Tata Power Annual Report

Dear Shareholders,
It gives me immense pleasure to share with you our performance for the year and perspectives
on the way forward.
FY 2018-19 was marked by steady growth in power demand, led by an improvement in the
overall economic environment in India. Over the next decade, the Indian economy is set
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electricity needs. We expect the growth momentum in the Indian power sector to continue,
led by government’s infrastructure push and various structural policy reforms, which should
augur well for the country’s power demand growth.
Your Company’s consolidated PAT for FY 2019 was at ` 2,441 crore compared to
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market pricing obligation in Indonesia and increased fuel prices. All our subsidiaries and
operating divisions have reported robust performance despite sectoral challenges. Our
renewable power business added 200 MW in the current year and with another 400 MW
in the pipeline. The solar EPC business possesses a healthy order book of ` 1,360 crore.
We also launched residential solar rooftop solutions in several cities and installed 65 EV charging points across
the country. The Trombay PPA with BEST and Tata Power’s Mumbai discom received an extension for 5 years.
Through the Resurgent platform, the Company is in the process of acquiring the 1,980 MW Prayagraj power plant
in Uttar Pradesh. Regarding Coastal Gujarat Power Limited, further to the recommendations by a High Powered
Committee set up by the Government of Gujarat, we are in discussion with various state governments and state
discoms and expect a compensatory tariff for it soon.
The Company continued its exit from non-core investments and raised about ` 1,897 crore through disinvestment
of Tata Communications Limited and Panatone Finvest Limited. The management is committed to deleveraging the
Balance Sheet by divesting the non-core assets. The proceeds from such sale would be re-invested in core areas
as well as emerging areas where there is a huge growth opportunity. Our future growth would be in conventional
power generation with emphasis on renewable power, power distribution and service-led businesses and this will
bring in greater value and help us align with the emerging consumer needs.
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Thermal & Hydro Generation, Renewable Generation, Transmission, Distribution and New & Value-Added
Businesses including Rooftop Solar, Smart Metering, Micro Grids in rural areas and setting up of Electric Vehicle
charging units.
The Company, during its century old existence, has constantly evolved to stay relevant to meet the needs of
customers and contribute to nation building. It remains focused on building sustainable value to all our stakeholders
while upholding the Tata values.
I would like to take this opportunity to thank our customers, suppliers, shareholders, unions, employees and the
Board for their constant support, faith and trust in us, with the belief that it will continue for the times to come.
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Yours sincerely,
Praveer Sinha
CEO & MD, Tata Power
100th Annual Report 2018-19
CHIEF FINANCIAL OFFICER

CONTENTS
Mr. Ramesh N. Subramanyam
COMPANY SECRETARY
Mr. Hanoz M. Mistry Notice and Explanatory Statement .................................... 02
STATUTORY AUDITORS Shareholder Information ........................................................ 11
S R B C & CO. LLP
Board’s Report ............................................................................ 13
SOLICITORS
Mulla & Mulla & Craigie Blunt & Caroe Annexures to the Board’s Report ......................................... 26
BANKERS Management Discussion & Analysis ................................... 62

Axis Bank Limited 83
Report on Corporate Governance .......................................
Bank of America
Citibank N. A. Business Responsibility Report ........................................... 113
Credit Agricole S. A.
DBS Bank Limited Consolidated Financial Statements
HDFC Bank Limited Independent Auditor’s Report.............................................. 124
ICICI Bank Limited
IDBI Bank Limited Annexure to the Independent Auditor’s Report ............ 130
IDFC Bank Limited Consolidated Balance Sheet.................................................. 132
Induslnd Bank Limited
Kotak Mahindra Bank Limited Consolidated Statement of Profit and Loss ..................... 133
Standard Chartered Bank Limited 134
Consolidated Statement of Cash Flows.............................
State Bank of India
Consolidated Statement of Changes in Equity............... 136
REGISTERED OFFICE
Bombay House, Notes to the Consolidated Financial Statements .......... 137
24, Homi Mody Street,
Form AOC - 1 ............................................................................... 239
Mumbai 400 001.
Tel. 022 6665 8282; Fax. 022 6665 8801 Standalone Financial Statements
Email: [email protected]
Website: www.tatapower.com Independent Auditor’s Report.............................................. 242
CIN: L28920MH1919PLC000567 Annexures to the Independent Auditor’s Report .......... 247
CORPORATE OFFICE 250
Balance Sheet .............................................................................
Corporate Centre, 34, Sant Tukaram Road,
Carnac Bunder, Mumbai 400 009. Statement of Profit and Loss ................................................. 251
Tel. 022 6717 1000
Statement of Cash Flows ........................................................ 252
SHARE REGISTRARS
TSR Darashaw Limited Statement of Changes in Equity .......................................... 254
6-10, Haji Moosa Patrawala Industrial Estate, Notes to the Financial Statements ...................................... 255
(Near Famous Studio), 20, Dr. E. Moses Road,
Mahalaxmi, Mumbai 400 011. Performance Perspective........................................................ 324
Tel. 022 6656 8484; Fax. 022 6656 8494 Glossary......................................................................................... 325
Email: [email protected]
Website: www.tsrdarashaw.com Proxy Form
100TH ANNUAL GENERAL MEETING

Day & Date : Tuesday, 18th June 2019
Time : 3:00 p.m.
Venue : Birla Matushri Sabhagar,
Sir Vithaldas Thackersey Marg,
19, New Marine Lines, Mumbai 400 020
Contents I 1
The Tata Power Company Limited
NOTICE
NOTICE IS HEREBY GIVEN THAT THE HUNDREDTH ANNUAL the Company, not liable to retire by rotation, for a term of
GENERAL MEETING OF THE TATA POWER COMPANY LIMITED five years commencing from 2nd May 2019 upto 1st May
will be held on Tuesday, the 18th day of June 2019 at 3 p.m. 2024, be and is hereby approved.”
at Birla Matushri Sabhagar, Sir Vithaldas Thackersey Marg, 19, 6. Appointment of Branch Auditors
New Marine Lines, Mumbai 400 020, to transact the following
To consider and, if thought fit, to pass the following
business:-
resolution as an Ordinary Resolution:-
Ordinary Business:
“RESOLVED that pursuant to the provisions of Section
1. To receive, consider and adopt the Audited Financial 143(8) and other applicable provisions, if any, of the
Statements of the Company for the financial year ended Companies Act, 2013 (the Act) (including any statutory
31st March 2019, together with the Reports of the Board modification or re-enactment thereof for the time being in
of Directors and the Auditors thereon. force) and the Companies (Audit and Auditors) Rules, 2014,
2. To receive, consider and adopt the Audited Consolidated as amended from time to time, the Board of Directors
Financial Statements of the Company for the financial year (which term shall be deemed to include any Committee
ended 31st March 2019, together with the Report of the of the Board constituted to exercise its powers, including
Auditors thereon. the powers conferred by this Resolution) be and is hereby
3. To declare a dividend on Equity Shares for the financial authorised to appoint as Branch Auditor(s) of any Branch
year ended 31st March 2019. Office of the Company, whether existing or which may be
opened/acquired hereafter, outside India, in consultation
4. To appoint a Director in place of Mr. Banmali Agrawala
with the Company’s Auditors, any persons, qualified to act
(DIN: 00120029), who retires by rotation and, being
as Branch Auditors within the provisions of Section 143(8)
eligible, offers himself for re-appointment.
of the Act and to fix their remuneration.
Special Business:
RESOLVED FURTHER that the Board of Directors of the
5. Appointment of Mr. Ashok Sinha as a Director and as Company be and is hereby authorised to do all acts,
an Independent Director matters, deeds and things and take all such steps as may
To consider and, if thought fit, to pass the following be necessary, proper or expedient to give effect to this
resolution as an Ordinary Resolution:- Resolution.”
“RESOLVED that Mr. Ashok Sinha (DIN: 00070477), who 7. Ratification of Cost Auditor’s Remuneration
was appointed by the Board of Directors as an Additional To consider and, if thought fit, to pass the following
Director of the Company with effect from 2nd May 2019 resolution as an Ordinary Resolution:-
and who holds office upto the date of this Annual General
“RESOLVED that pursuant to the provisions of Section
Meeting of the Company in terms of Section 161(1) of
148(3) and other applicable provisions, if any, of the
the Companies Act, 2013 (the Act) and Article 132 of the
Companies Act, 2013 (including any statutory modification
Articles of Association of the Company but who is eligible
or re-enactment thereof for the time being in force)
for appointment and in respect of whom the Company has
and the Companies (Audit and Auditors) Rules, 2014, as
received a notice in writing from a Member under Section
amended from time to time, the Company hereby ratifies
160(1) of the Act proposing his candidature for the office
the remuneration of ₹ 6,50,000 (Rupees Six lakh fifty
of Director, be and is hereby appointed as a Director of the
thousand) plus applicable taxes, travel and actual out-of-
Company.
pocket expenses incurred in connection with the audit,
RESOLVED FURTHER that pursuant to the provisions payable to M/s. Sanjay Gupta and Associates, who are
of Sections 149, 152 and other applicable provisions, appointed as Cost Auditors to conduct the audit of cost
if any, of the Act (including any statutory modification records maintained by the Company for the financial year
or re-enactment thereof for the time being in force), 2019-20.
the Companies (Appointment and Qualifications of
RESOLVED FURTHER that the Board of Directors of the
Directors) Rules, 2014, read with Schedule IV to the Act
Company be and is hereby authorised to do all acts,
and Regulation 17 and other applicable regulations
matters, deeds and things and take all such steps as may
of the Securities and Exchange Board of India (Listing
be necessary, proper or expedient to give effect to this
Obligations and Disclosure Requirements) Regulations,
Resolution.”
2015 (Listing Regulations), as amended from time to time,
the appointment of Mr. Ashok Sinha (DIN: 00070477), who NOTES:
meets the criteria for independence as provided in Section 1. The relative Explanatory Statement pursuant to Section
149(6) of the Act and the Rules framed thereunder and 102 of the Companies Act, 2013 (the Act), in regard to
Regulation 16(1)(b) of the Listing Regulations and who the business as set out in Item Nos.5 to 7 above and the
has submitted a declaration to that effect, and who is relevant details of the Directors seeking re-appointment/
eligible for appointment, as an Independent Director of appointment as set out in Item Nos.4 and 5 above as
2 I Notice
required by Regulations 26(4) and 36(3) of the Securities Darashaw Limited (TSRD) for shares held in physical form
and Exchange Board of India (Listing Obligations and and to their respective Depository Participant (DP) for
Disclosure Requirements) Regulations, 2015 (Listing shares held in electronic form.
NOTICE
Regulations) and as required under Secretarial Standard - 7. Members holding shares in electronic form may please
2 on General Meetings issued by The Institute of Company note that their bank details as furnished by the respective
Secretaries of India, are annexed hereto. Depositories to the Company will be considered for
2. A MEMBER ENTITLED TO ATTEND AND VOTE IS ENTITLED remittance of dividend as per the applicable regulations of
TO APPOINT A PROXY TO ATTEND AND VOTE INSTEAD the Depositories and the Company will not entertain any
OF HIMSELF AND THE PROXY NEED NOT BE A MEMBER. direct request from such Members for change/deletion
BOARD’S REPORT
Proxies, in order to be effective, must be received at the in such bank details. Further, instructions, if any, already
Company’s Registered Office not less than 48 hours before given by them in respect of shares held in physical form,
the meeting. Proxies submitted on behalf of companies, will not be automatically applicable to the dividend paid
societies, partnership firms etc. must be supported by on shares held in electronic form. Members may, therefore,
appropriate resolution/authority, as applicable, issued on give instructions regarding bank accounts in which they
behalf of the nominating organisation. wish to receive dividend to their DP.
Members are requested to note that a person can act as a 8. Members are requested to note that dividends, if not
proxy on behalf of Members not exceeding 50 and holding encashed for a consecutive period of 7 years from the date
in the aggregate not more than 10% of the total share of transfer to Unpaid Dividend Account of the Company,
capital of the Company carrying voting rights. In case a
MD & A
are liable to be transferred to the Investor Education and
proxy is proposed to be appointed by a Member holding Protection Fund (IEPF). Further, the shares in respect of
more than 10% of the total share capital of the Company such unclaimed dividends are also liable to be transferred
carrying voting rights, then such proxy shall not act as a to the demat account of the IEPF Authority. In view of this,
proxy for any other person or Member. Members/Claimants are requested to claim their dividends
3. Corporate Members intending to send their authorised from the Company, within the stipulated timeline. The
representatives to attend the Annual General Meeting Members, whose unclaimed dividends/shares have
(AGM) are requested to send a certified copy of the Board been transferred to IEPF, may claim the same by making
CG REPORT
Resolution authorising their representative to attend and an application to the IEPF Authority in Form No. IEPF-5
vote on their behalf at the AGM. available on www.iepf.gov.in. The Members/Claimants
Members/Proxies and authorised representatives are can file only one consolidated claim in a financial year
requested to bring the duly completed Attendance Slip as per the IEPF Rules. For details, please refer to Report
enclosed herewith to attend the AGM. on Corporate Governance which is a part of this Annual
4. In case of joint holders attending the AGM, only such joint Report.
holder who is higher in the order of names will be entitled 9. Members holding shares in physical form and who have
to vote. not registered their e-mail IDs, are requested to register
5. The Register of Members and the Transfer Books of the same with TSRD.
BRR
the Company will remain closed from Friday, 7th June 10. The Notice of the AGM alongwith the Annual Report
2019 to Tuesday, 18th June 2019, both days inclusive. If 2018-19 is being sent by electronic mode to those
the dividend, as recommended by the Board of Directors, Members whose e-mail addresses are registered with the
is approved at the AGM, payment of such dividend will be Company/Depositories, unless any Member has requested
made on or after Thursday, 20th June 2019, as under: for a physical copy of the same. For Members who have
CONSOLIDATED
i) To all Beneficial Owners in respect of shares held not registered their e-mail addresses, physical copies are
in electronic form as per the data as may be made being sent by the permitted mode.
available by National Securities Depository Limited 11. To support the ‘Green Initiative’, Members who have not
and Central Depository Services (India) Limited registered their e-mail addresses are requested to register
(both collectively referred to as ‘Depositories’) as of the same with TSRD/Depositories.
the close of business hours on Thursday, 6th June 12. Process and manner for Members opting for e-Voting are
2019; as under:-
ii) To all Members in respect of shares held in physical I. In compliance with the provisions of the Act,
STANDALONE
form after giving effect to transfers in respect of Rule 20 of the Companies (Management and
valid transfer requests lodged with the Company on Administration) Rules, 2014 as amended by the
or before the close of business hours on Thursday, Companies (Management and Administration)
6th June 2019.
Amendment Rules, 2015 and Regulation 44 of the
6. Members are requested to notify immediately any change Listing Regulations, the Company is pleased to
in their addresses and/or the Bank Mandate details to provide Members facility to exercise their right to
the Company’s Registrars and Share Transfer Agents, TSR vote on resolutions proposed to be considered
Notice I 3
at the AGM by electronic means and the business login. Once you log-in to NSDL e-services after
may be transacted through e-Voting services. The using your log-in credentials, click on e-Voting
facility of casting the votes by the Members using and you can proceed to Step 2 i.e. Cast your vote
an electronic voting system from a place other electronically.
than the venue of the AGM (remote e-Voting) will D. Your User ID details are given below:
be provided by National Securities Depository
Limited (NSDL). Instructions for e-Voting are given Manner of holding Your User ID is:
hereinbelow. Resolution(s) passed by Members shares i.e. Demat
through e-Voting is/are deemed to have been (NSDL or CDSL) or
passed as if it/they have been passed at the AGM. Physical
i) For Members 8 Character DP ID followed by 8
II. Members are provided with the facility for voting
who hold Digit Client ID
through electronic voting system at the AGM and shares in
Members attending the AGM, who have not already For example if your DP ID
demat is IN300*** and Client ID is
cast their vote by remote e-Voting, are eligible to account with 12****** then your user ID is
exercise their right to vote at the AGM. NSDL. IN300***12******
III. Members who have cast their vote by remote ii) For Members 16 Digit Beneficiary ID
e-Voting prior to the AGM are also eligible to attend who hold For example if your Beneficiary ID
the AGM but shall not be entitled to cast their vote shares in is 12************** then your user
again. In case a Member votes by both the modes demat ID is 12**************
then the votes cast through remote e-voting shall account with
prevail and the votes cast at the AGM shall be CDSL.
considered invalid. iii) For Members EVEN Number followed by Folio
IV. Members of the Company, holding shares either in holding Number registered with the
physical form or in electronic form, as on the cut- shares in Company.
off date of Tuesday, 11th June 2019, may cast their Physical For example if Folio Number is
vote by remote e-Voting. The remote e-Voting Form. 001*** and EVEN is 101456 then
period commences on Friday, 14th June 2019 at user ID is 101456001***
9:00 a.m. (IST) and ends on Monday, 17th June 2019 E. Your password details are given below:
at 5:00 p.m. (IST). The remote e-Voting module shall i) If you are already registered for
be disabled by NSDL for voting thereafter. Once e-Voting, then you can use your
the vote on a resolution is cast by the Member, existing password to login and cast
the Member shall not be allowed to change it your vote.
subsequently. ii) If you are using NSDL e-Voting system
V. The instructions for Members for e-Voting are as for the first time, you will need to
under: retrieve the ‘initial password’ which
The way to vote electronically on NSDL e-Voting was communicated to you. Once you
system consists of “Two Steps” which are mentioned retrieve your ‘initial password’, you
below: need to enter the ‘initial password’ and
the system will force you to change
Step 1: Log-in to NSDL e-Voting system at your password.
www.evoting.nsdl.com
iii) How to retrieve your ‘initial password’?
How to Log-in to NSDL e-Voting website?
a) If your e-mail ID is registered in
A. Visit the e-Voting website of NSDL. Open your demat account or with the
web browser by typing the following: company, your ‘initial password’
www.evoting.nsdl.com either on a Personal is communicated to you on
Computer or on a mobile. your e-mail ID. Trace the e-mail
B. Once the home page of e-Voting system is sent to you from NSDL from
launched, click on the icon ‘Login’ which is your mailbox. Open the e-mail
available under ‘Shareholders’ section. and open the attachment i.e.
a .pdf file. Open the .pdf file.
C. A new screen will open. You will have to enter
The password to open the .pdf
your User ID, your Password and a Verification
file is your 8 digit Client ID for
Code as shown on the screen.
NSDL account, last 8 digits of
Alternatively, if you are registered for NSDL Client ID for CDSL account or
e-services i.e. IDEAS, you can log-in at folio number for shares held
eservices.nsdl.com with your existing IDEAS in physical form. The .pdf file
4 I Notice
contains your ‘User ID’ and your G. You can also take the printout of the votes
‘initial password’. cast by you by clicking on the print option on
b) If your e-mail ID is not the confirmation page.
NOTICE
registered, your ‘initial password’ H. Once you confirm your vote on the resolution,
is communicated to you on your you will not be allowed to modify your vote.
postal address. General Guidelines for Members
F. If you are unable to retrieve or have not i) Institutional Members (i.e. other than
received the ‘initial password’ or have individuals, HUF, NRI etc.) are required to
forgotten your password:
BOARD’S REPORT
send scanned copy (PDF/JPG Format) of
i) Click on ‘Forgot User Details/Password?’ the relevant Board Resolution/Authority
(If you are holding shares in your demat letter etc. with attested specimen signature
account with NSDL or CDSL) option of the duly authorised signatory(ies) who
available on www.evoting.nsdl.com. are authorised to vote, to the Scrutinizer by
ii) ‘Physical User Reset Password?’ (If you e-mail to [email protected] with a
are holding shares in physical mode) copy marked to [email protected].
option available on www.evoting.nsdl. ii) It is strongly recommended not to share
com. your password with any other person and
iii) If you are still unable to get the take utmost care to keep your password
MD & A
password by aforesaid two options, confidential. Login to the e-Voting website
you can send a request at evoting@ will be disabled upon five unsuccessful
nsdl.co.in mentioning your demat attempts to key in the correct password. In
account number/folio number, your such an event, you will need to go through
PAN, your name and your registered the ‘Forgot User Details/Password?’ or
address. ‘Physical User Reset Password?’ option
G. After entering your password, tick on Agree available on www.evoting.nsdl.com to reset
CG REPORT
to ‘Terms and Conditions’ by selecting on the the password.
check box. iii) In case of any queries, you may refer the
H. Now, you will have to click on ‘Login’ button. Frequently Asked Questions (FAQs) for
Shareholders and e-Voting user manual for
I. After you click on the ‘Login’ button, Home
Shareholders available at the download
page of e-Voting will open.
section of www.evoting.nsdl.com or call on
Step 2: Cast your vote electronically on NSDL toll free no.: 1800-222-990 or send a request
e-Voting system. at [email protected].
How to cast your vote electronically on NSDL iv) You can also update your mobile number
e-Voting system? and e-mail id in the user profile details of the
BRR
A. After successful login at Step 1, you will be able folio which may be used for sending future
to see the Home page of e-Voting. Click on communication(s).
e-Voting. Then, click on Active Voting Cycles. VI. The voting rights of Members shall be in proportion
B. After clicking on Active Voting Cycles, you to their shares of the paid-up equity share capital
will be able to see all the companies ‘EVEN’ of the Company as on the cut-off date of Tuesday,
CONSOLIDATED
in which you are holding shares and whose 11th June 2019.
voting cycle is in active status. VII. Any person, who acquires shares of the Company
C. Select ‘EVEN’ of company for which you wish and becomes Member of the Company after
dispatch of the Notice and holding shares as of the
to cast your vote.
cut-off date i.e. Tuesday, 11th June 2019, may obtain
D. Now you are ready for e-Voting as the Voting the login ID and password by sending a request at
page opens. [email protected] or the Company/TSRD.
E. Cast your vote by selecting appropriate VIII. A person whose name is recorded in the Register
STANDALONE
options i.e. assent or dissent, verify/modify of Members or in the Register of Beneficial Owners
the number of shares for which you wish to maintained by the Depositories as on the cut-off
cast your vote and click on ‘Submit’ and also date only shall be entitled to avail the facility of
‘Confirm’ when prompted. remote e-Voting, as well as voting at the meeting.
F. Upon confirmation, the message ‘Vote cast IX. The Board of Directors has appointed Mr. P. N. Parikh
successfully’ will be displayed. (FCS 327) or failing him, Mr. Mitesh Dhabliwala
Notice I 5
(FCS 8331) of M/s. Parikh and Associates, Company 16. Updation of Members details:
Secretaries as Scrutinizer to scrutinize the voting at The format of the Register of Members prescribed by the
the AGM and remote e-Voting process, in a fair and Ministry of Corporate Affairs under the Act, requires the
transparent manner. Company/Registrars and Share Transfer Agents to record
X. The Chairman shall, at the AGM, allow voting with additional details of Members, including their PAN details,
the assistance of Scrutinizer, to all those Members/ e-mail address, bank details for payment of dividend etc.
Proxies who are present at the AGM but have not A form for capturing additional details is available on the
cast their votes by availing the remote e-Voting Company’s website under the section ‘Investor Relations’
facility. as also attached as part of this Report (page 11). Members
XI. The Scrutinizer shall, after the conclusion of voting holding shares in physical form are requested to submit
at the AGM, first count the votes cast at the meeting the filled in form to the Company or TSRD in physical mode
and, thereafter, unblock the votes cast through or in electronic mode, as per instructions mentioned in
remote e-Voting, in the presence of at least two the form. Members holding shares in electronic form are
witnesses not in the employment of the Company requested to submit the details to their respective DP only
and shall make, not later than two days from the and not to the Company or TSRD.
conclusion of the AGM, a Consolidated Scrutinizer’s 17. SEBI had vide Notification Nos. SEBI/LAD-NRO/
Report of the total votes cast in favour or against, GN/2018/24 dated 8th June 2018 and SEBI/LAD-NRO/
if any, to the Chairman or a person authorised by GN/2018/49 dated 30th November 2018 read with BSE
him in writing, who shall countersign the same and circular no. LIST/COMP/15/2018-19 dated 5th July 2018
declare the result of the voting forthwith. and NSE circular no. NSE/CML/2018/26 dated 9th July
XII. The Results declared, alongwith the Scrutinizer’s 2018 directed that transfer of securities would be carried
Report, shall be placed on the Company’s website out in dematerialised form only with effect from 1st April
www.tatapower.com and on the website of NSDL, 2019, except in case of transmission or transposition of
immediately after the declaration of the result by the securities. Accordingly, Members holding securities in
Chairman or a person authorised by him in writing. physical form were separately communicated by TSRD
The results shall also be immediately forwarded to vide letter dated 19th July 2018, and reminders dated 31st
the Stock Exchanges where the Company’s Equity October 2018 and 29th November 2018 at their registered
Shares are listed viz. BSE Limited and National Stock address. In view of the above and to avail the benefits of
Exchange of India Limited. The Results shall also be dematerialisation, Members are requested to consider
displayed on the Notice Board at the Registered dematerialising shares held by them in physical form.
Office of the Company. However, the transfer deed(s) lodged prior to the 1st April
13. The Members are requested to note that the Company deadline and returned due to deficiency in the document,
is pleased to provide a one way Webcast facility to view may be re-lodged for transfer even after the deadline of
the live streaming of the proceedings of the AGM for the 1st April 2019 with the office of TSRD in Mumbai or at their
convenience of those Members who are unable to attend Branch Offices or at the Registered Office of the Company.
the AGM due to locational constraints. The Members 18. Members seeking any information with regard to the
will be able to view the proceedings on NSDL’s e-Voting accounts, are requested to write to the Company at an
website www.evoting.nsdl.com. early date, so as to enable the Management to keep the
14. Members who are unable to attend the Meeting in person information ready at the AGM.
may use this facility by using the same login credentials as
provided for remote e-Voting. Members on the day of the By Order of the Board of Directors,
AGM will login through their user ID and password on to For The Tata Power Company Limited
the e-Voting website. The link will be available in Member
login where the EVEN of Company will be displayed. On
clicking this link, the Member will be able to view the H. M. Mistry
webcasting of the AGM proceedings. The Webcast facility Company Secretary
will be available on 18th June 2019 from 3:00 p.m. onwards FCS No.: 3606
till the conclusion of the Meeting.
Mumbai, 2nd May 2019
15. As per the provisions of Section 72 of the Act, the facility for
making nomination is available for the Members in respect Registered Office:
of the shares held by them. Members who have not yet
Bombay House,
registered their nomination are requested to register the
24, Homi Mody Street,
same by submitting Form No. SH-13. The said form can be
downloaded from the Company’s website www.tatapower. Mumbai 400 001.
com (under ‘Investor Relations’ section). Members are CIN: L28920MH1919PLC000567
requested to submit the said details to their DP in case the Tel: 91 22 6665 8282 Fax: 91 22 6665 8801
shares are held by them in electronic form and to TSRD in E-mail: [email protected]
case the shares are held by them in physical form. Website: www.tatapower.com
6 I Notice
EXPLANATORY STATEMENT
As required by Section 102 of the Companies Act, 2013 (the Act), for 15 years – first as Director (Finance) for 10 years from 1996
NOTICE
the following Explanatory Statement sets out all material facts and then as its Chairman and Managing Director for 5 years from
relating to the business mentioned under Item Nos.5 to 7 of the August 2005.
accompanying Notice dated 2nd May 2019:
Since 2011, he has served on the Boards of Petronet LNG Limited,
Item No. 5: Based on the recommendation of the Nomination CMC Limited (erstwhile subsidiary of Tata Consultancy Services
and Remuneration Committee, the Board of Directors appointed Limited), four subsidiaries of Vodafone India Limited, Tata
Mr. Ashok Sinha (DIN: 00070477) as Additional Director of the Advanced Systems Limited, Tata Lockheed Martin Aerostructures
BOARD’S REPORT
Company and also as Independent Director, not being liable to Limited and Nova Integrated Systems Limited. Currently, he is an
retire by rotation, for a term of 5 years i.e. from 2nd May 2019 independent director on the board of Cipla Limited, Axis Asset
upto 1st May 2024, subject to approval of the Members. Management Company Limited, You Broadband India Limited
and AirAsia (India) Limited.
Pursuant to the provisions of Section 161(1) of the Act and Article
132 of the Articles of Association of the Company, Mr. Sinha Further details and current directorships of Mr. Sinha are provided
holds office only upto the date of this Annual General Meeting in the Annexure to this Notice.
(AGM) and is eligible to be appointed as Director. The Company
In compliance with the provisions of Section 149, read with
has, in terms of Section 160(1) of the Act, received in writing a
Schedule IV to the Act and Regulation 17 of the Listing Regulations,
Notice from a Member, proposing his candidature for the office
MD & A
the appointment of Mr. Sinha as Independent Director is now
of Director.
being placed before the Members for their approval.
The Company has received declaration from Mr. Sinha to the
The Board recommends the Resolution at Item No.5 of the
effect that he meets the criteria of independence as provided in
accompanying Notice for approval by the Members of the
Section 149(6) of the Act, read with the Rules framed thereunder
Company.
and Regulation 16(1)(b) of the Securities and Exchange Board
of India (Listing Obligations and Disclosure Requirements) Other than Mr. Sinha and his relatives, none of the Directors or
CG REPORT
Regulations, 2015 (Listing Regulations). In the opinion of the KMP of the Company or their respective relatives is concerned
Board of Directors, Mr. Sinha is independent of management. or interested in the Resolution mentioned at Item No.5 of the
accompanying Notice.
The terms and conditions of his appointment shall be open for
inspection by the Members of the Company, without payment Mr. Sinha is not related to any Director or KMP of the Company.
of any fees, at the Registered Office of the Company at Bombay Item No.6: As Members are aware, the Company is undertaking
House, 24, Homi Mody Street, Mumbai 400 001, between 10:00 several projects/contracts in India as well as outside India
a.m. to 3:00 p.m. (IST) on all working days (except Saturdays, mainly for the erection, operation and maintenance of power
Sundays and holidays), upto the date of the AGM and also at the generation, transmission and distribution facilities. To enable the
venue during the AGM.
BRR
Directors to appoint Branch Auditors for the purpose of auditing
A brief profile of Mr. Sinha is as under: the accounts of the Company’s Branch Offices outside India
(whether now existing or as may be established), the necessary
Mr. Sinha has a B.Tech. degree in Electrical Engineering from the
authorisation of the members is being obtained in accordance
Indian Institute of Technology (IIT), Kanpur (1973) and PGDBM
with the provisions of Section 143 of the Act, in terms of the
from the Indian Institute of Management (IIM), Bangalore, with
Resolution at Item No.6 of the accompanying Notice.
CONSOLIDATED
specialisation in Finance (1977). He has been conferred the
Distinguished Alumnus Award from both IIT, Kanpur and IIM, The Board recommends the Resolution at Item No.6 of the
Bangalore. He has been conferred with the India Chief Financial accompanying Notice for approval by the Members of the
Officer Award 2001 for Information and Knowledge Management Company.
by the Economic Intelligence Unit India and American Express. None of the Directors or KMP of the Company or their respective
He received award from Technology Media Group for Customer relatives is concerned or interested in the Resolution at Item No.6
Management. of the accompanying Notice.
He has a wealth of experience, competencies and expertise from Item No.7: Pursuant to Section 148 of the Act, the Company is
STANDALONE
his leadership journey as the Chairman and Managing Director required to have the audit of its cost records conducted by a cost
of Bharat Petroleum Corporation Limited (BPCL), which is present accountant in practice. On the recommendation of the Audit
across the entire value chain with activities covering exploration Committee of Directors, the Board of Directors has approved the
and production, refining and marketing oil and gas products. He re-appointment of M/s. Sanjay Gupta and Associates (SGA) as the
spent 33 years in BPCL, where he served on the Board of BPCL Cost Auditors of the Company to conduct audit of cost records
Notice I 7
maintained by the Company for the Financial Year 2019-20, at a By Order of the Board of Directors,
remuneration of ₹ 6,50,000 (Rupees Six lakh fifty thousand) plus For The Tata Power Company Limited
applicable taxes and actual out-of-pocket expenses.
H. M. Mistry
SGA have furnished a certificate regarding their eligibility for
Company Secretary
appointment as Cost Auditors of the Company. They have vast
FCS No.: 3606
experience in the field of cost audit and have conducted the
Mumbai, 2nd May 2019
audit of the cost records of the Company for previous years under
Registered Office:
the provisions of the Act.
Bombay House,
The Board recommends the Resolution at Item No.7 of the 24, Homi Mody Street,
accompanying Notice for ratification of the Cost Auditors’ Mumbai 400 001.
remuneration by the Members of the Company. CIN: L28920MH1919PLC000567
None of the Directors or KMP of the Company or their respective Tel: 91 22 6665 8282 Fax: 91 22 6665 8801
relatives is concerned or interested in the Resolution at Item E-mail: [email protected]
No.7 of the accompanying Notice. Website: www.tatapower.com
Details of the Directors seeking re-appointment/appointment at the forthcoming Annual General Meeting
(In pursuance of Regulations 26(4) and 36(3) of the Listing Regulations and Secretarial Standard - 2 on General Meetings)
Name of Director Mr. Banmali Agrawala Mr. Ashok Sinha

Date of Birth (Age) 30th April 1963 (56 years) 15th February 1952 (67 years)
Date of Appointment 17th November 2017 2nd May 2019
Expertise in specific Mr. Banmali Agrawala joined Tata Sons Mr. Sinha has been conferred the Distinguished
functional areas Private Limited in October 2017 as President, Alumnus Award from both Indian Institute
Infrastructure, Defence and Aerospace. His of Technology, Kanpur and Indian Institute
global experience in infrastructure will be very of Management, Bangalore. He has been
beneficial as the Company aspires for the next conferred with the India Chief Financial Officer
phase of growth. His knowledge in several Award 2001 for Information and Knowledge
areas including leadership development, digital Management by the Economic Intelligence Unit
infrastructure, innovation and technology, India and American Express. He received award
will also be very beneficial to the Company. from Technology Media Group for Customer
Prior to this, he was President and CEO of GE Management.
South Asia, a position he held since February He has a wealth of experience, competencies
2013. Earlier, Mr. Agrawala was the Executive and expertise from his leadership journey as
Director (Business Development & Strategy) the Chairman and Managing Director of Bharat
on the Company’s Board from February 2008 Petroleum Corporation Limited (BPCL), which
to November 2011. Prior to that, he was the is present across the entire value chain with
Managing Director of Wartsila India Limited activities covering exploration and production,
and Group Vice President, Bio Power, Wartsila refining and marketing oil and gas products.
Corporation, responsible for the global Bio He spent 33 years in BPCL, where he served on
Power business. the Board of BPCL for 15 years – first as Director
(Finance) for 10 years from 1996 and then as its
Chairman and Managing Director for 5 years
from August 2005.
Since 2011, he has served on the Boards of
Petronet LNG Limited, CMC Limited (erstwhile
subsidiary of Tata Consultancy Services
Limited), four subsidiaries of Vodafone India
Limited, Tata Advanced Systems Limited, Tata
Lockheed Martin Aerostructures Limited and
Nova Integrated Systems Limited.
8 I Notice
Name of Director Mr. Banmali Agrawala Mr. Ashok Sinha

Qualifications Mechanical Engineering graduate from B.Tech. degree in Electrical Engineering from
NOTICE
Mangalore University. the Indian Institute of Technology, Kanpur.
Alumnus of the Advanced Management PGDBM from the Indian Institute of
Programme of Harvard Business School. Management, Bangalore, with specialisation in
Finance.
Directorships held in other x Tata Projects Ltd. x Cipla Ltd.
BOARD’S REPORT
companies (excluding x Tata Advanced Materials Ltd. x Axis Asset Management Co. Ltd.
foreign companies)
x Tata Housing Development Co. Ltd. x AirAsia (India) Ltd.
x Tata Realty and Infrastructure Ltd. x You Broadband India Ltd.
x Tata Advanced Systems Ltd. x The Hospital & Nursing Home Benefits
x AirAsia (India) Ltd. Association
Committee position held in Audit Committee Audit Committee
other companies Chairman Chairman
x Tata Advanced Systems Ltd. x Cipla Ltd.
MD & A
Nomination and Remuneration Committee x AirAsia (India) Ltd.
Chairman x You Broadband India Ltd.
x Tata Advanced Systems Ltd. Member
Member x Axis Asset Management Co. Ltd.
x Tata Projects Ltd. Nomination and Remuneration Committee
x Tata Realty and Infrastructure Ltd. Member
CG REPORT
Corporate Social Responsibility Committee x Axis Asset Management Co. Ltd.
Chairman x AirAsia (India) Ltd.
x Tata Housing Development Co. Ltd. x You Broadband India Ltd.
Member Corporate Social Responsibility Committee
x Tata Realty and Infrastructure Ltd. Chairman
Securities and Allotment Committee x Axis Asset Management Co. Ltd.
Member x You Broadband India Ltd.
BRR
x Tata Realty and Infrastructure Ltd. Investment and Risk Management
Share Allotment Committee Committee
Member Member
x Tata Advanced Systems Ltd. x Cipla Ltd.
Project Review Committee
CONSOLIDATED
Chairman
x Tata Projects Ltd.
Remuneration Eligible for sitting fees Eligible for sitting fees and commission, as
approved by the Board
No. of meetings of the Board 7 N.A.
attended during the year
No. of shares held:
STANDALONE
(a) Own Nil Nil

(b) For other persons on a Nil Nil
beneficial basis
For other details such as number of meetings of the Board attended during the year, remuneration drawn and relationship with other
directors and key managerial personnel in respect of above directors, please refer to the Report on Corporate Governance, which is a
part of this Annual Report.
Notice I 9
Route Map for AGM Venue
Venue:
Birla Matushri Sabhagar,
Sir Vithaldas Thackersey
Marg, 19, New Marine Lines,
Mumbai 400 020.
Landmark:
Next to Bombay Hospital
Distance from
Churchgate Station: 1 km
Distance from Chhatrapati

Shivaji Terminus: 1.2 km
Distance from Marine Lines

Station: 0.8 km
10 I Notice

SHAREHOLDER INFORMATION
To,
TSR Darashaw Limited
Unit : The Tata Power Company Limited
6-10, Haji Moosa Patrawala Industrial Estate (Near Famous Studio),
20, Dr. E. Moses Road, Mahalaxmi 400 011.
Updation of Shareholder Information for Physical Holdings
I/We request you to record the following information against my/our Folio No.:
General Information:
Folio No.
Name of the sole/first shareholder
PAN*
CIN/Registration No.:*
(applicable to corporate shareholders)
Tel. No. with STD Code
Mobile No.
E-mail Id
* Self attested copy of the document(s) enclosed

Bank Details:
IFSC: MICR:
(11 Digit) (9 digit)
Bank A/c Type: Bank A/c Type:#
Name of the Bank:
Bank Branch Address
#
A blank cancelled cheque is enclosed to enable verification of bank details.
I/We hereby declare that the particulars given above are correct and complete. If the transaction is delayed because of incomplete
or incorrect information, I/we shall not hold the Company/RTA responsible. I/We undertake to inform any subsequent changes in the
above particulars as and when the changes take place. I/We understand that the above details shall be maintained by you till I/we
hold the securities under the above mentioned Folio No.
Place :
Date :
Encl.: Signature of sole/first holder

Notes :
1) Scanned copy of the above form, duly completed, along with the necessary documents, can also be sent to us on the following
e-mail IDs: [email protected] or [email protected].
2) For Members holding shares in electronic form, any change in the above details must be intimated directly to their Depository
Participant only and not to the Company or its Registrars and Share Transfer Agents.
Shareholder Information I 11
THIS PAGE HAS BEEN INTENTIONALLY LEFT BLANK
12 I Shareholder Information
BOARD’S REPORT
To the Members,
NOTICE
The Directors are pleased to present to you the Hundredth Annual Report on the business and operations of your Company along
with the audited Financial Statements of Account for the year ended 31st March 2019.
1. FINANCIAL RESULTS
(Table 1)
Figures in ₹ crore
BOARD’S REPORT
Standalone Consolidated
FY19 FY18 FY19 FY18#
(a) Net Sales/Income from Operations* 7,688 7,301 29,493 26,430
(b) (Less): Operating Expenditure (5,302) (4,924) (22,995) (20,453)
(c) Operating Profit 2,386 2,377 6,498 5,977
(d) (Less)/: Forex Loss/(Gain) (11) (20) (141) (114)
(e) Add: Other Income 516 929 396 433
(f ) (Less): Finance Cost (1,500) (1,431) (4,170) (3,761)
(g) Profit before Depreciation and Tax 1,391 1,855 2,583 2,535
MD & A
(h) (Less): Depreciation/Amortisation/Impairment (632) (663) (2,393) (2,346)
(i) Profit Before Share of Profit of Associates and Joint 759 1,192 190 189
Ventures
(j) Add: Share of Profit of Associates and Joint Ventures - - 1,287 1,554
(k) Profit Before Exceptional Item 759 1,192 1,477 1,743
(l) (Less)/Add: Exceptional Item 1,168 (4,437) 1,746 1,102
CG REPORT
(m) Profit/ (Loss) before Tax 1,927 (3,245) 3,223 2,845
(n) (Less)/Add: Tax Expenses or Credit (92) 166 (656) (162)
(o) Net Profit/(Loss) after Tax from Continuing Operations 1,835 (3,079) 2,567 2,683
(p) Profit/ (Loss) before Tax from Discontinued Operations (192) (86) (192) (86)
(q) (Less)/Add: Tax Expenses or Credit from Discontinued 66 14 66 14
Operations
(r) Net Profit/(Loss) after Tax from Discontinued Operations (126) (72) (126) (72)
(s) Net Profit for the year 1,709 (3,151) 2,441 2,611
BRR
(t) Net Profit for the year Attributable to –
- Owners of the Company 1,709 (3,151) 2,191 2,408
- Non-controlling interests - - 250 203
(u) Other Comprehensive income (Net of Tax) (45) 45 165 94
(v) Total Comprehensive Income 1,664 (3,106) 2,606 2,705
CONSOLIDATED
Attributable to –
- Owners of the Company 1,664 (3,106) 2,356 2,502
- Non-controlling interests - - 250 203
*Including rate regulatory income/(expense)
#
Restated - Refer notes to consolidated financial statements
2. FINANCIAL PERFORMANCE AND THE STATE OF THE COMPANY’S AFFAIRS
2.1. CONSOLIDATED
STANDALONE
On a Consolidated basis, the Operating Revenue was at ₹ 29,493 crore in FY19, compared to ₹ 26,430 crore in FY18. The
increase was mainly due to recovery of higher fuel and power purchase cost related to regulated businesses, capacity addition
in renewable business and good operational performance by the businesses. The operating profit for the year under review
recorded an 8.72% growth over FY18. Finance costs increased from ₹ 3,761 crore to ₹ 4,170 crore largely due to forex, other
credits in FY18 and other one-off items. The profits from Joint Ventures (JV) and Associates were lower mainly due to lower FOB
price of coal on account of new regulations in Indonesia impacting the coal mines.
Board’s Report I 13
The Consolidated Profit after Tax in FY19 was at ₹ 2,441 in TCL and PFL which were classified as assets held for
crore compared to ₹ 2,611 crore in FY18 mainly due to sale in FY18. The resultant gain on sale of investments of
lower profits from coal companies on account of lower ₹ 1,213 crore and ₹ 1,897 crore has been included as an
FOB price. The current year exceptional items include exceptional income in the standalone and consolidated
gain on sale of investments in associate companies viz. financial statements respectively.
Tata Communications Limited (TCL) and Panatone Finvest Others (only in the consolidated accounts): Impairment
Limited (PFL) partially offset by impairment provisions of ₹ 106 crore for the carrying amount of Rithala power
of Rithala plant. The previous year’s exceptional items plant has been made in Tata Power Delhi Distribution
include reversal of impairment provision of investment in Limited (TPDDL) due to no likelihood of its operation with
coal mining made in earlier years. gas not being available at administered prices and the
[Refer Section 10 - Management Discussion and Analysis partial disallowance of tariff by Delhi Electricity Regulatory
(MD&A) of this report for details] Commission (DERC).
2.2. STANDALONE No material changes and commitments have occurred
after the close of the year under review till the date of this
On a Standalone basis, the Operating Revenue stood at Report which affect the financial position of the Company.
₹ 7,688 crore in FY19 compared to ₹ 7,301 crore in FY18.
2.4. ANNUAL PERFORMANCE
The increase was mainly due to higher fuel cost and power
purchase cost being passed through for the regulated Details of the Company’s annual
business and positive effect of Multi-Year Tariff (MYT) financial performance as published
order for the Mumbai license area. on the Company’s website and
presented during the Analyst Meet,
The profit in FY19 was at ₹ 1,709 crore as compared to
after declaration of annual results
a loss of ₹ 3,151 crore last year. This was mainly due to
can be accessed on the Company’s
provision of ₹ 4,330 crore for impairment of investments in
website at https://www.tatapower.
Mundra, Georgia and Trombay generating station in FY18.
com/investor-relations/inv-info-
The Earnings per Share (Basic and Diluted) in FY19 stood archive.aspx (alternatively, scan the adjacent QR code
at ₹ 2.63 before exceptional items and at ₹ 5.90 after using a mobile device to read the file on the Company
exceptional items. website).
(Refer Section 9 - MD&A of this report for details) 3. DIVIDEND
2.3. EXCEPTIONAL ITEMS Based on the Company’s performance, the Directors of
your Company recommend a dividend of 130% (₹ 1.30 per
CGPL-Coal Mines SBU: Considering the fact that the
share of ₹ 1 each), subject to the approval of the Members.
investment in Indonesian coal mines were made to secure
coal supply to CGPL and an adverse impact on CGPL is According to Regulation 43A of the Securities and
offset to some extent by the investment in the coal mines, Exchange Board of India (Listing Obligations and Disclosure
the said investments have been treated as a single Cash Requirements) Regulations, 2015 (Listing Regulations),
Generating Unit (CGU). This has a significant impact on the top 500 listed entities based on market capitalization,
how the impairment of the combined CGU is assessed calculated as on 31st March of every financial year, are
every year as per Ind AS 36. required to formulate a dividend distribution policy which
shall be disclosed in their annual
The combined effect of these two had resulted in an reports and on their websites.
impairment of ₹ 3,555 crore of the investment in CGPL in Accordingly, the Dividend Policy
the standalone accounts and reversal of impairment of of the Company is provided in
₹ 1,887 crore (part amount of earlier impairment provided) Annexure-I.
of investment in coal mining companies in consolidated
The Dividend Policy of the Company
accounts of FY18.
can also be accessed on the
Entry Tax: The Company had received demands in respect Company’s website at https://www.
of entry tax on import of fuel for Trombay plant. During tatapower.com/corporate/policies.aspx (alternatively, scan
the year under review, Government of Maharashtra has the adjacent QR code using a mobile device to read the
notified an amnesty scheme for settlement of arrears of policy on the Company website).
tax, interest and penalty. The Company has decided to avail
4. CURRENT BUSINESS
of the scheme and, accordingly, recognized a provision of
₹ 345 crore towards settlement as per the above scheme. Your Company is present across the value chain of power
The amount has been recognised as revenue to the extent business viz. Generation, Transmission, Distribution,
recoverable from consumers. Power Trading, Power Services, Coal Mines and Logistics,
Solar Photovoltaic (PV) manufacturing and associated
Sale of Investments in Associate Companies: During
Engineering, Procurement & Construction (EPC) services.
the year under review, the Company sold investments
14 I Board’s Report
The Company has re-organised itself into 4 business nearly 33% of its capacity (in MW terms) in clean and green
verticals in order to bring focus and accountability. generation sources (hydro, wind, solar and waste heat
These segments will eventually be converted to Strategic recovery).
NOTICE
Business Units (SBUs) with individual Profit and Loss (P&L) As on 31st March 2019, the Tata Power group of companies
and Balance Sheet targets of their own and this change had an operational generation capacity of 10,957 MW from
shall be reflected in the consolidated financial statement various fuel sources - thermal (coal, gas and oil), hydroelectric,
from next year onwards. renewable energy (wind and solar PV) and waste heat
Currently, the Company (including its subsidiaries) has recovery, details of which are given below in Table 2.
BOARD’S REPORT
Details of generation businesses in operation (Table 2)
Normative
Category
Capacity under
Fuel Source State Location PPA Tenure Return Profile Total
management
(MW)
(MW)
Gujarat Mundra 4,150 Long term PPA Bid-based
Maharashtra Trombay 1,430* Medium term PPA Regulated
Jharkhand Maithon 1,050 Long term PPA Regulated
MD & A
a) Regulated returns
Thermal – Jharkhand Jojobera 548 Long term PPA b) Bilaterally 7,340
Coal/Oil/Gas negotiated (captive)
PT Citra Kusuma Bilaterally negotiated
Indonesia 54 Long term PPA
Perdana (captive)
Rithala (Gas
New Delhi 108 None PPA is being pursued
CG REPORT
based)
Bilaterally negotiated
Jharkhand Jamshedpur 120 Long term PPA
(captive)
Thermal –
Bilaterally negotiated
Waste Heat Odisha Kalinganagar 135 Long term PPA 375
(captive)
Recovery
Merchant sale and
West Bengal Haldia 120 Short term PPA
bilateral contracts
Maharashtra Bhira 300
BRR
Maharashtra Khopoli 72 Medium term PPA Regulated
Hydro Maharashtra Bhivpuri 75 693
Bhutan Dagachhu 126 Short term PPA Merchant sale
Zambia Itezhi Tezhi 120 Long term PPA Regulated
CONSOLIDATED
Maharashtra,
Gujarat, Madhya
Pradesh,
Feed-in tariff and bid-
Renewables Karnataka, Tamil Wind farms 1,161 Long Term PPA 2,549
driven contracts
Nadu, Rajasthan,
Andhra Pradesh
and South Africa
STANDALONE
Normative
Category
Capacity under
Fuel Source State Location PPA Tenure Return Profile Total
management
(MW)
(MW)
Andhra
Pradesh, Bihar,
Delhi, Gujarat,
Haryana,
Jharkhand,
Karnataka, Solar Feed-in tariff and bid-
1,388 Long Term PPA 2,549
Madhya Photovoltaic (PV) driven contracts
Pradesh, Punjab,
Rajasthan, Tamil
Nadu, Telangana
and Uttar
Pradesh
Total 10,957
*500 MW capacity (Unit#6) is classified as assets held for sale
Details of other businesses (Table 3)
Business Entity Returns/ Earnings Model Key details

25-year license w.e.f. August Approx. 1,188 Ckms. of transmission
Tata Power (TPC - T), Mumbai 2015 - regulated Return on lines, connecting generating stations to
Equity 22 receiving stations.
Transmission Approx. 2,328 Ckms. of 220 kV and 400
Powerlinks Transmission kV transmission lines to evacuate power
Regulated Return on Equity
Limited (PTL) from Eastern/North Eastern region to
Northern Region.
25-year license w.e.f. August
Approx. 4,500 Ckms. of distribution
Tata Power (TPC - D), Mumbai 2015 - Regulated Return on
network. Approx. 7 lakh consumers.
Equity
Distribution Approx. 15,081 Ckms. of distribution lines.
TPDDL Regulated Return on Equity
Over 16.96 lakh consumers.
Tata Power Ajmer Distribution Approx. 2,130 Ckms. of network length.
Distribution Franchisee model
Limited (TPADL) Approx. 1.40 lakh consumers.
Returns based on dynamics
Coal and Infrastructure,
Coal Investments in International thermal coal Stake in Indonesian mines.
Indonesia
market
Returns based on sector
Solar PV Tata Power Solar Systems Manufacturing and sale of solar PV cells
dynamics and market
manufacturing, EPC Limited (TPSSL) and modules and EPC services.
competition
Returns based on market
dynamics in short term Category I power trading license, which
Tata Power Trading Company
Power Trading and bilateral power market permits the company to trade any
Limited (TPTCL)
subject to cap prescribed by quantum of power.
CERC
Trust Energy Resources Pte. Returns based on long term
Shipping Vessels operated are of cape size.
Limited, Singapore (TERPL) charters
Returns based on sector One of the leading service providers
Power Services Tata Power dynamics and market of project management, O&M and
competition specialized services in the power sector.
Percentage contribution of different business models in the Generation segment (excludes those under construction)
(Table 4)
NOTICE
Capacity % of overall
Model Returns Tata Power’s Projects
(MW) capacity
1) Mumbai Operations (Trombay &
1) Regulated Return on
Hydro), Maithon, Jojobera Unit #2
Equity
Fixed return on equity and #3, TPDDL 3,892 35.5
2) Bilateral captive
2) IEL (Unit 5, PH6, KPO), Jojobera
BOARD’S REPORT
agreement
Unit#1 and #4, CKP (Indonesia)
Feed-in-tariff + Bid
Fixed Tariff (Renewables) Wind and Solar projects 2,549 23.3
Driven
Fixed Tariff (Thermal/ Bilateral agreement +
CGPL, ITPC (Zambia) 4,270 39.0
Hydro) Bid Driven
Merchant Market driven Haldia (120 MW) Dagachhu (126 MW) 246 2.2
Total 10,957 100
As part of its focus to prepare for the next phase of growth, Thermal Investment Platform – Acquisition of Prayagraj
MD & A
the Company has embarked upon a plan to Simplify, Power Generation Company Limited
Synergize and Scale-up (3S) its operations. The following Resurgent Power Ventures Pte Limited is a joint venture
key steps were taken during the year under review: based out of Singapore between the Company, ICICI
a) Sale of TCL and PFL; Bank Limited and international investors such as Kuwait
b) Sale of Strategic Engineering Division (SED); Investment Authority and State General Reserve Fund of
Oman. The Company owns a 26 per cent stake and the
c) Purchase of 100% shares in Energy Eastern Pte
balance is held by the other investors.
Limited (EEPL), a wholly owned subsidiary of
CG REPORT
CGPL by TERPL, a wholly owned subsidiary of the In September 2018, Renascent Power Ventures Private
Company; Limited, a wholly owned subsidiary of Resurgent Power
Ventures Pte Limited, Singapore signed a SPA with a
d) Exploring opportunities to review and monetize
consortium of lenders led by State Bank of India to acquire
overseas investments;
75.01% stake in Prayagraj Power Generation Company
e) Changes in organisational structure. Limited (PPGCL), which owns and operates a 1,980 MW
supercritical power plant in the state of Uttar Pradesh.
Sale of Strategic Engineering Division
The project has a 25-year PPA for 90% of generated power
Your Company decided to sell SED to Tata Advanced
with UP Discoms with fuel cost as pass-through and Fuel
Systems Limited, a wholly owned subsidiary of Tata Sons
BRR
Supply Agreement (FSA) with Northern Coalfields Limited
Private Limited at an enterprise value of ₹ 2,230 crore.
(NCL) for 90% of its fuel requirement. The matter is pending
SED is engaged in the business of indigenous design,
adjudication by the regulator in light of certain conditions
development, production, integration, supply and life
imposed prior to transfer of the ownership of the target
cycle support of mission critical defence systems. The company.
Company had identified this business as a non-core
5. SUBSIDIARIES/JOINT VENTURES/ASSOCIATES
CONSOLIDATED
activity and was looking for an appropriate buyer to
exploit its full potential. This sale has been approved by As on 31st March 2019, the Company had 50 subsidiaries
the Company’s shareholders and is pending approval of (40 are wholly-owned subsidiaries), 38 Joint Ventures
National Company Law tribunal (NCLT) and Ministry of (JVs) and 6 Associates. Of the erstwhile subsidiaries,
Defence. The transaction is proposed to be executed on 3 companies have been classified as JVs under Indian
a slump sale basis. The business value is mainly derived Accounting Standards (Ind AS) and one of the investments
from future projections and orders; hence, the sale has been classified as Associate.
consideration has been split into upfront payment and During the year under review, the following changes
milestone-based earn outs. The upfront payment has occurred in your Company’s holding structure:
STANDALONE
been agreed at an enterprise value of ₹ 1,040 crore. The x The entire shareholding in erstwhile associates i.e.
upfront value will be adjusted for working capital changes TCL and PFL was sold during the year. Renascent
and any profits or losses accrued till the time of closing. Power Ventures Private Limited was incorporated in
The balance earnout payment of ₹ 1,190 crore is subject to India as a 100% subsidiary to an existing associate
receipt of identified orders spread over the next 6 years. i.e. Resurgent Power Ventures Pte Limited.
A report on the performance and financial position of each 8.1. COASTAL GUJARAT POWER LIMITED
of the subsidiaries, JVs and Associates has been provided 8.1.1. RECOMMENDATIONS OF THE HIGH-POWERED
in Form AOC-1. COMMITTEE (HPC) APPOINTED BY THE GOVERNMENT
The policy for determining OF GUJARAT
material subsidiaries of the In order to resolve the viability issues of imported coal-
Company has been provided based plants in the state of Gujarat, a HPC was set up by
on the Company’s website at the Government of Gujarat in July 2018 and after several
h t t p s : / / w w w. t a t a p o we r. rounds of deliberations with various stakeholders like
com/corporate/policies.aspx generators, distribution companies, consumer groups,
(alternatively, scan the adjacent lenders and others, it submitted its report in October 2018.
QR code using a mobile device to Thereafter, the Government of Gujarat filed a petition with
read the policy on the Company the Supreme Court of India (SC) for seeking clarification
website). on whether the said report can be implemented and if
the existing PPA can be amended. The SC clarified that the
6. RESERVES
PPA can be amended if all the parties to the PPA agree to
As per Standalone financials, the net movement in the do so and its own judgement of April 2017 passed in this
reserves of the Company for FY19 and FY18 is as follows: case shall not prevent such an amendment. It also asked
Figures in ` crore (Table 5) CERC to consider the matter at the earliest. Accordingly,
the Company has proceeded to amend the PPA with the
As of As of five states to whom it is supplying power. The Company is
31st 31st in discussion with all the procurers to obtain their consent
Particulars - Standalone
March March to the proposed amendments.
2019 2018
8.1.2. CHANGE IN LAW
Capital Redemption Reserve 1.85 1.85
The Ministry of Environment, Forest and Climate Change,
Capital Reserve 61.66 61.66 Government of India (MoEF&CC), vide its notification, has
Securities Premium 5,634.98 5,634.98 revised the environment emissions norms mandating all
Debenture Redemption Reserve 421.95 1,000.61 thermal power plants to comply with the same by 2022.
General Reserve 3,853.98 3,853.98 CGPL’s PPA provides for considering this as a “Change in
Retained Earnings 2,954.12 1,878.99 Law” event as this law was passed after the bidding date
(December 2006). Your Company filed a petition with the
Equity Instrument through OCI 330.48 (374.12)
CERC for declaring this notification as Change in Law to
Statutory Reserve 660.08 660.08 which the CERC has agreed. This order enables CGPL to
The Board of Directors has decided to retain the entire recover through tariff, the capital cost and additional
amount of profits for FY19 in P&L account. operational expenditure required to be incurred to meet
the revised norms.
7. FOREIGN EXCHANGE - EARNINGS AND OUTGO
8.2. INDONESIAN COAL MINES
(Table 6)
The Indonesian government, in early 2018, introduced a
Figures in ` crore
Domestic Market Obligation (DMO) scheme which requires
Particulars – Standalone FY19 FY18 a local coal mining company to sell 25 percent of its
Foreign Exchange Earnings 116 398 production to the domestic market at a fixed price of USD
Foreign Exchange Outflow mainly 1,336 1,273 70/MT or the market rate, whichever is lower, to protect
on account of: state owned power plants against rising coal prices.
x Fuel purchase 1,222 1,087 This impacted the sale realisation of the mines, thereby
x Interest on foreign currency impacting their profitability. The validity of the policy is
4 24 till December 2019 and the Indonesian Government will
borrowings, NRI dividends
review the same thereafter.
x Purchase of capital equipment,
components and spares and 110 162 8.3. MUMBAI OPERATIONS
other miscellaneous expenses 8.3.1. MULTI YEAR TARIFF ORDERS OF MERC
8. REGULATORY AND LEGAL MATTERS Maharashtra Electricity Regulatory Commission (MERC)
The businesses of the Company are governed primarily passed its Mid-Term Review (MTR) Orders for Tariff
by the Electricity Act, 2003 (EA, 2003) and associated Determination for FY19-20 for Mumbai Generation,
regulations. Mentioned below are the critical regulatory Transmission and Distribution Business in the month of
orders pertaining to the Company that were issued during September 2018. Review petitions, as relevant, against
FY19, none of which impact the ‘going concern’ status of some of the disallowances in the orders have been filed
your Company. before the appropriate forum and orders for the same
have been issued. Appeals have been filed for various 8.4. MAITHON POWER LIMITED (MPL)
issues against all three orders for Generation, Transmission PETITION SEEKING REVERSAL OF LIQUIDATED
and Distribution and hearings are yet to commence for the DAMAGES
NOTICE
same.
CERC provisionally deducted ` 160 crore from the capital
8.3.2. ENTRY TAX
cost for expected Liquidated Damages (LD). MPL has filed a
Your Company had filed a writ petition before the Bombay petition giving details of actual LD recovery and requested
High Court (HC) challenging the constitutional validity of the the CERC to pass the supplementary order for reversal of
Maharashtra Entry Tax Act and its applicability on some of this deduction.
BOARD’S REPORT
our imported raw materials. HC dismissed the writ petition. 8.5. POWERLINKS TRANSMISSION LIMITED (PTL)
Aggrieved, your Company filed Special Leave Petitions (SLP)
TRUING-UP FOR FY10-14 AND MULTI YEAR TARIFF FOR
with the SC and obtained a stay order. Thereafter, during
FY14-19
the pendency of the SLP, the Government of Maharashtra
amended the limitation period under the Entry Tax Act with CERC had notified a draft amendment to CERC Tariff
retrospective effect. Aggrieved by this, your Company filed Regulations, 2014 abolishing the continuation of
a Writ Petition in SC on the said issue. SC tagged the same transmission majoration factor for PTL. PTL had objected
along with our earlier SLP. The matter is now awaited for to such an amendment. CERC, vide its amendment
notified on 30th January 2019, confirmed admissibility
listing for final hearing and disposal.
of transmission majoration factor to PTL for a period of
The Government of Maharashtra in the meanwhile, has 25 years from the date of issue of the transmission license.
MD & A
issued an Amnesty Scheme for settlement of arrears 8.6. ENVIRONMENTAL NORMS
of tax, interest and penalty levied, payable or imposed
under various acts including Entry Tax. The Company MoEF&CC, vide its notification has revised the environment
emissions norms mandating all thermal power plants to
has decided to avail of the scheme and, accordingly,
comply with the same. Your Company is in the process of
recognized a provision of ₹ 345 crore towards settlement
filing a petition with CERC seeking approval for the capital
as per the above scheme.
expenditure and tariff revision in lieu of the same for
8.3.3. EXTENSION OF PPA BETWEEN TPC - G and BEST existing thermal units wherever applicable.
CG REPORT
MERC, vide its order dated 27th February 2018, approved 9. RISKS AND CONCERNS
extension of the validity of the PPA between Tata Power- Your Company is faced with risks of different types, all of
Generation (TPC-G) and BEST for 677 MW (excluding which need different approaches for mitigation. Details of
Unit#6) till 31st March 2019. various risks faced by the Company are provided in section
Following a re-tendering process, BEST signed an 4 of MD&A in this Annual Report.
agreement on 28th March 2019 to extend the PPA with 10. RISK MANAGEMENT FRAMEWORK AND INTERNAL
TPC-G for a period of five more years till 31st March 2024. FINANCIAL CONTROLS
8.3.4. EXTENSION OF PPA BETWEEN TPC - G AND TPC - D Risk Management Framework:
BRR
The Company has adopted the Risk Management Policy
MERC, vide its order dated 26th March 2019, approved
which can be accessed on the
extension of the validity of the PPA between TPC-G and
Company’s website at https://
Tata Power-Distribution (TPC-D) for 700 MW (excluding
www.tatapower.com/corporate/
Unit#6) for a period of five more years till 31st March 2024.
policies.aspx (alternatively, scan
Both parties signed the PPA on 28th March 2019. the adjacent QR Code using a
CONSOLIDATED
8.3.5. DEEMED CLOSURE OF 400 KV VIKROLI RECEIVING mobile device to read the policy
STATION AND ALLIED TRANSMISSION SCHEMES on the Company website). As per
the said policy, a standardized Risk
MERC, vide its order on Tata Power - Transmission’s (TPC-T)
Management Process and System
Mid Term Review (MTR) Petition, ordered deemed closure
has been implemented across Tata Power group. Risk plans
of ‘400 kV Receiving station at Vikhroli’ transmission
have been framed for all identified risks and uploaded
scheme. in the system with mitigation action, target dates and
TPC-T had filed a review petition seeking withdrawal of this responsibility. The Risk Register contains the mitigation
deemed closure order. MERC, in January 2019, dismissed this plans. Functional Risk Management Committees closely
STANDALONE
petition and directed the State Transmission Utility (STU) to monitor and review the risk plans.
submit its recommendations regarding execution of the As per the Listing Regulations, a Risk Management
scheme under tariff-based bidding guidelines. TPC-T has filed Committee (RMC) was constituted which currently
an appeal before the Appellate Tribunal (APTEL) challenging comprises three Independent Directors and one Non-
the MERC order and sought expeditious disposal of the Executive Director. The RMC meets regularly to review
appeal. The hearings in the matter are in progress. critical strategic risks.
The Company was the first power company in India to Safety Statistics FY19: (Table 7)
get ISO 31000:2009 Statement of Compliance in FY15.
Sl. Safety Parameters in your Company’s
In August 2018, the British Standards Institution (BSI) work jurisdiction (Tata Power, CGPL, FY19
did an assessment of the Company and its eight major No MPL, IEL, CTTL, PTL, TPDDL and TPSSL)
subsidiaries and conferred the ‘Statement of Compliance’ 1 Fatality (Number) 2
for Tata Power Group for ISO 31000:2009. The Company LTIFR (Lost Time Injuries Frequency Rate
2 0.26
also bagged two awards for its Risk Management System. per million-man hours)
The Company has obtained two copyrights for Risk Total Injury Frequency Rate (No of injuries
3 1.72
Management – one for its Risk Quantification process and per million-man hours)
another for its web-based Risk Management System. Reporting of Safety Observation (higher
4 1,40,828
the better)
Internal Financial Controls and Systems:
Your Company is deeply aggrieved by the fatalities and
The Company has its internal audit function which reviews accidents. It treats any fatality in any of its premises, of
and ensures sustained effectiveness of Internal Financial any of its employees, contractor/associate employees or
Controls (IFC) by adopting a systematic approach to its any third party, with equal gravitas and is committed to
work. taking the entire working environment and behaviour to
To fulfil the requirements of the Companies Act, 2013 (Act), the highest safety standards.
the in-house internal audit team integrated IFC controls Your Company has increased its efforts on safety by
into risk control matrix (RCM) of enterprise processes in adopting the following safety interventions in FY19 to
FY18. 100% testing of IFC controls was ensured during improve safety in the organisation:
process audit or creating separate audit areas of IFC testing x Launched a campaign on Life Changing Injuries
where process audits were not due. and Fatality Elimination Program (LIFE) across the
Company.
On review of the internal audit observations and action x Received ISO 45001:2018 certification due to
taken on audit observations, there are no adverse improvements in the safety management system.
observations having material impact on financials, x Used analytics for safety indices to enhance safety
commercial implications or material non-compliances performance through evolved insights.
which have not been acted upon. x Organised Best Safety Practices Conclaves for
horizontal information sharing.
The Company continued the Control Self-Assessment
x Deployed Tata Power’s Safety Management System
(CSA) process, which included seven Tata Power group
in JVs and Subsidiaries.
companies this year, whereby responses of all process x Used a focussed approach on unsafe work stoppage
owners were used to assess internal controls in each to eliminate the hazard at source.
process. This helps the Company to identify focus audit x Competency building and site safety enhancement
areas, design the audit plan and support CEO/CFO of renewable sites.
certifications for internal controls. 12. SUSTAINABILITY
11. SAFETY Taking forward the century old legacy of being a
Safety is a core value for the Company and is given topmost responsible corporate citizen, your Company continued
priority. The Company has developed and implemented its journey of practising sustainability in alignment with
the core value of Leadership with Care. For your Company,
standards and procedures, in order to achieve world-
sustainability is about care for the environment, customers
class safety practices. This has helped in establishing a
and shareholders, community and for our people.
safety culture and inculcating safe behaviour among the
The Company’s efforts on sustainability were recognized at
employees and business associates. This ensures zero harm
various platforms and a testimony to this were the various
to everyone associated with the Company’s operations awards bestowed upon it. Your Company was ranked 6th
directly or indirectly. in the Responsible Business Ranking for Sustainability and
The Company is committed to provide a safe and healthy CSR released in November 2018 and won the ICSI CSR
working environment for its employees and associates. Excellence Award 2018 (in medium category) conducted
A Company-level occupational health and safety policy by the Institute of Company Secretaries of India. Your
exists in line with Tata group’s occupational health Company also bagged the 2018 CSR Award for Education
and Energy Conservation constituted by Indo-American
and safety policy. This ensures increased vigilance and
Chamber of Commerce and Industry. Your Company also
awareness on health and safety. Safety organisation has got the Social Impact Award for CSR for promoting Best
been established for developing and implementing Safety Sanitation Practices at Asia Level and Best Sustainable
Management Systems and to facilitate a change in culture Green Initiative for the Mahseer conservation program by
through leadership interventions to mitigate risks. ACEF Forum 2018.
12.1. CARE FOR OUR COMMUNITY/COMMUNITY RELATIONS Pune, Ahmedabad, Bengaluru, Kolkata, Ajmer, Belgaum,
Your Company actively worked on five thrust areas viz. Jamshedpur, Lonavala and five more cities. It has reached
education, health and sanitation, livelihood and skill out to more than 2.38 crore citizens, collectively saved
NOTICE
building, water and financial inclusivity in which fifteen 29.8 million units. All over India, 2,000 mini clubs have also
flagship interventions were undertaken in the vicinity been formed under the Club Enerji initiative.
of the Company’s business presence and beyond, while Some of key highlights this year include conducting rallies
maintaining focus on Affirmative Action (AA) initiatives of and skits based on resource conservation and saying no
the Tata group. to plastics, session on urban bio diversity, a nationwide
The CSR policy of the Company contest called “Bijli Bachao “which received more than
BOARD’S REPORT
has been provided on the 1,000 entries from India and abroad. Additionally, Club
Company’s website at https:// Enerji also collaborated with Yes Bank to spread the
www.tatapower.com/corporate/ message of conservation across its branches. The program
policies.aspx (alternatively, scan is also a case study in IIM Ahmedabad and has been
the adjacent QR code using a featured at IIM-A’s TEDx event under the theme ‘Inspiring
mobile device to read the policy the Future’.
on the Company website). The initiative has won several domestic and international
The Company’s standalone CSR spend for FY19 stood at accolades and has also been recognized as a best practice
₹ 12.66 crore against the Act requirement of ₹ 12.65 crore. within Tata group. In FY18, Club Enerji won the ABCI
award for its module on active citizenship. It also won the
Details of the consolidated CSR activities of your Company prestigious ET CSR Leadership award under the category
MD & A
and its key subsidiaries are listed in the MD&A section of ‘Cause Branding’ and PRCI (Public Relations Council of
this annual report. The annual report on CSR activities India) award for the Club’s revamped website under the
(standalone) is provided in Annexure-II to this Report. ‘Digital Newsletter’ category.
12.2. AFFIRMATIVE ACTION 12.4. SUSTAINABILITY REPORTING
Under its Affirmative Action (AA) program, your Company Your Company has adopted the Global Reporting
continued to focus on upliftment of dalit and tribal Initiative (GRI) Standards for its upcoming Sustainability
communities through 5Es under AA viz. Employment, Report for FY19, which is currently
CG REPORT
Entrepreneurship, Employability, Education and Essential under preparation, to report
Amenities around its operating sites. on sustainability performance
As part of the enhanced focus, Tata Power Skill specific to the Indian operations
Development Institute (TPSDI) inducted 25% trainees from of your Company viz. generation,
AA communities and achieved more than 80% placements transmission and distribution. The
post-training. In total, 1.3 lakh beneficiaries were covered Company’s Sustainability Reports
under AA. can be accessed on the Company’s
Around 1,050 women were covered under ‘Dhaaga’, a website at https://www.tatapower.
Women Empowerment initiative. Out of this, 20% women com/sustainability/communication.aspx (alternatively, scan
were from AA communities and were provided training on the adjacent QR code using a mobile device to read the
BRR
garment making, traditional handicrafts and other income policy on the Company website).
generation initiatives which helped them generate ₹ 2,500 12.5. BUSINESS RESPONSIBILITY REPORT (BRR)
as average monthly income. The Business Responsibility Reporting is in line with
Besides this, your Company also engaged in nurturing the SEBI requirement based on the ‘National Voluntary
vendors and suppliers from AA communities to help with Guidelines on Social, Environmental and Economic
job creation.
CONSOLIDATED
Responsibilities of Business’ notified by Ministry of
12.3. CLUB ENERJI Corporate Affairs (MCA), Government of India, in July 2011.
Your Company reported its performance for FY19 as per
Tata Power’s Club Enerji is focused on school students to
the BRR framework, describing initiatives taken from an
help champion the noble cause of resource conservation
environmental, social and governance perspective.
and to enhance moral and civic values. The Club has
been working ceaselessly towards creating responsible 12.6. PREVENTION OF SEXUAL HARASSMENT
citizens of tomorrow who focus on conserving energy Disclosures in relation to the Sexual Harassment of Women
and natural resources, waste management, combatting at Workplace (Prevention, Prohibition and Redressal) Act,
climate change and active citizenship. Yearly theme for 2013 have been provided in the Report on Corporate
STANDALONE
FY19 was ‘Saying No to Plastics’. Governance as well as MD&A.

Recognizing the immense value that schools can bring to 13. DIRECTORS AND KEY MANAGERIAL PERSONNEL
the initiative and taking due consideration of social needs,
Change in Board Composition
the Company started ‘Tata Power Club Enerji’ in 2007
to propagate efficient usage of energy and to educate Mr. Anil Sardana resigned as CEO & Managing Director
the society on climate change issues. The program has of the Company effective close of business hours on
now reached out to 553 schools across Mumbai, Delhi, 30th April 2018.
Mr. Praveer Sinha was appointed as CEO & Managing t .S "TIPL 4 4FUIJ $00 &YFDVUJWF %JSFDUPS
Director of the Company for a period of 5 years from (superannuated on 30th April 2019)
1st May 2018 to 30th April 2023. His appointment as CEO t .S3BNFTI/4VCSBNBOZBN $IJFG'JOBODJBM0óDFS
& Managing Director was approved at the 99th Annual
t .S)BOP[..JTUSZ $PNQBOZ4FDSFUBSZ
General Meeting (AGM) by the Members.
Codes of Conduct for Directors and Employees
Mr. Ashok S. Sethi has superannuated from the services
of the Company w.e.f. close of business hours on The Company has adopted a Code of Conduct for its
30th April 2019, on completing 65 years of age, as per Non-Executive Directors including a code of conduct for
the guidelines adopted by the Company for retirement Independent Directors which suitably incorporates the
of Executive Directors. Consequently, he has ceased to be duties of Independent Directors as laid down in the Act.
COO & Executive Director of the Company effective the The Company has also adopted the Tata Code of Conduct
said date. The Board has placed on record its deep sense for its employees including the
of appreciation of the valuable contribution made by Managing and Executive Directors.
Mr. Sethi to the operations and growth of the Company The above codes can be accessed on
during his long association with the Company. the Company’s website at https://
On the recommendation of the Nomination and www.tatapower.com/corporate/
Remuneration Committee (NRC), Mr. Ashok Sinha was policies.aspx (alternatively, scan the
appointed as Additional and Independent Director of the adjacent QR Code using a mobile
Company for a period of 5 years from 2nd May 2019 to device to read the policy on the
1st May 2024, subject to approval of the Members at the Company website).
ensuing general meeting. In terms of the Listing Regulations, all Directors and senior
In accordance with the requirements of the Act and the management personnel have affirmed compliance with
Company’s Articles of Association, Mr. Banmali Agrawala their respective codes. The CEO & Managing Director has
retires by rotation and is eligible for re-appointment. also confirmed and certified the same, which certification
Members’ approval is being sought at the ensuing AGM is provided at the end of the Report on Corporate
for his re-appointment. Governance.
Number of Board Meetings 14. ANNUAL EVALUATION OF BOARD PERFORMANCE
AND PERFORMANCE OF ITS COMMITTEES AND
Seven Board Meetings were held during the year under INDIVIDUAL DIRECTORS
review. For further details, please refer to the Report on
Corporate Governance, which forms a part of this Annual The Board of Directors has carried out an annual evaluation
Report. of its own performance, Board Committees and individual
Directors, pursuant to the provisions of the Act and Listing
Independent Directors
Regulations.
In terms of Section 149 of the Act and the Listing
The performance of the Board was evaluated by the
Regulations, Mr. Nawshir H. Mirza, Mr. Deepak M.
Satwalekar, Ms. Anjali Bansal, Ms. Vibha Padalkar, entire Board after seeking inputs from all the Directors on
Mr. Sanjay V. Bhandarkar, Mr. K. M. Chandrasekhar and the basis of criteria such as the Board composition and
Mr. Ashok Sinha are the Independent Directors of structure, effectiveness of Board processes, information
the Company as on date. The Company has received and functioning, etc. The performance of the Committees
declarations from all the Independent Directors was evaluated after seeking inputs from the Committee
confirming that they meet the criteria of independence as members on the basis of criteria such as the composition
prescribed under Section 149(6) of the Act read with rules of Committees, effectiveness of Committee meetings, etc.
framed thereunder and Regulation 16(1)(b) of the Listing The above criteria are based on the Guidance Note on
Regulations. In terms of Regulations 25(8) of the Listing Board Evaluation issued by the Securities and Exchange
Regulations, the Independent Directors have confirmed Board of India on 5th January 2017.
that they are not aware of any circumstance or situation In a separate meeting of Independent Directors,
which exists or may be anticipated that could impair or performance of Non-Independent Directors, the Board as a
impact their ability to discharge their duties. whole and the Chairman of the Company after taking into
At the AGM held on 13th August 2014, Mr. Mirza and account the views of Executive Directors and Non-Executive
Mr. Satwalekar were appointed as Independent Directors Directors, was evaluated. The Board and the NRC reviewed
of the Company for a period of 5 years. Thus, they will hold the performance of individual directors on the basis of
office till 12th August 2019. criteria such as the contribution of the individual director
Key Managerial Personnel to the Board and Committee meetings like preparedness
on the issues to be discussed, meaningful and constructive
In terms of Section 203 of the Act, the following are the
contribution and inputs in meetings, etc. In the Board
Key Managerial Personnel (KMP) of the Company as on
31st March 2019: meeting that followed the meeting of the Independent
t .S1SBWFFS4JOIB $&0BOE.BOBHJOH%JSFDUPS Directors and meeting of the NRC, the performance of
the Board, its Committees, and individual Directors was
also discussed. Performance evaluation of Independent 18. PARTICULARS OF EMPLOYEES AND REMUNERATION
Directors was done by the entire Board, excluding the The information required under Section 197(12) of the Act
Independent Director being evaluated. read with Rule 5(1) of the Companies (Appointment and
NOTICE
Outcome of evaluation process Remuneration of Managerial Personnel) Rules, 2014, is
attached as Annexure - VI.
Based on inputs received from the members, it emerged
that the Board had a good mix of competency, experience, The information required under Rule 5(2) and (3) of
qualifications and diversity. Each Board member the Companies (Appointment and Remuneration of
contributed in his/her own manner to the collective Managerial Personnel) Rules, 2014, is provided in the
Annexure forming part of this Report. In terms of the
BOARD’S REPORT
wisdom of the Board, keeping in mind his/her own
background and experience. There was active participation proviso to Section 136 of the Act, the Report and Accounts
and adequate time was given for discussing strategy. are being sent to the Members excluding the aforesaid
Some of the directors felt that the grievance redressal Annexure. Any member interested in obtaining the same
mechanism of investors etc. required to be reviewed by may write to the Company Secretary at the Registered
Office of the Company. None of the employees listed in the
the Board. Overall, the Board was functioning very well in
said Annexure are related to any Director of the Company.
a cohesive and interactive manner.
Officers of the organisation are classified into five
15. REMUNERATION POLICY FOR THE DIRECTORS, KEY
management work levels i.e. MA, MB, MC, MD and ME.
MANAGERIAL PERSONNEL AND OTHER EMPLOYEES
The work levels are further divided into grades. Non-
In terms of the provisions of Section 178(3) of the Act management employees are across different grades and
MD & A
and Regulation 19 read with Part D of Schedule II to also have been classified as unskilled, semi-skilled, skilled
the Listing Regulations, the NRC is responsible for and highly skilled.
formulating the criteria for determining qualification,
19. RELATED PARTY TRANSACTIONS
positive attributes and independence of a Director. The
NRC is also responsible for recommending to the Board, In line with the requirements of the Act and the Listing
a policy relating to the remuneration of the Directors, Key Regulations, the Company has
Managerial Personnel and other employees. In line with formulated a Policy on Related
Party Transactions and the
CG REPORT
this requirement, the Board has adopted the Policy on
Board Diversity and Director Attributes, which is provided same can be accessed on the
in Annexure-III to this Report and Remuneration Policy for Company’s website at https://
Directors, Key Managerial Personnel and other employees www.tatapower.com/corporate/
of the Company, which is reproduced in Annexure-IV to policies.aspx (alternatively, scan
this Report. the adjacent QR Code using a
mobile device to read the policy
16. COMMITTEES OF THE BOARD on the Company website).
The Committees of the Board focus on certain specific During the year under review, all transactions entered
areas and make informed decisions in line with the into with related parties were approved by the Audit
delegated authority.
BRR
Committee. Details of transactions with related party
The following statutory Committees constituted by the as per Form AOC-2 are provided in Annexure-VII to this
Board function according to their respective roles and Report.
defined scope: 20. DEPOSITS (Table 8)
x Audit Committee of Directors
Sl. Amount
x Nomination and Remuneration Committee Particulars
CONSOLIDATED
No. in `
x Corporate Social Responsibility Committee
1. Accepted during the year Nil
x Stakeholders Relationship Committee
2. Remained unpaid or unclaimed at the
x Risk Management Committee 2,58,105
end of the year*
Details of composition, terms of reference and number 3. Whether there has been any default in
of meetings held for respective committees are given in repayment of deposits or payment of
the Report on Corporate Governance, which forms a part interest thereon during the year and if NA
of this Report. Further, during the year under review, all so, number of such cases and the total
recommendations made by the Audit Committee have amount involved
STANDALONE
been accepted by the Board. At the beginning of the year

17. CONSERVATION OF ENERGY, TECHNOLOGY Maximum during the year
ABSORPTION At the end of the year
The information on conservation of energy and technology 4. Details of deposits which are not in
absorption stipulated under Section 134(3)(m) of the Act compliance with the requirements of NA
read with Rule 8 of the Companies (Accounts) Rules, 2014, Chapter V of the Act
is attached as Annexure - V to this Report. *This amount pertains to disputed/court cases.
21. LOANS, GUARANTEES, SECURITY AND INVESTMENTS Pursuant to Section 148 of the Act, your Company carries
The Company, being an infrastructure company, is exempt out an annual audit of cost accounts relating to electricity.
from the provisions as applicable to loans, guarantees, The Cost Audit Report and the Compliance Report of your
security and investments under Section 186 of the Act. Company for FY18, was filed on 13th August 2018 with the
Therefore, no details are provided. Ministry of Corporate Affairs through Extensive Business
Reporting Language (XBRL) by M/s. Sanjay Gupta and
22. EXTRACT OF ANNUAL RETURN Associates, Cost Accountants, before the due date of 30th
Pursuant to Sections 92 & 134(3) of the Act and Rule 12 September 2018. Further, the cost accounts and records as
of the Companies (Management and Administration) required to be maintained under Section 148 of the Act are
Rules, 2014, the extract of Annual Return in Form MGT-9 is duly made and maintained by the Company.
provided in Annexure-VIII to this Report. 26. SECRETARIAL AUDITORS
The extracts of the Annual M/s. Parikh & Associates, Company Secretaries, were
Return of the Company can appointed as Secretarial Auditors of your Company to
also be accessed on the conduct a Secretarial Audit of records and documents
Company’s website at https:// of the Company for FY19. The Secretarial Audit Report
www.tatapower.com/investor- confirms that the Company has complied with the
re l a t i o n s / a n n u a l - re t u r n . p d f provisions of the Act, Rules, Regulations and Guidelines
(alternatively, scan the adjacent and that there were no deviations or non-compliances.
QR Code using a mobile device to
The Secretarial Audit Report does not contain any
read the policy on the Company qualifications, reservations or adverse remarks or
website). disclaimers. The Secretarial Audit Report is provided in
23. STATUTORY AUDITORS Annexure-IX to this Report.
At the 98th AGM held on 23rd August 2017, the Members As per the requirements of the Listing Regulations,
had approved the appointment of M/s. S R B C & CO. LLP Practicing Company Secretaries of the respective material
(SRBC), Chartered Accountants (ICAI Firm Registration subsidiaries of the Company have undertaken secretarial
No.324982E/E300003) as the Statutory Auditors for a audits of these subsidiaries for FY19. The Audit Report
period of 5 years commencing from the conclusion of the confirms that the material subsidiaries have complied with
98th AGM until the conclusion of the 103th AGM to be held the provisions of the Act, Rules, Regulations and Guidelines
in the year 2022. Pursuant to Sections 139 and 141 of the and that there were no deviations or non-compliances.
Act read with the Companies (Audit and Auditors) Rules 27. COMPLIANCE WITH SECRETARIAL STANDARDS
2014, SRBC has furnished a certificate of their eligibility
The Company confirms compliance with the applicable
and consent as the Auditors of the Company.
requirements of Secretarial Standards 1 and 2.
The standalone and the consolidated financial statements
28. CORPORATE GOVERNANCE
of the Company have been prepared in accordance with
Indian Accounting Standards (Ind AS) notified under Pursuant to Regulation 34 of the Listing Regulations and
Section 133 of the Act. relevant sections of the Act, a Management Discussion and
Analysis Statement, Report on Corporate Governance and
The Statutory Auditor’s report does not contain any
Auditors’ Certificate thereon are included in the Annual
qualifications, reservations, adverse remarks or disclaimers.
Report.
The Statutory Auditors were present at the last AGM. 29. VIGIL MECHANISM
24. BRANCH AUDITORS
Your Company believes in the conduct of the affairs of its
Members’ approval is being sought vide Item No. 6 of the constituents in a fair and transparent manner by adopting
Notice, for authorizing the Board of Directors to appoint the highest standards of professionalism, honesty,
Branch Auditors for the purpose of auditing the accounts integrity and ethical behaviour. In line with the Tata Code
maintained at the Branch Offices of the Company abroad. of Conduct (TCOC), any actual or potential violation,
25. COST AUDITORS howsoever insignificant or perceived as such, would be
a matter of serious concern for the Company. The role of
Your Board has appointed M/s. Sanjay Gupta and
Associates, Cost Accountants, as Cost Auditors of the the employees in pointing out such violations of the TCOC
Company for conducting cost audit for FY20. A resolution cannot be undermined.
seeking ratification of remuneration payable to the Cost Pursuant to Section 177(9) of the Act and Regulation
Auditors for FY20 is provided at Item No. 7 of the Notice of 4(2)(d)(iv) of the Listing Regulations, a Whistleblower
the ensuing AGM. Policy and Vigil Mechanism was established for directors,
employees and stakeholders to report to the management year and of the profit of the Company for that
instances of unethical behaviour, actual or suspected, period;
fraud or violation of the Company’s code of conduct or c) the Directors had taken proper and sufficient care
NOTICE
ethics policy. The Vigil Mechanism provides a mechanism for the maintenance of adequate accounting
for employees of the Company to approach the Chief records in accordance with the provisions of the
Ethics Counsellor (CEC)/Chairman of the Audit Committee Companies Act, 2013 for safeguarding the assets
of the Company for redressal. The Company has revised of the Company and for preventing and detecting
the Whistleblower Policy to include “reporting of incidents fraud and other irregularities;
of leak or suspected leak of unpublished price sensitive
BOARD’S REPORT
d) the Directors had prepared the annual accounts on
information” in terms of SEBI (Prohibition of Insider
a going concern basis;
Trading) Regulations, 2015, as
amended from time to time. The e) the Directors had laid down internal financial
revised Policy was recommended controls to be followed by the Company and that
by the Audit Committee and such internal financial controls are adequate and
approved by the Board at their were operating effectively (refer section 10);
respective meetings. The updated f) the Directors had devised proper systems to ensure
policy has been posted on the compliance with the provision of all applicable laws
Company’s website at https:// and that such systems were adequate and operating
www.tatapower.com/corporate/ effectively.
MD & A
policies.aspx (alternatively, scan the adjacent QR Code
31. ACKNOWLEDGEMENTS
using a mobile device to read the policy on the Company
website). The Company affirms that no personnel have On behalf of the Directors of the Company, I would like to
been denied access to the Audit Committee. place on record our deep appreciation to our shareholders,
customers, business partners, vendors - both international
30. DIRECTORS’ RESPONSIBILITY STATEMENT and domestic, bankers, financial institutions and academic
Based on the framework of IFC and compliance systems institutions for all the support rendered during the year
CG REPORT
established and maintained by the Company, work under review.
performed by the internal, statutory, cost auditors, The Directors are thankful to the Government of India, the
secretarial auditors and external consultants including various ministries of the State Governments, the central
audit of IFC for financial reporting by the statutory and state electricity regulatory authorities, communities
auditors and the reviews performed by management in the neighbourhood of our operations, municipal
and the relevant Board Committees, including the Audit authorities of Mumbai, and local authorities in areas where
Committee, the Board is of the opinion that the Company’s we are operational in India; as also partners, governments
IFC were adequate and effective during FY19. and stakeholders in international geographies where the
Accordingly, pursuant to Section 134(5) of the Act, the Company operates, for all the support rendered during the
year under review.
BRR
Board of Directors, to the best of its knowledge and ability,
confirm that: Finally, we appreciate and value the contributions made
by all our employees and their families for making the
a) in the preparation of the annual accounts, the
Company what it is.
applicable accounting standards had been followed
and there are no material departures; On behalf of the Board of Directors,
CONSOLIDATED
b) the Directors had selected such accounting
policies and applied them consistently and made
N. Chandrasekaran
judgements and estimates that are reasonable and
prudent so as to give a true and fair view of the state Chairman
of affairs of the Company at the end of the financial Mumbai, 2nd May 2019 (DIN: 00121863)
STANDALONE
Annexure – I : DIVIDEND POLICY

(Ref.: Board’s Report, Section 3)
1. Context:
1.1 In July 2016, SEBI has inserted Regulation 43A with respect to Dividend Distribution Policy in Securities and Exchange Board
of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, whereby the top 500 listed entities based on
market capitalization (calculated as on 31st March of every financial year) are required to formulate a dividend distribution
policy which shall be disclosed in their annual reports and on their websites and the dividend distribution policy shall also
include certain stated parameters. Tata Power, being one of the top 500 companies, needs to frame such policy as per the SEBI
regulations.
2. Background:
2.1 The Company’s overarching objective is to strike the right balance between adequately rewarding shareholders through
dividend and providing enough funds to drive future growth, both organic and inorganic, to maximize long term sustainable
shareholder value.
2.2 In order to be compliant with various statutes, the Company has to appropriate the following out of PAT earned each financial
year:
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BTQFS*OE"4HVJEFMJOFT
2.3 Each financial year end, the Company management viz. the CFO in consultation with CEO & Managing Director recommends
the amount to be declared as dividend to the Board along with all relevant workings, ratios, payouts, trends etc. As per the
existing laws and rules, Interim dividends are confirmed by the shareholders and final dividends recommended by the Directors
UPTIBSFIPMEFSTGPSBQQSPWBMBUUIF"OOVBM(FOFSBM.FFUJOHPGUIF$PNQBOZ
[a] Circumstances under which the shareholders of the listed entities may or may not expect dividend:
For the purposes of dividend distribution, the Company’s shareholders may expect the following broad criteria to be followed
by the Company -
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profit after the appropriations is positive and sufficient for distribution of dividends as per the parameters - financial or
otherwise mentioned below in point no.(b).
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Company’s accumulated Reserves. However, in exceptional cases, considering the reasons for which the profits are
negative for the year, the Board may recommend dividends out of accumulated profits.
[b] Financial Parameters would ideally include:
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dividends and tax thereon.
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XIJDIIBWFBòFDUFEUIFQSPöUTGPSUIFZFBSJODPOTJEFSBUJPO
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t 5PUBMQBZPVUPGEJWJEFOEBOEEJWJEFOEUBYPOUIFTBNFJO͎DSPSF
t 1BZPVUSBUJPPO1"5BOEEJTUSJCVUBCMFQSPöUT
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[c] Internal and External factors to be viewed:
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t 1SPKFDUTJOIBOEBOETVQQPSUSFRVJSFEUPDPNQMFUFUIFQSPKFDUTGSPN1BSFOU$PNQBOZ
t "EFRVBDZPGUIF$PNQBOZTDVSSFOUBOEQSPKFDUFE$BTIøPXTBOETUSBJOPOUIFFYJTUJOHDBTISFTFSWFTPOBDDPVOUPG
declaration of dividends.
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NOTICE
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currently accounted for.
[d] Utilisation of Retained Earnings:
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BOARD’S REPORT
modernization not funded by consumers, new projects or growth areas approved by the Board, retiring high cost debt
etc.
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than the risk free rate of return that can be earned alternatively.
t 5IF$PNQBOZXPVMEBMTPDIFDLJUTSFUBJOFEFBSOJOHTWJTËWJTUIFEFCUFRVJUZQSPöMFBOE30&MFWFMTGPSUIFMPOHUFSN
investors of the Company.
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equity structure as well as the cost of external borrowings, the enhanced or reduced retained earnings need would be
ascertained and the funds would be accordingly deployed for the same.
[e] Parameters that shall be adopted with regard to various classes of shares:
MD & A
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dividend distribution.
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[f] Others
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CG REPORT
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supersede and the provisions will be modified accordingly.
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policy is reviewed by the Board again.
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Board as an exception to the policy.
3. Subsidiary Companies - Draft Dividend Policy
BRR
Subsidiary companies may consider the following aspects whilst dealing with their surplus profits and determining the best
possible use for the same:
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the financial model used for investment approvals.
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CONSOLIDATED
earned by the Subsidiaries particularly because dividend is the only way to get returns on the investments made in that
subsidiary.
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needs to be placed to Tata Power Board for approval as per current practice due to the immediate decision required on
providing equity funding and in some cases support to lenders.
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requirements keeping in mind the overall leverage ratios and the specific equity raising plans at the parent level. It
could also advise other suggested modes of funding the requirements.
STANDALONE
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the strategic intent.
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retaining the funds is identified and agreed to with the Parent in its capacity as shareholder.
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advising the concerned Subsidiary of the usage of surplus funds of course the basic principles underlying remaining the
same as above.
Annexure – II : Annual Report on CSR Activities

(Ref.: Board’s Report, Section 12.1)
Tata Power CSR Policy outlines five thrust areas for community development:
x Education
x Livelihood & Skill Building
x 8BUFS GPSESJOLJOHJSSJHBUJPO
A brief outline of the company’s CSR policy, x Health and Sanitation

including an overview of projects or programs
x Financial Inclusivity
1. proposed to be undertaken and a reference to
the web-link to the CSR policy and projects or The Company focussed on synergy, scale and simplification for process
programs. JNQSPWFNFOU øBHTIJQ JOJUJBUJWFT BDSPTT MPDBUJPOT IFMQFE BDIJFWF TDBMF
and deliver sustainable results and change to the communities. Tata Power
Community Development Trust (TPCDT) has internal capabilities to execute
$43QSPHSBNTFòFDUJWFMZBOEFóDJFOUMZ5IF$PNQBOZT$43QPMJDZ JODMVEJOH
overview of projects or programs undertaken or proposed to be undertaken,
is provided on the Company’s website.
Ms. Anjali Bansal, Chairperson

2. The composition of the CSR Committee Mr. Deepak M. Satwalekar
Mr. Praveer Sinha
Average net profit of the company for last

3. ͎DSPSF
three financial years.
Prescribed CSR Expenditure (two percent of

4. ͎DSPSF
the amount as in item 3 above)
5. Details of CSR spend during the financial year
(a) Total amount to be spent for the financial year ͎DSPSF
(b) Amount unspent, if any /JM
Manner in which the amount spent during the

(c) Detailed overleaf
financial year
Amount
spent on the
Project or projects or
NOTICE
Cumulative
Amount programs
Programs (1) Local expenditure Amount spent:
outlay
area or other (2) Sub-heads: upto the
CSR project Sector in which (budget) Direct or
Sl. Specify the (1) Direct reporting
or activity the Project is project or through
No State and district Expenditure period
identified covered programs implementing
where projects or on projects (as on
wise agency
BOARD’S REPORT
programs were or Programs 31.03.2019)
(` in lakh)
undertaken (2) (` in lakh)
Overheads
(` in lakh)
Promotion of
i Education 125 125 1,427
Education
ii Livelihood & Direct:

Skill Building Tata Power
(Focus
MD & A
Livelihood
Areas: Skill Implementation
enhancement Local Areas
Development, Agency
projects; x Maval, Mulshi
7PDBUJPOBM (internal):
Promoting (Hydros)
training, x Tata Power
gender equality, x Trombay, T&D
Promote Community
empowering License Area
Livelihood Development
women and x Jojobera 550 550
practices
CG REPORT
measures x Mundra Trust (TPCDT)
among x Employee
for reducing xDehrand
GBSNFST 7PMVOUFFST
inequalities faced
fishermen,
by socially and State:
Income
economically x Maharashtra Implementation
(FOFSBUJPO
backward groups x Jharkhand Agency
activities for
x(VKBSBU (external):
8PNFO4FMG
x(PWFSONFOU
)FMQ(SPVQT
Agencies
iii 8BUFS District:
x Local
x Pune
BRR
(Drinking & 141 141 153 Panchayats
Irrigation) x Mumbai
x Zilla Parishad
x Singhbhum East
iv Promoting x/(0T
x Saraikela-Kharsawan
Preventive x Skill
x Kutch
healthcare and Development
Health & Agencies
CONSOLIDATED
sanitation and
Sanitation 127 127 1,305 x Other Resource
making available
safe drinking Agencies
water
v Financial
74 74 74
Inclusivity
vi Education,
Employability,
Affirmative
STANDALONE
Entrepreneurship,
Action (AA)
Essential
Sports and 2,776
Amenities, Sports,
Others
and Community
Engagement
Total 1,266 1,266 11,083
Board’s Report I
Key Highlights of the CSR Program

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%FUBJMTPG&EVDBUJPO*OJUJBUJWFT 7*%:"

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x 5IFBDBEFNJDQFSGPSNBODFJNQSPWFECZBMPOHXJUISFEVDUJPOJOESPQPVUSBUF
x During the year, innovative learning methodologies adopted included STEM learning
%FUBJMTPG)FBMUIBOE4BOJUBUJPO*OJUJBUJWFT "30(:"

x 57,271 women and children were covered under maternal and child health initiatives.
x Focus was on adolescent girls and youth to enhance awareness on life skill education and anaemia control.
x Collaboration with stakeholders and government to promote sanitation resulted in improvement in adoption of best
sanitation practices by the community.
x The community led sanitation project converged with Swachh Bharat Abhiyaan to enable construction and usage of
toilets resulting in making nearby villages open defecation free.
Details of Livelihood (SAMRIDDHI) and Skill Building (DAKSH) Initiatives:
x 1.55 lakh women, youth, farmers and fishermen were covered under Livelihood and Skill building initiatives with key
focus on women micro enterprise development.
x Focus on integrated agriculture initiatives included SRI techniques, low water consuming cropping pattern,
vermicompost, and micro-irrigation promotion.
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1,341 women covered under this initiative. TPSDI has also adopted this concept and rolled outskill training exclusively
for women
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*OJUJBUJWFT
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x Focus on drinking water at schools and village household level included RO plant installation and recharging of bore wells.
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hectares of area.
Details of Financial Inclusivity (Adhikaar)
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facilitated access to various state and central government schemes.
CSR Awards and Recognition received in FY19
x ICSI CSR Excellence Award 2018 to Tata Power (Mid Company Segment)
x 5BUB1PXFSSBOLFEUI PWFSBMM
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x Tata Power Affirmative Action Jury Award 2018
x *OEP64$IBNCFSPG$PNNFSDF$43"XBSEGPSQSPNPUJOH&EVDBUJPOBOE&OFSHZ$POTFSWBUJPOCFTUQSBDUJDFT
x Asian Communication Engagement Forum – CSR Award 2018 for Corporate Community Partnership Category
(Sanitation Initiative).
x Sandvik Award for promoting Sustainable Agriculture based Livelihood at regional level.
x 3FTQPOTJCMF-FBEFSBOE#FTU410$DBUFHPSZGPSQSPNPUJOH5BUB7PMVOUFFSJOH8FFL
6. In case the company has failed to spend the two percent of the average net profit of the /PU"QQMJDBCMF
last three financial years or any part thereof, the company shall provide the reasons for
not spending the amount in its Board Report
7. A responsibility statement of the CSR Committee that the implementation and The Committee hereby confirms
monitoring of CSR policy, is in compliance with CSR objectives and Policy of the company that the implementation and
monitoring of the CSR Policy is in
compliance with CSR objectives
and Policy of the Company
Anjali Bansal Praveer Sinha

Chairperson, CSR Committee CEO & Managing Director
%*/
%*/
Annexure – III : POLICY ON BOARD DIVERSITY AND DIRECTOR ATTRIBUTES

NOTICE
1. Objective
1.1 The Policy on Board Diversity (‘the Policy’) sets out the approach to diversity on the board of directors (‘the Board’) of The Tata
Power Company Limited (‘the company’).
5IFDPNQBOZSFDPHOJTFTUIBUEJWFSTJUZBUCPBSEMFWFMJTBOFDFTTBSZSFRVJSFNFOUJOFOTVSJOHBOFòFDUJWFCPBSE"NJYPGFYFDVUJWF
independent and other non-executive directors is one important facet of diverse attributes that the company desires. Further,
BOARD’S REPORT
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perspective results in delivering a competitive advantage and a better appreciation of the interests of stakeholders. These
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having regard to this policy.
2. Attributes of directors
2.1 The following attributes need to be considered in considering optimum board composition:
i) Gender diversity
Having at least one woman director on the Board with an aspiration to reach three women directors.
ii) Age
MD & A
The average age of board members should be in the range of 60 - 65 years.
iii) Competency
5IF CPBSE TIPVME IBWF B NJY PG NFNCFST XJUI EJòFSFOU FEVDBUJPOBM RVBMJöDBUJPOT LOPXMFEHF BOE XJUI BEFRVBUF
experience in finance, accounting, economics, legal and regulatory matters, the environment, green technologies,
operations of the company’s businesses, energy commodity markets and other disciplines related to the company’s
businesses.
CG REPORT
iv) Independence
The independent directors should satisfy the requirements of the Companies Act, 2013 (the Act) and the Securities
and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 in respect of the
‘independence’ criterion.
Additional Attributes
t 5IFEJSFDUPSTTIPVMEOPUIBWFBOZPUIFSQFDVOJBSZSFMBUJPOTIJQXJUIUIFDPNQBOZ JUTTVCTJEJBSJFT BTTPDJBUFTPS
joint ventures and the company’s promoters, besides sitting fees and commission.
t 5IFEJSFDUPSTTIPVMEOPUIBWFBOZPGUIFJSSFMBUJWFT BTEFöOFEJOUIF"DUBOE3VMFTNBEFUIFSFVOEFS
BTEJSFDUPSTPS
employees or other stakeholders (other than with immaterial dealings) of the company, its subsidiaries, associates
BRR
or joint ventures.
t 5IF EJSFDUPST TIPVME NBJOUBJO BO BSNT MFOHUI SFMBUJPOTIJQ CFUXFFO UIFNTFMWFT BOE UIF FNQMPZFFT PG UIF
company, as also with the directors and employees of its subsidiaries, associates, joint ventures, promoters and
stakeholders for whom the relationship with these entities is material.
t 5IF EJSFDUPST TIPVME OPU CF UIF TVCKFDU PG BMMFHBUJPOT PG JMMFHBM PS VOFUIJDBM CFIBWJPVS JO UIFJS QSJWBUF PS
CONSOLIDATED
professional lives.
t 5IFEJSFDUPSTTIPVMEIBWFBCJMJUZUPEFWPUFTVóDJFOUUJNFUPUIFBòBJSTPGUIF$PNQBOZ
3. Role of the Nomination and Remuneration Committee
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TIBMMSFWJFXBOEBTTFTTCPBSEDPNQPTJUJPOXIJMTUSFDPNNFOEJOH
the appointment or reappointment of independent directors.
4. Review of the Policy
5IF/3$XJMMSFWJFXUIJTQPMJDZQFSJPEJDBMMZBOESFDPNNFOESFWJTJPOTUPUIFCPBSEGPSDPOTJEFSBUJPO
STANDALONE
Annexure – IV : REMUNERATION POLICY FOR DIRECTORS,

KEY MANAGERIAL PERSONNEL AND OTHER EMPLOYEES
The philosophy for remuneration of directors, Key Managerial Personnel (“KMP”) and all other employees of The Tata Power Company
Limited (“company”) is based on the commitment of fostering a culture of leadership with trust. The remuneration policy is aligned
to this philosophy.
This remuneration policy has been prepared pursuant to the provisions of Section 178(3) of the Companies Act, 2013 (“Act”) and
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Requirements) Regulations, 2015 (“Listing Regulations”). In case of any inconsistency between the provisions of law and this
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QPMJDZ UIF/PNJOBUJPOBOE3FNVOFSBUJPO$PNNJUUFF i/3$w
IBTDPOTJEFSFEUIFGBDUPSTMBJEEPXOVOEFS4FDUJPO
PGUIF"DU
which are as under:
“(a) the level and composition of remuneration is reasonable and sufficient to attract, retain and motivate directors of the quality
required to run the company successfully;
(b) relationship of remuneration to performance is clear and meets appropriate performance benchmarks; and
(c) remuneration to directors, key managerial personnel and senior management involves a balance between fixed and incentive
QBZSFøFDUJOHTIPSUBOEMPOHUFSNQFSGPSNBODFPCKFDUJWFTBQQSPQSJBUFUPUIFXPSLJOHPGUIFDPNQBOZBOEJUTHPBMTw
Key principles governing this remuneration policy are as follows:
z Remuneration for independent directors and non-independent non-executive directors
P *OEFQFOEFOUEJSFDUPST i*%w
BOEOPOJOEFQFOEFOUOPOFYFDVUJWFEJSFDUPST i/&%w
NBZCFQBJETJUUJOHGFFT GPSBUUFOEJOH
the meetings of the Board and of committees of which they may be members) and commission within regulatory limits.
P 8JUIJOUIFQBSBNFUFSTQSFTDSJCFECZMBX UIFQBZNFOUPGTJUUJOHGFFTBOEDPNNJTTJPOXJMMCFSFDPNNFOEFECZUIF/3$
and approved by the Board.
o Overall remuneration (sitting fees and commission) should be reasonable and sufﬁcient to attract, retain and motivate
directors aligned to the requirements of the company (taking into consideration the challenges faced by the company
and its future growth imperatives).
P 0WFSBMM SFNVOFSBUJPO TIPVME CF SFøFDUJWF PG TJ[F PG UIF DPNQBOZ DPNQMFYJUZ PG UIF TFDUPSJOEVTUSZDPNQBOZT
operations and the company’s capacity to pay the remuneration.
o Overall remuneration practices should be consistent with recognized best practices.
o Quantum of sitting fees may be subject to review on a periodic basis, as required.
P 5IFBHHSFHBUFDPNNJTTJPOQBZBCMFUPBMMUIF/&%TBOE*%TXJMMCFSFDPNNFOEFECZUIF/3$UPUIF#PBSECBTFEPO
company performance, profits, return to investors, shareholder value creation and any other significant qualitative
parameters as may be decided by the Board.
P 5IF/3$XJMMSFDPNNFOEUPUIF#PBSEUIFRVBOUVNPGDPNNJTTJPOGPSFBDIEJSFDUPSCBTFEVQPOUIFPVUDPNFPGUIF
evaluation process which is driven by various factors including attendance and time spent in the Board and committee
meetings, individual contributions at the meetings and contributions made by directors other than in meetings.
o In addition to the sitting fees and commission, the company may pay to any director such fair and reasonable expenditure,
BTNBZIBWFCFFOJODVSSFECZUIFEJSFDUPSXIJMFQFSGPSNJOHIJTIFSSPMFBTBEJSFDUPSPGUIFDPNQBOZ5IJTDPVMEJODMVEF
SFBTPOBCMFFYQFOEJUVSFJODVSSFECZUIFEJSFDUPSGPSBUUFOEJOH#PBSE#PBSEDPNNJUUFFNFFUJOHT HFOFSBMNFFUJOHT DPVSU
DPOWFOFENFFUJOHT NFFUJOHTXJUITIBSFIPMEFSTDSFEJUPSTNBOBHFNFOU TJUFWJTJUT JOEVDUJPOBOEUSBJOJOH PSHBOJTFE
CZUIFDPNQBOZGPSEJSFDUPST
BOEJOPCUBJOJOHQSPGFTTJPOBMBEWJDFGSPNJOEFQFOEFOUBEWJTPSTJOUIFGVSUIFSBODFPGIJT
her duties as a director.
z Remuneration for managing director (“MD”)/executive directors (“ED”)/KMP/rest of the employees1

o The extent of overall remuneration should be sufﬁcient to attract and retain talented and qualified individuals suitable
for every role. Hence remuneration should be:
NOTICE
Market competitive (market for every role is defined as companies from which the company attracts talent or
companies to which the company loses talent).
Driven by the role played by the individual.
3FøFDUJWF PG TJ[F PG UIF DPNQBOZ DPNQMFYJUZ PG UIF TFDUPSJOEVTUSZDPNQBOZT PQFSBUJPOT BOE UIF DPNQBOZT
BOARD’S REPORT
capacity to pay.
Consistent with recognized best practices.
Aligned to any regulatory requirements.
o In terms of remuneration mix or composition:
5IFSFNVOFSBUJPONJYGPSUIF.%&%TJTBTQFSUIFDPOUSBDUBQQSPWFECZUIFTIBSFIPMEFST*ODBTFPGBOZDIBOHF
the same would require the approval of the shareholders.
#BTJDöYFETBMBSZJTQSPWJEFEUPBMMFNQMPZFFTUPFOTVSFUIBUUIFSFJTBTUFBEZJODPNFJOMJOFXJUIUIFJSTLJMMTBOE
experience.
MD & A
*OBEEJUJPOUPUIFCBTJDöYFETBMBSZ UIFDPNQBOZQSPWJEFTFNQMPZFFTXJUIDFSUBJOQFSRVJTJUFT BMMPXBODFTBOE
CFOFöUTUPFOBCMFBDFSUBJOMFWFMPGMJGFTUZMFBOEUPPòFSTDPQFGPSTBWJOHTBOEUBYPQUJNJ[BUJPO XIFSFQPTTJCMF
The company also provides all employees with a social security net (subject to limits) by covering medical expenses
and hospitalisation through re-imbursements or insurance cover and accidental death and dismemberment
through personal accident insurance.
The company provides retirement benefits as applicable.
CG REPORT
*OBEEJUJPOUPUIFCBTJDöYFETBMBSZ CFOFöUT QFSRVJTJUFTBOEBMMPXBODFTBTQSPWJEFEBCPWF UIFDPNQBOZQSPWJEFT
.%&%TTVDISFNVOFSBUJPOCZXBZPGDPNNJTTJPO DBMDVMBUFEXJUISFGFSFODFUPUIFOFUQSPöUTPGUIFDPNQBOZJO
a particular financial year, as may be determined by the Board, subject to the overall ceilings stipulated in Section
PGUIF"DU5IFTQFDJöDBNPVOUQBZBCMFUPUIF.%&%TXPVMECFCBTFEPOQFSGPSNBODFBTFWBMVBUFECZUIF
#PBSEPSUIF/3$BOEBQQSPWFECZUIF#PBSE
The company provides the rest of the employees a performance linked bonus. The performance linked bonus
would be driven by the outcome of the performance appraisal process and the performance of the company.
z Remuneration payable to Director for services rendered in other capacity
BRR
The remuneration payable to the Directors shall be inclusive of any remuneration payable for services rendered by such director
in any other capacity unless:
a) The services rendered are of a professional nature; and
C
5IF/3$JTPGUIFPQJOJPOUIBUUIFEJSFDUPSQPTTFTTFTSFRVJTJUFRVBMJöDBUJPOGPSUIFQSBDUJDFPGUIFQSPGFTTJPO
CONSOLIDATED
z Policy implementation
5IF/3$JTSFTQPOTJCMFGPSSFDPNNFOEJOHUIFSFNVOFSBUJPOQPMJDZUPUIF#PBSE5IF#PBSEJTSFTQPOTJCMFGPSBQQSPWJOHBOE
overseeing implementation of the remuneration policy.
1
Excludes employees covered by any long term settlements or specific term contracts. The remuneration for these employees would be driven
by the respective long term settlements or contracts.
STANDALONE
Annexure – V: Conservation of Energy and Technology Absorption

A. Conservation of Energy
i. The steps taken for impact on conservation of energy:
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GPSFóDJFOUVTFPGQPXFS0OFPG̓UIFLFZJOJUJBUJWFTSPMMFEPVUCZUIFDPNQBOZXBTi,OPX:PVS&MFDUSJDJUZ$POTVNQUJPOw
,:&$
*O UIJT JOJUJBUJWF "VUPNBUJD .FUFS 3FBEJOH FOBCMFE $POTVNFST DBO NPOJUPS BOE DPOUSPM UIFJS FOFSHZ
consumption by looking at half-hourly energy consumption with comparative previous month pattern. This scheme
also has a provision of budgeting energy consumption plan for the period including receiving alert in case of breaching
the budgeted energy. For residential consumers, a provision has been incorporated for providing an alert on crossing of
energy consumption beyond the slab. One of the unique features is alerts for energy consumption during periods of no
occupancy.
'PS SFTJEFOUJBM DPOTVNFST JO .VNCBJ ZPVS $PNQBOZ MBVODIFE B VOJRVF DPOTVNFS JOJUJBUJWF DBMMFEA#F (SFFO 5IJT
initiative gave an opportunity to the Company’s consumers to exchange their inefficient electrical appliances for 5-star
SBUFEFOFSHZFóDJFOUBQQMJBODFTTVDIBTJOWFSUPST BJSDPOEJUJPOFST SFGSJHFSBUPSTBOEGBOTBUBEJTDPVOUFEQSJDF _
UP
5IJTJOJUJBUJWFIFMQTUPOPUPOMZDPOTFSWFFOFSHZCZFODPVSBHJOHVTBHFPGFOFSHZFóDJFOUBQQMJBODFTCVUBMTP
SFEVDFDPOTVNFSTFOFSHZDPTUCZUPXJUIPVUDPNQSPNJTJOHPOUIFJSDPNGPSUBOEDPOWFOJFODF"MMUIF%4.
programs were launched after due and prior approval of the Maharashtra Electricity Regulatory Commission (MERC).
%VSJOH': UIF$PNQBOZMBVODIFEUIF)FBU1VNQ8BUFS)FBUJOH4ZTUFN1JMPUQSPHSBN)FBUQVNQXBUFSIFBUFSTBSF
highly energy efficient as most of the energy required for water heating comes from the external environment and only
a fraction comes from electricity. This pilot program incentivized the consumers to use the energy efficient Heat Pump
Technology for water heating. About 4,000 energy efficient appliances (ceiling fan, AC, refrigerator) were provided to
DPOTVNFSTJO':"MTP 5BUB1PXFS%%-BDIJFWFEUIFNJMFTUPOFPGEJTUSJCVUJOHNJMMJPO-&%MJHIUT
:PVS$PNQBOZDPOEVDUFEFOFSHZBVEJUTBOEXBMLEPXOFOFSHZTVSWFZTGPSJOEVTUSJBMBOEDPNNFSDJBMDPOTVNFSTBOE
XFSFPòFSFETQFDJöDSFDPNNFOEBUJPOTUPJNQSPWFUIFQSPDFTTBOEFRVJQNFOUFóDJFODZ
:PVSDPNQBOZTFSWFTBSPVOEMBLIDPOTVNFSTPOBNPOUIMZCBTJTJO.VNCBJ5IFTFCJMMTBSFQSJOUFEVTJOHSFDZDMFE
paper without harming the environment, which is equivalent to saving 2,800 trees annually. In addition, your Company
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.VNCBJ:PVS$PNQBOZIBTUBLFOUIJTJOJUJBUJWFUPOFYUMFWFMCZJOUSPEVDUJPOPGi1BSZBWBSBO.JUSBwQSPHSBNXIFSFJO
DPOTVNFSTQMFEHFUPDPOTFSWFSFTPVSDFT 'VFM 8BUFS &MFDUSJDJUZ FUD
*OMJFVPGUIJT ZPVS$PNQBOZQMBOUTTBQMJOHJOUIF
catchment area around the Company’s hydro power stations.
'VSUIFS JO UIF (FOFSBUJPO CVTJOFTT WBSJPVT JOJUJBUJWFT GPS PQUJNJ[BUJPOSFEVDUJPO PG BVYJMJBSZ QPXFS DPOTVNQUJPO BU
NVMUJQMF PQFSBUJOH QMBOUT JODMVEFE EFTUBHJOH PG $&1T BU .1- PQUJNJTBUJPO PG NJMM PQFSBUJPO BOE $81T PQFSBUJPO
in Jojobera, optimising usage of non-essential air in Trombay. Additionally, robotic cleaning of AC duct resulted in
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QFSQFOEJDVMBSUP17BSSBZTBOEIFMQFEUPJNQSPWFTQFDJöDZJFMEGSPNTPMBS17QMBOUT
B. RESEARCH AND DEVELOPMENT
x 6MUSB -POH 3BOHF 0CTFSWBUJPO 4ZTUFN 3"+", 6-3 XJUI MPOHSBOHF TFOTPST
NOTICE
and indigenous thermal Engine and rugged console
x Multispectral imaging system with integrated radar for navigation in adverse
weather
x 6QHSBEF UP NVMUJTFOTPS EBUB GVTJPO FOHJOF UP TVQQPSU UBSHFUT GSPN
heterogeneous sensors with refresh rate of 0.5 secs
Specific area in which R&D
1 x Enhancement of the spider framework to support newer generation of sensors
carried out by the Company
BOARD’S REPORT
x Development of Direct Line Light with high shock substance for usage in high
calibre artillery guns
x $PBYJBM3PUBSZ+PJOU EFH SQNGPSUSBOTGFSPG%$UP()[TJHOBMT
x &MFDUSJD IJHITQFFE MJOFBS BDUVBUPST GPS FMFWBUJOH QBZMPBET PG VQUP L/
dynamic load
x 6QHSBEFEGVFMDFMMoDPNQBDUBOESVHHFEGPSNJMJUBSZBQQMJDBUJPOT
x Long Range Observation System supplied to MHA for deployment in high
attitude, harsh weather environment
x %FMJWFSZBOEFYUFOTJWFUSJBMTPG'PH7JTJPO4ZTUFN '74
XJUI*OEJBO3BJMXBZT
Benefits derived as a result of
2 x Deployment of Border Management capability with SPIDER framework as part
the above R&D
MD & A
of CIBMS program of MHA and in IPSS trials of Indian Air Force
x *OUFHSBUJPOPGEJSFDUöSFSJHIU 0&41
PO"5"(4HVOBOESJHPSPVTöFMEUFTUJOHPG
the same
x Deployment of analytics & SPIDER framework in the cloud for customers &
3 Future Plan of Action partners
x Identify gaps in technology and subsystems and initiate development projects
CG REPORT
C. TECHNOLOGY ABSORPTION
x Bottom Ash and waste plastic-based bricks for heavy load applications
&òPSUT JOCSJFG NBEFUPXBSET x 'BCSJDBUJPOPGUISFF"MGB6OJUTPGUIF6OJøPX4ZTUFNGPSöFMEEFQMPZNFOU
1 Technology Absorption, x 6UJMJTBUJPOPGESPOFTGPSNBJOUFOBODF JODMVEJOHUIFSNBMJNBHJOHPGBTTFUT
adaptation and innovation x Drone-based image analytics for solar and wind assets
x 'VODUJPOTQFDJöDSPCPUTGPSBQQMJDBUJPOJOIZESPTBOE$8QJQFMJOFT
x Devising methods for ash utilisation
Benefits derived as a result of the x 0QQPSUVOJUZGPSGVSUIFSTBWJOHTBUPUIFSTPMBS17TJUFTCZVTJOHESPOFCBTFE
2
BCPWFFòPSUT technology insights
BRR
x Safe operations and maintenance in open switch yards
In case of imported technology
(imported during the last
five years reckoned from the
beginning of the financial year),
CONSOLIDATED
following information may be
furnished: B
*OFSUJBM/BWJHBUJPO4ZTUFN */4
GSPN)POFZXFMM 64"
a) Technology Imported C
':
3
C
:FBSPG*NQPSU D
5FDIOPMPHZXBTWBMJEBUFEJOQJMPUQSPKFDUTEVSJOH':BOE':
c) Has technology been fully d) Technology to go for manufacturing
absorbed?
d) If not fully absorbed, areas
where this has not taken
place, reasons thereof and
STANDALONE
future plans of action

B
$MFBO5FDI ͎DSPSF
&YQFOEJUVSFPO3% JO͎DSPSF
4&% ͎DSPSF
4 a) Capital C
$MFBO5FDI /*-
b) Recurring 4&% ͎DSPSF
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GENERATION BUSINESS
x Installation of Energy Management System through PI system at Maithon
x RFID-based masking system for coal sampling and analysis at Maithon
x *NQMFNFOUBUJPOPGFTFDVSJUZTZTUFNTBU.BJUIPOBOE$(1- .VOESBUPFOIBODFUIFFòFDUJWFOFTTPGTFDVSJUZTZTUFNTUISPVHI
automation
x 3PMMPVUPG(&"1.*P5QMBUGPSNGPSPOMJOFEJHJUBMJ[FE0.QFSGPSNBODFNPOJUPSJOHBOEJOUFSWFOUJPO
TRANSMISSION AND DISTRIBUTION BUSINESS

x -BVODIFE7PJDF#PU 5*/" QPXFSFECZ(PPHMF"TTJTUBOUGPSOFYUHFOFSBUJPODVTUPNFSTFSWJDFOFFET
x 5PQSPWJEFSFMJBCMF)5TVQQMZUPDPOTVNFSTXJUINJOJNVNTQBDFSFRVJSFNFOU BDPNCJOFETPMVUJPOVTJOH3.6BOE$515XBT
developed.
x Introduced Smart Meter Reading & Bill Distribution (SMRD) for improving process efficiency in meter reading and bill dispatch
activities.
x 6TFPGNPOPQPMFJOQMBDFPGDPOWFOUJPOBM5SBOTNJTTJPOMJOFUPXFSTGPSSBJTJOHIFJHIUPGPWFSIFBEMJOFTGPS.VNCBJ.FUSP3BJM
Corporation (MMRC)’s Metro 7 project within available space.
x 6TFPG$SZTUBMMJOF8BUFSQSPPöOH$PNQPVOE *OUFSOBM.FNCSBOF
JOQMBDFPG4VSGBDF"QQMJFE.FNCSBOF UIFSFCZSFEVDJOH
building construction time and hence cost for receiving stations.
x Partial Discharge (PD) measurement for indoor switchgears which helps in early detection of equipment condition to avert
failures by taking preventive action.
On behalf of the Board of Directors,
N. Chandrasekaran
Chairman
.VNCBJ OE.BZ %*/
Annexure – VI : DISCLOSURE OF MANAGERIAL REMUNERATION

NOTICE
a) The ratio of the remuneration of each director to the median remuneration of the employees of the Company for the financial year:
Name of Director Ratio of Director’s remuneration to the median
remuneration of the employees of the Company
for the financial year
.S/$IBOESBTFLBSBO$ -
BOARD’S REPORT
.S/BXTIJS).JS[B 6.88
Mr. Deepak M. Satwalekar 6.47
Ms. Anjali Bansal
.T7JCIB1BEBMLBS 5.01
.S4BOKBZ7#IBOEBSLBS 5.55
Mr. K. M. Chandrasekhar 4.01
Mr. Hemant Bhargava
#
Mr. Saurabh Agrawal -
MD & A
Mr. Banmali Agrawala # -
Mr. Praveer Sinha, CEO and Managing Director (w.e.f 01.05.2018) 40.86
Mr. Ashok S. Sethi, COO and Executive Director* 38.68
Mr. Anil Sardana, CEO and Managing Director@ 18.54
$
"TBQPMJDZ .S/$IBOESBTFLBSBO $IBJSNBO IBTBCTUBJOFEGSPNSFDFJWJOH$PNNJTTJPOGSPNUIF$PNQBOZBOEIFODFOPUTUBUFE
#
*OMJOFXJUIUIFJOUFSOBMHVJEFMJOFTPGUIF$PNQBOZ OPQBZNFOUJTNBEFUPXBSETDPNNJTTJPOUPUIF/PO&YFDVUJWF%JSFDUPST /&%T
PGUIF
Company, who are in full time employment with another Tata company and hence not stated.
CG REPORT
.S4FUIJTVQFSBOOVBUFEBT$00&YFDVUJWF%JSFDUPSPGUIF$PNQBOZXJUIFòFDUGSPNDMPTFPGCVTJOFTTIPVSTPOUI"QSJM
@
.S4BSEBOBSFTJHOFEBT$&0.BOBHJOH%JSFDUPSPGUIF$PNQBOZXJUIFòFDUGSPNDMPTFPGCVTJOFTTIPVSTPOUI"QSJM
b) The percentage increase in remuneration of each director, Chief Financial Officer, Chief Executive Officer, Company Secretary or
Manager, if any, in the financial year:
Name of Director and Key Managerial Personnel Percentage (%) increase in remuneration in the
financial year
.S/$IBOESBTFLBSBO$ -
.S/BXTIJS).JS[B -27.17
BRR
Mr. Deepak M. Satwalekar
Ms. Anjali Bansal 18.60
.T7JCIB1BEBMLBS 15.47
.S4BOKBZ7#IBOEBSLBS 20.32
CONSOLIDATED
Mr. K. M. Chandrasekhar 110.63
Mr. Hemant Bhargava 67.20
Mr. Saurabh Agrawal # -
Mr. Banmali Agrawala # -
Mr. Praveer Sinha, CEO and Managing Director (KMP) (w.e.f 01.05.2018) /"
Mr. Ashok S. Sethi, COO and Executive Director (KMP) * 14.41
Mr. Anil Sardana, CEO and Managing Director (KMP) @ -78.86
STANDALONE
.S3BNFTI/4VCSBNBOZBN $IJFG'JOBODJBM0óDFS ,.1

11.00
Mr. Hanoz M. Mistry, Company Secretary (KMP) 13.21
$
"TBQPMJDZ .S/$IBOESBTFLBSBO $IBJSNBO IBTBCTUBJOFEGSPNSFDFJWJOH$PNNJTTJPOGSPNUIF$PNQBOZBOEIFODFOPUTUBUFE
#
*OMJOFXJUIUIFJOUFSOBMHVJEFMJOFTPGUIF$PNQBOZ OPQBZNFOUJTNBEFUPXBSETDPNNJTTJPOUPUIF/&%TPGUIF$PNQBOZ XIPBSFJOGVMMUJNF
employment with another Tata company and hence not stated.
@
D
5IFQFSDFOUBHFJODSFBTFJOUIFNFEJBOSFNVOFSBUJPOPGFNQMPZFFTJOUIFöOBODJBMZFBS
d) The number of permanent employees on the rolls of the company: 3,248.
e) Average percentile increase already made in the salaries of employees other than the managerial personnel in the last financial
year, its comparison with the percentile increase in the managerial remuneration, justification thereof and point out if there are
any exceptional circumstances for increase in the managerial remuneration:
"WFSBHFQFSDFOUJMFJODSFBTFJOUIFTBMBSJFTPGFNQMPZFFTPUIFSUIBOUIFNBOBHFSJBMQFSTPOOFMXBT
"WFSBHF JODSFBTF JO SFNVOFSBUJPO PG .BOBHFST EFöOFE BT .% BOE &% PO UIF #PBSE PG ZPVS $PNQBOZ
XBT
As Mr. Praveer Sinha was appointed as CEO and Managing Director of the Company effective 1st May 2018, his remuneration
is not comparable for the purpose of calculating aforesaid average increase in remuneration.
f) Affirmation that the remuneration is as per the remuneration policy of the Company:
It is affirmed that the remuneration is as per the ‘Remuneration Policy for Directors, Key Managerial Personnel and other
employees, approved by the Board.
N. Chandrasekaran
Chairman
%*/
.VNCBJ OE.BZ
Annexure – VII : RELATED PARTY TRANSACTIONS

3FG#PBSET3FQPSU 4FDUJPO
NOTICE
FORM No. AOC-2
'PSNGPSEJTDMPTVSFPGQBSUJDVMBSTPGDPOUSBDUTBSSBOHFNFOUTFOUFSFEJOUPCZUIFDPNQBOZXJUISFMBUFEQBSUJFTSFGFSSFEUPJOTVC
section (1) of section 188 of the Companies Act, 2013 including certain arms length transactions under third proviso thereto
BOARD’S REPORT
[Pursuant to clause (h) of sub-section (3) of section 134 of the Act and Rule 8(2) of the Companies (Accounts) Rules, 2014]
1. Details of contracts or arrangements or transactions not at arm’s length basis:
Name(s) of Nature of Duration of Salient terms of the Justification for Date(s) of Amount Date on which the
the related contracts/ the contracts/ contracts or entering into approval paid as special resolution
party and arrangements/ arrangements/ arrangements such contracts or by the advances, was passed in
nature of transactions transactions or transactions including arrangements or Board if any general meeting
relationship the value, if any transactions as required under
first proviso to
Section 188
MD & A
Tata Sons Share /" Share Purchase Share Purchase /JM Shareholders
Private Purchase Agreement for sale of Agreement approval
Limited Agreement &RVJUZ for sale of obtained by
(Investee Shares held in Panatone Postal Ballot on
Company)* Finvest Limited to Tata Equity Shares 18.05.2018
Sons Private Limited. held in Panatone
Consideration value Finvest Limited to
Tata Sons Private
CG REPORT
͎ DSPSF
Limited.
Panatone Share /" Share Purchase Share Purchase /JM Shareholders
Finvest Purchase Agreement for sale Agreement approval
Limited Agreement PG &RVJUZ for sale of obtained by
(Associate Shares held in Tata Postal Ballot on
Company)* Communications Equity Shares 18.05.2018
Limited to Panatone held in Tata
Finvest Limited. Communications
Consideration value Limited to
BRR
͎DSPSF Panatone Finvest
Limited.
* Details of above trasactions were disclosed in the previous year also.
2. Details of material contracts or arrangement or transactions at arm’s length basis:
CONSOLIDATED
Name(s) of the Nature of Duration of Salient terms of Date(s) of Amount paid as
related party and contracts/ the contracts/ the contracts or approval by the advances, if any
nature of arrangements/ arrangements/ arrangements Board, if any
relationship transactions transactions or transactions
including the
value, if any
/JM
STANDALONE
N. Chandrasekaran
Chairman
%*/
.VNCBJ OE.BZ
Board’s Report I
Annexure – VIII : EXTRACT OF ANNUAL RETURN

FORM No. MGT-9

&953"$50'"//6"-3&563/
BTPOUIFöOBODJBMZFBSFOEFEPOTU.BSDI
<1VSTVBOUUPTFDUJPO
PGUIF$PNQBOJFT"DU BOESVMF

of the Companies (Management and Administration) Rules, 2014]
I. REGISTRATION AND OTHER DETAILS:
J
$*/-.)1-$
JJ
3FHJTUSBUJPO%BUFUI4FQUFNCFS
JJJ
/BNFPGUIF$PNQBOZ5IF5BUB1PXFS$PNQBOZ-JNJUFE
JW
$BUFHPSZ4VC$BUFHPSZPGUIF$PNQBOZ1VCMJD$PNQBOZMJNJUFECZTIBSFT
v) Address of the Registered office and contact details: Bombay House, 24, Homi Mody Street, Mumbai - 400 001.
Tel.: 022 6665 8282 Fax: 022 6665 8801 E-mail: [email protected]8FCTJUFwww.tatapower.com
WJ
8IFUIFSMJTUFEDPNQBOZ:FT
WJJ
/BNF "EESFTTBOE$POUBDUEFUBJMTPG3FHJTUSBSBOE5SBOTGFS"HFOU JGBOZ
TSR Darashaw Limited
6-10, Haji Moosa Patrawala Industrial Estate, 20, Dr. E. Moses Road, Mahalaxmi, Mumbai - 400 011.
5FM'BY&NBJM[email protected]8FCTJUFwww.tsrdarashaw.com
II. PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY
"MMUIFCVTJOFTTBDUJWJUJFTDPOUSJCVUJOHPSNPSFPGUIFUPUBMUVSOPWFSPGUIFDPNQBOZTIBMMCFTUBUFE
Sl. Name and Description of NIC Code of the % to total turnover of the company
No. main products/services product/service
1 Power Supply & Transmission charges 3510 82.60
III. PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES –
Sl. Name and Address of the Company * CIN/GLN Holding/ % of Applicable
No. Subsidiary/ shares Section
Associate held *
1 Af-Taab Investment Co. Ltd. 6.)1-$ Subsidiary 100 Section 2(87)
Corporate Centre, B Block, 34, Sant Tukaram Road,
$BSOBD#VOEFS .VNCBJ
2 Tata Power Trading Co. Ltd. 6.)1-$ Subsidiary 100 Section 2(87)
Carnac Receiving Station, 34, Sant Tukaram Road,
$BSOBD#VOEFS .VNCBJ
3 Powerlinks Transmission Ltd.# 6%-1-$ Subsidiary 51 Section 2(87)
10th Floor, DLF Tower-A, District Center-Jasola,
/FX%FMIJ
4 Maithon Power Ltd. 6.)1-$ Subsidiary 74 Section 2(87)
Corporate Center, 34, Sant Tukaram Road,
$BSOBD#VOEFS .VNCBJ
5 /&-$0-UE -.)1-$ Subsidiary 50.04 Section 2(87)
.*%$ 1MPU/P&- 55$*OEVTUSJBM"SFB
&MFDUSPOJDT;POF .BIBQF /BWJ.VNCBJ
6 Tatanet Services Ltd. 6.)1-$ Subsidiary 50.04 Section 2(87)
.*%$ 1MPU/P&- 55$*OEVTUSJBM"SFB
&MFDUSPOJDT;POF .BIBQF /BWJ.VNCBJ

