Board of Directors involved under the said scheme in year 2021-22. The Scheme thereafter was filed with BSE Limited and National Stock Exchange of India Limited, which has been made effective on 22nd December, 2017 with appointed date, 31st March, 2017. Chandenvalle Infra Park Limited, Mahan Fuel Management Limited, Alcedo Infra Park Limited, Emberiza Infra Park Limited and Mahan Energen Limited (Formerly known as Essar Power M P Limited) were formed as subsidiaries of the Company during the year 2021-22. The Company acquired Essar Power M P Limited (EPMPL), which was completed effective on 16th March 2022 and name of the Company changed to 'Mahan Energen Limited' (MEL), with effect from 25th March, 2022. It commenced construction of the plant with a targeted completion of Unit 1 in January 2022 and Unit 2 in May 2022, according to the Purchase Power Agreement (PPA).

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 Company History

Adani Power Ltd (APL), a part of Adani Group is India's largest private thermal power producer with a power generation capacity of 13,650 MW including 13,610 MW, of thermal power plants and a 40 MW solar power project. The Company constructed 9,240 MW of thermal power capacity, comprising a 4,620 MW plant of APMuL at Mundra in Gujarat, a 1,320 MW plant of APRL at Kawai in Rajasthan and a 3,300 MW plant of APML at Tiroda in Maharashtra. The Company is engaged in power generation and setting up of power projects. APJL (wholly-owned subsidiary of the Company) is creating a 1,600 MW greenfield ultra supercritical power project in Jharkhand to supply power to Bangladesh. Adani Power was the first company to implement and commission 660 MW supercritical technology units in India. At present, it is currently operating an aggregate of 15,250 megawatts (MW) generation capacity. Adani Power Ltd was incorporated on August 22, 1996 and received a certificate of commencement of business on September 4, 1996. The Company was originally incorporated by Mr. Gautam S. Adani and Mr. Rajesh S. Adani, together with their relatives. The company became a private limited company on June 3, 2002 and the name of the company was subsequently changed to Adani Power Pvt Ltd. In the year 2004, pursuant to internal restructuring amongst the Promoters, the entire shareholding of the company was transferred to Mundra Port and Special Economic Zone Ltd (MPSEZL). Subsequently, on May 29, 2006, MPSEZL transferred its entire shareholding in the company to Adani Enterprises Ltd. In December 19, 2006, the Government of India (GOI) granted approval to the company's proposal for development, operation and maintenance of the sector specific Special Economic Zone (SEZ) at Village: Tunda & Siracha, Taluka Mundra, Gujarat. In February 2, 2007, the company entered into an agreement (PPA) with Gujarat Urja Vikas Nigam Ltd (GUVNL) for supply of power on long term basis. In April 12, 2007, the company was, thereafter, converted into a public limited company and the name of the company was changed to Adani Power Ltd. During the financial year 2009-10, the company entered the Capital Market with initial public offer (IPO) of 30,16,52,031 equity shares of Rs 10 each at a premium of Rs 90 per share. In August 20, 2009, the company's shares were listed on the Bombay Stock Exchange Ltd (BSE) and National Stock Exchange of India Ltd (NSE). The company's power generating units (Unit 1 and Unit 2 each of 330 MW) of their phase I commenced commercial operations effective from October 1, 2009 and March 17, 2010 respectively. During the year, the company incorporated Adani Pench Power Ltd (earlier known as Adani Power MP Ltd) as a wholly owned subsidiary company. The company acquired Kutchh Power Generation Ltd and Adani Shipping PTE Ltd, Singapore by purchase of all shares of respective companies at face value. Subsequently Adani Shipping PTE Ltd, Singapore incorporated Rahi Shipping PTE Ltd, Singapore and Vanshi Shipping PTE Ltd, Singapore as their wholly owned subsidiary companies. During the year 2010-11, the company's Power Generating Units of 1320 MW (Previous Year - 660 MW) commenced commercial operations resulting into total power generating capacity to 1980 MW. During the year 2011-12, the company set up two subsidiaries, namely Aanya Maritime Inc, Panama and Aashna Maritime Inc, Panama. The company alongwith their subsidiaries is implementing various transmission line projects of about 3,000 km length. The company intends to sell the power generated from these projects under a combination of long-term PPAs and on merchant basis. In February 2012, the company approved to consolidate the transmission line business of the company in a new entity in order to integrate transmission line projects spread across various entities of Adani Group under one umbrella. On 10 September 2012, Adani Power announced that the phase III of its 4,620 MW power plant in Mundra, Gujarat, consisting of two units of 660 MW each, has received carbon credits under the Clean Development Mechanism (CDM) of the United Nations Framework Convention on Climate Change (UNFCCC). This achievement makes the Mundra plant the world's first coal fired power project to receive carbon credits. With this measure, the plant is expected to generate about 1.8 million Certified Emission Reductions (CERs) each year. Adani Power is expected to earn Rs 600 crore by trading these carbon credits during the first 10 years of its operations. On 19 June 2013, Adani Power announced the commissioning of the third unit of 660 MW of its super critical power plant in Tiroda, Maharashtra, thus augmenting its total power generation capacity to 7,260 MW. The third unit was commissioned within a record time of 20 days from synchronization, as against an industry standard of three months. The Board of Directors of Adani Power at its meeting held on 28 December 2013 approved demerger of the transmission line business of the company to its wholly owned subsidiary company (WOS) subject to requisite approvals.On 31 December 2013, Adani Power announced that its state-of-the-art 4620 megawatts (MW) power plant at Mundra, has set a record by attaining the highest generation of 4,644 MW, making it the only power station of such a gigantic size to reach a significant milestone in electricity production. On 14 January 2014, Adani Power announced the commissioning of its 1320 MW coal-fired power plant in Kawai, Rajasthan, thus completing its project as per the schedule. The project comprises 2 units of 660 MW super critical technology each and the power will be supplied to the state energy utilities as per the PPA signed with the Rajasthan government. On 3 April 2014, Adani Power announced the commissioning of the fourth unit of 660 megawatts (MW) at its power plant at Tiroda in Maharashtra, thus emerging as the largest private power producer in India with an overall installed capacity of 8,620 MW. It is a significant milestone in the path to achieve Adani Power's target