the field of promoting, developing and extending financial assistance for setting

up projects relating to new and renewable sources of energy, energy efficiency &
conservation. We provide comprehensive range of financial products and related
services from project conceptualisation to the post-commissioning stage for
renewable energy projects and equipment manufacturing.

Expanding & Transitioning

Renewable Energy towards
Affordability, Scalability &
Establishing Sustainability
in the Country.

Energy Generation from Renewable Sources

Environmental Technologies

1
 Upgraded to Schedule 'A' & Navratna CPSE
` Crore

38.59x

`37,354 Crore
`25,089 Crore towards
an "Excellent" MoU rating

` `

25.03%

74.97%

Profitability

` `

Profit Before Tax Profit After Tax

2
 16.40
14.55
14.25
10.80
7.14

2.20
1.93

1.71
1.28
0.82
Return on Net Worth Return on Asset

21.22%
20.11%
18.82% 18.71%
17.12%

14.34%

36.96%

44.33%DoDomestic Bank / FIs Facilities

`49,686.86 Crore

18%

4%

`59,698.11
Crore

3
Presence across Renewable Energy sectors
with comprehensive suite of Financial Products
& Services

Waste-to-Energy

Refinancing

4
Statewise Outstanding Loanbook

Himachal Uttarakhand
Pradesh 1,730 2.90%
2,368 3.97%
Uttar Pradesh
952 1.59%
Punjab
Sikkim
479 0.80%

Rajasthan
7,962 13.34%

Gujarat
5,285 8.85%

Madhya
Odisha
Pradesh
1,169 1.96%
2,832 4.74%
Telangana
3,819 6.40%
Maharashtra
4,076 6.83%
Andhra Pradesh
9,288 15.56%
Karnataka
Tamil Nadu
8,400 14.07%
5,066 8.49%

Kerala Others¹
4,803 8.04%

Loans outstanding as of
March 31, 2024 (` Crore)

*Map is only Indicative and not a geographical representation

5
Granted Navratna Status by Department
of Public Enterprises (DPE).

47,075.52 Crore*

59,698.11 Crore*
Crore by Gol.

15,820.39 Crore* 33,930.61 Crore*

Conferred "Miniratna" Status.

8,908.22 Crore*

3,033.87 Crore*

1,825.10 Crore*

391.02 Crore*

1.55 Crore*
*Growing Loan Book

6
 Contents
Board of Directors 09

No ce 11

Le er from the Chairman & Managing Director 22

Director's Report 30

Annual Report on CSR Ac vi es 61

Secretarial Audit Report 68

Compliance Cer ficate on Corporate Governance 72

Business Responsibility & Sustainablity Report 100

Management Discussion & Analysis Report 144

Auditor's Report & Comments of C&AG on the Financial Statement 159

Balance Sheet 177

Statement of Profit & Loss 178

Cash Flow Statement 179

Statement of Changes of Equity 181

Notes to the Financial Statements 184

7
 Company Information
Chairman & Managing Director Shri Pradip Kumar Das

Functional Director Dr. Bijay Kumar Mohanty (w.e.f. 12.10.2023)

Nominee Directors Shri Padam Lal Negi

Shri Ajay Yadav

Independent Directors Shri Shabdsharan N. Brambhatt

Dr. Jagananth C.M. Jodidhar
Shri Ram Nihal Nishad
Smt. Rohini Rawat

Chief Financial Officer Dr. Bijay Kumar Mohanty (w.e.f. 16.10.2023)

Company Secretary Smt. Ekta Madan

CIN L65100DL1987GOI027265

Registered Office India Habitat Centre

Core-4 'A', East Court,
st
1 Floor, Lodhi Road, New Delhi-110003

Corporate Office 3rd Floor, August Kranti Bhawan

Bhikaji Cama Place, New Delhi-110066
th
Business Centre NBCC Complex, Block-II, Plate-B, 7 Floor, East
Kidwai Nagar, New Delhi-110023

Statutory Auditor M/s DSP & Associates

Chartered Accountants
783, Deshbandhu Gupta Road,
Near Faiz Road Crossing,
Karol Bagh, New Delhi-110005

Secretarial Auditor M/s P.C. Jain & Co

Company Secretaries
#2382, Sector-16, Faridabad, Haryana-121002

Bankers Bank of Baroda

Yes Bank
State Bank of India
IDBI Bank
HDFC Bank

Stock Exchange Equity & Bonds listed on BSE and NSE

8
 Board of Directors
(As on May 24, 2024)

Shri Pradip Kumar Das

Chairman & Managing Director
(DIN : 07448576)

Dr. Bijay Kumar Mohanty Shri Padam Lal Negi Shri Ajay Yadav
Director (Finance) Government Nominee Director Government Nominee Director
(DIN:08816532) (DIN: 10041387) (DIN: 10046617)

Shri Shabdsharan N. Brahmbhatt Dr. Jaganath C.M. Jodidhar Shri Ram Nihal Nishad Smt. Rohini Rawat
Independent Director Independent Director Independent Director Independent Director
(DIN: 09483059) (DIN: 09556253) (DIN: 10064841) (DIN: 10064820)

9
 Senior Management
(As on May 24, 2024)

Dr. R.C. Sharma Mrs. Mala Ghosh Choudhury Shri Bharat Singh Rajput Shri S.K. Sharma
General Manager (F&A) General Manager (HR) General Manager (TS) General Manager (F&A)

Shri Dhiraj Mehta Shri S.K. Dey Shri A.Chandrashekhar Shri K.P.Philip
General Manager (F&A) General Manager (TS) & CIO Addl. General Manager (TS) Addl. General Manager (TS)

Shri Rajendra Singh Ms. Durre Shahwar Mrs. Punnu Grover Shri Amit Goel
Addl. General Manager (TS) Addl. General Manager (HR) Addl. General Manager (F&A) Addl. General Manager (F&A)

Mrs. Kanchan Bhalla Shri Rajeev Kumar Shri Pallav Kapoor Shri Sanjay Kumar
Addl. General Manager (TS) Addl. General Manager (TS) Chief Risk Officer Chief Information Security
Officer

Shri Piyush Kumar Shri Balaji Natarajan Mrs. Ekta Madan

Chief Compliance Officer Chief Technology Officer Company Secretary

10
 Indian Renewable Energy Development Agency Limited
Registered office: 1st Floor, Core-4A, India Habitat Centre, Lodhi Road, New Delhi-110003
CIN: L65100DL1987GOI027265, Website: www.ireda.in, Email: [email protected], Phone: +91-11-24682206-19, Fax No: +91-11-24682202

NOTICE
th
NOTICE is hereby given that the 37 Annual General Meeting to be transacted at the Annual General Meeting is annexed
(AGM) of members of Indian Renewable Energy Development hereto.
Agency Limited (“the Company”) will be held on Monday, June 2. The relevant details, pursuant to Regulations 36(3) of the SEBI
24, 2024, at 03:30 P.M. (IST) through Video Conferencing (LODR) Regulations and Secretarial Standard on General
(“VC”)/Other Audio Visual Means (“OAVM”) to transact the Meetings as issued by the Institute of Company Secretaries of
following businesses : India, in respect of Director seeking re-appointment at this
ORDINARY BUSINESS: AGM is also annexed.
1. To receive, consider, and adopt the audited financial 3. Pursuant to Section 139 (5) of the Act, the Statutory Auditors of
statements of the Company for the financial year ended March the Government company are appointed/re-appointed by the
31, 2024, along with the reports of the Board of Directors, Comptroller and Auditor General of India (C&AG) and in terms
Auditors and the Comments of the Comptroller and Auditor of Section 142 of the Act, the remuneration shall be fixed by the
General of India thereon. Company in the Annual General Meeting or in such manner as
2. To appoint a Director in place of Shri Padam Lal Negi (DIN: the Company in Annual General Meeting may determine. The
10041387), Government Nominee Director, who retires by members may authorize the Board to fix an appropriate
rotation and being eligible, offers himself for re-appointment. remuneration of Statutory Auditors to be appointed by C&AG
for the financial year 2024-25 as may be deemed fit by the
3. To authorize the Board of Directors to fix the remuneration of
Board.
Statutory Auditors as appointed by the Comptroller and Auditor
General of India for the financial year 2024-25. 4. In view of the recent MCA Circular dated September 25, 2023
and SEBI Circular dated October 07, 2023 and other
SPECIAL BUSINESS:
notifications in force, the 37th AGM of the Company is being
4. Ratification of remuneration of the Cost Auditor for the
conducted through VC/OAVM facility, without physical
financial year 2024-25.
presence of members at a common venue. The deemed venue
To consider and if thought fit, to pass with or without for the 37th AGM shall be the Registered office of the Company.
modification(s), the following resolution as an Ordinary
5. In terms of the MCA and SEBI Circular as mentioned above,
Resolution:
physical attendance of Members at the AGM and appointment
“RESOLVED THAT pursuant to Section 148 of the Companies of proxies has been dispensed with. Accordingly, the
Act, 2013 (“the Act”) and all other applicable provisions of the Attendance Slip, Proxy Form and Route Map are not annexed to
Act read with Companies (Audit and Auditors) Rules, 2014, the this Notice. As the meeting is held through VC/OVAM,
remuneration of `50,000 (Rupees Fifty Thousand only) plus appointment of proxy to attend and cast vote on behalf of the
applicable taxes, (inclusive of out of pocket expenses), payable member are not available. However, in pursuance of Section
to M/s. Chandra Wadhwa & Co., Cost Accountants, (Firm 112 and Section 113 of the Act, representatives of the Member
Registration Number 000239), Cost Auditor of the Company may be appointed for the purpose of casting vote through
for the financial year 2024-25, as approved by the Board of remote e-voting prior to the AGM, participation in the 37th AGM
Directors of the Company, be and is hereby confirmed and through VC/OAVM facility and for e-voting during the AGM.
ratified.”
6. In line with the Circulars of MCA & SEBI, the Notice of the 37th
By Order of the Board of Directors AGM along with Annual Report is being sent by e-mail to all
For Indian Renewable Energy Development Agency Limited
those members, whose e-mail IDs have been registered with
Sd/- the Company's RTA/ Depository Participant. Annual Report
Place: New Delhi (Ekta Madan)
including Notice are also available on the website of the
Date: 31.05.2024 Company Secretary
Company at https://www.ireda.in/annual-reports and on the
website of National Stock Exchange of India Limited at
Notes:-
www.nseindia.com and BSE Limited at www.bseindia.com and
1. An explanatory statement pursuant to Section 102 of the also on the website of National Securities Depository Limited
Companies Act, 2013 (‘the Act’) relating to the special business (“NSDL”) at www.evoting.nsdl.com.

11
7. Attendance of the Members participating in the 37th AGM 03:15 P.M. (IST) i.e. 15 minutes before the scheduled start time
through VC/OAVM facility shall be counted for the purpose of and the Company may close the window for joining the VC/
reckoning the quorum under Section 103 of the Act. OAVM facility 30 minutes after the scheduled start time, i.e. by
04:00 P.M. (IST) on date of AGM.
8. In case of joint holders attending the AGM, the Member whose
name appears as the first holder in the order of names as per the Please refer to detailed instructions for remote e-voting,
attending the 37th AGM through VC/OAVM and electronic voting
Register of Members of the Company will be entitled to vote at
during the AGM, annexed to this Notice.
the AGM.
15. Statutory registers as prescribed under the Act, and all
9. Members of the Company under the category of Institutional
documents referred to in the notice, will be available for
Investors are requested to attend and vote at the AGM through
inspection through electronic mode, without any fee, by the
VC/OAVM. Corporate Members/Institutional Investors
members from the date of circulation of this Notice, up to the
intending to appoint their authorized representatives pursuant
date of AGM i.e. June 24, 2024. Members desiring for inspection
to Section 113 of the Companies Act, to attend the AGM
of said documents are requested to send an e-mail to the
through VC/OAVM are requested to send a certified copy of the
Company at [email protected].
Board resolution/ authorization letter to the Scrutinizer
16. The Members holding shares in electronic form are requested
through e-mail at [email protected] with a copy marked to
to update PAN, Address with PIN, Email, mobile number and
[email protected].
nomination with their Depository Participants (DPs) with whom
10. The Company has fixed Monday, June 17, 2024 as the cut-off
they are maintaining their demat accounts.
date for determining the eligibility to vote on item(s) of business
17. Members desirous of getting any information on any item(s) of
to be transacted at the 37th AGM as detailed in Notice. Any
business of this meeting are requested to send an e-mail
person who acquires shares of the Company and becomes a
mentioning their name, demat account number/folio number,
member of the Company after sending the Notice
email id, mobile number to [email protected] at
and is holding shares as of the cut-off date, may obtain
least 7 (seven) days prior to the date of the AGM and the same
the login ID and password by sending a request at
will be suitably replied by the Company.
[email protected].
18. Members who would like to express their views or ask questions
However, if he / she is already registered with NSDL for remote
during the AGM may register themselves as Speaker by sending
e-voting, then he / she can use his / her existing user ID and
their request in advance at least 7 days prior to meeting from
password for casting the vote. Any shareholder who disposes
their registered email address mentioning their Name, DP ID
off his shareholding such that he/she is not a member as on the
and Client ID/ Folio Number, PAN, Mobile Number at
cut-off date should treat this Notice for information purposes
[email protected]. Request given on other email IDs
only.
will not be considered. Those Members who have registered
11. In compliance with MCA & SEBI Circulars referred above, the themselves as a speaker will only be allowed to express their
Company is offering e-voting facility to the shareholders to views/ ask questions during the AGM. The Company reserves
enable them to cast their votes electronically on the items the right to restrict the number of questions and number of
mentioned in the Notice. Those shareholders who do not opt to speakers depending on the availability of time for smooth
cast their vote through remote e-voting, may cast their vote conduct of the AGM.
through electronic voting system during the AGM.
19. Mr. P. C. Jain, FCS 4103, COP No.3349, Managing Partner, M/s
12. NSDL will be providing the facility for remote e-voting, P.C Jain & Co., Practicing Company Secretaries has been
participation in the 37th AGM through VC/OAVM and voting appointed as the Scrutinizer to scrutinize the e-voting/remote
during the 37th AGM through electronic voting system. The e-voting process in respect of items of business to be
remote e-voting period will begin on Friday, June 21, 2024 at transacted at the 37th AGM, in a fair and transparent manner.
09:00 A.M. (IST) will end on Sunday, June 23, 2024 at 05:00 P.M.
20. The Scrutinizer shall, after the conclusion of the electronic
(IST). The remote e-Voting module shall be disabled by NSDL
voting during the AGM, assess the votes cast at the meeting
for voting thereafter.
through electronic voting system, thereafter unblock the votes
13. The Members who have cast their votes by remote e-voting cast through remote e-voting and make a consolidated
prior to the AGM may attend the AGM through VC/ OAVM but Scrutinizer’s Report and submit the same to the Chairman of
shall not be entitled to cast their votes again. the Meeting.
14. Members may join the 37th AGM through VC/OAVM, which shall 21. The results of the e-voting indicating the number of votes cast
be kept open for the members on June 24, 2024 from in favour or against each of the Resolution(s), invalid votes and

12
whether the Resolution(s) have been carried out or not, Accordingly, as recommended by the Audit Committee, the
together with the Scrutinizer’s Report, will be uploaded on the Board of Directors has appointed M/s. Chandra Wadhwa & Co.,
website of the Company i.e. www.ireda.in and on NSDL website (Firm Registration Number 000239), as Cost Auditor of the
i.e. www.evoting.nsdl.com and will also be submitted to BSE Company for the FY 2024-25 at a remuneration of `50,000/-
Limited and National Stock Exchange of India Limited within (Rupees Fifty Thousand only) (Inclusive of out of pocket
the prescribed time. Further, the resolution(s), if passed by expenses) plus applicable taxes.
shareholders, shall be deemed to be passed on the date of 37th
The ratification of the shareholders is sought by passing an
AGM.
ordinary resolution as set out at item no. 4 in the notice,
pursuant to the provisions of the Act.
EXPLANATORY STATEMENT The Board of Directors recommended the passing of the
(Pursuant to Section 102(1) of the Companies Act 2013)
proposed Resolution by members of the Company.
None of the Directors or Key Managerial Personnel or their
The following statement sets out the material facts relating to relatives have any concern or interest, financial or otherwise, in
the special business mentioned in the Notice. passing of the said resolution, other than the extent of their
Item no. 4 holding in the securities of the Company, if any.

As per Section 148 of the Companies Act, 2013 read with the
Companies (Audit and Auditors) Rules, 2014, the appointment
of Cost Auditor shall be made by the Board of Directors on such By Order of the Board of Directors
remuneration as may be ratified by the Shareholders. Under the For Indian Renewable Energy Development Agency Limited

Companies (Audit and Auditors) Rules, 2014, the Board while

appointing the cost auditor is required to approve the
sd/-
remuneration payable to them and the remuneration so
Place: New Delhi (Ekta Madan)
approved by the Board shall be ratified by the Shareholders. Date: 31.05.2024 Company Secretary

Details of the Director seeking re-appointment at 37th AGM under item no. 2, in terms of SEBI (LODR) Regulations & Secretarial
Standard-2 are as follows:

Name of Director Shri Padam Lal Negi

DIN 10041387
Date of Birth/age November 22, 1966 (57 years)

Date of first appointment February 07, 2023

on the Board

Qualification(s) Bachelor's Degree in Arts and Masters' Degrees in Political Science and Sociology from Panjab
University

Shri Padam Lal Negi is a Government Nominee Director of your Company. He is currently Joint
Secretary and Financial Adviser in the Ministry of Civil Aviation with the additional charge of Joint
Secretary and Financial Adviser of the Ministry of New and Renewable Energy, Government of India.
He holds a Bachelor's Degree in Arts and Master's Degree in Political Science and Sociology from
Panjab University. He has over 31 years of experience in administration. He joined the Government
of India as an Indian Defence Accounts Service Officer of the 1992 Batch in the Defence Accounts
Department, Ministry of Defence, Government of India. Prior to holding this position, he worked as
Brief Resume
the Integrated Financial Adviser (Border Roads) of the Ministry of Defence, Government of India. He
has also held various important assignments as Director in the Ministry of Social Justice &
Empowerment, Government of India and also as Integrated Financial Adviser of the Andaman and
Nicobar Command, among others.

Nature of expertise in Shri Padam Lal Negi brings expertise in Financial Management, Project appraisal, leadership and
specific functional areas social area etc.

13
Disclosure of No inter-se relationship with any other Director of the Company
relationships between
directors inter-se;

Directorship in other • AI Assets Holding Limited

Companies • AI Airport Services Limited
• AI Engineering Services Limited
• Pawan Hans Limited
• Solar Energy Corporation of India Limited
• Airport Authority of India

Names of other entities • AI Airport Services Ltd

in which the person is (Chairman of Audit Committee & Member of CSR Committee)
Member/Chairman of • Air India Engineering Services Ltd
Committees. (Chairman of Audit Committee)
• Air India Assets Holding Ltd
(Chairman of Audit Committee)
• Pawan Hans Ltd
(Member of Audit Committee)

Terms & conditions of Shri Padam Lal Negi has been appointed as Government Nominee Director of your Company by the
appointment and Board of Directors with effect from February 7, 2023, pursuant to MNRE Order No. 340/85/2017-
Proposed remuneration IREDA dated February 7, 2023 and the Shareholder's approval dated June 30, 2023. Government
to be paid Nominee Directors are not paid any remuneration/sitting fees by the Company.

Number of Board Out of 31 Board meetings, Shri Padam Lal Negi has attended 29 meetings.
meetings attended
during the FY 24

Number of Committee Out of 19 Committee meetings, Shri Padam Lal Negi has attended 17 meetings in which he is a
meetings attended member.
during the FY 24

Details of listed entities NIL

from which the person
has resigned in the past
three years

Shareholding NIL

14
 36th Annual General Meeting of IREDA held on 30th June 2023.

INSTRUCTION FOR ATTENDING THE AGM AND E-VOTING

The remote e-voting period begins on Friday, June 21, 2024 at Details on Step 1 are mentioned below :
09:00 A.M. (IST) and ends on Sunday, June 23, 2024 at 05:00
P.M. (IST) .The remote e-voting module shall be disabled by a) Login method for e-Voting and joining virtual meeting for
NSDL for voting thereafter. The Members, whose names
Individual shareholders holding shares in demat mode
appear in the Register of Members / Beneficial Owners as on
the record date (cut-off date) i.e. Monday, June 17, 2024, are
entitled to cast their vote electronically. The voting right of In terms of SEBI Circular dated December 9, 2020 on e-
shareholders shall be in proportion to their share in the paid-up Voting facility provided by Listed Companies, Individual
equity share capital of the Company as on the cut-off date, shareholders holding securities in demat mode are allowed to
being June 17, 2024. vote through their demat account maintained with
Depositories and Depository Participants. Shareholders are
The way to vote electronically on NSDL e-voting system
advised to update their mobile number and email Id in their
consists of “Two Steps” which are mentioned below:
demat accounts in order to access e-Voting facility.
Step 1: Access to NSDL e-Voting system
Login method for Individual shareholders holding securities in
Step 2: Cast your vote electronically on NSDL e-voting system demat mode is given below:

15
Type of shareholders Login Method

Individual Shareholders holding securities in demat Existing IDeAS user can visit the e-Services website of NSDL Viz.
mode with NSDL. https://eservices.nsdl.com either on a Personal Computer or on a mobile. On
the e-Services home page click on the “Beneficial Owner” icon under “Login”
which is available under 'IDeAS' section , this will prompt you to enter your
existing User ID and Password. After successful authentication, you will be able
to see e-Voting services under Value added services. Click on “Access to e-
Voting” under e-Voting services and you will be able to see e-Voting page.Click
on company name or e-Voting service provider i.e.NSDL and you will be re-
directed to e-Voting website of NSDL for casting your vote during the remote e-
Voting period or joining virtual meeting & voting during the meeting.

If you are not registered for IDeAS e-Services, option to register is available at
https://eservices.nsdl.com. Select “Register Online for IDeAS Portal” or click at
https://eservices.nsdl.com/SecureWeb/IdeasDirectReg.jsp

Visit the e-Voting website of NSDL. Open web browser by typing the following
URL: https://www.evoting.nsdl.com either on a Personal Computer or on a
mobile. Once the home page of e-Voting system is launched, click on the icon
“Login” which is available under 'Shareholder/Member' section. A new screen
will open. You will have to enter your User ID (i.e. your sixteen digit demat
account number held with NSDL), Password/OTP and a Verification Code as
shown on the screen. After successful authentication, you will be redirected to
NSDL Depository site wherein you can see e-Voting page. Click on company
name or e-Voting service provider i.e. NSDL and you will be redirected to e-
Voting website of NSDL for casting your vote during the remote e-Voting period
or joining virtual meeting & voting during the meeting.

Shareholders/Members can also download NSDL Mobile App “NSDL Speede”

facility by scanning the QR code mentioned below for seamless voting
experience.

Individual Shareholders holding securities in demat Users who have opted for CDSL Easi / Easiest facility, can login through their
mode with CDSL existing user id and password. Option will be made available to reach e-Voting
page without any further authentication. The users to login Easi /Easiest are
requested to visit CDSL website www.cdslindia.com and click on login icon &
New System Myeasi Tab and then use your existing my easi username &
password.

After successful login the Easi / Easiest user will be able to see the e-Voting
option for eligible companies where the evoting is in progress as per the
Information provided by company. On clicking the e-voting option, the user

16
 Type of shareholders Login Method
will be able to see e-Voting page of the e-Voting service provider for casting
vote during the remote e-Voting period or joining virtual meeting & voting
during the meeting. Additionally, there is also link provided to access the
system of all e-Voting Service Providers, so that the user can visit the e-Voting
service providers' website directly.

If the user is not registered for Easi/Easiest, option to register is available at

CDSL website www.cdslindia.com and click on login & New System Myeasi Tab
and then click on registration option.

Alternatively, the user can directly access e-Voting page by providing Demat
Account Number and PAN No. from a e-Voting link available on
www.cdslindia.com home page. The system will authenticate the user by
sending OTP on registered Mobile & Email as recorded in the Demat Account.
After successful authentication, user will be able to see the e-Voting option
where the e-voting is in progress and also able to directly access the system of
all e-Voting Service Providers.

Individual Shareholders (holding securities in demat You can also login using the login credentials of your demat account through
mode) login through their depository participants your Depository Participant registered with NSDL/CDSL for e-Voting
facility. Upon logging in, you will be able to see e-Voting option. Click
one-Voting option, you will be redirected to NSDL/CDSL Depository site after
successful authentication, wherein you can see e-Votingfeature.

Important note: Members who are unable to retrieve User ID/ Password are advised to use Forget User ID and Forget Password option
available at above mentioned website.
Helpdesk for Individual Shareholders holding securities in demat mode for any technical issues related to login through Depository i.e.
NSDL and CDSL.

Login type Helpdesk details

Individual Shareholders holding securities in demat Members facing any technical issue in login can contact NSDL helpdesk by
mode with NSDL sending a request at [email protected] or call at 022 - 4886 7000

Individual Shareholders holding securities in demat Members facing any technical issue in login can contact CDSL helpdesk by
mode with CDSL sending a request at [email protected] or contact at toll free no.
1800 22 55 33

b) Login Method for e-Voting and joining virtual meeting for 3) A new screen will open. You will have to enter your User ID,
shareholders other than Individual shareholders holding your Password/OTP and a Verification Code as shown on the
securities in demat mode and shareholders holding securities in screen.
physical mode.

How to Log-in to NSDL e-Voting website? Alternatively, if you are registered for NSDL eservices i.e.
IDeAS, you can log-in at https://eservices.nsdl.com with your
1) Visit the e-Voting website of NSDL. Open web browser by typing existing IDeAS login. Once you log-in to NSDL eservices after
the following URL:https://www.evoting.nsdl.com either on a using your log-in credentials, click on e-Voting and you can
Personal Computer or on a mobile. proceed to Step 2 i.e. Cast your vote electronically.

2) Once the home page of e-Voting system is launched, click on 4) Your User ID details are given below :
the icon “Login” which is available under 'Shareholder/Member'
section.

17
 Manner of holding shares i.e. Demat (NSDL or CDSL) Your User ID is:

Or Physical

a) For Members who hold shares in demat account 8 Character DP ID followed by 8 Digit Client IDFor example if your DP ID is
with NSDL IN300*** and Client ID is 12****** then your user ID is IN300***12******.

b) For Members who hold shares in demat account 16 Digit Beneficiary IDFor example if your Beneficiary ID is 12************** then
with CDSL. your user ID is 12**************

c) For Members holding shares in Physical Form. EVEN Number (e-voting event number) followed by Folio Number registered
with the company

For example if folio number is 001*** and EVEN is 101456 then user ID is
101456001***

5) Password details for shareholders other than Individual d Members can also use the OTP (One Time Password) based
shareholders are given below: login for casting the votes on the e-Voting system of NSDL.

a. If you are already registered for e-Voting, then you can use 7) After entering your password, tick on Agree to “Terms and
your existing password to login and cast your vote. Conditions” by selecting on the check box.

b. If you are using NSDL e-Voting system for the first time, you 8) Now, you will have to click on “Login” button.
will need to retrieve the 'initial password' which was
communicated to you. Once you retrieve your "Initial 9) After you click on the “Login” button, Home page of e-Voting
password", you need to enter the 'initial password' and the will open
system will force you to change your password.
Details on Step 2 are given below:
c. How to retrieve your 'initial password'?
How to cast your vote electronically and join General Meeting
(i) If your email ID is registered in your demat account or on NSDL e-Voting system?
w i t h t h e c o m p a n y, y o u r ' i n i t i a l p a s s w o r d ' i s
communicated to you on your email ID. Trace the email 1. After successful login at Step 1, you will be able to see all the
sent to you from NSDL from your mailbox. Open the companies “EVEN” in which you are holding shares and
email and open the attachment i.e. a .pdf file. Open the whose voting cycle and General Meeting is in active status.
.pdf file. The password to open the .pdf file is your 8 digit
client ID for NSDL account, last 8 digits of client ID for 2. Select “EVEN” of company for which you wish to cast your
CDSL account or folio number for shares held in physical vote during the remote e-Voting period and casting your
form. The .pdf file contains your 'User ID' and your 'initial vote during the General Meeting. For joining virtual
password'. meeting, you need to click on “VC/OAVM” link placed under
“Join Meeting”.
(ii) If your email ID is not registered, please follow steps
mentioned below in process for those shareholders 3. Now you are ready for e-Voting as the Voting page opens.
whose email ids are not registered.
4. Cast your vote by selecting appropriate options i.e. assent
6) If you are unable to retrieve or have not received the “Initial or dissent, verify/modify the number of shares for which
password” or have forgotten your password: you wish to cast your vote and click on “Submit” and also
“Confirm” when prompted.
a Click on "Forgot User Details/ Password” (If you are holding
shares in your demat account with NSDL or CDSL) option 5. Upon confirmation, the message “Vote cast successfully”
available on www.evoting.nsdl.com. will be displayed.

b "Physical User Reset Password” (If you are holding shares in 6. You can also take the printout of the votes cast by you by
physical mode) option available on www.evoting.nsdl.com. clicking on the print option on the confirmation page.

c If you are still unable to get the password by aforesaid two 7. Once you confirm your vote on the resolution, you will not
options, you can send a request at [email protected] be allowed to modify your vote.
mentioning your demat account number/folio number,
your PAN, your name and your registered address etc. c. Process for those shareholders whose email ids are not
registered with the depositories for procuring user id and

18
 Password and registration of e mail ids for e-voting for the e-voting.
resolutions set out in this notice:
C. INSTRUCTIONS FOR MEMBERS FOR ATTENDING THE AGM
1. In case shares are held in physical mode please provide Folio THROUGH VC/OAVM ARE AS UNDER:
No., Name of shareholder, scanned copy of the share
certificate (front and back), PAN (self attested scanned copy 1. Member will be provided with a facility to attend the AGM
of PAN card), AADHAR (self attested scanned copy of Aadhar through VC/OAVM through the NSDL e-Voting system.
Card) by email to [email protected]. Members may access by following the steps mentioned
above for Access to NSDL e-Voting system. After
2. In case shares are held in demat mode, please provide DPID- successful login, you can see link of “VC/OAVM” placed
CLID (16 digit DPID + CLID or 16 digit beneficiary ID), Name, under “Join meeting” menu against company name. You
client master or copy of Consolidated Account statement, are requested to click on VC/OAVM link placed under Join
PAN (self attested scanned copy of PAN card), AADHAR Meeting menu. The link for VC/OAVM will be available in
(self attested scanned copy of Aadhar Card) to Shareholder/Member login where the EVEN of Company
[email protected]. If you are an Individual will be displayed. Please note that the members who do
shareholders holding securities in demat mode, you are
not have the User ID and Password for e-Voting or have
requested to refer to the login method explained at step 1 (A)
forgotten the User ID and Password may retrieve the same
i.e. Login method for e-Voting and joining virtual meeting for
by following the remote e-Voting instructions mentioned
Individual shareholders holding securities in demat mode.
in the notice to avoid last minute rush.
3. Alternatively, shareholder/members may send a request to
2. Members are encouraged to join the Meeting through
[email protected] for procuring user id and password for e-
Laptops for better experience.
voting by providing above mentioned documents.

4. In terms of SEBI circular dated December 9, 2020 on e-Voting 3. Further Members will be required to allow Camera and use
facility provided by Listed Companies, Individual Internet with a good speed to avoid any disturbance
shareholders holding securities in demat mode are allowed to during the meeting.
vote through their demat account maintained with
Depositories and Depository Participants. Shareholders are 4. Please note that Participants Connecting from Mobile
required to update their mobile number and email ID Devices or Tablets or through Laptop connecting via
correctly in their demat account in order to access e-Voting Mobile Hotspot may experience Audio/Video loss due to
facility. Fluctuation in their respective network. It is therefore
recommended to use Stable Wi-Fi or LAN Connection to
B. THE INSTRUCTIONS FOR MEMBERS FOR e-VOTING ON THE mitigate any kind of aforesaid glitches.
DAY OF THE AGM ARE AS UNDER:-
D. GENERAL GUIDELINES FOR SHAREHOLDERS
1. The procedure for e-Voting on the day of the AGM is same as
the instructions mentioned above for remote e-voting. 1. It is strongly recommended not to share your password
with any other person and take utmost care to keep your
2. Only those Members/ shareholders, who will be present in password confidential. Login to the e-voting website will
the AGM through VC/OAVM facility and have not casted their be disabled upon five unsuccessful attempts to key in the
vote on the Resolutions through remote e-Voting and are correct password. In such an event, you will need
otherwise not barred from doing so, shall be eligible to vote to go through the "Forgot User Details/ Passward” or
through e-Voting system in the AGM. "Physical User ResetPassward”option available on
www.evoting.nsdl.com to reset the password.
3. Members who have voted through Remote e-Voting will be
eligible to attend the AGM. However, they will not be eligible 2. In case of any queries, you may refer the Frequently Asked
to vote at the AGM. Questions (FAQs) for Shareholders and e-voting user
manual for Shareholders available at the download
4. The details of the person who may be contacted for any section of www.evoting.nsdl.com or call on at 022 - 4886
grievances connected with the facility for e-Voting on the day 7000 or send a request to Ms Pallavi Mhatre -Senior
of the AGM shall be the same person mentioned for Remote Manager at [email protected]

19
 Brief Profile of Directors
Shri Pradip Kumar Das (DIN: 07448576)
Chairman & Managing Director
Shri Pradip Kumar Das is the Chairman & Managing Director of your Company Since May 6,2020. He
holds a bachelor’s degree in commerce from the University of Calcutta and a Post Graduate Diploma
in Management from Xavier Institute of Management, Bhubaneswar. He is a fellow member of the
Institute of Cost Accountants of India and an associate member of the Institute of Company
Secretaries of India. He has over 37 years of vast experience in various positions in Finance, Banking,
Corporate Governance, Audit, Resource Mobilisation & Treasury, Loan & Recovery Management,
Disinvestment/Divestment etc., both in public as well as in private sectors. He is a distinguished
Member of various high-level committees constituted by Govt. of India’s bodies and industry
associations for various strategic decisions. Before joining your Company, he was the Director
(Finance) of India Tourism Development Corporation Limited. He has also worked with REC Limited,
Bharat Heavy Electricals Limited, Nuclear Power Corporation Limited, Bharat Heavy Plate and Vessels Ltd, Kusum Products Ltd and
other organisations.

Dr. Bijay Kumar Mohanty (DIN: 08816532)

Director (Finance) & CFO
Dr. Bijay Kumar Mohanty is a Director (Finance) of the Company. He is the Director of the Company
since October 12, 2023. He also holds the position of Chief Financial Officer of the Company since
October 16, 2023. He is also entrusted with Additional Charge of the post of Director (Technical) of the
Company. He is a fellow member of the Institute of Cost Accountants of India. He holds a Bachelor's
Degree in Commerce and Master's Degrees in Philosophy (Commerce) and Public Administration from
Utkal University, Odisha. He also holds a Master's Degree in Commerce from Delhi University, Bachelor
in Law from Utkal University Odisha and a Doctorate of Philosophy in Commerce from the Kalinga
Institute of Industrial Technology, Bhubaneswar. He has over 25 years of experience in the Indian
Power Sector and has experience in Finance, Accounts, Commercial, Project Appraisal, Project
Execution and Management, and Legal functions. Prior to joining your Company, he worked as the
Head of Division (Smart Metering) at REC Power Development and Consultancy Limited (RECPDCL), and Senior General Manager
(Finance and Accounts) at REC Limited. During his tenure at REC Limited, he also worked as Chief Program Manager of Tripura,
Nagaland, Mizoram, West Bengal and Bhubaneswar. He also acted in the capacity of Chief Executive Officer of FACOR Power Limited.
Further, he has previously worked at Central Electricity Supply Company of Orissa Limited (CESCO) and Grid Corporation of Orissa
Limited (GRIDCO). He has also made significant contributions in the implementation of Deen Dayal Upadhyay Gram Jyoti Yojana
(DDUGJY) and Pradhan Mantri Sahaj Bijli Har Ghar Yojana (SAUBHAGYA) schemes of the Government of India in the state of Odisha,
West Bengal and North Eastern States.

Shri Padam Lal Negi (DIN: 10041387)

Government Nominee Director
Shri Padam Lal Negi is a Government Nominee Director of your Company since February 7, 2023. He is,
currently, Joint Secretary and Financial Adviser in the Ministry of Civil Aviation with the additional
charge of Joint Secretary and Financial Adviser of Ministry of New and Renewable Energy, Government
of India. He holds a Bachelors’ Degree in Arts and Masters’ Degrees in Political Science and Sociology
from Panjab University. He has over 31 years of experience in administration. He joined in the
Government of India as an Indian Defence Accounts Service Officer of 1992 Batch in the Defence
Accounts Department, Ministry of Defence, Government of India. Prior to holding this position, he
worked as the Integrated Financial Adviser (Border Roads) of Ministry of Defence, Government of India.
He has also held various important assignments as Director in the Ministry of Social Justice &
Empowerment, Government of India and also as Integrated Financial Adviser of the Andaman and
Nicobar Command, among others.

20
 Shri Ajay Yadav (DIN: 10046617)
Government Nominee Director
Shri Ajay Yadav is the Government Nominee Director of your Company. He has been a Director of the
since February 14, 2023. He is an Indian administrative service officer of the Bihar cadre from the batch
of 2005. He is currently the joint secretary in the Ministry of New and Renewable Energy, Government
of India. He holds a bachelors' degree in engineering (mechanical) from the Indian Institute of
Technology, Roorkee. He has over 19 years of experience in administration. He started his career as an
assistant collector in Patna, Bihar, and has subsequently held several important positions with the State
Government of Bihar, in various departments including revenue administration. He has also worked in
various ministries of the Government of India such as the Ministry of External Affairs, Ministry of
Consumer Affairs, the Department of Food and Public Distribution and the Ministry of Civil Aviation.

Shri Shabdsharan N. Brahmbhatt (DIN: 09483059)

Independent Director
Shri Shabdsharan N. Brahmbhatt is a part time non-official Director (Independent Director) of your
Company. He holds Bachelor's degree in Law as well as in Commerce. He is a Social Worker and a
Lawyer. He is also a member of the Baroda Bar Association. Previously, he has been the chairman and
municipal councilor of the Standing Committee of the Vadodara Municipal Corporation, and the mayor
of the Baroda Municipal Corporation (BMC).

Dr. Jaganath C. M. Jodidhar (DIN: 09556253)

Independent Director
Dr.Jaganath C.M. Jodidhar is a part time non-official Director (Independent Director) of your
Company since March 31, 2022. He holds a bachelor's degree in medicine from Kuevempu University,
Karnataka and a Doctor of Medicine Degree in internal medicine from Kathmandu University, Nepal. He
has over 23 years of experience in the medical industry. He is currently working as a consultant
physician and diabetologist at Narayan Hospital, Thindlu, Byatarayanpura, Bengaluru. He is also the
Central Council Member of the Indian Medical Association, Yelahanka Branch. He has been awarded
the Nobel Laureate Mother Teresa State Awards, 2016 in the category of 'The Best Doctor' by the
Newspaper Association of Karnataka.

Shri Ram Nihal Nishad (DIN: 10064841)

Independent Director
Shri Ram Nihal Nishad, is a part time non-official Director (Independent Director) of your Company
since March 9, 2023. He holds a bachelors' degree in law and in commerce from Awadh University,
Faizabad. He is a lawyer and a member of the Bar Council of Uttar Pradesh.

Smt. Rohini Rawat (DIN: 10064820)

Independent Director
Smt. Rohini Rawat, is a part time non-official Director (Independent Director) of your Company since
March 9, 2023. She holds a masters' degree in economics from Rohilkhand University, Bareilly. She was
a member of the State Women Commission from 2004 to 2007. She was the Chairman of Nagar Palika
Parishad Joshimath from 2013 to 2018 and awarded “Mukhya Mantri Nirmal Nagar Purushkar” by the
Chief Minister in 2017. She is a social worker and has also been an active volunteer in Samanvay where
she was awarded “Leader of the Year” in 2001.

21
 Letter from the Chairman & Managing Director

Dear Stakeholders, renewable capacity was expected to be added in 2023, bringing

the total global renewable energy capacity to ~4,140 GW by
I am pleased to present the 37th Annual Report of your Company year-end. Solar energy leads the charge accounting for ~1,552
celebrating yet another year marked by robust financial success GW, followed by Hydro power at ~1,411 GW, Wind energy at
and enduring commitment to advancing financing across the ~1,007 GW and Bioenergy at ~170 GW.
spectrum of renewable energy & green technologies.
This increase in renewable installed capacity is supported by
Before we reflect on our achievements within India's vibrant declining costs for Solar and Wind energy. The IEA reported that
green finance market, it is essential to consider the broader Onshore Wind and Solar PV are now more cost-effective than
global context to understand how emerging trends are shaping both existing and new Fossil-fuel based power plants.
new opportunities and challenges for our industry. Approximately 96% of new utility-scale Solar PV and Onshore
Wind capacity had lower generation costs than new Coal and
GLOBAL GREEN FINANCING SCENARIO
Natural Gas plants, and about 75% were cheaper than existing
Fossil-fuel facilities.
In 2023, global investment in energy transition reached an
unprecedented high of $1.77 Trillion marking a robust 17%
increase from the previous year (Bloomberg). This substantial Leading the G20 Presidency in 2023, India spearheaded
growth demonstrates the world's continued commitment to significant global commitments to promote sustainable
advancing clean energy solutions. Notably, electrified transport development and combat climate change underscoring its
emerged as the dominant sector, attracting investments of commitment to the Summit declaration of “One Earth, One
$634 Billion which were up 36% from the previous year, and Family, One Future”.
overtaking renewable energy, which secured $623 Billion,
reflecting an 8% growth. This shift highlights the dynamic nature The 28 th Conference of the Parties (COP28) to the UN
of the market and the increasing focus on diversifying the Framework Convention on Climate Change, held in Abu Dhabi
sources of clean energy. from 30th November 2023 to 13th December 2023, introduced
the first 'global stocktake' to monitor progress towards limiting
According to the International Energy Agency (IEA), ~510 GW of global warming to 1.5°C by reducing global greenhouse

22
emissions by 43% (from 2019 levels) by 2030. and ~3.3 GW Wind capacity addition. As of 31st March 2024,
India's total installed electricity capacity stands at ~442 GW
Honorable Prime Minister of India participated in the COP28 (Thermal: ~243 GW, Nuclear: ~8 GW & Renewables: ~191 GW).
Presidency's Session on 'Transforming Climate Finance' Therefore, Renewable Energy contributes to ~43% of installed
underscoring the importance of green financing and exhorting capacity (including Large Hydropower contribution at ~11%).
the assembly to deliver on 4 key aspects:
Over the last 3 years, India's renewable energy capacity
• Progress in New Collective Quantified Goal on Climate (including Large Hydropower) has increased by 16-17 GW on
Finance average annually.
• Replenishment of Green Climate Fund & Adaptation
Fund However, to facilitate year-on-year capacity addition, the
• Affordable Finance to be made available by MDBs for Government of India is targeting 50 GW annual bidding for
Climate Action Solar & Wind projects over 2023 to 2028. In FY24, a record ~41
• Developed countries must eliminate their carbon GW of renewable energy projects were awarded which is set to
footprint before 2050 triple the pace of annual renewable capacity addition.

At COP 28, your Company also advanced its commitment to FY24 also saw an acceleration in bidding activity across other
supporting Micro, Small & Medium Enterprises (MSMEs) in the renewable energy sectors :
renewable energy sector during a session on "Pioneering
Sustainability in MSMEs: Envisioning Global Growth and Local • Green Hydrogen production: ~412,000 MTPA projects
Impact". were awarded by Government of India with
commissioning targeted within 30 months of Letter of
Energy transition investments need to average ~$ 4.8 Trillion Award Government of India.
per annum till 2030 compared to ~$ 1.77 Trillion investment
recorded in 2023 (Bloomberg). In this scenario, climate finance • Electrolyzer manufacturing: ~1,500 MW manufacturing
institutions are essential for directing global funds effectively capacity was awarded under Strategic Interventions for
into decarbonization projects to address the growing demands Green Hydrogen Transition Scheme (Tranche-I)
of the sector. Your Company remains committed to its pivotal
role in the renewable energy sector and strives to fulfil these • Solar PV manufacturing: Letters of Award was issued for
investment objectives going forward. 39,600 MW of fully / partially integrated Solar PV module
manufacturing units under the Solar PLI Scheme (Tranche
INDIA GREEN FINANCING SCENARIO II)
th
India stands 4 globally in terms of Renewable Energy installed • Battery manufacturing: Request for Proposal was
th th
capacity, 4 in terms of installed Wind power capacity and 5 in launched for 10 GWh manufacturing capacity under the
terms of installed Solar power capacity as per International Advanced Cell Chemistries PLI Scheme which was
Renewable Energy Agency (IRENA) 2023 global ranking. subsequently awarded in April 2024

With its 500 GW non-fossil fuel installed capacity target for Thus, India's renewable energy sector is showing encouraging
2030 & Net Zero target for 2070, India has embarked on one of signs of a strong resurgence. Availability of sufficient quantum
the most extensive renewable energy expansions in the world. of financing at competitive rates will be critical for the
Significant milestones have already been achieved towards actualization of this market as the cost of finance significantly
India's first Nationally Determined Contribution, namely: affects the viability of renewable energy projects.

• India has successfully reduced its emissions intensity As the Government of India's dedicated green financing entity
vis-à-vis its GDP by 33% between 2005 and 2019, 11 as well as India's largest pure-play green financing institution,
years ahead of the 2030 target your Company is committed to supporting Government of
• India also achieved 40% of installed electricity capacity India initiatives and partnerships that propel the adoption of
through non-fossil fuel sources, 9 years ahead of the renewable technologies ensuring that India not only meets but
target for 2030 exceeds its ambitious renewable energy goals.

In response to its progress, India has updated its Nationally HIGHLIGHTS OF FINANCIAL & OPERATIONAL PERFORMANCE
Determined Contribution targets as
Robust business growth and profitability
• Reducing emissions intensity of its GDP by 45% (from
2005 level) by 2030 In FY24, your Company achieved the highest ever annual loan
• Achieving ~50% cumulative installed electricity book, sanction, disbursement, profit, and net worth. A
capacity from non-fossil energy sources by 2030 snapshot of our performance can be seen below:

In FY24, ~70% of the ~26 GW capacity addition came from • Gross loan book: `59,698.11 Crore in FY24 as against
renewable sources, including ~15 GW Solar capacity addition `47,075.52 Crore in FY23 (up by 26.81%)

23
 • Loan Sanction: `37,353.68 Crore in FY24 as against GIFT City which will specialize in providing debt options
`32,586.60 Crore in FY23 (up by 14.63%) denominated in foreign currencies. This facilitates natural
hedging and significantly reduces financing cost for Green
• Loan Disbursement: `25,089.04 Crore in FY24 as against Hydrogen & its derivatives as well as Renewable Energy
`21,639.21 Crore in FY23 (up by 15.94%) Manufacturing projects. This strategic initiative will play a
pivotal role in advancing the nation's progress toward an
• Profit Before Tax: `1,685.24 Crore in FY24 as against environment friendly and 'atmanirbhar' future.
`1,139.25 Crore in FY23 (up by 47.93%)
• Opening of paperless Business Centre at NBCC Office
• Profit After Tax: `1,252.23 Crore in FY24 as against Complex, Delhi
`864.63 Crore in FY23 (up by 44.83%)
Your Company inaugurated its state-of-the-art Business
• Net worth: `8,559.43 Crore in FY24 as against Centre at NBCC Office Complex, East Kidwai Nagar, New
`5,935.17 Crore in FY23 (up by 44.22%) Delhi on 24th June 2023. The new office incorporates digital
technologies to eliminate the use of paper, driving
Key performance highlights sustainability as well as transparent and efficient digital
workflows.
In addition to robust financial performance, your Company
delivered several other notable achievements in FY24; some Further, the new space has been designed to foster
key highlights are mentioned below: employee productivity, collaboration, and well-being with
dedicated spaces and amenities for Yoga, Meditation, and
Fitness enabling employees to prioritize their physical and
• Initial Public Offering launched at 38.59x subscription
mental well-being.
Your Company completed its Initial Public Offering (IPO) listing
th • Credit Ratings
on the BSE and the NSE on 29 November 2023. Your Company
raised `2,150.22 Crore through a mix of fresh issues and an The domestic debt instruments of your Company are rated
offer for sale by the Government of India, with the Government 'AAA' stable by ICRA Ltd. India Ratings and Research Private
retaining a 75% stake post-IPO. Limited, and Brickwork Ratings India Private Limited and
“AA+” “Positive” by CareEdge Ratings. Further, term loan &
Your Company's IPO received an overwhelming response from short term loan from banks & financial institutions have
investors across all categories with the issue over-subscribed been assigned “AAA” stable rating by Acute Rating &
by a staggering 38.59 times.excluding anchor investers. The Research Ltd., India Ratings & Research Private Limited and
portion for Qualified Institutional Bidders (QIBs) witnessed a Brickwork Ratings India Private Ltd. GOI Fully Serviced
significant 105.18 times subscription, while the portion Bonds are rated “AAA” “Stable” from India Ratings & Research
reserved for non-institutional investors saw 22.98 times Private Limited, ICRA Limited and CareEdge Ratings.
bidding.
• Upgradation to Schedule 'A' CPSE in September 2023
• Fastest publication of Audited Annual Financial Results in the followed by 'Navratna' status awarded by the Department of
Indian Banking & NBFC sector Public Enterprises in April 2024.

Your Company has set a new benchmark by publishing its Your Company was awarded the prestigious Navratna status
Annual Audited Financial Results within just 19 days, which is in April 2024 in recognition of continued excellence in
the fastest publication of Audited Results in the Banking and business performance and governance. This award confers
NBFC space in India, significantly ahead of SEBI's 60-day significant autonomy to your Company in shaping its
deadline. business targets and ambition which in turn will translate
into responsive support to the renewable energy sector.
This landmark achievement in financial reporting is just one of Further, your Company aims to become a Maharatna CPSE
many initiatives aimed at fostering a culture of excellence in by FY30 subject to Government guidelines and applicable
corporate governance and accountability. In addition, this approvals.
achievement reflects your Company's efficient internal
processes and advanced digital data management capabilities. Healthy asset quality

Your Company remains dedicated to maintaining the highest In addition to business expansion, your Company has
standards of financial integrity and operational efficiency prioritized enhancement of its asset quality. A rigorous
a l o n g s i d e i t s c o m m i t m e n t t o e xe m p l a r y b u s i n e s s recovery and monitoring framework has been established,
performance. which includes monthly internal reviews and quarterly
discussions with borrowers. Furthermore, your Company
• Opening of office in GIFT City, Gandhinagar for Foreign has improved its recovery effectiveness by revising its asset
currency financing sale policy under the SARFAESI Act, 2002.

Post ending of FY24, your Company has opened an office in With a focused approach, the reduction of `102.50 Crore in

24
Gross NPA has been realized during FY24 through a net across a range of traditional & emerging sectors including but
reduction of 3 NPA accounts thereby reducing the total number not limited to Solar energy, Wind energy, Hydropower, Biofuels
of NPA loan accounts to 61. Further, `212.70 Crore has been (CBG, Ethanol, etc.), Biomass, Briquettes & Pellets, E-mobility,
recovered from NPA accounts which includes `90.68 Crore Transmission, Battery Storage, Pumped Storage Hydro, Green
from Principal recovery and `122.02 Crore from Interest Hydrogen & its derivatives, and RE-related manufacturing.
Income recovery.
In FY24, your Company updated its financing policies in
This has resulted in healthy improvement in NPA ratios at the response to the needs of its borrowers; some key changes can
close of FY24 as can be seen below: be seen below:

• Gross NPA: 2.36 % (vs. 3.21% in FY23) • Empanelment of Lender's Financial Advisors (LFA) for
continued monitoring of borrower accounts and
• Net NPA: 0.99% (vs. 1.66% in FY23) movement of funds

'Excellent' Performance expected on MoU with MNRE • Product launch for Commercial Bus or Passenger Vehicle
fleet with B2B contracts
Your Company has signed a Memorandum of Understanding
(MoU) with the Ministry of New and Renewable Energy (MNRE) • Increase in maximum loan tenor for Electric Mobility
setting financial and operational targets for FY24. segment from 8 years to 10 years

Your Company is expecting an 'Excellent' rating for FY24 basis • Debt coverage for greenfield & brownfield Hydropower
its performance (subject to assessment by the Government of projects enhanced upto 80%
India). Historically, your Company has consecutively achieved
an 'Excellent' rating in FY21, FY22, and FY23. In addition, your Company sanctioned loans across 3 new
emerging renewable energy sectors in FY24 including Smart
Recognitions and Awards Meters, Green Hydrogen & its derivatives, and PM KUSUM. Your
Company strives to continually update its policies and offerings
Your Company received recognition from several quarters for to stay at the forefront of renewable energy financing in the
its stellar performance in India's green financing sector: country.

• Upgradation from Schedule B to Schedule A category Implementation support provided for key MNRE Schemes
CPSE followed by Navratna status awarded by the
Department of Public Enterprises in April 2024 Your Company has been closely involved in the development
and implementation of various policies pertaining to the
• 'CMD of the Year' award under the Mini-Ratna category at renewable energy sector. Further, your Company has served as
the 13th PSE Excellence Awards organized by the Indian the implementing agency for the following key MNRE schemes:
Chamber of Commerce
• Central Public Sector Undertaking- Phase-II for setting up
• Runner-up Awards in four key categories: 'Operational grid-connected Solar PV projects
Performance Excellence', 'Corporate Governance',
'Corporate Social Responsibility & Sustainability', and • National Bio-energy Programme
'Inclusivity- Contribution of Women and Differently Abled
In' under the Mini-Ratna category at the 13 th PSE • National Programme on High Efficiency Solar PV Modules
Excellence Awards organized by the Indian Chamber of under Production Linked Incentive, Tranche-I
Commerce
• Generation Based Incentive (GBI)
• 'Excellent' rating under MoU signed with the Ministry of
New & Renewable Energy for the FY23. Co-lending and consulting services offered to partners

PRODUCTS & SERVICES OFFERED During FY24, your Company entered into MoUs with the
following institutions, leveraging its 37 years of experience
New products launched and financing policies updated across the renewable energy sector:

Your Company dynamically reviews its policies and procedures • For co-lending & co-origination support to leading Indian
to meet the evolving needs of the renewable energy sector, Financial Institutions such as IIFCL, Union Bank of India,
thereby ensuring the availability of a comprehensive range of Bank of Baroda, Bank of Maharashtra, Indian Overseas
financial products and related services from project Bank, and Punjab National Bank
conceptualization to post-commissioning for renewable
energy projects across sectors. • For consulting services to support R&D and renewable
energy requirements for IIT, Bhubaneswar and AIIMS,
Your Company offers support to renewable energy projects New Delhi

25
KEY OPERATIONAL INITIATIVES LAUNCHED Your Company is expanding in line with its robust growth
with 25 new personnel inducted during FY24. The new hires
Your Company has launched several major initiatives for its key range from Executive-Trainees to General Manager level
stakeholders geared towards improving borrower experience, across various functions such as Technical, Finance,
developing its human resources, enhancing Corporate Company Secretariat, Legal, etc. The total employee
st
Governance, driving impactful CSR actions, and offsetting the strength of your Company was 173 as on 31 March 2024
carbon footprint of its operations. excluding Board Level Executives.

Initiatives to improve borrower experience • Promotion of diversity

Close connect with borrowers Your Company is dedicated to promoting equitable
representation and diversity. The strength of female
Physical and virtual interactions with borrowers, industry employees is a crucial aspect of workforce diversity and
experts and IREDA management were held across cities to st
understand and proactively address borrower concerns, build gender equality. The number of female officials as on 31
a strong rapport with our borrowers, and usher in March 2024 was 46, i.e., 26.6% of the total employee
transparency. strength. Your Company ensures due compliance with the
Directives and Guidelines issued by the Government of
We have also expanded our physical presence across India with India pertaining to the welfare of SC/ ST/ OBC employees.
four strategically located branches in Mumbai, Hyderabad, Our strategies for talent attraction, engagement,
Chennai, and Bhubaneshwar to maximize geographical development, and retention are designed to cultivate an
coverage and have deployed on-ground personnel at inclusive and equitable environment for all employees.
Bengaluru and Guwahati.
• Regular interaction with employees for insights & feedback
Digital Process Optimization
Your Company maintains open communication and
Your Company possesses a robust IT infrastructure, including engagement through various strategies including
an Enterprise Resource Planning (ERP) System specifically
tailored to meet our business requirements. • Periodic open-house interactions led by the CMD to
boost morale and acknowledge employee efforts
To streamline the loan application process, your Company
offers an online platform for customers that serves as a single • Annual feedback collection from employees to
point of contact for filing applications, uploading implement actionable suggestions
documentation, and receiving alerts. Borrowers can track the
progress of their applications in real time and view any • Offsite Strategy meetings to review, streamline, and
outstanding tasks or next steps via the Customer Portal. This update IREDA policies & processes
enhances borrower experience, offering both ease of doing
business as well as transparency. • Employee engagement and wellness

Your Company has standardized its loan sanction mechanism Throughout FY24, your Company hosted a variety of
and adopted simplified templates for both pre-disbursement cultural and wellness events, including cleanliness drives,
and post-disbursement documentation to further streamline social gatherings, and wellness meets. These events are
processes. aimed at boosting employee connect and morale as well as
fostering a cohesive corporate culture aligned with your
Additionally, your Company is continually working to improve Company's mission.
its IT structures with the goal of creating an integrated system
that unlocks operational efficiencies, generates financing risk Your Company actively fosters a holistic approach to
insights, and facilitates management review. This integration employee wellness by incorporating daily meditation and
aims to enhance the overall efficiency, responsiveness, and yoga sessions, an in-house fitness facility with professional
accuracy of our services. trainers, and regular preventive health check-ups. In FY24,
employees also participated in a series of health awareness
Initiatives to develop human resources training sessions covering critical topics such as Liver
Health, Asthma Care, and Cancer Awareness intended to
The HR function at your Company operates with a focus on equip staff with important health knowledge.
talent attraction, engagement, development, retention, and
well-being. • Best-in-class employee trainings

The following key HR initiatives were undertaken in FY24 to To enhance the skills and knowledge of its workforce, your
enhance organizational capabilities and drive forward key Company has implemented a comprehensive training plan.
objectives for your Company's growth: This includes specialized training programs at renowned
institutes in India and abroad as well as tailored in-house
• Strategic workforce expansion
sessions by leading experts.

26
Employees have participated in a variety of programs covering • Supply and installation of Solar PV systems and medical
topics such as Cyber-security, Financial Management, equipment in Chandauli, Uttar Pradesh
Corporate Governance, Behavioral and leadership training, etc.
Additionally, the Company engaged in global forums and During FY24, your Company sanctioned `16.65 Crore for 16
conferences to further extend learning opportunities beyond projects under CSR funds (including administrative costs) and
the traditional setting. disbursed `10.29 Crore based on project progress over the year
(including disbursements from unspent account for previous
These initiatives collectively led to the achievement of years). These initiatives underscore your Company's focus on
2,081 training man-days reflecting a strong commitment fostering sustainable development and improving community
to continuous professional development and global welfare in India's underdeveloped regions alongside its
engagement. commitment to the growth of India's renewable energy sector.
Your Company has launched an online CSR Portal to facilitate
Initiatives for robust Corporate Governance transparency in receipt & disposal of CSR requests.

Your Company is committed to upholding the highest Initiatives for offsetting carbon footprint of operations
standards of professionalism, integrity, accountability, fairness,
and transparency, thereby ensuring both efficient and ethical In addition to supporting the country's decarbonization goals,
business practices. your Company strives towards achieving carbon neutrality in its
operations. Your Company owns and operates a 50 MW Solar
Your Company is dedicated to adhering to the highest plant at Kasaragod, Kerala which produces renewable energy
standards of Corporate Governance complying with all which resulted in reduction of ~72,577 Tonnes of CO2 for FY24.
relevant regulations under the Companies Act 2013, the SEBI
LODR Regulations 2015, the Guidelines on Corporate VISION FOR THE FUTURE
Governance for Central Public Sector Enterprises 2010 issued
by the Department of Public Enterprises, as well as the Outlook for India's green financing sector & key Government
Secretarial Standards established by the Institute of Company initiatives to promote RE
Secretaries of India amongst others.
India's green financing sector is on a robust growth trajectory
Committed to ethical practices, your Company prioritizes buoyed by significant Government of India initiatives and a
transparency and stakeholder value in all business operations global commitment to increase renewable energy capacity.
and relevant legal disclosures. Notably, your Company has set a
new benchmark by publishing its Annual Audited Financial Over `46 Lakh Crore investment is expected towards
Results within just 19 days which is the fastest publication of renewable energy sectors till 2030 in India. In line with this
Audited Results in the Banking and NBFC space in India, requirement, the FY25 Union Budget outlay for renewable
significantly ahead of SEBI's 60-day deadline. This reflects your energy has increased 46% over last year reaching `14,980
Company's efficient internal processes and advanced digital Crore.
data management.
Further, various supportive policies and financial incentives
Initiatives for impactful Corporate Social Responsibility have been launched by the Government of India to ensure well-
rounded development across various clean energy sectors.
As a mission-oriented pure-play green financing entity, your Some of the key policies announced in FY24 include:
Company is dedicated to social responsibility focusing on
impactful initiatives aligned with the Government of India's • Utility scale Solar & On-shore Wind: 50 GW annual bidding
sustainable goals. These initiatives include promotion of health calendar notified, with at least 10 GW Wind capacity over
& nutrition, protection of the environment, and the 2023-2028 with allocations across SECI, NTPC, NHPC and
development of underprivileged areas. SJVN. Further, 50 Solar parks with aggregate capacity
~37,490 MW across 12 states have been approved by
In FY 24, your Company embraced the 'Health & Nutrition' MNRE with ~10,401 MW capacity already commissioned.
theme, sanctioning 16 CSR projects with 9 projects specifically
dedicated to this theme. Significant actions include: • Rooftop Solar: PM Surya Ghar Muft Bijli Yojana launched
with coverage across 10 Million houses with a financial
outlay of `75,021 Crore. Each household covered under
• Installation of solar streetlights and educational support
the scheme will be provided 300 units of free electricity
in Kalahandi, Odisha
each month leading to annual savings of `15,000 - 18,000
per household.
• Deployment of 1000 solar street lighting systems in
Siddharthnagar, Uttar Pradesh
• Decentralized Solar: Expansion of PM KUSUM approved
with revised targets of 49 Lakh pumps to be installed /
• Enhancement of medical and educational facilities in
solarized under Component B & C of the Scheme.
Balrampur, Uttar Pradesh
Simplification of land aggregation under Component C

27
 and issuance of empaneled list of vendors & benchmark funding as required. This commitment is crucial for scaling up
cost under Component B are some of the key both established and emerging technologies critical for
simplifications introduced to enhance uptake of the achieving net-zero emissions.
scheme.
Business growth
• Offshore wind: Bidding trajectory for 37 GW off-shore
wind capacity indicated by MNRE alongside completion To maintain our leadership in traditional renewable energy
of planning for transmission infrastructure by CTU for sectors such as Solar energy, Wind energy, Hydropower,
initial 10 GW offshore capacity (5 GW each off Gujarat and Biomass, Biofuels, etc., your Company intends to play a critical
Tamil Nadu coasts). In addition, Offshore Wind Lease role in meeting the expanding financing requirements, set to
rules have been released with potential to extend lease increase notably with the Government of India's target of 500
term upto 35 years. GW installed non-fossil fuel based power capacity by 2030. We
will continue to innovate with new financial products in line
• Hydro power: Tariff Rationalization provision offered to with evolving business models and enhance presence in
developers to determine tariff via back loading after consortium financing with the help of new MoUs signed with
increasing project life to 40 years, increasing debt leading financial institutions.
repayment period to 18 years, and introducing escalating
In addition to enhancing its presence in traditional renewable
tariff of 2%. Further, ISTS charges have been partly waived
sectors, your Company is also focusing on new and emerging
for hydropower projects, in increments of 25%, from 01st
green technologies. This includes strategic growth areas
July 2025 to 01 st July 2028 for projects wherein
aligned with India's renewable energy goals such as Green
construction work is awarded and PPA is signed upto 30th
Hydrogen, Pumped Hydro Storage, Battery Storage, Offshore
June 2028. Wind, Green Energy Corridors, Rooftop Solar, and Green
Mobility. We have established a dedicated team to develop and
E-mobility: PM E-bus Sewa Scheme approved by the Union assess projects in these new sectors. In addition, we
Cabinet with target of deploying 10,000 E-buses nationwide at dynamically launch innovative financial products and
an estimated budget of `57,613 Crore with focus on cities with continuously invest in training our employees on new green
population greater than 3 Lakh (as per 2011 census) technologies and financial structures.

In addition to the above recently introduced policies, the Further, the newly opened office in GIFT City, Gandhinagar, will
Government of India had previously instituted various supply specialize in providing debt options denominated in foreign
and demand side enablers contributing to the continued currencies thereby facilitating natural hedging. This offering
development of the renewable energy sector. can significantly reduce financing costs for sectors which entail
either uptake or offtake in foreign currency, e.g., Green
Some of the key policies are: Hydrogen & its derivatives and Renewable Energy
Manufacturing.
• Tariff-based competitive bidding guidelines for Solar
& Wind Borrowing optimization

• Renewable Purchase Obligation & Energy Storage Your Company is dedicated to reducing borrowing costs to
Obligation trajectory for States boost both competitiveness and profitability. We are leveraging
our established reputation, strong credit rating, relationships
• Green Open Access rules for transmission of with key financial institutions as well as constantly evolving our
renewable energy across States fund raise strategy to maximize funding efficiency. This
approach ensures that your Company continues its efforts in
• Production-linked incentives for manufacturing of raising financing at competitive rates from domestic and
solar modules, electrolyzers, batteries, etc. international capital market issuances, including green bonds.
We also leverage our partnerships with national financial
institutions and multilateral/international development
• Financial assistance for selected sectors such as
organizations given our position as a pure-play green financier.
Central Financial Assistance for Waste to Energy,
Briquette & Biomass, etc. and Viability Gap Funding for
Digitally enabled organization
Battery Storage, Offshore Wind, etc.
To support its non-linear growth, your Company is advancing a
• ISTS waiver extensions for Green Hydrogen, Green digital transformation to streamline operations and enhance
Ammonia and Hydropower projects amongst others profitability. This includes expanding digital offerings, scaling
automation and data analytics, and incentivizing digital channel
Holistic strategy for growth use throughout the loan lifecycle.
As India's catalytic green financing agency, your Company is
Concurrently, your Company is focusing on further digitizing
dedicated to ensure that the sector is equipped with the right
enabling functions such as Treasury Management, Legal
financial products, favorable financing costs, and sufficient
Documentation, Recovery, Risk Management, Internal Audit,

28
and Compliance/Governance. Cost Auditors, and Internal Auditors for their contribution
towards consistently improving the standards of governance
Your Company's paperless office, IREDA Business Center at across institutions in the Country.
NBCC Office Complex in Delhi, creates an environment
conducive to digitization-enabled employee productivity and I deeply appreciate the continued trust of our customers,
collaboration. lenders, shareholders and investors including state
governments, state power utilities, private entrepreneurs in the
This comprehensive strategy underscores your Company's green energy sector, and our domestic and international
commitment to facilitating access to sustainable financing, funding partners. Their faith in the Company is our driving
which is critical for transitioning to a greener economy. motivation.

ACKNOWLEDGEMENTS I also extend my appreciation to my esteemed colleagues on

the Board for their invaluable contributions to strengthening
I would like to extend my heartfelt gratitude to the Government
the Company.
of India, particularly the Ministry of New & Renewable Energy
(MNRE) and the Department of Investment and Public Asset
Management (DIPAM), for their unwavering support to our Last but not least, I would like to recognize the tireless efforts of
organization. Their assistance in capital infusion and dividend our dedicated employees whose unwavering commitment has
exemption for capital augmentation has been invaluable. propelled the Company to achieve new standards of
excellence every time.
I also extend my thanks to other Government entities, including
the Department of Public Enterprises, NITI Aayog, Ministry of With that said, I kindly request the adoption of the Directors'
Finance, Ministry of Power, Ministry of Corporate Affairs, and Report, the Audited Financial Results, and the Auditors' Report
various other ministries and departments of the Government of for the Fiscal Year 2023-24.
India.
Thank you,
I am grateful for the support and cooperation of the Office of
the Comptroller & Auditor General of India, the Reserve Bank of
With warm regards,
India, the Securities and Exchange Board of India, the National
Stock Exchange of India Ltd., the Bombay Stock Exchange Ltd., Sd/-
and other regulatory authorities. Pradip Kumar Das
Date: 31.05.2024 Chairman & Managing Director
A special thanks to our Statutory Auditors, Secretarial Auditors, Place: New Delhi DIN: 07448576

29
 DIRECTORS' REPORT
Dear Shareholders, • Profit Before Tax (PBT) and Profit After Tax (PAT) increased
th
Your Directors are pleased to present the 37 Annual Report on to an all-time high of `1,685.24 Crore (47.93% increase over
the business and operations of your Company along with the last year) and `1,252.23 Crore (44.83% increase over last
Audited Financial Statements for the Financial Year ended year) respectively at the end of FY 24.
March 31, 2024 (FY 24). Loan disbursement and Loan book
1. SUMMARY OF PERFORMANCE: • Loan disbursed during FY 24 increased to `25,089.04 Crore,
Your Company has demonstrated exceptional performance and registering an increase of 15.94% over the previous year's
sustained growth during FY 24. The highlights of the disbursed amount of `21,639.21 Crore, which is the highest
performance of your Company for FY 24, with the comparative ever annual disbursement in your Company's history.
position of the previous year's performance, are placed herewith:
• The loan book of your Company has grown from `47,075.52
(₹ in Crore) Crore as on 31st March 2023 to `59,698.11 Crore as on 31st
Sl. Particulars FY 24 FY 23 March 2024 registering a growth of 26.81%.
No. Net worth, CRAR and other financial highlights
1. Loans Sanctioned 37,353.68 32,586.60 • Net Worth of your Company increased to `8,559.43 Crore at
2. Loans Disbursed 25,089.04 21,639.21 the end of FY 24, registering an increase of 44.22% over the
3. Net Worth 8,559.43 5,935.17 previous year's Net Worth of `5,935.17Crore.
4. Revenue from Operations 4,963.94 3,481.97
• Your Company's Capital to Risk-Weighted Assets Ratio
5. Other Income 1.36 1.07 (CRAR) stood at 20.11% as of 31st March 2024 which is above
6. Finance Cost (including Net 3,147.57 2,112.46 the floor of 15% prescribed for NBFCs as per the RBI Master
translation/transaction
exchange loss) Direction.

7. Profit Before Tax 1,685.24 1,139.25 • Net Non-Performing Assets (NPAs) have been reduced to
8. Less: Income Tax 413.03 253.17 0.99% in FY24 from 1.66% in FY23, a significant reduction of
9. Deferred Tax 19.98 21.45 40.36% (in percentage terms) on a year-on-year basis.

10. Profit After Tax 1,252.23 864.63 Key financial ratios of the Company for FY 24 vis-à-vis FY 23
11. Other Comprehensive Income (156.80) (38.74) are given below:
12. Total Comprehensive Income 1,095.43 825.89 Particulars FY 24 FY 23
for the period (Comprising
Return on Net Worth (%) 16.40 14.55
Profit/(Loss) and Other
Comprehensive Income for Book Value per Share (`) 31.85 25.98
the period) Earnings per Share (`) 5.16 3.78
Appropriations: Debt Equity ratio (Times) 5.80 6.77
13. Transfer to Debenture (22.88) 46.29
Redemption Reserve (DRR) • Return on Net Worth, Book value per share, and Earnings
per Share has been increasing year on year.
14. Transfer to Special Reserve 264.00 155.55
• Debt to Equity ratio has decreased to 5.80 times even as the
15. Transfer to NBFC Reserve 251.00 173.00
Loan Book has increased due to equity infusion via Initial
16. Transfer to General Reserve 700.00 487.50
Public Offering.
FINANCIAL HIGHLIGHTS OTHER HIGHLIGHTS
Profitability During FY 24, your Company entered into MoUs with the
• During FY 24, the Revenue from Operations of your following:
Company increased to `4,963.94 Crore, registering an all- • IIT, Bhubaneswar: To support collaborative efforts in
time high growth of 42.56% over the previous year's innovation and research initiatives, technology transfer,
revenue of `3,481.97 Crore. and nurturing the start-up ecosystem.

30
 (` in Crore)
Sectors Sanctions % Disbursements %
(Including
previous year
sanctions)
Solar Power 6,065.30 16.24 5,879.35 23.43
Wind Power 2,096.83 5.61 3,020.59 12.04
Hydro Power 1,419.89 3.80 2,660.78 10.61
Manufacturing 6,754.48 18.08 2,404.49 9.58
Hybrid Wind & Solar 1,634.02 4.37 140.00 0.56
Ethanol 3,901.60 10.45 2,017.86 8.04
Electrical Vehicle 1,062.44 2.84 593.39 2.37
Short Term Loan 1,884.50 5.05 918.73 3.66
Biomass 412.24 1.10 112.64 0.45
Biomass Power & 103.00 0.28 98.41 0.39
Cogeneration
IREDA signed MoU with Bank of Baroda on 5th September 2023 for co-lending.
Waste to Energy 102.70 0.27 85.63 0.34
State Utilities-Genco 1,000.00 2.68 1,000.00 3.99
State Utilities- 6,200.00 16.60 5,200.00 20.72
Discoms and others
Miscellaneous 4,716.68 12.63 957.17 3.82
(Transmission)/
Emerging
Technology)
Total 37,353.68 100.00 25,089.04 100.00

IREDA and IIFCL signed an MoU on 4th September 2023 to co-finance Renewable
Energy projects.

• Domestic Financial Institutions: IIFCL, Union Bank of India,

Bank of Baroda, Bank of Maharashtra, Indian Overseas Bank
and Punjab National Bank for co-lending and co-origination IREDA signed MoU with Bank of Maharashtra on 18th September 2023 for co-
for Renewable Energy projects. lending.

• AIIMS, New Delhi: For providing Consultancy Services for

Renewable Energy Development.

2. BUSINESS OPERATIONS

• Sanctions and Disbursements

During FY 24, your Company sanctioned loans to the tune of

`37,353.68 Crore, thereby registering an increase of 14.63%
over the previous year's sanctioned amount of `32,586.60
Crore. Loans disbursed during FY 24 were `25,089.04 Crore,
showing an increase of 15.94% over the previous year's
disbursed amount of `21,639.21 Crore. Sector-wise details of IREDA signed MoU with PNB on 19th February 2024 to Co-Finance Green Energy
sanctions and disbursements during FY 24 are as under: projects.

31
 Shri Bhupinder Singh Bhalla, Secretary, MNRE and Shri Pradip Kumar Das, CMD, IREDA signed MoU with MNRE on 21th August 2023.

Cumulative sanctions and disbursements as on March 31, 2024, • Loan Book Outstanding
stood at `1,90,462.53 Crore and `1,25,916.67 Crore
The loan book of your Company has grown from `47,075.52
respectively. The details of cumulative state-wise and sector-
Crore as on 31st March 2023 to `59,698.11 Crore as on 31st March
wise sanctions and disbursements are provided in Annexures I
2024 registering a growth of 26.81%. The outstanding loan
to IV.
book as of the end of FY 24 categorized as public & private is
Ÿ Generation Capacity Sanctioned: given below:
During FY 24, your Company has extended financial assistance (₹ in Crore)
to support Renewable Energy (RE) power generation capacity, Particulars Loan Amount %
manufacturing of equipment and other RE initiatives, as per the
Public 14,939.97 25
following details:
Private 44,758.14 75
A. Power generation: Capacity sanctioned:
Total 59,698.11 100
Sectors Sanctioned Capacity
(MW)
Solar Power 1,285.69
Wind Power 648.05 During FY 24, your Company has forayed into
Hydro Power 279.85 financing of Green Hydrogen, Green Ammonia,
PM KUSUM, Charging Infrastructure and Battery
Biomass Power & Cogeneration 24.00 Swapping projects.
Solar and Wind Hybrid 288.60
Total Power Generation Capacity 2,526.19

B. Other sectors: Capacity sanctioned:

3 RESOURCE MOBILIZATION
Sectors Sanctioned Capacity Your Company has maintained a diversified borrowing mix to
Solar Manufacturing 14,284.00 MWp optimize the cost of funds. The total borrowings of your
Biofuel Ethanol 3,895 KLPD Company stood at `49,686.86 Crore as of FY 24, as against
Biomass (CBG) 55.10 TPD `40,165.28 Crore at the end of FY 23. During FY 24, your
Waste to Energy (Biogas from waste) 9.40 TPD Company has raised long-term funds amounting to `16,401.18
Green Ammonia 900 MTPD Crore across different sources as given below:

32
IREDA funded 300 KLPD Ethanol Project of M/s Greenergy Bio Refineries Pvt. Ltd. located at Ranebennur Taluk Haveri District, Karnataka.

(₹ in Crore) Pvt. Ltd. had provided its post-verification Independent

Source of Funding Amount Assurance Report for `700 Crore worth of Green Bonds issued
Term loans from Banks & FIs 8,775.00 during FY 17.
Unsecured Taxable Bonds 7,356.74 These Assurance Reports are based on the Green Bond
Foreign Currency borrowing 269.44 Framework of your Company which has been certified by the
(International Resources) Climate Bonds Standard Board of Climate Bond Initiative (CBI)
Total 16,401.18 as on October 5, 2016. Your Company is compliant with the
Further, for maintaining adequate liquidity, your Company had requirements of its Green Bonds Framework in line with the
access to the sanctioned credit lines to the tune of `4,830 Crore CBI, to ensure that the amount raised through Green Bonds
as on March 31, 2024 from various scheduled commercial remains invested in the eligible projects. These Green Bonds
banks for short-term funding without any commitment issued by your Company conform to the continuous disclosure
charges. requirements of the applicable SEBI guidelines as amended
from time to time. The detailed report on utilization of the
• Green Bonds
proceeds of Green Bonds is available on the website and can be
Your Company had raised Domestic Taxable Green Bonds of accessed at https://www.ireda.in/compliance-of-bonds.
`700 Crore and `865 Crore during FY 17 and FY 19 respectively
4. CREDIT RATING
which are listed on both NSE and BSE. The proceeds of the loan
were utilized towards financing the Solar and Wind sector, The domestic debt instruments of your Company are rated
including refinancing of eligible projects as defined in the “AAA” “Stable” by ICRA Ltd, India Ratings & Research Private
Green Bond Framework of your Company. This has also Limited, and Brickwork Ratings India Private Limited and “AA+”
contributed towards a positive environmental impact and “Positive” by CareEdge Ratings. Further, term loans & short term
strengthening of India's energy security by reducing fossil fuel loan from banks & financial institutions have been assigned
dependency. KPMG, India had provided its post-verification “AAA” “Stable” rating by Acuite Ratings & Research Ltd, India
Independent Assurance Report for `865 Crore worth of Green Ratings & Research Private Limited and Brickwork Ratings India
Bonds issued during FY 19 and M/s Emergent Ventures India Private Limited.

33
 GoI Fully Serviced Bonds are rated “AAA “Stable” from India Periodic review and monitoring of the entire loan portfolio
Ratings & Research Private Limited, ICRA Limited and CareEdge including NPA accounts are being conducted regularly. This
Ratings. enables identification of early warning signals like delayed
5. FINANCING SCHEMES & INITIATIVES repayments, underlying causes and timely initiation of

Your Company reviews its policies/procedures from time-to- resolution/recovery actions, wherever required.
time, to suitably align with market requirements, corporate On occurrence of default in the borrower's account, your
objectives, and applicable statutory requirements. Your Company initiates necessary steps which may involve action(s)
Company provides a comprehensive range of financial including, but not limited to, follow-up with the borrower for
products and related services from project conceptualization
regularization of account(s) through letters/e-mails,
to the post-commissioning stage for RE projects and
convening meetings, Special Mention Account (SMA) reporting
equipment manufacturers. During FY 24, your Company has
to RBI, credit information reporting to Central Repository of
introduced various new schemes and modified existing
Information on Large Credits (CRILC), CIBIL etc., Regular
schemes/policies not only to sustain the growth of your
Company's market share in Renewable Energy financing but monitoring of Tr ust and Retention Account ( TRA),
also to extend support for sectoral requirements, which Restructuring/reschedulement of loan accounts wherever
includes providing financial assistance related to power feasible and sustainable to recover dues, suitable resolution
generation/ transmission, manufacturing/ Energy efficiency/ plans such as change of management, invocation of securities
re-financing of commissioned projects/ production of and other recovery mechanisms like referring the case for
generation of ethanol, sale of asset through Swiss challenge suitable legal actions, as per requirement. Your Company is
auction method, etc. Further, your Company has also ventured continuously focusing on resolving the stressed assets and as a
into the retail business to support projects in rooftop solar, PM- result of its dedicated approach, the Gross Non-Performing
KUSUM and other B2C segments. To this effect, a dedicated
assets & Net Non-Performing Assets (NNPAs) have been
retail division has been established within the Company. Under
reduced, as summarized in the table below: (` in Crore)
PM-KUSUM, your Company has sanctioned `201.01 Crore and
disbursed `84 Crore during FY 24. Particular FY 24 FY 23
Amount % Amount %
Further, your Company has been appointed as the
Implementing Agency for the following schemes and programs Gross NPA 1,410.85 2.36 1,513.35 3.21
of MNRE: Net NPA 581.21 0.99 768.02 1.66

• MNRE CPSU Scheme - Phase-II With a focused approach, the reduction of `102.50 Crore in
• National Bioenergy Program
Gross NPA has been realized through a net reduction of Three
• National Programme on High-Efficiency Solar PV Modules
under PLI scheme, Tranche-I (03) NPA accounts from the NPA list during FY 24, thereby
• Generation Based Incentive (GBI) Scheme reducing the total number of NPA loan accounts to 61. Further,

6. RECOVERY, REVIEW MONITORING & STRESSED ASSETS `212.70 Crore has been recovered from NPA loans which

MANAGEMENT include `90.68 Crore towards Principal and `122.02 Crore

towards Interest Income.
Your Company has a dedicated Recovery & Review Monitoring
department for regular monitoring of projects and review with As a result of the holistic approach to resolving stressed assets
concerned departments to ascertain timely actions as per and reducing NPAs, both Gross NPA and Net NPA percentages
requirement to maintain asset quality and reduce NPAs. It has a for the current year are at the lowest level in the last 10 financial
comprehensive project/loan review and monitoring years. Moreover, recovery of `58.39 Crore from written off/loss
mechanism that captures aspects relating to project assets during FY 24 has also increased compared to last year.
monitoring and tracking of project/loan applications during Further, your Company carries out a credit risk assessment of
appraisal, sanction, documentation, disbursement, the loan book based on the Expected Credit Loss (ECL)
commissioning, and operation stages. It continuously monitors methodology. Basis the same, provisioning is done for loan
delays and defaults of borrowers and their recoverability.
assets depending on the stage and expected loss.

34
 IREDA Listing Ceremony at National Stock Exchange, Mumbai.

Asset Quality 7. SHARE CAPITAL

(` in Crore)
The Authorized Share Capital of your Company is `6,000 Crore
FY 24 FY 23
divided into 600,00,00,000 Equity Shares of `10/- each. The
Stage Stage 3 Total Stage Stage 3 Total paid-up equity share capital of your Company as on March 31,
1&2 1&2
2024, is `2,687.76 Crore, comprising 268,77,64,706 equity
Public / 14,939.97 - 14,939.97 13,143.75 - 13,143.75
Government
shares of the face value of `10/- each. During FY 24, the paid-up
share capital of your Company has been increased from
Private 43,347.29 1,410.85 44,758.14 32,418.42 1,513.35 33,931.77
`2,284.60 Crore to `2,687.76 Crore due to the launch of Initial
Total Outstanding 58,287.26 1,410.85 59,698.11 45,562.17 1,513.35 47,075.52 Public Offering (IPO).
loan (A)
The Cabinet Committee on Economic Affairs (CCEA) in its
Total 846.29 829.64 1675.93 1,007.15 745.33 1,752.48
provisioning (B) meeting dated 17.03.2023 approved the listing of shares of your
Net Assets 57,440.97 581.21 58,022.18 44,555.02 768.02 45,323.04
Company on stock exchanges through an IPO by the part sale of
the Government's stake in your Company and to raise fresh
Provisions (%) (B/A) 1.45% 58.80% 2.21% 49.25%
equity share capital. In accordance with the approval, your

35
 Company has launched its IPO aggregating to `2,150.22 Crore. by Bureau of Indian Standards (BIS) for Quality Management
The IPO was oversubscribed by a staggering 38.59 times, driven System (QMS). With better process management your
by substantial demand across all categories of investors. Company maintains quality, consistency and customer
Through the process of IPO, your Company garnered ~ satisfaction in its business operations.
`1290.13 Crore by way of issuance of 40,31,64,706 fresh equity
ISO 27001:2013 Certificate has been awarded by International
shares and the Government of India raised ~ `860.08 Crore by
Certification Services (ICS) for Information Security
way of sale of 26,87,76,471 equity shares through Offer for Sale
Management System. The compliance of various security
(OFS) at an Offer price of `32/- per equity share. The equity
measures as required under the above standards has ensured a
shares of your Company were listed on BSE Limited and
robust secured network for data processing and information
National Stock Exchange of India Limited on November 29,
flow.
2023. Post IPO, the Government of India holds 75% of
shareholding in your Company. 11. RISK MANAGEMENT POLICY OVERVIEW
An amount of `858.36 Crore (net of Securities Transaction Tax Your Company has established a comprehensive policy
of `1.72 Crore) was remitted to the Government of India , being framework to effectively manage credit risk, market risk,
selling shareholder, for the OFS. Under the SEBI LODR liquidity risk, and operational risk. The Risk Management Policy
Regulations & SEBI (ICDR) Regulations, 2018, the net proceeds has been developed under the guidance of the Risk
of IPO have been fully utilized during FY 24, in line with the Management Committee (RMC) and approved by the Board of
objects of the offer. There is no deviation in the use of IPO Directors.
proceeds. Details of the net proceeds are mentioned in the The Board has the overall responsibility of risk management
Note 25 of the Financial Statement. which takes care of managing overall risk in the organization. In
The details of the dematerialization of shares, Demat Suspense accordance with the RBI guidelines to enable NBFCs to adopt
Account / Unclaimed Suspense Account are provided in the best practices and greater transparency in their operations, the
Corporate Governance Report as annexed to this report. Board of Directors of your Company has constituted a Risk
8. DIVIDEND Management Committee to review management in relation to
various risks, namely market risk, credit risk and operational risk
As per the Department of Investment and Public Asset
including Asset Liability Management. There is adequate
Management (DIPAM) O.M. dated 27.05.2017 on Capital
representation of independent directors in the committee. The
Restructuring, detailing the guidelines for payment of
Risk Management Committee, headed by an Independent
Dividends, your Company is required to pay a minimum annual
Director, ensures independent risk oversight and a focused risk
dividend of 30% of Profit After Tax (PAT) or 5% of Net worth,
management process. The Prudent Risk Management policies
whichever is higher. However, for FY 24, keeping the need for
are ratified by the Board of Directors to ensure compliance with
further capital augmentation for growth in the sector, your
RBI guidelines and SEBI (LODR) Regulations, 2015, which form
Company was exempted by DIPAM from the payment of
the governing framework within which business activities are
dividend.
undertaken.
9. SUBSIDIARY
The key risks that your Company is exposed to in the course of
During FY 24, your Company received necessary approvals business are Credit Risk, Market Risk, Liquidity Risk and
from NITI Aayog, DIPAM, and Reserve Bank of India for setting Operational Risk. These risks not only have a bearing on your
up a wholly owned subsidiary company at International Company's financial strength and operations, but also its
Financial Service Centre (IFSC), GIFT City, Gujarat. Post the end reputation. Your Company's risk management framework is
of FY 24, your Company has incorporated a wholly owned based on clear understanding of various risks, disciplined risk
subsidiary company i.e. M/s IREDA Global Green Energy assessment and measurement procedures and continuous
Finance IFSC Limited at IFSC, GIFT City, Gujarat on May 7, 2024. monitoring.
The subsidiary company will act as an offshore platform for
Credit Risk Management
securing competitive funding and tapping new business
opportunities to drive growth in the RE sector. Your Company's core business is lending, which exposes it to
various types of credit risk especially failure in repayments and
10.ISO CERTIFICATION
increase in non-performing loans. Your Company is adhering to
Your Company is an ISO 9001:2015 & ISO 27001:2013 certified RBI mandated prudential norms on provisioning of stressed
organization. The ISO 9001:2015 Certificate has been awarded assets and has adopted adequate provisioning thereby

36
Preserving the shareholder value. During the year, significant risk, foreign exchange risk, commodity price risk and equity
efforts have been made to resolve the stressed assets portfolio, price risk. Interest rate risk is the potential loss arising from
leading to a reduction in the quantum of stressed assets. fluctuations in market interest rates.

In the last few years, your Company has strengthened its credit Your Company periodically reviews interest rates based on
risk management framework by introducing sector specific market conditions, borrowing costs, yield, spread, and
credit risk grading framework to ensure continuous competitor rates. To mitigate the interest rate risk, your
assessment and measurement of credit risk parameters. Company periodically reviews its lending rates and the
weighted average cost of borrowing, and the incremental cost
Operational Risk Management
of borrowing based on prevailing market rates.
Operational risks arise from the potential for loss due to
Foreign Currency Risk
significant deficiencies in system reliability or integrity. It is
defined as the risk of loss resulting from inadequate or failed The Foreign Exchange and Derivatives Risk Management Policy
internal processes, people, and systems or from external covers the management of foreign exchange risk related to
events. Your Company has in place an Operational Risk existing and future foreign currency loans or any other foreign
Management Committee, which is a functional-level exchange risks derived from borrowing. The objective of the
committee to identify, review and manage operational risks. policy is to serve as a guideline for transactions to be
Your Company's operational control framework covers the undertaken for hedging foreign exchange-related risks.
system of internal controls and procedures to monitor Foreign currency Exchange rate movements may adversely
transactions. Functional heads frequently assess and plan for impact the value of foreign currency borrowing outstanding of
various emerging operational risks. `9,298.67 Crore, which accounts for 18.71% of the total
By implementing robust risk management procedures, your borrowing of your Company of `49,686.86 Crore, as on 31st
Company strives to minimize operational disruptions and March 2024. The overall foreign currency borrowing has
enhance customer satisfaction. reduced from `10,132.93 Crore (25.23% of the total
borrowings) as on 31st March 2023 to `9,298.67 Crore (18.71% of
Liquidity Risk Management
the total borrowings) as on 31st March 2024. The total foreign
Liquidity Risk is the risk that a Company may not be able to raise
currency borrowing outstanding of `9,298.67 Crore comprises
funds, meet its financial obligation due to an asset liability
of USD 559.48 million (equivalent to `4,664.57 Crore), JPY
mismatch, interest rate fluctuation or lack of sufficient cash.
54,848.75 million (equivalent to `3021.62 Crore) and EUR
The Comprehensive Asset Liability Management Framework
178.73 million (equivalent to `1612.48 Crore) as on 31st March
also outlines the framework for liquidity risk management. The
2024.
management closely monitors the forecast of the liquidity
Your Company can undertake derivative products (generic
position and the availability of cash and cash equivalents based
and/or structured instruments) as per the RBI guidelines to
on expected cash flows, including interest income and
lower/mitigate the risks as per the Board approved Foreign
expense. The Asset Liability Committee (ALCO) provides
Exchange and Derivatives Risk Management Policy.
guidance for management of liquidity & the management of
interest rate risk within the broad parameters laid down by the As on March 31, 2024, out of the total foreign currency
Board of Directors. borrowing, 77.82% is hedged i.e. `7,236.37 Crore, comprising of
USD 534.66 million (equivalent to `4457.69 Crore), JPY
The Asset Liability Management Policy aims to align market risk
28,245.94 million (equivalent to `1,556.07 Crore) and EUR 135.52
management with overall strategic objectives, articulate
million (equivalent to `1,222.61 Crore). Your Company had an
current interest rate view and determine pricing, mix and
open foreign currency exposure of `2,062.30 Crore (including
maturity profile of assets and liabilities. The Asset Liability
part hedged foreign currency loans of EUR 30.38 million
Management Policy involves preparation and analysis of
(equivalent to `274.12 Crore) and JPY 2,371.50 million
liquidity gap as well as interest rate risk reports thereby
(equivalent to `130.65 Crore) which is 22.18% of the total foreign
ensuring preventive and corrective measures.
currency borrowing outstanding. The open foreign currency
Market Risk
exposure as on March 31, 2024, is within the prudential limit
Market risk is defined as the risk of loss arising from movements prescribed under the Board approved Foreign Exchange and
in market prices or rates away from the rates or prices set out in Derivatives Risk Management Policy.
a transaction or agreement. Market Risk Management of a
Your Company as per its overall strategy uses derivative
financial institution involves the management of interest rate
products to hedge its risks associated with foreign currency

37
Borrowings. Your Company does not use derivative contracts Information and Cyber Security Risk Management
for speculative purposes. Your Company has in place an IT Strategy Committee, in
Asset Liability Management compliance with the RBI Master Direction -Information
Your Company has put in place a Comprehensive Board Technology Framework for the NBFC sector. The Committee
approved Asset Liability Management (ALM) Policy formulated reviews the IT strategies in sync with the corporate strategy &
in line with the RBI guidelines. The objectives of ALM policy are Board policy, and monitors the IT risks, controls, cyber security
to align management of various risks with overall strategic arrangements and other matters related to IT Governance
objectives while ensuring maintenance of sufficient liquidity, ensuring an effective and robust system in place.
to with stand a range of stress events. In line with the RBI Master Direction for NBFCs on the
Your Company has an Asset Liability Management Committee Information Technology Framework, your Company has
(ALCO) with the CMD, Whole-time Directors and Senior implemented its IT policy and other policies on Change
Officials as its members, which meets regularly for review of Management, Information Security, Business Continuity
liquidity and Interest rate risks. Liquidity risk is assessed and Management and Cyber Security.
monitored by analyzing cash inflows and outflows which are 12. SOLAR POWER PROJECT
spread over time buckets. Adequate credit facilities and liquid
Your Company has a solar power project of 50 MW at Kasargod,
assets are ensured to mitigate liquidity risk. Further, interest
Kerala. Generation income from the project has been
rate risk is monitored through traditional gap analysis
accounted at `3.83 per unit, in line with the order of Kerala State
technique.
Electricity Regulatory Commission (KSERC). The plant is
Your Company has a well laid out reporting system of ALM, running at full capacity i.e. 50 MW and electricity generated is
pursuant to which requisite remedial measures are taken. By supplied to Kerala State Electricity Board, as per the Power
adhering to the ALM policy, your Company ensures prudent Purchase Agreement.
management of its assets and liabilities.

