Adani Green Energy Ltd
Chairman Speech
Optimism comes from Resilience. Resilience comes from Belief. Belief is
Optimism
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 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 2021-22. This was a year when we announced ourselves
to the world. In 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.
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 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 H42,623 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 H60,000 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.
Adani Green Energy Ltd
Directors Reports
Dear Shareholders,
Your Directors are pleased to present the 7th Annual Report
along with the audited financial statements of your Company for the financial year ended
March 31, 2022.
Financial Performance
The audited financial statements of the Company as on March 31, 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 summarized financial highlight is depicted below:
(Rs. in crore)
| Particulars |
Consolidated |
Standalone |
|
2021-22 |
2020-21 |
2021-22 |
2020-21 |
| Revenue from operations |
5,133 |
3,124 |
10,675 |
2,473 |
| Other Income |
443 |
475 |
489 |
533 |
| Total Income |
5,576 |
3,599 |
11,161 |
3,006 |
| Cost of Material Sold |
1,286 |
528 |
12,559 |
4,409 |
| Changes in inventories |
- |
96 |
(2,071) |
(2,014) |
| Employee Benefit Expenses |
34 |
38 |
26 |
16 |
| Depreciation and Amortisation Expenses |
849 |
486 |
7 |
4 |
| Finance Cost |
2,617 |
1,953 |
775 |
257 |
| Other Expenses |
303 |
227 |
35 |
33 |
| Total Expenditure |
5,089 |
3,328 |
11,331 |
2,705 |
| Profit / (Loss) before exceptional items and tax |
487 |
271 |
(170) |
301 |
| Exceptional items |
64 |
84 |
41 |
122 |
| Profit / (Loss) before tax |
551 |
187 |
(130) |
423 |
| Tax Expense |
64 |
11 |
(72) |
59 |
| Profit / (Loss) before share in Joint Venture and tax |
487 |
176 |
(58) |
364 |
| Share of Profit / (Loss) from Joint Venture (net of tax) |
1 |
6 |
- |
- |
| Net Profit / (Loss) for the year |
488 |
182 |
(58) |
364 |
| Other Comprehensive income / (loss) (net of tax) |
(84) |
(18) |
(61) |
1 |
| Total Comprehensive Income / (loss) for the year |
404 |
164 |
(119) |
365 |
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.
Previous year figures have been regrouped / re-arranged wherever
necessary.
Performance Highlights
Consolidated Financial Performance of the Company:
Your Company has recorded revenue from operations to the tune of H5,133
crore during the financial year 2021-22 compared to H3,124 crore in the corresponding
previous financial year.
During the year, your Company generated earnings before interest,
depreciation and tax (EBIDTA) of H3,953 crore compared to H2,710 crore in the previous
year.
Net profit for the financial year 2021-22 is H488 crore as compared to
H182 crore in the previous financial year.
Earnings per share stood at H2.41 on face value of H10/- each.
Operational Highlights:
Adani Green Energy Limited (AGEL / Company), is the renewable energy
platform of Adani Portfolio. The Company has one of the world's largest renewable
portfolios, with locked-in growth of 20.4 GW across operational, under-construction,
awarded and acquired assets, catering to investment-grade counterparties. The Company
develops, builds, owns, operates, and maintains utility-scale grid-connected solar and
wind farm projects. AGEL is focused on decarbonization of power generation and is helping
India meet its sustainability goals. Mercom Capital, the US-based think tank has ranked
Adani Group as the #1 global solar power generation asset owner. AGEL has also been
awarded as Global Sponsor of the Year by Project Finance International (PFI) recognizing
AGEL as a key driver of energy transition.
• Operational capacity increases by 56% YoY to 5,410 MW
• Increase in sale of energy is backed by capacity addition of
1,940 MW and improved solar and wind CUF.
• Solar CUF improves by 130 bps YoY to 23.8% and wind CUF improves
by 400 bps YoY to 30.8% in FY22. Improvement in Solar CUF is backed by ~ 100% plant
availability and value accretive acquisition of SB Energy portfolio.
• Improvement in Wind CUF is backed by technologically advanced
WTGs and improved plant availability now at ~ 97%.
Standalone Financial Performance:
Your Company has recorded revenue from operations to the tune of
H10,672 crore during the financial year 2021-22 compared to H2,473 crore in the
corresponding previous financial year.