of generating 20,000 MW by 2020. On 24 November 2014, Adani Power announced that it has executed a binding term sheet for the acquisition of 100% shares of Korba West Power Co. Ltd. (KWPCL) from Avantha Power & Infrastructure. KWPCL owns a completed 600 MW coal based power plant at Korba and an expansion phase in progress. Adani Power will endeavor to expand the capacity of KWPCL expeditiously, leveraging its project execution capabilities. On 4 March 2015, Adani Power announced that it has signed a definitive Share Purchase Agreement for acquisition of 100% shares of Korba West Power Co. Ltd. (KWPCL) from Avantha Power & Infrastructure. The enterprise value of this deal would be around Rs 4225 crore, which would be paid by combination of acquisition debt and cash. The Board of Directors of Adani Power at its meeting held on 16 January 2015 approved the proposal to divest the company's holding of 90.91% equity shares in Adani Transmission (India) Ltd. to Adani Transmission Ltd, a Wholly Owned Subsidiary of Adani Enterprises Ltd. subject to requisite approvals, if any. The board of directors of Adani Power (APL) at its meeting held on 30 January 2015 unanimously approved the scheme of demerger of the diversified businesses of its parent company, Adani Enterprises Ltd (AEL). The scheme involves the demerger of the Power Undertaking of AEL comprising the undertaking, businesses, activities, operations, assets (moveable and immoveable) and liabilities pertaining to the 40 MW solar power project at Bitta village, Kutch district of Gujarat and the investments of AEL in APL into APL. The shareholding of AEL in APL shall be cancelled on the scheme being made effective and APL shall issue new equity shares to the equity shareholders of AEL in the ratio of 18,596 equity shares in APL for every 10,000 equity shares held by such equity shareholder of AEL in AEL as of the record date. On 20 April 2015, Adani Power announced the completion of the acquisition of 100% of the shares of Udupi Power Corporation Limited (UPCL) from Hyderabad based Lanco Infratech Limited. Udupi Power Corporation Limited (UPCL) is a 1200 MW power plant based on imported coal and includes a captive jetty for coal imports. The transaction was announced earlier last year in August 2014. The Udipi Power Corporation (UPCL) has long term power sale agreements with the Discoms of the states of Karnataka and Punjab. With acquisition of the UPCL, the capacity of APL increases to 10,440 MW. On 21 December 2015, Adani Power announced that it has incorporated a wholly owned subsidiary Company Adani Power (Jharkhand) Limited, which is registered with the Registrar of Companies, Gujarat at Ahmedabad. The Board of Directors of Adani Power at its meeting held on 6 April 2016 approved Preferential offer and issue of up to 52.30 crore warrants, convertible into equivalent number of equity shares of Rs 10 each to the promoter group entities subject to the approval of the shareholders of the company through postal ballot by way of passing special resolution under Section 42 and 62 of the Companies Act, 2013 and other necessary regulatory approvals. On 1 March 2017, Adani Power announced that a 330 megawatt (MW) unit 4 at its 4,620 MW Mundra thermal power plant has created a national record by running continuously for 600 days and generated 4142.56 MUs (million units) of electricity. On 6 June 2017, Adani Power announced that its Board of Directors has considered and approved the slump sale of its Mundra power generating business undertaking to its subsidiary company, namely Adani Power (Mundra) Limited. The transaction will put the Mundra power generating business undertaking at par with other operating subsidiaries of the company, with specific strategic focus as well as specific financial arrangements. The Mundra power generating business undertaking contributed 93.74% to the total income of Adani Power in FY 2016-17. On 7 November 2017, Adani Power announced that the company's wholly owned subsidiary Adani Power (Jharkhand) Limited has signed a long term Power Purchase Agreement (PPA). The PPA has been signed for net capacity of 1496 MW with Bangladesh Power Development Board for 25 years. Power supply under the PPA will be made from a new 1600 MW Ultra-supercritical coal based power plant to be set up by Adani Power (Jharkhand) Limited at Godda, Jharkhand. The Board of Directors of Adani Power at its meeting held on 17 January 2018 approved the setting up of a 1600 MW (2 x 800 MW) UItra-supercritical Thermal Power Project at Godda, Jharkhand, by the company's subsidiary Adani Power (Jharkhand) Limited, at the estimated project cost of Rs 13450 crore approximately. The project is expected to achieve Commercial Operation Date by May 2022, and supply power to the Bangladesh Power Development Board under a PPA for net capacity of 1,496 MW for 25 years. All major statutory clearances have been obtained for the project. In year 2019-20, the Company acquired two operational power projects comprising Raipur Energen Ltd. (REL) of 1,370 MW and Raigarh Energy Generation Ltd. (REGL) of 600 MW, to their portfolio. With this, it operates 12,450 MW of capacity. It commissioned Supercritical boilers at their Mundra (Gujarat) plant, saving ~2% of fuel per unit of power generated and leading to lower GHG emissions. It commissioned 12 units of 660 MW each based on the Supercritical technology. The Company further acquired 52.38% of the equity stake in GMR Chhattisgarh Energy Ltd. (GCEL) and the balance 47.62% equity stake was acquired from the GMR Group, which completed on August 2, 2019 at an Enterprise Valuation of approx. Rs. 3,530 Crore. And subsequent to the acquisition, GCEL was renamed as Raipur Energen Ltd. The Company had 11 direct subsidiaries as on 31st March, 2021. A Scheme of Amalgamation of the Company's six wholly owned subsidiaries, Adani Power Maharashtra Limited; Adani Power Rajasthan Limited; Udupi Power Corporation Limited; Raipur Energen Limited; Raigarh Energy Generation Limited; and Adani Power (Mundra) Limited with Adani Power Limited was approved by the respective Board of Directors involved under the said scheme in year 2021-22. The Scheme thereafter was filed with BSE Limited and National Stock Exchange of India Limited, which has been made effective on 22nd December, 2017 with appointed date, 31st March, 2017. Chandenvalle Infra Park Limited, Mahan Fuel Management Limited, Alcedo Infra Park Limited, Emberiza Infra Park Limited and Mahan Energen Limited (Formerly known as Essar Power M P Limited) were formed as subsidiaries of the Company during the year 2021-22. The Company acquired Essar Power M P Limited (EPMPL), which was completed effective on 16th March 2022 and name of the Company changed to 'Mahan Energen Limited' (MEL), with effect from 25th March, 2022. It commenced construction of the plant with a targeted completion of Unit 1 in January 2022 and Unit 2 in May 2022, according to the Purchase Power Agreement (PPA).