IREDA funded 50 MW / 50.49 MWp Solar Power Project of M/s. ACME Group located at Anantapur District, Andhra Pradesh.

38
 In addition to supporting the Country's decarbonization goals, 14. CUSTOMER RELATIONS
your Company strives towards achieving carbon neutrality in
Your Company has a dedicated Business Development Group to
its operations. This Solar plant produces renewable energy
build brand awareness, tap into emerging business areas and
which resulted in reduction of -72,577 Tonnes of CO2 for FY24 . enlarge its customer base. In order to maintain itself as a premier
13. INFORMATION TECHNOLOGY INITIATIVES Financial Institution for the RE sector, your Company regularly
interacts with its borrowers & other stakeholders and obtains
To facilitate the transition to a paperless environment and
their feedback. This feedback is used to review not only its
increase operational efficiency in internal decision making,
policies but also the existing processes and ensure ease of doing
your Company had already adopted an E-Office system. In FY
business. During FY 24, your Company convened 3 (Three) such
24, your Company has migrated the E-Office onto a Cloud
'Borrowers Meets', which were attended by the majority of our
Environment to enhance data security and disaster recovery
existing borrowers and potential borrowers.
capabilities, ensuring the integrity and availability of critical
documents and information stored in E-Office. Overall, the Your Company has created a digital interface for its stakeholders
migration of E-Office to the cloud has empowered your enabling virtual interaction for lending and various other
Company with a modern, scalable, and secure digital services, without need for physical meetings. An online
customer portal is available on the website of your Company,
workspace that supports seamless collaboration and boosts
whereby the borrowers can obtain real-time information on
productivity which resulted in efficient and timely processing
their application status and other relevant details. .
of business operations.
For continual brand building, traditional media presence and
Your Company has been continuously reviewing and
social media platforms are being effectively used by your
monitoring security posture of the IT Infrastructure and
Company for information dissemination on various important
significant steps have been taken to enhance its IT
events.
Infrastructure Security. This includes implementation of
security controls, regular conduct of IT Security and 15. WORLDWIDE EXHIBITIONS AND CONFERENCES
Information System Audits, and addressing of observations During FY 24, your Company actively participated in prominent
timely to ensure the effectiveness and robustness of our international exhibitions and conferences, highlighting its
security measures. Furthermore, to foster cyber security financial products and accomplishments on a global stage.
awareness among employees, senior management and the Notable events included COP-28 in Dubai, UAE; Future Energy
Board, your Company organized training sessions during FY Asia 2023 in Bangkok, Thailand; Inter Solar 2023 in Munich,
24. These sessions aimed to educate and raise awareness Germany; GWEC's Offshore and Green Hydrogen Summit in
about cyber security practices and threats. Melbourne, Australia; and A to Zero ASEAN Summit 2023 in
To enhance transparency and minimize human involvement, Kuala Lumpur, Malaysia. Your Company also participated in
your Company has been actively automating its business domestically hosted international exhibitions such as the
procedures. As part of this effort, your Company has already International Green Hydrogen Conference in New Delhi's
transitioned its ERP solution to the latest version on the cloud. Vigyan Bhawan, India Energy Week 2024 in Goa, Vibrant Gujarat
This migration has resulted in strengthened automation and in Gandhinagar, and UP International Trade Show 2023 in Noida,
integration of business processes as well as incorporation of Uttar Pradesh. Your Company was also honored to take part in
the 75th Republic Day celebration on 26th January 2024 in Abu
new enhancements and features. This transition has also
Dhabi, organized by the Indian Embassy, where it showcased its
revolutionized the lending process, eliminated the need for
contributions to renewable energy development through
paper, and promoted transparency, accountability, and
discussions and screening of its corporate film.
efficient monitoring with enhanced productivity through
digital platforms. Your Company has also implemented 16. PARTICUL ARS REGARDING CONSERVATION OF
customer portal during FY24 which allows for two-way ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN
interactive platform between the customers/applicants and EXCHANGE EARNINGS & OUTGO
your Company, resulting in enhanced customer experience
Conservation of Energy and Technology Absorption
and operational efficiency. Real-time information sharing and
online document repository will streamline processes and Your Company owns a 50 MW Solar power project in line with
the purpose to support energy transition in India. Through
reduce turnaround time, benefiting your Company and the
financing of innovative projects such as micro grids, fleets of EVs
customers.

39
 WORLD WIDE EXHIBITIONS AND CONFERENCES

CMD, IREDA at “Future Energy Asia 2023” held in Bangkok on 17th May 2023. Team IREDA at "Intersolar Europe 2023" held in Munich, Germany from 14th to 16th
June, 2023.

Offshore wind and Green Hydrogen summit-2023 in Melbourne Australia on 30th August 2023.

Green Hydrogen Convention 2023 held on 05th August 2023, at New Delhi. Deputy Prime Minister of Malaysia inaugurated IREDA pavilion on 5th October 2023, at the
AtoZero ASEAN Summit held at Kuala Lumpur, Malaysia.

40
 WORLD WIDE EXHIBITIONS AND CONFERENCES

COP-28 in Dubai on 10th December 2023.

India Energy week 2024 from 06th to 13th February 2024 at Goa. Vibrant Gujarat at Gandhi Nagar, Gujarat from 09th to 13th January 2024.

Shri Pradip Kumar Das, CMD, IREDA shared valuable insights in India Energy Week 2024, UP International Trade Show 2023 at Noida, Uttar Pradesh from 21st to 25th September 2023.
held on 07th February 2024 at Goa.

41
 etc. Your Company is contributing towards broader impact on promotion of green and energy-efficient technologies, and the
industry energy conservation & technology absorption. development of underprivileged regions, as per the provisions
of Section 135 of the Companies Act, 2013 read with
As such, there are no significant particulars relating to the
Companies (Corporate Social Responsibility Policy) Rules,
conservation of energy and technology absorption.
2014.
Foreign Exchange Earnings and Outgo
Your Company has in place a Board Level CSR Committee. Your
During FY 24, there were foreign exchange earnings of `4.62 Company's CSR Policy is available at https://www.ireda.in/csr-
Crore on account of interest on foreign currency deposits, as policy-of-ireda.
against foreign exchange outgo of `278.60 Crore on account
Your Company has aligned itself with the guidelines issued by
of interest and commitment expenses.
the Department of Public Enterprises (DPE) regarding the
17. CORPORATE SOCIAL RESPONSIBILITY common annual theme of "Health & Nutrition" for CPSEs in FY
Your Company is strongly committed to being a socially 24. Out of the total 16 CSR projects sanctioned during FY 24,
responsible agency that actively contributes to the society and your Company has undertaken 9 projects that specifically focus
nation to improve the quality of life. Your Company's Corporate on the theme of "Health & Nutrition". Your Company has
Social Responsibility (CSR) initiatives are deeply rooted in the sanctioned 5 projects in the aspirational districts declared by
principle of making a positive impact and aligning with the the Government of India, out of which 3 projects are sanctioned
goals set by the Government of India and the Sustainable in the aspirational districts of Balrampur and Chandauli, which
Development objectives. Through its CSR initiatives, your have been allocated to your Company by the NITI Aayog.
Company aims to address community development and Your Company has sanctioned financial assistance under CSR
empower individuals through basic education on topics such fund of IREDA for supply and installation of the following in
as environmental sustainability, healthcare, nutrition, and aspirational districts declared by the Government of India:
conservation of natural resources. Additionally, your Company
1) Sanction of financial assistance for supply & installation of Solar
focusses on macro issues such as environmental protection,
Streetlights in villages of the GPs & supply of Solar Power

IREDA funded "Therapy on Wheels" mobile medical van in Kullu, Himachal Pradesh, Dr.Jaganath C M Jodidhar, Independent Director, IREDA visited CSR Project installed
run by Samphia Foundation as a part of CSR initiatives. capacity of 3 kW Solar PV System (off grid) Chandauli Aspirational District, Uttar
Pradesh under CSR initiative of IREDA.

42
Opening of IREDA's Business Centre at NBCC office complex, Kidwai Nagar, Swachhata Hi Sewa: IREDA cleanliness drive held on 1 st October 2023, at
New Delhi on 24th June 2023 . Bhikaiji Cama Place, New Delhi.

Celebration of International Women’s Day on 8th March 2024 at IHC, New Delhi.

IREDA organized a Sports Meet at the AAIOI Annex Ground in New Delhi, on 17th February 2024, aligning with the nationwide “Fit India Movement” launched by the Hon'ble Prime Minister
of India.

44
 Celebration of International Day of Yoga on 21st June 2023

Ø Elevated Engagement Levels: Ø Communication:

• By implementing targeted initiatives, your Company aims to • To maintain transparent communication and keep all
enhance employee engagement. This involves creating a employees informed of business and organizational
workplace where employees feel connected, motivated, and developments, the CMD periodically conducts open house
aligned with your Company's mission. interactions. These interactions aid in boosting employee
morale and help in acknowledging employees' contributions
• Training, mentorship, and performance management systems
and efforts.
are leveraged to nurture talent and drive continuous
• Feedback in the form of suggestions are sought from
improvement. Regular feedback mechanisms and
employees on an annual basis, and suitable action is taken for
opportunities for training & skill development contribute to a
implementable suggestions.
positive employee experience.
• Your Company also organised offsite Strategy meets to review
• Employee Engagement Initiatives undertaken in FY 24 are :
existing policies/ processes as well as formulate future
v International Yoga Day celebration on 21st June 2023. strategies for its growth.
v National Sports Day celebration on 29th August 2023. Ø Agile Workforce Development: Training & Development:
v Ek Taarikh, Ek Ghanta, Ek Saath' Cleanliness Drive • In an ever-evolving business landscape, agility is paramount for
organised on 1st October 2023 as part of 'Swachhata Hi success. Understanding this, your Company focuses on
Sewa' Campaign 3.0. building a future-ready workforce.

v New Year celebration on 1st January 2024. • By fostering strong connections between employees,
processes, and organizational values, your Company ensures
v Employee Wellness and Sports Meet on 17th / 18th February adaptability and resilience.
2024.
• To optimize the potential of its human capital, your Company
v International Women's Day celebration on 8thMarch 2024. has provided specialized training programs from various
v Foundation Day Celebration on 11th March 2024. premium institutes/organizations in India and abroad, besides
in-house training sessions for the employees.
• To promote health and well-being of employees, your
company has organised preventative health checkups in The employees are kept updated with the latest developments in
their relevant fields. Your Company also coordinated and
August 2023 and March 2024.
monitored training programs sponsored by the Ministry of New
• To enhance personality development as well as to enhance and Renewable Energy (MNRE), Ministry of Social Justice &
mindfulness & concentration at job, your Company organises Empowerment, Department of Public Enterprises (DPE), AJNIFM,
guided meditation sessions on daily basis. SCOPE, ICAI, IDRBT-RBI, etc. apart from behavioral training
• As part of employees' holistic wellness and mental wellbeing, interventions conducted as a positive reinforcement.
Customised virtual in-house programs were organized along
daily yoga sessions are also conducted .
with other need-based programs. The range of trainings
• Your Company also has a 'Fitness centre' in its Business Centre imparted include orientation programme to new recruits as well
equipped with latest fitness equipment and qualified trainers. as hands on, managerial, behavioral and leadership training for its

45
 Employees. Besides, your Company organised a range of Ø Disclosure under the Sexual Harassment of Women at
functional training programmes for its employees. A few such Workplace (Prevention, Prohibition and Redressal) Act, 2013.
programs are listed below:
Your Company is committed to fostering a positive workplace
v A Dialogue on Policy, Technology, Skilling, and Finance for
women in Renewable Energy (RE) environment, free from harassment of any nature and takes

v Experiential Training: Understanding Self and others for strong and stringent action in the event of reporting any such
Effectiveness. incidents. Your Company has in place an Internal Complaints
v Cyber Hygiene and Security Committee to examine the cases of sexual harassment under
v Ethics and Governance the Sexual Harassment of Women at Workplace (Prevention,
v Infrastructure Financing Prohibition and Redressal) Act, 2013. During FY 24, no
v Liquidity Risk Management complaint has been received on this subject.
v Insolvency and Bankruptcy Code (IBC)- the way forward Ø Grievance Redressal
v Stress Assets and CIBIL
Grievance Redressal Mechanism is in place for both the public
v Session on "Employee Awareness: POSH Act" and employees at your Company. Grievance Redressal
v Preventive Vigilance and PIDPI Training Committee Meetings are held every quarter and grievances
v Interactive workshop on procurement by CPSEs through are addressed expeditiously through well-defined
GeM procedures. Your Company is amongst the few CPSEs to have
a dedicated “Online Portal for Grievance Redressal” for its
v Identification of Posts for Persons with Disabilities
employees.
Further, intensive departmental trainings along with soft skill
based trainings were also imparted to new joiners as part of Further, your Company has a notified Citizen’s Charter to
New Joiners Induction Training Program. As a part of holistic ensure transparency which is available on the website of your
wellness, your Company also facilitated its employees to Company.
participate in an Ayurveda & Naturopathy course organized by a Ø Particulars of Employees
reputed institutes.
As per provisions of section 197(12) of the Companies Act, 2013
During FY 24, various lecture series, focused development
read with the Rule 5(2) and 5(3) of the Companies
training programs and workshops were organized by your
(Appointment and Remuneration of Managerial Personnel)
Company leading to the achievement of 2,081 training
man-days. Rules, 2014, every Company is required to give a statement
showing the names and other particulars of the employees
In summary, your Company recognizes that its people are its
drawing remuneration in excess of the limits set out in the said
greatest asset. By weaving together employee well-being,
rules in the Annual Report of the Company. However, as per
strategic alignment, and continuous learning, your Company is
notification dated June 05, 2015 issued by the Ministry of
charting it course toward sustained success and growth.
Corporate Affairs, Government of India, government
Ø Reservation and Employment companies are exempted from complying with provisions of
Your Company ensures compliance with the Directives and section 197 of the Companies Act, 2013. Your Company is a
Guidelines issued by the Government of India from time to time government company therefore, such particulars have not
pertaining to the welfare of SC/ ST/ OBC employees. The been included as part of the Directors' Report.
group-wise details of SC, ST and OBC employees out of the
19. AWARDS & RECOGNITION
total strength as on March 31st , 2024, are as under:
During FY 24, your Company was conferred with the following
Group Total Employees SCs STs OBCs
prestigious awards from the Indian Chamber of Commerce on
A 150 14 07 26 December 20, 2023:
B 07 03 - -
1. “CMD of the Year" award under the Mini-Ratna category at the
C 16 03 01 03
13th PSE Excellence Awards. For the second consecutive year,
D - - - - Shri Pradip Kumar Das, Chairman & Managing Director has
Total 173 20 08 29 been honored with distinguished title of “ CMD of the year”, a
testament to his outstanding leadership.

46
 IREDA Shines at 13th PSE Excellence Awards

Shri Pradip Kumar Das, CMD, IREDA, honored with 'CMD of the Year' award for the second consecutive Year at “13th PSE Excellence Awards”.

Award for Inclusivity: Recognized for significant contributions to the inclusion of women Operational Performance: Honored for outstanding operational achievements.
and differently-abled individuals.

Corporate Governance: Awarded for highest standards of corporate governance practices. Corporate Social Responsibility & Sustainability: Recognized for impactful CSR and
sustainability initiatives.

47
 Celebration of Hindi Pakhwada during 14th to 27th September 2023.

2. Runner-up Awards in four key categories: "Operational

work. To facilitate using Hindi in e-office and daily typing work,
Performance Excellence", "Corporate Governance," "Corporate
Hindi typing fonts have been made compulsorily available in all
Social Responsibility & Sustainability," and "Inclusivity-
Contribution of Women and Differently Abled In" under the computers. As a part of compliance with the implementation of
Mini-Ratna category at the 13th PSE Excellence Awards. Official Language Guidelines, regular Hindi workshops and
Hindi meetings are organized from time to time. 4 (Four) Hindi
20. OFFICIAL LANGUAGE IMPLEMENTATION
workshops were successfully organized through virtual mode
Your Company is committed for implementing the guidelines during FY 24.
and instructions issued by the Department of Official Language,
Hindi Pakhwada was celebrated from 14th September to 27th
Ministry of Home Affairs, Government of India and Nagar
September, 2023 to promote the use of Rajbhasha Hindi in
Rajabhasha Karyanvayan Samiti (NARAKAS). The targets set for
official work. During the Pakhwada , many competitions were
typing and short-hand training have been achieved during FY
successfully organized through virtual mode, where
24. Progressive use of Hindi as the Official Language in the day-
employees participated enthusiastically. For promotion of
to-day official Work is encouraged in your Company.
Rajbhasha Hindi a poetry recitation competition was also
Check Points based on The Official Language Annual Program organized for the children of IREDA employees. Certificates
was circulated in April 2023 for implementation. Bilingual were also awarded to all the winners in the closing ceremony of
version of IREDA's intranet portal and IREDA website is available Hindi Pakhwada.
and Hindi words with English meaning is done daily through In order to increase the use of Official Language Hindi, E-
SMS notifications to promote the use of Rajbhasha in official magazine 'Akshay Kranti' is published annually in IREDA.

48
21. VIGILANCE 22 RIGHT TO INFORMATION (RTI) ACT,2005

Your Company ensures the implementation of all the Your Company has implemented the Right to Information Act
instructions and guidelines issued by the Central Vigilance 2005 in order to provide information to citizens, and to maintain
accountability and transparency. Your Company has a
Commission (CVC) from time to time and conducts preventive
designated Central Public Information Officer (CPIO) and First
and administrative vigilance checks to strengthen the systems
Appellate Authority (FAA) for the effective implementation of
and procedures of your Company. During FY 24, several new
the RTI Act. The mandatory reports such as quarterly/annual
initiatives were taken by the Vigilance Department which reports are submitted periodically within the stipulated
included notification of guidelines to rationalize systems and timelines on the website of the Central Information
procedures and eliminate gaps to ensure transparency. Commission). Further, all the relevant details along with suo-
moto disclosures under Section 4(1)(b) of the Act, are also
Your Company has observed Vigilance Awareness Week from
hosted on your Company's website (www.ireda.in) for better
30th October 2023 to 6th November 2023 with theme of “Say no understanding of the public at large.
to corruption; Commit to the Nation” /
During FY 24, a total of 122 applications were received under the
RTI Act and all of them have been disposed within the stipulated
every employee. On the eve of vigilance awareness week, timeline as per the RTI Act.
employees have participated with full zeal and enthusiasm in
various awareness program including lectures, seminars, 23. E N V I R O N M E N TA L A N D S O C I A L M A N A G E M E N T
presentations, debate competitions etc. As a part of the PIDPI SYSTEMS
awareness campaign, posters and banners were displayed at Your Company is a key player in the renewable energy sector
various locations. Gram Sabha was also organized on and a responsible financial institution that has adopted a
22.09.2023 in Khusad Nagar Village, Rewari, Haryana for comprehensive Environmental and Social Management System
creating awareness about PIDPI among the public. (ESMS) to identify and mitigate the impacts, if any, of the funded

Vigilance Awareness Week observed by IREDA from 30th October 2023 to 6th November 2023

49
 Projects on the environment and society at large. until further orders, whichever is the earliest. Earlier, the
additional Charge for the post of Director (Finance) and
The Environmental & Social Safeguards Unit (ESSU) of your
Director (Technical) was with Shri Pradip Kumar Das, Chairman
Company has the primary responsibility of safeguarding against
and Managing Director, IREDA. Smt. Ekta Madan is the
impacts pertaining to Environmental and Social (E&S) aspects of
Company Secretary and Compliance Officer of the Company.
various projects and their respective technologies, besides
ensuring implementation of the ESMS. During FY 24, E&S As per the Companies Act, 2013 provisions, and with the
Screening and Categorization of about 120 projects were approval of Board, the Chairman and Managing Director (CMD),
carried out across all technologies funded by your Company. CFO, and Company Secretary are your Company's Key
Regular interaction with international lenders is maintained to Managerial Personnel (KMPs). Being a Government Company,
understand their E&S requirements. This has helped your
the role of CEO is being performed by the CMD and the role of
Company to meet its E&S obligations and has helped the
CFO is performed by the Director (Finance) of your Company.
borrowers in managing E&S risks associated with their projects.

During FY 24, ESG grading of your Company was carried out by Post the superannuation of Shri Som Pal, GM(TS), Smt. Punnu
M/s CARE Edge Research and your Company was assigned Care Grover was appointed as Chief Compliance Officer of your
Edge ESG Grade 3. Company and after that, on the recommendation of the
Nomination and Remuneration Committee, the Board of
24. DIRECTORS Directors in its meeting held on February 15, 2024, has
• Board of Directors and Key Managerial Personnel (KMPs) appointed Shri Piyush Kumar, DGM (Law) as Chief Compliance
Officer of the Company in place of Smt. Punnu Grover w.e.f
As on March 31, 2024, your Company's Board comprised of 8
February 16, 2024.
Directors which includes 2 Functional Directors, 2 Part-Time
Government Nominee Directors and 4 Part-time Non-Official • Board and its Committees
Independent Directors (IDs). During FY 24, the Ministry of New
& Renewable Energy (MNRE) vide its order dated October 12, Your Company has in place Audit Committee, CSR Committee,
2023, has appointed Dr. Bijay Kumar Mohanty as Director Nomination and Remuneration Committee, Stakeholders'
(Finance), IREDA for a period of 5 years from the date of Relationship Committee, Risk Management Committee, and
assumption of his post or until further orders, whichever is other Committee as per the operational needs. The
earlier. Dr. Mohanty assumed the charge of Director (Finance), composition and scope of the Committees are provided in the
IREDA w.e.f. October 12, 2023. On the recommendation of the Report on Corporate Governance, which forms part of this
Nomination and Remuneration Committee, the Board of
report. 31 (Thirty-One) meetings of the Board of Directors were
Directors in its meeting held on October 16, 2023, has
held during the year. The composition of the Audit Committee is
appointed Dr. Mohanty as Director (Finance), additional
also provided in the Corporate Governance Report of your
director w.e.f. October 12, 2023 till the date of the general
meeting. Subsequently, the Shareholders of your Company in Company. There is no instance where the recommendations of
its 21st extra- ordinary general meeting held on November 3, the Audit Committee were not accepted by the Board.
2023, has appointed Dr. Mohanty as Director (Finance) w.e.f.
• Director(s) retiring and seeking re-appointment at the ensuing
October 12, 2023, for a period of 5 years on the terms and
AGM
conditions decided by the GoI. The Board of Directors on the
recommendation of the Audit Committee has appointed Dr. In accordance with the provisions of the Companies Act, 2013
Mohanty as Chief Financial Officer (CFO) of your Company in and Article 74 (7) (i) of the Articles of Association of your
place of Dr. R.C. Sharma, GM (F&A) w.e.f. the conclusion of the Company, Shri Padam Lal Negi, Director (Government
Board Meeting held on October 16, 2023. The Board
Nominee) shall retire by rotation at the ensuing 37th AGM of your
appreciated the valuable contribution made by Dr. R.C Sharma,
Company and being eligible, offers himself for re-appointment.
GM (F& A).

MNRE vide office order dated March 27, 2024, has conveyed the Brief resume and other particulars of Shri Padam Lal Negi,
order of Appointments Committee of the Cabinet dated March Director (Government Nominee) are annexed to the Notice of
15, 2024, regarding the entrustment of additional charge of the AGM forming part of this Annual Report.
post of Director (Technical), IREDA to Dr. Bijay Kumar Mohanty,
25. DIRECTORS' APPOINTMENT /REMUNERATION AND
Director (Finance), IREDA for a period of 6 (six) months w.e.f.
PERFORMANCE EVALUATION
March 5, 2024, or till the appointment of regular incumbent, or

50
As per Clause of sub-section (3) of Section 134 of the performance of Non-Independent Directors and the Board as a
Companies Act, 2013, the requirement of disclosure of policy whole.
on the Director's appointment and remuneration criteria for
The Independent Directors are entitled to sitting fees for
determining qualifications, positive attributes, independence
attending the Board and Committee meetings as approved by
of a Director and other matters provided under sub-section (3)
Board within the limits prescribed under the Act. The
of Section 178 of the Act has been exempted for government
Government Nominee Directors are not paid any
companies vide Ministry of Corporate Affairs notification dated
remuneration/sitting fee by your Company. Your Directors
June 5, 2015. As good governance and to comply with the SEBI
draw the attention of the members to note– 38(10) (Disclosure
Listing Regulations, your Company has put in place a policy on in respect of Indian Accounting Standard 24 "Related Parties
the Diversity of the Board, appointment/remuneration of Disclosures") of the financial statements which set out the
directors and senior management personnel, and performance amount paid during the year to the Independent Directors
evaluation of Directors. The said policy is available on your towards the sitting fee.
Company's website athttps://www.ireda.in/images/HTMLfiles/
Modified%20Policy%20on%20Diversity%20of%20Board%202 26. DECLARATIONS BY INDEPENDENT DIRECTORS
0%2003%202024.pdf
During FY 24, all the Independent Directors meet the
The Board of your Company comprises well-qualified requirements specified under Section 149 (6) of the Companies
Directors, who brings the required skills, competence, and Act, 2013 and Regulation 16(1)(b) of SEBI (LODR) Regulations,
expertise in running your Company and make effective 2015 for holding the position of 'Independent Director' and
contributions to the Board and its Committees. Being a necessary declaration from each Independent Director has
G o v e r n m e n t C o m p a n y, t h e p r o c e s s f o r s e l e c t i o n , been received. Further, none of the Independent Director are
appointment, and induction of Directors vests with the Hon'ble related to each other. All the Independent Directors got their
President of India acting through the MNRE and the name registered with the Independent Director's Databank
Department of Public Enterprises (DPE). The appointing maintained by the Indian Institute of Corporate Affairs.
authority considers the integrity, expertise, and experience of Pursuant to Schedule V Para C Clause (10)(i) of SEBI (LODR)
the individual to be nominated/appointed as director including Regulations, 2015, M/s P.C. Jain & Co., Company Secretaries,
the Independent Director on the Board of your Company and have issued Certificate of Non- Disqualification of Directors to
also carry their evaluation. the Board of Directors during FY 24, and the same is attached in
The performance evaluation of CMD includes self-evaluation the Annual Report.
and final evaluation by the Administrative Ministry based on the
27. STATUTORY DISCLOSURES
MoU rating and personal attributes & functional competencies.
The evaluation of the performance of functional directors a) There was no major change in the nature of Business of your
includes self-evaluation by the respective functional directors Company during FY 24.
and subsequent assessment by CMD (based on achievement of
b) Amount transferred to the Reserves have been mentioned
MoU targets and MoU rating, KPIs and personal attributes &
under the head “Summary of performance.”
functional competencies), with final evaluation by the
administrative ministry. In compliance with the provisions of c) Your Company has not accepted any public deposits during FY
the Companies Act, 2013 (the Act) and the exemption granted 24 and will not accept any public deposits during FY 25 also.
to Government Companies, your Company has been exempted
d) No significant and material orders were passed by the
from disclosing in its Board Report, a statement indicating how
Regulators Courts or Tribunals impacting the going-concern
formal evaluation of the performance of the Board, its
status of your Company and its operations in the future.
committees and individual Directors has been made.
e) Section-186(11) of the Companies Act, 2013, loans made,
To comply with the SEBI (LODR) Regulations, 2015, the annual
guarantees given or securities provided by your Company,
evaluation of the Board and the Independent Directors were
engaged in the business of financing Companies or of
conducted based on criteria laid down by the Board on the
providing infrastructure facilities in the ordinary course of its
recommendation of the Nomination & Remuneration
business are not applicable to your Company, hence no
Committee. The said criteria provide certain parameters like
disclosure is required to be made.
attendance, acquaintance with business, communication
inter-se between board members, effective participation, f) Your Company has not issued any stock options to the Directors
compliance with code of conduct, trainings etc. Independent or any employee however at the time of IPO, certain number of
Directors in its separate meeting have also evaluated the shares were reserved for, allocation and on allotment basis, for

51
 Eligible Employees bidding in the Employees Reservation q) Your Company has not contributed any amount in cash or in
Portion. kind to any political party.

g) Your Company has adequate internal financial controls with r) During the last 3 years, your Company has not received any
reference to the financial statements. For details, please refer to Presidential Directive.
the 'Management Discussion and Analysis Report'.
28. RBI REGULATIONS
h) The Guidelines for MSMEs are being followed in your Company
Your Company being Government owned entity, is categorized
and Disclosure as required under Micro, Small and Medium
a s N B F C- I F C M i d d l e L a y e r a n d i s s u b j e c t t o t h e
Enterprises Development Act, 2006 are mentioned under
guidelines/regulations prescribed by the Reserve Bank of India
NOTE– 18 of the financial statements.
(RBI). Your Company has complied with all the requisite
i) During FY 24, your Company, in the capacity of financial guidelines/regulations issued by the RBI time to time.
creditor has filed 2 applications before the National Company
29. POLICY
Law Tribunal under the Insolvency and Bankruptcy Code, 2016
for recovery of outstanding loans against its borrowers, being To strengthen Corporate Governance, your Company has
corporate debtors and corporate guarantors. The details of the introduced/amended some of its Policy(ies) in order to carry
applications are as under: out its duties in an ethical manner. These policies are available
(₹ in Crore) on the website of your Company. Some of these policies are:
Corporate Debtors Debt Amount involved

M/s JHV Sugars Ltd 24.95 Dividend https://www.ireda.in/images/HTMLfiles/

Distribution Dividend%20Distribution%20Policy_2023.pdf
M/s Essel Infra projects Pvt Ltd 62.33 Policy
Policy on
TOTAL 87.28 Vigil
Mechanism/ https://www.ireda.in/images/HTMLfiles/Policy%
Whistle 20on%20Vigil%20Mechanism1.pdf
Both the applications above mentioned remain sub-judice
before the Hon'ble NCLT. Blower
Policy
j) There was no instance of One-Time Settlement with any Bank
Policy on https://www.ireda.in/images/HTMLfiles/IREDA_
or Financial Institution during FY 24.
Related Policy%20on%20Materality%20of%20Related%
k) In accordance with Section 92(3) read with Section 134 (3) (a) of Party 20Party%20Transections(1).pdf
the Companies Act, 2013, Annual Return(s) of your Company is Transactions
available on the website of your Company and can be accessed Archival https://www.ireda.in/images/HTMLfiles/Archival
at https://www.ireda.in/annual-reports Policy %20Policy.pdf
Preservation https://www.ireda.in/images/HTMLfiles/
l) Your Company affirms that a Vigil Mechanism/Whistle Blower
of Preservation%20of%20Documents%20Policy.
Policy is in place and no person has been denied access to the Documents pdf
Competent Authority. Policy
m) The Ministry of Corporate Affairs (MCA) vide Notification dated Internal https://www.ireda.in/images/HTMLfiles/
June 5, 2015, has exempted Government Companies from the Guidelines Internal%20Guidelines%20on%20Corporate%
disclosure requirement of the provisions of Section 197 of the on 20Governance_26_08_2023-new.pdf
Companies Act, 2013. Hence, no disclosure is required to be Corporate
made. Governance
Diversity, https://www.ireda.in/images/HTMLfiles/
n) Requisite information has been submitted timely to the Equity & Modified%20Policy%20on%20Diversity%
exchanges and is available on the website of your Company. Inclusion 20of%20Board%2020%2003%202024.pdf
(DE&I) Policy
o) Your Company complies with all applicable mandatory
secretarial standards issued by the Institute of Company Human https://www.ireda.in/images/HTMLfiles/
Secretaries of India. Rights Policy Diversity%20Equity%20%26%20Inclusion%20
(DE%26I)%20Policy.pdf
p) In compliance with SEBI (Listing Obligations & Disclosure Anti Bribery https://www.ireda.in/images/HTMLfiles/
Requirements) Regulations, 2015, details of Debenture Trustees & Anti- Anti%20Bribery%20and%20Anti%20
appointed by your Company for bonds/debentures issued from Corruption Corruption%20(ABAC)%20Policy.pdf
time to time, are mentioned in the Corporate Governance (ABAC)
Report. Policy

52
 Insider https://www.ireda.in/images/HTMLfiles/ Companies Act, 2013 and Rules thereunder. The Secretarial
Trading IREDA_Code%20on%20Insider%20Trading Audit Report for FY 24 is attached herewith in Annexure-VI of
Policy %20Policy.pdf this Report and the same is self-explanatory. The Secretarial
Auditor have given their Audit Report without any qualification,
30. AUDITS & INSPECTION OF ACCOUNTS adverse comment.

Statutory Audit Cost Audit

M/s DSP & Associates, Chartered Accountants, New Delhi (Firm Your Company has appointed M/s Chandra Wadhwa & Co. as
Registration No. 006791N) were appointed as the Statutory the Cost Auditor for FY 24 in relation to the cost records of the
Auditors of your Company for the FY 24 by the Comptroller & 50 MW solar power project situated at Kasargod, in the State of
Auditor General (C&AG) of India. The Statutory Auditors have Kerala. Your Company is maintaining Cost Accounting records
audited the financial statements of your Company for FY 24 and as prescribed under the Companies (Cost Records and Audit)
have given their Audit Report without any qualification, adverse Rules, 2014, specified by the Central Government under sub-
comment, or disclaimer. The audit report forms part of the section (1) of section 148 of the Companies Act, 2013.
Annual Report.
31. CORPORATE GOVERNANCE
Pursuant to provisions of the Section 143(12) of the Companies
Act, 2013, neither the Statutory Auditors nor the Secretarial Your Company is committed to adopting and following the best
Auditor has reported any incident of fraud during the financial practices in Corporate Governance and meets all the applicable
year under review. requirements which are within its ambit, under the Companies
Act, 2013, SEBI LODR Regulations, 2015, Guidelines on
Your Company has received 'Nil' comments on the Financial
Statements for FY 24 from the Comptroller and Auditor General Corporate Governance for Central Public Sector Enterprises,
of India (C&AG). The copy of the report of C&AG is annexed to 2010 issued by the Department of Public Enterprises and
the Annual report. Secretarial Standards issued by the Institute of Company
Secretaries of India. Your Company is committed to ethical
Internal Audit business decisions and conducting business with a firm
Your Company has an independent internal audit function commitment to value creation and the expectation of
which continuously evaluates the internal control stakeholders.
systemincluding compliances of policies, procedures, plans and
Your Company considers it an inherent responsibility to
regulatory & statutory requirements, as per the Audit Policy. To
disclose timely and accurate information regarding the
ensure that all checks and balances are in place and all internal
operations & performance, leadership, and governance of your
control systems are in order, regular & exhaustive internal audits
Company. Report on Corporate Governance is attached as
and reviews of the Internal Financial Controls are conducted by
Annexure-IX, and the certificate thereon, issued by the
an experienced firm of Chartered Accountants in close co-
Practicing Company Secretaries pursuant to the DPE guidelines
ordination with your Company's Internal Audit Division
on Corporate Governance and Schedule V Para E of SEBI (LODR)
Your Company had appointed M/s Ravi Rajan & Company, LLP, Regulations, 2015 are attached as Annexure-VII and VIII of this
Chartered Accountants as Internal Auditor for the FY 24. The report respectively.
Audit Committee periodically reviews the significant findings of
the audits, as prescribed by the Companies Act, 2013, SEBI 32. MANAGEMENT DISCUSSION AND ANALYSIS REPORT
(LODR) Regulations, 2015 and applicable RBI Guidelines.
In terms of the Regulation 34 of SEBI (LODR) Regulations, 2015,
Internal Audit Reports are discussed with the Management and
Management Discussion and Analysis Report is set out as a
are reviewed by the Audit Committee. With the approval of the
separate section under this Annual Report.
Board of Directors, your Company has implemented Risk Based
Internal Audit (RBIA) Policy in compliance with the RBI 33. BUSINESS RESPONSIBILITY AND SUSTAINABILITY
guidelines issued on 16th March 2022.
REPORT
Secretarial Audit
According to Regulation 34 of the SEBI (LODR) Regulations,
M/s P.C. Jain & Co., Company Secretaries, were appointed by 2015, the Business Responsibility and Sustainability Report on
the Board of Directors to conduct the Secretarial Audit of your the environmental, social and governance disclosure, is part of
Company for FY 24, as required under Section 204 of the this Report and attached as Annexure X.

53
34. PARTICULARS OF CONTRACTS OR ARRANGEMENTS S. Parameters Achievement as
WITH RELATED PARTIES No on 31.03.2024

During FY 24, the Company has not entered into any material 9 Cost of raising funds through Bonds as -18 bps
contracts/ arrangements/transactions with related parties as compared to similarly rated CPSEs
defined in Section 188 of the Companies Act, 2013, hence no
10 Acceptance / Rejection of Invoices of 100%
disclosure is required to be made in Form AOC-2. Your
Goods & Services through TReDS Portal
Directors' draw the attention of the members to Note 38 (10) of
'Notes on Accounts' of the Financial Statements which sets out 11 Procurement from GeM as % of total
Related Party disclosures. procurement 104%

35. MATERIAL CHANGES & COMMITMENTS (IF ANY) 12 Earnings per Share (in `) 5.16

AFFECTING THE FINANCIAL POSITION OF YOUR

COMPANY WHICH HAVE OCCURRED BETWEEN THE Your Company has achieved “Excellent” rating as per MoU
END OF THE FY AND THE DATE OF THIS REPORT evaluation consistently over the last 3 financial years. For FY 24
also, your Company is expecting to achieve “Excellent” rating
There are no material changes and commitments, affecting the subject to assessment by the Government of India.
financial position of your Company which has occurred
between the end of FY 24 and the date of this report. 38. DIRECTORS' RESPONSIBILITY STATEMENT

36. UPGRADATION TO SCHEDULE ‘A’ AND GRANT OF Pursuant to the requirement under Section 134(3)(c) and
NAVRTANA STATUS Section 134(5) of the Companies Act, 2013 with respect to the
Directors' Responsibility Statement, the Board of Directors of
During the FY 24, The Ministry of New and Renewable Energy, the Company hereby confirm that:
Government of India vide F.No. 340-12/2/2022-IREDA dated
29.09.2023 upgraded your Company from the 'Schedule B' to a) in the preparation of the annual accounts for the FY ended
the 'Schedule A' category Central Public Sector Enterprises. March 31, 2024, the applicable accounting standards have
been followed and there are no material departures from
Further, post the end of FY 24, the Department of Public
the same;
Enterprises (DPE) vide its O.M. no. F.No. PD-I-26/0002/2023-
DPE dated 26.04.2024 has granted “Navratna” status to IREDA. b) the Directors have selected such accounting policies and
applied them consistently and made judgments and
37. MoU WITH THE GOVERNMENT OF INDIA (GoI) estimates that are reasonable and prudent so as to give a
Your Company enters into a Memorandum of Understanding true and fair view of the state of affairs of the Company as at
(MoU) with the Ministry of New and Renewable Energy (MNRE) the end of the FY 24 and of the profit of the Company for
every year wherein your Company is evaluated on various the FY 24;
financial and non-financial parameters. Achievement of your
c) the Directors have taken proper and sufficient care for the
Company as per the MoU parameters for FY 24 are as follows:
maintenance of adequate accounting records in
S. Parameters Achievement as accordance with the provisions of the Companies Act,
No on 31.03.2024 2013 for safeguarding the assets of the Company and for
preventing and detecting fraud and other irregularities;
1 Revenue from Operations (in ` Crore) 4,963.94
d) the Directors have prepared the annual accounts for FY 24,
2 EBTDA as a percentage of Revenue 34.55%
on a going-concern basis;
3 Return on Net Worth 16.40%
e) the Directors have laid down internal financial controls to
4 Return on Capital Employed 8.33% be followed by the Company and that such internal
5 Asset Turnover Ratio 7.93% financial controls are adequate and were operating
effectively and
6 Loan Disbursed to Total Funds Available 99.16%
f) The Directors have devised proper systems to ensure
7 Overdue loans to Total Loans 0.49%
compliance with the provisions of all applicable laws & that
8 NPA to Total Loans 0.99% such systems were adequate and operating effectively.

54
39. ACKNOWLEDGEMENTS Managers (BRLMs), Legal Counsels, and DIPAM for making the
IPO of your Company immensely successful. The Board also
Your Directors are extremely thankful and acknowledge the
conveys its gratitude to the shareholders for the trust and
excellent support extended to your Company by the
confidence reposed in your Company and looks forward to
Government of India, Ministry of New & Renewable Energy,
their continued support to propel your Company to greater
NITI Aayog, Ministry of Finance, Ministry of Corporate Affairs
heights.
and other Ministries/Departments of the Government of India,
Reserve Bank of India, Department of Public Enterprises, Your directors also wish to place on record their deep sense of
Department of Investment and Public Asset Management appreciation for the committed services provided by all the
(DIPAM), Securities and Exchange Board of India, National employees working relentlessly in pursuit of excellence for the
Stock Exchange of India Ltd. & Bombay Stock Exchange Ltd. progress and prosperity of your Company.
and other regulators. Your directors also place on record their
appreciation for the support and cooperation of international Thank you and Jai Hind!
financial institutions namely the Asian Development Bank
(ADB), Agence Francaise de Development (AFD), European
Investment Bank (EIB), Japan International Cooperation For and on behalf of the Board of Directors
Agency (JICA), Kreditanstalt fur Wiederaufbau (KfW), and The
World Bank.
Sd/-
Your directors are grateful to the Comptroller and Auditor Pradip Kumar Das
General (C&AG) of India, Statutory Auditor, Secretarial Auditor, Chairman & Managing Director
Cost Auditor and Internal Auditor for their valued support and (DIN:07448576)
guidance.
Place: New Delhi
Your directors are truly thankful to the Book Running Lead Dated: 31.05.2024

55
 Board of Directors visited IREDA Funded Projects

Board of Directors visited IREDA funded 24 MW Small Hydro Power Project set up by M/s. Baitarani Power Project Pvt. Ltd. at Bhubaneshwar, Odisha on 9th September
2023.

Shri Shabdsharan Brahmbhatt, Independent Director visited IREDA funded 3 MW Solar Power Project Plant set up by Vandana Ispat Pvt. Ltd, Raipur at Village handnu, Tah. &
Dist. Bemetara, Chhattisgarh, on 19.10.2023.

Dr. Jaganath C M Jodidhar, Independent Director visited IREDA funded Premier Dr. Jaganath C M Jodidhar, Independent Director, visited IREDA funded Jindal
Solar Manufacturing project at Hyderabad. Power Project Visit, Visakapatnam on 07.01.2023.

56
 STATE -WISE SANCTION DURING THE LAST FIVE YEARS
Annexure-I
(` in Crore)

Sl. Name of State 2019-20 2020-21 2021-22 2022-23 2023-24 Cumulative since 1987
No. Union Territory No. of Loan 9 No. of Loan No. of Loan No. of Loan No. of Loan No. of Loan
Projects Amount Projects Amount Projects Amount Projects Amount Projects Amount Projects Amount

A States
1 Andhra Pradesh 4 1,666.72 9 593.21 6 1,491.12 14 4,593.56 15 7,830.53 357 26,612.36
2 Arunachal Pradesh 0 0 2 133.39 2 85.00 2 82.00 2 353.41 16 1,769.64
3 Assam 1 34.50 0 0 2 403.62 0 0 0 0 11 768.17
4 Bihar 0 0 0 0 1 31.00 1 7.71 0 0 14 86.79
5 Chhattisgarh 1 33.58 2 126.47 3 173.67 2 225.20 5 309.00 23 1,335.83
6 Gujarat 9 1,147.88 13 1,322.65 12 1,513.27 10 4,120.62 7 1,478.30 207 14,152.23
7 Goa 0 0 0 0 0 0 0 0 0 0 9 300.62
8 Haryana 4 288.17 4 232.35 1 1.95 4 456.49 7 1,991.07 50 3,130.40
9 Himachal Pradesh 3 62.80 13 312.70 8 252.30 8 2,193.19 6 300.62 130 5,864.14
10 Jammu & Kashmir 1 312.42 1 6.00 1 60.00 1 252.00 1 44.68 9 697.03
11 Jharkhand 0 0 1 0.99 1 13.00 1 9.53 2 467.00 13 630.95
12 Karnataka 22 1,384.56 20 954.19 12 3,882.11 13 3,137.15 23 3,037.08 451 22,353.26
13 Kerala 0 0 0 - 5 839.99 1 500.00 2 1,020.00 41 2,616.10
14 Madhya Pradesh 4 940.00 2 337.23 2 924.11 4 1,760.43 15 1,167.58 118 7,449.36
15 Maharashtra 12 942.50 13 1,130.03 8 2,566.70 17 1,196.66 15 2,012.11 455 17,656.83
16 Manipur 0 0 1 9.91 0 0 0 0 0 0 4 10.37
17 Mizoram 0 0 0 0 0 0 0 0 0 0 1 0.16
18 Nagaland 0 0 0 0 0 0 0 0 0 0 2 200.82
19 NCT of Delhi 12 233.67 9 60.87 3 280.88 4 173.68 3 598.19 101 4,342.42
20 Odhisha 2 65.00 3 41.22 9 669.66 4 313.00 5 987.43 48 3,060.08
21 Punjab 0 0 3 804.03 6 927.61 0 0 4 369.55 74 3,859.01
22 Rajasthan 5 1,326.38 7 823.49 12 3,636.76 8 8,571.59 9 4,081.00 164 25,277.82
23 Sikkim 1 140.00 0 0 1 796.73 0 0 1 200.00 7 1,502.37
24 Tamil Nadu 11 2,368.85 7 925.25 8 1,045.98 7 1,987.43 8 3,134.10 507 16,416.90
25 Telangana 14 1,402.23 23 1,890.04 11 3,291.12 5 294.97 10 4,688.50 91 13,792.48
26 Uttar Pradesh 5 291.46 8 691.09 5 467.51 4 333.54 10 631.59 134 4,694.55
27 Uttarakhand 1 8.40 16 556.31 7 79.38 5 1,479.60 2 64.97 62 3,494.12
28 West Bengal 1 10.00 0 0 0 0 0 0 3 434.18 61 712.85
29 NCEF 0 0 0 0 0 0 0 0 0 0 14 156.56
30 Bridge Loan 0 0 0 0 0 0 0 0 0 0 47 170.99
31 Multistate Project 0 0 3 49.88 2 473.59 4 898.27 7 2,152.79 37 7,200.18
32 Bill Discounting 0 0 0 0 0 0 0 0 0 0 11 79.63
Total ‘A’ 113 12,659.13 160 11,001.30 128 23,907.06 119 32,586.60 162 37,353.68 3269 190,395.02
B Union Territory
1 Andaman Nicobar 0 0 0 0 0 0 0 0 0 0 1 0.11
2 Daman 0 0 0 0 0 0 0 0 0 0 2 8.13
3 Pondicherry 1 36.98 0 0 0 0 0 0 0 0 5 45.27
4 Ladakh 0 0 0 0 1 14.00 0 0 0 0 1 14.00

57
Total ‘B’ 1 36.98 0 0 1 14.00 0 0 0 0 9 67.51
C Total ‘A’ + ‘B’ 114 12,696.11 160 11,001.30 129 23,921.06 119 32,586.60 162 37,353.68 3278 190,462.53
 SECTOR-WISE SANCTIONS DURING LAST FIVE YEARS
Annexure-II
Financial Position (` in Crore)

Sl. Sector 2019-20 2020-21 2021-22 2022-23 2023-24 Cumulative

No. since 1987
1 Wind Power 1,610.55 524.72 2,538.90 5,395.92 2,096.83 36,693.59
2 Hydro Power 295.28 806.82 2,169.04 4,310.17 1,419.89 17,151.41
3 Biomass Power & Cogeneration 44.12 146.87 42.79 6.84 103.00 5,640.38
4 Energy Efficiency & Conservation 5.00 9.91 95.70 0.00 0.00 1,381.71
5 Solar Energy 4,042.09 2,289.49 4,880.24 11,236.04 6.065.30 49,964.68
6 Waste to Energy 118.38 93.01 0.00 80.94 102.70 1,144.93
7 National Clean Energy Fund (NCEF) 0.00 0.00 0.00 0.00 0.00 156.57
8 Bill Discounting 0.00 0.00 0.00 0.00 0.00 181.97
9 Bridge Loan 85.50 10.81 0.00 0.00 0.00 223.86
10 Short Term Loan 30.00 673.49 894.26 849.18 1,884.50 12,107.83
11 Electric Vehicle (EV) 0.00 0.00 267.79 302.57 1,062.44 1,632.80
12 Biomass (Briquetting, Gasification 0.00 0.00 0.00 117.82 412.24 634.43
& Methanation from Industrial
Effluents)
13 Guaranteed Emergency Credit 0.00 206.55 260.10 98.45 0 565.10
Line (GECL)
14 Loan Facility to State Utilities 5030.00 4042.00 10860.00 3,750.00 7,200.00 33,412.00
15 Hybrid Wind & Solar 0.00 0.00 0.00 1,651.47 1,634.02 3,285.49
16 Ethanol 193.00 123.05 307.06 2,571.34 3,901.60 7,176.05
17 Manufacturing 418.75 830.49 1024.99 1,692.86 6,754.48 10,783.97
18 Miscellaneous
(Transmission Lines, Emerging 823.44 1,244.08 580.19 522.99 4,716.68 8,325.76
Technology, Guarantee Assistance)
Total 12,696.11 11,001.30 23,921.06 32,586.60 37,353.68 190,462.53

IREDA funded 100 MW Floating Solar Power Project of M/s. AMP Green Energy Seven Pvt. Ltd., located at Omkareshwar Reservoir, in Khandawa Dist. Madhya Pradesh.

58
 STATE-WISE DISBURSEMENT DURING LAST FIVE YEARS
Annexure-III
(` in Crore)

Sl. Name of State/ Union Territory 2019-20 2020-21 2021-22 2022-23 2023-24 Cumulative
No. since 1987
including
2023-24)
A States
1 Andhra Pradesh 1,416.93 840.60 469.00 4,586.87 4023.83 19,459.85
2 Arunachal Pradesh 3.92 34.89 35.71 37.50 28.66 315.08
3 Assam 110.90 79.87 360.00 3.22 0.00 672.67
4 Bihar 1.13 0.00 29.45 7.32 0.00 73.63
5 Chandigarh 0.00 0.00 0.00 0.00 0.00 1.19
6 Chhattisgarh 30.70 0.00 159.60 5.56 57.26 627.52
7 Dadar & Nagar Haveli 0.00 0.00 0.00 0.00 0.00 51.47
8 Gujarat 129.14 412.00 947.97 1,914.51 2,155.07 8,034.73
9 Goa 0.00 0.00 0.00 0.00 0.00 0.22
10 Haryana 1.73 6.50 44.31 236.68 490.03 905.89
11 Himachal Pradesh 113.14 383.92 130.38 77.63 1,835.77 4,522.94
12 Jammu & Kasmir 1.02 4.44 61.54 0.00 296.68 383.91
13 Jharkhand 0.54 0.99 9.00 9.05 150.00 237.83
14 Karnataka 717.25 729.48 2,507.27 2,505.67 3,074.92 16,171.32
15 Kerala 0.00 0.00 824.27 508.00 20.45 1,527.46
16 Madhya Pradesh 324.18 319.96 604.67 820.59 1,322.12 4,593.62
17 Maharashtra 631.71 710.95 1,361.51 1,869.69 1,338.55 13,226.32
18 Manipur 0.00 9.41 0.00 0.00 0.00 9.41
19 NCT of Delhi 0.00 6.09 40.91 297.52 301.66 3,565.10
20 Nagaland 0.00 0.00 0.00 0.00 0.00 0.65
21 Odisha 17.27 15.63 384.47 380.21 188.19 1,637.03
22 Punjab 4.47 802.91 814.23 12.71 52.00 2,862.29
23 Rajasthan 1,468.08 700.48 2,027.52 5,033.77 3,003.91 16,133.22
24 Sikkim 102.70 37.30 688.85 0.00 200.00 1,369.49
25 Tamil Nadu 2,159.91 1,646.52 1,147.91 1,910.81 2,949.06 13,475.62
26 Telangana 1,047.44 1,382.90 2,409.73 413.63 1,711.66 8,674.13
27 Uttar Pradesh 112.85 148.97 467.16 115.65 80.01 2,303.51
28 Uttarakhand 10.75 473.31 61.30 885.11 167.00 2,173.27
29 West Bengal 0.00 7.00 2.15 0.00 227.32 289.53
30 Multistate Projects 379.56 37.80 472.59 0.80 1,414.89 2,557.69
Total ‘A’ 8,785.31 8,791.92 16,061.49 21,632.52 25,089.04 125,856.59
B Union Territory
1 Daman 0.00 0.00 0.00 0.00 0.00 1.49
2 Pondicherry 0.00 36.43 2.23 0.19 0.00 45.00
3 Ladakh 0.00 0.00 7.10 6.49 0.00 13.59
Total ‘B’ 0.00 36.43 9.33 6.68 0.00 60.08
C Total ‘A’ + ‘B’ 8,785.31 8,828.35 16,070.82 21,639.21 25,089.04 125,916.67

59
 SECTOR-WISE DISBURSEMENT DURING LAST FIVE YEARS
Annexure-IV
(` in Crore)

Sl. Sector 2019-20 2020-21 2021-22 2022-23 2023-24 Cumulative

No. since 1987

1 Wind Power 1,057.11 900.65 2,114.38 3,501.61 3,020.59 26,913.24

2 Hydro Power 295.97 682.91 1,195.09 1,731.23 2,660.78 11,231.91
3 Biomass Power & Cogeneration 59.04 41.03 9.24 23.97 98.41 3,591.65
4 Energy Efficiency & Conservation 0.54 14.16 77.85 6.49 0.00 441.54
5 Solar Energy 2,555.84 1,785.46 3,406.15 7,074.71 5,879.35 31,546.56
6 Waste to Energy 78.12 147.17 107.20 58.81 85.63 683.10
7 National Clean Energy Fund (NCEF) 0.00 0.00 0.00 0.00 0.00 127.14
8 Bill Discounting 10.10 0.00 0.00 0.00 0.00 161.76
9 Short Term Loan 290.92 509.55 198.15 654.54 918.73 7,079.43
10 Loan Facility to state utilities 4,180.00 4,240.00 8,125.00 4,950.00 6,200.00 31,895.00
11 Hybrid Wind & Solar 0.00 62.50 25.53 1006.75 140.00 1,234.78
12 Bridge Loan 5.82 4.00 0.00 0.00 0.00 152.90
13 Biomass (Briquetting, Gasification & 9.07 3.37 7.33 59.95 112.64 266.98
Methanation from Industrial Effluents)
14 Guaranteed Emergency Credit Line 0.00 145.17 290.36 104.31 0.00 539.84
(GECL)
15 Electric Vehicle (EV) 0.00 0.00 35.71 332.02 593.39 961.12
16 Manufacturing* 86.00 81.47 269.84 1004.30 2404.49 4,191.63
17 Ethanol 50.00 131.04 205.20 1130.52 2017.86 3,559.62
18 Miscellaneous (Transmission Lines,
Emerging Technology) 106.77 79.87 3.80 0.00 957.17 1,338.47
Total 8,785.31 8,828.35 16,070.82 21,639.20 25,089.04 125,916.67
*Manufacturing includes EV Manufacturing also

IREDA funded 300 MW Capacity Wind Power Project of M/s Netra Wind Private Limited located at Kutch District, Gujarat.

60
 Annexure-V

Annual Report on CSR Activities

1. Brief outline of the CSR Policy of the Company
Your Company's CSR Policy aims to enhance value creation in society through its primary business of promoting self-sustaining
investment in projects related to renewable energy, energy efficiency and clean technologies for sustainable development. The
aim of CSR activities shall be to complement the primary business of the company with the overall social and environmental
concerns related to its primary business.

The Company has its Corporate Social Responsibility Policy, in consonance with Section 135 of the Companies Act, 2013 and rules
made thereunder. In line with Section 135 of the Companies Act, 2013, at least 2% of the average net profits of the Company made
during the three immediately preceding financial years shall be spent in pursuance of Corporate Social Responsibility Policy. The
Company ensures that CSR projects are carried out in line with activities prescribed under Schedule VII of the said Act.

Overview of the projects undertaken or proposed to undertake:

Your Company's has undertaken or proposed to undertake projects which will-

Ø Directly or indirectly benefit communities and results, over a period of time, in energy efficiency/ conservation and enhancing
the quality of life & economic well-being of the local populace.

Ø Ensure an increased commitment at all levels in the organization to operate its business in an economically, socially &
environmentally sustainable manner.

Ø Generate a community goodwill for IREDA and help reinforce a positive & socially responsible image of IREDA as a corporate
entity.

Ø Encourage alignment with millennium development goals related to gender sensitivity, skill enhancement, entrepreneurship
development etc.

Ø Encourage partnerships with National Disaster Management Authority (NDMAs) and other organizations at state and national
levels to ensure preparedness of communities towards disaster resilience.

2. Composition of CSR Committee:

Sl. No. Name of the Member Member of the No. of Meetings during the year
Committee (as per tenure)

Held Attended

1. Shri Pradip Kumar Das Chairman 10 10

2 Shri Shabdsharan N. Brahmbhatt Member 10 10
3. Dr. Jaganath C. M. Jodidhar Member 10 10
4. Dr. Bijay Kumar Mohanty Member 5 5
(w.e.f. 12.10.2023)

3. Provide the web-link(s) where Composition of CSR Committee, CSR Policy and CSR projects approved by the Board
are disclosed on the website of the company.

CSR Policy: https://www.ireda.in/csr-policy-of-iredaComposition of the CSR

Committee: https://www.ireda.in/doc/Committees-of-Board-21032023_1.doc.pdfCSR
Projects: https://www.ireda.in/doc/CSR-project-in-FY-2023-24.pdf

61
4. Provide the executive summary along with web-link(s) of Impact assessment of CSR projects carried out in
pursuance of sub-rule (3) of Rule 8, if applicable.
Nil, In accordance with CSR guidelines issued by DPE and in pursuance to Companies (CSR Policy) Rules, 2014 mandates impact
assessment shall be carried out project-wise in cases where companies with minimum average CSR obligation of ` 10 Crore or
more in the immediately preceding 3 financial years and CSR projects with outlays of minimum Rupees One crore have been
completed not less than 1 year before undertaking impact assessment.

IREDA has sanctioned the following projects in the FY 2023-24 with sanction amount of ` 1 Crore or above:

Particulars Type of Project Sanctioned Amount `

Supply and installation of Solar powered systems and RO water Healthcare 3,84,57,180
Vending machines in Aspirational District-Chandauli, UP.
Supplying Medical Equipment in Govt. Hospitals, Desk Bench in 2,87,04,770
Govt. Schools, Beds, Tables and Chairs in Govt. Girls Hostel in Healthcare
Balrampur Aspirational District, UP.
Sanction of one-time contribution for “PARAM PROJECT: Science, Contribution to incubators 1,00,00,000
Technology & Innovation Skill Development Centre” to Janaseva or research and
Trust, Channenahalli, Bengaluru, Karnataka. development projects in the
field of science, technology,
engineering and medicine
CSR fund sanctioned on Theme: Supply & installation of Solar based 1,41,82,875
irrigation systems and other agricultural practices to reduce distress Healthcare
migration in three (03) tribal Villages, Block- Mandvi, District-Surat,
State Gujarat.
Supply and installation of 1000 Solar PV Street Lighting Systems in Environment Sustainability, 1,89,56,000
Domariyaganj Parliamentary Constituency, UP. Ecological Balance and
Conservation of Natural
Resources
Financial assistance to UPSIC Ghaziabad for supply and installation Environment Sustainability, 1,46,41,620
of Solar PV Systems in Govt. Schools / Hostels & Govt. Health Ecological Balance and
Centers in Balrampur Aspirational District,UP under CSR Fund Conservation of Natural
of IREDA. Resources

However, none of the projects above are yet completed, the impact assessment shall be carried out post 1 year duration from the
completion date in line with the General Circular No. 14 /2021 dated 25th August 2021

5. (a) Average net profit of the company as per sub-section(5) of section 135: ` 84,675.83 Lakh

(b) Two percent of average net profit of the company as per sub-section (5) of section 135: ` 1,693.52 Lakh

(c) Surplus arising out of the CSR Projects or programmes or activities of the previous financial years: NIL

(d) Amount required to be set-off for the financial year, if any: ` 28.93 Lakh

(e) Total CSR Obligation for the Financial Year [b +c – d]: ` 1664.58 Lakh

6. (a) Amount spent on CSR Projects (both Ongoing Project and other than Ongoing Project): `548.92 Lakh

(b) Amount spent in administrative overheads: ` 2.76 Lakh

(c) Amount spent on Impact Assessment, if applicable: NIL

(d) Total amount spent for the Financial Year [(a)+(b)+(c)]: ` 551.68 Lakh

62
(e ) CSR amount spent or unspent for the Financial Year: 2023-24

Amount Unspent (in ` Lakh)

Total Amount Spent Total Amount transferred to Unspent CSR Amount transferred to any fund specified under Schedule VII
for the Financial Year Account as per sub-section(1) of section as per second proviso to sub- section (5) of section 135.
(Amount in ` Lakh) 135.

Amount ` Date of transfer Name of the Amount Date of transfer

Fund

551.68 1,112.90 24.04.2024 - - -

(f) Excess amount for set off, if any:

Sl. Particular Amount (in ` Lakh)

No.

(i) Two percent of average net profit of the company as per sub-section (5) of section 135 1,693.52
(ii) Total amount spent for the Financial Year* 1,693.52
(iii) Excess amount spent for the Financial Year [(ii)-(i)] -
(iv) Surplus arising out of the CSR projects or programmes or activities of the previous FY, if any -
(v) Amount available for set off in succeeding Financial Years [(iii)-(iv)] -
*Includes ` 551.68 Lakh actually spent, ` 1,112.90 Lakh transferred to unspent account for ongoing projects and setoff of ` 28.93 Lakh carried forward from previous years.

7. Details of Unspent Corporate Social Responsibility amount for the preceding three financial years:
(1) (2) (3) (4) (5) (6) (7) (8)

Sl. Preceding Amount Balance Amount spent Amount transferred to Amount Deficiency, if
No. Financial transferred to Amount in in the Financial a fund as specified remaining to any
Year(s) Unspent CSR Unspent CSR Year (Amount in under Schedule VII as be spent in
Account under Account under ` Lakh) per second proviso to succeeding
sub-section (6) subsection (6) sub-section (5) of Financial Years
of section 135 of section 135 section 135, if any. (Amount in
(Amount in (Amount in (Amount in Date of ` Lakh)
` Lakh) ` Lakh) ` Lakh) transfer

1 2020-21 Nil Nil 1,641.60 NA NA - NA

2 2021-22 Nil Nil 872.93 NA NA - NA
3 2022-23 275.99 163.87 448.43 NA NA 163.87 -
The Company has also spent an amount of `373.96 Lakh (pertaining to unspent amount prior to FY 2019-2020 & being dealt as per the
pre amendment framework) including transfer of `8.43 Lakh to Clean Ganga Fund set up by the Central Government for rejuvenation of
river Ganga, permitted under Schedule VII of the Companies Act, 2013 w.r.t. a completed project wherein no further disbursement was
required.
8. Whether any capital assets have been created or acquired through Corporate Social Responsibility amount spent in the FY: No
If Yes, enter the number of Capital assets created/ acquired- NA
Furnish the details relating to such asset(s) so created or acquired through CSR amount spent in the Financial Year: NA

9. Specify the reason(s), if the company has failed to spend two per cent of the average net profit as per sub-section (5) of section 135:
Not Applicable. The company has spent 100% of the amount required to be spent for the Financial Year 2023-24.
Sd/-
Pradip Kumar Das
Chairman & Managing Director, and
Chairman, CSR Committee
DIN:07448576

63
 List of Projects sanctioned under IREDA's CSR funds for FY 2023-24

64
S. Particulars District - Implementing Agency CSR Theme under Sanctioned Status of
No. Aspirational/ Registration Schedule-VII Amount in Projects
Non- No. of the Act Rupees (Completed
Aspirational /Ongoing)

1 Financial assistance for Procurement and Aspirational UPSIC Banda CSR00023463 Healthcare 3,84,57,180 Ongoing
installation of the following equipment in
Aspirational District- Chandauli, Uttar
Pradesh,under CSR Fund of IREDA:
• 83 units of 5 kW Solar PV systems (off-
grid) and 90 units of 50 LPH RO water
vending Machines to be installed in
Government Health Centers/ Hospitals;
• 1 unit of 3 kW Solar PV systems (off-grid)
along with a 50 LPH RO water vending
Machine to be installed in Jawahar
Navodaya Vidyalaya, Bairath.
2 Financial assistance for supplying medical Aspirational Kendriya Bhandaar CSR00061548 Healthcare 2,87,04,770.00 Ongoing
Equipment in Govt. Hospitals, Desk Bench
in Govt. Schools, Beds, Tables and Chairs
In Govt. Girls Hostel in Balrampur
Aspirational District, Uttar Pradesh.

3 Financial assistance for conducting ten Non- SVAR, Lucknow CSR00019747 Healthcare 16,02,2600 Ongoing
(10) Health, Sanitation & Hygiene Aspirational
Awareness Camps for children/ students
in Lucknow, Uttar Pradesh .

4 Financial assistance for procurement and Non- Rashtrotthana Trust CSR00010752 Healthcare 80,00,000 Ongoing
installation of 200 kWp Solar PV Rooftop Aspirational
Grid Connected System at Jayadev
Memorial Rashtrotthana Hospital of
Rashtrotthana Trust in Bengaluru,
Karnataka. Aspirational District, Uttar
Pradesh.
 S. Particulars District - Implementing Agency CSR Theme under Sanctioned Status of
No. Aspirational/ Registration Schedule-VII Amount in Projects
Non- No. of the Act Rupees (Completed
Aspirational /Ongoing)

5 Financial assistance for imparting Non- Aim Achievers Education CSR00034578 Healthcare 25,00,000 Ongoing
Emergency Response Training to 5200 Aspirational Society
beneficiaries by M/ s Aim Achievers
Education Society in Bhopal, Madhya
Pradesh

6 Financial assistance for providing Non- The Golden Village CSR00037382 Healthcare 30,85,225 Ongoing
Healthcare to 325 Nos. Beneficiaries i.e. Aspirational Foundation
Women/Girls in Rural areas of Khekra
Block in Baghpat and Loni Block in
Ghaziabad District (U.P.) by M/s The
Golden Village Foundation, Baghpat, Uttar
Pradesh

7 Financial assistance for Solar based Non- Abhyuthhan Gram Vikas CSR00033417 Healthcare 1,41,82,875 Ongoing
irrigation systems and other agricultural Aspirational Mandal
practices to reduce distress migration
in three (03) tribal Villages, Block- Mandvi,
District-Surat, State Gujarat

8 Financial assistance for supply & Aspirational Kalinga Kusum Foundation CSR00004313 Environment 28,52,325 Ongoing
installation of Solar Streetlights in villages Sustainability,
of the GPs & supply of Solar Power Ecological
systems, furniture & other educational Balance and
materials in schools of both Gram Conservation
Panchayats of Aspirational District of Natural
of Kalahandi, Odisha, under CSR Fund Resources
of IREDA.

9 Financial assistance for carrying out Non- Connect to Andhra CSR00008366 Environment 59,94,000 Ongoing
installation of Solar Street Lighting Aspirational Sustainability,
systems in 42 villages of Machilipatnam Ecological
Parliamentary Constituency, Balance and
Machilipatnam, Krishna District, Andhra Conservation
Pradesh of Natural
Resources

65
 S. Particulars District - Implementing Agency CSR Theme under Sanctioned Status of

66
No. Aspirational/ Registration Schedule-VII Amount in Projects
Non- No. of the Act Rupees (Completed
Aspirational /Ongoing)

10 Financial assistance for carrying out Aspirational UPSIC, Gorakhpur CSR00023463 Environment 1,89,56,000 Ongoing
installation of 1000 Nos. Solar Street Lighting Sustainability,
systems in Siddharth- nagar Parliamentary Ecological
Constituency Aspirational, District Balance and
Siddharthnagar, Uttar Pradesh Conservation
of Natural
Resources
11 Assistance for ease of transit of Senior Citizens Non- IREDA NA Environment 66,13,250 Ongoing
& Physically Challenged Persons visiting the Aspirational Sustainability,
heritage city of Puri along with different Ecological
tourist spots by donating 5 no. of BOVs (6 Balance and
Seated) & 5 no. of BOVs (11 Seated) to Shree Conservation
Jagannath Temple Administration, Puri of Natural
Resources
12 Financial assistance of estimated cost for Non- Kalinga Kusum CSR00004313 Environment 25,93,962 Ongoing
supply & installation of Solar LED Street Lights Aspirational Foundation Sustainability,
in 33 villages within the two blocks of Bisoi Ecological
and Saraskana along with Govt. ITI Karanjia, Balance and
Mandua Campus within Mayurbhanj District Conservation
Odisha of Natural
Resources
13 Financial assistance for providing health care Non- HLL Management CSR00004546 Healthcare 32,40,000 Ongoing
facilities via deployment of e- Mobile Health Aspirational Academy
Clinics across 9 blocks under the District
Buxar - Bihar
 S. Particulars District - Implementing Agency CSR Theme under Sanctioned Status of
No. Aspirational/ Registration Schedule-VII Amount in Projects
Non- No. of the Act Rupees (Completed
Aspirational /Ongoing)

14 Financial assistance for supply and Aspirational UPSIC Ghaziabad CSR00023463 Environment 1,46,41,620 Ongoing
installation of Solar PV Systems in Govt. Sustainability,
Schools/ Hostels and Govt Health Centers Ecological
in Balrampur Aspirational District, Uttar Balance and
Pradesh Conservation
of Natural
Resource
15 Operational expenses of two Mobile Non- Samphia Foundation CSR00004095 Healthcare 47,58,392 Completed
Medical Van running the “Therapy on Aspirational
Wheels” Program by Samphia Foundation,
in Himachal Pradesh for serving Children
with Disabilities
16 Sanction of one-time contribution of Non- Janaseva Trust CSR00006302 Contribution 1,00,00,000 Completed
for "PARAM PROJECT: Science, Aspirational to incubators
Technology & Innovation Skill or research and
Development Centre' in FY 2023- 24 to development
Janaseva Trust, Channenahalli, Bengaluru, projects in the
Karnataka field of science,
technology,
engineering and
medicine
Total 16,61,81,859

67
 ANNEXURE-VI
Form No. MR-3
SECRETARIAL AUDIT REPORT
FOR THE YEAR ENDED AS ON 31st March 2024
[Pursuant to section 204(1) of the Companies Act, 2013 and
Rule No.9 of the Companies (Appointment and Remuneration of Managerial Personnel)
Rules, 2014]

To,
The Members
Indian Renewable Energy Development Agency Limited
India Habitat Centre, 1st Floor, East Court,
Core 4-A, Lodhi Road New Delhi-110003

Dear Members,

We have conducted the Secretarial Audit of the compliance of applicable statutory provisions and the adherence to good
corporate practices by Indian Renewable Energy Development Agency Limited having CIN: L65100DL1987GOI027265
(hereinafter called “the Company”). The Secretarial Audit was conducted in a manner that provided us a reasonable basis for
evaluating the corporate conducts/statutory compliances and expressing our opinion thereon.

Based on our verification of the Company's books, papers, minute books, forms and returns filed and other records maintained
by the Company and also the information provided by the Company, its officers, agents and authorized representatives during
the conduct of the secretarial audit, we hereby report that in our opinion, the company has during the period under review
ended on March 31, 2024 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:

We have examined the books, papers, minute books, forms and returns filed and other records maintained by the Company for
the financial year ended on March 31, 2024 according to the provisions of:

(i) The Companies Act, 2013 (the Act) and the rules made thereunder;

(ii) The Securities Contracts (Regulation) Act, 1956 ('SCRA') and the rules made thereunder;

(iii) The Depositories Act, 1996 and the Regulations and Bye-laws framed thereunder;

(iv) Foreign Exchange Management Act, 1999 and the rules and regulations made thereunder to the extent of Foreign Direct
Investment, Overseas Direct Investment and External Commercial Borrowings;

(v) The following Regulations and Guidelines prescribed under the Securities and Exchange Board of India Act, 1992 ('SEBI
Act'):-

a) The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulation, 2011;

b) The Securities and Exchange Board of India (Listing Obligations and Disclosure Requirement) Regulations, 2015:

c) The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015;

d) The Securities and Exchange Board of India (Issue and Listing of Non-Convertible Securities) Regulations, 2021;

e) The Securities and Exchange Board of India (Depositories and Participants) Regulations, 2018; and

68
 f) The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, 1993
regarding the Companies Act and dealing with clients;

g) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018;

As per the representations made by the management and relied upon by us, during the period under review, provisions of the
following Regulations and Guidelines prescribed under the Securities and Exchange Board of India Act, 1992 (SEBI Act') were
not applicable to the Company:-

a) The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2021;

b) The Securities and Exchange Board of India (Buyback of Securities) Regulations, 2018;

c) The Securities and Exchange Board of India (Share Based Employee Benefits and Sweat Equity Share) Regulations,
2021

(Vi) The Reserve Bank of India Act, 1934 to the extent applicable to Non-Deposit Non-Banking Financial Companies (NBFCs-
ND-SI)

We have also examined compliance with the applicable clauses of the following:

(i) Secretarial Standards, as amended from time to time, issued by the Institute of Company Secretaries of India.

(ii) The Listing Agreements entered into by the Company with the BSE Limited and National Stock Exchange of India
Limited read with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

(iii) Guidelines on Corporate Governance for Central Public Sector Enterprises (CPSEs) as stipulated in the O.M.F No.
5/2/2016-Policy dated 27th May 2016 issued by the Department of Investment and Public Asset Management
(DIPAM), Ministry of Finance, Government of India.

We further report that:

The Board of Directors of the Company is duly constituted with the proper balance of Executive Directors, Non-Executive
Directors and Independent Directors. The changes in the composition of the Board of Directors that took place during the
period under review were carried out in compliance with the provisions of the Act.

However, the company filed an appeal on 14th October 2022 before the office of the Regional Director (Northern Region),
MCA, the appellant authority for seeking the waiver of the penalty against Order No. ROC/D/Adj/2022/Section 149(1)/5781
imposing the penalty of ` 262,000/- for violation of Section 149(1) of the Companies Act, 2013. The appeal in the matter is
still pending before the office of the Regional Director (Northern Region), MCA till date.

Adequate notice is given to all directors to schedule the Board Meetings, agenda and detailed notes on the 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.

All decisions at Board Meetings and Committee Meetings are carried out unanimously as recorded in the minutes of the
meetings of the Board of Directors or Committee of the Board, as the case may be.

The company has been regular in filing e-forms/ documents with the Regulatory Authorities under the Companies Act,
2013 and the rules made thereunder

We further report that there are adequate systems and processes in the Company commensurate with the size and
operations of the company to monitor and ensure compliance with applicable laws, rules, regulations and guidelines.

We further report that during the audit period no specific events/ actions were taken by the Company which has a major
bearing on the Company's affairs in pursuance of the above-referred laws, rules, regulations, guidelines, standards, etc.
except that-

69
 (i) The Company has made an Initial Public Offering of 67,19,41,177 equity shares for cash at a price of ` 32 (including a
Premium of ` 22 /- per equity shares), aggregating to Rs. 21,502.12 million comprising a Fresh Issue of 40,31,64,706
Equity Shares, aggregating to ` 12,901.27 million and an Offer for Sale by the President of India, acting through the
Ministry of New and Renewable Energy, Govt. of India of 26,87,76,471 Equity Shares, aggregating to ` 8,600.85 million
during the period under review.

(ii) Further 2,68,77,64,706 Equity shares of ` 10/- each aggregating to total paid-up share capital of ` 26,87,76,47,060/-
th
listed on Stock Exchanges i.e. namely BSE Limited and National Stock Exchange of India Limited on 29 November
2023.

(iii) The Company has raised funds of ` 7356.74 Crore through the private placement of IREDA Domestic Taxable,
Redeemable, Non-cumulative, Non-Convertible, Unsecured Bonds during the period under review. The Domestic
Taxable Bonds of the following series raised during the year are as follows:

a) “7.63% Series-XV-A” Bonds of Face value of ` 1 Lakh each, aggregating to ` 1000 Crore.
b) “7.75% Series-XV-B” Bonds of Face value of ` 1 Lakh each, aggregating to ` 683 Crore.
c) “7.68% Series-XV-C” Bonds of Face value of ` 1 Lakh each, aggregating to ` 1000 Crore.
d) “7.77% Series-XV-D” Bonds of Face value of ` 1 Lakh each, aggregating to ` 809.74 Crore.
e) “7.59% Series-XV-E” Bonds of Face value of ` 1 Lakh each, aggregating to ` 1130 Crore.
f) “7.53% Series-XV-F” Bonds of Face value of ` 1 Lakh each, aggregating to ` 1222 Crore.
g) “7.57% Series-XV-G” Bonds of Face value of ` 1 Lakh each, aggregating to ` 447 Crore.
h) “7.59% Series-XV-H” Bonds of Face value of ` 1 Lakh each, aggregating to ` 1065 Crore.

We further report that the Company through its letter dated September 7, 2023, has sought an exemption from SEBI under
Regulation 300(1) of the SEBI ICDR Regulations and Regulation 102 of the SEBI Listing Regulations and SEBI granted exemptions
sought by the Company vide letter no. SEBI/HO/CFD/RAC-DIL1/P/OW/2023/40948/1 dated October 04, 2023.

For P. C. Jain & Co.

Company Secretaries
(FRN: P2016HR051300)

Date: 09/05/2024 Sd/-

Place: Faridabad Managing Partner
UDIN:F004103F000338461 COP No: 3349
M. No: F4103

st

70
 'ANNEXURE-A'
To,
The Members
Indian Renewable Energy Development Agency Limited
India Habitat Centre, 1st Floor, East Court,
Core 4-A, Lodhi Road New Delhi-110003

Sir,

Our Secretarial Audit Report for the year ended as on 31st March 2024 of even date is to be read along with this letter

1. Maintenance of secretarial records is the responsibility of the management of the Company. Our Responsibility is to
express an opinion on these secretarial records, based on our inspection of records produced before us for Audit.

2. We have followed the audit practices and processes as were appropriate to obtain reasonable assurance about the
correctness of the contents of the secretarial records. The verification was done on a test basis to ensure that correct facts
are reflected in secretarial records. We believe that the processes and practices, we followed provide a reasonable basis for
our opinion.

3. We have not verified the correctness and appropriateness of financial records and Books of Accounts of the Company and
our report is not covering observations/ comments/ weaknesses already pointed out by the other Auditors.

4. Wherever required, we have obtained the Management representation about the compliance of laws, rules and regulations
and happening of events etc.

5. The Compliance with the provisions of corporate and other applicable laws, rules, regulations, and standards is the
responsibility of management. Our examination was limited to the verification of procedures on a test basis and to give our
opinion on whether the Company has proper Processes and Compliance-mechanism in place or not.

6. The Secretarial Audit Report 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.

For P. C. Jain & Co.

Company Secretaries
(FRN: P2016HR051300)

Sd/-
(P.C.Jain)
Date: 09/05/2024 Managing Partner
Place: Faridabad COP No: 3349
UDIN:F004103F000338461 M. No: F4103

71
 ANNEXURE-VII
Compliance Certificate On Corporate Governance
To,

The Members,
Indian Renewable Energy Development Agency Limited
(CIN: L65100DL1987GOI27265)
India Habitat Centre, 1st Floor, East Court,
Core 4-A, Lodhi Road, New Delhi-110003

Dear Sir/ Madam,

We have examined all relevant records of Indian Renewable Energy Development Agency Limited (“the Company”) for the
purpose of certifying compliance conditions of the Corporate Governance Guidelines (“Guidelines”) issued by the Department
of Public Enterprises (DPE) for CPSEs, Ministry of Heavy Industries and Pubic Enterprises, Government of India for the financial
year ended on 31st March, 2024.

Compliance with the conditions of Corporate Governance in accordance with the Guidelines is the responsibility of the
management. Our examination is limited to a review of procedures and implementation thereof. This certificate is neither an
assurance as to the company 's future viability nor of the efficacy or effectiveness with which the management has conducted
the affairs of the Company.

In our opinion and on the basis of our examination of the records produced, explanations and, the information furnished to us,
we certify that the Company has complied with the conditions of Corporate Governance as stipulated in the DPE Guidelines on
Corporate Governance for Central Public Sector Enterprises.
For P. C. Jain & Co.
Company Secretaries
FRN: P2016HR051300)

Sd/-
(P.C.Jain)
Date: 09/05/2024 Managing Partner
Place: Faridabad M No. F4103
UDIN: F004103F000338250 COP No. 3349

72
 ANNEXURE-VIII
CERTIFICATE ON COMPLIANCE WITH THE CONDITIONS OF CORPORATE GOVERNANCE AS PER SEBI (LISTING
OBLIGATIONS AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2015 FOR THE FINANCIAL YEAR 2023-24

To,
The Members
Indian Renewable Energy Development Agency Limited
India Habitat Centre, 1st Floor, East Court,
Core 4-A, Lodhi Road, New Delhi-110003

Dear Members,

We, P.C. Jain & Co, Company Secretaries, the Secretarial Auditors of Indian Renewable Energy Development Agency Limited
having CIN: L65100DL1987GOI027265 (“the Company”) have examined the compliance of conditions of Corporate
Governance by the Company for the year ended March 31, 2024 as prescribed in Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations, 2015, as amended (collectively referred to as “SEBI Listing Regulations/
SEBI (LODR) Regulations 2015”), and applicable on the Company.

Management's Responsibility

The compliance with the conditions of Corporate Governance is also the responsibility of the management and Board of
Directors of the Company as stipulated in the SEBI Listing Regulations, issued by the Securities and Exchange Board of India.

The preparation of the Corporate Governance Report and maintenance of all relevant supporting records and documents
is the responsibility of the Management of the Company. This responsibility also includes the design, implementation, and
maintenance of internal control relevant to the preparation and presentation of the Corporate Governance Report.

Auditor's Responsibility

Our responsibility is limited to examining the procedures and implementation thereof, adopted by the company to ensure
compliance with the conditions of corporate governance.

We have carried out an examination of the relevant records of the company in accordance with the Guidance Note on
Corporate Governance Certificate issued by the Institute of Company Secretaries of India (ICSI). We have complied with the
relevant applicable requirements of the Standard on Quality.

OPINION

The procedures include examining evidence supporting the particulars in the Corporate Governance Report on a test basis.
Further, our scope of work under this report did not involve us performing audit tests for the purposes of
expressing an opinion on the fairness or accuracy of any of the financial information or the financial statements
of the Company taken as a whole.

Based on our examination of the relevant records and to the best of our information and according to explanations
given to us and the representations made by the company, we certify that the Company has complied with
the conditions of Corporate Governance as stipulated in the Listing Regulations 17 to 27 of the SEBI Listing
Regulations during the financial year ended March 31, 2024.

73
However, the Company through its letter dated September 7, 2023, has sought an exemption from SEBI under
Regulation 300(1) of the SEBI ICDR Regulations and Regulation 102 of the SEBI Listing Regulations and SEBI
granted exemptions sought by the Company vide letter no. SEBI/HO/CFD/RAC-DIL1/P/OW/2023/40948/1 dated
October 04, 2023.

We further state that such compliance is neither our 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.

For P. C. Jain & Co.

Company Secretaries
FRN: P2016HR051300)

Sd/-
(P.C.Jain)
Date: 09/05/2024 Managing Partner
Place: Faridabad M No. F4103
UDIN: F004103F000338349 COP No. 3349

74
(Finance), IREDA for a period of 5 years from the date of assumption of his
post or until further orders, whichever is earlier. Dr. Mohanty assumed Sl.
No
the charge of Director (Finance), IREDA w.e.f. October 12, 2023. On the
recommendation of the Nomination and Remuneration Committee, the 5. Shri Chintan N. Shah 05.03.2023 Ceased as Director (T)
Board of Directors in its meeting held on October 16, 2023 has appointed Dr. Director (Technical) due to the completion
Mohanty as Director (Finance), additional director w.e.f. October 12, 2023 till DIN: 07795952 of his tenure in IREDA on
the date of the general meeting. The Board has also appointed Dr. Mohanty March 04, 2023 (a/n).
as CFO w.e.f. conclusion of the said Board Meeting i.e., October 16, 2023. 6. Shri Ram Nihal Nishad 09.03.2023 A p p o i n t e d a s
Subsequently, the Members of the Company in its 21st extra- ordinary Independent Director Independent Director
general meeting held on November 3, 2023 has appointed Dr. Mohanty as DIN: 10064841 w.e.f. March 09, 2023
Director (Finance) w.e.f. October 12, 2023 for a period of 5 years on the i.e., DIN allotment date,
terms and conditions decided by the GoI. vide MNRE order no.
The Ministry of New & Renewable Energy (MNRE) vide office order dated 340- 11/1/2018-IREDA
March 27, 2024, has conveyed the order of Appointments Committee of the dated March 06, 2023.
Cabinet dated March 15, 2024, regarding Entrustment of additional charge 7. Smt. Rohini Rawat 09.03.2023 A p p o i n t e d a s
of the post of Director (Technical), IREDA to Dr. Bijay Kumar Mohanty, Independent Director Independent Director
Director (Finance), IREDA for a period of 6 (six) months w.e.f. March 5, 2024, DIN: 10064820 w.e.f. March 09, 2023
or till the appointment of regular incumbent, or until further orders, i.e., DIN allotment date
whichever is the earliest. Earlier, the additional Charge of the post of vide MNRE order no. 340
Director (Technical) was with Shri Pradip Kumar Das, Chairman and - 11/1/2018-IREDA
Managing Director, IREDA.
Dated March 06, 2023.
Changes in Composition of the Board
Number of Board Meetings held during the FY 24
Changes in the composition of the Board during the Financial
Year 2023-24 (hereinafter referred to as FY 24) and the previous The meetings of the Board of Directors are convened by giving
Financial Year 2022-23 (hereinafter referred to as FY 23) are appropriate advance notices. To address any urgent needs,
mentioned below: sometimes Board meetings are also called at a shorter notice
subject to observance of statutory provisions. In case of
Sl.
No urgency, resolution are also passed through circulation, in
accordance with Statute. Detailed agenda notes, management
reports and other explanatory statements are normally
1. Dr.Bijay Kumar Mohanty 12.10.2023 Appointed as Director circulated at least a week before the Board Meeting with the
Director (Finance) & CFO (Finance) vide MNRE Board Members to facilitate meaningful, informed and focused
DIN:- 08816532 order no. 1/22/2017-
discussions in the meeting. The agenda papers for the Board
IREDA dated October
12, 2023. are circulated electronically, by uploading relevant papers on a
Changes in Directors in FY 23 secured web-based online application, thereby circulation of
1. Shri Vimalendra 26.10.2022 Ceased as Government printed agenda papers had been eliminated. To keep pace with
A. Patwardhan Nominee Director vide the changing environment, your Company continues to
Director (Govt. MNRE order no. 340/85 endeavor towards digitization of processes. Besides above,
Nominee) /2017-IREDA dated Video-conferencing facilities for Board/Committee meetings
DIN: 08701559 October 31, 2022.
are also provided to Directors in accordance with the
2. Shri Dinesh D. Jagdale 07.02.2023 Ceased as Government
Director (Govt. Nominee Director vide
provisions of the Companies Act, 2013 & Secretarial Standards
Nominee) MNRE order no. 340/85 issued by the Institute of Company Secretaries of India.
DIN: 03344721 /2017-IREDA dated
February 07, 2023. During the FY 24, 31 (Thirty-One) Board Meetings were held
.
viz.on 25.04.2023, 23.05.2023, 09.06.2023, 21.06.2023,
3. Shri Padam Lal Negi 07.02.2023 Appointed as Govt.
Director (Govt. Nominee Director w.e.f. 30.06.2023, 27.07.2023, 07.08.2023, 12.08.2023, 26.08.2023,
Nominee) February 07, 2023 vide 02.09.2023, 06.09.2023, 07.09.2023, 21.09.2023, 29.09.2023,
DIN: 10041387 MNRE order no. 340/
85/2017-IREDA dated 16.10.2023, 23.10.2023, 25.10.2023, 07.11.2023, 11.11.2023,
February 07, 2023. 13.11.2023, 20.11.2023, 24.11.2023, 25.11.2023, 05.12.2023,
4. Shri Ajay Yadav 14.02.2023 Appointed as Govt. 27.12.2023, 20.01.2024, 15.02.2024, 28.02.2024, 11.03.2024,
Director (Govt. Nominee Director w.e.f. 20.03.2024 and 28.03.2024.
Nominee) February 14, 2023 i.e.,
DIN: 10046617 DIN allotment date, The minimum and maximum interval between any two Board
vide MNRE order no.
Meetings was 1(One) day and 28 (Twenty Eight) days
3 4 0 / 8 5 / 2 0 1 7 -I R E D A
dated February 07,2023. respectively.

76
Attendance record of Directors at Board Meetings and last Annual General Meeting and number of other
Directorships / Committee Memberships / Chairmanships.

Attendance (physically/though video conferencing) of each Director at the Board Meetings held during FY 24 (including for the last
Annual General Meeting held on June 30 2023) and number of other Directorships / Committee Memberships/ Chairmanships, of
each Director is given below:

Name and Designation Board Meetings No. of other Directorship No. of Committee No. of shares Attendance
of the Director during the year Directorship held in the position held in and convertible at the last
(as per tenure) in other other Listed other Companies instruments AGM
companies entities, as on 31.03.2024* held in the NBFC (30.06.2023)
as on category (including the
31.03.2024 of Directors company)
Held Attended As As
Member Chairman
Shri Pradip Kumar Das 31 31 NIL NIL NIL NIL 15,180 Attended
Chairman & Managing
Director
Shri Padam Lal Negi 31 29 06 NIL 01 03 NIL Attended
Director (Govt. Nominee)
Shri Ajay Yadav 31 02 NIL NIL NIL NIL NIL Not
Director (Govt. Nominee) Attended
Shri Shabdsharan N. 31 30 NIL NIL NIL NIL NIL Attended
Brahmbhatt
Independent Director
Dr. Jaganath C. M. 31 31 NIL NIL NIL NIL NIL Attended
Jodidhar
Independent Director
Shri Ram Nihal Nishad 31 30 NIL NIL NIL NIL NIL Attended
Independent Director
Smt. Rohini Rawat 31 31 NIL NIL NIL NIL NIL Attended
Independent Director
Dr. Bijay Kumar Mohanty 17 17 NIL NIL NIL NIL 15,180 NA
Director (Finance) & CFO
(w.e.f. 12.10.2023)

Notes: • Annual operating plans, budgets and any updates therein.

Ÿ *Does not include Chairmanship/Membership in Board Committees other • Capital budgets and any updates therein.
than Audit Committee and Shareholders'/Investors' Grievance Committee.
• Quarterly financial results.
Ÿ None of the Directors of the Company is in any way related to each other.
• Quarterly MoU achievements/ results for the Company.
Ÿ N.A. indicates that concerned person was not a Director in the Company on the
relevant date. • Minutes of meetings of Audit Committee and other
Ÿ None of the Directors on Board is a member of more than 10 Committees or Committees of the Board.
Chairperson of more than 5 Committees across all the Listed companies in
which they are a Director as prescribed under Regulation 26 of SEBI LODR • Information on recruitment of senior officers just below
Regulations. the Board level including appointment or removal of Chief
Financial Officer and the Company Secretary.
Ÿ Mr. Ajay Yadav, Director (Government Nominee) holds 100 Equity Shares of the
Company as a nominee of the President of India. • Material show cause, demand, prosecution notices and
Information available to the Board of Directors: penalty notices, if any.

The Board has complete access to all relevant information • Any material default in financial obligations to and by the
within the Company. The agenda matters that are placed before Company or substantial non-payment for services
the Board from time to time includes the following: provided by the Company.

77
• Details of any joint venture or collaboration agreement. Regulations. Being a Government Company, the Independent
Directors are appointed by the President of India, acting
• Sale of Investments, subsidiaries, assets which are material in
through the administrative ministry i.e. Ministry of New and
nature.
Renewable Energy and accordingly, the appointing authority
• Quarterly foreign exchange exposures and the steps taken by consider the integrity, expertise and experience of the
management to limit the risks of adverse exchange rate individual to be appointed/nominated as Independent Director
movement, if material. of the Company. The Independent Directors are independent of
the management. Further, no Independent Director has
• Report on compliance/non-compliance of regulatory or
resigned during the FY 24.
statutory provisions applicable on the Company.
During FY 24, Mr. Shabdsharan N. Brahmbhatt was designated
• Action Taken Report on decision taken by the Board which
as the Lead Independent Director of the Company and
provides an updated status on all such pending matters.
performs the role as determined by the Board in its meeting
• Information relating to major legal disputes. held on September 21, 2023.

