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POWER GRID CORPORATION OF INDIA LIMITED (A Government of India Enterprise)

~ ~:·~·~"ft. 2, ~-29, ~-122 001, ~) ~: 0124-2571700-719, '$m: 0124-2571762, "Saudamini" Plot No. 2, Sector-29, Gurgaon-122 001, (Haryana) Tel.: 0124-2571700-719, Fax: 0124-2571762, Web.: www.powergridindia.com

CIN : L40101DL1989GOI038121

C/COS/Listing/NSE/

The GM (Listing)

Dt: 29.07.2019

National Stock Exchange of India Ltd., Exchange Plaza, Plot No.C/1, G Block, Sandra Kurla Complex, Sandra (East), Mumbai.

Ref: Scrip ID: POWERGRID; Scrip Code: 532898; ISIN: INE752E01010

Dear Sir,

Sub: Notice of 30th Annual General Meeting

Please find enclosed the Notice of 301h Annual General Meeting of Power

Grid Corporation of India Limited scheduled to be held on Tuesday, the 2ih August, 2019 at 11.00 a.m. at "Manekshaw Centre, Parade Road, Delhi Cantt., New Delhi -110 010" along with Annual Report for the Financial Year 2018-19.

This is being sent in terms of Regulations 29, 30 and 34 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Thanking You,

Encl: a/a

Yours faithfully,

.. ()

DivY, Ta)~ Chief General Manager & Company ecretary -

Compliance Officer

~ <lmifc;ro: <fr- g ~ ~tc:"l~'l"ll'iC'I ~- Cficq1R<11 mm, ~ ~-110016 ~: 011-26560112, 26560121, 26564812, 26564892,, $m: 011-26601081 Regd. Office: B-9, Qutab Institutional Area, Katwaria Sarai, New Delhi-110016 Tel.: 011-26560112, 26560121, 26564812, 26564892, Fax: 011-26601081 Web.: www.powergridindia.com

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Power Grid Corporation of India Limited(A Government of India Enterprise)

CIN: L40101DL1989GOI038121Regd. Office : B-9, Qutab Institutional Area, Katwaria Sarai, New Delhi- 110 016.

Phone No.: 011-26560112, Fax: 011-26601081Corp. Off.: “Saudamini”, Plot No. 2, Sector-29, Gurgaon-122 001 (Haryana)

Phone No.: 0124-2822000, 2823000, Fax: 0124-2571762Website: www.powergridindia.com, Email ID: [email protected]

NOTICENOTICE is hereby given that the 30th Annual General Meeting of the Members of Power Grid Corporation of India Limited will be held on Tuesday, the 27th August, 2019 at 11.00 a.m. at ‘Manekshaw Centre’, Parade Road, Delhi Cantt., New Delhi - 110 010 to transact the following business:ORDINARY BUSINESS:1. To receive, consider and adopt the Audited Financial Statements including Consolidated Financial Statements of the Company for the

Financial Year ended 31st March, 2019, together with the Board’s Report, the Auditor’s Report thereon and comments of the Comptroller and Auditor General of India.

2. TonotethepaymentofinterimdividendanddeclarefinaldividendfortheFinancialYear2018-19.3. ToappointaDirector inplaceofShriRaviP.Singh(DIN05240974),whoretiresbyrotationandbeingeligible,offershimself for re-

appointment. 4. ToauthorizetheBoardofDirectorsoftheCompanytofixtheremunerationoftheStatutoryAuditorsfortheFinancialYear2019-20.SPECIAL BUSINESS:5. To appoint Shri Rajeev Kumar Chauhan (DIN 02018931) as a Director liable to retire by rotation. Toconsiderandifthoughtfit,topasswithorwithoutmodification,thefollowingresolutionasanORDINARYRESOLUTION: “RESOLVED THAT pursuant to the provisions of Section 149, 152 and any other applicable provisions of the Companies Act, 2013 and the

Rulesmadethereunder,ShriRajeevKumarChauhan(DIN02018931),whowasappointedasDirector(Projects),bythePresidentofIndiavideMinistryofPowerOfficeOrderNo.25-11/9/2017-PGdated23rdAugust,2018andappointedbytheBoardofDirectorsasanAdditionalDirector w.e.f. 23rdAugust,2018andsubsequentlyappointedagainbytheBoardasanAdditionalDirectoron18thSeptember,2018afterconclusion of 29thAnnualGeneralMeetingheldon18thSeptember,2018andholdsofficeuptothedateofensuingAnnualGeneralMeetingunder Section 161 of the Companies Act, 2013 and in respect of whom the Company has received a notice in writing under Section 160 of the Companies Act, 2013, be and is hereby appointed as Director (Projects), liable to retire by rotation.”

6. To approve the reappointment of Shri Jagdish Ishwarbhai Patel (DIN: 02291361) as an Independent Director. Toconsiderandifthoughtfit,topasswithorwithoutmodification,thefollowingresolutionasaSPECIALRESOLUTION: “RESOLVED THAT pursuant to the provisions of Sections 149, 150, 152 and any other applicable provisions of the Companies Act, 2013

and the Rules made thereunder, Shri Jagdish Ishwarbhai Patel (DIN 02291361) who was appointed as an Independent Director of the Companywitheffectfrom17th November, 2015 for a period of three years i.e. upto 16thNovember,2018andwhohadbeenreappointedbyGovernment of India vide Order dt. 22ndNovember,2018forfurtherperiodofoneyearstartingfrom17thNovember,2018andsubsequentlyappointedasanAdditionalDirector-IndependentDirectorbytheBoardofDirectorswitheffectfrom17thNovember,2018andholdsofficeuptothedateofensuingAnnualGeneralMeetingunderSection161oftheCompaniesAct,2013beandisherebyappointedasIndependentDirectoroftheCompanytoholdofficeforanothertermofoneyearwitheffectfrom17thNovember,2018,notliabletoretireby rotation.”

7. To approve the appointment of Shri M. N. Venkatesan (DIN: 02126022) as an Independent Director. Toconsiderandifthoughtfit,topasswithorwithoutmodification,thefollowingresolutionasanORDINARYRESOLUTION: “RESOLVED THAT pursuant to the provisions of Sections 149, 150, 152 and any other applicable provisions of the Companies Act, 2013

and the Rules made thereunder, Shri M. N. Venkatesan (DIN 02126022) who was appointed as an Independent Director by the President ofIndiavideMinistryofPowerOfficeOrderNo.20/6/2017-Coord.dated11thJuly,2019andalsoappointedasanAdditionalDirector-IndependentDirectorbytheBoardofDirectorswitheffectfrom11thJuly,2019andholdsofficeuptothedateofensuingAnnualGeneralMeetingunderSection161oftheCompaniesAct,2013beandisherebyappointedasIndependentDirectoroftheCompanywitheffectfrom 11th July, 2019 for a period of three years, not liable to retire by rotation.”

8. Ratification of remuneration of the Cost Auditors for the Financial Year 2019-20. Toconsiderandifthoughtfit,topasswithorwithoutmodification,thefollowingresolutionasanORDINARYRESOLUTION: “RESOLVEDTHATpursuant toSection148andanyotherapplicableprovisionsof theCompaniesAct,2013readwith theCompanies

(AuditandAuditors)Rules,2014,theremunerationofM/s.ChandraWadhwa&Co.,CostAccountantsandM/s.R.M.Bansal&Co.,Cost

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Regd. Office:B-9,QutabInstitutionalArea,KatwariaSarai,NewDelhi-110016.(CIN:L40101DL1989GOI038121

Date: 19th July, 2019

Accountants as the joint Cost Auditors of the Company (for Transmission and Telecom business) as appointed by the Board of Directors fortheFinancialYear2019-20ataremunerationof₹2,50,000/-(RupeesTwoLakhFiftyThousandonly)tobesharedequallybyboththefirms;Taxesasapplicabletobepaidextra,travellingandoutofpocketexpensestobereimbursedasperpolicyoftheCompanyandanadditional remuneration of `12500plusTaxesasapplicabletobepaidtoM/s.ChandraWadhwa&Co.,CostAccountants,theLeadCostAuditorforconsolidationandfacilitationforfilingofConsolidatedCostAuditReportsfortheFinancialYear2019-20oftheCompanyasawhole,beandareherebyratifiedandconfirmed.”

9. To raise funds up to ₹10,000 Crore, from domestic market through issue of secured / unsecured, non-convertible, non-cumulative/cumulative, redeemable, taxable / tax-free Debentures/Bonds under Private Placement during the Financial Year 2020-21 in upto twenty tranches/offers.

Toconsiderandifthoughtfit,topasswithorwithoutmodification,thefollowingresolutionasaSPECIALRESOLUTION: (i) “RESOLVED THAT pursuant to Sections 23(1)(b), 42 and 71 of Companies Act, 2013 read with Rule 14(2) of Companies (Prospectus

and Allotment of Securities) Rules, 2014 and other applicable provisions, if any, of the Companies Act, 2013 as amended, Securities andExchangeBoardofIndia(SEBI)RulesandRegulationsincludingSEBI(IssueandListingofDebtSecurities)Regulations,2008,as amended, and provisions of any other applicable law and the Memorandum and Articles of Association of the Company, approval beandisherebygrantedtoraiseupto₹10,000CroreindomesticmarketduringtheFinancialYear2020-21forfinancingofcapitalexpenditure,providingInterCorporateLoan(s)towhollyownedsubsidiaries,otherpurposesasmaybeapprovedbytheBoardofDirectors/CommitteeofDirectorsforBondsandforgeneralcorporatepurposes,inoneormoretranchesbutnotexceedingtwentytranches/offersthroughissueofsecured/unsecured,non-convertible,cumulative/non-cumulative,redeemable,taxable/tax-freedebentures (“Bonds”) under Private Placement.

(ii) RESOLVEDFURTHERTHATthattheBoardofDirectors/CommitteeofDirectorsforBonds/suchofficial(s)asmaybeauthorizedbyBoardofDirectors/CommitteeofDirectorsforBonds,beandareherebyauthorizedanditshallalwaysbedeemedtohavebeensoauthorizedtofinalizethedetailedtermsandconditionsofeachissue/trancheofBonds,IssueprogrammeofBonds,deposit/payfees,executeanddeliver/filesuchofferletter(s),document(s),deed(s)andwriting(s),etc.asmayberequiredandtodoallsuchotheracts,deedsandthingsasmaybenecessaryandincidentalandconsequentialforraisingfundsupto₹10,000CroreduringtheFinancialYear2020-21fromdomesticsourcesthroughPrivatePlacementofsecured/unsecured,non-convertible,cumulative/non-cumulative,redeemable,taxable/tax-freeBondsinoneormoretranchesbutnotexceedingtwentytranches/offers.

(iii) RESOLVEDFURTHERTHATtheDirector(Finance)andCompanySecretarybeandisherebyseverallyauthorizedtocarryoutminormodifications,ifany,andtodoallsuchacts,deedsandthingsasmaybenecessary,proper,expedientorincidentalorconsequentialforthepurposeofgivingeffecttotheaforesaidresolution.”

By order of the Board of Directors

(Divya Tandon) ChiefGeneralManager&

Company Secretary

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NOTES:1. A MEMBER ENTITLED TO ATTEND AND VOTE AT THE MEETING IS ENTITLED TO APPOINT A PROXY TO ATTEND AND VOTE

INSTEAD OF HIMSELF/HERSELF AND THE PROXY NEED NOT BE A MEMBER OF THE COMPANY. Proxies,inordertobeeffectivemustbelodgedwiththeCompanynotlessthan48hoursbeforethecommencementoftheAnnualGeneral

Meeting, i.e. latest by 11.00 a.m. on Sunday, 25thAugust,2019.Blankproxyformisenclosed. Apersoncanactasaproxyonbehalfofmembersnotexceedingfiftyandholdingintheaggregatenotmorethantenpercentofthetotalshare

capital of the Company carrying voting rights. A member holding more than ten percent of the total share capital of the Company carrying votingrightsmayappointasinglepersonasproxyandsuchpersoncannotactasaproxyforanyotherpersonorshareholder.

2. AsrequiredbyRegulation36oftheSEBI(ListingObligationsandDisclosureRequirements)Regulations,2015,therelevantdetailsofShriRaviP.Singh(DIN:05240974),Director(Personnel),retiringbyrotationandseekingre-appointmentunderaforesaidItemNo.3;ShriRajeevKumarChauhan(DIN:02018931),AdditionalDirectorseekingappointmentunderaforesaidItemNo.5;ShriJagdishIshwarbhaiPatel(DIN:02291361) and Shri M. N. Venkatesan (DIN: 02126022) seeking appointment as Independent Directors under aforesaid Item No. 6 and 7, respectively,inaccordancewithapplicableprovisionsoftheArticlesofAssociationoftheCompanyareannexed.

3. None of the Directors of the Company is in any way related to each other.4. A Statement pursuant to Section 102(1) of the Companies Act, 2013, relating to the Special Business to be transacted at the Meeting is

annexedhereto.5. Membersarerequestedto:- (i) note that copies of Annual Report will not be distributed at the Annual General Meeting. (ii) bring their copies of Annual Report, Notice and Attendance Slip duly completed and signed at the meeting. (iii) deliver duly completed and signed Attendance Slip at the entrance of the venue of the meeting and obtain entry slips, as entry to the

Hall will be strictly on the basis of the entry slip available at the counter at the venue of the Annual general meeting. Photocopies of Attendance Slip will not be entertained for issuing entry slip for attending Annual General Meeting.

(iv) quotetheirFolio/ClientID&DPIDNos.inallcorrespondence. (v) note that due to strict security reasons mobile phones, brief cases, eatables and other belongings will not be allowed inside the Auditorium. (vi) notethatnogifts/couponswillbedistributedattheAnnualGeneralMeeting.6. CorporateMembersarerequestedtosendadulycertifiedcopyoftheBoardResolution/PowerofAttorneyauthorizingtheirrepresentative

toattendandvoteontheirbehalfattheAnnualGeneralMeeting.Alternatively,suchanauthoritydulycertifiedshouldbebroughtbytherepresentative attending on behalf of the corporate body, at the meeting.

7. The Register of Members and Share Transfer Books of the Company will remain closed from 21st August, 2019 to 27th August, 2019 (both days inclusive).

8. TheBoardofdirectors,intheirmeetingheldon7thMarch,2019,haddeclaredanInterimDividendof₹5.83pershare([email protected]%)onthepaid-upequitysharecapitaloftheCompanywhichwaspaidon22nd March, 2019. Members who have not received or not encashed their Dividend warrants may approach Karvy Fintech Private Limited, Registrar and Share Transfer Agent of the Company for obtaining duplicate warrantorrevalidatingthewarrant,asthecasebe.TheBoardhadfurtherrecommendedaFinalDividendof₹2.50pershare(i.e.@25%)onthepaid-upequitysharecapitaloftheCompanyinitsmeetingheldon29th May, 2019. The Dividend, if declared at the Annual General Meeting will be paid on 4th September, 2019 to those Members, whose names appear on the Register of Members of the Company as on 27th August, 2019 in respect of physical shares. However, in respect of shares held in dematerialized form, the Dividend will be payable to those persons whosenamesappearasbeneficialownersasattheclosureofthebusinesshourson20th August, 2019 as per details to be furnished by the depositories.

9. PursuanttoprovisionsofCompaniesAct,2013,unclaimedfinaldividendfortheFinancialYear2010-11andunclaimedinterimdividendfortheFinancialYear2011-12havebeentransferredtotheInvestorEducationandProtectionFund(IEPF)establishedbyCentralGovernmenton20thNovember,2018and9th April, 2019, respectively. Pursuant to Provisions of IEPF Rules, the Company has uploaded the details of unpaid andunclaimedamountslyingwiththeCompanyason18thSeptember,2018(thedateoflastAnnualGeneralmeeting)onthewebsiteoftheCompany(www.powergridindia.com)andalsofiledwiththeMinistryofCorporateAffairs.

10. UnclaimedfinaldividendfortheFinancialYear2011-12andunclaimedinterimdividendfortheFinancialYear2012-13willbeduefortransferto the Investor Education and Protection Fund in October, 2019 and March, 2020, respectively, pursuant to the provisions of Section 124 of the Companies Act, 2013.

11. AttentionofthemembersisdrawntotheprovisionsofSection124(6)oftheAct,whichrequireacompanytotransferinthenameofIEPFAuthority all shares in respect of which dividend has not been paid or claimed for 7 ( seven) consecutive years or more. In accordance with the aforesaid provision of the Act read with the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016, as amended, the Company has already initiated action for transfer of all shares in respect of which dividend has not been claimed or paid forsevenconsecutiveyears.Membersareadvisedtovisittheweb-link:http://www.powergridindia.com/investorrelation/investorservicestoascertain details of shares liable for transfer in the name of IEPF Authority.

12. Members are advised to submit their Electronic Clearing System (ECS) mandates to enable the Company to make remittance by means of ECS. Those holding shares in dematerialized form may send the ECS Mandate Form directly to their Depository Participants (DP). Those

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holdingsharesinphysicalformmaysendtheECSMandateFormtoKarvyFintechPrivateLimited,theRegistrar&ShareTransferAgentoftheCompany.ThosewhohavealreadyfurnishedtheECSMandateFormtotheCompany/DepositoryParticipant/Registrar&ShareTransferAgentwith complete details, need not send them again.

The shareholders who hold shares in Physical form and who do not wish to opt for ECS facility may please mail their bankers’ name, branch addressandaccountnumbertoKarvyFintechPrivateLimited,Registrar&ShareTransferAgentoftheCompanytoenablethemtoprintthesedetails on the dividend warrants.

13. Membersholdingshares inmultiple folios inphysicalmodearerequestedtoapply forconsolidationofshares to theCompanyor to theRegistrar&ShareTransferAgentalongwithrelevantShareCertificates.

14. PursuanttoSection139(5)oftheCompaniesAct,2013theauditorsoftheGovernmentcompanyareappointedbytheComptroller&AuditorGeneralofIndia(C&AG)andintermsofSection142oftheCompaniesAct,2013,theremunerationhastobefixedbytheCompanyintheAnnual General Meeting or in such manner as the company in General Meeting may determine. The Members of the Company, in 29th Annual GeneralMeetingheldon18thSeptember,2018,hadauthorizedtheBoardofDirectorstofixtheremunerationofStatutoryAuditorsfortheFinancialYear2018-19.Accordingly,theBoardofDirectorshasfixedauditfeeof₹1.09CroretowardsauditfeefortheStatutoryAuditorsfortheFinancialYear2018-19inadditiontoreimbursementofactualtravellingandout-of-pocketexpensesforvisittoaccountingunits.TheC&AGisyettoappointStatutoryAuditorsoftheCompanyfortheFinancialYear2019-20.TheMembersmayauthorizetheBoardtofixanappropriateremunerationofStatutoryAuditorsasmaybedeemedfitbytheBoardfortheFinancialYear2019-20.

15. AllthedocumentsreferredtointhisNoticeandtheRegistersreferredtoinSection170andinSection189oftheCompaniesAct,2013areopenforinspectionattheRegisteredOfficeoftheCompanyonallworkingdays(excludingSaturdayandSunday),between11.00AMto1.00PM upto Monday, the 26th August, 2019 and at the venue of the meeting.

16. Members holding shares in physical form and desirous of making a nomination in respect of their shareholding in the Company, as permitted underSection72oftheCompaniesAct,2013,arerequestedtosubmittotheRegistrar&ShareTransferAgentsoftheCompanytheprescribedForm(FormNo.SH-13)oftheCompanies(ShareCapitalandDebentures)Rules,2014.Incaseofsharesheldindematerializedform,thenomination has to be lodged with the respective Depository Participant.

17. AttentionofthemembersisdrawntoSecuritiesandExchangeBoardofIndia(SEBI)CircularSEBI/HO/MIRSD/DOP1/CIR/P/2018/73dated20.04.2018,whichrequireshareholdersholdingshares inphysicalformandwhosefolio(s)donothavecompletedetailsrelatingtotheirPANandbankaccount,orwherethereisanychangeinthebankaccountdetailsprovidedearlier,tocompulsorilyfurnishthedetailstoRTA/Companyforregistration/updation.

18. MembersareinformedthatpursuanttoSEBI(LODR)(FourthAmendment)Regulations,2018dated8thJune,2018,requestsforeffectingtransfer of securities in physical form shall not be processed by the Company unless the securities are held in dematerialized form with a Depository.Hence,membersarerequestedtodematerializetheirphysicalholding.

19. AnnualListingfeefortheyear2019-20hasbeenpaidtotheStockExchangeswhereinsharesoftheCompanyarelisted.

20. Membersarerequestedtosendallcorrespondenceconcerningregistrationoftransfers,transmissions,sub-division,consolidationofsharesorany other shares related matter and bank account to Company’s Registrar and Share Transfer Agent.

21. Membersarerequestedtonotifyimmediatelyanychangeintheiraddress:

(i) to their Depository Participants (DP) in respect of shares held in dematerialized form, and

(ii) totheCompanyatitsRegisteredOfficeoritsRegistrar&ShareTransferAgent,KarvyFintechPrivateLimitedinrespectoftheirphysicalshares,ifany,quotingtheirFolioNumber.

22. MembersdesirousofgettinganyinformationonanyitemsofbusinessofthismeetingarerequestedtoaddresstheirqueriestotheCompanySecretaryatleasttendayspriortothedateofthemeeting,sothattheinformationrequiredcanbemadereadilyavailableatthemeeting.

23. IntermsofSection108oftheCompaniesAct,2013readwithRule20oftheCompanies(ManagementandAdministration)Rules,2014andincompliancewiththeprovisionsofRegulation44(3)oftheSEBI(ListingObligationsandDisclosureRequirements)Regulations,2015,theCompanyisofferingremotee-votingfacilitytoalltheShareholdersoftheCompanyinrespectofitemstobetransactedatthisAnnualGeneralMeeting and in this regard, the Company has engaged the services of Karvy Fintech Private Limited (KARVY) to provide the facility of electronic voting(‘remotee-voting’).

24. Instructionsandotherinformationrelatingtoremotee-votingareasunder:

A. Theremotee-votingfacilitywillbeavailableduringthefollowingvotingperiod:

• Commencementofremotee-voting:From9.00a.m.(IST)on24th August, 2019.

• Endofremotee-voting:Upto5:00p.m.(IST)on26th August, 2019.

B. IncaseaMemberreceivesanemailfromKarvy[forMemberswhoseemailIDsareregisteredwiththeCompany/DepositoryParticipant(s)]:

(i) LaunchinternetbrowserbytypingtheURL:https://evoting.karvy.com

(ii) Enterthelogincredentials(i.e.UserIDandpasswordmentionedatAttendanceSlip).YourFolioNo./DPID-ClientIDwillbeyourUserID.However,ifyouarealreadyregisteredwithKarvyfore-voting,youcanuseyourexistingUserIDandpasswordforcastingyour vote.

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User-ID ForMembersholdingsharesinDematForm:-a)ForNSDL:8CharacterDPIDfollowedby8DigitsClientIDb)ForCDSL:16digitsbeneficiaryIDForMembersholdingsharesinPhysicalForm:-Event no. followed by Folio Number registered with the company.

Password YourUniquepasswordisprintedontheAttendanceSlip.Captcha Enter theVerification code (pleaseenter thealphabetsandnumbers in theexactwayas theyaredisplayed for

security reasons). (iii) After entering these details appropriately, click on “LOGIN”. (iv) YouwillnowreachpasswordchangeMenuwhereinyouarerequiredtomandatorilychangeyourpassword.Thenewpasswordshall

compriseminimum8characterswithatleastoneuppercase(A-Z),onelowercase(a-z),onenumeric(0-9)andaspecialcharacter(@,#,$,etc.).Thesystemwillpromptyoutochangeyourpasswordandupdateyourcontactdetailslikemobilenumber,emailID,etc.onfirst login.Youmayalsoenterasecretquestionandanswerofyourchoicetoretrieveyourpassword incaseyouforget it.It isstrongly recommended that you do not share your password with any other person and that you take utmost care to keep your password confidential.

(v) You need to login again with the new credentials. (vi) Onsuccessfullogin,thesystemwillpromptyoutoselecttheE-VotingEventNumberforPowerGridCorporationofIndiaLimited. (vii)Onthevotingpageenterthenumberofshares(whichrepresentsthenumberofvotes)asonthecut-offdateunder“FOR/AGAINST”

oralternatively,youmaypartiallyenteranynumberin“FOR”andpartiallyin“AGAINST”butthetotalnumberin“FOR/AGAINST”takentogethershouldnotexceedyourtotalshareholding.Youmayalsochoosetheoption“ABSTAIN”andthesharesheldwillnotbecountedunder either head.

(viii)Membersholdingmultiplefolios/demataccountsshallchoosethevotingprocessseparatelyforeachofthefolios/demataccounts. (ix) VotinghastobedoneforeachitemoftheNoticeseparately.Incaseyoudonotdesiretocastyourvoteonanyspecificitemitwillbe

treated as abstained. (x) Youmaythencastyourvotebyselectinganappropriateoptionandclickon“Submit”. (xi) Aconfirmationboxwillbedisplayed.Click“OK”toconfirmelse“CANCEL”tomodify.Onceyouconfirm,youwillnotbeallowedtomodify

your vote. During the voting period, Members can login any number of times till they have voted on the Resolution(s). (xii) Corporate/ InstitutionalMembers (i.e.other thanIndividuals,HUF,NRI,etc.)arealso required tosendscannedcertified truecopy

(PDF Format) of the Board Resolution / Authority Letter, etc., togetherwith attested specimen signature(s) of the duly authorizedrepresentative(s),totheScrutinizerate-mailID:contact@cssanjaygrover.in.Theymayalsouploadthesameinthee-votingmoduleintheirlogin.Thescannedimageoftheabovementioneddocumentsshouldbeinthenamingformat“CorporateName_EVEN”(E-VotingEvent Number).

C. (I) In case a Member receives physical copy of the Annual General Meeting Notice by Post [for Members whose email IDs are not registered withtheCompany/DepositoryParticipant(s)]:

(i) Use‘userID’and‘initialpassword’asprovidedatAttendanceSlip. (ii) PleasefollowallstepsfromSr.No.(i)to(xii)asmentionedin(B)above,tocastyourvote. (II) Theremotee-votingperiodcommenceson24th August, 2019 (09.00 AM IST) and ends on 26th August, 2019 (05.00 PM. IST). The remote

e-votingmoduleshallbedisabledbyM/sKarvyFintechPrivateLimitedforvotingthereafterandthefacilitywillbeblockedforthwith.Duringremotee-votingperiod,shareholdersofthecompanyholdingshareseitherinphysicalformorindematerializedform,asonthecut-offdatei.e.20th August, 2019 may cast their vote electronically. Once the vote on a resolution is cast by a Member, the Member shall notbeallowedtochangeitsubsequently.Further,theMemberswhohavecasttheirvoteelectronicallyshallnotbeallowedtovoteagainat the Meeting.

(III)AnyPersonwhohasacquiredsharesandbecomesMemberoftheCompanyafterthedispatchoftheNoticeoftheAGMbutbeforethecut-offdateof20thAugust,2019,mayobtaintheiruserIDandpasswordforremotee-votingfromCompany’sRegistrar&TransferAgents,M/sKarvyFintechPrivateLimited,KarvySeleniumTowerB,Plot31-32,GachibowliFinancialDistrict,Nanakramguda,Hyderabad–500032,PhoneNo:04067162222,E-mailid:[email protected],TollFreeNo.:18003454001andFax:04023420814andcanalsorequestforthephysicalcopyoftheAnnualReport.

(IV)Memberswhohavecasttheirvotethroughremotee-votingfacilitypriortothemeetingmayalsoattendthemeetingbutshallnotbeentitled to cast their vote again. At the venue of the meeting, members who have not cast their vote through remote voting may cast their vote through Instapoll (Tab Voting).

(V) Persons whose names are recorded in the Register of Members maintained by Registrar and Share Transfer Agent as on cutoff date i.e. 20th August, 2019 shall only avail the facility of remote e-voting or voting through Instapoll (Tab Voting) at venue of the meeting.

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(VI) Incaseofanyquery,membersarerequestedtocontact: Name : ShriSVRaju/ShriA.MohanKumar Designation : DeputyGeneralManager/Manager E-mailid : [email protected] Address : M/sKarvyFintechPrivateLimited,KarvySelenium TowerB,Plot31-32,GachibowliFinancialDistrict,Nanakramguda,Hyderabad–500032. Contact details : Phone No. 040 6716 2222 FaxNo. : 04023420814 TollFreeNo. : 18003454001 (VII)Incaseofanyquerypertainingtoe-voting,pleasevisitHelp&FAQ’ssectionavailableatKarvy’swebsitehttps://evoting.karvy.com. (VIII)ThevotingrightsoftheMembersshallbeinproportiontothepaid-upvalueoftheirsharesintheequitycapitaloftheCompanyason

thecut-offdate(i.e.therecorddate),beingTuesday,20th August, 2019. (IX)TheBoardofDirectorshaveappointedShriSanjayGrover,ManagingPartner,M/sSanjayGrover&Associates,CompanySecretaries,as

aScrutinizer,forconductofthee-votingprocessinafairandtransparentmanner. (X) TheScrutinizershall,immediatelyaftertheconclusionofvotingattheAnnualGeneralMeeting,firstcountthevotescastatthemeeting,

thereafter,unblockthevotescastthroughremotee-votinginthepresenceofatleasttwo(2)witnessesnotintheemploymentoftheCompany and will make, not later than forty eight hours of conclusion of the meeting, a consolidated Scrutinizer’s Report of the votes cast in favour or against, if any, to the Chairman or a person authorized by him in writing who shall countersign the same. Chairman or a person authorized by him in writing shall declare the result of the voting forthwith.

(XI) The Results on resolutions shall be declared after the Annual General Meeting of the Company and the resolutions will be deemed to be passedontheAnnualGeneralMeetingdatesubjecttoreceiptoftherequisitenumberofvotesinfavouroftheResolutions.

(XII) The Results declared along with the Scrutinizer’s Report(s) will be available on the website of the Company (www.powergridindia.com) andonKarvy’swebsite(https://evoting.karvy.com)immediatelyaftertheresultisdeclaredbytheChairmanorapersonauthorizedbyhiminwritingandcommunicationofthesametoNationalStockExchangeofIndiaLimitedandBSELimited.

25. Your Company is pleased to provide the facility of live webcast of proceedings of Annual General Meeting. Members who are entitled to participateintheAnnualGeneralMeetingcanviewtheproceedingsofAnnualGeneralMeetingbyloggingonthee-votingwebsiteofKarvyathttps://evoting.karvy.com/usingtheirsecurelogincredentials.

26. Important Communication to Members:- As per the provisions of Sections 101 and 136 of the Companies Act, 2013 read with the Companies (Management and Administration) Rules,

2014andRegulation36oftheSEBI(ListingObligationsandDisclosureRequirements)Regulations,2015,theserviceofnotice/documentsincludingAnnualReportcanbesentbye-mailtoitsmembers.Memberswhohavenotregisteredtheire-mailaddresses,sofar,arerequestedtoregistertheire-mailaddresses,inrespectofdematerializedshareswiththeDepositorythroughtheirconcernedDepositoryParticipants.MemberswhoholdsharesinphysicalformarerequestedtofilltheE-CommunicationMandateFormandhandoverthesamealongwithAttendanceSlipattheRegistrationCounterofvenueofAnnualGeneralMeetingforregistrationofEmailaddressforreceivingnotice/documentsincluding Annual Report in future.

7

Annexure to NoticeEXPLANATORY STATEMENT

ITEM NO. 5Appointment of Shri Rajeev Kumar Chauhan (DIN 02018931) as a Director liable to retire by rotation.ShriRajeevKumarChauhanwasappointedasDirector(Projects)oftheCompanybythePresidentofIndiavideMinistryofPowerOrderNo.25-11/9/2017-PGdated23rdAugust,2018andassumedchargew.e.f.23rdAugust,2018.IntermsofArticle31AoftheArticlesofAssociation,theBoard of Directors are empowered to appoint the directors appointed by the President of India as an Additional Director under provisions of the Companies Act, 2013 (the Act) and they will be appointed by the Shareholders at the succeeding Annual General Meeting (AGM). Accordingly, the Board, vide resolution by circulation dated 23rdAugust,2018appointedShriRajeevKumarChauhanasanAdditionalDirectortillthedateoflastAGMandsubsequentlyintheBoardmeetingheldon18thSeptember,2018appointedShriRajeevKumarChauhanagainasanAdditionalDirector.ShriRajeevKumarChauhanholdsofficeuptothedateoftheensuingAGM.TheCompanyhasreceivedanoticeinwritingunderSection160oftheActproposingtheappointmentofShriRajeevKumarChauhanasaDirectorontheBoardofPOWERGRID.The above appointment of Shri Rajeev Kumar Chauhan as Director (Projects) on the Board of the Company, being liable to retire by rotation intermsofSection152oftheActreadwithArticle31AoftheArticlesofAssociationoftheCompanyrequiresapprovaloftheMembersintheGeneral Meeting.ShriRajeevKumarChauhanholds1shareinPOWERGRID.NoneoftheDirectorsandKeyManagerialPersonneloftheCompanyortheirrelativesareconcernedorinterestedintheresolutionfinanciallyorotherwiseexcepttotheextentthatheorsheisaDirectorand/orShareholderoftheCompany.The Board of Directors of your Company recommends passing of the resolution as set out at Item No. 5 as an Ordinary Resolution.BriefresumeofShriRajeevKumarChauhanisannexed.ITEM NO. 6Reappointment of Shri Jagdish Ishwarbhai Patel (DIN: 02291361) as an Independent DirectorShriJagdishIshwarbhaiPatel(DIN:02291361)wasappointedasanIndependentDirectorofthecompanywitheffectfrom17th November, 2015 for a period of three years which was completed on 16thNovember,2018.GovernmentofIndiavideOrderdt.22ndNovember,2018hadreappointed Shri Jagdish Ishwarbhai Patel for further period of one year w.e.f. from 17thNovember,2018.IntermsofArticle31AoftheArticlesof Association, the Board of Directors are empowered to appoint the directors appointed by the President of India as an Additional Director under provisions of the Companies Act, 2013 (the Act) and they will be appointed by the Shareholders at the Annual General Meeting (AGM) after their appointment. Accordingly, the Board vide resolution by circulation dated 22ndNovember,2018appointedShriJagdishIshwarbhaiPatelasanAdditionalDirector–IndependentDirectorw.e.f.17thNovember,2018foraperiodofoneyear.ShriJagdishIshwarbhaiPatelholdsofficeuptothe date of the ensuing AGM. Further,intheopinionoftheCentralGovernment,MinistryofPowerShriJagdishIshwarbhaiPatelfulfillstheconditionsspecifiedintheActandthe Rules made thereunder and that Shri Jagdish Ishwarbhai Patel is independent of the Management. It is proposed to reappoint him as an Independent Director for a period of one year w.e.f. 17thNovember,2018.Reappointment of Shri Jagdish Ishwarbhai Patel as an Independent Director on the Board of the Company, not being liable to retire by rotation intermsofSection152readwithSection149oftheCompaniesAct,2013,requiresapprovaloftheMembersintheGeneralMeeting.ShriJagdishIshwarbhaiPatelholdsNILsharesinPOWERGRID.NoneoftheDirectorsandKeyManagerialPersonneloftheCompanyortheirrelativesareconcernedorinterestedintheresolutionexcepttotheextentthatheorsheisaDirectorand/orShareholderoftheCompany.The Board of Directors of your Company recommends the passing of the resolution as set out at Item No. 6 as a Special Resolution.BriefresumeofShriJagdishIshwarbhaiPatelisannexed.ITEM NO. 7Appointment of Shri M. N. Venkatesan (DIN: 02126022) as an Independent DirectorShri M. N. Venkatesan (DIN 02126022) was appointed as an Independent Director of the Company by the President of India vide Ministry of PowerOfficeOrderNo.20/6/2017-Coord.dated11thJuly,2019foratermnotexceeding3years.IntermsofArticle31AoftheArticlesofAssociation, the Board of Directors are empowered to appoint the directors appointed by the President of India as an Additional Director under provisions of the Companies Act, 2013 (the Act) and they will be appointed by the Shareholders at the Annual General Meeting (AGM) after their appointment. Accordingly, the Board vide resolution by circulation dated 11th July, 2019 appointed Shri M. N. Venkatesan as an Additional Director–IndependentDirector.ShriM.N.VenkatesanholdsofficeuptothedateoftheensuingAGM.Further,intheopinionoftheCentralGovernment,MinistryofPowerShriM.N.VenkatesanfulfillstheconditionsspecifiedintheActandtheRulesmade thereunder and that Shri M. N. Venkatesan is independent of the Management. It is proposed to appoint him as an Independent Director for a period of three years w.e.f. 11th July, 2019. The above appointment of Shri M. N. Venkatesan as an Independent Director on the Board of the Company, not being liable to retire by rotation intermsofSections149&152oftheAct,requiresapprovaloftheMembersintheGeneralMeeting.ShriM.N.VenkatesanholdsNILsharesinPOWERGRID.

8

NoneoftheDirectorsandKeyManagerialPersonneloftheCompanyortheirrelativesareconcernedorinterestedintheresolutionfinanciallyorotherwiseexcepttotheextentthatheorsheisaDirectorand/orShareholderoftheCompany.The Board of Directors of your Company recommends passing of the resolution as set out at Item No. 7 as an Ordinary Resolution. BriefresumeofShriM.N.Venkatesanisannexed.ITEM NO. 8Ratification of remuneration of the Cost Auditors for the Financial Year 2019-20As per Section 148 (3) of the Companies Act, 2013, the appointment of Cost Auditor shall bemade by the Board of Directors on suchremunerationasmaybedeterminedbytheMembers.UndertheCompanies(AuditandAuditors)Rules,2014,theBoardwhileappointingthecostauditorshastoapprovetheremunerationpayabletothemandtheremunerationsoapprovedbytheBoardhastoberatifiedbythegeneralmeeting.Accordingly,asrecommendedbytheAuditCommittee,theBoardappointed(i)M/sChandraWadhwa&Co.,CostAccountantsandM/sR.M.Bansal&Co.,CostAccountantsasjointCostAuditorsoftheCompanyfortheFY2019-20forafeeof₹2,50,000/-plusapplicabletaxestobesharedequallybyeachAuditor.Theabovefeesisexclusiveoftravellingandoutofpocketexpenses,whichshallbereimbursedasperpolicyoftheCompanyand;(ii)M/s.ChandraWadhwa&Co.,CostAccountants,astheLeadCostAuditorfortheworkofconsolidationandfacilitationforfilingofconsolidatedCostAuditReportoftheCompanyforthefinancialyear2019-20atanadditionalfeeof₹12,500/-(RupeesTwelveThousandFiveHundredonly)excludingtaxesandoutofpocketexpenses.NoneoftheDirectorsandKeyManagerialPersonneloftheCompanyortheirrelativesareconcernedorinterestedintheresolutionfinanciallyorotherwiseexcepttotheextentthatheorsheisaDirectorand/orShareholderoftheCompany.TheBoardofDirectorsofyourCompanyrecommendspassingoftheresolutionassetoutatItemNo.8asanOrdinaryResolution.ITEM NO. 9To raise funds up to ₹10,000 Crore from domestic market through issue of secured / unsecured, non-convertible, non-cumulative/cumulative, redeemable, taxable / tax-free Debentures/Bonds under Private Placement during the Financial year 2020-21 in upto twenty tranches/offers.POWERGRIDBoardofDirectors,intheir367th meeting held on 3rdJuly,2019,approvedraisingofsecured/unsecured,non-convertible,non-cumulative,redeemable,taxable/tax-free,RupeeLinkedBonds/Bondsunderprivateplacementfromdomestic/external/overseassourcesupto₹10,000Crore(Approx)inuptotwentytranchesdependingupontherequirementoffundsduringtheFinancialYear2020-21forfinancingofPOWERGRIDCapitalexpenditurerequirement,providingintercorporateloanstowhollyownedsubsidiaries,otherpurposesasmaybeapprovedbytheboardofDirectors/CommitteeofDirectorsforBondsandforgeneralcorporatepurposes.Anamountof₹10,000Croreto₹15,000CroreisbeingconsideredasexpectedCapitalExpenditure(CAPEX)duringtheFinancialYear2020-21.Inordertohaveadebtequitymixof70:30anamountof₹7,000Crore-₹10,500CroreisestimatedtobemobilizedasdebtandBalance₹3,000Crore-₹4,500CrorefrominternalresourcesduringtheFinancialYear2020-21.Presently,POWERGRIDdomesticBondshavebeenratedathighestcreditrating(AAA)byvariousRatingAgenciesi.e.CRISIL,ICRA&CARE.Theratesofinterestaredeterminedonthemarketconditionsprevailingatthetimeofenteringthemarketforaparticularofferofbondsonprivateplacement(includingoffertoQualifiedInstitutionalBuyer/s).Atpresent,borrowingthroughdomesticbondswasbeingdonebytheCompanyata cost which is comparable to prevailing interest rates applicable to AAA rated corporate bonds. In line with the past practice, the interest yield on the proposed borrowings is also envisaged to be comparable to the interest rates of prevailing interest rates of AAA rated corporate bonds.TheproposedborrowingforFY2020-21willbewithinoverallborrowinglimitsof₹1,80,000crore.NoneoftheDirectorsandKeyManagerialPersonneloftheCompanyortheirrelativesareconcernedorinterestedintheresolutionfinanciallyorotherwiseexcepttotheextentthatheorsheisaDirectorand/orShareholderoftheCompany.The Board of Directors of your Company recommends passing of the resolution as set out at Item No. 9 as a Special Resolution.

The Register of Directors and Key Managerial Personnel and their shareholding, Register of Contracts or Arrangements in which Directors are interestedandallthedocumentsreferredtointhisNoticeandExplanatoryStatementareopenforinspectionbetween11.00a.m.to1.00p.m.onallworkingdaysattheRegisteredOfficei.e.B-9,QutabInstitutionalArea,KatwariaSarai,NewDelhi–110016uptoMonday,26th August, 2019 and at the venue of meeting.

By order of the Board of Directors

(Divya Tandon) ChiefGeneralManager&

Company Secretary

Regd. Office:B-9,QutabInstitutionalArea,KatwariaSarai,NewDelhi-110016.(CIN:L40101DL1989GOI038121

Date: 19th July, 2019

9

BRIEF RESUME OF THE DIRECTORS SEEKING RE-ELECTION Directors seeking re-election at the 30th AGM:

Director being appointed at the 30th Annual General Meeting

Name Shri Ravi P. SinghDIN 05240974Date of Birth and Age 21January1960/59YearsDate of Appointment 01 April 2012Qualification MechanicalEngineering,NITAllahabad&PGDinHRfromAIMA,NewDelhiExpertiseinspecificfunctionalArea ShriRaviP.Singhhasover37yearsofworkexperience in thepower sector,handlingvarious

multidisciplinary functions like HR, Telecom, Contracts, Materials, Planning, Monitoring and Transmission System Construction/O&M. Before his elevation as Director (Personnel) he wasExecutiveDirector(EasternRegion-II)andExecutiveDirector(HumanResourceManagement&CorporateCommunication)inPOWERGRID.PriortojoiningPOWERGRIDin1991,ShriSinghhasworked for 10 years in NTPC.

Directorship held in otherCompanies(Part-time)

1. Cross Border Power Transmission Company Limited2. North East Transmission Company Limited3. Bihar Grid Company Limited4. Jaypee Powergrid Limited5. Parbati Koldam Transmission Company Limited6. Powerlinks Transmission Limited7. Teestavalley Power Transmission Limited8.TorrentPowerGridLimited

Membership/ChairmanshipofCommittees in other Companies

NIL

No. of Shares held 9016

Name Shri Rajeev Kumar ChauhanDIN 02018931Date of Birth and Age 25thOctober,1960/58YearsDate of Appointment 23rdAugust,2018Qualification Electrical Engineer, IIT RoorkeeExpertiseinspecificfunctionalArea Shri Rajeev Kumar Chauhan is a highly experienced professional in the field of EHV Power

transmissionsystemintheCountry.Hehasdiverseexperienceofmorethan34yearsinEHVAC&DC transmission system. Prior to taking over the charge as Director (Projects), Shri Chauhan was holdingtheChargeofExecutiveDirector(Engineering)inPOWERGRID.


1. PTC India Limited.2.RINLPOWERGRIDTLTPvt.Limited.3.POWERGRIDVaranasiTransmissionSystemLimited.4.POWERGRIDJawaharpurFirozabadTransmissionLimited.5.POWERGRIDSouthernInterconnectorTransmissionSystemLimited6.POWERGRIDMedinipur–JeeratTransmissionLimited


NIL

No. of Shares held 1

1.

10

3.

2.

Name Shri Jagdish Ishwarbhai Patel DIN 02291361Date of Birth and Age 15thOctober,1964/54YearsDate of Appointment 17thNovember,2018Qualification B.Sc.,ASTM-UT,MBA(Ind.)ExpertiseinspecificfunctionalArea Mr. Jagdish I Patel has an illustrious career spanning over 38 years in the areas of Energy

Generation, Mining and Space sectors as engineering solution providers and strategic planner over businessauxiliaryunits.HavingbeenDirector(Tech.)atPushpakTrademechLimited,aswellasKIA Infrastructure Development Limited and active member of Gujarat Chamber of Commerce and Industry (GCCI), he has served as a member of several institutions such as District Implementation &IndustrialManagementCommitteeofITI,IndustrialManagementCommitteeofIGTRandhasalsoservedasPresidentaswellasTreasureratLUB-Gujarat.


1. Pushpak Trademech Limited2. KIA Infrastructure Development Limited


NIL

No. of Shares held NIL

Name Shri M. N. VenkatesanDIN 02126022Date of Birth and Age 3rdOctober,1955/63YearsDate of Appointment 11th July, 2019Qualification B.Com, FCAExpertiseinspecificfunctionalArea Shri M. N. Venkatesan, B.Com, FCA is a practising Chartered Accountant specialising in Management

and Financial Consultancy. He has wide experience of more than 35 years in the professionincluding as Statutory Central Auditor of Large Public Sector Banks for over 30 years. Presently, Shri Venkatesan is a senior partner of M.R. Narain and Co., Chartered Accountants, Chennai.


1. Svasti Micro Finance Private Limited2. Focus Credit Management India Private Limited


Svasti Micro Finance Private Limited : AuditCommittee–ChairmanNominationandRemunerationCommittee-ChairmanFinanceCommittee–Member

No. of Shares held NIL

11

Power Grid Corporation of India Limited(A Government of India Enterprise)CIN:L40101DL1989GOI038121

Regd.Office:B-9,QutabInstitutionalArea,KatwariaSarai,NewDelhi-110016,PhoneNo.:011-26560112,Fax:011-26601081Corp.Off.:“Saudamini”,PlotNo.2,Sector-29,Gurgaon-122001(Haryana),PhoneNo.:0124-2822000,2823000,Fax:0124-2571762

Website:www.powergridindia.com,EmailID:[email protected]

PROXY FORM

I/We,beingthemember(s)of…………...sharesoftheabovenamedcompany,herebyappoint1. Name of the member (s): Address:E-mailId:Signature:……………...........,orfailinghim2. Name of the member (s): Address:E-mailId:Signature:……………...........,orfailinghim3. Name of the member (s): Address:E-mailId:Signature:……………...........,Asmy/ourproxytoattendandvote(onapoll)forme/usandonmy/ourbehalfatthe30th Annual General Meeting of the company, to be held on Tuesday, the 27th August, 2019 at 11.00 a.m. at ‘Manekshaw Centre’, Parade Road, Delhi Cantt., New Delhi – 110 010 and at any adjournment thereof in respect of such resolutions as are indicated below:

ReSl. No.

Resolutions For Against

Ordinary Business1. To receive, consider and adopt the Audited Financial Statements including Consolidated Financial Statements of

the Company for the Financial Year ended 31st March, 2019, together with the Board’s Report, the Auditor’s Report thereon and comments of the Comptroller and Auditor General of India.

2. TonotethepaymentofinterimdividendanddeclarefinaldividendfortheFinancialYear2018-19.3. To appoint a Director in place of Shri Ravi P. Singh (DIN 05240974), who retires by rotation and being eligible,

offershimselfforre-appointment.4. ToauthorizetheBoardofDirectorsof theCompanytofixtheremunerationoftheStatutoryAuditors forthe

FinancialYear2019-20.Special Business5. ToappointShriRajeevKumarChauhan(DIN02018931)asaDirectorliabletoretirebyrotation.6. To approve the reappointment of Shri Jagdish Ishwarbhai Patel (DIN: 02291361) as an Independent Director.7. To approve the appointment of Shri M. N. Venkatesan (DIN: 02126022) as an Independent Director.8. RatificationofremunerationoftheCostAuditorsfortheFinancialYear2019-20.9. Toraisefundsupto₹10,000Crore,fromdomesticmarketthroughissueofsecured/unsecured,non-convertible,

non-cumulative/cumulative, redeemable, taxable/ tax-freeDebentures/BondsunderPrivatePlacementduringtheFinancialYear2020-21inuptotwentytranches/offers.

Name of the member (s):Registered address:E-mailId:Foliono/ClientId:DP ID:

Signedthis…………..dayof………………..,2019.Signature of shareholderSignatureofProxyholder(s)Note: 1. This form of proxy in order to be effective should be duly completed and deposited at the Registered

Office of the Company, not less than 48 hours before the commencement of the Meeting.2. Fortheresolutions,explanatorystatementsandNotes,pleaserefertotheNoticeof30th Annual General Meeting.3. Pleasecompletealldetailsincludingdetailsofmember(s)intheaboveboxbeforesubmission.

AffixRevenueStamp

""

13

Power Grid Corporation of India LimitedRegd.Office:B-9,QutabInstitutionalArea,KatwariaSarai,NewDelhi-110016,PhoneNo.:011-26560112,Fax:011-26601081

Corp.Off.:“Saudamini”,PlotNo.2,Sector-29,Gurgaon-122001(Haryana),PhoneNo.:0124-2822000,2823000,Fax:0124-2571762Website:www.powergridindia.com,EmailID:[email protected]

ECS MANDATE FORM[APPLICABLEFORSHARESHELDINPHYSICALFORMONLY]

ToKarvy Fintech Private LimitedUnit:PowerGridCorporationofIndiaLimited,KarvySeleniumTowerB,Plot31-32,Gachibowli Financial District, Nanakramguda,Hyderabad–500032.

NameoftheFirst/SoleShareholderFolio No.

PAN / Email informationIncome Tax Permanent Account Number (PAN) (Please attach aphotocopy of PAN Card)Email ID

ECS Mandate Form (for shares held in Physical mode)Bank NameBranchName&AddressBank Account Type (tick) SB Current OthersBank Account Number9 Digit Code Number of the Bank and Branch appearing on the MICR ChequeissuedbytheBank.(Please attach a photo copy of the Cheque)

Iherebydeclarethattheparticularsgivenabovearecorrectandcompleteandalsoexpressmyconcurrencetoreceiveinformationthroughe-mailtowardsdividendpaidbytheCompanyundertheECSmode.

Signature of the 1st Registered Holder/Sole Holder

Power Grid Corporation of India Limited(A Government of India Enterprise)CIN:L40101DL1989GOI038121

Regd.Office:B-9,QutabInstitutionalArea,KatwariaSarai,NewDelhi-110016,PhoneNo.:011-26560112,Fax:011-26601081Corp.Off.:“Saudamini”,PlotNo.2,Sector-29,Gurgaon-122001(Haryana),PhoneNo.:0124-2822000,2823000,Fax:0124-2571762

Website:www.powergridindia.com,EmailID:[email protected] REGISTRATION FORM

FolioNo./DPID&ClientID : ……………………………………………………Name of 1stRegisteredHolder : …………………………………………………..NameofJointHolder(s) : …………………………………………………..…………………………………………………….RegisteredAddress : ……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………E-mailID(toberegistered) : ………………………………………………………………………………………………………I/weshareholder(s)ofPowerGridCorporationofIndiaLimitedagreetoreceivecommunicationfromtheCompanyinelectronicmode.Pleaseregistermyabovee-mailinyourrecordsforsendingcommunicationthroughe-mail.

Signature:…………………………………………(First Holder)

Date:……………………Note: Shareholder(s) are requested to keep the Company informed as and when there is any change in the e-mail address.

" "

""

15

ContentsNotice ........................................................................................................................................................................................... 01

Reference Information .................................................................................................................................................................... 16

Letter to Shareholders..................................................................................................................................................................... 17

Integrated Report .......................................................................................................................................................................... 19

Directors’Profile............................................................................................................................................................................. 21

ListofSeniorExecutives................................................................................................................................................................. 24

POWERGRIDS’sPerformance.......................................................................................................................................................... 25

Five Years’ Summary ..................................................................................................................................................................... 26

Directors’ Report ............................................................................................................................................................................ 29

AnnexureI-ManagementDiscussionsandAnalysis.......................................................................................................................... 46

AnnexureII-BusinessResponsibilityReport.................................................................................................................................... 69

AnnexureIII-ParticularsrequiredSection134(3)(m)oftheCompaniesAct,2013.............................................................................. 79

AnnexureIV-CommentsofC&AGu/s143(6)(B)oftheCompaniesAct,2013................................................................................... 83

AnnexureV-SecretariatAuditReport............................................................................................................................................. 85

AnnexureVI-FormNo.MGT9....................................................................................................................................................... 89

AnnexureVII-ReportonCorporateGovernance.............................................................................................................................. 111

AnnexureVIII-CertificateonCorporateGovernance.......................................................................................................................... 132

AnnexureIX-FormNo.AOC-2...................................................................................................................................................... 133

AnnexureX-FormNo.AOC-1.......................................................................................................................................................137

AnnexureXI-AnnualReportonCorporateSocialResponsibility.......................................................................................................... 139

Balance Sheet ................................................................................................................................................................................ 176

StatementofProfitandLoss............................................................................................................................................................ 177

StatementofChangeinEquity........................................................................................................................................................ 178

CashFlowStatement...................................................................................................................................................................... 180

Notes.............................................................................................................................................................................................182

Independent Auditor’s Report .......................................................................................................................................................... 156

AnnexureIndependentAuditor’sReport..........................................................................................................................................260

Consolidated Financial Statements ................................................................................................................................................... 265

16

Reference InformationPOWER GRID CORPORATION OF INDIA LIMITED

CIN: L40101DL1989GOI038121

Registered OfficeB-9,QutabInstitutionalArea,KatwariaSarai,NewDelhi-110016PhoneNo.-011-26560112,Fax–011-26601081

Chief General Manager - Company Secretary & Compliance OfficerMs. Divya Tandon

Corporate Office“Saudamini”, Plot No. 2,Sector29,Gurgaon-122001(Haryana)PhoneNo.–0124-2822000,2823000,Fax–0124-2571762

Website: www.powergridindia.comE-mail ID: [email protected]

For the Financial year under review i.e. 2018-19Statutory Auditors

1. M/s. S. K. Mittal & Co., Chartered AccountantsMittalHouse,E-29,SouthExtensionPart-II,NewDelhi–110049.Email:[email protected]

2. M/s. R. G. N. PRICE & Co., Chartered AccountantsSimpsonBuildings,861,AnnaSalai,Chennai-600002.Email:[email protected]

3. M/s. Kothari & Co., Chartered Accountants1E,Neelkanth,26-B,CamacStreet,Kolkata–700016.Email:[email protected]

4. M/s. PARAKH & Co., Chartered AccountantsA-101,PratikApartments,Ramachandra Nagar 3,NearCadburySignal,ThaneWest,Mumbai–400604.Email:[email protected]

Cost Auditors

1. M/s R. M. Bansal & Co., Cost Accountants,A-201,TwinTowers,Lakhanpur,Kanpur–208024.Email:[email protected]

2. M/s Chandra Wadhwa & Co., Cost Accountants,1305&1306,VijayaBuilding,17, Barakhamba Road,NewDelhi-110001.Email:[email protected]

Registrar & Share Transfer Agent:

Equity Shares:

Karvy Fintech Private Limited KarvySeleniumTowerB,Plot31-32,Gachibowli Financial District, Nanakramguda,Hyderabad–500032Ph.:040-67162222,Fax:040-23420814TollFreeNo.18003454001Email:[email protected]:www.karvyfintech.com

Bonds:MCS Share Transfer Agent Limited,F-65,OkhlaIndustrialArea,Phase-I,NewDelhi-110020.Ph:011-41406149-52Telefax.:011-41709881E-mail:[email protected]

BankersIndian Overseas BankBank of BarodaCanara BankState Bank of IndiaPunjab National BankUnionBankofIndiaHDFC Bank LtdICICI Bank LtdIDBI BankCorporation BankAxisBankLtdKotak Mahindra Bank

Shares Listed at:NationalStockExchangeofIndiaLimitedBSE LimitedDepositories:National Securities Depository LimitedCentral Depository Services (India) Limited

Debenture TrusteesFor Bond Series XVIII to LXII Issue, GoI Bond

IDBI Trusteeship Services Ltd.AsianBuilding,GroundFloor,17,R.KamaniMarg,BallardEstate,Mumbai-400001

Phone:022-40807000,Fax:022-66311776, Email:[email protected]

17

LETTER TO SHAREHOLDERS

Dear Shareholders,It gives me immense pleasure to share with you the progress made by your company during the year2018-19.

Friends, India has become the 6th largest economy* now. The GDP of the country has grown at 6.8%duringtheyear2018-19.TherealGDPgrowthofIndiafortheyear2019-20isprojectedat7%.

Fiscal 2019 was another year of remarkable performance on various fronts for your Company.

I am glad to sharewith you that your Company alongwith its subsidiaries has added 8,468circuitkm(ckm.)ofExtraHighVoltage(EHV)transmissionlines,40,119MegaVoltAmpere(MVA)transformation capacity and 10 new substations during the year. The Assets capitalized (including TBCBprojects)wereabout₹27,325crore(inclusiveofFERV)andCapitalexpenditurehasbeen₹25,807croreagainstthetargetof₹25,000Crore.Anumberoflargeandimportantprojectswerecommissioned/completed during the year including 765kV Double Circuit (D/C) Jharsuguda-Dharamjaygarhline(betweenEasternandWesternRegions);765kVD/CBanaskantha-Chittorgarhline(betweenWesternandNorthernRegions)&BanaskanthaSubstation;765kVSingleCircuit(S/C) Dharampuri-Madhugiri (Tumkur) line; 765kV D/C Bhuj Pool-Banaskantha line & Bhujsubstation;765kVD/CAngul-Jharsugudatransmissionline;765kVD/COrai-Aligarhtransmissionline (2nd Ckt.) & Orai ICT; and 400kV D/C (Quad) Punatsangchu-Alipurduar transmission line(IndianPortionofIndo-Bhutantransmissionline).

AsonMarch31, 2019, yourCompanyalongwith its subsidiaries owns&operates a transmissionnetworkof 1,58,298 ckmof inter-Statetransmission lines,245nos.ofEHVAC&HVDCsub-stationswith transformationcapacityof371,912MVA.TheGrossFixedAssetsofyourCompany&itssubsidiariesstoodat₹2,07,214.57croreasonMarch31,2019asagainst₹1,79,889.67croreasonMarch31,2018.

Ontheoperationalfront,yourCompanymaintainedavailabilityofthetransmissionnetworkat99.71%withnumberoftrippingperlinecontainedat 0.46.

InFiscal2019,yourCompanydisplayedanimpressivefinancialperformance.Onastandalonebasis,yourCompanyregisteredaTotalIncomeof₹35,618.07croreandProfitafterTax(PAT)of₹9,938.55crore,agrowthof15.77%and20.55%,respectivelyoverthecorrespondingTotalIncomeandPATinFiscal2018.OnaConsolidatedbasis,yourCompanyregisteredaTotalIncomeandProfitafterTax(PAT)of₹35,661.32croreand₹10,333.52crore,respectively.

YourCompanyalsomadeimpressiveprogressinitsTelecombusiness.TherevenuefromTelecombusinessincreasedto₹663.25crore,registeringanincreaseof9.34%overthepreviousyear.TotalTelecomnetworkcoverageincreasedbyabout27%tomorethan60,900kmfrom47,735km in the previous year.

On the Consultancy front, the revenues moderated as a number of assignments including the prestigious and challenging 220kV Srinagar Leh TransmissionSystemProjecthavebeencompletedduringtheyear.TherevenuefromConsultancystoodat₹610.93croreduringtheyear.Thenewassignments(domestic/international)securedduringtheyearandsomeoftheearlierassignmentsareunderimplementation.UnderTariffBasedCompetitiveBidding(TBCB),yourCompanysecureditsfirstIntra-StateTransmissionProjectviz.‘EstablishmentofTransmissionSystemforEvacuationofPowerfrom2X660MWJawaharpurThermalPowerProjectandConstructionof400kVSubstationatFirozabadalongwithassociatedTransmissionLines’duringtheyear.Withthis,yourCompanyhassecured13projectsasonMarch31,2019throughTBCB.Iamglad to share with you that seven of these projects have since been successfully completed and elements in other projects are being completed progressively.TheTBCBprojects’contributiontotherevenuesofyourCompanysurpassedthe₹1,000croremarkduringtheyear.Your Company has been working towards implementation of Green Energy Corridors (GEC) for integration of Renewable Energy Resources withtheGridbywayofsettingupofInter-StateTransmissionSystem(ISTS)at765kVand400kVlevelinrenewableresourcerichstatesinthecountry.YourCompanyasCTUhasalsoevolvedacomprehensivetransmissionplanforgridintegrationofvariousRenewableEnergyZones(66.5GW)inthecountry.Towardsfulfillingthecommitmenttowardsthegoalofsustainabledevelopment,yourCompanycontinuedtotakevariousinitiativesincludingadoptionofmoderntechniquesforselectionofmostoptimumroutefortransmissionlinesandconstructionofhighvoltagelevelstransmissionsystem±800kVHVDC,765kVetc.Further,yourCompanyisintheprocessofinstalling5MWpRooftopSolarPVSystemsinitspremises,coveringmore than 50 locations.

Friends,asastepforwardtopromoteuseofelectricvehiclesinthecountryyourCompanyhassetupitsfirstpubliceVfast-chargingstationinHyderabadatMiyapurMetrostationonpilotbasis.Basedontheexperience,yourCompanyisalsoexploringotherlocations/cities.

AsapartofCorporateSocialResponsibility(CSR),yourCompanycontinuedtocontributetosocietyatlargewithmainfocusoninclusivesocial-economicgrowthfordevelopmentofmarginalized&under-privilegedsectionsofthesocietyresidingarounditsareasofoperation.Focusareaofthe Company’s CSR activities during the year were Education and Health initiatives in line with Govt. of India targets besides implementation of projects for construction of community centres, installation of solar street lights and other projects in areas of Rural development, Infrastructure development, Skill development, Health, Education, etc. In addition, as part of ‘Swachh Bharat Abhiyan’, your Company has carried out

*Economic Survey 2018-19

18

construction of toilet blocks in Government schools, construction of individual households’ toilets for development of primitive tribal groups, etc.Also,gainingexperiencefromsettingupof‘POWERGRIDVishramSadan’atAIIMS,NewDelhiwhichhasbeenapplauded,yourCompanyisimplementingsevenmore‘POWERGRIDVishramSadans’inGovt.hospitalsatLucknow,Patna,Guwahati,Ranchi,Bengaluru,DarbhangaandVadodara.YourCompanyhasspent₹195.52croreonCSRactivitiesduringFY2018-19.

YourCompanyhasreceivedrecognitionintheformofawardsonvariousfrontsduringtheyearandsomeofthesignificantandrecentawards/recognitioninclude–

• ‘FastestGrowing ElectricUtility’ in Asia- for the fifth successive year since 2014, based on Platts Top 250Global EnergyCompanyRankings. Globally, the Company was positioned as the 3rdFastestGrowingElectricUtility;

• OneoftheTop25MostInnovativeCompaniesinIndiaattheFifthCIIIndustrialInnovationAwards2018;

• CBIPAward2019for‘BestPerformingTransmissionUtility’andCBIPSpecialJuryAwardfor‘InnovationExcellenceinPowerTransmission’;

• PlatinumPrize(1st prize) in Power Sector Category at the ‘6thFICCIQualitySystemsExcellenceAwards’;

• ‘2018EEIAsia-OceaniaIndexAward’atEEI(EdisonElectricInstitute)GlobalElectrificationForum,forHighestTotalShareholderReturnsinGoldLargeCapitalizationcategory;

• ‘GoodCorporateCitizenAward’categoryatPHDAnnualAwardsforExcellence2018;

• FeaturedinTop100inIndia’sBestPlaceToWorklistfor2019.

OnbehalfoftheCompany,Ithankshareholdersfortheircontinuedconfidenceandsupport.Iwouldalsoliketoexpressmyappreciationtoallouremployees,fortheircontributiontowardstheperformanceoftheCompany.Iamconfidentthatwithadedicatedandcommittedresourceof employees and valuable support of our esteemed stakeholders, your Company will continue to deliver its responsibilities and enhance value to its stakeholders.

Withbestwishes,Yours sincerely

(Ravi P. Singh)Director (Personnel) & CMD

Date: 19th July, 2019Place: New Delhi

19

Inte

grat

ed R

epor

t

21

Shri Ravi P. Singh Director (Personnel) & CMD

Shri Ravi P. Singh (59 years), (DIN: 05240974), is Director (Personnel) of our Company and assigned with additional charge of post of CMD w.e.f. 21.01.2019 for a period of 6 months. He is a Mechanical Engineer from NIT, Allahabad in First Class with Honours and Post Graduate Diploma in HR from AIMA,NewDelhi.HehaspreviouslyheldthepositionsofExecutiveDirector(EasternRegion-II)andExecutiveDirector(HumanResourceManagement&CorporateCommunication) inPOWERGRID.Shri Singh has over 37 years of work experience in the power sector handling various multi-disciplinary functions like HR, Telecom, Contracts, Materials, Planning, Monitoring and Transmission SystemConstruction/O&M.PriortojoiningPOWERGRIDin1991,ShriSinghhasworkedfor10yearsin NTPC. He was appointed as a Director on our Board in April, 2012.

Shri K. Sreekant Director (Finance)Shri K. Sreekant (55 years), (DIN: 06615674) is Director (Finance) of our Company. He is CMA and PGDM(Finance)fromManagementDevelopmentInstitute,Gurgaon.Heiscurrentlywhole-time Director (Finance) of Power Grid Corporation of India Limited (PGCIL) with additional charge of Director (Finance), NTPC Limited w.e.f. 12.02.2019.

Hehasover33yearsofexperienceinthepowersectorintheareasofLongTermFinancialPlanning,Investment Appraisals, formulation of Capital Budgets, Resource Mobilization from domestic and internationalmarkets,CorporateAccounts,Commercial,RegulatoryAffairsandEnterpriseResourcePlanning Systems. He was appointed as a Director on our Board in September, 2016.

Mrs. Seema Gupta Director (Operations)

Mrs. Seema Gupta (57 years), (DIN:06636330) is Director (Operations) of our Company. Prior to takingup thisassignment, shewasExecutiveDirector (NorthernRegion-I) in thecompany.Sheis a graduate Engineer from Delhi College of Engineering (DCE) and also holds a Post Graduate Diploma inManagement from IMT.Ms. SeemaGupta hasmore than35 years of experience inpowersectorandhashandledmulti-disciplinaryfunctionslikeCommercial,InternationalBusiness,CorporatePlanning,CorporateMonitoringGroupandCentralTransmissionUtilityintheCompany.BeforejoiningPOWERGRIDin1991,Ms.Seemahasworkedforabout7years inNTPC.ShewasappointedasaDirectoronourBoardinMarch,2018.

Shri Rajeev Kumar Chauhan Director (Projects) ShriRajeevKumarChauhan,(58years),(DIN:02018931)isDirector(Projects)ofourCompany.HegraduatedfromIITRoorkeeinElectricalEngineeringandhasadiverseexperienceofmorethan34yearsinEHVAC&DCtransmissionsystemcoveringalmostallareasofthetransmissionsystem.HehasbeenassociatedwithPOWERGRIDsince1994andhascontributedtoallsegmentsofPowerSystemManagementinPOWERGRIDi.e.ProjectManagement,CTUPlanning,Design&Engineering(EHV AC & HVDC), Procurement, Site Execution, Operation & Maintenance, Consultancy, DMS,CommercialFunctionsinPOWERGRIDundervariouscapacitiesandhasplayedvitalroleinvariousprestigious HVDC projects of the Company. He has also served for 10 years in NTPC prior to joining POWERGRID in1994.Hehasalsoauthored technicalpapers invarious forums.Presently,he ischairmanofCIGRENSCB4committeeforHVDC&PowerelectronicsandtheBISETD40Group.HewasappointedasaDirectoronourBoardinAugust,2018.

DIRECTORS’ PROFILE

22

Shri Tse Ten Dorji Independent Director

ShriTseTenDorji,(68years),(DIN:03469466)isanI.A.S(Retired).Duringhiscareerover42years,hehasheldvariouspostsinmanyDepartments/MinistriesofGovernmentofIndia.HehasmultidisciplinaryexperiencespanningPersonnel&GeneralAdministration,Finance,Education/Human Resource Development, Animal Husbandry, Planning & Programme Implementation,LandRevenueManagement&DistrictAdministration,etc.HewasappointedasaDirectoronourBoard in February, 2017.

Shri Jagdish I Patel Independent Director

ShriJagdishIPatel(54years),(DIN:02291361)isaB.Sc.,ASTM-UT,MBA(Ind.)hasanillustriouscareer spanningover38years in theareasofEnergyGeneration,MiningandSpace sectorsasengineering solution providers and strategic planner over business auxiliary units. Having beenDirector (Tech.) at Pushpak Trademech Limited, as well as KIA Infrastructure Development Limited and active member of Gujarat Chamber of Commerce and Industry (GCCI), he has served as a memberofseveralinstitutionssuchasDistrictImplementation&IndustrialManagementCommitteeofITI,IndustrialManagementCommitteeofIGTR;PresidentaswellasTreasureratLUB-Gujarat;andmemberofStandingCommittee/TownPlanningCommittee/SolidWasteManagementCommitteeof AMC. He was appointed as an Independent Director on our Board in November, 2015.

Shri Manoj Kumar Mittal Independent Director

Shri Manoj Kumar Mittal (55 years), (DIN: 07937052) graduated in Civil Engineering from BITS Pilaniin1985.HealsoearnedhisM.Sc.&MSdegreesfromthesameInstitute.HeispracticingasConsultingCivil&StructuralEngineerandhasanexperienceofover32yearsinthefieldofCivil&StructuralengineeringConsulting.Healsohasexpertiseinstructuralretrofittingandrehabilitationofstructures indistress.Hehaskeen interest in thefieldofgreen&sustainabledesignofbuiltenvironment. He is member of several professional bodies e.g. IEI (I), IAStructE, ICI, CEAI, CDC, ACCE(I),ACI-IndiaChapter,IBCandIOV.HeismemberofvariousBIScommitteese.g.CED-29,andCED-54&CED-46:P4,P11&P19.PresentlyheisalsoaffiliatedwithSPA-NewDelhiasvisitingfaculty. He was appointed as an Independent Director on our Board in September, 2017.

Shri Ghanshyam Prasad Government Nominee Director

ShriGhanshyamPrasad,(52years),(DIN:08288849)isB.Tech(Electrical)fromIIT,BHU;M.Tech(Energy and Environment Management) from IIT, Delhi and MBA (Finance). He is presently working as Chief Engineer in Ministry of Power, Government of India looking after Reforms and Restructuring (R&R) in Electricity Sector, Operation and Monitoring (OM) of Electricity Grid and TransmissionSector. Earlier, he worked as Chief Engineer (Distribution) in Central Electricity Authority and Director (TransmissionandOM) inMinistryofPower.Hehasalso served for about six years inHaryanaElectricityRegulatoryCommission.HehasvariedandrichexperienceinthefieldofPowerSystemOperation and Electricity Sector. He was appointed as a Director on our Board in February, 2019.

23

Shri Sunil Kumar Sharma Independent Director

ShriSunilKumarSharma(62years),(DIN:03614952)hasservedasChairman&ManagingDirectorofBharatElectronicsLimited.HeisapostgraduatewithMBAandgoldmedalistfromUniversityEngineering College, Bangalore. During his long professional tenure of about 4 decades, he has steered the development& execution of large defence projects and complex IT based nationalE-Governance projects such as Electronic Voting Machine, Biometrics for National PopulationRegisterandSmartCards.HewasappointedasanIndependentDirectoronourBoardinJuly,2018.

Shri M. N. Venkatesan Independent Director

Shri M. N. Venkatesan (63 years) (DIN: 02126022), B.Com, FCA is a practising Chartered Accountant specialising inManagementandFinancialConsultancy.Hehaswideexperienceofmorethan35years in the profession including as Statutory Central Auditor of Large Public Sector Banks for over 30 years. Presently, Shri Venkatesan is a senior partner of M.R. Narain and Co., Chartered Accountants, Chennai. He was appointed as an Independent Director on our Board in July, 2019.

Mrs. A. R. Mahalakshmi Independent Director

Mrs.A.R.Mahalakshmi(49years),(DIN:08187493)isanM.A.,M.B.A.,M.Phil.,P.G.D.L.A.andawoman Entrepreneur. She has been honoured with many awards for her entrepreneurship and social works.ShewasappointedasanIndependentDirectoronourBoardinJuly,2018.

Shri Deepak Kashyap CVO

ShriDeepakKashyap(57years),a1986batchofficerofIndianRailwayTrafficServiceistheChiefVigilance Officer of POWERGRID. He graduated in English Honours from Patna University andhas held various key posts such as CVO, BSNL, DRM, South Eastern Railway, Chief Commercial Manager /GeneralNorthernRailways,Member/Rail LandDevelopmentAuthority, andDirector,CentralVigilanceCommission.Hehasvariedexperienceinadministrative,establishment,vigilance,operations, Revenue, Tendering and allied disciplines. He is also credited with conceptualizing and commissioning Indian Railways’ popular onboard magazine “Rail Bandhu”. He was appointed as ChiefVigilanceOfficerofPOWERGRIDinMay,2019.

24

S.No. Name(S/Sh.) Designation Level Department/Function/Region/ProjectCorporate Centre

1 D.S. Yadav ED E9 Asset Management2 T.C. Sarmah COO E9 BDD,JV&PI3 Sanjeev Singh ED E9 CMG4 Abhay Chaudhary ED E9 Commercial, Regulatory Cell5 D.C. Joshi ED E9 ContractServices&MaterialManagement6 Anil Jain ED E9 Corporate Planning, Cost Engg, CMD Coordination Cell7 Dr. Subir Sen ED E9 CTUPlanning,SmartGrid8 Sanjay Garg ED E9 Energy Management Department9 Rakesh Kumar ED E9 Engg-HVDC10 Ram Naresh Singh ED E9 Engg-(S/s,TL,Civil),FQA11 K.S.R. Murty ED E9 F&A12 Mohammed Taj Mukarrum ED E9 F&A13 N. Shankar ED E9 HR, Law14 Anil Saberwal ED E9 HRD/POWERGRIDAcademyofLeadership-Manesar15 Anil Mehra COO E9 International Business16 Sunil Agrawal COO&CISO E9 IT,ERP,ISD,LD&C,NTAMC-Manesar17 A.K. Singhal ED E9 TBCB Cell18 B.N.De.Bhowmick ED E9 Technology Development Dept.19 A.K. Arora COO E9 Telecom-NewDelhi20 UpendraPande Dy. CVO E9 Vigilance21 Satish Chandra ChiefGM(I/c) E8 Administration, Corporate Communications, Rajbhasha22 K.K. Srivastava ChiefGM(I/c) E8 DMS

Regional Heads23 H.K. Mallick ED E9 NorthernRegion-I,NewDelhi24 Jai Pal Singh ED E9 NorthernRegion-II,Jammu25 Sanjai Gupta ED E9 NorthernRegion-III,Lucknow26 Sunit Nath Sahay ED E9 EasternRegion–I,Patna27 N.K. Ohdar ED E9 EasternRegion–II,Kolkata28 B. Anantha Sarma ED E9 North Eastern Region, Shillong29 S. Ravi ED E9 SouthernRegion–II,Bengaluru30 Dr. Vinod Kumar Khare ED E9 WesternRegion–I,Nagpur31 D.K. Singh ED E9 WesternRegion–II,Vadodara32 Avinash M. Pavgi ChiefGM(I/c) E8 SouthernRegion–I,Secunderabad

Other Heads33 Rajiv Kumar ED E9 NERPSIP, Guwahati34 V. Sekhar ED E9 RPT HVDC Project and associated transmission system Task

force, Bengaluru35 Atul Trivedi ED E9 W/NICProjects,Gurgaon36 Ravindar Kumar S. ChiefGM(I/c) E8 Odisha Projects, Bhubaneswar37 A K Mishra ChiefGM(I/c) E8 RPT HVDC Project, Bengaluru

On Deputation to other Organization(s) 38 T. Pandey ED E9 Bihar Grid Company Limited39 I.N. Jha ED E9 Cross Border Power Transmission Company Ltd.40 A.S. Kushwaha ED E9 JaypeePOWERGRIDLtd.

List of Senior Executives as on 1st July, 2019

25

POWERGRID’s PERFORMANCE

26

FIVE YEARS’ SUMMARY - STANDALONEOPERATING RESULTS

Particulars As per Ind AS2018-19

As per Ind AS2017-18



As per Indian GAAP

2014-15(A) EARNED FROM :

Transmission Revenue 32616.99 28447.16 24411.66 19732.06 16450.86OtherOperativeRevenue-Transmission 227.95 48.66 218.62 76.04 70.88Consultancy Revenue-SalesofServices 610.93 662.18 582.43 465.46 380.60Telecom Revenue 663.25 606.59 497.36 392.25 274.89Other Income 1498.95 1001.73 866.63 577.49 602.81

Total Earnings 35618.07 30766.32 26576.70 21243.30 17780.04

(B) PAID & PROVIDED FOR :Employeesbenefitsexpense 1783.57 1599.09 1377.13 993.72 1023.65 Finance costs 9091.42 7590.66 6303.83 5134.93 3979.32 Depreciationandamortizationexpense 10200.67 9091.25 7662.80 6179.80 5085.41OtherExpenses 3053.43 2215.70 1733.11 1394.29 1402.28Total Expenses 24129.09 20496.70 17076.87 13702.74 11490.66 Profit before Tax & Regulatory Deferral Account Balances

11488.98 10269.62 9499.83 7540.56 6289.38

Taxexpense:Provisionfortax(MAT) 2489.43 2169.01 1988.45 1574.79 1280.99DeferredTax(Net) (3465.87) 3140.15 2680.23 1828.64 29.22

(976.44) 5309.16 4668.68 3403.43 1310.21 Profit for the period before Regulatory Deferral Account Balances

12465.42 4960.46 4831.15 4137.13 4979.17

Movement in Regulatory Deferral Account Balances-Income/(Expenses)(netoftax)

(2526.87) 3284.19 2689.00 1811.37 -

Profit after Tax 9938.55 8244.65 7520.15 5948.50 4979.17 Other Comprehensive Income (16.30) 8.03 49.83 (11.97)Total Comprehensive Income for the period 9922.25 8252.68 7569.98 5936.53 Dividend 4514.87 3034.33 1313.12 1103.87 1046.32 DividendTax 909.57 610.64 264.76 221.41 207.56

(` in crore)

27

FINANCIAL POSITION

Particulars As per Ind AS

2018-19


As per Ind AS

2016-17

As per Ind AS

2015-16

Opening Ind AS figures

as on 01.04.2015

As per Indian GAAP

2014-15(A) WHAT THE COMPANY OWNED:

Property,Plant&Equipments(^) 197792.69 177100.25 149730.18 121336.82 89549.41 118264.26Less: Accumulated Depreciation 33932.71 23489.90 14222.22 6394.52 - 28578.05NetProperty,Plant&Equipments(^) 163859.98 153610.35 135507.96 114942.30 89549.41 89686.21CapitalWorkinProgress(includingConstruction Stores)

33578.08 30307.12 35884.13 43795.15 52922.41 52924.15

Investment Property 0.03 0.03 0.03 0.03 0.03 AdvancesforCapitalExpenditure 1056.98 2670.86 3057.92 3020.19 3348.96 3367.44 Non-currentInvestments 2756.53 1608.24 1327.55 836.08 826.07 740.99 Regulatory Assets 8083.27 11304.22 7975.80 5286.80 3475.43 37.72 OtherNon-currentLoans&Advances 19265.82 12094.12 7744.22 6125.58 3832.59 3614.27 CurrentAssets,Loans&Advances 17872.31 12300.20 11050.05 9652.25 7837.91 7930.10 TOTAL (A) 246473.00 223895.14 202547.66 183658.38 161792.81 158300.88

(B) WHAT THE COMPANY OWED:Long Term Loans: -FromBanks&FinancialInstitutions 24736.00 17078.00 12902.00 12031.00 7600.22 7600.22

-ForeignCurrencyLoans 38557.63 32858.02 29511.71 29256.76 26708.25 26713.66-DomesticBonds 67745.88 72484.30 68549.46 58885.55 55003.32 55061.96TotalLong-termBorrowings 131039.51 122420.32 110963.17 100173.31 89311.79 89375.84Current maturities of Long Term Loans 10746.85 7792.64 6234.74 6081.60 4468.56 4468.71WorkingCapitalLoan(short-term) 4300.00 1000.00 1500.00 2000.00 1200.00 1200.00 CurrentLiabilities&Provisions 17067.29 18107.29 17024.39 16202.66 15332.47 16195.81DeferredTaxLiability(Net) 10093.02 13558.89 10418.74 7738.51 5909.87 2472.15 DeferredRevenue-AdvanceagainstDepreciation

1323.45 1504.09 1624.81 1770.66 1911.50 1938.57

DeferredRevenue-DFCFI/EAccount 3960.26 2903.76 3107.26 3818.31 2750.23 2751.22 Grants in Aid 4173.32 559.56 150.30 109.17 73.12 73.12 Non-currentProvisions 368.15 716.87 789.56 650.45 580.23 580.23Othernon-currentLiabilities 4384.01 916.76 927.44 1302.48 1055.36 1078.64TOTAL (B) 187455.86 169480.18 152740.41 139847.15 122593.13 120134.29

(C) NET WORTH OF THE COMPANY REPRESENTED BY :

EquityShareCapital 5231.59 5231.59 5231.59 5231.59 5231.59 5231.59 OtherEquity 53785.55 49183.37 44575.66 38579.64 33968.09 32805.48TOTAL (C) 59017.14 54414.96 49807.25 43811.23 39199.68 38037.07

(D) COMMITTED RESERVESCSRActivitiesReserve(@) 129.52 TOTAL (D) 129.52 TOTAL (B+C+D) 246473.00 223895.14 202547.66 183658.38 161792.81 158300.88CAPITAL EMPLOYED 149618.15 139010.62 121798.88 100310.29 76386.29 75751.79 (NetFixedAssets+NetCurrentAssets)

(` in crore)

28

(` in crore)

(^)‘Property,Plant&Equipment’includes‘OtherIntangibleAssets’also. (@)CSRActivityReserveisnotconsideredasCommittedReserveinIndASFinancialStatements. (#)ForcalculationofDebt-EquityRatio,LoanliabilityalsoincludeCurrentMaturitiesofLongTermLoans. ($)IncludingFTBemployeesandexcludingemployeespostedinPOSOCOonsecondmentbasis.

Particulars As per Ind AS2018-19




As per Indian GAAP

2014-15(E) RATIOS

NetProfittoCapitalEmployed(%) 6.64 5.93 6.17 5.93 6.57NetProfittoNetWorth(%) 16.84 15.15 15.10 13.58 13.09NetWorthperRupeeofPaid-upCapital(₹) 11.28 10.40 9.52 8.37 7.27Debt/EquityRatio(#) 71:29 71:29 70:30 71:29 71:29Current Ratio 0.56:1 0.46:1 0.45:1 0.40:1 0.36:1EarningperShare(Basic&DilutedEPS)(₹) 19.00 15.76 14.37 11.37 9.52 BookValuepershare(₹) 112.81 104.01 95.20 83.74 72.71 Dividendpershare(₹) 8.63 5.80 2.51 2.11 2.00 CapitalExpenditure(includingTBCB)oncashbasis

25807 25791 24429 22584 22456

(F) OTHER IMPORTANT INFORMATIONLength of Transmission Lines (CKT) 153075 148149 139077 129354 115637No. of Substations 242 234 219 207 192

Transformation capacity (MVA) 365282 331163 289543 254848 231709No.ofEmployees($) 9886 9465 9346 8606 8575TransmissionNetworkavailability(%) 99.71% 99.81% 99.79% 99.72% 99.78%

FINANCIAL POSITION (Contd.)

29

Directors’ Report 2018-19 To,

Dear Shareholders,

The Board of Directors have the pleasure of presenting the Thirtieth Annual Report on performance of the Company together with the Audited FinancialStatementsforthefinancialyearended31st March 2019.

Keepinginlinewiththepasttrend,FinancialYear(FY)18-19hasprovedtobeyetanotheryearofexcellenceandachievements.

InFY2018-19,Transmissionassetsconsistingof8,468 circuit km (ckm.)ofExtraHighVoltage(EHV)transmissionlines,40,119 Mega Volt Ampere (MVA) transformation capacity and 10 new substations have been added. This includes 3,543 ckm., 6000 MVA transformation capacity and 2 substations added during the year by the Company’s wholly owned subsidiaries. At the end of 31st March 2019, the total transmissionassetsofPOWERGRIDanditssubsidiariesstoodat1,58,298 circuit km of transmission lines, 245 substations and 3,71,912 MVA of transformation capacity.

ThemajormilestonesachievedduringFY2018-19areasbelow:

Asset Capitalization of ₹27,325 crore including ₹6,633 crore through subsidiaries and Foreign Exchange Rate Variation (FERV) of ₹1,456 crore.

Capital Investment of ₹25,807 crore including ₹4,008 crore in subsidiariesagainstthetargetof₹25,000crore.

Transmission System Availability was 99.71% with number of trippings per line contained at 0.46.

Total Income of ₹35,618.07 croreandProfitAfterTax(PAT)of₹9,938.55 crore on standalone basis and total Income of ₹35,661.32 crore and PAT of ₹10,033.52 crore on consolidated basis.

Interim Dividend of ₹5.83 per share(FaceValue₹10/-each)paidandinaddition,recommendationmadefor₹2.50 per shareasfinaldividendfortheFY2018-19,subjecttoapprovalofshareholders.

Inter-regionalpowertransfercapacityof8,400 MWaddedbytheCompanyduringtheyear.Thecumulativeinter-regionalpowertransfercapacity added by the Company stood at 84,090 MW at the end of 31st March 2019.

About 12,950 km of Optical GroundWire (OPGW) network added by the Company and its subsidiaries to support voice and datacommunicationwithRegionalLoadDespatchCentres(RLDCs)/StateLoadDespatchCentres(SLDCs)foreffectivegridmanagement.

Telecom revenue rose to ₹663.25 croreinthefinancialyearendedon31stMarch2019.

Consultancyrevenueinthefinancialyearendedon31st March 2019 was ₹610.93 crore.

220 kV Srinagar Leh Transmission System commissioned, thereby connecting strategically important Ladakh region with the National Grid.

TotalIncomeofsubsidiariescrossed₹1,000croremarkat₹1,056croreandProfitAfterTaxstoodat₹193crore.

POWERGRIDacquired itsfirstIntra-StateTransmissionProjectthroughTariff Based Competitive Bidding (TBCB) for evacuation of powerfrom2x600MWJawaharpurThermalPowerPlantandassociatedtransmissionsystem.

FourTBCBsubsidiariesviz.POWERGRIDParliTransmissionLimited,POWERGRIDWaroraTransmissionLimited,POWERGRIDJabalpurTransmissionLimitedandPOWERGRIDNMTransmissionLimitedbecamefullyoperational.

1.0 FINANCIAL PERFORMANCE

TheCompanymaintaineditssoundFinancialPerformanceinFY2018-19.TheFinancialPerformanceduringFY2018-19ascomparedtothepreviousyear2017-18onstandalonebasisissummarizedbelow:

Description 2018-19 2017-18 Y-o-YGrowthINR (Cr.) US $ (M) INR (Cr.) US $ (M)

RevenueTransmission Charges 32,844.94 4,707.60 28,495.82 4,084.25 15.26%Consultancy-SaleofServices 610.93 87.56 662.18 94.91 -7.74%Telecom 663.25 95.06 606.59 86.94 9.34% Other Income 1,498.95 214.84 1,001.73 143.58 49.64 % Total Income 35,618.07 5,105.06 30,766.32 4,409.68 15.77 %

(AllFiguresexceptpersharedataisinunitsasindicated)

30

1.1 DIVIDEND PAYOUT

ForFY2018-19,theCompanyhasproposedafinaldividendof₹2.50per share in addition to ₹5.83 per share of interim dividend paid inFebruary,2019takingtotaldividendfor thefinancialyear2018-19to₹8.33 per share. The total dividend payout for the year amounts to ₹4,357.91crore(includinganinterimdividendof₹3,050.02crore).Thefinaldividendshallbepaidafteryourapprovalat theAnnualGeneralMeeting.

1.2 TRANSFER TO RESERVES

FortheFY2018-19,appropriationofprofithasbeenmadeasfollows:

a. GeneralReserve: ₹4,250crore b. BondsRedemptionReserve: ₹2,029.20crore c. SelfInsuranceReserve: ₹249.07crore

2.0 MoU PERFORMANCE

TheCompanywasrated‘Excellent’forfinancialyear2017-18foritsperformanceagainstMoUwithMinistryofPower,therebycontinuingwiththetrendofconsistentlyachieving‘Excellent’ratingsincesigningofitsfirstMoU,fortheyear1993-94.

3.0 OPERATIONAL PERFORMANCE

3.1 Asset Management

As on 31st March 2019, the transmission assets owned and operated by the Company (consolidated) consist of 1,235 lines and 245 nos. EHV substations including 15 nos. High Voltage Direct Current (HVDC) substations upto +800kVlevel,726nos.transformers,11nos.STATCOMs,5nos.StaticVarCompensators(SVC)besidesSeriesReactorsandThyristorControlledSeriesCompensators(TCSC)/FixedSeries Compensators (FSC) at various places.

ReliableoperationofsuchlargeandcomplextransmissionnetworkcallsformaintainingtheassetsinutmostconditionandtheCompanyachieves this by meticulous advance planning as well as adopting best technological tools available for maintenance and monitoring of the

Description 2018-19 2017-18 Y-o-YGrowthINR (Cr.) US $ (M) INR (Cr.) US $ (M)

Profit After Tax (PAT) 9,938.55 1,424.47 8,244.65 1,181.69 20.55 %Earnings per Share ₹19.00 US$0.27 ₹15.76 US$0.23 20.56%Book Value per Share (₹) ₹112.81 US$1.62 ₹104.01 US$1.49 8.46%Gross Fixed Assets 1,97,792.69 28,349.25 1,77,100.25 25,383.44 11.68%Long Term Borrowings* 1,41,786.36 20,321.97 1,30,212.96 18,663.17 8.89%Net Worth 59,017.14 8,458.81 54,414.96 7,799.19 8.46%Debt Equity Ratio 71:29 71:29 -Return on Net Worth 16.84% 15.15% -

* Including current maturities of Long Term Borrowings.Convenienceconversionat1US$=69.77INRason31.03.2019.

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transmissionsystem.Somesuchstate-of-the-arttechniquesbeingdeployedformanagementofassetsacrosstheCompanyincludeOn-lineConditionMonitoringforSubstationEquipment,On-lineTransientMonitoringSystem,AerialPatrolling,GISMappingetc.

3.2 National Transmission Asset Management Centre, Manesar (NTAMC) and Regional Transmission Asset Management Centers (RTAMCs)

NTAMC has been established for remote operation of the system and monitoring of various parameters at National level and ten numbers RegionalTransmissionAssetManagementCentres(RTAMCs)forsimilarfunctionatRegionallevel.Duringtheyear2018-2019,38nos.ofsubstationshavebeenintegratedinNTAMCforremoteoperations.Withthis,atotalof210substationsarenowintegratedunderNTAMCforremoteoperationfromcontrolcenters.Thesearemannedbyexpertson24x7basistoprovideexperthandlingofthesystem.

3.3 Operation & Maintenance Benchmarking in POWERGRID

ToachieveoptimumperformanceinallspheresofOperation&Maintenance(O&M)activities,theCompanyundertakesexternalaswellas internalbenchmarking. In theExternalBenchmarkingprocess, theCompany isapartof ‘InternationalTransmissionOperationandMaintenanceStudy(ITOMS)’-aglobalO&Mbenchmarkingplatformpresentlycomprising32leadingglobalpowertransmissionutilities.The results of the benchmarking study are discussed and the best maintenance practices are shared amongst the participating utilities. The Company has consistently improved its performance in both line and substation categories.

Internally, the operational performance of regions are evaluated with the objective to identify gaps in operational practices of various regions,identifykeyinitiativesandfocusareasinanefforttobring,atpar,theperformanceofregions.AbenchmarkingsystemhasalsobeendevelopedforregionalO&Mperformanceonmonthlybasisforcriticalparameters.Thebestpracticesofregionsaresharedonregularbasis.

Measures/initiatives,takenbytheCompany,tomitigatethechallenges/concernshavebeendescribedintheManagementDiscussionandAnalysis (MDA) Report.

3.4 Adoption of latest technology for better availability of transmission lines

The Company has adopted various technological tools for ensuring better availability of transmission lines such as Aerial Patrolling of Transmission lines, App based Patrolling etc., the details of which are described in the MDA.

3.5 Other key operational achievements during the year

3.5.1OverhaulingofsixnumberHVDCconvertortransformersatPusaulisubstationwascarriedoutonsite.Thishassavedtimeandmoneyrequiredfortransportationofthetransformerstothefactoryforoverhauling.

3.5.2Rigorousin-houseprotectionauditofmorethan80substationswasundertaken.

3.5.3 There has been no major outage of any station during the year.

3.6 Cyber Security

The Company is committed to security of its infrastructure assets from the risks associated with cyber security and has an Information SecurityPolicy,implementationofwhichisreviewedannuallythroughthirdpartyauditsforISO:27001Certification.ThecybersecuritypreparednessoftheCompany’sbusinessesandcybersecurityinitiativesarebeingreviewedbyChiefInformationSecurityOfficer(CISO)throughtheInformationSecurityDepartment.TheCorporateOfficeandtheRegionalHeadquartersarecertifiedforISO:27001InformationSecurity Management System. The advisories and guidelines issued by the designated statutory bodies, namely Indian Computer Emergency ResponseTeam(CERT-In)andNationalCriticalInformationInfrastructureProtectionCentre(NCIIPC)arecompliedwith.TheCompanyalsoparticipatesinmock-drillprogramsorganisedbyCERT-In.Allconcernedstaffaresensitizedintheareaofcybersecuritythroughspecificawareness programs.

Thepossiblerisksduetocyber-attacksareminimisedbyisolatinggridconnectedintelligentsystemsfromexternaldatanetworks.Digitalsignalscontrollingoperationofcriticalequipmentarekeptfurtherconfinedandisolatedbydesigntopreventanylargescalecascadeevent.

4.0 PROJECT IMPLEMENTATION

4.1 Project Management

Efficientandtimely implementationbeingthecornerstoneof infrastructureprojects, theCompanyundertakesdetailedplanningoftheprojects through various tools and processes such as Integrated Project Management and Control Systems (IPMCS) and Enterprise Resource Planning(ERP).Also,theprojectsunderimplementationareregularlyreviewedatvariouslevelstopre-empt/addressanyobstaclesfacedin timely implementation. Interactive meets with Industry partners are also a regular feature with the objective of sharing industry best practices and resolution of issues. To further bolster business relationships, the Company has been annually felicitating the vendors for their performance.

4.2 Physical Achievements

4.2.1Anumberofimportantandcriticalpendingprojects,whichwerestuckupduetoRight-of-Way(RoW)issuesindifferentStates,werecompletedthroughCompany’spersistenteffortsandwiththehelpofHon’blePM’sinstitutionalprojectmonitoringplatform–Pro-ActiveGovernance&TimelyImplementation(PRAGATI)andconstantsupportfromMinistryofPower,MinisterofStateforPower(Independent Charge), Central Electricity Authority (CEA) and the States’ administration.

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ThelistofprojectscompletedbytheCompanyduringtheyearincludesInter-RegionalSchemes,renewableenergyintegrationlinked,projects for cross border interconnections etc.

Inter-Regional Schemes

• 765kVDoubleCircuit(D/C)Jharsuguda-Dharamjaygarhline(betweenEasternandWesternRegions);and

• 765kVD/CBanaskantha-Chittorgarhline&BanaskanthaSubstation

(betweenWesternandNorthernRegions).

Renewable Energy Integration linked

• 765kVSingleCircuit(S/C)Dharampuri-Madhugiri(Tumkur)line;

• 765kVD/CBhujPool-Banaskanthaline&Bhujsubstation;

• 400kVD/CKadapa-Hindupur-NPKuntaSystem&KadappaGasInsulatedSubstation(GIS);

• 400kVD/CBanaskantha-Sankharitransmissionline;

• 400kVD/CMundraUMPP–Bhujtransmissionline;

• 400kVD/CTumkur(Pavagada)-Hiriyurtransmissionline;

• 400kV D/C Bhadla (POWERGRID) – Bhadla (RVPN) transmission line along with 1X500 MVA ICT at 765/400/220kV Bhadla(POWERGRID)substation;

• 400/220kVTirunelveliPoolingStation(GIS)2x500MVAICTs;and

• 2x1500MVA765/400kVICTsatSrikakulamalongwithbayextensionatSrikakulam.

Cross border interconnections

• 400kVD/C(Quad)Punatsangchu-Alipurduartransmissionline(IndianPortionofIndo-Bhutantransmissionline).

Other Major transmission lines and substations

• 765kVD/CAngul-Jharsugudatransmissionline;

• 2ndCkt.of765kVD/COrai-Aligarhtransmissionline&OraiICT;

• 400kVD/CSilchar-Melriattransmissionline;

• 400kVD/CDharampuri-Somanhalitransmissionline;

• 400kVD/CKota-Jaipur(South)transmissionline;

• 400kVD/CFarakka-Baharampurtransmissionline;

• LILOofbothcircuitsofBamnauli–Samaypur400kVD/CtransmissionlineatTughlakabadalongwithGIS;

• 132kVS/CTezu-Namsaitransmissionline(strungonD/Ctowers)&Namsaisubstation;and

• STATCOMsatLucknow,Nalagarh,Kishenganj,Ranchi,Jeypore,Gwalior,Aurangabad&Solapur.

Projects implemented by subsidiaries acquired through TBCB

• POWERGRIDParliTransmissionLimited

765kVD/CWarorapoolingstation-Parlitransmissionline; 765kVD/CParli(New)-Solapurtransmissionline; 765/400kVpoolingstationatParli(2x1500MVA);and 400kVD/C(Quad)Parli(New)-Parli(PG)transmissionline. • POWERGRIDWaroraTranmissionLimited 765kVD/CGadarwara-Waroratransmissionline; 765/400kVpoolingstationatWarora(2x1500MVA);and LILOofbothcircuitsof400kVD/CWardha-Parli(PG)atpoolingstationnearWarora. • POWERGRIDJabalpurTransmissionLimited 765kVD/CVindhyachal-Jabalpurtransmissionline. • POWERGRIDNMTransmissionLimited 765kVS/CSalem-Madhugiritransmissionline;

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• POWERGRIDSouthernInterconnectorTransmissionSystemLimited 400kVD/CSrikakulam-Garividitransmissionline;and 400kVD/CCuddapah-Madhugiritransmissionline.5.0 CAPITAL INVESTMENT AND FUND MOBILIZATION Duringtheyear,theCompanymadeacapitalinvestment(CAPEX)of₹25,807crore.Towardsthis,₹11,112croreweremobilizedthroughprivateplacementofbonds&termloans,₹6,808croreweremobilizedthroughExternalCommercialBorrowings(ECB)/Suppliers’Credit,₹7,282crorefromInternalResourcesand₹605croreinformofgrantsreceivedfromPowerSystemDevelopmentFund&fromCentralFinancialAssistance(Ministry of New and Renewable Energy).TheCompanysignedfollowingnewloanagreementsduringFY2018-19:• UnsecuredSyndicatedTermLoanfacilityofJPY22billionwithSumitomoMitsuiBankingCorporation(SMBC),AozoraAsiaPacificFinance

Ltd. and The Bank of Yokohama.• TermLoanfacilityof€200millionfrom‘KfW,FrankfurtamMain,(‘KfW’),Germanyforfinancinghighcapacitytransmissionprojects,first

suchloanagreementsignedbytheCompanyunderKfW’s‘PromotionalLoanCategory’.• TermLoanof₹10,000crorefromStateBankofIndia.

Investmentapprovalsfortransmissionprojectsworthabout₹3,000crorehavebeenaccordedduringtheyear.

6.0 COMMERCIAL PERFORMANCE

TheCentralElectricityRegulatoryCommission(SharingofInter-StateTransmissionChargesandLosses)Regulations,2010,whichcameintoeffectfrom01.07.2011,providesforcomputationofPointofConnection(PoC)chargesandlossesforsharingoftransmissioncharges.The recovery of transmission charges for the services provided by the Company for Designated Interstate Customers (DIC) is based on the SharingRegulations, 2010 and subsequent amendments thereof. As per theCERCSharingRegulations, theCompany, asCentralTransmissionUtiliy,raisesbillsfortransmissionchargesonthebeneficiariesi.e.,DICsonbehalfofallISTSLicenseesinthecountryandcollects&disbursesthepaymentstotheLicenseesaspertheprovisionsofthesaidregulations.TheCompanyisfulfillingtheassignedresponsibilitieseffectivelyandachievedcollectionefficiencyof94.6%forFY2018-19.

CERChasnotifiedTariffRegulations,2019videnotificationdated7thMarch2019forthetariffblock2019-24.ThesalientfeaturesoftheTariffRegulations,2019arehighlightedintheMDAsection.

7.0 SUBSIDIARIES ACQUIRED THROUGH TARIFF BASED COMPETITIVE BIDDING (TBCB)

TheCompanyhas13noswhollyownedsubsidiariesacquiredthroughTBCB,and7oftheseareundercommercialoperation.Thedetailedinformation about Company’s TBCB subsidiaries and their performance has been described in MDA section.

8.0 STRENGTHENING OF NATIONAL GRID AND CROSS BODER INTERCONNECTIONS

8.1 Inter - Regional Power Transmission Capacity

Twointer-regionaltransmissionlineshavebeencommissionedduringtheyear,viz.,765kVD/CBanaskantha-Chittorgarhtransmissionline,765kVD/CJharsuguda-Dharamjaygarhtransmissionline,therebyincreasinginter-regionalpowertransfercapacityby8,400MW.

WiththisadditionbytheCompanyandfurther4200MWaddedbyothertransmissionlicenseesduringtheyear,cumulativeinter-regionalpowertransfercapacityoftheNationalGridstoodat99,050MWason31stMarch2019.

8.2 Cross-Border Interconnections

Presently, electrical interconnectionswithneighbouring countries-Nepal,Bhutan,BangladeshandMyanmarexistwithaggregatepowertransfercapacityof3150MW.Theinterconnectionsarebeingfurtherstrengthenedforincreasedexchangeofpower.Someofthe upcoming and planned interconnections are as under:

8.2.1InterconnectionswithNepal

• Gorakhpur(India)–NewButwal(Nepal)400kVD/C(Quad)transmissionlineisunderdiscussion.

• Upgradationtoratedvoltageof400kVD/CMuzaffarpur-Dhalkebartransmissionline.

8.2.2InterconnectionswithBhutan

• Forevacuationofpowerfromvariousupcominghydro-electricpowerprojects(HEPs)inBhutan,Jigmeling(Bhutan)–Alipurduar(India)400kVD/C(Quad)transmissionlineisunderimplementation.

8.2.3InterconnectionswithBangladesh

• Baharampur(India)–Bheramara(Bangladesh)400kVD/C2nd transmission line is under implementation.

• Katihar(India)–Parbotipur(Bangladesh)–Bornagar(India)765kVD/Ctransmissionlineisunderdiscussion.

• UpgradationofSurajmaninagar-ComillaD/Clineat400kValongwith500MWHVDCBacktoBackatComilla.

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9.0 CONNECTIVITY, LONG TERM ACCESS (LTA) & MEDIUM TERM OPEN ACCESS (MTOA)

POWERGRIDasCTU,beingthenodalagencyforprocessing&grantofConnectivity,LongTermAccess(LTA)andMediumTermOpenAccess(MTOA)hasgrantedConnectivityto449nosofeligibleapplicationsforaquantumofabout1,86,597MWandhasgrantedLTOA/LTAto237nosapplicationsforaquantumofabout1,05,122MWsofar.Inaddition,basedonthetransmissioncapacitymarginsavailability,theMTOAhasalsobeengrantedto138nosofapplicationsforatotalquantumofabout14,517MWby31st March 2019.

10.0 QUALITY MANAGEMENT

QualityManagementSystemhasbeenimplementedintheCompany,adoptingbestpracticestoensurequalityofgoodsprocuredaswellasqualityofphysicalworksinthefield.Toaccomplishthis,apartfromprocuringgoodsatcompetitivepricesandrevisionoftechnicalspecifications,lotofeffortshavebeenputonqualityassuranceandvariousmeasureshavebeentakenasmentionedbelow:

• DevelopedandmaintainedsystemsandproceduresalignedwithintegratedmanagementsystemcomprisingISO9001:2015forQualityManagementSystem,ISO14001:2015forEnvironmentalManagementSystemandOHSAS18001:2007forOccupationalHealthandSafetyManagementSystem.BSIGroup Indiahasmaintained the certificationafter rigorousaudits. Systemswerealsoaudited formaintenanceofSocialAccountabilityStandard,SA:8000,EnergyManagementSystemsasperISO:50001andInformationSecurityManagement Systems as per ISO:27001.

• WithatargettomovetowardszeroproductinspectionasperPOWERGRIDqualitypolicy,inspectionsatsomeofthemanufacturingunitsoftowers,conductor,cables,transformeroiletc.werereducedafterthoroughprocessauditsasperstandardizedguidelines.Man-dayssaved were used for process audits at other manufacturing units for system improvements.

• SpecialprogramwasconductedwhereinQCI-MSEmeetforZEDi.e.,ZeroDefectZeroEffectwasorganized.ProgramwasahugesuccessandwasappreciatedbyallMediumandSmallEnterprises(MSE)andQualityCouncilofIndia(QCI)team.

• Toensureavailabilityofsparesforeaseofmaintenance,effortshavebeenmadeovertheyearstowardsindigenisation,duetowhichmostof765kVClassTransformers/Reactors/otherequipmentandevensomeofGISequipmentarepresentlybeingsuppliedfromIndiaitself.Newplantsandfacilitieshavebeenset-upinIndiabyanumberofforeignmanufacturersforequipmentlikeGISequipmentupto765kV,OpticalGroundWires(OPGW),765kVreactors,STATCOMetc.,thuscontributingto‘MakeInIndia’program.

• TheCompanypromotedanumberofexistingvendorstoupgradetheirequipmenttohighervoltagelevel&covermoreitemstoincreasevendor base thus creating more competitive environment.

11.0 INFORMATION TECHNOLOGY AND ENTERPRISE RESOURCE PLANNING

11.1Aspartof continuedefforts towardspaper-lessoffice, transparencyanddigitalizationof communication, thee-officesystemhasbeenimplementedandmadeoperational.Onlineweb-streamingfacilityhascommencedfortrainingprograms.Thisfacilitatesliveparticipation across the country and also helps in archiving of training sessions in document repository for future references.

11.2 The ERP System implementation has been successfully completed in all regions in phases. The additional functionalities have also become operational in the integrated ERP system as discussed herein below.

11.2.1 Aspartofdigitalinitiative,POWERGRIDOnlinePaymentUtility(POPU)applicationPortalhasbeendevelopedforreceivingalltypesofpaymentstoPOWERGRID.Thishasresultedin100%digitalizationofpaymentreceiptsbyPOWERGRID.

11.2.2 AllpaymentsbeingmadebyPOWERGRIDhavebeentotallycentralizedwithERPsystem.Thisfacilitatedbettermanagementofworkingcapitalandcash-flowneedsatoptimallevelsinacost-effectivemanner.

11.2.3 Company’s establishments throughout the country have been facilitated with biometric attendance system, which has been integrated with ERP system

12.0 TECHNOLOGY DEVELOPMENT

Duringtheyear,POWERGRIDAdvancedResearch&TechnologyCentre(PARTeC)commenceditsfull-fledgedoperation.Thefacilityisequippedwithstate-of-the-artlaboratoriesconsistingofpowersystemanalysisandrealtimesimulationfacility,protection,automationandcontrolfacility,WideAreaMeasurementSystem(WAMS)facility,EquipmentDiagnosticsfacility,CalibrationandDiagnosticsfacility,Material Science facility and Smart Grid facility. Various studies on power system, substation automation system, Phasor Measurement Units (PMUs), material analysis, equipment diagnosis and calibration are being conducted to cater to the in-house requirement oforganization.Thefacilitiesarealsobeingusedasatrainingfacilityforimpartinghands-ontrainingprogramsonsubstationautomationsystem, smart grid etc. to engineers of the Company as well as of various utilities.

SoftwaresystemforfaultdetectionofTransformer,basedonthedataacquiredfromonlineDissolvedGasAnalysissensorsinstalledonvarioustransformers,hasbeendevelopedin-house.ThisisbeingoperatedatNTAMCandallRTAMCsoftheCompany.Withtheuseofthissystem,theCompanyenvisagestotaketimelyactionforpreventingfailuresoftransformers/reactors.

A mobile capacitor bank at 33kV level, to meet the needs of distribution companies for utilization at low voltage system conditions, has beendevelopedandsuccessfullyfieldtestedinHaryanaVidyutPrasharanNigamLimited(HVPNL)system.ItseffectondistributionsystemhasbeenstudiedwithrespecttotheHVPNLsystemandtheresultsobtainedareaffirmative.

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13.0 SMART GRID AND E-VEHICLE CHARGING

13.1 Smart Grid Knowledge Centre

The Company has established Smart Grid Knowledge Center in association with Ministry of Power, Govt. of India at PARTeC, Manesar. TheCentreisequippedwithvariousworkingmodelsandfunctionalitiespertainingtoSmartGridandaimstobringawarenessonthe applications of Smart Grid technologies and its demonstration in a holistic manner. The Centre is providing learning environment and capacity building on all major smart grid attributes viz., Advanced Metering Infrastructure, SCADA, Outage Management System, Renewable Integration, Microgrid, Smart Home, EV with Renewable Charging Infrastructure and Cyber Security etc. to the stakeholders.

13.2 Smart Transmission

TowardsSmartTransmission,theCompanyisimplementingWAMSbasedUnifiedRealTimeDynamicStateMeasurement(URTDSM)project.ThisinvolvesplacementofPMUsatall400kVandabovesubstations,generationswitchyardsof220kVandabove,HVDCterminals and Phasor Data Concentrator (PDC) at SLDCs, RLDCs & NLDC control centres along with OPGW based backbonecommunication infrastructure.

Duringtheyear,154nosPMUs(for44stations)and12nosPDCsatSLDCsandRLDCswereaddedbytheCompanytoenablesynchronous measurement of real time grid parameters across the widely spread grid with low latency in data transfer to control centres,whichwouldbeveryeffective inreliable,secureandeconomicalgridoperation.Withthis,cumulativePMUsandPDCscommissioned by the Company as on 31st March 2019 stood at 1,319 nos. (for 329 stations) and 29 nos (for all RLDCs and 24 SLDCs) respectively.

13.3 EV Charging Infrastructure

TheCompanyispromotingelectricvehiclesinthecountrybyinstallingEVchargers&usingelectricvehiclesforofficepurpose.Ithasestablisheditsfirste-taxichargingstationatHyderabadMetro.

14.0 INTEGRATION OF RENEWABLE ENERGY (RE)

Large scale renewable penetration in the grid leads to challenges towards evacuation and its integration. The Company has been working towardsimplementationofGreenEnergyCorridors(GEC)-Inter-StateTransmissionSystem(ISTS)at765kVand400kVlevelinrenewableresource rich states in the country.

TheCompanyhasalsoevolvedacomprehensivetransmissionplanforgridintegrationofvariousRenewableEnergyZones(66.5GW)inthe country.

15.0 Renewable Energy Management Centres

Toenableforecastingofrenewableresourcesandefficientmanagementofintermittentrenewablegeneration,theCompany,onbehalfofGovt.ofIndia,isestablishingRenewableEnergyManagementCentres(REMCs)at11(eleven)locationsinvariousSLDCs/RLDCs/NLDC.

16.0 ENERGY EFFICIENCY

Realisingthesignificanceofenergysavingaspectofsustainabledevelopment,theCompanyisaggressivelypursuingbusinessopportunitiesin energy saving by way of conducting energy audits of various Govt. as well as private agencies e.g. industries, institutions, commercial establishments,StateTransmissionUtilitiesetc.TheCompanyisaBEEGrade-IEnergyServiceCompany(ESCO)forundertakingenergyefficiencyprojectsandhasalargepoolofcertifiedenergyauditors/energymanagerswhoarewellqualifiedtoofferenergyefficiencysolutions.

During the year, the Company secured a no. of consultancy assignments in the energy audit business as below:

• Energy auditing of Power Transmission Corporation of Uttarakhand Limited (PTCUL) substations along with assessment oftransmission losses.

• Preparationof14nos. InvestmentGradeEnergyaudit report forvariouscitiesunder ‘AtalMission forRejuvenationandUrbanTransformation(AMRUT)’SchemeofGovt.ofIndia.

• Energyauditof transmissionnetworkofBSESRajdhaniPowerLimited(BRPL)throughDelhiElectricityRegulatoryCommission(DERC).

Futher,theCompany,hassignedanMoUwithUttarPradeshPowerCorporationLimitedforreplacementofagriculturalpumps,whichshallpavethewayforESCOprojectsinUttarPradesh.TheCompanyisalsoexploringpossibilityofcooperationwithIITRoorkeetoworkinthemutuallyagreedareassuchasspacecooling,lightingpowerqualityandwastetoenergy.TheCompanyisalsoempanelednowwithEnergyManagementCentre,Keralaasanenergyauditingagencyandisexploringavenuesforworkingtogetherintheareasofmutualinterest in Energy Management.

17.0 TELECOM BUSINESS- ‘POWERTEL’

Leveragingitscountry-widetransmissioninfrastructure,theCompanyunderthebrandname‘POWERTEL’isprovidingarangeofservicesunderitsUnifiedLicenseasNationalLongDistance(NLD)andInternetServiceProvider–Category‘A’(ISP-‘A’)Serviceauthorizations.

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TheCompanyhasundertakenexpansionofthenetworkusing200GDWDMsystem,todoubletheexistingcapacity(12Tbps)innexttwoyears.TheCompanyisalsopartneringwithlastmileconnectivityprovidersandStateElectricityBoardsforRightofWay(RoW),fiberleasing,etc.toincreaseitsnetworkreach,itspresenceandpotentialbusinessopportunities.Asaresult,thenetworkcoveragehasincreasedtomorethan60,900kmbytheendofFY2018-19fromabout47,700kminthepreviousyear.

TheCompanyhasbeendisplayingexcellentperformance in theareasofprovidingtelecombandwidth,MutliprotocolLabelSwitching(MPLS) based Virtual Private Network (VPN), internet and other communication services to Telecom Service Providers, Government departmentsandenterprisecustomers.TheTelecomBackboneAvailabilityfortheFY2018-19was99.98%.TheCompanyhasastrongportfolioofdiversecustomersduetoitsexcellentavailabilityandreliability.Anumberofcustomersfromvarioussegmentshavereposedtheir trust in the reliability of Telecom Services rendered by the Company by continuing to place the orders on it on long term basis. This hasresultedintocontinuousgrowthofrevenuefromTelecombusinessinspiteofconsistentlyfallingtariffs.

17.1 Bharat Net In line with the vision of the Government to connect 250,000 Gram Panchayats (GP) under ‘Bharat Net’ towards digital India, the

Company,underitsscope,islayingopticalfibrecablestoconnecttoGramPanchayats,whereverrequired.AspertherevisedscopeofworkunderPhase-I,39districtsspreadacross5Statesviz.,AndhraPradesh,Telangana,HimachalPradesh,Jharkhand&Odisha,covering 10,436 GPs, have been allotted to the Company, by Bharat Broadband Network Limited (BBNL). Out of these, 9,793 GPs havebeenconnectedonfibrebytheendofFY2018-19.

InPhase-IIofproject,theCompanyhasbeenassignedtheworkofdevelopmentofnetworkin2states,i.e.Uttarakhand(5,706GPs) and Himachal Pradesh (2,994 GPs). Survey work and tendering activities of contracts for implementation of projects are under progress.

17.2 Enterprise and Internet Service Provider (ISPs) Business ConnectivitytoEnterpriseSegmentCustomers isprovidedonCompany’sMPLSCloud.TheCompanyprovidesbothLayer-2and

Layer-3VPNswithportcapacityrangingfrom2Mbpsto10Gbps. Company is peered with global content providers for providing IP Transit services to ISPs. The IP Transit service reduces cost and

enhancesservicequalityofhostedcontentforISPsandinturnfacilitatesthemtoofferbetterinternetservicestotheirusersinacosteffectivemanner.

17.3 Telecom Tower Business WithaviewtoincreasetheCompany’stelecomservicesportfolioandtoprovideagreenandcleansolutiontobridgetheurban-

ruraltelecomdivideinthecountry,ithasbeenexploringtheuseofitstransmissiontowersastelecomtowersandalsotoprovidepowertotheassociatedtelecomequipmentviz.,mobileantennae,MWantennae,electronicequipmentetc.,placedonthetower.TheCompanyhadundertakenapilotinthisregardin2017whichhasbeeninsuccessfuloperationsincethen.Subsequently,theCompany had approached the regulator, CERC for its approval for utilization of transmission assets for telecom tower business. CERC hasrecentlyallowedPOWERGRIDtogoaheadtoprovidetransmissionlinetowersforTelecomapplicationwithsuitablerevenuesharingwiththebeneficiaries.Company’sextensivetransmissiontowernetworkwillprovidebackbonetelecomnetworkandwilleliminatethelocationdisadvantageofsmalldistanttownstowardsaccessibilityandaffordabilityofhighspeedinternet.

17.4POWERGRIDisendowedwithattributesessentialforDataCentrebusinessviz.,reliablepower,telecomconnectivityandsecurespace. Accordingly, the Company is working on a business strategy for Data Centre business opportunity.

18.0 BUSINESS DEVELOPMENT & CONSULTING SERVICES Utilising its expertise inprojectmanagementaswell as technical capabilities establishedover the years in the coreareasof power

transmission,sub-transmission,distributionmanagement,loaddispatchandcommunications,SmartGridetc.,theCompanyisprovidingitsservicesasconsultant/trainingpartnertovariousagencieswithinaswellasoutsidetheCountry.

18.1 Domestic Market

Duringtheyear,theCompanysuccessfullycommissionedtheprestigiousandchallenging220kVSrinagar-Alusteng-Drass-Kargil–LehTransmission Project. The project was implemented by the Company on behalf of Govt. of India, as Project Management Consultant. Withitscommissioning,thestrategicallyimportantLadakhregionofJammu&KashmirhasnowbeenelectricallyconnectedtotheISTS (Northern) Grid. The project was dedicated to the Nation by Hon’ble Prime Minister on February 3, 2019.

Besides,onbehalfofGovt.ofIndia,theCompanyisalsoimplementing,asaConsultant,importantprojectsindifficultgeographicterrainsofSikkimandNER.UndertheNERPowerSystemImprovementProject(NERPSIP),fundedbyTheWorldBank&Govt.ofIndia, transmission schemes in 6 States of NER are being implemented. During the year, 23 elements were commissioned including transformation capacity addition of 312 MVA. Further, the Company is acting as Consultant to Govt. of India for its ‘Comprehensive SchemeforStrengtheningofTransmission&DistributioninArunachalPradesh&Sikkim’project.

TheCompany receivedabout50newconsultancyassignments indomesticmarketduringFY2018-19.Themajor consultancyassignmentsduringtheyear2018-19include:

• ImplementationofSmartGridProjectsin19TownsofJammu&KashmirunderPrimeMinisterDevelopmentPackage(PMDP).

• ConstructionofsubstationbaysatPOWERGRIDsubstations(ISTSGrid)forinjectionofpowerfromvariousrenewable(Wind&Solar) developers.

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• DiversionworksofvarioustransmissionlinesofPOWERGRIDinfringingthecorridorof‘PurvanchalExpressway’,beingconstructedbyUttarPradeshExpresswaysIndustrialDevelopmentAuthority(UPEIDA)

• DiversionworksofvarioustransmissionlinesofPOWERGRIDforNationalHighwaysAuthorityofIndia(NHAI).

• Diversionof25transmissionlinesinGujarat&MaharashtraforupcominghighspeedrailCorridorfromAhmedabadtoMumbai(Bullet Train Project).

TheCompanyhasenteredintoaMemorandumofunderstanding(MoU)withNeyveliLigniteCorporation(NLC)fordevelopmentofNeyveli Township of NLC as mini Smartcity having all attributes of Smartcity.

18.2 International Market

On the International front also, the Company has been providing consultancy to various clients. During the year, the Company successfully completed the following Consultancy assignments:

• Prestigious‘CASA1000Project’plannedforexportofsurpluspowertoAfghanistan&PakistanfromhydroelectricprojectsofKyrgyzstan&Tajikistan.

• SecondBlockof1x500MWHVDCbacktobackstationatBheramara(Bangladesh)tofacilitateenhancementofinterconnectioncapacity between India and Bangladesh.

PowerGridCompanyofBangladesh(PGCB)placedanotherorderforprovidingconsultancyservicesforestablishmentof500MWHVDCBack-toBackstation,interconnectingSurajmaninagar(India)andComillaNorth(Bangladesh).

During the year, the Company secured ten nos of consultancy assignments, which include ‘Project Management Consultancy ServicesforTransmissionSystemassociatedwithArun-3HEPinNepal’,consultancyservicesforDesign&Constructionof400kVD/CTransmissionlineassociatedwithPunatsangchu-IandIIHydroelectricprojects,studytourtoIndiafordelegatesofSouthernAfrican power Pool etc.

The Company has signed a Memorandum of Cooperation with Korea Electric Power Corporation (KEPCO) for a period of two years to promotebilateralcooperation,explorethebusinessopportunitiesanddevelopbusinessinpowersector.Areasofcooperationshallcovertransmissionlines&substationsconstruction,O&M,powersystemreliabilityandefficiencyenhancement,SmartGridincludingAMI, EV charging, micro grid etc.

19.0 CONTRIBUTION IN GOVT. OF INDIA SCHEMES FOR DISTRIBUTION REFORMS

The Company has been making valuable contribution in Govt. of India’s schemes related to distribution reforms in the Country.

TheCompanyhasachieved itsassignedtargetsof releasingserviceconnections in theStatesofOdisha,UttarPradesh,JammuandKashmirbyDecember2018,undertheGovt.ofIndiamissionofconnectingeachandeveryhousehold.

19.1 Rural Electrification (RE) works under Deen Dayal Upadhyaya Gram Jyoti Yojana (DDUGJY)

UnderGoI’sDDUGJY/PrimeMinister’sDevelopmentPackage(PMDP)forruralelectricityinfrastructureandhouseholdelectrification,theCompanyhassofarimplementedinfrastructureworkforruralelectrificationinninetyfive(95)districtsofTen(10)Statesinthecountry at a cost of about `10,802crore.Tilldate,totalinfrastructurehasbeencreatedforelectrificationof87,838nos.villages(including partiallyelectrified&un-electrifiedvillages)andserviceconnectionshavebeenprovided toabout49.49 lakhsBPLhouseholds.

Further,REworksunderDDUGJY/PMDPschemesin8districtsofJ&Karealsoinprogresswherethescopeincludes4nos33kVsubstationsinJammu,5Nos33kVsubstationsinKashmirand2nos66kV&2nos33kVsubstationsinLeh&Kargilareas.

Progress of RE works in FY 2018-19 is as below:

19.1.1 REWorksinOdisha

Villageinfrastructurewascompletedin4,249villagesand4,98,197serviceconnectionswereprovided.Augmentationworkof64nos33kVsubstations,outoftotal89substationscompleted.

19.1.2 REWorksinJ&K

Villageinfrastructurewascompletedin190villagesand6,040serviceconnectionswereprovided.Workin2substationsof33kV in Jammu and 1 substation in Kashmir is in progress.