Associate held *
NOTICE
7 /FMDP/FUXPSL1SPEVDUT-UE 6.)1-$ Subsidiary 50.04 Section 2(87)
EL-6, TTC Industrial Area, MIDC, Mahape,
/BWJ.VNCBJ
8 Industrial Energy Ltd.# 6.)1-$ Subsidiary 74 Section 2(87)
DP5IF5BUB1PXFS$P-UE $PSQPSBUF$FOUSF
A Block, 34, Sant Tukaram Road, Carnac Bunder,
BOARD’S REPORT
.VNCBJ
*OEVTUSJBM1PXFS6UJMJUZ-UE 6.)1-$ Subsidiary 100 Section 2(87)
.VNCBJ
10 Tata Power Delhi Distribution Ltd. 6%-1-$ Subsidiary 51 Section 2(87)
/%1-)PVTF )VETPO-JOFT ,JOHTXBZ$BNQ
%FMIJ
11 /%1-*OGSB-UE 6%-1-$ Subsidiary 51 Section 2(87)
Jeevan Bharati Tower #1, 10th Floor, 124,
$POOBVHIU$JSDVT /FX%FMIJ
MD & A
12 $PBTUBM(VKBSBU1PXFS-UE 6.)1-$ Subsidiary 100 Section 2(87)
4BOU5VLBSBN3PBE $BSOBD#VOEFS .VNCBJ
13 Tata Power Renewable Energy Ltd. 6.)1-$ Subsidiary 100 Section 2(87)
.VNCBJ
14 5BUB1PXFS(SFFO&OFSHZ-UE 6.)1-$ Subsidiary 100 Section 2(87)
CG REPORT
B Block, Corporate Centre, 34, Sant Tukaram Road,
$BSOBD#VOEFS .VNCBJ
15 4VQB8JOEGBSN-UE 6.)1-$ Subsidiary 100 Section 2(87)
.VNCBJ
16 /JWBEF8JOEGBSN-UE 6.)1-$ Subsidiary 100 Section 2(87)
.VNCBJ
17 1PPMBWBEJ8JOEGBSN-UE 6.)1-$ Subsidiary 100 Section 2(87)
BRR
.VNCBJ
18 Indo Rama Renewables Jath Ltd. 6.)1-$ Subsidiary 100 Section 2(87)
34, Sant Tukaram Road, Carnac Bunder,
CONSOLIDATED
.VNCBJ
7BHBSBJ8JOEGBSN-UE 6.)1-$ Subsidiary 72 Section 2(87)
20 8BMXIBO3FOFXBCMF&OFSHZ-UE 6.)1-$ Subsidiary 100 Section 2(87)
DP5IF5BUB1PXFS$P-UE $PSQPSBUF$FOUSF#
21 Clean Sustainable Solar Energy Pvt. Ltd. 6.)15$ Subsidiary Section 2(87)
STANDALONE

22 Dreisatz Mysolar24 Pvt. Ltd. 6%-15$ Subsidiary 100 Section 2(87)
$ -PXFS(SPVOE'MPPS $IJSBH&ODMBWF
(SFBUFS,BJMBTI /FX%FMIJ
23 MI Mysolar24 Pvt. Ltd. 6%-15$ Subsidiary 100 Section 2(87)

Associate held *
24 /PSUIXFTU&OFSHZ1WU-UE 6.)15$ Subsidiary 100 Section 2(87)
25 Solarsys Renewable Energy Pvt. Ltd. 6%-15$ Subsidiary 100 Section 2(87)
26 8BMXIBO4PMBS&OFSHZ(+-UE 6.)1-$ Subsidiary 100 Section 2(87)
27 8BMXIBO4PMBS3BK-UE 6.)1-$ Subsidiary 100 Section 2(87)
28 8BMXIBO4PMBS#)-UE 6.)1-$ Subsidiary 100 Section 2(87)
8BMXIBO4PMBS.)-UE 6.)1-$ Subsidiary 100 Section 2(87)
30 8BMXIBO8JOE3+-UE 6%-1-$ Subsidiary 100 Section 2(87)
31 8BMXIBO4PMBS"1-UE 6.)1-$ Subsidiary 100 Section 2(87)
32 8BMXIBO4PMBS,"-UE 6.)1-$ Subsidiary 100 Section 2(87)
33 8BMXIBO4PMBS.1-UE 6.)1-$ Subsidiary 100 Section 2(87)
34 8BMXIBO4PMBS1#-UE 6%-1-$ Subsidiary 100 Section 2(87)
35 8BMXIBO&OFSHZ3+-UE 6.)1-$ Subsidiary 100 Section 2(87)
36 8BMXIBO4PMBS5/-UE 6%-1-$ Subsidiary 100 Section 2(87)
37 8BMXIBO4PMBS3+-UE 6.)1-$ Subsidiary 100 Section 2(87)
38 8BMXIBO6SKB"OKBS-UE 6%-1-$ Subsidiary 100 Section 2(87)
8BMXIBO6SKB*OEJB-UE 6.)1-$ Subsidiary 100 Section 2(87)
40 Dugar Hydro Power Ltd.# 6)11-$ Subsidiary 50.001 Section 2(87)
4BOUPTI#IBWBO TU'MPPS /FBS(PWU.JEEMF4DIPPM
.FIMJ 10,BTVNQUJ 4IJNMB
41 Tata Power Solar Systems Ltd. 6,"1-$ Subsidiary 100 Section 2(87)
1MPU/P &MFDUSPOJD$JUZ )PTVS3PBE
Bengaluru 560 100

Associate held *
NOTICE
42 Chirasthaayee Saurya Ltd. 6,"1-$ Subsidiary 100 Section 2(87)
/P &MFDUSPOJD$JUZ )PTVS3PBE
Bengaluru 560 100
43 Tata Power Jamshedpur Distribution Ltd. 6.)1-$ Subsidiary 100 Section 2(87)
BOARD’S REPORT
.VNCBJ
44 Tata Ceramics Ltd. 6,-1-$ Subsidiary 57.07 Section 2(87)
26 Cochin Special Economic Zone, Kakkanad,
Ernakulam 682 037
45 TP Ajmer Distribution Ltd. 6.)1-$ Subsidiary 100 Section 2(87)
DP5IF5BUB1PXFS$P-UE 4BOU5VLBSBN3PBE
$BSOBD#VOEFS .VNCBJ
46 Bhira Investments Ltd. /PUBQQMJDBCMF Subsidiary 100 Section 2(87)
4IFOUPO8BZ 4JOHBQPSF foreign company
47 Bhivpuri Investments Ltd. /PUBQQMJDBCMF Subsidiary 100 Section 2(87)
IFS Court, Bank Street, Twenty-Eight, foreign company
MD & A
Cybercity Ebene 72201, Republic of Mauritius
48 Khopoli Investments Ltd. /PUBQQMJDBCMF Subsidiary 100 Section 2(87)
IFS Court, Bank Street, Twenty-Eight, foreign company
Cybercity Ebene 72201, Republic of Mauritius
Trust Energy Resources Pte. Ltd. /PUBQQMJDBCMF Subsidiary 100 Section 2(87)
50 Energy Eastern Pte. Ltd. /PUBQQMJDBCMF Subsidiary 100 Section 2(87)
CG REPORT
51 Tata Power International Pte. Ltd. /PUBQQMJDBCMF Subsidiary 100 Section 2(87)
52 'BS&BTUFSO/BUVSBM3FTPVSDFT--$ /PUBQQMJDBCMF Subsidiary 100 Section 2(87)
Russian Federation, 683024, Kamchatka Krai, foreign company
Petropavlovsk-Kamchatsky city,
;FSLBMOBZBTUS PóDF
53 PT Sumber Energi Andalan Tbk. /PUBQQMJDBCMF Subsidiary Section 2(87)
Prince Centre 8th Floor, JI. Jend. foreign company
Sudirman Kav 3-4, Jakarta 10220, Indonesia
BRR
54 Tubed Coal Mines Ltd. 6.)1-$ Associate 40 Section 2(6)
Century Bhavan, 3rd Floor, Dr. Annie Besant Road,
8PSMJ .VNCBJ
55 Mandakini Coal Company Ltd. 6%-1-$ Associate 33.33 Section 2(6)
1MPU/P 4FDUPS# -PDBM4IPQQJOH$PNQMFY
7BTBOU,VOK /FX%FMIJ
CONSOLIDATED
56 Solace Land Holding Ltd. 6%-1-$ Associate 33.33 Section 2(6)
7BTBOU,VOK /FX%FMIJ
57 (BNNB-BOE)PMEJOH-UE 6%-1-$ Associate 33.33 Section 2(6)
7BTBOU,VOK /FX%FMIJ
58 Beta Land Holding Ltd. 6%-1-$ Associate 33.33 Section 2(6)
7BTBOU,VOK /FX%FMIJ
STANDALONE
(JOHFS-BOE)PMEJOH-UE 6%-1-$ Associate 33.33 Section 2(6)

7BTBOU,VOK /FX%FMIJ
60 :BTINVO&OHJOFFST-UE 6.)1-$ Associate 27.27 Section 2(6)
%IBSBWJ3PBE /FYUUP.4&# .BUVOHB .VNCBJ

Associate held *
61 Tata Projects Ltd. 65(1-$ Associate 47.78 Section 2(6)
Mithona Towers-1, 1-7-80 to 87, Prenderghast Road,
Secunderabad, Hyderabad 500 003
62 The Associated Building Co. Ltd. 6.)1-$ Associate 33.14 Section 2(6)
Bombay House, 24, Homi Mody Street,
Mumbai 400 001
63 Brihat Trading Pvt. Ltd. 6.)15$ Associate 33.21 Section 2(6)
Bank of Baroda Building, Bombay Samachar Marg,
Mumbai 400 001
64 /FMJUP4ZTUFNT-UE 6.)1-$ Associate 28.15 Section 2(6)
205-208, Millennium Business Park, Building 2, Sector 1,
.BIBQF /BWJ.VNCBJ
65 Cennergi Pty. Ltd. /PUBQQMJDBCMF Associate 50 Section 2(6)
Exxaro Corporate Centre, Roger Dyason Road, Block A, foreign company
'MPPS 1SFUPSJB8FTU 4PVUI"GSJDB
66 5TJUTJLBNNB$PNNVOJUZ8JOE'BSN 1UZ
-UE /PUBQQMJDBCMF Associate 50 Section 2(6)
67 Amakhala Emoyeni RE Project 1 (Pty.) Ltd. /PUBQQMJDBCMF Associate 50 Section 2(6)
68 PT Mitratama Perkasa /PUBQQMJDBCMF Associate 28.38 Section 2(6)
Menara Anugrah Lantai 10, Kantor Taman E3.3, foreign company
-PU +*%3*EF"OBL"HVOH(EF"HVOH̓,BXBTBO
.FHB,VOJOHBO +BLBSUB *OEPOFTJB
15.JUSBUBNB6TBIB /PUBQQMJDBCMF Associate 28.38 Section 2(6)
Menara Anugrah Lantai 10, Kantor Taman E3.3, foreign company
-PU +*%3*EF"OBL"HVOH(EF"HVOH̓,BXBTBO
.FHB,VOJOHBO +BLBSUB *OEPOFTJB
70 PT Arutmin Indonesia /PUBQQMJDBCMF Associate 30 Section 2(6)
14th Floor, Bakrie Tower Complex, Rasuna Epicentrum, foreign company
+BMBO)33BTVOB4BJE +BLBSUB *OEPOFTJB
71 PT Kaltim Prima Coal /PUBQQMJDBCMF Associate 30 Section 2(6)
Bakrie Tower, 15th Floor, JI. H.R. Rasuna Said, foreign company
Kel. Karet Kuningan Kec. Setiabudi, Jakarta Selatan,
*OEPOFTJB
72 Indocoal Resources (Cayman) Ltd. /PUBQQMJDBCMF Associate 30 Section 2(6)
10#PY(5 6HMBOE)PVTF 4PVUI$IVSDI4USFFU foreign company
(FPSHF5PXO (SBOE$BZNBO $BZNBO*TMBOET
73 Indocoal KPC Resources (Cayman) Ltd. /PUBQQMJDBCMF Associate 30 Section 2(6)
$JUDP5SVTUFFT $BZNBO
-UE /FYVT8BZ foreign company
$BNBOB#BZ 10#PY (SBOE$BZNBO,:
Cayman Islands
74 PT Indocoal Kalsel Resources /PUBQQMJDBCMF Associate 30 Section 2(6)
M&C Corporate Service Ltd. foreign company
10#09(56HMBOE)PVTF 4PVUI$IVSDI4USFFU
(FPSHF5PXO(SBOE$BZNBO $BZNBO*TMBOE
75 PT Indocoal Kaltim Resources /PUBQQMJDBCMF Associate 30 Section 2(6)
#BLSJF5PXFS UIøPPS 3BTVOB&QJDFOUSVN foreign company
Jl. H.R. Rasuna Said, Jakarta,
*OEPOFTJB
76 Dagachhu Hydro Power Corporation Ltd. /PUBQQMJDBCMF Associate 26 Section 2(6)
Khebisa, Dzongkhang: Dagana, Bhutan foreign company
77 Candice Investments Pte. Ltd. /PUBQQMJDBCMF Associate 30 Section 2(6)
60 Paya Lebar Road, #08-43 Paya Lebar Square, foreign company
4JOHBQPSF

Associate held *
NOTICE
78 15/VTB5BNCBOH1SBUBNB /PUBQQMJDBCMF Associate 30 Section 2(6)
Menara Anugrah Lantai 10, Kantor Taman E3.3, Lot 8.6- foreign company
+*%3*EF"OBL"HVOH(EF"HVOH,BXBTBO.FHB
,VOJOHBO +BLBSUB *OEPOFTJB
PT Marvel Capital Indonesia /PUBQQMJDBCMF Associate 30 Section 2(6)
BOARD’S REPORT
+*%3*EF"OBL"HVOH(EF"HVOH̓,BXBTBO.FHB
80 PT Dwikarya Prima Abadi /PUBQQMJDBCMF Associate 30 Section 2(6)
+*%3*EF"OBL"HVOH(EF"HVOH̓,BXBTBO.FHB
81 PT Kalimantan Prima Power /PUBQQMJDBCMF Associate 30 Section 2(6)
(E.FOBSB%VUB-U8JOH"+M)33BTVOB4BJE,BW foreign company
#4FUJCVEJ +BLBSUB4FMBUBO
82 15(VSVI"HVOH /PUBQQMJDBCMF Associate 30 Section 2(6)
(E(SBIB,BQJUBM-U +M,FNBOH3BZB/P foreign company
MD & A
Bangka, Jakarta Selatan
83 PT Citra Prima Buana /PUBQQMJDBCMF Associate 30 Section 2(6)
(E.FOBSB%VUB-U8JOH" +M)33BTVOB4BJE,BW foreign company
84 PT Citra Kusuma Perdana /PUBQQMJDBCMF Associate 30 Section 2(6)
(E.FOBSB%VUB-U8JOH" +M)33BTVOB4BJE,BW foreign company
CG REPORT
85 PT Baramulti Sukessarana Tbk /PUBQQMJDBCMF Associate 26 Section 2(6)
Sahid Sudirman Center, 56C, Jl. Jendral Sudirman Kav. foreign company
86, Jakarta 10220, Indonesia
86 15"OUBOH(VOVOH.FSBUVT /PUBQQMJDBCMF Associate 26 Section 2(6)
Sahid Sudirman Center, 56C, Jl. Jendral Sudirman Kav. foreign company
86, Jakarta 10220, Indonesia
87 "EKBSJTUTRBMJ/FUIFSMBOET#7 /PUBQQMJDBCMF Associate 40 Section 2(6)
Luna Arena, Herikerbergweg 238, 1101 CM Amsterdam, foreign company
10#PY %8"NTUFSEBN 5IF/FUIFSMBOET
88 "EKBSJTUTRBMJ(FPSHJB--$ /PUBQQMJDBCMF Associate 40 Section 2(6)
*"CBTIJE[F4US "Q #BUVNJ (FPSHJB foreign company
BRR
,PSPNLIFUJ/FUIFSMBOET#7 /PUBQQMJDBCMF Associate 40 Section 2(6)
Luna Arena, Herikerbergweg 238, 1101 CM Amsterdam, foreign company
10#PY %8"NTUFSEBN 5IF/FUIFSMBOET
,PSPNLIFUJ(FPSHJB--$ /PUBQQMJDBCMF Associate 40 Section 2(6)
*"CBTIJE[F4US "Q #BUVNJ (FPSHJB foreign company
CONSOLIDATED
Itezhi Tezhi Power Corporation Ltd. /PUBQQMJDBCMF Associate 50 Section 2(6)
6OJU/P% OE'MPPS 1BOHBFB0óDF1BSL1MPU foreign company
(SFBU&BTU3PBE4IPXHSPVOET"SFB1PTUOFU
1SJWBUF#BH&.BOEBIJMM -VTBLB ;BNCJB
3FTVSHFOU1PXFS7FOUVSFT1UF-UE /PUBQQMJDBCMF Associate 26 Section 2(6)
1 Raffles Place, #13-01, One Raffles Place, foreign company
Singapore 048616
LTH Milcom Pvt. Ltd. 6.)15$ Associate 33.33 Section 2(6)
L & T House, Ballard Estate, Mumbai 400 001
STANDALONE
3FOBTDFOU1PXFS7FOUVSFT1WU-UE 6.)'5$ Associate 26 Section 2(6)

Corporate Centre, B Block, 34, Sant Tukaram Road,
$BSOBD#VOEFS .VNCBJ
* Includes direct and indirect subsidiaries, joint ventures and associates.
#
Classified as joint ventures as per Ind AS.
IV. SHAREHOLDING PATTERN (Equity Share Capital Breakup as percentage of Total Equity):
i) Category-wise Share Holding
Category of Shareholders No. of Shares held at the beginning of the year No. of Shares held at the end of the year %
(as on 01.04.2018) (as on 31.03.2019) Change
Demat Physical Total % of Demat Physical Total % of during
Total Total the year
Shares Shares
A. Promoters (including Promoter Group)
(1) Indian
B
*OEJWJEVBMT)6' 0 0 0 0.00 0 0 0 0.00 0.00
C
$FOUSBM(PWU 0 0 0 0.00 0 0 0 0.00 0.00
D
4UBUF(PWU T
0 0 0 0.00 0 0 0 0.00 0.00
d) Bodies Corporate 0 33.00 0 33.00 0.00
F
#BOL'* 0 0 0 0.00 0 0 0 0.00 0.00
f) Any Other (Trust) 6,56,240 0 6,56,240 0.02 0 0 0 0.00 -0.02
Sub-Total (A) (1): 89,32,00,466 0 89,32,00,466 33.02 89,25,44,226 0 89,25,44,226 33.00 -0.02
(2) Foreign
B
/3*T*OEJWJEVBMT 0 0 0 0.00 0 0 0 0.00 0.00
b) Other - Individuals 0 0 0 0.00 0 0 0 0.00 0.00
c) Bodies Corporate 0 0 0 0.00 0 0 0 0.00 0.00
E
#BOLT'* 0 0 0 0.00 0 0 0 0.00 0.00
e) Any Other (specify) 0 0 0 0.00 0 0 0 0.00 0.00
Sub-Total (A) (2): 0 0 0 0.00 0 0 0 0.00 0.00
Total Shareholding of Promoters (A) =(A)(1)+(A)(2) 89,32,00,466 0 89,32,00,466 33.02 89,25,44,226 0 89,25,44,226 33.00 -0.02
B. Public Shareholding
(1) Institutions
B
.VUVBM'VOET65* 14,55,00,772 1,33,880 14,56,34,652 5.38 1,28,880 28,80,54,658 10.65 5.27
C
#BOL'* 4,28,562 0.63 2,13,28,182 4,23,122 2,17,51,304 0.80 0.18
D
$FOUSBM(PWU 0 0 0 0.00 66,63,070 0 66,63,070 0.25 0.25
E
4UBUF(PWU T
44,300 2,47,120 0.01 44,300 2,47,120 0.01 0.00
F
7FOUVSF$BQJUBM'VOET 0 0 0 0.00 0 0 0 0.00 0.00
f) Alternate Investment Funds 8,00,000 0 8,00,000 0.03 23,65,000 0 23,65,000 0.06
g) Insurance Companies 17.56 35,46,58,303 35,46,87,403 13.11 -4.45
h) FIIs 1,08,11,182 53,480 1,08,64,662 0.40 82,67,700 50,480 83,18,180 0.31
J
'PSFJHO7FOUVSF$BQJUBM'VOET 0 0 0 0.00 0 0 0 0.00 0.00
j) Others (specify)
j-i) Foreign Portfolio Investors (Corporate) 0 27.74 71,03,88,567 0 71,03,88,567 26.26 -1.47
KJJ
'PSFJHO/BUJPOBMT%3 2,82,200 0 2,82,200 0.01 0 0 0 0.00 -0.01
j-iii) Foreign Bodies - DR 0 0.00 0 0 0 0.00 0.00
j-iv) Foreign Institutional Investors - DR 0 0 0 0.00 0 0 0 0.00 0.00
Sub-Total (B) (1): 1,39,90,85,526 8,92,142 1,39,99,77,668 51.76 1,39,16,40,900 8,78,702 1,39,25,19,602 51.48 -0.28
(2) Non-Institutions
a) Bodies Corporate
i) Indian 2,32,32,886 11,54,047 4,00,04,666 10,51,534 4,10,56,200 1.52 0.62
ii) Overseas 4,000 400 4,400 0.00 4,000 400 4,400 0.00 0.00
b) Individuals
i) Individual shareholders holding nominal share capital 34,57,40,041 12.78 4,26,14,185 33,88,00,331 12.53 -0.26
VQUP͎MBLI
ii) Individual shareholders holding nominal share capital 1.08 12,34,100 1.08 0.00
JOFYDFTTPG͎MBLI
c) Others (specify)
/#'$TSFHJTUFSFEXJUI3#* 0 0.00 65,737 0 65,737 0.00 0.00
Trust 0.11 18,11,560 18,33,460 0.07 -0.04
Directors & their relatives 36,862 0 36,862 0.00 36,862 0 36,862 0.00 0.00
*&1'4VTQFOTF"$ 0 0.23 0 0.25 0.02
Foreign Bodies 0 0 0 0.00 0 0 0 0.00 0.00
Sub-Total (B) (2): 35,72,96,692 5,14,41,424 40,87,38,116 15.11 37,29,55,263 4,49,22,119 41,78,77,382 15.45 0.34
Total Public Shareholding (B) = (B)(1)+(B)(2) 1,75,63,82,218 5,23,33,566 1,80,87,15,784 66.87 1,76,45,96,163 4,58,00,821 1,81,03,96,984 66.93 0.06
TOTAL (A)+(B) 2,64,95,82,684 5,23,33,566 2,70,19,16,250 99.89 2,65,71,40,389 4,58,00,821 2,70,29,41,210 99.93 0.04
$4IBSFTIFMECZ$VTUPEJBOTGPS(%3"%3T 1,300 28,57,260 0.11 18,31,000 1,300 18,32,300 0.07 -0.04
GRAND TOTAL (A)+(B)+(C) 2,65,24,38,644 5,23,34,866 2,70,47,73,510 100.00 2,65,89,71,389 4,58,02,121 2,70,47,73,510 100.00 0.00
ii) Shareholding of Promoters (including Promoter Group)

Sl. Shareholder’s Name Shareholding at the beginning of the Shareholding at the end of the % change in
NOTICE
No. year (as on 01.04.2018) year (as on 31.03.2019) shareholding
No. of Shares % of % of Shares No. of Shares % of % of Shares during the
total Pledged/ total Pledged/ year
Shares encumbered Shares encumbered
of the to total of the to total
company shares company shares
BOARD’S REPORT
1 Tata Sons Private Limited 31.05 1.43 31.05 1.43 0.00
(Promoter)
2 Tata Steel Limited * 1.45 0.00 1.45 0.00 0.00
3 Tata Investment Corporation 68,47,842 0.25 0.00 68,47,842 0.25 0.00 0.00
Limited *
4 Tata Industries Limited * 45,35,200 0.17 0.00 45,35,200 0.17 0.00 0.00
5 Ewart Investments Limited * 0.08 0.00 0.08 0.00 0.00
6 Tata Motors Finance Limited * 0.00 0.00 0.00 0.00 0.00
7 Sir Dorabji Tata Trust * 5,72,880 0.02 0.00 0 0.00 0.00 -0.02
MD & A
8 Sir Ratan Tata Trust * 70,160 0.00 0.00 0 0.00 0.00 0.00
JRD Tata Trust * 13,200 0.00 0.00 0 0.00 0.00 0.00
Total 89,32,00,466 33.02 1.43 89,25,44,226 33.00 1.43 -0.02
1BSUPG1SPNPUFS(SPVQ
iii) Changes in Promoter’s (including Promoter Group) Shareholding (please specify, if there is no change)
Sl. Name of the Shareholding at the Date Reason Increase/Decrease in Cumulative Shareholding
CG REPORT
No. Shareholder beginning of the year Shareholding during the year
(as on 01.04.2018)
No. of % of total No. of % of total No. of shares % of total
shares shares shares shares shares
of the of the of the
company company company
1 Tata Sons 31.05 31.05
Private Limited - /PDIBOHF 0 0.00 31.05
(Promoter) At the end of - - 31.05
BRR
the year
2 Tata Steel 1.45 1.45
Limited * - /PDIBOHF 0 0.00 1.45
At the end of - - 1.45
the year
CONSOLIDATED
3 Tata 68,47,842 0.25 68,47,842 0.25
Investment - /PDIBOHF 0 0.00 68,47,842 0.25
Corporation At the end of - - 68,47,842 0.25
Limited * the year
4 Tata Industries 45,35,200 0.17 45,35,200 0.17
Limited * - /PDIBOHF 0 0.00 45,35,200 0.17
At the end of - - 45,35,200 0.17
the year
STANDALONE
5 Ewart 0.08 0.08

Investments - /PDIBOHF 0 0.00 0.08
Limited * At the end of - - 0.08
the year
6 Tata Motors 0.00 0.00
Finance
Limited *
(as on 01.04.2018)
No. of % of total No. of % of total No. of shares % of total
shares shares shares shares shares
- /PDIBOHF 0 0.00 0.00
At the end of - - 0.00
the year
7 Sir Dorabji Tata 5,72,880 0.02 5,72,880 0.02
Trust * 11.05.2018 Sale of Shares -5,72,880 -0.02 0 0.00
At the end of - - 0 0.00
the year
8 Sir Ratan Tata 70,160 0.00 70,160 0.00
Trust * 11.05.2018 Sale of Shares -70,160 0.00 0 0.00
the year
JRD Tata Trust * 13,200 0.00 13,200 0.00
11.05.2018 Sale of Shares -13,200 0.00 0 0.00
the year
*1BSUPG1SPNPUFS(SPVQ
iv) Shareholding Pattern of Top 10 Shareholders (Other than Directors, Promoters and Holders of GDRs and ADRs):
(as on 01.04.2018)
No. of % of total No. of shares % of total No. of shares % of total
shares shares shares shares
1 Life Insurance 11.76 11.76
Corporation of 11.05.2018 Sale of Shares -73,70,367 -0.27 11.48
India
18.05.2018 Sale of Shares -1,01,522 0.00 31,04,88,475 11.48
01.06.2018 Sale of Shares -45,31,748 -0.17 11.31
08.06.2018 Sale of Shares -24,13,205 30,35,43,522 11.22
15.06.2018 Sale of Shares -42,70,445 -0.16 11.06
06.07.2018 Sale of Shares -31,85,000 -0.12
13.07.2018 Sale of Shares -32,23,175 -0.12 10.83
03.08.2018 Sale of Shares -0.02 10.80
21.12.2018 Sale of Shares -37,58,368 -0.14 28,84,66,667 10.67
28.12.2018 Sale of Shares -0.15 10.51
31.12.2018 Sale of Shares -0.65 26,67,77,051
31.12.2018 Purchase of Shares 1,64,41,017 0.61 28,32,18,068 10.47
Sale of Shares -26,41,783 -0.10 28,05,76,285 10.37
Sale of Shares -7,03,713 -0.03 10.35
Sale of Shares 10.05
Sale of Shares -0.36 26,22,00,032
Sale of Shares -57,17,354 -0.21 25,64,82,678
Sale of Shares -0.06
(as on 01.04.2018)
NOTICE
Sale of Shares -53,22,042 -0.20
BOARD’S REPORT
Sale of Shares 24,16,21,104
Sale of Shares -50,84,038 23,65,37,066 8.75
Sale of Shares -1,03,77,074 -0.38 8.36
Sale of Shares -68,84,177 -0.25 8.11
Sale of Shares -0.23 21,31,78,510 7.88
Sale of Shares -0.74 7.15
Purchase of Shares 1,64,41,017 0.61 7.75
31.03.2019 At the end of the year - - 20,97,31,735 7.75
2 Matthews 6.58 6.58
MD & A
Pacific Tiger 06.04.2018 Purchase of Shares 18,03,16,487 6.67
Fund
3 ICICI Prudential 8,14,15,323 3.01 8,14,15,323 3.01
Balanced Fund 06.04.2018 Sale of Shares -4,82,865 -0.02
06.04.2018 Purchase of Shares 1,603 0.00
13.04.2018 Sale of Shares -3,33,000 -0.01 8,06,01,061
CG REPORT
13.04.2018 Purchase of Shares 32,84,203 0.12 8,38,85,264 3.10
20.04.2018 Purchase of Shares 70,41,058 0.26 3.36
27.04.2018 Purchase of Shares 0.30 3.66
04.05.2018 Purchase of Shares 10,14,30,343 3.75
11.05.2018 Purchase of Shares 0.45 11,35,24,233 4.20
25.05.2018 Sale of Shares 0.00 11,77,73,281 4.35
BRR
01.06.2018 Sale of Shares -3,33,000 -0.01 12,04,76,885 4.45
01.06.2018 Purchase of Shares 12,30,25,314 4.55
15.06.2018 Sale of Shares -1,35,000 0.00 12,75,82,840 4.72
CONSOLIDATED
22.06.2018 Sale of Shares -13 0.00 12,75,82,827 4.72
Sale of Shares 0.00 4.71
Purchase of Shares 1,605 0.00 4.71
27.07.2018 Sale of Shares 0.00 4.71
03.08.2018 Purchase of Shares 3,222 0.00 4.71
10.08.2018 Sale of Shares -12,201 0.00 12,74,86,115 4.71
STANDALONE

17.08.2018 Sale of Shares 0.00 4.72
Sale of Shares -1,08,000 0.00 4.72
Sale of Shares -1,633 0.00 12,76,67,858 4.72
Sale of Shares -24 0.00 12,76,67,834 4.72
Purchase of Shares 2,373 0.00 12,76,70,207 4.72
Board’s Report I
(as on 01.04.2018)
12.10.2018 Purchase of Shares 1,663 0.00 12,76,71,870 4.72
Sale of Shares -12,51,000 -0.05 12,64,20,870 4.67
Purchase of Shares 0.02
26.10.2018 Sale of Shares -1,662 0.00
02.11.2018 Sale of Shares -0.04 4.65
Sale of Shares -7,68,160 -0.03 12,54,57,764 4.64
16.11.2018 Sale of Shares 0.00 12,54,50,367 4.64
23.11.2018 Sale of Shares -0.03 4.61
30.11.2018 Sale of Shares -56,61,000 -0.21 4.40
07.12.2018 Sale of Shares -0.11 11,60,30,063
07.12.2018 Purchase of Shares 1,661 0.00 11,60,31,724
14.12.2018 Sale of Shares -0.01 4.28
28.12.2018 Sale of Shares -4,05,018 -0.01 11,52,51,212 4.26
Sale of Shares -45,000 0.00 11,52,07,873 4.26
Sale of Shares -0.01 11,50,20,533 4.25
Sale of Shares -1,13,211 0.00 4.25
Purchase of Shares 0.00 4.25
Sale of Shares -8,64,000 -0.03 11,40,66,585 4.22
Sale of Shares -2,51,268 -0.01 4.21
Sale of Shares -818 0.00 11,38,22,813 4.21
4 First State 10,78,04,751 10,78,04,751
Investments Sale of Shares -0.66 3.33
Icvc- Stewart
Investors 31.03.2019 At the end of the year - - 9,00,17,492 3.33
(MPCBM
Emerging
Markets
Leaders Fund
(as on 01.04.2018)
NOTICE
5 5IF/FX*OEJB 2.43 2.43
Assurance
BOARD’S REPORT
04.05.2018 Sale of Shares -6,627 0.00 2.43
Company
Limited 22.06.2018 Sale of Shares -12,00,000 -0.04 2.38
Sale of Shares -7,10,320 -0.03 6,37,88,006 2.36
06.07.2018 Sale of Shares -5,00,000 -0.02 6,32,88,006 2.34
13.07.2018 Sale of Shares -0.01 2.33
Sale of Shares -4,50,000 -0.02 6,16,48,326 2.28
Sale of Shares -75,000 0.00 2.23
MD & A
02.11.2018 Sale of Shares -14,00,000 -0.05 2.18
23.11.2018 Sale of Shares -40,000 0.00 2.18
30.11.2018 Sale of Shares -0.04 2.14
07.12.2018 Sale of Shares -3,44,481 -0.01 2.13
14.12.2018 Sale of Shares -7,35,227 -0.03 5,68,58,612 2.10
21.12.2018 Sale of Shares -12,64,773 -0.05 2.06
CG REPORT
Sale of Shares -14,00,000 -0.05 2.00
6 (FOFSBM 2.42 2.42
Insurance 31.08.2018 Sale of Shares -3,68,812 -0.01 2.41
Corporation of
India Sale of Shares -0.04 6,40,34,155 2.37
Sale of Shares -0.04 6,21,37,507 2.30
BRR
Sale of Shares -12,63,272 -0.05 6,08,74,235 2.25
02.11.2018 Sale of Shares -25,00,000 5,83,74,235 2.16
23.11.2018 Sale of Shares -12,04,377 -0.04 2.11
30.11.2018 Sale of Shares -0.08 2.04
07.12.2018 Sale of Shares -25,00,000
CONSOLIDATED
Sale of Shares -6,536 0.00 5,25,56,424
Sale of Shares -3,50,133 -0.01
Sale of Shares -1,43,331 -0.01
Sale of Shares -1,00,000 0.00
7 Stewart 3,72,00,828 1.38 3,72,00,828 1.38
Investors 18.05.2018 Sale of Shares -18,85,735 -0.07 1.31
STANDALONE
(MPCBM
Emerging 25.05.2018 Sale of Shares -0.11 1.20
Markets Purchase of Shares 0.66 5,01,16,888 1.85
Leaders Fund
8 SBI Large & 17,21,827 0.06 17,21,827 0.06
Midcap Fund 06.04.2018 Sale of Shares -5,71,270 -0.02 11,50,557 0.04
18.05.2018 Purchase of Shares 1,651 0.00 11,52,208 0.04
(as on 01.04.2018)
22.06.2018 Sale of Shares -10 0.00 0.04
Purchase of Shares 4 0.00 11,52,202 0.04
13.07.2018 Purchase of Shares 1 0.00 11,52,203 0.04
10.08.2018 Sale of Shares -2 0.00 11,52,206 0.04
31.08.2018 Sale of Shares -1,647 0.00 0.04
Sale of Shares -4 0.00 11,50,556 0.04
Purchase of Shares 26,251 0.00 11,76,807 0.04
12.10.2018 Purchase of Shares 1,015 0.00 11,77,855 0.04
26.10.2018 Purchase of Shares 2,00,000 0.01 13,77,855 0.05
02.11.2018 Sale of Shares -4 0.00 13,77,851 0.05
16.11.2018 Sale of Shares -1,015 0.00 17,26,836 0.06
30.11.2018 Sale of Shares -11,151 0.00 20,80,685 0.08
07.12.2018 Sale of Shares -2,00,000 -0.01 18,80,685 0.07
14.12.2018 Sale of Shares -7,600 0.00 1,25,78,015 0.47
Purchase of Shares 6,25,000 0.02 1,53,74,002 0.57
Purchase of Shares 22,71,084 0.08 2,46,45,086
Purchase of Shares 52,00,000 1.10
Purchase of Shares 11 0.00 1.10
Purchase of Shares 11,00,018 0.04 1.14
Purchase of Shares 0.15 3,54,41,127 1.31
Sale of Shares 0.00 3,54,40,035 1.31
Sale of Shares -15,00,006 -0.06 3,85,44,328 1.43
Sale of Shares -4,868 0.00 4,45,21,653 1.65
Purchase of Shares 25,01,407 4,70,23,060 1.74
(as on 01.04.2018)
NOTICE
Reliance 14,71,078 0.05 14,71,078 0.05
Emergent India
BOARD’S REPORT
Fund
06.04.2018 Sale of Shares -0.03 6,64,282 0.02
13.04.2018 Sale of Shares -0.02 3,13,282 0.01
20.04.2018 Sale of Shares -0.01 1,15,282 0.00
11.05.2018 Sale of Shares -610 0.00 0.05
25.05.2018 Sale of Shares -6,57,000 -0.02 5,82,672 0.02
MD & A
01.06.2018 Sale of Shares -81,000 0.00 5,01,672 0.02
08.06.2018 Sale of Shares -72 0.00 12,86,183 0.05
Sale of Shares -1,62,740 -0.01 37,60,443 0.14
CG REPORT
06.07.2018 Sale of Shares -375 0.00 37,60,068 0.14
13.07.2018 Sale of Shares 0.00 0.14
20.07.2018 Sale of Shares -2,88,608 -0.01 36,32,821 0.13
20.07.2018 Purchase of Shares 0.00 36,33,460 0.13
03.08.2018 Sale of Shares -608 0.00 36,32,852 0.13
10.08.2018 Sale of Shares -457 0.00 0.13
24.08.2018 Sale of Shares 0.00 36,31,786 0.13
BRR
31.08.2018 Sale of Shares -7,47,000 -0.03 31,18,786 0.12
31.08.2018 Purchase of Shares 0.01 34,18,785 0.13
Sale of Shares -0.04 24,55,785
Purchase of Shares 386 0.00 24,56,171
CONSOLIDATED
Sale of Shares -2,88,000 -0.01 21,68,171 0.08
Sale of Shares -1,26,025 0.00 20,42,146 0.08
Sale of Shares -5,75,168 -0.02 14,67,320 0.05
05.10.2018 Sale of Shares -6,12,607 -0.02 8,54,713 0.03
12.10.2018 Sale of Shares -0.02 3,75,285 0.01
12.10.2018 Purchase of Shares 683 0.00 0.01
Purchase of Shares 0.22 63,85,857 0.24
STANDALONE
26.10.2018 Sale of Shares -607 0.00 63,85,250 0.24

(as on 01.04.2018)
30.11.2018 Sale of Shares -5,481 0.00 0.67
07.12.2018 Sale of Shares -0.01
07.12.2018 Purchase of Shares 52,88,000 0.20
14.12.2018 Sale of Shares -27,000 0.00
14.12.2018 Purchase of Shares 634 0.00
21.12.2018 Purchase of Shares 3,78,000 0.01
28.12.2018 Sale of Shares -8,01,374 -0.03 2,35,21,205 0.87
28.12.2018 Purchase of Shares 10,82,000 0.04 2,46,03,205
31.12.2018 Purchase of Shares 20,00,000 0.07 2,66,03,205
Sale of Shares -604 0.00 2,66,02,601
Sale of Shares -45,254 0.00 2,68,13,347
Purchase of Shares 45,254 0.00 2,68,58,601
Sale of Shares -10,26,000 -0.04 2,58,32,601
Sale of Shares -2,52,000 -0.01 1.04
Sale of Shares -5,22,000 -0.02 3,04,41,676 1.13
Purchase of Shares 364 0.00 3,04,42,040 1.13
Sale of Shares -1,80,000 -0.01 1.23
Sale of Shares -1,470 0.00 1.23
10 .BIPVU(MPCBM 1.00 1.00
Emerging - /P$IBOHF 0 0.00 1.00
Markets
Leaders Fund, 31.03.2019 At the end of the year - - 2,71,66,790 1.00
A Sub-Fund of
The Mahout
Delaware
Statutory Trust
11 First State
Investments
Icvc- Stewart
Investors Asia
Pacific Fund
(as on 01.04.2018)
NOTICE
- /P$IBOHF 0 0.00
BOARD’S REPORT
12 7BOHVBSE 0.66 0.66
Emerging 04.05.2018 Sale of Shares -35,600 0.00 0.66
Markets Stock
Index Fund, 11.05.2018 Sale of Shares -33,820 0.00 0.66
A series of 01.06.2018 Sale of Shares -26,700 0.00 0.66
7BOHVBSE
15.06.2018 Sale of Shares -26,700 0.00 1,78,52,625 0.66
International
Equity Index 22.06.2018 Sale of Shares 0.00 1,77,82,843 0.66
Fund Sale of Shares -1,12,332 0.00 1,76,70,511 0.65
06.07.2018 Sale of Shares 0.00 1,76,24,557 0.65
MD & A
13.07.2018 Sale of Shares -73,186 0.00 1,75,51,371 0.65
28.12.2018 Sale of Shares -18,10,581 -0.07
CG REPORT
Purchase of Shares 88,102 0.00 1,60,34,251
v) Shareholding of Directors and Key Managerial Personnel:
Sl. Name of the Director / Key Shareholding at the Date Reason Increase/Decrease Cumulative
No. Managerial Personnel beginning of the year in Shareholding Shareholding
(as on 01.04.2018) during the year
BRR
No. of % of total No. of % of total No. of % of total
shares shares shares shares shares shares
1 .S/$IBOESBTFLBSBO 0 0.00 0 0.00
CONSOLIDATED
- /PDIBOHF 0 0.00 0 0.00
At the end of the year - - 0 0.00
2 .S/BXTIJS).JS[B 0 0.00 0 0.00
- /PDIBOHF 0 0.00 0 0.00
3 Mr. Deepak M. Satwalekar 0 0.00 0 0.00
- /PDIBOHF 0 0.00 0 0.00
STANDALONE

4 Ms. Anjali Bansal 0 0.00 0 0.00
- /PDIBOHF 0 0.00 0 0.00
Sl. Name of the Director / Key Shareholding at the Date Reason Increase/Decrease Cumulative
No. Managerial Personnel beginning of the year in Shareholding Shareholding
(as on 01.04.2018) during the year
No. of % of total No. of % of total No. of % of total
shares shares shares shares shares shares
5 .T7JCIB1BEBMLBS 0 0.00 0 0.00
- /PDIBOHF 0 0.00 0 0.00
6 .S4BOKBZ7#IBOEBSLBS# 16,262 0.00 16,262 0.00
- /PDIBOHF 0 0.00 16,262 0.00
At the end of the year - - 16,262 0.00
7 Mr. K. M. Chandrasekhar 0 0.00 0 0.00
- /PDIBOHF 0 0.00 0 0.00
8 Mr. Hemant Bhargava 0 0.00 0 0.00
- /PDIBOHF 0 0.00 0 0.00
Mr. Saurabh Agrawal 0 0.00 0 0.00
- /PDIBOHF 0 0.00 0 0.00
10 Mr. Banmali Agrawala 0 0.00 0 0.00
- /PDIBOHF 0 0.00 0 0.00
11 Mr. Praveer Sinha, CEO & 0 0.00 0 0.00
Managing Director
- /PDIBOHF 0 0.00 0 0.00
(w.e.f. 01.05.2018)
12 Mr. Ashok S. Sethi, COO & 20,600 0.00 20,600 0.00
Executive Director
- /PDIBOHF 0 0.00 20,600 0.00
13 Mr. Anil Sardana, CEO & 0 0.00 0 0.00
Managing Director
- /PDIBOHF 0 0.00 0 0.00
(upto 30.04.2018)
At the period ended - - 0 0.00
14 .S3BNFTI/ 0 0.00 0 0.00
Subramanyam, Chief
- /PDIBOHF 0 0.00 0 0.00
Financial Officer
15 Mr. Hanoz M. Mistry, 18,445 0.00 18,445 0.00
Company Secretary @
08.06.2018 Purchase of Shares 8,560 0.00 27,005* 0.00
#
All the 16,262 shares are held as second holder.
* Out of 27,005 shares, 15,286 shares are held as second holder.
@
Acquired on account of transmission.
V. INDEBTEDNESS
*OEFCUFEOFTTPGUIF$PNQBOZJODMVEJOHJOUFSFTUPVUTUBOEJOHBDDSVFECVUOPUEVFGPSQBZNFOU
'JHVSFTJO͎DSPSF
NOTICE
Particulars Secured Unsecured Deposits Total
Loans Loans Indebtedness
excluding
deposits
BOARD’S REPORT
Indebtedness at the beginning of the financial year
i) Principal Amount 8,448.48 - 16,571.43
ii) Interest due but not paid - - - -
iii) Interest accrued but not due 225.13 -
Total (i+ii+iii) 8,164.91 8,673.61 - 16,838.52
Change in Indebtedness during the financial year
t "EEJUJPO - 26,067.02
t 3FEVDUJPO (1,644.33) (23,316.38) -
Net Change 289.72 816.59 - 1,106.31
MD & A
Indebtedness at the end of the financial year
i) Principal Amount 3,853.77 - 17,452.52
ii) Interest due but not paid - - - -
iii) Interest accrued but not due 68.54 235.36 -
Total (i + ii + iii) 13,667.29 4,089.13 - 17,756.42
VI. REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL
CG REPORT
A. Remuneration to Managing Director, Whole-time Director and/or Manager:
͎
Sl. Particulars of Remuneration Name of MD/WTD/Manager Total Amount

No. Mr. Praveer Mr. Ashok S. Mr. Anil
Sinha, CEO Sethi, COO Sardana, CEO
& Managing & Executive & Managing
Director (w.e.f Director* Director@
01.05.2018)
1. (SPTTTBMBSZ 1,85,73,500.00 4,23,28,641.80
BRR
(a) Salary as per provisions contained in
section 17(1) of the Income-tax Act,

C
7BMVF PG QFSRVJTJUFT VT
PG UIF 3,32,613.00 4,72,765.00
*ODPNFUBY"DU
CONSOLIDATED
(c) Profits in lieu of salary under section /JM /JM /JM /JM

PGUIF*ODPNFUBY"DU
2. Stock Option /JM /JM /JM /JM
3. Sweat Equity /JM /JM /JM /JM
4. Commission
BTPGQSPöU
others, specify... (performance based) &2,50,00,000.00 &2,25,00,000.00 /" 4,75,00,000.00
STANDALONE
5. Others, Retirement Benefits 22,27,500.00 8,71,200.00

Total (A) 4,44,55,455.30 4,20,74,454.00 2,01,71,133.50 10,67,01,042.80
$FJMJOHBTQFSUIF"DU !PGQSPöUDBMDVMBUFEVOEFS4FDUJPOPGUIF"DU
͎DSPSF
&
$PNNJTTJPOSFMBUFTUPUIFöOBODJBMZFBSFOEFETU.BSDI XIJDIXJMMCFQBJEEVSJOH':
@
B. Remuneration to other directors:

͎
Sl. Name of Directors Particulars of Remuneration Total

No. Fee for Commission Others, please Amount
attending board payable for specify
/committee FY19 &
meetings *
I. Independent Directors
1. .S/).JS[B 4,80,000 70,00,000 /JM 74,80,000
2. Mr. D. M. Satwalekar 5,40,000 65,00,000 /JM 70,40,000
3. Ms. Anjali Bansal 4,20,000 50,00,000 /JM 54,20,000
4. .T7JCIB1BEBMLBS 4,50,000 50,00,000 /JM 54,50,000
5. .S47#IBOEBSLBS 5,40,000 55,00,000 /JM 60,40,000
6. Mr. K. M. Chandrasekhar 3,60,000 40,00,000 /JM 43,60,000
Total (I) 27,90,000 3,30,00,000 Nil 3,57,90,000
II. Other Non-Executive Directors
1. .S/$IBOESBTFLBSBO$ 3,00,000 /JM /JM 3,00,000
2. Mr. Hemant Bhargava @ 20,00,000 /JM 20,90,000
3. Mr. Saurabh Agrawal #
4,20,000 /JM /JM 4,20,000
4. Mr. Banmali Agrawala #
/JM /JM 3,90,000
Total (II) 12,00,000 20,00,000 Nil 32,00,000
Total Managerial Remuneration 39,90,000 3,50,00,000 Nil 3,89,90,000
(I + II)
$FJMJOHBTQFSUIF"DU !PGQSPöUDBMDVMBUFEVOEFS4FDUJPOPGUIF"DU
͎DSPSF
(Excluding any amount paid as sitting fees)
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@
The Sitting Fees for attending meetings and the Commission was paid to LIC.
#
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who are in full time employment with another Tata company.
C. Remuneration to Key Managerial Personnel other than MD/Manager/WTD

͎
NOTICE
Sl. Particulars of Remuneration Key Managerial Personnel Total
No. Mr. R. N. Mr. H. M. Mistry,
Subramanyam, Chief Company
Financial Officer Secretary
1. (SPTTTBMBSZ
(a) Salary as per provisions contained in section * 1,01,64,470.00* 3,33,42,413.60*
BOARD’S REPORT

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C
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PGUIF*ODPNFUBY 1,02,74,765.78 7,72,036.80 1,10,46,802.58
"DU
(c) Profits in lieu of salary under section 17(3) of /JM /JM /JM
UIF*ODPNFUBY"DU
2. Stock Option /JM /JM /JM
3. Sweat Equity /JM /JM /JM
4. Commission /JM /JM /JM
BTPGQSPöU
MD & A
others
5. Others, Retirement Benefits
Total 3,42,65,183.30 1,18,63,645.76 4,61,28,829.06
**ODMVEFT1FSGPSNBODF1BZGPS':QBJEJO':
VII. PENALTIES/PUNISHMENT/COMPOUNDING OF OFFENCES:
CG REPORT
Type Section of the Brief Details of Penalty/ Authority Appeal made,
Companies Act Description Punishment/ [RD/NCLT/ if any
Compounding fees COURT] (give details)
imposed
A. COMPANY
Penalty
Punishment None
Compounding
BRR
B. DIRECTORS
Penalty
Punishment None
Compounding
CONSOLIDATED
C. OTHER OFFICERS IN DEFAULT
Penalty
Punishment None
Compounding

STANDALONE
N. Chandrasekaran
Chairman
%*/
.VNCBJ OE.BZ
Board’s Report I
Annexure – IX : Secretarial Audit Report

(Ref.: Board's Report, Section 26)
FORM No. MR-3
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Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014)
To,
The Members,
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practices by The Tata Power Company Limited (hereinafter called 'the Company'). Secretarial Audit was conducted in a manner that
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Based on our verification of the Company’s books, papers, minute books, forms and returns filed and other records maintained by
the Company, the information provided by the Company, its officers, agents and authorised representatives during the conduct of
secretarial audit, the explanations and clarifications given to us and the representations made by the Management, we hereby report
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complied with the statutory provisions listed hereunder and also that the Company has proper Board processes and compliance
mechanism in place to the extent, in the manner and subject to the reporting made hereinafter.
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CZUIF$PNQBOZGPSUIFöOBODJBMZFBSFOEFEPOTU.BSDI BDDPSEJOHUPUIFQSPWJTJPOTPG
(i) The Companies Act, 2013 (the Act) and the rules made thereunder;
JJ
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JW
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Investment, Overseas Direct Investment and External Commercial Borrowings;
W
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(a) The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011;
(b) The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015;
D
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3FHVMBUJPOT /PU
applicable to the Company during the audit period);
E
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3FHVMBUJPOT /PUBQQMJDBCMFUPUIF
Company during the audit period);
(e) The Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2008;
G
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3FHVMBUJPOT SFHBSEJOH
UIF$PNQBOJFT"DUBOEEFBMJOHXJUIDMJFOU /PUBQQMJDBCMFUPUIF$PNQBOZEVSJOHUIFBVEJUQFSJPE

H
5IF4FDVSJUJFTBOE&YDIBOHF#PBSEPG*OEJB %FMJTUJOHPG&RVJUZ4IBSFT
3FHVMBUJPOT /PUBQQMJDBCMFUPUIF$PNQBOZ
during the audit period) and
I
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3FHVMBUJPOT /PUBQQMJDBCMFUPUIF$PNQBOZ
during the audit period).
(vi) Other industry specific laws applicable to the Company are as follows:
(a) The Electricity Act, 2003
C
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D
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(d) The Energy Conservation Act, 2001
8FIBWFBMTPFYBNJOFEDPNQMJBODFXJUIUIFBQQMJDBCMFDMBVTFTPGUIFGPMMPXJOH
(i) Secretarial Standards issued by The Institute of Company Secretaries of India with respect to board and general meetings.
JJ
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the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
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etc. mentioned above.
8FGVSUIFSSFQPSUUIBU
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Independent Directors. The changes in the composition of the Board of Directors that took place during the period under review were
NOTICE
carried out in compliance with the provisions of the Act.
Adequate notice was given to all directors to schedule the Board Meetings, agenda and detailed notes on agenda were sent at least
seven days in advance, and a system exists for seeking and obtaining further information and clarifications on the agenda items
before the meeting and for meaningful participation at the meeting.
Majority decision is carried through while the dissenting members’ views are captured and recorded as part of the Minutes of the
BOARD’S REPORT
meetings.
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Company to monitor and ensure compliance with applicable laws, rules, regulations and guidelines.
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pursuance of the above referred laws, rules, regulations, guidelines, standards etc.
1. The Company has sold Equity Shares held in Panatone Finvest Limited and Tata Communications Limited to Tata Sons Private
Limited and Panatone Finvest Limited, respectively.
2. The Board has approved Scheme of Arrangement for transfer of its Strategic Engineering Division (SED) to Tata Advanced
Systems Limited.
3. The Company has redeemed the following Debentures during the year:-
MD & A
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t 6OTFDVSFE /PO$VNVMBUJWF 3FEFFNBCMF 5BYBCMF -JTUFE 3BUFE /PO$POWFSUJCMF%FCFOUVSFT
For Parikh & Associates

Company Secretaries
CG REPORT
P. N. Parikh
Place: Mumbai Partner
%BUFOE.BZ '$4/P$1/P
This Report is to be read with our letter of even date which is annexed as Annexure A and forms an integral part of this report.
‘Annexure A’
To,
The Members,
BRR
Our report of even date is to be read along with this letter.
1. Maintenance of secretarial record is the responsibility of the management of the Company. Our responsibility is to express an
opinion on these secretarial records based on our audit.
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CONSOLIDATED
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and happening of events etc.
5. The compliance of the provisions of corporate and other applicable laws, rules, regulations, standards is the responsibility of
management. Our examination was limited to the verification of procedure on test basis.
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STANDALONE
XJUIXIJDIUIFNBOBHFNFOUIBTDPOEVDUFEUIFBòBJSTPGUIF$PNQBOZ

Company Secretaries
P. N. Parikh
Place: Mumbai Partner
%BUFOE.BZ '$4/P$1/P
MANAGEMENT DISCUSSION & ANALYSIS
1. INDUSTRY DEVELOPMENTS Middle East embarked upon a diversification drive that is

Global Power Sector resulting in significant transformation of Middle East power
sector. As a means of diversifying its power mix, the MENA
The rising environmental concerns accompanied by
region is increasingly shifting its focus towards renewables.
technological advancements is driving transformation
The region has witnessed large investments in renewables
of the global energy landscape. Since 2010, the costs of
driving some of the cheapest solar PV and onshore wind
new solar PV solutions have come down by over 73% and
projects globally. Following Morocco and Egypt, Tunisia
for wind solutions by an estimated 30% facilitating rapid
and Algeria in North Africa are implementing significant
deployment of renewable resources globally. Renewables
renewable energy programmes. Increased private sector
have become the technology of choice, as a result of falling
participation in the Middle East is also taking place in an
costs and supportive government policies. It has brought
otherwise public dominated sector of the region.
about a change in the electricity markets from centralized
to decentralized power markets, opening business service South-East Asia is witnessing rapid growth in energy
opportunities for power utilities. As the world is also rapidly demand driven by rising population, growing urbanization
electrifying, electricity generation continues to be reliant and increasing industrialization benefitting from shift of
on coal, especially in developing economies. Change in supply chain from North Asia into this region. Electricity
generation mix skewed towards non-fossil fuels is quite demand continues to exceed supply in economies growing
evident in the advanced economies. A move towards between 5-7%. While there has been a growing emphasis
cleaner energy mix and a service-oriented economy is on renewables, the surging power demand buttressed by
being witnessed in major energy consuming nations like universal electricity access and abundance of thermal fuel
China, US and India. means substantial share of investments is still in thermal
plants.
It may be noted that many of the initiatives to improve
the quality of air in cities are only changing the type of There is a growing adoption of electric vehicles (EVs)
engines (fuel) but the true impact will be determined globally and the same is expected to put further pressure
by the proportion of non-fossil fuel-based generation as on oil prices. Global EV sales exceeded two million in 2018,
compared to conventional fossil fuel-based generation. with more than half of global sales in China. In terms of
penetration, the Nordic countries led by Norway remain
The electricity sector is undergoing a transformation,
the world’s most advanced market for electric cars. The
driven by higher demand brought about by digital
EV charging infrastructure has also grown rapidly with the
economy, electric vehicles and other technological
growth in number of electric vehicles.
change. On the other hand, a continuing wave of energy-
efficient usage is containing the pace of growth. In the At the same time, the trend of decentralised energy
global context, abundance of natural resources and generation, spurred by a sharp decrease in costs of
government actions towards climate change are driving distributed energy resources, is gaining prominence.
change across nations. Availability of abundant natural Storage solutions-key to address intermittent challenge of
gas from newly discovered shale gas deposits in the US is renewable energy- are also being developed that would
prompting increased use of gas in electricity generation play a balancing act between power demand and supply.
in the U.S. Government regulations restricting carbon Global energy storage additions doubled to more than
emission is ensuring increased usage of renewables in the 9 GWh in 2018. Renewables along with energy storage
EU, with several Europeans nations undertaking significant is gaining price parity with falling costs of lithium-ion
renewable energy targets of more than 30% of power batteries. Suppliers of lithium batteries have expanded
generation mix by 2030. Countries like France, U.K, Finland their production plans as sales of EVs increase. Rise of
and Canada have announced plans to phase out coal by renewable energy capacities along with policy initiatives
2030. in key markets like China, Europe, South Korea and US is
adding on to this momentum.
Africa’s shortage of electric power is one of the greatest
challenges, and the push to electrify the continent The global energy shifts are leading to the gradual blurring
provides solar and storage solutions to bridge this gap. of the lines between consumers and producers. There is
Around 600 million people in Sub-Saharan Africa lack large scale integration of grids between nations to enable
access to electricity and power needs are slowly being cross border electricity trading. Asia is expected to power
driven by renewables. Renewables is gaining prominence the growth engine with China leading the growth.
with several new projects, grants and funding deals being All the aforementioned factors, coupled with the need
announced in Africa. for affordable, sustainable and modern energy systems, is
Taking a cue from the depressed oil prices, oil dominated shaping the global power sector.
62 I Management Discussion & Analysis

Indian Power Sector from 9% to 22%. The PLF of thermal based plants was 61%
According to the International Monetary Fund (IMF), in FY19 vis-à-vis 77% in FY09.
India will continue to be the world’s fastest growing Renewable Generation
NOTICE
economy and will expand by 7.5% in FY20 and 7.7% in The Government’s 175 GW renewable energy target
FY21. The power demand in the country is expected to by 2022 along with declining cost of renewables have
grow at 6.18% between FY17 and FY22, according to provided the impetus for rapid increase in renewable
the Central Electricity Authority (CEA), driven by rising based capacities. In FY19, 20 GW renewable projects
industrial demand. Further, demand revival will be driven were awarded. The overall renewable addition was
BOARD’S REPORT
by various reforms undertaken by the Government of 8.6 GW vs. 11.8 GW in FY18. In FY19, a 25% safeguard
India, viz. the UDAY scheme, ‘24*7 Power for All’ initiative duty was introduced on PV cell and module imports.
and the ‘Saubhaghya’ scheme. Under the UDAY scheme, Despite the levy, the cost of solar generation continued
discoms need to modernise their networks and lower to be low and tariffs continued to remain between
their distribution losses – fixing this infrastructure deficit ₹ 2.50-3.00 per unit.
will be the strongest theme in the Indian power sector.
Installed Capacity (GW)
The attempts at bringing down the gap (losses) between
the cost of power purchase and selling price of the state 250
194
discoms has met with very little success despite ambitious 200
150 FY19
programmes like UDAY. This continues to be a limiting 100 78 78
45 FY09
MD & A
factor for emergence of the potential demand for cheap 50 13 37 25 15
7 4 7 1
0
power. After initially recording gains due to interest
savings, the lack of structural reforms is increasing the
losses at the discoms with very few exceptions.
The sector also continues to suffer from large number of
Fig 1 - India Generation Mix (in GW) and Share by
non-performing assets (NPAs) resulting in the Banking
Generation Source, as on 31st March 2019 (Source: MoP,
sector becoming more cautious in lending to the sector.
GoI, CEA)
CG REPORT
The Government is also focusing on growing the renewable
energy segment due to sustainability and climate change 1.2. FUEL
obligations. The cost of renewable energy has fallen and Coal produced by Coal India Limited (CIL) and its
is now at parity with conventional sources. While coal is subsidiaries was 607 MT in FY19 against 567 MT in FY18,
expected to remain a significant fuel source in the country’s posting a y-o-y growth of 7%. Railway infrastructure
quest to provide power to every citizen, this segment will bottlenecks, however, pose challenge for supporting
experience limited growth. The CEA has estimated that further growth in domestic coal production, necessitating
future greenfield capacity addition in coal-fired plants is coal imports by power utilities.
likely to be carried out by the Central Public Sector (CPSU)
Thermal coal imports during FY19 grew at about 9% y-o-y
BRR
firms only on account of to weak private sector intent due also supported by declining international coal prices
to lack of PPAs. With limited greenfield thermal capacity during second half of 2018.
addition going forward, thermal sector PLFs may firm
Global Coal Price Movement (USD/Tn)
up over the medium to long-term. However, higher coal
125.0
prices and constrained domestic coal availability continue 120.0 119.6
to remain key areas of concern especially for private sector
CONSOLIDATED
115.0 114.3 114.2
117.3
power plants. The imposition of the new environmental 110.0 106.5
105.3
108.7
105.0 106.0
norms by the MoEF&CC, effective from the year 2022, will 100.0 100.7
101.4
98.6
96.7 95.4
result in requirement of additional capital along with an 95.0
93.7 93.1
90.0
increase in tariffs. 85.0
1.1. GENERATION 80.0
India’s installed generation capacity stands at 356 GW

as on 31st March 2019, which excludes about 51 GW of Fig 2 - Global Coal Price
STANDALONE
captive generation capacity. Grid connected capacity

addition during FY19 was 12 GW vis-à-vis 17 GW during The global coal prices fell from a high of about USD 120/
FY18. MT (Newcastle FOB) in July 2018 to around USD 93/MT in
March 2019.
Thermal Generation
1.3. TRANSMISSION
Share of coal-based capacities in India’s total installed
capacity has remained at around 52% over the last ten The backbone transmission system in India is mainly
years (FY19 vs FY09) while that of renewables has risen through 765 kV, 400 kV and 220 kV AC networks, with the
Management Discussion & Analysis I 63

highest transmission voltage level being 800 kV (HVDC). 1.5. POWER TRADING
Total transmission lines capacity increased to nearly Around 144 billion units (BUs) of electricity were traded in
4.13 lakh Ckms, reflecting an increase of about 22,437 the short-term power market during FY19, as compared
Ckms over FY18. The transmission substation capacity to a total of 128 BUs traded during FY18. Out of this,
reached 8.99 lakh MVA by March 2019 reflecting an about 34% of trading took place using power exchange
increase of 72,705 MVA over FY18.
platforms. The trading margins were under immense
With changing generation mix on account of increased pressure due to high competition amongst traders. The
renewables, the government is emphasizing on competition grew fierce due to an increase in the number
augmentation of transmission infrastructure to support of CERC licensed traders from 11 in FY05 to 43 in FY19.
demand growth. In order to expedite the development
of transmission lines for solar parks, the government has At ₹ 3.86 per unit, the average clearing price for spot
decided to award these projects to private players through markets in FY19 increased by 18% as compared to
tariff based competitive bidding (TBCB). the previous fiscal. The increase in spot price is largely
attributable to lack of availability of coal, increase in
1.4. DISTRIBUTION
demand and outage of various thermal power plants due
Distribution continues to be the weakest link in the to various reasons.
power supply chain on account of the financial stress of
1.6. REGULATORY AND POLICY DEVELOPMENTS
electricity utilities. As discussed above, the Government
of India launched the Ujwal DISCOM Assurance Yojna Regulatory and policy reforms in the sector are critical
(UDAY) to reduce the financial burden on state DISCOMs given the current challenges across the value chain. The
(by transferring 75% of accumulated losses/debts of following are some of the important regulatory and policy
the DISCOM to the state), and targeted improvement in changes in FY19:
operational parameters thereby reducing leakages in the Renewables
system. So far, many states and UTs have signed up for
x Waiver of transmission charges and losses on
UDAY and bonds worth ₹ 2.32 lakh crore have been issued
power from solar and wind power plant
by the state governments and tariff revisions happened
in 25 states/UTs since the beginning of the scheme. The The Ministry of Power has waived the levy of
progress of the revival scheme for discoms launched in inter-state transmission charges and losses on
November 2015 remains slow since the total AT&C loss transmission of electricity through the inter-state
levels were at 20% in March 2019 compared to a target transmission system for wind and solar projects
of 15%. While discom losses reduced to ₹ 17,352 crore in commissioned till 31st March 2022.
FY18 from ₹ 51,096 crore in FY16, the outstanding discom x Domestic Manufacturing of Solar Equipment
dues to gencos rose to more than ₹ 40,000 crore by the The Ministry of New and Renewable Energy (MNRE),
end of FY19, adding to the woes of the already stressed Government of India, announced the following
power generating companies. (sources: www.uday.gov.in; policies to boost domestic manufacturing and
www.praapti.in) to safeguard the interests of existing domestic
The power ministry has also emphasized bringing manufacturers.
distribution losses to 15% and ensuring 24x7 power to all - Mandatory certification as per IS and
by 2019. registration by BIS for supply, storage,
With limited opportunities in the distribution franchises distribution and installation of solar modules,
and PPP route to distribution, Tata Power is looking at inverters and storage battery (this will ensure
distribution services like smart meters, smart grids, LED reliability of operations for 25 years).
street lighting, advisory services projects etc. At the same - Safeguard duty introduced on imports of
time, Tata Power is also supporting a lot of discoms across cells and modules for two years.
the country in improving their efficiencies. - Preference for Make in India: Government
As part of the proposed amendments to the EA, 2003, of India and all departments/companies
separation of the wires and supply businesses is controlled by it to accord preference to
envisaged. This is expected to increase competition in the domestically manufactured products for
supply sector. However, this may take a long time to get use in renewable energy projects. Minimum
realized on ground. At the same time, many of the state percentage of local content has been
discoms have started to look at distribution franchisee prescribed in the policy.
route to enhance the efficiency of local discom in certain - Approved Models and Manufacturers of Solar
urban areas. Distribution franchisee models currently PV modules (Requirement of Compulsory
exist in states like Rajasthan, Maharashtra, Odisha, UP that registration) Order as per which post
have private players appointed as electricity distribution 31.03.2020, only those modules can be used
franchisee for certain areas to help improve the high which have been pre-qualified and enlisted
AT&C losses in those areas. Jharkhand is also likely to by MNRE.
operationalize this model. - 12 GW of solar projects to be set up till FY23 under

CPSU scheme phase-II with domestic solar cells x CERC Tariff Regulations 2019-24
and modules and VGF of ₹ 8,580 crore. CERC issued the Tariff Regulations for the period
1.5 GW ISTS connected solar PV Tender linked FY19-24 for generating stations operating under
NOTICE
to setting up of 3 GW of solar manufacturing 62 of the EA, 2003. In these regulations, CERC has
plant (ingots, wafers, cells, modules) adopted a conciliatory tone on tariffs, allowing
announced. A total of 10 GW of solar PV compensation for the loss of coal heating value
linked to 20 GW of manufacturing capacity is during storage and retained the current regulated
envisaged under the scheme. return on equity.
x Phase II of Grid Connected Rooftop Solar
BOARD’S REPORT
The most prominent and impactful regulations
Programme
include no reduction of equity for older plants,
40 GW of rooftop capacity till 2022 with an outlay permission to allow pass through of coal
of ₹11,814 crore has been announced with handling losses, incentives on making higher
Central Financial Assistance (CFA) only for capacity power generation during peak hours, and higher
additions during the year in their respective areas of allowance on the operational and maintenance
jurisdiction. expenses. Another positive is that the regulator has
x Kisan Urja Suraksha evam Utthaan Mahabhiyaan allowed the loss of 85 kcal per gross calorific value
(KUSUM) coal between unloading and firing point. Earlier,
The scheme is with an outlay of ₹ 34,422 crore and the generator had to bear the loss on fuel damage
MD & A
provides opportunities for small solar plants in rural from unloading to firing point leading to under
recoveries.
areas and for solarisation of irrigation pumps.
x The National Wind Solar Hybrid Policy x Directorate General (DG) Shipping Circular
The policy was announced for optimisation of use of This regulation allows a maximum limit of 0.50%
land and transmission infrastructure and achieving of sulphur in bunker fuel from 1st January 2020
better grid stability through reduced variability. onwards and is going to impact transportation costs
for imported fuel. Representation has been made
CG REPORT
Capacity of 840 MW has already been tendered out
and another 1.8 GW is under bidding. to MoP and CERC for notifying suitable changes in
regulations for compensating for the increase in
x Policy on Flexibility in Generation and
cost to power plants based on imported fuel.
Scheduling of Thermal Generating Stations to
reduce the cost of power to the consumer x National Green Tribunal’s (NGT) Order on Fly Ash
Utilization
Ministry of Power has issued the policy with the
purpose of optimization of overall cost of generation NGT directed all thermal power stations which failed
by replacing the generation load from generating to dispose off 100% fly ash upto 31st December 2017,
stations with high generation cost to generating to deposit damages for environment restoration, as
BRR
stations with lower cost of generation. While, per MoEF notification dated 25th January 2016. For
this policy aims at company-level optimisation, thermal plants upto 500 MW, cost of damages is
subsequent proposal notes by POSOCO and ₹ 1 crore and for plants beyond 1,000 MW, it is
discussion paper by CERC developed on similar ₹ 5 crore. In case any claim of 100% compliance is
lines, envisages optimisation at the national level. found to be false, the amount of penalty payable
CERC has directed POSOCO to initiate a pilot study may be upto 5 times.
CONSOLIDATED
to implement the proposed mechanism. The order was challenged in the Hon’ble Supreme
x Draft Amendments proposed to Electricity Act Court which allowed the appellants to represent
and National Tariff Policy their cases before NGT. The Tribunal directed all
The Ministry of Power (MoP) issued the draft Applicants to approach the Joint Committee (yet
proposed amendments to Electricity Act which to be constituted) to represent their case. The
along with other changes focussed on Wires and Committee has been directed to furnish its report by
Supply segregation for the distribution sector. 31st May 2019. The order on suspension of deposit
Also, Ministry of Power (MoP) has issued the of damages, as per the Hon’ble Supreme Court
STANDALONE
draft proposed amendments to Tariff Policy and order, will continue till the Committee submits its
Electricity Rules. The proposed discom reforms report.
which include capping of AT&C losses to 15%, It has been found in case of CGPL and Jojobera that
direct benefit transfer of subsidy, prepaid metering, the fly ash utilization has not been 100%. Tata Power
simplification of tariff categories would help to spur has made its representation through the Association
power demand and potentially restart the PPA cycle. of Power Producers (APP).

Transmission & Distribution In order to maximize value for its stakeholders, the
x Launch of SAUBHAGYA – Pradhan Mantri Sahaj Company has been making efforts to simplify, synergize
Bijli Har Ghar Yojana and scale up its businesses:
The scheme was launched with a total outlay of Simplify:
₹ 16,320 crore. The objective of the scheme is a) The Company is making efforts to simplify its
to provide last mile connectivity and electricity structure by reducing the number of entities and
connections to all households in rural and cross holdings and is looking to scale-up a few
urban areas. As of 2nd May 2019, 99.99% of all but important growth areas while evaluating exit
households in the country have been electrified while from sub-scale assets/non-core investments. This
18,734 households remain to be electrified. It is will help the Company respond faster to market
expected to increase the demand for power in the changes and lend agility.
country and, thereby, increase the utilisation of b) The following actions were taken during the year in
generation assets. this direction:
2. STRATEGIC FOCUS OF TATA POWER x Sale of TCL and PFL;
Your Company is an integrated player across the value x Sale of SED;
chain of power business allowing it to capitalize on market x Purchase of 100% shares in EEPL, a wholly
opportunities across segments. owned subsidiary of CGPL by TERPL, a wholly
The management has reviewed the fast-changing owned subsidiary of the Company;
landscape of the power industry and proposes to gear up x Exploring opportunities to review and
for the major shifts likely in the next decade. Accordingly, monetize overseas investments.
the following will be the strategic focus areas both c) Henceforth, all the businesses of the Company will
internally and externally: be categorized in the following segments:
x Renewables - The Company is eyeing growth in x Thermal and Hydro Generation (including
utility scale solar projects and continues to look for CGPL and coal investments)
projects with sustainable and certain returns. The x Renewables
Company has launched retail Rooftop solar business x Transmission and Distribution
catering to small enterprises and household needs x Others
in 18 cities.
Each of the above segments will have a dedicated
x Thermal - The Company is looking for acquisition organization and reporting structure. From FY20
of stressed coal-based assets through its venture, onwards, financial reporting will also be made
Resurgent Power Ventures Pte Limited, with leading according to these segments.
global investors. Synergize: The Company will seek to capitalize on the
x Distribution – The focus is on increasing the existing synergies existing within the Tata group to support its
footprint through addition of new distribution strategic plans. Your Company is privileged to have a large
franchisees and Public-Private-Partnerships (PPP) and unique ecosystem to leverage ideas, knowledge,
with discoms as and when they will be available. expertise and scale of the group.
x New Business – While the Company has mainly Scale: The Company is present in many areas of the
been in business-to-business and business-to- energy value chain which have scalable potential. Some of
government segments, it is now also evaluating them present a significant opportunity for growth where
options in the consumer business as an integrated the Company will look to scale-up through investment,
service provider. The Company is looking to consolidation and collaboration.
scale-up growth in service led-business areas in Tata Power’s SWOT
distribution, solar EPC and thermal generation
The Company’s key strengths include the Tata brand
along with rooftop solar, microgrids and electric
which lends credibility with stakeholders, operational
vehicle charging infrastructure.
excellence, presence across the power value chain and
x International Operations – After reviewing the growth significant regulated business providing stable cash-flows.
and performance of its international investments, To enable future growth, balance sheet leverage needs
the Company will evaluate those investments for to be optimized and the Company is taking appropriate
further potential for scaling up and achieving market measures to address the same. Tata Power has identified
leadership and will take a decision based on the significant growth opportunities in the sector which
reviews. have been elaborated further in Section 3, MD&A. Weak
x Financials – The focus is to deleverage the balance financial health of discoms, unanticipated regulatory
sheet by monetising non-core assets and pursuing changes and technology disruptions like battery storage
less asset-intensive growth. pose challenges to the Company’s business.

3. OPPORTUNITIES AND OUTLOOK The key risks and concerns facing the power sector in India
The Indian market continues to remain the primary are as follows:
focus of business for your Company. Currently, x The poor financial health of state discoms continues
NOTICE
4.9% (530 MW) of your Company’s generation capacity to be a factor that impedes the growth of the sector.
is based in international geographies with another 187 This is a major concern area for investors in the
MW under execution. As mentioned earlier, the Company sector leading to higher return expectations, which,
has plans to grow in the areas of renewable generation, in turn, will result in higher tariffs.
distribution and new and service-led businesses. x The availability of cost-effective capital for funding
BOARD’S REPORT
x Renewables Generation of new projects is a cause of concern given banks’
Your Company is a leading player in renewables current exposure to power sector and stranded
generation with presence across the value chain. It assets, which may result in NPAs.
is expected that there would be significant growth x The large number of stranded and under-utilized
opportunities in renewables (both organic and thermal assets adds to the already overburdened
inorganic) in the future and the Company plans discoms by way of fixed costs. Climate change
to increase its footprint through value-accretive related norms are likely to increase this burden,
projects. slowing down the pace of growth in demand.
x Thermal Generation x Though renewables are welcome from an
Your Company plans to grow its coal-based power environment perspective, a rapid expansion could
MD & A
plant portfolio through the inorganic route and be at the cost of thermal capacity utilization, thus
look for viable opportunities to acquire stressed adding net fixed costs to the system which is
thermal assets through its platform – Resurgent already overstretched. This could slow down the
Power Ventures Pte. Limited. The Company has renewables sector.
acquired a long-term coal mining license for the x Infrastructure constraints such as domestic coal
Krutogorovskya coal deposit located in the Sobolevo output, bottlenecks in rail logistics and port
District, Kamchatka of the Russian Federation capacity may affect the transportation of coal.
CG REPORT
under competitive bidding, to explore cheaper and
x Shortage of domestic gas and expensive LNG
sustainable coal supply for its subsidiary, CGPL.
imports affects the financial viability of gas-based
x Transmission power plants.
Growth in the transmission segment will be very x Cyber Security risk which is affecting various
selective and will likely be linked to generation industries globally.
evacuation opportunities.
The key risks and concerns specific to your Company
x Distribution along with main mitigation measures are as follows:
With growing focus on improving the state of 1. Continuing losses at CGPL (Mundra UMPP) – The
distribution business, more states have been
BRR
Company is pursuing the case for increase in tariff
adopting the Distribution Franchisee (DF) model and hopes for an early resolution. There is higher
while a few have invited bids through the Public- focus on reducing coal cost by blending with
Private Partnership (PPP) route. The Company lower calorific value (CV) coal. The mine ownership
constantly evaluates such opportunities and aims provides some protection from volatility.
to be a leading player in this space.
2. Renewal of licence of KPC mines in Indonesia –
CONSOLIDATED
x New and Service-Led Businesses
The licence expires in 2021. The renewal is under
The Company is looking at scaling up its service consideration by the Government of Indonesia.
businesses i.e., businesses with little or no capital
3. High Leverage – The borrowings of the Company
investment (distribution services, power trading,
have increased due to mounting losses at CGPL. All
thermal O&M services, solar EPC), and is also
efforts are being made to monetise non-core assets
evaluating opportunities in emerging business areas
to bring down the debt levels.
such as microgrids, rooftop solar, energy efficiency
solutions and electric vehicle charging stations. 4. Risk of collection from discoms: So far, this risk has
not impacted the Company, but the risk needs to
STANDALONE
4. RISKS AND CONCERNS

be tracked closely based on developments in the
Tata Power is faced with risks that can be divided into sector. The Company has carefully spread its risk by
three key categories: not allowing concentration in states with higher risk.
x Risks common to all players in the sector 5. Risk of sector stagnation: Unless the Government
x Risks specific to the Company of India, together with the state governments,
x Disaster Management and Business Continuity undertake a concerted effort to implement
risks

regulatory and financial reforms, there is a risk of The company’s higher revenue and sales were due
stagnation of the sector despite the overall demand to addition of solar capacity during this year, early
continuing to grow. commissioning of sites and better performance of the
The British Standards Institution (BSI) had done a recently commissioned sites. During FY19, the following
recertification and awarded ISO 22301:2012 - Societal new solar projects got added – 100 MW at Anantapuram,
Security and Business Continuity Management System to Karnataka (2 blocks of 50 MW each), 100 MW at Pavagada,
Tata Power and its major subsidiaries viz CGPL, MPL, TPDDL, Karnataka (2 blocks of 50 MW) and 16 MW of rooftop solar.
TPTCL, TPSSL, TPREL, PTL, CTTL and IEL. In FY16, your The Pavagada site has five blocks (total of 250 MW) out of
Company had further combined its Business Continuity which two blocks got commissioned 5 months prior to the
and Disaster Management Plans which had been assessed scheduled commissioning date.
by BSI before awarding the ISO 22301:2012 certification The Company is executing a 150 MW solar PV project for
5. OPERATIONAL PERFORMANCE the Maharashtra State Electricity Distribution Company
Limited (MSEDCL) at Chhayan site in Rajasthan for
Consolidated operations of Tata Power are categorized
which land acquisition has been completed. The project
into two segments: Power and Others. Report on the
is progressing as per schedule and is expected to get
performance and financial position of each of the
commissioned by August 2019. The remaining 150 MW
subsidiaries, joint ventures and associate companies
capacity at Pavagada is under commissioning and the
has been provided in Form AOC-1. In view of the re-
project progress is as per the schedule. TPREL has also
organisation into key business verticals, the Company will
signed a 100 MW PPA with Uttar Pradesh Power Corporation
be publishing results in a new format from FY20 onwards.
Limited (UPTCL) and Noida Power Corporation Limited
The Company’s business is primarily driven by strong (NPCL), awarded through a bid process conducted by the
performance by regulated businesses, renewables and Uttar Pradesh New and Renewable Energy Development
cost optimization. The large section of the portfolio being Agency (UPNEDA). The commissioning schedule is
under the regulated framework demonstrates the strong 21 months.
and reliable fundamentals of the Company’s finances.
The commissioned capacity at the end of FY19 was
Also, the balance between regulated return businesses
875 MW which included Vagarai Wind Farm Limited (21
and market-linked businesses in the Company’s portfolio
MW) and Indorama Renewable Jath Ltd (30 MW).
aids the Company in capitalising on favourable market
conditions while ensuring stable returns. 5.1.1.1. WALWHAN RENEWABLE ENERGY LIMITED-WREL
(1,010 MW)
Highlights of operational performance of key entities are
listed below: Type of entity: Wholly owned subsidiary (through TPREL)
5.1. RENEWABLES WREL is now a fully owned subsidiary of TPREL. It has an
operating capacity of 1,010 MW, out of which 864 MW
The numbers below demonstrate the overall renewable
is solar and 146 MW is wind power. A major part of the
portfolio of the Company which includes TPREL, TPSSL,
capacity is in Tamil Nadu, followed by Rajasthan, Madhya
WREL and Tata Power Standalone assets.
Pradesh, Karnataka and Andhra Pradesh.
(Table 1)
Operating Performance
Particulars FY19 FY18
Installed Capacity (MW) 2,310 2,110 The generation achieved by WREL in FY19 was 1,745 MUs
Generation Sales (MUs) 3,912 3,227 as against 1,669 MUs in FY18. The higher generation of
Solar (MUs) 2,329 1,752 67 MUs was on account of removal of evacuation
Wind (MUs) 1,583 1,475 constraints at Pratapgarh site, better grid availability at
Gross Revenue (` crore) 5,537 4,764 the Tamil Nadu sites, implementation of seasonal tilting,
EBITDA (` crore) 2,369 2,087 repowering of partially degraded sites, reinstatement of
PAT (` crore) 435 395 capacity at the Bihar site after it was damaged by social
Assets Deployed* (` crore) 16,022 14,922
miscreants in September 2017 and better plant availability.
Debt** (` crore) 10,686 9,483
Equity** (` crore) 6,085 5,814 Financial Performance (Table 3)
*Gross Block (PPE + Intangible Assets) has been considered for Assets Deployed
**TPC Wind & Solar equity and debt has been considered as per Financials Particulars FY19 FY18
5.1.1. TATA POWER RENEWABLE ENERGY LIMITED - TPREL (875 MW) Generation Sales (MUs) 1,745 1,669
Type of entity: Wholly owned subsidiary Net Sales (` crore) 1,272 1,223
(Table 2) 300 238
PAT (` crore)
Generation Sales (MUs) 1,450 882 WREL achieved a total revenue of ₹ 1,272 crore and a PAT
of ₹ 300 crore. Improvement in PAT was due to lower cost
Net sales (` crore) 774 522
of borrowings and higher plant load factor during the year.
PAT (` crore) 89 186

5.1.2. TATA POWER SOLAR SYSTEMS LIMITED – TPSSL Availability for FY19 at 99.54% was maintained higher than
Type of entity: Wholly owned subsidiary (Table 4) previous year at 98.98% due to proactive actions taken
based on preventive maintenance practices, effective
NOTICE
Particulars FY19 FY18 condition monitoring and better planning and execution
Net sales (` crore) 3,175 2,749 of planned outages.
PAT (` crore) 90 100 5.2. CGPL, COAL AND RELATED INFRASTRUCTURE
The company executed and commissioned several large COMPANIES
projects across multiple states and delivered rooftop 5.2.1. COASTAL GUJARAT POWER LIMITED - CGPL (4,150 MW)
projects across the country, leading to revenue growth. In
BOARD’S REPORT
FY19, TPSSL achieved the highest revenue ever, crossing Type of entity: Wholly owned subsidiary (Table 7)
the ₹ 3,000 crore mark with record turnover contribution Particulars FY19 FY18
from the Large Projects and the Products business lines.
Generation Sales (MUs) 24,752 24,599
Operating Performance
Net sales (₹ crore) 7,064 6,271
In this financial year, 1,095 MW of utility-scale solar projects
have been executed or are currently under execution. Two Loss (₹ crore) (1,654) (1,783)
blocks of the KREDL Pavagada project, i.e. 100 MW of the Loss in FY19 was lower at ₹ 1,654 crore as compared to
total 250 MW project capacity, were commissioned about FY18 mainly due to impairment provision of ₹ 311 crore in
five months before the scheduled commissioning date. FY18 offset by sale of shares of EEPL in the current year.
MD & A
The 75 MW GSECL Dhuvaran project was commissioned Under-recovery of fuel cost is listed below: (Table 8)
40 days ahead of schedule.
TPSSL further fortified its manufacturing capabilities Particulars FY19 FY18
this year and produced over 127 MW cells and 308 MW Total Revenue* (₹ crore) 7,137 6,299
of modules. It has now attained module wattages of
EBITDA** (₹ crore) (194) (156)
335 Wp using its own cells. In the solar products domain,
over 4,300 solar agricultural pumps were installed in ten Fuel under-recovery***
CG REPORT
states in FY19, a growth of 80% from FY18.
(in ₹ crore) (2,080) (2,068)
In the rooftop solar domain, about 84 MW capacity was
executed or is currently under execution, including (in ₹ per kWh) (0.84) (0.84)
16 MW of PPAs. The Rooftop Focus City Launch campaign, *Total revenue consists of Revenue from Operations and Other Income
targeting 100 cities across India, kicked off in September including proceeds from sale of investments after accounting for rebate and
2018 in New Delhi and had covered 18 cities by end of Ind AS 115 impact
FY19. The company also achieved a significant milestone in **FY18 EBITDA does not include impairment provision of ₹ 311 crore
its exports business and recorded export revenue of over *** Consists of total coal cost under recovery (revenue net of coal costs)
₹ 106 crore to clients in Denmark, Ukraine, Netherlands It is pertinent to note that the decrease in EBIDTA in CGPL
and Sweden.
BRR
is due to higher O&M cost in FY19. The Company continues
5.1.3. RENEWABLES DIVISION ON THE BALANCE-SHEET OF to engage with the procuring states to find a solution for
THE PARENT COMPANY (379 MW) long-term viability of the plant.
Type of entity: Division (Table 5) CGPL - Refinancing of Forex Loan
In FY19, CGPL completed refinancing of the outstanding
ECB loans amounting to ~USD 770 million (approx.
CONSOLIDATED
Generation Sales (MUs) 632 646 ₹ 5,500 crore) through a mix of INR-denominated debt
The portfolio comprises 376 MW of wind assets and 3 MW instruments and equity funding from proceeds of
of solar assets at Mulshi. The carve-out process for said divestment of non-core assets. The benefits accruing from
assets from Tata Power to TPREL is under review. the refinancing include (i) reduction of debt burden at
5.1.4. TATA POWER HYDROS (447 MW) CGPL (ii) rescheduling the amortization of loans resulting
in increased sustainability of debt servicing (iii) reduction
Type of entity: Division (Table 6)
of effective interest cost in CGPL and (iv) reduction of
Particulars FY19 FY18 foreign exchange related volatility for CGPL. As a result,
STANDALONE
going forward, Tata Power’s annual sponsor support

commitments towards debt servicing obligations of CGPL
In FY19, generation was higher than FY18 due to above will reduce substantially.
normal rainfall in the hydro catchment area, higher plant The Company is making efforts to improve profitability
availability and reduced auxiliary consumption. Lake
through initiatives like sourcing of low-cost coal from
levels have been maintained to meet the requirement
other geographies and increasing blending of low calorific
of peak power till next monsoon (i.e. till June-July 2019).
value coal.

Russian Coal Mine Development Project PT Nusa Tambang Pratama, Indonesia (Table 11)
The Company has acquired a long-term coal mining Particulars FY19 FY18
license for the Krutogorovskya coal deposit located in the Net sales* (₹ crore) 1,019 1,021
Sobolevo District, Kamchatka of the Russian Federation
PAT* (₹ crore) 632 624
under competitive bidding, to explore cheaper and
*figures are on 100% basis. The Company’s share is 30%
sustainable coal supply for its subsidiary CGPL. Far
East Natural Resources LLC (FENR) is a registered local 5.2.3. TRUST ENERGY RESOURCES PTE. LIMITED- TRUST ENERGY
subsidiary entity of Tata Power incorporated in Russia to Type of entity: Wholly owned subsidiary (Table 12)
develop this coal mine. Firm estimates of reserves and
resource are being assessed through detailed drilling and Particulars FY19 FY18
exploration activities which are presently under progress. Net sales (₹ crore) 871 695
Regulatory matters PAT (₹ crore) 155 179
Kindly refer to Section 8.1 of the Board’s Report of PAT was lower as compared to FY18 due to lower coal
this Annual Report for Regulatory and Legal updates shipments volume. The three ships owned by Trust Energy
pertaining to CGPL. maintained an overall availability of more than 99% with no
major safety incidents. Coal shipments for Mundra Power
5.2.2. COAL & INFRASTRUCTURE COMPANIES
Plant were performed as per plan in FY19. The company
Your Company, through its subsidiaries, holds a 30% continued to undertake several measures to improve the
stake in PT Kaltim Prima Coal (KPC) and a 26% stake in PT operating efficiencies and reduce operating expenditure
Baramulti Suksessarana Tbk (BSSR), which are strategic by optimising insurance premium and ensuring a lean
assets to hedge imported coal price exposure at CGPL and structure to manage overhead costs. The daily operating
form an important part of the supply chain for its coal off- expenses for all three ships are at benchmark levels as per
take requirements. industry standards.
Your Company has signed an agreement to sell its 30% 5.3. THERMAL GENERATION
stake in PT Arutmin Indonesia and associated companies 5.3.1. MAITHON POWER LIMITED- MPL (1,050 MW)
in coal trading and infrastructure. The aggregate
consideration for the stake is USD 401 million, subject to Type of entity: Subsidiary (Tata Power: 74%, DVC: 26%)
certain closing adjustments and restructuring actions. (Table 13)
To date, the Company has received USD 161 million out Particulars FY19 FY18
of which USD 94 million is in cash and the balance is by Generation Sales (MUs) 6,858 6,987
way of receivables adjustment. Your Company is pursuing Net sales* (₹ crore) 2,776 2,270
steps to conclude this transaction. PAT* (₹ crore) 273 182
PT Kaltim Prima Coal, Indonesia (Table 9) *figures are on 100% basis. The Company’s share is 74%
Particulars FY19 FY18 In FY19, PAT increased mainly due to the impact of order
Gross sales* (` crore) 25,997 25,518 from APTEL and tariff order from CERC. MPL maintained
PAT* (` crore) 2,462 3,632 its strong financial position as evident by the ratings given
*figures are on 100% basis. The Company’s share is 30% by CARE and CRISIL for the long term (CARE AA) and short-
term (CRISIL A1+) bank facilities.
The coal price realization for the year was at USD 64/tonne
as compared to USD 68/tonne in FY18. KPC’s profitability 5.3.2. INDUSTRIAL ENERGY LIMITED- IEL (375 MW)
was adversely affected due to Indonesian Government’s Type of entity: Subsidiary (Tata Power: 74%, Tata Steel:
DMO policy (refer Section 8.2, Board’s Report). 26%) (Joint Venture under Ind AS)
PT Baramulti Suksessarana Tbk and PT Antang (Table 14)
Gunung Meratu Indonesia (Table 10) Particulars FY19 FY18
Particulars FY19 FY18 Generation Sales (MUs) 2,992 2,592
Net sales* (` crore) 3,169 2,554 Net sales* (₹ crore) 300 373
PAT* (` crore) 354 551 PAT* (₹ crore) 111 70
IEL operates a 120 MW tolling coal-based plant in Jojobera.
The production at the Indonesian thermal coal mining
It also operates a 120 MW co-generation plant (Power
companies, viz. PT Kaltim Prima Coal, PT Baramulti House #6) in Jamshedpur, inside the Tata Steel plant which
Suksessarana Tbk. and PT Antang Gunung Meratus is based on blast furnace and coke oven gas. 2 out of 3 units
Indonesia was 70 MT as compared to 66 MT in FY18. of 67.5 MW each of co-generation plant at Kalinganagar,
The status of infrastructure companies at Indonesia was as Odisha, are also under operation by deploying production
under: gases from Tata Steel’s plant.

In FY19, net sales decreased due to tolling arrangement The key highlights of the year are listed below:
with Tata Steel for Unit 5, Jojobera. However, PAT increased x A 145 kV GIS project was successfully commissioned
due to better performance of Unit 5 & Unit 6 and full- at Saki, Mumbai on 31st January 2019 by charging
NOTICE
year plant operations at Kalinganagar. The Company will from 110 kV Salsette Saki 4 line.
execute the third turbine of 67.5 MW co-generation plant
at Kalinganagar, Odisha, based on discussions with Tata x A new 110 kV receiving station was commissioned
Steel for Phase Two of the steel plant. at Kurla to cater additional load.
5.3.3. TROMBAY (1,430 MW) x MMRDA overhead to underground conversion for
Metro 3 yard at BKC was completed in July 2018.
BOARD’S REPORT
Type of entity: Division (Table 15)
x ~ 2600 no. of contract workmen across T&D were
Generation Sales (MUs) 6,092 5,949 trained in TPSDI for different courses.
With 95% plant availability in FY19, the performance 5.4.2. POWERLINKS TRANSMISSION LIMITED – PTL
was better as compared to FY18 (93%). Unit 5 and Unit Type of entity: Subsidiary (Tata Power: 51%, PGCIL: 49%)
7 overhauling were successfully completed within the (Joint Venture under Ind AS) (Table 19)
stipulated time frame. The plant has undertaken several
operational improvement measures including reduction Particulars FY19 FY18
in auxiliary consumption, optimizing operational expenses Net sales* (₹ crore) 146 161
and reducing store inventory etc. Trombay thermal power
PAT* (₹ crore) 113 125
MD & A
station has completed IMS surveillance audit for all four
ISO standards. *figures are on 100% basis. The Company’s share is 51%
5.3.4. JOJOBERA (428 MW) In FY19, PAT was lower during the year mainly due to one-
Type of entity: Division (Table 16) time MAT credit utilised in FY18.
Particulars FY19 FY18 Operations
The availability of the lines was maintained at 99.97% for
CG REPORT
Generation and plant availability (92%) were less than Eastern Region in FY19 (previous year availability stood
the previous year’s availability (97%) due to scheduled at 99.83%) and 99.94% for Northern Region (previous
plant outage which was undertaken for various measures year availability was 99.95%), as against the minimum
to increase efficiency and improve specific raw water stipulated availability of 98.50%.
consumption.
5.5. DISTRIBUTION
5.3.5. HALDIA (120 MW) 5.5.1. MUMBAI DISTRIBUTION
Type of entity: Division (Table 17) The highlights of the Mumbai Distribution business are as
Particulars FY19 FY18 follows: (Table 20)
Generation Sales (MUs) 704 703
BRR
Generation sales in FY19 were marginally better than the Sales (MUs) 4,521 4,393
previous fiscal. Some of the challenges which impacted
generation during the year included lower flue gas Consumer Base (Nos.) 7,01,438 6,86,629
availability from Tata Steel due to higher planned and x Shutdown for Tata Power consumers was avoided
forced outages of coke oven plant. The plant availability in on multiple occasions during the outage of 110 kV
CONSOLIDATED
FY19 stood at 90% vis-à-vis 83% in FY18. Borivali-Malad lines 1 & 2 for MMRDA’s Metro work
5.4. TRANSMISSION of line-7 (Andheri East to Dahisar East).
5.4.1. MUMBAI TRANSMISSION x Installation of substation at 44th floor of Lodha
The transmission assets, which are a part of the Mumbai World Tower – for the first time in India, a transformer
license area, had a grid availability of 99.50% as against was raised to 44th floor using tower crane.
the MERC norm of 98%. Availability was maintained at x Inauguration of the country’s first ‘All-Women’
high levels by proactive actions taken based on preventive Customer Relations Centres (CRCs) in Andheri,
STANDALONE
maintenance practices, effective condition monitoring Borivali and Khar in Mumbai. All the functions at
and judicious planning and execution of planned outages. these CRCs, including security, will be handled by
(Table 18) women.
Particulars FY19 FY18 x Became the first Power utility to enable online,
automated bill payments using e-NACH
Grid Availability (%) 99.50 99.37
(Electronic National Automated Clearing House), in
Transmission Capacity (MVA) 9,803 9,598 collaboration with IDFC Bank.

5.5.2. TATA POWER DELHI DISTRIBUTION LIMITED – TPDDL the field. TPDDL also jointly developed 16 use cases with
Type of entity: Subsidiary (Tata Power: 51%, Government Hitachi on Advanced Data Analytics on areas focussing on
of National Capital Territory (NCT) of Delhi: 49%) reliability improvement, AT&C loss reduction, customer
service, resource optimization, etc.
(Table 21)
Additionally, TPDDL became the first utility in India to
Particulars FY19 FY18 deploy a 10 MWh Battery Energy Storage System (BESS),
Distribution Sales (MUs) 8,870 8,634 which is the largest such system in South Asia. It also signed
Net sales* (` crore) 7,600 7,104 an MoU with EDF (Europe) and Enedis (France) to jointly
take up Smart Grid Projects, Distribution and Franchisee
PAT (` crore) 336 306
models in India and other geographies. Under the Horizon
*includes net movement in regulatory deferral account balance 2020 program, funded by the European Union, TPDDL is
Operations: deploying an Energy Island System, integrated with Smart
Meters, LV automation, solar rooftop and Energy Storage
In FY19, TPDDL had a registered customer base of 16.96
systems which would enable demand response programs
lakh spanning across an area of 510 sq. km. in North and
and islanding of critical areas.
North-West parts of Delhi. The AT&C losses stood at 8.16%
as against 7.92% last year. 5.5.3. TATA POWER AJMER DISTRIBUTION LIMITED - TPADL
TPDDL met a peak demand of 1,967 MW in FY19 as Type of entity: Wholly owned subsidiary
compared to 1,852 MW in FY18. In its endeavour to (Table 22)
enhance reliability, TPDDL was able to reduce the System
Average Interruption Duration Index (SAIDI) to a level of
31.39 hours against 25.70 hours in previous financial year. Distribution Sales (MUs) 465 303
Net sales (` crore) 378 244
Further, in its quest to enhance system reliability and win
customer affection, TPDDL took several initiatives to ease PAT (` crore) 0.40 (3.88)
the process of new connection, billing and payment for its TPADL, a wholly-owned subsidiary of the Company was
customers. As part of its Advanced Metering Infrastructure formed on 17th April 2017 as a Special Purpose Vehicle
(AMI) deployment, TPDDL deployed RF mesh canopy (SPV) to take-over the supply and distribution of power in
in its area of operation and is in the process of Smart Ajmer city.
Meter roll-out for its customers. In FY19, 63,629 Smart The total area under the franchisee is around 190 sq km.
Meters were installed within the licensed area. Further, to The total consumer base is around 1.4 lakh and total peak
increase transparency and customer satisfaction, the data demand is 112.05 MW observed in the month of June
generated from the Smart Meters has been integrated to 2018.
TPDDL Mobile app and a WhatsApp service has also been On the commercial front, AT&C losses reduced to 11.2% by
provided to the customers to capture and provide the the end of FY19 from 17.4% in FY18. Tripping on 11 kV & 33
meter reading thereby making it a one stop destination kV voltage-level reduced by 31% and 45% respectively in
for all requirements of the consumers. FY19. The PAT, in FY19, was higher due strong operational
TPDDL also enhanced the Digital Payment Index to 57.3%, performance led by drastic reduction in the AT&C levels.
thereby, taking a step towards developing a cashless For women empowerment in the organisation, the first
and consumer friendly payment experience. Also, two 100% women operated consumer service centre was
“All Women Customer Care Centre” were inaugurated inaugurated at Ajmer city.
to expand diversity within the organisation and to
5.6. OTHER BUSINESSES
strengthen women empowerment. The World Bank in
its ‘Doing Business 2019’ Report also acknowledged Tata 5.6.1. SERVICES
Power-DDL’s contribution towards improving the ease In FY19, the Services division provided O&M management
of getting a new electricity connection through process services for 1,800 MW capacity, complete O&M services for
simplification. This contributed to a jump in India’s ranking 99 MW, Corporate Management Services for 1,425 MW and
from 29 to 24, thus, taking India above several developed Asset Management Services for 692 MW of wind and solar
nations such as Australia and United States. assets. In addition, the division provided services such as
TPDDL also crossed a critical milestone of 650+ in its Tata GIS testing, electrical testing etc., to various clients.
Business Excellence Model (TBEM) Assessment in FY18. 5.6.2. TATA POWER TRADING COMPANY LIMITED - TPTCL
With this, it became the 3rd Tata Group Company to Type of entity: Wholly owned subsidiary (Table 23)
achieve the milestone of becoming ‘Industry Leader’.
On the technology front, TPDDL became the first Indian
utility to implement Advanced Distribution Management Generation Sales (MUs) 10,442 12,406
System (ADMS) which was integrated with GIS - Power Net sales (` crore) 262 238
Manager with real time synchronization to all assets in PAT (` crore) 37 15

PAT has increased mainly due to higher realisation for The losses in FY19 were mainly on account of lower plant
sale of power from Dagachhu Hydro Power Corporation load factor due less than normal rainfall received in the
Limited (DHPC) in Bhutan, improvement in working capital catchment area. DHPC sold 401 MUs of energy at the Indo
NOTICE
cycle, improved financing, higher consultancy income Bhutan periphery in FY19.
including REC and efficient receivable management. 5.7.3. ITEZHI TEZHI POWER CORPORATION LIMITED – ITPC
5.6.3. NEW BUSINESSES (120 MW)
Your Company has been the front runner to propagate the Type of entity: Joint Venture (Tata Power: 50%, ZESCO: 50%)
change towards sustainable energy. In the same spirit, the (Table 26)
BOARD’S REPORT
Company plans to play a crucial role in enabling a stronger
penetration of EVs in the country, thus fulfilling our Generation Sales (MUs) 722 781
commitment to power India’s future in an environmentally Net sales* (` crore) 661 600
sustainable way. In FY19, Tata Power signed strategic PAT* (` crore) 658 299
MoUs to set up EV charging stations with Oil Marketing *figures are on 100% basis. The Company’s share is 50%
companies like HPCL, IOCL and is working closely with ITPC has completed three years of commercial operations now.
other key stakeholders in creating and promoting the
The ITPC project has been developed in Itezhi Tezhi district
EV charging ecosystem in India. Further, over the past approximately 330 kms. from the capital city of Lusaka.
year, Tata Power EV charging network’s presence was The project is funded by African Development Bank
established in Mumbai, Delhi, Hyderabad, Bengaluru, (AfDB), Development Bank of Southern Africa (DBSA),
MD & A
Vishakhapatnam, Vijayawada and Lucknow under various Netherland’s Development Finance Company (FMO) and
business models. The Company aims to continuously Proparco from France and the Government of India by way
grow its EV charging infrastructure footprint by installing of Line of Credit through India Exim Bank to Government
charging stations at other strategic locations across the of Zambia.
country.
The Company’s main concern is the recovery of overdues
5.7. INTERNATIONAL BUSINESSES of USD 208 Mn. (Company’s 50% share) from its single
5.7.1. CENNERGI PTY LIMITED – CENNERGI (230 MW) customer ZESCO. While ZESCO has committed to resolve
CG REPORT
the issue by raising resources, the Company continues to
Type of entity: Joint Venture [Tata Power (through Khopoli):
engage with the Government of Zambia and the project
50%, Exxaro Resources Limited: 50%]
lenders to resolve this issue.
(Table 24)
In FY19, the annual availability of the power plant stood at
Particulars FY19 FY18 99.7% with total energy generation of 722 MUs at a Plant
Generation Sales (MUs) 728 742 Load Factor (PLF) of 69.45%. The generation was lower due
Revenue* (₹ crore) 555 513 to water management by ZESCO to facilitate sequential
EBIDTA* (₹ crore) 531 366 unit outages at Kafue Gorge Power Station for planned
(Loss)/Profit* (₹ crore) 86 (46) activities, thus necessitating reduced water release from
BRR
Itezhi Tezhi in spite of very good rainfall and inflow.
Cennergi is an independent power producer jointly owned
5.7.4. ADJARISTSQALI GEORGIA LLC
by Tata Power (50%) and Exxaro Resources Ltd. (50%). The
134 MW Amakhala Emoyeni wind farm was commissioned Type of entity: Joint Venture [Tata Power (through
on 28th July 2016 with the 95 MW Tsitsikamma Community TPIPL):40%, Clean Energy Invest: 40%, International
Wind Farm reaching COD on 18th August 2016. Finance Corporation (IFC): 20%]
CONSOLIDATED
Both, Amakhala and Tsitsikamma wind farms performed AGL is developing a 187 MW hydropower project on the
Adjaristsqali River and its tributaries in Georgia. This is one
well in FY19 and operated with plant availability of 98.03%
of the largest infrastructure investments in Georgia.
and 98.22% respectively. PAT is higher mainly on account
of increase in tariff as per PPA, lower interest cost due to The plant is currently not in operations on account of
refinancing and impact of hedge accounting in FY18. collapses experienced in certain sections of the tunnels.
The Company has entered into a settlement of claims with
5.7.2. DAGACHHU HYDRO POWER CORPORATION LIMITED- its insurers, the proceeds of which would be used towards
DHPC (126 MW) restoration and repair of the tunnels. The Company has
Type of entity: Associate (Tata Power 26%, DGPC & negotiated a restructuring package with the project
STANDALONE
Affiliates: 74%) (Table 25) lenders to sustain the viability of the project. AGL has
engaged experts from Austria and Brazil in tandem with
the Owners Engineer team (Mott MacDonald UK) to
Generation Sales (MUs) 495 522 identify the root cause of the collapses and understand
Net sales* (₹ crore) 124 128 the inconsistent geological behaviour in these tunnels so
Loss* (₹ crore) (25) (44) as to finalise remedial work design required in the affected
*figures are on 100% basis. The Company’s share is 26% sections. The repair work is progressing satisfactorily.

6. PROJECTS COMMISSIONED DURING FY19 (Table 27)
Vehicle for project execution Scale Key Highlights
Solar project commissioned at Anantapuram Solar Park,

TPREL 100 MW
Andhra Pradesh
TPREL 100 MW Solar project commissioned at Pavagada, Karnataka
7. PROJECTS UNDER EXECUTION (Table 28)
Vehicle for project execution Scale Key Highlights
Projects under construction in FY19 include:
x 150 MW project at Pavagada solar park, Karnataka
TPREL 400 MW (Solar) x 150 MW MSEDCL project at Chhayan, Rajasthan
x 100 MW UPNEDA project. Land parcels have been
identified and project enabling works are being lined up.
8. ENABLERS TO BUSINESS management and the unions to drive key organizational
8.1. SUSTAINABILITY imperatives. This was achieved after multiple rounds
of meetings and intense engagement between the
Tata Power’s Sustainability vision is
negotiating committee comprising representatives from
to practice ‘Leadership with Care’
the management and unions. The overarching objectives
by pursuing best practices on Care
pursued during the discussions were to improve
for our Environment, Community,
competitiveness of the Company in the marketplace and
Customers, Shareholders, People
organisational readiness to meet the dynamic business
and creating a culture that will
challenges in the solar industry. The negotiations took
reinforce our values. The Company
place in an environment of mutual trust and respect. Key
pursues a comprehensive
imperatives in the settlement included optimization of
Sustainability model in its journey
work shift pattern, employee multi skilling, redeployment
towards Sustainability which includes the key element
of employees to growth areas of the Company coupled
of ‘Care’ (described in Section 12, Board’s Report). The
with capability building of redeployed employees. For
Company’s latest Sustainability Report is hosted on
all activities undertaken during the year, necessary
its website: https://www.tatapower.com/sustainability/
support was provided to the staff and union. Harmonious
communication.aspx. (Alternately, scan the adjacent QR
industrial relations and activities at all locations progressed
Code using a mobile device to read the report on the
peacefully and cordially during the year.
Company website)
x Organisation Restructuring: Considering the
8.1.1. CARE FOR OUR PEOPLE
opportunities to be pursued and challenges to be
x Safety: Safety is a core value at Tata Power and all addressed, the organization structure was redesigned in
necessary actions are taken at the organisation to keep FY19. During this exercise, business verticals were clearly
safety as priority. Safety performance of the Company has demarcated into Generation, Transmission, Distribution
been reported in Section 11 in the Board’s Report. Safety and Renewables with dedicated teams like Business
and 5S programs of the Company have been given a lot of Development integrated into these verticals for enhanced
thrust during FY19. Training and awareness programs and accountability.
safety drills were carried out across various locations of the
x Capability Building & Leadership Development:
organisation.
Furthering the endeavour to nurture and develop
x Talent Management & Employee Engagement: Tata leaders, Tata Power has partnered with Tata Management
Power considers talent as its distinguisher in the market Training Centre (TMTC) to design and deliver a Leadership
and takes necessary steps for effective talent management Development Program: ‘Achieving Your Leadership
at Tata Power. Multiple means of engagement like Potential’ (AYLP), which has been prudently crafted with
Focus Group Discussions (FGD), one-on-one meetings, inputs of Apex Leadership in line with business landscape,
engagement centric townhalls, leadership interactions key priorities, competencies in focus, expectations
have been deployed to ensure that the employee pulse from future leaders, intervention objectives, from the
is captured accurately. Frequent and outcome-oriented perspective of benefitting the organization and the
interactions have led to superior employee experience. participants, both in the short and long term. This
x Industrial Relations: Tata Power, since its inception, has program is conceptualized, designed and delivered by
supported working collaboratively with all stakeholders to renowned faculty from TMTC, with a pedagogy of varied
maintain cordial industrial relations at all locations. During learning methodologies, interspersed with action learning
FY19, two long term settlements were signed between the projects. Development programs provided to employees

cover technical, functional, managerial and leadership ₹ 39.46 crore against the CSR obligation of INR 31.69 crores
domains, in line with individual, team, department and in FY19. A total of 24.67 lakh beneficiaries were covered
organisational needs. against the target of 20.30 lakh. The Company employees
NOTICE
x Prevention of Sexual Harassment: The Company has zero logged 82,867 hours of volunteering which was 3 times
tolerance for sexual harassment at the work place and has higher than the previous year figure.
adopted a policy on prevention, prohibition and redressal Key Highlights of Interventions
of sexual harassment in line with the provisions of the x In the education thrust area, 1.6 lakh children
Sexual Harassment of Women at Workplace (Prevention, were covered and 69% improvement in academic
Prohibition and Redressal) Act, 2013 and the Rules
BOARD’S REPORT
performance was achieved against an annual target
thereunder for prevention and redressal of complaints of of 60%.
sexual harassment at workplace. x Under health and sanitation, 4.13 lakh women and
Internal Complaints Committee (ICC) is in place for all children were covered with a focus on integrated
administrative units or offices of Tata Power to redress community health and behavioural change through
complaints received regarding sexual harassment. All communication.
women associates (permanent, temporary, contractual x 2.51 lakh beneficiaries were covered under skill
and trainees) as well as any woman visiting the Company’s building and livelihood. The average monthly
office premises or women service providers, are covered household income increased to ₹ 4,500.
under this policy. x In TPSDI, 48% SC/ST youth were trained with 80%
placements, an all-time high figure for the institute.
MD & A
Few of the initiatives taken up in FY19 to spread awareness
regarding POSH across the Company are listed below. x Through water interventions, 11.7 lakh beneficiaries
were covered.
x Launch of e-Training Module of POSH for employees
x 1.3 lakh beneficiaries were covered under
to learn policy related intricacies in an interactive
Affirmative Action.
way.
8.1.3. CARE FOR OUR ENVIRONMENT
x Spreading awareness through creative POSH screen
savers displayed on all employee laptops and The following key initiatives were completed in FY19:
CG REPORT
desktops. x Your Company is in the process of minimizing
x Spreading awareness through innovative ways atmospheric pollution by installing Flue Gas
like creating film related to POSH, arranging POSH Desulphurization (FGD) systems at all coal fired
related competitions etc. power plants by 2022 (as per dates given by the
All these initiatives got a huge response and appreciations Ministry of Power, GoI).
across the company. x Your Company has improved the ash utilization at
Summary of sexual harassment issues raised, attended its coal fired power stations.
and dispensed during FY19: x Your Company is continuously working on
No. of complaints received: 0 reduction in fresh water consumption at thermal
BRR
power plants.
No. of complaints disposed off: 0
No. of cases pending for more than 90 days: Nil 8.2. FINANCING
8.1.2. CARE FOR OUR COMMUNITY Refinancing of debts
Tata Power Group Companies undertook CSR initiatives During the year, the Company refinanced the entire external
CONSOLIDATED
in alignment to the 5 thrust areas as outlined in their commercial borrowings (ECB) debts of CGPL amounting to
respective CSR Policy. The business entities include Tata USD 810 million. The ECB debt was refinanced with ₹ 2700
Power Company Ltd, Tata Power – Delhi Distribution Ltd, crore of NCDs having bullet repayment of 5 and 10 years:
Coastal Gujarat Power Ltd, Tata Power Solar Systems Ltd., Borrowings
Tata Power Renewable Energy Ltd, Walwhan Renewable
Outstanding borrowings of the Company as on 31st March
Energy Ltd., Tata Power Trading Company Ltd, Powerlinks
2019 are as follows:
Transmission Ltd., Aftaab Investment Ltd., Industrial
Energy Ltd., NDPL (Infra) and Maithon Power Ltd. The (Table 29)
geographical coverage included 348 villages and 220
STANDALONE
Standalone Consolidated
clusters across 15 states of the country. Particulars
(` crore) (` crore)
At the Tata Power Group level, against an annual CSR
Long Term Borrowings 8,749.72 31,139.23
obligation of ₹ 36.75 crore, the business entities spent
₹ 44.58 crore in FY19. The CSR expenses at Tata Power Short Term Borrowings 6,731.80 13,875.38
group included IEL and Powerlinks, which are JVs and Current maturing of LTB 1,971.00 3,491.43
are considered as subsidiaries, as per the Companies Act,
2013. Excluding IEL and Powerlinks, the CSR spent stood at Total 17,452.52 48,506.04

(Table 30) Consolidated (Table 33)
Standalone Consolidated Particulars FY19 FY18

Particulars Net Debt/Equity without non-
(` crore) (` crore) 2.66 2.80
controlling interest *
Rupee Borrowings 17,433.52 41,770.85
Net Debt/Equity, including non-
2.40 2.50
Foreign Currency Borrowings 19.00 6,735.19 controlling interest
Debtors Turnover ratio (days) ** 47 48
Total 17,452.52 48,506.04
Interest Coverage Ratio (ICR) with
0.58 0.58
Debt repayment exceptional items # !
During the year, an amount of ₹ 5,232 crore was repaid on Interest Coverage Ratio (ICR)
0.77 0.69
existing loans and debentures by the group. without exceptional items !
Current Ratio ## ! 0.37 0.26
Details of terms of repayment of each loan are set out
Operating Profit Margin ^ 22% 23%
in the Notes forming part of the Financial Statements
Net Profit Margin ^^ 8% 10%
[Standalone – Note 23; Consolidated – Note 21]
Note - Formulae used are same as for Table 32.
Repayment Schedule (Standalone) ! Reason for variation (>25%) : The Current Ratio increased due to increase in
Figures in ` crore (Table 31) receivables from customers and increase in regulatory assets.
FY25 & Credit Rating

FY20 FY21 FY22 FY23 FY24
Beyond As on 6th May 2019, your Company had the following
four domestic credit ratings. These long-term ratings have
Debentures 541.00 341.00 336.00 546.00 336.00 1,882.00 been assigned on the basis of consolidated credit profile of
Term Loans Tata Power and its subsidiaries:
1,430.00 1,164.78 1,087.03 455.87 710.81 1,909.09
and others o CRISIL: AA- With Stable Outlook
Key financial parameters as on 31st March 2019 - o CARE: AA With Stable Outlook
Standalone (Table 32) o ICRA: AA- with Stable Outlook
o India Rating: IND AA with Stable Outlook
Hedging
Net Debt/Equity* 1.11 1.14
Your Company is exposed to risk from market fluctuations
EBITDA/Net Debt 0.17 0.20
of foreign currency on account of coal import, project
Debtors Turnover ratio (days)** 60 62 imports etc. and exposures are primarily for Tata Power
Interest Coverage Ratio (ICR) with Standalone, CGPL and TPSSL. The Company has been
2.13 (1.31)
exceptional items # ! actively managing its short-term and long-term foreign
Interest Coverage Ratio (ICR) exchange risks within the framework laid down by the
1.37 1.77 Company, which includes a Risk Management Policy. The
without exceptional items !
Company has set up a Forex Risk Management Committee,
Current Ratio ## ! 0.28 0.22 which reviews exposures on a monthly basis and decides
Operating Profit Margin^ 31% 33% suitable hedging strategies. The Company has been
Net Profit Margin^^ ! 21% (37)% hedging its exposure through various hedge instruments
such as forwards, options or a combination of both. The
*(Long term borrowing + short term borrowing + current maturities less
current investment, cash and bank balance)/ Total Equity.
Tata Power group has approx. ` 3,148 crores of currency
**Average receivables/ income from operations x 365 days
exposure, which has been hedged by use of forwards
#Finance cost/ EBIT
and options contracts. Besides currency, the Company
##Current assets/ current liabilities
also has exposures on interest rate i.e. USD LIBOR as it
^ Operating profit/income from operations
has borrowed in foreign currency. The interest rate risk is
also managed through suitable hedging strategies. The
^^ PAT/Total income.
derivative instruments are valued on mark-to-market and
! Reason for variation (>25%): The net profit margin and ICR (with exceptional any gains or losses are passed on through the profit & loss
items) increased mainly due to recording of gain on sale of investment
account.
in associates and charge of impairment of investments in subsidiaries as
exceptional items in FY19 and FY18 respectively. ICR without exceptional items Cash flows from operating activities
reduced mainly on account of lower dividend from subsidiaries and associate
companies. The Current Ratio increased due to increase in receivables from Cash generated from operations of your Company,
customers and increase in regulatory assets.
post-adjustments to profit after tax, has decreased from

₹ 2,767.49 crore in FY18 to ₹ 1,683.33 crore in FY19. This is and bill expenses.
primarily due to liquidation of regulatory assets in FY18. x Interactive ChatBot/VoiceBot application launched
On a consolidated level, net cash flow from operating enabling consumers to use voice commands to avail
NOTICE
activities decreased from ₹ 6,363.85 crore to ₹ 4,573.80 various services.
crore. This is primarily due to increase in receivables from x e-Payment options were enhanced further by
consumers in the current year. addition of new payment avenues including Bharat
8.3. BUSINESS EXCELLENCE Interface for Money (BHIM) App, Bharat Bill Payment
System (BBPS) and Dynamic Bharat or UPI linked QR
Your Company continued its cost saving activities under
Codes. Your Company is the 1st power utility in India
Business Excellence. These cost saving initiatives saved
BOARD’S REPORT
to provide Dynamic UPI-linked QR code payment
more than ` 150 crore in FY19. The major programs under
option and has also started printing BharatQR code
these initiatives were:
on power supply bills for ease of bill payment.
x Sankalp – This is a program to bring in operational
8.6. PARAM SANKALP
excellence, delivery excellence and cost efficiency
using the Total Operational Performance In 2016, your Company had launched Param Sankalp, a
methodology. During the year, 9 projects were 30-month long organisation wide O&M transformation
undertaken, and 55 officers participated in these program through adoption of Reliability Centered
projects. Maintenance (RCM). The program was launched to
improve our assets’ reliability and performance, embed
x Six Sigma – Six Sigma is a disciplined, statistical-
best in-class Operations and Maintenance processes
MD & A
based, data-driven approach and continuous
improvement methodology for eliminating defects (O&M), while optimizing cost.
in a product, process or service. During FY19, 53 Your Company has successfully setup all the foundation
officers participated in 9 such projects. elements of RCM, implemented best practices and digitally
x LASER – It was introduced to motivate workforce enabled it to become the first company in India to fully
to perform better at work and at the same time adopt comprehensive and extensive RCM.
enjoy their life, leading to a better work-life balance. 9. FINANCIAL PERFORMANCE – STANDALONE
During the year, 140 projects were undertaken, and
CG REPORT
Your Company recorded a profit after tax of ₹ 1708.58
970 employees participated in these projects. crore during the financial year ended 31st March 2019 (the
8.4. INFORMATION AND COMMUNICATION TECHNOLOGY loss after tax was ₹ 3,150.52 crore in FY18). Both the basic
Cyber security continues to be a top priority for your and the diluted earnings per share were at ₹ 5.90 for FY19.
Company. During the year, an assessment on cyber The analysis of major items of the Standalone financial
security readiness was undertaken through CERT- statements is shown below (Section 9.1 to 9.10: Statement of
IN certified Auditors for Mumbai Transmission and Profit and Loss; Section 9.11 to 9.27: Balance Sheet items)
Distribution businesses and an action plan, based on the 9.1. REVENUE
recommendations, was implemented. Your Company also
ran a holistic Security Awareness programme across its Figures in ` crore (Table 34)
BRR
major establishments and stations covering both aspects Particulars FY19 FY18 Change % Change
of security – physical and IT Security. Revenue from
Additionally, your Company has been re-certified for ISO Power Supply
6,308.01 5,904.75 403.26 6.83
22301 for Business Continuity and ISO 31000 for Risk and Transmission
Management practices. Charges*
CONSOLIDATED
8.5. DIGITALIZATION INITIATIVES Project/Operation
Management 125.03 128.96 (3.93) (3.05)
During the year, the following key digitalisation initiatives
Services
were implemented to offer Tata Power’s customers a wider
choice and an enhanced experience: Revenue from Power
x Self-service IVR (Interactive Voice Response) supply -Asset Under 1,030.64 1,034.51 (3.87) (0.37)
enabled for automatic registration and assignment Finance Lease
of customer complaints and requests. Income from
86.70 92.32 (5.62) (6.09)
x A total of 19 self-service applications were made Finance Lease
Other Operating
STANDALONE
available on Tata Power customer portal with

137.68 140.05 (2.37) (1.69)
real time integration with ERP system. It enables Revenue
customers for online submission of application, Total 7,688.06 7,300.59 387.47 5.31
making payment and uploading documents.
*Includes rate regulatory income/(expense)
x An online energy management tool was launched
for HT Consumers to monitor their daily energy The increase in revenue was mainly due to recovery
consumption, thus, enabling them to take corrective of higher fuel cost, power purchase and transmission
and preventive actions to help them save energy charges.

9.2. OTHER INCOME 9.8. OPERATIONS AND OTHER EXPENSES

Figures in ` crore (Table 35) Figures in ` crore (Table 41)
Particulars FY19 FY18 Change % Change %
Particulars FY19 FY18 Change Change
Interest Income 84.88 132.56 (47.68) (35.97)
Dividend Income 383.91 747.90 (363.99) (48.67) Repairs and Maintenance 285.93 297.12 (11.91) (3.77)
Gain/(Loss) on
7.17 2.36 4.81 203.81 Others 515.94 580.40 (64.46) (11.11)
Investments
Other Non-operating Total Operation and Other 801.87
Income
40.39 46.52 (6.13) (13.18) 877.52 (75.65) (8.62)
Expenses
Total 516.35 929.34 (412.99) (44.44) Operations and Other Expenses reduced mainly due to
Decrease in Other Income was mainly due to lower reduction in consultancy fees, rates & taxes, legal charges
dividend income from subsidiaries and joint ventures and and cost of service procured.
reduction in interest income on financial instruments to
9.9. EXCEPTIONAL ITEMS
subsidiaries.
Figures in ` crore (Table 42)
9.3. COST OF POWER PURCHASED AND COST OF FUEL
%
Figures in ` crore (Table 36) Particulars FY19 FY18 Change Change
Particulars FY19 FY18 Change % Change Impairment of Property, Plant &
Cost of Power Nil (100.00) 100.00 (100.00)
Equipment
457.02 412.05 44.97 10.91
Purchased
Impairment of Non-current
Cost of Fuel 3,168.27 2,776.40 391.87 14.11 Nil (4,230.32) 4,230.32 (100.00)
Investments
The power purchase cost increased mainly due to increase
Damages Towards Contractual
in rate of power purchase and higher cost of fuel due to Nil (107.08) 107.08 (100.00)
Obligation
one-time impact of entry tax settlement on import of coal.
Provision for contingencies (45.00) Nil (45.00) 100.00
9.4. TRANSMISSION CHARGES
Figures in ` crore (Table 37) Gain on sale of Investment in 1,212.99 Nil 1,212.99 100.00
Associate
Particulars FY19 FY18 Change % Change Total 1,167.99 (4,437.40) 5,605.39 (126.32)
Transmission
248.23 279.88 (31.65) (11.31) In FY19, the Company sold its investment in associate
Charges
companies viz. Tata Communications Limited (TCL) and
Transmission charges in the Mumbai regulated business
Panatone Finvest Limited (PFL). The resultant gain was
were based on the MYT order. accounted for as an exceptional item net of provision
9.5. EMPLOYEE BENEFIT EXPENSES for contingencies towards entry tax. During FY18, the
Figures in ` crore (Table 38) Company recognised impairment provision for one of
the units of its Trombay generating station, investment
Particulars FY19 FY18 Change % Change in subsidiaries and joint ventures. The Company also
Employee benefit accounted for loss towards contractual obligations
637.57 596.69 40.88 6.85
expenses towards purchase of shares in TTSL from NTT DoCoMo Inc.,
Employee Benefit Expenses increased on account of Japan.
annual increment. 9.10. TAX EXPENSES
9.6. FINANCE COSTS Figures in ` crore (Table 43)
Figures in ` crore (Table 39) %
Particulars FY19 FY18 Change % Change
Current Tax 171.00 224.26 (53.26) (23.75)
Finance Costs 1,500.35 1,431.38 68.97 4.82
Deferred Tax 331.58 (844.37) 1,175.95 139.27
Finance Cost was higher mainly due to loss funding for Deferred Tax relating to earlier
Mundra, working capital requirements and marginal 10 Nil 10.00 100.00
Year
increase in interest rates during the current year. Deferred Tax (Recoverable)/ (420.61) 454.29 (874.90) (192.59)
Payable
9.7. DEPRECIATION AND AMORTISATION
Total Tax Expenses 91.97 (165.82) 257.79 155.46
In FY18, there was a higher deferred tax credit on account
% of recognition of MAT credit pertaining to earlier years
Particulars FY19 FY18 Change and recognition of deferred tax asset on provision for
Change
Depreciation and diminution of investment. MAT credit pertaining to
632.70 663.21 (30.51) (4.60) regulated business was recorded as liability, and hence
amortization
Depreciation reduced during the year because certain old higher payable in FY18.
assets reached their residual value. During the year, the deferred tax charge has increased

on account of profit on sale of investment recognized as 9.15. LOANS

exceptional income. During the year, MERC approved the Figures in ` crore (Table 48)
extension of PPA for generation plants. Consequently,
NOTICE
%
deferred tax liability expected to be recovered has been Particulars FY19 FY18 Change Change
recognized as a recoverable from consumers.
Non-current 51.35 68.90 (17.55) (25.47)
9.11. PROPERTY, PLANT AND EQUIPMENT, INVESTMENT
Current 119.20 402.92 (283.72) (70.42)
PROPERTY & INTANGIBLE ASSETS
Figures in ` crore (Table 44) Total 170.55 471.82 (301.27) (63.85)
Reduction in loans was mainly due to liquidation of loans
BOARD’S REPORT
%
Particulars FY19 FY18 Change Change given to related parties.
Property, plant and 9.16. FINANCE LEASE RECEIVABLE
7,545.96 7,873.55 (327.59) (4.16)
equipment Figures in ` crore (Table 49)
Intangible Assets 83.89 93.18 (9.29) (9.97) %
Capital Work-in-Progress 368.10 418.78 (50.68) (12.10) Particulars FY19 FY18
Change Change
Total 7,997.95 8,385.51 (387.56) (4.62) Non-current 554.27 574.76 (20.49) (3.56)
The above assets decreased mainly due to depreciation Current 37.58 34.27 3.31 9.66
and amortisation for FY19 offset by capitalisation during Total 591.85 609.03 (17.18) (2.82)
the year.
MD & A
Finance Lease Receivable reduced due to recovery of lease
9.12. NON-CURRENT INVESTMENTS rentals during the year.
Figures in ` crore (Table 45) 9.17. OTHER FINANCIAL ASSETS
% Figures in ` crore (Table 50)
%
Investment in Subsidiary, 20,476.72 17,571.48 2,905.24 Particulars FY19 FY18 Change Change
16.53
JV and Associate Non-current 2.89 Nil 2.89 100.00
CG REPORT
Statutory Investments 374.40 391.49 (17.09) (4.37) Current 96.06 297.78 (201.72) (67.74)
Others 419.65 419.48 0.17 0.04 Total 98.95 297.78 (198.83) (66.77)
Total 21,270.77 18,382.45 2,888.32 15.71
Other Financial Assets reduced mainly due to reduction
Non-Current Investments increased mainly due to increase in dividend and interest receivable from subsidiaries and
in investments exposure in subsidiaries. joint ventures.
9.13. CURRENT INVESTMENTS 9.18. OTHER ASSETS
Figures in ` crore (Table 46) Figures in ` crore (Table 51)
% %
FY18
BRR
Particulars FY19 Change Change Particulars FY19 FY18 Change Change
Contingency Reserve Fund Non-current 977.10 1,235.70 (258.60) (20.93)
Nil 10.00 (10.00) (100.00)
Investments Current 952.11 309.25 642.86 207.88
Deferred Tax Liability Fund Total 1,929.21 1,544.95 384.26 24.87
Investment 42.00 0.00 42.00 100.00
CONSOLIDATED
Other Assets increased mainly due to increase in
Total 42.00 10.00 32.00 320.00
recoverable from consumers.
Current Investments consisting of statutory investments 9.19. ASSETS CLASSIFIED AS HELD FOR SALE
increased mainly due to reclassification from non-current Figures in ` crore (Table 52)
to current.
%
9.14. TRADE RECEIVABLES Particulars FY19 FY18 Change Change
Figures in ` crore (Table 47) Land 309.99 97.21 212.78 218.89
% Building 9.75 Nil 9.75 100.00
FY18
STANDALONE
Particulars FY19 Change Change Property, Plant and 4.55 0.22 4.33 1968.18
Equipment
Non-current 185.76 185.76 Nil Nil
Investments 399.41 1,098.52 (699.11) (63.64)
Current 1,256.44 972.05 284.39 29.26 Loan and interest accrued 18.59 Nil 18.59 100.00
Total 1,442.20 1,157.81 284.39 24.56 Assets of Discontinued 2,064.30 2,065.19 (0.89) (0.04)
Increase in Trade Receivables was mainly due to increase in Operations
receivable from BEST in the Mumbai operation area. Total 2,806.59 3,261.14 (454.55) (13.94)

In FY18, the Company treated certain investments in Other Liabilities increased mainly due to reduction in
associates as held for sale which were sold in FY19. Further, liabilities towards consumers.
certain fixed assets and the investment in overseas hydro 9.25. LIABILITIES DIRECTLY ASSOCIATED WITH ASSETS
and renewable projects, during the year, have been CLASSIFIED AS HELD FOR SALE
classified as assets held for sale.
9.20. NON-CURRENT BORROWINGS
Figures in ` crore (Table 53) %
% Liabilities classified as
Particulars FY19 FY18 Change held for sale 966.27 877.56 88.71 10.11
Change
Secured Loans 4,895.95 4,122.03 773.92 18.78 Total 966.27 877.56 88.71 10.11
Unsecured Loans 3,853.77 4,001.81 (148.04) (3.70) The liabilities increased mainly due to increase in
borrowings. Also, the SED business was classified as
Total 8,749.72 8,123.84 625.88 7.70
‘Discontinued Operations’, and, accordingly, assets and
Non-current borrowings increased mainly due to increased liabilities were classified as held for sale.
funding requirements of subsidiaries. 9.26. TOTAL EQUITY
9.21. CURRENT BORROWINGS Figures in ` crore (Table 59)
%
Particulars FY19 FY18 Change
% Change
Particulars FY19 FY18 Change Change Equity Share Capital 270.50 270.50 Nil Nil
Secured Loans Nil 0.01 (0.01) (100.00) Unsecured Perpetual 1,500.00 1,500.00 Nil Nil
Unsecured Loans 6,731.80 4,326.45 2,405.35 55.60 Securities
Total 6,731.80 4,326.46 2,405.34 55.60 Other Equity 13,919.10 12,718.03 1,201.07 9.44
During the year, Current Borrowings increased mainly Total Equity 15,689.60 14,488.53 1,201.07 8.29
due to increased issuance of Commercial Papers for Total Equity of the Company increased with profits of
optimisation of funding cost. the year net of distribution on perpetual securities and
9.22. TRADE PAYABLES dividend pay-out.
Figures in ` crore (Table 55) 9.27. REGULATORY DEFERRAL ACCOUNT – ASSET/ (LIABILITY)
%
Particulars FY19 FY18 Change %
Change Particulars FY19 FY18 Change
Change
Non-current 22.75 21.00 1.75 8.33
Regulatory Deferral
Current 1,102.14 1,105.68 (3.54) (0.32) 999.00 1,795.19 (796.19) (44.35)
- Asset
Total 1,124.89 1,126.68 (1.79) (0.16) Less: Regulatory
Nil 485.00 (485.00) (100.00)
Trade payables decreased marginally during the year. Deferral – Liability
Total Regulatory
9.23. OTHER FINANCIAL LIABILITIES 999.00 1,310.19 (311.19) (23.75)
Deferral - Asset (Net)
Regulatory Deferral Asset (Net) pertains to regulatory
% receivables in the distribution business. The same reduced
Particulars FY19 FY18 Change on account of recovery during the year.
Change
Non-current 42.76 44.74 (1.98) (4.43) 10. FINANCIAL PERFORMANCE – CONSOLIDATED
Current 2,895.43 5,047.98 (2,152.55) (42.64) Figures in ` crore (Table 61)
Total 2,938.19 5,092.72 (2,154.53) (42.31) Particulars FY19 FY18 Change%

Change
Other Financial Liabilities decreased mainly due to
reduction in current maturity of non-current borrowings. Total Income* 29,888.54 26,863.11 3,025.43 11.26
Depreciation/
9.24. OTHER LIABILITIES Amortisation/ 2,393.13 2,346.17 46.96 2.00
Figures in ` crore (Table 57) Impairment
% Finance Costs 4,170.00 3,761.48 408.52 10.86
Particulars FY19 FY18 Change Change Exceptional Item 1,745.83 1,102.53 643.30 58.35
Non-current 183.54 246.49 (62.95) (25.54) Profit Before Taxes 3,222.34 2,844.56 377.78 13.28
Current 849.12 1,193.59 (344.47) (28.86) Profit for the year 2,440.41 2,610.85 (170.44) (6.53)
Total 1,032.66 1,440.08 (407.42) (28.29) *Includes Regulatory Income/(Expenses)

Increase in Total Income was primarily on account of 10.4. CURRENT INVESTMENTS

higher revenue in Tata Power, TPDDL, TPREL and CGPL. Figures in ` crore (Table 65)
Depreciation increased marginally with increased
NOTICE
%
capitalization. Finance costs were higher mainly in Particulars FY19 FY18 Change Change
CGPL, TPCL and TPREL due to increased funding
requirements. Exceptional items in FY19 included gain Investments carried at 42.00 10.00 32.00 320.00
Amortised Cost
on sale of investments in associates offset by provision
for contingencies related to entry tax provision and Investments carried at 124.98 426.16 (301.18) (70.67)
impairment of plant, property and equipment in Rithala FVTPL
BOARD’S REPORT
plant. Exceptional items in FY18 included impairment Total 166.98 436.16 (269.18) (61.72)
provisions of the investment made in overseas hydro Decrease in Current Investments was mainly on account
project, impairment provisions of a unit in Trombay of liquidation of investment in mutual funds offset by
generating station, reversal of impairment provisions in increase in Statutory Investments due to reclassification
Coal companies and loss towards contractual obligation from non-current to current.
for purchase of shares in TTSL from NTT DoCoMo Inc.,
Japan. 10.5. TRADE RECEIVABLES
10.1. PROPERTY, PLANT AND EQUIPMENT, INVESTMENT
PROPERTY & INTANGIBLE ASSETS %
Particulars FY19 FY18 Change
Figures in ` crore (Table 62) Change
MD & A
Non-current 192.99 190.05 2.94 1.55
%
Particulars FY19 FY18 Change Change Current 4,445.26 2,788.93 1,656.33 59.39
Total 4,638.25 2,978.98 1,659.27 55.70
Property, plant and 41,101.50 41,431.61 (330.11) (0.80) Increase in Trade Receivables was mainly due to increase in
equipment
receivables in Tata Power, CGPL, TPTCL and TPIPL.
Intangible Assets 1,561.82 1,583.08 (21.26) (1.34)
10.6. LOANS
CG REPORT
Capital Work-in-Progress 2,575.70 1,652.60 923.10 55.86 Figures in ` crore (Table 67)
Profit 45,239.02 44,667.29 571.73 1.28 Particulars FY19 FY18 Change %

Change
The above assets increased mainly due to capex in TPCL,
Non-current 144.73 131.73 13.00 9.87
TPDDL and TPREL offset by depreciation and amortisation
for FY19 and assets reclassified as held for sale. Current 116.46 784.80 (668.34) (85.16)
10.2. GOODWILL Total 261.19 916.53 (655.34) (71.50)
Figures in ` crore (Table 63) Loans decreased mainly due to repayment of loans in Bhira
BRR
% Investments and Khopoli Investments, which was offset by
Particulars FY19 FY18 Change Change increase in loan for TPIPL.
Goodwill 1,641.57 1,641.57 Nil Nil 10.7. FINANCE LEASE RECEIVABLE
There is no change in goodwill during the year.
%
FY18
CONSOLIDATED
10.3. NON-CURRENT INVESTMENTS Particulars FY19 Change Change
Non-current 565.62 574.76 (9.14) (1.59)
%
Particulars FY19 FY18 Change Change Current 37.90 34.27 3.63 10.59
Total 603.52 609.03 (5.51) (0.90)
Investment in Associates 11,989.69 11,111.66 878.03 7.90 Finance Lease Receivable reduced due to recovery of lease
and Joint Ventures
rentals during the year.
Statutory Investments 374.40 391.49 (17.09) (4.37) 10.8. OTHER FINANCIAL ASSETS
STANDALONE
Others 487.01 489.62 (2.61) (0.53) Figures in ` crore (Table 69)
Total 12,851.10 11,992.77 858.33 7.16 Particulars FY19 FY18 Change %

Change
The increase in Non-Current Investments was mainly due Non-current 316.75 273.68 43.07 15.74
to increase in joint ventures by way of booking of profit for Current 241.59 401.59 (160.00) (39.84)
the year net of dividend received offset by reclassification
Total 558.34 675.27 (116.93) (17.32)
of overseas investment to Assets held for sale.