• Quarterly Report on Compliance with Corporate Governance v Separate Meeting of Independent Directors
norms.
The Separate meeting of Independent Directors was held on
• Any other information required to be presented to the Board for March 28, 2024. All the Independent Directors attended the
information and/or approval. said meeting.

v Inter-se relationship between Directors v A Chart or matrix setting out the skills/expertise/
There is no inter-se relationship between the Directors of the competencies identified of the Board and name of
Company. directors having such skills/expertise/competencies as
required in the context of its business(es) and sector(s) for
v Shares and convertible instruments held by Non-Executive and efficient functioning.
Directors
Being a Government Company, the power to appoint
As on March 31, 2024, none of the Non-Executive Directors hold functional/Official Part-time Directors/Non-Official Part-time
any shares or convertible instruments in the Company except Directors (Independent Directors) vests with the President of
Mr Ajay Yadav, Government Nominee Director who holds 100 India, acting through the administrative ministry. The Ministry
Equity Shares of the Company as a Nominee of the President of of New and Renewable Energy ensures that the Directors
India . appointed to the Board of the Company have the requisite skills
and expertise in the areas required to conduct the affairs of the
v Familiarization/Training Programme to Board Members Company. Brief profiles of the Directors which include their
qualification and experience are mentioned in the
Various training programs are conducted internally and Annual Report. The following skills/expertise / competencies
externally to familiarize Directors, inter-alia, about the business have been identified for directors by the Nomination and
& Risk profile of the Company, roles & responsibilities of Remuneration Committee in the Policy on Diversity of the
Directors defined in the Companies Act, 2013 and SEBI LODR Board, on for the effective functioning of the Company & have
Regulations etc. The Board members are provided with been informed to the Administrative Ministry and are currently
necessary documents, reports and internal policies to enable available with the Board.
them to familiarise with the Company's procedures and § Financial Management
practice. § Power Sector Domain Expertise
The details of familiarization programs imparted to § Project Appraisal
Independent Directors are displayed on the Company's website § Legal Advisor
and can be accessed at https://www.ireda.in/images/HTML § Corporate Planning & Strategy
files/10-%20policy-1-familiarisation-programme-of- § Risk Management
independent-director(1).pdf
§ Leadership
v Information related to Independent Directors § Environmental Concern

All Independent Directors have submitted the requisite § Social Concern

declaration(s), that they meet the criteria of independence § Board Practices & Governance
specified under Companies Act, 2013 and SEBI LODR § Business Development

78
 v Code of Conduct
Name Area of Expertise
The Board of Directors has laid down a Code of Conduct for
Shri Pradip Kumar Das § Financial Management
the Board members and Senior Management Personnel in
§ Power Sector Domain Expertise
alignment with Company's mission and objectives and aims at
§ Project Appraisal
§ Corporate Planning & Strategy enhancing ethical and transparent process in managing the
§ Risk Management affairs of the Company. A copy of the Code of Conduct
§ Social Concern is available on the website of the Company i.e.https://
§ Leadership www.ireda.in/images/HTMLfiles/CodeOfBusiness
§ Environmental Concern ConductAndEthics.pdf
§ Board Practices & Governance
§ Business Development Declaration as required under DPE Guidelines on
Dr. Bijay Kumar Mohanty § Financial Management Corporate Governance
§ Power Sector Domain Expertise All Board Members and Senior Management Personnel,
§ Project Appraisal IREDA have affirmed compliance with the 'Code of Business
§ Social Concern Conduct and Ethics for Board Members and Senior
§ Legal Adviser Management Personnel' of the Company for the Financial
§ Corporate Planning & Strategy Year ended March 31, 2024.
§ Risk Management
§ Leadership Sd/-
§ Environmental Concern (Pradip Kumar Das)
§ Board Practices & Governance Chairman & Managing Director
DIN-07448576
§ Business Development
Shri Padam Lal Negi § Financial Management v Code of conduct for regulating, monitoring and
§ Power Sector Domain Expertise reporting trading by designated persons and their
§ Project Appraisal immediate relatives and for fair disclosure
§ Leadership
§ Social Concern In compliance with the requirements of SEBI (Prohibition of
Shri Ajay Yadav Insider Trading) Regulations, 2015 as amended from time to
§ Power Sector Domain Expertise
time, the Company has formulated and implemented Code of
§ Environmental Concern
Conduct for regulating, monitoring & reporting of trading by
Shri Shabdsharan N. § Leadership Insiders and practice & procedure for fair disclosure of
Brahmbhatt § Environmental Concern Unpublished Price sensitive information. The Company
§ Social Concern Secretary has been appointed as the Compliance Officer of the
§ Board Practices & Governance C o m p a n y a n d i s re s p o n s i b l e f o r a d h e re n c e of t h e
Dr. Jaganath C.M. § Risk Management said Code. The said Code is posted on the Company's
Jodidhar § Leadership website:https://www.ireda.in/images/HTMLfiles/IREDA_Code
%20on%20Insider%20Trading%20Policy.pdf
§ Environmental Concern
§ Social Concern The Code lays down the procedures to be followed, disclosures
§ Board Practices & Governance to be made while dealing in the shares/securities of the
Shri Ram Nihal Nishad § Risk Management Company and the consequences of non-compliance. In line
with the requirement of the said Code, the trading window is
§ Leadership
closed and informed to the designated persons and others
§ Environmental Concern
concerned restraining them and their immediate relatives from
§ Board Practices & Governance dealing in securities of the Company. Further, proper
§ Social Concern announcements are also made to Stock Exchanges and are
Smt. Rohini Rawat § Risk Management updated on the website of the Company.
§ Leadership
3. COMMITTEES OF THE BOARD OF DIRECTORS
§ Environmental Concern
§ Board Practices & Governance As per the requirements under the Companies Act, SEBI LODR
§ Social Concern Regulations, RBI's Corporate Governance norms and DPE's
Guidelines on Corporate Governance for CPSEs to facilitate

79
 expeditious consideration and focused decision making on the TOR of the Committee are as follows:-
affairs of the Company, the Board has constituted Board level
committees with distinct role, accountability and authority. 1. Oversight of the Company's financial reporting process and
The details of such committees as on March 31, 2024 are given the disclosure of its financial information to ensure that the
herein below: Financial Statement is correct, sufficient and credible.

3.1 Audit Committee of Directors; 2. To take note of the appointment and the terms of appointment
of the auditors of the Company by the Comptroller and Auditor
3.2 Loan Committee of Directors;
General of India (“CAG”).
3.3 Nomination & Remuneration Committee of Directors;
3. To recommend to the Board on fixation of audit fees, based
3.4 Corporate Social Responsibility Committee of Directors; on the order/instructions of the CAG.

3.5 Stakeholders Relationship Committee of Directors; 4. Approval of payment to the Statutory Auditors for any other
services rendered by the Statutory Auditors.
3.6 IT Strategy Committee
5. Reviewing with the management, the Annual Financial
3.7 Risk Management Committee Statements and the Auditors' Report thereon before submission
to the Board for approval with particular reference to:
3.8 NPA & Stressed Asset Resolution Committee
(a) Matters required to be included in the Directors'
3.9 Review Committee for Non-Co-operative Borrower and
Responsibility Statement to be included in the Board's
Willful defaulter Report in terms of clause (c) of sub-section 3 of Section
The minutes of the meetings of the Committees are placed 134 of the Companies Act, 2013;
before the Board for information. (b) Changes, if any, in accounting policies and practices and
reasons for the same;
3.1 Audit Committee of Directors
(c) Major accounting entries involving estimates based on the
The Company has a duly constituted Audit Committee in terms exercise of judgment by management;
of the Companies Act, 2013, SEBI LODR Regulations and DPE
Guidelines om Corporate Governance. As on March 31, 2024, (d) Significant adjustments made in the Financial Statements
the Audit Committee comprises of the following members: arising out of audit findings;

(e) Compliance with listing and other legal requirements

Sl. Name & Designation Chairman/Member relating Financial Statements;
No.
1. Shri Shabdsharan N. Brahmbhatt Chairman (f) Disclosure of any Related Party Transactions; and
Independent Director (g) Modified opinion(s) in the draft Audit Report.
2. Shri Padam Lal Negi Member
Director (Govt. Nominee) 6. Reviewing with the management, the quarterly/ half-yearly
3. Shri Ram Nihal Nishad Member Financial Statements before submission to the Board for
Independent Director approval.

4. Smt. Rohini Rawat Member 7. Reviewing with the management, performance of Statutory
Independent Director and Internal Auditors and adequacy of the internal control
systems.
Director (Finance)/CFO, Director (Technical), GM(F&A) are
special invitee to the meeting. The Statutory Auditor, Internal 8. Reviewing the adequacy of internal audit function, if any
Auditor and Cost Auditors of the Company are also invited to including the structure of the internal audit department,
staffing and seniority of the official heading the department,
the meetings of the Audit Committee while discussing
reporting structure coverage and frequency of internal audit.
financial statements/ financial results, Internal Audit Report
and Cost Audit Report respectively. 9. Discussion with Internal Auditors and / or Auditors of any
significant findings and follow up there on.
v Terms of Reference (TOR) of the Audit Committee:
10. Reviewing the findings of any internal investigations by the
During the FY 24, the TOR of the Committee was Internal Auditors / Auditors / agencies into matters where there
amended by Board in its 387thmeeting held on 27.07.2023. is suspected fraud or irregularity or a failure of internal control
systems of a material nature and reporting the matter to the

80
 Board. I. Management discussion and analysis of financial condition
and results of operations.
11. Discussion with Statutory Auditors before the audit
commences, about the nature and scope of audit as well as II. Statement of significant Related Party Transactions (as
post-audit discussion to ascertain any area of concern. defined by the Audit Committee), submitted by
management.
12. To look into the reasons for substantial defaults in the payment
to the depositors, debenture holders, shareholders (in case of III. Management letters / letter of internal control weaknesses
non-payment of declared dividends) and creditors. issued by the Statutory Auditors.

13. To review and monitor the function of the Whistle Blower IV. Internal audit reports relating to internal control
Mechanism. weaknesses.

14. Approving appointment of Chief Financial Officer after V. The appointment, removal and terms of remuneration of
assessing the qualifications, experience and background, etc. the Chief internal auditor shall be placed before the Audit
of the candidate; provided where Director (Finance) is Committee.
appointed by the Administrative Ministry he will act as the Chief VI. Certification / declaration of financial statements by the
Financial Officer; Chief Executive / Chief Finance Officer to be designated by
the Board.
15. To review the follow up action on the audit observations of CAG
Audit. VII. Statement of deviations:
16. To review the follow up action taken on the recommendations of (i) Quarterly statement of deviation(s) including report of
Committee on Public Undertakings (COPU) of the Parliament. monitoring agency, if applicable, submitted to stock
exchange(s) in terms of Regulation 32(1) of Securities
17. Provide an open avenue of communication between the
and Exchange Board of India (Listing Obligations and
Independent auditor, internal auditor and the Board of
Disclosure Requirements) Regulations, 2015 (“Listing
Directors.
Regulations”); and
18. Approval or any subsequent modification of transactions of the
(ii) Annual statement of funds utilized for purposes other
Company with related parties.
than those stated in the offer document/ prospectus/
19. To make omnibus approval for related party transactions notice in terms of Regulation 32(7) of Listing
proposed to be entered into by the Company subject to such Regulations.
conditions as may be prescribed.
24. Review and monitor the Auditor's Independence and
20. Review with the Independent auditor the co-ordination of performance, and effectiveness of audit process.
audit efforts to assure completeness of coverage reduction of
25. Scrutiny of inter-corporate loans and investments.
redundant efforts, and the effective use of all audit resources.
26. Valuation of undertakings or assets of the Company, wherever
21. Consider and review the following with the Independent
it is necessary.
Auditor and the management:
27. Evaluation of internal financial controls and risk management
• The adequacy of internal controls including computerized
systems.
information system controls and security, and
28. Reviewing, with the management, the statement of uses /
• Related findings and recommendations & the independent
application of funds raised through an issue (public issue, rights
auditor and internal auditor, together with the
issue, preferential issue, etc.), the statement of funds utilized for
management responses.
purposes other than those stated in the offer document /
22. Consider and review the following with the management, prospectus / notice and the report submitted by the monitoring
internal auditor and the Independent Auditor: agency monitoring the utilisation of proceeds of a public or
rights issue and making appropriate recommendations to the
• Significant findings during the year, including the status of board to take up steps in this matter.
previous audit recommendations; and
29. Reviewing the utilization of loans and/ or advances
• Any difficulties encountered during audit work including from/investment by the holding Company in the subsidiary
any restrictions on the scope of activities or access to exceeding ` 100 Crore or 10% of the asset size of the subsidiary,
required information. whichever is lower including existing loans / advances /
investments existing as on April 1, 2019.
23. The Audit Committee shall mandatorily review the following
information: 30. Consider and comment on rationale, cost-benefits and

81
 impacts of scheme involving merger, demerger, amalgamation and Internal Auditors.
etc. on the listed entity and its shareholders.
v Number of Meetings of Audit Committee
31. Carrying out any other function as prescribed under the DPE
Guidelines, Companies Act and Listing Regulations, as
As per the statutory requirement, the Audit Committee is
applicable to the Company from time to time and any other
required to meet at least four times in a year and not more than
function as deemed appropriate or determined by the Board
from time to time in the best interest of the Company and other four months should elapse between two meetings in that year.
stakeholders of the Company. During the FY 24, 14 (Fourteen) Audit Committee Meetings were
held on viz.25.04.2023, 09.06.2023, 21.06.2023, 12.08.2023,
32. The powers of the Audit Committee include the following: 26.08.2023, 02.09.2023, 29.09.2023, 16.10.2023, 23.10.2023,
(a) To investigate into the matters of any activity specified 25.10.2023, 01.11.2023, 20.01.2024, 14.02.2024, & 20.03.2024.
within its terms of reference; Detailed agenda's along with explanatory statements were
circulated in advance to the Committee members.
(b) To seek information from any employee of the Company;
The members' attendance at the Audit Committee meetings
(c) To obtain legal or other professional advice from external
held during the FY 24 are as under:
sources, if necessary;
Sl. Name of the Member of No. of Meetings
(d) To secure attendance of outsiders with relevant expertise, if No. Member the Committee during the year
necessary; (as per tenure)
Held Attended
(e) To protect Whistle Blower; and
1. Shri Shabdsharan Chairman 14 14
(f) To have full access to the information contained in the N. Brahmbhatt
records of the Company. 2. Shri Padam Lal Member 14 12
Negi
For the purpose of above Terms of Reference: 3. Shri Ram Nihal Member 14 14
Nishad
(a) The Committee may invite the Director (Finance) or head of
4. Smt. Rohini Rawat Member 14 14
the finance function and a representative of the Statutory
Auditor and any other such executives of the Company to The minutes of the Audit Committee were placed before the
be present at the meetings of the Committee. Provided that Board for information.
occasionally the audit Committee may meet without the
presence of any executives of the Company. 3.2. Loan Committee of Directors

(b) The Committee may call for the comments of the auditors In terms of provisions contained in the Company's Articles of
about the internal control systems, the scope of audit, Association, the Board of Directors has a duly constituted Loan
including the observations of auditors and review of Committee of Directors (LCOD) keeping in view the delegation
financial statement before their submission to the Board structure and the work requirement. As on March 31, 2024, the
and may also discuss any related issues with the internal Loan Committee of Directors comprises the following
and statutory auditors and management of the Company. members:
Sl. Name and Designation Chairman/Member
(c) The auditors of the Company and the key management
No.
personnel shall have a right to be heard in the meetings of
1. Shri Pradip Kumar Das Chairman
the Audit Committee when it considers the Auditor's Chairman & Managing Director
Report but shall not have the right to vote. 2. Dr. Bijay Kumar Mohanty Member
Director (Finance) & CFO
(d) The Board's report under section 134(3) of the Companies
3. Shri Padam Lal Negi Member
Act, 2013, shall disclose the composition of an Audit
Director (Govt. Nominee)
Committee and where the Board had not accepted any
recommendation of the Audit Committee, the same shall 4. Shri Shabdsharan N. Brahmbhatt Member
Independent Director
be disclosed in such report along with the reasons therefor.
v Terms of Reference of Loan Committee of Directors:
Unless otherwise defined, for the purposes of the definition of
auditor above, it shall include Statutory Auditors, Cost Auditors 1) To consider sanction of loans for projects as per delegation.

82
 (Presently more than `20 Crore and up to `125 Crore for Sl. Name and Designation Chairman/Member
individual loan /project including additional /enhancement of No.
Loan). 1. Dr. Jaganath C. M. Jodidhar Chairman
Independent Director
2) To consider re-schedulement proposals and other issues
relating thereto for projects carrying loan as per delegation. 2. Shri Ram Nihal Nishad Member
Independent Director
(Presently more than `20 Crore and up to `125 Crore for
individual projects). 3. Smt. Rohini Rawat Member
Independent Director
3) To consider One Time Settlement (OTS) proposals and other
issues relating thereto for projects carrying loan as per v Te r m s o f R e f e r e n c e ( T O R ) o f N o m i n a t i o n &
delegation (Presently more than `20 Crore and up to `125 Remuneration Committee:
Crore for individual projects). Durning the FY 24, TOR of the Committee was amended by the
Board in its Meeting held on 27.07.2023 and 20.03.2024. TOR of
4) To consider changes in means of finance, site, guarantee(s), the Committee are as under:
validity and other terms & conditions of loan in respect of
projects which are within the ambit of LCOD. 1) Taking on record the appointment and removal of directors
(including their remuneration and other terms of
v Number of Meetings of Loan Committee of Directors appointment), including independent directors, by the
President of India, acting the Ministry of New and Renewable
During the FY 24, 5 (Five) meetings of the Loan Committee of Energy, Government of India;
Directors were held on i.e. 12.08.2023, 28.02.2024, 11.03.2024, 2) Taking on record the extension, if any, of the term of the
20.03.2024 & 28.03.2024. Detailed agenda along with independent directors of the Company, as may be directed by
explanatory notes were circulated in advance to the the President of India, acting the Ministry of New and
Committee. The Members' attendance in the meetings held Renewable Energy, Government of India;
during the FY 24 are as under: 3) To recommend to the board of directors a policy relating to the
Sl. Name of the Member of the No. of Meetings remuneration of the key managerial personnel and other
No. Member Committee during the year employees;
(as per tenure) 4) Devising a policy on diversity of Board of Directors;
Held Attended
1. Shri Pradip Kumar Chairman 5 5 5) Identifying persons who are qualified to become directors and
Das who may be appointed in senior management in accordance
2. Dr. Bijay Kumar Member 4 4 with the criteria laid down, and recommend to the board of
directors their appointment and removal;
Mohanty (w.e.f.
12.10.2023)
6) To recommend to the Board, all remuneration, in
3. Shri Padam Lal Member 5 5 whatever form, payable to senior management;
Negi
4. Shri Shabdsharan Member 5 5 7) To ensure that the Company has in place programmes for the
N. Brahmbhatt effective induction of new Directors;

The minutes of the LCOD were placed before the Board of 8) To ensure 'fit and proper' status/criteria of Directors in
Directors for information. accordance with the RBI guidelines;

9) To carry out any other function contained in the SEBI Listing

3.3 Nomination & Remuneration Committee (NRC) of
Regulations, DPE guidelines, RBI guidelines and the Companies
Directors Act, 2013 as and when amended from time to time;
The Company has a duly constituted Nomination & 10) To formulate the criteria for performance evaluation of the
Remuneration Committee in terms of the Companies Act, 2013, Directors, the Board of Directors/Committees
SEBI LODR Regulations and DPE Guidelines on Corporate
Governance. As on March 31, 2024, the Nomination & Further, Ministry of Corporate Affairs (MCA) vide notification
Remuneration Committee comprises of the following dated June 5, 2015, has exempted Government Companies
members: from the requirements related to formulation of criteria for
determining qualifications, positive attributes and

83
 independence of Directors and policy relating to Remuneration performance of Non-Independent Directors and the Board as a
of Directors. whole.

v Number of Meetings of Nomination & Remuneration 3.4 Corporate Social Responsibility (CSR) Committee of
Committee (NRC):
Directors
During the FY 24, 9 (Nine) meetings of the NRC were held viz. on
As on March 31, 2024, the Corporate Social Responsibility
25.04.2023, 23.05.2023, 30.06.2023, 16.10.2023, 05.12.2023,
Committee of Directors comprises of the following members:
19.01.2024, 15.02.2024, 28.02.2024 and 20.03.2024.Detailed
agenda's along with explanatory statement were circulated in
advance to the Committee members. Sl. Name and Designation Chairman/Member
No.
The Members' attendance at meetings of NRC held during the
FY 24 are as under: 1. Shri. Pradip Kumar Das Chairman
Chairman & Managing Director
Sl. Name of the Member of the No. of Meetings 2. Dr. Bijay Kumar Mohanty Member
No. Member Committee during the year Director (Finance) & CFO
(as per tenure)
3. Shri. Shabdsharan N. Brahmbhatt Member
Held Attended
Independent Director
1. Dr. Jaganath C. M. Chairperson 9 9
4. Dr. Jaganath C. M. Jodidhar Member
Jodidhar
Independent Director
2. Shri Ram Nihal Member 9 9
Nishad
v Terms of Reference of CSR Committee of Directors:
3. Smt. Rohini Rawat Member 9 9

1. To assist the Board of Directors to formulate suitable policies

Director (Finance) & GM(F&A)/CFO are special invitee to the
and strategies to take the CSR and Sustainability agenda of the
meeting. The minutes of the NRC were placed before the Board
company forward in the desired direction;
of Directors for information.

2. Formulation of broad guidelines for selection of the projects,

v Performance Evaluation criteria for Directors
planning, execution, monitoring & evaluation; e placed before
The Ministry of Corporate Affairs has exempted Government the Board of Directors for information.
Companies from complying with the provisions of Section
3. Selection of projects in accordance with policy framework &
178(2) & Scheduled IV of the Companies Act, 2013 with regard guidelines;
to the performance evaluation of Board, its committees and
4. Submission of annual budgetary requirement for each project
individual directors. The performance evaluation of Functional
along with the targets;
Directors, Government Nominee Directors and Independent
Directors of your Company are done by administrative ministry 5. Formulation of strategies for efficient implementation of
as per applicable Rules and Procedures. projects.

To comply with the SEBI (LODR) Regulations, 2015, the annual v Number of Meetings of CSR Committee
evaluation of the Board and the Independent Directors were During the FY 24, 10 (Ten) meetings of the CSR Committee were
conducted based on criteria laid down by the Board on the held viz. on 21.06.2023, 26.08.2023, 21.09.2023, 05.12.2023,
recommendation of the Nomination & Remuneration 29.01.2024, 15.02.2024, 28.02.2024, 11.03.2024, 20.03.2024 &
Committee. The said criteria provides certain parameters like 28.03.2024. Detailed agendas along with explanatory
attendance, acquaintance with business, communication inter- statement were circulated in advance to the Committee
members.
se between board members, effective participation,
compliance with code of conduct, trainings etc. Independent The Members' attendance at CSR Committee meetings held
Directors in its separate meeting have also evaluated the during the FY 24 are as under:

84
 Sl. Name of the Member of the No. of Meetings listed entity in respect of various services being rendered by the
No. Member Committee during the year Registrar & Share Transfer Agent.
(as per tenure)
Held Attended 5) Review of the various measures and initiatives taken by the
1. Shri Pradip Kumar Chairman 10 10 listed entity for reducing the quantum of unclaimed dividends
Das and ensuring timely receipt of dividend warrants/annual
2. Dr. Bijay Kumar Member 7 7
reports/statutory notices by the shareholders of the Company.
Mohanty (w.e.f. 12.10.2023)
3. Shri Shabdsharan Member 9 9 6) Review and carry out such other matters as per the directions of
N. Brahmbhatt
the Board of Directors and/or as required under Securities and
4. Dr. Jaganath Member 9 9 Exchange Board of India (Listing Obligations and Disclosure
C. M. Jodidhar
Requirements) Regulations, 2015 (“SEBI Listing Regulations”)
The minutes of the CSR Committee of Directors were placed relating to corporate governance, as amended, from time to
before the Board for information. time as well as under any other applicable statutory rules and
regulations.
3.5 Stakeholders Relationship Committee of Directors
v Number of Meetings of Stakeholders' Relationship
The Company has a duly constituted Stakeholders Relationship
Committee
Committee, in terms of the provisions of Section 178 of the
Companies Act, 2013, Regulation 20 of SEBI LODR Regulations
During the FY 24, 4 (Four) meetings of the Stakeholders'
and other applicable laws. As on March 31, 2024, Stakeholders'
Relationship Committee were held viz. on 25.04.2023,
Relationship Committee of Directors comprises of the
16.10.2023, 20.11.2023 & 03.01.2024. The Members'
following members:
attendance at meetings of Stakeholders' Relationship
Sl. Name and Designation Chairman/Member Committee held during the FY 24 are as under:
No. Sl. Name of the Member of the No. of Meetings
1. Dr.Jaganath C. M. Jodidhar Chairman No. Member Committee during the year
Independent Director (as per tenure)
Held Attended
2 Shri Ram Nihal Nishad Member
Independent Director 1. Dr. Jaganath C. M. Chairman 4 4
Jodidhar
3. Smt.Rohini Rawat Member
2. Shri Ram Nihal Member 4 4
Independent Director
Nishad
4. Dr.Bijay Kumar Mohanty Member 3. Smt. Rohini Rawat Member 4 4
Director (Finance) & CFO 4. Dr. Bijay Kumar Member 3 3
v Terms of Reference of Stakeholders' Relationship Mohanty (w.e.f. 12.10.2023)

Committee of Directors: The minutes of the Stakeholders' Relationship Committee of

Directors were placed before the Board for information.
1) To review the mechanism adopted for redressal of
shareholders, debenture holders and other security holder's Smt. Ekta Madan, Company Secretary, act as the Secretary of
complaints. the Committee. She is also the Compliance Officer of the
Company in terms of SEBI LODR Regulations.
2) Resolving the grievances of the security holders of the listed
entity including complaints related to transfer/transmission of
v Status of Investors Grievances
shares, non-receipt of annual report, non-receipt of declared
dividends, issue of new/duplicate certificates, general The Company has been attending to all investor grievances
meetings etc. expeditiously and promptly, within the time prescribed under
the statute. Investor's grievances have been redressed instantly
3) Review of measures taken for effective exercise of voting rights
by shareholders. in coordination with the Registrar and Transfer Agent of the
Company. Equity shares of the Company were listed on the BSE
4) Review of adherence to the service standards adopted by the and National Stock Exchange of India Limited on November 29,

85
 2023. The status of Complaints received from Equity holders the management has put an effective strategic planning
process in place;
and Debenture holders etc. for the FY 24, are as follows:
2. Ascertaining that management has implemented processes
Particulars Debenture Shareholders and practices that ensure that the IT delivers value to the
Holders business;

Pending at the beginning of the NIL NIL 3. Ensuring IT investments represent a balance of risks and
Financial Year (April 1, 2023) benefits and that budgets are acceptable;
Received during the Financial Year 28 2246 4. Monitoring the method that management uses to determine
Disposed during the Financial Year 28 2242 the IT resources needed to achieve strategic goals and provide
high-level direction for sourcing and use of IT resources
*Remaining unresolved as on NIL 04
March 31, 2024 5. Ensuring proper balance of IT investments for sustaining
NBFC's growth and becoming aware about exposure towards
*The said grievances have been resolved by 08.04.2024.
IT risks and controls.
3.6 IT Strategy Committee v Number of Meetings of IT Strategy Committee

The Company has a duly constituted IT Strategy Committee in During the FY 24, 4 (Four) meetings of the IT Strategy
accordance with the requirement of the Reserve Bank of India Committee were held viz on 10.06.2023, 01.12.2023
29.12.2023 and 30.03.2024. The Members' attendance at
master Direction-Information Technology Framework for the
meetings of IT Strategy Committee held during the FY 24 are as
NBFC Sector, dated June 8, 2017. As on March 31, 2024, IT under:
Strategy Committee comprises of the following members:
Sl. Name & Member of the No. of Meetings
Sl. Name and Designation Chairman/ No. Designation Committee during the year
No. Member of the Member (as per tenure)
Held Attended
1. Shri Shabdsharan N. Brahmbhatt Chairman
1. Shri Shabdsharan N. Chairman 4 4
Independent Director
Brahmbhatt,
2. Dr. Bijay Kumar Mohanty Member
Independent
Director (Finance) & CFO Director
3. Dr. R.C. Sharma Member 2. Smt. Debjani Bhatia Member 1 1
GM (F&A) GM(TS)
4. Shri S.K.Sharma Member (w.e.f. 25.04.2023
GM (F&A) to 06.11.2023)
5. Smt. Mala Ghosh Choudhury Member 3. Smt. Mala Ghosh Member 4 4
GM(HR) Choudhury, GM-HR
(w.e.f 25.04.2023)
6. Shri Bharat Singh Rajput Member
4. Shri Pallav Kapoor Member 4 3
GM(TS)
DGM (RMD) & CRO
7 Shri S.K.Dey Member 5 Shri Bharat Singh Member 4 4
GM(TS) and Chief Information Rajput, GM(TS)
Officer (w.e.f 25.04.2023)
8 Shri Pallav Kapoor Member 6 Dr. R.C. Sharma Member 4 3
CRO GM(F&A)
9 Shri N Balaji Member & 7 Smt.Kanchan Bhalla Member 3 3
Chief Technology Officer Permanent Invitee DGM (TS/IT)
(Till 25.02.2024)
10 Shri Sanjay Kumar Member
8 Shri Sanjay Kumar Member 4 4
Chief Information Security Officer Convenor
DGM (IT) & CISO
(CISO) 9 Dr. Bijay Kumar Member 3 3
Note: Senior IT consultant and any other person, within and outside IREDA shall Mohanty, D(F)/CFO
be present in the meeting as special invitees. (W.e.f. 07.11.2023)
10 Shri S.K.Dey Member 3 3
v Terms of Reference of IT Strategy Committee: GM(TS)
1. Approving IT Strategy and policy documents and ensuring that (w.e.f. 07.11.2023)

86
 Sl. Name & Member of the No. of Meetings c) To monitor and oversee implementation of the risk
No. Designation Committee during the year management policy, including evaluating the adequacy of risk
of the Member (as per tenure) management systems.
Held Attended d) To periodically review the risk management policy, at least once
11 Shri Surendra Kumar Member 3 3 in two years, including by considering the changing industry
Sharma, GM (F&A) dynamics and evolving complexity.
(w.e.f. 07.11.2023)
12 Shri N Balaji Member 1 1 e) To keep the Board informed about the nature and content of its
DGM (IT)/CTO discussions, recommendations and actions to be taken.
(w.e.f 26.02.2024)
f) The appointment, removal and terms of remuneration of
The minutes of the IT Strategy Committee were placed before the Chief Risk Officer shall be subject to review by the Risk
the Board for information. Management Committee.
3.7 Risk Management Committee
g) Approve the policies and strategies for implementing
The Company has a duly constituted Risk Management Enterprise-wide integrated risk management system, for
Committee in accordance with the requirement of the Reserve addressing various risks faced by the Company.
Bank of India Master Direction and Regulation 21 of SEBI
(LODR)Regulations, 2015. As on March 31, 2024, Risk h) Oversee functions of Credit Risk Management Committee (CRMC),
Management Committee of Directors comprises of the Market Risk Management Committee (MRMC also known as Asset
following members: Liability Management Committee - ALCO), Operational Risk
Sl. Name and Designation Chairman/Member Management Committee (ORMC) and Information Security
No. Committee (ISC).
1. Shri Ram Nihal Nishad Chairman
i) Set policies and guidelines for measurement, management and
Independent Director
reporting of credit risk, market risk and operational risk.
2. Smt. Rohini Rawat Member
Independent Director j) Set risk mitigation and stop-loss parameters in respect of all the
3. Shri Jaganath C.M. Jodidhar Member three risks.
Independent Director
4. Dr. Bijay Kumar Mohanty Member k) Ensure management processes (including people, systems,
Director (Finance) & CFO operations, limits and controls) for implementing risk
management systems.
v Terms of Reference (TOR) of Risk Management
Committee of Directors: l) Ensure robustness and effectiveness of financial / rating models
During the FY 24, TOR of the Committee was amended by and their appraisal systems for assessing various risks faced by
Board in its meeting held on 27.07.2023. The TOR of the the Company.
Committee are as follow:-
m) Reviewing and approving the Internal Capital Adequacy
a) To formulate a detailed risk management policy which shall
Assessment Process to maintain capital adequacy well above
include:
the regulatory requirements.
• framework for identification of internal and external risks
specifically faced by the Company, in particular including n) Approval / Review of credit rating process, fixation of exposure
financial, operational, sectoral, sustainability (particularly,
Environmental, Social and Governance (ESG) related risks), ceilings for various types of exposures etc. based on internal /
information, cyber security risks or any other risk as may be external rating, borrower category/ groups etc.
determined by the committee;
o) Ensure availability of qualified and competent officers and risk
• measures for risk mitigation including systems and
processes for internal control of identified risks; and managers in the Risk Management Department for ensuring
effectiveness of risk management systems in the Company.
• business continuity plan.

b) To ensure that appropriate methodology, processes and p) Decide/approve adoption of technology/appropriate and
systems are in place to monitor and evaluate risks associated
adequate MIS system needed for risk management.
with the business of the Company.

87
q) Reinforce the culture and awareness of risk management v Terms of Reference of NPA & Stressed Assets Resolution
throughout the organization that would attach high priority on Committee
effective risk management and adherence to sound internal The main tasks/responsibilities of the NPA & Stressed Assets
controls. Resolution Committee is to review the status on stress assets
and NPAs with action taken report.
r) Ensure adequate coverage of internal audit to satisfy effective v Number of Meetings of NPA & Stressed Assets Resolution
implementation of policies and procedures. Committee
During the FY 24, 4 (Four) meeting of the NPA & Stressed Assets
s) Monitor the performance of IREDA with respect to risk
Resolution Committee were held on 30.06.2023, 27.09.2023,
tolerance limits set by the Board. 29.12.2023 & 28.03.2024. The Members' attendance at meeting
of NPA & Stressed Assets Resolution Committee held during the
v Number of Meetings of Risk Management Committee FY 24 are as under:

During the FY 24, 4 (Four) meetings of the Risk Management Sl. Name of the Member No. of Meetings
Committee were held viz.,30.06.2023, 27.09.2023, 28.12.2023 No. Member of the during the year
Committee (as per tenure)
& 28.03.2024 The Members' attendance at meetings of Risk
Held Attended
Management Committee held during the FY 24 are as under:
1. Smt.Rohini Rawat Chairperson 4 4
Sl. Name of the Member No. of Meetings 2. Shri Ram Nihal Nishad Member 4 4
No. Member of the during the year 3. Shri Shabdsharan N. Member 4 4
Committee (as per tenure) Brahmbhatt
Held Attended 4. Dr.Bijay Kumar Member 2 2
Mohanty (w.e.f. 12.10.2023)
1. Shri Ram Nihal Nishad Chairman 4 4
2. Shri Jaganath C.M. Jodidhar Member 4 4 The minutes of the NPA & Stressed Assets Resolution
3. Smt.Rohini Rawat Member 4 4 Committee of Directors were placed before the Board for
4. Dr.Bijay Kumar Mohanty Member 2 1 information.
The minutes of the Risk Management Committee of 3.9 Review Committee for Non-Co-operative Borrower and Wilful
Directors were placed before the Board for information. Chief defaulter
Risk Officer (CRO) act as the convener to Risk Management The Company has a Review Committee for Non Co-operative
Committee. Borrower and Wilful defaulter in accordance with the RBI
Circular. As on March 31, 2024, Review Committee for Non Co-
operative Borrower and Wilful defaulter of Directors comprises
3.8 NPA & Stressed Assets Resolution Committee
of the following members:
The Company has a duly constituted NPA & Stressed Assets Sl. Name & Designation Chairman/Member
Resolution Committee to review the status of stress assets and No.
NPAs of the Company. As on March 31, 2024, NPA & Stressed 1. Shri Pradip Kumar Das Chairman
Assets Resolution Committee of Directors comprises of the Chairman & Managing Director
following members: 2. Dr. Jaganath C. M. Jodidhar Member
Independent Director
Sl. Name & Designation Chairperson/Member 3. Shri Ram Nihal Nishad Member
No. Independent Director
1. Smt. Rohini Rawat Chairperson
v Terms of Reference of Review Committee for Non-Co-
Independent Director
operative Borrower and Wilful defaulter
2. Shri Shabdsharan N. Brahmbhatt Member
The main tasks/responsibilities of the Review Committee for
Independent Director Non Co-operative Borrower and Wilful defaulter is to review
3. Shri Ram Nihal Nishad Member and declare the borrower as wilful defaulter or Non Co-
Independent Director operative Borrower.

4. Dr. Bijay Kumar Mohanty Member v Number of Meetings of Review Committee for Non-Co-
Director (Finance) and CFO
operative Borrower and Wilful defaulter
During the FY 24, 1 (One) meeting of the Review Committee

88
 for Non-Co-operative Borrower and Wilful defaulter was held Name Remarks
on 30.06.2023. The Members' attendance at meeting of Review
Committee for Non Co-operative borrower and willful Shri Piyush Kumar Designated as CCO
defaulter held during the FY 24 are as under:
Shri A Chandrashekar Designated as Add.
GM (Internal Audit)
Sl. Name of the Member No. of Meetings
No. Member of the during the year Shri S.K. Dey Appointed as GM
Committee (as per tenure)
Held Attended
5. REMUNERATION OF DIRECTORS
1. Shri Pradip Kumar Das Chairman 1 1
2. Shri Jaganath C.M. Jodidhar Member 1 1 Being a Government Company, the appointment, tenure &
3. Shri Ram Nihal Nishad Member 1 1 remuneration of Functional Directors including Chairman &
The minutes of the Review Committee for Non-Co-operative Managing Director is decided by the Government of India
Borrower and Willful defaulter were placed before the Board acting through administrative ministry.
for information.
4. SENIOR MANAGEMENT The Government Nominee Directors are not paid any
remuneration/sitting fees by the Company. In accordance with
The details of senior management of the Company as on March
31, 2024 are as follows: the Companies Act, 2013 read with DPE Guidelines, the Board of
Directors of the Company is empowered to determine the
Ÿ Dr. Ramesh Chandra Sharma, GM(F&A)
sitting fee payable to Independent Directors within the ceiling
Ÿ Smt. Mala Ghosh Choudhury, GM (HR)
prescribed under the Companies Act, 2013.
Ÿ Shri Bharat Singh Rajput, GM(TS)
Ÿ Shri Sushant Kumar Dey, GM(TS) & CIO At present, the sitting fee of `40,000/- is being paid to
Independent Directors for attending each meeting of the Board
Ÿ Shri Surender Kumar Sharma, GM(F&A)
and `30,000/- for attending each committee meeting thereof.
Ÿ Shri Dhiraj Mehta, GM (F&A)
Ÿ Shri A Chandrashekar, Add. GM (Internal Audit) Details of remuneration paid to Functional Directors of the
Company and details of sitting fees paid to Independent
Ÿ Shri Sanjay Kumar, Chief Information Security Officer
Directors for attending meetings of the Board and its
Ÿ Shri N.Balaji, Chief Technology Officer
committees, during the FY 2023-24, are mentioned below:-
Ÿ Shri Piyush Kumar, Chief Compliance Officer
Table A: Details of sitting fees paid to Independent Directors for the
Ÿ Shri Pallav Kapoor, Chief Risk Officer
meetings held during the FY 24
Ÿ Smt. Ekta Madan, Company Secretary
Name of Independent Director Amount (`)
During the FY 24, there were the following changes in the
Senior Management Personnel. Shri Shabdsharan N. Brahmbhatt 23,40,000/-

Dr. Jaganath C.M. Jodidhar 21,10,000/-

Name Remarks
Shri Ram Nihal Nishad 23,40,000/-
Dr. P. Sreenivasan, GM(HR) Superannuated
Smt. Rohini Rawat 23,50,000/-
Shri Som Pal, GM (IA) & CCO Superannuated
TOTAL 91,40,000/-
Shri Rakesh Kumar Vimal, AGM(IA) Superannuated
Smt. Debjani Bhatia, GM(TS) Pre-mature
Notes:-
Retirement by option
• In addition to sitting fee, Independent Directors are also paid/reimbursed
Shri Surender Kumar Sharma,GM (F&A) Appointment conveyance expenses incurred for attending meetings of the Board/Committees.
Shri Dhiraj Mehta, GM (F&A) Appointment • Except as mentioned above, the non-executive directors have no pecuniary
relationship or transaction with the Company during the FY 2023-24.
Smt. Kanchan Bhalla,Add GM Ceased to be CTO
• The terms and conditions of appointment of Independent Directors are available
Smt. Punnu Grover, Add GM Ceased to be CCO
on website of Company at https://www.ireda.in/images/
Shri N.Balaji,Chief Technology Officer Designated as CTO HTMLfiles/TC%20for%20appointment%20of%20ID.pdf

89
 Table B: Remuneration of Functional Directors paid during the FY 2023-24
(Amount in Lakh)
Sl Name of Director Salary Performance Other Employer National Total
No. & & linked Benefits PF Pension
Designation Allowances Incentive Contribution Scheme (NPS)
1. Shri Pradip Kumar Das 53.99 30.87 2.99 4.22 3.16 95.23
Chairman & Managing Director
2. Dr. Bijay Kumar Mohanty* 18.61 - 1.08 1.41 1.54 22.64
Director (Finance) & CFO

*Dr. Bijay Kumar Mohanty was appointed as Director (Finance) w.e.f. October 12, 2023 and Chief Financial Officer w.e.f. October 16, 2023.
Notes:-
Ÿ The Company had not given any stock options during the FY 2023-24.
Ÿ The service conditions of the Functional Directors/Directors including notice period and severance fee, if any, are governed as per the terms & conditions issued by the
Govt. of India.
Ÿ Performance Linked Incentive is paid in line with the guidelines issued in this regard by DPE.

6. GENERAL BODY MEETINGS

The details of Date, Time, and Location of the last three Annual General Meetings held are as under:

FY Day & Date Time Location Whether any Special

Resolution was passed
2020- 21 Tuesday 12:30 PM Tamarind Hall, First Floor, Habitat World, India Habitat Centre No
28.09.2021 Lodhi Road, New Delhi-110003.
2021- 22 Wednesday 12:30 PM Tamarind Hall, First Floor, Habitat World, India Habitat Centre No
10.08.2022 Lodhi Road, New Delhi-110003.
2022-23 Friday 12:30 PM Juniper Hall, Ground Floor & Habitat World, India Habitat Centre Yes*
30.06.2023 Lodhi Road, New Delhi-110003.

*The following 2 ( two) Special Resolutions were Passed in the AGM of the Company held on 30.06.2023

(i) Appointment of Shri Ram Nihal Nishad (DIN:-10064841) as a Part-Time Non-Official Director (ID) of the Company.
(ii) Appointment of Smt. Rohini Rawat (DIN:- 10064820) as a Part -Time Non- Official Director (ID) of the Company.

The details of Extra Ordinary General Meeting held during the FY 2023-24 are as under:-

Day & Date Time Location Whether any Special

Resolution was passed
Monday 12:30 PM 1st Floor, Core-4A India Habitat Centre Lodhi Road, New Delhi-110003. Yes*
04.09.2023
Saturday 02:30 PM 1st Floor, Core-4A India Habitat Centre Lodhi Road, New Delhi-110003. Yes**
30.09.2023
Friday 11:00 AM 1st Floor, Core-4A India Habitat Centre Lodhi Road, New Delhi-110003. No
03.11.2023

Notes:-
* Raising of capital through an IPO of equity share including, any discount and reservation contemplated in the offer.
** Amendment in Articles of Association of the Company.

No Resolution was passed through Postal Ballot during FY 2023-24 and presently, no special resolution is also proposed to be passed
through Postal Ballot during the FY 2024-25.

90
7 MEANS OF COMMUNICATION 8 GENERAL SHAREHOLDER INFORMATION

a) Quarterly results: The Company's quarterly / half yearly / annual v Annual General Meeting for the FY 24
financial results are sent to the Stock Exchanges and normally The ensuing 37 t h Annual General Meeting (AGM) of
published in 'Navbharat Times (Hindi), The Times of India, The shareholders of the Company will be held on the following date,
time & venue:
Economic Times, Business Standard and Mint (English)
newspapers. Results are also available on the website of the Date 24thJune, 2024

Company. Time 03:30 P.M. (IST)

Venue Through Video Conferencing (VC) & Other Audio
b) Media Releases: Official media releases are sent to Stock Visual Means (OAVM)
Exchanges and are also available on the website of the
v Financial Year
Company.
The Company's Financial year is from 1st April to 31st March.

c) Website: The Company's website www.ireda.in contains v Payment of Dividend

a separate dedicated section “Investor Relations" where For FY 24, the Board of Directors has not recommended any
Shareholder’s information is available dividend. Further, the Company has obtained exemption for
payment of dividend from DIPAM for FY 24.
d) A n n u a l R e p o r t : T h e A n n u a l R e p o r t i s s e n t t o t h e
v Dividend Distribution Policy
Stock Exchange, Shareholders, Auditors, and Debenture
The Company has formulated a Dividend Distribution Policy in
trustees. Further, the Annual Report is also available on the compliance of Regulation 43A of the SEBI LODR Regulations,
website of the Company. which, inter-alia, specifies the external and internal factors
including financial parameters, that shall be considered while
f) NSE Electronic Application Processing System (NEAPS) / NSE declaring dividend and the circumstances under which the
Digital Portal: NEAPS / NSE Digital Portal is a web-based shareholders of the Company may or may not expect dividend.
application designed by NSE for corporates. All periodical and The policy is available at https://www.ireda.in/images/
htmlfiles/25-%20Dividend%20Distribution%20Policy_
other compliance filings are filed electronically on NEAPS / NSE
2023.pdf
Digital Portal.
v The name and address of each stock exchange(s) at
g) BSE Listing Centre (Listing Centre): Listing Centre is a web- which the listed entity's securities are listed and a
based application designed by BSE for corporates. All confirmation about payment of annual listing fee to each
of such stock exchange(s)
periodical and other compliance filings are filed electronically
on the Listing Centre. Equity shares (ISIN: INE202E01016) and Debenture (Bonds) of
the Company are listed on BSE Limited (BSE) at Phiroze
h) SEBI Complaints Redressal System (SCORES): Investor Jeejeebhoy Towers, Dalal Street, Mumbai – 400001 and
complaints are processed at SEBI in a centralised web-based National Stock Exchange of India Limited (NSE) at “Exchange
complaints redressal system. The salient features of this system Plaza”, C- 1, Block G, Bandra - Kurla Complex, Bandra (E),
are centralised database of all complaints, online upload of Mumbai - 400 051.
Action Taken Reports by concerned companies and online Scripe code of Equity are:
viewing by investors of actions taken on the complaint and NSE-IREDA
their current status.
BSE-544026
i) Designated Exclusive email-id: For handling shareholders Annual listing fees have been paid to NSE and BSE for the FY 24.
query, the Company has designed exclusive email id i.e. v Market Price Data
[email protected]
Equity shares of the Company got listed on 29.11.2023
j) Presentations made to institutional investors or to the analysts:
on both the Stock Exchanges i.e. NSE and BSE. Market
The Company has not made any presentation to institutional
Price data from November 2023 onwards are mentioned
investors / analysts under regulation 30 of SEBI (LODR),
below:
Regulations .

91
 Month High (`) Low (`) For Debentures/Bonds:- The details of RTA related to
NSE BSE NSE BSE debentures/bonds alongwith debenture trustees are
Nov, 2023 68.9 68.91 50 49.99 mentioned in this report at point no.12.
Dec, 2023 123.2 123.37 61.5 61.51 v Investor Grievance Redressal
Jan, 2024 187.15 187.15 100.2 100.4 Securityholders may contact to the Company also at:
Feb, 2024 214.8 215 141.8 141.8 Ms. Ekta Madan
Mar, 2024 163.70 164 121.05 121 Company Secretary
Address: 1 s t Floor, Core 4A, East Court, India Habitat
Source: website of BSE and NSE
centre Lodhi Road, New Delhi-110003.
v Performance in comparison to broad-based indices such Email: [email protected]
as BSE sensex, CRISIL Index etc.
v Share Transfer System
Monthly performance in comparison to indices are mentioned All the equity shares of the Company are in dematerialized
for November onwards. form. Transfer of equity shares in electronic form are done
through the depositories with no involvement of the Company.
Pursuant to SEBI (LODR) Regulations, 2015 certificate on yearly
basis confirming due compliance of shares transfer formalities
by the Company from a Practicing Company Secretary have
been submitted to Stock Exchanges within stipulated time.
v Shareholding Pattern
A Category wise shareholding pattern as on March 31, 2024

Category No. of % to
Shares Equity Share
President of India 201,58,22,829 75.00%
Resident Individuals 57,32,42,133 21.33%
Mutual Fund 1,42,11,090 0.53%
Hindu Undivided Family 1,37,65,837 0.51%
Alternative Investment Fund 1,83,180 0.01%
Banks 5,000 0.00%
Insurance Companies 1,07,99,329 0.40%
NBFCs registered with RBI 2,85,659 0.01%
Foreign Portfolio Investors Category I 3,44,51,806 1.28%
Foreign Portfolio Investors Category II 21,68,506 0.08%
Directors and their relatives (excluding 30,360 0.00%
Independent Directors and nominee
Directors)
Key Managerial Personnel 7,820 0.00%
Source: BSE and NSE. The Chart are prepared based on closing prices of Month. Non Resident Indian(NRI) 1,08,79,679 0.40%
Further, none of the Bonds (Debenture) and Equity Shares were Foreign Nationals 3,000 0.00%
suspended from trading during the FY 24. Bodies Corporate 1,06,55,744 0.40%
Trusts 36,420 0.00%
v Registrar to an issue & Share Transfer Agents
Body Corp-Ltd Liability Partnership 12,07,214 0.04%
Clearing Member 8,400 0.00%
For Equity
Link Intime India Private Limited TOTAL 268,77,64,706 100.00%
Add-C 101,247 Park,L.B.S.Marg,Vikhroli (West),Mumbai 400083. B Distribution of shareholding
Tel : 022 - 4918 6270
[email protected] Distribution of shareholding as on 31st March 2024 is as
Company Investor Id: [email protected] follows: -

92
 Particulars Number of % of Number of % of Total risk through various instruments like forwards, options and
Shareholders Share- Shares held share swaps.
holders
 Plant Locations
1-1000 21,15,482 96.44 32,06,49,070 11.92
The Company has a solar power project of 50 MW,at Kasargod
1001-2000 433,36 1.97 6,34,23,544 2.35
in the state of Kerala.
2001- 3000 13,153 0.59 3,33,67,771 1.24

3001-4000 5,931 0.27 2,11,18,877 0.78  Address for correspondence

4001-5000 4,474 0.20 2,10,20,177 0.78 Registered 1st Floor, Core-4A, East Telephone no.
5001-10000 7,531 0.34 5,33,02,674 1.98 Office Court,India Habitat Centre 011-24682206-19
10001 &above 3,526 0.16 217,48,82,593 80.91
Lodhi Road, New Delhi-
110003.
 Dematerialization of shares and liquidity Corporate 3rd Floor, August Kranti Telephone no.
Office Bhawan, Bhikaji Cama 011-26717400-12
The equity shares of the Company are in dematerialized
Place, New Delhi-110066.
segment and available for trading under systems of both
National Securities Depository Limited (NSDL) and Central
Business NBCC office complex, Telephone no.
Depository Services (India) Limited (CDSL). Reconciliation of
Center office Block No. II, Plate B 011- 24347729-99
Share Capital Audit Report obtained from Practicing Company th
7 Floor, East Kidwai
Secretaries has been submitted to the Stock Exchanges within Nagar, New Delhi-110023.
the stipulated time.

The correspondence details of the Depositories are as under:  List of all Credit Ratings obtained by the entity along with
any revision thereto during the relevant financial year for
Name & address of the Telephone/Email ID/Website all debt instrument of such entity or any fixed deposit
Depository Programme or any scheme or proposal of the listed
entity involving mobilization of funds whether in India or
National Securities Telephone: +91-22-2499 4200 abroad.
Depository Limited Toll free Number: 1-800 222 990
The domestic debt instruments of your Company are rated
Trade World, 4th Floor, E-mail ID:[email protected], “AAA” “Stable” by ICRA Ltd, India Ratings & Research Private
Kamala Mills Compound, [email protected] Limited, and Brickwork Ratings India Private Limited and “AA+”
Senapati Bapat Marg, Website: www.nsdl.co.in “Positive” by CareEdge Ratings. Further, term loans & short
term loan from banks & financial institutions have been
Lower Parel (West),
assigned “AAA” “Stable” rating by Acuite Ratings & Research Ltd,
Mumbai-400013. India Ratings & Research Private Limited and Brickwork Ratings
Central Depository Telephone:+91-22-23058640/ India Private Limited.
Services (India) Limited 24/39/42/63 GoI Fully Serviced Bonds are rated “AAA “Stable” from India
Marathon Futurex,A-Wing, Toll free Number: 1-800-225-533 Ratings & Research Private Limited, ICRA Limited and CareEdge
25th Floor,NM Joshi Marg E-maiID:[email protected] Ratings.
Lower Parel, Mumbai- [email protected]
400013. Website: www.cdslindia.com
Revision in Rating of domestic debt instruments during
FY 24 are as under :
 Outstanding Global Depository Receipts (GDR) and
Sl. Rating Previous Rating Current Remarks
American Depository Receipts (ADR) warrants or any No. Agency Rating
convertible instruments, conversion date and likely 1. India IND AA+/ Positive IND AAA / Upgraded
Ratings Stable
impact on equity
2. Brickwork BWR BB+/Stable/ BWR AAA / Removal from
Ratings ISSUER NOT Stable ISSUER NOT
No GDR and ADR Warrants/Convertible Instruments have been COOPERATING* COOPERATING
issued by the Company. category/
Upgraded

 Commodity price risk or foreign exchange risk and *In July 2023, Brickworks Rating migrated your Company rating to “AAA Stable
hedging activities 'Issuer Not Cooperating” from “AAA Stable” and later in January 2024
downgraded to BWR BB+/Stable/ ISSUER NOT COOPERATING. This was on
The Company does not deal in commodities hence disclosure is account of an ongoing challenge to Brickwork's license, owing to which the
not required to be provided. Your Company has put in place Risk Company sought information on the validity of the license before providing data.
Management (CRM) policy to manage risks associated with However, during February 2024, rating was further upgraded to BWR AAA
foreign currency borrowings. The Company enters into /Stable/Removal from ISSUER NOT COOPERATING category/Upgrade.
hedging transactions to cover exchange rate and interest rate

93
9. DISCLOSURES accordance with the provisions of the Companies Act,
2013 read with Rules made thereunder, SEBI (LODR)
• The Company has complied with all the requirements of Listing
Regulations,2015 and DPE Guidelines on Corporate
Regulations, the Companies Act, 2013, Secretarial Standards
Governance. The Whistle Blower Policy enables the Directors /
and Guidelines on Corporate Governance for CPSEs, issued by
employees of the Company to raise concerns regarding any
DPE.
alleged malpractice or wrong doing, which could affect the
• RBI has introduced Scale Based Framework (SBR) for NBFCs
business or reputation of the Company. The complaints can be
effective from 01st October, 2022 and subsequently in the form
made to the Competent Authority in the manner prescribed
of master direction viz. Master Direction – Reserve Bank of
under the Policy. No personnel of the Company have been
India (Non-Banking Financial Company – Scale Based
denied access to the Audit Committee in the context of action
Regulation) Directions, 2023 dated 19th October 2023, and
under the Policy.
st
updated on 21 March 2024 categorising NBFCs in four layers
The Whistle Blower Policy of IREDA is available at
based on their size, activity, and risk perception. The Company,
https://www.ireda.in/images/HTMLfiles/Policy%20on%20Vigi
being Government owned, is categorised as NBFC – Middle
l%20Mechanism1.pdf
Layer and is subject to the guidelines / regulation as mentioned
in the aforesaid framework and master direction. • No Presidential Directive was issued to the Company during
• As required under statutory provisions, all returns, reports and the last 3 years.
disclosures were filed with the stock exchanges and other • The Company does not have subsidiary company hence there
authorities within the stipulated time. is no policy for determining material subsidiary.
• A disclosure on transactions entered into with the related • The Company has not raised funds through preferential
parties as required by the Ind AS 24 "Related Parties Disclosures" allotment or qualified institutions placement as specified
is given at Note 38(10) Notes to the Accounts of the financial under Regulation 32(7A) of SEBI LODR Regulations. However,
statements in the Annual Report. The policy on Materiality of the Company has raised the funds through Initial Public Offer
Related Party Transactions and Dealing with Related Party (IPO). Details of net proceeds are mentioned in the financial
Transaction as approved by the Board can be accessed at statements.
https://www.ireda.in/Images/HTML • A certificate from a company secretary in practice has been
files/ IREDA_Policy%20on%20Materality%20of%20Related% obtained that none of the directors on the Board of the
20Party%20Transections(1).pdf. company have been debarred or disqualified from being
appointed or continuing as directors of companies by the SEBI,
• Details of non-compliance with requirement of Companies
MCA or any such statutory authority. The certificate is attached
Act, 2013 and Penalties, strictures imposed by RBI, stock
as Annexure-A.
exchange(s) or SEBI or any statutory authority, on any matter
related to capital markets or guidelines issued by the Govt. • During the FY 24, there was no instance where the Board of
during the last three years: Directors did not accept the recommendation given by any
Board-level Committee of the Company.
During the last 3 years, no penalties, strictures imposed on the
• The Detail of fees paid to the Statutory Auditors by the
Company by RBI, Stock Exchanges, or SEBI or any statutory or
Company during FY 2023-24 is shown in 'Note 38 (38) -Notes
regulatory authority related to capital market. However,
to the Account' under sub-head 'Payments to Statutory
Ministry of Corporate Affairs vide its order dated 30.09.2022
Auditors'.
imposed the penalty of `2,62,000/- for violation of Section
149(1) of the Companies Act, 2013 for non-appointment of • To indemnify the Directors and Officers, the Company has
woman Director. An appeal dated October 14, 2022 seeking the obtained a Director and Officer Liability Insurance Policy for
waiver of the penalty in this regard has been filed with the Directors, KMP, General Manager and above level officer of the
Regional Director (Northern Region), MCA. Hearings in the Company.
matter are ongoing. Further, Woman Director has been • The Company has not provided any loan and advances to
appointed on the Board of the Company w.e.f. March 9, 2023. Directors except as a part of the conditions of service extended
Since then, the Company is in compliance with the provision of by the Company to all its employees.
the Companies Act, 2013. • Your Company is committed to foster a positive workplace
Being a Government company, the appointment of directors environment, free from harassment of any nature and takes
vests with the President of India in accordance with the articles strong and stringent action in the event of reporting of any
of association of the Company. Hence, the Company is not such incident. The Company has in place an Internal
empowered to appoint any Director. Complaints Committee to examine the cases of sexual
harassment under the "Sexual Harassment of Women at
Ÿ ·Whistle Blower Policy:- Workplace (Prevention, Prohibition and Redressal) Act, 2013.
The Company has a Whistle Blower Policy in place, in Details are as follows:

94
 • There are no arrangements or understanding with the major
Sl. Particulars No of Complaints customers, suppliers or other shareholders of the Company
No except with, the President of India, acting through the Ministry
1 Number of Complaints filed during NIL of New and Renewable Energy, Government of India (holding
75% shares in the company), pursuant to which any of the
FY 2023-24. Directors were selected or appointed as a Director.
2 Number of Complaints disposed of NIL • The Company has adopted all suggested items to be included in
during FY 2023-24. the Report on Corporate Governance as per DPE guidelines and
3 Number of Complaints pending as NIL SEBI LODR Regulations and given requisite disclosure in the
report. In pursuance of Guidelines on Corporate Governance
on end of the FY 2023-24. for Central Public Sector Enterprises (CPSEs), 2010, issued by
• Disclosures with respect to demat suspense account/ DPE, compliance reports were submitted to MNRE within 15
unclaimed suspense account days from the close of the quarter. Also, the Report containing
Annual Score (consolidated score of four quarters) was
Particulars Number submitted to MNRE within prescribed time.
of cases The Company has also submitted to the Stock Exchanges,
& shares quarterly compliance reports on Corporate Governance under
Aggregate number of shareholders and out- Regulation 27(2)(a) of SEBI LODR Regulations, for all the
standing unclaimed shares in the Suspense A/c quarters of financial year 2023-24 within the stipulated time.
as on 1-Apr-2023
Number of shareholders who approached the Report for Quarter ended Date of Submission
Company for transfer of unclaimed shares from of Report
the Suspense A/c during the financial year NIL June 30, 2023 20.07.2023
Number of shareholders to whom unclaimed
September 30, 2023 18.10.2023
shares were transferred from the Suspense A/c
during the financial year December 31, 2023 11.01.2024
Aggregate number of shareholders and the March 31, 2024 16.04.2024
outstanding unclaimed shares in the Suspense
A/c as on 31- Mar- 2024 • The Balance Sheet, the statement of change in equity and the
statement of profit and loss are presented in the format
• Discretionary Requirements: Besides the mandatory prescribed under Division III of Schedule III of the Companies
requirements, as mentioned in preceding pages, the status of Act 2013 for NBFC that are required to comply with Ind AS. The
compliance with the discretionary requirements under statement of cash flow has been presented as per the
Regulation 27(1) of SEBI (LODR) are as under:- requirement of Ind AS 7 -Statement of Cash Flow.
1. The Board: The Company is headed by an Executive • The Company has not incurred any expenditure, which is not
Chairman.
for the purpose of the business.
2. Shareholder Rights: The financial results (quarterly, half
• Administrative and office expenses as a percentage of total
yearly and yearly) of the Company are uploaded on the
expenses for the FY 24 is 2.33 % (Previous Year 3.04% and as a
website https://www.ireda.in/
percentage of financial expenses for the FY 24` is 2.42%
3. Modified opinion(s) in audit report: The Statutory Auditors (Previous Year 3.41%).
have issued unmodified opinion on the standalone
financial statements of the Company for the year ended • As required under Regulation 17(8) of SEBI LODR Regulations,
st the certificate duly signed by Chairman & Managing Director
31 March, 2024.
and CFO was placed before the Board of Directors and
4. Separate Post of Chairperson and the Managing Director or attached as Annexure-B.
the Chief Executive Officer: There are no separate posts of
Chairman and CEO. Being a Government Company, the • The Compliance with Corporate Governance requirements
role of CEO is performed by the Chairman & Managing specified in Regulation 17 to 27 and Clauses (b) to (i) of sub-
Director. regulation (2) of regulation 46 and other applicable regulations
of SEBI (LODR) Regulations, 2015 have been made to the extent
5. Reporting of Internal Auditor: Report of the Internal
Auditor are placed before the Audit Committee on compliances are within the ambit of the Company. The
quarterly basis. Compliance Certificate on Corporate Governance by the
Practicing Company Secretary is attached with the Directors'
• There were no transactions by the Company of material nature Report.
with Promoters, Directors or the Management, their relatives
etc. that may have potential conflict with the interests of 10. SECRETARIAL AUDIT
Company at large. The Non-Executive Director had no
pecuniary relationships or transactions vis-à-vis the Company The Secretarial Audit for the FY 24 has been conducted by M/s P.C.
during the year in their tenure. Jain & Co., Company Secretaries and they have submitted their

95
 Secretarial Audit Report to the Company. Copy of Secretarial Audit 12. DETAILS OF DEBENTURE TRUSTEES AND REGISTRAR TO
Report forms part of the Annual Report. AN ISSUE OF BONDS
11. AUDIT QUALIFICATION The Company has issued Debenture/Bonds from time to time.
The Details of the present series of the Debenture Trustee are
There are no Statutory Auditor's Qualification pertaining to FY mentioned below:
24.

Name of Debenture ISIN Series No. Security Description Stock Exchange Registrar & Share
Trustee where the bond Transfer Agent
is listed

Vistra (ITCL)India Ltd INE202E07062 IIIB IREDA Taxable Bonds NSE Link Intime India Private Limited,
Vistra ITCL (India) C 101, 247 Park,
INE202E07096 VB IREDA Taxable Bonds NSE
Limited, Plot-C-22, L.B.S.Marg Vikhroli (West),
G Block, Bandra, INE202E07179 XIVC IREDA Tax Free Bonds NSE Mumbai - 400083.
Mumbai- 400051 Tel : 022 - 49186270
INE202E07260 VIIA IREDA Taxable Green Bonds NSE & BSE
Colony, New Delhi –
INE202E07278 VIIB IREDA Taxable Green Bonds NSE & BSE E-mail:
[email protected];
INE202E08045 VIII IREDA Taxable Unsecured NSE & BSE
[email protected]
Subordinated Tier-II Bond

INE202E07286 IX-A IREDA Taxable Bonds NSE & BSE

INE202E07294 IX-B IREDA Taxable Bonds NSE & BSE

INE 202E08060 X IREDA Taxable Unsecured NSE & BSE

Subordinated Tier-II Bond

INE202E07187 XIV-1A IREDA Tax Free Bonds BSE KFin Technologies Limited
C 101, 247 Park,
INE202E07195 XIV-2A IREDA Tax Free Bonds BSE
Selenium Tower B, plot No- 31
INE202E07203 XIV-3A IREDA Tax Free Bonds BSE & 32, Financial District
Nanakramguda, Seri
INE202E07211 XIV-1B IREDA Tax Free Bonds BSE
Lingampally Hyderabad
INE202E07229 XIV-2B IREDA Tax Free Bonds BSE Rangareddi,
Telangana - 500032, India
INE202E07237 XIV-3B IREDA Tax Free Bonds BSE
+91 40 6716 2222, E-mail id :
INE 202E 07245 VIA IREDA Taxable Green Bonds NSE & BSE [email protected]

INE 202E 07252 VIB IREDA Taxable Green Bonds NSE & BSE

INE 202E 08011 I GOI Fully Serviced Bonds NSE & BSE

INE 202E 08029 IA GOI Fully Serviced Bonds NSE & BSE

INE 202E 08037 IB GOI Fully Serviced Bonds NSE & BSE
SBICAP Trustee INE 202E08078 XI-A IREDA Unsecured Taxable Bonds NSE & BSE Link Intime India Private Limited
Company Limited C 101, 247 Park, L.B.S.Marg
INE 202E08086 XII-A IREDA Unsecured Taxable Bonds NSE & BSE
SBICAP Trustee Vikhroli (West), Mumbai -
Company INE 202E08086 XII-B IREDA Unsecured Taxable Bonds NSE & BSE 400083. Tel : 022 - 4918 6270
Limited, Mistry E-mail:
th INE 202E08102 XII-C IREDA Unsecured Taxable Bonds NSE & BSE
Bhawan, 4 Floor, 122 [email protected] ;
INE 202E08110 XII-D IREDA Unsecured Taxable Bonds NSE & BSE [email protected]
Dinshaw Vachha
Road, Churchgate, INE202E07120 XIII-2A IREDA Tax Free Bonds NSE & BSE
Mumbai – 400020
INE202E07146 XIII-3A IREDA Tax Free Bonds NSE & BSE

INE202E07138 XIII-2B IREDA Tax Free Bonds NSE & BSE

INE202E07153 XIII-3B IREDA Tax Free Bonds NSE & BSE

INE 202E07161 XIII C IREDA Tax Free Bonds NSE & BSE

96
 Name of Debenture ISIN Series No. Security Description Stock Exchange Registrar & Share
Trustee where the bond Transfer Agent
is listed

Beacon Trusteeship Ltd INE 202E 08128 XV-A IREDA Unsecured Taxable Bonds NSE & BSE RCMC Share Registry Pvt. Ltd
Mr. Kautubh Kulkarni B-25/1, First Floor, Okhla Industrial
INE 202E 08136 XV-B IREDA Unsecured Taxable Bonds NSE & BSE
4C & D Siddhivinayak Area, Phase – II, New Delhi –
Chambers Ghandhi INE 202E 08144 XV-C IREDA Unsecured Taxable Bonds NSE & BSE 110020 Phone: 011-26387320;
Nagar, Opp. MIG 011- 35020465,Mobile:8527695125
INE 202E 08151 XV-D IREDA Unsecured Taxable Bonds NSE & BSE
Cricket Club Bandra E-mail:
(East) Mumbai-400051 INE 202E 08169 XV-E IREDA Unsecured Taxable Bonds NSE & BSE [email protected]
Tel. No. 022-26558759
INE 202E 08177 XV-F IREDA Unsecured Taxable Bonds NSE & BSE
Email Id:
[email protected] INE 202E 08185 XV-G IREDA Unsecured Taxable Bonds NSE & BSE

INE 202E 08193 XV-H IREDA Unsecured Taxable Bonds NSE & BSE

97
 ANNEXURE-A
CERTIFICATE OF NON-DISQUALIFICATION OF DIRECTORS
(Pursuant to Regulation 34 (3) and Schedule V Para C clause (10) (i) of theSEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015)

To,
The Members
Indian Renewable Energy Development Agency Limited
India Habitat Centre 1st Floor, East Court,
Core 4-A, Lodhi Road, New Delhi-110003

We have examined the relevant registers, records, forms, returns and disclosures received from the Directors of Indian
Renewable Energy Development Agency Limited (CIN:L65100DL1987GOI027265) and having registered office at India Habitat
Centre, 1st Floor, East Court, Core 4-A, Lodhi Road, New Delhi- 110003 (hereinafter referred to as 'the Company'), produced
before us by the Company for the purpose of issuing this Certificate, in accordance with Regulation 34(3) read with Schedule V
Para-C Sub clause 10 (i) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015.

In our opinion and to the best of our information and according to the verifications (including Directors Identification Number
(DIN) status at the portal www.mca.gov.in) as considered necessary and explanations/ representations furnished to us by the
Company & its Director/ officers, we hereby certify that none of the Directors on the Board of the Company as stated below for
the Financial Year ended as on 31st March, 2024 have been debarred or disqualified from being appointed or continuing as
Directors of companies by the Securities and Exchange Board of India, Ministry of Corporate Affairs, or any such other Statutory
Authority:

S. Name of Director DIN Designation Date of Date of

No. Appointment Cessation
1 Shri Pradip Kumar Das 07448576 Chairman & Managing Director 06/05/2020 NA
2 Shri Shabdsharan N Brahmbhatt 09483059 Independent Director 28/01/2022 NA
3 Shri Jaganath C M Jodidhar 09556253 Independent Director 31/03/2022 NA
4 Shri Padam Lal Negi 10041387 Govt. Nominee Director 07/02/2023 NA
5 Sh. Ajay Yadav 10046617 Govt. Nominee Director 14/02/2023 NA
6 Smt. Rohini Rawat 10064820 Independent Director 09/03/2023 NA
7 Shri Ram Nihal Nishad 10064841 Independent Director 09/03/2023 NA
8 Shri Bijay Kumar Mohanty 08816532 Whole-Time Director 12/10/2023 NA

Ensuring the eligibility of the appointment/ continuity of every Director on the Board is the responsibility of the management of
the Company. Our responsibility is to express an opinion on these based on our verification. This certificate 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.
For P. C. Jain & Co.
Company Secretaries
FRN: P2016HR051300

Sd/-
(P C Jain)
Place: Faridabad Managing Partner
Date: 09/05/2024 M No. 4103
UDIN: F004103F000338327 COP No. 3349

98
 ANNEXURE-B
The Board of Directors
IREDA Limited

COMPLIANCE CERTIFICATE
(As per Regulation 17(8) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

The following compliance certificate is furnished

A. The financial statements and the cash flow statement for the period ended 31.03.2024 have been reviewed and that to the
best of our knowledge and belief:

a. these statements do not contain any materially untrue statement or omit any material fact or contain statements
that might be misleading.

b. these statements together present a true and fair view of the Company’s affairs and are following existing
accounting standards, applicable laws and regulations.

B. These are, to the best of our knowledge and belief, no transactions entered into by the Company during the period ended
31.03.2024, which are fraudulent, illegal or violative of the code of conduct.

C. We accept responsibility for establishing and maintaining internal controls for financial reporting and have evaluated the
effectiveness of internal control systems of the Company pertaining to financial reporting and have disclosed to the
auditors and the audit committee, deficiencies in the design or operation of such internal controls, if any, of which we are
aware, and the steps taken or propose to take to rectify these deficiencies.

D. We have indicated to the auditors and the Audit Committee:

a. Significant changes in internal control over financial reporting during the period.

b. Significant changes in accounting policies during the period ended 31.03.2024 and that the same have been
disclosed in the notes to the financial statements; and

c. 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.

Sd/- Sd/-
Dr. Bijay Kumar Mohanty Pradip Kumar Das
Director (Finance) & CFO Chairman & Managing Director

Date : 19.04.2024

99
 Business Responsibility & Sustainability Report
SECTION A: GENERAL DISCLOSURES

I. Details of the listed entity

1. Corporate Identity Number (CIN) of the Listed Entity L65100DL1987GOI027265

2. Name of the Listed Entity Indian Renewable Energy Development Agency Limited

3. Year of incorporation 1987

4. Registered office address Core 4A, 1st Floor India Habitat Centre, Lodhi Road,
New Delhi, 110003

5. Corporate address 3rd Floor, August Kranti Bhawan, Bhikaji Cama Place, New
Delhi – 11 00 66

6. E-mail [email protected]

7. Telephone 011-26717400

8. Website www.ireda.in

9. Financial year for which reporting is being done 2023-24

10. Name of the Stock Exchange(s) where shares are listed NSE and BSE

11. Paid-up capital 26,87,76,47,060

12. Name and contact details (telephone, email address) of Shri Sushant Kumar Dey
the person who may be contacted in case of any queries 011-24347729
on the BRSR report [email protected]

13. Reporting boundary - Are the disclosures under this Standalone basis
report made on a standalone basis (i.e. only for the entity)
or on a consolidated basis (i.e. for the entity and all the
entities which form a part of its consolidated financial
statements, taken together)

14. Name of assurance provider Not Applicable

15. Type of assurance obtained Not Applicable

II. Products/services

16. Details of business activities (accounting for 90% of the turnover):

Description of main activity Description of business activity % of turnover of entity

1 Financial and Insurance Service Other financial activities 100

100
17. Products/Services sold by the entity (accounting for 90% of the entity's Turnover):

S. Product/Service NIC Code % of total turnover contributed

no.

1 Other Credit Granting 65999 100

Note:
The NIC code is reported in line with the Board Resolution for adopting the 2004 version of NIC code for the Company.

III. Operations

18. Number of locations where plants and/or operations/offices of the entity are situated:

Location Number of plants Number of offices Total

National 1 10 11

International 0 0 0

19. Markets served by the entity:

a. Number of locations

Location Number

National (No. of States) Pan India (28 States + 8 UTs)

International (No. of Countries) 0

a. What is the contribution of exports as a percentage of the total turnover of the entity?

Nil

b. A brief on types of customers

The Customers are any entity that avails financial assistance or services from the Company for Renewable Energy and
Energy Efficiency projects. The Company serves the market throughout India. The key products of the Company include
long term loans, medium term loans and short terms loans etc. for the entire Renewable Energy sector value chain.
Customers of the Company include Private Sector Companies/Firms/LLPs, Central Public Sector Undertaking (CPSU), State
Utilities - Discoms / Transcos / Gencos / Corporations and Joint Sector Companies.

IV. Employees

20. Details as at the end of financial year:

a. Employees and workers (including differently abled):

S. Particulars Total Male Female

No. (A)

No. (B) % (B / A) No. (C) % (C / A)

EMPLOYEES

1. Permanent (D) 174 128 74 46 26

2. Other than Permanent (E) 0 0 0 0 0

3. Total employees(D + E) * 174 128 74 46 26

101
 S. Particulars Total Male Female
No. (A)

No. (B) % (B / A) No. (C) % (C / A)

WORKERS

4. Permanent (F) 1 1 100 0 0

5. Other than Permanent (G) 0 0 0 0 0

6. Total workers (F + G) 1 1 100 0 0

* Including Board Level Executive

b. Differently abled Employees and workers:

S. Particulars Total Male Female

No. (A)

No. (B) % (B / A) No. (C) % (C / A)

Differently Abled Employees

1. Permanent (D) 5 5 100 0 0

2. Other than Permanent (E) 0 0 0 0 0

3. Total differently abled employees (D + E) 5 5 100 0 0

Differently Abled Workers

4. Permanent (F) 0 0 0 0 0

5. Other than Permanent (G) 0 0 0 0 0

6. Total differently abled workers (F + G) 0 0 0 0 0

21. Participation/Inclusion/Representation of women:

Total (A) No. and Percentage of Females

No. (B) % (B / A)

Board of Directors 8 1 13

Key Management Personnel 3 1 33

22. Turnover rate for permanent employees and workers (Disclose trends for the past 3 years)

FY FY FY
2023-24 2022-23 2021-22

Male Female Total Male Female Total Male Female Total

Permanent Employees 2.98% 0.60% 3.57% 1.26% 0 1.26% 0 0 0

Permanent Workers 0 0 0 0 0 0 0 0 0

* Excluding superannuation

102
V. Holding, Subsidiary and Associate Companies (including joint ventures)

23. (a) Names of holding / subsidiary / associate companies / joint ventures

Sl. Name of the holding Indicate whether holding/ % of shares Does the entity indicated at column
no. / subsidiary / associate Subsidiary/ Associate/ held by listed A, participate in the Business
companies / joint ventures (A) Joint Venture entity Responsibility initiatives of the
listed entity? (Yes/No)

- - - - -

VI. CSR Details

24. i. Whether CSR is applicable as per section 135 of Companies Act, 2013 (Yes/No):
YES
ii. Turnover (in `) : 49,65,29,11,024
iii. Net worth (in `) : 85,59,42,54,277

VII. Transparency and Disclosures Compliances

25. Complaints/Grievances on any of the principles (Principles 1 to 9) under the National Guidelines on Responsible Business
Conduct:

Stakeholder Grievance FY 2023-24 FY 2022-23

group from Redressal Number of Number of Remarks Number of Number of Remarks
whom Mechanism in complaints filed complaints pending complaints filed complaints pending
complaint is Place (Yes/No) during the year resolution at close during the year resolution at close
Received (If Yes, then of the year of the year
provide web-link
for grievance
redressal policy)

Communities Yes 13 Nil Nil 5 Nil Nil

For Citizen/ Consumer: (All through (All through
https://www.ireda.i n/ CPGRAMs) CPGRAMs)
citizen-charter Also
through CPGRAM

I n v e s t o r s Yes, bondholders can 28 Nil Timely 59 Nil Timely

( o t h e r t h a n register their complaints/ redressal of redressal of all
shareholders) g r i e v a n c e s a t t h e all complaints
Company's email id: complaints
iredabonds24@ireda. in

Also, bondholders have

the option to directly
reach out to the
respective RTAs. The
details of the RTAs and
their email id can be
found at the link:
https://www.ireda.in/
investor-service-cell

103
 Stakeholder Grievance FY 2023-24 FY 2022-23
group from Redressal Number of Number of Remarks Number of Number of Remarks
whom Mechanism in complaints filed complaints pending complaints filed complaints pending
complaint is Place (Yes/No) during the year resolution at close during the year resolution at close
Received (If Yes, then of the year of the year
provide web-link
for grievance
redressal policy)

Shareholders Yes, Shareholders can 2246 4 All the Nil Nil Nil
register their complaints/ Complaints
grievances at the (Including
pending
Company's email id:
complaints)
equityinvestor2023@
were suitably
ireda.in; www.ireda.in/ resolved in a
invest or service cell timely manner
Nil Nil Nil
E m p l o y e e s Yes 1 Nil
and workers https://ireda.operations.
dynamics.com/?cmp=
irn&mi=HcmEmployee
SelfService Workspace

Customers Yes Nil Nil Nil Nil Nil Nil

Value Chain Not Applicable

Partners Not Applicable

Other (please Not Applicable

specify)

26. Overview of the entity's material responsible business conduct issues

Please indicate material responsible business conduct and sustainability issues pertaining to environmental and social matters
that present a risk or an opportunity to your business, rationale for identifying the same, approach to adapt or mitigate the risk
along-with its financial implications, as per the following format:

Sl. Material issue Indicate Rationale for In case of risk, approach to adapt or mitigate Financial
no. identified whether risk or identifying the implications of
opportunity risk / opportunity the risk or
(R/O) opportunity
1 Climate Change Risk Physical risks to As a key player in the RE sector and as a Negative
assets due to responsible financial institution, your Company
adverse impact has adopted a comprehensive Environmental
of climate and Social Management System (“ESMS”) to
change may lead identify and mitigate environment impacts, if
any, of the projects funded.
to operational
challenges The Company carries out environment and
social screening of eligible projects and
categorize these based on severity of impact
envisaged in parallel with our loan appraisal
process.
During this process of screening, the Company
works proactively in partnership with the energy
ecosystem stakeholders to develop and deepen
their focus on environmental and social issues.

104
Sl. Material issue Indicate Rationale for In case of risk, approach to adapt or mitigate Financial
no. identified whether risk or identifying the implications of
opportunity risk / opportunity the risk or
(R/O) opportunity
2 Climate Change/ Opportunity As India's largest As adverse impacts of climate change are Positive
Decarbonization pure-play green increasingly becoming apparent, countries are
financing NBFC, coming together to develop mitigation and
your Company is adaptation technologies which can ameliorate
well positioned the impact of climate change. As India's largest
for the transition pure-play green financing NBFC, your Company
to a low carbon is positioned as the lender of choice for projects
economy involving green and clean energy technologies.
The ambitious GoI target for 500 GW non-fossil
fuel installed capacity by 2030 requires
significant investments which present a large
market opportunity for your Company. Hence,
the growth of decarbonization technologies in
response to climate change present an
attractive business opportunity.

3 ESMS Focus Opportunity The Company ESMS is a major pillar of Company's business Positive
has adopted a strategy.
comprehensive
Environmental
and Social
Management
System (“ESMS”)
to identify and
mitigate the
impacts, if any,
of the projects
funded by the
Company on the
environment
and society at
large

4 C u s t o m e r Opportunity C u s t o m e r Your Company is committed to enhancing Positive

Satisfaction satisfaction helps customer satisfaction and experience through a
in building host of amenities offered to borrowers. Some
long-term of the key initiatives include:
relationships and (1) Frequent borrower meetings chaired by
business growth the CMD to address borrower concerns towards
updating policy and products.

(2) Online Customer Portal that serves as a

single point of contact for filing applications,
uploading documentation, and receiving alerts.
Borrowers can track the progress of their
applications in real time and view any
outstanding tasks or next steps via the
Customer Portal.

105
 Sl. Material issue Indicate Rationale for In case of risk, approach to adapt or mitigate Financial
no. identified whether risk or identifying the implications of
opportunity risk / opportunity the risk or
(R/O) opportunity
5 R i s k Opportunity Effective Risk To effectively manage credit risk, market risk, Positive
Management Management can liquidity risk, and operational risk, your
help identify risks Company has established a comprehensive
and mitigate policy framework. A Risk Management
them in time. It
Committee, headed by an Independent
will allow the
Director, ensures independent risk oversight
Company to
a c h i e v e and focused risk management process.
immediate Your company's risk management framework is
b u s i n e s s built upon a thorough comprehension of
objectives by different risks, structured assessment and
addressing issues measurement procedures, and constant
in the strategic monitoring. Further, as risk taxonomies
planning stage, continue to evolve, the Risk Management
thereby leading
approach is periodically revised under the
t o h i g h e r
efficiency. Board's Oversight

6 Data Privacy/ Risk Given your Your Company is ISO 27001:2013 certified and Negative
Cyber Security Company's has an information and cyber security framework
in place, wherein cyber risks are assessed and its
digital ways of
mitigation is monitored and updated. The
working, cyber Information Security Council (ISC), IT Strategy
/information Committee (ITSC) and Board of Directors review
security is of and approve any update on information and
cyber security related matter / policies.
c r i t i c a l
IT Department is responsible for Company's
importance
information and cyber security, ensuring that
policies and procedures are implemented
effectively to safeguard sensitive information,
mitigate cyber threats and protect the
information assets. Plans for managing cyber
security matters have been constituted like Cyber
Crisis Management Plan (CCMP), to adapt /
mitigate any Information and Cyber Security
occurrences. Regular training and awareness
sessions on information and cyber security are
provided to employees and other stakeholders.

7 Digitalization Opportunity Digitization helps Your Company's digital ways of working helps Positive
i m p r o v e streamline operations, improve the customer
operational experience and boost our profitability. The
Company's digital strategy has many facets,
scalability &
including scaling up our automation and
b o r r o w e r
analytics capabilities and incentivizing the use
c e n t r i c i t y, v i a of digital channels through the life cycle of a
h i g h e r loan. The IT systems help with several functions,
operational including loan origination, credit underwriting,
efficiencies, collections and customer service. As your
improved risk Company's operations scale up, IT will unlock
productivity and ease of doing business through
insights and
its digitized processes such as automated case
e f f e c t i v e
allocation and management mechanisms,
management autofill options for smoother customer
review onboarding, among others.

106
 Sl. Material issue Indicate Rationale for In case of risk, approach to adapt or mitigate Financial
no. identified whether risk or identifying the implications of
opportunity risk / opportunity the risk or
(R/O) opportunity
8 HR Practices – Opportunity Employee well- Your Company has a high-performance culture Positive
Our People being, diversity which is driven by highly motivated and
in workforce and competent employees. To optimize the
attracting best potential human capital, your Company
t a l e n t i s provides specialized training programs from
beneficial to various national and international institutes/
your Company organizations, besides in-house training
sessions.

Further, to boost employee wellness, Yoga and

Meditation sessions are conducted in offices
daily, complemented by frequent health camps
and sports events.

Your Company ensures compliance with all

directives and guidelines issued by the
Government of India pertaining to the welfare of
women employees.

SECTION B: MANAGEMENT AND PROCESS DISCLOSURES

This section is aimed at helping businesses demonstrate the structures, policies and processes put in place towards adopting the
NGRBC Principles and Core Elements.

Disclosure Questions P1 P2 P3 P4 P5 P6 P7 P8 P9
Policy and management processes

1. a. Whether your entity's policy/policies cover each Y Y Y Y Y Y Y Y Y

principle and its core elements of the NGRBCs.
(Yes/No)

b. Has the policy been approved by the Board? Y Y Y Y Y Y Y Y Y

(Yes/No)

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ireda.in/ ireda.in/ / ireda.in/ ireda.in/ ireda.in/d ireda.in/ ireda.in/ ireda.in/
code-of- doc/csr/ Accessible code-of- images/ oc/csr/ images/ doc/csr/ doc/
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new.pdf

107
Disclosure Questions P1 P2 P3 P4 P5 P6 P7 P8 P9
Policy and management processes

2. Whether the entity has translated the policy into Y Y Y Y Y Y Y Y Y

procedures. (Yes / No)

3. Do the enlisted policies extend to your value chain NA NA NA NA NA NA NA NA NA

partners? (Yes/No)

4. Name of the national and international codes/ ISO 9001:2015 and ISO 27001:2013
certifications/ labels/ standards (e.g. Forest
Stewardship Council, Fairtrade, Rainforest Alliance,
Trustea) standards (e.g. SA 8000, OHSAS, ISO, BIS)
adopted by your entity and mapped to each
principle.
5. Specific commitments, goals and targets set by Being a Central Public Sector Enterprise, the operational and financial targets for the Company
the entity with defined timelines, if any. for financial year 2023-24 are fixed under the MoU guidelines of the Department of Public
Sector Enterprises (DPE), Government of India. The MoU framework contains various
parameters with marks allocated to each, aggregating to a maximum of 100. A number of
compliances are also spelt out as part of the MoU, which carry negative marks for non-
compliance. Total score achieved above 90 results in excellent rating. The MoU document is
available at the following link https://www.ireda.in/images/HTMLfiles/MoU%202023%202
4_Signed%20on%2021%208%202023.pdf
6. Performance of the entity against the specific The Company enters into Memorandum of Understanding (MoU) with its administrative
commitments, goals and targets along-with Ministry, MNRE under the framework prescribed in MoU Guidelines issued by the Department
reasons in case the same are not met. of Public Enterprises (DPE). The MoU demarcates key performance parameters for the Company
finalized in consultation with the Ministry of New & Renewable Energy (MNRE), Government of
India and the performance of the Company is evaluated vis-à-vis the MoU parameters. The
performance of the Company in terms of MoU signed under the guidelines of the DPE,
Government of India for the financial year 2024 is excellent (provisional), subject to final
evaluation by DPE. For the financial year 2022-23 MoU rating of the Company has been
"Excellent".
7. Statement by director responsible for the business responsibility report, highlighting ESG related challenges, targets and achievements (listed entity
has flexibility regarding the placement of this disclosure)
The Company strives to be a leader in expansion & transitioning renewable energy towards affordability, scalability & establishing sustainability in the
country. We are a pioneering, participant friendly and competitive institution for financing and promoting self-sustaining investment in energy
generation from Renewable Sources, Energy Efficiency and Environmental Technologies for sustainable development.
The Company extends financial support to specific projects and schemes for generating electricity and / or energy through new and renewable
sources and conserving energy through energy efficiency. The Company strives to provide efficient and effective financing in renewable energy and
energy efficiency / conservation projects. As India’s largest pure-play green financing NBFC, our Company has augmented its scope of operations to
support new and emerging technologies such as green transmission, Energy Storage, E-mobility, Energy Efficiency, Smart Metering, Ethanol
& Compressed Biogas production, etc.
As a key player in the RE sector and as a responsible financial institution, The Company has adopted a comprehensive Environmental and Social
Management System (“ESMS”) to identify and mitigate the impacts, if any, of the projects funded by us on the environment and society at large. The
Company carries out environment and social screening of eligible projects and categorizes the projects based on severity of impact envisaged in
parallel with our loan appraisal process. During this process of screening, The Company works proactively in partnership with the energy ecosystem
stakeholders to develop and deepen their focus on environmental and social issues. The Company endeavours to be compliant with global standards
for our ESMS, as sustainability is at the core of our operations.
Further, the Company also owns a 50 MW Solar PV plant at Kasaragod, Kerala which produces clean renewable energy leading to avoidance of
72577.10 Tonnes of CO2 for FY 24.
Additionally, your Company’s appraisal process for loans ensures that the required pollution and environmental clearances are obtained by its
borrowers. The Company ensures that it is compliant with all the statutory and regulatory requirements and the appropriate reporting / filings in
this regard are done timely without any lapse. The Company follows a well-defined procurement policy for procurement of goods and services. The
IT infrastructure security and management systems are well deployed including disaster recovery. The HR Policies of the Company ensure holistic
employee well-being and benefits, career progression, adequate training, safety and encouragement for women employees and well-defined
grievance redressal mechanism, thus ensuring proper governance.
These achievements exemplify your Comapny's dedication to integrate ESG principles into its operations and fostering a more sustainable future.
Governance, leadership and oversight
8. Details of the highest authority responsible for
implementation and oversight of the Business Board of Directors
Responsibility policy (ies).
9. Does the entity have a specified Committee of the Yes
Board/Director responsible for decision making on Director (Technical)
sustainability related issues? (Yes / No). If yes, Contact: 011-24347729
provide details. Email: [email protected]

108
10.Details of Review of NGRBCs by the Company:
Subject for Indicate whether review was undertaken by Frequency (Annually/ Half yearly/ Quarterly/ Any other – please specify)
Review Director / Committee of the Board / Any other
Committee
P1 P2 P3 P4 P5 P6 P7 P8 P9 P1 P2 P3 P4 P5 P6 P7 P8 P9

Performance Committee of the Board Periodically as and when required

a g a i n s t
above policies NGRBC principles relate to Environmental, Social & Inputs from ESMS categorization are integral part of loan approval process.
Governance (ESG) criteria; The Company has
and follow up adopted a comprehensive Environmental and Social
action Management System (“ESMS”) to identify and
mitigate the impacts, if any, of the projects funded
by us on the environment and society at large) & the
Company's Board processes, via various
Committees, cover all relevant ESG requirements.
The exact mapping of each principle with our
established processes shall be caried out in due
course.

Compliance Committee of the Board Periodically as and when required

with statutory
requirements THE COMPANY ensures compliance with all Statutory and regulatory compliance reviews from our internal audit and compliance assessment
statutory and regulatory requirements. The exact process are put up for Audit Committee for approval at designated intervals.
of relevance to mapping of each principle with our established
the principles, processes shall be caried out in due course
a n d ,
rectification
o f a n y
n o n -
compliances

11. Has the entity carried out independent

assessment/ evaluation of the working of its No
policies by an external agency? (Yes/No). If yes,
provide name of the agency.

12. If answer to question (1) above is “No” i.e. not all Principles are covered by a policy, reasons to be stated.

Questions P1 P2 P3 P4 P5 P6 P7 P8 P9

The entity does not consider the principles material

to its business (Yes/No)

The entity is not at a stage where it is in a position to

formulate and implement the policies on specified
principles (Yes/No)
Not Applicable
The entity does not have the financial or/human and
technical resources available for the task (Yes/No)

It is planned to be done in the next financial year

(Yes/No)

Any other reason (please specify)

SECTION C: PRINCIPLE WISE PERFORMANCE DISCLOSURE

This section is aimed at helping entities demonstrate their performance in integrating the Principles and Core Elements with key
processes and decisions. The information sought is categorized as “Essential” and “Leadership”. While the essential indicators are
expected to be disclosed by every entity that is mandated to file this report, the leadership indicators may be voluntarily disclosed by
entities which aspire to progress to a higher level in their quest to be socially, environmentally and ethically responsible.

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PRINCIPLE 1: Businesses should conduct and govern themselves with integrity, and in a manner that is Ethical,
Transparent and Accountable.

ESSENTIAL INDICATORS

1. Percentage coverage by training and awareness programs on any of the principles during the financial year:

Segment Total number of Topics / principles covered under the training %age of persons in respective category
training and and its impact covered by
awareness
programs held

B o a r d o f 9 Information Security, Orientation by DPE and 50

Directors Corporate Governance & Board Room Ethics

Key Managerial 12 Compliance Training by NSE, Various technical 100

Personnel and financial topics including experiential
learning, awareness and personal effectiveness
trainings which are relevant for day-to-day work

Employees 55 Various technical and financial topics including 100

other than BoD experiential learning, awareness and personal
and KMPs effectiveness trainings which are relevant for
day- to-day work
Workers 8 Various topics including awareness and personal 100
effectiveness trainings

2. Details of fines / penalties /punishment/ award/ compounding fees/ settlement amount paid in proceedings (by the entity or by
directors / KMPs) with regulators/ law enforcement agencies/ judicial institutions, in the financial year, in the following format
(Note: the entity shall make disclosures on the basis of materiality as specified in Regulation 30 of SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015 and as disclosed on the entity's website):

Monetary

NGRBC Name of the regulatory/ Amount (In INR) Brief of the Case Has an appeal been
Principle enforcement agencies/ preferred? (Yes/No)
judicial institutions

Penalty/ Fine
Settlement Nil Not Applicable Nil Not Applicable No
Compounding
fee

Non-Monetary

NGRBC Name of the regulatory/ Brief of the Case Has an appeal been
Principle enforcement agencies/ preferred? (Yes/No)
judicial institutions

Imprisonment Nil Not Applicable Not Applicable No

Punishment

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3. Of the instances disclosed in Question 2 above, details of the Appeal/ Revision preferred in cases where monetary or non-
monetary action has been appealed.

Case Details Name of the regulatory/ enforcement agencies / judicial institutions

Not Applicable

4. Does the entity have an anti-corruption or anti-bribery policy? If yes, provide details in brief and if available, provide a web- link of
the policy.