19.1.3 REWorksinUttarPradesh

VillageInfrastructurewascompletedin345villagesand17,380serviceconnectionswereprovided.Augmentationworkof5 nos 33kV substations was completed and 2 new 33kV substations have also been charged.

20.0 CONSERVATION OF LAND AND ENVIRONMENTAL CONCERNS

Transmissionprojectsareconsideredbyandlargeenvironmentallybenignduetothefactthattheydon’tinvolvedisposalofanypollutants/waste in various environmental matrices, i.e. air, water or soil. Nevertheless, the Company, being a responsible corporate entity, addresses any residual environmental or social impacts associated with its business following the cardinal principles of Avoidance, Minimization and

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MitigationasoutlinedinitsEnvironmentalandSocialPolicy&Procedure(ESPP).Indoingso,itleveragestheroleoftechnologybynotonlyadoptingtheexistingmoderntechnologicaltoolsandtechnologiesdevelopedindifferentpartsoftheworldbutalsoemphasizesonin-housetechnologydevelopmentmeetingthenationalrequirement.

InacountrylikeIndia,whichcatersto18%oftheworldpopulation,whilehaving2.4%ofworld’slandmass,conflictsrelatedtolandresourcesarenotuncommonduetopresenceofdifferentcompetingusergroups.TheCompany,asafirmbelieverinaddressingthepressing social needs of the society, has always been forthcoming in up gradation and adoption of new and better technologies such as GasInsulatedSwitchyard(GIS)whichrequireslesserareacomparedtothetraditionalAirInsulatedSwitchyard(AIS).Additionally,ithastakenapolicydecisiontosecurelandforitssubstationsthroughdirectpurchaseonwillingbuyer-willingsellerbasisonmarket/negotiatedrate toavoidpublic resistanceandcourt intervention facedduring landacquisition.LandforJeerat,Chandauti,Saharsa&Sitamarhisubstations were secured through this method during the year.

AnotherareawhereitisabletomakesignificantcontributioninreducinglandrequirementisRightofWay(RoW)throughinnovativetowerdesignssuchasspecialcompacttower,poletypetowerandMulti-circuittowers.Thesetechnologicalinterventionsnotonlyreducedtherequirementofprecious landresourcesandsocialriskstoprojectsbutalsohelped inpreservationofenvironmentbyminimizingforest and vegetation involvement. Further, construction of High Capacity Power Transmission Corridors (HCPTCs) for transmitting power at higher voltage levels (765kV HVAC, +800kVHVDC)notonlyreducedtransmissionlossesbutalsoensuredtransmissionofmorepowerperunitofRoW(MW/meterofRoW).

Intheareaofenvironmentalpreservationalso,adoptionofnewandmoderntechnologieshashelpedtheCompanybyputtingitfirmlyon the path of Sustainable Development. In addition to technologies indicated above, adoption of tools like Remote sensing and GPS has resultedintheselectionofmostoptimumrouteforthetransmissionlines,thus,avoiding/minimizingenvironmentallysensitiveareassuchas Forest, Protected Areas, important wetlands, important Bird and Biodiversity Areas, elephant corridors etc.

Anotherkey initiative to reduceenvironment footprint includesupgradationofexisting linesby reconductoring themwithadvancedconductors to enhance the carrying capacity of such lines. This has helped in saving lot of forest and tree cover which might have been affected,ifnewlinesweretobeconstructedforsuchenhancedtransmissionofpower.RecognizingtheimportanceofsolarpowerincombatingClimatechangeandin-linewithGOI’scommitmenttowardsParisAgreement,theCompanyisintheprocessofinstalling5MWpRooftopSolarPVSystemsinitspremises,coveringmorethan50locations.Thisinitiativewillresultinsavingof7-8millionunits(MUs)ofGrid connected energy per annum, thereby, reducing atmospheric emission of 35,916 mT of CO2peryear.Anothersignificantinnovationdone by the Company is the use of inductive power in earth wire for powering of telecom antennas. This inductive power which otherwise goes waste will eliminate the use of DG sets (a constant source of pollution and Green House Gas emission) for powering of telecom Base Transceiver Station (BTS) units. The technology has been successfully tested at pilot scale and regulatory approval of the CERC has also beenreceived.OtherinitiativesinthisdirectionaremakingRainWaterHarvestinganintegralpartofsubstationdesign,installationofLEDbulbs&solarstreetlightinginsubstation,fuelcatalystsdevicesforDieselGenerator(DG)setsetc.,whichfurtherstrengthenedtheCompany’s agenda of sustainable development.

21.0 CORPORATE SOCIAL RESPONSIBILITY

The Company discharges its Corporate Social Responsibility (CSR), by committing itself to contribute to the society, through initiatives that have positive impact on society at large, especially the community in the neighbourhood of its operations. The main objective of CSRinitiativesisimprovementinthequalityoflifeofmarginalizedandunder-privilegedsectionsofthesocietyresidingarounditsareasof operation.With this approach, the Company carries out various CSR activitieswith thrust on Rural Development, InfrastructuralDevelopment, Skill Development, Health, Education, Environment etc.

DuringFY2018-19,theCompanyspent₹195.52croreandsanctionedmorethan200CSRprojectsofvalueofapprox.₹360crore,thatwillbeexecutedoverthenext2-3years.FocusareaoftheCompany’sCSRactivitiesduringFY2018-19wereeducationandhealthinitiativesin line with Govt. of India targets besides infrastructure development in rural areas like construction of community centres, internal roads, culverts as well as projects like installation of solar street lights, drinking water facility etc. The company provided ambulances, conducted healthcheck-upcampsandprovidedinfrastructuralsupporttogovernmenthospitals/CommunityHealthCentre/PrimaryHealthCentre,etc. and organized livelihood generating skill development programmes for youths through various government agencies.

To help economically weak patients and their attendants, creation of patient support infrastructure at prominent health centres, like AIIMS, State Govt. Medical Colleges, and Hospitals etc., has been given special focus over the last few years. In this direction, the Companyhasconstructed300bedded‘POWERGRIDVishramSadan’atJ.P.ApexTraumaCentre,AIIMS,NewDelhi,whichwasdedicatedto thenationby theHon’blePMon29thJune,2018.Sevenmore ‘POWERGRIDVishramSadans’arebeingestablished in theGovt.hospitals at Lucknow, Patna, Guwahati, Ranchi, Bengaluru, Darbhanga and Vadodara, where outpatients from distant locations approach for specialised medical treatment.

During the year, Company participated in ‘Swachh Bharat Abhiyan’, as a part of Swachhta initiative. Besides construction of toilet blocks in Government schools, construction of individual households’ toilets for development of primitive tribal groups was also taken up across the Country. ‘Swachhta Pakhwada’ was also observed in all units of the Company across the Country.

TheCompanyhasitsownedandoperatedSkillDevelopmentCentresineightofitsSubstationsinAssam,Manipur&WestBengal,whichimparttrainingonTransmissionLineTowerErection.Besides,theCompanyhasalsotiedupwithIndo-GermanInstituteforAdvancedTechnology(IGIAT),VizagandIndoGermanToolRoom(IDTR),Indoreforimpartinghigh-endskilltrainingtoyouthsonaresidentialbasisintheircampus.About1,100youthsweretrainedduringFY2018-19andmostofthemaregainfullyemployed

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Detailsof theCSRpolicyareavailableonCompany’swebsite,athttp://10.100.18.171/sites/default/files/CSR_Policy_2015_0.pdf.TheAnnualReportonourCSRactivitiesisenclosedasAnnexureXIoftheDirectors’Report.

22.0 CITIZEN’S CHARTER

Citizen’s Charter has been formulated for the Company providing a visible front of its Vision, Mission and Objectives., The Citizens’ Charter consistingofCompanyprofile,commitments,expectationsfromcitizens,IntegratedManagementPolicy,servicesoffered,valuesandstandards of services, access to information and grievance redressal is available on its website.

23.0 OUR PEOPLE - OUR STRENGTH

TheCompany,beingaserviceorganisation,hasalwaysrecognisedPeopleasitscorestrengthanditfirmlybelievesthatemployeegrowthandorganizationalgrowthmoveinsyncandthiscanbedeliveredlargelythroughawell-articulatedlearninganddevelopmentsystemwithin the organization together with a culture of mutual respect and trust.

AsonMarch31,2019,theemployeestrengthoftheCompanystoodat9,255asagainst8,900onMarch31,2018,whichisexclusiveofthe employees on Contract.

23.1 Human Resource Development

Committedtothecauseofcontinuouslearninganddevelopmentofitspeople,theCompanyhasestablished‘POWERGRIDAcademyof Leadership (PAL)’, a state-of-the-art, world class institute at itsManesar complex near Gurgaon. The facility provides a wide rangeoftrainingincludinginduction,hands-on,managerialandbehaviouralprograms to its employees. These programs, in the electricity sector, cover areas such as sector overview, transmission technology &systemmanagement,hotlinemaintenance,SmartGrid&DistributionManagement,behavioural/leadershipdevelopmentprogramsetc.

Duringtheyear,theCompanyconducted825traininganddevelopmentprograms, at its PAL facility, its Employee Development Centres in regions and also at premium educational institutes and centres of learning in India and abroad. Further, the Company’s web based competency based training management system has been upgraded withupdatedcompetencydirectory.Anandroid-basedmobileapp‘PALManesar’ has been developed to make it easy for employees to access many web based applications from their handheld devices.

InFY2018-19,thecompanycarriedoutacurrentstateassessmentofits HR processes and practices against the globally acclaimed People Capability Maturity Model (PCMM) framework. The company was one of the few organisations in Public Sector assessed to be at Maturity level3.TheexistingHRProcessesandpractices inthecompanyarebeing further strengthened and upgraded in line with PCMM. Through PCMM implementation, the company aims to streamline and align its policies and practices to global best practices. PCMM’s emphasis on commitment, measurement and improvement will lead to a stronger foundation for continual business excellence through workforce andprocess capability improvement.

The Company is also leveraging its people capabilities and the physical infrastructure at PAL to provide customised functional and behavioural programsonconsultancybasistoexternal(domesticandinternational)stakeholders also. Training programs carried out through Ministry ofExternalAffairs (MEA) forSouthAfricanPowerPool comprisinganumberofSouthAfricannationsandCapacityBuilding&Institutional Strengthening (CBIS) programs for North Eastern States were some important training assignments taken up during the year.

23.2 Employee Welfare

The Company is continuously updating its welfare policies in line with industry trend and to meet the changing needs for its employees. IssuesaresuccessfullyaddressedthroughtheNationalandRegionalBipartiteCommittee(PNBC/PRBC),ajointconsultativeforumcomprisingmanagementandworkmenrepresentativeselectedthroughsecretballot.WageRevisionofExecutives,SupervisorsandWorkmeneffectivefrom1st January, 2017 has been implemented during the year.

23.3 Grievance Redressal Grievanceredressalisalwaystaken-uponpriorityintheCompany.Bothemployeegrievanceandpublicgrievancearegivenutmost

importanceandeffortsaremadetoresolvethempromptly.Adedicatedteammonitorsandensuresgrievancesareredressedtimelyandimpartiallyunderstrict&unbiasedframeworkafterthoroughlyanalysingthefactsanddata.Thesameisreviewedregularlyby

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theseniormanagement.TheemployeegrievanceisaccordedtoppriorityandtheCompanyhasa3-tierstructureforexpeditiousresolution of grievance within the broad framework of policy guidelines.

23.4 Ensuring Social Justice TheCompanyhasconstitutedaseparatecelltolookafterandsafeguardthestatutoryprovisionsforSC/ST/OBC&Personswith

Disabilities(PwD)categoriesofemployees.ThereservationcellassiststheLiaisonOfficerwholooksafterthewelfare&safeguardofSC/ST/OBC&PWDemployees.LiaisonOfficeralsoensuresthatthere isnodiscriminationonthebasisofcaste,religion&disabilities amongst the employees. To ensure effective discharge of duties by LiaisonOfficer across all establishments of thecompany, separateLiaisonOfficer foreach regionhasbeennominated.TheCompany implementsalldirectivesandguidelineswith regard to reservation policy issued by Government of India. Annual inspection is also conducted to ensure implementation of directivesissuedbyGoI.PeriodicmeetingisalsoheldwithrepresentativeoftheassociationofSC/STandOBCtoresolveissues,ifany.

The company is also committed to gender diversity and considering that women constitute 7.42% of its total workforce, theCompany continuously strives to make the workplace, safe and better, for its women with its policy interventions and learning and developmentinitiatives.TheHRDDepttoftheCompanyalsodesignsspecificwomen-centricprogramswithfocusonempowermentandmentorshipforwomenandspecialprogramsarealsoconductedontheInternationalWomen’sDay.

23.5 Sports and Cultural Activities TheCompanyorganizesIntra&Inter-regionalSportsCompetitionsforCricket,Badminton,Volleyball,Athletics,Kabaddi,Football,

Chess,Carrom,TableTennis,Bridgeetc.andparticipatesintheInter-CPSUSportsmeetsorganisedundertheaegisofPowerSportsControlBoard.POWERGRID teamhasemergedwinners inTableTennis,Cricket,Chess (women)and runnersup inVolleyball,Badminton(women),KabaddiandAthletics.Oneofouremployees,ShriJ.MukherjeestoodfirstinNationalChampionshipinParaTable Tennis and represented Indian team at the International Paralympic Championship 2019 held in Amman, Jordan and won the Silver medal for the country.

CulturalprogramsareregularlyconductedatvariousestablishmentsoftheCompanyforpromotinghealthycommunityliving;andfestivals are celebrated collectively by organizing milan samarohs and other activities etc.

24.0 PREVENTION OF SEXUAL HARASSMENT AT WORKPLACE AspertherequirementoftheSexualHarassmentofWomenatWorkplace(Prevention,ProhibitionsandRedressal)Act,2013,andRules

madethereunder,InternalComplaintCommittees(ICC)areinplacetoredresscomplaintsreceivedregardingsexualharassment.TheCompanyhasbeenconducting training/workshopboth formaleand femaleemployees sensitising themabout the issuesand lawsrelatingtoSexualHarassment.

Duringtheyear,05suchtrainingprogrammeswereconductedacrosstheorganization.Therewasnocomplaintofsexualharassmentduring the year.

25.0 IMPLEMENTATION OF OFFICIAL LANGUAGE (RAJBHASHA) The Company is sensitive towards its responsibilities, heritage, social and cultural values. In pursuance of Govt. of India’s Rajbhasha Policy

topromoteIndianlanguagesandRajbhasha“Hindi”,theCompanyhasmadeallroundeffortstointegrateandpromoteuseofHindiinitsofficialworksatalllevels.

ToensuretheincreaseduseofOfficiallanguage,variousactivitiessuchasAnnuvadAbhayaasKaryakram,workshops,trainings,motivationalprograms are organized in the Company. Computer trainings are imparted to enhance the working knowledge in Hindi on computers. Hindiclassesarealsobeingorganizedfornon-HindispeakingemployeesthroughHindiTeachingScheme.Lecturesonheritage,socialandcultural concerns are also being delivered by eminent scholars on regular basis to motivate the employees towards increased working in Hindi.

Various activities are undertaken to publicize the Rajbhasha, e.g. Akhil Bhartiya Rajbhasha Sammelans, Technical conferences in Hindi, Kavi Sammelans (Poetry sessions), Plays, publication of monthly articles in Hindi via emails etc. Also, various Hindi competitions are being conducted in the organization throughout the year with special emphasis during Hindi Pakhwada, Swachchta Pakhwada, Vigilance AwarenessWeek,QaumiEktaSaptaah,Pt.DeenDayalUpadhyayJanmshatiDiwasetc.alongwithdepartmentalmeetingsaswellasOfficialLanguageImplementationCommittee(OLIC)meetings.TheCompany’sHindilibraryisconsideredasoneofthebestHindilibrariesamongPublicSectorUndertakings.Morethan14,500books,53HindiMagazinesonvarioustopicsand16Hindidailynewspapersareavailable for the employees.

Attractive incentive schemes for employees working in Hindi have been implemented as per the government guidelines. Also various awardandrewardschemeshavebeenintroducedtoencourageemployeestoactivelyparticipateinpromotionofHindi,bygivingarticles/write-upsforin-housemagazines,readinglibrarybooksetc.

For creatingawarenessamong theemployees, and tomotivate them tomaximiseuseofHindi inofficialworksand forpublicityofofficiallanguage,AllIndiaOfficialLanguageConferenceCumTechnicalSeminarswereorganisedateightplacesduringtheyearbytheCompany.Duringthedaylongevents,employeesfromdifferentregionsoftheCompanyalongwithvariousmemberofficesofTownOfficialLanguageImplementationCommitteeparticipatedwheredifferentsessionsonofficiallanguage,aswellasontechnicaltopicse.g.health,informationtechnologyetc.andmulti-topicquizwereheld.

TheeffortsmadebytheCompanywererecognisedinseveralforaduringtheyear2018-19.VariousawardswereconferredbydifferentTownOfficialLanguageImplementationCommittee(TOLICs)undertheaegisofMinistryofHomeAffairs,Govt.ofIndiaregardingbest

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ImplementationofOfficialLanguage.Besides,Company’seffortswerealsoappreciatedduringvariousinspectionsanddiscussionsoftheHon’bleCommitteeofParliamentonOfficialLanguageandbyHindiAdvisoryCommitteemeetingsondifferentoccasions.

26.0 STAKEHOLDER ENGAGEMENT & CORPORATE IMAGE The Company has been persistently working towards building a long term sustainable relationship with its stakeholders and it has always

believed that reliable and timely communication is the hallmark of stakeholder engagement. For internal stakeholders, communication streams such as e-magazines like Communiqué and Cue; displaymagazine LOUNGE and

quarterlymagazinespublishedbyregionalofficesregularlyapprisetheemployeesaboutthedevelopments,achievements,events,andalso the viewpoints of management.

Regular interactions between management, analysts and other stakeholders have been instrumental in bringing transparent work culture intheorganization.Evocativefilmsanddocumentaries,madeonspecificprojects(SrinagarLehTransmissionSystemandIPDSworksinVaranasi) captured and highlighted the hard work and project management skills of the workforce of the Company.

TheCompanyalsoregularlyparticipatesinvariousdomesticandinternationalexhibitionsandduringtheyear2018-19,itparticipatedinsuch conferences including those in Myanmar, Nigeria, Russia and Abu Dhabi where it displayed its competencies and capabilities.

27.0 RIGHT TO INFORMATION In compliance to ‘Right to Information Act, 2005’, an appropriate mechanism is in place across the Company for promoting transparency

andaccountability,whereintheCompanyhasnominatedCentralPublicInformationOfficer/AppellateAuthoritiesatitsCorporateOfficeandRegionalofficesacrossthecountrytoproviderequiredinformationundertheprovisionsofAct.

Further,foreffectiveprocessing,monitoring,andmanagementofRTIsandAppeals,aweb-basedonlineRTIPortalhasbeendevelopedinPOWERGRID.TheRTIportalisenvisagedtofacilitatetimelyreplyofRTI/AppealtotheapplicantbyrealtimemonitoringofRTIs/Appeals. Also, the portal facilitates in generation of various RTI reports, knowledge sharing with regard to replies, latest RTI circulars and guidelines etc.

InFY2018-19,total1,501nos.ofRTIapplicationswerereceivedintheCompanyandprocessedaspertheAct.RTIAwarenessPrograms/WorkshopswereorganizedindifferentregionstoapprisetheemployeeswithlatestupdatesontheRTIAct,2005andCentralInformationCommission (CIC) decisions.

28.0 COMMITMENT TO TRANSPARENCY & VIGILANCE FUNCTION Recognizing the importance of good governance, the Company advocates the principles of Transparency, Probity and Ethics in its

management functioning. The Vigilance Department of the Company functions as an integral part of the management. The department ensures that best ethical practices are followed in the organization.

• Emphasis on Preventive Vigilance Although the Vigilance Department performs preventive, proactive, as well as punitive functions to strengthen the organizational

process and to minimize the malpractices in various systems and activities of the organization, the emphasis is on preventive and proactivevigilance.Whilepreventivevigilancefocusesonwhethertherighttypeofsystemsexistorneedtobere-engineered,proactivevigilanceaimsattheidentificationofopportunitiesandintakingpro-activeactionagainstpotentialthreats.

DuringFY19,47surprise inspectionsand59ChiefTechnicalExaminer(CTE)Typeinspections/process-on-lineinspectionswereconducted.PursuanttoVigilanceinspectionsandobservations/recommendations,manysystemimprovementsinvariousfunctionsof the organisations have been implemented.

• Preventive Vigilance Workshops as part of Capacity Building AspartofCapacityBuilding,WorkshopsonPreventiveVigilancewereconductedat theCorporateCentreaswellasatvarious

RegionsoftheCompany.Duringtheyear,23PreventiveWorkshopswereconductedfor690non-vigilancepersonnel.ThePreventiveVigilanceWorkshopscontainmoduleofEthicsManagementwhichenablestheemployeestoidentifyanddealwithethicaldilemma.

• Vigilance Awareness InpursuanceofthedirectionsofCentralVigilanceCommission,theVigilanceAwarenessWeek2018wasobservedbyPOWERGRID

inallitsofficesacrosstheCountryfrom29.10.2018to03.11.2018inlinewiththethemeforthisyear“EradicateCorruption-Builda New India”.

VigilanceAwarenessWeekwascelebratedwithgreatenthusiasmandfervouracrossallofficesinIndiaandabroadalongwiththemanagement, its employees and their family members.

TheWeekcommencedwiththeIntegrityPledgeinCorporateOfficeandacrossallofficesoftheCompanyandwasextendedtoallthestakeholders.Tosensitizethenext-gentotheethicalvalues,anumberofactivitieswereorganizedinmorethan350schoolsand colleges involving more than 40,000 students.

Walkathonswereconducted inaround200establishmentswhereintheemployeesalongwiththeir familiesparticipatedholdingplacards on integrity, honesty etc. Nukkad Natak with the theme of integrity and transparency were organized in prominent places involving more than 20,000 people. ‘Awareness Gram Sabhas’ were conducted touching more than 15,000 villagers for dissemination ofawarenessinGramPanchayatstosensitisecitizensontheill-effectsofcorruption.CANDOUR,theofficialjournalofPOWERGRIDVigilancedepartmentwasreleasedduringtheVigilanceAwarenessWeek. In linewithGoGreenInitiativeof theCompany, thejournalwasreleasedindigitalform(e-CANDOUR).

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29.0 DISASTER MANAGEMENT The Company has always been at forefront when it comes to contribution in restoration of the power system as well as providing

manpowerandreliefmaterialinanyareahitbynaturalcalamity.InAugust2018,whendevastatingfloodscausedmajordamagesintheStateofKeralaandthedistributionsystemofKeralawasaffected,theCompanyprovidedassistanceinrestorationofsystembysettingupon-SitetestingfacilityandrepairworkshopsfordistributiontransformeratKochi,TrichurandPathanamthitta.Restorationof110kVNeriamangalam-Kuthungallinewasdonebydirectlyconnectingtosubstationthroughstringingacrosstheriver.ReplacementofmedicalequipmentinGovt.HospitalatPampa-SabarimalaalongwithrestorationoftheHospitalwasalsocarriedout.Inadditiontothis,supportwasalsoextendedbysupplyingcommonreliefmaterialinflood-affecteddistricts.

TheemployeesoftheCompanyalsosupportedintherebuildingeffortsthroughcontributiontoChiefMinister’sReliefFundandsupportingthe cleaning up activities.

30.0 PROMOTION OF MICRO, SMALL AND MEDIUM ENTERPRISES (MSMEs) In line with Govt. of India directives for promotion of MSMEs, the Company has been complying with the guidelines. The Company has

beenregisteredonTradeReceivablee-DiscountingSystem(TReDS)platformsofReceivableExchangeofIndiaLimited(RXIL).TradeReceivablesDiscountingSystem(TReDS)istheschemeforfacilitatingthefinancingoftradereceivablesofMSMEsfromcorporateandotherbuyers,includingGovernmentDepartmentsandPublicSectorUndertakings(PSUs),throughmultiplefinanciers.TheCompanyiscontinuouslypursuingwithitsMSMEsupplierstogetthemselveson-boardedonTReDSPlatforms,forwhichdetailedguidelineshavebeenprovided in ‘Tender’ section of theCompany’s officialwebsitewww.powergridindia.com.Suitable provisionshave alreadybeenincorporated in the Bidding Documents of the company for procurements of various products produced and services rendered by Micro andSmallEnterprises in linewithamendment to thePublicProcurementPolicy (Order2012) inNovember2018.Thecompanyhasachievedthetargetofmandatoryprocurementof25%outoftotalannualpurchasesofproductsandservicesrenderedbyMicroandSmallEnterprisesinlinewithPublicProcurementPolicy(Order2012)readinconjunctionwithitsamendmentinNovember2018.TotaleligiblevalueofannualprocurementofgoodsproducedandservicesrenderedbyMSEs(includingMSEsownedbySC/STandwomenentrepreneurs)forfinancialyear2019-20isprojectedtobeintherangeof₹1,000crore.

Further,toencourageanddevelopMicroandSmallmanufacturersforsupplyofinnovative&qualityproducts,MSEvendordevelopmentprograms were conducted during the year at various locations across the Country, wherein presentations were made and discussions wereheldwithnumeroussmallmanufacturersofourCountry.AnumberofMicro,Small&MediumEnterpriseshavebeendevelopedassub-vendorsandapprovedforsupplyofcomponentsforvariousequipment.

31.0 MANAGEMENT DISCUSSION AND ANALYSIS In addition to the issues stated in the Directors’ Report, some issues have been brought out in report on Management Discussion and

Analysis placed at Annexure-I and forms part of the Financial Report.32.0 BUSINESS RESPONSIBILITY REPORT TheBusinessResponsibilityReport,asstipulatedunderRegulation34(2)oftheSEBI(ListingObligationsandDisclosureRequirements)

Regulations, 2015, is given in Annexure-II and forms part of the Annual Report.33.0 CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO PursuanttoSection134(3)(m)ofCompaniesAct,2013readwithRule8ofTheCompanies(Accounts)Rules,2014informationrelating

to‘Conversationofenergy,technologyabsorptionandforeignexchangeearningsandoutgo’,isgiveninAnnexure-III to this Report.34.0 RISK MANAGEMENT POLICY Information on Risk Management Framework is covered in the Management Discussion and Analysis Report attached as Annexure-I of

this Report.35.0 INTERNAL FINANCIAL CONTROLS AND ADEQUACY TheBoardhasadoptedpoliciesandproceduresforensuringtheorderlyandefficientconductofitsbusinesses,includingadherenceto

the Company’s policies, the safeguarding of its assets, the prevention and detection of frauds, error reporting mechanism, the accuracy andcompletenessoftheaccountingrecordsandthetimelypreparationofreliablefinancialdisclosures.

36.0 STATUTORY AUDITORS OF THE COMPANY TheStatutoryAuditorsofTheCompanyareappointedbytheComptroller&AuditorsGeneralofIndia.M/sS.K.Mittal&Co.,M/sR.G.

N.Price&Co.,M/sKothari&Co.andM/sParakh&Co.wereappointedasJointStatutoryAuditorsforthefinancialyear2018-19. TheStatutoryAuditorshavegivenanunqualifiedreport.Thereportisself-explanatoryanddoesnotrequireanyfurthercommentsbythe

Board.37.0 COMPTROLLER AND AUDITOR GENERAL’S COMMENTS Company has received ‘NIL comments on the accounts for the year ended March 31, 2019 by the Comptroller and Auditor General of India

under Section 143(6) of the Companies Act, 2013. Copy of the same is attached as Annexure - IV to this Report.38.0 SECRETARIAL AUDITOR KumarNareshSinha&Associates,PractisingCompanySecretaryhasconductedSecretarialAuditoftheCompanyforthefinancialyear

endedMarch31,2018.TheReportformspartofthisAnnualReport(Annexure-V). The Secretarial Auditor have reported that during the period under review, the Company has generally complied with the provisions of the

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Act, Rules, Regulations, Guidelines, Standards, etc. mentioned above subject to the observation that: “ProvisionsofRegulation17(1)ofSecuritiesandExchangeBoardofIndia(ListingObligationsandDisclosureRequirements)Regulations,

2015 and Para 3.1.4 of DPE Guidelines on Corporate Governance with regard to Composition of the Board of Directors have not been compliedwithduringthefinancialyearunderreview.”

Theexplanation,ontheobservationofSecretarialAuditors,isasunder: Your Company, being a Government Company within the meaning of Section 2(45) of Companies Act,2013, the power to appoint Directors

ontheBoardvestswiththeGovt.ofIndia.AgainsttherequirementofsevenIndependentDirectorsonyourCompany’sBoardduringtheyear,fiveIndependentDirectorswereontheBoard.Thus,theCompanyhasnotbeenabletocomplywithprovisionsofRegulation17(1)ofSEBI(ListingObligationsandDisclosureRequirements)Regulations,2015andDPEGuidelinesonCorporateGovernancewithregardtoCompositionoftheBoardofDirectorsduringthefinancialyearunderreview.ThematterisbeingpursuedwiththeAdministrativeMinistryforfillingupofexistingvacanciesofIndependentDirectors.

39.0 COST AUDITORS OF THE COMPANY TheCompanyappointedM/sR.M.Bansal&Co.,CostAccountantsandM/sChandraWadhwa&Co.,CostAccountantsasCostAuditors

fortheFinancialYear2018-19underSection148oftheCompaniesAct,2013. TheCostAuditReportsfortheFY2018-19willbefiledwiththeCostAuditBranch,MinistryofCompanyAffairsbeforeduedate.40.0 EXTRACT OF ANNUAL RETURN InaccordancewithSection134(3)(a)oftheCompaniesAct,2013anextractoftheAnnualReturn,intheprescribedformatinMGT-9,

is given as Annexure VI of this Report.41.0 COMPANY’S BOARD ThecompositionofBoardofDirectorsunderwentsomechangesduringtheyear2018-19. ShriI.S.JhademittedtheofficeofChairman&ManagingDirectoron21stJanuary,2019,consequentonhisappointmentasMember,

CentralElectricityRegulatoryCommission.TheBoard,onitsbehalf&alltheemployeesoftheCompany,placedonrecordtheirdeepsenseof appreciation and gratitude for his valuable contribution and commitment to take the Company to new heights.

TheMinistryofPower,videOfficeOrderdt.21.01.2019,entrustedtheadditionalchargeofpostofChairman&ManagingDirector(CMD)toShriRaviP.Singh,Director(Personnel)forperiodofthreemonths.TheMinistryofPower,videOfficeOrderdt.13.06.2019,hasfurtherextendedtenureofShriRaviP.SinghasCMDforaperiodofsixmonthsw.e.f.21.04.2019ortilltheappointmentofaregularincumbent,or until further orders, whichever is the earliest.

Shri Prabhakar Singh, Director (Projects) also demitted the office on 30th June, 2018, upon attaining the age of superannuation.The Board acknowledges the contribution of Shri Prabhakar Singh in various roles he handled during his tenure. Mrs. Seema Gupta, Director(Operations)wasgiventheadditionalchargeofthepostofDirector(Projects)videOfficeOrderofMoPdt.09.07.2018foraperiodofthreemonths.ShriR.K.Chauhan,assumedthechargeofDirector(Projects)witheffectfrom23rdAugust,2018.

Ms.Bharati,JointSecretary,MoPceasedtobeGovt.NomineeDirectoron13.02.2019.ShriVivekKumarDewangan,JS&FA,MoP,whowasontheBoardoftheCompanysince26.04.2018ceasedtobeGovt.NomineeDirectoron07.06.2019.TheBoardplacesonrecorditsappreciationforthevaluablecontribution,guidance&supportgivenbyMs.BharatiandShriDewangan.

Shri Ghanshyam Prasad, Chief Engineer, Ministry of Power, was appointed as Govt. Nominee Director on 01.03.2019. Shri Sunil Kumar Sharma andMrs. A. R.Mahalakshmiwere appointed as IndependentDirectorsw.e.f. 23.07.2018 and 26.07.2018,

respectivelyvideMinistryofPowerOfficeOrderdt.17.07.2018. Shri J. I. Patel, Independent Director appointed w.e.f. 17.11.2015 for a period of three years vide GOI Order dated 17.11.2015. Shri Patel

was reappointed for further period of one year from the completion of his earlier tenure. Shri M. N. Venkatesan, appointed as an Independent Director w.e.f. 11.07.2019 for a period of three years vide GOI Order dated 11.07.2019 ShriAnuragAgarwal,AS&FA,MinistryofPower,appointedasaGovt.NomineeDirectorontheBoardofPOWERGRIDw.e.f.27.06.2019 ceased to be Director on 12.07.2019.

In accordance with the provisions of the Companies Act and the Articles of Association of the Company, the resolutions w.r.t. reappointment ofShriRaviP.Singh(DIN:05240974)asDirectorliabletoretirebyrotation;appointmentofShriRajeevKumarChauhan(DIN:02018931)asDirector;reappointmentofShriJagdishIshwarbhaiPatel(DIN:02291361)&appointmentofShriM.N.Venkatesan(DIN:02126022)as Independent Directors have been included in the Notice of Annual General Meeting.

42.0 NUMBER OF MEETINGS OF THE BOARD BoardofDirectorsmet13timesduringthefinancialyear2018-19.DetailsregardingdatesandattendanceoftheBoardmeetingsare

provided in the Report on Corporate Governance, which forms part of this Report.43.0 COMMITTEES OF THE BOARD The Company has Audit Committee, CSR Committee, Nomination and Remuneration Committee, Stakeholders’ Relationship Committee,

and some other Committees for operational convenience of the Company. The composition and scope of the aforesaid Committees are provided in the Report on Corporate Governance.

Report on the Corporate Governance (Annexure-VII),togetherwiththeCertificatethereon(Annexure-VIII) are attached to this Report.

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44.0 DECLARATION BY INDEPENDENT DIRECTORS Duringtheyear,alltheIndependentDirectorshavemettherequirementsspecifiedunderSection149(6)oftheCompaniesAct,2013

for holding the position of ‘Independent Director’ and necessary declaration from each Independent Director under Section 149 (7) was received.

45.0 PERFORMANCE EVALUATION OF DIRECTORS TheMinistryofCorporateAffairs(MCA)videNotificationdated5thJune,2015hasexemptedGovernmentCompaniesfromtheprovisions

ofSection178(2)oftheCompaniesAct,2013(theAct),whichprovidesformannerofevaluationofperformanceofBoard,itsCommitteesand Directors by Nomination and Remuneration Committee. The requirement of mentioning a statement on themanner of formalevaluation of performance of directors in Boards’ Report as per section 134(3) (p) of the Act has also been done away with for Government Companies, where the directors are evaluated by the Ministry or Department of the Central Government which is administratively in chargeofthecompany,asperitsownevaluationmethodology.Further,MCAvideitsnotificationdated05thJuly,2017hasmadeanamendmentintheScheduleIVoftheAct,wherebyithasexemptedGovernmentCompaniesfromcomplyingwiththerequirementofperformanceevaluationbytheIndependentDirectorsofnon-independentdirectorsandChairmanandperformanceevaluationoftheIndependentDirectorsbytheBoard,iftheconcerneddepartmentsorministrieshavespecifiedtheserequirements.

The Department of Public Enterprises (DPE) has laid down a mechanism for performance appraisal of all Functional Directors. DPE has also initiated evaluation of Independent Directors.

TheCompanyentersintoMemorandumofUnderstanding(MoU)withMinistryofPower(MoP)everyyearwhereinCompanyisevaluatedonvariousfinancialandnon-financialparameters.TheperformanceoftheCompany&BoardofDirectorsisevaluatedbytheDepartmentofPublicEnterprisesintermsofMoUenteredintowithMoP.

In termsofRegulation25of SEBI LODR, 2015, theperformanceof theBoard as awhole andnon-independent directors includingChairman&ManagingDirectorwereevaluatedbytheIndependentDirectorsinaseparateMeetingheldbythemon14thMarch,2019..

46.0 POLICY ON DIRECTORS’ APPOINTMENT AND REMUNERATION TheCompanyhasframedapolicyontheremunerationoftheDirectors,KMPsandemployeesasrequiredundertheprovisionsofSection

178 of the Act. The said policy is available on our website at https://www.powergridindia.com/sites/default/files/Investor_Relation/Reports_Filings/Code_of_Conduct_Policies/04_Remuneration%20Policy.pdf

47.0 PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS Loans,GuaranteesorinvestmentsunderSection186oftheCompaniesAct,2013formpartoftheNotestoFinancialStatements(Note

No.58)providedinthisAnnualReport.48.0 PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES ParticularsofcontractsorarrangementswithrelatedpartiesreferredtoinSection188(1)oftheCompaniesAct,2013,intheprescribed

FormAOC-2,aregivenasAnnexure IXoftheDirectors’Report.Further,attentionofthemembersisdrawnonNoteNo.58oftheFinancial Statement which sets out related party disclosures.

49.0 SUBSIDIARIES AND JOINT VENTURES Ason31stMarch2018TheCompanyhas13subsidiariesand13JointVenturesCompanies. AstatementcontainingsalientfeaturesofthefinancialstatementsofourSubsidiariesandJointVenturesarecoveredintheManagement

DiscussionandAnalysisandalsoannexedintheprescribedformatAOC-1asAnnexure X.50.0 DIVIDEND DISTRIBUTION POLICY Asperregulation43AoftheSEBI(ListingObligationandDisclosureRequirements)Regulations,2015(theListingRegulations),thetop

500 listed companies shall formulate a dividend distribution policy. Accordingly the policy was adopted to set out the parameters and circumstancethatwillbetakenintoaccountbytheBoardindeterminingthedistributionofdividendtoitsshareholdersand/orretainedprofitsearnedbytheCompany.ThepolicyisalsoavailableontheCompany’swebsitehttps://www.powergridindia.com/sites/default/files/Dividend%20Distribution%20Policy.pdf

51.0 SIGNIFICANT MATERIAL ORDERS Therearenosignificantandmaterialorderspassedby theRegulatorsorCourtsor tribunal impacting thegoingconcernstatusand

Company’s operations in future.52.0 DIRECTORS’ RESPONSIBILITY STATEMENT Asrequiredu/s134(3)(c)&134(5)oftheCompaniesAct,2013,TheDirectorsconfirmthat: (a) inthepreparationoftheannualaccounts,theapplicableaccountingstandardshadbeenfollowedalongwithproperexplanation

relatingtomaterialdepartures; (b) the Directors had selected such accounting policies and applied them consistently and made judgments and estimates that are

reasonableandprudentsoastogiveatrueandfairviewofthestateofaffairsoftheCompanyattheendofthefinancialyearandoftheprofitoftheCompanyforthatperiod;

(c) theDirectorshadtakenproperandsufficientcare for themaintenanceofadequateaccountingrecords inaccordancewiththeprovisionsofthisActforsafeguardingtheassetsoftheCompanyandforpreventinganddetectingfraudandotherirregularities;

(d) theDirectorshadpreparedtheannualaccountsonagoingconcernbasis; (e) theDirectorshadlaiddowninternalfinancialcontrolstobefollowedbytheCompanyandthatsuchinternalfinancialcontrolsare

adequateandwereoperatingeffectively;

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(f) the Directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequateandoperatingeffectively.

53.0 ACCOLADES & AWARDSDuringFY2018-19,theCompanyhasbeenconferredfollowingimportantawards/accolades: FastestGrowingElectricUtilityinAsia-forthefifthsuccessiveyearsince2014,basedonPlatts Top 250 Global Energy Company

Rankings.Globally,theCompanywaspositionedasthe3rdFastestGrowingElectricUtility; CBIP Award 2019forBestPerformingPowerTransmissionUtilityforitsoutstandingcontributiontothepowertransmissionsectorin

thecountry; CBIP Special Jury AwardforInnovationExcellenceinPowerTransmission; Platinum Prize (1st prize) in Power Sector Category at the 6th FICCI Quality Systems Excellence Award; One of the Top 25 Most Innovative Companies in India at the 5th CII Industrial Innovation Awards 2018–onlypowersectorCPSE

inthelist; Good Corporate Citizen Award category at PHD Annual Awards for Excellence 2018; Awards for Overall Best Overall Navratna, Best Navratna in Services and Electricity: Power Transmission categories at Dun & Bradstreet

PSU Awards 2018; 2018 EEI Asia-Oceania Index AwardatEEI(EdisonElectricInstitute)GlobalElectrificationForum,forHighestTotalShareholder

ReturnsinGoldLargeCapitalizationcategory; BML Munjal AwardforBusinessExcellencethroughLeadershipandDevelopmentfor2018inPSUServicescategory; Third Prize in Public Sector Enterprises category at the National Competition for Innovative Training Practices (2017-18) by

IndianSocietyforTraining&Development; India Concord Summit (ICS) 2018 PSU AwardforBestHRPracticesbyaPSU-Navratna; ET2GOOD rating at the second edition of ET2GOOD 4GOOD RatingsconferralceremonyforAll-RoundExcellenceinCSRfor2016-17

&2017-18; GoldCertificateforBestCSRPracticeattheHaryana CSR Summit 2018byGovt.ofHaryana; Gold Medal for Corporate Social Responsibility presented by the Hon’ble Governor of Telangana & Andhra Pradesh and President

of the Indian Red Cross Society; Best CEO AwardtoCMD,POWERGRIDinPSUcategoryatBusinessTodayBestCEOAwards FelicitationofCMD,POWERGRIDatthePSE Excellence Awards 2018byIndianChamberofCommerce; Mrs. Seema Gupta, Director (Operations) awarded Best Contribution Award at the ITOMS International Conference at Kuala Lampur,

Malaysia; WinnerinthePowercategoryatDun & Bradstreet Corporate Awards 2018 and in Power Transmission category at Dun & Bradstreet

Infra Awards 2018; Strategic Performance and Consistent Growth Award at the 6th PSU Awards by Governance Now.54.0 ACKNOWLEDGEMENTS TheBoardofDirectorswouldliketoexpresstheirdeepsenseofappreciationfortheguidanceandco-operationreceivedfromGovernment

ofIndia,particularlyMinistryofPower,MinistryofFinance,MinistryofHomeAffairs,MinistryofExternalAffairs,MinistryofStatisticsandProgrammeImplementation,MinistryofEnvironment,Forests&ClimateChange,MinistryofRailways,MinistryofCorporateAffairs,,Central Electricity Regulatory Commission, Appellate Tribunal for Electricity, Central Electricity Authority, NITI Aayog, Department of Public Enterprises,RegionalPowerCommittees,OfficeoftheComptrollerandAuditorgeneralofIndia,andotherconcernedGovt.departments/agencies/statutoryauthoritiesattheCentralandStatelevelwithoutwhoseactivesupport,theachievementsoftheCorporationduringthe year under review would not have been possible.

The Board also conveys its gratitude to your Company’s valued customers, State Governments and State power utilities and other clients, who have awarded various consulting works and reposed faith in Company’s capability to handle them. The Board also appreciates thecontributionofContractors,VendorsandConsultantsforthesupportandco-operationyourCompanyhasbeenreceivingtowardssuccessful implementation of various projects by the Company.

The Directors also acknowledge the valuable suggestions and guidance received from the Statutory Auditors during the audit of accounts of the Company for the year under review.

TheBoardalsoconveysitssincerethankstoNationalandInternationalfinancialinstitutions,multilateralFinancialInstitutions,domestic&internationalCreditratingagenciesfortheirassistance,continuedtrustandconfidencereposedintheCompany.

OnbehalfofBoardofDirectors,IwouldalsoliketothanktheExecutiveteamfortheirstrongleadership,theemployeeunionsfortheirsupportandouremployeesatalllevelsfortheircommitmentanddedicatedeffortswhichhaveenabledtheCompanytocontinuetobetheWorld’spremiertransmissionutility.

For and on behalf of the Board of Directors

(Ravi P.Singh) Director (Personnel) & CMD

DIN:05240974Place: New DelhiDate: 19th July, 2019

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ANNEXURE - I TO THE DIRECTORS’ REPORT

Management Discussion and Analysis1. Economic Outlook TheannualaverageGDPgrowth(%)dataof2014-18,asperWorldEconomicOutlook(April2019database)ofInternationalMonetary

Fund,exhibitsthatIndiahasemergedasthefastestgrowingmajoreconomyintheworld.IndiahasnowbecomethesixthlargesteconomyintheWorld.TheGDPofIndiahasgrownat6.8%during2018-19asagainstthe7.2%during2017-18.TheGDPgrowthfortheyear2019-20isprojectedat7%.Thisisagainsttheworld’sgrowthof3.6%during2018andprojectedgrowthof3.3%during2019.

2. Sectoral Outlook India’senergymixisdominatedbycoal(49.6%),followedbyoil(28%),biomass(11.6%),gas(7.3%),renewableandcleanenergy(2.2%)

andnuclearenergy(1.2%).However,theshareofelectricity,oneofthemostcriticalcomponentsofinfrastructureforeconomicgrowth,inenergymixin2014wasonly17%asagainst23%inOECDcountries.Thedevelopmentofadequateelectricityinfrastructureisessentialforsustainedgrowthofeconomyaswellasforenergysecurity.TheGovernmentofIndiahasidentifiedpowersectorasoneofthekeysectors of focus, so as to promote sustained industrial growth.

India’s installed capacity and its transmission infrastructure is amongst the largest in the world. However, for the distribution sector, which hasbeenhistoricallyplaguedbyvarioustechno-commercialissues,GovernmentofIndiahasundertakenanumberofpolicyandreformbasedinitiativeslikeSAUBHAGYA,Affordable24x7PowerforAll,IPDS,UDAY,UJALA,EnergyEfficiencyetc.forgrowthofthesector.

The country has been successively witnessing considerable growth in the sector, as listed hereunder:

FY14-15 FY17-18 FY18-19 Growth (1-year)

Growth (FY15-FY19) CAGR

GenerationTotalInstalledCapacity(incl.RE)GW 274.90 344.00 356.10 3.52% 6.68%RenewableCapacityGW 38.96 69.02 77.64 12.49% 18.81%TotalGeneration(incl.RE)BU 1110.07 1308.15 1376.10 5.19% 5.52%GenerationfromREsources(BU) 61.79 101.84 126.76 24.47% 19.68%TransmissionTransmission Lines (ckm) 313437 390970 413407 5.74% 7.17%Tranformation Capacity (MVA) 596100 826958 899663 8.79% 10.84%Inter-RegionalPowerTransferCapacity(MW) 46450 86450 99050 14.57% 20.84%Inter-RegionalPowerTransfer(BU) 84.37 150.05 181.74 21.13% 21.15%Power MarketsShort Term Transactions (Nos.) 38048 49900 51218 2.64% 7.71%ShortTermTransactions(EnergyTransacted)BU 80.87 104.63 120.97 15.62% 10.59%Power Supply PositionPeakDemandvsPeakMet(GW) 148.17/

141.16164.07/

160.75177.02/175.53

NA NA

EnergyDemandvsEnergyMet(BU) 1068.92/1030.79

1213.33/1204.70

1274.60/1267.53

NA NA

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NITIAayog’s‘StrategyforNewIndia@75’studyconsidersharnessingofREsources,whichareastrategicnationalresource,tobeapartofIndia’svisiontoachievesocialequityandenergytransitionwithenergysecurity,astrongereconomy,andclimatechangemitigation.

Inthisdirection,theGovt.isfollowingafocusedapproachtoincreasetheREcapacityinthecountryto175GWby2022andinthelongertimehorizon, it isalsocommittedtoachieveabout40percentcumulativeelectricpower installedcapacity fromnon-fossil fuelbasedenergyresourcesby2030,inlinewithitsIntendedNationallyDeterminedContributionassubmittedtotheUNFCCC.

Further,asperNationalElectricityPlan2018-basedon19thEPS,someoftheprojectionsforIndianPowerSectorareasfollows:

PeakDemandtoriseto226GWby2022andto299GWby2027

InstalledCapacitytoincreaseto479GWby2022and619GWby2027

EnergyRequirementtobe1,566BUin2022and2047BUin2027

Inter-RegionalPowerTransferCapacitytoincreaseto118,050MWby2022

ShareofREinInstalledCapacitytobe36.5%by2022and44.4%by2027

ShareofREinTotalGenerationtobe20.1%by2022and24.44%by2027

Also, the broad indicators of Draft Energy Policy, NITI Aayog (2017) also point towards a sustained growth for electricity sector in the country.

AnnualEnergyConsumptiontorisefrom670kgoein2015-16to1055-1184kgoein2040

Electricitysharetorisefrom17%ofTotalEnergyConsumptionin2014to26%oftotalenergydemandby2040

India’sElectricitySupplytoriseto4800BUby2040

RECapacityshareof~50-56%ofTotalInstalledCapacityby2040

REGenerationshare~29%-36%inoverallpowergenerationby2040

PerCapitaConsumptiontoincreaseto2911-2984unitsby2040

Immensepotentialforelectrificationofenergydemand–household,transportation,cooking,agricultureandindustry

Greateruseofelectricity-animportantsourceforde-carbonisation

3. Indian Transmission Sector

The inter-State transmission has seen considerable growth in the past decade,which led to the creation of a synchronousNationalGrid, ‘OneNation-OneGrid-OneFrequency’andhasbeenanenablerofpowermarkets inthecountry.Theinvestments in intra-Statetransmission sector are also picking up albeit slowly.

Thetransmissionrequirementsaresensitivetoloadgrowthandgenerationadditionsandthereforetheoverallemergingpowersectorscenario in India augurs well for transmission sector, which is a vital link in the power supply value chain.

All India installed capacity (in MW)

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All India capacity addition in transmission sector line in ‘000 ckm

4. OPPORTUNITIES AND THREATS/CHALLENGES

TheGovernmentofIndia,focusedonlongtermenergysecurityaswellaskick-startingthegrowthofeconomytowardsWorld’sThirdlargest economy, has been consistently addressing both supply and demand side issues through policy and reforms for ensuring sustained developmentoftheIndianPowerSector.GrowingpowerdemandasaresultofGovt’sfocusonimprovingthedistributionsector-thelastmileinpower;additionofREcapacity;additionofcapacitiesinconventionalgenerationsources;cross-borderlinkagesandadoptionofnew technologies to address challenges linked to RE integration are likely to be the growth drivers for power transmission in India.

Transmission:

(i) Inter-State Transmission driven by RE Integration

Inorder to increase theREcapacity fromthecurrent levelof78GWto theset targetof175GW in Indiaby2022,substantialcapacitiesinSolarandWindarerequiredtobetakenup.ThesecapacityadditionsarelikelytocomeupintheRErichstatesviz.Gujarat, Rajasthan and Tamil Nadu. Studies for integration of such RE capacities with the National Grid have been undertaken and transmissionrequirementsforabout66.5GWofnewREcapacityhasbeenassessedintwophases-29GWbyDecember,2020,and37.5GWbyDecember,2021.Asperthelatestestimates,thiscreatesanopportunityofmorethan`43,000croreininter-Statetransmission by December, 2021 of which works of about `11,400 crore have been allocated for taking up implementation, either throughPOWERGRIDorthroughthebiddingroute.

Further,Govt. of India is also planning to unlock the Solar potential in Leh-Ladakh region of J&K,which can create additionalopportunities for the sector.

To provide support to RE integration, the sector envisages new opportunities in creation of balancing infrastructure like STATCOMs, SVCs,BatteryStoragealso.However,themodalitiesforthesameareyettobefinalized.

(ii) Intra-State Transmission

GOI’sUjwalDISCOMAssuranceYojana(UDAY)schemehasresultedinimprovedfinancialpositionofvariousStateutilities.Improvedfinancials coupledwith anticipated demand aremakingway for the State utilities to undertake various intra-state transmissionprojects, thereby creating further investment opportunities.

(iii) Cross-Border Inter-connections

ThecrossborderpowertransferbyIndiawithneighboringcountriesistakingplacethroughinter-Governmentalbilateralcooperationwhichplansforcrossborderinterconnection,systemoperation,etc.India’svisiontohaveamulti-countrygrid(SAARC/BIMSTEC)for optimal utilization of resources in the region can be achieved through creation of additional and strengthening of existingcross-border interconnections.WhileNepal andBhutanareenvisaged tohave surpluspower in future,Bangladeshwouldbeanet importer trying to reduce itspowercostsbyreplacingexistingcostlypowerwithcheaperpower.Similarly, theGovt. isalsoengaging with Myanmar and Sri Lanka for interconnections. Further, “Guidelines on Cross Border Trade of Electricity” issued by Govt. of India envisage evolving a dynamic and robust electricity infrastructure for cross border transactions to meet the demand of the participating countries by utilizing the available resources in the region and having reliable grid operation and transmission of electricityacrosstheborders.Theseareexpectedtoprovidenewopportunities.

Upcoming/plannedprojectsandprojectsunderdiscussion/finalizationhavebeendiscussedintheDirectors’Report.

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(iv) Other emerging opportunities Govt.ofIndia’sthrustonseamlessandflexiblegridinterconnection,energysecurity,developmentofsmartcities,digitizationand

improvingfinancialhealthofDISCOMsarecreatingmorebusinessopportunitiesinthefieldofConsultancyandTelecomandalsonew business opportunities in the area of battery storage, distribution, smart grid and smart cities, advance metering infrastructure, railways etc.

5. Company’s Outlook (i) Transmission Your Company is one of the largest transmission companies in the world and India’s principal power transmission company, operating

primarilyininter-Statetransmissionsector.YourCompanyisalsoIndia’sCentralTransmissionUtility(CTU).Thesizeofthepowertransmissionnetwork (alongwith its subsidiariesacquired through tariffbasedcompetitivebidding)beingoperated/maintained,Telecom and consultancy business are discussed in the Director’s Report.

As brought out above, Indian power transmission sector has substantial growth opportunities, your Company being a major player inthesectorexpectstogarnerasubstantialportionofthebusinesspotential.

(ii) Telecom TheTelecombusinessiswitnessingmajorshiftinthemannerinwhichthebandwidthisconsumed-fromtelephonecallstodata.

Withthe launchof5G infutureandotherrequirements likedata localization,therequirementforbandwidthandothertelecomservicesofferstremendousopportunitiesforserviceproviders.YourCompanyisallgeareduptotapthisopportunityandhasbeencontinuouslyaugmentingitsall-Indianetworkbyaddingnewroutes,newlocationsandhasalsotakenstepsforestablishmentofseparate100GinternetnetworkwithSD-WANfacility.YourCompanyisalsoaddingnewserviceslikeMPLS-VPN,peeringwithcontentdeliverynetworks,drop&carrybroadcastingservicesetc.toincreasetheofferingbaskettoitscustomers.

InordertoincreaseyourCompany’stelecomservicesportfolioandtoprovideagreenandcleansolutiontobridgetheurban-ruraltelecomdivideinthecountry,ithasbeenexploringtheuseofitstransmissiontowersastelecomtowerswhilealsoprovidingpowerto theassociated telecomequipmentviz.mobileantennae,MWantennae,electronicequipmentetc. placedon the tower.YourCompanybelievesthatthetelecomplayers,withsuchcompositesolution,wouldbeabletooptimizetheircapexandopexandreducedependencyondieselgenerators.Subsequenttosuccessfulrunningofsuchtelecomtowerpilotsince2017andrecentapprovalfromthe regulator, CERC, your Company now intends to launch the business commercially in the coming year.

Consideringsynergieswiththeexistingpowerandtelecombusinesses,yourCompanyisalsostudyingDataCentresasabusinessopportunitytotaptheemergingrequirements.

(iii) Consultancy – Domestic & International Your Company is providing consultancy services in areas related to power transmission to its clients which include various departments

and agencies of the Government, CPSEs, state and private power utilities and the Indian Railways. Its completed works and pace of worksunderimplementationforsuchutilitieswillhelpitfurtherexpanditsconsultancybusinesswithinthecountry.

YourCompany,inlinewithitsstatedVision-tobeGlobalTransmissionCompanywithLeadershipinEmergingMarketsandaspartofGovt.ofIndia’sglobaloutreachaspirationsfromitsCPSEs,isalsoexploringglobalopportunitiesinpowertransmission.Basedon its past experience, yourCompany is continuously scouting for opportunities inAfrica, Asia,MiddleEast andCIS countries.Your Company has been providing Consultancy, Project Management and Asset Management Services to various clients and has footprints in 20 countries, spread across Asia, Africa, CIS countries and Asia-Pacific. The clientele includes state-owned powerutilities,multilateral fundingagencies likeWorldBank,ADB, IFCandGovt.of India.From itsearlierapproachof largely relyingon nomination based projects, your Company has now increased its participation in tendered out projects. A number of proposals submittedbyyourCompanyareexpectedtobefinalizedinFY2020.

Your Company’s performance and latest status of works under implementation has been discussed in the Directors’ Report. (iv) Other emerging opportunities YourCompanyhasbeenpreparing itself for suchnewemergingopportunities likeDistribution, EnergyEfficiency, SmartGrid&

Smart City, Grid Scale Battery Storage in the power sector and has been undertaking projects in these areas through Govt. of India’s Schemes(ruralelectrificationandIPDSinDistribution),specificassignmentsforpowerutilitiesandfromCPSEsinmanufacturing/processindustries(energyefficiency),consultancyassignmentsfromStates(SmartCity&SmartGrid),pilotprojects(SmartGrid,Grid Scale Battery Storage and eV charging infrastructure).

(v) Distribution Recently, your Company and NTPC have entered into an agreement for setting up, National Electricity Distribution Company Limited

(NEDCL) through a 50:50 joint venture to undertake electricity distribution business and related activities.

(vi) Energy Efficiency

YourCompanyisregularlyexploringopportunitiesintheareaofenergyefficiencyanddemandsidemanagement.Inthisregard,itintendstotakeupagriculturepumpreplacementprojectintheStateofUttarPradeshforwhichanMOUhasbeensignedwiththe

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StateGovernment.yourCompanyexpectstoexploresimilaropportunitieswithotherstatesandinstitutesalsointhecomingyear.

6. Major Constraints / Challenges / Threats faced in construction, operation & maintenance of Transmission systems and mitigation thereof:

ConservingRight-of-Way(RoW)throughforests,agriculturalland,urbanareas,industrialestablishmentsaswellasotherinfrastructure,upgradationoftransfercapacityoflinesmatchingwithpowertransferrequirement,landavailability&acquisitionforsubstationsaremajorareasofconcern indevelopmentoftransmissionnetwork intheCountry.Majorconstraints&concernsandyourCompany’sefforts indevelopment,operation&maintenanceofISTSare:

I. Challenges in Construction

a) RightofWay(RoW)constraints;

b) Difficultyinacquisitionofland,bothintermsofrequiredsize&location,forconstructionofSubstation;

c) Forestclearance;

d) Inadequateskilledmanpowerintransmissionlineconstructionactivitiesandintheareaofnewtechnologies.

II. Challenges in Operations and Maintenance

YourCompanyhasbeenmanagingitsvasttransmissionnetworkwhichisexpandingandgettingcomplexalongwithageingassets.Formaintaininghighleveloftransmissionsystemavailability,yourCompanyhasbeenaimingatimprovingoperationalefficiency.

III. Initiatives to address/ mitigate the above challenges / concerns

YourCompanyhasbeentakingvariousinitiativestoaddress/mitigatetheaboveconcernsthroughintroductionaswellasdeploymentof new technologies in the Indian power system, which are discussed herein below:

a) Addressing Right of Way (RoW) constraints:

Your Company has been adopting higher voltage levels, specially designed towers and new technologies to gradually increase the powercarryingcapacityoftransmissionlinestooptimizetheRoWrequirement.SomeofthetechnologicalinitiativestakenbyyourCompany are as under:

(i) Route alignment & detailed survey using modern techniques

Surveying isan importantaspectof transmission line for thepurposeofassessingRoWandoptimizingthecostof transmissionline based on selecting the shortest route, selection of optimum foundations based on type of terrain, areas prone to landslides, submergence,minimizingnumberofriver-crossingtowers,accessibility/approachabilityforconstructionaswellasfromlawandorderpointofview,etc.Alignmentsareconsideredkeepinginmindtheabove-mentionedfactorsduringsiteselection,withminoralterationsoftenaddedtoavoidenvironmentallysensitiveareasandsettlementsatexecutionstage.

YourCompanyhasbeenusingmoderntechniquesforroutealignmentviz.GIS/GPS,satelliteimagingetc.,whichhelpedindetailedmappingoftheright-of-way,groundprofilingalongwithgeographicaldetailsofthelocation,siteconstraints,etc.

(ii) Adoption of higher voltage for bulk power transfer

Withintroductionofhighercapacitytransmissionsystemslike765kVDoubleCircuittransmissionlines,±800kVHVDC,considerablereductioncouldbeachieved inRoWrequirementperMWofpowertransfere.g.FortransferofbulkpowertoSouthernRegion,another±800kV6000MWHVDClinkbetweenRaigarhtoPugalurisunderconstruction.Fortransferof2000MWpowertoKerala,Your Company is implementing ±320 kV HVDC VSC technology partly overhead using narrow based towers and partly underground with320kVDCXLPEcabletotakecareofRoWissues.

Towardsdevelopmentof1200kVUltraHighVoltage(UHV)ACtechnology,thehighesttransmissionvoltagelevelintheworld,yourCompanyhassuccessfullyestablisheda1200kVUHVACNationalTestStationatBinaandcommissioned1200kVsingleanddoublecircuittransmissionlinesectionsalongwithassociated1200kVbaysasapilotprojectusingindigenouslydevelopedequipment.Thepowerflowthrough1200kVNationalTestStationhascommencedsuccessfully.ThishasfacilitatedavailabilityofUHVclassequipmentinIndia.Long-termfieldoperationandtestsarebeingcarriedoutforperformancemonitoringof1200kVUHVACequipment.

(iii) Use of High Performance Conductors in existing & new lines

Highperformanceconductorsofdifferent configurationshaving thecapacity tocarrymorepowerwithin thesame transmissioncorridor does awaywith the need of creating newparallel corridors and helps in conservation of scarce land, RoWand forestresources,etc.Keepinginviewtheaforesaidadvantages,initiativeshavealreadybeentakenbyyourCompanyforre-conductoringofsomeoftheexistinglineswherepowerflowconstraintswereexperienced.YourCompanyhasusedtwinHTLSconductorsinsteadofquad/triplebundleACSRconductorsinmulti-circuitstretches.AsonMarch,2019reconductoringof400kVD/CMaithonRB-Maithonline,400kVD/CRangpo-NewSiliguritransmissionline&220kVPurnea-NorthPurnealineareunderimplementationinthisregard.

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(iv) Selection of appropriate type of towers

Properdesignandconstructionof transmission line towers isnotonly important for speedy implementationofprojects; safe&reliableoperationofpowersystembutalsoassumegreatsignificanceincostoftheprojectandconservationofRoW.Alargenumberoftowerdesigns,approximately200numbers,fordifferentwindzones,configurations,complexities&voltagelevelshavebeendevelopedin-house&successfullytestedbyyourCompanytowardsitsendeavortoaddressproblemindenselypopulatedurbanareas,conservationofforest&scarceRoW,etc.

b) Managing scarcity of land for construction of Substation

In order to reduce problems of land acquisition and related Rehabilitation & Resettlement and to reduce the substation landrequirement,yourCompanyhasconstantlyupgradedandimprovisedbyinvestinginnewtechnologieslikeGasInsulatedSubstations(GIS)whichrequiressubstantiallylesserlandareaincomparisontotheconventionalAirInsulatedsubstations(AIS).YourCompanyhadestablisheditsfirstGISSubstationin2007andpresentlymorethan40GISSubstationshavebeencommissioned.

Further,manysubstations,whereadditionalcapacities(bays)wererequiredtobecreated,yourCompanyusedhybridtechnology.AirInsulatedSubstationshavebeenextendedwithGasInsulatedSwitchgear.YourCompanyhastakenupimplementationofsuchschemes in Sundergarh, Muzzafarpur, Gaya, Gwalior, Malerkotla substations etc.

c) Obtaining Forest Clearances

Due to very lengthy and cumbersome process, obtaining forest clearance has been a big challenge for timely completion of projects. However, your Company’s concerted efforts andmany proactive decisions taken byMinistry of Environment, Forests&ClimateChange(MoEFCC)/Govt.ofIndiahaveresultedintosimplificationofforestclearanceprocesstoalargeextentparticularlyforlinearprojectsincludingtransmissionlines.Moreover,makingforestclearanceprocessonlineandtimeboundalsohelpedinexpeditingtheprocessbytheconcernedforestofficials.

d) Addressing issues of inadequate skilled manpower in construction activities, O&M and implementation of new technologies

For overall skill development in the Country, particularly in the area of Power Transmission Line Construction, Capacity Building Programmes are being conducted with the help of vendors of Transmission Line construction and more than 316 youths were trained duringFY2018-19.Cumulatively,about4332personshavebeentrainedupto31st March,2019.

IV Increasing operational & maintenance efficiency

Your Company is geared to consistently maintain the high standards of availability and reliability of its transmission system through latestmaintenancepracticesusingstate-ofthearttechnologies.Maintenanceactivitiesareplannedwellinadvanceandan‘AnnualMaintenance Plan’ is chalked out for every asset through live line or shutdown maintenance, as per technical feasibility.

The proactive approach of your Company in managing the maintenance and refurbishment of the transmission assets has minimized the tripping of lines especially due to fog, pollution and other natural causes. Your Company has also adopted the best of technological tools available for better operational performance and in this direction following latest technologies have been adopted by your Company:

(i) Software Tools for monitoring of Transformers and Reactors: Your Company has successfully developed software tool completely in-house forcentralizedreal timemonitoringof transformersandreactorsby integrating thesensors installed in thetransformersandreactorsforDissolvedGasAnalysis.Onlinemonitoringoftransformers/reactorsisaimedatdetectingearlystagesoffaults initiation and hence reducing sudden catastrophic failures of the same. The software tool is operational at National Transmission Asset Management Centre (NTAMC) and Regional Transmission Asset Management Centers (RTAMC).

(ii) Development and operationalization of Software based Transformer Health Indexing System:

Transformers are the most critical assets of the transmission system and are present in large nos. in your Company. Condition monitoringofthesecostlyequipmentisofprimeimportance.Towardsconditionassessmentofthetransformersinamoreefficientway,yourCompanyisnowdevelopingasoftwaretoolforhealthindexing.Thetoolwillbeutilizedforresiduallifeassessmentoftheequipmentatalaterdate.Thistoolwouldhelpinrankingofthefleetoftransformersbasedontheircondition,whichwillhelpintaking timely decisions for repair, refurbishment or replacement and thus investment planning.

(iii) Adoption of latest technology for better availability of transmission lines

• Aerial patrolling of transmission lines is being carried out by your Company using Helicopter equippedwith Gimbalmounted LIDAR (Light Detection and Ranging), Thermo-vision Camera, Corona Camera, high resolution video and digitalcamera to identify the defects.

YourCompanyhasdevelopedanApplicationforpatrollingoftransmissionlines.PatrollingoftowersanddefectsrectificationisbeingensuredthroughtheAPP.Thishelpsinupdatingofdataonrealtimebasiswhichresultsintoeffectivemonitoringofcritical locations.

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• Online fault locator

TravellingWaveonlinefaultlocatorhasbeenimplementedin25highcapacitylinesforaccurateestimationoffaultlocations.This has helped in reducing the downtime of transmission lines by identifying the faults in the shortest possible time.

• State-of-the-art condition monitoring techniques for substation equipment are being used for detection of defects at incipientstage.TheseincludeFrequencyResponseAnalysisforTransformersandReactors,variablefrequencycapacitanceandtan-deltameasurementforTransformer/ReactorbushingsandCurrentTransformer,DynamicContactResistanceMeasurementforCircuitBreakers,ThirdHarmonicResistiveCurrentmeasurementforSurgeArrestors,Thermo-visionscanningofsubstationequipment,etc.Thesetechniqueshaveprovedtobeveryusefulindetectionofdefectsatanearlystage.Preventive/correctiveactions were taken in advance and major failures were averted. In addition, periodic oil parameter checks, Dissolved Gas Analysis(DGA)ofTransformers/Reactors,particlecounts,inhibitorcontenttestareveryusefulfordiagnosisoftheproblemandlifeenhancementoftheTransformers/Reactors,whichyourCompanyhasimplementedsuccessfully.

• Implementation of Series Reactor: Increase in interconnectionsandconcentrationofGeneration/Loadshavecausedincreaseinshortcircuitlevel.Incertainareas,theseshortcircuitlevelsarereachingtothemaximumcapabilityofequipmentwhich is in operation and it is expected to go beyond the present capability in future. Your company has installed andcommissioned 4 numbers of Series Reactor at Ballabhgarh and Mandola substations in National Capital Region (NCR) area to takecareoftheexistingsubstations.Further,yourCompanyisprovidinghighcapabilityequipmentinallnewsubstations.

• Introduction of Resin Impregnated paper bushings: Your Company has introduced Resin Impregnated Paper (RIP) bushingshavingsuperiorcharacteristicsoverOilImpregnatedPaper(OIP)bushingstechnologyfor800kVTransformersandReactorsfortheirincreasedavailability.ThechancesoffirebreakingoutonRIPbushingsareminimalandcatastrophiceffectsofitsfailureonnearbyequipmentinswitchyardareverylittle.

• On line Transient monitoring systems are being introduced at 765kV and 400kV substations to monitor switching and lightningsurges.Thiswouldhelpinanalyzingconditionofthesubstationequipmentaswellasinvestigatingthecausesoffailures.

• Digital Substations: Gaining experience from the pilot projects on Process Bus technology at Bhiwadi substation andNeemranasubstation,yourCompanyhasinitiatedaprojectatMalerkotlasubstationforretrofittingconventionalprotectionandcontrol schemes with advanced automation systems. Also your Company is utilizing Process Bus technology on the upcoming 220/66kV GIS substation project at Chandigarh. The new scheme is expected to ease themaintenance, simplify troubleshooting and reduce restoration time in case of any eventuality besides reduction of footprint by replacing large amount of coppercableswithminimalfiberopticcables.

• YourCompanyhasinstalledanumberofStatic Synchronous Compensators (STATCOMs) in the 400kV grid to improve thegridreliabilityandstability.CompanyhascommissionedSTATCOMsatSolapur&GwaliorinWesternRegion,Lucknow&NalagarhinNorthernregionandRanchi,Jeypore&KishanganjinEasternRegion).TheseState-of-theartSTATCOMswouldenhance the reliability of the GRID and improve voltage stability limit.

Further, 03 numbers of STATCOMs in Southern region are at final stages of implementation and would be progressivelycommissioned. Further one Thyristor Controller Reactor (500 MVAR) in Kurukshera is also being implemented to improve the staticaswellasdynamicvoltageprofileofKurukshetraHVDCstation.

7. Revenue related Risks

The regulatory framework in India is evolving and regulatory changes, if any, could have an impact on our business, results of operationsandfinancialcondition.

Despitebestpossiblecoordinatedefforts,therecouldbemismatchinthecommissioningofgenerationunitsvis-à-vistheassociatedtransmission system due to delays in the materialization of some of the generation projects.

In fourth amendment to the Central Electricity Regulatory Commission (Indian Electricity Grid Code) Regulations,effective from06.04.2016, provision has been made to sign the implementation agreement with the generating companies and transmission licenseesimplementingtheupstream/downstreamnetworkundercostplustocoverthemismatch.CERCinitsTariffRegulations,2019hasstipulated themethodology for treatmentofmismatchwithgenerationand/orupstream/downstreamnetworkorwithISTS system being developed by other transmission licensees. In case the transmission asset is prevented from regular service due to mismatch in commissioning, your Company can approach CERC for approval of date of commercial operation and payment of transmission charges.

For projects being implemented under TBCB route, in case the transmission asset is prevented from regular service due to mismatch incommissioningofthedownstream/upstreamnetwork,thetariffisrecoverablefromthedefaultingAgency(ies)throughbilateralbilling.

TheCentralElectricityRegulatoryCommission(SharingofInter-StateTransmissionChargesandLosses)Regulations,2010whichcame intoeffect from01.07.2011,providesforcomputationofPointofConnection(PoC)chargesand lossesby introducingnew

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methodologyforsharingoftransmissioncharges.However,StatesnamelyBihar,Odisha,WestBengal,MaharashtraandJharkhandhadchallengedtheaforesaidsharingmethodologyinthecourtoflawandfinaldecisionisawaited.IntermsofinterimorderoftheDelhiHighCourt,alltheaboveStatesare,however,makingpaymentaspersaidRegulation.CERChasnotifiedthethirdamendmentto the said Sharing Regulations leading to change in sharing pattern.

RealizationofduesbyyourCompanyhasbeenfairlygoodinthepast,inspiteofthestressedfinancialconditionsoftheDISCOMSandIPPs.GOIintroducedmeasureslike‘UDAY’andotherreformstoimprovethefinancialconditionoftheDISCOMshaveassistedinrealizationofdues.Inaddition,yourCompanyhasapaymentsecuritymechanismwiththeStatePowerUtilitiesintheformofLettersofCredit(LC)backedbytheTri-PartiteAgreements(TPA).AspertheprovisionsoftheTPA,thecustomersarerequiredtoestablishLCcovering105%oftheaveragemonthlybillingofyourCompanyforlast12months.TheTPAwassignedamongstGovernmentofIndia(GoI),ReserveBankofIndiaandtheindividualStateGovernmentssubsequenttotheissuanceoftheOneTimeSettlementSchemeofStateElectricityBoardsduesduringFY2001-02bytheGoI,whichwasvalidtillOct.’2016.GoIhasapprovedtheextensionoftheseTPAsforafurtherperiodof10years.29States/UnionTerritorieshaveexecutedtheagreementsforextensionofTPAsandmatterisbeingpursuedwiththeremainingStates/UnionTerritories.TheTPAalsoprovidesthatifthereisanydefaultinpaymentofcurrentduesbyanyStateUtility,theoutstandingduesbeyond90dayscanbedeductedfromtheState’sRBIaccountandpaidtotheconcernedCPSU.ThereisalsoprovisionforregulationofpowerbyyourCompanyasperCERCregulationsincaseofnon-paymentofduesandnon-establishmentofLC;forterminationofTransmissionServiceAgreement(TSA)incaseofdefaultinestablishmentofLC and payment of transmission charges.

In respect of trade receivables from Telecom and Consultancy, customer credit risk is managed by regular monitoring of the outstanding receivablesandfollow-upwiththeconsumerforrealization.

Tariff Regulations, 2019

ThetransmissionchargesofyourCompany’sassetsareregulatedbyCentralElectricityRegulatoryCommissionandaredeterminedbytariffnormswhichareapplicableforaperiodof5years.CERCvidenotificationdated7thMarch,2019notifiedtheTariffRegulationsapplicablefortransmissionsystemincludingcommunicationsystemusedforinter-statetransmissionofelectricityfortheTariffBlock2019-24,whichiseffectivefrom01.04.2019andshallremaininforcetill31.03.2024.MajorchangesaffectingrevenueofyourCompanyundertheTariffRegulationsapplicableforTariffBlock2019-24areasunder:

(i) ReturnonEquity(RoE)tobechargedfromcustomershasbeenretainedasinpreviousblockandshallbeallowedtobecomputedatthebaserateof15.5%.AdditionalRoEonearlycommissioningofprojectelements(s)hasbeendispensedwith.ROEforAdditionalcapitalizationaftercut-offdate(i.e.,after3years)beyondoriginalscope(excludingAdditionalcapitalizationduetochangeinlaw)shallbecomputedonweightedaveragerateofinterestonactualloanportfolioofyourCompany;

(ii) Forprojectswhichhavecompletedusefullifeasonorafter01.04.2019,equityinexcessof30%shallnotbetakenintoaccountfortariffcomputation.FewProjectsofPOWERGRIDwherewehaveequitycomponentmorethan30%willgetimpacted.However,overthe5years,theimpactisnotverysignificant.

(iii) Latepaymentsurcharge@18%perannumapplicableafter45days.Receivablesreducedto45daysoftransmissionchargesforallowingInterestonWorkingCapital.;

(iv) [email protected]%forpaymentsmadewithin5days(againstearlierprovisionof2%forpaymentsmadewithin2days);@1%rebateonpaymentsmadebetween5-30days.

(v) O&MnormsforCommunicationSystemintroducedas2%ofthecapitalcostsubjecttoactualsatthetimeoftruingup.

(vi) SecurityExpensesandCapitalSparesfortransmissionsystemshallbeallowedseparatelyafterprudencecheckbyCERCduringthetariffdeterminationprocess.

(vii) Availability of AC system to be worked out on monthly basis and that of HVDC on cumulative annual basis for all HVDC systems.

(viii) NormativeAvailability:ACSystem–98%,HVDC–95%(85%forfirst12monthsfornewHVDCsystem).AvailabilityforpurposeofIncentive:HVDCsystem–97.5%(increasefrom96%),ACSystem-98.5%,Noincentivepayableforavailabilitybeyond99.75%.

(ix) Provisionsrelatedtomismatchincommissioningofthetransmissionsystemshavebeenintroducedi.e.incaseofdelayattributableto transmission licensees.

8. Risk Management Framework TominimizetheuncertaintiesandcomplexitiesassociatedwithyourCompany’sbusinessoperationsandgrowthobjectives,anEnterprise

RiskManagement(ERM)frameworkhasbeen implemented.ERMisastructured,consistentandcontinuousprocessfor identification,assessment,monitoringandmanagementofrisks.Asperthisframework,thesignificantbusinessprocesses/risksaremonitoredandcontrolled through various Key Performance Indicators (KPIs).

YourcompanyhasdulyconstitutedaRiskManagementCommitteeanddesignatedaChiefRiskOfficer.ThesaidCommitteemeetsatregularintervalsandreviewsKPIsandmajorbusinessrisksandprovidescorrectivemeasurestoimprovebusinessprocessefficiencies,

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whereverrequired.TheERMapproachhashelpedyourCompanytoimprovestrategicdecisionsmakingwithintheOrganizationandalsoin better identifying risks and opportunities.

9. Internal Financial Control and Adequacy Your Company has a comprehensive internal control mechanism in place to verify the Accounting and Financial Management System,

adequacyofcontrols,materialchecks,financialproprietyaspectsandcomplianceimplementationmechanism.Theelaboratedguidelinesfor preparation of Accounts are followed consistently for uniform compliance.

InlinewiththeprovisionsofSection179readwithRule8oftheCompanies(MeetingsofBoardanditsPowers)Rules,2014theInternalAuditorswere appointed by the Board ofDirectors. Regular and exhaustive Internal Audit on half yearly basis is carried out by theexperiencedCost/CharteredAccountantFirmsincloseco-ordinationwithCompany’sownInternalAuditdepartmenttoensurethatallchecksandbalancesareinplaceandallinternalcontrols/systemsareinorder.TheCorporateInternalAuditDepartmentalsocarriesoutSystemAuditandManagementAudittoreassuretheeffectivenessofinternalcontrolmechanism.ThescopeoftheInternalAuditisderivedfrom the Internal Audit Plan approved by the Audit Committee.

TheAuditCommitteemeetsatregularintervals.Thesignificant/materialauditfindingsareplacedbeforetheAuditCommitteeforreview,discussionandsubsequentaction.

10. Integrated Management Policy: POWERGRID is committed to: • establishandmaintainanefficientandeffective“NationalGrid”withdueregardtotime,cost,technologyandvalueaddition, • sustainabledevelopmentthroughconservationofnaturalresourcesandadoptingenvironmentfriendlytechnologyonprinciplesof

Avoidance, Minimization and Mitigation, • ensuresafe,occupationalhazardfreeandhealthyworkenvironment, • tothesatisfactionofstakeholdersinallareasofitsactivitiesandshallendeavortoimprovecontinuallyitsmanagementsystemsand

practices in conformity to legal and regulatory provisions.

11. Financial Discussion and Analysis

Comparison of Fiscal 2019 to Fiscal 2018.

(` in Crore)

Particulars Fiscal 2019 Fiscal 2018Revenue from Operations 34,119.12 29,764.59Other Income 1,498.95 1,001.73Total 35,618.07 30,766.32

Total income during Fiscal 2019 was `35,618.07crore,whichrepresentedanincreaseof15.77%overthetotalincomeof`30,766.32 crore duringFiscal2018.DuringFiscal2019,transmissionandtransmission-relatedactivitiesconstituted92.21%ofourtotalincome,withthebalance coming from our consultancy, telecommunication business and other income.

12. Income

12.1. Revenue from Operations

(` in Crore)

Revenue from Operations Fiscal 2019 Fiscal 2018Revenue from transmission charges 32,844.94 28,495.82Consultancy-ProjectManagement&Supervision 610.93 662.18Revenue from telecom 663.25 606.59Total 34,119.12 29,764.59

Factors affecting your Company’s results of operations

• Tariff norms

OurchargesfortransmissioncustomersaregovernedbytariffnormsnotifiedbytheCERCpursuanttoCentralGovernmentTariffPolicyandlegislation.UndertheTariffRegulationsapplicableforTariffBlock2014-19,yourcompanyhasbeenpermittedtochargeitscustomers,thetransmissionchargesforrecoveryofannualfixedcost(“AFC”)consistingofvarioustariffcomponentssuchasReturnonEquity,InterestonOutstandingDebt,Depreciation,Operation&MaintenanceexpenditureandInterestonWorkingCapital.FY2018-19istheterminalyearfordeterminationoftariffforassetsofyourCompanyasperthenormsofTariffblock2014-19.TransmissionchargespayabletoyourCompanyfromFY2019-20till2023-24shallbedeterminedasperCERCTerms&ConditionsofTarifffor2019-24(TariffRegulations,2019)notifiedon7th March, 2019.

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TheReturnonEquityiscomputedonpre-taxbasisbygrossingupthebaserateofreturnonequityof15.5%attheeffectivetaxrateoftherespectivefinancialyear.AnadditionalReturnonEquity(ROE)of0.5%allowedforproject(s)completedwithinthetimelinesspecifiedundertheCERCTariffRegulationsforprojectsmorethan50kilometers.Similarly,ROEmaybereducedby1%forsuchperiod as may be decided by CERC, if any transmission system is declared under commercial operation without commissioning of data telemetry, communication system up to load dispatch centre or protection system.

Therepaymentofloancapitalforeachyearofthetariffperiod2014-19isdeemedtobeequaltothedepreciationallowedforthatyear.Despiteanymoratoriumperiodavailedbyyourcompany,therepaymentofloanisconsideredfortarifffromthefirstyearofcommercialoperationoftheprojectandshallbeequaltotheannualdepreciationallowed.

Forinterestonworkingcapital,theworkingcapitalamountiscalculatedas-(i)consistingofreceivablesequivalenttotwomonthsoftransmissioncharges;(ii)maintenancespares@15%ofoperationandmaintenanceexpensesand(iii)operation&maintenanceexpensesforonemonth.RateofinterestonworkingcapitalfortheyearisonnormativebasisandisequaltotheBaseRateplus350 basis points of State Bank of India (Bank Rate) as on 1.4.2014 or as on 1st April of the year in which the transmission system isdeclaredundercommercialoperationduringthetariffperiod2014-19,whicheverislater.

ForprojectsbeingimplementedunderTBCBroute,thetariffisnotoncostplusbasisandisdiscoveredthroughtariffbasedbiddingprocesswherein thesuccessfulbidderwouldbetheonewhohasquotedthe lowest levelizedtariff foraperiodof35years forestablishing transmission projects on a build, own, operate and maintain basis.

The sharing of transmission charges as determined by CERC for cost plus projects and as adopted by CERC for TBCB projects shall beasperCERC(SharingofTransmissionCharges&LossesinInterstateTransmissionSystem)Regulations,2010,whichcameintoforcefrom01.07.2011.YourCompany,asCTU,isperformingtheactivityofBilling,CollectionandDisbursement(BCD)onbehalfofall the ISTS licensees and also someofthenon-ISTSlicensees,whoselineshavebeencertifiedbyRPCstobeusedasdeemedISTS.

Certainexpensesandincome,allowedunderCERCRegulationsarerequiredtobereimbursed/passedontoBeneficiariesinfuture,aretobeaccountedintheStatementofProfitandLossaspertheprovisionsofIndAS114‘RegulatoryDeferralAccounts’.Suchexpensesandincome,totheextentrecoverable/payableaspartoftariffunderCERCRegulationsaretreatedasRegulatoryDeferralAssets/Liabilities.

• Foreign Exchange Rate Variation YourcompanyundertheTariffRegulationsforthetariffblock2014-19hasanoptiontohedgeforeignexchangeexposureinrespect

oftheinterestonforeigncurrencyloanandrepaymentofforeignloanacquiredforthetransmissionsystem,inpartorfullandrecoverthecostofhedgingofForeignExchangeRateVariation(FERV)correspondingtothenormativeforeigndebt,intherelevantyear.

Ifhedgingoftheforeignexchangeexposureisnotundertaken,theextrarupeeliabilitytowardsinterestpaymentandloanrepaymentcorresponding to the normative foreign currency loan in the relevant year is permissible, provided it is not attributable to the generating company or the transmission licensee or its suppliers or contractors.

FERVarisingduringtheconstructionperiodforsettlement/translationofmonetaryitems(otherthannon-currentloans)denominatedinforeigncurrencytotheextentrecoverable/payabletothebeneficiariesascapitalcostasperCERCTariffRegulationsareaccountedas Regulatory Deferral Account Balance.

Inrespectofforeigncurrencyborrowingsdrawnonareafter1stApril,2016,exchangedifferencesarisingfromforeigncurrencyborrowingstotheextentregardedasanadjustmenttointerestcostsaretreatedasborrowingcost.OtherexchangedifferencesarerecognizedintheStatementofProfit&LossAccount.

12.2 Revenue from other Services Your company also earns revenue from Consultancy (including project management and supervision services) and Telecommunication

business.Our consultancy incomemainly consists of fee for the execution of transmission- and communication system-relatedprojects on a turnkey basis and technical consulting assignments for Indian state utilities, joint venture companies and utilities in other countries. The income from Consultancy business against sale of services during the Fiscal 2019 was `610.93 crore as against `662.18 crore during the Fiscal 2018, a decrease of 7.74%. The consultancy revenuemoderated as a number of assignmentsincluding the prestigious and challenging 220kV Srinagar Leh Transmission System Project have been completed during the year.

Therevenuefromourtelecommunicationbusinessismainlyonaccountofleasingbandwidthofourfibre-opticlines.Theincomefrom Telecom Business during the Fiscal 2019 was `663.25 crore as against `606.59croreduringFiscal2018,anincreaseof9.34%.

12.3 Other Income Your company’s other income was `1,498.95croreduringFiscal2019,anincreaseof49.64%overtheotherincomeof`1,001.73

croreduringFiscal2018. TheotherincomeincreasedmainlyduetoincreaseininterestonloantoSubsidiariesanddividendincomefromSubsidiaries/Joint

Ventures. 13. Expenses Expenseshavebeencategorizedas(i)Employees’benefitsexpense(ii)FinanceCosts(iii)DepreciationandAmortizationexpense

(iv)Otherexpenses.

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Yourcompany’stotalexpenditurewas 24,129.09croreduringFiscal2019,anincreaseof17.72%overthetotalexpenditureof 20,496.70 croreduringFiscal2018.Thetotalexpenditureasapercentageoftotalincomewas67.74%duringFiscal2019comparedto66.62%duringFiscal2018.

13.1 Employees’ benefits expense Employees’benefitsexpensesincludesalariesandwages,PerformanceRelatedPay,allowances,benefits,contributionstoprovidentand

otherfundsandstaffwelfareexpenses. Employeebenefitexpensesincreasedby11.54%to`1,783.57croreduringFiscal2019from`1,599.09croreduringFiscal2018dueto

increase in Pay revision and capitalization of new transmission system during the year. 13.2 Finance Cost Financecostincreasedby19.77%to`9,091.42 crore during Fiscal 2019 from `7,590.66croreduringFiscal2018.Theincreasewasmainly

duetointerestonloansfromSecured/UnsecuredredeemableBondsandIndianBanks&FinancialInstitutionsfornewlycommissionedprojectsduringFiscal2019&Fiscal2018andinterestonloantosubsidiaries.

13.3 Depreciation and Amortisation Expenses

Your company’s depreciation and amortizationexpensesincreasedby12.20%to`10,200.67 crore during Fiscal 2019 from `9,091.25 crore duringFiscal2018.Theincreasewasmainlybecauseofthecommissioningofnewtransmissionassets.

ThedepreciationprovidedisrelatedtotransmissionbusinessonstraightlinemethodfollowingtheratesandmethodologynotifiedbytheCERCforthepurposeoftariff.

DepreciationonassetsoftelecomandconsultingbusinessisprovidedforonstraightlinemethodasperusefullifespecifiedinSchedule-IIoftheCompaniesAct,2013.ULDCassetscommissionedpriorto1stApril,[email protected]%perannum.

13.4 Other Expenses

OtherexpensesprimarilyconsistcostofRepairandMaintenanceofBuildings,PlantandMachinery,PowerCharges,Securityexpenses,vehiclehiringcharges,travellingexpenses,CSRexpensesandFERV.Otherexpensesincreasedby37.81%to 3,053.43 crore during Fiscal 2019 from `2,215.70croreduringFiscal2018.Theincreaseinotherexpensesismainlyonaccountofincreaseinrepair&maintenancecostofPlant&machinery,provisionfordoubtfuldebts,CSRexpensesandFERV.

14. Profit before Tax & Regulatory Deferral Account Balances

Yourcompany’sProfitbeforeTax&RegulatoryDeferralAccountBalancesduringFiscal2019was`11,488.98crore,anincreaseof11.87%overourprofitbeforetax&RegulatoryDeferralAccountBalancesof`10,269.62croreduringFiscal2018.

14.1 Tax Expenses

TaxexpensesconsistofCurrenttaxandDeferredtax.

14.2 Current Tax

During Fiscal 2019, we provided for `2,489.43croreasagainst`2,169.01croreduringFiscal2018.TheincreaseinTaxexpenseisduetoincreaseinProfitbeforetax.

14.3 Deferred Tax

Provisionfordeferredtaxismadeinrespectoftimingdifferencemainlyonaccountofhigherdepreciationchargeavailableunderincometaxprovisions.

DuringFiscal,2019weprovidedDeferredTax`(3,465.87)croreasagainst`3,140.15croreduringFiscal2018.ThedecreaseindeferredtaxisduetorecognitionofMATcreditof`5,935.70croreduringFiscal,2019asitisprobablethatfutureeconomicbenefitwillflowtoyourCompanyintheformofavailabilityofsetoffagainstfutureincometaxliability.

Furthermatterregardingpresentationof“DeferredTaxAssetsagainstDeferredTaxliability”inBalanceSheetandStatementofProfit&LosswasreferredtoExpertAdvisoryCommittee(EAC)ofInstituteofCharteredAccountantsofIndia.AsperopinionreceivedduringFiscal,2019‘DeferredAssetsagainstDeferredLiability’whichwashithertonettedwithDeferredTaxLiabilityisclassifiedas‘RegulatoryDeferralAccountBalance’inBalanceSheetandStatementofProfit&LossAccount.

14.4 Net Movement in Regulatory Deferral Account Balances (Net of Tax)

NetmovementinRegulatoryDeferralAccountBalances-Income/(Expenses)netoftaxforFiscal2019stoodat`(2,526.87)croreasagainst`3,284.19croreduringFiscal2018.TheincreaseinexpensesagainstincomeisduetoimplementationofExpertAdvisoryCommittee(EAC)opinionasexplainedabove,MATcreditandRegulatoryDeferralAccountBalanceofForeigncurrencyfluctuationsandEmployeebenefitexpenses.

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15. Profit after Tax

Yourcompany’sProfitafterTaxduringFiscal2019was`9,938.55crore,anincreaseof20.55%overProfitafterTaxof`8,244.65croreduringFiscal2018.

16. Return on Net Worth

Yourcompany’sReturnonNetworthduringFiscal2019is16.84%incomparisonto15.15%duringFiscal2018.IncreaseinReturnonNetworthismainlyduetocapitalizationofnewassets,increaseofdividendfromsubsidiaries&JVsandreductionofTaxexpensesduringtheyear.

17. Financial ratios

Particulars FY 2018-19 FY 2017-18 % ChangesDebtors Turnover 8.25 8.68 -4.95Inventory Turnover 29.71 30.43 -2.36Interest Coverage Ratio 3.45 3.61 -4.43Current Ratio 0.56 0.46 21.74 DebtEquityRatio 71:29 71:29 0.00 OperatingProfitMargin(%)# 30.02 31.83 -5.69NetProfitMargin(%) 29.13 27.70 5.16

Note:#Operatingprofit=ProfitBeforeTax(excludingDeferredassetsfordeferredtaxliability)lessOtherIncome.

18. Other Comprehensive Income (Net of Tax)

Yourcompany’sothercomprehensiveincome(netoftax)duringFiscal2019was`(16.30) crore in comparison to `8.03croreduringFiscal2018.DecreaseinothercomprehensiveincomeisduetodecreaseinvalueofinvestmentinPTCIndiaLimitedsharesandincreaseinprovisionforcertainexpensesbasedonactuaryvaluation.

19. Credit Ratings

Your Company’s financial prudence is reflected in the strong credit rating accorded by ratings agencies. For details, refer Report onCorporate Governance.

20. Liquidity and Capital Resources

Yourcompanydependsonbothinternalandexternalsourcesofliquiditytoprovideworkingcapitalandtofundcapitalrequirements.AsatMarch31,2019,yourcompanyhadcashandcashequivalentsof`3,643.14 crore as against `1,516.21croreasatMarch31,2018.AsatMarch31,2019,yourCompanyhadundrawncashcreditfacilitiesofapproximately`300 crore (“cash credit”) towards our working capital facilities.

21. Cash Flows

Year ended March 31,2019 2018

Net cash from operating activities 23,148.92 21,880.78Net cash (used in) investment activities (18,648.45) (22,980.98)Net cash used in Financing activities (2,373.54) (612.02)Cashandcashequivalentsattheendoftheyear 3,643.14 1,516.21

21.1 Net Cash from Operating Activities

Your company’s net cash flows from operating activities are principally used to service long-term debt, for capital expenditures, forinvestments and for payment of dividend. The net cash from operating activities was `23,148.92croreduringFiscal2019asagainst`21,880.78croreduringFiscal2018.

21.2 Net Cash used in Investment Activities

Your company’s net cash used in investing activities during Fiscal 2019 was primarily reflected in expenditure on Property, Plant &Equipment andCapitalWork-in-Progress of`19,462.03 crore, Loans&Advances to Subsidiaries& Joint Ventures of`2,770.73 crore investment inSubsidiaries&JointVenturesof`1,166.44 crore and receipt of interest on deposits, bonds and loans to subsidiaries of `906.23 crore and receipt of grant of `3,684.53crore.TheCompany’snetcashusedininvestingactivitieswas`18,648.45croreduringFiscal 2019 as against `22,980.98croreduringFiscal2018.

` in crore

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21.3 Net Cash used in Financing Activities

During Fiscal 2019, your company raised `19,489.58croreofnewlongtermborrowings.TheseborrowingsincludedprincipallyRupeebonds and foreign currency borrowings. Your Company repaid `9,495.60croreof longtermborrowingsandpaid interestandfinancecharges of 10,266.04 crore. During the Fiscal 2019, your Company paid dividend of 4,514.87crorecomprisingfinaldividendof 1,464.85croreforFiscal2018andinterimdividendof`3,050.02 crore for Fiscal 2019.

22. Capital Expenditure

Yourcompany’scapitalexpenditureisprimarilyfortheinstallationofnewtransmissioncapacityandtheexpansionofexistingcapacity.OurcapitalexpenditureduringFiscal2019andFiscal2018,was`25,807croreand`25,791 crore, respectively which includes CAPEX for TBCB companies of `4,008Crore(PreviousYear`5,027 Crore).

23. Non-current Assets

Yourcompany’sNon-currentAssetswere 2,20,517.42 crore and 2,00,290.72croreasatMarch31,2019andMarch31,2018,respectively.Noncurrentassetshavebeencategorizedas(i)Property,Plant&Equipment;(ii)Capitalworkinprogress;(iii)otherintangibleassets;(iv)Intangibleassetsunderdevelopment.;(v)Investments;(vi)Loans;(vii)othernon-currentfinancialassetsand(viii)othernon-currentassets.

23.1 Property, Plant and Equipment

Property,Plant&Equipment(NetBlock)increasedto`1,62,266.88croreduringFiscal2019from`1,52,243.89croreduringFiscal2018an increaseby6.58%.Property,Plant&EquipmentmainlyconsistsofLand,Buildings,TransmissionLines,Substations,HVDC,ULDCEquipment,Furniture&Fixturesetc.

23.2 Capital work in progress

Your company’s capitalwork-in-progresswas`33,364.02 crore and `30261.17crore,asatMarch31,2019and2018, respectively,aincreaseof10.25%.Thecostofmaterialsconsumed,erectionchargesandotherexpensesincurredfortheimplementationofprojectsareshownonthebalancesheetascapitalwork-in-progress,pendingcapitalizationofthecompletedproject.Thechangeinthisamountisdue to capitalization of a number of transmission projects on commissioning of these projects and due to undertaking of new transmission projects.

23.3 Other Intangible assets

OtherIntangibleAssetsconsistofElectronicDataProcessingSoftware,RightofWay-AfforestationExpenses,Telecomlicenses.Thevalueof unamortized Intangible assets (Net) increased to `1,593.10 crore during Fiscal 2019 from `1,366.46 crore during Fiscal 2018, anincreaseby16.59%.

23.4 Intangible assets under development

Rightofway-afforestationexpensesandexpensesincurredfordevelopmentof1200kVTransmissionsystemareshownonthebalancesheet as Intangible assets under development. The value of Intangible assets under development was `214.06 crore and `45.95 crore as atMarch31,2019and2018,respectively,onaccountofcapitalizationofexpendituresonTransmissionProjectsduringFiscal2019.

23.5 Investments

Investmentshavebeenclassifiedintoquotedandun-quotedcategories.AsatMarch31,2019,thequotedandun-quotedinvestmentswere `88.14croreand`2668.39croreasagainst`104.88croreand`1503.36crore,respectivelyasatMarch31,2018.Investmentsunder‘Quoted’categoryareinvestmentsmadeinPTCLimitedcomputedatFairValue.InvestmentsUnder‘Unquoted’categoryduringFiscal2019consistequityinvestmentinjointventureandsubsidiarycompaniesmainlyatcost.MajorinvestmentsinJointventure&subsidiariesason31.03.2019 are:

Sl. No.

Name of the Subsidiary/Joint Venture Amount invested (` in crore)

Subsidiaries1 Power Grid NM Transmission Limited 264.002 Power Grid Vizag Transmission Limited 209.733 PowerGridUnchaharTransmissionLimited 12.964 Power Grid Kala Amb Transmission Limited 61.00 5 PowerGridWaroraTransmissionLimited 326.30 6 Power Grid Jabalpur Transmission Limited 173.157 Power Grid Parli Transmission Limited 228.50

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8 Power Grid Southern Interconnector Transmission System Limited 515.50Joint Ventures

9 Powerlinks Transmission Limited 229.32 10 Torrent Power Grid Limited 23.4011 Jaypee Power Grid Limited 78.0012 Parbati Koldam Transmission Company Limited 70.9413 Teestavalley Power Transmission Limited 105.5614 North East Transmission Company Limited 106.9615 National High Power Test Laboratory Private Limited 30.4016 Cross Border Power Transmission Company Limited. 12.6217 Bihar Grid Company Limited 171.6918 Power Transmission Company Nepal Limited 6.50

23.6 Loans ( Non Current)

TheLoanshavebeenclassifiedasLoanstoRelatedParties&LoanstoEmployees.AsatMarch31,2019,LoanstoRelatedPartiesandLoans to Employees were `10,526.96 crore and `182.03croreasagainst`8,113.20croreand`139.92 crore, respectively as at March 31,2018.TheincreaseinLoansfromFiscal2018toFiscal2019wasmainlyduetoincreaseinUnsecuredLoanstoSubsidiarieswhichareexecutingProjectsacquiredbyyourCompanythroughTariffBasedCompetitiveBidding(TBCB)route.

23.7 Other non-current financial assets

Yourcompany’sothernon-currentfinancialassetswas`4,548.37croreand`866.35croreasonMarch31,2019and2018,respectively.Othernon-currentfinancialassetmainlyconsistofRecoverablefromGOIfullyserviceBondandLeaseReceivables.CompanyhasissuedGOI fully service bonds amounting to `3,487.50croreduringFY2018-19forraisingofExtraBudgetaryRecovery(EBR)forGOIschemeofPowerSystemDevelopmentfundintermsofletterno.7/1/2018-OMdated21stJanuary,2019ofMinistryofPower,Govt.OfIndia(GOI)for meeting accrued liabilities for creation of Capital Assets. The repayment of principal and the interest payment on such bonds shall be met by GOI.

23.8 Other non-current assets

Your company’s other non-current assetswas`5,065.44 crore and `5,645.51 crore, as atMarch 31, 2019 and2018, respectively, adecreaseby10.27%.Othernon-currentassetsmainlycompriseofadvancesforCapitalExpenditure,deferredforeigncurrencyFluctuationAsset, advance recoverable in kind or for value to be received.

24. Current Assets

Your company’s Current Assets were `17,872.31croreand`12,300.20croreasatMarch31,2019andMarch31,2018, respectively.CurrentAssetshavebeencategorizedas(i)Inventories;(ii)Tradereceivables;(iii)Cash&CashEquivalents;(iv)BankBalancesotherthancashandcashequivalents(v)Loans(vi)othercurrentfinancialassets(vii)othercurrentassets.

24.1 Inventories

Inventories are valued at lower of the cost, determined on weighted average basis, and net realizable value. The inventories were `1,226.28croreasatMarch31,2019asagainst`1,038.45croreasatMarch31,2018.Ourinventoriesconsistscomponents,spares&other spare parts, loose tools, consumable stores and other items. The cost of inventories increased during Fiscal 2019 as compared with Fiscal2018,onaccountofyourcompanycontinuingtoexpandthetransmissionnetworkandcapitalizationofnewprojects.

24.2 Trade Receivables

Trade Receivables consist mainly of receivables relating to transmission services, and also receivables from consultancy services and telecomservices.OurTradeReceivablesasonMarch31,2019and2018were`4,628.74croreand`3,638.96crore,respectively.Tradereceivablesincreasedby27.20%duringFiscal2019ascomparedtoFiscal2018.

Substantially, all of our receivables are covered by letters of credit, following which we have no material debt collection problems. The averagecollectionperiodfortradereceivablesis44daysduringFiscal2019ascomparedto42daysduringFiscal2018.

24.3 Cash & Cash Equivalents

Cash and Cash Equivalents as on March 31, 2019 and 2018 were `3,643.14 crore and `1,516.21 crore, respectively. Cash & CashEquivalentsincreasedby140%duringFiscal2019ascomparedtoFiscal2018mainlyonaccountoftermdeposits(withmaturitylessthan 3 months) held in respect of consultancy clients and Others. As on March 31, 2019, `172.13 crore was in current account and non designated term deposits, which was available to your Company for general purpose.

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24.4 Bank Balances other than cash & cash equivalents

Bankandothercash&cashequivalentsasonMarch31,2019and2018were 688.90croreand 654.22 crore, respectively. Bank Balances otherthancash&cashequivalentsincreasedby5.30%duringFiscal2019ascomparedtoFiscal2018mainlyonaccountoftermdepositsin banks for consultancy clients and Others.

24.5 Loans

LoansasonMarch31,2019and2018were`416.87croreand`46.88crore,respectively.LoansduringFiscal2019ascomparedtoFiscal2018increasedmainlyonaccountofcurrentmaturitiesofLoanstoSubsidiariesandLoantoJointVentureCompanies.

24.6 Other current financial assets.

OthercurrentfinancialassetsasonMarch31,2019and2018were`6,853.20croreand`4,869.92crore,respectivelymainlyconsistingunbilledrevenue.Othercurrentfinancialassetsincreasedby40.73%duringFiscal2019ascomparedtoFiscal2018mainlyonaccountofincrease in unbilled revenue.

24.7 Other Current Assets

OurothercurrentassetsasatMarch31,2019and2018were`415.18croreand`535.56 crore respectively.

25. Indebtedness.

YourCompany reliesonbothRupeeand foreign currencydenominatedborrowings.A significantpartofCompany’sexternal fundinghasbeenthroughlong-termforeigncurrencyloansfrommultilateralagenciessuchastheWorldBankandtheAsianDevelopmentBank(guaranteedbyGOI).Followingtablesetsforth,bycurrency,ouroutstandingdebtanditsmaturityprofile(currencyconversionsareasof31st March, 2019):

(` in Crore)

Loan Name 2019-20 2020-21 2021-22 2022-23 Beyond 2022-23 TotalDomestic Bonds (1) 6,742.97 5,007.97 8,223.73 6,090.23 48,423.97 74,488.87Domestic Loans (2) 1,454.00 1,454. 00 1,454 .00 2,004.00 19,824.00 26,190.00Foreign Loans US$ 1,993.63 2,119.48 2,090.82 5,550.74 21,897.55 33,652.22 EUR 246.98 434.69 421.13 421.13 2,564.14 4,088.07SEK 297.73 297.73 206.08 206.08 875.68 1,883.30JPY 11.53 11.53 11.53 11.53 1,437.78 1,483.90TOTAL (3) 2,549.87 2,863.43 2,729.56 6,189.48 26,775.15 41,107.49GRAND TOTAL (1+2+3)

10,746.84 9,325.40 12,407.29 14,283.71 95,023.12 1,41,786.36

25.1 Long-term borrowings

Your company’s long-term borrowings (excluding current maturities) as at March 31, 2019 and 2018 were `1,31,039.51 crore and `1,22,420.32crore,respectively.Long-termborrowingsincludeamountsraisedfromourprivateplacementofbonds,termloansfrombanksandfinancialinstitutions.Duetotheincreasedinvestmentinnewprojectsduringthelastyear,ourborrowingshaveincreasedby7.04%.

25.2 Secured Loans

Our secured loans (excluding current maturities of long term loans) as at March 31, 2019 and 2018 were `1,05,223.31 crore and `1,06,965.71crore,respectively.Mostoftheseloanshavebeensecuredbyfloatingchargesonthemoveableandimmovablepropertiesof Your Company. The following table presents the secured debt as at 31st March, 2019:

Amount(` in crore)

% of totalsecured debt

Bonds denominated in Rupees 64,746.11 61.53Term Loans and Other Loans From Banks and Financial Institutions:Denominated in Foreign Currency 28,293.20 26.89Denominated in Rupees 12,184.00 11.58Total 1,05,223.31 100

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25.3 Unsecured Loans

Ourunsecuredloans(excludingcurrentmaturitiesasatMarch31,2019and2018were`25,816.20croreand`15,454.61crore respectively, whichconsistofdomesticbonds,foreigncurrencybonds,loansfromforeignfinancialinstitutions/BankssuchastheNatixis(FormerlyCredit National) in France, Japan International Cooperation Agency (Formerly Japan Bank for International Co-operation) in Japan,SkandinaviskaEnskildaBankenAB(publ.)inSwedenandABSvenskExportkredit,Sweden.

The following table presents our unsecured debt as at March 31, 2019:

Amount(` in crore)

% of totalunsecured debt

BondsdenominatedinForeignCurrency&DomesticBonds 6,470.40 25.06Term Loans, From Banks and Foreign Currency Loans:Denominated in Foreign Currency 6,793.80 26.32Denominated in Rupees 12,552.00 48.62Total 25,816.20 100

26. Advance Against Depreciation (AAD)

Advanceagainstdepreciation(AAD)wasacomponentoftariffthatwaspermittedtobechargedunderCERCregulationsfortheBlock2004-09,tocovershortfallinrespectofdepreciationinayearonassets,forrepaymentofdebts.AADwasdoneawaywithinthetariffblock2009-2014anddepreciationratewerereworked.Duetochangeinthesetariffnormsandthedepreciationratesw.e.f.1.04.2009,theoutstandingAADhasbeentaken to transmission incomeafter12years fromthedateofcommercialoperation to theextent thedepreciationchargedinrespectoftransmissionsystemismorethanthedepreciationrecoveryundertariff.Ason31stMarch,2019,AADhasdecreasedby12%from`1,504.09croreduringFiscal2018to`1,323.45 crore during Fiscal 2019.

27. Current liabilities

Your company’s current liabilities as at 31st March, 2019 were `32,114.14 crore (previous year `26,899.93crore).Thecurrentliabilitiesinclude(i)Borrowings,(ii)Tradepayables(iii)othercurrentfinancialliabilities(iv)othercurrentliabilities;(v)Provisionsand(vi)CurrentTaxliabilitiesatMarch31,2019were19.38%higherascomparedto31stMarch,2018.

27.1 Borrowings

Yourcompany’sShort-termBorrowingsarefromBanksandthroughissueofCommercialPaper.TheseBorrowingsasatMarch31,2019and2018were`4,300 crore and `1,000 crore, respectively.

27.2 Trade payables

Yourcompany’sTradepayablesasatMarch31,2019and2018were 364.11 crore and 240.34 crore respectively. Trade payables at March 31,2019were51.50%higherascomparedtoMarch31,2018.

27.3 Other Current Financial Liabilities

Yourcompany’sothercurrentfinancialliabilitiesasatMarch31,2019and2018were`22,886.18croreand`21,505.61 crore respectively. Othercurrentfinancialliabilitiesmainlyincludecurrentmaturitiesoflongtermborrowingsthroughsecured&unsecuredBonds,foreigncurrencyloans,duesforcapitalexpenditure,deposits/retentionmoneyfromcontractorsandothersetc.OthercurrentfinancialliabilitiesatMarch31,2019were6.42%higherascomparedtoMarch31,2018.

27.4 Other Current liabilities

YourCompany’sothercurrent liabilitiesasatMarch31,2019and2018were`3,863.26croreand`2,687.33crorerespectively.OthercurrentliabilitiesatMarch31,2019were43.76%arehigherascomparedtoMarch31,2018mainlyonaccountofadvancesfromcustomers.

27.5 Provisions

Your Company’s provisions for Employee Benefits etc. as on March 31,2019 and 2018 stood at `700.59 crore and `1,059.58 crorerespectively.

28. BUSINESS AND FINANCIAL REVIEW OF JOINT VENTURE COMPANIES and SUBSIDIARIES for FY 2018-19:

28.1. Joint Venture Companies:

I. Powerlinks Transmission Limited (POWERLINKS):

POWERGRIDandTataPowerCompanyLimitedaretheJointVenturePartners inthisJointVentureCompanyandhold49%and51%equity,respectively.YourCompanywasincorporatedtoundertaketheimplementationofTransmissionLinesassociatedwithTalaHEP,East-NorthinterconnectorandNorthernRegionTransmissionSystemfromSiliguriinWestBengalviaBihartoUttarPradeshandwasthefirstpublic-privatepartnershipinPowerTransmission.

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Ason31.03.2019,POWERLINKShasAuthorizedsharecapitalof 483.60croreandpaid-upcapitalofRs468.00crore.POWERGRID’ssharein the paid up capital is `229.32 crore.

POWERLINKShadprogressivelycommissionedtheprojectbyAugust,2006.POWERLINKShaspaiddividendamountingtoRs16.05crore(interim) and `18.35Crore(final)forFiscal2019.

Financial Highlights of the Company:(` in Crore)

Particulars Fiscal 2019 Fiscal 2018

POWERGRID’sinvestmentinEquity 229.32 229.32Gross Income 155.57 173.90ProfitafterTax 112.57 124.84Earning per Share* ` 2.41 2.66

*Face value per Share is `10 each.

II. Jaypee Powergrid Limited (JPL):

POWERGRIDandJaiprakashPowerVenturesLimitedaretheJointVenturePartnersinthisJointVentureCompanyandhold26%and74%equity,respectively.TheCompanywasincorporatedtoundertaketheimplementationoftransmissionsystemtoevacuatepowergeneratedby1000MWKarchamWangtooHydroElectricPowerProjectinKinnaurDistrictinHimachalPradesh,fromWangtootoAbdullapur.

As on 31.03.2019, JPL has Authorized share capital of `300croreandpaid-upcapitalof`300crore.POWERGRID’sshareinthepaidupcapital is `78crore.

The project was progressively commissioned in April, 2012. JPL has paid dividend amounting to `5.07 crore (interim) for Fiscal 2019.

Financial Highlights of the Company:

(` in Crore)Particulars Fiscal 2019 Fiscal 2018

POWERGRID’sinvestmentinequity 78.00 78.00Gross Income 164.85 168.73Profit/(loss)afterTax 63.02 67.17Earnings per Share* ` 2.10 2.24

*Face value per Share is `10/-each.

III. Torrent Powergrid Limited (TPL):

POWERGRIDandTorrentPowerLimitedaretheJointVenturePartners inthisJointVentureCompanyandhold26%and74%equity,respectively.TheCompanywasincorporatedtoundertaketheimplementationoftransmissionsystemassociatedwith1100MWGasBasedproject (Sugen) Generation Station of Torrent Power Ltd. (TPL) at Akhakhol in Surat District of Gujarat.

As on 31.03.2019, TPL has Authorized share capital of `125.00croreandpaid-upcapitalof`90.00crore.POWERGRID’sshareinthepaidup capital is `23.40 crore.

TheprojectwasprogressivelycommissionedinMarch,2011.TPLhaspaiddividendamountingtoRs3.28crore(interim)andrecommendedfinaldividendof`0.70 Crore for Fiscal 2019.


(` in Crore)Particulars Fiscal 2019 Fiscal 2018

POWERGRID’sinvestmentinEquity 23.40 23.40Gross Income 49.43 66.74ProfitafterTax 19.14 39.73Earning per Share* ` 2.13 4.41


IV. North East Transmission Company Ltd.(NETC):

POWERGRIDenteredintoaJointVentureAgreementwithONGCTripuraPowerProjectCompanyLtd.(OPTC),GovernmentofTripura,

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Manipur,Mizoram,AssamElectricityGridCorporationLtd,MeghalayaandNagalandforestablishmentofTransmissionLineof400kVD/CPalatana-SilcharBongaigoanTransmissionProjectassociatedwith726.6MWPalatanaGasbasePowerProjectinthestateofTripura.

As on 31.03.2019, NETC has Authorized capital of `600croreandpaid-upsharecapitalof`411.40crore.POWERGRID’sshareinthepaidup capital is `106.96 crore.

The project was progressively commissioned in February, 2015. NETCL has paid dividend amounting to Rs 5.35 crore (interim) and Rs 5.35 crore(final)forFiscal2019.

Financial Highlights of the Company

(` in Crore)


POWERGRID’sinvestmentinEquity 106.96 106.96Gross Income 341.07 353.20

ProfitafterTax 65.56 83.84Earning per Share* ` 1.59 2.04


V. Parbati Koldam Transmission Company Limited (PKTCL)

POWERGRIDand RelianceEnergyLimited (REL)nowReliance InfrastructureLtdare the JointVenturePartners in this JointVentureCompanyandhold26%and74%equity,respectively.TheCompanywasincorporatedtoundertaketheimplementationoftransmissionlinesassociatedwithParbati-II(800MW)HEPandKoldam(800MW)HEP.

As on 31.03.2019, PKTCL has Authorized share capital of `331.00croreandpaid-upcapitalof`272.84crore.POWERGRID’sshareinthepaid up capital is `70.94 crore.

The Project commissioned progressively in Nov’2015. PKTCL has paid dividend amounting to Rs 10.64 crore for Fiscal 2019.


VI. Teestavalley Power Transmission Limited (TPTL)

POWERGRIDandTeestaUrjaLtdaretheJointVenturePartnersinthisJointVentureCompanyandhold26%and74%equity,respectively.TheCompanywasincorporatedtoundertaketheimplementationoftransmissionlinesassociatedwith1200MWTeesta-IIIHydroElectricPowerProjecttoKishanganjsub-station.

As on 31.03.2019, TPTL has Authorized Share Capital of `500CroreandPaid-UpCapitalof`373.88Crore.POWERGRID’sshareinthepaidup capital was `105.56 Crore.

The Project commissioned progressively in Feb’2019.



POWERGRID’s investment in Equity 70.94 70.94Gross Income 166.88 174.78Profit after Tax 49.23 27.18Earning per Share* ` 1.80 1.00


POWERGRID’s investment in Equity 105.56 94.28Gross Income 85.62 30.99Profit after Tax (1.19) (6.54)Earning per Share* ` (0.03) (0.18)

(`in crore)

(`in crore)



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VII. National High Power Test Laboratory Private Limited (NHPTL):

NHPTLisajointventureCompanyofNTPC,NHPC,POWERGRID,DVC&CPRIwithequalequityparticipationof20%each.ThemainaimoftheNHPTListoestablishanonlinehighpowershortcircuittestfacilityinthecountry.ThisFacilityisbeingestablishedforthefirsttimeinthecountryatBina(M.P.)toprovideafullrangeofshortcircuittestingfortheelectricalequipmentinconformancetoIndianandInternational Standards.

As on 31.03.2019, the Authorized share capital of the Company was `153 crore while paid up share capital was `152crore.POWERGRID’sshare in the paid up capital was `30.40 crore.

HighVoltageTransformer(HVTR)SectionofLaboratoryunderPhase-Iputundercommercialoperationwitheffectfrom1stJuly,17.ThePhase-IiscapableofcateringtherequirementofShortCircuitTestofElectricTransformerfrom50MVA,132kVClassto315MVA,400kVClass which is being enhanced upto 500 MVA, 400 kV class and 500 MVA, 765 kV class. Medium Voltage Transformer (MVTR) Section is underimplementation.Theprojecthasnooperatingprofit.


POWERGRID’s investment in Equity 171.68 156.24 Gross Income 290.67 210.73 Profit after Tax 24.63 25.92 Earning per Share* ` 0.71 0.82

(`in crore)


VIII. Bihar Grid Company Limited (BGCL):

POWERGRIDenteredintoaShareholders’Agreementon29.12.2012withBiharStatePower(Holding)CompanyLimited{BSP(H)CL}forimplementationofIntra-StateTransmissionSystemintheStateofBiharon50:50equityparticipationbasis.

As on 31.03.2019, the authorized Share Capital of BGCL is `800CroreandthePaid-upCapitalisRs343.37Crore,POWERGRID’sshareinthe paid up capital was `171.68Crore.

The Company is implementing Bihar Transmission System Strengthening Schemes in Phase IV, Part I worth `2041 crore. The majority of Part-IProjectisundercommercialoperation.Further,PhaseIV,PartIIworksworth`1,688croreareunderimplementation.


IX. Kalinga Bidyut Prasaran Nigam Private Limited (KBPNL):

POWERGRIDhasenteredintoaShareholders’Agreementon04.01.2013withOdishaPowerTransmissionCorporationLimited(OPTCL)forimplementationofIntraStateTransmissionSystemintheStateofOdishaonthebasisof50:50equityparticipation.NobusinesshasbeenundertakenbythisCompany.TheBoardofDirectorsofPOWERGRIDandOPTCLhadapprovedclosureoftheCompany.ThewindingupproceedingofM/sKBPNLhasalreadybeentakenupandNILAccountsforF.Y-2018-19hasbeenprepared.RequisiteformalitiesforclosureoftheCompanyunderfasttrackexitmodeareunderprocess.

X. RINL POWERGRID TLT Private Limited (RPTPL)

POWERGRIDandRINLhadformedajointventureCompany,“RINLPOWERGRIDTLTPrivateLimited(RPTPL)”,on50:50equityparticipationbasis,forsettingupaTransmissionLineTower(TLT)manufacturingplantatVisakhapatnamwithaviewtoexploittheemergingopportunityin transmission line tower manufacturing business. As on 31.03.2019, the JV Company has Authorized share capital of `50 crore and paid up share capital of `8.00crore.However,keepinginviewthebusinessscenariooftowermanufacturing,theBoardofDirectorsofPOWERGRIDaccordedin-PrincipleapprovalforclosureoftheCompany.RINLisseekingapprovalofMinistryofSteelforClosureofRPTPL.

XI. Cross Border Power Transmission Company Limited (CPTCL):

POWERGRIDenteredintoShareholders’Agreementon9thJuly,2012withIL&FSEnergyDevelopmentCompanyLimited(IEDCL),SJVNLimited(SJVN)&NepalElectricityAuthority(NEA)ofNepalandformedaJVCompanyunderthename“CrossBorderPowerTransmissionCompanyLtd”(CPTC)incorporatedinIndiaforimplementationofIndianportionviz.Muzaffarpur-Sursandsection(IndiaPortion)of400kVD/CMuzaffarpur-DhalkebarIndo-NepalCrossBordertransmissionline.TheShareholdingofPOWERGRID,SJVN,IEDCLandNEAinthesaidJVCompanyis26%,26%,38%and10%respectively.TheAuditedcostoftheIndiaPortionis`242.55 crore and the Project is being implementedwithdebt:equityas80:20.

As on 31.03.2019, CPTC has Authorized share capital of `75croreandpaid-upcapitalof`48.50crore.Atpresent,POWERGRIDequityis`12.61 crore. The India Portion is under commercial operation w.e.f. 19th February, 2016.

CPTChaspaiddividend(interim)of10%amountingto`1.26 crore for Fiscal 2019.

XII. Power Transmission Company Nepal Limited (PTCN):

POWERGRIDentered intoa “JointVenture cumSharePurchaseAgreement”on5thApril, 2014withNepalElectricityAuthority(NEA),HydroelectricityInvestment&DevelopmentCompanyLtd(HIDCL)ofNepalandIL&FSEnergyDevelopmentCompanyLtd(IEDCL),India

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II. POWERGRID VIZAG TRANSMISSION LIMITED

POWERGRIDVIZAGTransmissionCompanyLimited(PVTL)wasacquiredbyPOWERGRIDonAugust30,2013underTariffBasedCompetitiveBidding for establishing Transmission System for ‘System Strengthening in Southern Region for import of power from Eastern Region’ from REC Transmission Projects Company Limited (the Bid process Coordinator). The transmission system comprising Srikakulam-Vemagiri765kVD/Cline&Khammam–Nagarjunasar400kVD/CLinetraversesthroughthestatesofAndhraPradeshandTelengana.PVTLwasgranted transmission license by CERC in January, 2014.

Ason31.03.2019,PVTLhasanAuthorizedandPaidupShareCapitalof₹220crore&₹209.73crorerespectively.Theprojecthasbeencommissionedon1stFebruary,2017.PVTLhaspaiddividendamountingto₹27.89croreforFiscal2019.

III. POWERGRID UNCHAHAR TRANSMISSION LIMITED

POWERGRIDUnchaharTransmissionSystemLimited(PUTL)wasacquiredbyPOWERGRIDonMarch24,2014underTariffBasedCompetitivebiddingfromRECTransmissionProjectsCompanyLimited(theBidProcessCo-ordinator)forestablishmentofTransmissionSystemforATSofUnchaharTPS.Thetransmissionsystemcomprising400kVD/CtraversesthestateofUttarPradesh.TheCompanywasgrantedtransmission license by CERC in July, 2014.

Particulars FY2018-19 FY2017-18

Gross Income 16.14 0.38Profit after Tax (63.56) (83.14)


Gross Income 298.24 244.14Profit after Tax 100.16 77.67

(ìn crore)

(ìn crore)

and formed a JV Company under the Name “Power Transmission Company Nepal Ltd” (PTCN) incorporated in Nepal for implementation ofDhalkebar - Bhittamod 400 kV Transmission Line (Nepal Portion of 400 kVD/CDhalkebar -Muzaffarpur Indo-Nepal Cross Bordertransmission line.) The Shareholding ofNEA, POWERGRID,HIDCL and IEDCL in the said JVCompany is 50%, 26%, 14%and 10%respectively.TheAuditedcostoftheNepalPortionisINR.101croreandtheprojecthasbeenimplementedon70:30debt:equityratio.

Ason31.03.2019,PTCNhasAuthorized,issued&paid-upsharecapitalofNPR45crore.Atpresent,POWERGRIDequityisNPR11.70croreincluding1,30,000equitysharesofNPR100/-eachofBonusShares.Thelineisundercommercialoperationw.e.f.19thFebruary,2016.

TheDhalkebar-MuzaffarpurIndo-NepalCrossBorderTransmissionlineisbeingusedforTransmissionofpowerbetweenIndia&Nepal.

28.2 SUBSIDIARY COMPANIES:

I. POWERGRID NM TRANSMISSION LIMITED

POWERGRIDNMTransmissionCompanyLimited(PNMTL)wasacquiredbyPOWERGRIDonMarch29,2012underTariffBasedCompetitiveBiddingforestablishingTransmissionSystemassociatedwithIPPsofNagapattinam/CuddaloreArea(PackageA)fromPFCConsultingLtd(theBidProcessCo-coordinator).TheTransmissionSystemcomprising765kVD/Cand765kVS/CtraversesthestatesofTamilNaduandKarnataka. PNMTL was granted transmission license by CERC in June, 2013.