Adani Power Ltd Directors Reports

Your Directors are pleased to present herewith the 26th Annual Report along with the audited financial statements of your Company for the financial year ended 31st March 2022.

FINANCIAL PERFORMANCE:

The audited financial statements of the Company as on 31st March 2022, 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 summarised financial highlight is depicted below:

(Rs. In crore)

Particulars

Consolidated

Standalone

2021-22

2020-21

2021-22

2020-21

Revenue from operations

27,711.18

26,221.48

581.32

447.17

Other Income

3,975.29

1,928.20

487.21

134.37

Total revenue

31,686.47

28,149.68

1,068.53

581.54

Operating and Administrative expenses

17,897.02

17,552.96

536.03

408.07

Operating Profit before finance costs, Depreciation and Tax

13,789.45

10.596.72

532.50

173.47

Depreciation and Amortization expenses

3,117.54

3,201.65

30.27

32.46

Profit before finance costs, exceptional items, tax and Deferred tax adjustable in/(recoverable from) future tariff

10,671.91

7,395.07

502.23

141.01

Finance Costs

4,094.78

5,106.33

684.44

644.02

Exceptional Item

-

-

-

-

Profit / (Loss) before tax and Deferred tax adjustable in/ (recoverable from) future tariff

6,577.13

2,288.74

(182.21)

(503.01)

Tax expenses

1,744.80

1,083.87

0.02

(4.27)

Deferred tax recoverable from future tariff (net of tax)

(79.25)

(65.11)

-

-

Profit / (Loss) for the year before share of profit / (loss) from associate Net Share of profit / (loss) from associate

4,911.58

1,269.98

(182.23)

(498.74)

Profit / (Loss) for the period

4,911.58

1,269.98

(182.23)

(498.74)

Other Comprehensive Income

43.63

(30.40)

24.00

1.14

Total Comprehensive Income / (Loss) for the year

4,955.21

1,239.58

(158.23)

(497.60)

Surplus brought forward from previous year

-

-

-

-

Balance available for appropriation

4,955.21

1,239.58

(158.23)

(497.60)

Balance carried to Balance Sheet

4,955.21

1,239.58

(158.23)

(497.60)

There are no material changes and commitments affecting the financial position of the Company, which have occurred between the end of the financial year and the date of this report.

Further, there has been no change in nature of business of the Company.

PERFORMANCE HIGHLIGHTS

Consolidated:

The key aspects of your Company's consolidated performance during the FY 2021-22 are as follows:

a) Revenue

The consolidated total revenue of your Company for FY 2021-22 stood at H31,686.47 crore as against Rs.28,149.68 crore for FY 2020-21 showing an increase of 12.56%. The consolidated revenue for FY 2021-22 incorporated higher recognition of prior period revenue from operations and prior period other income, primarily on account of regulatory orders for compensation to Adani Power Rajasthan Limited for shortfall in availability of domestic linkage coal.