Yes. The Company prohibits all forms of bribery and corruption whether involving, but not limited to Government Officials or a
Private Sector person or any other entity, whether directly or indirectly. The web link of the policy is as under:

https://www.ireda.in/images/HTMLfiles/Anti%20Bribery%20and%20Anti%20Corruption%20(ABAC)%20 Policy.pdf

Further, the Company follows procedures and norms of CVC regarding anti-corruption and anti- bribery and also the PIDPI
Resolution (GoI Resolution on Public Interest Disclosure and Protection of Informers) relating to complaints for disclosure on any
allegation of corruption or misuse of office wherein CVC is Designated Agency. Apart from the above, the Company has also
adopted Whistle Blower Policy.

Also, the Company's Conduct, Discipline and Appeal (CDA) Rules define the code of conduct for all employees and recognizes acts
of bribery, corruption, etc. as misconduct.

The Company also has a Policy for Prevention of Frauds, to provide a system for detection and prevention of fraud, reporting of any
fraud that is detected or suspected and fair dealing of matters pertaining to fraud.

5. Number of Directors / KMPs / employees / workers against whom disciplinary action was taken by any law enforcement agency for
the charges of bribery/corruption:

FY 2023-24 FY 2022-23

Directors

KMPs

Employees NIL

Workers

6. Details of complaints with regard to conflict of interest:

FY 2023-24 FY 2022-23

Number Remarks Number Remarks

Number of complaints Received in relation Nil NA Nil NA

to issues of Conflict of Interest of the Directors
Number of complaints Received in relation to Nil NA Nil NA
issues of Conflict of Interest of the KMPs

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7. Provide details of any corrective action taken or underway on issues related to fines / penalties / action taken by regulators / law
enforcement agencies / judicial institutions, on cases of corruption and conflicts of interest.

Not Applicable

8. Number of days of accounts payables ((Accounts payable *365) / Cost of goods/services procured) in the following format:

FY 2023-24 FY 2022-23

Number of days of account payables Not Applicable

The company is dealing in Service Industry and not in manufacturing set-up. Hence, there is no procurement of Goods. For the
service procured by the Company payments are generally made in 15 days from satisfactory completion of the work.

9. Open-ness of business

Provide details of concentration of purchases and sales with trading houses, dealers, and related parties along-with loans and
advances & investments, with related parties, in the following format:

Parameter Metrics FY 2023-24 FY 2022-23

C o n c e n t r a t i o n o f a. Purchases from trading houses as Nil Nil

Purchases % of total purchases

b. Number of trading houses where Nil Nil

purchases are made from

c. Purchases from top 10 trading NA NA

houses as % of total purchases from
trading houses

Concentration of Sales a. Sales to dealers/ distributors as

% of total sales

b. Number of dealers / distributors

to whom sales are made Nil
c. Sales to top 10 dealers/ distributors
as % of total sales to dealers /
distributors

Share of RPTs in a. Purchases (Purchases with related Nil Nil

parties / Total Purchases)*

b. Sales (Sales to related parties 0 0

/Total Sales)

c. Loans & advances (Loans & 0.93% 7.35%

advances given to related parties/
Total loans & advances)

d. Investments (Investments in Nil Nil

related parties / Total Investments
made)

*The purchase does not include the payments made to related parties under contractual obligations.

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 LEADERSHIP INDICATORS

1. Awareness programs conducted for value chain partners on any of the principles during the financial year:

Total number of awareness Topics / principles covered under the training %age of value chain partners covered (by
programmes held value of business done with such partners)
under the awareness programmes

Not Applicable*

*As per NGRBC definition - Value chain refers to both the supply chain as well as the value created by the distribution channel for end-use customers. It also includes
business partners and those employed by value chain partners who may work out of their own premises.

As per Company's business model, there are no intermediaries/agency between The Company and its Customers (Borrowers) hence, value chain partner is reported as
not applicable.

2. Does the entity have processes in place to avoid / manage conflict of interests involving members of the Board? (Yes/No) If Yes,
provide details of the same.

Yes. The Company has a Code of Business Conduct and Ethics for Board Members and Senior Management Personnel, which
covers inter-alia the process of dealing with conflict of interests. The Policy is available at https://www.ireda.in/doc/
CODE_OF_ BUSINESS_CONDUCT_AND_ETHICS(3).pdf

PRINCIPLE 2 : Businesses should provide goods and services in a manner that is sustainable and safe.

ESSENTIAL INDICATORS

1. Percentage of R&D and capital expenditure (capex) investments in specific technologies to improve the environmental and social
impacts of product and processes to total R&D and capex investments made by the entity, respectively.

Current Financial Year Previous Financial Year Details of improvements in environmental

and social impacts

R&D Nil Nil Nil

Capex 100% 100% Emissions of CO2 & other harmful gases

avoided by purchasing e-vehicles of ` 71
Lakh in FY 2023-24 and ` 74 Lakh in FY
2022-23.
Note:
The Capex is for Procurement of Electric Vehicles

2. a. Does the entity have procedures in place for sustainable sourcing? (Yes/No)

No. Considering the business activities of the Company, this question has limited applicability. As a NBFC, resources used by
the Company are mainly limited to office establishment expenditure namely electricity, office supplies and communication or
IT equipment. Being a NBFC, the Company is less resource-intensive in terms of material requirements. Despite the limited
scope, the Company ensures responsible sourcing of all its material requirements. The Company promotes GeM portal
(Government e-Marketplace) in its procurements and also promotes sourcing from MSE vendors. All procurement / sourcing
of material and services is done as per the procedure defined in the Procurement Guidelines of the Company.

Further, the Company is financing Renewable Energy projects and requires all its borrowers to follow all applicable
environmental norms, as a part of its loan disbursement conditions. Also, as a key player in the RE sector and as a responsible
financial institution, The Company has adopted a comprehensive Environmental and Social Management System (“ESMS”) to
identify and mitigate the impacts, if any, of the projects funded by us on the environment and society at large. The Company
carries out environment and social screening of eligible projects and categorize these based on severity of impact envisaged

113
 in parallel with our loan appraisal process. During this process of screening, the Company work proactively in partnership with
the energy ecosystem stakeholders to develop and deepen their focus on environmental and social issues.

b. If yes, what percentage of inputs were sourced sustainably?

Not Applicable, as the Company ensures responsible sourcing of all its material requirements. The Company promotes GeM
portal (Government e-Marketplace) in its procurements and also promotes sourcing from MSE vendors. All procurement /
sourcing of material and services is done as per the procedure defined in the Procurement Guidelines of the Company.

3. Describe the processes in place to safely Reclaim your products for reusing, Recycling and disposing at the end of life, for (a)
Plastics (including packaging) (b) E-waste (c) Hazardous waste and (d) other waste.

Not Applicable, as the Company is part of Service Industry and not in Industrial Set-up / Manufacturing. Given the nature of
business and operations, the Company does not have material plastic waste, e-waste and other waste. Further, the Company does
not have any hazardous waste.

4. Whether Extended Producer Responsibility (EPR) is applicable to the entity's activities (Yes/No). If yes, whether the waste
collection plan is in line with the Extended Producer Responsibility (EPR) plan submitted to Pollution Control Boards? If not, provide
steps taken to address the same.

No, as the Company is part of Service Industry and not in Industrial Set-up / Manufacturing.

LEADERSHIP INDICATORS

1. Has the entity conducted Life Cycle Perspective/ Assessments (LCA) for any of its products (for manufacturing
industry) or for its services (for service industry)? If yes, provide details in the following format?

NIC Code Name of Product % of total Turnover Boundary for which Whether conducted Results communicated
/Service contributed the Life Cycle by independent in public domain
Perspective / external agency (Yes/No) If yes, provide
Assessment was (Yes/No) the web-link.
conducted

- - - - - -

Not Applicable.

The Company is part of Service Industry and not in Industrial Set-up / Manufacturing. Being a NBFC categorized as IFC, the main
products offered by the Company include rupee term loans, short-term and medium-term loans etc. to borrowers for schemes
and projects in the entire Renewable Energy sector value chain.

2. If there are any significant social or environmental concerns and/or risks arising from production or disposal of your products/
services, as identified in the Life Cycle Perspective / Assessments (LCA) or through any other means, briefly describe the same
along-with action taken to mitigate the same.

Name of Product / Service Description of the risk / Action Taken

concern

Other Financial Services and No significant social or Not Applicable, as the Company is part of Service Industry and not
Activities - Other Credit environmental concern / in Industrial Set-up /Manufacturing. Being a NBFC categorized as
Granting risk is envisaged from IFC, the main products offered by the Company include rupee term

114
 Name of Product / Service Description of the risk / Action Taken
concern

production or disposal of loans, short- term and medium-term loans etc. to borrowers for
the Company’s products / schemes and projects in the entire Renewable Energy sector value
services chain.
As a key player in the RE sector and as a responsible financial
institution, The Company has adopted a comprehensive
Environmental and Social Management System (“ESMS”) to identify
and mitigate the impacts, if any, of the projects funded by us on the
environment and society at large. The Company carries out
environment and social screening of eligible projects and
categorize these based on severity of impact envisaged in parallel
with our loan appraisal process. During this process of screening,
The Company works proactively in partnership with the energy
ecosystem stakeholders to develop and deepen their focus on
environmental and social issues.

3. Percentage of Recycled or reused input material to total material (by value) used in production (for manufacturing industry) or
providing services (for service industry).

Not Applicable, as the Company is part of Service Industry and not in Industrial Set-up / Manufacturing. Being a NBFC categorized
as IFC, the main products offered by the Company include rupee term loans, short-term and medium-term loans etc. to
borrowers for schemes and projects in the entire Renewable Energy sector value chain. The percentage of recycled or reused
input material used by the Company is negligible.

Indicate input material Recycled or re-used input material to total material

FY 2023-24 FY 2022-23

- - -

4. Of the products and packaging Reclaimed at end of life of products, amount (in metric tonnes) reused, Recycled, and safely
disposed, as per the following format:

FY 2023-24 FY 2022-23

Re-Used Recycled Safely Disposed Re-Used Recycled Safely Disposed

Plastics (including packaging) - - - - - -

E-waste - - 1.558 - - -

Hazardous waste - - - - - -

Other waste - - - - - -

5. Reclaimed products and their packaging materials (as percentage of products sold) for each product category.

Indicate product category Reclaimed products and their packaging materials as % of total products sold
in respective category

Not Applicable, as the Company is part of Service Industry and not in

Industrial Set- up / Manufacturing. Being a NBFC categorized as IFC, the main
- products offered by the Company include rupee term loans, short-term and
medium -term loans etc. to borrowers for schemes and projects in the entire
Renewable Energy sector value chain. The percentage of recycled or reused
input material used by the Company is negligible

115
PRINCIPLE 3: Businesses should respect and promote the well-being of all employees, including those in their value chains.

ESSENTIAL INDICATORS

1. a. Details of measures for the well-being of employees:

Category Total % of employees covered by

(A) Health insurance* Accident insurance Maternity benefits Paternity Benefits Day Care facilities

Number % (B/A) Number % (C/A) Number % (D/A) Number % (E/A) Number % (F/A)
(B) (C) (D) (E) (F)

Permanent employees

Male 128 - - 128 100 - - 128 100 - -

Female 46 - - 46 100 46 100 - - - -

Total 174 - - 174 100 46 26 128 74 - -

Other than Permanent employees

Male - - - - - - - - - - -

Female - - - - - - - - - - -

Total - - - - - - - - - - -

*In lieu of Health Insurance, all permanent employees and workers are covered under Company's Medical Attendance Rules, which provides medical benefits covering

treatment and hospitalization.

b. Details of measures for the well-being of workers:

Category Total % of employees covered by

(A) Health insurance* Accident insurance Maternity benefits Paternity Benefits Day Care facilities

Number % (B/A) Number % (C/A) Number % (D/A) Number % (E/A) Number % (F/A)
(B) (C) (D) (E) (F)

Permanent Workers

Male 1 - - 1 100 - - 1 100 - -

Female 0 - - 0 0 0 0 - - - -

Total 1 - - 1 100 0 0 1 100 - -

Other than Permanent Workers

Male - - - - - - - - - - -

Female - - - - - - - - - - -

Total - - - - - - - - - - -

*In lieu of Health Insurance, all permanent employees and workers are covered under Company's Medical Attendance Rules, which provides medical benefits covering
treatment and hospitalization.

c. Spending on measures towards well-being of employees and workers (including permanent and other than permanent) in the
following format:

FY 2023-24 FY 2022-23

Cost incurred on well- being measures as a % of 0.17 0.16

total revenue of the company

116
2. Details of retirement benefits, for Current Financial Year and Previous Financial Year.

Benefits FY 2023-24 FY 2022-23

No. of employees No. of workers Deducted and No. of No. of workers Deducted and
covered as a % of covered as a % deposited with employees covered as a% deposited with
total employees of total workers the authority covered as a % of total workers the authority
(Y/N/N.A.) of total (Y/N/N.A.)
employees

PF 100 100 Yes 100 100 Yes

Gratuity 100 100 Yes 100 100 Yes

ESI Not Applicable

NPS 100 100 Yes 100 100 Yes

PRMS 100 100 No 100 100 No

Benevolent Fund 100 100 Yes 100 100 Yes

EL / HPL 100 100 No 100 100 No

3. Accessibility of workplaces

Are the premises / offices of the entity accessible to differently abled employees and workers, as per the requirements of the Rights
of Persons with Disabilities Act, 2016? If not, whether any steps are being taken by the entity in this regard.

Yes, IREDA office premises are accessible to differently abled visitors, with elevators and ramps, wheelchair accessible restrooms.
Further, the corporate website of the Company complies with World Wide Web Consortium (W3C) Web Content Accessibility
Guidelines (WCAG) 2.0 level AA. This will enable people with visual impairments access the website using assistive technologies,
such as screen readers. The information of the website is accessible with different screen readers, such as JAWS, NVDA, SAFA,
Supernova and Window-Eyes. Further information about the same can be accessed at https://www.ireda.in/screen- reader

4. Does the entity have an equal opportunity policy as per the Rights of Persons with Disabilities Act, 2016? If so, provide a web-link to
the policy.

Yes. The Company has Diversity, Equity and Inclusion policy. The Company aims to create an inclusive workplace where all gets
equal opportunity for sustainable growth. The Policy can be accessed at

Https://www.ireda.in/images/HTMLfiles/Diversity%20Equity%20%26%20Inclusion%20(DE%26I)%20Policy.pdf

5. Return to work and Retention rates of permanent employees and workers who took parental leave:

Gender Permanent employees Permanent workers

Return to work rate Retention rate Return to work rate Retention rate

Male 100% 100%

Female 100% 100% Not Applicable

Total 100% 100%

117
6. Is there a mechanism available to receive and redress grievances for the following categories of employees and worker? If yes, give
details of the mechanism in brief:

Yes/No (If Yes, then give details of the mechanism in brief)

Permanent Workers Yes, detailed grievance redressal mechanism is in place. It is available on the intranet of the
Company. Grievance Redressal Committee Meetings are held every quarter and grievances
are addressed expeditiously through well-defined procedures.

Other than Permanent Workers No

Permanent Employees Yes, Detailed grievance redressal mechanism is in place. It is available on the intranet of the
Company. Grievance Redressal Committee Meetings are held every quarter and grievances
are addressed expeditiously through well-defined procedures.

Other than Permanent No

Employees

7. Membership of employees and worker in association(s) or Unions Recognized by the listed entity:

Category FY 2023-24 FY 2022-23

Total employees / No. of employees % (B / A) Total employees / No. of employees % (D / C)

workers in / workers in workers in / workers in
respective respective respective respective
category (A) category, who are category (C) category, who
part of are part of
association(s) or association(s) or
Union (B) Union (D)

Total Permanent
Employees

- Male

- Female

Total Permanent Nil

Workers

- Male

- Female

118
8. Details of training given to employees and workers:

Category Total FY 2023-24 FY 2022-23

(A) On Health and On Skill Total On Health and On Skill

safety measures upgradation (D) safety measures upgradation

No. (B) % (B /A) No. (C) % (C /A) No. (E) % (E /D) No. (F) % (F /D)

Employees

Male 128 128 100 128 100 117 117 100 117 100

Female 46 46 100 46 100 43 43 100 43 100

Total 174 174 100 174 100 160 160 100 160 100

Workers

Male 1 1 100 1 100 1 1 100 1 100

Female 0 0 0 0 0 0 0 0 0 0

Total 1 1 100 1 100 1 1 100 1 100

9. Details of performance and career development reviews of employees and worker:

FY 2023-2024 FY 2022-2023

Total No. % Total No. %

(A) (B) (B/ A) (C) (D) (D/C)

Employees

Male 128 128 100 117 117 100

Female 46 46 100 43 43 100

Total 174 174 100 160 160 100

Workers

Male 1 1 100 1 1 100

Female 0 0 0 0 0 0

Total 1 1 100 1 1 100

10. Health and safety management system:

a. Whether an occupational health and safety management system has been implemented by the entity? (Yes/ No). If yes, the
coverage of such system?
The Company is part of Service Industry and not in Industrial Set-up / Manufacturing. Though a formal management system is not
there, but Occupational Health & Safety is given utmost importance in the Company. For the well-being of our employees, we
undertake holistic wellness initiatives. We have yoga and fitness facilities within office premises and meditation routines are
scheduled daily for all employees. Free Medical camps / Health check-ups, Daily In person Doctor availability, Ayurveda
Therapies, Daily Yoga & Meditation sessions/ Fully furnished gym ensures that all employees are covered under health & safety
improvement measures.
In cases of hospitalization, hospitals are empanelled to facilitate smooth cashless treatment to employees and dependent family
members. We have instituted a post-retirement medical scheme for our retired employees where they are allowed to avail in-
patient treatment in empanelled hospitals.

119
 b. What are the processes used to identify work-related hazards and assess risks on a routine and non-routine basis by the entity?
Not Applicable, as the Company is part of Service Industry and not in Industrial Set-up / Manufacturing except the 50 MW Solar PV
plant of the Company, Operation & maintenance of which is outsourced to third party. Revenue from the 50 MW Power plant
contributes <1% of the total revenue of the Company. Company's work profile is majorly office based wherein limited hazards
are prevailing with minimal risk involved.
c. Whether you have processes for workers to report the work-related hazards and to remove themselves from such risks. (Y/N)
Not Applicable, as the Company is part of Service Industry and not in Industrial Set-up / Manufacturing. Company's work profile is
majorly office based wherein limited hazards are prevailing with minimal risk involved.
d. Do the employees/ worker of the entity have access to non-occupational medical and healthcare services? (Yes/ No)
Yes
For the well-being of our employees, we undertake holistic wellness initiatives. We have yoga and fitness facilities within office
premises and meditation routines are scheduled daily for all employees. Free Medical camps / Health check-ups, Daily In person
Doctor availability, Ayurveda Therapies, Daily Yoga & Meditation sessions/ Fully furnished gym ensures that all employees are
covered under health & safety improvement measures. Meditation sessions are part of official work activity for all the
employees of the Company.
In cases of hospitalization, hospitals are empanelled to facilitate smooth cashless treatment to employees and dependent family
members. We have instituted a post-retirement medical scheme for our retired employees where they are allowed to avail in-
patient treatment in empanelled hospitals.

11. Details of safety related incidents, in the following format:

Safety Incident/Number Category FY 2023-24 FY 2022-23

Lost Time Injury Frequency Rate (LTIFR) (per one million- person hours worked) Employees
Workers

Total recordable work-related injuries Employees

Workers Nil

No. of fatalities Employees

Workers

High consequence work-related injury or ill-health (excluding fatalities) Employees

Workers

12. Describe the measures taken by the entity to ensure a safe and healthy workplace.
For the well-being of our employees, we undertake holistic wellness initiatives. We have yoga and fitness facilities within office
premises and meditation routines are scheduled daily for all employees. Free Medical camps / Health check-ups, Daily In person
Doctor availability, Ayurveda Therapies, Daily Yoga & Meditation sessions/ Fully furnished gym ensures that all employees are
covered under health & safety improvement measures. Meditation sessions are part of official work activity for all the employees
of the Company.
In cases of hospitalization, hospitals are empanelled to facilitate smooth cashless treatment to employees and dependent family
members.
13. Number of complaints on the following made by employees and workers:

FY 2023-2024 FY 2022-2023

Filed during Pending Remarks Filed during Pending Remarks

the year resolution at the year resolution at
the end of year the end of year

Working Conditions Nil NA NA Nil NA NA

Health & Safety Nil NA NA Nil NA NA

120
14. Assessments for the year:

% of your plants and offices that were assessed (by entity or statutory authorities or
third parties)

Health and safety practices 100%

Working Conditions 100%

Company's Office locations are in buildings where all National Building Codes (NBC) provisions are to be followed by Lessor /
service management companies.
15. Provide details of any corrective action taken or underway to address safety-related incidents (if any) and on significant risks /
concerns arising from assessments of health & safety practices and working conditions.
Not applicable, as the Company's work profile is majorly office based wherein limited hazards are prevailing with minimal risk
involved.

LEADERSHIP INDICATORS

1. Does the entity extend any life insurance or any compensatory package in the event of death of (A) Employees (Y/N) (B) Workers
(Y/N).
Yes, the Company provides economic rehabilitation scheme and benefits under PRMS in case of death to eligible dependents of
permanent employee & permanent workers.
2. Provide the measures undertaken by the entity to ensure that statutory dues have been deducted and deposited by the value chain
partners.
*As per NGRBC definition - Value chain refers to both the supply chain as well as the value created by the distribution channel for
end-use customers. It also includes business partners and those employed by value chain partners who may work out of their own
premises.
As per Company's business model, there are no intermediaries/agency between the Company and its Customers (Borrowers)
hence, value chain partner is reported as not applicable.
3. Provide the number of employees / workers having suffered high consequence work-related injury / ill-health / fatalities (as
reported in Q11 of Essential Indicators above), who have been are rehabilitated and placed in suitable employment or whose family
members have been placed in suitable employment:

Total no. of affected employees/ workers No. of employees/workers that are

rehabilitated and placed in suitable
employment or whose family members have
been placed in suitable employment

FY 2023-24 FY 2022-23 FY 2023-24 FY 2022-23

Employees Nil Nil Nil Nil

Workers Nil Nil Nil Nil

4. Does the entity provide transition assistance programs to facilitate continued employability and the management of career
endings resulting from retirement or termination of employment? (Yes/ No)
Not Applicable, as the Company is a CPSE, and follows employment norms of DPE in cases of retirement or termination of
employment. The Company also provides post-retirement medical benefits and other welfare measures to its retired employees.

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5. Details on assessment of value chain partners:

% of value chain partners (by value of business done with such partners) that were assessed

Health and safety practices

Working Conditions Nil

6. Provide details of any corrective actions taken or underway to address significant risks / concerns arising from assessments of
health and safety practices and working conditions of value chain partners.

Not Applicable.

PRINCIPLE 4: Businesses should respect the interests of and be responsive to all its stakeholders.

Essential Indicators

1. Describe the processes for identifying key stakeholder groups of the entity.

The Company has mapped its internal and external stakeholders through Stakeholder Mapping Exercise carried out amongst
Senior Level Employees in the Organization. Internal stakeholders include employees and staff of the Company; and external
stakeholders include equity shareholders, bondholders, creditors, bankers and borrowers from both public and private sectors,
Governmental bodies and regulatory authorities including State Government(s), Reserve Bank of India, Ministry of Corporate
Affairs, Securities and Exchange Board of India, Stock Exchanges etc.

Stakeholders relationship committee has been constituted in accordance with the applicable provisions of the Companies Act,
2013. The Company organizes physical and virtual stakeholder meetings on periodic basis which provides borrowers with the
opportunity to directly interact with Company's senior management to highlight any concerns, in a transparent manner.

2. List stakeholder groups identified as key for your entity and the frequency of engagement with each stakeholder group.

Stakeholder Whether identified as Channels of communication Frequency of Purpose and scope of

Group Vulnerable & Marginalized (Email, SMS, Newspaper, engagement (Annually/ engagement including
Group (Yes/No) Pamphlets, Advertisement, Half yearly/ Quarterly / key topics and
Community Meetings, Notice others – please specify concerns raised
Board, Website), Other during such
engagement

Customer No Email/SMS/Website/ Letters/ Borrower Meets Aspects like day-to-

Telephone/ Virtual and Physical - periodically day operations,
Borrower Meets information gap in
loan application,
suitability of
Company's services,
time taken for
sanction/ execution
of loan, resolution
of customer issues
etc. are covered

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 Stakeholder Whether identified as Channels of communication Frequency of Purpose and scope of
Group Vulnerable & Marginalized (Email, SMS, Newspaper, engagement (Annually/ engagement including
Group (Yes/No) Pamphlets, Advertisement, Half yearly/ Quarterly / key topics and
Community Meetings, Notice others – please specify concerns raised
Board, Website), Other during such
engagement

Shareholders No Email/SMS/Website/ Letters/ As and when required. Communication of

Telephone/ Virtual and Physical financial results,
Meets adoption of financial
statement and
transaction of
ordinary and special
business from time to
time. Addressing
requests/ grievances
of shareholders from
time to time.

Bondholders No Email/SMS/Website/ Letters/ As and when required. Allotment, Interest

Telephone Servicing, Redemption
Payment, Bond
Certificate/ Demat
Credit.

Addressing requests/
grievances of
bondholders from time
to time

Vendors No Email/SMS/Website/ Letters/ As and when required. Vendor Development

Telephone /GeM, Tender
Wizard and other portals of
Government

Leadership Indicators
1. Provide the processes for consultation between stakeholders and the Board on economic, environmental, and social topics or if
consultation is delegated, how is feedback from such consultations provided to the Board.
As a key player in the RE sector and as a responsible financial institution, the Company has adopted a comprehensive
Environmental and Social Management System (“ESMS”) to identify and mitigate the impacts, if any, of the projects funded by us on
the environment and society at large. The Company carries out environment and social screening of eligible projects and
categorize these based on severity of impact envisaged in parallel with our loan appraisal process. During this process of screening,
we work proactively in partnership with the energy ecosystem stakeholders to develop and deepen their focus on environmental
and social issues. Inputs from ESMS categorization are integral part of loan approval process.
2. Whether stakeholder consultation is used to support the identification and management of environmental, and social topics (Yes /
No). If so, provide details of instances as to how the inputs Received from stakeholders on these topics were incorporated into
policies and activities of the entity.
As a key player in the RE sector and as a responsible financial institution, the Company has adopted a comprehensive
Environmental and Social Management System (“ESMS”) to identify and mitigate the impacts, if any, of the projects funded by us on
the environment and society at large. The Company carries out environment and social screening of eligible projects and
categorize these based on severity of impact envisaged in parallel with our loan appraisal process. During this process of screening,
The Company works proactively in partnership with the energy ecosystem stakeholders to develop and deepen their focus on
environmental and social issues. ESMS was finalized by taking inputs from various Multilateral Development Banks (MDBs), also a
detailed workshop was conducted to familiarize the borrowers on the workings of the ESMS.

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3. Provide details of instances of engagement with, and actions taken to, address the concerns of vulnerable/ marginalized
stakeholder groups.
The Company is registered on GeM (Government e-Marketplace), Sambandh, Samadhan and TReDS (Trade Receivables
Discounting System) portals of the Government of India (GoI) and all offices of the Company, including regional offices, are
effectively using the same. The Company also promotes procurement from MSEs & women entrepreneurs and extends certain
facilities in its procurement procedures to registered MSEs. It is also noteworthy, that there was no complaint against the
Company regarding delay in payments or any other grievance by any MSE vendor, on Government of India's Samadhan portal
during the year.
PRINCIPLE 5 : Businesses should respect and promote human rights.
Essential Indicators
1. Employees and workers who have been provided training on human rights issues and policy(ies) of the entity, in the following format:
Category FY 2023-24 Current Financial Year FY 2022-23 Previous Financial Year
Total (A) No. of % (B/A) Total (C) No. of % (D / C)
employees employees /
/ workers workers
covered (B) covered (D)
Employees
Permanent 174 174 100 160 160 100
Other than permanent NA NA NA NA NA NA
Total Employees 174 174 100 160 160 100
Workers
Permanent 1 1 100 1 1 100
Other than permanent NA NA NA NA NA NA
Total Workers 1 1 100 1 1 100

2. Details of minimum wages paid to employees and workers, in the following format:

Category FY 2023-24 FY 2022-23

Total Equal to More than Total Equal to More than
(A) Minimum Wage Minimum Wage (D) Minimum Wage Minimum Wage
No. (B) % (B /A) No. (C) % (C /A) No. (E) % (E /D) No. (F) % (F /D)
Employees
Permanent
Male 128 NA NA 128 100 117 NA NA 117 100
Female 46 NA NA 46 100 43 NA NA 43 100
Other than
Permanent
Male - - - - - - - - - -
Female - - - - - - - - - -
Workers
Permanent
Male 1 NA NA 1 100 1 NA NA 1 100
Female - - - - - - - - - -
Other than
Permanent
Male - - - - - - - - - -
Female - - - - - - - - - -

* All permanent employees are paid remuneration as per the guidelines of DPE which are higher than the minimum wages

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3. Details of remuneration/salary/wages

a. Median remuneration / wages:

Male Female

Number Median remuneration/ Number Median remuneration/

salary /wages of salary/ wages of
respective category respective category

Board of Directors 2 7231198 Nil Nil

(BoD)

Key Managerial 2 7231198 1 2538955

Personnel

Employees other than 126 2320297 45 2280811

BoD and KMP

Workers 1 2463089 Nil Nil

Notes:

1. The above schedule includes only permanent employees and permanent worker including median wages paid during the financial year 2023-24.

2. Remuneration/salary/wages includes allowances are on the basis of gross pay. Further, it excludes employer's contribution towards PF, Gratuity, NPS, various
reimbursements given to employees for e.g. uniform, entertainment, conveyance etc.

3. The above remuneration is paid in line with the guidelines issued by the DPE in this regard.

4. The Company has not given any stock options during the financial year 2023-24.

b. Gross wages paid to females as % of total wages paid by the entity, in the following format:

FY 2023-24 FY 2022-23

Gross wages paid to females as % of total 25.65 27.57

wages

Notes:

1. The above schedule includes only permanent employees and permanent worked including median wages paid during the financial year 2023-24.

2. Remuneration/salary/wages includes allowances are on the basis of gross pay. Further, it excludes employer's contribution towards PF, Gratuity, NPS, various
reimbursements given to employees for e.g. uniform, entertainment, conveyance etc.

3. The above remuneration is paid in line with the guidelines issued by the DPE in this regard.

4. The Company has not given any stock options during the financial year 2023-24.

4. Do you have a focal point (Individual / Committee) responsible for addressing human rights impacts or issues caused or
contributed to by the business? (Yes/No)

Yes

5. Describe the internal mechanisms in place to redress grievances related to human rights issues:

Grievance Redressal Mechanism is in place for both public as well as employees in the Company. The process is online for
Company's employees. Grievance Redressal Committee Meetings are held every quarter and grievances are addressed
expeditiously through well-defined procedures.

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6. Number of Complaints on the following made by employees and workers:

FY 2023-2024 FY 2022-2023

Filed during Pending Remarks Filed during Pending Remarks

the year resolution at the year resolution at
the end of year the end of year

Sexual Harassment NIL NA NA NIL NA NA

Discrimination at workplace NIL NA NA NIL NA NA

Child Labour NIL NA NA NIL NA NA

Forced Labour/ Involuntary NIL NA NA NIL NA NA

Labour

Wages NIL NA NA NIL NA NA

Other human rights related NIL NA NA NIL NA NA

issues

7. Complaints filed under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013, in the
following format:

FY 2023-24 FY 2022-23

Total Complaints reported under Sexual Harassment on of Women at Workplace (Prevention,

Prohibition and Redressal) Act, 2013 (POSH)

Complaints on POSH as a % of female employees / workers Nil Nil

Complaints on POSH upheld

8. Mechanisms to prevent adverse consequences to the complainant in discrimination and harassment cases.

Pursuant to the Whistle Blower Policy of the Company, necessary mechanism has been put in place to provide protection to the
complainant, wherever required. The Whistle Blower Policy is available on the website of the Company.

The Company believes that a sustainable organization rests on the foundation of ethics and respect for human rights. The
Company ensures diversity and equal opportunities in workplace and upholds that career advancement is based on talent and
performance.

9. Do human rights requirements form part of your business agreements and contracts? (Yes/No)

Yes, human rights requirements form part of our business agreements. To protect the human rights of employees, The Company
has adopted employee-oriented policies, in line with general laws and sound ethical practices. Human rights requirements form
part of our Loan Agreements with Borrowers

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 10. Number of Complaints on the following made by employees and workers:

% of your plants and offices that were assessed (by entity or statutory authorities or
third parties)

Child labour

Forced/involuntary labour

Sexual harassment Nil

Discrimination at workplace

Wages

Others – please specify

11. Provide details of any corrective actions taken or underway to address significant risks / concerns arising from the assessments at
Question 10 above.

Not applicable

LEADERSHIP INDICATORS

1. Details of a business process being modified / introduced as a result of addressing human rights grievances/ complaints:

Not Applicable

2. Details of the scope and coverage of any Human rights due diligence conducted:

Not Applicable

3. Is the premise/office of the entity accessible to differently abled visitors, as per the requirements of the Rights of Persons with
Disabilities Act, 2016?

Yes, IREDA office premises are accessible to differently abled visitors, with elevators and ramps, wheelchair accessible restrooms.
Further, the corporate website of the Company complies with World Wide Web Consortium (W3C) Web Content Accessibility
Guidelines (WCAG) 2.0 level AA. This will enable people with visual impairments access the website using assistive technologies, such
as screen readers. The information of the website is accessible with different screen readers, such as JAWS, NVDA, SAFA, Supernova
and Window-Eyes. Further information about the same can be accessed at https://www.ireda.in/screen-reader

4. Details on assessment of value chain partners:

% of value chain partners (by value of business done with such partners) that were
assessed

Child labour

Forced/involuntary labour

Sexual harassment Not Applicable

Discrimination at workplace

Wages

Others – please specify

5. Provide details of any Corrective actions taken or underway to address significant risks / concerns arising from the assessments at
Question 4 above:

Not Applicable

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PRINCIPLE 6: Businesses should respect and make efforts to protect and restore the environment.

ESSENTIAL INDICATORS

1. Details of total energy consumption (in Joules or multiples) and energy intensity, in the following format:

Parameter FY 2023-24 FY 2022-23

From renewable sources

Total electricity consumption (A) 1521892800000 1534100400000

Total fuel consumption (B) - -

Energy consumption through other sources (C) Nil Nil

Total energy consumed from renewable sources (A+B+C) 1521892800000 1534100400000

From non-renewable sources

Total electricity consumption (D) 3000867840000 2234792340000

Total fuel consumption (E)

Energy consumption through other sources (F) Nil Nil

Total energy consumed from non-renewable sources (D+E+F) 3000867840000 2234792340000

Total energy consumed (A+B+C+D+E+F) 4522760640000 3768892740000

Energy intensity per rupee of turnover

(Total energy consumed / Revenue from operations) 91 108

Energy intensity per rupee of turnover adjusted for Purchasing Power Parity(PPP)

(Total energy consumed / Revenue from operations adjusted for PPP)

Energy intensity in terms of physical output Not Applicable

Energy intensity (optional) – the relevant metric may be selected by the entity

Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N) If yes, name
of the external agency.

Not Applicable

2. Does the entity have any sites / facilities identified as designated consumers (DCs) under the Performance, Achieve and Trade (PAT)
Scheme of the Government of India? (Y/N) If yes, disclose whether targets set under the PAT scheme have been achieved. In case
targets have not been achieved, provide the remedial action taken, if any:

Not Applicable

3. Provide details of the following disclosures related to water, in the following format:

Parameter FY 2023-24 FY 2022-23

Water withdrawal by source (in kilolitres)

(i) Surface water Nil Nil

(ii) Groundwater 6720 4941

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 Parameter FY 2023-24 FY 2022-23

(iii) Third party water 115.03 115.84

(iv) Seawater / desalinated water Nil Nil

(v) Others Nil Nil

Total volume of water withdrawal (in kilolitres) (i + ii + iii + iv + v) 6835 5056

Total volume of water consumption (in kilolitres) 6835 5056

Water intensity per rupee of turnover

(Total water consumption / Revenue from operations) 0.00 0.00

Water intensity per rupee of turnover adjusted for Purchasing Power Parity (PPP)

(Total water consumption / Revenue from operations adjusted for PPP)

Water intensity in terms of physical output Not applicable

Water intensity (optional) – the relevant metric may be selected by the entity

Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N) If yes,
name of the external agency.
No, as the Company is a financial institution (Service industry) where the Company do not have substantial water usage.

4. Provide the following details related to water discharged:

Parameter FY 2023-24 FY 2022-23

Water discharge by destination and level of treatment (in kilolitres)

(i) To Surface water

- No treatment

- With treatment – please specify level of treatment

(ii) To Groundwater

- No treatment

-With treatment – please specify level of treatment

(iii) To Seawater

-No treatment Not applicable

-With treatment – please specify level of treatment

(iv) Sent to third parties

-No treatment

-With treatment – please specify level of treatment

(v) Others

-No treatment

-With treatment – please specify level of treatment

Total water discharged (in kilolitres)

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 Not Applicable, as the Company is a financial institution (Service industry) where the Company has no substantial emissions
(effluent, air emissions etc.)

5. Has the entity implemented a mechanism for Zero Liquid Discharge? If yes, provide details of its coverage and implementation.

Not Applicable as the Company is a financial institution (Service industry) where the Company has no substantial emissions
(effluent, air emissions etc.)
6. Please provide details of air emissions (other than GHG emissions) by the entity, in the following format:

Parameter Please specifyunit FY 2023-24 FY 2022-23

NOx

SOx

Particulate matter (PM)

Persistent organic pollutants (POP) Not applicable

Volatile organic compounds VOC)

Hazardous air pollutants (HAP)

Others – please specify

Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N) If yes,
name of the external agency.
No, as the Company is a financial institution (Service industry) where the Company has no substantial emissions (effluent, air
emissions etc.)
7. Provide details of greenhouse gas emissions (Scope 1 and Scope 2 emissions) & its intensity, in the following format:

Parameter Unit FY 2023-24 FY 2022-23

Total Scope 1 emissions (Break-up of the GHG into Metric tonnes of Nil Nil
CO2, CH4, N2O, HFCs, PFCs, SF6, NF3, if available) CO2 equivalent

Total Scope 2 emissions (Break-up of the GHG into Metric tonnes of 899.53 749.59
CO2, CH4, N2O, HFCs, PFCs, SF6, NF3, if available) CO2 equivalent

Total Scope 1 and Scope 2 emission intensity per 0.0000000181 0.0000000215

rupee of turnover
(Total Scope 1 and Scope 2 GHG emissions /
Revenue from operations)

Total Scope 1 and Scope 2 emission intensity per rupee Not Applicable Not Applicable
of turnover adjusted for Purchasing Power Parity (PPP)
(Total Scope 1 and Scope 2 GHG emissions / Revenue
from operations adjusted for PPP)

Total Scope 1 and Scope 2 emission intensity in terms Not Applicable Not Applicable
of physical output

Total Scope 1 and Scope 2 emission intensity (optional) Not Applicable Not Applicable
–the relevant metric may be selected by the entity
Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N) If yes, name of the external agency. Not
Applicable
Not Applicable as the Company is a financial institution (Service industry) where the Company has no substantial emissions
(effluent, air emissions etc.).
The Company owns a 50 MW Solar PV Plant generating clean power, which leads to avoidance of ~72577.10 Tonnes of CO2 for
FY24.

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8. Does the entity have any project related to reducing Green House Gas emission? If yes, then provide details.
Yes, the Company owns a 50 MW Solar PV Plant generating clean power, which leads to avoidance of ~72577.10 Tonns of CO2
for FY24.
9. Provide details related to waste management by the entity, in the following format:

Parameter FY 2023-24 FY 2022-23

Total Waste generated (in metric tonnes)
Plastic waste (A) Not Applicable Not Applicable
E-waste (B) 1.558 Nil
Bio-medical waste (C) Not Applicable Not Applicable
Construction and demolition waste (D) Not Applicable Not Applicable
Battery waste (E) Not Applicable Not Applicable
Radioactive waste (F) Not Applicable Not Applicable
Other Hazardous waste. Please specify, if any. (G) Not Applicable Not Applicable
Other Non-hazardous waste generated (H). Please specify, if any.
(Break-up by composition i.e. by materials relevant to the sector) Not Applicable Not Applicable
Total (A+B + C + D + E + F + G + H) 1.558 Not Applicable
Waste intensity per rupee of turnover. (Total waste generated / Revenue 0.00 Not Applicable
from operations)
Waste intensity per rupee of turnover adjusted for Purchasing Power Parity (PPP)
(Total waste generated / Revenue from operations adjusted for PPP) Not Applicable Not Applicable
Waste intensity in terms of physical output Not Applicable Not Applicable
Waste intensity (optional) – the relevant metric may be selected by the entity Not Applicable Not Applicable
For each category of waste generated, total waste recovered through recycling, re-using or
other recovery operations (in metric tonnes)
Category of waste
(i) Recycled Not Applicable Not Applicable
(ii) Re-used Not Applicable Not Applicable
(iii) Other recovery operations Not Applicable Not Applicable
Total
For each category of waste generated, total waste disposed by nature of disposal method (in metric tonnes)
Category of waste
(i) Incineration Not Applicable Not Applicable
(ii) Landfilling Not Applicable Not Applicable
(iii) Other disposal operations Not Applicable Not Applicable
Total Not Applicable Not Applicable

Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N) If yes,
name of the external agency.
No, as the Company is a financial institution (Service industry) where the Company has no substantial emissions (effluent, air
emissions etc.).

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10. Briefly describe the waste management practices adopted in your establishments. Describe the strategy adopted by your
company to reduce usage of hazardous and toxic chemicals in your products and processes and the practices adopted to
manage such wastes.

Disposal of old, un-serviceable & obsolete IT equipment, identified as e-waste, is done through registered recyclers/ re-
processors under Central Pollution Control Board, Government of India and State Pollution Control Committee/ Board by
following the procedure defined under Company's disposal guidelines.

11. If the entity has operations/offices in/around ecologically sensitive areas (such as national parks, wildlife sanctuaries, biosphere
reserves, wetlands, biodiversity hotspots, forests, coastal regulation zones etc.) where environmental approvals / clearances are
required, please specify details in the following format:

Location of operations/ Type of operations Whether the conditions of environmental approval / clearance
offices are being complied with? (Y/N)
If no, the reasons thereof and corrective action taken, if any.
Not Applicable

The Company is an NBFC with pan-India operations. Its registered and corporate office is in New Delhi. The Company has branch
offices which are located in State capitals. Offices of the Company are not located in ecologically sensitive areas.

12. Details of environmental impact assessments of projects undertaken by the entity based on applicable laws, in the current
financial year:

Name and EIA Date Whether conducted by Results communicated in Relevant Web link
brief details Notification independent external public domain (Yes / No)
of project No. agency (Yes / No)

Not Applicable

As a key player in the RE sector and as a responsible financial institution, the Company has adopted a comprehensive
Environmental and Social Management System (“ESMS”) to identify and mitigate the impacts, if any, of the projects funded by us
on the environment and society at large. The Company carries out environment and social screening of eligible projects and
categorize these based on severity of impact envisaged in parallel with our loan appraisal process. During this process of
screening, your Company work proactively in partnership with the energy ecosystem stakeholders to develop and deepen their
focus on environmental and social issues. The Company requires the borrowers to submit Environmental and Social Impact
Assessment (ESIA) in line with Company's ESMS for relevant categories of projects & also those sectors/ projects which
mandatorily require the same as per prevailing Govt. rules and regulations.

13. Is the entity compliant with the applicable environmental law/ regulations/ guidelines in India; such as the Water (Prevention and
Control of Pollution) Act, Air (Prevention and Control of Pollution) Act, Environment protection act and rules thereunder (Y/N). If
not, provide details of all such non- compliances, in the following format:

Specify the law / Provide details of the non- compliance Any fines /penalties / Corrective action
regulation/ guidelines action taken by regulatory agencies such as pollution control taken, if any
which was not complied boards or by courts
with

Not Applicable

As a key player in the RE sector and as a responsible financial institution, the Company has adopted a comprehensive
Environmental and Social Management System (“ESMS”) to identify and mitigate the impacts, if any, of the projects funded by us
on the environment and society at large. The Company carries out environment and social screening of eligible projects and
categorize these based on severity of impact envisaged in parallel with our loan appraisal process. During this process of
screening, we work proactively in partnership with the energy ecosystem stakeholders to develop and deepen their focus on
environmental and social issues. The Company mandates all borrowers to fulfil applicable environmental regulations.

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 Leadership Indicators
1. Water withdrawal, consumption and discharge in areas of water stress (in kilolitres):
Not Applicable.
For each facility / plant located in areas of water stress, provide the following information:
(i) Name of the area
(ii) Nature of operations
(iii) Water withdrawal, consumption, and discharge in the following format:

Parameter FY 2023-24 FY 2022-23

Water withdrawal by source (in kilolitres)

(i) Surface water

(ii) Groundwater

(iii) Third party water

(iv) Seawater / desalinated water

(v) Others

Total volume of water withdrawal (in kilolitres)

Total volume of water consumption (in kilolitres)

Water intensity per rupee of turnover

(Water consumed / turnover)

Water intensity (optional) – the relevant metric may be selected by the entity

Water discharge by destination and level of treatment (in kilolitres)

(i) Into Surface water

- No treatment

-With treatment –specify level of treatment

(ii) Into Groundwater

- No treatment

- With treatment –specify level of treatment

(iii) Into Seawater

- No treatment

- With treatment – specify level of treatment

(iv) Sent to third-parties

- No treatment

- With treatment –specify level of treatment

(v) Others

- No treatment

- With treatment –specify level of treatment

Total water discharged (in kilolitres)

Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N) If yes, name of the external agency.
No

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2. Please provide details of total Scope 3 emissions & its intensity, in the following format:

Not Applicable.

Parameter Unit FY 2023-24 FY 2022-23

Total Scope 3 emissions (Break-up of the GHG into Metric tonnes of Co2
CO2, CH4, N2O, HFCs, PFCs, SF6, NF3, if available) equivalent

Total Scope 3 emissions per rupee of turnover

Total Scope 3 emission intensity (optional) –

the relevant metric may be selected by the entity

Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N) If yes,
name of the external agency.

No, as the Company is a financial institution (Service industry) and has no substantial emissions (effluent, air emissions etc.).
Further the Company's customers are producing clean Renewable Energy and have no substantial emissions (effluent, air
emissions etc.). The Company prefers meeting in Virtual Mode so as to avoid Business Travel resulting in emission reduction.

3. With respect to the ecologically sensitive areas reported at Question 11 of Essential Indicators above, provide details of significant
direct & indirect impact of the entity on biodiversity in such areas along- with prevention and remediation activities.

Not Applicable

4. If the entity has undertaken any specific initiatives or used innovative technology or solutions to improve resource efficiency, or
reduce impact due to emissions / effluent discharge / waste generated, please provide details of the same as well as outcome of
such initiatives, as per the following format:

Sr. Initiative undertaken Details of the initiative (Web-link, if any, may be provided along- Outcome of the
No with summary) initiative

1 Energy Efficient Building, Company’s Offices located in India Habitat Centre and NBCC Further, 50 MW Solar
50 MW Solar PV Plant, use of Complex in New Delhi are designed to be energy efficient PV plant has been
E- Office for reducing usage and comply with National Building Code requirements. installed at
of Paper in Offices & Kasaragod, Kerala
purchase of E-vehicles for Further, your Company owns 50 MW Solar PV plant at Kasaragod, which produces clean
official usage by the Kerala which produces clean and renewable energy, resulting in and renewable
Company reducing ~72577.10 Tonnes of CO2 for FY24. energy. Resulting in
For minimizing paper consumption, the Company uses ‘E-office’ reducing ~72577.10
system in all its offices across the country. The Company’s Tonnes of CO2.
Business centre in NBCC Building, Kidwai Nagar is a paperless
office. The Company has actively used remote working methods
through secure IT systems and processes, especially after onset of
the pandemic, for ensuring business continuity while taking
precautions for the health of its employees.

For avoiding emissions of CO2 & other harmful gases during

official commute by employees the Company has procured and is
using e-vehicles.

5. Does the entity have a business continuity and disaster management plan? Give details in 100 words/ web link.

Yes. The Company's Business Continuity Management Policy sets out a framework which enables Company to respond to internal
and/or external threats and proactively work out a way to prevent, if possible, and manage the consequences, that could affect

134
 Company's business objectives, operations and infrastructure. This policy is based on Risk Assessment and Business Impact
Analysis. Further, in order to comply with Company's Information Security requirements, the Business Continuity Management
Policy includes the continuity of Information Security as well.

The aim of the Business Continuity Management Policy is to protect the interests of the Companyand its internal and external
stakeholders by establishing a business-owned and business driven strategic and operational framework, which proactively
ensures Company's ability to detect, prevent, minimise and where necessary, deal with the impact of disruptive events and/or
anticipated risks identified within the context of Risk Assessment.

Business Continuity Policy is available on Company's Intranet.

6. Disclose any significant adverse impact to the environment, arising from the value chain of the entity. What mitigation or
adaptation measures have been taken by the entity in this regard.

Not Applicable, as the Company is a financial institution (Service industry) where Company has no substantial emissions (effluent,
air emissions etc.) and provides finance to clean energy projects. Hence there is no adverse impact to the environment. Further,
the Company owns a 50 MW Solar PV Plant generating clean power, which leads to avoidance of 72577.10 Tonnes of CO2 for
FY24.

7. Percentage of value chain partners (by value of business done with such partners) that were assessed for environmental impacts.

As a key player in the RE sector and as a responsible financial institution, The Company has adopted a comprehensive
Environmental and Social Management System (“ESMS”) to identify and mitigate the impacts, if any, of the projects funded by us
on the environment and society at large. The Company carries out environment and social screening of eligible projects and
categorize these based on severity of impact envisaged in parallel with our loan appraisal process. During this process of
screening, we work proactively in partnership with the energy ecosystem stakeholders to develop and deepen their focus on
environmental and social issues. The Company mandates all borrowers to fulfil applicable environmental regulations.

PRINCIPLE 7 : Businesses, when engaging in influencing public and regulatory policy, should do so in a manner that is
responsible and transparent.

ESSENTIAL INDICATORS

1. a. Number of affiliations with trade and industry chambers/ associations:

b. List the top 10 trade and industry chambers/associations (determined based on the total members of such
body) the entity is a member of/ affiliated to:

Sl. Name of the trade and industry chambers/ associations Reach of trade and industry chambers/
no. associations (State/National)

1 Standing Conference of Public Enterprises (SCOPE) National

2 IBA – Indian Bank Association National

3 World Energy Council – India National

4 Central Board of Irrigation and Power National

5 PHD Chamber of Commerce & Industry National

6 Confederation of Indian Industries National

7 Power Foundation National

135
 2. Provide details of Corrective action taken or underway on any issues related to anti-competitive conduct by the
entity, based on adverse orders from regulatory authorities:

No adverse orders were passed from regulatory authorities.

Name of the Authority Brief of the case Corrective action taken

Not Applicable

LEADERSHIP INDICATORS

1. Details of public policy positions advocated by the entity.

S. No. Public policy Method resorted for Whether information Frequency of Review by Web Link, if available
advocated such advocacy available in public Board (Annually/ Half
domain? (Yes/No) yearly/ Quarterly /
Others – please specify)

- - - - - -

The Company is a nodal agency for MNRE schemes such as Central Public Sector Undertaking Scheme, Phase-II
(Government Producer Scheme); National Bioenergy Program; National Programme on High Efficiency Solar PV
Modules under PLI scheme, Tranche-I; and Generation-Based Incentive (GBI) Scheme

PRINCIPLE 8 : Businesses should promote inclusive growth and equitable development.

ESSENTIAL INDICATORS

1. Details of Social Impact Assessments (SIA) of projects undertaken by the entity based on applicable laws, in the current financial
year:

Name and SIA Notification Date of notification Whether conducted by independent Results Relevant Web
brief details No. external agency (Yes /No) communicated link
of project in public domain
(Yes / No)

Not Not Not The Company is not directly involved Not Applicable Not Applicable
Applicable Applicable Applicable in activities related to land acquisition
(for Company’s 50 MW Kasaragod Solar
project the entire land is Govt. Land).

As a key player in the RE sector and

as a responsible financial institution,
The Company has adopted a
comprehensive Environmental and
Social Management System (“ESMS”)
to identify and mitigate the impacts,
if any, of the projects funded by us on
the environment and society at large.
The Company carries out environment
and social screening of eligible projects
and categorize these based on severity
of impact envisaged in parallel with
our loan appraisal process. During
this process of screening, the Company
works proactively in partnership with
the energy ecosystem stakeholders to
develop and deepen their focus on
environmental and social issues

136
2. Provide information on project(s) for which ongoing Rehabilitation and Resettlement (R&R) is being undertaken by your entity,
in the following format:

S.No. Name of Project State District No. of Project % of PAFs covered Amounts paid
for which R&R is Affected Families by R&R to PAFs in the
ongoing (PAFs) FY (InINR)

Not Applicable

3 Describe the mechanisms to Receive and redress grievances of the community.

Grievance Redressal Mechanism is in place for both public as well as employees in the Company. The process is online for the
Company employees. Grievance Redressal Committee Meetings are held every quarter and grievances are addressed
expeditiously through well-defined procedures. Further, the Company has a notified Citizen's Charter to ensure transparency
which is available on the Company's website.

4. Percentage of input material (inputs to total inputs by value) sourced from suppliers

FY (2023-24) FY (2022-23)

Directly sourced from MSMEs/small producers 39.88% 76.64%

Directly from within India 100% 100%

5. Job creation in smaller towns – Disclose wages paid to persons employed (including employees or workers employed on a
permanent or non-permanent / on contract basis) in the following locations, as % of total wage cost.

Location FY (2023-24) FY (2022-23)

Rural Nil Nil

Semi-Urban Nil Nil

Urban Nil Nil

Metropolitan 27 new personnel have joined Company's 16 new personnel have Company's
workforce during FY 2023-24. The new workforce during FY 2022-23. The
hires range from Executive-Trainees to new hires range from Executive-
General Manager Level across various Trainees to General Manager
functions like Technical, Finance, Legal Level across various functions like
and Company Secretariat. Location: Technical, Finance, Legal HR, and
New Delhi Company Secretariat. Location:
New Delhi

The wages paid to new recruits is ~8 % The wages paid to new recruits
of the total wages. is ~7% of the total wages.

(Place to be categorized as per RBI Classification System - rural / semi-urban / urban / metropolitan)

LEADERSHIP INDICATORS

1. Provide details of actions taken to mitigate any negative social impacts identified in the Social Impact assessments (Reference:
Question 1 of Essential Indicators above):
Details of negative social impact identified Corrective action taken

NIL Not Applicable

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2. Provide information on CSR projects undertaken by your entity in designated aspirational districts as identified by Government
bodies:

S. No. State Aspirational District Amount spent (In INR)

1 Uttar Pradesh Chandauli 3,84,57,180

2 Uttar Pradesh Balrampur 4,33,46,390

In addition to the CSR expenditure in designated Aspirational District (as per the request of District Administration), The Company
has also incurred an expenditure of Rs. 28,52,325 in Aspirational District Kalahandi in Odisha and Rs. 1,89,56,000 in Aspirational
District Siddarthanagar in Uttar Pradesh.

3. (a) Do you have a preferential procurement policy where you give preference to purchase from suppliers comprising marginalized
/ vulnerable groups? (Yes/No)

The Company follows the Government Policy for procurement of goods and services through MSEs (25%) SC/ST MSEs (4%)
and women MSEs (3%) as percent of total procurement of goods and services. The Company strives to achieve these targets in
all its procurement. It is noteworthy that the bifurcation of procurements from SC, ST and women entrepreneurs, mainly
depends on the claims lodged by vendors, on which the Company has no control.

b) From which marginalized /vulnerable groups do you procure?

The Company follows the Government Policy for procurement of goods and services through MSEs (25%) SC/ST MSEs (4%)
and women MSEs (3%) as percent of total procurement of goods and services. The Company strives to achieve these targets in
all its procurement. It is noteworthy that the bifurcation of procurements from SC, ST and women entrepreneurs, mainly
depends on the claims lodged by vendors, on which the Company has no control.

c) What percentage of total procurement (by value) does it constitute?

The Company follows the Government Policy for procurement of goods and services through MSEs (39.88%) SC/ST MSEs
(1.19%) and women MSEs (22.32%) as percent of total procurement of goods and services. The Company strives to achieve
these targets in all its procurement. It is noteworthy that the bifurcation of procurements from SC, ST and women
entrepreneurs, highly depends on the claims lodged by vendors, on which the Company has no control.

4. Details of the benefits derived and shared from the intellectual properties owned or acquired by your entity (in the current financial
year), based on traditional knowledge.

Not Applicable, No intellectual property owned by the Company.

S. No. Intellectual Property Owned/Acquired(Yes/No) Benefit shared (Yes / No) Basis of calculating benefit share
based on traditional
knowledge

Not Applicable

5. Details of Corrective actions taken or underway, based on any adverse order in intellectual property related disputes wherein
usage of traditional knowledge is involved.
No adverse orders were passed in relation to intellectual property related disputes.

Name of the authority Brief of the case Corrective action taken

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6. Details of beneficiaries of CSR Projects:

Sl. Purpose of CSR Funding No. of persons benefitted from CSR % of beneficiaries
no. Projects f ro m v u l n e r a b l e
and marginalized
groups

1 Financial assistance for the estimated total cost of Rs. 12,450 100
3,84,57,180 for Procurement and installation of the
following equipment in Aspirational District- Chandauli,
Uttar Pradesh, under CSR Fund of IREDA:

• 83 units of 5 kW Solar PV systems (off-grid) and 90

units of 50 LPH RO water vending Machines to be
installed in Government Health Centers/ Hospitals.

• 1 unit of 3 kW Solar PV systems (off-grid) along with

a 50 LPH RO water vending Machine to be installed in
Jawahar Navodaya Vidyalaya, Bairath.

2 Financial assistance for the estimated total cost of 1,500 100

`2,87,04,770 to Kendriya Bhandar for supplying medical
equipment in Govt. Hospitals, Desk Bench in Govt.
Schools, Beds, Tables and Chairs in Govt. Girls Hostel in
Balrampur Aspirational District, Uttar Pradesh

3 Financial assistance of estimated cost of Rs. 16.02 Lakh 1,000 100

to M/ s SVAR, Lucknow for conducting ten (10) Health,
Sanitation & Hygiene Awareness Camps for children/
students in Lucknow, Uttar Pradesh

4 Financial assistance for the estimated total cost of Rs. 30,000 100
80,00,000 (inclusive of taxes) for the procurement and
installation of 200 kWp Solar PV Rooftop Grid
Connected System at Jayadev Memorial Rashtrotthana
Hospital of Rashtrotthana Trust in Bengaluru, Karnataka

5 Financial assistance for the estimated total cost of Rs. 5,200 100
25,00,000 (inclusive of taxes) for imparting Emergency
Response Training to 5200 beneficiaries by M/ s Aim
Achievers Education Society in Bhopal, Madhya Pradesh

6 Financial assistance for the estimated total cost of Rs 325 100

30,85,225 (inclusive of taxes) for providing Healthcare to
325 Nos. Beneficiaries i.e. Women/Girls in Rural areas of
Khekra Block in Baghpat and Loni Block in Ghaziabad
District (U.P.) by M/s The Golden Village Foundation,
Baghpat, Uttar Pradesh

7 Financial assistance of estimated cost of Rs. 1,41,82,875/ 1,174 100

- for Solar based irrigation systems and other
agricultural practices to reduce distress migration in
three (03) tribal Villages, Block- Mandvi, District- Surat,
State Gujarat

139
 Sl. Purpose of CSR Funding No. of persons benefitted from CSR % of beneficiaries
no. Projects f ro m v u l n e r a b l e
and marginalized
groups

8 Financial assistance of estimated cost of Rs. 28,52,325/- 10,000 100

for supply & installation of Solar Streetlights in villages of
the GPs & supply of Solar Power systems, furniture &
other educational materials in schools of both Gram
Panchayats of Aspirational District of Kalahandi, Odisha,
under CSR Fund of IREDA.

9 Financial assistance of estimated cost of Rs. 59.94 Lakh 25,000 100

to M/ s Connect to Andhra, Planning Dept., Government
of Andhra Pradesh for carrying out installation of Solar
Street Lighting systems in 42 villages of Machilipatnam
Parliamentary Constituency, Machilipatnam, Krishna
District, Andhra Pradesh

10 Financial assistance for the estimated total cost of Rs. 16,000 100
189.56 Lakh to M/s Uttar Pradesh Small Industries
Corporation (UPSIC), Gorakhpur for carrying out
installation of 1000 Nos. Solar Street Lighting systems in
S i d d h a r t h n a g a r P a r l i a m e n t a r y C o n s t i t u e n c y,
Aspirational District Siddharthnagar, Uttar Pradesh

11 Assistance for ease of transit of Senior Citizens & 62,000 100

Physically Challenged Persons visiting the heritage city
of Puri along with different tourist spots by donating 5
no. of BOVs (6 Seated) & 5 no. of BOVs (11 Seated) to
Shree Jagannath Temple Administration, Puri

12 Financial assistance of estimated cost of Rs. 25,93,962 20,000 100

for supply & installation of Solar LED Street Lights in 33
villages within the two blocks of Bisoi and Saraskana
along with Govt. ITI Karanjia, Mandua Campus within
Mayurbhanj District Odisha

13 Financial assistance of revised estimated cost of 20,000 100

`32,40,000/- (Rupees Thirty- Two Lakhs and Forty
Thousand Only) for providing health care facilities via
deployment of e-Mobile Health Clinics across 9 blocks
under the District Buxar - Bihar

14 Financial assistance for the estimated total cost of Rs. 6,000 100
1,46,41,620 to UPSIC Ghaziabad for supply and
installation of Solar PV Systems in Govt. Schools /
Hostels and Govt Health Centers in Balrampur
Aspirational District, Uttar Pradesh

140
 Sl. Purpose of CSR Funding No. of persons benefitted from CSR % of beneficiaries
no. Projects f ro m v u l n e r a b l e
and marginalized
groups
Operational expenses of two Mobile Medical Van
15 1,500 100
running the “Therapy on Wheels” Program by Samphia
Foundation, in Himachal Pradesh for serving Children
with Disabilities

16 Sanction of one-time contribution of Rs. 1,00,00,000/ - 0 0

for "PARAM PROJECT: Science, Technology &
Innovation Skill Development Centre' in FY 2023- 24 to
Janaseva Trust, Channenahalli, Bengaluru, Karnataka

PRINCIPLE 9 Businesses should engage with and provide value to their consumers in a responsible manner

ESSENTIAL INDICATORS

1. Describe the mechanisms in place to Receive and respond to consumer complaints and feedback.

The Company has developed the Fair Practices Code (FPC) for its lending operations based on the RBI guidelines, which intends to
provide assurance to all the borrowers of the Company's commitment to fair dealing and transparency in its businesses
transactions. The Board of Directors periodically reviews the status of compliance of Fair practices code. The same is available on
Company's Website and web link is as under:

https://www.ireda.in/images/HTMLfiles/FPC_Doc_26%2008%202023.pdf.

For the FY24, no complaints were received under the Fair Practices Code.

The Company also has in place a system wherein the customer feedback form is available on Company's website for our
borrowers covering aspects like suitability of Company's services, time taken for sanction/execution of loan, resolution of
customer issues etc.

Regular Borrower Meets are organized for taking feedback from Borrowers. The feedback is analyzed, reviewed and necessary
corrective action is taken wherever required.

2. Turnover of products and/ services as percentage of turnover from all products/service that carry information about

The Company offers various financial products and services to promote renewable energy projects in India. These products and
services primarily aim to facilitate the development and deployment of renewable energy technologies such as solar, wind,
biomass, and hydroelectric power. The Company's Customers are any entity or individual that avails financial assistance or
services from the Company for renewable energy projects. The key products of the Company include long term loans, medium
term loans, short terms loans etc. for the entire power sector value chain. Customers of the Company include Private Sector
Companies/ firms/LLPs, Central Public Sector Undertaking (CPSU), State Utilities - Discoms/ Transcos/ Gencos/ Corporations and
Joint Sector Companies. The Company per se doesn't deal in products / manufacturing sector.

Overall, Company's products and services play a crucial role in promoting renewable energy deployment in India, which has
significant environmental benefits. By supporting the transition to clean and sustainable energy sources, the Company
contributes to mitigating climate change, reducing air and water pollution, conserving natural resources, and fostering
sustainable development.

The necessary terms & conditions and other legally binding clauses w.r.t. Environment and Social aspects of the Company funded
plants, Safety and responsible usage and safe disposal etc. are incorporated in the Terms & Conditions and loan documentation in
each case.

141
 As a percentage to total turnover

Environmental and social parameters relevant to the product 100

Safe and responsible usage 100

Recycling and/or safe disposal 100

3. Number of consumer complaints in respect of the following:

FY 2023-24 Remarks FY 2022-23 Remarks

Received Pending Received Pending

during resolution at during the resolution at
the year end of year year end of year

Data privacy Nil Not Applicable Nil Nil Not Applicable Nil

Advertising Nil Not Applicable Nil Nil Not Applicable Nil

Cyber-security Nil Not Applicable Nil Nil Not Applicable Nil

Delivery of essential services Nil Not Applicable Nil Nil Not Applicable Nil

Restrictive Trade Practices Nil Not Applicable Nil Nil Not Applicable Nil

Unfair Trade Practices Nil Not Applicable Nil Nil Not Applicable Nil

Other: Consumer Cases Nil Not Applicable Nil Nil Not Applicable Nil

4 Details of instances of product Recalls on account of safety issues:

The Company offers various financial products and services to promote renewable energy projects in India. These products and
services primarily aim to facilitate the development and deployment of renewable energy technologies such as solar, wind,
biomass, and hydroelectric power. The Company per se doesn't deal in products / manufacturing sector.

Number Reasons for Recall

Voluntary Recalls Nil Nil

Forced Recalls Nil Nil

5. Does the entity have a framework / policy on cyber security and risks related to data privacy? (Yes/No) If available, provide a web-
link of the policy.
Yes
The Company has a comprehensive risk management policy which essentially covers cyber security and related aspects. The
policy is an internal document of the Company available on its intranet.
6. Provide details of any Corrective actions taken or underway on issues relating to advertising, and delivery of essential services;
cyber security and data privacy of customers; re-occurrence of instances of product Recalls; penalty / action taken by regulatory
authorities on safety of products / services.
Not Applicable as Nil issues are reported.
7. Provide the following information relating to data breaches:
a. Number of instances of data breaches Nil
B. Percentage of data breaches involving personally identifiable information of customers Nil
c. Impact, if any, of the data breaches Nil

142
 LEADERSHIP INDICATORS

1. Channels / platforms where information on products and services of the entity can be accessed (provide web link, if available).

The Company is a NBFC offering various financial products and services to promote renewable energy projects in India. These
products and services primarily aim to facilitate the development and deployment of renewable energy technologies such as solar,
wind, biomass, and hydroelectric power. Company's Customers are any entity or individual that avails financial assistance or
services from the Company for renewable energy projects. The key products of the Company include long term loans, medium
term loans, short terms loans etc. for the entire power sector value chain. Customers of the Company include Private Sector
Companies/ firms/LLPs, Central Public Sector Undertaking (CPSU), State Utilities - Discoms/ Transcos/ Gencos/ Corporations and
Joint Sector Companies.

The product portfolio, interest rates and related information for customers is available on the Company's website
https://www.ireda.in/detailed-financing-norms

2. Steps taken to inform and educate consumers about safe and responsible usage of products and/or services.

As a key player in the RE sector and as a responsible financial institution, The Company has adopted a comprehensive
Environmental and Social Management System (“ESMS”) to identify and mitigate the impacts, if any, of the projects funded by us on
the environment and society at large. The Company carries out environment and social screening of eligible projects and
categorize these based on severity of impact envisaged in parallel with our loan appraisal process. During this process of
screening, we work proactively in partnership with the energy ecosystem stakeholders to develop and deepen their focus on
environmental and social issues.

The Company also conducts various Lecture Series, Stakeholder consultations, celebrates Swachhata Abhiyaan to educate various
stakeholders like employees, customers, community at large.

3. Mechanisms in place to inform consumers of any risk of disruption/discontinuation of essential services.

Business Continuity Management Policy sets out a framework which enables the Company to respond to internal and/or external
threats and proactively work out a way to prevent, if possible, and manage the consequences, that could affect Company's
business objectives, operations and infrastructure. This policy is based on Risk Assessment and Business Impact Analysis. Further,
in order to comply with Company's Information Security requirements, the Business Continuity Management Policy includes the
continuity of Information Security as well.

The aim of the Business Continuity Management Policy is to protect the interests of the Company and its internal and external
stakeholders by establishing a business-owned and business driven strategic and operational framework, which proactively
ensures Company's ability to detect, prevent, minimise and where necessary, deal with the impact of disruptive events and/or
anticipated risks identified within the context of Risk Assessment.

The Company also has in place a system wherein the customer feedback form is available on Company's website for our borrowers
covering aspects like suitability of Company's services, time taken for sanction/execution of loan, resolution of customer issues
etc.

4. Does the entity display product information on the product over and above what is mandated as per local laws? (Yes/No/Not
Applicable) If yes, provide details in brief. Did your entity carry out any survey with regard to consumer satisfaction relating to the
major products / services of the entity, significant locations of operation of the entity or the entity as a whole? (Yes/No)

Yes

The Company is a NBFC offering various financial products and services to promote renewable energy projects in India. These
products and services primarily aim to facilitate the development and deployment of renewable energy technologies. Being a
NBFC, it is ensured that adequate disclosures of all its financial products offered are made to its borrowers/customers and to its
investors through the corporate website www.ireda.in. The website also includes information of various Govt. Schemes.

The Company also has in place a system wherein the customer feedback form is available on Company's website for our borrowers
covering aspects like suitability of Company's services, time taken for sanction/execution of loan, resolution of customer issues
etc.

Regular Borrower Meets / interaction programs are organized by IREDA for taking feedback from Borrowers. The feedback is
analysed, reviewed and necessary corrective action is taken wherever required.

143
 As per Bloomberg NEF, global investment in the energy reducing carbon emissions. This includes incentivizing
transition hit $1.8 trillion in calendar year 2023, up 17% investments in domestic manufacturing capacity,
from 2022. This record level of investment demonstrates a facilitating procurement of crucial components, and
strong commitment to advancing clean energy solutions supporting research and development for technologies
worldwide. Key sectors driving this investment include such as carbon capture and clean hydrogen. Similarly, the
electrified transport, renewable energy, and power grid European Union's Green Deal sets ambitious targets for
infrastructure. China remains a dominant player in clean climate neutrality, striving to reduce net greenhouse gas
energy investment, accounting for 38% of the global emissions by at least 55% by 2030, compared to 1990
investments. However, other regions such as the levels. This comprehensive policy framework drives
European Union, United States, and United Kingdom investments in renewable energy, energy efficiency
collectively invested more than China in 2023, totaling measures, sustainable transportation infrastructure, and
$737 billion. This shift reflects a growing global provides support for regions and industries undergoing
momentum toward clean energy adoption. Investment in transition. Additionally, many countries employ carbon
the renewable energy sector reached $623 billion, with pricing mechanisms, renewable energy targets, regulatory
significant contributions from wind, solar, geothermal, standards, and mandates to further drive emissions
and biofuels projects. Electrified transport emerged as the reductions and foster a shift towards cleaner energy
largest sector for spending, with investment totaling $634 sources. These collective efforts represent a global
billion, including funding for electric vehicles and commitment to address climate change and build a more
associated infrastructure. Direct investment in clean sustainable future for generations to come.
energy projects, climate-tech equity raising and energy 2. INDIA BUSINESS OUTLOOK AND RE MARKET
transition debt issuance also plays a significant role.
Climate-tech companies raised $84 billion in equity in Overall Economic Outlook

2023, while energy transition debt issuance totaled $824 In FY 24, India's economy exhibited resilience amidst global
billion, with utilities being the largest issuers. economic challenges with green financing playing a

Despite these positive trends, the current level of pivotal role in fostering sustainable growth. According to

investment falls short of what is needed to achieve net- IMF, the Indian economy is expected to grow at an

zero emissions targets by mid-century. According to impressive rate of 7.8% in 2024, reflecting a significant

Bloomberg NEF's Net Zero Scenario, annual energy upward revision from previous estimates. This growth

transition investment would need to average $4.8 trillion momentum follows an exceptional performance in Q3

per year from 2024 to 2030 to align with the Paris FY24, where economic activity surpassed expectations

Agreement goals. with a growth rate of 8.4% compared to Q3 FY23.

Furthermore, the PMI Manufacturing index reached a 16-
Investments in Energy Transition by Country
(USD Billion) 2023 year high of 59.1 in March, underscoring the resilience of
the manufacturing sector. There has also been increased
Country Investment Country Investment
(USD Bn) (USD Bn) private sector investment in key industries such as steel,
cement, petrochemicals, and renewable energy.
China 676 Brazil 35
United States 303 Spain 32
Germany 95 Japan 32
United Kingdom 74 India 31
France 55 Italy 30
Source: Bloomberg NEF

Governments worldwide are implementing a range of

policy interventions to combat climate change and
accelerate the transition to sustainable energy systems. In
the United States, the Inflation Reduction Act (IRA) of 2022
continues to channel funding towards initiatives aimed at

145
 India stands 4th globally in terms of Renewable Energy
installed capacity, 4th in terms of installed Wind power
capacity and 5th in terms of installed Solar power capacity
as per International Renewable Energy Agency (IRENA)
2023 global ranking.

The installed renewable energy capacity in March FY 24

(including large hydro) increased by around 11% since FY
23. As of March 24, installed renewable energy was around
78% of the total installed thermal capacity (excluding
Nuclear Power). Solar power capacity has seen
exponential growth, increasing by ~22 times over the last 9
years to reach 81.8 GW as of March 2024. The installed
wind power capacity in India stands at 45.9 GW as of March
2024. Source: CEA

3. SECTOR WISE OUTLOOK ON RENEWABLE AND NEW ENERGY LANDSCAPE IN INDIA

147
Key announcements for overall RE sector in India: ISTS waiver of Green Hydrogen and Green Ammonia projects
was also extended from 30 June 2025 to 31 Dec 2030.
• The Central Electricity Authority (CEA) has released the
National Electricity Plan (NEP) for 2022-32, focusing on • MNRE has brought back the method of “Reverse Auction” in
generation. By 2026-27, non-fossil-based capacity is Feb'24 in view of the undersubscription and higher tariff
projected to rise to 57.4%, reaching 68.4% by 2031-32. The discovery in recent wind bids. Bids to now be issued on a
total fund requirement for capacity addition during 2022- Pan India basis in which a winning company could put up
32 is `33.60 Lakh Crore. wind project anywhere in India and sell electricity to the
bidding agency.
• The Government of India has announced a total budgetary
allocation of `14,980 Crore in 2024-25 (` 2130 Crore from Traditional and stabilized segments in clean energy
sovereign green fund), which is a 46 per cent hike from
Ø Solar and On-Shore Wind
` 10,222 Crore spent last fiscal year.
Solar and wind have grown immensely and are expected to
• The Union Cabinet has approved the Viability Gap Funding
continue leading growth in the RE sector. Solar is expected
(VGF) scheme for the development of the battery energy
to grow to 364 GW by FY 31-32 from current levels of 81.8
storage systems (BESS), which envisages development of
GW (March 2024). Rajasthan remained the leading state for
4,000 MWh of BESS projects by 2030-31, with a financial
cumulative large-scale solar installations, adding nearly 17
support of up to 40% of capital cost as budgetary support
GW at the end of Q3 2023, accounting for over 28 per cent.
in form of VGF. The initial VGF outlay is determined as
Karnataka and Gujarat came in next with almost 16 per cent
`9,400 Crore, which includes budgetary support of `3,760
and 11 per cent share, respectively.
Crore. Through VGF support, the scheme targets
achieving a Levelized Cost of Storage (LCoS) within a range Further, India's wind energy sector is witnessing a
of `5.50 – 6.60/kWh, which shall make it a competitive remarkable surge, with the installed capacity reaching an
option to manage the peak demand of the country. impressive 45.9 GW (March 2024). The major wind energy
producing States for the year are Andhra Pradesh, Gujarat,
• The Government of India has notified the renewable
Karnataka, Madhya Pradesh, Maharashtra, Rajasthan and
purchase obligation (RPO) targets for designated
Tamil Nadu. As per the Central Electricity Authority's
consumers up to March 2030. The mandate targets 29.91%
National Electricity Plan, likely installed capacity of wind
of energy consumed must be renewable by 2024-25, rising
energy by the end of the year 2031-32 is estimated to be
to 43.33% by 2029-30. Additionally, a separate RPO for
121.90 GW.
distributed renewable energy (DRE) has been introduced.
The Government of India revised its earlier policy that
• The Ministry of Power has redefined renewable purchase
allowed for the repowering of old windmills, in order to
obligations under 4 separate categories, namely – Wind,
pave the way for additional wind energy generation in the
Hydro, Distributed and Other Renewable Energy.
coming years. The revised policy allows for the repowering,
• Government boosts offshore wind energy projects by refurbishing, or life extension of old turbines that had less
giving complete waiver of ISTS charge for 25 years to capacity and height, which in turn allows additional wind
st
projects commissioned on or before 31 Dec, 2032. The power to be generated.

Solar and Wind Installed Capacity in India (in GW):

Generation As on As on As on As on As on
Source 31.03.2022 31.03.2023 31.03.2024 FY26-27e FY31-32e

Solar Power 53.9 66.7 81.8 185 364

Wind Power 40.3 42.6 45.8 73 122

Source: CEA

148
Key drivers for growth in Solar and Wind segment: respective state/UT has to provide at least 30%
• Budgetary support from Interim Budget FY 24: financial support. Balance cost is to be contributed by
beneficiary.
o `10,000 Crore in 2024-25 for grid-based solar power
scheme, compared to `4,757 Crore in 2023-24, as per o Component C - Solarisation of 35 Lakh Grid
revised estimates. Connected Agriculture Pumps through (i) Individual
Pump Solarisation and (ii) Feeder Level Solarisation.
o Wind power was allocated `930 Crore in 2024-25 For individual pump solarization, similar to
compared to `916 Crore in 2023-24. Component B, there is a CFA of 30% of the benchmark
• Utility scale Solar & On-shore Wind: 50 GW annual bidding cost issued by MNRE or the prices of the systems
calendar, with at least 10 GW Wind capacity, notified over discovered in the tender, whichever is lower is
2023-2028 with allocations across SECI, NTPC, NHPC and provided. In addition, the respective state/UT has to
SJVN. Further, 50 Solar parks with aggregate capacity provide at least 30% financial support. Balance cost is
~37,490 MW across 12 states have been approved by to be contributed by beneficiary. For agriculture
MNRE with ~10,401 MW capacity already commissioned. feeder solarisation, CFA of `1.05 Crore per MW is
provided.
• PM Surya Ghar Muft Bijli Yojana: 10 million houses to be
brought under rooftop solar scheme and provided 300 • Solar Parks: In 2023, 50 solar parks with an aggregate
units of free electricity each month- annual savings capacity of around 37,490 MW have been approved. Out of
`15,000 to `18,000. This scheme boasts a substantial this an aggregate capacity of 10,401 MW of solar projects
has been commissioned, out of which 284 MW has been
financial outlay of `75,021 Crore.
commissioned in 2023.
• PM KUSUM: The scheme has 3 components, with a
• Immense potential for Wind-Solar Hybrid power plants:
targeted solar capacity of 34.8 GW by FY 2026, with a total
Impetus on promotion of large grid-connected wind-solar
Central Financial Assistance (CFA) of `34,422 Crore. The
PV hybrid system with battery storage under National
scheme comprises of 3 components as following:
Wind-Solar Hybrid Policy. 1.44 GW wind-solar hybrid
o Component A - Setting up of 10,000 MW of capacity has been commissioned as on 31.12.2023. India's
Decentralized Ground/Stilt Mounted Solar Power wind solar hybrid project capacity is poised to grow to
Plants on barren/fallow/pasture/marshy/ cultivable about 9,500 MW by 2025. Hybrid projects also promise
land of farmers. Such plants can be installed by greater transmission efficiency and lower effective cost in
i n d i v i d u a l f a r m e r, S o l a r P o w e r D e v e l o p e r, comparison to their standalone counterparts.
Cooperatives, Panchayats and Farmers Producer Ø Hydro Power
Organizations. Under this component, there is a
India has considerable hydro power potential, which
Procurement Based Incentive (PBI) to DISCOM: @ `
will play a key role in the Indian power sector. Hydro
0.40 per unit purchased or `6.6 Lakh per MW of
power projects are classified as large and small hydro
capacity installed, whichever is less, for a period of five
projects based on their sizes. Different countries have
years from the Commercial Operation Date (COD)
different size criteria to classify small hydro power
o Component B - Installation of 14 Lakh Stand-alone projects. In India, hydro power plants with capacity of
Solar Pumps in off-grid areas, with a pump capacity 25 MW or below are classified as small hydro projects
upto 7.5 HP. Under this component, there is a CFA of and are considered under the ambit of RE. Large
30% of the benchmark cost issued by MNRE or the Hydropower Projects (> 25MW) have also been
prices of the systems discovered in the tender, reclassified under renewables after the government's
whichever is lower is provided. In addition, the notification in 2019.
Hydro Capacity in India (in GW):

Generation Source As on As on As on As on As on
FY21-22 FY22-23 FY 23-24 FY 26-27e FY 31-32e

Small Hydro 4.8 4.9 5 5.2 5.5

Large Hydro 46.7 46.8 46.9 52.4 62.2

Source: CEA

149
Key Government policies driving growth: signed up to 30.06.2028.
• Tariff Rationalization: Tariff rationalization measures Ø Bio Energy
including providing flexibility to the developers to
determine tariff by back loading of tariff after increasing As per a study sponsored by MNRE, the availability of
project life to 40 years, increasing debt repayment period biomass in India is estimated at about 750 million metric
to 18 years, and introducing escalating tariff of 2%. tonnes per year. The study estimated surplus biomass
• Waiver of Inter State Transmission System (ISTS): Waiver of availability at about 230 million metric tonnes per annum
ISTS charges on the transmission of power from new covering agricultural residues corresponding to a potential
Hydro Electric Projects (HEPs) would be applicable, for of ~28 GW. By FY31-32, the country is targeting a growth of
which construction work is awarded and Power Purchase
~42% over FY23-24 Bio Energy capacity to reach an overall
Agreement (PPA) is signed on or before 30.06.2025.
capacity of 15.5 GW. MNRE budget for bioenergy saw an
Subsequently, part waiver of ISTS charges, in steps of 25%
increase from an estimated `75 Crore in FY23-24 to `300
from 01st July 2025 to 01st July 2028, has been extended for
HEPs for which construction work is awarded and PPA is Crore in FY24-25 .

Bio Energy Capacity in India (in GW):

Generation Source As on As on As on As on As on
FY21-22 FY22-23 FY23-24 FY 26-27e FY31-32e

Biomass 10.21 10.25 10.35 13.0 15.5

WTE 0.47 0.55 0.58

Source: CEA
• Budgetary Focus: SATAT's financial assistance for biomass Emerging segments in green financing gaining
aggregation machinery will facilitate greenfield capacity momentum
addition and help meet the mandate to blend CBG with
piped gas and CNG, ultimately lowering the LNG import Ø RE Solar PV Manufacturing capacity
bill. The scheme allocates `564.75 Crore from FY 2023-24 As per a report by IEEFA, India will reach the 110 GW mark in
to FY 2026-27, with subsidy capped at 50% of procurement solar module manufacturing by FY26-27, which will be
cost. The scheme will help CBG producers buy biomass enough to attain self-sufficiency for its demand. It can then
machinery, aiding biomass collection for CBG. focus on expanding its reach to foreign markets, where the
• Ethanol Blended Petrol (EBP): Under EBP, Govt. of India has demand is expected to remain high.
set a target of 20% blending of ethanol in petrol by Ethanol Domestic PV Manufacturing capacity in India (Nameplate
Supply Year (ESY) 2025-26. As per the Roadmap for Capacity, GW):
Ethanol Blending in FY 2020-25, the estimated
requirement for 20% ethanol blending in ESY 2025-26 is Generation As on As on As on
~1016 crore litres. A successful E20 program is expected to Source FY 2022-23 FY 2023-24 FY 2026-27e
save the country ~USD 4 billion per annum.
Polysilicon - - 38
• Interest subvention scheme for ethanol project: To
Wafer - 2 56
promote Ethanol manufacturing, the department of Food
and Public Distribution (DFPD) has a scheme of interest Cell 4.3 6.6 59
subvention @ 6% per annum or 50% of rate of interest Module 18 50 110
charged by banks/financial institutions, whichever is
lower, on the loans to be extended by banks/financial
Source: Institute for Energy Economics and
institutions is being borne by the Central Government for
Financial Analysis (IEEFA), PIB
five years including one year moratorium.

150
Key Government policies driving growth: India Phase II has been enhanced from `10,000 Crore to
`11,500 Crore until March 31, 2024.
• PLI for Manufacturing of High Efficiency Solar Modules:
The Government has allocated a total capacity of 39,600 • Reduction of GST: GST on electric vehicles has reduced
MW of domestic Solar PV module manufacturing capacity from 12% to 5% and GST on chargers / charging stations
to 11 companies, with a total outlay of `14,007 Crore under has been reduced from 18% to 5%.
the Production Linked Incentive Scheme for High • Ease in Compliance: Battery-operated vehicles receive
Efficiency Solar PV Modules (Tranche-II). Manufacturing green license plates and are exempt from permit
capacity totaling 7400 MW is expected to become requirements, as per guidelines by MoRTH
operational by October 2024, 16,800 MW capacity by April
• Electric-Mobility Promotion Scheme 2024 (EMPS 2024):
2025 and the balance 15,400 MW capacity by April 2026.
EMPS 2024 has been launched to support adoption of e-2
The Tranche-II is expected to bring in an investment of
wheelers and e-3 wheelers with a total outlay of `500
`93,041 Crore. It will also generate a total of 1,01,487 jobs
Crore for the period of 4 months from 1st April 2024 to 31st
with 35,010 getting direct employment and 66,477 being
July 2024. The Scheme aims to support 3,72,215 Evs
indirectly employed.
including e-2W (3,33,387) and e-3W (38,828 including
• Policies for growth: MNRE reintroduced Approved List of 13,590 rickshaws & e-carts and 25,238 e-3W in L5
Module Manufacturers (ALMM) to protect interests of category). To encourage advance technologies, the
domestic PV manufacturers, which includes 83 benefits of incentives, will be extended to only those
manufacturers with an enlisted module manufacturing vehicles which are fitted with advanced battery.
capacity pegged at 44.6 GW.
• PM E-bus Sewa approved by the Union Cabinet with target
Ø Electric Vehicles (EV) of deploying 10,000 E-buses nationwide at an estimated
budget of `57,613 Crore with focus on cities with
The Indian government has set a target of electric
population greater than 3 Lakh (as per 2011 census).
vehicle penetration i.e. 30% for private cars, 70% for
commercial vehicles and 80% for two-wheelers and Ø Green Transmission
three-wheelers by 2030. In line with the same, Govt. of With focus on green transmission, the government aims to
India is increasingly incentivizing EV manufacturers to synchronize electricity produced from renewable sources
increase penetration and encourage further with conventional power stations in the grid. In order to
investments in indigenous technology. As per market facilitate renewable power evacuation and reshape the
estimates, electric-vehicle sales in India are expected grid for future requirements, the Green Energy Corridor
to rise 66% in FY 24 as state subsidies help boost (GEC) projects have been initiated.
demand and supporting infrastructure comes up in
the country. Transmission capacity Under GEC Scheme:
Installation GEC Phase I GEC Phase II
EV Fleet adoption rate:
Ckm 9,700 10,750
FY22-23 FY 23-24 FY30-31e
MVA transformation capacity 22,600 27,500
EV 5.3% 6.8% >30%
Source: Ministry of Power, GOI
Penetration
Key Government policies driving growth:
Source: VAHAN
• Transmission projects approved by the National
Key Government policies driving growth:
Committee on Transmission (NCT):
• FAME (Faster Adoption and Manufacturing of Hybrid and
o Approval of Projects: The NCT has approved
Electric Vehicle): The Scheme launched by the
approximately 10 new transmission projects, worth
Government incentivizes EV manufacturers to increase
over `6,600 Crore. These projects aim to upgrade and
penetration and encourage further investments in
expand the transmission network to integrate
indigenous technology. Budget allocation under FAME
renewable energy with the grid.

151
O CEA's Roadmap: The Central Electricity Authority (CEA) Key Government policies driving growth:
released a roadmap to integrate over 500 GW of renewable
• Production Linked Incentive (PLI) scheme for Advanced
capacity by 2030, estimating a requirement of over `2
Chemistry Cell (ACC): In May 2021, the Cabinet had
trillion for the transmission network. The planned
approved the technology agnostic PLI Scheme on
transmission lines and sub-station capacity are aimed at
'National Programme on Advanced Chemistry Cell (ACC)
integrating additional wind and solar capacity.
Battery Storage' for achieving manufacturing capacity of
• Progress and Targets: India achieved only 61.5% of its
50 GWh of ACC with an outlay of `18,100 Crore. The first
target for expanding power transmission lines in the first
round of the ACC PLI bidding was concluded in March
half of the fiscal year. The government aims to meet the
2022, and 3 companies were allocated a total capacity of
cumulative target for the fiscal year, focusing on both
30 GWh, and the program agreement with selected
union and state government enterprises as well as the
companies was signed in July 2022.
private sector.
o Further, MHI, Government of India has released
New and evolving segments
Request for Proposal (RFP) for Shortlisting and
Ø Storage
Selection of bidders under the Production Linked
Electrical energy storage systems, used to exchange Incentive (PLI) Scheme 'National Programme on
power with the grid, come in various types based on Advanced Chemistry Cell (ACC) Battery Storage' for
the materials used. PSPs are the most adopted storage setting up of Battery Manufacturing Units with a total
technology (~90%) and are expected to continue to manufacturing capacity of 10 GWh with maximum
grow in the next decade, with a planned upgrade to a budgetary outlay of `3,620 Crore. In April 2024, the
capacity of 26.7 GW by FY31-32 in base case of Indian government initiated a re-bidding process for
National Electricity Plan (NEP). Meanwhile, Battery the 10 GWh tranche of the unallocated 20 GWh
Energy Storage Systems (BESS) are planned to be built
capacity under the Production Linked Incentive (PLI)
with a capacity of up to 47.24 GW by FY31-32 in base
scheme for the Advanced Chemistry Cell (ACC) battery
case.
storage.
Key Government policies driving growth:
o The PLI scheme aimed to boost domestic
• BESS Development: The government approved the manufacturing of battery storage for electric vehicles
viability gap funding scheme to support the development
and stationary applications like renewable energy
of BESS with an initial outlay of `9,400 Crore, including
storage and power management. technology and
budgetary support of `3,700 Crore.
strengthen India's self-reliance in the energy storage
• Energy Storage Obligation: Year-on-year upward sector.
trajectory of ESO for all the obligated entities, starting from
Ø Green Hydrogen and Electrolyzer Manufacturing
1% in FY23-24 to 4% in FY29-30.

• Pumped Hydro Policy: In April 2023, MoP issued a pumped Post the release of India's maiden green hydrogen
hydro policy to catalyse growth. Other support includes policy, several players – both private and state
waiver on transmission charges and the inclusion in ESO. owned – have made a slew of announcements for
setting up projects to produce green hydrogen,
Ø Battery Manufacturing
eventually bolstering the country's energy
The government of India looks at incentivizing security. For instance, state-owned power
domestic battery manufacturing in order to boost
generator NTPC aims to reduce the green
domestic manufacturing and facilitate battery storage
hydrogen production costs, discussions ongoing
demand creation for electric vehicles and stationary
to set USD 2/kg by 2025-2026 as the benchmark,
storage. This will help create a complete domestic
while private players like RIL aim to cut that cost to
supply chain and attract foreign direct investment in
half by the end of the decade.
the country.

152
Key Government policies driving growth: Ø Smart Metering

• National Green Hydrogen Mission with an initial outlay of India's Smart Meter National Program (SMNP) aims to
`19,744 Crore to help achieve an annual production replace conventional electricity meters with pre-paid
capacity of at least 5 MMT per annum by 2030 for smart meter to promote the use of smart meters across
facilitating the net-zero target. the country. These smart meters are a new generation
of energy meters that allow you to learn about your
• SECI also came out with a list of bidders in electrolyzer
manufacturing on December 15, 2023, under the Strategic consumption pattern and help utilities conduct system

Interventions for Green Hydrogen Transition (SIGHT) monitoring and customer billing without manual
Scheme (Tranche-I). Results for SECI Tender to setup intervention. The aim of the SMNP is to improve the
1,500 MW of electrolyzer manufacturing capacity were billing and collection efficiencies of distribution
announced. Reliance Electrolyzer Manufacturing, John companies (DISCOMs) operating in the country.
Cockerill Green Hydrogen Solutions, and Jindal India
Key Government policies driving growth:
were among the major winners, with all three winning 300
MW per annum capacity each. • Government of India has launched Revamped Distribution

Ø Off-shore Wind Sector Scheme (RDSS) vide OM dtd. 20.07.2021 with an

outlay of`3,03,758 Crore and an estimated Gross
Potential zones have been identified in Gujarat and Budgetary Support of `97,631 Crore. The scheme aims to
Tamil Nadu for exploiting offshore wind energy reduce the AT&C losses to PAN India levels of 12-15% and
opportunities. Initial assessments done by NIWE in ACS-ARR gap to zero by 2024-25.
the identified zones suggest possible potential of 36
GW capacity off the coast of Gujarat alone. Further, • The scheme has two parts: Part-A includes upgradation of
bidding trajectory for 37 GW off-shore wind capacity distribution infrastructure and Pre-paid Smart Metering &
indicated by MNRE alongside completion of planning System Metering and Part-B covers Training & Capacity
for transmission infrastructure by CTU for initial 10 Building and other Enabling & Supporting Activities
GW offshore capacity (5 GW each off Gujarat and
o Under Part-A, installation of 25 crore Smart Meters is
Tamil Nadu coasts). In addition, Offshore Wind Lease
envisaged across the country. Implementation model
rules have been released with potential to extend
for smart metering is TOTEX (i.e., CAPEX+OPEX) under
lease term upto 35 years.
DBFOOT model and OPEX payments to Advanced
Key Government policies driving growth: Metering Infrastructure Service Provider (AMISP) are
linked with Service Level Agreement (SLA). This
• Unlocking Off-Shore Wind generation in India: To approach ensures end-to-end responsibility of AMISP
capitalize on high-capacity utilization factors (CUF) and for delivery of services during the entire life cycle of the
minimal land requirements, the Tamil Nadu government is project. Along with installation of pre-paid Smart
seeking bids for 4 GW of offshore wind projects. MNRE &
metering and the associated Advanced Metering
NIWE have provided an auction trajectory for 2023–2030
Infrastructure (AMI) which goes with its installation,
spread across 3 models. 25-year waiver on inter-state
System metering at Feeder and Distribution
transmission system (ISTS) charges would be granted for
Transformer level with communicating feature would
offshore wind projects commissioned before the end of
also be taken up simultaneously in PPP Mode so that
2032. No additional surcharge would be paid for offshore
the Service Level Agreements (SLAs) can be enforced
wind projects commissioned by December 2032 and
to facilitate proper energy accounting. The objectives
supplying generated power to Open Access Consumers.
of AMI are remote meter reading for error free data,
Recognizing higher gestation in these projects, a VGF
network problem identification, load profiling, energy
scheme for the initial 1 GW of offshore wind energy
audit and partial load curtailment in place of load
projects in two key sites Gujarat and Tamil Nadu was
shedding.
announced.