Other Financial Assets reduced mainly due to reduction 10.13. OTHER FINANCIAL LIABILITIES
in fair valuation gain on derivative contracts and other Figures in ` crore (Table 74)
advances.
10.9. OTHER ASSETS Non-current 687.31 647.31 40.00 6.18
Current 6,480.79 9,942.98 (3,462.19) (34.82)
Particulars FY19 FY18 Change % Total 7,168.10 10,590.29 (3,422.19) (32.31)
Change
Other Financial Liabilities decreased mainly due to
Non-current 1,358.07 1,577.31 (219.24) (13.90)
reduction in payables for capital supplies, derivative
Current 1,881.85 1,512.32 369.53 24.43 contracts and regulatory liabilities.
Total 3,239.92 3,089.63 150.29 4.86
10.14. OTHER LIABILITIES
Other Assets increased mainly due to increase in Figures in ` crore (Table 75)
recoverable from consumers in MPL and Tata Power
%
offset by decrease in power banking receivables of TPDDL. Particulars FY19 FY18 Change Change
10.10. NON-CURRENT BORROWINGS
Non-current 1,873.75 1,841.48 32.27 1.75
Current 1,499.64 1,785.72 (286.08) (16.02)
% 3,373.39 3,627.20 (253.81)
Particulars FY19 FY18 Change Total (7.00)
Change
Other Liabilities decreased mainly due to reduction in
Secured Loans 20,084.57 12,397.71 7,686.86 62.00
liability towards consumers offset by increase in Deferred
Unsecured Loans 11,054.66 9,958.60 1,096.06 11.00 Revenue Liability under Ind AS 115.
Total 31,139.23 22,356.31 8,782.92 39.29 10.15. TOTAL EQUITY
Non-Current Borrowings increased mainly due to increase
in loan for Tata Power, TPREL, Khopoli Investments and %
reclassification of short term borrowings into long term
borrowings in CGPL which was partially offset by decrease Equity Share Capital 270.50 270.50 Nil Nil
in borrowings for MPL and Bhira Investments. Unsecured Perpetual 1,500.00 1,500.00 Nil Nil
10.11. CURRENT BORROWINGS Securities
Figures in ` crore (Table 72) Other Equity 16,450.66 14,629.38 1,821.28 12.45
% Total Equity
Particulars FY19 FY18 Change attributable to
Change 18,221.16 16,399.88 1,821.28 11.11
shareholders of the
Secured Loans 895.62 5,378.45 (4,482.83) (83.35) Company
Unsecured Loans 12,979.76 13,448.83 (469.07) (3.49) Total Equity of the Company increased by 11% during
the year mainly on account of profits for the year net of
Total 13,875.38 18,827.28 (4,951.90) (26.30) distribution on perpetual securities and dividend pay-out.
Current Borrowings decreased mainly due to decrease Refer notes to the standalone/consolidated financial
of loan in Khopoli Investments, WREL and reclassification statements for the restatements in the previous period.
of short term borrowings into long term borrowings in 11. INTERNAL FINANCIAL CONTROLS AND RISK
CGPL which was partially offset by increase in short term MANAGEMENT
borrowings in MPL, TPREL, Bhira Investments and TPTCL.
Your Company has established a strong and effective
10.12. TRADE PAYABLES internal financial control mechanism and risk management
Figures in ` crore (Table 73) framework. The details of the same are provided in this
Annual Report in section 10 of the Board’s Report.
CAUTIONARY STATEMENT
Non-current 22.75 21.00 1.75 8.33
Statements in the Management Discussion and Analysis,
Current 5,481.49 5,609.82 (128.33) (2.29) describing the Company’s objectives, projections and
Total 5,504.24 5,630.82 (126.58) (2.25) estimates may be forward-looking statements within the
meaning of applicable securities laws and regulations.
Trade Payables decreased mainly in TERPL and CGPL offset Actual results may vary from those expressed or implied,
by increase in TPDDL, Tata Power, Khopoli Investments and depending upon economic conditions, Government
TPTCL. policies and other incidental/related factors.

REPORT ON CORPORATE GOVERNANCE

Company’s Philosophy on Corporate Governance Board of Directors
NOTICE
The essence of Corporate Governance is about maintaining The Board is the focal point and custodian of corporate governance
the right balance between economic, social, individual and for the Company. The Company recognizes and embraces the
community goals. At Tata Power, good corporate governance is a benefits of having a diverse Board and sees increasing diversity at
way of life and the way we do our business, encompassing every Board level as an essential element in maintaining a competitive
day’s activities and is enshrined as a part of our way of working. advantage. A truly diverse Board will include and make good
The Company is focused on enhancement of long-term value use of differences in the skills, regional and industry experience,
BOARD’S REPORT
creation for all stakeholders without compromising on integrity, background, gender and other distinctions between directors.
societal obligations, environment and regulatory compliances. These differences will be considered in determining the optimum
Our actions are governed by our values and principles, which are composition of the Board and when possible, will be balanced
reinforced at all levels of the organisation. These principles have appropriately.
been and will continue to be our guiding force in future. The size and composition of the Board as on 31st March 2019 is
For your Company, good corporate governance is a synonym for as under:
sound management, transparency and disclosure, encompassing Table 1
good corporate practices, procedures, standards and implicit
rules which propel a Company to take sound decisions, thus Size and composition of the Board
MD & A
maximising long-term shareholder value without compromising
on integrity, social obligations and regulatory compliances. As a 50%
Independent Directors
Company with a strong sense of values and commitment, Tata (including two Women Directors) 6
Power believes that profitability must go hand in hand with
a sense of responsibility towards all stakeholders. This is an
integral part of Tata Power’s business philosophy. The cardinal 8%
principles such as independence, accountability, responsibility, Nominee Director
1
CG REPORT
transparency, trusteeship and disclosure serve as means for
implementing the philosophy of Corporate Governance.
This philosophy is reflected and practised through the Tata Code Non-Executive, 25%
of Conduct (TCOC), the Tata Business Excellence Model and the Non-Independent Directors 3
Tata Code of Conduct for Prevention of Insider Trading and Code
of Corporate Disclosure Practices. Further, these codes allow the
17%
Board to make decisions that are independent of the management. Executive Directors
The Company is committed to focus its energies and resources in 2
creating and positively leveraging shareholders’ wealth and, at
BRR
the same time, safeguarding the interests of all stakeholders. This % to total number of Directors Number of Directors
is our path to sustainable and profitable existence and growth.

Governance Guidelines The composition of the Board is in compliance with the
The Company has adopted Governance Guidelines to help fulfil its requirements of the Companies Act, 2013 (Act) and Regulation
corporate responsibility towards its stakeholders. The Governance 17 of the Listing Regulations. The profile of the Directors can be
CONSOLIDATED
Guidelines cover aspects related to composition and role of the accessed on the Company’s website at https://www.tatapower.
Board, Chairman and Directors, Board diversity, directors’ term, com/corporate/board-of-directors.aspx.
retirement age and mandates of Board Committees. It also covers The Company requires skills/expertise/competencies in the
aspects relating to nomination, appointment, induction and areas of strategy, finance, accounting, economics, legal and
development of directors, directors’ remuneration, subsidiary regulatory matters, mergers and acquisitions, the environment,
oversight and Board effectiveness review. These guidelines ensure green technologies, sustainability, operations of the Company’s
that the Board will have the necessary authority and processes to businesses and energy commodity markets to efficiently
review and evaluate its operations, when required. carry on its core businesses such as generation, distribution
STANDALONE
The Company has adopted the requirements of Corporate and transmission of thermal/renewables/hydro power, power
Governance as specified under the Securities and Exchange trading, power services, solar photovoltaic (PV) manufacturing
Board of India (Listing Obligations and Disclosure Requirements) and associated engineering, procurement and construction
Regulations, 2015 (Listing Regulations), as amended from time (EPC) services, coal mines and logistics. All the above required
to time, the disclosure requirements of which are detailed herein. skills/expertise/competencies are available with the Board.
Report on Corporate Governance I 83

The Board is satisfied that the current composition reflects an appropriate mix of knowledge, skills, experience, expertise, diversity
and independence. The Board provides leadership, strategic guidance, an objective and independent view to the Company’s
management while discharging its fiduciary responsibilities, thereby ensuring that the management adheres to high standards of
ethics, transparency and disclosure. The Board periodically evaluates the need for change in its composition and size.
The details of each member of the Board as on 31st March 2019, are provided herein below:
Table 2
Sl. Name of the Category of No. of other No. of Committee No. of Directorship in other listed entities
No. Director Directorship Directorships(1) positions held(2) shares (category of directorship)
Chairperson Member held in the
Company
1. Mr. N. Non- 5 Nil Nil Nil Tata Consultancy Services Limited
Chandrasekaran, Independent, (Non-Independent, Non-Executive)
Chairman Non- Tata Steel Limited
Executive (Non-Independent, Non-Executive)
Tata Motors Limited
(Non-Independent, Non-Executive)
The Indian Hotels Company Limited
Tata Global Beverages Limited
2. Mr. Nawshir H. 5 1 4 Nil Thermax Limited
Mirza (Independent, Non-Executive)
Exide Industries Limited
(Independent, Non-Executive)
Coastal Gujarat Power Limited
Tata Power Renewable Energy Limited
3. Mr. Deepak M. 3 1 0 Nil Piramal Capital & Housing Finance Limited
Satwalekar (Independent, Non-Executive)
Piramal Enterprises Limited
Asian Paints Limited
4. Ms. Anjali Bansal 7 0 1 Nil Tata Power Renewable Energy Limited
Apollo Tyres Limited
Independent, (Independent, Non-Executive)
Non-
Voltas Limited
Executive
Bata India Limited
GlaxoSmithKline Pharmaceuticals Limited
5. Ms. Vibha 3 1 2 Nil HDFC Life Insurance Company Limited
Padalkar (Managing Director & CEO)
6. Mr. Sanjay V. 6 4 4 16,262 (As a HDFC Asset Management Company Limited
Bhandarkar joint holder) (Independent, Non-Executive)
S Chand and Company Limited
Walwhan Renewable Energy Limited
Tata Power Renewable Energy Limited
7. Mr. K. M. 1 0 1 Nil Nil
Chandrasekhar
84 I Report on Corporate Governance

Sl. Name of the Category of No. of other No. of Committee No. of Directorship in other listed entities
No. Director Directorship Directorships(1) positions held(2) shares (category of directorship)
Chairperson Member held in the
NOTICE
Company
8. Mr. Hemant 8 0 1 Nil Voltas Limited
Bhargava (Nominee Director)
(Nominee of
Larsen & Toubro Limited
Life Insurance
(Nominee Director)
Corporation of
BOARD’S REPORT
India (LIC) as an ITC Limited
equity investor) (Nominee Director)
Non- LIC Housing Finance Limited

Independent, (Nominee Director)
9. Mr. Saurabh Non- 6 1 2 Nil Tata Teleservices (Maharashtra) Limited
Agrawal Executive (Non-Independent, Non-Executive)
Tata Steel Limited
Tata AIG General Insurance Company Limited
MD & A
10. Mr. Banmali 7 1 0 Nil Nil
Agrawala
11. Mr. Praveer Sinha, 4 0 0 Nil Tata Power Renewable Energy Limited
CEO & Managing (Non-Independent, Non-Executive)
Director (w.e.f.
1.05.2018)
12. Mr. Ashok S. 5 0 0 20,600 Maithon Power Limited
CG REPORT
Sethi,(3) Executive (Non-Independent, Non-Executive)
COO & Executive
Walwhan Renewable Energy Limited
Director
Coastal Gujarat Power Limited
Notes:
x There are no inter se relationships between the Board x None of the Directors held directorship in more than 20
members. Indian companies, with not more than 10 public limited
BRR
x (1)
Excludes directorship in Tata Power, and directorships in companies.
private companies (including deemed public company), x None of the Directors is a member of more than 10
foreign companies, bodies corporate and companies committees or chairperson of more than 5 committees
under Section 8 of the Act. across all the public limited companies in which he/she is
x (2)
Pertains to membership/chairmanship of the Audit a Director. As per Listing Regulations, only memberships of
CONSOLIDATED
Committee and Stakeholders Relationship Committee of Audit Committee and Stakeholders Relationship Committee
Indian public companies (excluding Tata Power). have been taken into consideration for the purpose of
ascertaining the limit.
x (3)
Mr. Ashok S. Sethi superannuated as COO & Executive
Director of the Company effective close of business x Mr. Praveer Sinha, CEO & Managing Director is not an
hours on 30th April 2019. Consequently, he has also Independent Director of any other listed company.
resigned from the Boards of Maithon Power Limited, x All IDs of the Company have been appointed as per the
Walwhan Renewable Energy Limited and Coastal provisions of the Act and Listing Regulations. Formal
Gujarat Power Limited. letters of appointment have been issued to the IDs. In
STANDALONE
x None of the Directors held directorship in more than the opinion of the Board, the IDs are independent of the
8 listed companies. Further, none of the Independent management.
Director (ID) of the Company served as an ID in more than x The Chairman of the Company is a Non-Executive Director
7 listed companies. (NED) and not related to the CEO & Managing Director.

Changes in Board composition

Changes in Board composition during FY19 and upto the date of this report, are tabled below:
Table 3
Sl. No. Name of the Director Nature of change Date of change
1. Mr. Anil Sardana Resigned as a CEO & Managing Director of the Company 30th April 2018
2. Mr. Praveer Sinha Appointed as a CEO & Managing Director of the Company 1st May 2018
3. Mr. Ashok S. Sethi Superannuated as COO & Executive Director of the Company 30th April 2019
4. Mr. Ashok Sinha Appointed as Additional and Independent Director 2nd May 2019
Note:
None of the Independent Directors have resigned before the expiry of their respective tenures during FY19.
Term of Board membership Board Procedure
The Nomination and Remuneration Committee (NRC) determines Meetings Schedule, Agenda and participation thereat: The
the appropriate characteristics, skills and experience required Board/Committee meetings are pre-scheduled and a tentative
for the Board as a whole and for individual members. Board annual calendar of the Board and Committee meetings is
members are expected to possess the required qualifications, circulated to the Directors well in advance to help them plan their
integrity, expertise and experience for the position. They also schedule and ensure meaningful participation in the meetings.
The Company Secretary, in consultation with the Chairman,
possess expertise and insights in sectors/areas relevant to the
drafts the agenda for meetings, along with notes and the same is
Company, and have ability to contribute to the Company’s
made available at least seven days in advance to all the Directors
growth. As per the existing guidelines, the retirement age for
for facilitating fruitful and focused discussions at the meeting.
Managing/Executive Directors (EDs) is 65 years, NEDs is 70 years
and IDs is 75 years. Video/tele conferencing facilities are also used to facilitate
Directors travelling or present at other locations, to participate
Selection and appointment of new directors in meetings.
The Board is responsible for the appointment of new directors. Only in case of urgent business, if the need arises, the Board’s/
The Board has delegated the screening and selection process Committee’s approval is taken by passing resolutions through
for new directors to the NRC. Considering the existing circulation or by calling Board/Committee meetings at short
composition of the Board and requirement of new domain notice, as permitted by law.
expertise, if any, the NRC reviews potential candidates. The
Paperless Board Meetings: With a view to leverage technology
assessment of members to the Board is based on a combination
and reducing paper consumption, the Company has adopted
of criteria that include ethics, personal and professional stature,
a digital application for transmitting Board/Committee agenda
domain expertise, gender diversity and specific qualification notes. The Directors of the Company receive the agenda notes
required for the position. Potential IDs are also assessed on in electronic form through this application, which is accessible
the basis of independence criteria defined in Section 149(6) through iPad. The application meets high standards of security
of the Act read with Rules framed thereunder and Regulation that are essential for storage and transmission of sensitive
16(1)(b) of the Listing Regulations. The NRC then places the details information in electronic form.
of the shortlisted candidate who meets these criteria, before the
Post meeting follow-up mechanism: The Company has an
Board for its consideration. If the Board approves, the person
effective post Board/Committee Meeting follow-up procedure.
is appointed as an Additional Director, whose appointment is The important decisions taken at Board/Committee meetings are
subject to approval of the Members at the Company’s general communicated to the concerned departments/divisions promptly.
meeting. An action taken/status report on the decisions of the previous
Letter of appointment issued to Independent Directors meeting(s) is placed at the next meeting of the Board/Committees
The IDs on the Board of the Company are given a formal for information and further recommended action(s), if any.
appointment letter inter alia containing the term of appointment, Knowledge sharing: Board members are kept informed about
role, duties and responsibilities, time commitment, remuneration, any material development/business update through various
insurance, code of conduct, training and development, modes viz. e-mails, telecon, etc. from time to time.
performance evaluation process, disclosure, confidentiality, etc. Compliance Reports: The Board periodically reviews the
The terms and conditions of appointment of IDs are available on compliance report of the laws applicable to the Company as well
the Company’s website at http://www.tatapower.com/corporate/ as steps taken by the Company to rectify the instances of non-
board-of-directors.apx. compliance, if any.

Board Meeting
Seven Board meetings were held during the year under review and the gap between two meetings did not exceed 120 days.
NOTICE
Attendance of directors at Annual General Meeting (AGM) and Board Meetings during FY19
Table 4
Attendance at Number of Board Meetings held % of
Name of the Director AGM held on attendance at
27th July 2018 02.05.18 26.07.18 29.10.18 28.01.19 01.02.19 11.03.19 25.03.19 Board Meetings
BOARD’S REPORT
Mr. N. Chandrasekaran, Chairman " " " " " " " " 100
Mr. Nawshir H. Mirza " " " " " — " " 86
Mr. Deepak M. Satwalekar " " " " " " " " 100
Ms. Anjali Bansal " — " " " " " " 86
Ms. Vibha Padalkar " " " — " " " 71
Mr. Sanjay V. Bhandarkar " " " " " " " " 100
Mr. K. M. Chandrasekhar " " " " " " " " 100
MD & A
Mr. Hemant Bhargava — — " " " — — — 43
Mr. Saurabh Agrawal " " " " " " " " 100
Mr. Banmali Agrawala " " " " " " " " 100
Mr. Praveer Sinha,
" " " " " " " " 100
CEO & Managing Director
Mr. Ashok S. Sethi,
CG REPORT
" " " " " " " " 100
COO & Executive Director
"Attended in person/through video conference x Issues which involve possible public or product liability
— Leave of absence claims of a substantial nature, if any.
Attended through audio conference (not counted for quorum x Detailed analysis of potential acquisition targets or
and for % of attendance) possible divestments.
Information provided to the Board x Details of any joint venture or collaboration agreements.
The Board has unrestricted access to all Company-related x Transactions that involve substantial payment towards
information. At Board/Committee meetings, departmental heads goodwill, brand equity or intellectual property.
BRR
and representatives who can provide additional insights into x Significant sale of investments, subsidiaries or assets which
the items being discussed, are invited. The Company provides are not in the normal course of business.
the following information inter alia to the Board, which is given x Materially important show cause, demand, prosecution
either as part of the agenda or by way of presentations during and penalty notices, if any.
the meetings, as deemed appropriate:
x Fatal or serious accidents or dangerous occurrences, if any.
CONSOLIDATED
x Annual operating plans and budgets, capital budgets and
x Significant effluent or pollution problems, if any.
other updates.
x Material default in financial obligations to and by the
x Quarterly, half-yearly and annual financial results of the Company or substantial non-payment for services
Company and its operating divisions or business segments. provided/goods sold by the Company, if any.
x Detailed presentations on business strategy, future x Significant labour problems and their proposed solutions,
outlook, capital budget of the Company. if any.
x Minutes of meetings of committees of the Board. x Significant developments in the human resources and
industrial relations fronts.
STANDALONE
x Subsidiary companies’ minutes, financial statements and

significant transactions and investments. x Quarterly details of foreign exchange exposure and the
x The information on recruitment and removal and steps taken by management to limit the risks of adverse
remuneration of senior officers just below the Board level, exchange rate movement.
including Chief Financial Officer and Company Secretary. x Non-compliance of any regulatory or statutory nature or
x Significant regulatory matters concerning Indian or foreign listing requirements as well as shareholders’ services such as
regulatory authorities. non-payment of dividend or delays in share transfer, if any.

Meeting of Independent Directors Insider Trading and Code of Corporate Disclosure Practices (the
During the year under review, a separate meeting of the Code). All the Promoters, Directors, Employees of the Company
Independent Directors was held on 25th March 2019. At the said and its material subsidiaries, who are Designated Persons, and
meeting, the Independent Directors reviewed the performance their Immediate Relatives and other Connected Persons such
of Non-Independent Directors, the Board as a whole and the as auditors, consultants, bankers, etc., who could have access to
Chairman after taking into account the views of the EDs and NEDs. the unpublished price sensitive information of the Company, are
They also assessed the quality, quantity and timeliness of flow of governed under this Code.
information between the Company’s management and the Board. Mr. Ramesh N. Subramanyam, Chief Financial Officer (CFO) of the
Annual Strategy Board Meet Company is the ‘Compliance Officer’ in terms of this Code.
An Annual Strategy Board meet was organised on 1st February Remuneration to Directors
2019. As a part of the agenda, the Board conducted a strategy Details of remuneration to NEDs during and for the year under
review of the Company’s business segments, future growth, risk review:
orientation and resource optimization. Further discussions on Table 5
strategy were also held in the Board meeting held on 25th March (Gross Amount in `)
2019.
Sl. Name of the Director Sitting Fees Commission
Details of familiarisation programmes for Directors including No. paid during for FY19*
Independent Directors FY19
All Board members of the Company are afforded every opportunity 1. Mr. N. Chandrasekaran,$ 3,00,000 0
to familiarize themselves with the Company, its management, its Chairman
operations and above all, the Industry perspective and issues.
They are made to interact with senior management personnel 2. Mr. Nawshir H. Mirza 4,80,000 70,00,000
and proactively provided with relevant news, views and updates 3. Mr. Deepak M. 5,40,000 65,00,000
on the Company and sector. All the information/documents Satwalekar
sought by them is/are also shared with them for enabling a good
understanding of the Company, its various operations and the 4. Ms. Anjali Bansal 4,20,000 50,00,000
industry of which it is a part. 5. Ms. Vibha Padalkar 4,50,000 50,00,000
In addition to the above, the Company has an exclusive internal
6. Mr. Sanjay V. Bhandarkar 5,40,000 55,00,000
web-based information portal, which is made available to all
the Directors. This has sections on Company matters, Laws & 7. Mr. K. M. Chandrasekhar 3,60,000 40,00,000
Regulations, Sustainability aspects, Company’s quarterly progress 8. Mr. Hemant Bhargava@ 90,000 20,00,000
in various operating units, projects under construction, etc.
#
9. Mr. Saurabh Agrawal 4,20,000 0
Details of the familiarization program on cumulative basis are
available on the Company’s website at https://www.tatapower. 10. Mr. Banmali Agrawala #
3,90,000 0
com/pdf/investor-relations/familiarisation-programme-for-
Notes:
directors.pdf.
Code of Conduct * Commission relates to the financial year ended 31st March
2019, which was approved by the Board on 2nd May 2019, to
The Company has adopted the Code of Conduct for NEDs be paid during FY20.
which includes details as laid down in Schedule IV to the Act. $
The Company has also adopted a Code of Conduct for all its As a policy, Mr. N. Chandrasekaran has abstained from receiving
employees including Executive Director(s). All Board members Commission from the Company.
@
and senior management personnel have affirmed compliance Sitting fees for attending meetings and the Commission is paid
with their respective Code of Conduct. The CEO & Managing to LIC on account of Mr. Hemant Bhargava, being nominee of
Director has also confirmed and certified the same. This LIC.
certification is reproduced at the end of this Report and marked #
In line with the internal guidelines, no payment is
as Annexure I. made towards Commission to Mr. Saurabh Agrawal and
Tata Code of Conduct for Prevention of Insider Trading & Mr. Banmali Agrawala, NEDs of the Company, who are in
Code of Corporate Disclosure Practices full-time employment with another Tata company.
In accordance with the Securities and Exchange Board of India The NEDs are paid remuneration by way of Commission and Sitting
(Prohibition of Insider Trading) Regulations, 2015, as amended Fees. The distribution of Commission, if applicable, amongst the
from time to time, the Board of Directors of the Company has NEDs is recommended by the NRC and approved by the Board.
adopted the revised Tata Code of Conduct for Prevention of The Commission payment for the financial year ended 31st March

2019 was distributed based on the Company’s performance and keeping in mind the attendance of Directors at Board and Committee
meetings and their contribution at these meetings.
None of the NEDs had any pecuniary relationship or transactions with the Company other than the Directors’ sitting fees and
NOTICE
commission, as applicable, received by them. The Company reimburses out-of-pocket expenses, if any, incurred by the Directors for
attending meetings.
Details of remuneration and perquisites paid and/or value calculated as per the Income-tax Act, 1961 to the CEO & Managing
Director and COO & Executive Director during FY19:
(Gross Amount in ₹) Table 6
BOARD’S REPORT
Sl. No. Name of the Director Salary & Commission Perquisites & Retirement Total
allowances for FY19@ Benefits Benefits
1. Mr. Anil Sardana*
68,59,799 N.A. 10,398 1,33,00,936 2,01,71,133
2. Mr. Praveer Sinha
1,68,95,342 2,50,00,000 3,32,613 22,27,500 4,44,55,455
CEO & Managing Director&
3. Mr. Ashok S. Sethi#
1,85,73,500 2,25,00,000 1,29,754 8,71,200 4,20,74,454
COO & Executive Director
MD & A
TOTAL 4,23,28,641 4,75,00,000 4,72,765 1,63,99,636 10,67,01,042
Notes:
@
Commission (variable component) relates to the financial year ended 31st March 2019, which was approved by the Board on
2nd May 2019, to be paid during FY20.
* Mr. Sardana resigned as CEO & Managing Director of the Company with effect from close of business hours on 30th April 2018.
&
Mr. Sinha was appointed as CEO and Managing Director of the Company effective 1st May 2018.
CG REPORT
#
Mr. Sethi superannuated as COO & Executive Director of the Company with effect from close of business hours on 30th April 2019.
Salient features of the agreements executed by the Company with Mr. Sardana, Mr. Sinha and Mr. Sethi:
Table 7
Terms of Agreement Mr. Anil Sardana Mr. Praveer Sinha Mr. Ashok S. Sethi
CEO & Managing CEO & Managing COO & Executive
Director Director Director
Period of appointment Mr. Sardana resigned 01.05.2018 to 30.04.2023 01.04.2017 to 30.04.2019
with effect from 30th
BRR
April 2018
Remuneration Basic salary upto a Basic salary upto a Basic salary upto a
maximum of maximum of maximum of
₹ 14,00,000 p.m. ₹ 15,00,000 p.m. ₹ 7,00,000 p.m.
CONSOLIDATED
Commission Within the limits stipulated under the Act.
Incentive Remuneration Not exceeding 200% of basic salary.
Benefits, perquisites and allowances (excluding As may be determined by the Board from time to time.
Company’s contribution to Provident Fund,
Superannuation, Gratuity, Leave Encashment)
Notice period The Agreements may be terminated by either party giving to the other party six
months’ notice or the Company paying six months’ remuneration in lieu thereof.
STANDALONE
Severance fees There is no separate provision for payment of severance fees.

Stock Option Nil

Board Committees The CFO assists the Committee in discharge of its responsibilities.
The Committees constituted by the Board focus on specific The Committee invites such employees or advisors as it considers
areas and take informed decisions within the framework appropriate to attend the meetings. The CFO, the head of internal
designed by the Board, and make specific recommendations audit and Statutory Auditors are generally invited to attend
to the Board on matters in their areas or purview. All decisions all meetings unless the Committee considers otherwise. The
Company Secretary acts as the Secretary of the Committee.
and recommendations of the Committees are placed before
the Board for information or for approval, as required. To enable The Internal Auditors and Statutory Auditors of the Company
better and more focused attention on the affairs of the Company, discuss their audit findings and updates with the Committee
the Board has delegated particular matters to the Committees of and submit their views directly to the Committee. Separate
the Board set up for the purpose. discussions are held with the Internal Auditors to focus on
compliance issues and to conduct detailed reviews of the
Statutory Committees
processes and internal controls in the Company. The permissible
The Board has constituted the following statutory Committees as non-audit related services undertaken by the Statutory Auditors
on 31st March 2019: are also pre-approved by the Committee.
x Audit Committee of Directors (AC) The Board has approved the charter of the Audit Committee
x Nomination and Remuneration Committee (NRC) defining inter alia its composition, role, responsibilities, powers
and processes. The Charter is available on the Company’s Website
x Corporate Social Responsibility Committee (CSR)
at https://www.tatapower.com/pdf/aboutus/charter-of-audit-
x Stakeholders Relationship Committee (SRC) committee.pdf.
x Risk Management Committee (RMC) The terms of the charter broadly include:
Audit Committee of Directors x Overseeing the processes that ensure the integrity of
The Committee comprises the following as on 31st March 2019: financial statements.
x Mr. Nawshir H. Mirza, Chairman x Overseeing the adequacy and effectiveness of the
x Ms. Vibha Padalkar processes and controls for compliance with laws and
regulations.
x Mr. Sanjay V. Bhandarkar
x Mr. Saurabh Agrawal x Overseeing the adequacy and effectiveness of the process
by which confidential or anonymous complaints or
All members are financially literate and bring in expertise in information regarding financial or commercial matters
the fields of finance, accounting, development, strategy and are received and acted upon. This includes the protection
management. of whistle-blowers from victimization and the provision
The Committee met 5 times during the year under review. of access by whistle-blowers to the Chairman of the
These meetings were held on 30th April 2018, 25th July 2018, Committee.
26th October 2018, 25th January 2019 and 20th March 2019, x Approving/modifying the transactions with related
with the requisite quorum. parties.
The attendance details of meetings of this Committee are as x Enquiring into reasons for any default by the Company in
follows: honouring its obligations to its creditors and members.
Table 8 x Overseeing the quality of internal accounting controls and
Name of the No. of No. of % of other controls.
Director Meetings held Meetings Attendance x Overseeing the system for storage (including back-up).
during tenure attended x Overseeing the quality of the financial reporting process,
(A) (B) (B/A) including the selection of the most appropriate of
Mr. Nawshir H. permitted accounting policies.
5 5 100
Mirza x Ensuring the independence of the auditor.
Ms. Vibha x Recommending to the Board the appointment and
5 5 100
Padalkar remuneration of the auditors (including secretarial and
Mr. Sanjay V. cost auditors).
5 5 100
Bhandarkar x Framing of rules for the hiring of any current or former
Mr. Saurabh employee of the audit firm.
5 4 80
Agrawal x Scrutinizing inter-corporate loans and investments.

x Monitoring the end use of funds raised through public The Board has also approved the charter of the NRC defining its
offers. composition, powers, responsibilities, reporting, evaluation, etc.
x The Charter is available on the Company’s website at https://
NOTICE
Conducting the valuation of any undertaking or asset of
the Company. www.tatapower.com/pdf/aboutus/charter-of-nomination-
remuneration-committee.pdf.
x Overseeing the internal audit function and approve the
appointment of the Chief Internal Auditor. The terms of the charter broadly include Board composition
and succession planning, evaluation, remuneration, Board
x Bringing to the notice of the Board any lacunae in the development and review of HR Strategy, Philosophy and Practices.
TCOC and the vigil mechanism (whistle blowing process)
BOARD’S REPORT
Performance Evaluation Criteria for IDs
adopted by the Company.
The performance evaluation criteria for IDs is determined by the
x Reviewing with the CEO and the CFO of the Company
NRC. An indicative list of factors on which evaluation was carried
the underlying process followed by them in their annual
out includes participation and contribution by the director,
certification to the Board of Directors.
commitment, effective deployment of knowledge and expertise,
x Approving the appointment of the CFO. integrity and maintenance of confidentiality and independence
All the recommendations made by the Audit Committee during of behaviour and judgement.
the year under review were accepted by the Board. Mr. Deepak Satwalekar, Chairman of the NRC, was present at the
Mr. Nawshir H. Mirza, Chairman of the AC, was present at the last last AGM.
MD & A
AGM. Corporate Social Responsibility Committee
Nomination and Remuneration Committee The Committee comprises the following as on 31st March 2019:
The Committee comprises the following as on 31st March 2019: x Ms. Anjali Bansal, Chairperson
x Mr. Deepak M. Satwalekar, Chairman x Mr. Deepak M. Satwalekar
x Mr. N. Chandrasekaran x Mr. Praveer Sinha
x Ms. Anjali Bansal The Committee met 4 times during the year under review.
CG REPORT
The Committee met 3 times during the year under review. These These meetings were held on 23rd April 2018, 2nd August 2018,
meetings were held on 30th April 2018, 29th October 2018, 26th October 2018 and 22nd March 2019, with the requisite
and 25th March 2019, with the requisite quorum. quorum.
The attendance details of meetings of this Committee are as The attendance details of meetings of this Committee are as follows:
follows: Table 10
Table 9
Name of the No. of No. of % of
Name of the No. of No. of % of Director Meetings held Meetings Attendance
Director Meetings held Meetings Attendance during tenure attended
BRR
during tenure attended
(A) (B) (B/A)
(A) (B) (B/A)
Ms. Anjali
Mr. Deepak M. 4 4 100
3 3 100 Bansal
Satwalekar
Mr. N. Mr. Deepak M.
4 4 100
CONSOLIDATED
3 3 100 Satwalekar
Chandrasekaran
Ms. Anjali Mr. Anil
3 3 100 1 1 100
Bansal Sardana(1)
In terms of the provisions of Section 178(3) of the Act and Mr. Praveer
3 3 100
Regulation 19(4) read with Part D of Schedule II to the Listing Sinha(2)
Regulations, the Committee is responsible for inter alia formulating Notes:
the criteria for determining qualification, positive attributes and (1)
Consequent upon his resignation as CEO & Managing Director
STANDALONE
independence of a Director. The Committee is also responsible for

of the Company effective 30th April 2018, Mr. Sardana ceased
recommending to the Board a policy relating to the remuneration
to be a member of the Committee.
of the Directors, Key Managerial Personnel and other employees.
The Board has adopted the Policy on Board Diversity & Director
(2)
Appointed as a member of the Committee effective 1st May
Attributes and Remuneration Policy for Directors, Key Managerial 2018.
Personnel and other employees of the Company, which are The Company has adopted a CSR policy which indicates the
attached as Annexures II and III to the Board’s Report. activities to be undertaken by the Company as specified in

Schedule VII to the Act. The policy, including overview of projects The Committee specifically discharges duties of servicing and
or programs proposed to be undertaken, is provided on the protecting the various aspects of interest of shareholders,
Company website at https://www.tatapower.com/pdf/aboutus/ debenture holders and other security holders.
csr-policy-14.pdf. The Board has approved the charter of the Committee defining its
Brief Terms of Reference/Roles and responsibilities: composition, powers, responsibilities, etc. The charter is available
x Formulate and recommend to the Board, a CSR Policy on the Company’s website at https://www.tatapower.com/pdf/
which shall indicate the activities to be undertaken by the aboutus/charter-of-stakeholders-relationship-committee.pdf.
Company as specified in Schedule VII to the Act or may be The terms of the charter broadly include:
prescribed in the rules thereto. x Reviewing statutory compliances relating to all security
x Recommend the amount of expenditure to be incurred on holders.
the activities referred to in the above clause. x Resolution of the grievances of all security holders.
x Monitor the CSR Policy of the Company from time to time. x Oversight of compliances in respect of dividend payments
Ms. Anjali Bansal, Chairperson of the CSR Committee, was present and transfer of unclaimed amounts to the Investor
at the last AGM. Education and Protection Fund (IEPF).
Stakeholders Relationship Committee x Oversight and review of all matters related to the transfer
of securities of the Company.
The Committee comprises the following as on 31st March 2019:
x Ensure setting of proper controls and oversight of
x Mr. Sanjay V. Bhandarkar, Chairman
performance of the Registrar and Share Transfer Agent
x Mr. Banmali Agrawala (RTA).
x Mr. Ashok S. Sethi x Approval of issue of duplicate share certificates of the
The Committee met 2 times during the year under review. These Company.
meetings were held on 22nd October 2018 and 12th March 2019, x Approval of transmission of securities.
with the requisite quorum.
x Review of movements in shareholding and ownership
The attendance details of meetings of this Committee are as structure of the Company.
follows:
x Recommend measures for overall improvement of the
Table 11
quality of investor services.
Name of the No. of No. of % of x Conduct a Shareholder Satisfaction Survey to judge the
Director Meetings held Meetings Attendance
level of satisfaction amongst shareholders.
during tenure attended
x Suggest and drive implementation of various shareholder-
(A) (B) (B/A) friendly initiatives.
Mr. Sanjay V. x Carry out any other function as is referred by the Board
2 2 100
Bhandarkar from time to time or enforced by any statutory notification/
Mr. Banmali amendment or modification as may be applicable.
2 2 100
Agrawala Name, designation and address of the Compliance Officer:
Mr. Ashok S. Mr. H. M. Mistry, Company Secretary
2 2 100
Sethi(1) Bombay House, 24, Homi Mody Street, Mumbai 400 001
Tel: 022 6665 8282
Mr. Hemant
N.A. N.A. N.A. In accordance with Regulation 6 of the Listing Regulations, the
Bhargava(2)
Board has appointed Mr. H. M. Mistry, Company Secretary as the
Notes:
Compliance Officer. He is authorised to approve share transfers/
(1)
Consequent upon his superannuation as COO & Executive transmissions, in addition to the powers with the members of
Director of the Company effective 30th April 2019, Mr. Sethi has the Committee. Share transfer formalities are regularly attended
ceased to be a member of the Committee. to and at least once a fortnight. All investor complaints which
(2)
Appointed as a member of the Committee effective 2nd May cannot be settled at the level of the Compliance Officer, are
2019. placed before the Committee for final settlement.

The status of total number of complaints received during the Note:

year under review is as follows: (1)
Consequent upon his superannuation as COO & Executive
Table 12 Director of the Company effective 30th April 2019, Mr. Sethi has
NOTICE
Sl. Description Total ceased to be a member of the Committee.
No. Received Replied Pending The Board has adopted Risk Management Strategy Document
A. Letters received from which specifies the objective, benefits of Risk Management,
Statutory Bodies Risk Management Policy, Risk Management Process, Risk
Securities & Exchange Board 24 23 1 Organization Structure, Risk Culture, etc. The Board has also
BOARD’S REPORT
of India approved the charter of the Committee defining its composition,
Stock Exchanges 5 5 0 powers, responsibilities, etc. The charter is available on the
Depositories (NSDL/CDSL) 3 3 0 Company’s website at https://www.tatapower.com/pdf/aboutus/
Ministry of Corporate Affairs 0 0 0 charter-of-risk-management-committee.pdf.
Consumer Forum 0 0 0 The terms of the charter broadly include:
B. Dividends
x Reviewing the Company’s risk governance structure,
Non-receipt of dividend/ 2 2 0 risk assessment and risk management practices and
interest warrants (pending
guidelines, policies and procedures for risk assessment
reconciliation at the time of
and risk management including the risk management
receipt of letters)
MD & A
plan.
Total 34 33 1
Notes: x Reviewing and approving Enterprise-wide Risk
Management (ERM) framework.
x For the 1 unresolved complaint received through the SEBI
SCORES System (System), the Action Taken Report has x Review the alignment of the ERM framework with the
been uploaded on the System and the same is pending for strategy of the Company.
closure as on 31st March 2019. x Monitor the Company’s risk appetite and strategy relating
to key risks, including credit risk, liquidity and funding risk,
CG REPORT
x There were no pending transfers/demats as on 31st March
2019. market risk, cyber security risk, forex risk, commodity risk,
product risk and reputational risk, as well as the guidelines,
Mr. Sanjay V. Bhandarkar, Chairman of the SRC, was present at the policies and processes for monitoring and mitigating such
last AGM. risks.
Risk Management Committee
x Oversee Company’s process and policies for determining
The Committee comprises the following as on 31st March 2019: risk tolerance and review management’s measurement
x Ms. Vibha Padalkar, Chairperson and comparison of overall risk tolerance to established
x Mr. Nawshir H. Mirza levels.
x Mr. Kesava M. Chandrasekhar
BRR
x Review and analyse risk exposure related to specific issues,
x Mr. Banmali Agrawala
x Mr. Ashok S. Sethi concentrations and limit excesses, and provide oversight
of risk across organization.
The Committee met 4 times during the year under review. These
meetings were held on 29th June 2018, 28th September 2018, x Review compliance with risk policies, monitor breaches/
5th December 2018 and 26th March 2019, with the requisite trigger trips of risk tolerance limits and direct action.
CONSOLIDATED
quorum. x Nurture a healthy and independent risk management
function in the Company.
The attendance details of these meetings are as follows:
Table 13 x Carry out any other function as is referred by the Board
Name of the No. of No. of % of from time to time or enforced by any statutory notification/
Director Meetings held Meetings Attendance amendment or modification as may be applicable.
during tenure attended Ms. Vibha Padalkar, Chairperson of the RMC, was present at the
(A) (B) (B/A) last AGM.
STANDALONE
Ms. Vibha Padalkar 4 4 100 Non-Statutory Committees

Mr. Nawshir H. Mirza 4 4 100
The Board has also constituted the following non-statutory
Mr. K. M.
4 4 100 Committees:
Chandrasekhar
Mr. Banmali (i) Executive Committee of the Board
4 4 100
Agrawala (ii) Committee for Financial Facilities and Bank Accounts
Mr. Ashok S. Sethi(1) 4 4 100 (iii) Committee of Directors

Executive Committee of the Board Terms of Reference

The Committee comprises the following as on 31st March 2019: The role of this Committee is as follows:
x Mr. N. Chandrasekaran, Chairman x Borrowings of the Company subject to outstanding
x Mr. Deepak M. Satwalekar facilities not exceeding an amount of ₹12,500 crore of
x Mr. Sanjay V. Bhandarkar term loans and ₹ 8,000 crore of working capital facilities.
x Mr. Praveer Sinha x Create security on the assets of the Company to secure the
x Mr. Ashok S. Sethi(1) borrowings of the Company subject to these being within
Note: the limit approved by the shareholders of the Company
(1)
Consequent upon his superannuation as COO & Executive under Section 180(1)(a) of the Act.
Director of the Company effective 30th April 2019, Mr. Sethi has x Issue of corporate guarantees to secure the borrowings
ceased to be a member of the Committee. of wholly owned subsidiaries/step-down subsidiaries of
Terms of Reference wholly owned subsidiaries of the Company.
The Committee covers a detailed review of the following matters x Change in authorised signatories for the existing
before they are presented to the Board: borrowings including working capital facilities of the
i) Business and strategy review. Company.
ii) Long-term financial projections and cash flows. x Commitment to capex item exceeding ₹ 200 crore (within
iii) Capital and revenue budgets and capital expenditure Board approved Annual Business Plan) in a financial year.
programmes. x Enter into any coal, fuel and freight contracts having
iv) Acquisitions, divestments and business restructuring tenure above 5 years.
proposals. x Write off of receivables exceeding ₹ 10 crore in a financial
v) Any other item as may be decided by the Board. year.
The aforesaid matters were discussed in various Board meetings x Claim settlement and dispute exceeding ₹ 25 crore per
held during the year with the intent to avail expertise of all the instance and ₹ 50 crore in aggregate in a financial year.
Board members. x Waiver of delayed payment surcharge exceeding ₹ 50
Committee for Financial Facilities and Bank Accounts crore in a financial year.
The Committee comprises the following as on 31st March 2019: x Approve investments and recommend investment
x Mr. Nawshir H. Mirza, Chairman proposals to Tata Power group companies within overall
x Mr. Praveer Sinha Board approved framework.
x Mr. Ashok S. Sethi(1) x Framing of Investment Guidelines outlining prudential
Note: norms for investing in Mutual Funds, Fixed Deposits, Inter-
(1)
Consequent upon his superannuation as COO & Executive corporate Deposits with approved corporates, Central
Director of the Company effective 30th April 2019, Mr. Sethi has and State Government securities and any subsequent
ceased to be a member of the Committee. amendments.
Terms of Reference x Modification/addition/deletion of authorised signatory
The role of this Committee is to inter alia approve assignment list to give effect to investments within the Prudential
of the Company’s working capital lines to its subsidiaries and Investment Norms.
to provide corporate guarantees to secure working capital lines x Reconstitution of the Boards of Trustees of The Tata Power
sanctioned to subsidiaries, opening and closing of bank accounts, Consolidated Provident Fund, The Tata Power Company
issuing and revoking of Power of Attorneys, accept modifications Limited Staff Superannuation Fund and Tata Power
to the terms and conditions of the working capital facilities that Gratuity Fund.
may be made by the banks/financial institutions.
x Change in operating instructions involving the Company’s
The matters approved by this Committee were duly noted in the bank accounts.
next Board meeting.
x Submit Request for Qualification for any project and
Committee of Directors authorise execution of all documents, including Powers of
The Committee comprises the following as on 31st March 2019: Attorney, in connection with the same.
x Mr. Sanjay V. Bhandarkar, Chairman x All other matters delegated by the Board/Committee
x Mr. Banmali Agrawala thereof, to the Committee comprising the CEO & Managing
x Mr. Praveer Sinha Director and the COO & Executive Director.

General Body Meetings

a) The details of the last three AGMs of the Company
NOTICE
Table 14
Year ended Day, Date & Time Venue Special Resolutions passed
31st March 2018 Friday, 27th July 2018 atBirla Matushri x Private placement of Non-Convertible Debentures/Bonds
3.00 p.m. Sabhagar,
31st March 2017 Wednesday, 23rd August Sir Vithaldas x Private placement of Non-Convertible Debentures/Bonds
BOARD’S REPORT
2017 at 3.00 p.m. Thackersey Marg,
31st March 2016 Wednesday, 19, New Marine x Private placement of Non-Convertible Debentures
21st September 2016 at Lines, Mumbai
400 020. x Increase in limits of investments in other bodies corporate
3.00 p.m.
b) Details of the meeting convened in pursuance of the order passed by the National Company Law Tribunal (NCLT)
Pursuant to the Order dated 10th October 2018 passed by the National Company Law Tribunal, Mumbai Bench in the
Company Scheme Application No. 785 of 2018, a meeting of the Equity Shareholders of the Company was held at Walchand
Hirachand Hall, IMC Chamber of Commerce and Industry, IMC Building, IMC Marg, Churchgate, Mumbai 400 020 on Wednesday,
12th December 2018 at 11:00 a.m. (IST) to consider and approve the scheme of arrangement between The Tata Power Company
MD & A
Limited and Tata Advanced Systems Limited and their respective shareholders and creditors under Sections 230 to 232 and
other applicable provisions of the Act and the Rules thereunder.
c) Postal Ballot
(i) Details of resolutions passed by postal ballot
During the year under review, two resolutions were passed by means of Postal Ballot on 18th May 2018, the details of which are
as follows
CG REPORT
Table 15
Ordinary Brief Particulars
Resolution No.
1 Sale of 59,08,82,000 Equity Shares held in Panatone Finvest Limited to Tata Sons Private Limited
2 Sale of 1,33,96,200 Equity Shares held in Tata Communications Limited to Panatone Finvest Limited
(ii) Details of Voting Pattern
Table 16
BRR
Ordinary Ballots Total Shares In favour Against Invalid
Resolution Received
Ballots Votes Ballots Votes Ballots Votes
No.
1 2,951 1,20,19,13,969 2,698 1,20,15,12,444 152 2,42,981 101 1,58,544
2 2,961 1,20,18,70,427 2,601 1,20,12,70,952 195 2,78,172 165 3,21,303
CONSOLIDATED
(iii) Person who conducted the aforesaid postal ballot Regulations, the Company provided remote e-voting
exercise facility to all its Members. The Company engaged the
Mr. P. N. Parikh (ICSI Membership No. FCS 327), Practising services of National Securities Depository Limited (NSDL)
Company Secretary of Parikh & Associates conducted the for this purpose. The Members had the option to vote
aforesaid postal ballot exercise in a fair and transparent either by physical ballot form or through remote e-voting.
manner. The Company dispatched the postal ballot notices
(iv) Whether any special resolution is proposed to be and forms along with postage prepaid business reply
STANDALONE
conducted through postal ballot: No envelopes to its Members whose names appeared on the
Register of Members/list of beneficiaries as on a cut-off
(v) Procedure for Postal Ballot
date, i.e. 31st March 2018. The postal ballot notice was sent
In compliance with Sections 108 and 110 and other to the Members in electronic form at the e-mail addresses
applicable provisions of the Act read with the Rules framed registered with their Depository Participants (in case of
thereunder and in terms of Regulation 44 of the Listing electronic shareholding)/the Company’s RTA (in case of

physical shareholding). The Company also published an b) Quarterly Results

advertisement in the newspapers viz. Free Press Journal Quarterly, half yearly and annual financial results of the
and Navshakti dated 18th April 2018, informing about the Company are published in widely circulated national
dispatch of the Notice and other information as mandated newspapers, as per details given below:
under the Act and applicable Rules. Table 18
Voting rights were reckoned on the paid-up value of the
Name Region Language
shares registered in the names of the Members as on the of the
cut-off date, i.e. 31st March 2018. Members desiring to Newspaper
exercise their votes by physical postal ballot forms were
requested to return the forms, duly completed and signed, Indian Ahmedabad, Vadodara, English
to the scrutinizer so as to reach them on or before the close Express – All Mumbai, Chandigarh, New
of the voting period, i.e. 18th May 2018 at 5:00 p.m. (IST). editions Delhi, Kolkata, Lucknow,
Members desiring to exercise their votes by electronic Nagpur and Pune
mode were requested to vote before close of business Financial Mumbai, Pune, English
hours on the last date of e-voting. Express Ahmedabad, New Delhi,
The scrutinizer, after the completion of scrutiny, submitted Lucknow, Chandigarh,
his report to Mr. Hanoz M. Mistry, Company Secretary who Kolkata, Hyderabad,
was authorised to accept, acknowledge and countersign Bengaluru, Kochi and
the Scrutinizer’s Report as well as declare the voting Chennai
results in accordance with the provisions of the Act, the Loksatta – Ahmednagar, Mumbai, Marathi
Rules framed thereunder and the Secretarial Standard All editions Pune, Nagpur, Aurangabad
2 on General Meetings. The consolidated results of the and New Delhi
voting by postal ballot and e-voting were then announced
Jam-e- Mumbai Gujarati
by Mr. Hanoz M. Mistry. The results were also displayed
Jamshed
at the Registered Office and the Corporate Office of the
Weekly
Company and on the Company’s website at https://www.
tatapower.com/investor-relations/postal-ballot.aspx? utm Vyapar + Vyapar (Mumbai) and Gujarati
medium=301&utm_source=direct&utm_campaign=/ Phulchhab Phulchhab (Rajkot)
investor-relations/postal- ballot.aspx besides being Post quarterly results, an Investor Conference call is held
communicated to BSE Limited (BSE) and National Stock where members of the financial community are invited
Exchange of India Limited (NSE) and NSDL. Results were to participate in the Q&A session with the Company’s
announced on 18th May 2018, being the last date for management. The key highlights are discussed and
receipt of physical ballot forms and for remote e-voting. investor/analyst queries are resolved in this forum. The
Means of Communication to the shareholders quarterly results are also uploaded on the website at
a) Calendar of financial year ended 31st March 2019 https://www.tatapower.com/investor-relations/quarterly-
The Company follows April-March as the financial year. results.aspx.
The meetings of the Board of Directors for approval of c) Annual Reports and Annual General Meetings: The
quarterly financial results for the financial year ended 31st Annual Reports are e-mailed/posted to Members and
March 2019 were held on the following dates: others entitled to receive them. The Annual Report is
Table 17 also available on the Company’s website at https://www.
tatapower.com/investor-relations/annual-reports-archive.
Particulars Date aspx in a user-friendly downloadable form. The Company
Quarter ended 30th June 2018 26th July 2018 also provides live Webcast facility of its AGM in co-
Quarter/half year ended 29th October 2018 ordination with NSDL.
30th September 2018 d) News Releases, Presentations etc.: Official news
releases, detailed presentations made to media, analysts,
Quarter/nine months ended 28th January 2019
31st December 2018 institutional investors etc. are displayed on the Company’s
website at https://www.tatapower.com/investor-relations/
Quarter/year ended 31st March 2nd May 2019 analyst-presentation-archive.aspx. Official media releases,
2019 sent to the Stock Exchanges, are given directly to the press.

e) Website: Comprehensive information about the General Shareholder Information

Company, its business and operations, Press Releases and
(a) Details of AGM : Tuesday, 18th June 2019 at 3:00
investor information can be viewed at the Company’s
NOTICE
p.m. (IST) at Birla Matushri Sabhagar,
website at www.tatapower.com. The ‘Investor Relations’
Sir Vithaldas Thackersey Marg, 19,
section serves to inform the investors by providing key and New Marine Lines, Mumbai 400 020.
timely information like financial results, annual reports,
Last date of receipt : Sunday, 16th June 2019 before 3:00
shareholding pattern, quarterly Corporate Governance
of Proxy form p.m. (IST)
report, presentations made to analysts, etc.
BOARD’S REPORT
(b) Financial Year : 1st April to 31st March
f) NSE Electronic Application Processing System (NEAPS)
and BSE Online Portal: NSE has provided online platform (c) Dividend : Dividend of ₹ 1.30 per Equity share
NEAPS wherein the Company submits all the compliances/ fully paid up (130%) for the financial
year 2018-19 has been recommended
disclosures to the Exchange in the SEBI prescribed format.
by the Board of Directors to Members
Similar filings are made with BSE on their online Portal viz.
for their approval. If approved by the
BSE Corporate Compliance & Listing Centre.
Members, payment will be made on
g) eXtensible Business Reporting Language (XBRL): XBRL and from 20th June 2019.
is a standardized and structured way of communicating (d) Book Closure : From Friday, 7th June 2019 to
business and financial data in an electronic form. XBRL Tuesday, 18th June 2019 (both days
MD & A
provides a language containing various definitions (tags) inclusive).
which uniquely represent the contents of each piece
(e) E-voting Dates : The cut-off date for the purpose
of financial statements or other kinds of compliance of determining the shareholders
and business reports. BSE and NSE provide XBRL eligible for e-voting is Tuesday,
based compliance reporting featuring identical and 11th June 2019. The e-voting
homogeneous compliance data structures between Stock commences on Friday, 14th June
Exchanges and Ministry of Corporate Affairs. The XBRL 2019 at 9.00 a.m. (IST) and ends on
CG REPORT
filings are done on the NEAPS portal as well as the BSE Monday, 17th June 2019 at 5.00 p.m.
online portal. (IST).
h) Web-based Query Redressal System: Members also (f ) International Securities Identification Number (ISIN):
have the facility of raising their queries/complaints on INE245A01021
share related matters through an option provided on (g) Corporate Identity Number (CIN): L28920MH1919PLC000567
the Company’s website at https://www.tatapower.com/
investor-relations/investor-queries.aspx. (h) Listing on Stock Exchanges
i) SEBI Complaints Redressal System (SCORES): A Listing of Equity Shares: The Company’s Equity Shares
BRR
centralised web-based complaints redressal system which are listed on two Stock Exchanges in India viz.
serves as a centralised database of all complaints received, (a) BSE Limited (Regional Stock Exchange), Phiroze
enables uploading of Action Taken Reports by the Jeejeebhoy Towers, Dalal Street, Mumbai 400 001; and
concerned company and online viewing by the investors (b) National Stock Exchange of India Limited, Exchange
of actions taken on the complaint and its current status. Plaza, Bandra Kurla Complex, Bandra (E), Mumbai 400 051.
CONSOLIDATED
j) Dedicated e-mail ID for communication with Investor Listing of GDS and GDRs: In February 1994, the Company
Education and Protection Fund Authority: The Company jointly with the erstwhile The Tata Hydro-Electric Power
has a dedicated e-mail id [email protected] Supply Company Limited and The Andhra Valley Power
for communication with the IEPF Authorities. Stakeholders Supply Company Limited issued Global Depository
are requested to send their IEPF claim documents at Shares (GDS) in the International Market which have been
[email protected]. listed on Luxembourg Stock Exchange, 35 Boulevard
k) Reminder to investors: Reminders to collect unclaimed Joseph II, 1840, Luxembourg and have been accepted for
STANDALONE
dividend on shares or debenture redemption/interest clearance through Euroclear and Cedel. They have also
are sent to the concerned shareholders and debenture been designated for trading in the PORTAL System of the
holders. National Association of Securities Dealers, Inc.

In July 2009, the Company raised USD 335 million through offering of Global Depositary Receipts (GDRs). The GDRs are listed
and traded in Euro MTF market of Luxembourg Stock Exchange and are also available for trading on IOB (International Order
Board) of London Stock Exchange.
Number of outstanding GDS as on 31st March 2019:
x 436 (Issued in 1994 to Citibank NA)
x 1,43,980 (Issued in 2009 to Bank of New York, Mellon)
Listing of Debt Securities: The various series of Debentures issued by the Company are listed as under:
Table 19
Sl. Series Amount Listed on Name of the Debenture trustee

No. outstanding as on with full contact details
31st March 2019
(₹ in crore)
1. 9.15% Secured, Non-Convertible, Non- 122 NSE Centbank Financial Services
Cumulative, Redeemable, Taxable, Debentures Limited, Central Bank of India,
with Separately Transferable Redeemable MMO Bldg., 3rd Floor (East Wing),
Principal Parts 55, Mahatma Gandhi Road, Fort,
Mumbai 400 001.
2. 9.15% Secured, Non-Convertible, Non- 150 NSE
Tel : 022 2261 6217
Cumulative, Redeemable, Taxable, Debentures
Fax : 022 2261 6208
with Separately Transferable Redeemable
E-mail : [email protected]
Principal Parts
3. 9.40% Redeemable, Transferable, Secured, 210 NSE IDBI Trusteeship Services Limited,
Non-Convertible Debentures Asian Building, Ground Floor, 17,
R. Kamani Marg, Ballard Estate,
4. 10.75% Unsecured Debentures 1,500 NSE
Mumbai 400 001.
5. 11.40% Perpetual Bonds 1,500 BSE & NSE Tel : 022 4080 7000
Fax : 022 6631 1776
6. 9.48% Unsecured, Redeemable, Non- 500 NSE E-mail : [email protected]
Convertible Debentures
7. 7.99% Unsecured, Redeemable, Non- 1,500 BSE
Convertible Debentures
During the year, the Company redeemed the following series of Debentures:
x 10.10% ,Transferable Secured Redeemable Non-Convertible Debentures
x 10.40%, Transferable Secured Redeemable Non-Convertible Debentures
x 9.41% Unsecured, Non-Cumulative, Redeemable, Taxable, Listed, Rated, Non-Convertible Debentures
x 7.70% Unsecured, Non-Cumulative, Redeemable, Taxable, Listed, Rated, Non-Convertible Debentures
(i) Listing and Custodial Fees
The Company has paid the requisite Annual Listing and Custodial Fees to the Stock Exchanges and Depositories viz. Central
Depository Services (India) Limited (CDSL) and NSDL, respectively for the financial years 2018-19 and 2019-20.
(j) Listing Details
Table 20
Name of Exchanges Stock Code Listing Date

BSE Limited Listed on 1st January 1934
(physical form) 400
(demat form) 500400
National Stock Exchange of India Limited TATAPOWER EQ Listed on 3rd April 1996

(k) Market Price Data: Month wise High, Low and trading volumes of the Company’s Equity shares during the last financial year
at BSE and NSE are given below:
Table 21
NOTICE
Stock Exchange BSE NSE
Month High Low No. of shares traded High Low No. of shares traded
(₹) (₹) (₹) (₹)
BOARD’S REPORT
April 2018 87.65 81.90 59,46,275 88.30 81.90 9,90,61,037
May 2018 86.95 76.40 87,43,425 87.00 76.45 12,43,80,147
June 2018 79.60 71.60 59,92,587 79.60 71.65 7,82,41,043
July 2018 74.40 67.80 88,26,319 74.55 67.80 8,12,50,290
August 2018 76.85 67.20 67,70,832 76.90 67.15 7,17,72,265
September 2018 78.05 65.95 87,55,100 78.20 65.85 9,65,96,742
MD & A
October 2018 77.55 61.05 2,17,34,235 77.75 60.95 20,58,90,457
November 2018 78.05 74.35 90,93,452 78.30 74.40 11,88,84,081
December 2018 82.50 75.95 1,38,50,640 82.55 75.95 12,98,29,265
January 2019 76.85 68.05 1,91,18,191 76.70 68.15 9,49,45,566
February 2019 71.45 65.15 95,28,024 71.50 65.25 10,17,05,887
CG REPORT
March 2019 73.80 67.05 1,64,70,960 73.80 67.05 13,89,87,661
(l) The market share price data in comparison to broad-based indices like BSE Sensex and Nifty are given below:
(i) Comparison of the Company’s share price with BSE Sensex in FY19:
Table 22
Months Tata Power closing BSE Sensex

price at BSE
BRR
April 2018 88.15 35,160.36
May 2018 81.20 35,322.38
June 2018 73.05 35,423.48
CONSOLIDATED
July 2018 74.40 37,606.58
August 2018 76.60 38,645.07
September 2018 65.95 36,227.14
October 2018 76.45 34,442.05
November 2018 76.25 36,194.30
December 2018 76.75 36,068.33
STANDALONE
January 2019 71.30 36,256.69

February 2019 65.35 35,867.44
March 2019 73.80 38,672.91

(ii) Comparison of the Company’s share price with NSE Nifty in FY19:
Table 23
Months Tata Power closing NIFTY

price at NSE
April 2018 88.30 10,739.35
May 2018 81.30 10,736.15
June 2018 73.25 10,714.30
July 2018 74.55 11,356.50
August 2018 76.70 11,680.50
September 2018 65.85 10,930.45
October 2018 76.55 10,386.60
November 2018 76.10 10,876.75
December 2018 76.80 10,862.55
January 2019 71.30 10,830.95
February 2019 65.45 10,792.50
March 2019 73.80 11,623.90
(iii) Performance in comparison to broad-based indices:

Table 24
Company's share price BSE NSE

As at 02.04.2018 81.90 81.90
As at 29.03.2019 73.80 73.80
Change (%) -10.98 -10.98
Indices BSE Nifty

As at 02.04.2018 33,255.36 10,211.80
As at 29.03.2019 38,672.91 11,623.90
Change (%) 14.01 12.15
(m) None of the Company’s securities have been suspended from trading.
(n) (i) Registrars and Share Transfer Agents: TSR Darashaw Limited (TSRDL), 6-10, Haji Moosa Patrawala Industrial Estate
(Near Famous Studio), 20, Dr. E. Moses Road, Mahalaxmi, Mumbai 400 011. Tel. : 022 6656 8484, Fax : 022 6656 8494
E-mail: [email protected] Website: www.tsrdarashaw.com
(ii) Branches of TSRDL
1. 503, Barton Centre, 5th floor, 84, Mahatma Gandhi Road, Bengaluru 560 001.
Tel : 080 2532 0321, Fax : 080 2558 0019; E-mail : [email protected]
2. Bungalow No.1, ‘E’ Road, Northern Town, Bistupur, Jamshedpur 831 001.
Tel : 0657 242 6616, Fax : 0657 242 6937; E-mail: [email protected]
3. Tata Centre, 1st Floor, 43, Jawaharlal Nehru Road, Kolkata 700 071.
4. Plot No.2/42, Sant Vihar, Ansari Road, Darya Ganj, New Delhi 110 002.

(iii) Agent of TSRDL

Shah Consultancy Services Pvt. Limited
NOTICE
3, Sumatinath Complex, Pritam Nagar, Akhada Road, Ellisbridge, Ahmedabad - 380 006.
Telefax : 079 2657 6038 E-mail : [email protected]
For the convenience of Members, all communications/documents are also accepted at the abovementioned branches/
agency of TSRDL between 10.00 a.m. to 3.30 p.m. (Monday to Friday except bank holidays).
(o) Share transfer system
BOARD’S REPORT
Effective 1st April 2019, SEBI has amended Regulation 40 of the Listing Regulations, which deals with transfer or transmission
or transposition of securities. According to this amendment, the requests for effecting the transfer of listed securities shall not
be processed unless the securities are held in dematerialised form with a Depository. Therefore, for effecting any transfer, the
securities shall mandatorily be required to be in demat form.
According to SEBI, this amendment will bring the following benefits:
x It shall curb fraud and manipulation risk in physical transfer of securities by unscrupulous entities.
x Transfer of securities only in demat form will improve ease, convenience and safety of transactions for investors.
Compliance of Share Transfer formalities
MD & A
As per the requirement of Regulation 40(9) of the Listing Regulations, the Company has obtained the half yearly certificates
from the Company Secretary in practice for due compliance of share transfer formalities.
The number of shares transferred/transmitted in physical form during FY18 & 19 are given below:
Table 25
Shares transferred/transmitted in physical form FY19 FY18
CG REPORT
Number of transfers/transmissions 5,601 1,161
Number of shares 69,35,646 24,53,873

(p) Shareholding details of the Company
i. Distribution of Shareholding by category as on 31st March 2019:
Table 26
Category Total number of shares Total number of shareholders
BRR
Physical Demat Total % Physical % Demat % Total %
1 - 5000 2,35,45,880 12,96,17,259 15,31,63,139 5.66 18,340 90.54 3,02,149 95.67 3,20,489 95.35
5001 - 10000 94,98,326 5,30,63,384 6,25,61,710 2.31 1,384 6.83 7,512 2.38 8,896 2.65
10001 - 20000 49,19,619 4,89,21,605 5,38,41,224 1.99 352 1.75 3,519 1.11 3,871 1.15
CONSOLIDATED
20001 - 30000 22,17,191 2,50,62,602 2,72,79,793 1.01 92 0.45 1,022 0.32 1,114 0.33
30001 - 40000 15,47,960 1,51,60,858 1,67,08,818 0.62 44 0.22 438 0.14 482 0.14
40001 - 50000 8,33,565 1,12,93,798 1,21,27,363 0.45 19 0.09 252 0.08 271 0.08
50001 - 100000 11,49,240 3,11,36,192 3,22,85,432 1.19 18 0.09 448 0.14 466 0.14
100001 and above 20,90,340 2,34,47,15,691 2,34,68,06,031 86.77 7 0.03 518 0.16 525 0.16
STANDALONE
Total 4,58,02,121 2,65,89,71,389 2,70,47,73,510* 100.00 20,256 100.00 3,15,858 100.00 3,36,114 100.00
Note:
*Excluding 28,32,060 shares not allotted but held in abeyance, 44,02,700 shares cancelled pursuant to a Court Order and
4,80,40,400 shares of the Company held by the erstwhile The Andhra Valley Power Supply Co. Ltd. cancelled pursuant to the
Scheme of Amalgamation sanctioned by the High Court of Judicature at Bombay.

ii. Shareholding pattern of the Company as on 31st March 2019:

Table 27
Particulars Equity Share of ₹ 1 each
No. of Shares %
Promoters and promoters group 89,25,44,226 33.00
Directors and their relatives 36,862 0.00
Insurance Companies 35,46,87,403 13.11
Financial Institutions/Banks 1,98,45,323 0.73
Mutual Funds/UTI 28,80,54,658 10.65
Clearing Members 86,39,783 0.32
Corporate Bodies 3,20,18,004 1.18
Body Corporate-NBFC 65,737 0.00
Limited Liability Partnership-LLP 3,98,413 0.01
Alternate Investment Fund 23,65,000 0.09
Trusts 18,33,460 0.07
Resident Individuals & HUF 34,40,72,665 12.72
Central/State Governments 69,54,490 0.26
Foreign Institutional Investors 83,18,180 0.31
Foreign Portfolio Investors-Corporate 71,03,88,567 26.26
Foreign Banks 19,05,981 0.07
OCBs 4,400 0.00
Global Depository Receipts 18,32,300 0.07
Non-Resident Indians 2,39,71,117 0.90
IEPF Suspense A/c 68,36,941 0.25
Total 2,70,47,73,510 100.00
iii. Top 10 Shareholders of the Company as on 31st March 2019:
Table 28
Sl. No. Name of Shareholder Total holding % to paid-up

capital
1. Tata Sons Private Limited 83,97,99,682 31.05
2. Life Insurance Corporation of India Limited 20,97,31,735 7.75
3. Matthews Pacific Tiger Fund 18,03,16,487 6.67
4. ICICI Prudential Balanced Fund 11,38,29,237 4.21
5. First State Investments Icvc- Stewart Investors Global Emerging Markets 9,00,17,492 3.33
Leaders Fund
6. The New India Assurance Company Limited 5,41,93,839 2.00
7. General Insurance Corporation of India 5,19,62,960 1.92
8. Stewart Investors Global Emerging Markets Leaders Fund 5,01,16,888 1.85
9. SBI Magnum Multicap Fund 4,70,23,060 1.74
10. Tata Steel Limited 3,91,22,725 1.45
Total 1,67,61,14,105 61.97

(q) Details of Equity Shares in dematerialised and physical form as on 31st March 2019
The Company’s shares are compulsorily traded in dematerialised form and are available for trading through both the
Depositories in India viz. NSDL and CDSL. The details of number of equity shares of the Company which are in dematerialised
NOTICE
and physical form are given below:
Table 29
Particulars Number of % to total Number of % to total
shares number of shareholders number of
shares shareholders
BOARD’S REPORT
Dematerialised form
NSDL (A) 2,57,43,50,950* 95.18 2,04,471 60.83
CDSL (B) 8,46,20,439 3.13 1,11,387 33.14
Sub-total (A+B) 2,65,89,71,389 98.31 3,15,858 93.97
Physical form (C) 4,58,02,121 1.69 20,256 6.03
Total (A+B+C) 2,70,47,73,510 100.00 3,36,114 100.00
*includes entire shareholding of promoter and promoter group.
MD & A
(r) Commodity price risk or foreign exchange risk and hedging activities
The Company has adopted the Commodity Price Risk Management Policy to manage its risks associated with commodity
imports (presently only Coal) from international markets. The objective of this policy is to ensure protection from risk arising
out of adverse and volatile movement in commodity prices by proper monitoring of the exposures and taking timely actions to
keep risks at acceptable levels. In terms of SEBI Circular No. SEBI/HO/CFD/CMD1/CIR/P/2018/0000000141 dated 15th November
2018, the required information is provided as under:
CG REPORT
i) Risk management policy of the Company with respect to commodities including through hedging: The Commodity Price
Risk Management Policy is available on the Company’s website at https://www.tatapower.com/corporate/policies.aspx.
ii) Exposure of the Company to commodity and commodity risks faced by the Company throughout the year:
x Total exposure of the listed entity to commodities in ₹: The Company has total exposure of approx. ₹ 1,980 crore.
x Exposure of the listed entity to various commodities:
Table 30
Commodity Exposure in ₹ Exposure in % of such exposure hedged through commodity

Name towards the quantity terms derivatives
BRR
particular towards the
commodity particular Domestic market International Total
commodity market
OTC Exchange OTC Exchange
x Trombay Plant – x Trombay Plant –
CONSOLIDATED
₹ 1,130 crore 2.2 Million MT
Coal Nil Nil Nil Nil Nil
x Jojobera Plant – x Jojobera Plant –
₹ 850 crore 2.2 Million MT
x Commodity risks faced by the Company during the year and how they have been managed are given below:
The Company has its coal based power generation plants situated at Trombay, Mumbai and Jojobera, Jamshedpur
(Jharkhand). Trombay Plant imports coal from Indonesia under long term index linked contract in accordance with
Indonesian price regulation, while Jojobera Plant imports domestic coal (Indigenous coal) which is governed by
STANDALONE
notified price declared by Coal India Limited.

The price of imported coal for Trombay Plant is USD 168 million (₹ 1,130 crore). The price varies based on coal
market index. The coal price for Jojobera plant is ₹ 850 crore.
As both the aforesaid plants are regulated business and the cost of coal is pass through, the Company does not
have any risk towards fluctuation of price of coal being sourced for these plants. Therefore, the coal commodity is
not hedged as risk exposure is not material to the Company.

(s) Plant locations of the Company and Group Companies

Table 31
Type of plants Address of plants

Thermal Power Trombay Generating Station, Mahul Road, Chembur, Mumbai, Maharashtra
Generating Plants
Jojobera Power Plant, Jojobera, Jamshedpur, Jharkhand
Haldia Power Plant, HFC Complex, Patikhali Haldia, East Medinipur, West Bengal
Mundra Ultra Mega Power Plant, Tunda-Vandh Road, Village Tunda, Taluka Mundra , Kutch, Gujarat
Maithon Right Bank Thermal Power Plant, Village Dambhui, PO Barbindia Thana Nirsa, District Dhanbad,
Jharkhand
Industrial Energy Limited, inside of Tata Steel Ltd., Kalinganagar, Jajpur, Jajpur Road , Dubri, Odisha
Rithala CCGT Power Plant, 2/9, Sub Station Building, Behind Char Dham Apartment, Sector 9, Rohini,
New Delhi
Hydro Generating Generating Station, Bhira PO Bhira, Taluka Mangaon, District Raigad, Maharashtra
Stations
Generating Station, Bhivpuri, PO Bhivpuri Camp, Taluka Karjat, District Raigad, Maharashtra
Generating Station, Khopoli, PO Khopoli Power House, District Raigad, Maharashtra
Generating Station, Itezhi Tezhi Power Corporation, Plot 3039, Makishi Road, Fairview, Post Net 239,
Private Bag E891, Manda Hill, Lusaka, Zambia
Dagachhu Hydro Power Corporation Limited, Dagapela, Dagana, Bhutan
Wind Farms Supa Wind Farm, Village Shahjahanpur & Pimpalgaon, Taluka Parner, District Ahmednagar, Maharashtra
Khandke Wind Farm, Village Khandke, Taluka & District Ahmednagar, Maharashtra
Bramanvel Wind Farm, Village Valve, Taluka Sakri, District Dhulia, Maharashtra
Sadawaghapur Wind Farm, Village Sadawaghapur, Taluka Patan, District Satara, Maharashtra
Agaswadi Wind Farm, Village Kannarwadi, Hiwarwadi & Agaswadi, Taluka Khatav, District Satara,
Maharashtra
Niwade Wind Farm, Village Sawarghar and Niwade, Taluka Patan, District Satara, Maharashtra
Visapur Wind Farm, Village Kokrale, Visapur, Girijashankarwadi & Rajachekurle, Taluka Khatav, District
Satara, Maharashtra
Agaswadi Wind Farm, Taluka Maan, District Satara, Maharashtra
Visapur Girijashankar Wadi District Satara, Maharashtra
Jath, Indorama, Maharashtra
Samana Wind Farm, Jamjodhpur, Sadodar, Motapanch Devda, Samana, District Jamnagar, Gujarat
Rojmal Wind Farm, Village Rojmal, District Bhavnagar, Amreli, Gujarat
Dwarka Wind Farm, Village Bhatiya , District Khambhalia, Gujarat
Gadag Wind Farm, Hosur, Kanavi, Mulgund, Shiroland Harti, District Gadag, Karnataka
Poolavadi Wind Farm, Villages: Anikaduvu, Mongilphuluvu, Illupunagaram, Taluka Madathukulam,
District Tripur, Tamil Nadu
Dalot Wind Farm, Village Raipur, Jungle, Khanpur, Talabkheda, Karaikhede, Taluka Arnod, District
Pratapgarh, Rajasthan


Vagarai Wind Farm Limited Appayampatti Village, Oddan Chatram Taluk, Dindigul District, Tamil Nadu
NOTICE
Inox Wind Infrastructure Limited, 220 KV Pooling Substation Dangri, Teh-Fatehgarh, District, Jaisalmer,
Rajasthan
Dangri Wind Farm, Village Dangri, District Jaisalmer, Rajasthan
Walwhan Energy Rajasthan, Village Ola Bahala Basti Bhesada, Raigarh District, Jaisalmer, Rajasthan
BOARD’S REPORT
Lahori Wind Farm, Village Lahori, District Shajapur, Madhya Pradesh
Nimbagallu Wind Project, Nimbagallu Village, Uravakonda (Mandal), District Anantapur, Andhra
Pradesh
Amakhala Emoyeni Wind Farm, Bedford - 5780, Eastern Cape, South Africa
Tsitsikama (TCWF) Wind Farm, Humansdorp - 6300, Eastern Cape, South Africa
Solar Plants Mulshi Solar Plant, Mulshi (Khurd), Post Male, Taluka Mulshi, District Pune, Maharashtra
MD & A
Roof top Solar, Delhi
Bidar, Srinivasapura, Kanakagiri, Karnataka
Noamundi Solar Power Plant, Jharkhand
Palsawade Solar Plant, Palsawade, Taluka Maan, District Satara, Maharashtra
Sastra University, Maharashtra
CG REPORT
Mithapur Solar Plant, Plot B, Survey No. 78, Mithapur, District Jamnagar, Gujarat
Belampalli Solar Plant, Village Ankepalli and Venkapalli, Mandal Tandur, District Adilabad, Telangana
Plot No. 6, Gujarat Solar Park Charanka, District Patan, Gujarat
Solar Power plants (blocks # 17, 18, 27, 32 and 34 ) 2000 MW Solar Park, Thirumani Village, Pavagda
Taluk, Tumkur, District Karnataka
Plot - P4 & P5, Ananthapuramu Ultra Mega Solar Park, Thumkunta Village, Galiveedu Mandal, Raychoti
BRR
Taluka, Kadapa, Andhra Pradesh
Walwhan Urja Anjar Limited - Village Khirasara, Taluka Anjar, District Kutch, Gujarat
Wawhan Solar Energy GJ Limited - Village Khirasara , Taluka Anjar, District Kutch, Gujarat
MI MySolar 24 Private Limited - Village Fatehpur, Taluka Patdi, District Surendranagar, Gujarat
CONSOLIDATED
Dreisatz MySolar 24 Private Limited - Village Fatehpur, Taluka Patdi, District Surendranagar, Gujarat
Walwhan Solar Raj Limited - Village Ghitoor, Tehsil Baap, District Phalodi, Rajasthan
Northwest Energy Private Limited - Village Ghitoor, Tehsil Baap, District Phalodi, Rajasthan
Walwhan Solar AP Limited - Village Shrimandrup Nagar and Rawra, Tehsil Phalodi, District Jodhpur,
Rajasthan
STANDALONE
Walwhan Solar RJ Limited - Village Kolayat, Bikaner, Rajasthan

Walwhan Solar MP Limited:
- Village Bhagwanpura Diken Padaliya, Taluk Jawad and Singoli, District Neemuch, Madhya Pradesh
- Village Padaliya and Bhadhawa, Taluk Singoli, PIN 458226, District Neemuch, Madhya Pradesh
Walwhan Solar MH Limited - MIDC Mangalwedha (G.C.), Taluka Mangalwedha, Maharashtra


Clean Sustainable Solar Energy Private Limited - Village Shirshuphal, Baramati, Pune, Maharashtra
Walwhan Solar AP Limited - Plot 5A, 6A & 6B IDC park, APIIC, Pulivendula, Kadapa District, Andhra
Pradesh
Walwhan Renewable Energy Limited - (Balpanur, Kadapa), (Vermalapudu, Ananthpur), (Rajapura,
Chitradurga), (Kodihalli, Chitradurga), (Talak, Chitradurga), (Veeriyapalayam Village, Krishnarayauram
Taluk, Karur District), (Iyermalai Vayalur Village, Krishnarayauram, Karur District), (Kaithar, Metupirancheri
Village, Manur Taluk, Tiruneliveli), (Noida, U.P.), (Bhiwadi, Rajasthan)
Walwhan Solar KA Limited - Villages Nagasamudra & Heruru Taluka Molakalamuru, District Chitradurga,
Karnataka
Walwhan Solar PB Limited - Villages Jagaram Tirath & Teona Pujarian, Tehsil Talwandi Sabo, Bhatinda,
Punjab
Walwhan Solar TN Limited - Musri, Trichy, Tamilnadu
Walwhan Solar BH Limited:
- Bahera, Block: Dobhi, Post Office: Barachatti Anchal, Gaya, Bihar
- Savkala & amp, Khaira Khurd, Block Amas, Post Office: Sherghati Anchal, Sherghati, Gaya, Bihar
Walwhan Solar MH Limited, Village Dhalmu, Pratapgarh, Rajasthan
Transmission Shil Road, Netivli, Kalyan, District Thane, Maharashtra
Division
Distribution - Dharavi Receiving Station Matunga, Near Shalimar Industrial Estate, Dharavi, Mumbai
Division - Senapati Bapat Marg, Lower Parel, Mumbai, Maharashtra
Strategic 42/43, Electronic City, Electronic City Post Office, Hosur Road, Bengaluru, Karnataka
Engineering Division
(t) Address for correspondence rating indicates highest degree of safety regarding timely
The Tata Power Company Limited servicing of financial obligation. The rated instrument
Bombay House, 24, Homi Mody Street, Mumbai 400 001. reflects high degree of safety regarding timely servicing
Tel.: 022 6665 8282, Fax: 022 6665 8801; E-mail: tatapower@ of financial obligations. Such instruments carry very low
tatapower.com; Website: www.tatapower.com credit risk. The outlook on the long-term rating is stable.
The rating of A1+ for Commercial Paper has also been
(u) Credit Rating
reaffirmed by ICRA. This highest rating of A1+ indicates a
During the year, the Company has sustained its long term very strong degree of safety with regard to timely payment
bank facility credit rating of AA- (Stable) which has been of interest and principal. Such instruments carry lowest
reaffirmed by CRISIL Limited (CRISIL). The rating of AA- credit risk.
(Stable) awarded by CRISIL reflects high degree of safety
CARE Ratings Limited has reaffirmed the rating on NCD
regarding timely servicing of financial obligations. Such
programme (including perpetual bonds) of the Company
instruments carry very low credit risk. Further, CRISIL
as AA. The outlook is Stable.
has reaffirmed the rating of NCD programme (including
perpetual and subordinated Non-convertible debentures) India Ratings & Research Private Limited (Ind-Ra), a Fitch
of the Company as AA-/stable. The Company’s short- Group Company, affirmed the rating on NCD programme
term bank facility credit rated as A1+ by CRISIL, has been of the Company as IND AA (Stable).
reaffirmed. The rating of A1+ for Commercial Paper has Other Disclosures
also been reaffirmed by CRISIL. This highest rating of A1+ 1. There were no materially significant related party
indicates a very strong degree of safety with regard to transactions during the year which have potential conflict
timely payment of interest and principal. Such instruments with the interest of the Company at large.
carry lowest credit risk.
2. The Board has received disclosures from senior
Further, ICRA Limited (ICRA) has reaffirmed the rating on management relating to material, financial and
NCD programme of the Company as AA- (Stable). The commercial transactions where they and/or their relatives

have personal interest. There are no materially significant 8. The policy on dealing with related party transactions
related party transactions which have potential conflict has been uploaded on the Company’s website at https://
with the interest of the Company at large. www.tatapower.com/pdf/aboutus/rpt-policy-framework-
NOTICE
3. There was no non-compliance, penalties, strictures guidelines.pdf.
imposed on the Company by Stock Exchanges, the 9. The Company did not raise any funds through preferential
Securities and Exchange Board of India or any statutory allotment or qualified institutions placement during the
authority, on any matter related to Capital Markets, during year under review.
the last three years.
10. A certificate from a Company Secretary in practice has been
BOARD’S REPORT
4. The Company has maintained an integrated compliance received stating that none of the directors on the Board
dashboard which provides assurance to the Management of the Company have been debarred or disqualified from
and the Board of Directors regarding effectiveness of being appointed or continuing as directors of companies
timely compliances. All the compliances applicable to the by SEBI/Ministry of Corporate Affairs or any such statutory
Company have been captured in the dashboard and are authority.
mapped amongst the respective users. The timelines are
fixed based on the legal requirement and the system is 11. All the recommendations of the various committees were
aligned in such a manner that it alerts the users in a timely accepted by the Board.
manner. 12. During the year, details of fees paid/payable to the
5. The Company has adopted a revised Whistleblower Statutory Auditors and all entities in the network firm/
MD & A
Policy & Vigil Mechanism for directors, employees network entity of which the Statutory Auditor is a part, by
and stakeholders to report concerns about unethical the Company and its subsidiaries, are given below:
behaviour, actual or suspected fraud or violation of the Table 32
Company’s Code of Conduct or Ethics policy. The said (` in crore)
policy has been posted on the Company’s website at
https://www.tatapower.com/corporate/policies.aspx. The Particulars By the By the Total
Company affirms that no personnel have been denied Company* Subsidiaries* Amount
CG REPORT
access to the Audit Committee of Directors. Statutory 3.54 2.63 6.17
6. All mandatory requirements of the Listing Regulations audit
have been complied with by the Company. The status of
Other services 0.61 1.24 1.85
compliance with the discretionary requirements, as stated
under Part E of Schedule II to the Listing Regulations, is as Out-of-pocket 0.22 0.18 0.40
under: expenses
x The Board: As on date, the positions of the Chairman Total 4.37 4.05 8.42
and the CEO are separate. Mr. N. Chandrasekaran,
Non-Executive Chairman of the Company maintains *The above fees are exclusive of applicable tax.
BRR
a separate office for which the Company is not 13. Disclosures in relation to the Sexual Harassment of
required to reimburse expenses. The Board has Women at Workplace (Prevention, Prohibition and
appointed Mr. Praveer Sinha as the CEO & Managing Redressal) Act, 2013
Director of the Company. All policy and strategic The Company has always believed in providing a safe
decisions of the Company are taken through a and harassment-free workplace for every individual
CONSOLIDATED
majority decision of the Board. working in the Company. The Company has complied
x Shareholder Rights: The half-yearly financial with the applicable provisions of the aforesaid Act and
performance of the Company is sent to all the the Rules framed thereunder, including constitution of
Members possessing e-mail IDs. The results are also the Internal Complaints Committee (ICC). The Company
posted on the Company’s website. has in place an Anti-Sexual Harassment Policy in line with
x Modified opinion(s) in Audit Report: The Auditors the requirements of the Sexual Harassment of Women at
have expressed an unmodified opinion in their Workplace (Prevention, Prohibition and Redressal) Act,
report on the financial statements of the Company. 2013 and the same is available on the Company’s website
STANDALONE
x Reporting of Internal Auditor: The Internal Auditor at https://www.tatapower.com/pdf/aboutus/Sexual-

reports to the Audit Committee of Directors. harass-policy.pdf. All employees (permanent, contractual,
temporary and trainees, etc.) are covered under this Policy.
7. The policy for determining material subsidiaries has been
The Policy is gender neutral.
uploaded on the Company’s website at https://www.
tatapower.com/pdf/aboutus/policy-for-determining-
material-subsidiaries.pdf.

Status of complaints as on 31st March 2019: Company has taken a Directors and Officers (D&O) Liability
Table 33 Insurance policy on behalf of all Directors including
Independent Directors, Officers, Managers and Employees
Sl. Particulars Number of of the Company for indemnifying any of them against any
No. Complaints
liability in respect of any negligence, default, misfeasance,
1. Number of complaints filed during 0 breach of duty or breach of trust for which they may be
the financial year guilty in relation to the Company.
Other Shareholder Information
2. Number of complaints disposed off N.A.
during the financial year ¾ Transfer of unclaimed/unpaid amounts to Investor
Education and Protection Fund
3. Number of complaints pending at N.A.
the end of the financial year In accordance with the provisions of Sections 124, 125
and other applicable provisions, if any, of the Act, read
14. The Company has complied with all the requirements with the IEPF Authority (Accounting, Audit, Transfer
of Corporate Governance Report as stated under sub- and Refund) Rules, 2016 (hereinafter referred to as “IEPF
paras (2) to (10) of section (C) of Schedule V to the Listing Rules”) (including any statutory modification(s) or re-
Regulations. enactment(s) thereof for the time being in force), the
15. The Company has complied with all the requirements of amount of dividend remaining unclaimed or unpaid for
corporate governance as specified in Regulations 17 to 27 a period of seven years from the date of transfer to the
and clauses (b) to (i) of sub-regulation (2) of Regulation 46 unpaid dividend account, is required to be transferred
of the Listing Regulations. to the IEPF, maintained by the Central Government. In
16. In terms of Regulation 17(8) of the Listing Regulations, the pursuance of this, the dividend remaining unclaimed
CEO & Managing Director and the CFO made a certification in respect of dividends declared upto the financial year
to the Board of Directors in the prescribed format for the ended 31st March 2011 have been transferred to the IEPF.
year under review, which has been reviewed by the Audit The details of the unclaimed dividends so transferred
Committee and taken on record by the Board. The same is are available on the Company’s website at https://www.
attached herewith and marked as Annexure II. tatapower.com/investor-relations/unclaimed-dividends.
aspx and on the website of the Ministry of Corporate
17. The Company follows Indian Accounting Standards (Ind
Affairs at www.mca.gov.in.
AS) issued by the Ministry of Corporate Affairs in the
preparation of its financial statements. In accordance with Section 124(6) of the Act, read with
the IEPF Rules, all the shares in respect of which dividend
18. The Company has obtained compliance certificate
has remained unclaimed or unpaid for seven consecutive
from the Practising Company Secretary on corporate
years or more from the date of transfer to the unpaid
governance, which is attached herewith and marked as
dividend account are required to be transferred to the
Annexure III.
demat Account of the IEPF Authority. Accordingly, all the
19. As required under Regulation 36(3) of the Listing shares in respect of which dividends were declared upto
Regulations and Secretarial Standard-2, particulars of the financial years ended 31st March 2011 and remained
Directors seeking appointment/re-appointment at the unclaimed are transferred to the IEPF. The Company
forthcoming AGM are given in the Notice of the AGM to be had sent notices to all such Members in this regard and
held on 18th June 2019. published a newspaper advertisement and, thereafter,
20. Monitoring of Subsidiary Companies transferred the shares to the IEPF during financial year
The Audit Committee reviews the financial statements 2018-19. The details of such shares transferred have been
of subsidiaries of the Company. It also reviews the uploaded in the Company’s website at https://www.
investments made by such subsidiaries, the statement of tatapower.com/investor-relations/unclaimed-dividends.
all significant transactions and arrangements entered into aspx.
by the subsidiaries, if any, and the compliances of each The details of unclaimed dividends and Equity shares
materially significant subsidiary on a periodic basis. The transferred to IEPF during the year 2018-19 are as follows:
minutes of board meetings of the subsidiary companies Table 34
are placed before the Board of the Company for review.
Amount of unclaimed Number of Equity shares
21. Directors and Officers Liability Insurance (D&O)
dividend transferred transferred
As per the provisions of the Act and in compliance
` 1,46,19,688 5,78,646
with Regulation 25(10) of the Listing Regulations, the

The below table gives information relating to various either directly or through the depositories or through
outstanding dividends and the dates by which they can be their RTA, electronic clearing services (local, regional
claimed by the Members from the Company’s RTA: or national), direct credit, real time gross settlement,
NOTICE
Table 35 national electronic funds transfer, etc. for making
payment of dividend/interest on securities issued/
Date of Unclaimed Last date redemption or repayment amount to the investors. For
dividend Dividend for claiming investors holding shares in demat mode, relevant bank
declaration payment from details from the depositories will be sought. Investors
(As on 31st
TSRDL holding shares in physical form are requested to register
March 2019)
BOARD’S REPORT
instructions regarding their bank details with the RTA.
17.08.2012 1,80,97,364.70 20.09.2019
Only in cases where either the bank details such as
16.08.2013 1,83,33,501.25 19.09.2020 Magnetic Ink Character Recognition (MICR), Indian
Financial System Code (IFSC) etc., that are required for
13.08.2014 2,20,22,779.50 15.09.2021
making electronic payment, are not available or the
05.08.2015 2,39,73,242.21 07.09.2022 electronic payment instructions have failed or have been
21.09.2016 2,82,74,946.70 24.10.2023 rejected by the bank, physical payment instruments for
making cash payments to the Investors may be used.
24.08.2017 2,81,04,358.10 20.09.2024
¾ Investor contact
27.07.2018 2,31,21,482.80 20.08.2025
MD & A
In compliance with Regulation 62 of the Listing
Members who have not encashed the dividend warrant(s) Regulations, a separate e-mail ID investorcomplaints@
from the financial year ended 31st March 2012 may tatapower.com has been set up as a dedicated ID solely for
forward their claims to the Company’s Registrar and Share the purpose of dealing with Members’ queries/complaints.
Transfer Agents before they are due to be transferred to The Company maintains a TOLL FREE Investor Helpline
the IEPF. (No.1800-209-8484) to give Members the convenience
The shares and unclaimed dividend transferred to the IEPF of one more contact point with TSRDL, for redressal of
CG REPORT
can, however, be claimed back by the concerned Members grievances/ responses to queries.
from IEPF Authority after complying with the procedure The Shareholders’ Relationship Team is located at the
prescribed under the IEPF Rules. The Member is required to Registered Office of the Company.
make an online application to the IEPF Authority in Form
Contact Person: Mr. J. E. Mahernosh Tel.: 022 6665 7508
No. IEPF -5 (available on www.iepf.gov.in). No claims shall
lie against the Company in respect of the dividend/shares ¾ E-voting
so transferred. The Member can file only one consolidated E-voting is a common internet infrastructure that
claim in a financial year as per the IEPF Rules. enables investors to vote electronically on resolutions
¾ Shares held in electronic form: Members holding shares of companies. In case of voting through postal ballot,
investors are equipped with two options viz, option to
BRR
in electronic form may please note that:
vote electronically or sending their votes through post. The
i) For the purpose of making cash payments to the
Company will also have the e-voting facility for the items to
investors through Reserve Bank of India (RBI)
be transacted at this AGM. The Ministry of Corporate Affairs
approved electronic mode of payment (such as
has authorised NSDL and CDSL for setting up electronic
ECS, NECS, NEFT, RTGS, etc.), relevant bank details
platform to facilitate casting of votes in electronic form.
available with the depositories will be used.
CONSOLIDATED
The Company has entered into agreements with NSDL and
Members are requested to update change in their
CDSL for availing e-voting facilities.
bank details with their Depository Participant (DP).
¾ Nomination Facility
ii) Instructions regarding change of address,
nomination and power of attorney should be given Pursuant to the provisions of Section 72 of the Act,
directly to the DP. Members are entitled to make nominations in respect of
shares held by them. Members holding shares in physical
¾ Shares held in physical form: To facilitate better servicing,
form and intending to make/change the nomination in
Members holding shares in physical form are requested
respect of their shares in the Company, may submit their
to notify/send to TSRDL any change in their address/
STANDALONE
requests in Form No. SH-13 to TSRDL. Members holding

mandate/bank details in which they wish their dividend to
shares in electronic form are requested to give the
be credited, in case they have not been furnished earlier.
nomination request to their respective DPs directly.
¾ Payment of dividend or interest or redemption or
Form No. SH-13 can be obtained from TSRDL or
repayment
downloaded from the Company’s website under the
As required under Regulation 12 read with Schedule I to section ‘Investor Relations’ at https://www.tatapower.com/
the Listing Regulations, the Company is required to use, pdf/nomination-form-14.pdf.

¾ Demat initiative ¾ Secretarial Audit

In terms of the Act, the Company appointed M/s. Parikh
WHY DEMAT
& Associates, Practising Company Secretaries, to conduct
x No physical shares can be transferred from Secretarial Audit of records and documents of the
1st April 2019 Company for FY19. The Secretarial Audit Report is provided
as Annexure-IX to the Board’s Report.
x Easy portfolio monitoring
¾ Description of voting rights
x Elimination of bad deliveries
All Equity shares issued by the Company carry equal voting
x Elimination of all risks associated with physical rights.
certificates
¾ Awareness Sessions/Workshops
x No stamp duty is paid on transfer of shares Employees across the Company as well as the group
x Immediate transfer/trading of securities are being sensitized about the various policies and
governance practices of the Company. The Company had
x Faster settlement cycle developed a system of keeping its employees educated
x Faster disbursement of non-cash corporate about TCOC, Vigil Mechanism and Whistle Blower Policy,
benefits like Rights, Bonus, etc. Sexual Harassment of Women at Workplace (Prevention,
Prohibition & Redressal) Act, 2013, SEBI Insider Trading
x Periodic status reports and information available Regulations, etc. through e-mails, presentations and
on internet workshops.
x Ensures faster communication to investors ¾ Stakeholder Engagement
x Ease related to change of address The Company has a dedicated department which facilitates
an on-going dialogue between the Company and its
x Provides more acceptability and liquidity of stakeholders. The communication channels include:
securities
For external stakeholders - Analyst/investors meet,
x Postal delays and loss of shares in transit is meeting with key stakeholders, factory visits for
prevented shareholders, online service and dedicated e-mail service
for grievances, corporate website and access to business
x Saves the shareholder from going through
cumbersome legal processes to reclaim the lost/ media to respond to queries, etc.
pilfered certificates For internal stakeholders - Employee satisfaction surveys,
employee engagement surveys for improvement in
In view of the above, all the investors who are holding
employee engagement processes, circulars and messages
shares in physical form, should consider opening a
from management, corporate social initiatives, welfare
demat account at the earliest and submit request for
initiatives for employees and their families, online updates
dematerialisation of their shares in order to protect the
for conveying topical developments, helpdesk facility, etc.
liquidity of the shares.
¾ Investor safeguards
¾ Depository Services
Members may write to the respective Depository or to In pursuit of the Company’s objective to mitigate/avoid
TSRDL for guidance on depository services. Address for risks while dealing with shares and related matters, the
correspondence with the Depositories is as follows: following are the Company’s recommendations to its
Members:
National Securities Central Depository Services
i) Open Demat Account and dematerialise your shares
Depository Limited (India) Limited
Trade World, 4th Floor, Marathon Futurex, A-Wing, Members should convert their physical holdings into
Kamala Mills Compound 25th floor, N. M. Joshi Marg, electronic holdings.
Senapati Bapat Marg, Lower Parel, ii) Consolidate your multiple folios
Lower Parel, Mumbai 400 013
Members are requested to consolidate their shareholdings
Mumbai 400 013 Tel. No. : 022 2272 3333
held under multiple folios. This facilitates one-stop tracking
Tel. No. : 022 2499 4200 Fax No. : 022 2272 3199
of all corporate benefits on the shares and would reduce
Fax No. : 022 2497 6351 e-mail : [email protected]
time and efforts required to monitor multiple folios. It will
e-mail : [email protected] website : www.cdslindia.com
also help in avoidance of multiple mailing.
website : www.nsdl.co.in

iii) Confidentiality of security details Contract Note/Confirmation Memo contains order no.,
Folio Nos./DP ID/Client ID/password should not be trade no., trade time, quantity, price and brokerage.
disclosed to any unknown persons. Signed blank transfer vi) Prevention of frauds
NOTICE
deeds, delivery instruction slips should not be given to any There is a possibility of fraudulent transactions relating to
unknown persons. folios which lie dormant. Hence, we urge you to exercise
iv) Dealing with Registered Intermediaries diligence and notify the Company of any change in
Members should transact through a registered address, as and when required.
intermediary. In case the intermediary does not act vii) Mode of Postage
BOARD’S REPORT
professionally, Members can take up the matter with SEBI.
Share certificates and other sensitive documents should not
v) Obtain documents relating to purchase and sale of be sent by ordinary post. It is recommended that Members
securities should send such documents by registered post or courier.
A valid Contract Note/Confirmation Memo should be viii) Weblinks of Corporate policies and charters are available
obtained from the broker/sub-broker, within 24 hours on the Company’s website at www.tatapower.com/
of execution of the trade. It should be ensured that the corporatepolicies.aspx
Annexure I
MD & A
DECLARATION
As required by the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, I affirm
that Board Members and the Senior Management Personnel have confirmed compliance with the Codes of Conduct, as applicable to
them, for the year ended 31st March 2019.
For The Tata Power Company Limited
Praveer Sinha
CG REPORT
(DIN: 01785164)
BRR
CONSOLIDATED
STANDALONE

Annexure II
Chief Executive Officer (CEO) & Chief Financial Officer (CFO) Certification
To
The Board of Directors
We, the undersigned, in our respective capacities as Chief Executive Officer and Chief Financial Officer of The Tata Power Company
Limited (‘the Company’), to the best of our knowledge and belief certify that:
(a) We have reviewed the financial statements and the cash flow statement for the financial year ended 31st March 2019 and to the
best of our knowledge and belief, we state that:
(i) these statements do not contain any materially untrue statement or omit any material fact or contain statements that
might be misleading;
(ii) these statements together present a true and fair view of the Company’s affairs and are in compliance with the existing
accounting standards, applicable laws and regulations.
(b) There are no transactions entered into by the Company during the financial year, which are fraudulent, illegal or violative of the
Company’s code of conduct.
(c) We are responsible for establishing and maintaining internal controls and for evaluating the effectiveness of the same over the
financial reporting of the Company and have disclosed to the Auditors and the Audit Committee, deficiencies in the design
or operation of internal controls, if any, of which we are aware and the steps we have taken or propose to take to rectify these
deficiencies.
(d) We have indicated, based on our most recent evaluation, wherever applicable, to the Auditors and Audit Committee:
(i) significant changes, if any, in the internal control over financial reporting during the year;
(ii) significant changes, if any, in the accounting policies made during the year and that the same has been disclosed in the
notes to the financial statements; and
(iii) instances of significant fraud of which we have become aware and the involvement therein, if any, of the management
or an employee having a significant role in the Company’s internal control system over financial reporting.
Praveer Sinha R. N. Subramanyam

Mumbai, 2nd May 2019 CEO & Managing Director Chief Financial Officer
(DIN: 01785164)
Annexure III
Practising Company Secretaries’ Certificate on Corporate Governance
TO THE MEMBERS OF
THE TATA POWER COMPANY LIMITED
We have examined the compliance of the conditions of Corporate Governance by The Tata Power Company Limited (‘the Company’)
for the year ended on March 31, 2019, as stipulated under Regulations 17 to 27, clauses (b) to (i) of sub-regulation (2) of Regulation
46 and para C, D & E of Schedule V of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015 (“SEBI Listing Regulations”).
The compliance of the conditions of Corporate Governance is the responsibility of the management. Our examination was limited
to the review of procedures and implementation thereof, as adopted by the Company for ensuring compliance with conditions of
Corporate Governance. It is neither an audit nor an expression of opinion on the financial statements of the Company.
In our opinion and to the best of our information and according to the explanations given to us, and the representations made by the
Directors and the management, we certify that the Company has complied with the conditions of Corporate Governance as stipulated
in the SEBI Listing Regulations for the year ended on March 31, 2019.
We further state that such compliance is neither an assurance as to the future viability of the Company nor of the efficiency or
effectiveness with which the management has conducted the affairs of the Company.
Practising Company Secretaries
P. N. PARIKH
Partner
FCS: 327 CP: 1228
Mumbai, 2nd May, 2019

BUSINESS RESPONSIBILITY REPORT 2018-19

Introduction which entrusts Care for Environment, Care for Community, Care
NOTICE
for Customers and Care for People in Tata Power’s Sustainability
The Tata Power Company Limited (Tata Power), India’s largest model. The model aims to strengthen structures and processes
integrated power company has a presence across the value chain for environmental performance, stronger engagement with
of power business viz. Generation, Transmission, Distribution, community, customers and employees, by using enablers like
Power Trading, Power Services, Coal Mines and Logistics, Solar new technology, benchmarking and going beyond compliance
Photovoltaic (PV) manufacturing and associated Engineering, in key operational parameters. Tata Power is aligned to the Tata
Procurement, Construction (EPC) services. Group Sustainability Policy and takes guidance from it for all
BOARD’S REPORT
As on 31st March 2019, the Tata Power group of companies had matters concerning sustainability.
an operational generation capacity of 10,957 MW based on Tata Power has aligned to the United Nations Sustainable
various fuel sources - thermal (coal, gas and oil), hydroelectric Development Goals (SDGs) through a comprehensive SDG
power, renewable energy (wind and solar PV) and waste heat mapping study involving SDG prioritization, Roadmap setting
recovery. The Company (including its subsidiaries) has nearly and Dashboard creation. The study helped identify Business and
33% of its capacity (in MW terms) in clean and green generation CSR SDGs material to the Company. Tata Power has adopted
sources (hydro, wind, solar and waste heat recovery), while the three-year targets for each prioritized business SDGs viz. SDG
target is to maintain 40-50% of its total generation capacity to be 7- Affordable & Clean Energy, SDG 9- Industry, Innovation &
from non-fossil fuel-based generation sources by 2025, as per the Infrastructure, SDG 12- Responsible Consumption & Production,
Company’s strategic intent. SDG 13- Climate Action. Tata Power is probably the only company
MD & A
in India which has not only mapped its initiatives with SDGs but
Supporting the Indian Government’s ‘National electric mobility charted a way forward by creating roadmap and adopted targets
mission’, Tata Power established the Electric Vehicle (EV) charging on each of the prioritized business SDGs.
stations in Mumbai, Delhi and Hyderabad, also covering power
supply, backend power supply infrastructure and customized The vision of the Company is “To be the most admired and
EV charging solutions. The EV charging solutions form the responsible Integrated Power Company with international
infrastructure backbone for a growing EV ecosystem and provide footprint, delivering sustainable value to all stakeholders.”
customers access to energy-efficient options with ease. The The Company’s vision is supported by strong governance which
has considered SACRED values for Tata Power:
CG REPORT
Company is a pioneer in technology adoption and is steadfast
in strengthening and expanding its position in fast-evolving t Safety - Safety is a core value over which no business
energy market with new avenues in the renewable space. objective can have a higher priority.
The Company embodies the Tata Group’s philosophy of building t Agility - Speed, Responsiveness and being Proactive,
a strong and sustainable business that is firmly based on the achieved through Collaboration and Empowering
concept of Leadership with Care. Care is one of the core values Employees.
The Enablers
Leadership and Oversight on Institutional Structures

Advocacy
Sustainability and Systems
BRR
Conforming Providing sustainable returns to all our
The Objective Leadership with Care key economic stakeholders
to high ethical
standards The Elements
CONSOLIDATED
Care for our Environment (society at large)
Care for our Care for our Care for our
Environment Efficient Use of Investment in shareholders and Community people
Conservation Energy Green tech customers
What needs to be done (material to both stakeholders and us)
Initiatives
that are What we are good at doing / is linked to our business
based on, and What we should take up as national thrust areas for development
encompassing What we should define as our stds: from compliance to competing to leading
Providing sustainable returns to all our
STANDALONE
key economic stakeholders
New Benchmarking, Going Architecture

Technology beyond compliance of care
The Enablers
Fig. Tata Power Sustainability Model
Business Responsibility Report I 113

t Care - Care for Stakeholders - Environment, Customers & Shareholders – both existing and potential, Community and People
(employees and partners).
t Respect - Treat all stakeholders with respect and dignity.
t Ethics - Achieve the most admired standards of Ethics, through Integrity and mutual Trust.
t Diligence - Do everything (set direction, deploy actions, analyze, review, plan and mitigate risks etc.) with a thoroughness that
delivers quality and excellence – in all areas, and especially in Operations, Execution and Growth.
The conformance to statutory requirements is of utmost importance at Tata Power and the development of Business Responsibility
Report (BRR) for showcasing the Company’s sustainability performance is one of the examples of being a responsible company. Tata
Power’s efforts for the Mahseer conservation program were recognized as the best Sustainable Green Initiative by ACEF Awards, 2018.
Section A: General Information about the Company
1. Corporate Identity Number (CIN) of the Company L28920MH1919PLC000567
2. Name of the Company The Tata Power Company Limited
3. Registered address Bombay House, 24, Homi Mody Street, Mumbai 400 001.
4. Website www.tatapower.com
5. E-mail id [email protected]
6. Financial Year reported 2018-19
7. Sector(s) that the Company is engaged in (industrial activity code-wise)
ITC code Description
NA Power
NA Electronic Products
NA Technical Services
8. List three key products/services that the Company manufactures/provides (as in balance sheet)
t 5IFSNBMBOE3FOFXBCMF(FOFSBUJPO
t 5SBOTNJTTJPOBOEEJTUSJCVUJPOPGFMFDUSJDJUZ
t /FYU(FOFSBUJPOQPXFSTPMVUJPOT4PMBS3PPGUPQ &7DIBSHJOH )PNF"VUPNBUJPOBOE4PMBS.JDSPHSJET
9. Total number of locations where business activity is undertaken by the Company
i. Number of International Locations (Provide details of major 5) South Africa, Singapore, Georgia, Zambia, Indonesia and Bhutan
ii. Number of National Locations: Tata Power has 92 locations. The operational status as on 31st March 2019 is given below:
State No. of Hydros Wind Solar Thermal Transmission Distribution
Project
locations
Maharashtra 21 3 9 6 1 1 1
Delhi 18 - - 15 1 1 1
Gujarat 13 - 6 6 1 - -
Karnataka 9 - 1 8 - - -
Rajasthan 9 - 4 4 - - 1
Tamil Nadu 5 - 2 3 - - -
Jharkhand 4 - - 1 3 - -
Andhra Pradesh 4 - 1 3 - - -
Madhya Pradesh 2 - 1 1 - - -
West Bengal 1 - - - 1 - -
Odisha 1 - - - 1 - -
Bihar 1 - - 1 - - -
Haryana 1 - - 1 - - -
Punjab 1 - - 1 - - -
Telangana 1 - - 1 - - -
Uttar Pradesh 1 - - 1 - - -
114 I Business Responsibility Report

10. Markets served by the Company- Local/State/National/International

The markets served by Tata Power are listed below:
NOTICE
Local/State/National International
Delhi License Area Karnataka Ajmer License Area South Africa
Gujarat Maharashtra West Bengal Singapore
Haryana Mumbai License Area Odisha Georgia
Tamil Nadu Punjab Madhya Pradesh Zambia
Jharkhand (Jamshedpur Circle) Rajasthan Telangana Bhutan
BOARD’S REPORT
Andhra Pradesh Bihar Uttar Pradesh Indonesia
Section B: Financial Details of the Company t 5PUBM#FOFöDJBSJFTDPWFSFEXBTMBLIBHBJOTUUBSHFUPG
20.30 lakh in FY19.
Paid up Capital ` 270.50 crore
t CFOFöDJBSJFTBOE$434QFOUBDIJFWFEBHBJOTU
Total Turnover ` 7,688 crore Annual Target FY19 at Tata Power Group Level in FY19.
Total profit after taxes ` 1,709 crore t IPVSTPGWPMVOUFFSJOHVOEFSUBLFOCZFNQMPZFFTPG
Total Spending on Corporate Social 2%* Tata Power Group which is 3 times higher than previous
Responsibility (CSR) as percentage of profit year.
after tax (%)
MD & A
t $PNNVOJUZ &OHBHFNFOU *OEFY 4VSWFZ TIPXFE
* Calculated as per Section 135 of the Companies Act, 2013 achievement against previous year score of 79%. An
List of activities in which expenditure in the above has been independent Social Return on Investment Study was
incurred conducted for the first time which offered insights to
improve CSR program design and returns.
Tata Power undertook CSR initiatives in alignment with t 'MBHTIJQ*OJUJBUJWFTTDBMFEBDSPTTBMMMPDBUJPOTJO':
the 5 Thrust areas as outlined in the CSR Policy. Tata Power
(Standalone) CSR Initiatives covered 13.76 lakh beneficiaries - Financial Inclusivity scaled across all major
CG REPORT
across 225 locations in Maharashtra, Gujarat, Jharkhand and West locations. 3.43 lakh beneficiaries covered with
Bengal. Monitoring and Evaluation studies were undertaken to resources accessed under various Govt. Schemes by
benchmark and improve the effectiveness of CSR Initiatives. communities.
- Dhaaga (Women Micro-Enterprise) scaled from 15
Focus Areas % Spend members to 1,050 members and replicated from
Education 9.88 1 location to 16 locations. 12 Exhibitions cum sale
organized with order value exceeding ₹ 37 lakh
Health and Sanitation 10.03
during the year. Tata Group Companies (Tata AIA
Livelihood & Skill Building 43.44 Life Insurance Co. Ltd. and The Indian Hotels Co.
Water 11.14 Ltd.) also invited Dhaaga Members for organizing
BRR
Financial Inclusivity 5.85 exhibition cum sale.
Affirmative Action and Others 19.66 - Abha (Women Empowerment) scaled to cover
1,341 members for vocational training in Delhi and
Tata Power Group Companies include The Tata Power Company Mumbai. The Abha concept rolled out in Tata Power
Ltd., Tata Power Delhi Distribution Ltd., Coastal Gujarat Company Skill Development Institute (Mumbai) covering 300
CONSOLIDATED
Ltd., Tata Power Solar Systems Ltd., Tata Power Renewable women trainee batch for power sector skilling.
Energy Ltd., Walwhan Renewable Energy Ltd., Tata Power Trading - Employability initiative at Kalinganagar in
Company Ltd., Powerlinks Transmission Ltd., Af-Taab Investment partnership with Tata Consultancy Services Ltd.
Co. Ltd., Industrial Energy Ltd., NDPL Infra Ltd. and Maithon (TCS) has trained more than 1,880 youths with
Power Ltd. The geographical coverage included 348 villages and 50% placed in TCS and ranked as best performers.
220 clusters across 15 states of the country. Replicated in Mundra and Maithon.
Following are the highlights of Tata Power Group Entities CSR - Participatory Ground Water Management
Interventions: intervention of Mundra was replicated in Maithon
STANDALONE
t "U5BUB1PXFS(SPVQ-FWFM BHBJOTUBOOVBM$43PCMJHBUJPO and Wind Locations. Resources worth ₹ 1.34 crore

of ₹ 36.75 crore, ₹ 44.58 crore was spent in FY19 which mobilized from NABARD and ₹ 75 lakh from IIT-
included CSR expenses incurred by Joint Ventures (IEL & Gandhinagar respectively.
Powerlinks) which are considered as subsidiaries as per - Maval Dairy - Women centre dairy based enterprise
Companies Act 2013. Excluding IEL and Powerlinks, the comprising 1,100 members from 26 villages of
CSR spent stood at ` 39.46 crore against the CSR obligation Maval undertaken. The Dairy Plant construction and
of ` 31.69 crore in FY19. machinery installation completed.

- Usage of Technology in CSR in Volunteering conformance to the RSCM parameters in addition to the
Portal, MIS Software and Financial Inclusivity App Tata Code of Conduct (TCoC).
(Haqdarshak) for enhancing efficiency. Section D – BR Information
Section C: Other Details 1. Details of Director/Directors responsible for BR
1. Does the Company have any Subsidiary Company/ a. Details of the Director/Directors responsible for
Companies? implementation of the BR policy/policies
Tata Power has 53 subsidiaries as on 31st March 2019.
1. DIN Number 01785164
2. Do the Subsidiary Company/Companies participate in Name Mr. Praveer Sinha
the BR Initiatives of the parent company? If yes, then
indicate the number of such subsidiary company(s). Designation CEO & Managing Director
2. DIN Number 01741911
All the major subsidiaries of Tata Power group have their
own BR plans which are recommended by their respective Name Mr. Ashok S. Sethi
CSR Committees. Tata Power encourages its subsidiary Designation COO & Executive Director
companies to participate in Tata Power group wide b. Details of BR Head
sustainability initiatives. All subsidiaries are aligned to
the CSR Strategy and CSR Policy and implement activities DIN No. 07252909
under the 5 thrust areas.
Name Ms. Shalini Singh
3. Do any other entity/entities (e.g. suppliers, distributors
etc.) that the Company does business with participate Designation Chief-Corp. Communications
in the BR initiatives of the Company? If yes, then & Sustainability
indicate the percentage of such entity/entities? [Less Contact 022 67171666
than 30%, 30-60%, More than 60%].
2. Principle-wise (as per NVGs) BR Policy/Policies (Reply
Tata Power collaborates with all relevant stakeholders in Y/N)
for sustainability initiatives. The suppliers/vendors are
sensitized on Sustainability with the help of Responsible The National Voluntary Guidelines on Social, Environmental
Supply Chain Management (RSCM) policy which covers and Economic Responsibilities of Business released by the
Health & Safety, Environment, Human Rights and Ethics & Ministry of Corporate Affairs has adopted nine areas of
Compliance. The suppliers/vendors are required to ensure Business Responsibility. These briefly are as follows:
P1 Business should conduct and govern themselves with Ethics, Transparency and Accountability
P2 Businesses should provide goods and services that are safe and contribute to sustainability throughout their life cycle
P3 Businesses should promote the wellbeing of all employees
P4 Businesses should respect the interests of, and be responsive towards all stakeholders, especially those who are
disadvantaged, vulnerable and marginalised
P5 Businesses should respect and promote human rights
P6 Business should respect, protect, and make efforts to restore the environment
P7 Businesses, when engaged in influencing public and regulatory policy, should do so in a responsible manner
P8 Businesses should support inclusive growth and equitable development
P9 Businesses should engage with and provide value to their customers and consumers in a responsible manner
Questions P1 P2 P3 P4 P5 P6 P7 P8 P9
Do you have policy/policies for.... Y Y Y Y Y Y Y Y Y
Has the policy being formulated in Consultation with the Y Y Y Y Y Y Y Y Y
relevant stakeholders?
Does the policy conform to any national/international Y Y Y Y Y Y Y Y Y
standards? If yes, specify? Tata Power policies are based on the NVG principles and also
conform to the International standards like ISO 9000, 14000,
OHSAS 18000, UNGC principles, ILO principles and United
Nations Sustainable Development Goals (SDGs).