Your Company has sold 52.1 Billion units of electricity during FY 2021-22 as against 59.3 Billion units in FY 2020-21 from all the plants with Plant Load Factor (PLF) decreasing from 58.9% in the previous year to 51.5% in FY 2021-22.

b) Operating and Administrative Expenses

Consolidated Operating and Administrative Expenses during FY 2021-22 were Rs.17,897.02 crore, which have increased by 1.96% from Rs.17,552.96 crore in FY 2020-21. The increase is mainly due to higher expenses in nature of purchase of trading goods, employee benefits expense, repairs and maintenance expense etc.

The percentage of Operating and Administrative Expenses to Total Revenue has decreased to 56.48% in FY 2021-22 from 62.36% in FY 2020-21.

c) Depreciation and Amortization Expenses

Consolidated Depreciation and Amortization Expenses during FY 2021-22 were H3,117.54 crore, which have decreased by 2.63% from H3,201.65 crore in FY 2020-21.

d) Finance Costs

Consolidated Finance Costs during FY 2021-22 were Rs.4,094.78 crore, which have decreased by 19.81% from Rs.5,106.33 crore in FY 2020-21, mainly due to interest rate reduction and repayments.

e) Total Comprehensive Income/ Loss for the year

Consolidated Total Comprehensive Income for the FY 2021-22 was Rs.4,955.21 crore as compared to Total Comprehensive Income of Rs.1,239.58 crore in FY 2020-21.

DIVIDEND

The Board of Directors of your Company, 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.

TRANSFER TO RESERVES

There is no amount proposed to be transferred to the Reserves.

SCHEME OF AMALGAMATION

During the year under review, a scheme of amalgamation of the Company's six wholly owned subsidiaries, namely, (i) Adani Power Maharashtra Limited; (ii) Adani Power Rajasthan Limited; (iii) Udupi Power Corporation Limited; (iv) Raipur Energen Limited; (v) Raigarh Energy Generation Limited; and (vi) Adani Power (Mundra) Limited with Adani Power Limited was approved by the respective Board of Directors involved under the said scheme. The scheme thereafter has been filed with BSE Limited and National Stock Exchange of India Limited for disclosure purpose and both the stock exchanges have disseminated the same on their respective websites. Recently, a joint company application along with the scheme and requisite annexures has been filed with the Hon'ble National Company Law Tribunal, Bench at Ahmedabad.

The proposed 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 longterm financial returns.

KEY DEVELOPMENTS

ADANI POWER (MUNDRA) LIMITED:

Adani Power (Mundra) Limited ('APMuL'), a wholly owned subsidiary of the Company, and Gujarat Urja Vikas Nigam Ltd. ("GUVNL'), have agreed to:

(a) resolve all disputes pertaining to Power Purchase Agreements ("PPAs") dated 2nd February 2007 ("Bid-2 PPA") and 6th February 2007 ("Bid-1 PPA"), and Supplementary PPAs ("SPPAs") dated 5th December 2018 connected to both these PPAs, in a comprehensive and amicable manner and withdraw all related pending cases/ petitions, claims filed by either side against each other; and

(b) revive the canceled Bid-2 PPA and its connected SPPA, which stood terminated by virtue of decision of the Hon'ble Supreme Court dated 2nd July 2019 and in turn, APMuL and GUVNL to not claim any compensation in terms of the said judgment in relation to termination of Bid-2 PPA; In pursuance of the above, APMuL and GUVNL had jointly approached the Hon'ble Supreme Court to place on record the Settlement Deed signed between them and for disposal of GUVNLs curative petition pertaining to the Hon'ble Court's judgment dated 2nd July 2019, in terms of the Settlement Deed.

The Hon'ble Supreme Court has disposed of the curative petition filed by GUVNL by its order dated 8th February 2022.

Subsequently, APMuL has entered into SPPA with GUVNL dated 30th March 2022 for Bid 1 and Bid 2 PPA which is pending with CERC for approval.

ADANI POWER MAHARASHTRA LIMITED ("APML'):

NCDP and SHAKTI cases corresponding to PPAs of 2500 MW capacity:

Maharashtra State Electricity Distribution Company Ltd. ("MSEDCL') has filed a petition with Hon'ble Supreme Court against the orders of APTEL wherein APTEL allowed the compensation for the entire quantum of coal shortfall and that the Station Heat Rate (SHR) and Gross Calorific Value (GCV) of coal shall be considered at actual values which is currently pending adjudication. the Hon'ble Supreme Court vide its interim order dated 31st January 2022, allowed payment of 50% of the outstanding claim amount to be released to APML while pendency of the main petition.

Lohara Case:

MSEDCL has filed an appeal in Hon'ble Supreme Court against APTEL order wherein APTEL allowed the deallocation of the Lohara Coal Blocks by the Ministry of Coal allocated to APML for 800 MW capacity to be an event of Change in Law and further allowed the compensation for such shortfall considering the Lohara Coal cost as a base, which is currently pending adjudication. The Hon'ble Supreme Court, vide its interim order dated 31st January 2022, allowed payment of 50% of the outstanding claim amount to be released to APML while pendency of the main petition.