Ason31.03.2019,PNMTLhasanAuthorizedandPaidupShareCapitalof₹264croreeach.Theprojectelementshavebeenprogressivelycommissioned and the entire project has been commissioned on 26.01.2019.


POWERGRID’s investment in Equity 37.70 22.5 Gross Income 1935.67 1410.70 Profit after Tax 95.09 39.46 Earning per Share* ` 1.45 0.85

(ìn crore)


Energy Efficiency Services Limited (EESL):

POWERGRIDenteredintoaJointVentureAgreementwithNTPCLtd.,PowerFinanceCorporationLtd.andRuralElectrificationCorporationLtd.TheJVCompanyviz.EnergyEfficiencyServicesLimitedwillpromotemeasuresofEnergyefficiency,EnergyConservationandClimateChange and is carrying out business related to energy audit of Govt. buildings, consultancy assignments etc.

As on 31.03.2019, the Authorised Share Capital of EESL is `3500croreandPaid-upShareCapitalis`675.20crore.POWERGRID’sshareinthe paid up capital was `37.70crore(5.58%).


Note: For the purpose of consolidation of Accounts, EESL has not been considered as a Joint Venture Company.

66

Ason31.03.2019,PUTLhasanAuthorizedShareCapitalof₹14croreandPaid-upShareCapitalof₹12.96crore.

TheProjecthasbeencommissionedon23.09.2016.PUTLhaspaiddividend(interim)of15%amountingto₹1.94croreforFiscal2019.

IV. POWERGRID KALA AMB TRANSMISSION LIMITED

POWERGRIDKalaAmbTransmissionLimited (PKATL)wasacquiredbyPOWERGRIDonMay12,2014underTariffBasedCompetitivebiddingfromRECTransmissionProjectsCompanyLimited(theBidProcessCo-ordinator)forestablishmentofTransmissionSystemforNorthernRegionsystemStrengtheningScheme,NRSS-XXXI(Part-A).TheTransmissionSystemcomprising400/220kVGISsubstation,400kVD/CLILOandSeriesCompensationistotraversethestateofHimachalPradesh.TheCompanywasgrantedtransmissionlicensebyCERC in September, 2014.

Ason31.03.2019,PKATLhasanAuthorizedandPaid-upShareCapitalof₹61croreeach.Theprojecthasbeencommissionedon12.07.2017.

PKATLhaspaidinterimdividendof₹0.68perequityshareamountingto₹4.15CroreinDecember2018andsecondinterimdividendof₹0.80perequityshareamountingto₹4.88CroreinMarch2019.Thus,theaggregateinterimdividendpayoutfortheFiscal2019amountsto₹9.03crore.

V. POWERGRID JABALPUR TRANSMISSION LIMITED

POWERGRIDJabalpurTransmissionLimited(PJTL)wasacquiredbyPOWERGRIDonFebruary26,2015underTariffBasedCompetitivebidding from REC Transmission Projects Company Limited (the Bid Process Co-ordinator) for establishment of Transmission SystemStrengthening associatedwith Vindhyachal-V. The transmission system comprising 765kVD/C transmission line traverse the State ofMadhya Pradesh. The Company was granted transmission license by CERC in June, 2015.

Ason31.03.2019,PJTLhasAuthorizedShareCapitalof₹300croreandPaidupShareCapitalof₹173.15crore.

The project had been completed and declared for commercial operation w.e.f. 01.01.2019.


Gross Income 23.47 16.34Profit after Tax 9.81 9.05


Gross Income 60.30 37.77ProfitafterTax 13.08 7.52

(ìn crore)

(ìn crore)

VI. POWERGRID WARORA TRANSMISSION LIMITED

POWERGRIDWaroraTransmissionLimited(PWTL)wasacquiredbyPOWERGRIDonApril24,2015underTariffBasedCompetitivebiddingfromRECTransmissionProjectsCompanyLimited(theBidProcessCo-ordinator) forestablishmentofTransmissionSystemAssociatedwithGadarwaraSTPS(2x800MW)ofNTPC(Part-A).ThetransmissionsystemtraversesthroughtheStatesofMaharashtraandMadhyaPradeshandcomprises765kVD/C,400kVD/Ctransmissionlinesandestablishmentof2X1500MVA765/400kVnewsubstationinWarora.The Company was granted transmission license by CERC in August, 2015.

Ason31.03.2019,PWTLhasanAuthorizedShareCapitalof₹425croreandPaidupShareCapitalof₹326.30crore.

Theprojectelementshavebeenprogressivelycommissionedandtheentireprojecthasbeencommissionedon10.07.2018.

PWTLhaspaidinterimdividendof₹0.65perequityshareamountingto₹15.75CroreinDecember2018andsecondinterimdividendof₹0.06perequityshareamountingto₹1.96CroreinMarch2019.Thus,theaggregateinterimdividendpayoutfortheFiscal2019amountsto₹17.71crore.


Gross Income 61.05 -ProfitafterTax 10.15 -

Particulars FY2018-19 FY 2017-18

Gross Income 280.62 63.70ProfitafterTax 59.67 28.94

(ìn crore)

(ìn crore)

67

VII. POWERGRID PARLI TRANSMISSION LIMITED

POWERGRIDParliTransmissionLimited(PPTL)wasacquiredbyPOWERGRIDonApril24,2015underTariffBasedCompetitivebiddingfromRECTransmissionProjectsCompanyLimited(theBidProcessCo-ordinator) forestablishmentofTransmissionSystemAssociatedwithGadarwaraSTPS(2x800MW)ofNTPC(Part-B).ThetransmissionsystemtraversesthroughtheStateofMaharashtraandcomprises765kVD/C,400kVD/Ctransmissionlinesandestablishmentof2X1500MVA765/400kVnewsubstationinParli.TheCompanywasgrantedtransmission license by CERC in July, 2015.

Ason31.03.2019,PPTLhasanAuthorizedShareCapitalof₹350croreandPaid-upShareCapitalof₹228.50crore.

Theprojectelementshavebeenprogressivelycommissionedandtheentireprojecthasbeencommissionedon04.06.2018.

PPTLhaspaidinterimdividendof₹0.90perequityshareamountingto₹12.47CroreinDecember2018andsecondinterimdividendof₹0.15perequityshareamountingto₹3.43CroreinMarch2019.Thus,theaggregateinterimdividendpayoutfortheFiscal2019amountsto₹15.90crore.

VIII. POWERGRID SOUTHERN INTERCONNECTOR TRANSMISSION SYSTEM LIMITED

POWERGRIDSouthernInterconnectorTransmissionSystemLimited(PSITSL)wasacquiredbyPOWERGRIDonDecember4,2015underTarrifbasedCompetitivebiddingfromRECTransmissionProjectsCompanyLimited(theBidProcessCo-ordinator)for“StrengtheningofTransmission System Beyond Vemagiri’ Project on build, own operate and maintain (BOOM) basis. The transmission project comprising of 765kV&400kV,D/CtransmissionlinesistotraversethestatesofAndhraPradesh,Telangana&Karnatakaandincludeestablishmentofone765/400kVSubstationaswellas400kVbayextensionattwoexistingsub-stationsinthestateofAndhraPradesh.TheCompanywasgranted transmission license by CERC in March, 2016.

Ason31.03.2019,PSITSLhasanAuthorizedShareCapitalof₹675croreandPaidupShareCapitalof₹515.504crore.Twoelementsoftheprojectshavebeencommissionedon06.08.2018and28.02.2019.Theremainingelementsareunderimplementation.

IX. POWERGRID MEDINIPUR – JEERAT TRANSMISSION LIMITED

POWERGRIDMedinipur-JeeratTransmissionLimited(PMJTL)(wasacquiredbyPOWERGRIDonMarch28,2017underTariffbasedcompetitivebidding from PFC Consulting Limited (the Bid Process Coordinator) for Transmission System associated with “765kV Strengthening in EasternRegion(ERSS-XVIII).TheTransmissionSystemincludesestablishmentof765kVand400kVTransmissionlineswhichistotraversethestatesofWestBengalandJharkhandincludingestablishmentoftwonew765/400kVSubstationsinWestBengal.TheCompanywasgranted transmission license by CERC in June, 2017.

Ason31.03.2019,PMJTLhasanAuthorizedShareCapitalof₹1.00croreandPaidupShareCapitalof₹0.01crore.TheProjectisunderimplementation.

X. POWERGRID MITHILANCHAL TRANSMISSION LIMITED

POWERGRIDMithilanchalTransmissionLimited(PMTL),formerlyknownasERSSXXITransmissionLimited,wasacquiredbyPOWERGRIDonJanuary12,2018underTariffbasedcompetitivebiddingfromRECTransmissionProjectsCompanyLimited(theBidProcessCoordinator)forTransmissionSystemassociatedwith“EstablishTransmissionSystemforEasternRegionStrengtheningScheme–XXI(ERSS-XXI)”.The Transmission System includes establishment of 400kV Transmission lines in the state of Bihar including establishment of three new 400/220/132kVSubstationsinBihar.TheCompanywasgrantedtransmissionlicensebyCERCinApril,2018.

Ason31.03.2019,PMTLhasanAuthorizedandPaidupShareCapitalof₹5Lakheach.TheProjectisunderimplementation.

XI. POWERGRID VARANASI TRANSMISSION SYSTEM LIMITED

POWERGRIDVaranasiTransmissionSystemLimited (PVTSL), formerly knownasWR-NRPowerTransmissionLimitedwasacquiredbyPOWERGRID on March 27, 2018 under Tariff Based Competitive Bidding from REC Transmission Projects Company Limited (the BidProcessCo-ordinator)forestablishingTransmissionSystemfornewWesternRegion–NorthernRegion765kVInterRegionalCorridor.TheTransmissionSystemincludesestablishmentofa765kVD/CTransmissionLinefromVindhyachalpoolingstationtoVaranasiandtraversesthestatesofMadhyaPradeshandUttarPradesh.TheCompanywasgrantedtransmissionlicensebyCERCinAugust,2018.

Ason31.03.2019,PVTSLhasAuthorizedandPaidupShareCapitalof₹5Lakheach.TheProjectisunderimplementation.

Particulars FY2018-19 FY 2017-18

Gross Income 283.92 -ProfitafterTax 65.01 -


Gross Income 33.15 -ProfitafterTax (1.56) -

(`in crore)

(`in crore)

68

FY 2018-19 FY 2017-18

Total Income 35,661.32 30,430.54ProfitbeforeTax&RegulatoryDeferralAccountBalances 11,674.04 10,186.56ProfitafterTax 10,033.52 8,204.00Net Cash from operating activities 23,380.67 22,710.12

(`in crore)

XII. POWERGRID JAWAHARPUR FIROZABAD TRANSMISSION LIMITED

POWERGRIDJawaharpurFirozabadTransmissionLimited(PJFTL)(formerlyknownasJawaharpurFirozabadTransmissionLimited)wasacquiredbyPOWERGRIDonDecember21,2018underTariffbasedcompetitivebiddingfromRECTransmissionProjectsCompanyLimited(the Bid Process Coordinator) for establishing Transmission System for Evacuation of Power from 2 X 660 MV Jawaharpur Thermal Power Project and Construction of 400 kV Substation at Firozabad along with associated Transmission Lines and is an Intra State Transmission Project.

Ason31.03.2019,PJFTLhasanAuthorizedandPaidupShareCapitalof₹5Lakheach.ApplicationforobtainingtransmissionlicensehasbeenfiledtoUPERC.

XIII. POWERGRID VEMAGIRI TRANSMISSION LIMITED

POWERGRIDVemagiriTransmissionLimitedwasacquiredbyPOWERGRIDonApril18,2012underTariffBasedCompetitivebiddingforestablishing Transmission system associated with IPPs of Vemagiri Area (Package A) from REC Transmission Projects Company Limited (the BidProcessCo-ordinator).Thetransmissionsystemcomprising765kVD/ClineswastotraversethestateofAndhraPradeshandTelangana.

Ason31.03.2019,POWERGRIDVemagiriTransmissionLimitedhasanAuthorizedShareCapitalandPaidupShareCapitalof₹5Lakheach.

CERCvideOrderdated06.04.2015statedthatVemagiri-Khammam-Hyderabad765kVD/Clinesundertheprojectisneitherrequiredasan evacuation line nor as a system strengthening line, no useful purpose will be served by adopting the transmission charges and granting license to the petitioner for the said transmission line and has withdrawn the regulatory approval for the Transmission project.

GRID CONDUCTORS LIMITED

GridConductorsLimited(GCL),awhollyownedsubsidiaryofPOWERGRIDincorporatedon15.09.2015tosetupanaluminumconductormanufacturing plant at Angul, Odisha. The Company did not carry out any business activity since incorporation and an application to strikeoffthenameoftheCompanythroughFastTrackExitSchemewasfiledwithRegistrarofCompanies(ROC).ROCvideNoticedated09.08.2018hasstruckoffthenamefromitsrecords.

29. Consolidated financial statements of POWERGRID

TheconsolidatedfinancialstatementshavebeenpreparedinaccordancewithIndianAccountingStandards(IndAS)110-‘ConsolidatedFinancialStatements’andIndianAccountingStandards(IndAS)28–‘InvestmentsinAssociatesandJointVentures’.Onconsolidatedbasis,theTotalIncomeoftheCompany,duringF.Y.2018-19,stoodat`35,661.32 crore against `30,430.54croreduringF.Y.2017-18registeringanincreaseofabout17.19%.TotalExpensesason31.03.2019stoodat`24,116.10 crore as against `20,391.92croreason31.03.2018.ProfitafterTaxduringFY2018-19increasedby22.30%vis-a-visFY2017-18.Abriefsummaryoftheresultsonaconsolidatedbasisisgiven below:

30. Cautionary Statement

Statement in the Management Discussion and Analysis and Directors Report describing Your Company’s objectives, projections and estimates are forward looking statements and progressive within the meaning of applicable laws and regulations. Actual results may vary from thoseexpressedor implied,dependinguponeconomic conditionsGovernmentPoliciesandother incidental factors.Readersarecautioned not to place undue reliance on the forward looking statements.




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ANNEXURE II TO THE DIRECTORS’ REPORT

Business Responsibility ReportSection A: General Information about the Company

Section B: Financial Details of the Company

Section C: Other Details1. Does the Company have any Subsidiary Company/ Companies? As on March 31, 2019, POWERGRID had thirteen wholly owned subsidiary Companies viz. POWERGRID NM Transmission Limited,

POWERGRID Vemagiri Transmission Limited, POWERGRID Vizag Transmission Limited, POWERGRID Unchahar Transmission Limited,POWERGRIDKalaAmbTransmissionLimited,POWERGRIDJabalpurTransmissionLimited,POWERGRIDWaroraTransmissionLimited,POWERGRID Parli Transmission Limited, POWERGRID Southern Interconnector Transmission System Limited, POWERGRIDMedinipur

1 Corporate Identity Number (CIN) of the Company L40101DL1989GOI038121

2 Name of the Company Power Grid Corporation of India Ltd

3 Registered address B-9,QutabInstitutionalArea,KatwariaSarai,NewDelhi-110016

4 Website www.powergridindia.com

5 E-mailid [email protected]

6 Financial Year reported 2018-19

7 Sector(s) that the Company is engaged in (industrial activitycode-wise) Sector(s) ITC Code No.

Inter State Transmission System (ISTS), Central TransmissionUtility(CTU)ofcountry

99691110

Telecom 99841100Consultancy&ProjectManagement 99833244

8 Listthreekeyproducts/servicesthattheCompanymanufactures/provides(asinbalancesheet)

i) Transmissionii) Telecomiii)ConsultancyServices(Domestic/International)

9 Total number of locations where business activity is undertaken by the Companyi) Number of International Locations (Provide details

of major 5)ii) Number of National Locations

(i) International: POWERGRID is providing Consultancy services inall facets of Transmission System. POWERGRID is having footprintsin Twenty Countries. Major five countries include Nepal, Bhutan,Bangladesh,FijiandCASA(KyrgyzRepublic,Tajikistan,Afghanistan&Pakistan).

(ii) National: Total 256 which includes 245 sub-stations (includingsubsidiaries), 10 Regional headquarters and 1 corporate office atGurgaon. Telecom department has its points of presence in more than 680 locations spreadacross the country.Apart fromabove, a no. ofsubstations and transmission lines are presently under construction and personnel are located on various site(s).

10 MarketsservedbytheCompany-Local/State/National/International/

POWERGRIDhasfootprintinallthemarkets-Local/State/National/International.

1 Paid up Capital (INR) 5231.59 crore

2 Total Turnover (INR) 35618.07crore

3 TotalProfitafterTaxes(INR) 9938.55crore

4 Total Spending on Corporate Social Responsibility (CSR)aspercentageofprofitaftertax(%)

DuringFY2018-19,theCompanyhasspent`195.52Crore[i.e.2.09%ofaveragenetprofitsoftheCompanyforlastthreefinancialyears]onvarious CSR activities.

5 Listofactivitiesinwhichexpenditurein4abovehasbeen incurred

Health, Education, Environmental Sustainability, Sanitation, Rural Development, Skill Development programmes, etc.

70

Jeerat Transmission Limited, POWERGRIDMithalanchal Transmission Limited (formerly ERSSXXI Transmission Limited), POWERGRIDVaranasiTransmissionSystemLimited(formerlyWR-NRPowerTransmissionLimited)andPOWERGRIDJawaharpurFirozabadTransmissionLimited (formerly Jawaharpur Firozabad Transmission Limited).

2. Do the Subsidiary Company/Companies participate in the BR Initiatives of the parent company? If yes, then indicate the number of such subsidiary company(s)

Yes.TheBRinitiativesofPOWERGRIDgenerallyapplytoitssubsidiariesalso.3. Do any other entity/entities (e.g. suppliers, distributors etc.) that the Company does business with, participate in the BR

initiatives of the Company? If yes, then indicate the percentage of such entity/entities? [Less than 30%, 30-60%, More than 60%]Yes.TheEnvironmentalandSocialPolicy&Procedures(ESPP)ofPOWERGRIDencompassesthecompany,itsJointVentureCompany-Powerlinks Transmission Limited, subsidiaries in general and relative aspects pertaining to Vendors / Suppliers/ Contractors throughcontractconditions.Vendors/Suppliers/Contractorsarerequiredtocomplywiththeprovisionsofthelabourlaws,environmentallaws&effectualsafetyplansthroughstipulationsintheConditionsofContract.ThepercentageofsuchVendors’/Suppliers’/Contractors’aremorethan60%.

Section D: BR Information 1. DetailsofDirector/DirectorsresponsibleforBR a) Details of the Director/Director responsible for implementation of the BR policy/policies ThedetailoftheDirectorresponsibleforimplementationoftheBRpolicy/policiesisasunder: • DINNumber:02018931 • Name:ShriRajeevKumarChauhan* • Designation:Director(Projects)

*Appointed as Director (Projects)w.e.f. 23.08.2018. Prior to this, Shri Prabhakar Singhwas holding the charge of Director (Projects), Shri Singh hadsuperannuatedon30.06.2018.

b) Details of the BR head (as on 31.03.2019)

2. Principle-wise (as per NVGs) BR Policy/policies

The National Voluntary Guidelines on Social, Environmental and Economic Responsibilities of Business released by the Ministry of Corporate AffairshasadoptedfollowingnineareasofBusinessResponsibility:

S.No. Particulars Details1. DIN Number (if applicable) Not Applicable2. Name Dr.R.K.Srivastava#3. Designation Chief General Manager - Incharge (Environment and Social

Management Department)4. Telephone number 0124-25719805. e-mailid [email protected]

P1 Businesses should conduct and govern themselves with Ethics, Transparency and Accountability

P2 Businesses should provide goods and services that are safe and contribute to sustainability throughout their life cycle

P3 Businesses should promote the wellbeing of all employees

P4 Businesses should respect the interests of, and be responsive towards all stakeholders, especially those who are disadvan-taged, vulnerable and marginalised.

P5 Businesses should respect and promote human rights

P6 Businessshouldrespect,protect,andmakeeffortstorestoretheenvironment

P7 Businesses,whenengagedininfluencingpublicandregulatorypolicy,shoulddosoinaresponsiblemanner

P8 Businessesshouldsupportinclusivegrowthandequitabledevelopment

P9 Businesses should engage with and provide value to their customers and consumers in a responsible manner

#Dr.R.K.SrivastavatookoverthechargeasBRheadw.e.f.01.03.2019.Priortothis,ShriS.K.Gupta,ED(ESMD,CSR&LA)washoldingthesaidcharge,whohadsuperannuatedon28.02.2019.

71

*Conformsto/areupdated/reviewedinaccordancewith,theNationalStandardsincludingGOI/CVC/DPEGuidelines,applicablelawsetc.

#POWERGRID’sEnvironmentalandSocialPolicy&Procedures(ESPP)basedonprinciplesofAvoidance,Minimization,MitigationinthatorderofpreferenceandRestorationwhereverneededisacceptedbyTheWorldBankandAsianDevelopmentBankundertheirpolicyof“UseofCountrySystem”(UCS)and“CountrySafeguardSystem”(CSS)in2009&2017,respectively.

2b. If answer to questions at S.No. 1 against any principle, is ‘No’, please explain why: (Tick up to 2 options)

2a. Details of compliance (Reply in Y/N)

S.No. Questions P1 P2 P3 P4 P5 P6 P7 P8 P91. Doyouhavepolicy/policiesfor.... Y Y Y Y Y Y N Y Y2. Has the policy being formulated in consultation with the

relevant stakeholders?*Y Y Y Y Y Y NA Y Y

3. Doesthepolicyconformtoanynational/internationalstandards? If yes, specify?* (50 words)

Y Y Y Y Y Y# NA Y Y

4. Has the policy being approved by the Board? If yes, has it beensignedbyMD/owner/CEO/appropriateBoardDirector?

Y Y Y Y Y Y NA Y Y

5. DoesthecompanyhaveaspecifiedcommitteeoftheBoard/Director/Officialtooverseetheimplementationofthepolicy?

Y Y Y Y Y Y NA Y Y

6. Indicate the link for the policy to be viewed online? www.powergridindia.com7. Has the policy been formally communicated to all relevant

internalandexternalstakeholders?Y Y Y Y Y Y NA Y Y

8. Doesthecompanyhavein-housestructuretoimplementthepolicy/policies.

Y Y Y Y Y Y NA Y Y

9. Does the Company have a grievance redressal mechanism re-latedtothepolicy/policiestoaddressstakeholders'grievancesrelatedtothepolicy/policies?

Y Y Y Y Y Y NA Y Y

10. Hasthecompanycarriedoutindependentaudit/evaluationoftheworkingofthispolicybyaninternalorexternalagency?*

Y Y Y Y Y Y NA Y Y

S.No. Questions Principle 7- Responsible public policy advocacy1. The company has not understood the Principles -2. Thecompanyisnotatastagewhereitfindsitself in

a position to formulate and implement the policies on specifiedprinciples

-

3. The company does not have financial or manpowerresources available for the task

-

4. Itisplannedtobedonewithinnext6months -5. Itisplannedtobedonewithinthenext1year -6. Any other reason (please specify) POWERGRID is amemberof various industrial and tradebodiesand

participates in these forums on issues and policy matters that impact theinterestofourstakeholders.KeepinginviewthesignificantinterestofPOWERGRIDintheTransmissionsector,aseparateRegulatoryCellisinplacetoundertakePOWERGRID’sendeavorofapro-activeapproachas part of policy advocacy with the stakeholders and CERC.Wherever feltnecessary,wegiveourcommentsonvariousapproachpapers, consultation papers, draft regulations etc issued by CERC, TRAI and other authorities.

3. Governance related to BR

• Indicate the frequency with which the Board of Directors, Committee of the Board or CEO to assess the BR performance of the Company. Within 3 months, 3-6 months, Annually, More than 1 year

3-6months

• Does the Company publish a BR or a Sustainability Report? What is the hyperlink for viewing this report? How frequently it is published?

Yes, the Company publishes “Sustainability Report” based on Global Reporting Initiative (GRI) Guidelines. These reports are being published biennially and are available on company website at following link:

https://www.powergridindia.com/sustainability-report

72

Section E: Principle-wise performance

Principle 1- Businesses should conduct and govern themselves with Ethics, Transparency and Accountability

1. Does the policy relating to ethics, bribery and corruption cover only the company? Yes/ No. Does it extend to the Group/Joint Ventures/Suppliers/Contractors/NGOs/Others?

Yes.POWERGRIDiscommittedtoobservetransparencyandconsistencyinallitsoperations.POWERGRIDfollowsano.ofpolicies/rules to strengthen ethical conduct at all levels including the following:

a) Code of Business Ethics & Conduct: POWERGRIDhas laiddowntwoseparateCodeofBusinessEthics&Conduct–oneforBoardMembersandanotherforSeniorManagementPersonnel(includingthosedeputedinSubsidiaries/JointVentures)inalignmentwithCompany’sVision&MissionandaimsatenhancingethicalandtransparentprocessinmanagingtheaffairsoftheCompany.

b) POWERGRID Conduct and Discipline Appeal rules (POWERGRID CDA Rules): POWERGRID CDA Rules define thedesirableandnon-desirableactsandconductfortheemployeesandextendtoallemployeesworkingwithit(includingthosedeputedinSubsidiaries/JointVentures).TheaspectsofBriberyandCorruptionarealsocoveredunderCDArules.Thereislaiddownprocedureforactionsinthecaseofnon-compliancewiththedefinedtermsaswellasforanymisconduct.

c) Whistle Blower and Fraud Prevention Policy:WhistleBlowerandFraudPreventionPolicyprovidesasystemfordisclosuresmadebyemployeesorcomplaintofanyfraudorsuspectedfraudinvolvingemployeesofPOWERGRID(allfulltime,parttimeoremployeesappointedonadhoc/temporary/contractbasis)aswellasrepresentativeofvendors,suppliers,contractors,serviceprovidersoranyoutsideagency(ies)doinganytypeofbusinessinPOWERGRID.

Since,POWERGRIDisadesignatedpublicauthority,theprovisionsoftheRighttoInformationAct,2005areapplicableonus.TheChiefPublicInformationOfficers(CPIO)attheCorporateandregionallevelensuresmoothaccesstoinformationinatimelymanner.

Severalinitiativeshavebeentaken/arebeingtakenbyPOWERGRIDtostrengthenIntegrity,transparencyandfairnessinitsbusinesspractices which includes the following:

(i) Welldefined“DelegationofPowers”isinplacedelineatingthepowersofthetopexecutivesandbelowforcarryingoutworkinsystematic manner.

(ii) POWERGRID has implemented “Works & Procurement Policy and Procedure (WPPP) for Pre-award and Post-award Stages”(as amended from time to time) with a view to making the policies and procedures more systematic, transparent and easy to administeruniformly throughout itsbusinessoperationswithmajor thrustonexpeditiousanddecentralizeddecisionmakingcoupled with accountability and responsibility.

(iii) “Integrity Pact Program” has been implemented which is considered as a useful tool in ensuring transparency in the procurement process. Contracts above `100Crorearealsomonitoredbyapanelof“IndependentExternalMonitors(IEMs)”.

(iv) ManualsandProceduresareinplaceforConstruction,Operation&Maintenance.

(v) e-procurementmechanismformostoftheprojectprocurementshasbeenimplemented.

(vi) e-Reverseauctionmechanismisinplace.

(vii)TheProject“RUPANTAR”,theEnterpriseResourcePlanning(ERP)initiativeofourCompanyhasbeenimplementedandmajorityof the key processes related to business are running on ERP.

(viii) Detail of Award is posted on the website on real time basis.

(ix) POWERGRID focusesonPreventive,Pro-activeaswell asPunitiveVigilance.Aimingatbetter transparencyand to inculcategoodgovernancewithintheorganization,POWERGRIDhastakenanumberofinitiatives.Fordetails,sectionon‘CommitmenttoTransparency&VigilanceFunction’underDirectors’Reportmaybereferred.

2. How many stakeholder complaints have been received in the past financial year and what percentage was satisfactorily resolved by the management? If so, provide details thereof, in about 50 words or so.

DuringFY2018-19,74nos.ofcomplaintswerereceived.About48.30%ofcomplaintshavebeendisposedofduringtheyearandtheremaining are under due process.

Principle 2 -Businesses should provide goods and services that are safe and contribute to sustainability throughout their life cycle

1. List up to 3 of your products or services whose design has incorporated social or environmental concerns, risks and/or opportunities.

(i) Adoptionofmoderntechniquesviz.GIS/GPS,satelliteimagingetc.helpinselectionofmostoptimumlinerouteavoidingecologicaland social sensitive areas as far as possible thus, resulting in minimum ecological and social footprint.

(ii) Technological initiatives such as use of innovative towers (pole, multi circuit) and adoption of high voltage levels transmission system (1200kV,±800kVHVDC,765kVetc.)notonlyconservedthepreciousRightofWay(RoW)butalsosubstantiallyreducedfellingoftree as well as conservation of wildlife in ecologically sensitive areas.

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(iii) Initiative to utilize the unused inductive power in earth wire for powering of telecom antennas to eliminate use of DG sets by mobile operators-aconstantsourceofpollutionandGHGsemission.

2. For each such product, provide the following details in respect of resource use (energy, water, raw material etc.) per unit of product(optional):

(a) Reductionduringsourcing/production/distributionachievedsincethepreviousyearthroughoutthevaluechain?

(b) Reduction during usage by consumers (energy, water) has been achieved since the previous year?

Theseactivitiesarebeingcarriedoutundervariouspolicies/guidelinesandareimplementedfromtimetotime.

3. Does the company have procedures in place for sustainable sourcing (including transportation)?

(a) If yes, what percentage of your inputs was sourced sustainably? Also, provide details thereof, in about 50 words or so.

SustainabilityinsourcingisenforcedthroughtheEnvironmentalandSocialPolicy&Procedures(ESPP)ofPOWERGRIDwhichextendstoSuppliers/Contractors/Vendorsthroughcontractconditions.Vendors/Suppliers/ContractorsarerequiredtocomplywithESPP,Labourlaws,Environmentallaws&effectualSafetyplansthroughstipulationsintheConditionsofContract.ContractsprovidepenaltiestobeimposedontheVendors/suppliers/contractorsintheeventofbreachofthesaidprovisions.

4. Has the company taken any steps to procure goods and services from local & small producers, including communities surrounding their place of work? (a) If yes, what steps have been taken to improve their capacity and capability of local and small vendors?

Weencourageparticipationoflocalvendorsforcertainworksin&aroundourestablishmentsthroughlocalcompetitivebiddingprocess.

5. Does the company have a mechanism to recycle products and waste? If yes what is the percentage of recycling of products and waste (separately as <5%, 5-10%, >10%). Also, provide details thereof, in about 50 words or so.

Due to nature of the Company’s business there is no process waste generated and the waste is restricted primarily to metal scraps, used batteries,usedtransformeroil,e-wasteetc.However,Companyhasputinplacesystemsforreuse/recyclingofthesewastematerials.Thewastes suchasused transformeroil,usedbatteries,&e-wastearedisposedeither togovt.authorized recyclers/reprocessorsorchannelizedbacktomanufacturersforrecyclingaspertheapplicablerules/regulations,whichtakescareof100%recyclingofsuchwastes.Forfurtherdetailsonquantityanddisposalmethod,referSustainabilityReportsavailableatbelowhyperlink;

https://www.powergridindia.com/sustainability-report

Besides,the“WastePaperRecycling”plantinstalledatGurgaonSubstationisalsocontributinginproperdisposal/recyclingofwastepaper.

Principle 3- Businesses should promote the wellbeing of all employees

1. Please indicate the Total number of employees. Total numbers of employees as on March 31, 2019 were 9255.

2. Please indicate the Total number of employees hired on temporary/contractual/casual basis. TotalnumberofemployeeshiredoncontractualbasisasonMarch31,2019were631(excludingcontractuallabour).

3. Please indicate the Number of permanent women employees. NumberofpermanentwomenemployeesasonMarch31,2019were687.

4. Please indicate the Number of permanent employees with disabilities Number of permanent employees with disabilities as on March 31, 2019 were 206.

5. Do you have an employee association that is recognized by management. Employeesunderthe‘Workmen’categoryarerepresentedthroughTradeUnionsandtheorganizationhasrecognizedworkmen-management

forum.

6. What percentage of your permanent employees is members of this recognized employee association? Allemployeesunderthe‘Workmen’categoryaremembersofTradeUnion.Workmenrepresentabout24%oftheemployeestrengthin

POWERGRID.

7. Please indicate the Number of complaints relating to child labour, forced labour, involuntary labour, sexual harassment in the last financial year and pending, as on the end of the financial year.

S.No. Category No. of complaints filed during the financial year

No. of complaints pending as on end of the financial year

1. Childlabour/forcedlabour/involuntarylabour NIL NIL2. Sexualharassment NIL NIL3. Discriminatory employment NIL NIL

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Employees % of Employees given safety & skill up-gradation training in the last year i.e. FY 2018-19Permanent Employees 79.98%PermanentWomenEmployees 79.62%Casual/Temporary/Contractual Employees

83.35%

Employees with Disabilities 71.85%

8. What percentage of your under mentioned employees were given safety & skill up-gradation training in the last year?

Principle 4- Businesses should respect the interests of, and be responsive towards all stakeholders, especially those who are disadvantaged, vulnerable and marginalised.1. Has the company mapped its internal and external stakeholders? Yes/No Yes,POWERGRIDhasmappeditsinternalandexternalstakeholders.WerecognizeShareholders,RegulatoryAuthorities(GoI),Customers,

Communities/persons residing around our areas of operation, Projects Affected Persons (PAPs)/Communities, Employees, Suppliers&Contractors,Research&DevelopmentInstitutions,FundingAgenciesandMediaasourkeystakeholdersineconomic,environment&socialdimensions.

POWERGRIDengageswith its identified stakeholders on an ongoingbasis and the prioritization of such engagement has beendoneconsideringfactorslikeDependency,Influence,ResponsibilityandProximity.ThereisastructuredStakeholderEngagementMatrixwhichdetailsspecificengagementmechanismsincludingmode&frequencyofengagementforeachstakeholdercategory.

2. Of the above, has the company identified the disadvantaged, vulnerable & marginalized stakeholders? Yes,thecompanyhasidentifiedthedisadvantaged,vulnerable&marginalizedstakeholdersandarebroadlydividedintotwocategoriesviz.

InternalStakeholders[Employees–PersonswithDisabilities(PWD)/SC/ST/Women]andExternalStakeholders[ProjectAffectedPersons/Families(PAPs/PAFs):Widowwomenheadedfamilies,SC/ST/PersonswithDisabilities(PWD)].

3. Are there any special initiatives taken by the company to engage with the disadvantaged, vulnerable and marginalized stakeholders. If so, provide details thereof, in about 50 words or so.

POWERGRIDhastakenfollowinginitiativestoengagewiththedisadvantaged,vulnerableandmarginalizedstakeholders: InternalStakeholders(Employees-PersonswithDisabilities(PWD)/SC/ST/Women)–POWERGRIDensuresdiversityatworkplace

througheffortstorecruit,developandretainthemosttalentedpeoplefromthepoolofSC/ST/OBC/Ex-servicemen/PersonswithDisabilities(PWD)candidates,inaccordancewithGoIdirectivesonreservationmatters.Thespecialinitiativestakeninclude-

A time bound mechanism for the redressal of grievances is in place as under: a) A Reservation Cell has been constituted at the corporate, as well as regional level to comply with GoI directives on reservation

mattersforSC/ST/OBC/Ex-servicemen/PersonswithDisabilities(PWD).Thiscellisundercontrolofnominatedliaisonofficer(s).TheLiaisonOfficer(s)areavailableonapre-fixeddayandtimeforinteractiononceinaweek.Widepublicityregardingavailabilityof the liaison officer is ensured amongst SC/ST employees. Regular meetings with SC/ST/OBC Employee’s Association areconducted. ‘Awareness Programme’ are organized to acquaint the SC/ST/ OBC/PWD employees about the relaxations andconcessions available to them under Government directives.

b) InternalComplaintsCommittees(ICCs)underSexualHarassmentofWomeninWorkplace(Prevention,Prohibition,Redressal)Act,2013existinthecompanyinordertohandlecomplaintsrelatedtotheharassmentofsexualnatureofwomen.

Womenemployeesareextendedcertainrelaxationlikepostinginsoftlocations,etc.FacilitieslikeRampetcareprovidedtoPersonswith Disabilities.

ExternalStakeholders{ProjectsAffectedPersons/Families(PAPs/PAFs)-Widowwomenheadedfamilies,SC/ST/PhysicallyHandicap}-Thespecialinitiativestakeninclude–

a) RehabilitationandResettlement(R&R)measures:Vulnerablegroupslikewidowwomenheadedfamilies/SC/ST/physicallyhandicapwhohavesufferedlossofland/lossofstructure/lossoflivelihood(wageoroccupation)areconsideredforadditionalneedbasedbenefits.

b) CSR Initiatives:CorporateSocialResponsibility (CSR)activitiesofPOWERGRIDare focused towards initiatives thatpromoteinclusive growth and address the basic needs of the under privileged and weaker sections of the society. The organization addresses the issues of Community Development with thrust on Health, Education, Sanitation, Skill development, Infrastructure creation for Rural Development, environmental sustainability, etc. primarily around its areas of operations. A large number of women,girls,SC/ST/Minority,poor&marginalizedsectionofthepopulationwerebenefittedasaresultofPOWERGRID’sCSRinitiatives.VariousCSRinitiativessuchasimprovementinfacilitiesatpublichealthcare/educationalinstitutions,Scholarship/financialassistancetothedeprivedstudents,etc.hadbeenundertakenforimprovingthequalityoflifeofthelessprivilegedpopulation. Besides, a large number of projects involving infrastructure development in rural areas like Installation of solar street lights,creatingsanitationanddrinkingwaterfacilities,construction/renovationofroads,Classroom,communitycenters,toiletsinschool, providing schools furniture etc. have been undertaken to make the basic facilities and services available to the community. In addition, the Company continues to undertake several CSR Skill Development initiatives by imparting livelihood oriented skill developmenttrainingthroughthereputedinstitutionlikeNSDC,Indo-GermanInstituteforAdvancedTechnology(IGIAT),Vizag,IndoGermanToolRoom(IDTR),Indoreforimpartinghigh-endskilltrainingtoyouthtoenablethemformeaningfulanddecentemployment.

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Principle 5 - Businesses should respect and promote human rights1. Does the policy of the company on human rights cover only the company or extend to the Group/Joint Ventures/Suppliers/

Contractors/NGOs/Others? HumanRightsissuesareincorporatedunderrelatedpolicies&practicesofPOWERGRIDwhichextendtotheemployeesincludingthose

deputed in Subsidiaries/ Joint Ventures and relative aspects pertaining to Vendors/ Suppliers/Contractors through contract condition.Further,TheConduct andDisciplineAppeal rules (“CDARules”) of POWERGRIDalsodefine thedesirableandnon-desirableacts andconductfortheemployees(includingthosedeputedinSubsidiaries/JointVentures).Thereisalaiddownprocedureforactionsincaseofnon-compliancewiththedefinedtermsaswellasforanyinappropriateorunwelcomesexually-orientedbehavior.Topromotefairandequitableemploymentrelationship,aschemeforGrievanceRedressalofemployeesisalsoinplacewhichensuresatimeboundredressalof grievances. Internal Complaints Committees (ICCs) have been constituted under the Sexual Harassment ofWomen atWorkplace(Prevention,ProhibitionandRedressal)Act,2013toredesscomplaintsreceivedregardingsexualharrasment.

POWERGRIDalsogotcertified toSocialAccountability standardSA-8000 for itshumanresourceand labourmanagementpoliciesandpractices. Vendors /Suppliers / contractors are required to complywith the provisions of the labour laws/Human rights etc throughstipulations in the conditions of contract. As per the Contract agreement, contractors are prohibited from subjecting their workers to any child, forcedorcompulsory labour.Allcontractorsarerequiredtocomplywithvariouscompensationandregulatoryacts.AllsupplierstoPOWERGRIDhavetoconfirmtoGeneralConditionsofContractandSA8000clauses.POWERGRIDtakesdeclarationregardingSocialAccountability from the bidders/contractors for compliance of all requirements of Social Accountability Standards i.e., SA8000 (latestStandardavailableatwww.sa-intl.org),thisdeclarationformspartofContractDocuments.Provisionofpenaltiesfornon-adherenceofthesame are also included in the contract conditions.

POWERGRIDpromotesawarenessoftheimportanceofrespectingHumanRightswithinitsvaluechainanddiscourageinstancesofabuse.Besides conducting technical and behavioral trainings, the training on Human Rights issues to sensitize people towards women, the differently-abledandthesociallyweakersectionsofthesocietyhavealsobeenimparted.

2. How many stakeholder complaints have been received in the past financial year and what percent was satisfactorily resolved by the management?

Nocomplaintwasreceivedregardinghumanrightsviolationduringthereportingperiod(2018-19).Principle 6 - Business should respect, protect, and make efforts to restore the environment1. Does the policy related to Principle 6 cover only the company or extends to the Group/Joint Ventures/Suppliers/

Contractors/NGOs/others. The Environmental and Social Policy& Procedures (ESPP) of POWERGRID encompasses the company, its Joint Venture – Powerlinks

TransmissionLimited,subsidiariesingeneralandrelativeaspectspertainingtoVendors/Suppliers/Contractorsthroughcontractcondition.2. Does the company have strategies/initiatives to address global environmental issues such as climate change, global

warming, etc? Y/N. If yes, please give hyperlink for webpage etc. Yes,Companyhastakenvariousinitiativesformitigatingclimatechangetofulfilitscommitmenttowardsthegoalofsustainabledevelopment

andtomeettheGoI’sNationallyDeterminedTarget(NDC)underParisagreement.Somemajorinitiativesinthisregardare:- Following the cardinal principle of avoidance, minimization as per Environmental and Social Policy and Procedures (ESPP), involvement

offorestlandinitstransmissionlineprojecthasbeenprogressivelyreducedfrom6%in1998to2.26%atpresent,thusplayingamajorroleinpreservingthepreciouscarbonsinkinlinewithGoI’scommitmenttoParisagreement.Itisestimatedthatapprox.1.25million tons of CO2 absorption by above saved forest annually through this initiative.

POWERGRIDisplayingakeyroleinintegrationofrenewableenergyresourcesbyestablishinghighcapacity“GreenEnergyCorridors”dedicated for renewable energy including solar parks across the country. Such initiative not only reduced the dependency on thermal generation but also provided boost to renewable generation by providing reliable grid connectivity which was earlier thought to be a majorimpedimentforrenewableenergydevelopment.POWERGRIDisimplementinginter-statetransmissionsystemforeightsolarparksofabout7,200MWinfiveStates.Suchtransmissioncorridorswillfacilitatetransferof43GWofrenewableenergyagainstINDCtargetof75GW.

RecognizingtheimportanceofsolarpowerincombatingClimatechangeandin-linewithGOI’scommitmenttowardsParisAgreement,POWERGRIDhasbeeninstallingsolarstreetlightingandSolarPVSystemsinitssubstationpremisesandofficeestablishments.Weareintheprocessofinstalling5MWpRooftopSolarPVSystemscoveringmorethan50locationsinitspremises.Thisinitiativewillresultinfurthersavingof7-8MillionUnits(MUs)ofGridconnectedenergyperannum,thereby,furtherreducingatmosphericemissionofapprox.35916mt.ofCO2 per year.

Anothersignificantinitiativeistheuseofinductivepowerinearthwireforpoweringoftelecomantennas.Thisinductivepowerwhichotherwise goes waste will eliminate the use of DG sets, a constant source of pollution and GHGs emission. The technology has been successfully tested at pilot scale and regulatory approval of the CERC has also been received.

InlinewithGoIE-Mobilitymissiontowardsloweringvehicularemissionandtoensureenergysustainability,POWERGRIDhasbeenusinge-vehiclesforitsdaytodayofficialtransportation.POWERGRIDisalsodevelopingElectricVehicle(EV)ChargingStationsacrossIndiatofacilitateE-mobilitysolutionsinroadtransportcovering2-Wheelers,Rickshaws/Autos,Taxis,Cars,Busesetc.

Further,ontheTechnologicalInitiativesfront,effortsarebeingmadeforconservationofenergyinourprojects–rightfromplanningstage,totheexecutionstageandthroughouttheOperation&Maintenanceperiod.Weareimplementing±800kVHVDCsystemsand765kVD/ClinestominimizeRoWandenvironmentalproblems.Wehavealsodeveloped1200kVUltraHighVoltage(UHV)ACtechnologyindigenously,thehighesttransmissionvoltagelevelintheworld,incollaborativeeffortswithdomesticmanufacturers.Thiswillenabletransferof6000-8000MWpoweroversinglecorridor.Inaddition,effortsarebeingmadetoswitchtohighperformanceconductorsinexistingandnewlineswhich involve lower sag as against conventional conductor at higher operating temperatures thereby resulting in reduction of tower weight andincreasingspanandconsequently,reducethetotalsteelrequirementresultingintolowercarbonfootprint.Theselatesttechnologieswillhavewideinfluenceinminimizingenvironmentalandsocial impactofhighvoltagetransmissionlineandtheseinitiativeswillshowextensiveresultsinoptimizationofRoWanditsassociatedenvironmentalandsocialimpact.POWERGRIDhasalsobeendesigningand

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usingCompacttowers/Poletypetowers/Multi-circuittowersdependinguponlandtopographyandconditions.GasInsulatedSubstation(GIS)arealsobeingestablishedbyPOWERGRIDtoreducelanduse.POWERGRIDhasalreadyimplementedpilotprojectsonSubstationAutomationSystemwith Process Bus architecture in the pursuit ofDigital substation.Moreover a project on retrofitting conventionalcontrolandprotectionsystemwiththelatestProcessBusbasedsolutionatoneoftheoldsubstation-400/220kVMalerkotlasubstation,hasalsobeeninitiatedapartfromutilizingtheProcessBusinanotherupcominggreenfieldprojectatChandigarh.Wehaveintroduced33kV Mobile Capacitor bank for enabling the distribution utilities to tackle voltage related issues during particular season of the year. As a majorsteptowardsthepro-activemaintenance,POWERGRIDhasdevelopedin-housetoolforonlineconditionassessmentoftransformers.POWERGRIDisalsodevelopingatoolforhealthindexingoftransformersasanextsteptowardsefficientconditionassessment.Apartfromabove,wehavetakeninitiativesfordevelopmentofSmartGridinIndiatowardsbringingefficiencyindistributionandareextendingconsultancyservicesforimplementationofvariousprojectsonSmartGridtechnologyindifferentstates.

3. Does the company identify and assess potential environmental risks? Y/N Yes. A detailed Risk Assessment and Management procedure is in place to identify and assess potential environmental and social risks,

aspartofoverallprojectanalysis.ThePOWERGRID’sESPPwhichisbasedontheprinciplesofAvoidance,MinimizationandMitigationoutlinesPOWERGRID’sapproachandcommitmenttodealwithenvironmentalandsocialrisk/issuesandlaysoutmanagementproceduresandprotocolstomitigatethesame.Itprovidesaframeworkforidentification,assessment,andmanagementofenvironmentalandsocialconcernsatbothorganizationalandprojectlevel.ESPPframeworkincludesproceduresfor:(a)ScreeningandIdentificationofRisks(fromenvironmentalreceptors,socialreceptorsandotherstakeholders);(b)avoidanceofrisks(includingcriteriaandproceduresforalternativerouting);(c)mitigationofriskthroughimpactmanagement, implementationofGoodInternationalIndustryPractices(GIIP),adequatecompensationtoaffectedstakeholders,publicconsultationanddisclosure,andgrievanceredress;(d)monitoring,reporting,evaluation,feedback,managementreviewandcorrectiveaction;and(e)responsibilityandresourceallocationincludinganorganizationstructureformanagement of social and environmental risks.

POWERGRIDisaccreditedwithaPubliclyAvailableSpecification,PAS99:2012basedIntegratedManagementSystem(IMS)thatincludesISO9001:2015(QualityManagementSystem),ISO14001:2015(EnvironmentManagementSystem)andOHSAS18001:2007(OccupationalHealth&SafetyManagementSystem).

4. Does the company have any project related to Clean Development Mechanism? If so, provide details thereof, in about 50 words or so. Also, if Yes, whether any environmental compliance report is filed?

No.5. Has the company undertaken any other initiatives on - clean technology, energy efficiency, renewable energy, etc. Y/N. If

yes, please give hyperlink for web page etc. Yes.POWERGRIDcontinuestoundertakeinitiativesonEnergyEfficiencywhichincludesenergyauditsofvariousindustries/institutions/

transmission&distributioncompanies/watermanagementsystemsofcanals&irrigationdepartments/othercommercialestablishments/thirdpartyconsultancyforbase-liningwork/InvestmentGradeEnergyAuditreportsformunicipalitiesacrossIndia,etc.whichisabasicneedforimplementationofEnergyEfficiencysolutions/EnergyServiceCompany(ESCO)projects.WearealsoaBEEcertifiedESCOforundertaking implementationofenergyefficiencyprojects.To facilitate implementation,POWERGRIDhas signed / is in theprocessofsigningMoUswithGovt.agenciesforundertakingconsultancy&investmentinEnergyEfficiencyProjects.

POWERGRIDisplayingakeyrole in integrationofrenewableenergyresourcesbyestablishinghighcapacity“GreenEnergyCorridors”dedicated for renewable energy including solar parks across the country. Such initiative not only reduced the dependency on thermal generation but also provided boost to renewable generation by providing reliable grid connectivity which was earlier thought to be a major impedimentforrenewableenergydevelopment.POWERGRIDhasalsoevolvedacomprehensivetransmissionplanforgridintegrationofvariousRenewableEnergyZones(66.5GW)inthecountry.

Forfurtherdetail,Sectionson‘EnergyEfficiency’and‘IntegrationofRenewableEnergy’undertheDirectors’Reportmaybereferred.6. Are the Emissions/Waste generated by the company within the permissible limits given by CPCB/SPCB for the financial

year being reported? Powertransmissionprojectactivitiesdon’t involveanydirectemission/wastetoenvironment.Theonlyemissionthatcanbeattributed

to our activity is from operation of DG sets used intermittently as power backup. However, regular maintenance of DG sets ensured containment of emission levels well within the permissible limits prescribed by Pollution Control Boards.

7. Number of show cause/ legal notices received from CPCB/SPCB which are pending (i.e. not resolved to satisfaction) as on end of Financial Year.

NIL POWERGRIDdidnotreceiveanyshowcause/legalnoticefromCPCB/SPCB.Principle 7 - Businesses, when engaged in influencing public and regulatory policy, should do so in a responsible manner1. Is your company a member of any trade and chamber or association? If Yes, Name only those major ones that your

business deals with: POWERGRIDisamemberofvariousindustrybodiesincludingthefollowing: 1. Federation of Indian Chambers of Commerce and Industry (FICCI) 2. Confederation of Indian Industry (CII) 3. CII CPSE Council 4. TheAssociatedChambersofCommerce&IndustryofIndia(ASSOCHAM) 5. PHDChamberofCommerce&Industry(PHDCCI) 6. CentralBoardofIrrigation&Power(CBIP)

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7. WECIndia(formerlyknownasWorldEnergyCouncil-IndiaMemberCommittee) 8. IndianInstituteofPlantEngineers(IIPE) 9. Standing Conference of Public Enterprises (SCOPE) 10. Internet Services Providers Association of India (ISPAI) 11. Association of Competitive Telecom Operators (ACTO) 12. InfrastructureIndustry&LogisticsFederationofIndia(ILFI) 13. India Infrastructure Forum (IIF)2. Have you advocated/lobbied through above associations for the advancement or improvement of public good? Yes/No;

if yes specify the broad areas. (dropbox: Governance and Administration, Economic Reforms, Inclusive Development Policies, Energy security, Water, Food Security, Sustainable Business Principles, Others)

POWERGRIDparticipatesthroughassociationsin(1)aboveontheissuesandpolicymattersthatimpacttheinterestofourstakeholders. Keeping inview thesignificant interestofPOWERGRID in theTransmissionsector,aseparateRegulatorycell is inplace toundertake

POWERGRID’sendeavorofapro-activeapproachaspartofpolicyadvocacywiththestakeholdersandCERC.Whereverfeltnecessary,wegiveourcommentsonvariousapproachpapers,consultationpapers,draftregulationsetcissuedbyCERC/TRAI/otherauthorities.Besides,POWERGRIDalsogives itscomments in thefieldofGovernance&Administration,EconomicReforms, InclusiveDevelopmentPolicies,Energysecurity,Water,SustainableBusinessPrinciplesetc,asandwhensoughtbyGoI.Wehavealsomadesignificantcontributionindesigning/planningeco-friendlymeasurestomitigateimpactsoftransmissionlineonwildlifeasamemberofTaskforceconstitutedbyMoEF&CC.

Principle 8- Businesses should support inclusive growth and equitable development1. Does the company have specified programmes/initiatives/projects in pursuit of the policy related to Principle 8? If yes

details thereof. BytheverynatureofourbusinessandastheCentralTransmissionUtility,wetouchmillionsofliveseverydayandunderstandthatreal

successistheresultofinclusivedevelopmentoftheinvolvedentitiesandstakeholders.Wesupporttheprinciplesofinclusivegrowthandequitabledevelopmentthroughcorporatesocialresponsibility(CSR)initiativesaswellasthroughourcorebusiness.

OurcommitmenttowardsSocialResponsibility(Labour,Employees,Communities,Employee’sfamilies)isamplyreflectedinouralreadyadoptedIntegratedManagementPolicy,EnvironmentalandSocialPolicy&Procedures(ESPP),RehabilitationActionPlan(RAP),CorporateObjectives,OSHAS-18001andSocialAccountabilitySA8000.CorporateSocialResponsibilityisprimarilytoshowcaseourabidingcommitmentandconcerntopay-backtothesocietyandenvironmentforthebenefitsreapedsofar.CSRhasalwaysbeenanintegralpartofourvisionandthecornerstoneofCoreValuesofGoodCorporateCitizenship.Wearecommittedtowardstakingresponsibilityforitsimpact,thoughveryminimalinnature,onsocietyandbeingaccountabletotheinhabitantsofMotherNature.Weemphasizeonoverallsocio-economicdevelopment of areas and communities around our operations through various community development programmes, initiatives such as Livelihood generation, Skill development, Healthcare, Education, Plantation, sanitation, drinking water, roads, drainage system, community centres, development and conservation of water bodies, etc.

2. Are the programmes/projects undertaken through in-house team/own foundation/external NGO/government structures/any other organization?

Theprograms/projectsareundertakenbyin-houseteamsaswellasthroughGovt./SemiGovt.agencies/agenciesofInternationalandNational repute, etc.

3. Have you done any impact assessment of your initiative? Yes.ImpactAssessmenthavebeencarriedoutinter-aliatounderstand/evaluatethecommunitydevelopmentactivitiesundertaken,the

benefitsaccruedtocommunities;andtogaininsightsforformulating&improvingthecommunitydevelopmentactivitiesinfuture.Forprojects belowRs 3 crore, impact assessment had been undertaken by POWERGRID internally, however, for larger projects externalagencies were engaged.

ImpactAssessmentStudyoftheRehabilitationActionPlan(RAP)implementationiscarriedoutafter1-2yearsofRAPimplementationtoascertainwhethertheintendedbenefitsandotherobjectivesoftheRAPhavebeenachieved.Suchassessmentiscarriedoutbyindependentagencies&measurestomitigateanyshortcomingduringsuchImpactAssessmentareincorporatedinthenextimplementationtoavoiditsreoccurrence.Duringtheyear,threesuchstudiesforIndore,Solapur&Parlisubstationshavebeencarriedoutandthereportsaredisclosed/availableonfollowinglink:

https://apps.powergridindia.com/esm-documents/resettlement-and-rehabilitation.aspx4. What is your company’s direct contribution to community development projects- Amount in INR and the details of the

projects undertaken? An amount of `195.52 Crore has been incurred and more than 200 CSR projects worth about `360 crore have been sanctioned under CSR

activitiesduringtheFY2018-19.Communitydevelopmentworkswereundertakenfortheoverallimprovementofsurroundingvillagesandcommunity. Based on social assessment outcome, we implement need based development works like supply and installation of Solar street lights,Watersupplyhand-pumps,waterfiltrationplants,WaterATMs,constructionofroads,communitycentersinvillages,classrooms,toilets,schoolsfurniture,watersupplyarrangementsindifferentschools,supplyofdustbins&Cleaningequipmentetc.inassociationwithlocal authorities.

5. Have you taken steps to ensure that this community development initiative is successfully adopted by the community? Please explain in 50 words, or so.

Thecommunitiesintendedtobebenefittedareconsultedandcloselyinvolvedintheprocessofidentifying,planningandimplementationof the CSR activities. Wherever possible, the local authorities and specialised agencies are similarly consulted and involved. Duringimplementation and just before handing over of facility, regular awareness programs are organized with the help of local bodies, etc. to inculcate ownership of facility.

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Principle 9- Businesses should engage with and provide value to their customers and consumers in a responsible manner1. What percentage of customer complaints/consumer cases are pending as on the end of financial year. NIL 2. Does the company display product information on the product label, over and above what is mandated as per local laws?

Yes/No/N.A. /Remarks(additional information) Not Applicable.3. Is there any case filed by any stakeholder against the company regarding unfair trade practices, irresponsible advertising

and/or anti-competitive behaviour during the last five years and pending as on end of financial year. If so, provide details thereof, in about 50 words or so.

No4. Did your company carry out any consumer survey/ consumer satisfaction trends? Weengagewithourcustomersonanongoingbasisandgenerallyholdmeetingsonaregularbasis.Theobjectiveofsaidmeetingsinter

aliaincludesidentificationofprocessimprovementareas,understandingconcerns/expectationsofcustomers.Basedonfeedback,companytakesmeasuresforsystemimprovement,whereverrequired.




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ANNEXURE - III TO THE DIRECTORS’ REPORT

1. Particulars required under Rule 8 (3) of the Companies (Accounts) Rules, 2014 read with Section 134 (3) (m) of the Companies Act, 2013.

A. CONSERVATION OF ENERGY (a) Energy conservation measures taken and on hand: IthasbeentheendeavourofPOWERGRIDtomakeallouteffortsforconservationofenergyinall itsprojects-rightfromthe

planning stage, to the execution stage and throughout the O&M period. Before finalizing the transmission schemes, variousalternatives/ technologies forpower transferareexaminedandoneof themajorcriteria forselectionof transmissionsystem/technologyislowerlosses.Infact,POWERGRIDhasadoptedhighervoltagelevelslike765kVAC,+500kV HVDC, +800kVHVDCin its transmission systems for bulk power transfer across various regions which result in lower losses in the system. 1200kV AC systemisalsobeingconsideredforbulkpowertransmissionwhichisunderfieldtrialstagenow.

At design stage of the transmission system, optimization of various parameters is done so that losses in the transmission system are optimized. The conductors are selected after detailed optimization studies which consider reduction of line losses as one of the primarycriteria.Thebusbarmaterialsandtheclampsandconnectorsarechosenmeetingstringentinternationalrequirementssothatlossesareoptimized.Duringevaluationoftransformer&shuntreactorpackages,equipmentwithminimumlossesisgivenweightage.IncaseofHVDCsystemalso,theselectionofparametersoffiltercomponents,ThyristorValves,ConverterTransformeretc. is done in such a way that overall losses are minimized even under various system operating condition. Further, in case of transmissionhardware, thematerialwith lower losses isspecified.Parametersandtypesofvariousotherequipmentsarealsochoseninamannerthatthelossesareoptimized.Thus,energyconservationmeasuresaretakenbyPOWERGRIDateverystepsoastodevelopanefficientandlow-losstransmissionnetwork.POWERGRIDhasalsoestablishedadedicatedEnergyEfficiencyCell to make inroads into the conservation of energy and reduction of carbon emission in industrial and commercial sectors. Energy audits are regularly carried out to identify opportunities for energy saving and few implementations have also been undertaken successfully to reduce energy consumption in industries and agriculture sector. POWERGRID has undertaken Energy Audit ofIntegrated Steel Plants.

(b) Additional investment and proposals, if any, being implemented for reduction of consumption of Energy: As stated above, POWERGRID undertakes energy conservationmeasures bymeans of reduction of losses in its transmission

schemesrightfromplanningtoexecutionstage.B. RESEARCH AND DEVELOPMENT 1&2 IthasbeenPOWERGRID’sendeavortopursuetheresearchanddevelopmenteffortsinthefieldofnewtechnologiesintransmission

systemtoremainatparwithinternationalstandards.Also,realizingtheneedforconservationofRight-of-Wayandfuturerequirementofdevelopmentofhighcapacitytransmissionsystemtomeetthefuturepowerrequirement,POWERGRIDisactivelypursuingseamlessintegrationofnewandefficient technologies in IndianpowerGrid to createenvironment-friendly transmission system.POWERGRIDhasaccordedspecialemphasisonadoptionofnewtechnologiesavailablearoundtheglobeforimprovingthequalityofpowersupply,reduction of losses, optimum utilization of the available transmission assets, conservation of environment and optimizing upon the cost of deliveredpower.ThecompanyisworkingincollaborationwithInternational/Nationalresearch/academicinstitutions;manufacturersetc.andisthusenhancingitsin-housecapabilitiesfordesignandengineeringofState-of-the-Arttransmissionsystems.

POWERGRID Advanced Research and Technology Centre POWERGRIDhasestablishedworldclasslaboratoriesandtestfacilitiesatManesar,Gurgaonforcarryingoutresearchanddevelopment

inpowertransmissionarea.ThisR&DcentreshallcatertotheresearchneedsofPOWERGRIDandoftheCountrytoalargeextentwithstate-of-the-artlaboratoriesforpowersystemanalysis,advancedequipmentdiagnostics,smartgrid,controlandautomation,materialscience, engineering design etc.

TECHNOLOGY DEVELOPMENT POWERGRID adopts and encourages the research & development (R&D) activities in pursuit of technological excellence in power

transmission.Notableamongthem,aretheprestigious1200kVNationalTestStationprojectatBina,MadhyaPradeshandtheProcess-bus in Substation Automation System

SpecificareasinwhichR&Dhasbeencarriedoutbythecompanyandbenefitsderivedtherebyaregivenbelow: Completed Projects: 1. HVDCprojectwithLTTthyristorinBalia-BhiwadiHVDC 2. Fourconvertertransformerarrangementarrangedinsuchaconfigurationthatoutagetimeoftransformerisminimized. 3. Completedin-housedesignof10no.towersfortransmissionlinesincluding108meters800kVHVDCnarrowbasedpowerline

crossing tower. 4. Completed in-housedesignofapprox.2000nos.towerfoundationsfortransmission linesupto765kVincluding52nos.ofpile

foundations. 5. Completedtestingof12nos.oftowersforvarioustransmissionlinesincluding800kVHVDC,320kVHVDC,66kV,132kV,220kV,AC

D/Ctowers.

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6. DevelopmentofIndigenousvendorsfor765kVTransformers,Reactors,CircuitBreaker,CurrentTransformerandWaveTrap. 7. POWERGRIDhassuccessfullyimplementedfirstofitskindpilotprojectongridscalebatteryenergystoragesystems(BESS)in

Indiacomprisingofbatteries,powerconditioningsystem,batterymanagementsystemetc.atPuducherrybasedontwodifferenttechnologies(AdvancedLeadAcid,LithiumLon).Basedontheexperiencegainedfromtheproject,implementationoflargescalebattery energy storage system in future may be taken up.

8. POWERGRIDhassuccessfullycommissionedStaticVarCompensatorsat3locationsandSTATCOMat11locationsonallIndiaGrid. 9. Reconductoring of 2 no. 132kV lines with high temperature endurance conductor to enhance the power transfer capacity by about

2 times were completed during last year. 10. To control increasing short circuit current levels in the network, application of series reactors as fault current limiters in the Grid is

being taken up 4 no. series reactors comprising of 2 no. series bus reactors a Mandola and Ballabgarh and 2 nos. series line reactors atMandolaendofDadri-Mandola400kVD/chavebeencommissionedtocontrolthefaultlevelatthesesubstaions.

11. Completeddesign,engineeringandtestingofResinImpregnatedPaperbushingsforintroductionintoPOWERGRIDfleetof765kVTransformers and Reactors.

12. POWERGRIDhassuccessfullydevelopedsoftwaretoolcompletelyin-houseforcentralizedrealtimemonitoringoftransformerandreactors by integrating the sensors installed in the transformers and reactors for Dissolved Gas Analysis and the tools are currently in operation at NTAMC and RTAMCs.

13. Pollutionmapping:POWERGRIDinassociationwithSouthernandEasternRegionalPowerCommitteesandtheconstituentSTU’sof the Southern Region and Eastern Region has successfully carried out pollution mapping activity of these regions and generated pollution maps.

14. POWERGRIDhasintroduced33kVmobilecapacitorbanksforutilizationatdistributionlevelforstateutilitiesandevaluateditseffecton distribution system of Haryana.

Ongoing projects 1. Re-conductoringoffollowinglineswithhightemperatureenduranceconductortoenhancethecapacityofthetransmissioncorridor

by about two times: • Maithon–Maithon-RB400kVD/c(TwinMoose) • NeyveliTS-II–NeyveliTS-IExpansion400kVS/c • Rangpo–Siliguri400kVD/c 2. FaultCurrentLimiters:SeriesbusreactoratBhiwaniand2no.serieslinereactoratKanpur(Old)endofKanpur(New)-Kanpur

(Old)400kVD/clineisunderimplementation.SeriesbusreactoratWardhasubstationisunderinvestmentapproval. 3. Dynamic Compensation: STATCOMs at 3 locations on all India grid (in Southern Region are being implemented for dynamic control

of reactive power in order to maintain the voltage and improve the stability of the grid. These dynamic compensations would be basedonState-of-the-ArttechnologiesandwouldprovideonlinedynamicsupporttotheGrid.

4. Developmentofin-housetowerandfoundationdesignsincluding66kV,132kV,220kV,+320kV HVDC, +800kVHVDCand765kVD/CMultiCircuittowersforuseinon-goingtransmissionlineprojects.

5. Development of Indigenous Vendors for HTLS Conductors. 6. Designofspecialnarrowbasetowertoenablecrossingof765kVD/Ctransmissionlines. 7. Vendor Development for 765kV GIS in India. 8. GreenEnergyCorridors:Tofacilitateintegrationoflargescalerenewablegeneration,POWERGRIDhasstartedimplementationof

GreenEnergyCorridors(GEC)inter-statetransmissionsystem(ISTS)inrenewableresourcerichstates&furthertohandlevariability&intermittencyofrenewableenergysources,POWERGRIDisestablishingstate-of-the-artrenewableenergymanagementcenters(REMC)invariousSLDC/RLDC/NLDC.ISTStransmissionnetwork&REMC’sareundervariousstagesofimplementation.

POWERGRID isalsoperformingavital role inevacuatingrenewablegenerationthroughsolar resourcesacrossnationandhasevolvedcomprehensiveplanstoevacuatepowerfromvariousultra-megasolarparksthroughInter-statetransmissionnetwork.Further, Your Company is also implementing the evacuation system for various solar parks integrated with ISTS network in the Country.

YourcompanyhasalsoevolvedacomprehensivetransmissionplanforgridintegrationofvariousRenewableEnergyZones(66.5GW)inthecountryidentifiedbasedonwind/solarpotential.Partoftheschemeisalreadyapprovedbystakeholdersandtakenupfor implementation.

Towards sustainability and green initiative, your company has installed Rooftop Solar PV Systems in more than 50 locations capacity intherageof50-100kwpofitsownpremisesacrossthecountrythroughnet-meteringarrangement.

9. Implementation of Controlled Switching schemes of circuit breakers for 400kV transmission line reactors and transformers. 10. Engineering Data Integration on GIS Platform. 11. Process bus Technology - Gaining experience from the pilot projects on Process Bus technology at Bhiwadi substation and

Neemranasubstation,POWERGRIDhasinitiatedtheprojectatMalerkotlasubstationforretrofittingconventionalprotectionand

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controlschemeswithadvancedautomationsystembasedonProcessBus.AlsoPOWERGRIDisutilizingProcessBustechnologyintheupcoming220/66kVGISsubstationprojectatChandigarh.Thenewschemeisexpectedtoeasethemaintenanceandtroubleshootinginfutureandalsorestorationtimewillbeextremelylowincaseofanyeventuality.Alsothereplacementoflargeamountofcoppercableswithminimalfiberopticcablesisexpectedtooptimizespacerequirement.

12. POWERGRIDisintroducingMobiletestsystemstofacilitateonsitetestingofEHVequipment.ThiswillfulfillHVtestingofequipmentafter site repairs.

13. Geographic informationsystemtools-POWERGRIDisutilizinggeographic informationsystemstools likeBhuvanonpilotbasisfor mapping its transmission assets, for route alignment during planning of new transmission lines and for disaster management studies.

14. Development of Indigenous vendors for 765kV Isolators and surge arrestors. 15. Development of indigenous 765 kV clamps, connectors and insulator string hardware. 16. Sparephaseswitchingarrangementisbeingadoptedfor765kVtransformersandreactorstominimizeoutage/shutdownperiod. 17. Implementation of smart grid technology in power system is being carried out through installation of phasor measurement units

(PMU)onEHVsubstationsinpanIndiabasisintegratedwithcontrolcentresforWideAreaMeasurementsandrealtimemonitoringof grid parameters.

18. POWERGRIDhassuccessfullyimplementedfourpilotprojectsinthefieldofstate-of-the-artSmartGridtechnologyindistributionarea and presently providing consultancy to four state utilities in smart grid area covering distribution infrastructure, advanced metering infrastructure, intelligent outage management system, electric vehicle charging stations management, distributed generation, net metering etc.

19. Establishedfirstofitskinde-taxichargingstationatMiyapurMetroStationinHyderabadandplanningtoinstallfourmorechargingstationat various locationsofHyderabadMetroCorridor.POWERGRIDhas signedMoUwith IndianOilCorporation (IOC)andenvisaged to develop EV Charging and Battery swapping facility at various Retail outlets.

20. Towardsconditionassessmentofthetransformersinamoreefficientway,POWERGRIDisnowdevelopingasoftwaretoolforhealthindexing.Thetoolwillbeutilizedforresiduallifeassessmentoftheequipmentatalaterdate.

Technology Absorption: 1. Forrouteselection,lengthoptimisationandestimationofBOQfortransmissionlines,POWERGRIDhasemployedmodernSurvey

techniques. 2. SubstationAutomationwithIEC61850protocol isbeingadopted forallnewSubstationsofPOWERGRID.Thiswouldresult in

savingsinoperationalcostandincreasedoperationalandmaintenanceefficiency. 3. As a step towards National grid, 765kV AC Double circuit and +500kVHVDC&+800kVHVDCtechnologyhasbeenimplemented

in our country. 4. Inspecialareas,compacttowerslikepoletowers,deltaconfigurationtowersandnarrowbasedtowerswhichreducethespace

occupiedbythetowerbase,arebeingused.Alsotalltowersandmulti-circuittowersarebeingusedforconservationofscarceright-of-way.

5. UseofmetallicreturninHVDCsystemhasbeenadopted. 6. Special insulators like polymer composite insulators have been adopted in transmission lines in polluted areas. 7. High temperature low sag conductors have been adopted for increasing the transfer capacity of transmission corridors. 8. GIStechnologyat400kVand765kVlevelhasbeenadoptedinsubstationswherespaceconstraintsexist. 9. Multi-levelbeamshavebeenusedinGISandAISsubstationswithmulti-ckt.linestooptimizelinecorridorareasnearsubstation. 10. Onlinetransformermonitoringtechniquesarebeingusedformonitoringofcriticalparametersofpowertransformers. 11. Dynamic compensation in the form of SVCs and STATCOMs are being implemented for dynamic control of reactive power in order

to maintain the voltage and improve the stability of the grid. 12. For controlling short circuit current in the system, fault current limiters have been planned in the Grid. 13. For Voltage Control at Kurukshetra, 500MVAr TCR is under implementation.C. CONSERVATION OF LAND AND ENVIRONMENTAL CONCERNS Transmissionprojectsareconsideredbyandlargeenvironmentallybenignduetothefactthattheydon’tinvolvedisposalofanypollutants/

wasteinvariousenvironmentalmatrices,i.e.air,waterorsoil.EventhenPOWERGRIDbeingaresponsiblecorporateentityaddressesany residual environmental or social impacts associated with its business following the cardinal principles of Avoidance, Minimization andMitigationasoutlinedinitsEnvironmentalandSocialPolicy&Procedure(ESPP).Indoingso,yourCompanyleveragetheroleoftechnologybynotonlyadoptingtheexistingmoderntechnologicaltoolsandtechnologiesdevelopedindifferentpartsoftheworldbutalsoemphasizeonin-housetechnologydevelopmentmeetingthenationalrequirement.

InacountrylikeIndia,whichcatersto18%oftheworldpopulation,whilehaving2.4%ofworld’slandmass,conflictsrelatedtolandresourcesarenotuncommonduetopresenceofdifferentcompetingusergroups.POWERGRIDasafirmbeliever inaddressing thepressing social needs of the society, has always been forthcoming in up gradation and adoption of new and better technologies such as

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GasInsulatedSwitchyard(GIS)whichrequireslesserareacomparedtothetraditionalAirInsulatedSwitchyard(AIS).Additionally,ithastakenapolicydecisiontosecurelandforitssubstationsthroughdirectpurchaseonwillingbuyerwillingsellerbasisonmarket/negotiatedrate toavoidpublic resistanceandcourt intervention facedduring landacquisition.Land forJeerat,Chandauti,Saharsa&Sitamarhisubstations were secured through this method.

AnotherareawhereweareabletomakesignificantcontributioninreducinglandrequirementisRightofWay(RoW)throughinnovativetowerdesignsuchasspecialcompacttower,poletypetowerandMulti-circuittowerstoreduceRoWrequirement.Thesetechnologicalinterventionsnotonlyreducedtherequirementofpreciouslandresourcesandsocialriskstoprojectsbutalsohelpedinpreservationofenvironment by minimizing forest and vegetation involvement. Further, construction of high energy corridors by transmitting power at highervoltagelevels(765KVHVAC,800/1200KVHVDC)notonlyreducedtransmissionlossesbutalsoreducedRoWrequirementsbyensuringtransmissionofmorepowerperunitofRoW(MW/meterofRoW).Inaddition,itisworthmentioningthatMinistryofPower,Govt. of India came up with a landmark guidelines dtd 15th October, 2015 paving the way for the payment of diminishing value of land. POWERGRIDhasstartedmakingpaymentfortowerbaseandcorridorinaccordancewithnotificationsissuedtilldateby13states.Suchadditionalpaymentforlandcost/diminishinglandvaluehasgreatlyhelpedinsmoothexecutionofprojectbyfurtherminimizingthesocialriskassociatedwiththeprojectsandhasalsorevolutionized/transformedtheverybasisofcompensation,thus,pavingthewayfortrueinclusive growth.

In the area of environmental preservation also, adoption of new and modern technologies have helped us in putting our organization firmlyonthepathofSustainableDevelopment.Apartfromthefactsmentionedabove,adoptionoftoolslikeRemotesensing,GISandGPShasresultedintheselectionofmostoptimumrouteforourtransmissionlines,thus,avoiding/minimizingenvironmentallysensitiveareassuch as Forest, Protect Areas, Important wetlands, IBAs, Elephant corridors etc. These measures not only reduced the environmental risks associatedwithprojectmanagementbutalsoprovedtobefinanciallyrewarding.

Anotherkeyinitiativetoreduceourenvironmentfootprintincludesupgradationofexistinglineorreconductoringthemwithadvancedconductors to enhance the carrying capacity of such lines. This has helped in saving lot of forest and tree cover which might have been affected,ifnewlinesweretobeconstructedforsuchenhancedtransmissionofpower.OtherinitiativesinsuchdirectionaremakingRainwaterharvestinganintegralpartofsubstationdesign,installationofLEDbulbs&solarstreetlightinginsubstation,fuelcatalystsdevicesfor DG sets etc. further strengthened our agenda of sustainable development. Recognizing the importance of solar power in combating Climatechangeandin-linewithGOI’scommitmenttowardsParisAgreement,POWERGRIDisintheprocessofinstalling5MWpRooftopSolarPVSystemscoveringmorethan50locationsinitspremises.Thisinitiativewillresultinsavingof7-8millionunits(MUs)ofGridconnectedenergyperannum,thereby,reducingatmosphericemissionof35916mtofCO2peryear.AnothersignificantinnovationdonebyPOWERGRIDistheuseofinductivepowerinearthwireforpoweringoftelecomantennas.Thisinductivepowerwhichotherwisegoeswaste will eliminate the use of DG sets, a constant source of pollution and GHGs emission. The technology has been successfully tested at pilot scale and has been recently approved by the Regulator for its implementation at commercial scale.

FOREIGN EXCHANGE EARNINGS AND OUTGO

Foreign Exchange Earnings(i) Consultancy Fee 24.89

Total 24.89Foreign Exchange outgo(i) Capital goods and Spare Parts 4,788.68(ii) Interest 972.81(iii) Others 74.88

Total 5,836.37




(` in Crore)

83

ANNEXURE -IV TO THE DIRECTORS’ REPORTCOMMENTS OF THE COMPTROLLER AND AUDITOR GENERAL OF INDIA UNDER SECTION 143(6)(b) OF THE COMPANIEES ACT, 2013 ON THE FINANCIAL STATEMENTS OF POWER GRID CORPORATION OF INDIA LIMITED FOR THE YEAR ENDED 31 MARCH, 2019ThepreparationoffinancialstatementsofPowerGridCorporationofIndiaLimitedfortheyearended31March,2019inaccordancewiththefinancialreportingframeworkprescribedundertheCompaniesAct,2013(Act)istheresponsibilityofthemanagementofthecompany.ThestatutoryauditorsappointedbytheComptrollerandAuditorGeneralofIndiaunderSection139(5)oftheActareresponsibleforexpressingopiniononthefinancialstatementsundersection143oftheActbasedonindependentauditinaccordancewithstandardsonauditingprescribedunder Section 143(10) of the Act. This is stated to have been done by them vide their Audit Report dated 29.05.2019.I,onthebehalfoftheComptrollerandAuditorGeneralofIndia,haveconductedasupplementaryauditofthefinancialstatementsofPowerGridCorporation of India Limited for the year ended 31 March 2019 under Section 143(6)(a) of the Act. This supplementary audit has been carried outindependentlywithoutaccesstotheworkingpapersofthestatutoryauditorsandislimitedprimarilytoinquiriesofthestatutoryauditorsandcompanypersonnelandaselectiveexaminationofsomeoftheaccountingrecords.On the basis ofmy supplementary audit nothing significant has come tomy knowledgewhichwould give rise to any comment upon orsupplement to statutory auditors report under section 143(6)(b) of the Act.

For and on behalf of the Comptroller & Auditor General of India

Sd/-(Rajdeep Singh)

Principal Director of Commercial Audit &Ex-officio Member, Audit Board — III,

New Delhi

Place: New DelhiDated: 11 July, 2019

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COMMENTS OF THE COMPTROLLER AND AUDITOR GENERAL OF INDIA UNDER SECTION 143(6)(b) READ WITH SECTION 129(4) OF THE COMPANIES ACT, 2013 ON THE CONSOLIDATED FINANCIAL STATEMENTS OF POWER GRID CORPORATION OF INDIA LIMITED FOR THE YEAR ENDED 31 MARCH, 2019.ThepreparationofconsolidatedfinancialstatementsofPowerGridCorporationofIndiaLimitedfortheyearended31March,2019inaccordancewiththefinancialreportingframeworkprescribedundertheCompaniesAct,2013(Act)istheresponsibilityofthemanagementofthecompany.The statutory auditor appointed by the Comptroller and Auditor General of India under Section 139(5) read with Section 129(4) of the Act is responsibleforexpressingopiniononthefinancialstatementsunderSection143readwithSection129(4)oftheActbasedonindependentaudit 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 29.05.2019.I,onbehalfoftheComptrollerandAuditorGeneralofIndia,haveconductedasupplementaryauditoftheconsolidatedfinancialstatementsof Power Grid Corporation of India Limited for the year ended 31 March, 2019 under Section 143(6)(a) read with Section 129(4) of the Act. Weconducteda supplementaryaudit of thefinancial statementsofPowerGridCorporationof India Limited,PowergridParli TransmissionLimitedandPowergridVizagTransmissionLimitedbutdidnotconductsupplementaryauditofthefinancialstatementsofsubsidiaries,associatecompaniesandjointlycontrolledentitieslistedinAnnexurefortheyearendedonthatdate.Further,Section139(5)and143(6)(a)oftheActare not applicable to Powerlinks Transmission Limited, Torrent Power Grid Limited, Jaypee Powergrid Limited, Parbati Koldam Transmission Company Limited and Teestavalley Power Transmission Limited being private entities and Power Transmission Company Nepal Limited being incorporated in Foreign country under the respective laws, for appointment of their Statutory Auditor and for conduct of supplementary audit. Accordingly, Comptroller and Auditor General of India has neither appointed the Statutory Auditors nor conducted the supplementary audit of these companies. This supplementary audit has been carried out independently without access to the working papers of the statutory auditors andislimitedprimarilytoinquiriesofthestatutoryauditorsandcompanypersonnelandaselectiveexaminationofsomeoftheaccountingrecords.On the basis ofmy supplementary audit nothing significant has come tomy knowledgewhichwould give rise to any comment upon orsupplement to statutory auditors’ report under section 143(6)(b) of the Act.

For and on behalf of the Comptroller & Auditor General of India

Sd/-

(Rajdeep Singh) Principal Director of Commercial Audit &

Ex-officio Member, Audit Board — III,New DelhiPlace: New Delhi

Dated: 11 July, 2019

ANNEXURE 1List of Subsidiaries Associate Companies and Jointly Controlled Entities whose financial statements were not audited by the Comptroller and Auditor General of IndiaA. Subsidiaries incorporated in India: 1. Powergrid NM Transmission Limited 2. PowergridUnchaharTransmissionLimited 3. Powergrid Kala Amb Transmission Limited 4. Powergrid Jabalpur Transmission Limited 5. PowergridWaroraTransmissionLimited 6. Powergrid Southern interconnector Transmission System Limited 7. Powergrid Medinipur Jeerat Transmission Limited 8. PowergridMithilanchalTransmissionLimited 9. Powergrid Varanasi Transmission System Limited 10. Powergrid Vemagiri Transmission Limited 11. Powergrid Jawaharpur Firozabad Transmission LimitedB. Joint Ventures incorporated in India: 1. North East Transmission Company Limited 2. National High Power Test Laboratory Private Limited 3. Kalinga Bidyut Prasaran Nigam Private Limited 4. Bihar Grid Company Limited 5. Cross Border Power Transmission Company Limited 6. RINL Powergrid TLT Private Limited

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FORM NO. MR-3SECRETARIAL AUDIT REPORT

FOR THE FINANCIAL YEAR ENDED 31st MARCH, 2019[Pursuant to section 204(1) of the Companies Act, 2013 and Rule No.9 of the Companies

(AppointmentandRemunerationofManagerialPersonnel)Rules,2014]

To,The Members,Power Grid Corporation of India LimitedB-9, Qutab Institutional Area, Katwaria Sarai, New Delhi-110016WehaveconductedtheSecretarialAuditofthecomplianceofapplicablestatutoryprovisionsandtheadherencetogoodcorporatepracticesbyPower Grid Corporation of India Limited [CIN: L40101DL1989GOI038121] (hereinafter called the “Company”) having its Registered Office at B-9, Qutab Institutional Area, Katwaria Sarai, New Delhi -110016. Secretarial Audit was conducted in a manner that provided usareasonablebasisforevaluatingthecorporateconducts/statutorycompliancesandexpressingouropinionthereon.BasedonourverificationoftheCompany’sbooks,papers,minutebooks,formsandreturnsfiledandotherrecordsmaintainedbythecompanyandalsotheinformationprovidedbytheCompany,itsofficers,agentsandauthorizedrepresentativesduringtheconductofsecretarialaudit,weherebyreportthatinouropinion,thecompanyhas,duringtheauditperiodcoveringthefinancialyearendedon,March 31, 2019 complied withthestatutoryprovisionslistedhereunderandalsothattheCompanyhasproperBoard-processesandcompliance-mechanisminplacetotheextent,inthemannerandsubjecttothereportingmadehereinafter:Wehaveexaminedthebooks,papers,minutebooks,formsandreturnsfiledandotherrecordsmaintainedbytheCompanyfortheFinancialYear ended on March 31, 2019, according to the provisions of:(i) TheCompaniesAct,2013(theAct)andtherulesmadethereunder;(ii) TheSecuritiesContracts(Regulation)Act,1956(‘SCRA’)andtherulesmadethereunder;(iii) TheDepositoriesAct,1996andtheRegulationsandBye-lawsframedthereunder;(iv) ForeignExchangeManagementAct,1999andtherulesandregulationsmadethereunder to theextentofForeignDirect Investment,

OverseasDirectInvestmentandExternalCommercialBorrowings;(v) ThefollowingRegulationsandGuidelinesprescribedundertheSecuritiesandExchangeBoardofIndiaAct,1992(‘SEBIAct’):-

a) TheSecuritiesandExchangeBoardofIndia(SubstantialAcquisitionofSharesandTakeovers)Regulations,2011;b) TheSecuritiesandExchangeBoardofIndia(ProhibitionofInsiderTrading)Regulations,2015;c) TheSecuritiesandExchangeBoardofIndia(IssueofCapitalandDisclosureRequirements)Regulations,2009d) TheSecuritiesandExchangeBoardofIndia(ShareBasedEmployeeBenefits)Regulations,2014;[Not applicable as the Company

has not offered any shares or granted any options pursuant to any employee benefit scheme during the period under review];

e) TheSecuritiesandExchangeBoardofIndia(IssueandListingofDebtSecurities)Regulations,2008;f) TheSecurities andExchangeBoardof India (Registrars to an Issue andShareTransferAgents)Regulations,1993 regarding the

CompaniesActanddealingwithclient;g) TheSecuritiesandExchangeBoardofIndia(DelistingofEquityShares)Regulations,2009;[Not Applicable as the Company has

not delisted/propose to delist its equity shares from any Stock Exchange during the financial year under review]; andh) TheSecuritiesandExchangeBoardofIndia(BuybackofSecurities)Regulations,2018;[Not Applicable as the Company has not

bought back/propose to buy-back any of its securities during the financial year under review];(vi)Asconfirmedandcertifiedbythemanagement,followinglawisspecificallyapplicabletotheCompanybasedontheSectors/Businesses:

(a) The Electricity Act,2003 and Rules and Regulations made there under. ForthecompliancesofLabourLaws&otherGeneralLaws,ourexaminationandreportingisbasedonthedocuments,recordsandfilesas

producedandshowntousandtheinformationandexplanationsasprovidedtous,bytheofficersandmanagementoftheCompanyandtothebestofourjudgmentandunderstandingoftheapplicabilityofthedifferentenactmentsupontheCompany,inouropinionthereareadequatesystemsandprocessesexistintheCompanytomonitorandensurecompliancewithapplicableGenerallawsandLabourLaws.

ThecompliancebytheCompanyofapplicablefinanciallaws,likedirectandindirecttaxlaws,hasnotbeenreviewedinthisauditsincethesamehavebeensubjecttoreviewbythestatutoryfinancialauditorandotherdesignatedprofessionals.

We have also examined compliance with the applicable Regulations / clauses of the following: i. Secretarial Standards issued by The Institute of Company Secretaries of India. ii. TheListingAgreementsenteredintobytheCompanywithNationalStockExchangeofIndiaLimitedandBSELimitedforEquityas

well as Bonds.

ANNEXURE-VTOTHEDIRECTORS’REPORT

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Sub-clause3B Toinvestand/oractasProjectManagementConsultantinenergyefficiency,energyconservationprojects,etc.3C To develop Smart Grid infrastructure3D To develop Electric Vehicle Charging Infrastructure

iii. TheSecuritiesandExchangeBoardofIndia(ListingObligationsandDisclosureRequirements)Regulations,2015;iv. Guidelines on Corporate Governance for Central Public Sector Enterprises (CPSEs) issued by the Department of Public Enterprises vide

theirOMNo.18(8)/2005-GMdated14th May, 2010.v. GuidelinesonCapitalRestructuringofCentralPublicSectorEnterprises(CPSEs)asstipulatedintheO.M.FNo.5/2/2016-Policydated

27th May, 2016 issued by Department of Investment and Public Asset Management (DIPAM), Ministry of Finance, Government of India. During the period under review the Company has complied with the provisions of the Act, Rules, Regulations, Guidelines, Standards, etc.

mentioned above subject to the following observation: Provisions of Regulation 17(1) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)

Regulations, 2015 and Para 3.1.4 of DPE Guidelines on Corporate Governance with regard to Composition of the Board of Directors have not been complied with during the financial year under review.

We further report that • Subjecttoourobservationasabove,theBoardofDirectorsoftheCompanyisconstitutedwithExecutiveDirectors,Non-Executive

DirectorsandIndependentDirectorswiththeexceptionofrequisitenumberofIndependentDirectorsontheBoardoftheCompanyas on 31st March, 2019. 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.

• AdequatenoticeisgiventoalldirectorstoscheduletheBoardMeetings,agendaanddetailednotesonagendaweresentatleastsevendaysinadvance,andasystemexistsforseekingandobtainingfurtherinformationandclarificationsontheagendaitemsbeforethe meeting and for meaningful participation at the meeting.

• DecisionsoftheBoard/Committeethereofarecarriedwithconsensus.• Aspertherecords,theCompanyfiledalltheforms,returns,documentsandresolutionsaswererequiredtobefiledwiththeRegistrar

ofCompaniesandotherauthoritiesandalltheformalitiesrelatingtothesameisincompliancewiththeAct/Regulations. We further report thatthereareadequatesystemsandprocessesinthecompanycommensuratewiththesizeandoperationsofthe

company to monitor and ensure compliance with applicable laws, rules, regulations and guidelines. We further report thatduringtheauditperiodthecompanyhasfollowingevents/actionshavingamajorbearingontheCompany’s

affairsinpursuanceoftheabovereferredlaws,rules,regulations,guidelines,standardsetc.:-i. The Company has altered Clause 3A of Object Clause of Memorandum of Association by way of amendment vide Special Resolution

passedthroughPostBallotdated19.12.2018;andalsoinsertedfollowingthreenewSub-clauses:

ii. TheCompanyhasapprovedincreaseinFPIlimituptoanaggregateof35%ofitspaid-upcapitalthroughPostalBallot.iii. TheBoardoftheCompany,initsmeetingheldon29.05.2019hasrecommendedafinaldividendof`2.50pershare(i.e.@25%onthe

paid-upequitysharecapital)forthefinancialyear2018-19subjecttotheapprovaloftheshareholdersattheensuingAnnualGeneralMeetingoftheCompany.ThisfinaldividendisinadditiontotheInterimDividendof`5.83pershare([email protected]%onthepaid-upequitysharecapital)paidon22ndMarch,2019forthefinancialyear2018-19.

iv. Company’s Board of Directors in its meeting held on 16thAugust,2017accordedapprovalfor initiatingprocedureforwindingup/removalofthenameofKalingaBidyutPrasaranNigamPrivatelimited,aJointVentureCompanyunderfasttrackExitmodeofRegistrarof Companies (ROC).

v. Company’s Board of Directors in its meeting held on 1stMay2018accordedinprincipleapprovaltocloseRINLPowergridTLTPrivateLimited, a JV of the Company and seek consent of another JV Partner Rashtriya Ispat Nigam Limited. Accordingly, provision for diminution in value of investment has been made.

vi. Mr.VivekKumarDewangan,JointSecretary&FinancialAdvisor(JS&FA),MinistryofPowerwasappointedasGovt.NomineeDirectorontheBoardoftheCompanywitheffectfrom26.04.2018byMinistryofPower,GovernmentofIndia.HeceasedtobeaDirectorw.e.f.07.06.2019.

vii. Mr. Prabhakar Singh, ceased to be a Director (Projects) on the Board of the Company due to superannuationwith effect from30.06.2018.

viii. Ms. Seema Gupta, Director (Operations) was entrusted with the additional Charge for the post of the Director (Projects) w.e.f. 09.07.2018.

ix. Mr. Sunil Kumar Sharmawas appointed asNon-Executive, IndependentDirector on the Board of theCompanywith effect from23.07.2018.

x. Mrs.AnthiyaMahalakshmiRajaramwasappointedasNon-Executive,IndependentDirectorontheBoardoftheCompanywitheffectfrom26.07.2018.

xi. Mr.RajeevKumarChauhan,ExecutiveDirector,POWERGRIDwasappointedtothepostofDirector(Projects),POWERGRIDontheBoardoftheCompanywitheffectfrom23.08.2018viceMs.SeemaGupta,Director(Operations),whodemittedtheadditionalchargeofthepostofDirector(Projects)on23.08.2018intermsoftheGoIorderdt.09.07.2018.

87

xii. The Company, being successful bidder under Tariff based competitive bidding, has acquired Jawaharpur Firozabad TransmissionLimited (JFTL), the Project SPV to establish Transmission System for construction of 400 kV substation at Firozabad along with associated Transmission Lines.

xiii. CessationofMr.I.S.Jha,ExecutiveDirectorfromthepostofCMDoftheCompanywitheffectfrom21.01.2019.xiv. ShriRaviP.Singh,Director(Personnel)hasbeenassignedwithadditionalchargeofpostofCMD,POWERGRIDw.e.f.21.01.2019(AN)

foraperiodof03months.MoP,videletterdated13.06.2019,hasfurtherextendedthetenureofShriRaviP.SinghasCMDforaperiodofsixmonthsw.e.f.21.04.2019ortillappointmentofregularincumbentoruntilfurtherorders,whichevereventoccursearliest.

xv. CessationofMs.Bharati,Non-Executive,NomineeDirectorfromtheBoardoftheCompanywitheffectfrom13.02.2019.xvi. Mr.GhanshyamPrasad,ChiefEngineer,MinistryofPowerwasappointedasNon-Executive,NomineeDirectorontheBoardofthe

Companywitheffectfrom01.03.2019.xvii. Duringtheauditperiod,i.e.F.Y.2018-19,theCompanyhasissuedbondsof`5487.50Croreasperdetailsmentionedbelow:-

Sr. No.

Type of Bonds Amount(` in crore)

1. Secured,Non-Convertible,Non-Cumulative,Redeemable,TaxablePOWERGRIDBondLXIIIssue 2,000.002. Unsecured,Non-Convertible,Non-Cumulative,Redeemable,TaxableGOIFullyServicedBondsIssueSeries-I 3,487.50

For Kumar Naresh Sinha & AssociatesCompany Secretaries

CS Naresh Kumar Sinha (Proprietor)

FCS: 1807 C.P. No.: 14984Place: NOIDA

Date: 27.06.2019

Note:Thisreportistobereadwithourletterofevendatewhichisannexedas“Annexure-A” and forms an integral part of this report.

88

Annexure-A

To,The MembersPower Grid Corporation of India LimitedB-9, Qutab Institutional Area, Katwaria Sarai,New Delhi-110016Our Report of even date is to be read along with this letter.1. MaintenanceofsecretarialrecordistheresponsibilityofthemanagementoftheCompany.Ourresponsibilityistoexpressanopinionon

these secretarial records based on our audit.2. Wehavefollowedtheauditpracticesandprocessesaswereappropriatetoobtainreasonableassuranceaboutthecorrectnessofthe

contentsof the secretarial records.Theverificationwasdoneon the random testbasis toensure that correct factsare reflected insecretarialrecords.Webelievethattheprocessesandpractices,wefollowedprovideareasonablebasisforouropinion.

3. WehavenotverifiedthecorrectnessandappropriatenessoffinancialrecordsandBooksofAccountsoftheCompany.4. Where ever required, we have obtained the Management representation about the compliance of laws, rules and regulations and

happening of events etc.5. The compliance of the provisions of Corporate and other applicable laws, rules, regulations, standards is the responsibility of management.

Ourexaminationwaslimitedtotheverificationofproceduresonrandomtestbasis.6. TheSecretarialAuditreportisneitheranassuranceastothefutureviabilityofthecompanynoroftheefficacyoreffectivenesswithwhich

themanagementhasconductedtheaffairsoftheCompany.

For Kumar Naresh Sinha & AssociatesCompany Secretaries

Sd/-

CS Naresh Kumar Sinha (Proprietor)

FCS: 1807 C.P. No.: 14984

Place: NOIDADate: 27.06.2019

89

FORM NO. MGT 9EXTRACT OF ANNUAL RETURNasonfinancialyearendedon31.03.2019

PursuanttoSection92(3)oftheCompaniesAct,2013andRule12(1)oftheCompany(Management&Administration)Rules,2014.

I REGISTRATION & OTHER DETAILS:

i CIN L40101DL1989GOI038121

ii Registration Date 23-Oct-89iii Name of the Company POWERGRIDCORPORATIONOFINDIALIMITEDiv Category/Sub-categoryoftheCompany COMPANYLIMITEDBYSHARES/UNIONGOVERNMENTCOMPANYv AddressoftheRegisteredoffice

&contactdetailsB-9,QUTABINSTITUTIONALAREA,KATWARIASARAI,NEWDELHI-110016.Tel:011-26560112,26560121,26564812,26564892Fax:011-26601081

vi Whetherlistedcompany YESvii Name,Address&contactdetailsofthe

Registrar&TransferAgent,ifany.KarvyFintechPrivateLimited,KarvySeleniumTowerB,PlotNo.31&32,Gachibowli,FinancialDistrict,Nanakramguda,Serilingampally,Hyderabad-500032.Tele:+91-40-67162222,Fax:+91-40-23420814, TollfreeNo.1800-345-4001

II PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY Allthebusinessactivitiescontributing10%ormoreofthetotalturnoverofthecompanyshallbestated

III PARTICULARS OF HOLDING , SUBSIDIARY & ASSOCIATE COMPANIES

SL No

Name & Description of main products/services NIC Code of the Product /service

% to total turnover of the company

1 Transmission 35107 96.27%

Sl No

Name & Address of the Company CIN/GLN HOLDING/ SUBSIDIARY/

ASSOCIATE

% OF SHARES

HELD

APPLICABLE SECTION

1 POWERGRID Vemagiri Transmission Limited Regd.Office:B-9,QutabInstitutionalArea,KatwariaSarai,NewDelhi–110016.

U40300DL2011GOI217975 Subsidiary 100 Section2(87)

2 POWERGRID NM Transmission Limited Regd.Office:B-9,QutabInstitutionalArea,KatwariaSarai,NewDelhi–110016.


3 POWERGRID Vizag Transmission Limited Regd.Office:B-9,QutabInstitutionalArea,KatwariaSarai,NewDelhi–110016.


4 POWERGRID Unchahar Transmission Limited Regd.Office:B-9,QutabInstitutionalArea,KatwariaSarai,NewDelhi–110016.


5 POWERGRID Kala Amb Transmission Limited Regd.Office:B-9,QutabInstitutionalArea,KatwariaSarai,NewDelhi–110016.


6 POWERGRID Jabalpur Transmission Limited Regd.Office:B-9,QutabInstitutionalArea,KatwariaSarai,NewDelhi–110016.


7 POWERGRID Warora Transmission Limited Regd.Office:B-9,QutabInstitutionalArea,KatwariaSarai,NewDelhi–110016.


8 POWERGRID Parli Transmission Limited Regd.Office:B-9,QutabInstitutionalArea,KatwariaSarai,NewDelhi–110016.


9 POWERGRID Southern Interconnector Transmission System Limited Regd.Office:B-9,QutabInstitutionalArea,KatwariaSarai,NewDelhi–110016.

U40106DL2015GOI278746 Subsidiary 100 section2(87)

10 POWERGRID Medinipur-Jeerat Transmission Limited Regd.Office:B-9,QutabInstitutionalArea,KatwariaSarai,NewDelhi–110016.


ANNEXURE-VI - TO THE DIRECTORS’ REPORT

90

Sl No

Name & Address of the Company CIN/GLN HOLDING/ SUBSIDIARY/

ASSOCIATE

% OF SHARES

HELD

APPLICABLE SECTION

11 POWERGRID Mithilanchal Transmission Limited Regd.Office:B-9,QutabInstitutionalArea,KatwariaSarai,NewDelhi–110016.


12 POWERGRID Varanasi Transmission System LimitedRegd.Office:B-9,QutabInstitutionalArea,KatwariaSarai,NewDelhi–110016.


13 POWERGRID Jawaharpur Firozabad Transmission Limited Regd.Office:B-9,QutabInstitutionalArea,KatwariaSarai,NewDelhi–110016.


14 Powerlinks Transmission Limited Regd.Office:10thFloor,DLFTowerA,DistrictCenterJasola,NewDelhi-110025

U40105DL2001PLC110714 Joint Venture 49 Section 2 (6)

15 Torrent Power Grid Limited Regd.Office:''SAMANVAY'',600,Tapovan,Ambawadi,Ahemdabad,Gujarat-380015

U40104GJ2005PLC046660 Joint Venture 26 Section 2 (6)

16 Jaypee Powergrid Limited Regd.Office:'JAHouse',63,BasantLok,VasantVihar,New Delhi 110057


17 North East Transmission Company Limited Regd.Office:Vill-EastChampamura,BypassRoad,NearAsianPaintGodown,P/O-OldAgartala,Agartala,WestTripura,TR-799008

U40101TR2008PLC008249 Joint Venture 26 Section 2 (6)

18 Parbati Koldam Transmission Company Limited Regd.Office:5thFloor,FF-1AJMDGalleria,Sector-48,SohnaRoad,Gurgaon,Haryana-122018

U40108HR2002PLC071677 Joint Venture 26 Section 2 (6)

19 Teestavalley Power Transmission Limited Regd.Office:2ndFloor,VijayaBuilding17,BarakhambaRoad,ConnaughtPlace,NewDelhi-110001

U40109DL2006SGC151871 Joint Venture 28.23 Section 2 (6)

20 National High Power Test Laboratory Private Limited Regd.Office:NHPTL,POWERGRIDComplex,765/400K.V. Substation, Khimlasa Road Bina Sagar, MP-470113

U73100MP2009PTC047744 Joint Venture 20 Section 2 (6)

21 Energy Efficiency Services Limited Regd.Office:NFLBuilding,5th&6thFloor,Core-III,ScopeComplex,LodhiRoad,NewDelhi-110003

U40200DL2009PLC196789 Joint Venture 5.58 Section 2 (6)

22 Bihar Grid Company Limited Regd.Office:2ndFloor,AlankarPlace,BoringRoad,Patna,Bihar800001

U40100BR2013PLC019722 Joint Venture 50 Section 2 (6)

23 Kalinga Bidyut Prasaran Nigam Private Limited Regd.Office:PlotNo.4,MaujaChandarsekharpur,Unit-41,Bhubaneswar,Puri,Odisha751021

U40102OR2012PTC016411 Joint Venture 50 Section 2 (6)

24 Cross Border Power Transmission Company Limited Regd.Office:C/OIL&FSSecuritiesServicesLtd.,10,Community Center, 2nd Floor, East of Kailash, New Delhi -110065


25 RINL POWERGRID TLT Private Limited (RPTPL) Regd.Office:RoomNo.31,'B'Block,ProjectOffice,VisakhapatnamSteelPlant,Visakhapatnam-530031,Andhra Pradesh

U28121AP2015PTC097211 Joint Venture 50 Section 2 (6)

26 Power Transmission Company Nepal Limited c/oNepalElectricityAuthority,DurbarMarg,Kathmandu, Nepal

- Joint Venture 26 Section 2 (6)

Note:GridConductorsLimited(GCL),awhollyownedsubsidiaryofPOWERGRIDwasincorporatedon15.09.2015.TheCompanydidnotcarryoutanybusinessactivitysinceincorporationandanapplicationtostrikeoffthenameoftheCompanythroughFastTrackExitSchemewasfiledwithRegistrarofCompanies(ROC).RegistrarofCompaniesvideNoticedated09.08.2018hasapprovedstrikingoffthenameofCompanyfrom its records.

91

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Reas

onN

o of

Sh

ares

% o

f tot

al

shar

es o

f the

co

mpa

ny

1AAACL0582H

LTD

Open

ing

Bala

nce

LIFEINSURANCE

CORP

ORAT

ION

OF

INDIA-ULIF0022

0091

307084255

5.87

31/03/2018

307084255

5.87

Purc

hase

06/04/2018

3435

070

Tran

sfer

3105

1932

55.

94Pu

rcha

se13/04/2018

3600

Tran

sfer

3105

2292

55.

94Sa

le13/04/2018

-3600

Tran

sfer

3105

1932

55.

94Pu

rcha

se11/05/2018

8209070

Tran

sfer

318728395

6.09

Purc

hase

18/05/2018

1267

3100

Tran

sfer

3314

0149

56.

33Pu

rcha

se25/05/2018

11008141

Tran

sfer

3424

0963

66.

55Pu

rcha

se01/06/2018

9802500

Tran

sfer

3522

1213

66.

73Pu

rcha

se08/06/2018

9774828

Tran

sfer

361986964

6.92

Purc

hase

15/06/2018

11105618

Tran

sfer

373092582

7.13

Purc

hase

22/06/2018

8406151

Tran

sfer

381498733

7.29

Purc

hase

29/06/2018

9396

127

Tran

sfer

390894860

7.47

Purc

hase

06/07/2018

1655

926

Tran

sfer

392550786

7.50

Clos

ing

Bala

nce

30/03/2019

392550786

7.50

2AAAAI0038F

MUT

Open

ing

Bala

nce

ICICIPRUDENTIAL

EQUITYARBITRAGE

FUND

220516548

4.22

31/03/2018

220516548

4.22

Purc

hase

06/04/2018

101978

Tran

sfer

220618526

4.22

Sale

06/04/2018

-300141

Tran

sfer

220318385

4.21

Purc

hase

13/04/2018

527

Tran

sfer

220318912

4.21

Sale

13/04/2018

-119356

Tran

sfer

2201

9955

64.

21Sa

le20/04/2018

-1033389

Tran

sfer

2191

6616

74.

19Pu

rcha

se27/04/2018

39Tr

ansf

er21

9166

206

4.19

Sale

27/04/2018

-667016

Tran

sfer

218499190

4.18

Purc

hase

04/05/2018

668

Tran

sfer

218499858

4.18

Sale

04/05/2018

-283485

Tran

sfer

218216373

4.17

Purc

hase

11/05/2018

2965

33Tr

ansf

er218512906

4.18

Sale

11/05/2018

-1900003

Tran

sfer

2166

1290

34.

14Pu

rcha

se18/05/2018

4195

Tran

sfer

216617098

4.14

Sale

18/05/2018

-16130632

Tran

sfer

200486466

3.83

Purc

hase

25/05/2018

771

Tran

sfer

200487237

3.83

Sale

25/05/2018

-13275792

Tran

sfer

187211445

3.58

(iv)

SH

AREH

OLD

ING

PAT

TERN

OF

TOP

10 S

HAR

EHO

LDER

S BE

TWEE

N 3

1/03

/201

8 AN

D 3

0/03

/201

9 (O

THER

THAN

PRM

OTE

R, D

IREC

TOR,

AD

R AN

D G

DR)

95

Shar

ehol

ding

at t

he

begg

inni

ng o

f the

Yea

rCu

mul

ativ

e Sh

areh

oldi

ng

duri

ng th

e Ye

ar

Slno

Folio

/Dpi

d-Cl

ient

idCa

tego

ryTy

peN

ame

of th

e Sh

are

Hol

der

No

of

Shar

es%

of t

otal

sh

ares

of

the

com

pany

Dat

eIn

crea

se/

Dec

reas

e in

sha

re

hold

ing

Reas

onN

o of

Sh

ares

% o

f tot

al

shar

es o

f the

co

mpa

ny

Purc

hase

01/06/2018

1952

Tran

sfer

187213397

3.58

Sale

01/06/2018

-43840062

Tran

sfer

1433

7333

52.

74Pu

rcha

se08/06/2018

7816

Tran

sfer

143381151

2.74

Sale

08/06/2018

-4387071

Tran

sfer

138994080

2.66

Purc

hase

15/06/2018

4692

Tran

sfer

138998772

2.66

Sale

15/06/2018

-2780362

Tran

sfer

136218410

2.60

Purc

hase

22/06/2018

12817

Tran

sfer

1362

3122

72.

60Sa

le22/06/2018

-4369275

Tran

sfer

131861952

2.52

Purc

hase

29/06/2018

29754836

Tran

sfer

161616788

3.09

Sale

29/06/2018

-3055000

Tran

sfer

158561788

3.03

Purc

hase

06/07/2018

2415

441

Tran

sfer

1609

7722

93.08

Sale

06/07/2018

-9301074

Tran

sfer

1516

7615

52.

90Pu

rcha

se13/07/2018

2399

414

Tran

sfer

1540

7556

92.

95Sa

le13/07/2018

-3899033

Tran

sfer

1501

7653

62.87

Purc

hase

20/07/2018

7056

322

Tran

sfer

157232858

3.01

Sale

20/07/2018

-2029749

Tran

sfer

1552

0310

92.

97Pu

rcha

se27/07/2018

5943

124

Tran

sfer

1611

4623

33.08

Sale

27/07/2018

-4374722

Tran

sfer

1567

7151

13.

00Pu

rcha

se03/08/2018

2514

5Tr

ansf

er15

6796

656

3.00

Sale

03/08/2018

-7723231

Tran

sfer

1490

7342

52.85

Purc

hase

10/08/2018

1133

Tran

sfer

149074558

2.85

Sale

10/08/2018

-1557177

Tran

sfer

147517381

2.82

Purc

hase

17/08/2018

1050

Tran

sfer

147518431

2.82

Sale

17/08/2018

-825505

Tran

sfer

1466

9292

62.80

Purc

hase

24/08/2018

1504

10Tr

ansf

er146843336

2.81

Sale

24/08/2018

-1024323

Tran

sfer

145819013

2.79

Purc

hase

31/08/2018

329842

Tran

sfer

146148855

2.79

Sale

31/08/2018

-3662043

Tran

sfer

142486812

2.72

Purc

hase

07/09/2018

2808

Tran

sfer

142489620

2.72

Sale

07/09/2018

-2637547

Tran

sfer

139852073

2.67

Purc

hase

14/09/2018

8082

Tran

sfer

139860155

2.67

Sale

14/09/2018

-260918

Tran

sfer

1395

9923

72.

67Pu

rcha

se21/09/2018

16228

Tran

sfer

1396

1546

52.

67Sa

le21/09/2018

-6497818

Tran

sfer

1331

1764

72.

54Pu

rcha

se28/09/2018

4743

Tran

sfer

1331

2239

02.

54Sa

le28/09/2018

-56680

Tran

sfer

1330

6571

02.

54

96

Shar

ehol

ding

at t

he

begg

inni

ng o

f the

Yea

rCu

mul

ativ

e Sh

areh

oldi

ng

duri

ng th

e Ye

ar

Slno

Folio

/Dpi

d-Cl

ient

idCa

tego

ryTy

peN

ame

of th

e Sh

are

Hol

der

No

of

Shar

es%

of t

otal

sh

ares

of

the

com

pany

Dat

eIn

crea

se/

Dec

reas

e in

sha

re

hold

ing

Reas

onN

o of

Sh

ares

% o

f tot

al

shar

es o

f the

co

mpa

ny

Purc

hase

05/10/2018

3199

63Tr

ansf

er133385673

2.55

Sale

05/10/2018

-156153

Tran

sfer

1332

2952

02.

55Pu

rcha

se12/10/2018

4166

22Tr

ansf

er13

3646

142

2.55

Sale

12/10/2018

-4991

Tran

sfer

1336

4115

12.

55Pu

rcha

se19/10/2018

380121

Tran

sfer

1340

2127

22.

56Pu

rcha

se26/10/2018

3145

1Tr

ansf

er13

4052

723

2.56

Sale

26/10/2018

-304440

Tran

sfer

133748283

2.56

Purc

hase

02/11/2018

5655

69Tr

ansf

er134313852

2.57

Sale

02/11/2018

-7020

Tran

sfer

134306832

2.57

Purc

hase

09/11/2018

1655

Tran

sfer

134308487

2.57

Sale

09/11/2018

-5720

Tran

sfer

1343

0276

72.

57Pu

rcha

se16/11/2018

1315

304

Tran

sfer

135618071

2.59

Sale

16/11/2018

-505269

Tran

sfer

135112802

2.58

Purc

hase

23/11/2018

9597

Tran

sfer

1351

2239

92.58

Sale

23/11/2018

-981360

Tran

sfer

1341

4103

92.

56Pu

rcha

se30/11/2018

3165

Tran

sfer

1341

4420

42.

56Sa

le30/11/2018

-3585598

Tran

sfer

130558606

2.50

Purc

hase

07/12/2018

2292

6Tr

ansf

er130581532

2.50

Sale

07/12/2018

-1776808

Tran

sfer

128804724

2.46

Purc

hase

14/12/2018

8866

Tran

sfer

128813590

2.46

Sale

14/12/2018

-881714

Tran

sfer

127931876

2.45

Purc

hase

21/12/2018

5416

Tran

sfer

1279

3729

22.

45Sa

le21/12/2018

-34512

Tran

sfer

127902780

2.44

Purc

hase

28/12/2018

117

Tran

sfer

127902897

2.44

Sale

28/12/2018

-12129301

Tran

sfer

1157

7359

62.

21Pu

rcha

se31/12/2018

4686824

Tran

sfer

1204

6042

02.

30Sa

le31/12/2018

-5980

Tran

sfer

1204

5444

02.

30Pu

rcha

se04/01/2019

6946

Tran

sfer

120461386

2.30

Sale

04/01/2019

-17206

Tran

sfer

120444180

2.30

Purc

hase

11/01/2019

254958

Tran

sfer

120699138

2.31

Sale

11/01/2019

-280741

Tran

sfer

120418397

2.30

Purc

hase

18/01/2019

30978

Tran

sfer

1204

4937

52.

30Sa

le18/01/2019

-3997297

Tran

sfer

116452078

2.23

Purc

hase

25/01/2019

2080

Tran

sfer

116454158

2.23

Sale

25/01/2019

-2334405

Tran

sfer

1141

1975

32.18

Purc

hase

01/02/2019

5256

Tran

sfer

1141

2500

92.18

97

Shar

ehol

ding

at t

he

begg

inni

ng o

f the

Yea

rCu

mul

ativ

e Sh

areh

oldi

ng

duri

ng th

e Ye

ar

Slno

Folio

/Dpi

d-Cl

ient

idCa

tego

ryTy

peN

ame

of th

e Sh

are

Hol

der

No

of

Shar

es%

of t

otal

sh

ares

of

the

com

pany

Dat

eIn

crea

se/

Dec

reas

e in

sha

re

hold

ing

Reas

onN

o of

Sh

ares

% o

f tot

al

shar

es o

f the

co

mpa

ny

Sale

01/02/2019

-7165318

Tran

sfer

1069

5969

12.

04Pu

rcha

se08/02/2019

9883

Tran

sfer

1069

6957

42.

04Sa

le08/02/2019

-631656

Tran

sfer

106337918

2.03

Purc

hase

15/02/2019

6305

Tran

sfer

1063

4422

32.

03Sa

le15/02/2019

-2697651

Tran

sfer

1036

4657

21.98

Purc

hase

22/02/2019

5050

3756

Tran

sfer

154150328

2.95

Sale

22/02/2019

-6114857

Tran

sfer

148035471

2.83

Purc

hase

01/03/2019

2875415

Tran

sfer

150910886

2.88

Sale

01/03/2019

-39646533

Tran

sfer

1112

6435

32.

13Pu

rcha

se08/03/2019

1240

Tran

sfer

1112

6559

32.

13Sa

le08/03/2019

-11782563

Tran

sfer

99483030

1.90

Purc

hase

15/03/2019

4710

Tran

sfer

99487740

1.90

Sale

15/03/2019

-5219811

Tran

sfer

9426

7929

1.80

Purc

hase

22/03/2019

93805

Tran

sfer

9436

1734

1.80

Sale

22/03/2019

-7329626

Tran

sfer

87032108

1.66

Purc

hase

29/03/2019

1161

6Tr

ansf

er87043724

1.66

Sale

29/03/2019

-5469371

Tran

sfer

81574353

1.56

Clos

ing

Bala

nce

30/03/2019

81574353

1.56

3AAATH1809AMUT

Open

ing

Bala

nce

HDFCTRUSTEE

COMPANYLIMITED-

HDFCEQUITYFUND

155129892

2.97

31/03/2018

155129892

2.97

Purc

hase

06/04/2018

1242

793

Tran

sfer

156372685

2.99

Purc

hase

13/04/2018

1502844

Tran

sfer

157875529

3.02

Sale

13/04/2018

-1349

Tran

sfer

157874180

3.02

Purc

hase

20/04/2018

695

Tran

sfer

157874875

3.02

Purc

hase

27/04/2018

831865

Tran

sfer

158706740

3.03

Sale

27/04/2018

-836000

Tran

sfer

157870740

3.02

Purc

hase

04/05/2018

1409

Tran

sfer

157872149

3.02

Sale

04/05/2018

-1994

Tran

sfer

157870155

3.02

Purc

hase

11/05/2018

1251

901

Tran

sfer

1591

2205

63.

04Sa

le11/05/2018

-1267660

Tran

sfer

157854396

3.02

Purc

hase

18/05/2018

3985

Tran

sfer

157858381

3.02

Sale

18/05/2018

-7072

Tran

sfer

157851309

3.02

Purc

hase

25/05/2018

5909

2Tr

ansf

er15

7910

401

3.02

Sale

25/05/2018

-61371

Tran

sfer

157849030

3.02

Purc

hase

01/06/2018

7595

1Tr

ansf

er157924981

3.02

98

Shar

ehol

ding

at t

he

begg

inni

ng o

f the

Yea

rCu

mul

ativ

e Sh

areh

oldi

ng

duri

ng th

e Ye

ar

Slno

Folio

/Dpi

d-Cl

ient

idCa

tego

ryTy

peN

ame

of th

e Sh

are

Hol

der

No

of

Shar

es%

of t

otal

sh

ares

of

the

com

pany

Dat

eIn

crea

se/

Dec

reas

e in

sha

re

hold

ing

Reas

onN

o of

Sh

ares

% o

f tot

al

shar

es o

f the

co

mpa

ny

Purc

hase

08/06/2018

1735

2559

Tran

sfer

1752

7754

03.

35Sa

le08/06/2018

-15918000

Tran

sfer

1593

5954

03.

05Pu

rcha

se15/06/2018

7826

Tran

sfer

1593

6736

63.

05Pu

rcha

se22/06/2018

1557

Tran

sfer

159368923

3.05

Sale

22/06/2018

-2160

Tran

sfer

1593

6676

33.

05Pu

rcha

se29/06/2018

1766

Tran

sfer

159368529

3.05

Sale

29/06/2018

-4786

Tran

sfer

1593

6374

33.

05Pu

rcha

se06/07/2018

3936

Tran

sfer

1593

6767

93.

05Sa

le06/07/2018

-251

Tran

sfer

159367428

3.05

Purc

hase

13/07/2018

5023

12Tr

ansf

er159869740

3.06

Purc

hase

20/07/2018

2955

Tran

sfer

159872695

3.06

Purc

hase

27/07/2018

441

Tran

sfer

159873136

3.06

Sale

27/07/2018

-9547

Tran

sfer

159863589

3.06

Purc

hase

03/08/2018

2161

7Tr

ansf

er159885206

3.06

Purc

hase

10/08/2018

2187

Tran

sfer

159887393

3.06

Sale

10/08/2018

-28

Tran

sfer

159887365

3.06

Purc

hase

17/08/2018

4039

Tran

sfer

159891404

3.06

Purc

hase

24/08/2018

3077

Tran

sfer

159894481

3.06

Purc

hase

31/08/2018

1143

Tran

sfer

159895624

3.06

Sale

31/08/2018

-23879

Tran

sfer

159871745

3.06

Purc

hase

07/09/2018

8213

Tran

sfer

159879958

3.06

Sale

07/09/2018

-202200

Tran

sfer

159677758

3.05

Purc

hase

14/09/2018

2693

25Tr

ansf

er159947083

3.06

Sale

14/09/2018

-4452

Tran

sfer

1599

4263

13.

06Pu

rcha

se21/09/2018

4830

Tran

sfer

1599

4746

13.

06Pu

rcha

se28/09/2018

20782

Tran

sfer

159968243

3.06

Purc

hase

05/10/2018

19784

Tran

sfer

159988027

3.06

Purc

hase

12/10/2018

2242

29Tr

ansf

er16

0212

256

3.06

Purc

hase

19/10/2018

17870

Tran

sfer

1602

3012

63.

06Pu

rcha

se26/10/2018

8220

Tran

sfer

160238346

3.06

Purc

hase

02/11/2018

129989

Tran

sfer

160368335

3.07

Sale

02/11/2018

-276

Tran

sfer

160368059

3.07

Purc

hase

09/11/2018

2524

Tran

sfer

160370583

3.07

Purc

hase

16/11/2018

98751

Tran

sfer

1604

6933

43.

07Pu

rcha

se23/11/2018

2884

Tran

sfer

160472218

3.07

Purc

hase

30/11/2018

1267

0Tr

ansf

er160484888

3.07

99

Shar

ehol

ding

at t

he

begg

inni

ng o

f the

Yea

rCu

mul

ativ

e Sh

areh

oldi

ng

duri

ng th

e Ye

ar

Slno

Folio

/Dpi

d-Cl

ient

idCa

tego

ryTy

peN

ame

of th

e Sh

are

Hol

der

No

of

Shar

es%

of t

otal

sh

ares

of

the

com

pany

Dat

eIn

crea

se/

Dec

reas

e in

sha

re

hold

ing

Reas

onN

o of

Sh

ares

% o

f tot

al

shar

es o

f the

co

mpa

ny

Sale

30/11/2018

-12000

Tran

sfer

160472888

3.07

Purc

hase

07/12/2018

3187

Tran

sfer

1604

7607

53.

07Sa

le07/12/2018

-296000

Tran

sfer

160180075

3.06

Purc

hase

14/12/2018

9388

Tran

sfer

160189463

3.06

Purc

hase

21/12/2018

4777

Tran

sfer

1601

9424

03.

06Pu

rcha

se28/12/2018

4674

Tran

sfer

160198914

3.06

Sale

28/12/2018

-3752

Tran

sfer

1601

9516

23.

06Pu

rcha

se31/12/2018

4984

Tran

sfer

1602

0014

63.

06Pu

rcha

se04/01/2019

2240

Tran

sfer

160202386

3.06

Sale

04/01/2019

-239

Tran

sfer

1602

0214

73.

06Pu

rcha

se11/01/2019

8941

Tran

sfer

160211088

3.06

Purc

hase

18/01/2019

6810

Tran

sfer

160217898

3.06

Purc

hase

25/01/2019

4404

Tran

sfer

1602

2230

23.

06Pu

rcha

se01/02/2019

1119

7Tr

ansf

er16

0233

499

3.06

Purc

hase

08/02/2019

6222

Tran

sfer

1602

3972

13.

06Sa

le08/02/2019

-166

Tran

sfer

1602

3955

53.

06Pu

rcha

se15/02/2019

7135

Tran

sfer

1602

4669

03.

06Sa

le15/02/2019

-2835

Tran

sfer

160243855

3.06

Purc

hase

22/02/2019

8683

Tran

sfer

160252538

3.06

Purc

hase

01/03/2019

10478

Tran

sfer

1602

6301

63.

06Pu

rcha

se08/03/2019

2766

Tran

sfer

160265782

3.06

Sale

08/03/2019

-301965

Tran

sfer

159963817

3.06

Purc

hase

15/03/2019

6523

Tran

sfer

1599

7034

03.

06Sa

le15/03/2019

-1416

Tran

sfer

159968924

3.06

Purc

hase

22/03/2019

1053

0Tr

ansf

er15

9979

454

3.06

Sale

22/03/2019

-6811

Tran

sfer

1599

7264

33.