Has the policy being approved by the Board? If yes, has it Policies are designed to ensure employee feedback, industry
been signed by MD/owner/CEO/ appropriate Board Director? norms and legal norms are met in true spirit. The policies have
been developed as per the need and are duly signed by the
NOTICE
CEO & Managing Director.
Does the company have a specified committee of the Board/ The policies at Tata Power strengthen internal governance
Director/Official to oversee the implementation of the structures on compliance and beyond compliance efforts. All
policy? the policies are mapped to the respective business functions
and their implementation is based on the commitment
BOARD’S REPORT
framework. The Company has set various processes to
monitor the effectiveness of these policies.
Indicate the link for the policy to be viewed online? https://www.tatapower.com/corporate/policies.aspx
Has the policy been formally communicated to all relevant
Y Y Y Y Y Y Y Y Y
internal and external stakeholders?
Does the company have in-house structure to implement
Y Y Y Y Y Y Y Y Y
the policy/policies?
Does the Company have a grievance redressal mechanism
related to the policy/policies to address stakeholders’ Y Y Y Y Y Y Y Y Y
MD & A
grievances related to the policy/policies?
Has the Company carried out independent audit/evaluation Policies are reviewed periodically for their implementation
of the working of this policy by an internal or external based on the commitment framework and related risk
agency? controls are set in place. Policies related to workforce benefits
and well being are co-created, in which employees’ inputs are
taken and incorporated in the policy building process. These
inputs along with internal and external benchmarking, form
CG REPORT
the pillars of policy formation.
2a. If answer to S. No. 1 against any principle, is ‘No’, please explain why: (Tick up to 2 options)
Sl. No. Questions P1 P2 P3 P4 P5 P6 P7 P8 P9

1. The company has not understood the Principles
2. The company is not at a stage where it finds itself in a position
to formulate and implement the policies on specified principles
Tata Power policies are developed based on
3. The company does not have financial or manpower resources requirement and aims to strengthen governance
BRR
available for the task structure, management system, and overall
4. It is planned to be done within next 6 months sustainability of the Company.
5. It is planned to be done within the next 1 year
6. Any other reason (please specify)
CONSOLIDATED
3. Governance related to BR
Indicate the frequency with which the Board of Directors, Committee of the Board or CEO to assess the BR performance
of the Company (within 3 months, 3-6 months, Annually, More than 1 year).
Tata Power’s Sustainability performance has been a Board level agenda and the same is monitored by the Board CSR Committee
and Apex Leadership. The CSR committee meets quarterly and recommends the activities to be undertaken by the Company as
specified in Schedule VII to the Act or prescribed by the rules.
STANDALONE

Principle 2
1. List up to 3 of your products or services whose design
has incorporated social or environmental concerns,
Apex risks and/or opportunities.
leadership Tata Power is into the business of Generation, Transmission
and Distribution of electricity.
SBU Heads
Generation: At all generating stations, conformance
to environmental norms, safety, occupational health of
Corporate Sustainability team the employees (permanent/contract) is considered a
priority. Tata Power’s Strategic Intent 2025 has considered
achieving 40-50% generation portfolio from non-fossil
fuel sources to reduce impact on the environment. Further,
Sustainability SPOCs (Thermal, T&D, all thermal stations of Tata Power are IMS compliant.
Renewables, HR, CSR, IA & RM, BD etc)
Transmission: Tata Power conducts a campaign called
Fig. Sustainability Governance Structure Jan Jagruti Abhiyan to create safety awareness amongst
people staying below the overhead High Tension lines in
Does the Company publish a BR or a Sustainability Mumbai. Employees visit different locations under high
Report? What is the hyperlink for viewing this report? voltage Transmission Lines and create safety awareness
How frequently it is published? among the community at large. Intensified Jan Jagruti
is conducted during Sankranti Festival season, Ganpati
Yes, Tata Power publishes Sustainability Report in
Festival, and roof repair season.
accordance with Global Reporting Initiative (GRI)
standards annually. The recent Sustainability Report can Distribution: Various initiatives like Safety audits
be viewed at https://www.tatapower.com/sustainability/ in consumer premises, Club Enerji, Demand Side
communication.aspx Management programs, and Be Green initiative creates
Section E: Principle-wise performance awareness for customers/society at large on energy
efficiency and its conservation, safety, and reducing the
Principle 1 carbon footprint.
1. Does the policy relating to ethics, bribery and 2. For each such product, provide the following details
corruption cover only the company? Yes/No. Does in respect of resource use (energy, water, raw material
it extend to the Group/Joint Ventures/Suppliers/ etc.) per unit of product (optional):
Contractors/NGOs/Others?
i. Reduction during sourcing/production/
Being a Tata group company, Tata Power abides by the distribution achieved since the previous year
Tata Code of Conduct (TCoC), which is a comprehensive throughout the value chain?
document with an ethical roadmap for Tata employees,
companies, including third parties dealing with Tata Power, Various measures resulting in ash utilization,
thus covering 100% of its operations. TCoC consists of 10 reduction in auxiliary power consumption,
sections and sub-clauses, that covers Financial Reporting, zero discharge, rain water harvesting, energy
National Interests, Political Non-Alignment, Health, Safety conservation, and scrap utilization etc. are in place
and Environment, Corporate Citizenship, Ethical Conduct, for environment management. Tata Power has
Anti-corruption etc. The TCoC extends to Group Joint improved ash utilization at all coal fired power plants
Ventures/ Subsidiaries/Suppliers/Contractors. and is continuously working on reducing fresh
water consumption at thermal power plants. Tata
2. How many stakeholder complaints have been received Power is in the process of minimizing atmospheric
in the past financial year and what percentage was pollution by installing Desulphurization Systems at
satisfactorily resolved by the management? all coal fired power plants by 2021-22.
Stakeholder Received in Satisfactorily ii. Reduction during usage by consumers (energy,
FY19 resolved by the water) has been achieved since the previous
management (%) year?
Employees 55 95
Vendor 7 86 Tata Power has been a pioneer in propagating
Company 0 0 energy conservation and efficiency. DSM programs
Investor 34 97.06 support energy conservation in the residential
Society* 4 75 customer segment. As a part of the DSM program,
* includes complaints from community and customers more than 4,000 energy efficient appliances
(ceiling fan, AC, refrigerator) have been provided

to consumers in FY19. The year also witnessed the TPSDI on various industrial vocations and safety aspects
launch of DSM Heat Pump Water Heating System to enhance their skills and efficiency in work practices.
Pilot program. Tata Power has also pioneered in Thus, the Company contributes to capability building of
NOTICE
some unique energy conservation interventions the contractors and their workforce to ensure that the
like Energy audits, demand response (reduction on workforce is adequately trained to safely perform the job
load by consumer on the request by utility), thermal efficiently with higher productivity and quality standards.
storage etc. “Know Your Electricity Consumption In FY19, total number of trainees was 16,067 out of which
(KYEC)” program was rolled out for Commercial 48% were from SC/ST communities with 80% placement
and Industrial and selective Residential consumers for fresher youths from SC/ST community.
as a key differentiator. Other value-added services
BOARD’S REPORT
As a part of Affirmative Action (AA), the Company
like Energy Audit, Ghar Ka Suraksha Kavach,
continued its journey of working with local vendors and
Consumer Services-Beyond meters, Solar Roof Top
promoting inclusion of SC/ST in the business opportunities.
offerings were also made available to consumers of
This is driven by Corporate Contracts department with a
Mumbai. The Company carried out energy audits for
single point of contact at the Corporate level, as well as
Industrial and Commercial consumers for mapping
at Division/Site level (Procurement Heads at Division) to
their unique power consumption pattern and offer
facilitate inclusion of SC/ST vendors. Affirmative Action
specific recommendations to improve the process
process for Vendor Enlistment and Ordering was deployed
and equipment efficiency.
to encourage and evolve entrepreneurship skill among
Another energy conservation campaign at Tata the communities and enable them to be a part of business
Power is Club Enerji, which recognises the immense ecosystem. It also made them compete with positive
MD & A
value of the contribution that school children, discrimination element by offering a price preference of
parents, teachers and society at large can make 5% over the L1 bidder and also gives incentive of 1% of
to help curb the wasteful usage of electric power. contract value for engaging 50% workforce from SC/ST
Club Enerji has reached 553 schools across India, community. Tata Power also promoted entrepreneurship
sensitized more than 23.84 Mn. citizens and saved at community level by supporting enterprise development.
more than 29.8 Mn. units till date. This saving is It also supports 70,000 Self-Help Group (SHG) members by
equivalent to saving 28,000 tons of CO2. More than imparting income generation activities and supported
2,000 Mini Clubs are formed all over India under the 21,000 youth, farmers and fishermen through training to
CG REPORT
Club Enerji initiative. demonstrate overall increase in income level per acreage
to make the community members self-reliant.
3. Does the company have procedures in place for
sustainable sourcing (including transportation)? If 5. Does the company have a mechanism to recycle
yes, what percentage of your inputs was sourced products and waste? If yes what is the percentage of
sustainably? recycling of products and waste (separately as <5%,
5-10%, >10%). Also, provide details thereof, in about
Yes, the Company conforms to responsible sourcing with
50 words or so.
respect to environment, safety, human rights and ethics,
apart from the economic considerations as part of the Yes, the ash generated from thermal power stations is the
sourcing procedure. Conformance to labour principles and major waste. Tata Power’s endeavour is to utilize 100% Fly
related laws are mandatory qualification requirements for Ash at all locations and initiatives are in place to utilize the
BRR
all supply and services. The performance for supply and bottom ash as well. The waste/used oil which comes under
services are evaluated along with the work methodology the Hazardous waste category and e-waste is disposed off
and standards as part of technical evaluation of the through authorized recyclers. Other wastes such as scrap
bidders. Safety evaluation and qualification has been steel and wood are reused internally.
made an integral part of the award process and a part
Principle 3
of online vendor registration process. In addition to
CONSOLIDATED
engaging local workforce and community development
1. Please indicate the Total Total number of
which is part of project development commitments, Tata
Power as part of national skill/capacity development number of employees employees are 3,248 as
programme, trains local youth in various trades/skill sets on 31st March 2019
including entrepreneurship though TPSDI training centres 2. Please indicate the Total The total number of
for enhancing employability. number of employees contract employees are
4. Has the company taken any steps to procure goods hired on temporary/ 7,058 as on 31st March
and services from local & small producers, including contractual/casual 2019
STANDALONE
communities surrounding their place of work? If yes, basis

what steps have been taken to improve their capacity 3. Please indicate the Total number of
and capability of local and small vendors?
Number of permanent permanent women
The Company engaged with the community in its women employees employees are 307 as on
neighbourhood as indirect workforce through business 31st March 2019
associates and contractors based on relevant skill set
and nature of job. The contract workforce are trained at

4. Please indicate the Total number of employees, customers, suppliers, community etc. with a
Number of permanent permanent employees periodic frequency.
employees with with disabilities are 3 2. Out of the above, has the company identified
disabilities employees (2 officers + the disadvantaged, vulnerable & marginalized
1 staff ) as on 31st March stakeholders?
2019
As part of Affirmative Action Policy, Tata Power worked
5. Do you have an Yes, there is an employee with the marginalized and disadvantaged communities
employee association association that is which include, tribal villages, vulnerable children who are
that is recognized by recognized by the in need of care, protection and improvement in quality of
management? management - Union life. The initiatives focus on 5Es - Education, Employability,
6. What percentage 26% are union Employment, Entrepreneurship & Essential amenities.
of your permanent employees (858) out The initiatives are in addition to the initiatives under the
employees is members of 3,248 of the total 5 thrust areas of CR program. Some major AA program
of this recognized permanent employees of details are as below:
employee association? Tata Power are members t 0VU PG 4)( NFNCFST GSPN SC/
of employee unions. ST communities were supported for income
* The above numbers pertain to Tata Power, the parent entity. generation activities including garment making,
herbal products, traditional handicraft, mushroom
7. Please indicate the number of complaints relating to cultivation, vermicomposting.
child labour, forced labour, involuntary labour, sexual
harassment in the last financial year and pending, as t .PSF UIBO ZPVUIT GSPN SC/ST communities
on the end of the financial year. trained by TPSDI under various power sector skilling
courses.
Category No. of No. of t 0VU PG TUVEFOUT DPWFSFE VOEFS
complaints complaints
education program across all locations who were
filed during pending as
the financial on end of the from SC/ST communities and their overall academic
year financial year performance improvement was 69% more than
previous year and enrolment rate improved, and
Child labour/ 0 0 dropout rates were reduced. Extra coaching classes,
forced labour/ spoken English, sports promotion programs are
involuntary labour conducted in schools to improve interpersonal skills
Sexual harassment 0 0 and personalities of the students.
Discriminatory 0 0 t 4VQQPSUFE SC/ST farmers in systemic rice
employment intensification, improved varieties of seeds,
8. What safety & skill up-gradation training was provided advanced technology and integrated watershed
in the last year? management practices.
t 4QPOTPSJOH IJHI QFSGPSNJOH TUVEFOUT UISPVHI
Permanent Employees (includes women employees scholarships like FAEA at Tata group level for Xth
and employees with disabilities) and XIIth standard students. Supporting Kalinga
Safety Induction Training 1,921 Manhours Institute of Social Sciences, Bhubaneswar for
catering educational services to ST students.
Safety Capability Training 50,720 Manhours
Technical Training Nil t $PMMBCPSBUJPO XJUI MPDBM BENJOJTUSBUJPO GPS 8BUFS
Sanitation and Hygiene issues were undertaken
Casual/Temporary/Contractual Employees to make Open Defecation Free Villages as a part
Safety Induction Training 1,46,848 Manhours of Swaccha Bharat Abhiyan by sensitizing through
Community Lead Total Sanitation campaigns.
Safety Capability Training 1,70,440 Manhours
t 5IF $PNQBOZ BMTP VOEFSUPPL XPNFO FOUFSQSJTF
Principle 4
development under Dhaaga Initiative in which
1. Has the company mapped its internal and external 1,050 women have been trained and linked to
stakeholders? market for their products with income of ` 2,140 on
monthly basis.
Yes, Tata Power conducted a comprehensive Stakeholder
engagement study in 2015 which mapped internal t 6OEFSXBUFSJOJUJBUJWF GPDVTXBTPOESJOLJOHXBUFS
and external stakeholders in a structured manner. The and integrated ground water management which
Company is carrying out engagements with investors, was implemented in various locations.

t 4QPSUT XBT JOUSPEVDFE UP FOIBODF BOE DIBOOFMJ[F (like fossil fuel - coal, oil, gas, water; managing waste;
youth energy and some of the youth have been afforestation), waste management, combating climate
selected in regional and national level camps in change, active citizenship and ‘Saying No to Plastics’ being
NOTICE
football, kabaddi and cricket. the theme for FY19.
Principle 5 3. Does the company identify and assess potential
1. Does the policy of the company on human rights environmental risks?
cover only the company or extend to the Group/Joint Yes, environment and climate change related risks are
Ventures/Suppliers/Contractors/NGOs/Others? identified and added to the risk register for periodic
BOARD’S REPORT
Tata Power respects Human Rights and has a reviews. A risk owner and risk champion are assigned to
dedicated Policy on Human Rights with a commitment each identified risk who then analyses the risk for required
framework. This policy is aligned with the UN Human mitigation measures. The Risk Management Committee
Rights Declaration, International Labour Organisation of the Board reviews the key risks along with status of
fundamental conventions and other fundamental labour mitigation measures.
principles. Through the policy, the Company ensures 4. Does the company have any project related to Clean
conformance to the fundamental labour principles Development Mechanism? If so, provide details
including the prohibition of child labour, forced labour, thereof, in about 50 words or so. Also, if yes, whether
freedom of association and protection from discrimination any environmental compliance report is filed?
in all its operations.
MD & A
Yes, the Company has Clean Development Mechanism
2. How many stakeholder complaints have been received (CDM) projects registered with United Nations Framework
in the past financial year and what percent was Convention on Climate Change (UNFCCC). Tata Power
satisfactorily resolved by the management? currently has five of its renewable projects registered
No complaints on Human Rights were received during the under the CDM program by UNFCCC. These projects
year. include Wind projects at Gadag, Karnataka, Khandke,
Maharashtra, Samana and NewGen Saurashtra in Gujarat.
Principle 6
CG REPORT
The Company also has Mithapur Solar project registered
1. Does the policy related to Principle 6 cover only the under CDM. In FY19, volume of 78,540 Carbon Credits
company or extends to the Group/Joint Ventures/ (CERs) were traded from these projects combined. The
Suppliers/Contractors/NGOs/others. gross revenue generated from such sale is ~ ` 3.97 crore.
Walwhan Renewable Energy Limited (WREL) has eight
Tata Power has a dedicated Environment Policy along with CDM registered projects but no CERs were issued or traded
policies on Energy conservation, Sustainability, E-waste in FY19.
management etc. The Environment Policy encourages the
Company to conserve resources, reduce environmental 5. Has the company undertaken any other initiatives on -
impact and seeks to enhance the awareness among clean technology, energy efficiency, renewable energy,
BRR
employees and make business decisions. The Joint etc. Y/N. If yes, please give hyperlink for web page etc.
Ventures/Suppliers have developed their own policies The Company’s Mission “Being the Lead Adopter of
taking essence from the Company’s policy. However, Technology with a spirit of pioneering and calculated
the RSCM Policy has environment protection as one of risk taking” enables adoption of advanced/disruptive
its criteria applicable to all the vendors, contractors and technologies as well as develop some products and
service providers. technological processes through a structured short/
CONSOLIDATED
2. Does the company have strategies/initiatives to medium and long-term technological roadmap. The
address global environmental issues such as climate Company has moved to work in various innovative areas
change, global warming, etc? Y/N. If yes, please give in a collaborative manner, rather than sourcing or new
hyperlink for webpage etc. technology. Some efforts by Tata Power under technology
absorption, adaptation and innovation are;
Yes, as a responsible Company, Tata Power addresses
global long-term challenges such as climate change t 4FUUJOH VQ PG JOOPWBUJPO DPVODJMT BDSPTT WBSJPVT
and diminishing resources in a socially, ecologically and divisions to come up with innovative projects that
have a business impact.
STANDALONE
economically responsible manner. As per the company’s

strategic intent 2025, Tata Power aims to generate 40-50% t 6UJMJ[BUJPO PG ESPOFT BOE JNBHF BOBMZUJDT JO UIF
of its generating capacity from non-fossil fuel sources like utility sector for coal pile assessments, thermal
hydro, solar, wind, waste heat recovery, etc. imaging of PV farms and open switch yards.
Additionally, Club Enerji has been ceaselessly working t 3PCPUJDT GPS BSFBT XIFSFJO NBOVBM JOUFSWFOUJPOT
towards creating responsible citizens of tomorrow can be substituted like high rise painting robot,
with focus on conserving energy and natural resources tunnel inspection robot.

t %FWFMPQNFOU PG OFX QSPEVDUT MJLF 1*% SFWFSTBM activities. Advocacy Policy is in place to enhance
units, solar based automated module cleaning competitiveness, effectiveness and positively contribute
systems, high intensity DC lighting systems for to the development of the Power sector. The broad areas
working in confined spaces. under the purview of Advocacy Policy are energy security,
t .VMUJGVFM QPXFS BOE IFBU HFOFSBUJPO TZTUFN GPS governance and administration, enhancing competition
rural microgrid applications. and transparency in power sector, structural changes for
t &WBMVBUJOH UIF UFDIOPFDPOPNJD TUPSBHF PQUJPOT facilitating capacity addition, overcoming coal related
for utility scale. challenges, electricity distribution reforms and promotion
of renewable energy.
t *OEVTUSZ QBSUOFS PG UIF $MFBO $PBM $FOUSF XJUI **5
Mumbai. Principle 8
t *P5BOE"*BQQMJDBUJPOTGPSUIF6UJMJUZ 1. Does the company have specified programmes/
t $PMMBCPSBUJWFBQQSPBDIXJUIPUIFSHMPCBMQMBZFSTUP initiatives/projects in pursuit of the policy related to
address the aspects of climate change. Principle 8? If yes, details thereof.
The hyperlink for web page of the Company is There are programs aimed at providing inclusive growth
www.tatapower.com opportunities. TPSDI is a flagship program with strategic
intent of training atleast 25% of rural youths particularly
6. Are the emissions/wastes generated by the company from SC/ST communities. Also, the focus areas of Affirmative
within the permissible limits given by CPCB/SPCB for action program, such as Education, Employability,
the financial year being reported? Entrepreneurship and Essential Amenities support the
Yes, Tata Power is in compliance with the prescribed marginalized communities. The Company continues to
permissible limits as per Central Pollution Control support developing projects related to garment making
Board (CPCB)/State Pollution Control Board (SPCB) for unit at Maval (Maharashtra) and Fly ash brick making
air emissions, effluent quality and discharge, solid and units established in Jojobera and Maithon (Jharkhand),
hazardous waste generation and disposal. Compliance both have incorporated effective use of fly ash into value
reports/statements are submitted to SPCB as well as proposition creating economic benefit to the community
Regional office, Ministry of Environment, Forest & Climate at large. Also, the financial inclusivity interventions have
Change (MoEF&CC) regularly, as applicable. benefitted linkages to various Government schemes
resulting in benefitting 3.43 lakh beneficiaries on socio-
7. Number of show cause/legal notices received from economic aspects.
CPCB/SPCB which are pending (i.e. not resolved to
2. Are the programs/projects undertaken through
satisfaction) as on end of Financial Year.
in-house team/own foundation/external NGO/
There are no pending or unresolved show cause/legal government structures/any other organisation?
notices received from CPCB/SPCB as on end of FY19.
Tata Power has a Community Relations function which sets
Principle 7 the strategy and plan for the community development
initiatives. Tata Power Community Development Trust
1. Is your company a member of any trade and chamber (TPCDT), a registered trust formed by the Company is the
or association? If Yes, Name only those major ones that implementing vehicle for Tata Power group entities. TPCDT
your business deals with partners with NGOs and Government organizations to
The Company is a member of various trade and chamber leverage synergies in delivering community development
associations. The major ones are: initiatives under the 5 focus areas. Encouragement is
t $POGFEFSBUJPOPG*OEJBO*OEVTUSZ given to employees to volunteer for cause of choice
in pre-defined aspects that are aligned to community
t /BUJPOBM4BGFUZ$PVODJM
development initiatives.
t *OEJB&OFSHZ&YDIBOHF
3. Have you done any impact assessment of your
t &MFDUSJDBM3FTFBSDIBOE%FWFMPQNFOU"TTPDJBUJPO
initiative?
t "TTPDJBUJPOPG1PXFS1SPEVDFS
The Company has developed a scientific process of
2. Have you advocated/lobbied through above measuring Social Performance using Community
associations for the advancement or improvement Engagement Index at location level. Besides this, flagship
of public good? Yes/No; if yes specify the broad areas programs effectiveness is also measured on an annual basis
(drop box: Governance and Administration, Economic and reviewed by the CSR Committee of the Board under
Reforms, Inclusive Development Policies, Energy all 5 focus areas. This year, the Company also undertook
security, Water, Food Security, Sustainable Business Social Return on Investment study for 3 flagship initiatives
Principles, others) and same would be undertaken for other interventions in
Tata Power does not engage in any form of lobbying the coming year.

4. What is your company’s direct contribution to and Distribution of electricity. Electricity being the product,
community development projects- Amount in INR and it requires utmost safety in handling and precautions
the details of the projects undertaken? while using. Tata Power has displayed safety signage
NOTICE
As on 31st March 2019, the Company has spent at prominent locations including the sub-stations and
` 12.66 crore on various community development projects Customer Relations Centers. In addition, the Company is
under 5 thrust areas. The overall spent of Tata Power Group also creating safety awareness among consumers through
CSR interventions was ` 44.58 crore in FY19 including CSR its website.
expenses incurred by Joint Ventures (IEL & Powerlinks)
3. Is there any case filed by any stakeholder against
which are considered as subsidiaries as per Companies Act
BOARD’S REPORT
the company regarding unfair trade practices,
2013. Excluding IEL and Powerlinks, the CSR spent stood
at ` 39.46 crore against the CSR obligation of ` 31.69 crore irresponsible advertising and/or anti-competitive
in FY19. behaviour during the last five years and pending as on
end of financial year. If so, provide details thereof, in
5. Have you taken steps to ensure that this community about 50 words or so
development initiative is successfully adopted by the
community? Please explain in 50 words, or so. There are no cases pending with regard to unfair
trade practices, irresponsible advertising and/or anti-
The process of community engagement begins right from
competitive behaviour as on 31st March 2019.
business development stage, to projects and operations
stage. The Socio-economic study and baselines form 4. Did your company carry out any consumer survey/
the basis for identification of prioritized needs followed consumer satisfaction trends?
MD & A
by program planning with help of external experts. This
process is reviewed once every 3-5 years with the objective Customer Satisfaction Surveys are key indicator
of going back to community. Every year, the Company parameters to measure customer satisfaction and
implements programs with prior community consultation dissatisfaction levels. These surveys are conducted on a
through teams. Based on previous year development yearly basis across all segments i.e. commercial, industrial
of CSR plans have been developed and implemented to and residential consumers and are face to face interaction
reach 24.67 lakh beneficiaries across 15 states. with 5-point rating scale. The findings of the report guide
us to understand the key improvement areas which are
CG REPORT
Principle 9
shared with the concerned departments and accordingly,
1. What percentage of customer complaints/consumer the necessary action is taken based on the key findings.
cases are pending as on the end of financial year. Overall Customer Satisfaction Assessment total (CSAT)
As on 31st March 2019, none of the customer complaints/ score in percentage for FY19 is given below:
consumer cases beyond turnaround time are pending.
Customer Satisfaction (%)
2. Does the company display product information on
the product label, over and above what is mandated Residential 86
as per local laws? Yes/No/N.A./ Remarks (additional
Industrial 89
information)
BRR
Commercial 91
Tata Power is in the business of Generation, Transmission
CONSOLIDATED
STANDALONE

Independent Auditor’s Report

To the Members of The Tata Power Company Limited
Report on the Audit of the Consolidated Ind AS Financial Statements
Opinion
We have audited the accompanying consolidated Ind AS financial statements of The Tata Power Company Limited (hereinafter referred
to as “the Holding Company”), its subsidiaries (the Holding Company and its subsidiaries together referred to as “the Group”) its
associates and joint ventures comprising of the consolidated Balance sheet as at March 31 2019, the consolidated Statement of Profit
and Loss, including other comprehensive income, the consolidated Cash Flow Statement and the consolidated Statement of Changes
in Equity for the year then ended, and notes to the consolidated Ind AS financial statements, including a summary of significant
accounting policies and other explanatory information (hereinafter referred to as “the consolidated Ind AS financial statements”).
In our opinion and to the best of our information and according to the explanations given to us and based on the consideration of
reports of other auditors on separate financial statements and on the other financial information of the subsidiaries, associates and
joint ventures, the aforesaid consolidated Ind AS financial statements give the information required by the Companies Act, 2013, as
amended (“the Act”) in the manner so required and give a true and fair view in conformity with the accounting principles generally
accepted in India, of the consolidated state of affairs of the Group, its associates and joint ventures as at March 31, 2019, their
consolidated profit including other comprehensive income, their consolidated cash flows and the consolidated statement of changes
in equity for the year ended on that date.
Basis for Opinion
We conducted our audit of the consolidated Ind AS financial statements in accordance with the Standards on Auditing (SAs), as specified
under section 143(10) of the Act. Our responsibilities under those Standards are further described in the ‘Auditor’s Responsibilities
for the Audit of the Consolidated Ind AS Financial Statements’ section of our report. We are independent of the Group in accordance
with the ‘Code of Ethics’ issued by the Institute of Chartered Accountants of India together with the ethical requirements that are
relevant to our audit of the financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our
other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we
have obtained is sufficient and appropriate to provide a basis for our audit opinion on the consolidated Ind AS financial statements.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated Ind
AS financial statements for the financial year ended March 31, 2019. These matters were addressed in the context of our audit of the
consolidated Ind AS financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion
on these matters. For each matter below, our description of how our audit addressed the matter is provided in that context.
We have determined the matters described below to be the key audit matters to be communicated in our report. We have fulfilled the
responsibilities described in the Auditor’s responsibilities for the audit of the consolidated Ind AS financial statements section of our
report, including in relation to these matters. Accordingly, our audit included the performance of procedures designed to respond to
our assessment of the risks of material misstatement of the consolidated Ind AS financial statements. The results of audit procedures
performed by us and by other auditors of components not audited by us, as reported by them in their audit reports furnished to us
by the management, including those procedures performed to address the matters below, provide the basis for our audit opinion on
the accompanying consolidated Ind AS financial statements.
Key audit matters How our audit addressed the key audit matter
Accrual of Regulatory Deferrals (as described in note 18 of the financial statements)
In the power distribution business of the Group, the tariff is • Our audit procedures included considering the Group’s
determined by the regulator on cost plus return on equity basis accounting policies with respect to accrual of regulatory
wherein the cost is subject to prudential norms. The Group deferrals and assessing compliance with Ind AS 114
invoices its customers on the basis of pre-approved tariff which “Regulatory Deferral Accounts”.
is based on budget and is subject to true ups to be adjusted in • We performed test of controls over accrual of regulatory
the future tariff. deferrals through inspection of evidence of performance
The Group recognizes revenue on the basis of tariff invoiced to of these controls.
consumers. As the Group is entitled to a fixed return on equity, • We performed the following tests of details:
the Group recognizes regulatory deferral for the shortage /
excess compared to the entitled return on equity. The Group has • Evaluated the key assumptions used by the Group by
recognized regulatory deferrals of ` 5,758.13 crore as at March comparing it with prior years, past precedents and the
31, 2019. opinion of management’s expert.
124 I Consolidated Financials

Regulatory deferrals are determined based on tariff regulations • Considered the independence, objectivity and
and past tariff orders and are subject to verification and
NOTICE
competence of management’s expert.
approval by the regulators. Further the costs incurred are • For tariff orders received by the Group, we have
subject to prudential checks and prescribed norms. Significant
assessed the impact recognized by the Group and
judgements are made in determining the regulatory deferrals
for matters challenged by the Group, we have also
including interpretation of tariff regulations. Further certain
disallowances of claims have been challenged by the Group assessed the management’s evaluation of the likely
before higher authorities. outcome of the dispute based on past precedents and
BOARD’S REPORT
/ or advice of management’s expert.
Accrual of regulatory deferrals is a key audit matter considering
the significance of the amount of regulatory deferrals and the • We have assessed the disclosures in accordance with
significant judgements involved in the determination of accruals. the requirements of Ind AS 114 “Regulatory Deferral
Accounts”.
Recognition of tax credits (as described in note 12 of the financial statements)
The Group has recognized Minimum Alternate Tax (MAT) credit • Our audit procedures included considering the Group’s
receivable of ` 1,469.56 crore and unrecognized MAT credit accounting policies with respect to recognition of tax
receivable of ` 276.87 crore as at 31st March 2019. The Group credits in accordance with Ind AS 12 “Income Taxes”.
also has unrecognized other deferred tax assets of ` 2,926.07 • We performed test of controls over recognition of tax
crore on operating losses incurred by certain subsidiaries and credits through inspection of evidence of performance of
MD & A
unrecognized other deferred tax assets of ` 309.73 crore on these controls.
provision for diminution in value of investment classified as • We performed the following tests of details:
asset held for sale.
• We involved our tax specialists who evaluated the
The recognition of MAT credit and deferred tax assets (together Group’s tax positions by comparing it with prior years
referred to as “tax credits” hereinafter) is a key audit matter as and past precedents.
the recoverability of such tax credits within the allowed time
• We discussed the future business plans and financial
frame involves significant estimate of the financial projections,
projections with the Company.
availability of sufficient taxable income in the future and
CG REPORT
significant judgements in the interpretation of tax regulations • We assessed the management’s long term financial
and tax positions adopted by the Group. projections and the key assumptions used in the
projections by comparing it to the approved business
plan and projections used for impairment assessment
where applicable.
• We have assessed the disclosures in accordance with the
requirements of Ind AS 12 “Income Taxes”.
Impairment of Assets (as described in note 4,5 and 6 of the financial statements)
As per the requirements of Ind AS 36, the Group tests the • Our audit procedures included considering the Group’s
BRR
Goodwill acquired in business combination for impairment accounting policies with respect to impairment in
annually. For other assets, the Company assesses at the end of accordance with Ind AS 36 “Impairment of assets”.
every reporting period, whether there is any indication that an • We performed test of controls over impairment process
asset or cash generating unit (CGU) may be impaired. If any such through inspection of evidence of performance of these
indication exists, the Group estimates the recoverable amount controls.
of the asset or CGU.
• We performed the following tests of details:
CONSOLIDATED
The determination of recoverable amount, being the higher of
fair value less costs to sell and value-in-use involves significant • We obtained the management’s impairment
estimates, assumptions and judgements of the long term assessment.
financial projections. • We evaluated the key assumptions including projected
During the earlier years, the Group has recognized impairment generation, coal prices, exchange rate, energy prices
provision with respect to Mundra CGU (including coal mines post power purchase agreement period and weighted
and related infrastructure), hydro power plant in Georgia and a average cost of capital by comparing them with prior
generating unit in Trombay. During the year, as the indication years and external data, where available.
exists, the Group has reassessed its impairment assessment • We have obtained and evaluated the sensitivity
STANDALONE
with respect to the specified CGUs. The Group is also carrying analysis.
a Goodwill of `1,641.57 crore relating to the acquisition of • We assessed the disclosures in accordance with Ind AS 36
renewable energy businesses. “Impairment of assets”.
Impairment of assets and goodwill is a key audit matter
considering the significance of the carrying value, long term
estimation and the significant judgements involved in the
impairment assessment.
Consolidated Financials I 125

Related Party Transactions (as described in note17 and 38 of the financial statements)
During the year, the Group has sold its investments in shares of • Our audit procedures included considering the
Tata Communications Limited and Panatone Finvest Limited to compliance with the various requirements for entering in
Tata Sons Private Limited for a total consideration of ` 1,542.61 to such related party transactions.
crore and ` 613.49 crore respectively. • We performed test of controls over related party
Further, during the previous year, the Board of Directors of the transactions through inspection of evidence of
Holding Company had approved sale of its Strategic Engineering performance of these controls.
Division (SED) to Tata Advanced Systems Limited, a wholly • We performed the following tests of details:
owned subsidiary of Tata Sons Private Limited at an enterprise
valuation of `2,230 crore (including `1,190 crore contingent • We have read the valuation reports and fairness
upon achieving certain milestones). The transaction is subject opinion obtained from independent valuers and
to regulatory and necessary approvals. assessed the objectivity and competence of the
independent valuers.
Determination of transaction price for such related party
transactions outside the normal course of business is a key audit • We have read the approvals obtained from Audit
matter considering the significance of the transaction value Committee, Board of Directors, Shareholders and all
and the significant judgements involved in determining the other regulatory approvals for the transactions.
transaction value. • We have assessed the disclosures in accordance with Ind
AS 24 “Related Party Disclosures”.
Other Information, such as “Information Other than the Financial Statements and Auditor’s Report Thereon
The Holding Company’s Board of Directors is responsible for the other information. The other information comprises the information
included in the Annual report, but does not include the consolidated Ind AS financial statements and our auditor’s report thereon.
Our opinion on the consolidated Ind AS financial statements does not cover the other information and we do not express any form of
assurance conclusion thereon.
In connection with our audit of the consolidated Ind AS financial statements, our responsibility is to read the other information and,
in doing so, consider whether such other information is materially inconsistent with the consolidated financial statements or our
knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we
conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report
in this regard.
Responsibilities of Management for the Consolidated Ind AS Financial Statements
The Holding Company’s Board of Directors is responsible for the preparation and presentation of these consolidated Ind AS financial
statements in terms of the requirements of the Act that give a true and fair view of the consolidated financial position, consolidated
financial performance including other comprehensive income, consolidated cash flows and consolidated statement of changes in
equity of the Group including its associates and joint ventures in accordance with the accounting principles generally accepted in
India, including the Indian Accounting Standards (Ind AS) specified under section 133 of the Act read with the Companies (Indian
Accounting Standards) Rules, 2015, as amended. The respective Board of Directors of the companies included in the Group and of
its associates and joint ventures are responsible for maintenance of adequate accounting records in accordance with the provisions
of the Act for safeguarding of the assets of the Group and of its associates and joint ventures and for preventing and detecting
frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates
that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that
were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and
presentation of the consolidated Ind AS financial statements that give a true and fair view and are free from material misstatement,
whether due to fraud or error, which have been used for the purpose of preparation of the consolidated Ind AS financial statements
by the Directors of the Holding Company, as aforesaid.
In preparing the consolidated financial statements, the respective Board of Directors of the companies included in the Group and of its
associates and joint ventures are responsible for assessing the ability of the Group and of its associates and joint ventures to continue
as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless
management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.
Those respective Board of Directors of the companies included in the Group and of its associates and joint ventures are also responsible
for overseeing the financial reporting process of the Group and of its associates and joint ventures.

Auditor’s Responsibilities for the Audit of the Consolidated Ind AS Financial Statements
Our objectives are to obtain reasonable assurance about whether the consolidated Ind AS financial statements as a whole are free
NOTICE
from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable
assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a
material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated
Ind AS financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the
BOARD’S REPORT
audit. We also:
• Identify and assess the risks of material misstatement of the consolidated Ind AS financial statements, whether due to fraud
or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and
appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher
than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the
override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the
circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Holding
Company has adequate internal financial controls system in place and the operating effectiveness of such controls.
MD & A
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related
disclosures made by management.
• Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit
evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on
the ability of the Group and its associates and joint ventures to continue as a going concern. If we conclude that a material
uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the consolidated Ind
AS financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit
CG REPORT
evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group and its
associates and joint ventures to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the consolidated Ind AS financial statements, including the
disclosures, and whether the consolidated Ind AS financial statements represent the underlying transactions and events in a
manner that achieves fair presentation.
• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the
Group and its associates and joint ventures of which we are the independent auditors and whose financial information we have
audited, to express an opinion on the consolidated Ind AS financial statements. We are responsible for the direction, supervision
and performance of the audit of the financial statements of such entities included in the consolidated financial statements of
which we are the independent auditors. For the other entities included in the consolidated financial statements, which have
BRR
been audited by other auditors, such other auditors remain responsible for the direction, supervision and performance of the
audits carried out by them. We remain solely responsible for our audit opinion.
We communicate with those charged with governance of the Holding Company and such other entities included in the consolidated
Ind AS financial statements of which we are the independent auditors regarding, among other matters, the planned scope and timing
of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
CONSOLIDATED
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding
independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our
independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were of most significance in
the audit of the consolidated Ind AS financial statements for the financial year ended March 31, 2019 and are therefore the key audit
matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or
when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse
STANDALONE
consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Other Matter
(a) We did not audit the financial statements and other financial information, in respect of twelve subsidiaries, whose Ind AS
financial statements include total assets of ` 10,336.49 crore as at March 31, 2019 and total revenues of ` 9,021.54 crore and net
cash outflows of ` 91.74 crore for the year ended on that date. These Ind AS financial statement and other financial information
have been audited by other auditors, which financial statements, other financial information and auditor’s reports have been
furnished to us by the management. The consolidated Ind AS financial statements also include the Group’s share of net profit
of ` 1,038.12 crore for the year ended March 31, 2019, as considered in the consolidated Ind AS financial statements, in respect
of seven associates and joint ventures, whose financial statements, other financial information have been audited by other
auditors and whose reports have been furnished to us by the Management. Our opinion on the consolidated Ind AS financial
statements, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, joint ventures and
associates, and our report in terms of sub-sections (3) of Section 143 of the Act, in so far as it relates to the aforesaid subsidiaries,
joint ventures and associates, is based solely on the report of such other auditors.
(b) The comparative Ind AS financial information of the Company for the corresponding year as at April 1, 2017 included in the
financial statements, were audited by the predecessor auditor whose report for the year ended March 31, 2017 dated 19th
May, 2017 expressed a modified opinion on those financial statements. The comparative financial information is based on the
previous consolidated financial statements prepared in accordance with the recognition and measurement principles of the
Accounting Standards specified under section 133 of the Companies Act, 2013, read with relevant rules issued thereunder
and other accounting principles generally accepted in India, and is adjusted for the differences as explained in note 43 of the
financial statements, which have been audited by us.
(c) The accompanying consolidated Ind AS financial statements include unaudited financial statements and other unaudited
financial information in respect of one subsidiary, whose financial statements and other financial information reflect total
assets of ` 52.07 crore as at March 31, 2019 and total revenues of ` Nil and net cash inflows of ` 22.86 crore for the year ended
on that date. These unaudited financial statements and other unaudited financial information have been furnished to us by the
management. The consolidated Ind AS financial statements also include the Group’s share of net profit of ` 20.08 crore for the
year ended March 31, 2019, as considered in the consolidated Ind AS financial statements, in respect of twelve associates and
joint ventures, whose financial statements, other financial information have not been audited and whose unaudited financial
statements, other unaudited financial information have been furnished to us by the Management. Our opinion, in so far as it
relates amounts and disclosures included in respect of these subsidiaries, joint ventures and associates, and our report in terms
of sub-sections (3) of Section 143 of the Act in so far as it relates to the aforesaid subsidiaries, joint ventures and associates, is
based solely on such unaudited financial statement and other unaudited financial information. In our opinion and according to
the information and explanations given to us by the Management, these financial statements and other financial information
are not material to the Group.
Our opinion above on the consolidated Ind AS financial statements, and our report on Other Legal and Regulatory Requirements
below, is not modified in respect of the above matters with respect to our reliance on the work done and the reports of the other
auditors and the financial statements and other financial information certified by the Management.
Report on Other Legal and Regulatory Requirements
As required by Section 143(3) of the Act, based on our audit and on the consideration of report of the other auditors on separate
financial statements and the other financial information of subsidiaries, associates and joint ventures, as noted in the ‘other matter’
paragraph we report, to the extent applicable, that:
(a) We/the other auditors whose report we have relied upon have sought and obtained all the information and explanations which
to the best of our knowledge and belief were necessary for the purposes of our audit of the aforesaid consolidated Ind AS
financial statements;
(b) In our opinion, proper books of account as required by law relating to preparation of the aforesaid consolidation of the financial
statements have been kept so far as it appears from our examination of those books and reports of the other auditors;
(c) The Consolidated Balance Sheet, the Consolidated Statement of Profit and Loss including the Statement of Other Comprehensive
Income, the Consolidated Cash Flow Statement and Consolidated Statement of Changes in Equity dealt with by this Report
are in agreement with the books of account maintained for the purpose of preparation of the consolidated Ind AS financial
statements;
(d) In our opinion, the aforesaid consolidated Ind AS financial statements comply with the Accounting Standards specified under
Section 133 of the Act, read with Companies (Indian Accounting Standards) Rules, 2015, as amended;

(e) On the basis of the written representations received from the directors of the Holding Company as on March 31, 2019 taken on
record by the Board of Directors of the Holding Company and the reports of the statutory auditors who are appointed under
Section 139 of the Act, of its subsidiary companies, associate companies and joint ventures, none of the directors of the Group’s
NOTICE
companies, its associates and joint ventures incorporated in India is disqualified as on March 31, 2019 from being appointed as
a director in terms of Section 164 (2) of the Act;
(f ) With respect to the adequacy and the operating effectiveness of the internal financial controls over financial reporting with
reference to these consolidated Ind AS financial statements of the Holding Company and its subsidiary companies, associate
companies and joint ventures incorporated in India, refer to our separate Report in “Annexure 1” to this report;
BOARD’S REPORT
In our opinion and based on the consideration of reports of other statutory auditors of the subsidiaries, associates and joint
ventures incorporated in India, the managerial remuneration for the year ended March 31, 2019 has been paid / provided by
the Holding Company, its subsidiaries, associates and joint ventures incorporated in India to their directors in accordance with
the provisions of section 197 read with Schedule V to the Act;
(g) With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the Companies (Audit
and Auditors) Rules, 2014, as amended, in our opinion and to the best of our information and according to the explanations
given to us and based on the consideration of the report of the other auditors on separate financial statements as also the other
financial information of the subsidiaries, associates joint ventures, as noted in the ‘Other matter’ paragraph:
i. The consolidated Ind AS financial statements disclose the impact of pending litigations on its consolidated financial
MD & A
position of the Group, its associates and joint ventures in its consolidated Ind AS financial statements – Refer Note 35 to
the consolidated Ind AS financial statements;
ii. Provision has been made in the consolidated Ind AS financial statements, as required under the applicable law or
accounting standards, for material foreseeable losses, if any, on long-term contracts including derivative contracts –
Refer Note 22 and 24 to the consolidated Ind AS financial statements in respect of such items as it relates to the Group,
its associates and joint ventures and the Group’s share of net profit in respect of its associates;
iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection
CG REPORT
Fund by the Holding Company, its subsidiaries, associates and joint ventures incorporated in India during the year ended
March 31, 2019.
For S R B C & CO LLP

Chartered Accountants
ICAI Firm Registration Number: 324982E/E300003
per Sudhir Soni
BRR
Partner
Membership Number: 41870
UDIN: 19041870AAAAAK8488
Place : Mumbai
CONSOLIDATED
Date : 2nd May, 2019
STANDALONE

Annexure to the Independent Auditor’s Report of even date on the Consolidated Financial Statements of The Tata Power
Company Limited
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (“the Act”)
In conjunction with our audit of the consolidated financial statements of The Tata Power Company Limited as of and for the year
ended March 31, 2019, we have audited the internal financial controls over financial reporting of The Tata Power Company Limited
(hereinafter referred to as the “Holding Company”) and its subsidiary companies, its associate companies and joint ventures, which
are companies incorporated in India, as of that date.
Management’s Responsibility for Internal Financial Controls
The respective Board of Directors of the Holding Company, its subsidiary companies, its associate companies and joint ventures,
which are companies incorporated in India, are responsible for establishing and maintaining internal financial controls based on
the internal control over financial reporting criteria established by the Holding Company considering the essential components of
internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute
of Chartered Accountants of India. These responsibilities include the design, implementation and maintenance of adequate internal
financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence
to the respective company’s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy
and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Act.
Auditor’s Responsibility
Our responsibility is to express an opinion on the company’s internal financial controls over financial reporting with reference to these
consolidated financial statements based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of
Internal Financial Controls Over Financial Reporting (the “Guidance Note”) and the Standards on Auditing, both, issued by Institute of
Chartered Accountants of India, and deemed to be prescribed under section 143(10) of the Act, to the extent applicable to an audit
of internal financial controls. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and
perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting with
reference to these consolidated financial statements was established and maintained and if such controls operated effectively in all
material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls over financial
reporting with reference to these consolidated financial statements and their operating effectiveness. Our audit of internal financial
controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting with
reference to these consolidated financial statements, assessing the risk that a material weakness exists, and testing and evaluating the
design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor’s
judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained and the audit evidence obtained by the other auditors in terms of their reports
referred to in the Other Matters paragraph below, is sufficient and appropriate to provide a basis for our audit opinion on the internal
financial controls over financial reporting with reference to these consolidated financial statements.
Meaning of Internal Financial Controls Over Financial Reporting With Reference to these Consolidated Financial Statements
A company’s internal financial control over financial reporting with reference to these consolidated financial statements is a process
designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles. A company’s internal financial control over
financial reporting with reference to these consolidated financial statements includes those policies and procedures that (1) pertain
to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets
of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial
statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are
being made only in accordance with authorisations of management and directors of the company; and (3) provide reasonable
assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the company’s assets that could
have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls Over Financial Reporting With Reference to these Consolidated Financial
Statements
Because of the inherent limitations of internal financial controls over financial reporting with reference to these consolidated financial
statements, including the possibility of collusion or improper management override of controls, material misstatements due to error
or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting
with reference to these consolidated financial statements to future periods are subject to the risk that the internal financial control
over financial reporting with reference to these consolidated financial statements may become inadequate because of changes in
conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion
In our opinion, the Holding Company, its subsidiary companies, its associate companies and joint ventures, which are companies
NOTICE
incorporated in India, have, maintained in all material respects, adequate internal financial controls over financial reporting with
reference to these consolidated financial statements and such internal financial controls over financial reporting with reference to
these consolidated financial statements were operating effectively as at March 31,2019, based on the internal control over financial
reporting criteria established by the Holding Company considering the essential components of internal control stated in the Guidance
Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.
Other Matters
BOARD’S REPORT
Our report under Section 143(3)(i) of the Act on the adequacy and operating effectiveness of the internal financial controls over
financial reporting with reference to these consolidated financial statements of the Holding Company, insofar as it relates to these
twelve subsidiary companies which are companies incorporated in India, is based on the corresponding reports of the auditors of
such subsidiary companies incorporated in India.

MD & A
per Sudhir Soni
Partner
UDIN: 19041870AAAAAK8488
Place : Mumbai
CG REPORT
BRR
CONSOLIDATED
STANDALONE

Consolidated Balance Sheet as at 31st March, 2019

Notes Page As at As at As at
31st March, 2019 31st March, 2018* 1st April, 2017*
` crore ` crore ` crore
ASSETS
Non-current Assets
(a) Property, Plant and Equipment .................................................................................... 4 a. 145 41,101.50 41,431.61 41,404.21
(b) Capital Work-in-Progress (Refer Note 36 b).............................................................. 2,575.70 1,652.60 1,923.24
(c) Investment Property ........................................................................................................ 4 b. 149 Nil Nil 2.49
(d) Goodwill ............................................................................................................................... 5 a. 150 1,641.57 1,641.57 1,653.57
(e) Other Intangible Assets................................................................................................... 5 b. 151 1,561.82 1,583.08 1,705.80
(f ) Intangible Assets under Development...................................................................... Nil Nil 254.68
(g) Investments accounted for using the Equity Method ......................................... 6 a. 153 11,989.69 11,111.66 9,496.09
(h) Financial Assets
(i) Other Investments ................................................................................................. 6 c. 166 861.41 881.11 1,279.14
(ii) Trade Receivables ................................................................................................... 7 167 192.99 190.05 187.92
(iii) Loans ........................................................................................................................... 8 168 144.73 131.73 137.32
(iv) Finance Lease Receivables .................................................................................. 9 168 565.62 574.76 573.47
(v) Other Financial Assets .......................................................................................... 10 170 316.75 273.68 395.34
(i) Non-current Tax Assets (Net)......................................................................................... 11 171 238.01 167.59 146.35
(j) Deferred Tax Assets (Net)................................................................................................ 12 a. 172 89.49 118.17 124.12
(k) Other Non-current Assets .............................................................................................. 13 175 1,358.07 1,577.31 2,058.33
Total Non-current Assets ......................................................................................................... 62,637.35 61,334.92 61,342.07
Current Assets
(a) Inventories ........................................................................................................................... 14 176 1,706.42 1,623.08 1,599.56
(b) Financial Assets ..................................................................................................................
(i) Investments ............................................................................................................. 15 176 166.98 436.16 1,097.78
(ii) Trade Receivables ................................................................................................... 7 167 4,445.26 2,788.93 3,832.12
(iii) Unbilled Revenue ................................................................................................... 837.85 810.09 1,081.92
(iv) Cash and Cash Equivalents ................................................................................. 16 a. 177 645.45 1,061.16 835.22
(v) Bank Balances other than (iv) above ............................................................... 16 b. 177 142.00 124.62 119.08
(vi) Loans ........................................................................................................................... 8 168 116.46 784.80 677.57
(vii) Finance Lease Receivables .................................................................................. 9 168 37.90 34.27 39.16
(viii) Other Financial Assets .......................................................................................... 10 170 241.59 401.59 181.23
(c) Current Tax Assets (Net) .................................................................................................. 11 171 2.67 14.77 31.68
(d) Other Current Assets ........................................................................................................ 13 175 1,881.85 1,512.32 1,293.01
Total Current Assets ................................................................................................................... 10,224.43 9,591.79 10,788.33
Assets Classified as Held For Sale ............................................................................................ 17 a. 178 5,542.12 4,778.70 1,919.47
Total Assets before Regulatory Deferral Account ....................................................... 78,403.90 75,705.41 74,049.87
Regulatory Deferral Account - Assets ............................................................................... 18 181 5,758.13 6,304.56 7,117.70
TOTAL ASSETS........................................................................................................................................... 84,162.03 82,009.97 81,167.57
EQUITY AND LIABILITIES
Equity
(a) Equity Share Capital ......................................................................................................... 19 a. 183 270.50 270.50 270.50
(b) Unsecured Perpetual Securities ................................................................................... 19 b. 183 1,500.00 1,500.00 1,500.00
(c) Other Equity ........................................................................................................................ 20 184 16,450.66 14,629.38 12,651.99
Equity attributable to Shareholders of the Company............................................... 18,221.16 16,399.88 14,422.49
Non-controlling Interests........................................................................................................ 2,166.66 2,015.29 1,868.99
Total Equity .................................................................................................................................... 20,387.82 18,415.17 16,291.48
LIABILITIES
Non-current Liabilities
(a) Financial Liabilities
(i) Borrowings................................................................................................................ 21 186 31,139.23 22,356.31 25,142.96
(ii) Trade Payables ......................................................................................................... 22.75 21.00 35.57
(iii) Other Financial Liabilities .................................................................................... 22 187 687.31 647.31 550.94
(b) Non-current Tax Liabilities (Net) .................................................................................. 23 188 3.74 3.74 3.74
(c) Deferred Tax Liabilities (Net) ......................................................................................... 12 b. 173 1,056.81 516.56 1,751.14
(d) Provisions ............................................................................................................................. 24 188 333.60 300.00 270.68
(e) Other Non-current Liabilities ........................................................................................ 25 195 1,873.75 1,841.48 1,668.51
Total Non-current Liabilities.................................................................................................. 35,117.19 25,686.40 29,423.54
Current Liabilities
(a) Financial Liabilities ............................................................................................................
(i) Borrowings................................................................................................................ 26 196 13,875.38 18,827.28 16,279.79
(ii) Trade Payables ......................................................................................................... 5,481.49 5,609.82 5,529.00
(iii) Other Financial Liabilities .................................................................................... 22 187 6,480.79 9,942.98 10,586.63
(b) Current Tax Liabilities (Net) ............................................................................................ 23 188 150.22 160.38 122.04
(c) Provisions ............................................................................................................................. 24 188 177.00 193.44 207.69
(d) Other Current Liabilities.................................................................................................. 25 195 1,499.64 1,785.72 2,065.05
Total Current Liabilities............................................................................................................ 27,664.52 36,519.62 34,790.20
Liabilities directly associated with Assets Classified as Held For Sale ................................. 17 b. 178 992.50 903.78 Nil
Total Liabilities before Regulatory Deferral Account ................................................ 63,774.21 63,109.80 64,213.74
Regulatory Deferral Account - Liability............................................................................ 18 181 Nil 485.00 662.35
TOTAL EQUITY AND LIABILITIES ...................................................................................................... 84,162.03 82,009.97 81,167.57
* Restated (Refer Note 43)
See accompanying notes to the Consolidated Financial Statements
As per our report of even date For and on behalf of the Board,
For S R B C & CO LLP PRAVEER SINHA BANMALI AGRAWALA
Chartered Accountants CEO & Managing Director Director
ICAI Firm Registration No.324982E/E300003 DIN: 01785164 DIN: 00120029
per SUDHIR SONI RAMESH SUBRAMANYAM H. M. MISTRY

Partner Chief Financial Officer Company Secretary
Membership No. 41870
Mumbai, 2nd May, 2019. Mumbai, 2nd May, 2019.

Consolidated Statement of Profit and Loss for the year ended 31st March, 2019
Notes Page For the year ended For the year ended
31st March, 2019 31st March, 2018 *
` crore ` crore
NOTICE
I Revenue from Operations ......................................................................................................................................................................................................................... 27 196 29,558.64 26,840.27
II Other Income ................................................................................................................................................................................................................................................. 28 202 395.83 432.69
III Total Income ................................................................................................................................................................................................................................................. 29,954.47 27,272.96
IV Expenses
Cost of Power Purchased .................................................................................................................................................................................................................. 6,359.53 5,597.32
Cost of Fuel (Refer Note 44) ............................................................................................................................................................................................................. 11,640.02 10,009.86
Transmission Charges ........................................................................................................................................................................................................................ 248.23 281.99
Raw Material Consumed ................................................................................................................................................................................................................... 29 203 919.35 748.97
Purchase of Finished Goods, Spares and Shares ...................................................................................................................................................................... 345.22 181.68
(Increase)/Decrease in Stock-in-Trade and Work in Progress .............................................................................................................................................. 29 203 24.37 (8.51)
Employee Benefits Expense (Net).................................................................................................................................................................................................. 30 203 1,339.05 1,381.92
Finance Costs ........................................................................................................................................................................................................................................ 31 204 4,170.00 3,761.48
BOARD’S REPORT
Depreciation and Amortisation Expenses.................................................................................................................................................................................. 5 b. 151 2,393.13 2,346.17
Other Expenses .................................................................................................................................................................................................................................... 32 205 2,260.15 2,374.11
Total Expenses ............................................................................................................................................................................................................................................. 29,699.05 26,674.99
V Profit/(Loss) Before Movement in Regulatory Deferral Balances, Exceptional Items, Tax and Share of Net Profit of Associates and
Joint Ventures accounted for using the Equity Method.......................................................................................................................................................... 255.42 597.97
Add/(Less): Net movement in Regulatory Deferral Balance........................................................................................................................................................... (340.19) (409.85)
Add/(Less): Net movement in Regulatory Deferral Balance in respect of earlier years ........................................................................................................ 274.26 Nil
(65.93) (409.85)
VI Profit/(Loss) Before Exceptional Items,Tax and Share of Net Profit of Associates and Joint Ventures accounted for using the
Equity Method ............................................................................................................................................................................................................................................. 189.49 188.12
Share of Net Profit of Associates and Joint Ventures accounted for using the Equity Method ....................................................................................... 1,287.02 1,553.91
VII Profit Before Exceptional Items and Tax ......................................................................................................................................................................................... 1,476.51 1,742.03
Add/(Less): Exceptional Items
Reversal of Impairment of Mundra CGU (Net) .......................................................................................................................................................................... 6 b (i) 165 Nil 1,886.72
Impairment for Investments in Joint Venture and Related Obligation............................................................................................................................ 6 b (ii) 165 Nil (527.54)
Impairment in respect of Other Property, Plant and Equipment and Goodwill........................................................................................................... 4 a (i), (ii), 5 a 148 (106.41) (149.57)
& 17 b (iii), (c)
Provision for Contingencies............................................................................................................................................................................................................. 44 238 (45.00) Nil
Gain on Sale of Investment in Associates ................................................................................................................................................................................... 6 b (iv) 165 1,897.24 Nil
MD & A
Damages towards contractual obligations ................................................................................................................................................................................ 6 b (iii) 165 Nil (107.08)
1,745.83 1,102.53
VIII Profit Before Tax ......................................................................................................................................................................................................................................... 3,222.34 2,844.56
IX Tax Expense/(Credit)
Current Tax ............................................................................................................................................................................................................................................ 33 a. 205 584.78 663.69
Deferred Tax ......................................................................................................................................................................................................................................... 12 c. 174 544.02 (840.23)
Deferred Tax relating to earlier years ........................................................................................................................................................................................... 18.91 Nil
Deferred Tax (Recoverable)/Payable............................................................................................................................................................................................. 33 b. 207 (491.62) 338.51
656.09 161.97
X Profit for the Year from Continuing Operations.......................................................................................................................................................................... 2,566.25 2,682.59
XI Loss before tax from Discontinued Operations .......................................................................................................................................................................... (191.82) (85.87)
XII Tax Expense of Discontinued Operations
Current Tax ............................................................................................................................................................................................................................................. (71.92) (17.36)
Deferred Tax .......................................................................................................................................................................................................................................... 5.94 3.23
CG REPORT
Tax Expense/(Credit) of Discontinued Operations .................................................................................................................................................................... (65.98) (14.13)
XIII Loss for the Year from Discontinued Operations........................................................................................................................................................................ (125.84) (71.74)
XIV Profit/(Loss) for the Year ......................................................................................................................................................................................................................... 2,440.41 2,610.85
XV Other Comprehensive Income/(Expenses) - Continuing Operations
A Add/(Less): (i) Items that will not be reclassified to profit or loss
(a) Remeasurement of the Defined Benefit Plans ......................................................................................................................... 24 188 (23.91) (4.75)
(b) Equity Instruments classified FVTOCI .......................................................................................................................................... 2.68 (262.22)
(c) Gain on sale of Investment classified at FVTOCI ...................................................................................................................... 1.66 Nil
(d) Assets Classified as Held For Sale - Equity Instruments classified at FVTOCI................................................................. (31.05) Nil
(ii) Income tax relating to items that will not be reclassified to profit or loss
(a) Current Tax............................................................................................................................................................................................. 33 a (iv) 207 6.81 (50.51)
(b) Deferred Tax .......................................................................................................................................................................................... 12 c. 174 (0.06) 391.87
(iii) Share of Other Comprehensive Income/(Loss) of Associates and Joint Ventures accounted for using the Equity
Method (Net of tax) ....................................................................................................................................................................................... (1.37) (10.74)
B Add/(Less): (i) Items that will be reclassified to profit or loss
(a) Exchange Differences in translating the financial statements of foreign operations ................................................ 187.18 29.08
(b) Share of Other Comprehensive Income/(Loss) of Associates and Joint Ventures ....................................................... 23.24 0.41
165.18 93.14
Other Comprehensive Income/Expense - Discontinued Operations
BRR
A Add/(Less): (i) Items that will not be reclassified to profit or loss ............................................................................................................................. (1.14) 0.85
(ii) Income tax relating to items that will not be reclassified to profit or loss ................................................................................ 33 a (iv) 207 0.40 Nil
B Add/(Less): (i) Items that will be reclassified to profit or loss ..................................................................................................................................... Nil Nil
(0.74) 0.85
XVI Total Comprehensive Income for the Year (XIV + XV)............................................................................................................................................................... 2,604.85 2,704.84
Profit for the year attributable to:
- Owners of the Company ............................................................................................................................................................................................................... 2,190.94 2,408.30
- Non-controlling interest................................................................................................................................................................................................................ 249.47 202.55
2,440.41 2,610.85
Other Comprehensive Income for the year attributable to:
- Owners of the Company ............................................................................................................................................................................................................... 164.87 94.00
CONSOLIDATED
- Non-controlling interest................................................................................................................................................................................................................ (0.43) (0.01)
164.44 93.99
Total Comprehensive Income for the year attributable to:
- Owners of the Company ............................................................................................................................................................................................................... 2,355.81 2,502.30
- Non-controlling interest................................................................................................................................................................................................................ 249.04 202.54
2,604.85 2,704.84
XVII Basic and Diluted Earnings Per Equity Share (of ` 1/- each) (`) 37 210
(i) From Continuing Operations before net movement in regulatory deferral balances ............................................................................................... 8.30 9.74
(ii) From Continuing Operations after net movement in regulatory deferral balances ................................................................................................... 8.15 8.75
(iii) From Discontinued Operations ...................................................................................................................................................................................................... (0.46) (0.26)
(iv) Total Operations after net movement in regulatory deferral balances ........................................................................................................................... 7.69 8.49
STANDALONE



Consolidated Statement of Cash Flows for the year ended 31st March, 2019
For the year ended For the year ended
` crore ` crore
A. Cash Flow from Operating Activities
Profit/(Loss) before tax from Continuing Operations................................................................................... 3,222.34 2,844.56
Profit/(Loss) before tax from Discontinued Operations .............................................................................. (191.82) (85.87)
Adjustments to reconcile Profit Before Tax to Net Cash Flows:
Depreciation and Amortisation Expense............................................................................................... 2,393.13 2,377.34
Impairment in respect of Other Property, Plant & Equipment and Goodwill .......................... 106.41 149.57
Transfer to Contingency Reserve.............................................................................................................. 16.00 14.00
Reversal of Impairment of Mundra CGU (Net) ..................................................................................... Nil (1,886.72)
Impairment of Investments in Joint Ventures ...................................................................................... Nil 527.54
(Gain)/Loss on Disposal of Property, Plant and Equipment (Net) ................................................. 31.96 (4.54)
Finance Cost (Net of Capitalisation) ........................................................................................................ 4,206.33 3,770.33
Interest Income ............................................................................................................................................... (76.26) (120.43)
Dividend Income ............................................................................................................................................ (15.09) (18.67)
(Gain)/Loss on Sale/Fair Value of Current Investments measured at FVTPL ............................. (48.92) (59.58)
(Gain)/Loss on Sale of Investment in Associate accounted for using the equity method ... (1,897.24) Nil
Loss on Sale of Investment in Joint Venture accounted for using the equity method ......... Nil Nil
Allowances for Doubtful Debts and Advances (Net) ......................................................................... 72.54 16.40
Amortisation of Premium Paid on Leasehold Land ........................................................................... 10.48 0.17
Provision for Losses ....................................................................................................................................... Nil (0.21)
Impairment Non-current Investments ................................................................................................... (1.30) 6.00
Provision for Warranties ............................................................................................................................... 15.14 13.65
Damages towards Contractual Obligation ........................................................................................... Nil 107.08
Delayed Payment Charges .......................................................................................................................... (87.48) (26.48)
Transfer from Capital Grants....................................................................................................................... (3.56) (17.87)
Amortisation of Service Line Contributions ......................................................................................... (82.96) (80.74)
Deferred Revenue .......................................................................................................................................... 60.48 32.11
Guarantee Commission................................................................................................................................ (9.83) (9.77)
Share of Net Profit of Associates and Joint Ventures accounted for using the equity method . (1,287.02) (1,553.91)
Effect of Exchange Fluctuation (Net)....................................................................................................... (30.37) 13.32
3,372.44 3,248.59
6,402.96 6,007.28
Working Capital Adjustments:
Adjustment for (increase)/decrease in Assets:
Inventories ........................................................................................................................................................ (85.19) (146.83)
Trade Receivables ........................................................................................................................................... (1,649.03) 715.15
Unbilled Revenue ........................................................................................................................................... 84.93 (43.30)
Finance Lease Receivables .......................................................................................................................... 5.51 3.60
Loans- Current ................................................................................................................................................. 46.13 (43.88)
Loans-Non Current......................................................................................................................................... (24.25) 8.56
Other Current Assets ..................................................................................................................................... (45.22) (392.78)
Other Non-current Assets ........................................................................................................................... 238.59 104.44
Other Financial Assets - Current ............................................................................................................... 138.46 (65.86)
Other Financial Assets - Non-current ...................................................................................................... (15.66) (4.88)
Regulatory Deferral Account - Assets ..................................................................................................... 715.53 630.01
Current Investments
Purchased................................................................................................................................................ (407.81) Nil
Proceeds from sale ............................................................................................................................... 518.63 36.65
Non-Current Investments
Proceeds from sale ............................................................................................................................... 6.26 Nil
Movement in Operating Asset .................................................................................................................. (473.12) 800.88
Adjustments for increase / (decrease) in Liabilities:

Trade Payables ................................................................................................................................................. (42.56) 86.44
Other Current Liabilities............................................................................................................................... (315.50) (208.71)
Other Non-current Liabilities ..................................................................................................................... (79.97) 96.10
Other Financial Liabilities - Current ......................................................................................................... 28.11 207.34
Other Financial Liabilities - Non-current ................................................................................................ 74.61 93.40
Regulatory Deferral Account - Liability .................................................................................................. (485.00) (171.00)
Current Provisions .......................................................................................................................................... (75.19) 4.76
Non-current Provisions ................................................................................................................................ 45.25 49.21
Movement in Operating Liability ............................................................................................................. (850.25) 157.54
Cash Flow from/(used in) Operations ................................................................................................................ 5,079.59 6,965.70
Income-tax Paid .............................................................................................................................................. (505.80) (601.85)
Net cash flow from/(used in) Operating Activities.................................................................................. A 4,573.79 6,363.85

Consolidated Statement of Cash Flows for the year ended 31st March, 2019
NOTICE
` crore ` crore
B. Cash Flow from Investing Activities
Capital Expenditure on Property, Plant and Equipment (including capital advances) ......... (3,576.22) (3,560.37)
Proceeds from Sale of Property, Plant and Equipment..................................................................... 42.91 56.40
Purchase of Current Investments ............................................................................................................. (20,728.77) (19,898.26)
Proceeds from Sale of Current Investments ......................................................................................... 20,936.88 20,591.92
Consideration transferred on business combinations ...................................................................... (13.14) Nil
Purchase of Non-current Investments
BOARD’S REPORT
Joint Ventures ........................................................................................................................................ (22.92) (106.22)
Others ....................................................................................................................................................... (25.00) (156.28)
Proceeds from Sale of Non-current Investments (Including advance)
Joint Ventures ........................................................................................................................................ 349.31 56.61
Associates................................................................................................................................................ 2,157.67 Nil
Others ....................................................................................................................................................... 0.10 356.43
Inter-corporate Deposits (Net) .................................................................................................................. 83.61 (50.33)
Interest Received ............................................................................................................................................ 139.35 124.11
Amount (paid)/received back under Contractual Obligation ........................................................ Nil 31.47
Delayed Payment Charges Received ....................................................................................................... 34.33 26.32
Guarantee Commission Received ............................................................................................................ 9.59 14.38
Dividend Received
Joint Ventures ........................................................................................................................................ 293.49 976.09
Associates................................................................................................................................................ 9.74 14.82
MD & A
Others ....................................................................................................................................................... 5.43 10.59
Bank Balance not considered as Cash and Cash Equivalents (with maturity more than
three months) .................................................................................................................................................. (15.60) (5.54)
Net Cash Flow from/(used in) Investing Activities .................................................................................. B (319.24) (1,517.86)
C. Cash Flow from Financing Activities
Proceeds from Issue of Shares including shares issued to Minority Shareholders ................. Nil 0.15
Proceeds from Capital/Service Line Contributions ............................................................................ 97.00 84.63
Payment towards acquisition of stake from Non-Controlling interest ....................................... Nil Nil
Proceeds from Non-current Borrowings ................................................................................................ 10,867.07 9,750.53
Repayment of Non-current Borrowings................................................................................................. (9,978.26) (11,224.74)
CG REPORT
Proceeds from Current Borrowings ......................................................................................................... 34,846.52 24,579.61
Repayment of Current Borrowings .......................................................................................................... (36,376.94) (22,668.41)
Finance Cost Paid ........................................................................................................................................... (3,976.10) (4,570.38)
Dividend Paid................................................................................................................................................... (410.36) (416.53)
Additional Income-tax on Dividend Paid .............................................................................................. (82.38) (90.12)
Distribution on Unsecured Perpetual Securities................................................................................. (171.00) (171.00)
Net Cash Flow from/(used in) Financing Activities ................................................................................. C (5,184.45) (4,726.26)
Net Increase/(Decrease) in Cash and Cash Equivalents........................................................................ (A+B+C) (929.90) 119.73
Cash and Cash Equivalents as at 1st April (Opening Balance) .......................................................... 944.52 818.58
Effect of Exchange Fluctuation on Cash and Cash Equivalents ........................................................ 46.90 6.21
Cash and Cash Equivalents as at 31st March (Closing Balance) ....................................................... 61.52 944.52
Notes:
BRR
1. Cash and Cash Equivalents include: As at As at
31st March, 2019 31st March, 2018*
` crore ` crore
(a) Cash on Hand ...................................................................................................................................................... 0.99 1.07
(b) Cheques on Hand ............................................................................................................................................... 11.69 28.41
(c) Balance with banks
(i) In Current Accounts.................................................................................................................................... 320.87 905.58
(ii) In deposit accounts (with original maturity of three months or less) ............................................ 311.90 126.10
CONSOLIDATED
(d) Bank Overdraft .................................................................................................................................................... (590.89) (119.25)
(e) Book Overdraft .................................................................................................................................................... Nil (0.08)
Cash and Cash Equivalents related to Continuing Operations............................................................. 54.56 941.83
(a) Balances with banks
(i) In Current Accounts ............................................................................................................................................. 6.13 2.73
(b) Book Overdraft ............................................................................................................................................................... (0.02) (0.04)
Cash and Cash Equivalents relating to Discontinued Operations ...................................................... 6.11 2.69
Cash and Cash Equivalent pertaining to Asset Classified as Held For Sale .............................................. 0.85 Nil
61.52 944.52
STANDALONE


Consolidated Statement of Changes in Equity
136
A. Equity Share Capital ` crore
No. of Shares Amount
Balance as at 1st April, 2017 ................................................................................................................................................................... 270,47,73,510 270.50
Issued during the year .................................................................................................................................................................................. Nil Nil
Balance as at 31st March, 2018 ............................................................................................................................................................. 270,47,73,510 270.50
Issued during the year .................................................................................................................................................................................. Nil Nil
Balance as at 31st March, 2019 ............................................................................................................................................................. 270,47,73,510 270.50
B. Unsecured Perpetual Securities ` crore

No. of Securities Amount
Balance as at 1st April, 2017 .................................................................................................................................................................. 15,000 1,500.00
Issued during the year ................................................................................................................................................................................. Nil Nil
I Consolidated Financials
Balance as at 31st March, 2018 ............................................................................................................................................................ 15,000 1,500.00
Issued during the year ................................................................................................................................................................................. Nil Nil
Balance as at 31st March, 2019 ............................................................................................................................................................ 15,000 1,500.00
C. Other Equity (Refer Note 20) ` crore

Description Reserves and Surplus Item of Other Comprehensive Income Controlling Non- Total
General Securities Debenture Capital Capital Special Statutory Retained Equity Instrument Foreign Effective Interests controlling
Reserve Premium Redemption Redemption Reserve Reserve Reserves Earnings through Other Currency portion of Interests
Reserve Reserve Fund Comprehensive Translation cash flow
Income Reserve hedge
Balance as at 1st April, 2017 *................................................................... 4,086.53 5,647.80 1,074.85 15.76 221.30 102.85 660.08 405.30 100.73 337.42 (0.63) 12,651.99 1,868.99 14,520.98
Profit for the year ............................................................................................... Nil Nil Nil Nil Nil Nil Nil 2,408.30 Nil Nil Nil 2,408.30 202.55 2,610.85
Other Comprehensive Income/(Expense) for the year (Net of Tax) Nil Nil Nil Nil Nil Nil Nil (16.37) 80.87 30.13 (0.63) 94.00 (0.01) 93.99
Total Comprehensive Income ................................................................... Nil Nil Nil Nil Nil Nil Nil 2,391.93 80.87 30.13 (0.63) 2,502.30 202.54 2,704.84
Issue of Equity Shares during the year....................................................... Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil 0.15 0.15
Dividend paid (including tax on dividend) .............................................. Nil Nil Nil Nil Nil Nil Nil (423.64) Nil Nil Nil (423.64) (33.51) (457.15)
Non-controlling interest on acquisition of Subsidiaries...................... Nil Nil Nil Nil 10.79 Nil Nil Nil Nil Nil Nil 10.79 (22.88) (12.09)
Transfer to Retained Earnings on Sale of Shares .................................... Nil Nil Nil Nil Nil Nil Nil 226.37 (226.37) Nil Nil Nil Nil Nil
Transfer to Debenture Redemption Reserve........................................... Nil Nil (1.69) Nil Nil Nil Nil 1.69 Nil Nil Nil Nil Nil Nil
Transfer to Special Reserve Fund ................................................................. Nil Nil Nil Nil Nil 16.20 Nil (16.20) Nil Nil Nil Nil Nil Nil
Distribution on Unsecured Perpetual Securities (Net of Tax) ............ Nil Nil Nil Nil Nil Nil Nil (112.06) Nil Nil Nil (112.06) Nil (112.06)
Balance as at 31st March, 2018 * ............................................................. 4,086.53 5,647.80 1,073.16 15.76 232.09 119.05 660.08 2,473.39 (44.77) 367.55 (1.26) 14,629.38 2,015.29 16,644.67
Balance as at 31st March, 2018 * ............................................................. 4,086.53 5,647.80 1,073.16 15.76 232.09 119.05 660.08 2,473.39 (44.77) 367.55 (1.26) 14,629.38 2,015.29 16,644.67
Profit for the year ............................................................................................... Nil Nil Nil Nil Nil Nil Nil 2,190.94 Nil Nil Nil 2,190.94 249.47 2,440.41
Other Comprehensive Income/(Expense) for the year (Net of Tax) Nil Nil Nil Nil Nil Nil Nil (17.70) (27.86) 209.17 1.26 164.87 (0.43) 164.44
Total Comprehensive Income ................................................................... Nil Nil Nil Nil Nil Nil Nil 2,173.24 (27.86) 209.17 1.26 2,355.81 249.04 2,604.85
Issue of Equity Shares during the year....................................................... Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil
Dividend paid (including tax on dividend) .............................................. Nil Nil Nil Nil Nil Nil Nil (423.65) Nil Nil Nil (423.65) (97.67) (521.32)
Non-controlling interest on acquisition of Subsidiaries...................... Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil
Transfer to Retained Earnings on Sale of Shares .................................... Nil Nil Nil Nil Nil Nil Nil (771.15) 771.15 Nil Nil Nil Nil Nil
Fair Value of Equity Instruments for the year .......................................... Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil
Transfer to Retained Earnings ....................................................................... Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil
Transfer to Capital Redemption Reserve .................................................. Nil Nil Nil 500.00 Nil Nil Nil (500.00) Nil Nil Nil Nil Nil Nil
Transfer to Debenture Redemption Reserve........................................... Nil Nil (344.26) Nil Nil Nil Nil 344.26 Nil Nil Nil Nil Nil Nil
Transfer to Special Reserve Fund ................................................................. Nil Nil Nil Nil Nil 3.54 Nil (3.54) Nil Nil Nil Nil Nil Nil
Distribution on Unsecured Perpetual Securities (Net of Tax) ............ Nil Nil Nil Nil Nil Nil Nil (110.88) Nil Nil Nil (110.88) Nil (110.88)
Balance as at 31st March, 2019 ................................................................ 4,086.53 5,647.80 728.90 515.76 232.09 122.59 660.08 3,181.67 698.52 576.72 Nil 16,450.66 2,166.66 18,617.32


Notes to the Consolidated Financial Statements

1. Corporate Information:
NOTICE
The Tata Power Company Limited (the ‘Company’) is a public limited Company domiciled and incorporated in India under the
Indian Companies Act, 1913. The registered office of the Company is located at Bombay House, 24, Homi Mody Street, Mumbai
400 001 India. The principal business of the Company is generation, transmission, distribution and trading of electricity.
The Company and its subsidiaries (collectively referred to as ‘the Group’) is one of India’s largest integrated power companies
with an international presence. The Group together with its joint venture companies has an installed gross generation capacity
of 10,957 MW and a presence in all the segments of the power sector viz. Fuel Security and Logistics, Generation (thermal, hydro,
BOARD’S REPORT
solar and wind), Transmission, Distribution and Trading. The Group has developed the country’s first 4,000 MW Ultra Mega Power
Project at Mundra (Gujarat) based on super-critical technology. It is also one of the largest renewable energy players in India
with a clean energy portfolio of 3,617 MW. Its international presence includes strategic investments in Indonesia, Singapore,
South Africa, Zambia, Georgia and Bhutan. With its track record of technology leadership, project execution excellence, world
class safety processes, customer care and driving green initiatives the Group is poised for multi-fold growth and is committed
to ‘lighting up lives’ for generations to come.
2.1 Statement of compliance
The consolidated financial statements have been prepared in accordance with Indian Accounting Standards (Ind AS) as
notified under the Companies (Indian Accounting Standards) Rules, 2015, read with section 133 of the Companies Act, 2013 (as
MD & A
amended from time to time).
2.2 Basis of preparation and presentation
The consolidated financial statements have been prepared on a historical cost basis, except for the following assets and
liabilities which have been measured at fair value or revalued amount:
- derivative financial instruments,
- certain financial assets and liabilities measured at fair value (refer accounting policy regarding financial instruments).
CG REPORT
- employee benefit expenses (Refer Note 24 for Accounting policy).
2.3 Basis of Consolidation
The Group consolidates all entities which are controlled by it. The consolidated financial statements comprise the financial
statements of the Company and its subsidiaries. Control exists when the parent has power over the entity, is exposed, or has
rights, to variable returns from its involvement with the entity and has the ability to affect those returns by using its power
over the entity. Power is demonstrated through existing rights that give the ability to direct relevant activities, those which
significantly affect the entity’s returns. The entities are consolidated from the date control commences until the date control
ceases.
The consolidated financial statements of the Group companies are consolidated on a line-by-line basis and intra-group
BRR
balances and transactions including unrealised gain/loss from such transactions are eliminated upon consolidation. These
consolidated financial statements are prepared by applying uniform accounting policies in use at the Group. Profit or loss on
each component of other comprehensive income (OCI) are attributed to the equity holders of the parent of the Group and to
the non-controlling interests, even if this results in the non-controlling interest having a deficit balance.
Changes in the Group’s holding that do not result in a loss of control are accounted for as equity transactions. The carrying
CONSOLIDATED
amount of the Group’s holding and the non-controlling interests are adjusted to reflect the changes in their relative holding.
Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration
paid or received is recognised directly in equity and attributed to owners of the Company.
Joint Ventures are entities over which the Group has joint control. Associates are entities over which the Group has significant
influence but not control. Investments in Joint Ventures and Associates are accounted for using the equity method of
accounting. The investment is initially recognised at cost, and the carrying amount is increased or decreased to recognise the
investor’s share of the profit or loss of the investee after the acquisition date. The Group’s investment in Joint Ventures and
Associates includes goodwill identified on acquisition. (Refer Note 6a)
2.4 Business Combinations and Goodwill
STANDALONE
The Group accounts for its business combinations under acquisition method of accounting. Acquisition related costs are
recognised in statement of profit and loss as incurred. The acquiree’s identifiable assets, liabilities and contingent liabilities that
meet the condition for recognition are recognised at their fair values at the acquisition date.
Purchase consideration paid in excess of the fair value of net assets acquired is recognised as goodwill. Where the fair value of
identifiable assets and liabilities exceed the cost of acquisition, after reassessing the fair values of the net assets and contingent
liabilities, the excess is recognised as capital reserve.


The interest of non-controlling shareholders is initially measured either at fair value or at the non-controlling interests’
proportionate share of the acquiree’s identifiable net assets. The choice of measurement basis is made on an acquisition-by-
acquisition basis. Subsequent to acquisition, the carrying amount of non-controlling interests is the amount of those interests
at initial recognition plus the non-controlling interests’ share of subsequent changes in equity of subsidiaries.
Business combinations arising from transfers of interests in entities that are under the common control are accounted at
historical costs. The difference between any consideration given and the aggregate historical carrying amounts of assets and
liabilities of the acquired entity are recorded in shareholders’ equity.
Goodwill is initially measured at cost, being the excess of the aggregate of the consideration transferred and the amount
recognised for non-controlling interests and any previous interest held, over the net identifiable assets acquired and liabilities
assumed. If the fair value of the net assets acquired is in excess of the aggregate consideration transferred, the Group re-assesses
whether it has correctly identified all of the assets acquired and all of the liabilities assumed and reviews the procedures used to
measure the amounts to be recognised at the acquisition date. If the reassessment still results in an excess of the fair value of net
assets acquired over the aggregate consideration transferred, then the gain is recognised in other comprehensive income (OCI)
and accumulated in equity as capital reserve. However, if there is no clear evidence of bargain purchase, the entity recognises
the gain directly in equity as capital reserve, without routing the same through OCI.
After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment
testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group’s cash-
generating units that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the
acquiree are assigned to those units.
A cash generating unit to which goodwill has been allocated is tested for impairment annually, or more frequently when there
is an indication that the unit may be impaired. If the recoverable amount of the cash generating unit is less than its carrying
amount, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to
the other assets of the unit pro rata based on the carrying amount of each asset in the unit. Any impairment loss for goodwill is
recognised in profit or loss. An impairment loss recognised for goodwill is not reversed in subsequent periods.
2.5 Details of the Group’s subsidiaries at the end of the reporting period considered in the preparation of the Consolidated Financial
Statements are as follows:
Name Country of % voting power % voting power % voting power
Incorporation held as at held as at held as at
31st March, 2019 31st March, 2018 1st April, 2017
Subsidiaries (Direct)
Af-Taab Investment Co. Ltd ................................. India 100 100 100
Tata Power Trading Co. Ltd.................................. India 100 100 100
NELCO Ltd. ................................................................ India 50.04 50.04 50.04
Maithon Power Ltd. ............................................... India 74 74 74
Tata Power Delhi Distribution Ltd. ................... India 51 51 51
Coastal Gujarat Power Ltd. .................................. India 100 100 100
Bhira Investments Pte. Ltd. ................................. Singapore 100 100 100
Bhivpuri Investments Ltd. ................................... Mauritius 100 100 100
Khopoli Investments Ltd...................................... Mauritius 100 100 100
Trust Energy Resources Pte. Ltd. ....................... Singapore 100 100 100
Industrial Power Utility Ltd. ................................ India 100 100 100
Tata Ceramics Ltd. $ ............................................... India 57.07 57.07 57.07
Tata Power International Pte. Ltd. .................... Singapore 100 100 100
Tata Power Solar Systems Ltd. ........................... India 100 100 100
Tata Power Renewable Energy Ltd. .................. India 100 100 100
Tata Power Jamshedpur Distribution Ltd. ..... India 100 100 100
TP Ajmer Distribution Ltd. ................................... India 100 100 Nil
Tata Power Green Energy Ltd. ........................... India 100 100 100


Name Country of % voting power % voting power % voting power
NOTICE
Incorporation held as at held as at held as at
Subsidiaries (Indirect)
PT Sumber Energi Andalan Tbk. $ .................... Indonesia 92.50 92.50 94.61
NDPL Infra Ltd. ........................................................ India 51 51 51
Energy Eastern Pte. Ltd. ....................................... Singapore 100 100 100
BOARD’S REPORT
Tatanet Services Ltd. (TNSL)
(Consolidated with NELCO Ltd.) ....................... India 50.04 50.04 50.04
Supa Windfarm Ltd. .............................................. India 100 100 100
Poolavadi Windfarm Ltd. ..................................... India 100 100 100
Nivade Windfarm Ltd. .......................................... India 100 100 100
Indo Rama Renewables Jath Ltd. ..................... India 100 100 100
Walwhan Renewable Energy Ltd. .................... India 100 100 99.99
Clean Sustainable Solar Energy Private Ltd. @.. India 99.99 99.99 99.99
Dreisatz Mysolar24 Private Ltd. @..................... India 100 100 100
MI Mysolar24 Private Ltd. @ ................................ India 100 100 74
MD & A
Northwest Energy Private Ltd. @ ...................... India 100 100 100
Solarsys Renewable Energy Private Ltd. @ .... India 100 100 72.50
Walwhan Solar Energy GJ Ltd. @ ....................... India 100 100 74
Walwhan Solar Raj Ltd. @ .................................... India 100 100 100
Walwhan Solar BH Ltd. @ ..................................... India 100 100 100
Walwhan Solar MH Ltd. @.................................... India 100 100 100
Walwhan Wind RJ Ltd. @ ...................................... India 100 100 100
CG REPORT
Walwhan Solar AP Ltd. @ ..................................... India 100 100 100
Walwhan Solar KA Ltd. @ ..................................... India 100 100 100
Walwhan Solar MP Ltd. @ .................................... India 100 100 100
Walwhan Solar PB Ltd. @ ..................................... India 100 100 100
Walwhan Energy RJ Ltd. @ .................................. India 100 100 100
Walwhan Solar TN Ltd. @ ..................................... India 100 100 100
Walwhan Solar RJ Ltd. @ ...................................... India 100 100 100
Walwhan Urja Anjar Ltd. @ .................................. India 100 100 100
Walwhan Urja India Ltd. @ .................................. India 100 100 100
Chirasthayee Saurya Ltd. ..................................... India 100 100 100
BRR
Nelco Network Products Ltd.
(Consolidated with NELCO Ltd.) ........................ India 50.04 50.04 50.04
Vagarai Windfarm Ltd. .......................................... India 72 72 100
Far Eastern Natural Resources LLC # ................ Russia 100 100 Nil
# Based on Unaudited Financial Information, certified by its Management for the year ended 31st March, 2019.
@ Consolidated with Walwhan Renewable Energy Ltd.
CONSOLIDATED
$ Classified as held for sale
3. Other Significant Accounting Policies, Critical Accounting Estimates and Judgements:
3.1 Foreign Currencies
The Group’s consolidated financial statements are presented in Indian Rupee, which is also the parent company’s functional
currency. For each entity the Group determines the functional currency and items included in the financial statements of each
entity are measured using that functional currency.
Transactions in foreign currencies are initially recorded by the Group’s entities at their respective functional currency spot rates
STANDALONE
at the date the transaction first qualifies for recognition. However, for practical reasons, the group uses an average rate if the
average approximates the actual rate at the date of the transaction.
Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rates of
exchange at the reporting date.
Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates
at the dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using


the exchange rates at the date when the fair value is determined. The gain or loss arising on translation of non-monetary items
measured at fair value is treated in line with the recognition of the gain or loss on the change in fair value of the item (i.e.,
translation differences on items whose fair value gain or loss is recognised in OCI or profit or loss are also recognised in OCI or
profit or loss, respectively).
3.2 Current versus non-current classification
The Group presents assets and liabilities in the balance sheet based on current/ non-current classification. An asset is treated as
current when it is:
- expected to be realised or intended to be sold or consumed in normal operating cycle,
- held primarily for the purpose of trading,
- expected to be realised within twelve months after the reporting period, or
- cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months
after the reporting period.
All other assets are classified as non-current.
A liability is current when:
- it is expected to be settled in normal operating cycle,
- it is held primarily for the purpose of trading,
- it is due to be settled within twelve months after the reporting period, or
- there is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting
period.
The Group classifies all other liabilities as non-current.
Deferred tax assets and liabilities are classified as non-current assets and liabilities.
The operating cycle is the time between the acquisition of assets for processing and their realisation in cash and cash equivalents.
The Group has identified twelve months as its operating cycle.
3.3.1 Warranties
Provisions for the expected cost of warranty obligations under local sale of goods legislation are recognised at the date of sale
of the relevant products, at the Group’s best estimate of the expenditure required to settle the Group’s obligation.
3.4 Financial Instruments
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument
of another entity.
Financial assets and financial liabilities are recognised when the Group becomes a party to the contractual provisions of the
instruments.
Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the
acquisition or issue of financial assets and financial liabilities are added to or deducted from the fair value of the financial assets
or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial
assets or financial liabilities measured at fair value through profit or loss are recognised immediately in statement of profit and
loss.
3.5 Financial Assets
All regular way purchases or sales of financial assets are recognised and derecognised on a trade date basis. Regular way
purchases or sales are purchases or sales of financial assets that require delivery of assets within the time frame established by
regulation or convention in the market place.
All recognised financial assets are subsequently measured in their entirety at either amortised cost or fair value, depending on
the classification of the financial assets.
3.5.1 Financial assets at amortised cost
Financial assets are subsequently measured at amortised cost using the effective interest rate method if these financial assets
are held within a business whose objective is to hold these assets in order to collect contractual cash flows and the contractual
terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the
principal amount outstanding.


3.5.2 Financial assets at fair value through other comprehensive income (FVTOCI)
NOTICE
A financial asset is subsequently measured at fair value through other comprehensive income if it is held within a business
model whose objective is achieved by both collecting contractual cash flows and selling financial assets and the contractual
On initial recognition, the Group makes an irrevocable election on an instrument-by-instrument basis to present the subsequent
changes in fair value in other comprehensive income pertaining to investments in equity instruments, other than equity
BOARD’S REPORT
investment which are held for trading. Subsequently, they are measured at fair value with gains and losses arising from changes
in fair value recognised in other comprehensive income and accumulated in the ‘Reserve for equity instruments through other
comprehensive income’. The cumulative gain or loss is not reclassified to statement of profit and loss on sale of the investments.
3.5.3 Financial assets at fair value through profit or loss (FVTPL)
Investments in equity instruments are classified as at FVTPL, unless the Group irrevocably elects on initial recognition to present
subsequent changes in fair value in other comprehensive income for investments in equity instruments which are not held for
trading.
Other financial assets are measured at fair value through profit or loss unless it is measured at amortised cost or at fair value
through other comprehensive income on initial recognition. The transaction costs directly attributable to the acquisition of
MD & A
financial assets and liabilities at fair value through profit or loss are immediately recognised in statement of profit and loss.
3.5.4 Investment in Jointly Controlled Entities and Associates
Investment in jointly controlled entities and associates are accounted using equity method less impairment.
Impairment of investments:
The Group reviews its carrying value of investments carried at cost, amortised cost or equity method annually, or more
frequently when there is indication for impairment. If the recoverable amount is less than its carrying amount, the impairment
loss is accounted for in the statement of profit and loss.
CG REPORT
3.5.5 Derecognition
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily
derecognised (i.e. removed from the Group’s balance sheet) when:
- the right to receive cash flows from the asset have expired, or
- the Group has transferred its right to receive cash flows from the asset or has assumed an obligation to pay the received
cash flows in full without material delay to a third party under a ‘pass-through’ arrangement; and either (a) the Group
has transferred substantially all the risks and rewards of the asset, or (b) the Group has neither transferred nor retained
substantially all the risks and rewards of the asset, but has transferred control of the asset.
BRR
When the Group has transferred its right to receive cash flows from an asset or has entered into a pass-through arrangement, it
evaluates if and to what extent it has retained the risks and rewards of ownership. When it has neither transferred nor retained
substantially all of the risks and rewards of the asset, nor transferred control of the asset, the Group continues to recognise the
transferred asset to the extent of the Group’s continuing involvement. In that case, the Group also recognises an associated
liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that
the Group has retained.
CONSOLIDATED
3.5.6 Impairment of financial assets
The Group assesses at each date of balance sheet whether a financial asset or a group of financial assets is impaired. Ind AS 109
requires expected credit losses to be measured through a loss allowance. The Group recognises lifetime expected losses for all
contract assets and/or all trade receivables that do not constitute a financing transaction. For all other financial assets, expected
credit losses are measured at an amount equal to the 12 months expected credit losses or at an amount equal to the life time
expected credit losses if the credit risk on the financial asset has increased significantly since initial recognition.
3.6 Financial liabilities and equity instruments
STANDALONE
3.6.1 Classification as debt or equity

Debt and equity instruments issued by a Group are classified as either financial liabilities or as equity in accordance with the
substance of the contractual arrangements and the definitions of a financial liability and an equity instrument.
3.6.2 Equity Instruments
An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities.
Equity instruments issued by a Group entity are recognised at the proceeds received, net of direct issue costs.


3.6.3 Financial liabilities
All financial liabilities are subsequently measured at amortised cost using the effective interest rate method. Gains and losses
are recognised in statement of profit and loss when the liabilities are derecognised as well as through the Effective Interest Rate
(EIR) amortisation process. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees
or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the statement of profit and loss.
3.6.4 Derecognition
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an
existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an
existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original
liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement
of profit and loss.
3.6.5 Financial guarantee contracts
Financial guarantee contracts issued by the Group are those contracts that require a payment to be made to reimburse the
holder for a loss it incurs because the specified debtor fails to make a payment when due in accordance with the terms of a debt
instrument. Financial guarantee contracts are recognised initially as a liability at fair value, adjusted for transaction costs that are
directly attributable to the issuance of the guarantee. Subsequently, the liability is measured at the higher of the amount of loss
allowance determined as per impairment requirements of Ind AS 109 and the amount recognised less cumulative amortisation.
3.7 Derivative financial instruments
The Group enters into a variety of derivative financial instruments to manage its exposure to foreign exchange rate risks,
including foreign exchange forward contracts and cross currency swaps.
Derivatives are initially recognised at fair value at the date the derivative contracts are entered into and are subsequently
remeasured to their fair value at the end of each reporting period. The resulting gain or loss is recognised in statement of profit
and loss immediately.
3.8 Reclassification of financial assets and liabilities
The Group determines classification of financial assets and liabilities on initial recognition. After initial recognition, no
reclassification is made for financial assets which are equity instruments and financial liabilities. For financial assets which are
debt instruments, a reclassification is made only if there is a change in the business model for managing those assets. Changes
to the business model are expected to be infrequent. The Group’s senior management determines change in the business
model as a result of external or internal changes which are significant to the Group’s operations. Such changes are evident to
external parties. A change in the business model occurs when the Group either begins or ceases to perform an activity that
is significant to its operations. If the Group reclassifies financial assets, it applies the reclassification prospectively from the
reclassification date which is the first day of the immediately next reporting period following the change in business model. The
Group does not restate any previously recognised gains, losses (including impairment gains or losses) or interest.
3.9 Offsetting of financial instruments
Financial assets and financial liabilities are offset and the net amount is reported in the balance sheet if there is a currently
enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, to realise the assets
and settle the liabilities simultaneously.
3.10 Government Grants
Government grants are not recognised until there is reasonable assurance that the Group will comply with the conditions
attaching to them and that the grant will be received.
Government grants relating to income are determined and recognised in the statement of profit and loss over the period
necessary to match them with the cost that they are intended to compensate and presented within other income.
Government grants relating to the purchase of property, plant and equipment are reduced from the cost of the assets.
The benefit of a Government loan at a below market rate of interest is treated as a Government grant, measured as the difference
between proceeds received and the fair value of loan based on prevailing market interest rates.
Amendment to Ind AS-20 Government Grant
The Ministry of Corporate Affairs (MCA) notified the Companies (Indian Accounting Standards) Second Amendment Rules,
2018 (the ‘Rules’) on 20th September 2018. The Rules amend Ind AS 20 Accounting for Government Grants and Disclosure of
Government Assistance to allow entities the option of recording non-monetary government grants at a nominal amount and
presenting government grants related to assets by deducting the grant from the carrying amount of the asset. This amendment
has been opted and applied (Refer Note 3.14) by the Group.


3.11 Dividend distribution to equity shareholders of the Parent Company
NOTICE
The Parent Company recognises a liability to make dividend distributions to its equity holders when the distribution is
authorised and the distribution is no longer at its discretion. As per the corporate laws in India, a distribution is authorised
when it is approved by the shareholders. A corresponding amount is recognised directly in equity.
3.12 Service Concession Agreement (SCA)
A Group entity has entered into contract for design, part finance, engineering, manufacture, supply, erection, testing,
BOARD’S REPORT
commissioning and operation and maintenance for 25 years of Grid Interactive Solar Power Project through Public Private
Partnership with a public sector power generator (PSU). The PSU has paid part of the project cost to the Group on commissioning
of plant/Handover of Project. Remaining cost and the operations and maintenance cost is being recovered over the period of
the project in accordance with the agreement with the PSU.
Ind AS 115 establishes a five-step model to account for revenue arising from contracts with customers and requires that
revenue be recognised at an amount that reflects the consideration to which an entity expects to be entitled in exchange
for transferring goods or services to a customer. It requires entities to exercise judgement, taking into consideration all of the
relevant facts and circumstances when applying each step of the model to contracts with their customers.
As per the arrangement, the share of electricity revenue is divided into three parts i.e. towards deferred payment, interest income
and operation and maintenance revenue. The Group has initially measured financial asset at fair value and subsequently at
MD & A
amortized cost by recognizing share of electricity sale revenue first towards operation and maintenance revenue. Subsequent
thereto, amount is recognised as interest income at computed Internal Rate of Return (IRR) on opening balance of the financial
asset. Further, surplus of revenue share over and above operation and maintenance revenue and interest income is recognized
as recovery of the financial asset.
3.13 Standards issued but not yet effective
The amendments to standards that are issued, but not yet effective, upto the date of issuance of the Group’s financial statements
are disclosed below. The Group intends to adopt these standards, if applicable, when they become effective.
CG REPORT
Ind AS 116 - Leases
Ind AS 116 Leases was notified in March 2019 and it replaces Ind AS 17 Leases. Ind AS 116 is effective for annual periods
beginning on or after 1st April, 2019. It sets out the principles for the recognition, measurement, presentation and disclosure of
leases and requires lessees to account for all leases under a single on-balance sheet model similar to the accounting for finance
leases under Ind AS 17. Lessor accounting under Ind AS 116 is substantially unchanged from today’s accounting under Ind AS
17. Ind AS 116 requires lessees and lessors to make more extensive disclosures than under Ind AS 17. The Group is in the process
of evaluating the requirements of the standard and its impact on its financial statements.
Ind AS 12 – Income taxes (amendments relating to income tax consequences of dividend and uncertainty over income
tax treatments)
BRR
The amendment relating to income tax consequences of dividend clarify that an entity shall recognise the income tax
consequences of dividends in statement of profit or loss, other comprehensive income or equity according to where the entity
originally recognised those past transactions or events. The Group does not expect any impact from this pronouncement. It is
relevant to note that the amendment does not amend situations where the entity pays a tax on dividend which is effectively a
portion of dividends paid to taxation authorities on behalf of shareholders. Such amount paid or payable to taxation authorities
CONSOLIDATED
continues to be charged to equity as part of dividend, in accordance with Ind AS 12.
The amendment to Appendix C of Ind AS 12 specifies that the amendment is to be applied to the determination of taxable profit
(tax loss), tax bases, unused tax losses, unused tax credits and tax rates, when there is uncertainty over income tax treatments
under Ind AS 12. It outlines the following: (1) the entity has to use judgement, to determine whether each tax treatment should
be considered separately or whether some can be considered together. The decision should be based on the approach which
provides better predictions of the resolution of the uncertainty (2) the entity is to assume that the taxation authority will have
full knowledge of all relevant information while examining any amount (3) entity has to consider the probability of the relevant
taxation authority accepting the tax treatment and the determination of taxable profit (tax loss), tax bases, unused tax losses,
STANDALONE
unused tax credits and tax rates would depend upon the probability. The Group does not expect any significant impact of the
amendment on its financial statements.
Ind AS 109 – Prepayment Features with Negative Compensation
The amendments relate to the existing requirements in Ind AS 109 regarding termination rights in order to allow measurement
at amortised cost (or, depending on the business model, at fair value through other comprehensive income) even in the
case of negative compensation payments. The Group does not expect this amendment to have any impact on its financial
statements.


Ind AS 19 – Plan Amendment, Curtailment or Settlement
The amendments clarify that if a plan amendment, curtailment or settlement occurs, it is mandatory that the current service
cost and the net interest for the period after the re-measurement are determined using the assumptions used for the
re-measurement. In addition, amendments have been included to clarify the effect of a plan amendment, curtailment or
settlement on the requirements regarding the asset ceiling. The Group does not expect this amendment to have any significant
impact on its financial statements.
Ind AS 23 – Borrowing Costs
The amendments clarify that if any specific borrowing remains outstanding after the related asset is ready for its intended use
or sale, that borrowing becomes part of the funds that an entity borrows generally when calculating the capitalisation rate on
general borrowings. The Group does not expect any impact from this amendment.
Ind AS 28 – Long-term Interests in Associates and Joint Ventures
The amendments clarify that an entity applies Ind AS 109 Financial Instruments, to long-term interests in an associate or joint
venture that form part of the net investment in the associate or joint venture but to which the equity method is not applied.
The Group does not currently have any such long-term interests in associates and joint ventures.
Ind AS 103 – Business Combinations and Ind AS 111 - Joint Arrangements
The amendments to Ind AS 103 relating to re-measurement clarify that when an entity obtains control of a business that is a
joint operation, it re-measures previously held interests in that business. The amendments to Ind AS 111 clarify that when an
entity obtains joint control of a business that is a joint operation, the entity does not re-measure previously held interests in
that business. The Group will apply the pronouncement if and when it obtains control / joint control of a business that is a joint
operation.
3.14 Changes in accounting policies and disclosures
(a) Revenue from delay payment charges
Delayed payment charges were hitherto recognized only when they are realised/recovered. With effect from 1st April,
2018, the Group has revised its accounting policy to recognize Delayed Payment Charges (DPC) on accrual basis based
on contractual terms and an assessment of certainty of realization. Management believes that this policy results in the
financial statements providing reliable and more relevant information about the effects of transaction on the Group’s
financial position and performance. The revision in accounting policy has been applied retrospectively has resulted in
increase in other income and profit before tax by ₹ 58.64 crore, current tax by ₹ 20.39 crore, profit after tax by ₹ 39.25
crore for the year ended 31st March, 2019 and does not have any significant impact on previous year’s statement of profit
and loss and retained earnings as at 1st April, 2017.
New and amended standards and interpretations
The Group applied for the first time certain amendments to the standards, which are effective for annual periods beginning on
or after 1st April, 2018. The nature and the impact of each amendment is described below:
(b) Ind AS 20 Accounting for Government Grants and Disclosure
In accordance with the amendment in Ind AS 20 “Accounting for Government Grants and Disclosure” the Group has
changed its accounting policy of recognizing the grant as a reduction from the carrying amount of the asset instead
of recognizing the grant as deferred income. Management believes that this policy results in the financial statements
providing reliable and more relevant information about the effects of transaction on the Group’s financial position and
performance. The revision in accounting policy has been applied retrospectively. Refer Note 43 for restatement.
(c) Ind AS 115 Revenue from Contracts with Customers
Ind AS 115 supersedes Ind AS 11 Construction Contracts, Ind AS 18 Revenue and related interpretations and it applies,
with limited exceptions, to all revenue arising from contracts with its customers. Ind AS 115 establishes a five-step model
to account for revenue arising from contracts with customers and requires that revenue be recognised at an amount that
reflects the consideration to which an entity expects to be entitled in exchange for transferring goods or services to a
customer.
The Group adopted Ind AS 115 using the full retrospective method of adoption. Ind AS 115 requires entities to exercise
judgement, taking into consideration all of the relevant facts and circumstances when applying each step of the model
to contracts with their customers. The standard also specifies the accounting for the incremental costs of obtaining a
contract and the costs directly related to fulfilling a contract. In addition, the standard requires relevant disclosures.
Refer Note 43 for restatement.


3.15 Critical accounting estimates and judgements
NOTICE
In the application of the Group’s accounting policies, the Management is required to make judgements, estimates and
assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates
and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual
results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised
BOARD’S REPORT
in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future
periods if the revision affects both current and future periods. Detailed information about each of these estimates and
judgements is included in relevant notes together with information about the basis of calculation for each affected line item in
the consolidated financial statements.
The areas involving critical estimates or judgements are:
Estimates and judgements used for impairment of property, plant and equipment of certain cash generating units (CGU) - Note 4
Estimation and judgements for impairment of goodwill - Note 5 a.
Estimated fair value of unquoted securities and impairment of investments - Note 6
MD & A
Estimation of defined benefit obligation - Note 24
Estimation of provision for warranty claims - Note 24
Estimation of current tax and deferred tax expenses (including Minimum Alternate Tax Credit) - Note 33 and 12
Judgement to estimate the amount of provision required or to determine required disclosure related to litigation and claims
against the Group - Note 35
Estimates and judgement are continually evaluated. They are based on historical experience and other factors, including
CG REPORT
expectations of future events that may have a financial impact on the Group and that are believed to be reasonable under the
circumstances.
4 a. Property, Plant and Equipment
Accounting Policy
Property, plant and equipment is stated at cost less accumulated depreciation and accumulated impairment losses, if any.
Cost includes purchase price (net of trade discount and rebates) and any directly attributable cost of bringing the asset to
its working condition for its intended use and for qualifying assets, borrowing costs capitalised in accordance with Ind AS
23. Capital work in progress is stated at cost, net of accumulated impairment loss, if any. When significant parts of plant and
BRR
equipment are required to be replaced at intervals, the Group depreciates them separately based on their specific useful lives.
Likewise, when a major inspection is performed, its cost is recognised in the carrying amount of the plant and equipment as a
replacement if the recognition criteria are satisfied. All other repair and maintenance costs are recognised in statement of profit
and loss as incurred.
Depreciation
CONSOLIDATED
Depreciation commences when an asset is ready for its intended use. Freehold land and assets held for sale are not depreciated.
Regulated Assets:
Depreciation on Property, plant and equipment in respect of electricity business of the Group covered under Part B of Schedule
II of the Companies Act, 2013, has been provided on the straight line method at the rates as notified by the respective regulators.
Non Regulated Assets:
Depreciation is recognised on the cost of assets (other than freehold land and properties under construction) less their residual
STANDALONE
values over their estimated useful lives, using the straight-line method.
The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, with the
effect of any changes in estimate accounted for on a prospective basis.


Estimated useful lives of the Regulated and Non Regulated assets are as follows:
Type of asset Useful lives
Leasehold Land 25 to 95 years
Hydraulic Works 35 years
Buildings-Plant 5 to 40 years
Buildings-Others 25 to 60 years
Coal Jetty 25 years
Railway Sidings, Roads, Crossings, etc. 5 to 35 years
Plant and Equipment (excluding Computers and Data Processing units) 3 to 40 years
Plant and Equipment (Computers and Data Processing units) 3 to 6 years
Transmission Lines, Cable Network, etc. 4 to 35 years
Furniture and Fixtures 5 to 35 years
Office Equipment 5 to 15 years
Motor Cars 4 to 10 years
Motor Lorries, Launches, Barges etc. 25 to 35 years
Ships 25 years
Helicopters 25 years
Decapitalisation
An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected to
arise from the continued use of the asset. Any gain or loss arising on the disposal or retirement of an item of property, plant and
equipment is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised
in statement of profit and loss.
Impairment
Impairment of tangible and intangible assets
The Group assesses, at each reporting date, whether there is an indication that an asset may be impaired. If any indication exists,
or when annual impairment testing for an asset is required, the Group estimates the asset’s recoverable amount. An asset’s
recoverable amount is the higher of an asset’s or Cash-generating unit’s (CGU) fair value less costs of disposal and its value in
use. Recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely
independent of those from other asset or Group of assets.
When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written
down to its recoverable amount.
In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that
reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less
costs of disposal, recent market transactions are taken into account. If no such transactions can be identified, an appropriate
valuation model is used. These calculations are corroborated by valuation multiples, quoted share prices for publicly traded
companies or other available fair value indicators.
The Group bases its impairment calculation on detailed budgets and forecast calculations, which are prepared separately for
each of the Group’s CGUs to which the individual assets are allocated. These budgets and forecast calculations generally cover
a PPA period. To estimate Cash flow projections beyond periods covered by the most recent budgets/forecasts, the Group
extrapolates cash flow projections in the budget using a steady or declining growth rate for subsequent years, unless an
increasing rate can be justified. In any case, this growth rate does not exceed the long-term average growth rate for the market
in which the asset is used.
Impairment losses of tangible and intangible assets are recognised in the statement of profit and loss.

4 a. Property, Plant and Equipment (Contd.)

` crore
Description Freehold Hydraulic Buildings - Buildings - Coal Roads, Plant and Transmission Furniture Office Motor Ships Helicopters Assets Total
Land Works Plant Others @ Jetty Railway Equipment lines and and Equipment Vehicles, Under
sidings, cable Fixtures Launches, Lease
crossings etc. network Barges, etc.
Cost
Balance as at 1st April, 2018 ...................... 973.94 536.68 2,143.89 762.13 106.10 99.45 43,913.56 5,699.52 122.30 112.34 106.81 1,593.84 37.01 230.08 56,437.65
Additions .............................................................. 62.33 1.56 94.28 12.65 Nil 4.12 1,664.53 509.68 3.10 62.06 7.95 Nil Nil Nil 2,422.26
Disposals............................................................... (1.45) (1.78) (1.62) (0.39) Nil (0.73) (188.64) (4.25) (4.85) (10.31) (13.31) Nil Nil Nil (227.33)
Exchange Movement ....................................... Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil 97.43 Nil Nil 97.43
Reclassified as held for sale............................ (3.28) Nil (51.24) (21.60) Nil Nil (465.50) (4.81) (0.11) (0.61) Nil Nil Nil (225.65) (772.80)
Balance as at 31st March, 2019 ................ 1,031.54 536.46 2,185.31 752.79 106.10 102.84 44,923.95 6,200.14 120.44 163.48 101.45 1,691.27 37.01 4.43 57,957.21
Accumulated depreciation and
impairment
Balance as at 1st April, 2018 ...................... Nil 283.00 518.28 202.83 50.39 69.24 11,256.81 2,029.99 76.98 63.07 48.52 368.01 30.78 8.14 15,006.04
Depreciation Expense - Continuing
Operations ........................................................... Nil 12.37 58.02 31.13 5.62 2.12 1,805.07 250.89 8.81 13.32 11.82 64.91 2.47 2.90 2,269.45
Disposal of assets .............................................. Nil (1.51) (1.45) (0.36) Nil (0.64) (137.21) (1.86) (4.22) (3.10) (5.88) Nil Nil Nil (156.23)
Charge for the year - Impairment
[Refer Note (i) below] ....................................... Nil Nil 7.65 Nil Nil Nil 10.35 0.07 Nil Nil Nil Nil Nil Nil 18.07
Exchange Movement ....................................... Nil Nil Nil Nil Nil Nil Nil Nil 0.05 Nil Nil 21.83 Nil Nil 21.88
Reclassified as held for sale............................ Nil Nil (39.22) (12.45) Nil Nil (238.62) (2.66) (0.07) (0.38) Nil Nil Nil (10.10) (303.50)
Balance as at 31st March, 2019 ................ Nil 293.86 543.28 221.15 56.01 70.72 12,696.40 2,276.43 81.55 72.91 54.46 454.75 33.25 0.94 16,855.71
Net carrying amount
As at 31st March, 2019 ................................. 1,031.54 242.60 1,642.03 531.64 50.09 32.12 32,227.55 3,923.71 38.89 90.57 46.99 1,236.52 3.76 3.49 41,101.50
As at 31st March, 2018 ................................. 973.94 253.68 1,625.61 559.30 55.71 30.21 32,656.75 3,669.53 45.32 49.27 58.29 1,225.83 6.23 221.94 41,431.61
Consolidated Financials I
147
STANDALONE CONSOLIDATED BRR CG REPORT MD & A BOARD’S REPORT NOTICE
148
4 a. Property, Plant and Equipment (Contd.)
` crore
Description Freehold Hydraulic Buildings - Buildings - Coal Roads,Railway Plant and Transmission Furniture Office Motor Ships Helicopters Assets Total
Land Works Plant Others @ Jetty sidings, Equipment lines and and Equipment Vehicles, Under
crossings etc. cable Fixtures Launches, Lease
network Barges, etc.
Cost
Balance as at 1st April, 2017 .................... 1,078.76 535.88 2,041.43 750.72 106.10 96.00 41,977.21 5,202.69 137.47 114.49 76.43 1,589.10 37.01 225.65 53,968.94
Additions ............................................................ 52.87 0.46 163.51 11.74 Nil 3.60 2,233.96 502.18 5.08 20.59 46.49 Nil Nil 4.43 3,044.91
Disposals............................................................. (0.13) Nil (1.98) (0.60) Nil Nil (114.27) (8.29) (7.48) (16.97) (10.78) (3.25) Nil Nil (163.75)
Exchange Movement ..................................... Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil 7.99 Nil Nil 7.99
Transferred from Investment Property .... Nil Nil Nil 3.08 Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil 3.08
Transferred to Discontinued Operations
(Refer Note 17).................................................. (157.56) Nil (58.31) (2.86) Nil (0.64) (147.76) Nil (14.28) (6.03) (5.25) Nil Nil Nil (392.69)
Reclassified (to)/from held for sale
(Refer Note 17).................................................. Nil 0.34 (0.76) 0.05 Nil 0.49 (35.58) 2.94 1.51 0.26 (0.08) Nil Nil Nil (30.83)
Balance as at 31st March, 2018 .............. 973.94 536.68 2,143.89 762.13 106.10 99.45 43,913.56 5,699.52 122.30 112.34 106.81 1,593.84 37.01 230.08 56,437.65
Accumulated depreciation and
impairment
Balance as at 1st April, 2017 .................... Nil 270.50 457.75 157.11 44.79 65.72 9,245.61 1,802.80 77.44 64.39 40.12 306.05 27.11 5.34 12,564.73
Depreciation Expense - Continuing
Operations ......................................................... Nil 12.32 60.70 40.96 5.60 2.81 1,769.44 228.71 11.80 14.60 15.02 59.74 3.67 2.80 2,228.17
Depreciation Expense - Discontinued
Operations ......................................................... Nil Nil 1.25 0.31 Nil 0.05 7.35 Nil 1.26 0.61 1.13 Nil Nil Nil 11.96
Disposal of assets ............................................ Nil Nil (0.08) (0.55) Nil - (89.11) (3.25) (6.75) (13.14) (6.70) Nil Nil Nil (119.58)
Charge for the year - Impairment
[Refer Note (i) & (ii) below] ........................... Nil Nil 16.00 3.81 Nil 0.77 423.79 0.67 0.30 0.08 0.32 Nil Nil Nil 445.74
Transferred from Investment Property .... Nil Nil Nil 2.16 Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil 2.16
Exchange Movement ..................................... Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil 2.22 Nil Nil 2.22
Transferred to Discontinued Operations
(Refer Note 17).................................................. Nil Nil (17.09) (0.81) Nil (0.20) (64.99) Nil (7.00) (3.31) (1.30) Nil Nil Nil (94.70)
Reclassified (to)/from held for sale............ Nil 0.18 (0.25) (0.16) Nil 0.09 (35.28) 1.06 (0.07) (0.16) (0.07) Nil Nil Nil (34.66)
Balance as at 31st March, 2018 .............. Nil 283.00 518.28 202.83 50.39 69.24 11,256.81 2,029.99 76.98 63.07 48.52 368.01 30.78 8.14 15,006.04
Net carrying amount
As at 31st March, 2018 ............................... 973.94 253.68 1,625.61 559.30 55.71 30.21 32,656.75 3,669.53 45.32 49.27 58.29 1,225.83 6.23 221.94 41,431.61
As at 31st March, 2017 ............................... 1,078.76 265.38 1,583.68 593.61 61.31 30.28 32,731.60 3,399.89 60.03 50.10 36.31 1,283.05 9.90 220.31 41,404.21
Notes:
(i) Impairment charge recorded during the year
During the year, the Group has recorded an impairment charge of ₹ 18.07 crore (31st March, 2018 - ₹ 37.57 crore) against the carrying value of the Rithala power generation plant. [Refer Note 17b (iii) (c)].
(ii) Impairment charge recorded during the previous year
(a) The Group had recorded an impairment charge of ₹ 100.00 crore in respect of Unit 6 generating station (Power Segment) located at Trombay.
(b) The Group has recorded an impairment charge of ₹ 308.18 crore against the carrying value of the Mundra power generation plant. [Refer Note 6 b. (i)].
(c) Refer Note 21 for charge created on Property, Plant and Equipment.
@ Buildings include ₹ * being cost of ordinary shares in co-operative housing societies.
* Denotes figures below ₹ 50,000/-.
(iii) The title deeds of immovable properties included in property, plant and equipment are held in the name of the respective entities of the Group, except for:
(a) immovable properties aggregating to ₹ 0.88 crore acquired during merger of Chemical Terminal Trombay Ltd. in the previous year for which registration of title of deeds is in progress;
(b) immovable properties aggregating to ₹ 26.54 crore acquired in earlier years for which registration of title of deeds is in progress;
(c) immovable properties aggregating to ₹ 27.57 crore for which the title deed is in dispute and pending resolution as at 31st March, 2019.
(d) land aggregating to ₹ 297.02 crore for which the registration of title deeds is in process.

4 b. Investment Property
NOTICE
Accounting Policy
Investment property held to earn rentals or for capital appreciation are stated at cost less subsequent accumulated depreciation
and subsequent accumulated impairment loss if any. Gain or loss on disposal of investment properties is determined as the
difference between net disposal proceeds and the carrying amount of the property and is recognised in the statement of profit
and loss. Transfer to, or from, investment property is done at the carrying amount of the property.
` crore
BOARD’S REPORT
Description Building Given under Total
Operating Lease
Cost
Balance as at 1st April, 2018 ................................................................................. Nil Nil
Reclassified to Property, Plant and Equipment ................................................. Nil Nil
Disposal............................................................................................................................ Nil Nil
Balance as at 31st March, 2019 ........................................................................... Nil Nil
Accumulated amortisation and impairment
Balance as at 1st April, 2018 ................................................................................. Nil Nil
Depreciation expense ................................................................................................ Nil Nil
MD & A
Reclassified to Property, Plant and Equipment ................................................. Nil Nil
Eliminated on Disposal of assets ............................................................................ Nil Nil
Net carrying amount
As at 31st March, 2019 ............................................................................................ Nil Nil
As at 31st March, 2018............................................................................................. Nil Nil
` crore
CG REPORT
Description Building Given under Total
Operating Lease
Cost
Balance as at 1st April, 2017 ................................................................................. 5.64 5.64
Reclassified to Property, Plant and Equipment ................................................. (3.08) (3.08)
Disposal............................................................................................................................ (2.56) (2.56)
Balance as at 1st April, 2017 ................................................................................. 3.15 3.15
BRR
Depreciation expense................................................................................................. 0.04 0.04
Reclassified to Property, Plant and Equipment ................................................. (2.16) (2.16)
Eliminated on Disposal of assets ............................................................................ (1.03) (1.03)
Balance as at 31st March, 2018 .......................................................................... Nil Nil
Net carrying amount
As at 31st March, 2018............................................................................................ Nil Nil
CONSOLIDATED
As at 31st March, 2017............................................................................................ 2.49 2.49
Note:
Buildings include ` 500/- being cost of ordinary shares in a co-operative society.
Information regarding Income and Expenditure of Investment Properties
Particulars As at As at
31st March, 2019 31st March, 2018
` crore ` crore
STANDALONE
Rental Income......................................................................................................................................... Nil 0.58

Direct Operating Expense arising from Investment Property that generated rental
income during the year....................................................................................................................... Nil (0.07)
Direct Operating Expense arising from Investment Property that did not generate
rental income during the year .......................................................................................................... Nil (0.09)
Net Income/(Expense) ...................................................................................................................... Nil 0.42


4 b. Investment Property (Contd.)
Description of valuation techniques used and key inputs to valuation on Investment Properties:
Valuation technique Fair Value Fair Value

Hierarchy
Particulars As at As at As at
(Refer Note below) 31st March, 2019 31st March, 2018 1st April, 2017
Building Market Comparable Approach Level 2 Nil Nil 36.76
The investment properties include a property located in Mumbai which has been reclassified as Property, Plant and Equipment
during the year ended 31st March, 2018 and a property located in Bengaluru which was sold during the year ended
31st March, 2018.
5 a. Goodwill
As at As at As at
Cost
Balance at beginning of year .................................................................. 1,641.57 1,653.57 5.54
Additional amounts recognised from business combinations
occurring during the year ............................................................................ Nil Nil 1,726.94
Measurement period adjustment on account of business
combination done during the year ended 31st March, 2017 ......... Nil Nil (78.91)
Less: Impairment during the year .............................................................. Nil (12.00) Nil
Balance at end of the year ........................................................................ 1,641.57 1,641.57 1,653.57
During the year 31st March, 2017, the Group had acquired Walwhan Renewable Energy Ltd. along with it’s subsidiaries for a
consideration of ₹ 3,782.30 crore. The goodwill was provisionally determined at ₹ 1,713.84 crore. As per the share purchase
agreement, the provisional consideration was to be adjusted for certain events existing at the closing date. During the previous
year, the Group had adjusted the fair value of consideration by ₹ 70.22 crore being the measurement period adjustment. During
the year ended 31st March, 2017, the Group also acquired Walwhan Solar Raj Ltd. and a goodwill of ₹ 11.42 crore was recorded.
During the previous year, the Group made a measurement period adjustment of ₹ 8.69 crore consequent to recognition of
deferred tax asset on reassessment.
In accordance with Ind AS 36 “Impairment of Assets” the Group performed impairment testing of Goodwill assigned to each
Cash Generating Unit (CGU) as at 31st March, 2019 applying value in use approach across all the CGUs i.e. using cash flow
projections based on financial budgets covering contracted power sale agreements with procurers (15 to 20 years) considering
a discount rate (pre-tax) in the range of 10.25% to 10.70% per annum. The Group has used financial projections for 15 to 20
years as the tariff rates are fixed as per PPA.
Based on the results of the Goodwill impairment test, the estimated value in use in all CGUs were higher than their respective
carrying amount, hence impairment provision recorded during the current year is ₹ Nil (31st March 2018 - ₹ 12 crore). Management
believes that any reasonably possible change in the key assumptions on which recoverable amount is based would not cause
the aggregate carrying amount to exceed the aggregate recoverable amount of the Goodwill.
The key assumptions used in the value in use calculations for the power cash-generating unit are as follows:
O&M cost inflation O&M cost escalation of 5%
Discount Rate 10.25% to 10.70% Pre-Tax Discount rate has been derived based on current cost of borrowing and
equity rate of return in line with the current market expectations.
Plant load factor (PLF) Plant load factor is estimated for each CGU based on past trend of PLF and expected PLF in future
years


5 b. Other Intangible Assets
NOTICE
Accounting Policy
Intangible assets acquired separately
Intangible assets acquired separately are measured on initial recognition at cost. Following initial recognition, intangible assets
are carried at cost less any accumulated amortisation and accumulated impairment losses if any.
Internally generated intangibles
BOARD’S REPORT
Internally generated intangibles, excluding capitalised development costs, are not capitalised and the related expenditure is
reflected in profit or loss in the period in which the expenditure is incurred.
Derecognition of Intangible Assets
An intangible asset is derecognised on disposal, or when no future economic benefits are expected from use or disposal. Gains
or losses arising from derecognition of an intangible asset, measured as the difference between the net disposal proceeds and
the carrying amount of the asset, are recognised in statement of profit and loss when the asset is derecognised.
Useful lives of intangible Assets
Intangible assets with finite lives are amortised over the useful economic life on straight line basis and assessed for impairment
whenever there is an indication that the intangible asset may be impaired. The amortisation period and the amortisation
MD & A
method for an intangible asset with a finite useful life is reviewed at least at the end of each reporting period. Changes in
the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are
considered to modify the amortisation period or method, as appropriate, and are treated as changes in accounting estimates.
The amortisation expense on intangible assets with finite lives is recognised in the statement of profit and loss unless such
expenditure forms part of carrying value of another asset.
Estimated useful lives of the intangible assets are as follows:
CG REPORT
Copyrights, patents, other intellectual property rights, services and operating rights 5 years
Right to Use Assets (Intake Channel) 5 years
Customer Contracts acquired under business combination 12 to 25 years
Computer Software 3 to 6 years
Power Distribution Rights 20 years
` crore
Description Copyrights, Right Customer Computer Power Total
patents, other To Use Contracts Software Distribution
intellectual Assets acquired $ Rights @
BRR
property (Intake under
rights, Channel) business
services and $ combination
operating
rights #
CONSOLIDATED
Cost
Balance as at 1st April, 2018 ................ 12.40 174.71 1,386.57 315.38 27.69 1,916.75
Additions ........................................................ 0.52 Nil Nil 87.74 19.40 107.66
Disposal........................................................... Nil Nil (0.43) (9.80) Nil (10.23)
Balance as at 31st March, 2019 .......... 12.92 174.71 1,386.14 393.32 47.09 2,014.18
Accumulated amortisation and
impairment
Balance as at 1st April, 2018 ............... 10.62 45.35 100.34 176.32 1.04 333.67
Amortisation expense - Continuing
STANDALONE
Operations ..................................................... 0.60 7.40 62.30 52.39 0.99 123.68

Impairment losses recognised in the
statement of profit and loss .................... Nil Nil (0.43) (4.56) Nil (4.99)
Balance as at 31st March, 2019 .......... 11.22 52.75 162.21 224.15 2.03 452.36
Net carrying amount
As at 31st March, 2019 ........................... 1.70 121.96 1,223.93 169.17 45.06 1,561.82
As at 31st March, 2018............................. 1.78 129.36 1,286.23 139.06 26.65 1,583.08


5 b. Other Intangible Assets (Contd.)
` crore
Description Copyrights, Right Customer Computer Power Total
patents, other To Use Contracts Software Distribution
intellectual Assets acquired $ Rights @
property (Intake under
rights, Channel) business
services and $ combination
operating
rights #
Cost
Balance as at 1st April, 2017 ................ 114.92 163.51 1,386.57 304.88 Nil 1,969.88
Additions ........................................................ 17.56 11.20 Nil 35.80 27.69 92.25
Transferred to Discontinued
Operations ..................................................... (120.08) Nil Nil (24.95) Nil (145.03)
Disposal........................................................... Nil Nil Nil (0.35) Nil (0.35)
Balance as at 31st March, 2018 ......... 12.40 174.71 1,386.57 315.38 27.69 1,916.75
Accumulated amortisation and
impairment
Balance as at 1st April, 2017 ................ 52.92 36.00 37.91 137.25 Nil 264.08
Amortisation expense - Continuing
Operations ..................................................... 0.37 6.61 62.43 47.51 1.04 117.96
Amortisation expense - Discontinued
Operations ..................................................... 15.81 Nil Nil 3.40 Nil 19.21
Impairment [Refer Note 6(b)(i)] .............. Nil 2.74 Nil 0.02 Nil 2.76
Transferred to Discontinued
Operations (Refer Note 17) ...................... (58.48) Nil Nil (11.47) Nil (69.95)
Disposal of Assets ........................................ Nil Nil Nil (0.39) Nil (0.39)
Balance as at 31st March, 2018 .......... 10.62 45.35 100.34 176.32 1.04 333.67
Net carrying amount
As at 31st March, 2018............................. 1.78 129.36 1,286.23 139.06 26.65 1,583.08
As at 31st March, 2017............................. 62.00 127.51 1,348.66 167.63 Nil 1,705.80
Notes:
# Internally generated Intangible Assets.
$ Other than internally generated Intangible Assets.
@ Power Distribution Rights relate to the value of construction service obligation for construction and upgradation of the
power supply infrastructure in Ajmer city as per the agreement with Ajmer Vidyut Vitaran Nigam Ltd.
Depreciation/Amortisation-Continuing Operations:
` crore ` crore
Depreciation on Tangible Assets ............................................................................................ 2,269.45 2,228.17
Add: Depreciation on Investment Property........................................................................ Nil 0.04
Add: Amortisation on Intangible Assets .............................................................................. 123.68 117.96
Total .................................................................................................................................................. 2,393.13 2,346.17


6 a. Investments accounted for using the Equity Method
NOTICE
As at As at As at Face Value As at As at As at
31st March, 31st March, 1st April, (in ` unless 31st March, 31st March, 1st April,
2019 2018 2017 stated 2019 2018 2017
otherwise)
Quantity Quantity Quantity ` crore ` crore ` crore
I Investment in Associates
(a) Investment in Equity Shares fully Paid-up
Quoted
BOARD’S REPORT
Tata Communications Ltd. ................................................................... Nil Nil 1,34,22,037 10 Nil Nil 105.99
Nil Nil 105.99
(b) Investment in Equity Shares fully Paid-up
Unquoted
Brihat Trading Pvt. Ltd. ......................................................................... 3,350 3,350 3,350 10 0.01 0.01 0.01
The Associated Building Co. Ltd. ....................................................... 1,825 1,825 1,825 900 0.17 0.17 0.17
Panatone Finvest Ltd. ! .......................................................................... Nil Nil 59,08,82,000 10 Nil Nil 275.33
Nelito Systems Ltd. $ ............................................................................. Nil Nil Nil 10 Nil Nil Nil
Yashmun Engineers Ltd. ....................................................................... 19,200 19,200 19,200 100 5.31 5.31 5.31
Dagachhu Hydro Power Corporation Ltd. ..................................... 10,74,320 10,74,320 10,74,320 Nu 1,000 91.57 98.09 109.53
Tata Projects Ltd. $ ................................................................................. Nil Nil 9,67,500 100 Nil Nil 409.76
97.06 103.58 800.11
II Investment in Joint Ventures
Unquoted
PT Kaltim Prima Coal ............................................................................. 1,23,540 1,23,540 1,23,540 USD 100 5,270.77 ** 4,298.24 ** 4,062.03 **
MD & A
PT Mitratama Perkasa $ ........................................................................ Nil Nil Nil IDR 10,00,000 Nil Nil Nil
Indocoal Resources (Cayman) Ltd. ................................................... 300 300 300 USD 1 3,458.27 3,263.02 3,234.67
PT Indocoal Kaltim Resources ............................................................ 82,380 82,380 82,380 IDR 10,000 0.28 0.25 0.24
PT Nusa Tambang Pratama ................................................................. 18,000 18,000 18,000 IDR 10,000 1,205.90 959.64 766.48
Candice Investments Pte. Ltd. ............................................................ 3 3 3 SGD 1 18.88 11.45 7.45
PT Marvel Capital Indonesia ............................................................... 1,07,459 1,07,459 1,07,459 IDR 10,000 Nil * Nil * Nil *
PT Dwikarya Prima Abadi .................................................................... 10,769 10,769 10,769 IDR 1,00,000 253.14 231.49 225.27
PT Kalimantan Prima Power ............................................................... 7,500 7,500 7,500 USD 100 181.86 173.77 190.02
PT Baramulti Sukessarana Tbk. .......................................................... 68,02,90,000 68,02,90,000 68,02,90,000 IDR 100 1,181.76 ** 1,147.90 ** 1,039.71 **
Indocoal KPC Resources (Cayman) Ltd. .......................................... 300 300 300 USD 1 0.73 0.32 0.18
CG REPORT
Adjaristsqali Netherlands BV .............................................................. 16,459 16,459 16,459 Euro 1 362.05 ** 344.50 ** 341.03
Khoromkheti Netherlands BV ............................................................ 500 500 500 Euro 1 Nil Nil Nil
Cennergi Pty. Ltd. $ ................................................................................ Nil 86 86 ZAR Nil 131.61 178.49
Itezhi Tezhi Power Corporation $ ...................................................... Nil 4,52,500 4,52,500 ZMW 1 Nil 456.30 413.24
Resurgent Power Ventures Pte. Ltd. ................................................. 77,929 14,736 14,736 USD 1 5.02 11.60 0.51
LTH Milcom Pvt. Ltd. $ ........................................................................... Nil Nil 66,660 10 Nil Nil 0.07
Powerlinks Transmission Ltd. ............................................................. 23,86,80,000 23,86,80,000 23,86,80,000 10 465.81 440.12 424.41
Industrial Energy Ltd. ............................................................................ 49,28,40,000 49,28,40,000 49,28,40,000 10 567.31 556.60 588.24
Dugar Hydro Power Ltd. ....................................................................... 4,32,50,002 4,32,50,002 4,32,50,002 10 23.59 23.64 23.68
Tubed Coal Mines Ltd. .......................................................................... 1,01,97,800 1,01,97,800 1,81,17,800 10 Nil Nil Nil
Mandakini Coal Company Ltd. .......................................................... 3,93,00,000 3,93,00,000 3,93,00,000 10 Nil Nil Nil
12,995.37 12,050.45 11,495.72
** Less: Impairment in the value of Investments
[Refer Note 6 b. (i) & (ii)]............................................................... 1,102.74 1,042.37 2,905.73
11,892.63 11,008.08 8,589.99
BRR
(b) Investment in Perpetual Securities in Joint Ventures
Unquoted
Adjaristsqali Netherlands BV ............................................................ N.A. Nil 96.83 ** 91.25 ** Nil
** Less: Impairment in the value of Investments
[Refer Note 6 b.(ii)]......................................................................... 96.83 91.25 Nil
Nil Nil Nil
Total .......................................................................................................................................... 11,989.69 11,111.66 9,496.09
CONSOLIDATED
Notes:
* Denotes figure below ` 50,000.
! Classified as held for sale in the previous years and Sold during the year.
$ Classified as held for sale.
** Impairment in the value of Investments.
1. Aggregate Market Value of Quoted Investments Nil Nil 969.14
2. Aggregate Carrying Value of Quoted Investments Nil Nil 105.99
3. Aggregate Carrying Value of Unquoted Investments (Net of Impairment) 11,989.69 11,111.66 9,390.10
4. Shares pledged :
The Group has pledged shares of joint ventures with the lenders for borrowings availed by the respective joint ventures.
STANDALONE
Details Category 31st March, 2019 31st March, 2018 1st April, 2017
Nos. Nos. Nos.
Itezhi Tezhi Power Corporation $ .................................................................................................................... Joint Venture 452,500 4,52,500 4,52,500
Mandakini Coal Company Ltd. ........................................................................................................................ Joint Venture 20,043,000 20,043,000 20,043,000
Powerlinks Transmission Ltd. ........................................................................................................................... Joint Venture 238,680,000 238,680,000 238,680,000
Industrial Energy Ltd. .......................................................................................................................................... Joint Venture 251,348,400 251,348,400 251,348,400


6 a. Investments accounted for using the Equity Method (Contd.)
I Details of Material Associates
Details of each of the Group’s Material Associates at the end of the reporting period are as follows:
Sr. Name of Associate Principal Activity Place of Proportion of Ownership Interest /
No. Incorporation Voting Rights held by the Group
and Principal As at As at As at
Place of 31st March, 31st March, 1st April,
Business 2019 2018 2017
A Tata Communicatons Limited ^ .... Telecommunications India Nil 4.71% 4.71%
B Panatone Finvest Limited ^ ............ Investments, NBFC India Nil 39.98% 39.98%
C Tata Projects Limited $ ..................... EPC Contracts India 47.78% 47.78% 47.78%
D Dagachhu Hydro Power Hydro Power
Corporation Limited .......................... Generation Company Bhutan 26.00% 26.00% 26.00%
^ The Group through its associate “Panatone Finvest Limited”, held 30.10% of Equity Shares in “Tata Communications
Limited”, resulting, the Group having significant influence on Tata Communications Limited. Accordingly, Investment in Tata
Communications Limited were classified as an associate and accounted for using the Equity Method. During the year the
Group has sold these investments Refer Note 6b. (iv).
$ Classified as held for sale during FY 18.
Summarised Financial Information of Material Associates:
A Tata Communications Limited
Summarised Balance Sheet: As at
1st April, 2017
` crore
Non-current Assets .......................................................................................................................................................... 15,916.50
Current Assets .................................................................................................................................................................... 5,185.79
Non-current Liabilities .................................................................................................................................................... (11,099.85)
Current Liabilities ............................................................................................................................................................. (8,392.17)
Net Assets ........................................................................................................................................................................... 1,610.27
Reconciliation of the above summarised financial information to the carrying amount of the interest in Tata
Communications Limited recognised in the consolidated financial statements:
As at
1st April, 2017
` crore
Net Assets of Tata Communications Limited .......................................................................................................... 1,610.27
Proportion of the Group's ownership interest in Tata Communication Limited ....................................... 4.71%
75.84
Goodwill .............................................................................................................................................................................. 30.15
Carrying amount of the Group's interest in Tata Communication Limited ........................................ 105.99
B Panatone Finvest Limited

1st April, 2017
` crore
Non-current Assets .......................................................................................................................................................... 663.65
Current Assets .................................................................................................................................................................... 21.30
Non-current Liabilities .................................................................................................................................................... Nil
Current Liabilities ............................................................................................................................................................. (0.05)
Net Assets ........................................................................................................................................................................... 684.90
Reconciliation of the above summarised financial information to the carrying amount of the interest in Panatone Finvest
Limited recognised in the consolidated financial statements:
As at
1st April, 2017
` crore
Net Assets of Panatone Finvest Limited ................................................................................................................... 684.90
Proportion of the Group's ownership interest in Panatone Finvest Limited .............................................. 39.98%
273.82
Goodwill .............................................................................................................................................................................. 1.51
Carrying amount of the Group's interest in Panatone Finvest Limited ............................................... 275.33


NOTICE
C Tata Projects Ltd.
1st April, 2017
` crore
Non-current Assets .......................................................................................................................................................... 612.33
BOARD’S REPORT
Current Assets .................................................................................................................................................................... 6,195.33
Non-current Liabilities .................................................................................................................................................... (57.72)
Current Liabilities ............................................................................................................................................................. (5,753.71)
Net Assets ........................................................................................................................................................................... 996.23
Reconciliation of the above summarised financial information to the carrying amount of the interest in Tata Projects Ltd.
recognised in the consolidated financial statements:
As at
1st April, 2017
` crore
MD & A
Net Assets of Tata Projects Ltd. .................................................................................................................................... 996.23
Proportion of the Group's ownership interest in Tata Projects Ltd. ............................................................... 47.78%
476.00
Goodwill .............................................................................................................................................................................. 23.30
Deferred Tax Liability on Unrealised profits ............................................................................................................ (84.00)
Elimination of Unrealised Profits ................................................................................................................................ (5.54)
CG REPORT
Carrying amount of the Group's interest in Tata Projects Ltd. ................................................................. 409.76
D Dagachhu Hydro Power Corporation Ltd.