During the year, your Company generated earnings before interest,
depreciation and tax (EBIDTA) of H612 crore as compared to H562 crore in the previous
year.
Net profit/(loss) for the financial year 2021-22 is H(58) crore as
compared to profit of H364 crore in the previous financial year.
Earnings per share stood at H(0.76) on face value of H10/- each.
Dividend
The Board of Directors of your Company, after considering holistically
the relevant circumstances and keeping in view the tremendous growth opportunities that
your company is currently engaged with, has decided that it would be prudent not to
recommend any dividend for the year under review.
Senior Unsecured Notes ('Notes') Issuance - Rule 144A/Regulation S
Offerings
During the year under review, your Company has raised USD 750 million
of 5 year Senior Unsecured Notes in global capital markets pursuant to Regulation S and
Rule 144A of the U.S. Securities Act.
These Notes are rated Ba3 by Moody's.
Changes in Share Capital
During the year under review, there was no change in Authorised,
Issued, Subscribed and Paid-up Share Capital of the Company. The Company has not issued
any equity shares with differential rights during the year.
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 financial year 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 a loan,
guarantee, investment or security is not applicable to the Company, as the 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.
Strategic Acquisitions / Divestment
During the year under review, your Company has successfully completed
the acquisition of ~5 GW of renewable energy portfolio of SB Energy spread across four
states in India through its SPVs. Split across 15 projects with an average project size of
330 MW, this was one of India's highest quality renewable portfolios, with many of the
assets being solar park- based projects and constructed using best-in-class governance,
project development, construction and operations and maintenance standards. The
transaction was for a fully completed enterprise value of USD 3.5 Billion (~H26,000
crores). The Company had obtained the independent valuation report for the acquisition.
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 changes have taken place in
subsidiaries and joint ventures:
Formation / Acquisition of Subsidiary / Associate / Joint Venture
Companies:
1 Vento Energy Infra Private Limited
2 Adani Renewable Energy Devco Private Limited (Formerly known as SB
Energy Private Limited)
3 Adani Solar Energy Jodhpur Three Private Limited (Formerly known as
SB Energy One Private Limited)
4 Adani Solar Energy AP Six Private Limited (Formerly known as SBG
Cleantech ProjectCo Private Limited)
5 Adani Solar Energy Jodhpur Four Private Limited (Formerly known as SB
Energy Three Private Limited)
6 Adani Solar Energy Jodhpur Five Private Limited (Formerly known as SB
Energy Four Private Limited)
7 Adani Solar Energy KA Nine Private Limited (Formerly known as SBG
Cleantech ProjectCo Five Private Limited)
8 Adani Solar Energy RJ One Private Limited (Formerly known as SB
Energy Six Private Limited)
9 Adani Solar Energy AP Eight Private Limited (Formerly known as SB
Energy Seven Private Limited)
10 Adani Renewable Energy Fifteen Private Limited (Formerly known as
SBG Cleantech Energy Eight Private Limited)
11 Adani Solar Energy AP Seven Private Limited (Formerly known as SB
Energy Solar Private Limited)
12 Adani Renewable Energy Holding Nineteen Private Limited (Formerly
known as SBE Renewables Ten Private Limited)
13 Adani Solar Energy Jaisalmer One Private Limited (Formerly known as
SBE Renewables Ten Projects Private Limited)
14 Adani Renewable Energy Sixteen Private Limited (Formerly known as
SBE Renewables Eleven Private limited)
15 Adani Renewable Energy Twelve Private Limited (Formerly known as
SBSS Cleanproject Twelve Private Limited)
16 SBSR Power Cleantech Eleven Private Limited
17 Adani Renewable Energy Fourteen Private Limited (Formerly known as
SBE Renewables Fourteen Private Limited)
18 Adani Renewable Energy Holding Eighteen Private Limited (Formerly