06Pu

rcha

se29/03/2019

3125

7Tr

ansf

er16

0003

900

3.06

Sale

29/03/2019

-1905427

Tran

sfer

158098473

3.02

Clos

ing

Bala

nce

30/03/2019

158098473

3.02

4AA

CCC5

769M

FP

IOp

enin

g Ba

lanc

eCOMGESTGROWTH

PLC-COM

GEST

GROW

TH

EMER

GING

MAR

KE

68555662

1.31

31/03/2018

68555662

1.31

Purc

hase

22/06/2018

1471

172

Tran

sfer

70026834

1.34

Sale

01/03/2019

-1504175

Tran

sfer

68522659

1.31

Sale

29/03/2019

-1994816

Tran

sfer

66527843

1.27

Clos

ing

Bala

nce

30/03/2019

66527843

1.27

100

Shar

ehol

ding

at t

he

begg

inni

ng o

f the

Yea

rCu

mul

ativ

e Sh

areh

oldi

ng

duri

ng th

e Ye

ar

Slno

Folio

/Dpi

d-Cl

ient

idCa

tego

ryTy

peN

ame

of th

e Sh

are

Hol

der

No

of

Shar

es%

of t

otal

sh

ares

of

the

com

pany

Dat

eIn

crea

se/

Dec

reas

e in

sha

re

hold

ing

Reas

onN

o of

Sh

ares

% o

f tot

al

shar

es o

f the

co

mpa

ny

5AABTC2758E

FPI

Open

ing

Bala

nce

CAPITALWORLD

GROW

THAND

INCOMEFUND

64038000

1.22

31/03/2018

64038000

1.22

Sale

29/06/2018

-4165186

Tran

sfer

59872814

1.14

Sale

06/07/2018

-3304496

Tran

sfer

56568318

1.08

Sale

13/07/2018

-7155987

Tran

sfer

4941

2331

0.94

Sale

20/07/2018

-2498479

Tran

sfer

46913852

0.90

Sale

27/07/2018

-11394852

Tran

sfer

3551

9000

0.68

Sale

03/08/2018

-3500000

Tran

sfer

3201

9000

0.61

Clos

ing

Bala

nce

30/03/2019

3201

9000

0.61

6AA

ACI7

351P

LTD

Open

ing

Bala

nce

ICICIPRUDENTIAL

LIFEINSURANCE

COM

PANY

LTD

4717

7791

0.90

31/03/2018

4717

7791

0.90

Sale

06/04/2018

-3272552

Tran

sfer

4390

5239

0.84

Sale

13/04/2018

-1581298

Tran

sfer

4232

3941

0.81

Sale

20/04/2018

-1148414

Tran

sfer

4117

5527

0.79

Sale

27/04/2018

-770150

Tran

sfer

4040

5377

0.77

Sale

04/05/2018

-903091

Tran

sfer

39502286

0.76

Sale

11/05/2018

-3398630

Tran

sfer

3610

3656

0.69

Sale

18/05/2018

-3129002

Tran

sfer

3297

4654

0.63

Sale

25/05/2018

-1745400

Tran

sfer

3122

9254

0.60

Sale

01/06/2018

-8758482

Tran

sfer

2247

0772

0.43

Purc

hase

08/06/2018

6000

00Tr

ansf

er23

0707

720.

44Sa

le08/06/2018

-142291

Tran

sfer

22928481

0.44

Sale

15/06/2018

-194215

Tran

sfer

2273

4266

0.43

Sale

22/06/2018

-457558

Tran

sfer

22276708

0.43

Sale

29/06/2018

-3324671

Tran

sfer

18952037

0.36

Purc

hase

06/07/2018

2750

00Tr

ansf

er19

2270

370.

37Sa

le06/07/2018

-1000930

Tran

sfer

18226107

0.35

Purc

hase

13/07/2018

192668

Tran

sfer

18418775

0.35

Purc

hase

20/07/2018

154853

Tran

sfer

18573628

0.36

Sale

27/07/2018

-33032

Tran

sfer

18540596

0.35

Purc

hase

03/08/2018

499388

Tran

sfer

19039984

0.36

Sale

03/08/2018

-309363

Tran

sfer

18730621

0.36

Sale

10/08/2018

-44757

Tran

sfer

18685864

0.36

Sale

17/08/2018

-8484

Tran

sfer

18677380

0.36

Sale

24/08/2018

-413500

Tran

sfer

18263880

0.35

101

Shar

ehol

ding

at t

he

begg

inni

ng o

f the

Yea

rCu

mul

ativ

e Sh

areh

oldi

ng

duri

ng th

e Ye

ar

Slno

Folio

/Dpi

d-Cl

ient

idCa

tego

ryTy

peN

ame

of th

e Sh

are

Hol

der

No

of

Shar

es%

of t

otal

sh

ares

of

the

com

pany

Dat

eIn

crea

se/

Dec

reas

e in

sha

re

hold

ing

Reas

onN

o of

Sh

ares

% o

f tot

al

shar

es o

f the

co

mpa

ny

Sale

31/08/2018

-704427

Tran

sfer

1755

9453

0.34

Sale

07/09/2018

-631310

Tran

sfer

16928143

0.32

Sale

14/09/2018

-1394262

Tran

sfer

15533881

0.30

Sale

21/09/2018

-1704237

Tran

sfer

13829644

0.26

Purc

hase

28/09/2018

232801

Tran

sfer

1406

2445

0.27

Sale

28/09/2018

-103297

Tran

sfer

13959148

0.27

Purc

hase

05/10/2018

3650

00Tr

ansf

er14324148

0.27

Sale

05/10/2018

-2670287

Tran

sfer

11653861

0.22

Sale

12/10/2018

-777713

Tran

sfer

10876148

0.21

Purc

hase

19/10/2018

2930

44Tr

ansf

er11

1691

920.

21Sa

le26/10/2018

-12613

Tran

sfer

1115

6579

0.21

Purc

hase

02/11/2018

265685

Tran

sfer

1142

2264

0.22

Sale

02/11/2018

-109812

Tran

sfer

1131

2452

0.22

Sale

09/11/2018

-742211

Tran

sfer

1057

0241

0.20

Sale

16/11/2018

-1759511

Tran

sfer

8810730

0.17

Purc

hase

30/11/2018

5750

9Tr

ansf

er8868239

0.17

Purc

hase

07/12/2018

1027

6Tr

ansf

er8878515

0.17

Sale

14/12/2018

-207482

Tran

sfer

8671033

0.17

Sale

21/12/2018

-133037

Tran

sfer

8537996

0.16

Sale

28/12/2018

-78202

Tran

sfer

8459794

0.16

Purc

hase

31/12/2018

5030

Tran

sfer

8464824

0.16

Sale

04/01/2019

-277519

Tran

sfer

8187305

0.16

Sale

11/01/2019

-294063

Tran

sfer

7893242

0.15

Sale

18/01/2019

-267

Tran

sfer

7892975

0.15

Purc

hase

25/01/2019

4055

65Tr

ansf

er8298540

0.16

Sale

01/02/2019

-636694

Tran

sfer

7661846

0.15

Purc

hase

08/02/2019

3653

5Tr

ansf

er7698381

0.15

Sale

08/02/2019

-100000

Tran

sfer

7598381

0.15

Purc

hase

15/02/2019

6346

7Tr

ansf

er7661848

0.15

Sale

15/02/2019

-59000

Tran

sfer

7602848

0.15

Sale

22/02/2019

-1069613

Tran

sfer

6533

235

0.12

Purc

hase

01/03/2019

1390

09Tr

ansf

er66

7224

40.

13Sa

le01/03/2019

-14369

Tran

sfer

6657875

0.13

Purc

hase

08/03/2019

3470

24Tr

ansf

er7004899

0.13

Sale

15/03/2019

-251129

Tran

sfer

6753

770

0.13

Purc

hase

22/03/2019

3203

Tran

sfer

6756

973

0.13

102

Shar

ehol

ding

at t

he

begg

inni

ng o

f the

Yea

rCu

mul

ativ

e Sh

areh

oldi

ng

duri

ng th

e Ye

ar

Slno

Folio

/Dpi

d-Cl

ient

idCa

tego

ryTy

peN

ame

of th

e Sh

are

Hol

der

No

of

Shar

es%

of t

otal

sh

ares

of

the

com

pany

Dat

eIn

crea

se/

Dec

reas

e in

sha

re

hold

ing

Reas

onN

o of

Sh

ares

% o

f tot

al

shar

es o

f the

co

mpa

ny

Purc

hase

29/03/2019

95789

Tran

sfer

6852762

0.13

Clos

ing

Bala

nce

30/03/2019

6852762

0.13

7AA

ATH4

654D

FPI

Open

ing

Bala

nce

VIRTUSVONTOBEL

EMER

GING

M

ARKE

TS

OPPORTUNITIES

FUN

4272

5595

0.82

31/03/2018

4272

5595

0.82

Purc

hase

11/05/2018

3837096

Tran

sfer

4656

2691

0.89

Purc

hase

18/05/2018

6650

437

Tran

sfer

53213128

1.02

Sale

22/06/2018

-1025928

Tran

sfer

52187200

1.00

Sale

06/07/2018

-399048

Tran

sfer

51788152

0.99

Sale

20/07/2018

-253240

Tran

sfer

5153

4912

0.99

Sale

27/07/2018

-353431

Tran

sfer

51181481

0.98

Purc

hase

03/08/2018

1831259

Tran

sfer

5301

2740

1.01

Purc

hase

10/08/2018

1879276

Tran

sfer

54892016

1.05

Purc

hase

17/08/2018

2929

91Tr

ansf

er55185007

1.05

Purc

hase

24/08/2018

87485

Tran

sfer

5527

2492

1.06

Sale

21/09/2018

-619518

Tran

sfer

5465

2974

1.04

Sale

19/10/2018

-550261

Tran

sfer

5410

2713

1.03

Sale

02/11/2018

-755512

Tran

sfer

5334

7201

1.02

Sale

16/11/2018

-451056

Tran

sfer

52896145

1.01

Sale

23/11/2018

-996334

Tran

sfer

51899811

0.99

Sale

14/12/2018

-691289

Tran

sfer

51208522

0.98

Sale

21/12/2018

-1768606

Tran

sfer

4943

9916

0.95

Sale

31/12/2018

-546897

Tran

sfer

48893019

0.93

Sale

04/01/2019

-481560

Tran

sfer

48411459

0.93

Clos

ing

Bala

nce

30/03/2019

48411459

0.93

8AAECM1699Q

FPI

Open

ing

Bala

nce

MAG

ELLA

N 42

2232

110.81

31/03/2018

4222

3211

0.81

Sale

22/06/2018

-1471172

Tran

sfer

4075

2039

0.78

Sale

13/07/2018

-1072063

Tran

sfer

3967

9976

0.76

Clos

ing

Bala

nce

30/03/2019

3967

9976

0.76

9AABTS6407QMUT

Open

ing

Bala

nce

SBI-ETFSENSEX

2551

0951

0.49

31/03/2018

2551

0951

0.49

Purc

hase

06/04/2018

485785

Tran

sfer

2599

6736

0.50

Purc

hase

13/04/2018

6057

0Tr

ansf

er26

0573

060.

50Pu

rcha

se20/04/2018

1939

03Tr

ansf

er26

2512

090.

50Pu

rcha

se27/04/2018

2397

19Tr

ansf

er26490928

0.51

Purc

hase

04/05/2018

1743

04Tr

ansf

er26

6652

320.

51

103

Shar

ehol

ding

at t

he

begg

inni

ng o

f the

Yea

rCu

mul

ativ

e Sh

areh

oldi

ng

duri

ng th

e Ye

ar

Slno

Folio

/Dpi

d-Cl

ient

idCa

tego

ryTy

peN

ame

of th

e Sh

are

Hol

der

No

of

Shar

es%

of t

otal

sh

ares

of

the

com

pany

Dat

eIn

crea

se/

Dec

reas

e in

sha

re

hold

ing

Reas

onN

o of

Sh

ares

% o

f tot

al

shar

es o

f the

co

mpa

ny

Purc

hase

11/05/2018

287213

Tran

sfer

2695

2445

0.52

Purc

hase

18/05/2018

88173

Tran

sfer

27040618

0.52

Sale

18/05/2018

-1771895

Tran

sfer

25268723

0.48

Purc

hase

25/05/2018

155888

Tran

sfer

2542

4611

0.49

Purc

hase

01/06/2018

48015

Tran

sfer

2547

2626

0.49

Sale

01/06/2018

-3874397

Tran

sfer

21598229

0.41

Purc

hase

08/06/2018

1786550

Tran

sfer

23384779

0.45

Purc

hase

15/06/2018

1753

45Tr

ansf

er23

5601

240.

45Pu

rcha

se22/06/2018

185

Tran

sfer

2356

0309

0.45

Sale

22/06/2018

-430658

Tran

sfer

2312

9651

0.44

Purc

hase

29/06/2018

7570

3Tr

ansf

er23

2053

540.

44Sa

le29/06/2018

-1941749

Tran

sfer

2126

3605

0.41

Purc

hase

06/07/2018

4426

419

Tran

sfer

2569

0024

0.49

Purc

hase

13/07/2018

180782

Tran

sfer

25870806

0.49

Sale

13/07/2018

-2683

Tran

sfer

25868123

0.49

Purc

hase

20/07/2018

150768

Tran

sfer

26018891

0.50

Purc

hase

27/07/2018

1497

16Tr

ansf

er26168607

0.50

Sale

27/07/2018

-141155

Tran

sfer

2602

7452

0.50

Purc

hase

03/08/2018

2616

019

Tran

sfer

28643471

0.55

Sale

03/08/2018

-144627

Tran

sfer

28498844

0.54

Purc

hase

10/08/2018

208009

Tran

sfer

28706853

0.55

Sale

10/08/2018

-3Tr

ansf

er28706850

0.55

Purc

hase

17/08/2018

7300

5Tr

ansf

er28779855

0.55

Purc

hase

24/08/2018

1955

50Tr

ansf

er28975405

0.55

Purc

hase

31/08/2018

1342

97Tr

ansf

er29

1097

020.

56Sa

le31/08/2018

-173711

Tran

sfer

28935991

0.55

Purc

hase

07/09/2018

1007

90Tr

ansf

er29036781

0.56

Sale

07/09/2018

-241

Tran

sfer

2903

6540

0.56

Purc

hase

14/09/2018

71118

Tran

sfer

29107658

0.56

Sale

14/09/2018

-347047

Tran

sfer

28760611

0.55

Purc

hase

21/09/2018

162832

Tran

sfer

28923443

0.55

Purc

hase

28/09/2018

388768

Tran

sfer

2931

2211

0.56

Sale

28/09/2018

-681591

Tran

sfer

28630620

0.55

Purc

hase

05/10/2018

1640

290

Tran

sfer

3027

0910

0.58

Purc

hase

12/10/2018

258375

Tran

sfer

30529285

0.58

Purc

hase

19/10/2018

117893

Tran

sfer

30647178

0.59

104

Shar

ehol

ding

at t

he

begg

inni

ng o

f the

Yea

rCu

mul

ativ

e Sh

areh

oldi

ng

duri

ng th

e Ye

ar

Slno

Folio

/Dpi

d-Cl

ient

idCa

tego

ryTy

peN

ame

of th

e Sh

are

Hol

der

No

of

Shar

es%

of t

otal

sh

ares

of

the

com

pany

Dat

eIn

crea

se/

Dec

reas

e in

sha

re

hold

ing

Reas

onN

o of

Sh

ares

% o

f tot

al

shar

es o

f the

co

mpa

ny

Purc

hase

26/10/2018

2236

51Tr

ansf

er30870829

0.59

Purc

hase

02/11/2018

1683045

Tran

sfer

32553874

0.62

Sale

02/11/2018

-4Tr

ansf

er32553870

0.62

Purc

hase

09/11/2018

1460

05Tr

ansf

er32699875

0.63

Purc

hase

16/11/2018

2406

27Tr

ansf

er32

9405

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63Sa

le16/11/2018

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sfer

32938489

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23/11/2018

138998

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33077487

0.63

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30/11/2018

1091

51Tr

ansf

er33186638

0.63

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hase

07/12/2018

8070

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sfer

33194708

0.63

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07/12/2018

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sfer

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0.63

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14/12/2018

40382

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14/12/2018

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3301

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21/12/2018

1630

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28/12/2018

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32438465

0.62

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31/12/2018

5605

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0.63

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11/01/2019

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18/01/2019

2997

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Sale

18/01/2019

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25/01/2019

3235

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01/02/2019

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08/02/2019

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15/02/2019

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15/02/2019

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22/02/2019

187114

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01/03/2019

420178

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01/03/2019

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5300

0.64

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08/03/2019

2735

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08/03/2019

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15/03/2019

4122

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0.70

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22/03/2019

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29/03/2019

2492

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06/04/2018

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sfer

28863238

0.55

Sale

13/04/2018

-2473064

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sfer

2639

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0.50

Sale

20/04/2018

-11226043

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sfer

1516

4131

0.29

Sale

27/04/2018

-772274

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sfer

14391857

0.28

Sale

04/05/2018

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sfer

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7206

0.21

Sale

11/05/2018

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sfer

00.

00Cl

osin

g Ba

lanc

e30/03/2019

00.

00

Chan

ge in

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reho

ldin

g Cu

mul

ativ

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0 9

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9,0

16

0 9

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0

(v)

Sha

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ldin

g of

Dir

ecto

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KM

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Shr

i Rav

i P. S

ingh

, Dir

ecto

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rson

nel)

& C

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Chan

ge in

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ehol

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mul

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1,0

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0 1

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2. S

hri K

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ekan

t, D

irec

tor (

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nce)

106

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00


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3. M

s. S

eem

a G

upta

, Dir

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r (O

pera

tions

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4. S

hri R

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hauh

an, D

irec

tor (

Proj

ects

) (w

.e.f.

23.

08.2

018)

5. S

hri V

ivek

Kum

ar D

ewan

gan

Gov

t. D

irec

tor (

w.e

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6.04

.201

8)

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ge in

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mul

ativ

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g th

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r Eac

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res

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f tot

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mpa


00

00



00

00


00

00

6. S

hri G

hans

hyam

Pra

sad

Gov

t. D

irec

tor (

w.e

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1.03

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9)

107

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Chan

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7. S

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agdi

sh I

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ndep

ende

nt D

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tor

8. S

hri T

se T

en D

orji,

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epen

dent

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9. S

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anoj

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ittal

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res

% o

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mpa


00

00



00

00


00

00

10. S

hri S

unil

Kum

ar S

harm

a, I

ndep

ende

nt D

irec

tor (

w.e

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3.07

.201

8)

108

Chan

ge in

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reho

ldin

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mul

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00

00



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00


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Chan

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15,

337

0 1

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7 0



00

00


15,

337

0 1

5,33

7 0

11. S

mt.

A. R

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alak

shm

i, In

depe

nden

t Dir

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r (w

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26.

07.2

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12. S

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ya T

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ness

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ing

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out

stan

ding

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rued

but

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due

for p

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"Sec

ured

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ludi

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its"T

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In

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edne

ss"

Inde

btne

ss a

t the

beg

inni

ng o

f the

fina

ncia

l yea

rN/A

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incip

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mou

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tere

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ccru

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43 3

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l (i+

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16,849.08

134

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Chan

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ring

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finan

cial

yea

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ditio

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29,820.23

36,909.58

Redu

ctio

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Net

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cipal

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ount

115

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22

146,086.36

ii) In

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Inte

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3234

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156.

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Tota

l (i+

ii+iii

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149,477.78

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ESS

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on 3

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re)

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Sl.N

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rtic

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s of

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uner

atio

n To

tal

Amou

ntSh

ri R

avi P

. Si

ngh,

Dir

ecto

r (P

erso

nnel

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CM

D

Shri

I. S

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, CM

D (

From

01

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2018

to

21.0

1.20

19)

Shri

K.

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kant

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irec

tor

(Fin

ance

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CF

O

Ms.

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ma

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ta,

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ecto

r (O

pera

tions

)

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R. K

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auha

n,

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ecto

r (P

roje

cts)

w

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23

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2018

Shri

Pra

bhak

ar

Sing

h, D

irec

tor

(Pro

ject

s) (

Up

to 3

0.06

.201

8)

1Gr

oss

sala

ry(a

) Sal

ary

as p

er p

rovi

sions

con

tain

ed in

section17(1)oftheIncomeTax.1961.

9195

544.

3413584973.21

8630668.3

8298696.18

4729

126.

2375

9275

7.47

5203

1765

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(b)Valueofperquisitesu/s17(2)ofthe

IncometaxAct,1961

1367059.18

2905

104.

341203686.27

1710

27.6

989957.24

1340816

7077

650.

72

(c)Profitsinlieuofsalaryundersection

17(3)oftheIncomeTaxAct,1961

00

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l Am

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t Dir

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ri

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l Sh

ri T

se T

en

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ri M

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mar

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(a)Feeforattendingboard&

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111

Annexure - VII to the Directors’ Report

REPORT ON CORPORATE GOVERNANCEThe Directors present the Company’s Report on Corporate Governance.1. THE COMPANY’S GOVERNANCE PHILOSOPHY: Corporate Governance is about promoting corporate fairness, transparency and accountability in the best interest of various stakeholders

in a Company. It is a system by which business corporations are directed and controlled. Power Grid Corporation of India Limited (POWERGRID or the Company) believes that good governance should entail trusteeship, empowerment and accountability of themanagementwhileremainingproactivetotheGovernmentpolicies.POWERGRID’sGovernanceprocessisfocusedtowardsitsVisionof“WorldClass,Integrated,GlobalTransmissionCompanywithDominantLeadershipinEmergingPowerMarketsEnsuringReliability,SafetyandEconomy”anditsmissioni.e.“WewillbecomeaGlobalTransmissionCompanywithDominantLeadershipinEmergingPowerMarketswithWorldClassCapabilitiesby:

1. Setting superior standards in capital project management and operations for the industry and ourselves. 2. LeveragingcapabilitiestoconsistentlygeneratemaximumvalueforallstakeholdersinIndiaandinemergingandgrowingeconomies. 3. Inspiring,nurturingandempoweringthenextgenerationofprofessionals. 4. Achievingcontinuousimprovementsthroughinnovationandstate-of-the-arttechnology. 5. Committing to highest standards in health, safety, security and environment.” TheCorporateGovernanceofPOWERGRIDisgearedbythefollowing: (i) Tomeettheshortterm,mediumterm&longtermobjectivesandspecifictargetseveryyearsetbytheGovernmentofIndiaandby

theBoard,byempoweringpeopleatthemostappropriatelevelskeepingthejobprofile/functionsinview. (ii) To respond to the challenges and the emerging opportunities and to play a pivotal role in the economic development of the country. Thecorporategovernancestructurespecifiesthedistributionofrights,responsibilitiesandpowersamongdifferentparticipants inthe

corporation.Allstrategicdecisionsregardinginvestment,diversification,majordecisionsregardingprocurement,commercialandfinanceare implemented after approval by the Board.

POWERGRIDisa“NAVRATNAPSE”sinceMay2008.TheNAVRATNAstatushasprovidedtheCompanymoreflexibilityandautonomyintermsofmakinginvestmentsandoperationaldecisions.TheBoardofDirectorsofPOWERGRIDhasbeendelegatedpowersbytheCentralGovernmenttoapprovecapitalschemes,incurcapitalexpenditureonpurchaseofnewitemsofassetsorforreplacementwithoutanymonetaryceiling.TheceilingonequityinvestmenttoestablishjointventuresandwhollyownedsubsidiariesinIndiaorabroadis15%ofthenetworthofPOWERGRID.However,inasingleprojecttheceilingonequityinvestmentislimitedto`1000 Crore. The overall ceiling onsuchinvestmentinallprojectsputtogetheris30%ofthenetworthofPOWERGRID.

TheBoardofDirectorscomprisesChairmanandManagingDirector,FunctionalDirectors,Govt.NomineeDirectorsandNon-OfficialPartTime Directors (Independent Directors). The rights and obligations of the employees are delineated in the policy manuals published and theamendmentsarenotified,fromtimetotime.Thepowersoftheinternalparticipantsi.e.topexecutivesandbelowarelaiddowninthewell-establishedandpracticed“DelegationofPowers”.POWERGRIDhasimplemented“WorksandProcurementPolicyandProcedureforPre-awardandPost-awardStages”withaviewtomakingthepoliciesandproceduresmoresystematic,transparentandeasytoadministerwithmajorthrustonexpeditiousanddecentralizeddecisionmakingcoupledwithaccountabilityandresponsibility.TheBoardhasalsoconstitutedseveralCommittees,viz.AuditCommittee;Stakeholders’RelationshipCommittee;NominationandRemunerationCommittee;RiskManagementCommittee;CSRCommittee;CommitteeonInvestmentonProjects;CommitteeonAwardofContracts;CommitteeforBonds;CommitteeforAwardofContractsrelatingtoRuralElectrification(RE)andotherDepositWorks;CommitteeonTransfer/Split/Rematerialisationetc.ofshares;CommitteeofDirectorsforNewBusinesses;etc.tohavebetterandmorefocusedattention.AdvisoryBoardsofeminentpersonsareinplaceforEnvironmentandSocialPolicyandProcedures,R&DandforTelecomtoadvisePOWERGRIDoncriticalissues/consensusbuildingintheseareas.

BesidesadheringtotheprovisionsofSEBI(ListingObligationsandDisclosureRequirements)Regulations,2015,POWERGRIDisrequiredto follow the Guidelines on Corporate Governance issued by Department of Public Enterprises, Government of India.

ThecomplianceoftheCompanywiththeconditionsoftheCorporateGovernanceandthedisclosurerequirementsfortheYear2018-19are given below:

2. Board of Directors:2.1 Size of the Board POWERGRIDisaGovernmentCompanywithinthemeaningofSection2(45)oftheCompaniesAct,2013(theAct)andthePresidentof

Indiapresentlyholds55.37%ofthetotalpaid-upsharecapital.AsperArticlesofAssociation,thepowertoappointDirectorsrestswiththe President of India. In terms of Articles of Association of the Company, the strength of Board of Directors of the Company shall not be lessthanfourDirectorsandnotmorethaneighteenDirectors.TheseDirectorsmaybeeitherwhole-timeDirectorsorpart-timeDirectors.

2.2 Composition of the Board SEBI(ListingObligations&DisclosureRequirements)Regulations,2015,asamendedfromtimetotime,(hereinafterreferredasSEBI

LODR)stipulatethattheBoardofDirectorsofthecompanyshallhaveanoptimumcombinationofexecutiveandnon-executivedirectorswithatleastone-womandirectorandnotlessthanfiftypercentoftheBoardofDirectorscomprisingofnon-executivedirectors.

Sub-section(4)ofsection149ofCompaniesAct,2013stipulatesthateverylistedcompanyshouldhaveatleastone-thirdofthetotalnumber of directors as independent directors.

As on 31stMarch,2019,theBoardcomprisedofelevendirectorsoutofwhichfourwereWholeTimeDirectorsincludingtheChairman&

112

ManagingDirector,twoGovernmentNomineeDirectorsandfiveIndependentDirectors.TheBoardcompositionalsocomprisedofWomanDirectors.

AlltheIndependentDirectorsmeetwiththerequirementsspecifiedunderSection149(6)oftheActforholdingthepositionof‘IndependentDirector’ and None of the Directors of the Company is related to each other.

Thenumberof independentdirectors during thefinancial year 2018-19was insufficient as compared to thenumberof independentdirectorsrequiredunderSEBILODRandCompaniesAct,2013.AsthepowertoappointtheDirectorsontheBoardvestswiththePresidentofIndiaactingthroughAdministrativeMinistry,theCompanyhasbeen,fromtimetotime,requestingMinistryofPowertoappointrequisitenumber of independent directors on the Board.

2.3 Age Limit and Tenure of Directors TheagelimitfortheChairman&ManagingDirectorandotherWholeTimeDirectorsis60years. TheChairman&ManagingDirectorandotherwhole-timeDirectorsareappointedforaperiodoffiveyearsfromthedateoftakingover

of charge or till the date of superannuation of the incumbent or till further orders from the Government of India, whichever event occurs earlier.Onappointmentby theGovernmentof India,asPOWERGRID isa listedCompany, theseDirectorsareco-optedasAdditionalDirectors and the appointment is regularized at the following Annual General Meeting.

Government Nominee Directors representing the Ministry of Power, Government of India retire from the Board after completion of tenure ofthreeyearsfromthedateofappointmentunlesstheirtenureisextendedbyGovernmentofIndia.OnappointmentbytheGovernmentof India they are appointed as Government Nominee Director by the Board of Directors in terms of Section 161(3) of Companies Act, 2013.

Independent Directors are generally appointed by the Government of India for tenure of three years. The details of Directors as on 31st March, 2019 were as follows:

Details of Directors Name Date of Joining on the Board

Category (Functional/ Official/ Non-official)

Designation

1. Whole Time Directors Director(Personnel)&CMD(additionalcharge w.e.f. 21.01.19)

Shri Ravi P. Singh 01.04.2012 As Director (Personnel)

Director (Finance) Shri K. Sreekant 01.09.2016

Director (Projects) Shri Rajeev Kumar Chauhan 23.08.2018

Director (Operations) Mrs. Seema Gupta 01.03.2018

2. Govt. Nominees Part – time Directors

Govt. Nominee Director Shri Vivek Kumar Dewangan 26.04.2018

Govt. Nominee Director Shri Ghanshyam Prasad 01.03.2019

3. Non-official Part-time Directors

Non-officialPart-timeDirector(Independent Director)

Shri Jagdish I. Patel 17.11.2015


Shri Tse Ten Dorji 16.02.2017


Shri Manoj Kumar Mittal 12.09.2017


Shri Sunil Kumar Sharma 23.07.2018


Smt. A. R. Mahalakshmi 26.07.2018

2.4 Board Meetings and Attendance: ThemeetingsoftheBoardofDirectorsarenormallyheldattheRegisteredOfficeoftheCompany.Meetingsaregenerallyscheduledwell

inadvanceandtheNotice,detailedBoardagenda,managementreportsandotherexplanatoryBoardnotesarecirculatedtotheDirectors.The members of the Board have complete access to all information of the Company. Senior management is also invited to the Board meetings to provide additional input to the items being discussed by the Board. In case of urgency, resolutions are passed by circulation.

Duringthefinancialyearended31st March, 2019, thirteen Board meetings were held on 26thApril,2018,1stMay2018,29thMay2018,10th July,2018,18thJuly2018,31stJuly2018,20thSeptember2018,5thNovember2018,3rd January 2019, 31st January, 2019, 16th February, 2019, 7th March, 2019 and 27thMarch,2019.Themaximumintervalbetweenanytwomeetingsduringthisperiodwas58days.DetailofnumberofBoardmeetingsattendedbyDirectors,attendanceatlastAGM,numberofotherdirectorship/committeemembership[viz.AuditCommitteeandStakeholders’RelationshipCommitteeasperSEBI LODR]heldby themduring theFinancial year2018-19aretabulated below:

113

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1313

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1NI

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,Chairman&ManagingDirector

(up

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Yes

N/A

N/A

N/A

N/A

N/A

Shri

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(Fin

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13100%

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(Upto30.06.2018)

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N/A

N/A

N/A

N/A

N/A

N/A

Shri

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(Pro

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s)(w.e.f.23.08.2018)

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Yes

6NI

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(Upto13.02.2019)

1010

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Yes

N/A

N/A

N/A

N/A

N/A

Shr

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k Ku

mar

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(w.e.f.26.04.2018)

1311

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Shri

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13100%

Yes

22

NIL

NIL

NIL

Shri

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1313

100%

Yes

NIL

NIL

1NI

LNI

LSh

ri M

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ittal

1313

100%

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NIL

NIL

2NI

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Yes

3NI

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NIL

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All w

hole

tim

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and

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have

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N/AindicatesthatconcernedpersonwasnotaDirectoronPOWERGRID’sBoardonthereleventdate.

*IncludescommitteepositioninPOW

ERGRID

114

2.5 Information to be placed before the Board of Directors, inter alia, includes: The Board has complete access to all information with the Company. The information regularly supplied to the Board includes: 1. Annual operating plans and budgets and updates, if any. 2. Annual Accounts, Directors’ Report, etc. 3. Quarterlyfinancialresultsofthecompany. 4. Minutes of meetings of Audit Committee and other committees of the Board including minutes of Subsidiary Companies. 5. Major Investments, formation of Subsidiaries and Joint Ventures, Strategic Alliances, etc. 6. Award of large Contracts. 7. All related party transections. 8. DisclosureofInterestbyDirectorsaboutdirectorshipandcommitteepositionsoccupiedbytheminotherCompanies. 9. Declaration of independency by Independent Directors. 10. Monthly Report on Commercial Status of the Company. 11. QuarterlyReportonBusinessActivitiesofvariousSubsidiariesCompanies. 12. QuarterlyReportonComplianceofvariouslaws. 13. QuarterlyReportonCompliancewithCorporateGovernance;ReconciliationofShareCapitalAuditandInvestors’Complaints. 14. Reportonthestatusofvariousongoingprojects/SchemeandBudgetUtilization. 15. ReportontheO&MReview. 16. AnysignificantdevelopmentinHumanResources/IndustrialRelationsfrontlikesigningofwageagreement,etc. 17. Non-complianceofanyRegulatory,statutoryor listingrequirementsandshareholders’servicesuchasnon-paymentofdividend,

delayinsharetransferetc.Short-Terminvestmentofsurplusfunds. 18. Othermateriallyimportantinformation. Post meeting follow-up system: 19. TheGovernanceprocessintheCompanyincludesaneffectivepost-meetingfollow-up,reviewandreportingprocessforactiontaken

on decisions of the Board and the Board Committee(s).3. Committees of the Board of Directors: The Board has constituted the following Committees: i) Audit Committee ii) Nomination and Remuneration Committee iii) Stakeholders’ Relationship Committee iv) CSR Committee v) Risk Management Committee3.1 Audit Committee TheCompanyhasconstitutedAuditCommitteeinlinewiththeprovisionsofSection177oftheCompaniesAct,2013andRegulation18of

SEBI LODR As on 31 March, 2019, the Audit Committee comprised the following Directors:

(i) Shri Jagdish I. Patel Independent Director Chairman(ii) Shri Tse Ten Dorji Independent Director Member(iii) Shri Manoj Kumar Mittal Independent Director Member(Iv) ShriVivekkumarDewangan(w.e.f.26.04.2018) Govt. Nominee Director Member(v) ShriSunilKumarSharma(w.e.f.20.09.2018) Independent Director Member

The Company Secretary is the Secretary of the Committee.Meetings of Audit CommitteeAsperSEBILODR,theAuditCommitteeisrequiredtomeetatleastfourtimesinayearandnotmorethanonehundredtwentydayselapsebetween twomeetings. The quorum for theAudit Committeemeetings is either twomembers or one third of themembers of theAuditCommittee whichever is greater, but there should be a minimum of two independent directors present.Powers of Audit CommitteeThe powers of the Audit Committee include the following: 1. To investigate any activity within its terms of reference.2. To seek information on and from any employee. 3. To obtain outside legal or other professional advice.

115

4. Tosecureattendanceofoutsiderswithrelevantexpertise,ifitconsidersnecessary.5. To protect whistle blowers.6. To consider other matters as referred by the Board.Role of Audit CommitteeThe Role of Audit Committee includes the following:1. OversightofourCompany’sfinancialreportingprocessandthedisclosureofitsfinancialinformationtoensurethatthefinancialstatement

iscorrect,sufficientandcredible.2. RecommendingtotheBoardregardingfixationofauditfeetobepaidtostatutoryauditorsappointedbytheComptroller&AuditorGeneral

under the Companies Act and approval for payment with respect to any other services rendered by the statutory auditors.3. Reviewing,with themanagement, theStandaloneandConsolidatedannual financial statements andAuditors’Report thereonbefore

submission to the Board for approval, with particular reference to: a. MattersrequiredtobeincludedintheDirector’sResponsibilityStatementtobeincludedintheBoard’sreportintermsofClause(c)

ofSub-section3ofSection134oftheCompaniesAct,2013. b. Changes, if any, in accounting policies and practices and reasons for the same. c. Majoraccountingentriesinvolvingestimatesbasedontheexerciseofjudgmentbymanagement. d. Significantadjustmentsmadeinthefinancialstatementsarisingoutofauditfindings. e. Compliancewithlistingandotherlegalrequirementsrelatingtofinancialstatements. f. Disclosure of any related party transactions. g. Qualifications/modifiedopinionsinthedraftauditreport.4. Reviewing/examining,withthemanagement,thequarterlyStandalonefinancialstatementsandconsolidatedquarterlyfinancialstatements

alongwithLimitedReviewReportbytheStatutoryAuditorsoftheCompanyofalltheentities/companieswhoseAccountsaretobeconsolidated, before submission to the Board for approval.

5. Reviewing, with themanagement, the statement of uses / application of funds raised through an issue (public issue, rights issue,preferentialissue,etc.),thestatementoffundsutilizedforpurposesotherthanthosestatedintheofferdocument/prospectus/noticeandthereportsubmittedbythemonitoringagencymonitoringtheenduse/utilizationofproceedsofapublicorrightsissue&relatedmatters and making appropriate recommendations to the Board to take up steps in this matter.

6. Reviewing,withthemanagement,performanceofstatutoryandinternalauditorsandadequacyoftheinternalcontrolsystems.7. Reviewingtheadequacyofinternalauditfunction,ifany,includingthestructureoftheinternalauditdepartment,staffingandseniorityof

theofficialheadingthedepartment,reportingstructure,coverageandfrequencyofinternalaudit.8. Discussingwithinternalauditorsand/orauditorsanysignificantfindingsandfollowupthereon.9. Reviewingthefindingsofanyinternalinvestigationsbytheinternalauditors/auditors/agenciesintomatterswherethereissuspected

fraud or irregularity or a failure of internal control systems of a material nature and reporting the matter to the Board.10. Discussingwithstatutoryauditorsbeforetheauditcommences,aboutthenatureandscopeofauditaswellaspost-auditdiscussionto

ascertain any area of concern.11. Tolookintothereasonsforsubstantialdefaultsinthepaymenttothedepositors,debentureholders,shareholders(incaseofnon-payment

of declared dividends) and creditors.12. Toreview/overseethefunctioningofvigilmechanism/WhistleBlowermechanismoftheCompany.13. ToreviewthefollowupactionontheauditobservationsintheComptroller&AuditorGeneralaudit.14. ToreviewthefollowupactiontakenontherecommendationsofCommitteeonPublicUndertakings(COPU)oftheParliament.15. Provide an open avenue of communication between the independent auditor, internal auditor and the Board.16. Approvaloranysubsequentmodificationoftransactionsofthecompanywithrelatedparties.17. Review all related party transactions in the Company. For this purpose, the Audit Committee may designate a member who shall be

responsibleforreviewingrelatedpartytransactions; The term “related party transactions” shall have the same meaning as provided in Regulation 2 (zc) of the SEBI (LODR).18. Reviewingwiththeindependentauditortheco-ordinationofauditeffortstoensurecompletenessofcoverage,reductionofredundant

efforts,andtheeffectiveuseofallauditresources.19. Considering and review the following with the independent auditor and the management: a. Theadequacyofinternalcontrolsincludingcomputerizedinformationsystemcontrolsandsecurity;and b. relatedfindingsandrecommendationsoftheindependentauditorandinternalauditor,togetherwiththemanagementresponses.20. Considering and reviewing the following with the management, internal auditor and the independent auditor: a. Significantfindingsduringtheyear,includingthestatusofpreviousauditrecommendations;and b. Anydifficultiesencounteredduringauditworkincludinganyrestrictionsonthescopeofactivitiesoraccesstorequiredinformation.21. ReviewingandmonitoringtheAuditor’sindependenceandperformance,andeffectivenessofauditprocess.22. Scrutinyofinter-corporateloansandinvestments.

116

23. Valuation of undertakings or assets of the Company, whenever it is necessary.24. Evaluation of Internal Financial Controls and Risk Management Systems.25. ReviewingthecompliancewiththeprovisionsofSEBI(ProhibitionofInsiderTrading)(Amendment)Regulations,2018atleastonceina

financialyearandverifyingthatthesystemsforinternalcontrolareadequateandareoperatingeffectively.26. Reviewingtheutilizationofloansand/oradvancesfrom/investmentbytheCompanyintheSubsidiaryexceeding`100croreor10%of

theassetsizeofthesubsidiary,whicheverislowerincludingexistingloans/advances/investmentsexistingasonthedate.27. Carrying out any other function as is mentioned in the terms of reference of the Audit Committee under the Companies Act, 2013, SEBI

(ListingObligationsandDisclosureRequirements)Regulations,2015andDPEGuidelinesonCorporateGovernanceforCPSEs,asamendedfrom time to time.

Review of information by Audit CommitteeThe Audit Committee shall mandatorily review the following information:1. Managementdiscussionandanalysisoffinancialconditionandresultsofoperations.2. Statementofsignificantrelatedpartytransactionssubmittedbymanagement.3. Managementletters/lettersofinternalcontrolweaknessesissuedbythestatutoryauditors.4. Internal audit reports relating to internal control weaknesses.5. The appointment, removal and terms of remuneration of the chief internal auditor.6. Certification/declarationoffinancialstatementsbytheChiefExecutiveOfficer/ChiefFinancialOfficer.7. Statement of deviations: (a) quarterlystatementofdeviation(s)includingreportofmonitoringagency,ifapplicable,submittedtostockexchange(s)intermsof

Regulation 32(1). (b) annualstatementoffundsutilizedforpurposesotherthanthosestatedintheofferdocument/prospectus/noticeintermsofRegulation

32(7).”Attendance:Duringthefinancialyearended31st March 2019, twelve meetings of the Audit committee were held on 1stMay2018,29thMay2018,10th July2018,18thJuly2018,31stJuly2018,21stAugust2018,20thSeptember2018,5thNovember2018,5thDecember2018,3rd January 2019, 31st January, 2019 and 7th March, 2019.Attendance at Audit Committee Meetings during the Financial Year 2018-19:

Name of the Audit Committee Member Meetings held during respective tenure of Members

No. of Meetings attended

% of Attendance of Audit Committee Meeting

Shri Jagdish I. Patel 12 11 91.67%Shri Tse Ten Dorji 12 12 100%Shri Manoj Kumar Mittal 12 12 100%ShriVivekkumarDewangan(w.e.f.26.04.2018) 12 10 83.33%ShriSunilKumarSharma(w.e.f.20.09.2018) 05 05 100%

3.2 Nomination and Remuneration Committee

YourCompanyhasconstitutedNominationandRemunerationCommitteeinlinewiththeprovisionsofSection178oftheCompaniesAct,2013andRegulation19ofSEBI(ListingObligationsandDisclosureRequirements)Regulations,2015.

As on 31st March 2019, the Nomination and Remuneration Committee comprised the following Directors:

Shri Jagdish I. Patel Non-officialPart-timeDirector ChairmanShri Tse Ten Dorji Non-officialPart-timeDirector MemberShri Manoj Kumar Mittal Non-officialPart-timeDirector MemberSmt.A.R.Mahalakshmi(w.e.f.20.09.2018) Non-officialPart-timeDirector MemberShri Ghansyam Prasad (w.e.f. 06.03.2019) Govt. Nominee Director MemberShriVivekKumarDewangan(w.e.f.26.04.2018) Govt. Nominee Director MemberShri Ravi P. Singh Director(Personnel)&CMD Member

The Nomination and Remuneration Committee decides the annual bonus/variable pay pool and policy for its distribution across theemployees within the prescribed limits.

FourmeetingsoftheNominationandRemunerationcommitteewereheldduringtheFinancialYear2018-19i.e.on29thMay,2018,20thSeptember,2018,5thNovember,2018and7thMarch,2019.

117

Attendance at Nomination and Remuneration Committee Meetings during the Financial Year 2018-19:

Name of the Nomination and Remuneration Committee Member

Meetings held during respective tenure of

Members

No. of Meetings attended

% of Attendance of Nomination and

Remuneration Committee Meeting

Shri Jagdish I. Patel 4 4 100%

Shri I. S. Jha (up to 21.01.2019) 3 3 100%

Shri Ravi P. Singh (w.e.f. 21.01.2019) 1 1 100%

Shri Tse Ten Dorji 4 4 100%

Shri Manoj Kumar Mittal 4 4 100%

Ms. Bharati (up to 13.02.2019) 3 3 100%

ShriVivekKumarDewangan(w.e.f.26.04.2018) 4 2 50%

Smt.A.R.Mahalakshmi(w.e.f.20.09.2018) 2 2 100%

Shri Ghansyam Prasad (w.e.f. 06.03.2019) 1 1 100%

Performance Evaluation of Directors TherequirementofperformanceevaluationofDirectorsunderSection178(2)of theCompaniesAct,2013hasbeendoneawaywith

forGovernmentCompaniesvideMinistryofCorporateAffairs’(MCA)Notificationdt.5thJune,2015.Further,MCAvide itsnotificationdated05thJuly,2017hasmadeanamendmentintheScheduleIVoftheAct,wherebyithasexemptedGovernmentCompaniesfromcomplyingwiththerequirementofperformanceevaluationbytheIndependentDirectorsofNon-independentDirectorsandChairmanandperformanceevaluationoftheIndependentDirectorsbytheBoard,iftheconcerneddepartmentsorministrieshavespecifiedtheserequirements.Inthisregard,theDepartmentofPublicEnterprises(DPE)hasalsolaiddownamechanismforperformanceappraisalofallFunctionalDirectors.DPEhasalsoinitiatedevaluationofIndependentDirectors.TheCompanyentersintoMemorandumofUnderstanding(MoU)withMinistryofPower(MoP)everyyearwhereinCompanyisevaluatedonvariousfinancialandnon-financialparameters.TheperformanceoftheCompany&BoardofDirectorsisevaluatedbytheDPEintermsofMoUenteredintowithMoP.

Separate Meeting of Independent Directors: AspertheGuidelinesissuedbyDPEonRole&ResponsibilitiesofNon-OfficialDirectors(IndependentDirectors)ofCPSEs,Codeof

Conduct for Independent Directors prescribed under the Companies Act, 2013 and Regulation 25 of SEBI LODR, a separate meeting oftheIndependentDirectorsisrequiredtobeheldatleastonceinayearto,inter-alia:

(i) reviewtheperformanceofthenon-independentdirectorsandtheBoardasawhole; (ii) reviewtheperformanceoftheChairpersonoftheCompany,taking intoaccounttheviewsofexecutivedirectorsandnon-

executivedirectors;and (iii) assessthequality,quantityandtimelinessofflowofinformationbetweenthemanagementoftheCompanyandtheBoardof

DirectorsthatisnecessaryfortheBoardtoeffectivelyandreasonablyperformtheirduties. AseparatemeetingofIndependentDirectorswasheldon14thMarch,2019.ThemeetingwasattendedbyallfiveIndependentDirectors.

In thismeeting, IndependentDirectorsassessed theperformanceof theBoardasawhole, theperformanceofNon-IndependentDirectors includingChairman&ManagingDirectorandalsothequality,quantityandtimelinessofflowof informationbetweentheCompanymanagementandtheBoardwhichisnecessaryfortheBoardtoeffectivelyandreasonablyperformtheirduties.

3.3 Stakeholders’ Relationship Committee TheCompanyhasconstitutedStakeholders’RelationshipCommitteeinlinewiththeprovisionsofSection178(5)oftheCompaniesAct,

2013andRegulation20ofSEBI(ListingObligationsandDisclosureRequirements)Regulations,2015. Scope of the Committee ThescopeoftheCommitteeistospecificallyconsiderandresolvethegrievancesofshareholders,debenture-holders,andothersecurity

holdersof the company including the complaints related to transfer of shares, non-receipt of balance sheet, non-receipt of declareddividends, etc. of the Company.

Composition of Stakeholders’ Relationship Committee during the F.Y. 2018-19 As on 31st March 2019, the Stakeholder Relationship Committee comprised the following Directors:

Shri Jagdish I. Patel NonOfficialParttimeDirector ChairmanShri Manoj Kumar Mittal NonOfficialParttimeDirector Member

Smt.A.R.Mahalakshmi(w.e.f.20.09.2018) NonOfficialParttimeDirector Member

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Shri Ravi P. Singh Director(Personnel)&CMD MemberShri K. Sreekant Director (Finance) Member

The Company Secretary is the Secretary of the Committee. TwomeetingsoftheStakeholders’RelationshipCommitteewereheldduringthefinancialyear2018-19i.e.on21stAugust,2018and7th

March, 2019. Attendance at Stakeholders’ Relationship Committee meeting during the Financial Year 2018-19:

Name Shareholders’/Investors’ Grievance Committee Meeting held during the tenure

% of Attendance of Stakeholders’ Relationship

Committee MeetingHeld AttendedShri Jagdish I. Patel 2 1 50%Shri Manoj Kumar Mittal 2 2 100%Smt. A. R. Mahalakshmi(w.e.f.20.09.2018)

1 1 100%

Shri Ravi P. Singh 2 2 100%Shri K. Sreekant 2 2 100%

Name and designation of Compliance Officer Ms.DivyaTandon,ChiefGeneralManager&CompanySecretaryistheComplianceOfficerintermsofSEBI(LODR)Regulations,2015. Investors’ Grievances Duringthefinancialyearending31stMarch2019,theCompanyhasattendedtoinvestors’grievancesexpeditiouslyexceptforthecases

constrained by disputes or legal impediment. The details of the complaints received and disposed of during the year are as under:

S. No. Description Opening Balance Received Attended Pending1 Non receipt of refund orders 0 15 15 0

2 Non receipt of dividend warrants 0 1672 1672 03 Nonreceiptofsharecertificate 0 42 42 04 SEBI 0 18 16 25 StockExchange 0 4 4 06 Advocate Notices 0 0 0 07 ConsumerForum/Courtcases 0 0 0 0

Total 0 1,751 1749 2

Shares lying in Share Escrow Account InpursuanceofScheduleV(F)ofSEBI(ListingObligationsandDisclosureRequirements)Regulations,2015,detailsofshareslyinginthe

shares escrow account are as under:

SHARES IN THE SHARE ESCROW ACCOUNTEvent IPO FPO [2010] FPO [2013]

No. of Shareholders No. of Shares No. of Shareholders

No. of Shares

No. of Shareholders

No. of Shares

Ason01.04.2018 4 970 18 3439 0 0Transfers during the year2018-19

0 0 18 3439 0 0

As on 31.03.2019 4 970 0 0 0 0 The voting rights on the shares in the Escrow Account will remain frozen till the rightful owner of such shares claims the shares. These

sharesarelyinginDematforminaPoolAccountwiththeRegistrarsi.e.M/sKarvyFintechPrivateLimitedandthebenefitsaccruedonthem are being properly accounted for.

Centralized Web Based Complaint Redressal System- SCORES The centralized web based Complaint Redressal System of SEBI i.e. SCORES (SEBI Complaints Redress System) is in place since June

2011.ThroughSCORES,shareholderscanregistertheircomplaintsagainsttheCompanyforredressal.Whenthecomplaintisregistered,auniquecomplaintregistrationnumberisallottedforfuturereferenceandtracking.Statusofeverycomplaintlodgedcanalsobeviewedonline and the Shareholder can send reminder for their complaint. Your Company takes action for redressal of the complaints and uploads ActionTakenReporton line.SEBIdisposesoffthecomplaints if it issatisfiedthat thecomplaintshavebeenredressedadequately.A

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Shareholder,whoisnotaccessingSCOREScanlodgehis/hercomplaintinphysicalformalso. Remuneration of Directors POWERGRID,beingaGovernmentCompany,theappointment,tenureandremunerationofDirectorsisdecidedbythePresidentofIndia.

RemunerationpaidtoChairman&ManagingDirectorandFunctionalDirectorsduringtheYear2018-19wasaspertermsandconditionsoftheirappointment.IndependentDirectorsarepaidonlysittingfeeperBoard/Committeemeetingattended{ratefixedbytheBoardwithintheceilingfixedforpaymentofsittingfeewithoutGovernmentapprovalundertheRule4oftheCompanies(AppointmentandRemunerationofManagerialPersonnel)Rules,2014readwiththeSection197oftheCompaniesAct,2013}andinaccordancewiththeGovernment Guidelines for attending the Board Meeting as well as Committee Meetings.

TheremunerationpaidtotheWholetimeDirectorsduringtheyear2018-19isasunder:

S No.

Directors Designation Salary (in `) Benefits (in `) Bonus /Commission

(in `)

Performance Linked Incentive

(in ` )

Total (in `)

1. Shri Ravi P. Singh Director (Personnel)&

CMD

50,99,150 12,50,721.5 41,30,310 1,04,80,181.5

2. Shri I. S. Jha (upto 21st January 2019)

Chairman&Managing Director

65,91,923 13,19,988 63,92,749 1,43,04,660

3. Shri K. Sreekant Director (Finance)

45,74,273 9,97,838 37,19,872 92,91,983

4. Ms. Seema Gupta Director (Operations)

56,22,397 11,00,261.38 27,06,306 94,28,964.38

5. Shri R. K. Chauhan (w.e.f. 23rd August, 2018)

Director (Projects)

25,07,462 8,99,913 23,63,363 57,70,738

6. Shri Prabhakar Singh (upto 30th June,2018)

Director (Projects)

34,08,664 3,47,183 38,69,027 76,24,874

TheGovernmentNomineesDirectorsonthePOWERGRID’sBoarddonotdrawanyremuneration/sittingfeeforattendingBoard/Committeemeetings from the Company. The Independent Directors were paid sitting fee of `20,000/-permeetingforattendingBoard/CommitteeMeetings.

DetailsofPaymentmadetowardssittingfeetoIndependentDirectorsduringtheyear2018-19aregivenbelow:(` in lacs.)

Name of Non-official Part-time Directors Sitting Fee Total (`)Board Meeting (`) Committee of Board of

Directors Meeting (`)Shri Jagdish I. Patel 2.60 6.80 9.40Shri Tse Ten Dorji 2.60 8.40 11.00Shri Manoj Kumar Mittal 2.60 5.20 7.80Smt. A. R. Mahalakshmi 1.60 3.20 4.80Shri Sunil Kumar Sharma 1.60 2.60 4.20

As on 31.03.2019, the Directors’ Shareholding were as under:

S. No. Name of Directors No. of Equity Shares Held1. Shri Ravi P. Singh 9,0162. Shri K. Sreekant 1,0293. Ms. Seema Gupta 8,8074. Shri R. K. Chauhan 15. Shri Vivek kumar Dewangan NIL6. Shri Ghanshyam Prasad NIL7. Shri Jagdish I. Patel NIL8. Shri Tse Ten Dorji NIL9. Shri Manoj Kumar Mittal NIL

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10. Smt. A. R. Mahalakshmi NIL11. Shri Sunil Kumar Sharma NIL

3.4 CSR Committee POWERGRIDhas constituted aCSRCommittee in linewith the requirements of theCompaniesAct, 2013andDepartment of Public

Enterprises’ Guidelines on Corporate Social Responsibility and Sustainability for Central Public Sector Enterprises’. As on 31st March 2019, the CSR Committee comprised following directors as members:

Shri Ravi P. Singh Director(Personnel)&CMD ChairmanShri K. Sreekant Director (Finance) MemberMrs. Seema Gupta Director (Operations) MemberShri R. K. Chauhan Director (Projects) MemberShri Jagdish I. Patel Non-officialPart-timeDirector MemberShri Tse Ten Dorji Non-officialPart-timeDirector MemberShri Sunil Kumar Sharma Non-officialPart-timeDirector MemberSmt. A. R. Mahalakshmi Non-officialPart-timeDirector MemberShri Ghanshyam Prasad Chief Engineer, Govt. Nominee Director Member

ElevenmeetingsoftheCSRCommitteewereheldduringthefinancialyear2018-19.

3.5 Risk Management Committee

POWERGRID had constituted RiskManagement Committee in linewith the requirement of SEBI LODRAs on 31st March 2019, the Committee comprises of following Directors as members:

Shri Ravi P Singh Director(Personnel)&CMD ChairmanShri K. Sreekant Director (Finance) MemberShri R. K. Chauhan Director (Projects) Member

ThreemeetingsofRiskManagementCommitteewereheldduringtheFinancialYear2018-19.

The‘EnterpriseRiskManagementFramework’(ERMframework)hasbeenimplementedinPOWERGRID.Thedetailsofthesamearegivenin Management Discussion and Analysis.

Apart from the constitution of mandatory committees, the Board has constituted various committees viz. (i) Committee on Investment on Projects(ii)CommitteeonAwardofContracts(iii)CommitteeforTransfer/Split/Rematerializationetc.ofShares(iv)CommitteeforBonds(V)CommitteeforAwardofContractsrelatingtoREandotherDepositWorksforfacilitatingthedaytodaybusinessofthecompany.

4. Monitoring of Subsidiaries

TheCompanydoesnot haveanymaterial unlistedSubsidiaryCompany in termsof SEBI LODRor the subsidiaries asdefinedunderGuidelines on Corporate Governance for Central Public Sector Enterprises issued by Department of Public Enterprises, Govt. of India. However, minutes of the meeting of the Board of Directors of the subsidiaries are placed before the Company’s Board periodically along withstatusofsubsidiaries.Further,pursuanttoRegulations16(c)and43oftheSEBILODR,POWERGRIDhasformulatedapolicyfordetermining ‘material’ subsidiaries and the policy has been disclosed on the company’s website and a web link thereto is also given as under:

https://www.powergridindia.com/code-conductpolicies

5. General Body Meetings

Date, time and location where the last three Annual General Meetings were held are as under:

Year Date Time Venue Special Resolution2015-16 16 September 2016 11.00 a.m. Manekshaw Centre, Parade Road, Delhi Cantt., New Delhi 12016-17 19 September 2017 11.00 a.m. Manekshaw Centre, Parade Road, Delhi Cantt., New Delhi 42017-18 18September2018 11.00 a.m. Manekshaw Centre, Parade Road, Delhi Cantt., New Delhi 1

Resolutions passed through Postal Ballot:

TheShareholdersoftheCompanyhaveapprovedwithrequisitemajority,theSpecialResolutionsundertheprovisionsofCompaniesAct,

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2013 for:

1. Altering the Objects Clause of the Memorandum of Association, and

2. IncreasinginShareholdinglimitofForeignPortfolioInvestors(FPIs)includingForeignInstitutionalInvestors(FIIs)inPOWERGRID.

Noticedated5thNovember,2018wasservedtoallshareholdersforvotingthroughpostalballotasperprovisionofSection110oftheCompanies Act, 2013 read with the Companies (Management and Administration) Rules, 2014. Ms. Savita Jyoti, Practicing Company Secretary was appointed as scrutinizer for conduct of Postal Ballot. The detail of voting are as under:

1. Altering the Objects Clause of the Memorandum of Association.

Promoter / Public

No. of Shares Held

(1)

No. of Votes Polled

(2)

% of Votes Polled on

Outstanding shares (3) = (2/1)*100

No. of Votes in favour

(4)

No. of Votes against

(5)

% of Votes in favor on Votes

Polled (6) = (4/2)*100

% of Votes against on

votes polled (7) = (5/2)

*100Prompter and Promoter Group

2947376901 2947376901 100.00 2947376901 0 100.0000 0

Public–Institutional Holders

2044270273 1784066988 87.2716 1784066988 0 100.0000 0

Public–Others

239942474 44935553 18.7276 44924148 11405 99.9746 0.0254

Total 5231589648 4776379442 91.2988 4776368037 11405 99.9998 0.0002

2. Increasing in Shareholding limit of Foreign Portfolio Investors (FPIs) including Foreign Institutional Investors (FIIs) in POWERGRID.

Promoter / Public

No. of Shares Held (1)

No. of Votes Polled

(2)

% of Votes Polled on

Outstanding shares (3) = (2/1)*100

No. of Votes in favour

(4)

No. of Votes against

(5)

% of Votes in favor on Votes

Polled (6) = (4/2)*100

% of Votes against on

votes polled (7) = (5/2)

*100Prompter and Promoter Group

2947376901 2947376901 100.00 2947376901 0 100.0000 0

Public–Institutional Holders

2044270273 1784066988 87.2716 1784066988 0 100.0000 0

Public–Others

239942474 44933270 18.7267 44912649 20621 99.9541 0.0459

Total 5231589648 4776377159 91.2988 4776356538 20621 99.9996 0.0004

6. Credit rating

POWERGRIDhasavailedthefollowingratingfromthecreditratingagenciesduringtheFY2018-19:

Rating by Domestic Rating Agency:

Sr. No.

Credit Rating Agency Rating for Long term Debt Instrument / Bank Borrowing

Rating for Short term Bank Borrowing

Rating for Commercial Paper

1. ICRA (ICRA) AAA (Stable) (ICRA)A1+ (ICRA)A1+2. CRISIL CRISILAAA/Stable CRISILA+ CRISILA+3. CARE CEREAAA;Stable CAREA+ CAREA1+

Rating by Foreign Rating Agency:

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Sr. No. Credit Rating Agency Rating Assigned1. Moody’s Investor Service Inc. Baa2 Outlook: Stable2. S&P BBB(-)Outlook:Stable3. Fitch BBB(-)Outlook:Stable

7. Disclosures:

(I) The transactions with related parties contain (i) payment to Companies under Joint Venture Agreement and on account of contracts forworks/services,(ii)remunerationtokeymanagementpersonneland(iii)equitycontributiontosubsidiaries,whicharenotinthenatureofpotentialconflictsofinterestoftheCompanyatlarge.DetailsofrelatedpartytransactionsareincludedintheNotestotheAccountsasperIndianAccountingStandards–IndAS-24notifiedbytheCentralGovernment.

(II) POWERGRIDdonothaveanymaterialnonlistedIndianSubsidiaryCompany.

(III) POWERGRIDestablishedEnterpriseRiskManagementFrameworkandInternalControlFrameworkforCEO/CFOCertification.GeneralManager(CorporatePlanning)hasbeenappointedasChiefRiskOfficeroftheCompany.

(IV) There are no material individual transactions with related parties which are not in the normal course of business.

(V) There are no material individual transactions with related parties or others, which are not on an arm’s length basis. Further, pursuant toRegulation23SEBILODR,POWERGRIDhasformulatedapolicyonmaterialityofrelatedpartytransactionsanddisclosethesameonthewebsiteofPOWERGRIDandaweblinkisprovidedasunder:


(VI)TheCompanyhascompliedwiththerequirementsoftheSEBI(ListingObligationsandDisclosureRequirements)Regulations,2015and Guidelines on Corporate Governance for Central Public Sector Enterprises issued by Ministry of Heavy Industries and Public Enterprises,DepartmentofPublicEnterprises,GovernmentofIndiaexceptthattheCompanyisnon-compliantw.r.t.compositionofBoardofDirectorsduetonon-nominationoftherequisitenumberofIndependentDirectorsbytheGovernmentofIndia.TherewerenopenaltiesorstricturesimposedontheCompanybyanystatutoryauthoritiesfornon-complianceonanymatterrelatedtocapitalmarkets, during the year.

(VII)TheCompanyhasseparateVigilanceDepartmentwhichdealswithfraudorsuspectedfraudinvolvingemployees/representativesofsuppliers,contractors,consultants,serviceprovider,oranyotherpartydoingbusinesswithPOWERGRID.WhistleBlowerandFraudPreventionPolicyhavebeenapprovedbytheBoardofDirectorsandthesamehasbeenuploadedonthewebsiteofPOWERGRID.TheweblinkoftheWhistleBlowerandFraudPreventionPolicyisasunder:


(VIII)TheFinancialStatementsforthefinancialyear2018-19havebeenpreparedaspertheIndianAccountingStandardsnotifiedunderSection 133 of the Companies Act, 2013.

(IX) Informationonadoption(andcompliance)/Non-adoptionofthenon-mandatoryrequirementsisatAnnexure-A.

(X) ThecompliancewithCorporateGovernancerequirementsspecifiedinRegulation17to27andClauses(b)to(i)ofsub-regulation(2)of regulation 46 of SEBI LODR have been made.

(XI)CertificatePursuanttoRegulation34(3)andScheduleVParaCclause(10)(i)ofSEBILODR,2015hasbeenobtainedfromCompanySecretary in Practice.

CEO/CFO Certification

As required by Regulation 17 (8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the ComplianceCertificateasspecifiedinPartBofScheduleIIofthesaidRegulationdulysignedbyShriRaviP.Singh,Director(Personnel)&CMDandShri K. Sreekant, Director (Finance) was placed before the Board of Directors at the meeting held on 29th May, 2019.

8. Means of Communication

The Company communicates with its shareholders through its Annual Report, General Meeting, Newspapers and disclosure through website.

The Company also communicates with its Institutional shareholders through Analysts and Investors meets held during the end of each quarterwhereDirectorsandSeniorOfficialsoftheCompanyinteractwiththeinvestingcommunity.

Information and latest updates and announcements made by the Company can be accessed at Company’s website: www.powergridindia.com including the following:

• Quarterly/Half-Yearly/AnnualFinancialResults • QuarterlyShareholdingPattern • QuarterlyCorporateGovernanceReport • CorporatedisclosuresmadefromtimetotimetoStockExchanges

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In order to save trees and environment by cutting down the consumption of costly paper, your Company has started sending the Annual Report and other communications throughemail to the shareholders from the Financial Year 2010-2011onwards after seeking theirconsent.

Quarterly Results

Publication of Financial Results in Newspapers

Sl. No.

Publication of Financial Results for the quarter ended

Date(s) of publication

Newspapers

1. 30.06.2018 02.08.2018&03.08.2018

Times of India, Economic Times, Hindustan Times, Mint, Business Standard, The Hindu, Business Line, Statesman, Indian Express, Financial Express, Jansatta,DNA,AmarUjala,DivyaBhaskar,AAj

2. 30.09.2018 06.11.2018&09.11.2018

Times of India, Economic Times, Hindustan Times, Mint, Business Standard, The Hindu, Business Line, Telegraph, Indian Express, Financial Express, Jansatta,MidDay,AmarUjala,RajasthanPatrika,FreePressJournal,Navshakti

3. 31.12.2018 01.02.2019 &02.02.2019

Times of India, Economic Times, Hindustan Times, Mint, Pioneer, New Indian Express,,DainikJagran,Statesman,IndianExpress,FinancialExpress,Jansatta,DNA, Hinduatan, Free Press Journal, Navshakti, Business Standard, Rajasthan Patrika, Financial Chronicle

4. 31.03.2019 30.05.2019&31.05.2019

Times of India, Economic Times, Hindustan Times, Mint, Business Line, The Statesman,Hindustan, Pioneer, Financial Express, Jansatta,DeccanChronicle,Mail Today, Mid Day

These Results are also displayed at Company’s website www.powergridindia.com

Official Releases and Presentations TheCompany’sofficialnewsreleases,otherpresscoverage,presentationsmadetoinstitutionalinvestorsortotheanalystsarealsohosted

ontheWebsite.9. Code of Conduct TheBoardofDirectorshavelaiddowntwoseparateCodesofConduct–oneforBoardMembersandanotherforSeniorManagement

PersonnelinalignmentwithCompany’sMission&Objectivesandaimsatenhancingethicalandtransparentprocessinmanagingtheaffairsof the Company. The ‘Code of Business Conduct and Ethics for Board members’ and the ‘Code of Business Conduct and Ethics for Senior Management Personnel’ are available at the website of the Company.

Declaration required under Regulation 26 (3) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 AllthemembersoftheBoardandSeniorManagementPersonnelhaveaffirmedcompliancewiththeCodeofBusinessConductandEthics

forthefinancialyearended31st March, 2019. Place: New Delhi (Ravi P. Singh) Date: 1stJuly,2019 Director(Personnel)&CMD

10. Code of Insider Trading

InpursuanceoftheSecuritiesandExchangeBoardofIndia(ProhibitionofInsiderTrading)Regulations,2015andasamendedfromtimetotime,POWERGRIDBoardhaslaiddown“CodeofPractices&ProceduresforFairDisclosureofUnpublishedPriceSensitiveInformationandConductforRegulating,Monitoring&ReportingofTradinginthesecuritiesofPowerGridCorporationofIndiaLimited”byInsidersofPowerGridCorporationofIndiaLimitedwithanaimthat‘DesignatedPersons’shallnotderiveanybenefitorassistotherstoderiveanybenefitfromtheaccesstoandpossessionofUnpublishedPriceSensitiveInformationabouttheCompanywhichisnotinthepublicdomainandthusconstitutesinsiderinformation.CompanySecretaryhasbeendesignatedasComplianceOfficerforthisCode.

11. Familiarization program for Independent Directors:

The Company familiarizes the independent directors with the activities and functioning of the company and their roles, rights, responsibilities in the company, nature of the industry in which the company operates, business model of the company, etc., through various programmes and presentations. The details of such familiarization programmes are disclosed on the company’s website and a web link thereto is also given as under:

https://www.powergridindia.com/familiarisation-programme-independent-directors

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12. Disclosures in relation to the sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.

Sr. No. Particulars No. of Complaints

1. NumberofComplaintsfiledduringFY2018-19 0

2. NumberofComplaintsdisposedofduringFY2018-19 0

3. NumberofComplaintspendingasonendoftheFY2018-19 0

13. A chart or matrix setting out the skills / expertise / competencies identified of the board as required in the context of its business (es) and sector(s) for an efficient functioning.

POWERGRID,beingaGovt.CompanywithinthemeaningofSection2(45)oftheCompaniesAct,2013,thepowertoappointfunctional/OfficialPart-timeDirectors/non-OfficialPart-timeDirectors(IndependentDirectors)areappointedbythePresidentofIndia.Thus,skills/expertise/competenciesofanincumbentarewithinthepurviewofGovt.ofIndia.

14. General Shareholders’ Information

i) Annual General Meeting

Date : 27th August, 2019

Time : 11:00 AM

Venue : Manekshaw Centre, Parade Road, Delhi Cantt., New Delhi

ii) Financial Year

The Company’s Financial Year is from 1st April to 31st March.

iii) Book Closure

The Register of Members and Share Transfer Books of the Company will remain closed from 21st August, 2019 to 27th August, 2019 (both days inclusive).

iv) Payment of dividend

TheBoardofDirectorsoftheCompanyhasrecommendeddeclarationofafinalDividendof`2.50pershare(25%)forthefinancialyear ended 31st March, 2019. In addition, an Interim Dividend of `5.83pershare(58.3%)waspaidon22ndMarch,2019.[Dividendpaid in the Previous Year was `5.25pershare(52.50%)].

The record date for the payment of Dividend is 20th August,2019.

v) Dividend History

Year Total Paid-up Capital as on 31st March of the

Year (` in Crore)

Total Amount of Dividend Paid for the Financial Year (` in

Crore)

Date of AGM in which dividend was

declared

Date of Payment of Final Dividend

2010-11 4629.73 810.23 19.09.2011 07.10.2011

2011-12 4629.73 976.87 19.09.2012 08.10.2012

2012-13 4629.73 1,273.17 19.09.2013 10.10.2013

2013-14 5231.59 1,349.75 18.09.2014 09.10.2014

2014-15 5231.59 1,046.32 15.09.2015 06.10.2015

2015-16 5231.59 1,208.50 16.09.2016 06.10.2016

2016-17 5231.59 2275.75 19.09.2017 04.10.2017

2017-18 5231.59 2746.58 18.09.2018 26.09.2018

2018-19 5231.59 ^3050.02 ^^07.03.2019 ^^^22/03/2019

^AmountofInterimDividend ^^DateofBoardMeetingdeclaringInterimDividend ^^^DateofPaymentofInterimDividend

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vi) Listing on Stock Exchange POWERGRIDequitysharesarelistedonthefollowingStockExchanges:

National Stock Exchange of India Limited. ExchangePlaza,PlotNo.C/1,GBlock,Bandra-KurlaComplex,Bandra(E),Mumbai-400051.

BSE LimitedPhiroze Jeejeebhoy Towers,Dalal Street,Mumbai–400001

Scrip Code : POWERGRID EQ Scrip Code: 532898Stock Code: ISIN – INE752E01010

ThepaymentofannuallistingfeefortheFinancialYear2018-19hasbeenmadetoNationalStockExchangeofIndiaLimitedandBSELtd.

vii) POWERGRID’s Shares Market Price Data - NSE

High (`) Low (`) Sum of Turnover in Lac (`) during the Month

April,2018 210.00 192.90 1,78,215.85May,2018 216.00 201.60 7,78,002.32June,2018 207.90 183.15 2,60,164.01July,2018 189.25 174.10 2,20,776.78August,2018 202.25 180.15 1,68,267.81September,2018 205.00 186.20 1,90,665.92October,2018 193.90 178.80 1,49,674.69November,2018 192.90 177.80 1,43,677.46December,2018 200.00 176.65 2,28,707.60January, 2019 200.50 182.00 1,76,286.26February, 2019 191.85 172.50 3,05,964.58March, 2019 204.70 181.70 2,71,448.79

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viii) POWERGRID’s Shares Market Price Data - BSE High (`) Low (`) Sum of Turnover in Lac (`)

during the Month April,2018 209.45 192.00 14,904.89May,2018 217.00 201.70 54,221.02June,2018 208.00 183.65 53,815.80July,2018 189.00 174.25 30,326.70August,2018 201.65 180.35 7022.13September,2018 204.70 186.10 7,405.60October,2018 193.70 179.15 8,382.50November,2018 192.65 178.05 3,652.37December,2018 199.80 176.80 13,982.31January, 2019 200.45 182.30 8,769.80February, 2019 192.00 173.05 8.090.52March, 2019 204.60 182.00 7,773.57

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ix) Performance in comparison to indices NSE NIFTY, BSE Sensex and POWERGRID

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x) Registrar and Transfer Agents

EQUITY SHARESKarvy Fintech Pvt. LtdKarvySeleniumTowerB,PlotNo.31&32,Gachibowli,FinancialDistrict,Nanakramguda,Serilingampally,Hyderabad-500032.Tele:+91-40-67162222,Fax:+91-40-23420814,TollfreeNo.1800-345-4001.E-mail:[email protected]

BONDSMCS Limited,F-65,OkhlaIndustrialArea,Phase-I,NewDelhi-110020.Ph:011-41406148/49/51Telefax.:011-41406148E-mail:[email protected]

xi) Share Transfer System

Entire share transfer activities under physical segment are being carried out by Karvy Fintech Pvt. Limited. The share transfer system consistsofactivitieslikereceiptofsharesalongwithtransferdeedfromtransferees,itsverification,preparationofMemorandumofTransfer,etc.SharetransfersareapprovedbyCommitteeoftheBoardforTransfer/Split/Rematerializationetc.ofShares.

PursuanttoSEBILODR,certificateonhalf-yearlybasisconfirmingduecomplianceofsharestransferformalitiesbytheCompanyfromaPracticingCompanySecretaryhavebeensubmittedtoStockExchangeswithinstipulatedtime.

xii) Shareholding as on 31st March, 2019

Sharesheldbydifferentcategoriesofshareholdersandaccordingtothesizeoftheholdingsason31st March, 2019 are given below:

According to Size

a. Distribution of shareholding according to size, % of holding as on 31st March, 2019:

Category Total Cases Total Cases % Total Shares Total Amount (`) Total Amount %

1–5000 584877 99.62 133054647 1330546470 2.545001–10000 768 0.13 5421802 54218020 0.1010001–20000 321 0.05 4475848 44758480 0.0920001–30000 118 0.02 2912312 29123120 0.0630001–40000 73 0.01 2571547 25715470 0.0540001–50000 56 0.01 2535805 25358050 0.0550001–100000 149 0.03 10601471 106014710 0.20100001&Above 747 0.13 5070016216 50700162160 96.91TOTAL 587109 100.00 5231589648 52315896480 100.00

b. Shareholding pattern as on 31st March, 2019

Sl. No. Category Total Shares % To Equity1 President of India 2896495942 55.372 FIIs/FCB/FPI 1334816887 25.513 Mutual Funds 345996819 6.614 Indian Public 132401213 2.535 Bodies Corporate 61989741 1.186 Insurance Companies 351106927 6.717 Banks&FIs 65212286 1.258 Others 40650321 0.789 NRI/OCBs 2919512 0.06

Total 5,231,589,648 100.00

129

c. Major Shareholders DetailsofShareholdersholdingmorethan1%ofthepaid-upcapitaloftheCompanyason31st March, 2019 are given below:

S. No. Name of the shareholder Shares % equity Category1 PresidentofIndia^ 279,52,26,142 53.43 POI2 Life Insurance Corporation Of India 33,53,85,684 6.41 INS3 PresidentofIndia^^ 101,269,800 1.94 POI4 HDFCTrusteeCompanyLtd.A/CHDFCBalancedAdvant

Age Fund 7,03,76,000 1.35 MUT

5 ComgestGrowthPLC-ComgestGrowthEmergingMarket 665,27,843 1.27 FPC ^representedthroughMinistryofPower ^^representedthroughMinistryofDoNER

xiii) Dematerialization of Shares The shares of the Company are in compulsory dematerialized segment and are available for trading system of both National Securities

Depository Limited (NSDL) and Central Depository Services (India) Limited (CDSL). No. of shares held in dematerialized and physical mode:

S. No. Physical/Demat Number ofHolders

Number ofShares

% of total capital issued

1 Physical 13,975 39,804 0.002 Held in dematerialized form in NSDL 3,92,859 5,17,94,33,789 99.003 Held in dematerialized form in CDSL 1,80,275 5,21,16,055 1.00

Total 5,87,109 5,231,589,648 100.00

130

The name and addresses of the Depositories are as under:

1. National Securities Depository Limited

TradeWorld,4thFloor, Kamala Mills Compound, Senapathi Bapat Marg, LowerParel,Mumbai–400013.

2. Central Depository Services (India) Limited Phiroze Jeejeebhoy Towers, 17thFloor,DalalStreet,Mumbai–400023.

xiv) Outstanding GDRs/ADRs/Warrants or any Convertible instruments, conversion date and likely impact on equity NoGDRs/ADRs/WarrantsoranyConvertibleinstrumentshavebeenissuedbytheCompany.

xv) Location of POWERGRID Plants POWERGRIDhasnoplantsasitisinthebusinessofTransmissionofPower.

xvi) Address for correspondence: Power Grid Corporation of India Limited, B-9,QutabInstitutionalArea, KatwariaSarai,NewDelhi–110016. Telephone No. : 011-26560112,26560121,26564812,26564892 Fax No. : 011-26601081 Email Id:[email protected]

Dispatch of Documents in electronic form: Sections 101 and 136 of the Companies Act, 2013 read with the Companies (Management and Administration) Rules, 2014 and

Regulation36ofSEBI(ListingObligationsandDisclosureRequirements)Regulations,2015,listedcompaniesarerequiredtosupplysoft copies of the said documents to all the shareholders who have registered their email address(es) for the purpose.

Accordingly,thesaiddocumentswillbesentbye-mailtothosememberswhohaveregisteredtheire-mailaddress(es)withtheirDP/the company, in terms of the said clause.

131

Non-Mandatory Requirements

1. The Board:TheCompanyisheadedbyanexecutiveChairman.NopersonhasbeenappointedasindependentdirectorwhohasbeenaDirector,intheaggregate,exceedingaperiodofnineyearsontheBoardofPOWERGRID.

2. Shareholder Rights:Thefinancialresultsforthehalfyearended30thSeptember,2018werepublishedinTimesofIndiaandEconomicsTimesdated6thNovember,2018andalsoputuponwebsite.Separatehalfyearreporthas,however,notbeensenttoeachhouseholdofshareholders.SignificanteventshavebeendisclosedontheCompanywebsite:www.powergridindia.com.

3. Modified opinion(s) in audit report:TheStatutoryAuditorshaveissuedunmodifiedopiniononthestandaloneandtheconsolidatedfinancialstatementsoftheCompanyfortheyearended31st March, 2019.

4. Reporting of Internal Auditor: The Internal auditor directly report to the Audit Committee.

Certificate on Corporate Governance:

TheCertificateonCorporateGovernanceisbeingpublishedasanannexuretotheDirectors’Report.




132

Annexure-VIIIT.V. NARAYANASWAMYCOMPANY SECRETARY(CP 203)

B2/121 JanakpuriNew Delhi 110058

Phones: 25597065, 25542489Emails:

[email protected]@gmail.com

Certificate on Corporate Governance

To

The Members,

Power Grid Corporation of India Limited

IhaveexaminedthecomplianceofconditionsofcorporategovernancebyPowerGridCorporationofIndiaLimited,fortheyearendedon31stMarch2019asstipulatedintheSecuritiesandExchangeBoardofIndia(ListingObligationsandDisclosureRequirement)Regulations,2015(theRegulations)inrespectofEquitySharesofthesaidCorporationwithStockExchangesandintheDPEGuidelines.

The compliance of conditions of corporate governance is the responsibility of themanagement.My examinationwas limited to theprocedures and implementation thereof, adopted by the Corporation for ensuring the compliance of the conditions of the Corporate Governance. ItisneitheranauditnoranexpressionofopiniononthefinancialstatementoftheCorporation.

Inmyopinionandtothebestofmyinformationandaccordingtotheexplanationgiventome,Icertifythat,theCorporationhasgenerallycomplied with all the conditions of Corporate Governance as stipulated in the Regulations and wherever there are deviations, the same have been indicated in the Report

IfurtherstatethatsuchcomplianceisneitheranassuranceastothefutureviabilityoftheCorporationnortheefficiencyoreffectivenesswithwhichthemanagementhasconductedtheaffairsoftheCorporation.

(T.V. NARAYNASWAMY) COMPANY SECREARY

27.06.2019

133

FORM NO. AOC -2(Pursuanttoclause(h)ofsub-section(3)ofsection134oftheActandRule8(2)oftheCompanies(Accounts)Rules,2014.

FormforDisclosureofparticularsofcontracts/arrangementsenteredintobythecompanywithrelatedpartiesreferredtoinsubsection(1)ofsection188oftheCompaniesAct,2013includingcertainarmslengthtransactionunderthirdprovisothereto.

1 Details of contracts or arrangements or transactions not at arm’s length basisa) Name(s) of the related party and nature of relationship -b) Natureofcontracts/arrangements/transactions -c) Durationofthecontracts/arrangements/transactions -d) Salient terms of the contracts or arrangements or

transactions including the value, if any-

e) Justifications for entering into such contracts orarrangements or transactions

-

f) Date(s) of approval by the Board -g) Amount paid as advances, if any : -h) Date on which the special resolution was passed in

general meeting as required under first proviso tosection188

-

2 Details of material contracts or arrangement or transactions at arm’s length basis(A) a) Name(s) of the related party and nature of

relationship1. POWERGRIDNMTransmissionLimited

2. POWERGRIDVizagTransmissionLimited

3. POWERGRIDUnchaharTransmissionLimited

4. POWERGRIDKalaAmbTransmissionLimited

5. POWERGRIDJabalpurTransmissionLimited

6. POWERGRIDWaroraTransmissionLimited

7. POWERGRIDParliTransmissionLimited

8. POWERGRID Southern Interconnector Transmission SystemLimited

9. POWERGRIDMedinipurJeeratTransmissionLimited

10.POWERGRIDMithilanchalTransmissionLimited

11.POWERGRIDVaranasiTransmissionSystemLimited

12.POWERGRIDJawaharpurFirozabadTransmissionLimited

TheaforementionedProjectSPVsare100%whollyownedsubsidiariesof POWERGRID acquired by POWERGRID under Tariff BasedCompetitive Bidding (TBCB).

ANNEXURE - IX TO THE DIRECTORS’ REPORT

134

b) Nature of contracts / arrangements / transactions Part (A) POWERGRID to provide security (ies) / guarantee(s) inconnectionwithloan(s)an/oranyformofdebtincludingECBsand / or to provide inter corporate loan (s) on costto cost basis, or a combination thereof, upto an amount of `16223Crore (Rupees SixteenThousandTwoHundredTwenty Three Crore only) to aforementioned Project SPVs .However, the agreements entered into are presently limited toRs15748croreasperthefollowingamounts:1. POWERGRIDNMTransmissionLimitedRs1100Cr2. POWERGRIDVizagTransmissionLimitedRs1200Cr3. POWERGRIDUnchaharTransmissionLimitedRs90Cr4. POWERGRIDKalaAmbTransmissionLimitedRs300Cr5. POWERGRIDJabalpurTransmissionLimitedRs1400Cr6. POWERGRIDWaroraTransmissionLimitedRs2020Cr7. POWERGRIDParliTransmissionLimitedRs1780Cr8. POWERGRID Southern Interconnector Transmission System Limited Rs 2924 Cr9. POWERGRID Medinipur Jeerat Transmission Limited Rs2800Cr10. POWERGRID Mithilanchal Transmission Limited Rs 1000 Cr11. POWERGRID Varanasi Transmission System Limited Rs 756 Cr12. POWERGRIDJawaharpurFirozabadTransmissionLimitedRs378Cr

Part (B) POWERGRID to render all inputs and services asmay berequiredbytheaforementionedProjectsSPVs.

Part (C) POWERGRIDtoprovidePost-CoDactivities includingO&MconsultancyasmayberequiredbytheProjectSPVs

a) Duration of the contracts / arrangements / transactions

Part (A) As mutually agreed Part (B) As mutually agreedPart (C) As mutually agreed

b) Salient terms of the contracts or arrangements or transactions including the value, if any

Refer (b)

c) Date(s) of approval by the Board, if any 29th May, 2014, 4th March 2015, 27th January 2016,5th August 2016, 29th March 2017, 2nd November, 2017 , 16thMarch,2018and7th March 2019.

d) Amount paid as advances, if any: NIL(B) a) Name(s) of the related party and nature of

relationshipBihar Grid Company Limited(BGCL), Joint Venture Company

b) Nature of contracts / arrangements / transactions Consultancy for post-award Techno Managerial services forStrengtheningofTransmissionSysteminBihar-Phase-IV,(Part-II).

c) Duration of the contracts / arrangements / transactions

24monthsfromApril’18(Extendableautomaticallyincaseofdelaytillcompletion of the scope as per Agreement).

d) Salient terms of the contracts or arrangements or transactions including the value, if any

Providing post-award engineering, quality assurance & inspectionrelated services for the packages awarded by BGCL under strengthening ofTransmissionSysteminBihar-Phase-IV,(Part-II).Agreementsignedon 24thApr’18.Theestimatedcostoftheprojectis`1370.0 Cr. and servicecharges@2%oftheactualexecutedcostoftheproject.

e) Date(s) of approval by the Board, if any 16thMar’18(351stBoardmeetingofPOWERGRID)f) Amount paid as advances, if any: No amount was paid to BGCL as advance for this contract.

(C) a) Name(s) of the related party and nature of relationship

Bihar Grid Company Limited(BGCL), Joint Venture Company

b) Nature of contracts / arrangements / transactions Consultancy forPost-awardTechnoManagerialservices(Post-awardEngineering&QA&Ionly)forStrengtheningofTransmissionSysteminBihar-Phase-IV(Part-1).

135


24monthsfromMar’15(Extendableautomaticallyincaseofdelaytillcompletion of the scope as per Agreement).


Providing post-award engineering, quality assurance & inspectionrelated services for the packages awarded by BGCL under strengthening ofTransmissionSysteminBihar-Phase-IV,(Part-1).Agreementsignedon 1st Jan’15. The estimated cost of the project is `1700.0 Cr. and servicecharges@2%oftheactualexecutedcostoftheproject.

e) Date(s) of approval by the Board, if any 24thDec’14(308thBoardmeetingofPOWERGRID)f) Amount paid as advances, if any: No amount was paid to BGCL as advance for this contract.

(D) a) Name(s) of the related party and nature of relationship

Teestavalley Power Transmission Company Limited(TPTL), Joint Venture Company

b) Nature of contracts / arrangements / transactions Consultancyforexecutionof2nos.400kVAISbaysand2x63MVARReactors at Kishenganj POWERGRID S/S ( Subsequently, scoperevised to GIS from AIS )


26 months from Mar’10(Extendableautomaticallyincaseofdelaytillcompletionofthescopeas per Agreement)


Providing all services i.e procurement, engineering, implementation including testing and commissioning for 2 nos. 400 kV GIS bays and 2x63MVARreactorsatKishenganj.Agreementsignedon1st Sep’09 having estimated project cost of 26.78Cr.andconsultancyfee@15%oftheactualexecutedcostoftheproject.

e) Date(s) of approval by the Board, if any Not applicablef) Amount paid as advances, if any: No amount was paid to TPTL as advance for this contract.

E) a) Name(s) of the related party and nature of relationship

Teestavalley Power Transmission Company Limited(TPTL), Joint Venture Company

b) Nature of contracts / arrangements / transactions Consultancy for Engineering services for execution of 400 kVD/CTeestaIII-Kishenganjline(about211km)associatedwithTeesta-IIIHEP(1200MW)inSikkim.


Mutually agreed (Matching with commissioning of the transmission line)


Providing all services for finalization and appointment of agency/contractor byTPTL, pre-award andpost-award engineering, qualityassurance&inspectionrelatedservices(exceptissueofNIT,placementof award, payment towards project cost to contractors, supervision of erection, testing& commissioning) for execution of 400 kVD/CTeestaIII-Kishanganjline(about211km)associatedwithTeesta-IIIHEP(1200MW)inSikkim.Workorderdate21st Apr’09 and lumpsum consultancy fee is `16.0 Cr.

e) Date(s) of approval by the Board, if any Not applicablef) Amount paid as advances, if any: No amount was paid to TPTL as advance for this contract.

(F) a) Name(s) of the related party and nature of relationship

North East Transmission Company Limited(NETC), Joint Venture Company

b) Nature of contracts / arrangements / transactions Consultancy forOperation&Maintenanceof400KVD/CPallatana-SilcharByrnihat-Bongaigaonline(about661km).


3 years from June’16


Providing all services for Operation & Maintenance of 400 KV D/CPallatana-Silchar-Byrnihat-Bongaigaon line (about 661 km).Originalagreement signed on 16th Jan’13 and same is renewed on 30th May’2016.TheconsultancyfeeisasperCERCtariffnorms.

e) Date(s) of approval by the Board, if any Not applicablef) Amount paid as advances, if any: No amount was paid to NETC as advance for this contract.

(G) a) Name(s) of the related party and nature of relationship

National High Power Test Laboratory Pvt. Ltd. (NHPTL), Joint Venture Company

b) Nature of contracts / arrangements / transactions ConsultancyforestablishmentofOn-lineHighPowerShortCircuitTestFacility at Bina Substation

136


Mutually agreed


Providing all services i.e. procurement, engineering, implementation includingtestingandcommissioningforestablishmentofOn-lineHighPower Short Circuit Test Facility at Bina Substation. Agreement Signed on 25th Nov’10 having estimated project cost of `247.06 Cr. And Consultancyfee@10%oftheactualexecutedcostoftheproject.

e) Date(s) of approval by the Board, if any Not applicablef) Amount paid as advances, if any: No amount was paid to NHPTL as advance for this contract.

(H) a) Name(s) of the related party and nature of relationship

Power Transmission Company Nepal Ltd, JV Company

b) Nature of contracts / arrangements / transactions ToprovideProjectManagementConsultancyforexecutionof400kVD/CDhalkebarBittamod(42.1km)section(NepalPortion)of400kVD/CMuzaffarpur(India)-Dhalkebar(Nepal)TransmissionLine.


24monthsfrom13-Aug-2012(Extendedautomaticallyincaseofdelaytillcompletionofthescopeas per agreement)


Providing project management consultancy i.e. preparation of Master N/w design & Engineering, Preparation of technical specificationsincluding BOQ, NIT and cost estimate; preparation of technical &commercial bid documents, preparation of draft NIT, evaluation of bid draft LOA, post contract Engg. and project management activities andsupervisionofsitework,openingofsiteofficesandotherworkincidentaltoexecutionofwork.Value:Consultancyfeeshallbe10%ofthefinalactualexecutedcostoftheprojectplusapplicabletaxes/dutiesinIndia/Nepal.

e) Date(s) of approval by the Board 6-Jan-2010f) Amount paid as advances, if any : INR 0.53 Cr. received on 25-Jul-14. No amount paid as advances

thereafter.(I) a) Name(s) of the related party and nature of

relationshipCross-Border Power Transmission Company Ltd, JV Company

b) Nature of contracts / arrangements / transactions ToprovideProjectManagementConsultancyforexecutionof400kVD/CMuzaffarpur-Sursand(85.55km)section(IndiaPortion)of400kVD/CMuzaffarpur(India)-Dhalkebar(Nepal)TransmissionLine


30monthsfrom10-Aug-2012(Extendedautomaticallyincaseofdelaytillcompletionofthescopeas per agreement)


Providing project management consultancy i.e. preparation of Master N/w design & Engineering, Preparation of technical specificationsincluding BOQ, NIT and cost estimate; preparation of technical &commercial bid documents, preparation of draft NIT, evaluation of bid draft LOA, award of the Contract, post contract Engg. and project management activities and supervision of site work, opening of site officesandotherworkincidentaltoexecutionofworkValue:Consultancyfeeshallbe12%ofthefinalactualexecutedcostoftheprojectplusapplicabletaxes/dutiesinIndia/Nepal.

e) Date(s) of approval by the Board, if any 24-Aug-2009f) Amount paid as advances, if any: INR1.31Cr.receivedon19-Apr-2013.Noamountpaidasadvances

thereafter.




137

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139

Annexure XI to the Directors’ Report

Annual Report on Corporate Social Responsibility

1. CSR Policy of the Company was approved by the Board of Directors in its 307thmeetingheldon11.11.2014andwasmodifiedinits323rd

meeting held on 30.11.2015. Major changes were incorporated in the Name of the Policy, inclusion of Vision and Mission Statements, defining local area and communication strategy. The Policy is available on Company’s website http://www.powergridindia.com/sites/default/files/CSR_Policy_2015_0.pdf.The main features of the Policy are:ThePolicyisnamedasPOWERGRID’sCorporateSocialResponsibilityandSustainabilityPolicy.VisionTobeaCorporatethatsetsalongtermstrategyforSocial&EconomicDevelopmentofcommunitiesthroughinitiativesinruraldevelopment,school education, healthcare, skill development and other areas of national importance and adhere to sustainable environmental practices.MissionTo align CSR and Sustainability Policy with the business policy so as to conduct business in a sustainable manner, adhering to the principlesofAvoidance,MinimizationandMitigationindealingwithenvironmental&socialissuesandtoundertakehighimpactcommunitydevelopmentprojectsofnational&localimportanceinconsultationwithstakeholders.Activities under CSRThe activities proposed to be undertaken under CSR shall include all the activities mentioned in Schedule VII of Section 135 (3) (a) of the Companies Act, 2013.The Corporation will give preference to the stakeholders who are directly impacted by its operation for CSR activities. Since such stakeholders aregenerallylocatedintheperipheryofthecommercialoperationsoftheCorporation,POWERGRIDwillaccordpriorityforCSRactivitiesin local areas and neighborhood areas of its operations.TheGeographical limitsofaDistrictwherePOWERGRIDhas itspresenceshallbeconsideredas“localarea” forCSR&Sactivities. Inaddition,POWERGRIDshall alsoundertakeCSRactivitiesoutside it. RatioofCSRspendsbetween localareasandoutsidewouldbeapproximately75:25.However,projects/activitiesexecutedunderdirectivesofGovernmentofIndiaorofforemostconcernofthenationaldevelopmentagendawillbeoutsidethepurviewofthisratio.TheCSR&SCommitteeisauthorizedtoapproveanyproject,irrespectiveofthe amount involved, which is beyond the above ratio.Priority will be given for CSR activities to the stakeholders directly impacted by operations of the Corporation.CSRProjectsorProgrammesoractivitiesundertakeninIndiashallonlyamounttoCSRexpenditure.Endeavourshallbemadetopromotesustainabledevelopmentthroughinitiativesbyconductingbusinessinamannerthatisbeneficialtoboth business and society.Mode of Execution of CSR activitiesCSR activities shall preferably be implemented in a project mode. Implementation of various activities will normally be done through placementofawardbytheCorporationasperWorks&ProcurementPolicyoftheCorporation.ServicesofvariousdepartmentsofCentral,State Governments, Panchayati Raj Institutions, etc. may also be availed for implementation of CSR activities on deposit work basis.CSRactivities/projects/programmes,mayalsobe takenup inassociationwitha registered trustora registeredsocietyoracompanyestablishedbytheCorporationor itsholdingorsubsidiaryorassociatecompany,submittedtofulfillingrequirements,asmentioned inCompanies Act.Communication StrategyThe electronic media shall be used for broader communication with the stakeholders. Display in website, emails, Annual CSR booklet, AnnualReport,etc.willbekeyinstrumentstodeciphertheCSRinitiativesofPOWERGRID.Funding of CSR activitiesTheCorporationwillberequiredtospendannuallyonCSR,twopercentoftheaveragenetprofitmadeduringlastthree immediatelyprecedingfinancialyears.

140

2. The composition of CSR&S Committee:1. ShriRaviP.Singh : Director(Personnel)&CMD, Chairman of the Committee2 Shri K. Sreekant : Director (Finance)3 Ms. Seema Gupta : Director (Operations)4 Shri Rajeev K. Chauhan : Director (Projects)5 Shri Ghanshyam Prasad : Director (Govt. representative)6 Shri Jagdish I. Patel : Director (Independent)7 Shri Tse Ten Dorji : Director (Independent)8 ShriSunilK.Sharma : Director(Independent)9 Ms.A.R.Mahalaxmi : Director(Independent)

3. Average Net Profit of the Company for last three financial years: `9336.05 crore4. Prescribed CSR expenditure (two per cent of the amount as in items 3 above.) CSR@2%averageofnetprofitforthelastthreeyearsforFY2018-19:` 186.72Crore5. Details of CSR spent during financial year: a. Totalamounttobespentforfinancialyear: `186.72Crore b. Amount unspent, if any. NIL c. Mannerinwhichtheamountspentduringfinancialyear. DetailsofamountspentduringtheyearisattachedatAnnexure-I.6. Thecompanyhasspentmorethantwopercentoftheaveragenetprofitofthelastthreefinancialareasoranypartthereof.7. It is to state that the implementation and monitoring of CSR Policy, is in compliance with CSR objectives and Policy of the Company.

Sd/-(Chief Executive Officer or Managing

Director or Director)

Sd/-(Chairman CSR Committee)

Sd/-(Person specified under clause (d) of sub-

Section (1) of Section 380 of the Act)

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r

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ount

sp

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ars

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t on

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up

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peri

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Amou

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pent

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impl

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Agen

cy (

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119

Inclu

sive

grow

th o

f M

adhu

bani

Pai

ntin

g by

In

dian

Inst

itute

of C

orpo

rate

Affairs.(IICA)

Art&Culture

Loca

l Ar

eaM

adhu

bani

, Bi

har

66.6

746

.67

20.0

266

.69

IICA

120

Cont

ribut

ion

to T

aj M

ahot

sav

at A

gra

Art&Culture

Loca

l Ar

eaAgra,Uttar

Prad

esh

4.00

4.00

2.36

6.36

DM, A

gra

121

Prov

idin

g Cl

uste

r bas

ed R

O PlantswithMotherplant-

0.1MLDcapacity&Remote

disp

ensin

g un

its w

ith 5

KL

capa

city

with

car

d ba

sed

disp

ensa

tion

Drin

king

wat

erLo

cal

Area

Gunt

ur, A

.P.22

0.00

0.00

167.

0916

7.09

RWS&S

122

Impl

emen

tion

of w

ater

su

pply

sys

tem

in fo

ur

villagesofOrai/Madhogarh

tehs

il of

Jau

laun

Dist

rict

Drin

king

wat

erLo

cal

Area

Jaulaun,Uttar

Prad

esh

184.60

55.2

611

0.52

165.78

DM, J

aula

un

123

Inst

alla

tion

of 2

30 n

os. h

and

pum

ps a

t Fat

ehpu

r, Ag

ra

DrinkingWater

Loca

l ar

eaAgra,Uttar

Prad

esh

189.79

0.00

75.6

375

.63

UPJalNigam

124

Inst

alla

tion

of 5

0 no

s.

subm

ersib

le p

umps

at A

gra

DrinkingWater

Loca

l Ar

eaAgra,Uttar

Prad

esh

93.0

30.

0067.86

67.86

UPStateCorporation

&Infrastructure

Deve

lopm

ent

125

Installation&supplyof

100

nos.

han

d pu

mps

in

Azam

garh

DrinkingWater

Othe

rAz

amga

rh,

UttarPradesh

47.2

10.

0033

.05

33.0

5UPAgro

126

Installationof258nos.

subm

ersib

le p

umps

with

bo

ring

at L

uckn

ow

DrinkingWater

Loca

l Ar

eaLucknow,Uttar

Prad

esh

328.95

0.00

32.89

32.89

UPStateCorporation

&Infrastructure

Deve

lopm

ent

127

Supp

ly a

nd in

stal

latio

n of

284nos.HandPumpsin

Prat

apga

rh

DrinkingWater

Loca

l Ar

eaPr

atap

garh

, UttarPradesh

117.

7487.33

29.1

111

6.44

UPJalNigam

128

Cons

truct

ion

of 1

00 n

os.

hand

pum

ps a

t Far

ooka

bad

Dist

.

DrinkingWater

Loca

l Ar

eaAgra,Uttar

Prad

esh

46.0

70.

0024

.42

24.4

2UPAgro

129

Inst

alla

tion

of 9

3 no

s.

hand

pum

ps a

t Deo

ria.

DrinkingWater

Loca

l Ar

eaDeoria,Uttar

Prad

esh

33.2

716

.63

16.6

333

.26

UPJalNigam

130

Inst

alla

tion

of 6

7 No

. su

bmer

sible

pum

ps in

and

ar

ound

Agr

a.

DrinkingWater

Loca

l Ar

eaAgra,Uttar

Prad

esh

99.2

40.

0015.87

15.87

UPAgroIndustrial

Corp

orat

ion

Ltd.

154

S.N

o.CS

R Pr

ojec

ts o

r act

ivity

id

entifi

edSe

ctor

in

whi

ch th

e pr

ojec

t is

cove

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Loca

l Ar

ea

or

othe

r

Dis

tric

t,

Stat

eAm

ount

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ount

sp

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ars

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t on

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mm

e du

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18-1

9

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ing

peri

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Amou

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pent

: D

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gh

impl

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ting

Agen

cy (

Nam

e)

131

Installationof98no.hand

pum

ps a

t Pra

tapg

arh

DrinkingWater

Loca

l Ar

eaPr

atap

garh

, UttarPradesh

44.1

028.66

15.4

344

.09

UPJalNigam

132

Inst

alla

tion

of 2

00 n

o. h

and

pum

ps a

t Jha

nsi

DrinkingWater

Loca

l ar

eaJhansi,Uttar

Prad

esh

140.

050.

0014

.00

14.0

0UPSIC

133

DrinkingWaterSupplyto

Vaka

palli

villa

ge

Drin

king

wat

erOt

her

Vaka

palli,

An

dhra

Pr

ades

h

55.9

50.

0011

.19

11.1

9RW

S&S

134

InstallationofWaterATMs

at 2

0 lo

catio

ns in

Nal

anda

Di

stric

t.

DrinkingWater

Loca

l Ar

eaNa

land

a, B

ihar

107.

550.

0010

.70

10.7

0Di

stric

t Adm

inist

ratio

n

135

Inst

alla

tion

of 1

95 n

os. h

and

pum

ps in

Sah

ajah

anpu

r DrinkingWater

Loca

l Ar

eaSa

haja

hanp

ur,

UttarPradesh

87.37

0.00

8.74

8.74

UPJalNigam

136

Inst

alla

tion

of 1

50 n

os. h

and

pum

ps in

Pilib

hit

DrinkingWater

Othe

rPilibhit,Uttar

Prad

esh

83.83

0.00

8.28

8.28

UPJalNigam

137

Watersupplyin7wards

of T

aga

Villa

ge, A

kalto

ra,

Janj

gir

DrinkingWater

Loca

l Ar

eaDu

rg,

Chha

tisga

rh49

.93

44.9

14.

994.

72Co

llect

or J

anjg

ir

138

ProvidingDrinkingWater

and

seat

ing

arra

ngem

ent f

or

the

visit

ing

gene

ral p

ubliic

at

Tum

kur,

Karn

atak

a

DrinkingWater

Loca

l Ar

eaTu

mku

r, Ka

rnat

aka

4.98

0.00

4.97

4.97

Dire

ct

139

Supplyofwaterfilter&

cool

er a

t Deo

ghar

. DrinkingWater

Loca

l Ar

eaDe

ogha

r, Jh

arkh

and

4.40

0.00

4.12

4.12

Dire

ct

140

Purchase&installationof

WaterTank,WaterCooler

&ROatTehsilCampusat

Wazirabad,Gurugram

DrinkingWater

Loca

l Ar

eaGu

rugr

am,

Hary

ana

1.36

0.00

1.35

1.35

Dire

ct

141

Drin

king

wat

er a

rrang

emen

t an

d dr

ip ir

rigat

ion

at

Bang

alor

e

Drin

king

wat

erLo

cal

Area

Bang

alor

e,

Karn

atak

a4.

970.

001.

261.

26Di

rect

142

Prov

idin

g po

rtabl

e w

ater

of

20

liter

s in

a c

an fo

r `2

.00

each

hou

seho

ld (b

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stal

ling

1000

LPH

cap

acity

R.OUnits)inRuralareas

unde

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ban

ner o

f “NT

R Su

jala

Pat

haka

m”

Drin

king

wat

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cal

Area

Kada

pa,

Andh

ra

Prad

esh

50.0

049

.32

0.68

50.0

0RW

S&S

155

S.N

o.CS

R Pr

ojec

ts o

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id

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in

whi

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e pr

ojec

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cove

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Loca

l Ar

ea

or

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r

Dis

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t,

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eAm

ount

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ount

sp

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e du

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peri

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Amou

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: D

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gh

impl

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ting

Agen

cy (

Nam

e)

143

Supp

ly o

f Ful

ly S

tain

less

SteelWaterCooleratZilla

Paris

had

Scho

ol V

illage

: Kh

aniva

lli.

DrinkingWater

Othe

rPa

dghe

, M

ahar

asht

ra0.

340.

000.

344.

72Di

rect

144

Supp

ly a

nd in

stal

latio

n of

200

nos

. han

d pu

mps

in

villa

ge o

f Pho

olpu

r,

Alla

haba

d.

DrinkingWater

Loca

l Ar

eaAl

laha

bad,

UttarPradesh

82.60

82.60

0.00

82.60

UPJalNigam

145

Supply&installationof139

nos.

han

p pu

mps

in v

illage

s of

Bal

ram

pur D

ist.

DrinkingWater

Othe

rBa

lram

pur,

UttarPradesh

51.5

151

.51

0.00

51.5

1UPAgroIndustrial

Corp

orat

ion

Ltd.

146

Supply&installationofhand

pum

ps in

var

ious

villa

ges

of

chandauli&Varanasidistrict

DrinkingWater

Loca

l Ar

eaVaranasi,Uttar

Prad

esh

117.

9411

7.94

0.00

117.

94UPJalNigam

147


nos

hand

pum

ps in

var

ious

vi

llage

s of

Man

ihar

Blo

ck o

f Gh

azip

ur.

DrinkingWater

Othe

rGhazipur,Uttar

Prad

esh

43.6

043

.60

0.00

43.6

0UPJalNigam

148

Inst

alla

tion

of 2

50 n

o.

Indiamarks-IIhandpumps

in th

e va

rious

villa

ges

of

Kush

inag

ar d

istric

t

DrinkingWater

Loca

l Ar

eaKu

shin

agar

, UttarPradesh

90.18

67.0

70.

0067

.07

UPJalNigam

149

Supply&Installationof200

no. h

and

pum

ps in

var

ious

vi

llage

s of

Akb

arpu

r, Ka

npur

DrinkingWater

Othe

rKanpur,Uttar

Prad

esh

117.

7693

.61

0.00

93.6

1UPJalNigam

150

Inst

alla

tion

of 6

7 no

. han

d pu

mps

at D

eoria

DrinkingWater

Loca

l Ar

eaDeoria,Uttar

Prad

esh

23.9

711.98

0.00

11.98

UPJalNigam

151

Supp

ly o

f tw

o no

. wat

er

cool

er a

t Kan

pur

DrinkingWater

Loca

l ar

eaKanpur,Uttar

Prad

esh

2.13

2.13

0.00

2.13

Dire

ct

152

Supplyofwaterfilter&

cool

er a

t Luc

know

DrinkingWater

Loca

l Ar

eaLucknow,Uttar

Prad

esh

0.72

0.72

0.00

0.72

Dire

ct

153

Supp

ly a

nd in

stal

latio

n of

800nos.SolarlightsatEtah

Environment&

Sust

aina

bilit

yOt

her

Etah,Uttar

Prad

esh

180.64

0.00

162.58

162.58

UPNEDA

154

Supply&Installationofsolar

highmastlights&solar

stre

et li

ghts

in S

ahar

anpu

r, Noorpur,Muzaffarnagarand

Sham

li (T

hana

bhaw

an)

Environment&

Sust

aina

bilit

yLo

cal

Area

Muzaffarnagar,

UttarPradesh

251.

5276

.36

152.

09228.44

EESL

156

S.N

o.CS

R Pr

ojec

ts o

r act

ivity

id

entifi

edSe

ctor

in

whi

ch th

e pr

ojec

t is

cove

red

Loca

l Ar

ea

or

othe

r

Dis

tric

t,

Stat

eAm

ount

O

utla

yAm

ount

sp

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ojec

t du

ring

the

prev

ious

ye

ars

Amou

nt

spen

t on

the

proj

ect o

r pr

ogra

mm

e du

ring

20

18-1

9

Cum

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ativ

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iture

up

to th

e re

port

ing

peri

od

Amou

nt s

pent

: D

irec

t or t

hrou

gh

impl

emen

ting

Agen

cy (

Nam

e)

155

Cond

uctin

g Pa

intin

g Competitionin8UTs/

Stat

es, N

atio

nal L

evel

Pa

intin

g co

mpe

titon

(Gro

up

B) fo

r pro

mot

ing

Ener

gy

Conservation-2018

Environment&

Sust

aina

bilit

yOt

her

Vario

us

dist

ricts

, Ra

jast

han,

Ch

attis

garh

, Go

a, A

ssam

, Da

rar,

Naga

r Ha

veili,

Guj

arat

an

d TN

179.

610.

0013

5.67

135.

67Di

rect

156

Inst

alla

tion

of 5

00 s

olar

lig

hts

at v

ario

us v

illage

s of

Lu

ckno

w

Environment&

Sust

aina

bilit

yLo

cal

Area

Lucknow,Uttar

Prad

esh

112.

960.

0010

3.92

103.

92EE

SL

157

Dist

ribut

ion

of P

olyc

otto

n ba

gs in

Jha

rkha

nd .

Environment&

Sust

aina

bilit

yLo

cal

Area

Ranc

hi,

Jhar

khan

d10

5.55

0.00

100.

6210

0.62

JHAR

CRAF

T, R

ANCH

I

158

Part

fund

ing

for c

onst

ruct

ion

of T

hem

e Pa

rk a

nd

Renovation&Restoration

of"CHO-DZOLAKE"at

Rava

ngla

, Nam

chi,

Sout

h Si

kkim

Environment&

Sust

aina

bilit

yOt

her

Nam

chi,

Sikk

im10

0.00

0.00

100.

0010

0.00

DC S

outh

Sik

kim

, Si

kkim

159

Supply&installationof

501

sola

r stre

et li

ghts

at

differentlocationsofNoida

Environment&

Sust

aina

bilit

yLo

cal

Area

Gaut

am B

udh

Nagar,Uttar

Prad

esh

112.

720.

0099.08

99.08

UPNEDA

160

Renovation/Constructionof

lake

s in

Aur

anga

bad

and

Roht

as D

istric

ts.

Environment&

Sust

aina

bilit

yLo

cal

Area

Aura

ngab

ad

and

Roht

as,

Biha

r

118.84

0.00

68.44

68.44

DIST

. ADM

N RO

HTAS

&AURANGABAD

161

Desil

ting

of tw

o no

. pon

ds

at V

illage

Riw

ara,

Mai

har

Environment&

Sust

aina

bilit

yLo

cal

Area

Satn

a , M

adhy

a Pr

ades

h85.43

0.00

65.4

765

.47

Dire

ct

162


nos.

LED

sol

ar p

hoto

volta

ic St

reet

Lig

htin

g in

var

ious

vi

llage

s of

Pal

i and

Jod

hpur

Di

stric

t

Environment&

Sust

aina

bilit

yOt

her

Pali

and

Jodh

pur,

Raja

stha

n

68.67

6.87

61.80

68.67

REIL

Jai

pur

163

Supply&Installationof

sola

r stre

et L

ED li

ghts

in

Ghaz

iaba

d

Environment&

Sust

aina

bilit

yLo

cal

Area

Ghaz

iaba

d,

UttarPradesh

56.1

60.

0053

.12

53.1

2UPSIC

164

Inst

alla

tion

of S

olar

Pow

er

Plan

t at E

tah

Environment&

Sust

aina

bilit

yOt

her

Etah,Uttar

Prad

esh

68.58

0.00

51.3

051

.30

UPNEDA

165

Supp

ly a

nd In

stal

latio

n of

25

0 so

lar L

ED S

treet

Lig

hts

in B

agpa

t.

Environment&

Sust

aina

bilit

yLo

cal

Area

Bagpat,Uttar

Prad

esh

56.1

60.

0050

.32

50.3

2UPSIC

157

S.N

o.CS

R Pr

ojec

ts o

r act

ivity

id

entifi

edSe

ctor

in

whi

ch th

e pr

ojec

t is

cove

red

Loca

l Ar

ea

or

othe

r

Dis

tric

t,

Stat

eAm

ount

O

utla

yAm

ount

sp

ent o

n th

e pr

ojec

t du

ring

the

prev

ious

ye

ars

Amou

nt

spen

t on

the

proj

ect o

r pr

ogra

mm

e du

ring

20

18-1

9

Cum

mul

ativ

e ex

pend

iture

up

to th

e re

port

ing

peri

od

Amou

nt s

pent

: D

irec

t or t

hrou

gh

impl

emen

ting

Agen

cy (

Nam

e)

166


Sola

r LED

Stre

et L

ight

s in

Ga

utam

Bud

h Na

gar

Environment&

Sust

aina

bilit

yLo

cal

Area

Gaut

am B

udh

Nagar,Uttar

Prad

esh

56.1

60.

0050

.32

50.3

2UPSIC

167

Supply&installationofSolar

LED

Stre

et L

ight

in P

urne

a.

Environment&

Sust

aina

bilit

yOt

her

Purn

ea, B

ihar

67.3

00.

0046

.90

46.9

0UPSIC

168

Supply&Installationof

Sola

r Stre

et L

ight

in G

iridi

hEnvironment&

Sust

aina

bilit

yLo

cal

Area

Girid

ih,

Jhar

khan

d46

.74

0.00

44.2

144

.21

REIL

Jai

pur

169

Prov

idin

g Ch

ain

Link

Fen

cing

&1.5mtrs.widepathway

Inte

rlock

ing

pave

r tile

s al

ong

the

perip

hery

of

Gree

n Be

lt in

Gur

ugra

m

Environment&

Sust

aina

bilit

yLo

cal

Area

Guru

gram

, Ha

ryan

a85.79

0.00

42.7

542

.75

Dire

ct

170

Carry

ing

out

stud

y on

as

sess

ing

the

impa

cts

of

pow

er li

nes

on A

vian

spe

cies

inthearidplainsofWestern

GujaratbyWildlifeInstitute

of In

dia.

Environment&

Sust

aina

bilit

yLo

cal

Area

Western

Guja

rat,

Guja

rat

90.0

09.

0042

.13

51.1

3WildlifeIndiaLtd.

171

Supp

ly o

f 250

no.

Sol

ar

light

s in

Bha

dhoi

Environment&

Sust

aina

bilit

yLo

cal

Area

Bhadhoi,Uttar

Prad

esh

57.2

70.

0040

.09

40.0

9RE

IL

172

Inst

alla

tion

of 1

650

nos.

solarlightinUPand

Uttrakhand

Environment&

Sust

aina

bilit

yOt

her

Vario

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st

Cham

para

n,

Biha

r

109.78

0.00

58.34

58.34

Dire

ct

218

Cons

truct

ion

of v

illage

road

in

Kish

enga

nj

Rura

l De

vele

opm

ent

Loca

l Ar

eaKi

shen

ganj

, Bi

har

200.

1269

.46

52.0

912

1.55

Dist

rict A

dmin

istra

tion

219

WideningofRoadat

Bisw

anat

h Gh

at L

inkR

oad

Rura

l De

vele

opm

ent

Loca

l Ar

eaBi

swan

ath

Char

iali,

Ass

am49

.25

0.00

49.2

549

.25

Dire

ct

220

Cons

truct

ion

of R

CC

drai

nage

in P

rata

pgar

h Ru

ral

Deve

leop

men

tLo

cal

Area

Prat

apga

rh,

UttarPradesh

102.88

0.00

46.3

046

.30

PWD

221

Prov

idin

g an

d la

ying

of

Bitu

men

road

from

Bhi

wan

i vi

llage

to D

hana

Nar

san

Rura

l De

vele

opm

ent

Loca

l Ar

eaBh

iwan

i, Ha

ryan

a12

3.52

120.

0736

.95

157.

02Di

rect

222

Cons

truct

ion

of c

omm

unity

ce

ntre

, Bou

ndar

y w

all

and

open

pla

y gr

ound

for

unde

rpriv

ilege

d re

siden

ts

of G

ram

Pan

chay

at D

asta

n,

Tehs

il Pa

lsana

, Dist

. Sur

at

Rura

l De

vele

opm

ent

Loca

l Ar

eaSu

rat,

Guja

rat

31.82

7.25

27.2

534

.50

Dire

ct

223

Cons

truct

ion

of C

omm

unity

Ce

nter

at D

aund

wad

i Vi

llage

, Pun

e

Rura

l De

vele

opm

ent

Loca

l Ar

eaPu

ne,

Mah

aras

htra

25.6

00.

0025

.26

4.72

Dist

rict A

dmin

stra

tion,

Pu

ne

224

Cons

truct

ion

of P

anch

ayat

Gh

ars

in 0

6 No

. villa

ges

aroundAgra.(Ph-2)

Rura

l De

vele

opm

ent

Loca

l Ar

eaAgra,Uttar

Prad

esh

163.

9098.88

23.4

312

2.31

Rura

l Eng

g. D

eptt.

225

Cons

truct

ion

of C

C Ro

ad a

t vi

llage

Bhe

ndra

, Rai

garh

Rura

l De

vele

opm

ent

Loca

l Ar

eaRa

igar

h,

Chha

tisga

rh37.83

0.00

21.9

94.

72Di

rect

163

S.N

o.CS

R Pr

ojec

ts o

r act

ivity

id

entifi

edSe

ctor

in

whi

ch th

e pr

ojec

t is

cove

red

Loca

l Ar

ea

or

othe

r

Dis

tric

t,

Stat

eAm

ount

O

utla

yAm

ount

sp

ent o

n th

e pr

ojec

t du

ring

the

prev

ious

ye

ars

Amou

nt

spen

t on

the

proj

ect o

r pr

ogra

mm

e du

ring

20

18-1

9

Cum

mul

ativ

e ex

pend

iture

up

to th

e re

port

ing

peri

od

Amou

nt s

pent

: D

irec

t or t

hrou

gh

impl

emen

ting

Agen

cy (

Nam

e)

226

Sola

r Stre

et S

yste

m a

t Ja

ggap

eta

and

Irrip

aka

villa

ges

in E

ast G

odav

ari

Dist

.

Rura

l De

vele

opm

ent

Loca

l Ar

eaEa

st G

odav

ari,

Andh

ra

Prad

esh

20.83

0.00

20.83

20.83

NRED

CAP

227

Cons

truct

ion

of K

alya

n M

anda

p cu

m c

omm

unity

ce

ntre

at B

eher

enbe

sa

villa

ge o

f Juj

omur

a bl

ock

in

Sam

balp

ur d

istric

t

Rura

l De

vele

opm

ent

Loca

l Ar

eaSa

mba

lpur

, Od

isha

35.0

00.

0020

.69

20.6

9DRDASAMBALPUR

228

ChattGhat&Community

Cent

res

at D

arbh

a, D

hanb

adRu

ral

Deve

leop

men

tLo

cal

Area

Dhan

bad,

Jh

arkh

and

122.

330.

0020

.31

20.3

1Di

rect

229

Inst

alla

tion

of C

CTV

syst

em

in R

upna

raya

mpu

r are

a,

at S

alam

pur,

Asan

sol,

Burdwan,W

estBengal

Rura

l De

vele

opm

ent

Loca

l Ar

eaPa

schi

m

Bard

ham

an,

W.B.

22.5

50.

0020

.27

20.2

7Di

rect

230

"Rur

al d

evel

opm

ent w

orks

Gu

ntur

: 1.

Layi

ng o

f 21

Nos

of C

C Roads&Drains

2.

Layi

ng o

f 11

Nos

of C

C Roads&Drains

3.Communityhalls-04Nosin

villa

nges

of S

atte

napa

lli 4.ROPlants-10NOsin

Villa

ges

of S

atte

enap

alli

"

Rura

l De

vele

opm

ent

Loca

l Ar

eaGu

ntur

, A.P.

190.

0095

.00

20.0

011

5.00

PanchyatRaj&

RWS&S

231

Cons

truct

ion

of P

CC w

ork

at w

eekl

y m

arke

t of v

illage

Ta

rkel

a, R

aiga

rh

Rura

l De

vele

opm

ent

Loca

l Ar

eaRa

igar

h,

Chha

tisga

rh41

.45

0.00

15.78

4.72

Dire

ct

232

Repa

ir an

d re

deve

lopm

ent

of 9

30 m

app

roac

h ro

ad

connectedMalerkotla-

Ludh

iana

sta

te H

ighw

ay,

villa

ge D

ulm

a

Rura

l De

vele

opm

ent

Loca

l Ar

ea S

angr

ur,

Punj

ab19

.56

1.73

15.08

16.81

PWDMalerkotla

233

Cons

truct

ion

of w

eavi

ng

Cent

re fo

r Trib

al w

omen

, Re

nova

tion

of C

omm

unity

Ce

ntre

, Con

stru

ctio

n of

,m

arke

t she

d, C

onst

ruct

ion

of a

dditi

onal

cla

ssro

om a

nd

cons

truct

ion

of 5

toile

ts in

pu

blic

plac

e in

Bisw

anat

h Ch

aria

li

Rura

l De

vele

opm

ent

Loca

l Ar

eaSo

nitp

ur,

Assa

m48.26

0.00

14.84

14.84

DCBi

swan

ath

Char

iali

164

S.N

o.CS

R Pr

ojec

ts o

r act

ivity

id

entifi

edSe

ctor

in

whi

ch th

e pr

ojec

t is

cove

red

Loca

l Ar

ea

or

othe

r

Dis

tric

t,

Stat

eAm

ount

O

utla

yAm

ount

sp

ent o

n th

e pr

ojec

t du

ring

the

prev

ious

ye

ars

Amou

nt

spen

t on

the

proj

ect o

r pr

ogra

mm

e du

ring

20

18-1

9

Cum

mul

ativ

e ex

pend

iture

up

to th

e re

port

ing

peri

od

Amou

nt s

pent

: D

irec

t or t

hrou

gh

impl

emen

ting

Agen

cy (

Nam

e)

234

Communityhall/CCRoads/

Drainsetc.atAshapur&

Aral

iben

ch v

illage

s, R

aich

ur

Dist

rict

Rura

l De

vele

opm

ent

Loca

l Ar

eaRa

ichur

, Ka

rnat

aka

99.1

524

.79

13.5

338.32

KRID

L

235

Rura

l Dev

elop

men

t in

Su

nder

garh

Dist

rict O

dish

a (i)

Rep

airin

g of

dam

aged

ro

ad fr

om B

andh

apal

i Hig

h sc

hool

to K

enap

ali v

illage

, (ii

)PCC

road

in K

enap

ali

villa

ge, (

iii) P

rovi

sioni

ng o

f watercoolerwithpurifier,

onemusicaldrumset&

one

grill

gate

for K

anap

ali

Sew

asth

ram

sch

ool.

Rura

l De

vele

opm

ent

Loca

l Ar

eaSu

ndar

garh

, Od

isha

33.5

118.48

13.2

131

.69

SDPD

S

236

Repa

ir of

road

at A

ligar

h,

(PWD)

Rura

l De

vele

opm

ent

Othe

rAgra,Uttar

Prad

esh

129.

230.

0012

.92

12.9

2PWD

237

Constructionof8no.

Com

mun

ity C

entre

s at

Baghmara,Tundi&Poorvi

Bloc

k of

Dha

nbad

Dist

rict

Rura

l De

vele

opm

ent

Othe

rDh

anba

d,

Jhar

khan

d59.83

43.83

9.11

52.9

4Di

rect

238

(i) C

onst

ruct

ion

of

Com

mun

ity C

entre

(ii)

digg

ing

of P

ond

at J

amuj

hari

in K

ishor

enag

ar B

lock

Rura

l De

vele

opm

ent

Loca

l Ar

eaAn

gul,

Odish

a12

.70

6.00

6.70

12.7

0BD

O KI

SHOR

ENAG

AR

239

Cons

truct

ion

of C

omm

unity

Ce

ntre

at V

illage

Seh

raRu

ral

Deve

leop

men

tLo

cal

Area

Betu

l, M

adhy

a Pr

ades

h25

.00

13.7

56.