ADANI POWER RAJASTHAN LIMITED:

Adani Power Rajasthan Limited ("APRL') has filed a contempt petition with the Hon'ble Supreme Court against Rajasthan Discoms for non-compliance of its order dated 31st August 2020. The Hon'ble Supreme Court vide its order dated 25th February 2022, allowed the contempt petition filed by APRL for nonpayment of stipulated dues by Rajasthan Discoms in compliance with the Hon'ble Supreme Court order dated 31st August 2020 and directed the discoms to make payment including interest within 4 weeks from the date of order. Consequently, APRL has received Rs.5996.44 crore (including carrying cost of Rs.1469.19 crore and late payment surcharge of Rs.1478.62 crore).

ADANI POWER (JHARKHAND) LIMITED:

Adani Power (Jharkhand) Limited ["APJL'] is in the process of implementation of 2x800 MW Ultra Super Critical Thermal Power Project (USCTPP) at Godda, Jharkhand. Power generated from this proposed Station shall be delivered to our neighbouring country Bangladesh through a dedicated cross border 400 KV Double Circuit Transmission Line connecting to Bangladesh Grid, which is also being built afresh on both sides of the border.

APJL has made substantial progress on the project during FY 2021-22 and achieved several milestones.

Cumulative physical progress achieved in the Project till 31st March 2022 is 83.71%.

UDUPI POWER CORPORATION LIMITED:

Late Payment Surcharge: Supreme Court (SC) vide its Judgment dated 08th February, 2022 in Civil Appeal No. 838, 842, 927-928, 1003-1004 of 2021 filed by PCKL & HESCOM dismissed the Appeal considering that no substantial question of law or fact is raised in the Civil Appeal which merit consideration. Further, SC vide its Judgment dated 08th February, 2022 in Civil Appeal No. 32 of 2021 filed by BESCOM disposed of the Appeal with the liberty to proceed against UPCL if permitted by law. The contentions of the parties are left open in this regard. Application for payment direction rejected in all the above said appeals.

RAIGARH ENERGY GENERATION LIMITED:

Relinquishment Charges: CERC vide order dated 11th November, 2021 in Petition No. 92/MP/2020 filed by PGCIL has rejected the claim of transmission charges for the period 01st October, 2017 till 24th June, 2019 i.e. the period prior to NCLT Order, however has held that REGL will be liable to pay transmission charges w.e.f. 25th June, 2019 till 08th July, 2019 i.e. post NCLT Order till the date of relinquishment of LTA.

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 2021-22 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 loans, guarantees, investments or security are not applicable to the Company as the Company is engaged in providing infrastructural facilities and is exempted under Section 186 of the Act. The details of loans, guarantees and investments made during the year under review are disclosed in the financial statements.

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.

During the year under review, following subsidiaries have been formed/acquired:

1. Chandenvalle Infra Park Limited

2. Mahan Fuel Management Limited

3. Alcedo Infra Park Limited

4. Emberiza Infra Park Limited

5. Mahan Energen Limited (Formerly known as Essar Power M P Limited)

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 of the Company 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.

THE FINANCIAL PERFORMANCE OF THE KEY SUBSIDIARIES IS AS UNDER

Adani Power (Mundra) Limited [APMuL]: APMuLs Mundra Power Plant has a total installed capacity of 4,620 MW. PLF for the year was 29.6%. The Mundra Power Plant had Rs.10,096 crore towards the total revenue and Rs.2,438 crore towards the EBIDTA. APMuL had H336 crore Total Comprehensive Loss during the year.

Adani Power Maharashtra Limited [APML]: APMLs Tiroda Power Plant has a total installed capacity of 3,300 MW. PLF for the year was 74.9%. The Tiroda Power Plant had Rs.10,113 crore towards the total revenue and H3,252 crore towards the EBIDTA. APML had Rs.1,023 crore Total Comprehensive Income during the year.

Adani Power Rajasthan Limited [APRL]: APRLs Kawai Power Plant has a total installed capacity of 1,320 MW. PLF for the year was 72.2%. The Kawai Power Plant had Rs.8,696 crore towards the total revenue and Rs.6,291 crore towards the EBIDTA. APRL had H3,975 crore Total Comprehensive Income during the year.

Udupi Power Corporation Limited [UPCL]: UPCLs Udupi Power Plant has a total installed capacity of 1,200 MW. PLF for the year was 16.3%.The Udupi Power Plant had Rs.1,948 crore towards the total revenue and Rs.927 crore towards the EBIDTA. UPCL had Rs.206 crore Total Comprehensive Income during the year.

Raipur Energen Limited [REL]: RELs Power Plant has a total installed capacity of 1370 MW. PLF for the year was 73.6%.The RELs Power Plant had H3,032 crore towards the total revenue and Rs.1,173 crore towards the EBIDTA. REL had Rs.557 crore Total Comprehensive Income during the year.

Raigarh Energy Generation Limited [REGL]: REGLs Power Plant has a total installed capacity of 600 MW in Raigarh District, Chhattisgarh. PLF for the year was 70.5%.The REGLs Power Plant had Rs.1,410 crore towards the total revenue and Rs.428 crore towards the EBIDTA. REGL had Rs.11 crore Total Comprehensive Income during the year.