153
4. FINANCIAL AND OPERATIONAL PERFORMANCE FY 24 FY 23 FY 21

Over FY 23-24, your Company has demonstrated MoU Ratings Excellent Excellent Excellent
significant loan book growth coupled with robust financial (Provisional)**
p e r f o r m a n c e a c r o s s ke y d i m e n s i o n s i n c l u d i n g **Subject to assessment and approval of Government of India

profitability, cash flows, asset quality and capital • Due to competitive borrowing, your Company was able to
adequacy. service borrowers along with a uptick in its interest spread
Ø Key performance highlights by 32 basis points and net interest margin to 2.85% in FY 24
from 2.82% in FY 23.
• Your Company continued its performance in its
traditionally strong market with solar, wind and hydro • Your Company was able to significantly resolve its stressed
power project financing contributing ~57% of assets bringing its Net NPA ratio to a ten-year low of 0.99%
sanctioned amount FY 24. In addition, your Company at the close of FY 24 (vs. 1.66 % at the close of FY 23).
enhanced its presence in new and emerging RE Structured recovery processes leading to reduction in
technology financing, especially, electric vehicle and GNPA and NNPA to 2.36% and 0.99%, respectively. Further,
manufacturing financing via innovative products such your Company’s robust credit appraisal process and
as fleet financing, on-lending to E-mobility B2C proactive post-sanction & disbursement monitoring
NBFCs, etc. effectively mitigated default.

• Your Company has bolstered its net worth to • Strong focus on recovery/resolution actions have resulted
` 8,559.43 Crore in FY 23 and posted an all-time high in net reduction of 3 loan accounts from the NPA list and
PAT of ` 1252.23 Crore . `212.70 Crore was recovered from NPA loans which

• Capital adequacy for your Company is well in line with include `90.68 Crore towards Principal and `122.02 Crore

RBI regulations with CRAR at 20.11% vs. minimum towards Interest Income (which includes recovery from
permissible floor of 15%. In addition, augmentation in written off assets of `58.39 Crore).
net worth will also allow your Company to boost its Ø Financial Results
exposure limits which has the potential to enhance
business.
Total Income (₹ in Crore)
• Debt equity ratio improved to 5.80 times in FY 24 as Particulars For the year For the year
compared to 6.77 in FY 23 on account of fresh equity ended 31.03.2024 ended 31.03.2023
issue and retained earnings higher than the increase in Interest Income 4,822 3,374
debt at the end of the financial year. Fees and Commission 60 37
Income
• Operating profit margin has increased by 3.76% in FY
Net gain/(loss) on fair (11) 13
24 to 33.92 % as compared to 32.69% in FY 23 due to
value changes on
an increase in net margin on account of higher
derivatives
interest income.
Other Operating 93 58
• Net Profit Margin increased by 1.61% in FY 24 to Income
25.22% as compared to 24.82 % in FY 23 mainly due to Total Revenue from 4,964 3,482
higher interest income margin. operations (I)
Other Income (II) 1 1
• Return on net worth has increased by 12.71% in FY 24
Total Income (I+II) 4,965 3,483
to 16.40% as compared to 14.55% in FY 23 due to
significant increase in net profits. Total income in FY24 has increased by about 42.56 % as
• With continued improvement across financial and compared to FY23 primarily due to significant increase in
operating performance, your Company will be able to interest on Loans which has increased by 44.84% in the FY24 as
retain excellent MoU rating for 3 consecutive years compared to FY23, due to highest ever disbursement of
(subject to approval of rating for FY 24). `25,089 Crore made by the Company in FY24 leading to

154
incremental rise in Loan Book of the Company to `59,698 has increased by 70.59% on account of higher fund raising
Crore as at the end of FY24. through term loans from banks and financial institutions
considering favorable domestic market rates. Interest expense
Fees and Commission income has increased by 60.74% in the on debt securities increased by 28.87% due to raising of funds
FY24 as compared to FY23 due to increase in fees on higher through issuance of bonds. Further increase in central bank
loan sanctioned and commission on providing guarantees on rates also impacted the cost of our floating rate of borrowings.
behalf of the borrowers. Further, there is also an increase on Net translation/ transaction exchange loss (₹ in Crore)
account of income from service charge w.r.t. implementation
Particulars For the year For the year
of CPSU Scheme during FY24. ended 31.03.2024 ended 31.03.2023
Net translation/ (17) 24
Other Operating Income (₹ in Crore) transaction exchange
loss
Particulars For the year For the year Total (17) 24
ended 31.03.2024 ended 31.03.2023
Revenue from Solar 29 27 During FY24, the company witnessed the decrease in
Power Plant (Net) translation/transaction exchange loss by 168.80% primarily due
Bad debts recovered 64 31 to favorable exchange fluctuations on foreign currency loans
Total 93 58 and repayment of foreign currency borrowings.
Impairment on Financial Instruments (₹ in Crore)
Other operating income has increased by 58.90% in the FY24 as
compared to FY23. Strong focus on recovery/resolution actions Particulars For the year For the year
ended 31.03.2024 ended 31.03.2023
have resulted in net reduction of three loan accounts from the
NPA list and ` 213 Crore was recovered from NPA loans which Loans (67) 67
includes recovery from written off assets of `58 Crore resulting
Total (67) 67
in an increase of 101.92% in Bad Debt Assets recovery during
FY24.
Impairment on Financial Instruments has decreased by
Net gain/(loss) on fair value changes (₹ in Crore) 200.96% during the FY 24 primarily due to decrease in provision
required on account of improvement in quality of assets and
Particulars For the year For the year
ended 31.03.2024 ended 31.03.2023 significant recovery made in NPA accounts. The provision is
being made in line with Ind AS 109 under ECL methodology.
Net gain/(loss) on (11) 13
financial instruments
at fair value through Employee Benefits Expense (₹ in Crore)
statement of profit
and loss other than Particulars For the year For the year
trading portfolio ended 31.03.2024 ended 31.03.2023

Total Net gain/(loss) (11) 13 Employee Benefits 71 63

on fair value changes Expense
The company during FY 24 has experienced changes primarily Employee benefits expenses increased marginally by 13.04% on
on account of mark to market (MTM) valuation of the derivative account of new recruitment, employee promotions and routine
instruments availed to hedge foreign currency loans. increments.

Finance Cost Depreciation and Amortization Expense (₹ in Crore)

(₹ in Crore)
Particulars For the year For the year Particulars For the year For the year
ended 31.03.2024 ended 31.03.2023 ended 31.03.2024 ended 31.03.2023
Finance Cost 3,164 2,088 Depreciation and 30 23
Total 3,164 2,088 Amortization Expense

During FY 24 Finance cost increased by 51.51% as compared to Depreciation and Amortization Expense increased by 29.15%
FY 23, primarily due to increase in borrowings to meet growing majorly due to capitalization of NBCC office business centre
demand of lending operations. Interest expense on borrowings and ERP software during the FY 24.

155
Other expenses (₹ in Crore) Borrowings (Other than Debt Securities) increased during FY 24
Particulars For the year For the year due to an increase in borrowings in light of funds raised by
ended 31.03.2024 ended 31.03.2023 means of loans from banks and financial institutions to meet
business requirement.
Other expenses 77 71
Equity (₹ in Crore)
Other expenses comprise of Rent, taxes and power, Repairs and
Particulars As at 31.03.2024 As at 31.03.2023
maintenance, Communication Costs , Printing and stationery ,
Auditor's fees and expenses, Legal and Professional charges Equity Share Capital 2,688 2,285
etc. Due to strict control over expenditure, the other expenses
Other Equity 5872 3651
have marginally increased by 7.50%.
Total 8,560 5,936
Financial Position
Ø Assets During FY 24 the company has issued fresh Equity Shares
Cash and Cash Equivalents (₹ in Crore) through IPO by the Company which results an increase in
60.83% in Other Equity. Further, Equity Share Capital has
Particulars As at 31.03.2024 As at 31.03.2023
increased by 17.64% as compared to FY 23 majorly due to
Cash and Cash 74 138 increased retained earnings of FY 24.
Equivalents
Debt turnover, Inventory turnover, Interest coverage ratio and
Cash and Cash Equivalents decreased by 46.38% during FY24 Current ratio are not calculated since they are not applicable to
primarily due to decrease in balance in current accounts with Company as per regulation 52 of SEBI LODR.
banks and optimal utilization of overdraft and short-term loan
facilities. 5. STRENGTHS, WEAKNESSES, OPPORTUNITIES AND
THREATS (SWOT)
Loans (₹ in Crore)
Strengths
Particulars As at 31.03.2024 As at 31.03.2023
• Presence in growing RE segment with a Y-o-Y growth
Loans (net) 58,775 46,227
of 26.81% over FY22-23 in the gross term loan
During the FY24 Loans has increased by 27.14% primarily due to portfolio.
an increase in our net disbursement. The company has • Geographically diversified asset book across 23 states
disbursed `25,089 Crore in FY 24 which happens to be the & 5 UTs in India as well as sectorally diversified asset
highest ever disbursement by the Company. book with presence across various sectors including
solar, wind, hydro, manufacturing, ethanol, biomass,
Ø Liabilities
briquetting & pellets, CBG and other emerging areas
Debt Securities (₹ in Crore) such as EV, smart meters, charging infra and green
hydrogen & its derivatives.
Particulars As at 31.03.2024 As at 31.03.2023
• Robust credit appraisal process and proactive post-
Debt Securities 17,714 10,843 sanction & disbursement monitoring to effectively
mitigate default triggers. Structured recovery
During FY 24 Debt Securities has increased by 63.37% primarily processes leading to reduction in GNPA and NNPA to
due to fund raising through the issuance of taxable bonds to 2.36% and 0.99%, respectively.
meet the enhanced business requirements. The company has
raised `7,357 Crore through 8 series of taxable bonds and • Highest credit rating of 'AAA/Stable' from India Ratings
redeemed `300 Crore amounting to net increase of `7,057 & ICRA.
Core in FY 24. • Strong relationships with International financing
Borrowings (Other than Debt Securities) (₹ in Crore) institutions (such as World Bank, ADB, AfD, KFW, JICA,
EIB, etc.) & domestic lenders.
Particulars As at 31.03.2024 As at 31.03.2023
• Robust IT infrastructure facilitating streamlined loan
Borrowings (Other 31,324 28,673 application and borrower-centric processes as well as
than Debt Securities) physical presence across strategic locations in India

156
 for expedited on-site project checks and loan operations are Credit Risk, Market Risk, Liquidity Risk, and
documentation. Operational Risk. These risks are carefully identified,
assessed, and managed through the implemented risk
Weaknesses
management policies and procedures. The Chief Risk
• Being a Non-Deposit Systemically Important (ND-SI) Officer does not have any reporting relationship with the
NBFC restricts your Company from accepting Business verticals/business targets. Your company's risk
deposits from retail investors, leading to challenges in management framework is built upon a thorough
lending at competitive rates. comprehension of different risks, structured assessment
Opportunities and measurement procedures, and constant monitoring.

• Your Company is aligned with India's goal to achieve From a Risk Management perspective, culture serves as the
500 GW of non-fossil fuel-based energy by 2030. cohesive force aligning risk appetite with business
Consequently, your Company is expected to play a strategy. As risk taxonomies continue to evolve, ensuring a
significant role in meeting these targets through its prudent Risk Management approach necessitates periodic
financing activities. revision of charters for both the Board and its Sub-
committees, all under the umbrella of Astute Board
• Strategic expansion via a wholly-owned subsidiary in Oversight.
GIFT City, Gujarat, to capitalize on emerging
opportunities in foreign currency lending & position 7. INTERNAL CONTROL SYSTEMS AND THEIR
your Company as an offshore hub for securing ADEQUACY
competitive funding.
Your Company has an independent internal audit function
• The Company is well positioned to finance new which continuously evaluates the internal control system
technologies in RE, Smart Meters under RDSS, E- including suitable monitoring of adequacy and
mobility, green hydrogen and its derivatives alongside compliance with policies, procedures, plans and
other emerging technologies to diversity its revenue regulatory and statutory requirements. Your Company has
streams and tap into new markets. its Audit Policy. In order to ensure that all checks and
balances are in place and all internal control systems are in
Threats, Risks, and Concerns:
order, regular & exhaustive internal audits and reviews of
• The growth of the RE sector is strongly linked to the Internal Financial Controls are conducted by an
favorable government policies and financial experienced firm of Chartered Accountants with a close
incentives. Any reduction or withdrawal of these co-ordination with the Company's own Internal Audit
benefits could adversely affect the sector and your Division.
Company.
Your Company had appointed M/s Ravi Rajan & Company,
• Your Company faces stiff competition, especially in LLP, Chartered Accountants as Internal Auditor for the FY
traditional RE sectors, from other deposit-taking 24. The Audit Committee periodically reviews the
financial institutions that might have lower costs of significant findings of the audits, as prescribed by the
funds or better access to capital. Companies Act, 2013, SEBI (LODR) Regulations, 2015 and
applicable RBI Guidelines. Internal Audit Reports are
6. RISK MANAGEMENT FRAMEWORK
discussed with the Management and are reviewed by the
To effectively manage credit risk, market risk, liquidity risk, Audit Committee of the Board. With the approval of the
and operational risk, your Company has established a Board of Directors, your Company has implemented Risk
comprehensive policy framework. The Risk Management Based Internal Audit (RBIA) Policy in compliance with the
Policy has been developed under the guidance of the Risk RBI guidelines issued on 16th March 2022.
Management Committee (RMC) and approved by the
Board of Directors. The Board has the overall 8. HUMAN RESOURCES/ INDUSTRIAL RELATIONS
responsibility of risk management which takes care of Your Company, with its unwavering commitment to
managing overall risk in the organization. The Risk excellence, acknowledges the pivotal role of Human
Management Committee, headed by an Independent Resources (HR) in propelling organizational growth. The
Director, ensures independent risk oversight and focused HR function at your Company operates with a clear
risk management process. purpose: to foster employee engagement, cultivate an
The key risks your Company faces during its business environment conducive to individual flourishing, and

157
 empower employees to excel in their respective roles. Corporate Social Responsibility (CSR) initiatives are deeply
rooted in the principle of making a positive impact and
The total employee strength of the Company was 173 nos.
aligning with the goals set by the Government of India and
for the FY ended March 2024 as against 160 for the FY
the Sustainable Development objectives.
ended March 2023, excluding Board Level Executives. The
strength of female employees is a crucial aspect of Through these initiatives, your Company aims to address
workforce diversity and gender equality and number of community development and empower individuals
female staff as on 31.03.2024 was 46 i.e. 26.6% of total through basic education over the aspects of sustainability,
employee strength. The attrition rate of the Company was healthcare, nutrition, Environment Sustainability,
3.6 %, excluding superannuation cases. The average age of
Ecological Balance and Conservation of Natural
the employees as of 31.03.2024 is ~42.9 Years. Your
Resources. Additionally, your Company focusses on macro
Company is expanding, and 25 new personnel have joined
issues such as environmental protection, promotion of
our workforce during FY 24.
green and energy-efficient technologies, and the
9. ENVIRONMENT AND SOCIAL MANAGEMENT development of underprivileged regions, as per the
SYSTEM provisions of Section 135 of the Companies Act, 2013 read
with Companies (Corporate Social Responsibility Policy)
Your Company is a key player in the renewable energy
Rules, 2014.
sector and a responsible financial institution that has
adopted a comprehensive Environmental and Social During FY 24, Your company sanctioned a total amount of
Management System (ESMS) to identify and mitigate the `16.65 Crore (including administration expense) for a total
impacts (if any) the funded projects have on the of 16 projects under CSR funds for the FY 2023-24 and
environment and society at large. The second version of disbursed a total amount of `10.29 Crore in FY 2023-24,
ESMS was adopted in November 2019 and is effective including disbursements from unspent account for
thereafter. previous years.
The Environmental & Social Safeguards Unit (ESSU) of your Your Company launched a Corporate Social Responsibility
Company has the primary responsibility of safeguarding (CSR) portal for enhancing transparency in receipt and
impacts pertaining to Environmental and Social (E&S)
disposal of CSR requests from various organizations and
aspects of various projects and their respective
institutions and ensuring timely examination, sanction and
technologies, besides ensuring implementation of the
disbursements of financial assistance for CSR proposals.
ESMS. During FY 24, E&S Screening and Categorization of
about 120 projects were carried out across all As a socially responsible corporate, your Company is
technologies funded by the Company. Regular interaction committed to expanding its CSR impact over the coming
with international lenders is maintained to understand years and aims to play a larger role in the development of
their E&S requirements. This has helped your Company to the Nation.
meet its E&S obligations and has helped the borrowers in
managing E&S risks associated with their projects. 11. S E G M E N T - W I S E O R P R O D U C T W I S E
PERFORMANCE
During the previous financial year your Company updated
the “Environmental and Social Management Framework - The Company operates in India hence it is considered to
RE Parks” under the World Bank Line of Credit titled Shared operate only in domestic segment. All operations of the
Infrastructure for Solar Parks Project (SISPP) which aims to Company are considered as single business segment
increase Renewable Energy Generation capacity by therefore, the Company does not have any separate
setting up large-scale Renewable Energy parks. The said reportable segment.
Framework is available on the website and can be
accessed at https://www.ireda.in/images/HTMLfiles CAUTIONARY STATEMENT
/ESMF.pdf
Statements in Management Discussion and Analysis
10. CORPORATE SOCIAL RESPONSIBILITY describing the Company's objectives, projections,
expectations, and estimates are based on the current
Your Company is strongly committed to being a socially business environment. Actual results could differ from those
responsible agency that actively contributes to the society expressed or implied, based upon the future economic and
and nation to improve the quality of life. The Company's other developments, both in India and abroad.

158
 783, Desh Bandhu Gupta Road,
DSP & ASSOCIATES Near Faiz Road Crossing
CHARTERED ACCOUNTANTS Karol Bagh, New Delhi-110 005
23684423, 23622076
Telefax: 23622094, 41545550
E-mail : [email protected]
[email protected]
Website : www.dspdelhi.in

Independent Auditor's Report

To the Members of Auditing specified under section 143(10) of the Act (“SAs”). Our
responsibilities under those Standards are further described in
Indian Renewable Energy Development Agency Limited
the 'Auditor's Responsibilities for the Audit of the Financial
Report on the Audit of the Financial Statements Statements' section of our report. We are independent of the
Company in accordance with the Code of Ethics issued by the
Opinion Institute of Chartered Accountants of India (“ICAI”) together
We have audited the accompanying Financial Statements of with the ethical requirements that are relevant to our audit of
Indian Renewable Energy Development Agency Limited (“the the Financial Statements under the provisions of the Act and the
Company”),which comprise the 'Balance Sheet as at March 31, Rules thereunder, and we have fulfilled our other ethical
2024, and the Statement of Profit and Loss (including Other responsibilities in accordance with these requirements and the
Comprehensive income), Statement of Changes in Equity and ICAI's Code of Ethics. We believe that the audit evidence
Statement of Cash Flows for the year then ended, and Notes to obtained by us, is sufficient and appropriate to provide a basis
the Financial Statements, including a summary of material for our audit opinion on the Financial Statements.
accounting policies and Other Explanatory information
Emphasis of Matter
prepared in accordance with the requirement of the
Companies Act 2013 (as amended) (“the Act”)' (hereinafter 1. As described in Note 38 (39) to the Financial Statements,
referred to as “Financial Statements”). the company has classified certain Loans given
aggregating to Rs. 87,366.57 Lacs required to be classified
In our opinion and to the best of our information and according
as stage III /Non-Performing Assets (NPA) as stage II /
to the explanations given to us, the aforesaid Financial
Standard in terms of interim order of Hon'ble High Court of
Statements give the information required by the Act in the
Andhra Pradesh. The statutory disclosures have been
manner so required and give a true and fair view in conformity
made accordingly. However, as a matter of prudence,
with the Indian Accounting Standards prescribed under section
interest income on such accounts becoming NPA in terms
133 of the Act read with the Companies (Indian Accounting
of prudential norms of RBI has been recognized on
Standards) Rules, 2015, as amended, (“Ind AS”) and the
collection basis and allowance for impairment loss has
accounting principles generally accepted in India, of the state
been made in accounts accordingly.
of affairs of the Company as at March 31, 2024, and profit
including comprehensive income, changes in equity and its Our opinion is not modified in respect of above matters.
cash flows for the year ended on that date.
Key audit matters
Basis for opinion
Key audit matters are those matters that, in our professional
We conducted our audit in accordance with the Standards on judgment, were of most significance in our audit of the financial

159
statements of the current period. These matters were and we do not provide a separate opinion on these matters.
addressed in the context of our audit of the financial We have considered the matters described below to be the
statements as a whole, and in forming our opinion thereon, Key Audit Matters for incorporation in our Report.

Sr. No. Key Audit Matters Auditor’s Response

1. Impairment of Loan Assets – Expected Credit loss Our Audit procedures based on which we arrived at
conclusion regarding reasonableness of the disclosures
Refer Note no. 38 (20 (A) (a) (ii)) to the Financial Statements
and accounting for Impairment of Loan Assets - Expected
read with accounting policy No.3(xx)– ‘Financial
Credit loss includes the following:
Instruments’)
We have obtained an understanding of the guidelines as
Financing is principal business of the Company and
specified in Ind AS 109 “Financial Instruments”, various
disclosure of Loan assets at fair value considering the
regulatory updates, guidance of ICAI and internal
provision for loss due to impairment is most significant.
instructions and procedures of the Company in respect of
The Company follows a Board approved methodology the ECL and adopted the following audit procedures:
wherein assessment for allowance is carried out by an
Evaluation and testing of the key internal control
external agency for impairment based on certain criterion
mechanisms with respect to the loan assets monitoring,
/ framework classifying the assets into various stages
assessment of the loan impairment including testing of
depending upon credit risk and level of evidence of
relevant data quality, and review of the real data entered.
impairment. The measurement of an expected credit loss
allowance (ECL) for financial assets measured at Recoveries in the loan assets are verified to ascertain
amortized cost requires the use of complex models and level of stress thereon and impact on impairment
significant assumptions about future economic allowance in financial statements.
conditions and credit behaviour (e.g., likelihood of
Verification / review of the documentation, operations /
customers defaulting and resulting losses).
performance, valuation of available securities and
The Company makes significant judgments while monitoring of the loan assets, especially large and
assessing ECL and the assumptions underlying the ECL are stressed loan assets, to ascertain any overdue,
monitored and reviewed on an on-going basis. unsatisfactory conduct or weakness in any loan asset
account.
The proper application of such assumptions is material for
statement of the Loan Assets. In view of the materiality of The company avails services of third party for evaluation
the amount of loan assets in the Financial Statements, the of ECL Components and such party was changed during
loss due to impairment of loan assets has been considered the year . The calculations in the study for impairment
as Key Audit Matter in our audit. allowance carried out by third party are relied upon by us
and test checks are carried out for the same. The data
shared with the third party is verified by us for correctness
of material components being submitted. Our audit
procedure in the same are limited in view of not sharing
certain parameters and software used for study of such
data being considered confidential by such third party.

We also compared ECL with the provisioning as required

by the applicable directions of the Reserve Bank of India
and ensured adequacy of impairment allowance
accordingly.

160
Sr. No. Key Audit Matters Auditor’s Response

2. Fair valuation of Derivative Financial Instruments Our Audit procedures based on which we arrived at
conclusion regarding reasonableness of the disclosures
(Refer Note No. 38 (28) to the Financial Statement read
and accounting for derivatives include the following:
with accounting policy No. 3(xx).
Discussing and understanding management’s perception
To mitigate the Company’s exposure to foreign currency
and studying policy of the company for risk management.
risk and interest rate, non-Rupee cash flows are
monitored and derivative contracts are entered for Verification of fair value of derivative in terms of Ind AS
hedging purpose. The derivatives are measured at fair 109, testing the accuracy and completeness of derivative
value as per Ind AS 109. transactions.

To qualify for hedge accounting, the hedging relationship Evaluation of management’s key internal controls over
must meet certain specified requirements as per Ind AS. classification, valuation, and valuation models of
Hedge accounting results in significant impact on derivative instruments.
financial statements together with complexity of its
Obtained details of various financial derivatives contracts
accounting/assumptions and numerous parameters st
as outstanding/pending for settlement as on 31 March,
therein for establishing hedge relationship. Gain/Loss on
2024.
these derivatives is recognised in other comprehensive
income or profit and loss as provided by Ind AS. The Verification of underlying assumptions in estimating the
magnitude of such transactions is significant as per the fair valuation arrived at for those financial derivative
operations of the company. contracts.

In view of facts of the matter we have identified it as a key Appropriateness of the valuation methodologies applied
audit matter. and testing the same on sample basis for the derivative
instruments.

Additionally, we verified the accounting of gain/loss on

derivatives in the other comprehensive income or Profit &
Loss Account.

Reviewed the appropriateness and adequacy of

disclosures by the management as required in terms of Ind
AS 109.

3. Liability for Taxation including Income Tax Our Audit procedures based on which we arrived at
conclusion regarding reasonableness of the disclosures
Refer note 38 (17 a) The company has material uncertain
tax demands in respect of matters under dispute which and accounting for Liability for Income Tax include the
involves significant judgement to determine the possible following:
outcome of these disputes.
Our audit procedure includes review of various orders
During the year, Hon'ble High Court of Delhi decided the passed by Hon’ble High Court and CIT ( Appeals) /
Writ Petitions relating to income tax cases for Financial Assessing Officer on the subject matter in dispute with
Year (FY) 1997-1998 to FY 2008-2009 and for FY 2009-10 Department of Income Tax. We undertook procedure to
to 2017-18 ( except FY 2013-14) appeals orders were evaluate management position on these uncertain tax
passed by the CIT(Appeals). Orders were received for
positions.
other Financial years also. Appropriate provision and
disclosure of consequential liabilities is material to the For other tax matters, the facts and the legal
presentation of financial statements. pronouncements were analyzed and reviewed.

161
 Sr. No. Key Audit Matters Auditor’s Response

Service Tax and Goods & Service Tax (GST) Authorities We reviewed the appropriateness and adequacy of
have also raised certain issues and raised demands for disclosures by the management as required in terms of Ind
several past periods, which are being contested. Possible AS 37 “Provisions, Contingent Liabilities and Contingent
outcome of these demands is substantial. Assets “ as well as Ind AS 12 “Income Taxes”

In view of this we have identified it as a key audit matter.

Information Other than the Ind AS Financial Statements and preventing and detecting frauds and other irregularities;
Auditor's Report thereon selection and application of appropriate accounting policies;
making judgments and estimates that are reasonable and
The Company's Board of Directors is responsible for the other
prudent; and design, implementation and maintenance of
information. The other information comprises the information
adequate internal financial controls, that were operating
included in the Board's Report including Annexures to
effectively for ensuring the accuracy and completeness of the
Directors' Report, Management Discussion and Analysis
accounting records, relevant to the preparation and
Report, but does not include the financial statements and our
presentation of the financial statements that give a true and fair
auditors' report thereon. The other information as stated above
view and are free from material misstatement, whether due to
is expected to be made available to us after the date of this
fraud or error.
auditors' report.
In preparing the financial statements, the Board of Directors of
Our opinion on the financial statements does not cover the
the company is responsible for assessing the company's ability
other information and we do not express any form of assurance
to continue as a going concern, disclosing, as applicable,
conclusion thereon.
matters related to going concern and using the going concern
In connection with our audit of the financial statements, our basis of accounting unless the Board of Directors either intends
responsibility is to read the other information identified above to liquidate the company or to cease operations, or has no
when it becomes available, and, in doing so, consider whether realistic alternative but to do so. The Board of Directors is also
the other information is materially inconsistent with the responsible for overseeing the company's financial reporting
financial statements, or our knowledge obtained during the process.
course of our audit or otherwise appears to be materially
Auditor's Responsibilities for the Audit of the Financial
misstated. When we read the other information as stated above
Statements
and if we conclude that there is a material misstatement
therein, we are required to communicate the matter to those Our objectives are to obtain reasonable assurance about
charged with governance and describe necessary actions whether the financial statements as a whole are free from
required as per applicable laws and regulations. material misstatement, whether due to fraud or error, and to
issue an auditor's report that includes our opinion. Reasonable
Responsibilities of Management and Those Charged with
assurance is a high level of assurance, but is not a guarantee that
Governance for the Financial Statements
an audit conducted in accordance with Standard on Auditing
The Company's Board of Directors is responsible for the will always detect a material misstatement when it exists.
matters stated in section 134(5) of the Act with respect to the Misstatements can arise from fraud or error and are considered
preparation of these Financial Statements that give a true and material if, individually or in the aggregate, they could
fair view of the state of affairs (financial position), Profit or Loss reasonably be expected to influence the economic decisions of
(financial performance including other comprehensive users taken on the basis of these financial statements.
income), changes in equity and cash flows of the Company in
As part of an audit in accordance with SAs, we exercise
accordance with the accounting principles generally accepted
professional judgment and maintain professional scepticism
in India, including the Indian accounting Standards specified
throughout the audit. We also:
under section 133 of the Act.
• Identify and assess the risks of material misstatement of the
This responsibility also includes maintenance of adequate
financial statements, whether due to fraud or error, design
accounting records in accordance with the provisions of the
and perform audit procedures responsive to those risks,
Act for safeguarding of the assets of the Company and for

162
 and obtain audit evidence that is sufficient and appropriate We also provide those charged with governance with a
to provide a basis for our opinion. The risk of not detecting statement that we have complied with relevant ethical
a material misstatement resulting from fraud is higher than requirements regarding independence, and to communicate
for one resulting from error, as fraud may involve collusion, with them all relationships and other matters that may
forgery, intentional omissions, misrepresentations, or the reasonably be thought to bear on our independence, and
override of internal control. where applicable, related safeguards.
• Obtain an understanding of internal financial control From the matters communicated with those charged with
relevant to the audit in order to design audit procedures governance, we determine those matters that were of most
that are appropriate in the circumstances. Under section significance in the audit of the financial statements of the
143(3)(i) of the Act, we are also responsible for expressing current period and are therefore the key audit matters. We
our opinion on whether the Company has adequate
describe these matters in our auditor's report unless law or
internal financial controls system with reference to
regulation precludes public disclosure about the matter or
financial statements in place and the operating
when, in extremely rare circumstances, we determine that a
effectiveness of such controls;
matter should not be communicated in our report because the
• Evaluate the appropriateness of accounting policies used adverse consequences of doing so would reasonably be
and the reasonableness of accounting estimates and expected to outweigh the public interest benefits of such
related disclosures made by management. communication.

• Conclude on the appropriateness of management's use of Reports on other legal and regulatory requirements
the going concern basis of accounting and, based on the
1. As required by the Companies (Auditor's Report) Order,
audit evidence obtained, whether a material uncertainty
exists related to events or conditions that may cast 2020 ('the Order'), issued by the Central Government of
significant doubt on the ability of the company to continue India in terms of sub-section (11) of section 143 of the
as a going concern. If we conclude that a material Companies Act, 2013, we give in the “Annexure-A”, a
uncertainty exists, we are required to draw attention in our statement on the matters specified in paragraphs 3 and 4
auditor's report to the related disclosures in the financial of the Order, to extent applicable and in terms of sub-
statements or, if such disclosures are inadequate, to section (5) of section 143 of the Act, we give in the
modify our opinion. Our conclusions are based on the “Annexure-B” information in respect of the directions
audit evidence obtained up to the date of our auditor's issued by Comptroller and Auditor-General of India in
report. However, future events or conditions may cause respect of the company .
the company to cease to continue as a going concern.
2. As required by section 143(3) of the act, we report that:
• Evaluate the overall presentation, structure and content of
a) We have sought and obtained all the information and
the financial statements, including the disclosures, and
explanations which to the best of our knowledge and
whether the financial statements represent the underlying
belief were necessary for the purposes of our audit;
transactions and events in a manner that achieves fair
presentation. b) In our opinion, proper books of account as required
by law have been kept by the Company so far as it
Materiality is the magnitude of misstatements in the Financial
Statements that, individually or in aggregate, make it probable appears from our examination of those books and
that economic decisions of a reasonably knowledgeable user proper returns adequate for the purposes of our audit
of the financial statements may be influenced. We consider have been received from branches not visited by us;
quantitative materiality and qualitative factors in (i) planning c) The balance sheet, the Statement of Profit & Loss
the scope of our audit work and in evaluating the results of our including Other Comprehensive Income, Statement
work and (ii) to evaluate the effect of any identified of Changes in Equity and the statement of Cash Flows
misstatements in the Financial Statements.
dealt with by this report are in agreement with the
We communicate with those charged with governance of the books of account;
Company regarding, among other matters, the planned scope
d) In our opinion, the aforesaid financial statements
and timing of the audit and significant audit findings, including
comply with the accounting standards specified
any significant deficiencies in internal financial control that we
under section 133 of the Act, read with Rule 7 of the
identify during our audit.
Companies (Accounts) Rules, 2014;

163
 e) In terms of Notification no. G.S.R. 463 (E) dated (b) The management has represented (( Refer note
5th June 2015 issued by the Ministry of Corporate 38(26)) that to the best of its knowledge and belief
Affairs, provisions of Section 164(2) of the Act , no funds have been received by the company
regarding disqualifications of the Directors, are not from any person or entity, including foreign entity
applicable as it is a government Company; (“Funding Parties”), with the understanding,
whether recorded in writing or otherwise, that the
f) As per notification number G.S.R. 463 (E) dated 5th
company shall, directly or indirectly, lend or invest
June, 2015 issued by Ministry of Corporate Affairs,
in other persons or entities identified in any
section 197 of the Act as regards the managerial
manner whatsoever by or on behalf of the Funding
remuneration is not applicable to the Company, since
Party (“Ultimate Beneficiaries”) or provide any
it is a Government Company.
guarantee, security or the like on behalf of the
g) With respect to the adequacy of the internal financial Ultimate Beneficiaries; and
controls over financial reporting of the Company and
(c) Based on audit procedure performed that have
the operating effectiveness of such controls, refer to
been considered reasonable and appropriate in
our separate report in “Annexure-C”.
the circumstances, nothing has come to our
h) With respect to the other matters to be included in the notice that has caused us to believe that the
Auditor's report in accordance with rule 11 of the representations under sub clause (a) and (b)
Companies (Audit and Auditors) Rules, 2014 ( 'Audit contain any material mis-statement.
Rules') , in our opinion and to the best of our
v. No dividend has been declared or paid during the year
information and according to the explanations given
by the company.
to us:
vi. Based on our examination which included test checks,
i. The Company has disclosed the impact of
the company has used an accounting software for
pending litigations on its financial position in its
maintaining its books of account for the financial year
financial statements - Refer Note 38 (17) to st
ended 31 March 2024, which has a feature of
Financial Statements. recording audit trail (edit log) facility and the same has
ii. The Company has made due provision as required operated throughout the year for all relevant
under the applicable law or Indian Accounting transactions recorded in the software. Further, during
Standards, for material foreseeable losses, if any, the course of our audit we did not come across any
on long term contracts including derivatives instance of audit trail feature being tampered with and
contracts: - Refer note 38(20)(C)(II)(c) to the the management has represented that the audit trail
financial statements. feature cannot be disabled. As proviso to Rule 3(1) of
the Companies ( Accounts) Rules, 2014 is applicable
iii. There were no amounts which were required to from April 1, 2023, reporting under Rule 11(g) of the
be transferred to the Investor Education and Companies (Audit and Auditors) Rules,2014 on
Protection Fund by the Company. preservation of Audit trail as per the statutory
requirements for records retention is not applicable
iv. (a) The management has represented (Refer note st
for the Financial Year ended 31 March 2024.
38(26)) that to the best of its knowledge and belief
, no funds have been advanced or loaned or For DSP & ASSOCIATES
invested ( either from borrowed funds or share Chartered Accountants
premium or any other sources or kind of funds ) by Firm's Registration Number: 006791N
the company to or in any other person or entity,
Sd/-
including foreign entity (“Intermediaries”), with
(Atul Jain )
the understanding, whether recorded in writing or
Partner
otherwise, that the Intermediary shall, directly or
Membership No. 091431
indirectly lend or invest in other persons or entities
identified in any manner whatsoever by or on
th

behalf of the company (“Ultimate Beneficiaries”) or Date: 19 April 2024

provide any guarantee, security or the like on Place: New Delhi
behalf of the Ultimate Beneficiaries; UDIN: 24091431BKFKGN1586

164
 Annexure-A to the Independent Auditor's Report of Even Date
Annexure “A” Report under Companies (Auditor's Report) Order, 2020 ('the Order') referred to in paragraph 1 of “Report on Other Legal
and Regulatory Requirements” of Independent Auditor's Report to the members of the Company on the Financial Statements for the
year ended March 31, 2024

(i) (a) (A) The Company is maintaining proper records showing full particulars, including quantitative details and situation of
Property, Plant and Equipment;

(B) The company is maintaining proper records showing full particulars of intangible assets;

(b) As per the information and explanations given to us and on the basis of our examination of the records of the Company, the
Property, Plant and Equipment, have been physically verified by the management annually, which in our opinion is reasonable.
Having regard to the size of Company and nature of its business the discrepancies noticed on physical verification and
consequential adjustments are carried out in books of accounts. According to information and explanations given by the
management and in our opinion, the same is not material and properly dealt with in books of accounts;

(c) According to the information and explanations given to us, the records examined by us and based on the Title deeds provided to
us, we report that, the title deeds of all the immovable properties, (other than properties where the company is the lessee and the
lease agreements are duly executed in favour of the lessee) disclosed in the financial statements are held in the name of the
company except as stated below: -

Sr. Description Gross Held in Whether Period held Reason for not being held in
No. of property carrying name of promoter, – indicate name of company
{Nature} value (Rs. director or range, where
In Lakhs) their relative appropriate
or employee

1 Office premises- 172.34 Occupied on No Allotment The execution of Tripartite

India Habitat basis of letter dt. Conveyance Deed /Agreement
Centre Complex Allotment 12.04.1993 by India Habitat Centre (IHC)
(IHC) {Right of letter by IHC [between Land & Development
use Assets} Office (L&DO), IHC and
allottee institutions] is pending
in respect of all allottee
institutions at IHC including
IREDA. IHC is following with
L&DO for execution of lease
deed. Draft of lease deed has
been cleared by L&DO.

2 Office Premises 2110.10 Occupied on No Allotment The transfer of property rights

at August Kranti the basis of letter dt. is being followed with Housing
Bhawan (AKB) perpetual 04.12.2006 Urban Development
{Right of use lease deed Corporation Limited (HUDCO).
Assets} by HUDCO

165
Sr. Description Gross Held in Whether Period held Reason for not being held in
No. of property carrying name of promoter, – indicate name of company
{Nature} value (Rs. director or range, where
In Lakhs) their relative appropriate
or employee

3. Residential flat 8.75 Occupied on No 23.06.1994 The transfer of property is

at Jangpura the basis of being followed by Hindustan
Delhi (held as Agreement to Prefab Limited (HPL) with L&DO.
Investment sell by HPL Thereafter, the execution of
Property) Deed will take place.

4. Office premises- 13291.71 Lease execution No Allotment The final draft lease deed was
NBCC Kidwai under process letter dt. forwarded by the company to
Nagar ( Right of 04.09.2015 NBCC for execution of Lease
Use Property) deed between the President of
India, acting through Dy.
L&DO-IV, Land & Development
Office, Ministry of Housing &
Urban Affairs ( MOHUA) and
the company. The matter has
been taken up further with
NBCC w.r.t date of possession
and start date of lease for the
aforesaid properties before
execution of the same.

5. Residential Flats 660.85 Lease execution No Allotment The final draft lease deed was
-NBCC Kidwai under process letter dt forwarded by the company to
Nagar ( Right of 14.11.2018 NBCC for execution of Lease
Use Property) deed between the President of
India, acting through Dy. L&DO
- IV, Land & Development
Office, MOHUA and the
company. The matter has been
taken up further with NBCC
w.r.t date of possession and
start date of lease for the
aforesaid properties before
execution of the same. The flat
has been lying in Inter-pool
exchange of houses with
MOHUA and the action to take
it back in company is under
process.

166
 (d) The company has not revalued its Property, Plant and Equipment (including Right of Use assets) and intangible
assets during the year;

(e) No proceedings have been initiated or are pending against the Company for holding any benami property under
the Prohibition of Benami Property Transactions Act, 1988 (45 of 1988) and rules made thereunder.

(ii) (a) The Company does not hold any inventories hence reporting under clause 3(ii)(a) of Order is not applicable to
the Company.

(b) The company has been sanctioned working capital limits in excess of five crore rupees, in aggregate, from banks
on the basis of security of certain current assets and the quarterly returns or statements filed by the company
with such banks are in agreement with the books of account of the Company.

(iii) According to the information and explanations given to us, in respect of its transactions during the year, the
Company has not made any investments in but, being a Non-Banking Financial Company (NBFC), provided
guarantee and security, granted loans and advances in the nature of loans, secured/ unsecured, to companies, firms,
Limited Liability Partnerships and other parties. In this regard, we report as under –

(a) The Company being an NBFC whose principal business is to give loans, this clause for reporting on loans or any
advances in the nature of loans, or standing as guarantor, or provision of security, is not applicable. In view of this
reporting required under clause 3(iii) (a) (A) & (B) of the Order is not applicable;

(b) In our opinion and based on audit procedures performed by us, the guarantees provided, security given and
terms and conditions of the grant of all loans and advances in the nature of loans and guarantees provided are,
prima facie, not prejudicial to the interest of the company;

(c) Based on audit procedures performed by us, in respect of loans and advances in the nature of loans, the schedule
of repayment of principal and payment of interest has been stipulated and the repayments are generally regular
as per stipulations except in case of credit impaired assets, and certain cases disclosed as Stage 1 and not
disclosed as Non-Performing Assets (NPA) in view of orders of the court [Refer Note 38(47) O & 38(39)
respectively to Financial Statements];

(d) Based on the audit procedures performed by us and as disclosed in Note 38 (47) (O) of financial statements, the
total amount overdue for more than ninety days is Rs. 1,41,085.32 Lakhs. In our opinion, the steps taken by the
company being an NBFC, for recovery of the principal and interest are generally in accordance with policies
framed by it and are reasonable;

(e) The company being an NBFC whose principal business is to give loans, this clause 3(iii) (e ) for reporting on loans
etc. falling due during the year and renewed or extended or fresh loans granted to settle the over dues of existing
loans given, is not applicable to the Company;

(f) Based on the audit procedures performed by us, the Company, during the year, has not granted any loans or
advances in the nature of loans either repayable on demand or without specifying any terms or period of
repayment. In view of this, the other reporting requirements regarding loans to related parties as per this clause
3(iii)(f) are not applicable;

(iv) According to information and explanations given to us and based on audit procedures performed, the company has
complied with the provisions of sections 185 and 186 of the Companies Act, 2013 in respect of loans, investments,
guarantees and securities provided by the Company as specified under sections 185 and 186 of the Companies Act,
2013. Therefore, further reporting required as per clause 3 (iv) of the Order is not applicable.

167
(v) According to the information and explanations given to us, the Company has not accepted any deposits from the
public, hence the directives issued by the Reserve Bank of India and the provisions of sections 73 to 76 or any
other relevant provisions of the Act and the rules thereunder are not applicable to the company. In view of this,
the reporting required regarding contravention of such provisions or any order passed by the authorities /
Tribunal as per clause (v) of the Order is not applicable.

(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 Act in respect of business of the
company to which the said rules are made applicable and are of the opinion that prima facie, the prescribed accounts
and records have been made and maintained. We have however not made a detailed examination of the said records
with a view to determine whether they are accurate or complete.

(vii) (a) According to the information and explanations given to us, during the year, the Company has generally been
regular in depositing undisputed statutory dues including Goods and Service Tax, Provident Fund, Employees'
State Insurance, Income Tax, Sales Tax, Service Tax, Duty of Customs, Duty of Excise, Value Added Tax, Cess and
any other statutory dues with the appropriate authorities. There were no undisputed amounts payable in respect
of any statutory dues in arrear as at the year-end for a period of more than six months from the date they become
payable;

(b) According to the information and explanations given to us, the details of above mentioned statutory dues which
have not been deposited on account of any dispute, as at year end are as follows :

Name of statute Nature of Amount in For Amount Forum at which matter

taxes dispute Financial Deposited+ is pending
(Rs in Lacs) Year
Income Tax Act 1961 Income Tax 1344.16* 2009-10 1344.16 #
Income Tax Act 1961 Income Tax 1496.52* 2010-11 1496.52 #
Income Tax Act 1961 Income Tax 1519.54* 2011-12 1519.54 #
Income Tax Act 1961 Income Tax 2216.55* 2012-13 2216.55 #
Income Tax Act 1961 Income Tax 1547.05 2013-14 1547.05 CIT (Appeals)
Income Tax Act 1961 Income Tax 2310.96* 2014-15 2310.96 #
Income Tax Act 1961 Income Tax 2761.20* 2015-16 2761.20 #
Income Tax Act 1961 Income Tax 5337.19* 2016-17 2,299.06 #
Income Tax Act 1961 Income Tax 2678.78* 2017-18 1,732.07 #
Income Tax Act 1961 Income Tax 427.01* 2019-20 149.86 #
Finance Act (FA)1994, Service Tax 11709.10 2012-13 to 786.35 CESTAT, New Delhi
FA 2004, FA 2015 & penalty 2015 -16

Finance Act (FA)1994, Service Tax 4145.78 2016-17 & 388.34 CESTAT, Mumbai
FA 2004, FA 2015 & penalty 2017-18

CGST Act 2017 & GST & 3050.66 2017-18 & 1,525.08 #
Delhi Goods & penalty 2018-19
Service Tax Act,
2017
The Companies Penalty 2.62 2021-22 & - Appeal filed with Regional
Act,2013 2022-23 Director ( NR), Delhi
+ Deposited under protest / prepaid taxes

# Second appeal to be filed with higher authorities within statutory period

*Represents tax demand to be finally reduced by way of appeal effect pursuant to favourable order by CIT(Appeal)

168
(viii) According to the information and explanations given to us and on the basis of our examination of the records of
the Company, during the year, there are no transactions which have been surrendered or disclosed as income in
tax assessments under the Income Tax Act, 1961 (43 of 1961). In view of this, there are no transactions of
previously unrecorded income in terms of clause 3 (viii) of the Order.
(ix) (a) According to the information and explanations given to us and on the basis of our examination of the records of
the Company, the Company has not defaulted in repayment of any loans or other borrowings or in the payment
of interest thereon to any lender. In view of this, other reporting required under clause 3(ix) (a) of the Order is not
applicable.
(b) According to the information and explanations given to us and on the basis of our audit procedures, we report
that the company has not been declared wilful defaulter by any bank, financial institution or other lender.
(c) According to the information and explanations given to us and the procedures performed by us on the basis of
our examination of the records of the Company, Term loans were applied for the purpose for which the loans
were obtained. In view of this the reporting required under clause 3(ix)(c ) of the Order is not applicable.
(d) According to the information and explanations given to us, the procedures performed by us, and on an overall
examination of the financial statements of the company, prima-facie, no funds raised on short-term basis have
been used for long-term purposes by the company. In view of this the reporting required under clause 3(ix)(d) of
the Order is not applicable.
(e) During the year, the company has no subsidiaries, joint ventures or associates. In view of this the reporting
required under clause 3(ix)(e) & 3(ix)(f) is not applicable.
(x) (a) The company has utilised the money raised by way of initial public offer for the purpose for which they were
raised. Money raised by the Company by way of debt instruments (public offer or otherwise) during the year was
applied for the purposes for which those were raised.
(b) The company has not made any preferential allotment or any private placement of shares or convertible
debentures during the year.
(xi) (a) Based on our audit procedures and as per the information and explanations given to us by the management,
during the year, we have not come across any instance of any material fraud by the Company or on the Company.
(b) During the year, no report was required to be filed by the auditors with the Central Government under sub-
section (12) of section 143 of the Companies Act in Form ADT-4 as prescribed under rule 13 of Companies (Audit
and Auditors) Rules, 2014.
(c) According to the information and explanations given to us and based on our examination of the records of the
Company, the company has not received any whistle-blower complaints during the year.
(xii) The Company is not a Nidhi Company and hence reporting under clause 3(xiii) (a), (b) or (c) of the Order is not
applicable.
(xiii) According to the information and explanations given to us and based on our examination of the records of the
Company, all transactions with the related parties are in compliance with Section 177 and 188 of Companies Act
where applicable and necessary disclosures have been made in the Financial Statements as required by the
applicable accounting standards;
(xiv) (a) In our opinion and based on our examination, the company has an internal audit system Commensurate with the
size and nature of its business.
(b) We have considered the reports of internal auditors of the company issued till date, for the period under audit in
determining the nature, timing and extent of our audit procedures .
(xv) According to the information and explanations given to us, in our opinion during the year the company has not
entered into any non-cash transactions with its directors or persons connected with its directors. In view of this the
reporting required under clause 3(xv) of the Order is not applicable.

169
(xvi) (a) The company is required and is registered under section 45-IA of the Reserve Bank of India Act,1934(2 of 1934)
for conducting Non-Banking Financial activities.
(b) The Non-Banking Financial activities carried by the company are under a valid Certificate of Registration.
(c) The company is not a Core Investment Company (CIC) as defined in the regulations made by the Reserve Bank
of India. Accordingly, the reporting required under clause 3(xvi) (c) and (d) of the Order is not applicable;
(xvii) The company has neither incurred cash losses in this financial year nor in the immediately preceding financial year;
(xviii) There has been no resignation of the statutory auditors during the year and accordingly the reporting required
under this clause is not applicable;
(xix) According to the information and explanations given to us and on the basis of the financial ratios, ageing and
expected dates of realisation of financial assets and payment of financial liabilities, other information
accompanying the financial statements, our knowledge of the Board of Directors and management plans, we are
of the opinion that no material uncertainty exists as on the date of the audit report that company is capable of
meeting its liabilities existing at the date of balance sheet as and when they fall due within a period of one year
from the balance sheet date. We further state that our reporting is based on facts upto the date of our audit report
and we neither give any guarantee nor any assurance that all liabilities falling due within a period of one year from
the balance sheet date will get discharged by the Company as and when they fall due;
(xx) (a) Based on our audit procedures and as per the information and explanations given to us by the management, in
respect of other than ongoing projects, the company is not required to transfer any unspent amount to a Fund
specified in Schedule VII to the Companies Act within a period of six months of the expiry of the financial year
in compliance with second proviso to sub-section (5) of section 135 of the said Act. However, an unspent
amount of Rs 8.43 lacs pertaining prior to financial year 2019-2020 is being transferred to the Fund specified
in Schedule VII of the Companies Act voluntarily. ; [Refer note No. 38(37) to financial statements]
(b) Based on our audit procedures and as per the information and explanations given to us by the management,
amount remaining unspent pursuant to any ongoing project amounting to Rs 1112.90 Lacs is to be
transferred to a special account in compliance of the provisions of sub-section (6) of section 135 of the
Companies Act,2013 [Refer note No. 38(37) to financial statements ]
(xxi) The company is not required to prepare consolidated financial statements under section 129(3) of the Companies
Act, 2013. Accordingly, clause 3(xxi) of the Order is not applicable.

For DSP & ASSOCIATES

Chartered Accountants
Firm's Registration Number: 006791N

Sd/-
(Atul Jain)
Partner
Membership No. 091431

Date: 19th April 2024

Place: New Delhi
UDIN: 24091431BKFKGN1586

170
 Annexure-B to the Independent Auditor's Report
Directions under section 143(5) of the Companies Act, 2013 issued by the Comptroller & Auditor General of India.
1. Whether the Company has system in place to process all the accounting transactions through IT System? If yes, the implications
of processing of accounting transactions outside IT System on the integrity of accounts along with the financial implications, if
any, may be stated.
Answer:
According to the information and explanations given to us and based on our audit, all accounting transactions are routed
through IT system implemented by the Company. Period end Financial Statements are compiled offline based on balances and
transactions generated from the IT system. We have neither been informed nor have we come across during the course of our
audit any accounting transactions having impact on the integrity of the accounts along with the financial implications which
have been processed outside the IT system.

2. Whether there is any restructuring of an existing loan or cases of waiver/write off of debts/loans/interest etc., made by a lender
to the Company due to the Company's inability to repay the loan? If yes, the financial impact may be stated. Whether such cases
are properly accounted for? (In case lender is a government company, then this direction is also applicable for statutory auditor
of Lender Company.
Answer:
i. According to information and explanations given to us and based on our audit, there is no case of restructuring of an
existing loan or cases of waiver/ write off of debts/ loans/ interest etc. made by any lender to the Company.
ii. In respect of operations of the company as a lender, being a Government Company, the company has properly accounted
for such cases where existing loans given are restructured or cases of waiver/write off of debts /loans/interest etc. and there
is no material financial impact of such cases.

3. Whether the funds received/ receivable for specific schemes form Central/State agencies were properly accounted for/ utilized
as per its terms and conditions? List the cases of deviation.
Answer:
According to information and explanations given to us and based on our audit, the Company has accounted for and utilized the
funds received for specific schemes from Central/ State agencies as per the terms and conditions of the schemes.

For DSP & ASSOCIATES

Chartered Accountants
Firm's Registration Number: 006791N

Sd/-
(Atul Jain)
Partner
Membership No. 091431

Date: 19th April 2024

Place: New Delhi
UDIN: 24091431BKFKGN1586

171
 Annexure-C to the Independent Auditor's Report
Report on the Internal Financial Controls Over Financial Reporting under Clause (1) 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 Indian Renewable Energy Development Agency Limited,
(the Company) as March 31, 2024 in conjunction with our audit of the 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' issued by the Institute of Chartered Accountants of
India ('ICAI”). 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 company's policies,
the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting
record, and 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 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 ICAI and deemed to be prescribed under section 143(10) of the
Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial
Controls and both issued by the ICAI. Those Standards and the Guidance Note required that we comply with ethical requirements and
plan and perform the audit to obtain reasonable assurance about whether adequate internal financial control over financial reporting
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 system over
financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting includes
obtaining an understanding of internal financial controls over financial report, 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 judgment, including the assessment of the risk 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
Company's internal financial controls system over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A Company's internal financial control over financial reporting 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 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 authorizations of management and directors of the Company; and

172
3. Provide reasonable assurance regarding prevention or timely detection of unauthorized 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

Because of the inherent limitations of internal financial controls over financial reporting, 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 to future periods are subject to risk that the
internal financial controls over financial reporting 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 Company has, in all material respects, an internal financial controls system over financial reporting and such
financial controls system over financial reporting were operating effectively as at March 31, 2024, 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 issued by the ICAI. Further, certain areas of accounting
records including Asset Liability Management (ALM) are in process of automation for better control.

Our opinion is not modified in respect of above matters.

For DSP & ASSOCIATES

Chartered Accountants

Firm's Registration Number: 006791N

Sd/-
(Atul Jain)
Partner
Membership No. 091431

Date: 19th April 2024

Place: New Delhi
UDIN: 24091431BKFKGN1586

173
 Non-Banking Financial Companies Auditor's Report
The Board of Directors,
Indian Renewable Energy Development Agency Limited
New Delhi

We have audited the accompanying Financial Statements of Indian Renewable Energy Development Agency Limited (“the
Company”),which comprise the Balance Sheet as at March 31, 2024, and the Statement of Profit and Loss (including Other
Comprehensive income), Statement of Changes in Equity and Statement of Cash Flows for the year then ended, and Notes to the
Financial Statements, including a summary of significant accounting policies and Other Explanatory information prepared in
accordance with the requirement of 'the Companies Act 2013 ( as amended) ( “the Act”) (hereinafter referred to as “Financial
Statements”).

As required by the Non-Banking Financial Companies Auditor's Report (Reserve Bank) Directions, 2016 issued by the Reserve Bank of
India (“RBI”) on the matters specified therein to the extent applicable to the company, we report that:

1. The company is engaged in the business of non-banking financial institution, having a valid certificate of Registration (COR) vide
no. 14.000012 dated 13th March, 2023 as an Infrastructure Finance Company (IFC) issued in lieu of the earlier certificates of
Registration vide no. 14.000012 dated 23rd January, 2008 as an Investment Credit Company (ICC) and earlier registered vide
Certificate no. 14.000012 dated 10th February 1998, pursuant to the company's application for registration as per provisions of
Section 45-IA of the Reserve Bank of India Act, 1934.

2. The company is entitled to continue to hold such COR in terms of its Principle Business Criteria (Financial Asset/ Income pattern)
as on March 31, 2024.

3. The company being an NBFC Infrastructure Finance Company (“NBFC – IFC”) , is meeting the requirement of net owned fund
applicable to such companies as laid down in Master Direction – Reserve Bank of India (Non-Banking Financial Company – Scale
Based Regulation) Directions, 2023 dated 19th October 2023 ( as amended) ( hereinafter referred as “MD 2023”) The Master
Directions - Non-Banking Financial Company –Non-Systemically Important Non-Deposit taking Company (Reserve Bank)
Directions, 2016 and Master Direction -Non-Banking Financial Company - Systemically Important Non-Deposit taking Company
and Deposit taking Company (Reserve Bank) Directions, 2016 ( hereinafter referred as “MD 2016”) have since been repealed by MD
2023.

4. The Board of Directors have resolved on April 25, 2023 that the company will not accept public deposit during the financial year
2023-24 without prior approval of the Reserve Bank of India.

5. The company has not accepted any public deposits during the financial year 2023-24.

6. The financial statements of the Company for the financial year 2023-24 have been prepared in accordance with the recognition
and measurement principles of Indian Accounting Standards (Ind AS) prescribed under section 133 of the Companies Act 2013
read with relevant rules issued there under and MD 2023 issued by RBI. Accordingly, the Company is following Board approved
methodology for computation of Impairment Allowance towards provisioning for its loan assets and classification thereof. In
view of regulatory compliance of Companies Act 2013 for adoption of a mechanism for preparation of financial statements, the
Company is required to make provision of impairment loss as per Ind AS 109 and not required to follow the Prudential norms
relating to income recognition, asset classification and provisioning (IRACP norms) for Bad and Doubtful debts in terms of MD
2016. However in this regard, in compliance of MD 2023 the company has calculated provision required under IRACP Norms
(including standard assets provisions) and company is not required to appropriate any amount to “Impairment Reserve”

7. The company is a NBFC Middle layer (NBFC-ML) as defined in MD 2023. Accordingly :

i) The capital adequacy ratio as disclosed in the quarterly return styled DNBS - 3 submitted to the Bank, has been correctly
arrived at and such ratio is in compliance with the minimum CRAR prescribed by the Bank. The submission of Return in Form
NBS -7 has since been discontinued by the Reserve Bank of India (RBI).

ii) The company has furnished to the RBI, the quarterly statement of capital funds, risk assets/ exposures and risk asset ratio in

174
 DNBS – 3 for the quarter ended 30th June 2023, 30th September 2023 & 31st December 2023 within the stipulated period based
on provisional financial statements and DNBS-3 for the quarter ended 31st March 2024 is yet to be filed within stipulated
period. The submission of Return in Form NBS -7 has since been discontinued by the Reserve Bank of India (RBI).

8. The company is not a NBFC Micro Finance Institution ( NBFC-MFI) as defined by MD- 2023. The MD 2016 has since been repealed
by MD - 2023

For DSP & ASSOCIATES

Chartered Accountants
Firm's Registration Number: 006791N

Sd/-
(Atul Jain )
Partner
Membership No. 091431

Date: 19th April 2024

Place: New Delhi

UDIN: 24091431BKFKGO9203

175
COMMENTS OF THE COMPTROLLER AND AUDITOR GENERAL OF INDIA UNDER SECTION
143(6) (b) OF THE COMPANIES ACT, 2013 ON THE FINANCIAL STATEMENTS OF INDIAN
RENEWABLE ENERGY DEVELOPMENT AGENCY FOR THE YEAR ENDED 31 MARCH 2024.

The preparation of financial statements of Indian Renewable Energy Development Agency for the year
ended 31 March 2024 in accordance with the financial reporting framework prescribed under the Companies
Act, 2013 (Act) is the responsibility of the management of the company. The statutory auditor appointed by the
Comptroller and Auditor General of India under section 139 (5) of the Act is responsible for expressing opinion
on the financial statements under section 143 of the Act based on independent audit in accordance with the
standards on auditing prescribed under section 143 (10) of the Act. This is stated to have been done by them
vide their Audit Report dated 19.04.2024.

I, on behalf of the Comptroller and Auditor General of India, have conducted a supplementary audit of
the financial statements of Indian Renewable Energy Development Agency for the year ended 31 March 2024
under section 143(6)(a) of the Act. This supplementary audit has been carried out independently without
access to the working papers of the statutory auditors and is limited primarily to inquiries of the statutory
auditors and company personnel and a selective examination of some of the accounting records.

On the basis of my supplementary audit nothing significant has come to my knowledge which would
give rise to any comment upon or supplement to statutory auditors' report under section 143(6)(b) of the Act.

For and on behalf of the

Comptroller & Auditor General of India

Sd/-
Gurveen Sidhu
Director General of Audit
Central Expenditure (Environment & Scientific Department)

Place : New Delhi

Date : 28.05.2024

176
Balance Sheet
As at March 31,2024
(` in Lakhs)
S. Particulars Note As at 31.03.2024 As at 31.03.2023
No. No.
I ASSETS
A Financial Assets
(a) Cash and Cash Equivalents 2 7,421.32 13,845.00
(b) Bank balances other than Cash and Cash Equivalents 3 66,167.20 81,624.05
(c) Derivative Financial Instruments 4 48,378.46 57,405.20
(d) Receivables
(I) Trade Receivables 5 601.75 501.25
(e) Loans 6 58,77,508.86 46,22,692.33
(f) Investments 7 9,933.92 9,930.26
(g) Other Financial Assets 8 2,542.09 3,180.56
Total of Financial Assets (A) 60,12,553.60 47,89,178.65
B Non-financial Assets
(a) Current Tax Assets (Net) 9 15,540.74 14,392.42
(b) Deferred Tax Assets (Net) 10 28,944.30 30,100.18
(c) Investment Property 11 2.48 2.97
(d) Property, Plant and Equipment (PPE) 12 20,639.55 21,284.30
(e) Capital Work-In-Progress 13 - 13,926.35
(f) Right of use Assets 14 14,988.52 1,585.82
(g) Intangible Assets under development 15 - 485.57
(h) Intangible Assets 16 478.07 1.44
(i) Other Non-Financial Assets 17 1,66,894.65 1,73,742.39
Total of Non-financial Assets (B) 2,47,488.31 2,55,521.44
Total Assets (A+B) 62,60,041.91 50,44,700.09
II LIABILITIES AND EQUITY
LIABILITIES
A Financial Liabilities
(a) Derivative Financial Instruments 4 20,801.91 15,146.86
(b) Payables
(I) Trade Payables 18
(i) total outstanding dues of micro enterprises and small enterprises 102.87 25.25
(ii) total outstanding dues of creditors other than micro enterprises 627.46 425.02
and small enterprises
(c) Debt Securities 19 17,71,361.13 10,84,328.34
(d) Borrowings (Other than Debt Securities) 20 31,32,383.60 28,67,266.36
(e) Subordinated Liabilities 21 64,941.24 64,933.29
(f) Other Financial Liabilities 22 1,34,029.94 1,33,543.36
Total of Financial Liabilities (A) 51,24,248.15 41,65,668.48
B Non-Financial Liabilities
(a) Provisions 23 99,111.02 1,11,815.80
(b) Other Non-Financial Liabilities 24 1,80,740.20 1,73,698.86
Total of Non-Financial Liabilities (B) 2,79,851.22 2,85,514.66
C Equity
(a) Equity Share Capital 25 2,68,776.47 2,28,460.00
(b) Other Equity 26 5,87,166.07 3,65,056.95
Total of Equity (C) 8,55,942.54 5,93,516.95
Total Liabilities and Equity (A+B+C) 62,60,041.91 50,44,700.09
Material Accounting Policies Information 1
The accompanying notes 1 to 38 form an integral part of the Financial Statements
As per our Report of even date
For DSP & Associates For and on Behalf of the Board of Directors
Chartered Accountants
ICAI Regn No.- 006791N
Sd/- Sd/-
Sd/-
Dr. Bijay Kumar Mohanty Pradip Kumar Das
Atul Jain
Director (Finance) Chairman & Managing Director
Partner
DIN No. 08816532 DIN No. 07448576
M.No.-091431
Sd/-
Ekta Madan
Date : 19.04.2024
Company Secretary & Compliance Officer
Place : New Delhi
ACS. No. 23391

177
Statement of Profit and Loss
For the Year ended March 31,2024
(` in Lakhs)
S. Particulars Note For the year For the year
No. No. Ended 31.03.2024 Ended 31.03.2023
I Revenue from Operations
i) Interest Income 27 4,82,240.46 3,37,382.67
ii) Fees and Commission Income 28 6,000.92 3,733.28
iii) Net gain/(loss) on fair value changes on derivatives 29 (1,125.53) 1,242.79
iv) Other Operating Income 30 9,277.73 5,838.75
Total Revenue from operations (I) 4,96,393.58 3,48,197.49
II Other Income 31 135.53 106.93
III Total Income (I+II) 4,96,529.11 3,48,304.42
IV Expenses
i) Finance Cost 32 3,16,410.15 2,08,843.82
ii) Net translation/ transaction exchange loss/(gain) 33 (1,652.85) 2,402.56
iii) Impairment on Financial Instruments 34 (6,721.67) 6,657.91
iv) Employee Benefits Expenses 35 7,131.92 6,309.29
v) Depreciation, amortization and impairment 36 3,034.75 2,349.84
vi) Others expenses 37 7,652.22 7,118.64
vii) Corporate Social Responsibility Expense 38(37) 2,150.66 697.44
Total Expenses (IV) 3,28,005.18 2,34,379.50
V Profit/(loss) before exceptional items and tax (III-IV) 1,68,523.93 1,13,924.92
VI Exceptional Items - -
VII Profit/(loss) before tax (V-VI) 1,68,523.93 1,13,924.92
VIII Tax expense 38(3)
(i) Current tax 41,303.13 25,317.27
(ii) Deferred tax 1,997.90 2,144.82
IX Profit/(Loss) from continuing operations (VII-VIII) 1,25,222.90 86,462.83
Profit/(Loss) from discontinued operations - -
X Profit/(Loss) for the year 1,25,222.90 86,462.83
XI Other Comprehensive Income (OCI)
(A) (i) Items that will not be reclassified to profit or loss
- Remeasurements of the defined benefit plans:- (228.04) (155.44)
(ii) Income tax relating to items that will not be reclassified to profit or loss 57.39 39.12
Subtotal (A) (170.65) (116.32)
(B) (i) Items that will be reclassified to profit or loss :-
-Effective portion of gain/(loss) on hedging instrument in Cash Flow Hedge Reserve (20,725.24) (5,021.14)
(ii) Income tax relating to items that will be reclassified to profit or loss 5,216.13 1,263.72
Subtotal (B) (15,509.11) (3,757.42)
Other Comprehensive Income (A+B) (15,679.76) (3,873.74)
XII Total Comprehensive Income for the year (X+XI) (Comprising Profit 1,09,543.14 82,589.09
(Loss) and other Comprehensive Income)
XIII Earning per equity share (for continuing operations)
Basic (`) 5.16 3.78
Diluted (`) 5.16 3.78
XIV Earning per equity share (for discontinued operations)
Basic (`) 38(15) - -
Diluted (`) - -
XV Earning per equity share (for continuing and discontinued operations)
Basic (`) 5.16 3.78
Diluted (`) 5.16 3.78
Material Accounting Policies Information 1
The accompanying notes 1 to 38 form an integral part of the Financial Statements
As per our Report of even date
For DSP & Associates For and on Behalf of the Board of Directors
Chartered Accountants
ICAI Regn No.- 006791N
Sd/- Sd/- Sd/-
Atul Jain Dr. Bijay Kumar Mohanty Pradip Kumar Das
Partner Director (Finance) Chairman & Managing Director
M.No.-091431 DIN No. 08816532 DIN No. 07448576
Sd/-
Date : 19.04.2024 Ekta Madan
Place : New Delhi Company Secretary & Compliance Officer
ACS. No. 23391

178
Cash Flow Statement
For the Year ended March 31,2024
(` in Lakhs)
S. Particulars For the year ended For the year ended
No. 31.03.2024 31.03.2023

A Cash Flow from Operating Activities:

Profit Before Tax 1,68,523.93 1,13,924.92
Adjustment for:
1 Loss / (gain) on derecognition of Property, plant and 64.29 13.01
equipment (Net)
2 Loss / (gain) on sale of Investments - -
3 Impairment on Financial Instruments (6,721.67) 6,657.91
4 Depreciation and Amortization 3,034.75 2,349.84
5 Amortisation adjustment due to WB Grant 397.95 -
6 Interest on lease liability 36.17 38.24
7 Net translation/ transaction exchange Loss / (gain) (1,652.85) 2,402.56
8 Provision Written Back - -
9 Amounts Written Off 183.94 1.21
10 Provisions for Employee Benefits 445.48 87.67
11 Effective Interest Rate on Debt securities 16.57 136.41
12 Effective Interest Rate on other than Debt Securities 0.73 1.39
13 Effective Interest Rate on Sub debt 7.94 7.33
14 Effective Interest Rate on Loans 775.69 6,468.14
15 Provision for Indirect Tax & other (on Guarantee
Commission) 2,015.15 900.56
16 Net Loss / (gain) on fair value changes on derivatives (1,125.53) 1,242.79
Operating profit before changes in working capital 1,66,002.53 1,34,231.98

Increase / Decrease in operating assets / liabilities

1 Loans (12,64,447.94) (13,13,299.25)

2 Other Financial Assets 10,787.09 (18,816.88)
3 Other Non Financial Assets 6,844.76 (9,529.57)
4 Trade Receivable (100.50) (48.58)
5 Other non-financial liabilities 7,041.34 (1,091.96)
6 Other financial liability (14,583.60) 41,851.67}
7 Lease Liability (9.00) (12.97)
8 Trade Payable 280.05 (66.68)
9 Bank Balances other than Cash and Cash equivalent 15,456.85 (42,072.20)
Cash Flow Before Exceptional Items (10,72,728.42) (12,08,854.44)
Exceptional Item - -
Net cash inflow/(outflow) from Operations before Tax (10,72,728.42) (12,08,854.44)
Income Tax (37,235.31) (25,461.44)
Net Loss / (gain) from Operations (11,09,963.73) (12,34,315.89)
B Cash Flow From Investing Activities
1 Purchase of Property, Plant & Equipment (1,628.97) (462.66)
2 Purchase of Intangible assets / Intangible asset under
development (451.71) (175.00)
3 Sale of Property, Plant & Equipment 14.70 9.86
4 Addition to Capital Work-In-Progress (CWIP) (250.21) (1,093.06)
Net Cash flow from Investing Activities (2,316.19) (1,720.87)
C Cash Flow from Financing Activities
1 Proceeds from issue of equity shares (net) 40,316.47 -
2 Proceeds from securities premium (net) 88,696.24 -
3 Share issue expenses (3,117.60) -
4 Issue of Debt Seurities (Net of redemption) 6,87,016.22 1,61,278.06
5 Raising of Loans other than Debt Securities (Net of repayments) 2,92,972.07 10,75,511.48
6 Payment for Lease Liability (27.16) (25.27)

179
Cash Flow Statement
For the Year ended March 31,2024
(` in Lakhs)
S. Particulars For the year ended For the year ended
No. 31.03.2024 31.03.2023

Net Cash flow from Financing Activities 11,05,856.24 12,36,764.27

Net Increase/Decrease in Cash and Cash Equivalents (6,423.68) 727.52
Cash and Cash Equivalents at the beginning 13,845.00 13,117.48
Cash and Cash Equivalents at the end 7,421.32 13,845.00
Net Increase/Decrease in Cash and Cash Equivalents (6,423.68) 727.52

COMPONENTS OF CASH AND CASH EQUIVALENTS AS AT THE END OF THE YEAR

In Current Accounts with Banks in Indian Branch 832.47 4,084.12

In Current Accounts with Banks in Foreign Branch 3.41 2.72
Short term Deposits in Foreign Branches 54.11 -
In Overdraft Accounts with Banks 5,708.89 9,600.69
In Deposit Accounts with Banks 66.09 -
In Saving Bank Accounts with Banks 756.35 157.47
Total cash and cash equivalent at the end of the year 7,421.32 13,845.00

Material Accounting Policies Information 1

The accompanying notes 1 to 38 form an integral part of the Financial Statements

1 The above statement of cash flows has been prepared under the indirect method as set out in Ind AS 7 ‘Statement of Cash Flows’.
2 Refer Note 38 (37) for amounts spend on construction / acquisition of assets and other purposes related to CSR activities.
3 Refer Note 26 and 38 (25) for more information on proceeds from fresh issue of equity shares and securities premium thereof.
4 There are no repatriation restrictions with respect to Cash and Cash equivalents as at the end of the reporting year presented above.
5 Previous year figures have been rearranged and regrouped wherever necessary.

As per our Report of even date

For DSP & Associates For and on Behalf of the Board of Directors
Chartered Accountants
ICAI Regn No.- 006791N
Sd/- Sd/- Sd/-
Atul Jain Dr. Bijay Kumar Mohanty Pradip Kumar Das
Partner Director (Finance) Chairman & Managing Director
M.No.-091431 DIN No. 08816532 DIN No. 07448576

Sd/-
Date : 19.04.2024 Ekta Madan
Place : New Delhi Company Secretary & Compliance Officer
ACS. No. 23391

180
Statement of Changes in Equity
For the Year ended March 31,2024

A Equity Share Capital

Particulars Number of shares Amount
(Nos) (` in Lakhs)

Issued, Subscribed and fully paid up:

Opening Balance as at 01.04.2022 2,28,46,00,000 2,28,460.00
Changes in Equity Share Capital due to prior period errors - -
Restated balance at at 01.04.2022 2,28,46,00,000 2,28,460.00
Changes during the year - -
Add: Issue during the year - -
(i) Fresh issue of equity shares - -
(ii) Issue of equity shares under employee stock option - -
(iii) Calling up unpaid capital - -
Closing Balance as at 31.03.2023 2,28,46,00,000 2,28,460.00

Opening Balance as at 01.04.2023 2,28,46,00,000 2,28,460.00

Changes in Equity Share Capital due to prior period errors - -
Restated balance at at 01.04.2023 2,28,46,00,000 2,28,460.00
Changes during the year
Add: Issue during the year
(i) Fresh issue of equity shares 40,31,64,706 40,316.47
(ii) Calling up unpaid capital -
Closing Balance as at 31.03.2024 2,68,77,64,706 2,68,776.47

181
 B Other Equity (` in Lakhs)

182
Particulars Reserve & Surplus Cash Flow Total
Hedge
Reserve

General Special Debenture NBFC Retained Securities Foreign

Reserve Reserve u/s Redemption Reserve Earnings Premium Currency
36(1)(viii) of Reserve u/s 45-IC of Monetary
Income Tax Reserve Item
Act, 1961 Bank of Translation
India Act, Reserve
1934

Opening Balance as at 01.04.2022 1,42,298.33 1,16,155.27 35,168.37 28,882.69 138.14 - (42,156.14) 17,864.65 2,98,351.31

Changes in accounting policy/prior year errors - - - - - - - - -

Restated balance as at 01.04.2022 1,42,298.33 1,16,155.27 35,168.37 28,882.69 138.14 - (42,156.14) 17,864.65 2,98,351.31

Profit for the year - - - - 86,462.83 - - - 86,462.83

Remeasurment of defined benefit plans (Net of taxes) - - - - (116.32) - - - (116.32)

Recognition through OCI (net of taxes) - - - - - - (3,757.42) (3,757.42)

Total Comprehensive Income for the year ended 31.03.2023 - - - - 86,346.51 - - (3,757.42) 82,589.09

Net Transfer to / from Retained Earnings during the year 48,750.00 15,555.00 4,629.11 17,300.00 (86,234.11) - - - -

Additons to FCTMR during the year - - - - - - (17,889.10) - (17,889.10)

Amortisation of FCTMR during the year - - - - - - 2,005.65 - 2,005.65

Dividend Paid - - -

Corporate Dividend Tax - - -

Closing Balance as at 31.03.2023 1,91,048.33 1,31,710.27 39,797.48 46,182.69 250.54 - (58,039.59) 14,107.22 3,65,056.95

Opening Balance as at 01.04.2023 1,91,048.33 1,31,710.27 39,797.48 46,182.69 250.54 - (58,039.59) 14,107.22 3,65,056.95

Changes in accounting policy/prior year errors - - - - - - - - -

Restated balance as at 01.04.2023 1,91,048.33 1,31,710.27 39,797.48 46,182.69 250.54 - (58,039.59) 14,107.22 3,65,056.95

Profit for the year - - - - 1,25,222.90 - - - 1,25,222.90

Remeasurment of defined benefit plans (Net of taxes) - - - - (170.65) - - - (170.65)

Recognition through OCI (net of taxes) - - - - - - - (15,509.11) (15,509.11)

Total Comprehensive Income for the year ended 31.03.2024 - - - - 1,25,052.25 - - (15,509.11) 1,09,543.14

Premium received on shares issued during the year - - - - - 88,696.24 - - 88,696.24

Share issue expenses (net of tax benefits) - - - - - (2,332.96) - - (2,332.96)

Net Transfer to / from Retained Earnings during the year 70,000.00 26,400.00 (22.88) 25,100.00 (1,21,477.12) - - - 0.00

Additons to FCTMR during the year - - - - - - 26,861.85 - 26,861.85

Amortisation of FCTMR during the year - - - - - - (659.14) - (659.14)

Dividend Paid - - - - - - - - -
 (` in Lakhs)
Particulars Reserve & Surplus Cash Flow Total
Hedge
Reserve

General Special Debenture NBFC Retained Securities Foreign

Reserve Reserve u/s Redemption Reserve Earnings Premium Currency
36(1)(viii) of Reserve u/s 45-IC of Monetary
Income Tax Reserve Item
Act, 1961 Bank of Translation
India Act, Reserve
1934

Corporate Dividend Tax - - - - - - - - -

Closing Balance as at 31.03.2024 2,61,048.33 1,58,110.27 39,774.60 71,282.69 3,825.67 86,363.27 (31,836.88) (1,401.89) 5,87,166.08

Material Accounting Policies Information 1

The accompanying notes 1 to 38 form an integral part of the Financial Statements

As per our Report of even date

For and on Behalf of the Board of Directors
For DSP & Associates
Chartered Accountants
ICAI Regn No.- 006791N

Sd/- Sd/- Sd/-

Atul Jain Dr. Bijay Kumar Mohanty Pradip Kumar Das
Partner Director (Finance) Chairman & Managing Director
M.No.-091431 DIN No. 08816532 DIN No. 07448576

Sd/-
Date : 19.04.2024 Ekta Madan
Place : New Delhi Company Secretary & Compliance Officer
ACS. No. 23391

183
Note 1 :
Material Accounting Policies Forming Part of Financial Statement
1) Corporate Information

Indian Renewable Energy Development Agency Limited (IREDA) is a Mini Ratna (Category – I) Government of India enterprise
under the administrative control of Ministry of New and Renewable Energy (MNRE). IREDA is a Public Limited Government
Company. The company is registered with Reserve Bank of India under Section 45-IA of The Reserve Bank of India Act, 1934 as
non-deposit taking non-banking financing company (NBFC). Since 1987, IREDA is engaged in promoting, developing and
extending financial assistance for setting up projects relating to new and renewable sources of energy and energy
efficiency/conservation with the motto: “ENERGY FOR EVER”. The Company owns 50 MW Solar project situated at Kasargod in the
state of Kerala.

2) Basis of Preparation

(i) Statement of Compliance with Ind AS

The financial statements of the Company have been prepared in accordance with the Sec. 133 of the Companies Act 2013 and in
compliance with the Indian Accounting Standards (Ind AS) issued by the Ministry of Corporate Affairs under the Companies (Indian
Accounting Standards) Rules, 2015 and as further amended.

The financial statements are prepared on a going concern basis and on accrual basis of accounting. The Company has adopted
historical cost convention except for certain items which have been measured on a different basis and such basis is disclosed in the
relevant accounting policy.

Accounting policies have been consistently applied except where a newly issued accounting standard is initially adopted or a
revision to an existing accounting standard requires a change in the accounting policy hitherto in use .

(ii) Use of estimates

The preparation of the Company's financial statements requires management to make judgments, estimates, and assumptions
that affect the reported amounts of revenues, expenses, assets and liabilities, and the related disclosures. Management believes
that the estimates used in the preparation of financial statement are prudent and reasonable. Future result could differ from these
estimates. Any revision to accounting estimate is recognized prospectively in current and future period.

Significant management judgement in applying accounting policies and estimation of uncertainty.

(A) Significant management judgements

Recognition of deferred tax assets/ liability – The extent to which deferred tax assets can be recognized is based on an
assessment of the probability of the future taxable income against which the deferred tax assets can be utilized. Further, the
Company Management has no intention to make withdrawal from the Special Reserve created and maintained under section
36(1)(viii) of the Income tax Act, 1961 and thus, the special reserve created and maintained is not capable of being reversed.
Hence, the company does not create any deferred tax liability on the said reserve.

Evaluation of indicators for impairment of assets – The evaluation of the applicability of indicators of impairment of assets
requires assessment of several external and internal factors which could result in deterioration of the recoverable amount of
the assets.

184
Note 1 :
Material Accounting Policies Forming Part of Financial Statement

Non recognition of Interest Income on Credit Impaired Loans - Interest income on credit-impaired loan assets is not being
recognised as a matter of prudence, pending the outcome of resolutions of stressed assets.

Materiality of Prior Period item

Prior period items which are not material are not corrected retrospectively through restatement of comparative amounts and
are accounted for in current year.

Omissions or misstatements of items are material if they could, individually or collectively, influence the economic decisions
that users make on the basis of the financial statements. Materiality depends on the size and nature of the omission or
misstatement judged in the surrounding circumstances. The combination of size and nature of the items are the
determining factor.

(B) Significant estimates

Useful lives of depreciable/amortizable assets – Management reviews its estimate of the useful lives of depreciable/
amortizable assets at each reporting date, based on the expected utility of the assets. Uncertainties in these estimates relate
to technical and economic obsolescence that may change the utility of assets.

Defined benefit obligation (DBO) – Management's estimate of the DBO is based on a number of underlying assumptions such
as standard rates of inflation, mortality, discount rate and anticipation of future salary increases. Variation in these
assumptions may significantly impact the DBO amount and the annual defined benefit expenses.

Fair value measurements – Management applies valuation techniques to determine the fair value of financial instruments
(where active market quotes are not available). This involves developing estimates and assumptions consistent with how
market participants would price the instrument. In estimating the fair value of an asset or a liability, the Company uses market
observable data to the extent it is available. In case of non-availability of market-observable data, Level 2 & Level 3 hierarchy is
used for fair valuation.

Income Taxes – Significant estimates are involved in determining the provision for income taxes, including amount expected
to be paid/recovered for uncertain tax positions and in respect of expected future profitability to assess deferred tax asset.

Expected Credit Loss (ECL) – The measurement of an expected credit loss allowance for financial assets measured at
amortized cost requires the use of complex models and significant assumptions about future economic conditions and credit
behaviour (e.g., likelihood of customers defaulting and resulting losses).The Company makes significant judgments about the
following while assessing expected credit loss to estimate ECL:

• Determining criteria for a significant increase in credit risk;

• Establishing the number and relative weightings of forward-looking scenarios for each type of product/ market and the
associated ECL;

• Establishing groups of similar financial assets to measure ECL ; and

• Estimating the probability of default and loss given default (estimates of recoverable amounts in case of default) .

Provisions: The timing of recognition and quantification of the liability (including litigations) requires the application of
judgement to existing facts and circumstances, which can be subject to change. The carrying amounts of provisions and
liabilities are reviewed regularly and revised to take account of changing facts and circumstances.

185
Note 1 :
Material Accounting Policies Forming Part of Financial Statement

(iii) Functional and Presentation currency

The financial statements are presented in Indian Rupee ('INR') which is the functional currency of the primary economic
environment in which the company operates, values being rounded in lakhs to the nearest two decimals except when stated
otherwise.

3) MATERIAL ACCOUNTING POLICIES

(i) Property, Plant and Equipment (PPE)

Tangible Assets (PPE)

The PPE (Tangible assets) is initially recognized at cost.

The cost of an item of Property, Plant and Equipment comprises of its purchase price, including import duties, non-refundable
taxes, after deducting trade discounts & rebates, borrowing cost if capitalization criteria are met and any cost directly attributable
in bringing the asset to the location and condition necessary for it to be ready for its intended use. Stores and spares which meet
the recognition criteria of Property, Plant and Equipment are capitalized and added in the carrying amount of the underlying asset.

The Company has adopted the cost model of subsequent recognition to measure the Property, Plant and Equipment.
Consequently, all Property, Plant and Equipment are carried at its cost less accumulated depreciation and accumulated
impairment losses, if any.

De-recognition

An item of PPE is derecognized on disposal, or when no future economic benefits are expected from use. Gains or losses arising
from de-recognition of a PPE measured as the difference between the net disposal proceeds and the Carrying amount of the asset
are recognized in the Statement of Profit and Loss when the asset is derecognized.

Capital Work-in-Progress

The cost of PPE under construction at the reporting date is disclosed as 'Capital work-in-progress.' The cost comprises purchase
price, import duties, non-refundable taxes, after deducting trade discounts & rebates, borrowing cost if capitalization criteria are
met and any cost directly attributable in bringing the asset to the location and condition necessary for it to be ready for its
intended use. Advances paid for the acquisition/ construction of PPE which are outstanding at the balance sheet date are
Classified under 'Capital Advances.'

(ii) Intangible Assets and Amortisation

Intangible assets are initially measured at cost. The cost comprises purchase price, import duties, non- refundable taxes, after
deducting trade discounts & rebates, borrowing cost if capitalization criteria are met and any cost directly attributable in bringing
the asset to the condition necessary for it to be ready for its intended use. Such assets are recognized where it is probable that the
future economic benefits attributable to the assets will flow to the Company.

All intangible assets with finite useful life are subsequently recognized at cost model. These intangible assets are carried
subsequently at its cost less accumulated amortization and accumulated impairment loss if any.

Intangible Assets under Development

Expenditure incurred which are eligible for capitalization under intangible assets is carried as 'Intangible assets under
development' till they are ready for their intended use.

186
Note 1 :
Material Accounting Policies Forming Part of Financial Statement

Derecognition

An intangible asset is derecognized on disposal, or when no future economic benefits are expected from use. Gains or losses
arising from de-recognition of an intangible asset, measured as the difference between the net disposal proceeds and the carrying
amount of the asset are recognized in the Statement of Profit and Loss when the asset is derecognized.

(iii) Depreciation and Amortization

Depreciation on Tangible PPE is provided in accordance with the manner and useful life as specified in Schedule –II of the
Companies Act 2013, on Written Down Basis (WDV) except for the assets mentioned as below:

• Depreciation on Library books is provided @ 100% in the year of purchase.

• Depreciation on PPE of Solar Power Project is provided on Straight Line Method at rates/methodology prescribed under the
relevant Central Electricity Regulatory Commission (CERC) and relevant state Commission Tariff Orders.

• Depreciation is provided @100% in the financial year of purchase in respect of assets of Rs. 5,000/- or less.

• Amortization of intangible assets is being provided on straight line basis.

• Useful lives for all PPE & Intangible assets are reviewed at each reporting date. Changes, if any, are accounted for as changes in
accounting estimates.

• Useful life of assets as per Schedule II:

Asset Description Estimated Residual Value as a

Useful Life % of original cost

Building 60 years 5%

Computers and Data Processing Units

-Laptops / Computers 3 years 5%

-Servers 6 years 5%

Office Equipment’s 5 years 5%

Furniture and Fixtures 10 years 5%

Vehicles 8 years 5%

Intangible Assets 5 years 0%

• Useful life of assets as per CERC order

Asset Description Estimated Residual Value as a

Useful Life % of original cost

Solar Plant 25 years 10%

187
Note 1 :
Material Accounting Policies Forming Part of Financial Statement

(iv) Government and Other Grants / Assistance

The Company may receive government grants that require compliance with certain conditions related to the Company’s
operating activities or are provided to the Company by way of financial assistance on the basis of certain qualifying criteria.

Government grants are recognised when there is reasonable assurance that the grant will be received, and the Company will be
able to comply with the conditions attached to them. These grants are classified as grants relating to assets and revenue based on
the nature of the grant.

Government grants with a condition to purchase, construct or otherwise acquire long term assets are initially recognised as
deferred income. Once recognised as deferred income, such grants are recognised in the statement of profit and loss on a
systematic basis over the useful life of the asset. Changes in estimates are recognized prospectively over the remaining life of the
asset.

Grant related to subsidy are deferred and recognised in the statement of profit and loss over the period that the related costs, for
which it is intended to compensate, are expensed.

Grant-in-aid for financing projects in specified sectors of New and Renewable Sources of Energy (NRSE) is treated and accounted
as deferred income.

The expenditure incurred under Technical Assistance Programme (TAP) is accounted for as recoverable and shown under the
head ‘Other Financial Assets’. The assistance reimbursed from Multilateral/Bilateral Agencies is credited to the said account.

(v) Leases

q As a lessee

The Company assesses at contract inception whether a contract is, or contains, a lease. A contract is, or contains, a lease if
the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To
assess whether a contract conveys the right to control the use of an identified asset, the Company assesses whether:

i. The contract involves the use of an identified asset;

ii. The Company has substantially all of the economic benefits from use of the asset through the period of the lease, and

iii. The Company has the right to direct the use of the asset.

The Company applies a single recognition and measurement approach for all leases, except for short- term leases and leases
of low-value assets. The Company recognizes lease liabilities to make lease payments and right-of-use assets representing
the right to use the underlying assets.

i) Right-of-use assets

The Company recognizes right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is
available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses and
adjusted for any re-measurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities
recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives
received. Right-of-use assets are depreciated on a straight-line basis over the estimated useful life of the assets.

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ii) Lease liabilities

At the commencement date of the lease, the Company recognizes lease liabilities measured at the present value of lease
payments to be made over the lease term. The lease payments include fixed payments (including in-substance fixed payments)
less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid
under residual value guarantees. The Company uses its incremental borrowing rate at the lease commencement date because the
interest rate implicit in the lease is not readily determinable. The incremental borrowing rate is the SBI MCLR rate for the period of
the loan if the loan is up to 3 years. For a period, greater than 3 years, SBI MCLR rate for 3 years may be taken.

iii) Short-term leases and leases of low-value assets

Lease payments on short-term leases (which has a lease term of up to 12 months) and leases of low value assets (asset value up to
10,00,000/-) are recognised as expense over the lease term. Lease term is determined by taking non-cancellable period of a lease,
together with both:

a) Periods covered by an option to extend the lease if the lessee is reasonably certain to exercise that option; and

b) Periods covered by an option to terminate the lease if the lessee is reasonably certain not to exercise that option.

q As a lessor

When the Company acts as a lessor, it determines at lease inception whether each lease is a finance lease or an operating lease. To
classify each lease, the Company makes an overall assessment of whether the lease transfers substantially all the risk and rewards
incidental to the ownership of the underlying asset. If this is the case, then the lease is a finance lease, if not, then it is an operating
lease. As part of the assessment, the Company considers certain indicators such as whether the lease is for the major part of the
economic life of the asset. If an arrangement contains lease and non-lease components, the Company applies Ind AS 115
“Revenue from contract with customers” to allocate the consideration in the contract. The Company recognizes lease payments
received under operating lease as income on a straight-line basis over the lease term as part of “Revenue from operations”.

(vi) Investments in Subsidiary, Associates and Joint Venture

• The company accounts investment in subsidiary, joint ventures, and associates at cost. An entity controlled by the company
is considered as a subsidiary of the company. Investments in subsidiary company outside India are translated at the rate of
exchange prevailing on the date of acquisition.

• Investments where the company has significant influence are classified as associates. Significant influence is the power to
participate in the financial and operating policy decisions of the investee but is not control or joint control over those policies.

• A joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint
arrangement is classified as a joint venture. Joint control is the contractually agreed sharing of control of an arrangement,
which exists only when decisions about the relevant activities require unanimous consent of the parties sharing control.

q Impairment Loss on Investment in Associate or joint Venture

If there is an indication of impairment in respect of entity’s investment in associate or joint venture, the carrying value of the
investment is tested for impairment by comparing the recoverable amount with its carrying value and any resulting impairment
loss is charged against the carrying value of investment in associate or joint venture.

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(vii) Impairment of Non-Financial Asset

The Company assesses at each reporting date, whether there is an indication that an asset may be impaired. If any indication exists,
the Company estimates the asset’s recoverable amount. An asset’s recoverable amount is the higher of an asset’s or cash-
generating units (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.

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.

(viii) Cash and cash equivalents

Cash comprises of cash in hand, cash at bank including debit balance in bank overdraft, if any, demand deposits with banks,
commercial papers and foreign currency deposits. Cash equivalents are short term deposits ( with an original maturity of three
months or less from the date of acquisition), highly liquid investments that are readily convertible into known amounts of cash and
which are subject to insignificant risk of changes in value.

(ix) Borrowing costs

General and specific borrowing costs directly attributable to the acquisition, construction or production of qualifying asset are
capitalized up-to the date when the asset is ready for its intended use after netting off any income earned on temporary
investment of such funds.

To the extent that the Company borrows funds generally and uses them for the purpose of obtaining a qualifying asset, the amount
of borrowing costs eligible for Capitalisation are determined by applying a Capitalisation rate to the expenditures on that asset.