4720

.22

Rur

al E

ngin

eerin

g Se

rvise

s24

0Co

nstru

ctio

n of

4 n

os.

hous

es a

t Kus

hth

Ashr

am a

t Ja

gadh

ari n

ear A

bdul

lapu

r

Rura

l De

vele

opm

ent

Loca

l Ar

eaAb

hulla

pur,

Hary

aana

10.2

05.

455.

4510

.90

Dire

ct

241

Cons

truct

ion

of C

omm

unity

ce

ntre

nea

r MAD

A Ho

use

Topc

haich

i in

Dhan

bad.

Rura

l De

vele

opm

ent

Othe

rDh

anba

d,

Jhar

khan

d43

.64

36.88

5.39

42.2

7Di

rect

242

Cons

truct

ion

of 0

6 no

s.

of C

omm

unity

Hal

l, 01

no.Rahasbari,Digging/

Reno

vatio

n of

Pon

ds 0

4 no

s., C

onst

ruct

ion

of C

C Roadalongwithculvert&

drai

n an

d Co

nstru

ctio

n of

Ro

ad G

uard

wal

l 64

mts

. in

Atha

mal

ik B

lock

, Ban

arpa

l Bl

ock

and

Angu

l Blo

ck

Rura

l De

vele

opm

ent

Loca

l Ar

eaAn

gul,

Odish

a11

5.67

87.70

5.16

92.86

BDO

ATHA

MAL

LIK

, BANARPAL&ANGUL

165

S.N

o.CS

R Pr

ojec

ts o

r act

ivity

id

entifi

edSe

ctor

in

whi

ch th

e pr

ojec

t is

cove

red

Loca

l Ar

ea

or

othe

r

Dis

tric

t,

Stat

eAm

ount

O

utla

yAm

ount

sp

ent o

n th

e pr

ojec

t du

ring

the

prev

ious

ye

ars

Amou

nt

spen

t on

the

proj

ect o

r pr

ogra

mm

e du

ring

20

18-1

9

Cum

mul

ativ

e ex

pend

iture

up

to th

e re

port

ing

peri

od

Amou

nt s

pent

: D

irec

t or t

hrou

gh

impl

emen

ting

Agen

cy (

Nam

e)

243

Cons

truct

ion

of P

anch

ayat

Gh

ars

in 0

6 No

s. v

illage

s ar

ound

Agr

a.

Rura

l De

vele

opm

ent

Loca

l Ar

eaAgra,Uttar

Prad

esh

163.08

154.

934.08

159.

01Ru

ral E

ngg.

Dep

tt.

244

Purchaseof60/70watt

LED

Stre

et L

ight

Fitt

ings

fo

r ins

talla

tions

in n

earb

y villagesunderPolerhat-II

Gram

pan

chya

t (bh

anga

r Block-II)

Rura

l De

vele

opm

ent

Loca

l Ar

eaNo

rth 2

4 Pa

raga

nas,

WestBengal

3.83

0.00

3.83

3.83

Dire

ct

245

Cons

truct

ion

of 0

2 no

s Pa

char

i at D

OMA

tala

ab in

vi

llage

Kot

ra, R

aiga

rh

Rura

l De

vele

opm

ent

Loca

l Ar

eaRa

igar

h,

Chha

tisga

rh8.82

5.50

3.32

8.82

Dire

ct

246

Cons

truct

ion

of H

oste

l for

In

tegr

al D

evel

opm

ent o

f Ch

ildre

n of

und

erpr

ivile

dged

&poorfarmersat

Panc

hgao

n, N

agpu

r

Rura

l De

vele

opm

ent

Othe

rNa

gpur

, M

ahar

asht

ra48.00

43.2

03.

2946

.49

Nagp

ur Im

prov

emen

t Tr

ust

247

Cons

truct

ion

of c

omm

unity

ha

ll at

Yel

ahan

ka

Rura

l De

vele

opm

ent

Loca

l Ar

eaBa

ngal

ore,

Ka

rnat

aka

75.0

070

.07

3.25

4.72

Nirm

iti K

endr

a,

Bang

alor

e248

SupplyofAuto-refraction

mac

hine

at I

ndia

n Re

d Cr

oss

Socie

ty, T

hane

Rura

l De

vele

opm

ent

Loca

l Ar

eaTh

ane,

M

ahar

asht

ra8.87

0.00

2.97

4.72

Dire

ct

249

Purchaseof24/25Watt

LED

Stre

et L

ight

Fitt

ings

fo

r ins

talla

tions

in n

earb

y villagesunderPolerhat-II

Gram

pan

chya

t (bh

anga

r Block-II)

Rura

l De

vele

opm

ent

Loca

l Ar

eaNo

rth 2

4 Pa

raga

nas,

WestBengal

2.95

0.00

2.95

2.95

Dire

ct

250

FixationofHighLoad

capacityRUBBERRoad

BumpattheLauhati-Haroa

Road

Raj

arha

t

Rura

l De

vele

opm

ent

Loca

l Ar

eaNo

rth 2

4 Pa

raga

nas,

WestBengal

4.49

0.00

2.89

2.89

Dire

ct

251

Reno

vatio

n of

2 n

o. B

us

Stop

s at

Nar

i Rin

g Ro

ad,

Nagp

ur

Rura

l De

vele

opm

ent

Loca

l Ar

eaNa

gpur

, M

ahar

asht

ra3.

490.

002.85

4.72

Dire

ct

252

Cons

truct

ion

of c

ulve

rt at

M

ilanp

urRu

ral

Deve

leop

men

tLo

cal

Area

Kam

rup,

Ass

am5.

502.

752.

755.

50Di

rect

166

S.N

o.CS

R Pr

ojec

ts o

r act

ivity

id

entifi

edSe

ctor

in

whi

ch th

e pr

ojec

t is

cove

red

Loca

l Ar

ea

or

othe

r

Dis

tric

t,

Stat

eAm

ount

O

utla

yAm

ount

sp

ent o

n th

e pr

ojec

t du

ring

the

prev

ious

ye

ars

Amou

nt

spen

t on

the

proj

ect o

r pr

ogra

mm

e du

ring

20

18-1

9

Cum

mul

ativ

e ex

pend

iture

up

to th

e re

port

ing

peri

od

Amou

nt s

pent

: D

irec

t or t

hrou

gh

impl

emen

ting

Agen

cy (

Nam

e)

253

Com

preh

ensiv

e ac

tiviti

es in

Sitamarhi-SupplyofMini

High

Mas

t Lig

ht, M

otor

ized

Tr

icycle

, Com

mun

ity C

entre

at

Sita

mar

hi

Rura

l De

vele

opm

ent

Loca

l Ar

eaSi

tam

arhi

, Bi

har

194.

050.

002.

632.

63ALIMCO&UPSIC&

Dire

ct

254

Cons

truct

ion

of c

omm

unity

Ha

ll at

Aiza

wl

Rura

l De

vele

opm

ent

Loca

l Ar

eaAi

zaw

l, M

izora

m25.85

14.0

02.28

16.28

Dire

ct

255

1)Constructionoffive

no. c

omm

unity

hal

l (2)

Re

nova

tion

of 3

nos

. of

com

mun

ity c

entre

(3)

cons

truct

ion

of tw

o no

s. o

f ra

hasb

adi (

open

she

d) (

4)

cons

truct

ion

of 1

27 m

ts

cc ro

ad a

long

with

cul

vert

widening&drains(5)supply

of fu

rnitu

res

for p

hulp

ada

Panc

haya

t hig

h sc

hool

at

villa

ges

in B

anar

pala

bol

ck

and

angu

l bol

ck o

f Ang

ul

dist

rict.

Rura

l De

vele

opm

ent

Loca

l Ar

eaAn

gul,

Odish

a74

.26

64.0

41.87

65.9

1BDOBanarpal&Angul

256

Supp

ly o

f fur

nitu

re a

t De

osar

Rura

l De

vele

opm

ent

Othe

rDeosar,Uttar

Prad

esh

1.06

0.00

1.01

1.01

Dire

ct

257

RepairingofW

BMRoad

(Approx.2.8Km)atJakhi

villa

ge

Rura

l De

vele

opm

ent

Othe

rSa

tna,

Mad

hya

Prad

esh

0.99

0.00

0.89

0.89

Dire

ct

258

Com

mun

ity d

evel

opm

ent

wor

ks u

nder

gre

en e

nerg

y co

rrido

r , B

anas

kant

ha

Rura

l De

vele

opm

ent

Othe

rBa

nask

anth

a,

Guja

rat

0.38

0.00

0.38

0.38

Dire

ct

259

Construction&improvement

ofexisting3kms.kachha

road

to B

itum

enou

s ro

ad

Rura

l De

vele

opm

ent

Loca

l Ar

eaAl

ipur

duar

, W.B.

124.

2410

6.20

0.33

106.

53Di

rect

260

Crem

atio

n Sh

ed a

t Villa

ge

Dhar

ampu

ra, H

irapu

r Ba

ndha

Gra

m P

anch

ayat

, Ja

balp

ur

Rura

l De

vele

opm

ent

Loca

l Ar

eaJa

balp

ur,

Mad

hya

Prad

esh

0.07

0.00

0.07

0.07

Dire

ct

261

Cons

truct

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3.82

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311

Cons

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312

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313

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1.53

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315

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317

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4.75

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polic

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dist

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awar

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5316

7.02

19551.28

176

ASSETS Non-current assets Property,PlantandEquipment 4 162266.88 152243.89 134252.57 Capitalwork-in-progress 5 33364.02 30261.17 35806.80 Investment Property 6 0.03 0.03 0.03 Other Intangible assets 7 1593.10 1366.46 1255.39 Intangibleassetsunderdevelopment 8 214.06 45.95 77.33 Financial Assets Investments 9 2756.53 1608.24 1327.55 Loans 10 10708.99 8253.12 3618.41 Othernon-currentfinancialassets 11 4548.37 866.35 836.95 Othernon-currentassets 12 5065.44 5645.51 6346.78 220517.42 200290.72 183521.81 Current assets Inventories 13 1226.28 1038.45 906.95 Financial Assets Investments - - 2.50 Trade receivables 14 4628.74 3638.96 3221.10 Cashandcashequivalents 15 3643.14 1516.21 3228.43 BankbalancesotherthanCashandcashequivalents 16 688.90 654.22 112.16 Loans 17 416.87 46.88 35.14 Othercurrentfinancialassets 18 6853.20 4869.92 3319.03 Other current assets 19 415.18 535.56 224.74 17872.31 12300.20 11050.05 Regulatory Deferral Account Balances 20 8083.27 11304.22 7975.80Total Assets 246473.00 223895.14 202547.66EQUITY AND LIABILITIES Equity EquitySharecapital 21 5231.59 5231.59 5231.59 OtherEquity 22 53785.55 49183.37 44575.66 59017.14 54414.96 49807.25 Liabilities Non-current liabilities Financial Liabilities Borrowings 23 131039.51 122420.32 110963.17 Othernon-currentfinancialliabilities 24 3897.44 459.60 352.24 Provisions 25 368.15 716.87 789.56 Deferredtaxliabilities(Net) 26 10093.02 13558.89 10418.74 Othernon-currentliabilities 27 486.57 457.16 575.20 145884.69 137612.84 123098.91 Current liabilities Financial Liabilities Borrowings 28 4300.00 1000.00 1500.00 Trade payables (A) total outstanding dues of micro enterprises and small enterprises 29 33.27 2.33 - (B) total outstanding dues of creditors other than micro enterprise 29 330.84 238.01 413.98

and small enterprises Othercurrentfinancialliabilities 30 22886.18 21505.61 19324.61 Other current liabilities 31 3863.26 2687.33 2566.00 Provisions 32 700.59 1059.58 537.21 CurrentTaxLiabilities(Net) 33 - 407.07 417.33 32114.14 26899.93 24759.13 Deferred Revenue 34 9457.03 4967.41 4882.37Total Equity and Liabilities 246473.00 223895.14 202547.66

* Restated (Refer Note 54)

Balance Sheet as at 31st March, 2019 (` in Crore)Particulars Note No. As at 31st

March, 2019As at 31st

March,2018*As at 1st

April, 2017*

Place: New DelhiDate: 29th May, 2019

Divya TandonCompany Secretary

K. SreekantDirector (Finance)

Ravi P SinghDirector (Personnel)

(CA S. Murthy)Partner

M.No. 072290

(CA Rangarajan Raghavan Iyengar)Partner

M.No.041883

(CA Manaswy Kothari)Partner

M.No. 064601

(CA Gotam Kumar Bagariya)Partner

M.No. 425104

For S.K. Mittal & Co.Chartered AccountantsFirm Regn No. 001135N

For R.G.N.Price & Co.Chartered AccountantsFirmRegnNo.002785S

For Kothari & Co.Chartered AccountantsFirmRegnNo.301178E

For Parakh & Co.Chartered AccountantsFirm Regn No. 001475C


As per our report of even date

Theaccompanyingnotes(1to68)formanintegralpartoffinancialstatements

177

Revenue From Operations 35 34119.12 29764.59Other Income 36 1498.95 1001.73Total Income 35618.07 30766.32EXPENSES Employeebenefitsexpense 37 1783.57 1599.09Financecosts 38 9091.42 7590.66Depreciationandamortizationexpense 39 10200.67 9091.25Otherexpenses 40 3053.43 2215.70Total expenses 24129.09 20496.70Profit Before Tax & Regulatory Deferral Account Balances 11488.98 10269.62Taxexpense: Currenttax-CurrentYear 2489.43 2153.67-EarlierYears - 15.34Deferredtax 26 (3465.87) 3140.15

(976.44) 5309.16Profit for the period before Regulatory Deferral Account Balances 12465.42 4960.46NetmovementinRegulatoryDeferralAccountBalances- 41 Income/(Expenses)(netoftax) (2526.87) 3284.19Profit for the period 9938.55 8244.65Other Comprehensive Income Itemsthatwillnotbereclassifiedtoprofitorloss(netoftax) 42 (16.30) 8.03Total Comprehensive Income for the period 9922.25 8252.68EarningsperequityshareincludingmovementinRegulatory Deferral Account Balances (Par value `10/-each): Basic&Diluted(`) 63 19.00 15.76EarningsperequityshareexcludingmovementinRegulatory Deferral Account Balances (Par value `10/-each): Basic&Diluted(`) 63 23.83 9.48 *Restated (Refer Note 54) Theaccompanyingnotes(1to68)formanintegralpartoffinancialstatements

Statement of Profit and Loss for the year ended 31st March, 2019(` in Crore)

Particulars Note No. For the year ended 31st March, 2019

For the year ended 31stMarch,2018*






M.No. 072290


M.No.041883


M.No. 064601


M.No. 425104







Standalone Financial Statements

178

STAT

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(Con

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180

A. CASH FLOW FROM OPERATING ACTIVITIES ProfitBeforeTax&RegulatoryDeferralAccountBalances 11,488.98 10,269.62Add:NetmovementinRegulatoryDeferralAccountBalances(netoftax) (2,526.87) 3,284.19Add:TaxonNetmovementinRegulatoryDeferralAccountBalances (694.08) 44.23Profit Before Tax (including net movement in Regulatory Deferral Account Balances) 8,268.03 13,598.04Adjustment for : Depreciation&amortizationexpenses 10,200.67 9,091.25Transfer from Grants in Aid (70.77) (12.13)Deferredrevenue-AdvanceagainstDepreciation (180.64) (120.72)Provisions 408.70 31.67Changesinfairvalueoffinancialassetsthroughprofitorloss (6.97) (14.28)NetLossonDisposal/WriteoffofProperty,Plant&Equipment 25.58 10.30Deferred Foreign Currency Fluctuation Asset (941.06) 240.75Deferred Income from Foreign Currency Fluctuation 1,056.50 (203.50)Regulatory Deferral Account Debit Balances 3,220.95 (3,328.42)Finance Costs 9,091.42 7,590.66ProvisionsWrittenBack (28.25) (8.36)FERVloss/(gain) (0.16) (0.32)InterestincomeonDeposits,BondsandloanstoSubsidiaries&JVs (846.55) (537.71)Dividend income (149.78) (94.05) 21,779.64 12,645.14Operating profit before Changes in Assets and Liabilities 30,047.67 26,243.18 Adjustment for Changes in Assets and Liabilities: (Increase)/DecreaseinInventories (172.23) (152.56)(Increase)/DecreaseinTradeReceivables (1,279.11) (433.60)(Increase)/DecreaseinOtherFinancialAssets (5,920.32) (2,091.45)(Increase)/DecreaseinOtherNon-currentAssets (92.33) 74.93(Increase)/DecreaseinOtherCurrentAssets 120.38 (310.82)Increase/(Decrease)inLiabilities&Provisions 2,646.83 780.29 (4,696.78) (2,133.21)Cash generated from operations 25,350.89 24,109.97Directtaxespaid (2,201.97) (2,229.19)Net Cash from Operating Activities 23,148.92 21,880.78 B. CASH FLOW FROM INVESTING ACTIVITIES Property,Plant&EquipmentandCapitalWorkinProgress (19,462.03) (19,077.07) (IncludingAdvancesforCapitalExpenditure)Receipt of Grant 3,684.53 421.39InvestmentsinSubsidiaries&JVs (1,166.44) (318.68)Loans&AdvancestoSubsidiaries&JVs(Includingrepayments) (2,770.73) (4,633.08)Lease receivables 10.21 59.82InterestreceivedonDeposits,BondsandLoanstoSubsidiaries&JVs 906.23 472.59Dividend received 149.78 94.05Net Cash used in Investing Activities (18,648.45) (22,980.98) C. CASH FLOW FROM FINANCING ACTIVITIES Proceeds from Borrowings Non Current 19,489.58 18,706.79 Current 17,420.00 6,675.00Repayment of Borrowings Non Current (9,495.60) (6,236.67) Current (14,120.00) (7,175.00)Adjustment for Fair Valuation of Long Term Loans 22.96 22.31

Statement of Cash Flows for the year ended 31st March, 2019

Particulars For the year ended 31st March, 2019

For the year ended 31stMarch,2018

(` in Crore)

181

Statement of Cash Flows for the year ended 31st March, 2019 (Contd.)Particulars For the year ended

31st March, 2019For the year ended

31stMarch,2018

Finance Costs paid (10,266.04) (8,959.48)Dividend paid (4,514.87) (3,034.33)DividendTaxpaid (909.57) (610.64)Net Cash used in Financing Activities (2,373.54) (612.02)D. NetchangeinCashandCashequivalents(A+B+C) 2,126.93 (1,712.22)E. CashandCashequivalents(Openingbalance) 1,516.21 3,228.43F. CashandCashequivalents(Closingbalance)(ReferNoteNo15)* 3,643.14 1,516.21

Theaccompanyingnotes(1to68)formanintegralpartoffinancialstatements * Includes ` 3471.01 crore (Previous Year ` 1373.92 crore) held in designated accounts which is not available for use by the Company. Further Notes: 1. Cashandcashequivalentsconsistofcheques,drafts,stampsinhands,balanceswithbanksanddepositswithoriginalmaturityofupto

three months. 2. Previousyearfigureshavebeenre-grouped/re-arrangedwherevernecessary. 3. Reconciliationbetweentheopeningandclosingbalancesinthebalancesheetforliabilitiesarisingfromfinancingactivities.

(` in Crore)

(` in Crore)

(` in Crore)

OpeningBalanceasat1stApril,2018 1,33,660.62 1,000.00NetCashFlowsduringtheyear 336.68 3,300.00Non-cashchangesdueto: -Interestonborrowings 9,601.06 -Variationinexchangerates 1,556.46 -Fairvalueadjustments 22.96 Closing Balance as at 31st March, 2019 1,45,177.78 4,300.00

OpeningBalanceasat1stApril,2017 1,20,368.76 1,500.00Net Cash Flows during the year 5,472.50 (500.00)Non-cashchangesdueto: -Interestonborrowings 7,274.43 -Variationinexchangerates 522.62 -Fairvalueadjustments 22.31 Closing Balance as at 31st March, 2018 1,33,660.62 1,000.00

Particulars Non-currentborrowings Current borrowings

Particulars Non-currentborrowings Current borrowings






M.No. 072290


M.No.041883


M.No. 064601


M.No. 425104








182

1. Corporate and General Information Power Grid Corporation of India Limited (‘the Company’) is a public company domiciled and incorporated in India under the provisions

ofCompaniesActanditssharesarelistedontheNationalStockExchange(NSE)andBSELimited(BSE)inIndia.TheregisteredofficeoftheCompanyissituatedatB-9,QutabInstitutionalArea,KatwariaSarai,NewDelhi,IndiaanditsCorporateOfficeis locatedatSaudamini,PlotNo.2,Sector-29,Gurgaon,Haryana.

TheCompanyisnotifiedastheCentralTransmissionUtility(CTU)underTheElectricityAct,2003.Itisprincipallyengagedinplanning,implementation,operationandmaintenanceofInter-StateTransmissionSystem(ISTS),Telecomandconsultancyservices.

ThefinancialstatementsofthecompanyfortheyearendedMarch31,2019wereapprovedforissuebytheBoardofDirectorson 29th May, 2019.

2. Significant Accounting Policies2.1 Basis of Preparation i) Compliance with Ind AS Thefinancialstatementsareprepared incompliancewithIndianAccountingStandards(IndAS)notifiedunderSection133of the

Companies Act, 2013 (the Act), Companies (Indian Accounting Standards) Rules, 2015, the relevant provisions of the Companies Act, 2013(totheextentnotified),TheCompaniesAct,1956andtheprovisionsofElectricityAct,2003,ineachcase,totheextentapplicableand as amended thereafter.

ii) Basis of Measurement Thefinancialstatementshavebeenpreparedonaccrualbasisandunderthehistoricalcostconventionexceptfollowingwhichhave

been measured at fair value: • Certain financial assets and liabilities measured at fair value (refer Note no. 2.13 for accounting policy regarding financial

instruments), • Definedbenefitplans–planassetsmeasuredatfairvalue

iii) Functional and presentation currency ThefinancialstatementsarepresentedinIndianRupees(Rupeesor`), which is the Company’s functional and presentation currency

andallamountsareroundedtothenearestcroreandtwodecimalsthereof,exceptasstatedotherwise. iv) Use of estimates The preparation of financial statements requires estimates and assumptions that affect the reported amount of assets, liabilities,

revenueandexpensesduringthereportingperiod.Although,suchestimatesandassumptionsaremadeonareasonableandprudentbasis taking into account all available information, actual results could differ from these estimates. The estimates andunderlyingassumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revisediftherevisioneffectsonlythatperiodorintheperiodoftherevisionandfutureperiodsiftherevisionaffectsbothcurrentandfuture years (refer Note no. 3 on critical accounting estimates, assumptions and judgments).

v) Current and non-current classification TheCompanypresentsassetsandliabilitiesinthebalancesheetbasedoncurrent/non-currentclassification. An asset is current when it is: • Expectedtoberealizedorintendedtobesoldorconsumedinnormaloperatingcycle; • Heldprimarilyforthepurposeoftrading; • Expectedtoberealizedwithintwelvemonthsafterthereportingperiod;or • Cashorcashequivalentunlessrestrictedfrombeingexchangedorusedtosettlealiabilityforatleasttwelvemonthsafterthe

reporting period. Allotherassetsareclassifiedasnon-current. A liability is current when: • Itisexpectedtobesettledinnormaloperatingcycle; • Itisheldprimarilyforthepurposeoftrading; • Itisduetobesettledwithintwelvemonthsafterthereportingperiod;or • Thereisnounconditionalrighttodefersettlementoftheliabilityforatleasttwelvemonthsafterthereportingperiod. Allotherliabilitiesareclassifiedasnon-current. Deferredtaxassets/liabilitiesareclassifiedasnon-current. The Company recognizes twelve months period as its operating cycle.2.2 Property, Plant and Equipment TheCompanyhadoptedtoconsiderthecarryingvalueofProperty,PlantandEquipmentasperpreviousGAAPonthedateoftransition

to Ind AS (1st April, 2015) to be the deemed cost as per Ind AS 101 ‘First time Adoption of Indian Accounting Standards’. Initial Recognition and Measurement Property, Plant andEquipment is initiallymeasured at cost of acquisition/construction including any costs directly attributable to

bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Notes to Separate Financial Statements

183

Afterinitialrecognition,Property,PlantandEquipmentiscarriedatcostlessaccumulateddepreciation/amortisationandaccumulatedimpairment losses, if any.

Property,PlantandEquipmentacquiredasreplacementoftheexistingassetsarecapitalizedanditscorrespondingreplacedassetsremoved/retiredfromactiveusearederecognized.

Ifthecostofthereplacedpartorearlierinspectionisnotavailable,theestimatedcostofsimilarnewparts/inspectionisusedasanindicationofwhatthecostoftheexistingpart/inspectioncomponentwaswhentheitemwasacquiredorinspectionwascarriedout.

Inthecaseofcommissionedassets,depositworks/cost-pluscontractswherefinalsettlementofbillswithcontractors isyettobeeffected,capitalizationisdoneonprovisionalbasissubjecttonecessaryadjustmentsintheyearoffinalsettlement.

Assetsandsystemscommontomorethanonetransmissionsystemarecapitalizedonthebasisoftechnicalestimates/assessments. Transmission system assets are considered as ready for intended use from the date of commercial operation declared in terms of CERC

TariffRegulationsandcapitalizedaccordingly. Thecostoflandincludesprovisionaldeposits,payments/liabilitiestowardscompensation,rehabilitationandotherexpenseswherever

possession of land is taken. Expenditureonleveling,clearingandgradingoflandiscapitalizedaspartofcostoftherelatedbuildings. Spares parts whose cost is `5,00,000/-andabove,standbyequipmentandservicingequipmentwhichmeetstherecognitioncriteriaof

Property,PlantandEquipmentarecapitalized. Subsequent costs Subsequentexpenditureisrecognizedasanincreaseincarryingamountofassetswhenitisprobablethatfutureeconomicbenefits

derivingfromthecostincurredwillflowtothecompanyandcostoftheitemcanbemeasuredreliably. ThecostofreplacingpartofanitemofProperty,Plant&Equipmentisrecognizedinthecarryingamountoftheitemifitisprobable

thatfutureeconomicbenefitsembodiedwithinthepartwillflowtothecompanyanditscostcanbemeasuredreliably.Thecarryingamountofthereplacedpartisderecognized.Thecostsoftheday-to-dayservicingofproperty,plantandequipmentarerecognisedintheStatementofProfit&Lossasincurred.

Derecognition An itemofProperty,PlantandEquipment isderecognizedwhennofutureeconomicbenefitsareexpectedfromtheiruseorupon

disposal. Thegainor lossarisingonthedisposalorretirementofanitemofproperty,plantandequipment isdeterminedasthedifference

betweenthenetdisposalproceedsandthecarryingamountoftheassetandisrecognisedintheStatementofProfitandLossonthedate of disposal or retirement.

2.3 Capital Work-In-Progress (CWIP) Costofmaterial,erectionchargesandotherexpensesincurredfortheconstructionofProperty,PlantandEquipmentareshownas

CWIPbasedonprogressoferectionworktillthedateofcapitalization. Expenditure of Corporate office, Regional Offices and Projects, attributable to construction of property, plant and equipment are

identifiedandallocatedonasystematicbasistothecostoftherelatedassets. Interestduringconstructionandexpenditure(net)allocatedtoconstructionasperpolicyabovearekeptasaseparateitemunderCWIP

andapportionedtotheassetsbeingcapitalizedinproportiontotheclosingbalanceofCWIP. Depositworks/cost-pluscontractsareaccountedforonthebasisofstatementreceivedfromthecontractorsortechnicalassessment

of work completed. Unsettledliabilityforpricevariation/exchangeratevariationincaseofcontractsisaccountedforonestimatedbasisaspertermsofthe

contracts.2.4 Intangible Assets and Intangible Assets under development The Company had opted to consider the carrying value of Intangible Assets as per previous GAAP on the date of transition to Ind AS

(1st April, 2015) to be the deemed cost as per Ind AS 101 ‘First time Adoption of Indian Accounting Standards’. Intangible assets are measured on initial recognition at cost. After initial recognition, intangible assets are carried at cost less any

accumulated amortisation and accumulated impairment losses. SubsequentexpenditureonalreadycapitalizedIntangibleassetsiscapitalisedwhenitincreasesthefutureeconomicbenefitsembodied

inanexistingassetandisamortisedprospectively. Thecostofsoftware(whichisnotanintegralpartoftherelatedhardware)acquiredforinternaluseandresultinginsignificantfuture

economicbenefitsisrecognizedasanintangibleassetwhenthesameisreadyforitsuse. Afforestationcharges foracquiring right-of-way for laying transmission linesareaccounted foras intangibleassetson thedateof

capitalization of related transmission lines. Expenditureincurred,eligibleforcapitalizationundertheheadIntangibleAssets,arecarriedas“IntangibleAssetsunderDevelopment”

till such assets are ready for their intended use. Expenditureonresearchshallberecognisedasanexpensewhenitisincurred. ExpenditureondevelopmentshallberecognisedasIntangibleassetifitmeetstheeligibilitycriteriaasperIndAS38‘IntangibleAssets’,

otherwiseitshallberecognisedasanexpense. AnitemofIntangibleassetisderecognisedupondisposalorwhennofutureeconomicbenefitsareexpectedfromitsuseordisposal.

GainsorlossesarisingfromderecognitionofanintangibleassetaremeasuredasthedifferencebetweenthenetdisposalproceedsandthecarryingamountoftheassetandarerecognisedintheStatementofProfitandLosswhentheassetisderecognised.


184

2.5 Investment property The Company had opted to consider the carrying value of Investment Property as per previous GAAP on the date of transition to Ind

AS (1st April, 2015) to be the deemed cost as per Ind AS 101 ‘First time Adoption of Indian Accounting Standards’. Investmentpropertycomprisesportionsoflandand/orbuildingsthatareheldforlongtermrentalyieldsand/orforcapitalappreciation. Investmentpropertiesareinitiallymeasuredatcost,includingtransactioncosts.Subsequenttoinitialrecognition,investmentproperties

are carried at cost less accumulated depreciation and accumulated impairment loss, if any. Transfers to or from investment property is made when and only when there is a change in use. Investmentpropertiesarederecognisedeitherwhentheyhavebeendisposedofforwhentheyarepermanentlywithdrawnfromuse

andnofutureeconomicbenefitisexpectedfromtheirdisposal.Thedifferencebetweenthenetdisposalproceedsandthecarryingamountoftheassetisrecognisedasprofitorlossintheperiodofderecognition.

2.6 Depreciation / Amortisation Property, Plant & Equipment Depreciation/amortisationontheassetsrelatedtotransmissionbusinessisprovidedonstraightlinemethodfollowingtheratesand

methodologynotifiedbytheCERCforthepurposeofrecoveryoftariffandonassetsoftelecomandconsultancybusinessisprovidedonstraightlinemethodasperusefullifespecifiedinScheduleIIoftheCompaniesAct,2013exceptforassetsspecifiedinthefollowingparagraphs.

ULDC assets commissioned prior to 1st April 2014 are depreciated on Straight Line Method@ 6.67% per annum. Such assetscommissionedonorafter1stApril2014aredepreciatedonstraightlinemethodfollowingtheratesandmethodologynotifiedbytheCERCforthepurposeofrecoveryoftariff.

Inthecaseofproperty,plantandequipmentofNationalThermalPowerCorporationLimited(NTPC),NationalHydro-ElectricPowerCorporationLimited(NHPC),North-EasternElectricPowerCorporationLimited(NEEPCO),NeyveliLigniteCorporationLimited(NLC)transferred w.e.f. April 1, 1992, Jammu and Kashmir Lines w.e.f. April 1, 1993, and Tehri Hydro Development Corporation Limited (THDC) w.e.f. August 1, 1993, depreciation is charged based on gross block as indicated in transferor’s books with necessary adjustments so thatthelifeoftheassetsaslaiddownintheCERCnotificationfortariffismaintained.

Leasehold land is fully amortized over lease period or life of the related plant whichever is lower in accordance with the rates and methodologyspecifiedinCERCTariffRegulation.Leaseholdlandacquiredonperpetualleaseisnotamortized.

DepreciationonbuildingsheldasinvestmentpropertyisprovidedonstraightlinemethodasspecifiedinScheduleIIofTheCompaniesAct, 2013.

Depreciationonsparesparts,standbyequipmentandservicingequipmentwhicharecapitalized,isprovidedonstraightlinemethodfrom the date they are available for use over the remaining useful life of the related assets of transmission business, following the rates andmethodologynotifiedbytheCERC.

Depreciation on following assets is provided based on estimated useful life as per technical assessment.

Particulars Useful lifea.Computers&Peripherals 3 Years

b.Servers&NetworkComponents 5 years

Residual value of above assets is considered as Nil. Mobilephonesarechargedoffintheyearofpurchase. FixedAssetscosting`5,000/-orless,arefullydepreciatedintheyearofacquisition. Wherethecostofdepreciableproperty,plantandequipmenthasundergoneachangeduetoincrease/decreaseinlongtermmonetary

itemsonaccountofexchangeratefluctuation,priceadjustment,changeindutiesorsimilarfactors,theunamortizedbalanceofsuchassetisdepreciatedprospectivelyattheratesandmethodologyasspecifiedbytheCERCTariffRegulations,exceptfortelecomandconsultancybusinessassetswhereresiduallifeisdeterminedonthebasisofusefullifeofproperty,plantandequipmentasspecifiedin Schedule II of the Companies Act, 2013.

Depreciationonadditionsto/deductionsfromProperty,PlantandEquipmentduringtheyearischargedonpro-ratabasisfrom/uptothedateonwhichtheassetisavailableforuse/disposed.

The residual values, useful lives and methods of depreciation for assets other than assets related to transmission business are reviewed ateachfinancialyear-endandadjustedprospectively,whereverrequired.

Intangible Assets Cost of software capitalized as intangible asset is amortized over the period of legal right to use or 3 years, whichever is less with Nil

residual value. Afforestationchargesareamortizedoverthirtyfiveyearsfromthedateofcapitalizationofrelatedtransmissionassetsfollowingthe

ratesandmethodologynotifiedbyCentralElectricityRegulatoryCommission(CERC)TariffRegulations. Telecom Licenses are amortised on straight line basis over their respective useful lives. Expenditureondevelopmentof1200kvTransmissionSystemshallbeamortisedoveraperiodof10years. Amortisationonadditionsto/deductionsfromIntangibleAssetsduringtheyearischargedonpro-ratabasisfrom/uptothedateon

whichtheassetisavailableforuse/disposed. Theamortizationperiodandtheamortizationmethodforanintangibleassetarereviewedateachfinancialyear-endandareaccounted

foraschangeinaccountingestimatesinaccordancewithIndAS8“AccountingPolicies,ChangesinAccountingEstimatesandErrors”.

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2.7 Borrowing Costs Alltheborrowedfunds(exceptshorttermfundsforworkingcapital)areearmarkedtospecificprojects.Theborrowingcosts(including

bondissueexpenses,interest,discountonbonds,frontendfee,guaranteefee,managementfeeetc.)areallocatedtotheprojectsinproportion to the funds so earmarked.

Borrowingcostsdirectlyattributabletotheacquisitionorconstructionofqualifyingassetsarecapitalised(netofincomeontemporarydeploymentoffunds)aspartofthecostofsuchassetstilltheassetsarereadyfortheintendeduse.Qualifyingassetsareassetswhichtake a substantial period of time to get ready for their intended use.

Other borrowing costs are charged to revenue. 2.8 Impairment of non-financial assets ThecarryingamountsoftheCompany’snon-financialassetsarereviewedateachreportingdatetodeterminewhetherthereisany

indicationofimpairmentconsideringtheprovisionsofIndAS36‘ImpairmentofAssets’.Ifanysuchindicationexists,thentheasset’srecoverable amount is estimated.

Therecoverableamountofanassetorcash-generatingunitisthehigherofitsfairvaluelesscoststodisposalanditsvalueinuse.Inassessingvalueinuse,theestimatedfuturecashflowsarediscountedtotheirpresentvalueusingapre-taxdiscountratethatreflectscurrentmarketassessmentsofthetimevalueofmoneyandtherisksspecifictotheasset.Forthepurposeofimpairmenttesting,assetsthatcannotbetestedindividuallyaregroupedtogetherintothesmallestgroupofassetsthatgeneratescashinflowsfromcontinuingusethatarelargelyindependentofthecashinflowsofotherassetsorgroupsofassets(the“cash-generatingunit”,or“CGU”).

AnimpairmentlossisrecognizedifthecarryingamountofanassetoritsCGUexceedsitsestimatedrecoverableamount.Impairmentlossesarerecognizedinthestatementofprofitandloss.ImpairmentlossesrecognizedinrespectofCGUsarereducedfromthecarryingamountsoftheassetsoftheCGU.

Impairment losses recognized in prior periods are assessed at each reporting date for any indications that the loss has decreased ornolongerexists.Animpairmentlossisreversediftherehasbeenachangeintheestimatesusedtodeterminetherecoverableamount.Animpairmentlossisreversedonlytotheextentthattheasset’scarryingamountdoesnotexceedthecarryingamount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized.

2.9 Cash and cash equivalents Cashandcashequivalentsincludecashonhandandatbank,anddepositsheldatcallwithbankshavingamaturityofthreemonths

orlessfromthedateofacquisitionthatarereadilyconvertibletoaknownamountofcashandaresubjecttoaninsignificantriskofchanges in value.

2.10 Inventories Inventories are valued at lower of the cost, determined on weighted average basis and net realizable value. Steel scrap and conductor scrap are valued at estimated realizable value or book value, whichever is less. SpareswhichdonotmeettherecognitioncriteriaasProperty,PlantandEquipment,includingsparepartswhosecostislessthan

`5,00,000/-arerecordedasinventories. Surplus materials as determined by the management are held for intended use and are included in the inventory. The diminution in the value of obsolete, unserviceable and surplus stores and spares is ascertained on review and provided for.2.11 Leases i) As a Lessor The determination of whether an arrangement is (or contains) a lease is based on the substance of the arrangement at the inception

ofthelease.Thearrangementis,orcontains,aleaseiffulfillmentofthearrangementisdependentontheuseofaspecificassetorassetsandthearrangementconveysarighttousetheassetorassets,evenifthatrightisnotexplicitlyspecifiedinanarrangement.

Aleaseisclassifiedattheinceptiondateasafinanceleaseoranoperatinglease. a) Finance leases Aleasethattransferssubstantiallyalltherisksandrewardsincidentaltoownershipofanassetisclassifiedasafinancelease. State sector Unified Load Dispatch Centre (ULDC)/ Fiber Optic Communication Assets (FOC)/Bilateral line assets leased to the

beneficiariesareconsideredasFinanceLease.Netinvestmentinsuchleasedassetsarerecordedasreceivableatthelowerofthefairvalueof the leasedpropertyand thepresentvalueof theminimum leasepaymentsalongwithaccretion insubsequentyearsis accounted for as LeaseReceivables under current andnon-current other financial assets.Wherever grant-in-aid is received forconstructionofStateSectorULDC,leasereceivableisaccountedfornetofsuchgrant.

TheinterestelementofleaseisaccountedintheStatementofProfitandLossovertheleaseperiodbasedonapatternreflectingaconstantperiodicrateofreturnonthenetinvestmentasperthetariffnotifiedbyCERC.

FERV on foreign currency loans relating to leased assets is adjusted to the amount of lease receivables and is amortised over the remaining tenure of lease. FERV recovery (as per CERC norms) from the constituents is recognised net of such amortised amount.

b) Operating leases Anoperatingleaseisaleaseotherthanafinancelease.Leasesinwhichasignificantportionoftherisksandrewardsofownershipare

retainedbythelessorareclassifiedasoperatingleases. Foroperatingleases,theassetiscapitalizedasproperty,plantandequipmentanddepreciatedoveritseconomiclife.Rentalincome

from operating lease is recognized over the term of the arrangement. ii) As a Lessee a) Finance lease Leases of property, plant and equipmentwhere the company, as lessee has substantially all risks and rewards of ownership are


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classifiedasfinancelease.Oninitialrecognition,assetsheldunderfinanceleasearerecordedasproperty,plantandequipmentandrelatedliabilityisrecognizedunderborrowings.Atinceptionofthelease,financeleasesarerecordedatamountequaltofairvalueofleasedassetoriflower,thepresentvalueofminimumleasepayments.Minimumleasepaymentsunderfinanceleasesareapportionedbetweenthefinanceexpenseandreductionofthefinanceliability.

Thefinanceexpenseisallocatedtoeachperiodduringtheleasetermsoastoproduceaconstantperiodicrateof interestontheremaining balance of the liability.

b) Operating leases Paymentsmadeunderoperatingleasesarerecognizedasanexpenseovertheleaseterm.2.12 Employee benefits2.12.1 Defined contribution plans Adefinedcontributionplanisapost-employmentbenefitplanunderwhichanentitypaysfixedcontributionsintoseparateentities

(Funds)andwillhavenolegalorconstructiveobligationtopayfurthercontributions,iftheFunddoesnotholdsufficientassetstopayallemployee’sbenefitsrelatedtoemployeeserviceinthecurrentandpriorperiods.Obligationsforcontributionstodefinedcontributionplansarerecognizedasanemployeebenefitsexpenseinthestatementofprofitandlossintheperiodduringwhichservices are rendered by employees.

TheCompanyhasadefinedcontributionpensionschemewhichisadministeredthroughaseparatetrust.TheobligationoftheCompanyistocontributetothetrusttotheextentofamountnotexceeding30%ofbasicpayanddearnessallowancelessemployer’scontributiontowardsprovidentfund,gratuity,postretirementmedicalfacility(PRMF)oranyotherretirementbenefits.Thecontributionstothefundfortheyeararerecognizedasanexpenseandchargedtothestatementofprofitandloss.

2.12.2 Defined benefit plans Adefinedbenefitplanisapost-employmentbenefitplanotherthanadefinedcontributionplan.TheCompany’s liabilitytowards

gratuity, post-retirementmedical facility, baggageallowance for settlement athome townafter retirement, long serviceawardonretirementandprovidentfundschemetotheextentofinterestliabilityonprovidentfundcontributionareinthenatureofdefinedbenefitplans.

ThegratuityisfundedbytheCompanyandismanagedbyseparatetrust.TheCompanyhasPost-RetirementMedicalFacility(PRMF),under which retired employee and the spouse are provided medical facilities in the Company empanelled hospitals. They can also avail treatmentasout-patientsubjecttoaceilingfixedbytheCompany.

TheCompanypaysfixedcontributiontoProvidentFundatpredeterminedratestoaseparatetrust,whichinveststhefundsinpermittedsecurities.Thecontributionstothefundfortheyeararerecognizedasexpenseandarechargedtothestatementofprofitandloss.TheobligationoftheCompanyislimitedtosuchfixedcontributionsandtoensureaminimumrateofinterestoncontributionstothemembersasspecifiedbytheGovernmentofIndia(GoI).

TheCompanyhasschemesforpaymentofbaggageallowancetowardsexpensesforsettlementathometownforthesuperannuatedemployees&theirdependentsandforprovidingaLongServiceAwardtoallregularemployeesoftheCompanyonsuperannuation.

TheCompany’snetobligationinrespectofdefinedbenefitplansiscalculatedseparatelyforeachplanbyestimatingtheamountoffuturebenefitthatemployeeshaveearnedinreturnfortheirserviceinthecurrentandpriorperiods;thatbenefitisdiscountedtodetermine its present value. Any unrecognized past service costs and the fair value of any plan assets are deducted. The discount rate is based on the prevailing market yields of Indian government securities as at the reporting date that have maturity datesapproximatingthetermsoftheCompany’sobligationsandthataredenominatedinthesamecurrencyinwhichthebenefitsareexpectedtobepaid.

Thecalculationisperformedannuallybyaqualifiedactuaryusingtheprojectedunitcreditmethod.WhenthecalculationresultsinabenefittotheCompany,therecognizedassetislimitedtothetotalofanyunrecognizedpastservicecostsandthepresentvalueofeconomicbenefitsavailableintheformofanyfuturerefundsfromtheplanorreductionsinfuturecontributionstotheplan.AneconomicbenefitisavailabletotheCompanyifitisrealizableduringthelifeoftheplan,oronsettlementoftheplanliabilities.Anyactuarial gains or losses are recognized in OCI in the period in which they arise.

Whenthebenefitsofaplanareimproved,theportionoftheincreasedbenefitrelatingtopastservicebyemployeesisrecognizedinthestatementofprofitandlossonastraight-linebasisovertheaverageperioduntilthebenefitsbecomevested.Totheextentthatthebenefitsvestimmediately,theexpenseisrecognizedimmediatelyinthestatementofprofitandloss.

2.12.3 Other long-term employee benefits Benefits under theCompany’s leave encashment and employee family economic rehabilitation scheme constitute other long term

employeebenefits. TheCompany’snetobligationinrespectofleaveencashmentistheamountoffuturebenefitthatemployeeshaveearnedinreturn

fortheirserviceinthecurrentandpriorperiods;thatbenefitisdiscountedtodetermineitspresentvalue.ThediscountrateisbasedontheprevailingmarketyieldsofIndiangovernmentsecuritiesasatthereportingdatethathavematuritydatesapproximatingtheterms of the Company’s obligations. The calculation is performed using the projected unit credit method. Any actuarial gains or losses arerecognizedinthestatementofprofitandlossintheperiodinwhichtheyarise.

Asper‘POWERGRIDEmployeeFamilyEconomicRehabilitationScheme’,whichisoptional,intheeventofdeathorpermanenttotaldisabilityofanemployee,thedependent(s)ortheemployee,asthecasemaybe,ispaidafixedamountbasedonthelastsalarydrawnbytheemployeetillthenotionaldateofsuperannuationoftheemployeeupondepositingthefinalprovidentfundandgratuityamount which will be interest free.

2.12.4 Short-term benefits Shorttermemployeebenefitobligationsaremeasuredonanundiscountedbasisandareexpensedastherelatedserviceisprovided. AliabilityisrecognizedfortheamountexpectedtobepaidunderperformancerelatedpayiftheCompanyhasapresentlegalor

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constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably.

2.13 Financial instruments Afinancialinstrumentisanycontractthatgivesrisetoafinancialassetofoneentityandafinancialliabilityorequityinstrumentof

another entity. Financial Assets Classification TheCompanyclassifiesitsfinancialassetsinthefollowingcategories: • atamortisedcost, • atfairvaluethroughothercomprehensiveincome Theclassificationdependsonthefollowing: • theentity’sbusinessmodelformanagingthefinancialassetsand • thecontractualcashflowcharacteristicsofthefinancialasset Initial recognition and measurement Allfinancialassetsarerecognisedinitiallyatfairvalueplus,inthecaseoffinancialassetsnotrecordedatfairvaluethroughprofitor

loss,transactioncosts,ifany,thatareattributabletotheacquisitionofthefinancialasset. Subsequent measurement Debt Instruments at Amortised cost:Assetsthatareheldforcollectionofcontractualcashflowswherethosecashflowsrepresent

solelypaymentsofprincipalandinterestaremeasuredatamortisedcost.Againorlossonadebtinvestmentthatissubsequentlymeasuredatamortisedcost isrecognisedinprofitor losswhentheasset isderecognisedorimpaired.Interest incomefromthesefinancialassetsisincludedinfinanceincomeusingtheeffectiveinterestratemethod.

Debt Instruments at Fair value through other comprehensive income (FVOCI): Assets that are held for collection of contractual cashflowsandforsellingthefinancialassets,wheretheassets’cashflowsrepresentsolelypaymentsofprincipalandinterest,aremeasured at fair value through other comprehensive income (FVOCI).

Equity investments All equity investments in scope of Ind AS 109 ‘Financial Instruments’ aremeasured at fair value. The companymay, on initial

recognition,makeanirrevocableelectiontopresentsubsequentchangesinthefairvalueinothercomprehensiveincome(FVOCI)onaninstrumentby-instrumentbasis.

ForequityinstrumentsclassifiedasatFVOCI,allfairvaluechangesontheinstrument,excludingdividendsarerecognizedintheOCI.ThereisnorecyclingoftheamountsfromOCItoProfitorLoss,evenonsaleofinvestment.However,theCompanymaytransferthecumulativegainorlosswithinequity.

De-recognition of financial assets Afinancialassetisderecognizedonlywhen Therightstoreceivecashflowsfromtheassethaveexpired,or - Thecompanyhastransferredtherightstoreceivecashflowsfromthefinancialasset,or - Retainsthecontractualrightstoreceivethecashflowsofthefinancialassets,butassumesacontractualobligationtopaythecash

flowstooneormorerecipients. Impairment of financial assets: For trade receivables, the companyapplies the simplifiedapproach requiredby IndAS109Financial Instruments,which requires

expectedlifetimelossestoberecognisedfrominitialrecognitionofthereceivables. Forrecognitionof impairmentlossonotherfinancialassetsandriskexposure,thecompanydetermineswhethertherehasbeena

significantincreaseinthecreditrisksinceinitialrecognition.Ifcreditriskhasnotincreasedsignificantly,12-monthExpectedCreditLoss(ECL)isusedtoprovideforimpairmentloss.However,ifcreditriskhasincreasedsignificantly,lifetimeECLisused.If,inasubsequentperiod,creditqualityoftheinstrumentimprovessuchthatthereisnolongerasignificantincreaseincreditrisksinceinitialrecognition,thentheentityrevertstorecognizingimpairmentlossallowancebasedon12-monthECL.

Financial Liabilities FinancialliabilitiesoftheCompanyarecontractualobligationtodelivercashoranotherfinancialassettoanotherentityortoexchange

financialassetsorfinancialliabilitieswithanotherentityunderconditionsthatarepotentiallyunfavorabletotheCompany. TheCompany’sfinancialliabilitiesincludeloans&borrowings,tradeandotherpayables. Classification, initial recognition and measurement Financial liabilitiesarerecognisedinitiallyatfairvalueminustransactioncoststhataredirectlyattributabletotheissueoffinancial

liabilities.Financial liabilitiesareclassifiedassubsequentlymeasuredatamortizedcost.Amortisedcost iscalculatedbytaking intoaccountanydiscountorpremiumonacquisitionandfeesorcoststhatareanintegralpartoftheeffectiveinterestrate(EIR).Anydifferencebetweentheproceeds(netoftransactioncosts)andtheredemptionamountisrecognisedintheStatementofProfitandLoss over the period of the borrowings using the EIR.

Subsequent measurement Afterinitialrecognition,financialliabilitiesaresubsequentlymeasuredatamortisedcostusingtheEIRmethod.Gainsandlossesare

recognisedinStatementofProfitorLosswhentheliabilitiesarederecognisedaswellasthroughtheEIRamortisationprocess. TheEIRamortisationisincludedasfinancecostsintheStatementofProfitandLoss.


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De-recognition of financial liability Afinancial liability isderecognisedwhentheobligationunder the liability isdischargedorcancelledorexpires. Whenanexisting

liabilityisreplacedbyanotherfromthesamelenderonsubstantiallydifferentterms,orthetermsofanexistingliabilityaresubstantiallymodified,suchanexchangeormodificationistreatedasthederecognitionoftheoriginalliabilityandtherecognitionofanewliability.Thedifferencebetweenthecarryingamountofafinancialliabilitythathasbeenextinguishedortransferredtoanotherpartyandtheconsiderationpaid,includinganynon-cashassetstransferredorliabilitiesassumed,isrecognisedinStatementofProfitandLossasotherincomeorfinancecost.

Offsetting of financial instruments FinancialassetsandfinancialliabilitiesareoffsetandthenetamountisreportedintheBalanceSheetifthereisacurrentlyenforceable

legalrighttooffsettherecognisedamountsandthereisanintentiontosettleonanetbasis,torealisetheassetsandsettletheliabilitiessimultaneously.

2.14 Investment in Subsidiaries AsubsidiaryisanentitycontrolledbytheCompany.ControlexistswhentheCompanyhaspowerovertheentity,isexposed,orhas

rightstovariablereturnsfromitsinvolvementwiththeentityandhastheabilitytoaffectthosereturnsbyusingitspowerovertheentity.

Power isdemonstrated throughexisting rights thatgive theability todirect relevantactivities, thosewhichsignificantlyaffect theentity’s returns.

Investmentsinsubsidiariesarecarriedatcost.Thecostcomprisespricepaidtoacquireinvestmentanddirectlyattributablecost.2.15 Investment in Joint Ventures and Associates A joint venture is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the net

assetsof the jointventure.Jointcontrol is thecontractuallyagreedsharingofcontrolofanarrangement,whichexistsonlywhendecisionsabouttherelevantactivitiesrequireunanimousconsentofthepartiessharingcontrol.

Theinvestmentinjointventuresandassociatesarecarriedatcost.Thecostcomprisespricepaidtoacquireinvestmentanddirectlyattributable cost.

2.16 Foreign Currency Translation (a) Functional and presentation currency ItemsincludedinthefinancialstatementsoftheCompanyaremeasuredusingthecurrencyoftheprimaryeconomicenvironmentin

whichtheCompanyoperates(‘thefunctionalcurrency’).ThefinancialstatementsarepresentedinIndianRupees(Rupeesor₹),whichis the Company’s functional and presentation currency.

(b) Transactions and balances Transactionsinforeigncurrenciesareinitiallyrecordedattheexchangeratesprevailingonthedateofthetransaction.Foreigncurrency

monetaryitemsaretranslatedwithreferencetotheratesofexchangerulingonthedateoftheBalanceSheet.Non-Monetaryitemsdenominated in foreign currency are reported at the exchange rate ruling on the date of initial recognition of the non-monetaryprepaymentassetordeferredincomeliability,orthedatethatrelateditemisrecognizedinthefinancialstatements,whicheverisearlier.In case the transaction is recognized in stages, then transaction date is established for each stage.

Foreignexchangegainsandlosses(otherthanrelatedtoforeigncurrencyloansoutstanding)arepresentedinthestatementofprofitandlossonanetbasiswithinothergains/(losses).

TheCompanyhasavailedtheexemptionavailableinIndAS101,tocontinuethepolicyadoptedforaccountingforexchangedifferencesarisingfromtranslationoflong-termforeigncurrencymonetaryliabilitiesoutstandingasonMarch31,2016.

Foreign currency loans outstanding as on March 31, 2016: ForeignExchangeRateVariation(FERV)arisingonsettlement/translationofsuchforeigncurrencyloansrelatingtoproperty,plantand

equipment/capitalwork-in-progressisadjustedtothecarryingcostofrelatedassetsandisrecoverable/payablefromthebeneficiarieson actual payment basis as per Central Electricity Regulatory Commission (CERC) norms w.e.f. 1st April, 2004 or Date of Commercial Operation(DOCO)whicheverislater.TheaboveFERVtotheextentrecoverableorpayableaspertheCERCnormsisaccountedforasfollows:

i) FERVrecoverable/payableadjustedtocarryingcostofproperty,plantandequipmentisaccountedforas‘Deferredforeigncurrencyfluctuationasset/liabilitya/c’withacorrespondingcredit/debitto‘Deferredincome/expenditurefromforeigncurrencyfluctuationa/c’.

ii) ‘Deferredincome/expenditurefromforeigncurrencyfluctuationa/c’isamortizedintheproportioninwhichdepreciationischargedon such FERV.

iii) Theamountrecoverable/payableasperCERCnormsonyeartoyearbasisisadjustedtothe‘Deferredforeigncurrencyfluctuationasset/liabilitya/c’withcorrespondingdebit/credittothetradereceivables.

FERVearlierchargedtoStatementofProfitandLoss&includedinthecapitalcostforthepurposeoftariffisadjustedagainst‘Deferredforeigncurrencyfluctuationasset/liabilitya/c’.

FERVarisingoutofsettlement/translationoflongtermmonetaryitems(otherthanforeigncurrencyloans)relatingtoPropertyPlant&Equipment/CWIPisadjustedinthecarryingcostofrelatedassets.

FERVarisingduringtheconstructionperiodfromsettlement/translationofmonetaryitems(otherthannoncurrentloans)denominatedinforeigncurrencytotheextentrecoverable/payabletothebeneficiariesascapitalcostasperCERCtariffRegulationareaccountedas Regulatory Deferral Account Balances. Transmission charges recognised on such amount is adjusted against above account. Other exchangedifferencesarerecognizedasincomeorexpensesintheperiodinwhichtheyarise.

Foreign currency loans drawn on or after April 1, 2016: Exchangedifferencesarisingfromforeigncurrencyborrowingtotheextentregardedasanadjustmenttointerestcostsaretreatedas

borrowingcost.OtherexchangedifferencesarerecognizedintheStatementofProfitandLoss.

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ExchangedifferencetotheextentrecoverableasperCERCtariffregulationsarerecognizedasRegulatoryDeferralAccountBalancesthroughStatementofProfitandLoss.

2.17 Income Tax Incometaxexpenserepresentsthesumofcurrentanddeferredtax.TaxisrecognisedintheStatementofProfitandLoss,exceptto

theextentthatitrelatestoitemsrecogniseddirectlyinequityorothercomprehensiveincome.Inthiscasethetaxisalsorecogniseddirectlyinequityorinothercomprehensiveincome.

Current income tax TheCurrentTaxisbasedontaxableprofitfortheyearunderthetaxlawsenactedandapplicabletothereportingperiodinthecountries

wherethecompanyoperatesandgeneratestaxableincome. Deferred tax Deferredtaxisrecognisedontemporarydifferencesbetweenthecarryingamountsofassetsandliabilitiesinthecompany’sfinancial

statementsandthecorrespondingtaxbasesusedinthecomputationoftaxableprofitandisaccountedforusingtheBalanceSheetmethod.Deferredtaxassetsaregenerallyrecognisedforalldeductibletemporarydifferences,unusedtaxlossesandunusedtaxcreditstotheextentthatitisprobablethatfuturetaxableprofitswillbeavailableagainstwhichthosedeductibletemporarydifferences,unusedtaxlossesandunusedtaxcreditscanbeutilised.ThecarryingamountofdeferredtaxassetsisreviewedateachBalanceSheetdateandreducedtotheextentthat it isnolongerprobablethatsufficienttaxableprofitswillbeavailableagainstwhichthetemporarydifferencescanbeutilised.

Deferredtaxassetsandliabilitiesaremeasuredatthetaxratesthatareexpectedtoapplyintheperiodinwhichtheliabilityissettledortheassetrealised,basedontaxrates(andtaxlaws)thathavebeenenactedorsubstantivelyenactedbytheBalanceSheetdate.

Deferredtaxassetsandliabilitiesareoffsetifthereisalegallyenforceablerighttooffsetcurrenttaxliabilitiesandassets,andtheyrelatetoincometaxesleviedbythesametaxauthority.

2.18 Regulatory Deferral Account Balances Certainexpensesandincome,allowedunderCERCregulationstobereimbursedby/passedontobeneficiaries infuture,aretobe

accountedintheStatementofProfitandLossaspertheprovisionsofIndAS114‘RegulatoryDeferralAccounts’.Suchexpensesandincome,totheextentrecoverable/payableaspartoftariffunderCERCRegulationsaretreatedasRegulatoryDeferralAssets/Liabilities.

The Company presents separate line items in the Balance Sheet for: (a) thetotalofallRegulatoryDeferralAccountDebitBalances;and (b) the total of all Regulatory Deferral Account Credit Balances. AseparatelineitemispresentedintheprofitorlosssectionoftheStatementofProfitandLossforthenetmovementinallRegulatory

Deferral Account Balances for the reporting period. Regulatory deferral accounts balances are adjusted in the year in which the same become recoverable from or payable to the

beneficiaries.2.19 Revenue Revenueismeasuredbasedontheconsiderationspecifiedinacontractwithacustomerandexcludesamountscollectedonbehalfof

third parties. The Company recognizes revenue when it transfers control over a product or service to a customer. The Company has appliedIndAS115usingthecumulativeeffectmethodandthereforethecomparativeinformationhasnotbeenrestatedandcontinuestobereportedunderIndAS18andIndAS11.

In the comparative period, revenue was measured at the fair value of the consideration received or receivable. Amounts disclosed as revenuearenetofreturns,tradeallowances,rebates,GSTandvalueaddedtaxes.

Significant Financing Component Wheretheperiodbetweenthetransferofthepromisedgoodsorservicestothecustomerandpaymentbythecustomerexceedsone

year,theCompanyassessestheeffectsofsignificantfinancingcomponentinthecontract.Asaconsequence,theCompanymakesadjustmentinthetransactionpricesfortheeffectsoftimevalueofmoney.Nosuchadjustmenthasbeenmadeforthecomparativeperiod.

2.19.1 Revenue from Operations Transmission TransmissionIncomeisaccountedforbasedontariffordersnotifiedbytheCERC.Incaseoftransmissionprojectswherefinaltariff

ordersareyettobenotified,transmissionincomeisaccountedforonprovisionalbasisaspertariffregulationsandordersoftheCERCinsimilarcases.Difference,ifany,isaccountedonissuanceoffinaltariffordersbytheCERC.TransmissionIncomeinrespectofadditionalcapitalexpenditureincurredafterthedateofcommercialoperationisaccountedforbasedonexpenditureincurredonyeartoyearbasisasperCERCtariffregulations.Asateachreportingdate,transmissionincomeincludesanaccrualforservicesrenderedtothecustomersbutnotyetbilledi.e.UnbilledRevenue.

The Transmission system incentive / disincentive is accounted for based on certification of availability by the respective RegionalPowerCommittees(RPCs)andinaccordancewiththeCERCtariffregulations.WherecertificationbyRPCsisnotavailable,incentive/disincentiveisaccountedforonprovisionalbasisasperestimateofavailabilitybythecompanyanddifferences,ifanyisaccounteduponcertificationbyRPCs.

Advanceagainstdepreciation(AAD),formingpartoftariffpertaininguptotheblockperiod2004-09,tofacilitaterepaymentofloans,wasreducedfromtransmissionincomeandconsideredasdeferredincometobeincludedintransmissionincomeinsubsequentyears.The outstanding deferred income in respect of AAD is recognized as transmission income, after twelve years from the end of the financialyearinwhichtheassetwascommissioned,totheextentdepreciationrecoveredinthetariffduringtheyearislowerthandepreciation charged in the accounts.


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Telecom Services IncomefromTelecomServices,netofdowntimecredit,isrecognisedonthebasisoftermsofagreements/purchaseordersfromthe

customers.Upfrontfeereceivedinadvanceunder longtermcontractsprovidingIndefeasibleRighttoUse(IRU), isrecognisedasrevenue on the basis of estimation of revenue over the period of contract. In the comparative period, the same is recognized on a straight line basis.

Consultancy Services Inrespectof‘Cost-plus-consultancycontracts’,involvingexecutiononbehalfoftheclient,revenueisrecognizedinproportiontothe

stage of completion of the work performed at the reporting date, which is determined based on input method. Income from other consultancy contracts are accounted for on technical assessment of progress of services rendered. Inthecomparativeperiod,inrespectof‘Cost-plus-consultancycontracts’,involvingexecutiononbehalfoftheclient,incomeisaccounted

for (wherever initial advances received) in phased manner as under: a) 10%ontheissueofNoticeInvitingTenderforexecution b) 5%ontheAwardofContractsforexecution c) Balance85%onthebasisofactualprogressofworkincludingsupplies Income from other consultancy contracts are accounted for on technical assessment of progress of services rendered.2.19.2 Other Income Interestincomeisrecognized,whennosignificantuncertaintyastomeasurabilityorcollectabilityexists,onatimeproportionbasis

takingintoaccounttheamountoutstandingandtheapplicableinterestrate,usingtheeffectiveinterestratemethod(EIR). Surchargerecoverablefromtradereceivables,liquidateddamages,warrantyclaimsandinterestonadvancestosuppliersarerecognized

whennosignificantuncertaintyastomeasurabilityandcollectabilityexists. Application Fees towards Long Term Open Access (LTOA) as per CERC Guidelines is accounted for on receipt. Scrapotherthansteelscrap&conductorscrapareaccountedforasandwhensold. Dividend income is recognized when right to receive payment is established. Insuranceclaimsforlossofprofitareaccountedforintheyearofacceptance.Otherinsuranceclaimsareaccountedforbased

on certainty of realization. Revenue from rentals and operating leases is recognized on an accrual basis in accordance with the substance of the relevant agreement.2.20 Government Grants Grants-in-aidfromCentralGovernmentorotherauthoritiestowardscapitalexpenditureforprojects,bettermentoftransmissionsystems

andspecificdepreciableassetsinitiallyaretreatedasdeferredincomewhenthereisareasonableassurancethattheywillbereceivedandtheCompanywillcomplywiththeconditionsassociatedwiththegrant.DeferredIncomeisrecognizedintheStatementofProfitand Loss over the useful life of related asset in proportion to which depreciation on these assets is provided. Grants that compensate theCompanyforexpenses incurredarerecognizedovertheperiod inwhichtherelatedcostsare incurredanddeductedfromtherelatedexpenses.

2.21 Dividends Annual dividend distribution to the shareholders is recognised as a liability in the period in which the dividends are approved by the

shareholders.AnyinterimdividendpaidisrecognisedonapprovalbyBoardofDirectors.Dividendpayableandcorrespondingtaxondividenddistributionisrecogniseddirectlyinequity.

2.22 Provisions and Contingencies a) Provisions Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable

thatanoutflowof resourcesembodyingeconomicbenefitswillbe required tosettle theobligationanda reliableestimatecanbemadeoftheamountoftheobligation.Iftheeffectofthetimevalueofmoneyismaterial,provisionsarediscounted.UnwindingofthediscountisrecognisedintheStatementofProfitandLossasafinancecost.ProvisionsarereviewedateachBalanceSheetdateandareadjustedtoreflectthecurrentbestestimate.

b) Contingencies Contingentliabilitiesaredisclosedonthebasisofjudgmentofthemanagement/independentexperts.Thesearereviewedateach

balancesheetdateandareadjustedtoreflectthecurrentmanagementestimate. Contingentliabilitiesaredisclosedwhenthereisapossibleobligationarisingfrompastevents,theexistenceofwhichwillbeconfirmed

onlybytheoccurrenceornon-occurrenceofoneormoreuncertainfutureeventsnotwhollywithinthecontroloftheCompanyorapresentobligationthatarisesfrompasteventswhereitiseithernotprobablethatanoutflowofresourceswillberequiredtosettleor a reliable estimate of the amount cannot be made. Information on contingent liability is disclosed in the Notes to the Financial Statements. Contingent assets are not recognised.

2.23 Share capital and Other Equity Ordinarysharesareclassifiedasequity. Incrementalcostsdirectlyattributabletotheissueofnewsharesareshowninequityasadeduction,netoftax,fromtheproceeds. [email protected]%p.a.onGrossBlockofProperty,PlantandEquipmentexceptassetscoveredunderinsurance

191

asattheendoftheyearbyappropriationofcurrentyearprofittomitigatefuturelossesfromun-insuredrisksandfortakingcareof contingencies in future by procurement of towers and other transmission line materials including strengthening of towers and equipmentofACsubstation.TheReservecreatedasaboveisshownas“SelfInsuranceReserve”under‘OtherEquity’.

2.24 Prior Period Items Material prior period errors are corrected retrospectively by restating the comparative amounts for prior period presented in which the

erroroccurredoriftheerroroccurredbeforetheearliestperiodpresented,byrestatingtheopeningstatementoffinancialposition.2.25 Operating Segments TheBoardofDirectors istheCompany’s ‘ChiefOperatingDecisionMaker’or ‘CODM’withinthemeaningofIndAS108 ‘Operating

Segments’. CODM monitors the operating results of its business segments separately for the purpose of making decisions about resource allocationandperformanceassessment.Segmentperformanceisevaluatedbasedonprofitorlossandismeasuredconsistentlywithprofitorlossinthefinancialstatements.

Theoperatingsegmentshavebeenidentifiedonthebasisofthenatureofproducts/services. - Segment revenue includessalesandother incomedirectly identifiablewith/allocable to thesegment including inter-segment

transactions. - Expensesthataredirectlyidentifiablewith/allocabletosegmentsareconsideredfordeterminingthesegmentresult.Expenses

whichrelatetotheCompanyasawholeandnotallocabletosegmentsareincludedunderunallocableexpenditure. - IncomewhichrelatestotheCompanyasawholeandnotallocabletosegmentsisincludedinunallocableincome. - Segmentassetsand liabilities includethosedirectly identifiablewith therespectivesegments.Unallocableassetsand liabilities

represent the assets and liabilities that relate to the Company as a whole and not allocable to any segment. - Segmentcapitalexpenditureisthetotalcostincurredduringtheperiodtoacquireproperty,plantandequipment,andintangible

assets.2.26 Earnings per Share Basicearningspershareiscomputedusingthenetprofitorlossfortheyearattributabletotheshareholdersandweightedaverage

number of shares outstanding during the year. Dilutedearningspershareiscomputedusingthenetprofitfortheyearattributabletotheshareholdersandweightedaveragenumber

ofequityandpotentialequitysharesoutstandingduringtheyear,exceptwheretheresultwouldbeanti-dilutive. Additionally,basicanddilutedearningspersharearecomputedusingtheearningsamountsexcludingthemovementsinRegulatory

Deferral Account Balances.2.27 Cash Flow Statement CashflowstatementispreparedasperindirectmethodprescribedintheIndAS7‘StatementofCashFlows’.3. Critical Estimates and Judgments Thepreparationoffinancialstatementsrequirestheuseofaccountingestimateswhichmaysignificantlyvaryfromtheactualresults.

Managementalsoneedstoexercisejudgmentwhileapplyingthecompany’saccountingpolicies. Thisnoteprovidesanoverviewoftheareasthatinvolvedahigherdegreeofjudgmentorcomplexity,andofitemswhicharemorelikely

tobemateriallyadjustedduetoestimatesandassumptionsturningouttobedifferentthanthoseoriginallyassessed. The areas involving critical estimates or judgments are: Revenue Recognition: TransmissionincomeisaccountedforbasedontariffordersnotifiedbytheCERC.Incaseoftransmissionprojectswherefinaltariff

ordersareyettobenotified,transmissionincomeisaccountedforaspertariffregulationsandotherordersoftheCERCinsimilarcases.Differences,ifany,areaccountedonissuanceoffinaltariffordersbytheCERC.TransmissionincomeinrespectofadditionalcapitalexpenditureincurredafterthedateofcommercialoperationisaccountedforbasedonexpenditureincurredonyeartoyearbasisasperCERCtariffregulations.

Regulatory Deferral Balances: RecognitionofRegulatoryDeferralBalances involvessignificant judgments includingabout future tariff regulationssince theseare

basedonestimationoftheamountsexpectedtoberecoverable/payablethroughtariffinfuture. Estimation of defined benefit obligation EstimationofdefinedbenefitobligationinvolvescertainsignificantactuarialassumptionswhicharelistedinNote66. Estimatesandjudgmentsareperiodicallyevaluated.Theyarebasedonhistoricalexperienceandotherfactors,includingexpectations

offutureeventsthatmayhaveafinancialimpactonthecompanyandthatarebelievedtobereasonableunderthecircumstances. Useful life of property, plant and equipment Theestimateduseful lifeofproperty,plantandequipment isbasedonanumberof factors includingtheeffectsofobsolescence,

demand, competition and other economic factors (such as the stability of the industry and known technological advances) and the level ofmaintenanceexpendituresrequiredtoobtaintheexpectedfuturecashflowsfromtheasset.

TheCompanyreviewesattheendofeachreportingdatetheusefullifeofplantandequipment,otherthantheassetsoftransmissionbusiness which are governed by CERC Regulations, and are adjusted prospectively, if appropriate.

Provisions and contingencies The assessments undertaken in recognizing provisions and contingencies have been made in accordance with Ind AS 37 “Provisions,

ContingentLiabilitiesandContingentAssets”.Theevaluationofthelikelihoodofthecontingenteventshasrequiredbestjudgmentby management regarding the probability of exposure to potential loss. Should circumstances change following unforeseeabledevelopments, this likelihood could alter.


192

Part

icul

ars

Cost

Accu

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dep

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atio

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at 1

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April

, 201

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the

year

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t 31st

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arch

, 201

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at 1

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tions

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the

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Dis

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the

year

As a

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018

Land

a) F

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2,1

79.2

0 48.06

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--

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2,2

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132

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--

438

.18

31.

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11.

53

--

42.

75

395

.43

274

.50

Build

ings

a)Sub-Stations&Office

1,281.79

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-(1

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) 1

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.04

103

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157

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Roads&Bridges

163

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-(0

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172

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(4.9

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b)Sub-station

58,240.88

7,268.68

66.

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(368.65)

65,

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7,5

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.27

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(0.9

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c)UnifiedLoadDespatch

&Communication

755.98

206

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.03

149

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-2.28

203

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-(1

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102

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.07

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.85

767.28

FurnitureFixtures

109

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.07

130

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20.

50

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Officeequipment

190

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.26)

210

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56.

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21.

10

1.5

9 (0.08)

75.

83

34.

86

35.

23

Cons

truct

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and

Workshopequipment

286.30

13.

07

1.2

5 (0

.02)

298

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42.

33

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0.6

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59.

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243

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Elec

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92.

79

13.

24

--

106

.03

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5.83

--

23.

41

82.

62

75.

21

LaboratoryEquipments

45.

46

2.4

4 0

.40

- 4

7.50

9

.53

3.0

2 0

.03

- 1

2.52

3

4.98

3

5.93

Workshop&Testing

Equipments

155.78

79.

50

0.1

4 1.68

233

.46

14.

95

10.78

0.0

3 -

25.

70

207

.76

140.83

MiscellaneousAssets/

Equipments

0.0

4 0

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31.

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274

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230

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Build

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a)Sub-Stations&Office

869.89

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owns

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725.87

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93

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4 0.

05 1

09.5

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2.53

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4 0

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132

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96.

52

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3 38.48

190

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5.23

38.30

Cons

truct

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and

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248.31

38.37

0.38

-286.30

26.

05

16.

50

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33

243

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222

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70.

75


41.

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0.1

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45.

46

6.4

5 3.08

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5.93

3

5.29

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120

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35.

67

0.2

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155.78

7.5

6 7

.54

0.1

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14.

95

140.83

112

.75


Equipments

0.0

5 -

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89 1

,34,

252.

57


194

4. Property, Plant and Equipment (Contd.)Further Notes:a) The Company owns 7251 hectare (Previous Year 7232 hectare) of land amounting to `2665.44 Crore (Previous Year `2484.92Crore)which

hasbeenclassifiedintofreeholdland6211hectare(PreviousYear6197hectare)amountingto`2227.26 Crore (Previous Year `2179.20 Crore) and leasehold land 1040 hectare (Previous Year 1035 hectare) amounting to `438.18Crore(PreviousYear`305.72 Crore) based on available documentation.

b) Freeholdlandacquiredbythecompanyincludes188.50hectare(PreviousYear268.50hectare)amountingto`144.27 Crore (Previous Year `230.05Crore)inrespectofwhichconveyancedeedinfavourofthecompanyispendingand118.60hectare(PreviousYear289.81hectare) amounting to `60.50 Crore (Previous Year `224.78Crore) in respectof landacquiredby thecompany forwhichmutation inrevenue records is pending.

c)i) The landclassifiedas leasehold landheld inthestateofJammuandKashmirwithareaof113.88hectare(PreviousYear113.88hectare) amounting to `83.90Crore(PreviousYear`80.46Crore)isacquiredbystategovernmentasperproceduresunderStateLandAcquisitionAct.Asperprevailinglawthestategovernmentremainstheownerofthelandsoacquiredandcompanyisonlygivenpossessionforthespecificuse.

ii) The transmission system situated in the state of Jammu and Kashmir have been taken over by the company w.e.f. 1st April 1993 from National Hydroelectric Power Corporation of India Limited (NHPC) upon mutually agreed terms pending completion of legal formalities.

iii) Leasehold land includes area of 2.65 hectare (Previous Year 2.65 hectare) amounting to `13.97 Crore (Previous Year `13.97 Crore) in respectoflandinChamba(HP)acquiredfromNHPCbythecompanyforwhichlegalformalitiesarepending.

iv) Leasehold land other than above includes 133.91 hectare (Previous Year 130.60 hectare) amounting to `186.11Crore(PreviousYear`55.86Crore)inrespectofwhichleaseagreements/legalformalitiesarepending.

d) Leasehold land includes area of 0.41 hectare (Previous Year 0.41 hectare) amounting to `7.64 Crore (Previous Year `7.64 Crore) in respect oflandacquiredforofficecomplexonperpetualleasebasisandhencenotamortised.

e) Township building includes `2.95 Crore (Previous Year `2.95Crore)for28flatsatMumbai,forwhichregistrationinfavourofthecompanyispending.Outoftheaboveflats,17flatsareoccupiedbyemployeesofM/SPowerSystemOperationCorporationLtd.

f) 5.63 hectare of land (Previous Year 5.63 hectare) having value of `0.04 Crore (Previous Year `0.04 Crore) has been transferred to National High Power Test Laboratory Pvt. Ltd. on right to use without granting ownership.

g) Refernote23forinformationonproperty,plantandequipment,pledgedassecuritybythecompany.

195

Land Developmentofland 10.76 0.39 - 4.71 6.44 Buildings a)Sub-Stations&Office 151.65 89.18 - 142.68 98.15 b)Township 97.00 88.24 - 69.51 115.73

Roads&Bridges 18.66 5.24 - 5.63 18.27 WaterSupplyDrainageandSewerage 3.22 0.32 - - 3.54 Plant & Equipments (including associated civil works)a)Transmission 11,851.80 7,293.42 - 9,547.28 9,597.94 b)Sub-Station 7,000.35 9,637.03 (0.01) 6,772.92 9,864.47 c)UnifiedLoadDespatch&Communication 464.29 228.66 20.93 193.68 478.34 d)Telecom 46.90 52.18 - 23.76 75.32

Furniture&Fixtures - 0.57 - 0.57 - Otherofficeequipments 8.88 7.73 - 6.78 9.83 ElectricalInstallations 0.93 11.72 - 9.21 3.44 ConstructionStores(NetofProvision) 7,589.19 2,872.97 - - 10,462.16 Expenditure pending allocation i)Survey,investigation,consultancy& 32.95 - 8.42 18.10 6.43 supervision Chargesii)DifferenceinExchangeonforeigncurrencyloans 187.89 (14.97) - 45.59 127.33 iii)Expenditureduringconstruction 2,798.96 1,653.67 4.86 1,948.88 2,498.89 period(net) (Note 43)

30,263.43 21,926.35 34.20 18,789.30 33,366.28 Less:ProvisionforunserviceableAssets 2.26 - - - 2.26 Grand Total 30,261.17 21,926.35 34.20 18,789.30 33,364.02

Land Developmentofland 25.16 60.84 - 75.24 10.76Buildings a)Sub-Stations&Office 386.96 127.09 362.40 151.65b)Township 67.59 64.83 - 35.42 97.00

Roads&Bridges 20.46 7.60 - 9.40 18.66WaterSupplyDrainageandSewerage 3.06 0.16 - - 3.22Plant & Equipments (including associated civil works) a)Transmission 15,449.54 9,128.01 0.26 12,725.49 11,851.80b)Sub-Station 8,257.71 9,576.85 0.37 10,833.84 7,000.35c)UnifiedLoadDespatch&Communication 375.00 233.37 6.11 137.97 464.29d)Telecom 66.99 69.86 - 89.95 46.90

Otherofficeequipments 6.49 4.25 - 1.86 8.88ElectricalInstallations 0.55 1.77 - 1.39 0.93ConstructionStores(NetofProvision) 7,664.18 - 74.99 - 7,589.19Expenditure pending allocation i)Survey,investigation,consultancy& 23.18 14.40 - 4.63 32.95 supervision Chargesii)DifferenceinExchangeonforeigncurrencyloans 69.49 170.00 - 51.60 187.89iii)Expenditureduringconstructionperiod(net) 3,394.08 2,207.39 0.57 2,801.94 2,798.96 (Note 43)

35,810.44 21,666.42 82.30 27,131.13 30,263.43 Less:ProvisionforunserviceableAssets 3.64 - 1.38 - 2.26Grand Total 35,806.80 21,666.42 80.92 27,131.13 30,261.17

Particulars As at 1st April, 2018

Additions during the year

Adjustments Capitalised during the year

As at 31st March, 2019





Note 5/Capital work in progress(` in Crore)

(` in Crore)


196

Construction Stores

Towers 1169.06 1442.08

Conductors 2566.47 2364.57

Other Line Materials 489.92 547.97

Sub-StationEquipments 2333.70 1982.03

HighVoltageDirectCurrent(HVDC)Equipments 3473.09 704.51

UnifiedLoadDespatch&Communication(ULDC)Materials 219.08 387.36

Telecom Materials 52.29 37.54

Others 158.55 123.13

10462.16 7589.19

Less:Provisionforshortagesandobsoletematerial - -

Total 10462.16 7589.19

Construction Stores include:

i) Material in transit

Towers 0.35 3.84




Others 2.22 2.35

Total 899.43 222.20

ii) Material with Contractors

Towers 1168.71 1438.24

Conductors 2566.47 2364.56




UnifiedLoadDespatch&Communication(ULDC)Materials 219.08 387.36

Telecom Materials 52.29 37.54

Others 156.34 120.78

Total 9562.73 7366.99

Grand total 10462.16 7589.19

Further Notes:

Materials with Contractors amounting to 334.62 crore (Previous Year 488.14crore)inrespectofcommissionedlinesispendingforreconciliation.However reconciliation are carried out on ongoing basis.

Note 5/Capital work in progress (Contd.) (Details of Construction stores) (At cost)

Particulars As at 31st March, 2019 As at 31st March, 2018

(` in Crore)

197

Part

icul

ars

Cost

Accu

mul

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Am

ortis

atio

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(` in

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, 20

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- 0.

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(` in

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re)


198

For the year ended 31st March, 2019


Rental income - 0.80Directoperatingexpensesfrompropertythatgeneratedrentalincome - -Directoperatingexpensesfrompropertythatdidnotgeneraterentalincome - -Profitfrominvestmentpropertybeforedepreciation - 0.80Depreciation - -Profit from investment property - 0.80

(` in Crore)

(` in Crore)

(` in Crore)

(` in Crore)

Note 6/Investment Property (Contd.)Futher Notes :

(i) Amount recognised in profit and loss for investment property

(ii) Contractual obligations

(iii) Leasing arrangements

Minimumleasepaymentsreceivableundernon-cancellableoperatingleasesofinvestmentpropertyareasfollows:-

* Lease agreement ended with mutual consent during the year w.e.f 15thMarch2018andnonewleaseagreementhasbeenentered.

(iv) Fair value

Estimation of fair value

The fair values of investment property has been determined by independent valuer. The main inputs used are the rental growth rates, expectedvacancyrates,terminalyieldsanddiscountratesbasedoncomparabletransactionsandindustrydata.Allresultingfairvalueestimates for investment property are included in level 2.

31st March, 2019 31stMarch,2018Contractual obligation for future repairs and maintenance not recognised as a liability NIL 0.80

31st March, 2019 31stMarch,2018*Withinoneyear - -Later than one year but not later than 5 years - -Later than 5 years - -

31st March, 2019 31stMarch,2018Investment property 2.83 2.98

199

Part

icul

ars

Cost

Accu

mul

ated

Am

ortis

atio

nN

et B

ook

Valu

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at 1

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, 201

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ns

durin

g th

e ye

ar

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just

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the

year

As a

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arch

, 201

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at 1

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4.80

RightofW

ay-

AfforestationExpenses

1502.81

275.

13-

(51.

61)

1829

.55

200.38

97.9

7-

-29

8.35

1531

.20

1302

.43

Tele

com

Lice

nses

2.80

--

- 2

.80

0.1

3 0

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2

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--

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6

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- (5

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) 1

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0 1

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lly g

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Accu

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at 1

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, 201

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ar

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arch

, 201

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at 1

st

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, 20

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year

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, 20

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5.85

1,502.81

118.44

81.94

--

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1,3

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3 1,178.90

Tele

com

Lice

nses

2.5

0 2.80

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0 -

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(`

in C

rore

)

( ` in

Cro

re)


200

ElectronicDataProcessingSoftware - 4.47 - 4.47 -RightofWay-Afforestationexpenses 45.95 328.17 - 160.06 214.06 Developmentof1200KVTS - 5.68 3.39 2.29 -Total 45.95 338.32 3.39 166.82 214.06

ElectronicDataProcessingSoftware 0.07 1.77 - 1.84 -RightofWay-Afforestationexpenses 61.38 71.99 - 87.42 45.95Developmentof1200KVTS 15.88 - 15.88 - -Total 77.33 73.76 15.88 89.26 45.95


Additions Adjustments Capitalised during the year





Note 8/Intangible assets under development(` in Crore)

(` in Crore)

Investments in Equity Instruments (Fully paid up) Investments at Fair Value through Other Comprehensive Income (OCI)

Quoted PTC India Limited 12000006(PreviousYear12000006)EquitySharesof`10/-each 88.14 104.88

Unquoted EnergyEfficiencyServicesLimited 37704350(PreviousYear22500000)EquitySharesof`10/-each 41.70 23.90

Investments at Cost (Fully paid up) Unquoted i) Subsidiary Companies Powergrid NM Transmission Limited 264000000(PreviousYear212000000)EquitySharesof`10 each. 264.00 212.00 Powergrid Vemagiri Transmission Limited 50000(PreviousYear50000)EquitySharesof`10 each. 0.05 0.05 Less: Provision for diminution in the value of Investment 0.05 0.05 - - Powergrid Vizag Transmission Limited 209730000(PreviousYear209730000)EquitySharesof`10 each. 209.73 209.73 PowergridUnchaharTransmissionLimited 12961067(PreviousYear12961067)EquitySharesof`10 each. 12.96 12.96 Powergrid Kala Amb Transmission Limited 61000000(PreviousYear56000000)EquitySharesof`10 each. 61.00 56.00 POWERGRID-JabalpurTransmissionLimited 173150000(PreviousYear150000)EquitySharesof`10 each. 173.15 0.15 POWERGRIDWaroraTransmissionLimited 326300000(PreviousYear176300000)EquitySharesof`10 each. 326.30 176.30 POWERGRIDParliTransmissionLimited 228500000(PreviousYear100000)EquitySharesof`10 each. 228.50 0.10

Note 9/InvestmentsParticulars As at 31st


March, 2018

(` in Crore)

201

Particulars As at 31st March, 2019


POWERGRIDSouthernInterconnectorTransmissionSystemLimited 515504000(PreviousYear50000)EquitySharesof`10 each. 515.50 0.05 Powergrid Medinipur Jeerat Transmission Limited 10000(PreviousYear10000)EquitySharesof`10 each. 0.01 0.01 Powergrid Mithilanchal Transmission Limited 50000(PreviousYear50000)EquitySharesof`10 each. 0.05 0.05 POWERGRIDVaranasiTransmissionSystemLimited 50000(PreviousYear50000)EquitySharesof`10 each. 0.05 0.05 POWERGRIDJawaharpurFirozabadTransmissionLimited 50000(PreviousYearNIL)EquitySharesof`10 each. 0.05 - 1791.30 667.40ii) Joint Venture Companies Torrent Power Grid Limited 23400000(PreviousYear23400000)EquitySharesof`10/-each. 23.40 23.40 Jaypee Powergrid Limited 78000000(PreviousYear78000000)EquitySharesof`10/-each. 78.00 78.00 Parbati Koldam Transmission Company Limited 70937620(PreviousYear70937620)EquitySharesof`10/-each. 70.94 70.94 Teestavalley Power Transmission Limited 105560000(PreviousYear94277820)EquitySharesof`10/-each. 105.56 94.28 Powerlinks Transmission Limited 229320000(PreviousYear229320000)EquitySharesof`10/-each. 229.32 229.32 North East Transmission Company Limited 106964000(PreviousYear106964000)EquitySharesof`10/-each. 106.96 106.96 National High Power Test Laboratory Private Limited 30400000(PreviousYear30400000)EquitySharesof`10/-each. 30.40 30.40 Cross Border Power Transmission Company Limited 12612473(PreviousYear12612473)EquitySharesof`10/-each. 12.62 12.62 Kalinga Bidyut Prasaran Nigam Private Limited 5000(PreviousYear5000)EquitySharesof`10/-each.(Referfurthernote4below) 0.01 0.01 Less: Provision for diminution in the value of Investment 0.01 0.01 - - Bihar Grid Company Limited 171685600(PreviousYear156240000)EquitySharesof`10/-each. 171.69 156.24 Power Transmission Company Nepal Limited 1170000(PreviousYear1040000)EquitySharesofNepali`100/-each. 6.50 6.50 RINLPOWERGRIDTLTPrivateLimited 4000000(PreviousYear3400000)EquitySharesof`10/-each.(Referfurthernote5below) 4.00 3.40 Less: Provision for diminution in the value of Investment 4.00 - - 3.40 835.39 812.06iii) Others NIL(PreviousYear500)EquitySharesof`10/-eachinEmployeesCo-opSociety Limited Rourkela (Previous Year `5000/-) 1 (Previous Year 1) share of `10/-eachinBharatBroadbandNetworkLimited(`10/-) Total 2756.53 1608.24Further notes: 1) a)AggregateamountofQuotedInvestments

At Cost 12.00 12.00 Market Value 88.14 104.88

b)AggregateamountofUnquotedInvestments 2668.39 1503.36 c) Aggregate amount of impairment in value of Investment 4.06 0.06

2) 229319997EquityShares(PreviousYear229319997EquityShares)ofPowerlinksTransmissionLimitedheldbytheCompanyhavebeenpledgedassecuritywithconsortiumoffinancialinstitutionsagainstfinancialassistanceobtainedbyPowerlinksTransmissionLimited.

3) Investmentshavebeenvaluedasperaccountingpolicyno.2.13,2.14&2.15. 4) POWERGRID’sBoardofDirectors in itsmeetingheldon16thAugust,2017accordedapproval for initiatingprocedureforwindingup/

removalofthenameofKalingaBidyutPrasaranNigamPrivateLtdunderfasttrackExitmodeofRegistrarofCompanies(ROC).Provisionfor diminution in the value of Investment of ` 0.01 crore had been made in the previous year.

5) POWERGRID’sBoardofDirectorsinitsmeetingheldon1stMay,2018accordedinprincipleapprovalforwindingupofRINLPowergridTLT Private Limited and to seek consent of other JV Partner Rashtriya Ispat Nigam Limited. Accordingly Provision for diminution in value of investment has been made.

6) Refer remarks at Note No 11 for Powergrid Vemagiri Transmission Limited.

Note 9/Investments (Contd.) (` in Crore)

(` in Crore)


202



Loans to Related Parties **LoanstoSubsidiaries-Unsecured 10520.86 8113.13LoanstoJVs-Unsecured 6.00 -LoantoDirectors&KeyManagerialPersonnel(KMP)

Secured# 0.01 -Unsecured 0.09 0.07

10526.96 8113.20Loans to Employees (including interest accrued)

Secured# 143.15 111.02Unsecured 38.88 28.90

182.03 139.92Total 10708.99 8253.12

Note 10/Loans (considered good unless otherwise stated)

Note 11/Other Non-current Financial Assets

(` in Crore)

(` in Crore)



Lease receivables 589.82 602.88UnbilledRevenue$i) Considered good 307.33 77.62ii) Considered doubtful 105.71 -

413.04 77.62Less: Provision 105.71 -

307.33 77.62Bankdepositswithmorethan12monthsmaturity# 163.47 185.85RecoverableforGOIfullyservicedbonds## 3487.75 -Advances to related parties (Subsidiaries and Others)*i) Considered good - -ii) Considered doubtful** 19.40 19.39

19.40 19.39Less: Provision for Doubtful advances** 19.40 19.39

- -Total 4548.37 866.35

Further notes:**DetailsofloanstorelatedpartiesisprovidedinNote58. #HousebuildingloansandconveyanceadvancetoDirectors,KMPandEmployeesaresecuredagainstthemortgageofthehousepropertiesorhypothecation of vehicles for which such loans have been given in line with the policies of the Company.

(Unsecuredconsideredgoodunlessotherwisestated)

Further notes: $ReferNote46fordisclosureasperIndAS115‘RevenuefromContractswithCustomers’. #Bankdepositsagainstdesignatedaccountsforconsultancywork. ##TheCompanyissued‘GoIfullyservicedbonds’foranamountof`3487.50croreforraisingofExtraBudgetaryResources(EBR)forGoIschemeofPowerSystemDevelopmentFund(PSDF)intermsofletterNo:7/1/2018-OMdated21st January, 2019 of Ministry of Power, Govt. of India (GoI) for meeting accrued liabilities for creation of Capital Assets. The repayment of principal and the interest payment on such bonds shall be met by GoI. Out of the proceeds of bond issue, an amount of `3424.63 Crore has been recognised as Grant in aid and balance of ` 62.87crorependingutilizationhasbeenshowninNoteNo15. *DetailsofadvancestorelatedpartiesareprovidedinNote58. **CERCvideorderdated06/04/2015 inpetitionno.127/2012haddirected that80%of theacquisitionprice incurredby theCompany forVemagiri TransmissionCompanyLimited (VTSL) shall be reimbursedby the LongTermTransmissionCustomers (LTTCs)andbalance20%alongwiththeexpenditureincurredbyVTSLfromthedateofacquisitiontilltheliquidationofthecompanyshallbebornebytheCompany.Subsequently,onareviewpetitionfiledbytheCompany,CERCvideorderdated20/10/2016heldthattherearesufficientreasonstoreviewtheliabilityoftheCompanytopay20%oftheacquisitionpriceandaccordingly,directedthattheissueshallbedecidedafreshbytakingaholisticviewinthematterafterdisposalofappealsfiledbytheLTTCsontheissueinAppellateTribunalofElectricity(ATE).ThematterisstillpendingbeforeATE/CERC.

203

Advances for Capital Expenditure Unsecured a. Against bank guarantees 1025.02 2633.90 b. Others 31.96 36.96Unsecuredconsidereddoubtful 1.25 1.67

1058.23 2672.53Less:Provisionforbad&doubtfulAdvances 1.25 1.67

1056.98 2670.86Advances other than for Capital Expenditure

Security Deposits 15.08 8.91Advances to Related Parties* - 0.43Deferred Employee Cost 52.66 50.59Deferred Foreign currency Fluctuation Asset 3675.22 2734.16Advances recoverable in kind or for value to be received

Employees 6.76 -Balance with Customs Port Trust and other authorities 26.64 20.53AdvancetaxandTaxdeductedatsource# 77.36 -Others** 154.74 160.03 265.50 180.56Considered doubtful 2.90 2.90 268.40 183.46Less: Provision for doubtful Advances 2.90 2.90

265.50 180.56Total 5065.44 5645.51 Further notes: *DetailsofadvancestorelatedpartiesareprovidedinNote58. **OthersincludeamountrecoverablefromCustomers&StateGovernments,insuranceclaimsetc. #NetofCurrentTaxLiabilities-Note33.

(For mode of valuation refer Note 2.10)

Components,Spares&otherspareparts 1216.47 1047.03

Loose tools 20.02 21.58

Consumable stores 12.50 8.15

1248.99 1076.76

LessProvisionforShortages/damagesetc. 22.71 38.31

Total 1226.28 1038.45

Inventories includes material in transit

Components,Spares&otherspareparts 10.34 3.75

Note 12/Other non-current Assets(Unsecuredconsideredgoodunlessotherwisestated)

Note 13/Inventories



(` in Crore)

(` in Crore)


204

Trade receivables - Unsecured Considered good 4557.56 3574.09Considered Doubtful 337.48 48.15

4895.04 3622.24Receivablefromrelatedparties-Unsecured*

Considered good 71.18 64.87 4966.22 3687.11Less: Provision for doubtful trade receivables 337.48 48.15Total 4628.74 3638.96

Further notes: *DetailsoftradereceivablesfromrelatedpartiesareprovidedinNote58. Refer Note 46 for disclosure as per Ind AS 115 ‘Revenue from Contracts with Customers’.

Note 14/Trade receivables


(` in Crore)

Balance with banks- - InCurrentaccounts 142.33 118.99- IndesignatedCurrentaccounts(ForConsultancyclientsandothers) 205.61 360.19In term deposits (with maturity less than 3 months)* 3265.40 1013.73Drafts/Chequesinhand/Remittancesintransit 29.79 23.30Others (Stamps and Imprest) 0.01 -Total 3643.14 1516.21

Further notes: *Term deposit includes ` 3265.40 crore (Previous Year ` 1013.73 crore) for Consultancy clients and others.

Note 15/Cash and Cash Equivalents


(` in Crore)

Earmarked balance with banks* 20.18 12.61In Term Deposits having maturity over 3 months but upto 12 months 668.72 641.61 (For Consultancy clients and others)Total 688.90 654.22 Further notes: *Earmarked balance with Bank includes unpaid dividend and refund of FPO proceeds

Note 16/ Bank Balances other than Cash & Cash Equivalents


(` in Crore)

205

Loans to Related Parties** LoanstoSubsidiaries-Unsecured 285.88 -LoanstoJointVenture-Unsecured 77.12 6.00 LoantoDirectors&KeyManagerialPersonnel(KMP)

Secured# - - UnsecuredConsideredgood 0.08 0.04 363.08 6.04 Loans to Employees (including interest accrued)

Secured# 23.60 21.63 UnsecuredConsideredgood 30.19 19.21

53.79 40.84Total 416.87 46.88 Further notes: **DetailsofloanstorelatedpartiesisprovidedinNoteNo58. #HousebuildingloansandconveyanceadvancetoDirectors,KMPandEmployeesaresecuredagainstthemortgageofthehousepropertiesorhypothecation of vehicles for which such loans have been given in line with the policies of the Company.

Note 17/Loans


(` in Crore)

Lease Receivables 46.33 43.48UnbilledRevenue* 6154.31 4009.77Interest accrued but not due

Interest accrued on Investments (Bonds) - 0.42InterestaccruedonTerm/FixedDeposits 2.62 2.23Interest accrued on Loan to Subsidiaries 106.90 168.17Interest accrued on Loan to JVs 1.62 -Interest accrued on Others ** 38.57 4.05

149.71 174.87AdvancestoRelatedParties# 33.87 5.99Others##

Considered Good 468.98 635.81Total 6853.20 4869.92

Further notes: *UnbilledrevenueincludestransmissionchargesforthemonthofMarchinthefinancialyearamountingto` 2471.43 crore (Previous Year `2245.81crore)billedtobeneficiariesinthemonthofAprilofsubsequentfinancialyear.Furtherrefernoteno46fordisclosureasperIndAS 115 ‘Revenue from Contracts with Customers’. ** Interest accrued on Others includes accrued interest on recoverable for GOI fully serviced bonds, advance to contractors. #DetailsofadvancestorelatedpartiesareprovidedinNote58. ## Othersinclude:-

(a) an amount of `30.85crorerecoverablefromM/sDelhiTranscoLimitedtowardstransferof1.167hectarelandatTughlaqabadSub-station pending completion of legal formalities for transfer of title.

(b) amountrecoverablefromCustomers,AdvancerentforResidentialandOfficeaccommodation,AdvancetoPFTrustandGratuityTrust,Other advance etc.

Note18/Other Current Financial Assets(Unsecuredconsideredgoodunlessotherwisestated)


(` in Crore)


206

Advances other than for Capital Expenditure Advances recoverable in kind or for value to be received Contractors&Suppliers 14.22 91.85Employees 15.18 6.20 Balance with Customs Port Trust and other authorities 122.38 221.19 Claims recoverable 0.54 0.54 152.32 319.78

Advances to related parties # Subsidiaries and JVs 86.40 153.52

Others* Considered Good 176.46 62.26 Considered Doubtful 0.01 0.03

176.47 62.29 Less: Provision for Doubtful Advances 0.01 0.03

176.46 62.26 Total 415.18 535.56 Further notes: #DetailsofadvancestorelatedpartiesareprovidedinNote58. *OthersincludeadvancegivenforCSRactivities,prepaidexpensesandinputtaxcredit-GST.

Note 19/Other Current Assets


(Unsecuredconsideredgoodunlessotherwisestated) (` in Crore)

Assets Deferredassetsfordeferredtaxliability* 7516.50 10989.39Foreign Currency Fluctuation 432.61 200.34EmployeeBenefitsExpense 134.16 114.49

Total 8083.27 11304.22

Further Note: *Refertonoteno54forreclassificationofprioryearpresentation. Refer to note no 53 for detailed disclosure on Regulatory Deferral Account Balances.

Equity Share Capital

Authorised

10,00,00,00,000(PreviousYear10,00,00,00,000)equitysharesof`10/- 10000.00 10000.00 each at par

Issued, subscribed and paid up

5,23,15,89,648(PreviousYear5,23,15,89,648)equitysharesof`10/-eachat 5231.59 5231.59 par fully paid up

Note 20/Regulatory Deferral Account Balances

Note 21/Equity Share capital



(` in Crore)

(` in Crore)

207

Shares outstanding at the beginning of the year 5231589648 5231.59 5231589648 5231.59Additionsduringtheyear - - - -Deductionduringtheyear - - - -Shares outstanding at the end of the year 5231589648 5231.59 5231589648 5231.592) TheCompanyhasonlyoneclassofequityshareshavingaparvalueof`10/-pershare. 3) Theholdersofequitysharesareentitledtoreceivedividendsasdeclaredfromtimetotimeandtovotingrightsproportionatetotheir

shareholding at meetings of the Shareholders. 4) Shareholdersholdingmorethan5%equitysharesoftheCompany

Note 21/Equity Share capital (Contd.)

ParticularsFor the year ended 31st March, 2019 For the year ended 31st March, 2018

No. of Shares Amount (` in crore) No. of Shares Amount (` in crore)

ParticularsAs at 31st March, 2019 As at 31st March, 2018

No. of Shares % of holding No. of Shares % of holdingGovernment of India 2896495942 55.37 2977314759 56.91Life Insurance Corporation of India 335385684 6.41 254719223 4.87

Reserves and Surplus Securities Premium 9578.29 9578.29Bonds Redemption Reserve 9884.80 9158.59Self Insurance Reserve 882.18 735.03 Corporate Social Responsibility (CSR) Activity Reserve 114.54 123.33 General Reserve 31376.63 26911.55 Retained Earnings 1872.42 2585.74

Other Reserves Other Comprehensive Income Reserve 76.69 90.84

Total 53785.55 49183.37

Balance at the beginning of the year 9578.29 9578.29Additionduringtheyear - -Deductionduringtheyear - -Balance at the end of the year 9578.29 9578.29 Securitiespremiumisusedtorecordthepremiumonissueofshares/securities.ThisamountisutilisedinaccordancewiththeprovisionoftheCompanies Act, 2013.

Balance at the beginning of the year 9158.59 8095.09Addition during the year 2029.20 2075.83Deduction during the year 1302.99 1012.33 Balance at the end of the year 9884.80 9158.59 Bonds Redemption Reserve is created for the purpose of redemption of debentures in term of the Companies Act, 2013.

Note 22/Other Equity

22.1 Securities Premium

22.2 Bonds Redemption Reserve




(` in Crore)

(` in Crore)

(` in Crore)

Further Notes:

1) Reconciliation of number and amount of share capital outstanding at the beginning and at the end of the reporting period


208

Balance at the beginning of the year 735.03 676.64 Addition during the year 249.07 226.25 Deduction during the year 101.92 167.86Balance at the end of the year 882.18 735.03 [email protected]%p.a.(0.12%p.a.inpreviousyear)ontheGrossBlockofProperty,Plant&Equipmentsnotcoveredunderinsuranceasattheendoftheyeartomeetfuturelosseswhichmayarisefromun-insuredrisksandforprocurementoftowersandothertransmissionlinematerialsincludingstrengtheningoftowersandequipmentsofACsub-stationtotakecareoffuturecontingencies.

Balance at the beginning of the year 123.33 123.38Addition during the year - -Deduction during the year 8.79 0.05 Balance at the end of the year 114.54 123.33 CorporateSocialResponsibilityReserveiscreatedtotheextentofshortfallintheactualexpenditureinanyyearvis-à-vistheamountstipulatedas per the Companies Act, 2013.

22.3 Self Insurance Reserve

22.4 Corporate Social Responsibility (CSR) Activity Reserve



(` in Crore)

(` in Crore)

Balance at the beginning of the year 26911.55 23243.64 Add/(Less):IndAS115Adjustments* 104.37 - 27015.92 23243.64 Addition during the year 4360.71 3667.91 Deductionduringtheyear - -Balance at the end of the year 31376.63 26911.55 GeneralReserveisretainedearningsofthecompanywhicharekeptasideoutofcompany’sprofits.Itisafreereservewhichcanbeutilizedtomeet any unknown future contingencies and to pay dividends to shareholders.* Refer note no 46 for details.

22.5 General Reserve


(` in Crore)

Balance at the beginning of the year 2585.74 2754.86Add: Additions NetProfitfortheperiod 9938.55 8244.65 Items of other comprehensive income recognised directly in surplus balance -Remeasurementsofpostemploymentbenefitobligations (2.15) 20.95 Transfer from Bond Redemption Reserve 1302.99 1012.33 Less: Appropriations General Reserve 4250.00 3500.00 Bonds Redemption Reserve 2029.20 2075.83 Self Insurance Reserve 249.07 226.25 Interim dividend paid 3050.02 1281.74 TaxonInterimdividend 612.65 255.20 Final Dividend (refer note 62(b)) 1464.85 1752.59 TaxonFinalDividend 296.92 355.44 Balance at the end of the year 1872.42 2585.74



(` in Crore)

Note 22/Other Equity (Contd.)

209

Balanceatthebeginningoftheyear 90.84 103.76Addition during the year (14.15) (12.92)Balance at the end of the year 76.69 90.84 OtherComprehensiveIncomeReserveiscreatedfromincrease/decreaseinvaluationofNonCurrentInvestmentsinEquityinstrumentsclassifiedas fair valued through Other Comprehensive Income (FVOCI).

22.7 Other Comprehensive Income Reserve

Note 23/ Borrowings

Particulars As at 31st March, 2019 As at 31st March, 2018 (` in Crore)

(` in Crore)Particulars As at 31st


March, 2018A) BONDSA1) Secured (Taxable, Redeemable, Non-Cumulative,

Non-Convertible)A1.1 i) Bonds of ` 10 Lakh each

LV Issue-7.55% Redeemable at par on 21.09.2031 1,238.92 1,238.91LX Issue-7.20% Redeemable at par on 09.08.2027 3,059.78 3,059.76 LIX Issue-7.30% Redeemable at par on 19.06.2027 3,069.78 3,069.76 XXXIX Issue-9.40% redeemable at par on 29.03.2027 1,799.86 1,799.86LVIII Issue-7.89% redeemable at par on 09.03.2027 2,059.44 2,059.41 XXXVIII Issue-9.25% redeemable at par on 09.03.2027 854.72 854.72LVI Issue-7.36% redeemable at par on 18.10.2026 1,064.10 1,064.08LXII Issue-8.36% Redeemable at par in 05(five) equal installments w.e.f. 07.01.2025

1,999.75 -

XLII Issue-8.80% redeemable at par on 13.03.2023 1,989.52 1,989.49

LVII Issue-7.20% redeemable at par on 21.12.2021 2,118.79 2,118.75ii) Bonds of ` 30 Lakh each consisting of 3 STRPPs of ` 10 lakh each redeemable at par in 3

(Three)equalinstallmentson15.07.2021,15.07.2026and15.07.2031LIV Issue-7.97% Redeemable w.e.f 15.07.2021 2,997.93 2,997.89

iii) Bonds of ` 30 Lakh each consisting of 3 STRPPs of ` 10 lakh each redeemable at par in 3 (Three)equalinstallmentson23.12.2020,23.12.2025and23.12.2030LII Issue-8.32% redeemable w.e.f. 23.12.2020 1,396.95 1,396.94

iv) Bonds of ` 1.20 crore each consisting of 12 STRPPs of ` 10 lakh each redeemable at par in12(twelve)equalinstallmentsLIII Issue-8.13% Redeemable w.e.f 25.04.2020 3,995.76 3,995.46

v) Bonds of ` 30 Lakh each consisting of 3 STRPPs of ` 10 lakh each redeemable at par in 3 (Three)equalinstallmentson09.03.2020,09.03.2025and09.03.2030XLIX Issue-8.15% redeemable w.e.f. 09.03.2020 869.63 1,304.60

vi) Bonds of `40 Lakh each consisting of 4 STRPPs of `10 lakh each redeemable at par in 4(Four)equalinstallmentson23.01.2020,23.01.2022,23.01.2025and23.01.2030XLVIII Issue-8.20% redeemable w.e.f. 23.01.2020 1,933.70 2,578.64

vii) Bonds of ` 1.20 crore each consisting of 12 STRPPs of ` 10 lakh each redeemable at par in12(twelve)equalinstallmentsLI Issue-8.40% redeemable w.e.f. 14.09.2019 2,747.80 2,997.62

viii) Bonds of ` 30 Lakh each consisting of 3 STRPPs of ` 10 lakh each redeemable at par in 3(Three)equalinstallmentson04.09.2019,04.09.2024and04.09.2029XLVI Issue-9.30% redeemable w.e.f. 04.09.2019 2,903.53 4,357.52



210

Particulars As at 31st


March, 2018ix) Bonds of ` 1.20 crore each consisting of 12 STRPPs of `10 lakh each redeemable at par

in12(twelve)equalinstallmentsL Issue-8.40% redeemable w.e.f. 27.05.2019 2,682.75 2,926.70

x) Bonds of ` 1.20 crore each consisting of 12 STRPPs of `10 lakh each redeemable at par in12(Twelve)equalinstallmentsXLVII Issue-8.93% redeemable w.e.f. 20.10.2018 2,197.98 2,417.64

xi) Bonds of 30Lakheachredeemableatparin3equalinstalmentson15.07.2018,15.07.2023and15.07.2028XLIV Issue-8.70% redeemable w.e.f. 15.07.2018 2,641.89 2,640.88

xii) Bonds of `1.2 crores each consisting of 12 STRPPs of ` 10 lakhs each redeemable at par in12(Twelve)equalannualinstalmentsXLV Issue-9.65% redeemable w.e.f. 28.02.2018 1,499.14 1,665.55 XLIII Issue-7.93% redeemable w.e.f. 20.05.2017 2,343.46 2,603.84

xiii) Bonds of ` 1.5 crores each consisting of 12 STRPPs of `12.50 Lakhs each redeemable at parin12(twelve)equalannualinstalments.XLI Issue-8.85% redeemable w.e.f. 19.10.2016 1,892.95 2,129.59

xiv) Bonds of ` 1.50 crores each, consisting of 15 STRPPs of ` 10.00 Lakhs each redeemable atparin15(fifteen)equalannualinstalmentsXXXVI Issue- 9.35% redeemable w.e.f. 29.08.2016 2,263.49 2,469.27

xv) Bonds of ` 1.5 crores each consisting of 12 STRPPs of ` 12.50 Lakhs each redeemable at parin12(twelve)equalannualinstalments.XL Issue-9.30% redeemable w.e.f. 28.06.2016 2,662.67 2,995.53 XXXVII Issue- 9.25% redeemable w.e.f 26.12.2015 1,162.66 1,328.77XXXV Issue- 9.64% redeemable w.e.f 31.05.2015 1,141.04 1,304.05 XXXIV Issue- 8.84% redeemable w.e.f 21.10.2014 1,741.84 2,032.19 XXXIII Issue- 8.64% redeemable w.e.f 08.07.2014 1,438.78 1,678.61XXXII Issue- 8.84% redeemable w.e.f 29.03.2014 431.21 517.45 XXXI Issue- 8.90% redeemable w.e.f 25.02.2014 852.77 1,023.33 XXX Issue- 8.80% redeemable w.e.f 29.09.2013 970.77 1,164.96 XXIX Issue- 9.20% redeemable w.e.f 12.03.2013 432.37 540.47 XXVIII Issue- 9.33% redeemable w.e.f 15.12.2012 799.13 998.95XXVII Issue- 9.47% redeemable w.e.f 31.03.2012 176.18 234.92 XXVI Issue- 9.30% redeemable w.e.f 07.03.2012 249.66 332.88XXV Issue- 10.10% redeemable w.e.f 12.06.2011 265.97 354.65 XXIV Issue- 9.95% redeemable w.e.f 26.03.2011 133.23 199.85XXIII Issue- 9.25% redeemable w.e.f 09.02.2011 51.21 76.82XXII Issue- 8.68% redeemable w.e.f 07.12.2010 114.86 172.32 XXI Issue- 8.73% redeemable w.e.f 11.10.2010 84.88 127.34 XX Issue- 8.93% redeemable w.e.f 07.09.2010 249.65 374.53 XIX Issue- 9.25% redeemable w.e.f 24.07.2010 82.39 123.60 XVIII Issue- 8.15% redeemable w.e.f 09.03.2010 83.22 166.45

64,746.11 69,484.55

Note 23/ Borrowings (Contd.) (` in Crore)

211

Particulars As at 31st


March, 2018A2) Unsecured

A2.1 Redeemable Domestic BondsBonds of ` 50 Lakhs each consisting of 05 STRPPs of ` 10.00 Lakhs each redeemable at parin05(Five)equalannualinstalments.LXI Issue-7.74% redeemable w.e.f. 12.12.2028 2,999.77 2,999.75

A2.2 Redeemable Foreign Currency Bonds3.875%ForeignCurrencyBondstoberedeemedatparon17.01.2023 3,470.63 3,253.88

6,470.40 6,253.63

Total (A) 71,216.51 75,738.18

B) Term loans

from Banks Secured

ForeignCurrencyLoans[GuaranteedbyGovernmentofIndia(GOI)] 24,891.44 21,294.39 Other Foreign Currency Loans 3,401.76 2,548.77Rupee Loans 12,184.00 13,638.00

40,477.20 37,481.16 Unsecured

ForeignCurrencyLoans[GuaranteedbyGovernmentofIndia(GOI)] 3,657.84 3,738.32Other Foreign Currency Loans 3,135.96 2,022.66 Rupee Loans 12,552.00 3,440.00

19,345.80 9,200.98

Total (B) 59,823.00 46,682.14Total (A to B) 1,31,039.51 1,22,420.32

Further notes: Details of terms of repayment and rate of interest

1. SecuredForeignCurrencyLoans(GuaranteedbyGoI)carryfloatingrateofinterestlinkedto6MLIBOR.Theseloansarerepayableinsemiannualinstallment,aspertermsoftherespectiveloanagreement,commencingaftermoratoriumperiodof3to5yearsexceptforoneloan` 342.93 Crore (Previous year`199.69Crore)whichcarryfixedrateofinterestof0.25%p.a.

2. SecuredotherForeignCurrencyLoanscarryfloatingrateofinterestlinkedto6M(LIBOR/EURIBOR/STIBOR).Theseloansarerepayableinsemi annual installment, as per terms of the respective loan agreements, commencing after moratorium period of 3 to 5 years.

3. SecuredRupeeloanfrombankscarryfloatingrateofinterestlinkedto3MMCLR.Theseloansarerepayableinsemiannualinstallments,as per terms of the respective loan agreements, commencing after moratorium period of 5 years.

4. UnsecuredForeignCurrencyLoans(GuaranteedbyGoI)carryfixedrateofinterestrangingfrom1.63%p.a.to2.30%p.a.Theseloansare repayable in semi annual installments as per terms of the respective loan agreements.

5. UnsecuredForeignCurrencyLoanscarryfloatingrateofinterestlinkedto6MSTIBOR/EURIBOR/JPYLIBOR.Theseloansarerepayablein semi annual installments as per terms of the respective loan agreements, commencing after moratorium period as per terms of the respective loan agreements.

6. UnsecuredRupeeloansfrombankscarryfloatingrateofinterestlinkedto3monthsMCLR.Theseloansarerepayableinsemiannualinstallments, commencing after moratorium period as per terms of the respective loan agreements.

7. There has been no default in repayment of loans or payment of interest thereon as at the end of the year.



212

Details of Securities

1. Domestic Bonds are Secured by way of Registered Bond Trust Deed ranking pari passu on immovable property situated at Mouje Ambheti TalukaKaparadaindistrictValsadGujaratandfloatingchargeontheassetsofthecompany.

2. Secured Foreign Currency Loans (Guaranteed by GoI) are secured by pari passu interest in the lien created on the assets as security for the debts.

3. Secured Other Foreign Currency Loans and Rupee Loans are secured by the way of

(i) paripassuchargeontheassetsofthecompanyexceptinvestments,landandbuilding,roadsandbridges,watersupply,drainageand sewerage and current assets or

(ii) paripassuchargeontheassetsofthecompanyexceptinvestmentsandcurrentassetsor

(iii) floatingchargeontheimmovablepropertiesofthecompany. as per the terms of respective loan agreements.

Deposits/Retentionmoneyfromcontractorsandothers. 409.94 456.95Govt. of India fully serviced bonds * 3487.50 -DuesforCapitalExpenditure - 2.65Total 3897.44 459.60

Further Notes: DisclosurewithregardtoMicroandSmallenterprisesasrequiredunder“TheMicro,SmallandMediumEnterprisesDevelopmentAct,2006”isgiven in Note No 50. *[email protected]%redeemableatparon14.02.2029.ReferNoteNo11fordetails.

Employee Benefits As per last balance sheet 716.87 789.56Additions/(adjustments)duringtheyear (348.72) (72.69)Closing Balance 368.15 716.87

Further Notes: Provisioniscreatedforthepurposeofleaveencashment,SettlementAllowance,LongServiceAwardandotherbenefits.ReferNoteNo66fordetaileddisclosurerelatedtoEmployeeBenefitObligations.

A. Deferred Tax Liability Differenceinbookdepreciationandtaxdepreciation 16894.24 14209.42Finance lease assets 83.23 88.37Others 37.60 48.27Deferred Tax Liability (A) 17015.07 14346.06

Note 24/Other Non-current financial liabilities

Note 25/ Provisions

Note 26/ Deferred tax liabilities (Net)




(` in Crore)

(` in Crore)

(` in Crore)

Note 23/ Borrowings (Contd.)

213

Particulars Property Plant and Equipment

Finance Leased Assets

Others Total

At 1st April, 2017 11214.62 90.83 66.30 11371.75Charged/(credited)-toprofitorloss 2994.80 (2.46) (18.03) 2974.31At 31st March, 2018 14209.42 88.37 48.27 14346.06Charged/(credited)-toprofitorloss 2684.82 (5.14) (10.67) 2669.01At 31st March, 2019 16894.24 83.23 37.60 17015.07

a) Acreditof₹3465.87crore(Previousyearchargeof₹3140.15crore)hasbeenmadeintheStatementofProfit&Loss.b) Matterregardingpresentationof‘DeferredAssetsagainstDeferredTaxLiability’inBalanceSheetandStatementofProfitandlosswas

referred toExpertAdvisoryCommittee (EAC)of InstituteofChartered Accountantof India.Asperopinionreceivedduring theyear‘DeferredAssetsagainstDeferredTaxLiability’whichwashithertonettedwithDeferredTaxLiability,isclassifiedas‘RegulatoryDeferralAccountBalance” inBalanceSheetandStatementProfitandLossAccount‘.Furtherrefertonoteno54 ‘ReclassificationofPriorYearPresentation’.

Movement in Deferred Tax Assets(₹inCrore)

Particulars Property Plant & Equipment-Income during construction

period

Self-insurance

reserve

Provisions allowable on

payment basis

Advance against

depreciation

MAT Credit

Others Total

At 1st April, 2017 18.69 11.26 236.77 562.31 0.00 123.98 953.01Charged/(credited)-toprofitorloss (1.93) (3.15) (20.85) (36.72) - (103.19) (165.84)At 31st March, 2018 16.76 8.11 215.92 525.59 0.00 20.79 787.17Charged/(credited)-toprofitorloss 4.19 (8.11) 266.01 (63.12) 5935.70 0.21 6134.88At 31st March, 2019 20.95 0.00 481.93 462.47 5935.70 21.00 6922.05

Amount taken to Statement of Profit and Loss(₹inCrore)

B. Deferred Tax Assets Income during Construction Period 20.95 16.76 SelfInsuranceReserve - 8.11 Provisionsallowableonpaymentbasis 481.93 215.92 Advance Against Depreciation 462.47 525.59 MATCreditEntitlement 5935.70 - Others 21.00 20.79

Deferred Tax Assets (B) 6922.05 787.17

Deferred Tax Liability (Net) (A-B) 10093.02 13558.89

Note 26/ Deferred tax liabilities (Net) (Contd.)Particulars As at 31st March, 2019 As at 31st March, 2018

(` in Crore)

(` in Crore)



Increase/(Decrease)inDeferredTaxLiabilities 2669.01 2974.31Decrease/(Increase)inDeferredTaxAssets (6134.88) 165.84Total (3465.87) 3140.15

Further Notes :Movement in Deferred Tax Liabilities


214

Advancefromcustomers(Consultancy/Telecomservices)$ 359.04 328.84Others* 127.53 128.32Total 486.57 457.16

Further Notes: $ReferNote46fordisclosureasperIndAS115‘RevenuefromContractswithCustomers’. *Others includes amount payable to Customers upon recovery.

Short Term - Unsecured From Others

From Banks 1300.00 -Commercial Paper 3000.00 1000.00

Total 4300.00 1000.00

Further Notes: 1. CommercialPapers/shorttermloanareunsecuredinnature,withrateofinterestrangingform6.63%to8.20%andrepayablewithin30

days to 90 days from the date of drawal. 2. There has been no default in repayment of loans or payment of interest thereon as at the end of the year.

Note 27/Other non-current liabilities

Note 28/Borrowings



(` in Crore)

(` in Crore)

c) Intheopinionofthemanagement,itisprobablethatfutureeconomicbenefitswillflowtothecompanyintheformofavailabilityofsetoffagainstfutureincometaxliabilitybyrecognizingMATcreditasfollows:

Future taxableprofitswillbeadjustedagainst(a) taxholidayu/s80-IAofIncomeTaxAct,1961for theprojectscommissionedupto 31stMarch,2017(b)initialdepreciationontheassetstobecommissionedinfutureand(c)regularincometaxdepreciationu/s32ofIncomeTaxAct,1961andthereaftertaxamountwillbesetoffagainstMATcredittotheextentof`2003.24Cr(FY2016-17),` 2203.64 Cr(FY2017-18)and`1728.82Cr(FY2018-19).Hence,thesamehasbeenrecognisedasDeferredTaxAssetsduringtheyear.

d) MAT credit available to the company in future but not recognised in the books:(` in Crore)

For the Financial Year As at 31st March 2019 Expiry Date As at 31st March 2018 Expiry Date2017-18 - 31st March 2033 2203.64 31st March 20332016-17 - 31st March 2027 2003.24 31st March 20272015-16 1421.20 31st March 2026 1421.20 31st March 20262014-15 1281.23 31st March 2025 1281.23 31st March 20252013-14 1085.14 31st March 2024 1085.14 31st March 20242012-13 1071.31 31st March 2023 1071.31 31st March 20232011-12 239.01 31st March 2022 239.01 31st March 20222010-11 9.36 31st March 2021 9.36 31st March 20212009-10 - 31st March 2020 - 31st March 20202008-09 277.91 31st March 2019 277.91 31st March 20192007-08 - 31stMarch2018 250.01 31stMarch2018

e) Tax losses brought forward: (` in Crore)

Particulars As at 31st March 2019 Expiry Date As at 31st March 2018 Expiry Date*Unusedtaxlossesforwhichnodeferredtaxassethasbeenrecognised

- - 2761.43 -

DeferredtaxassethasnotbeenrecognisedinrespectofthetaxlossesincurredbythecompanythatisnotlikelytogeneratetaxableincomeintheforeseeablefutureduetotheavailabilityofdeductionoftaxholidaytothecompanyundertheIncomeTaxAct,1961.

*UndertheprovisionsoftheIncomeTaxAct,1961,unabsorbeddepreciationcanbecarriedforwardforanunlimitedperiod.

215

For goods and services (A) total outstanding dues of micro enterprises and small enterprises 33.27 2.33(B) total outstanding dues of creditors other than micro enterprises and

small enterprises 330.84 238.01Total 364.11 240.34

Further Notes: DisclosurewithregardtoMicroandSmallenterprisesasrequiredunder“DivisionIIofScheduleIIIofTheCompaniesAct,2013”and“TheMicro,Small and Medium Enterprises Development Act, 2006” is given in Note No 50.