Adani Power (Jharkhand) Limited [APJL]: APJL is setting up 1600 MW coal powered thermal power plant based on ultra super critical technology in the State of Jharkhand during the year, APJL has incurred total capital expenditure amounting to ?3,827.66 crore.

Mahan Energen Limited [Formerly known as "Essar Power M P Limited"]: During the year, pursuant to the resolution plan submitted by your Company in relation to the corporate insolvency resolution process of Essar Power M P Limited ("EPMPL'), the Hon'ble National Company Law Tribunal, Principal Bench, New Delhi, vide its order dated 1st November 2021 under Section 31 of the Insolvency and Bankruptcy Code, 2016 approved the resolution plan.

Thereafter, on 16th March 2022, after implementing all the matters stated in approved resolution plan, the acquisition of EPMPL by APL was completed and the Company took over the management of EPMPL. With effect from 25th March 2022, the name of the Company has been changed to "Mahan Energen Limited" ("MEL'), MEL has 1,200 MW (2 x 600 MW) coal based thermal power plant located in Village Bandhaura, Singrauli, Madhya Pradesh,

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 2022, your Company's Board had six members comprising of one Executive Director, two Non-Executive and Non-Independent Directors and three Independent Directors, including one woman Independent 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.

In accordance with the provisions of Section 152 of the Act, read with rules made thereunder and Articles of Association of the Company, Mr, Gautam S, Adani (DIN: 00006273) is liable to retire by rotation at the ensuing AGM and being eligible offers himself for reappointment.

Pursuant to the provisions of Section 149 of the Act, Mr, Mukesh Shah (DIN: 00084402) was appointed as Independent Director of the Company for a period of five years w.e.f 31st March 2018, The Board, on the recommendation of Nomination and Remuneration Committee and after considering the performance evaluation of his first term and considering the business acumen, knowledge, experience, skills and contribution, have re-appointed him as an Independent Director for a second term of one year w,e,f, 31st March 2023, subject to approval of shareholders at the ensuing AGM, In the opinion of the Board, he possesses requisite expertise, integrity and experience (including proficiency) for appointment as an Independent Director of the Company, The terms and conditions of appointment of Independent Directors are as per Schedule IV of the Companies Act, 2013 and SEBI Listing Regulations, and available on Company's website (www,adanipower,com),

The Board recommends the re-appointment of above Directors for your approval, Brief details of Directors proposed to be appointed/ re-appointed, as required under Regulation 36 of the SEBI Listing Regulations, are provided in the Notice of the AGM,

Your Company has received declarations from all the Independent Directors of the Company confirming that they meet with the criteria of independence as prescribed in Section 149(6) of the Companies Act, 2013 and Regulation 16(1)(b) & 25 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and there has been no change in the circumstances which may affect their status as an Independent Director,

During the year under review, Mr, Shersingh B, Khyalia was appointed as a Chief Executive Officer of the Company w,e,f, 11th January 2022.

Pursuant to provisions of Section 203 of the Act, Mr, Anil Sardana, Managing Director, Mr, Shersingh B, Khyalia, Chief Executive Officer, Mr. Shailesh Sawa, Chief Financial Officer and Mr. Deepak S Pandya, Company Secretary are the Key Managerial Personnel of the Company as on 31st March 2022,

COMMITTEES OF BOARD

During the year under review, with an objective of further strengthen the governance standards so as to match with internationally accepted better practices, the Board had reconstituted certain existing Committees to bring more independence; constituted certain new Committees & Sub-committees; and amended / adopted the terms of reference of the said Committees, Most of the Committees consist of majority of Independent Directors,

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 6 (Six) 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 Report.

INDEPENDENT DIRECTORS' MEETING

The Independent Directors met on 22nd March 2022, without the attendance of Non-Independent Directors and members of the Management. The Independent Directors reviewed the performance of Non-Independent Directors and the Board as a whole; the performance of the Chairman of the Company, considering the views of Executive Directors and Non-Executive Directors and assessed the quality, quantity and timeliness of flow of information between the Company Management and the Board that is necessary for the Board to effectively and reasonably perform their duties.

BOARD EVALUATION

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 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

The Company's Policy on Directors' appointment and remuneration and other matters (Remuneration Policy) provided in Section 178(3) of the Act is available on the website of the Company at https://www. adanipower.com/investors/corporate-governance.

We affirm that the remuneration paid to the Directors is as per the terms laid out in the said 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 the 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 a pplied them consistently and ju dg ements 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 and of the profit of the Company for that period;

c. they have taken proper and sufficient care 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

Company's Risk Management Framework is designed to help the organization to meet its objective through alignment of the operating controls to the mission and vision of the Group. The Board of the Company 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 Risk Management Framework institutionalized strives to ensure a holistic, mutually exclusive and collectively exhaustive, allocation of risks by identifying risks relating to key areas such as operational, regulatory, business and commercial, financial, people, etc. Using this framework we aim to achieve key business objectives, both in the long term and short term, while maintaining a competitive advantage.

A standard 3-step approach has been defined for risk management -

1) Risk Identification

2) Risk Assessment & Prioritization and

3) Risk Mitigation

Following review mechanism is in place for periodic review of the compliance to the risk policy and tracking of mitigation plans:

• Review compliance to Risk Policy, resolve bottlenecks to mitigate risk. Advise the board on risk tolerance and appetite.