Other borrowing costs are expensed in the period in which they are incurred.

(x) Foreign currency transactions

Transactions in currencies other than the functional currency are recognized at the rates of exchange prevailing at the dates of the
transactions.

At the end of each reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing at
that date. Foreign exchange gains and losses resulting from the settlement of such transactions and the re-measurement of
monetary items denominated in foreign currency at period-end exchange rates are recognized in the Statement of Profit and
Loss.

Foreign Currency Monetary Item Translation Reserve Account (FCMITR) represents unamortized foreign exchange gain/loss on
Long-term Foreign Currency Borrowings that are amortized over the tenure of the respective borrowings. IREDA had adopted
exemption of para D13AA of Ind AS 101, according to which it may continue the policy adopted for accounting for exchange

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differences arising from translation of long-term foreign currency monetary items recognized in the financial statements for the
period ending immediately before the beginning of the first Ind AS financial reporting period as per the previous GAAP.
Accordingly, all transactions in foreign currency are recorded at the exchange rate prevailing at the date of the transaction. The
exchange differences arising on reporting of long-term foreign currency monetary items outstanding as on March 31, 2018, at rate
prevailing at the end of each reporting period, different from those at which they were initially recorded during the period, or
reported in previous financial statements, are accumulated in FCMITR Account, and amortized over the balance period of such
long-term monetary item, by recognition as income or expense in each of such period. Long-term foreign currency monetary
items are those which have a term of twelve months or more at the date of origination.

Short-term foreign currency monetary items (having a term of less than twelve months at the date of origination) are translated at
rate prevailing at the end of each reporting period. The resultant exchange fluctuation is recognized as income or expense in each
of such periods.

As per Para 27 of Ind AS 21, exchange difference on monetary items that qualify as hedging instruments in cash flow hedge are
recognized in other comprehensive income to the extent hedge is effective. Accordingly, company recognize the exchange
difference due to translation of foreign currency loans at the exchange rate prevailing on reporting date in cash flow hedge
reserve.

(xi) Earnings per Share

The basic earnings per share is computed by dividing the net profit after tax by the weighted average number of equity shares
outstanding during the year.

Diluted earnings per share is computed by dividing adjusted net profit after tax by the aggregate of weighted average number of
equity shares and dilutive potential equity shares outstanding during the year. The number of equity shares and potentially dilutive
equity shares are adjusted for share splits / reverse share splits and bonus shares, as appropriate.

(xii) Provisions

A provision is recognized when the company has a present obligation (Legal or Constructive) as a result of past event, and it is
probable that an outflow of resources will be required to settle the obligation in respect of which a reliable estimate can be made.

(xiii) Contingent liabilities

Contingent liabilities are not recognized but disclosed in Notes when the company has possible obligation due to past events and
existence of the obligation depends upon occurrence or non- occurrence of future events not wholly within the control of the
company and Present obligations arising from past events where it is not probable that an outflow of resources will be required to
settle the obligation or a reliable estimate of the amount of the obligation cannot be made.

Contingent liabilities are assessed continuously to determine whether outflow of Economic resources have become probable. If
the outflow becomes probable, then relative provision is recognized in the financial statements.

(xiv) Contingent Assets

Contingent Assets are not recognized but disclosed in Notes which usually arise from unplanned or other unexpected events that
give rise to the possibility of an inflow of economic benefits.

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Contingent assets are assessed continuously to determine whether inflow of economic benefits becomes virtually certain, then
such assets and the relative income will be recognised in the financial statements.

(xv) Segment Reporting

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision
maker. The Chairman and Managing Director (CMD) of the Company have been identified as the Chief Operating Decision Maker
(CODM).

(xvi) Material prior period errors

Material prior period errors are corrected retrospectively by restating the comparative amounts for the prior periods presented in
which the error occurred. If the error occurred before the earliest period presented, the opening balances of assets, liabilities and
equity for the earliest period presented, are restated unless it is impracticable, in which case, the comparative information is
adjusted to apply the accounting policy prospectively from the earliest date practicable.

(xvii) Taxation

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from ‘profit before tax’ as reported in the
statement of profit and loss /other comprehensive income because of items of income or expense that are taxable or deductible in
other years and items that are never taxable or deductible. The Company’s current tax is calculated using tax rates that have been
enacted or substantively enacted by the end of the reporting period.

Current tax is recognized in the statement of profit and loss, except when they relate to items that are recognized in other
comprehensive income or directly in equity, in which case, the current tax is also recognized in other comprehensive income or
directly in equity respectively. Where current tax arises from the initial accounting for a business combination, the tax effect is
included in the accounting for the business combination.

Deferred tax

Deferred tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities in the
financial statements and the corresponding amounts used for taxation purpose.

Deferred tax liabilities are generally recognized for all taxable temporary differences.

Deferred tax assets are generally recognized only to the extent that it is probable that future taxable profits will be available against
which the assets can be utilized. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and
reduced to the extent that it is no longer probable that the related tax benefit will be realized.

Current and deferred tax are recognized in the statement of profit and loss, except when they relate to items that are recognized in
other comprehensive income or directly in equity, in which case, the current and deferred tax are also recognized in other
comprehensive income or directly in equity respectively.

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(xviii) Investment Property

Investment properties are properties held to earn rentals and/or for capital appreciation (including property under construction
for such purposes). Investment properties are measured initially at cost, including import duties, non-refundable taxes, after
deducting trade discounts & rebates, borrowing cost if capitalization criteria are met and any cost directly attributable in bringing
the asset to the location and condition necessary for it to be ready for its intended use.

After initial recognition, the company measures investment property by using cost model.

An investment property is derecognized upon disposal or when the investment property is permanently withdrawn from use and
no future economic benefits are expected from the disposal. Any gain or loss arising on de recognition of the property (calculated
as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the statement of profit
and loss in the period in which the property is derecognized.

Investment properties are depreciated in accordance to the class of asset that it belongs and the life of the asset shall be as
conceived for the same class of asset at the Company.

Though investment property is measured using cost model, the fair value of investment property is disclosed in the notes.

(xix) Employee Benefits

a) Short-term employee benefits

Short-term employee benefits including salaries, short term compensated absences (such as a paid annual leave) where the
absences are expected to occur within twelve months after the end of the period in which the employees render the related
service, profit sharing and bonuses payable within twelve months after the end of the period in which the employees render
the related services and non-monetary benefits for current employees are estimated and measured on an undiscounted
basis.

b) Post-employment benefit plans are classified into defined benefits plans and defined contribution plans as under:

(i) Defined contribution plan

A defined contribution plan is a plan under which the Company pays fixed contributions in respect of the employees into a
separate fund. The Company has no legal or constructive obligations to pay further contributions after its payment of the
fixed contribution. The contributions made by the Company towards defined contribution plans are charged to the
statement of profit and loss in the period to which the contributions relate.

(ii) Defined benefit plan

The Company has an obligation towards gratuity, Post-Retirement Medical Benefit (PRMB) and Other Defined Retirement
Benefit (ODRB) which are being considered as defined benefit plans covering eligible employees. Under the defined benefit
plans, the amount that an employee will receive on retirement is defined by reference to the employee’s length of service,
final salary, and other defined parameters. The legal obligation for any benefits remains with the Company, even if plan
assets for funding the defined benefit plan have been set aside.

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The Company’s obligation towards defined benefit plans is determined using the projected unit credit method, with
actuarial valuations being carried out at the end of each annual reporting period. The liability recognized in the statement of
financial position for defined benefit plans is the present value of the Defined Benefit Obligation (DBO) at the reporting date
less the fair value of plan assets. Management estimates the DBO annually with the assistance of independent actuaries.

Actuarial gains/losses resulting from re-measurements of the liability/asset are included in Other Comprehensive Income.

The liability for retirement benefits of employees in respect of provident fund, benevolent fund, superannuation fund and
Gratuity is funded with separate trusts.

The company’s contribution to Provident Fund / Superannuation Fund is remitted to separate trusts established for this
purpose based on a fixed percentage of the eligible employee’s salary and debited to Statement of Profit and Loss.

c) Other long-term employee benefits:

Liability in respect of compensated absences becoming due or expected to be availed more than one- year after the balance
sheet date is estimated on the basis of actuarial valuation performed by an independent actuary using the projected unit
credit method.

Actuarial gains and losses arising from past experience and changes in actuarial assumptions are charged to statement of
profit and loss in the period in which such gains or losses are determined.

(xx) Financial instruments

Initial recognition and measurement

Financial assets and financial liabilities are recognized when the Company becomes a party to the contractual provisions of
the financial instrument and are measured initially at fair value adjusted by transactions costs, except for those carried at fair
value through profit or loss. Subsequent measurement of financial assets and financial liabilities is described below.

Classification and subsequent measurement of financial assets

For the purpose of subsequent measurement, financial assets are classified into the following categories upon initial
recognition:

• Amortized cost

• Financial assets at fair value through profit or loss (FVTPL)

• Financial assets at fair value through other comprehensive income (FVOCI)

All financial assets except for those at FVTPL or equity instruments at FVOCI are subject to review for impairment at least at
each reporting date to identify whether there is any objective evidence that a financial asset or a group of financial assets is
impaired. Different criteria to determine impairment are applied to each category of financial assets, which are described
below.

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q Loan at Amortised Cost

Loans (financial asset) are measured at amortized cost using Effective Interest Rate (EIR) if both of the following conditions
are met:

a) The financial asset is held within a business model whose objective is to hold financial assets to collect contractual cash
flows; and

b) 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.

A loss allowance for expected credit losses is recognized on financial assets carried at amortized cost.

q Financial assets at Fair Value through Profit or Loss (FVTPL)

Financial assets at FVTPL include all derivative financial instruments except for those designated and effective as hedging
instruments, for which the hedge accounting requirements are being applied. Assets in this category are measured at fair
value with gains or losses recognized in the statement of profit and loss. The fair values of financial assets in this category are
determined by reference to active market transactions or using a valuation technique where no active market exists.

q Financial assets at Fair Value through Other Comprehensive Income (FVOCI)

Financial assets at FVOCI comprise of equity instruments measured at fair value. An equity investment classified as FVOCI is
initially measured at fair value plus transaction costs. Gains and losses are recognized in other comprehensive income and
reported within the FVOCI reserve within equity, except for dividend income, which is recognized in profit or loss. There is
no recycling of such gains and losses from OCI to Statement of Profit & Loss, even on the derecognition of the investment.
However, the Company may transfer the same within equity.

De-recognition of financial assets

Financial assets (or where applicable, a part of financial asset or part of a group of similar financial assets) are derecognized (i.e.
removed from the Company’s balance sheet) when the contractual rights to receive the cash flows from the financial asset have
expired, or when the financial asset and substantially all the risks and rewards are transferred. The Company also derecognizes the
financial asset if it has both transferred the financial asset and the transfer qualifies for de-recognition.

Classification and subsequent measurement of financial liabilities

Financial liabilities are measured subsequently at amortized cost using the effective interest method, except for derivative
financial liabilities which are carried at FVTPL, subsequently at fair value with gains or losses recognized in the statement of profit
and loss. (FVTPL)

De-recognition of financial liabilities

A financial liability is derecognized 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 de-recognition of the original liability and the
recognition of a new liability. The difference in the respective carrying amounts is recognized in the statement of profit and loss.

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Derivative financial instruments

The Company is exposed to foreign currency fluctuations on foreign currency assets and liabilities. The Company limits the effect
of foreign exchange rate fluctuations by following established risk management policies including the use of derivatives.

The Company use Derivative instrument includes principal swap, Cross Currency & Interest Rate Swap (CCIRS), forwards, interest
rate swaps, currency and cross currency options, structured product, etc. to hedge foreign currency assets and liabilities.

Derivatives are recognized and measured at fair value (MTM). Attributable transaction costs are recognized in statement of profit
and loss as cost.

De-recognition of Financial asset:

Financial assets are derecognized when the contractual right to receive cash flows from the financial assets expires or transfers the
contractual rights to receive the cash flows from the asset.

Hedge Accounting

Derivative financial instruments are accounted for at fair value through profit and loss (FVTPL) except for derivatives designated as
hedging instruments in cash flow hedge relationships, which require a specific accounting treatment. To qualify for hedge
accounting, the hedging relationship must meet all of the following requirements:

- there is an economic relationship between the hedged item and the hedging instrument

- the effect of credit risk does not dominate the value changes that result from that economic relationship

- the hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the entity
actually hedges and the quantity of the hedging instrument that the entity actually uses to hedge that quantity of hedged
item.

The Company has designated mostly derivative contracts as hedging instruments in cash flow hedge relationships. These
arrangements have been entered into to mitigate foreign currency exchange risk and interest rate risk arising against which debt
instruments denominated in foreign currency.

• Cash Flow hedging is done to protect cash flow positions of the company from changes in exchange rate fluctuations and to
bring variability in cash flow to fixed ones.

• The Company enters into hedging instruments in accordance with policies as approved by the Board of Directors; provide
written principles which are consistent with the risk management strategy/policies of the Company.

• All derivative financial instruments used for hedge accounting are recognised initially at fair value and reported subsequently
at fair value in the balance sheet.

The hedge instruments are designated and documented as hedges at the inception of the contract. The effectiveness of hedge
instruments is assessed and measured at inception and on an on-going basis. The effective portion of change in the fair value as
assessed based on MTM valuation provided by respective banks/third party valuation of the designated hedging instrument is
recognized in the “Other Comprehensive Income” as “Cash Flow Hedge Reserve”. The ineffective portion is recognized
immediately in the Statement of Profit and Loss as and when occurs.

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At the time the hedged item affects profit or loss, any gain or loss previously recognised in other comprehensive income is
reclassified from equity to profit or loss and presented as a reclassification adjustment within other comprehensive income.

If the hedging relationship no longer meets the criteria for hedge accounting, then hedge accounting is discontinued
prospectively. If the hedging instrument expires or sold, terminated or exercised, the cumulative gain or loss on the hedging
instrument recognized in Cash Flow Hedge Reserve remains in Cash Flow Hedge Reserve till the period the hedge was effective.
The cumulative gain or loss previously recognized in the Cash Flow Hedge Reserve is transferred to the Statement of Profit and
Loss upon the occurrence of the underlying transaction.

Impairment

Impairment of financial assets

q Loan assets

The Company follows a ‘three-stage’ model for impairment of loan asset carried at amortized cost based on changes in credit
quality since initial recognition as summarized below:

• Stage 1 includes loan assets that have not had a significant increase in credit risk since initial recognition or that has low
credit risk at the reporting date.

• Stage 2 includes loan assets that have had a significant increase in credit risk since initial recognition but that do not have
objective evidence of impairment.

• Stage 3 includes loan assets that have objective evidence of impairment at the reporting date.

The Expected Credit Loss (ECL) is measured at 12-month ECL for Stage 1 loan assets and lifetime ECL for Stage 2 and Stage 3 loan
assets. ECL is the product of the Probability of Default, Exposure at Default and Loss Given Default, defined as follows:

Probability of Default (PD) - The PD represents the likelihood of a borrower defaulting on its financial obligation, either over the
next 12 months (12 months PD), or over the remaining lifetime (Lifetime PD) of the obligation.

Loss Given Default (LGD) – LGD represents the Company’s expectation of the extent of loss on a defaulted exposure. LGD varies by
type of counterparty, type, and preference of claim and availability of collateral or other credit support.

Exposure at Default (EAD) – EAD is based on the amount of outstanding exposure as on the assessment date on which ECL is
computed.

Forward-looking economic information is included in determining the 12-month and lifetime PD, EAD and LGD. The assumptions
underlying the expected credit loss are monitored and reviewed on an on-going basis.

q Financial Instruments other than Loans consist of :-

• Financial assets include cash and cash equivalents, trade receivables, unbilled revenues, finance lease receivables, employee
and other advances.

• Financial liabilities include borrowings, bank overdrafts, trade payables.

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Non derivative financial instruments other than loans are recognized initially at fair value including any directly attributable
transaction costs. Financial assets are derecognized when substantial risks and rewards of ownership of the financial asset have
been transferred. In cases where substantial risks and rewards of ownership of the financial assets are neither transferred nor
retained, financial assets are derecognized only when the Company has not retained control over the financial asset.

Subsequent to initial recognition, they are measured as prescribed below:

a) Cash and cash equivalents

For the purposes of the cash flow statement, cash and cash equivalents include cash in hand, at bank, demand deposits with banks,
cash credit, fixed deposits and foreign currency deposits, net of outstanding bank overdrafts that are repayable on demand and are
considered part of the Company’s cash management system. In the statement of financial position, bank overdrafts are presented
under borrowings.

b) Trade Receivable

The company follows 'simplified approach' for recognition of impairment loss allowance on trade receivables. The application of
simplified approach does not require the company to track changes in credit risk. Rather, it recognises impairment loss allowance
based on lifetime ECLs at each reporting date, right from its initial recognition. The Company determines impairment loss
allowance based on individual assessment of receivables, historically observed default rates over the expected life of the trade
receivables and is adjusted for forward-looking estimates.

c) Other payables

Other payables are initially recognized at fair value, and subsequently carried at amortized cost using the effective interest
method. For these financial instruments, the carrying amounts approximate fair value due to the short-term maturity of these
instruments.

(xxi) Dividend

Proposed dividends and interim dividends payable to the shareholders are recognized as changes in equity in the period in which
they are approved by the Board of Directors and in the shareholders’ meeting respectively.

(xxii) Fair Value Measurement & Disclosure

The Company measures financial instruments, such as derivatives at fair value at each reporting date. Fair value is the price that
would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the
measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the
liability takes place either:

• In the principal market for the asset or liability, or

• In the absence of a principal market, in the most advantageous market for the asset or liability

The principal or the most advantageous market must be accessible by the Company.

The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset

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or liability, including assumptions about risk, assuming that market participants act in their economic best interest. A fair value
measurement of a non-financial asset takes into account a market participant’s ability to generate economic benefits by using the
asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use.

The Company uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to
measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs.

All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized within the fair value
hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole:

• Level 1 - Quoted (unadjusted) market prices in active markets for identical assets or liabilities

• Level 2 - Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or
indirectly observable

• Level 3 - Valuation techniques for which the lowest level input that is significant to the fair value measurement is
unobservable.

For assets and liabilities that are recognized in the financial statements regularly, the Company determines whether transfers have
occurred between levels in the hierarchy by re-assessing categorization (based on the lowest level input that is significant to the
fair value measurement as a whole) at the end of each reporting period.

(xxiii)Revenue Recognition

q Interest Income

Interest income is accounted on all financial assets (except company is not recognizing interest income on credit impaired
financial assets) measured at amortized cost. Interest income is recognized using the Effective Interest Rate (EIR) method in
line with Ind AS 109, Financial Instruments. The Effective Interest Rate (EIR) is the rate that exactly discounts estimated future
cash receipts through expected life of the financial asset to that asset's net carrying amount on initial recognition. The EIR is
calculated by taking into account transactions costs and fees that are an integral part of the EIR in line with Ind AS 109.
Interest income on credit impaired assets is recognized on receipt basis.

Rebate on account of timely payment of interest by borrowers is recognized on receipt of the entire interest amount due in
time, in accordance with the terms of the respective contract and is netted against the corresponding interest income.

Unless otherwise specified, the recoveries from the borrowers are appropriated in the order of (i) incidental charges (ii) penal
interest (iii) overdue interest and (iv) repayment of principal; the oldest being adjusted first. The recovery under One Time
Settlement (OTS)/ Insolvency and Bankruptcy Code (IBC) proceedings is appropriated first towards the principal outstanding
and remaining recovery thereafter, towards interest and other charges, if any.

q Other Revenue

• Revenue (other than for those items to which Ind AS 109 Financial Instruments are applicable) are recognised as per Ind AS
115 - Revenue from contracts with customers outlines a single comprehensive model of accounting for revenue arising
from contracts with customers. The Company recognizes revenue from contracts with customers based on the principle
laid down in Ind AS 115 - Revenue from contracts with customers .

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• Revenue from contract with customers is recognized to the extent it is probable that the economic benefits will flow to
the Company and the revenue and costs, if applicable, can be measured reliably. Revenue is measured at the transaction
price agreed under the Contract. Transaction Price excludes amounts collected on behalf of third parties (e.g., taxes
collected on behalf of government) and includes/adjusted for variable consideration like rebates, discounts, only to the
extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognised will not occur
when the uncertainty associated with the variable consideration is subsequently resolved.

q Revenue from solar plant

Income from solar plant is recognised when the performance obligation are satisfied over time. Rebate given is disclosed as
a deduction from the amount of gross revenue.

q Revenue from Fees and Commission

• Revenue from Fee & Commission

Fees and commission are recognised on a point in time basis when probability of collecting such fees is established.

• Revenue from Implementation of Government Schemes & Projects

The company besides its own activities also acts as implementing agency on behalf of various Government / Non-
Government Organizations on the basis of Memorandum of Understanding (MoU) entered into between the company and
such organization. The details of such activities are disclosed by the way of Notes to the Financial Statements.

Wherever any funds are received under trust on the basis of such MoUs entered, the same is not included in Cash and Cash
Equivalents and any income including interest income generated out of such funds belonging to such organizations is not
accounted as revenue of the company.

Service charges earned from such schemes implemented by the company are recognised at a point in time basis when
certainty of collecting such service charges is established.

(xxiv)Expense

Expenses are accounted for on accrual basis. Prepaid expenses upto ` 5,00,000/- per item are charged to Statement of
Profit & Loss as and when incurred/adjusted/received.

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Notes to Financial Statements
For the Year ended March 31,2024

Note 2 : Cash and Cash Equivalents (` in Lakhs)

Particulars As at As at
31.03.2024 31.03.2023
I. Cash and cash equivalents
(A) Cash in hand - -
(B) Balances with Banks :-
(a) Current Account with Banks
- In Indian Branches 832.47 4,084.12
- In Foreign Branches
(i) In USD 3.41 2.72
(b) Deposit Account
-Short term Deposits in Indian Branches 66.09 -
-Short term Deposits in Foreign Branches 54.11 -
(c) Savings Bank Account
- In Indian Branches 756.35 157.47
(C) Cheques/ DD on hand and Postage imprest - -
(D) In Overdraft Accounts 5,708.89 9,600.69
Total (A+B+C+D) 7,421.32 13,845.00
There are no repatriation restrictions with respect to Cash and Cash equivalents as at the end of the reporting year presented above.
Also refer Note 38(47N) for disclosure regarding High Quality Liquid Assets (HQLA).

Note 3 : Bank balances other than Cash and Cash Equivalents (` in Lakhs)

Particulars As at As at
31.03.2024 31.03.2023
a. Earmarked Balances with Banks
A) In Current Account
- Ministry of New & Renewable Energy (MNRE) 2.15 2.15
- MNRE GOI Fully Serviced Bond (Refer Note 38(42)) 352.53 352.53
- IREDA (Interest on Bonds & Dividend a/c) 111.15 80.52
- MNRE / UNDP -IREDA Scheme Funds (Refer Note 38(41)) 334.52 19,523.22
-IREDA CSR Unspent Account (Refer Note 38(37)) 163.87 -
Sub total (A) 964.22 19,958.43
B) In Saving Account
- IREDA National Clean Energy Fund (NCEF) 1,427.69 71.24
- MNRE / UNDP -IREDA Scheme Funds (Refer Note 38(41)) 17,719.64 13,399.77
Sub total (B) 19,147.33 13,471.00
C) In Deposit Account (INR)
- IREDA ¹ 45.27 42.63
- MNRE 17.25 17.25
- MNRE GOI Fully Serviced Bond (Refer Note 38(42)) 996.03 928.70
- IREDA National Clean Energy Fund (NCEF) 38,597.10 36,153.30
- MNRE / UNDP -IREDA Scheme Funds (Refer Note 38(41)) 5,431.34 5,921.98
- Default Risk Reduction for Access to Energy Projects (KfW VI)² 968.66 924.17
Sub total (C) 46,055.65 43,988.04
D) In Deposit Account (Forex)
Sub total (D) - -
Sub total (a)=(A+B+C+D) 66,167.20 77,417.47
b. Deposit Account (Original maturity more than 3 months)
- INR Term Deposit - 4,206.58
Sub total (b) - 4,206.58
Total 66,167.20 81,624.05
The Company is the implementing agency for certain schemes of the Government of India. The funds received for disbursement to various agencies under the scheme are kept in a separate bank account.
The undisbursed funds for the scheme (including interest thereon, if any) are presented as designated funds of the Scheme . Refer Note 38 (41).

¹ An amount of `45.27 Lakhs (As on 31.03.2023 : `42.63 Lakhs) kept as FDR including interest with Bank of Baroda, Bhikaji Cama Place New Delhi against two Bond holders payments i.e. M/s The Bengal
Club Ltd and Ms. Maya M. Chulani as per the order dated 31.7.2009 passed in Civil Misc Writ petition No. 28928 of 2009 passed by the Hon’ble Allahabad High Court .

² Provided by KfW to cover up to 70% default risks of the overall 'Access to Energy' portfolio of the Company under KfW VI line of credit by establishment of a portfolio risk reserve account (PRRA). The said
amount shall be utilised to recover up to 70% of outstanding debt service obligation of the borrower, after exhausting Debt Service Reserve Account (DSRA), upon being declared NPA.

201
Notes to Financial Statements
For the Year ended March 31,2024

Note 4 : Derivative Financial Instruments

The Company enters into derivative contracts for hedging Foreign Exchange and Interest Rate risk. Derivative transactions include
forwards, interest rate swaps, cross currency swaps etc. to hedge the liabilities. These derivative transactions are done for hedging
purpose and not for trading or speculative purpose.
(` in Lakhs)

Particulars As at 31.03.2024 As at 31.03.2023

Part I Notional Fair Value Fair Value - Notional Fair Value Fair Value -
amounts - Assets Liabilities amounts - Assets Liabilities
(i) Currency derivatives:-
Principal only swap (POS) 6,60,213.97 42,282.84 16,326.77 8,25,452.87 50,547.63 15,146.86
Foreign exchange forward contract 61,667.78 - 3,392.98 - - -
Sub-total (i) 7,21,881.75 42,282.84 19,719.75 8,25,452.87 50,547.63 15,146.86
(ii) Interest rate Derivatives :-
Cross currency interest rate swap (CCIRS) 44,220.98 6,095.62 1,082.16 49,016.48 6,857.57 -
Sub-total (ii) 44,220.98 6,095.62 1,082.16 49,016.48 6,857.57 -
Total Derivative financial Instruments (i+ii) 7,66,102.73 48,378.46 20,801.91 8,74,469.35 57,405.20 15,146.86

(` in Lakhs)
Part II As at 31.03.2024 As at 31.03.2023

Notional Fair Value Fair Value - Notional Fair Value Fair Value -
amounts - Assets Liabilities amounts - Assets Liabilities
Included in above (Part I) are derivatives
held for hedging and risk management
purposes as follows:-
(i) Cash flow hedging:-
Currency Derivatives (POS) 6,19,030.41 39,061.41 14,492.35 7,83,068.24 47,732.37 14,844.15
Foreign exchange forward contract 61,667.78 - 3,392.98
Interest rate Derivatives (CCIRS) 44,220.98 6,095.62 1,082.16 49,016.48 6,857.57 -
Subtotal (i) 7,24,919.17 45,157.03 18,967.49 8,32,084.72 54,589.94 14,844.15
(ii)Undesignated Derivatives:-
Currency Derivatives (POS) 41,183.56 3,221.43 1,834.42 42,384.63 2,815.26 302.71
Foreign exchange forward contract - - -
Interest rate Derivatives (CCIRS) - - - - - -
Sub-total (ii) 41,183.56 3,221.43 1,834.42 42,384.63 2,815.26 302.71
Total Derivative Financial Instruments 7,66,102.73 48,378.46 20,801.91 8,74,469.35 57,405.20 15,146.86
(i) + (ii)
For Disclosures on risk exposure refer Note 38 (20) & 38(28).

Note 5 : Receivables
Trade Receivables
(` in Lakhs)
Particulars As at As at
31.03.2024 31.03.2023
A Trade Receivables
(a) Receivables considered good - Secured - -
(b) Receivables considered good - Unsecured 601.75 501.25
(c) Receivables which have significant increase in credit risk - -
(d) Receivables credit impaired - -
Sub Total (A) 601.75 501.25
Allowance for Impairment loss (B) - -
Total (A-B) 601.75 501.25

202
Notes to Financial Statements
For the Year ended March 31,2024

Trade Receivables ageing schedule

As at 31.03.2024
(` in Lakhs)
Particulars Unbilled Not Due Outstanding for following periods from due date of payment

Less than 6 months 1-2 years 2-3 years More than Total
6 months -1 year 3 years
(i) Undisputed Trade receivables – 325.86 115.66 160.19 0.04 601.75
considered good
(ii) Undisputed Trade Receivables – - - - - - - - -
which have significant increase in
credit risk
(iii) Undisputed Trade Receivables – - - - - - - - -
credit impaired
(iv) Disputed Trade Receivables– - - - - - - - -
considered good
(v) Disputed Trade Receivables – - - - - - - - -
which have significant increase
in credit risk
(vi) Disputed Trade Receivables – - - - - - - - -
credit impaired

Trade Receivables ageing schedule

As at 31.03.2024
(` in Lakhs)
Particulars Unbilled Not Due Outstanding for following periods from due date of payment*

Less than 6 months 1-2 years 2-3 years More than Total
6 months -1 year 3 years
(i) Undisputed Trade receivables – 331.19 - 160.19 - - 0.04 - 491.92
considered good
(ii) Undisputed Trade Receivables – - - - - - - - -
which have significant increase in
credit risk
(iii) Undisputed Trade Receivables – - - - - - - - -
credit impaired
(iv) Disputed Trade Receivables– - - - - - - 9.83 9.83
considered good
(v) Disputed Trade Receivables – - - - - - - - -
which have significant increase
in credit risk
(vi) Disputed Trade Receivables – - - - - - - - -
credit impaired
Ageing is based on due date of payment and where due date of payment is not specified, ageing is based on date of transaction.
For details on unbilled dues refer Note 38(29)

203
Notes to Financial Statements
For the Year ended March 31,2024
Note 6 : Loans (` in Lakhs)
Particulars As at 31.03.2024 As at 31.03.2023
At Amortised Cost At amortised Cost
A) Loans
(i) Term Loans
Term Loans 59,69,811.25 47,07,552.05
Interest accrued and due on loans 2,695.31 2,235.30
Liquidated damages accrued and due 9.08 26.92
Interest accrued but not due on loans 2,836.04 2,014.25
Front End Fee adjustment (17,385.32) (16,609.63)
Gross Term Loans at amortised cost 59,57,966.36 46,95,218.90
(ii) Others
Loans to constituents of MNRE 664.69 664.69
Interest accrued and due on MNRE loans 254.77 254.77
Loans to staff 2,370.91 1,749.89
Loans to related parties - -
Interest accrued but not due on staff loans 384.25 255.90
Interest accrued but not due on staff loans of Related Party 12.30 20.82
Total (A) - Gross Loans 59,61,653.28 46,98,164.96
Less: Impairment loss Allowance 84,144.42 75,472.64
Total (A) - Net Loans 58,77,508.86 46,22,692.33
(B) Sub-classification of above :
Security-wise classification
(i) Secured by tangible assets
Term Loans 50,86,582.92 39,41,012.02
Loans to staff 2,370.91 1,749.89
Loans to related parties - -
Interest accrued and due on loans 2,695.31 2,235.30
Liquidated Damages accrued and due 9.08 26.92
Interest accrued but not due on loans 3,220.29 2,270.15
Interest accrued but not due on loans of related party 12.30 20.82
Loans to constituents of MNRE
Loans to constituents of MNRE 664.69 664.69
Interest accrued and due on MNRE loans 254.77 254.77
(ii) Secured by intangible assets - -
(iii) Covered by Bank/Government Guarantees
Term Loans Secured by Bank Guarantee /Government Guarantees 2,17,113.40 3,54,481.58
(iv) Unsecured
Term Loans 6,48,729.61 3,95,448.82
Total (B) - Gross 59,61,653.28 46,98,164.96
Less: Impairment loss allowance 84,144.42 75,472.64
Total (B) - Net 58,77,508.86 46,22,692.33
(C) (I)Loans in India
(i) Public Sector 14,93,997.00 12,63,995.26
(ii) Others 44,67,656.28 34,34,169.70
Total (C) (I) Gross 59,61,653.28 46,98,164.96
Less: Impairment loss allowance 84,144.42 75,472.64
Total (C) (I) - Net 58,77,508.86 46,22,692.33
(C) (II) Loans outside India
Less: Imapirment loss allowance - -
Total (C) (II)- Net - -
Total C (I) and C(II) 58,77,508.86 46,22,692.33
Out of the total unsecured loans of ` 6,48,729.61 Lakhs as on 31.03.2024 (As on 31.03.2023 : ` 3,95,448.82 Lakhs), Loans amounting to ` 6,48,576.00 Lakhs as on 31.03.2024 (As on 31.03.2023 : 3,95,222.01 Lakhs) are secured by intangible
security by way of exclusive charge on Default Escrow Account by earmarking unencumbered specific revenue stream for repayment of company loans.
During the year, the Company has sent letters to borrowers, except where loans have been recalled or pending before court/NCLT, seeking confirmation of balances as at 31.03.2024 to the borrowers. Confirmations for 13.91% of the said
balances have been received (previous year : 4.68%). Out of the remaining loan assets amounting to ` 51,38,071.76 Lakhs (previous year : ` 44,87,229.29 Lakhs) for which balance confirmations have not been received, 87.43% loans (previous year
: 82.63%) are secured by tangible securities, 1.89% (previous year : 12.69%) by way of Government Guarantee/ Loans to Government and balance are unsecured loans.
In addition to the security held by way of assets etc., of the borrowing entities, the Company held FD Rs & Guarantees issued by Banks amounting to `63,131.65 Lakhs and `24,274.00 Lakhs respectively (previous year: ` 24,935.83 Lakhs and `
18,599.32 Lakhs respectively) as additional securities for loans granted.
For Disclosures on Credit Risk, refer Note 38 (20).
For Disclosure on resolution plans implemented by the Company, refer Note 38 (47A)

204
Notes to Financial Statements
For the Year ended March 31,2024
Note 7 : Investments (` in Lakhs)
Particulars As at 31.03.2024 As at 31.03.2023
(A) Investments
At Amortised Cost
Investment in GOI Securities (Quoted) 9,933.92 9,930.26
(6.67% GOI 2035 F.V. : ` 10,000.00 Lakhs )
Total - Gross (A) 9,933.92 9,930.26
(B) Sub-classification of above :
(i) Investment outside India - -
(ii) Investment in India 9,933.92 9,930.26
Total (B) 9,933.92 9,930.26
Less: Allowance for Impairment loss ( C) - -
Total - Net (D )=(A)-(C) 9,933.92 9,930.26
Also refer Note 38(47C)

Note 8 : Other Financial Assets (` in Lakhs)

Particulars As at 31.03.2024 As at 31.03.2023
Security Deposits 370.71 63.19
Advances to staff 692.00 640.46
Advances to related parties 19.75 18.75
Other receivables :
FDRs - Borrowers 1,129.62 2,016.65
Commercial papers 6,899.11 6,899.11
Less: Impairment loss allowance on Commercial Papers (6,899.11) (6,899.11)
Others 330.01 441.52
TOTAL 2,542.09 3,180.56

Note 9 : Current Tax Assets (Net) (` in Lakhs)

Particulars As at 31.03.2024 As at 31.03.2023
Advance Income Tax and TDS (a) 2,10,189.98 1,94,656.78
Less : Provision for Income Tax (b) 1,94,649.24 1,80,264.36
Total (a-b) 15,540.74 14,392.42

Note 10 : Deferred Tax Assets/ Liability (Net) (` in Lakhs)

Particulars As at 31.03.2024 As at 31.03.2023
Profit and Loss section, OCI & Other equity
Deferred Tax Assets
Provision for Indirect Tax and Other on Guarantee Commission 2,316.85 2,091.89
Provision for Service Tax and Other 314.19 295.67
Provision for Leave Encashment 227.37 175.45
Provision for Gratuity 11.02 -
Provision for Post Retirement Medical Benefit - 348.41
Provision for Sick Leave 142.84 104.34
Provision for Baggage Allowance 6.05 5.44
Provision for Farewell Gift 4.91 2.77
Provision for Performance Incentive - 305.39
Provision for Impairment 35,883.59 39,363.02
Front End Fee - deferred in Books 5,462.05 4,894.63
Share Issue Expenses 627.71 -
Sub total 44,996.59 47,587.00
Deferred Tax Liabilities
Depreciation 4,386.23 4,574.95
Forex loss translation difference 11,471.75 12,850.32
Transaction cost of Bonds 194.31 61.37
Transaction cost of Loans - 0.18
Sub total 16,052.29 17,486.82
Total 28,944.30 30,100.18
Net deferred tax asset/(liability) 28,944.30 30,100.18
For Disclosure on movement of deferred taxes refer Note 38(3)

205
Notes to Financial Statements
For the Year ended March 31,2024

Note 11 : Investment Property (` in Lakhs)

Particulars Amount*

Gross Block

Balance as at 01.04.2022 8.75

Additions -

Less: Disposals/Sale/Transfer -

Balance as at 31.03.2023 8.75

Balance as at 01.04.2023 8.75

Additions -

Less: Disposals/Sale/Transfer -

Balance as at 31.03.2024 8.75

Accumulated Depreciation

Balance as at 01.04.2022 5.20

Depreciation expense 0.59

Less: Eliminated on disposals/Sale/Transfer -

Balance as at 31.03.2023 5.78

Balance as at 01.04.2023 5.78

Depreciation expense 0.49

Less: Eliminated on disposals/Sale/Transfer -

Balance as at 31.03.2024 6.27

Carrying Amount

As at 31.03.2023 2.97

As at 31.03.2024 2.48

(` in Lakhs)

Fair Value of Investment Property Amount

As at 31.03.2023 258.16

As at 31.03.2024 289.68
*Relates to Investment Property (Building - Residential). Refer Note 38(19).

206
Notes to Financial Statements
For the Year ended March 31,2024
Note 12 : Property, Plant and Equipment (` in Lakhs)

Particulars Buildings Plant and Machinery Vehicles Furniture Office Library Total

Office Space Solar plant Solar plant Computer & Fixtures Equipment
at Chennai
Gross Block
Balance as at 01.04.2022 129.93 2,239.49 29,391.30 692.73 55.89 157.45 258.81 0.13 32,925.74
Additions during the year - - - 58.91 73.98 78.67 251.06 0.05 462.66
Adjustment / Reclassification - - - - - - - - -
Amount of change due to revaluation - - - - - - - - -
Less: Disposals/Sale/Transfer during - - - 16.75 41.76 14.88 22.73 - 96.12
the year
Balance as at 31.03.2023 129.93 2,239.49 29,391.30 734.88 88.12 221.24 487.14 0.18 33,292.28

Balance as at 01.04.2023 129.93 2,239.49 29,391.30 734.88 88.12 221.24 487.14 0.18 33,292.28
Additions during the year - - 371.94 71.31 540.79 868.73 - 1,852.78
Adjustment / Reclassification - - - - - - - 0.18 0.18
Amount of change due to revaluation - - - - - - - - -
Less: Disposals/Sale/Transfer during - - 394.24 - 16.82 55.03 - 466.09
the year -
Balance as at 31.03.2024 129.93 2,239.49 29,391.30 712.58 159.44 745.21 1,300.84 0.36 34,679.15

Accumulated Depreciation
Balance as at 01.04.2022 51.05 659.07 8,583.45 457.62 45.55 61.80 56.42 0.13 9,915.10
Adjustment / Reclassification - - - - - - 1.74 (0.04) 1.70
Depreciation expense 7.49 132.77 1,729.11 151.92 2.92 26.53 115.30 0.09 2,166.13
Depreciation adjustment due to - - - - - - - - -
revaluation
Less: Eliminated on disposals/Sale/ - - - 14.10 38.90 9.87 12.07 - 74.95
Transfer
Balance as at 31.03.2023 58.55 791.84 10,312.56 595.44 9.56 78.46 161.39 0.18 12,007.98

Balance as at 01.04.2023 58.55 791.84 10,312.56 595.44 9.56 78.46 161.39 0.18 12,007.98
Adjustment / Reclassification - - - - - - - - -
Depreciation expense 6.78 132.77 1,729.11 153.65 41.04 88.61 269.55 0.18 2,421.69
Depreciation adjustment due to - - - - - - - - -
revaluation
Less: Eliminated on disposals/Sale/
Transfer - - - 365.95 - 4.81 19.32 - 390.07
Balance as at 31.03.2024 65.33 924.61 12,041.67 383.14 50.60 162.27 411.63 0.36 14,039.60

Carrying Amount
As at 31.03.2023 71.39 1,447.65 19,078.73 139.44 78.56 142.78 325.75 0.00 21,284.30
As at 31.03.2024 64.60 1,314.88 17,349.62 329.44 108.84 582.95 889.21 0.00 20,639.55

For information on Title deeds of Immovable Properties not held in name of the Company, refer Note 38(32).

Note 13 : Capital Work-In-Progress (CWIP) (` in Lakhs)

Particulars Amount
Capital work in progress - Building
Balance as at 01.04.2022 12,833.28
Additions during the year 1,093.06
Borrowing cost capitalised -
Less: Transfer to Property Plant & Equipment/ Investment property -
Balance as at 31.03.2023 13,926.35
Balance as at 01.04.2023 13,926.35
Additions during the year 250.20
Borrowing cost capitalised -
Less: Transfer to Property Plant & Equipment/ Investment property / Right to Use Assets 14,176.55
Balance as at 31.03.2024 -

207
Notes to Financial Statements
For the Year ended March 31,2024
(i) Ageing schedule of Capital-work-in progress (including the project whose completion is overdue)
(a) Capital-work-in progress (Within scheduled completion)
As at 31.03.2024 Amount in CWIP for a period of
Less than 1-2 2-3 More than Total
1 year years years 3 years
Projects in progress - - - - -
Projects temporarily suspended - - - - -
As at 31.03.2023 Amount in CWIP for a period of
Less than 1-2 2-3 More than Total
1 year years years 3 years
Projects in progress 1,093.06 12,832.42 - 0.86 13,926.35
Projects temporarily suspended - - - - -

(b) Capital-work-in progress (completion overdue / exceeded cost compared to its original plan)
As at 31.03.2024 To be completed in

Less than 1-2 2-3 More than

1 year years years 3 years
Project 1 - - - -
Project 2 - - - -
As at 31.03.2023 To be completed in

Less than 1-2 2-3 More than

1 year years years 3 years
Project 1 12,832.42 - - -
Project 2 - - - -
(i) Campany Had Taken Over The Pssession Of Office Space At NBCC building , Kidwai nagar on 06/07/2021 & 2 residentail flats at NBCC Building, Kidwai nagar on
15/07/2021. The same has been capitalized after its occuption from June 2023.
Note 14 : Right of use Assets (` in Lakhs)
Particulars Amount
Building Land Total
Balance as at 01.04.2022 2,391.72 433.34 2,825.06
Additions during the year - - -
Adjustment / Reclassification - - -
Balance as at 31.03.2023 2,391.72 433.34 2,825.06
Balance as at 01.04.2023 2,391.72 433.34 2,825.06
Additions during the year 13,952.56 13,952.56
Adjustment / Reclassification - - -
Balance as at 31.03.2024 16,344.28 433.34 16,777.62
Accumulated Depreciation
Balance as at 01.04.2022 1,032.23 27.53 1,059.76
Depreciation expense 161.03 18.45 179.48
Adjustment / Reclassification - - -
Balance as at 31.03.2023 1,193.26 45.98 1,239.24
Balance as at 01.04.2023 1,193.26 45.98 1,239.24
Depreciation expense 531.42 18.45 549.87
Adjustment / Reclassification - -
Balance as at 31.03.2024 1,724.68 64.42 1,789.10
Carrying Amount
As at 31.03.2023 1,198.46 387.36 1,585.82
As at 31.03.2024 14,619.60 368.92 14,988.52
For details on right of use assets refer Note 38(31)

208
Notes to Financial Statements
For the Year ended March 31,2024

Note 15: Intangible Assets under development

(` in Lakhs)
Particulars Amount*
Balance as on 01.04.2022 311.16
Additions during the year 174.41
Less : Transfer to intangible assets -
Balance as on 31.03.2023 485.57
Balance as on 01.04.2023 485.57
Additions during the year 451.71
Less : Transfer to Intangible Assets 937.28
Balance as on 31.03.2024 -

i) Ageing schedule of Intangible assets under development (including the project whose completion is overdue)

(a) Intangible assets under development (Within scheduled completion)

As at 31.03.2024 Amount in Intangible asset under development for a year of

Less than 1-2 2-3 More than Total
1 year years years 3 years
Projects in progress - - - - -
Projects temporarily suspended - - - - -
As at 31.03.2023 Amount in Intangible asset under development for a year of
Less than 1-2 2-3 More than Total
1 year years years 3 years
Projects in progress 174.41 311.16 - - 485.75
Projects temporarily suspended - - - - -

(b) Intangible assets under development (completion overdue / exceeded cost compared to its original plan)

As at 31.03.2024 To be completed in

Less than 1-2 2-3 More than

1 year years years 3 years
Implementation of ERP - D365 - - - -
As at 31.03.2023 To be completed in

Less than 1-2 2-3 More than

1 year years years 3 years

Implementation of ERP - D365 735.00 - - -

The project (Implementation of ERP - D365) was supposed to go live on 31.07.2021, but due resons beyond the control of the Company (as COVID-19 , high attrition in the
consulting firm etc) the project got delayed. Refer Note 38(18).

209
Notes to Financial Statements
For the Year ended March 31,2024

Note 16 : Intangible Assets

(` in Lakhs)
Particulars Amount*
Gross Block
Balance as at 01.04.2022 43.99
Additions during the year 0.59
Amount of change due to revaluation -
Less: Disposals/Sale/Transfer -
Balance as at 31.03.2023 44.58
Balance as at 01.04.2023 44.58
Additions during the year 937.28
Amount of change due to revaluation -
Less: Disposals/Sale/Transfer -
Balance as at 31.03.2024 981.86
Accumulated Depreciation
Balance as at 01.04.2022 39.49
Amortisation expenses 3.64
Amortisation adjustment due to revaluation -
Less: Eliminated on disposals/Sale/Transfer -
Balance as at 31.03.2023 43.14
Balance as at 01.04.2023 43.14
Amortisation expenses 62.70
Amortisation adjustment due to World Bank Grant (Refer Note 38(7a) & 38(18)) 397.95
Less: Eliminated on disposals/Sale/Transfer -
Balance as at 31.03.2024 503.79
Carrying Amount
As at 31.03.2023 1.44
As at 31.03.2024 478.07
*Pertains to Computer Software

Note 17 : Other Non-Financial Assets

(` in Lakhs)
Particulars As at 31.03.2024 As at 31.03.2023
GOI Fully Serviced Bonds Money Receivable (Refer Note 38(42)) 1,63,879.20 1,63,879.20
Other Receivables 2,480.48 1,171.05
Other Advances 534.97 8,692.13
Total 1,66,894.65 1,73,742.39

Note 18 : Payables
(` in Lakhs)
Particulars As at 31.03.2024 As at 31.03.2023
Trade Payables
(i) Total outstanding dues of micro enterprises and small enterprises 102.87 25.25
(ii) Total outstanding dues of creditors other than micro enterprises and small enterprises 627.46 425.02
Total 730.33 450.28

210
Notes to Financial Statements
For the Year ended March 31,2024

Trade Payables ageing schedule

As at 31.03.2024
(` in Lakhs)
Particulars Unbilled Not Due Outstanding for following periods from due date of payment*

Less than 1-2 2-3 More than Total

1 year years years 3 years
(i) Micro, Small and Medium 77.33 25.54 - - - - 102.87
Enterprises (MSME)
(ii) Others 460.21 131.08 36.17 - - - 627.46
(iii) Disputed dues – Micro, Small and - - - - - - -
Medium Enterprises (MSME)
(iv) Disputed dues - Others - - - - - -
*Ageing is based on due date of payment and where due date of payment is not specified, ageing is based on date of trasaction.

As at 31.03.2023 (` in Lakhs)
Particulars Unbilled Not Due Outstanding for following periods from due date of payment*

Less than 1-2 2-3 More than Total

1 year years years 3 years
(i) Micro, Small and Medium 18.02 6.02 - - - - 24.03
Enterprises (MSME)
(ii) Others 88.26 139.83 196.93 - - - 425.02
(iii) Disputed dues – Micro, Small and - - - - 1.22 - 1.22
Medium Enterprises (MSME)
(iv) Disputed dues - Others - - - - - - -
*Ageing is based on due date of payment and where due date of payment is not specified, ageing is based on date of trasaction.

Note 19 : Debt Securities

(` in Lakhs)
Particulars As at 31.03.2024 As at 31.03.2023
At Amortised Cost At Amortised Cost
Bonds:-
(I) Taxfree Bonds - Non Convertible Redeemable Debentures (Secured)
(Secured by pari-passu charge on Loans and Advances (book debts) of the company)
(i) 8.16% Tax free Bonds - 7,575.90
(Series XIII Tranche-I-IA- 2013-14) (Repayment on 13.03.2024)
(ii) 8.41% Tax free Bonds - 10,529.14
(Series XIII Tranche-I-IB- 2013-14) (Repayment on 13.03.2024)
(iii) 7.17% Tax free Bonds 28,400.00 28,400.00
(Series XIV Private IC- 2015-16) (Repayable on 01.10.2025)
(iv) 7.28% Tax free Bonds 10,889.06 10,889.06
(Series XIV Tranche-I-IA- 2015-16) (Repayable on 21.01.2026)
(v) 7.53% Tax free Bonds 12,788.59 12,788.59
(Series XIV Tranche-I-IB- 2015-16) (Repayable on 21.01.2026)
(vi) 8.55% Tax free Bonds 12,307.69 12,307.69
(Series XIII Tranche-I-IIA- 2013-14) (Repayable on 13.03.2029)
(vii) 8.80% Tax free Bonds 23,455.08 23,455.08
(Series XIII Tranche-I-IIB- 2013-14) (Repayable on 13.03.2029)

211
Notes to Financial Statements
For the Year ended March 31,2024
(` in Lakhs)
Particulars As at 31.03.2024 As at 31.03.2023
At Amortised Cost At Amortised Cost
(viii) 8.56% Tax free Bonds 3,600.00 3,600.00
(Series XIII Tranche-I-IC- 2013-14) (Repayable on 27.03.2029)
(ix) 7.49% Tax free Bonds 88,426.52 88,426.52
(Series XIV Tranche-I-IIA- 2015-16) (Repayable on 21.01.2031)
(x) 7.74% Tax free Bonds 48,351.53 48,351.53
(Series XIV Tranche-I-IIB- 2015-16) (Repayable on 21.01.2031)
(xi) 8.55% Tax free Bonds 3,881.23 3,881.23
(Series XIII Tranche-I-IIIA- 2013-14) (Repayable on 13.03.2034)
(xii) 8.80% Tax free Bonds 14,416.42 14,416.42
(Series XIII Tranche-I-IIIB- 2013-14) (Repayable on 13.03.2034)
(xiii) 7.43% Tax free Bonds 3,644.42 3,644.42
(Series XIV Tranche-I-IIIA- 2015-16) (Repayable on 21.01.2036)
(xiv) 7.68% Tax free Bonds 7,499.88 7,499.88
(Series XIV Tranche-I-IIIB- 2015-16) (Repayable on 21.01.2036)
Sub-Total(A) 2,57,660.42 2,75,765.46

(II) Taxable Bonds - Non Convertible Redeemable Debentures(Secured)*

(Secured by negative lien on Loans and Advances (Book Debts) of the company.)
(i) 9.02% Taxable Bonds 25,000.00 25,000.00
(Series III- 2010-11 - Tranche II) (Repayable on 24.09.2025)
(ii) 8.44% Taxable Bonds - 30,000.00
(Series VA- 2013-14) (Repayment on 10.05.2023)
(iii) 8.49% Taxable Bonds 20,000.00 20,000.00
(Series VB- 2013-14) (Repayable on 10.05.2028)
(Iv) 8.12% Taxable Green Bonds 20,000.00 20,000.00
(Series VI A - 2016-17) (Repayable on 24.03.2027)
(v) 8.05% Taxable Green Bonds 50,000.00 50,000.00
(Series VI B - 2016-17) (Repayable on 29.03.2027)
(vi) 8.51% Taxable Bonds 27,500.00 27,500.00
(Series VIIA- 2018-19) (Repayable on 03.01.2029)
Less :Transaction Cost on above 14.41 16.79
27,485.59 27,483.21
(vii) 8.47% Taxable Bonds 59,000.00 59,000.00
(Series VIIB- 2018-19) (Repayable on 17.01.2029)
Less :Transaction Cost on above 14.50 16.87
58,985.50 58,983.13
(viii) 8% Taxable Bonds 1,00,000.00 1,00,000.00
(Series IX A- 2019-20) (Repayable on 24.09.2029)
Less :Transaction Cost on above 16.00 18.27
99,984.00 99,981.73

212
Notes to Financial Statements
For the Year ended March 31,2024

(` in Lakhs)
Particulars As at 31.03.2024 As at 31.03.2023
At Amortised Cost At Amortised Cost
(ix) 7.40% Taxable Bonds 80,300.00 80,300.00
(Series IX B- 2019-20) (Repayable on 03.03.2030)
Less :Transaction Cost on above 31.35 35.46
80,268.65 80,264.54
Sub-Total(B) 3,81,723.74 4,11,712.61

(III) Taxable Bonds - Non Convertible Redeemable Debentures (Unsecured)*

(i) 5.98% Taxable Bonds 10,600.00 10,600.00
(Series XI A- 2021-22) (Repayable on 16.04.2025)
Less :Transaction Cost on above 0.31 0.59
10,599.69 10,599.41
(ii) 7.46% Taxable Bonds 64,840.00 64,840.00
(Series XII A- 2022-23) (Repayable on 12.08.2025)
Less :Transaction Cost on above 5.67 9.52
64,834.33 64,830.48
(iii) 7.85% Taxable Bonds 1,20,000.00 1,20,000.00
(Series XII B- 2022-23) (Repayable on 12.10.2032)
Less :Transaction Cost on above 16.36 17.67
1,19,983.64 1,19,982.33
(iv) 7.79% Taxable Bonds 51,500.00 51,500.00
(Series XII C- 2022-23) (Repayable on 07.12.2032)
Less :Transaction Cost on above 7.41 8.00
51,492.59 51,492.00
(v) 7.94% Taxable Bonds 1,50,000.00 1,50,000.00
(Series XII D- 2022-23) (Repayable on 27.01.2033)
Less :Transaction Cost on above 50.11 53.95
1,49,949.89 1,49,946.05
(vi) 7.63% Taxable Bonds 1,00,000.00 -
(Series XV-A 2023-24) (Repayable on 11.08.2033)
Less :Transaction Cost on above 66.59 -
99,933.41 -
(vii) 7.75% Taxable Bonds 68,300.00 -
(Series XV-B 2023-24) (Repayable on 12.10.2033)
Less :Transaction Cost on above 44.98 -
68,255.02 -
(viii) 7.68% Taxable Bonds 1,00,000.00 -
(Series XV-C 2023-24) (Repayable on 22.12.2033)
Less :Transaction Cost on above 71.63 -
99,928.37 -

213
Notes to Financial Statements
For the Year ended March 31,2024

(` in Lakhs)
Particulars As at 31.03.2024 As at 31.03.2023
At Amortised Cost At Amortised Cost
(ix) 7.77% Taxable Bonds 80,974.00 -
(Series XV-D 2023-24) (Repayable on 10.05.2027)
Less :Transaction Cost on above 36.05 -
80,937.95 -
(x) 7.59% Taxable Bonds 1,13,000.00 -
(Series XV-E 2023-24) (Repayable on 23.02.2034)
Less :Transaction Cost on above 128.71 -
1,12,871.29 -
(xi) 7.53% Taxable Bonds 1,22,200.00 -
(Series XV-F 2023-24) (Repayable on 10.05.2034)
Less :Transaction Cost on above 93.12 -
1,22,106.88 -
(xii) 7.57% Taxable Bonds 44,700.00 -
(Series XV-G 2023-24) (Repayable on 18.05.2029)
Less :Transaction Cost on above 29.29 -
44,670.71 -
(xiii) 7.59% Taxable Bonds 1,06,500.00 -
(Series XV-H 2023-24) (Repayable on 26.07.2034)
Less :Transaction Cost on above 86.80 -
1,06,413.20 -
Sub-Total(C) 11,31,976.97 3,96,850.27
Total Bonds(A+B+C) 17,71,361.13 10,84,328.34
Geography wise Debt Securities
Debt securities in India 17,71,361.13 10,84,328.34
Debt securities outside India - -
Total 17,71,361.13 10,84,328.34
Notes :

1 *The taxable bonds issued by the company have the clause in the Information Memorandum of respective bonds for the reissue of bonds.

2 During the year ended 31.03.2024 ,the company has issued Taxable Unsecured Bond for `7,35,674.00 Lakhs under Series XV-A, XV-B,XV-C, XV-D, XV-E, XV-F, XV-G and
XV-H amounting to ` 1,00,000 Lakhs, `68,300 Lakhs, `1,00,000 Lakhs, `80,974.00 lakhs, `1,13,000.00 Lakhs, `1,22,200.00 lakhs, `44,700.00 Lakhs and `1,06,500.00
Lakhs respectively (Year ended 31.03.2023 : Taxable Unsecured Bond for `3,86,340.00 Lakhs under Series XII-A, XII-B, XII-C and XII-D amounting to `64,840.00 Lakhs,
`1,20,000.00 Lakhs, `51,500.00 Lakhs and `1,50,000.00 Lakhs respectively ).

3 During the Year ended 31.03.2024, the company has redeemed Taxable Bond Series V-A of ` 30,000 Lakh (Year ended on 31.03.2023 : redeemed Taxable Bond Series IV
9.49% of `30,000.00 Lakh and 7.125% Green Masala Bond of `1,95,000.00 Lakh).

4 Pursuant to Regulation 54 of SEBI (Listing obligation and Disclosure Requirements) Regulations 2015, for all secured non-convertible debt securities issued by the
Company and outstanding as on 31.03.2024 , 100 % security cover has been maintained by way of charge on the receivables of the company.

214
Notes to Financial Statements
For the Year ended March 31,2024

Note 20 : Borrowings (Other than Debt Securities)

(` in Lakhs)
Particulars As at 31.03.2024 As at 31.03.2023
At Amortised Cost At Amortised Cost
(a) Term Loans-
(I) From Banks
A. Term Loans - Secured
(i) From Kreditanstalt fuer Wiederaufbau (KfW) - Loan-V 37,988.01 47,163.1
(Secured by pari-passu charge on the Loans and Advances (Book Debts))
(Repayment on half yearly basis starting from 30.12.2018 till 30.12.2027 in
installments of Euro 5,263,000 each and 3 installments of
Euro 5,264,000 each)
(ii) From HDFC Bank Limited (HDFC) - Loan-III 14,583.33 22,916.67
(Secured by Pari-passu charge over book debts & receivables of the
Company with 100% cover).
(Repayable in 12 equal quarterly instalments of ` 2,083.33 Lakhs each
starting from 30.03.2023).
(iii) From HDFC Bank Limited (HDFC) - Loan-IV 16,666.67 25,000.00
(Secured by Pari-passu charge over book debts & receivables of the
Company with 100% cover).
(Repayable in 12 equal quarterly instalments of ` 2,083.33 Lakhs each
starting from 23.04.2023)
(iv) From State Bank of India (SBI) - Loan-IV 1,87,498.67 2,50,000.00
(Secured by First Pari-passu charge on book debts of the Company by
way of hypothecation to the extent of 100% of the loan amount .)
(Repayable in 12 equal quarterly instalments of ` 20,834.33 Lakhs each,
starting from 22.07.2023).
(v) From Central Bank of India (CBI) - Loan II 66,666.67 1,00,000.00
(Secured by first pari-passu charge on receivables of the company with
security coverage of 100%)
(Repayable in 12 equal quarterly instalments of ` 8,333.33 Lakhs each
starting from 27.06.2023)
(vi) From Bank of India (BOI) - Loan IV- BOI 84,210.53 1,00,000.0
(Secured by first pari-passu charge on receivables of the company with
security coverage of 100%)
(Repayable in 19 equal quarterly instalments of ` 5,263.15 Lakhs each
starting from 30.09.2023)
(vii) From HSBC Bank - Loan I - HSBC -Tranche I 9,444.44 -
(Secured by First Pari-Passu charge on Loans and Advances (book debts)
& receivables of the Company with 100% cover)
(Repayable in 18 equal quarterly instalments of Rs 555.56 lakhs each,
starting from 09.03.2024)

215
Notes to Financial Statements
For the Year ended March 31,2024
(` in Lakhs)
Particulars As at 31.03.2024 As at 31.03.2023
At Amortised Cost At Amortised Cost
(viii) From NaBFID - Loan I- NaBFID 2,05,000.00 1,10,000.00
(Secured by first pari-passu by the way of hypothecation on all receivables
of the company/ borrower with a minimum security of 1.0x of the facility )
(Repayable in 36 equal quarterly instalments of ` 5,694.44 Lakhs each,
starting from 30.06.2024)
(ix) From Punjab National Bank - Loan IV- PNB - 16,500.00
(Secured by first pari-passu charge on all present and future receivables
of the company with minimum security cover of 1.00 times of the
outstanding loan amounts.)
(Repayable in 10 equal quarterly instalments of `13,600.00 Lakhs each,
starting from 30.09.2023 and last instalments of ` 14,000.00 Lakhs.)
(x) From Indian Overseas Bank - Loan I- IOB 66,666.67 37,500.00
(Secured by first charge on pari-passu basis with other lenders under
multiple banking arrangement on standard loan receivables of the
company with minimum security coverage of 100%)
(Repayable in 3 annual instalments two of `33,333.33 Lakhs each and one
for `33,333.34 Lakhs, starting 31.03.2024)
(xi) From IDBI Bank -Term Loan Facility I 44,444.44 30,000.00
(Secured by First Pari-Passu charge on book debts to the extent of 100%
of the outstanding loan amount)
(Repayable in 18 equal quarterly instalment of `2,777.78 Lakhs each,
starting from 31.12.2023 and last instalment will be 31.3.2028)
(Xii) From State Bank of India (SBI) - Loan-I - 25,000.00
(Secured by first pari-passu charge by way of hypothecation of the Loans
and Advances (Book Debts)of the Company subject to 100% of the loan amount )
(Repayable in 20 equal quarterly instalments of ` 5,000.00 Lakhs each,
starting from 22.09.2019.)
Less :Transaction Cost on above - 0.73
- 24,999.27
(xiii) From Asian Development Bank (ADB) - Loan-II 1,22,281.72 1,31,547.04
(Guaranteed by the Government of India)
(Secured by pari-passu charge on the Loans and Advances (Book Debts))
(Repayment on half yearly basis starting from 15.04.2020 till 15.10.2034
in 29 equal installments of US$ 6,666,666.67 each and 30th installment
of US$ 6,666,666.57)
(xiv) From Bank of India (BOI) - Loan-I 54,704.55 68,380.55
(Secured by first pari-passu charge on the receivables of the Company
with security coverage of 100%)
(Repayable in 21 equal quarterly instalments of ` 3,419 Lakhs each,
starting from 22.02.2023)

216
Notes to Financial Statements
For the Year ended March 31,2024

(` in Lakhs)
Particulars As at 31.03.2024 As at 31.03.2023
At Amortised Cost At Amortised Cost
(xv) From Bank of India (BOI) - II Tranche-A 31,578.95 42,105.26
(Secured by first pari-passu charge on the receivables of the Company
with security covergae of 100%)
(Repayable in 19 equal quarterly instalments of ` 2,631.57 Lakhs each,
starting from 30.09.2022)
(xvi) From Punjab National Bank (PNB) - Loan-II 41,250.00 56,250.00
(Secured by first pari-passu charge on all present and future receivables
of the Company with minimum security cover of 1 time of the
outstanding loan amount.)
(Repayable in 16 structured quarterly equal instalments. First installment of
` 3,751.00 Lakhs due on 21.03.2023 and remaining installments of
` 3,750.00 Lakhs each, starting from 21.06.2023.)
(Xvii) From State Bank Of India (SBI) - Loan-III Tranche-A 1,38,920.00 1,89,460.00
(Secured by first pari-passu charge on book debts of the company by
way of hypothecation to the extent of 100% of the loan amount )
(Repayable in 16 equal quarterly instalments of ` 12,635.00 Lakhs each,
starting from 29.12.2022 till 29.09.2026, second last instalment on
29.12.2026 and final installment of ` 6,285.00 Lakhs on 29.03.2027)
(Xviii) From State Bank Of India (SBI) - Loan-III Tranche-B 39,990.00 53,330.00
(Secured by first pari-passu charge on book debts of the company by
way of hypothecation to the extent of 100% of the loan amount )
(Repayable in 16 equal quarterly instalments of ` 3,335.00 Lakhs each
starting from 29.12.2022 till 29.12.2026 and final installment of
` 3,305.00Lakhs on 29.03.2027).
(xix) From Kreditanstalt fuer Wiederaufbau (KfW) - Loan-VI 11,602.01 14,082.73
(Secured by pari-passu charge on the Loans and Advances (Book Debts))
(Repayment on half yearly basis starting from 30.12.2021 till 30.06.2028
in 6 installments of Euro 1,428,000 each and 8 installments of
Euro 1,429,000 each .)
(xx) From Bank of India (BOI) 85,555.56 1,10,000.00
(Secured by first pari-passu charge on the receivables of the Company with
security coverage of 100% .)
(Repayable in 18 structured quarterly equal instalments of ` 6,111.11 Lakhs
each, starting from 30.06.2023)
(xxi) From Punjab National Bank (PNB) 1,21,875.00 1,50,000.00
(Secured by first pari-passu charge on all present and future receivables
of the Company with minimum security cover of 1 time of the
outstanding loan amount).
(Repayable in 16 structured quarterly equal instalments of ` 9,375 Lakhs
each, starting from 27.09.2023).

217
Notes to Financial Statements
For the Year ended March 31,2024
(` in Lakhs)
Particulars As at 31.03.2024 As at 31.03.2023
At Amortised Cost At Amortised Cost
(xxii) From Bank of India (BOI) - II Tranche-B 15,824.58 21,099.42
(Secured by first pari-passu charge on the receivables of the Company
with security coverage of 100%).
(Repayable in 19 quarterly instalments. First instalments of ` 5,263.15
Lakhs on 30.09.2022 and 18 equal quarterly instalments of ` 1,318.71
Lakhs starting from 31.12.2022).
(xxiii) From Central Bank of India - I 58,333.33 91,666.67
(Secured by first pari-passu charge on receivables of the company with
security coverage of 100%)
(Repayable in 12 structured quarterly equal instalments of ` 8,333.33
Lakhs each, starting from 29.03.2023).
(xxiv) From State Bank Of India (SBI) - Loan-V Tranche-A 80,000.00 -
(Secured by first pari-passu charge on the book debts of the Company by
way of hypothecation to the extent of 100% of the Loan amount.)
(Repayable in 12 equal quarterly instalments of Rs 6,666.67 Lakhs each,
starting on 28.06.2024).
(xxv) From State Bank of India (SBI) - Loan-V Tranche-B 60,000.00 -
(Secured by first pari-passu charge on the book debts of the Company
by way of hypothecation to the extent of 100% of the Loan amount.)
(Repayable in 12 equal quarterly instalments of ` 5,000.00 Lakhs each,
starting from 07.07.2024)
(xxvi) From State Bank Of India (SBI) - Loan-V Tranche-C 32,000.00 -
(Secured by first pari-passu charge on the book debts of the Company by
way of hypothecation to the extent of 100% of the Loan amount.)
(Repayable in 12 equal quarterly instalments of Rs 2,666.67 Lakhs each,
starting from 31.07.2024.)
(xxvii) From State Bank Of India (SBI) - Loan-V Tranche-D 31,000.00 -
(Secured by first pari-passu charge on the book debts of the Company by
way of hypothecation to the extent of 100% of the Loan amount.)
(Repayable in 12 equal quarterly instalments of Rs 2,583.33 Lakhs each,
starting from 04.08.2024.)
(xxviii) From State Bank Of India (SBI) - Loan-V Tranche-E 62,000.00 -
(Secured by first pari-passu charge on the book debts of the Company by
way of hypothecation to the extent of 100% of the Loan amount.)
(Repayable in 12 equal quarterly instalments of Rs 5,166.67 Lakhs each,
starting from 19.08.2024.)
(xxix) From State Bank Of India (SBI) - Loan-V Tranche-F 1,85,000.00 -
(Secured by first pari-passu charge on the book debts of the Company by
way of hypothecation to the extent of 100% of the Loan amount.)
(Repayable in 12 equal quarterly instalments of Rs 15,416.67 Lakhs each,
starting from 31.08.2024.)
(xxx) From HSBC - Loan-I Tranche-II 30,000.00 -
(Secured by First Pari-Passu charge on Loans and Advances (book debts)
& receivables of the Company with 100% cover.)
(Repayable in 18 equal quarterly instalments of Rs 1666.67 lakhs each,
starting from 01.12.2024)

218
Notes to Financial Statements
For the Year ended March 31,2024
(` in Lakhs)
Particulars As at 31.03.2024 As at 31.03.2023
At Amortised Cost At Amortised Cost

(xxxi) From Karnataka Bank - Loan-II 50,000.00 -

(Secured by pari-passu charge on standard recievables/ book debts of
the Company with security cover of 100% of the outstanding amount
at any point of time.)
(Repayable in 17 equal quarterly instalments of Rs 2,775 Lakhs each and
18th instalment of Rs 2,825 lakhs starting from 15.12.2024.)
(xxxii) From IDBI Bank - Loan-II 50,000.00 -
(Secured by first pari-passu charge on the book debts of the Company
to the extent of 100% of the Loan amount,.)
(Repayable in 18 equal quarterly instalments of Rs 2,777.78 Lakhs each,
starting from 01.12.2024.)
(Xxxiii) From Central Bank of India (CBI) - Loan-III 10,000.00 -
(Secured by first pari-passu charge on receivables of the company with
security coverage of 100%.)
(Repayable in 25 equal quarterly instalments of Rs 384.61 Lakhs each and
26th instalment of Rs 384.75 Lakhs starting from 30.12.2024.)
(xxxiv) From State Bank Of India (SBI) - Loan-VI-A 50,000.00 -
(Secured by first pari-passu charge on the book debts of the Company by
way of hypothecation to the extent of 100% of the Loan amount.)
(Repayable in 12 equal quarterly instalments of Rs 4,166.67 Lakhs each,
starting from 27.09.2024.)
(xxxv) From Bank of Baroda (BoB) Bank - Loan-I 50,000.00 -
(Secured by first pari-passu charge over receivable of the company with
security coverage of 100%.)
(Repayable in 8 equal quarterly instalments of Rs 6,250.00 Lakhs each
starting on 30.06.2025.)
(xxxvi) Short Term Loan from Indusind Bank 30,000.00 -
(Secured by pari-passu charge over book debts and receivables of the
Company upto 90 days with security coverage of 100%, bullet repayment
on 03.05.2024)
(xxxvii) Short Term Loan from Central Bank of India 1,00,000.00 -
(Secured by first pari-passu charge on the receivables of the Company
with security coverage of 100%, bullet repayment on 14.08.2024 for
Rs. 31,500 lakhs, 27.08.2024 for Rs 40,000 lakhs and 24.09.2024 for
Rs 28,500 lakhs)
(xxxviii) Short Term Loan from State Bank of India (SBI) 55,500.00 50,000.00
(Secured by first pari-passu charge on the receivables of the Company
with security coverage of 100%, bullet repayment of ` 4,000 lakhs on
29.05.2024 and ` 51,500 lakhs on 05.06.2024.
Sub total (A) 23,30,585.11 17,42,000.77

219
Notes to Financial Statements
For the Year ended March 31,2024
(` in Lakhs)
Particulars As at 31.03.2024 As at 31.03.2023
At Amortised Cost At Amortised Cost

B. Term Loans - Unsecured

(i) From Kreditanstalt fuer Wiederaufbau (KfW) - Loan-I 16,945.45 17,882.30
(Guaranteed by the Government of India)

(Repayment on half yearly basis starting from 30.12.2009 till 30.12.2039

in 28 installments of Euro 586,451.79 each, 32 installments of Euro
586,963.08 each and 1 installment of Euro 586,963 .)

(ii) From Kreditanstalt fuer Wiederaufbau (KfW) - Loan-III 15,621.21 16,110.55

(Guaranteed by the Government of India)

(Repayment on half yearly basis starting from 30.06.2020 till 30.12.2049

in 9 installments of Euro 332,000 each & 51 installments of Euro
333,000 each.)

(iii) From Kreditanstalt fuer Wiederaufbau (KfW) - Loan-VII 27,004.56 14,330.94

(Guaranteed by the Government of India)

(Repayment on half yearly basis starting from 15.05.2023 till 15.05.2035

in 1 installment of USD 8,912,000 and 24 installments of
USD 1,408,248.09 .)

(iv) From International Bank for Reconstruction and Development (IBRD)- 15,602.80 11,901.26
Loan-III
(Guaranteed by the Government of India to the extent of 80% of exposure)

(Repayment on half yearly basis starting from 15.04.2022 till 15.10.2035 in

3 installments of US$ 556,508.17each, 24 installments of US$ 779,500.64
each and 28th installment of US$ 785,736.04) based on outstanding loan)

(v) From International Bank for Reconstruction and Development (IBRD) 5,822.08 4,213.47
Clean Technology Fund (CTF) - Loan-III
(Guaranteed by the Government of India to the extent of 80% of exposure)

(Repayment on half yearly basis starting from 15.04.2027 till 15.10.2056

in 20 installments of US$ 69830.98 each and 40 installments of
US$ 139,661.96 each) based on outstanding loan)

(vi) From Karnataka Bank Loan-I 31,820.00 50,000.00

(Repayable in 10 instalments of Rs 4,545 lakhs each and 11th (last)

quarterly instalment of Rs 4,550 lakhs starting from 29.05.2023)

(Vii) Short Term Loan from IDBI Bank - 50,000.00

(Interest @ 7.25% p.a., bullet repayment on 18.01.2024)
Sub total (B) 1,12,816.10 1,64,438.53
Total loan from banks (C=A+B) 24,43,401.22 19,06,439.31
(II) From Others
D. Term loans - secured - -
Sub total (D) - -

220
Notes to Financial Statements
For the Year ended March 31,2024
(` in Lakhs)
Particulars As at 31.03.2024 As at 31.03.2023
At Amortised Cost At Amortised Cost
E. Term loans - unsecured
(i) From National Clean Energy Fund (NCEF) 3,721.22 4,765.80
(Repayable in 41 structured quaterly instalments.)
(Ii) From Agence Francaise De Developpement (AFD) - Loan-I 29,471.15 33,453.50
(Guaranteed by the Government of India)
(Repayment on half yearly basis starting from 31.07.2016 till 31.01.2031 in
30 installments of Euro 2,333,333.33 each .)
(iii) From Agence Francaise De Developpement (AFD) - Loan-II 49,619.79 58,244.94
(Repayment on half yearly basis starting from 30.11.2019 till 31.05.2029
in 20 installments of Euro 5,000,000 each .
(iv) From Japan International Cooperation Agency (JICA) - Loan-I 1,41,084.09 1,67,312.12
(Guaranteed by the Government of India)
(Repayment on half yearly basis starting from 20.6.2021 to 20.06.2041
in 1 installment of JPY 731,720,000 and 40 Installments of JPY
731,707,000 each .)
(v) From Japan International Cooperation Agency (JICA) - Loan-II 1,61,077.65 1,85,214.60
(Guaranteed by the Government of India)
(Repayment on half yearly basis starting from 20.03.2024 to 20.03.2044
in 1 installment of JPY 731,000,000 & 40 Installments of
JPY 730,975,000 each .)
(vi) From European Investment Bank (EIB) - Loan-I 1,37,307.88 1,46,365.24
(Guaranteed by the Government of India)

(Tranche I - Repayment on half yearly basis starting from 26.09.2019 to

26.03.2035 in 32 installments of US$ 662,000 each).

(Tranche II - Repayment on half yearly basis starting from 15.07.2020 to

15.07.2036 in 32 installments of US$ 1,999636.36 each and 1 installment
of US$ 1,999,636.48).

(Tranche III - Repayment on half yearly basis starting from 16.02.2021 to

15.08.2036 in 32 installments of US$ 4,005,375 each).

(vii) From European Investment Bank (EIB) - Loan-II 1,34,468.18 1,39,778.06

(Tranche I - Repayment on half yearly basis starting from 27.02.2023 to

27.08.2035 in 25 instalments of US$ 2,263,653.85 each and 1 instalment
of US$ 2,263,653.75).

(Tranche II - Repayment on half yearly basis starting from 09.03.2024 to

09.09.2036 in 26 instalments of US$ 4,200,740.74 each and 1 instalment
of US$ 4,200,740.76).

221
Notes to Financial Statements
For the Year ended March 31,2024

(` in Lakhs)
Particulars As at 31.03.2024 As at 31.03.2023
At Amortised Cost At Amortised Cost

(viii) From Government of India 23,970.00 25,692.78

(Against International Development Agency (IDA) - Second Renewable

Energy Project (INR Loan)

(Repayment on half yearly basis starting from 15.10.2010 to 15.04.2035 in

20 installments of US$ 625,000.00 each and 30 installments of
US$ 1,250,000.00 each payable in INR .)

(ix) From India Infrastructure Finance Company Limited (IIFCL) - Loan-I - 2,00,000.00

(Interest @ 5.60% p.a., bullet repayment on 26.03.2024.)

Sub-Total (E ) 6,80,719.95 9,60,827.05

Total loans from others (F=D+E) 6,80,719.95 9,60,827.05

Total term loans (a=C+F) 31,24,121.17 28,67,266.36

Cost
(b) Loans repayable on demand :-
Unsecured
From Banks
Bank of Baroda 8,262.43 -
(Secured by First Pari Passu charge on the book debts and receivables related to
standard assets, to the extent of 125% of the loan outstanding)
Yes Bank - -
Sub total (b) 8,262.43 -
(c) FCNR(B) Demand Loans :-*
Secured
Sub total (c ) - -
Grand total (a+b+c) 31,32,383.60 28,67,266.36
Geography wise Borrowings
Borrowings in India 22,02,517.03 18,53,973.64
Borrowings outside India 9,29,866.57 10,13,292.72
Total 31,32,383.60 28,67,266.36
i) Foreign currency borrowings from various multilateral / bilateral agencies viz. ADB, World Bank, KfW, AFD, JICA and EIB have been converted into rupee and hedging of the same is done by
undertaking plain vanilla swap transaction /currency interest rate swap / principal only swap/forward contracts etc. with various banks with whom company has signed International Swaps and
Derivative Association (ISDA) Master Agreement. These derivative transactions have been entered into with the participating bank for a maturity period which may be shorter than the maturity
period of the loan. The hedging of the foreign currency loan has been carried out at various intervals and in multiple Tranches based on the drawl under the lines of credit and also rollover. In
addition to the interest cost and other financial charges, due to hedging of foreign currency loans, these loans carry hedging/derivative cost, which is Tranche wise as per the drawl under the line
of credit, thus the applicable rate of interest on these lines of credit has not been disclosed above.

iii) Rupee Borrowing as at 31-03-2024 mentioned in Note No. 20 were raised at respective Banks/Financial Institutions benchmark rate plus spread ranging from 0 bps to 140 bps.

iii) The Company raises funds through various instruments including bonds. During the year, the Company has not defaulted in servicing of any of its debt service obligations whether for principal or
interest .

iv) Funds raised during the year have been utilised for the stated objects in the offer document/information memorandum/facility agreement.

v) The company has not been declared as a wilful defaulter by any bank or financial institution or other lenders .

vi) The statements of book debts filed by the Company with banks/ financial institutions are in agreement with the books of accounts.

222
Notes to Financial Statements
For the Year ended March 31,2024
Note 21 : Subordinated Liabilities
(` in Lakhs)
Particulars As at 31.03.2024 As at 31.03.2023
At Amortised Cost At Amortised Cost
A) Unsecured
Other than Perpetual Debt Instruments / Preference Shares
(i) 9.23% IREDA Taxable Unsecured 15,000.00 15,000.00
(Subordinated Tier-II Bonds-Series VIII- Repayable on 22.02.2029)
Less :Transaction Cost on above 19.36 22.38
14,980.64 14,977.62
(ii)7.74% IREDA Taxable Unsecured 50,000.00 50,000.00
(Subordinated Tier-II Bonds - Sr-X- Repayable on 08.05.2030)
Less :Transaction Cost on above 39.41 44.32
49,960.59 49,955.68
Total (A) 64,941.24 64,933.29
B)Geography wise classification
Subordinated Liabilities in India 64,941.24 64,933.29
Subordinated Liabilities outside India - -
Total (B) 64,941.24 64,933.29

Note 22 : Other Financial Liabilities (` in Lakhs)

Particulars As at 31.03.2024 As at 31.03.2023
(a) National Clean Energy Fund (NCEF) 40,194.25 36,754.88
(b) Interest & Other Charges Accrued but not due on Borrowings 62,142.20 44,831.04
(c) Other Payables :
MNRE Programme Funds 944.85 944.85
MNRE / UNDP -IREDA Scheme Funds (Refer Note 38(41)) 23,691.63 38,585.53
GEF -MNRE -United Nations Industrial Development Organisation (UNIDO) Project 273.36 256.94
(Refer Note 38(41b))
Unclaimed Bond Principal * 19.60 19.60
Unclaimed Bond Interest * 136.82 103.56
Payable to NCEF 16.95 22.36
Lease Liability 403.38 433.40
Others 6,206.90 11,591.21
Total 1,34,029.94 1,33,543.36
*Out of the same, no amount is eligible to be transferred to Investor Education and Protection Fund .

Note 23 : Provisions (` in Lakhs)

Particulars As at 31.03.2024 As at 31.03.2023
Provision for Employee Benefits (Refer Note No. 38(6))
-Provision for Leave Encashment 903.42 697.11
-Provision for Post Retirement Medical Benefit (PRMB) 1,687.60 1,384.34
-Provision for Sick Leave 567.55 414.57
-Provision for Baggage Allowance 24.04 21.60
-Provision for Farewell Gift 19.52 10.99
Others
-Provision for Indirect Tax (Including on Guarantee Commission) & Others 10,326.86 8,311.71
-Contingent provision on financial instruments (Loans)* 85,582.03 1,00,975.48
Total 99,111.02 1,11,815.80
*Including provision for Non Fund Exposure and excluding provision for Stage III loans.

223
Notes to Financial Statements
For the Year ended March 31,2024
Note 24 : Other Non-Financial Liabilities
(` in Lakhs)
Particulars As at 31.03.2024 As at 31.03.2023
Revenue received in advance
Front end fee received in advance 4,317.06 2,838.21
Other Advances
Others 94.83 60.78
Others
Provident Fund payable 4.06 58.43
Statutory Dues 1,190.66 1,288.66
MNRE GOI Fully Serviced Bonds (including interest accrued) (Refer Note 38(42)) 1,65,227.76 1,65,160.42
Sundry Liabilities -Interest Capitalisation (Funded Interest Term Loan) 8,785.12 2,942.77
Capital Grant from World Bank (Refer Note 38(7a)) 152.05 425.40
Default Risk Reduction Fund for Access to Energy Projects (KfW VI)# 968.66 924.17
Total 1,80,740.20 1,73,698.86
#Provided by KfW to cover up to 70% default risks of the overall access to energy portfolio of the Comapny under KfW VI line of credit by establishment of a portfolio risk
reserve account (PRRA). The said amount shall be utilised to recover up to 70% of outstanding debt service obligation of the borrower, after exhausting DSRA, upon being
declared NPA .

Note 25 : Equity Share Capital

(` in Lakhs)
Particulars As at 31.03.2024 As at 31.03.2023
(A) Authorised Share Capital
6,00,00,00,000 (Previous period 6,00,00,00,000) Equity Shares of `10 each 6,00,000.00 6,00,000.00
6,00,000.00 6,00,000.00
(B) Issued, subscribed and fully paid up
2,68,77,64,706 Equity Shares of `10 each fully paid up (Previous Year : 2,28,46,00,000
Equity Shares of `10 each). 2,68,776.47 2,28,460.00
Fully Paid Up
Total 2,68,776.47 2,28,460.00

Reconciliation of the number of shares outstanding:-

Particulars As at 31.03.2024 As at 31.03.2023

No. of shares Amount No. of shares Amount

(` in Lakhs (` in Lakhs)
Equity Shares at the beginning of the period 2,28,46,00,000 2,28,460.00 2,28,46,00,000 2,28,460.00
(of `10 each)
Add:- Shares issued & allotted during the period 40,31,64,706 40,316.47 - -
Brought back during the period - - - -
Equity Shares at the end of the period 2,68,77,64,706 2,68,776.47 2,28,46,00,000 2,28,460.00
(of `10 each)

Details of the shares held by each shareholder holding more than 5% shares:-

Particulars As at 31.03.2024 As at 31.03.2023

No. of shares % held No. of shares % held

Government of India 2,01,58,23,529 75 2,28,46,00,000 100

224
Notes to Financial Statements
For the Year ended March 31,2024

Details of Shares held by promoters at the end of the period:-

(` in Lakhs)
Particulars As at 31.03.2024 As at 31.03.2023
No. of shares % of total % Change No. of shares % of total % Change
shares during shares during
the period the period
Government of India 2,01,58,23,529 75 25 2,28,46,00,000 100 -

1 The Company has issued only one class of equity shares having face value of ` 10 per share.
2 Equity shareholders are entitled to receive dividends which is subject to approval in the ensuing Annual General Meeting, except in
case of interim dividend.
3 The holders of the equity shares are entitled to voting rights proportionate to their shareholding at the meeting of the
shareholders.
4 The company has not, for a year of 5 years immediately preceding the balance sheet date :
a) issued equity share without payment being received in cash.
b) issued equity share by way of bonus share.
c) bought back any of its share.
5 The company has no equity share reserved for issue under options/contracts /commitment for the sale of shares or disinvestment
.(Refer Note 38(25))
6 Calls unpaid (showing aggregate value of calls unpaid by directors and officers): Nil
7 Forfeited shares (amount originally paid up): Nil
8 For Capital Management: Refer Note 38(24).

Note 26 : Other Equity *

(` in Lakhs)
Particulars As at 31.03.2024 As at 31.03.2023
(a) Reserves and Surplus
(i) Special Reserve 1,58,110.27 1,31,710.27
(ii) Debenture Redemption Reserve 39,774.60 39,797.48
(iii) General Reserve 2,61,048.33 1,91,048.33
(iv) Foreign Currency Monetary Item Translation Reserve (FCMITR) (31,836.88) (58,039.59)
(v) NBFC Reserve 71,282.69 46,182.69
(vi) Securities Premium 86,363.27 -

(b) Retained Earnings 3,825.67 250.54

(c) Effective portion of Cash Flow Hedges

(i) Cash Flow Hedge Reserve (1,401.89) 14,107.22
Total Other Equity (a+b+c) 5,87,166.07 3,65,056.95
*For changes during the period refer to Statement of Changes in Equity.

225
Notes to Financial Statements
For the Year ended March 31,2024

Details of other equity is shown as below:

(` in Lakhs)
Particulars As at 31.03.2024 As at 31.03.2023
Special Reserves
Under Section 36(1)(viii) of the Income Tax Act 1961
Balance at the beginning of the year 1,31,710.27 1,16,155.27
Add : Additions / Transfers during the year 26,400.00 15,555.00
Less : Written back during the year - -
Balance at the end of the year 1,58,110.27 1,31,710.27

Debenture Redemption Reserve

Balance at the beginning of the year 39,797.48 35,168.37
Add : Additions / Transfers during the year 4,503.38 4,629.11
Less : Written back during the year 4,526.26 -
Balance at the end of the year 39,774.60 39,797.48

General Reserve
Balance at the beginning of the year 1,91,048.33 1,42,298.33
Add : Additions / Transfers during the year 70,000.00 48,750.00
Less : Written back during the year - -
Balance at the end of the year 2,61,048.33 1,91,048.33

Foreign Currency Monetary Item Translation Reserve (FCMITR)

Balance at the beginning of the year (58,039.59) (42,156.14)
Add : Additions / Transfers during the year 26,861.85 (17,889.10)
Less: Amortisation during the year 659.14 (2,005.65)
Balance at the end of the year (31,836.88) (58,039.59)

NBFC Reserve (Section 45-IC of RBI Act 1934) ( Refer note (26.3))
Balance at the beginning of the year 46,182.69 28,882.69
Add : Additions / Transfers during the year 25,100.00 17,300.00
Less: Amortisation during the year - -
Balance at the end of the year 71,282.69 46,182.69

Securities Premium
Balance at the beginning of the year - -
Add : Premium on shares issued during the year 88,696.24 -
Less: Utilized during the year for the share issue expenses (Net of Tax Benefit) 2,332.96 -
Balance at the end of the year 86,363.27 -

Retained Earnings
Retained earning at the beginning of the year 250.54 138.14
Add : Profit for the year 1,25,222.90 86,462.83
Add: Other Comprehensive Income (170.65) (116.32)
Less: Transfer to Special Reserve 26,400.00 15,555.00
Add/(Less) : Net Transfer to / (from) Debenture Redemption Reserve (22.88) 4,629.11
Less: Transfer to General Reserve 70,000.00 48,750.00
Less: Transfer to NBFC Reserve 25,100.00 17,300.00
Balance at the end of the year 3,825.67 250.54

Effective portion of Cash Flow Hedges

Cash flow hedge reserve
Balance at the beginning of the year 14,107.22 17,864.65
Add: Recognition through Other Comprehensive Income/(Expense) (net of taxes) (15,509.11) (3,757.42)
Balance at the end of the year (Net of Taxes) (1,401.89) 14,107.22

Total 5,87,166.07 3,65,056.95

226
Notes to Financial Statements
For the Year ended March 31,2024
1 Nature and purpose of Reserves

1.1 Special Reserve:

Special reserve has been created to avail income tax deduction under section 36(1)(viii) of Income-Tax Act,1961 @ 20% of the profit before tax
arrived from the business of providing long term finance. Accordingly, a sum of ` 26,400.00 Lakhs has been provided for the year ended 31.03.2024
(previous year: `15,555.00 Lakhs).

1.2 Debenture Redemption Reserve:

In terms of Rule 18 (7)(b)(ii) of the Companies Act 2013, the Company is required to create a Debenture Redemption Reserve (DRR) upto 25% of the
bonds issued through public issue. The Company has made a provision for DRR, so as to achieve the required amount over the respective tenure of
the Tax-Free Bonds. Accordingly, a sum of `4,503.38 Lakhs has been provided for the year ended 31.03.2024 (previous year : `4,629.11 Lakhs).

Additionally, Tax Free Bonds Series XIII Tranche 1A and 1B aggregating to `7,575.90 Lakhs and `10,529.14 Lakhs respectively were redeemed during
the year ended 31.03.2024. Inline DRR amounting to 25% of the redeemed amount i.e. `4,526.26 Lakhs (previous year: `NIL) was rolled back from
DRR.

1.3 General Reserve:

General Reserve is used from time to time to transfer profits from retained earnings for appropriation purposes, as the same is created by transfer
from one component of equity to another.

For the year ended 31.03.2024, an amount of `70,000.00 Lakhs has been appropriated (previous year: ` 48,750.00 Lakhs) towards General reserve.

1.4 Foreign Currency Monetary Item Translation Reserve:

Foreign Currency Monetary Item Translation Difference Account represents unamortized foreign exchange gain/loss on Long-term Foreign
Currency Borrowings that are amortized over the tenure of the respective borrowings. The company has adopted exemption of para D13AA of Ind
AS 101, according to which a first-time adopter may continue the policy adopted for accounting for exchange differences arising from translation
of long-term foreign currency monetary items recognized in the financial statements for the year ending immediately before the beginning of the
first Ind AS financial year as per the previous GAAP. Accordingly, all transactions in foreign currency are recorded at the exchange rate prevailing at
the date of the transaction. The exchange differences arising on reporting of long-term foreign currency monetary items outstanding as on March
31,2018, at rate prevailing at the end of each year, different from those at which they were initially recorded during the year, or reported in previous
financial statements, are accumulated in a “Foreign Currency Monetary Item Translation Reserve Account” and amortized over the balance year of
such long term monetary item, by recognition as income or expense in each of such years. Long-term foreign currency monetary items are those
which have a term of twelve months or more at the date of origination. Movement of FCMITR has been shown in the table above.

1.5 NBFC Reserve:

In terms of RBI circular no. DNBR (PD)CC.No.092/03.10.001/2017-18 dated May 31, 2018, the Company is required to create NBFC reserve under
Section 45-IC of RBI Act, 1934 @ 20% of post-tax profit. Accordingly, for the year ended 31.03.2024, an amount of `25,100.00 Lakhs has been
appropriated (previous year: `17,300.00 Lakhs) towards NBFC reserve.

1.6 Securities Premium:

Securities premium is used to record the premium on issue of shares. The reserve can be utilized only for limited purposes in accordance with the
provisions of the Companies Act, 2013. Expenditure on issue of shares is charged to the securities premium account.

During the year ended 31.03.2024, an amount of `88,696.24 Lakhs has been received (previous year: Nil Lakhs) towards securities premium. Refer
Note 38(25) for details on Initial Public Offer.

1.7 Retained Earnings:

Retained earnings represent profits and items of other comprehensive income recognized directly in retained earnings earned by the Company
less dividend distributions and transfer to and from other reserves.

1.8 Cash Flow Hedge Reserve:

The Company uses derivative instruments in pursuance of managing its foreign currency risk and interest rate risk associated on borrowings. For
hedging foreign currency and interest rate risk, the Company uses foreign currency forward contracts, cross currency swaps and interest rate
swaps. To the extent the derivative contracts designated under the hedge accounting are effective hedges, the change in fair value of the hedging
instrument is recognized in ‘Effective Portion of Cash Flow Hedges’. Amounts recognized in such reserve are reclassified to the Statement of Profit
or Loss when the hedged item affects profit or loss.Movement of Cash Flow Hedge Reserve has been shown in the table above.