Summarised Balance Sheet: As at As at As at
Non-current Assets ................................................................. 1,120.36 1,165.90 1,214.02
Current Assets ........................................................................... 52.22 52.26 45.99
BRR
Non-current Liabilities ........................................................... (751.58) (787.26) (788.34)
Current Liabilities .................................................................... (68.79) (53.83) (50.40)
Net Assets .................................................................................. 352.21 377.07 421.27
Summarised Statement of Profit and Loss: For the year For the year
CONSOLIDATED
ended ended
` crore ` crore
Revenue ................................................................................................................................... 124.36 128.30
Profit for the year .................................................................................................................. (24.83) (43.94)
Other Comprehensive Income/(Expense) for the year ........................................... (0.04) (0.02)
Total Comprehensive Income/(Expense) for the year ....................................... (24.87) (43.96)
STANDALONE
Dividends received from Dagachhu Hydro Power Corporation Ltd. during

the year .................................................................................................................................... Nil Nil


Reconciliation of the above summarised financial information to the carrying amount of the interest in Dagachhu Hydro Power
Corporation Ltd. recognised in the consolidated financial statements:
As at As at As at
Net Assets of Dagachhu Hydro Power Corporation Ltd. ........ 352.21 377.07 421.27
Proportion of the Group's ownership interest in Dagachhu
Hydro Power Corporation Ltd. ........................................................ 26.00% 26.00% 26.00%
Carrying amount of the Group's interest in Dagachhu
91.57 98.09 109.53
Hydro Power Corporation Ltd. ....................................................
II Details of individually not Material Associates
Name of Associate Principal Activity Place of Proportion of Ownership Interest / Voting
Incorporation Rights held by the Group
Place of Business 31st March, 31st March, 1st April,
2019 2018 2017
Nelito Systems Ltd. $ Indian IT Solution and
Services India 28.15% 28.15% 28.15%
Yashmun Engineers Ltd. Billing and other related
Services India 27.27% 27.27% 27.27%
Brihat Trading Private Ltd. Trading Business India 33.21% 33.21% 33.21%
The Associated Building Services Provided for
Co. Ltd. Building India 33.14% 33.14% 33.14%
$ Partially Sold during FY 18 and balance classified as held for sale
Aggregate Summarised Financial Information of Associates that are not individually material
As at As at
` crore ` crore
The Group's share of Profit/(Loss) from Continuing Operations ..................................... 0.01 Nil
The Group's share of Other Comprehensive Income/(Expense) ..................................... Nil Nil
The Group's share of Total Comprehensive Income/(Expense) ....................................... 0.01 Nil
As at As at As at
Aggregate carrying amount of the Group’s interests in
these Associates.................................................................................... 5.49 5.49 5.49
As at As at
` crore ` crore
Unrecognised share of losses of an Associate ........................................................................ Nil Nil
As at As at As at
Cumulative share of loss of an associate ..................................... Nil Nil Nil


NOTICE
III Details and Financial Information of Material Joint Ventures at the end of the reporting period is as follows:
Sr. Name of Joint Venture Principal Activity Place of Proportion of Ownership Interest and
No. Incorporation Voting Rights held by the Group
Place of 31st March, 31st March, 1st April,
Business 2019 2018 2017
BOARD’S REPORT
A PT Kaltim Prima Coal ................................. Coal mining and exploration Indonesia 30.00% 30.00% 30.00%
B Indocoal Resources (Cayman) Ltd. # .... Coal Trading Cayman Island 30.00% 30.00% 30.00%
C PT Nusa Tambang Pratama ..................... Infrastructure Support for Coal Business Indonesia 30.00% 30.00% 30.00%
D PT Baramulti Suksessarana TBK ............. Coal mining and trading Indonesia 26.00% 26.00% 26.00%
E Itezhi Tezhi Power Corporation $ ........... Hydro power generation Zambia 50.00% 50.00% 50.00%
F Powerlinks Transmission Ltd. .................. Power transmission India 51.00% 51.00% 51.00%
G Industrial Energy Ltd. ................................. Power generation and operation of power plant India 74.00% 74.00% 74.00%
$ classified as held for sale
A PT Kaltim Prima Coal
MD & A
Non-current Assets ...................................................................... 2,281.01 2,763.42 3,563.10
Current Assets ................................................................................ 8,876.94 5,743.19 4,381.68
Non-current Liabilities ................................................................ (1,629.22) (1,974.93) (2,168.47)
Current Liabilities ......................................................................... (4,452.88) (4,039.08) (4,005.21)
Net Assets ....................................................................................... 5,075.85 2,492.60 1,771.10
The above amounts of assets and liabilities include the
CG REPORT
following:
Cash and Cash Equivalents ....................................................... 284.90 537.72 459.65
Current Financial Liabilities (excluding trade payables
and provisions) .............................................................................. (1,676.67) (1,887.28) (2,270.68)
Non-current Financial Liabilities (excluding trade
payables and provisions) ............................................................ (46.09) (127.26) (224.02)
Summarised Statement of Profit and Loss: For the year ended For the year ended
` crore ` crore
Revenue ............................................................................................................................................ 25,997.34 25,518.19
Profit for the year ........................................................................................................................... 2,461.62 3,632.14
BRR
Other Comprehensive Income/(Expense) for the year .................................................... (4.97) (34.58)
Total Comprehensive Income for the year ...................................................................... 2,456.65 3,597.56
Dividends received during the year ....................................................................................... - 867.89
The above profit/(loss) for the year include the following:
Depreciation and Amortisation ............................................................................................... 972.14 1,039.66
Interest Income .............................................................................................................................. 121.91 25.19
CONSOLIDATED
Interest Expense ............................................................................................................................ 22.26 56.08
Income-tax Expense ..................................................................................................................... 2,271.48 3,013.66
Reconciliation of the above summarised financial information to the carrying amount of the interest in PT Kaltim Prima
Coal recognised in the consolidated financial statements:
As at As at As at
Net Assets of PT Kaltim Prima Coal ........................................ 5,075.85 2,492.60 1,771.10
Proportion of the Group's ownership interest in PT
STANDALONE
Kaltim Prima Coal ......................................................................... 30.00% 30.00% 30.00%

1,522.76 747.78 531.33
Goodwill .......................................................................................... 3,748.01 3,550.46 3,530.70
Carrying amount of the Group's interest in PT Kaltim
Prima Coal ...................................................................................... 5,270.77 4,298.24 4,062.03
Impairment of Goodwill ............................................................. (484.79) (456.71) (2,665.78)
Carrying amount of the Group's interest in PT Kaltim
Prima Coal (net of impairment) ........................................... 4,785.99 3,841.53 1,396.25


B Indocoal Resources (Cayman) Ltd.
Non-current Assets ......................................................... 3,634.66 3,410.44 2,141.32
Current Assets................................................................... 69.01 38.08 1,179.03
Non-current Liabilities ................................................... Nil Nil Nil
Current Liabilities ............................................................ (1,375.16) (1,269.89) (1,184.44)
Net Assets ......................................................................... 2,328.51 2,178.63 2,135.91
The above amounts of assets and liabilities

include the following:
Cash and Cash Equivalents .......................................... Nil Nil Nil
Current Financial Liabilities (excluding trade
payables and provisions) .............................................. Nil Nil Nil
Non-current Financial Liabilities (excluding
trade payables and provisions) .................................. Nil Nil Nil
` crore ` crore
Revenue ............................................................................................................................. Nil Nil
Profit for the year ............................................................................................................ 17.16 36.70
Other Comprehensive Income/(Expense) for the year ..................................... Nil Nil
Total Comprehensive Income for the year ....................................................... 17.16 36.70
Dividends received during the year ........................................................................ Nil Nil

Depreciation and Amortisation ................................................................................ Nil Nil
Interest Income ............................................................................................................... 16.64 25.50
Interest Expense ............................................................................................................. Nil Nil
Income-tax Expense ...................................................................................................... Nil Nil
Reconciliation of the above summarised financial information to the carrying amount of the interest in Indocoal
Resources (Cayman) Ltd. recognised in the consolidated financial statements:
As at As at As at
Net Assets of Indocoal Resources (Cayman) Ltd. 2,328.51 2,178.63 2,135.91
Proportion of the Group's ownership interest in
Indocoal Resources (Cayman) Ltd. ......................... 30.00% 30.00% 30.00%
698.55 653.59 640.77
Goodwill ......................................................................... 2,759.72 2,609.43 2,593.90
Carrying amount of the Group's interest in
Indocoal Resources (Cayman) Ltd...................... 3,458.27 3,263.02 3,234.67


NOTICE
C PT Nusa Tambang Pratama
BOARD’S REPORT
Current Assets................................................................... 3,296.74 2,274.84 1,430.68
Non-current Liabilities ................................................... (120.09) (91.32) (73.94)
Current Liabilities ............................................................ (1,241.67) (1,078.55) (1,016.30)
Net Assets ......................................................................... 4,022.85 3,201.82 2,555.34

Cash and Cash Equivalents .......................................... 260.31 125.28 216.25
payables and provisions) .............................................. (631.19) (594.83) (591.85)
MD & A
trade payables and provisions) .................................. Nil Nil Nil
` crore ` crore
Revenue ............................................................................................................................. 1,018.88 1,021.00
CG REPORT
Other Comprehensive Income/(Expense) for the year ..................................... (0.02) (0.05)
Dividends received during the year ........................................................................ Nil Nil

Depreciation and Amortisation ................................................................................ 138.59 127.79
Interest Income ............................................................................................................... 68.02 30.07
BRR
Interest Expense ............................................................................................................. 61.43 56.64
Income-tax Expense ...................................................................................................... 217.47 202.90
Reconciliation of the above summarised financial information to the carrying amount of the interest in PT Nusa Tambang
Pratama recognised in the consolidated financial statements:
CONSOLIDATED
As at As at As at
Net Assets of PT Nusa Tambang Pratama ............... 4,022.85 3,201.82 2,555.34
PT Nusa Tambang Pratama .......................................... 30.00% 30.00% 30.00%
1,205.90 959.64 766.48
Goodwill ............................................................................ Nil Nil Nil
STANDALONE
Carrying amount of the Group's interest in PT

Nusa Tambang Pratama ................................... 1,205.90 959.64 766.48


D PT Baramulti Suksessarana TBK
Non-current Assets ......................................................... 1,099.66 878.52 830.85
Current Assets................................................................... 538.29 700.94 527.29
Current Liabilities ............................................................ (455.16) (430.89) (603.88)
Net Assets ......................................................................... 1,054.51 1,112.14 714.22

trade payables and provisions) .................................. (90.77) Nil (6.29)
` crore ` crore
Revenue ............................................................................................................................. 3,169.25 2,554.05
Other Comprehensive Income/(Expense) for the year ..................................... 1.71 (0.11)
Dividends received during the year ........................................................................ 125.39 41.89

Depreciation and amortisation ................................................................................. 109.93 71.91
Interest Income ............................................................................................................... 3.83 4.04
Reconciliation of the above summarised financial information to the carrying amount of the interest in PT Baramulti
Suksessarana TBK recognised in the consolidated financial statements:
As at As at As at
Net Assets of PT Baramulti Suksessarana TBK ....... 1,054.51 1,112.14 714.22
Proportion of the Group’s ownership interest in
PT Baramulti Suksessarana TBK .................................. 26.00% 26.00% 26.00%
274.17 289.16 185.70
Goodwill ............................................................................ 907.59 858.74 854.01
Carrying amount of the Group’s interest in
PT Baramulti Suksessarana TBK ............................ 1,181.76 1,147.90 1,039.71
Impairment of Goodwill................................................ (255.90) (241.16) (239.95)
Carrying amount of the Group’s interest
in PT Baramulti Suksessarana TBK (net of
impairment)..................................................................... 925.86 906.74 799.76


NOTICE
E. Itezhi Tezhi Power Corporation $
Summarised Balance Sheet: As at As at
31st March, 2018 1st April, 2017
` crore ` crore
Non-current Assets ........................................................................................................ 1,121.14 1,156.27
BOARD’S REPORT
Current Assets.................................................................................................................. 804.34 584.59
Non-current Liabilities .................................................................................................. (1,174.12) (1,093.07)
Current Liabilities ........................................................................................................... (213.72) (197.17)
Net Assets ........................................................................................................................ 537.64 450.62
The above amounts of assets and liabilities include the following: ............
Cash and Cash Equivalents ......................................................................................... 133.30 156.35
Current Financial Liabilities (excluding trade payables and provisions) .... (121.13) (101.70)
Non-current Financial Liabilities (excluding trade payables and
MD & A
provisions)......................................................................................................................... (809.58) (907.21)
Summarised Statement of Profit and Loss: For the year ended

31st March, 2018
` crore
Revenue ............................................................................................................................................................................. 384.35
CG REPORT
Profit for the year ............................................................................................................................................................ 83.80
Other Comprehensive Income/(Expense) for the year ..................................................................................... Nil
Total Comprehensive Income for the year ....................................................................................................... 83.80
Dividends received during the year ........................................................................................................................ Nil

Depreciation and Amortisation ................................................................................................................................ 43.93
Interest Income ............................................................................................................................................................... 0.02
Interest Expense ............................................................................................................................................................. 61.73
BRR
Income-tax Expense ...................................................................................................................................................... 189.96
Reconciliation of the above summarised financial information to the carrying amount of the interest in Itezhi Tezhi Power
Corporation recognised in the consolidated financial statements:
As at As at
CONSOLIDATED
` crore ` crore
Net Assets of Itezhi Tezhi Power Corporation ...................................................... 537.64 450.62
Proportion of the Group’s ownership interest in Itezhi Tezhi Power
Corporation ...................................................................................................................... 50.00% 50.00%
268.82 225.31
Goodwill ........................................................................................................................... 187.48 187.93
Carrying amount of the Group’s interest in Itezhi Tezhi Power
STANDALONE
456.30 413.24
Corporation ....................................................................................................................


F Powerlinks Transmission Limited
Non-current Assets ......................................................... 858.13 848.20 914.53
Current Assets................................................................... 120.37 290.16 265.73
Net Assets ......................................................................... 913.40 862.98 834.07

trade payables and provisions) .................................. Nil Nil (156.64)
` crore ` crore
Revenue ............................................................................................................................. 146.14 161.23
Other Comprehensive Income/(Expense) for the year ..................................... (0.09) (0.18)
Dividends received from Powerlinks Transmission Limited during the

year ...................................................................................................................................... 26.25 40.58
Depreciation and amortisation ................................................................................. Nil Nil
Interest Income ............................................................................................................... 4.42 3.77
Reconciliation of the above summarised financial information to the carrying amount of the interest in Powerlinks
Transmission Ltd. recognised in the consolidated financial statements:
As at As at As at
Net Assets of Powerlinks Transmission Ltd. ........... 913.40 862.98 834.07
Powerlinks Transmission Ltd. ...................................... 51.00% 51.00% 51.00%
465.81 440.12 425.38
Deferred Tax Liabilities on Undistributed Profit ... Nil Nil (0.97)
Powerlinks Transmission Ltd. .......................... 465.81 440.12 424.41


NOTICE
G Industrial Energy Limited
BOARD’S REPORT
Current Assets................................................................... 305.72 296.68 288.31
Net Assets ......................................................................... 766.66 752.14 801.70

MD & A
trade payables and provisions) .................................. (522.00) (528.10) (643.55)
` crore ` crore
CG REPORT
Revenue ............................................................................................................................. 300.40 372.61
Other Comprehensive Income/(Expense) for the year ..................................... (0.25) 0.28
Total Comprehensive Income for the year............................................ 110.88 50.64
Dividends received from Industrial Energy Ltd. during the year .................. 59.14 61.61
Depreciation and Amortisation ................................................................................ Nil Nil
Interest Income ............................................................................................................... 0.98 0.45
BRR
Reconciliation of the above summarised financial information to the carrying amount of the interest in Industrial Energy
Ltd. recognised in the consolidated financial statements:
CONSOLIDATED
As at As at As at
Net Assets of Industrial Energy Ltd. .......................... 766.66 752.14 801.70
Industrial Energy Ltd. ..................................................... 74.00% 74.00% 74.00%
567.31 556.60 593.26
Deferred Tax Liabilities on Undistributed Profit ... Nil Nil (5.02)
STANDALONE

Industrial Energy Ltd. ................................................. 567.31 556.60 588.24


IV Details and Financial Information of Individually not Material Joint Ventures at the end of the reporting period is as
follows:
Name of Joint Venture Principal Activity Place of Proportion of Ownership Interest and
Incorporation Voting Rights held by the Group
Place of Business 31st March, 31st March, 1st April,
2019 2018 2017
PT Mitratama Perkasa ^ Infrastructure Support for Coal Business Indonesia 28.38% 28.38% 28.38%
PT Indocoal Kaltim Resources # Infrastructure Support for Coal Business Indonesia 30.00% 30.00% 30.00%
Candice Investments Pte. Ltd. Investments Singapore 30.00% 30.00% 30.00%
PT Marvel Capital Indonesia # Infrastructure Support for Coal Business Indonesia 30.00% 30.00% 30.00%
PT Dwikarya Prima Abadi # Infrastructure Support for Coal Business Indonesia 30.00% 30.00% 30.00%
PT Kalimantan Prima Power Electricity Support Services Indonesia 30.00% 30.00% 30.00%
Indocoal KPC Resources (Cayman) Ltd. # Coal Trading Cayman Island 30.00% 30.00% 30.00%
Adjaristsqali Netherlands BV Hydro power generation Netherlands 40.00% 40.00% 40.00%
Khoromkheti Netherlands BV # Hydro power generation Netherlands 40.00% 40.00% 40.00%
Cennergi Pty. Ltd. ^ Wind power generation South Africa 50.00% 50.00% 50.00%
Resurgent Power Ventures Pte. Ltd. # Investments and Services Singapore 26.00% 26.00% 26.00%
LTH Milcom Private Ltd. ^ Investments and Services India 26.00% 26.00% 26.00%
Dugar Hydro Power Ltd. Hydro power generation India 50.00% 50.00% 50.00%
Tubed Coal Mines Ltd. # Coal mining and trading India 40.00% 40.00% 40.00%
Mandakini Coal Company Ltd. # Coal mining and trading India 33.33% 33.33% 33.33%
Note:
^ Classified as held for sale
Aggregate Summarised Financial Information of Joint Ventures that are not individually material
` crore ` crore
The Group’s share of Profit/(Loss) from Continuing Operations (Refer Note 128.65 (49.98)
Below) ..............................................................................................................................................
The Group’s share of Other Comprehensive Income ..................................................... Nil Nil
The Group’s share of Total Comprehensive Income/(Expense) .......................... 128.65 (49.98)
Profit for the year ended 31st March, 2019 includes share of profit of Itezhi Tezhi Power Corporation - ₹ 89.04 crore which has
been classified as held for sale during the year.
As at As at As at
Aggregate carrying amount of the Group's interests in
these Joint Ventures .................................................................... 942.38 1,019.88 966.94
Impairment of Investments ...................................................... (458.88) (435.75) -
Carrying amount of the Group's interest in these
Joint Ventures .............................................................................. 483.50 584.13 966.94
As at As at As at
The unrecognised share of profit of Joint Ventures for
the year ............................................................................................ * * *
Note:
* Denotes figures below ` 50,000/-.


6 b. Investments accounted for using the Equity Method
NOTICE
(i) The Group had in accordance with Indian Accounting Standard 36 (Ind AS 36) – “Impairment of Assets”, carried out
impairment assessment of its Mundra Ultra Mega Power Project (UMPP), shipping assets along with investments in
Indonesian mining companies PT Kaltim Prima Coal (KPC) and PT Baramulti Suksessarana TBK (BSSR). All these Companies
constitute a single cash generating unit (Mundra CGU). The Group has performed the impairment reassessment and
determined the value in use based on estimated cash flow projections over the life of the assets included in CGU. The
Group bases its impairment calculation on detailed budgets and forecast calculations, which are prepared separately
BOARD’S REPORT
for each of the Group’s CGUs to which the individual assets are allocated. For Mundra power plant, future cash flows
is estimated based on remaining period of long term power purchase agreement (PPA) and thereafter based on
management’s estimate on tariff and other assumptions. Cash flow projection of Mines is derived based on estimated
coal production considering the renewal of license for operating the Mines.
During the previous year, the Group had recorded net impairment reversal of ` 1,886.72 crore against carrying value of
Mundra CGU which consist of reversal of impairment of investment of ` 2,197.66 crore, impairment of property, plant
and equipment of ` 308.18 crore and impairment of Intangible Assets of ` 2.76 crore.
During the year, the Group has performed the impairment reassessment and determined the value in use based on
estimated cash flow projections over the life of the assets included in Mundra CGU. A reassessment of the assumptions
MD & A
used in estimating the impact of impairment, combined with the significant impact of unwinding of a year’s discount on
the cash flows, would have resulted in a reversal of ` 1,052 crore of provision for impairment. Considering the significant
uncertainties arising from ongoing renegotiation of the Mundra Power Purchase Agreement (PPA), as recommended by
the High Powered Committee (HPC) and the pending renewal of the mining license in Indonesian coal mines, the Group
has not effected such a reversal. The reversal of impairment has not resulted from any significant improvement in the
estimated service potential of the concerned CGU.
Key assumptions used for value in use calculation include coal prices, energy prices post the PPA period, discount rates
CG REPORT
and exchange rates. Short term coal prices and energy prices used in three to five years projections are based on market
survey and expert analysis report. Afterwards increase in cost of coal and exchange rates are considered based on
long term historical trend. Further, the Management strongly believes that mine licenses will be renewed post expiry.
Discount rate represents the current market assessment of the risk specific to CGU taking into consideration the time
value of money. Pre tax discount rate used in the calculation of value in use of investment in power plant is 10.61%
p.a. (31st March 2018: 11.15% p.a.) and investment in coal mines and related infrastructure companies is 16.31% p.a.
(31st March 2018: 21.95% p.a.).
(ii) The Group holds investments in Adjaristsqali Netherlands B.V. (ABV) (a joint venture of the Group operating) 187 MW
hydro power plant in Georgia. The Group, in accordance with Indian Accounting Standard 36 (Ind AS 36) – “Impairment of
BRR
Assets” had performed the impairment assessment of ABV, a cash generating unit (CGU) and determined the value in use
based on estimated cash flow projections over the life of the assets included in CGU and recorded impairment provision
for ` 527.54 crore comprising entire investment amount of ` 429.77 crore and entire financial guarantee obligation
for ` 97.77 crore and disclosed as an exceptional item in the previous year. Further during the year, Management has
re-assessed the impairment and continue to believe that the impairment loss recognized need not be reversed.
CONSOLIDATED
(iii) The Group’s investment in equity shares of Tata Teleservices Limited (‘TTSL’) which are measured at Fair Value Through
Other Comprehensive Income were classified as held for sale during the previous year. During the year ended 31st
March, 2019, the Group has sold the said investment and recognized a gain of ` 0.01 crore after reduction in fair value
amounting to ` 1,438.42 crore recognized in earlier years. During the previous year ended 31st March, 2018, the Group
had written put options on equity shares of TTSL. The changes in the fair value of these put options amounting to
` 107.08 crore was recognised as an exceptional expense in the statement of profit and loss.
(iv) During the year, the Group sold investments in Tata Communications Limited and Panatone Finvest Limited (Associate
Companies) which were classified as assets held for sale in the previous year. The resultant gain on sale of investments of
STANDALONE
` 1,897.24 crore has been disclosed as an exceptional income in the statement of profit and loss.


6 c. Other Investments
As at As at As at Face Value As at As at As at
31st March, 31st March, 1st April, (in ` unless 31st March, 31st March, 1st April,
2019 2018 2017 stated 2019 2018 2017
otherwise)
Quantity Quantity Quantity ` crore ` crore ` crore
I Investments designated at Fair Value through Other
Comprehensive Income
Quoted
HDFC Bank Ltd.................................................................................................... Nil Nil 7,500 2 Nil Nil 1.08
IDBI Bank Ltd. ...................................................................................................... Nil Nil 1,42,720 10 Nil Nil 1.07
Voltas Ltd. ............................................................................................................. 2,33,420 2,33,420 2,33,420 1 14.62 14.50 9.62
Tata Consultancy Services Ltd. ..................................................................... 766 383 4,85,354 1 0.15 0.11 118.03
Tata Motors Ltd. ................................................................................................. 3,57,159 3,57,159 3,57,159 10 6.23 11.67 16.63
Tata Motors Ltd. - Differential Voting Rights............................................ 51,022 51,022 51,022 10 0.44 0.94 1.53
Tata Investment Corporation Ltd................................................................. 7,94,416 8,57,143 8,57,143 2 66.52 63.05 54.51
87.96 90.27 202.47
Unquoted
Tata Industries Ltd. * ......................................................................................... 68,28,669 68,28,669 68,28,669 100 115.47 115.47 115.47
Tata Sons Pvt. Ltd. * .......................................................................................... 6,673 6,673 6,673 1,000 194.70 194.70 194.70
Haldia Petrochemicals Ltd.............................................................................. 2,24,99,999 2,24,99,999 2,24,99,999 10 56.48 56.48 56.48
Tata Teleservices Ltd. $ .................................................................................... Nil 44,66,20,590 32,83,97,823 10 Nil Nil 384.88
Tata International Ltd. *................................................................................... 24,000 24,000 24,000 1,000 18.77 18.77 18.77
Tata Services Ltd. ............................................................................................... 1,664 1,664 1,664 1,000 Nil Nil Nil
Taj Air Ltd. ............................................................................................................. 79,00,760 79,00,760 79,00,760 10 Nil Nil Nil
Tata Capital Ltd................................................................................................... 23,33,070 23,33,070 23,33,070 10 12.29 11.66 7.79
397.71 397.08 778.09
485.67 487.35 980.56
II Investments carried at Fair Value through Profit or Loss
Quoted
Geodynamics Ltd............................................................................................... 2,94,00,000 2,94,00,000 2,94,00,000 AUD 1.50 1.18 2.12 1.60

Unquoted
Zoroastrian Co-operative Bank Ltd. ............................................................ 6,000 6,000 6,000 25 0.16 0.15 0.14
1.34 2.27 1.74
III Investments carried at Amortised Cost
(a) Statutory Investments
(i) Contingencies Reserve Fund Investments
Government Securities (Unquoted) fully paid-up ........................ 136.65 111.74 90.75
(ii) Deferred Taxation Liability Fund Investments
Government Securities (Unquoted) fully paid-up ........................ 237.75 279.75 206.09
374.40 391.49 296.84
Total ........................................................................................................................................... 861.41 881.11 1,279.14
Notes:
1. Aggregate Market Value of Quoted Investments ............................................................................................................................................................................... 89.14 92.39 204.07
2. Aggregate Carrying Value of Quoted Investments ............................................................................................................................................................................ 89.14 92.39 204.07
3. Aggregate Carrying Value of Unquoted Investments ....................................................................................................................................................................... 772.27 788.72 1,075.07
4. Investments at Fair Value Through Other Comprehensive Income (FVTOCI) reflect investment in quoted and unquoted equity securities. These equity shares are designated as FVTOCI as
they are not held for trading purpose and are not in similar line of business as the Company, thus disclosing their fair value change in profit and loss will not reflect the purpose of holding.
* The cost of these investments approximate their fair value because there is a wide range of possible fair value measurements and the cost represents the best estimate of fair value within
that range.
$ Classified as held for sale


7. Trade Receivables
NOTICE
(Unsecured unless otherwise stated)
As at As at As at
Non-current Trade Receivables
Considered Good - Unsecured ............................................ 192.99 190.05 187.92
BOARD’S REPORT
Credit Impaired ......................................................................... 4.55 6.24 6.24
197.54 196.29 194.16
Less: Allowance for Doubtful Trade Receivables ........... 4.55 6.24 6.24
192.99 190.05 187.92
Current Trade Receivables
Considered Good - Secured (Refer Note below) ........... 291.07 271.32 250.53
Considered Good - Unsecured ............................................ 4,154.19 2,517.61 3,581.59
Credit Impaired ......................................................................... 391.47 323.23 310.58
4,836.73 3,112.16 4,142.70
Less: Allowance for Doubtful Trade Receivables ........... 391.47 323.23 310.58
4,445.26 2,788.93 3,832.12
MD & A
Note:
The Group holds security deposits of ` 291.07 crore (31st March, 2018 - ` 271.32 crore, 1st April, 2017 - ` 250.53 crore) from
consumers.
7.1 Trade Receivables
The Group has used a practical expedient by computing the expected credit loss allowance for trade receivables based on a
provision matrix. The expected credit loss allowance is not calculated on non current trade receivables on account of dispute.
CG REPORT
The provision matrix takes into account historical credit loss experience and adjusted for forward looking information. The
expected credit loss allowance is based on the ageing of the days the receivables are due and the rates as given in the provision
matrix. The provision matrix at the end of the reporting period is as follows:
Ageing of Receivables Expected Credit loss (%)*
As at As at
Within the credit period ................................................................................................................... 0.36% 0.09%
1-90 days past due ............................................................................................................................. 0.48% 1.00%
91-182 days past due ........................................................................................................................ 0.94% 2.56%
More than 182 days past due......................................................................................................... 15.86% 9.00%
BRR
* Excludes Special allowances.
Age of receivables As at As at As at
Within the credit period ...................................................................... 2,401.08 958.58 1,972.76
CONSOLIDATED
1-90 days past due ................................................................................ 1,165.39 793.96 807.88
91-182 days past due ........................................................................... 416.25 263.97 731.28
More than 182 days past due............................................................ 1,051.55 1,291.94 824.94
Movement in the allowance for doubtful trade receivables
As at As at
` crore ` crore
Balance at the beginning of the year ....................................................................................................... 329.47 316.82
STANDALONE
Add/(Less): Expected credit loss allowance on trade receivables calculated at lifetime expected
credit losses for the year ........................................................................................................................... 53.09 38.94
Add/(Less): Special allowance on trade receivables for the year.................................................................... 25.00 (16.63)
Add/(Less): Transferred to Assets Classified as Held For Sale (Refer Note 17 c) ............................................ (11.54) (9.66)
Balance at the end of the year ..................................................................................................................... 396.02 329.47
The concentration of credit risk is very limited due to the fact that the large customers are mainly government entities and remaining customers
base is large and widely dispersed and secured with security deposit.


8. Loans
As at As at As at
Non-current - At Amortised Cost
(i) Security Deposits
Considered Good ............................................................... 84.32 55.25 60.16
Credit Impaired ................................................................... 27.87 29.92 32.81
112.19 85.17 92.97
Less: Provision for Doubtful Security Deposits......... 27.87 29.92 32.81
84.32 55.25 60.16
(ii) Loans to Related Parties - Joint Ventures
(Refer Note 38)
Considered Good* ............................................................. 54.17 69.72 69.64
Credit Impaired ................................................................... 1.36 1.36 1.27
55.53 71.08 70.91
Less: Allowances for Doubtful Loans ........................... 1.36 1.36 1.27
54.17 69.72 69.64
(iii) Other Loans
Loans to Employees........................................................... 6.24 6.76 7.52
Total ........................................................................................................... 144.73 131.73 137.32
Current - At Amortised Cost

(i) Security Deposits
Considered Good ......................................................................... 17.32 64.13 22.13
Credit Impaired ............................................................................. 5.77 4.23 2.93
23.09 68.36 25.06
Less: Allowances for Doubtful Security Deposits .... 5.77 4.23 2.93
17.32 64.13 22.13
(ii) Loans to Related Parties - Joint Ventures
(Refer Note 38)
Considered Good ......................................................................... 98.71 719.33 654.68
Credit Impaired ............................................................................. Nil Nil Nil
98.71 719.33 654.68
Less: Allowances for Doubtful Loans ........................... Nil Nil Nil
98.71 719.33 654.68
(iii) Other Loans
Loans to Employees........................................................... 0.43 1.34 0.76
Total ........................................................................................................... 116.46 784.80 677.57
* Classified as Held for Sale. (Refer Note 17).

9. Finance Lease Receivable - At Amortised Cost
Accounting Policy
Leasing arrangement
The determination of whether an arrangement is (or contains) a lease is based on the substance of the arrangement at the
inception of the lease. The arrangement is, or contains, a lease if fulfilment of the arrangement is dependent on the use of a
specific asset or assets and the arrangement conveys a right to use the asset or assets, even if that right is not explicitly specified
in an arrangement.
The Group as lessee
A lease is classified at the inception date as a finance lease or an operating lease. A lease that transfers substantially all the risks
and rewards incidental to ownership to the Group is classified as a finance lease.
A leased asset is depreciated over the useful life of the asset. However, if there is no reasonable certainty that the Group will
obtain ownership by the end of the lease term, the asset is depreciated over the shorter of the estimated useful life of the asset
and the lease term.
Operating lease payments are recognised as an expense in the statement of profit and loss on a straight-line basis over the lease
term.


9. Finance Lease Receivable - At Amortised Cost (Contd.)
NOTICE
The Group as lessor
Leases in which the Group does not transfer substantially all the risks and rewards of ownership of an asset are classified as
operating leases. Rental income from operating lease is recognised on a straight-line basis over the term of the relevant lease.
Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased
asset and recognised over the lease term on the same basis as rental income. Contingent rents are recognised as revenue in the
period in which they are earned.
BOARD’S REPORT
Leases are classified as finance leases when substantially all of the risks and rewards of ownership transfer from the Group to the
lessee. Amounts due from lessees under finance leases are recorded as receivables at the Group’s net investment in the leases.
Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the net investment
outstanding in respect of the lease.
As at As at As at
Finance Lease Receivable - Non-current...................................... 565.62 574.76 573.47
Finance Lease Receivable - Current ............................................... 37.90 34.27 39.16
MD & A
Total .......................................................................................................... 603.52 609.03 612.63
9.1 Leasing Arrangements

(i) The Group has entered into Power Purchase Agreements (PPA) with a customer for its assets located at Jojobera. The
assets relate to 30 years of take or pay agreements with the customer to supply electricity at a fixed plus variable charge.
The customer, during the term of the PPAs has a right to purchase the assets and at the end of the contract is obligated to
purchase same on the basis of the valuation determined under the PPAs. This arrangement is an embedded finance lease.
CG REPORT
(ii) The Group has entered into Power Purchase Agreements (PPA) with various customers for its rooftop solar assets located
across various locations. As this arrangement is dependent on the use of a specific asset and conveys a right to use on the
customer, it qualifies as a lease. As these are long tenor PPAs spread over a major part of the economic life of the asset,
this arrangement has been categorized as a finance lease.
9.2 Amount receivable under Finance Lease

Minimum Lease Payments Present value of Minimum Lease
Payments
As at As at As at As at As at As at
BRR
31st March, 31st March, 1st April, 31st March, 31st March, 1st April,
2019 2018 2017 2019 2018 2017
` crore ` crore ` crore ` crore ` crore ` crore
Not later than one year ......................................................... 110.25 107.94 107.58 37.90 34.27 39.16
Later than one year and not later than five years ........ 529.64 520.65 504.71 172.83 147.90 117.68
CONSOLIDATED
Later than five years ............................................................... 631.68 713.51 795.49 392.79 426.86 455.79
1,271.57 1,342.10 1,407.78 603.52 609.03 612.63
Unearned finance income.................................................... 668.05 733.07 795.15 Nil Nil Nil
Present value of minimum lease payments ............. 603.52 609.03 612.63 603.52 609.03 612.63
Allowance for uncollectible lease payments................. Nil Nil Nil Nil Nil Nil
Total ............................................................................................. 603.52 609.03 612.63 603.52 609.03 612.63
The implicit interest rate inherent in the leases is fixed at the contract for the entire lease term. The average effective interest rate
STANDALONE
contracted is approximately in the range of 9.00% - 16.34% per annum (as at 31st March, 2018: 12.62% - 16.34% per annum, as at
1st April 2017: 12.76% - 16.34% per annum).


10. Other Financial Assets
As at As at As at
(i) Receivables under Service Concession Agreement .............. 200.61 202.18 203.94
(ii) Unbilled Revenue................................................................................... 81.11 62.82 42.91
(iii) Others
Unsecured, considered good
Advance towards Equity ..................................................... 2.85 0.65 9.03
Government Grants Receivables * .................................. 29.17 Nil Nil
In Deposit Accounts (with maturity more than
twelve months) ...................................................................... 2.99 Nil Nil
Other Advances ..................................................................... 0.02 8.03 139.46
35.03 8.68 148.49
Total ........................................................................................................................ 316.75 273.68 395.34
* One of the subsidiary of the Group is eligible for government grant for certain solar projects. The subsidiary company is in the
process of creating charge on project assets in favour of Solar Energy Corporation of India. Once the charge is created, the subsidiary
company will file application for release of the grant.
Current - At Amortised Cost, unless otherwise stated
(i) Accruals
Interest Accrued on Inter-corporate/Bank Deposits 2.52 0.86 2.35
Interest Accrued on Investments..................................... 6.69 6.65 5.09
Interest Accrued on Finance Lease Receivable........... 6.96 7.15 11.73
Interest Accrued on Loans to Related Parties ............. 2.40 14.63 11.98
Unsecured, considered doubtful
Interest Accrued on Inter-corporate/Bank Deposits 1.40 Nil Nil
19.97 29.29 31.15
Less: Provision for Doubtful Interest ......................................... 1.40 Nil Nil
18.57 29.29 31.15
(ii) Receivables under Service Concession Agreement .............. 2.64 4.18 4.48
(iii) Others
Dividend Receivable............................................................. 16.71 35.81 Nil
Derivative Contract (Fair Value through Profit and
Loss) ........................................................................................... 24.76 111.59 37.97
Receivable on sale of Current Investments.................. 39.73 0.01 Nil
Receivable on sale of Fixed Assets .................................. 2.05 1.02 2.23
Insurance Claims Receivable ............................................. 3.52 6.47 21.15
Government Grants Receivables ..................................... 58.05 40.25 Nil
Other Advances ..................................................................... 75.56 172.97 84.25
Unsecured, considered doubtful
Other Advances ..................................................................... 2.70 1.79 2.80
Less: Allowances Doubtful Advances ................................................ (2.70) (1.79) (2.80)
220.38 368.12 145.60
Total ........................................................................................................................ 241.59 401.59 181.23


11. Tax Assets
NOTICE
As at As at As at
Non-current Tax Assets
Advance Income-tax (Net) ................................................................ 238.01 167.59 146.35
Total .......................................................................................................... 238.01 167.59 146.35
BOARD’S REPORT
Current Tax Assets
Advance Income-tax (Net) ................................................................ 2.67 14.77 31.68
Total .......................................................................................................... 2.67 14.77 31.68
12. Deferred Tax

Accounting Policy
Deferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities in the consolidated
financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are
generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible
MD & A
temporary differences to the extent that it is probable that taxable profits will be available against which those deductible
temporary differences can be utilised. Such deferred tax assets and liabilities are not recognised if the temporary difference
arises from the initial recognition of assets and liabilities in a transaction that affects neither the taxable profit nor the accounting
profit.
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer
probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. Unrecognised
deferred tax assets are re-assessed at each reporting date and are recognised to the extent that it has become probable that
CG REPORT
future taxable profits will allow the deferred tax asset to be recovered.
Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the period in which the liability is
settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of
the reporting period.
For operations carried out under tax holiday period (80IA benefits of Income Tax Act, 1961), deferred tax assets or liabilities, if
any, have been established for the tax consequences of those temporary differences between the carrying values of assets and
liabilities and their respective tax bases that reverse after the tax holiday ends.
Deferred tax assets and liabilities are offset when they relate to income taxes levied by the same taxation authority and the
BRR
relevant entity intends to settle its current tax assets and liabilities on a net basis.
Deferred tax relating to items recognised outside profit or loss is recognised outside profit or loss (either in other comprehensive
income or in equity). Deferred tax items are recognised in correlation to the underlying transaction either in OCI or directly in
equity.
Deferred tax assets include Minimum Alternative Tax (MAT) paid in accordance with the tax laws in India, which is likely to give
CONSOLIDATED
future economic benefits in the form of availability of set off against future income tax liability. Accordingly, MAT is recognised
as deferred tax asset in the balance sheet when the asset can be measured reliably and it is probable that the future economic
benefit associated with the asset will be realised. The Group reviews the “MAT credit entitlement” asset at each reporting date
and writes down the asset to the extent that it is no longer probable that it will pay normal tax during the specified period.
In the situations where one or more units of the Group are entitled to a tax holiday under the tax law, no deferred tax (asset
or liability) is recognized in respect of temporary differences which reverse during the tax holiday period, to the extent the
concerned unit’s gross total income is subject to the deduction during the tax holiday period. Deferred tax in respect of
temporary differences which reverse after the tax holiday period is recognized in the year in which the temporary differences
STANDALONE
originate. However, the Company restricts recognition of deferred tax assets to the extent it is probable that sufficient future
taxable income will be available against which such deferred tax assets can be realized. For recognition of deferred taxes, the
temporary differences which originate first are considered to reverse first.
Deferred tax assets are recognised for unused tax losses to the extent that it is probable that taxable profit will be available
against which the losses can be utilised. Significant management judgement is required to determine the amount of deferred
tax assets that can be recognised, based upon the likely timing and the level of future taxable profits together with future tax
planning strategies.


12. Deferred Tax (Contd.)
12 a. Deferred Tax Assets
As at As at As at
Deferred Tax Assets.............................................................................. 3,669.65 4,124.19 5,166.26
Deferred Tax Liabilities ....................................................................... 3,580.16 4,006.02 5,042.14
Total - Net Deferred Tax Assets.................................................... 89.49 118.17 124.12
` crore
2018-19 Opening Recognised Recognised Recognised Closing
Balance in Profit or in Other directly in Balance
Loss Comprehensive Equity
Income
Deferred Tax Assets in relation to:
Allowance for Doubtful Debts, Deposits and Advances . 53.09 (3.57) Nil Nil 49.52
Provision for Employee Benefits, Entry Tax and Others ... 10.98 (1.71) Nil Nil 9.27
Unabsorbed Depreciation.......................................................... 3,481.33 (406.05) Nil Nil 3,075.28
Measuring of Derivative Financial Instruments at Fair
Value .................................................................................................. 149.07 (122.44) Nil Nil 26.63
Carry Forward Losses ................................................................... 195.47 (39.37) Nil Nil 156.10
MAT Credit Entitlement ............................................................... 101.73 3.41 Nil Nil 105.14
Deferred Revenue -Ind AS 115 ................................................. 132.52 113.27 Nil Nil 245.79
Others ................................................................................................ Nil 1.92 Nil Nil 1.92
4,124.19 (454.54) Nil Nil 3,669.65
Deferred Tax Liabilities in relation to:
Property, Plant and Equipment ................................................ 3,986.75 (411.20) Nil Nil 3,575.55
Others ................................................................................................ 19.27 (14.66) Nil Nil 4.61
4,006.02 (425.86) Nil Nil 3,580.16
Net Deferred Tax Assets ........................................................... 118.17 (28.68) Nil Nil 89.49
` crore
Income
Deferred Tax Assets in relation to:
Allowance for Doubtful Debts, Deposits and Advances . 77.79 (24.70) Nil Nil 53.09
Provision for Employee Benefits, Entry Tax and Others ... 29.07 (19.62) 1.53 Nil 10.98
Unabsorbed Depreciation.......................................................... 3,917.39 (436.06) Nil Nil 3,481.33
Measuring of Derivative Financial Instruments at Fair
Value .................................................................................................. 268.21 (119.14) Nil Nil 149.07
Carry Forward Losses ................................................................... 39.85 155.62 Nil Nil 195.47
Deferred Revenue -Ind AS 115 ................................................. 108.82 23.70 Nil Nil 132.52
MAT Credit Entitlement ............................................................... 707.54 (605.81) Nil Nil 101.73
Others ................................................................................................ 17.59 (17.59) Nil Nil Nil
5,166.26 (1,043.60) 1.53 Nil 4,124.19
Property, Plant and Equipment ................................................ 5,037.54 (1,052.32) 1.53 Nil 3,986.75
Others ................................................................................................ 4.60 14.67 Nil Nil 19.27
5,042.14 (1,037.65) 1.53 Nil 4,006.02
Net Deferred Tax Assets ........................................................... 124.12 (5.95) Nil Nil 118.17


NOTICE
12 b. Deferred Tax Liabilities
As at As at As at
Deferred Tax Assets.............................................................................. 2,025.06 2,402.03 89.59
Deferred Tax Liabilities ....................................................................... 3,081.87 2,918.59 1,840.73
BOARD’S REPORT
Total - Net Deferred Tax Liabilities............................................. 1,056.81 516.56 1,751.14
` crore
Income
Deferred tax assets in relation to :
Allowance for Doubtful Debts, Deposits and Advances .......... 53.02 5.45 Nil Nil 58.47
Provision for Employee Benefits, Entry Tax and Others ............ 81.23 (7.60) 0.16 Nil 73.79
Unabsorbed Depreciation................................................................... 244.74 (102.57) Nil Nil 142.17
MD & A
Carry Forward Losses ............................................................................ 4.34 (4.34) Nil Nil Nil
On Asset Held For Sale [Refer Note(i) below] ............................... 757.40 (413.78) Nil Nil 343.62
MAT Credit Entitlement ........................................................................ 1241.62 122.80 Nil Nil 1,364.42
Government Grant ................................................................................. 17.73 (15.54) Nil Nil 2.19
Deferred Revenue -Ind AS 115 .......................................................... Nil 30.90 Nil Nil 30.90
Others ......................................................................................................... 1.95 7.75 (0.20) Nil 9.50
2,402.03 (376.93) (0.04) Nil 2,025.06
Deferred tax liabilities in relation to :
CG REPORT
Finance Leases ......................................................................................... 144.43 62.42 Nil Nil 206.85
Property, Plant and Equipments ....................................................... 2,521.19 39.78 Nil Nil 2,560.97
Investments at Fair Value ..................................................................... 0.24 45.20 0.02 Nil 45.46
Distribution on Perpetual Bonds ...................................................... 24.90 Nil Nil Nil 24.90
Borrowings................................................................................................ 10.40 (0.74) Nil Nil 9.66
Undistributable Profits of Subsidiaries ........................................... 4.34 21.76 Nil Nil 26.10
Revaluation on Consolidation ........................................................... 213.09 (10.40) Nil Nil 202.69
Others ......................................................................................................... Nil 5.24 Nil Nil 5.24
2,918.59 163.26 0.02 Nil 3,081.87
Net Deferred Tax Liabilities............................................................. 516.56 540.19 0.06 Nil 1,056.81
BRR
` crore
Income
Deferred Tax Assets in relation to :
CONSOLIDATED
Allowance for Doubtful Debts, Deposits and Advances ......... 29.75 23.27 Nil Nil 53.02
Provision for Employee Benefits, Entry Tax and Others ........... 57.75 23.76 (0.28) Nil 81.23
Unabsorbed Depreciation.................................................................. Nil 244.74 Nil Nil 244.74
Carry Forward Losses ........................................................................... Nil 4.34 Nil Nil 4.34
On Asset Held For Sale [Refer Note(i) below] .............................. Nil 387.40 370.00 Nil 757.40
MAT Credit Entitlement ....................................................................... 2.09 1,239.53 Nil Nil 1,241.62
Government Grant ................................................................................ Nil 17.73 Nil Nil 17.73
Others ........................................................................................................ Nil 1.79 0.16 Nil 1.95
89.59 1,942.56 369.88 Nil 2,402.03
Finance Leases ........................................................................................ 144.48 (0.05) Nil Nil 144.43
STANDALONE
Property, Plant and Equipments ...................................................... 1,405.58 1,115.61 Nil Nil 2,521.19
Investments at Fair Value .................................................................... 26.03 (3.80) (21.99) Nil 0.24
Distribution on Perpetual Bonds ..................................................... 24.66 Nil Nil 0.24 24.90
Borrowings............................................................................................... 5.04 5.36 Nil Nil 10.40
Undistributable Profits of Subsidiaries .......................................... 5.47 (1.13) Nil Nil 4.34
Revaluation on Consolidation .......................................................... 229.47 (16.38) Nil Nil 213.09
1,840.73 1,099.61 (21.99) 0.24 2,918.59
Net Deferred Tax Liabilities............................................................ 1,751.14 (842.95) (391.87) 0.24 516.56


12 b. Deferred Tax Liabilities (Contd.)
Notes:
i. During the year ended 31st March, 2019, the Group has disposed off certain investment/assets. Accordingly the deferred tax asset of
` 757.40 crore recognized in March, 2018 has been reversed up to ` 413.78 crore in the statement of profit and loss.
ii. During the year ended 31st March 2018, the Parent Company has reassessed the recoverability of unrecognised MAT credit and
accordingly recognised MAT credit amounting to ` 517.51 crore and also recognized regulatory liability on the said MAT credit which
needs to be passed on to the consumers. During the current year, the Group has reassessed the recoverability of unrecognised MAT
Credit and considering the uncertainty over the realisability, the Group has not recognised MAT Credit amounting to ` 276.87 crore
(31st March, 2018 - ` 287.05 crore).
iii. Considering the uncertainty over the realisibility, the Group has not recognized deferred tax asset to the extent of ` 309.73 crore
(31st March, 2018 - ` 289.53 crore) on provision for diminution in value of investment classified as assets held for sale.
iv. Unrecognised deferred tax assets on tax losses /unused tax credit for which no deferred tax assets is recognised amount to ` 3,512.67
crore and ` 2,826.31 crore as at 31st March, 2019 and 31st March, 2018 respectively. The expiry of unrecognised Deferred Tax Asset
is as detailed below:
` crore
As at 31st March, 2019 Within Greater than Greater No Closing
Unrecognised Deferred Tax Assets one year one year, less than five expiry balance
than five years years date
Business losses ................................................................ 30.98 490.03 532.54 Nil 1,053.55
Unabsorbed depreciation ........................................... Nil Nil Nil 1,872.52 1,872.52
MAT credit ......................................................................... Nil 8.01 268.86 Nil 276.87
Provision for diminution in the value of
investment classified as held for sale ...................... Nil Nil 309.73 Nil 309.73
Total .................................................................................... 30.98 498.04 1,111.13 1,872.52 3,512.67
` crore
As at 31st March, 2018 Within Greater than Greater No Closing
Unrecognised Deferred Tax Assets one year one year, less than five expiry balance
than five years years date
Business losses ................................................................ Nil 516.00 404.58 Nil 920.58
Unabsorbed depreciation ........................................... Nil Nil Nil 1,329.15 1,329.15
MAT credit ......................................................................... Nil 8.01 279.04 Nil 287.05
Provision for diminution in the value of
investment classified as held for sale ...................... Nil Nil 289.53 Nil 289.53
Total .................................................................................... Nil 524.01 973.15 1,329.15 2,826.31
v. The Group has not recognized any deferred tax liabilities for taxes amounting to ₹ 1,549.25 crore and ₹ 1,400.97 crore that would be
payable on the Group’s share in unremitted earnings of its subsidiaries and its interest in joint ventures because the Group controls
when the liability will be incurred and it is probable that the liability will not be incurred in the forseeable future.
12 c. Reconciliation of Deferred Tax Expense amount recognised in profit or loss and Other Comprehensive Income
Recognised in profit Recognised in Other Recognised directly in
or loss Comprehensive Income equity
For the year For the year For the year For the year For the year For the year
ended ended ended ended ended ended
31st March, 31st March, 31st March, 31st March, 31st March, 31st March,
2019 2018 2019 2018 2019 2018
Deferred Tax Assets (Net) - (Refer Note 12 a.)
Net (increase)/decrease in Deferred Tax Assets.................... 28.68 5.95 Nil Nil Nil Nil
Deferred Tax Liabilities (Net) - (Refer Note 12 b.)
Net increase/(decrease) in Deferred Tax Liabilities ............. 540.19 (842.95) 0.06 (391.87) Nil 0.24
Less: Deferred Tax Liabilities (Net) - Discontinued
Operations (Refer Note 33)
Net increase/(decrease) in Deferred Tax Liabilities 5.94 3.23 Nil Nil Nil Nil
Deferred Tax Expense (Net)...................................................... 562.93 (840.23) 0.06 (391.87) Nil 0.24


13. Other Assets
NOTICE
As at As at As at
Non-current
(i) Capital Advances
Unsecured, considered good ......................................... 59.34 49.50 121.04
BOARD’S REPORT
Doubtful......................................................................... 0.16 0.12 0.21
59.50 49.62 121.25
Less: Allowance for Doubtful Advances ...................... 0.16 0.12 0.21
59.34 49.50 121.04
(ii) Security Deposits
Unsecured, considered good ........................................ 228.64 228.66 228.77
(iii) Balances with Government Authorities
Advances ...................................................................... 166.61 165.35 143.58
Amount Paid Under Protest .................................... 70.91 68.67 217.41
VAT/Sales Tax Receivable ......................................... 63.16 62.70 82.72
MD & A
300.68 296.72 443.71
(iv) Unamortised Premium for Leasehold Land
(v) Deferred Rent Expense
(vi) Others
Prepaid Expenses........................................................ 3.29 4.90 11.44
CG REPORT
Recoverable from Consumers ................................ 404.79 675.98 771.09
Others ............................................................................. 16.93 0.33 33.30
Doubtful ............................................................................... 0.93 0.96 2.22
425.94 682.17 818.05
425.01 681.21 815.83
Total .......................................................................................................... 1,358.07 1,577.31 2,058.33
Current
(i) Balances with Government Authorities
BRR
Advances ....................................................................... 174.23 90.13 31.19
VAT/Sales Tax Receivable ......................................... 4.48 6.60 34.90
178.71 96.73 66.09
(ii) Unamortised Premium for Leasehold Land
(iii) Other Loans and Advances
CONSOLIDATED
Prepaid Expenses........................................................ 79.14 87.10 76.56
Unamortised Option Premium .............................. Nil 0.09 Nil
Advances to Vendors................................................. 323.33 358.34 283.14
Recoverable from Consumers ................................ 1,100.54 634.65 710.04
Deferred Rent Expense ............................................. 0.89 0.24 0.14
Unbilled Revenue (contract assets) ..................... 11.15 Nil Nil
Power Banking Receivable ...................................... 170.94 302.64 116.74
Other Advances........................................................... 7.46 17.04 16.55
STANDALONE
Others ............................................................................. 0.18 5.80 2.81

Doubtful......................................................................... 1.82 1.08 1.57
1,695.45 1,406.98 1,207.55
1,693.63 1,405.90 1,205.98
Total .......................................................................................................... 1,881.85 1,512.32 1,293.01


14. Inventories
Accounting Policy
Inventories are stated at the lower of cost and net realisable value. Cost of inventory includes cost of purchase and other costs
incurred in bringing the inventories to their present location and condition. Costs of inventories are determined on weighted
average basis. Finished goods and work in progress: cost includes cost of direct materials and labour and a proportion of
manufacturing overheads based on the normal operating capacity, but excluding borrowing costs. Net realisable value
represents the estimated selling price for inventories less all estimated costs of completion and costs necessary to make the
sale. Unserviceable/damaged stores and spares are identified and written down based on technical evaluation.
As at As at As at
Inventories (lower of cost and net realisable value)
(a) Raw Materials and Fuel
Fuel - Stores .................................................................... 805.77 780.24 575.00
Fuel-in-Transit ................................................................ 214.30 216.67 260.64
Others ............................................................................... 156.89 133.05 158.76
(b) Work-In-Progress .................................................................... 2.93 6.36 29.71
(c) Finished goods ......................................................................... 82.41 103.35 110.13
(d) Stores and Spares
Stores and Spare Parts ................................................ 323.27 281.89 382.96
Stores-in-Transit ............................................................ Nil Nil 4.44
(e) Loose Tools ................................................................................. 1.29 1.02 1.22
(f) Others
Property under Development .............................................. 119.56 100.50 76.70
Total ............................................................................................... 1,706.42 1,623.08 1,599.56
Notes:
1. The Group has recognised ` Nil (31st March, 2018 - ` 46.91 crore, 1st April, 2017 - ` 62.74 crore) as an expense for
inventories carried at net realisable value.
2. Refer Note 21 for Inventories pledged as security for liabilities.
15. Current Investments
As at As at As at
I Investment carried at Amortised Cost
Statutory Investments
Contingency Reserve Fund Investments
Government Securities (Unquoted) fully
paid up ........................................................................ Nil 10.00 15.85
Deferred Taxation Liability Fund Investments
Government Securities (Unquoted) fully
paid up ........................................................................ 42.00 Nil 73.49
42.00 10.00 89.34
II Investments carried at Fair Value through Profit and
Loss
Equity Shares (Quoted)
(a) Investment in Equity Shares fully Paid-up.............. Nil Nil 32.35
(b) Investment in Debentures or Bonds (Quoted) .....
Nil Nil 0.31
Other (Unquoted) Nil Nil 32.66
(c) Investment in Mutual Funds (Unquoted) .............. 124.98 426.16 975.78
124.98 426.16 1,008.44
Total ........................................................................................................... 166.98 436.16 1,097.78
Notes:
1. Aggregate Market Value of Quoted Investments Nil Nil 32.66
2. Aggregate Carrying Value of Quoted Investments Nil Nil 32.66
3. Aggregate Carrying Value of Unquoted Investments 166.98 436.16 1,065.12
* Denotes figure below ` 50,000


16 a. Cash and Cash Equivalents
NOTICE
Accounting Policy
Cash and cash equivalent in the balance sheet comprise cash at banks, cash/cheques on hand and short-term deposits with
an original maturity of three months or less, which are subject to an insignificant risk of changes in value. Cash and cash
equivalents include balances with banks which are unrestricted for withdrawal and usage.
For the purpose of the statement of cash flows, cash and cash equivalents consist of cash at bank, cash/cheques on hand and
BOARD’S REPORT
short-term deposits, as defined above, net of outstanding bank overdrafts as they are considered an integral part of the Group’s
cash management.
As at As at As at
(i) Balances with Banks:
In Current Accounts ................................................................ 320.87 905.58 459.91
In Deposit Accounts (with original maturity less than
three months) ........................................................................... 311.90 126.10 349.29
(ii) Cheques on Hand.................................................................... 11.69 28.41 23.60
(iii) Cash on Hand............................................................................ 0.99 1.07 2.42
MD & A
Cash and Cash Equivalents as per Balance Sheet............... 645.45 1,061.16 835.22
Bank Overdraft (Refer Note 26) ....................................................... (590.89) (119.25) (16.64)
Book Overdraft (Refer Note 25) ....................................................... Nil (0.08) Nil
Cash and Cash Equivalents as per Statement of Cash Flows 54.56 941.83 818.58
Particulars As at Cash flows Reclassification Reclassification Foreign Others As at

31st as part of Exchange 31st
CG REPORT
Proceeds Repayment
March, Discontinued March,
2018 Operations 2019
` crore ` crore ` crore ` crore ` crore ` crore ` crore ` crore
Non-current Borrowings (including Current
Maturity of Non-current Borrowings) ............. 29,761.96 10,867.07 (9,978.26) 3,766.57 (135.48) 338.00 10.80 34,630.66
Current Borrowings (excluding Bank
Overdraft) .................................................................. 18,708.03 34,846.52 (36,376.94) (4,540.88) Nil 583.80 63.96 13,284.49
Total ............................................................................ 48,469.99 45,713.59 (46,355.20) (774.31) (135.48) 921.80 74.76 47,915.15
BRR
Particulars As at Cash flows Reclassification Reclassification Foreign Others As at
31st Proceeds Repayment as part of Exchange 31st
March, Discontinued March,
2017 Operations 2018
` crore ` crore ` crore ` crore ` crore ` crore ` crore ` crore
Non-current Borrowings (including Current
Maturity of Non-current Borrowings) ............. 32,535.62 9,750.53 (11,224.74) (731.26) (585.42) 18.84 (1.61) 29,761.96
CONSOLIDATED
Overdraft) .................................................................. 16,263.15 24,579.61 (22,668.41) 731.26 (12.22) (251.40) 66.04 18,708.03
Total ............................................................................ 48,798.77 34,330.14 (33,893.15) Nil (597.64) (232.56) 64.43 48,469.99
16 b. Other Balances with Banks

As at As at As at
STANDALONE
(a) In Deposit Accounts ............................................................... 124.12 111.05 106.46

(b) In Earmarked Accounts-
Unpaid Dividend Account ............................................. 17.88 13.57 12.62
Total .......................................................................................................... 142.00 124.62 119.08
Note:
Balances with banks held as margin money deposits against guarantees.


17 a. Assets Classified as Held For Sale
Accounting Policy
Non-current assets or disposal group are classified as held for sale if their carrying amount will be recovered principally through
a sale transaction rather than through continuing use. This condition is regarded as met only when the asset or disposal group
is available for immediate sale in its present condition subject only to terms that are usual and customary for sale of such asset
or disposal group and its sale is highly probable. Management must be committed to the sale, which should be expected to
qualify for recognition as a completed sale within one year from the date of classification. As at each balance sheet date, the
management reviews the appropriateness of such classification.
Non-current assets or disposal group classified as held for sale are measured at the lower of their carrying amount and fair value
less costs to sell.
The group treats sale/ distribution of the asset or disposal group to be highly probable when:
- the appropriate level of management is committed to a plan to sell the asset (or disposal group),
- an active programme to locate a buyer and complete the plan has been initiated (if applicable),
- the asset (or disposal group) is being actively marketed for sale at a price that is reasonable in relation to its current fair
value,
- the sale is expected to qualify for recognition as a completed sale within one year from the date of classification, and
- actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that
the plan will be withdrawn.
Property, plant and equipment and intangible assets once classified as held for sale/distribution to owners are not depreciated
or amortised.
A disposal Group qualifies as discontinued operation if it is a component of an entity that either has been disposed of, or is
classified as held for sale, and:
- represents a separate major line of business or geographical area of operations,
- is part of a single co-ordinated plan to dispose of a separate major line of business or geographical area of operations
Discontinued operations are excluded from the results of continuing operations and are presented as a single amount as profit
or loss after tax from discontinued operations in the statement of profit and loss. Additional disclosures are provided hereunder.
All other notes to the financial statements mainly include amounts for continuing operations, unless otherwise mentioned.
As at As at As at
Land [Refer Note (i)]................................................................................. 310.28 97.21 15.83
Building [Refer Note (ii)] ......................................................................... 9.75 Nil Nil
Property, Plant and Equipment [Refer Note (iii)] ........................... 155.59 0.22 24.68
Investments carried at Fair Value through Other
Comprehensive Income [Refer Note (iv)]......................................... 38.65 69.70 195.21
Investments in Associates and Joint Ventures [Refer Note (v)] 2,918.73 2,520.16 1,683.75
Investments in Subsidiaries [Refer Note (vi)] .................................. Nil Nil Nil
Loan (including interest accrued) to Joint Venture
[Refer Note (v)] .......................................................................................... 18.59 Nil Nil
Other Assets [Refer Note (vi)] ............................................................... 26.23 26.22 Nil
Assets of Discontinued Operations [Refer Note 17 (c)]............... 2,064.30 2,065.19 Nil
5,542.12 4,778.70 1,919.47
17 b. Liabilities directly associated with Assets Classified as Held For Sale

As at As at As at
Liabilities related to Other Assets [Refer Note (vi)]................... 26.23 26.22 Nil
Liabilities of Discontinued Operations [Refer Note 17 (c)] .... 966.27 877.56 Nil
Total .......................................................................................................... 992.50 903.78 Nil


17 b. Liabilities directly associated with Assets Classified as Held For Sale (Contd.)
NOTICE
Notes:
(i) The Group had decided to sell/transfer following land and consequently classified as assets held for sale at lower of
carrying amount and fair value less cost to sell:
(a) Land at Belgaum ` Nil (31st March, 2018 - ` 2.90 crore, 1st April, 2017 - ` 2.90 crore) has been disposed off in the
current year;
BOARD’S REPORT
(b) Land at Tiruldih ` 9.72 crore (net of impairment loss of ` 34 crore) (31st March, 2018 - ` 9.72 crore, 1st April, 2017 -
` 9.72 crore);
(c) Land at Vadaval ` 3.21 crore (31st March, 2018 - ` 3.21 crore, 1st April, 2017 - ` 3.21 crore);
(d) Land at Naraj Marthapur ` 81.38 crore (net of impairment loss of ` 37 crore) (31st March, 2018 - ` 81.38 crore,
1st April, 2017 - ` Nil);
(e) Land at Hadapsar ₹ 0.08 crore (31st March, 2018 - ₹ Nil, 1st April, 2017 - ₹ Nil);
(f ) Land at Dehrand ₹ 215.56 crore (31st March, 2018 - ₹ Nil, 1st April, 2017 - ₹ Nil);
(g) Land at Oil Tankage Unit, Trombay (CTTL) ₹ 0.04 crore (31st March, 2018 - ₹ Nil, 1st April, 2017 - ₹ Nil);
MD & A
(h) Land at Visapur ₹ 0.29 crore (31st March, 2018 - ₹ Nil, 1st April, 2017 - ₹ Nil).
(ii) The Group had decided to sell/transfer following buildings and consequently classified as assets held for sale at lower of
(a) Building at Erangal ₹ 0.23 crore (31st March, 2018 - ₹ Nil, 1st April, 2017 - ₹ Nil);
(b) Building at Panvel ₹ 0.48 crore (31st March, 2018 - ₹ Nil, 1st April, 2017 - ₹ Nil);
CG REPORT
(c) Building at Peninsula ₹ 8.02 crore (31st March, 2018 - ₹ Nil, 1st April, 2017 - ₹ Nil);
(d) Building at Metropolitan ₹ 0.89 crore (31st March, 2018 - ₹ Nil, 1st April, 2017 - ₹ Nil);
(e) Building at Oil Tankage Unit, Trombay ₹ 0.13 crore (31st March, 2018 - ₹ Nil, 1st April, 2017 - ₹ Nil).
(iii) (a) The Group has a Oil Tankage unit at Trombay. During the year, the Group has reclassified the said asset as held
for sale. No impairment loss has been recognised on reclassification as the Group expects that the fair value
(estimated based on the recent market prices of similar properties in similar locations) less costs to sell is higher
than the carrying amount of ` 4.55 crore as at 31st March, 2019.
(b) During the year, the Group signed a binding term sheet for sale of its 32 MW wind project in Maharashtra.
BRR
Subsequent to the year end, the Group signed a Business Transfer Agreement on 18th April, 2019 with the buyer.
The sale transaction is likely to be concluded in next three months. No impairment loss has been recognised on
reclassification as the Group expects that the fair value less costs to sell is higher than the carrying amount of
₹ 131.00 crore as at 31st March, 2019.
(c) The Group had recorded impairment provision of ₹ 37.57 crore pertaining to Rithala plant till 31st March, 2018.
During the year, the Group has performed impairment reassessment and has recognised additional impairment
CONSOLIDATED
provision of ₹ 106.41 crore as an exceptional item in the statement of profit and loss.
Impairment provision consists of ₹ 18.07 crore towards impairment of Property, Plant and Equipment and ₹ 88.32
crore being difference between carrying value and fair value of the plant. The Group has classified the plant under
assets held for sale at its fair value of ₹ 20.04 crore.
(iv) During the year ended 31st March, 2017, the Group had decided to divest its investments carried at fair value through
other comprehensive income in Tata Teleservices (Maharashtra) Ltd. and Tata Teleservices Ltd. Part of the said investments
has been disposed off in the current year. Balance investments have been classified as held for sale at fair value of ` 38.65
crore as at 31st March, 2019 (31st March, 2018 - ` 69.70 crore, 1st April, 2017 - ` 195.21 crore).
STANDALONE
(v) (a) The Group had signed definitive agreements for sale of PT Arutmin Indonesia and its associated infrastructure
and trading companies during the year ended 31st March, 2017 and the sale consideration of USD 400.92 million
was expected to be received in a phased manner over next few years. Accordingly, the investments (including
the investment in PT Mitratama Perkasa reclassified as held for sale during the year ended 31st March, 2017) have
been classified as assets held for sale at ` 1,768.97 crore as at 31st March, 2019 (31st March, 2018 - ` 1,684.18 crore,
1st April, 2017 - ` 1,673.30 crore).


17 b. Liabilities directly associated with Assets Classified as Held For Sale (Contd.)
(b) The Group holds investment in Nelito Systems Ltd. (Nelito), an Associate company. During the year ended
31st March, 2017, the Group had sold part of the investment at ` 185/- per share and decided to sell its entire share
holding. Accordingly, balance investment of ` 12.93 crore at 31st March, 2019 (31st March, 2018 - ` 10.45 crore,
1st April, 2017 - ` 10.45 crore) has been classified and disclosed as Assets classified as held for sale. During the year,
the Group had received offer to sell at ` 240/- per share and therefore the provision for investments amounting to
` 2.48 crore has been reversed.
(c) During the previous year, the Group decided to divest its investments in Tata Projects Ltd. (` 439.44 crore), Tata
Communications Ltd. (` 107.31 crore) and Panatone Finvest Ltd. (` 278.78 crore), associate companies. Accordingly,
the said investments were classified as held for sale. During the year, the investments in Panatone Finvest Ltd.
and Tata Communications Ltd. have been disposed off at the sale value of ` 1,542.62 crore and ` 614.18 crore
respectively, resulting in gain of ` 1,354.25 crore and ` 542.99 crore respectively which has been disclosed as an
exceptional income in the financial results.
(d) During the year, the Group decided to divest its investment in and loan given to its Joint Venture Company, Itezhi
Tezhi Power Corporation of ` 577.65 crore and ` 18.59 crore respectively and investment in its Joint Venture
Company, Cennergi Pty Ltd. of ` 119.74 crore. Accordingly, the said investments and loan have been classified
as held for sale. No impairment loss has been recognised on reclassification as the Company expects that the fair
value less costs to sell is higher than the carrying amount as at 31st March, 2019.
(vi) During the previous year, the Group has decided to divest its investments in equity and preference shares of its subsidiary,
Tata Ceramics Ltd. Accordingly, the said investments have been classified as held for sale at ` Nil (Net of impairment of
` 14.21 crore).
17 c. Assets classified as Held for Sale - Discontinued Operations

During the previous year, the Group approved sale of its Strategic Engineering Division (SED) to Tata Advanced Systems Ltd. (TASL)
(a wholly owned subsidiary of Tata Sons Pvt. Ltd.) as a going concern on slump sale basis, subject to regulatory approvals at an
enterprise value of ` 2,230 crore (out of which ` 1,040 crore payable at the time of closing and ` 1,190 crore payable on achieving
certain milestones). Accordingly, defence business segment is presented as discontinued operations in the segment note. The date
of completion of the transaction is subject to approval by National Company Law Tribunal (NCLT) and other requisite approvals.
Results of Strategic Engineering Division for the year are presented below:
Particulars For the year For the year
ended ended
` crore ` crore
Income
Revenue from Operations .............................................................................................................. 143.59 286.74
Expenditure
Cost of Components Consumed.................................................................................................. 138.10 213.37
Employee Benefits Expense........................................................................................................... 110.85 49.40
Finance Costs ...................................................................................................................................... 36.33 8.85
Depreciation & Amortisation ........................................................................................................ Nil 31.17
Other Expenses .................................................................................................................................. 50.13 69.82
Total Expenses .................................................................................................................................. 335.41 372.61
Profit/(Loss) before tax from Discontinued Operations............................................... (191.82) (85.87)
Tax
Current Tax/(Credit) .......................................................................................................................... (71.92) (17.36)
Deferred Tax ........................................................................................................................................ 5.94 3.23
Total Tax............................................................................................................................................... (65.98) (14.13)
Profit/(Loss) for the year from Discontinued Operations ............................................ (125.84) (71.74)
Other Comprehensive Income/(Expense) ................................................................................ (1.14) 0.85
Tax on Other Comprehensive Income ....................................................................................... 0.40 Nil
Total Comprehensive Income/(Expense) ............................................................................. (126.58) (70.89)


17 c. Assets classified as Held for Sale - Discontinued Operations (Contd.)
NOTICE
Major classes of Assets and Liabilities of Strategic Engineering Division classified as held for sale are as follows:
As at As at
` crore ` crore
Assets
Property, Plant and Equipment .................................................................................................... 302.06 302.99
BOARD’S REPORT
Capital Work-in-Progress ................................................................................................................ 418.75 361.42
Other Intangible Assets................................................................................................................... 123.42 75.08
Intangible Assets Under Development ..................................................................................... 347.10 351.84
Non-current Financial Assets ........................................................................................................ 3.66 4.75
Other Non-current Assets .............................................................................................................. 74.66 78.04
Current Assets
Inventories ........................................................................................................................................... 104.15 102.30
Current Financial Assets .................................................................................................................. 261.96 309.75
Other Current Assets ........................................................................................................................ 428.54 479.02
Assets Classified as Held For Sale............................................................................................ 2,064.30 2,065.19
MD & A
Liabilities
Financial Liabilities ............................................................................................................................ 679.31 547.38
Provisions ............................................................................................................................................. 30.22 19.05
Current Liabilities
Financial Liabilities ............................................................................................................................ 190.00 202.51
Provisions ............................................................................................................................................. 17.91 37.93
CG REPORT
Other Current Liabilities.................................................................................................................. 48.83 70.69
Liabilities directly associated with Assets Classified as Held For Sale .................. 966.27 877.56
Net Assets directly associated with Discontinued Operations ................................. 1,098.03 1,187.63
Net Cash Flows attributable to Strategic Engineering Division are as follows

For the year For the year
ended ended
` crore ` crore
Net Cash Flow from/(used) in Operating Activities............................................................... 18.67 (16.31)
BRR
Net Cash Flow from/(used) in Investing Activities ................................................................ (87.35) (233.13)
Net Cash Flow from/(used) in Financing Activities ............................................................... 72.95 237.27
Net Increase/(Decrease) in Cash and Cash Equivalents................................................ 4.27 (12.17)
Cash and Cash Equivalents as at 1st April (Opening Balance) .................................. 1.84 14.01
Cash and Cash Equivalents as at 31st March (Closing Balance) ............................... 6.11 1.84
CONSOLIDATED
During the year, the SED has incurred Research and Development expenditure including capital expenditure amounting to
` 43.62 crore (31st March, 2018 - ` 118.75 crore).
Estimated amount of Contracts remaining to be executed on capital account and not provided for is ` 55.57 crore (31st March,
2018 - ` 103.93 crore).
Contingent Liability of excise duty amounts to ` 14.28 crore (31st March, 2018 - ` 14.28 crore).
18. Regulatory Deferral Account

Accounting Policy
STANDALONE
The Group determines revenue gaps (i.e. surplus/shortfall in actual returns over returns entitled) in respect of its regulated
operations in accordance with the provisions of Ind AS 114 “Regulatory Deferral Accounts” read with the Guidance Note on
Rate Regulated Activities issued by ICAI and based on the principles laid down under the relevant Tariff Regulations/Tariff
Orders notified by the Electricity Regulator and the actual or expected actions of the regulator under the applicable regulatory
framework. Appropriate adjustments in respect of such revenue gaps are made in the regulatory deferral account of the
respective year for the amounts which are reasonably determinable and no significant uncertainty exists in such determination.
These adjustments/accruals representing revenue gaps are carried forward as Regulatory deferral accounts debit/credit balances


18. Regulatory Deferral Account (Contd.)
(Regulatory Assets/Regulatory Liabilities) as the case may be in the financial statements, which would be recovered/refunded
through future billing based on future tariff determination by the regulator in accordance with the electricity regulations. The
Group presents separate line items in the balance sheet for:
i. the total of all regulatory deferral account debit balances and related deferred tax balances; and
ii. the total of all regulatory deferral account credit balances and related deferred tax balances.
A separate line item is presented in the Statement of Profit and Loss for the net movement in regulatory deferral account.
Regulatory asset/liabilities on deferred tax expense/income is presented separately in the tax expense line item.
As at As at As at
Regulatory Deferral Account - Liability - Current
Regulatory Liabilities............................................................................ Nil 485.00 662.35
Regulatory Deferral Account - Assets - Non-current
(Refer Note 35)
Regulatory Assets .................................................................................. 5,758.13 6,304.56 7,117.70
Net Regulatory Assets / (Liabilities) ........................................... 5,758.13 5,819.56 6,455.35
Rate Regulated Activities

(i) As per the Ind AS-114 ‘Regulatory Deferral Accounts’, the business of electricity distribution is a Rate Regulated activity
wherein the regulators determine Tariff to be charged from consumers based on prevailing regulations in place.
The Multi Year Tariff Regulations issued by respective State Regulators are applicable to the Group’s distribution
businesses. According to these regulations, the regulators shall determine tariff in a manner in which the Group can
recover its fixed and variable costs including assured rate of return on approved equity base, from its consumers. The
Group determines the Revenue, Regulatory Assets and Liabilities as per the terms and conditions specified in respective
MYT Regulations.
(ii) Reconciliation of Regulatory Assets/Liabilities of distribution business as per Rate Regulated Activities as on 31st March,
2019, is as follows:
As at As at
` crore ` crore
Opening Regulatory Assets (Net of Liabilities) ............ (A) 5,819.56 6,455.35
Regulatory Deferral Balances (net) during the year
(i) Power Purchase Cost .................................................. 8,192.16 7,518.31
(ii) Other expenses as per the terms of Tariff
Regulations including Return on Equity ............. 2,770.78 2,709.05
(iii) Amount collected (including pertaining to
earlier years) .................................................................. (11,303.13) (10,637.21)
Net movement in Regulatory Deferral Balances
(i + ii + iii) ................................................................................... (B) (340.19) (409.85)
Regulatory Assets/(Liabilities) on carrying cost
recognised as revenue.......................................................... (C) 29.15 (49.00)
Recovery from company’s generation business ......... (D) (193.76) Nil
Net movement in Regulatory Deferral Balances in
respect of earlier years (Refer Note below) ................... (E) 274.26 Nil
Regulatory Assets/(Liabilities) on Deferred Tax
Expense/(Income) .................................................................. (F) 169.11 (176.94)
Closing Regulatory Asset (Net of Liabilities)................. (A + B + C + D + E + F) 5,758.13 5,819.56
During the year, pursuant to receipt of true-up tariff order from the Regulatory Commission for the years 2014-15,
2015-16 and 2016-17, the Group has recognized net income of ₹ 91.95 crore comprising of a credit of ₹ 274.26 crore in
regulatory income and a charge of ₹ 182.31 crore to revenue from operations.


19 a. Equity - Share Capital
NOTICE
As at 31st March, 2019 As at 31st March, 2018 As at 1st April, 2017
Number ` crore Number ` crore Number ` crore
Authorised
Equity Shares of ` 1/- each.................................................................................................. 350,00,00,000 350.00 350,00,00,000 350.00 300,00,00,000 300.00
Cumulative Redeemable Preference Shares of ` 100/- each .................................. 2,29,00,000 229.00 2,29,00,000 229.00 2,29,00,000 229.00
579.00 579.00 529.00
Issued
BOARD’S REPORT
Equity Shares [including 28,32,060 shares (31st March, 2018 - 28,32,060
shares, 1st April, 2017 - 28,32,060 shares) not allotted but held in abeyance,
44,02,700 shares cancelled pursuant to a Court Order and 4,80,40,400 shares
of the Company held by the erstwhile The Andhra Valley Power Supply
Company Limited cancelled pursuant to the Scheme of Amalgamation
sanctioned by the High Court of Judicature, Bombay] ............................................ 276,17,00,970 276.17 276,17,00,970 276.17 276,17,00,970 276.17
Subscribed and Paid-up
Equity Shares fully Paid-up [excluding 28,32,060 shares (31st March, 2018
- 28,32,060 shares, 1st April, 2017 - 28,32,060 shares) not allotted but held
in abeyance, 44,02,700 shares cancelled pursuant to a Court Order and
4,80,40,400 shares of the Company held by the erstwhile The Andhra Valley
Power Supply Company Limited cancelled pursuant to the Scheme of
MD & A
Amalgamation sanctioned by the High Court of Judicature, Bombay] ............. 270,47,73,510 270.48 270,47,73,510 270.48 270,47,73,510 270.48
Less: Calls in arrears [including ` 0.01 crore (31st March, 2018 - ` 0.01 crore,
1st April, 2017 - ` 0.01 crore) in respect of the erstwhile The Andhra
Valley Power Supply Company Limited and the erstwhile The Tata
Hydro-Electric Power Supply Company Limited] ........................................... 0.04 0.04 0.04
270.44 270.44 270.44
Add: Equity Shares forfeited - Amount paid ............................................................... 16,52,300 0.06 16,52,300 0.06 16,52,300 0.06
Total Subscribed and Paid-up Share Capital ................................................................. 270.50 270.50 270.50
CG REPORT
(i) Reconciliation of the shares outstanding at the beginning and at the end of the reporting period
Number ` crore Number ` crore Number ` crore
Equity Shares
At the beginning of the year .................................................................. 270,64,25,810 270.50 270,64,25,810 270.50 270,62,81,698 270.48
Issued during the year .............................................................................. Nil Nil Nil Nil 1,44,112 0.02
Outstanding at the end of the year ..................................................... 270,64,25,810 270.50 270,64,25,810 270.50 270,64,25,810 270.50
(ii) Terms/rights attached to Equity Shares

The Company has issued only one class of Equity Shares having a par value of ` 1/- per share. Each holder of Equity Shares is entitled to
BRR
one vote per share. The final dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing
Annual General Meeting.
In the event of liquidation of the Company, the holders of Equity Shares will be entitled to receive remaining assets of the Group, after
distribution of all preferential amounts. The distribution will be in proportion to the number of Equity Shares held by the shareholders.
(iii) Details of shareholders holding more than 5% shares in the Company
CONSOLIDATED
Number % Holding Number % Holding Number % Holding
Equity Shares of ` 1/- each fully paid
Tata Sons Pvt. Ltd........................................................................................................ 83,97,99,682 31.05 83,97,99,682 31.05 83,97,99,682 31.05
Life Insurance Corporation of India ..................................................................... 20,97,31,735 7.75 31,79,60,364 11.76 33,22,45,379 12.28
Matthews Pacific Tiger Fund................................................................................... 18,03,16,487 6.67 17,79,49,592 6.58 16,46,20,436 6.09
19 b. Unsecured Perpetual Securities

As at As at As at
STANDALONE
11.40% Unsecured Perpetual Securities ........................................ 1,500.00 1,500.00 1,500.00

Add: Movement during the year ....................................................... Nil Nil Nil
Total ......................................................................................................... 1,500.00 1,500.00 1,500.00
In an earlier year the Company had raised ` 1,500 crore through issue of Unsecured Perpetual Securities (the “Securities”). These Securities are perpetual in nature with no maturity
or redemption and are callable only at the option of the company. The distribution on these Securities are 11.40% with a step up provision if the Securities are not called after
10 years (2020). The distribution on the Securities may be deferred at the option of the company, if during the six months preceding the relevant distribution payment date, the
company has made no payment on, or redeemed or repurchased, any securities ranking pari passu with, or junior to the instrument. As these Securities are perpetual in nature and
ranked senior only to the Share capital of the company and the Company does not have any redemption obligation, these are considered to be in the nature of equity instruments.


20. Other Equity
As at As at
` crore ` crore
General Reserve
Opening Balance .................................................................................................................... 4,086.53 4,086.53
Closing Balance ....................................................................................................................... 4,086.53 4,086.53
Securities Premium
Opening Balance .................................................................................................................... 5,647.80 5,647.80
Closing Balance ....................................................................................................................... 5,647.80 5,647.80
Debenture Redemption Reserve
Opening Balance .................................................................................................................... 1,073.16 1,074.85
Add/(Less): Amount transferred from/(to) Retained Earnings (Net) ..................... (344.26) (1.69)
Closing Balance ....................................................................................................................... 728.90 1,073.16
Capital Redemption Reserve
Opening Balance .................................................................................................................... 15.76 15.76
Add/(Less): Amount transferred from Surplus in Statement of Profit and Loss 500.00 Nil
Closing Balance ....................................................................................................................... 515.76 15.76
Capital Reserve
Opening Balance .................................................................................................................... 232.09 221.30
Add/(Less): Movement during the year ........................................................................... Nil 10.79
Closing Balance ....................................................................................................................... 232.09 232.09
Special Reserve fund
Opening Balance .................................................................................................................... 119.05 102.85
Add/(Less) Amount transferred from Retained Earnings .......................................... 3.54 16.20
Closing Balance ....................................................................................................................... 122.59 119.05
Statutory Reserves
Opening Balance ............................................................................................................................... 660.08 660.08
Closing Balance .................................................................................................................................. 660.08 660.08
Retained Earnings (Refer Note 1 below)
Opening balance .................................................................................................................... 2,473.39 405.30
Add: Profit for the year ......................................................................................................... 2,190.94 2,408.30
Transfer from Equity Instrument through Other Comprehensive
Income (Refer Note 2 below) .................................................................................. Nil 226.37
Transfer from Debenture Redemption Reserve (Net) .................................... 344.26 1.69
Less: Distribution on Unsecured Perpetual Securities (Net of tax) ...................... 110.88 112.06
Other Comprehensive Income/(Expense) arising from
Remeasurement of Defined Benefit Obligation (Net of Tax) ....................... 17.70 16.37
Transfer from Equity Instrument through Other Comprehensive
Income (Refer Note 2 below) .................................................................................. 771.15 Nil
Other Appropriations:
Payment of Dividend (Refer Note 3 below) ....................................................... 351.99 351.99
Tax on Dividend ........................................................................................................... 71.66 71.65
Transfer to Special Reserve Fund
(under Sec 45-IA of RBI Act, 1934) ......................................................................... 3.54 16.20
Transfer to Capital Redemption Reserve ............................................................ 500.00 Nil
708.28 2,068.09
Closing Balance .................................................................................................................................. 3,181.67 2,473.39


20. Other Equity (Contd.)
NOTICE
As at As at
` crore ` crore
Equity Instrument through Other Comprehensive Income
Opening Balance .................................................................................................................... (44.77) 100.73
BOARD’S REPORT
Add/(Less): Transfer to Retained Earnings (Refer Note 2 below) ............................ 771.15 (226.37)
Add/(Less): Change in Fair Value of Equity Instruments through Other
Comprehensive Income ................................................................................. (27.86) 80.87
Closing Balance ....................................................................................................................... 698.52 (44.77)
Foreign Currency Translation Reserve
Opening Balance .................................................................................................................... 367.55 337.42
Add/(Less): Addition during the year ............................................................................... 209.17 30.13
Closing Balance ....................................................................................................................... 576.72 367.55
Effective Portion of Cash Flow Hedge
MD & A
Opening Balance .................................................................................................................... (1.26) (0.63)
Add/(Less): Effective Portion of Cash Flow Hedge for the year ............................... 1.26 (0.63)
Closing Balance ....................................................................................................................... Nil (1.26)
Total ....................................................................................................................................................... 16,450.66 14,629.38
Notes:
1. Includes gain on fair valuation of land which is not available for distribution ` 362.34 crore (31st March, 2018 - ` 362.34 crore, 1st April,
2017 - ` 362.34 crore).
CG REPORT
2. During the year ended 31st March, 2019, the Group has sold certain long term investments. The resultant (loss)/ profit of ` (771.15)
crore (31st March, 2018 - ` 226.37 crore) has been transferred from Equity Instrument through Other Comprehensive Income to
Retained Earnings.
3. On 30th July, 2018, a dividend of ` 1.30 per share was paid to the holders of fully paid equity shares.
4. In respect of the year ended 31st March, 2019, the directors have proposed a dividend of ` 1.30 per share in previous year to be
paid on fully paid shares. This equity dividend is subject to approval at the annual general meeting and has not been included as
a liability in the financial statements. The proposed equity dividend is payable to all holders of fully paid equity shares. The total
estimated equity dividend to be paid is ` 351.99 crore (Previous Year- ` 351.99 crore) excluding Dividend Distribution Tax.
Nature and purpose of reserves
BRR
General Reserve
General Reserve is used from time to time to transfer profits from Retained Earnings for appropriation purposes. As the General Reserve is
created by a transfer from one component of equity to another and is not an item of other comprehensive income, items included in the
General Reserve will not be reclassified subsequently to statement of profit and loss.
Securities Premium
CONSOLIDATED
Securities Premium Reserve is used to record the premium on issue of shares and is utilised in accordance with the provisions of the
Companies Act, 2013.
The Group is required to create a Debenture Redemption Reserve out of the profits which is available for payment of dividend for the purpose
of redemption of debentures.
Capital Redemption Reserve represents amounts set aside on redemption of preference shares.
Capital Reserve
STANDALONE
Capital Reserve consists of forfeiture of the amount received from Tata Sons Pvt. Ltd. on preferential allotment of convertible warrants in the
Group, on the lapse of the period to exercise right to convert the said warrants and on forfeiture of amounts paid on Debentures.
Special Reserve Fund
This Reserve represents the amount transferred from its annual profits by the non-banking finance subsidiary in the Group pursuant to
Reserve Bank of India regulations.
Statutory Reserves
Statutory Reserve consists of Special Appropriation towards Project Cost, Development Reserve and Investment Allowance Reserve.


Special appropriation to project cost - Due to high capital investment required for the expansion in the electricity industry, the Maharashtra
State Government permits part of the capital cost of approved projects to be collected through the electricity tariff and held as a special
appropriation.
Development Reserve / Investment Allowance Reserve - Until 1978, the Companies made appropriations to a Development Reserve and an
Investment Allowance Reserve as required by the Income Tax Act, 1956. New appropriations to these reserves are no longer required due to
changes in Indian law. An amount equal to 0.5% on the accumulation in the Investment Allowance Reserve was included in the reasonable
return calculation.
Retained Earnings
Retained Earnings are the profits of the Group earned till date net of appropriations.
Equity Instruments through other comprehensive income
This Reserve represents the cumulative gains and losses arising on revaluation of equity instruments measured at fair value through other
comprehensive income, net of amounts reclassified to retained earnings when those assets are disposed of.
Foreign Currency Translation Reserve
Exchange differences relating to the translation of the results and net assets of the Group’s foreign operations from their functional currencies
to the Group’s presentation currency (i.e. `) are recognised directly in other comprehensive income and accumulated in the foreign currency
translation reserve.
Effective Portion of Cash Flow Hedge
The cash flow hedging reserve represents the cumulative effective portion of gains or losses arising on changes in fair value of designated
portion of hedging instruments entered into for cash flow hedges. The cumulative gain or loss arising on changes in fair value of the
designated portion of the hedging instruments that are recognised and accumulated under the heading of cash flow hedging reserve will be
reclassified to profit or loss only when the hedged transaction affects the profit or loss, or included as a basis adjustment to the non-financial
hedged item.
21. Non-current Borrowings
Non- Current Non- Current Non- Current
current Maturities* current Maturities* current Maturities*
(i) Unsecured - At Amortised Cost
Bonds/Debentures
Bonds - 8.50% Euro Notes 2017 ...................................... Nil Nil Nil Nil Nil 386.22
Redeemable Non-Convertible Debentures ................ 7,947.81 500.00 6,670.88 1,875.00 4,676.67 4,499.77
Term Loans
Term Loans from Banks ................................................... 3,098.35 346.67 2,815.06 2,598.89 5,615.13 67.50
Loans from Related Parties ................................................... Nil Nil Nil Nil 770.42 Nil
Deferred Payment Liabilities-Sales Tax Deferral ........ 8.50 22.12 17.00 14.48 28.45 15.35
Others
Non - Convertible Cumulative Redeemable
Preference Shares ................................................................. Nil Nil 245.00 Nil 245.00 Nil
Buyers Credit .......................................................................... Nil 224.00 210.66 Nil Nil Nil
11,054.66 1,092.79 9,958.60 4,488.37 11,335.67 4,968.84
(ii) Secured - At Amortised Cost
Debentures
Redeemable Non-Convertible Debentures ................ 1,436.67 41.00 1,475.99 1,041.00 2,518.69 41.00
Term Loans
From Banks ............................................................................. 16,658.57 2,167.11 10,250.39 1,825.76 9,157.85 2,303.64
From Others ........................................................................... 1,987.13 45.93 533.81 50.52 632.98 79.18
Others
Buyer’s Credit ......................................................................... Nil 143.77 134.52 Nil 1,497.77 Nil
Finance Lease Obligations ................................................ 2.20 0.83 3.00 Nil Nil Nil
20,084.57 2,398.46 12,397.71 2,917.28 13,807.29 2,423.82
Total ........................................................................................................................ 31,139.23 3,491.43 22,356.31 7,405.65 25,142.96 7,392.66
* Amount disclosed under Other Current Financial Liabilities (Refer Note 22)
Security
Non-current Borrowings
Redeemable Non-convertible Debentures issued by the Group are secured by charge on movable and immovable assets of the
respective entities.
Term Loans and Buyer’s Credit availed by various entities of the Group from various Banks and Financial Institutions are secured
by way of charge on all present and future moveable and immovable assets, stores and spares, raw materials, work-in-progress,
finished goods, book debts, project receivables, intangibles, uncalled capital receivables, rights under project documents of
the respective entities, project cash flows, regulatory deferral accounts, accounts including Debt Service Reserve Accounts and
bank accounts, bank guarantees and pledge of shares of subsidiaries held by their respective holding companies.


21. Non-current Borrowings (Contd.)
NOTICE
Terms of Repayment ` crore
Amount Financial Year
Particulars Outstanding as at FY 29-30
FY 19-20 FY 20-21 FY 21-22 FY 22-23 FY 23-24 FY 24-29 and onwards
31st March, 2019
Debentures
Redeemable Non-Convertible Debentures ............. 8,475.00 500.00 370.00 1,570.00 2,535.00 370.00 1,630.00 1,500.00
BOARD’S REPORT
Term Loans
From Banks .......................................................................... 3,449.29 346.67 2,270.96 439.21 47.55 47.55 297.35 Nil
Deferred Payment Liabilities - Sales Tax........................... 30.62 22.12 5.67 2.83 Nil Nil Nil Nil
Others
Buyers Credit ....................................................................... 224.00 224.00 Nil Nil Nil Nil Nil Nil
Debentures
Redeemable Non-Convertible Debentures ............ 1,478.28 41.00 41.00 202.67 512.67 300.41 182.00 198.53
Term Loans
From Banks .......................................................................... 18,849.38 2,167.11 1,802.99 3,890.47 1,383.71 1,529.30 5,131.28 2,944.52
From Others......................................................................... 2,036.09 45.93 36.88 27.82 68.71 79.04 1,058.26 719.45
Others
Buyers Credit ....................................................................... 143.77 143.77 Nil Nil Nil Nil Nil Nil
Finance Lease Obligations ............................................. 3.03 0.83 0.91 1.00 0.29 Nil Nil Nil
34,689.46 3,491.43 4,528.41 6,134.00 4,547.93 2,326.30 8,298.89 5,362.50
MD & A
Less: Impact of recognition of borrowing at amortised cost
using effective interest method under Ind AS ................ 58.80
Total .................................................................................................... 34,630.66
Note:
Range of interest rates for:
1. Debentures - 8% to 10.75%
2. a) Term loan of foreign Companies from banks - 2.81% to 4.33%
b) Term loan of Indian Companies - 5.99% to 10.25%
CG REPORT
3. Term loan from others - 8.5% to 9.45%
22. Other Financial Liabilities

As at As at As at
Non-current
(At Amortised Cost)
(a) Security Deposits from Customers .................................................................................................................... 662.09 615.29 537.53
(b) Financial Guarantee Obligation towards Lenders of Jointly Controlled Entity [Refer Note 6b(ii)] 9.23 Nil Nil
(c) Payables for Capital Supplies and Services ..................................................................................................... 15.92 7.79 5.06
BRR
(d) Other Liabilities ......................................................................................................................................................... 0.07 24.23 8.35
Total.................................................................................................................................................................................................................. 687.31 647.31 550.94
Current
At Amortised Cost, unless otherwise stated
(a) Current Maturities of Long-term Debt (Refer Note 21)............................................................................... 3,491.43 7,405.65 7,392.66
(b) Interest accrued but not due on Borrowings-Others .................................................................................. 492.16 518.23 563.11
CONSOLIDATED
(c) Interest accrued but not due on Borrowings-Joint Ventures ................................................................... 133.43 289.52 329.04
(d) Investor Education and Protection Fund shall be credited by the following amounts namely: **
Unpaid Dividend .......................................................................................................................................... 22.04 17.73 16.41
Unpaid Matured Deposits ......................................................................................................................... 0.04 0.03 0.03
Unpaid Matured Debentures ................................................................................................................... 0.09 0.09 0.09
(e) Other Payables
Payables for Capital Supplies and Services..................................................................................................... 439.91 417.89 771.03
Advance Received for Sale of Investments ..................................................................................................... 1,099.62 271.19 Nil
Contingent Consideration Payable (Fair value through profit and loss)....................................... 42.57 55.71 177.56
Derivative Contracts (Net) ........................................................................................................................................ 113.35 457.67 944.51
Security Deposits from Electricity Consumers ............................................................................................. 278.17 237.13 211.67
STANDALONE
Security Deposits from Customers ...................................................................................................................... 5.67 34.19 43.58

Tender Deposits from Vendors .............................................................................................................................. 3.61 1.95 1.88
Interim Dividend Payble to Non-Controlling ................................................................................................ 22.65 Nil Nil
Financial Guarantee Obligation towards Lenders of Jointly Controlled Entity [Refer Note 6b(ii)]..... 103.74 97.77 Nil
Other Financial Liabilities.......................................................................................................................................... 232.31 138.23 135.06
Total.................................................................................................................................................................................................................. 6,480.79 9,942.98 10,586.63
** Includes amounts outstanding aggregating ` 1.25 crore (31st March, 2018 - ` 0.88 crore, 1st April, 2017 - ` 0.87 crore) for more than seven years pending legal cases.


23. Tax Liabilities
As at As at As at
Non Current Tax Liabilities
Income-tax Payable (Net) .................................................................. 3.74 3.74 3.74
Total .......................................................................................................... 3.74 3.74 3.74
Current Tax Liabilities
Income-tax Payable (Net) .................................................................. 150.22 160.38 122.04
Total .......................................................................................................... 150.22 160.38 122.04
24. Provisions
Accounting Policy
Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is
probable that the Group will be required to settle the obligation and a reliable estimate can be made of the amount of the
obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the
end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. When a provision is
measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash
flows (when the effect of the time value of money is material).
Present obligations arising under onerous contracts are recognised and measured as provisions with charge to statement of
profit and loss. An onerous contract is considered to exist where the Group has a contract under which the unavoidable costs
of meeting the obligations under the contract exceed the economic benefits expected to be received from the contract.
Defined contribution plans.
Payments to defined contribution retirement benefit plans are recognised as an expense when employees have rendered
service entitling them to the contributions.
Defined benefits plans
The cost of providing benefits under the defined benefit plan is determined using the projected unit credit method.
Remeasurements, comprising of actuarial gains and losses, the effect of the asset ceiling, excluding amounts included in net
interest on the net defined benefit liability and the return on plan assets (excluding amounts included in net interest on the
net defined benefit liability), are recognised immediately in the balance sheet with a corresponding debit or credit to retained
earnings through other comprehensive income (OCI) in the period in which they occur. Remeasurements are not reclassified
to statement of profit and loss in subsequent periods. Past service costs are recognised in statement of profit and loss on the
earlier of:
- the date of the plan amendment or curtailment, and
- the date that the Group recognises related restructuring costs
Net interest is calculated by applying the discount rate to the net defined benefit liability or asset. The Group recognises
the following changes in the net defined benefit obligation as an expense in the consolidated statement of profit and loss:
- service costs comprising current service costs, past-service costs, gains and losses on curtailments and non-routine
settlements; and
- net interest expense or income.
A liability for a termination benefit is recognised at the earlier of when the entity can no longer withdraw the offer of the
termination benefit and when the entity recognises any related restructuring costs.
The cost of the defined benefit gratuity plan and other post-employment medical benefits and the present value of the gratuity
obligation are determined using actuarial valuations. An actuarial valuation involves making various assumptions that may
differ from actual developments in the future. These include the determination of the discount rate, future salary increases and
mortality rates. Due to the complexities involved in the valuation and its long-term nature, a defined benefit obligation is highly
sensitive to changes in these assumptions. All assumptions are reviewed at each reporting date.
The parameter most subject to change is the discount rate. In determining the appropriate discount rate for plans operated
in India, the management considers the interest rates of government bonds. The mortality rate is based on publicly available
mortality tables. Those mortality tables tend to change only at interval in response to demographic changes. Future salary
increases and gratuity increases are based on expected future inflation rates.


24. Provisions (Contd.)
NOTICE
Current and other non-current employee benefits
A liability is recognised for benefits accruing to employees in respect of wages and salaries, annual leave and sick leave in the
period the related service is rendered at the undiscounted amount of the benefits expected to be paid in exchange for that
service.
Liabilities recognised in respect of current employee benefits are measured at the undiscounted amount of the benefits
BOARD’S REPORT
expected to be paid in exchange for the related service.
Liabilities recognised in respect of other non-current employee benefits are measured at the present value of the estimated
future cash outflows expected to be made by the Group in respect of services provided by employees up to the reporting
date.
As at As at As at
Non-current
Provision for Employee Benefits
Compensated Absences ....................................................... 144.95 132.42 133.25
MD & A
Gratuity (Net) [Refer Note 24 (2.3)].................................... 39.64 33.41 30.76
Post-Employment Medical Benefits
[Refer Note 24 (2.3)] .......................................................................... 47.10 32.33 24.86
Other Defined Benefit Plans [Refer Note 24 (2.3)] ....... 54.50 61.73 41.20
Other Employee Benefits...................................................... 26.51 26.98 22.16
312.70 286.87 252.23
Other Provisions
CG REPORT
Provision for Warranties ........................................................ 20.90 13.13 18.34
Provision for Estimated Losses .......................................... Nil Nil 0.11
20.90 13.13 18.45
Total .......................................................................................................... 333.60 300.00 270.68
Current
Compensated Absences ....................................................... 29.33 23.66 25.04
Gratuity (Net) [Refer Note 24 (2.3)].................................... 1.66 2.75 13.76
Post-Employment Medical Benefits
[Refer Note 24 (2.3)] .......................................................................... 2.56 1.37 0.83
BRR
Other Defined Benefit Plans [Refer Note 24 (2.3)] ....... 8.40 9.07 5.84
Other Employee Benefits...................................................... 5.13 6.33 2.60
47.08 43.18 48.07
Other Provisions
Provision for Warranties ........................................................ 18.33 18.16 44.18
Provision for Losses/Onerous Contracts ......................... 14.74 23.28 0.77
CONSOLIDATED
Provision for Losses of Joint Ventures .............................. 83.45 84.50 82.64
Provision for Rectification Work ......................................... 13.40 24.32 32.03
129.92 150.26 159.62
Total .......................................................................................................... 177.00 193.44 207.69
STANDALONE


Movement of Other Provisions
` crore
Provision Provision Provision Provision Total
for for Losses for Losses/ for
Warranties of Joint Onerous Rectification
Ventures Contracts Work
Balance as at 1st April, 2017 ...................................... 62.52 82.64 0.88 32.03 178.07
Additional provisions recognised................................. 42.68 1.86 21.49 18.88 84.91
Reductions arising from payments .............................. (16.60) Nil (26.59) (43.19)
Reductions arising from remeasurements or
settlement without cost................................................... (29.03) Nil Nil Nil (29.03)
Exchange Differences ....................................................... Nil Nil 0.91 Nil 0.91
Reclassified as Liabilities directly associated with
Assets Held for Sale ........................................................... (28.28) Nil Nil Nil (28.28)
Balance as at 31st March, 2018 ................................. 31.29 84.50 23.28 24.32 163.39
Balance as at 31st March, 2018 ................................ 31.29 84.50 23.28 24.32 163.39
Additional provisions recognised................................. 15.14 Nil 9.57 Nil 24.71
Reductions arising from payments .............................. (7.20) Nil (18.00) (10.92) (36.12)
Reductions arising from remeasurements or
settlement without cost................................................... Nil Nil (0.11) Nil (0.11)
Exchange Differences ....................................................... Nil (1.05) Nil Nil (1.05)
Balance as at 31st March, 2019 ................................ 39.23 83.45 14.74 13.40 150.82
Notes:
1. The provision for warranty claims represents estimated warranty liability for the products sold. These estimates
are established using historical information on the nature, frequency and average cost of warranty claims and
management estimates regarding possible future incidence based on corrective actions on product failures. The
provision related to Asset held for Sale is transferred to Liabilities pertaining to Asset held for Sale.
2. The provision for losses of Joint Ventures is recognised, to the extent that the group has incurred legal or
constructive obligations, in the event that the share of losses for joint ventures accounted for using the equity
method, exceeds zero.
3. The provision for losses includes provision for estimated losses on onerous contracts and provision for contingency
on regulatory assets recognised for Delhi Distribution business.
4. The provision for rectification work relates to the estimated cost of work agreed to be carried out for the rectification
of goods supplied to the customers. The amount is anticipated to be expensed in the subsequent year. These
amounts have not been discounted for the purposes of measuring the provision for rectification work, because
the effect is not material.
Employee benefit plan
1. Defined Contribution plan
The Group makes Provident Fund and Superannuation Fund contributions to defined contribution plans for eligible employees.
Under the schemes, the Group is required to contribute a specified percentage of the payroll costs. The provident fund
contributions as specified under the law are paid to the Government approved provident fund trust or statutory provident fund
authorities. The Group has no obligation, other than the contribution payable to the respective fund. The Group recognizes
such contribution payable to the respective fund scheme as an expense, when an employee renders the related service.
The Group has recognised ` 56.10 crore (31st March, 2018 - ` 65.22 crore) for provident fund contributions and ` 10.63 crore
(31st March, 2018 - ` 10.20 crore) for superannuation contributions in the Statement of Profit and Loss. The contributions payable
to these plans by the Group are at rates specified in the rules of the schemes.
2. Defined benefit plans
2.1 The Group operates the following unfunded/funded defined benefit plans:
Funded:
Provident Fund
The Parent Company makes Provident Fund contributions to defined benefit plans for eligible employees. Under the scheme,
the Parent Company is required to contribute a specified percentage of the payroll costs to fund the benefits. The contributions


NOTICE
as specified under the law are paid to the provident fund set up as a trust by the Parent Company. The Parent Company is
generally liable for annual contributions and any shortfall in the fund assets based on the government specified minimum rates
of return and recognises such contributions and shortfall, if any, as an expense in the year it is incurred. Having regard to the
assets of the fund and the return on the investments, the Group expects shortfall of ` 8.27 crore which has been provided as an
expenditure during the year.
The significant assumptions used for the purpose of the actuarial valuations were as follows:
BOARD’S REPORT
Particulars 31st March, 2019 31st March, 2018
Interest rate ................................................................................................................................................ 8.65% p.a. 8.55% p.a.
Discount rate .............................................................................................................................................. 7.40% p.a. 7.70% p.a.
Contribution during the year (` crore) ............................................................................................. 19.15 19.04
Short fall provided ................................................................................................................................... 8.27 Nil
Unfunded:
Post Employment Medical Benefits
The Group provides certain post-employment health care benefits to superannuated employees at some of its locations. In
terms of the plan, the retired employees can avail free medical check-up and medicines at Group’s facilities.
MD & A
Pension (including Director pension)
The Group operates a defined benefit pension plan for employees who have completed 15 years of continuous service. The
plan provides benefits to members in the form of a pre-determined lumpsum payment on retirement. Executive Director,
on retirement, is entitled to pension payable for life including HRA benefit. The level of benefit is approved by the Board of
Directors of the Group from time to time.
Ex-Gratia Death Benefit
CG REPORT
The Group has a defined benefit plan granting ex-gratia in case of death during service. The benefit consists of a pre-determined
lumpsum amount alongwith a sum determined based on the last drawn basic salary per month and the length of service.
Retirement Gift
The Group has a defined benefit plan granting a pre-determined sum as retirement gift on superannuation of an employee.
Funded/Unfunded:
Gratuity
The Group has a defined benefit gratuity plan. The gratuity plan is primarily governed by the Payment of Gratuity Act, 1972.
Employees who are in continuous service for a period of five years are eligible for gratuity. The level of benefits provided
BRR
depends on the member’s length of service and salary at the retirement date. The gratuity plan is a combination of funded plan
and unfunded plan for various companies in the Group. In case of funded plan, the fund has the form of a trust and is governed
by Trustees appointed by the Group. The Trustees are responsible for the administration of the plan assets and for the definition
of the investment strategy in accordance with the regulations. The funds are deployed in recognised insurer managed funds in
India.
2.2 The principal assumptions used for the purposes of the actuarial valuations were as follows:
CONSOLIDATED
Valuation as at 31st March, 2019 31st March, 2018 31st March, 2017
Discount Rate/Expected Rate of Return on Plan Assets .......... 7.4% to 7.7 % p.a 7.60% to 7.82% p.a. 6.90% to 7.51% p.a.
Salary Growth Rate ............................................................................... 5% to 8% p.a. 5% to 8% p.a. 6% to 8% p.a.
Turnover Rate.......................................................................................... 2.50% to 8% p.a. 2.50% to 8% p.a. 8% to 15% p.a.
Pension Increase Rate .......................................................................... 3% to 5% p.a. 3% to 5% p.a. 3% to 5% p.a.
Mortality Table Indian Assured Indian Assured Indian Assured
Lives Mortality Lives Mortality Lives Mortality
STANDALONE
(2006-08) (2006-08) (2006-08)

(modified) Ult (modified) Ult (modified) Ult
Annual Increase in Healthcare Cost ................................................ 8% p.a. 8% p.a. 8% p.a.


2.3 The amounts recognised in the financial statements and the movements in the net defined benefit obligations over the
year are as follows:
Funded Plan - Gratuity: Present value Fair value of Net
of obligation plan assets amount
Balance as at 1st April, 2017 ........................................................................................................................ 308.38 (278.56) 29.82
Current service cost ............................................................................................................................................ 23.04 Nil 23.04
Past service cost ................................................................................................................................................... Nil Nil Nil
Interest Cost/(Income) ....................................................................................................................................... 19.11 (17.58) 1.53
Less: Amount recognised in Statement of Profit and Loss - Discontinued Operations .............. (1.97) Nil (1.97)
Amount recognised in Statement of Profit and Loss - Continuing Operations .................. 40.18 (17.58) 22.60
Remeasurement (gains)/losses
Return on plan assets excluding amounts included in interest cost/(income) ............................ Nil 0.87 0.87
Actuarial (gains)/losses arising from changes in demographic assumptions ............................... 9.63 Nil 9.63
Actuarial (gains)/losses arising from changes in financial assumptions ......................................... (45.67) Nil (45.67)
Actuarial (gains)/losses arising from experience ..................................................................................... 15.77 Nil 15.77
Amount recognised in Other Comprehensive Income ................................................................... (20.27) 0.87 (19.40)
Employer contribution ...................................................................................................................................... Nil (6.26) (6.26)
Benefits paid ......................................................................................................................................................... (22.02) 1.75 (20.27)
Acquisitions credit/(cost).................................................................................................................................. (4.49) 0.13 (4.36)
Add: Amounts recognised in current year - Discontinued Operations ............................................ 1.97 Nil 1.97
Less: Transferred to Assets/Liabilities held for sale - Discontinued Operations ............................ (14.30) Nil (14.30)
Balance as at 31st March, 2018 .................................................................................................................. 289.45 (299.65) (10.20)
Present value Fair value of Net

Current service cost ............................................................................................................................................ 20.60 Nil 20.60
Past service cost ................................................................................................................................................... Nil Nil Nil
Interest Cost/(Income) ....................................................................................................................................... 22.43 (27.34) (4.91)
Less: Amount recognised in Statement of Profit and Loss - Discontinued Operations .............. (0.58) Nil (0.58)
Amount recognised in Statement of Profit and Loss - Continuing Operations .................. 42.45 (27.33) 15.11
Remeasurement (gains)/losses Nil Nil Nil
Return on plan assets excluding amounts included in interest cost/(income) ............................ Nil 6.62 6.62
Actuarial (gains)/losses arising from changes in demographic assumptions ............................... 3.02 Nil 3.02
Actuarial (gains)/losses arising from changes in financial assumptions ......................................... 6.70 (2.26) 4.44
Actuarial (gains)/losses arising from experience ..................................................................................... 16.93 Nil 16.93
Amount recognised in Other Comprehensive Income ................................................................... 26.65 4.36 31.01
Employer contribution ...................................................................................................................................... Nil (2.64) (2.64)
Benefits paid ......................................................................................................................................................... (34.64) 1.43 (33.21)
Acquisitions credit/(cost).................................................................................................................................. (1.40) Nil (1.40)
Add: Amounts recognised in current year - Discontinued Operations ............................................ 0.58 Nil 0.58
Less: Transferred to Assets/Liabilities held for sale - Discontinued Operations ............................ (15.29) Nil (15.29)


NOTICE
Unfunded Plan - Gratuity and Other Defined Benefit Plans: Gratuity Other Defined
Benefit Plans
Amount Amount
` crore ` crore
Balance as at 1st April, 2017 .......................................................................................................................................................... 14.70 72.73
Current service cost .............................................................................................................................................................................. 1.80 4.14
BOARD’S REPORT
Past service cost ..................................................................................................................................................................................... (0.18) 2.51
Past service cost - Plan amendments ............................................................................................................................................. Nil 3.77
Interest Cost/(Income) ......................................................................................................................................................................... 1.26 5.33
Less: Amount recognised in Statement of Profit and Loss - Discontinued Operations ................................................ Nil (0.64)
Amount recognised in Statement of Profit and Loss - Continuing Operations .................................................... 2.88 15.11
Actuarial (gains)/losses arising from changes in demographic assumptions ................................................................. 1.13 8.57
Actuarial (gains)/losses arising from changes in financial assumptions ........................................................................... (2.55) (0.81)
Actuarial (gains)/losses arising from experience ....................................................................................................................... (0.66) 17.62
MD & A
Amount recognised in Other Comprehensive Income ..................................................................................................... (2.08) 25.38
Benefits paid ........................................................................................................................................................................................... (0.71) (5.79)
Acquisitions credit/(cost).................................................................................................................................................................... 5.16 (0.84)
Add: Amounts recognised in current year - Discontinued Operations .............................................................................. Nil 0.64
Less: Transferred to Assets/Liabilities held for sale - Discontinued Operations .............................................................. Nil (2.73)
Balance as at 31st March, 2018 .................................................................................................................................................... 19.95 104.50
CG REPORT
Unfunded Plan - Gratuity and Other Defined Benefit Plans: (Contd.) Gratuity Other Defined
Benefit Plans
Amount Amount
` crore ` crore
Current service cost .............................................................................................................................................................................. 2.14 5.61
Past service cost ..................................................................................................................................................................................... Nil 0.79
Past service cost - Plan amendments ............................................................................................................................................. Nil 4.58
Interest Cost/(Income) ......................................................................................................................................................................... 1.53 8.91
Less: Amount recognised in Statement of Profit and Loss - Discontinued Operations ................................................ Nil (0.44)
Amount recognised in Statement of Profit and Loss - Continuing Operations .................................................... 3.67 19.45
BRR
Remeasurement (gains)/losses 0.23 Nil
Actuarial (gains)/losses arising from changes in demographic assumptions ................................................................. Nil Nil
Actuarial (gains)/losses arising from changes in financial assumptions .......................................................................... 0.92 3.41
Actuarial (gains)/losses arising from experience ....................................................................................................................... (2.23) (8.53)
Less: Amount recognised in other comprehensive income - Discontinued operations ...........................
CONSOLIDATED
Amount recognised in Other Comprehensive Income ..................................................................................................... (1.08) (4.88)
Benefits paid ........................................................................................................................................................................................... (1.00) (4.11)

Acquisitions credit/(cost).................................................................................................................................................................... 1.04 0.02
Add: Amounts recognised in current year - Discontinued Operations .............................................................................. Nil 0.44
Less: Transferred to Assets/Liabilities held for sale - Discontinued Operations .............................................................. Nil (2.86)
STANDALONE


Reconciliation with amount presented in the Balance Sheet
As at As at
` crore ` crore
Gratuity provision - funded ............................................................................................................ (16.04) (10.20)
Gratuity provision - unfunded ....................................................................................................... 22.58 19.95
6.54 9.75
Non current provision for Gratuity (net) ..................................................................................... 39.64 33.41
Add : Current provision for Gratuity (net) ................................................................................... 1.66 2.75
Less : Recognised as an asset for balance in books of Parent Company .......................... 34.76 26.41
Gratuity provision (net) .................................................................................................................... 6.54 9.75
Provision for Other defined benefit obligation

As at As at
` crore ` crore
Closing provision as per above note ............................................................................................ 112.56 104.50
Non current provision for Post-Employment Medical benefits .......................................... 54.50 32.33
Add : Non current provision for Other defined benefit plans .............................................. 47.10 61.73
Add : Current provision for Post-Employment Medical benefits ........................................ 2.56 1.37
Add : Current provision for Other defined benefit plans....................................................... 8.40 9.07
Closing provision as per above ...................................................................................................... 112.56 104.50
2.4 Sensitivity analysis
The sensitivity of the defined benefit obligations to changes in the weighted principal assumptions is:
Change in assumption
Increase in assumption Decrease in assumption
31st 31st 31st 31st 31st 31st
March, March, March, March, March, March,
2019 2018 2019 2018 2019 2018
` crore ` crore ` crore ` crore
Discount rate .............................. 0.50% 0.50% Decrease by 19.70 17.30 Increase by 21.59 18.41
Salary/Pension growth rate .. 0.50% 0.50% Increase by 16.91 15.75 Decrease by 15.71 14.63
Mortality rates ........................... 1 year 1 year Decrease by 4.41 3.58 Increase by 4.32 3.46
Healthcare cost ......................... 0.50% 0.50% Increase by 3.78 2.59 Decrease by 3.38 2.16
The above sensitivity analysis is based on a change in an assumption while holding all other assumptions constant. In practice,
this is unlikely to occur and changes in some of the assumptions may be correlated. When calculating the sensitivity of
the defined benefit obligation to significant actuarial assumptions the same method (present value of the defined benefit
obligation calculated with the projected unit credit method at the end of the reporting period) has been applied as when
calculating the defined benefit liability recognised in the balance sheet.
The method and types of assumptions used in preparing the sensitivity analysis did not change compared to the prior period.
2.5 The expected maturity analysis of undiscounted defined benefit obligation (Funded and Unfunded) is as follows:
` Crore ` crore ` crore
Within 1 year ...................................................................................................... 44.25 31.51 29.10
Between 1 - 2 years .......................................................................................... 57.91 44.62 39.03
Between 2 - 3 years .......................................................................................... 59.69 45.64 45.15
Between 3 - 4 years .......................................................................................... 59.04 46.93 47.02
Between 4 - 5 years .......................................................................................... 64.32 44.37 47.35
Beyond 5 years .................................................................................................. 428.92 258.45 250.41
The weighted average duration of the defined benefit obligation is approximately 8.1 years (31st March, 2018 - 8.1 years, 1st April,
2017 - 7 years).
The contribution expected to be made by the Group during the financial year 2019-20 is ` 2.01 crore (31st March , 2018 ` 2.94 crore).


NOTICE
2.6 Risk exposure:
Through its defined benefit plans, the Group is exposed to a number of risks, the most significant of which are detailed below:
Asset volatility:
The plan liabilities are calculated using a discount rate set with reference to government bond yield. If plan assets under perform
this yield, it will result in deficit. These are subject to interest rate risk. To offset the risk, the plan assets have been deployed in
BOARD’S REPORT
high grade insurer managed funds.
Inflation rate risk:
Higher than expected increase in salary and medical cost will increase the defined benefit obligation.
Demographic risk:
This is the risk of variability of results due to unsystematic nature of decrements that include mortality, withdrawal, disability
and retirement. The effect of these decrements on the defined benefit obligations is not straight forward and depends upon
the combination of salary increase, discount rate and vesting criterion.
2.7 Major categories of plan assets:
Plan assets are funded with the trust set up by the Group. The Insurer trust invests the funds in various financial instruments.
MD & A
Major categories of plan assets are as follows:
31st March, 2019 31st March, 2018 31st March, 2017
Quoted % % %
Equity Instruments ......................................................................................... 24% 20% 20%
Debt Instruments ............................................................................................ 24% 44% 36%
Government Securities.................................................................................. 34% 25% 28%
CG REPORT
Cash & Cash Equivalents ............................................................................... 18% 11% 17%
25. Other Liabilities
As at As at As at
Non-current
Consumers' Benefit Account .............................................................. 38.91 21.94 21.94
Deferred Revenue - Service Line Contributions from
Consumers ................................................................................................ 127.12 1,215.21 1,180.09
Advance from Customers .................................................................... 0.21 23.52 23.52
BRR
Liabilities towards Consumers ........................................................... Nil 66.00 Nil
Deferred Rent Liability.......................................................................... 44.73 45.71 46.69
Deferred Revenue Liability ................................................................. 555.70 458.07 367.56
Deferred Revenue Grant * ................................................................... 17.08 11.03 28.71
Total ..................................................................................................................... 1,873.75 1,841.48 1,668.51
CONSOLIDATED
*The Group has recognized an income of ` 9.61 crore (31st March, 2018 - ` 0.19 crore) on account of Deferred Grants during the
year in the statement of profit and loss account.
As at As at As at
Current
Book Overdraft .................................................................................... Nil 0.08 Nil
Statutory Liabilities ............................................................................ 315.51 248.29 267.28
Advance from Customers/Public Utilities.................................. 154.59 369.12 225.01
STANDALONE
Advance from Consumers .............................................................. 330.20 190.35 187.70

Liabilities towards Consumers ....................................................... 11.50 336.75 799.83
Statutory Consumer Reserves ....................................................... 561.75 545.76 531.76
Dividend Tax on Preference Shares.............................................. Nil 12.33 12.21
Deferred Revenue Liability ............................................................. 23.52 Nil Nil
Other Liabilities ................................................................................... 102.57 83.04 41.26
Total .....................................................................................................................
1,499.64 1,785.72 2,065.05


26. Current Borrowings
As at As at As at
From Banks
(a) Buyer’s Line of Credit ............................................... Nil 602.89 672.20
(b) Bank Overdraft - repayable on demand ........... 203.69 119.25 16.64
(c) Short-term Loans ...................................................... 2,776.16 2,046.28 575.93
From Others
(d) From Related Parties................................................ 2,740.39 2,368.11 1,197.49
(e) From Others ................................................................ Nil 4,504.23 4,174.38
(f ) Commercial Papers .................................................. 7,259.52 3,808.07 3,074.56
12,979.76 13,448.83 9,711.20
From Banks
(a) Buyer’s Line of Credit ............................................... 165.62 Nil Nil
(b) Short-term Loans ...................................................... 324.59 5,378.45 6,568.59
(c) Bank Overdraft - repayable on demand ........... 387.20 Nil Nil
From Others
(d) From Others ................................................................ 18.21 Nil Nil
895.62 5,378.45 6,568.59
Total ..................................................................................................................... 13,875.38 18,827.28 16,279.79
Security
Short-term Loans and Buyer’s Line of Credit availed by various entities of the Group are secured by a charge on immovable
property of certain entities, both present and future and are also secured by way of charge on tangible and intangible assets,
current assets, receivables and stores and spares, uncalled capital receivables, rights under project documents, project cash
flows, pledge of shares and monies receivable of the respective entities.
27. Revenue from Operations

Revenue Recognition
Accounting Policy
Revenue from contracts with customers is recognised when control of the goods or services are transferred to the customer at
an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or services.
Description of performance obligations are as follows:
(i) Sale of Power - Generation (Thermal and Hydro)
Revenue from sale of power is recognised net of cash discount over time for each unit of electricity delivered.
Contract price determined as per tariff regulations.
The Group as per the prevalent tariff regulations is required to recover its Annual Revenue Requirement (‘ARR’) comprising
of expenditure on account of fuel cost, operations and maintenance expenses, financing costs, taxes and assured return on
regulator approved equity with additional incentive for operational efficiencies. Accordingly, rate per unit is determined
using input method based on the Group’s efforts to the satisfaction of a performance obligation to deliver power. As per tariff
regulations, the Group determines ARR and any surplus/shortfall in recovery of the same is accounted as revenue.
Contract Price as per long term agreements
Rate per unit is determined using input method based on the Group’s efforts to the satisfaction of a performance obligation to
deliver power. Variable consideration forming part of total transaction price will be allocated and recognized when the terms
of variable payment relate specifically to the Group’s efforts to satisfy the performance obligation i.e. in the year of occurence
of event linked to variable consideration. The transaction price is adjusted for significant financing component, if any and the
adjustment is accounted as finance cost.
(ii) Sale of Power - Generation (Wind and Solar)
Revenue from sale of power is recognised net of cash discount over time for each unit of electricity delivered at the contracted
rate. The transaction price is adjusted for significant financing component, if any and the adjustment is accounted as finance
cost.
(iii) Transmission of Power
Revenue from transmission of power is recognised net of cash discount over time for transmission of electricity. The Group as
per the prevalent tariff regulations is required to recover its Annual Revenue Requirement (‘ARR’) comprising of expenditure
on account of operations and maintenance expenses, financing costs, taxes and assured return on regulator approved equity
with additional incentive for operational efficiencies. Input method is used to recognize revenue based on the Group’s efforts


27. Revenue from Operations (Contd.)
NOTICE
or inputs to the satisfaction of a performance obligation to deliver power. As per tariff regulations, the Group determines ARR
and any surplus/shortfall in recovery of the same is accounted as revenue.
(iv) Sale of Power - Distribution
Revenue from sale of power is recognised net of cash discount over time for each unit of electricity delivered at the pre
determined rate.
BOARD’S REPORT
(v) Trading of power
In the arrangements the Group is acting as an agent, the revenue is recognized on net basis when the units of electricity are
delivered to power procurers because this is when the Group transfers control over its services and the customer benefits from
the Group’s such agency services. The Group determines its revenue on certain contracts net of power purchase cost based on
the following factors:
a. Another party is primarily responsible for fulfilling the contract as the Group does not have the ability to direct the use of
power supplied or obtain benefits from supply of power.
b. The Group does not have inventory risk before or after the power has been delivered to customers as the power is
directly supplied to customer.
c. The Group has no discretion in establishing the price for supply of power. the Group’s consideration in these contracts is
MD & A
only based on the difference between sales price charged to procurer and purchase price given to supplier.
For other contract which does not qualify the conditions mentioned above, revenue is determined on gross basis.
(vi) Sale of Solar Products
Revenue from turnkey contracts, which are generally time bound fixed price contracts, are recognized over the life of the
contract using the proportionate completion method, with contracts costs determining the degree of completion.
(vii) Rendering of Services
CG REPORT
Revenue from a contract to provide services is recognised over time based on:
Input method where the extent of progress towards completion is measured based on the ratio of costs incurred to date to
the total estimated costs at completion of performance obligation. Revenue, including estimated fees or profits, are recorded
proportionally based on measure of progress. Output method where direct measurements of value to the customer based on
survey’s of performance completed to date. Revenue is recognised net of cash discount at a point in time at the contracted rate.
(viii) Consumers are billed on a monthly basis and are given average credit period of 30 to 45 days for payment. No delayed payment
charges (‘DPC’) is charged for the initial 30 days from the date of receipt of invoice by customers. Thereafter, DPC is charged
at the rate prescribed by the Power Purchase Agreement on the outstanding balance once the dues are received. Revenue in
respect of delayed payment charges and and interest on delayed payments leviable as per the relevant contracts are recognised
on actual realisation or accrued based on an assessment of certainty of realisation supported by either an acknowledgement
BRR
from customers or on receipt of favourable order from regulatory authorities.
CONSOLIDATED
STANDALONE


There is no significant judgement involved while evaluating the timing as to when customers obtain control of promised goods
and services.
` crore ` crore
(a) Revenue from Power Supply and Transmission Charges ................... 28,408.69 26,247.65
Add/(Less): Cash Discount .................................................................................. (165.19) (182.50)
Add/(Less): Income to be adjusted in future tariff determination (Net)... 226.06 (254.30)
Add/(Less): Income to be adjusted in future tariff determination (Net)
in respect of earlier years (Refer Note 18)............................... (182.31) Nil
Add/(Less): Power Purchase Cost ...................................................................... (2,366.89) (2,406.91)
25,920.36 23,403.94
(b) Revenue from Power Supply - Assets Under Finance Lease .............. 1,030.64 1,034.51
(c) Project/Operation Management Services ................................................. 123.89 92.52
(d) Revenue from Sale of:

Solar Products ............................................................................................... 1,214.69 1,194.43
Electronic Products ..................................................................................... 49.23 63.32
1,263.92 1,257.75
(e) Income from Finance Lease............................................................................... 127.24 134.12
(f) Other Operating Revenue .................................................................................

Rental of Land, Buildings, Plant and Equipment, etc...................... 15.51 11.31
Charter Hire ................................................................................................... 214.36 169.23
Income in respect of Services Rendered ............................................ 302.39 323.49
Compensation .............................................................................................. Nil 11.95
Amortisation of Capital Grants ............................................................... 3.56 17.87
Amortisation of Service Line Contributions ..................................... 82.96 80.74
Income from Storage and Terminalling............................................... 15.39 14.99
Miscellaneous Revenue and Sundry Credits ..................................... 71.46 88.66
Sale of Fly Ash ............................................................................................... 11.67 12.07
Sale of Coal .................................................................................................... 315.73 166.21
Sale of Carbon Credits ............................................................................... 3.89 9.32
Sale of Products - Trading ......................................................................... 0.83 Nil
Dividend from Equity Investments measured at FVTOCI ............. 2.05 3.64
Dividend from Equity Investments measured at FVTPL ................ Nil 0.32
Profit on sale of Current Investment - measured at FVTPL........... 3.68 7.63
Sale of Renewable Energy Certificates ................................................ 49.11 Nil
1,092.59 917.43
Total ........................................................................................................................................... 29,558.64 26,840.27
Details of Revenue from Contract with Customers

Particulars For the year ended For the year ended
31st March, 2019 31st March,2018
` crore ` crore
Total Revenue from Contract with Customers ......................................................................... 29,248.29 26,486.66
Less: Significant Financing Component ..................................................................................... (45.57) (43.62)
Add: Cash Discount/Rebates etc................................................................................................... 165.19 182.50
Total Revenue as per Contracted Price .................................................................................. 29,367.91 26,625.54


NOTICE
Transaction Price - Remaining Performance Obligation
The remaining performance obligation disclosure provides the aggregate amount of the transaction price yet to be recognised
as at the end of the reporting period and an explanation as to when the Group expects to recognise these amounts in revenue.
Applying the practical expedient as given in Ind AS 115, the Group has not disclosed the remaining performance obligation
related disclosures for contracts as the revenue recognized corresponds directly with the value to the customer of the entity’s
performance completed to date.
BOARD’S REPORT
The aggregate value of performance obligations that are partially unsatisfied as at 31st March, 2019, other than those meeting
the exclusion criteria mentioned above is ` 1,39,502 crore. Out of this, the group expects to recognise revenue of around 5.05%
within the next one year and the remaining thereafter.
Revenue is disaggregated by type and nature of product or services. The table also includes the reconciliation of the
disaggregated revenue with the Group’s reportable segment.
` crore
Reportable Segment
Power Other than Power Inter Segment Total
MD & A
For the For the For the For the For the For the For the For the
Particulars year ended year ended year ended year ended year ended year ended year ended year ended
31st 31st 31st 31st 31st 31st 31st 31st
March, March, March, March, March, March, March, March,
2019 2018 2019 2018 2019 2018 2019 2018
(A) Revenue from Contracts with Customers
Nature of Goods/Services
CG REPORT
Generation of power
Thermal and Hydro ........................................ 10,146.05 9,176.04 Nil Nil Nil Nil 10,146.05 9,176.04
Wind and Solar................................................. 2,015.44 1,660.90 Nil Nil Nil Nil 2,015.44 1,660.90
Transmission of power ........................................... 611.79 644.09 Nil Nil Nil Nil 611.79 644.09
Distribution of power.............................................. 12,383.70 11,350.99 Nil Nil Nil Nil 12,383.70 11,350.99
Trading of Power....................................................... 763.38 571.92 Nil Nil Nil Nil 763.38 571.92
Sale of Solar Products ............................................. Nil Nil 1,214.69 1,194.43 Nil Nil 1,214.69 1,194.43
Sale of Power from Assets Under Lease ........... 1,030.64 1,034.51 Nil Nil Nil Nil 1,030.64 1,034.51
BRR
Project/Operation Management Services ....... Nil 2.39 123.89 90.13 Nil Nil 123.89 92.52
Others ........................................................................... 753.88 526.16 204.83 235.10 Nil Nil 958.71 761.26
Total Revenue from Contracts with
Customers 27,704.88 24,967.00 1,543.41 1,519.66 Nil Nil 29,248.29 26,486.66
Net Movement in Regulatory Deferral
CONSOLIDATED
Balances ....................................................................... (340.19) (409.85) Nil Nil Nil Nil (340.19) (409.85)
Balances in respect of earlier years .................... 274.26 Nil Nil Nil Nil Nil 274.26 Nil
27,638.95 24,557.15 1,543.41 1,519.66 Nil Nil 29,182.36 26,076.81
(B) Other Revenue ........................................................... 292.56 316.60 17.79 37.01 Nil Nil 310.35 353.61
(C) Intersegment Revenue ........................................... 4.36 8.90 1,984.25 1,567.87 (1,988.61) (1,576.77) Nil Nil
Revenue from Continued Operations
STANDALONE
(including Net Movement in Regulatory

Deferral Balances)..................................................... 27,935.87 24,882.65 3,545.45 3,124.54 (1,988.61) (1,576.77) 29,492.71 26,430.42
(D) Revenue from Discontinued Operations ....... Nil Nil 143.59 286.74 Nil Nil 143.59 286.74


Contract Balances
As at As at As at
Contract Assets
Recoverable from Consumers.....................................................................
Non-Current.................................................................................................. 404.79 675.98 771.09
Current ........................................................................................................... 1,100.54 634.65 710.04
Unbilled Revenue other than passage of time ..................................... 11.15 Nil Nil
Total Contract Assets .................................................................................. 1,516.48 1,310.63 1,481.13
Contract Liabilities
Deferred Revenue Liability
Non-Current ................................................................................................ 555.70 458.07 367.56
Current ........................................................................................................... 23.52 Nil Nil
Advance from Customers
Non-Current ................................................................................................. 0.21 23.52 23.52
Current .......................................................................................................... 330.20 190.35 187.70
Liabilities towards Consumers
Non-Current ............................................................................................... Nil 66.00 Nil
Current ......................................................................................................... 11.50 336.75 799.83
Total Contract Liabilities .......................................................................... 921.13 1,074.69 1,378.61
Receivables
Trade Receivables (Gross)
Non-Current ................................................................................................. 197.54 196.29 194.16
Current .......................................................................................................... 4,836.73 3,112.16 4,142.70
Unbilled Revenue for passage of time
Non-Current ................................................................................................. 81.11 62.82 42.91
Current .......................................................................................................... 837.85 810.09 1,081.92
(Less): Allowances for Doubtful Debts
Non-Current ................................................................................................. (4.55) (6.24) (6.24)
Current .......................................................................................................... (391.47) (323.23) (310.58)
Net Receivables ............................................................................................. 5,557.21 3,851.89 5,144.87
Contract asset is the right to consideration in exchange for goods or services transferred to the customer. Contract liability is the
entity’s obligation to transfer goods or services to a customer for which the entity has received consideration from the customer
in advance. Contract assets are transferred to receivables when the rights become unconditional and contract liabilities are
recognized as and when the performance obligation is satisfied.


NOTICE
Significant changes in the contract assets and the contract liabilities balances during the year are as follows:
Movement in Recoverable from consumers and Liabilities towards consumers
As at As at
` crore ` crore
BOARD’S REPORT
Opening Balance
- Recoverable from consumers .................................................................................................. 1,310.63 1,481.13
- Liabilities towards consumers ................................................................................................. (402.75) (799.83)
907.88 681.30
Income to be adjusted in future tariff determination (Net) ......................................................... 226.06 (254.30)
Income to be adjusted in future tariff determination (Net) in respect of earlier years ...... (182.31) Nil
Refund to Customers (including Group's Distribution Business)............................................... 288.71 (27.59)
Deferred tax recoverable/(payable) [Refer Note 33 (b)] ................................................................ 322.50 (161.57)
MD & A
Revenue recognized during the year ................................................................................................... 679.60 1,127.66
Transfer to receivables ............................................................................................................................... (736.52) (450.67)
Others .............................................................................................................................................................. (12.09) (6.95)
585.95 226.58
Closing Balance
- Recoverable from consumers .................................................................................................. 1,505.33 1,310.63
- Liabilities towards consumers ................................................................................................. (11.50) (402.75)
CG REPORT
1,493.83 907.88
Movement in Unbilled Revenue other than passage of time, Advance from consumers and Deferred Revenue Liabilities
As at As at
` crore ` crore
Opening Balance
- Unbilled Revenue other than passage of time.................................................................. Nil Nil
BRR
- Advance from consumers ......................................................................................................... 213.87 211.22
- Deferred Revenue Liabilities .................................................................................................... 458.07 367.56
671.94 578.78
Revenue recognized during the year ................................................................................................... (158.28) (176.51)
Advance received during the year ........................................................................................................ 392.43 226.05
CONSOLIDATED
Interest for the year .................................................................................................................................... 45.57 43.62
Transfer to receivables ............................................................................................................................... (30.88) Nil
248.84 93.16
Closing Balance
- Unbilled Revenue other than passage of time.................................................................. 11.15 Nil
- Advance from consumers ......................................................................................................... 330.41 213.87
- Deferred Revenue Liabilities .................................................................................................... 579.22 458.07
STANDALONE
920.78 671.94


28. Other Income
Accounting Policy
Dividend and Interest income
Dividend income from investments is recognised when the shareholder’s right to receive payment has been established.
Interest income from a financial asset is recognised when it is probable that the economic benefits will flow to the Company
and the amount of income can be measured reliably. Interest income is accrued on a time basis, by reference to the principal
outstanding and at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts
through the expected life of the financial asset to that asset’s net carrying amount on initial recognition.
` crore ` crore
(a) Interest Income
(i) Financial Assets held at Amortised Cost
Interest on Bank Deposits ..................................................................................... 13.87 76.30
Interest from Inter-corporate Deposits ............................................................ 0.12 0.82
Interest on Overdue Trade Receivables ............................................................ 3.16 5.24
Interest on Non-current Investment - Contingency Reserve Fund ........ 16.70 11.72
Interest on Non-current Investment - Deferred Tax Liability Fund........ 20.40 17.23
Interest on Loans to Joint Controlled Entity ................................................... 1.24 2.44
Interest on Loans and Advances ......................................................................... 13.59 1.65
69.08 115.40
(ii) Others
Interest on Income-tax Refund ........................................................................... 7.18 5.02
76.26 120.42
(b) Dividend Income
From Current Investments measured at FVTPL ............................................. Nil 0.82
From Non-current Investments measured at FVT ........................................ 15.10 17.85
15.10 18.67
(c) Gain/(Loss) on Investments
Gain on Sale of Current Investment measured at FVTPL ........................... 44.36 51.34
Gain on Sale of Investment in Associates measured at Cost .................... 0.88 Nil
45.24 51.34
(d) Other Non-operating Income
Commission earned ................................................................................................ 9.83 9.77
Gain/(Loss) on Disposal of Property, Plant and Equipment (Net) ........... (30.05) 4.54
Delayed Payment Charges .................................................................................... 87.48 26.48
Other Income ............................................................................................................. Nil 23.48
Management Fees ................................................................................................... 191.97 177.99
259.23 242.26
Total ........................................................................................................................................................ 395.83 432.69


29. Raw Materials Consumed and Decrease/(Increase) in Work-in-Progress/Finished Goods/Stock-in-Trade
NOTICE
` crore ` crore
Raw Materials Consumed
Opening Stock 133.05 158.76
Add: Purchases .................................................................................................................... 943.19 723.26
BOARD’S REPORT
1,076.24 882.02
Less: Closing Stock ............................................................................................................. 156.89 133.05
Total ........................................................................................................................................................ 919.35 748.97
Decrease/(Increase) in Work-in-Progress/Finished Goods/Stock-in-Trade

Work-in-Progress
Inventory at the beginning of the year ......................................................................... 6.36 29.71
Add: Additions during the year ..................................................................................... Nil 0.18
Less: Reclassified to Assets Classified as Held for Sale ........................................... Nil (23.69)
6.36 6.20
Less: Inventory at the end of the year ......................................................................... 2.93 6.36
3.43 (0.16)
MD & A
Finished Goods
Inventory at the beginning of the year ......................................................................... 103.35 110.13
Add: Purchase/Used in the period................................................................................ Nil Nil
Less: Reclassified to Assets Classified as Held for Sale ........................................... Nil (15.13)
103.35 95.00
Less: Inventory at the end of the year ......................................................................... 82.41 103.35
20.94 (8.35)
Total ........................................................................................................................................................ 24.37 (8.51)
CG REPORT
30. Employee Benefits Expense

` crore ` crore
Salaries and Wages ............................................................................................................................ 1,198.75 1,188.65

Contribution to Provident Fund [Refer Note 24 (1)] .............................................................. 83.52 84.26
Contribution to Superannuation Fund [Refer Note 24 (1)] ................................................. 10.63 10.20
BRR
Gratuity [Refer Note 24 (2.3)].......................................................................................................... 18.78 25.48
Leave Encashment Scheme ............................................................................................................ 27.35 8.86
Pension................................................................................................................................................... 15.93 5.98
Staff Welfare Expenses...................................................................................................................... 142.64 162.41
1,497.60 1,485.84
Less:
Employee Cost Capitalised ................................................................................................ 149.50 93.08
CONSOLIDATED
Employee Cost Inventorised ............................................................................................. 9.05 10.84
158.55 103.92
Total ........................................................................................................................................................ 1,339.05 1,381.92
STANDALONE


31. Finance Costs
Accounting Policy
Borrowing Costs
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that
necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets,
until such time as the assets are substantially ready for their intended use or sale.
Interest income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is
deducted from the borrowing costs eligible for capitalisation.
All other borrowing costs are recognised in statement of profit and loss in the period in which they are incurred.
` crore ` crore
(a) Interest Expense:

On Borrowings (Carried at Amortised Cost)
Interest on Debentures .......................................................................................... 906.77 1,054.83
Interest on - Euro Notes ........................................................................................ Nil 13.01
Interest on Loans - Banks & Financial Institutions ........................................ 2,658.33 2,150.26
Interest paid to Joint Ventures............................................................................. 73.60 44.95
Others
Interest on Consumer Security Deposits (Carried at Amortised Cost) .. 72.56 58.78
Other Interest and Commitment Charges (Refer Note 44) ....................... 125.78 82.49
Interest on Non-convertible Cumulative Redeemable Preference
Shares ........................................................................................................................... 35.46 35.50
3,872.50 3,439.82
Less: Interest Capitalised ........................................................................................ 47.35 72.81
3,825.15 3,367.01
(b) Other Borrowing Cost:
Loss/(Gain) arising on Interest Rate Swap derivative contracts
designated as hedging instruments in fair value hedges ......................... (7.91) Nil
Other Finance Costs ................................................................................................ 151.96 146.45
Foreign Exchange Loss/(Gain) on Borrowings (Net) .................................... 221.84 248.18
Less: Finance Charges Capitalised....................................................................... (21.04) (0.16)
344.85 394.47
Total ........................................................................................................................................................ 4,170.00 3,761.48
Note:
The weighted average capitalisation rate on the Group general borrowings is in the range of 8.28% to 8.63% per annum
(31st March, 2018 - 8.10% to 9.50% per annum).