Note 29/Trade payablesParticulars As at 31st March, 2019 As at 31st March, 2018

(` in Crore)

Current maturities of long term borrowings Secured

Bonds 6742.98 5211.89 Rupee Term Loans 1454.00 454.00 Foreign Currency Loans 2098.85 1849.71

10295.83 7515.60 Un-secured

Foreign Currency Loans 451.02 277.04 10746.85 7792.64Interest accrued but not due on borrowings from

ForeignBanks&FinancialInstitutions 251.70 144.90Secured/UnsecuredredeemableBonds# 3139.72 3302.76

3391.42 3447.66Others

Duesforcapitalexpenditure 2478.41 4065.11 Employee related liabilities 158.03 170.31Unclaimeddividends&FPO* 13.37 12.61Deposits/Retentionmoneyfromcontractorsandothers. 4401.05 4761.13 Related parties** 2.72 52.05 Dividend Payable 6.81 -Others## 1687.52 1204.10

8747.91 10265.31Total 22886.18 21505.61

Further notes: DisclosurewithregardtoMicroandSmallenterprisesasrequiredunder“TheMicro,SmallandMediumEnterprisesDevelopmentAct,2006”isgiven in Note No 50. #includes`36.22 Crore interest accrued but not due on GoI fully serviced bonds. * No amount is due for payment to Investor Education and Protection Fund. **DetailsofamountpayabletorelatedpartiesareprovidedinNote58. ##OthersincludeliabilityforpaymentagainstLongTermAccess(LTA),ShortTermOpenAccess(STOA),ISTSLicenserecovery,deadcheques,Price variation etc.

Note 30/Other Current Financial Liabilities


(` in Crore)


216

Advances from customers * 3500.58 2569.87Advancesfromcustomers-relatedparties# 80.42 -Statutory dues 282.26 117.46Total 3863.26 2687.33

Further notes: * Refer Note 46 for disclosure as per Ind AS 115 ‘Revenue from Contracts with Customers’. #DetailsofamountpayabletorelatedpartiesareprovidedinNote58.

A) Employee Benefits

i) Performance related pay /special incentive

As per last balance sheet 163.33 109.83

Addition during the year 444.50 163.46

Amountpaid/adjustedduringtheyear 163.33 109.96

Closing Balance 444.50 163.33

ii) Wage revision


Additions/(adjustments)duringtheyear (725.36) 459.93

Closing Balance - 725.36

iii) Other Employee Benefits

(Leave Encashment, Settlement Allowance and Long Service Award etc.)


Additions/(adjustments)duringtheyear 1.59 (7.34)


Total (A) 512.61 955.21

B) Others

i) Downtime Service Credit-Telecom


Additions during the year 5.49 8.26

Amounts adjusted during the year 5.74 4.91


ii) Provision Others


Additions/(adjustments)duringtheyear 83.86 12.93


Total (B) 187.98 104.37

Total (A+B) 700.59 1059.58

Note 31/Other current liabilities

Note 32/Provisions



(` in Crore)

(` in Crore)

217

Further Notes:Employee BenefitsPerformanceRelatedPay/SpecialIncentiveProvisioniscreatedforPerformanceRelatedPaytoExecutivesandNon-ExecutivesWageRevisionPayrevisionofExecutivesandNonExecutiveswasimplementedduringtheFY2018-19andaccordinglyprovisionagainstwagerevisionwasutilised/adjustedduringtheyear.OtherEmployeeBenefitsProvisioniscreatedforthepurposeofmeetingoutleaveencashment,settlementallowance,longserviceawardandPOWERGRIDEmployeeFamily Rehabilitation Scheme.OthersDowntimeServiceCredit-TelecomProvisioniscreatedincasewhenactualdowntimeisinexcessofthepermissibleservicelevelagreement,insuchcasesthenecessarycreditis passed on to the customer on demand.However, in some case, the downtime is not claimed by the customer then in such cases necessary provision on account of downtime is made in thebooksofaccountsasperthelinksavailabilityreportsreceivedfromNationalTelecomControlCentre(NTCC)fortheperiodofnon-operationof links given to the customers. The calculation of downtime credit is based on the SLA signed with various customers.Provision Others: Itincludesprovisionforentrytax₹138.39crore(PreviousYear₹71.44crore)asperdemandraisedbyrevenueauthoritiesdisputedbythecompanyandareunderlitigation.Anamountof₹8.24crore(PreviousYearNil)hasbeenpaidundercourtorderandshownas“Balancewithcustom port trust and other authorities” in Note 19.

Taxation (Including interest on tax) As per last balance sheet 5781.65 4846.07Additions during the year 1794.90 2218.93Amount adjusted during the year 1574.73 1283.35Total 6001.82 5781.65NetoffagainstAdvancetaxandTDS 6001.82 5374.58Closing Balance - 407.07

Advance against depreciation 1323.45 1504.09 Grants in aid (Refer Further Notes)

As per last Balance Sheet 559.56 150.30 Addition during the year 3684.53 421.39 Adjustments during the year 70.77 12.13 Closing balance 4173.32 559.56

Deferredincomefromforeigncurrencyfluctuation(Net) 3960.26 2903.76 Total 9457.03 4967.41 Further Notes: 1. Grant in Aid of `2889.00crore(PreviousYearNilcrore)wasreceivedfromPowerSystemDevelopmentFund(PSDF)towardsTransmission

systemassociatedwith‘NorthEast-Northern/WesternInterconnector-IProject’and‘TransmissionsystemfordevelopmentofpoolingstationinNorthernPartofWestBengalandtransferofpowerfromBhutantoNR/WR(BNC-AgraHVDC)’.

2. Grant in Aid of `667.78crore(PreviousYear` 141.15 crore) was received from Power System Development Fund (PSDF) for installation of STATCOMinER(ERSS-XI)andSR(SystemStrengtheninginSR-XXI).InadditiontoGrantreceived,aninterestof` 1.24 crore (Previous Year ` 0.12 crore) credited to the Grant.

3. Grant in Aid of `17.85crore(PreviousYear`115.99crore)wasreceivedfromPowerSystemDevelopmentFund(PSDF)forUnifiedRealTimeDynamicStateMeasurement(URTDSM).InadditiontoGrantreceived,aninterestof` 6.95 crore (Previous Year Nil) credited to the Grant.

4. Grant in Aid of `93.87crore(PreviousYear`164.13crore)wasreceivedfromMinistryofNaturalResources&Environment(MNRE)forestablishmentoftransmissionsystemassociatedwithUltraMegaSolarParksinAndhraPradesh,Karnataka,MadhyaPradesh,RajasthanandGujarat. In addition to Grant received, an interest of `0.83crore(PreviousYearNil)creditedtotheGrant.

5. Grant in Aid of `7.01crore(PreviousYearNil)receivablefromMinistryofNew&RenewableEnergyforestablishingsolarrooftopplantsinvarious buildingsofPOWERGRIDunderachievementlinked/incentiveawardschemeforGovernmentSector.

Note 33/Current Tax Liabilities (Net)

Note 34/Deferred Revenue



(` in Crore)

(` in Crore)

Note 32/Provisions (Contd.)


218

Sales of services Transmission Business

Transmission Charges 32436.35 28326.44Add: Revenue recognised out of Advance Against Depreciation 180.64 120.72

32616.99 28447.16Other Operating Revenue InterestondifferentialProvisionalandFinalTariff 145.87 25.36 Income from lease lines 11.31 11.17 Recognisedfromdeferredrevenue-Grantinaid 70.77 12.13

227.95 48.66 32844.94 28495.82

Telecom Business 663.25 606.59

Consultancy Project Management and Supervision 610.93 662.18Total 34119.12 29764.59

Note 35/Revenue from operations



(` in Crore)

Interest income from financial assets at amortised cost Interest on Govt.securities - 0.07 Indian Banks 84.22 110.72 Interest on loan to Subsidiaries 759.93 438.74 Interest on Loan to Joint Ventures (JVs) 2.40 - Others* 19.65 14.62 866.20 564.15 Interest from advances to contractors 35.18 54.36 901.38 618.51Dividend income from investment in Subsidiaries 86.69 22.92 Joint Ventures 57.67 65.55 Equityinvestmentsdesignatedatfairvaluethroughothercomprehensiveincome 5.42 5.58 149.78 94.05

Further Notes:

a) Inexerciseofpowersu/s178oftheElectricityAct2003,CentralElectricityRegulatoryCommission(CERC)hasnotified“CERC(TermsandConditionsoftariff)Regulations2014”videorderdated21stFebruary,2014forthedeterminationoftransmissiontarifffortheblockperiod2014-19.

b) Thecompanyhasrecognisedtransmissionincomeduringtheyearasperthefollowing:-

i)₹27229.59Crore(previousyear₹24212.90Crore)asperfinaltariffordersissuedbyCERC.

ii) ₹5387.40Crore(previousyear₹4234.17Crore)inrespectoftransmissionassetsforwhichfinaltariffordersareyettobeissuedasperCERCTariffRegulationsandotherordersinsimilarcases.

c) Consequent to thefinal order issuedbyCERC, transmission income includes₹285.42 crore (increase) (PreviousYear₹79.33Crore(decrease)) pertaining to earlier years.

d) Refer note no 46 for disclosure as per Ind AS 115 “ Revenue from Contracts with Customer”.

Note36/Other income



(` in Crore)

219

Note36/Other income (Contd.)



(` in Crore)

Salaries,wages,allowances&benefits 1838.79 1844.95Contribution to provident and other funds 228.50 112.24 StaffWelfareexpenses(IncludingDeferredEmployeecost) 233.25 193.10 2300.54 2150.29 Less:TransferredtoExpenditureduringConstruction(Net)-Note43 509.80 544.40 TransferredtoCSRexpenses-Note40 7.17 6.80Total 1783.57 1599.09

Note 37/Employee benefits expense



(` in Crore)

Further Notes :

a) Refernote58forRemunerationtoKeyManagerialPersonnel(KMPs).

b) PayrevisionofExecutiveandNon-executiveimplementedduringthecurrentfinancialyearandanamountof₹18.67crores(Netofamounttransferredtoexpenditureduringconstruction)waswrittenbackagainstprovisionforwagerevision.

c) Special allowance was settled as per the rates approved by Ministry of Power and Department of Public Enterprises to employees who are postedinthedifficultandfarflungareas.Anamountof₹22.65croreswasrecoveredformemployeesduringthecurrentyearbeingtheexcessamountpaidinearlierperiod.

d) Refernoteno.66fordetailsofEmployeeBenefitObligations.

Others ProfitonsaleofProperty,PlantandEquipment 1.26 0.45 FinanceIncomefromfinancelease 69.66 73.64 Surcharge 196.74 155.61 FERV gain 0.16 0.32 Provisions written back 28.25 8.36 FairValuegainoninitialrecognitionofFinancialliability/investment 55.73 50.56 Miscellaneous income ** 185.90 105.89 537.70 394.83 1588.86 1107.39 Less:Transferredtoexpenditureduringconstruction(Net)-Note43 89.91 105.66 Total 1498.95 1001.73

Further Notes: *Othersincludeinterestonemployeeloans&unwindingoffinancecostonemployeeloans. **MiscellaneousincomeincludeSaleofScrap,InsuranceClaimRecovery,UIChargesetc.


220

Interest and finance charges on financial liabilities at amortised cost IndianBanks&FinancialInstitutions 2094.59 1367.58 Foreign Banks and Financial Institutions 956.83 558.71 Secured/UnsecuredredeemableBonds 6401.86 6534.22 Foreign Currency Bonds 147.78 134.89Unwinding of discount on financial liabilities 113.02 51.25 Interest - Others 34.51 15.45 9748.59 8662.10Other Finance charges Commitment charges 7.08 10.13 Guarantee Fee 449.17 296.95 Others* 116.96 62.03 573.21 369.11 Exchange differences regarded as adjustment to Borrowing Cost (112.00) 205.10 461.21 574.21 10209.80 9236.31 Less:TransferredtoExpenditureduringConstruction(Net)-Note43 1118.38 1645.65 Total 9091.42 7590.66

Further Notes: *Othersincludesmanagementfees,agencyfees,trusteefees,front-endfees,interestonlandcompensation,tree&cropcompensationetc.

Note 38/Finance costs



(` in Crore)

DepreciationofProperty,PlantandEquipment 10373.59 9206.66 Amortization of Intangible assets 110.16 100.99 10483.75 9307.65 Less:TransferredtoExpenditureDuringConstruction(Net)-Note43 10.29 12.76 10473.46 9294.89Less: Depreciation amortised due to FERV adjustment 272.79 203.64 Charged to Statement of Profit & Loss 10200.67 9091.25

Repair & Maintenance Buildings 86.36 64.66 Plant&Machinery Sub-Stations 355.14 333.00 Transmission lines 290.53 147.10 Telecomequipments 35.96 37.25 Others 42.79 38.64 724.42 555.99

Note 39/Depreciation and amortization expense

Note 40/Other expenses





(` in Crore)

(` in Crore)

221

(` in Crore)

System and Market Operation Charges 10.58 8.22Power charges 259.35 242.21 Less: Recovery from contractors 3.03 1.13 256.32 241.08ExpensesofDieselGeneratingsets 4.95 5.04 Stores consumed 10.61 8.67Watercharges 9.77 2.70 RightofWaycharges-Telecom 8.20 7.57 PatrollingExpenses-Telecom 1.38 2.95 LastMileconnectivity-Telecom 9.01 9.83Training&RecruitmentExpenses 31.67 30.82Less:Fees for training and application 1.55 2.00 30.12 28.82Legalexpenses 20.20 19.40 Professional charges 24.71 22.62 Consultancyexpenses 2.23 1.96 Communicationexpenses 16.39 16.03 InlandTravellingExpenses 117.66 104.49 Foreign travel 11.09 11.11 128.75 115.60 Tenderexpenses 13.27 12.09 Less: Sale of tenders 1.56 1.89 11.71 10.20 Payments to Statutory Auditors Audit Fees 1.18 1.07 TaxAuditFees 0.33 0.26 In Other Capacity 1.15 1.21 Arrears 0.03 0.36 OutofpocketExpenses 1.00 0.99 3.69 3.89Advertisement and publicity 13.95 14.01 Printing and stationery 7.22 5.70 Books Periodicals and Journals 1.77 1.48EDP hire and other charges 17.84 10.70 Entertainmentexpenses 2.74 3.17 Brokerage&Commission 1.16 1.08Research&Developmentexpenses 12.67 1.33 CostAuditandPhysicalverificationFees 1.35 1.26 Rent 13.95 14.60 CERCpetition&Othercharges 74.16 62.31 Miscellaneousexpenses 99.10 94.05 HorticultureExpenses 28.90 27.11 SecurityExpenses 260.11 243.42 Hiring of Vehicle 155.48 143.00 Insurance 104.35 79.31 Ratesandtaxes 39.63 34.63

Note 40/Other expenses (Contd.)




222

License Fees to DOT 59.11 60.38Bandwidthchargesdarkfibreleasecharges(Telecom) 27.71 30.70 CorporateSocialResponsibility(CSR)Expenses* 195.52 157.99 TransitAccomodationExpenses 25.42 22.28Less : Income from Transit Accomodation 1.67 1.36 23.75 20.92ForeignExchangeRateVariation 225.47 162.08Provisions for Doubtful loans, advances, debts, claims etc. 396.19 16.39 Obsolescence in Stores 8.51 14.86 Shortages in Stores - 0.42 Others ** 4.00 - 408.70 31.67 3134.04 2326.13 Less:TransferredtoExpenditureduringConstruction(Net)-Note43 107.45 121.18 3026.59 2204.95 LossonDisposal/WriteoffofProperty,Plant&Equipment 26.84 10.75 Total 3053.43 2215.70

Further Note: * Includes an amount of `7.17 crore (Previous Year `6.80crore)transferredfromNoteNo37-‘EmployeeBenefitsExpense’ **ProvisionfordiminutioninthevalueofInvestmentinJVCompany(RINLPOWERGRIDTLTPrivateLimited)




(` in Crore)

Deferredassetsfordeferredtaxliability* (3472.89) 3121.19 Foreign Currency Fluctuation 232.27 195.92 EmployeeBenefitsExpense 19.67 11.31 (3220.95) 3328.42Taxonnetmovementinregulatorydeferralaccountbalances (694.08) 44.23 Total (2526.87) 3284.19


ItemsthatwillnotbereclassifiedtoProfitorLoss Gain/(Loss)onvaluationofInvestmentinEquity (14.15) (12.92)Provisions for actuarial valuation (0.26) 37.58

(14.41) 24.66 Less:TransferredtoExpenditureduringConstruction(Net)-Note43 2.34 10.94 (16.75) 13.72 IncomeTaxrelatingtoitemsthatwillnotbereclassifiedtoProfitorLoss (0.45) 5.69 Items that will not be reclassified to Profit or Loss (net of tax) (16.30) 8.03

Note 41/Net Movement in Regulatory Deferral Account Balances-Incomes/(expenses) (net of tax)

Note 42/Other Comprehensive Income





(` in Crore)

(` in Crore)

223

A. Employees Remuneration & Benefits Salarieswagesallowancesandbenefits 424.68 486.71Contribution to provident and other funds 53.81 29.97 Welfareexpenses 31.31 27.72 Total (A) 509.80 544.40 B. Other Expenses Repair and maintenance 7.36 5.60 Power charges 5.11 2.47 Less: Recovery from contractors 1.87 0.74 3.24 1.73 ExpensesonDieselGeneratingsets 0.29 0.45 Watercharges 0.34 -Training&RecruitmentExpenses 0.11 0.98Legalexpenses 1.86 1.33 Professional charges 3.58 5.40 Consultancyexpenses 0.31 0.15 Communicationexpenses 2.65 2.13 Travelling&Conv.exp.(IncludingForeignTravel) 28.54 27.03 Tenderexpenses 6.26 10.30 Less: Sale of tenders 1.44 1.64 4.82 8.66Payment to Auditors 0.13 0.04 Advertisement and Publicity 0.15 0.97 Printing and stationery 0.73 0.69 Books, Periodicals and Journals 0.04 0.01 EDP hire and other charges 0.18 0.22 Entertainmentexpenses 0.35 0.40 Brokerage and commission - 0.03 Rent 2.68 3.27 Miscellaneousexpenses 4.68 11.72 HorticultureExpenses 0.90 0.64 SecurityExpenses 16.67 19.28Hiring of Vehicles 23.18 23.54 Insurance 0.01 0.03 Ratesandtaxes 3.27 5.82Bandwidthcharges,darkfibreleasecharges(Telecom) 0.08 0.13 TransitAccomodationExpenses 1.30 0.93 Less:IncomefromTransitAccomodation - - 1.30 0.93 Total (B) 107.45 121.18 C. Depreciation/Amortisation 10.29 12.76 Total (C) 10.29 12.76

Note 43/ Expenditure during Construction (Net)



(` in Crore)


224

D. Finance Costs a)Interestandfinancechargesonfinancialliabilitiesatamortisedcost Government of India

Indian Banks and Financial Institutions 405.33 301.29 Foreign Banks and Financial Institutions 256.27 131.59 Secured/UnsecuredRedeemableBonds 364.17 882.92 Foreign Currency Bonds 2.70 5.17 Others 54.87 44.83

1083.34 1365.80b) Otherfinancecharges

Commitment charges 5.62 8.33 Guarantee fee 108.34 71.61 Others 45.97 26.91

159.93 106.85c) FERV adjustment to borrowing cost (124.89) 173.00 Total (D) 1118.38 1645.65 E. Less: Other Income Interest from

Indian banks - 11.82 Contractors 32.77 48.87

32.77 60.69 Miscellaneous income 57.14 44.97 Total (E) 89.91 105.66 F. Less: Other Comprehensive Income Other Comprehensive Income 2.34 10.94 Total (F) 2.34 10.94 Grand Total (A+B+C+D-E-F) 1653.67 2207.39

Note 43/ Expenditure during Construction (Net) (Contd.)



(` in Crore)

44. Cashequivalentofdeemedexportbenefitsavailedof 209.99croreinrespectofsupplieseffectedforEastSouthInterConnector-IITransmissionProject(ESI)andSasaramTransmissionProject(STP),werepaidtotheCustomsandCentralExciseAuthoritiesinaccordancewithdirectionfromMinistryofPower(GOI)during2002-03duetonon-availabilityofWorldBankloanfortheentiresuppliesinrespectofESIprojectandforthesuppliespriortoMarch2000inrespectofSTPprojectandthesamewascapitalisedinthebooksofaccounts.Thereafter,WorldBankhadfinancedboththeESIprojectandSTPprojectasoriginallyenvisagedandtheybecameeligiblefordeemedexportbenefits.Consequently,thecompanyhaslodgedclaimswiththeCustomsandExciseAuthorities.

InthisregardtheCumulativeamountreceivedandde-capitalizedupto31stMarch,2019is` 12.12 crore (Previous Year ` 12.12 crore). The company continued to show the balance of `197.87croreasat31stMarch,2019(PreviousYear`197.87crore)inthecapitalcostoftherespectiveassets/projectspendingreceiptofthesamefromCustomsandExciseAuthorities.

45. a) Balances of Trade Receivables and recoverable shown under Assets and Trade and Other Payables shown under Liabilities include balancessubjecttoconfirmation/reconciliationandconsequentialadjustmentsifany.Howeverreconciliationsarecarriedoutonongoingbasis.

b) Intheopinionofthemanagement,thevalueofanyoftheassetsotherthanProperty,PlantandEquipmentandnon-currentinvestmentson realization in the ordinary course of business will not be less than the value at which they are stated in the Balance Sheet.

46. a) Impact of application of Ind AS 115 ‘Revenue from Contracts with Customers’ EffectiveApril1,2018,thecompanyhasappliedIndAS115whichestablishesacomprehensiveframeworkfordeterminingwhether,

howmuchandwhenrevenueistoberecognised.IndAS115replacesIndAS18RevenueandIndAS11ConstructionContracts.The company has applied Ind AS 115 retrospectively only to contracts that are not completed as at the date of initial application, with thecumulativeeffectofinitialapplicationrecognisedasanadjustmenttotheopeningbalanceofGeneralReserveatApril1,2018.InaccordancewiththetransitionguidanceinIndAS115hasonlybeenappliedtocontractsthatareincompleteasatApril1,2018.

Thecompany’saccountingpoliciesforitsrevenuestreamsaredisclosedinNote2.19.Apartfromeffectofsignificantfinancingcomponentin telecomcontracts, theapplicationof IndAS115doesnothaveany significant impact on thefinancial positionand/or financialperformanceofthecompany.TheamountofadjustmentforeachlineitemoffinancialstatementaffectedbytheapplicationofIndAS115 is as given below.

225

Impactsonassets,liabilitiesandequityasatApril1,2018.(` in Crore)

Particulars As previously reported Ind AS 115 adjustments As restatedContract liabilities 1475.79 (104.37) 1371.42OtherEquity–GeneralReserve 49183.37 104.37 49287.74

ImpactsonStatementofProfitandLossfortheperiodendedMarch31,2019

DuetoImplementationofIndAS115,RevenuefromOperationincreasedby₹88.29Crore,FinanceCostincreasedby₹37.18Crore,OtherExpensesincreaseby₹7.06CroreandProvisionfortaxincreasedby₹9.50Crore.ProfitafterTaxincreasedby₹34.55croresduringtheyear.

b) Formilestonebasedcontracts(consultancycontracts),followingamountrelatestounsatisfiedperformanceobligations-(` in Crore)

Particulars Year ended March 31, 2019

Year ended March 31, 2018

Transaction price related to unsatisfied (or partially satisfied) performanceobligation

2110.24 2850.96

Theseperformanceobligationsareexpectedtobesatisfiedwithin 5 Years 4 Years

c) Thefollowingtabledisclosesthemovementinunbilledrevenueduringtheyearended31March,2019and31March,2018.(` in Crore)

Particulars Year ended March 31, 2019

Year ended March 31, 2018

Balance at the beginning 4087.40 2515.81Add: Revenue recognised during the period 5140.34 3646.35Less: Invoiced during the period 2660.39 2074.76Less:Impairment/reversalduringtheperiod 105.71 -Add:Translationgain/(Loss) - -Balance at the end 6461.64 4087.40

d) Thefollowingtabledisclosesthemovementincontractliabilityduringtheyearended31March2019and31March2018.(` in Crore)

Particulars Year ended March 31, 2019 Year ended March 31, 2018Balance at the beginning 1371.42 1502.10Add: Advance billing during the period 1021.17 975.43Less: revenue recognised during the period

a) From contract liability as at beginning of the periodb) From contract liability recognised during the period

497.26147.62

870.05236.13

Add:Translationgain/(Loss) 0.13 0.07Balance at the end 1747.84 1371.42

e) Theentitydetermines transactionpricebasedonexpectedvaluemethodconsidering itspast experiencesof refundsor significantreversalsinamountofrevenue.Inestimatingsignificantfinancingcomponent,managementconsidersthefinancingelementinbuiltinthetransactionpricebasedonimputedrateofreturn.ReconciliationofContractedPricevis-a-visrevenuerecognizedinprofitorlossstatementisasfollows-

(` in Crore)Particulars Year ended March 31, 2019 Year ended March 31, 2018Contracted price 33645.51 29479.06Add/(Less)-Discounts/rebatesprovidedtocustomer (209.11) (211.26)Add/(Less)-Performancebonus 185.84 327.41Add/(Less)-Adjustmentforsignificantfinancingcomponent 88.29 -Add/(Less)-Otheradjustments 408.59 169.38Revenuerecognizedinprofitorlossstatement 34119.12 29764.59


226

f) A provision of 390.36crorehasbeencreatedinthecurrentfinancialyearagainsttradereceivablesandunbilleddebtorsoutstandingason31.03.2018fromafewcustomersandrevenuefromtransmissionandsurchargethereonamountingto`317.68crorehasnotbeen recognised during the year due to uncertainty of collection of consideration in line with Ind AS 115 ‘Revenue from Contracts with Customers’.

47. The company has been entrusted with the responsibility of billing collection and disbursement (BCD) of the transmission charges on behalf of all the ISTS (Interstate transmission System) licensees through the mechanism of the POC (Point of Connection) charges introduced w.e.f.01stJuly,2011whichinvolvesbillingbasedonapproveddrawl/injectionofpowerinplaceofoldmechanismbasedonMegaWattallocationofpowerbyMinistryofPower.Bythismechanism,revenueofthecompanywillremainunaffected.

SomeofthebeneficiariesaggrievedbythePOCmechanismhavepreferredappealbeforevariousHighCourtsofIndia.Allsuchappealshave been transferred to Delhi High Court as per order of the Supreme Court on the appeal preferred by the company and company has alsorequestedfordirectingagitatingstatestopayfulltransmissionchargesaspernewmethodologypendingsettlementofthematter.HonourableDelhiHighCourthasdirectedalltheabovebeneficiariestoreleasepaymentsandaccordinglythebeneficiarieshavestartedmaking payments as per the said directions.

48. (i) FERV Loss of ` 1441.50 crore (Previous Year Loss of ` 146.36 crore ) has been adjusted in the respective carrying amount of Property,PlantandEquipment/CapitalworkinProgress(CWIP)/LeaseReceivables

(ii) FERV Loss of ` 225.31 crore (Previous Year Loss of `161.76crore)hasbeenrecognisedintheStatementofProfitandLoss.49. Borrowing cost capitalised during the year is 1118.38crore(previousyear 1645.65 crore) in the respective carrying amount of Property,

PlantandEquipment/CapitalworkinProgress(CWIP)asperIndAS23‘BorrowingCosts’.50. Basedoninformationavailablewiththecompany,therearefewsuppliers/serviceproviderswhoareregisteredasmicro,smallormedium

enterprise under The Micro, Small and Medium Enterprises Development Act,2006 (MSMED Act, 2006). Information in respect of micro andsmallenterprisesasrequiredbyCompaniesAct2013andMSMEDAct,2006isgivenasunder:

(` in Crore)Sr. No.

Particulars Trade Payables Others31st March,

201931st March,

201831st March,

201931st March,

20181. Principal amount and interest due thereon remaining

unpaid to any supplier as at end of each accounting year:PrincipalInterest

33.270.05

2.33Nil

22.30Nil

12.88Nil

2 The amount of Interest paid by the buyer in terms of section 16 of the MSMED Act, 2006 along with the amount of the payment made to the supplier beyond the appointed day during each accounting year

Nil Nil Nil Nil

3 The amount of interest due and payable for the period of delay in making payment (which have been paid but beyond the appointed day during the year) but without addingtheinterestspecifiedunderMSMEDAct,2006

0.01 Nil Nil Nil

4 The amount of interest accrued and remaining unpaid at the end of each accounting year

0.04 Nil Nil Nil

5 The amount of further interest remaining due and payable even in the succeeding years, until such date when the interest dues as above are actually paid to the small enterprise for the purpose of disallowance as a deductible expenditureundersection23oftheMSMEDAct2006

Nil Nil Nil Nil

51. Disclosure as per IND AS 17 ‘Leases’

a) Finance Leases:-

TheCompanyhasclassifiedandaccountedforthearrangementsforstatesectorULDCassetsandbilateralassetsasfinanceleasesbasedontheprinciplesenunciatedinAppendixCofIndAS17,‘Leases’.AgreementsforStateSectorULDCareforaperiodof15yearsandBilateralLineAssetswiththebeneficiaryarefortheperiodasspecifiedinCERCRegulations.

OtherNon-CurrentFinancialAssetsandOtherCurrentFinancialAssetsincludeleasereceivablesrepresentingthepresentvalueoffutureleaserentalsreceivableonthefinanceleasetransactionsenteredintobythecompanywiththeconstituentsinrespectofStateSectorULDCandBilateralLineAssets.DisclosurerequirementsofIndAS17‘Leases’notifiedundertheCompaniesAct,2013are given as under:

(i) Thereconciliationoftheleasereceivables(asperprojectcostdatasubmittedto/approvedbytheCERCfortarifffixation)is as under:

227

(` in Crore)

Particulars 31st March, 2019

31st March, 2018

Grossvalueofassetsacquiredandleasedatthebeginningoftheyear 1627.20 1581.71

Add Adjustmentforgrossvalueofassetsacquiredpriortothebeginningoftheyear (0.52) (23.84)

Revised Gross value of the assets at the beginning of the year 1626.68 1557.87

Less Capital recovery provided up to the beginning of the year 1050.19 970.59

Add Capitalrecoveryforassetsacquiredpriortothebeginningoftheyear 30.86 19.50

Revised Capital recovery provided up to the beginning of the year 1081.05 990.09

Capital recovery outstanding as on 31stMarchoflastfinancialyear 545.64 567.78

Add Grossvalueofassetsacquiredandleasedduringcurrentfinancialyear 43.73 69.32

Less Capital recovery for the current year 44.88 60.08

Lease receivables at end of the year 544.49 577.02

(ii) Detailsofgrossinvestmentinlease,un-earnedfinanceincomeandpresentvalueofminimumleasepaymentsreceivablesattheendoffinancialyearisgivenasunder:

(` in Crore)

Particulars 31st March, 2019 31st March, 2018

Gross investment in Lease 1597.41 1742.24

Un-earnedFinanceIncome 1052.92 1165.22

Present value of Minimum Lease Payment (MLP) 544.49 577.02

(iii) The value of contractual maturity of such leases is as under:(` in Crore)

Particulars Gross Investment in Lease Present Value of MLPs





Not later than one year 132.39 130.31 47.50 46.45

Laterthanoneyearandnotlaterthanfiveyears 502.22 492.86 173.54 170.38

Laterthanfiveyears 962.80 1119.07 323.45 360.19

Total 1597.41 1742.24 544.49 577.02

(iv) Therearedifferencesinbalanceleasereceivableasatyearendasperaccountsandtariffrecordsonaccountof:

(a) Undischargedliabilitiesamountingto`74.43 crore (Previous Year `52.19 crore). Such cost become part of project cost only on discharge of such liabilities.

(b) UnamortizedFERVonloansincludedinleasereceivableamountingto`17.23 crore (Previous Year `17.15 crore). Such FERV areallowedtoberecoveredaspartoftariffonactualpaymentbasis.

Operating leases:-

Thecompany’ssignificantleasingarrangementsareinrespectofoperatingleasesofpremisesforresidentialuseofemployees,officesandguesthouses/transitcampswhichareusuallyrenewableonmutuallyagreedtermsbutarenotnon-cancellable.Employeebenefitsexpenseinclude 12.91 crore (previous year 26.12 crore) towards lease payments, net of recoveries, in respect of premises for residential use of employees. Lease payments of `13.95 crore (previous year `14.60crore)inrespectofpremisesforofficesandguesthouse/transitcampsareshownundertheheadRentinNote40-Otherexpenses.

51. Disclosure as per IND AS 17 ‘Leases’ (Contd.)


228

52. Foreign Currency Exposure Not hedged by a derivative instrument or otherwise

Particulars Amount in Foreign Currency (in Crore) Amount (` in Crore)31st March, 2019 31st March, 2018 31st March, 2019 31st March, 2018

Borrowings USD 482.67 437.34 33676.03 28632.86EURO 51.73 49.44 4078.18 4037.84SEK 249.45 280.65 1883.31 2245.21JPY 2345.42 163.59 1487.70 101.95

Interest accrued but not due thereon including Agency Fee, Commitment Fee &otherCharges

USD 3.68 2.36 256.90 154.69EURO 0.22 0.20 17.22 15.94SEK 1.09 1.12 8.22 8.97JPY 3.94 0.41 2.50 0.26

Trade Payables/deposits and retentionmoney

USD 7.16 11.59 499.76 758.80EURO 1.05 1.53 82.74 124.96SEK - 17.81 - 142.48CHF 0.03 0.04 2.36 2.78GBP 1.83 1.94 167.90 180.67JPY - 1.04 - 0.65

Trade receivables and Bank balances USD 0.17 0.04 11.86 2.62NPR 1.65 - 1.03 -EURO - - - -FJI 0.002 - 0.07 -

Amount of contracts remaining to be executed

USD 13.61 14.19 949.43 929.02EURO 7.56 27.82 596.03 2272.06SEK 31.91 162.92 240.92 1303.36CHF - - - -GBP 2.68 8.95 245.89 833.51JPY 216.16 744.28 137.11 463.84

53. Disclosures relating to Regulatory Deferral Account Balances i) Nature of rate regulated activities Thecompanyismainlyengagedinthebusinessoftransmissionofpower.Thetarifffortransmissionofpowerisdeterminedbythe

CERCthroughtariffregulations.ThetariffisbasedoncapitalcostadmittedbyCERCandprovidesfortransmissionchargesrecoveryofannualfixedcostconsistingofReturnonequity,Interestonloancapital,Depreciation,interestonworkingcapitalandOperation&Maintenanceexpenses.

ii) Recognition and measurement FERVarisingduringtheconstructionperiodforsettlement/translationofmonetaryitems(otherthannon-currentloans)denominated

in foreign currency to the extent recoverable/payable to the beneficiaries as capital cost as per CERC Tariff Regulations areaccounted as Regulatory Deferral Account Balances. In respect of long term foreign currency loan drawn on or after 1st April, 2016,exchangedifferencetotheextentrecoverableasperCERCTariffRegulationsarerecognisedasRegulatoryDeferralAccountBalances.Thecompanyexpectstorecovertheseamountsthroughdepreciationcomponentofthetariffoverthelifeoftheassetorasexchangeratevariationonrepaymentoftheloan.

The tariffnorms for theblockperiod2014-2019notifiedby theCentralElectricityRegulatoryCommission(CERC) provide forgrossingupofthereturnonequitybasedoneffectivetaxrateforthefinancialyearbasedontheactualtaxpaidduringtheyearonthetransmissionincome.Accordingly,deferredtaxprovidedduringtheyearended31stMarch,2019onthetransmissionincomeisaccountedas‘DeferredAssetsagainstDeferredTaxLiability’.DeferredAssetsagainstDeferredTaxLiabilityfortheyearwillbereversedinfutureyears(includingtaxholidayperiod)whentherelateddeferredtaxliabilityformsapartofcurrenttax.

Matterregardingpresentationof‘DeferredAssetsagainstDeferredTaxLiability’inBalanceSheetandStatementofProfitandlosswasreferredtoExpertAdvisoryCommittee(EAC)ofInstituteofCharteredAccountantofIndia,andasperopinionreceivedduringtheyear‘DeferredAssetsagainstDeferredTaxLiability’isclassifiedas‘RegulatoryDeferralAccountBalance”.

The company has recognized an amount of ` 19.67 crore (Previous Year ` 11.31 crore) on account of pay revision as recoverable fromthebeneficiariesinsubsequentperiodsunderRegulatoryDeferralAccountBalances.ThesebalancesaretobeadjustedintheyearinwhichtheybecomerecoverablefrombeneficiariesasperCERC.Amountofregulatorydeferralaccountbalancesisonundiscounted basis.

229

iii) Riskassociatedwithfuturerecovery/reversalofregulatorydeferralaccountbalances (a) regulatory risk on account of changes in regulations. (b) other risks including currency or other market risks, if any.

Anychange in theTariff regulationsbeyond thecurrent tariffperiodendingon31stMarch,2019mayhavean impacton therecovery of Regulatory Deferral Account Balances.

TheRegulatoryDeferralAccountBalances(assets)recognizedinthebookstoberecoveredfromthebeneficiariesinfutureperiodsare as follows:

(` in Crore)Particulars 31st March, 2019 31st March, 2018A. Opening Balance * 11304.22 7975.80B.Addition/(deduction)duringtheyear (3220.95) 3328.42C.Amountcollected/refundedduringtheyear NIL NILD.RegulatedIncome/(Expense)recognizedinthestatementofProfitandLoss (3220.95) 3328.42E. Closing Balance 8083.27 11304.22F.TaxonRegulatedIncome/(Expense)recognizedinthestatementofProfitandLoss (694.08) 44.23

* Refer note 54 for change in Opening balance for regulatory deferral account balances.

54. Reclassification of Prior Year Presentation AsperopinionofEACreceivedduringtheyear‘DeferredAssetsagainstDeferredTaxLiability’isbeingclassifiedas‘RegulatoryDeferral

AccountBalance’whichwasearliershownasdeductionfrom‘DeferredTaxLiability’.Prioryearamountshavealsobeenreclassifiedforconsistency with the current year presentation in consonance with principles of Ind AS 1 ‘ Presentation of Financial Statements’. In view ofabovereclassificationinBalanceSheet,‘NetDeferredTaxLiability’hasincreasedby`10989.39croresasat31stMarch2018and` 7868.20croresasat1stApril2017respectively.‘RegulatoryDeferralAccountBalances’hasalsoincreasedby`10989.39croresasat31stMarch2018and`7868.20croresasat1stApril2017respectively.InStatementofProfitandLossfortheyearended31stMarch2018‘DeferredTaxExpense’hasincreasedby` 3121.19 crores with a corresponding increase in ‘Net Movement in Regulatory Deferral Account Balances’ by `3121.19crores.TaxonNetMovementinRegulatoryDeferralAccountBalancesandOtherComprehensiveIncomehasalsobeenreclassifiedfromCurrentTax.DuetoabovereclassificationreportedProfitafterTax(PAT)hasincreaseform`8238.96croreto` 8244.65croreandOtherComprehensiveIncomedecreasedfrom` 13.72 crore to `8.03crore.HoweverthesereclassificationshavenoeffectonthereportedTotalComprehensiveIncomeandEquityofPreviousyears.AreconciliationofEquity,ProfitaftertaxandOtherComprehensive Income is given below:

Reconciliationofequityasat31stMarch,2018and1stApril,2017(` in Crore)

Particulars 31st March, 2018 31st March, 2017Totalequity(shareholder’sfunds)asperpreviousyearFinancialStatements 54414.96 49807.25Adjustments Nil NilTotalequityasperrestatedFinancialStatement 54414.96 49807.25

ReconciliationofProfitaftertaxfortheyearended31stMarch,2018(` in Crore)

Particulars 31st March, 2018ProfitafterTaxasperpreviousyearFinancialStatements 8238.96AdjustmentsLess:IncreaseinDeferredTaxduetoreclassification 3121.19Add: Increase in Net Movement in Regulatory Deferral Account Balances 3121.19Less:TaxonNetMovementinRegulatoryDeferralAccountBalancestransferredfromCurrentTax 44.23Add:TransferredtoTaxonNetMovementinRegulatoryDeferralAccountBalancesfromCurrentTax 44.23Add:TransferredtoTaxonOtherComprehensiveIncomefromCurrentTax 5.69Total adjustments 5.69ProfitafterTaxasperrestatedFinancialStatement 8244.65

ReconciliationofOtherComprehensiveIncomefortheyearended31stMarch,2018(` in Crore)

Particulars 31st March, 2018Other Comprehensive Income as per previous year Financial Statements 13.72AdjustmentsLess:TransferredtoTaxonOtherComprehensiveIncomefromCurrentTax 5.69Total adjustments (5.69)Other Comprehensive Income as per restated Financial Statement 8.03

53. Disclosures relating to Regulatory Deferral Account Balances (Contd.)


230

55. Disclosure as required by Regulation 34 (3) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015:

A. Loans and Advances in nature of Loans: 1. To Subsidiary Companies and Joint Ventures

(` in Crore)Particulars Outstanding balance as at Maximum amount

outstanding during31st M arch,

201931st March,

201831st March,

201931st March,

2018SubsidiaryPowergid NM Transmission Limited 1085.90 924.30 1085.90 924.30Powergid Vizag Transmission Limited 614.50 708.43 708.43 748.83PowergridUnchaharTransmissionLimited 46.32 55.92 55.92 55.92Powergrid Kala Amb Transmission Limited 225.28 246.84 248.36 246.84Powergrid Jabalpur Transmission Limited 1289.58 967.00 1289.58 967.00PowergridWaroraTransmissionLimited 1682.00 1657.87 1754.55 1657.87Powergrid Parli Transmission Limited 1475.50 1476.58 1531.52 1476.58Powergrid Southern Interconnector Transmission System Limited

2707.56 1823.62 2707.56 1823.62

Powergrid Mednipur Jeerat Transmission Limited 1269.78 252.57 1269.78 252.57Powergrid Mithilanchal Transmsission Limited 203.53 - 203.53 -Powergrid Varanasi Transmission System Limited 202.19 - 202.19 -Powergrid Jawaharpur Firozabad Transmission Limited 4.60 N.A 4.60 N.AJoint VenturesNational High Power Test Laboratory Private Limited 6.00 6.00 6.00 6.00Teestavalley Power Transmission Limited 77.12 - 77.12 -Total 10889.86 8119.13 11145.04 8159.53

2. Tofirms/companiesinwhichdirectorsareinterested : NIL B. Investment by the loanee (as detailed above) in the shares of Power Grid Corporation of India Ltd: NIL

56. Corporate Social Responsibility Expenses (CSR) As per Section 135 of the Companies Act, 2013 along with Companies (Corporate Social Responsibility Policy) Rules, 2014 read with DPE

guidelinesnoF.No.15(13)/2013-DPE(GM),theCompanyisrequiredtospend,ineveryfinancialyear,atleasttwopercentoftheaveragenetprofitsoftheCompanymadeduringthethreeimmediatelyprecedingfinancialyearsinaccordancewithitsCSRPolicy.ThedetailsofCSRexpensesfortheyearareasunder:-

(` in Crore)Particulars For the Year ended

31st March, 2019For the Year ended

31st March, 2018A.Amountrequiredtobespentduringtheyear 186.72 157.94B.AmountspentonCSR– (i)Constructionoracquisitionofanyasset

44.26 30.84

(ii) on Purpose other than (i) above 151.26 127.15C.Shortfall/(Excess)amountappropriatedfromCSRReserve (8.79) (0.05)D.Break-upoftheamountspentonCSR(Note40)1.EducationandSkillDevelopmentexpenses 14.50 15.122.EcologyandEnvironmentExpenses 16.71 8.103.HealthandSanitationexpenses 102.79 70.754.Sports,ArtandCultureexpenses 2.55 16.375. Protection of national heritage, art and culture including restoration of building

and sites of historical importance 8.50 9.43

6. Other CSR activities 43.30 31.417.Salaries,wagesandotherbenefitsofCompany’sownCSRpersonnellimitedto

5%oftotalamountrequiredtobespentonCSR7.17 6.80

TOTAL 195.52 157.99Amount spent on CSR

E. Total amount of `195.52 crore (Previous year `157.99 crore), `188.28crore(Previousyear ` 154.53 crore) has been spent in cash and the balance amount of ` 7.24 crore (Previous year ` 3.46 crore) is yet to be paid in cash as at 31st March, 2019

231

57. Fair Value Measurements (` in Crore)

Financial Instruments by category31st March, 2019 31st March, 2018

FVOCI Amortised cost FVOCI Amortised costFinancial Assets InvestmentsEquityInstruments-PTCIndiaLimited(12000006 shares of ` 10 each)*

88.14 - 104.88

EnergyEfficiencyServicesLimited (37704350 shares of ` 10 each)**

41.70 - 23.90 -

Trade Receivables - 4628.74 - 3638.96Loans - 11125.86 - 8300.00Cash&cashEquivalents - 3643.14 - 1516.21Bank Balance - 852.37 - 840.07Other Financial AssetsCurrent - 6853.20 - 4869.92Non-Current - 4384.90 - 680.50Total Financial assets 129.84 31488.21 128.78 19845.66Financial LiabilitiesBorrowings - 149477.78 - 134660.62Trade Payables - 364.11 - 240.34Other Financial LiabilitiesCurrent - 8747.91 - 10265.31Non-Current - 3897.44 - 459.60 Total financial liabilities - 162487.24 - 145625.87

*InvestmentinPTCLtd.beingalistedequityinstrumentisaLevel1fairvaluehierarchy. **InvestmentinEnergyEfficiencyServicesLimitedisaLevel2fairvaluehierarchy. Thissectionexplainsthejudgementsandestimatesmadeindeterminingthefairvaluesofthefinancialinstrumentsthataremeasuredat

amortisedcostandforwhichfairvaluesaredisclosedinthefinancialstatements.Toprovideanindicationaboutthereliabilityoftheinputsusedindeterminingfairvalue,thecompanyhasclassifieditsfinancialinstrumentsintothethreelevelsprescribedundertheaccountingstandard.Anexplanationofeachlevelfollowsunderneaththetable.

(` in Crore)

Assets and liabilities which are measured at amortised cost for which fair values are disclosed

Level 1 Level 2 Level 3 Total

At 31st March, 2019Financial AssetsLoansLoans to Subsidiaries - 10662.48 - 10662.48Loans to Joint Ventures - 83.48 - 83.48Loans to employees - 224.22 - 224.22Total Financial Assets - 10970.18 - 10970.18Financial LiabilitiesBorrowings - 147699.95 - 147699.95

Deposits/retentionmoneyfromcontractorsandothers - 3918.78 - 3918.78Total financial liabilities - 151618.73 - 151618.73


232

(` in Crore)Assets and liabilities which are measured at amortised cost fo r which fair values are disclosed


At 31st March, 2018Financial AssetsLoansLoans to Subsidiaries - 8074.33 - 8074.33Loans to Joint Ventures - 6.00 - 6.00 Loans to employees - 183.76 - 183.76Total Financial Assets - 8264.09 - 8264.09

Financial LiabilitiesBorrowings - 139882.65 - 139882.65Deposits/retentionmoneyfromcontractorsandothers - 419.04 - 419.04Total financial liabilities - 140301.69 - 140301.69

Level 1:Level1hierarchyincludesfinancialinstrumentsmeasuredusingquotedprices.Thisincludeslistedequitybondswhicharetradedinthestockexchanges,valuedusingtheclosingpriceasatthereportingperiod.

Level 2:Thefairvalueoffinancialinstrumentsthatarenottradedinanactivemarket(forexample,tradedbonds)isdeterminedusingvaluationtechniqueswhichmaximisetheuseofobservablemarketdataandrelyaslittleaspossibleonentity-specificestimates.Ifallsignificantinputsrequiredtofairvalueaninstrumentareobservable,theinstrumentisincludedinlevel2.

Level 3:Ifoneormoreofthesignificantinputsisnotbasedonobservablemarketdata,theinstrumentisincludedinlevel3.Thisisthecaseforunlistedequitysecurities,contingentconsiderationandindemnificationassetsincludedinlevel3.

There are no transfers between levels 1 and 2 during the year. The company’s policy is to recognise transfers into and transfers out of fair value hierarchy levels as at the end of the reporting period.

Valuation technique used to determine fair value Specificvaluationtechniquesusedtovaluefinancialinstrumentsinclude: • theuseofquotedmarketpricesordealerquotesforsimilarinstruments • thefairvalueofEnergyEfficiencyServicesLimitedhasbeendeterminedbymakingqualitativeadjustmenttotradingmultiplessuch

asP/E,EV/EBITDAofcomparablelistedprices.ThesamehasbeenincludedinLevel2fairvaluehierarchy. • thefairvalueoftheremainingfinancialinstrumentsisdeterminedusingdiscountedcashflowanalysis. Alloftheresultingfairvalueestimatesareincludedinlevel2apartfromequityinstrumentsofPTCIndiaLimitedwhichisincludedinLevel

1 fair value hierarchy. Fairvalueoffinancialinstrumentshasbeendeterminedbyanindependentvaluer. FairValueoffinancialassetsandliabilitiesmeasuredatamortisedcost

(` in Crore)Particulars 31st March, 2019 31st March, 2018

Carrying Amount

Fair value Carrying Amount

Fair value

Financial AssetsLoansLoans to Subsidiaries 10806.74 10662.48 8113.13 8074.33Loan to Joint Venture 83.12 83.48 6.00 6.00Loans to employees 235.99 224.22 180.87 183.76

Total Financial Assets 11125.85 10970.18 8300.00 8264.09Financial LiabilitiesBorrowings 149477.78 147699.95 134660.62 139882.65Deposits/retentionmoneyfromcontractorsandothers 3897.44 3918.78 459.60 419.04Total financial liabilities 153375.22 151618.73 135120.22 140301.69

Thecarryingamountsoftradereceivables,tradepayables,cashandcashequivalentsandothercurrentfinancialliabilitiesareconsideredtobethesameastheirfairvalues,duetotheirshort-termnature.

Forfinancialassetsthataremeasuredatfairvalue,thecarryingamountsareequaltothefairvalues.

57. Fair Value Measurements (Contd.)

233

58. Related party Transactions (a) Subsidiaries

Name of entity Place of business/country of incorporation

Proportion of Ownership Interest31st March,

2019 31st March,

2018 Powergrid Vizag Transmission Limited India 100% 100%Powergrid NM Transmission Limited India 100% 100%PowergridUnchaharTransmissionLimited India 100% 100%Powergrid Kala Amb Transmission Limited India 100% 100%Powergrid Jabalpur Transmission Limited India 100% 100%

PowergridWaroraTransmissionLimited India 100% 100%Powergrid Parli Transmission Limited India 100% 100%Powergrid Southern Interconnector Transmission System Limited

India 100% 100%

Powergrid Vemagiri Transmission Limited India 100% 100%Powergrid Medinipur Jeerat Transmission Limited India 100% 100%Powergrid Mithilanchal Transmission Limited (erstwhile ERSS XXI Transmission Limited)

India 100% 100%

Powergrid Varanasi Transmission System Limited (erstwhile WR-NRPowerTransmissionLimited)

India 100% 100%

Powergrid Jawaharpur Firozabad Transmission Limited Limited (erstwhileJawaharpurFirozabadTransmissionLimited)#

India 100% Not Applicable

#100% equity in Powergrid Jawaharpur Firozabad Transmission Limited acquired from REC Transmission Projects Limited on 21stDecember,2018.

(b) Joint Ventures

Name of entity Place of business/country of incorporation

Proportion of Ownership Interest31st March,

2019 31st March,

2018 Powerlinks Transmission Limited India 49% 49%Torrent Power Grid Limited India 26% 26%Jaypee Powergrid Limited India 26% 26%

Parbati Koldam Transmission Company Limited India 26% 26%TeestavalleyPowerTransmissionLimited## India 28.23% 26%

North East Transmission Company Limited India 26% 26%National High Power Test Laboratory Private Limited India 20% 20%Bihar Grid Company Limited India 50% 50%KalingaBidyutPrasaranNigamPrivateLimited### India 50% 50%Cross Border Power Transmission Company Limited India 26% 26%RINLPowergridTLTPrivateLimited#### India 50% 50%Power Transmission Company Nepal Ltd Nepal 26% 26%

##POWERGRID&TeestaUrjaLtdare theJointventurepartners inTeestavalleyPowerTransmissionLimited&holds26%&74%equity,respectivelyasperShareholdingagreement.OncallofadditionalequitybyTeestavalleyPowerTransmissionlimited,POWERGRIDcontributed their share amounting 11.28crorewhiletheotherJVpartnerhasnotyetcontributedtheirshareofmoneyason31.03.2019.Consequently,theholdingofPOWERGRIDincreasedto28.23%ason31.03.2019against26%providedinshareholdingagreement.

###POWERGRID’sBoardofDirectorsinitsmeetingheldon16thaugust2017accordedapprovalforinitiatingprocedureforwindingup/removalofthenameofKalingaBidyutPrasaranNigamPrivateLtdunderfasttrackExitmodeofRegistrarofCompanies(ROC).


234

####POWERGRID’sBoardofDirectors in itsmeetingheldon1stMay2018accordedinprincipleapprovaltocloseRINLPowergridTLT Private Limited and seek consent of other JV Partner Rashtriya Ispat Nigam Limited. Accordingly Provision for diminution in value of investment has been made.

(c) Key Managerial Personnel Whole Time Directors

Name Designation

Shri I.S. Jha ChairmanandManagingDirector(CMD)ceasedtobeChairman&ManagingDirectorw.e.f 21.01.2019

Shri Ravi P. Singh Director (Personnel) & Additional Charge of Chairman &Managing Director w.e.f21.01.2019 to 20.04.2019

Shri K. Sreekant Director (Finance) Ms. Seema Gupta Director (Operations)

Shri. Prabhakar Singh Director(Projects)retiredon30.06.2018Shri Rajeev Kumar Chauhan Director(Projects)w.e.f23.08.2018

Independent DirectorsName Designation

Shri Jagdish Ishwar Bhai Patel Independent DirectorShri Tse Ten Dorji Independent DirectorShri Manoj Kumar Mittal Independent Director

Shri Sunil Kumar Sharma IndependentDirectorw.e.f23.07.2018Smt. A.R. Mahalakshmi IndependentDirectorw.e.f26.07.2018

Government Nominee DirectorsName Designation

Ms. Bharati Government Nominee Director ceased to be Director w.e.f 13.02.2019Shri Vivek Kumar Dewangan GovernmentNomineeDirectorw.e.f26.04.2018Shri Ghanshyam Prasad Government Nominee Director w.e.f 01.03.2019Smt. Divya Tandon Company Secretary

(d) List of Other Related PartiesName of Entity Place of business/country

of incorporationNature of Relationship

Powergrid Employees P.F. Trust India Post-employmentbenefitplanofPowergridPowergrid Self Contributory Superannuation Benefit(Pension)FundTrust

India Post-employmentbenefitplanofPowergrid

Powergrid Employees Gratuity Fund Trust India Post-employmentbenefitplanofPowergridPowergird Employees Post-Retirement MedicalBenefitTrust*

India PostRetirementBenefitplanofPowergrid

*Trustregisteredon1stMay2018.

(e) Government Related Entities The company is controlled by the Government of India (GOI), being a Central Public Sector Enterprise (CPSE) under the Ministry of Power,

withGOIholding55.37%ofequitysharescapitalissuedandpaidup(previousyear56.91%). TheCompanyhasbusiness transactionswithotherentities controlledby theGOI forprocurementof capitalequipment, sparesand

services.Transactionswiththeseentitiesarecarriedoutatmarkettermsonarms-lengthbasisthroughatransparentpricediscoveryprocessagainstopentenders,exceptinafewcasesofprocurementofspares/servicesfromOriginalEquipmentManufacturer(OEM)forproprietaryitems/oronsingletenderbasisduetourgency,compatibilityorotherreasons.Suchsingletenderprocurementsarealsodonethroughaprocessofnegotiationwithpricesbenchmarkedagainstavailablepricedataofsame/similaritems.

Theabovetransactionsareinthecourseofnormalday-to-daybusinessoperationsandarenotconsideredtobesignificantkeepinginview the size, either individually or collectively.

58. Related party Transactions (Contd.)

235

(f) Outstanding balances arising from sales/purchases of goods and services

The following balances are outstanding at the end of the reporting period in relation to transactions with related parties:(` in Crore)

Particulars 31st March, 2019 31st March, 2018Advances /Amount Payables JointVentures&SubsidiaryCross Border Power Transmission Company Limited 10.14 11.12Teestavalley Power Transmission Limited 35.32 30.92North East Transmission Company Limited 7.96 7.86Powerlinks Transmission Limited 2.72 2.01PowergridWaroraTransmissionLimited - 0.14Bihar Grid Company Limited 1.52 -Total payables to related parties 57.66 52.05Amount Receivables Subsidiaries Powergrid Vemagiri Transmission Limited ( fully provided refer Note No 11)

19.40 19.39

Powergrid NM Transmission Limited 67.38 81.21Powergrid Vizag Transmission Limited - 0.16PowergridUnchaharTransmissionLimited 0.09 -Powergrid Kala Amb Transmission Limited - 1.08Powergrid Jabalpur Transmission Limited 4.43 18.27PowergridWaroraTransmissionLimited 3.18 9.32Powergrid Parli Transmission Limited 2.62 14.61Powergrid Southern Interconnector Transmission System Ltd. 9.21 35.73Powergrid Medinipur Jeerat Transmission Limited. 30.48 3.47Powergrid Mithilanchal Transmission Limited 3.22 25.02Powergrid Varanasi Transmission System Limited 6.25 15.21Powergrid Jawaharpur Firozabad Transmission Limited 1.58 -Joint VenturesParbati Koldam Transmission Company Limited 0.38 0.38National High Power Test Laboratory Private Limited 34.02 10.99Bihar Grid Company Limited - 7.50Power Transmission Company Nepal Limited 3.10 1.43Jaypee Powergrid Limited 0.02 0.02Torrent Powergrid Limited 0.01 0.41Total 185.37 244.20Loans to Subsidiaries Powergrid NM Transmission Limited 1085.90 924.30Powergrid Vizag Transmission Limited 614.50 708.43PowergridUnchaharTransmissionLimited 46.32 55.92Powergrid Kala Amb Transmission Limited 225.28 246.84Powergrid Jabalpur Transmission Limited 1289.58 967.00PowergridWaroraTransmissionLimited 1682.00 1657.87Powergrid Parli Transmission Limited 1475.50 1476.58Powergrid Southern Interconnector Transmission System Ltd. 2707.56 1823.62Powergrid Medinipur Jeerat Transmission Limited 1269.78 252.57Powergrid Mithilanchal Transmission Limited 203.53 -Powergrid Varanasi Transmission System Limited 202.19 -Powergrid Jawaharpur Firozabad Transmission Limited 4.60 -Total 10806.74 8113.13



236

Particulars 31st March, 2019 31st March, 2018Loans to Joint VenturesNational High Power Test Laboratory Private Limited 6.00 6.00Teestavalley Power Transmission Limited 77.12 -Total 83.12 6.00Interest Accrued on loan to SubsidiariesPowergrid NM Transmission Limited 38.63 37.78Powergrid Kala Amb Transmission Limited - 0.10Powergrid Jabalpur Transmission Limited 15.26 18.80PowergridWaroraTransmissionLimited - 41.00Powergrid Parli Transmission Limited - 31.65Powergrid Southern Interconnector Transmission System Ltd. 43.77 35.22Powergrid Medinipur Jeerat Transmission Limited 8.24 3.61Powergrid Mithilanchal Transmission Limited 0.30 -Powergrid Varanasi Transmission System Limited 0.70 -Total 106.90 168.16Interest Accrued on loan to Joint VenturesNational High Power Test Laboratory Private Limited - 0.01Teestavalley Power Transmission Limited 1.62 -Total 1.62 0.01Loans to Key Managerial Personnel 0.18 0.11

(` in Crore)Other Related Parties 31st March, 2019 31st March, 2018 Outstanding balances with Employees Benefit TrustPowergrid Employees Gratuity Fund Trust Nil 109.59Total Nil 109.59

(g) Transactions with related parties The following transactions occurred with related parties:

(` in Crore)Particulars For the year ended

31st March, 2019For the year ended 31st

March, 2018Services provided by the CompanyConsultancy IncomeJoint VenturesNational High Power Test Laboratory Private Limited 0.54 -Jaypee Powergrid Limited 1.12 1.01Cross Border Power Transmission Company Limited 2.05 1.60Bihar Grid Company Limited 16.26 13.84Parbati Koldam Transmission Company Limited 0.01 0.05Teestavalley Power Transmission Limited 5.80 0.17North East Transmission Company Limited 5.22 6.53Torrent Powergrid Ltd 1.37 2.85Power Transmission Company Nepal Limited 1.66 -Total 34.03 26.05Consultancy IncomeSubsidiariesPowergridUnchaharTransmissionLimited 0.34 0.67Powergrid Kala Amb Transmission Limited 5.83 4.19Powergrid Jabalpur Transmission Limited 18.33 32.18PowergridWaroraTransmissionLimited 13.77 46.62

58. Related party Transactions (Contd.)(` in Crore)

237



Powergrid Parli Transmission Limited 14.45 40.91Powergrid Southern Interconnector Transmission System Ltd. 36.65 85.67Powergrid NM Transmission Limited 7.39 7.77Powergrid Vizag Transmission Limited 3.92 4.93Powergrid Mithilanchal Transmission Limited 7.78 6.06Powergrid Medinipur Jeerat Transmission Limited 51.33 21.51Powergrid Varanasi Transmission System Limited 11.17 -Powergrid Jawaharpur Firozabad Transmission Limited 1.45 -Total 172.41 250.51Interest on LoanSubsidiariesPowergrid NM Transmission Limited 80.32 71.48Powergrid Vizag Transmission Limited 56.37 61.55PowergridUnchaharTransmissionLimited 4.29 4.47Powergrid Kala Amb Transmission Limited 18.47 17.46Powergrid Jabalpur Transmission Limited 95.96 37.93PowergridWaroraTransmissionLimited 131.71 99.11Powergrid Parli Transmission Limited 117.12 69.20Powergrid Southern Interconnector Transmission System Ltd. 196.60 72.56Powergrid Medinipur Jeerat Transmission Limited 47.06 4.97Powergrid Mithilanchal Transmission Limited 7.88 -Powergrid Varanasi Transmission System Limited 4.14 -Powergrid Jawaharpur Firozabad Transmission Limited 0.01 -Joint VenturesNational High Power Test Laboratory Private Limited 0.60 0.01Teestavalley Power Transmission Limited 1.80 -Total 762.33 438.74Dividend receivedSubsidiariesPowergrid Vizag Transmission Limited 29.99 20.97PowergridUnchaharTransmissionLimited 4.02 1.95Powergrid Kala Amb Transmission Limited 9.03 -PowergridWaroraTransmissionLimited 27.76 -Powergrid Parli Transmission Limited 15.89 -Joint VenturesPowerlinks Transmission Limited 25.22 38.99Jaypee Powergrid Limited 12.09 6.63Torrent Power Grid Limited 2.34 2.34North East Transmission Company Limited 5.35 4.28Cross Border Power Transmission Company Limited - 4.05Parbati Koldam Transmission Company Limited 11.35 7.80Power Transmission Company Nepal Limited 1.32 1.46Total 144.36 88.47Investments made during the year (Equity)SubsidiariesPowergrid NM Transmission Limited 52.00 50.00Powergrid Kala Amb Transmission Limited 5.00 54.95Powergrid Jabalpur Transmission Limited 173.00 -PowergridWaroraTransmissionLimited 150.00 151.20



238



Powergrid Parli Transmission Limited 228.40 -Powergrid Southern Interconnector Transmission System Limited 515.45 -Powergrid Mithilanchal Transmission Limited - 0.05Powergrid Varanasi Transmission System Limited - 0.05Powergrid Jawaharpur Firozabad Transmission Limited 0.05 -Joint VenturesTeestavalley Power Transmission Limited 11.28 -Bihar Grid Company Limited 15.45 7.74RINL Powergrid TLT Pvt. Ltd 0.60 -Power Transmission Company Nepal Limited - 1.62Total 1151.23 265.61Other Related PartiesContribution made during the yearPowergrid Employees P.F. Trust 131.04 93.07PowergridSelfContributorySuperannuationBenefit(Pension)FundTrust 102.41 108.67Powergrid Employees Gratuity Fund Trust 29.56 4.05Total 263.01 205.79Recovery for Deputation of EmployeesJoint VenturesJaypee Powergrid Limited 0.48 0.17Cross Border Power Transmission Company Limited 1.22 0.82North East Transmission Company Limited 0.13 0.11Teestavalley Power Transmission Limited 0.21 -Total 2.04 1.10

Terms and Conditions The loans to key management personnel are on the same terms and conditions as applicable to all other employees All other transactions were made on normal commercial terms and conditions and at market rates. All outstanding balances are

unsecured and are repayable in cash. Loans to Subsidiaries are given on cost to cost basis.h) Transaction in the capacity of Central Transmission Utility (CTU) with the related parties

(` in Crore)Particulars For the year ended 31st

March, 2019For the year ended

31st March, 2018SubsidiariesPowergrid Vizag Transmission Limited 273.21 220.18PowergridUnchaharTransmissionLimited 17.82 5.05Powergrid Parli Transmission Limited 199.70 -Powergrid Southern Interconnector Transmission System Limited 22.30 -Powergrid Kala Amb Transmission Limited 11.09 -Powergrid NM Transmission Limited 6.03 -Powergrid Jabalpur Transmission Limited 16.66 -Joint VenturesParbati Koldam Transmission Company Limited 155.75 178.83Torrent Power Grid Limited 46.91 46.46Powerlinks Transmission Limited 207.79 172.79Jaypee Powergrid Limited 180.92 192.86North East Transmission Company Limited 341.86 357.06Teestavalley Power Transmission Limited 32.23 30.27Total 1512.27 1203.50


239

i) Remuneration to Key Managerial Personnel(` in Crore)


ShortTermEmployeeBenefits 5.16 2.78

Post-EmploymentBenefits 0.19 0.54

LongTermEmployeeBenefits 0.44 0.17

Arrears to KMPs 0.72 -

Total 6.51 3.49

Inadditiontotheaboveremuneration,thewholetimedirectorshavebeenallowedtousethestaffcar(includingforprivatejourneys)on payment of `2000/-p.m.ascontainedintheDepartmentofPublicEnterprises(DPE)OMNo.2(23)/11-DPE(WC)-GL-V/13dated21/01/2013.

59. Operating Segments a) Business Segment The Board of Directors is the Company’s Chief Operating Decision Maker (CODM) who monitors the operating results of its business

segments separately for the purpose of making decisions about resource allocation and performance assessment. Three reportable segmentshavebeenidentifiedonthebasisofservicesprovided.

• Transmission Services-Company’sprincipalbusinessistransmissionofbulkpoweracrossdifferentstatesofIndia. • Telecom Services- The company Utilizes the spareOptical fibres available in theOptical GroundWire (OPGW) laid on the

transmission network for providing telecom services. It operates as a neutral carrier in the point to point bandwidth leasing business.

• Consultancy Services- provides Consultancy Services in the Transmission, Distribution and Telecom sectors, including Planning Design, Engineering, Load Dispatch, OPGW on intra state Transmission network, Procurement Management, Operation &Maintenance, Financing and Project Management.

b) The operations of the company are mainly carried out within the country and therefore there is no reportable geographical segment c) Informationaboutmajorcustomer:Revenuefromanysinglecustomer isnotequal toorexceeds10%ofthecompany’s total

revenue. Segment Revenue and Expenses RevenuedirectlyattributabletothesegmentsisconsideredasSegmentRevenue.Expensesdirectlyattributabletothesegmentsand

commonexpensesallocatedonareasonablebasisareconsideredassegmentexpenses. RevenuefromexternalcustomerinIndiais`34560.28crore(PreviousYear`30084.04crore)andoutsideIndiais`40.83crore(Previous

Year ` 29.96 crore). Segment Assets and Liabilities SegmentassetsincludealloperatingassetscomprisingofProperty,PlantandEquipment,currentassetsandloanandadvances.

Construction,Work-in-progress,constructionstoresandadvancesandinvestmentsareincludedinunallocatedassets.Segmentfacilitiesinclude operating liabilities and provisions.



240

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241

60. Capital and other Commitments(` in Crore)

Particulars As at 31st March, 2019 As at 31st March, 2018Estimatedamountofcontractsremainingtobeexecutedoncapitalaccountand not provided for (net of advances)

11027.08 25502.79

Company’s commitment towards further investment in join venture entities 201.22 231.72Company'scommitmenttowardsfurtherinvestmentinsubsidiarycompanies 5787.59 9876.51

61. Contingent Liabilities and contingent assets Contingent Liabilities1. Claims against the Company not acknowledged as debts in respect of: (i) Capital Works Someofthecontractorsforsupplyand installationofequipmentsandexecutionofworksatourprojectshave lodgedclaimsonthe

companyseekingenhancementofthecontractprice,revisionofworkschedulewithpriceescalation,compensationfortheextendedperiod of work, idle charges etc. These claims are being contested by the Company as being not admissible in terms of the provisions of the respective contracts.

The company is pursuing various options under the dispute resolution mechanism available in the contract for settlement of these claims. In such cases, contingent liability of `2837.05crore(PreviousYear`1440.68crore)hasbeenestimated.

(ii) Land compensation cases Inrespectoflandacquiredfortheprojects,thelandlosershaveclaimedhighercompensationbeforevariousauthorities/courtswhichare

yet to be settled. In such cases, contingent liability of `1756.40 crore (Previous Year `2490.90 crore) has been estimated. (iii) Other claims InrespectofclaimsmadebyvariousState/CentralGovernmentDepartments/Authoritiestowardsbuildingpermissionfees,penaltyon

diversionofagriculturelandtonon-agricultureuse,Nalatax,waterroyaltyetc.andbyothers,contingentliabilityof 26.45 crore (Previous Year `4.12 crore) has been estimated.

(iv) Disputed Income Tax/Sales Tax/Excise/Municipal Tax Matters Disputed Income Tax/Sales Tax/Excise/Municipal Tax Matters amounting to `475.70 crore (Previous Year `432.64 crore) are being

contested before various Appellate Authorities. Many of these matters have been disposed of in favour of the company but are disputed before higher authorities by the concerned departments. Against total claim of `172.83crore(PreviousYear`80.12crore),provisionof`138.39crore(PreviousYear`71.44 crore) is made and balance of `34.44 crore ( Previous Year `8.68crore)towardspenaltyisshownascontingentliabilityasitisnotawillfuldefaultandinmanagementopinion,sameisnotexpectedtobeupheldbythecourt.

(v) Others a) Other contingent liabilities amounts to 640.82crore(PreviousYear 403.95 crore) which includes claim of 384.70Crore(Previous

Year `221.81crore)relatedtoArbitrationcases/Rowcases. b) SomeofthebeneficiarieshavefiledappealsagainstthetariffordersoftheCERC.Theamountofcontingentliabilityinthisregard

is not ascertainable. c) UndertheTransmissionServiceAgreement(TSA)withPowerlinksTransmissionLtd,thecompanyhasanobligationtopurchasethe

JV company (Powerlinks Transmission Ltd) at a buyout price determined in accordance with the TSA. Such an obligation may result incaseJVcompany(PowerlinksTransmissionLtd)servesaterminationnoticeeitheron“POWERGRIDeventofdefault”oron“forcemajeure event” prescribed under TSA. No contingent liability on this account has been considered as the same is not ascertainable.

2. a) Details of Bank guarantees given by the company on behalf of SPV companies, which were taken over to carry out the business awardedundertariffbasedbidding,towardsperformanceoftheworkawarded are as under:

(` in crore)Name of SPV 31st March,2019 31st March, 2018Powergrid NM Transmission Company Ltd - -Powergrid Vizag Transmission Company Ltd - -PowergridUnchaharTransmissionCompanyLtd - 0.02Powergrid Kala Amb Transmission Limited - -Powergrid Jabalpur Transmission Limited 31.50 31.50PowergridWaroraTransmissionLimited 62.10 62.10Powergrid Parli Transmission Limited 63.90 63.90Powergrid Southern Interconnector Transmission System Limited 110.04 110.04Powergrid Medinipur Jeerat Transmission Limited 141.89 141.89Powergrid Mithilanchal Transmission Limited 84.32 84.32Powergrid Varanasi Transmission System Limited 30.38 30.38Powergrid Jawaharpur Firozabad Transmission Limited 41.85 -

b) TheCompanyhasgivenguaranteeforthedues&punctualpaymentanddischargeoftheobligationsamountingto`290 crore (Previous Year ` 290 crore) against bond issued by Powergrid Vizag Transmission Company Ltd.


242

62. Capital management a) Risk Management The company’s objectives when managing capital are to • maximizetheshareholdervalue; • safeguarditsabilitytocontinueasagoingconcern; • maintainanoptimalcapitalstructuretoreducethecostofcapital. Forthepurposeof thecompany’scapitalmanagement,equitycapital includes issuedequitycapital,securitiespremiumAccountand

all other equity reserves attributable to the equity holders of the company. The companymanages its capital structure andmakesadjustmentsinlightofchangesineconomicconditions,regulatoryframeworkandrequirementsoffinancialcovenantswithlenders.Tomaintain or adjust the capital structure, the company may adjust the dividend payment to shareholders, regulate investments in new projects,returncapitaltoshareholdersorissuenewshares.Thecompanymonitorscapitalusingdebt-equityratio,whichistheratiooflongtermdebttototalnetworth.Thepolicyistokeepthedebt-equityratiowhereinthedebtislessthan75%oftotalcapitalemployed(i.e.debttoequityratiolessthan75:25).Thecompanyincludeswithinlongtermdebt,interestbearingloansandborrowingsandcurrentmaturities of long term debt.

Thedebt-equityratiooftheCompanywasasfollows:-

Particulars 31st March, 2019 31stMarch,2018Long term debt (` in crore) 141786.36 130212.96Equity(` in crore) 59017.14 54414.96LongtermdebttoEquityratio 71:29 71:29

Underthetermsofthemajorborrowingfacilities,thecompanyisrequiredtocomplywiththefinancialcovenants.Breachesinmeetingthefinancialcovenantswouldpermitthelenderstoimmediatelycallloansandborrowings.Therehavebeennobreachesinthefinancialcovenantsofanyinterest-bearingloansandborrowinginthecurrentreportingperiod.

No changes were made in the objectives, policies or processes for managing capital during the years ended 31st March, 2019 and 31st March,2018.

b) Dividends (` in crore)

Particular 31st March, 2019 31st March, 2018(i)EquitysharesFinal dividend for the year ended 31stMarch,2018of`2.80(31stMarch,2017–` 3.35) per fully paid share

1464.85 1752.59

Interim dividend for the year ended 31st March, 2019 of `5.83(31stMarch,2018–` 2.45) per fully paid share

3050.02 1281.74

Dividend not recognized at the end of the reporting period Inadditiontoabovedividend,theBoardofDirectorson29thMay,2019recommendedthepaymentofafinaldividendof`2.50 per fully

paidequityshare.ThisproposeddividendissubjecttotheapprovalofshareholdersintheensuingAnnualgeneralmeeting.

63. Earnings per share(Amount in `)

(a) Basic and diluted earnings per share attributable to the equity holders of the company

31st March, 2019 31st March, 2018

Including movement in Regulatory deferral balances 19.00 15.76#ExcludingmovementinRegulatorydeferralbalances* 23.83 9.48#Total basic and diluted earnings per share attributable to the equity holders of the company

19.00 15.76

*RestatedinthecurrentyearconsequenttorecognitionofMinimumAlternateTaxCreditindeferredtaxassetsduringtheyear.Refernoteno 26 ( c) and (d)

#Refernoteno54forreclassification(` in Crore)

(b) Reconciliation of earnings used as numerator in calculating earnings per share


Earnings attributable to the equity holders of the company includingmovement inRegulatory deferral balances

9938.55 8244.65#

Earningsattributable to theequityholdersof thecompanyexcludingmovement inRegulatory deferral balances

12465.42 4960.46#

Total Earnings attributable to the equity holders of the company 9938.55 8244.65 #Refernoteno54forreclassification

243

(c) Weighted average number of shares used as the denominator 31st March, 2019No. of shares

31st March, 2018No. of Shares

Weightedaveragenumberofequitysharesusedasthedenominatorincalculatingbasic earnings per share

5231589648 5231589648

Adjustments for calculation of diluted earnings per share - -Total weighted average number of equity shares used as the denominator in calculating basic earnings per share

5231589648 5231589648

64. Financial Risk Management TheCompany’sprincipalfinancial liabilitiescomprise loansandborrowingsdenominated inIndianrupeesorforeigncurrencies,trade

payables and other payables. The Company has also provided financial guarantee in respect of bonds issued by its wholly ownedsubsidiary, Powergrid Vizag Transmission Limited. Themain purpose of these financial liabilities is to finance the Company’s capitalinvestments and operations.

TheCompany’sprincipalfinancialassetsincludeloansandadvances,tradeandotherreceivables,andcashandcashequivalentsthataregenerated from its operations.

TheCompany’sactivitiesexposeittothefollowingfinancialrisks,namely,

a) Credit risk, b) Liquidityrisk, c) Market risk.

Thisnotepresentsinformationregardingthecompany’sexposure,objectives,policiesandprocessesformeasuringandmanagingtheserisks.

Risk management framework

The Company has a duly constituted Risk Management Committee headed by Director (Projects) with Director (Finance) and Director (Personnel) as members. For the purpose of evaluating and managing the uncertainties the enterprise faces, Enterprise Risk Management frameworkhasbeenimplementedintheCompany.Theframeworkisastructured,consistentandcontinuousprocessforidentification,assessment,monitoringandmanagementofrisks.Asperthisframework,thesignificantbusinessprocesses/risksaremonitoredandcontrolled through various Key Performance Indicators (KPIs). The Committee meets at regular intervals and reviews KPIs and provides updatestotheAuditCommittee/Board.

ThemanagementoffinancialrisksbytheCompanyissummarizedbelow:-A) Credit Risk Creditriskistheriskthatcounterpartywillnotmeetitsobligationsunderafinancialinstrumentorcustomercontract,leadingtoafinancial

loss.TheCompanyisexposedtocreditriskfromitsoperatingactivitiesonaccountoftradereceivablesandloansandadvancesandfromitsfinancingactivitiesduetodepositswithbanksandfinancialinstitutions,foreignexchangetransactionsandotherfinancialinstruments.

Adefaultonafinancialassetiswhenthecounterpartyfailstomakecontractualpaymentswithin3yearsofwhentheyfalldue.Thisdefinitionofdefault isdeterminedconsidering thebusinessenvironment inwhich theCompanyoperatesandothermacro-economicfactors.

Assetsarewritten-offwhenthereisnoreasonableexpectationofrecovery,suchasadebtordeclaringbankruptcyorfailingtoengageinarepaymentplanwiththeCompany.Whereloansorreceivableshavebeenwrittenoff,theCompanycontinuestoengageinenforcementactivitytoattempttorecoverthereceivabledue.Wheresuchrecoveriesaremade,thesearerecognizedinthestatementofprofitandloss.

(i) Trade Receivables The Company primarily provides transmission facilities to inter-state transmission service customers (DICs) comprisingmainly state

utilities owned by State Governments. The Company has a robust payment security mechanism in the form of Letters of Credit (LC) backed bytheTri-PartiteAgreements(TPA).TheTPAwassignedamongtheGOI,ReserveBankofIndiaandtheindividualStateGovernmentssubsequenttotheissuanceoftheOneTimeSettlementSchemeofStateElectricityBoardsduesduring2001-02bytheGOI,whichwasvalidtillOctober2016.GOIhasapprovedtheextensionoftheseTPAsforafurtherperiodof10years.MajorityoftheStateshaveexecutedtheagreementsforextensionofTPAsandmatterisbeingpursuedwiththeremainingstates.

AspertheprovisionsoftheTPA,thecustomersarerequiredtoestablishLCcovering105%oftheaveragemonthlybillingoftheCompanyforlast12months.TheTPAalsoprovidesthatifthereisanydefaultinpaymentofcurrentduesbyanyStateUtility,theoutstandingduescanbedeductedfromtheState’sRBIaccountandpaidtotheconcernedCPSU.ThereisalsoprovisionforregulationofpowerbytheCompanyincaseofnon-paymentofduesandnon-establishmentofLC.

CERCtariffregulationsallowpaymentagainstmonthlybillstowardstransmissionchargeswithinaperiodof60daysfromthedateofthebill and levy of surcharge on delayed payment beyond 60 days. A graded rebate is provided by the Company for payments made within 60 days.

63. Earnings per share (Contd.)


244

Trade receivables consist of receivables relating to transmission services of ` 4536.61 crore (Previous Year ` 3257.37 crore), receivables relating to consultancy services of `190.03 crore (Previous Year `253.79 crore) and receivables relating to telecom business of `239.58crore (Previous Year `175.95 crore)

(ii) Other Financial Assets (excluding trade receivables)

• Cash and cash equivalents TheCompanyheldcashandcashequivalentsof`377.74 crore (Previous Year `502.48crore).Thecashandcashequivalentsare

heldwithpublicsectorbanksandhighratedprivatesectorbanksanddonothaveanysignificantcreditrisk.

• Deposits with banks and financial institutions

TheCompanyhelddepositswithbanksandfinancialinstitutionsof`4117.77 crore (Previous Year `1853.80crore).Termdepositsare placed with public sector banks and have negligible credit risk.

• Loans

The Company has given loans to employees, subsidiaries, Joint Venture companies, Government of India and other parties. House building loans and conveyance advance to the employees are secured against the mortgage of the house properties or hypothecation of vehicles for which such loans have been given in line with the policies of the Company. The loans provided to groupcompaniesareforprojectsunderTariffBasedCompetitiveBiddingrouteandPublicprivatepartnership.Theriskofdefaultin respect of these loans is considered negligible.

o Exposure to credit risk(` in Crore)

Particulars 31st March, 2019 31st March, 2018Financial assets for which loss allowance is measured using 12 months Expected Credit Losses (ECL)Non-CurrentLoans 10708.99 8253.12Othernon-currentfinancialassets 4384.90 680.50Cashandcashequivalents 377.74 502.48Depositswithbanksandfinancialinstitutions 4117.77 1853.80Current loans 416.87 46.88Othercurrentfinancialassets 6853.20 4869.92Total 26859.47 16206.70Financial assets for which loss allowance is measured using Life time Expected Credit Losses (ECL)Trade receivables 4966.22 3687.11

o Provision for expected credit losses (a) Financial assets for which loss allowance is measured using 12 month expected credit losses TheCompanyhasassetswherethecounter-partieshavesufficientcapacitytomeettheobligationsandwheretheriskofdefault

isverylow.Atinitialrecognition,financialassets(excludingtradereceivables)areconsideredashavingnegligiblecreditriskandtheriskhasnotincreasedfrominitialrecognition.Thereforeexpectedcreditlossprovisionisnotrequired.

(b) Financial assets for which loss allowance is measured using life time expected credit losses In respect of trade receivables from Telecom and Consultancy, customer credit risk is managed by regular monitoring of the

outstandingreceivablesandfollow-upwiththeconsumerforrealization. Withregardtotransmissionsegment,theCompanyhascustomersmostofwhomarestategovernmentutilitieswithcapacityto

meet the obligations and therefore the risk of default is negligible. Further, management believes that the unimpaired amounts that are 30 days past due date are still collectible in full, based on the payment security mechanism in place and historical payment behavior.

Considering the above factors and the prevalent regulations, the trade receivables continue to have a negligible credit risk on initial recognition and thereafter on each reporting date.

(c) Ageing analysis of trade receivables The ageing analysis of the trade receivables is as below:

(` in Crore)Ageing Not due 0-30 days

past due31-60 days

past due61-90 days

past due91-120 days

past dueMore than 120 days past due

Total

Gross carrying amount as on 31st March, 2019

14.34 1559.70 1224.37 813.78 133.17 1220.86 4966.22

Gross carrying amount as on 31stMarch,2018

5.57 1504.84 822.79 272.69 167.02 914.20 3687.11

64. Financial Risk Management (Contd.)

245

(d) Reconciliation of impairment loss provision Themovementintheallowanceforimpairmentinrespectoffinancialassetsduringtheyearwasasfollows:

(` in Crore)Particulars Trade receivables Investments Loans Advances Contract Assets Total

Balance as at 1st April, 2017 32.41 0.05 - 20.25 - 52.71Impairment loss recognized 15.74 - - - - 15.74Amountswrittenoff - - - 0.86 - 0.86Balance as at 31st March, 2018 48.15 0.05 - 19.39 - 67.59Impairment loss recognized 289.33 4.00 - 0.01 105.71 399.05Amountswrittenoff - - - - - -Balance as at 31st March, 2019 337.48 4.05 - 19.40 105.71 466.64

Based on historic default rates, the Company believes that, apart from the above, no impairment allowance is necessary in respect of any otherassetsastheamountsareinsignificant.

B) Liquidity risk

Liquidityriskmanagementimpliesmaintainingsufficientcashandmarketablesecuritiesandtheavailabilityoffundingthroughanadequateamountofcommittedcreditfacilitiestomeetobligationswhendue.TheCompanymonitorsitsriskofashortageoffundsusingaliquidityplanningtool.TheCompanyhasaccesstoavarietyofsourcesoffundingsuchascommercialpaper,bankloans,bondsandexternalcommercialborrowingsandretainsflexibilityinfundingbymaintainingavailabilityundercommittedcreditlines.

ManagementmonitorsrollingforecastsoftheCompany’sliquiditypositioncomprisingtheundrawnborrowingfacilitiesbelowandcashandcashequivalentsonthebasisofexpectedcashflows.

TheCompanydependsonbothinternalandexternalsourcesofliquiditytoprovideworkingcapitalandtofundcapitalexpenditure.

i) Financial Arrangement

The Company had access to the following undrawn borrowing facilities at the end of the reporting period.(` in Crore)

Particulars 31st March, 2019 31st March, 2018Expiringwithin1year(bankoverdraftandotherfacilities) 582.13 1676.50Expiringbeyondoneyear(bankloans) 12153.70 15002.74

The bank overdraft facilities may be drawn at any time and may be terminated by the bank without notice. Subject to the continuance of satisfactory credit ratings, the bank loan facilities may be drawn at any time and have remaining availability period of 1 to 5 years (Previous Year 1 to 5 years).

ii) Maturities of financial liabilities ThetablebelowanalysestheCompany’sfinancialliabilitiesintorelevantmaturitygroupingsbasedontheircontractualmaturities

forallnon-derivativefinancialliabilities. Theamountdisclosedinthetableisthecontractualundiscountedcashflows.

(` in Crore)Contractual maturities of financial liabilities

Within a year Between 1-5 years

Beyond 5 years

Total

31st March, 2019Borrowings(includinginterestoutflows) 24733.50 77230.69 108167.14 210131.33Trade payables 364.11 - - 364.11Otherfinancialliabilities 9035.28 1559.42 4924.35 15519.05Total 34132.89 78790.11 113091.49 226014.4931st March, 2018Borrowings(includinginterestoutflows) 17573.08 73642.89 99822.32 191038.29Trade payables 240.34 - - 240.34Otherfinancialliabilities 10265.31 459.60 - 10724.91Total 28078.73 74102.49 99822.32 202003.54



246

C) Market risk

Marketriskistheriskthatthefairvalueoffuturecashflowsofafinancialinstrumentwillfluctuatebecauseofchangesinmarketprices. Market risk comprises three types of risk:

i. Currency risk

ii. Interest rate risk

iii. Otherpricerisk,suchasequitypriceriskandcommodityrisk.

i) Currency risk

TheCompanyisexposedtocurrencyriskmainlyinrespectofforeigncurrencydenominatedloansandborrowingsandprocurementofgoodsandserviceswhosepurchaseconsiderationisdenominatedinforeigncurrency.TransmissiontariffareregulatedbytheCERC.AccordingtotheCERCtariffregulationsfortheblock2014-19theCompanymayhedgeforeignexchangeexposureinrespectoftheinterestonforeigncurrencyloanandrepaymentofforeignloanacquiredforthetransmissionsystem,inpartorfullinitsdiscretionandrecoverthecostofhedgingofforeignexchangeratevariationcorrespondingtothenormativeforeigndebt,intherelevant year.

Ifhedgingoftheforeignexchangeexposureisnotundertaken,theextrarupeeliabilitytowardsinterestpaymentandloanrepaymentcorresponding to the normative foreign currency loan in the relevant year is permissible to be recovered as part of transmission tariffprovideditisnotattributabletothegeneratingCompanyorthetransmissionlicenseeoritssuppliersorcontractors.DuringtheCurrentfinancialyear,nohedgingforforeignexchangeexposurehasbeenundertakenbytheCompany.InrespectofgoodsandservicesprocuredforCapitalInvestment,theexchangeratevariationispartoftheprojectcost,fordeterminationoftransmissiontariff.Thecurrencyriskinrespectofgoodsandservicesprocuredforoperationactivitiesisnotsignificant.

TheCompany’sexposuretoforeigncurrencyriskattheendofthereportingperiodexpressedinINRisprovidedinNoteNo.52.

Sensitivity

SincetheimpactofstrengtheningorweakeningofIndianrupeeagainstUSD,Euro,JPYandothercurrenciesonthestatementofprofitandlosswouldnotbeverysignificant;therefore,sensitivityanalysisforcurrencyriskisnotdisclosed.

ii) Interest rate risk

TheCompanyisexposedtointerestrateriskarisingmainlyfromlongtermborrowingswithfloatinginterestrates.TheCompanyisexposedtointerestrateriskbecausethecashflowsassociatedwithfloatingrateborrowingswillfluctuatewithchangesininterestrates.TheCompanymanagestheinterestraterisksbymaintainingadebtportfoliocomprisingamixoffixedandfloatingrateborrowings in domestic and foreign currencies.

Atthereportingdate,theinterestrateprofileoftheCompany’svariableinterestrate-bearingfinancialinstrumentsisasfollows:(` in Crore)


Long Term Debt with floating rate of interest

-Domestic 26190.00 17532.00-Foreign 33427.30 27771.63

Sub Total 59617.30 45303.63Long Term Debt with fixed rate of interest

-Domestic 74488.86 77696.21-Foreign 7680.20 7213.12

Sub Total 82169.06 84909.33Total Long Term Debt 141786.36 130212.96% of Floating Interest Rate Debt to Total Long Term Debt 42.05% 34.79%

Fair value sensitivity analysis for interest-rate risk AsperCERCRegulations,interestonloanduringconstructionformspartofprojectcostforthepurposeoftariffandafterthedate

ofcommercialoperation,interestonloansisrecoverablethroughtariffcalculatedonthenormativeaverageloanoftheyearbyapplying the weighted average rate of interest of the actual loan portfolio.

Accordingly,theCompany’sinterestrateriskisnotconsideredsignificant;hencesensitivityanalysisfortheriskisnotdisclosed.


247

iii) Other price risk

TheCompany’sexposuretoequitysecuritiespriceriskarisesfrominvestmentsheldbytheCompanyandclassifiedinthebalancesheet as fair value through OCI.

Consideringthemagnitudeofequityinvestments,nosignificantriskisexpectedtoarise.

65. Income Tax expense Thisnoteprovidesananalysisofthecompany’sincometaxexpense,andhowthetaxexpenseisaffectedbynon-assessableandnon-

deductibleitems.ItalsoexplainssignificantestimatesmadeinrelationtotheCompany’staxposition.

(a) Income tax expense(` in Crore)

Particulars 31st March, 2019 31st March, 2018Current TaxCurrenttaxonprofitsfortheyear 2489.43 2153.67Adjustmentsforcurrenttaxofpriorperiods* - 15.34Pertaining to regulatory deferral account balances (A) (694.08) 44.23Total current tax expense (B) 1795.35 2213.24Deferred Tax expenseOriginationandreversaloftemporarydifferences 741.01 3140.15Previouslyunrecognized tax credit recognizedasDeferredTaxAsset thisyear

(4206.88) -

Total deferred tax expense /benefit (C) (3465.87) 3140.15Income tax expense (B+C-A) (976.44) 5309.16Pertaining to regulatory deferral account balances (694.08) 44.23Total tax expense including tax on movement in regulatory deferral account balances

(1670.52) 5353.39#

*Thisincludestaxonregulatorydeferralbalanceaccountforthelastyear. (b) Income Tax recognized in Regulatory Deferral Account Balances:


DeferredassetsforDeferredtaxliability (3472.89) 3121.19#Foreign Currency Fluctuation 232.27 195.92 EmployeeBenefitsExpenses 19.67 11.31 TotalRegulatoryDeferralAccountBalancesBeforeTax-Income/(Expenses) (3,220.95) 3328.42CurrentTaxonRegulatoryDeferralAccountBalances (694.08) 44.23 Net Movement in Regulatory Deferral Account Balances - Income/ (Expenses) (net of Tax)

(2526.87) 3284.19

(c) Income Tax recognized in other comprehensive income:(` in Crore)

Particulars 31st March, 2019 31st March, 2018Before

TaxTax expense/

(benefit)Net of

TaxBefore

TaxTax expense/

(benefit)Net of

TaxNet gains/(losses) on fair valuation of equityinstruments

(14.15) - (14.15) (12.92) - (12.92)

Netacturiallossesondefinedbenefitplans (0.26) 0.05 (0.31) 37.58 8.02 29.56 Less: Transferred to expenditure duringconstruction (net)

2.34 0.50 1.84 10.94 2.33 8.61

Other Comprehensive Income (Net of Tax) (16.75) (0.45) (16.30) 13.72 5.69 8.03



248

(d) Reconciliation of tax expense and the accounting profit multiplied by India’s tax rate:(` in Crore)

Particulars 31st March, 2019 31st March, 2018Profitbeforeincometaxexpenseincludingmovementinregulatory 8,268.03 13,598.04Tax at the Company's domestic tax rate of 34.944 % (31 March 2018 34.608 %)

2,889.18 4,706.01

Taxeffectof: NonDeductibletaxitems (2,743.09) (4,201.98)Taxexemptincome (1,769.51) 576.15 DeferredAssetsforDeferredTaxLiability 2,654.47 (1,080.18)PreviousYearstaxliability - 15.34 Unabsorbedtaxlosses (964.96) -DeferredTaxexpense/(income) (3,465.87) 3,140.15 Minimumalternatetaxadjustments** 1,729.28 2,197.90 Income tax expense (1,670.52) 5,353.39

**RestatedinthecurrentyearconsequenttorecognitionofMinimumAlternateTaxCreditindeferredtaxassetsduringtheyear.Refernote no 26 (c) and (d).

#Refernoteno54forreclassification.

66. Employee Benefit Obligations(` in Crore)

Particulars 31st March, 2019 31st March, 2018Current Non-current Total Current Non-current Total

Leave Obligations 39.77 331.92 371.69 42.04 312.90 354.94Post-RetirementMedicalFacility(PRMF) 16.86 422.11 438.97 12.30 374.36 386.66OtherEmployeebenefits/LongServiceAward 1.15 13.60 14.75 1.14 13.26 14.40Gratuity 111.45 514.99 626.44 82.72 548.76 631.48Other Defined retirement benefits (ODRB)/Baggage Allowance

2.06 16.67 18.74 2.08 16.35 18.43

Total employee benefit obligations 171.29 1299.29 1470.59 140.28 1265.63 1405.91

(i) Long Term Employee Benefits A. Leave Obligations TheCompanyprovidesforearned leavebenefit(includingcompensatedabsences)andhalf-pay leavetotheemployeesofthe

company which accrue annually at 30 days and 20 days respectively. Earned leave is encashable while in service. Half pay leaves (HPL)areen-cashableonlyonseparationbeyondtheageof55yearsuptothemaximumof300days(HPL).However,totalnumberof leave that can be encashed on superannuation shall be restricted to 300 days and no commutation of half pay leave shall be permissible. The liability for same is recognized on the basis of actuarial valuation.

B. Otheremployeebenefits–POWERGRIDEmployeefamilyrehabilitationscheme ThecompanyhasintroducedPOWERGRIDEmployeesFamilyEconomicRehabilitationSchemeduringtheyear.TheObjectiveof

theschemeistoprovidemonetaryassistanceandsupporttoanemployeeincaseofhis/herpermanenttotaldisablementandtohis/herfamilyincaseofdeathwhileinservice.Thebeneficiarywouldbeentitledtomonthlypaymentequivalenttotheemployee’s50%ofonemonthpaylastdrawnprovidedthebeneficiarydepositswiththecompanyanamountequaltoPF(excludingVPF)balance, Gratuity amount and Group Insurance (EDLI) amount, Such monthly payment would continue till the normal notional date on which the employee concerned would have attained the age of superannuation had the employee continued in the service ofthecompany.Theschemeisoptional.ProvisionforPOWERGRIDEmployeesFamilyEconomicRehabilitationSchemeamountingto `0.53 crore (Previous Year ` 6.62 crore) for the year has been made during the year based on actuarial valuation.

(ii) Post-employment obligations (Defined Employee Benefit/Contribution Schemes) A. Post-RetirementMedicalFacility(PRMF) TheCompanyhasPost-RetirementMedicalFacility(PRMF),underwhichretiredemployeesandthespouseareprovidedmedical

facilitiesintheempanelledhospitals.TheycanalsoavailtreatmentasOut-Patientsubjecttoaceilingfixedbythecompany.Theliability for the same is recognized on the basis of actuarial valuation on annual basis on the Balance Sheet date. The scheme is fundedbythecompanyandismanagedbyaseparatetrustconstitutedon1stMay2018.

65. Income Tax expense (Contd.)

249

B. Otheremployeebenefits–LongServiceAward Thisbenefitisapplicabletoallregularemployeesofthecompany(exceptforDirectorsandCMD)whohavesuperannuatedafter

completing at least 10 years of service. C. Gratuity Thecompanyhasadefinedbenefitgratuityplan.Everyemployeewhohasrenderedcontinuousserviceoffiveyearsormoreis

entitledtogetgratuityat15dayssalary(15/26xlastdrawnbasicsalaryplus,dearnessallowance)foreachcompletedyearofserviceonsuperannuation,resignation,termination,disablementorondeathsubjecttoamaximumof` 20 lacs. The scheme is funded by the company and is managed by a separate trust. The liability for the same is recognized on the basis of actuarial valuationonannualbasisontheBalanceSheetdate.CompanyhascarriedouttheactuarialvaluationofGratuitybenefitconsideringceiling of `20 Lakhs.

D. OtherDefinedRetirementBenefits(ODRB)/BaggageAllowance The Company has a scheme for settlement at the time of superannuation at home town for employees and dependents to

superannuated employees. The scheme is unfunded and liability for the same is recognized on the basis of actuarial valuation on annual basis on the Balance Sheet date.

E. Provident Fund CompanypaysfixedcontributiontoProvidentFundatpredeterminedratetoaseparatetrust,whichinveststhefundsinpermitted

securities. Contribution to family pension scheme is paid to the appropriate authorities. The contribution to the fund and EPS scheme for the year amounting to ` 131.04 crore (previous year `93.07crore)hasbeenrecognizedasexpenseandischargedtoStatementofProfitandLoss.TheobligationofthecompanyislimitedtosuchfixedcontributionandtoensureaminimumrateofinterestoncontributionstothemembersasspecifiedbyGOI.Asperthereportofactuaryoverallinterestearningandcumulativesurplus ismore than statutory interest payment requirement. Hence, no further provision is considered necessary. Since thecompany does not have unconditional right over the PF corpus, the surplus has not been recognized in the Balance Sheet.


Current Non-current Total Current Non-current Total Provident Fund (PF) 141.68 2615.90 2757.58 427.96 2196.21 2624.17

(` in Crore)Particulars PF

Present value of obligation

Fair value of plan assets

Net amount

1st April, 2018 2624.17 2649.00 (24.83) Service cost 98.18 - 98.18Interestexpense(income) 199.44 226.44 (27)Total 297.62 226.44 71.18Re measurementsReturnonplanassets,excludingamount included in interestexpense/(income)

- - -

(Gain)/Lossfromchangeindemographicassumptions - - -(Gain)/Lossfromchangeinfinancialassumptions (0.10) - (0.10)Experience(Gain)/Losses (34.91) - (34.91)Total (35.01) - (35.01)Employee contributions 111.69 209.88 (98.19)Benefitspayments (240.89) (240.89) -31st March, 2019 2757.58 2844.43 (86.85)

(` in Crore)Particulars PF



Net amount

1st April, 2017 2321.95 2363.30 (41.35) Service cost 71.41 - 71.41Interestexpense(income) 174.15 217.78 (43.63)Total 245.56 217.78 27.78

66. Employee Benefit Obligations (Contd.)


250

Particulars PFPresent value of

obligationFair value of plan

assetsNet amount

Re measurementsReturnonplanassets,excludingamount included in interestexpense/(income)

- - -

(Gain)/Lossfromchangeindemographicassumptions - - -(Gain)/Lossfromchangeinfinancialassumptions (0.06) - (0.06)Experience(Gain)/Losses 60.21 - 60.21Total 60.15 - 60.15Employee contributions 134.22 205.63 (71.41)Benefitspayments (137.71) (137.71) -31st March, 2018 2624.17 2649.00 (24.83)

The net liability disclosed above relates to Provident Fund is as follows:(` in Crore)

ParticularsPF

31st March, 2019 31st March, 2018Present value of funded obligations 2757.58 2624.17Fair value of plan assets 2844.43 2649.00Deficit/(Surplus) of funded plan (86.85) (24.83)

Sensitivity Analysis of Provident Fund: (` in Crore)

Particulars PF

a) Impact of change in discount rate 2757.58

Present value of Obligation at the end of period

-Impactduetoincreaseof0.5% (0.32)

-Impactduetodecreaseof0.5% 0.33

The major categories of plan assets (PF) are as follows(` in Crore)

Particulars31st March, 2019 31st March, 2018

Quoted Unquoted Total In % Quoted Unquoted Total In %Equityinstruments(ETF) 38.62 - 38.62 2% 14.84 - 14.84 1%Debt instrumentsGovt/StateBonds 1570.27 - 1570.27 55% 1395.64 - 1395.64 53%PSUandPrivateBonds 1135.92 - 1135.92 40% 1056.47 - 1056.47 40%

Bank Balance 7.79 - 7.79 0% 12.11 - 12.11 0%Other Receivables 91.83 - 91.83 3% 169.94 - 169.94 6%Total 2844.43 - 2844.43 2649.00 - 2649.00

Fairvalueofcompany’sowntransferablefinancialinstrumentsheldasplanassetsis`85.50croreason31stMarch,2019(`94.81croreason31stMarch,2018).

Theexpectedmaturityanalysisofprovidentfundisasfollows:(` in Crore)

Particulars Less than a year Between 1-2 year Between 2-5 years Over 5 years Total31st March, 2019 141.68 125.82 356.78 2133.30 2757.5831stMarch,2018 427.96 185.44 584.58 1426.19 2624.17

66. Employee Benefit Obligations (Contd.)(` in Crore)

251

F. Pension The Company has scheme of employees defined Pension Contribution. Company contribution is paid to separate trust. Amount of

contributionpaid/payablefortheyearis` 102.41 crore (previous year `108.67crore)hasbeenrecognizedasexpenseandischargedtoStatementofProfit&Loss.

Thesummarizedpositionofvariousemployeebenefitobligationsisasfollows:(` in Crore)

Particulars Gratuity ODRB Leaves PRMF

Present value of

obligation

Fair value

of plan assets

Net amount

Present value of

obligation

Fair value

of plan assets

Net amount

Present value of

obligation

Fair value

of plan assets

Net amount

Present value of

obligation

Fair value

of plan assets

Net amount

1st April, 2018 631.48 579.51 51.97 18.43 - 18.43 354.94 - 354.94 386.66 - 386.66

Service cost 29.64 - 29.64 0.98 - 0.98 40.75 - 40.75 12.84 - 12.84

Interestexpense(income)

47.99 44.04 3.95 1.40 - 1.40 26.97 - 26.97 29.38 3.00 26.38

Total amount recognized in profit or loss

77.63 44.04 33.59 2.38 - 2.38 67.72 - 67.72 42.22 3.00 39.22

Re measurements

Return on plan assets,excludingamount included in interestexpense/(income)

- 7.53 (7.53) - - - - - - - - -

(Gain)/Lossfrom change in demographic assumptions

- - - - - - - - - - - -

(Gain)/Lossfromchangeinfinancialassumptions

(5.95) - (5.95) (0.21) - (0.21) (4.91) - (4.91) (7.60) - (7.60)

Experience(Gain)/Losses

(6.36) - (6.36) (1.63) - (1.63) (2.28) - (2.28) 33.66 - 33.66

Total amount recognized in other comprehensive income

(12.31) - (12.31) (1.84) - (1.84) (7.19) - (7.19) 26.06 - 26.06

Employer contributions

- 29.56 (29.56) - - - - - - - 431.64 (431.64)

Benefitspayments (70.36) (70.36) - (0.23) - (0.23) (43.78) - (43.78) (15.96) (15.96) -

31st March, 2019 626.44 590.28 36.16 18.74 - 18.74 371.69 - 371.69 438.98 418.68 20.30

(` in Crore)


Present value of

obligation

Fair value

of plan assets

Net amount

Present value of

obligation

Fair value

of plan assets

Net amount

Present value of

obligation

Fair value

of plan assets

Net amount

Present value of

obligation

Fair value

of plan assets

Net amount

1st April, 2017 625.54 551.83 73.71 17.64 - 17.64 489.97 - 489.97 340.28 - 340.28

Service cost 32.32 - 32.32 0.94 - 0.94 33.78 - 33.78 11.16 - 11.16


46.92 41.39 5.53 1.32 - 1.32 36.75 - 36.75 25.52 - 25.52

Total amount recognized in profit or loss

79.24 41.39 37.85 2.26 - 2.26 70.53 - 70.53 36.68 - 36.68



252


Present value of

obligation

Fair value

of plan assets

Net amount

Present value of

obligation

Fair value

of plan assets

Net amount

Present value of

obligation

Fair value

of plan assets

Net amount

Present value of

obligation

Fair value

of plan assets

Net amount

Re measurements

Return on plan assets,excludingamount included in interestexpense/(income)

- 10.95 (10.95) - - - - - - - - -

(Gain)/Lossfrom change in demographic assumptions

- - - - - - - - - - -

(Gain)/Lossfromchangeinfinancialassumptions

(3.97) - (3.97) (0.13) - (0.13) (2.69) - (2.69) (5.07) - (5.07)


(40.62) (40.62) (1.24) - (1.24) 6.95 - 6.95 25.30 - 25.30

Total amount recognized in other comprehensive income

(44.59) - (44.59) (1.37) - (1.37) 4.26 - 4.26 20.23 - 20.23

Employer contributions

- 4.05 (4.05) - - - - - - - - -

Benefitspayments (28.71) (28.71) - (0.10) - (0.10) (209.82) - (209.82) (10.53) - (10.53)

31st March, 2018 631.48 579.51 51.97 18.43 - 18.43 354.94 - 354.94 386.66 - 386.66

Thenetdisclosedaboverelatestofundedandunfundedplansareasfollows:-(` in Crore)


31st March, 2019

31st March, 2018

31st March, 2019

31st March, 2018

31st March, 2019

31st March, 2018

31st March, 2019

31st March, 2018

Present value of funded obligations

626.44 631.48 - - - - 438.98 -

Fair value of plan assets 590.27 579.51 - - - - 418.68 -

Deficit/(Surplus) of funded plan 36.17 51.97 - - - - 20.30 -

Unfunded plans - - 18.74 18.43 371.69 354.94 - 386.66

Thecompanyexpectstocontribute`33.85croretothegratuitytrustduringtheFY2019-20. (iii) Significant actuarial assumptions for Post-Employment Benefits : Economic Assumptions

Particulars Gratuity, ODRB, Pension, PRMF,PF31st March, 2019 31st March, 2018

Discount rate 7.75% 7.60%Salarygrowthrate(exceptforPF) 6.50% 6.50%

ThediscountrateisgenerallybaseduponthemarketyieldsavailableonGovt.Bondsattheaccountingdaterelevanttocurrencyofbenefitpayments for a term that matches the liabilities. Salary growth rate is companies’ long term best estimate as to salary increases and takes accountofinflation,seniority,promotion,businessplan,HRPolicyandotherrelevantfactorsonlongtermbasis.

66. Employee Benefit Obligations (Contd.) (` in Crore)

253

Demographic AssumptionsParticulars 31st March, 2019 31st March, 2018i) Retirement Age 60 60ii) Mortality rates inclusive of provision for disability 100%ofIALM(2006-08)iii) Ages

Withdrawalrate% Withdrawal%Upto30years 3 3From 31 to 44 years 2 2Above 44 years 1 1

Mortality rates for specimen ages

Age Mortality rate Age Mortality rate Age Mortality rate15 0.000614 45 0.002874 75 0.03963720 0.000888 50 0.004946 80 0.06055825 0.000984 55 0.007888 85 0.09198230 0.001056 60 0.011534 90 0.13889535 0.001282 65 0.017009 95 0.20858540 0.001803 70 0.025855 100 0.311628

(iv) Sensitivity Analysis of the defined benefit obligation(` in Crore)

Particulars Gratuity ODRB Leave PRMFa) Impact of change in discount rate

Present value of Obligation at the end of period 626.44 18.74 371.69 438.98-Impactduetoincreaseof0.5% (18.91) (0.70) (14.57) (24.01)-Impactduetodecreaseof0.5% 20.37 0.71 15.79 24.50

b) Impact of change in salary increasePresent value of Obligation at the end of period 626.44 18.74 371.69 438.98-Impactduetoincreaseof0.5% 6.91 0.71 15.91 24.94-Impactduetodecreaseof0.5% (7.20) (0.70) (14.80) (24.13)

Althoughtheanalysisdoesnottakeaccountofthefulldistributionofcashflowsexpectedundertheplan,itdoesprovideanapproximationof the sensitivity of the assumptions shown.

Thesensitivityanalysisabovehavebeendeterminedbasedonamethodthatextrapolatestheimpactondefinedbenefitobligationasaresult of reasonable changes in key assumptions occurring at the end of the reporting period. This analysis may not be representative of theactualchangeinthedefinedbenefitobligationsasitisunlikelythatthechangeinassumptionswouldoccurinisolationofoneanotheras some of the assumptions may be correlated.

(v) The major categories of plan assets (Gratuity) are as follows:(` in Crore)


Quoted Unquoted Total In % Quoted Unquoted Total In %

Equityinstruments(ETF) 3.35 - 3.35 0.5% 3.20 - 3.20 1%

Debt instruments

Govt/StateBonds 292.45 - 292.45 48.5% 291.91 - 291.91 49%

PSUandPrivateBonds 307.27 - 307.27 51.0% 296.26 - 296.26 50%

Total* 603.07 - 603.07 591.37 - 591.37 *Fair valuation as per actuarial valuation is ` 590.27 crore (Previous Year ` 579.51 crore). Fairvalueofcompany’sowntransferablefinancialinstrumentsheldasplanassetsis`73.83crore(PreviousYear`87.53crore).



254

(vi) The major categories of plan assets (PRMF) are as follows:(` in Crore)


Quoted Unquoted Total In % Quoted Unquoted Total In %

Equityinstruments(ETF) - - - - - - - -

Debt instruments

Govt/StateBonds 171.85 - 171.85 41% - - - -

PSUandPrivateBonds 246.56 - 246.56 59% - - - -

Total# 418.41 - 418.41 - - - -

#Fairvaluationasperactuarialvaluationis`418.69crore(PreviousYear` Nil crore) (vii) Description of Risk exposures Valuationisbasedoncertainassumptionswhicharedynamicinnatureandvaryovertime.Assuchcompanyisexposedtovariousrisks

as follows: A) SalaryIncreases(exceptforPF)–Actualsalaryincreasewillincreasetheplan’sliability.Increaseinsalaryincreaserateassumptions

in future valuation will also increase the liability. B) Investmentrisk–Ifplanisfundedthenassetsliabilitiesmismatchandactualinvestmentreturnonassetslowerthanthediscount

rate assumed at the last valuation date can impact the liability C) DiscountRate–Reductionindiscountrateinsubsequentvaluationscanincreasetheplan’sliability. D) Mortality&disability–Actualdeathsanddisabilitycasesprovinglowerorhigherthanassumedinthevaluationcanimpactthe

liabilities. E) Withdrawals–Actualwithdrawalsprovinghigherorlowerthanassumedwithdrawalsandchangeofwithdrawalratesatsubsequent

valuations can impact Plan’s liability. (viii) Defined benefit liability and employee contribution Theweightedaveragedurationof thedefinedbenefitobligations is41.39years (PreviousYear41.89years).Theexpectedmaturity

analysisofundiscountedpension,gratuity,otherdefinedretirementbenefitandpost-employmentmedicalbenefitsisasfollows:(` in Crore)

Particulars Less than a year Between 1-2 year Between 2-5 years Over 5 years Total31st March, 2019Definedbenefitobligation(Gratuity) 78.80 9.56 172.02 366.07 626.45Post-employmentmedicalbenefits 16.86 18.13 70.80 333.19 438.98ODRB 2.06 0.20 0.96 15.51 18.73Otheremployeebenefits(LSA) 1.15 1.00 2.90 9.69 14.74Total 98.87 28.89 246.68 724.46 1098.9031st March, 2018Definedbenefitobligation(Gratuity) 82.71 153.47 153.16 242.14 631.48Post-employmentmedicalbenefits 12.31 12.95 43.26 318.14 386.66ODRB 2.08 1.72 4.82 9.81 18.43Otheremployeebenefits(LSA) 1.14 0.97 2.83 9.46 14.40Total 98.24 169.11 204.07 579.55 1050.97

67. Recent Accounting Pronouncements effective from 1st April 2019: IndAS116wasnotifiedbyMinistryofCorporateAffairson30March2019anditisapplicableforannualreportingperiodsbeginningon

or after 1 April 2019.

IndAS116willaffectprimarilytheaccountingbylesseesandwillresultintherecognitionofalmostallleasesonbalancesheet.Thestandardremovesthecurrentdistinctionbetweenoperatingandfinanceleasesandrequiresrecognitionofanasset(theright-of-usetheleaseditem)andafinancialliabilitytopayrentalsforvirtuallyallleasecontracts.Anoptionalexemptionexistsforshort-termandlow-valueleases.Theaccountingbylessorswillnotsignificantlychange.

TheCompanyisevaluatingtherequirementsoftheamendmentandtheeffectonfinancialstatements.


255






M.No. 072290


M.No.041883


M.No. 064601


M.No. 425104







Amendments to Ind AS 19, ‘Employee Benefits’ TheamendmentstoIndAS19clarifytheaccountingfordefinedbenefitplanamendments,curtailmentsandsettlements.Theyconfirm

that entities must : • Calculatethecurrentservicecostandnetinterestfortheremainderofthereportingperiodafteraplanamendment,curtailment

orsettlementbyusingtheupdatedassumptionsfromthedateofthechange; • Anyreductioninasurplusshouldberecognisedimmediatelyinprofitorlosseitheraspartofpastservicecost,orasagainorloss

onsettlement.Inotherwords,areductioninasurplusmustberecognisedinprofitorlossevenifthatsurpluswasnotpreviouslyrecognisedbecauseoftheimpactoftheassetceiling;and

• Separatelyrecogniseanychangesintheassetceilingthroughothercomprehensiveincome. These amendments will apply to any future plan amendments, curtailments, or settlements of the Company on or after 1 April 2019. The

Companyisevaluatingtherequirementsoftheamendmentandtheeffectonfinancialstatements. Amendment to Ind AS 12, ‘Income Taxes’ Theamendmentsclarifythattheincometaxconsequencesofdividendsonfinancialinstrumentsclassifiedasequityshouldberecognised

accordingtowherethepasttransactionsoreventsthatgenerateddistributableprofitswererecognised.Theserequirementsapplytoallincometaxconsequencesofdividends.Previously,itwasunclearwhethertheincometaxconsequencesofdividendsshouldberecognisedinprofitorloss,orinequity,andthescopeoftheexistingguidancewasambiguous.

TheCompanyisevaluatingtherequirementsoftheamendmentandtheeffectonfinancialstatements. Amendments to Ind AS 23, ‘Borrowing Costs’ Theamendmentsclarifythatifaspecificborrowingremainsoutstandingaftertherelatedqualifyingassetisreadyforitsintendeduseor

sale, it becomes part of general borrowings. TheCompanyisevaluatingtherequirementsoftheamendmentandtheeffectonfinancialstatements.

68. a) Figureshavebeenroundedofftonearestrupeesincroreuptotwodecimal. b) Previousyearfigureshavebeenreclassifiedwhereverconsiderednecessary.

67. Recent Accounting Pronouncements effective from 1st April 2019: (Contd.)


256

Independent Auditors’ ReportTo the Members of Power Grid Corporation of India LimitedReport on the Standalone Financial StatementsOpinionWehaveauditedtheaccompanyingstandalonefinancialstatementsofPowerGridCorporationofIndiaLimited(“theCompany”),whichcomprisetheBalanceSheetasatMarch31,2019,theStatementofProfitandLoss(includingOtherComprehensiveIncome),theStatementofChangesinEquityandtheStatementofCashFlowsfortheyearendedonthatdate,andasummaryofthesignificantaccountingpoliciesandotherexplanatoryinformation(hereinafterreferredtoas“thestandalonefinancialstatements”).Inouropinionandtothebestofourinformationandaccordingtotheexplanationsgiventous,theaforesaidstandalonefinancialstatementsgivetheinformationrequiredbytheCompaniesAct,2013(“theAct”)inthemannersorequiredandgiveatrueandfairviewinconformitywith the Indian Accounting Standards prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015,asamended,(“IndAS”)andotheraccountingprinciplesgenerallyacceptedinIndia,ofthestateofaffairsoftheCompanyasatMarch31,2019,theprofit&totalcomprehensiveincome,changesinequityanditscashflowsfortheyearendedonthatdate.Basis for OpinionWeconductedourauditof thestandalonefinancialstatements inaccordancewiththeStandardsonAuditing(SAs)specifiedundersection143(10) of the Act. Our responsibilities under those Standards are further described in the Auditor’s Responsibilities for the Audit of the StandaloneFinancialStatementssectionofourreport.WeareindependentoftheCompanyinaccordancewiththeCodeofEthicsissuedbytheInstituteofCharteredAccountantsofIndia(ICAI)togetherwiththeindependencerequirementsthatarerelevanttoourauditofthestandalonefinancialstatementsundertheprovisionsoftheActandtheRulesmadethereunder,andwehavefulfilledourotherethicalresponsibilitiesinaccordancewiththeserequirementsandtheICAI’sCodeofEthics.Webelievethattheauditevidencewehaveobtainedissufficientandappropriatetoprovideabasisforourauditopiniononthestandalonefinancialstatements.Emphasis of MatterWedrawattentiontothefollowingmattersinthenotestotheStandalonefinancialstatements(a) InrespectofrecognitionofrevenuefromtransmissionassetsforwhichfinaltariffordersareyettobeissuedbytheCERC[ReferNote

No.35(b)(ii)];and(b) Inrespectofbalanceconfirmation,reconciliationandconsequentialadjustments,ifany,ofTradeReceivableandRecoverableandTrade

andOtherpayableswhichiscarriedoutonanongoingbasis[ReferNoteNo.45(a)].Ouropinionisnotmodifiedinrespectofthesematters.Key Audit MattersKeyauditmattersare thosematters that, inourprofessional judgment,wereofmost significance inourauditof the standalonefinancialstatementsfortheyearended31stMarch2019.Thesematterswereaddressedinthecontextofourauditofthestandalonefinancialstatementsasawhole,andinformingouropinionthereon,andwedonotprovideaseparateopiniononthesematters.Wehavedeterminedthemattersdescribed below to be the key audit matters to be communicated in our report.

Sr. No. Key Audit Matters Auditors’ approach to address the Key Audit Matters1 Recognition of Revenue

The Company has revenue from three business segments viz. Transmission, Telecom and Consultancy. Transmission Income is accounted for based on tariff orders notified by the CERC. In case oftransmission projects where final tariff orders areyettobenotified,transmissionincomeisaccountedforonprovisionalbasisaspertariffregulationsandorders of theCERC in similar cases.Difference, ifany,isaccountedonissuanceoffinaltariffordersbythe CERC. As at each reporting date, transmission income includes an accrual for services rendered to the customers but not yet billed i.e. UnbilledRevenue.The Company implemented Ind AS 115 in the current financial year and applied the availableexemption provided therein, to not restate thecomparative periods.This is considered as Key Audit Matter due to the natureandextentofestimatesmadeasperCERCtariffRegulationsandcontractswithcustomersforrecognition of revenue.(Refer Note No. 35(b)(ii) Standalone Financial Statements)

Our audit approach was a combination of test of internal controls and substantive procedures which includes the following:

• WeassessedtheCompany’sprocesstoidentifytheimpactofadoptionofthe new revenue accounting standard.

• Evaluatedthedetailedanalysisperformedbymanagementonrevenuestreamsby selecting samples for theexisting contractswith customersand considered revenue recognition policy in the current period in respect ofthoserevenuestreams;

• EvaluatedandtestedtheeffectivenessofthedesignofInternalcontrolsrelating to recognition and measurement of revenue from Transmission, Telecom and Consultancy.

• Verified the transmission revenuebasedon theCERC tariffRegulation,orders, circulars, guidelines and the company’s internal circulars.

• VerifiedtherevenuefromTransmissionbasedonthetariffordersnotifiedby CERC during the year on test basis.

• Verifiedontestbasistheincomerecognisedonprovisionalbasis(UnbilledRevenue) consistently as per the regulatory guidelines for the assets whosefinalordersareyettobenotifiedbyCERC,basedonthedateofcommercial operation (DOCO) letters issued by Regional technical heads, andcapitalcost,ascertifiedbytheManagement.

• VerifiedtheConsultancyandTelecomrevenuebasedonthecontractswithcustomers.

• Evaluatedtheappropriatenessofthedisclosuresprovidedunderthenewrevenuestandardandassessedtheadequacyoftherelevantdisclosures.

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2. Deferred Tax Assets relating to MAT credit entitlementThe Company has considered MAT credit of `5935.70Croreinanticipationofsetoffagainstthetax payable in future years and created DeferredTaxAssetforthesameduringtheyear.Thesamehas been recognized as liability of the Regulatory Deferral Account corresponding to the said MAT credit entitlement.We identified this as a key audit matter becauseof the importance of this matter intended uses of the financial statements and its materiality andrequirement of judgement in assessing futuretaxable profits for recognisition of MAT creditentitlement.(Refer Note No.26 of Standalone financialstatements.)

Our audit approach involved:• UnderstandingthecurrentstatusofavailabilityofMATcredits• Discussed with appropriate senior management and evaluatedmanagement’s underlying key assumptions for set off of MAT creditagainsttaxablefutureprofits

3. Assessment of contingent liabilities in respect of certain litigations including land compensation, direct and indirect taxes, various claims filed by other parties not acknowledged as debt. There is high level of judgement required inestimating the contingent liabilities. The company’s assessment of contingent liabilities is supported by the facts of the matter, Company’s judgement thereon,pastexperienceandadvicesfromlegalandindependenttaxconsultantswherevernecessary.WeidentifiedtheaboveareaasKeyAuditMattersin view of associated uncertainty relating to the outcome of these matter.(Refer Note No. 61 of Standalone financialstatements).

Our audit approach involved;

a. Understandingthecurrentstatusofthelitigationforlandcompensations/taxassessments.

b. Examiningrecentordersfromcompetentauthoritiesand/orcommunicationreceived from various authorities, judicial forums and follow up action thereon.

c. Review and analysis of evaluation of the contentions of the company through discussions, collection of details of the subject matter under consideration, the likelyoutcomeandconsequentpotentialoutflowsonthose issues.