227
Notes to Financial Statements
For the Year ended March 31,2024

Note 27 : Interest Income

(` in Lakhs)
Particulars For the year For the year
Ended 31.03.2024 Ended 31.03.2023
(i) Interest on Loans 4,78,167.97 3,29,758.55
Less : Rebate 3,280.18 1,895.46
Interest on Loans (Net) 4,74,887.79 3,27,863.08
(ii) Interest income on Investments
-Interest on GOI Securities 670.65 670.42
(iii) Interest on deposits with Banks
-Short Term Deposit-INR 2,867.11 7,778.91
-Short Term Deposit-Foreign Currency 462.46 -
(iv) Other interest Income
-Interest on SB a/c 8.47 19.10
(v) Differential Interest 3,343.98 1,051.15
Total 4,82,240.46 3,37,382.67
Interest on Financial Assets measured at Amortised Cost

Note 28 : Fees and Commission income

(` in Lakhs)

Particulars For the year For the year

Ended 31.03.2024 Ended 31.03.2023
Business Service Fees
(i) Fee Based Income 1,720.66 2,189.59
(ii) Consultancy Fee 15.56 23.74
(iii) Gurantee Commission 3,153.80 807.38
Total business service fees (a) 4,890.01 3,020.72

Service Charge
(i) Government Scheme Implementation 1,110.91 712.57
Total Service Charges - Government Scheme implementation (b) 1,110.91 712.57
Total (a+b) 6,000.92 3,733.28

Note 29 : Net gain/(loss) on fair value changes*

(` in Lakhs)
Particulars For the year For the year
Ended 31.03.2024 Ended 31.03.2023
Net gain/(loss) on financial instruments at fair value through statement of profit and
loss other than trading portfolio
(i) Derivatives
- Fair value changes on derivative cover taken for foreign currency loans (1,125.53) 1,242.79
Fair Value changes:
- Realised - -
- Unrealised (1,125.53) 1,242.79
Total Net gain/(loss) on fair value changes (1,125.53) 1,242.79
*Fair Value changes in this schedule are other than those arising on account of accrued interest income/expenses.

228
Notes to Financial Statements
For the Year ended March 31,2024

Note 30 : Other Operating Income

(` in Lakhs)

Particulars For the year For the year

Ended 31.03.2024 Ended 31.03.2023
i) Revenue from Solar Power Plant*
Sale of Power (a) 2,980.31 2,745.33
Less : Rebate to Customer (b) 59.61 54.91
Revenue from Solar Power Plant (Net) (c=a-b) 2,920.70 2,690.42

ii) Profit from Sale of Investments - -

Iii) Bad debts recovered 6,357.02 3,148.32
Total (i+ii+iii) 9,277.73 5,838.75
*(Refer Note No. 38(29) and 38(30))
Note 31 :Other Income
(` in Lakhs)

Particulars For the year For the year

Ended 31.03.2024 Ended 31.03.2023
Excess Provision Written off 0.97 -
Interest on staff loan 129.21 94.86
Rental Income (Refer Note No. 38(19)) 1.80 -
Others 3.55 12.07
Total 135.53 106.93

Note 32 :Finance Cost*

(` in Lakhs)

Particulars For the year For the year

Ended 31.03.2024 Ended 31.03.2023
Interest on Borrowings 2,02,798.50 1,18,880.41
Interest on Debt Securities 96,230.70 74,669.99
Interest on Subordinated Liabilities 5,258.96 5,254.50
Other Borrowing Costs 12,046.04 9,824.44
Transaction cost on Borrowings 39.79 176.24
Interest on lease liability 36.17 38.24
Total 3,16,410.15 2,08,843.82
*Finance Cost on Financial liabilities are measured at fair value through Amortised Cost

Note 33 : Net translation/ transaction exchange loss

(` in Lakhs)

Particulars For the year For the year

Ended 31.03.2024 Ended 31.03.2023
Net translation/ transaction exchange loss (993.72) 396.92
Amortisation of FCMITR (659.14) 2,005.65
Total (1,652.85) 2,402.56

Note 34 :Impairment on Financial Instruments

(` in Lakhs)

Particulars For the year For the year

Ended 31.03.2024 Ended 31.03.2023
Loans (6,721.67) 6,657.91
Total (6,721.67) 6,657.91
Impairment on Financial instruments measured at Amortised Cost
For more details Refer Note No. 38(20)

229
Notes to Financial Statements
For the Year ended March 31,2024

Note 35 : Employee Benefits Expense

(` in Lakhs)

Particulars For the year For the year

Ended 31.03.2024 Ended 31.03.2023
Salaries and wages 5,798.20 5,177.13
Contribution to provident and other funds 489.76 492.48
Staff welfare expenses 829.36 573.54
Human Resource Development expenses 14.60 66.13
Total 7,131.92 6,309.29

Note 36 : Depreciation And Amortization Expense

(` in Lakhs)

Particulars For the year For the year

Ended 31.03.2024 Ended 31.03.2023
Depreciation on Property Plant and Equipment (PPE) (Refer Note No 5) 2,421.69 2,166.13
Amortisation of Intangible assets (Refer Note No 18) 62.70 3.64
Depreciation on Investment property (Refer Note No 19) 0.49 0.59
Amortisation of Right to use asset (Refer Note No 31) 549.87 179.48
Total 3,034.75 2,349.84

Note 37 : Other expenses

(` in Lakhs)

Particulars For the year For the year

Ended 31.03.2024 Ended 31.03.2023
Rent, taxes and power 1,604.72 1,585.20
Repairs and maintenance 726.24 592.91
Communication Costs 113.50 146.24
Printing and stationery 49.37 54.02
Advertisement and publicity 1,057.24 1,870.93
Director's fees, allowances and expenses 178.43 91.71
Auditor's fees and expenses (Refer Note No 38(38)) 54.67 49.61
Legal and Professional charges 2,406.00 1,146.24
Travelling and conveyance 674.11 422.50
Insurance 13.92 24.21
Bad Debts - 800.46
Credit rating expenses 130.05 169.63
Loss on sale of PPE 64.29 13.01
Other expenditure 579.68 151.97
Total 7,652.22 7,118.64

230
 NOTE - 38 – NOTES TO FINANCIAL STATEMENT

1. Company Overview

The Company is a Government Company registered with the Reserve Bank of India (RBI) as a Non-Banking Financial Company
(NBFC). The registered office of the Company is at 1st Floor, India Habitat Centre, East Court, Core- 4A, Lodhi Road, New Delhi -
110003. The Company has also been accorded Schedule “A” status vide DPE letter dated September 27, 2023.

Any direction issued by RBI or other regulator are implemented as and when they become applicable. In terms of Master Direction
– Reserve Bank of India (Non-Banking Financial Company – Scale Based Regulation) Directions, 2023 dated October 19, 2023 (as
amended) herewith referred as Master Direction 2023 the Company falls under NBFC-Middle Layer (ML). The Company has been
granted the status of Infrastructure Finance Company (IFC) by RBI vide letter dated March 13, 2023 is classified as “NBFC-IFC” as
per Master Direction 2023.

Equity Shares and Non-Convertible Debt Securities of the Company are listed on National Stock Exchange of India Limited (NSE)
and/or BSE Limited.

The Balance Sheet, the statement of profit and loss and the statement of change in equity (SOCIE) are presented in the format
prescribed under Division III of Schedule III of the Companies Act , 2013 for NBFCs that are required to comply with Ind AS. The
statement of cash flow has been presented as per the requirement of Ind AS 7 – Statement of Cash Flows.

2. Disclosure in respect of Indian Accounting Standard (Ind AS)-10 “Events after the reporting period”

Approval of financial statements

The financial statements for the year ended on March 31, 2024, were approved by the Board of Directors of the Company and
authorized for issue on April 19, 2024.

3. Disclosure in respect of Indian Accounting Standard (Ind AS)-12 “Income taxes”

A. Tax recognized in Statement of Profit and Loss

(` in Lakhs)
Particulars Year ended Year ended
31.03.2024 31.03.2023
Current tax expense relating to:
Current year 39,811.56 24,163.72
Earlier years* 1,491.57 1,153.55
Sub Total (A) 41,303.13 25,317.27
Deferred tax expense
Origination and reversal of temporary differences 1,997.90 2,144.82
Sub Total (B) 1,997.90 2,144.82
Total (C=A+B) 43,301.03 27,462.09
Tax Expenses/(saving) recognized on Remeasurements of the defined benefit plans (5,273.52) (1,302.84)
and Effective portion of gain/(loss) on hedging instrument in cash flow hedge
reserve (D)
Total Tax recognized in Statement of Profit and Loss (C+D) 38,027.51 26,159.25
*Determined in current year

231
Notes to Financial Statements
For the Year ended March 31,2024

B. Tax recognized in Other Comprehensive Income (` in Lakhs)

Particulars Year ended Year ended
31.03.2024 31.03.2023
Income tax on re measurement of the defined benefit plans (57.39) (39.12)

Income Tax on Effective portion on hedging instrument in cash flow hedge reserve (5,216.13) (1,263.72)

Total Tax recognized in Other Comprehensive Income (5,273.52) (1,302.84)

C. Tax recognized in Other Equity (` in Lakhs)

Particulars Year ended Year ended
31.03.2024 31.03.2023
Tax benefit on Share Issue Expenses 784.64 -

Total Tax recognized in Other Equity 784.64 -

D. Reconciliation of Tax Expense and Accounting Profit (` in Lakhs)

Particulars Year ended Year ended
31.03.2024 31.03.2023
Profit before Tax & OCI 1,47,570.65 1,08,748.34

Applicable income tax rate (%) 25.17% 25.17%

Expected Income tax 37,140.58 27,369.78

Tax effect of income tax adjustments

Depreciation , amortization Loss on sale of Property, Plant and Equipment (PPE) (59.19) 6.47

Deferred Items OCI adjustment 59.57 42.93

Amortization of FCMITR 5,216.13 1,263.72

Impairment on Financial Instruments 1,787.71 1,201.38

Disallowance u/s 43B of Income Tax Act , 1961 275.50 (11.86)

Deduction u/s 36(1) of Income Tax Act, 1961 (8,454.34) (5,116.20)

CSR expenses Others 553.50 175.53

Other deductible tax expenses (0.14) -

Excess Tax Provided 16.61 73.95

Tax expense relating to earlier years 1,491.57 1,153.54

Total tax expenses in the Statement of Profit and Loss 38,027.50 26,159.26

Actual effective income tax rate on Book Income (%) 25.77% 24.05%

232
Notes to Financial Statements
For the Year ended March 31,2024
E. Movement of Deferred Tax
For the Year ended 31.03.2024 (` in Lakhs)
Particulars Net balance as at Recognized in Recognized in Recognised in Net balance as at
01.04.2023 profit and loss OCI Other Equity 31.03.2024
Deferred Tax Assets
Provision for Indirect Tax Other 2,091.89 224.96 - - 2,316.85
on Guarantee Commission
Provision for Service Tax and Other 295.67 18.52 - - 314.19
Provision for Leave Encashment 175.45 51.92 - - 227.37
Provision for Gratuity - - 11.02 - 11.02
Provision for Post-Retirement 348.41 (392.12) 43.70 - 0.00
Medical Benefit
Provision for Sick Leave 104.34 38.50 - - 142.84
Provision for Baggage Allowance 5.44 0.80 (0.18) - 6.05
Provision for Farewell Gift 2.77 (0.70) 2.85 - 4.91
Provision for Performance Incentive 305.39 (305.39) - - 0.00
Provision for Impairment on 39,363.02 (3,479.42) - - 35,883.59
financial instruments
Front End Fee - Deferred in Books 4,894.63 567.42 - - 5,462.05
Share Issue Expenses - (156.93) - 784.64 627.71
Total Deferred Tax Assets 47,587.00 (3,432.43) 57.39 784.64 44,996.60
Deferred Tax Liabilities
Depreciation amortization 4,574.95 (188.72) - - 4,386.23
Foreign Currency Monetary Item 12,850.32 (1,378.57) - - 11,471.75
Translation Reserve (FCMITR)
Transaction cost on Bonds 61.37 132.95 - - 194.31
Transaction cost on Loans 0.18 (0.18) - - -
Total Deferred Tax Liabilities 17,486.82 (1,434.53) - - 16,052.29
Net deferred tax asset/(liability) 30,100.18 (1,997.90) 57.39 784.64 28,944.31

For the Year ended 31.03.2023

(` in Lakhs)
Particulars Net balance as at Recognized in Recognized in Recognised in Net balance as at
01.04.2022 profit and loss OCI Other Equity 31.03.2023
Deferred Tax Assets
Provision for Indirect Tax & Other 1,865.24 226.65 - - 2,091.89
on Guarantee Commission
Provision for Service Tax and Other 277.20 18.47 - - 295.67
Provision for Leave Encashment 167.26 8.18 - - 175.45
Provision for Gratuity - 6.89 (6.89) - -
Provision for Post-Retirement 290.31 56.36 1.74 - 348.41
Medical Benefit
Provision for Sick Leave 109.63 (5.30) - - 104.34
Provision for Baggage Allowance 5.29 0.70 (0.56) - 5.44
Provision for Farewell Gift 2.71 (0.02) 0.07 - 2.77
Provision for Performance Incentive 202.02 103.37 - - 305.39
Provision for Impairment on 38,888.74 474.28 - - 39,363.02
financial instruments
Front End Fee - Deferred in Books 2,953.90 1,940.73 - - 4,894.63
Share Issue Expenses - - - - -
Total Deferred Tax Assets 44,762.30 2,830.32 (5.63) - 47,587.00
Deferred Tax Liabilities
Depreciation & amortization 4,907.50 (332.55) - - 4,574.95
Foreign Currency Monetary Item 7,589.05 5,261.27 - - 12,850.32
Translation Reserve (FCMITR)
Transaction cost on Bonds 59.87 1.50 - - 61.37
Transaction cost on Loans - 0.18 - - 0.18
Total Deferred Tax Liabilities 12,556.42 4,930.40 - - 17,486.82
Net deferred tax asset/(liability) 32,205.88 (2,100.08) (5.63) - 30,100.18

233
Notes to Financial Statements
For the Year ended March 31,2024

F. Deductible temporary differences / unused tax losses / unused tax credits carried forward (` in Lakhs)
Particulars As at 31.03.2024 Expiry date As at 31.03.2023 Expiry date
Deductible temporary differences /unused tax losses/ - NA - NA
unused tax credits for which no deferred tax asset has
been recognized

G. Aggregate current tax and deferred tax that are recognized directly to Other Equity/OCI (` in Lakhs)
Particulars Year ended Year ended
31.03.2024 31.03.2023
Tax on re measurements of Defined benefit Plans 57.39 39.12
Tax on Effective portion of gain/(loss) on hedging instrument in cash flow hedge 5,216.13 1,263.72
reserve
Tax on Share Issue Expenses 784.64 -
Total 6,058.16 1,302.84

4. Undisclosed income

There were no transactions not recorded in the books of accounts that has been surrendered or disclosed as income during the
current and previous year in the tax assessments under the Income Tax Act, 1961. Thus, no further accounting in the books of
accounts is required.

5. Disclosure in respect of Indian Accounting Standard (Ind AS)-16 “Property Plant and Equipment”

Decommissioning liabilities included in the cost of property, plant and equipment

As per Ind AS 16 Property, Plant and Equipment, Appendix A “Changes in Existing Decommissioning, Restoration and Similar
Liabilities”, specified changes in decommissioning, restoration or similar liability needs to be added to or deducted from the cost
of the asset to which it relates; the adjusted depreciable amount of the asset is then depreciated prospectively over its remaining
useful life.

As per para 55 of Ind AS 16, the depreciable amount of an asset is determined after deducting its residual value. The amount of
decommissioning liability and residual value related to solar plant is not reliably ascertainable. Hence, decommissioning liability
related to the solar plant and the residual value have not been considered. Further , the management is of the opinion that the
decommissioning cost (net of residual value of the solar plant), shall not be material.

6. Disclosure in respect of Indian Accounting Standard (Ind AS)-19 "Employee Benefits"

General description of various defined employee's benefits schemes is as under:-

• Provident Fund: During the year ended 31.03.2024 , the Company has recognized an expense of ` 287.27 Lakhs (previous
year : ` 251.41 Lakhs) in respect of contribution to Provident Fund at predetermined fixed percentage of eligible employees'
salary and charged to statement of profit and loss which includes contribution of ` Nil Lakhs (previous year : ` Nil Lakhs ) as
per sub- clause no. 28 of clause number 27AA i.e. terms and conditions of exemption of The Employees' Provident Funds
Scheme, 1952 towards loss to the trust due to diminution in the value of the investment . Any amount (if recovered) by the
Company's PF Trust shall be refunded to the Company.

• National Pension Scheme / Superannuation Benefit Fund (Defined Contribution Fund): During the year ended 31.03.2024,
the Company has recognized an expense of ` 216.55 Lakhs in respect of contribution to National Pension Scheme (NPS)
(previous year: ` 185.57 Lakhs at predetermined fixed percentage of eligible employees' salary and charged to statement of
profit and loss.

234
Notes to Financial Statements
For the Year ended March 31,2024

Other Benefits:

• Earned Leave benefit (EL): Accrual 30 days per year. Encashment 2 times in a calendar year while in service. Encashment on
retirement or superannuation maximum 300 days inclusive of HPL.

For year ended 31.03.2024 the Company has recognized `304.76 Lakhs (previous year: `72.75 Lakhs) towards earned leave
as per actuarial valuation.

• Half Pay Leave benefit (HPL): Accrual 10 full days per year. No encashment while in service. Encashment on retirement or
superannuation maximum 300 days inclusive of EL.

For year ended 31.03.2024 the Company has recognized `151.41 Lakhs (previous year: ` 37.93 Lakhs) towards Half pay leave
as per actuarial valuation.

• Gratuity: Accrual of 15 days salary for every completed year of service. Vesting period is 05 years, and the payment is limited
to 20 Lakhs subsequent to the pay revision applicable from 01.01.2017.

As per actuarial valuation for the year ended 31.03.2024, Net Asset recognized in Balance Sheet towards gratuity is
` 21.07 Lakhs (previous year: `Nil Lakhs) for on roll employee, whereas the assets held of `1,239.57 Lakhs against the liability
of `1,218.50 Lakhs (previous year: `1,188.83 Lakhs against the liability of `1,114.80 Lakhs).

• Post-Retirement Medical Benefit (PRMB): The Company contributes to the defined benefit plans for Post-Retirement
Medical Scheme using projected unit credit method of actuarial valuation. Under the scheme eligible ex-employees and
eligible dependent family members are provided medical facilities.

As per actuarial valuation for year ended 31.03.2024 towards the PRMB, the Company has provided `172.58 Lakhs (previous
year: `136.22 Lakhs).

• Baggage Allowance: At the time of superannuation, employees are entitled to settle at a place of their choice, and they are
eligible for Baggage Allowance.

As per actuarial valuation for the year ended 31.03.2024, towards Baggage Allowance the Company has provided `3.17
Lakhs (previous year: `2.82 Lakhs).

• Farewell Gift: At the time of superannuation of employees, company provides farewell gift to employee as per policy
framed for this purpose. Value of gift is determined on the basis on designation of the superannuating employee.

During the year ended 31.03.2024, the Company has provided / (recognized) towards the Farewell Gift `2.21 Lakhs
(previous year: `1.32 Lakhs).

The summarized position of various defined benefits recognized in the Statement of Profit & Loss, Other Comprehensive
Income (OCI) and Balance Sheet & other disclosures are as under:-

235
Notes to Financial Statements
For the Year ended March 31,2024

v Change in the Present value of the obligation.

(` in Lakhs)

Particulars Year Gratuity Sick Leave Earned Leave Baggage PRMB Farewell Gift
ended (Funded) (Unfunded)
Present Value of Obligation as 31.03.2024 1,191.31 482.79 762.13 21.60 1,384.34 10.99
at the beginning 31.03.2023 1,157.04 435.61 703.71 21.04 1,153.49 10.77
Interest Cost 31.03.2024 82.27 30.59 51.45 1.59 102.16 0.81
31.03.2023 80.56 31.45 47.98 1.52 83.28 0.78
Current service cost 31.03.2024 66.13 108.31 164.82 1.58 70.41 1.40
31.03.2023 58.32 30.42 73.46 1.30 52.95 0.55
Past Service cost 31.03.2024 - - - - - -
31.03.2023 - - - - - -
Benefits Paid 31.03.2024 (162.64) (66.66) (163.46) - (42.98) (5.00)
31.03.2023 (127.13) (58.97) (79.37) (0.84) (57.19) (1.40)
Actuarial Loss/(gain) on 31.03.2024 41.43 12.50 88.49 (0.73) 173.65 11.32
obligations 31.03.2023 (53.99) (23.94) (48.68) (2.26) 151.81 (0.29)
Present Value of obligation at 31.03.2024 1,218.50 567.55 903.42 24.04 1,687.60 19.52
the end 31.03.2023 1,114.80 414.57 697.11 21.60 1,384.34 10.99

v Change in Fair Value of Planned assets. (` in Lakhs)

Particulars Year Gratuity Sick Leave Earned Leave Baggage PRMB Farewell Gift
ended (Funded) (Unfunded)
Fair value of plan assets as at 31.03.2024 1,188.84 - - - - -
the beginning 31.03.2023 1,167.44 - - - - -
Difference in opening fund 31.03.2024 - - - - - -
31.03.2023 - - - - - -
Actual Return on plan assets 31.03.2024 86.56 - - - - -
31.03.2023 84.29 - - - - -
Mortality charges 31.03.2024 (1.19) - - - - -
31.03.2023 (4.84) - - - - -
Employer contributions 31.03.2024 51.04 - - - - -
31.03.2023 69.07 - - - - -
Fund received from other 31.03.2024 76.51 - - - - -
organization 31.03.2023 - - - - - -
Benefits paid 31.03.2024 (162.18) - - - - -
31.03.2023 (127.13) - - - - -
Fair value of plan assets at 31.03.2024 1,239.57 - - - - -
the end 31.03.2023 1,188.83 - - - - -

v Amount Recognized in Balance Sheet. (` in Lakhs)

Particulars Year Gratuity Sick Leave Earned Leave Baggage PRMB Farewell Gift
ended (Funded) (Unfunded)
Estimated present value of 31.03.2024 1,218.50 567.55 903.42 24.04 1,687.60 19.52
obligations at the end 31.03.2023 1,114.80 414.56 697.10 20.76 1,384.34 10.99
Fair value of plan assets at 31.03.2024 1,239.57 - - - - -
the end 31.03.2023 1,188.84 - - - - -
Net (Liability) / Asset recognized 31.03.2024 21.07 (567.55) (903.42) (24.04) (1,687.60) (19.52)
in Balance Sheet 31.03.2023 - (414.56) (697.10) (21.60) (1,384.34) (10.99)

236
Notes to Financial Statements
For the Year ended March 31,2024

v Amount Recognized in Statement of Profit and Loss

(` in Lakhs)
Particulars Year Gratuity Sick Leave Earned Leave Baggage PRMB Farewell Gift
ended (Funded) (Unfunded)
Current service cost 31.03.2024 66.13 108.31 164.82 1.58 70.41 1.40
31.03.2023 58.32 30.42 73.46 1.30 52.95 0.55
Interest cost 31.03.2024 82.27 30.59 51.45 1.59 102.16 0.81
31.03.2023 80.56 31.45 47.98 1.52 83.28 0.78
Expected return on plan asset 31.03.2024 87.74 - - - - -
31.03.2023 84.29 - - - - -
Expense Recognised in Profit & 31.03.2024 (15.05) 151.41 304.76 3.17 172.58 2.21
Loss Statement 31.03.2023 54.59 37.93 72.76 2.82 136.23 1.33
Amount recognised in Other 31.03.2024 43.80 - - 0.73 (173.65) (11.32)
Comprehensive Income (OCI) 31.03.2023 5.59 - - 2.26 (151.81) (0.29)

v Actuarial Assumption.
(` in Lakhs)
Particulars Year Gratuity Sick Leave Earned Leave Baggage PRMB Farewell Gift
ended (Funded) (Unfunded)
Discount rate 31.03.2024 7.23% 7.23% 7.23% 7.23% 7.23% 7.23%
31.03.2023 7.38% 7.38% 7.38% 7.38% 7.38% 7.38%
Rate of salary increase 31.03.2024 6.50% 6.50% 6.50% 6.50% 6.50% -
31.03.2023 6.50% 6.50% 6.50% 6.50% 6.50% -
Method used 31.03.2024 PUC PUC PUC PUC PUC PUC
31.03.2023

v Sensitivity Analysis of the defined benefit obligation.

(` in Lakhs)

A) Impact of the change in discount rate Gratuity Sick Leave Earned Leave Baggage PRMB Farewell Gift
(Funded) (Unfunded)
Present value of obligation at the end 1,218.50 567.55 903.42 24.04 1,687.60 19.52
Impact due to increase of 0.50% (47.74) (19.13) (42.96) (0.96) (58.22) (0.64)
Impact due to Decrease of 0.50% 51.34 21.72 46.27 1.04 61.19 0.74
B) Impact of the change in Salary increase Gratuity Sick Leave Earned Leave Baggage PRMB Farewell Gift
Present value of obligation at the end 1,218.50 567.55 903.42 24.04 1,687.60 -
Impact due to increase of 0.50% 17.72 21.78 46.42 1.04 62.02 -
Impact due to Decrease of 0.50% (20.77) (19.26) (43.21) (0.97) (59.61) -
Sensitivities due to mortality withdrawals are not material hence impact of change due to these are not calculated. Sensitivities as rate of increase of pensions in
payment, rate of increase of pensions before retirement life expectancy are not applicable.

• Performance Related Pay

During the year ended 31.03.2024, the Company has made a provision (net of reversal) of `490.94 Lakhs (previous year: ` 935.54
Lakhs was created) towards the performance related pay. An amount of `884.38 Lakhs was paid during the year (previous year:
` 524.82 Lakhs) to the eligible employees as per the underlying scheme.

237
Notes to Financial Statements
For the Year ended March 31,2024
7. Disclosure in respect of Indian Accounting Standard (Ind AS) -20 “Accounting for Government Grant and Disclosure of
Government Assistance”

a) Grant for Capital Assets

World Bank Clean Technology Fund (CTF) Grant: -

World Bank CTF Grant received related to Intangible assets are treated as deferred income and are recognized in the
Statement of Profit and Loss on a systematic and rational basis over the useful life of the asset as a deduction to amortization
expense. Refer Note 38(18) to Financial Statements.
The Company has received total Grant of ` 550.00 Lakhs till 31.03.2024 (previous year: ` 425.40 Lakhs) including
reimbursements to the Company and direct disbursement to vendors . The Company has disclosed ` 152.05 Lakhs as
balance grant (previous year: ` 425.40 Lakhs) towards the procurement of intangible assets till 31.03.2024. The Company
has disclosed the said grant as “Capital Grant from World Bank -Clean Technology Fund (CTF)” under “Other non- financial
liabilities”(Refer Note 24) to Financial Statements. The movement of Grant for Capital Assets is as follows:
(` in Lakhs)

Particulars Year ended Year ended

31.03.2024 31.03.2023
Opening Balance 425.40 311.16
Grant received during the year 124.60 114.24
Grant recognized in Statement of P L 397.95 -
Closing Balance 152.05 425.40

b) Revenue Grant

The Company has received a revenue grant “Technical Assistance” (TA) from World Bank, amounting to `244.83 Lakhs for
the year ended 31.03.2024 (previous year: `49.96 Lakhs) for engaging external consultant to assess loan applications under
World bank line of credit. The Company is in compliance with Ind AS 20 “Government grant and assistance” and has adopted
to present its revenue grant as deduction to the related expenses.

The Company has received a revenue grant “Technical Assistance” (TA) from KfW, amounting to `Nil Lakhs for the year
ended 31.03.2024 (previous year: `164.44 Lakhs) for engaging consultants for the 'Solar PV Project Pipeline programme'
and 'Access to Clean Energy programme' under KfW IV and VI lines of credit respectively. The Company is in compliance
with Ind AS 20 “Government grant and assistance” and has adopted to present its revenue grant as deduction to the related
expenses.

Following table discloses the amount recognized in the statement of Profit

(` in Lakhs)
Year ended TA Component received Expenses incurred against the TA Net amount recognized in
Statement of Profit & Loss
31.03.2024 244.83 244.83 -
31.03.2023 214.40 214.40 -

8. Disclosure in respect of Indian Accounting Standard (Ind AS)-21 "The Effects of changes in Foreign Exchange Rates"
(` in Lakhs)
Particulars Year ended Year ended
31.03.2024 31.03.2023
Debit/(Credit) Debit/(Credit)
The amount of net exchange differences debited/(credited) to the Statement of (1,652.85) 2,402.56
Profit Loss
The amount of net exchange differences debited/(credited) to the Other 4,184.84 22,058.82
Comprehensive Income

238
Notes to Financial Statements
For the Year ended March 31,2024

9. Disclosure in respect of Indian Accounting Standard (Ind AS)-23 "Borrowing Costs"

` Nil (previous year: ` Nil)

10. Disclosure in respect of Indian Accounting Standard (Ind AS)-24 "Related Parties Disclosures"

A. Disclosures for Other than Govt. and Govt. Related Entities

List of Related Party

As at 31.03.2024

Key Management Personnel (KMP)

Name of Related Party Type of Relationship Period
Shri Pradip Kumar Das Chairman Managing Director 01.04.2023 to 31.03.2024
Addl. Charge of Director (Finance)¹ 01.04.2023 to 12.10.2023
Addl. Charge of Director (Technical)¹ 01.04.2023 to 04.03.2024
Dr. Bijay Kumar Mohanty Director- Finance² 12.10.2023 to 31.03.2024
Chief Financial Officer² 16.10.2023 to 31.03.2024
Addl. Charge of Director (Technical)² 05.03.2024 to 31.03.2024
Shri Padam Lal Negi Director - Government Nominee³ 01.04.2023 to 31.03.2024
Shri Ajay Yadav Director - Government Nominee³ 01.04.2023 to 31.03.2024
Shri Shabdsharan N. Brahmbhatt Director - Independent Director⁴ 01.04.2023 to 31.03.2024
Dr. Jagannath C. M. Jodidhar Director - Independent Director⁵ 01.04.2023 to 31.03.2024
Shri Ram Nihal Nishad Director -Independent Director⁶ 01.04.2023 to 31.03.2024
Smt. Rohini Rawat Director -Independent Director⁶ 01.04.2023 to 31.03.2024
Dr. R. C. Sharma GM (F A) Chief Financial Officer 01.04.2023 to 16.10.2023
Smt. Ekta Madan Company Secretary & Compliance Officer⁷ 01.04.2023 to 31.03.2024

As at 31.03.2023

Key Management Personnel (KMP)

Name of Related Party Type of Relationship Period
Shri Pradip Kumar Das Chairman Managing Director 01.04.2022 to 31.03.2023
Addl. Charge of Director (Finance) ¹ 01.04.2022 to 31.03.2023
Addl. Charge of Director (Technical) ¹ 05.03.2023 to 31.03.2023
Shri Chintan Navinbhai Shah Director- Technical⁸ 01.04.2022 to 04.03.2023
Shri Vimalendra Anand Patwardhan Director - Government Nominee⁹ 01.04.2022 to 25.10.2022
Shri Dinesh Dayanand Jagdale Director - Government Nominee⁹ 01.04.2022 to 07.02.2023
Shri Padam Lal Negi Director - Government Nominee³ 07.02.2023 to 31.03.2023
Shri Ajay Yadav Director - Government Nominee³ 14.02.2023 to 31.03.2023

239
Notes to Financial Statements
For the Year ended March 31,2024

Key Management Personnel (KMP)

Type of Relationship Period
Name of Related Party
Shri Shabdsharan Brahmbhatt Director - Independent Director⁴ 01.04.2022 to 31.03.2023
Dr. Jagannath C. M. Jodidhar Director - Independent Director⁵ 01.04.2022 to 31.03.2023
Shri Ram Nihal Nishad Director -Independent Director⁶ 09.03.2023 to 31.03.2023
Smt. Rohini Rawat Director -Independent Director⁶ 09.03.2023 to 31.03.2023
Dr. R. C. Sharma GM (F A) Chief Financial Officer 01.04.2022 to 31.03.2023
Shri Surender Suyal Company Secretary Chief Compliance Officer 01.04.2022 to 31.10.2022
Smt. Ekta Madan Company Secretary Compliance Officer 01.11.2022 to 31.03.2023
¹ Shri Pradip Kumar Das has been appointed as Chairman Managing Director (CMD), w.e.f. May 06, 2020. and was entrusted with additional charge of Director
(Finance) w.e.f. May 06, 2020. Subsequently, Ministry of New and Renewable Energy (MNRE) extended the additional charge of Director (Finance) to Shri Pradip
Kumar Das, CMD, from time to time and last extended w.e.f. November 06, 2022 for a period of 01 (One) year or till the assumption of charge of the post by regular
incumbent, or until further orders whichever is earliest.

MNRE vide its letter dated August 30, 2023 have accorded ex-post facto approval for the entrustment of the Additional Charge of the post of Director (Technical)
to Shri Pradip Kumar Das, Chairman and Managing Director, for a period of 01 (One) year w.e.f. March 5, 2023, or till the appointment of a regular incumbent to the
post or until further orders, whichever is the earliest. Accordingly, the said charge was valid till March 04, 2024.

² Dr. Bijay Kumar Mohanty has been appointed as Director (Finance) of the Company for a period of five years.w.e.f. October 12, 2023 (A/N) vide MNRE Order no.
1/22/2017-IREDA dated October 12, 2023. Further, Dr. Bijay Kumar Mohanty, Director (Finance) has been appointed as Chief Financial Officer (CFO) and Key
Managerial Personnel (KMP) of the Company in place of Dr. R.C. Sharma, GM (F
dated March 27, 2024 have entrusted the additional charge of the post of Director (Technical), to Shri Bijay Kumar Mohanty, Director (Finance), for a period of 6
(six) months w.e.f. March 05, 2024, or till the appointment of regular incumbent, or until further orders, whichever is the earliest.

³ MNRE vide its order no.340/85/2017-IREDA dated February 7, 2023, has appointed Shri Padam Lal Negi, JS FA, MNRE and Shri Ajay Yadav, JS, MNRE as Govt.
Nominee Directors on the Board of the Company. However, DIN of Shri Ajay Yadav was obtained from Registrar of Companies (ROC) on February 14, 2023.
Accordingly, Shri Ajay Yadav is deemed to be Director of the Company w.e.f. February 14, 2023.

⁴ MNRE vide its order no. 340-11/1/2018-IREDA dated January 21, 2022 appointed Shri Shabdsharan N. Brahmbhatt, as Part-Time Non-Official Director
(Independent Director) on the Board of the Company for a period of three years with immediate effect. However, as DIN was obtained from ROC on January 28,
2022. Accordingly, he is deemed to be Director of the Company w.e.f. January 28, 2022.

⁵ MNRE vide its order no. 340-11/1/2018-IREDA dated March 28, 2022 appointed Dr. Jagannath C. M. Jodidhar as Non-Official Director (Independent Director) on the
Board of the Company for a period of three years from the date of the order. However, as DIN was obtained from ROC on March 31, 2022. Accordingly, he is deemed to
be Director of the Company w.e.f. March 31, 2022.

⁶ MNRE vide its order no. 340-11/1/2018-IREDA dated March 06, 2023, has appointed Shri Ram Nihal Nishad Smt. Rohini Rawat, as Part-Time Non-Official Directors
(Independent Directors) on the Board of the Company for a period of three years w.e.f. the date of issue of the order or until further orders, whichever event occurs
earlier. However, DIN of both the Directors had been obtained from ROC on March 09, 2023. Accordingly, they are deemed to be Director of the Company w.e.f March
09, 2023.

⁷ Pursuant to retirement of Shri Surender Suyal (Company Secretary Chief Compliance Officer) on October 31, 2022, Smt. Ekta Madan, Sr. Manager (Corporate
Affairs) has been designated as Company Secretary Compliance Officer in compliance to the provisions of Section 203 of Companies Act, 2013. At present, Shri
Piyush Kumar, DGM (Law) has been appointed as Chief Compliance Officer of the Company w.e.f. February 16, 2024 in place of Smt. Punnu Grover, DGM (Finance

⁸ Shri Chintan N. Shah, Director (Technical) completed his tenure on March 4, 2023 (A/N). Accordingly, he ceased to be Director of the Company w.e.f March 4,
2023.

⁹ MNRE vide its letter dated October 31, 2022 has informed that Central Deputation tenure of Shri Vimalendra Anand Patwardhan, Former JS & FA, MNRE has been
completed on October 25, 2022. Accordingly, Shri Vimalendra Anand Patwardhan ceased to be Govt. Nominee Director of the Company w.e.f. October 26, 2022.
MNRE vide its order no.340/85/2017-IREDA dated February 7, 2023, has informed that Shri Dinesh Dayanand Jagdale, Director JS, MNRE ceased to be
Government Nominee Director of the Company w.e.f. February 7, 2023.

Funds under control of the Company

• IREDA Employees Contributory Provident Fund Trust

• IREDA Employees Gratuity Fund Trust

• IREDA Employee Benevolent Fund

• IREDA Exchange Risk Administration Fund (Non-Operational)

240
Notes to Financial Statements
For the Year ended March 31,2024

i. Compensation to KMPs (` in Lakhs)

Particulars Year ended Year ended

31.03.2024 31.03.2023
Short-term benefits
- Sitting Fee (to Independent Directors) 91.40 45.60
- Others (Salary) 180.70 226.54
Post-employment benefits 16.82 23.70
Total 288.92 296.00
Note :-
• The Chairman and Managing Director, Director (Finance) and Director (Technical) have also been allowed staff car including private journey upto a ceiling of 1000 Kms.
per month on payment of monthly charges as per Department of Public Enterprises guidelines.

• Contribution towards Gratuity Fund, for Functional Directors is not ascertainable separately as the contribution to LIC is not made employee wise.

• Provision for leave encashment, post-retirement medical benefit, farewell gift etc. to functional director have been made on the basis of actuarial valuation and are in
addition to the above given compensation.

ii. Loans Advances to and from KMPs: (` in Lakhs)

Particulars Year ended Year ended

31.03.2024 31.03.2023
Loans Advances to KMP
Balance at the beginning of the year 39.57 64.98
Loan Advances given during the year 11.65 2.60
Repayments received during the year 10.65 20.85
Interest charged during the year - 0.37
Interest received during the year 8.52 7.53
Balance at the end of the year 32.05 39.57

(` in Lakhs)
Particulars Year ended Year ended
31.03.2024 31.03.2023
Loans Advances from KMP
Balance at the beginning of the year - -
Loan Advances given during the year - -
Balance at the end of the year - -
Major terms and conditions of transactions with related parties

1. Transactions with related parties are made on terms equivalent to those that prevail in arm's length transactions.

2. The remuneration and loans advances to Key Managerial Personnel are in line with the service rules of the Company.

3. There are no pending commitments to the related parties.

241
Notes to Financial Statements
For the Year ended March 31,2024
B. Disclosure for transactions entered with Government and Government Entities (` in Lakhs)

Name of Nature of Nature of Transaction Transaction Balance as at Balance as at

Government / Relationship Transaction during year during year 31.03.2024 31.03.2023
Government with the ended ended
entities Company 31.03.2024 31.03.2023
Ministry of New Administrative Loan Repayment - 2,064.49 1,977.55 23,970.00 25,692.78
Renewable Energy Ministry IDA through MNRE
(MNRE)
Interest Payment 189.64 196.38 -
Guarantee Fee 11,763.06 8,885.18 - -
Payment*
Raising of taxable GOI Fully GOI Fully
bonds on behalf Serviced Bonds Serviced Bonds
of MNRE (GOI - - Series -I : 61,000.00 Series -I : 61,000.00
Fully Serviced Series IA : 22,000.00 Series IA : 22,000.00
Bonds) Series IB : 81,000.00 Series IB : 81,000.00
Total : 1,64,000.00 Total : 1,64,000.00
*Represents the amount for FY 2023-24.

The Company is a Central Public Sector Undertaking (CPSU) under the administrative control of Ministry of New Renewable Energy
(MNRE), Government of India. Transactions with Government related entities cover transactions that are significant individually and
collectively. The Company has also entered into other transactions such as telephone expenses, air travel and deposits etc. with other
CPSUs. They are insignificant individually

Significant transactions with related parties under the control/ joint control of the same government are as under:-

(` in Lakhs)

Name of the Company Nature of Transaction Transaction Balance as Balance as

Transaction during year during year at 31.03.2024 at 31.03.2023
ended ended [Dr. / (Cr.)] [Dr. / (Cr.)]
31.03.2024 31.03.2023
Rewa Ultra Mega Solar Limited Repayment of Loan 1,739.59 577.63 41,165.21 19,602.80
Rewa Ultra Mega Solar Limited Disbursement of Loan 23,302.00 6,144.00 41,165.21 19,602.80
State Bank of India Repayment of Loan 73.20 89.45 152.51 225.71
Broadcast Engineering Consultants Repayment of Loan 2,482.86 - 5,517.14 -
India Limited
Life Insurance Corporation of India Rent-Branch Office 7.27 7.34 - -
NBCC (India) Limited Maintenance Charges 155.02 134.09 54.02 24.55
Power Grid Corporation of India Ltd. Internet Connectivity 18.49 8.93 - -
Charges
Solar Energy Corporation of India Reimbursement of - - 9.37 9.37
Expenditure
Central Warehousing Corporation Office Sanitisation 25.61 29.76 (1.46) -
SJVN Green Energy Ltd Disbursement of Loan - 1,52,991.00 1,52,991.00 1,52,991.00
National Institute of wind Energy Rent Income 1.80 - 1.80 -

242
Notes to Financial Statements
For the Year ended March 31,2024

During the year, the Company has also received interest of `16,080.67 Lakhs (previous year: ` 3,998.57 Lakhs) and repayment of
principal of ` 4,295.66 Lakhs (previous year: ` 667.08 Lakhs) on the loans to government related entities. Further, an amount of
` 1,110.91 Lakhs (previous year: ` 712.57 Lakhs) has been accounted for as Service Charges towards the various schemes implemented
as per the mandate of the Government of India (GOI). Refer Note 28 to Financial Statements.

11. Loans or advances in the nature of loans granted to promoters, directors, KMPs and related parties (as defined under the
Companies Act, 2013), either severally or jointly with any other person that are:

(a) Repayable on demand or

(b) Without specifying any terms or period of repayment

(` in Lakhs)
Type of Borrower As at 31.03.2024 As at 31.03.2023

Amount of loan or % age to total Loans & Amount of loan or % age to total Loans &
advance in the nature of Advances in the nature advance in the nature Advances in the nature
loan outstanding of loans of loan outstanding of loans

Promoter
Directors Nil Nil
KMPs
Other Related Parties

12. Disclosure in respect of Indian Accounting Standard (Ind AS)-27 “Separate Financial Statements” (` in Lakhs)
Particulars As at 31.03.2024 As at 31.03.2023

Investment in Associate / Subsidiary / Joint Venture Nil Nil

The Company is in process of incorporation of a Wholly Owned Subsidiary Company in IFSC (International Financial Services
Centre) - GIFT (Gujarat International Finance Tec-City) City with the proposed name of “IREDA Global Green Energy IFSC Ltd.”
which has been approved by ROC, Delhi. The Company has incurred an expenditure of ` 0.02 Lakhs (previous year: ` Nil Lakhs)
towards the same.

The Company intends to incorporate a Wholly Owned Subsidiary Company for retail lending w.r.t. rooftop solar, PM KUSUM
scheme and other B2C segments. The request in this regard has been submitted to the administrative ministry.

13. Compliance with number of layers of companies

The Company has not invested in layers of companies as specified under Companies (Restriction on number of Layers) Rules, 2017
during the current and previous year.

14. Compliance with approved Scheme(s) of Arrangements

No scheme of Arrangements has been approved by the competent authority in terms of sections 230 to 237 of the Companies Act,
2013 during the current and previous year.

243
Notes to Financial Statements
For the Year ended March 31,2024

15. Disclosure in respect of Indian Accounting Standard (Ind AS)-33 “Earnings Per Share (EPS)”

A. Basic EPS

Basic earnings per equity share is calculated by dividing the net profit or loss attributable to equity shareholders of the
Company by the weighted average number of equity shares outstanding during the year. The calculation of Basic EPS is as
follows:

Particulars Year ended Year ended

31.03.2024 31.03.2023
Profit / (loss) for the year, attributable to the equity shareholders of the Company 1,25,222.90 86,462.83
(` Lakhs)
Earnings used in calculation of basic earnings per share (A) (` Lakhs) 1,25,222.90 86,462.83
Weighted average number of ordinary shares for the purpose of basic earnings
per share (B) 2,68,77,64,706* 2,28,46,00,000
Face Value per Equity Share (in `) 10 10
Basic EPS (A/B) (in `) 5.16 3.78
*Calculated as (2,28,46,00,000*366/366) + (4,03,16,47,060*128/366) considering allotment of fresh equity shares on 26.11.2023.

B. Diluted EPS

Diluted earnings per share is calculated by dividing the net profit or loss for the year attributable to equity shareholders and the
weighted average number of shares outstanding during the year are adjusted for the effects of all dilutive potential equity
shares. The calculation of Diluted EPS is as follows: -

Particulars Year ended Year ended

31.03.2024 31.03.2023
Profit (loss) for the year, attributable to the equity shareholders of the Company 1,25,222.90 86,462.83
(` Lakhs)
Earnings used in calculation of diluted earnings per share(A) (` Lakhs) 1,25,222.90 86,462.83
Weighted average number of ordinary shares for the purpose of diluted earnings
per share (B) 2,68,77,64,706* 2,28,46,00,000
Face Value per Equity Share (in `) 10 10
Diluted EPS (A/B) (in `) 5.16 3.78
*Calculated as (2,28,46,00,000*366/366) + (4,03,16,47,060*128/366) considering allotment of fresh equity shares on 26.11.2023.

16. Disclosure in respect of Indian Accounting Standard (Ind AS)-36 “Impairment of assets”

The Company, at each balance sheet date, assesses whether there is any indication of impairment of any asset and/or cash
generating unit. If such indication exists, assets are impaired by comparing carrying amount of each asset and/or cash generating
unit to the recoverable amount being higher of the net selling price or value in use. Value in use is determined from the present
value of the estimated future cash flows from the continuing use of the assets. The Company has no impairment loss during the
current and previous year.

244
Notes to Financial Statements
For the Year ended March 31,2024

17. Disclosure in respect of Indian Accounting Standard (Ind AS)-37 “Provisions, Contingent Liabilities and Contingent Assets”

a) Contingent Liabilities:

(` in Lakhs)
Particulars As at 31.03.2024 As at 31.03.2023
a) Claims against the Company not acknowledged as debt
i Taxation Demands:
Income Tax cases ¹ 1,829.90 23,776.48
Service Tax and Goods & Service Tax (GST) cases ² 26,593.66 21,492.48
ii Others³ 415.28 348.69
b) Guarantees excluding financial guarantees
i. Guarantees 1,03,244.79 48,611.41
ii. Letter of comfort / Payment Order Instrument issued and outstanding 59,416.42 1,36,654.23
c) Other money for which the Company is contingently liable
i. Property tax in respect of Office Residential Buildings (Refer Note 38 (34) Undeterminable Undeterminable
to Financial Statements)

¹Income Tax

This pertains to Income Tax cases for AY 2014-15 and AY 2020-21 which are pending before the CIT(Appeals), while case for AY 2022-23 has been moved for rectification
under Section 154 of the Income Tax Act. The Company is hopeful of a favourable outcome in respect of the various issues covered under the appeal and thus except for the
issues decided against the Company in other years, for which reasonable provision has been made, no further provision has been considered as necessary.

For the Income Tax Cases of AY 2010-11 to AY 2018-19 (except AY 2014-15 , which is pending before CIT(A)), the Company has received orders dated 22.03.2024 passed by
CIT(A) , wherein the appeal has been partially allowed .Pending the receipt of the order for appeal effect , the Company has provided `1,479.60 Lakhs (previous year: Nil ) for
matters not allowed in the favour of the Company and balance demand, although not finally determined, is not considered as a contingent liability as no outflow is considered
probable for the items allowed. Any adjustment shall be accounted for upon receipt of the respective orders. Further, the Company has an option to appeal to higher
authorities within the prescribed timelines for matters not allowed.

For the Income Tax Cases of earlier years (AY 1998-99 – AY 2009-10), the Hon'ble High Court of Delhi decided the WRIT petition in favour of the Company vide order dated
08.12.2023 and pronounced that the assessment proceedings concerning from AY 1998-99 to AY 2009-10, pursuant to the orders of the Tribunal dated 21.11.2014 and
29.05.2015, have become time-barred and thus directed the A.O. to accept the returned income and pass the consequential orders. Such consequential orders are awaited
and any adjustments shall be accounted for upon receipt of the respective orders.

²Service Tax and Goods & Service Tax (GST) cases

The Company had received a Notice of Demand/Order from the Commissioner, Adjudication, Central Tax, GST Delhi East dated 15.03.2022 creating demands on the
Company amounting to `11,709.11 Lakhs (excluding applicable interest) for financial year 2012-13 to 2015-16. Although the Company contends that entire demand is barred
by limitation, it has provided for `1,248.39 Lakhs (previous year: `1,174.80 Lakhs) including interest on conservative basis. Based on law and facts in the matter, Service Tax
demand (including interest) of ` 22,995.18 Lakhs (previous year: `21,492.48 Lakhs) has been disclosed as contingent liability. Further, since the Company is a government
enterprise, no mala fide intention can be attributed to it and thus, extended period of limitation ought not to be invoked based on certain decisions of Hon'ble Supreme Court
in such cases and hence the penalty has not been considered for disclosure as a contingent liability. The Company has filed an appeal with CESTAT, New Delhi on 15.06.2022 in
the matter and the same is pending.

The Company had received order dated 25.03.2022 from the office of Additional Director General (Adjudication) on recovery of Service Tax on Guarantee Fee Paid to
Government under Reverse Charge basis for the period April 2016 to June 2017 raising a demand of ` 2,072.89 Lakhs towards Tax, ` 2,072.89 Lakhs towards penalty and
applicable interest thereon. While the Company had filed an appeal against the same before the Hon'ble CESTAT, Mumbai on 24.06.2022, it has made requisite provision
towards the Tax and interest thereon amounting to `6,309.78 Lakhs (previous year: `5,683.73 Lakhs) and penalty amount of `2,072.89 Lakhs (previous year: `Nil Lakhs) has
been disclosed as contingent liability.

The Company has received order dated 31.01.24 from the office of Commissioner of Central Tax Appeals -1, Delhi, vide which the appeal filed by the Company against
recovery of GST on Guarantee Fee Paid to Government under Reverse Charge basis for the period 01.07.2017 to 26.07.2018 has been rejected. While the Company is in the
process of filing appeal with the GST Appellate Tribunal, it has paid the Tax amount of `1,327.87 Lakhs under protest and made requisite provision towards Tax and interest
thereon amounting to ` 2,895.75 Lakhs (previous year: `2,627.98 Lakhs). The penalty amount of `1,525.58 Lakhs (previous year: ` Nil Lakhs) has been disclosed as contingent
liability.

³Includes penalty for ` 2.62 Lakhs (previous year: ` 2.62 Lakhs) imposed by Ministry of Corporate Affairs (MCA) w.r.t. non-appointment of Woman Director. The Company
being a government company has no control over appointment of directors and hence the same has not been considered for provision. The Company has filed appeal before
the Regional Director (NR) MCA. The matter is still pending for adjudication. Also includes an amount of `377.56 Lakhs (previous year: `346.07 Lakhs) pertaining to cases

245
Notes to Financial Statements
For the Year ended March 31,2024

pending before Hon'ble High Court of Delhi in the form of Writ Petition against the order of disciplinary authority for dismissal of staff from service of the Company. There is no
interim order in this matter. Also includes `35.10 Lakhs (previous year: `Nil Lakhs) pertaining to withheld PRP of ex-Functional Directors of the Company pending clarification.
Apart from above , the Company has also furnished Bank Guarantee of `990.12 Lakhs to NSE to act as designated stock exchange for the purpose of Initial Public Offer of the
Company.

b) Contingent Assets: Nil (previous year: Undeterminable )

c) Commitments (` in Lakhs)

Particulars As at 31.03.2024 As at 31.03.2023

Capital Commitments:
Estimated amount of contracts remaining to be executed on capital account - 1,299.53

18. Disclosure in respect of Indian Accounting Standard (Ind AS) – 38 “Intangible Assets”

During the year ended 31.03.2024, the Company has capitalized an amount of `937.28 lakhs , including license fees of `363.80
Lakhs (previous year `Nil lakhs) relating to expenditure incurred for development of Enterprise Resource Planning (ERP) software
– Microsoft Dynamics 365 (D365). The Company has recognized the World Bank CTF Grant (Refer Note No. 38(7a) to Financial
Statements) received related to the ERP in the Statement of Profit and Loss over the life of the intangible asset (ERP) and presented
as a reduced amortization expense amounting to `397.95 lakhs (previous year: `Nil lakhs).

As at 31.03.2024, the Company has disclosed an amount of `Nil Lakhs (previous year: `485.57 Lakhs) under “intangible assets
under development” related to the above. Refer Note 15 and 38(7a) to Financial Statements.

19. Disclosure in respect of Indian Accounting Standard (Ind AS)-40 "Investment Property"

Investment property comprises of a Residential flat at Jangpura, New Delhi which has been leased to a third party. Refer Note 11 to
Financial Statements.

(i) Details of incomes and expenses:

(` in Lakhs)
Particulars Year ended Year ended
31.03.2024 31.03.2023
Rental Income* 1.80 -
Direct Operating Expenses (Repairs and Maintenance) 1.17 0.24
*Let out w.e.f. 01.01.2024.

(ii) Fair value of Investment Property:

The market value of the investment property has been assessed (as per the valuation done by a registered IBBI valuer as
defined under rule 2 of Companies (Registered Valuers and valuation) Rules, 2017) at ` 289.68 Lakhs as at 31.03.2024 basis
valuation report dated April 04, 2024 (previous year: ` 258.16 Lakhs).

20. Disclosure as per Indian Accounting Standard (Ind AS) 107 - “Financial Instruments Disclosures”

The Company has established a comprehensive policy framework to effectively manage credit risk, market risk, liquidity risk, and
operational risk. The Risk Management Policy has been developed under the guidance of the Risk Management Committee (RMC)
and approved by the Board of Directors. The Risk Management Committee is a Board level Committee having the overall
responsibility of risk management of the organization. The Risk Management Policy is periodically refined based on emerging
market trends and the Company's own experience. The Risk Management Committee, headed by an Independent Director,
ensures independent risk oversight and full transparency in the risk management process. The Prudent Risk Management policies
are ratified by the Board of Directors to ensure compliance with RBI guidelines and SEBI (LODR) Regulations, 2015, which form the
governing framework for the Company's business activities. The Company also has a designated Chief Risk Officer (CRO) as per
the directive of the RBI.

246
Notes to Financial Statements
For the Year ended March 31,2024

A Foreign Exchange and Derivatives Risk Management Policy, and a Foreign Exchange and Derivative Management Committee
(FMC) is in place in the Company and hedging instruments such as forward contracts, swaps etc. are used to lower/mitigate the
currency and interest rate risks on the foreign currency borrowings. Hedging instruments are used exclusively for hedging
purpose and not as a trading or speculative instrument.

The key risks which the Company faces during its business operations are Credit Risk, Market Risk, Liquidity Risk, and Operational
Risk. These risks are carefully identified, assessed, and managed through the implemented risk management policies and
procedures. This note explains the sources of risk which the entity is exposed to and how the entity manages the risk and the
impact of hedge accounting in the financial statements.

Risk Exposure arising from Measurement Management

Credit risk Loans , Receivables , Cash Cash Ageing analysis credit Detailed appraisal process , credit
equivalents, and Other Financial ratings concentration limits , collateral,
Assets additional guarantees diversification
of asset base.
Liquidity risk Debt Securities , Borrowings Cash flow forecasts Availability of committed credit lines,
(Other than Debt Securities) borrowing facilities and also short-
Subordinated Liabilities and term loans / WC limits and OD limits.
Other Financial Liabilities
Market risk- Foreign Financial Assets Liabilities Cash flow forecasting Hedging instruments such as foreign
Currency denominated in Foreign Sensitivity analysis exchange forward contracts,
Currency swaps etc.
Market risk- interest rate Borrowings (other than debt Sensitivity analysis Interest rate swaps
securities) at variable rates
Market risk- security Investment Sensitivity analysis Portfolio diversification
prices

A. Credit risk

Credit risk is the inherent risk in the lending operation and arises from lowering of the credit quality of the borrowers and the risk of
default in repayments by the borrowers. A robust credit appraisal system is in place for the appraisal of the projects in order to
assess the credit risk. The process involves appraisal of the projects, rating by external agencies and assessment of credit risk,
appropriate structuring to mitigate the risk along with other credit risk mitigation measures. The Company splits its exposures into
smaller homogenous portfolio based on shared credit risk characteristic, as described below in the following order: -

• Secured/ unsecured i.e., based on whether the loans are secured.

• Nature of security i.e., nature of security if the loans are determined to be secured.

• Nature of loan i.e., RE Sector to which the loan has been extended.

An assessment of whether credit risk has increased significantly since initial recognition is performed at each reporting date by
considering the change in the risk of default occurring over the remaining life of the financial instrument. In determining whether
the risk of default has increased significantly since initial recognition, the Company considers more than 30 days overdue as a
parameter. Additionally, the Company considers any other observable input indicating a significant increase in credit risk.

The Company defines a financial instrument as in default when it has objective evidence of impairment at the reporting date. It has
evaluated these loans under Stage III on case-to-case basis based on the defaulted time, performance/operation of the project.
The Company recognizes impairment on financial instruments based on ECL Model in line with Ind AS 109.

247
Notes to Financial Statements
For the Year ended March 31,2024

Collaterals and other credit enhancements

The amount and type of collateral required depends on an assessment of the credit risk. The main type of collaterals are FDR/BGs,
Charge on immovable property belonging to the promoters and corporate guarantees on case-to-case basis.

(a) The company manages and controls credit risk by setting limits on the amount of risk it is willing to accept for individual
counterparties and for industry concentrations, and by monitoring exposures in relation to such limits.

i. Provision for expected credit losses

Stage Category Description of category Basis for recognition of

expected credit loss provision
Loans
Stage 1 Standard Assets Assets where counter party has strong capacity to meet the 12-month ECL
obligations and where risk of default is negligible or nil /
regularly paying assets
Stage 2 Loans with increased Assets where there has been a significant increase in credit Lifetime expected credit
credit risk risk since initial recognition. Losses
Stage 3 Loans- Impaired Assets where there is high probability of default and written Lifetime expected credit
off assets where there is low expectation of recovery losses
ii. Significant estimates and judgements
Impairment of financial assets
(a) Expected Credit Loss (ECL) for loans
(` in Lakhs)
Stage Asset Group Loan Portfolio as at 31.03.2024 ECL as at 31.03.2024
Stage I Loan 56,06,230.46 27,098.35
Stage II Loan 2,12,443.43 57,530.36
Stage III Loan 1,41,085.31 82,964.16
Total 59,59,759.20* 1,67,592.87
*Excluding Funded Interest Term Loan (FITL) balance of `8,785.12 Lakhs on which equivalent liability is standing in the books.
(` in Lakhs)
Stage Asset Group Loan Portfolio as at 31.03.2023 ECL as at 31.03.2023
Stage I Loan 43,90,224.54 51,530.87
Stage II Loan 1,61,976.23 49,183.62
Stage III Loan 1,51,335.42 74,533.03
Total 47,03,536.19* 1,75,247.52
*Excluding Funded Interest Term Loan (FITL) balance of ` 2,942.77 Lakhs on which equivalent liability is standing in the books.

(b) Expected credit loss for trade receivables under simplified approach:
(` in Lakhs)
Ageing Not due 0-30 days 31-60 days 61-90 days 91-120 days More than Total
(As at 31.03.2024) past due past due past due past due 120 days
past due
Gross carrying amount* 297.47 - - - - - 297.47
Expected loss rate - - - - - - -
Expected credit losses (Loss - - - - - - -
allowance provision)
Carrying amount of trade 297.47 - - - - - 297.47
receivables (net of impairment)
Balance as at 31.03.2024 297.47 - - - - - 297.47
*Represents trade receivable from business of solar power generation.

248
Notes to Financial Statements
For the Year ended March 31,2024

(` in Lakhs)
Ageing Not due 0-30 days 31-60 days 61-90 days 91-120 days More than Total
(As at 31.03.2023) past due past due past due past due 120 days
past due
Gross carrying amount* 302.80 - - - - - 302.80
Expected loss rate - - - - - - -
Expected credit losses (Loss - - - - - - -
allowance provision)
Carrying amount of trade 302.80 - - - - - 302.80
receivables (net of impairment)
Balance as at 31.03.2023 302.80 - - - - - 302.80
*Represents trade receivable from business of solar power generation.

B. Liquidity Risk

Liquidity risk refers to the risk that a company may not be able to meet its financial obligations due to a lack of sufficient cash and
marketable securities or the availability of funding. Prudent liquidity risk management involves maintaining an appropriate level of
cash, marketable securities, and committed credit facilities to meet obligations when they become due. The management of the
Company closely monitors the forecast of the liquidity position and the availability of cash and cash equivalents based on
expected cash flows, including interest income and expense.

The Comprehensive Asset Liability Management Framework also outlines the framework for liquidity risk management. The
Company is also complying with the Liquidity Coverage Ratios requirement and maintaining High-Quality Liquid Assets, in line
with the requirements of the RBI guidelines.

(i) Financing arrangements

The Company had access to the following undrawn borrowing facilities at the end of the year:
(` in Lakhs)

Particulars As at 31.03.2024 As at 31.03.2023

Fixed rate
- Expiring within one year (Financial institutions –Forex Loans) 7,100.87 14,700.38
- Expiring within one year (Bank Loans) - -
- Expiring beyond one year (Financial institutions –Forex Loans) - -
Floating rate
- Expiring within one year (Financial institutions –Forex Loans) 26,126.65 48,845.06
- Expiring within one year (Bank Loans) 1,90,000.00 5,72,500.00
- Expiring beyond one year (Bank loans) - -
- Expiring beyond one year (Financial institutions –Forex Loans) - 1,68,865.29
(ii) CC/ OD/ LoC/ WCDL limits

The Company has access to cash credit, overdraft, line of credits and working capital demand loans from banks to meet
unanticipated liquidity need. Further, the Company has the highest Domestic Credit Rating of AAA, thereby enabling it to mobilize
funds from the domestic market within a short span of time. The Company has access to the following undrawn borrowing
facilities:
(` in Lakhs)

Particulars As at 31.03.2024 As at 31.03.2023

CC/ OD/ LoC/ WCDL limits 2,89,237.57 1,93,000.00

249
 Notes to Financial Statements

250
For the Year ended March 31,2024

(iii) Maturities of financial liabilities

The tables below analyzes the Company's financial liabilities into relevant maturity groupings based on their contractual maturities for all non-derivative
financial liabilities for which the contractual maturities are essential for an understanding of the timing of the cash flows. The amounts disclosed in the table are
the contractual undiscounted cashflows:-

As at 31.03.2024 (` in Lakhs)
Particulars 1-7 days 8-14 days 15- 30/ Over 1 Over 2 Over 3 Over 6 Over 1 Over 3 Over 5 Total
31 days month - months - months- months - year -up years -up years
(1 month) 2 months 3 months upto 6 upto 1 to to 5
months year 3 years years

Rupee Borrowings 8,262.43 - 22,916.67 41,964.00 1,30,668.93 2,45,029.50 3,38,619.72 13,05,057.59 4,65,164.58 14,81,908.03 40,39,591.45

Foreign Currency - - 7,250.33 5,685.00 10,896.52 17,080.19 40,913.84 1,63,656.28 1,53,104.52 5,31,279.88 9,29,866.56
Borrowings

As at 31.03.2023 (` in Lakhs)
Particulars 1-7 days 8-14 days 15- 30/ Over 1 Over 2 Over 3 Over 6 Over 1 Over 3 Over 5 Total
31 days month - months - months- months - year -up years -up years
(1 month) 2 months 3 months upto 6 upto 1 to to 5
months year 3 years years

Rupee Borrowings - - 52,083.33 37,964.00 1,03,531.40 1,12,914.93 4,58,535.44 9,90,324.35 3,69,243.60 8,78,882.77 30,03,479.83

Foreign Currency - - 6,966.38 11,807.55 11,340.60 7,342.52 49,287.09 1,60,774.66 1,60,863.41 6,04,910.51 10,13,292.72
Borrowings
Notes to Financial Statements
For the Year ended March 31,2024

C. Market Risk

Market risk is the possibility of loss mainly due to fluctuation in the interest rates and foreign currency exchange rates. To mitigate
the lending interest rate risk, the Company has a committee which periodically reviews its lending rates based on market
conditions, ongoing interest rates of the peers and incremental cost of borrowings.

The Company's borrowings comprise of both floating rate and fixed rate borrowings linked to benchmark rates as applicable. For
the foreign currency borrowings, the Company mitigates the risk due to floating interest rate by taking hedging arrangements and
periodically monitoring the floating rate linked portfolio.

The foreign exchange borrowings from overseas lending agencies exposes the company to foreign currency exchange rate
movement risk. As per the Board approved policy, company mitigates the foreign currency exchange rate risk by undertaking
various derivative instruments to hedge the risk such as Principal only swap, Currency and Interest Rate Swaps (derivatives
transactions), forward contracts etc. These derivative contracts, carried at fair value, have varying maturities depending upon the
underlying contract requirement and risk management strategy of the Company.

I. Foreign currency risk: -

The Company has foreign exchange exposure in the form of borrowings from overseas lending agencies as part of its
resources raising strategy. Large cross border flows together with the volatility may render company's Balance Sheet
vulnerable to exchange rate movements. As per its Board approved policy, company mitigates the foreign exchange risk
through Principal only swap, Currency and Interest Rate Swap etc. (derivatives transactions). These foreign exchange
contracts, carried at fair value, have varying maturities depending upon the underlying contract requirement and risk
management strategy of the Company.

(a) Foreign currency risk exposure:

The Company's exposure to foreign currency risk at the end of the year expressed in INR, are as follows: -

(` in Lakhs)
Particulars As at 31.03.2024 As at 31.03.2023
USD Euro JPY USD Euro JPY
Financial assets
Bank balance in foreign 57.52 - - 2.71 - -
currency
Derivative assets
Foreign exchange swap 42,640.51 4,725.57 1,012.38 49,613.96 2,921.72 4,869.52
contracts
Financial liabilities
Borrowings in Foreign currency 4,66,457.21 1,61,247.61 3,02,161.74 4,73,828.80 1,86,937.19 3,52,526.72
Derivative liabilities
Foreign exchange swap 823.69 22.26 19,955.96 14.97 821.45 14,310.44
contracts
Net exposure to foreign 4,24,582.87 1,56,544.30 3,21,105.32 4,24,227.10 1,84,836.92 3,61,967.64
currency risk (Assets) / Liabilities

251
Notes to Financial Statements
For the Year ended March 31,2024

(B) Sensitivity

Sensitivity of Statement of Profit and Loss due to changes in exchange rates arises mainly from foreign currency denominated
financial instruments. The below mentioned table presents the impact on Statement of Profit and Loss (+ Gain / (-) Loss) due
to changes in foreign currency exchange rate by 5% (against INR ) on foreign currency exposure*: -
(` in Lakhs)
Particulars As at 31.03.2024 As at 31.03.2023
Decrease Increase Decrease Increase
Impact on Statement of Profit and Loss
USD Sensitivity 362.17 (362.17) (508.75) 508.75
EUR Sensitivity 1,949.35 (1,949.35) 2,613.59 (2,613.59)
JPY Sensitivity 7,327.74 (7,327.74) 6,663.74 (6,663.74)
*Holding all other variables constant

II. Cash flow and fair value interest rate risk: -

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 to the long-term foreign
currency loans with floating interest rates and floating interest rate term loan from banks. The Company manages its foreign
currency interest rate risk according to its Board approved Foreign Currency and Derivatives Risk Management policy.

The Company's fixed rate rupee borrowings are carried at amortized cost. They are therefore not subject to interest rate risk, since
neither the carrying amount nor the future cash flows will fluctuate because of a change in market interest rates.

(a) Interest rate risk exposure

The exposure of the Company's borrowings to interest rate changes at the end of the year are as follows:
(` in Lakhs)

Particulars As at 31.03.2024 As at 31.03.2023

Variable rate borrowings
Rupee denominated 11,38,624.71 10,56,417.84
Foreign Currency denominated 3,39,674.18 3,49,326.81
Total 14,78,298.89 14,05,744.65

(b) Sensitivity

Profit or loss is sensitive to higher/lower interest expense from borrowings as a result of changes in interest rates*

(` in Lakhs)
Particulars Impact on Statement of Profit & Loss
As at 31.03.2024 As at 31.03.2023
Interest rates – increase by 50 basis points (7,391.49) (7,028.72)
Interest rates – decrease by 50 basis points 7,391.49 7,028.72
* Holding all other variables constant

252
Notes to Financial Statements
For the Year ended March 31,2024

(c) Impact of Hedging activities

Derivative financial instruments and Hedge Accounting
The Company has a Board approved policy for undertaking derivative financial instruments, such as Principal Only Swap (POS), Cross
Currency & Interest Rate Swap (CCIRS), Forwards, Interest Rate Swaps (IRS), Cross, Currency and Cross Currency Options, structured /
cost reduction products etc. to hedge and mitigate its foreign currency risks and interest rate risks.
Hedge ineffectiveness is determined at the inception of the hedge relationship, and through periodic prospective effectiveness
assessments to ensure that an economic relationship exists between the hedged item and hedging instrument.
The Company applies the following effectiveness testing strategies:
- For cross currency swaps and interest rate swaps that exactly match the terms of the terms of the hedged item, the economic
relationship and hedge effectiveness are based on the qualitative factors using critical terms match method.
- The Company has established a hedge ratio of 1:1 for the hedging relationships as the underlying risk and notional amount of the
hedging instruments are identical to the hedged items.
Movement in Cash Flow Hedge Reserve (CFHR):
(` in Lakhs)
Particulars Year ended Year ended
31.03.2024 31.03.2023
Balance at the beginning of the year 6,981.41 12,002.55
Change in the fair value of effective portion of hedging instruments (16,540.40) 17,037.68
Foreign exchange gain/ (losses) on hedged items. (4,184.84) (22,058.82)
Balance at the end of the year (before taxes) (13,743.83) 6,981.41

Disclosures on Effects of Hedge Accounting on Balance Sheet:

As at 31.03.2024 (` in Lakhs)

Type of hedge and risks Maturity dates Hedge ratio Weighted average Change in fair
strike price/rate value of hedging
instruments
Cash Flow Hedge
Foreign exchange and
interest rate risk
(i) Principal Only Swaps
- USD 15-Oct-2024 to 09-Mar-2037 1:1 69.5787 (7,661.54)
- EUR 31-May-2024 to 31-May-2029 1:1 81.1677 2,573.39
- JPY 19-Sept-2024 to 20-Mar-2025 1:1 0.6285 (3,231.02)
(ii) Cross Currency Interest
Rate Swaps
- USD 15-July-2026 to 15-Oct-2026 1:1 67.0742 (526.80)
- EUR 30-Jun-24 1:1 81.4000 29.64
- JPY 19-Jun-24 1:1 0.5925 (1,346.95)
(iii) Forward Contracts
- USD - 1:1 - -
- EUR - 1:1 - -
- JPY 31-Jul-24 1:1 0.5936 (3,392.98)
For details regarding notional amounts and carrying amount of derivatives, Refer Note 4 to Financial Statements.

253
Notes to Financial Statements
For the Year ended March 31,2024

As at 31.03.2023 (` in Lakhs)
Type of hedge and risks Maturity dates Hedge ratio Weighted average Change in fair
strike price/rate value of hedging
instruments
Cash Flow Hedge
Foreign exchange and interest rate risk
(i) Principal Only Swaps
- USD 15-Oct-2024 to 09-Mar-2037 1:1 69.5835 10,672.83
- EUR 30-Dec-2023 to 31-May-2029 1:1 81.3355 4,413.53
- JPY 19-Mar-2023 to 20-Mar-2025 1:1 0.6481 695.27
(ii) Cross Currency Interest
Rate Swaps
- USD 15-July-2026 to 15-Oct-2026 1:1 67.0752 3,512.76
- EUR 30-Jun-24 1:1 81.4 28.12
- JPY 19-Jun-24 1:1 0.5925 117.53
(iii) Forward Contracts
- USD - 1:1 - -
- EUR - 1:1 - -
- JPY - 1:1 - -
For details regarding notional amounts and carrying amount of derivatives, Refer Note 4 to Financial Statements.

Effects of hedge accounting on statement of Profit and loss and other comprehensive income: -

The Company uses derivative instruments in pursuance of managing its foreign currency risk and interest rate risk associated on
borrowings. For hedging foreign currency and interest rate risk, the Company uses foreign currency forward contracts, cross currency
swaps, principal only swaps and interest rate swaps. To the extent the derivative contracts designated under the hedge accounting are
effective hedges, the change in fair value of the hedging instrument is recognized in 'Effective Portion of Cash Flow Hedges'. Amounts
recognized in such reserve are reclassified to the Statement of Profit and Loss when the hedged item affects the Statement of Profit
and Loss.

As at 31.03.2024 (` in Lakhs)
Type of hedge Change in fair value of Hedge ineffectiveness Foreign exchange Line item affected in
hedging instrument recognized recognized in statement of gain/ (Losses) on other comprehensive
in other comprehensive income profit and loss hedged item income
Cash Flow Hedge
Foreign exchange (16,540.40) - (4,184.84) Effective portion of gain
and interest rate /(loss) on hedging
risk instrument in cash flow
hedge reserve

As at 31.03.2023 (` in Lakhs)
Type of hedge Change in fair value of hedging Hedge ineffectiveness Foreign exchange Line item affected in
instrument 19 recognized recognized in statement of gain/ (Losses) on other comprehensive
in other comprehensive income profit and loss hedged item income
Cash Flow Hedge
Foreign exchange 17,037.68 - (22,058.82) Effective portion of gain
and interest rate /(loss) on hedging
risk instrument in cash flow
hedge reserve

254
Notes to Financial Statements
For the Year ended March 31,2024

21. As per the Board approved Foreign Exchange and Derivative Risk Management Policy of the Company, an open exposure on
foreign currency borrowings (40% of outstanding amount) is permissible. The open exposure as at 31.03.2024 is `2,06,229.85
Lakhs (previous year: `1,88,629.68 Lakhs) which is 22.18 % (previous year: 18.62%) of the outstanding foreign currency borrowing
and is within the permissible limits.

Out of the said open exposure , part hedging has been done for EURO 30.38 Million (previous year: EURO 30.38 million) by taking
Principal Only Swap (USD/INR) for USD 33.73 million (previous year: USD 33.73 million) equivalent to `28,118.97 Lakhs (previous
year: `27,728.76 Lakhs).

Further, JPY 2,371.50 million (previous year: JPY 2,371.50 million) has been hedged by taking Principal Only Swap (USD/JPY)
equivalent to USD 17.60 million (previous year: USD 17.60 million), amounting to `13,064.59 Lakhs converted at rates applicable
on 31.03.2024 (previous year: ` 14,655.87 Lakhs converted at rates applicable on 31.03.2023).
22. Security created on Assets.

i. Assets Hypothecated as Security (` in Lakhs)

Particulars As at 31.03.2024 As at 31.03.2023

First Charge on Pari Passu basis on Loans & Advances (Book Debts of the Company)
Financial Assets
- Tax Free Bonds 2,57,660.42 2,75,765.46
- Bank Borrowings 19,73,213.38 14,99,207.84
- Foreign currency loans 1,71,871.74 1,92,792.94
Non-Financial Assets - -
Floating Charge
Financial Assets - -
Non-Financial Assets - -

ii. Secured by negative lien on book debts (` in Lakhs)

Particulars As at 31.03.2024 As at 31.03.2023

Negative lien (Book Debts of the Company
Financial Assets
- Taxable bonds 3,81,723.74 4,11,712.61
Non-Financial Assets - -

23. Registration of charges or satisfaction with Registrar of Companies (ROC)

For the year ended 31.03.2024

All forms were filed on time and the Company has no cases of any charges or satisfaction yet to be registered with ROC beyond the
statutory time limits.

For the year ended 31.03.2023

All forms were filed on time except the following two charge forms on which additional fees has been paid due to launch of MCA
Version 3. MCA has disabled the e-Filings of forms including CHG-1, CHG-4, CHG-6, and CHG-8 on V2 portal from August 15,
2022 due to launch of MCA 21-V3 Portal.

• Creation of Charge in favour of Bank of India for an amount of `1,10,000 Lakhs. Agreement was executed with BOI on July 27,
2022 and accordingly due date of filing of form was August 25, 2022 and form was filed on September 26, 2022 on V3 portal of
MCA.

• Creation of Charge in favour of Punjab National Bank for an amount of `1,50,000 Lakhs. Agreement was executed with PNB

255
Notes to Financial Statements
For the Year ended March 31,2024

on July 29, 2022 and accordingly Due date of filing of form was August 27, 2022 and form filed on September 27, 2022 on V3
portal of MCA.

24. Capital Management

The primary objective of the Company's capital management policy is to ensure compliance with regulatory capital requirements.
In line with this objective, the Company ensures adequate capital at all times and manages its business in a way in which capital is
protected, satisfactory business growth is ensured, cash flows are monitored, and rating are maintained.

Consistent with peers in the industry, the Company monitors capital on the basis of debt-equity ratio which is computed as Debt
(Total Borrowings) divided by Total Equity as shown in the balance sheet.
(` in Lakhs)

Particulars As at 31.03.2024 As at 31.03.2023

Debt 49,68,685.96 40,16,528.00
Equity (including capital reserve) 8,55,942.55 5,93,516.95
Debt-Equity Ratio 5.80 6.77

25. During the year ended March 31, 2024, the Company has completed its Initial Public Offering (IPO) of 67,19,41,177 equity shares of
face value of `10/- each, consisting of fresh issue 40,31,64,706 equity shares and an offer for sale (OFS) of 26,87,76,471 equity
shares by the selling shareholders i.e. Government of India, at an Offer issue price of `32/- per equity share, aggregating to
` 2,15,021.18 Lakhs. An amount of `85,836.45 Lakhs (net of Securities Transaction Tax of `172.02 Lakhs) was remitted to the selling
shareholder for the offer for sale. The equity shares of the Company were listed on BSE Limited and National Stock Exchange of
India Limited on November 29, 2023. The Company has received gross proceeds from the fresh issue of equity shares amounting
to `1,29,012.71 Lakhs.

The utilization of the net proceeds is summarized as below: -

(` in Lakhs)
Objects of the issue as per prospectus Net proceeds* Amount to be Utilization up to Unutilized amount
utilized as per 31st March 2024 up to 31st March
prospectus – 2024
Net proceeds*
Augmenting our capital base to meet our 1,25,895.11 1,25,895.11 1,25,895.11 Nil
future capital requirements and onward
lending.
*Net proceeds is Gross proceeds of the of the Fresh Issue less our Company's share of the offer expenses (provisional) of `3,117.60 Lakhs (previous year : Nil)

26. Utilization of Borrowed Funds and Share Premium.

a. Company has not advanced or loaned or invested any funds (either borrowed funds or share premium or any other sources or kind
of funds) to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding (whether
recorded in writing or otherwise) that the Intermediary shall

i. Directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the
company (Ultimate Beneficiaries) or

ii. Provide any guarantee, security, or the like to or on behalf of the Ultimate Beneficiaries

b. Further, the company has not received any fund from any person(s) or entity (ies), including foreign entities (Intermediaries) with
the understanding (whether recorded in writing or otherwise) that the company shall

i. Directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the
company (Ultimate Beneficiaries) or

256
Notes to Financial Statements
For the Year ended March 31,2024

ii. Provide any guarantee, security, or the like to or on behalf of the Ultimate Beneficiaries.

The company is of the opinion that the money receivable with respect to the MNRE GOI Fully Serviced Bonds (Refer Note 38(42) to
Financial Statements) is not covered under the above disclosure as the same is in accordance with the mandate / MOU of the GOI.

27. Disclosure in respect of Indian Accounting standard (Ind AS) -108 "Operating Segments"

(i) Operating segments

Based on the "management approach" as defined in Ind AS 108, the CMD, the Chief Operating Decision Maker (CODM)
evaluates the performance and allocates resources based on an analysis of various performance indicators by business
segments. The accounting principles used in the preparation of the financial statements are consistently applied to record
revenue and expenditure in individual business segment and are as set out in the significant accounting policies.

The Company operates in two segments - Financing activities in the Renewable Energy (RE) & Energy Efficiency (EE) sector and
Generation of power through Solar Plant operations at Kasaragod, Kerala. Major revenue for the company comes from the
segment of financing activities in the RE EE sector. The other operating segment - Generation of power through Solar Plant is
not a reportable segment. The company operates in India; hence it is considered to operate only in domestic segment. As such
considered as a single business/geographical segment for the purpose of Segment Reporting.

(ii) Information about major customers

There is no single external customer contributing 10 percent or more of our revenue.

(iii) Geographical Information

Revenue from external customers by location of operations and information about its non- current assets* by location of
assets are as follow:

(` in Lakhs)
Particulars Revenue from external customers Non-Current Assets*

Year ended Year ended Year ended Year ended

31.03.2024 31.03.2023 31.03.2024 31.03.2023
India** 4,96,529.11 3,48,304.42 1,99,987.81 2,01,165.65
Outside India - - - -
Total 4,96,529.11 3,48,304.42 1,99,987.81 2,01,165.65
*This amount includes property, plant and equipment, capital work-in-progress, investment property, right to use asset, intangible assets under development, intangible
assets, advance for capital expenditure and GOI fully Serviced Bonds money receivable.

** Includes an amount of ` (1,125.53) Lakhs (previous year:`1,242.79 Lakhs) pertaining to net gain/ (loss) on fair value change of derivatives.

(iv) Revenue from major products

Revenue from external customers for each product and service are as follows: (` in Lakhs)
Particulars Year ended Year ended
31.03.2024 31.03.2023
Interest Income 4,82,240.46 3,37,382.67
Fees and Commission Income 6,000.92 3,733.28
Sale of Power (Net) 2,920.70 2,690.42

257
Notes to Financial Statements
For the Year ended March 31,2024

28. Disclosure in respect of Indian Accounting Standard (Ind AS)-113 “Fair Value Measurement”
I. Fair value measurement
Financial instrument by category
(` in Lakhs)

Particulars At Fair Value

(As at 31.03.2024) Amortized Cost At Cost Total
Through OCI Through P&L
Financial assets
Cash and cash equivalents 7,421.32 - - - 7,421.32
Earmarked bank balances 66,167.20 - - - 66,167.20
Derivative financial
- - 45,157.03 3,221.43 48,378.46
instruments
Trade receivables 601.75 - - - 601.75
Loans 58,77,508.86 - - - 58,77,508.86
Investments 9,933.92 - - - 9,933.92
Other financial assets 2,542.09 - - - 2,542.09
Total financial assets 59,64,175.14 - 45,157.03 3,221.43 60,12,553.60
Financial liabilities
Derivative financial
- - 18,967.49 1,834.42 20,801.91
instruments
Trade Payables 730.33 - - - 730.33
Debt Securities 17,71,361.13 - - - 17,71,361.13
Borrowings (Other than
Debt Securities) 31,32,383.60 - - - 31,32,383.60
Subordinated Liabilities 64,941.24 - - - 64,941.24
Other financial liabilities 1,34,029.94 - - - 1,34,029.94
Total financial liabilities 51,03,446.23 - 18,967.49 1,834.42 51,24,248.15

(` in Lakhs)

Particulars At Fair Value

(As at 31.03.2024) Amortized Cost At Cost Total
Through OCI Through P&L
Financial assets
Cash and cash equivalents 13,845.00 - - - 13,845.00
Earmarked bank balances 81,624.05 - - - 81,624.05
Derivative financial
instruments - - 54,589.94 2,815.26 57,405.20
Trade receivables 501.25 - - - 501.25
Loans 46,22,692.33 - - - 46,22,692.33
Investments 9,930.26 - - - 9,930.26
Other financial assets 3,180.56 - - - 3,180.56
Total financial assets 47,31,773.45 - 54,589.94 2,815.26 47,89,178.65
Financial liabilities
Derivative financial
instruments - - 14,844.15 302.71 15,146.86
Trade Payables 450.28 - - - 450.28
Debt Securities 10,84,328.34 - - - 10,84,328.34
Borrowings (Other than
Debt Securities) 28,67,266.36 - - - 28,67,266.36
Subordinated Liabilities 64,933.29 - - - 64,933.29
Other financial liabilities 1,33,543.36 - - - 1,33,543.36
Total financial liabilities 41,50,521.62 - 14,844.15 302.71 41,65,668.48

258
Notes to Financial Statements
For the Year ended March 31,2024

II. Fair value hierarchy

This section explains the judgement and estimates made in determining the fair values of financial instruments that are

a) Recognized and measured at fair value and

b) Measured at amortized cost and for which fair values are disclosed in financial statements. To provide an indication about
reliability of the inputs used in determining fair value the company has classified its financial instruments into three levels
prescribed under accounting standard. An explanation on each level follows underneath the table.

c) Considering the materiality, we have ignored discounting of employee loan and security deposits.

The Company uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation
technique:

Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices. This includes listed equity instruments,
traded bonds and mutual funds that have quoted price. The fair value of all equity instruments (including bonds) which are traded
in the stock exchanges is valued using the closing price as on the reporting date. The mutual funds are valued using the closing
NAV.
Level 2: Financial instruments that are not traded in active market (for example, traded bonds,) is determined using other
techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or
indirectly.

Level 3: Technique which use inputs that have a significant effect on the recorded fair value that are not based on observable
market data like unlisted equity securities.

A. Financial assets and liabilities measured at fair value – recurring fair value measurements- As at 31.03.2024 *
(` in Lakhs)

Particulars Level 1 Level 2 Level 3

Financial assets: -
Derivatives designated as hedges
Principal only swap - - 39,061.41
Cross currency interest rate swap - - 6,095.62
Forward Contract - - -
Derivatives not designated as hedges
Principal only swap - - 3,221.43
Cross currency interest rate swap - - -
Forward Contract - - -
Total financial assets - - 48,378.46

Financial liabilities
Derivatives designated as hedges
Principal only swap - - 14,492.35
Cross currency interest rate swap - - 1,082.16
Forward Contract - - 3,392.98
Derivatives not designated as hedges
Principal only swap - - 1,834.42
Cross currency interest rate swap - - -
Forward Contract - - -
Total financial liabilities - - 20,801.91
*Amounts are shown at their Fair value

259
Notes to Financial Statements
For the Year ended March 31,2024

Assets and liabilities which are measured at amortized cost for which fair values are disclosed
(` in Lakhs)
As at 31.03.2024 * Level 1 Level 2 Level 3
Financial assets
Financial assets at amortized cost:
Loan to customers - - 58,69,200.97
Total financial assets - - 58,69,200.97

Financial Liabilities
Financial liabilities at amortized cost:
Debt securities - - 17,71,361.13
Borrowings (other than debt securities) - - 31,32,383.60
Subordinated liabilities - - 64,941.24
Total financial liabilities - - 49,68,685.96
* Amounts are shown at their Fair value

B. Financial assets and liabilities measured at fair value – recurring fair value measurements- As at 31.03.2023 * (` in Lakhs)
Particulars Level 1 Level 2 Level 3
Financial assets: -
Derivatives designated as hedges
Principal only swap - - 47,732.37
Cross currency interest rate swap - - 6,857.57
Forward Contract - - -
Derivatives not designated as hedges
Principal only swap - - 2,815.26
Cross currency interest rate swap - - -
Forward Contract - - -
Total financial assets - - 57,405.20

Financial liabilities
Derivatives designated as hedges
Principal only swap - - 14,844.15
Cross currency interest rate swap - - -
Forward Contract - - -
Derivatives not designated as hedges -
Principal only swap - - 302.71
Cross currency interest rate swap - - -
Forward Contract - - -
Total financial liabilities - - 15,146.86
*Amounts are shown at their Fair value

260
Notes to Financial Statements
For the Year ended March 31,2024

Assets and liabilities which are measured at amortized cost for which fair values are disclosed
(` in Lakhs)

As at 31.03.2023* Level 1 Level 2 Level 3

Financial assets
Financial assets at amortized cost:
Loan to customers - - 46,16,389.25
Total financial assets - - 46,16,389.25
Financial Liabilities
Financial liabilities at amortized cost:
Debt securities - - 10,84,328.34
Borrowings (other than debt securities) - - 28,67,266.36
Subordinated liabilities - - 64,933.29
Total financial liabilities - - 40,16,528.00
*Amounts are shown at their Fair value

III. Valuation technique used to determine fair value

MTM calculation is based upon the valuation provided by the registered independent IBBI valuer as defined under rule 2 of
Companies (Registered Valuers and valuation) Rules, 2017, for outstanding derivative instrument at reporting date.

Fair value measurements using significant unobservable inputs (level 3)

Pre-tax rate that reflects current market assessments of the time value of money and the risk specific to the asset.

The following table presents changes in level 3 items for the year ended 31.03.2024 and 31.03.2023: -
(` in Lakhs)

Particulars Derivative Derivative

Instruments Items
Gains/(losses) recognized in profit and loss under Derivative deals in derivative (1,125.53) -
accounting
Gains/(losses) recognized in Other Comprehensive Income (16,540.40) (4,184.84)
As at 31.03.2024 (17,665.93) (4,184.84)
Gains/(losses) recognized in profit and loss under Derivative deals in derivative 1,242.79 -
accounting
Gains/(losses) recognized in Other Comprehensive Income 17,037.68 (22,058.82)
As at 31.03.2023 18,280.47 (22,058.82)

IV. Valuation Processes

For MTM valuation of hedge deals, the Company has obtained valuation from a registered independent IBBI valuer as defined
under rule 2 of Companies (Registered Valuers and valuation) Rules, 2017, who has provided such valuation after considering
movement in market position, movement in exchange rate, interest rate etc.

V. Fair value of financial assets and liabilities measured at amortized cost.

(` in Lakhs)
Particulars As at 31.03.2024 As at 31.03.2023

Financial Assets Carrying amount Transaction value Carrying amount Transaction value
Financial assets at amortized cost:
Loan to customers 58,69,200.97 58,86,586.28 46,16,389.25 46,32,998.88
Total financial assets 58,69,200.97 58,86,586.28 46,16,389.25 46,32,998.88

261
Notes to Financial Statements
For the Year ended March 31,2024

Particulars As at 31.03.2024 As at 31.03.2023

Financial liabilities Carrying amount Transaction value Carrying amount Transaction value
Financial liabilities at amortized cost:
Debt securities 17,71,361.13 17,72,074.42 10,84,328.34 10,84,505.46
Borrowings (other than debt securities) 31,32,383.60 31,32,383.60 28,67,266.36 28,67,267.09
Subordinated liabilities 64,941.24 65,000.00 64,933.29 65,000.00
Total financial liabilities 49,68,685.96 49,69,458.02 40,16,528.00 40,16,772.55

The carrying amount of the trade receivables, trade payables, cash and cash equivalents, other bank balance, other financial assets
and liabilities are considered to be same as their fair values, due to their short-term nature.

The fair values for borrowings, loans to companies, debt securities are calculated based on cash flows discounted using current
lending rate. They are classified as Level 3 fair values in the fair value hierarchy due to the inclusion of unobservable inputs,
including own credit risk.

The fair values of non-current borrowings are based on discounted cash flows using a current borrowing rate. They are classified
as level 3 fair values in the fair value hierarchy due to the use of unobservable inputs, including own credit risk.

29. Disclosure in respect of Indian Accounting Standard (Ind AS)-115 “Revenue from Contracts with Customers”

The Company is operating a solar power plant. The Power Purchase Agreement (PPA) has been signed between the company and
Kerala State Electricity Board Limited (KSEBL) on 31.03.2017 @ ` 4.95 per unit or rate as approved by Kerala State Electricity
Regulatory Commission (KSERC), whichever is lower. Accordingly, the company filed a petition for approval of the Power
Purchase Agreement with KSERC, which in its interim order dated 14.02.2018 approved an interim tariff of @ ` 3.90 per unit till
March 2018. During the financial year 2019-20, KSERC passed a tariff order and determined tariff of @` 3.83 per unit. For details
Refer Note 38(31) to Financial Statements.

Accordingly, the Company has recognized the gross revenue for supply of power to KSEBL at the determined tariff of ` 3.83 per
unit . Further, the Company has also continued to provide its consultancy services during the year.

(A) Generation of Power

Year ended 31.03.2024

Sr. No. Particulars Unit Generated (mil.) Unit Sold (mil.) Rate per Unit (`) Total (` in Lakhs)

i) Generation of power 78.23 77.81 3.83 2,980.31

Year ended 31.03.2023

Sr. No. Particulars Unit Generated (mil.) Unit Sold (mil.) Rate per Unit (`) Total (` in Lakhs)

i) Generation of power 72.09 71.68 3.83 2,745.33

(` in Lakhs)
Particulars Year ended Year ended
31.03.2024 31.03.2023

Amount of unbilled revenue included in Sales (Net) 297.47 302.80

262
Notes to Financial Statements
For the Year ended March 31,2024

(B) Reconciliation of Contracted Price and Revenue recognized in P&L (` in Lakhs)

Particulars Year ended Year ended
31.03.2024 31.03.2023
Contract Price 2,980.31 2,745.33
Adjustments:
-Trade Discount 59.61 54.91
-Refunds - -
Revenue recognized in statement of profit and loss 2,920.70 2,690.42

(C) Disaggregation of revenue

Set out below is the disaggregation of the Company's revenue from contracts with customers:
(` in Lakhs)
Sl Particulars Year ended Year ended
31.03.2024 31.03.2023
1 Revenue
Net Revenue from Operations (Net of Rebate, wherever applicable) 2,920.70 2,690.42
Consultancy 15.56 23.74
2 Primary geographical markets
Domestic Revenue 2,936.26 2,714.17
International Revenue - -
Total Revenue 2,936.26 2,714.17
3 Timing of revenue recognition
At a Point in time - -
Over time 2,936.26 2,714.17
Total Revenue 2,936.26 2,714.17
Note: KSEBL is the single customer for sale of power. Invoicing is done on a monthly basis with immediate payment terms.