32. Other Expenses
NOTICE
` crore ` crore
Consumption of Stores, Oil, etc. ................................................................................................... 88.90 145.77

Rental of Land, Buildings, Plant and Equipment, etc............................................................ 113.81 92.20
BOARD’S REPORT
Repairs and Maintenance -
(i) To Buildings and Civil Works............................................................................................. 119.41 114.92
(ii) To Machinery and Hydraulic Works ............................................................................... 512.95 510.48
(iii) To Furniture, Vehicles, etc. ................................................................................................. 73.22 67.64
705.58 693.04
Rates and Taxes .................................................................................................................................. 91.58 116.00
Insurance .............................................................................................................................................. 65.76 74.32
Other Operation Expenses............................................................................................................. 370.58 427.12
Ash Disposal Expenses .................................................................................................................... 47.81 50.13
Warranty Charges .............................................................................................................................. 15.14 13.65
Travelling and Conveyance Expenses ........................................................................................ 56.09 54.61
MD & A
Consultants' Fees ............................................................................................................................... 54.00 72.56
Compensation .................................................................................................................................... 2.36 Nil
Auditors' Remuneration .................................................................................................................. 11.34 12.55
Cost of Services Procured ............................................................................................................... 239.30 261.73
Bad Debts ............................................................................................................................................. 2.09 0.35
Allowance for Doubtful Debts and Advances (Net) ............................................................. 72.54 12.74
Leasehold Land Payment ............................................................................................................... 10.48 0.17
Provision For Contingencies.......................................................................................................... 0.06 (0.21)
CG REPORT
Net Loss on Foreign Exchange ..................................................................................................... 140.81 114.10
Impairment in Carrying Amount of Non-current Investments in Joint Ventures ...... (2.48) Nil
MTM Profit/(Loss) on Investments carried at Fair value through Profit or loss ........... 1.18 (0.61)
Donations............................................................................................................................................. 20.00 4.84
Legal Charges ..................................................................................................................................... 54.51 61.92
Corporate Social Responsibility Expenses................................................................................ 39.46 39.98
Impairment of Non-current Assets held for Sale ................................................................... Nil 6.00
Excise Duty Paid ................................................................................................................................. Nil 0.22
Transfer to Contingency Reserve................................................................................................. 16.00 14.00
Marketing expenses ......................................................................................................................... 1.80 13.80
BRR
Miscellaneous Expenses ................................................................................................................. 41.45 93.13
Total ....................................................................................................................................................... 2,260.15 2,374.11
33. Income taxes
CONSOLIDATED
33 a. Current Tax
Accounting Policy
Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the
taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively
enacted, at the reporting date in the countries where the respective subsidiary companies operates and generates
taxable income.
Current income tax relating to items recognised outside statement of profit and loss is recognised outside statement of
profit and loss (either in other comprehensive income or in equity). Current tax items are recognised in correlation to
the underlying transaction either in OCI or directly in equity. Management periodically evaluates positions taken in the
tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes
STANDALONE
provisions where appropriate.


33. Income taxes (Contd.)
(i) Income taxes recognised in statement of profit and loss - Continuing Operations
` crore ` crore
Current tax ....................................................................................................................................... 584.78 663.69
Deferred tax (Refer Note 12a and b) ....................................................................................... 544.02 (840.23)
Deferred Tax in respect of earlier years (Refer Note 12a and b).................................... 18.91 Nil
Deferred Tax (Recoverable) / Payable..................................................................................... (491.62) 338.51
Total income tax expense recognised in the current year ...................................... 656.09 161.97
(ii) Income taxes recognised in statement of profit and loss - Discontinued Operations
` crore ` crore
Current tax ....................................................................................................................................... (71.92) (17.36)
Deferred tax..................................................................................................................................... 5.94 3.23
Total income tax expense recognised in the current year ...................................... (65.98) (14.13)
The income tax expense for the year can be reconciled to the accounting profit as follows:
` crore ` crore
Profit /(Loss) before tax for Continuing Operation........................................................... 3,222.34 2,844.56
Profit/(Loss) before tax for Discontinuing Operation ...................................................... (191.82) (85.87)
Profit/(Loss) before tax considered for tax working ................................................. 3,030.52 2,758.69
Income tax expense calculated at 34.944% (31st March, 2018 - 34.608%) ............. 1,058.98 979.16
Add/(Less): Tax effect on account of :
Share of profit of Associate and Joint venture ................................................................... (449.74) (537.78)
Deferred tax not recognised on Impairment provision/(reversal) of non current
investment ...................................................................................................................................... 26.09 (502.68)
Deduction during tax holiday period ................................................................................... (0.59) (110.33)
MAT credit and deferred tax asset on losses pertaining to earlier years .................. (72.75) (584.91)
Exempt Income ............................................................................................................................. (20.22) (62.09)
MAT credit and deferred tax asset on losses not recognised ....................................... 706.78 611.72
Profit taxable at different tax rates including for certain subsidiaries ...................... (291.81) (103.79)
Non deductible expenses ......................................................................................................... 124.99 112.58
Changes in income tax rate from 34.608% to 34.944%.................................................. Nil 7.45
Deferred Tax (Recoverable)/Payable...................................................................................... (491.62) 338.51
Income tax expense recognised in statement of profit and loss ........................ 590.11 147.84
Tax expense for Continuing Operations .............................................................................. 656.09 161.97
Tax expense for Discontinued Operations .......................................................................... (65.98) (14.13)
Income tax expense recognised in statement of profit and loss ........................ 590.11 147.84
Note:
The tax rate used for the years 2018-19 and 2017-18 reconciliations above is the corporate tax rate of 34.944% and
34.608% respectively payable by corporate entities in India on taxable profits under the Indian tax law.
(iii) Income tax recognised directly in equity

` crore ` crore
Effect of Distribution on Unsecured Perpetual Securities
Current tax ....................................................................................................................................... (59.75) (59.18)
Deferred tax.................................................................................................................................... Nil 0.24
Income tax recognised directly in equity ........................................................................ (59.75) (58.94)


NOTICE
(iv) Income tax recognised in other comprehensive income
` crore ` crore
Current tax
Net gain on sale of investment in equity shares at FVTOCI .......................................... 1.14 51.36
Less : Remeasurement of Defined Benefit Plan ................................................................. (7.95) (0.85)
BOARD’S REPORT
(6.81) 50.51
Discontinued Operations ........................................................................................................ (0.40) Nil
Deferred tax
Net fair value gain on investments in equity shares at FVTOCI ................................... 0.02 (21.99)
Remeasurements of defined benefit obligation ............................................................... 0.04 0.12
Indexation benefit on investment held for sale .............................................................. Nil (370.00)
0.06 (391.87)
Total income tax recognised in other comprehensive income ............................ (7.15) (341.36)
Bifurcation of the income tax recognised in other comprehensive income into:
Items that will not be reclassified to statement of profit and loss ............................. (7.15) (341.36)
MD & A
(7.15) (341.36)
33 b. Deferred Tax (Recoverable) / Payable
It represents deferred tax liabilities / (assets) required to be passed on to the consumers and its relates to :
31st March,2019 31st March, 2018
` crore ` crore
Non - Rate Regulated Activity (Transmission and Generation) (Refer Note below)..... (322.50) 161.57
Rate Regulated Activity (Distribution) (Refer note 18) ........................................................... (169.12) 176.94
CG REPORT
(491.62) 338.51
Note:
In its regulated operations, the Group is entitled to a fixed return on its investment net of tax and accordingly tax is a
pass-through cost. Maharashtra Electricity Regulatory Commission, vide its order dated 2nd January, 2019, has approved
the extension of Power Purchase Agreement (PPA) for generation plants for a period of five years starting 1st April,
2019. Consequently, deferred tax liability expected to be recovered amounting to ₹ 272 crore has been recognized as a
recoverable from consumers resulting in corresponding credit in deferred tax recoverable for the current year.
34. Commitments:
BRR
(a) Estimated amount of Contracts remaining to be executed
on capital account and not provided for (including
consumer funded assets):
(i) the Group .................................................................................. 1,098.27 797.80 1,508.24
(ii) Group’s share of Joint Ventures ......................................... 214.49 180.27 99.29
CONSOLIDATED
(iii) Group’s share of Associates................................................. Nil Nil 82.15
(b) Other Commitments
(i) The Group has given an undertaking for non-
disposal of shares to the lenders of Tata Power
Delhi Distribution Ltd. in respect of its outstanding
borrowings. .............................................................................. 137.50 251.38 341.88
(ii) Vendor purchase commitments and contracts to
provide future post sale services ...................................... 494.50 385.63 539.82
(iii) In terms of the Port Service Agreement entered into by the Group and valid up to 31st March, 2040, the Group is
required to pay (a) Annual Fixed handling charges which are escalable as per CERC notification; and (b) Variable
STANDALONE
port handling charges for handling a certain minimum tonnage of coal for its Mundra UMPP. In the event of a
default which subsists for over one year, the Port Operator shall be entitled to suspend all its services under the
agreement without terminating the agreement and all amounts outstanding shall be payable by the Group.

35. Contingent Liabilities

a) Contingent liabilities
Claims against the Group not probable and hence not
acknowledged as debts consists of
(i) Demand including interest and penalty demand
disputed by the Group relating to Entry tax
claims for the financial years 2005-06 to 2013-14.
[Refer Note 44]........................................................................... Nil 2,035.18 1,967.43
(ii)(a) Disallowance of carrying cost and other costs by
Appellate Tribunal for Electricity (ATE) has been
disputed by the Group. Based on legal opinions (the
Group has a strong case), the Group has filed Special
Leave Petition (SLP) with the Hon’ble Supreme Court. 269.00 269.00 269.00
(b) Disallowance of costs recoverable from consumers
by Maharashtra Electricity Regulatory Commission in
the tariff true up order ............................................................ 261.00 Nil Nil
(iii) Interest and penalty pertaining to Customs Duty
claims disputed by the Group relating to applicability
and classification of coal ........................................................ 110.81 110.81 246.33
(iv) Demand disputed by the Group relating to Service
tax................................................................................................. 402.45 402.45 Nil
(v)(a) Way Leave fees (including interest) claims disputed
by the Group relating to rates charged. ........................... 39.18 35.29 84.18
(b) Demand towards periodic revision in lease rent
disputed by the Group. .......................................................... Nil 150.00 150.00
(vi) Rates, Cess, Green Cess, Excise and Custom Duty
claims disputed by the Group.............................................. 523.49 396.32 416.66
(vii) Octroi claims disputed by the Group, in respect of
octroi exemption claimed. .................................................... 5.03 5.03 5.03
(viii) Compensation disputed by private land owners in
respect of private land acquired under the provisions
of Maharashtra Industrial Development Act, 1961. ..... 22.00 22.00 22.00
(ix) Disputes relating to power purchase agreements ....... 199.23 272.73 246.47
(x) Other Claims .............................................................................. 173.75 177.92 161.83
(xi) Demand towards charges for Unscheduled
interchanged (UI) of power................................................... 215.02 Nil Nil
Claims against the Group's share of Joint Ventures and
Group's share of Associates not acknowledged as debts
consists of
Group's share of Joint Ventures
(i) Demand for royalty payment is set-off against
recoverable Value Added Tax (VAT) paid on inputs for
coal production. ....................................................................... 29.24 15.34 17.93
(ii) Other claims ............................................................................. 40.79 38.63 72.57
Group's share of Associates
Other claims .............................................................................. Nil 0.29 539.03
2,290.99 3,930.99 4,198.46
Notes:
1 Amounts in respect of employee related claims/disputes, regulatory matters is not ascertainable.
2 Future cash flows in respect of above matters are determinable only on receipt of judgements/decisions pending at
various forums/authorities.
3 The above Contingent Liabilities include those pertaining to Regulated Business which on unfavourable outcome
can be recovered from consumers.


35. Contingent Liabilities (Contd.)
NOTICE
b) Other Contingent Liabilities (not probable)
Taxation matters for which liability, relating to issues of
deductibility and taxability, is disputed by the Group
and provision is not made (computed on the basis of
BOARD’S REPORT
assessments which have been re-opened and assessments
remaining to be completed)
In case of the Group [including interest demanded ` 9.09
crore (31st March, 2018 - ` 8.95 crore, 1st April, 2017 - ` 12.57
crore)]. ...................................................................................................... 640.03 786.02 428.25
Group’s share of Joint Ventures ...................................................... 84.17 Nil 135.68
Group’s share of Associates.............................................................. 2.50 0.03 466.23
c) Indirect exposures of the Group
(i) Guarantees given to the lenders of Joint Ventures
for the borrowings availed
MD & A
Tubed Coal Mines Ltd. ....................................................... Nil Nil 11.36
Mandakini Coal Company Ltd. ....................................... Nil Nil 20.26
Cennergi Pty. Ltd. ................................................................ Nil Nil Nil
Nos. Nos. Nos.
(ii) The Group has pledged its shares of investments
in joint ventures and others with the lenders for
CG REPORT
borrowings availed
Joint Ventures:
Powerlinks Transmission Ltd. ......................................... 23,86,80,000 23,86,80,000 23,86,80,000
Industrial Energy Ltd. ........................................................ 25,13,48,400 25,13,48,400 12,56,74,200
Mandakini Coal Company Ltd. ...................................... 2,00,43,000 2,00,43,000 2,00,43,000
Itezhi Tezhi Power Corporation * ................................. 4,52,500 4,52,500 4,52,500
Others:
Tata Teleservices Limited ................................................. Nil Nil 18,27,08,138
d) (i) In respect of the Standby Charges dispute with Adani Electricity Mumbai Limited (Adani Electricity) erstwhile Reliance
Infrastructure Ltd. (R-Infra) for the period from 1st April, 1999 to 31st March, 2004, the Appellate Tribunal of Electricity
BRR
(ATE), set aside the Maharashtra Electricity Regulatory Commission (MERC) Order dated 31st May, 2004 and directed the
Group to refund to Adani Electricity as on 31st March, 2004, ` 354.00 crore (including interest of ` 15.14 crore) and pay
interest at 10% per annum thereafter. As at 31st March, 2019 the accumulated interest was ` 251.96 crore (31st March,
2018 - ` 240.76 crore) (` 11.20 crore for the year ended 31st March, 2019). On appeal, the Hon’ble Supreme Court vide its
Interim Order dated 7th February, 2007, has stayed the ATE Order and in accordance with its directives, the Group has
furnished a bank guarantee of the sum of ` 227.00 crore and also deposited ` 227.00 crore with the Registrar General of
CONSOLIDATED
the Court which has been withdrawn by Adani Electricity on furnishing the required undertaking to the Court.
Further, no adjustment has been made for the reversal in terms of the ATE Order dated 20th December, 2006, of Standby
Charges credited in previous years estimated at ` 519.00 crore, which will be adjusted, wholly by a withdrawal/set off from
certain Statutory Reserves as allowed by MERC. No provision has been made in the accounts towards interest that may be
finally determined as payable to Adani Electricity. Since 1st April, 2004, the Group has accounted Standby Charges on the
basis determined by the respective MERC Tariff Orders.
The Group is of the view, supported by legal opinion, that the ATE’s Order can be successfully challenged.
(ii) MERC vide its Tariff Order dated 11th June, 2004, had directed the Group to treat the investment in its wind energy project
as outside the Mumbai Licensed Area, consider a normative Debt Equity ratio of 70:30 to fund the Group’s fresh capital
investments effective 1st April, 2003 and had also allowed a normative interest charge @ 10% p.a. on the said normative
STANDALONE
debt. The change to the Clear Profit and Reasonable Return (consequent to the change in the capital base) as a result of
the above mentioned directives for the period upto 31st March, 2004, has been adjusted by MERC from the Statutory
Reserves along with the disputed Standby Charges referred to in Note 35(d)(i) above.
e) There are numerous interpretative issues relating to the Supreme Court (SC) judgement dated 28th February, 2019 on
Provident Fund (PF) on the inclusion of allowances for the purpose of PF contribution as well as its applicability of effective
date. The Group is consulting Legal counsel for further clarity and evaluating its impact on its financial statement.
The Group, in respect of the above mentioned Contingent Liabilities has assessed that it is only possible but not probable
that outflow of economic resources will be required.


36. Other Disputes
a) In the matter of claims raised by the Group on R-Infra, towards (i) the difference in the energy charges for the period
March 2001 to May 2004 and (ii) for minimum off-take charges of energy for the period 1998 to 2000, MERC has issued
an Order dated 12th December, 2007 in favour of the Group. The total amount payable by R-Infra, including interest, is
estimated to be ` 323.87 crore as on 31st December, 2007. ATE in its Order dated 12th May, 2008 on appeal by R-Infra,
has directed R-Infra to pay the difference in the energy charges amounting to ` 34.98 crore for the period March 2001 to
May 2004. In respect of the minimum off-take charges of energy for the period 1998 to 2000 claimed by the Group from
R-Infra, ATE has directed MERC that the issue be examined afresh and after the decision of the Hon’ble Supreme Court
in the Appeals relating to the distribution licence and rebates given by R-Infra. The Group and R-Infra had filed appeals
in the Hon’ble Supreme Court. The Hon’ble Supreme Court, vide its Order dated 14th December, 2009, has granted stay
against ATE Order and has directed R-Infra to deposit with the Hon’ble Supreme Court, a sum of ` 25.00 crore and furnish
bank guarantee of ` 9.98 crore. The Group had withdrawn the above mentioned sum subject to an undertaking to refund
the amount with interest, in the event the Appeal is decided against the Group. On grounds of prudence, the Group has
not recognised any income arising in respect of these matters.
b) Capital work in progress include amount incurred for Vikhroli transmission lines project amounting to ` 57 crore ordered
as deemed closure by Maharahstra Electricity Regulatory Commission. The matter has been disputed by the Group and
believes that it will be able to recover the costs incurred for the said project. Accordingly, no impairment provision is
required in respect of the same.
37. Earnings Per Share (EPS)

Accounting Policy
Basic earnings per equity share is computed by dividing the net profit attributable to the equity holders of the Group by the
weighted average number of equity shares outstanding during the period. Diluted earnings per equity share is computed
by dividing the net profit attributable to the equity holders of the Group by the weighted average number of equity shares
considered for deriving basic earnings per equity share and also the weighted average number of equity shares that could have
been issued upon conversion of all dilutive potential equity shares. The dilutive potential equity shares are adjusted for the
proceeds receivable had the equity shares been actually issued at fair value (i.e.the average market value of the outstanding
equity shares). Dilutive potential equity shares are deemed converted as of the beginning of the period, unless issued at a later
date. Dilutive potential equity shares are determined independently for each period presented.
The number of equity shares and potentially dilutive equity shares are adjusted retrospectively for all periods presented for
any share splits and bonus shares issues including for changes effected prior to the approval of the financial statements by the
Board of Directors.


37. Earnings Per Share (EPS) (Contd.)
NOTICE
` crore* ` crore*
A. EPS - Continuing Operations (before net movement in Regulatory
Defferal Balances)
BOARD’S REPORT
Net Profit from Continuing Operations ......................................................................... 2,316.78 2,480.04
Net movement in Regulatory Deferral Balances ........................................................ (65.93) (409.85)
Income-tax attributable to Regulatory Deferral Balances ...................................... 23.04 141.84
Net movement in Regulatory Deferral Balances (Net of tax) ................................ (42.89) (268.01)
Net Profit (before net movement in Regulatory Deferral Balances) .................. 2,359.67 2,748.05
(Less): Distribution on Perpetual Securities (on accrual basis) (Net of tax) ....... (111.25) (111.82)
Profit from Continuing Operations attributable to equity shareholders
(before net movement in Regulatory Deferral Balances ................................. 2,248.42 2,636.23
Weighted average number of equity shares for Basic and Diluted EPS ... 2,707,605,570 2,707,605,570
EPS - Continuing Operations (before net movement in Regulatory
MD & A
Deferral Balances)
- Basic and Diluted (In ₹) ................................................................................................. 8.30 9.74
` crore* ` crore*
B. EPS - Continuing Operations (after net movement in Regulatory
Deferral Balances)
CG REPORT
Net Profit for the year.......................................................................................................... 2,316.78 2,480.04
(Less): Distribution on Perpetual Securities (on accrual basis) (Net of tax) ...... (111.25) (111.82)
Profit/ (Loss) attributable to equity shareholders (after net movement
in Regulatory Deferral Balances)................................................................................ 2,205.53 2,368.22
Weighted average number of equity shares for Basic and Diluted EPS .. 2,707,605,570 2,707,605,570
EPS - Continuing operations (after net movement in Regulatory
Deferral Balances)
- Basic and Diluted (In ₹) ................................................................................................ 8.15 8.75
BRR
C. EPS - Discontinued Operations
Profit from Net /(Loss) Discontinued Operations ................................................ (125.84) (71.74)
Weighted average no. of equity shares for Basic and Diluted EPS ............. 270,76,05,570 270,76,05,570
EPS - Discontinued Operations ....................................................................................
- Basic and Diluted (In `).................................................................................................. (0.46) (0.26)
D. EPS - Total Operations (after net movement in Regulatory Defferal
CONSOLIDATED
Balances)
Net (Loss) / Profit from Total Operations (after net movement in Regulatory
Deferral Balances)............................................................................................................... 2,190.94 2,408.30
Less: Distribution on Perpetual Securities (on accrual basis) (Net of tax)....... (111.25) (111.82)
Net profit from total operations attributable to equity shareholders of
parent (after net movement in Regulatory Deferral Balances) ................. 2,079.69 2,296.48
Weighted average number of equity shares for Basic and Diluted EPS
EPS - Total Operations (after net movement in Regulatory Deferral
Balances) .............................................................................................................................. 2,707,605,570 2,707,605,570
STANDALONE
- Basic and Diluted (In ₹) .............................................................................................. 7.69 8.49

* All numbers are in ₹ crore except weighted average number of equity shares and Basic and Diluted EPS


38. Related Party Disclosures:
Disclosure as required by Ind AS 24 - “Related Party Disclosures” are as follows:
Names of the related parties and description of relationship:
(a) Related parties where control exists:
(i) Employment Benefit Funds 1) Tata Power Superannuation Fund
2) Tata Power Gratuity Fund
3) Tata Power Consolidated Provident Fund
4) M/s Maithon Power Gratuity Fund (Fund)
5) North Delhi Power Ltd. Employees Group Gratuity
Assurance Scheme (Gratuity Fund)
6) Special Voluntary Retirement Scheme Retirees
Terminal Benefit Fund, 2004 (SVRS RTBF - 2004)
(b) Other related parties (where transactions have taken place during the year and previous year / balances outstanding) :
(i) Associates
1) Tata Projects Ltd. 2) Yashmun Engineers Ltd.
3) Panatone Finvest Ltd. (ceased to be an associate 4) Tata Communications Ltd. (ceased to be an
w.e.f. 28th May,2018) associate w.e.f. 28th May,2018)
5) Nelito Systems Ltd. 6) Dagacchu Hydro Power Corporation Ltd.
7) The Associated Building Co. Ltd.
(ii) Joint Venture Companies
1) Cennergi Pty. Ltd. 2) Mandakini Coal Company Ltd.
3) Tubed Coal Mines Ltd. 4) Itezhi Tezhi Power Corporation
5) Adjaristsqali Georgia LLC 6) LTH Milcom Private Ltd.
7) Powerlinks Transmission Ltd. 8) Industrial Energy Ltd.
9) Dugar Hydro Power Ltd. 10) Koromkheti Georgia LLC
11) PT Arutmin Indonesia 12) PT Kaltim Prima Coal
13) PT Mitratama Perkasa 14) PT Dwikarya Prima Abadi
15) Resurgent Power Ventures Pte Ltd. 16) PT Baramulti Sukessarana Tbk
17) PT Antang Gunung Meratus 18) Adjaristsqali Netherlands B.V.
19) Koromkheti Netherlands B.V. 20) Indocoal Resources (Cayman) Ltd.
21) Renascent Power Ventures Private Ltd.
(c) (i) Promoters holding together with its Subsidiary Tata Sons Pvt. Ltd.
more than 20%
Subsidiaries and Jointly Controlled Entities
of Promoters - Promoter Group (where
transactions have taken place during the year
and previous year / balances outstanding) :
1) Tata Business Support Services Limited (ceased 2) Tata Advanced Material Ltd (ceased to be
to be an Associate and became a Subsidiary Subsidiary w.e.f. 27th March, 2019
w.e.f. 27th November,2017)
3) Ewart Investments Limited 4) TRIL Infopark Limited
5) Tata AG, Zug 6) World-one Development Company Pvt. Ltd.
7) Tata AIG General Insurance Company Limited 8) J R D Tata Trust
9) Tata Capital Limited 10) Sir Dorabji Tata Trust
11) Tata Consultancy Services Limited 12) Sir Ratan Tata Trust
13) Tata Consulting Engineers Limited 14) Niskalp Infrastructure Services Limited (Formerly
Niskalp Energy Limited)
15) Tata Housing Development Company Limited 16) Taj Air Limited


38. Related Party Disclosures: (Contd.)
NOTICE
17) Tata Industries Limited (ceased to be Subsidiary 18) Tata Unistore Limited (Formerly Tata Industrial
and became a Joint Venture w.e.f. 27th March, Services Limited) (ceased to be an Associate and
2019) became a Subsidiary w.e.f. 29th March,2018)
19) Tata Interactive Systems AG 20) Ecofirst Services Limited
BOARD’S REPORT
21) Tata Investment Corporation Limited 22) Progressive Electoral Trust
23) Tata Realty and Infrastructure Limited 24) Tata Limited
25) Tata Teleservices (Maharashtra) Limited (ceased 26) Tata Communications Limited (ceased to be an
to be an Associate and became a Subsidiary Associate and became a Subsidiary w.e.f. 28th
w.e.f. 31st October, 2017) May,2018)
27) Tata Teleservices Limited (ceased to be an 28) Tata Housing Development Co. Limited.
Associate and became a Subsidiary w.e.f. 27th Employees Provident Fund
November, 2017)
29) TC Travel and Services Limited 30) Tata Consultancy Services Employees Provident
Fund
MD & A
31) THDC Management Services Limited (formerly 32) Tata Technologies (India) Limited Employees
THDC Facility Management Limited) Provident Fund
33) Tata Cleantech Capital Limited 34) Tata Projects Provident Fund Trust
35) Tata Sky Limited 36) STT Global Data Centres India Private Limited
(Formerly Tata Communications Data Centers
Private Limited) (w.e.f. 28th May,2018)
CG REPORT
37) Tata Capital Financial Services Limited 38) Tata AIA Life Insurance Company Limited
39) Tata International Limited 40) Tata Advanced System Limited
41) Tata Capital Forex Limited (formerly TT Holdings 42) Tata Communications Payment Solutions Limited
& Services Limited) (w.e.f. 28th May, 2018)
43) Tata Asset Management Limited 44) Tata International Singapore Pte. Limited
45) Infiniti Retail Limited 46) Panatone Finvest Limited
(d) Key Management Personnel
1) Anil Sardana - CEO & Managing Director (ceases 2) Praveer Sinha CEO & Managing Director (w.e.f.
to be Director w.e.f. 30th April, 2018) 01st May, 2018)
BRR
3) Ashok Sethi - COO & Executive Director 4) N. Chandrasekaran
5) Ramesh Subramanyam - Chief Financial Officer 6) Sandhya S. Kudtarkar (ceases to be Director w.e.f.
16th November, 2017)
7) Hanoz Minoo Mistry - Company Secretary 8) Saurabh Agrawal (w.e.f. 17th November, 2017)
9) Anjali Bansal 10) Kesava Menon Chandrasekhar (w.e.f. 4th May,
CONSOLIDATED
2017)
11) S. Padmanabhan (ceases to be Director 12) Hemant Bhargava (w.e.f. 24th August, 2017)
w.e.f. 16th November, 2017)
13) Homiar S. Vachha (upto 22nd April, 2017) 14) Sanjay V. Bhandarkar
15) Nawshir H. Mirza 16) Banmali Agrawala (w.e.f. 17th November, 2017)
17) Deepak M. Satwalekar 18) Vibha U. Padalkar
19) Pravin H. Kutumbe
STANDALONE
(e) Relative of Key Managerial Personnel (where transactions have taken place during the year and previous year / balances
outstanding)
Neville Minoo Mistry (Brother of Hanoz Minoo Mistry)


(f) Details of Transactions: ` crore
Particulars Associates Joint Key Employee Promoter Promoters
Ventures Management Benefit Group
Personnel Funds/Trust
Purchase of goods/power (Net of Discount)�� 125.88 2,935.59 - - 0.02 -
124.42 3,480.26 - - 0.10 -
Sale of goods/power (Net of Discount)�� 0.15 - - - 72.93 -
41.39 - - - 55.08 -
Purchase of fixed assets�� 9.69 - - - 3.02 -
1.80 - - - 20.72 -
Sale of fixed assets�� 0.08 - - - 0.05 -
- - - - - -
Rendering of services�� 0.16 206.88 - - 237.45 1.09
0.23 255.90 - - 2.29 1.00
Receiving of services�� 10.94 0.08 - - 86.49 0.43
10.30 - - - 47.80 7.43
Brand equity contribution�� - - - - - 11.96
- - - - - 35.70
Contribution to Employee Benefit Plans�� - - - 48.10 - -
- - - 34.23 - -
Guarantee, collaterals etc. cancelled�� - - - - - -
- 31.62 $ - - - -
Remuneration paid - short term employee
benefits�� - - 23.91 * - - -
- - 25.55 * - - -
Long term employee benefits paid�� - - - 1.15 # - -
- - - - - -
Short term employee benefits paid�� - - - 0.55 # - -
- - - - - -
Interest income�� - 1.24 - - 0.01 -
- 2.41 - - - -
Interest paid�� - 73.75 - - 26.70 -
- 28.64 - - 14.95 -
Dividend received�� 9.74 210.79 - - 1.97 5.34
15.45 1,011.96 - - 0.01 5.34
Dividend paid�� - - - - 1.77 109.17
- - - - 1.85 109.17
Guarantee commission earned�� - 1.18 - - - -
- 1.28 - - - -
Loans given �� 1.00 7.05 - - - -
- 0.07 - - 2.90 -
Impairment of Investments- Reversal�� 2.48 - - - - -
- 2,197.66 - - - -
Impairment of Investments�� - - - - - -
- 527.55 - - - -
Damages towards contractual obligation�� - - - - - -
- - - - 107.08 -
Sale of Investments�� - - - - 619.46 1,542.61
- - - - 50.39 -
Loans repaid (including loan converted into
equity)�� 1.00 116.83 - - - -
- 781.10 - - 3.32 -
Loans provided for as doubtful advances
(including interest)�� - - - - - -
- 0.07 - - - -
Deposits taken�� 0.01 50.00 - - 0.41 -
- - - - 1.86 -
Deposits refunded�� - 50.00 - - 1.55 -
0.81 - - - 1.15 -
Purchase of Investments�� - - - - - -
- 106.22 - - 54.35 -
Loan taken�� - 665.77 - - - -
- 1,175.00 - - - -


NOTICE
(f) Details of Transactions: ` crore
Particulars Associates Joint Key Employee Promoter Promoters
Personnel Funds/Trust
Loan adjusted against liability�� - 830.34 - - - -
- - - - - -
Liability written back�� - - 2.03 - - 0.64
BOARD’S REPORT
0.51 - - - 0.01 -
Donation given�� - - - - 20.00 -
- - - - - -
Balances outstanding
Perpetual Securities Outstanding (including

interest thereon)�� 2019 - - - - 199.00 -
2018 - - - - 199.00 -
2017 - - - - 199.00 -
Redeemable Non-Convertible Debentures�� 2019 - - - - 36.50 -
2018 - - - - 36.50 -
MD & A
2017 - - - - 36.50 -
Other receivables �� 2019 1.26 165.60 - 21.49 12.38 0.08
2018 1.14 78.44 - 1.41 2.19 -
2017 7.74 153.24 - 1.94 15.47 -
Loans given (including interest thereon)�� 2019 1.27 173.96 @ - - - -
2018 1.27 803.68 - - 0.55 -
2017 1.27 736.30 - - 0.97 -
Loans provided for as doubtful advances
CG REPORT
(including interest thereon)�� 2019 1.27 0.09 - - - -
2018 1.27 0.09 - - - -
2017 1.27 - - - - -
Deposits taken outstanding�� 2019 - - - - 0.02 2.00
2018 - - - - 3.99 -
2017 1.53 - - - 9.33 -
Dividend receivable�� 2019 - 16.71 - - - -

2018 - 35.80 - - - -
2017 - - - - - -
Guarantees, collaterals etc. outstanding�� 2019 - - - - - -
BRR
2018 - - - - - -
2017 - 31.62 - - - -
Letter of comfort outstanding�� 2019 - 0.05 - - - -
2018 - 0.05 - - - -
2017 - 77.47 - - - -
Other payables�� 2019 7.70 1,428.15 12.93 13.56 2.93 31.11
2018 5.45 2,182.64 - - 39.74 36.00
CONSOLIDATED
2017 9.46 1,841.15 - 17.23 6.10 23.51
Loans taken (including interest thereon)�� 2019 - 2,873.82 - - - -
2018 - 2,657.63 - - - -
2017 - 2,296.95 - - - -
Notes: 1. All outstanding balances are unsecured.
2. All transactions with the related parties have been done at arms length.
3. The Group’s principal related parties consist of Tata Sons Private Limited, its subsidiaries and joint ventures,
affiliates and key managerial personnel. The Group’s material related party transactions and outstanding balances
are with related parties with whom the Group routinely enters into transactions in the ordinary course of business.
$ Includes guarantees given and cancelled in foreign currency, converted in Indian currency by applying average
STANDALONE
exchange rates.
# On payment basis
@ Includes loan classified as held for sale
* Key Managerial Personnel are entitled to post-employment benefits and other long term employee benefits
recognised as per Ind AS 19 - ‘Employee Benefits’ in the financial statements. As these employee benefits are lump
sum amounts provided on the basis of actuarial valuation, the same is not included above.
Previous year’s figures are in italics.


39. Financial Instruments
39.1 Fair values
Set out below, is a comparison by class of the carrying amount and fair value of the financial instruments:
` crore
Carrying value Fair Value
March, March, April, March, March, April,
2019 2018 2017 2019 2018 2017
Financial assets
Cash and Cash Equivalents .......................................................... 645.45 1,061.16 835.22 645.45 1,061.16 835.22
Other Balances with Banks .......................................................... 142.00 124.62 119.08 142.00 124.62 119.08
Trade Receivables ............................................................................ 4,638.25 2,978.98 4,020.04 4,638.25 2,978.98 4,020.04
Unbilled Revenues .......................................................................... 837.85 810.09 1,081.92 837.85 810.09 1,081.92
Loans ................................................................................................... 261.19 916.53 814.89 261.19 916.53 814.89
Finance Lease Receivables ........................................................... 603.52 609.03 612.63 603.52 609.03 612.63
FVTPL Financial Investments # ................................................... 126.32 428.43 1,010.18 126.32 428.43 1,010.18
FVTOCI Financial Investments # ................................................. 485.67 487.35 980.56 485.67 487.35 980.56
Amortised Cost Financial Investments #................................. 416.40 401.49 386.18 423.27 405.05 397.84
Derivative Instruments not in hedging relationship .......... 24.76 111.59 37.97 24.76 111.59 37.97
Other Financial Assets ................................................................... 533.58 563.68 538.60 533.58 563.68 538.60
Asset classified as held for sale (Note No. 17)
- Strategic Engineering Division (SED) .................................... 265.62 314.50 Nil 265.62 314.50 Nil
- FVTOCI Financial Investments # (Refer Note below) ..... 38.65 69.70 195.21 38.65 69.70 195.21
- Loans (including accrued interest) ....................................... 18.59 Nil Nil 18.59 Nil Nil
Total ..................................................................................................... 9,037.85 8,877.15 10,632.48 9,044.72 8,880.71 10,644.14
Financial liabilities
Trade Payables .................................................................................. 5,504.24 5,630.82 5,564.57 5,504.24 5,630.82 5,564.57
Fixed rate Borrowings (including Current Maturities)........ 16,115.06 13,623.37 13,950.65 16,149.65 13,638.35 14,180.67
Floating rate Borrowings (including Current Maturities) .. 32,390.98 34,965.87 34,864.76 32,390.98 34,965.87 34,864.76
Derivative Instruments not in hedging relationship........... 113.35 457.67 944.51 113.35 457.67 944.51
Other Financial Liabilities ............................................................. 3,563.32 2,726.97 2,800.40 3,563.32 2,726.97 2,800.40
57,686.95 57,404.70 58,124.89 57,721.54 57,419.68 58,354.91
# other than investments accounted for Equity Method
The management assessed that the fair value of cash and cash equivalents, other balances with bank, trade receivables, loans,
finance lease receivables, unbilled revenues, trade payables, other financial assets and liabilities approximate their carrying
amounts largely due to the short term maturities of these instruments.
The fair value of the financial assets and liabilities is included at the amount at which the instrument could be exchanged in a
current transaction between willing parties. The following methods and assumptions were used to estimate the fair values.
- Fair value of the quoted bonds, mutual funds, government securities are based on the price quotations near the reporting
date. Fair value of the unquoted equity shares have been estimated using a Discounted Cash Flow (DCF) model. The valuation
requires management to make certain assumptions about the model inputs, including forecast cash flows, discount rate,
credit risk and volatility. The probabilities of the various estimates within the range can be reasonably assessed and are used in
management’s estimate of fair value for those unquoted equity investments.
- The fair value of the remaining FVTOCI financial assets are derived from quoted market price in active markets.
- The Group enters into derivative financial instruments with various counterparties, principally banks and financial institutions
with investment grade credit ratings. Interest rate swaps, foreign exchange forward and option contracts are valued using
valuation techniques, which employs the use of market observable inputs. The most frequently applied valuation techniques
include forward pricing and swap models using present value calculations. The models incorporate various inputs including
the credit quality of counterparties, foreign exchange spot and forward rates, yield curves of the respective currencies, currency
basis spreads between the respective currencies, interest rate curves and forward rate curves of the underlying currency. All
derivative contracts are fully collateralized, thereby, eliminating both counterparty and the Group’s own non-performance
risk. As at 31st March, 2019, the marked-to-market value of derivative asset positions is net of a credit valuation adjustment
attributable to derivative counterparty default risk.
- The fair value of unquoted instruments, loans from banks and other financial liabilities, as well as other non-current financial
liabilities is estimated by discounting future cash flow using rates currently available for debt on similar terms, credit risk and
remaining maturities.


39. Financial Instruments (Contd.)
NOTICE
- The cost of certain unquoted investments approximate their fair value because there is a wide range of possible fair value
measurements and the cost represents the best estimate of fair value within that range.
Reconciliation of Level 3 fair value measurement of unquoted equity shares (Refer Note below).
` crore
BOARD’S REPORT
Unlisted shares irrevocably Unlisted shares carried at FVTPL
designated as at FVTOCI
Year ended Year ended Year ended Year ended
31st March, 2019 31st March, 2018 31st March, 2019 31st March, 2018
Opening balance ................................................ 397.08 778.09 0.15 0.14
Total Gain or (Loss) ............................................. 0.63 (381.01) 0.01 0.01
Closing balance................................................. 397.71 397.08 0.16 0.15
Notes:
Certain unquoted investments are not held for trading, instead they are held for medium or long term strategic purpose.
Upon the application of Ind AS 109, the Group has chosen to designate these investments in equity instruments as
MD & A
at FVTOCI as the directors believe this provides a more meaningful presentation for medium and long- term strategic
investments, then reflecting changes in fair value immediately in profit or loss.
All gains and losses included in other comprehensive income relate to unlisted shares held at the end of the reporting
period and are reported under “Equity Instruments through Other Comprehensive Income”.
The significant unobservable input used in the fair value measurement categorized within Level 3 of the fair value
hierarchy together with a quantitative sensitivity analysis as at 31st March, 2019, 31st March, 2018 and 1st April, 2017 are
as shown below:
CG REPORT
Description of significant unobservable inputs to valuation:
Valuation Significant
Range Sensitivity of the input to fair value
techniques unobservable
(weighted
inputs
average)
Investments in unquoted Price of recent Transaction
Varies on case 5% (31st March, 2018: 5%; 1st April, 2017:
equity shares transaction price
to case basis 5%) increase (decrease) in the transaction
(PORT) price would result in increase (decrease) in
fair value by ` 2.82 crore (31st March, 2018:
` 2.82 crore; 1st April, 2017: ` 2.82 crore)
BRR
The discount for lack of marketability represents the amount that the Group has determined that market participants would
take into account when pricing the investments.
39.2 Fair value hierarchy
The fair value hierarchy is based on inputs to valuation techniques that are used to measure fair value that are either observable
or unobservable and consists of the following three levels:
Level 1 Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. This includes quoted equity
CONSOLIDATED
instruments, government securities, quoted borrowings (fixed) and mutual funds that have quoted price.
Level 2 Inputs are other than quoted prices included within Level 1 that are observable for the asset or liability, either directly
(i.e. as prices) or indirectly (i.e. derived from prices). This includes derivative financial instruments and unquoted
borrowings (fixed and floating rate).
Level 3 Inputs are not based on observable market data (unobservable inputs). Fair values are determined in whole or in part
using a valuation model based on assumptions that are neither supported by prices from observable current market
transactions in the same instrument nor are they based on available market data. This includes unquoted equity
shares.
STANDALONE


The following table summarizes financial assets and liabilities measured at fair value on a recurring basis and financial assets
that are not measured at fair value on a recurring basis (but fair value disclosures are required) :
` crore
Fair value hierarchy as at 31st March, 2019
Date of Quoted prices Significant Significant Total
valuation in active observable unobservable
markets inputs inputs
(Level 1) (Level 2) (Level 3)
Asset measured at fair value
FVTPL Financial Investments............................... 31st March, 2019 126.16 Nil 0.16 126.32
FVTOCI Financial Investments:
- Quoted Equity Shares......................................... 31st March, 2019 87.96 Nil Nil 87.96
- Unquoted Equity Shares ................................... 31st March, 2019 Nil Nil 397.71 397.71
Derivative instruments not in hedging
relationship................................................................ 31st March, 2019 Nil 24.76 Nil 24.76
Assets Classified as Held For Sale ...................... 31st March, 2019 38.65 Nil Nil 38.65
Assets for which fair values are disclosed
Investment in Government Securities ............. 31st March, 2019 423.27 Nil Nil 423.27
676.04 24.76 397.87 1,098.67
Liabilities measured at fair value

Derivative Financial Liabilities ............................ 31st March, 2019 Nil 113.35 Nil 113.35
Liabilities for which fair values are
disclosed
Fixed rate Borrowings .............................................. 31st March, 2019 8,890.13 7,259.52 Nil 16,149.65
Floating rate Borrowings ........................................ 31st March, 2019 1,069.94 31,321.04 Nil 32,390.98
Total ............................................................................... 9,960.07 38,693.91 Nil 48,653.98

FVTPL Financial Investments................................. 31st March, 2018 428.28 Nil 0.15 428.43
- Quoted Equity Shares............................................ 31st March, 2018 90.27 Nil Nil 90.27
- Unquoted Equity Shares ...................................... 31st March, 2018 Nil Nil 397.08 397.08
relationship..................................................................
31st March, 2018 Nil 111.59 Nil 111.59
Assets classified as held for sale ........................... 69.70 Nil Nil 69.70
Assets for which fair values are disclosed
Investment in Government Securities............... 31st March, 2018 405.05 Nil Nil 405.05
993.30 111.59 397.23 1,502.12
Derivative Financial Liabilities............................... 31st March, 2018 Nil 457.67 Nil 457.67
disclosed
Fixed rate Borrowings .............................................. 31st March, 2018 9,830.28 3,808.07 Nil 13,638.35
Floating rate Borrowings ........................................ 31st March, 2018 1,979.49 32,986.38 Nil 34,965.87
Total ............................................................................... 11,809.77 37,252.12 Nil 49,061.89


NOTICE
BOARD’S REPORT
FVTPL Financial Investments................................. 1st April, 2017 1,010.04 Nil 0.14 1,010.18
- Quoted Equity Shares............................................ 1st April, 2017 202.47 Nil Nil 202.47
- Unquoted Equity Shares ...................................... 1st April, 2017 Nil Nil 778.09 778.09
relationship..................................................................
1st April, 2017 Nil 37.97 Nil 37.97
Assets classified as held for sale ........................... 1st April, 2017 195.21 Nil Nil 195.21
Assets for which fair values are disclosed 1st April, 2017
Investment in Government Securities ............... 1st April, 2017 397.84 Nil Nil 397.84
MD & A
1,805.56 37.97 778.23 2,621.76
Derivative Financial Liabilities .............................. 1st April, 2017 Nil 944.51 Nil 944.51
disclosed
Fixed rate Borrowings .............................................. 1st April, 2017 11,106.11 3,074.56 Nil 14,180.67
Floating rate Borrowings ........................................ 1st April, 2017 1,992.07 32,872.69 Nil 34,864.76
CG REPORT
Total ............................................................................... 13,098.18 36,891.76 Nil 49,989.94
There has been no transfer between level 1 and level 2 during the period.
39.3 Capital Management & Gearing Ratio
For the purpose of the Group’s capital management, capital includes issued equity capital and all other equity reserves
attributable to the equity holders of the Group. The primary objective of the Group’s capital management is to maximize the
shareholder value.
The Group manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements
of the financial covenants. From time to time, the Group reviews its policy related to dividend payment to shareholders, return
capital to shareholders or fresh issue of shares. The Group monitors capital using gearing ratio, which is net debt divided by
BRR
total capital plus net debt. The Group’s policy is to keep the gearing ratio between 60% and 80% at consolidated level. The
Group includes within net debt, interest bearing loans and borrowings, less cash and cash equivalents, excluding discontinued
operations as detailed in the notes below.
The Group’s capital management is intended to create value for shareholders by facilitating the meeting of its long-term and
short-term goals. Its Capital structure consists of net debt (borrowings as detailed in notes below) and total equity.
CONSOLIDATED
Gearing ratio
The gearing ratio at the end of the reporting period was as follows:
` crore
Debt (i).................................................................................................................. 49,131.63 49,396.99 49,707.56
Less: Cash and Bank balances ...................................................................... 769.57 1,172.21 941.68
Net debt .............................................................................................................. 48,362.06 48,224.78 48,765.88
Total Capital (ii).................................................................................................. 18,221.16 16,399.88 14,422.49
Capital and net debt ..................................................................................... 66,583.22 64,624.66 63,188.37
STANDALONE
Net debt to Total Capital plus net debt ratio (%) .................................. 72.63 74.62 77.18
(i) Debt is defined as Non-current borrowings (including current maturities) and Current borrowings (excluding derivative,
financial guarantee contracts and contingent considerations) and interest accrued on Non-current and Current
borrowings.
(ii) Equity is defined as Equity share capital, Unsecured perpetual securities and other equity including reserves and surplus.
In order to achieve this overall objective, the Group’s capital management, amongst other things, aims to ensure that it meets
financial covenants attached to the interest-bearing loans and borrowings that define capital structure requirements.


No changes were made in the objectives, policies or processes for managing capital during the years ended 31st March, 2019
and 31st March, 2018.
39.4 Financial risk management objectives and policies
The Group’s principal financial liabilities, other than derivatives, comprise borrowings, trade and other payables, financial
guarantee contracts and other financial liabilities. The main purpose of these financial liabilities is to finance the Group’s
operations and to provide guarantees to support its operations. The Group’s principal financial assets include loans, trade
and other receivables, cash and cash equivalents, other bank balances, unbilled receivables, finance lease receivables and
other financial assets that derive directly from its operations. The Group also holds FVTOCI/FVTPL investments and enters into
derivative transactions.
The Group is exposed to market risk, credit risk and liquidity risk. The Group’s senior management oversees the management
of these risks. The Group’s senior management is supported by a risk committee that reviews the financial risks and the
appropriate financial risk governance framework for the Group. The Group’s financial risk activities are governed by appropriate
policies and procedures and that financial risks are identified, measured and managed in accordance with the Group’s policies
and risk objectives. All derivative activities for risk management purposes are carried out by specialist teams that have the
appropriate skills, experience and supervision. It is the Group’s policy that no trading in derivatives for speculative purposes
may be undertaken. The risk management policy is approved by the board of directors, which is summarized below.
39.4.1 Market risk
Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in
market prices. Market risk comprises of three types of risk: currency risk, interest rate risk and equity price risk. The impact of
equity price risk is not material. Financial instruments affected by market risk include loans and borrowings, derivative financial
instruments and FVTOCI investments.
The sensitivity analysis in the following sections relate to the position as at 31st March, 2019, 31st March, 2018 and 1st April, 2017.
The sensitivity analysis have been prepared on the basis that the amount of net debt, the ratio of fixed to floating interest rates
of the debt and derivatives and the proportion of financial instruments in foreign currencies are all constant and on the basis
of hedge designations in place at 31st March, 2019. The analysis exclude the impact of movements in market variables on:
the carrying values of gratuity and other post-retirement obligations; provisions; and the non-financial assets and liabilities of
foreign operations.
a. Foreign currency risk management
Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes
in foreign exchange rates. The Group is exposed to foreign exchange risk through its operations in international projects
and purchase of coal from Indonesia and elsewhere and overseas borrowings. The results of the Group’s operations can
be affected as the rupee appreciates/depreciates against these currencies. The Group enters into derivative financial
instruments such as foreign exchange forward and option contracts to mitigate the risk of changes in exchange rates on
foreign currency exposures.
When a derivative is entered into for the purpose of being a hedge, the Group negotiates the terms of those derivatives
to match the terms of the hedged exposure. For hedges of forecast transactions the derivatives cover the period of
exposure from the point the cash flows of the transactions are forecasted up to the point of settlement of the resulting
receivable or payable that is denominated in the foreign currency.
The following table analyses foreign currency assets and liabilities on balance sheet dates:
Foreign Currency Liabilities Foreign ` crore Foreign ` crore Foreign ` crore
Currency Currency Currency
(in Million) (in Million) (in Million)
In USD ..................................................... 412.07 2,849.95 1,371.82 8,939.74 1,770.54 11,481.98
In EURO .................................................. 0.42 3.27 0.93 7.54 8.04 55.73
In GBP ..................................................... * 0.03 0.06 0.55 3.63 29.38
In JPY ....................................................... 157.84 9.86 26.68 1.66 26.83 1.56
In SGD ..................................................... Nil Nil 0.33 1.64 0.45 2.89


NOTICE
Foreign Currency Assets Foreign ` crore Foreign ` crore Foreign ` crore
Currency Currency Currency
(in Million) (in Million) (in Million)
In USD ..................................................... 8.85 61.19 25.19 164.20 4.52 29.33
In EURO .................................................. 0.06 0.46 0.10 0.79 0.17 1.17
BOARD’S REPORT
In GBP ..................................................... Nil Nil 0.06 0.53 0.06 0.46
In ZAR ..................................................... 0.01 0.01 186.89 106.79 187.69 90.65
In SGD ..................................................... Nil Nil 0.34 1.70 0.63 4.03
In VND ..................................................... Nil Nil Nil Nil 77.48 0.01
In AUD .................................................... Nil Nil 0.35 1.79 0.26 1.71
In IDR....................................................... Nil Nil Nil Nil 0.03 0.18
In TAKA ................................................... 0.20 0.02 0.21 0.02 0.21 0.02
Note:
* Denotes figures below ` 50,000/-
(i) Foreign currency sensitivity analysis
MD & A
The following tables demonstrate the sensitivity to a reasonably possible change in USD exchange rates, with all
other variables held constant. The impact on the Group’s profit before tax and impact on equity is due to changes
in the fair value of monetary assets and liabilities including non-designated foreign currency forward and option
contracts given as under.
` crore
Effect on profit before tax and
CG REPORT
consequential impact on equity
As of 31st March, 2019 .................. Rupee depreciate by ` 1 against USD (-) ₹ 1.09
Rupee appreciate by ` 1 against USD (+) ₹ 0.61
As of 31st March, 2018 .................... Rupee depreciate by ` 1 against USD (-) ` 59.18
Rupee appreciate by ` 1 against USD (+) ` 59.32
As of 1st April, 2017.......................... Rupee depreciate by ` 1 against USD (-) ` 70.02
Rupee appreciate by ` 1 against USD (+) ` 69.64
Notes:
1)+/- Gain/Loss
2)The impact of depreciation/ appreciation on foreign currency other than U.S. Dollar on profit before
tax of the Group is not material.
BRR
(ii) Derivative financial instruments
The Group holds derivative financial instruments such as foreign currency forward and option contracts to
mitigate the risk of changes in exchange rate on foreign currency exposure. The counterparty for these contracts
is generally a Bank or a Financial Institution. These derivative financial instrument are valued based on quoted
prices for similar asset and liabilities in active markets or inputs that is directly or indirectly observable in the
CONSOLIDATED
marketplace.
STANDALONE


The following table gives details in respect of outstanding foreign exchange forward and option contracts:
Outstanding Contracts
31st March, 2019
Buy/ Sell Foreign Currency Nominal Value in Fair Value in
(in millions) ` crore ` crore
Other Derivatives
Forward contracts
In USD ........................................ Buy 336.26 2,325.60 (84.12)
In EURO ..................................... Buy 0.08 0.62 *
In GBP......................................... Buy Nil Nil Nil
In YEN ......................................... Buy 5.16 0.32 *
Option contracts
In USD ........................................ Buy 119.82 828.69 (14.14)
31st March, 2018
Other Derivatives
Forward contracts
In USD ........................................ Buy 844.29 5,508.52 (134.33)
Option contracts
In USD ........................................ Buy 707.80 4,613.26 9.62
1st April, 2017
Foreign Currency Nominal Value in Fair Value in
Other Derivatives
Forward contracts
In USD ........................................ Buy 1,172.65 7,604.66 (393.58)
In EURO ..................................... Buy 6.81 47.18 (1.10)
In GBP......................................... Buy 3.25 26.27 (0.40)
Option contracts
In USD ........................................ Buy 420.90 2,729.54 (47.68)
Note:
Fair Value in brackets denotes liability.
*Denotes figures below 50,000/-
b. Interest rate risk management
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of
changes in market interest rates. The Group’s exposure to the risk of changes in market interest rates relates primarily to
the Group’s long-term debt obligations with floating interest rates.
The Group manages its interest rate risk by having a balanced portfolio of fixed and variable rate loans and borrowings.
The Group’s policy is to keep upto 50% of its borrowings at fixed rates of interest. To manage this, the Group enters
into fixed rate loan, Bonds and interest rate swaps, in which it agrees to exchange, at specified intervals, the difference
between fixed and variable rate interest amounts calculated by reference to an agreed-upon notional principal amount.
(i) Interest rate sensitivity:
The sensitivity analysis below have been determined based on exposure to interest rates for term loans and debentures
at the end of the reporting period and the stipulated change taking place at the beginning of the financial year and held
constant throughout the reporting period in case of term loans and debentures that have floating rates.
If the interest rates had been 50 basis points higher or lower and all the other variables were held constant, the effect on
interest expense for the respective financial years and consequent effect on Group’s profit in that financial year would
have been as below:
` crore
As of 31st March, 2019 As of 31st March, 2018
50 bps increase 50 bps decrease 50 bps increase 50 bps decrease
Interest expense on loan ............................................. (+) ₹ 168.39 (-) ₹ 168.39 (+) ₹ 174.58 (-) ₹ 174.58
Effect on profit before tax ........................................... (-) ₹ 168.39 (+) ₹ 168.39 (-) ₹ 174.58 (+) ₹ 174.58


NOTICE
(ii) Interest rate swap contracts:
An interest rate swap is an agreement between two counterparties in which one stream of future interest payments is
exchanged for another based on a specified principal amount. Interest rate swaps usually involve the exchange of a fixed
interest rate for a floating rate, or vice versa, to reduce or increase exposure to fluctuations in interest rates or to obtain a
marginally lower interest rate than would have been possible without the swap. Interest rate swaps are the exchange of
one set of cash flows for another.
BOARD’S REPORT
The following table gives details in respect of outstanding receive floating pay fixed contracts:
` crore
Less than 1 year 1 to 5 years 5 years +
31st March, 2019 Nominal amounts 276.64 2,593.55 Nil
Fair value assets (liabilities) 1.38 8.29 Nil
31st March, 2018 Nominal amounts 3,523.76 1,512.05 3,660.83
Fair value assets (liabilities) 52.18 (12.04) (261.51)
1st April, 2017 Nominal amounts 4,101.76 2,432.36 4,086.14
Fair value assets (liabilities) 17.06 (51.18) (429.66)
39.4.2 Credit risk management
MD & A
Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract, leading
to a financial loss. The Group is exposed to credit risk from its operating activities (primarily trade receivables) and from its
financing activities including loans, foreign exchange transactions and other financial instruments.
` crore
Trade Receivables ............................................................................................. 4,638.25 2,978.98 4,020.04
Loans ..................................................................................................................... 261.19 916.53 814.89
CG REPORT
Finance Lease Receivables ............................................................................ 603.52 609.03 612.63
Other Financial Assets (including derivatives contracts) ................... 558.34 675.27 576.57
Held for Sale Financial Assets....................................................................... 322.86 384.20 195.21
Unbilled Revenue ............................................................................................. 837.85 810.09 1,081.92
Total ...................................................................................................................... 7,222.01 6,374.10 7,301.26
Refer note 7 for credit risk and other information in respect of trade receivables. Other receivables as stated above are due from
the parties under normal course of the business and as such the Group believes exposure to credit risk to be minimal.
The Group has not acquired any credit impaired asset.
39.4.3 Liquidity risk management
BRR
The Group manages liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing facilities, by
continuously monitoring forecast and actual cash flows and matching the maturity profiles of financial assets and liabilities.
The Group has access to a sufficient variety of sources of funding. Having regards to the nature of the business wherein the
Group is able to generate fixed cash flows over a period of time and to optimize the cost of funding, the Group, from time to
time, funds its long -term investment from short-term sources. The short-term borrowings can be rollforward or, if required, can
CONSOLIDATED
be refinanced from long term borrowings.
STANDALONE


The table below summarizes the maturity profile of the Group’s financial liabilities based on contractual undiscounted
payments:
` crore
Up to 1 year 1 to 5 years 5 + years Total Carrying Amount
31st March, 2019
Non-Derivatives
Borrowings # ................................................... 20,515.40 23,357.51 24,175.16 68,048.07 49,131.63
Trade Payables ................................................ 5,481.49 22.75 Nil 5,504.24 5,504.24
Other Financial Liabilities ........................... 2,250.42 61.93 625.38 2,937.73 2,937.73
Total Non-Derivative Liabilities ........... 28,247.31 23,442.19 24,800.54 76,490.04 57,573.60
Derivatives
Other Financial Liabilities ........................... 113.35 Nil Nil 113.35 113.35
Total Derivative Liabilities ...................... 113.35 Nil Nil 113.35 113.35
31st March, 2018

Non-Derivatives
Borrowings # ................................................... 20,983.72 23,726.67 26,371.09 71,081.48 49,396.99

Derivatives
1st April, 2017

Non-Derivatives
Borrowings # ................................................... 17,343.21 24,250.76 28,590.49 70,184.46 49,707.56
Derivatives
# The table has been drawn up based on the undiscounted contractual maturities of the financial liabilities including interest that
will be paid on those liabilities upto the maturity of the instruments, ignoring the call and refinancing options available with
the Group. The amounts included above for variable interest rate instruments for non-derivative liabilities is subject to change if
changes in variable interest rates differ to those estimates of interest rates determined at the end of the reporting period.
The group expects to meet its obligation from operating cash flows and proceeds of maturing financial assets.
Till last year, in respect of borrowings availed by the Group for its project at Mundra, one of the subsidiaries was not in
compliance with the financial covenants for INR Term Loans and as a result, entire loan balance was classified as “Current
Borrowings” in consolidated financial statements. During the current year, State Bank of India (Lead Banker) has granted
waiver and amended the financial covenants, which the subsidiary now is in compliance with. Accordingly, the loans
outstanding as at 31st March, 2019 aggregating to ₹ 3,687.55 crore have been re-classified as “Non-current borrowings” and
₹ 76.78 crore of current maturities pertaining to these loan balances have been classified under “Current Maturities of Non-
current Borrowings”.
40. Segment Reporting
Information reported to the Chief Operating Decisions Maker (CODM) for the purpose of resource allocation and assessment of
segment performance focus on business segment which comprises of Power and Others.
Specifically, the Group’s reportable segments under Ind AS are as follows:
Power : Comprises of Generation, Transmission, Distribution and Trading of Power and relative activities.
Others: Comprises of Project Contracts/Infrastructure Management Services and Property Development.


40. Segment Reporting (Contd.)
NOTICE
Revenue and expenses directly attributable to segments are reported under each reportable segment. Expenses which are not
directly identifiable to each reporting segment have been allocated on the basis of associated revenue of the segment and
manpower efforts. All other expenses which are not attributable or allocable to segments have been disclosed as unallocable
expenses.
Assets and liabilities that are directly attributable or allocable to segments are disclosed under each reportable segment. All
other assets and liabilities are disclosed as unallocable.
BOARD’S REPORT
Power Others Discontinued Inter Total
Operations * Segment
REVENUE
External Revenue......................................................................................... 27,935.87 3,545.45 143.59 (1,988.61) 29,636.30
24,882.65 3,124.54 286.74 (1,576.77) 26,717.16
RESULT
Total Segment Results ................................................................... 4,144.38 93.01 4,237.39
3,615.01 175.32 - - 3,790.33
Finance Costs .................................................................................... (4,170.00)
(3,761.48)
Exceptional Item - Power Business............................................ (151.41)
MD & A
(460.51)
Exceptional Item - Unallocable................................................... 1,897.24
1,563.04
Unallocable Income net of Unallocable Expense ................ 122.10
159.27
Share of Profit of Associates and Joint Ventures 1,287.02
accounted for using the Equity Method ................................. 1,553.91
Profit Before Tax - Continuing Operations....................... 3,222.34
CG REPORT
2,844.56
Profit Before Tax - Discontinued Operations * ............... (191.82)
(85.87)
OTHER INFORMATION
Segment Assets................................................................................ 2019 62,882.66 1,572.45 - - 64,455.11
2018 61,103.66 1,811.68 - - 62,915.34
2017 61,342.70 4,116.79 - - 65,459.49
Unallocable Assets .......................................................................... 2019 17,642.62
2018 17,029.44
2017 15,708.08
Assets Classified as Held For Sale * ........................................... 2019 2,064.30
BRR
2018 2,065.19
2017 -
Total Assets .................................................................................................. 2019 84,162.03
2018 82,009.97
2017 81,167.57
Segment Liabilities ......................................................................... 2019 9,330.20 1,472.05 - - 10,802.25
2018 10,420.25 1,222.44 - - 11,642.69
CONSOLIDATED
2017 10,509.72 1,465.82 - - 11,975.54
Unallocable Liabilities.................................................................... 2019 52,005.69
2018 51,074.55
2017 52,900.55
Liabilities directly associated with Assets Classified as 2019 966.27
Held For Sale * .................................................................................. 2018 877.56
2017 -
Total Liabilities ........................................................................................... 2019 63,774.21
2018 63,594.80
STANDALONE
2017 64,876.09
Capital Expenditure .................................................................................... 3,449.34 39.55 87.33 - 3,576.22

3,222.13 95.07 233.14 - 3,550.34
Non-cash Expenses other than Depreciation/Amortisation (to 69.32 44.83 - - 114.15
the extent allocable to segment) .......................................................... 7.57 19.65 - - 27.22
Depreciation/Amortisation (to the extent allocable to segment) 2,301.90 91.23 - - 2,393.13
2,259.84 86.33 - - 2,346.17


RECONCILIATION OF REVENUE
` crore
Power Others Total Discontinued Inter Total
Continuing Operations * Segment
Operations
REVENUE
Revenue from Operations ..................................................... 28,001.80 3,545.45 29,558.64 143.59 (1,988.61) 29,702.23
25,292.50 3,124.54 26,840.27 286.74 (1,576.77) 27,127.01
Add/(Less): Regulatory Deferral Balances (net) .............. (340.19) - (340.19) - - (340.19)
(409.85) - (409.85) - - (409.85)
Add/(Less): Regulatory Deferral Balances (net) in
respect of earlier years ..................................... 274.26 - 274.26 - - 274.26
- - - - -
Total Segment Revenue as reported above.................................. 27,935.87 3,545.45 29,492.71 143.59 (1,988.61) 29,636.30
24,882.65 3,124.54 26,430.42 286.74 (1,576.77) 26,717.16
* Refer Note 17 c.
Notes:
1. Comparative figures for Statement of Profit and Loss items are for the year ended 31st March, 2018 and Balance
Sheet items are as on 31st March, 2018 and 1st April, 2017.
2 Revenue from a DISCOM on sale of electricity with which the Group has entered into a Power Purchase Agreement
accounts for more than 10% of Total Revenue.
3. Previous period/year’s figures are in italics which are restated.
Reconciliation of Assets and Liabilities As at As at As at
31st March, 2019 31st March, 2018 # 31st March, 2017
Segment Operating Assets .......................................................... [A] 64,455.11 62,915.34 65,459.49
Unallocable Assets
Non-current Investments ................................................................... 12,851.10 11,992.77 10,775.23
Deferred Tax Assets (Net).................................................................... 89.49 118.17 124.12
Other Loans and Advances to Related Parties ............................ 152.88 789.05 724.32
Advance Tax............................................................................................. 240.68 182.36 178.03
Loans to Employees.............................................................................. 6.67 8.10 8.28
Current Investments ............................................................................ 166.98 436.16 1,097.78
Fixed Deposit with Banks ................................................................... 453.90 250.72 468.37
Assets Classified as Held For Sale other than Discontinued
Operations ............................................................................................... 3,477.82 2,713.51 1,919.47
Other Unallocable Assets ................................................................... 203.10 538.60 412.48
Total Unallocable Assets ................................................................[B] 17,642.62 17,029.44 15,708.08
Add: Assets of Discontinued Operations ................................. [C] 2,064.30 2,065.19 -
Total Assets .................................................................[A] + [B] + [C] 84,162.03 82,009.97 81,167.57
Segment Operating Liabilities .................................................... [A] 10,802.25 11,642.69 11,975.54
Unallocable Liabilities
Non-current Borrowings .................................................................... 31,130.73 22,339.31 25,114.51
Current Maturities of Long-term Debt........................................... 3,469.31 7,391.17 7,377.31
Deferred Tax Liabilities (Net) ............................................................. 1,056.81 516.56 1,751.14
Unpaid Dividend ................................................................................... 22.17 17.85 16.53
Dividend Tax on Preference Shares................................................. Nil 12.33 12.21
Short-term Borrowings ...................................................................... 13,875.38 18,827.28 16,279.79
Fair Value of Foreign Exchange Forward and Option 113.35 457.67 944.51
Contracts ..................................................................................................
Interest accrued but not due on Borrowings .............................. 625.59 807.75 892.15
Advance Received for Sale of Investments .................................. 1,099.62 271.19 Nil
Contingent Consideration Payable (Fair Value through Profit
and Loss) ................................................................................................... 42.57 55.71 Nil


NOTICE
Reconciliation of Assets and Liabilities As at As at As at
31st March, 2019 31st March, 2018 # 31st March, 2017
Other Unallocable Liabilities ............................................................. 570.16 377.73 512.40
Total Unallocable Liabilities ..........................................................[B] 52,005.69 51,074.55 52,900.55
Add: Liabilities directly associated with Assets Classified as
BOARD’S REPORT
Held For Sale............................................................................ [C] 966.27 877.56 -
Total Liabilities ..........................................................[A] + [B] + [C] 63,774.21 63,594.80 64,876.09
Reconciliation of Profit For the year ended For the year ended
31st March, 2019 31st March, 2018 #
` crore ` crore
Segment Profit...............................................................................................................................[A] 4,237.39 3,790.33
Unallocable Income/(Expense):
Other Income ....................................................................................................................................... 395.83 432.69
Employee Benefit Expenses............................................................................................................ (20.49) (14.91)
MD & A
Depreciation and Amortisation .................................................................................................... (0.06) (0.02)
Other Expenses ................................................................................................................................. (253.18) (258.49)
Total .................................................................................................................................................. [B] 122.10 159.27
(Less): Finance Cost.......................................................................................................................[C] (4,170.00) (3,761.48)
Add: Share of Net Profit of Associates and Joint Ventures accounted for using the 1,287.02
Equity Method .....................................................................................................................[D] 1,553.91
Add/(Less): Exceptional Items .........................................................................................................
CG REPORT
Reversal of Impairment of Mundra CGU (Net) - Power Business....................................... Nil 1,886.72
Impairment for Investments in Joint Venture and Related Obligation - Unallocable Nil (527.54)
Impairment in respect of Other Property, Plant and Equipment and Goodwill - (106.41) (149.57)
Power Business...................................................................................................................................
Provision for Contingencies - Power Business......................................................................... (45.00) Nil
Gain on Sale of Investment in Associates - Unallocable....................................................... 1,897.24 Nil
Damages towards contractual obligations - Unallocable.................................................... Nil (107.08)
Total .................................................................................................................................................. [E] 1,745.83 1,102.53
Profit/(Loss) Before Tax from Continuing Operations ........... [A] + [B] + [C] + [D] + [E] 3,222.34 2,844.56
BRR
Profit/(Loss) Before Tax from Discontinued Operations ...................................................... (191.82) (85.87)
Total Profit Before Taxes ............................................................................................................... 3,030.52 2,758.69
Add/(Less): Tax Expense from Continuing Operations .......................................................... (656.09) (161.97)
Add/(Less): Tax Expense from Discontinued Operations ...................................................... 65.98 14.13
Total Profit/(Loss) for the year ................................................................................................... 2,440.41 2,610.85
CONSOLIDATED
# Restated
Geographical Information
The Group operates in two principal geographical areas - Domestic and Overseas
The Group’s revenue from continuing operations from external customers by location of operations and information about its
non-current assets by location of assets are detailed below
` crore
STANDALONE
Geographical Segment Domestic Overseas Total

Revenue from External Customers ........................................... 2019 29,032.52 603.78 29,636.30
2018 26,289.34 427.82 26,717.16
Segment Assets:
Non Current Assets ............................................................ 2019 48,244.83 1,236.90 49,481.73
2018 47,716.95 1,225.99 48,942.94
2017 48,848.71 1,283.55 50,132.26
Current Assets ...................................................................... 2019 9,053.03 162.22 9,215.25


` crore
Geographical Segment Domestic Overseas Total
2018 7,412.35 255.49 7,667.84
2017 8,109.22 100.31 8,209.53
Regulatory Deferral Account - Assets.......................... 2019 5,758.13 Nil 5,758.13
2018 6,304.56 Nil 6,304.56
2017 7,117.70 Nil 7,117.70
Unallocable Assets ............................................................. 2019 19,706.92
2018 19,094.63
2017 15,708.08
Total Assets ...................................................................................... 2019 84,162.03
2018 82,009.97
2017 81,167.57
Capital Expenditure ........................................................................ 3,576.00 0.22 3,576.22
3,550.28 0.06 3,550.34
Note:
Previous period/year’s figures are in italics which are restated.
41. Significant Events after the Reporting Period
There were no significant adjusting events that occurred subsequent to the reporting period other than the events disclosed in
the relevant notes.
42. Statement of Net Assets and Profit and Loss attributable to Owners and Non Controlling Interests
Name of the Entity Net Assets i.e. total assets Total Income i.e. Revenue Share of Profit or (loss) Share in Other Share in Total
minus total liabilities Plus Other Income Comprehensive Income Comprehensive Income
As % of Amount As % of Amount As % of Amount As % of Amount As % of Amount
consolidated (` crore) consolidated (` crore) consolidated (` crore) consolidated (` crore) consolidated (` crore)
net assets total income profit Other Total
comprehensive comprehensive
income income
Tata Power Company Ltd. # ...................... 34.62 15,689.60 24.41 8,348.00 63.65 1,708.58 (15.97) (44.64) 56.11 1,663.94
Indian Subsidiaries
Nelco Ltd. (Consolidated) 1......................... 0.12 55.84 0.57 195.29 0.83 22.29 (0.07) (0.21) 0.74 22.08
Af-Taab Investment Co. Ltd. ....................... 0.61 275.34 0.04 14.53 0.48 13.01 2.42 6.79 0.67 19.80
Tata Power Trading Co. Ltd......................... 0.42 191.96 0.77 264.55 1.37 36.90 (0.05) (0.15) 1.24 36.75
Maithon Power Ltd. ...................................... 4.58 2,080.61 8.30 2,841.10 10.16 272.90 (0.11) (0.31) 9.19 272.59
Coastal Gujarat Power Ltd. ......................... 10.74 4,874.93 20.85 7,136.87 (61.57) (1,653.72) 0.26 0.73 (55.73) (1,652.99)
Tata Power Delhi Distribution Ltd. .......... 7.01 3,182.64 23.05 7,886.93 12.51 335.94 (0.17) (0.48) 11.31 335.46
Tata Power Jamshedpur Distribution
Ltd. ...................................................................... - (1.50) - - - (0.01) - - - (0.01)
Industrial Power Utility Ltd. ....................... - (0.01) - - - * - - - *
Tata Power Renewable Energy Ltd.......... 11.19 5,078.52 2.34 801.99 3.44 92.53 0.13 0.36 3.13 92.89
Tata Power Solar Systems Ltd.................... 1.04 473.83 9.34 3,197.86 3.37 90.44 (1.11) (3.12) 2.94 87.32
NDPL Infra Ltd................................................. 0.05 21.24 0.03 11.74 0.21 5.65 - - 0.19 5.65
Tata Power Green Energy Ltd. ................... - (0.05) - - - * - - - *
Indo Rama Renewables Jath Ltd.............. 0.13 59.58 0.11 37.41 0.17 4.52 - - 0.15 4.52
Tata Ceramics Ltd. ......................................... - - - - - - - - - -
Supa Windfarm Ltd. ...................................... - (0.01) - - - * - - - *
Poolavadi Windfarm Ltd.............................. - 0.03 - - - * - - - *
Nivade Windfarm Ltd. .................................. - (0.01) - - - * - - - *
Vagarai Windfarm Ltd. ................................. (0.03) (13.30) 0.06 21.93 (0.30) (8.04) - - (0.27) (8.04)
TP Ajmer Distribution Ltd. .......................... 0.01 6.45 1.11 381.50 0.01 0.40 (0.08) (0.23) 0.01 0.17
Chirasthaayee Saurya Ltd. .......................... (0.02) (7.38) 0.13 45.00 (0.06) (1.74) - - (0.06) (1.74)
Walwhan Renewable Energy Ltd.
(Consolidated) 2.............................................. 4.67 2,118.75 3.79 1,295.78 11.17 300.10 0.15 0.43 10.13 300.53


42. Statement of Net Assets and Profit and Loss attributable to Owners and Non Controlling Interests (Contd.)
NOTICE
income income
BOARD’S REPORT
Foreign Subsidiaries
Bhira Investments Pte. Ltd. (Formerly
known as Bhira Investment Ltd.) ............. 1.17 532.88 0.04 12.83 (7.67) (205.90) 15.92 44.59 (5.44) (161.31)
Bhivpuri Investments Ltd. .......................... 1.99 904.66 - - (1.66) (44.48) 19.67 55.11 0.36 10.63
Khopoli Investments Ltd............................. 0.87 396.67 0.38 128.96 3.64 97.72 5.80 16.25 3.84 113.97
Trust Energy Resources Pte. Ltd. .............. 2.77 1,258.72 2.57 880.45 5.76 154.80 23.16 64.89 7.41 219.69
Energy Eastern Pte. Ltd................................ 0.11 50.49 1.26 430.41 0.50 13.47 0.71 2.00 0.52 15.47
PT Sumber Energi Andalan Tbk. ............... 0.02 10.59 - - - - - - - -
Tata Power International Pte. Ltd............. 0.04 19.54 0.81 276.19 6.36 170.79 (3.71) (10.40) 5.41 160.39
Far Eastern Natural Resources LLC .......... (0.02) (6.99) 0.04 14.62 (0.27) (7.13) 0.05 0.13 (0.24) (7.00)
Indian Associates
MD & A
Nelito Systems Ltd. ....................................... 0.03 12.93 - - - - - - - -
Panatone Finvest Ltd. .................................. - - - - - - - - - -
Yashmun Engineers Ltd............................... 0.01 3.19 - - - * - - - *
Tata Communication Ltd. ........................... - - - - - - - - - -
Tata Projects Ltd............................................. 1.13 513.44 - - - - - - - -
Foreign Associates
Dagachhu Hydro Power Corporation
Ltd. ...................................................................... 0.20 91.57 - - (0.24) (6.53) 0.01 0.02 (0.22) (6.51)
CG REPORT
Indian Jointly Control Entities
Powerlinks Transmission Ltd. .................... 1.03 465.81 - - 2.14 57.50 (0.05) (0.15) 1.93 57.35
Industrial Energy Ltd. ................................... 1.25 567.32 - - 3.06 82.22 (0.07) (0.19) 2.77 82.03
Dugar Hydro Power Ltd............................... 0.05 23.64 - - - (0.06) - - - (0.06)
Tubed Coal Mines Ltd. ................................. - - - - - - - - - -
Mandakini Coal Company Ltd. ................. (0.13) (57.19) - - - - - - - -
Gamma Land Holding Ltd. ......................... - (0.01) - - - - - - - -
Solace Land Holding Ltd............................. - - - - - - - - - -
Beta Land Holdings Ltd. .............................. - (0.03) - - - - - - - -
Ginger Land Holdings Ltd .......................... - - - - - - - - - -
Foreign Jointly Control Entities
BRR
Cennergi Pty. Ltd. (Consolidated)3........... 0.26 119.74 - - 1.60 42.85 (4.35) (12.20) 1.03 30.65
PT Mitratama Perkasa (Consolidated)4... 1.79 814.37 - - - - 9.70 27.18 0.92 27.18
PT Arutmin Indonesia .................................. 1.55 705.74 - - - - 6.29 17.63 0.59 17.63
PT Kaltim Prima Coal .................................... 3.35 1,522.75 - - 27.49 738.48 (4.24) (11.89) 24.50 726.59
Indocoal Resources (Cayman) Ltd. .......... 1.54 698.63 - - 0.19 5.15 6.32 17.70 0.77 22.85
PT Indocoal Kalsel Resources .................... - (0.03) - - - * 0.01 0.02 - 0.02
PT Indocoal Kaltim Resources ................... - 0.39 - - - * 0.01 0.02 - 0.02
CONSOLIDATED
Candice Investments Pte. Ltd.................... 0.10 47.15 - - 0.25 6.80 0.22 0.63 0.25 7.43
PT Nusa Tambang Pratama ........................ 2.66 1,205.90 - - 7.06 189.60 20.23 56.66 8.30 246.26
PT Marvel Capital Indonesia ...................... - 0.19 - - - * - - - *
PT Dwikarya Prima Abadi ........................... 0.56 253.16 - - 0.28 7.58 5.02 14.07 0.73 21.65
PT Kalimantan Prima Power
(Consolidated)5 ............................................... 0.40 181.85 - - (0.10) (2.56) 3.69 10.33 0.26 7.77
PT Baramulti Sukessarana Tbk
(Consolidated) 6 .............................................. 0.60 274.17 - - 3.42 91.94 2.43 6.80 3.33 98.74
Adjaristsqali Netherlands BV
(Consolidated) 7 .............................................. 0.76 345.69 - - - - (3.91) (10.95) (0.37) (10.95)
Koromkheti Netherlands BV
STANDALONE
(Consolidated)8 ............................................... (0.06) (26.16) - - - - 0.38 1.06 0.04 1.06

Itezhi Tezhi Power Corporation ................ 0.82 373.36 - - 3.32 89.05 11.53 32.29 4.09 121.34
Resurgent Power Ventures Pte. Ltd.
consolidated.................................................... 0.01 5.02 - - (0.58) (15.45) (0.23) (0.65) (0.54) (16.10)
Indocoal KPC Resources (Cayman) Ltd. . - 0.73 - - 0.01 0.40 0.01 0.02 0.01 0.42
100.00 45,396.94 100.00 34,223.94 100.00 2,685.99 100.00 280.14 100.00 2,966.13


income income
a) Adjustments arising out of
consolidation......................................... (22,842.42) (4,191.81) (245.58) (115.70) (361.28)
b) Non-Controlling Interest
Indian Subsidiaries
Nelco Ltd. (Consolidated) 1 ......... (27.20) (11.14) 0.11 (11.03)
Maithon Power Ltd. ...................... (540.52) (70.95) 0.08 (70.87)
Tata Power Delhi Distribution
Ltd. ...................................................... (1,559.47) (164.61) 0.24 (164.37)
NDPL Infra Ltd. ............................... (10.41) (2.77) - (2.77)
Walwhan Renewable Energy
Ltd. (Consolidated)2 ...................... - - - -
Vagarai Windfarm Ltd. ................. - - - -
Foreign Subsidiaries -
PT Sumber Energi Andalan
Tbk. ..................................................... (0.43) - - -
Foreign Jointly Control Entities
PT Mitratama Perkasa
(Consolidated) 4.............................. (28.67) - - -
Total ................................................................... (2,166.70) (249.47) 0.43 (249.04)
Consolidated Net Assets / Profit

after tax ........................................................... 20,387.82 30,032.13 2,190.94 164.87 2,355.81
Reconciliation of Total Income (i.e Revenue plus other income)

Total Income as per Statement of Profit & Loss ........................................ 29,954.47
Regulatory Deferral Balances .......................................................................... (65.93)
29,888.54
Add: Revenue from Discontinued Operations .......................................... 143.59
Total Income as per the above statement ............................................ 30,032.13
Note:
1. Accounts of Tatanet Services Ltd. have been consolidated with Nelco Ltd.
2. Accounts of all subsidaries of Walwhan Renewable Energy Ltd. [Refer Note 2.5] have been consolidated with Walwhan Renewable Energy Ltd.
3. Accounts of Amakhala Emoyeni RE Project 1 (Pty) Ltd. and Tsitsikamma Community Wind Farm (Pty) Ltd. have been consolidated with Cennergi Pty. Ltd.
4. Accounts of PT Mitratama Usaha have been consolidated with PT Mitratama Perkasa.
5. Accounts of PT Citra Prima Buana, PT Guruh Agung and PT Citra Kusuma Perdana have been consolidated with PT Kalimantan Prima Power.
6. Accounts of PT Antang Gunung Meratus have been consolidated with PT Baramulti Sukessarana Tbk.
7. Accounts of Adjaristsqali Georgia LLC have been consolidated with Adjaristsqali Netherlands BV.
8. Accounts of Koromkheti Georgia LLC have been consolidated with Koromkheti Netherlands BV.
9. Chemical Terminal Trombay Ltd. is merged with The Tata Power Company Limited during the year.
# Includes Discontinued Operations
* denotes figures below ` 50,000/-
Summarised Financial Information of Material Non Controlling Interests

Financial Information of Subsidiaries that have material non-controlling interest is provided below:
Proportion of equity interest held by non-controlling interests:
Name Country of 31st March, 31st March, 1st April,
Incorporation 2019 2018 2017
Maithon Power Ltd. .......................................................................... India 26% 26% 26%
Tata Power Delhi Distribution Ltd. ............................................... India 49% 49% 49%


NOTICE
A Maithon Power Limited
(i) Summarised balance sheet:
As at As at As at
BOARD’S REPORT
Non-current Assets .................................................................. 3,812.79 3,913.06 4,070.65
Current Assets............................................................................ 1,047.49 774.35 930.07
Non-current Liabilities ............................................................ (1,805.34) (1,980.71) (2,161.95)
Current Liabilities ..................................................................... (974.33) (723.68) (958.27)
2,080.61 1,983.02 1,880.50
Attributable to:
Equity holders of parent ................................................... 1,540.09 1,467.90 1,391.57
Non-controlling interest ................................................... 540.52 515.12 488.93
(ii) Summarised statement of profit and loss:
MD & A
` crore ` crore
Revenue .................................................................................................................................. 2,776.05 2,270.41
Other Income ........................................................................................................................ 65.05 18.78
Cost of Power Purchased .................................................................................................. (1.40) (2.04)
Cost of Fuel ............................................................................................................................ (1,769.85) (1,350.45)
CG REPORT
Employee Benefits Expenses........................................................................................... (41.18) (43.75)
Finance Cost .......................................................................................................................... (204.85) (204.06)
Depreciation and Amortisation Expenses.................................................................. (238.24) (237.40)
Other Expenses .................................................................................................................... (226.86) (229.11)
Profit before tax................................................................................................................. 358.72 222.38
Tax Expenses ......................................................................................................................... (85.82) (40.69)
Profit for the year .............................................................................................................. 2 72.90 181.69
Other Comprehensive Income/(Expense) for the year (0.32) (0.05)
Total Comprehensive Income for the year ............................................................ 272.58 181.64
BRR
Attributable to:
Equity holders of parent .................................................................................................. 201.71 134.42
Non-controlling interest .................................................................................................. 70.87 47.22
CONSOLIDATED
Dividend including Dividend Distribution Tax Attributable to:
Equity holders of parent ..................................................................................................
Non-controlling interest .................................................................................................. 129.50 58.55
45.50 17.28
(iii) Summarised cash flow information:
` crore ` crore
STANDALONE
Operating Activities........................................................................................................... (2.74) 500.02

Investing Activities............................................................................................................. (23.97) 208.65
Financing Activities ........................................................................................................... (23.28) (658.59)
Net (Decrease) / Increase in Cash and Cash Equivalents................................ (49.99) 50.08


B Tata Power Delhi Distribution Ltd.
(i) Summarised balance sheet:
As at As at As at
Non-current Assets .................................................................. 4,161.12 4,016.22 3,803.49
Current Assets............................................................................ 946.71 1,189.60 839.29
Assets classified as held for sale .......................................... 20.04 Nil Nil
Regulatory Deferral Account Debit Balances ................. 4,578.69 4,399.85 4,573.70
Non-current Liabilities ............................................................ (3,992.41) (4,140.92) (4,167.60)
Current Liabilities ..................................................................... (2,531.51) (2,511.11) (2,361.45)
3,182.64 2,953.64 2,687.43
Attributable to:
Equity holders of parent ..................................................... 1,623.17 1,506.36 1,370.59
Non-controlling interest ..................................................... 1,559.47 1,447.28 1,316.84
(ii) Summarised statement of profit and loss:
` crore ` crore
Revenue including Regulatory income/(expense) .............................................. 8,556.72 7,516.85
Other Income ..................................................................................................................... 108.02 64.90
Cost of Power Purchased ............................................................................................... (6,674.67) (5,718.09)
Employee Benefits Expenses........................................................................................ (469.70) (473.56)
Finance Cost ....................................................................................................................... (348.88) (346.73)
Depreciation and Amortisation Expenses............................................................... (309.64) (289.95)
Other Expenses ................................................................................................................. (318.94) (315.45)
Exceptional Items ............................................................................................................. (106.40) (37.57)
Profit before tax................................................................................................................. 436.51 400.40
Tax Expenses ...................................................................................................................... (100.57) (94.52)
Profit for the year .............................................................................................................. 335.94 305.88
Other Comprehensive Income/(Expense) for the year ....................................... (0.48) 0.20
Total Comprehensive Income for the year ............................................................ 335.46 306.08
Attributable to:
Equity holders of parent ................................................................................................. 171.09 156.10
Non-controlling interest ................................................................................................. 164.37 149.98
Dividend including Dividend Distribution Tax Attributable to:
Equity holders of parent ............................................................................................... 54.30 20.33

Non-controlling interest ............................................................................................... 52.17 16.23
(iii) Summarised cash flow information:
As at As at
` crore ` crore
Operating Activities.............................................................................................................. 1,055.05 923.41
Investing Activities................................................................................................................ (597.21) (544.80)
Financing Activities .............................................................................................................. (535.56) (376.63)
Net (Decrease) / Increase in Cash and Cash Equivalents.................................. (77.72) 1.98


43. Restated Consolidated Financial Statements for the year ended 31st March, 2018 and as at
NOTICE
1st April, 2017
Consolidated Balance Sheet as at 31st March, 2018
Reported Amount Restated Amount
Note As at As at
31st March, 2018 Restatements 31st March, 2018
BOARD’S REPORT
ASSETS
Non-current Assets
(a) Property, Plant and Equipment .......................................................................... 1 43,256.67 (1,825.06) 41,431.61
(b) Capital Work-in-Progress ...................................................................................... 1,652.60 Nil 1,652.60
(c) Goodwill ..................................................................................................................... 1,641.57 Nil 1,641.57
(d) Other Intangible Assets......................................................................................... 1,583.08 Nil 1,583.08
(e) Investments accounted for using the Equity Method ............................... 11,111.66 Nil 11,111.66
(f ) Financial Assets
(i) Other Investments ...................................................................................... 881.11 Nil 881.11
(ii) Trade Receivables ........................................................................................ 190.05 Nil 190.05
(iii) Loans ................................................................................................................ 2 76.48 55.25 131.73
(iv) Finance Lease Receivables ....................................................................... 574.76 Nil 574.76
(v) Other Financial Assets ............................................................................... 2, 3 942.09 (668.41) 273.68
(g) Non-current Tax Assets (Net)............................................................................... 167.59 Nil 167.59
(h) Deferred Tax Assets (Net)...................................................................................... 3 83.24 34.93 118.17
MD & A
(i) Other Non-current Assets .................................................................................... 3 901.33 675.98 1,577.31
Total Non-current Assets 63,062.23 (1,727.31) 61,334.92
Current Assets
(a) Inventories ................................................................................................................. 1,623.08 Nil 1,623.08
(b) Financial Assets
(i) Investments ................................................................................................... 436.16 Nil 436.16
(ii) Trade Receivables ........................................................................................ 2,788.93 Nil 2,788.93
(iii) Unbilled Revenue ........................................................................................ 810.09 Nil 810.09
(iv) Cash and Cash Equivalents ...................................................................... 1,061.16 Nil 1,061.16
(v) Bank Balances other than (iv) above .................................................... 124.62 Nil 124.62
(vi) Loans ................................................................................................................ 2 720.67 64.13 784.80
CG REPORT
(vii) Finance lease receivables ......................................................................... 34.27 Nil 34.27
(viii) Other financial assets ................................................................................. 2, 3 1,100.37 (698.78) 401.59
(c) Current Tax Assets (Net) ........................................................................................ 14.77 Nil 14.77
(d) Other Current Assets .............................................................................................. 3 877.67 634.65 1,512.32
Total Current Assets 9,591.79 Nil 9,591.79
Assets Classified as Held For Sale ................................................................................ 4,778.70 Nil 4,778.70
Total Assets before Regulatory Deferral Account ........................................... 77,432.72 (1,727.31) 75,705.41
Regulatory Deferral Account - Assets ........................................................................ 6,304.56 Nil 6,304.56
TOTAL ASSETS............................................................................................................................. 83,737.28 (1,727.31) 82,009.97
Equity
(a) Equity Share Capital ............................................................................................... 270.50 Nil 270.50
(b) Unsecured Perpetual Securities ......................................................................... 1,500.00 Nil 1,500.00
BRR
(c) Other Equity .............................................................................................................. 3 14,989.70 (360.32) 14,629.38
Equity attributable to Shareholders of the Company................................... 16,760.20 (360.32) 16,399.88
Non-controlling Interests............................................................................................ 2,015.29 Nil 2,015.29
Total Equity ........................................................................................................................ 18,775.49 (360.32) 18,415.17
LIABILITIES
(i) Borrowings..................................................................................................... 22,356.31 Nil 22,356.31
CONSOLIDATED
(ii) Trade Payables .............................................................................................. 21.00 Nil 21.00
(iii) Other Financial Liabilities ......................................................................... 3 713.31 (66.00) 647.31
(b) Non-current Tax Liabilities (Net) ........................................................................ 3.74 Nil 3.74
(c) Deferred Tax Liabilities (Net) ............................................................................... 516.56 Nil 516.56
(d) Provisions ................................................................................................................... 300.00 Nil 300.00
(e) Other Non-current Liabilities .............................................................................. 1, 3 3,090.04 (1,248.56) 1,841.48
Total Non-current Liabilities 27,000.96 (1,314.56) 25,686.40
Current Liabilities
(i) Borrowings..................................................................................................... 18,827.28 Nil 18,827.28
(ii) Trade Payables .............................................................................................. 5,609.82 Nil 5,609.82
(iii) Other Financial Liabilities ......................................................................... 3 10,279.73 (336.75) 9,942.98
STANDALONE
(b) Current Tax Liabilities (Net) .................................................................................. 160.38 Nil 160.38

(c) Provisions ................................................................................................................... 193.44 Nil 193.44
(d) Other Current Liabilities........................................................................................ 3 1,501.40 284.32 1,785.72
Total Current Liabilities................................................................................................ 36,572.05 (52.43) 36,519.62
Liabilities directly associated with Assets Classified as Held For Sale ............ 903.78 Nil 903.78
Total Liabilities before Regulatory Deferral Account ............................ 64,476.79 (1,366.99) 63,109.80
Regulatory Deferral Account - Liability ..................................................................... 2 485.00 Nil 485.00
TOTAL EQUITY AND LIABILITIES ........................................................................................ 83,737.28 (1,727.31) 82,009.97


1st April, 2017 (Contd.)
Consolidated Balance Sheet as at 1st April, 2017
Reported Amount Restated Amount
As at As at
1st April, 2017 Restatements 1st April, 2017
ASSETS
Non-current Assets
(a) Property, Plant and Equipment ........................................................................ 1 43,232.93 (1,828.72) 41,404.21
(b) Capital Work-in-Progress .................................................................................... 1,923.24 Nil 1,923.24
(c) Investment Property ............................................................................................ 2.49 Nil 2.49
(d) Goodwill ................................................................................................................... 1,653.57 Nil 1,653.57
(e) Other Intangible Assets....................................................................................... 1,705.80 Nil 1,705.80
(f ) Intangible Assets under Development.......................................................... 254.68 Nil 254.68
(g) Investments accounted for using the Equity Method ............................. 9,496.09 Nil 9,496.09
(h) Financial Assets
(i) Other Investments .................................................................................... 1,279.14 Nil 1,279.14
(ii) Trade Receivables ...................................................................................... 187.92 Nil 187.92
(iii) Loans .............................................................................................................. 2 77.16 60.16 137.32
(iv) Finance Lease Receivables ..................................................................... 573.47 Nil 573.47
(v) Other Financial Assets ............................................................................. 2, 3 1,183.68 (788.34) 395.34
(i) Non-current Tax Assets (Net)............................................................................. 146.35 Nil 146.35
(j) Deferred Tax Assets (Net).................................................................................... 3 91.53 32.59 124.12
(k) Other Non-current Assets .................................................................................. 3 1,287.24 771.09 2,058.33
Total Non-current Assets 63,095.29 (1,753.22) 61,342.07
Current Assets
(a) Inventories ............................................................................................................... 1,599.56 Nil 1,599.56
(i) Investments ................................................................................................. 1,097.78 Nil 1,097.78
(ii) Trade Receivables ...................................................................................... 3,832.12 Nil 3,832.12
(iii) Unbilled Revenue ...................................................................................... 1,081.92 Nil 1,081.92
(iv) Cash and Cash Equivalents .................................................................... 835.22 Nil 835.22
(v) Bank Balances other than (iv) above .................................................. 119.08 Nil 119.08
(vi) Loans .............................................................................................................. 2 655.44 22.13 677.57
(vii) Finance lease receivables ....................................................................... 39.16 Nil 39.16
(viii) Other financial assets ............................................................................... 2, 3 913.40 (732.17) 181.23
(c) Current Tax Assets (Net) ...................................................................................... 31.68 Nil 31.68
(d) Other Current Assets ............................................................................................ 3 582.97 710.04 1,293.01
Total Current Assets ..................................................................................................... 10,788.33 Nil 10,788.33
Assets Classified as Held For Sale .............................................................................. 1,919.47 Nil 1,919.47
Total Assets before Regulatory Deferral Account ......................................... 75,803.09 (1,753.22) 74,049.87
Regulatory Deferral Account - Assets ...................................................................... 7,117.70 Nil 7,117.70
TOTAL ASSETS........................................................................................................................... 82,920.79 (1,753.22) 81,167.57
Equity
(a) Equity Share Capital ............................................................................................. 270.50 Nil 270.50
(b) Unsecured Perpetual Securities ....................................................................... 1,500.00 Nil 1,500.00
(c) Other Equity ............................................................................................................ 3 12,944.05 (292.06) 12,651.99
Equity attributable to Shareholders of the Company................................. 14,714.55 (292.06) 14,422.49
Non-controlling Interests.......................................................................................... 1,868.99 Nil 1,868.99
Total Equity ...................................................................................................................... 16,583.54 (292.06) 16,291.48
LIABILITIES
(i) Borrowings................................................................................................... 25,142.96 Nil 25,142.96
(ii) Trade Payables ............................................................................................ 35.57 Nil 35.57
(iii) Other Financial Liabilities ....................................................................... 550.94 Nil 550.94
(b) Non-current Tax Liabilities (Net) ...................................................................... 3.74 Nil 3.74
(c) Deferred Tax Liabilities (Net) ............................................................................. 1,751.14 Nil 1,751.14
(d) Provisions ................................................................................................................. 270.68 Nil 270.68
(e) Other Non-current Liabilities ............................................................................ 1, 3 3,078.65 (1,410.14) 1,668.51
Total Non-current Liabilities.................................................................................... 30,833.68 (1,410.14) 29,423.54
Current Liabilities
(i) Borrowings................................................................................................... 16,279.79 Nil 16,279.79
(ii) Trade Payables ............................................................................................ 5,529.00 Nil 5,529.00
(iii) Other Financial Liabilities ....................................................................... 3 11,386.46 (799.83) 10,586.63
(b) Current Tax Liabilities (Net) ................................................................................ 122.04 Nil 122.04
(c) Provisions ................................................................................................................. 207.69 Nil 207.69
(d) Other Current Liabilities...................................................................................... 3 1,316.24 748.81 2,065.05
Total Current Liabilities.............................................................................................. 34,841.22 (51.02) 34,790.20
Liabilities directly associated with Assets Classified as Held For Sale .......... Nil Nil Nil
Total Liabilities before Regulatory Deferral Account .................................. 65,674.90 (1,461.16) 64,213.74
Regulatory Deferral Account - Liability ................................................................... 662.35 Nil 662.35
TOTAL EQUITY AND LIABILITIES ...................................................................................... 82,920.79 (1,753.22) 81,167.57


NOTICE
Statement of Profit and Loss for the year ended 31st March, 2018
Reported Restated
Amount Restatements Amount
Particulars Notes
BOARD’S REPORT
I Revenue from Operations ......................................................................................................................... 3 29,331.22 (2,490.95) 26,840.27
II Other Income................................................................................................................................................. 432.69 Nil 432.69
III Total Income ................................................................................................................................................. 29,763.91 (2,490.95) 27,272.96
IV Expenses
Cost of Power Purchased ................................................................................................................. 1, 3 8,004.23 (2406.91) 5,597.32
Cost of Fuel ........................................................................................................................................... 10,009.86 Nil 10,009.86
Raw Material Consumed .................................................................................................................. 748.97 Nil 748.97
Purchase of Finished Goods, Spares and Shares ..................................................................... 181.68 Nil 181.68
Transmission Charges ....................................................................................................................... 281.99 Nil 281.99
(Increase)/Decrease in Stock-in-Trade and Work in Progress ............................................. (8.51) Nil (8.51)
Employee Benefits Expense............................................................................................................ 1,381.92 Nil 1,381.92
MD & A
Finance Costs ....................................................................................................................................... 3,722.99 38.49 3,761.48
Depreciation and Amortisation Expenses................................................................................. 2,398.10 (51.93) 2,346.17
Other Expenses ................................................................................................................................... 2,374.11 Nil 2,374.11
Total Expenses ............................................................................................................................................. 29,095.34 (2,420.35) 26,674.99
V Profit Before Rate Regulated Activities, Exceptional Items, Tax and Share of Net
Profit of Associates and Joint Ventures accounted for using the Equity Method ...... 668.57 (70.60) 597.97
Add/(Less): Regulatory income/(expense) (net) ....................................................................... 3 (409.85) Nil (409.85)
CG REPORT
Add/(Less): Regulatory income/(expense) (net) in respect of earlier years .................... 1 Nil Nil Nil
(409.85) Nil (409.85)
VI Profit Before Exceptional Items, Tax and Share of Net Profit of Associates and Joint
Ventures accounted for using the Equity Method ..................................................................... 258.72 (70.60) 188.12
Share of Net Profit of Associates and Joint Ventures accounted for using the Equity
Method................................................................................................................................................... 1,553.91 Nil 1,553.91
VII Profit Before Exceptional Items and Tax ......................................................................................... 1,812.63 (70.60) 1,742.03
Less: Exceptional Items ..................................................................................................................
Reversal of Impairment of Mundra CGU (Net) ............................................................ 1,886.72 Nil 1886.72
Impairment for Investments in Joint Ventures and Related Obligation ............ (527.54) Nil (527.54)
Impairment in respect of Other Property, Plant and Equipment and Goodwill (149.57) Nil (149.57)
BRR
Damages towards contractual obligations .................................................................. (107.08) Nil (107.08)
1,102.53 Nil 1,102.53
VIII Profit/(Loss) Before Tax ........................................................................................................................... 2,915.16 (70.60) 2,844.56
IX Tax Expense
Current Tax ............................................................................................................................................ 3 663.69 Nil 663.69
Deferred Tax ......................................................................................................................................... (837.89) (2.34) (840.23)
CONSOLIDATED
Deferred tax (recovered) / payable .............................................................................................. 338.51 Nil 338.51
164.31 (2.34) 161.97
Profit for the Year from Continuing Operations.......................................................................... 2,750.85 (68.26) 2,682.59
Profit before tax from Discontinued Operations........................................................................ (85.87) Nil (85.87)
Current Tax ............................................................................................................................................ (17.36) Nil (17.36)
Deferred Tax ......................................................................................................................................... 3.23 Nil 3.23
Tax Expense on Discontinued Operations ..................................................................................... (14.13) Nil (14.13)
Profit for the Year from Discontinued Operations ..................................................................... (71.74) Nil (71.74)
X Profit for the Year ....................................................................................................................................... 2,679.11 (68.26) 2,610.85
STANDALONE
XI Other Comprehensive Income/(Expenses) - Continuing Operations

A (i) Items that will not be reclassified to profit or loss
(a) Remeasurement of the Defined Benefit Plans................................................... (4.75) Nil (4.75)
(b) Equity Instruments through Other Comprehensive Income ....................... (262.22) Nil (262.22)
(ii) Tax relating to items that will not be reclassified to profit and loss
(a) Current Tax ...................................................................................................................... (50.51) Nil (50.51)
(b) Deferred Tax ................................................................................................................... 391.87 Nil 391.87


Reported Restated
Amount Restatements Amount
Particulars Notes
(iii)
Share of Other Comprehensive Income/(Expense) of Associates and Joint
Ventures accounted for using the Equity Method .................................................... (10.74) Nil (10.74)
B (i) Items that will be reclassified to profit or loss
(a) Exchange Differences in translating the financial statements of foreign
operations ....................................................................................................................... 29.08 Nil 29.08
(b) Share of Other Comprehensive Income of Associates and Joint Ventures
accounted for using the Equity Method .............................................................. 0.41 Nil 0.41
Other Comprehensive Income/(Expense) ...................................................................................... 93.14 Nil 93.14
Other Comprehensive Income - Discontinued Operations ...................................................
A (i) Items that will not be reclassified to profit or loss ........................................................... 0.85 Nil 0.85
93.99 Nil 93.99
XII Total Comprehensive Income for the year (X + XI)..................................................................... 2,773.10 (68.26) 2,704.84
Profit for the Year attributable to:
- Owners of the Company ............................................................................................................... 2,476.56 (68.26) 2,408.30
- Non-controlling interest................................................................................................................ 202.55 Nil 202.55
2,679.11 (68.26) 2,610.85
Other Comprehensive Income/(Expense) for the Year attributable to:
- Owners of the Company ............................................................................................................... 94.00 Nil 94.00
- Non-controlling interest................................................................................................................ (0.01) Nil (0.01)
93.99 Nil 93.99
Total Comprehensive Income for the Year attributable to:
- Owners of the Company ............................................................................................................... 2,570.56 (68.26) 2,502.30
- Non-controlling interest................................................................................................................ 202.54 Nil 202.54
2,773.10 (68.26) 2,704.84
Reconciliation of Total Equity as at 31st March, 2018 and 1st April, 2017.
As at As at
` crore ` crore
Equity as per Reported Financial Statements
Equity Share Capital ................................................................................................................................................................. 270.50 270.50
Unsecured Perpetual Securities ........................................................................................................................................... 1,500.00 1,500.00
Other Equity ................................................................................................................................................................................ 14,989.70 12,944.05
16,760.20 14,714.55
Impact of Ind AS 115
Deferred Revenue Liabilities ......................................................................................................................................... (458.07) (367.56)
Deferred Revenue Assets................................................................................................................................................ 62.82 42.91
Tax Expenses ....................................................................................................................................................................... 34.93 32.59
Equity as per Restated Financial Statements ............................................................................................................
16,399.88 14,422.49


NOTICE
Reconciliation of Total Comprehensive Income for the year ended 31st March, 2018.
For the year
ended
31st March, 2018
BOARD’S REPORT
` crore
Total Comprehensive Income as per Reported Financial Statements ............................................................... 2,773.10
Impact of Ind AS 115
Revenue from Operations .......................................................................................................................................................................................... (2,490.95)
Cost of Power Purchased............................................................................................................................................................................................. 2,406.91
Finance Costs ........................................................................................................................................................................................................................ (38.49)
Depreciation and Amortisation Expenses .................................................................................................................................................... 51.93
Tax Expense ............................................................................................................................................................................................................................ 2.34
Total Comprehensive Income as per Restated Financial Statements ................................................................. 2,704.84
MD & A
Notes:
1. The Group was disclosing Government grant as non-financial liability till 31st March 2018. Considering the amendment
in Ind-AS 20, the Group has netted off the government grant from carrying value of property, plant and equipment
retrospectively. This has resulted in to reduction in property, plant and equipment by ₹ 1,825.06 crore as at 31st March
2018 (1st April, 2017 - ₹ 1,828.72 crore). The corresponding reduction in current liability is ₹ 52.74 crore (1st April, 2017 - ₹
51.02 crore) and the reduction in non-current liability is ₹ 1,772.32 crore (1st April, 2017 - ₹ 1,777.70 crore). The revenue
from operations and depreciation has reduced by ₹ 51.93 crore for the year ended 31st March 2018.
CG REPORT
2 The Group has reclassified the security deposit amount from other financial asset to Loans as per schedule III of the
3. Effective 1st April 2018, the Group has adopted Ind AS 115 ‘Revenue from contract with customers’ using full retrospective
method. The application of Ind AS 115 has impacted recognition of power supply revenue and capacity charges for
certain plant. Further, power trading business revenue is presented net of related power purchase cost. On application
of Ind-AS 115, the retained earnings is lower by ₹ 292.06 crore, net of tax effect. The impact on the financial results of the
Group vis-à-vis results originally published for the year ended 31st March 2018 is as follows:
For the year ended
Particulars 31st March, 2018
BRR
` crore
Revenue........................................................................................................................................................................................................................... (2,439.02)
Cost of power purchased .................................................................................................................................................................................. 2,406.91
Finance cost ................................................................................................................................................................................................................. (38.49)
Profit before tax ..................................................................................................................................................................................................... (70.60)
Tax credit......................................................................................................................................................................................................................... 2.34
CONSOLIDATED
Profit after tax.......................................................................................................................................................................................................... (68.26)
Change in basic and diluted earnings per share ........................................................................................................................... (0.25)
*figures in bracket signify negative impact on profits

The impact on balance sheet as at 31st March 2018 and 31st March 2017 is as follows:
As at As at
` crore ` crore
STANDALONE
Deferred Revenue asset ............................................................................................................................. 62.82 42.91

Deferred Revenue liability........................................................................................................................ (458.07) (367.55)
Deferred tax asset ........................................................................................................................................... 34.93 32.59
Further, as per Ind AS 115 amount recoverable from consumers are considered as contract asset accordingly, the Group
has classified amount recoverable from consumers from other financial assets to other assets. Also liabilities towards
consumers are considered as contract liabilities and accordingly, has been classified from other financial liabilities to
other liabilities


44. Entry Tax
The Group had received demands in respect of entry tax on imports of fuel for Trombay plant aggregating ₹ 2,256.91 crore
(including interest of ₹ 653.05 crore and penalty of ₹ 743.74 crore) for financial years 2005-06 to 2013-14. In the past, the Group
had paid ₹ 221.73 crore under protest and recognised the same as expense. Remaining demand amount of ₹ 2,035.18 crore had
been contested by the Group before the Hon’ble Supreme Court and disclosed the same as contingent liability in the previous
year.
During the year, the Government of Maharashtra has notified an amnesty scheme for settlement of arrears of tax, interest and
penalty. Under the Amnesty scheme, amount payable by the Group shall be ₹ 345 crore (including interest and provision for
contingency of ₹ 78 crore and ₹ 45 crore respectively) and accordingly recognised the provision for the same. Further, the
amount has been recognised as revenue to the extent recoverable from consumers.
45. Approval of Consolidated Financial Statements
The Consolidated Financial Statements were approved for issue by the Board of Directors on 2nd May, 2019.
ICAI Firm Registration No.324982E/E300003 DIN 01785164 DIN 00120029


Form AOC-I
Statement containing salient features of the financial statement of Subsidiaries/ Associate Companies/Joint Ventures
Part “A”: Subsidiaries
` crore
SN Name of the Subsidiary Date of Reporting Reporting Exchange Share Reserves Total Total Net Investments Turnover Other Total Profit/ Provision Profit/ Proposed Proposed % of
acquiring period currency Rate as capital & surplus assets Liabilities Assets 14 Income Revenue (Loss) for (Loss) Dividend Dividend shareholding
subsidiary for the at 31st (Incl. Pref. (Incl. Non- (Excl. Sh. before taxation after on Equity on Equity
subsidiary March, shares and controlling Capital & taxation (incl. taxation Shares Shares
concerned 2019 Perpetual Interest) Reserves) Deferred (%)
Securities) tax)
1 NELCO Ltd. (Consolidated) 1 31-Dec-05 31-Mar-19 Indian Rupee 1.00 22.82 33.02 237.42 181.58 55.84 0.16 191.01 4.28 195.29 20.02 (2.27) 22.29 Nil Nil 50.04
2 Af-Taab Investment Co. Ltd. 27-Nov-00 31-Mar-19 Indian Rupee 1.00 10.73 264.61 276.65 1.31 275.34 141.09 12.04 2.49 14.53 13.87 0.86 13.01 Nil Nil 100.00
3 Tata Power Trading Co. Ltd. 31-Dec-03 31-Mar-19 Indian Rupee 1.00 16.00 175.96 744.73 552.77 191.96 Nil 262.24 2.31 264.55 57.28 20.38 36.90 Nil Nil 100.00
4 Maithon Power Ltd. 2-Sep-05 31-Mar-19 Indian Rupee 1.00 1,508.92 571.69 4,860.28 2,779.67 2,080.61 Nil 2,776.05 65.05 2,841.10 358.72 85.82 272.90 Nil Nil 74.00
5 Coastal Gujarat Power Ltd. 22-Apr-07 31-Mar-19 Indian Rupee 1.00 14,986.30 (10,111.37) 16,637.95 11,763.02 4,874.93 Nil 7,064.33 72.54 7,136.87 (1,653.72) Nil (1,653.72) Nil Nil 100.00
6 Bhira Investments Ltd. 13 22-Jun-07 31-Mar-19 US Dollar 69.16 4.10 528.78 4,999.58 4,466.70 532.88 3,924.59 0.08 12.75 12.83 (205.90) Nil (205.90) Nil Nil 100.00
7 Bhivpuri Investments Ltd. 13 22-Jun-07 31-Mar-19 US Dollar 69.16 4.08 900.58 2,990.00 2,085.34 904.66 2,989.98 Nil Nil Nil (44.48) Nil (44.48) Nil Nil 100.00
8 Khopoli Investments Ltd. 13 17-May-07 31-Mar-19 US Dollar 69.16 255.20 141.47 2,100.33 1,703.66 396.67 Nil Nil 128.96 128.96 100.90 3.18 97.72 Nil Nil 100.00
9 Trust Energy Resources Pte. Ltd. 13 11-Mar-08 31-Mar-19 US Dollar 69.16 604.47 654.25 2,556.82 1,298.10 1,258.72 100.39 870.53 9.92 880.45 169.72 14.92 154.80 Nil Nil 100.00
10 Tata Power Delhi Distribution Ltd. 22-Jan-08 31-Mar-19 Indian Rupee 1.00 552.00 2,630.64 9,706.57 6,523.93 3,182.64 0.05 7,778.91 108.02 7,886.93 436.50 100.56 335.94 Nil Nil 51.00
11 Tata Power Jamshedpur Distribution Ltd. 6-Nov-12 31-Mar-19 Indian Rupee 1.00 8.05 (9.55) 1.07 2.57 (1.50) Nil Nil Nil Nil (0.01) Nil (0.01) Nil Nil 100.00
12 Industrial Power Utility Ltd. 28-Mar-07 31-Mar-19 Indian Rupee 1.00 0.11 (0.12) 0.04 0.05 (0.01) Nil Nil Nil Nil (0.01) Nil (0.01) Nil Nil 100.00
13 Tata Power Renewable Energy Ltd. 28-Mar-07 31-Mar-19 Indian Rupee 1.00 4,940.11 138.41 10,973.89 5,895.37 5,078.52 3,860.17 715.41 86.58 801.99 139.34 46.81 92.53 Nil Nil 100.00
14 Tata Power Solar Systems Ltd. 10 28-Jun-12 31-Mar-19 Indian Rupee 1.00 229.78 244.05 2,531.11 2,057.28 473.83 1.00 3,175.31 22.55 3,197.86 123.48 33.04 90.44 Nil Nil 100.00
15 Tata Power International Pte. Ltd. 13 5-Apr-13 31-Mar-19 US Dollar 69.16 559.57 (540.03) 958.19 938.65 19.54 720.68 144.18 132.01 276.19 199.62 28.83 170.79 Nil Nil 100.00
16 NDPL Infra Ltd. 23-Aug-11 31-Mar-19 Indian Rupee 1.00 0.05 21.19 22.86 1.62 21.24 17.41 10.51 1.23 11.74 7.39 1.74 5.65 Nil Nil 51.00
17 Tata Power Green Energy Ltd. 5-Jan-11 31-Mar-19 Indian Rupee 1.00 0.05 (0.10) 0.07 0.12 (0.05) Nil Nil Nil Nil Nil Nil Nil Nil Nil 100.00
18 Energy Eastern Pte. Ltd. 13 31-Jan-08 31-Mar-19 US Dollar 69.16 3.40 47.09 250.57 200.08 50.49 Nil 430.39 0.02 430.41 13.47 Nil 13.47 Nil Nil 100.00
19 PT Sumber Energi Andalan Tbk (consolidated upto
31st March, 2017 thereafter held for sale) 12, 13 & $ 26-Aug-09 31-Mar-19 US Dollar 69.16 26.37 (15.76) 12.69 2.08 10.59 Nil Nil Nil Nil Nil Nil Nil Nil Nil 92.50
20 Supa Windfarm Ltd. 10-Dec-15 31-Mar-19 Indian Rupee 1.00 0.05 (0.06) 0.03 0.04 (0.01) Nil Nil Nil Nil * Nil * Nil Nil 100.00
21 Nivade Windfarm Ltd. 17-Dec-15 31-Mar-19 Indian Rupee 1.00 0.05 (0.06) 0.03 0.04 (0.01) Nil Nil Nil Nil * Nil * Nil Nil 100.00
22 Poolawadi Windfarm Ltd. 9-Jan-2016 31-Mar-19 Indian Rupee 1.00 0.05 (0.02) 0.04 0.01 0.03 Nil Nil Nil Nil * Nil * Nil Nil 100.00
23 Tata Ceramics Ltd. (consolidated upto
31st December, 2017 thereafter held for sale) 12 & $ 28-May-15 31-Dec-17 Indian Rupee 1.00 19.52 (32.26) 26.23 (13.49) Nil 0.07 Nil Nil Nil Nil Nil Nil Nil Nil 57.07
24 Indo Rama Renewables Jath Ltd. 19-May-16 31-Mar-19 Indian Rupee 1.00 60.30 (0.72) 159.12 99.54 59.58 0.38 37.07 0.34 37.41 7.95 3.43 4.52 Nil Nil 100.00
25 Walwhan Renewable Energy Ltd. (Consolidated) 2 14-Sep-16 31-Mar-19 Indian Rupee 1.00 611.36 1,507.42 7,344.21 5,225.43 2,118.75 43.23 1,271.69 24.09 1,295.78 434.93 134.83 300.10 Nil Nil 100.00
26 Vagarai Windfarm Ltd. 27-Feb-17 31-Mar-19 Indian Rupee 1.00 0.53 (13.83) 119.53 132.83 (13.30) 3.67 21.64 0.29 21.93 (8.04) Nil (8.04) Nil Nil 72.00
27 TP Ajmer Distribution Limited 1-Jul-17 31-Mar-19 Indian Rupee 1.00 10.00 (3.55) 187.98 181.53 6.45 Nil 377.50 4.00 381.50 0.40 Nil 0.40 Nil Nil 100.00
28 Chirasthaayee Saurya Limited 14-Jun-16 31-Mar-19 Indian Rupee 1.00 1.00 (8.38) 350.79 358.17 (7.38) Nil 45.00 Nil 45.00 (1.74) Nil (1.74) Nil Nil 100.00
29 Far Eastern Natural Resources Limited 12 17-Aug-17 31-Mar-19 Russian Rubel 1.06 * (6.99) 52.07 59.06 (6.99) Nil Nil 14.62 14.62 (7.87) (0.74) (7.13) Nil Nil 100.00
239
Form AOC-I
240
Statement containing salient features of the financial statement of Subsidiaries/ Associate Companies/Joint Ventures (Contd.)
Part “B”: Associates and Joint Ventures
` crore
SN Name of the Associate/Joint Venture Company Date of Latest Reporting Exchange Shares of Associate/ Amount of Extent of Description Reason why Net worth Profit/ Considered in Not
acquiring audited currency Rate as at Joint Venture Investment Holding of how there the associate attributable to (Loss) Consolidation considered in
Joint Balance 31st March, company held by in Associate / % is significant company Shareholding as after tax Consolidation
Venture Sheet Date 2019 the company on the Joint Venture influence is not per latest audited
year end (No.) companies consolidated Balance Sheet
Joint Ventures
1 Cennergi Pty. Ltd. (consolidated upto 31st March, 2019 thereafter held for
sale) (Consolidated) 3, 13 & $ 2-Mar-12 31-Mar-19 ZAR 4.78 86 391.62 50% Note 10 - 119.74 85.70 42.85 -
2 PT Mitratama Perkasa (consolidated upto 30th September, 2016
thereafter held for sale) (Consolidated) 4, 13 & $ 16-Aug-12 30-Sep-16 US Dollar 69.16 7,500 1.90 28.38% Note 10 - 814.37 Nil Nil -
3 PT Arutmin Indonesia (consolidated upto 31st March, 2014 thereafter
held for sale) 13 & $ 26-Jun-07 31-Mar-14 US Dollar 69.16 3,000 652.15 30% Note 10 - 705.74 Nil Nil -
4 PT Kaltim Prima Coal 13 26-Jun-07 31-Mar-19 US Dollar 69.16 123,540 4,029.24 30% Note 10 - 1522.75 2461.59 738.48 -
5 Indocoal Resources (Cayman) Ltd. 12 & 13 26-Jun-07 31-Mar-19 US Dollar 69.16 300 2,817.76 30% Note 10 - 698.63 17.16 5.15 -
6 PT Indocoal Kalsel Resources (consolidated upto 31st March, 2014
thereafter held for sale) 12, 13 & $ 26-Jun-07 31-Mar-14 IDR Rupaiya 0.005 60,000 0.20 30% Note 10 - (0.03) * * -
7 PT Indocoal Kaltim Resources 12 & 13 26-Jun-07 31-Mar-19 IDR Rupaiya 0.005 82,380 0.33 30% Note 10 - 0.39 * * -
8 Powerlinks Transmission Ltd. 7-Jul-03 31-Mar-19 Indian Rupee 1.00 23,86,80,000 238.68 51% Note 10 - 465.81 112.75 57.50 -
9 Industrial Energy Ltd. 23-Feb-07 31-Mar-19 Indian Rupee 1.00 492,840,000 492.84 74% Note 10 - 567.32 111.10 82.22 -
10 Dugar Hydro Power Ltd. 21-Apr-11 31-Mar-19 Indian Rupee 1.00 43,250,002 43.25 50% Note 10 - 23.64 (0.11) (0.06) -
11 Tubed Coal Mines Ltd. 12 20-Nov-07 31-Mar-19 Indian Rupee 1.00 10,197,800 10.20 40% Note 10 - Nil Nil Nil -
12 Mandakini Coal Company Ltd. 12 18-Jul-08 31-Mar-17 Indian Rupee 1.00 39,300,000 39.30 33.33% Note 10 - (57.19) Nil Nil -
13 Gamma Land Holding Ltd. 12 14-Sep-12 31-Mar-19 Indian Rupee 1.00 16,667 0.02 33.33% Note 10 - (0.01) Nil Nil -
14 Solace Land Holding Ltd. 12 12-Sep-12 31-Mar-19 Indian Rupee 1.00 766,667 0.77 33.33% Note 10 - Nil Nil Nil -
15 Beta Land Holdings Ltd. 12 13-Dec-12 31-Mar-19 Indian Rupee 1.00 16,667 0.02 33.33% Note 10 - (0.03) Nil Nil -
16 Ginger Land Holdings Ltd. 12 20-Dec-12 31-Mar-19 Indian Rupee 1.00 16,667 0.02 33.33% Note 10 - Nil Nil Nil -
17 Candice Investments Pte. Ltd. 13 28-Oct-10 31-Mar-19 US Dollar 69.16 3 * 30% Note 10 - 47.15 22.67 6.80 -
18 PT Nusa Tambang Pratama 13 28-Oct-10 31-Mar-19 US Dollar 69.16 18,000 * 30% Note 10 - 1205.90 631.98 189.60 -
19 PT Marvel Capital Indonesia 12 & 13 28-Oct-10 31-Mar-19 US Dollar 69.16 107,459 0.01 30% Note 10 - 0.19 * Nil -
20 PT Dwikarya Prima Abadi 12 & 13 28-Oct-10 31-Mar-19 US Dollar 69.16 10,769 0.01 30% Note 10 - 253.36 25.27 7.58 -
21 PT Kalimantan Prima Power (Consolidated) 5 & 13 1-Jan-11 31-Mar-19 US Dollar 69.16 7,500 5.14 30% Note 10 - 181.85 (8.53) (2.56) -
22 PT Baramulti Sukessarana Tbk (Consolidated) 6 & 13 9-Nov-12 31-Mar-19 US Dollar 69.16 680,290,000 645.64 26% Note 10 - 274.17 353.62 91.94 -
23 Adjaristsqali Netherlands BV (Consolidated) 7 & 13 9-May-13 31-Mar-19 Euro 77.67 16,459 466.41 40% Note 10 - 345.69 Nil Nil -
24 Indocoal KPC Resources (Cayman) Ltd 12 & 13 2-Jul- 14 31-Mar-19 US Dollar 69.16 300 * 30% Note 10 - 0.73 1.33 0.40 -
25 Koromkheti Netherlands BV (Consolidated) 8, 12 & 13 9-May- 14 31-Mar-19 Euro 77.67 500 * 40% Note 10 - (26.16) Nil Nil -
26 Itezhi Tezhi Power Corporation Ltd. (Consolidated upto 31st March, 2019
thereafter held for sale) 13 & $ 29-Apr-15 31-Mar-19 US Dollar 69.16 452,500 275.74 50% Note 10 - 373.36 178.10 89.05 -
27 Resurgent Power Ventures Pte. Ltd. 12 19-May-16 31-Mar-19 US Dollar 69.16 14,736 24.88 26% Note 10 - 5.02 (59.42) (15.45) -
28 LTH Milcom Private Ltd. 12 & $ 17-Aug-15 31-Mar-17 Indian Rupee 1.00 66,660 0.07 33.33% Note 10 Not material * * * *
to the group
Form AOC-I
Statement containing salient features of the financial statement of Subsidiaries/ Associate Companies/Joint Ventures (Contd.)
Part “B”: Associates and Joint Ventures (Contd.)
` crore
SN Name of the Associate/Joint Venture Company Date of Latest audited Reporting Exchange Shares of Associate/ Amount of Extent of Description Reason why Net worth Profit/ Considered in Not
acquiring Balance Sheet currency Rate as at Joint Venture Investment Holding % of how there the associate attributable to (Loss) Consolidation considered in
Associate Date 31st March, company held by in Associate / is significant company is not Shareholding as after tax Consolidation
2019 the company on Joint Venture influence consolidated per latest audited
the year end (No.) companies Balance Sheet
Associates
1 Tata Projects Ltd. (consolidated upto 31st December, 2017

thereafter held for sale) $ 27-Nov-00 31-Dec-17 Indian Rupee 1.00 967,500 85.01 47.78% Note 11 - 513.44 77.63 37.09 -
$
2 Nelito Systems Ltd. 31-Dec-05 31-Mar-19 Indian Rupee 1.00 572,238 4.34 28.15% Note 11 - 12.93 Nil Nil -
12
3 Yashmun Engineers Ltd. 27-Nov-00 31-Mar-19 Indian Rupee 1.00 19,200 0.01 27.27% Note 11 - 3.19 * * -
4 Dagachhu Hydro Power corporation Ltd. 19-Jan-09 31-Mar-19 Bhutan Nu 1.00 1,074,320 107.43 26.00% Note 11 - 91.57 (25.12) (6.53) -
12
5 The Associated Building Co. Ltd. 27-Nov-00 31-Mar-19 Indian Rupee 1.00 1,825 0.17 33.14% Note 11 0.44 Nil Nil -
Not material to
6 Brihat Trading Pvt. Ltd. 12 22-Feb-05 31-Mar-19 Indian Rupee 1.00 3,350 0.01 33.21% Note 11 the group (0.01) Nil Nil -
Notes:
1. Accounts of Tatanet Services Ltd. have been consolidated with Nelco Ltd.
2. Accounts of all subsidiaries of Walwhan Renewable Energy Ltd. have been consolidated with Walwhan Renewable Energy Ltd.
3. Accounts of Amakhala Emoyeni RE Project 1 (Pty) Ltd. and Tsitsikamma Community Wind Farm (Pty) Ltd. have been consolidated with Cennergi Pty. Ltd.
4. Accounts of PT Mitratama Usaha have been consolidated with PT Mitratama Perkasa.
5. Accounts of PT Citra Prima Buana, PT Guruh Agung and PT Citra Kusuma Perdana have been consolidated with PT Kalimantan Prima Power.
6. Accounts of PT Antang Gunung Meratus have been consolidated with PT Baramulti Sukessarana Tbk.
7. Accounts of Adjaristsqali Georgia LLC have been consolidated with Adjaristsqali Netherlands BV.
8. Accounts of Koromkheti Georgia LLC have been consolidated with Koromkheti Netherlands BV.
9. Accounts of Resurgent Power Ventures Pte. Ltd. have been consolidated with Renascent Power Ventures Pvt. Ltd.
10. There is significant influence due to shareholding and joint control over the economic activities.
11. There is significant influence due to shareholding.
12. Based on Management Accounts for FY 2018-19.
13. Figures of foreign subsidiaries and joint ventures are as per their accounts prepared under the respective GAAP, converted to Ind AS.
14. Turnover includes rate regulatory income/(expense).
15. $ denotes held for Sale.
Figures below ` 50,000 are denoted by “*”.
For and on behalf of the Board

PRAVEER SINHA BANMALI AGRAWALA
CEO & Managing Director Director
DIN: 01785164 DIN: 00120029
RAMESH SUBRAMANYAM H. M. MISTRY
241
Mumbai, 2nd May, 2019. Chief Financial Officer Company Secretary

Independent Auditor’s Report

To the Members of The Tata Power Company Limited
Report on the Audit of the Standalone Ind AS Financial Statements
Opinion
We have audited the accompanying standalone Ind AS financial statements of The Tata Power Company Limited (“the Company”),
which comprise the Balance sheet as at March 31, 2019, the Statement of Profit and Loss, including Other Comprehensive Income, the
Cash Flow Statement and the Statement of Changes in Equity for the year then ended, and notes to the financial statements, including
a summary of significant accounting policies and other explanatory information.
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone Ind AS
financial statements give the information required by the Companies Act, 2013, as amended (“the Act”) in the manner so required
and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the
Company as at March 31, 2019, its profit including other comprehensive income, its cash flows and the changes in equity for the year
ended on that date.
Basis for Opinion
We conducted our audit of the standalone Ind AS financial statements in accordance with the Standards on Auditing (SAs), as specified
under section 143(10) of the Act. Our responsibilities under those Standards are further described in the ‘Auditor’s Responsibilities for
the Audit of the Standalone Ind AS Financial Statements’ section of our report. We are independent of the Company in accordance
with the ‘Code of Ethics’ issued by the Institute of Chartered Accountants of India together with the ethical requirements that are
relevant to our audit of the financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our
other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we
have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone Ind AS financial statements.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the standalone Ind
AS financial statements for the financial year ended March 31, 2019. These matters were addressed in the context of our audit of the
standalone Ind AS financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on
these matters. For each matter below, our description of how our audit addressed the matter is provided in that context.
We have determined the matters described below to be the key audit matters to be communicated in our report. We have fulfilled
the responsibilities described in the Auditor’s responsibilities for the audit of the standalone Ind AS financial statements section
of our report, including in relation to these matters. Accordingly, our audit included the performance of procedures designed to
respond to our assessment of the risks of material misstatement of the standalone Ind AS financial statements. The results of our
audit procedures, including the procedures performed to address the matters below, provide the basis for our audit opinion on the
accompanying standalone Ind AS financial statements.
Accrual of Regulatory Deferrals (as described in Note 20 of the financial statements)
In the power distribution business of the Company, the tariff is • Our audit procedures included considering the Company’s
determined by the regulator on cost plus return on equity basis accounting policies with respect to accrual of regulatory
wherein the cost is subject to prudential norms. The Company deferrals and assessing compliance with Ind AS 114
invoices its customers on the basis of pre-approved tariff which “Regulatory Deferral Accounts”
is based on budget and is subject to true ups to be adjusted in • We performed test of controls over accrual of regulatory
the future tariff. deferrals through inspection of evidence of performance
The Company recognizes revenue on the basis of tariff invoiced of these controls.
to consumers. As the Company is entitled to a fixed return on
equity, the Company recognizes regulatory deferral for the
shortage / excess compared to the entitled return on equity. The
Company has recognized regulatory deferrals of ` 999 crore as at
March 31, 2019.
242 I Standalone Financials

Regulatory deferrals are determined based on tariff regulations • We performed the following tests of details:
NOTICE
and past tariff orders and are subject to verification and approval • Evaluated the key assumptions used by the Company
by the regulators. Further the costs incurred are subject to by comparing it with prior years, past precedents and
prudential checks and prescribed norms. Significant judgements the opinion of management’s expert.
are made in determining the regulatory deferrals including • Considered the independence, objectivity and
interpretation of tariff regulations. Further certain disallowances competence of management’s expert.
of claims have been challenged by the Company before higher • For tariff orders received by the Company, we have
BOARD’S REPORT
authorities. assessed the impact recognized by the Company and
Accrual of regulatory deferrals is a key audit matter considering for matters challenged by the Company, we have also
the significance of the amount of regulatory deferrals and the assessed the management’s evaluation of the likely
significant judgements involved in the determination of accruals. outcome of the dispute based on past precedents
and / or advice of management’s expert.
• We have assessed the disclosures in accordance with
the requirements of Ind AS 114 “Regulatory Deferral
Accounts”.
Recognition of tax credits (as described in Note 35 of the financial statements)
The Company has recognized Minimum Alternate Tax (MAT) • Our audit procedures included considering Company’s
MD & A
credit receivable of ` 517.51 crore and unrecognized MAT credit accounting policies with respect to recognition of tax
receivable of ` 149.19 crore as at 31st March 2019. The Company credits in accordance with Ind AS 12 “Income Taxes”
also has unrecognized other deferred tax assets of ` 306.94 crore • We performed test of controls over recognition of tax
on provision for diminution in value of investment classified as credits through inspection of evidence of performance of
asset held for sale. these controls.
The recognition of MAT credit and deferred tax assets (together • We performed the following tests of details:
referred to as “tax credits” hereinafter) is a key audit matter as • We involved our tax specialists who evaluated the
CG REPORT
the recoverability of such tax credits within the allowed time Company’s tax positions by comparing it with prior
frame involves significant estimate of the financial projections, years and past precedents.
availability of sufficient taxable income in the future and • We discussed the future business plans and financial
significant judgements in the interpretation of tax regulations projections with the Company.
and tax positions adopted by the Company. • We assessed the management’s long term financial
projections and the key assumptions used in
the projections by comparing it to the approved
business plan and projections used for impairment
assessment where applicable.
• We have assessed the disclosures in accordance with the
BRR
requirements of Ind AS 12 “Income Taxes”.
Impairment of Assets (as described in Note 5 and 8 of the financial statements)
At the end of every reporting period, the Company assesses • Our audit procedures included considering the Company’s
whether there is any indication that an asset or cash generating accounting policies with respect to impairment in
unit (CGU) may be impaired. If any such indication exists, the accordance with Ind AS 36 “Impairment of assets”.
CONSOLIDATED
Company estimates the recoverable amount of the asset or CGU. • We performed test of controls over impairment process
The determination of recoverable amount, being the higher of through inspection of evidence of performance of these
fair value less costs to sell and value-in-use involves significant controls.
estimates, assumptions and judgements of the long term • We performed the following tests of details:
financial projections. • We obtained the management’s impairment
During the earlier years, the Company has recognized impairment assessment.
provision with respect to Mundra CGU (including coal mines • We evaluated the key assumptions including projected
and related infrastructure), hydro power plant in Georgia and a generation, coal prices, exchange rate, energy prices
post power purchase agreement period and weighted
STANDALONE
generating unit in Trombay. During the year, as the indication

exists, the Company has reassessed its impairment assessment average cost of capital by comparing them with prior
with respect to the specified CGUs. years and external data, where available.
Impairment of assets is a key audit matter considering the • We have obtained and evaluated the sensitivity
significance of the carrying value, long term estimation and the analysis.
significant judgements involved in the impairment assessment. • We assessed the disclosures in accordance with Ind
AS 36 “Impairment of assets”.
Standalone Financials I 243

Related party transactions (as described in Note 19 and 41 of the standalone Ind AS financial statements)
During the year, the Company has sold its investments in shares • Our audit procedures included considering the
of Tata Communications Limited and Panatone Finvest Limited compliance with the various requirements for entering in
to Tata Sons Private Limited for a total consideration of ` 1,542.61 to such related party transactions.
crore and ` 613.49 crore respectively. • We performed test of controls over related party
Further, during the previous year, the Board of Directors of transactions through inspection of evidence of
the Company had approved sale of its Strategic Engineering performance of these controls.
Division (SED) to Tata Advanced Systems Limited, a wholly • We performed the following tests of details:
owned subsidiary of Tata Sons Private Limited at an enterprise • We have read the valuation reports and fairness
valuation of `2,230 crore (including `1,190 crore contingent opinion obtained from independent valuers and
upon achieving certain milestones). The transaction is subject assessed the objectivity and competence of the
to regulatory and necessary approvals. independent valuers.
Determination of transaction price for such related party • We have read the approvals obtained from Audit
transactions outside the normal course of business is a key audit Committee, Board of Directors, Shareholders and all
matter considering the significance of the transaction value other regulatory approvals for the transactions.
and the significant judgements involved in determining the
• We have assessed the disclosures in accordance with Ind
transaction value.
AS 24 “Related Party Disclosures”.
Other Information
The Company’s Board of Directors is responsible for the other information. The other information comprises the information included
in the Annual report, but does not include the standalone Ind AS financial statements and our auditor’s report thereon.
Our opinion on the standalone Ind AS financial statements does not cover the other information and we do not express any form of
assurance conclusion thereon.
In connection with our audit of the standalone Ind AS financial statements, our responsibility is to read the other information and, in
doing so, consider whether such other information is materially inconsistent with the financial statements or our knowledge obtained
in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a
material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of Management for the Standalone Ind AS Financial Statements
The Company’s Board of Directors is responsible for the matters stated in section 134(5) of the Act with respect to the preparation of
these standalone Ind AS financial statements that give a true and fair view of the financial position, financial performance including
other comprehensive income, cash flows and changes in equity of the Company in accordance with the accounting principles
generally accepted in India, including the Indian Accounting Standards (Ind AS) specified under section 133 of the Act read with
the Companies (Indian Accounting Standards) Rules, 2015, as amended. This responsibility also includes maintenance of adequate
accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing
and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and
estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls,
that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation
and presentation of the standalone Ind AS financial statements that give a true and fair view and are free from material misstatement,
whether due to fraud or error.
In preparing the standalone Ind AS financial statements, management is responsible for assessing the Company’s ability to continue
as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless
management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
Those Board of Directors are also responsible for overseeing the Company’s financial reporting process.
Auditor’s Responsibilities for the Audit of the Standalone Ind AS Financial Statements
Our objectives are to obtain reasonable assurance about whether the standalone Ind AS financial statements as a whole are free
from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable
assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a
material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these standalone
Ind AS financial statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the
audit. We also:
• Identify and assess the risks of material misstatement of the standalone Ind AS financial statements, whether due to fraud
NOTICE
or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and
appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher
than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the
override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the
BOARD’S REPORT
circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Company
has adequate internal financial controls system in place and the operating effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related
disclosures made by management.
• Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit
evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the
Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw
attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to
modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However,
future events or conditions may cause the Company to cease to continue as a going concern.
MD & A
• Evaluate the overall presentation, structure and content of the standalone Ind AS financial statements, including the disclosures,
and whether the standalone Ind AS financial statements represent the underlying transactions and events in a manner that
achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit
and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding
independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our
CG REPORT
independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were of most significance
in the audit of the standalone Ind AS financial statements for the financial year ended March 31, 2019 and are therefore the key audit
matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or
when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse
consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor’s Report) Order, 2016 (“the Order”), issued by the Central Government of India in terms
BRR
of sub-section (11) of section 143 of the Act, we give in the “Annexure 1” a statement on the matters specified in paragraphs 3
and 4 of the Order.
2. As required by Section 143(3) of the Act, we report that:
(a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were
necessary for the purposes of our audit;
CONSOLIDATED
(b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our
examination of those books;
(c) The Balance Sheet, the Statement of Profit and Loss including Other Comprehensive Income, the Cash Flow Statement
and Statement of Changes in Equity dealt with by this Report are in agreement with the books of account;
(d) In our opinion, the aforesaid standalone Ind AS financial statements comply with the Accounting Standards specified
under Section 133 of the Act, read with Companies (Indian Accounting Standards) Rules, 2015, as amended;
(e) On the basis of the written representations received from the directors as on March 31 2019 taken on record by the Board
of Directors, none of the directors is disqualified as on March 31, 2019 from being appointed as a director in terms of
STANDALONE
Section 164 (2) of the Act;

(f ) With respect to the adequacy of the internal financial controls over financial reporting of the Company with reference
to these standalone Ind AS financial statements and the operating effectiveness of such controls, refer to our separate
Report in “Annexure 2” to this report;
(g) In our opinion, the managerial remuneration for the year ended March 31, 2019 has been paid / provided by the Company
to its directors is in accordance with the provisions of section 197 read with Schedule V to the Act;

(h) With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the Companies
(Audit and Auditors) Rules, 2014, as amended in our opinion and to the best of our information and according to the
explanations given to us:
i. The Company has disclosed the impact of pending litigations on its financial position in its standalone Ind AS
financial statements – Refer Note 38 to the standalone Ind AS financial statements;
ii. The Company has made provision, as required under the applicable law or accounting standards, for material
foreseeable losses, if any, on long-term contracts including derivative contracts – Refer Note 25 to the standalone
Ind AS financial statements;
iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and
Protection Fund by the Company.

per Sudhir Soni

Partner
UDIN: 19041870AAAAAJ8566
Place : Mumbai

Annexure 1 to the Independent Auditor’s Report referred to in paragraph 1 under the heading ‘Report on Other Legal
and Regulatory Requirements’ of our report of even date on the standalone Ind AS financial statements of The Tata Power
Company Limited
NOTICE
(i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of
fixed assets.
(b) All fixed assets have not been physically verified by the management during the year but there is a regular programme
of verification which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets.
No material discrepancies were noticed on such verification.
BOARD’S REPORT
(c) According to the information and explanations given by the management, the title deeds of immovable properties
included in property, plant and equipment are held in the name of the Company, except for:
a. immovable properties aggregating to ` 0.88 crore acquired during merger of Chemical Terminal Trombay Limited
in the previous year for which registration of title of deeds is in progress;
b. immovable properties aggregating to ` 26.54 crore acquired in earlier years for which registration of title of deeds
is in progress;
c. immovable properties aggregating to ` 27.57 crore for which the title deed is in dispute and pending resolution
as at March 31, 2019;
Further registration of title deed is in progress in respect of leasehold land classified under Asset held for sale aggregating
to ` 215.56 crore (Gross value ` 225.65 crore).
MD & A
According to the information and explanations given by the management, the title deeds of immovable properties
included in property, plant and equipment are pledged with the banks and not available with the Company as described
in note 23 and 28 of financials statements. The same has not been independently confirmed by the bank and hence we
are unable to comment on the same.
(ii) The management has conducted physical verification of inventory at reasonable intervals during the year and no material
discrepancies were noticed on such physical verification.
CG REPORT
(iii) (a) The Company has granted loans to fourteen companies covered in the register maintained under section 189 of the
Companies Act, 2013. In our opinion and according to the information and explanations given to us, the terms and
conditions of the grant of such loans are not prejudicial to the Company’s interest.
(b) The Company has granted loans to fourteen companies covered in the register maintained under section 189 of the
Companies Act, 2013. The schedule of repayment of principal and payment of interest has been stipulated for the loans
granted and the repayment/receipts are regular.
(c) There are no amounts of loans granted to companies, firms or other parties listed in the register maintained under
section 189 of the Companies Act, 2013 which are overdue for more than ninety days.
(iv) In our opinion and according to the information and explanations given to us, provisions of section 185 and 186 of the
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Companies Act 2013 in respect of loans to directors including entities in which they are interested and in respect of loans and
advances given, investments made, guarantees and securities given have been complied with by the Company.
(v) The Company has not accepted any deposits within the meaning of Sections 73 to 76 of the Act and the Companies (Acceptance
of Deposits) Rules, 2014 (as amended). Accordingly, the provisions of clause 3(v) of the Order are not applicable.
We are informed by the management that no order has been passed by the Company Law Board, National Company Law
CONSOLIDATED
Tribunal, Reserve Bank of India or any Court or any other Tribunal.
(vi) We have broadly reviewed the books of account maintained by the Company pursuant to the rules made by the Central
Government for the maintenance of cost records under section 148(1) of the Companies Act, 2013, related to generation of
electricity and arms and ammunitions, electricals or electronic machinery and are of the opinion that prima facie, the specified
accounts and records have been made and maintained. We have not, however, made a detailed examination of the same.
(vii) According to the information and explanations given to us in respect of statutory dues:
(a) Undisputed statutory dues including provident fund, employees’ state insurance, income-tax, duty of custom, goods
and service tax, cess and other statutory dues have generally been regularly deposited with the appropriate authorities
STANDALONE
though there has been a slight delay in a few cases.