known as SBE Renewables Fifteen Private Limited)
19 Adani Solar Energy Jodhpur Six Private Limited (Formerly known as
SBE Renewables Twenty Four Projects Private Limited)
20 Adani Renewable Energy Holding Sixteen Private Limited (Formerly
known as SBE Renewables Sixteen Private Limited)
21 Adani Solar Energy RJ Two Private Limited (Formerly known as SBE
Renewables Sixteen Projects Private Limited)
22 Adani Renewable Energy Holding Seventeen Private Limited (Formerly
known as SBE Renewables Seventeen Private Limited)
23 Adani Solar Energy Barmer One Private Limited (Formerly known as SBE
Renewables Twenty Three Projects Private Limited)
24 Adani Renewable Energy Eighteen Private Limited (Formerly known as
SBE Renewables Eighteen Private Limited)
25 Adani Renewable Energy Nineteen Private Limited (Formerly known as
SBE Renewables Nineteen Private Limited)
26 Adani Renewable Energy Twenty Private Limited (Formerly known as SBE
Renewables Twenty Private Limited)
27 Adani Renewable Energy Twenty One Private Limited (Formerly known as
SBE Renewables Twenty One Private Limited)
28 Adani Solar Energy Jodhpur Seven Private Limited (Formerly known as
SBE Renewables Twenty Two C1 Private Limited)
29 Adani Solar Energy Jodhpur Eight Private Limited (Formerly known as
SBE Renewables Twenty Two C2 Private Limited)
30 Adani Solar Energy Jodhpur Nine Private Limited (Formerly known as
SBE Renewables Twenty Two C3 Private Limited)
31 Adani Solar Energy Jodhpur Ten Private Limited (Formerly known as
SBE Renewables Twenty Two C4 Private Limited)
32 Adani Renewable Energy Twenty Two Private Limited (Formerly known as
SBE Renewables Twelve Projects Private Limited)
33 Adani Renewable Energy Twenty Three Private Limited (Formerly known
as SBE Renewables Fourteen Projects Private Limited)
34 Adani Renewable Energy Twenty Five Private Limited (Formerly known
as SBE Renewables Twenty Five Projects Private Limited)
35 Adani Renewable Energy Twenty Four Private Limited (Formerly known
as SBE Renewables Twenty One Projects Private Limited)
36 Adani Renewable Energy Twenty Six Private Limited (Formerly known as
SBE Renewables Seventeen Projects Private Limited)
37 Adani Renewable Energy Twenty Eight Private Limited (Formerly known
as SBE Renewables Nineteen Projects Private Limited)
38 Adani Renewable Energy Thirty Private Limited (Formerly known as SBE
Renewables Eleven Projects Private Limited)
39 Adani Renewable Energy Thirty One Private Limited (Formerly known as
SBE Renewables Eighteen Projects Private Limited)
40 Adani Renewable Energy Thirty Two Private Limited (Formerly known as
SBE Renewables Fifteen Projects Private Limited)
41 Adani Renewable Energy Thirty Three Private Limited (Formerly known
as SBESS Wind Projectco Two Private Limited)
42 Adani Renewable Energy Thirty Four Private Limited (Formerly known
as SBE Renewables Twenty Projects Private Limited)
43 Adani Renewable Energy Twenty Seven Private Limited (Formerly known
as SBE Renewables Twenty Seven Projects Private Limited)
44 SBE Renewables Twenty Nine Projects Private Limited
45 SBESS Services Projectco Two Private Limited
46 Adani Cleantech One Limited (formerly known as SBG Cleantech One
Limited)
47 Adani Cleantech One Holdings Limited (formerly known as SBG
Cleantech One Holdings Limited)
48 Adani Cleantech Two Limited (formerly known as SBG Cleantech Two
Limited)
49 Adani Cleantech Two Holdings Limited (formerly known as SBG
Cleantech Two Holdings Limited)
50 Adani Cleantech Three Limited (formerly known as SBG Cleantech Three
Limited)
51 Adani Cleantech Three Holdings Limited (formerly known as SBG
Cleantech Three Holdings Limited)
52 Adani Four Limited (formerly known as SBE Four Limited)
53 Adani Four A Limited (formerly known as SBE Four A Limited)
54 Adani Five Limited (formerly known as SBE Five Limited)
55 Adani Five A Limited (formerly known as SBE Five A Limited)
56 Adani Six Limited (formerly known as SBE Six Limited)
57 Adani Six A Limited (formerly known as SBE Six A Limited)
58 Adani Seven Limited (formerly known as SBE Seven Limited)