(D) Trade Receivables and Contract Balances

The following table provides the information about receivables and contract liabilities from contracts with customers: -
(` in Lakhs)

Particulars As at 31.03.2024 As at 31.03.2023

Trade Receivable (Net) (Solar Plant) 297.47 302.80

30. SOLAR POWER PROJECT

The company entered into an MOU with Solar Energy Corporation of India (SECI) in the FY 2014-15 for implementation of 50 MW
Solar Project of the Company situated at Ambalathara Solar Park, Kasaragod District, in the state of Kerala. The plant was
commissioned in phase manner and fully commissioned during FY 2017-18, executed by Jakson Engineers limited as EPC
Contractor. It has been capitalized in the books and the present capitalized cost is Rs.31,936.20 Lakhs, shown under property,
plant and equipment. Refer Note 12 to Financial Statements.

The PPA was signed between the Company and Kerala State Electricity Board Limited (KSEBL) on 31.03.2017 @ ` 4.95 /KWH or rate
as approved by Kerala State Electricity Regulatory Commission (KSERC), whichever is lower. Accordingly, the Company filed a
petition for approval of the Power Purchase Agreement with KSERC, which in its interim order dated February 14, 2018 had
approved an interim tariff of `3.90 per unit. Further to the same, KSERC, in its order dated February 06, 2019 had approved of the
levelized tariff @ ` 3.83 per unit. It has also further ordered as under:

263
Notes to Financial Statements
For the Year ended March 31,2024

• KSEB Ltd shall reimburse, any tax paid on the Return on Equity (RoE), limited to the amount of equity specified in this Order. For
claiming the tax, developer shall furnish the proof of payment of such tax to KSEB Ltd.

• KSEB Ltd shall reimburse, the land lease paid by the Company / RPCKL, less amount received as subsidy, if any, in addition to the
above.

The said Order was challenged before Hon'ble APTEL by way of filling the appeal on August 27, 2019 for allowance of certain costs
towards expenditure incurred by the Company and paid to RPCKL to determine the tariff. On rejection of said appeal, the Company
filed a Review Petition with Appellate Tribunal (APTEL) on April 05, 2022. The matter is now listed for final hearing.

The Company also filed Second Appeal no. 4634 of 2022 in the Hon'ble Supreme Court of India during the pendency of the Review
Petition before the Appellate Tribunal, only to save the Appeal from being barred by limitation before the Hon'ble Court. The Hon'ble
Supreme Court of India vide order dated July 18, 2022 had given liberty to the Company to mention the mater for listing as and when
the Review Petition is disposed of. Notwithstanding, the generation income is being accounted for @ ` 3.83 per unit.

The Solar Project has been set up on Leasehold land for which lease charges are payable to Renewable Power Corporation of Kerala
Limited (RPCKL) from October 07, 2015 to October 06, 2043. As per KSERC Tariff order dated February 06, 2019, the Company is eligible
to avail reimbursement of such land lease charges paid to RPCKL.

However, the yearly payment of ` 39.02 Lakhs and its recovery are under settlement in view of which no corresponding amounts are
being recognized as assets/liability. Other recoveries for Return on Equity (ROE), being uncertain will be accounted on final resolution
in the matter.

31. Disclosure in respect of Indian Accounting standard (Ind AS)-116 "Leases"

The company has applied Ind AS 116 with the date of initial application of April 01, 2019. The company has applied Ind AS 116 using the
modified retrospective approach, under which the cumulative effect of initial application is recognized in retained earnings on April 01,
2019. The company has applied the above-mentioned approach to all of its lease arrangement enforceable as on April 01, 2019.

a) Description of lease accounted as Right of Use assets as per Ind AS 116

The Company has various lease agreements for Office spaces at Delhi & Mumbai, Residential Space at Delhi, and Solar Park Land at
Kerala. The tenure of each agreement and rental payments are different. The Company has applied the measurement principles under
Ind AS 116 for the leases on which exemption under short term lease are not available in line with the accounting policy of the Company.

b) Maturity analysis of lease liabilities

(` in Lakhs)
Maturity analysis –contractual undiscounted cash flows As at 31.03.2024 As at 31.03.2023
Less than one year 68.22 105.20
One year to five years 208.97 238.17
More than five years 546.28 585.30
Total undiscounted lease liabilities 823.47 928.67
Lease liabilities included in the statement of financial position 403.37 433.40
Current 66.16 30.02
Non-Current 337.21 403.38

264
c) Amount recognized in the statement of Profit and Loss
(` in Lakhs)
Particulars Year ended Year ended
31.03.2024 31.03.2023
Interest on lease liabilities 36.17 38.24
Variable lease payments not included in the measurement of lease liabilities - -
Income from sub-leasing right-of-use assets - -
Derecognition of lease liabilities - -
Derecognition of Right to use assets - -
Derecognition of Accumulated depreciation on Right to use assets - -
Expenses relating to short-term leases - -
Depreciation charge for right-of-use assets by class of underlying asset* 549.87 179.48

*The period of lease initiation being under dispute; depreciation on NBCC building residential flat has been charged from the date of . Any change will be dealt
with prospectively.

d) Amounts recognized in the Statement of Cash Flows

(` in Lakhs)
Particulars Amount

Year ended 31.03.2024 27.16

Year ended 31.03.2023 25.27

e) Amounts recognized in the Balance Sheet (` in Lakhs)

Particulars Year ended Year ended
31.03.2024 31.03.2023
Balance at the beginning of the year 2,825.05 2,825.05
Additions to right-of-use assets 13,952.56 -
Deletion/ Derecognition of right to use assets - -
Balance at the ending of the year 16,777.61 2,825.05
The carrying amount of right-of-use assets at the end of the year by class of 14,988.51 1,585.84
underlying asset.

f) Other disclosures
(` in Lakhs)
Particulars Year ended Year ended
31.03.2024 31.03.2023

Expenses relating to short-term leases 10.49 10.32

265
 Notes to Financial Statements

266
For the Year ended March 31,2024

32. The details of Title deeds of Immovable Properties not held in name of the Company are as under: -

As at 31.03.2024

Relevant line Description of Gross carrying Title deeds held Whether title Property held Reason for not being held in the name of the
item in the item of property value (` in Lakhs) in the name of deed holder is since company
Balance sheet a promoter,
director or relative
of promoter/
director or
employee of
promoter /director

Right of use Office premises 172.34 Occupied on the No Allotment The execution of Tripartite Conveyance Deed /
asset -IHC basis of letter dt. Agreement by India Habitat Centre (IHC)
Allotment Letter 12.04.1993 [between Land & Development Office (L&DO),
Issued by IHC IHC and allottee institutions] is pending in
respect of all allottee institutions at IHC
including IREDA. IHC is following with L&DO for
execution of lease deed. Draft of lease deed has
been cleared by L DO. IHC on 24.03.23 has
informed that the matter has been resolved
amicably and court passed the order to the
same effect. Further, two other petitions were
also withdrawn by both the parties IHC and
SDMC vide order dated 11.04.23. Company is
communicating with IHC for execution of
tripartite lease deed vide email dated
24.04.2023, 11.07.2023
IHC vide email dated 21.12.2023 has informed
that there is no change in status. Last
communication sent to IHC on 21.03.2024.

Office premises- 2,110.10 Occupied on the No Allotment The transfer of property rights is being followed
AKB basis of perpetual letter dt. with Housing Urban Development Corporation
lease deed by 04.12.2006 Limited (HUDCO). Latest communication was
HUDCO sent on 21.03.2024.
 Notes to Financial Statements
For the Year ended March 31,2024

Relevant line Description of Gross carrying Title deeds held Whether title Property held Reason for not being held in the name of the
item in the item of property value (` in Lakhs) in the name of deed holder is since company
Balance sheet a promoter,
director or relative
of promoter/
director or
employee of
promoter /director

Office premises- 13,291.71 Occupied on the No Allotment The final draft lease deed was forwarded by the
NBCC Kidwai basis of allotment letter dt. company to NBCC for further necessary action
Nagar letter 04.09.2015 for execution of Lease deed between the
President of India, acting through Dy. Land &
Development Officer- IV, Land & Development
Office, Ministry of Housing & Urban Affairs and
the company. The matter has been taken up
further with NBCC w.r.t date of possession and
start date of lease for the aforesaid properties
before execution of the same. Latest
communication was sent on 30.03.2024.

Right of use Residential 660.85 Occupied on the No Allotment The final draft lease deed was forwarded by the
asset Flats -NBCC basis of letter dt company to NBCC for further necessary action
Kidwai Nagar allotment letter 14.11.2018 for execution of Lease deed between the
President of India, acting through Dy. Land &
Development Officer- IV, Land & Development
Office, Ministry of Housing & Urban Affairs
(MOHUA) and the company. The matter has
been taken up further with NBCC w.r.t date of
possession and start date of lease for the
aforesaid properties before execution of the
same. The flat has been lying in Inter-pool
exchange of houses with MOHUA and the action
to take it back in company is under process.
Latest communication was sent on 30.03.2024.

Investment Residential 8.75 Agreement to No 23.06.1994 The transfer of property is being followed by
property flat sell by HPL Hindustan Prefab Limited (HPL) with L&DO,
Thereafter, the execution of Deed will take

267
place. Latest communication was sent on
21.03.2024.
 Notes to Financial Statements

268
For the Year ended March 31,2024
As at 31.03.2023

Relevant line Description of Gross carrying Title deeds held Whether title Property held Reason for not being held in the name of the
item in the item of property value (` in Lakhs) in the name of deed holder is since company
Balance sheet a promoter,
director or relative
of promoter/
director or
employee of
promoter /director

Right of use Office premises 172.34 Occupied on No Allotment The execution of Tripartite Conveyance Deed
asset -IHC the basis of letter dt. / Agreement by India Habitat Centre (IHC)
Allotment Letter 12.04.1993 [between Land & Development Office (L&DO),
Issued by IHC IHC and allottee institutions] is pending in
respect of all allottee institutions at IHC
including the Company. IHC is following with
L&DO for execution of lease deed. Draft of lease
deed has been cleared by L&DO. IHC on
24.03.23 has informed that the matter has been
resolved amicably and court passed the order to
the same effect. Further, two other petitions
were also withdrawn by both the parties IHC and
SDMC vide order dated 11.04.23. Company is
communicating with IHC for execution of
tripartite lease deed.

Office premises- 2,110.10 Occupied on No Allotment The transfer of property rights is being followed
AKB the basis of letter dt. with Housing Urban Development Corporation
perpetual lease 04.12.2006 Limited (HUDCO). Latest communication was
deed by HUDCO on 16.06.22.

Investment Residential flat 8.75 Agreement to No 23.06.1994 The transfer of property is being followed by
property sell by HPL Hindustan Prefab Limited (HPL) with L
Thereafter, the execution of Deed will take
place. Latest communication was on 23.01.2023.
Notes to Financial Statements
For the Year ended March 31,2024

33. Details of Property Tax

The property tax demand raised up to 31.03.2024 in respect of all the residential and office premises have been paid. The property
tax in respect of office building at India Habitat Centre has been paid as per the demand of India Habitat Centre, which was based
on unit area method. South Delhi Municipal Corporation (SDMC) had earlier raised an issue with India Habitat Centre to include
license fee received for the facilities area for the purpose of calculating ratable value for the period 1994-2004. The issue has been
settled between SDMC and IHC and petitions were withdrawn by both the Parties. Vide order dated 11th April 2023 of Hon'ble High
Court. In view of this, no further liability has arisen. The demand for property tax in respect of Office Space & Residential flats at
NBCC Kidwai Nagar is unascertainable.

34. Details of Benami Property

No proceedings have been initiated or pending against the company for holding any benami property under the Benami
Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder during the current and previous year.

35. Recent accounting pronouncements / Standards / Amendments issued but not effective.

There are no recent accounting pronouncements / Standards / Amendments which are yet to be effective as on March 31, 2024.

36. There are no Micro and Small Enterprises, to whom the Company owes dues, which are outstanding for more than 45 days as on
31.03.2024 (previous year: ` Nil). This information as required to be disclosed under the Micro, Small and Medium Enterprises
Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available
with the Company.
(` in Lakhs)
Sl. Particulars As at 31.03.2024 As at 31.03.2023
1 Principal amount remaining unpaid as on year end 102.87 25.25
2 Interest due thereon remaining unpaid as on year end - -
3 Interest paid by the company in terms of Section 16 of Micro, Small and Medium - -
Enterprises Development Act, 2006, along with the amount of the payment made
to the supplier beyond the appointed day during the year.
4 Interest due and payable for the year of delay in making payment but without - -
adding the interest specified under Micro, Small and Medium Enterprises
Development Act, 2006
5 Interest accrued and remaining unpaid as on year end - -
6 Interest remaining due and payable even in the succeeding year, until such date - -
when the interest due as above are actually paid to the small enterprises, for the
purpose of disallowance of a deductible expenditure under section 23 of the
Micro, Small and Medium Enterprises Development Act, 2006.

37. Disclosure on Corporate Social Responsibility

In terms of Section 135 of The Companies Act, 2013, the company is required to constitute a corporate social responsibility (CSR)
Committee of the Board of Directors and the Company has to spend 2% of the average net profits of the company's three
immediately preceding financial years calculated as per section 198 of the Companies Act 2013. In accordance with the
Companies (Corporate Social Responsibility Policy) Amendment Rules, 2021 notified w.e.f. 22.01.2021, any unspent amount
pursuant to any ongoing project shall be transferred to unspent CSR Account in any scheduled bank within a period of thirty days
from the end of the financial year, to be utilized within a period of three financial years from the date of such transfer. Any unspent
CSR amount, other than for any ongoing project, shall be transferred to a Fund specified under Schedule VII, within a period of six
months of the expiry of the financial year. Further, if the company spends an amount in excess of the requirement under statute,
the excess amount may be carried forward and set off in three succeeding financial years against the amount to be spent.

269
Notes to Financial Statements
For the Year ended March 31,2024

a. As at 31.03.2024, details of gross amount required to be spent on CSR activities by the Company is as under:

During the year ended, an aggregate amount of ` 2,150.66 Lakhs (previous year: ` 697.44 Lakhs) was incurred w.r.t. CSR projects
based on the progress of the projects. Out of the funds released during the year, an amount of ` 1,664.58 Lakhs (previous year:
` 448.43 Lakhs) relates to the projects expenditure for the financial year 2023-24 as detailed at (c) below.

Of the balance amount, `373.96 Lakhs (previous year: ` 249.01 Lakhs) relates to projects expenditure of earlier years (prior to 2019-
20) being dealt as per the pre amendment framework as detailed at (a.i) below. Further ` 112.12 Lakhs (previous year: ` Nil Lakhs)
pertains to the amount spent from unspent a/c for FY 2022-23 as detailed at (e) below.

Details of CSR Expenses for Current Previous FY

(` in Lakhs)
Sl. Particulars Year ended Year ended
31.03.2024 31.03.2023
1 Gross amount required to be spent by the company during the year 1,693.52 1,057.73
2 Amount spent during the year1 1,664.58 724.41
3 Shortfall / (Excess) at the end of the year (1-2) 28.93 333.32
4 Carried Forward (Excess) CSR spends from previous years (28.93) (362.25)
5 Adjustment of Excess Amount spent previously in Current year* 28.93 333.32
6 Total Shortfall / (Excess) spends carried forward at the year-end - (28.93)
*In view of MCA notification dated 22.01.2021, applicable prospectively, the amount of excess spent can be utilized in 3 successive years.

a.i Details of Unspent Amount prior to FY 2019-20 (being dealt as per pre amendment framework)
(` in Lakhs)
Sl. Particulars Year ended Year ended
31.03.2024 31.03.2023

a) Opening Balance 373.96 622.97

b) Spent during the year 373.96 249.01

c) Closing Balance [Shortfall / (Excess)] * (a-b) - 373.96

*includes an amount of `8.43 Lakhs relating to completed project wherein no further disbursement was required and hence provision has been created to transfer the said
amount to Schedule VII Fund

b. For FY 2023-24, the Board had approved CSR budget of ` 1,693.52 Lakhs (FY 2022-23 ` 1,057.73 Lakhs) based on 2% of the average
standalone Profit (before tax) as per Companies Act, 2013. The projects sanctioned in a year may be completed in subsequent
years based on milestone linked payment to various stages of completion of the project.
c. Amount spent during the year on CSR activities: -
(` in Lakhs)
Sl. Particulars Year ended Year ended
31.03.2024 31.03.2023

Paid or Yet to be Total Paid or Yet to be Total

Settled paid Settled paid
(i) On CSR activities related to 548.92 1,112.90 1,661.82 448.43 275.99 724.41
Healthcare, Environment
Sustainability, Ecological Balance &
Conservation of Natural Resources ;
Research & Development
(ii) On purposes other than (i) above – 2.76 - 2.76 - - -
Administrative Expenses
Total 551.68 1,112.90 1,664.58 448.43 275.99 724.41

270
Notes to Financial Statements
For the Year ended March 31,2024

d. There were no related party transactions by the Company in relation to CSR expenditure in the current year or previous year.

e. Details of CSR amount Spent and Unspent: -

Year ended 31.03.2024

Unspent amount
(` in Lakhs)

Opening Balance Amount deposited in Amount required to be Amount spent Closing Balance
Specified Fund of Schedule spent during the year during the year*
- VII within 6 months

- NA 1,693.52 580.61 1,112.90

*Includes setoff of 28.93 Lakhs carried forward from previous year

Excess Amount Spent (` in Lakhs)

Opening Balance Amount required to be Amount spent during Amount adjusted Closing Balance
spent during the year the year against shortfall in CY

28.93 - - 28.93 -

For Ongoing Projects:

(` in Lakhs)
Pertaining to Opening Balance Amount Amount spent during Closing Balance Details of ongoing
FY required to the year Projects
be spent
With in From From Separate With In
during the
Company Separate Company’s CSR Unspent Company Separate
year
CSR bank A/c A/c CSR
Unspent A/c Unspent
A/c
23-24 - - 1,514.23 401.34 - 1,112.90* - Projects related to
Healthcare
Environment
Sustainability,
Ecological Balance
and Conservation of
Natural Resources
22-23 - 275.99 - - 112.12 - 163.87 Projects related to
Healthcare,
Education Skill
development
*Since amount pertains to ongoing projects, it shall be transferred to Unspent CSR Account for FY 2023-24 within 30 days from end of FY as per the applicable guidelines.

Year ended 31.03.2023

Unspent amount (` in Lakhs)
Opening Balance Amount deposited in Amount required to be Amount spent Closing Balance
Specified Fund of Schedule spent during the year during the year*
- VII within 6 months
- NA 1,057.73 781.74 275.99
*Includes adjustment of set off amount of excess CSR spends in previous years.

271
Notes to Financial Statements
For the Year ended March 31,2024

Excess Amount Spent (` in Lakhs)

Opening Balance Amount required to be Amount spent during Amount adjusted Closing Balance
spent during the year the year against shortfall in CY

362.25 - - 333.32 28.93

For Ongoing Projects: (` in Lakhs)

Pertaining to Opening Balance Amount Amount spent during Closing Balance Details of ongoing
FY required to the year Projects
be spent
With in From From Separate With In
during the
Company Separate Company’s CSR Unspent Company Separate
year
CSR bank A/c A/c CSR
Unspent A/c Unspent
A/c
22-23 - - 511.35 235.36 - 275.99 - Projects related to
Healthcare
*Since amount pertains to ongoing projects, it has been transferred to unspent CSR Account on 24.04.2023 i.e. within 30 days from end of FY as per the applicable guidelines.

38. Remuneration to Auditor

(` in Lakhs)

Particulars Year ended Year ended

31.03.2024* 31.03.2023*
Auditor
• Limited Review - -
• Statutory Audit 12.50 9.60
• Tax Audit 4.17 3.20
• Audit Fees for Interim Accounts 37.50 28.80
Other Services
• Certification Fees 0.50 3.00
• IPO related 24.00** 5.00
• Other Expenses - -
Total 78.67 49.61
*Excluding GST
**Forming part of share issue expenses and adjusted from securities premium. Refer Note 26 to Financial Statements.

39. Disclosure - for AP cases involving Power Purchase Agreement (PPA) issue- Accounts with over dues beyond 90 days but not
treated as credit impaired.

Several borrowers have obtained an interim order from Hon'ble High Court of Andhra Pradesh to not to classify the account as
Non-Performing Asset. Accordingly, the loan outstanding of the borrower have not been classified as Stage III Asset, even
though the over dues are more than 90 days old. However, the Company has created an adequate provision of `52,131.28 Lakhs
on Loan outstanding of `87,366.57 Lakhs in the books of accounts as per Expected Credit Loss (ECL) as at 31.03.2024 (previous
year: provision of `48,510.54 Lakhs on Loan outstanding of `89,312.93 Lakhs) after considering the financial and operational
parameters of the projects. Though the accounts are not declared as NPA, but the income is booked into this account on cash
/realization basis (i.e. any 'interest due and not received' is reversed and not been taken as interest income).
(` in Lakhs)
Particulars No. of a/c Outstanding Amount Overdue Amount ECL Amount
As at 31.03.2024 7 87,366.57 67,846.60 52,131.28
As at 31.03.2023 7 89,312.93 54,932.69 47,646.73

272
Notes to Financial Statements
For the Year ended March 31,2024
40. One Time Settlement (OTS), Write - Offs (Loan Assets).

For the year ended 31.03.2024

During the year ended 31.03.2024, Five OTS were sanctioned, out of which one account stands fully settled. Total amount of
`2,023.73 Lakhs has been recovered against the said settled OTS resulting in income of `469.40 Lakhs and write back of
impairment allowance of `247.78 Lakhs.

For the year ended 31.03.2023

During the year ended 31.03.2023, Seven OTS were sanctioned, out of which seven account stands fully settled. Total amount of
`5,390.92 Lakhs has been recovered against the said settled OTS resulting in income of `1,175.34 Lakhs and write back of
impairment allowance of `1,504.87 Lakhs.

The Company has written off an amount of `0.70 Lakhs pertaining to seven borrowers classified as “NPA loss assets”.

41. MNRE / UNDP - IREDA SCHEME FUNDS

The Company besides its own activities implements Programme on behalf of Ministry for New and Renewable Energy on the
basis of Memorandum of Understanding entered into with the said Ministry. In terms of stipulations of each of the MOUs, MNRE
has placed an agreed sum in respect of each Programme with the company for Programme implementation. Interest on MNRE
funds is accounted as and when received. As the income generated by the MNRE Programme loans is not the income of the
company and also the loan assets belong to MNRE, the same is not considered for asset classification and provisioning purposes.
On closure of the respective Programme, the company is required to transfer the amount standing to the credit of MNRE
(inclusive of interest accrued thereon) to MNRE after deducting the service charges, irrecoverable defaults, and other dues as
stipulated in the MoU.

a) Generation Based Incentives (GBI) / Capital Subsidy Scheme etc.: The Company is the Program Administrator on behalf of
Ministry of New & Renewable Energy (MNRE) for implementation of Generation Based Incentive Scheme and Capital
Subsidy for Wind and Solar Power Projects registered under the Scheme. Under these schemes, fund is provided by MNRE
to the company for the purpose of disbursement of the same towards energy generation to the GBI claimants i.e., the
Project Developers/ DISCOM as per the scheme. Therefore, essentially, the activity is receipt and utilization of funds. For
release of GBI fund by MNRE, the company is required to submit the Utilization Certificate along with Audited Statement of
Expenditure duly certified by a Chartered Accountant, for the previous tranche of fund released by MNRE. The said
requirement is fully complied with by the company, and nothing further has been required by MNRE so far. The statutory
auditors have not audited the accounts of the scheme.

The amount due to MNRE on account of the above at the close of the year, along with interest on unutilized funds kept in
separate bank accounts as savings banks / short-term deposits etc. shown as Bank balances other than included in Cash
and Cash Equivalents (Refer Note 3 to Financial Statements) and the corresponding liability is shown under the head Other
Financial Liabilities (Refer Note 22 to Financial Statements) in the Balance Sheet.

b) GEF -MNRE -United Nations Industrial Development Organization (UNIDO) Project: Ministry of New and Renewable
Energy (MNRE) and UNIDO have jointly implemented a GEF-5 funded project on using biogas/bio-methane technology for
waste to energy conversion, targeting innovations and sustainable energy generation from industrial organic wastes.
Under the said project UNIDO will provide funds for subsidizing the interest rate by 5% for the project developers and the
company is the fund handler. During the year ended 31.03.2024, NIL claims (previous year : NIL Claims) have been made to
UNIDO. Funds amounting to ` 255.14 Lakhs has been received by the company towards the 1st tranche of USD 340000 in FY
2021-22.

The funds so received have been kept in separate bank account as savings banks / short-term deposits etc. shown as Bank
balances other than included in Cash and Cash Equivalents (Refer Note 3 to Financial Statements) and the corresponding
liability is shown under the head Other Financial Liabilities (Refer Note 22 to Financial Statements) in the Balance Sheet.

273
Notes to Financial Statements
For the Year ended March 31,2024
42. MNRE GOI FULLY SERVICED BONDS

In terms of O.M. No. F.15 (4)-B (CDN)/2015 dated 03.10.2016 issued by Department of Economic Affairs, Ministry of Finance,
Government of India, the company was asked to raise an amount of `4,00,000 Lakhs through GOI fully serviced bonds for
Utilization of the proceeds for MNRE Schemes / Programs relating to Grid Interactive Renewable Power, off-Grid/Distributed
Decentralized Renewable Power and Investment in Corporations Autonomous Bodies. A MoU between MNRE and the
company has also been signed on January 25, 2017 defining the role and responsibilities of both. Para No I of General Clauses at
page 5 of the MoU specifically defines that the borrowings of MNRE bonds shall not be considered as assets/liability for any
financial calculation by the Company. This implies that the amount raised by way of MNRE bonds while shall be reflected in the
borrowing as well as assets however, there will be no impact of the same on company s borrowings/ Assets or Income / Expenses.

The Company had raised ` 1,64,000.00 Lakhs GOI Fully Serviced Bonds on behalf of MNRE during the year 2016-17 and the same
has been shown under Note 24 – Other Non-Financial liabilities. Against this an amount of ` 1,63,879.20 Lakhs has been
disbursed up to 31.03.2024 (previous year: ` 1,63,879.20 Lakhs) as per the instructions of the MNRE for various plans/schemes.
The said amount has been shown under Note No. 17 – Other Non-Financial Assets – as amount recoverable from MNRE. The
amount was kept in MIBOR Linked deposit on which the accrued interest of `1,227.76 Lakhs as at 31.03.2024 (previous year:
`1,160.42 Lakhs) has been shown under Note No. 24 – Other Non-Financial liabilities. The balance cumulative amount (inclusive
of interest accrued / earned) as at 31.03.2024 is ` 996.03 Lakhs (previous year: `928.69 Lakhs) which is kept in MIBOR Linked Term
Deposit and remaining in Current Account amounting to `352.53 Lakhs as at 31.03.2024 (previous year: `352.53 Lakhs) which
are shown under Note No. 3 – Bank balances other than included in Cash and Cash Equivalents in respective sub heads.

During the year ended 31.03.2024, interest on the GOI fully Serviced Bond of `12,434.70 Lakhs (previous year: `12,434.70 Lakhs)
became due for payment to the investors. The same has been received from GOI and paid to the investors. Details of Bonds so
raised have been tabulated below:-
(` in Lakhs)
Sl No. Bond Series As at 31.03.2024 As at 31.03.2023

1 7.22% GOI Fully Serviced Bonds 61,000.00 61,000.00

(Series I - Date of Redemption - February 06, 2027)
2 7.60% GOI Fully Serviced Bonds 22,000.00 22,000.00
(Series IA - Date of Redemption - February 23, 2027)
3 7.85% GOI Fully Serviced Bonds 81,000.00 81,000.00
(Series IB - Date of Redemption - March 06, 2027)
Total 1,64,000.00 1,64,000.00

43. SUBSIDY / INCENTIVE RECEIVED FROM MNRE AND HANDLED ON THEIR BEHALF

A. Interest Subsidy

As per the Government policy, MNRE is providing interest subsidy which is released to borrowers implementing MNRE
programmes. Interest subsidy w.r.t. Co-generation, Small Hydro, Briquetting, Biomass, Solar Thermal and Waste to Energy is
released on NPV basis and for Solar and SPV programmes, the same is done on actual basis.The interest subsidy is passed on to
the borrowers on half yearly basis subject to borrowers complying with the terms and conditions of the sanction. The
programme-wise details of standing balances of interest subsidy are as under: -

(i) Interest subsidy received earlier and outstanding on NPV basis: -

(` in Lakhs)
Year ended Bio-Mass/Co-generation Small Hydro Sub Total (A)

31.03.2024 215.01 1.83 216.84

31.03.2023 215.01 1.83 216.84

274
Notes to Financial Statements
For the Year ended March 31,2024

(ii) Interest subsidy received earlier and outstanding on actual basis: -

(` in Lakhs)
Year ended Solar SPV WP SPV WP SPV WP SPV WP SPV WP Accelerated Sub Total (B) Grand Total
Thermal 2000-01 2001-02 1999-00 Manufacturing 2002-03 SWH System (A+B)
Sector
31.03.2024 0.04 (51.35) (136.03) (6.85) (2.97) (41.39) 0.10 (238.45) (21.61)
31.03.2023 0.04 (51.35) (136.03) (6.85) (2.97) (41.39) 0.10 (238.45) (21.61)

B. Capital Subsidy

During the year ended 31.03.2024, an amount of `100.00 Lakhs (previous year: `3,594.77) was received from MNRE towards
Capital Subsidy. Out of the total capital subsidy amount available `100.00 Lakhs (previous year: `3,594.77) was passed on to the
borrowers on compliance of the terms and conditions of the capital subsidy scheme.

44. Disclosure Relationship with Struck off Companies

Name of struck off Company Nature of Balance Relationship with Balance outstanding Relationship with
transactions with outstanding as the Struck off as on 31.03.2023 the Struck off
struck-off on 31.03.2024 company, if any, (` in Lakhs) company, if any,
Company (` in Lakhs)
SPV Power Limited Receivables 0.10 Borrower 0.10 Borrower
Ocha Pine Fuels Private Limited Receivables 0.10 Borrower 0.10 Borrower
The balances are being carried in the books in view of the recovery proceedings in respective cases from the promoters / guarantors in
various legal forums.
45. Additional Information
a) Expenditure in Foreign Currency:
• On Travelling: `28.39 Lakhs (previous year:`15.34 Lakhs)
• Interest Commitment expenses: 27,859.97 Lakhs (previous year: 18,944.31 Lakhs)
B) Earnings in Foreign Exchange:
• Interest: `462.46 Lakhs (previous year: `Nil Lakhs)
c) During the year, KfW paid `Nil Lakhs (previous year: `48.29 Lakhs) (including `Nil Lakhs directly to consultants hired under
TA Programme under Direct Disbursement Procedures and `Nil Lakhs directly to the company towards taxes) against
Technical Assistance Programme (TAP) of EURO 0.60 Million sanctioned to the company in respect of KfW IV lines of credit
for “Technical Assistance for Solar PV Project Pipeline in India” etc.

d) During the year, M/s KfW paid ` Nil Lakhs (previous year: ` 116.15 Lakhs) (including ` Nil Lakhs directly to consultants hired
under TA Programme under Direct Disbursement Procedures and ` Nil Lakhs directly to the company towards taxes)
against TAP of EURO 1 million sanctioned to the company in respect of KfW VI line of credit for expert services for capacity
building measures and costs for related goods and services for the company.

e) The World Bank has sanctioned a Clean Technology Fund (CTF) Grant of USD 2 Million to assist in financing of the Shared
Infrastructure for Solar Parks Project under IBRD III Line of credit. During the year, World Bank released ` 305.00 Lakhs
(previous year: ` 174.55 Lakhs) including ` 244.83 Lakhs towards revenue expenses (previous year: ` 49.96 Lakhs) and
` 60.17 Lakhs towards capital expenses (previous year:` 124.59 Lakhs) to the Company under the CTF Grant.

f) Details of Crypto Currency or Virtual Currency : The Company has not traded or invested in Crypto currency or Virtual
Currency during the current and previous year.

275
Notes to Financial Statements
For the Year ended March 31,2024

46. AMOUNT EXPECTED TO BE RECOVERED / SETTLED WITHIN 12 MONTHS AND BEYOND FOR EACH LINE ITEM
UNDER ASSET AND LIABILITIES (` in Lakhs)
Sl. Particulars As at 31.03.2024

Within 12 Months More than 12 Total

Months
I. ASSETS
A Financial Assets
(a) Cash and cash equivalents 7,421.32 - 7,421.32
(b) Bank Balance other than (a) above 60,039.79 6,127.41 66,167.20
(c) Derivative financial instruments 12,233.55 36,144.91 48,378.46
(d) Receivables
(I) Trade Receivables 441.52 160.23 601.75
(II) Other Receivables - -
(e) Loans 8,66,675.27 50,10,833.60 58,77,508.86
(f) Investments - 9,933.92 9,933.92
(g) Other financial assets 1,368.04 1,174.05 2,542.09
Total (A) 9,48,179.48 50,64,374.12 60,12,553.60
B Non-financial Assets
(a) Current Tax Assets (Net) 15,540.74 - 15,540.74
(b) Deferred Tax Assets (Net) - 28,944.30 28,944.30
(c) Investment Property - 2.48 2.48
(d) Property, Plant and Equipment - 20,639.55 20,639.55
(e) Capital Work-in-progress - - -
(f) Right of use asset - 14,988.52 14,988.52
(g) Intangible assets under development - - -
(h) Intangible assets - 478.07 478.07
(i) Other non-financial assets 745.77 1,66,148.88 1,66,894.65
Total (B) 16,286.51 2,31,201.80 2,47,488.31
Total Assets (A+B) 9,64,465.99 52,95,575.92 62,60,041.91
II. LIABILITIES AND EQUITY
LIABILITIES
A Financial Liabilities
(a) Derivative financial instruments 18,121.54 2,680.37 20,801.91
(b) Payables
(I) Trade Payables 730.33 - 730.33
(c) Debt Securities - 17,71,361.13 17,71,361.13
(d) Borrowings (Other than Debt Securities) 8,69,287.13 22,63,096.47 31,32,383.60
(e) Subordinated Liabilities - 64,941.24 64,941.24
(f) Other financial liabilities 92,394.06 41,635.88 1,34,029.94
Total(A) 9,80,533.06 41,43,715.09 51,24,248.15
B Non-Financial Liabilities
(a) Provisions - 99,111.02 99,111.02
(b) Other non-financial liabilities - 1,80,740.20 1,80,740.20
Total(B) - 2,79,851.22 2,79,851.22
C EQUITY
(a) Equity Share Capital - 2,68,776.47 2,68,776.47
(b) Other Equity - 5,87,166.07 5,87,166.07
Total(C) - 8,55,942.54 8,55,942.54
Total Liabilities and Equity(A+B+C) 9,80,533.06 52,79,508.85 62,60,041.91

276
Notes to Financial Statements
For the Year ended March 31,2024
(` in Lakhs)

Sl. Particulars As at 31.03.2023

Within 12 Months More than 12 Total

Months
I. ASSETS
A Financial Assets
(a) Cash and cash equivalents 13,845.00 - 13,845.00
(b) Bank Balance other than (a) above 75,298.24 6,325.81 81,624.05
(c) Derivative financial instruments 258.36 57,146.84 57,405.20
(d) Receivables
(I) Trade Receivables 491.38 9.87 501.25
(II) Other Receivables - - -
(e) Loans 7,47,943.06 38,74,749.27 46,22,692.33
(f) Investments - 9,930.26 9,930.26
(g) Other financial assets 2,055.16 1,125.41 3,180.56
Total (A) 8,39,891.20 39,49,287.45 47,89,178.65
B Non-financial Assets
(a) Current Tax Assets (Net) 14,392.42 - 14,392.42
(b) Deferred Tax Assets (Net) - 30,100.18 30,100.18
(c) Investment Property - 2.97 2.97
(d) Property, Plant and Equipment - 21,284.30 21,284.30
(e) Capital Work-in-progress - 13,926.35 13,926.35
(f) Right of use asset - 1,585.82 1,585.82
(g) Intangible assets under development 485.57 - 485.57
(h) Intangible assets - 1.44 1.44
(i) Other non-financial assets 8,874.15 1,64,868.23 1,73,742.39
Total (B) 23,752.15 2,31,769.29 2,55,521.44
Total Assets (A+B) 8,63,643.35 41,81,056.74 50,44,700.09
II. LIABILITIES AND EQUITY
LIABILITIES
A Financial Liabilities
(a) Derivative financial instruments 8,806.72 6,340.14 15,146.86
(b) Payables
(I) Trade Payables 449.05 1.22 450.28
(c) Debt Securities 48,105.04 10,36,223.30 10,84,328.34
(d) Borrowings (Other than Debt Securities) 8,03,668.21 20,63,598.15 28,67,266.36
(e) Subordinated Liabilities - 64,933.29 64,933.29
(f) Other financial liabilities 92,266.89 41,276.47 1,33,543.36
Total(A) 9,53,295.91 32,12,372.58 41,65,668.48
B Non-Financial Liabilities
(a) Provisions 8,799.47 1,03,016.33 1,11,815.80
(b) Other non-financial liabilities 5,553.22 1,68,145.63 1,73,698.86
Total(B) 14,352.70 2,71,161.96 2,85,514.66
C EQUITY
(a) Equity Share Capital - 2,28,460.00 2,28,460.00
(b) Other Equity - 3,65,056.95 3,65,056.95
Total(C) - 5,93,516.95 5,93,516.95
Total Liabilities and Equity(A+B+C) 9,67,648.60 40,77,051.49 50,44,700.09

277
Notes to Financial Statements
For the Year ended March 31,2024

47. DISCLOSURES IN TERMS OF MASTER DIRECTION – RESERVE BANK OF INDIA ( NON-BANKING FINANCIAL COMPANY – SCALE
BASED REGULATION) DIRECTIONS, 2023 DATED 19.10.23 (AS AMENDED)

A. Resolution plans implemented by the Company

(` in Lakhs)
Year ended No. of Borrower Principal Outstanding at year end Impairment
allowance as per ECL
31.03.2024 - - -
31.03.2023 1 5,565.22 3,349.93

B. Capital (` in Lakhs)

Sl. Particulars As at 31.03.2024 As at 31.03.2023

1 CRAR (%) 20.11% 18.82%
2 CRAR – Tier I Capital (%) 18.08% 15.71%
3 CRAR – Tier II Capital (%) 2.03% 3.11%
4 Amount of subordinated debt raised as Tier-II capital (` in Lakhs) 64,941.24 64,933.29
5 Amount raised by issue of Perpetual Debt Instruments - -
The CRAR has been determined with Tier I / Tier II Capital and Risk Weighted Asset (RWA) calculated as per the applicable guidelines.

C. Investments (` in Lakhs)

Particulars As at 31.03.2024 As at 31.03.2023

(1) Value of Investments

(i) Gross Value of Investments

(a) In India
-Flexi Deposit Linked with MIBOR (including interest accrued) 66.09 4,142.42
- GOI Securities (Quoted) (including interest accrued) 10,130.31 10,126.66
-Commercial Papers (Fully impaired) 6,899.11 6,899.11
(b) Outside India - -
(ii) Provisions for Impairment
(a) In India 6,899.11 6,899.11
(b) Outside India - -
(iii) Net Value of Investments
(a) In India 10,196.40 14,269.08
(b) Outside India -
(2) Movement of provisions held towards impairment on investments.
(i) Opening balance 6,899.11 6,899.11
(ii) Add: Provisions made during the year - -
(iii) Less: Write-off /write-back of excess provisions during the year - -
(iv) Closing balance 6,899.11 6,899.11

278
Notes to Financial Statements
For the Year ended March 31,2024

D Derivatives

v Forward Rate Contract / Interest Rate Swap Agreement

(` in Lakhs)

Sl. Particulars As at 31.03.2024 As at 31.03.2023

i) The notional principal of swap agreements* 7,66,102.74 8,74,469.35

ii) Losses which would be incurred if counterparties failed to fulfill their obligations 48,378.46 57,405.20
under the agreements
iii) Collateral required by the applicable NBFC upon entering into swaps N.A. N.A.
iv) Concentration of credit risk arising from the swaps ** Refer Note* Refer Note*
v) The fair value of the swap book 27,576.55 42,258.34
* Notional Principal indicates deal amount in foreign currency converted into INR terms using RBI reference rate for the closing dates.

**The Company enters into swap agreements with International Swaps and Derivatives Association (ISDA) Banks (PSU Banks, Private Indian Banks & Foreign Banks), in
accordance with the RBI guidelines. All the swap agreements entered into with the banks are well within the credit risk limit defined in the Board approved Risk
Management Policy.

v Exchange Traded Interest Rate (IR) Derivatives – Nil

v Disclosures on Risk Exposure in Derivatives

a) Qualitative Disclosure

(i) The company recognizes various market risks including interest rate, foreign exchange fluctuation and other assets liability
mismatches.

(ii) All derivative deals are undertaken under the supervision of Forex Management Committee (FMC). In order to protect the
company from foreign exchange fluctuation and interest rate risk, the company has entered into long term agreements with
ISDA Banks to hedge such risk through derivative instrument.

(iii) The company is taking active action for protection against exchange fluctuation risk by adopting hedging instrument on case-
to-case basis. In this regard, during the year ended 31.03.2024, the company has entered three Forward contracts with two
ISDA Bankers under JICA-II line of credit.

(iv) The company has board approved Foreign Exchange and Derivatives Risk Management Policy, which defines the maximum
permissible limit of open exposure which cannot be more than 40% of the foreign currency loan outstanding. The company's
foreign currency loan open exposure as at 31.03.2024 is 22.18 % (previous year: 18.62 %) of total foreign currency loan
exposure.
b) Quantitative Disclosures
As at 31.03.2024
Sl. Particulars Currency Interest Rate
Derivatives (POS) includes Derivatives Includes cross
Forward Contracts currency interest rate swaps(i)
i) Derivatives (Notional Principal Amount)*
€ 134.40 € 1.11
For hedging ( in million) $ 530.40 $ 37.99
¥ 28,522.57 ¥ 2,094.87
Value (` in Lakhs) 7,21,881.76 44,220.98
ii) Mark to Market Position
a) Asset (+) (` in Lakhs) 42,282.84 6,095.62
b) Liability (-) (` in Lakhs) (19,719.75) (1,082.16)
(iii) Credit Exposure N.A N.A
(iv) Unhedged Exposures (For Principal amount outstanding 2,06,229.85
including part hedge not considered as hedge) (` in Lakhs)
*Notional Principal indicates deal amount outstanding in foreign currency converted into INR terms using RBI reference rate for the closing dates.

279
Notes to Financial Statements
For the Year ended March 31,2024

As at 31.03.2023

Sl. Particulars Currency Interest Rate

Derivatives (POS) includes Derivatives Includes cross
Forward Contracts currency interest rate swaps
(i) Derivatives (Notional Principal Amount)*
€ 157.45 € 1.11
For hedging ( in million) $ 563.64 $ 42.66
¥ 35,754.29 ¥ 2,094.87
Value (` in Lakhs) 8,25,452.87 49,016.48
(ii) Mark to Market Position
a) Asset (+) (` in Lakhs) 50,547.63 6,857.57
b) Liability (-) (` in Lakhs) (15,146.86) -
(iii) Credit Exposure N. A N. A
(iv) Unhedged Exposures (For Principal amount outstanding 1,88,629.68
including part hedge not considered as hedge) (` in Lakhs)
*Notional Principal indicates deal amount outstanding in foreign currency converted into INR terms using RBI reference rate for the closing dates.

280
 Notes to Financial Statements
For the Year ended March 31,2024
E. Asset Liability Management Maturity pattern of certain items of Assets and Liabilities

As at 31.03.2024 (` in Lakhs)
Particulars Up to 8-14 Days Over14 Over 1 Over 2 Over 3 Over 6 Over 1 Over 3 Over 5 Total
7 Days days-30/ months -2 months -3 months – months year
31 Days months months upto -upto 1 to 3 years years
6 months year

Deposits 66.09 - - - - - - - - - 66.09

Advances 102.43 - 39,628.35 40,379.31 99,190.25 2,00,256.08 4,89,634.25 15,99,299.20 8,82,282.61 25,40,434.77 58,91,207.27
including
interest

Investments - - - - - - - - - 9,933.92 9,933.92

Rupee 8,262.43 - 22,916.67 41,964.00 1,30,668.93 2,45,029.50 3,38,619.72 13,05,057.59 4,65,164.58 14,81,908.03 40,39,591.45
Borrowings

Foreign 57.52 - - - - - - - - - 57.52

Currency assets

Foreign - - 7,250.33 5,685.00 10,896.52 17,080.19 40,913.84 1,63,656.28 1,53,104.52 5,31,279.88 9,29,866.56
Currency
liabilities

As at 31.03.2023 (` in Lakhs)
Particulars Up to 8-14 Days Over14 Over 1 Over 2 Over 3 Over 6 Over 1 Over 3
7 Days days-30/ months -2 months -3 months – months year up up to 5 years
31 Days months months upto -upto 1 to 3 years years
6 months year

Deposits - - - - - 4,206.58 - - - - 4,206.58

Advances 548.78 - 46,302.08 43,721.81 89,567.79 1,96,153.03 3,74,282.86 10,68,542.83 7,50,154.16 20,68,022.15 46,37,295.49
including
interest

Investments - - - - - - - - - 9,930.26 9,930.26

Rupee - - 52,083.33 37,964.00 1,03,531.40 1,12,914.93 4,58,535.44 9,90,324.35 3,69,243.60 8,78,882.77 30,03,479.83
Borrowings

Foreign - - - - - - - - - - -
Currency assets

281
Foreign - - 6,966.38 11,807.55 11,340.60 7,342.52 49,287.09 1,60,774.66 1,60,863.41 6,04,910.51 10,13,292.72
Currency
liabilities
Notes to Financial Statements
For the Year ended March 31,2024

F. Exposures

v Exposure to Real Estate Sector

The company does not have any exposure to real estate sector as at 31.03.2024 (previous year: Nil).

v Exposure to Capital Market

The company does not have any exposure to capital market as at 31.03.2024 (previous year: Nil).

v Sectoral exposure

Sectors Year ended 31.03.2024 Year ended 31.03.2023

Total Exposure Gross NPAs Percentage of Total Exposure Gross NPAs Percentage of
(includes on (` Lakhs) Gross NPAs to (includes on (` lakhs) Gross NPAs to
balance sheet total exposure balance sheet total exposure in
and off-balance in that sector and off-balance that sector
sheet exposure) sheet exposure)
(` Lakhs) (` Lakhs)
1. Agriculture and Allied - - - - - -
Activities
2. Industry
i) Renewable Energy 61,32,472.46 1,41,085.31 2.30% 48,92,817.69 1,51,335.42 3.09 %
Total of Industry
(i+ii+Others)
3. Services
Others - - - - - -
Total of services (i+ii+Others)
4. Personal Loans
Others - - - - - -
Total of Personal Loans
(i+ii+Others)
5. Others, if any
(please specify) - - - - - -

v Intra-group exposures

Following are the disclosures pertaining to intra group exposures:-

(` in Lakhs)

Sl. Particulars As at 31.03.2024 As at 31.03.2023

i Total amount of intra-group exposures - -
ii Total amount of top 20 intra-group exposures - -
iii Percentage of intra-group exposures to total exposure of the NBFC on - -
borrowers /customers

282
Notes to Financial Statements
For the Year ended March 31,2024

v Unhedged foreign currency exposure

Refer Note 38(21) to Financial Statements.

G. Details of financing of parent company products – Not Applicable

v Details of Single Borrower Limit (SGL)/Group Borrower Limit (GBL) exceeded by the applicable NBFC.

List of Single Exposures exceeding Limits as at 31.03.2024

Sl Name Exposure
(` in Lakhs) %

Nil

Tier I capital / Owned Funds as on 31.12.2023 is `7,85,701.42 Lakhs

List of Single Exposures exceeding Limits as at 31.03.2023

Sl Name Exposure
(` in Lakhs) %

Nil

Tier I / Owned Funds capital as on 31.12.2022 is `5,20,635.89 Lakhs

List of Group Exposures exceeding Limits as at 31.03.2024

Sl Name of Group Exposure

(` in Lakhs) %

Nil

Tier I capital / Owned Funds as on 31.12.2023 is ` 7,85,701.42 Lakhs

List of Group Exposures exceeding Limits as at 31.03.2023

Sl Name of Group Exposure

(` in Lakhs) %

Nil

Tier I / Owned Funds capital as on 31.12.2022 is ` 5,20,635.89 Lakhs

H. Miscellaneous

v Registration obtained from other financial sector regulators:

Sl. Regulator Name Particulars Registration Details

1 Ministry of Corporate Affairs Corporate Identification Number (CIN) L65100DL1987GOI027265*
2 Reserve Bank of India Registration Number 14.000012
3 Legal Entity Identifier India Ltd LEI Number 335800AXWFKW4BC99J48
*Pursuant to the listing of equity shares of the Company on the recognized Stock Exchanges namely BSE Limited and National Stock Exchange of India Limited, the
Corporate Identity Number (CIN) of the Company has been updated from “U65100DL1987GOI027265” to “L65100DL1987GOI027265”. The same has also been updated
with the Ministry of Corporate Affairs (MCA).

283
Notes to Financial Statements
For the Year ended March 31,2024

v The Company does not have any Overseas Assets in the form of Joint Ventures / Subsidiaries abroad.

v There are no Off-balance Sheet SPVs sponsored by the Company.

I. Disclosure of Penalties imposed by RBI and other regulators during the year:

No penalties have been levied on the Company by any regulator during the year ended 31st March 2024 (previous year: Penalty for
` 2.62 Lakhs imposed by Ministry of Corporate Affairs (MCA) w.r.t. non-appointment of Woman Director which is under contest .
Refer Note 38(17) to financial statements.

J. Disclosure of Complaints: -

1) Summary information on complaints received by the company from its Share Holders

Sl. Particulars Year ended Year ended

31.03.2024 31.03.2023
1 No. of complaints pending at the beginning of the year - -
2 No. of complaints received during the year 2246 -
3 No. of complaints redressed during the year 2242 -
4 No. of complaints pending at the end of the year 04 -
2) Summary information on complaints received by the company from its Debenture Holders / Bond Holders

Sl. Particulars Year ended Year ended

31.03.2024 31.03.2023
1) No. of complaints pending at the beginning of the year - -
2) No. of complaints received during the year 28 59
3) No. of complaints redressed during the year 28 59
4) No. of complaints pending at the end of the year - -

3) Summary information on complaints received by the company from customers and from the Offices of Ombudsman

Sl. Particulars Year ended Year ended

31.03.2024 31.03.2023
Complaints received by the NBFC from its customers
1. Number of complaints pending at beginning of the year - -
2. Number of complaints received during the year - 1
3. Number of complaints disposed during the year - 1
3.1 Of which, number of complaints rejected by the NBFC - -
4. Number of complaints pending at the end of the year - -
Maintainable complaints received by the NBFC from Office of Ombudsman
5. Number of maintainable complaints received by the NBFC from Office of 1* 1**
Ombudsman
5.1 Of 5, number of complaints resolved in favour of the NBFC by Office of - 1
Ombudsman
5.2 Of 5, number of complaints resolved through conciliation/mediation/advisories - -
issued by Office of Ombudsman
5.3 Of 5, number of complaints resolved after passing of Awards by Office of - -
Ombudsman against the NBFC
6. Number of Awards unimplemented within the stipulated time (other than - -
those appealed)
*One complaint was received through RBI CMS team; at the end of the financial year it is under examination.
**One complaint was received directly from customer and one through RBI CMS Team, both of them were examined and suitable replies sent. However, no redirect came
from either of the sources.

284
Notes to Financial Statements
For the Year ended March 31,2024

Top five grounds of complaints received by the NBFCs from customers.

Grounds of complaints, Number of Number of % increase/ Number of Of 5, number of
(i.e. complaints relating to) complaints complaints decrease in the complaints pending complaints
pending at the received during number of at the end of the pending beyond
beginning of the the year complaints year 30 days
year received over the
previous year
For the year ended 31.03.2024
Loans and advances - 1 (100%) 1 -
Total - 1 (100%) 1 -
For the year ended 31.03.2023
Loans and advances - 2 200% - -
Total - 2 200% - -

K. Ratings assigned by credit rating agencies and migration of ratings.

The Company has raised resources by issue of taxable/tax-free/ bank loans for which it has obtained ratings for these issuances
from Domestic and international rating agencies. The details as at March 31, 2024 are as under: -

Sl. Rating Agency Long term Rating on Taxable/ Rating on Bank Loans
No. Tax free Bonds/ Sub Debts Borrowings
1. ICRA ICRA / AAA (Stable) ICRA /AAA (Stable)
2. CARE CARE AA+/ Positive CARE AA+ / Positive
3. India Ratings IND AAA / Stable IND AAA / Stable
4. Brickwork Ratings BWR /AAA/ Stable BWR /AAA /Stable
5. Acuite Rating Not Applicable ACUITE AAA / Stable
Note: Bank Borrowings includes short term loans .

Migration of Rating:

Sl. Rating Agency Previous Rating Current Rating Remarks

No.
1. India Ratings IND AA+/ Positive IND AAA/ Stable Upgraded
2. Brickwork Ratings BWR BB+/Stable/ ISSUER NOT BWR AAA /Stable Removal from ISSUER
COOPERATING NOT COOPERATING category/
Upgraded
In July 2023, Brickworks Rating migrated our rating to “AAA Stable 'Issuer Not Cooperating” from “AAA Stable” and later in January 2024 downgraded to BWR BB+/Stable/
ISSUER NOT COOPERATING. This was on account of an ongoing challenge to Brickwork's license, owing to which we sought information on the validity of the license before
providing data. However, during February 2024, rating was further upgraded to BWR AAA /Stable/Removal from ISSUER NOT COOPERATING category/Upgraded.

v Rating assigned on GOI Fully Serviced Bonds

Rating Agency Instrument/ Rating

Purpose/Issue
CARE Ratings Limited GOI Fully Service AAA, Stable
India Ratings Research Private Limited Bonds
ICRA Limited
There has been no migration of ratings during the year for GOI Fully Serviced Bonds.

285
Notes to Financial Statements
For the Year ended March 31,2024

L. Concentration of Deposits, Advances, Exposures and NPAs

v Concentration of Advances (` in Lakhs)

Particulars As at 31.03.2024 As at 31.03.2023
Total Advances to twenty largest borrowers / customers 25,56,740.38 18,71,178.54
Percentage of advances to twenty largest borrowers to Total Advances 42.83% 39.75%
v Concentration of Exposures (` in Lakhs)
Particulars As at 31.03.2024 As at 31.03.2023
Total Exposure to twenty largest borrowers / customers 25,56,740.38 18,71,178.54
Percentage of Exposures to twenty largest borrowers/customers to Total Exposure of 42.83% 39.75%
the applicable NBFC on borrowers/ customers
The above excludes Non-fund Exposure of `10,277.70 Lakhs. as on 31.03.2024 (previous year: ` 46,690 Lakhs) in respect of Top-20 Borrowers.

v Concentration of NPAs (` in Lakhs)

Particulars As at 31.03.2024 As at 31.03.2023

Total Exposure to top four NPA accounts 58,931.18 59,061.78

v Sector-wise NPAs

S. . Sector %age of NPAs to Total Advances in that sector

No As at 31.03.2024 As at 31.03.2023
1. Agriculture & allied activities - -
2. MSME - -
3. Corporate borrowers 2.36% 3.21%
4. Services - -
5. Unsecured personal loans - -
6. Auto loans - -
7. Other personal loans - -
Note – Company is in the business of financing RE projects to corporate borrower, hence Total of Gross NPA % is shown in corporate borrower.

v Movement of NPAs
(` in Lakhs)
Particulars As at 31.03.2024 As at 31.03.2023
(i) Net NPAs to Net Advances (%) 0.99% 1.66%
(ii) Movement of NPAs (Gross)
(a) Opening balance 1,51,335.42 1,76,825.45
(b) Additions during the year 4,433.85 789.22
(c) Reductions during the year 14,683.96 26,279.24
(d) Closing balance 1,41,085.31 1,51,335.42
(iii) Movement of Net NPAs
(a) Opening balance 76,802.40 1,03,539.01
(b) Additions during the year 1,261.99 696.63
(c) Reductions during the year 19,943.24 27,433.24
(d) Closing balance 58,121.15 76,802.40
(iv) Movement of provisions for NPAs (excluding provisions on standard assets)
(a) Opening balance 74,533.03 73,286.44
(b) Provisions made during the year 15,761.97 16,115.25
(c) Write-off / write-back of excess provisions 7,330.84 14,868.66
(d) Closing balance 82,964.16 74,533.03
Also Refer note 38(40) to Financial Statements.

286
Notes to Financial Statements
For the Year ended March 31,2024

M. Liquidity Risk Management Framework for Non-Banking Financial Companies

i) Funding Concentration based on significant counterparty (both deposits and borrowings) (` in Lakhs)
Sl. Period Number of Significant Counterparties * Amount % of Total deposits % of Total Liabilities
1 As at 31.03.2024 28.00 43,36,113.57 N.A. 80.24%
2 As at 31.03.2023 25.00 36,45,611.82 N.A. 81.90%
*Note:
• A “Significant counterparty” is defined as a single counterparty or group of connected or affiliated counterparties accounting in aggregate for more than 1% of the
Company's total liabilities.
• Total Liabilities has been computed as Total Assets Less Equity Share Capital and Reserve & Surplus.

ii) Top 20 large deposits

(` in Lakhs)
Period Large deposits Amount % of Total
Deposits
As at 31.03.2024 Not Applicable.
As at 31.03.2023

iii) Top 10 borrowings:

As at 31.03.2024 (` in Lakhs)
Sl. Borrowings Amount % Of Total Borrowings
1 State Bank of India 9,21,908.67 18.55%
2 Japan International Cooperation Agency (JICA) 3,02,161.74 6.08%
3 Bank of India 2,71,874.15 5.47%
4 European Investment Bank (EIB) 2,71,776.05 5.47%
5 Central Bank of India 2,35,000.00 4.73%
6 National Bank for Financing Infrastructure and Development (NaBFID) 2,05,000.00 4.13%
7 Punjab National Bank 1,63,125.00 3.28%
8 7.94% IREDA Taxable unsecured bonds Series XII-D 1,50,000.00 3.02%
9 Asian Development Bank (ADB) 1,22,281.72 2.46%
10 7.53% IREDA Taxable unsecured bonds Series XV-F 1,22,200.00 2.46%

As at 31.03.2023 (` in Lakhs)
Sl. Borrowings Amount % Of Total Borrowings
1 State Bank of India 5,67,790.00 14.14%
2 Japan International Cooperation Agency (JICA) 3,52,526.72 8.78%
3 Bank of India 3,41,585.23 8.50%
4 European Investment Bank (EIB) 2,86,143.30 7.12%
5 Punjab National Bank 2,22,750.00 5.55%
6 India Infrastructure Finance Company Limited 2,00,000.00 4.98%
7 Central Bank of India 1,91,666.67 4.77%
8 7.94% IREDA Taxable unsecured bonds Series XII-D 1,50,000.00 3.73%
9 Asian Development Bank (ADB) 1,31,547.04 3.27%
10 7.85% IREDA Taxable unsecured bonds Series XII-B 1,20,000.00 2.99%

287
Notes to Financial Statements
For the Year ended March 31,2024
iv) Funding Concentration based on significant instrument/product.
As at 31.03.2024 (` in Lakhs)
Sl. Number of the instrument / product Amount (`) % Of Total Liabilities
1 Term Loans from Banks (Secured) 23,30,585.11 43.13%
2 Taxable Bonds - Non-Convertible Redeemable Debentures (Unsecured) 11,32,614.00 20.96%
3 Term Loans from Others (Unsecured) 6,80,719.95 12.60%
4 Taxable Bonds - Non-Convertible Redeemable Debentures (Secured) 3,81,800.00 7.07%
5 Tax-free Bonds – Non-Convertible Redeemable Debentures (Secured) 2,57,660.42 4.77%
6 Term Loans from Banks (Unsecured) 1,12,816.10 2.09%
7 Subordinated Liabilities 65,000.00 1.20%

As at 31.03.2023 (` in Lakhs)
Sl. Number of the instrument / product Amount (`) % Of Total Liabilities
1 Term Loans from Banks (Secured) 17,42,001.50 39.14%
2 Term Loans from Others (Unsecured) 9,60,827.05 21.59%
3 Taxable Bonds - Non-Convertible Redeemable Debentures (Secured) 4,11,800.00 9.25%
4 Taxable Bonds – Non-Convertible Redeemable Debentures (Unsecured) 3,96,940.00 8.92%
5 Tax-free Bonds – Non-Convertible Redeemable Debentures (Secured) 2,75,765.46 6.20%
6 Term Loans from Banks (Unsecured) 1,64,438.53 3.69%
7 Subordinated Liabilities 65,000.00 1.46%
Note:
• A “Significant counterparty” is defined as a single counterparty or group of connected or affiliated counterparties accounting in aggregate for more than 1% of the
Company's total liabilities.
• Total Liabilities has been computed as Total Assets Less Equity Share Capital and Reserve & Surplus.
• A “significant instrument/product” is defined as a single instrument/product of group of similar instruments/products which in aggregate amount to more than 1% of
the Company's total liabilities.

v) Stock Ratios: (` in Lakhs)

Sl. Number of the instrument / product As at 31.03.2024 As at 31.03.2023
1 Commercial papers as a % of total public funds N/A N/A
2 Commercial papers as a % of total liabilities N/A N/A
3 Commercial papers as a % of total assets N/A N/A
4 Non-convertible debentures (original maturity of less than one year) as a N/A N/A
% of total public funds
5 Non-convertible debentures (original maturity of less than one year) as a N/A N/A
% of total liabilities
6 Non-convertible debentures (original maturity of less than one year) as a N/A N/A
% of total assets
7 Other short-term liabilities if any as a % of total public funds 2.78% 3.20 %
8 Other short-term liabilities if any as a % of total liabilities 3.02% 3.55 %
9 Other short-term liabilities if any as a % of total assets 2.40% 2.83 %
Note: Other short-term liabilities have been computed as sum total of Trade Payables, Other financial & non-financial liabilities excluding GOI Fully Serviced Bonds.

vi) Institutional set-up for liquidity risk management

The Board of Directors of the Company has constituted the Asset Liability Management Committee, Risk Management
Committee and Investment Committee. The Asset Liability Management Committee, inter alia, reviews the asset liability profile,
risk monitoring system, liquidity risk management, funding and capital planning, profit planning and growth projections,
forecasting and analyzing different scenarios and preparation of contingency plans.
Further, the Risk Management Committee, inter alia, monitors and measures the risk profile of the Company and oversees the
integrated risk management system of the Company. The Company manages liquidity risk by maintaining sufficient cash/treasury
surpluses. Management regularly monitors the position of cash and cash equivalents. Assessment of maturity profiles of financial
assets and financial liabilities including debt financing plans and maintenance of balance sheet liquidity is considered while
reviewing the liquidity position.

288
 Notes to Financial Statements
For the Year ended March 31,2024
N. Disclosure on Liquidity Coverage Ratio: -

RBI vide its Master Direction – Reserve Bank of India (Non-Banking Financial Company – Scale Based Regulation) Directions, 2023 issued the guidelines covering liquidity risk management for NBFCs
wherein RBI introduced Liquidity Coverage Ratio (LCR) applicable on all non-deposit taking NBFCs with asset size of more than 5,000 crore. The guidelines aim to maintain a liquidity buffer in terms of LCR
by ensuring that they have sufficient High Quality Liquid Asset (HQLA) to survive any acute liquidity stress scenario lasting for next 30 days. As per the guideline, LCR is represented by Stock of High-Quality
Liquid Assets (HQLA) divided by Total Net Cash Outflows (stressed outflow less stressed inflows) over the next 30 calendar days. HQLA are defined by RBI as the liquid assets that can be readily sold or
immediately convertible into cash at little/no loss of value or can be used as collateral to obtain funds in stress situations.

The Company has complied with LCR requirement w.e.f. 01.12.2020 against stipulated requirement of minimum LCR of 50%, progressively increasing up to the required level of 100% by December 1, 2024.
The Company is maintaining LCR in INR only; hence there is no currency mismatch.

For the year ended 31.03.2024

(` in Lakhs)

High Quality Liquid Assets Q1 (April - June 2023) Q2 (July – Sep 2023) Q3 (Oct - Dec 2023) Q-4 (Jan- Mar 2024)

Total Total Total Total Total Total Total Total

Unweighted weighted Unweighted weighted Unweighted weighted Unweighted weighted
Value Value Value Value Value Value Value Value
(average) (average) (average) (average) (average) (average) (average) (average)
1 Total High Quality Liquid Assets (HQLA) ** 29,640.80 29,640.80 91,265.37 91,265.37 95,778.22 95,778.22 98,616.47 98,616.47
Cash Outflows
2 Deposits (for deposit taking companies) - - - - - - - -
3 Unsecured wholesale funding 47,075.86 54,137.24 10,584.49 12,172.16 19,546.38 22,478.33 78,735.99 90,546.39
4 Secured wholesale funding 41,671.28 47,921.97 46,818.30 53,841.04 51,979.77 59,776.74 88,204.56 1,01,435.25
5 Additional requirements, of which - - - - - - - -
(i) Outflows related to derivative exposures &
other collateral requirements 2,773.92 3,190.00 8,030.31 9,234.86 2,415.46 2,777.78 2,780.46 3,197.53
(ii) Outflows related to loss of funding on
debt products - - - - - - - -
(iii) Credit and liquidity facilities - - - - - - - -
6 Other contractual funding obligations 2,810.46 3,232.03 578.16 664.88 - - 92.43 106.30
7 Other contingent funding obligations - - - - - - - -
8 TOTAL CASH OUTFLOWS 94,331.52 1,08,481.25 66,011.26 75,912.95 73,941.61 85,032.85 1,69,813.44 1,95,285.46
Cash Inflow
9 Secured lending 94,789.84 71,092.38 70,936.47 53,202.36 93,967.28 70,475.46 1,16,411.77 87,308.82
10 Inflows from fully performing exposures - - - - - - - -
11* Other cash inflows - - - - - - 2,89,237.57 2,16,928.18
12 TOTAL CASH INFLOWS 94,789.84 71,092.38 70,936.47 53,202.36 93,967.28 70,475.46 4,05,649.34 3,04,237.00

Total Adjusted Total Adjusted Total Adjusted Total Adjusted

Value Value Value Value
13 TOTAL HQLA 29,640.80 91,265.37 95,778.22 98,616.47
14 TOTAL NET CASH OUTFLOWS 37,388.87 22,710.59 21,258.21 48,821.36

289
15 LIQUIDITY COVERAGE RATIO (%) 79% 402% 451% 202%

*Lines of Credit – Credit/ liquidity/other contingent facilities

**HQLA consists of Government Securities, Term & Demand Deposits with Banks, Cash & cash Equivalents
 Notes to Financial Statements

290
For the Year ended March 31,2024

For the year ended 31.03.2023

(` in Lakhs)

High Quality Liquid Assets Q1 (April - June 2022) Q2 (July – Sep 2022) Q3 (Oct - Dec 2022) Q-4 (Jan- Mar 2022)

Total Total Total Total Total Total Total Total

Unweighted weighted Unweighted weighted Unweighted weighted Unweighted weighted
Value Value Value Value Value Value Value Value
(average) (average) (average) (average) (average) (average) (average) (average)

1 Total High Quality Liquid Assets (HQLA) ** 29,063.50 29,063.50 1,14,022.42 1,14,022.42 1,54,719.32 1,54,719.32 2,26,772.45 2,26,772.45

Cash Outflows

2 Deposits (for deposit taking companies) - - - - - - - -

3 Unsecured wholesale funding 6,600.79 7,590.90 52,634.66 60,529.86 29,905.28 34,391.08 2,691.86 3,095.64

4 Secured wholesale funding 20,753.88 23,866.96 9,441.18 10,857.36 12,101.25 13,916.44 14,808.12 17,029.34

5 Additional requirements, of which - - - - - - - -

(i) Outflows related to derivative exposures &

other collateral requirements 3,442.90 3,959.34 - - 3,078.23 3,539.97 3,699.87 4,254.85

(ii) Outflows related to loss of funding on

debt products - - - - - - - -

(iii) Credit and liquidity facilities - - - - - - - -

6 Other contractual funding obligations - - - - - - 2,810.46 3,232.03

7 Other contingent funding obligations - - - - - - - -

8 TOTAL CASH OUTFLOWS 30,797.57 35,417.21 62,075.84 71,387.22 45,084.77 51,847.48 24,010.32 27,611.86

Cash Inflow

9 Secured lending 71,653.25 53,739.94 60,809.59 45,607.19 69,106.70 51,830.02 54,633.43 40,975.07

10 Inflows from fully performing exposures - - - - - - - -

11* Other cash inflows - - - - 50,362.64 37,771.98 - -

12 TOTAL CASH INFLOWS 71,653.25 53,739.94 60,809.59 45,607.19 1,19,469.33 89,602.00 54,633.43 40,975.07

Total Adjusted Total Adjusted Total Adjusted Total Adjusted

Value Value Value Value

13 TOTAL HQLA 29,063.50 1,14,022.42 1,54,719.32 2,26,772.45

14 TOTAL NET CASH OUTFLOWS 8,854.30 25,780.03 12,961.87 6,902.97

15 LIQUIDITY COVERAGE RATIO (%) 328% 442% 1194% 3285%

**HQLA consists of Government Securities, Term & Demand Deposits with Banks, Cash & cash Equivalents.
Notes to Financial Statements
For the Year ended March 31,2024
O. Comparison of provision required as per Income Recognition, Asset Classification & Provisioning Norms (IRACP) of RBI and Impairment
Allowance as per Ind AS 109 'Financial Instruments'.
For the year ended 31.03.2024
(` in Lakhs)
Asset Classification as per RBI Norms Asset classification Gross Carrying Loss Allowances Net Carrying Provisions required Difference between
as per Ind AS 109 Amount as per (Provisions) as Amount as per IRACP norms Ind AS 109 provisions
Ind AS required under Ind and IRACP norms
AS 109
1 2 3 4 (5) =(3)-(4) 6 (7) = (4)-(6)
Performing Assets
Standard Stage 1 56,06,230.46 27,098.35 55,79,132.11 65,193.89* 19,434.82
Stage 2 2,12,443.43 57,530.36 1,54,913.07
Sub total 58,18,673.89 84,628.71 57,34,045.18 65,193.89 19,434.82
Non-Performing Assets (NPA)
Substandard Stage 3 4,193.85 1,261.99 2,931.86 419.38 842.61
Doubtful - up to 1 year Stage 3 710.96 421.76 289.20 710.96 (289.20)
1 to 3 years Stage 3 6,971.66 4,159.70 2,811.96 2,118.90 2,040.80
More than 3 years Stage 3 1,29,205.85 77,117.71 52,088.14 90,854.56 (13,736.85)
Subtotal for doubtful 1,36,888.47 81,699.17 55,189.30 93,684.42 (11,985.25)

Loss Stage 3 3.00 3.00 - 3.00 -

Subtotal for NPA 1,41,085.32 82,964.16 58,121.16 94,106.80 (11,142.64)
Other items such as guarantees, Stage 1 1,62,661.21 953.32 1,61,707.89 - 953.32
loan commitments, etc. which are Stage 2 - - - - -
in the scope of Ind AS 109 but not
covered under current Income Stage 3 - - - - -
Recognition, Asset Classification
and Provisioning (IRACP) norms
Subtotal 1,62,661.21 953.32 1,61,707.89 - 953.32
Stage 1 57,68,891.67 28,051.67 57,40,840.00 65,193.89 20,388.14
Stage 2 2,12,443.43 57,530.36 1,54,913.07
Stage 3 1,41,085.32 82,964.16# 58,121.16 94,106.80 (11,142.64)
Grand Total 61,22,420.42 1,68,546.19 59,53,874.23 1,59,300.69 9,245.50

* Includes Provision for Restructured and General Provision

# excluding provision on incidental charges (Dr. Bal.) on NPA accounts of ` 1,180.26 Lakhs.

For the year ended 31.03.2023 (` in Lakhs)

Asset Classification as per RBI Norms Asset classification Gross Carrying Loss Allowances Net Carrying Provisions required Difference between
as per Ind AS 109 Amount as per (Provisions) as Amount as per IRACP norms Ind AS 109 provisions
Ind AS required under Ind and IRACP norms
AS 109
1 2 3 4 (5) =(3)-(4) 6 (7) = (4)-(6)
Performing Assets
Standard Stage 1 43,90,224.54 51,530.87 43,38,693.68 49401.01* 51,313.48
Stage 2 1,61,976.23 49,183.62 1,12,792.61
Sub total 45,52,200.77 1,00,714.49 44,51,486.28 49,401.01 51,313.48
Non-Performing Assets (NPA)

Substandard Stage 3 789.22 92.59 696.63 78.92 13.66

Doubtful - up to 1 year Stage 3 513.19 51.32 461.88 203.59 (152.27)
1 to 3 years Stage 3 46,955.18 20,751.98 26,203.20 23,065.24 (2,313.25)
More than 3 years Stage 3 1,03,074.83 53,634.14 49,440.69 69,078.11 (15,443.97)
Subtotal for doubtful 1,50,543.20 74,437.44 76,105.76 92,346.94 (17,909.50)

Loss Stage 3 3.00 3.00 - 3.00 -

Subtotal for NPA 1,51,335.42 74,533.03 76,802.39 92,428.86 (17,895.83)
Other items such as guarantees, loan Stage 1 1,85,265.64 260.99 1,85,004.65 - 260.99
commitments, etc. which are in the Stage 2 - - - - -
scope of Ind AS 109 but not covered
under current Income Recognition, Stage 3 - - - - -
Asset Classification and Provisioning
(IRACP) norms
Subtotal 1,85,265.64 260.99 1,85,004.65 - 260.99
Stage 1 45,75,490.18 51,791.86 45,23,698.32 1,41,829.87 33,678.64
Stage 2 1,61,976.23 49,183.62 1,12,792.61
#
Stage 3 1,51,335.42 74,533.03 76,802.39
Grand Total 48,88,801.83 1,75,508.51 47,13,293.32 1,41,829.87 33,678.64
* Includes Provision for Reschedulement and General Provision
# Excluding provision on incidental charges (Dr. bal.) on NPA accounts of ` 939.61 Lakhs.

291
Notes to Financial Statements
For the Year ended March 31,2024

P. Disclosure pertaining to Resolution Framework for COVID-19-related Stress

For the year ended 31.03.2024 (` in Lakhs)
Type of borrower Exposure to Of (A), aggregate Of (A) amount Of (A) amount Exposure to
accounts debt that slipped written off during paid by the accounts
classified as into NPA during the half-year borrowers during classified as
Standard the half-year. the half-year Standard
consequent to consequent to
implementation implementation of
of resolution resolution plan –
plan – Position Position As on the
As on the end of end of this half-
the previous year.
half-year (A)
Personal Loans - - - - -
Corporate persons 9,282.38 - - 643.88 8,638.50
Of which, MSMEs - - - - -
Others 9,282.38 - - 643.88 8,638.50
Total 9,282.38 - - 643.88 8,638.50

For the year ended 31.03.2023 (` in Lakhs)

Type of borrower Exposure to Of (A), aggregate Of (A) amount Of (A) amount Exposure to
accounts debt that slipped written off during paid by the accounts
classified as into NPA during the half-year borrowers during classified as
Standard the half-year. the half-year Standard
consequent to consequent to
implementation implementation of
of resolution resolution plan –
plan – Position Position As on the
As on the end of end of this half-
the previous year.
half-year (A)
Personal Loans - - - - -
Corporate persons 26,536.47 - - 17,039.47 9,497.00
Of which, MSMEs - - - - -
Others 26,536.47 - - - 9,497.00
Total 26,536.47 - - 17,039.47 9,497.00

Q. There are Nil reportable cases of loans transferred/ acquired during the year ended 31st March 2024 (previous year: Nil) required to
be reported under Master Direction - Reserve Bank of India (Transfer of Loan Exposures") Directions, 2021 dated 24th September
2021.

R. Disclosure on Loans to Directors, Senior Officers, and relatives of Directors

(` in Lakhs)
Particulars Year ended Year ended
31.03.2024 31.03.2023
Directors and their relatives* - -
Entities associated with directors and their relatives - -
Senior Officers and their relatives - -
*Does not include Loans & Advances as per terms of employment of respective directors.

292
Notes to Financial Statements
For the Year ended March 31,2024
S. Information / Particulars as set out in Annex VIII of Master Direction – Reserve Bank of India (Non-Banking Financial Company
–Scale Based Regulation) Directions, 2023

Schedule to the Balance Sheet of IREDA,

As at 31.03.2024 (` in Lakhs)
Particulars As at 31.03.2024

Liabilities side Amount outstanding Amount overdue

1 Loans and advances availed by the non-banking financial company inclusive of
interest accrued thereon but not paid:
(a) Debentures: Secured 6,52,142.32 -
: Unsecured 12,24,711.02 -
(Other than falling within the meaning of public deposits)
(b) Deferred Credits - -
(c) Term loans 31,43,314.08 -
(d) Inter-corporate loans and borrowing - -
(e) Commercial paper - -
(f) Public Deposits - -
(g) Other Loans _Overdrafts 8,262.43 -
2 Break-up of (1)(f) above (Outstanding public deposits inclusive of interest
accrued thereon but not paid):
(a) In the form of Unsecured debentures - -
(b) In the form of partly secured debentures i.e., debentures where there is a
shortfall in the value of security - -
(c) Other public deposits - -
Assets Side Amount outstanding

3 Break up of Loans and Advances including bills receivables [ other than those
included in (4) below]:
(a) Secured 53,12,923.69
(b) Unsecured 6,48,729.61
4 Break-up of Leased Assets and stock on hire and other assets counting towards
AFC activities
(i) Lease assets including lease rentals under sundry debtors
(a) Financial lease -
(b) Operating lease -
(ii) Stock on hire including hire charges under sundry debtors:
(a) Assets on hire -
(b) Repossessed Assets -
(iii) Other loans counting towards AFC activities
(a) Loans where assets have been repossessed -
(b) Loans other than (a) above -
5 Break up of investments
Current Investments
1. Quoted
(i) Shares
(a) Equity -
(b) Preference -
(ii) Debentures and Bonds -
(iii) Units of mutual funds -
(iv) Government Securities -
(v) Others (please specify) -
2. Unquoted
(i) Shares
(a) Equity -

293
Notes to Financial Statements
For the Year ended March 31,2024
(` in Lakhs)
Particulars As at 31.03.2024

Amount outstanding
(b) Preference
(ii) Debentures and Bonds -
(iii) Units of mutual funds -
(iv) Government Securities -
(v) Others (please specify) -
Short Term Deposits (INR) 66.09
Commercial Papers (Impairment fully provided) 6,899.11
Long Term investments
1. Quoted
(i) Shares
(a) Equity -
(b) Preference -
(ii) Debentures and Bonds -
(iii) Units of mutual funds -
(iv) Government Securities 10,130.31
(v) Others (please specify) -
2. Unquoted
(i) Shares
(a) Equity -
(b) Preference -
(ii) Debentures and Bonds -
(iii) Units of mutual funds -
(iv) Government Securities -
(v) Others (please specify)
Borrower Group-wise Classification of assets financed as in (3) and (4) above
Category Amount (Net of Provisions) (` in Lakhs)

Secured Unsecured Total

1 Related Parties
6 (a) Subsidiaries - - -
(b) Companies in the same group - - -
(c) Other related parties 12.30 - 12.30
2 Other than related parties 52,28,766.97 6,48,729.61 58,77,496.58
Total 52,28,779.27 6,48,729.61 58,77,508.88
Investor group-wise classification of all investments (current and long term) in shares and securities (both quoted and unquoted):
Category Market value/ Break up or Book Value (Net of
fair value or NAV ` Provisions)
1 Related Parties
7 (a) Subsidiaries
(b) Companies in the same group - -
(c) Other related parties - -
2 Other than related parties 9,566.09 10,196.39
Total 9,566.09 10,196.39
Other Information
Amount ` in Lakhs)
Particular
(i) Gross Non-Performing Assets
(a) Related Parties -
(b) Other than related parties 1,41,085.31
8 (ii) Net Non-Performing Assets
(a) Related Parties -
(b) Other than related parties 58,121.15
(iii) Assets acquired in satisfaction of debt -

294
Notes to Financial Statements
For the Year ended March 31,2024
Schedule to the Balance Sheet of IREDA,
As at 31.03.2023 (` in Lakhs)
Particulars As at 31.03.2023

Liabilities side Amount outstanding Amount overdue

1 Loans and advances availed by the non-banking financial company inclusive

of interest accrued thereon but not paid:
(a) Debentures: Secured 7,02,508.29 -
: Unsecured 4,76,817.21 -
(Other than falling within the meaning of public deposits)
(b) Deferred Credits - -
(c) Term loans 28,82,033.53 -
(d) Inter-corporate loans and borrowing - -
(e) Commercial paper - -
(f) Public Deposits - -
(g) Other Loans _Overdrafts - -
(h) FCNR(B) Demand Loans
2 Break-up of (1)(f) above (Outstanding public deposits inclusive of interest
accrued thereon but not paid): -
(a) In the form of Unsecured debentures - -
(b) In the form of partly secured debentures i.e., debentures where there is
a shortfall in the value of security - -
(c) Other public deposits
Assets Side Amount outstanding
3 Break up of Loans and Advances including bills receivables [ other than those
included in (4) below]:
(a) Secured 43,02,716.14
(b) Unsecured 3,95,448.82
4 Break-up of Leased Assets and stock on hire and other assets counting towards
AFC activities
(i) Lease assets including lease rentals under sundry debtors
(a) Financial lease -
(b) Operating lease -
(ii) Stock on hire including hire charges under sundry debtors:
(a) Assets on hire -
(b) Repossessed Assets -
(iii) Other loans counting towards AFC activities
(a) Loans where assets have been repossessed -
(b) Loans other than (a) above -
5. Break up of investments
Current Investments
1. Quoted
(i) Shares
a)Equity -
b)Preference -
(ii) Debentures and Bonds -
(iii) Units of mutual funds -
(iv) Government Securities -
(v) Others (please specify) -
2. Unquoted
(i) Shares
a) Equity -
b) Preference -
(ii) Debentures and Bonds -
(iii) Units of mutual funds -
(iv) Government Securities -
(v) Others (please specify) -
Short Term Deposits (INR) 4,206.58
Commercial Papers (Impairment fully provided) 6,899.11

295
Notes to Financial Statements
For the Year ended March 31,2024
(` in Lakhs)
Particulars As at 31.03.2023

Assets Side Amount outstanding

Long Term Investments

3. Quoted
(i) Shares
a) Equity -
b) Preference -
(ii) Debentures and Bonds -
(iii) Units of mutual funds -
(iv) Government Securities 10,126.66
(v) Others (please specify) -
4. Unquoted
(i) Shares
a) Equity -
b) Preference -
(ii) Debentures and Bonds -
(iii) Units of mutual funds -
(iv) Government Securities -
(v) Others (please specify)

Borrower group-wise classification of assets financed as in (3) and (4) above.

Amount (Net of Provisions) (` in Lakhs)
Category
Secured Unsecured Total
1 Related Parties
(a) Subsidiaries - - -
6 (b) Companies in the same group - - -
(c) Other related parties 20.82 - 20.82
2 Other than related parties 42,27,222.68 3,95,448.82 46,22,671.51
Total 42,27,243.51 3,95,448.82 46,22,692.33

Investor group-wise classification of all investments (current and long term) in shares and securities (both quoted and unquoted):

Category Market value/ Break up Book Value (Net of

or fair value or NAV Provisions)
1 Related Parties
(a) Subsidiaries - -
7 (b) Companies in the same group - -
(c) Other related parties - -
2 Other than related parties 13,647.35 14,333.23
Total 13,647.35 14,333.23
Other Information
Particulars Amount (` in Lakhs)
8 (i) Gross Non-Performing Assets
(a) Related Parties -
(b) Other than related parties 1,51,335.42
(ii) Net Non-Performing Assets
(a) Related Parties -
(b) Other than related parties 76,802.40
(iii) Assets acquired in satisfaction of debt -

296
 Notes to Financial Statements
For the Year ended March 31,2024
Additional Disclosures

A. Exposure to various sectors – Refer Note 38(47F) to Financial Statements.

B. Related Party Disclosure

Related Party Parent (as per Subsidiaries Associates/ Joint Key Management Relatives of Key Others* Total
ownership or control) ventures Personnel Management
Personnel

Items Current Previous Current Previous Current Previous Current Previous Current Previous Current Previous Current Previous
year year year year year year year year year year year year year year

Borrowings - - - - - - - - - - (2,064.49) (1,977.55) (2,064.49) (1,977.55)

Deposits - - - - - - - - - - - - - -

Placement of
deposits - - - - - - - - - - - - - -

Advances - - - - - - 11.65 2.60 - - 1,99,825.86 1,72,819.51 1,99,837.51 1,72,822.11

Investments - - - - - - - - - - - - - -

Purchase of - - - - - - - - - - - - - -
fixed/other assets

Sale of fixed/ - - - - - - - - - - - - - -
other assets

Interest paid - - - - - - - - - - 189.64 196.38 189.64 196.38

Interest received - - - - - - 8.52 7.53 - - 16,080.67 3,998.57 16,089.19 4,006.10

Others - - - - - - 288.92 250.24 - - 11,971.25 9,065.30 12,260.17 9,315.54

297
Notes to Financial Statements
For the Year ended March 31,2024

C. During the FY 2023-24, there has been no instances of breach of covenants in respect of loans availed or debt securities issued
(previous year: Nil)

D. Divergence in Asset Classification and Provisioning in FY 2023-24 – Nil (previous year: Nil)

E. Disclosure on modified opinion, if any, expressed by auditors, its impact on various financial items and views of management on
audit qualifications as on 31.03.2024 - Nil (previous year: Nil)

F. Items of income and expenditure of exceptional nature for the year ended 31.03.2024 - Nil (previous year: Nil)

G. Disclosure of complaints – Refer Note 38(47J) to Financial Statements.

H. Prior Period Items & Changes in Accounting Policy for the year ended 31.03.2024 – Nil

I. Break up of 'Provisions and Contingencies' shown under the head Expenditure in Profit and Loss Account

(` in Lakhs)
Particulars Year ended Year ended
31.03.2024 31.03.2023
Provisions for depreciation on Investment - -
Provision for Standard Assets* (16,085.78) 5,484.48
Provision towards NPA** 8,431.13 1,246.59
Provision made towards Income Tax 41,303.13 25,317.27
Provision made towards Deferred Tax 1,997.90 2,144.82
Other Provisions and Contingencies
Provision for Employee Benefits 1,110.02 1,241.20
Provision for Corporate Social Responsibility 1,121.33 -
Provision for Expected credit loss on Non Fund Based Exposure and others 932.98 (73.16)
Provision for Tax and Other on Guarantee Commission 893.81 900.56
*Represents impairment on Stage 1 and Stage 2 Loan assets based on ECL Model in line with Ind AS 109.

** Represents impairment on Stage 3 Loan assets based on ECL Model in line with Ind AS 109.

48. Disclosure as required by Regulation 34(3) and 53(f) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

(` in Lakhs)
Year ended 31.03.2024 Year ended 31.03.2023

Particulars Amount as Maximum amount Amount as Maximum amount

at 31.03.2024 outstanding during the at 31.03.2023 outstanding during the
year ended 31.03.2024 year ended 31.03.2023
1 Loans and advances in the nature of loans
a) To Associates
b) To Companies in which Directors are NIL NIL
interested

298
Notes to Financial Statements
For the Year ended March 31,2024

49. Disclosure in compliance with Regulation 52(4) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
are as under:

SI. Particulars Unit As at / for the year As at / for the year

ended 31.03.2024 ended 31.03.2023
1 Debt Equity Ratio¹ times 5.80 6.77
2 Outstanding Redeemable preference ` In Lakhs - -
shares
3 Debenture Redemption Reserve ` In Lakhs 39,774.60 39,797.48
4 Net Worth² ` In Lakhs 8,55,942.55 5,93,516.95
5 Net Profit After Tax ` In Lakhs 1,25,222.90 86,462.83
6 Earnings Per Share ` per share 5.16 3.78
7 Total debts to total assets³ times 0.79 0.80
8 Operating Margin Percent⁴ % 33.92% 32.69%
9 Net Profit Margin Percent⁵ % 25.22% 24.82%
10 Sector specific equivalent ratios
CRAR⁶ % 20.11% 18.82%
Gross Non-Performing Assets Ratio⁷ % 2.36% 3.21%
Net Non-Performing Assets Ratio⁸ % 0.99% 1.66%
Notes:
1. Debt / Equity Ratio = Total Debt / Net Worth
2. Net Worth is calculated as defined in sector 2(57) of Companies Act, 2013
3. Total debts to total assets = Total Debt / Total Assets
4. Operating Margin - Net Operating Profit Before Tax / Total Revenue from Operations
5. Net Profit Margin = Net Profit after Tax / Total Income
6. CRAR = Adjusted Net worth / Risk weighted assets, calculated as per applicable RBI guidelines
7. Gross Non-Performing Assets Ratio = Gross Non-Performing Assets / Gross Loan Assets
8. Net Non-Performing Assets Ratio = Net Non-Performing Assets / Net Loan Assets

50. The figures are rounded off to the nearest Rupees (`) in Lakhs (except number of shares and EPS). Previous year figures have been
re-arranged/re-grouped wherever considered necessary to make them comparable with the current year figures. Year ended
March 31, 2024, and March 31, 2023, refers to year-to-date (YTD) figures for FY24 and FY23 respectively.

As per our Report of even date For and on Behalf of the Board of Directors

For DSP & Associates

Chartered Accountants
ICAI Regn No.- 006791N

Sd/- Sd/- Sd/-

Atul Jain Dr. Bijay Kumar Mohanty Pradip Kumar Das
Partner Director (Finance) Chairman & Managing Director
M.No.-091431 DIN No. 08816532 DIN No. 07448576

Sd/-
Date : 19.04.2024
Ekta Madan
Place : New Delhi
Company Secretary & Compliance Officer
ACS. No. 23391

299
 Five Years Operational Summary
Financial Position (` in Crore)

Particulars Year ended Year ended Year ended Year ended Year ended
31.03.2024 31.03.2023 31.03.2022 31.03.2021 31.03.2020

Financial Assets 60,125.54 47,891.79 34,235.09 27,937.93 25,294.08

Non-Financial Assets 2,474.88 2,555.21 2,473.32 2,355.05 2,357.84
Total Assets 62,600.42 50,447.00 36,708.40 30,292.98 27,651.92
Financial Liabilities 51,242.48 41,656.68 28,636.42 24,976.96 22,927.87
Non-Financial Liabilities 2,798.51 2,855.15 2,803.87 2,320.83 2,202.73
Total Liabilities 54,040.99 44,511.83 31,440.29 27,297.79 25,130.60
Equity Share Capital 2,687.76 2,284.60 2,284.60 784.60 784.60
Other Equity 5,871.66 3,650.57 2,983.51 2,210.59 1,736.72
Total Equity 8,559.43 5,935.17 5,268.11 2,995.19 2,521.32
Total Liabilities and Equity 62,600.42 50,447.00 36,708.40 30,292.98 27,651.92
Loan portfolio
Loan Sanctions 37,353.68 32,586.60 23,921.06 11,001.30 12,696.11
Loan Disbursements 25,089.04 21,639.21 16,070.82 8,828.35 8,785.31
Loan Outstanding 59,698.11 47,075.52 33,930.61 27,853.92 23,547.84
Financial Performance
Revenue from Operations
Interest Income 4,822.40 3,373.83 2,713.22 2,565.23 2,246.58
Fees and Commission Income 60.01 37.33 106.39 33.77 21.63
Net gain/(loss) on fair value changes (11.26) 12.43 (1.47) (12.47) 71.65
on derivatives
Other Operating Income 92.78 58.39 41.76 27.42 27.46
Total Revenue from operations 4,963.93 3,481.98 2,859.90 2,613.95 2,367.32
Other Income 1.36 1.07 14.25 44.69 5.06
Total Income 4,965.29 3,483.05 2,874.15 2,658.64 2,372.38
Expenses
Finance Cost 3,164.10 2,088.44 1,587.25 1,570.26 1,459.21
Net translation/ transaction exchange loss (16.53) 24.03 45.89 69.85 40.65
Impairment on financial instruments (67.22) 66.58 179.90 341.65 518.09
Employee Benefits Expenses 71.32 63.09 58.82 47.36 46.97
Depreciation, amortization and impairment 30.35 23.50 23.24 22.67 22.81
Others expenses 76.52 71.19 135.71 20.91 24.35
Corporate Social Responsibility Expense 21.51 6.97 9.51 16.42 19.19
Total Expenses 3,280.05 2,343.80 2,040.32 2,089.12 2,131.27
Operating Profit 1,715.59 1,162.75 857.07 592.19 263.92
Profit/(loss) before tax 1,685.24 1,139.25 833.83 569.52 241.11
Tax expenses 433.01 274.62 200.31 223.11 26.56
Profit/(loss) for the period 1,252.23 864.63 633.52 346.41 214.55
Key Ratios/Information
Net Worth (` in Crore) 8,559.43 5,935.17 5,268.11 2,995.19 2,521.32
Tier I Capital (` in Crore) 8,265.20 5,489.56 4,814.51 2,784.08 2,378.51
Tier II Capital (` in Crore) 929.93 1,086.06 991.18 909.53 338.69
Gross NPA (%) 2.36% 3.21% 5.21% 8.77% 10.08%
Net NPA (%) 0.99% 1.66% 3.12% 5.61% 7.18%
Return on Assets (%) 2.00% 1.71% 1.73% 1.14% 0.78%
CRAR (%) 20.11% 18.82% 21.22% 17.12% 14.34%
Debt to Equity ratio 5.80 6.77 5.24 8.01 8.67
Earnings per share (`) 5.16 3.78 8.03 4.42 2.73
Book value per share (`) 31.85 25.98 23.06 38.17 32.14

300
Group Photo organized by IREDA on the occasion of 38th Foundation Day on 11.03.2024, New Delhi
Indian Renewable
Energy Development Agency Ltd.

(A Government of India Enterprise)

Registered Office : 1 Floor, Core-4A, East Court, India Habitat Centre,
Lodhi Road, New Delhi-110003 Tel : 011-24682206-19 Fax : 91-11-24682202
Corporate Office : 3 Floor, August Kranti Bhawan, Bhikaji Cama Place,
New Delhi-110066 Tel : 011-26717400-12 Fax : 91-11-26717416
Business Centre: NBCC Complex, Block-II, Plate-B, 7 Floor,
Floor,East
EastKidwai
KidwaiNagar,
Nagar,
New Delhi-110023 Tel:011-24604157, 24347700-24347799
Website : www.ireda.in
CIN : L65100DL1987GOI027265