Information Other than the Standalone Financial Statements and Auditor’s Report ThereonThe Company’s Board of Directors is responsible for the preparation of the other information. The other information comprises the information includedintheManagementDiscussionandAnalysis,Board’sReport includingAnnexurestoBoard’sReport,BusinessResponsibilityReport,Corporate Governance and Shareholder’s Information, but does not include the standalone financial statements and our Auditor’s Reportthereon.TheotherinformationasidentifiedaboveisexpectedtobemadeavailabletousafterthedateofthisAuditor’sReport.Our opinion on the standalone financial statements does not cover the other information andwewill not express any formof assuranceconclusion thereon. Inconnectionwithourauditofthestandalonefinancialstatements,ourresponsibilityistoreadtheotherinformationidentifiedabovewhenitbecomesavailableand,indoingso,considerwhethertheotherinformationismateriallyinconsistentwiththestandalonefinancialstatementsorourknowledgeobtainedduringthecourseofourauditorotherwiseappearstobemateriallymisstated.Wehavenothingtoreportinthisregard.Whenwereadthosedocumentsincludingannexures,ifanythereon,ifweconcludethatthereisamaterialmisstatementtherein,weshallcommunicate the matter to those charged with the governance.Management’s Responsibility for the Standalone Financial StatementsThe Company’s Board of Directors is responsible for the matters stated in section 134(5) of the Act with respect to the preparation of these standalonefinancialstatementsthatgiveatrueandfairviewofthefinancialposition,financialperformanceincludingothercomprehensiveincome,changesinequityandcashflowsoftheCompanyinaccordancewiththeIndASandotheraccountingprinciplesgenerallyacceptedin India. ThisresponsibilityalsoincludesmaintenanceofadequateaccountingrecordsinaccordancewiththeprovisionsoftheActforsafeguardingtheassetsoftheCompanyandforpreventinganddetectingfraudsandotherirregularities;selectionandapplicationofappropriateaccountingpolicies;makingjudgmentsandestimatesthatarereasonableandprudent;anddesign,implementationandmaintenanceofadequateinternalfinancial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to thepreparationandpresentationofthestandalonefinancialstatementsthatgiveatrueandfairviewandarefreefrommaterialmisstatement,whether due to fraud or error.In preparing the standalone financial statements,management is responsible for assessing theCompany’s ability to continue as a goingconcern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management


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eitherintendstoliquidatetheCompanyortoceaseoperations,orhasnorealisticalternativebuttodoso.TheBoardofDirectorsareresponsibleforoverseeingtheCompany’sfinancialreportingprocess.Auditor’s Responsibilities for the Audit of the Standalone Financial StatementsOur objectives are to obtain reasonable assurance aboutwhether the standalone financial statements as awhole are free frommaterialmisstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance,butisnotaguaranteethatanauditconductedinaccordancewithSAswillalwaysdetectamaterialmisstatementwhenitexists.Misstatementscanarisefromfraudorerrorandareconsideredmaterialif,individuallyorintheaggregate,theycouldreasonablybeexpectedtoinfluencetheeconomicdecisionsofuserstakenonthebasisofthesestandalonefinancialstatements.AspartofanauditinaccordancewithSAs,weexerciseprofessionaljudgmentandmaintainprofessionalskepticismthroughouttheaudit.Wealso:• Identifyandassesstherisksofmaterialmisstatementofthestandalonefinancialstatements,whetherduetofraudorerror,designand

performauditproceduresresponsivetothoserisks,andobtainauditevidencethatissufficientandappropriatetoprovideabasisforouropinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtainanunderstandingofinternalfinancialcontrolsrelevanttotheauditinordertodesignauditproceduresthatareappropriateinthecircumstances.Undersection143(3)(i)oftheAct,wearealsoresponsibleforexpressingouropiniononwhethertheCompanyhasadequateinternalfinancialcontrolssysteminplaceandtheoperatingeffectivenessofsuchcontrols.

• Evaluatetheappropriatenessofaccountingpoliciesusedandthereasonablenessofaccountingestimatesandrelateddisclosuresmadeby management.

• Concludeon the appropriateness ofmanagement’s useof thegoing concernbasis of accountingand, basedon the audit evidenceobtained,whetheramaterialuncertaintyexistsrelatedtoeventsorconditionsthatmaycastsignificantdoubtontheCompany’sabilitytocontinueasagoingconcern.Ifweconcludethatamaterialuncertaintyexists,wearerequiredtodrawattention inourauditor’sreporttotherelateddisclosuresinthestandalonefinancialstatementsor,ifsuchdisclosuresareinadequate,tomodifyouropinion.Ourconclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern.

• Evaluatetheoverallpresentation,structureandcontentofthestandalonefinancialstatements,includingthedisclosures,andwhetherthestandalonefinancialstatementsrepresenttheunderlyingtransactionsandeventsinamannerthatachievesfairpresentation.

Materialityisthemagnitudeofmisstatementsinthestandalonefinancialstatementsthat,individuallyorinaggregate,makesitprobablethattheeconomicdecisionsofareasonablyknowledgeableuserofthefinancialstatementsmaybeinfluenced.Weconsiderquantitativematerialityandqualitativefactorsin(i)planningthescopeofourauditworkandinevaluatingtheresultsofourwork;and(ii)toevaluatetheeffectofanyidentifiedmisstatementsinthefinancialstatements.We communicatewith those chargedwith governance regarding, among othermatters, the planned scope and timing of the audit andsignificantauditfindings,includinganysignificantdeficienciesininternalcontrolthatweidentifyduringouraudit.We also provide those chargedwith governancewith a statement that we have compliedwith relevant ethical requirements regardingindependence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.Fromthematterscommunicatedwiththosechargedwithgovernance,wedeterminethosemattersthatwereofmostsignificanceintheauditofthestandalonefinancialstatementsofthecurrentperiodandarethereforethekeyauditmatters.Wedescribethesemattersinourauditor’sreportunlesslaworregulationprecludespublicdisclosureaboutthematterorwhen,inextremelyrarecircumstances,wedeterminethatamattershouldnotbecommunicatedinourreportbecausetheadverseconsequencesofdoingsowouldreasonablybeexpectedtooutweighthepublicinterestbenefitsofsuchcommunication.Report on Other Legal and Regulatory Requirements1. AsrequiredbytheCompanies(Auditor’sReport)Order,2016(“theOrder”)issuedbytheCentralGovernmentintermsofSection143(11)

of the Act, we give in Annexure ‘1’ourreportonthemattersspecifiedinparagraphs3and4oftheOrder,totheextentapplicable.2. In terms of section 143(5) of the Companies Act, 2013, we give in the Annexure ‘2’ our report on the directions issued by the Comptroller

and Auditor General of India. 3. AsrequiredbySection143(3)oftheAct,basedonourauditwereportthat: (a) Wehavesoughtandobtainedalltheinformationandexplanationswhichtothebestofourknowledgeandbeliefwerenecessary

forthepurposesofouraudit; (b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our

examinationofthosebooks; (c) TheBalanceSheet,theStatementofProfitandLossincludingOtherComprehensiveIncome,StatementofChangesinEquityand

theStatementofCashFlowdealtwithbythisReportareinagreementwiththerelevantbooksofaccount; (d) Inouropinion,theaforesaidstandalonefinancialstatementscomplywiththeIndASspecifiedunderSection133oftheAct,

readwiththerelevantrulesissuedthereunder;

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(e) Inviewofexemptiongivenvidenotificationno.G.S.R.463(E)datedJune5,2015,issuedbytheMinistryofCorporateAffairs,provisionsofSection164(2)oftheActregardingdisqualificationofDirectors,arenotapplicabletotheCompany;

(f) Withrespecttotheadequacyoftheinternalfinancialcontrolswithreferencetostandalonefinancialstatementsofthecompanyandtheoperatingeffectivenessofsuchcontrols,refertoourseparatereportinAnnexure ‘3’. Ourreportexpressesanunmodifiedopinionontheadequacyandoperatingeffectivenessof theCompany’s internalfinancialcontrolswithreferencetoStandalonefinancialstatements.

(g) WithrespecttotheothermatterstobeincludedintheAuditor’sReportinaccordancewithRule11oftheCompanies(AuditandAuditors)Rules,2014,asamendedinouropinionandtothebestofourinformationandaccordingtotheexplanationsgivento us:

i. TheCompanyhasdisclosedtheimpactofpendinglitigationsonitsfinancialpositioninitsStandalonefinancialstatements–ReferNoteNo.47and61totheStandalonefinancialstatements.

ii. TheCompanyhasmadeprovision,asrequiredundertheapplicablelaworaccountingstandards,formaterialforeseeablelosses,ifany,onlong-termcontractsincludingderivativecontracts.

iii. Therehasbeennodelayintransferringamounts,requiredtobetransferred,totheInvestorEducationandProtectionFundbytheCompany.



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Annexure ‘1’ to the Independent Auditors’ Report As referred to in our Independent Auditors’ Report of even date to the members of the Power Grid Corporation of India Limited, on the standaloneIndASfinancialstatementsfortheyearended31stMarch,2019,wereportthat:(i) a)TheCompanyhasgenerallymaintainedrecords,showingfullparticularsincludingquantitativedetailsandsituationofFixedAssets

(Property,Plant&Equipment). b) Thefixedassets(Property,Plant&Equipment)havebeenphysicallyverifiedbyexternalagenciesduringtheyear.Inouropinion,

frequencyofverificationisreasonablehavingregardtothesizeoftheCompanyandnatureofitsbusiness.Nomaterialdiscrepancieswerenoticedonsuchverification.

c) InouropinionandaccordingtoinformationandexplanationsgiventousandonthebasisofanexaminationoftherecordsoftheCompany,thetitledeedsofimmovablepropertiesareheldinthenameoftheCompanyexcept:

No. of Cases Cost (` in Crores) Net Block (` in Crores)Leasehold Land 10 200.08 189.42Freehold Land 25 144.27 144.27Buildings (Flats in Mumbai) 28 2.95 1.67

(ii) Theinventorieshavebeenphysicallyverifiedbyexternalagenciesduringtheyear.Inouropinion,frequencyofverificationisreasonablehavingregardtothesizeoftheCompanyandnatureofitsbusiness.Nomaterialdiscrepancieswerenoticedonsuchverification.

(iii) Accordingtotheinformationandexplanationsgiventous,theCompanyhasnotgrantedloans,securedorunsecured,duringtheyear,toanycompanies,firms,limitedliabilitypartnershipsorotherpartiescoveredintheregistermaintainedundersection189oftheAct.Inviewof the above, the clause 3(iii) (a), clause 3(iii) (b) and clause 3(iii) (c) of the Order are not applicable.

(iv)Inouropinionandaccordingtoinformationandexplanationgiventous,thecompanyhascompliedwithprovisionsofsection185and186of the Act in respect of loans, investments, guarantees and security.

(v) Inouropinionandaccordingtotheinformationandexplanationsgiventous,thecompanyhasnotacceptedanydepositfromthepublicin accordance with the provisions of the sections 73 to 76 or any other relevant provisions of the Act, and the rules framed thereunder. Accordingly, paragraph 3(v) of the order is not applicable to the company.

(vi) WehavebroadlyreviewedthecostrecordsmaintainedbythecompanyspecifiedbytheCentralGovernmentundersubsection(1)ofsection148oftheCompaniesAct,2013,inrespectofTransmission&TelecomOperationsoftheCompanyandweareoftheopinionthatprimafacietheprescribedrecordshavebeenmadeandmaintained.However,wehavenotmadedetailedexaminationofthecostrecordswith a view to determine whether they are accurate or complete.

(vii) a) According to the informationandexplanationsgiven tous, theCompany isgenerally regular indepositingundisputedstatutorydueswithappropriateauthorities includingProvidentFund,IncomeTax,GoodsandServicesTax,SalesTax,WealthTax,ServiceTax,DutyofCustom,DutyofExcise,ValueAddedTax,CessandotherstatutoryduesapplicabletotheCompanyandthattherearenoundisputedstatutoryduesoutstandingasat31stMarch,2019foraperiodofmorethansixmonthsfromthedatetheybecamepayable. As informed, provisions of the Employees State Insurance Act are not applicable to the Company.

b) Accordingtoinformationandexplanationsgiventous,therearenodisputedduesofDutyofCustomsorDutyofExcisewhichhavenotbeendeposited.However,followingdisputeddemandsofIncomeTaxorSalesTaxorServiceTaxorValueAddedTaxorCessdues have not been deposited:

Name of the Statute Nature of dues Amount* (` in Crores)

Period to which the amount relates

Forum where dispute is pending

IncomeTaxAct,1961 IncomeTax 2.38 FortheFY2010-11 ITAT, DelhiIncomeTaxAct,1961 IncomeTax 4.30 FortheFY2015-16 CIT (A) DelhiIncomeTaxAct,1961 IncomeTax 5.17 JurisdictionalAssessingOfficers

of TANsIncomeTaxAct,1961 IncomeTax 5.38 JurisdictionalAssessingOfficer,

DelhiChhattisgarhEntryTaxAct, 1976

EntryTax 164.59 For the FY 2011-12 to2017-18

Chhattisgarh High Court

Finance Act, 1994 ServiceTax 0.28 FortheF.Y.2003-04 CESTAT, KolkataBihar Value Added Tax,2005

EntryTax 12.00 ForFY2014-15 Chief Commissioner, Commercial Tax,Bihar

Bihar Value Added Tax,2005

EntryTax 2.16 ForFY2015-16 Joint Commissioner, Commercial Tax(Appeals)

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Name of the Statute

Nature of dues Amount* (` in Crores)

Period to which the amount relates

Forum where dispute is pending

J&KGSTAct,1962 SalesTax 6.94 FromF.Y.1996-97to2001-02 SalesTaxAppellateTribunal,J&KJ&KGSTAct,1962 SalesTax 261.10 FromF.Y.2002-03to2013-14 Dy./Addl.CommissionerofSales

Tax(appeals)Jammu,J&KPunjab Vat Act, 2005 (EntryTax)

EntryTax 9.64 From F.Y.2011-12 to 2013-14

Hon'ableHighCourtPunjab&Haryana,

Building&OtherConstruction WorkersCessAct,1996

BOCW 5.00 ForFY2007-08 Hon'ableHighCourtHimachalPradesh, Shimla

Total 478.94

* Demand amount including interest, net of amount paid under protest.

(viii) InouropinionandaccordingtotheinformationandexplanationsgiventoustheCompanyhasnotdefaultedduringtheyearinrepaymentofloanstoitsfinancialinstitutions,bankersandduestotheBondholders.

(ix) Inouropiniononanoverallbasisandaccordingtotheinformationandexplanationsgiventous,thecompanyhasappliedthetermloans including funds raised through bonds for the purpose they were obtained. The company has raised funds by issuance of debt instruments(bonds)duringtheyear.Thecompanyhasnotraisedmoneybywayofinitialpublicofferorfurtherpublicofferduringthe year.

(x) Accordingtotheinformationandexplanationsgiventousandasrepresentedbythemanagement,wehavebeeninformedthatnocase of fraud has been committed on or by the company during the year.

(xi) Inviewofexemptiongivenvidenotificationno.G.S.R.463(E)datedJune5,2015,issuedbyMinistryofCorporateAffairs,provisionsof Section 197 read with Schedule V of the Act regarding managerial remuneration are not applicable to the Company. Accordingly, paragraph3(xi)oftheorderisnotapplicabletothecompany.

(xii) ThecompanyisnotaNidhiCompanyasprescribedundersection406oftheAct.Accordingly,paragraph3(xii)oftheorderisnotapplicable to the company.

(xiii) Accordingtotheinformationandexplanationsgiventousandasrepresentedbythemanagement,alltransactionswiththerelatedparties are in compliance with sections 177 and 188 of the Act, where applicable and the details have been disclosed in thestandaloneIndASfinancialstatementsasrequiredbytheapplicableIndianAccountingStandards.

(xiv) Accordingtotheinformationandexplanationsgiventousandbasedonourexaminationoftherecordsofthecompany,thecompanyhas not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year. Accordingly,paragraph3(xiv)isnotapplicabletothecompany.

(xv) Accordingtotheinformationandexplanationsgiventousandbasedonourexaminationoftherecordsofthecompany,thecompanyhasnot entered intonon-cash transactionswithdirectors orpersons connectedwith them.Accordingly, paragraph3(xv) isnotapplicable to the company.

(xvi) Accordingtotheinformationandexplanationsgiventousthecompanyisnotrequiredtoberegisteredundersection45IAoftheReserveBankofIndiaAct,1934.Accordingly,paragraph3(xvi)isnotapplicabletothecompany.



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Annexure ‘2’ to the Auditors ReportAs referred to in our Independent Auditors’ Report of even date to the members of the Power Grid Corporation of India Limited, on the standaloneIndASfinancialstatementsfortheyearended31stMarch,2019.

Sr. No. Directions Auditors’ Comments1. 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 the accounts along with the financialimplications, if any, may be stated.

The company is having ERP system (SAP) in place for processing all accountingtransactions.Basedonourverification,noaccountingtransactionisbeingrecorded/processedotherthanthroughtheERPsysteminplace.

2. Whether there is any restructuring of an existingloan 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, thefinancialimpactmaybestated.

Basedonourverificationandexplanationsandinformationgiventous,therewerenocasesofrestructuringofanexistingloanorcasesofwaiver/writeoffofdebts/loan/interestetc.madebyalendertothecompanyduetothecompany’s inability to repay the loan.

3. Whether funds received/receivable for specificschemesfromCentral/Stateagencieswereproperlyaccountedfor/utilizedasperitstermandconditions?List the cases of deviation.

Based on our verification and explanations and information given to us,funds received/receivable for specific scheme from Central/State agencieswere properly accounted for and utilized as per its terms and conditions. No deviations were noticed by us.



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Annexure ‘3’ to the Auditors’ Report As referred to in our Independent Auditors’ Report of even date to the members of the Power Grid Corporation of India Limited, on the standaloneIndASfinancialstatementsfortheyearended31stMarch,2019

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (“the act”)

WehaveauditedtheinternalfinancialcontrolswithreferencetoIndASfinancialstatementsofthecompanyasat31stMarch2019inconjunctionwithourauditofthestandaloneIndASfinancialstatementsoftheCompanyfortheyearendedonthatdate.

Management’s Responsibility for Internal Financial Controls

The Company’s management is responsible for establishing andmaintaining internal financial controls with reference to Ind AS financialstatements,basedontheinternalcontrolsoverfinancialreportingcriteriaestablishedbytheCompanyconsideringtheessentialcomponentsof internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of CharteredAccountantsofIndia(ICAI).Theseresponsibilitiesincludethedesign,implementationandmaintenanceofadequateinternalfinancialcontrolswithreferencetoIndASfinancialstatementsthatwereoperatingeffectivelyforensuringtheorderlyandefficientconductofbusiness,including adherence to Company’s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completenessoftheaccountingrecords,andthetimelypreparationofreliablefinancialinformation,asrequiredundertheAct.

Auditors’ Responsibility

OurresponsibilityistoexpressanopinionontheCompany’sinternalfinancialcontrolswithreferencetoIndASfinancialstatementsbasedonouraudit.WeconductedourauditinaccordancewiththeGuidanceNoteonAuditofInternalFinancialControloverFinancialReporting(the“Guidance Note”) and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013,totheextentapplicabletoanauditofinternalfinancialcontrols,bothapplicabletoanauditofInternalFinancialControlsand,bothissuedbytheInstituteofCharteredAccountantsofIndia.ThoseStandardsandtheGuidanceNoterequirethatwecomplywithethicalrequirementsandplanandperformtheaudittoobtainreasonableassuranceaboutwhetheradequateinternalfinancialcontrolswithreferencetoIndASfinancialstatementswasestablishedandmaintainedandifsuchcontrolsoperatedeffectivelyinallmaterialrespects.

Ourauditinvolvesperformingprocedurestoobtainauditevidenceabouttheadequacyoftheinternalfinancialcontrolssystemwithreferenceto IndASfinancial statements and their operatingeffectiveness.Ouraudit of internal financial controlswith reference to IndASfinancialstatementsincludedobtaininganunderstandingofinternalfinancialcontrolswithreferencetoIndASfinancialstatements,assessingtheriskthatamaterialweaknessexistsandtestingandevaluatingthedesignandoperatingeffectivenessofinternalcontrolsbasedontheassessedrisk.The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the standalone IndASfinancialstatements,whetherduetofraudorerror.

WebelievethattheauditevidencewehaveobtainedissufficientandappropriatetoprovideabasisforourauditopinionontheCompany’sinternalfinancialcontrolssystemwithreferencetoIndASfinancialstatements.

Meaning of Internal Financial Controls with reference to Ind AS financial statements

Acompany’s internalfinancialcontrolwithreference toIndASfinancialstatements isaprocessdesignedtoprovidereasonableassuranceregardingthereliabilityoffinancialreportingandthepreparationoffinancialstatementsforexternalpurposesinaccordancewithgenerallyacceptedaccountingprinciples.Acompany’sinternalfinancialcontrolwithreferencetoIndASfinancialstatementsincludesthosepoliciesandprocedures that:

(1) pertaintothemaintenanceofrecordsthat,inreasonabledetail,accuratelyandfairlyreflectthetransactionsanddispositionsoftheassetsofthecompany;

(2) providereasonableassurancethattransactionsarerecordedasnecessarytopermitpreparationoffinancialstatementsinaccordancewithgenerallyacceptedaccountingprinciples,andthatreceiptsandexpendituresoftheCompanyarebeingmadeonlyinaccordancewithauthorizationsofmanagementanddirectorsofthecompany;and

(3) providereasonableassuranceregardingpreventionortimelydetectionofunauthorizedacquisition,use,ordispositionsoftheCompany’sassetsthatcouldhaveamaterialeffectonthestandaloneIndASfinancialstatements.

Inherent Limitations of internal Financial Controls with reference to Ind AS financial statements

BecauseoftheinherentlimitationsofinternalfinancialcontrolswithreferencetoIndASfinancialstatements,includingthepossibilityofcollusionor improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections ofanyevaluationoftheinternalfinancialcontrolswithreferencetoIndASfinancialstatementstofutureperiodsaresubjecttotheriskthattheinternalfinancialcontrolswithreferencetoIndASfinancialstatementsmaybecomeinadequatebecauseofchangesinconditions,orthatthedegree of compliance with the policies or procedures may deteriorate.


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Opinion

Inouropinion,theCompanyhas, inallmaterialrespects,anadequate internalfinancialcontrolssystemwithreferencetoIndASfinancialstatementsandsuchinternalfinancialcontrolswithreferencetoIndASfinancialstatementswereoperatingeffectivelyasat31stMarch,2019,basedontheinternalfinancialcontrolsoverfinancialreportingcriteriaestablishedbytheCompanyconsideringtheessentialcomponentsofinternal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.



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Particulars Note No As at 31st March, 2019

As at 31st March, 2018*

As at 1st April, 2017*

ASSETSNon-current assetsProperty,PlantandEquipment 4 171057.99 154831.38 136422.44Capitalwork-in-progress 5 37388.47 37603.90 38187.00Investment Property 6 0.03 0.03 0.03Other Intangible assets 7 1681.60 1366.86 1255.39Intangible assets under development 8 242.59 64.67 77.34InvestmentsinJointVenturesaccountedforusingtheequitymethod 9A 1166.58 1095.19 1020.76Financial Assets

Investments 9 129.84 128.78 141.70Loans 10 188.13 139.99 132.36Othernon-currentfinancialassets 11 4548.37 866.35 808.95

Othernon-currentassets 12 5208.83 5747.68 6516.58221612.43 201844.83 184562.55

Current assetsInventories 13 1247.25 1049.35 906.95Financial Assets

Investments - - 2.50Trade receivables 14 4728.10 3640.02 3131.93Cashandcashequivalents 15 3647.73 1534.80 3241.45BankbalancesotherthanCashandcashequivalents 16 688.92 654.22 112.18Loans 17 130.99 46.88 39.82Othercurrentfinancialassets 18 6881.04 4737.23 3239.17

Other current assets 19 337.86 504.50 300.8517661.89 12167.00 10974.85

Regulatory Deferral Account Balances 20 8083.27 11304.22 7975.80Total Assets 247357.59 225316.05 203513.20EQUITY AND LIABILITIESEquityEquitySharecapital 21 5231.59 5231.59 5231.59OtherEquity 22 53856.80 49194.40 44633.91

59088.39 54425.99 49865.50LiabilitiesNon-current liabilitiesFinancial Liabilities

Borrowings 23 131329.51 122710.32 111253.17Othernon-currentfinancialliabilities 24 3994.53 459.60 474.60

Provisions 25 368.15 716.87 789.56Deferredtaxliabilities(Net) 26 10018.48 13472.85 10404.18Othernon-currentliabilities 27 486.57 457.16 575.20

146197.24 137816.80 123496.71Current liabilitiesFinancial Liabilities

Borrowings 28 4300.00 1000.00 1500.00Trade payables(A) total outstanding dues of micro enterprises and small enterprises 29 33.27 2.33 -(B) total outstanding dues of creditors other than micro enterprises and

small enterprises29 331.86 238.11 413.98

Othercurrentfinancialliabilities 30 23359.68 22680.00 19809.94Other current liabilities 31 3888.98 2718.55 2589.08Provisions 32 701.14 1059.60 537.21CurrentTaxLiabilities(Net) 33 - 407.26 418.41

32614.93 28105.85 25268.62 Deferred Revenue 34 9457.03 4967.41 4882.37Total Equity and Liabilities 247357.59 225316.05 203513.20* Restated (Refer Note 55)Theaccompanyingnotes(1to70)formanintegralpartoffinancialstatements

Consolidated Balance Sheet as at 31st March, 2019 (` in Crore)






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(` in Crore)Particulars Note No. For the year ended

31st March, 2019For the year ended 31st March, 2018*

Revenue From Operations 35 35059.12 29953.62Other Income 36 602.20 476.92Total Income 35661.32 30430.54EXPENSESEmployeebenefitsexpense 37 1783.57 1599.09Finance costs 38 8736.57 7324.14Depreciationandamortizationexpense 39 10540.95 9230.99Otherexpenses 40 3055.01 2237.70Total expenses 24116.10 20391.92Profitbeforeshareofnetprofitsof investments inJointVenturesaccountedforusingEquityMethodandtax

11545.22 10038.62

Shareofnetprofitsof investments inJointVenturesaccountedforusingEquityMethod

128.82 147.94

Profit Before Tax and Regulatory Deferral Account Balances 11674.04 10186.56Taxexpense:Currenttax-CurrentYear 2568.02 2182.64-EarlierYears - 15.34 Deferredtax 26 (3454.37) 3068.77

(886.35) 5266.75Profit for the period before Regulatory Deferral Account Balances 12560.39 4919.81NetmovementinRegulatoryDeferralAccountBalances-Income/(Expenses)(netoftax)

41 (2526.87) 3284.19

Profit for the period 10033.52 8204.00Other Comprehensive IncomeItemsthatwillnotbereclassifiedtoprofitorloss(netoftax) 42 (16.30) 8.03ShareofothercomprehensiveincomeofJointVenturesaccountedforusingEquityMethod

(0.04) (0.10)

Total Comprehensive Income for the period 10017.18 8211.93Earnings per equity share includingmovement in RegulatoryDeferral AccountBalances (Par value `10/-each):Basic&Diluted(`) 65 19.18 15.68Earnings per equity share excludingmovement in Regulatory Deferral AccountBalances (Par value `10/-each):Basic&Diluted(`) 65 24.01 9.40* Restated (Refer Note 55)Theaccompanyingnotes(1to70)formanintegralpartoffinancialstatements






M.No. 072290


M.No.041883


M.No. 064601


M.No. 425104







Consolidated Statement of Profit and Loss for the year ended 31st March, 2019

267

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269

Consolidated Statement of Cash Flow for the Year ended 31st March, 2019(` in Crore)



A. CASH FLOW FROM OPERATING ACTIVITIESProfitBeforeTaxandRegulatoryDeferralAccountBalances 11,674.04 10,186.56Add:NetmovementinRegulatoryDeferralAccountBalances(netoftax) (2,526.87) 3,284.19Add:TaxonNetmovementinRegulatoryDeferralAccountBalances (694.08) 44.23 Net Profit Before Tax (including Net movement in regulatory deferral accountbalances)

8,453.09 13,514.98

Adjustment for :Depreciation&amortizationexpenses 10,540.95 9,230.99 Transfer from Grants in Aid (70.77) (12.13)Deferredrevenue-AdvanceagainstDepreciation (180.64) (120.72)Provisions 410.58 50.59 Changesinfairvalueoffinancialassetsthroughprofitorloss (8.02) (6.42)NetLossonDisposal/WriteoffofProperty,Plant&Equipment 25.58 10.30 Deferred Foreign Currency Fluctuation Asset (941.06) 240.75 Deferred Income from Foreign Currency Fluctuation 1,056.50 (203.50)Regulatory Deferral Account Debit Balances 3,220.95 (3,328.42)Finance Costs 8,736.57 7,324.14 ProvisionsWrittenBack (28.25) (8.36)FERVloss/(gain) (0.16) (0.33)Interest income on Deposits, Bonds and loans to JVs (86.62) (98.97)Dividend income (5.42) (5.58)

22,670.19 13,072.34 Operating profit before Changes in Assets and Liabilities 31,123.28 26,587.32Adjustment for Changes in Assets and Liabilities:(Increase)/DecreaseinInventories (182.30) (163.46)(Increase)/DecreaseinTradeReceivables (1,379.29) (523.83)(Increase)/DecreaseinOtherFinancialAssets (6,019.61) (2,151.34)(Increase)/DecreaseinOtherNon-currentAssets (87.21) 57.95 (Increase)/DecreaseinOtherCurrentAssets 166.64 (196.47)Increase/(Decrease)inLiabilities&Provisions 2,039.91 1,359.01

(5,461.86) (1,618.14)Cash generated from operations 25,661.42 24,969.18 Directtaxespaid (2,280.75) (2,259.06)Net Cash from Operating Activities 23,380.67 22,710.12

B. CASH FLOW FROM INVESTING ACTIVITIESProperty,Plant&EquipmentandCapitalWorkinProgress(IncludingAdvancesforCapitalExpenditure)

(22,450.66) (26,179.86)

Receipt of Grant 3,684.53 421.39 (Increase)/DecreaseinInvestments (15.21) (25.12)(Increase)/DecreaseinInvestmentsaccountedforusingtheequitymethod (79.17) (74.43)Loans&AdvancestoJVs(includingrepayments) (77.12) (6.00)Lease receivables 10.21 59.82InterestreceivedonDeposits,Bonds&loanstoJVs 85.04 97.17 Dividend received 5.42 5.58Net Cash used in Investing Activities (18,836.96) (25,701.45)


270

Consolidated Statement of Cash Flow for the Year ended 31st March, 2019 (Contd.)(` in Crore)






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M.No. 425104









C. CASH FLOW FROM FINANCING ACTIVITIESProceeds from BorrowingsNon Current 19,489.58 18,706.79Current 17,420.00 6,675.00

Repayment of BorrowingsNon Current (9,495.60) (6,236.67)Current (14,120.00) (7,175.00)

Adjustment for Fair Valuation of Long Term Loans 22.96 22.31 Finance Costs paid (10,292.35) (7,047.97)Dividend paid (4,514.87) (3,034.33)DividendTaxpaid (940.50) (625.45)Net Cash (used in)/from Financing Activities (2,430.78) 1,284.68

D.NetchangeinCashandCashequivalents(A+B+C) 2,112.93 (1,706.65)E.CashandCashequivalents(Openingbalance) 1,534.80 3,241.45 F.CashandCashequivalents(Closingbalance)(ReferNoteNo15)* 3,647.73 1,534.80

Theaccompanyingnotes(1to70)formanintegralpartoffinancialstatements* Includes ` 3471.01 crore (Previous Year ` 1373.92 crore) held in designated accounts which is not available for use by the Group.

Particulars Non-current borrowings

Current borrowings

Opening Balance as at 1stApril,2018 133,971.34 1,000.00Net Cash Flows during the year 310.94 3,300.00Non-cashchangesdueto:-Interestonborrowings 9,626.88-Variationinexchangerates 1,556.46-Fairvalueadjustments 22.96Closing Balance as at 31st March, 2019 145,488.58 4,300.00

Particulars Non-current borrowings

Current borrowings

Opening Balance as at 1st April, 2017 120,680.12 1,500.00Net Cash Flows during the year 5,739.34 (500.00)Non-cashchangesdueto:-Interestonborrowings 7,006.95-Variationinexchangerates 522.62-Fairvalueadjustments 22.31Closing Balance as at 31stMarch,2018 133,971.34 1,000.00

Notes: 1.Cashandcashequivalentsconsistofcheques,drafts,stampsinhands,balanceswithbanksanddepositswithoriginalmaturityofuptothree

months. 2.Previousyearfigureshavebeenre-grouped/re-arrangedwherevernecessary. 3.Reconciliationbetweentheopeningandclosingbalancesinthebalancesheetforliabilitiesarisingfromfinancingactivities.

(` in Crore)

(` in Crore)

271

Notes to Consolidated Financial Statements1. Group Information Power Grid Corporation of India Limited (‘the Company’) is a public company domiciled and incorporated in India under the provisions of

TheCompaniesActanditssharesarelistedontheNationalStockExchange(NSE)andBSELimited(BSE)inIndia.TheRegisteredOfficeoftheCompanyissituatedatB-9,QutabInstitutionalArea,KatwariaSarai,NewDelhi,IndiaanditsCorporateOfficeislocatedatSaudamini,PlotNo.2,Sector-29,Gurgaon,Haryana.

TheCompanyisnotifiedastheCentralTransmissionUtility(CTU)underTheElectricityAct,2003.Itisprincipallyengagedinplanning,implementation,operationandmaintenanceofInter-StateTransmissionSystem(ISTS),Telecomandconsultancyservices.

TheconsolidatedfinancialstatementsofthegroupfortheyearendedMarch31,2019wereapprovedforissuebytheBoardofDirectorson 29th May 2019.

2. Significant Accounting Policies TheConsolidatedfinancialstatementsofthegroupareconsistingoftheCompanyanditssubsidiariesandtheGroup’sinterestinjoint

ventures. 2.1 Basis of Preparation

i) Compliance with Ind AS Theconsolidatedfinancialstatementsareprepared incompliancewithIndianAccountingStandards(IndAS)notifiedunder

Section 133 of the Companies Act, 2013 (the Act), Companies (Indian Accounting Standards) Rules, 2015, the relevant provisions oftheCompaniesAct,2013(totheextentnotified),TheCompaniesAct,1956andtheprovisionsofElectricityAct,2003,ineachcase,totheextentapplicableandasamendedthereafter.

ii) Basis of Measurement Theconsolidatedfinancialstatementshavebeenpreparedonaccrualbasisandunder thehistoricalcostconventionexcept

following which have been measured at fair value: • Certainfinancialassetsandliabilitiesmeasuredatfairvalue(referNoteno.2.14foraccountingpolicyregardingfinancial

instruments), • Definedbenefitplans–planassetsmeasuredatfairvalue. iii) Functional and presentation currency TheconsolidatedfinancialstatementsarepresentedinIndianRupees(Rupeesor`), which is the Company’s functional and

presentationcurrencyandallamountsareroundedtothenearestcroreandtwodecimalsthereof,exceptasstatedotherwise.iv) Use of estimates Thepreparationofconsolidatedfinancialstatementsrequiresestimatesandassumptionsthataffectthereportedamountof

assets,liabilities,revenueandexpensesduringthereportingperiod.Although,suchestimatesandassumptionsaremadeonareasonableandprudentbasistakingintoaccountallavailableinformation,actualresultscoulddifferfromtheseestimates.Theestimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the periodinwhichtheestimateisrevisediftherevisioneffectsonlythatperiodorintheperiodoftherevisionandfutureperiodsiftherevisionaffectsbothcurrentandfutureyears(referNoteno.3oncriticalaccountingestimates,assumptionsandjudgments).

v) Current and non-current classification TheGrouppresentsassetsandliabilitiesinthebalancesheetbasedoncurrent/non-currentclassification. An asset is current when it is: • Expectedtoberealizedorintendedtobesoldorconsumedinnormaloperatingcycle; • Heldprimarilyforthepurposeoftrading; • Expectedtoberealizedwithintwelvemonthsafterthereportingperiod;or • Cashorcashequivalentunlessrestrictedfrombeingexchangedorusedtosettlealiabilityforatleasttwelvemonthsafter

the reporting period. Allotherassetsareclassifiedasnon-current. A liability is current when: • Itisexpectedtobesettledinnormaloperatingcycle; • Itisheldprimarilyforthepurposeoftrading; • Itisduetobesettledwithintwelvemonthsafterthereportingperiod;or • Thereisnounconditionalrighttodefersettlementoftheliabilityforatleasttwelvemonthsafterthereportingperiod. Allotherliabilitiesareclassifiedasnon-current. Deferredtaxassets/liabilitiesareclassifiedasnon-current. The Group recognizes twelve months period as its operating cycle.


272

2.2 Principle of Consolidation and Equity Accounting Subsidiaries SubsidiariesareentitiesoverwhichtheGrouphascontrol.TheGroupcontrolsanentitywhentheGroupisexposedto,orhasright

to,variablereturnsfromitsinvolvementwiththeentityandhastheabilitytoaffectthosereturnsthroughitspowertodirecttherelevant activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases.

Theacquisitionmethodofaccountingisusedtoaccountforbusinesscombinationbythegroup. TheGroupcombinesthefinancialstatementofthesubsidiarieslinebylineaddingtogetherlikeitemsofassets,liabilities,equity,

income,andexpenses.InterGrouptransactions,balancesandunrealizedgainsontransactionsbetweencompaniesareeliminated.Unrealizedlossesarealsoeliminatedunlessthetransactionprovidesevidenceofanimpairmentofthetransferredasset.Accountingpolicies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group.

TheconsolidatedfinancialstatementshavebeenpreparedinaccordancewithIndianAccountingStandard(IndAS)110–‘ConsolidatedFinancialStatements’andIndianAccountingStandard(IndAS)28–‘InvestmentsinAssociatesandJointVentures’.

Joint Arrangements Under IndAS111 JointArrangements, investment in joint arrangements is classifiedaseither jointoperationor joint ventures.

The classification depends on the contractual right and obligations of each investor, rather than the legal structure of the jointarrangement. The Group has only joint ventures.

Joint Ventures Interestinjointventuresareaccountedforusingtheequitymethod,afterinitiallybeingrecognisedatcostintheconsolidatedbalance

sheet. Equity Method Undertheequitymethodofaccounting,the investmentsare initiallyrecognisedatcostandadjustedthereafter torecognizethe

Group’sshareofthepost–acquisitionprofitsorlossesoftheinvesteecompanyinStatementofProfitandLoss,andtheGroup’sshareof other comprehensive income of the investee Company in other comprehensive income. Dividends received from joint ventures are recognised as reduction in the carrying amount of the investment.

When theGroup’s shareof losses inan investmentaccountedunderEquitymethodequalsorexceeds its interest in theentity,including any other unsecured long term receivables, the Group does not recognise further losses, unless it has incurred obligations or made payments on behalf of the Joint Venture Entities.

UnrealizedgainsontransactionsbetweentheGroupanditsjointventuresareeliminatedtotheextentoftheGroup’s interest intheseentities.Unrealizedlossesarealsoeliminatedunlessthetransactionprovidesevidenceofanimpairmentofassettransferred.Accountingpoliciesofequityaccountedinvesteeshavebeenchangedwherenecessary.

Thefinancialstatementsofthesubsidiarycompaniesandjointventurecompaniesintheconsolidationaredrawnuptothesamereporting date as of the Group.

Changes in ownership interests Whenthegroupceasestoaccountforaninvestmentunderequitymethodduetolossofjointcontrol,theretainedinterestinthe

entityisremeasuredtoitsfairvaluewiththechangeincarryingamountrecognisedinStatementofProfitandLoss.Thefairvaluebecomestheinitialcarryingamountforthepurposeofsubsequentaccountingoftheretainedinterestasafinancialasset.

Difference in Accounting Policies and Impact thereon: ForcertainitemstheGroupandjointventureentitieshavefolloweddifferentaccountingpolicies.However,theimpactofsameisnot

material. 2.3 Property, Plant and Equipment TheGrouphadoptedtoconsiderthecarryingvalueofProperty,PlantandEquipmentasperpreviousGAAPonthedateoftransition

to Ind AS (1stApril2015)tobethedeemedcostasperIndAS101‘First-timeAdoptionofIndianAccountingStandards’. Initial Recognition and Measurement Property,PlantandEquipment is initiallymeasuredatcostofacquisition/construction includinganycostsdirectlyattributableto

bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Afterinitialrecognition,Property,PlantandEquipmentiscarriedatcostlessaccumulateddepreciation/amortisationandaccumulatedimpairment losses, if any.

Property,PlantandEquipmentacquiredasreplacementoftheexistingassetsarecapitalizedanditscorrespondingreplacedassetsremoved/retiredfromactiveusearederecognized.

Ifthecostofthereplacedpartorearlierinspectionisnotavailable,theestimatedcostofsimilarnewparts/inspectionisusedasanindicationofwhatthecostoftheexistingpart/inspectioncomponentwaswhentheitemwasacquiredorinspectionwascarriedout.

Inthecaseofcommissionedassets,depositworks/cost-pluscontractswherefinalsettlementofbillswithcontractorsisyettobeeffected,capitalizationisdoneonprovisionalbasissubjecttonecessaryadjustmentsintheyearoffinalsettlement.

273

Assetsandsystemscommontomorethanonetransmissionsystemarecapitalizedonthebasisoftechnicalestimates/assessments. Transmission system assets are considered as ready for intended use from the date of commercial operation declared in terms of

CERCTariffRegulationsandcapitalizedaccordingly.Howeverincaseofsubsidiaries,transmissionsystemassetsareconsideredasready for intended use after meeting the conditions as stipulated in Transmission Service Agreement (TSA) and capitalized accordingly.

Thecostoflandincludesprovisionaldeposits,payments/liabilitiestowardscompensation,rehabilitationandotherexpenseswhereverpossession of land is taken.

Expenditureonleveling,clearingandgradingoflandiscapitalizedaspartofcostoftherelatedbuildings. Spares parts whose cost is `5,00,000/-andabove,standbyequipmentandservicingequipmentwhichmeetstherecognitioncriteria

ofProperty,PlantandEquipmentarecapitalized. Subsequent costs Subsequentexpenditureisrecognizedasanincreaseincarryingamountofassetswhenitisprobablethatfutureeconomicbenefits

derivingfromthecostincurredwillflowtotheGroupandcostoftheitemcanbemeasuredreliably ThecostofreplacingpartofanitemofProperty,Plant&Equipmentisrecognizedinthecarryingamountoftheitemifitisprobable

thatfutureeconomicbenefitsembodiedwithinthepartwillflowtotheGroupanditscostcanbemeasuredreliably.Thecarryingamountofthereplacedpartisderecognized.Thecostsoftheday-to-dayservicingofproperty,plantandequipmentarerecognisedintheStatementofProfit&Lossasincurred.

Derecognition AnitemofProperty,PlantandEquipmentisderecognizedwhennofutureeconomicbenefitsareexpectedfromtheiruseorupon

disposal. Thegainorlossarisingonthedisposalorretirementofanitemofproperty,plantandequipmentisdeterminedasthedifference

betweenthenetdisposalproceedsandthecarryingamountoftheassetandisrecognisedintheStatementofProfitandLossonthedate of disposal or retirement.

2.4 Capital Work-In-Progress (CWIP) Costofmaterial,erectionchargesandotherexpensesincurredfortheconstructionofProperty,PlantandEquipmentareshownas

CWIPbasedonprogressoferectionworktillthedateofcapitalization. ExpenditureofCorporateoffice,RegionalOfficesandProjects, attributable to constructionofproperty,plantandequipmentare

identifiedandallocatedonasystematicbasistothecostoftherelatedassets. Interestduringconstructionandexpenditure(net)allocatedtoconstructionasperpolicyabovearekeptasaseparateitemunder

CWIPandapportionedtotheassetsbeingcapitalizedinproportiontotheclosingbalanceofCWIP. Depositworks/cost-pluscontractsareaccountedforonthebasisofstatementreceivedfromthecontractorsortechnicalassessment

of work completed. Unsettledliabilityforpricevariation/exchangeratevariationincaseofcontractsisaccountedforonestimatedbasisaspertermsof

the contracts. 2.5 Intangible Assets and Intangible Assets under development The Group had opted to consider the carrying value of Intangible Assets as per previous GAAP on the date of transition to Ind AS (1st

April2015)tobethedeemedcostasperIndAS101‘First-timeAdoptionofIndianAccountingStandards’. Intangible assets are measured on initial recognition at cost. After initial recognition, intangible assets are carried at cost less any

accumulated amortisation and accumulated impairment losses. Subsequent expenditure on already capitalized Intangible assets is capitalised when it increases the future economic benefits

embodiedinanexistingassetandisamortisedprospectively. Thecostofsoftware(whichisnotanintegralpartoftherelatedhardware)acquiredforinternaluseandresultinginsignificantfuture

economicbenefitsisrecognizedasanintangibleassetwhenthesameisreadyforitsuse. Afforestationchargesforacquiringright-of-wayforlayingtransmissionlinesareaccountedforasintangibleassetsonthedateof

capitalization of related transmission lines. Expenditureincurred,eligibleforcapitalizationundertheheadIntangibleAssets,arecarriedas“IntangibleAssetsunderDevelopment”

till such assets are ready for their intended use. Expenditureonresearchshallberecognisedasanexpensewhenitisincurred. ExpenditureondevelopmentshallberecognisedasIntangibleassetifitmeetstheeligibilitycriteriaasperIndAS38‘Intangible

Assets’,otherwiseitshallberecognisedasanexpense. AnitemofIntangibleassetisderecognisedupondisposalorwhennofutureeconomicbenefitsareexpectedfromitsuseordisposal.

GainsorlossesarisingfromderecognitionofanintangibleassetaremeasuredasthedifferencebetweenthenetdisposalproceedsandthecarryingamountoftheassetandarerecognisedintheStatementofProfitandLosswhentheassetisderecognised.


274

2.6 Investment property The Group had opted to consider the carrying value of Investment Property as per previous GAAP on the date of transition to Ind AS

(1stApril2015)tobethedeemedcostasperIndAS101‘First-timeAdoptionofIndianAccountingStandards’. Investmentpropertycomprisesportionsoflandand/orbuildingsthatareheldforlongtermrentalyieldsand/orforcapitalappreciation. Investment properties are initially measured at cost, including transaction costs. Subsequent to initial recognition, investment

properties are carried at cost less accumulated depreciation and accumulated impairment loss, if any. Transfers to or from investment property is made when and only when there is a change in use. Investmentpropertiesarederecognisedeitherwhentheyhavebeendisposedofforwhentheyarepermanentlywithdrawnfromuse

andnofutureeconomicbenefitisexpectedfromtheirdisposal.Thedifferencebetweenthenetdisposalproceedsandthecarryingamountoftheassetisrecognisedasprofitorlossintheperiodofderecognition.

2.7 Depreciation / Amortisation Property, Plant and Equipment Depreciation/amortisationontheassetsrelatedtotransmissionbusinessisprovidedonstraightlinemethodfollowingtheratesand

methodologynotifiedbytheCERCforthepurposeofrecoveryoftariffandonassetsoftelecomandconsultancybusinessisprovidedonstraight linemethodasperuseful life specified inSchedule IIof theCompaniesAct,2013except forassets specified in thefollowing paragraphs.

ULDC assets commissioned prior to 1st April 2014 are depreciated on Straight LineMethod@ 6.67% per annum. Such assetscommissioned on or after 1stApril2014aredepreciatedonstraightlinemethodfollowingtheratesandmethodologynotifiedbytheCERCforthepurposeofrecoveryoftariff.

Inthecaseofproperty,plantandequipmentofNationalThermalPowerCorporationLimited(NTPC),NationalHydro-ElectricPowerCorporationLimited(NHPC),North-EasternElectricPowerCorporationLimited(NEEPCO),NeyveliLigniteCorporationLimited(NLC)transferred w.e.f. April 1, 1992, Jammu and Kashmir Lines w.e.f. April 1, 1993, and Tehri Hydro Development Corporation Limited (THDC) w.e.f. August 1, 1993, depreciation is charged based on gross block as indicated in transferor’s books with necessary adjustmentssothatthelifeoftheassetsaslaiddownintheCERCnotificationfortariffismaintained.

Leasehold land is fully amortized over lease period or life of the related plant whichever is lower in accordance with the rates and methodologyspecifiedinCERCTariffRegulation.Leaseholdlandacquiredonperpetualleaseisnotamortized.

DepreciationonbuildingsheldasinvestmentpropertyisprovidedonstraightlinemethodasspecifiedinScheduleIIofTheCompaniesAct, 2013.

Depreciationonsparesparts,standbyequipmentandservicingequipmentwhicharecapitalized,isprovidedonstraightlinemethodfrom the date they are available for use over the remaining useful life of the related assets of transmission business, following the ratesandmethodologynotifiedbytheCERC.

Depreciation on following assets is provided based on estimated useful life as per technical assessment. Particulars Useful life a. Computers&Peripherals 3Years b. Servers&NetworkComponents 5years Residual value of above assets is considered as Nil. Mobilephonesarechargedoffintheyearofpurchase.

FixedAssetscosting`5,000/-orless,arefullydepreciatedintheyearofacquisition.Wherethecostofdepreciableproperty,plantandequipmenthasundergoneachangeduetoincrease/decreaseinlongtermmonetaryitemsonaccountofexchangeratefluctuation,priceadjustment,changeindutiesorsimilarfactors,theunamortizedbalanceofsuchassetisdepreciatedprospectivelyattheratesandmethodologyasspecifiedbytheCERCTariffRegulations,exceptfortelecomandconsultancybusinessassetswhereresiduallifeisdeterminedonthebasisofusefullifeofproperty,plantandequipmentasspecifiedin Schedule II of the Companies Act, 2013.Depreciationonadditionsto/deductionsfromProperty,PlantandEquipmentduringtheyearischargedonpro-ratabasisfrom/uptothedateonwhichtheassetisavailableforuse/disposed.The residual values, useful lives and methods of depreciation for assets other than assets related to transmission business are reviewedateachfinancialyear-endandadjustedprospectively,whereverrequired.Intangible AssetsCost of software capitalized as intangible asset is amortized over the period of legal right to use or 3 years, whichever is less with Nil residual value. AfforestationchargesareamortizedoverthirtyfiveyearsfromthedateofcapitalizationofrelatedtransmissionassetsfollowingtheratesandmethodologynotifiedbyCentralElectricityRegulatoryCommission(CERC)TariffRegulations.Telecom Licenses are amortised on straight line basis over their respective useful lives.

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Expenditureondevelopmentof1200kvTransmissionSystemshallbeamortisedoveraperiodof10years.Amortisationonadditionsto/deductionsfromIntangibleAssetsduringtheyearischargedonpro-ratabasisfrom/uptothedateonwhichtheassetisavailableforuse/disposed.Theamortizationperiodandtheamortizationmethodforanintangibleassetarereviewedateachfinancialyear-endandareaccountedforaschangeinaccountingestimatesinaccordancewithIndAS8“AccountingPolicies,ChangesinAccountingEstimatesandErrors

2.8 Borrowing CostsAlltheborrowedfunds(exceptshorttermfundsforworkingcapital)areearmarkedtospecificprojects.Theborrowingcosts(includingbondissueexpenses,interest,discountonbonds,frontendfee,guaranteefee,managementfeeetc.)areallocatedtotheprojectsin proportion to the funds so earmarked.Borrowingcostsdirectlyattributabletotheacquisitionorconstructionofqualifyingassetsarecapitalised(netofincomeontemporarydeploymentoffunds)aspartofthecostofsuchassetstilltheassetsarereadyfortheintendeduse.Qualifyingassetsareassetswhichtake a substantial period of time to get ready for their intended use.Other borrowing costs are charged to revenue.

2.9 Impairment of non-financial assetsThecarryingamountsoftheGroups’snon-financialassetsarereviewedateachreportingdatetodeterminewhetherthereisanyindicationofimpairmentconsideringtheprovisionsofIndAS36‘ImpairmentofAssets’.Ifanysuchindicationexists,thentheasset’srecoverable amount is estimated.Therecoverableamountofanassetorcash-generatingunitisthehigherofitsfairvaluelesscoststodisposalanditsvalueinuse.Inassessingvalueinuse,theestimatedfuturecashflowsarediscountedtotheirpresentvalueusingapre-taxdiscountratethatreflectscurrentmarketassessmentsofthetimevalueofmoneyandtherisksspecifictotheasset.Forthepurposeofimpairmenttesting,assetsthatcannotbetestedindividuallyaregroupedtogetherintothesmallestgroupofassetsthatgeneratescashinflowsfromcontinuingusethatarelargelyindependentofthecashinflowsofotherassetsorgroupsofassets(the“cash-generatingunit”,or“CGU”).AnimpairmentlossisrecognizedifthecarryingamountofanassetoritsCGUexceedsitsestimatedrecoverableamount.Impairmentlossesarerecognizedinthestatementofprofitandloss.ImpairmentlossesrecognizedinrespectofCGUsarereducedfromthecarryingamountsoftheassetsoftheCGU.Impairment losses recognized in prior periods are assessed at each reporting date for any indications that the loss has decreasedornolongerexists.Animpairmentlossisreversediftherehasbeenachangeintheestimatesusedtodeterminetherecoverableamount.Animpairmentlossisreversedonlytotheextentthattheasset’scarryingamountdoesnotexceedthecarrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized.

2.10 Cash and cash equivalents Cashandcashequivalentsincludecashonhandandatbank,anddepositsheldatcallwithbankshavingamaturityofthreemonths

orlessfromthedateofacquisitionthatarereadilyconvertibletoaknownamountofcashandaresubjecttoaninsignificantriskofchanges in value.

2.11 InventoriesInventories are valued at lower of the cost, determined on weighted average basis and net realizable value.Steel scrap and conductor scrap are valued at estimated realizable value or book value, whichever is less.SpareswhichdonotmeettherecognitioncriteriaasProperty,PlantandEquipmentincludingsparepartswhosecost is lessthan`5,00,000/-arerecordedasinventories.Surplus materials as determined by the management are held for intended use and are included in the inventory.The diminution in the value of obsolete, unserviceable and surplus stores and spares is ascertained on review and provided for.

2.12 Leases i) As a Lessor

The determination of whether an arrangement is (or contains) a lease is based on the substance of the arrangement at the inception ofthelease.Thearrangementis,orcontains,aleaseiffulfillmentofthearrangementisdependentontheuseofaspecificassetorassetsandthearrangementconveysarighttousetheassetorassets,evenifthatrightisnotexplicitlyspecifiedinanarrangement.Aleaseisclassifiedattheinceptiondateasafinanceleaseoranoperatinglease.

a) Finance leases Aleasethattransferssubstantiallyalltherisksandrewardsincidentaltoownershipofanassetisclassifiedasafinancelease. StatesectorUnifiedLoadDispatchCentre(ULDC)/FiberOpticCommunicationAssets(FOC)/Bilaterallineassetsleasedtothe

beneficiariesareconsideredasFinanceLease.NetinvestmentinsuchleasedassetsarerecordedasreceivableatthelowerofthefairvalueoftheleasedpropertyandthepresentvalueoftheminimumleasepaymentsalongwithaccretioninsubsequentyearsisaccountedforasLeaseReceivablesundercurrentandnon-currentotherfinancialassets.Wherevergrant-in-aidisreceivedforconstructionofStateSectorULDC,leasereceivableisaccountedfornetofsuchgrant.


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TheinterestelementofleaseisaccountedintheStatementofProfitandLossovertheleaseperiodbasedonapatternreflectingaconstantperiodicrateofreturnonthenetinvestmentasperthetariffnotifiedbyCERC.

FERV on foreign currency loans relating to leased assets is adjusted to the amount of lease receivables and is amortised over the remaining tenure of lease. FERV recovery (as per CERC norms) from the constituents is recognised net of such amortised amount.

b) Operating leases Anoperating lease is a leaseother thana finance lease. Leases inwhicha significantportionof the risks and rewardsof

ownershipareretainedbythelessorareclassifiedasoperatingleases. Foroperatingleases,theassetiscapitalizedasproperty,plantandequipmentanddepreciatedoveritseconomiclife.Rental

income from operating lease is recognized over the term of the arrangement.ii) As a Lesseea) Finance lease

Leasesofproperty,plantandequipmentwheretheGroup,aslesseehassubstantiallyallrisksandrewardsofownershipareclassifiedasfinancelease.Oninitialrecognition,assetsheldunderfinanceleasearerecordedasproperty,plantandequipmentandrelatedliabilityisrecognizedunderborrowings.Atinceptionofthelease,financeleasesarerecordedatamountequaltofairvalueofleasedassetoriflowerthepresentvalueofminimumleasepayments.Minimumleasepaymentsunderfinanceleasesareapportionedbetweenthefinanceexpenseandreductionofthefinanceliability.

Thefinanceexpenseisallocatedtoeachperiodduringtheleasetermsoastoproduceaconstantperiodicrateofinterestonthe remaining balance of the liability.

b) Operating leases Paymentsmadeunderoperatingleasesarerecognizedasanexpenseovertheleaseterm.

2.13 Employee benefits 2.13.1 Defined contribution plans Adefinedcontributionplanisapost-employmentbenefitplanunderwhichanentitypaysfixedcontributionsinto

separate entities (Funds) and will have no legal or constructive obligation to pay further contributions, if the Fund does notholdsufficientassetstopayallemployee’sbenefitsrelatedtoemployeeserviceinthecurrentandpriorperiods.Obligationsforcontributionstodefinedcontributionplansarerecognizedasanemployeebenefitsexpenseinthestatementofprofitandlossintheperiodduringwhichservicesarerenderedbyemployees.

TheGrouphasadefinedcontributionpensionschemewhichisadministeredthroughaseparatetrust.Theobligationof theGroup is tocontribute to the trust to theextentofamountnotexceeding30%ofbasicpayanddearnessallowance less employer’s contribution towards provident fund, gratuity, post retirement medical facility (PRMF)or any otherretirementbenefits.Thecontributionstothefundfortheyeararerecognizedasanexpenseandchargedtothestatementofprofitandloss.

2.13.2 Defined benefit plans Adefinedbenefitplanisapost-employmentbenefitplanotherthanadefinedcontributionplan.TheGroup’sliability

towardsgratuity,post-retirementmedicalfacility,baggageallowanceforsettlementathometownafterretirement,longserviceawardonretirementandprovidentfundschemetotheextentofinterestliabilityonprovidentfundcontributionareinthenatureofdefinedbenefitplans.

Thegratuity is fundedby theGroupand ismanagedby separate trust. TheGrouphasPost-Retirement MedicalFacility (PRMF), under which retired employee and the spouse are provided medical facilities in the Group empanelled hospitals.Theycanalsoavailtreatmentasout-patientsubjecttoaceilingfixedbytheGroup.

TheGrouppaysfixedcontributiontoProvidentFundatpredeterminedratestoaseparatetrust,whichinveststhefundsinpermittedsecurities.Thecontributionstothefundfortheyeararerecognizedasexpenseandarechargedtothestatementofprofitandloss.TheobligationoftheGroupislimitedtosuchfixedcontributionsandtoensureaminimumrateofinterestoncontributionstothemembersasspecifiedbytheGovernmentofIndia(GoI).

TheGrouphasschemesforpaymentofbaggageallowancetowardsexpensesforsettlementathometownforthesuperannuatedemployees&theirdependentsandforprovidingaLongServiceAwardtoallregularemployeesoftheGroup on superannuation.

TheGroup’snetobligationinrespectofdefinedbenefitplansiscalculatedseparatelyforeachplanbyestimatingtheamountoffuturebenefitthatemployeeshaveearnedinreturnfortheirserviceinthecurrentandpriorperiods;thatbenefitisdiscountedtodetermineitspresentvalue.Anyunrecognizedpastservicecostsandthefairvalueofanyplan assets are deducted. The discount rate is based on the prevailing market yields of Indian government securities asatthereportingdatethathavematuritydatesapproximatingthetermsoftheGroup’sobligationsandthataredenominatedinthesamecurrencyinwhichthebenefitsareexpectedtobepaid.

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Thecalculationisperformedannuallybyaqualifiedactuaryusingtheprojectedunitcreditmethod.WhenthecalculationresultsinabenefittotheGroup,therecognizedassetislimitedtothetotalofanyunrecognizedpastservicecostsandthepresentvalueofeconomicbenefitsavailableintheformofanyfuturerefundsfromtheplanorreductionsinfuturecontributionstotheplan.AneconomicbenefitisavailabletotheGroupifitisrealizableduringthelifeoftheplan, or on settlement of the plan liabilities. Any actuarial gains or losses are recognized in OCI in the period in which they arise.

Whenthebenefitsofaplanareimproved,theportionoftheincreasedbenefitrelatingtopastservicebyemployeesisrecognizedinthestatementofprofitandlossonastraight-linebasisovertheaverageperioduntilthebenefitsbecome vested. To the extent that the benefits vest immediately, the expense is recognized immediately in thestatementofprofitandloss.

2.13.3 Other long-term employee benefits BenefitsundertheGroup’sleaveencashmentandEmployeeFamilyEconomicRehabilitationSchemeconstituteother

longtermemployeebenefits. TheGroup’snetobligationinrespectofleaveencashmentistheamountoffuturebenefitthatemployeeshaveearned

inreturnfortheirserviceinthecurrentandpriorperiods;thatbenefitisdiscountedtodetermineitspresentvalue.The discount rate is based on the prevailing market yields of Indian government securities as at the reporting date thathavematuritydatesapproximatingthetermsoftheGroup’sobligations.Thecalculationisperformedusingtheprojectedunitcreditmethod.Anyactuarialgainsorlossesarerecognizedinthestatementofprofitandlossintheperiod in which they arise.

As per the Group’s Employee Family Economic Rehabilitation scheme, which is optional, in the event of death or permanenttotaldisabilityofanemployee,thedependent(s)ortheemployee,asthecasemaybe, ispaidafixedamount based on the last salary drawn by the employee till the notional date of superannuation of the employee upondepositingthefinalprovidentfundandgratuityamountwhichwillbeinterestfree.

2.13.4 Short-term benefits Short termemployeebenefitobligationsaremeasuredonanundiscountedbasisandareexpensedastherelated

service is provided. AliabilityisrecognizedfortheamountexpectedtobepaidunderperformancerelatedpayiftheGrouphasapresent

legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably.

2.14 Financial instruments Afinancialinstrumentisanycontractthatgivesrisetoafinancialassetofoneentityandafinancialliabilityorequityinstrumentof

another entity. Financial Assets Classification TheGroupclassifiesitsfinancialassetsinthefollowingcategories: • atamortisedcost, • atfairvaluethroughothercomprehensiveincome Theclassificationdependsonthefollowing: • theentity’sbusinessmodelformanagingthefinancialassetsand • thecontractualcashflowcharacteristicsofthefinancialasset. Initial recognition and measurement Allfinancialassetsarerecognisedinitiallyatfairvalueplus,inthecaseoffinancialassetsnotrecordedatfairvaluethroughprofitor

loss,transactioncosts,ifany,thatareattributabletotheacquisitionofthefinancialasset. Subsequent measurement Debt Instruments at Amortised cost: Assets that are held for collection of contractual cash flows where those cash flows

represent solely payments of principal and interest are measured at amortised cost. A gain or loss on a debt investment that is subsequentlymeasuredatamortisedcostisrecognisedinprofitorlosswhentheassetisderecognisedorimpaired.Interestincomefromthesefinancialassetsisincludedinfinanceincomeusingtheeffectiveinterestratemethod.

Debt Instruments at Fair value through other comprehensive income (FVOCI): Assets that are held for collection of contractualcashflowsandforsellingthefinancialassets,wheretheassets’cashflowsrepresentsolelypaymentsofprincipalandinterest, are measured at fair value through other comprehensive income (FVOCI).

Equity investments AllequityinvestmentsinscopeofIndAS109‘FinancialInstruments’aremeasuredatfairvalue.TheGroupmay,oninitialrecognition,

make an irrevocable election to present subsequent changes in the fair value in other comprehensive income (FVOCI) on aninstrument¬by-instrumentbasis.


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ForequityinstrumentsclassifiedasatFVOCI,allfairvaluechangesontheinstrument,excludingdividendsarerecognizedintheOCI.ThereisnorecyclingoftheamountsfromOCItoProfitorLoss,evenonsaleofinvestment.However,theGroupmaytransferthecumulativegainorlosswithinequity.

De-recognition of financial assets Afinancialassetisderecognizedonlywhen - Therighttoreceivecashflowsfromtheassetshaveexpired,or - Thegrouphastransferredtherightstoreceivecashflowsfromthefinancialassetor - Retainsthecontractualrightstoreceivethecashflowsofthefinancialassets,butassumesacontractualobligationtopaythe

cashflowstooneormorerecipients. Impairment of financial assets: For trade receivables, the group applies the simplified approach required by Ind AS 109 Financial Instruments, which requires

expectedlifetimelossestoberecognisedfrominitialrecognitionofthereceivables. For recognitionof impairment lossonotherfinancialassetsand riskexposure, theGroupdetermineswhether therehasbeena

significantincreaseinthecreditrisksinceinitialrecognition.Ifcreditriskhasnotincreasedsignificantly,12-monthExpectedCreditLoss(ECL) isusedtoprovidefor impairment loss.However, ifcreditriskhas increasedsignificantly, lifetimeECL isused.If, inasubsequentperiod,creditqualityoftheinstrumentimprovessuchthatthereisnolongerasignificantincreaseincreditrisksinceinitialrecognition,thentheentityrevertstorecognizingimpairmentlossallowancebasedon12-monthECL.

Financial Liabilities FinancialliabilitiesoftheGrouparecontractualobligationtodelivercashoranotherfinancialassettoanotherentityortoexchange

financialassetsorfinancialliabilitieswithanotherentityunderconditionsthatarepotentiallyunfavorabletotheGroup. TheGroup’sfinancialliabilitiesincludeloans&borrowings,tradeandotherpayables. Classification, initial recognition and measurement Financialliabilitiesarerecognisedinitiallyatfairvalueminustransactioncoststhataredirectlyattributabletotheissueoffinancial

liabilities.Financialliabilitiesareclassifiedassubsequentlymeasuredatamortizedcost.Amortisedcostiscalculatedbytakingintoaccountanydiscountorpremiumonacquisitionandfeesorcoststhatareanintegralpartoftheeffectiveinterestrate(EIR).Anydifferencebetweentheproceeds(netoftransactioncosts)andtheredemptionamountisrecognisedintheStatementofProfitandLoss over the period of the borrowings using the EIR. Subsequent measurementAfterinitialrecognition,financialliabilitiesaresubsequentlymeasuredatamortisedcostusingtheEIRmethod.GainsandlossesarerecognisedinStatementofProfitorLosswhentheliabilitiesarederecognisedaswellasthroughtheEIRamortisationprocess.TheEIRamortisationisincludedasfinancecostsintheStatementofProfitandLoss.De-recognition of financial liabilityAfinancialliabilityisderecognisedwhentheobligationundertheliabilityisdischargedorcancelledorexpireswhenanexistingliabilityisreplacedbyanotherfromthesamelenderonsubstantiallydifferentterms,orthetermsofanexistingliabilityaresubstantiallymodified,suchanexchangeormodificationistreatedasthederecognitionoftheoriginalliabilityandtherecognitionofanewliability.Thedifferencebetweenthecarryingamountofafinancialliabilitythathasbeenextinguishedortransferredtoanotherpartyandtheconsiderationpaid,includinganynon-cashassetstransferredorliabilitiesassumed,isrecognisedinStatementofProfitandLossasotherincomeorfinancecost.Offsetting of financial instrumentsFinancialassetsandfinancialliabilitiesareoffsetandthenetamountisreportedintheBalanceSheetifthereisacurrentlyenforceablelegalrighttooffsettherecognisedamountsandthereisanintentiontosettleonanetbasis,torealisetheassetsandsettletheliabilities simultaneously.

2.15 Foreign Currency Translation(a) Functional and presentation currency ItemsincludedinthefinancialstatementsoftheGrouparemeasuredusingthecurrencyoftheprimaryeconomicenvironment

inwhichtheGroupoperates(‘thefunctionalcurrency’).ThefinancialstatementsarepresentedinIndianRupees(Rupeesor`), which is the Group’s functional and presentation currency.

(b) Transactions and balances Transactionsinforeigncurrenciesareinitiallyrecordedattheexchangeratesprevailingonthedateofthetransaction.Foreign

currency monetary items are translated with reference to the rates of exchange ruling on the date of the Balance Sheet. Non-Monetaryitemsdenominatedinforeigncurrencyarereportedattheexchangeraterulingonthedateofinitialrecognitionofthenon-monetaryprepaymentassetordeferred incomeliability,orthedatethatrelated itemisrecognized inthefinancialstatements, whichever is earlier. In case the transaction is recognized in stages, then transaction date is established for each stage.

Foreignexchangegainsandlosses(otherthanrelatedtoforeigncurrencyloansoutstanding)arepresentedinthestatementofprofitandlossonanetbasiswithinothergains/(losses).

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TheGrouphasavailed theexemptionavailable in IndAS101, to continue thepolicyadopted foraccounting forexchangedifferencesarisingfromtranslationoflong-termforeigncurrencymonetaryliabilitiesoutstandingasonMarch31,2016.

Foreign currency loans outstanding as on March 31, 2016: ForeignExchangeRateVariation(FERV)arisingonsettlement/translationofsuchforeigncurrencyloansrelatingtoproperty,

plantandequipment/capitalwork-in-progressisadjustedtothecarryingcostofrelatedassetsandisrecoverable/payablefromthebeneficiariesonactualpaymentbasisasperCentralElectricityRegulatoryCommission(CERC)normsw.e.f.1st April, 2004 or DateofCommercialOperation(DOCO)whicheverislater.TheaboveFERVtotheextentrecoverableorpayableaspertheCERCnorms is accounted for as follows:

i) FERVrecoverable/payableadjustedtocarryingcostofproperty,plantandequipmentisaccountedforas‘Deferredforeigncurrency fluctuation asset/liability a/c’ with a corresponding credit/debit to ‘Deferred income/expenditure from foreigncurrencyfluctuationa/c’.

ii) ‘Deferredincome/expenditurefromforeigncurrencyfluctuationa/c’isamortizedintheproportioninwhichdepreciationischarged on such FERV.

iii) Theamountrecoverable/payableasperCERCnormsonyeartoyearbasis isadjustedtothe ‘Deferredforeigncurrencyfluctuationasset/liabilitya/c’withcorrespondingdebit/credittothetradereceivables.

FERVearlier charged toStatementofProfitandLoss& included in the capital cost for thepurposeof tariff isadjustedagainst‘Deferredforeigncurrencyfluctuationasset/liabilitya/c’.

FERVarisingoutofsettlement/translationoflongtermmonetaryitems(otherthanforeigncurrencyloans)relatingtoPropertyPlant&Equipment/CWIPisadjustedinthecarryingcostofrelatedassets.

FERVarisingduringtheconstructionperiodfromsettlement/translationofmonetaryitems(otherthannoncurrentloans)denominatedinforeigncurrencytotheextentrecoverable/payabletothebeneficiariesascapitalcostasperCERCtariffRegulationareaccountedas Regulatory Deferral Account Balances. Transmission charges recognised on such amount is adjusted against above account. Other exchangedifferencesarerecognizedasincomeorexpensesintheperiodinwhichtheyarise.

Foreign currency loans drawn on or after April 1, 2016: Exchangedifferencesarisingfromforeigncurrencyborrowingtotheextentregardedasanadjustmenttointerestcostsaretreated

asborrowingcost.OtherexchangedifferencesarerecognizedintheStatementofProfitandLoss. ExchangedifferencetotheextentrecoverableasperCERCtariffregulationsarerecognizedasRegulatoryDeferralAccountBalances

throughStatementofProfitandLoss. (c) Foreign Group Companies Theresultsandfinancialpositionofforeignoperations(noneofwhichhasthecurrencyofahyperinflationaryeconomy)that

haveafunctionalcurrencydifferentfromthepresentationcurrencyaretranslatedintothepresentationcurrencyasfollows:i) Assets and liabilities are translated at closing rate at the date of that balance sheet.ii) Incomeandexpensesaretranslatedataverageexchangerates(unlessthis isnotthereasonableapproximationofthe

cumulativeeffectoftheratesprevailingonthetransactiondateinwhichcaseincomeandexpensesaretranslatedatthedate of transactions) and

iii) Alltheexchangedifferencesarerecognisedinothercomprehensiveincome. 2.16 Income Tax Incometaxexpenserepresentsthesumofcurrentanddeferredtax.TaxisrecognisedintheStatementofProfitandLoss,exceptto

theextentthatitrelatestoitemsrecogniseddirectlyinequityorothercomprehensiveincome.Inthiscasethetaxisalsorecogniseddirectlyinequityorinothercomprehensiveincome.

Current income tax Thecurrent tax isbasedontaxableprofit for theyearunder the tax lawsenactedandapplicable to thereportingperiod in the

countrieswherethegroupoperateandgeneratetaxableincome. Deferred tax DeferredtaxisrecognisedontemporarydifferencesbetweenthecarryingamountsofassetsandliabilitiesintheGroup’sfinancial

statements and the corresponding tax bases used in the computation of taxable profit and is accounted for using the BalanceSheetmethod.Deferredtaxassetsaregenerallyrecognisedforalldeductibletemporarydifferences,unusedtaxlossesandunusedtaxcredits totheextent that it isprobablethat futuretaxableprofitswillbeavailableagainstwhichthosedeductibletemporarydifferences,unusedtaxlossesandunusedtaxcreditscanbeutilised.ThecarryingamountofdeferredtaxassetsisreviewedateachBalanceSheetdateandreducedtotheextentthatitisnolongerprobablethatsufficienttaxableprofitswillbeavailableagainstwhichthetemporarydifferencescanbeutilised.

Deferredtaxassetsandliabilitiesaremeasuredatthetaxratesthatareexpectedtoapplyintheperiodinwhichtheliabilityissettledortheassetrealised,basedontaxrates(andtaxlaws)thathavebeenenactedorsubstantivelyenactedbytheBalanceSheetdate.

Deferredtaxliabilitiesarenotrecognisedfortemporarydifferencesbetweenthecarryingamountandtaxbasesof investmentinsubsidiarieswherethegroupisabletocontrolthetimingofthereversalofthetemporarydifferencesandit isprobablethatthedifferenceswillnotreverseinforeseeablefuture.


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Deferredtaxassetsandliabilitiesareoffsetifthereisalegallyenforceablerighttooffsetcurrenttaxliabilitiesandassets,andtheyrelatetoincometaxesleviedbythesametaxauthority.

2.17 Regulatory Deferral Account Balances Certainexpensesandincome,allowedunderCERCregulationstobereimbursedby/passedontobeneficiariesinfuture,aretobe

accountedintheStatementofProfitandLossaspertheprovisionsofIndAS114‘RegulatoryDeferralAccounts’.Suchexpensesandincome,totheextentrecoverable/payableaspartoftariffunderCERCRegulationsaretreatedasRegulatoryDeferralAssets/Liabilities.

The Group presents separate line items in the Balance Sheet for: (a) thetotalofallRegulatoryDeferralAccountDebitBalances;and (b) the total of all Regulatory Deferral Account Credit Balances. AseparatelineitemispresentedintheprofitorlosssectionoftheStatementofProfitandLossforthenetmovementinallRegulatory

Deferral Account Balances for the reporting period. Regulatory deferral accounts balances are adjusted in the year in which the same become recoverable from or payable to the

beneficiaries 2.18 Revenue Revenueismeasuredbasedontheconsiderationspecifiedinacontractwithacustomerandexcludesamountscollectedonbehalfof

third parties. The Group recognizes revenue when it transfers control over a product or service to a customer. The Group has applied IndAS115usingthecumulativeeffectmethodandthereforethecomparativeinformationhasnotbeenrestatedandcontinuestobereportedunderIndAS18andIndAS11.

In the comparative period, revenue was measured at the fair value of the consideration received or receivable. Amounts disclosed as revenuearenetofreturns,tradeallowances,rebates,GSTandvalueaddedtaxes.

Significant Financing Component Wheretheperiodbetweenthetransferofthepromisedgoodsorservicestothecustomerandpaymentbythecustomerexceeds

oneyear,theGroupassessestheeffectsofsignificantfinancingcomponent inthecontract.Asaconsequence,theGroupmakesadjustmentinthetransactionpricesfortheeffectsoftimevalueofmoney.Nosuchadjustmenthasbeenmadeforthecomparativeperiod.

2.18.1 Revenue from Operations Transmission TransmissionIncomeisaccountedforbasedontariffordersnotifiedbytheCERC.Incaseoftransmissionprojectswherefinaltariff

ordersareyettobenotified,transmissionincomeisaccountedforonprovisionalbasisaspertariffregulationsandordersoftheCERCinsimilarcases.Difference,ifany,isaccountedonissuanceoffinaltariffordersbytheCERC.TransmissionIncomeinrespectofadditionalcapitalexpenditureincurredafterthedateofcommercialoperationisaccountedforbasedonexpenditureincurredonyeartoyearbasisasperCERCtariffregulations.Asateachreportingdate,transmissionincomeincludesanaccrualforservicesrenderedtothecustomersbutnotyetbilledi.e.UnbilledRevenue.HoweverincaseofsubsidiariestransmissionIncomeisaccountedforbasedonordersissuedbyCERCu/s63ofElectricityAct2003foradoptionoftransmissioncharges.TheTransmissionsystem incentive/disincentive isaccounted forbasedoncertificationofavailabilityby therespectiveRegionalPowerCommitteesandinaccordancewiththeCERCtariffregulations.WherecertificationbyRegionalPowerCommittees(RPCs)isnotavailable,incentive/disincentiveisaccountedforonprovisionalbasisasperestimateofavailabilitybytheGroupanddifferences,ifanyisaccountedoncertificationbyRPCs.Advanceagainstdepreciation(AAD),formingpartoftariffpertaininguptotheblockperiod2004-09,tofacilitaterepaymentofloans,wasreducedfromtransmissionincomeandconsideredasdeferredincometobeincludedintransmissionincomeinsubsequentyears.The outstanding deferred income in respect of AAD is recognized as transmission income, after twelve years from the end of the financialyearinwhichtheassetwascommissioned,totheextentdepreciationrecoveredinthetariffduringtheyearislowerthandepreciation charged in the accounts.Telecom ServicesIncomefromTelecomServices,netofdowntimecredit,isrecognisedonthebasisoftermsofagreements/purchaseordersfromthecustomers.UpfrontfeereceivedinadvanceunderlongtermcontractsprovidingIndefeasibleRighttoUse(IRU),isrecognisedasrevenue on the basis of estimation of revenue over the period of contract. In the comparative period, the same is recognized on a straight line basis.Consultancy ServicesInrespectof‘Cost-plus-consultancycontracts’,involvingexecutiononbehalfoftheclient,revenueisrecognizedinproportiontothestage of completion of the work performed at the reporting date, which is determined based on input method.Income from other consultancy contracts are accounted for on technical assessment of progress of services rendered.In the comparative period, in respect of ‘Cost-plus-consultancy contracts’, involving execution on behalf of the client, income isaccounted for (wherever initial advances received) in phased manner as under:

281

a) 10%ontheissueofNoticeInvitingTenderforexecutionb) 5%ontheAwardofContractsforexecutionc) Balance85%onthebasisofactualprogressofworkincludingsuppliesIncome from other consultancy contracts are accounted for on technical assessment of progress of services rendered. 2.18.2 Other IncomeInterestincomeisrecognized,whennosignificantuncertaintyastomeasurabilityorcollectabilityexists,onatimeproportionbasistakingintoaccounttheamountoutstandingandtheapplicableinterestrate,usingtheeffectiveinterestratemethod(EIR).Surcharge recoverable from trade receivables, liquidated damages, warranty claims and interest on advances to suppliers arerecognizedwhennosignificantuncertaintyastomeasurabilityandcollectabilityexists.Application Fees towards Long Term Open Access (LTOA) as per CERC Guidelines is accounted for on receipt.Scrapotherthansteelscrap&conductorscrapareaccountedforasandwhensold.

Dividend income is recognized when right to receive payment is established. Insuranceclaimsforlossofprofitareaccountedforintheyearofacceptance.Otherinsuranceclaimsareaccountedfor

based on certainty of realization. Revenue from rentals and operating leases is recognized on an accrual basis in accordance with the substance of the relevant

agreement. 2.19 Government Grants

Grants-in-aid fromCentral Government or other authorities towards capital expenditure for projects, betterment of transmissionsystemsandspecificdepreciableassetsinitiallyaretreatedasdeferredincomewhenthereisareasonableassurancethattheywillbereceived and the Group will comply with the conditions associated with the grant. Deferred Income is recognized in the Statement ofProfitandLossovertheusefullifeofrelatedassetinproportiontowhichdepreciationontheseassetsisprovided.GrantsthatcompensatetheGroupforexpensesincurredarerecognizedovertheperiodinwhichtherelatedcostsareincurredanddeductedfromtherelatedexpenses.

2.20 DividendsAnnual dividend distribution to the shareholders is recognised as a liability in the period in which the dividends are approved by the shareholders.AnyinterimdividendpaidisrecognisedonapprovalbyBoardofDirectors.Dividendpayableandcorrespondingtaxondividenddistributionisrecogniseddirectlyinequity.

2.21 Provisions and Contingenciesa) ProvisionsProvisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable thatanoutflowofresourcesembodyingeconomicbenefitswillberequiredtosettletheobligationandareliableestimatecanbemadeoftheamountoftheobligation.Iftheeffectofthetimevalueofmoneyismaterial,provisionsarediscounted.UnwindingofthediscountisrecognisedintheStatementofProfitandLossasafinancecost.ProvisionsarereviewedateachBalanceSheetdateandareadjustedtoreflectthecurrentbestestimate.b) ContingenciesContingentliabilitiesaredisclosedonthebasisofjudgmentofthemanagement/independentexperts.Thesearereviewedateachbalancesheetdateandareadjustedtoreflectthecurrentmanagementestimate.Contingentliabilitiesaredisclosedwhenthereisapossibleobligationarisingfrompastevents,theexistenceofwhichwillbeconfirmedonlybytheoccurrenceornon-occurrenceofoneormoreuncertainfutureeventsnotwhollywithinthecontroloftheGrouporapresentobligationthatarisesfrompasteventswhereitiseithernotprobablethatanoutflowofresourceswillberequiredtosettleor a reliable estimate of the amount cannot be made. Information on contingent liability is disclosed in the Notes to the Financial Statements. Contingent assets are not recognised.

2.22 Share capital and Other EquityOrdinarysharesareclassifiedasequity.Incrementalcostsdirectlyattributabletotheissueofnewsharesareshowninequityasadeduction,netoftax,[email protected]%p.a.onGrossBlockofProperty,PlantandEquipmentexceptassetscoveredunderinsuranceasattheendoftheyearbyappropriationofcurrentyearprofittomitigatefuturelossesfromun-insuredrisksandfortakingcareof contingencies in future by procurement of towers and other transmission line materials including strengthening of towers and equipmentofACsubstation.TheReservecreatedasaboveisshownas“SelfInsuranceReserve”under‘OtherEquity’.

2.23 Prior Period ItemsMaterial prior period errors are corrected retrospectively by restating the comparative amounts for prior period presented in which the erroroccurredoriftheerroroccurredbeforetheearliestperiodpresented,byrestatingtheopeningstatementoffinancialposition.


282

2.24 Operating SegmentsTheBoard ofDirectors is theGroup’s ‘ChiefOperatingDecisionMaker’ or ‘CODM’within themeaningof IndAS108 ‘OperatingSegments’. CODM monitors the operating results of its business segments separately for the purpose of making decisions about resource allocation and performance assessment. Segment performance is evaluated based on profit or loss and is measuredconsistentlywithprofitorlossinthefinancialstatements.Theoperatingsegmentshavebeenidentifiedonthebasisofthenatureofproducts/services.- Segment revenue includes sales andother incomedirectly identifiablewith / allocable to the segment including inter-segmenttransactions.-Expensesthataredirectlyidentifiablewith/allocabletosegmentsareconsideredfordeterminingthesegmentresult.ExpenseswhichrelatetotheGroupasawholeandnotallocabletosegmentsareincludedunderun-allocableexpenditure.-IncomewhichrelatestotheGroupasawholeandnotallocabletosegmentsisincludedinun-allocableincome.-Segmentassetsand liabilities include thosedirectly identifiablewith the respectivesegments.Un-allocableassetsand liabilitiesrepresent the assets and liabilities that relate to the Group as a whole and not allocable to any segment.-Segmentcapitalexpenditureisthetotalcostincurredduringtheperiodtoacquireproperty,plantandequipment,andintangibleassets.

2.25 Earnings per ShareBasicearningspershareiscomputedusingthenetprofitorlossfortheyearattributabletotheshareholdersandweightedaveragenumber of shares outstanding during the year. Dilutedearningspershareiscomputedusingthenetprofitfortheyearattributabletotheshareholdersandweightedaveragenumberofequityandpotentialequitysharesoutstandingduringtheyear,exceptwheretheresultwouldbeanti-dilutive.Additionally,basicanddilutedearningspersharearecomputedusingtheearningsamountsexcludingthemovementsinRegulatoryDeferral Account Balances.

2.26 Cash Flow StatementCashflowstatementispreparedasperindirectmethodprescribedintheIndAS7‘StatementofCashFlows’

Note 3. Critical Estimates and JudgmentsThepreparationofconsolidatedfinancialstatementsrequirestheuseofaccountingestimateswhichmaysignificantlyvaryfromtheactualresults.Managementalsoneedstoexercisejudgmentwhileapplyingthegroup’saccountingpolicies.Thisnoteprovidesanoverviewoftheareasthatinvolvedahigherdegreeofjudgmentorcomplexity,andofitemswhicharemorelikelytobemateriallyadjustedduetoestimatesandassumptionsturningouttobedifferentthanthoseoriginallyassessed.The areas involving critical estimates or judgments are: Revenue Recognition: TransmissionincomeisaccountedforbasedontariffordersnotifiedbytheCERC.Incaseoftransmissionprojectswherefinaltariffordersareyettobenotified,transmissionincomeisaccountedforaspertariffregulationsandotherordersoftheCERCinsimilarcases.Differences,ifany,areaccountedonissuanceoffinaltariffordersbytheCERC.TransmissionincomeinrespectofadditionalcapitalexpenditureincurredafterthedateofcommercialoperationisaccountedforbasedonexpenditureincurredonyeartoyearbasisasperCERCtariffregulations. Regulatory Deferral Balances: RecognitionofRegulatoryDeferralBalancesinvolvessignificantjudgmentsincludingaboutfuturetariffregulationssincethesearebasedonestimationoftheamountsexpectedtoberecoverable/payablethroughtariffinfuture. Estimation of defined benefit obligationEstimationofdefinedbenefitobligationinvolvescertainsignificantactuarialassumptionswhicharelistedinNote68.Estimatesandjudgmentsareperiodicallyevaluated.Theyarebasedonhistoricalexperienceandotherfactors,includingexpectationsoffutureeventsthatmayhaveafinancialimpactontheGroupandthatarebelievedtobereasonableunderthecircumstances. Useful life of property, plant and equipmentTheestimatedusefullifeofproperty,plantandequipmentisbasedonanumberoffactorsincludingtheeffectsofobsolescence,demand, competition and other economic factors (such as the stability of the industry and known technological advances) and the levelofmaintenanceexpendituresrequiredtoobtaintheexpectedfuturecashflowsfromtheasset.TheGroupreviewesattheendofeachreportingdatetheusefullifeofplantandequipment,otherthantheassetsoftransmissionbusiness which are governed by CERC Regulations, and are adjusted prospectively, if appropriate.Provisions and contingencies TheassessmentsundertakeninrecognizingprovisionsandcontingencieshavebeenmadeinaccordancewithIndAS37-‘Provisions,ContingentLiabilitiesandContingentAssets’.Theevaluationofthelikelihoodofthecontingenteventshasrequiredbestjudgmentby management regarding the probability of exposure to potential loss. Should circumstances change following unforeseeabledevelopments, this likelihood could alter.

283

Not

e 4/

Prop

erty

, Pla

nt a

nd E

quip

men

t(`

in C

rore

)Pa

rtic

ular

sCo

stAc

cum

ulat

ed d

epre

ciat

ion

Net

Boo

k Va

lue

As a

t 1st

Apri

l, 20

18Ad

ditio

ns

duri

ng

the

year

Dis

posa

lAd

just

men

t du

ring

the

year

As a

t 31st

M

arch

, 20

19

As a

t 1st

Apri

l, 20

18

Addi

tions

du

ring

the

year

Dis

posa

lAd

just

men

t du

ring

the

year

As a

t 31st

M

arch

, 20

19

As a

t 31st

M

arch

, 20

19

As a

t 31st

M

arch

, 20

18

Land a)

Fre

ehol

d2,

220.

25

110

.53

--

2,33

0.78

-

--

- -

2,33

0.78

2,

220.

25

b) L

ease

hold

319

.39

171.89

--

491

.28

31.

25

11.

99

--

43.

24

448

.04

288.14

Build

ings

a)Sub-Stations&

Office

1,29

6.39

2

21.9

0 -

(10.

17)

1,52

8.46

103.81

54.

27

- (0

.06)

1

58.1

4 1,

370.

32

1,192.58

b) T

owns

hip

514

.94

72.

19

- (0

.67)

5

87.8

0 6

3.75

2

3.91

-

(0.0

1)

87.

67

500

.13

451

.19

Tem

pora

ry E

rect

ion

0.9

5 0

.07

--

1.0

2 0

.94

0.0

1 -

- 0

.95

0.0

7 0

.01

Roads&Bridges

163

.90

8.76

- (0

.01)

1

72.6

7 2

1.99

7

.16

--

29.

15

143

.52

141

.91

WaterSupplyDrainage

&Sewerage

97.

42

1.5

0 -

(0.3

6)

99.

28

12.87

4.3

5 -

- 1

7.22

8

2.06

84.55

Plan

t & E

quip

men

t

a) T

rans

miss

ion

112,

334.

62

16,

745.

63

45.

99

(879.66)

129,

913.

92

15,

022.

65

6,7

33.7

2 17.83

(4.9

3)

21,7

43.4

7 10

8,17

0.45

9

7,31

1.97

b)Sub-station

58,527.96

7,994.58

66.

25

(368.65)

66,

824.

94

7,548.71

3,6

37.1

9 33.88

(0.9

4)

11,

152.

96

55,

671.

98

50,

979.

25

c)UnifiedLoad

Despatch&

Com

mun

icatio

n

760

.00

209

.54

- 1

2.57

9

56.9

7 1

50.3

5 5

6.63

-

2.28

204

.70

752

.27

609

.65

d) T

elec

om1,

057.

15

43.

20

- (1

7.57

) 1,

117.

92

289.87

102

.63

-(8.57)

401

.07

716

.85

767.28

FurnitureFixtures

110

.09

21.

79

0.2

5 0

.07

131

.56

20.

55

8.60

0.0

6 0

.02

29.

07

102

.49

89.54

Vehi

cles

3.3

3 0.28

0.7

1 -

2.9

0 1

.11

0.3

2 0

.16

(0.0

5)

1.3

2 1

.58

2.2

2

Officeequipment

190

.26

18.86

0.3

7 (2

.26)

2

11.0

1 27.18

13.

43

0.1

3 (0

.57)

4

1.05

1

69.9

6 163.08

Elec

troni

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ta

Processing&Word

Proc

essin

g M

achi

nes

91.

53

20.

73

1.6

6 (0

.17)

1

10.7

7 5

6.29

2

1.10

1

.59

(0.08)

75.

88

34.

89

35.

24

Cons

truct

ion

and

Workshopequipment

286.33

13.

07

1.2

5 (0

.02)

2

98.1

7 4

2.32

17.58

0.6

4 (0

.37)

5

9.63

2

38.5

4 2

44.0

1

Elec

trica

l Ins

talla

tion

93.

06

13.

24

--

106

.30

17.

59

5.85

--

23.

44

82.

86

75.

47


45.

46

2.4

4 0

.40

- 4

7.50

9

.53

3.0

2 0

.03

- 1

2.52

3

4.98

3

5.93

Workshop&Testing

Equipments

155

.77

79.

56

0.1

4 1.68

233

.51

14.

95

10.78

0.0

3 -

25.

70

207

.81

140.82


Equipments

0.0

4 0

.12

-(0

.01)

0

.17

0.0

1 0

.01

--

0.0

2 0

.15

0.0

3

Tot

al17

8,26

8.84

25,

749.

88

117

.02

(1,2

65.2

3)20

5,16

6.93

23

,435

.72

10,

712.

55

54.

35

(13.

28)

34,1

07.2

0 17

1,05

9.73

15

4,83

3.12

Less

: Pro

visio

n fo

r as

sets

disc

arde

d 1

.74

--

- 1

.74

--

- -

1.7

4 1

.74

Gra

nd T

otal

178,

267.

10 2

5,74

9.88

1

17.0

2 (1

,265

.23)

205,

165.

19

23,4

35.7

2 1

0,71

2.55

5

4.35

(1

3.28

)34

,107

.20

171,

057.

99

154,

831.

38


284

(` in

Cro

re)

Not

e 4/

Prop

erty

, Pla

nt a

nd E

quip

men

t (Co

ntd.

)

Part

icul

ars

Cost

Accu

mul

ated

dep

reci

atio

nN

et B

ook

Valu

e

As a

t 1st

Apri

l, 20

17Ad

ditio

ns

duri

ng

the

year

Dis

posa

lAd

just

men

t du

ring

the

year

As a

t 31st

M

arch

, 20

18

As a

t 1st

Apri

l, 20

17

Addi

tions

du

ring

the

year

Dis

posa

lAd

just

men

t du

ring

the

year

As a

t 31st

M

arch

, 20

18

As a

t 31st

M

arch

, 20

18

As a

t 31st

M

arch

, 201

7

Land a)

Fre

ehol

d 2

,091

.04

136

.91

- 7

.70

2,2

20.2

5 -

--

--

2,2

20.2

5 2

,091

.04

b) L

ease

hold

250

.05

60.

27

-(9

.07)

319

.39

19.

13

11.

02

-(1

.10)

31.

25

288.14

230

.92

Build

ings

a)Sub-Stations&

Office

869.91

434

.32

-7.84

1,2

96.3

9 57.98

46.

01

-0.18

103.81

1,192.58

811.93

b) T

owns

hip

441

.96

72.98

--

514

.94

41.

91

21.84

--

63.

75

451

.19

400

.05

Tem

pora

ry E

rect

ion

0.84

0.1

1 -

- 0

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0.83

0.1

0 -

(0.0

1) 0

.94

0.0

1 0

.01

Roads&Bridges

154

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63.9

0 1

5.12

6.87

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99

141

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139.38

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erag

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2.91

4

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97.

42

8.65

4.2

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-12.87

84.55

84.26

Plan

t & E

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a) T

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miss

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98,360.95

14,

211.

67

124

.10

113

.90

112

,334

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9,1

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9 5

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55.

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(22.80)

15,

022.

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97,

311.

97

89,259.56

b)Sub-station

45,

964.

55

12,

506.

02

54.

25

(111

.64)

58,527.96

4,483.20

3,072.88

15.

19

(7.82)

7,548.71

50,

979.

25

41,481.35

c)UnifiedLoad

Despatch&

Com

mun

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n

605

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137

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-(1

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0 9

0.21

5

2.26

-

(7.88)

150

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609

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515

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d) T

elec

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153

.39

- 1

5.11

1

,057

.15

193

.00

104

.60

- 7

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289.87

767.28

725.87

FurnitureFixtures

98.31

12.

27

0.4

4 0

.05

110

.09

12.

54

8.11

0.2

7 (0

.17)

20.

55

89.54

85.77

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cles

2.7

4 0

.59

--

3.3

3 0

.66

0.4

5 -

- 1

.11

2.2

2 2.08

Officeequipment

132

.64

96.

53

0.4

3 38.48

190

.26

15.

34

11.

60

0.2

5 (0

.49)

27.18

163.08

117

.30

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troni

c Da

ta

Processing&Word

Proc

essin

g M

achi

nes

74.

33

17.

61

0.3

3 0.08

91.

53

36.

02

19.80

0.28

(0.7

5) 5

6.29

3

5.24

38.31

Cons

truct

ion

and

Workshopequipment

248.34

38.37

0.38

-286.33

26.

05

16.

50

0.2

3 -

42.

32

244

.01

222

.29

Elec

trica

l Ins

talla

tion

82.34

7.5

0 -

(3.2

2) 9

3.06

1

1.59

5.81

-(0

.19)

17.

59

75.

47

70.

75


41.

74

3.83

0.1

1 -

45.

46

6.4

5 3.08

--

9.5

3 3

5.93

3

5.29

Workshop&Testing

Equipments

120

.31

35.

67

0.2

0 0

.01

155

.77

7.5

6 7

.54

0.1

7 (0

.02)

14.

95

140.82

112

.75


Equipments

0.0

5 -

0.0

1 -

0.0

4 -

0.0

1 -

- 0

.01

0.0

3 0

.05

Tota

l15

0,55

1.81

27,

939.

92

180

.25

42.

64

178,

268.

84 1

4,12

7.63

9

,346

.43

71.

66

(33.

32)

23,4

35.7

2 15

4,83

3.12

13

6,42

4.18

Less

: Pro

visio

n fo

r ass

ets

disc

arde

d 1

.74

--

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1.7

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otal

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92

180

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42.

64

178,

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10 1

4,12

7.63

9

,346

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71.

66

(33.

32)

23,4

35.7

2 15

4,83

1.38

13

6,42

2.44

285

Further Notes :

a) TheCompanyowns7471hectare(PreviousYear7371hectare)oflandamountingto₹2822.06Crore(PreviousYear₹2539.64Crore)whichhasbeenclassifiedintofreeholdland6355hectare(PreviousYear6303hectare)amountingto₹2330.78Crore(PreviousYear₹2220.25Crore)andleaseholdland1116hectare(PreviousYear1068hectare)amountingto₹491.28Crore(PreviousYear₹319.39Crore)basedonavailable documentation.

b) Freeholdlandacquiredbythecompanyincludes221.38hectare(PreviousYear301.75hectare)amountingto₹202.93Crore(PreviousYear ₹251.32 Crore) in respect of which conveyance deed in favour of the company is pending and 123.56 hectare (Previous Year 289.81hectare)amountingto₹63.44Crore(PreviousYear₹224.78Crore)inrespectoflandacquiredbythecompanyforwhichmutationin revenue records is pending.

c) i) The land classified as leasehold land held in the state of Jammu and Kashmir with area of 113.88 hectare (Previous Year 113.88hectare)amountingto₹83.90Crore(PreviousYear₹80.46Crore)isacquiredbystategovernmentasperproceduresunderStateLandAcquisitionAct.Asperprevailinglawthestategovernmentremainstheownerofthelandsoacquiredandcompanyisonlygivenpossessionforthespecificuse.

ii) The transmission system situated in the state of Jammu and Kashmir have been taken over by the company w.e.f. 1st April 1993 from National Hydroelectric Power Corporation of India Limited (NHPC) upon mutually agreed terms pending completion of legal formalities.

iii) Leaseholdlandincludesareaof2.65hectare(PreviousYear2.65hectare)amountingto₹13.97Crore(PreviousYear₹13.97Crore)inrespectoflandinChamba(HP)acquiredfromNHPCbythecompanyforwhichlegalformalitiesarepending.

iv) Leaseholdlandotherthanaboveincludes133.91hectare(PreviousYear164.19hectare)amountingto₹186.11Crore(PreviousYear₹69.53Crore)inrespectofwhichleaseagreements/legalformalitiesarepending.

d) Leaseholdlandincludesareaof42.66hectare(PreviousYear0.41hectare)amountingto₹47.07Crore(PreviousYear₹7.64Crore) inrespectoflandacquiredforofficecomplexandSubstationonperpetualleasebasisandhencenotamortised.

e) Townshipbuildingincludes₹2.95Crore(PreviousYear₹2.95Crore)for28flatsatMumbai,forwhichregistrationinfavourofthecompanyispending.Outoftheaboveflats,17flatsareoccupiedbyemployeesofM/SPowerSystemOperationCorporationLtd.

f) 5.63hectareofland(PreviousYear5.63hectare)havingvalueof₹0.04Crore(PreviousYear₹0.04Crore)hasbeentransferredtoNationalHigh Power Test Laboratory Pvt. Ltd. on right to use without granting ownership.

g) Refernote23forinformationonproperty,plantandequipment,pledgedassecuritybythecompany.

Note 4/Property, Plant and Equipment (Contd.)


286

Note 5/Capital work in progress(` in Crore)

(` in Crore)





LandDevelopment of land 10.78 39.82 0.02 44.14 6.44

Buildingsa)Sub-Stations&Office 189.76 112.63 - 204.24 98.15 b) Township 97.00 89.70 - 69.51 117.19

Roads&Bridges 18.66 5.24 - 5.63 18.27 WaterSupplyDrainageandSewerage 3.22 0.32 - - 3.54 Plant & Equipments (including associated civil works)

a) Transmission 16,749.96 9,864.75 - 14,614.97 11,999.74 b)Sub-Station 7,688.19 9,871.38 (0.01) 7,348.74 10,210.84 c)UnifiedLoadDespatch&Communication 464.29 228.66 20.93 193.68 478.34 d) Telecom 46.90 52.18 - 23.76 75.32

Furniture&Fixtures - 0.57 - 0.57 - Otherofficeequipments 8.88 7.73 - 6.78 9.83 Electrical Installations 0.93 11.72 - 9.21 3.44 Construction Stores (Net of Provision) 8,721.55 3,586.84 908.26 0.19 11,399.93 Expenditure pending allocation -i)Survey,investigation,consultancy&supervision Charges

33.30 - 8.42 18.45 6.43

ii)DifferenceinExchangeonforeigncurrencyloans

187.89 (14.97) - 45.59 127.33

iii)Expenditureduringconstructionperiod(net)(Note 43)

3,384.85 2,141.48 3.68 2,686.71 2,835.94

37,606.16 25,998.05 941.30 25,272.17 37,390.73 Less: Provision for unserviceable Assets 2.26 - - - 2.26 Grand Total 37,603.90 25,998.05 941.30 25,272.17 37,388.47





LandDevelopment of land 25.19 60.84 0.01 75.24 10.78

Buildingsa)Sub-Stations&Office 394.86 157.30 - 362.40 189.76b) Township 67.59 64.83 - 35.42 97.00

Roads&Bridges 20.46 7.60 - 9.40 18.66WaterSupplyDrainageandSewerage 3.06 0.16 - - 3.22 Plant & Equipments (including associated civil works)

a) Transmission 16,608.47 13,109.54 0.73 12,967.32 16,749.96 b)Sub-Station 8,278.04 10,517.25 0.37 11,106.73 7,688.19c)UnifiedLoadDespatch&Communication 375.00 233.37 6.11 137.97 464.29 d) Telecom 66.99 69.86 - 89.95 46.90

Otherofficeequipments 6.49 4.25 - 1.86 8.88Electrical Installations 0.55 1.77 - 1.39 0.93 Construction Stores (Net of Provision) 8,589.34 695.45 563.24 - 8,721.55Expenditure pending allocationi)Survey,investigation,consultancy&supervision Charges

23.53 14.40 - 4.63 33.30

ii)DifferenceinExchangeonforeigncurrencyloans

69.49 170.00 - 51.60 187.89

iii)Expenditureduringconstructionperiod(net) (Note 43)

3,661.58 2,662.40 131.38 2,807.75 3,384.85

38,190.64 27,769.02 701.84 27,651.66 37,606.16 Less: Provision for unserviceable Assets 3.64 - 1.38 - 2.26 Grand Total 38,187.00 27,769.02 700.46 27,651.66 37,603.90

287

Note 5/Capital work in progress (Contd.)(` in Crore)

Particulars As at 31st March, 2019 As at 31st March, 2018Construction StoresTowers 1,581.26 1781.73Conductors 2,793.60 2999.57Other Line Materials 571.39 655.26Sub-StationEquipments 2,503.63 2015.15HighVoltageDirectCurrent(HVDC)Equipments 3,473.09 704.51UnifiedLoadDespatch&Communication(ULDC)Materials 222.94 401.21Telecom Materials 87.55 37.54Others 166.47 126.58

11399.93 8721.55Less: Provision for shortages and obsolete material - -Total 11399.93 8721.55Construction Stores include:i)Material in transitTowers 0.35 3.84Other Line Materials 18.18 12.48Sub-StationEquipments 183.99 158.41HighVoltageDirectCurrent(HVDC)Equipments 723.53 45.22 Others 2.22 2.35 Total 928.27 222.30ii) Material with ContractorsTowers 1580.91 1775.76Conductors 2793.60 2999.46Other Line Materials 553.21 642.45Sub-StationEquipments 2319.64 1856.73HighVoltageDirectCurrent(HVDC)Equipments 2749.56 659.29UnifiedLoadDespatch&Communication(ULDC)Materials 222.94 401.22Telecom Materials 87.55 37.54Others 164.25 124.24Total 10471.66 8496.69Grand total 11399.93 8718.99

Further Notes: Materials with Contractors amounting to 342.68crore(PreviousYear 488.14crore)inrespectofcommissionedlinesispendingforreconciliation.However reconciliation are carried out on ongoing basis.

(Details of Construction stores) (At Cost)


288

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289



Rental income - 0.80Directoperatingexpensesfrompropertythatgeneratedrentalincome - -Directoperatingexpensesfrompropertythatdidnotgeneraterentalincome - -Profitfrominvestmentpropertybeforedepreciation - 0.80Depreciation - -Profit from investment property - 0.80

(` in Crore)

(` in Crore)

(` in Crore)

(` in Crore)

Note 6/Investment Property (Contd.) (i) Amount recognised in profit and loss for investment property

(ii) Contractual obligations

(iii) Leasing arrangements

Minimumleasepaymentsreceivableundernon-cancellableoperatingleasesofinvestmentpropertyareasfollows:-

* Lease agreement ended with mutual consent during the year w.e.f 15thMarch2018andnonewleaseagreementhasbeenentered.

(iv) Fair value

Estimation of fair value

The fair values of investment property has been determined by independent valuer. The main inputs used are the rental growth rates, expectedvacancyrates,terminalyieldsanddiscountratesbasedoncomparabletransactionsandindustrydata.Allresultingfairvalueestimates for investment property are included in level 2.

31st March, 2019 31stMarch,2018Contractual obligation for future repairs and maintenance not recognised as a liability NIL 0.80

31st March, 2019 31stMarch,2018*Withinoneyear - -Later than one year but not later than 5 years - -Later than 5 years - -

31st March, 2019 31stMarch,2018Investment property 2.83 2.98


290

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291




Electronic Data Processing Software - 4.47 - 4.47 -RightofWay-Afforestationexpenses 64.67 357.49 - 179.57 242.59 Development of 1200 KV TS - 5.68 3.39 2.29 -Total 64.67 367.64 3.39 186.33 242.59

Note 8/Intangible assets under development(` in Crore)

(` in Crore)




Electronic Data Processing Software 0.07 1.77 - 1.84 -RightofWay-Afforestationexpenses 61.39 90.70 - 87.42 64.67 Development of 1200 KV TS 15.88 - 15.88 - -Total 77.34 92.47 15.88 89.26 64.67


292

Note 9A/Investments in Joint Ventures accounted for using the equity method(` in Crore)



Investments in Equity Instruments (fully paid up)UnquotedJoint Venture Companies

Torrent Power Grid Limited23400000(PreviousYear23400000)EquitySharesof`10/-each. 35.56 34.00Jaypee Powergrid Limited78000000(PreviousYear78000000)EquitySharesof`10/-each. 105.45 103.64Parbati Koldam Transmission Company Limited70937620(PreviousYear70937620)EquitySharesof`10/-each. 95.30 96.32Teestavalley Power Transmission Limited105560000(PreviousYear94277820)EquitySharesof`10/-each. 101.47 93.82Powerlinks Transmission Limited229320000(PreviousYear229320000)EquitySharesof`10/-each. 447.58 422.86North East Transmission Company Limited106964000(PreviousYear106964000)EquitySharesof`10/-each. 125.71 115.10National High Power Test Laboratory Private Limited30400000(PreviousYear30400000)EquitySharesof`10/-each. 26.08 27.83Cross Border Power Transmission Company Limited12612473(PreviousYear12612473)EquitySharesof`10/-each. 23.03 20.57Kalinga Bidyut Prasaran Nigam Private Limited5000(PreviousYear5000)EquitySharesof`10/-each.(Referfurthernote3below) - 0.01Less: Provision for diminution in the value of Investment - 0.01

- -Bihar Grid Company Limited171685600(PreviousYear156240000)EquitySharesof`10/-each. 195.94 168.16Power Transmission Company Nepal Limited1170000(PreviousYear1040000)EquitySharesofNepali`100/-each. 10.46 9.50RINLPOWERGRIDTLTPrivateLimited4000000(PreviousYear3400000)EquitySharesof`10/-each.(Referfurthernote4below) 3.97 3.39Less: Provision for diminution in the value of Investment 3.97 -

- 3.39 TOTAL 1166.58 1095.19

Further notes: 1)229319997EquityShares(PreviousYear229319997EquityShares)ofPowerlinksTransmissionLimitedheldbytheCompanyhavebeenpledgedassecuritywithconsortiumoffinancialinstitutionsagainstfinancialassistanceobtainedbyPowerlinksTransmissionLimited.

2)Investmentshavebeenvaluedasperaccountingpolicyno.2.2&2.14. 3)POWERGRID’sBoardofDirectorsinitsmeetingheldon16thAugust,2017accordedapprovalforinitiatingprocedureforwindingup/removalofthenameofKalingaBidyutPrasaranNigamPrivateLtdunderfasttrackExitmodeofRegistrarofCompanies(ROC).Provisionfordiminutionin the value of Investment of `0.01 crore had been made in the previous year.

4)POWERGRID’sBoardofDirectorsinitsmeetingheldon1stMay,2018accordedinprincipleapprovalforwindingupofRINLPowergridTLTPrivate Limited and to seek consent of other JV Partner Rashtriya Ispat Nigam Limited. Accordingly Provision for diminution in value of investment has been made.

293



Loans to Related Parties **LoanstoJVs-Unsecured 6.00 -LoantoDirectors&KeyManagerialPersonnel(KMP)Secured# 0.01 -Unsecured 0.09 0.07

6.10 0.07Loans to Employees (including interest accrued)Secured# 143.15 111.02 Unsecured 38.88 28.90

182.03 139.92Total 188.13 139.99

Note 9/Investments

Note 10/Loans (considered good unless otherwise stated)

Note 11/Other Non-current Financial Assets

(` in Crore)

(` in Crore)

(` in Crore)

(` in Crore)



Investments in Equity Instruments (fully paid up)Investments at Fair Value through Other Comprehensive Income (OCI)

QuotedPTC India Limited12000006(PreviousYear12000006)EquitySharesof₹10/-each 88.14 104.88UnquotedEnergyEfficiencyServicesLimited37704350(PreviousYear22500000)EquitySharesof₹10/-each 41.70 23.90iii) OthersNIL(PreviousYear500)EquitySharesof₹10/-eachinEmployeesCo-opSocietyLimitedRourkela(PreviousYear₹5000/-)1(PreviousYear1)shareof₹10/-eachinBharatBroadbandNetworkLimited(₹10/-) TOTAL 129.84 128.78Further notes:1)a)AggregateamountofQuotedInvestments At Cost 12.00 12.00 Market Value 88.14 104.88b)AggregateamountofUnquotedInvestments 41.70 23.902)Investmentshavebeenvaluedasperaccountingpolicyno.2.2&2.14.



Lease receivables 589.82 602.88UnbilledRevenue$i) Considered good 307.33 77.62ii) Considered doubtful 105.71 -

413.04 77.62Less: Provision 105.71 -

307.33 77.62Bankdepositswithmorethan12monthsmaturity# 163.47 185.85RecoverableforGOIfullyservicedbonds## 3487.75 -TOTAL 4548.37 866.35

Further notes: ** Details of loans to related parties is provided in Note 60. #HousebuildingloansandconveyanceadvancetoDirectors,KMPandEmployeesaresecuredagainstthemortgageofthehousepropertiesorhypothecation of vehicles for which such loans have been given in line with the policies of the Company.



294



(For mode of valuation refer Note 2.10)Components,Spares&otherspareparts 1237.40 1057.90Loose tools 20.06 21.61Consumable stores 12.50 8.15

1269.96 1087.66LessProvisionforShortages/damagesetc 22.71 38.31TOTAL 1247.25 1049.35

Inventories includes material in transitComponents,Spares&otherspareparts 10.34 3.75



Advances for Capital ExpenditureUnsecured

a. Against bank guarantees 1160.62 2726.25b. Others 35.05 36.96

Unsecuredconsidereddoubtful 1.25 1.671196.92 2764.88

Less:Provisionforbad&doubtfulAdvances 1.25 1.671195.67 2763.21

Advances other than for Capital ExpenditureSecurity Deposits 15.14 8.92Advances to Related Parties* - 0.43Deferred Employee Cost 52.66 50.59Deferred Foreign currency Fluctuation Asset 3675.22 2734.16Advances recoverable in kind or for value to be received

Employees 6.76 -Balance with Customs Port Trust and other authorities 27.56 23.16AdvancetaxandTaxdeductedatsource# 81.07 7.18Others** 154.75 160.03

270.14 190.37Considered doubtful 2.90 2.90

273.04 193.27Less: Provision for doubtful Advances 2.90 2.90

270.14 190.37TOTAL 5208.83 5747.68

Further notes: $ReferNote47fordisclosureasperIndAS115‘RevenuefromContractswithCustomers’. #Bankdepositsagainstdesignatedaccountsforconsultancywork. ##TheCompanyissued‘GoIfullyservicedbonds’foranamountof₹3487.50croreforraisingofExtraBudgetaryResources(EBR)forGoIschemeofPowerSystemDevelopmentFund(PSDF)intermsofletterNo:7/1/2018-OMdated21st January, 2019 of Ministry of Power, Govt. of India (GoI) for meeting accrued liabilities for creation of Capital Assets. The repayment of principal and the interest payment on such bonds shall bemetbyGoI.Outoftheproceedsofbondissue,anamountof₹3424.63CrorehasbeenrecognisedasGrantinaidandbalanceof₹62.87crore pending utilization has been shown in Note No 15.

Note 12/Other non-current Assets

Note 13/Inventories

(` in Crore)

(` in Crore)


Further notes: *Details of advances to related parties are provided in Note 60. **OthersincludeamountrecoverablefromCustomers&StateGovernments,insuranceclaimsetc. #NetofCurrentTaxLiabilities-Note33.

Note 11/Other Non-current Financial Assets (Contd.)

295

Note 14/Trade receivables

Note 15/Cash and Cash Equivalents

Note 16/ Bank Balances other than Cash & cash equivalents

Note 17/Loans

(` in Crore)

(` in Crore)

(` in Crore)

(` in Crore)



Trade receivables - Unsecured Considered good 4698.97 3626.13Considered Doubtful 339.32 48.15

5038.29 3674.28Receivablefromrelatedparties-Unsecured*

Considered good 29.17 13.895067.46 3688.17

Less: Provision for doubtful trade receivables 339.36 48.15TOTAL 4728.10 3640.02



Balance with banks--InCurrentaccounts 146.91 137.58-IndesignatedCurrentaccounts(ForConsultancyclientsandothers) 205.61 360.19

In term deposits (with maturity less than 3 months)* 3265.40 1013.73Drafts/Chequesinhand/Remittancesintransit 29.80 23.30Others (Stamps and Imprest) 0.01 -Total 3647.73 1534.80



Earmarked balance with banks* 20.18 12.61In Term Deposits having maturity over 3 months but upto 12 months (For Consultancy clients and others)

668.74 641.61

Total 688.92 654.22



Loans to Related Parties**LoanstoJointVenture-Unsecured 77.12 6.00 LoantoDirectors&KeyManagerialPersonnel(KMP)Secured# - -UnsecuredConsideredgood 0.08 0.04

77.20 6.04 Loans to Employees (including interest accrued)Secured# 23.60 21.63 UnsecuredConsideredgood 30.19 19.21

53.79 40.84TOTAL 130.99 46.88

Further notes: *Details of trade receivables from related parties are provided in Note 60. Refer Note 47 for disclosure as per Ind AS 115 ‘Revenue from Contracts with Customers’.

Further notes: *Termdepositincludes₹3265.40crore(PreviousYear₹1013.73crore)forConsultancyclientsandothers.

Further notes: *Earmarked balance with Bank includes unpaid dividend and refund of FPO proceeds

Further notes: ** Details of loans to related parties is provided in Note No 60. #HousebuildingloansandconveyanceadvancetoDirectors,KMPandEmployeesaresecuredagainstthemortgageofthehousepropertiesorhypothecation of vehicles for which such loans have been given in line with the policies of the Company.


296

Note 18/Other Current Financial Assets

Note 19/Other Current Assets

(` in Crore)

(` in Crore)



Lease Receivables 46.33 43.48UnbilledRevenue* 6307.82 4064.42Less:ProvisionforUnbilledrevenue 18.92 18.92

6288.90 4045.50Interest accrued but not due

Interest accrued on Investments (Bonds) - 0.42InterestaccruedonTerm/FixedDeposits 2.62 2.23Interest accrued on Loan to JVs 1.62 0.01Interest accrued on Others ** 38.57 4.05

42.81 6.71AdvancestoRelatedParties# 33.83 5.64Others##

Considered Good 469.17 635.90Total 6881.04 4737.23



Advances other than for Capital ExpenditureAdvances recoverable in kind or for value to be receivedContractors&Suppliers 14.22 153.94 Employees 15.18 6.20 Balance with Customs Port Trust and other authorities 125.77 221.19 Claims recoverable 0.54 0.54

155.71 381.87Advances to related parties #

Joint Ventures - 0.77 Others*

Considered Good 182.15 121.86Considered Doubtful 0.01 0.03

182.16 121.89Less:Provision for Doubtful Advances 0.01 0.03

182.15 121.86Total 337.86 504.50



Further notes: * UnbilledrevenueincludestransmissionchargesforthemonthofMarchinthefinancialyearamountingto₹2580.58crore(PreviousYear

₹2277.02crore)billedtobeneficiariesinthemonthofAprilofsubsequentfinancialyear.Furtherrefernoteno47fordisclosureasperIndAS 115 ‘Revenue from Contracts with Customers’.

** Interest accrued on Others includes accrued interest on recoverable for GOI fully serviced bonds, advance to contractors. # DetailsofadvancestorelatedpartiesareprovidedinNote60. ## Othersinclude:- (a) anamountof₹30.85crorerecoverablefromM/sDelhiTranscoLimitedtowardstransferof1.167hectarelandatTughlaqabadSub-

station pending completion of legal formalities for tranfer of title. (b) amountrecoverablefromCustomers,AdvancerentforResidentialandOfficeaccommodation,AdvancetoPFTrustandGratuityTrust,

Other advance etc.

Further notes: #DetailsofadvancestorelatedpartiesareprovidedinNote60.*OthersincludeadvancegivenforCSRactivities,prepaidexpensesandinputtaxcredit-GST.

297



Reserves and SurplusSecurities Premium 9578.29 9578.29Bonds Redemption Reserve 9942.79 9187.58Self Insurance Reserve 893.37 737.60 Corporate Social Responsibility (CSR) Activity Reserve 114.54 123.33 General Reserve 31454.07 26988.99Retained Earnings 1797.05 2487.77

Other ReservesOther Comprehensive Income Reserve 76.69 90.84

Total 53856.80 49194.40

Note 20/Regulatory Deferral Account Balances

Note 21/Equity Share capital

Note 22/Other Equity

(` in Crore)

(` in Crore)

(` in Crore)



AssetsDeferredassetsfordeferredtaxliability* 7516.5 10989.39Foreign Currency Fluctuation 432.61 200.34EmployeeBenefitsExpense 134.16 114.49

Total 8083.27 11304.22



Equity Share CapitalAuthorised 10,00,00,00,000(PreviousYear10,00,00,00,000)equitysharesof₹10/-eachatpar 10000.00 10000.00Issued, subscribed and paid up5,23,15,89,648(PreviousYear5,23,15,89,648)equitysharesof₹10/-eachatparfullypaidup 5231.59 5231.59



No. of Shares Amount (₹ in crore)

No.of Shares Amount (₹ in crore)

Shares outstanding at the beginning of the year 5231589648 5231.59 5231589648 5231.59Additions during the year - - - -Deduction during the year - - - -Shares outstanding at the end of the year 5231589648 5231.59 5231589648 5231.59

Particulars As at 31st March, 2019 As at 31st March, 2018No.of Shares % of holding No.of Shares % of holding

Government of India 2896495942 55.37 2977314759 56.91Life Insurance Corporation of India 335385684 6.41 254719223 4.87


Further Notes: 1) Reconciliation of number and amount of share capital outstanding at the beginning and at the end of the reporting period.

2)TheCompanyhasonlyoneclassofequityshareshavingaparvalueof₹10/-pershare. 3)Theholdersofequitysharesareentitled to receivedividendsasdeclared fromtime to timeand tovoting rightsproportionate to their

shareholding at meetings of the Shareholders.4)Shareholdersholdingmorethan5%equitysharesoftheCompany.


298

22.1 Securities Premium

22.2 Bonds Redemption Reserve

22.3 Self Insurance Reserve

22.4 Corporate Social Responsibility (CSR) Activity Reserve


(` in Crore)

(` in Crore)

(` in Crore)

(` in Crore)

(` in Crore)



Balance at the beginning of the year 9578.29 9578.29Addition during the year - -Deduction during the year - -Balance at the end of the year 9578.29 9578.29



Balance at the beginning of the year 9187.58 8095.83Addition during the year 2058.20 2104.08Deduction during the year 1302.99 1012.33 Balance at the end of the year 9942.79 9187.58



Balance at the beginning of the year 737.60 677.79 Addition during the year 257.69 228.63Deduction during the year 101.92 168.82Balance at the end of the year 893.37 737.60



Balance at the beginning of the year 123.33 123.38Addition during the year - -Deduction during the year 8.79 0.05 Balance at the end of the year 114.54 123.33



Balance at the beginning of the year 26988.99 23312.01 Add/(Less):IndAS115Adjustments* 104.37 9.07

27093.36 23321.08Addition during the year 4360.71 3667.91 Deduction during the year - -Balance at the end of the year 31454.07 26988.99

Securitiespremiumisusedtorecordthepremiumonissueofshares/securities.ThisamountisutilisedinaccodancewiththeprovisionoftheCompanies Act, 2013.

Bonds Redemption Reserve is created for the purpose of redemption of debentures in term of the Companies Act, 2013.

[email protected]%p.a.(0.12%p.a.inpreviousyear)ontheGrossBlockofProperty,Plant&Equipmentsnotcoveredunderinsuranceasattheendoftheyeartomeetfuturelosseswhichmayarisefromun-insuredrisksandforprocurementoftowersandothertransmissionlinematerialsincludingstrengtheningoftowersandequipmentsofACsub-stationtotakecareoffuturecontingencies.

CorporateSocialResponsibilityReserveiscreatedtotheextentofshortfallintheactualexpenditureinanyyearvis-à-vistheamountstipulatedas per the Companies Act, 2013.

GeneralReserveisretainedearningsofthecompanywhicharekeptasideoutofcompany’sprofits.Itisafreereservewhichcanbeutilizedtomeet any unknown future contingencies and to pay dividends to shareholders.* Refer note no 47 for details.


299

22.6 Retained Earnings

22.7 Other Comprehensive Income Reserve

Note 23/ Borrowings

(` in Crore)

(` in Crore)

(` in Crore)



Balance at the beginning of the year 2487.77 2742.85Add: AdditionsNetProfitfortheperiod 10033.52 8204.00 Items of other comprehensive income recognised directly in surplus balance-Remeasurementsofpostemploymentbenefitobligations (2.19) 20.85 Transfer from Bond Redemption Reserve 1302.99 1012.33 Other Adjustments (3.78) 0.23

Less: Appropriations General Reserve 4,250.00 3,500.00 Bonds Redemption Reserve 2058.20 2,104.08 Self Insurance Reserve 257.69 228.63 Interim dividend paid 3050.02 1,281.74TaxonInterimdividend 627.58 259.87 Final Dividend (refer note 64(b)) 1464.85 1,752.59 TaxonFinalDividend 312.92 365.58

Balance at the end of the year 1797.05 2487.77



Balance at the beginning of the year 90.84 103.76 Addition during the year (14.15) (12.92)Balance at the end of the year 76.69 90.84

OtherComprehensiveIncomeReserveiscreatedfromincrease/decreaseinvaluationofNonCurrentInvestmentsinEquityinstrumentsclassifiedas fair valued through Other Comprehensive Income (FVOCI).