59 Adani Seven A Limited (formerly known as SBE Seven A Limited)
60 Adani Eight Limited (formerly known as SBE Eight Limited)
61 Adani Eight A Limited (formerly known as SBE Eight A Limited)
62 Adani Nine Limited (formerly known as SBE Nine Limited)
63 Adani Nine A Limited (formerly known as SBE Nine A Limited)
64 Adani Ten Limited (formerly known as SBE Ten Limited)
65 Adani Ten A Limited(formerly known as SBE Ten A Limited)
66 Adani Eleven Limited (formerly known as SBE Eleven Limited)
67 Adani Eleven A Limited (formerly known as SBE Eleven A Limited)
68 Adani Twelve Limited(formerly known as SBE Twelve Limited)
69 Adani Twelve A Limited (formerly known as SBE Twelve A Limited)
70 Adani Thirteen Limited (formerly known as SBE Thirteen Limited)
71 Adani Thirteen A Limited (formerly known as SBE Thirteen A Limited)
72 Adani Fourteen Limited (formerly known as SBE Fourteen Limited)
73 Adani Fourteen A Limited (formerly known as SBE Fourteen A Limited)
74 Adani Fifteen Limited (formerly known as SBE Fifteen Limited)
75 Adani Fifteen A Limited (formerly known as SBE Fifteen A Limited)
76 Adani Sixteen Limited (formerly known as SBE Sixteen Limited)
77 Adani Sixteen A Limited (formerly known as SBE Sixteen A Limited)
78 Adani Seventeen Limited (formerly known as SBE Seventeen Limited)
79 Adani Seventeen A Limited (formerly known as SBE Seventeen A
Limited)
80 Adani Eighteen Limited (formerly known as SBE Eighteen Limited)
81 Adani Eighteen A Limited (formerly known as SBE Eighteen A Limited)
82 Adani Nineteen Limited (formerly known as SBE Nineteen Limited)
83 Adani Nineteen A Limited (formerly known as SBE Nineteen A Limited)
84 Adani Twenty Limited (formerly known as SBE Twenty Limited)
85 Adani Twenty A Limited (formerly known as SBE Twenty A Limited)
86 Adani Twenty One Limited (formerly known as SBE Twenty One Limited)
87 Adani Twenty One A Limited (formerly known as SBE Twenty One A
Limited)
88 Adani Wind India Limited (formerly known as SBE Wind India Limited)
89 Adani Wind One Limited (formerly known as SBE Wind One Limited)
90 Adani Energy Cleantech One Holdings Limited (formerly known as SB
Energy Cleantech One
Holdings Limited)
91 Adani Energy Cleantech Two Holdings Limited (formerly known as SB
Energy Cleantech Two Holdings Limited)
92 Adani Energy Cleantech Three Holdings Limited (formerly known as SB
Energy Cleantech Three Holdings Limited)
93 Adani Four A Holdings Limited (formerly known as SBE Four A Holdings
Limited)
94 Adani Five A Holdings Limited (formerly known as SBE Five A Holdings
Limited)
95 Adani Six A Holdings Limited (formerly known as SBE Six A Holdings
Limited)
96 Adani Seven A Holdings Limited (formerly known as SBE Seven A
Holdings Limited)
97 Adani Eight A Holdings Limited (formerly known as SBE Eight A
Holdings Limited)
98 Adani Nine A Holdings Limited (formerly known as SBE Nine A Holdings
Limited)
99 Adani Ten A Holdings Limited (formerly known as SBE Ten A Holdings
Limited)
100 Adani Eleven A Holdings Limited (formerly known as SBE Eleven A
Holdings Limited)
101 Adani Twelve A Holdings Limited (formerly known as SBE Twelve A
Holdings Limited)
102 Adani Thirteen A Holdings Limited (formerly known as SBE Thirteen A
Holdings Limited)
103 Adani Fourteen A Holdings Limited (formerly known as SBE Fourteen A
Holdings Limited)
104 Adani Fifteen A Holdings Limited (formerly known as SBE Fifteen A
Holdings Limited)
105 Adani Sixteen A Holdings Limited (formerly known as SBE Sixteen A
Holdings Limited)
106 Adani Seventeen A Holdings Limited (formerly known as SBE Seventeen
A Holdings Limited)
107 Adani Eighteen A Holdings Limited (formerly known as SBE Eighteen A
Holdings Limited)
108 Adani Nineteen A Holdings Limited (formerly known as SBE Nineteen A
Holdings Limited)
109 Adani Twenty A Holdings Limited (formerly known as SBE Twenty A
Holdings Limited)
110 Adani Twenty One A Holdings Limited (formerly known as SBE Twenty
One A Holdings Limited)
111 Adani Twenty Two Limited (formerly known as SBE Twenty Two Limited)