(b) According to the information and explanations given to us, no undisputed amounts payable in respect of provident
fund, employees’ state insurance, income tax, service tax, sales tax, custom duty, excise duty, value added tax, goods and
service tax, cess and other statutory dues were outstanding, at the year end, for a period of more than six months from
the date they became payable.
(c) According to the records of the Company, the dues of income tax, sales tax, service tax, custom duty, excise duty, value
added tax and cess on account of any dispute are as follows:

Name of statute Nature of Amount Period to which the Forum where the dispute is
the Dues (` crores) amount relates pending
The Customs Act, 1962 Customs 34.43 2011-12 and 2012-13 Tribunal
Duty 3.60 2004-05 to 2005-06 Tribunal
1.37 2004-05 to 2005-06 and Principal Commissioner
2009-10
Maharashtra Tax on the Entry Entry tax 709.17 2005-06 and 2008-09 Supreme Court
of Goods into Local Areas Act, 1,000.22 2006-07, 2007-08, Tribunal
2002 2010-11, 2011-12
325.79 2009-10, 2012-13 and Joint Commissioner Appeal
2013-14
The Central Excise Act, 1944 Excise 0.81 1993-94 to 1995-96 Tribunal
Duty
The Water (Prevention & Control Cess 1.13 2009-10 Chairman, Maharashtra
of Pollution) Cess Act 1977 Pollution Control Board (MPCB)
The Finance Act, 1994 Service 375.29 July 2012 to June 2017 High Court
Tax 5.86 2011-12 to 2014-15 Tribunal
0.25 2007-08 Joint Commissioner appeal
(viii) In our opinion and according to the information and explanations given by the management, the Company has not defaulted
in repayment of loans or borrowing to a financial institution, bank or government or dues to debenture holders.
(ix) In our opinion and according to the information and explanations given by the management, the Company has utilized the
monies raised by way of debt instruments in the nature of debentures and term loans for the purposes for which they were
raised. According to the information and explanations given by the management, the Company has not raised any money by
way of initial public offer or further public offer.
(x) Based upon the audit procedures performed for the purpose of reporting the true and fair view of the financial statements
and according to the information and explanations given by the management, we report that no fraud by the Company or no
material fraud on the Company by the officers and employees of the Company has been noticed or reported during the year.
(xi) According to the information and explanations given by the management, the managerial remuneration has been paid /
provided in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the
(xii) In our opinion, the Company is not a Nidhi company. Therefore, the provisions of clause 3(xii) of the Order are not applicable to
the Company and hence not commented upon.
(xiii) According to the information and explanations given by the management, transactions with the related parties are in
compliance with section 177 and 188 of Companies Act, 2013 where applicable and the details have been disclosed in the
notes to the financial statements, as required by the applicable accounting standards.
(xiv) According to the information and explanations given to us and on an overall examination of the balance sheet, the Company
has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year
under review and hence, reporting requirements under clause 3(xiv) are not applicable to the Company and, not commented
upon.
(xv) According to the information and explanations given by the management, the Company has not entered into any non-cash
transactions with directors or persons connected with him as referred to in section 192 of Companies Act, 2013.
(xvi) According to the information and explanations given to us, the provisions of section 45-IA of the Reserve Bank of India Act, 1934
are not applicable to the Company.

per Sudhir Soni

Partner
Place : Mumbai

Annexure 2 to the Independent Auditor’s Report of even date on the Standalone Ind AS Financial Statements of the Tata Power Company Limited
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (“the Act”)
We have audited the internal financial controls over financial reporting of The Tata Power Company Limited (“the Company”) as of March 31, 2019 in
NOTICE
conjunction with our audit of the standalone Ind AS financial statements of the Company for the year ended on that date.
Management’s Responsibility for Internal Financial Controls
The Company’s Management is responsible for establishing and maintaining internal financial controls based on the internal control over financial
reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal
Financial Controls Over Financial Reporting (the “Guidance Note”) issued by the Institute of Chartered Accountants of India. These responsibilities
include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly
BOARD’S REPORT
and efficient conduct of its business, including adherence to the Company’s policies, the safeguarding of its assets, the prevention and detection of
frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required
under the Companies Act, 2013.
Auditor’s Responsibility
Our responsibility is to express an opinion on the Company’s internal financial controls over financial reporting with reference to these standalone
financial statements based on our audit. We conducted our audit in accordance with the Guidance Note and the Standards on Auditing as specified
under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls and, both issued by the Institute of
Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the
audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting with reference to these standalone
financial statements was established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls over financial reporting with
MD & A
reference to these standalone financial statements and their operating effectiveness. Our audit of internal financial controls over financial reporting
included obtaining an understanding of internal financial controls over financial reporting with reference to these standalone financial statements,
assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the
assessed risk. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the
financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the internal financial
controls over financial reporting with reference to these standalone financial statements.
Meaning of Internal Financial Controls Over Financial Reporting With Reference to these Financial Statements
CG REPORT
A company’s internal financial control over financial reporting with reference to these standalone financial statements is a process designed to
provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in
accordance with generally accepted accounting principles. A company’s internal financial control over financial reporting with reference to these
standalone financial statements includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail,
accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are
recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts
and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and (3)
provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the company’s assets that
could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls Over Financial Reporting With Reference to these Standalone Financial Statements
Because of the inherent limitations of internal financial controls over financial reporting with reference to these standalone financial statements,
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including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and
not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting with reference to these standalone Ind
AS financial statements to future periods are subject to the risk that the internal financial control over financial reporting with reference to these
standalone financial statements may become inadequate because of changes in conditions, or that the degree of compliance with the policies or
procedures may deteriorate.
Opinion
CONSOLIDATED
In our opinion, the Company has, in all material respects, adequate internal financial controls over financial reporting with reference to these
standalone financial statements and such internal financial controls over financial reporting with reference to these standalone financial statements
were operating effectively as at March 31, 2019, based on the internal control over financial reporting criteria established by the Company considering
the essential components of internal control stated in the Guidance Note.

STANDALONE
per Sudhir Soni

Partner
Place : Mumbai

Balance Sheet as at 31st March, 2019

Notes Page As at As at
` crore ` crore
ASSETS
Non-current Assets
(a) Property, Plant and Equipment .................................................................................................................................. 5 260 7,545.96 7,873.55
(b) Capital Work-in-Progress (Refer Note 39 b.) ........................................................................................................... 368.10 418.78
(c) Investment Property ...................................................................................................................................................... 6 263 Nil Nil
(d) Intangible Assets ............................................................................................................................................................. 7 264 83.89 93.18
(e) Financial Assets ................................................................................................................................................................
(i) Investments .......................................................................................................................................................... 8 265 21,270.77 18,382.45
(ii) Trade Receivables ............................................................................................................................................... 9 268 185.76 185.76
(iii) Loans ....................................................................................................................................................................... 10 269 51.35 68.90
(iv) Finance Lease Receivables .............................................................................................................................. 11 270 554.27 574.76
(v) Other Financial Assets ...................................................................................................................................... 12 271 2.89 Nil
(f) Non-current Tax Assets (Net)....................................................................................................................................... 13 271 68.65 Nil
(g) Other Non-current Assets ............................................................................................................................................ 14 272 977.10 1,235.70
Total Non-current Assets ..................................................................................................................................................... 31,108.74 28,833.08
Current Assets
(a) Inventories ......................................................................................................................................................................... 15 273 579.51 474.22
(i) Investments .......................................................................................................................................................... 16 273 42.00 10.00
(ii) Trade Receivables ............................................................................................................................................... 9 268 1,256.44 972.05
(iii) Unbilled Revenue ............................................................................................................................................... 41.56 53.75
(iv) Cash and Cash Equivalents ............................................................................................................................. 17 274 75.94 42.94
(v) Bank Balances other than (iv) above ........................................................................................................... 18 275 19.85 15.48
(vi) Loans ....................................................................................................................................................................... 10 269 119.20 402.92
(vii) Finance Lease Receivables .............................................................................................................................. 11 270 37.58 34.27
(viii) Other Financial Assets ...................................................................................................................................... 12 271 96.06 297.78
(c) Other Current Assets ...................................................................................................................................................... 14 272 952.11 309.25
Total Current Assets ............................................................................................................................................................... 3,220.25 2,612.66
Assets Classified as Held For Sale ........................................................................................................................................ 19a 275 2,806.59 3,261.14
Total Assets before Regulatory Deferral Account ................................................................................................... 37,135.58 34,706.88
Regulatory Deferral Account - Assets ........................................................................................................................... 20 278 999.00 1,795.19
TOTAL ASSETS....................................................................................................................................................................................... 38,134.58 36,502.07
Equity
(a) Equity Share Capital ....................................................................................................................................................... 21a 279 270.50 270.50
(b) Unsecured Perpetual Securities ................................................................................................................................. 21b 279 1,500.00 1,500.00
(c) Other Equity ...................................................................................................................................................................... 22 280 13,919.10 12,718.03
Total Equity ................................................................................................................................................................................ 15,689.60 14,488.53
LIABILITIES
(i) Borrowings ................................................................................................................................................................ 23 282 8,749.72 8,123.84
(ii) Trade Payables .........................................................................................................................................................
(a) Total outstanding dues of micro enterprises and small enterprises ........................................... 36 304 Nil Nil
(b) Total outstanding dues of creditors other than micro enterprises and small enterprises .. 22.75 21.00
(iii) Other Financial Liabilities .................................................................................................................................... 24 284 42.76 44.74
(b) Provisions ........................................................................................................................................................................... 25 285 195.55 182.10
(c) Deferred Tax Liabilities (Net) ....................................................................................................................................... 26 & 35 290 583.49 235.99
(d) Other Non-current Liabilities ...................................................................................................................................... 27 291 183.54 246.49
Total Non-current Liabilities.............................................................................................................................................. 9,777.81 8,854.16
Current Liabilities
(i) Borrowings ................................................................................................................................................................ 28 291 6,731.80 4,326.46
(ii) Trade Payables .........................................................................................................................................................
(a) Total outstanding dues of micro enterprises and small enterprises ........................................... 36 304 3.96 3.72
(b) Total outstanding dues of creditors other than micro enterprises and small enterprises .. 1,098.18 1,101.96
(iii) Other Financial Liabilities .................................................................................................................................... 24 284 2,895.43 5,047.98
(b) Current Tax Liabilities (Net) .......................................................................................................................................... 29 291 107.67 107.67
(c) Provisions ........................................................................................................................................................................... 25 285 14.74 15.44
(d) Other Current Liabilities................................................................................................................................................ 27 291 849.12 1,193.59
Total Current Liabilities........................................................................................................................................................ 11,700.90 11,796.82
Liabilities directly associated with Assets Classified as Held For Sale .................................................................... 19b 276 966.27 877.56
Total Liabilities before Regulatory Deferral Account ........................................................................................... 22,444.98 21,528.54
Regulatory Deferral Account - Liability........................................................................................................................ 20 278 Nil 485.00
TOTAL EQUITY AND LIABILITIES .................................................................................................................................................. 38,134.58 36,502.07
See accompanying notes to the Financial Statements


Statement of Profit and Loss for the year ended 31st March, 2019
Notes Page For the year ended For the year ended
NOTICE
` crore ` crore
I Revenue from Operations ............................................................................................................................................ 30 292 7,932.83 7,536.59
II Other Income .................................................................................................................................................................... 31 296 516.35 929.34
III Total Income .................................................................................................................................................................... 8,449.18 8,465.93
IV Expenses
Cost of Power Purchased .................................................................................................................................... 457.02 412.05
Cost of Fuel (Refer Note 44) .................................................................................................................................. 3,168.27 2,776.40
Transmission Charges .......................................................................................................................................... 248.23 279.88
BOARD’S REPORT
Employee Benefits Expense (Net).................................................................................................................... 32 297 637.57 596.69
Finance Costs (Refer Note 44) .............................................................................................................................. 33 297 1,500.35 1,431.38
Depreciation and Amortisation Expenses.................................................................................................... 5, 6 & 7 260 632.70 663.21
Other Expenses ...................................................................................................................................................... 34 298 801.87 877.52
Total Expenses ................................................................................................................................................................ 7,446.01 7,037.13
V Profit/(Loss) Before Movement in Regulatory Deferral Balance, Exceptional Items and Tax .. 1,003.17 1,428.80
Add/(Less): Net Movement in Regulatory Deferral Balance (Refer Note 44) ........................................ 20 278 (519.03) (236.00)
Add/(Less): Net Movement in Regulatory Deferral Balance in respect of earlier years ................. 20 278 274.26 Nil
(244.77) (236.00)
VI Profit/(Loss) Before Exceptional Items and Tax .............................................................................................. 758.40 1,192.80
Add/(Less): Exceptional Items ............................................................................................................................
Impairment of Property, Plant and Equipment ............................................................................... 5 260 Nil (100.00)
Impairment of Non-current Investments .......................................................................................... 8a & b 267 Nil (4,230.32)
Damages towards Contractual Obligation ....................................................................................... 34a 299 Nil (107.08)
Provision for Contingencies ................................................................................................................... 44 323 (45.00) Nil
MD & A
Gain on Sale of Investment in Associates.......................................................................................... 34a 299 1,212.99 Nil
1,167.99 (4,437.40)
VII Profit/(Loss) Before Tax .............................................................................................................................................. 1,926.39 (3,244.60)
VIII Tax Expense/(Credit)
Current Tax .............................................................................................................................................................. 35 299 171.00 224.26
Deferred Tax ........................................................................................................................................................... 35 299 331.58 (844.37)
Deferred Tax relating to earlier years ............................................................................................................. 35 299 10.00 Nil
Deferred Tax (Recoverable)/Payable............................................................................................................... 35 299 (420.61) 454.29
91.97 (165.82)
IX Profit/(Loss) for the Year from Continuing Operations............................................................................... 1,834.42 (3,078.78)
CG REPORT
X Profit/(Loss) before tax from Discontinued Operations............................................................................. 19c 276 (191.82) (85.87)
XI Tax Expense/(Credit) on Discontinued Operations
Current Tax.............................................................................................................................................................. (71.92) (17.36)
Deferred Tax ........................................................................................................................................................... 5.94 3.23
Tax Expense/(Credit) on Discontinued Operations ...................................................................................... (65.98) (14.13)
XII Profit/(Loss) for the Year from Discontinued Operations .......................................................................... 19c 276 (125.84) (71.74)
XIII Profit/(Loss) for the Year ............................................................................................................................................ 1,708.58 (3,150.52)
XIV Other Comprehensive Income/(Expense) - Continuing Operations
Add/(Less):
(i) Items that will not be reclassified to profit or loss
(a) Remeasurement of the Defined Benefit Plans .............................................................................. 25 (2.3) 287 (20.00) (12.38)
(b) Equity Instruments classified at FVTOCI .......................................................................................... 0.17 (400.44)
(c) Gain on sale of Investment classified at FVTOCI ........................................................................... 34a 299 0.01 99.59
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(d) Assets Classified as Held For Sale
- Equity Instruments classified at FVTOCI........................................................................................ (31.05) Nil
(ii) Tax relating to items that will not be reclassified to profit or loss
(a) Current Tax ................................................................................................................................................. 35 299 6.99 (34.67)
(b) Deferred Tax ............................................................................................................................................... 35 299 (0.02) 391.99
(43.90) 44.09
XV Other Comprehensive Income/(Expense) - Discontinued Operations
Add/(Less):
CONSOLIDATED
(i) Items that will not be reclassified to profit or loss................................................................................... 25 (2.3) 287 (1.14) 0.85
(ii) Income tax relating to items that will not be reclassified to profit or loss...................................... 0.40 Nil
(0.74) 0.85
Other Comprehensive Income/(Expense) For The Year .............................................................................. (44.64) 44.94
XVI Total Comprehensive Income for the year (XIII + XIV + XV) ..................................................................... 1,663.94 (3,105.58)
XVII Basic and Diluted Earnings Per Equity Share (of ` 1/- each) (`) 40 308
(i) From Continuing Operations before net movement in regulatory deferral balances ................ 6.95 (11.21)
(ii) From Continuing Operations after net movement in regulatory deferral balances .................... 6.36 (11.79)
(iii) From Discontinued Operations ....................................................................................................................... (0.46) (0.26)
(iv) Total Operations after net movement in regulatory deferral balances ............................................ 5.90 (12.05)
STANDALONE


Statement of Cash Flows for the year ended 31st March, 2019
` crore ` crore
A. Cash Flow from Operating Activities
Profit/(Loss) before tax from Continuing Operations................................................................................................ 1,926.39 (3,244.60)
Profit/(Loss) before tax from Discontinued Operations ........................................................................................... (191.82) (85.87)
Adjustments to reconcile Profit Before Tax to Net Cash Flows:
Depreciation and Amortisation Expense............................................................................................................. 632.70 694.39
Interest Income ............................................................................................................................................................. (84.91) (132.58)
Delayed Payment Charges ........................................................................................................................................ (6.34) (6.01)
Dividend Income .......................................................................................................................................................... (383.91) (747.90)
Finance Cost (Net of Capitalisation) ...................................................................................................................... 1,536.68 1,440.23
(Gain)/Loss on Disposal of Property, Plant and Equipment (Net) ............................................................... (10.81) (8.39)
(Gain)/Loss on Sale/Fair Value of Current Investment measured at FVTPL ............................................. (6.29) (2.36)
(Gain)/Loss on Sale of Non- Current Investments (Including fair value change) .................................. (0.88) Nil
Amortisation of Premium Paid on Leasehold Land ......................................................................................... 2.64 0.31
Guarantee Commission from Subsidiaries and Joint Ventures.................................................................... (20.95) (23.55)
Amortisation of Service Line Contributions ....................................................................................................... (7.46) (8.99)
Transfer to Contingency Reserve............................................................................................................................ 16.00 14.00
Allowance for Doubtful Debts and Advances (Net) ......................................................................................... 19.11 (0.39)
Impairment of Property, Plant and Equipment ................................................................................................. Nil 100.00
Impairment of Non-current Investments ............................................................................................................ Nil 4,230.32
Impairment of Non-current Investments in Joint Ventures .......................................................................... Nil (2.90)
(Gain)/Loss on Sale of Investment in Associates ............................................................................................... (1,212.99) Nil
Damages towards Contractual Obligation ......................................................................................................... Nil 107.08
Impairment of Non-current Assets ........................................................................................................................ Nil 6.00
Effect of Exchange Fluctuation (Net)..................................................................................................................... 4.54 (6.08)
477.13 5,653.18
2,211.70 2,322.71
Working Capital Adjustments:
Adjustment for (increase)/decrease in Assets:
Inventories ...................................................................................................................................................................... (107.14) 94.57
Trade Receivables ......................................................................................................................................................... (251.20) (48.37)
Finance Lease Receivables ........................................................................................................................................ 17.18 3.60
Loans- Current ............................................................................................................................................................... (0.41) (0.08)
Loans-Non Current....................................................................................................................................................... 4.09 11.15
Other Current Assets ................................................................................................................................................... (324.00) 3.54
Other Non-current Assets ......................................................................................................................................... 270.34 85.09
Unbilled Revenue ......................................................................................................................................................... 66.23 192.11
Other Financial Assets - Current ............................................................................................................................. (0.40) 21.14
Other Financial Assets - Non-current .................................................................................................................... 1.10 (6.29)
Regulatory Deferral Account - Assets ................................................................................................................... 894.37 456.16
570.16 812.62
2,781.86 3,135.33
Adjustments for increase / (decrease) in Liabilities:
Trade Payables ............................................................................................................................................................... (34.77) (118.90)
Other Current Liabilities............................................................................................................................................. (382.37) 18.02
Other Non-current Liabilities ................................................................................................................................... (66.98) 65.02
Current Provisions ........................................................................................................................................................ (40.72) (11.11)
Non-current Provisions .............................................................................................................................................. 24.62 30.40
Other Financial Liabilities - Current ....................................................................................................................... (13.37) (6.86)
Other Financial Liabilities - Non Current .............................................................................................................. 1.38 0.17
Regulatory Deferral Account - Liability ................................................................................................................ (485.00) (171.00)
(997.21) (194.26)
Cash flow from/(used in) Operations .............................................................................................................................. 1,784.65 2,941.07
Income tax Paid............................................................................................................................................................. (101.31) (173.58)
Net cash flows from/(used) in Operating Activities............................................................................................. A 1,683.34 2,767.49
B. Cash Flow from Investing Activities
Capital expenditure on Property, Plant and Equipment (including capital advances) ................................. (522.39) (665.00)
Proceeds from sale of Property, Plant and Equipment ............................................................................................. 32.35 15.54
Purchase of Non-current Investments
Subsidiaries .................................................................................................................................................................... (3,425.99) (1,328.01)
Joint Ventures ................................................................................................................................................................ Nil (0.17)
Others ............................................................................................................................................................................... (25.00) (104.65)
Carried Over........ (2,257.69) (685.20)

Statement of Cash Flows for the year ended 31st March, 2019
NOTICE
` crore ` crore
Brought Froward........ (2,257.69) (685.20)
Proceeds from Sale of Non-current Investments
Subsidiaries .................................................................................................................................................................... 255.00 Nil
Associates........................................................................................................................................................................ 2,157.67 Nil
Other ................................................................................................................................................................................. 0.10 206.81
Proceeds from Sale of Current Investments (Net) ...................................................................................................... 16.29 132.44
BOARD’S REPORT
Interest Received
Subsidiaries .................................................................................................................................................................... 77.40 29.90
Joint Ventures ................................................................................................................................................................ Nil 0.92
Others ............................................................................................................................................................................... 44.96 99.99
Delayed Payment Charges Received ............................................................................................................................... 6.34 6.01
Loans given
Subsidiaries ...................................................................................................................................................................... (2,359.61) (1,377.12)
Joint Ventures .................................................................................................................................................................. (1.00) (0.07)
Associates ......................................................................................................................................................................... (1.00) Nil
Loans repaid
Subsidiaries ...................................................................................................................................................................... 2,621.97 974.86
Joint Ventures .................................................................................................................................................................. 1.00 Nil
Associates ......................................................................................................................................................................... 1.00 Nil
MD & A
Dividend Received
Subsidiaries ...................................................................................................................................................................... 428.95 501.94
Joint Ventures .................................................................................................................................................................. 104.49 66.38
Associates ......................................................................................................................................................................... 9.68 15.31
Others................................................................................................................................................................................. 5.43 10.63
Guarantee Commission Received .................................................................................................................................... 18.76 28.92
Amount (paid)/received back under Contractual Obligation ................................................................................ Nil 31.47
Bank Balance not considered as Cash and Cash Equivalents (with maturity more than three months) (2.95) (1.01)
Net cash flow from/(used) in Investing Activities................................................................................................. B (556.55) (1,354.91)
C. Cash Flow from Financing Activities
CG REPORT
Increase in Capital/Service Line Contributions ........................................................................................................... 11.49 11.17
Distribution on Unsecured Perpetual Securities......................................................................................................... (171.00) (171.00)
Interest and Other Borrowing Costs ................................................................................................................................ (1,591.08) (1,578.29)
Proceeds from Non-current Borrowings ........................................................................................................................ 3,337.09 2,408.96
Repayment of Non-current Borrowings......................................................................................................................... (4,729.41) (3,697.23)
Proceeds from Current Borrowings ................................................................................................................................. 22,729.91 11,274.46
Repayment of Current Borrowings .................................................................................................................................. (20,231.28) (9,468.45)
Dividends Paid......................................................................................................................................................................... (351.99) (350.61)
Dividend Distribution Tax.................................................................................................................................................... Nil (33.81)
Net Cash Flow from/(used) in Financing Activities .............................................................................................. C (996.27) (1,604.80)
Net Increase/(Decrease) in Cash and Cash Equivalents..................................................................................... (A+B+C) 130.52 (192.22)
Cash and Cash Equivalents as at 1st April (Opening Balance) ....................................................................... (50.66) 141.56
BRR
Cash and Cash Equivalents as at 31st March (Closing Balance) .................................................................... 79.86 (50.66)
Notes:
1. Cash and Cash Equivalents include: As at As at
` crore ` crore
CONSOLIDATED
In current accounts ........................................................................................................................................... 75.94 42.94
(b) Bank Overdraft ................................................................................................................................................... (2.19) (95.44)
Cash and Cash Equivalents related to Continuing Operations................................................. 73.75 (52.50)
In current accounts ........................................................................................................................................... 6.13 1.88
(b) Book Overdraft ................................................................................................................................................... (0.02) (0.04)
Cash and Cash Equivalents relating to Discontinued Operations .......................................... 6.11 1.84
79.86 (50.66)

STANDALONE


Statement of Changes in Equity

A. Equity Share Capital ` crore
No. of Shares Amount
Balance as at 1st April, 2017 ....................................................................................................................................... 270,47,73,510 270.50
Issued during the year ...................................................................................................................................................... Nil Nil
Balance as at 31st March, 2018 ................................................................................................................................. 270,47,73,510 270.50
Balance as at 31st March, 2019 ................................................................................................................................. 270,47,73,510 270.50
B. Unsecured Perpetual Securities ` crore

No. of Securities Amount
Balance as at 1st April, 2017 ....................................................................................................................................... 15,000 1,500.00
Balance as at 31st March, 2018 ................................................................................................................................. 15,000 1,500.00
Balance as at 31st March, 2019 ................................................................................................................................. 15,000 1,500.00
C. Other Equity ` crore

Item of Other
Reserves and Surplus Comprehensive
Income
Description General Securities Debenture Capital Capital Statutory Retained Equity Total
Reserve Premium Redemption Redemption Reserve Reserve Earnings Instrument
Reserve Reserve through Other
Comprehensive
Income
Balance as at 1st April, 2017 ........................ 3,853.98 5,634.98 1,000.90 1.85 61.66 660.08 5,361.42 (253.40) 16,321.47
Profit/(Loss) for the year .................................... Nil Nil Nil Nil Nil Nil (3,150.52) Nil (3,150.52)
Other Comprehensive Income/(Expense)
for the year (Net of Tax) ..................................... Nil Nil Nil Nil Nil Nil (9.08) 54.02 44.94
Total Comprehensive Income ..................... Nil Nil Nil Nil Nil Nil (3,159.60) 54.02 (3,105.58)
Dividend paid (including tax on dividend) Nil Nil Nil Nil Nil Nil (385.80) Nil (385.80)
Transfer to Debenture Redemption Nil Nil (0.29) Nil Nil Nil 0.29 Nil Nil
Reserve ....................................................................
Transfer to Retained Earnings on Sale of
Shares ...................................................................... Nil Nil Nil Nil Nil Nil 174.74 (174.74) Nil
Distribution on Unsecured Perpetual
Securities (Net of Tax)......................................... Nil Nil Nil Nil Nil Nil (112.06) Nil (112.06)
Balance as at 31st March, 2018 .................. 3,853.98 5,634.98 1,000.61 1.85 61.66 660.08 1,878.99 (374.12) 12,718.03
Balance as at 1st April, 2018 ........................ 3,853.98 5,634.98 1,000.61 1.85 61.66 660.08 1,878.99 (374.12) 12,718.03
Profit/(Loss) for the year .................................... Nil Nil Nil Nil Nil Nil 1,708.58 Nil 1,708.58
Other Comprehensive Income/(Expense)
for the year (Net of Tax) ..................................... Nil Nil Nil Nil Nil Nil (13.75) (30.89) (44.64)
Total Comprehensive Income ..................... Nil Nil Nil Nil Nil Nil 1,694.83 (30.89) 1,663.94
Transfer to Retained Earnings on Sale of
Shares ...................................................................... Nil Nil Nil Nil Nil Nil (735.49) 735.49 Nil
Dividend paid (including tax on dividend) Nil Nil Nil Nil Nil Nil (351.99) Nil (351.99)
Transfer to Debenture Redemption
Reserve .................................................................... Nil Nil (578.66) Nil Nil Nil 578.66 Nil Nil
Distribution on Unsecured Perpetual
Securities (Net of Tax)......................................... Nil Nil Nil Nil Nil Nil (110.88) Nil (110.88)
Balance as at 31st March, 2019 .................. 3,853.98 5,634.98 421.95 1.85 61.66 660.08 2,954.12 330.48 13,919.10


Notes to the Financial Statements

1. Corporate Information:
NOTICE
The Tata Power Company Limited (the ‘Company’) is a public limited company domiciled and incorporated in India under the
Indian Companies Act, 1913. The registered office of the Company is located at Bombay House, 24, Homi Mody Street, Mumbai
400001, India. The Principal business of the Company is generation, transmission and distribution of electricity.
The Company was amongst the pioneers in generation of electricity in India more than a century ago.
The Company has an installed generation capacity of 2,804 MW in India and a presence in all the segments of the power sector
viz. Fuel and Logistics, Generation (thermal, hydro, solar and wind), Transmission and Distribution.
BOARD’S REPORT
2.1 Statement of compliance
The financial statements have been prepared in accordance with Indian Accounting Standards (Ind AS) as notified under the
Companies (Indian Accounting Standards) Rules, 2015 read with section 133 of the Companies Act, 2013 (as amended from
time to time).
2.2 Basis of preparation and presentation
The financial statements have been prepared on a historical cost basis, except for the following assets and liabilities which have
been measured at fair value
- derivative financial instruments;
- certain financial assets and liabilities measured at fair value (Refer accounting policy regarding financial instruments);
MD & A
- employee benefit expenses (Refer Note 32 for Accounting policy).
3. Other Significant Accounting Policies
3.1 Foreign Currencies
The functional currency of the Company is Indian Rupee (₹).
Income and expenses in foreign currencies are recorded at exchange rates prevailing on the date of the transaction. Foreign
currency denominated monetary assets and liabilities are translated at the exchange rate prevailing on the balance sheet date
CG REPORT
and exchange gains and losses arising on settlement and restatement are recognised in the statement of profit and loss.
Non-monetary assets and liabilities that are measured in terms of historical cost in foreign currencies are not retranslated.
Exchange differences on monetary items are recognised in the statement of profit and loss in the period in which they arise
except for exchange differences on foreign currency borrowings relating to assets under construction for future productive
use, which are included in the cost of those assets when they are regarded as an adjustment to interest costs on those foreign
currency borrowings.
3.2 Current versus non-current classification
The Company presents assets and liabilities in the balance sheet based on current / non-current classification. An asset is
treated as current when it is:
BRR
- expected to be realised or intended to be sold or consumed in normal operating cycle,
- held primarily for the purpose of trading,
- expected to be realised within twelve months after the reporting period, or
- cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months
after the reporting period.
CONSOLIDATED
All other assets are classified as non-current.
A liability is current when:
- it is expected to be settled in normal operating cycle,
- it is held primarily for the purpose of trading,
- it is due to be settled within twelve months after the reporting period, or
- there is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period.
The Company classifies all other liabilities as non-current.
Deferred tax assets and liabilities are classified as non-current assets and liabilities.
STANDALONE
The operating cycle is the time between the acquisition of assets for processing and their realisation in cash and cash equivalents.
The Company has identified twelve months as its operating cycle.
3.3 Financial Instruments
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument
of another entity.


Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the
instruments.
Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the
acquisition or issue of financial assets and financial liabilities are added to or deducted from the fair value of the financial assets
or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial
assets or financial liabilities measured at fair value through profit or loss are recognised immediately in the statement of profit
and loss.
3.4 Financial Assets
All regular way purchases or sales of financial assets are recognised and derecognised on a trade date basis. Regular way
purchases or sales are purchases or sales of financial assets that require delivery of assets within the time frame established by
regulation or convention in the market place.
All recognised financial assets are subsequently measured in their entirety at either amortised cost or fair value, depending on
the classification of the financial assets.
3.5 Financial assets at amortised cost
Financial assets are subsequently measured at amortised cost using the effective interest rate method if these financial assets
are held within a business whose objective is to hold these assets in order to collect contractual cash flows and the contractual
3.5.1 Financial assets at fair value through other comprehensive income (FVTOCI)
A financial asset is subsequently measured at fair value through other comprehensive income if it is held within a business
model whose objective is achieved by both collecting contractual cash flows and selling financial assets and the contractual
On initial recognition, the Company makes an irrevocable election on an instrument-by-instrument basis to present the
subsequent changes in fair value in other comprehensive income pertaining to investments in equity instruments, other than
equity investment which are held for trading. Subsequently, they are measured at fair value with gains and losses arising from
changes in fair value recognised in other comprehensive income and accumulated in the ‘Reserve for equity instruments through
other comprehensive income’. The cumulative gain or loss is not reclassified to profit or loss on disposal of the investments.
3.5.2 Financial assets at fair value through profit or loss (FVTPL)
Investments in equity instruments are classified as at FVTPL, unless the Company irrevocably elects on initial recognition to
present subsequent changes in fair value in other comprehensive income for investments in equity instruments which are not
held for trading.
Other financial assets are measured at fair value through profit or loss unless it is measured at amortised cost or at fair value
through other comprehensive income on initial recognition.
3.5.3 Investment in Subsidiaries, Jointly Controlled Entities and Associates
Investment in subsidiaries, jointly controlled entities and associates are measured at cost less impairment as per Ind AS 27 -
Separate Financial Statements.
Impairment of investments:
The Company reviews its carrying value of investments carried at cost annually, or more frequently when there is indication for
impairment. If the recoverable amount is less than its carrying amount, the impairment loss is accounted in the statement of
profit and loss.
3.5.4 Derecognition
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily
derecognised (i.e. removed from the Company’s balance sheet) when:
- the right to receive cash flows from the asset have expired, or
- the Company has transferred its right to receive cash flows from the asset or has assumed an obligation to pay the
received cash flows in full without material delay to a third party under a ‘pass-through’ arrangement; and either (a) the
Company has transferred substantially all the risks and rewards of the asset, or (b) the Company has neither transferred
nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.


When the Company has transferred its right to receive cash flows from an asset or has entered into a pass-through arrangement,
NOTICE
it evaluates if and to what extent it has retained the risks and rewards of ownership. When it has neither transferred nor retained
substantially all of the risks and rewards of the asset, nor transferred control of the asset, the Company continues to recognise
the transferred asset to the extent of the Company’s continuing involvement. In that case, the Company also recognises
an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and
obligations that the Company has retained.
3.5.5 Impairment of financial assets
BOARD’S REPORT
The Company assesses at each date of balance sheet whether a financial asset or a group of financial assets is impaired. Ind AS
109 requires expected credit losses to be measured through a loss allowance. The Company recognises lifetime expected losses
for all contract assets and / or all trade receivables that do not constitute a financing transaction. For all other financial assets,
expected credit losses are measured at an amount equal to the 12 month expected credit losses or at an amount equal to the
life time expected credit losses if the credit risk on the financial asset has increased significantly since initial recognition.
3.6 Financial liabilities and equity instruments
3.6.1 Classification as debt or equity
Debt and equity instruments issued by a Company are classified as either financial liabilities or as equity in accordance with the
substance of the contractual arrangements and the definitions of a financial liability and an equity instrument.
MD & A
3.6.2 Equity Instruments
An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities.
Equity instruments issued by the Company are recognised at the proceeds received, net of direct issue costs.
3.6.3 Financial liabilities
All financial liabilities are subsequently measured at amortised cost using the effective interest method. Gains and losses are
recognised in statement of profit and loss when the liabilities are derecognised as well as through the Effective Interest Rate
(EIR) amortisation process. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees
CG REPORT
or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the statement of profit and loss.
3.6.4 Derecognition
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an
existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an
existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original
liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement
of profit and loss.
3.6.5 Financial guarantee contracts
Financial guarantee contracts issued by the Company are those contracts that require a payment to be made to reimburse the
BRR
holder for a loss it incurs because the specified debtor fails to make a payment when due in accordance with the terms of a debt
instrument. Financial guarantee contracts are recognised initially as a liability at fair value, adjusted for transaction costs that are
directly attributable to the issuance of the guarantee. Subsequently, the liability is measured at the higher of the amount of loss
allowance determined as per impairment requirements of Ind AS 109 and the amount recognised less cumulative amortisation.
3.7 Derivative financial instruments
CONSOLIDATED
The Company enters into a variety of derivative financial instruments to manage its exposure to foreign exchange rate risks,
including foreign exchange forward contracts.
Derivatives are initially recognised at fair value at the date the derivative contracts are entered into and are subsequently
remeasured to their fair value at the end of each reporting period. The resulting gain or loss is recognised in statement of profit
and loss immediately.
3.8 Reclassification of financial assets and liabilities
The Company determines classification of financial assets and liabilities on initial recognition. After initial recognition, no
reclassification is made for financial assets which are equity instruments and financial liabilities. For financial assets which are
STANDALONE
debt instruments, a reclassification is made only if there is a change in the business model for managing those assets. Changes
to the business model are expected to be infrequent. The Company’s senior management determines change in the business
model as a result of external or internal changes which are significant to the Company’s operations. Such changes are evident
to external parties. A change in the business model occurs when the Company either begins or ceases to perform an activity
that is significant to its operations. If the Company reclassifies financial assets, it applies the reclassification prospectively from
the reclassification date which is the first day of the immediately next reporting period following the change in business model.
The Company does not restate any previously recognised gains, losses (including impairment gains or losses) or interest.


3.9 Offsetting of financial instruments
Financial assets and financial liabilities are offset and the net amount is reported in the balance sheet if there is a currently
enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, to realise the assets
and settle the liabilities simultaneously.
3.10 Leasing arrangement
in an arrangement.
The Company as lessee
A lease is classified at the inception date as a finance lease or an operating lease. A lease that transfers substantially all the risks
and rewards incidental to ownership to the Company is classified as a finance lease.
A leased asset is depreciated over the useful life of the asset. However, if there is no reasonable certainty that the Company will
obtain ownership by the end of the lease term, the asset is depreciated over the shorter of the estimated useful life of the asset
and the lease term.
Operating lease payments are recognised as an expense in the statement of profit and loss on a straight-line basis over the lease
term.
3.11 Standards issued but not yet effective
The amendments to standards that are issued, but not yet effective, up to the date of issuance of the Company’s financial
statements are disclosed below. The Company intends to adopt these standards, if applicable, when they become effective.
Ind AS 116 - Leases
Ind AS 116 Leases was notified in March 2019 and it replaces Ind AS 17 Leases. Ind AS 116 is effective for annual periods
beginning on or after 1st April, 2019. It sets out the principles for the recognition, measurement, presentation and disclosure of
leases and requires lessees to account for all leases under a single on-balance sheet model similar to the accounting for finance
leases under Ind AS 17. Lessor accounting under Ind AS 116 is substantially unchanged from today’s accounting under Ind AS
17. Ind AS 116 requires lessees and lessors to make more extensive disclosures than under Ind AS 17. The Company is in the
process of evaluating the requirements of the standard and its impact on its financial statements.
Ind AS 12 – Income taxes (amendments relating to income tax consequences of dividend and uncertainty over income
tax treatments)
The amendment relating to income tax consequences of dividend clarify that an entity shall recognise the income tax
consequences of dividends in profit or loss, other comprehensive income or equity according to where the entity originally
recognised those past transactions or events. The company does not expect any impact from this pronouncement. It is relevant
to note that the amendment does not amend situations where the entity pays a tax on dividend which is effectively a portion of
dividends paid to taxation authorities on behalf of shareholders. Such amount paid or payable to taxation authorities continues
to be charged to equity as part of dividend in accordance with Ind AS 12.
The amendment to Appendix C of Ind AS 12 specifies that the amendment is to be applied to the determination of taxable profit
(tax loss), tax bases, unused tax losses, unused tax credits and tax rates, when there is uncertainty over income tax treatments
under Ind AS 12. It outlines the following: (1) the entity has to use judgement, to determine whether each tax treatment should
be considered separately or whether some can be considered together. The decision should be based on the approach which
provides better predictions of the resolution of the uncertainty (2) the entity is to assume that the taxation authority will have
full knowledge of all relevant information while examining any amount (3) entity has to consider the probability of the relevant
taxation authority accepting the tax treatment and the determination of taxable profit (tax loss), tax bases, unused tax losses,
unused tax credits and tax rates would depend upon the probability. The Company does not expect any significant impact of
the amendment on its financial statements.
Ind AS 109 – Prepayment Features with Negative Compensation
The amendments relate to the existing requirements in Ind AS 109 regarding termination rights in order to allow measurement
at amortised cost (or, depending on the business model, at fair value through other comprehensive income) even in the case
of negative compensation payments. The Company does not expect this amendment to have any impact on its financial
statements.


Ind AS 19 – Plan Amendment, Curtailment or Settlement
NOTICE
The amendments clarify that if a plan amendment, curtailment or settlement occurs, it is mandatory that the current service
cost and the net interest for the period after the re-measurement are determined using the assumptions used for the re-
measurement. In addition, amendments have been included to clarify the effect of a plan amendment, curtailment or settlement
on the requirements regarding the asset ceiling. The Company does not expect this amendment to have any significant impact
on its financial statements.
Ind AS 23 – Borrowing Costs
BOARD’S REPORT
The amendments clarify that if any specific borrowing remains outstanding after the related asset is ready for its intended use
or sale, that borrowing becomes part of the funds that an entity borrows generally when calculating the capitalisation rate on
general borrowings. The Company does not expect any impact from this amendment.
Ind AS 28 – Long-term Interests in Associates and Joint Ventures
The amendments clarify that an entity applies Ind AS 109 Financial Instruments, to long-term interests in an associate or joint
venture that form part of the net investment in the associate or joint venture but to which the equity method is not applied.
The company does not currently have any such long-term interests in associates and joint ventures.
Ind AS 103 – Business Combinations and Ind AS 111 - Joint Arrangements
The amendments to Ind AS 103 relating to re-measurement clarify that when an entity obtains control of a business that is a
MD & A
joint operation, it re-measures previously held interests in that business. The amendments to Ind AS 111 clarify that when an
entity obtains joint control of a business that is a joint operation, the entity does not re-measure previously held interests in that
business. The Company will apply the pronouncement if and when it obtains control / joint control of a business that is a joint
operation.
3.12 Dividend distribution to equity shareholders of the Company
The Company recognises a liability to make dividend distributions to its equity holders when the distribution is authorised and
CG REPORT
the distribution is no longer at its discretion. As per the corporate laws in India, a distribution is authorised when it is approved
by the shareholders. A corresponding amount is recognised directly in equity.
In case of Interim Dividend, the liability is recognised on its declaration by the Board of Directors.
3.13 Changes in accounting policies and disclosures
(a) Revenue from delayed payment charges
Delayed payment charges were hitherto recognised only when they are realised/recovered. With effect from 1st April,
2018, the Company has revised its accounting policy to recognise Delayed Payment Charges (DPC) on accrual basis based
on contractual terms and an assessment of certainty of realisation. Management believes that this policy results in the
financial statements providing reliable and more relevant information about the effects of transaction on the Company’s
BRR
financial position and performance. The revision in accounting policy has been applied retrospectively and does not
have any significant impact on current year and previous year statement of profit and loss and retained earnings as at
1st April, 2017.
New and amended standards and interpretations
The Company applied for the first time certain amendments to the standards, which are effective for annual periods
CONSOLIDATED
beginning on or after 1st April, 2018. The nature and the impact of each amendment is described below:
(b) Ind AS 20 Accounting for Government Grants and Disclosure
In accordance with the amendment in Ind AS 20 “Accounting for Government Grants and Disclosure” the Company has
changed its accounting policy of recognizing the grant as a reduction from the carrying amount of the asset instead
of recognizing the grant as deferred income. Management believes that this policy results in the financial statements
providing reliable and more relevant information about the effects of transaction on the Company’s financial position
and performance. The revision in accounting policy has been applied retrospectively and does not have any significant
impact on retained earnings as at 1st April, 2017 and profit of the Company.
STANDALONE
(c) Ind AS 115 Revenue from Contracts with Customers

Ind AS 115 supersedes Ind AS 11 Construction Contracts, Ind AS 18 Revenue and related interpretations and it applies,
with limited exceptions, to all revenue arising from contracts with its customers. Ind AS 115 establishes a five-step model
to account for revenue arising from contracts with customers and requires that revenue be recognised at an amount that
reflects the consideration to which an entity expects to be entitled in exchange for transferring goods or services to a
customer.


The Company adopted Ind AS 115 using the full retrospective method of adoption. Ind AS 115 requires entities to exercise
judgement, taking into consideration all of the relevant facts and circumstances when applying each step of the model
to contracts with their customers. The standard also specifies the accounting for the incremental costs of obtaining a
contract and the costs directly related to fulfilling a contract. In addition, the standard requires relevant disclosures.
On adoption of Ind AS 115, amount recoverable from consumers are considered as contract assets accordingly, the
Company has classified amount recoverable from consumers from other financial assets to other assets for the previous
year ended March 31, 2018. Also, liabilities towards consumers are considered as contract liabilities and accordingly, has
been classified from other financial liabilities to other liabilities for the year ended March 31, 2018.
4. Critical accounting estimates and judgements
In the application of the Company’s accounting policies, management of the Company is required to make judgements,
estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other
sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to
be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised
in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future
periods if the revision affects both current and future periods. Detailed information about each of these estimates and
judgements is included in relevant notes together with information about the basis of calculation for each affected line item in
the financial statements.
The areas involving critical estimates or judgements are:
Estimates used for impairment of property, plant and equipment of certain cash generating units (CGU) - Note 5
Estimated fair value of unquoted securities and impairment of investments - Note 8
Estimation of defined benefit obligation - Note 25 and 32
Estimation of current tax and deferred tax expense (including Minimum Alternate Tax credit) - Note 35
Estimates and judgements are continually evaluated. They are based on historical experience and other factors, including
expectations of future events that may have a financial impact on the Company and that are believed to be reasonable under
the circumstances.
Judgement to estimate the amount of provision required or to determine required disclosure related to litigation and claims
against the Company - Note 38.
5. Property, plant and equipment
Accounting Policy
Property, plant and equipment is stated at cost less accumulated depreciation and accumulated impairment losses, if any.
Cost includes purchase price (net of trade discount and rebates) and any directly attributable cost of bringing the asset to its
working condition for its intended use and for qualifying assets, borrowing costs capitalised in accordance with the Ind AS
23. Capital work in progress is stated at cost, net of accumulated impairment loss, if any. When significant parts of plant and
equipment are required to be replaced at intervals, the Company depreciates them separately based on their specific useful
lives. Likewise, when a major inspection is performed, its cost is recognised in the carrying amount of the plant and equipment
as a replacement if the recognition criteria are satisfied. All other repair and maintenance costs are recognised in the statement
of profit and loss as incurred.
Depreciation
Depreciation commences when an asset is ready for its intended use. Freehold land and assets held for sale are not depreciated.
Regulated Assets:
Depreciation on Property, plant and equipments in respect of electricity business of the Company covered under Part B of
Schedule II of the Companies Act, 2013, has been provided on the straight line method at the rates using the methodology as
notified by the regulator.
Non-Regulated Assets:
Depreciation is recognised on the cost of assets (other than freehold land and properties under construction) less their residual
values over their estimated useful lives, using the straight-line method.


The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, with the
NOTICE
effect of any changes in estimate accounted for on a prospective basis. The Company, based on technical assessment made by
technical expert and management estimate, depreciates certain items of building, plant and equipments over estimated useful
lives which are different from the useful life prescribed in Schedule II to the Companies Act, 2013. The management believes
that these estimated useful lives are realistic and reflect fair approximation of the period over which the assets are likely to be
used.
Estimated useful lives of the Regulated and Non-Regulated assets are as follows:
BOARD’S REPORT
Leasehold Lands 95 years
Hydraulic Works 35 years
Buildings-Plant 5 to 35 years
Buildings-Others 25 to 60 years
Coal Jetty 25 years
Railway Sidings, Roads, Crossings, etc. 25 to 35 years
Plant and Equipments (excluding Computers and Data Processing units) 25 to 35 years
Plant and Equipments (Computers and Data Processing units) 3 years
MD & A
Transmission Lines, Cable Network, etc. 25 to 35 years
Furniture and Fixtures 10 to 35 years
Office Equipments 5 years
Motor Cars 5 years
Motor Lorries, Launches, Barges etc. 25 to 35 years
Helicopters 25 years
Decapitalisation
CG REPORT
An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected to
arise from the continued use of the asset. Any gain or loss arising on the disposal or retirement of an item of property, plant and
equipments is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised
in the statement of profit and loss.
Impairment
Impairment of tangible and intangible assets
The Company assesses, at each reporting date, whether there is an indication that an asset may be impaired. If any indication
exists, or when annual impairment testing for an asset is required, the Company estimates the asset’s recoverable amount. An
BRR
asset’s recoverable amount is the higher of an asset’s or cash-generating unit’s (CGU) fair value less costs of disposal and its
value in use. Recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are
largely independent of those from other assets or group of assets.
When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written
down to its recoverable amount.
CONSOLIDATED
In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that
reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less
costs of disposal, recent market transactions are taken into account. If no such transactions can be identified, an appropriate
valuation model is used. These calculations are corroborated by valuation multiples, quoted share prices for publicly traded
companies or other available fair value indicators.
The Company bases its impairment calculation on detailed budgets and forecast calculations, which are prepared separately
for each of the Company’s CGUs to which the individual assets are allocated. These budgets and forecast calculations generally
cover a PPA period. To estimate cash flow projections beyond periods covered by the most recent budgets/forecasts, the
STANDALONE
Company extrapolates cash flow projections in the budget using a steady or declining growth rate for subsequent years, unless
an increasing rate can be justified. In any case, this growth rate does not exceed the long-term average growth rate for the
market in which the asset is used.
Impairment losses of tangible and intangible assets are recognised in the statement of profit and loss.

262
5. Property, Plant and Equipment (Contd.)
` crore
Freehold Leasehold Hydraulic Buildings - Buildings - Coal Roads,Railway Plant and Transmission Furniture and Office Motor Vehicles, Helicopters Total
Description Land Land Works Plant Others @ Jetty sidings, Equipment lines and cable Fixtures Equipment Launches,
crossings network Barges
Cost
Balance as at 1st April, 2018 ................................................................................. 145.20 225.65 536.68 883.94 231.70 106.10 46.58 9,439.02 2,962.64 68.04 28.70 46.68 37.01 14,757.94
Additions ......................................................................................................................... Nil Nil 1.56 56.88 7.64 Nil 0.66 244.09 200.82 1.42 0.37 0.70 Nil 514.14
Disposals.......................................................................................................................... (1.45) Nil (1.78) (1.62) (0.39) Nil (0.73) (70.75) (0.28) (3.98) (1.97) (4.94) Nil (87.89)
Reclassified as held for sale (Refer Note 19 a.) ................................................... (0.12) (225.65) Nil (2.11) (21.60) Nil Nil (29.22) Nil (0.01) (0.01) Nil Nil (278.72)
Balance as at 31st March, 2019 ........................................................................... 143.63 Nil 536.46 937.09 217.35 106.10 46.51 9,583.14 3,163.18 65.47 27.09 42.44 37.01 14,905.47
Accumulated depreciation and impairment ................................................
I Standalone Financials
Balance as at 1st April, 2018 ................................................................................. Nil 7.73 283.00 246.10 97.32 50.39 22.71 4,985.80 1,070.70 40.23 22.76 26.87 30.78 6,884.39
Depreciation Expense - Continuing Operations ............................................... Nil 2.37 12.37 23.65 11.48 5.62 1.42 393.89 128.24 4.59 2.05 6.88 2.47 595.03
Eliminated on disposal of assets ............................................................................. Nil Nil (1.51) (1.45) (0.36) Nil (0.64) (57.93) (0.24) (3.28) (1.81) (3.94) Nil (71.16)
Reclassified as held for sale (Refer Note 19 a.) ................................................... Nil (10.10) Nil (1.50) (12.45) Nil Nil (24.68) Nil (0.01) (0.01) Nil Nil (48.75)
Balance as at 31st March, 2019 ........................................................................... Nil Nil 293.86 266.80 95.99 56.01 23.49 5,297.08 1,198.70 41.53 22.99 29.81 33.25 7,359.51
Net carrying amount
As at 31st March, 2019 ............................................................................................ 143.63 Nil 242.60 670.29 121.36 50.09 23.02 4,286.06 1,964.48 23.94 4.10 12.63 3.76 7,545.96
As at 31st March, 2018 ............................................................................................ 145.20 217.92 253.68 637.84 134.38 55.71 23.87 4,453.22 1,891.94 27.81 5.94 19.81 6.23 7,873.55
` crore
Freehold Leasehold Hydraulic Buildings - Buildings - Coal Roads, Railway Plant and Transmission Furniture and Office Motor Vehicles, Helicopters Total
Description Land Land Works Plant Others @ Jetty sidings, Equipment lines and cable Fixtures Equipment Launches,
crossings network Barges
Cost
Balance as at 1st April, 2017 ................................................................................. 295.67 225.65 535.53 877.56 226.68 106.10 46.48 9,347.05 2,786.01 78.78 31.90 23.69 37.01 14,618.11
Additions ......................................................................................................................... 7.22 Nil 0.81 58.00 4.90 Nil 0.25 260.78 174.27 3.83 3.12 28.77 Nil 541.95
Transferred from Investment Property ................................................................. Nil Nil Nil Nil 3.08 Nil Nil Nil Nil Nil Nil Nil Nil 3.08
Disposals.......................................................................................................................... (0.13) Nil Nil (0.07) (0.60) Nil Nil (45.30) (0.58) (1.99) (0.98) (0.53) Nil (50.18)
Transferred to Discontinued Operations (Refer Note 19 c.) .......................... (157.56) Nil Nil (58.31) (2.86) Nil (0.64) (147.76) Nil (14.28) (6.03) (5.25) Nil (392.69)
Reclassified (to)/from held for sale......................................................................... Nil Nil 0.34 6.76 0.50 Nil 0.49 24.25 2.94 1.70 0.69 Nil Nil 37.67
Balance as at 31st March, 2018 ........................................................................... 145.20 225.65 536.68 883.94 231.70 106.10 46.58 9,439.02 2,962.64 68.04 28.70 46.68 37.01 14,757.94
Accumulated depreciation and impairment
Balance as at 1st April, 2017 ................................................................................. Nil 5.34 270.32 229.79 78.91 44.79 21.05 4,548.27 949.28 43.20 22.64 19.11 27.11 6,259.81
Depreciation Expense - Continuing Operations ............................................... Nil 2.39 12.50 26.94 17.30 5.60 1.72 418.18 120.88 4.66 3.75 8.41 3.67 626.00
Depreciation Expense - Discontinued Operations ........................................... Nil Nil Nil 1.25 0.31 Nil 0.05 7.35 Nil 1.26 0.61 1.13 Nil 11.96
Transferred from Investment Property ................................................................. Nil Nil Nil Nil 2.16 Nil Nil Nil Nil Nil Nil Nil Nil 2.16
Disposal of assets ......................................................................................................... Nil Nil Nil (0.06) (0.55) Nil Nil (38.60) (0.52) (1.89) (0.93) (0.48) Nil (43.03)
Charge for the year - Impairment (Refer Note 1 below) ................................. Nil Nil Nil Nil Nil Nil Nil 100.00 Nil Nil Nil Nil Nil 100.00
Transferred to Discontinued Operations (Refer Note 19 c.) .......................... Nil Nil Nil (12.09) (0.81) Nil (0.20) (64.99) Nil (7.00) (3.31) (1.30) Nil (89.70)
Reclassified as held for sale....................................................................................... Nil Nil 0.18 0.27 Nil Nil 0.09 15.59 1.06 Nil Nil Nil Nil 17.19
Balance as at 31st March, 2018 ........................................................................... Nil 7.73 283.00 246.10 97.32 50.39 22.71 4,985.80 1,070.70 40.23 22.76 26.87 30.78 6,884.39
Net carrying amount
As at 31st March, 2018 ............................................................................................ 145.20 217.92 253.68 637.84 134.38 55.71 23.87 4,453.22 1,891.94 27.81 5.94 19.81 6.23 7,873.55
As at 31st March, 2017 ............................................................................................ 295.67 220.31 265.21 647.77 147.77 61.31 25.43 4,798.78 1,836.73 35.58 9.26 4.58 9.90 8,358.30
@ Buildings include ` * being cost of ordinary shares in co-operative housing societies.
* Denotes figures below ` 50,000/-.
Notes:
1. During the previous year, the company had recorded an impairment charge of ` 100 crore in respect of Unit 6 generating station (Power Segment) located at Trombay.
2. Refer Note 23 for charge created on Property, Plant and Equipment.
3. The title deeds of immovable properties included in property, plant and equipment are held in the name of the Company, except for:
(a) immovable properties aggregating to ` 0.88 crore acquired during merger of Chemical Terminal Trombay Limited in the previous year for which registration of title of deeds is in progress;
(b) immovable properties aggregating to ₹ 26.54 crore acquired in earlier years for which registration of title of deeds is in progress;
(c) land aggregating to ₹ 215.55 crore (Gross value ₹ 225.65 crore), taken on lease for which registration of title of deeds is in progress, classified as held for sale (Refer Note 19 a.);
(d) immovable properties aggregating to ₹ 27.57 crore for which the title deed is in dispute and pending resolution as at 31st March, 2019.
4. The shareholders have approved schemes of arrangement for transfer of 499.5 MW clean energy assets of the company to wholly owned subsidiaries, as a “going concern” on a slump sale basis. The necessary documents have been filled with the National Company Law Tribunal
(NCLT) for its final order. The effect of the schemes would be recognised on receipt of statutory approvals.

6. Investment Property
NOTICE
Accounting Policy
Investment property held to earn rentals or for capital appreciation are stated at cost less subsequent accumulated depreciation
and subsequent accumulated impairment loss, if any. Gain or loss on disposal of investment properties is determined as the
difference between net disposal proceeds and the carrying amount of the property and is recognised in the statement of profit
and loss. Transfer to, or from, investment property is done at the carrying amount of the property.
` crore
BOARD’S REPORT
Description Building Given Total
under Operating
Lease
Cost
Balance as at 1st April, 2018 ....................................................................................................... Nil Nil
Additions ............................................................................................................................................... Nil Nil
Reclassified to Property, Plant and Equipment ....................................................................... Nil Nil
Balance as at 31st March, 2019 ................................................................................................. Nil Nil
Balance as at 1st April, 2018 ....................................................................................................... Nil Nil
MD & A
Depreciation expense....................................................................................................................... Nil Nil
Reclassified to Property, Plant and Equipment ....................................................................... Nil Nil
Net carrying amount
As at 31st March, 2019 .................................................................................................................. Nil Nil
` crore
CG REPORT
Description Building Given Total
under Operating
Lease
Cost
Balance as at 1st April, 2017 ....................................................................................................... 3.08 3.08
Additions ............................................................................................................................................... Nil Nil
Reclassified to Property, Plant and Equipment ....................................................................... (3.08) (3.08)
Balance as at 1st April, 2017 ....................................................................................................... 2.12 2.12
BRR
Depreciation expense....................................................................................................................... 0.04 0.04
Reclassified to Property, Plant and Equipment ....................................................................... (2.16) (2.16)
Net carrying amount
CONSOLIDATED
As at 31st March, 2017 .................................................................................................................. 0.96 0.96
Note:
Buildings include ` 500/- being cost of ordinary shares in a co-operative society.
Information regarding Income and Expenditure of Investment Properties
Particulars As at As at
` crore ` crore
Rental Income...................................................................................................................................... Nil 0.58
STANDALONE
Direct Operating Expense arising from Investment Property that generated rental
income during the year.................................................................................................................... Nil (0.07)
Direct Operating Expense arising from Investment Property that did not generate
rental income during the year ....................................................................................................... Nil Nil
Net Income/(Expense) Nil 0.51
During the previous year, the Company started using the said property for its own business purpose and hence transferred
the said Investment Property to Property, Plant and Equipments.


7. Intangible Assets
Accounting Policy
Intangible assets acquired separately
Intangible assets acquired separately are measured on initial recognition at cost. Following initial recognition, intangible assets are carried at cost less any accumulated amortisation and
accumulated impairment losses, if any.
Internally generated Intangibles
Internally generated intangibles, excluding capitalised development costs, are not capitalised and the related expenditure is reflected in profit or loss in the period in which the expenditure
is incurred.
Derecognition of Intangible Assets
An intangible asset is derecognised on disposal, or when no future economic benefits are expected from use or disposal. Gains or losses arising from derecognition of an intangible asset,
measured as the difference between the net disposal proceeds and the carrying amount of the asset, are recognised in statement of profit and loss when the asset is derecognised.
Useful lives of Intangible Assets
Intangible assets with finite lives are amortised over the useful economic life on straight line basis and assessed for impairment whenever there is an indication that the intangible asset may be
impaired. The amortisation period and the amortisation method for an intangible asset with a finite useful life is reviewed at least at the end of each reporting period. Changes in the expected
useful life or the expected pattern of consumption of future economic benefits embodied in the asset are considered to modify the amortisation period or method, as appropriate, and are
treated as changes in accounting estimates. The amortisation expense on intangible assets with finite lives is recognised in the statement of profit and loss unless such expenditure forms part
of carrying value of another asset.
Estimated useful lives of the Intangible Assets are as follows:
Computer Softwares 5 years
Copyrights, patents, other intellectual property rights, services and operating rights 5 years
Licences and franchises 5 years
` crore
Description Computer Copyrights, patents, other Licences and Total
Software $ intellectual property rights, franchises $
services and operating rights #
Cost
Balance as at 1st April, 2018 ..................................................................................................... 205.63 0.53 0.26 206.42
Additions ............................................................................................................................................. 28.34 0.04 Nil 28.38
Disposal................................................................................................................................................ Nil Nil Nil Nil
Balance as at 31st March, 2019 ............................................................................................... 233.97 0.57 0.26 234.80
Amortisation expense - Continued Operations .................................................................... 37.66 0.01 Nil 37.67
Disposal................................................................................................................................................ Nil Nil Nil Nil
Net carrying amount
As at 31st March, 2019 ................................................................................................................ 83.81 0.08 Nil 83.89
As at 31st March, 2018 ................................................................................................................ 93.13 0.05 Nil 93.18
` crore
Description Computer Copyrights, patents, other Licences and Total
Software $ intellectual property rights, franchises $
services and operating rights #
Cost
Additions ............................................................................................................................................. 18.32 16.45 Nil 34.77
Transferred to Discontinued Operations ................................................................................. (24.95) (120.08) Nil (145.03)
Disposal................................................................................................................................................ (0.04) Nil Nil (0.04)
Amortisation expense - Continued Operations .................................................................... 37.15 0.02 Nil 37.17
Amortisation expense - Discontinued Operations............................................................... 3.40 15.81 Nil 19.21
Transferred to Discontinued Operations ................................................................................. (11.47) (58.48) Nil (69.95)
Disposal................................................................................................................................................ (0.04) Nil Nil (0.04)
Net carrying amount
As at 31st March, 2018 ................................................................................................................ 93.13 0.05 Nil 93.18
As at 31st March, 2017 ................................................................................................................ 128.84 61.03 Nil 189.87
Notes:
# Internally generated Intangible Assets.
$ Other than internally generated Intangible Assets.
Depreciation/Amortisation - Continuing Operations :
` crore ` crore
Depreciation on Tangible Assets ........................................................................................................................................................................... 595.03 626.00
Add: Depreciation on Investment Property ....................................................................................................................................................... Nil 0.04
Add: Amortisation on Intangible Assets.............................................................................................................................................................. 37.67 37.17
Total ................................................................................................................................................................................................................................. 632.70 663.21


8. Non-current Investments
NOTICE
As at As at Face Value As at As at
31st March, 31st March, (in ` unless 31st March, 31st March,
2019 2018 stated 2019 2018
Quantity Quantity otherwise) ` crore ` crore
I Investments carried at cost less accumulated impairment, if any
(A) Investment in Subsidiaries
BOARD’S REPORT
(i) Investment in Equity Shares fully paid-up
Quoted
NELCO Ltd. .............................................................................................................................. 1,10,99,630 1,10,99,630 10 11.07 11.07
Unquoted
Tata Power Trading Co. Ltd................................................................................................ 1,60,00,000 1,60,00,000 10 37.09 37.09
Maithon Power Ltd. ............................................................................................................. 111,65,99,120 111,65,99,120 10 1,116.83 1,116.83
Coastal Gujarat Power Ltd. (Refer Note 7 below) ...................................................... 800,04,20,000 608,34,20,000 10 8,593.25** 6,676.26**
Bhira Investments Pte. Ltd. (Formerly known as Bhira Investment Ltd) ........... 10,00,000 10,00,000 USD 1 4.10 4.10
Bhivpuri Investments Ltd. ................................................................................................. 7,46,250 7,46,250 Euro 1 4.08 4.08
Tata Power Green Energy Ltd. .......................................................................................... 50,000 50,000 10 0.02 0.02
Khopoli Investments Ltd.................................................................................................... 4,70,07,350 4,70,07,350 USD 1 255.20 255.20
Trust Energy Resources Pte. Ltd. ..................................................................................... 12,91,53,344 12,91,53,344 USD 1 607.95 607.95
MD & A
Tata Power Delhi Distribution Ltd. (Refer Note 7 below) ....................................... 28,15,20,000 28,15,20,000 10 200.93 200.93
TP Ajmer Distribution Ltd. ................................................................................................. 1,00,00,000 10,000 10 10.00 0.01
Tata Power Jamshedpur Distribution Ltd. ................................................................... 80,50,000 80,50,000 10 8.05** 8.05**
Industrial Power Utility Ltd. .............................................................................................. 1,10,000 1,10,000 10 0.11 0.11
Tata Ceramics Ltd. (Refer Note 6 below) ...................................................................... Nil Nil 2 Nil* Nil*
Tata Power Renewable Energy Ltd. (Refer Note 7 below)...................................... 104,51,07,715 104,51,07,715 10 1,054.03 1,054.03
Tata Power Solar Systems Ltd........................................................................................... 2,29,77,567 2,29,77,567 100 322.98 322.98
Tata Power International Pte. Ltd.................................................................................... 6,77,30,650 6,77,30,650 USD 1 577.55** 577.55**
CG REPORT
Af-Taab Investment Co. Ltd. .............................................................................................. 10,73,000 10,73,000 100 68.68 68.68
12,860.85 10,933.87
** Less: Impairment in the value of Investments [Refer Note 8(a) and 8(b)] ........ 4,140.60 4,140.60
8,720.25 6,793.27
(ii) Investment in Perpetual Securities
Unquoted
Tata Power Renewable Energy Ltd. (Refer Note 5 below)...................................... N.A. N.A. 3,895.00 3,895.00
Coastal Gujarat Power Ltd. (Refer Note 5 below) ...................................................... N.A. N.A. 6,985.89 5,476.89
10,880.89 9,371.89
19,612.21 16,176.23
(B) Investment in Associates
BRR
Investment in Equity Shares fully Paid-up
Quoted
Tata Communications Ltd. ............................................................................................................. Nil Nil 10 Nil* Nil*
Unquoted
Yashmun Engineers Ltd................................................................................................................... 19,200 19,200 100 0.01 0.01
The Associated Building Co. Ltd................................................................................................... 1,400 1,400 900 0.13 0.13
Tata Projects Ltd................................................................................................................................. Nil Nil 100 Nil* Nil*
CONSOLIDATED
Dagachhu Hydro Power Corporation Ltd. ................................................................................ 10,74,320 10,74,320 Nu 1,000 107.43 107.43
Panatone Finvest Ltd........................................................................................................................ Nil Nil 10 Nil* Nil*
107.57 107.57
(C) Investment in Joint Ventures
Unquoted
Tubed Coal Mines Ltd. ..................................................................................................................... 1,01,97,800 1,01,97,800 10 10.20** 10.20**
Itezhi Tezhi Power Corporation (Refer Note 7 below) .......................................................... Nil 4,52,500 ZMW 1 Nil* 275.74
Mandakini Coal Company Ltd. (Refer Note 7 below) ........................................................... 3,93,00,000 3,93,00,000 10 39.30** 39.30**
Powerlinks Transmission Ltd. (Refer Note 7 below) .............................................................. 23,86,80,000 23,86,80,000 10 238.68 238.68
STANDALONE
Industrial Energy Ltd. (Refer Note 7 below) ............................................................................. 49,28,40,000 49,28,40,000 10 492.84 492.84
LTH Milcom Pvt. Ltd. ......................................................................................................................... Nil Nil 10 Nil* Nil*
Dugar Hydro Power Ltd................................................................................................................... 4,34,25,002 4,32,50,002 10 43.42** 43.42**
824.44 1,100.18
** Less: Impairment in the value of Investments.................................................................... 67.50 67.50
756.94 1,032.68
Sub-total I (A) + I (B) + I (C) .......................................................................................................... 20,476.72 17,316.48
Carried forward……. 20,476.72 17,316.48


8. Non-current Investments (Contd.)
As at As at Face Value As at As at
31st March, 31st March, (in ` unless 31st March, 31st March,
2019 2018 stated 2019 2018
Quantity Quantity otherwise) ` crore ` crore
Brought forward……. 20,476.72 17,316.48
II Investments designated at Fair Value through Other Comprehensive Income
(Refer Note 8)
Quoted
Voltas Ltd. ......................................................................................................................................................... 2,33,420 2,33,420 1 14.63 14.50
Tata Consultancy Services Ltd. .................................................................................................................. 766 383 1 0.15 0.11
Tata Teleservices (Maharashtra) Ltd. ....................................................................................................... Nil Nil 10 Nil* Nil*
14.78 14.61
Unquoted
Tata Services Ltd. ............................................................................................................................................ 1,112 1,112 1,000 Nil Nil
Tata Industries Ltd.# ....................................................................................................................................... 58,28,126 58,28,126 100 102.69 102.69
Tata Sons Pvt. Ltd. # ........................................................................................................................................ 6,673 6,673 1,000 241.95 241.95
Haldia Petrochemicals Ltd........................................................................................................................... 2,24,99,999 2,24,99,999 10 56.48 56.48
Tata International Ltd.# ................................................................................................................................. 3,500 3,500 1,000 3.75 3.75
Tata Teleservices Ltd. (Refer Note 34 a. below) .................................................................................... Nil Nil 10 Nil* Nil*
404.87 404.87
419.65 419.48
III Investments carried at Amortised Cost
(A) Investment in Subsidiaries
(i) Investment in Preference Shares fully Paid-up
Unquoted
Tata Power Delhi Distribution Ltd. (Refer Note 7 below) ....................................... Nil 2,55,00,000 100 Nil 255.00
Tata Ceramics Ltd. (Refer Note 6 below) ...................................................................... Nil Nil 100 Nil* Nil*
Nil 255.00
(B) Statutory Investments
(i) Contingencies Reserve Fund Investments
Government Securities (Unquoted) fully Paid-up .................................................... 136.65 111.74
(ii) Deferred Taxation Liability Fund Investments
Government Securities (Unquoted) fully Paid-up .................................................... 237.75 279.75
Sub-total III B (i+ii).......................................................................................................................... 374.40 391.49
Total .................................................................................................................................................................... 21,270.77 18,382.45
Notes:
* Refer as Asset Held For Sale (Refer Note 19 a.).
** Impairment in value of Investments.
# The cost of these investments approximate their fair value because there is a wide range of possible fair value measurements and the cost represents the best estimate of fair value
within that range.
1. Aggregate Market Value of Quoted Investments 316.07 185.92
2. Aggregate Carrying Value of Quoted Investments 25.85 25.68
3. Aggregate Carrying Value of Unquoted Investments (Net) 21,244.92 18,356.77
4. Aggregate amount of impairment in value of Investments 4,208.10 4,208.10
5. The Company has invested in unsecured subordinated perpetual securities issued by Tata Power Renewable Energy Ltd. and Coastal Gujarat Power Ltd., its subsidiary companies.
These securities are redeemable at the issuer’s option and carry non-cumulative interest coupon at the rate of dividend paid on the issuer’s ordinary shares. The interest can be
deferred if the issuer does not pay any dividend on its ordinary shares for the financial year. The issuer has classified this instrument as equity under Ind AS -32 Financial Instruments
Presentation. Accordingly, the Company has classified this investment as Equity Instrument and has accounted at cost as per Ind AS -27 Separate Financial Statements.
6. The Company, along with its subsidiary, has 30.68% shareholding in Tata Ceramics Ltd. (TCL). Further, TCL has issued Redeemable Cumulative Convertible Preference Shares which
have been fully subscribed by the Company and its subsidiaries. As the dividend on the said Preference Shares has remained unpaid for more than two years, the preference
shareholders have assumed voting rights along with the equity shareholders. The aggregate voting power (together with voting power on preference shares) with the Company
along with its subsidiaries is at 57.07%. As the Company has sufficient dominant voting interest to direct TCL’s relevant activities, investment in the said Company has been considered
as investment in subsidiary.


8. Non-current Investments (Contd.)
NOTICE
7. Shares pledged :
The Company has pledged shares of subsidiaries and joint ventures with the lenders for borrowings availed by the respective subsidiaries and joint ventures.
Details Category 31st March, 2019 31st March, 2018
Nos. Nos.
Coastal Gujarat Power Ltd. .................................................................................................................................................. Subsidiary 3,102,544,200 3,102,544,200
BOARD’S REPORT
Tata Power Renewable Energy Ltd. .................................................................................................................................. Subsidiary 258,114,935 258,114,935
Itezhi Tezhi Power Corporation * ....................................................................................................................................... Joint Venture 452,500 4,52,500
Mandakini Coal Company Ltd. .......................................................................................................................................... Joint Venture 20,043,000 20,043,000
Powerlinks Transmission Ltd. ............................................................................................................................................. Joint Venture 238,680,000 238,680,000
Industrial Energy Ltd. ............................................................................................................................................................ Joint Venture 251,348,400 251,348,400
* Re-classified as Asset Held For Sale (Refer Note 19 a.)
Further, in respect of outstanding borrowings of Tata Power Delhi Distribution Limited (TPDDL), the Company has given an undertaking for non-disposal of equity shares in TPDDL
to its lenders.
8. Investments at Fair Value Through Other Comprehensive Income (FVTOCI) reflect investment in quoted and unquoted equity securities. These equity shares are designated as FVTOCI
as they are not held for trading purpose and are not in similar line of business as the Company, thus disclosing their fair value change in profit and loss will not reflect the purpose of
holding.
MD & A
(a) The Company holds investments in Coastal Gujarat Power Ltd. (CGPL) (a wholly owned subsidiary of the Company operating 4,000 MW Mundra power plant), Indonesian mining
companies PT Kaltim Prima Coal (KPC) and PT Baramulti Suksessarana TBK (BSSR) through intermediate holding companies (associates operating coal mines in Indonesia and
supplying coal to CGPL) and Trust Energy Resources Pte. Ltd. (TERPL) and Eastern Energy Pte. Ltd. (EEPL) (shipping companies in Singapore providing freight services for coal
shipment to CGPL). All these companies constitute a single cash generating unit (CGU) and form part of same segment due to interdependency of cash flows. CGPL is incurring
significant losses on account of significant increase in coal prices due to change in Indonesian laws which is offset by the profits earned by the mining companies.
The Company has performed the impairment assessment and determined the value in use based on estimated cash flow projections over the life of the assets included in CGU. The
Company bases its impairment calculation on detailed budgets and forecast calculations, which are prepared separately for each of the Company’s CGUs to which the individual
CG REPORT
assets are allocated. For Mundra power plant, future cash flows is estimated based on remaining period of long term power purchase agreement (PPA) and thereafter based on
management’s estimate on tariff and other assumptions. Cash flow projection of Mines is derived based on estimated coal production considering the renewal of license for
operating the Mines. During the previous year, the Company had recognised an impairment provision of ` 3,555 crore in CGU. A reassessment of the assumptions used in estimating
the impact of impairment of the cash generating unit (CGU) comprising of Coastal Gujarat Power Ltd. and the Indonesian coal mines, combined with the significant impact of
unwinding of a year’s discount on the cash flows, would have resulted in a reversal of ₹ 2,100 crore of provision for impairment. Considering the significant uncertainties arising
from ongoing renegotiation of the Mundra Power Purchase Agreement, as recommended by the High Powered Committee, and the pending renewal of the mining license at
the Indonesian coal mines, the Company has not effected such a reversal. The reversal of impairment has not resulted from any significant improvement in the estimated service
potential of the concerned CGU.
Key assumptions used for value in use calculation include coal prices, energy prices post the PPA period, discount rates and exchange rates. Short term coal prices and energy prices
used in three to five years projections are based on market survey and expert analysis report. Afterwards increase in cost of coal and exchange rates are considered based on long
term historical trend. Further, the Management strongly believes that mine licenses will be renewed post expiry. Discount rate represents the current market assessment of the risk
BRR
specific to CGU taking into consideration the time value of money. Pre tax discount rate used in the calculation of value in use of investment in power plant is 10.61% p.a. (31st March
2018: 11.15% p.a.) and investment in coal mines and related infrastructure companies is 16.31% p.a. (31st March 2018: 21.95% p.a.).
(b) The Company holds investments in Adjaristsqali Netherlands B.V. (ABV) (a joint venture of the Company operating 187 MW hydro power plant in Georgia) through intermediate
holding company Tata Power International Pte. Ltd. (TPIPL).
During the previous year, the Company performed the impairment assessment and recognised an impairment charge of ` 577.55 crore against the carrying value of equity
investments in TPIPL. The financial guarantee obligation of ` 103.74 crore (31st March, 2018 - ` 97.77 crore) is undertaken on behalf of TPIPL towards the lenders of the said project.
CONSOLIDATED
The impairment charge and financial guarantee obligation amounting to ` 675.32 crore is recorded in the statement of profit and loss and disclosed as an exceptional item in the
previous year. Further during the year, Management has re-assessed the impairment and continue to believe that the impairment loss recognised need not be reversed.
STANDALONE


9. Trade Receivables
As at As at
` crore ` crore
Non-current Trade Receivables
Considered Good .................................................................................................................. 185.76 185.76
Total ...................................................................................................................................................... 185.76 185.76
Current Trade Receivables
Considered Good - Secured (Refer Note below) ......................................................... 216.72 190.52
Considered Good .................................................................................................................. 1,039.72 781.53
Credit Impaired ....................................................................................................................... 46.75 36.66
1,303.19 1,008.71
Less: Allowance for Doubtful Trade Receivables ......................................................... 46.75 36.66
Total ...................................................................................................................................................... 1,256.44 972.05
Note:
The Company holds security deposits of ` 216.72 crore (31st March, 2018 - ` 190.52 crore) in respect of electricity receivables.
9.1 Trade Receivables
As at 31st March, 2019 - ` 900.14 crore (31st March, 2018 - ` 694.48 crore) is due from Brihanmumbai Electric Supply & Transport
Undertaking, Reliance Infrastructure Ltd., Maharashtra State Electricity Transmission Company Ltd. and Tata Steel Ltd. which
represents Company’s large customers who owe more than 5% of the total balance of trade receivables.
The Company has used a practical expedient by computing the expected credit loss allowance for trade receivables based on
a provision matrix. The expected credit loss allowance is not calculated on non current trade receivable on account of dispute.
The provision matrix takes into account historical credit loss experience and adjusted for forward looking information. The
expected credit loss allowance is based on the ageing of the days the receivables are due and the rates as given in the provision
matrix. The provision matrix at the end of the reporting period is as follows:
Ageing of Receivables Expected Credit loss (%)
As at As at
Within the credit period ................................................................................................................... 0.10% 0.05%
1-90 days past due ............................................................................................................................. 0.11% 0.34%
91-182 days past due ........................................................................................................................ 0.99% 1.34%
More than 182 days past due......................................................................................................... 9.30% 7.80%
Age of receivables
As at As at
` crore ` crore
Within the credit period .................................................................................................................. 734.72 740.98
1-90 days past due ............................................................................................................................ 343.87 80.81
91-182 days past due ....................................................................................................................... 30.61 31.92
More than 182 days past due........................................................................................................ 379.75 340.76
Movement in the allowance for doubtful trade receivables

As at As at
` crore ` crore
Balance at the beginning of the year .................................................................................... 36.66 43.70
Add: Expected credit loss allowance on trade receivables calculated at lifetime
expected credit losses for the year.................................................................................... 21.63 2.62
Less: Transferred to Assets Classified as Held For Sale (Refer Note 19 a.) ...................... (11.54) (9.66)
Balance at the end of the year .................................................................................................. 46.75 36.66
The concentration of credit risk is very limited due to the fact that the large customers are mainly government entities and
remaining customer base is large and widely dispersed and secured with security deposit.


10. Loans
NOTICE
As at As at
` crore ` crore
Security Deposits
Considered Good ......................................................................................................................................... 45.42 46.81
BOARD’S REPORT
Credit Impaired ............................................................................................................................................. 27.44 29.54
72.86 76.35
Less: Allowance for Doubtful Deposits ................................................................................................. 27.44 29.54
45.42 46.81
Loans to Related Parties (Refer Note 41)
Considered Good * ...................................................................................................................................... Nil 15.56
Credit Impaired ............................................................................................................................................. 55.52 55.52
55.52 71.08
Less: Allowance for Bad and Doubtful Loans ...................................................................................... 55.52 55.52
Nil 15.56
Other Loans
Loans to Employees.....................................................................................................................................
Considered Good ................................................................................................................................ 5.93 6.53
Total ........................................................................................................................................................................................ 51.35 68.90
MD & A
Current- At Amortised Cost
Security Deposits
Considered Good ......................................................................................................................................... 1.08 0.67
1.08 0.67
Loans and Advances to Related Parties (Refer Note 41)
Considered Good ......................................................................................................................................... 118.12 402.25
Credit Impaired ............................................................................................................................................. 10.84 Nil
128.96 402.25
Less: Allowances for Doubtful Advances .............................................................................................. 10.84 Nil
118.12 402.25
CG REPORT
Total ........................................................................................................................................................................................ 119.20 402.92
* Reclassified as Held for Sale. (Refer Note 19 a.)

Disclosure under Regulation 53(f) and 34(3) read together with Para A Schedule V of Securities and Exchange Board of India (SEBI)
(Listing obligations and disclosure requirements) Regulations, 2015.
Loans and advances in the nature of loans given to Subsidiaries, Joint Ventures and Associates:
` crore
Name of the Company Relationship Amount Outstanding as at the year Maximum Principal Amount
end Outstanding during the year
(excluding interest accrued)
31st March, 2019 31st March, 2018** 31st March, 2019 31st March, 2018
BRR
Tata Power Renewable Energy Ltd. ...................... Subsidiary Nil Nil 245.00 Nil
Coastal Gujarat Power Ltd. ..................................... Subsidiary 53.00 339.15 419.49 556.50
Maithon Power Ltd. ................................................... Subsidiary Nil Nil 47.04 Nil
Tata Power Jamshedpur Distribution Ltd. $...... Subsidiary Nil 1.24 1.24 1.24
Tata Ceramics Ltd. $ ................................................... Subsidiary 10.84 1.00 9.84 1.00
TP Ajmer Distribution Ltd. ....................................... Subsidiary 25.00 31.06 25.00 39.28
Mandakini Coal Company Ltd. $ ........................... Joint Venture 54.25 54.25 54.25 54.25
CONSOLIDATED
Nelito Systems Ltd. $ ................................................. Associate 1.27 1.27 1.27 1.27
Indo Rama Renewables Jath Ltd. .......................... Subsidiary Nil 36.61 35.00 35.00
Industrial Power Utility Ltd. .................................... Subsidiary 0.05 Nil 0.05 Nil
Walwhan Solar MP Ltd. ............................................ Subsidiary 10.00 Nil 10.00 Nil
Welspun Renewable Energy Pvt Ltd. .................. Subsidiary 30.00 Nil 30.00 Nil
Tata Power Green Energy Ltd. ............................... Subsidiary 0.07 Nil 0.07 Nil
Tata Power Trading Company Ltd. ....................... Subsidiary Nil Nil 100.00 Nil
Powerlinks Transmission Ltd. ................................ Joint Venture Nil Nil 0.10 Nil
Walwhan Solar TN Ltd. ............................................. Subsidiary Nil Nil 165.00 Nil
Yashmun Engineers Ltd............................................ Subsidiary Nil Nil 1.00 Nil
184.48 464.58
STANDALONE
Itezhi Tezhi Power Corporation # .......................... Joint Venture 16.51 17.39 16.51 15.56
Total ................................................................................ 200.99 481.97
Notes:
** Including interest accrued.
$ Provided for.
# Reclassified as held for sale.


11. Finance Lease Receivable - At Amortised Cost
Accounting Policy
Leasing arrangement
in an arrangement.
The Company as lessor
Leases in which the Company does not transfer substantially all the risks and rewards of ownership of an asset are classified as
operating leases. Rental income from operating lease is recognised on a straight-line basis over the term of the relevant lease.
Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased
asset and recognised over the lease term on the same basis as rental income. Contingent rents are recognised as revenue in the
period in which they are earned.
Leases are classified as finance leases when substantially all of the risks and rewards of ownership transfer from the Company
to the lessee. Amount due from lessees under finance leases are recorded as receivables at the Company’s net investment in
the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the net
investment outstanding in respect of the lease.
As at As at
` crore ` crore
Finance Lease Receivable - Non-current.................................................................................. 554.27 574.76
Finance Lease Receivable - Current ........................................................................................... 37.58 34.27
Total ...................................................................................................................................................... 591.85 609.03
11.1 Leasing Arrangements
The Company has entered into Power Purchase Agreements (PPA) with a customer for its assets located at Jojobera. The assets
relate to 30 years of take or pay agreements with the customer to supply electricity at a fixed plus variable charge. The customer,
during the term of the PPAs has a right to purchase the assets and at the end of the contract is obligated to purchase the same
on the basis of the valuation to be determined as per the PPAs. This arrangement is an embedded finance lease.
11.2 Amount receivable under Finance Lease
Minimum Lease Payments Present Value of Minimum Lease
Payments
As at As at As at As at
Not later than one year ................................. 108.64 107.94 37.58 34.27
Later than one year and not later than
five years ............................................................. 521.73 520.65 170.80 147.90
Later than five years ....................................... 613.63 713.51 383.47 426.86
1,244.00 1,342.10 591.85 609.03
Unearned finance income ............................ 652.15 733.07 Nil Nil
Present value of minimum lease
payments receivable ...................................... 591.85 609.03 591.85 609.03
Allowance for uncollectible lease
payments............................................................ Nil Nil Nil Nil
591.85 609.03 591.85 609.03
Unguaranteed residual life .......................... Nil Nil Nil Nil
Total ..................................................................... 591.85 609.03 591.85 609.03
The implicit interest rate inherent in the leases is fixed at the contract for the entire lease term. The average implicit interest rate
contracted is approximately in the range of 12.62% - 16.34% per annum (31st March, 2018: 12.62% - 16.34% per annum).


12. Other Financial Assets
NOTICE
As at As at
` crore ` crore
(i) Accruals
Doubtful
BOARD’S REPORT
Interest Accrued on Loans to Related Parties ..................................... 1.24 1.24
1.24 1.24
Less: Allowance for Doubtful Interest ..................................................... 1.24 1.24
Nil Nil
(ii) Others
Balances with Banks:
In Deposit Accounts (with remaining maturity of more than
twelve months) (Refer Note below) ........................................................ 2.89 Nil
2.89 Nil
MD & A
Total ..................................................................................................................................................... 2.89 Nil
Note:

(i) Accruals
CG REPORT
Interest Accrued on Inter-corporate/Bank Deposits ........................ 0.39 0.24
Interest Accrued on Investments............................................................. 6.69 6.51
Interest Accrued on Finance Lease Receivable................................... 6.96 7.15
Interest Accrued on Financial Assets at Amortised Cost ................. Nil 30.60
Interest Accrued on Loans to Related Parties ..................................... 0.19 7.40
Doubtful
Interest Accrued on Loans to Related Parties ..................................... 0.32 Nil
Interest Accrued on Inter-corporate Deposits .................................... 1.40 1.40
15.95 53.30
BRR
Less: Allowance for Doubtful Interest ..................................................... 1.72 1.40
14.23 51.90
(ii) Others
Dividend Receivable..................................................................................... 81.16 245.87
CONSOLIDATED
Other Receivables ......................................................................................... 0.67 0.01
81.83 245.88
Total ..................................................................................................................................................... 96.06 297.78
13. Non-current Tax Assets

As at As at
` crore ` crore
STANDALONE
Non-current Tax Assets

Advance Income-tax (Net) .......................................................................................................... 68.65 Nil
Total .................................................................................................................................................... 68.65 Nil


14. Other Assets
As at As at
` crore ` crore
Non-current
(i) Capital Advances
Unsecured, considered good ............................................................................ 17.56 3.19
Doubtful ................................................................................................................... 0.12 0.12
17.68 3.31
Less: Allowance for Doubtful Advances......................................................... 0.12 0.12
17.56 3.19
(ii) Security Deposits
(iii) Balances with Government Authorities
Unsecured, considered good ............................................................................
Advances ..................................................................................................... 50.10 48.86
Amount Paid Under Protest .................................................................. 16.22 16.22
VAT/Sales Tax Receivable ....................................................................... 58.05 58.04
124.37 123.12
(iv) Unamortised Premium for Leasehold Land
(v) Others
Prepaid Expenses...................................................................................... 0.99 1.57
Recoverable from Consumers [Refer Note 3.13 (c)] ..................... 404.79 675.98
Doubtful ................................................................................................................... 0.93 0.96
406.71 678.51
Less: Allowance for Doubtful Advances ......................................................... 0.93 0.96
405.78 677.55
Total .................................................................................................................................................... 977.10 1,235.70
Current
(i) Balances with Government Authorities
Advances ..................................................................................................... 12.36 6.53
VAT/Sales Tax Receivable ....................................................................... 3.69 Nil
16.05 6.53
(ii) Unamortised Premium for Leasehold Land
(iii) Others
Prepaid Expenses...................................................................................... 22.67 34.38
Recoverable from Consumers [Refer Note 3.13 (c)] ..................... 787.00 136.38
Advances to Vendors............................................................................... 122.53 125.95
Other Advances......................................................................................... 0.62 2.77
Doubtful ................................................................................................................... 0.13 0.13
932.95 299.61
Less: Allowance for Doubtful Advances......................................................... 0.13 0.13
932.82 299.48
Total .................................................................................................................................................... 952.11 309.25


15. Inventories
NOTICE
Accounting Policy
Inventories are stated at the lower of cost and net realisable value. Costs of inventories are determined on weighted average
basis. Net realisable value represents the estimated selling price for inventories less all estimated costs of completion and costs
necessary to make the sale. Cost of inventory includes cost of purchase and other costs incurred in bringing the inventories
to their present location and condition. Unserviceable/damaged stores and spares are identified and written down based on
BOARD’S REPORT
technical evaluation.
As at As at
` crore ` crore
Inventories (lower of cost and net realisable value)
(a) Fuel .......................................................................................................................................... 253.44 184.74
Fuel-in-Transit ...................................................................................................................... 56.97 39.65
(b) Stores and Spares
Stores and Spare Parts ...................................................................................................... 149.19 149.09
MD & A
(c) Loose Tools .......................................................................................................................... 0.35 0.24
(d) Others
Property under Development ....................................................................................... 119.56 100.50
Total ..................................................................................................................................................... 579.51 474.22
Notes:
1. During the year ended 31st March, 2019, the Company has recognised ` Nil (31st March, 2018 - ` 46.91 crore) as an
CG REPORT
expense as net realisable value adjustment due to non operation of Unit 6 in Trombay Generating Station.
2. Refer Note 23 for Inventories pledged as security for liabilities.
16. Current Investments

As at As at
` crore ` crore
Investment carried at Amortised Cost
BRR
Statutory Investments
Contingency Reserve Fund Investments
Government Securities (Unquoted) ....................................................................... Nil 10.00
Deferred Taxation Liability Fund Investments
Government Securities (Unquoted) ....................................................................... 42.00 Nil
CONSOLIDATED
Total ....................................................................................................................................................... 42.00 10.00
Note:
Aggregate Market Value of Quoted Investments ........................................................ Nil Nil
Aggregate Carrying Value of Quoted Investments ..................................................... Nil Nil
Aggregate Carrying Value of Unquoted Investments ................................................ 42.00 10.00
STANDALONE


17. Cash and Cash Equivalents - At Amortised Cost
Accounting Policy
Cash and cash equivalents in the balance sheet comprise cash at banks and short-term deposits with an original maturity of
three months or less, which are subject to an insignificant risk of changes in value. Cash and cash equivalents include balances
with banks which are unrestricted for withdrawal and usage.
For the purpose of the statement of cash flows, cash and cash equivalents consist of cash at banks and short-term deposits, as
defined above, net of outstanding bank overdraft as they are considered an integral part of the Company’s cash management.
As at As at
` crore ` crore
In Current Accounts...................................................................................................... 75.94 42.94
Cash and Cash Equivalents as per Balance Sheet.................................................. 75.94 42.94
Bank Overdraft attributable to Continuing Operations (Refer Note 28) ............. (2.19) (95.44)
Cash and Cash Equivalents as per Statement of Cash Flows - Continuing
Operations.................................................................................................................................. 73.75 (52.50)
In Current Accounts...................................................................................................... 6.13 1.88
Book Overdraft ......................................................................................................................... (0.02) (0.04)
Cash and Cash Equivalents as per Statement of Cash Flows - Discontinued
Operations................................................................................................................................ 6.11 1.84
Cash and Cash Equivalents as per Statement of Cash Flows ........................... 79.86 (50.66)
Reconciliation of liabilities from Financing Activities ` crore

Particulars As at Cash flows Reclassified Non-cash As at
1st April, Proceeds Repayment as part of Transactions 31st March,
2018 Discontinued 2019
Operations
Non-current Borrowings (including
Current Maturities of Non-current
Borrowings) ..................................................... 12,244.97 3,337.09 (4,729.41) (135.48) 3.55 10,720.72
Overdraft) ......................................................... 4,231.02 22,729.91 (20,231.28) Nil (0.04) 6,729.61
Total ................................................................... 16,475.99 26,067.00 (24,960.69) (135.48) 3.51 17,450.33
` crore
Particulars As at Cash flows Reclassified Non-cash As at
1st April, Proceeds Repayment as part of Transactions 31st March,
2017 Discontinued 2018
Operations
Non-current Borrowings (including
Current Maturities of Non-current
Borrowings) ..................................................... 14,111.67 2,408.96 (3,697.23) (578.43) Nil 12,244.97
Overdraft) ......................................................... 2,391.66 11,274.46 (9,468.45) Nil 33.35 4,231.02
Total ................................................................... 16,503.33 13,683.42 (13,165.68) (578.43) 33.35 16,475.99


18. Other Balances with Banks - At Amortised Cost
NOTICE
As at As at
` crore ` crore
(a) In Deposit Accounts (Refer Note below) ............................................................. 2.00 1.94
(b) In Earmarked Accounts-
Unpaid Dividend Account ........................................................................... 17.85 13.54
BOARD’S REPORT
Total ................................................................................................................................................ 19.85 15.48
Note:
19a. Assets Classified as Held For Sale

Accounting Policy
Non-current assets or disposal group are classified as held for sale if their carrying amount will be recovered principally through
a sale transaction rather than through continuing use. This condition is regarded as met only when the asset or disposal group
is available for immediate sale in its present condition subject only to terms that are usual and customary for sale of such asset
MD & A
or disposal group and its sale is highly probable. Management must be committed to the sale, which should be expected to
qualify for recognition as a completed sale within one year from the date of classification. As at each balance sheet date, the
management reviews the appropriateness of such classification.
Non-current assets or disposal group classified as held for sale are measured at the lower of their carrying amount and fair value
less costs to sell.
The Company treats sale/distribution of the asset or disposal group to be highly probable when:
- the appropriate level of management is committed to a plan to sell the asset (or disposal group),
CG REPORT
- an active programme to locate a buyer and complete the plan has been initiated (if applicable),
- the asset (or disposal group) is being actively marketed for sale at a price that is reasonable in relation to its current fair
value,
- the sale is expected to qualify for recognition as a completed sale within one year from the date of classification, and
- actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that
the plan will be withdrawn.
Property, plant and equipment and intangible assets once classified as held for sale/distribution to owners are not depreciated
or amortised.
A disposal group qualifies as discontinued operation if it is a component of an entity that either has been disposed of, or is
BRR
classified as held for sale, and:
- represents a separate major line of business or geographical area of operations,
- is part of a single co-ordinated plan to dispose of a separate major line of business or geographical area of operations.
Discontinued operations are excluded from the results of continuing operations and are presented as a single amount as profit
or loss after tax from discontinued operations in the statement of profit and loss. Additional disclosures are provided hereunder.
CONSOLIDATED
All other notes to the financial statements mainly include amounts for continuing operations, unless otherwise mentioned.
As at As at
` crore ` crore
Land [Refer Note (i)] ........................................................................................................................ 309.99 97.21
Building [Refer Note (ii)] ............................................................................................................... 9.75 Nil
Plant and Equipment [Refer Note (iii)] .................................................................................... 4.55 0.22
Investments carried at Fair Value through Other Comprehensive Income
[Refer Note (iv)] ................................................................................................................................ 38.65 69.70
STANDALONE
Other Investments carried at Cost in Associates and Joint Ventures

[Refer Note (v) & (vi)] ....................................................................................................................... 360.76 1,028.82
Investments in Subsidiaries [Refer Note (vii)] ....................................................................... Nil Nil
Loan (including interest accrued) to Joint Venture [Refer Note (v)] .............................. 18.59 Nil
Assets of Discontinued Operations [Refer Note 19 c.] ....................................................... 2,064.30 2,065.19
Total ...................................................................................................................................................... 2,806.59 3,261.14


19a. Assets Classified as Held For Sale (Contd.)
(i) The Company had decided to sell/transfer following land and consequently classified as assets held for sale at lower of carrying
amount and fair value less cost to sell:
(a) Land at Belgaum ` Nil (31st March, 2018 - ` 2.90 crore) has been disposed off in the current year;
(b) Land at Tiruldih ` 9.72 crore (net of impairment loss of ` 34 crore) (31st March, 2018 - ` 9.72 crore);
(c) Land at Vadaval ` 3.21 crore (31st March, 2018 - ` 3.21 crore);
(d) Land at Naraj Marthapur ` 81.38 crore (net of impairment loss of ` 37 crore) (31st March, 2018 - ` 81.38 crore);
(e) Land at Hadapsar ` 0.08 crore (31st March, 2018 - ` Nil);
(f ) Land at Dehrand ` 215.56 crore (31st March, 2018 - ` Nil);
(g) Land at Oil Tankage Unit, Trombay (CTTL) ` 0.04 crore (31st March, 2018 - ` Nil).
(ii) The Company had decided to sell/transfer following buildings and consequently classified as assets held for sale at lower of
(a) Building at Erangal ` 0.23 crore (31st March, 2018 - ` Nil);
(b) Building at Panvel ` 0.48 crore (31st March, 2018 - ` Nil);
(c) Building at Peninsula ` 8.02 crore (31st March, 2018 - ` Nil);
(d) Building at Metropolitan ` 0.89 crore (31st March, 2018 - ` Nil);
(e) Building at Oil Tankage Unit, Trombay (CTTL), ` 0.13 crore (31st March, 2018 - ` Nil).
(iii) The Company has a Oil Tankage unit at Trombay. During the year, the Company has reclassified the said assets as held for sale.
No impairment loss has been recognised on reclassification as the Company expects that the fair value (estimated based on the
recent market prices of similar properties in similar locations) less costs to sell is higher than the carrying amount of ` 4.55 crore
as at 31st March, 2019.
(iv) During the year ended 31st March, 2017, the Company had decided to divest its investment in shares carried at fair value through
other comprehensive income in Tata Teleservices (Maharashtra) Ltd. and Tata Teleservices Ltd. Part of the said investments has
been disposed off in the current year. Balance investments have been classified as held for sale at fair value of ` 38.65 crore as
at 31st March, 2019 (31st March, 2018 - ` 69.70 crore).
(v) During the year, the Company decided to divest its investments in and loans given to its Joint Venture Company, Itezhi Tezhi
Power Corporation ` 275.75 crore and ` 18.59 crore respectively. Accordingly, the said investments and loans have been
classified as held for sale. No impairment loss has been recognised on reclassification as the Company expects that the fair
value less costs to sell is higher than the carrying amount of ` 275.75 crore and ` 18.59 crore as at 31st March, 2019.
During the previous year, the Company decided to divest its investments in its Associate Company, Tata Projects Ltd.
(` 85.01 crore). Accordingly, the said investments have been classified as held for sale. No impairment loss has been recognised
on reclassification as the Company expects that the fair value less costs to sell is higher than the carrying amount of ` 85.01
crore as at 31st March, 2019.
(vi) During the year, the Company sold investments in Panatone Finvest Ltd. (` 600.00 crore) and Tata Communications Ltd.
(` 343.81 crore) (Associate Companies) at the sale value of ` 1,542.62 crore and ` 614.18 crore respectively, which were classified
as Assets Held for Sale in the previous year. The resultant gain on sale of investments of ` 942.62 crore and ` 270.37 crore
respectively, has been disclosed as an exceptional items in the Statement of Profit and Loss.
(vii) During the previous year, the Company decided to divest its investments in equity and preference shares of its subsidiary, Tata
Ceramics Ltd. Accordingly, the said investments have been classified as held for sale at ` Nil (net of impairment ` 14.21 crore).
19b. Liabilities directly associated with Assets Classified as Held For Sale
As at As at
` crore ` crore
Liabilities of Discontinued Operations (Refer Note 19 c.) .................................................. 966.27 877.56
Total ...................................................................................................................................................... 966.27 877.56
19c. Assets Classified as Held For Sale - Discontinued Operations

During the previous year, the Company approved sale of its Strategic Engineering Division (SED) to Tata Advanced Systems Ltd.
(TASL) [a wholly owned subsidiary of Tata Sons Pvt. Ltd.] as a going concern on slump sale basis, subject to regulatory approvals
at an enterprise value of ` 2,230 crore (out of which ` 1,040 crore payable at the time of closing and ` 1,190 crore payable on
achieving certain milestones). Accordingly, defence business segment is presented as discontinued operations in the segment
note. The date of completion of the transaction is subject to approval by National Company Law Tribunal (NCLT) and such other
requisite approvals.


19c. Assets Classified as Held For Sale - Discontinued Operations (Contd.)
NOTICE
Results of Strategic Engineering Division for the year are presented below
` crore ` crore
Income
Revenue from Operations .................................................................................................................................. 143.59 286.74
Expenditure
BOARD’S REPORT
Cost of Components Consumed..................................................................................................................... 138.10 213.37
Employee Benefits Expense.............................................................................................................................. 110.85 49.40
Finance Costs ......................................................................................................................................................... 36.33 8.85
Depreciation & Amortisation ........................................................................................................................... Nil 31.17
Other Expenses ..................................................................................................................................................... 50.13 69.82
Total Expenses ..................................................................................................................................................... 335.41 372.61
Profit/(Loss) before tax from Discontinued Operations.................................................................. (191.82) (85.87)
Tax
Current Tax/(Credit) ............................................................................................................................................. (71.92) (17.36)
Deferred Tax ........................................................................................................................................................... 5.94 3.23
Total Tax.................................................................................................................................................................. (65.98) (14.13)
Profit/(Loss) for the year from Discontinued Operations ............................................................... (125.84) (71.74)
Other Comprehensive Income/(Expense) ................................................................................................... (1.14) 0.85
MD & A
Tax on Other Comprehensive Income .......................................................................................................... 0.40 Nil
Total Comprehensive Income/(Expense) ................................................................................................ (126.58) (70.89)
Major classes of Assets and Liabilities of Strategic Engineering Division classified as held for sale as at 31st March, 2019
are as follows:
As at As at
` crore ` crore
CG REPORT
Assets
Property, Plant and Equipment ....................................................................................................................... 302.06 302.99
Capital Work-in-Progress ................................................................................................................................... 418.75 361.42
Other Intangible Assets...................................................................................................................................... 123.42 75.08
Intangible Assets Under Development ........................................................................................................ 347.10 351.84
Non-current Financial Assets ........................................................................................................................... 3.66 4.75
Other Non-current Assets ................................................................................................................................. 74.66 78.04
Current Assets
Inventories .............................................................................................................................................................. 104.15 102.30
Current Financial Assets ..................................................................................................................................... 261.96 309.75
Other Current Assets ........................................................................................................................................... 428.54 479.02
Assets Classified as Held For Sale............................................................................................................... 2,064.30 2,065.19
Liabilities
BRR
Financial Liabilities ............................................................................................................................................... 679.31 547.38
Provisions ................................................................................................................................................................ 30.22 19.05
Current Liabilities
Financial Liabilities ............................................................................................................................................... 190.00 202.51
Provisions ................................................................................................................................................................ 17.91 37.93
Other Current Liabilities..................................................................................................................................... 48.83 70.69
CONSOLIDATED
Liabilities directly associated with Assets Classified as Held For Sale ..................................... 966.27 877.56
Net Assets directly associated with Discontinued Operations .................................................... 1,098.03 1,187.63
Net cash flows attributable to Strategic Engineering Division are as follows:

` crore ` crore
Net Cash Flow from/(used) in Operating Activities.................................................................................. 18.67 (16.31)
Net Cash Flow from/(used) in Investing Activities ................................................................................... (87.35) (233.13)
Net Cash Flow from/(used) in Financing Activities .................................................................................. 72.95 237.27
Net Increase/(Decrease) in Cash and Cash Equivalents................................................................... 4.27 (12.17)
STANDALONE
Cash and Cash Equivalents as at 1st April (Opening Balance) ..................................................... 1.84 14.01
Cash and Cash Equivalents as at 31st March (Closing Balance) .................................................. 6.11 1.84
During the year, the Company has incurred Research and Development expenditure including capital expenditure amounting
to ` 43.62 crore (31st March, 2018 - ` 118.75 crore).
Estimated amount of Contract remaining to be executed on capital account and not provided for is ` 55.57 crore (31st March,
2018 - ` 103.93 crore).
Contingent Liability of excise duty amounts to ` 14.28 crore (31st March, 2018 - ` 14.28 crore).


20. Regulatory Deferral Account
Accounting Policy
The Company determines revenue gaps (i.e. surplus/shortfall in actual returns over returns entitled) in respect of its regulated operations in
accordance with the provisions of Ind AS 114 “Regulatory Deferral Accounts” read with the Guidance Note on Rate Regulated Activities issued
by ICAI and based on the principles laid down under the relevant Tariff Regulations/Tariff Orders notified by the Electricity Regulator and the
actual or expected actions of the regulator under the applicable regulatory framework. Appropriate adjustments in respect of such revenue
gaps are made in the regulatory deferral account of the respective year for the amounts which are reasonably determinable and no significant
uncertainty exists in such determination. These adjustments/accruals representing revenue gaps are carried forward as Regulatory deferral
accounts debit/credit balances (Regulatory Assets/Regulatory Liabilities) as the case may be in the financial statements, which would be
recovered/refunded through future billing based on future tariff determination by the regulator in accordance with the electricity regulations.
The Company presents separate line items in the balance sheet for:
i. the total of all regulatory deferral account debit balances and related deferred tax balances; and
ii. the total of all regulatory deferral account credit balances and related deferred tax balances.
A separate line item is presented in the Statement of Profit and Loss for the net movement in regulatory deferral account. Regulatory assets/
liabilities on deferred tax expense/income is presented separately in the tax expense line item.
As at As at
` crore ` crore
Regulatory Deferral Account - Liability - Current
Regulatory Liabilities.................................................................................................................................................... Nil 485.00
Regulatory Deferral Account - Assets - Non-current
Regulatory Assets .......................................................................................................................................................... 999.00 1,795.19
Net Regulatory Assets/(Liabilities) ..................................................................................................................... 999.00 1,310.19
Rate Regulated Activities

(i) As per the Ind AS-114 ‘Regulatory Deferral Accounts’, the business of electricity distribution is a Rate Regulated activity wherein
Maharashtra Electricity Regulatory Commission (MERC), the regulator determines Tariff to be charged from consumers based on
prevailing regulations in place.
MERC Multi Year Tariff Regulations, 2015 (MYT Regulations), is applicable for the period beginning from 1st April, 2016 to 31st March,
2021. These regulations require MERC to determine tariff in a manner wherein the Company can recover its fixed and variable costs
including assured rate of return on approved equity base, from its consumers. The Company determines the Revenue, Regulatory Assets
and Liabilities as per the terms and conditions specified in MYT Regulations.
(ii) Reconciliation of Regulatory Assets/Liabilities of distribution business as per Rate Regulated Activities is as follows:
As at As at
` crore ` crore
Opening Regulatory Assets (Net) ........................................................... (A) 1,310.19 1,888.00
Regulatory Income/(Expenses) during the year
(i) Power Purchase Cost .................................................................... 2,282.00 2,322.91
(ii) Other expenses as per the terms of Tariff Regulations
including Return On Equity........................................................ 901.00 953.09
(iii) Collected during the year as per approved Tariff ............... (3,382.00) (3,068.00)
(iv) Amount Collected in respect of earlier year (Net) ............. (320.03) (444.00)
Net movement in Regulatory Deferral Balances (i + ii + iii + iv) .. (B) (519.03) (236.00)
Regulatory Assets/(Liabilities) on carrying cost recognised as
revenue ............................................................................................................ (C) 29.15 (49.00)
Recovery from Company’s Generation Business .............................. (D) (193.76) Nil
Net Movement in Regulatory Deferral Balances in respect of
earlier years (Refer Note below) .............................................................. (E) 274.26 Nil
Regulatory Assets/(Liabilities) on deferred tax expense/
(income) [Refer Note 35 (iii)]..................................................................... (F) 98.19 (292.81)
Closing Regulatory Assets (Net) .............................................................. (A + B + C + D + E + F) 999.00 1,310.19
During the year, pursuant to receipt of true-up tariff order from the Regulatory Commission for the years 2014-15, 2015-16 and 2016-17,
the Company has recognised net income of ₹ 91.95 crore comprising of a credit of ₹ 274.26 crore in regulatory income and a charge of
₹ 182.31 crore to revenue from operations.


21a. Share Capital
NOTICE
As at 31st March, 2019 As at 31st March, 2018
Number ` crore Number ` crore
Authorised
Equity Shares of ` 1/- each............................................................................................................. 350,00,00,000 350.00 350,00,00,000 350.00
Cumulative Redeemable Preference Shares of ` 100/- each ............................................ 2,29,00,000 229.00 2,29,00,000 229.00
579.00 579.00
Issued
BOARD’S REPORT
Equity Shares [including 28,32,060 shares (31st March, 2018 - 28,32,060 shares)
not allotted but held in abeyance, 44,02,700 shares cancelled pursuant to a Court
Order and 4,80,40,400 shares of the Company held by the erstwhile The Andhra
Valley Power Supply Company Limited cancelled pursuant to the Scheme of
Amalgamation sanctioned by the High Court of Judicature, Bombay] ........................ 276,17,00,970 276.17 276,17,00,970 276.17
Subscribed and Paid-up
Equity Shares fully Paid-up [excluding 28,32,060 shares (31st March, 2018 -
28,32,060 shares) not allotted but held in abeyance, 44,02,700 shares cancelled
pursuant to a Court Order and 4,80,40,400 shares of the Company held by the
erstwhile The Andhra Valley Power Supply Company Limited cancelled pursuant
to the Scheme of Amalgamation sanctioned by the High Court of Judicature,
Bombay]................................................................................................................................................ 270,47,73,510 270.48 270,47,73,510 270.48
Less: Calls in arrears [including ` 0.01 crore (31st March, 2018 - ` 0.01 crore) in
MD & A
respect of the erstwhile The Andhra Valley Power Supply Company Limited
and the erstwhile The Tata Hydro-Electric Power Supply Company Limited] .. 0.04 0.04
270.44 270.44
Add: Equity Shares forfeited - Amount paid ............................................................................ 16,52,300 0.06 16,52,300 0.06
Total Subscribed and Paid-up Share Capital ...................................................................................... 270.50 270.50
(i) Reconciliation of the shares outstanding at the beginning and at the end of the reporting period
CG REPORT
Number ` crore Number ` crore
Equity Shares
At the beginning of the year ............................................................................................ 270,64,25,810 270.50 270,64,25,810 270.50
Issued during the year ........................................................................................................ Nil Nil Nil Nil
Outstanding at the end of the year ............................................................................... 270,64,25,810 270.50 270,64,25,810 270.50
(ii) Terms/rights attached to Equity Shares

The Company has issued only one class of Equity Shares having a par value of ` 1/- per share. Each holder of Equity Shares is entitled to one vote per
share. The final dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
In the event of liquidation of the Company, the holders of Equity Shares will be entitled to receive remaining assets of the Company, after distribution
BRR
of all preferential amounts. The distribution will be in proportion to the number of Equity Shares held by the shareholders.
(iii) Details of shareholders holding more than 5% shares in the Company

Number % Holding Number % Holding
Equity Shares of ` 1/- each fully paid
Tata Sons Pvt. Ltd. ............................................................................................................... 83,97,99,682 31.05 83,97,99,682 31.05
CONSOLIDATED
Life Insurance Corporation of India ............................................................................... 20,97,31,735 7.75 31,79,60,364 11.76
Matthews Pacific Tiger Fund............................................................................................. 18,03,16,487 6.67 17,79,49,592 6.58
21b. Unsecured Perpetual Securities

As at As at
` crore ` crore
11.40% Unsecured Perpetual Securities .......................................................................................................................... 1,500.00 1,500.00
Add: Movement during the year ......................................................................................................................................... Nil Nil
STANDALONE
Total .............................................................................................................................................................................................. 1,500.00 1,500.00
In an earlier year, the Company raised ` 1,500 crore through issue of Unsecured Perpetual Securities (the “Securities”). These Securities are perpetual in nature
with no maturity or redemption and are callable only at the option of the Company. The distribution on these Securities are 11.40% with a step up provision if
the Securities are not called after 10 years. The distribution on the Securities may be deferred at the option of the Company, if during the six months preceding
the relevant distribution payment date, the Company has made no payment on, or redeemed or repurchased, any securities ranking pari passu with, or junior
to the instrument. As these Securities are perpetual in nature and ranked senior only to the Share Capital of the Company and the Company does not have any
redemption obligation, these are considered to be in the nature of equity instruments.


22. Other Equity
As at As at
` crore ` crore
General Reserve
Opening Balance ..................................................................................................................... 3,853.98 3,853.98
Closing Balance ........................................................................................................................ 3,853.98 3,853.98
Securities Premium
Opening Balance ..................................................................................................................... 5,634.98 5,634.98
Closing Balance ........................................................................................................................ 5,634.98 5,634.98
Opening Balance ..................................................................................................................... 1,000.61 1,000.90
Add/(Less): Amount transferred from/(to) Retained Earnings (Net) ...................... (578.66) (0.29)
Closing Balance ........................................................................................................................ 421.95 1,000.61
Opening Balance ..................................................................................................................... 1.85 1.85
Closing Balance ........................................................................................................................ 1.85 1.85
Capital Reserves
Opening Balance ..................................................................................................................... 61.66 61.66
Closing Balance ........................................................................................................................ 61.66 61.66
Statutory Reserve
Opening Balance ..................................................................................................................... 660.08 660.08
Closing Balance ........................................................................................................................ 660.08 660.08
Retained Earnings (Refer Note 1 below)
Opening balance ..................................................................................................................... 1,878.99 5,361.42
Add: Profit/(Loss) for the year ............................................................................................ 1,708.58 (3,150.52)
Transfer from Debenture Redemption Reserve (Net)..................................... 578.66 0.29
Less: Other Comprehensive Income/(Expense) arising from Remeasurement
of Defined Benefit Obligation (Net of Tax) ......................................................... 13.75 9.08
Payment of Dividend (Refer Note 2 below)........................................................ 351.99 351.99
Tax on Dividend ........................................................................................................... Nil 33.81
Transfer from Equity Instrument through Other Comprehensive Income
(Refer Note 3 below) ................................................................................................... 735.49 (174.74)
Distribution on Unsecured Perpetual Securities (Net of Tax) ...................... 110.88 112.06
1,075.13 (3,482.43)
Closing Balance ........................................................................................................................ 2,954.12 1,878.99
Equity Instruments through Other Comprehensive Income
Opening Balance ..................................................................................................................... (374.12) (253.40)
Add/(Less): Transfer to Retained Earnings (Refer Note 3 below) .......................... 735.49 (174.74)
Other Comprehensive Income - Current Tax ........................................ Nil (37.12)
Change in Fair Value of Equity Instruments through Other
Comprehensive Income ............................................................................... 0.17 (400.44)
Change in Fair Value of Equity Instruments classified as held for
sale ........................................................................................................................... (31.05) Nil
Gain on sale of Investment classified at fair value through other
comprehensive income ................................................................................ 0.01 99.59
Deferred Tax...................................................................................................... (0.02) 391.99
Closing Balance ........................................................................................................................ 330.48 (374.12)
Total ...................................................................................................................................................... 13,919.10 12,718.03


NOTICE
Notes:
1. Includes gain on fair valuation of land which is not available for distribution ` 222.31 crore (31st March, 2018 -
` 222.31 crore).
2. The shareholders of the Company in their meeting held on 27th July, 2018 approved final dividend of ` 1.30 per share
aggregating ` 351.99 crore (excluding dividend distribution tax) for the financial year 2017-18. The said dividend was
BOARD’S REPORT
paid to the holders of fully paid equity shares on 30th July, 2018.
3. The Company has sold certain investments carried at fair value through other comprehensive income. The resultant
(gain)/loss of ` 735.49 crore (31st March, 2018 - ` (174.74) crore) has been transferred from Equity Instruments through
Other Comprehensive Income to Retained Earnings.
4. In respect of the year ended 31st March, 2019, the directors have proposed a dividend of ` 1.30 per share (31st March,
2018 - ` 1.30 per share) to be paid on fully paid shares. This equity dividend is subject to approval at the annual general
meeting and has not been included as a liability in the financial statements. The proposed equity dividend is payable
to all holders of fully paid equity shares. The total estimated equity dividend to be paid is ` 351.99 crore (31st March,
2018 - ` 351.99 crore) (excluding Dividend Distribution Tax).
MD & A
Nature and purpose of reserves:
General Reserve
General Reserve is used from time to time to transfer profits from Retained Earnings for appropriation purposes. As the General
Reserve is created by a transfer from one component of equity to another and is not an item of other comprehensive income,
items included in the General Reserve will not be reclassified subsequently to statement of profit and loss.
Securities Premium
CG REPORT
Securities Premium Reserve is used to record the premium on issue of shares and is utilised in accordance with the provisions
of the Companies Act, 2013.
The Company is required to create a Debenture Redemption Reserve out of the profits which are available for payment of
dividend for the purpose of redemption of debentures.
Capital Redemption Reserve represents amounts set aside on redemption of preference shares.
Capital Reserve
BRR
Capital Reserve consists of forfeiture of the amount received from Tata Sons Pvt. Ltd. on preferential allotment of convertible
warrants in the Company, on the lapse of the period to exercise right to convert the said warrants and on forfeiture of amounts
paid on Debentures.
Statutory Reserves
CONSOLIDATED
Statutory Reserve consists of Special Appropriation towards Project Cost, Development Reserve and Investment Allowance
Reserve.
Special appropriation to project cost - Due to high capital investment required for the expansion in the electricity industry, the
Maharashtra State Government permits part of the capital cost of approved projects to be collected through the electricity
tariff and held as a special appropriation.
Development Reserve / Investment Allowance Reserve - Until 1978, the Companies made appropriations to a Development
Reserve and an Investment Allowance Reserve as required by the Income Tax Act, 1956. New appropriations to these reserves
are no longer required due to changes in Indian law. An amount equal to 0.5% on the accumulation in the Investment Allowance
STANDALONE
Reserve was included in the reasonable return calculation.

Retained Earnings
Retained Earnings are the profits of the Company earned till date net of appropriations.
Equity Instruments through Other Comprehensive Income
This reserve represents the cumulative gains and losses arising on revaluation of equity instruments measured at fair value
through other comprehensive income, net of amounts reclassified to retained earnings when those assets are disposed of.