• Prioritise risk from stations / departments, track mitigation plan and escalate to steering committee; prepare steering committee document and coordinate meeting.

• Review and update risk list; track mitigation plan and share status update with Chief Risk Officer (the CRO) every month. Share Risk Review document with the CRO.

Once risks have been prioritized, comprehensive mitigation strategies are defined for each of the prioritized risks. These strategies take into account potential causes of the risk and outline leading risk mitigation practices. In order to ensure the efficacy of this approach, a robust governance structure has also been set in place. Clear roles and responsibilities have been defined at each level right from the site champion to the APL management & leadership.

All associated frameworks (risk categorization & identification); guidelines & practices (risk assessment, prioritization and mitigation) and governance structure have been detailed out in the

"Risk Management Charter" and approved by the Board.

To further strengthen the risk management processes, the Board of the Company has, during the year, constituted sub-committees of Risk Management Committee comprising majority of Independent Directors, namely, (i) Mergers & Acquisitions Committee; (ii) Legal, Regulatory & Tax Committee; (iii) Reputation Risk Committee; and (iv) Commodity Price Risk Committee.

BOARD POLICIES

The details of the 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 Company has changed the nomenclature of "Sustainability and Corporate Social Responsibility Committee" to "Corporate Social Responsibility Committee" and has approved the revised terms of reference. The brief details of CSR are provided in the Corporate Governance Report, which forms part of this Annual Report. The CSR Policy is available on the website of the Company at https://www.adanipower. com/investors/corporate-governance. The Annual Report on CSR activities is annexed and forms part of this Annual Report.

Further, the Chairman of the CSR Committee has certified that CSR spends of the Company for the FY 2021-22 have been utilized for the purpose and in the manner approved by the Board.

CORPORATE GOVERNANCE

The Company is committed to good 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 the Company (Code of Conduct), who have affirmed the compliance thereto. The Code of Conduct is available on the website of the Company at https:// www.adanipower.com/investors/ corporate-governance.

BUSINESS RESPONSIBILITY & SUSTAINABILITY REPORT

In our constant endeavor to improve governance, your Company has, on a voluntary basis, transitioned from Business Responsibility Report to Business Responsibility & Sustainability Report for the year ended 31st March 2022, which forms part of this Annual Report.

ANNUAL RETURN

Pursuant to Section 134(3)(a) of the Act, the draft annual return as on 31st March 2022, prepared in accordance with Section 92(3) of the Act, is made available on the website of the Company and can be assessed using the link https://www.adanipower. com/-/media/Project/Power/Investors/Investors- Downloads/Annual-Return/FY22.pdf.

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 the Company's Policy on Related Party Transactions.

Your Company has not entered into any transactions with related parties which could be considered material in terms of Section 188 of the Act and SEBI Listing Regulations. Accordingly, the disclosure of related party transactions as required under Section 134(3)(h) of the Act, in Form AOC 2, is not applicable.

The Policy on Related Party Transactions is available on the Company's website and can be assessed using the link https://www.adanipower.com/investors/ corporate-governance.

GENERAL DISCLOSURE

Neither the Chairman nor the MD of the 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 the Company under any scheme.

3. Significant or material orders passed by the Regulators or Courts or Tribunals which impact the going concern status and the 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 the Company (as there is no scheme pursuant to which such persons can beneficially hold shares as envisaged under section 67(3)(c) of the Companies Act, 2013).

5. Change in the nature of business of your Company.

6. Application made or any proceeding is pending under the Insolvency and Bankruptcy Code, 2016.

7. One time settlement of loan obtained from the Banks or Financial Institutions.

INSURANCE

Your Company has taken appropriate insurance for all assets against foreseeable perils.

STATUTORY AUDITORS & AUDITORS' REPORT

As per Section 139 of the Act, read with rules made thereunder, as amended, the first term of M/s. S R B C & CO LLP, Chartered Accountants (ICAI Firm Registration Number: 324982E/E300003), as the Statutory Auditors of the Company, expires at the conclusion of the ensuing AGM and they are eligible for re-appointment for a second term of 5 (five) years. Your Company has received a letter from M/s. S R B C & CO LLP, Chartered Accountants, to the effect that their re-appointment, if made, would be within the prescribed limits under Section 141 of the Act read with rules made thereunder and that they are not disqualified for such re-appointment.

Your Directors recommend the re-appointment of M/s. S R B C & CO LLP, Chartered Accountants, as Statutory Auditors of the Company to hold office from the conclusion of this (26th) AGM till the conclusion of 31st AGM of the Company to be held in the calendar year 2027.

The Notes to the financial statements referred in the Auditors' Report are self-explanatory. The Auditors' Report is enclosed with the financial statements forming part of this Annual Report,

Explanation to Auditors' Comment:

The Auditors' Qualification has been appropriately dealt with in Note No, 38 of the Notes to the standalone audited financial statements.