112 Adani Twenty Three Limited (formerly known as SBE Twenty Three
Limited)
113 Adani Twenty Four Limited (formerly known as SBE Twenty Four
Limited)
114 Adani Twenty Four Limited (formerly known as SBE Twenty Four
Limited)
115 Adani Twenty Six Limited (formerly known as SBE Twenty Six Limited)
116 Adani Twenty Seven Limited (formerly known as SBE Twenty Seven
Limited)
117 Adani Twenty Eight Limited (formerly known as SBE Twenty Eight
Limited)
118 Adani Twenty Nine Limited (formerly known as SBE Twenty Nine
Limited)
119 Adani Thirty Limited (formerly known as SBE Thirty Limited)
120 Adani Thirty One Limited (formerly known as SBE Thirty One Limited)
121 Adani Thirty two Limited (formerly known as SBE Thirty two Limited)
122 Adani Thirty Three Limited (formerly known as SBE Thirty Three
Limited)
123 Adani Thirty Four Limited (formerly known as SBE Thirty Four
Limited)
124 Adani Thirty Five Limited (formerly known as SBE Thirty Five
Limited)
125 Adani Thirty Six Limited (formerly known as SBE Thirty Six Limited)
126 Adani Wind India Holdings Limited (formerly known as SBE Wind India
Holdings Limited)
127 Adani Cleantech Limited (formerly known as SBG Cleantech Limited)
128 Adani Energy One Holdings Limited (formerly known as SB Energy One
Holdings Limited)
129 Adani Energy Two Holdings Limited (formerly known as SB Energy Two
Holdings Limited)
130 Adani Energy Three Holdings Limited (formerly known as SB Energy
Three Holdings Limited)
131 Adani Four Holdings Limited (formerly known as SBE Four Holdings
Limited)
132 Adani Five Holdings Limited (formerly known as SBE Five Holdings
Limited)
133 Adani Six Holdings Limited (formerly known as SBE Six Holdings
Limited)
134 Adani Seven Holdings Limited (formerly known as SBE Seven Holdings
Limited)
135 Adani Energy Eight Limited (formerly known as SB Energy Eight
Limited)
136 Adani Nine Holdings Limited (formerly known as SBE Nine Holdings
Limited)
137 Adani Ten Holdings Limited (formerly known as SBE Ten Holdings
Limited)
138 Adani Eleven Holdings Limited (formerly known as SBE Eleven
Holdings Limited)
139 Adani Twelve Holdings Limited (formerly known as SBE Twelve
Holdings Limited)
140 Adani Thirteen Holdings Limited (formerly known as SBE Thirteen
Holdings Limited)
141 Adani Fourteen Holdings Limited (formerly known as SBE Fourteen
Holdings Limited)
142 Adani Fifteen Holdings Limited (formerly known as SBE Fifteen
Holdings Limited)
143 Adani Sixteen Holdings Limited (formerly known as SBE Sixteen
Holdings Limited)
144 Adani Seventeen Holdings Limited (formerly known as SBE Seventeen
Holdings Limited)
145 Adani Eighteen Holdings Limited (formerly known as SBE Eighteen
Holdings Limited)
146 Adani Nineteen Holdings Limited (formerly known as SBE Nineteen
Holdings Limited)
147 Adani Twenty Holdings Limited (formerly known as SBE Twenty
Holdings Limited)
148 Adani Twenty One Holdings Limited (formerly known as SBE Twenty One
Holdings Limited)
149 Adani Twenty Two Holdings Limited (formerly known as SBE Twenty Two
Holdings Limited)
150 Adani Twenty Three Holdings Limited (formerly known as SBE Twenty
Three Holdings Limited)
151 Adani Twenty Four Holdings Limited (formerly known as SBE Twenty
Four Holdings Limited)
152 Adani Twenty Five Holdings Limited (formerly known as SBE Twenty
Five Holdings Limited)
153 Adani Twenty Six Holdings Limited (formerly known as SBE Twenty Six
Holdings Limited)
154 Adani Twenty Seven Holdings Limited (formerly known as SBE Twenty
Seven Holdings Limited)
155 Adani Twenty Eight Holdings Limited (formerly known as SBE Twenty
Eight Holdings Limited)
156 Adani Twenty Nine Holdings Limited (formerly known as SBE Twenty
Nine Holdings Limited)
157 Adani Thirty Holdings Limited (formerly known as SBE Thirty
Holdings Limited)
158 Adani Thirty One Holdings Limited (formerly known as SBE Thirty One
Holdings Limited)
159 Adani Thirty two Holdings Limited (formerly known as SBE Thirty two
Holdings Limited)
160 Adani Thirty Three Holdings Limited (formerly known as SBE Thirty
Three Holdings Limited)
161 Adani Thirty Four Holdings Limited (formerly known as SBE Thirty