23. Non-current Borrowings
Non-current Current * Non-current Current *
Maturities Maturities
Redeemable Non-Convertible Debentures
(a) 10.75% Series 2072 ........................................ 1,492.31 Nil 1,490.45 Nil
(b) 7.99% Series 2024 ......................................... 1,496.35 Nil 1,495.55 Nil
(c) 9.30% Series 2023 ......................................... Nil Nil 499.00 Nil
(d) 9.48% Series 2019 ......................................... Nil 500.00 499.81 Nil
(e) 7.70% Series 2019 (Refer Note 2) ............. Nil Nil Nil 1,875.00
2,988.66 500.00 3,984.81 1,875.00
Term Loans from Banks
(f ) ICICI Bank............................................................ 523.55 150.00 Nil 605.00
(g) Axis Bank ............................................................ 333.06 166.67 Nil Nil
856.61 316.67 Nil 605.00
Deferred Payment Liabilities
(h) Sales Tax Deferral ............................................. 8.50 8.50 17.00 11.33
(A) 3,853.77 825.17 4,001.81 2,491.33
(a) 9.15% Series 2025 ......................................... 105.86 16.00 121.84 16.00
(b) 9.15% Series 2025 ......................................... 124.90 25.00 149.86 25.00
(c) 9.40% Series 2022 ......................................... 209.63 Nil 209.58 Nil
(d) 10.10% Series 2018 ......................................... Nil Nil Nil 500.00
(e) 10.40% Series 2018 ......................................... Nil Nil Nil 500.00
440.39 41.00 481.28 1,041.00
Term Loans from Banks
(f ) HDFC Bank ......................................................... 917.81 395.00 1,062.81 95.00
(g) ICICI Bank............................................................ 624.76 120.00 Nil Nil
(h) Kotak Mahindra Bank ..................................... 712.73 150.93 438.75 38.75
(i) State Bank of India .......................................... 1,234.17 94.94 1,329.10 94.95
(j) IDFC Bank ........................................................... 623.44 158.75 782.28 341.56
(k) Axis Bank ............................................................ 333.38 166.67 Nil Nil
4,446.29 1,086.29 3,612.94 570.26
Term Loans from Others
(l) Asian Development Bank ............................. 6.33 12.67 19.01 12.67
(m) Indian Renewable Energy Development
Agency Ltd. ........................................................ 2.94 5.87 8.80 5.87
9.27 18.54 27.81 18.54
(B) 4,895.95 1,145.83 4,122.03 1,629.80
Total .................................................................................................. (A) + (B) 8,749.72 1,971.00 8,123.84 4,121.13
* Amount disclosed under Other Current Financial Liabilities (Refer Note 24)
Security
(i) The Debentures mentioned in (a) have been secured by a charge on movable properties and assets of the Company at Agaswadi and
Visapur in Satara District of Maharashtra and Poolavadi in Tirupur District of Tamil Nadu.
(ii) The Debentures mentioned in (b) have been secured by a pari passu charge on the assets of the wind farms situated at Samana in
Gujarat, Gadag in Karnataka and immovable properties in Jamnagar, Gujarat.
(iii) The Debentures mentioned in (c) have been secured by a charge on the land situated at Village Takve Khurd (Maharashtra) and movable
fixed assets (except the Wind assets) including movable machinery, machinery spares, tools and accessories but excluding vehicles,
launches and barges, present and future.
(iv) The Debentures mentioned in (d) and (e) have been secured by a pari passu charge on land in Village Takve Khurd (Maharashtra) and all
buildings and structures and all plant and machinery whether fixed or movable attached to the land at the thermal and hydro power
stations.


23. Non-current Borrowings (Contd.)
NOTICE
(v)
The Loans mentioned in (f ), (h), (i) and (j) have been secured by pari passu charge on all movable Fixed Assets (excluding land and
building), present and future (except assets of all wind projects both present and future) including movable machinery, machinery
spares, tools and accessories, present and future, but excluding vehicles, launches and barges.
(vi) The Loans mentioned in (g) have also been secured by whole of current assets of the Company, present and future, in a first pari passu
manner.
(vii) The Loan mentioned in (k) has been secured by pari passu charge on all movable Fixed Assets (excluding land and building), present and
BOARD’S REPORT
future, except (1) assets of 120 MW waste heat recovery plant located at Haldia (2) assets of Strategic Engineering Division (3) assets of
all wind projects, both present and future, including movable machinery, machinery spares, tools and accessories, present and future
(excluding vehicles, launches and barges, present and future).
(viii) The Loans from Asian Development Bank and Indian Renewable Energy Development Agency Limited mentioned in (l) and
(m) respectively have been secured by a charge on the movable and immovable properties situated at Khandke, Brahmanvel and
Sadawaghapur in Maharashtra including the projects’ current and future receivables.
Terms of Repayment
` crore
Particulars Amount Financial Year
Outstanding as at FY 19-20 FY 20-21 FY 21-22 FY 22-23 FY 23-24 FY 24-29 FY 29-30 and
31st March, 2019 onwards
MD & A
(a) 10.75% Series 2072 (Refer Note 1 below) .................................. 1,500.00 - - - - - - 1,500.00
(b) 7.99% Series 2024 ............................................................................. 1,500.00 - 300.00 300.00 300.00 300.00 300.00 -
(c) 9.48% Series 2019 ............................................................................. 500.00 500.00 - - - - - -

Term Loans from Banks (Refer Note 4 below)
(d) ICICI Bank................................................................................................ 675.00 150.00 300.00 225.00 - - - -
CG REPORT
(e) Axis Bank ................................................................................................ 500.00 166.67 166.67 166.66 - - - -

Deferred Payment Liabilities
(f) Sales Tax Deferral (Refer Note 3 below) ....................................... 17.00 8.50 5.67 2.83 - - - -

(a) 9.15% Series 2025 ............................................................................. 122.00 16.00 16.00 16.00 16.00 16.00 42.00 -
(b) 9.15% Series 2025 ............................................................................. 150.00 25.00 25.00 20.00 20.00 20.00 40.00 -
(c) 9.40% Series 2022 ............................................................................. 210.00 - - - 210.00 - - -
BRR

Term Loans from Banks (Refer Note 4 below)
(d) HDFC Bank ............................................................................................. 1,312.81 395.00 74.38 83.75 83.75 83.75 501.56 90.62
(e) Kotak Mahindra Bank ......................................................................... 863.66 150.94 150.94 150.94 50.93 50.93 305.93 3.05
(f) State Bank of India .............................................................................. 1,329.11 94.93 94.93 94.94 94.94 189.88 759.49 -
(g) IDFC Bank ............................................................................................... 782.19 158.75 76.25 76.25 76.25 146.25 248.44 -
CONSOLIDATED
(h) Axis Bank ................................................................................................ 500.00 166.67 166.67 166.66 - - - -
(i) ICICI Bank................................................................................................ 750.00 120.00 120.00 120.00 150.00 240.00 - -
Term Loans from Others (Refer Note 4 below)
(j) Asian Development Bank ................................................................. 19.01 12.67 6.33 - - - - -
(k) Indian Renewable Energy Development Agency Ltd. ........... 8.80 5.87 2.94 - - - - -
10,739.58 1,971.00 1,505.78 1,423.03 1,001.87 1,046.81 2,197.42 1,593.67
Less: Impact of recognition of borrowing at amortised cost using
effective interest method.. .......................................................................... 18.86
10,720.72
STANDALONE
Notes:
1 The 10.75% Redeemable Non-Convertible Debentures are redeemable at par at the end of 60 years from the date of allotment viz. 21st August, 2072. The Company has the call
option to redeem the same at the end of 10 years viz. 21st August, 2022 and at the end of every year thereafter.
2 The 7.70% Redeemable Non-Convertible Debentures has a Put/Call option at the end of 24 months from the deemed date of allotment i.e. 3rd August, 2018 which has been
exercised by the debentureholders and accordingly debentures of ` 1,875.00 crore were redeemed on 3rd August, 2018.
3 Sales Tax Deferral is repayable in 150 instalments commencing from April, 2013 and repayable in full by March, 2022.
4 The rate of interest for term loans from banks ranges from 8.45% to 9.25% and rate of interest for term loans from others is 9.36%.


24. Other Financial Liabilities
As at As at
` crore ` crore
Security Deposits from Customers ................................................................................... 33.53 32.15
Guarantee Commission Obligation .................................................................................. 9.23 12.59
Total ....................................................................................................................................................... 42.76 44.74

(a) Current Maturities of Non-current Borrowings (Refer Note 23) ............................. 1,971.00 4,121.13
(b) Interest accrued but not due on Borrowings ................................................................ 189.09 303.90
(c) Interest accrued but not due on Borrowings from Related Party.......................... 0.38 0.38
(d) Investor Education and Protection Fund shall be credited by the following
amounts namely: **
Unpaid Dividend ........................................................................................................... 22.01 17.70
Unpaid Matured Deposits .......................................................................................... 0.03 0.03
Unpaid Matured Debentures .................................................................................... 0.09 0.09
(e) Other Payables
Payables for Capital Supplies and Services ........................................................................................ 252.33 203.43
Security Deposits from Electricity Consumers............................................................................... 216.72 190.52
Security Deposits from Others ........................................................................................................................... 4.33 13.44
Tender Deposits from Vendors........................................................................................................................... 2.14 1.13
Financial Guarantee Obligation towards Lenders of Jointly Controlled
Entity [Refer Note 8(b)] ................................................................................................................................................. 103.74 97.77
Other Financial Liabilities .......................................................................................................................................... 133.57 97.64
At Fair Value through Profit and Loss
(f ) Other Payables
Derivative Contracts (Net) ........................................................................................................................................ Nil 0.82
Total ....................................................................................................................................................... 2,895.43 5,047.98
** Includes amounts outstanding aggregating ` 1.25 crore (31st March, 2018 - ` 0.88 crore) for more than seven years pending
legal cases.


25. Provisions
NOTICE
Accounting Policy
Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is
probable that the Company will be required to settle the obligation and a reliable estimate can be made of the amount of the
obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the
BOARD’S REPORT
end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. When a provision is
measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash
flows (when the effect of the time value of money is material).
Present obligations arising under onerous contracts are recognised and measured as provisions with charge to statement of
profit and loss. An onerous contract is considered to exist where the Company has a contract under which the unavoidable
costs of meeting the obligations under the contract exceed the economic benefits expected to be received from the contract.
Defined contribution plans
Payments to defined contribution retirement benefit plans are recognised as an expense when employees have rendered
service entitling them to the contributions.
MD & A
Defined benefits plans
The cost of providing benefits under the defined benefit plan is determined using the projected unit credit method.
Remeasurements, comprising of actuarial gains and losses, the effect of the asset ceiling, excluding amounts included in net
interest on the net defined benefit liability and the return on plan assets (excluding amounts included in net interest on the
net defined benefit liability), are recognised immediately in the balance sheet with a corresponding debit or credit to retained
earnings through OCI in the period in which they occur. Remeasurements are not reclassified to profit or loss in subsequent
periods. Past service costs are recognised in the statement of profit and loss on the earlier of:
CG REPORT
- The date of the plan amendment or curtailment, and
- The date that the Company recognises related restructuring costs
Net interest is calculated by applying the discount rate to the net defined benefit liability or asset. The Company recognises the
following changes in the net defined benefit obligation as an expense in the statement of profit and loss:
- Service costs comprising current service costs, past-service costs, gains and losses on curtailments and non routine
settlements; and
- Net interest expense or income.
A liability for a termination benefit is recognised at the earlier of when the entity can no longer withdraw the offer of the
BRR
termination benefit and when the entity recognises any related restructuring costs.
The cost of the defined benefit gratuity plan and other post-employment medical benefits and the present value of the gratuity
obligation are determined using actuarial valuations. An actuarial valuation involves making various assumptions that may
differ from actual developments in the future. These include the determination of the discount rate, future salary increases and
mortality rates. Due to the complexities involved in the valuation and its long-term nature, a defined benefit obligation is highly
CONSOLIDATED
sensitive to changes in these assumptions. All assumptions are reviewed at each reporting date.
The parameter most subject to change is the discount rate. In determining the appropriate discount rate for plans operated
in India, the management considers the interest rates of government bonds. The mortality rate is based on publicly available
mortality tables. Those mortality tables tend to change only at interval in response to demographic changes. Future salary
increases and gratuity increases are based on expected future inflation rates.
Current and other non-current employee benefits
A liability is recognised for benefits accruing to employees in respect of wages and salaries, annual leave and sick leave in the
period the related service is rendered at the undiscounted amount of the benefits expected to be paid in exchange for that
STANDALONE
service.
Liabilities recognised in respect of current employee benefits are measured at the undiscounted amount of the benefits
expected to be paid in exchange for the related service.
Liabilities recognised in respect of other non-current employee benefits are measured at the present value of the estimated
future cash outflows expected to be made by the Company in respect of services provided by employees up to the reporting
date.


As at As at
` crore ` crore
Non-current
Compensated Absences ..................................................................................................... 80.71 74.31
Post-Employment Medical Benefits [Refer Note 25 (2.3)] ....................................... 45.81 30.70
Other Defined Benefit Plans [Refer Note 25 (2.3)] ..................................................... 48.99 57.90
Other Employee Benefits.................................................................................................... 20.04 19.19
Total ..................................................................................................................................................... 195.55 182.10
Current
Compensated Absences ..................................................................................................... 5.00 4.58
Post-Employment Medical Benefits [Refer Note 25 (2.3)] ....................................... 1.80 1.23
Other Defined Benefit Plans [Refer Note 25 (2.3)] ..................................................... 6.09 6.64
Other Employee Benefits.................................................................................................... 1.85 2.99
Total ..................................................................................................................................................... 14.74 15.44
Employee Benefit Plans

1. Defined Contribution plan
The Company makes superannuation fund contributions to defined contribution plan for eligible employees. Under the
scheme, the Company is required to contribute a specified percentage of the payroll costs. The Company has no obligation,
other than the contribution payable to the fund. The Company recognises contribution payable to the superannuation fund
scheme as an expense, when an employee renders the related service.
The Company has recognised ₹ 9.19 crore (31st March, 2018 - ₹ 9.53 crore) for superannuation contribution in the Statement of
Profit and Loss. The said amount is excluding of amounts recognised by the Strategic Engineering Division (SED) (Discontinued
operations). The contribution payable to the plan by the Company is at rates specified in the rules of the scheme.
2. Defined benefit plans

2.1 The Company operates the following unfunded/funded defined benefit plans:
Funded:
Provident Fund
The Company makes Provident Fund contributions to defined benefit plans for eligible employees. Under the scheme, the
Company is required to contribute a specified percentage of the payroll costs to fund the benefits. The contributions as specified
under the law are paid to the provident fund set up as a trust by the Company. The Company is generally liable for annual
contributions and any shortfall in the fund assets based on the government specified minimum rates of return and recognises
such contributions and shortfall, if any, as an expense in the year it is incurred. Having regard to the assets of the fund and the
return on the investments, the Company expects shortfall of ` 8.27 crore which has been provided as an expenditure during
the year.
The significant assumptions used for the purpose of the actuarial valuations were as follows:
Interest rate .......................................................................................................................................... 8.65% p.a. 8.55% p.a.
Discount rate ........................................................................................................................................ 7.40% p.a. 7.70% p.a.
Contribution during the year (₹ crore) ....................................................................................... 19.15 19.04
Short fall provided as expenditure for the year ...................................................................... 8.27 Nil


NOTICE
Gratuity
The Company has a defined benefit gratuity plan. The gratuity plan is primarily governed by the Payment of Gratuity Act,
1972. Employees who are in continuous service for a period of five years are eligible for gratuity. The level of benefits provided
depends on the member’s length of service and salary at the retirement date. The gratuity plan is funded plan. The fund has the
form of a trust and is governed by Trustees appointed by the Company. The Trustees are responsible for the administration of
BOARD’S REPORT
the plan assets and for the definition of the investment strategy in accordance with the regulations. The funds are deployed in
recognised insurer managed funds in India.
2.2 The principal assumptions used for the purposes of the actuarial valuations were as follows:
Valuation as at 31st March, 2019 31st March, 2018
Discount Rate................................................................................................................. 7.40% p.a. 7.70% p.a.
Salary Growth Rate
- Management ............................................................................................................. 7% p.a. 7% p.a.
- Non-Management ................................................................................................... 5% p.a. 5% p.a.
Turnover Rate - Age 21 to 44 years
- Management ............................................................................................................. 2.5% p.a. 2.5% p.a.
MD & A
- Non-Management ................................................................................................... 0.50% p.a. 0.50% p.a.
Turnover Rate - Age 45 years and above
- Management ............................................................................................................. 1% p.a. 1% p.a.
- Non-Management ................................................................................................... 0.50% p.a. 0.50% p.a.
Pension Increase Rate ................................................................................................. 3% p.a. 3% p.a.
Mortality Table Indian Assured Lives Indian Assured Lives
Mortality (2006-08) Mortality (2006-08)
CG REPORT
(modified) Ult (modified) Ult
Annual Increase in Healthcare Cost ....................................................................... 8% p.a. 8% p.a.
2.3 The amounts recognised in the financial statements and the movements in the net defined benefit obligations over the
year are as follows:
Funded Plan: Present value Fair value of Net
Balance as at 1st April, 2017 257.40 (248.38) 9.02
Current service cost ..................................................................................................... 17.60 Nil 17.60
BRR
Past service cost ............................................................................................................ Nil Nil Nil
Interest Cost/(Income) ................................................................................................ 17.00 (17.07) (0.07)
Less: Amount recognised in Statement of Profit and Loss -
Discontinued Operations ................................................................................ (1.97) Nil (1.97)
Amount recognised in Statement of Profit and Loss - Continuing
Operations..................................................................................................................... 32.63 (17.07) 15.56
CONSOLIDATED
Return on plan assets excluding amounts included in interest cost/
(income) ........................................................................................................................... Nil 1.08 1.08
Actuarial (gains)/losses arising from changes in demographic
assumptions ................................................................................................................... 9.21 Nil 9.21
Actuarial (gains)/losses arising from changes in financial assumptions (40.33) Nil (40.33)
Actuarial (gains)/losses arising from experience .............................................. 15.33 Nil 15.33
Amount recognised in Other Comprehensive Income (15.79) 1.08 (14.71)
Employer contribution ............................................................................................... Nil Nil Nil
STANDALONE
Benefits paid .................................................................................................................. (19.43) Nil (19.43)

Acquisitions credit/(cost)........................................................................................... (4.68) 0.16 (4.52)
Add: Amounts recognised in current year - Discontinued operations ...... 1.97 Nil 1.97
Less: Transferred to Assets/Liabilities held for sale - Discontinued
operations ............................................................................................................. (14.30) Nil (14.30)
Balance as at 31st March, 2018 ........................................................................... 237.80 (264.21) (26.41)


Funded Plan: Present value Fair value of Net
Balance as at 31st March, 2018* ......................................................................... 237.80 (264.21) (26.41)
Current service cost ..................................................................................................... 15.04 Nil 15.04
Past service cost ............................................................................................................ Nil Nil Nil
Interest Cost/(Income) ................................................................................................ 18.24 (20.34) (2.10)
Less: Amount recognised in Statement of Profit and Loss -
Discontinued Operations ................................................................................ (0.58) Nil (0.58)
Amount recognised in Statement of Profit and Loss - Continuing
Operations..................................................................................................................... 32.70 (20.34) 12.36
Return on plan assets excluding amounts included in interest cost/
(income) ........................................................................................................................... Nil 4.26 4.26
Actuarial (gains)/losses arising from changes in demographic
assumptions ................................................................................................................... Nil Nil Nil
Actuarial (gains)/losses arising from changes in financial assumptions 5.79 Nil 5.79
Actuarial (gains)/losses arising from experience .............................................. 15.97 Nil 15.97
Amount recognised in Other Comprehensive Income ............................ 21.76 4.26 26.02
Employer contribution ............................................................................................... Nil Nil Nil
Benefits paid .................................................................................................................. (30.49) Nil (30.49)
Acquisitions credit/(cost)........................................................................................... (1.52) Nil (1.52)
Add: Amounts recognised in current year - Discontinued Operations ..... 0.58 Nil 0.58
Less: Transferred to Assets/Liabilities held for sale - Discontinued
Operations............................................................................................................. (15.29) Nil (15.29)
Balance as at 31st March, 2019* ......................................................................... 245.54 (280.29) (34.75)
* Net asset is classified as “Other Current Assets”.
Unfunded:
Post Employment Medical Benefits
The Company provides certain post-employment health care benefits to superannuated employees at some of its locations. In
terms of the plan, the retired employees can avail free medical check-up and medicines at Company’s facilities.
Pension (including Director pension)
The Company operates a defined benefit pension plan for employees who have completed 15 years of continuous service.
The plan provides benefits to members in the form of a pre-determined lumpsum payment on retirement. Executive Director,
on retirement, is entitled to pension payable for life including HRA benefit. The level of benefit is approved by the Board of
Directors of the Company from time to time.
Ex-Gratia Death Benefit
The Company has a defined benefit plan granting ex-gratia in case of death during service. The benefit consists of a pre-determined
lumpsum amount along with a sum determined based on the last drawn basic salary per month and the length of service.
Retirement Gift
The Company has a defined benefit plan granting a pre-determined sum as retirement gift on superannuation of an employee.


NOTICE
Unfunded Plan: Amount
` crore
Balance as at 1st April, 2017 ............................................................................................................................................................. 68.05
Current service cost ................................................................................................................................................................................. 2.77
Past service cost ........................................................................................................................................................................................ 0.27
Past service cost - Plan amendments ................................................................................................................................................ 4.03
BOARD’S REPORT
Interest Cost/(Income) ............................................................................................................................................................................ 4.50
Add/(Less): Amount recognised in Statement of Profit and Loss - Discontinued Operations ....................................... (0.64)
Amount recognised in Statement of Profit and Loss - Continuing Operations ....................................................... 10.93
Actuarial (gains)/losses arising from changes in demographic assumptions .................................................................... 8.46
Actuarial (gains)/losses arising from changes in financial assumptions .............................................................................. (1.01)
Actuarial (gains)/losses arising from experience .......................................................................................................................... 18.79
Amount recognised in Other Comprehensive Income ........................................................................................................ 26.24
Benefits paid .............................................................................................................................................................................................. (5.20)
Acquisitions credit/(cost)....................................................................................................................................................................... (1.46)
Add: Amounts recognised in current year - Discontinued Operations ................................................................................. 0.64
MD & A
Less: Transferred to Assets/Liabilities held for sale - Discontinued Operations ................................................................. (2.73)
Balance as at 31st March, 2018 ....................................................................................................................................................... 96.47

Current service cost ................................................................................................................................................................................. 4.16
Past service cost ........................................................................................................................................................................................ 0.24
Past service cost - Plan amendments ................................................................................................................................................ 4.58
Interest Cost/(Income) ............................................................................................................................................................................ 7.78
CG REPORT
Add/(Less): Amount recognised in Statement of Profit and Loss - Discontinued Operations ....................................... (0.44)
Amount recognised in Statement of Profit and Loss - Continuing Operations ....................................................... 16.32
Actuarial (gains)/losses arising from changes in demographic assumptions .................................................................... Nil
Actuarial (gains)/losses arising from changes in financial assumptions ............................................................................. 3.17
Actuarial (gains)/losses arising from experience .......................................................................................................................... (8.35)
Less: Amount recognised in other comprehensive income - Discontinued operations ................................................. 0.30
Amount recognised in Other Comprehensive Income ........................................................................................................ (4.88)
Benefits paid .............................................................................................................................................................................................. (2.85)
Acquisitions credit/(cost)....................................................................................................................................................................... 0.05
BRR
Add: Amounts recognised in current year - Discontinued Operations ................................................................................. 0.44
Less: Transferred to Assets/Liabilities held for sale - Discontinued Operations ................................................................. (2.86)
Employee Benefit Plans

2.4 Sensitivity analysis
CONSOLIDATED
The sensitivity of the defined benefit obligations to changes in the weighted principal assumptions is:
Change in assumption Increase in assumption Decrease in assumption
31st March, 31st March, 31st March, 31st March, 31st March, 31st March,
2019 2018 2019 2018 2019 2018
Discount rate.............................. 0.50% 0.50% Decrease by 14.70 13.21 Increase by 15.94 14.45
Salary/Pension growth rate .. 0.50% 0.50% Increase by 11.91 11.68 Decrease by 11.22 10.99
Mortality rates ........................... 1 year 1 year Decrease by 4.09 3.30 Increase by 4.00 3.18
STANDALONE
Healthcare cost ......................... 0.50% 0.50% Increase by 3.59 2.45 Decrease by 3.22 2.05
The above sensitivity analysis is based on a change in an assumption while holding all other assumptions constant. In practice,
this is unlikely to occur and changes in some of the assumptions may be correlated. When calculating the sensitivity of
the defined benefit obligation to significant actuarial assumptions the same method (present value of the defined benefit
obligation calculated with the projected unit credit method at the end of the reporting period) has been applied as when
calculating the defined benefit liability recognised in the balance sheet.
The method and types of assumptions used in preparing the sensitivity analysis did not change compared to the prior period.


2.5 The expected maturity analysis of undiscounted defined benefit obligation is as follows:
Funded Unfunded
Within 1 year ...................................................... 21.75 18.64 8.58 8.57
Between 1 - 2 years .......................................... 32.76 29.48 9.07 8.94
Between 2 - 3 years .......................................... 34.02 30.63 9.11 9.13
Between 3 - 4 years .......................................... 31.99 32.86 9.21 9.15
Between 4 - 5 years .......................................... 31.86 30.66 9.41 9.18
Beyond 5 years .................................................. 176.73 164.82 50.58 47.16
The weighted average duration of the defined benefit obligation is 8.1 years (31st March, 2018 - 8.1 years).
The contribution expected to be made by the Company during the financial year 2019-20 is Nil.
2.6 Risk exposure:
Through its defined benefit plans, the Company is exposed to a number of risks, the most significant of which are detailed
below:
Asset volatility:
The plan liabilities are calculated using a discount rate set with reference to government bond yield. If plan assets underperform
this yield, it will result in deficit. These are subject to interest rate risk. To offset the risk, the plan assets have been deployed in
high grade insurer managed funds.
Inflation rate risk:
Higher than expected increase in salary and medical cost will increase the defined benefit obligation.
Demographic risk:
This is the risk of variability of results due to unsystematic nature of decrements that include mortality, withdrawal, disability
and retirement. The effect of these decrements on the defined benefit obligations is not straight forward and depends upon
the combination of salary increase, discount rate and vesting criterion.
2.7 Major categories of plan assets:
Plan assets are funded with the trust set up by the Company. The trust invests the funds in various financial instruments. Major
categories of plan assets are as follows:
Quoted ` crore % ` crore %
Equity Instruments ............................................................................ 56.07 20% 56.45 21%
Debt Instruments ............................................................................... 60.08 21% 121.47 46%
Government Securities..................................................................... 103.77 37% 54.63 21%
Cash & Cash Equivalents .................................................................. 60.38 22% 31.66 12%
280.30 100% 264.21 100%
26. Deferred Tax Liabilities (Net)

(Refer Note 35)
As at As at
` crore ` crore
Deferred Tax Assets.......................................................................................................................... 1,024.21 1,310.41
Deferred Tax Liabilities ................................................................................................................... 1,607.70 1,546.40
Net Deferred Tax Liabilities....................................................................................................... 583.49 235.99


27. Other Liabilities
NOTICE
As at As at
` crore ` crore
Non-current
Consumers’ Benefit Account ............................................................................................ 21.94 21.94
BOARD’S REPORT
Liabilities towards Consumers [Refer Note 3.13 (c)] ................................................ Nil 66.00
Deferred Revenue - Service Line Contributions from Consumers ...................... 116.87 112.84
Deferred Rent Liability ........................................................................................................ 44.73 45.71
Total ....................................................................................................................................................... 183.54 246.49
Current
Statutory Liabilities .............................................................................................................. 156.79 95.61
Advance from Customers/Public Utilities .................................................................... 117.16 212.92
Statutory Consumer Reserves.......................................................................................... 561.76 545.76
Liabilities towards Consumers [Refer Note 3.13 (c)] ................................................ 11.50 338.22
MD & A
Other Liabilities ..................................................................................................................... 1.91 1.08
Total ....................................................................................................................................................... 849.12 1,193.59
28. Current Borrowings

As at As at
` crore ` crore
CG REPORT
Unsecured - At Amortised Cost
From Banks
(a) Buyer’s Line of Credit ................................................................................................ Nil 338.88
(b) Term Loans
(i) Repayable on Demand .................................................................................. 800.00 800.00
(ii) Others .................................................................................................................. 200.00 Nil
(c) Bank Overdraft - Repayable on Demand ........................................................... 2.19 95.44
From Related Parties ..................................................................................................................... Nil 125.00
From Others
BRR
Commercial Paper [maximum amount outstanding during the year is ` 6,550 crore
(31st March, 2018 - ` 3,650 crore)] ................................................................................................. 5,729.61 2,967.13
6,731.80 4,326.45
Secured - At Amortised Cost
From Banks
CONSOLIDATED
Short-term Loans........................................................................................................ Nil 0.01
Nil 0.01
Total ........................................................................................................................................... 6,731.80 4,326.46
Note:
The rate of interest for short-term loans from banks ranges from 7.57% to 8.95% and rate of interest from others ranges from
6.68% to 8.16%.
29. Current Tax Liabilities
STANDALONE
As at As at
` crore ` crore
Income Tax Payable (Net) ............................................................................................................. 107.67 107.67
Total ..................................................................................................................................................... 107.67 107.67


30. Revenue from Operations
Revenue recognition
Accounting Policy
Revenue from contracts with customers is recognised when control of the goods or services are transferred to the customer at
an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services.
Description of performance obligations are as follows :
(i) Sale of Power - Generation (Thermal and Hydro)
Revenue from sale of power is recognised net of cash discount over time for each unit of electricity delivered.
The Company as per the prevalent tariff regulations is required to recover its Annual Revenue Requirement (‘ARR’)
comprising of expenditure on account of fuel cost, operations and maintenance expenses, financing costs, taxes and
assured return on regulator approved equity with additional incentive for operational efficiencies. Accordingly, rate per
unit is determined using input method based on the Company’s efforts to the satisfaction of a performance obligation
to deliver power.
As per tariff regulations, the Company determines ARR and any surplus/shortfall in recovery of the same is accounted as
revenue.
(ii) Sale of Power - Generation (Wind and Solar)
Revenue from sale of power is recognised net of cash discount over time for each unit of electricity delivered at the
contracted rate.
(iii) Transmission of Power
Revenue from transmission of power is recognised net of cash discount over time for transmission of electricity. The
Company as per the prevalent tariff regulations is required to recover its Annual Revenue Requirement (‘ARR’) comprising
of expenditure on account of operations and maintenance expenses, financing costs, taxes and assured return on
regulator approved equity with additional incentive for operational efficiencies.
Input method is used to recognize revenue based on the Company’s efforts or inputs to the satisfaction of a performance
obligation to deliver power.
As per tariff regulations, the Company determines ARR and any surplus/shortfall in recovery of the same is accounted as
revenue.
(iv) Sale of Power - Distribution
Revenue from sale of power is recognised net of cash discount over time for each unit of electricity delivered at the pre
determined rate.
(v) Rendering of Services
Revenue from a contract to provide services is recognized over time based on output method where direct measurements
of value to the customer based on survey’s of performance completed to date. Revenue is recognised net of cash discount
at a point in time at the contracted rate.
(vi) Consumers are billed on a monthly basis and are given average credit period of 30 to 45 days for payment. No delayed
payment charges (‘DPC’) is charged for the initial 30 days from the date of receipt of invoice by customers. Thereafter,
DPC is charged at the rate prescribed by the Power Purchase Agreement on the outstanding balance once the dues are
received. Revenue in respect of delayed payment charges and interest on delayed payments leviable as per the relevant
contracts are recognised on actual realisation or accrued based on an assessment of certainty of realization supported
by either an acknowledgement from customers or on receipt of favourable order from regulator / authorities.
There is no significant judgement involved while evaluating the timing as to when customers obtain control of promised
goods and services.


NOTICE
` crore ` crore
(a) Revenue from Power Supply and Transmission Charges ................. 6,479.75 6,196.75
(Less)/Add: Income to be adjusted in future tariff determination (Net) 255.34 (56.00)
BOARD’S REPORT
(Less)/Add: Income to be adjusted in future tariff determination (Net)
in respect of earlier years (Refer Note 20) ................................ (182.31) Nil
6,552.78 6,140.75
(b) Revenue from Power Supply - Assets Under Finance Lease ............ 1,030.64 1,034.51
(c) Project/Operation Management Services ............................................... 125.03 128.96
(d) Income from Finance Lease............................................................................. 86.70 92.32
(e) Other Operating Revenue
Rental of Land, Buildings, Plant and Equipment, etc................................. 17.14 12.13
Income in respect of Services Rendered........................................................ 62.72 59.89
MD & A
Amortisation of Service Line Contributions ................................................. 7.46 8.99
Income from Storage and Terminalling.......................................................... 15.39 14.99
Sale of Fly Ash .......................................................................................................... 2.21 4.88
Sale of Carbon Credits .......................................................................................... 3.89 9.32
Sale of Renewable Energy Certificates ........................................................... 0.90 Nil
Miscellaneous Revenue........................................................................................ 27.97 29.85
CG REPORT
137.68 140.05
Total ..................................................................................................................................... 7,932.83 7,536.59
Details of Revenue from Contract with Customers

` crore ` crore
Total Revenue from Contract with Customers ....................................................... 7,789.67 7,383.98
BRR
Add: Cash Discount/Rebates etc. ................................................................................ 37.08 35.80
Total Revenue as per Contracted Price ................................................................ 7,826.75 7,419.78
Transaction Price - Remaining Performance Obligation

The remaining performance obligation disclosure provides the aggregate amount of the transaction price yet to be
CONSOLIDATED
recognised as at the end of the reporting period and an explanation as to when the Company expects to recognise
these amounts in revenue. Applying the practical expedient as given in Ind AS 115, the Company has not disclosed the
remaining performance obligation related disclosures for contracts as the revenue recognised corresponds directly with
the value to the customer of the entity’s performance completed to date.
There are no aggregate value of performance obligations that are completely or partially unsatisfied as of 31st March,
2019, other than those meeting the exclusion criteria mentioned above.
Revenue is disaggregated by type and nature of product or services. The table also includes the reconciliation of the
disaggregated revenue with the Company’s reportable segment.
STANDALONE


` crore
Particulars Reportable Segment
Power Other than Power Total
For the For the For the For the For the For the
year year year year year year
ended ended ended ended ended ended
March, March, March, March, March, March,
2019 2018 2019 2018 2019 2018
Nature of Goods/Services
Generation of power
Thermal and Hydro ................................................. 2,075.13 1,840.95 Nil Nil 2,075.13 1,840.95
Wind and Solar ......................................................... 99.24 116.93 Nil Nil 99.24 116.93
Transmission of power .................................................. 611.79 644.09 Nil Nil 611.79 644.09
Distribution of power..................................................... 3,766.62 3,538.78 Nil Nil 3,766.62 3,538.78
Sale of Power from Assets Under Lease .................. 1,030.64 1,034.51 Nil Nil 1,030.64 1,034.51
Project/Operation Management Services .............. Nil Nil 125.03 128.96 125.03 128.96
Others .................................................................................. 42.87 43.81 38.35 35.95 81.22 79.76
(A) Revenue from Contracts with Customers 7,626.29 7,219.07 163.38 164.91 7,789.67 7,383.98
Balances ...................................................................... (519.03) (236.00) Nil Nil (519.03) (236.00)
Balances in respect of earlier years ................... 274.26 Nil Nil Nil 274.26 Nil
7,381.52 6,983.07 163.38 164.91 7,544.90 7,147.98
(B) Other Revenue
Other Revenue ......................................................... 143.16 151.87 Nil 0.74 143.16 152.61
Revenue from Continued Operations
[including Net Movement in Regulatory
Deferral Balances]......................................................... 7,524.68 7,134.94 163.38 165.65 7,688.06 7,300.59
(C) Revenue from Discontinued Operations .... Nil Nil 143.59 286.74 143.59 286.74


NOTICE
Contract Balances
As at As at
` crore ` crore
Contract Assets
BOARD’S REPORT
Recoverable from Consumers - [Refer Note 3.13 (c)]
Non-current .................................................................................................................. 404.79 675.98
Current............................................................................................................................ 787.00 136.38
Total Contract Assets........................................................................................................ 1,191.79 812.36
Contract liabilities
Liabilities towards Consumers [Refer Note 3.13 (c)]
Non-current .................................................................................................................. Nil 66.00
Current............................................................................................................................ 11.50 338.22
MD & A
Total Contract Liabilities ................................................................................................ 11.50 404.22
Receivables
Trade Receivables (Gross) .................................................................................................. 1,488.95 1,194.47
Unbilled Revenue for passage of time.......................................................................... 41.56 53.75
(Less): Allowance for Doubtful Debts ............................................................................ (46.75) (36.66)
Net Receivables................................................................................................................... 1,483.76 1,211.56
CG REPORT
Total .......................................................................................................................................... 2,687.05 2,428.14
Contract asset is the right to consideration in exchange for goods or services transferred to the customer. Contract liability
is the entity’s obligation to transfer goods or services to a customer for which the entity has received consideration
from the customer in advance. Contract assets are transferred to receivables when the rights become unconditional and
contract liabilities are recognised as revenue as and when the performance obligation is satisfied.
Significant changes in the contract assets and the contract liabilities balances during the year are as follows:
As at As at
BRR
` crore ` crore
Opening Balance
Recoverable from consumers................................................................................. 812.36 983.73
Liabilities towards consumers................................................................................ (404.22) (412.50)
(A) 408.14 571.23
CONSOLIDATED
Income to be adjusted in future tariff determination (Net) .................................. 255.34 (56.00)
Income to be adjusted in future tariff determination in respect of earlier
years (Net) ............................................................................................................................... (182.31) Nil
Revenue recognised during the year ............................................................................ 100.00 89.02
Refund to Customers (including Company's distribution business) ................. 288.70 (27.59)
Deferred tax recoverable/(payable) [Refer Note 34 (iii)]......................................... 322.42 (161.48)
Others ....................................................................................................................................... (12.00) (7.04)
(B) 772.15 (163.09)
STANDALONE
Closing Balance
Recoverable from consumers................................................................................. 1,191.79 812.36
Liabilities towards consumers................................................................................ (11.50) (404.22)
(A-B) 1,180.29 408.14


31. Other Income
Accounting Policy
Dividend and Interest Income
Dividend income from investments is recognised when the shareholder’s right to receive payment has been established.
Interest income from a financial asset is recognised when it is probable that the economic benefits will flow to the Company
and the amount of income can be measured reliably. Interest income is accrued on a time basis, by reference to the principal
outstanding and at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts
through the expected life of the financial asset to that asset’s net carrying amount on initial recognition.

` crore ` crore
(a) Interest Income
(i) On Financial Assets carried at Amortised Cost
Interest on Banks Deposits ................................................................................ 2.73 62.66
Interest on Overdue Trade Receivables ......................................................... 2.93 3.73
Interest on Non-current Investment - Contingency Reserve Fund ..... 10.42 11.72
Interest on Non-current Investment - Deferred Tax Liability Fund..... 20.40 17.23
Interest on Financial Instruments - Subsidiaries ........................................ 44.39 36.39
Interest on Financial Instruments - Joint Ventures .................................... Nil 0.48
Other Interest.......................................................................................................... 4.01 0.35
84.88 132.56
(b) Dividend Income
From Non-current Investments
Subsidiaries ............................................................................................................. 283.40 619.78
Joint Ventures ......................................................................................................... 85.40 102.18
Associates................................................................................................................. 9.68 15.31
Others - Equity Investments Designated at FVTOCI ................................. 5.43 9.81
383.91 747.08
From Current Investments
Others ........................................................................................................................ Nil 0.82
383.91 747.90
(c) Gain/(Loss) on Investments
Gain on Sale/Fair Value of Current Investment measured at FVTPL ... 6.29 2.36
Gain on Sale of Investment in Associates measured at Cost ................. 0.88 Nil
7.17 2.36
(d) Other Non-operating Income
Guarantee Commission from Subsidiaries and Joint Ventures............. 20.95 23.55
Gain/(Loss) on Disposal of Property, Plant and Equipment (Net) ........ 12.72 8.40
Delayed Payment Charges ................................................................................. 6.34 6.01
Other Income .......................................................................................................... 0.38 8.56
40.39 46.52
Total ................................................................................................................................................. 516.35 929.34


32. Employee Benefits Expense
NOTICE
` crore ` crore
Salaries and Wages ..................................................................................................................... 500.72 489.26
Contribution to Provident Fund [Refer Note 25 (2.1)] .................................................... 27.42 19.04
Contribution to Superannuation Fund [Refer Note 25 (1)] .......................................... 9.19 9.53
BOARD’S REPORT
Retiring Gratuities [Refer Note 25 (2.3)]............................................................................... 12.36 15.56
Compensated Absences ........................................................................................................... 22.15 6.23
Pension Scheme .......................................................................................................................... 13.23 5.71
Staff Welfare Expenses............................................................................................................... 88.51 103.53
673.58 648.86
Less:
Employee Cost Capitalised ............................................................................................. 26.96 41.33
Employee Cost Inventorised .......................................................................................... 9.05 10.84
36.01 52.17
Total ................................................................................................................................................. 637.57 596.69
MD & A
33. Finance Costs
Accounting Policy
Borrowing Costs
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that
necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets,
CG REPORT
until such time as the assets are substantially ready for their intended use or sale.
Interest income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is
deducted from the borrowing costs eligible for capitalisation.
All other borrowing costs are recognised in statement of profit and loss in the period in which they are incurred.
` crore ` crore
(a) Interest Expense:
BRR
Borrowings - At Amortised Cost
Interest on Debentures ........................................................................................ 458.37 751.64
Interest on Euro Notes .......................................................................................... Nil 13.01
Interest on Loans - Banks and Financial Institutions ................................. 923.21 573.83
Interest on Loans - Related Parties ................................................................... 3.98 1.39
Others
CONSOLIDATED
Interest on Consumer Security Deposits - At amortised cost ................ 20.12 18.13
Other Interest and Commitment Charges (Refer Note 44) ..................... 92.53 53.13
1,498.21 1,411.13
Less: Interest Capitalised 22.21 23.92
1,476.00 1,387.21
(b) Other Borrowing Cost:
Other Finance Costs .............................................................................................. 21.64 16.50
Foreign Exchange Loss/(Gain) on Borrowings (Net) .................................. 2.71 27.67
24.35 44.17
STANDALONE
Total .................................................................................................................................................. 1,500.35 1,431.38

Note:
The weighted average capitalisation rate on the Company’s general borrowings is 8.63% per annum (31st March, 2018 -
8.45% per annum).


34. Other Expenses
` crore ` crore
Consumption of Stores, Oil, etc. ................................................................................................... 23.58 71.04
Rental of Land, Buildings, Plant and Equipment, etc............................................................ 29.62 7.05
Repairs and Maintenance -
(i) To Buildings and Civil Works............................................................................................. 81.52 95.86
(ii) To Machinery and Hydraulic Works ............................................................................... 200.26 195.37
(iii) To Furniture, Vehicles, etc. ................................................................................................. 4.15 5.89
285.93 297.12
Rates and Taxes .................................................................................................................................. 52.71 66.61
Insurance .............................................................................................................................................. 21.48 24.83
Other Operation Expenses............................................................................................................. 106.10 100.58
Ash Disposal Expenses .................................................................................................................... 13.42 16.92
Travelling and Conveyance Expenses ........................................................................................ 22.56 21.03
Consultants' Fees ............................................................................................................................... 19.65 44.15
Auditors' Remuneration [Refer Note (i) below] ...................................................................... 5.09 5.92
Cost of Services Procured ............................................................................................................... 106.24 116.47
Net Loss/(Gain) on Foreign Exchange ........................................................................................ 11.40 19.92
Allowance for Doubtful Debts and Advances (Net) ............................................................. 19.11 (4.05)
Impairment of Non-current assets .............................................................................................. Nil 6.00
Impairment of Non-current Investments in Subsidiaries and Joint Ventures (Net) Nil (2.90)
Donations [Refer Note (iii) below] ............................................................................................... 20.00 Nil
Legal Charges ..................................................................................................................................... 24.93 18.05
Corporate Social Responsibility Expenses [Refer Note (ii) below] ................................... 12.66 14.71
Transfer to Contingency Reserve................................................................................................. 16.00 14.00
Miscellaneous Expenses ................................................................................................................. 11.39 40.07
Total ....................................................................................................................................................... 801.87 877.52
(i) Payment to the auditors

` crore ` crore
For Statutory Audit .............................................................................................................. 3.54 3.60
For Taxation Matters ............................................................................................................ 0.13 0.10
For Other Services ................................................................................................................ 0.48 1.17
For Reimbursement of Expenses .................................................................................... 0.22 0.19
Service Tax/Goods and Service Tax on above ............................................................ 0.72 0.86
Total .......................................................................................................................................... 5.09 5.92
(ii) Corporate Social Responsibility Expenses

` crore ` crore
Contribution to Tata Power Community Development Trust .............................. 12.05 14.00
Expenses incurred by the Company .............................................................................. 0.61 0.71
Total .......................................................................................................................................... 12.66 14.71
Amount required to be spent as per Section 135 of the Act ................................ 12.65 13.71
Amount spent during the year on:
(a) Construction/Acquisition of asset ..................................................................... Nil Nil
(b) On purposes other than (a) above .................................................................... 12.66 14.71
(iii) Donation
Donation of ` 20.00 crore was given to Progressive Electoral Trust (31st March, 2018: ` Nil).


34 a. Gain on sale of Investment classified at FVTOCI ` crore
NOTICE
A. Loss on sale of investment in Tata Teleservices
Limited
Sales consideration ........................................................................ 0.01 Nil
Less: Carrying Value
BOARD’S REPORT
Purchase cost of Investment ...................................................... 1,438.42 Nil
(Less): Changes in fair value recognised in earlier years ... (1,438.42) Nil Nil Nil
0.01 Nil
B. Gain on sale of investment in IEX Limited and Others
Sales consideration ........................................................................ Nil 197.58
Less : Carrying Value
Purchase cost of Investment ...................................................... Nil 1.25
(Less): Changes in fair value recognised in earlier years ... Nil 96.74
Nil (97.99)
MD & A
Nil 99.59
Total (A+B) .................................................................................................... 0.01 99.59
During the year, the Company sold investments in Tata Communications Limited and Panatone Finvest Limited (Associate
Companies) which were classified as assets held for sale in the previous year. The resultant gain on sale of investments of
` 1,212.99 crore has been disclosed as an exceptional income in the statement of profit and loss.
The Company’s investment in equity shares of Tata Teleservices Limited (‘TTSL’) which are measured at Fair Value Through
CG REPORT
Other Comprehensive Income were classified as held for sale during the previous year. During the year ended 31st March, 2019,
the Company has sold the said investment and recognised a gain of ` 0.01 crore after reduction in fair value amounting to
` 1,438.42 crore recognised in earlier years.
During the previous year ended 31st March, 2018, the Company had written put options on equity shares of TTSL. The changes
in the fair value of these put options amounting to ` 107.08 crore was recognised as an exceptional expense in the statement
of profit and loss.
35. Income taxes

Accounting Policy
BRR
Current Tax
Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation
authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted, at the
reporting date in the countries where the Company operates and generates taxable income.
Current income tax relating to items recognised outside statement of profit and loss is recognised outside statement of profit
CONSOLIDATED
and loss (either in other comprehensive income or in equity). Current tax items are recognised in correlation to the underlying
transaction either in other comprehensive income or directly in equity. Management periodically evaluates positions taken
in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes
provisions where appropriate.
Deferred Tax
Deferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities in the financial
statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally
recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible temporary
STANDALONE
differences to the extent that it is probable that taxable profits will be available against which those deductible temporary
differences can be utilised. Such deferred tax assets and liabilities are not recognised if the temporary difference arises from the
initial recognition of assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer
probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. Unrecognised
deferred tax assets are re-assessed at each reporting date and are recognised to the extent that it has become probable that
future taxable profits will allow the deferred tax asset to be recovered.


Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the period in which the liability is
settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of
the reporting period.
For operations carried out under tax holiday period (80IA benefits of Income Tax Act, 1961), deferred tax assets or liabilities, if
any, have been established for the tax consequences of those temporary differences between the carrying values of assets and
liabilities and their respective tax bases that reverse after the tax holiday ends.
Deferred tax relating to items recognised outside profit or loss is recognised outside profit or loss (either in other comprehensive
income or in equity). Deferred tax items are recognised in correlation to the underlying transaction either in OCI or directly in
equity.
Deferred tax assets and liabilities are offset when they relate to income taxes levied by the same taxation authority and the
relevant entity intends to settle its current tax assets and liabilities on a net basis.
Deferred tax assets include Minimum Alternative Tax (MAT) paid in accordance with the tax laws in India, which is likely to give
future economic benefits in the form of availability of set off against future income tax liability. Accordingly, MAT is recognised
as deferred tax asset in the balance sheet when the asset can be measured reliably and it is probable that the future economic
benefit associated with the asset will be realised. The Company reviews the “MAT credit entitlement” asset at each reporting
date and writes down the asset to the extent that it is no longer probable that it will pay normal tax during the specified period.
In the situations where one or more units of the Company are entitled to a tax holiday under the tax law, no deferred tax
(asset or liability) is recognised in respect of temporary differences which reverse during the tax holiday period, to the extent
the concerned unit’s gross total income is subject to the deduction during the tax holiday period. Deferred tax in respect of
temporary differences which reverse after the tax holiday period is recognised in the year in which the temporary differences
originate. However, the Company restricts recognition of deferred tax assets to the extent it is probable that sufficient future
taxable income will be available against which such deferred tax assets can be realized. For recognition of deferred taxes, the
temporary differences which originate first are considered to reverse first.
Deferred tax assets are recognised for unused tax losses to the extent that it is probable that taxable profit will be available
against which the losses can be utilised. Significant management judgement is required to determine the amount of deferred
tax assets that can be recognised, based upon the likely timing and the level of future taxable profits together with future tax
planning strategies.
(i) Income Tax Expenses
1. Income taxes recognised in the statement of profit and loss (Continuing Operations)
` crore ` crore
Current tax ........................................................................................................................... 171.00 224.26

Deferred tax......................................................................................................................... 331.58 (844.37)
Deferred tax relating to earlier years .......................................................................... 10.00 Nil
Deferred tax (Recoverable)/Payable ........................................................................... (420.61) 454.29
Total income tax expense recognised in the current year .......................... 91.97 (165.82)
2. Income taxes recognised in the statement of profit and loss (Discontinued Operations)
` crore ` crore
Current tax ........................................................................................................................... (71.92) (17.36)
Deferred tax......................................................................................................................... 5.94 3.23
Total income tax expense recognised in the current year .......................... (65.98) (14.13)


NOTICE
The income tax expense for the year can be reconciled to the accounting profit as follows:
` crore ` crore
Profit/(Loss) before tax (Continuing Operation)...................................................... 1,926.39 (3,244.60)
Profit/(Loss) before tax (Discontinued Operation) ................................................. (191.82) (85.87)
BOARD’S REPORT
Profit/(Loss) Before Tax considered for tax working....................................... 1,734.57 (3,330.47)
Income tax expense @ statutory tax rate .................................................................. 606.13 (1,152.61)
Add/(Less) tax effect on account of :
Unused tax credit (MAT) pertaining to earlier years recognised in the
current year .......................................................................................................................... Nil (449.00)
On provision for impairment and capital loss on sale of investments and
indexation benefit available on investments ........................................................... (149.71) (338.02)
Income during tax holiday period................................................................................ (19.11) (170.62)
Exempt income ................................................................................................................... (85.74) (119.55)
MD & A
Lower Tax rate on Dividend Income from Foreign Subsidiaries (net of tax
credits) .................................................................................................................................... (9.19) (57.87)
Impairment of Non-current Investments .................................................................. Nil 1,430.20
Unrecognised unused tax credit (MAT) for the current year .............................. 23.27 90.61
Reversal of deferred tax during tax holiday period ............................................... 41.08 61.12
Damages towards Contractual Obligation ............................................................... Nil 37.06
CG REPORT
Non-Deductible expenses .............................................................................................. 29.87 54.70
Changes in income tax rate from 34.608% to 34.944%........................................ Nil 12.68
Tax on other Items (including true up impact basis income tax returns) ...... 10.00 (32.94)
Deferred Tax (Recoverable)/Payable............................................................................ (420.61) 454.29
Income tax expenses recognised in statement of profit and loss ............ 25.99 (179.95)
Tax expense for the Continuing Operations............................................................. 91.97 (165.82)
Tax expense for the Discontinued Operations ........................................................ (65.98) (14.13)
Income tax expense recognised in statement of profit and loss .............. 25.99 (179.95)
BRR
Notes:
1 The tax rate used for the years 2018-19 and 2017-18 reconciliations above is the corporate tax rate of 34.944%
and 34.608% respectively payable by corporate entities in India on taxable profits under the Indian tax law.
2 The rate used for calculation of Deferred tax is 34.944% for 2018-19 and 2017-18, being statutory enacted rates
at respective Balance Sheet date.
CONSOLIDATED
3. Income tax recognised directly in equity
` crore ` crore
Distribution on Unsecured Perpetual Securities
Current tax ............................................................................................................................. (60.12) (59.18)
Deferred tax.......................................................................................................................... Nil 0.24
Income tax recognised directly in equity .............................................................. (60.12) (58.94)
STANDALONE


4. Income tax recognised in other comprehensive income
` crore ` crore
Current Tax
Net gain on sale of investment in equity shares at FVTOCI ................................. Nil 34.67
Remeasurement of defined benefit obligation ........................................................ (6.99) Nil
(6.99) 34.67
Deferred tax
Net fair value gain on investments in equity shares at FVTOCI .......................... 0.02 (21.99)
Indexation benefit on investment held for sale ....................................................... Nil (370.00)
0.02 (391.99)
Total income tax recognised in other comprehensive income ................... (6.97) (357.32)
Items that will be reclassified to statement of profit and loss ............................ Nil Nil
Items that will not be reclassified to statement of profit and loss .................... (6.97) (357.32)
(6.97) (357.32)
5. Income tax recognised in other comprehensive income (Discontinued Operations)

` crore ` crore
Current Tax
Remeasurement of defined benefit obligation ........................................................ (0.40) Nil
(0.40) Nil
Items that will be reclassified to statement of profit and loss ............................ Nil Nil
Items that will not be reclassified to statement of profit and loss .................... (7.37) (357.32)
(7.37) (357.32)
(ii) Deferred Tax

As at As at
` crore ` crore
Deferred Tax Assets.......................................................................................................................... 1,024.21 1,310.41
Deferred Tax Liabilities ................................................................................................................... 1,607.70 1,546.40
Deferred Tax Liabilities (Net).................................................................................................... 583.49 235.99


NOTICE
` crore
2018-19 Opening Recognised in Recognised Recognised Closing
Balance Profit or loss in other directly in Balance
comprehensive equity
Income
Deferred tax assets in relation to
Allowance for Doubtful Debts, Deposits and Advances .................................. 23.96 5.28 Nil Nil 29.24
BOARD’S REPORT
Provision for Employee Benefits, Entry Tax and Others .................................... 60.92 (9.08) Nil Nil 51.84
Minimum Alternate Tax Credit................................................................................... 517.51 Nil Nil Nil 517.51
indexation benefit available on investments [Refer Note (a) below] .......... 708.02 (282.40) Nil Nil 425.62
1,310.41 (286.20) Nil Nil 1,024.21
Deferred tax liabilities in relation to
Finance Leases................................................................................................................. 212.85 (6.00) Nil Nil 206.85
Property, Plant and Equipments ............................................................................... 1,303.87 67.32 Nil Nil 1,371.19
Financial Assets at FVTOCI .......................................................................................... 0.03 Nil (0.02) Nil 0.01
Others ................................................................................................................................. 29.65 Nil Nil Nil 29.65
1,546.40 61.32 (0.02) Nil 1,607.70
Deferred Tax Liabilities (Net).................................................................................. 235.99 347.52 (0.02) Nil 583.49
MD & A
` crore
2017-18 Opening Recognised in Recognised Recognised Closing
Balance Profit or loss in other directly in Balance
comprehensive equity
Income
Deferred tax assets in relation to
Allowance for Doubtful Debts, Deposits and Advances .................................. 27.01 (3.05) Nil Nil 23.96
Provision for Employee Benefits, Entry Tax and Others .................................... 57.33 3.59 Nil Nil 60.92
Minimum Alternate Tax Credit................................................................................... Nil 517.51 Nil Nil 517.51
CG REPORT
indexation benefit available on investments [Refer Note (a) below] .......... Nil 338.02 370.00 Nil 708.02
84.34 856.07 370.00 Nil 1,310.41
Deferred tax liabilities in relation to
Finance Leases................................................................................................................. 230.64 (17.79) Nil Nil 212.85
Property, Plant and Equipments ............................................................................... 1,271.15 32.72 Nil Nil 1,303.87
FVTOCI ................................................................................................................................ 22.02 Nil (21.99) Nil 0.03
Others ................................................................................................................................. 29.41 Nil Nil 0.24 29.65
1,553.22 14.93 (21.99) 0.24 1,546.40
Deferred Tax Liabilities (Net).................................................................................. 1,468.88 (841.14) (391.99) 0.24 235.99
Notes:
BRR
(a) During the year ended 31st March, 2019, the Company has disposed off certain investment/assets. Accordingly, the deferred tax asset of ` 708.02 crore
recognised in March, 2018 has been reversed up to ` 282.40 crore in the statement of profit and loss.
(b) During the year ended 31st March, 2018, the management has reassessed the recoverability of unrecognised MAT credit and accordingly recognised MAT credit
amounting to ` 517.51 crore and also recognised regulatory liability on the said MAT credit which needs to be passed on to the consumers. During the current
year, the management has reassessed the recoverability of unrecognised MAT credit and accordingly MAT credit amounting to ` 149.19 crore (31st March, 2018 -
` 125.92 crore) has not been recognised.
CONSOLIDATED
(c) Considering the uncertainty over the realisability, the company has not recognised deferred tax asset to the extent of ` 306.94 crore (31st March, 2018 - ` 289.53
crore) on provision for diminution in value of investment classified as asset held for sale.
(iii) Deferred Tax (Recoverable)/Payable
It represents deferred tax recoverable from consumers in the future and it relates to :
` crore ` crore
Non-Rate Regulated Activity (Generation & Transmission) (Refer Note below) ............................. (322.42) 161.48
STANDALONE
Rate Regulated Activity (Distribution) (Refer Note 20) ............................................................................ (98.19) 292.81
Net .............................................................................................................................................................................. (420.61) 454.29
Note:
In its regulated operations, the Company is entitled to a fixed return on its investment net of tax and accordingly tax is a pass-through cost.
Maharashtra Electricity Regulatory Commission, vide its order dated 2nd January, 2019, has approved the extension of Power Purchase Agreement
(PPA) for generation plants for a period of five years starting 1st April, 2019. Consequently, deferred tax liability expected to be recovered
amounting to ₹ 272.00 crore has been recognised as recoverable from consumers resulting in corresponding credit in deferred tax recoverable for
the current year.


36. Micro and small enterprises under the Micro, Small and Medium Enterprises Development Act, 2006 have been determined
based on the information available with the Company and the required disclosures are given below:
` crore ` crore
(a) Principal amount remaining unpaid ................................................................................ 3.96 3.72
(b) Interest due thereon @ .......................................................................................................... Nil Nil
(c) The amount of Interest paid along with the amounts of the payment made to
the supplier beyond the appointed day @ .................................................................... Nil Nil
(d) The amount of Interest due and payable for the year @........................................... Nil Nil
(e) The amount of Interest accrued and remaining unpaid @ ...................................... Nil Nil
(f ) The amount of further interest due and payable even in the succeeding
years, until such date when the interest dues as above are actually paid @ ..... Nil Nil
Dues to Micro and Small Enterprises have been determined to the extent such parties have been identified on the basis of
information collected by the Management. This has been relied upon by the auditors.
@ Amounts unpaid to Micro and Small Enterprises vendors on account of retention money have not been considered for the
purpose of interest calculation.
37. Commitments:
` crore ` crore
(a) Estimated amount of Contracts remaining to be executed on capital account
and not provided for (including consumer funded assets) ...................................... 511.07 248.61
(b) Other Commitments
(i) The Company has given an undertaking to the Bankers of Cennergi Pty.
Ltd., wherein it would ensure that Cennergi Pty. Ltd. would satisfy its
commitment to the Bank. .......................................................................................... 0.05 0.06
(ii) In terms of the Sponsor Support agreement entered into between the Company, Coastal Gujarat Power Ltd. (CGPL)
and INR term lenders (SBI lead consortium) of CGPL, the Company has undertaken to provide support by way of
base equity contribution to the extent of 25% of CGPL’s project cost and additional equity or subordinated loans to
be made or arranged for, if required as per the financing agreements to finance the project. The Sponsor Support
Agreement also includes support by way of additional financial support for any overrun in project costs, operational
loss and Debt Service Reserve Guarantee as provided under the financing agreements. In terms of the conditions of
the financing agreements, the Company has provided support through unsecured perpetual securities and Equity
of ` 15,579.14 crore (31st March, 2018 - ` 12,153.15 crore) to CGPL.
(iii) The Company has undertaken to arrange for the necessary financial support to its subsidiaries Bhira Investments
Pte. Ltd., Khopoli Investments Ltd., Bhivpuri Investments Ltd., Industrial Power Utility Ltd., Tata Power Jamshedpur
Distribution Ltd. and Tata Power International Pte. Ltd.
(iv) In respect of Maithon Power Ltd. (MPL), the Company jointly with Damodar Valley Corporation (DVC) has undertaken
to the lenders of MPL, to provide support by way of base equity contribution and additional equity or subordinated
loans to meet the increase in Project Cost. Further, the Company has given an undertaking to MPL to fulfil payment
obligations of Tata Power Trading Company Ltd. (TPTCL) and Tata Power Delhi Distribution Ltd. (TPDDL) in case of
their default.
(v) In terms of pre-implementation agreement entered into with Government of Himachal Pradesh and the consortium
consisting of the Company and SN Power Holding Singapore Pte. Ltd. (Company being the Lead Member of the
consortium) for the investigation and implementation of Dugar Hydro Electric Project, the Company has undertaken
as Lead Member to undertake/perform various obligations pertaining to Dugar Project.


38. Contingent liabilities
NOTICE
` crore ` crore
Contingent Liabilities including:
a) Claims against the Company not probable and hence not acknowledged
as debts consists of
BOARD’S REPORT
(i) Demand including interest and penalty disputed by the Company
relating to Entry tax claims for the financial years 2005-06 to 2013-14.
(Refer Note 44)....................................................................................................... Nil 2,035.18
(ii) (a) Disallowance of carrying cost and other costs by Appellate Tribunal
for Electricity (ATE). The Company has filed Special Leave Petition
(SLP) with the Supreme Court. ........................................................................ 269.00 269.00
(b) Disallowance of costs recoverable from consumers by Maharashtra
Electricity Regulatory Commission in the tariff true up order ............. 261.00 Nil
(iii) Interest and Penalty pertaining to Custom duty claims disputed by
MD & A
the Company relating to applicability and classification of coal. ....... 34.49 34.49
(iv) Demand disputed by the Company relating to Service tax on
transmission charges received for July 2012 to June 2017.. ................. 375.29 375.29
(v) (a) Way Leave fees (including interest) claims disputed by the Company
relating to rates charged. .................................................................................. 39.18 35.29
(b) Demand towards periodic revision in lease rent disputed by the
Company. ................................................................................................................ Nil 150.00
CG REPORT
(vi) Rates, Cess, Excise and Custom Duty claims disputed by the
Company. ................................................................................................................ 24.97 24.97
(vii) Octroi claims disputed by the Company, in respect of octroi
exemption claimed by the Company. ........................................................... 5.03 5.03
(viii) Compensation disputed by private land owners on private
land acquired under the provisions of Maharashtra Industrial
Development Act, 1961. .................................................................................... 22.00 22.00
(ix) Other claims against the Company not acknowledged as debts. ...... 33.59 44.13
(x) Demand towards charges for unscheduled interchange (UI) of
BRR
power........................................................................................................................ 215.02 Nil
1,279.57 2,995.38
Notes:
1 Amounts in respect of employee related claims/disputes, regulatory matters is not ascertainable.
CONSOLIDATED
2 Future cash flows in respect of above matters are determinable only on receipt of judgements/decisions pending at
various forums/authorities.
3 The above Contingent Liabilities include those pertaining to Regulated Business which on unfavourable outcome can
be recovered from consumers.
STANDALONE


38. Contingent liabilities (Contd.)
` crore ` crore
b) Other Contingent Liabilities:

Taxation matters for which liability is disputed by the Company and not
provided for (computed on the basis of assessments which have been
re-opened / remaining to be completed) including interest demanded
` Nil (31st March, 2018 - ` Nil). .................................................................................. 456.61 625.66
c) Indirect exposures of the Company:

Guarantees given : 31st March, 2019 31st March, 2018
` crore* ` crore
Coastal Gujarat Power Ltd. 7,836.54 3,110.14
Khopoli Investments Ltd. 1,683.52 2,771.67
(equivalent to USD (equivalent to
243.42 million) USD 425.25 million)
Bhira Investments Pte. Ltd. (Formerly known Bhira Investment Ltd.) 1,502.18 2,173.02
(equivalent to USD (equivalent to USD
217.20 million) 333.40 million)
Trust Energy Resources Pte. Ltd. 624.53 735.34
90.30 million) 112.82 million)
Energy Eastern Pte. Ltd. 408.05 384.55
59 million) 59 million)
Tata Power Renewable Energy Ltd. 2,075.00 2,735.00
Tata Power International Pte. Ltd. Nil 189.01
(equivalent to USD
29 million)
Tata Power Solar Systems Ltd. 295.92 Nil
Chirasthaayee Saurya Ltd. 272.11 260.00
Walwhan Renewable Energy Ltd. 1,464.99 2,172.24
* The exposure is considered to the extent of borrowings outstanding in the balance sheet of subsidiaries (includes letter
of credit).
d) (i) In respect of the Standby Charges dispute with Adani Electricity Mumbai Limited (Adani Electricity) erstwhile
Reliance Infrastructure Ltd. (R-Infra) for the period from 1st April, 1999 to 31st March, 2004, the Appellate Tribunal
of Electricity (ATE), set aside the Maharashtra Electricity Regulatory Commission (MERC) Order dated 31st May,
2004 and directed the Company to refund to Adani Electricity as on 31st March, 2004, ` 354.00 crore (including
interest of ` 15.14 crore) and pay interest at 10% per annum thereafter. As at 31st March, 2019 the accumulated
interest was ` 251.96 crore (31st March, 2018 - ` 240.76 crore) (` 11.20 crore for the year ended 31st March, 2019).
On appeal, the Supreme Court vide its Interim Order dated 7th February, 2007, has stayed the ATE Order and in
accordance with its directives, the Company has furnished a bank guarantee of the sum of ` 227.00 crore and also
deposited ` 227.00 crore with the Registrar General of the Court which has been withdrawn by Adani Electricity
on furnishing the required undertaking to the Court.


38. Contingent liabilities (Contd.)
NOTICE
Further, no adjustment has been made for the reversal in terms of the ATE Order dated 20th December, 2006,
of Standby Charges credited in previous years estimated at ` 519.00 crore, which will be adjusted, wholly by
a withdrawal/set off from certain Statutory Reserves as allowed by MERC. No provision has been made in the
accounts towards interest that may be finally determined as payable to Adani Electricity. Since 1st April, 2004, the
Company has accounted Standby Charges on the basis determined by the respective MERC Tariff Orders.
BOARD’S REPORT
The Company is of the view, supported by legal opinion, that the ATE’s Order can be successfully challenged.
(ii) MERC vide its Tariff Order dated 11th June, 2004, had directed the Company to treat the investment in its wind
energy project as outside the Mumbai Licensed Area, consider a normative Debt Equity ratio of 70:30 to fund
the Company’s fresh capital investments effective from 1st April, 2003 and had also allowed a normative interest
charge @ 10% p.a. on the said normative debt. The change to the Clear Profit and Reasonable Return (consequent
to the change in the capital base) as a result of the above mentioned directives for the period upto 31st March,
2004, has been adjusted by MERC from the Statutory Reserves along with the disputed Standby Charges referred
to in Note 38(d)(i) above. Consequently, the effect of these adjustments would be made with the adjustments
pertaining to the Standby Charges dispute as mentioned in Note 38(d)(i) above.
MD & A
e) There are numerous interpretative issues relating to the Supreme Court (SC) judgement dated 28th February, 2019
on Provident Fund (PF) on the inclusion of allowances for the purpose of PF contribution as well as its applicability
of effective date. The Company is consulting Legal counsel for further clarity and evaluating its impact on its financial
statement.
The Company, in respect of the above mentioned Contingent Liabilities has assessed that it is only possible but not probable
that outflow of economic resources will be required.
CG REPORT
39. Other Disputes
a) In the matter of claims raised by the Company on Adani Electricity, towards (i) the difference in the energy charges for
the period March 2001 to May 2004 and (ii) for minimum off-take charges of energy for the period 1998 to 2000, MERC
has issued an Order dated 12th December, 2007 in favour of the Company. The total amount payable by Adani Electricity,
including interest, is estimated to be ` 323.87 crore as on 31st December, 2007. ATE in its Order dated 12th May, 2008
on appeal by Adani Electricity, has directed Adani Electricity to pay the difference in the energy charges amounting to
` 34.98 crore for the period March 2001 to May 2004. In respect of the minimum off-take charges of energy for the period
1998 to 2000 claimed by the Company from Adani Electricity, ATE has directed MERC that the issue be examined afresh
and after the decision of the Supreme Court in the Appeals relating to the distribution licence and rebates given by
Adani Electricity. The Company and Adani Electricity had filed appeals in the Supreme Court. The Supreme Court, vide its
BRR
Order dated 14th December, 2009, has granted stay against ATE Order and has directed Adani Electricity to deposit with
the Supreme Court, a sum of ` 25.00 crore and furnish bank guarantee of ` 9.98 crore. The Company had withdrawn the
above mentioned sum subject to an undertaking to refund the amount with interest, in the event the Appeal is decided
against the Company. On grounds of prudence, the Company has not recognised any income arising from the above
matters.
CONSOLIDATED
b) Capital work in progress includes amount incurred for Vikhroli transmission lines project amounting to ` 57 crore, ordered
as deemed closure by Maharashtra Electricity Regulatory Commission. The matter has been disputed by the Company
and believes that it will be able to recover the costs incurred for the said project. Accordingly, no impairment provision is
required in respect of the same.
STANDALONE


40. Earnings Per Share (EPS)
Accounting Policy
Basic earnings per equity share is computed by dividing the net profit attributable to the equity holders of the Company by
the weighted average number of equity shares outstanding during the period. Diluted earnings per equity share is computed
by dividing the net profit attributable to the equity holders of the Company by the weighted average number of equity shares
considered for deriving basic earnings per equity share and also the weighted average number of equity shares that could have
been issued upon conversion of all dilutive potential equity shares. The dilutive potential equity shares are adjusted for the
proceeds receivable had the equity shares been actually issued at fair value (i.e. the average market value of the outstanding
equity shares). Dilutive potential equity shares are deemed converted as of the beginning of the period, unless issued at a later
date. Dilutive potential equity shares are determined independently for each period presented.
The number of equity shares and potentially dilutive equity shares are adjusted retrospectively for all periods presented for
any share splits and bonus shares issues including for changes effected prior to the approval of the financial statements by the
Board of Directors.
Particulars For the year For the year
ended ended
` crore* ` crore*
A. EPS - Continuing operations (before net movement in Regulatory
Deferral Balances)
Net Profit / (Loss) from Continuing Operations ........................................................... 1,834.42 (3,078.78)
Net movement in Regulatory Deferral Balances ......................................................... (244.77) (236.00)
Income-tax attributable to Regulatory Deferral Balances ....................................... 85.53 81.67
Net movement in Regulatory Deferral Balances (Net of tax) ................................. (159.24) (154.33)
Net Profit/(Loss) (before net movement in Regulatory Deferral Balances) ....... 1,993.66 (2,924.45)
Distribution on Perpetual Securities (on accrual basis) (Net of tax) .................... (111.25) (111.82)
Profit/(Loss) from Continuing Operations attributable to equity
shareholders (before net movement in Regulatory Deferral Balances) ... 1,882.41 (3,036.27)
Weighted average no. of equity shares for Basic and Diluted EPS .............. 2,707,605,570 2,707,605,570
EPS - Continuing Operations (before net movement in Regulatory
Deferral Balances)
- Basic and Diluted (In `) ................................................................................................... 6.95 (11.21)
B. EPS - Continuing Operations (after net movement in Regulatory
Deferral Balances)
Net Profit/(Loss) for the year............................................................................................... 1,834.42 (3,078.78)
Profit/(Loss) attributable to equity shareholders (after net movement in
Regulatory Deferral Balances)....................................................................................... 1,723.17 (3,190.60)
EPS - Continuing operations (after net movement in Regulatory Deferral
Balances)
- Basic and Diluted (In `) ................................................................................................. 6.36 (11.79)
C. EPS - Discontinued operations
Net Profit/(Loss) from Discontinued Operations .................................................. (125.84) (71.74)
EPS - Discontinued Operations
- Basic and Diluted (In `) ................................................................................................... (0.46) (0.26)
D. EPS - Total Operations (after net movement in Regulatory Deferral
Balances)
Net Profit/(Loss) from total operations (after net movement in regulatory
deferral balances) ................................................................................................................... 1,708.58 (3,150.52)
Net Profit/(Loss) from Total Operations attributable to equity
shareholders (after net movement in Regulatory Deferral Balances) ....... 1,597.33 (3,262.34)
EPS - Total Operations (after net movement in Regulatory Deferral
Balances) ..................................................................................................................................
- Basic and Diluted (In `) ................................................................................................... 5.90 (12.05)
* All numbers are in ` crore except weighted average number of equity shares and Basic and Diluted EPS.


41. Related Party Disclosures:
NOTICE
Disclosure as required by Ind AS 24 - "Related Party Disclosures" are as follows:
Names of the related parties and description of relationship:
(i) Subsidiaries
1) Af-Taab Investment Company Ltd. 2) Tata Power Solar Systems Ltd.
3) Tata Power Trading Company Ltd. 4) Tata Power Green Energy Ltd.
BOARD’S REPORT
5) NELCO Ltd. 6) Tatanet Services Ltd. **
7) Maithon Power Ltd. 8) Industrial Power Utility Ltd.
9) Tata Power Renewable Energy Ltd. 10) Coastal Gujarat Power Ltd.
11) Bhira Investments Pte. Ltd. 12) Bhivpuri Investments Ltd.
(Formerly known as Bhira Investment Ltd.)
13) Khopoli Investments Ltd. 14) Energy Eastern Pte. Ltd. **
15) Trust Energy Resources Pte. Ltd. 16) Tata Power Delhi Distribution Ltd.
17) NDPL Infra Ltd. ** 18) Tata Power Jamshedpur Distribution Ltd.
19) PT Sumber Energi Andalan Tbk ** 20) Tata Power International Pte. Ltd.
MD & A
21) Tata Ceramics Ltd. 22) Supa Windfarm Ltd. **
23) Poolavadi Windfarm Ltd. ** 24) Nivade Windfarm Ltd. **
25) Indo Rama Renewables Jath Ltd. ** 26) Walwhan Renewable Energy Ltd. **
27) Walwhan Urja Anjar Ltd. ** 28) Walwhan Solar AP Ltd. **
29) Walwhan Solar Raj Ltd. ** 30) Northwest Energy Private Ltd,. **
31) Walwhan Solar Energy GJ Ltd. ** 32) Dreisatz MySolar24 Private Ltd. **
33) MI MySolar24 Private Ltd. ** 34) Walwhan Energy RJ Ltd. **
CG REPORT
35) Walwhan Solar MP Ltd. ** 36) Walwhan Solar MH Ltd. **
37) Walwhan Solar KA Ltd. ** 38) Walwhan Solar PB Ltd. **
39) Walwhan Solar RJ Ltd. ** 40) Walwhan Wind RJ Ltd. **
41) Walwhan Solar TN Ltd. ** 42) Walwhan Solar BH Ltd. **
43) Clean Sustainable Solar Energy Pvt. Ltd. ** 44) Walwhan Urja India Ltd. **
45) Solarsys Renewable Energy Pvt. Ltd. ** 46) Chirasthaayee Saurya Ltd. **
47) Nelco Network Products Ltd. ** 48) Vagarai Windfarm Ltd. **
49) TP Ajmer Distribution Ltd. ** 50) Far Eastern Natural Resources LLC **
** Through Subsidiary Companies
(ii) Employment Benefit Funds
BRR
1) Tata Power Superannuation Fund 2) Tata Power Gratuity Fund
3) Tata Power Consolidated Provident Fund
(b) Other related parties (where transactions have taken place during the year or previous year / balances outstanding) :
(i) Associates
CONSOLIDATED
1) Tata Projects Ltd. 2) Yashmun Engineers Ltd.
3) The Associated Building Co. Ltd. 4) Nelito Systems Ltd.
5) Tata Communication Ltd. 6) Dagacchu Hydro Power Corporation Ltd.
(ceased to be an associate w.e.f. 28th May, 2018)
7) Panatone Finvest Ltd. (ceased to be an Associate
w.e.f. 28th May, 2018)
(ii) Joint Venture Companies
1) Cennergi Pty. Ltd. ** 2) Mandakini Coal Company Ltd.
STANDALONE
3) Tubed Coal Mines Ltd. 4) Itezhi Tezhi Power Corporation

5) Adjaristsqali Georgia LLC ** 6) PT Antang Gunung Meratus**
7) Powerlinks Transmission Ltd. 8) PT Kaltim Prima Coal**
9) PT Baramulti Sukessarana Tbk** 10) Industrial Energy Ltd.
11) Adjaristsqali Netherlands BV** 12) Dugar Hydro Power Ltd.
13) LTH Milcom Private Ltd.
** Joint Venture of Subsidiaries


(c) (i) Promoter holding more than 20% - Promoter 1) Tata Sons Pvt. Ltd.
(ii) Subsidiaries and Jointly Controlled Entities of Promoters
- Promoter Group (where transactions have taken place
during the year or previous year / balances outstanding) :
1) Ewart Investments Ltd. 2) Tata Communications Ltd. (ceased to be an Associate
and became a Subsidiary w.e.f. 28th May, 2018)
3) J R D Tata Trust 4) Tata AIG General Insurance Company Ltd.
5) Sir Dorabji Tata Trust 6) Progressive Electoral Trust
7) Sir Ratan Tata Trust 8) Tata Interactive Systems
9) Tata Industries Ltd. (ceased to be Subsidiary and 10) Tata International Ltd.
became a Joint Venture w.e.f. 27th March, 2019)
11) Tata Investment Corporation Ltd. 12) Tata Ltd.
13) Tata Consultancy Services Ltd. 14) Tata Sky Ltd.
15) Tata Realty And Infrastructure Ltd. 16) Ecofirst Services Ltd.
17) Infiniti Retail Ltd. 18) Tata Housing Development Co. Ltd. Employees
Provident Fund
19) Tata Business Support Services Ltd. (ceased to 20) Tata Consultancy Services Employees Provident Fund
be an Associate and became a Subsidiary w.e.f.
27th November, 2017)
21) Tata Consulting Engineers Ltd. 22) TC Travel and Services Ltd.
23) Tata Housing Development Company Ltd. 24) Tata Technologies (India) Ltd. Employees Provident
Fund
25) Niskalp Infrastructure Services Ltd. (Formerly Niskalp 26) Tata Projects Provident Fund Trust
Energy Ltd.)
27) Tata Unistore Ltd. (Formerly Tata Industrial Services 28) STT Global Data Centres India Pvt. Ltd.
Ltd.) (ceased to be an Associate and became a (Formerly Tata Communications Data Centers Pvt.
Subsidiary w.e.f. 29th March, 2018) Ltd.) (w.e.f. 28th May, 2018)
29) Taj Air Ltd. 30) Tata AIA Life Insurance Company Ltd.
31) Tata Teleservices Ltd. (ceased to be an Associate and 32) Tata Capital Financial Services Ltd.
became a Subsidiary w.e.f. 27th November, 2017)
33) Tata Teleservices (Maharashtra) Ltd. (ceased to 34) Tata AG, Zug
be an Associate and became a Subsidiary w.e.f.
31st October, 2017)
35) THDC Management Services Ltd. (Formerly THDC 36) Tata Advanced System Ltd.
Facility Management Ltd.)
37) Tata Advanced Material Ltd (ceased to be Subsidiary 38) Tata Communications Payment Solutions Ltd.
w.e.f. 27th March, 2019) (w.e.f. 28th May, 2018)
39) Panatone Finvest Ltd.
(d) Key Management Personnel

1) Anil Sardana - CEO & Managing Director 2) Ashok Sethi - COO & Executive Director
(ceased to be Director w.e.f. 30th April, 2018)
3) Ramesh N. Subramanyam - Chief Financial Officer 4) Hanoz Minoo Mistry - Company Secretary
5) N. Chandrasekaran 6) S. Padmanabhan
(ceased to be Director w.e.f. 16th November, 2017)
7) Homiar S. Vachha 8) Nawshir H. Mirza
(ceased to be Director w.e.f. 22nd April, 2017)
9) Deepak M. Satwalekar 10) Pravin H. Kutumbe
(ceased to be Director w.e.f. 20th May, 2017)
11) Sandhya S. Kudtarkar 12) Anjali Bansal
(ceased to be Director w.e.f. 16th November, 2017)
13) Vibha U. Padalkar 14) Sanjay V. Bhandarkar
15) Kesava Menon Chandrasekhar (w.e.f. 4th May, 2017) 16) Hemant Bhargava (w.e.f. 24th August, 2017)
17) Saurabh Agrawal (w.e.f. 17th November, 2017) 18) Banmali Agrawala (w.e.f. 17th November, 2017)
19) Praveer Sinha CEO & Managing Director
(w.e.f. 1st May, 2018)
(e) Relative of Key Managerial Personnel (where transactions have taken place during the year or previous year / balances
outstanding)
Neville Minoo Mistry (Brother of Hanoz Minoo Mistry)


NOTICE
(f ) Details of Transactions:
` crore
Particulars Subsidiaries Associates Joint Key Employee Promoter Promoter
Personnel and Funds / Trust
their Relatives
BOARD’S REPORT
Purchase of goods/power (Net of Discount Received on
Prompt Payment) .................................................................................... 62.80 - 58.74 - - 0.02 -
63.38 - 88.48 - - 0.10 -
Sale of goods/power (Net of Discount on Prompt Payment) .. 256.84 0.15 - - - 69.68 -
188.77 41.39 - - - 37.43 -
Purchase of fixed assets ........................................................................ 0.06 9.69 - - - 3.01 -
1.32 1.80 - - - 20.72 -
Sale of fixed assets .................................................................................. 0.09 0.08 - - - - -
- - - - - - -
Rendering of services............................................................................. 107.57 0.16 18.09 - - 10.15 0.98
105.78 0.23 19.94 - - 2.29 0.96
Receiving of services .............................................................................. 6.98 10.85 0.08 - - 27.07 0.08
MD & A
0.42 10.17 - - - 31.63 0.52
Brand equity contribution.................................................................... - - - - - - -
- - - - - - 21.56
Contribution to Employee Benefit Plans......................................... - - - - 41.14 - -
- - - - 28.57 - -
Guarantee, collaterals etc. given ........................................................ 7,616.96 $ - - - - - -
3,548.27 $ - - - - - -
Guarantee, collaterals etc. cancelled ................................................ 6,029.09 $ - -$ - - - -
CG REPORT
2,862.97 $ - 31.62 $ - - - -
Remuneration paid - short term employee benefits................. - - - 23.91 * - - -
- - - 25.17 * - - -
Long term employee benefits paid .................................................. - - - 1.15 - - -
- - - - - - -
Short term employee benefits paid.................................................. - - - 0.55 - - -
- - - - - - -
Interest income ........................................................................................ 44.39 - 0.64 - - 0.01 -
36.39 - 0.48 - - - -
Interest paid .............................................................................................. 3.98 - - - - 26.70 -
1.22 - 0.19 - - 14.95 -
BRR
Dividend income ..................................................................................... 283.40 9.68 85.40 - - -# 5.34
619.78 15.31 102.18 - - 0.01 5.34
Dividend paid ........................................................................................... - - - - - 1.77 109.17
- - - - - 1.85 109.17
Guarantee commission earned .......................................................... 19.77 - 1.18 - - - -
22.27 - 1.28 - - - -
CONSOLIDATED
Loan Taken ................................................................................................. 564.10 - - - - -
285.00 - 8.00 - - - -
Loans given................................................................................................ 2,358.66 1.00 1.00 - - - -
1,377.12 - 0.07 - - - -
Impairment of Investments ................................................................. - - - - - - -
4,230.32 - - - - - -
Damages towards contractual obligations .................................... - - - - - - -
- - - - - 107.08 -
Equity contribution (includes advance towards equity
contribution and perpetual bonds).................................................. 3,435.98 - - - - - -
1,496.01 - - - - - -
STANDALONE
Loans provided for as doubtful advances (including interest) 11.16 - - - - - -

- - 0.07 - - - -
Loans provided for as doubtful advances reversed (including
interest) ....................................................................................................... - - - - - - -
0.01 - - - - - -
Loans taken repaid (including loan converted into equity) .... 689.10 - - - - - -
168.00 - - - - - -


(f ) Details of Transactions: (Contd.)
` crore
Particulars Subsidiaries Associates Joint Key Employee Promoter Promoter
Personnel and Funds / Trust
their Relatives
Loans repaid (including loan converted into equity) ................. 2,633.96 1.00 1.00 - - - -
974.94 - - - - -
Deposits taken.......................................................................................... - 0.01 - - - 0.21 -
- - - - - 1.79 -
Deposits refunded .................................................................................. - - - - - 1.51 -
- - - - - 1.15 -
Liability written back.............................................................................. - - - 2.03 - - 0.64
- 0.51 - - - 0.01 -
Sale of Investments [Refer Note 34(a)] ............................................ - - - - - 614.18 1,542.61
- - - - - - -
Donation given ........................................................................................ - - - - - 20.00 -
- - - - - - -
Unsecured Perpetual Securities ......................................................... - - - - - 199.00 -
- - - - - 130.00 -
Redeemable Non-Convertible Debentures ................................... - - - - - 36.50 -
- - - - - 36.50 -
Investments ............................................................................................... 23,741.74 107.57 1,183.20 - - 387.19 241.95
20,305.76 107.57 2,129.00 - - 418.20 241.95
Impairment in value of investments ................................................ 4,140.60 - 67.50 - - - -
4,140.60 - 67.50 - - - -
Other receivables .................................................................................... 46.88 1.26 9.23 - 20.46 5.04 0.08
32.89 1.14 6.31 - 26.41 0.19 -
Loans given (including interest thereon)........................................ 130.70 1.27 72.84 @ - - - -
409.21 1.27 71.59 - - - -
Loans taken (including interest thereon) ....................................... 0.38 - - - - - -
125.38 - - - - - -
Loans provided for as doubtful advances (including interest
thereon) ...................................................................................................... 12.40 1.27 54.25 - - - -
- 1.27 54.25 - - - -
Deposits taken outstanding ................................................................ - - - - - 0.02 2.00
- - - - - 3.99 2.00
Preference Shares Outstanding including interest ..................... - - - - - - -
316.20 - - - - - -
Dividend receivable................................................................................ 64.45 - 16.71 - - - -
210.06 - 35.80 - - - -
Guarantees, collaterals etc. outstanding ........................................ 16,162.84 - - - - - -
14,574.96 - - - - - -
Letter of comfort outstanding ............................................................ - - 0.05 - - - -
- - 0.05 - - - -
Other payables ......................................................................................... 22.37 7.58 60.81 12.93 13.56 0.51 19.20
4.49 1.75 26.52 - - 3.04 21.72
Notes:
The Company’s principal related parties consist of Tata Sons Private Limited, its subsidiaries and joint ventures, its own subsidiaries, affiliates and key managerial
personnel. The Company’s material related party transactions and outstanding balances are with related parties with whom the Company routinely enters into
transactions in the ordinary course of business.
All outstanding balances are unsecured.
$ Includes guarantees given and cancelled in foreign currency, converted in Indian currency by applying average exchange rates.
* Key Managerial Personnel are entitled to post-employment benefits and other long term employee benefits recognised as per Ind AS 19 - ‘Employee Benefits’ in
the financial statements. As these employee benefits are lump sum amounts provided on the basis of actuarial valuation, the same is not included above.
# Denotes below ` 50,000.
@ Includes loan reclassified as held for sale.


42. Financial Instruments
NOTICE
42.1 Fair values
Set out below, is a comparison by class of the carrying amount and fair value of the financial instruments:
` crore
Carrying value Fair Value
31st March, 31st March, 31st March, 31st March,
BOARD’S REPORT
2019 2018 2019 2018
Financial assets
Cash and Cash Equivalents .......................................................... 75.94 42.94 75.94 42.94
Other Balances with banks .......................................................... 19.85 15.48 19.85 15.48
Trade Receivables ............................................................................ 1,442.20 1,157.81 1,442.20 1,157.81
Unbilled Revenues .......................................................................... 41.56 53.75 41.56 53.75
Loans ................................................................................................... 170.55 471.82 170.55 471.82
Finance Lease Receivables ........................................................... 591.85 609.03 591.85 609.03
FVTOCI Financial Investments # (Refer Note below) ......... 419.65 419.48 419.65 419.48
Amortised Cost financial investments # ................................. 416.40 656.49 423.27 660.05
MD & A
Other Financial Assets ................................................................... 98.95 297.78 98.95 297.78
Asset Classified as Held For Sale (Refer Note 19)
- Strategic Engineering Division (SED) ..................................... 265.62 314.50 265.62 314.50
- FVTOCI Financial Investments # (Refer Note below) ....... 38.65 69.70 38.65 69.70
- Loans (including accrued interest) ......................................... 18.59 Nil 18.59 Nil
Total ..................................................................................................... 3,599.81 4,108.78 3,606.68 4,112.34
CG REPORT
Financial liabilities
Trade Payables .................................................................................. 1,124.89 1,126.68 1,124.89 1,126.68
Floating rate borrowings (including current maturities) .. 7,752.86 6,721.21 7,752.86 6,721.21
Fixed rate borrowings (including current maturities) ........ 9,699.66 9,850.22 9,774.02 9,892.59
Derivative instruments not in hedging relationship .......... Nil 0.82 Nil 0.82
Other financial liabilities ............................................................... 967.19 970.77 967.19 970.77
Total ..................................................................................................... 19,544.60 18,669.70 19,618.96 18,712.07
# other than investments in subsidiaries, associates and joint ventures accounted at cost in accordance with Ind AS 27.
BRR
Notes:
The management assessed that the fair value of cash and cash equivalents, other balances with bank, trade receivables,
loans, finance lease receivables, unbilled revenues, trade payables, other financial assets and liabilities approximate their
carrying amounts largely due to the short term maturities of these instruments.
The fair value of the financial assets and liabilities is included at the amount at which the instrument could be exchanged
in a current transaction between willing parties. The following methods and assumptions were used to estimate the fair
CONSOLIDATED
values.
- Fair value of the Govt. securities are based on the price quotations near the reporting date. Fair value of the
unquoted equity shares have been estimated using a Discounted Cash Flow (DCF) model. The valuation requires
management to make certain assumptions about the model inputs, including forecast cash flows, discount rate,
credit risk and volatility. The probabilities of the various estimates within the range can be reasonably assessed
and are used in management’s estimate of fair value for those unquoted equity investments.
- The fair value of the remaining FVTOCI financial assets are derived from quoted market price in active markets.
- The Company enters into derivative financial instruments with various counterparties, principally banks and
STANDALONE
financial institutions with investment grade credit ratings. Foreign exchange forward contracts are valued using
valuation techniques, which employs the use of market observable inputs. The most frequently applied valuation
techniques include forward pricing and swap models using present value calculations. The models incorporate
various inputs including the credit quality of counterparties, foreign exchange spot and forward rates, yield curves
of the respective currencies, currency basis spreads between the respective currencies, interest rate curves and
forward rate curves of the underlying currency. All derivative contracts are fully collateralized, thereby, eliminating
both counterparty and the company’s own non-performance risk.


- The fair value of Debentures is determined by using the quoted prices. The own non-performance risk as on
31st March, 2019 was assessed to be insignificant.
- The cost of certain unquoted investments approximate their fair value because there is a wide range of possible
fair value measurements and the cost represents the best estimate of fair value within that range.
- The fair value of loans from banks and other financial liabilities, as well as other non-current financial liabilities is
estimated by discounting future cash flow using rates currently available for debt on similar terms, credit risk and
remaining maturities.
Reconciliation of Level 3 fair value measurement of unquoted equity shares classified as FVTOCI
` crore
Unlisted shares irrevocably designated as FVTOCI For the year ended For the year ended
(Refer note below) 31st March, 2019 31st March, 2018
Opening balance ............................................................................................................ 404.87 789.75
Total Gain or (Loss)
- in other comprehensive income.................................................................... Nil (384.88)
- in profit or loss ...................................................................................................... Nil Nil
- changes on sale of equity shares ................................................................... Nil Nil
Closing balance............................................................................................................. 404.87 404.87
Note:
Certain unquoted investments are not held for trading, instead they are held for medium or long term strategic purpose.
Upon the application of Ind AS 109, the Company has chosen to designate these investments in equity instruments as
at FVTOCI as the directors believe this provides a more meaningful presentation for medium and long- term strategic
investments, than reflecting changes in fair value immediately in profit or loss.
All gains and losses included in other comprehensive income related to unlisted shares held at the end of the reporting
period and are reported under “Equity Instruments through Other Comprehensive Income”.
The significant unobservable input used in the fair value measurement categorized within Level 3 of the fair value hierarchy
together with a quantitative sensitivity analysis as at 31st March, 2019 and 31st March, 2018 are as shown below:
Description of significant unobservable inputs to valuation:
Valuation Significant Range (weighted Sensitivity of the input to fair value
techniques unobservable average)
inputs
Investments in Price of recent Transaction price Varies on case to 5% (31st March, 2018: 5%) increase
unquoted equity transaction (PORT) case basis (decrease) in the transaction price would
shares result in increase (decrease) in fair value by
` 2.82 crore (31st March, 2018: ` 2.82 crore)
42.2 Fair value hierarchy

The fair value hierarchy is based on inputs to valuation techniques that are used to measure fair value that are either observable
or unobservable and consists of the following three levels:
Level 1 Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. This includes quoted equity
instruments, government securities and quoted borrowings (fixed rate) that have quoted price.
Level 2 Inputs are other than quoted prices included within Level 1 that are observable for the asset or liability, either
directly (i.e. as prices) or indirectly (i.e. derived from prices). This includes derivative financial instruments and
unquoted floating and fixed rate borrowings.
Level 3 Inputs are not based on observable market data (unobservable inputs). Fair values are determined in whole or in
part using a valuation model based on assumptions that are neither supported by prices from observable current
market transactions in the same instrument nor are they based on available market data. This includes unquoted
equity shares and redeemable non-cumulative preference shares.


NOTICE
The following table summarizes financial assets and liabilities measured at fair value on a recurring basis and financial assets
that are not measured at fair value on a recurring basis (but fair value disclosures are required):
` crore
Date of valuation Quoted prices Significant Significant Total
BOARD’S REPORT
in active observable unobservable
FVTPL financial investments .................................. 31st March, 2019 Nil Nil Nil Nil
FVTOCI financial investments:
- Quoted equity shares .............................................. 31st March, 2019 14.78 Nil Nil 14.78
- Unquoted equity shares ......................................... 31st March, 2019 Nil Nil 404.87 404.87
- Assets Classified as Held For Sale ........................ 31st March, 2019 38.65 Nil Nil 38.65
Asset for which fair values are disclosed
MD & A
Amortised Cost financial investments:
- Government securities............................................ 31st March, 2019 423.27 Nil Nil 423.27
- Unquoted preference shares ................................ 31st March, 2019 Nil Nil Nil Nil
Total ................................................................................. 476.70 Nil 404.87 881.57
Liabilities for which fair values are disclosed
Fixed rate borrowings ................................................ 31st March, 2019 4,044.41 5,729.61 Nil 9,774.02
CG REPORT
Floating rate borrowings .......................................... 31st March, 2019 Nil 7,752.86 Nil 7,752.86
Total ................................................................................. 4,044.41 13,482.47 Nil 17,526.88
` crore
Date of valuation Quoted prices Significant Significant Total
in active observable unobservable
BRR
FVTPL financial investments .................................. 31st March, 2018 Nil Nil Nil Nil
FVTOCI financial investments:
- Quoted equity shares .............................................. 31st March, 2018 14.61 Nil Nil 14.61
- Unquoted equity shares ......................................... 31st March, 2018 Nil Nil 404.87 404.87
- Assets Classified as Held For Sale ........................ 31st March, 2018 69.70 Nil Nil 69.70
CONSOLIDATED
Asset for which fair values are disclosed
Amortised Cost financial investments:
- Government securities............................................ 31st March, 2018 405.05 Nil Nil 405.05
- Unquoted preference shares ................................ 31st March, 2018 Nil Nil 255.00 255.00
Total ................................................................................. 489.36 Nil 659.87 1,149.23
Derivative financial liabilities .................................. 31st March, 2018 Nil 0.82 Nil 0.82
Liabilities for which fair values are disclosed
Fixed rate borrowings ................................................ 31st March, 2018 6,925.46 2,967.13 Nil 9,892.59
STANDALONE
Floating rate borrowings .......................................... 31st March, 2018 499.00 6,222.21 Nil 6,721.21
Total ................................................................................. 7,424.46 9,190.16 Nil 16,614.62
There has been no transfer between level 1 and level 2 during the period.


42.3 Capital Management & Gearing Ratio
For the purpose of the Company’s capital management, capital includes issued equity capital and all other equity reserves
attributable to the equity holders of the Company. The primary objective of the Company’s capital management is to maximize
the value for shareholders.
The Company manages its capital structure and makes adjustments in light of changes in economic conditions and the
requirements of the financial covenants. From time to time, the Company reviews its policy related to dividend payment to
shareholders, return capital to shareholders or fresh issue of shares. The Company monitors capital using gearing ratio, which
is net debt divided by total capital plus net debt. The Company’s policy is to keep the gearing ratio around 50%. The Company
includes within net debt, interest bearing loans and borrowings, less cash and cash equivalents, excluding discontinued
operations as detailed in the notes below.
The Company’s capital management is intended to create value for shareholders by facilitating the meeting of its long-term
and short-term goals. Its Capital structure consists of net debt (borrowings as detailed in notes below) and total equity.
Gearing ratio
The gearing ratio at the end of the reporting period was as follows:
` crore
As at As at
Debt (i)................................................................................................................................................. 17,641.99 16,875.71
Less: Cash and Bank balances...................................................................................................... 77.94 44.88
Net debt ............................................................................................................................................. 17,564.05 16,830.83
Total Capital (ii)................................................................................................................................. 15,689.60 14,488.53
Capital and net debt .................................................................................................................... 33,253.65 31,319.36
Net debt to Total Capital plus net debt ratio (%) ................................................................. 52.82 53.74
(i) Debt is defined as Non-current borrowings (including current maturities) and Current borrowings (excluding derivative,
financial guarantee contracts and contingent considerations) and interest accrued on Non-current and Current
borrowings.
(ii) Equity is defined as Equity share capital, Unsecured perpetual securities and other equity including reserves and surplus.
In order to achieve this overall objective, the Company’s capital management, amongst other things, aims to ensure that it
meets financial covenants attached to the interest-bearing loans and borrowings that define capital structure requirements.
Breaches in meeting the financial covenants would permit the bank to immediately call loans and borrowings. There have been
no significant breaches in the financial covenants of any interest-bearing loans and borrowing in the current year.
No changes were made in the objectives, policies or processes for managing capital during the years ended 31st March, 2019
and 31st March, 2018.
42.4 Financial risk management objectives and policies
The Company’s principal financial liabilities, other than derivatives, comprise borrowings, trade and other payables, financial
guarantee contracts and other financial liabilities. The main purpose of these financial liabilities is to finance the Company’s
operations and to provide guarantees to support its operations. The Company’s principal financial assets include investments,
loans, trade and other receivables, cash and cash equivalents, other bank balances, unbilled receivables, finance lease receivables
and other financial assets that derive directly from its operations. The Company also holds FVTOCI/FVTPL investments and
enters into derivative transactions.
The Company is exposed to market risk, credit risk and liquidity risk. The Company’s senior management oversees the
management of these risks. The Company’s senior management is supported by a risk committee that reviews the financial risks
and the appropriate financial risk governance framework for the Company. The Company’s financial risk activities are governed
by appropriate policies and procedures and that financial risks are identified, measured and managed in accordance with
the Company’s policies and risk objectives. All derivative activities for risk management purposes are carried out by specialist
teams that have the appropriate skills, experience and supervision. It is the Company’s policy that no trading in derivatives
for speculative purposes may be undertaken. The risk management policies are approved by the board of directors, which is
summarized below.
42.4.1 Market risk
Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in
market prices. Market risk comprises of three types of risk: currency risk, interest rate risk and equity price risk. The impact of
equity price risk is not material. Financial instruments affected by market risk include loans and borrowings, derivative financial
instruments and FVTOCI investments.


NOTICE
The sensitivity analysis in the following sections relate to the position as at 31st March, 2019 and 31st March, 2018.
The sensitivity analysis has been prepared on the basis that the amount of net debt, the ratio of fixed to floating interest rates
of the debt and derivatives and the proportion of financial instruments in foreign currencies are all constant. The analysis
excludes the impact of movements in market variables on: the carrying values of gratuity and other post-retirement obligations;
provisions; and the non-financial assets.
BOARD’S REPORT
a. Foreign currency risk management
Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in
foreign exchange rates. The Company is exposed to foreign exchange risk through its operations in international projects
and purchase of coal from Indonesia. The results of the Company’s operations can be affected as the rupee appreciates/
depreciates against these currencies.
The following table analyses foreign currency assets and liabilities on balance sheet dates:
Foreign Currency Liabilities Foreign Currency ` crore Foreign Currency ` crore
(In Millions) (In Millions)
MD & A
In USD .......................................................................... 32.13 222.21 78.73 513.16
In EURO ....................................................................... 0.07 0.54 0.24 1.93
In GBP .......................................................................... * 0.03 Nil Nil
In JPY ............................................................................ 124.51 7.78 15.37 0.95
In AUD ......................................................................... 0.01 0.05 Nil Nil
In CAD.......................................................................... 0.01 0.05 Nil Nil
CG REPORT
Foreign Currency Assets Foreign Currency ` crore Foreign Currency ` crore
(In Millions) (In Millions)
In USD .......................................................................... 7.66 52.98 16.75 109.17
In ZAR .......................................................................... 0.01 0.01 0.21 0.12
In TAKA ........................................................................ 0.20 0.02 0.21 0.02
* Denotes figures below 50,000.
(i) Foreign currency sensitivity analysis
The following tables demonstrate the sensitivity to a reasonably possible change in USD exchange rates, with all other
BRR
variables held constant. The impact on the Company’s profit before tax and pre-tax equity is due to changes in the fair
value of monetary assets and liabilities including non-designated foreign currency forward and option contracts given
as under:
` crore
Effect on profit before tax and
CONSOLIDATED
consequential impact on Equity
As of 31st March, 2019................................... Rupee depreciate by ` 1 against USD (-) ₹ 2.45
As of 31st March, 2018................................... Rupee depreciate by ` 1 against USD (-) ₹ 0.59
Notes:
1) +/- Gain/Loss
2) The impact of depreciation/ appreciation on foreign currency other than USD on profit before tax of the
STANDALONE
Company is not material.

(ii) Derivative financial instruments
The Company holds derivative financial instruments such as foreign currency forward to mitigate the risk of changes
in exchange rate on foreign currency exposure. The counterparty for these contracts is generally a Bank or a Financial
Institution. These derivative financial instrument are valued based on quoted prices for similar asset and liabilities in
active markets or inputs that is directly or indirectly observable in the marketplace.


The following table gives details in respect of outstanding foreign exchange forward:
Outstanding Contracts
31st March, 2019
Other Derivatives
Forward contracts
In USD ........................................................ Buy Nil Nil Nil
31st March, 2018

Foreign Currency Nominal Value in Fair Value in
Other Derivatives
Forward contracts
In USD ........................................................ Buy 56.60 368.90 (0.82)
Note: Fair Value in () denote liability
b. Interest rate risk management
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of
changes in market interest rates. The Company’s exposure to the risk of changes in market interest rates relates primarily
to the Company’s long-term debt obligations with floating interest rates.
The Company manages its interest rate risk by having a balanced portfolio of fixed and variable rate borrowings. The
Company’s policy is to keep between 40% and 60% of its borrowings at fixed rates of interest. To manage this, the
Company enters into fixed rate borrowings, in which it agrees to exchange, at specified intervals, the difference between
fixed and variable rate interest amounts calculated by reference to an agreed-upon notional principal amount.
(i) Interest rate sensitivity:
The sensitivity analysis below have been determined based on exposure to interest rates for term loans and
debentures at the end of the reporting period and the stipulated change taking place at the beginning of the
financial year and held constant throughout the reporting period in case of term loans and debentures that have
floating rates.
If the interest rates had been 50 basis points higher or lower and all the other variables were held constant, the
effect on Interest expense for the respective financial years and consequent effect on Company’s profit in that
financial year would have been as below:
` crore
As of 31st March, 2019 As of 31st March, 2018
50 bps increase 50 bps decrease 50 bps increase 50 bps decrease
Interest expense on loan ....................... (+) ₹ 39.45 (-) ₹ 39.45 (+) ₹ 24.75 (-) ₹ 24.75
Effect on profit before tax ..................... (-) ₹ 39.45 (+) ₹ 39.45 (-) ₹ 24.75 (+) ₹ 24.75
42.4.2 Credit risk management

Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract, leading
to a financial loss. The Company is exposed to credit risk from its operating activities (primarily trade receivables) and from its
financing activities including loans and other financial instruments.
` crore
Trade receivables ............................................................................................................................. 1,442.20 1,157.81
Loans .................................................................................................................................................... 170.55 471.82
Finance lease receivables ............................................................................................................. 591.85 609.03
Other financial assets ..................................................................................................................... 98.95 297.78
Unbilled Revenue ............................................................................................................................ 41.56 53.75
Financial Assets Held for Sale...................................................................................................... 322.86 384.20
Total ..................................................................................................................................................... 2,667.97 2,974.39


NOTICE
Refer Note 9 for credit risk and other information in respect of trade receivables. Other receivables as stated above are due from
the parties under normal course of the business and as such the Company believes exposure to credit risk to be minimal.
The Company has not acquired any credit impaired asset.
42.4.3 Liquidity risk management
BOARD’S REPORT
The Company manages liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing facilities, by
continuously monitoring forecast and actual cash flows and matching the maturity profiles of financial assets and liabilities.
The Company has access to a sufficient variety of sources of funding. Having regards to the nature of the business wherein the
Company is able to generate fixed cash flows over a period of time and to optimize the cost of funding, the Company, from time
to time, funds its long-term investment from short-term sources. The short-term borrowings can be rollforward or, if required,
can be refinanced from long term borrowings.
The table below summarizes the maturity profile of the Company’s financial liabilities based on contractual undiscounted
payments:
` crore
MD & A
31st March, 2019 Up to 1 to 5 5+years Total Carrying
1 year years Amount
Non-Derivatives
Borrowings # ................................................................ 9,870.39 7,496.93 12,091.06 29,458.38 17,641.99
Trade Payables ............................................................. 1,102.14 22.75 Nil 1,124.89 1,124.89
Other Financial Liabilities ........................................ 734.96 42.76 Nil 777.72 777.72
CG REPORT
Total Non-Derivative Liabilities ........................ 11,707.49 7,562.44 12,091.06 31,360.99 19,544.60
Derivatives
Other Financial Liabilities ........................................ Nil Nil Nil Nil Nil
Total Derivative Liabilities ................................... Nil Nil Nil Nil Nil
31st March, 2018 Up to 1 to 5 5+years Total Carrying

1 year years Amount
Non-Derivatives
BRR
Borrowings # ................................................................ 9,435.61 6,343.70 12,853.61 28,632.92 16,875.71
Trade Payables ............................................................. 1,105.68 21.00 Nil 1,126.68 1,126.68
Other Financial Liabilities ........................................ 621.37 44.74 Nil 666.11 666.11
Total Non-Derivative Liabilities ........................ 11,162.66 6,409.44 12,853.61 30,425.71 18,668.50
CONSOLIDATED
Derivatives
Other Financial Liabilities ........................................ 0.82 Nil Nil 0.82 0.82
Total Derivative Liabilities ................................... 0.82 Nil Nil 0.82 0.82
# The table has been drawn up based on the undiscounted contractual maturities of the financial liabilities including interest
that will be paid on those liabilities upto the maturity of the instruments, ignoring the call and refinancing options available
with the Company. The amounts included above for variable interest rate instruments for non-derivative liabilities is subject
to change if changes in variable interest rates differ to those estimates of interest rates determined at the end of the reporting
period.
STANDALONE
The amount included in Note 38(c) for financial guarantee contracts are the maximum amounts the Company could be forced
to settle under respective arrangements for the full guaranteed amount if that amount is claimed by the counterparty to the
guarantee. Based on expectations at the end of the reporting period, the Company considers that it is more likely than not
that such amount will not be payable under the arrangement. However, this estimate is subject to change depending on the
probability of the counterparty claiming under the guarantee which is a function of the likelihood that the financial receivables
held by the counterparty which are guaranteed suffer credit losses.


43. Segment Reporting:
Information reported to the Chief Operating Decisions Maker (CODM) for the purpose of resource allocation and assessment
of segment performance focuses on business segment which comprises of Power and Others. Specifically, the Company’s
reportable segments under Ind AS are as follows:
Power : Comprises of Generation, Transmission, Distribution and assets relating to Power Business given on Finance Lease.
Others: Comprises of Project Management Contracts/Infrastructure Management Services, Property Development and lease
rent of Oil Tanks.
Revenue and expenses directly attributable to segments are reported under each reportable segment. Expenses which are not
directly identifiable to each reporting segment have been allocated on the basis of associated revenue of the segment and
manpower efforts. All other expenses which are not attributable or allocable to segments have been disclosed as unallocable
expenses. Assets and liabilities that are directly attributable or allocable to segments are disclosed under each reportable
segment. All other assets and liabilities are disclosed as unallocable.
(a) Segment Information:

` crore
Power Others Discontinued Eliminations Total
Operations#
REVENUE
External Revenue................................................................. 7,524.68 163.38 143.59 - 7,831.65
7,134.94 165.65 286.74 - 7,587.33
RESULT
Total Segment Results ....................................................... 1,797.86 53.03 - - 1,850.89
1,749.30 48.28 - - 1,797.58
Finance Costs ........................................................................ (1,500.35)
(1,431.38)
Exceptional Item - Power Business................................ (45.00)
(100.00)
Exceptional Item - Unallocable ...................................... 1,212.99
(4,337.40)
Unallocable Income net of Unallocable Expense .... 407.86
826.60
Profit Before Tax - Continuing Operations........... 1,926.39
(3,244.60)
Profit Before Tax - Discontinued Operations # ... (191.82)
(85.87)
OTHER INFORMATION
Segment Assets.................................................................... 13,536.06 175.58 - - 13,711.64
13,992.00 125.89 - - 14,117.89
Unallocable Assets * ........................................................... 22,358.64
20,318.99
Assets Classified as Held For Sale # ............................... 2,064.30
2,065.19
Total Assets ..................................................................................... 38,134.58
36,502.07


43. Segment Reporting: (Contd.)
NOTICE
` crore
Power Others Discontinued Eliminations Total
Operations#
Segment Liabilities ............................................................. 2,817.82 118.34 - - 2,936.16
3,543.35 257.50 - - 3,800.85
BOARD’S REPORT
Unallocable Liabilities *..................................................... 18,542.55
17,335.13
Liabilities directly associated with Assets Classified
as Held For Sale #................................................................. 966.27
877.56
Total Liabilities .............................................................................. 22,444.98
22,013.54
Capital Expenditure ............................................................ 434.36 0.70 87.33 - 522.39
430.52 1.34 233.14 - 665.00
Non-cash Expenses other than Depreciation/
MD & A
Amortisation (to the extent allocable to segment) (20.27) (6.34) - - (26.61)
(6.71) (3.82) - - (10.53)
Depreciation/Amortisation (to the extent
allocable to segment) ........................................................ 631.59 1.10 - - 632.70
661.22 1.99 - - 663.21
` crore
Power Others Total Discontinued Eliminations Total
CG REPORT
Continuing Operations#
Operations
RECONCILIATION OF REVENUE
REVENUE
Revenue from Operations ................................................ 7,769.45 163.38 7,932.83 143.59 - 8,076.42
7,370.94 165.65 7,536.59 286.74 - 7,823.33
Add/(Less): Net Movement in Regulatory Deferral
balances .................................................................................. (519.03) - (519.03) - - (519.03)
(236.00) - (236.00) - - (236.00)
Add/(Less): Net Movement in Regulatory Deferral
balances in respect of earlier years ............................... 274.26 - 274.26 - - 274.26
BRR
- - - - - -
Total Segment Revenue as reported above............... 7,524.68 163.38 7,688.06 143.59 - 7,831.65
7,134.94 165.65 7,300.59 286.74 - 7,587.33
# Pertains to Strategic Engineering Division being classified as Discontinued Operations (Refer Note 19).
* Includes assets held for sale other than Strategic Engineering Division (Refer Note 19).
CONSOLIDATED
Notes:
1. Comparative figures for Statement of Profit and Loss items are for the year ended 31st March, 2018 and Balance Sheet
items are as at 31st March, 2018.
2. Revenue from a DISCOM on sale of electricity with which Company has entered into a Power Purchase Agreement
accounts for more than 10% of Total Revenue. Revenue from another customer (Industrial undertaking) pertaining to
Finance lease accounts for more than 10% of Total Revenue.
3. Previous period/year’s figures are in italics.
STANDALONE


43. Segment Reporting: (Contd.)
Reconciliation of Assets & Liabilities As at As at
` crore ` crore
Segment Operating Assets .............................................................................................. (A) 13,711.64 14,117.89
Unallocable Assets
Investments (Non-current and Current) ........................................................................... 21,312.77 18,392.45
Assets Classified as Held For Sale other than Discontinued Operations ............... 742.29 1,195.95
Loans Given ................................................................................................................................. 124.05 424.34
Interest Accrued on Loan given to Related Party .......................................................... 0.19 7.40
Dividend Receivable................................................................................................................. 81.16 245.87
Deposits and Balances with Bank........................................................................................ 22.74 15.48
Non-current Tax Assets............................................................................................................ 68.65 Nil
Other Unallocable Assets ....................................................................................................... 6.79 37.50
Total Unallocable Assets ....................................................................................................(B) 22,358.64 20,318.99
Add: Assets of Discontinued Operations..................................................................... (C) 2,064.30 2,065.19
Total Assets .......................................................................................................... (A + B + C) 38,134.58 36,502.07
Segment Operating Liabilities ........................................................................................ (A) 2,936.16 3,800.85
Unallocable Liabilities
Borrowings (Non-current and Current) ............................................................................. 15,473.02 12,433.30
Current Maturities of Non-current Borrowings .............................................................. 1,962.50 4,109.80
Deferred Tax Liabilities (Net) ................................................................................................. 583.49 235.99
Interest Accrued but not due on Borrowings ................................................................. 189.09 303.90
Current Tax Liabilities ............................................................................................................... 107.67 107.67
Financial Guarantee Obligation towards lenders of Jointly Controlled Entity.... 103.74 97.77
Other Unallocable Liabilities ................................................................................................. 123.04 46.70
Total Unallocable Liabilities ..............................................................................................(B) 18,542.55 17,335.13
Add: Liabilities of Discontinued Operations .............................................................. (C) 966.27 877.56
Total Liabilities ................................................................................................... (A + B + C) 22,444.98 22,013.54
Reconciliation of Profit For the year ended For the year ended
` crore ` crore
Segment Profit.......................................................................................................................(A) 1,850.89 1,797.58
Unallocable Income/(Expense):
Other Income .............................................................................................................................. 516.35 929.61
Employee Benefit Expenses................................................................................................... (13.38) (14.91)
Depreciation and Amortisation .......................................................................................... (0.01) (0.02)
Other Expenses .......................................................................................................................... (95.10) (88.08)
Total ...........................................................................................................................................(B) 407.86 826.60
Less: Finance Cost .................................................................................................................(C) (1,500.35) (1,431.38)
Exceptional Items:
Impairment of Property, Plant & Equipment - Power Business ................................ Nil (100.00)
Provision for Contingencies - Power Business ................................................................ (45.00) Nil
Impairment of Non-current Investments - Unallocable .............................................. Nil (4,230.32)
Damages Towards Contractual Obligation - Unallocable ........................................... Nil (107.08)
Gain on Sale of Investment in Associates ......................................................................... 1,212.99 Nil
Total .......................................................................................................................................... (D) 1,167.99 (4,437.40)
Profit/(Loss) Before Tax from Continuing Operations ..................... (A + B + C + D) 1,926.39 (3,244.60)
Profit/(Loss) Before Tax from Discontinued Operations .............................................. (191.82) (85.87)
Profit Before Taxes.................................................................................................................. 1,734.57 (3,330.47)
Add/(Less): Tax Expense from Continuing Operations.................................................. 91.97 (165.82)
Add/(Less): Tax Expense from Discontinued Operations ............................................. (65.98) (14.13)
Profit/(Loss) for the year ...................................................................................................... 1,708.58 (3,150.52)
(b) Geographic Information:

The Company’s operations is majorly confined within India and as such there are no reportable geographical segments.


44. Entry Tax
NOTICE
The Company had received demands in respect of entry tax on imports of fuel for Trombay plant aggregating ` 2,256.91 crore
(including interest of ` 653.05 crore and penalty of ` 743.74 crore) for financial years 2005-06 to 2013-14. In the past, the
Company had paid ` 221.73 crore under protest and recognised the same as expense. Remaining demand amount of ` 2,035.18
crore had been contested by the Company before the Supreme Court and disclosed the same as contingent liability in the
previous year.
BOARD’S REPORT
During the year, the Government of Maharashtra has notified an amnesty scheme for settlement of arrears of tax, interest and
penalty. Under the Amnesty scheme, amount payable by the Company shall be ` 345.00 crore (including interest and provision
for contingency of ` 78.00 crore and ` 45.00 crore respectively) and accordingly recognised the provision for the same. Further,
the amount has been recognised as revenue to the extent recoverable from consumers.
45. Significant Events after the Reporting Period

There were no significant adjusting events that occurred subsequent to the reporting period other than the events disclosed in
the relevant notes.
46. Approval of Financial Statements
MD & A
The financial statements were approved for issue by the Board of Directors on 2nd May, 2019.
CG REPORT
BRR
CONSOLIDATED
STANDALONE

Performance Perspective (Standalone)
` crore
2009-10 2010-11 2011-12 * 2012-13 2013-14 2014-15 @2015-16 @#^2016-17 @^2017-18 @^2018-19
Generation (in MU's) 15,946 15,325 15,230 15,770 13,183 11,974 12,075 12,227 12,237 12,186
Operating Income ! 7,098 6,918 8,496 9,567 8,675 8,678 8,316 6,769 7,301 7,688
Operating Expenses 5,220 5,330 6,711 7,509 6,121 6,516 5,736 4,673 4,943 5,313
Operating Profit 1,879 1,588 1,785 2,058 2,554 2,162 2,580 2,096 2,358 2,375
Other Income # 282 494 983 722 656 1,025 962 995 929 516
EBIDTA 2,160 2,082 2,768 2,752 2,946 3,138 3,485 3,090 3,287 2,891
Finance Cost 423 460 515 684 868 1,047 1,146 1,319 1,431 1,500
Depreciation 478 510 570 364 587 575 604 605 663 633
Exceptional Items - - - - - - - (651) (4,437) 1,168
PBT 1,259 1,112 1,683 1,703 1,491 1,516 1,734 515 (3,245) 1,926
Tax 321 170 513 679 537 505 379 121 (166) 92
PAT from Discontinued Operations - - - - - - - 3 (72) (126)
PAT 939 941 1,170 1,025 954 1,010 1,355 398 (3,151) 1,709
Basic Earning Per Share (EPS) - ` / shares 41 41 5 3 3 3 4.6 1.1 (12.1) 5.9
Dividend per share( %) 120% 125% 125% 115% 125% 130% 130% 130% 130% 130%
Return On Capital Employed [ROCE] (%) ** 11% 10% 10% 9% 10% 9% 13% 10% 13% 10%
Return On Net Worth [RONW] (%) $ 10% 10% 10% 7% 7% 6% 8% 5% 7% 3%
Long Term Debts / Equity 0.55 0.63 0.59 0.71 0.71 0.58 0.58 0.78 0.85 0.68
Total Debts/ Equity 0.55 0.70 0.65 0.80 0.83 0.69 0.67 0.90 1.14 1.11
Capital 237 237 237 237 237 270 270 271 271 271
Shareholder's Reserves 9,173 9,801 10,389 10,803 11,649 14,196 15,080 16,321 12,718 13,919
Borrowings 5,872 6,981 7,906 10,069 11,080 11,037 11,229 16,504 16,571 17,453
Gross Block (incl. Capital WIP) 10,487 11,548 13,083 14,137 15,607 16,878 14,913 15,856 15,383 15,508
Accumulated Depreciation 4,258 4,736 5,300 5,648 6,233 6,729 5,826 6,387 6,998 7,510
Net Block 6,229 6,812 7,783 8,489 9,374 10,149 9,087 9,469 8,386 7,998
Notes:
* Share split from ` 10 to ` 1 in FY12.
# Other Income excludes Gain / Loss on exchange.
! Operating income includes Rate/Regulatory Income/ (Expenses).
FY11, FY12, FY13, FY14 & FY15 figures are based on Revised Schedule VI workings.
@ Figures are based on IND AS.
# FY17 & FY 18 financial numbers has been restated.
^ Includes CTTL operations and also considered SED under discontinued operations.
$ RONW is before exceptional items and based on distributable profits(excluding interest on Perpetual debt).
** ROCE is based on operating profit (before depreciation and interest) but after tax.

GLOSSARY
AA Affirmative Action DMO Domestic Market Obligation

ADB Asian Development Bank DSM Demand Side Management
ADMS Advanced Distribution Management System DVC Damodar Valley Corporation
AfDB African Development Bank EA 2003 Electricity Act, 2003
AGL Adjaristsqali Georgia LLC Earnings Before Interest, Tax, Depreciation and
EBITDA
AGM Annual General Meeting Amortisation
APP Association of Power Producers ECB External Commercial Borrowing
APTEL Appellate Tribunal for Electricity EEPL Energy Eastern Pte Limited
ARMC Apex Risk Management Committee EHV Extra High Voltage
AT&C Aggregate Technical and Commercial EPC Engineering Procurement Construction
BBPS Bharat Bill Payment System EPC Engineering, Procurement & Construction
BCM Business Continuity Management EU European Union
BESS Battery Energy Storage System EV Electric Vehicle
Brihanmumbai Electric Supply & Transport FENR Far East Natural Resources LLC
BEST
Undertaking FGD Focus Group Discussion
BHIM Bharat Interface for Money FM Force Majeure
BRR Business Responsibility Report FMO Netherlands Development Finance Company
BSI British Standards Institute FOB Freight on Board
BSSR PT Baramulti Suksessarana Tbk FRMC Functional Risk Management Committee
BU Billion Units FSA Fuel Supply Agreement
CAGR Compound Annual Growth Rate FY Financial Year
CEA Central Electricity Authority GoI Government of India
CEC Chief Ethics Counsellor GoM Government in Maharashtra
CEO Chief Executive Officer GRI Global Reporting Initiative
CERC Central Electricity Regulatory Commission GST Goods and Services Tax
CFA Central Financial Assistance GW Gigawatt
CFO Chief Financial Officer HC High Court
CGPL Coastal Gujarat Power Limited HPC High Powered Committee
CGU Cash Generating Unit HT High Tension
CII Confederation of Indian Industry HVDC High Voltage Direct Current
CIL Coal India Limited IARM Internal Audit and Risk Management
Ckm Circuit Kilometer ICC Internal Complaints Committee
CKP Citra Kusuma Perdana ICT Integrated Communicating Technology
COO Chief Operating Officer IEL Industrial Energy Limited
CRC Customer Relations Centre IFC Internal Financial Controls
CSA Control Self Assessment IIA Institute of Internal Auditors
CSI Community Satisfaction Index IJP Internal Job Posting
CSR Corporate Social Responsibility IMF International Monetary Fund
CV Calorific Value IndAS Indian Accounting Standards
DBSA Development Bank of South Africa IPP Independent Power Producer
DDG Decentralised Distributed Generation IRRJL Indo Rama Renewables Jath Limited
DERC Delhi Electricity Regulatory Commission ISTS Inter-State Transmission System
DF Distribution Franchisee ITPC Itezhi Tezhi Power Corporation
DG Directorate General IVR Interactive Voice Response
DGA Dissolved Gas Analysis JV Joint Venture
DHPC Dagachhu Hydro Power Corporation Limited KMP Key Managerial Personnel
DISCOM Distribution Company KPC PT Kaltim Prima Coal
I 325
KPO Kalinganagar Project Office PPGCL Prayagraj Power Generation Company Limited
KRA Key Responsibility Area PTL Powerlinks Transmission Limited
KUSUM Kisan Urja Suraksha evam Utthaan Mahabhiyaan PV Photo Voltaic
KV Kilo Volt QR Code Quick Response Code
LED Light Emitting Diode RBI Reserve Bank of India
LIBOR London Interbank Offered Rate RCI Risk Control Index
LIC Life Insurance Corporation of India RCM Reliability Centred Maintenance
LNG Liquid Natural Gas RE Renewable Energy
LTIFR Lost Time Injuries Frequency Rate REC Renewable Energy Certificates
M&A Mergers and Acquisition RMC Risk Management Committee
MAT Minimum Alternate Tax RPO Renewable Purchase Obligation
MCA Ministry of Corporate Affairs SAIDI System Average Interruption Duration Index
MD Managing Director SC Supreme Court
MD&A Management Discussion and Analysis SEBI Securities and Exchange Board of India
MERC Maharashtra Electricity Regulatory Commission SECI Solar Energy Corporation of India
MNRE Ministry of New & Renewable Energy SED Strategic Engineering Division
MoD Ministry of Defence SLP Special Leave Petition
Ministry of Environment, Forest and Climate SLT Senior Leadership Team
MoEF&CC
Change SPA Share Purchase Agreement
MoP Ministry of Power SPV Special Purpose Vehicle
MoU Memorandum of Understanding T&D Transmission and Distribution
MPL Maithon Power Limited TBCB Tariff Based Competitive Bidding
MT Million Tonnes TBEM Tata Business Excellence Model
MTR Mid Term Review TCOC Tata Code of Conduct
MU Million Units TERPL Trust Energy Resources Pte. Limited
MW Megawatt TMF Transmission Majoration Factor
MYT Multi Year Tariff TMTC Tata Management Training Centre
NCD Non Convertible Debenture TPADL Tata Power Ajmer Distribution Limited
NCL Northern Coalfields Limited TPC-D Tata Power Company - Distribution
NCLT National Company Law Tribunal TPCDT Tata Power Community Development Trust
NCT National Capital Territory TPC-T Tata Power Company - Generation
NGT National Green Tribunal TPC-T Tata Power Company - Transmission
NPA Non Performing Assets TPDDL Tata Power Delhi Distribution Limited
NPCL Noida Power Corporation Limited TPIPL Tata Power International Pte. Limited
NRC Nomination and Remuneration Committee TPREL Tata Power Renewable Energy Limited
O&M Operations and Maintenance TPSDI Tata Power Skill Development Institute
OEM Original Equipment Manufacturer TPSSL Tata Power Solar Systems Limited
OHSAS Occupational Health and Safety Assessment Series TPTCL Tata Power Trading Company Limited
OMS Online Monitoring System TSL Tata Sons Private Limited
OPEX Operating Expenditure TTSL Tata Teleservices Limited
PAT Profit After Tax UDAY Ujwal Discom Assurance Yojna
PBT Profit Before Tax UMPP Ultra Mega Power Project
PH6 Power House 6 Uttar Pradesh New and Renewable Energy
UPNEDA
PLF Plant Load Factor Development Agency
PMS Performance Management System UPPCL Uttar Pradesh Power Corporation Limited
PPA Power Purchase Agreement WREL Walwhan Renewable Energy Limited
PPE Personal Protective Equipment XBRL Extensive Business Reporting Language
326 I

Registered Office: Bombay House, 24, Homi Mody Street, Mumbai 400 001.
Tel.: 022 6665 8282 Fax: 022 6665 8801 E-mail: [email protected] Website: www.tatapower.com
PROXY FORM
[Pursunt to section 105(6) of the Companies Act, 2013 and rule 19(3) of the Companies (Management and Administration) Rules, 2014]
CIN: L28920MH1919PLC000567
Name of the company : The Tata Power Company Limited
Registered Office : Bombay House, 24, Homi Mody Street, Mumbai 400 001.
Name of the member(s) ......................................................................................................................... E-mail ID: .....................................................................
Registered address: ............................................................................................................................................................................................................................
Folio No./Client ID: ................................................................................................................................... DP ID: ............................................................................
I/We, being the member(s) of.......................................................................................................shares of the above named company, hereby appoint
1. Name: ..............................................................................................................................................................E-mail ID: ...............................................................
Address: .............................................................................................................................................................................................................................................
............................................................................................................................................................................Signature: ..................................or failling him
2. Name: ..............................................................................................................................................................E-mail ID: ...............................................................
Address: .............................................................................................................................................................................................................................................
............................................................................................................................................................................Signature: ..................................or failling him
3. Name: ..............................................................................................................................................................E-mail ID: ...............................................................

Address: .............................................................................................................................................................................................................................................
............................................................................................................................................................................Signature: .............................................................
as my/our proxy to attend and vote (on a poll) for me/us and on my/our behalf at the 100th Annual General Meeting of the Company,
to be held on the 18th day of June 2019 at 3 p.m. at Birla Matushri Sabhagar, Sir Vithaldas Thackersey Marg, 19, New Marine Lines,
Mumbai 400 020 and at any adjournment thereof in respect of such resolutions as are indicated below:
Resolution No. Item For Against

1 Adoption of the Audited Financial Statements of the Company for the financial year ended
31st March 2019, together with the Reports of the Board of Directors and the Auditors thereon
2 Adoption of Audited Consolidated Financial Statements of the Company for the financial year
ended 31st March 2019, together with the Report of the Auditors thereon
3 Declaration of dividend on Equity Shares for the financial year ended 31st March 2019
4 Appointment of Director in place of Mr. Banmali Agrawala (DIN: 00120029), who retires by
rotation and, being eligible, offers himself for re-appointment
5 Appointment of Mr. Ashok Sinha as a Director and as an Independent Director
6 Appointment of Branch Auditors
7 Ratification of Cost Auditor’s Remuneration
Signed this ...............................day of ..................................... 2019.

Affix
Signature of shareholder ................................................................. Revenue
Signature of the Proxy holder(s) .................................................... Stamp

Note:
1. This form of proxy in order to be effective should be duly completed and deposited at the Registered Office of the Company at
Bombay House, 24, Homi Mody Street, Mumbai 400 001, not less than 48 hours before the commencement of the Meeting.
2. Those Members who have multiple folios with different joint holders may use copies of the Proxy Form.

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Dear Shareholders,

CHIEF FINANCIAL OFFICER

BANKERS Management Discussion & Analysis ................................... 62

100TH ANNUAL GENERAL MEETING

Name of Director Mr. Banmali Agrawala Mr. Ashok Sinha

Name of Director Mr. Banmali Agrawala Mr. Ashok Sinha

(a) Own Nil Nil

Route Map for AGM Venue

Distance from Chhatrapati

Distance from Marine Lines

Name of the sole/first shareholder

Tel. No. with STD Code

Bank A/c Type: Bank A/c Type:#

Name of the Bank:

Bank Branch Address

Business Entity Returns/ Earnings Model Key details

FY19 was ‘Saying No to Plastics’. Governance as well as MD&A.

been accepted by the Board.  At the beginning of the year

Annexure – I : DIVIDEND POLICY

Annexure – II : Annual Report on CSR Activities

A brief outline of the company’s CSR policy, x Health and Sanitation

Ms. Anjali Bansal, Chairperson

Average net profit of the company for last

Prescribed CSR Expenditure (two percent of

5. Details of CSR spend during the financial year

(a) Total amount to be spent for the financial year ͎DSPSF

(b) Amount unspent, if any /JM

Manner in which the amount spent during the

ii Livelihood & Direct:

Key Highlights of the CSR Program

Anjali Bansal Praveer Sinha

Annexure – III : POLICY ON BOARD DIVERSITY AND DIRECTOR ATTRIBUTES

Annexure – IV : REMUNERATION POLICY FOR DIRECTORS,

z Remuneration for managing director (“MD”)/executive directors (“ED”)/KMP/rest of the employees1

Annexure – V: Conservation of Energy and Technology Absorption

B. RESEARCH AND DEVELOPMENT

future plans of action

TRANSMISSION AND DISTRIBUTION BUSINESS

On behalf of the Board of Directors,

Annexure – VI : DISCLOSURE OF MANAGERIAL REMUNERATION

.S3BNFTI/4VCSBNBOZBN $IJFG'JOBODJBM0óDFS ,.1

Annexure – VII : RELATED PARTY TRANSACTIONS

2. Details of material contracts or arrangement or transactions at arm’s length basis:

On behalf of the Board of Directors,

Annexure – VIII : EXTRACT OF ANNUAL RETURN

FORM No. MGT-9

Sl. Name and Address of the Company * CIN/GLN Holding/ % of Applicable

4BOU5VLBSBN3PBE $BSOBD#VOEFS .VNCBJ

Sl. Name and Address of the Company * CIN/GLN Holding/ % of Applicable

Sl. Name and Address of the Company * CIN/GLN Holding/ % of Applicable

 (JOHFS-BOE)PMEJOH-UE 6%-1-$ Associate 33.33 Section 2(6)

Sl. Name and Address of the Company * CIN/GLN Holding/ % of Applicable

Sl. Name and Address of the Company * CIN/GLN Holding/ % of Applicable

 3FOBTDFOU1PXFS7FOUVSFT1WU-UE 6.)'5$ Associate 26 Section 2(6)

ii) Shareholding of Promoters (including Promoter Group)

5 Ewart    0.08    0.08

10.08.2018 Purchase of Shares    0.01     4.72

26.10.2018 Sale of Shares -607 0.00 63,85,250 0.24

 At the end of the year - - 0 0.00

been accepted by the Board. At the beginning of the year

(a) Total amount to be spent for the financial year ͎DSPSF

.S3BNFTI/4VCSBNBOZBN $IJFG'JOBODJBM0óDFS ,.1

4BOU5VLBSBN3PBE $BSOBD#VOEFS .VNCBJ

(JOHFS-BOE)PMEJOH-UE 6%-1-$ Associate 33.33 Section 2(6)

3FOBTDFOU1PXFS7FOUVSFT1WU-UE 6.)'5$ Associate 26 Section 2(6)

5 Ewart 0.08 0.08

10.08.2018 Purchase of Shares 0.01 4.72

At the end of the year - - 0 0.00

5. Others, Retirement Benefits 22,27,500.00 8,71,200.00