SECRETARIAL AUDIT REPORT

Pursuant to the provisions of Section 204 of the Act, and the rules made thereunder, the Company has appointed M/s, Chirag Shah & Associates, Company Secretaries to undertake the Secretarial Audit of the Company, Secretarial Audit Reports for FY 2021-22 of the Company and its material subsidiaries are annexed, which forms part of this report as Annexure-B, There are no qualifications, reservation or adverse remarks given by Secretarial Auditors of the Company,

As per the requirements of the SEBI Listing Regulations, Practicing Company Secretaries of the respective material subsidiaries of the Company have undertaken secretarial audits of these subsidiaries for FY 2021-22. The Secretarial Audit Report confirms that the material subsidiaries have complied with the provisions of the Act, Rules, Regulations and Guidelines and that there were no deviations or non compliances and forms part of this Annual Report,

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 2023, The Cost Audit Report for the year 2020-21 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

During the year under review, the 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,

REPORTING OF FRAUDS BY AUDITORS

During the year under review, the Statutory Auditors, Cost Auditors and Secretarial Auditor have not reported any instances of fraud committed against the Company by its officers or employees to the Audit Committee or the Board under section 143(12) of the Act,

AWARDS, CERTIFICATIONS AND ACCREDITATIONS:

Your Directors are pleased to inform that during the FY 2021-22, your Company's wholly owned subsidiary companies have been accredited with various certifications. A summary of the said certifications is given in the table, as below:

Adani Power (Mundra) Limited, Mundra

Sr. No. Award Given as per/For Conferred by Month-Year
1 "Safety Excellence" Occupational Health & Safety Management System Greentech Safety India Award February 2022
2 "Five Star Safety Certificate" Occupational Health & Safety Management System British Safety Council March 2022

Adani Power Rajasthan Limited, Kawai

Sr. No. Award Given as per/For Conferred by Month-Year
1 "Safety Excellence" Occupational Health & Safety Management System Greentech Safety India Award February 2022
2 Shreshtha Suraksha Puraskar (Sliver Trophy) Occupational Health & Safety Management System National Safety Council India March 2022
3 Safest Plant Award - Rajasthan Occupational Health & Safety Management System Factories and Boilers Department, Jaipur March 2022

Raipur Energen Limited, Raikheda

Sr. No. Award Given as per/For Conferred by Month-Year
1 "Safety Excellence" Occupational Health & Safety Management System Greentech Safety India Award February 2022

Raigarh Energy Generation Limited, Raigarh

Sr. No. Award Given as per/For Conferred by Month-Year
1 Runner - up for outstanding achievements in "Safety Excellence" Occupational Health & Safety Management System Greentech Safety India Award February 2022

Adani Power Jharkhand Limited, Godda

Sr. No. Award Given as per/For Conferred by Month-Year
1 "Safety Excellence" Occupational Health & Safety Management System Greentech Safety India Award February 2022

PARTICULARS OF EMPLOYEES

The Company had 80 employees on standalone basis as of 31st March 2022.

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 provide 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 the Company during business hours on working days of the Company. If any shareholder is interested in obtaining a copy thereof, such Member 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 (ICs), at all relevant locations across India to consider and resolve the complaints related to sexual harassment. The ICs includes external members with relevant experience, The ICs, presided by senior women, conduct the investigations and make decisions at the respective locations. The ICs also work extensively on creating awareness on relevance of sexual harassment issues, including while working remotely.

During the year under review, the 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 the Company.

VIGIL MECHANISM

The 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 or retaliation practices.

The vigil mechanism of the 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 the Company at https://www. adanipowercom/investors/corporate-governance.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO

The information on conservation of energy, 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, Ministry of Power, concerned Government d epartments, Financial I nstitu tions and Banks. Your Directors thank all the esteemed shareholders, customers, suppliers and business associates for their faith, trust and confidence reposed in the 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 the Company continues to grow and excel.

For and on behalf of the Board of Directors
Gautam S. Adani
Chairman
Date: 5th May 2022 (DIN: 00006273)

   

Adani Power Ltd Company Background

Gautam S AdaniAnil Sardana
Incorporation Year1996
Registered OfficeAdani Corporate House,Shantigram SG Highway Khodiyar
Ahmedabad,Gujarat-382421
Telephone91-79-25555696,Managing Director
Fax91-79-25557177
Company SecretaryDeepak Pandya
AuditorSRBC & Co LLP
Face Value10
Market Lot1
ListingBSE,MSEI ,NSE,
RegistrarKFin Techologies Ltd
Karvy Selenium Tow-B,31&32 Financial Dist,Nanakramguda ,Hyderabad-500032

Adani Power Ltd Company Management

Director NameDirector DesignationYear
Rajesh S AdaniNon Executive Director2022
Gautam S AdaniChairman2022
Deepak PandyaCompany Secretary2022
Mukesh ShahIndependent Director2022
Anil SardanaManaging Director2022

Adani Power Ltd Listing Information

Listing Information
BSE_500
BSE_100
BSE_200
BSEDOLLEX
BSEMID
BSEPOWER
BSECARBONE
BSEINFRA
BSEALLCAP
BSEUTILITI
BSEMIDSELE
SENSNEXT50
LMI250
BSEMOI
BSE100LTMC

Adani Power Ltd Finished Product

Product NameUnit Installed
Capacity
Production
Quantity
Sales
Quantity
Sales
Value
Traded GoodsNA000487.9
Power GenerationMU00091.92
Sale of ServicesNA0001.5
Other Operating IncomeNA0000
Revenue from Coal SalesNA0000
Power GenerationMW0000

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