Four Holdings Limited)
162 Adani Thirty Five Holdings Limited (formerly known as SBE Thirty
Five Holdings Limited)
163 Adani Thirty Six Holdings Limited (formerly known as SBE Thirty Six
Holdings Limited)
164 Adani Energy Global Wind Holdings Limited (formerly known as SB
Energy Global Wind Holdings Limited)
165 Adani Energy Investments P.L.C. (formerly known as SB Energy
Investments P.L.C.)
166 Adani Wind Two Limited (formerly known as SBE Wind Two Limited)
167 Adani Wind Three Limited (formerly known as SBE Wind Three Limited)
168 Adani Energy Investments II Ltd (formerly known as SB Energy
Investments II Ltd)
169 Adani Energy Holdings Limited (formerly known as SB Energy Holdings
Limited)
Further, the Company has also agreed to acquire 3 SPVs housing 150 MW
power projects from INOX (namely, Wind One Renergy Limited, Wind Three Renergy Limited and
Wind Five Renergy Limited), which are subject to compliance of several conditions as per
respective PPAs and share purchase agreements.
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, joint ventures and
associates 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. adanigreenenergy.com).
Pursuant to Section 134 of the Act read with rules made thereunder, the
details of developments of subsidiaries and joint ventures of the Company are covered in
the Management Discussion and Analysis Report, which forms part of this Integrated Annual
Report.
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 Personnels
As of March 31, 2022, your Company's Board had ten members comprising
of two Executive Directors, two Non-Executive and Non-Independent Director, one
Non-Executive and Nominee Director and five Independent Directors. The Board has 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 Annual General Meeting
(AGM) and being eligible offers himself for re-appointment.
Mr. Romesh Sobti (DIN: 00031034) was appointed as Additional Director
(Non-Executive & Independent Director) of the Company, with effect from September 20,
2021. As an Additional Director, he will hold office upto ensuing AGM. The Company has
received notice from a Member under Section 160 of the Companies Act, 2013 proposing his
appointment as Director of the Company.
In accordance with the provisions of Section 149 of the Act, Mr. Romesh
Sobti is being appointed as an Independent Director to hold office as per their tenure of
appointment as mentioned in the Notice of 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 Act and SEBI
Listing Regulations, and available on Company's website
(www.adanigreenenergy.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.
The Company has received declarations from all the Independent
Directors of the Company confirming that they meet with the criteria of independence as
prescribed both under sub-section (6) of Section 149 of the Act and the SEBI Listing
Regulations and there has been no change in the circumstances which may affect their
status as an Independent Director.
Pursuant to provision of Section 203 of the Act, Mr. Vneet S. Jaain,
Managing Director and Chief Executive Officer, Mr. Sagar R. Adani, Executive Director, Mr.
Kaushal Shah, Chief Financial Officer and Mr. Pragnesh Darji, Company Secretary are Key
Managerial Personnels of the Company as on March 31, 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
Integrated Annual Report.
Number of meetings of the Board
The Board met 7 (seven) 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 Integrated Annual Report.
Independent Directors' Meeting
The Independent Directors met on March 29, 2022, 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 the 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 Nomination and Remuneration Committee engaged M/s Grant Thornton
Bharat LLP, external advisory firm, to facilitate the evaluation and effectiveness process
of the Board, its Committees and Individual Directors for the FY 2021-22.
A detailed Board effectiveness assessment questionnaire was developed
by advisory firm based on the criteria and framework adopted by the Board.
Virtual meetings were organized with the Directors and discussions were
held on three key themes i.e. strategic priorities, fit-for-purpose/ capability and focus
on Environment, Social and Governance.
The results of evaluation showed high level of commitment and
engagement of Board, its various Committees and senior leadership. The recommendations
arising from the evaluation process were discussed at the Independent Directors' meeting
held on March 29, 2022. The same were considered by the Board to optimize the
effectiveness and functioning of Board and its Committees.
During the year under review, the Company also conducted two separate
meetings for familiarization of the Directors on different aspects.
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.adanigreenenergy.com/Investors/
Corporate-Governance
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 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 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
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
Integrated Annual Report.
Risk Management
The Board has formed a Risk Management Committee to frame, implement
and monitor the risk management plan for the Company. The Committee 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 are included in the separate section forming part of
this Integrated Annual Report.
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 Committee are
provided in the Corporate Governance Report, which forms part of this Annual Report. The
CSR Policy and CSR Plan is available on the website of the Company at
https://www.adanigreenenergy.com/Investors/ Corporate-Governance. The Annual Report on CSR
activities is annexed and forms part of this report.
Further, the Chief Financial Officer of the Company 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 Report
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.adanigreenenergy.com/-/
media/Project/GreenEnergy/Corporate-Governance/
Policy/AGEL---Code-of-Conduct-for-Board-and- Senior-Management-01042019.pdf
Business Responsibility & Sustainability Report
The Company has voluntarily provided the Integrated
Report, which encompasses both financial and nonfinancial information
to enable the stakeholders to take well informed decisions and have a better understanding
of the Company's long-term perspective.
In our constant endeavor to improve governance, your Company has, on a
voluntary basis, transitioned to Business Responsibility & Sustainability Report for
the year ended March 31, 2022, which forms part of this Integrated Annual Report.
Annual Return
Pursuant to Section 134(3) (a) of the Act, the draft annual return as
on March 31, 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.adanigreenenergy.com/-/media/ Project/GreenEnergy/Investor-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. 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 Directors / members of the audit committee abstained from
discussing and voting in the transaction(s) in which they were interested.
The Company did not enter into any related party transactions during
the year which could be prejudicial to the interests of minority shareholders.
No loans / investments to / in the related party have been written off
or classified as doubtful during the year.
The Policy on Related Party Transactions is available on the Company's
website and can be assessed using the link https://www.adanigreenenergy.com/-/media/
Project/GreenEnergy/Corporate-Governance/Policy/ RPT-Policy-02022022.pdf.
General Disclosure
Neither the Chairman nor the MD & CEO 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
Pursuant to the provisions of Section 139 of the Act read with rules
made thereunder, as amended from time to time, M/s. Dharmesh Parikh & Co. LLP,
Chartered Accountants (Firm Registration No 112054W/W100725), were re-appointed as
Statutory Auditors of the Company for the second term to hold office till the conclusion
of the Annual General Meeting of the Company to be held in the calendar year 2026 and M/s.
S R B C LLP, Chartered Accountants (Firm Registration No.: 324982E/E300003) were appointed
as Joint Statutory Auditors of the Company to hold office till the conclusion of the
Annual General Meeting of the Company to be held in the calendar year 2026.
Representatives of both the Statutory Auditors of the Company had
attended the last AGM of the Company held on July 13, 2021.
The Notes to the financial statements referred in the Auditors' Report
are self-explanatory. There are no qualifications or reservations, or adverse remarks or
disclaimers given by Statutory Auditors of the Company and therefore do not call for any
comments under Section 134 of the Act. The Auditors' Report is enclosed with the financial
statements in this Annual Report.
Secretarial Audit Report
Pursuant to the provisions of Section 204 of the Act, read with the
rules made thereunder, the Board has reappointed M/s. Chirag Shah & Associates,
Practicing Company Secretaries, to undertake the Secretarial Audit of the Company. The
Secretarial Audit Report for the FY 2021-22 is provided as Annexure-B of this report.
There are no qualifications, reservations or adverse remarks or disclaimers in the said
Secretarial Audit Report.
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, 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.
Particulars of Employees
The Company had 2,355 employees (on consolidated basis) as of March 31,
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 of retaliation.
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.
adanigreenenergy.com/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,
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 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.