Description As at 31st March, 2019


A) BONDSA1) Secured (Taxable, Redeemable, Non-Cumulative, Non-Convertible)

A1.1 i) Bondsof₹10LakheachLV Issue-7.55% Redeemable at par on 21.09.2031 1,238.92 1,238.91LX Issue-7.20% Redeemable at par on 09.08.2027 3,059.78 3,059.76 LIX Issue-7.30% Redeemable at par on 19.06.2027 3,069.78 3,069.76 XXXIX Issue-9.40% redeemable at par on 29.03.2027 1,799.86 1,799.86LVIII Issue-7.89% redeemable at par on 09.03.2027 2,059.44 2,059.41 XXXVIII Issue-9.25% redeemable at par on 09.03.2027 854.72 854.72LVI Issue-7.36% redeemable at par on 18.10.2026 1,064.10 1,064.08LXII Issue-8.36% Redeemable at par in 05(five) equal installments w.e.f. 07.01.2025

1,999.75 -

XLII Issue-8.80% redeemable at par on 13.03.2023 1,989.52 1,989.49LVII Issue-7.20% redeemable at par on 21.12.2021 2,118.79 2,118.75

ii) Bondsof₹30Lakheachconsistingof3STRPPsof₹10lakheach redeemable at par in 3 (Three) equal installments on15.07.2021, 15.07.2026 and 15.07.2031LIV Issue-7.97% Redeemable w.e.f 15.07.2021 2,997.93 2,997.89

iii) Bondsof₹30Lakheachconsistingof3STRPPsof₹10lakheach redeemable at par in 3 (Three) equal installments on23.12.2020,23.12.2025 and 23.12.2030LII Issue-8.32% redeemable w.e.f. 23.12.2020 1,396.95 1,396.94

iv) Bondsof₹1.20croreeachconsistingof12STRPPsof₹10lakheachredeemableatparin12(twelve)equalinstallmentsLIII Issue-8.13% Redeemable w.e.f 25.04.2020 3,995.76 3,995.46



300



v) Bondsof₹30Lakheachconsistingof3STRPPsof₹10lakheach redeemable at par in 3 (Three) equal installments on09.03.2020,09.03.2025 and 09.03.2030XLIX Issue-8.15% redeemable w.e.f. 09.03.2020 869.63 1,304.60

vi) Bondsof₹0.10croreeach redeemableatparat theendof5th year2900 Bonds-8.90% redeemable on 10.06.2020 290.00 290.00

vii) Bondsof₹40Lakheachconsistingof4STRPPsof₹10lakheachredeemableatparin4(Four)equalinstallmentson23.01.2020,23.01.2022,23.01.2025 and 23.01.2030XLVIII Issue-8.20% redeemable w.e.f. 23.01.2020 1,933.70 2,578.64

viii) Bondsof₹1.20croreeachconsistingof12STRPPsof₹10lakheachredeemableatparin12(twelve)equalinstallmentsLI Issue-8.40% redeemable w.e.f. 14.09.2019 2,747.80 2,997.62

ix) Bondsof₹30Lakheachconsistingof3STRPPsof₹10lakheach redeemable at par in 3 (Three) equal installments on04.09.2019, 4.09.2024 and 04.09.2029XLVI Issue-9.30% redeemable w.e.f. 04.09.2019 2,903.53 4,357.52

x) Bonds of Rs 1.20 crore each consisting of 12 STRPPs of Rs 10 lakheachredeemableatparin12(twelve)equalinstallmentsL Issue-8.40% redeemable w.e.f. 27.05.2019 2,682.75 2,926.70

xi) Bondsof₹1.20croreeachconsistingof12STRPPsof₹10lakheachredeemableatparin12(Twelve)equalinstallmentsXLVII Issue-8.93% redeemable w.e.f 20.10.2018 2,197.98 2,417.64

xii) Bonds of ₹ 30 Lakh each redeemable at par in 3 equalinstalmentson15.07.2018,15.07.2023and15.07.2028XLIV Issue-8.70% redeemable w.e.f. 15.07.2018 2,641.89 2,640.88

xiii) Bondsof₹1.2crores each consistingof12STRPPsof₹10lakhs each redeemable at par in 12 (twelve) equal annualinstalmentsXLV Issue-9.65% redeemable w.e.f. 28.02.2018 1,499.14 1,665.55 XLIII Issue-7.93% redeemable w.e.f. 20.05.2017 2,343.46 2,603.84

xiv) Bondsof₹1.5croreseachconsistingof12STRPPsof₹12.50Lakhs each redeemable at par in 12 (twelve) equal annualinstalments.XLI Issue-8.85% redeemable w.e.f. 19.10.2016 1,892.95 2,129.59

xv) Bondsof₹1.50croreseach,consistingof15STRPPsof₹10.00Lakhs each redeemable at par in 15 (fifteen) equal annualinstalmentsXXXVI Issue- 9.35% redeemable w.e.f. 29.08.2016 2,263.49 2,469.27

xvi) Bondsof₹1.5croreseachconsistingof12STRPPsof₹12.50Lakhs each redeemable at par in 12 (twelve) equal annualinstalments.XL Issue-9.30% redeemable w.e.f. 28.06.2016 2,662.67 2,995.53 XXXVII Issue- 9.25% redeemable w.e.f 26.12.2015 1,162.66 1,328.77XXXV Issue- 9.64% redeemable w.e.f 31.05.2015 1,141.04 1,304.05 XXXIV Issue- 8.84% redeemable w.e.f 21.10.2014 1,741.84 2,032.19 XXXIII Issue- 8.64% redeemable w.e.f 08.07.2014 1,438.78 1,678.61XXXII Issue- 8.84% redeemable w.e.f 29.03.2014 431.21 517.45 XXXI Issue- 8.90% redeemable w.e.f 25.02.2014 852.77 1,023.33 XXX Issue- 8.80% redeemable w.e.f 29.09.2013 970.77 1,164.96 XXIX Issue- 9.20% redeemable w.e.f 12.03.2013 432.37 540.47 XXVIII Issue- 9.33% redeemable w.e.f 15.12.2012 799.13 998.95XXVII Issue- 9.47% redeemable w.e.f 31.03.2012 176.18 234.92 XXVI Issue- 9.30% redeemable w.e.f 07.03.2012 249.66 332.88XXV Issue- 10.10% redeemable w.e.f 12.06.2011 265.97 354.65 XXIV Issue- 9.95% redeemable w.e.f 26.03.2011 133.23 199.85XXIII Issue- 9.25% redeemable w.e.f 09.02.2011 51.21 76.82XXII Issue- 8.68% redeemable w.e.f 07.12.2010 114.86 172.32 XXI Issue- 8.73% redeemable w.e.f 11.10.2010 84.88 127.34


301



XX Issue- 8.93% redeemable w.e.f 07.09.2010 249.65 374.53 XIX Issue- 9.25% redeemable w.e.f 24.07.2010 82.39 123.60 XVIII Issue- 8.15% redeemable w.e.f 09.03.2010 83.22 166.45

65036.11 69,774.55 A2) Unsecured

A2.1 Redeemable Domestic BondsBondsof₹50Lakhseachconsistingof05STRPPsof₹10.00Lakhseachredeemableatparin05(Five)equalannual instalments.

LXI Issue-7.74% redeemable w.e.f. 12.12.2028 2,999.77 2,999.75

A2.2 Redeemable Foreign Currency Bonds3.875%ForeignCurrencyBondstoberedeemedatpar on 17.01.2023

3,470.63 3,253.88

6,470.40 6,253.63 Total (A) 71506.51 76,028.18

B) Term loans from Banks

SecuredForeign Currency Loans (Guaranteed by Government of India (GOI)

24,891.44 21,294.39

Other Foreign Currency Loans 3,401.76 2,548.77Rupee Loans 12,184.00 13,638.00

40,477.20 37,481.16 Unsecured

Foreign Currency Loans (Guaranteed by GOI) 3,657.84 3,738.32Other Foreign Currency Loans 3,135.96 2,022.66 Rupee Loans 12,552.00 3,440.00

19,345.80 9,200.98

Total B 59,823.00 46,682.14TOTAL (A TO B) 131,329.51 122,710.32


Further notes:

Details of terms of repayment and rate of interest

1 SecuredForeignCurrencyLoans(GuaranteedbyGoI)carryfloatingrateofinterestlinkedto6MLIBOR.Theseloansarerepayableinsemiannualinstallment,aspertermsoftherespectiveloanagreement,commencingaftermoratoriumperiodof3to5yearsexceptforoneloan₹342.93Crore(Previousyear₹199.69Crore)whichcarryfixedrateofinterestof0.25%p.a.

2 SecuredotherForeignCurrencyLoanscarryfloatingrateofinterestlinkedto6M(LIBOR/EURIBOR/STIBOR).Theseloansarerepayablein semi annual installment,as per terms of the respective loan agreements, commencing after moratorium period of 3 to 5 years.

3 SecuredRupeeloanfrombankscarryfloatingrateofinterestlinkedto3MMCLR.Theseloansarerepayableinsemiannualinstallments,as per terms of the respective loan agreements, commencing after moratorium period of 5 years.

4 UnsecuredForeignCurrencyLoans(GuaranteedbyGoI)carryfixedrateofinterestrangingfrom1.63%p.a.to2.30%p.a.Theseloansarerepayable in semi annual installments as per terms of the respective loan agreements.

5 UnsecuredForeignCurrencyLoanscarryfloatingrateofinterestlinkedto6MSTIBOR/EURIBOR/JPYLIBOR.Theseloansarerepayablein semi annual installments as per terms of the respective loan agreements, commencing after moratorium period as per terms of the respective loan agreements.

6 UnsecuredRupeeloansfrombankscarryfloatingrateofinterestlinkedto3monthsMCLR.Theseloansarerepayableinsemiannualinstallments, commencing after moratorium period as per terms of the respective loan agreements.

7 There has been no default in repayment of loans or payment of interest thereon as at the end of the year.


302

Note 24/Other Non-current financial liabilities

Note 25/ Provisions

Note 26/ Deferred tax liabilities (Net)

(` in Crore)

(` in Crore)

(` in Crore)



Deposits/Retentionmoneyfromcontractorsandothers. 507.03 456.95Govt. of India fully serviced bonds * 3487.50DuesforCapitalExpenditure - 2.65Total 3994.53 459.60



Employee BenefitsAs per last balance sheet 716.87 789.56Additions/(adjustments)duringtheyear (348.72) (72.69)Closing Balance 368.15 716.87



A. Deferred Tax LiabilityDifferenceinbookdepreciationandtaxdepreciation 17606.33 14398.61Finance lease assets 83.23 88.37Others 37.60 48.27Share of undistributed dividends in Joint Ventures 69.79 58.82

Deferred Tax Liability (A) 17796.95 14594.07

B. Deferred Tax AssetsIncome during Construction Period 20.95 16.78Self Insurance Reserve - 8.11Provisions allowable on payment basis 481.93 215.92Advance Against Depreciation 462.47 525.59UnusedTaxLosses 668.65 221.16MAT Credit Entitlement 6043.80 30.15 Others 100.67 103.51

Deferred Tax Assets (B) 7778.47 1121.22Deferred Tax Liability (Net) (A-B) 10018.48 13472.85

Further Notes: DisclosurewithregardtoMicroandSmallenterprisesasrequiredunder“TheMicro,SmallandMediumEnterprisesDevelopmentAct,2006”isgiven in Note No 51. *[email protected]%redeemableatparon14.02.2029.ReferNote11fordetails.

Further Notes: Provisioniscreatedforthepurposeof leaveencashment,SettlementAllowance,LongServiceAwardandotherbenefits.ReferNote68fordetaileddisclosurerelatedtoEmployeeBenefitObligations.

Note 23/ Borrowings (Contd.)Details of Securities 1 Domestic Bonds are Secured by way of Registered Bond Trust Deed ranking pari passu on immovable property situated at Mouje Ambheti

TalukaKaparadaindistrictValsadGujaratandfloatingchargeontheassetsofthecompany.2 Secured Foreign Currency Loans (Guaranteed by GoI) are secured by pari passu interest in the lien created on the assets as security for the

debts. 3 Secured Other Foreign Currency Loans and Rupee Loans are secured by the way of (i) paripassuchargeontheassetsofthecompanyexceptinvestments,landandbuilding,roadsandbridges,watersupply,drainageand

sewerage and current assets or (ii) paripassuchargeontheassetsofthecompanyexceptinvestmentsandcurrentassetsor (iii) floatingchargeontheimmovable properties of the company. as per the terms of respective loan agreements.

303

(` in Crore)

Further Notes:Movement in Deferred Tax Liabilities

Particulars Difference in book depreciation and tax depreciation

Finance Leased Assets

Others Undistributed Dividend in JVs

Total

At 1st April, 2017 11257.94 90.83 66.30 46.55 11461.62Charged/(credited)-toprofitorloss 3140.67 (2.46) (18.03) 12.27 3132.45At 31st March, 2018 14398.61 88.37 48.27 58.82 14594.07Charged/(credited)-toprofitorloss 3207.72 (5.14) (10.67) 10.97 3202.88At 31st March, 2019 17606.33 83.23 37.60 69.79 17796.95

(` in Crore)

(` in Crore)

a) Creditof₹3454.37crorehasbeenmadeintheStatementofProfit&Loss(PreviousyearchargedtoStatementofProfit&Loss₹3068.77crore).

b) Matterregardingpresentationof‘DeferredAssetsagainstDeferredTaxLiability’inBalanceSheetandStatementofProfitandlosswasreferred toExpertAdvisoryCommittee (EAC)of InstituteofCharteredAccountantsof India.Asperopinion receivedduring theyear‘DeferredAssetsagainstDeferredTaxLiabilitywhichwashithertonettedwithDeferredTaxLiability,isclassifiedas‘RegulatoryDeferralAccountBalance” inBalanceSheetandStatementProfitandLossAccount‘.Further refer tonoteno55 ‘ReclassificationofPriorYearPresentation’.

Movement in Deferred Tax Assets

Amount taken to Statement of Profit and Loss

Particulars Income during construction

Period

Self-insurance reserve

Provisions allowable on

payment basis

Advance against

depreciation

MAT Credit

Others Total

At 1st April, 2017 18.69 11.26 236.77 562.31 - 228.41 1057.44(Charged)/credited-toprofitorloss (1.91) (3.15) (20.85) (36.72) 30.15 96.26 63.78At 31st March, 2018 16.78 8.11 215.92 525.59 30.15 324.67 1121.22(Charged)/credited-toprofitorloss 4.17 (8.11) 266.01 (63.12) 6013.65 444.65 6657.25At 31st March, 2019 20.95 - 481.93 462.47 6043.80 769.32 7778.47



IncreaseinDeferredTaxLiabilities 3202.88 3132.45Decrease/(Increase)inDeferredTaxAssets (6657.25) (63.78)Add:AdjustmentofPYdeferredtaxLiability - 0.10Total (3454.37) 3068.77

c) Intheopinionofthemanagement,itisprobablethatfutureeconomicbenefitswillflowtothecompanyintheformofavailabilityofsetoffagainstfutureincometaxliabilitybyrecognizingMATcreditasfollows:

Future taxableprofitswillbeadjustedagainst (a) taxholidayu/s80-IAof IncomeTaxAct,1961 for theprojects commissionedupto 31stMarch,2017(b) initialdepreciationontheassetstobecommissioned infutureand(c)regular incometaxdepreciationu/s32ofIncomeTaxAct,1961andthereaftertaxamountwillbesetoffagainstMATcredittotheextentof`2003.24Cr(FY2016-17),` 2203.64 Cr (FY2017-18)and`1728.82Cr(FY2018-19).Hence,thesamehasbeenrecognisedasDeferredTaxAssetsduringtheyear.

Note 26/ Deferred tax liabilities (Net) (Contd.)


304

Note 28/Borrowings(` in Crore)



Short Term - UnsecuredFrom OthersFrom Banks 1300.00 -Commercial Paper 3000.00 1000.00

Total 4300.00 1000.00

Further Notes: 1. CommercialPapers/shorttermloanareunsecuredinnature,withrateofinterestrangingform6.63%to8.20%andrepayablewithin30

days to 90 days from the date of drawal. 2. There has been no default in repayment of loans or payment of interest thereon as at the end of the year.

Note 27/Other non-current liabilities(` in Crore)



Advancefromcustomers(Consultancy/Telecomservices)$ 359.04 328.84Others* 127.53 128.32Total 486.57 457.16

Further Notes: $ReferNote47fordisclosureasperIndAS115‘RevenuefromContractswithCustomers’. *Others includes amount payable to Customers upon recovery.

DeferredtaxassethasnotbeenrecognisedinrespectofthetaxlossesincurredbythecompanythatisnotlikelytogeneratetaxableincomeintheforeseeablefutureduetotheavailabilityofdeductionoftaxholidaytothecompanyundertheIncomeTaxAct,1961.*UndertheprovisionsoftheIncomeTaxAct,1961,unabsorbeddepreciationcanbecarriedforwardforanunlimitedperiod.

(` in Crore)

(` in Crore)

d) MAT credit available to the group in future but not recognised in the books:

e) Tax losses brought forward:

For the Financial Year As at 31st March 2019 Expiry Date As at 31st March 2018 Expiry Date2017-18 - 31st March 2033 2203.64 31st March 20332016-17 - 31st March 2027 2003.24 31st March 20272015-16 1421.20 31st March 2026 1421.20 31st March 20262014-15 1281.23 31st March 2025 1281.23 31st March 20252013-14 1085.14 31st March 2024 1085.14 31st March 20242012-13 1071.31 31st March 2023 1071.31 31st March 20232011-12 239.01 31st March 2022 239.01 31st March 20222010-11 9.36 31st March 2021 9.36 31st March 20212009-10 - 31st March 2020 - 31st March 20202008-09 277.91 31st March 2019 277.91 31st March 20192007-08 - 31stMarch2018 250.01 31stMarch2018

Particulars As at 31st March 2019 Expiry Date As at 31st March 2018 Expiry Date*Unused tax losses for whichno deferred tax asset has beenrecognised

- - 2761.43 -

Note 26/ Deferred tax liabilities (Net) (Contd.)

305

Note 29/Trade payables

Note 30/Other Current Financial Liabilities

(` in Crore)

(` in Crore)



For goods and services(A) total outstanding dues of micro enterprises and small enterprises 33.27 2.33(B) total outstanding dues of creditors other than micro enterprises and small enterprises 331.86 238.11

Total 365.13 240.44



Current maturities of long term borrowingsSecuredBonds 6742.98 5211.89Rupee Term Loans 1454.00 454.00Foreign Currency Loans 2098.85 1849.71

10295.83 7515.60Un-securedForeign Currency Loans 451.02 277.04

10746.85 7792.64Interest accrued but not due on borrowings fromForeignBanks&FinancialInstitutions 251.70 144.90Secured/UnsecuredredeemableBonds## 3160.52 3323.48

3412.22 3468.38OthersDuesforcapitalexpenditure 2597.66 4618.88Employee related liabilities 158.03 170.31Unclaimeddividends&FPO* 13.37 12.61Deposits/Retentionmoneyfromcontractorsandothers. 4723.65 5355.24Related parties** 2.69 51.91Dividend Payable 6.81 -Others# 1698.40 1210.03

9200.61 11418.98Total 23359.68 22680.00

Further Notes: DisclosurewithregardtoMicroandSmallenterprisesasrequiredunder“DivisionIIofScheduleIIIofTheCompaniesAct,2013”and“TheMicro,Small and Medium Enterprises Development Act, 2006” is given in Note No 51.

Further notes: DisclosurewithregardtoMicroandSmallenterprisesasrequiredunder“TheMicro,SmallandMediumEnterprisesDevelopmentAct,2006”isgiven in Note No 51.* No amount is due for payment to Investor Education and Protection Fund. **Details of amount payable to related parties are provided in Note 60. #OthersincludeliabilityforpaymentagainstLongTermAccess(LTA),ShortTermOpenAccess(STOA),ISTSLicenserecovery,deadcheques,Price variation etc. ##includes₹36.22CroreinterestaccurredbutnotdueonGoIfullyservicedbonds.

Note 31/Other current liabilities(` in Crore)



Advances from customers * 3500.58 2569.87Advancesfromcustomers-relatedparties# 80.42 -Statutory dues 307.98 148.68Total 3888.98 2718.55

Further notes: * Refer Note 47 for disclosure as per Ind AS 115 ‘Revenue from Contracts with Customers’. #DetailsofamountpayabletorelatedpartyareprovidedinNote60.


306



Taxation (Including interest on tax)As per last balance sheet 5809.21 4847.15Additions during the year 1873.49 2247.90 Amount adjusted during the year 1565.28 1285.84Total 6117.42 5809.21NetoffagainstAdvancetaxandTDS 6117.42 5401.95 Closing Balance - 407.26

Note 33/Current Tax Liabilities (Net)

Note 32/Provisions

(` in Crore)

(` in Crore)



A) Employee Benefitsi) Performance related pay /special incentiveAs per last balance sheet 163.33 109.83Addition during the year 444.50 163.46 Amountpaid/adjustedduringtheyear 163.33 109.96 Closing Balance 444.50 163.33 ii) Wage revisionAs per last balance sheet 725.36 265.43 Additions/(adjustments)duringtheyear (725.36) 459.93 Closing Balance - 725.36 iii) Other Employee Benefits( Leave Encashment, Settlement Allowance and Long Service Award etc.)As per last balance sheet 66.52 73.86Additions/(adjustments)duringtheyear 1.59 (7.34)Closing Balance 68.11 66.52 Total (A) 512.61 955.21

B) Othersi) Downtime Service Credit-TelecomAs per last balance sheet 18.20 14.86Additions during the year 5.49 8.26Amounts adjusted during the year 5.74 4.92 Closing Balance 17.95 18.20ii) Provision Others As per last balance sheet 86.19 73.24 Additions/(adjustments)duringtheyear 84.39 12.95 Closing Balance 170.58 86.19Total (B) 188.53 104.39

Total (A+B) 701.14 1059.60 Further Notes: Employee BenefitsPerformanceRelatedPay/SpecialIncentiveProvisioniscreatedforPerformanceRelatedPaytoExecutivesandNon-ExecutivesWageRevisionPayrevisionofExecutivesandNonExecutiveswasimplementedduringtheFY2018-19andaccordinglyprovisionagainstwagerevisionwasutilised/adjustedduringtheyear.OtherEmployeeBenefitsProvisioniscreatedforthepurposeofmeetingoutleaveencashment,settlementallowance,longserviceawardandPOWERGRIDEmployeeFamily Rehabilitation Scheme.OthersDowntimeServiceCredit-TelecomProvisioniscreatedincasewhenactualdowntimeisinexcessofthepermissibleservicelevelagreement,insuchcasesthenecessarycreditis passed on to the customer on demand.However, in some case, the downtime is not claimed by the customer then in such cases necessary provision on account of downtime is made in thebooksofaccountsasperthelinksavailabilityreportsreceivedfromNationalTelecomControlCentre(NTCC)fortheperiodofnon-operationof links given to the customers. The calculation of downtime credit is based on the SLA signed with various customers.Provision Others: Itincludesprovisionforentrytax₹138.39crore(PreviousYear₹71.44crore)asperdemandraisedbyrevenueauthoritiesdisputedbythecompanyandareunderlitigation.Anamountof₹8.24crore(PreviousYearNil)hasbeenpaidundercourtorderandshownas“Balancewithcustom port trust and other authorities” in Note 19.

307

Note 34/Deferred Revenue

Note 35/Revenue from operations

(` in Crore)

(` in Crore)



Advance against depreciation 1323.45 1504.09 Grants in aid (Refer Further Notes)

As per last Balance Sheet 559.56 150.30 Addition during the year 3684.53 421.39 Adjustments during the year 70.77 12.13 Closing balance 4173.32 559.56

Deferredincomefromforeigncurrencyfluctuation(Net) 3960.26 2903.76 TOTAL 9457.03 4967.41

Particulars For the year ended 31st

March, 2019

For the year ended 31st

March, 2018Sales of servicesTransmission Business Transmission Charges 33485.68 28686.36 Add: Revenue recognised out of Advance Against Depreciation 180.64 120.72

33666.32 28807.08 Other Operating RevenueInterestondifferentialProvisionalandFinalTariff 145.87 25.36 Income from lease lines 11.31 11.17 Recognisedfromdeferredrevenue-Grantinaid 70.77 12.13

227.95 48.6633894.27 28855.74

Telecom Business 663.25 606.59

Consultancy Project Management and Supervision 501.60 491.29 Total 35059.12 29953.62

Further Notes: 1. GrantinAidof₹2889.00crore(PreviousYearNilcrore)wasreceivedfromPowerSystemDevelopmentFund(PSDF)towardsTransmission

system associated with ‘North East-Northern/Western Interconnector-I Project’ and ‘Transmission system for development of poolingstationinNorthernPartofWestBengalandtransferofpowerfromBhutantoNR/WR(BNC-AgraHVDC)’.

2. GrantinAidof₹667.78crore(PreviousYear₹141.15crore)wasreceivedfromPowerSystemDevelopmentFund(PSDF)forinstallationofSTATCOMinER(ERSS-XI)andSR(SystemStrengtheninginSR-XXI).InadditiontoGrantreceived,aninterestof₹1.24crore(PreviousYear₹0.12crore)creditedtotheGrant.

3. GrantinAidof₹17.85crore(PreviousYear₹115.99crore)wasreceivedfromPowerSystemDevelopmentFund(PSDF)forUnifiedRealTimeDynamicStateMeasurement(URTDSM).InadditiontoGrantreceived,aninterestof₹6.95crore(PreviousYearNil)creditedtotheGrant.

4. GrantinAidof₹93.87crore(PreviousYear₹164.13crore)wasreceivedfromMinistryofNaturalResources&Environment(MNRE)forestablishmentoftransmissionsystemassociatedwithUltraMegaSolarParksinAndhraPradesh,Karnataka,MadhyaPradesh,RajasthanandGujarat.InadditiontoGrantreceived,aninterestof₹0.83crore(PreviousYearNil)creditedtotheGrant.

5. GrantinAidof₹7.01crore(PreviousYearNil)receivablefromMinistryofNew&RenewableEnergyforestablishingsolarrooftopplantsinvariousbuildingsofPOWERGRIDunderachievementlinked/incentiveawardschemeforGovernmentSector.

Further Notes: a) Inexerciseofpowersu/s178oftheElectricityAct2003,CentralElectricityRegulatoryCommission(CERC)hasnotified“CERC(Termsand

Conditionsoftariff)Regulations2014”videorderdated21stFebruary,2014forthedeterminationoftransmissiontarifffortheblockperiod2014-19.

b) Thecompanyhasrecognisedtransmissionincomeduringtheyearasperthefollowing:- i)₹27278.92Crore(previousyear₹24572.91Crore)asperfinaltariffordersissuedbyCERC. ii) ₹5387.40Crore(previousyear₹4234.17Crore)inrespectoftransmissionassetsforwhichfinaltariffordersareyettobeissuedas

perCERCTariffRegulationsandotherordersinsimilarcases.c) Consequent to the final order issued by CERC, transmission income includes ₹285.42 crore (increase) (Previous Year ₹79.33 Crore

(decrease)) pertaining to earlier years.d) Otheroperatingincomeincludesinterestondifferentialbetweenprovisional&finaltariffandincomefromfinancelease.e) TheCERCorder dated 26March 2018provides that PNMTL is entitled for tariff for the entire transmission systemafter the 765KV

Salem-MadhugiriTransmissionlineisputundercommercialoperation.Theabovelinewasdeclaredinoperationfrom26th Jan 2019 and accordinglyrevenuefromoperationwasrecognisedasperthetariffspecifiedinTransmissionServiceAgreement(TSA).

f) Refer note no 47 for disclosure as per Ind AS 115 “ Revenue from Contracts with Customer”.


308

Note36/Other income

Note 37/Employee benefits expense

(` in Crore)

(` in Crore)



Interest income from financial assets at amortised costInterest on Govt.securities - 0.07 Indian Banks 84.22 110.72 Interest on Loan to Joint Ventures (JVs) 2.40 -Others* 19.69 14.62

106.31 125.41 Interest from advances to contractors 49.01 66.32

155.32 191.73 Dividend income from investment in Equityinvestmentsdesignatedatfairvaluethroughothercomprehensiveincome 5.42 5.58

5.42 5.58OthersProfitonsaleofProperty,PlantandEquipment 1.26 0.45 FinanceIncomefromfinancelease 69.66 73.64 Surcharge 203.08 156.61 FERV gain 0.16 0.33 Provisions written back 28.25 8.36FairValuegainoninitialrecognitionofFinancialliability/investment 58.26 50.95 Miscellaneous income ** 187.72 111.62

548.39 401.96 709.13 599.27

Less:Transferredtoexpenditureduringconstruction(Net)-Note43 106.93 122.35 TOTAL 602.20 476.92



Salaries,wages,allowances&benefits 1838.79 1844.95Contribution to provident and other funds 228.50 112.24 StaffWelfareexpenses(IncludingDeferredEmployeecost) 233.25 193.10

2300.54 2150.29 Less:TransferredtoExpenditureduringConstruction(Net)-Note43 509.80 544.40

TransferredtoCSRexpenses-Note40 7.17 6.80Total 1783.57 1599.09

Further Notes: *Othersincludeinterestonemployeeloans&unwindingoffinancecostonemployeeloans. **MiscellaneousincomeincludeSaleofScrap,InsuranceClaimRecovery,UIChargesetc.

Further Notes:

a) Refer note 60 for Remuneration to Key Managerial Personnel (KMPs).

b) PayrevisionofExecutiveandNon-executiveimplementedduringthecurrentfinancialyearandanamountof₹18.67crores(Netofamounttransferredtoexpenditureduringconstruction)waswrittenbackagainstprovisionforwagerevision.

c) Special allowance was settled as per the rates approved by Ministry of Power and Department of Public Enterprises to employees who are postedinthedifficultandfarflungareas.Anamountof₹22.65croreswasrecoveredformemployeesduringthecurrentyearbeingtheexcessamountpaidinearlierperiod.

d) Refernoteno.68fordetailsofEmployeeBenefitObligations.

309

Note 38/Finance costs(` in Crore)



Interest and finance charges on financial liabilities at amortised costIndianBanks&FinancialInstitutions 2094.61 1367.84Foreign Banks and Financial Institutions 956.83 558.71Secured/UnsecuredredeemableBonds 6427.66 6560.03 Foreign Currency Bonds 147.78 134.89

Unwinding of discount on financial liabilities 113.53 63.11 Interest - Others 34.53 15.45

9774.94 8700.03Other Finance charges

Commitment charges 7.08 10.13 Guarantee Fee 449.17 296.95 Others* 117.00 62.06

573.25 369.14 Exchange differences regarded as adjustment to Borrowing Cost (112.00) 205.10

461.25 574.24 10236.19 9274.27

Less:TransferredtoExpenditureduringConstruction(Net)-Note43 1499.62 1950.13 Total 8736.57 7324.14

Further Notes: *Othersincludesmanagementfees,agencyfees,trusteefees,front-endfees,interestonlandcompensation,tree&cropcompensationetc. Note 39/Depreciation and amortization expense (` in Crore)Particulars For the year ended


31st March, 2018DepreciationofProperty,PlantandEquipment 10712.55 9346.43 Amortization of Intangible assets 111.95 101.01

10824.50 9447.44 Less:TransferredtoExpenditureDuringConstruction(Net)-Note43 10.76 12.81

10813.74 9434.63 Less:Depreciation amortised due to FERV adjustment 272.79 203.64 Charged to Statement of Profit & Loss 10540.95 9230.99

Note 40/Other expenses (` in Crore)Particulars For the year ended


31st March, 2018Repair & MaintenanceBuildings 86.40 64.69 Plant&MachinerySub-Stations 363.07 333.00 Transmission lines 304.03 149.89Telecomequipments 35.96 37.25 Others 42.93 38.69

745.99 558.83System and Market Operation Charges 10.77 8.42Power charges 259.39 242.56 Less: Recovery from contractors 3.03 1.14

256.36 241.42 ExpensesofDieselGeneratingsets 4.95 5.04 Stores consumed 10.61 8.67Watercharges 9.77 2.70 RightofWaycharges-Telecom 8.20 7.57 PatrollingExpenses-Telecom 1.38 2.95 LastMileconnectivity-Telecom 9.01 9.83Training&RecruitmentExpenses 31.67 30.82Less:Fees for training and application 1.55 2.00

30.12 28.82


310

(` in Crore)

Payments to Statutory AuditorsAudit Fees 1.31 1.20 TaxAuditFees 0.33 0.26 In Other Capacity 1.15 1.21 Arrears 0.03 0.36 OutofpocketExpenses 1.02 1.00

3.84 4.03 Advertisement and publicity 14.00 14.07 Printing and stationery 7.25 5.73 Books Periodicals and Journals 1.77 1.48EDP hire and other charges 17.85 10.71 Entertainmentexpenses 2.74 3.17 Brokerage&Commission 1.18 1.12 Research&Developmentexpenses 12.67 1.33 CostAuditandPhysicalverificationFees 1.35 1.27 Rent 13.95 14.60 CERCpetition&Othercharges 76.51 63.40 Miscellaneousexpenses 100.59 96.21 HorticultureExpenses 28.90 27.11 SecurityExpenses 260.12 243.42 Hiring of Vehicle 156.29 143.66 Insurance 104.35 79.31 Ratesandtaxes 45.01 35.28License Fees to DOT 59.11 60.38Bandwidthchargesdarkfibreleasecharges(Telecom) 27.71 30.70 CorporateSocialResponsibility(CSR)Expenses* 196.28 157.99 TransitAccomodationExpenses 25.42 22.28Less : Income from Transit Accomodation 1.67 1.36

23.75 20.92 ForeignExchangeRateVariation 226.02 162.08Provisions for

Doubtful loans, advances, debts, claims etc. 398.07 35.31 Obsolescence in Stores 8.51 14.86Shortages in Stores - 0.42 Others** 4.00 -

410.58 50.59 3258.74 2515.30

Less:TransferredtoExpenditureduringConstruction(Net)-Note43 230.57 288.353028.17 2226.95

LossonDisposal/WriteoffofProperty,Plant&Equipment 26.84 10.75 Total 3055.01 2237.70

Further Note: *Includesanamountof₹7.17crore(PreviousYear₹6.80crore)transferredfromNoteNo37-’EmployeeBenefitsExpense’ **ProvisionfordiminutioninthevalueofInvestmentinJVCompany(RINLPOWERGRIDTLTPrivateLimited)



Legalexpenses 26.69 21.30 Professional charges 24.99 75.52 Consultancyexpenses 84.67 108.95Communicationexpenses 16.39 16.03 InlandTravellingExpenses 117.67 104.67 Foreign travel 11.09 11.11

128.76 115.78Tenderexpenses 13.42 12.11 Less: Sale of tenders 1.56 1.89

11.86 10.22


311

Note 41/Net Movement in Regulatory Deferral Account Balances-Incomes/(expenses) (net of tax)

Note 42/Other Comprehensive Income

Note 43/ Expenditure during Construction (Net)

(` in Crore)

(` in Crore)

(` in Crore)



Deferredassetsfordeferredtaxliability* (3472.89) 3121.19 Foreign Currency Fluctuation 232.27 195.92 EmployeeBenefitsExpense 19.67 11.31

(3,220.95) 3,328.42Taxonnetmovementinregulatorydeferralaccountbalances (694.08) 44.23 TOTAL (2526.87) 3284.19



ItemsthatwillnotbereclassifiedtoProfitorLossGain/(Loss)onvaluationofInvestmentinEquity (14.15) (12.92)Provisions for actuarial valuation (0.26) 37.58

(14.41) 24.66 Less:TransferredtoExpenditureduringConstruction(Net)-Note43 2.34 10.94

(16.75) 13.72 IncomeTaxrelatingtoitemsthatwillnotbereclassifiedtoProfitorLoss (0.45) 5.69 Items that will not be reclassified to Profit or Loss (net of tax) (16.30) 8.03



A. Employees Remuneration & BenefitsSalarieswagesallowancesandbenefits 424.68 486.71Contribution to provident and other funds 53.81 29.97 Welfareexpenses 31.31 27.72 Total (A) 509.80 544.40

B. Other ExpensesRepair and maintenance 7.45 5.67 Power charges 5.12 2.65 Less: Recovery from contractors 1.87 0.75

3.25 1.90 ExpensesonDieselGeneratingsets 0.29 0.45 Watercharges 0.34 -Training&RecruitmentExpenses 0.11 0.98Legalexpenses 5.89 3.23 Professional charges 3.79 58.51Consultancyexpenses 114.98 108.76Communicationexpenses 2.65 2.13 Travelling&Conv.exp.(IncludingForeignTravel) 28.55 27.16 Tenderexpenses 6.31 10.32 Less: Sale of tenders 1.44 1.64

4.87 8.68Payment to Auditors 0.17 0.13 Advertisement and Publicity 0.20 1.03 Printing and stationery 0.75 0.71 Books, Periodicals and Journals 0.04 0.01 EDP hire and other charges 0.19 0.23 Entertainmentexpenses 0.35 0.40 Brokerage and commission 0.01 0.03 Rent 2.68 3.27



312



Miscellaneousexpenses 7.30 13.78HorticultureExpenses 0.90 0.64 SecurityExpenses 16.67 19.28Hiring of Vehicles 23.92 24.03 Insurance 0.01 0.03 Ratesandtaxes 3.83 6.25 Bandwidthcharges,darkfibreleasecharges(Telecom) 0.08 0.13 TransitAccomodationExpenses 1.30 0.93 Less : Income from Transit Accomodation - -

1.30 0.93 Total (B) 230.57 288.35

C.Depreciation/Amortisation 10.76 12.81Total (C) 10.76 12.81

D. Finance Costsa)Interestandfinancechargesonfinancialliabilitiesatamortisedcost

Government of IndiaIndian Banks and Financial Institutions 405.33 301.55 Foreign Banks and Financial Institutions 256.27 131.59 Secured/UnsecuredRedeemableBonds 744.89 1176.21 Foreign Currency Bonds 2.70 5.17 Others 55.32 44.74

1464.51 1659.26 b)Otherfinancecharges

Commitment charges 5.62 8.33Guarantee fee 108.34 71.61 Others 46.04 37.93

160.00 117.87 c) FERV adjustment to borrowing cost (124.89) 173.00 Total (D) 1499.62 1950.13

E. Less: Other IncomeInterest fromIndian banks - 11.82Contractors 48.04 60.12 Others 1.35 -

49.39 71.94 Miscellaneous income 57.54 50.41 Total (E) 106.93 122.35

F. Less: Other Comprehensive IncomeOther Comprehensive Income 2.34 10.94 Total (F) 2.34 10.94 GRAND TOTAL (A+B+C+D-E-F) 2141.48 2662.40

Note 43/ Expenditure during Construction (Net) (Contd.)(` in Crore)

313

44. Interest in Other Entities 44.1 Subsidiaries: The Group’s subsidiaries at 31stMarch,2019aresetoutbelow.Unlessotherwisestated,theyhavesharecapitalconsistssolelyof

equitysharethatarehelddirectlybytheGroup,andtheproportionofownershipinterestheldequalsthevotingrightsheldbythe Group:

(i) All Subsidiary companies are unlisted entities. (ii) Financial statements used for consolidation are audited.* ThecompanywasformedasSPVforexecutionofVemagiriTransmissionsystemallocatedonTariffBasedCompetitiveBidding

(TBCB).CERCvideorderdated09.05.2013and27.09.2013interaliastatedthatVemagiriTransmissionsystemcannotbeexecutedin its present form. In this scenario, the company may not be able to do further any activity and may cease to be a going concern in near future.

** 100%equity in Powergrid Jawaharpur FirozabadTransmission Limited acquired fromRECTransmission Projects Limited on 21stDecember,2018.

44.1.1 The group hasmade further Investment of ₹ 173.00 crore (Previous Year ₹ Nil crore) in Powergrid Jabalpur TransmissionLimited which is wholly owned subsidiary company of the group.

44.1.2 Thegrouphasmade further Investmentof₹5.00crore (PreviousYear₹54.95crore) inPowergridKalaAmbTransmissionLimited which is wholly owned subsidiary company of the group.

44.1.3 ThegrouphasmadefurtherInvestmentof₹52.00crore(PreviousYear₹50.00crore)inPowergridNMtransmissionLimitedwhich is wholly owned subsidiary company of the group.

44.1.4 ThegrouphasmadefurtherInvestmentof₹228.40crore(PreviousYear₹Nilcrore)inPowergridParliTransmissionLimitedwhich is wholly owned subsidiary company of the group.

44.1.5 ThegrouphasmadefurtherInvestmentof₹515.45crore(PreviousYear₹Nilcrore) inPowergridSouthernInterconnectorTransmission System Limited which is wholly owned subsidiary company of the group.

44.1.6 ThegrouphasmadefurtherInvestmentof₹150.00crore(PreviousYear₹151.20crore)inPowergridWaroraTransmissionLimited which is wholly owned subsidiary company of the group.

44.1.7 Thegrouphasmade further Investment of ₹Nil crore (PreviousYear ₹0.05 crore) inPowergridMithilanchalTransmissionLimited (erstwhile ERSS XXI Transmission Limited) which is wholly owned subsidiary company of the group.

44.1.8 ThegrouphasmadefurtherInvestmentof₹Nilcrore(PreviousYear₹0.05crore)inPowergridVaranasiTransmissionSystemLimited(erstwhileWRNRPowerTransmissionLimited)whichiswhollyownedsubsidiarycompanyofthegroup.

Name of the Entity Place of business

Proportion (%) of Shareholding as on

Principle activities

31st March, 2019

31st March, 2018

1 Powergrid Jabalpur Transmission Limited India 100% 100% Transmission 2 Powergrid Kala Amb Transmission Limited India 100% 100% Transmission3 Powergrid NM transmission Limited India 100% 100% Transmission4 Powergrid Parli Transmission Limited India 100% 100% Transmission5 Powergrid Southern Interconnector Transmission

System Limited India 100% 100% Transmission

6 PowergridUnchaharTransmissionLimited India 100% 100% Transmission7 Powergrid Vemagiri transmission Limited * India 100% 100% Transmission8 Powergrid Vizag Transmission Limited India 100% 100% Transmission9 PowergridWaroraTransmissionLimited India 100% 100% Transmission10 Powergrid Medinipur Jeerat Transmission Limited

(erstwhile Medinipur Jeerat Transmission Limited) India 100% 100% Transmission

11 Powergrid Mithilanchal Transmission Limited (erstwhile ERSS XXI Transmission Limited)

India 100% 100% Transmission

12 Powergrid Varanasi Transmission System Limited (erstwhileWRNRPowerTransmissionLimited)

India 100% 100% Transmission

13 Powergrid Jawaharpur Firozabad Transmission Limited(erstwhile Jawaharpur Firozabad Transmission Limited)**

India 100% NA Transmission


314

44.1.9 Duringtheyeargrouphasmadeinvestmentof₹0.05croreinPowergridJawaharpurFirozabadTransmissionLimited(erstwhileJawaharpur Firozabad Transmission Limited), a wholly owned subsidiary company. The Company was taken over from REC Transmission Projects Company Limited vide share purchase agreement dated 21stDecember,2018tocarryoverthebusinessawardedundertariffbasedcompetitivebidding,aftertransferPowergridJawaharpurFirozabadTransmissionLimitedbecomewholly owned subsidiary of the Group.

44.2 Joint Ventures: Set out below are joint ventures of the Group as at 31st March 2019, which in the opinion of the management, are material to

theGroup.Theentitieslistedbelowhavesharecapitalconsistingsolelyofequityshares,whicharehelddirectlybyownershipinterest in the same as the proportion of voting rights held:

Name of the Entity Place of business

Proportion (%) of

Shareholding as at 31st

March

Carrying amount as at 31st March

Nature of activity

0.01 2018 2019 20181 Powerlinks Transmission

LimitedIndia 49 49 447.58 422.86 Transmission system associated with

TalaHEPinBhutan–undersuccessfuloperation since Aug’ 06

2 Torrent Powergrid Limited

India 26 26 35.56 34.00 Transmission System associated with 1100 MWSugengeneratingprojectatSurat-progressively commissioned in Mar’11

3 Jaypee Powergrid Limited

India 26 26 105.45 103.64 Transmission system associated with 1000 MWPowerProjectatKarcham-WangtooinHP-progressivelycommissionedinApr’12

4 Parbati Koldam Transmission Company Limited

India 26 26 95.30 96.32 TransmissionLinesassociatedwithParbati-II(800MW)andKoldam(800MW)HEPs.-ProgressivelycommissionedinNov’15

5 Teestavalley Power TransmissionLimited#

India 28.23 26 101.47 93.82 Transmission System associated with 1200 MWTeesta–IIIHEPinSikkim

6 North East Transmission Company Limited

India 26 26 125.71 115.10 Transmission system associated with 726.6MWGasBasedCombinedCyclePowerProjectatPallatanainTripura.-Progressively commissioned in Feb’15

7 National High Power Test Lab Pvt Limited

India 20 20 26.08 27.83 To create high power short circuit test facility

8 Bihar Grid Company Limited

India 50 50 195.94 168.16 EstablishmentofIntra-StateTransmissionsystem in the State of Bihar

9 Kalinga Bidyut Prasaran NigamPvtLimited##

India 50 50 0.00 0.01 EstablishmentofIntra-StateTransmissionsystem in the State of Odisha

10 Cross Border Transmission Limited

India 26 26 23.03 20.57 EstablishmentofIndianPortionofIndo-Nepal Cross Border Transmission Line from MuzaffarpurtoSursand

11 RINLPOWERGRIDTLTPvt.Limited###

India 50 50 3.97 3.39 Establishment of manufacturing of Transmission Line Tower parts plant

12 Power Transmission Company Nepal Ltd

Nepal 26 26 10.46 9.50 EstablishmentofNepalPortionofIndo-Nepal Cross Border Transmission Line from Dhalkebar to Bittamod

(` in Crore)

(i) All joint venture companies are unlisted entities.

(ii) FinancialstatementsusedforconsolidationareunauditedexceptforPowerlinksTransmissionLimited,JaypeePowergridLimited,Torrent Powergrid Limited and North East Transmission Company Limited.

44. Interest in Other Entities (Contd.)

315

44. Interest in Other Entities (Contd.)# POWERGRID&TeestaUrjaLtdaretheJointventurepartnersinTeestavalleyPowerTransmissionLimited&holds26%&74

%equity,respectivelyasperShareholdingagreement.OncallofadditionalequitybyTeestavalleyPowerTransmissionlimited,POWERGRIDcontributedtheirshareamountingRs11.28crorewhiletheotherJVpartnerhasnotyetcontributedtheirshareofmoneyason31.03.2019.Consequently,theholdingofPOWERGRIDincreasedto28.23%ason31.03.2019against26%provided in shareholding agreement.

## POWERGRID’sBoardofDirectorsinitsmeetingheldon16th august 2017 accorded approval for initiating procedure for winding up/removalofthenameofKalingaBidyutPrasaranNigamPrivateLtdunderfasttrackExitmodeofRegistrarofCompanies(ROC).

### POWERGRID’sBoardofDirectorsinitsmeetingheldon1stMay2018accordedinprincipleapprovaltocloseRINLPowergridTLTPrivate Limited and seek consent of other JV Partner Rashtriya Ispat Nigam Limited. Accordingly Provision for diminution in value of investment has been made.

44.2.1 TheGrouphasmadefurtherinvestmentof₹11.28crore(Previousyear₹Nilcrore)inTeestavalleyPowerTransmissionLimited,ajointventurecompanyinwhich28.23%shareareheldbytheGroupandbalance71.77%shareareheldbyTeestaUrjaLimited.

44.2.2 TheGrouphasmadefurtherinvestmentof₹15.45crore(Previousyear₹7.74crore)inBiharGridCompanyLimited,ajointventurecompanyinwhich50%shareareheldbytheGroupandbalance50%shareareheldbyBiharStatePowerHoldingCompany.

44.2.3 TheGrouphasmadefurtherinvestmentof₹0.60crore(Previousyear₹Nilcrore)inRINLPowerGridTNTPvtLimited,ajointventurecompanyinwhich50%shareareheldbytheGroupandbalance50%areheldbyRashtriyaIspatNigamLimited.

44.2.4 TheGrouphasmadefurtherinvestmentof₹Nilcrore(Previousyear₹1.62crore)inPowerTransmissionCompanyLimitedNepalLtd,ajointventurecompanyinwhich26%shareareheldbytheGroup,50%sharesareheldbyNepalElectricityAuthority,10%sharesareheldbyIL&FSEnergyDevelopmentCompanyLimitedand14%sharesareheldbyHydroelectricityInvestment&development company Ltd.

44.2.5 Commitments and contingent liabilities in respect of joint venture:

44.2.6 Summarisedfinancialinformationforjointventures TablebelowprovidesummarisedfinancialinformationforthesejointventuresthatarematerialtotheGroup.Theinformation

disclosedreflectstheamountspresentedinthefinancialstatementsoftherelevantjointventure. Summarised Balance Sheet

Particulars 31st March, 2019 31st March, 2018Share of GroupCommitment 395.33 519.40Contingent Liabilities 69.70 53.12Total commitments and contingent liabilities 465.03 572.52

Particulars Powerlinks Transmission

Limited

Torrent Powergrid Limited

Jaypee Powergrid Limited

Parbati Koldam Transmission

Company Limited31st

March, 2019

31st March,

2018

31st March,

2019

31st March,

2018

31st March,

2019

31st March,

2018

31st March,

2019

31st March,

2018Current AssetsCash&CashEquivalent 0.02 15.66 1.13 1.87 24.86 30.95 14.10 28.00Other Assets 120.35 274.50 48.13 40.62 80.95 57.88 105.96 104.65

Total Current Assets 120.37 290.16 49.26 42.49 105.81 88.83 120.06 132.65 Total Non-Current Assets 858.14 848.20 172.43 188.78 717.55 757.72 770.41 796.32 Current Liabilities

Financial Liabilities 12.21 172.35 25.26 21.12 63.71 62.16 73.49 60.08Other Liabilities 50.54 97.94 5.79 0.73 72.91 42.30 2.28 2.06

Total Current Liabilities 62.75 270.29 31.05 21.85 136.62 104.46 75.77 62.14 Non- Current Liabilities

Financial Liabilities - - 40.94 61.30 239.58 301.92 446.84 495.30 Other Liabilities 2.36 5.10 12.98 17.36 41.60 41.57 1.32 1.07

Total Non-Current Liabilities 2.36 5.10 53.92 78.66 281.18 343.49 448.16 496.37 Net Assets 913.40 862.97 136.72 130.76 405.56 398.60 366.54 370.46

(` in Crore)

(` in Crore)


316

Particulars North East Transmission

Company Limited

National High Power Test Lab

Pvt Limited

Bihar Grid Company Limited

Cross Border Transmission

Limited31st

March, 2019

31st March,

2018

31st March,

2019

31st March,

2018

31st March,

2019

31st March,

2018

31st March,

2019

31st March,

2018Current AssetsCash&CashEquivalent 84.34 76.49 12.77 6.05 14.95 33.74 19.35 10.32 Other Assets 175.45 182.22 4.90 4.44 190.99 108.85 59.43 57.17

Total Current Assets 259.79 258.71 17.67 10.49 205.94 142.59 78.78 67.49 Total Non-Current Assets 1,607.62 1,725.21 336.35 341.17 1,808.81 1,565.18 190.20 200.25 Current Liabilities

Financial Liabilities 146.32 185.30 60.09 24.00 109.76 103.76 16.08 16.46 Other Liabilities 34.21 39.42 0.56 55.57 114.27 58.61 12.80 7.81

Total Current Liabilities 180.53 224.72 60.65 79.57 224.03 162.37 28.88 24.27 Non-Current Liabilities

Financial Liabilities 1,187.81 1,300.93 162.81 132.81 1,270.81 1,144.34 147.15 159.95 Other Liabilities 15.56 15.57 0.18 0.13 128.06 64.74 4.38 4.40

Total Non -Current Liabilities 1,203.37 1,316.50 162.99 132.94 1,398.87 1,209.08 151.53 164.35 Net Assets 483.51 442.70 130.38 139.15 391.85 336.32 88.57 79.12

Particulars Power Transmission Company Nepal Ltd

Teestavalley Power

Transmission Limited

Kalinga Bidyut Prasaran Nigam

Pvt Limited

RINL POWERGRID TLT Private

Limited

31st March,

2019

31st March,

2018

31st March,

2019

31st March,

2018

31st March,

2019

31st March,

2018

31st March,

2019

31st March,

2018Current AssetsCash&CashEquivalent 1.35 16.06 10.62 66.49 - 0.01 0.20 0.18Other Assets 31.18 5.58 76.65 10.39 - - - -

Total Current Assets 32.53 21.64 87.27 76.88 - 0.01 0.20 0.18Total Non-Current Assets 79.87 80.56 1,616.48 1,528.45 - - 8.29 8.30Current Liabilities

Financial Liabilities 2.14 3.71 281.04 121.91 - - 0.55 1.10 Other Liabilities 0.99 2.82 39.30 40.43 - - - 0.01

Total Current Liabilities 3.13 6.53 320.34 162.34 - - 0.55 1.11 Non-Current Liabilities

Financial Liabilities 69.07 59.14 1,023.09 1,081.64 - - - -Other Liabilities - - 0.89 0.51 - - - -

Total Non-Current Liabilities 69.07 59.14 1,023.98 1,082.15 - - - -Net Assets 40.20 36.53 359.43 360.84 - 0.01 7.94 7.37

(` in Crore)

(` in Crore)

44. Interest in Other Entities (Contd.) Summarised Balance Sheet (Contd.)

317


Limited


JaypeePowergrid Limited


Company Limited31st

March, 2019

31st March,

2018

31st March,

2019

31st March,

2018

31st March,

2019

31st March,

2018

31st March,

2019

31st March,

2018Opening net assets 862.97 834.07 130.76 101.86 398.60 363.18 370.46 356.55 Investment by JV Partners - - - - - - - -Profitfortheyear 112.57 124.84 19.14 39.73 63.02 67.17 48.66 50.13 Other Comprehensive income (0.09) (0.18) (0.03) 0.01 - 0.04 0.06 (0.12)Dividend Paid 62.05 95.76 10.85 10.84 56.06 30.69 52.62 36.12 Other Adjustments - - (2.30) - - (1.10) (0.02) 0.02 Closing net assets 913.40 862.97 136.72 130.76 405.56 398.60 366.54 370.46 Group’ssharein% 49% 49% 26% 26% 26% 26% 26% 26%Group’s share in INR 447.58 422.86 35.56 34.00 105.45 103.64 95.30 96.32 Carrying Amount 447.58 422.86 35.56 34.00 105.45 103.64 95.30 96.32

Particulars Bihar Grid Company Limited


Pvt Limited

Cross Border Transmission

Limited

RINL POWERGRID TLT Pvt. Limited

31st March,

2019

31st March,

2018

31st March,

2019

31st March,

2018

31st March,

2019

31st March,

2018

31st March,

2019

31st March,

2018Opening net assets 336.32 294.91 0.01 0.01 79.12 69.97 7.37 6.80Investment by JV Partner 30.90 15.48 - - 0.60 0.60 Profitfortheyear 24.63 25.93 - - 15.30 12.95 (0.03) (0.03)Other Comprehensive income - - - - - - - -Dividend Paid - - - - 5.85 7.59 - -Other Adjustments - - (0.01) - - 3.79 - -Closing net assets 391.85 336.32 - 0.01 88.57 79.12 7.94 7.37 Group’ssharein% 50% 50% 50% 50% 26% 26% 50% 50%Group’s share in INR 195.94 168.16 - 0.01 23.03 20.57 3.97 3.39 Carrying Amount 195.94 168.16 - 0.01 23.03 20.57 3.97 3.39

(` in Crore)

(` in Crore)

Reconciliation to carrying amounts



318


Company Limited


Pvt Limited

Teestavalley Power


Power Transmission

Company Nepal Ltd

31st March,

2019

31st March,

2018

31st March,

2019

31st March,

2018

31st March,

2019

31st March,

2018

31st March,

2019

31st March,

2018Opening net assets 442.70 378.69 139.15 149.83 360.84 360.19 36.53 32.22 Investment by JV Partners - - - - 11.28 - - 2.25 Profitfortheyear 65.56 83.84 (8.72) (10.72) (1.19) 4.95 8.56 8.31Other Comprehensive income 0.04 (0.02) (0.05) 0.04 (0.01) 0.01 - -Dividend Paid 24.80 19.81 - - - - 5.06 5.63 Other Adjustments 0.01 - - - (11.49) (4.31) 0.17 (0.62)Closing net assets 483.51 442.70 130.38 139.15 359.43 360.84 40.20 36.53 Group’ssharein% 26% 26% 20% 20% 28.23% 26% 26% 26%Group’s share in INR 125.71 115.10 26.08 27.83 101.52 93.82 10.46 9.50 Carrying Amount 125.71 115.10 26.08 27.83 101.52 93.82 10.46 9.50


Limited


Jaypee Powergrid Limited


Company Limited31st

March, 2019

31st March,

2018

31st March,

2019

31st March,

2018

31st March,

2019

31st March,

2018

31st March,

2019

31st March,

2018Revenue From Operations 146.14 161.23 46.52 63.22 159.22 165.05 161.14 167.02Other Income 9.43 12.68 2.91 3.52 5.63 3.68 5.74 7.76Total Income 155.57 173.91 49.43 66.74 164.85 168.73 166.88 174.78Employeebenefitsexpense 7.98 7.55 1.64 1.33 3.54 2.44 4.22 3.58Finance costs 9.73 16.92 6.37 8.5 38.05 46.66 47.61 53.07Depreciation and amortization expense

- - 16.44 16.44 52.80 52.94 49.22 49.30

Otherexpenses 9.68 10.67 5.15 3.35 6.14 4.95 4.00 3.02Total Expenses 27.39 35.14 29.6 29.62 100.53 106.99 105.05 108.97TaxExpenses 15.61 13.93 0.69 (2.61) 1.30 (5.43) 13.17 15.68Profitfortheyear 112.57 124.84 19.14 39.73 63.02 67.17 48.66 50.13Other Comprehensive income (0.09) (0.18) (0.03) 0.01 - 0.04 0.06 (0.12)Total Comprehensive income 112.48 124.66 19.11 39.74 63.02 67.21 48.72 50.01Dividend Received 25.22 38.99 2.34 2.34 12.09 6.63 11.35 7.80

(` in Crore)

(` in Crore)Summarised Statement of Profit and Loss

44. Interest in Other Entities (Contd.)Reconciliation to carrying amounts (Contd.)

319

Particulars Cross Border Transmission

Limited

RINL POWERGRID TLT Pvt. Limited

Power Transmission

Company Nepal Ltd

Teestavalley Power


31st March,

2019

31st March,

2018

31st March,

2019

31st March,

2018

31st March,

2019

31st March,

2018

31st March,

2019

31st March,

2018Revenue From Operations 6.62 4.47 - - 16.52 16.34 85.33 30.98Other Income 29.68 31.49 - - 2.22 1.26 0.29 0.01Total Income 36.30 35.96 - - 18.74 17.60 85.62 30.99Employeebenefitsexpense 1.44 1.05 - - 0.63 0.54 1.43 0.47Finance costs 16.08 17.71 - - 3.65 2.91 50.39 21.56Depreciation and amortization expense

0.02 0.02 - 0.01 4.56 4.07 28.25 10.89

Otherexpenses 3.46 4.23 0.03 0.02 1.25 1.77 5.82 0.88Total Expenses 21.00 23.01 0.03 0.03 10.09 9.29 85.89 33.80TaxExpenses - - - - 0.09 - 0.92 (7.76)Profitfortheyear 15.30 12.95 (0.03) (0.03) 8.56 8.31 (1.19) 4.95Other Comprehensive income - - - - - - (0.01) 0.01Total Comprehensive income 15.30 12.95 (0.03) (0.03) 8.56 8.31 (1.20) 4.96Dividend Received - 4.05 - - 1.32 1.46 - -


Company Limited


Pvt Limited

Bihar Grid Company Limited


Pvt Limited31st

March, 2019

31st March,

2018

31st March,

2019

31st March,

2018

31st March,

2019

31st March,

2018

31st March,

2019

31st March,

2018Revenue From Operations 329.80 342.63 26.03 20.83 275.59 204.36Other Income 11.27 10.57 0.41 1.27 15.08 6.37 - 1.17Total Income 341.07 353.20 26.44 22.10 290.67 210.73 - 1.17Employeebenefitsexpense 3.38 2.88 2.36 1.81 8.68 5.08 - -Finance costs 124.87 165.30 15.83 14.80 95.76 62.96 - -Depreciation and amortization expense

113.24 116.20 8.37 6.28 64.29 26.73 - -

Otherexpenses 16.53 10.02 8.60 9.93 9.83 3.70 - 1.17Total Expenses 258.02 294.4 35.16 32.82 178.56 98.47 - 1.17TaxExpenses 17.49 (25.04) - - 87.48 86.33 - -Profitfortheyear 65.56 83.84 (8.72) (10.72) 24.63 25.93 - -Other Comprehensive income 0.04 (0.02) (0.05) 0.04 - - - -Total Comprehensive income 65.60 83.82 (8.77) (10.68) 24.63 25.93 - -Dividend Received 5.35 4.28 - - - - - -

(` in Crore)

(` in Crore)

45. Cashequivalentofdeemedexportbenefitsavailedof₹209.99croreinrespectofsupplieseffectedforEastSouthInterConnector-IITransmissionProject(ESI)andSasaramTransmissionProject(STP),werepaidtotheCustomsandCentralExciseAuthoritiesinaccordancewithdirectionfromMinistryofPower(GOI)during2002-03duetonon-availabilityofWorldBankloanfortheentiresuppliesinrespectof ESI project and for the supplies prior to March 2000 in respect of STP project and the same was capitalised in the books of accounts. Thereafter,WorldBankhadfinancedboththeESIprojectandSTPprojectasoriginallyenvisagedandtheybecameeligiblefordeemedexportbenefits.Consequently,thegrouphaslodgedclaimswiththeCustomsandExciseAuthorities.

Summarised Statement of Profit and Loss (Contd.)



320

ImpactsonStatementofProfitandLossfortheperiodendedMarch31,2019 DuetoImplementationofIndAS115,RevenuefromOperationincreasedby₹88.29Crore,FinanceCost increasedby₹37.18Crore,

OtherExpensesincreaseby₹7.06CroreandProvisionfortax increasedby₹9.50Crore.ProfitafterTaxincreasedby₹34.55croresduring the year.

b) Formilestonebasedcontracts(consultancycontracts),followingamountrelatestounsatisfiedperformanceobligations-

c) Thefollowingtabledisclosesthemovementinunbilledrevenueduringtheyearended31March,2019and31March,2018.

d) Thefollowingtabledisclosesthemovementincontractliabilityduringtheyearended31March2019and31March2018.

Particulars As previously reported Ind AS 115 adjustments As restated

Contract liabilities 1475.79 (104.37) 1371.42OtherEquity–GeneralReserve 49194.40 104.37 49298.77

Particulars Year ended March 31, 2019 Year ended March 31, 2018

Transaction price related to unsatisfied (or partially satisfied)performance obligation

2110.24 2850.96

Theseperformanceobligationsareexpectedtobesatisfiedwithin 5 Years 4 Years


Balance at the beginning 4123.12 2542.29Add: Revenue recognised during the period 5292.99 3696.30Less: Invoiced during the period 2714.17 2096.55Less:Impairment/reversalduringtheperiod 105.71 18.92Add:Translationgain/(Loss) - -Balance at the end 6596.23 4123.12


Balance at the beginning 1371.42 1502.10Add: Advance billing during the period 1021.17 975.43Less: revenue recognised during the period

a) From contract liability as at beginning of the periodb) From contract liability recognised during the period

497.26

147.62

870.05

236.13 Add:Translationgain/(Loss) 0.13 0.07Balance at the end 1747.84 1371.42

(` in Crore)

(` in Crore)

(` in Crore)

(` in Crore)

InthisregardtheCumulativeamountreceivedandde-capitalizedupto31stMarch,2019is₹12.12crore(PreviousYear₹12.12crore).TheGroupcontinuedtoshowthebalanceof₹197.87croreasat31stMarch,2019(PreviousYear₹197.87crore)inthecapitalcostoftherespectiveassets/projectspendingreceiptofthesamefromCustomsandExciseAuthorities.

46. a) Balances of Trade Receivables and recoverable shown under Assets and Trade and Other Payables shown under Liabilities include balances subject to confirmation/reconciliation and consequential adjustments if any.However reconciliations are carried out onongoing basis.

b) In the opinion of themanagement, the value of any of the assets other than Property, Plant and Equipment and non-currentinvestments on realization in the ordinary course of business will not be less than value at which they are stated in the Balance Sheet.

47. a) Impact of application of Ind AS 115 ‘Revenue from Contracts with Customers’ EffectiveApril1,2018,theGrouphasappliedIndAS115whichestablishesacomprehensiveframeworkfordeterminingwhether,how

muchandwhenrevenueistoberecognised.IndAS115replacesIndAS18RevenueandIndAS11ConstructionContracts.TheGrouphas applied Ind AS 115 retrospectively only to contracts that are not completed as at the date of initial application, with the cumulative effectofinitialapplicationrecognisedasanadjustmenttotheopeningbalanceofGeneralReserveatApril1,2018.InaccordancewiththetransitionguidanceinIndAS115hasonlybeenappliedtocontractsthatareincompleteasatApril1,2018.

TheGroup’saccountingpoliciesforitsrevenuestreamsaredisclosedinNote2.18.Apartfromeffectofsignificantfinancingcomponentintelecomcontracts,theapplicationofIndAS115doesnothaveanysignificantimpactonthefinancialpositionand/orfinancialperformanceoftheGroup.TheamountofadjustmentforeachlineitemoffinancialstatementaffectedbytheapplicationofIndAS115isasgivenbelow.

Impactsonassets,liabilitiesandequityasatApril1,2018

321

e) Theentitydeterminestransactionpricebasedonexpectedvaluemethodconsideringitspastexperiencesofrefundsorsignificantreversalsinamountofrevenue.Inestimatingsignificantfinancingcomponent,managementconsidersthefinancingelementinbuiltinthetransactionpricebasedonimputedrateofreturn.ReconciliationofContractedPricevis-a-visrevenuerecognizedinprofitorlossstatementisasfollows-

f) Aprovisionof₹392.24crorehasbeencreatedinthecurrentfinancialyearagainsttradereceivablesandunbilleddebtorsoutstandingason31.03.2018fromafewcustomersandrevenuefromtransmissionandsurchargethereonamountingto₹319.75crorehasnotbeen recognised during the year due to uncertainty of collection of consideration in line with Ind AS 115 ‘Revenue from Contracts with Customer’.

48. The group has been entrusted with the responsibility of billing collection and disbursement (BCD) of the transmission charges on behalf of all the ISTS (Interstate transmission System) licensees through the mechanism of the POC (Point of Connection) charges introduced w.e.f. 01stJuly,2011whichinvolvesbillingbasedonapproveddrawl/injectionofpowerinplaceofoldmechanismbasedonMegaWattallocationofpowerbyMinistryofPower.Bythismechanism,revenueofthegroupwillremainunaffected.

SomeofthebeneficiariesaggrievedbythePOCmechanismhavepreferredappealbeforevariousHighCourtsofIndia.Allsuchappealshave been transferred to Delhi High Court as per order of the Supreme Court on the appeal preferred by the group and group has also requested for directing agitating states to pay full transmission charges as per newmethodology pending settlement of thematter.HonourableDelhiHighCourthasdirectedalltheabovebeneficiariestoreleasepaymentsandaccordinglythebeneficiarieshavestartedmaking payments as per the said directions.

49. (i) FERVLossof₹1441.50crore(PreviousYearLossof₹146.36crore)hasbeenadjustedintherespectivecarryingamountofProperty,PlantandEquipment/CapitalworkinProgress(CWIP)/LeaseReceivables

(ii) FERVLossof₹225.86crore(PreviousYearLossof₹161.75crore)hasbeenrecognisedintheStatementofProfitandLoss.50.Borrowingcostcapitalisedduringtheyearis₹1499.62crore(previousyear₹1950.13crore)intherespectivecarryingamountofProperty,

PlantandEquipment/CapitalworkinProgress(CWIP)asperIndAS23‘BorrowingCosts’.51. Basedoninformationavailablewiththegroup,therearefewsuppliers/serviceproviderswhoareregisteredasmicro,smallormedium

enterprise under The Micro, Small and Medium Enterprises Development Act,2006 (MSMED Act, 2006). Information in respect of micro and smallenterprisesasrequiredbyMSMEDAct,2006isgivenasunder:


Contracted price 34563.53 29661.30Add/(Less)-Discounts/rebatesprovidedtocustomer (218.70) (214.57)Add/(Less)-Performancebonus 217.41 337.51Add/(Less)-Adjustmentforsignificantfinancingcomponent 88.29 -Add/(Less)-Otheradjustments 408.59 169.38Revenuerecognizedinprofitorlossstatement 35059.12 29953.62

Sr. No ParticularsTrade Payables Others

31st March, 2019

31st March, 2018

31st March, 2019

31st March, 2018

1 Principal amount and interest due thereon remaining unpaid to any supplier as at end of each accounting year: PrincipalInterest

33.270.05

2.33Nil

22.30Nil

12.88Nil

2 The amount of Interest paid by the buyer in terms of section 16 of the MSMED Act, 2006 along with the amount of the payment made to the supplier beyond the appointed day during each accounting year

Nil Nil Nil Nil

3 The amount of interest due and payable for the period of delay in making payment (which have been paid but beyond the appointed day during the year) but without adding the interest specifiedunderMSMEDAct,2006

0.01 Nil Nil Nil

4 The amount of interest accrued and remaining unpaid at the end of each accounting year

0.04 Nil Nil Nil

5 The amount of further interest remaining due and payable even in the succeeding years, until such date when the interest dues as above are actually paid to the small enterprise for the purpose of disallowanceasadeductibleexpenditureundersection23oftheMSMED Act 2006

Nil Nil Nil Nil

(` in Crore)

(` in Crore)


322

52. Disclosure as per IND AS 17 ‘Leases’ a) Finance Leases:- TheGrouphasclassifiedandaccountedforthearrangementsforstatesectorULDCassetsandbilateralassetsasfinanceleasesbased

ontheprinciplesenunciatedinAppendixCofIndAS17,‘Leases’.AgreementsforStateSectorULDCareforaperiodof15yearsandBilateralLineAssetswiththebeneficiaryarefortheperiodasspecifiedinCERCRegulations

OtherNon-CurrentFinancialAssetsandOtherCurrentFinancialAssetsincludeleasereceivablesrepresentingthepresentvalueoffutureleaserentalsreceivableonthefinanceleasetransactionsenteredintobythegroupwiththeconstituentsinrespectofStateSectorULDCandBilateralLineAssets.DisclosurerequirementsofIndAS17‘Leases’notifiedundertheCompaniesAct,2013aregivenas under:

(i)Thereconciliationoftheleasereceivables(asperprojectcostdatasubmittedto/approvedbytheCERCfortarifffixation)isasunder:

(ii)Detailsofgrossinvestmentinlease,un-earnedfinanceincomeandpresentvalueofminimumleasepaymentsreceivablesattheendoffinancialyearisgivenasunder:

(iii) The value of contractual maturity of such leases is as under

(iv)Therearedifferencesinbalanceleasereceivableasatyearendasperaccountsandtariffrecordsonaccountof: (a)Undischargedliabilitiesamountingto₹74.43crore(PreviousYear₹52.19crore).Suchcostbecomepartofprojectcostonlyon

discharge of such liabilities. (b)UnamortizedFERVonloansincludedinleasereceivableamountingto₹17.23crore(PreviousYear₹17.15crore).SuchFERVare

allowedtoberecoveredaspartoftariffonactualpaymentbasis. b) Operating leases:- Thegroup’ssignificantleasingarrangementsareinrespectofoperatingleasesofpremisesforresidentialuseofemployees,offices

and guest houses/transit campswhich are usually renewable onmutually agreed terms but are not non-cancellable. Employeebenefitsexpenseinclude₹12.91crore(previousyear₹26.12crore)towardsleasepayments,netofrecoveries,inrespectofpremisesforresidentialuseofemployees.Leasepaymentsof₹13.95crore(previousyear₹14.60crore)inrespectofpremisesforofficesandguesthouse/transitcampsareshownundertheheadRentinNote40-Otherexpenses.


Grossvalueofassetsacquiredandleasedatthebeginningoftheyear 1627.20 1581.71Add Adjustmentforgrossvalueofassetsacquiredpriortothebeginningofthe

year(0.52) (23.84)

Revised Gross value of the assets at the beginning of the year 1626.68 1557.87Less Capital recovery provided up to the beginning of the year 1050.19 970.59Add Capitalrecoveryforassetsacquiredpriortothebeginningoftheyear 30.86 19.50

Revised Capital recovery provided up to the beginning of the year 1081.05 990.09Capital recovery outstanding as on 31stMarchoflastfinancialyear 545.64 567.78

Add Grossvalueofassetsacquiredandleasedduringcurrentfinancialyear 43.73 69.32Less Capital recovery for the current year 44.88 60.08

Lease receivables at end of the year 544.49 577.02


Gross investment in Lease 1597.41 1742.24Un-earnedFinanceIncome 1052.92 1165.22Present value of Minimum Lease Payment (MLP) 544.49 577.02

Particulars Gross Investment in Lease Present Value of MLPs





Not later than one year 132.39 130.31 47.50 46.45Laterthanoneyearandnotlaterthanfiveyears 502.22 492.86 173.54 170.38Laterthanfiveyears 962.80 1119.07 323.45 360.19Total 1597.41 1742.24 544.49 577.02

(` in Crore)

(` in Crore)

(` in Crore)

323

Particulars Amount in Foreign Currency Amount

31st March,2019

31st March,2018

31st March,2019

31st March,2018

Borrowings USD 482.67 437.34 33676.03 28632.86EURO 51.73 49.44 4078.18 4037.84

SEK 249.45 280.65 1883.31 2245.21JPY 2345.42 163.59 1487.70 101.95

Interest accrued but not due thereon includingAgencyFee,CommitmentFee&otherCharges

USD 3.68 2.36 256.90 154.69

EURO 0.22 0.20 17.22 15.94SEK 1.09 1.12 8.22 8.97JPY 3.94 0.41 2.50 0.26

TradePayables/depositsandretentionmoney USD 7.29 11.70 508.62 766.00EURO 1.05 1.53 82.74 124.96

SEK - 17.81 - 142.48CHF 0.03 0.04 2.36 2.78GBP 1.83 1.94 167.90 180.67JPY - 1.04 - 0.65

Trade receivables and Bank balances USD 0.17 0.04 11.86 2.62NPR 1.65 - 1.03 -EURO - - - -

FJI 0.002 - 0.07 -Amountofcontractsremainingtobeexecuted USD 13.61 14.25 949.43 932.95

EURO 7.56 27.82 596.03 2272.06SEK 31.91 162.92 240.92 1303.36CHF - - - -GBP 2.68 8.95 245.89 833.51JPY 216.16 744.28 137.11 463.84

(` in Crore)

53. Foreign Currency Exposure Not hedged by a derivative instrument or otherwise

54. Disclosures relating to Regulatory Deferral Account Balances i) Nature of rate regulated activities TheGroupismainlyengagedinthebusinessoftransmissionofpower.Thetarifffortransmissionofpower isdeterminedbythe

CERCthroughtariffregulations.ThetariffisbasedoncapitalcostadmittedbyCERCandprovidesfortransmissionchargesrecoveryofannualfixedcostconsistingofReturnonequity,Interestonloancapital,Depreciation,interestonworkingcapitalandOperation&Maintenanceexpenses.

ii) Recognition and measurement FERVarisingduringtheconstructionperiodforsettlement/translationofmonetaryitems(otherthannon-currentloans)denominated

inforeigncurrencytotheextentrecoverable/payabletothebeneficiariesascapitalcostasperCERCTariffRegulationsareaccountedas Regulatory Deferral Account Balances. In respect of long term foreign currency loan drawn on or after 1stApril,2016,exchangedifferencetotheextentrecoverableasperCERCTariffRegulationsarerecognisedasRegulatoryDeferralAccountBalances.TheGroupexpectstorecovertheseamountsthroughdepreciationcomponentofthetariffoverthelifeoftheassetorasexchangeratevariationon repayment of the loan.

Thetariffnormsfortheblockperiod2014-2019notifiedbytheCentralElectricityRegulatoryCommission(CERC)provideforgrossingupofthereturnonequitybasedoneffectivetaxrateforthefinancialyearbasedontheactual taxpaidduringtheyearonthetransmission income. Accordingly, deferred tax provided during the year ended 31st March, 2019 on the transmission income is accounted as ‘Deferred Assets against Deferred Tax Liability’. Deferred Assets against Deferred Tax Liability for the yearwill bereversedinfutureyears(includingtaxholidayperiod)whentherelateddeferredtaxliabilityformsapartofcurrenttax.


324

Matterregardingpresentationof‘DeferredAssetsagainstDeferredTaxLiability’inBalanceSheetandStatementofProfitandlosswasreferredtoExpertAdvisoryCommittee(EAC)ofInstituteofCharteredAccountantofIndia,andasperopinionreceivedduringtheyear‘DeferredAssetsagainstDeferredTaxLiability’isclassifiedas‘RegulatoryDeferralAccountBalance”.

TheGrouphasrecognizedanamountof₹19.67crore(PreviousYear₹11.31crore)onaccountofpayrevisionasrecoverablefromthebeneficiariesinsubsequentperiodsunderRegulatoryDeferralAccountBalances.ThesebalancesaretobeadjustedintheyearinwhichtheybecomerecoverablefrombeneficiariesasperCERC.Amountofregulatorydeferralaccountbalancesisonundiscountedbasis.

iii) Riskassociatedwithfuturerecovery/reversalofregulatorydeferralaccountbalances (a) regulatory risk on account of changes in regulations. (b) other risks including currency or other market risks, if any. AnychangeintheTariffregulationsbeyondthecurrenttariffperiodendingon31st March, 2019 may have an impact on the recovery of Regulatory

Deferral Account Balances. TheRegulatoryDeferralAccountBalances(assets)recognizedinthebookstoberecoveredfromthebeneficiariesinfutureperiodsareasfollows:

55. Reclassification of Prior Year Presentation AsperopinionofEACreceivedduringtheyear‘DeferredAssetsagainstDeferredTaxLiability’isbeingclassifiedas‘RegulatoryDeferral

AccountBalance’whichwasearliershownasdeductionfrom‘DeferredTaxLiability’.Prioryearamountshavealsobeenreclassifiedforconsistency with the current year presentation in consonance with principles of Ind AS 1 ‘ Presentation of Financial Statements’. In view ofabovereclassificationinBalanceSheet,‘NetDeferredTaxLiability’hasincreasedby₹10989.39croresasat31stMarch2018and₹7868.20croresasat1stApril2017respectively.‘RegulatoryDeferralAccountBalances’hasalsoincreasedby₹10989.39croresasat31st March2018and₹7868.20croresasat1stApril2017respectively.InStatementofProfitandLossfortheyearended31stMarch2018‘DeferredTaxExpense’hasincreasedby₹3121.19croreswithacorrespondingincreasein‘NetMovementinRegulatoryDeferralAccountBalances’by₹3121.19crores.TaxonNetMovementinRegulatoryDeferralAccountBalancesandOtherComprehensiveIncomehasalsobeenreclassifiedfromCurrentTax.DuetoabovereclassificationreportedProfitafterTax(PAT)hasincreasefrom₹8198.31croreto₹8204.00croreandOtherComprehensiveIncomedecreasedfrom₹13.72croreto₹8.03crorefortheyearended31stMarch2018.HoweverthesereclassificationshavenoeffectonthereportedTotalComprehensiveIncomeandEquityofPreviousyears.AreconciliationofEquity,ProfitaftertaxandOtherComprehensiveIncomeisgivenbelow:

Reconciliationofequityasat31stMarch,2018and1st April, 2017

ReconciliationofProfitaftertaxfortheyearended31stMarch,2018

Particulars 31st March, 2019 31st March, 2018A. Opening Balance * 11304.22 7975.80B.Addition/(deduction)duringtheyear (3220.95) 3328.42C.Amountcollected/refundedduringtheyear NIL NILD.RegulatedIncome/(Expense)recognizedinthestatementofProfitandLoss (3220.95) 3328.42E. Closing Balance 8083.27 11304.22F.TaxonRegulatedIncome/(Expense)recognizedinthestatementofProfitandLoss (694.08) 44.23

Particulars 31st March, 2018 1st April 2017Totalequity(shareholder’sfunds)asperpreviousyearFinancialStatements 54425.99 49865.50Adjustments Nil NilTotalequityasperrestatedFinancialStatement 54425.99 49865.50

Particulars 31st March, 2018ProfitafterTaxasperpreviousyearFinancialStatements 8198.31AdjustmentsLess:IncreaseinDeferredTaxduetoreclassification 3121.19Add: Increase in Net Movement in Regulatory Deferral Account Balances 3121.19Less:TaxonNetMovementinRegulatoryDeferralAccountBalancestransferredfromCurrentTax 44.23Add:TransferredtoTaxonNetMovementinRegulatoryDeferralAccountBalancesfromCurrentTax 44.23Add:TransferredtoTaxonOtherComprehensiveIncomefromCurrentTax 5.69Total adjustments 5.69ProfitafterTaxasperrestatedFinancialStatement 8204.00

(` in Crore)

(` in Crore)

(` in Crore)

54. Disclosures relating to Regulatory Deferral Account Balances (Contd.)

* Refer note 55 for change in Opening balance for regulatory deferral account balances.

325

Reconciliation of Other Comprehensive Incomefor the year ended 31stMarch,2018

56. Disclosure as required by Clause 34 (3) of SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015: A. Loans and Advances in nature of Loans: 1. To Joint Ventures

2.Tofirms/companiesinwhichdirectorsareinterested :NIL B. Investment by the loanee (as detailed above) in the shares of PowerGrid Corporation of India Ltd : NIL57. Corporate Social Responsibility Expenses (CSR) As per Section 135 of the Companies Act, 2013 along with Companies (Corporate Social Responsibility Policy) Rules, 2014 read with DPE

guidelinesnoF.No.15(13)/2013-DPE(GM),theGroupisrequiredtospend,ineveryfinancialyear,atleasttwopercentoftheaveragenetprofitsoftheGroupmadeduringthethreeimmediatelyfinancialyearsinaccordancewithitsCSRPolicy.Accordingly,theGrouphasspent₹196.28crore(PreviousYear₹157.99crore)onCSRactivities.

Particulars 31st March, 2018Other Comprehensive Income as per previous year Financial Statements 13.72AdjustmentsLess:TransferredtoTaxonOtherComprehensiveIncomefromCurrentTax 5.69Total adjustments (5.69)Other Comprehensive Income as per restated Financial Statement 8.03

(` in Crore)

(` in Crore)

Name of the Company Outstanding balance as at Maximum amount outstanding during

31st March, 2019

31st March, 2018

31st March, 2019

31st March, 2018

Joint VenturesNational High Power Test Laboratory Private Limited 6.00 6.00 6.00 6.00 Teestavalley Power Transmission Limited 77.12 - 77.12 -Total 83.12 6.00 83.12 6.00

55. Reclassification of Prior Year Presentation (Contd.)


326

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59. Fair Value Measurements

* InvestmentinPTCLtd.beingalistedequityinstrumentisaLevel1fairvaluehierarchy. ** InvestmentinEnergyEfficiencyServicesLimitedisaLevel2fairvaluehierarchy. Thissectionexplainsthejudgementsandestimatesmadeindeterminingthefairvaluesofthefinancialinstrumentsthataremeasuredatamortised

costandforwhichfairvaluesaredisclosedinthefinancialstatements.Toprovideanindicationaboutthereliabilityoftheinputsusedindeterminingfairvalue,thecompanyhasclassifieditsfinancialinstrumentsintothethreelevelsprescribedundertheaccountingstandard.Anexplanationofeach level follows underneath the table.

Financial Instruments by category 31st March, 2019 31st March, 2018FVOCI Amortised cost FVOCI Amortised cost

Financial Assets InvestmentsEquityInstruments-PTCIndiaLimited (12000006sharesof₹10each)*

88.14 - 104.88 -

-EnergyEfficiencyServicesLimited(37704350 shares PY 22500000 shares of ₹10each)**

41.70 - 23.90 -

Trade Receivables - 4728.10 - 3640.02Loans - 319.12 - 186.87Cash&cashEquivalents - 3647.73 - 1534.80Bank Balance - 852.39 - 840.07Other Financial AssetsCurrent - 6881.04 - 4737.23Non-Current - 4384.90 - 680.50Total Financial assets 129.84 20813.28 128.78 11619.49Financial LiabilitiesBorrowings - 149788.58 - 134971.34Trade Payables - 365.13 - 240.44Other Financial LiabilitiesCurrent - 9200.61 - 11418.98Non-Current - 3994.53 - 459.60Total financial liabilities - 163348.85 - 147090.36



At 31st March, 2019Financial AssetsLoansLoans to Joint Ventures - 83.48 - 83.48Loans to employees - 224.22 - 224.22Total Financial Assets - 307.70 - 307.70Financial LiabilitiesBorrowings - 147993.11 - 147993.11Deposits/retentionmoneyfromcontractors and others

- 4015.87 - 4015.87

Total financial liabilities - 152008.98 - 152008.98

(` in Crore)

(` in Crore)

329

Level1:Level1hierarchyincludesfinancialinstrumentsmeasuredusingquotedprices.Thisincludeslistedequitybondswhicharetradedinthestockexchanges,valuedusingtheclosingpriceasatthereportingperiod.

Level2:Thefairvalueoffinancialinstrumentsthatarenottradedinanactivemarket(forexample,tradedbonds)isdeterminedusingvaluationtechniqueswhichmaximisetheuseofobservablemarketdataandrelyaslittleaspossibleonentity-specificestimates.Ifallsignificantinputsrequiredtofairvalueaninstrumentareobservable,theinstrumentisincludedinlevel2.

Level3:Ifoneormoreofthesignificantinputsisnotbasedonobservablemarketdata,theinstrumentisincludedinlevel3.Thisisthecaseforunlistedequitysecurities,contingentconsiderationandindemnificationassetsincludedinlevel3.

There are no transfers between levels 1 and 2 during the year. The company’s policy is to recognise transfers into and transfers out of fair value hierarchy levels as at the end of the reporting period.

Valuationtechniqueusedtodeterminefairvalue Specificvaluationtechniquesusedtovaluefinancialinstrumentsinclude: • theuseofquotedmarketpricesordealerquotesforsimilarinstruments. • thefairvalueofEnergyEfficiencyServicesLimitedhasbeendeterminedbymakingqualitativeadjustmenttotradingmultiplessuchasP/E,

EV/EBITDAofcomparablelistedprices.ThesamehasbeenincludedinLevel2fairvaluehierarchy. • thefairvalueoftheremainingfinancialinstrumentsisdeterminedusingdiscountedcashflowanalysis. Alloftheresultingfairvalueestimatesareincludedinlevel2apartfromequityinstrumentsofPTCIndiaLimitedwhichisincludedinLevel1fair

value hierarchy. Fairvalueoffinancialinstrumentshasbeendeterminedbyanindependentvaluer. FairValueoffinancialassetsandliabilitiesmeasuredatamortisedcost.



At 31st March, 2018Financial AssetsLoansLoans to Joint Ventures - 6.00 - 6.00 Loans to employees - 183.76 - 183.76Total Financial Assets - 189.76 - 189.76Financial LiabilitiesBorrowings - 140219.77 - 140219.77Deposits/retentionmoneyfromcontractors and others

- 419.04 - 419.04

Total financial liabilities - 140638.81 - 140638.81

Particulars 31st March, 2019 31st March, 2018Carrying Amount Fair value Carrying Amount Fair value

Financial AssetsLoansLoan to Joint Venture 83.12 83.48 6.00 6.00Loans to employees 235.99 224.22 180.87 183.76Total Financial Assets 319.11 307.70 186.87 189.76Financial LiabilitiesBorrowings 149788.58 147993.11 134971.34 140219.77Deposits/retentionmoneyfromcontractors and others

3994.53 4015.87 459.60 419.04

Total financial liabilities 153783.11 152008.98 135430.94 140638.81

(` in Crore)

(` in Crore)



330

Thecarryingamountsoftradereceivables,tradepayables,cashandcashequivalentsandothercurrentfinancialliabilitiesareconsideredtobethesameastheirfairvalues,duetotheirshort-termnature.

Forfinancialassetsthataremeasuredatfairvalue,thecarryingamountsareequaltothefairvalues.60. Related party Transactions (a) Joint Ventures

## POWERGRID & Teesta Urja Ltd are the Joint venture partners in Teestavalley Power Transmission Limited & holds 26% & 74%equity,respectivelyasperShareholdingagreement.OncallofadditionalequitybyTeestavalleyPowerTransmissionlimited,POWERGRIDcontributedtheirshareamountingRs11.28crorewhiletheotherJVpartnerhasnotyetcontributedtheirshareofmoneyason31.03.2019.Consequently,theholdingofPOWERGRIDincreasedto28.23%ason31.03.2019against26%providedin shareholding agreement.

###POWERGRID’sBoardofDirectorsinitsmeetingheldon16thaugust2017accordedapprovalforinitiatingprocedureforwindingup/removalofthenameofKalingaBidyutPrasaranNigamPrivateLtdunderfasttrackExitmodeofRegistrarofCompanies(ROC).

####POWERGRID’sBoardofDirectorsinitsmeetingheldon1stMay2018accordedinprincipleapprovaltocloseRINLPowergridTLTPrivate Limited and seek consent of other JV Partner Rashtriya Ispat Nigam Limited. Accordingly Provision for diminution in value of investment has been made.

(b) Key Managerial Personnel

Whole Time DirectorsName DesignationShri I.S. Jha ChairmanandManagingDirector(CMD)ceasedtobeChairman&ManagingDirectorw.e.f

21.01.2019Shri Ravi P. Singh Director(Personnel)&AdditionalChargeofChairman&ManagingDirectorw.e.f21.01.2019

to 20.04.2019Shri K. Sreekant Director (Finance) Ms. Seema Gupta Director (Operations) Shri. Prabhakar Singh Director(Projects)retiredon30.06.2018Shri Rajeev Kumar Chauhan Director(Projects)w.e.f23.08.2018

Name DesignationShri Jagdish Ishwar Bhai Patel Independent DirectorShri Tse Ten Dorji Independent DirectorShri Manoj Kumar Mittal Independent Director Shri Sunil Kumar Sharma IndependentDirectorw.e.f23.07.2018Smt. A.R. Mahalakshmi IndependentDirectorw.e.f26.07.2018

Name of entity Place of business/country of

incorporation

Proportion of Ownership Interest31st March, 2019 31st March, 2018

Powerlinks Transmission Limited India 49% 49%Torrent Power Grid Limited India 26% 26%Jaypee Powergrid Limited India 26% 26%Parbati Koldam Transmission Company Limited India 26% 26%TeestavalleyPowerTransmissionLimited## India 28.23% 26%North East Transmission Company Limited India 26% 26%National High Power Test Laboratory Private Limited India 20% 20%Bihar Grid Company Limited India 50% 50%KalingaBidyutPrasaranNigamPrivateLimited### India 50% 50%Cross Border Power Transmission Company Limited India 26% 26%RINLPowergridTLTPrivateLimited#### India 50% 50%Power Transmission Company Nepal Ltd Nepal 26% 26%

Independent Directors


331

Name DesignationMs. Bharati Government Nominee Director ceased to be Director w.e.f 13.02.2019Shri Vivek Kumar Dewangan GovernmentNomineeDirectorw.e.f26.04.2018Shri Ghanshyam Prasad Government Nominee Director w.e.f 01.03.2019 Smt. Divya Tandon Company Secretary

Name of Entity Place of business/country of incorporation

Nature of Relationship

Powergrid Employees P.F. Trust India Post-employmentbenefitplanofPowergridPowergrid Self Contributory Superannuation Benefit(Pension) Fund Trust

India Post-employmentbenefitplanofPowergrid

Powergrid Employees Gratuity Fund Trust India Post-employmentbenefitplanofPowergridPowergird Employees Post-Retirement Medical BenefitTrust*

India PostRetirementBenefitplanofPowergrid

Government Nominee Directors


(c) List of Other Related Parties

*Trust registered on 1stMay2018. (d) Government Related Entities The company is controlled by the Government of India (GOI), being a Central Public Sector Enterprise (CPSE) under the Ministry of

Power,withGOIholding55.37%ofequitysharescapitalissuedandpaidup(previousyear56.91%). TheCompanyhasbusinesstransactionswithotherentitiescontrolledbytheGOIforprocurementofcapitalequipment,sparesand

services.Transactionswiththeseentitiesarecarriedoutatmarkettermsonarms-lengthbasisthroughatransparentpricediscoveryprocessagainstopentenders,exceptinafewcasesofprocurementofspares/servicesfromOriginalEquipmentManufacturer(OEM)forproprietaryitems/oronsingletenderbasisduetourgency,compatibilityorotherreasons.Suchsingletenderprocurementsarealsodonethroughaprocessofnegotiationwithpricesbenchmarkedagainstavailablepricedataofsame/similaritems.

Theabovetransactionsareinthecourseofnormalday-to-daybusinessoperationsandarenotconsideredtobesignificantkeepingin view the size, either individually or collectively.

(e) Outstanding balances arising from sales/purchases of goods and services The following balances are outstanding at the end of the reporting period in relation to transactions with related parties:

Particulars 31st March, 2019 31st March, 2018Advances /Amount Payables Joint VenturesCross Border Power Transmission Company Limited 10.14 11.12Teestavalley Power Transmission Limited 35.32 30.92North East Transmission Company Limited 7.96 7.86Powerlinks Transmission Limited 2.72 2.01Bihar Grid Company Limited 1.52 -Total payables to related parties 57.66 51.91

Particulars 31st March, 2019 31st March, 2018Amount Receivables Joint VenturesParbati Koldam Transmission Company Limited 0.38 0.38National High Power Test Laboratory Private Limited 34.02 10.99Bihar Grid Company Limited - 7.50Power Transmission Company Nepal Limited 3.10 1.43Jaypee Powergrid Limited 0.02 0.02Torrent Powergrid Limited 0.01 0.41Total 37.53 20.73

(` in Crore)

(` in Crore)


332

Particulars 31st March, 2019 31st March, 2018Loans to Joint VenturesNational High Power Test Laboratory Private Limited 6.00 6.00Teestavalley Power Transmission Limited 77.12 -Total 83.12 6.00Interest Accrued on loan to Joint VenturesNational High Power Test Laboratory Private Limited - 0.01Teestavalley Power Transmission Limited 1.62 -Total 1.62 0.01Loans to Key Managerial Personnel 0.18 0.11

Other Related Parties 31st March, 2019 31st March, 2018Outstanding balances with Employees Benefit TrustPowergrid Employees Gratuity Fund Trust Nil 109.59Total Nil 109.59



Services provided by the CompanyConsultancy IncomeJoint VenturesNational High Power Test Laboratory Private Limited 0.54 -Jaypee Powergrid Limited 1.12 1.01Cross Border Power Transmission Company Limited 2.05 1.60Bihar Grid Company Limited 16.26 13.84Parbati Koldam Transmission Company Limited 0.01 0.05Teestavalley Power Transmission Limited 5.80 0.17North East Transmission Company Limited 5.22 6.53Torrent Powergrid Ltd 1.37 2.85Power Transmission Company Nepal Limited 1.66 -Total 34.03 26.05Interest on LoanJoint VenturesNational High Power Test Laboratory Private Limited 0.60 0.01Teestavalley Power Transmission Limited 1.80 -Total 2.40 0.01Investments made during the year (Equity)Joint VenturesTeestavalley Power Transmission Limited 11.28 -Bihar Grid Company Limited 15.45 7.74RINL Powergrid TLT Pvt. Ltd 0.60 -Power Transmission Company Nepal Limited - 1.62Total 27.33 9.36Other Related PartiesContribution made during the yearPowergrid Employees P.F. Trust 131.04 93.07PowergridSelfContributorySuperannuationBenefit(Pension)FundTrust 102.41 108.67Powergrid Employees Gratuity Fund Trust 29.56 4.05Total 263.01 205.79Recovery for Deputation of EmployeesJoint VenturesJaypee Powergrid Limited 0.48 0.17Cross Border Power Transmission Company Limited 1.22 0.82North East Transmission Company Limited 0.13 0.11Teestavalley Power Transmission Limited 0.21 -Total 2.04 1.10

(` in Crore)

(` in Crore)

(` in Crore)

(f) Transactions with related parties The following transactions occurred with related parties:


333



Joint VenturesParbati Koldam Transmission Company Limited 155.75 178.83Torrent Power Grid Limited 46.91 46.46Powerlinks Transmission Limited 207.79 172.79Jaypee Powergrid Limited 180.92 192.86North East Transmission Company Limited 341.86 357.06Teestavalley Power Transmission Limited 32.23 30.27Total 965.46 978.27



ShortTermEmployeeBenefits 5.16 2.78Post-EmploymentBenefits 0.19 0.54LongTermEmployeeBenefits 0.44 0.17Arrears to KMPs 0.72 -Total 6.51 3.49

(` in Crore)

(` in Crore)

Terms and ConditionsThe loans to key management personnel are on the same terms and conditions as applicable to all other employeesAll other transactions were made on normal commercial terms and conditions and at market rates. All outstanding balances are unsecured and are repayable in cash.Loans to Subsidiaries are given on cost to cost basis.g) Transaction in the capacity of Central Transmission Utility (CTU) with the related parties

Inadditiontotheaboveremuneration,thewholetimedirectorshavebeenallowedtousethestaffcar(includingforprivatejourneys)onpaymentof₹2000/-p.m.ascontained intheDepartmentofPublicEnterprises(DPE)OMNo.2(23)/11-DPE(WC)-GL-V/13dated21/01/2013.

61. Operating Segmentsa) Business Segment The Board of Directors is the Group’s Chief Operating Decision Maker(CODM)who monitors the operating results of its business

segments separately for the purpose of making decisions about resource allocation and performance assessment. Three reportable segmentshavebeenidentifiedonthebasisofservicesprovided.

• Transmission Services--Group’sprincipalbusinessistransmissionofbulkpoweracrossdifferentstatesofIndia.• Telecom Services-- The company Utilizes the spare Optical fibres available in the Optical Ground Wire (OPGW) laid on the

transmission network for providing telecom services. It operates as a neutral carrier in the point to point bandwidth leasing business.• Consultancy Services--providesConsultancyServices intheTransmission,DistributionandTelecomsectors, includingPlanning

Design,Engineering,LoadDispatch,OPGWonintrastateTransmissionnetwork,ProcurementManagement,Operation&Maintenance,Financing and Project Management.

b) The operations of the group are mainly carried out within the country and therefore there is no reportable geographical segmentc) Informationaboutmajorcustomer:Revenuefromanysinglecustomerisnotequaltoorexceeds10%ofthegroup’stotalrevenue.Segment Revenue and ExpensesRevenuedirectlyattributable to thesegments isconsideredasSegmentRevenue.Expensesdirectlyattributable to thesegmentsandcommonexpensesallocatedonareasonablebasisareconsideredassegmentexpenses.RevenuefromexternalcustomerinIndiais₹35610.81crore(PreviousYear₹30445.65crore)andoutsideIndiais₹40.83crore(PreviousYear₹29.96crore).Segment Assets and LiabilitiesSegment assets include all operating assets comprising of Property, Plant and Equipment, current assets and loan and advances.Construction,Work-in-progress,constructionstoresandadvancesandinvestmentsareincludedinunallocatedassets.Segmentfacilitiesinclude operating liabilities and provisions.

h) Remuneration to Key Managerial Personnel



334

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Particulars As at 31st March, 2019 As at 31st March, 2018Estimatedamountofcontractsremainingtobeexecutedoncapitalaccountand not provided for (net of advances)

14131.67 29372.73

Group’s commitment towards further investment join venture entities 201.22 231.72

(` in Crore)62. Capital and other Commitments

63. Contingent Liabilities and contingent assets Contingent Liabilities

1. Claims against the Group not acknowledged as debts in respect of:(i) Capital Works Someofthecontractorsforsupplyandinstallationofequipmentsandexecutionofworksatourprojectshavelodgedclaimsonthe

groupseekingenhancementofthecontractprice,revisionofworkschedulewithpriceescalation,compensationfortheextendedperiod of work, idle charges etc. These claims are being contested by the Group as being not admissible in terms of the provisions of the respective contracts.

The group is pursuing various options under the dispute resolution mechanism available in the contract for settlement of these claims. Insuchcases,contingentliabilityof₹2,838.55crore(PreviousYear₹1440.68crore)hasbeenestimated.

(ii) Land compensation cases Inrespectoflandacquiredfortheprojects,thelandlosershaveclaimedhighercompensationbeforevariousauthorities/courtswhich

areyettobesettled.Insuchcases,contingentliabilityof₹1792.19crore(PreviousYear₹2491.49crore)hasbeenestimated.(iii) Other claims InrespectofclaimsmadebyvariousState/CentralGovernmentDepartments/Authoritiestowardsbuildingpermissionfees,penalty

ondiversionofagriculturelandtonon-agricultureuse,Nalatax,waterroyaltyetc.andbyothers,contingentliabilityof₹27.04crore(PreviousYear₹4.12crore)hasbeenestimated.

(iv) Disputed Income Tax/Sales Tax/Excise/Municipal Tax Matters DisputedIncomeTax/SalesTax/Excise/MunicipalTaxMattersamountingto₹485.33crore(PreviousYear₹442.27crore)arebeing

contested before various Appellate Authorities. Many of these matters have been disposed of in favour of the group but are disputed beforehigherauthoritiesbytheconcerneddepartments.Againsttotalclaimof₹172.83crore(PreviousYear₹80.12crore),provisionof₹138.39crore(PreviousYear₹71.44crore)ismadeandbalanceof₹34.44crore(PreviousYear₹8.68crore)isshownascontingent liability.

v) Others a)Othercontingentliabilitiesamountsto₹717.62crore(PreviousYear₹405.16crore)whichincludesclaimof₹461.50Crore(Previous

Year₹221.81crore)relatedtoArbitrationcases/Rowcases. b)SomeofthebeneficiarieshavefiledappealsagainstthetariffordersoftheCERC.Theamountofcontingentliabilityinthisregard

is not ascertainable. c)UndertheTransmissionServiceAgreement(TSA)withPowerlinksTransmissionLtd,thegrouphasanobligationtopurchasetheJV

company (Powerlinks Transmission Ltd) at a buyout price determined in accordance with the TSA. Such an obligation may result in caseJVcompany(PowerlinksTransmissionLtd)servesaterminationnoticeeitheron“POWERGRIDeventofdefault”oron“forcemajeure event” prescribed under TSA. No contingent liability on this account has been considered as the same is not ascertainable.

64. Capital managementa) Risk ManagementThe group’s objectives when managing capital are to •maximizetheshareholdervalue;•safeguarditsabilitytocontinueasagoingconcern;•maintainanoptimalcapitalstructuretoreducethecostofcapital.Forthepurposeofthegroup’scapitalmanagement,equitycapitalincludesissuedequitycapital,securitiespremiumAccountandallotherequityreservesattributabletotheequityholdersofthegroup.Thegroupmanagesitscapitalstructureandmakesadjustmentsinlightofchanges ineconomicconditions, regulatory frameworkandrequirementsoffinancialcovenantswith lenders.Tomaintainoradjustthe capital structure, the group may adjust the dividend payment to shareholders, regulate investments in new projects, return capital toshareholdersorissuenewshares.Thegroupmonitorscapitalusingdebt-equityratio,whichistheratiooflongtermdebttototalnetworth.Thepolicyistokeepthedebt-equityratiowhereinthedebtislessthan75%oftotalcapitalemployed(i.e.debttoequityratiolessthan 75:25). The group includes within long term debt, interest bearing loans and borrowings and current maturities of long term debt. Thedebt–equityratiooftheGroupwasasfollows:-

Particulars 31st March, 2019 31st March, 2018Longtermdebt(₹incrore) 142076.36 130502.96Equity(₹incrore) 59088.39 54425.99LongtermdebttoEquityratio 71:29 71:29


336

(a) Basic and diluted earnings per share attributable to the equity holders of the group


Including movement in Regulatory deferral balances 19.18 15.68#ExcludingmovementinRegulatorydeferralbalances* 24.01 9.40#Total basic and diluted earnings per share attributable to the equity holders of the group

19.18 15.68

(b) Reconciliation of earnings used as numerator in calculating earnings per share


EarningsattributabletotheequityholdersofthegroupincludingmovementinRegulatory deferral balances

10033.52 8204.00

EarningsattributabletotheequityholdersofthegroupexcludingmovementinRegulatory deferral balances

12560.39 4919.81

Total Earnings attributable to the equity holders of the group 10033.52 8204.00

(c) Weighted average number of shares used as the denominator 31st March, 2019No. of shares

31st March, 2018No. of Shares

Weightedaveragenumberofequitysharesusedasthedenominatorincalculatingbasic earnings per share

5231589648 5231589648

Adjustments for calculation of diluted earnings per share - -Total weighted average number of equity shares used as the denominator in calculating basic earnings per share

5231589648 5231589648

(` in Crore)

Underthetermsofthemajorborrowingfacilities,thegroupisrequiredtocomplywiththefinancialcovenants.Breachesinmeetingthefinancialcovenantswouldpermit the lenders to immediatelycall loansandborrowings.Therehavebeennobreaches in thefinancialcovenantsofanyinterest-bearingloansandborrowinginthecurrentreportingperiod.No changes were made in the objectives, policies or processes for managing capital during the years ended 31st March, 2019 and 31st March,2018.b) Dividends

Particulars 31st March, 2019 31st March, 2018(i) Equity sharesFinal dividend for the year ended 31stMarch,2018of₹2.80(31st March, 2017–₹3.35)perfullypaidshare

1464.85 1752.59

Interim dividend for the year ended 31stMarch,2019of₹5.83(31st March, 2018–₹2.45)perfullypaidshare

3050.02 1281.74

Dividend not recognized at the end of the reporting period In addition to above dividend, the Board of Directors on 29thMay,2019recommendedthepaymentofafinaldividendof₹2.50perfullypaidequityshare.ThisproposeddividendissubjecttotheapprovalofshareholdersintheensuingAnnualgeneralmeeting.

65. Earnings per share

(` in Crore)

( Amount in `)

*RestatedinthecurrentyearconsequenttorecognitionofMinimumAlternateTaxCreditindeferredtaxassetsduringtheyear.Refernoteno 26 ( c) and (d) #Refernoteno55forreclassification

66. Financial Risk Management TheGroup’sprincipalfinancialliabilitiescompriseloansandborrowingsdenominatedinIndianrupeesorforeigncurrencies,tradepayables

andotherpayables.TheGrouphasalsoprovidedfinancialguaranteeinrespectofbondsissuedbyitswhollyownedsubsidiary,PowergridVizagTransmissionLimited.ThemainpurposeofthesefinancialliabilitiesistofinancetheGroup’scapitalinvestmentsandoperations.

TheGroup’sprincipalfinancialassetsincludeloansandadvances,tradeandotherreceivables,andcashandcashequivalentsthataregenerated from its operations.

TheGroup’sactivitiesexposeittothefollowingfinancialrisks,namely, a) Credit risk, b) Liquidityrisk, c) Market risk. Thisnotepresentsinformationregardingthegroup’sexposure,objectives,policiesandprocessesformeasuringandmanagingtheserisks. Risk management framework The Group has a duly constituted Risk Management Committee headed by Director (Projects) with Director (Finance) and Director

(Personnel) as members. For the purpose of evaluating and managing the uncertainties the enterprise faces, Enterprise Risk Management

64. Capital management (Contd.)

337

framework has been implemented in theGroup. The framework is a structured, consistent and continuous process for identification,assessment,monitoringandmanagementofrisks.Asperthisframework,thesignificantbusinessprocesses/risksaremonitoredandcontrolled through various Key Performance Indicators (KPIs). The Committee meets at regular intervals and reviews KPIs and provides updatestotheAuditCommittee/Board.

ThemanagementoffinancialrisksbytheGroupissummarizedbelow:- A) Credit Risk Creditriskistheriskthatcounterpartywillnotmeetitsobligationsunderafinancialinstrumentorcustomercontract,leadingtoa

financialloss.TheGroupisexposedtocreditriskfromitsoperatingactivitiesonaccountoftradereceivablesandloansandadvancesandfromitsfinancingactivitiesduetodepositswithbanksandfinancialinstitutions,foreignexchangetransactionsandotherfinancialinstruments.

Adefaultonafinancialassetiswhenthecounterpartyfailstomakecontractualpaymentswithin3yearsofwhentheyfalldue.Thisdefinitionofdefault isdeterminedconsideringthebusinessenvironment inwhichtheGroupoperatesandothermacro-economicfactors.

Assetsarewritten-offwhenthereisnoreasonableexpectationofrecovery,suchasadebtordeclaringbankruptcyorfailingtoengageinarepaymentplanwiththeGroup.Whereloansorreceivableshavebeenwrittenoff,theGroupcontinuestoengageinenforcementactivitytoattempttorecoverthereceivabledue.Wheresuchrecoveriesaremade,thesearerecognizedinthestatementofprofitandloss.

(i) Trade Receivables TheGroup primarily provides transmission facilities to inter-state transmission service customers (DICs) comprisingmainly state

utilities owned by State Governments. The Group has a robust payment security mechanism in the form of Letters of Credit (LC) backedbytheTri-PartiteAgreements(TPA).TheTPAwassignedamongtheGOI,ReserveBankofIndiaandtheindividualStateGovernmentssubsequenttotheissuanceoftheOneTimeSettlementSchemeofStateElectricityBoardsduesduring2001-02bytheGOI,whichwasvalidtillOctober2016.GOIhasapprovedtheextensionoftheseTPAsforafurtherperiodof10years.MajorityoftheStateshaveexecutedtheagreementsforextensionofTPAsandmatterisbeingpursuedwiththeremainingstates.

AspertheprovisionsoftheTPA,thecustomersarerequiredtoestablishLCcovering105%oftheaveragemonthlybillingoftheGroupforlast12months.TheTPAalsoprovidesthatifthereisanydefaultinpaymentofcurrentduesbyanyStateUtility,theoutstandingduescanbedeductedfromtheState’sRBIaccountandpaidtotheconcernedCPSU.ThereisalsoprovisionforregulationofpowerbytheGroupincaseofnon-paymentofduesandnon-establishmentofLC.

CERCtariffregulationsallowpaymentagainstmonthlybillstowardstransmissionchargeswithinaperiodof60daysfromthedateof the bill and levy of surcharge on delayed payment beyond 60 days. A graded rebate is provided by the Group for payments made within 60 days.

Tradereceivablesconsistofreceivablesrelatingtotransmissionservicesof₹4679.86crore(PreviousYear₹3309.41crore),receivablesrelating to consultancy services of ₹148.02 crore (Previous Year ₹202.81 crore) and receivables relating to telecom business of₹239.58crore(PreviousYear₹175.95crore).

(ii) Other Financial Assets (excluding trade receivables) • Cash and cash equivalents TheGroupheldcashandcashequivalentsof₹382.33crore(PreviousYear₹521.07crore).Thecashandcashequivalentsareheld

withpublicsectorbanksandhighratedprivatesectorbanksanddonothaveanysignificantcreditrisk. •Deposits with banks and financial institutions TheGrouphelddepositswithbanksandfinancialinstitutionsof₹4117.79crore(PreviousYear₹1853.80crore).Termdepositsare

placed with public sector banks and have negligible credit risk. • Loans The Group has given loans to employees, subsidiaries and other parties. House building loans and conveyance advance to the

employees are secured against the mortgage of the house properties or hypothecation of vehicles for which such loans have been giveninlinewiththepoliciesoftheGroup.TheloansprovidedtogroupcompaniesareforprojectsunderTariffBasedCompetitiveBidding route. The risk of default in respect of these loans is considered negligible.

o Exposure to credit risk

Particulars 31st March, 2019 31st March, 2018Financial assets for which loss allowance is measured using 12 months Expected Credit Losses (ECL)Non-CurrentLoans 188.13 139.99Othernon-currentfinancialassets 4,384.90 680.50Cashandcashequivalents 382.33 521.07Depositswithbanksandfinancialinstitutions 4,117.79 1853.80Current loans 130.99 46.88Othercurrentfinancialassets 6,881.04 4737.23Total 16,085.18 7979.47Financial assets for which loss allowance is measured using Life time Expected Credit Losses (ECL)Trade receivables 5067.46 3688.17

(` in Crore)



338

o Provision for expected credit losses (a) Financial assets for which loss allowance is measured using 12 month expected credit losses TheGrouphasassetswherethecounter-partieshavesufficientcapacitytomeettheobligationsandwheretheriskofdefaultisvery

low.Atinitialrecognition,financialassets(excludingtradereceivables)areconsideredashavingnegligiblecreditriskandtheriskhasnotincreasedfrominitialrecognition.Thereforeexpectedcreditlossprovisionisnotrequired.

(b) Financial assets for which loss allowance is measured using life time expected credit losses In respect of trade receivables from Telecom and Consultancy, customer credit risk is managed by regular monitoring of the outstanding

receivablesandfollow-upwiththeconsumerforrealization. Withregardtotransmissionsegment,theGrouphascustomersmostofwhomarestategovernmentutilitieswithcapacitytomeet

the obligations and therefore the risk of default is negligible. Further, management believes that the unimpaired amounts that are 30 days past due date are still collectible in full, based on the payment security mechanism in place and historical payment behavior.

Considering the above factors and the prevalent regulations, the trade receivables continue to have a negligible credit risk on initial recognition and thereafter on each reporting date.

(c) Ageing analysis of trade receivables The ageing analysis of the trade receivables is as below:

(d) Reconciliation of impairment loss provisions Themovementintheallowanceforimpairmentinrespectoffinancialassetsduringtheyearwasasfollows:

Based on historic default rates, the Group believes that, apart from the above, no impairment allowance is necessary in respect of any other assetsastheamountsareinsignificant.

B) Liquidity risk Liquidityriskmanagementimpliesmaintainingsufficientcashandmarketablesecuritiesandtheavailabilityoffundingthroughanadequate

amountofcommittedcreditfacilitiestomeetobligationswhendue.TheGroupmonitorsitsriskofashortageoffundsusingaliquidityplanning tool. The Group has access to a variety of sources of funding such as commercial paper, bank loans, bonds and externalcommercialborrowingsandretainsflexibilityinfundingbymaintainingavailabilityundercommittedcreditlines.

ManagementmonitorsrollingforecastsoftheGroup’sliquiditypositioncomprisingtheundrawnborrowingfacilitiesbelowandcashandcashequivalentsonthebasisofexpectedcashflows.

TheGroupdependsonbothinternalandexternalsourcesofliquiditytoprovideworkingcapitalandtofundcapitalexpenditure. i) Financial Arrangement The Group had access to the following undrawn borrowing facilities at the end of the reporting period.

Ageing Not due 0-30 days past due

31-60 days past

due

61-90 days past

due

91-120 days

past due

More than120 dayspast due

Total

Gross carrying amount as on 31st March, 2019

22.94 1559.96 1279.83 833.01 136.30 1235.42 5067.46

Gross carrying amount as on 31st March,2018

6.56 1468.86 834.14 278.94 173.46 926.21 3688.17

Particulars Trade receivables

Investments Loans Advances Unbilled Debtors

Total

Balance as at 31st March, 2017 32.41 - - 0.86 - 33.27Impairment loss recognized 15.74 - - - 18.92 34.66Amountswrittenoff - - - 0.86 - 0.86Balance as at 31st March, 2018 48.15 - - - 18.92 67.07Impairment loss recognized 291.21 3.97 - - 105.71 400.89Amountswrittenoff - - - - - -Balance as at 31st March, 2019 339.36 3.97 - - 124.63 467.96

Particulars 31st March, 2019 31st March, 2018Expiringwithin1year(bankoverdraftandotherfacilities) 582.13 1676.50Expiringbeyondoneyear(bankloans) 12153.70 15002.74

(` in Crore)

(` in Crore)

(` in Crore)


339

The bank overdraft facilities may be drawn at any time and may be terminated by the bank without notice. Subject to the continuance of satisfactory credit ratings, the bank loan facilities may be drawn at any time and have remaining availability period of 1 to 5 years (Previous Year 1 to 5 years).

ii) Maturities of financial liabilities ThetablebelowanalysestheGroups’sfinancialliabilitiesintorelevantmaturitygroupingsbasedontheircontractualmaturitiesforallnon-

derivativefinancialliabilities. Theamountdisclosedinthetableisthecontractualundiscountedcashflows.

C) Market risk Marketriskistheriskthatthefairvalueoffuturecashflowsofafinancialinstrumentwillfluctuatebecauseofchangesinmarketprices.

Market risk comprises three types of risk: i. Currency risk ii. Interest rate risk iii. Otherpricerisk,suchasequitypriceriskandcommodityrisk. i) Currency risk TheGroupisexposedtocurrencyriskmainlyinrespectofforeigncurrencydenominatedloansandborrowingsandprocurementof

goodsandserviceswhosepurchaseconsiderationisdenominatedinforeigncurrency.TransmissiontariffareregulatedbytheCERC.AccordingtotheCERCtariffregulationsfortheblock2014-19theGroupmayhedgeforeignexchangeexposureinrespectoftheinterestonforeigncurrencyloanandrepaymentofforeignloanacquiredforthetransmissionsystem,inpartorfullinitsdiscretionandrecoverthecostofhedgingofforeignexchangeratevariationcorrespondingtothenormativeforeigndebt,intherelevantyear.

Ifhedgingoftheforeignexchangeexposureisnotundertaken,theextrarupeeliabilitytowardsinterestpaymentandloanrepaymentcorresponding to the normative foreign currency loan in the relevant year is permissible to be recovered as part of transmission tariffprovideditisnotattributabletothegeneratingGrouporthetransmissionlicenseeoritssuppliersorcontractors.Duringthecurrentfinancialyear,nohedgingforforeignexchangeexposurehasbeenundertakenbytheGroup.InrespectofgoodsandservicesprocuredforCapitalInvestment,theexchangeratevariationispartoftheprojectcost,fordeterminationoftransmissiontariff.Thecurrencyriskinrespectofgoodsandservicesprocuredforoperationactivitiesisnotsignificant.

TheGroup’sexposuretoforeigncurrencyriskattheendofthereportingperiodexpressedinINRisprovidedinNoteNo.53. Sensitivity SincetheimpactofstrengtheningorweakeningofIndianrupeeagainstUSD,Euro,JPYandothercurrenciesonthestatementofprofit

andlosswouldnotbeverysignificant;therefore,sensitivityanalysisforcurrencyriskisnotdisclosed. ii) Interest rate risk TheGroupisexposedtointerestrateriskarisingmainlyfromlongtermborrowingswithfloatinginterestrates.TheGroupisexposed

to interest rate riskbecause thecashflowsassociatedwithfloatingrateborrowingswillfluctuatewithchanges in interest rates.TheGroupmanagestheinterestraterisksbymaintainingadebtportfoliocomprisingamixoffixedandfloatingrateborrowingsindomestic and foreign currencies.

Atthereportingdate,theinterestrateprofileoftheGroup’svariableinterestrate-bearingfinancialinstrumentsisasfollows:

Contractual maturities of financial liabilities Within a year Between 1-5 years Beyond 5 years Total 31st March,2019Borrowings(includinginterestoutflows) 24759.31 77525.85 108167.14 210452.30Trade payables 365.13 365.13Otherfinancialliabilities 9487.98 1656.51 4924.35 16068.84Total 34612.42 79182.36 113091.49 226886.2731st March, 2018Borrowings(includinginterestoutflows) 17598.89 73984.51 99822.32 191405.72Trade payables 240.44 - - 240.44Otherfinancialliabilities 11418.98 459.60 - 11878.58Total 29258.31 74444.11 99822.32 203524.74

Particulars 31st March, 2019 31st March, 2018Long Term Debt with floating rate of interest-Domestic 26190.00 17532.00-Foreign 33427.30 27771.63Sub Total 59617.30 45303.63Long Term Debt with fixed rate of interest-Domestic 74778.86 77986.21-Foreign 7680.20 7213.12Sub Total 82459.06 85199.33Total Long Term Debt 142076.36 130502.96% of Floating Interest Rate Debt to Total Long Term Debt 41.96% 34.71%

(` in Crore)

(` in Crore)



340

Fair value sensitivity analysis for interest-rate risk AsperCERCRegulations,interestonloanduringconstructionformspartofprojectcostforthepurposeoftariffandafterthedateof

commercialoperation,interestonloansisrecoverablethroughtariffcalculatedonthenormativeaverageloanoftheyearbyapplyingtheweighted average rate of interest of the actual loan portfolio.

Accordingly,theGroup’sinterestrateriskisnotconsideredsignificant;hencesensitivityanalysisfortheriskisnotdisclosed. iii) Other price risk TheGroup’sexposuretoequitysecuritiespriceriskarisesfrominvestmentsheldbytheGroupandclassifiedinthebalancesheetasfair

value through OCI. Consideringthemagnitudeofequityinvestments,nosignificantriskisexpectedtoarise.67. Income Tax expense Thisnoteprovidesananalysisof thegroup’s income taxexpense, andhow the taxexpense is affectedbynon-assessableandnon-

deductibleitems.ItalsoexplainssignificantestimatesmadeinrelationtotheGroup’staxposition. (a) Income tax expense

*Thisincludestaxonregulatorydeferralbalanceaccountforthelastyear. (b) Income Tax recognized in Regulatory Deferral Account Balances:

(c) Income Tax recognized in other comprehensive income:

Particulars 31st March, 2019 31st March, 2018CurrentTaxCurrenttaxonprofitsfortheyear 2568.02 2182.64Adjustmentsforcurrenttaxofpriorperiods* - 15.34Pertaining to regulatory deferral account balances (A) (694.08) 44.23Total current tax expense (B) 1873.94 2242.21DeferredTaxexpenseOriginationandreversaloftemporarydifferences 752.51 3068.77PreviouslyunrecognizedtaxcreditrecognizedasDeferredTaxAssetthisyear (4206.88) -Total deferred tax expense /benefit (C) (3454.37) 3068.77Income tax expense (B+C-A) (886.35) 5266.75Pertaining to regulatory deferral account balances (694.08) 44.23Total tax expense including tax on movement in regulatory deferral account balances

(1580.43) 5310.98#

Particulars 31st March, 2019 31st March, 2018DeferredassetsforDeferredtaxliability (3472.89) 3121.19#Foreign Currency Fluctuation 232.27 195.92 EmployeeBenefitsExpenses 19.67 11.31 TotalRegulatoryDeferralAccountBalancesBeforeTax-Income/(Expenses) (3,220.95) 3,328.42CurrentTaxonRegulatoryDeferralAccountBalances (694.08) 44.23 Net Movement in Regulatory Deferral Account Balances - Income / (Expenses) (net of Tax)

(2,526.87) 3,284.19

Particulars 31st March, 2019 31st March, 2018Before Tax Tax

expense/ (benefit)

Net of Tax Before Tax Tax expense/ (benefit)

Net of Tax

Net gains/(losses) on fair valuation of equityinstruments

(14.15) - (14.15) (12.92) - (12.92)

Netacturiallossesondefinedbenefitplans (0.26) 0.05 (0.31) 37.58 8.02 29.56 Less: Transferred to expenditure duringconstruction (net)

2.34 0.50 1.84 10.94 2.33 8.61

Other Comprehensive Income (Net of Tax) (16.75) (0.45) (16.30) 13.72 5.69 8.03

(` in Crore)

(` in Crore)

(` in Crore)


341

Particulars 31st March, 2019 31st March, 2018Profitbeforeincometaxexpenseincludingmovementinregulatory 8453.09 13514.98Tax at the Company's domestic tax rate of 34.944 % (31 March 2018 34.608 %) 2953.85 4677.26Taxeffectof: NonDeductibletaxitems (2,743.09) (4,201.98)Taxexemptincome (1,769.51) 576.15 DeferredAssetsforDeferredTaxLiability 2,654.47 (1,080.18)PreviousYearstaxliability - 15.34 Unabsorbedtaxlosses (1568.19) (221.16)DeferredTaxexpense/(income) (3454.37) 3068.77Minimumalternatetaxadjustments** 2,346.41 2,476.78Income tax expense (1,580.43) 5,310.98

Particulars 31st March, 2019 31st March, 2018Temporarydifferencesrelatingtoinvestmentsinsubsidiariesforwhichdeferredtaxliabilitieshave not been recognised: Undistributedearnings 231.24 77.88Unrecogniseddeferredtaxliabilitiesrelatingtotheabovetemporarydifferences 47.53 16.01

(` in Crore)

(` in Crore)

(` in Crore)

(d) Reconciliation of tax expense and the accounting profit multiplied by India’s tax rate:

**RestatedinthecurrentyearconsequenttorecognitionofMinimumAlternateTaxCreditindeferredtaxassetsduringtheyear.Refernoteno 26 (c) and (d).

#Refernoteno55forreclassification. (e) Unrecognised Temporary Differences

(i) Long Term Employee Benefits A. Leave Obligations TheCompanyprovidesforearnedleavebenefit(includingcompensatedabsences)andhalf-payleavetotheemployeesofthecompany

whichaccrueannuallyat30daysand20daysrespectively.Earnedleaveisencashablewhileinservice.Halfpayleaves(HPL)areen-cashableonlyonseparationbeyondtheageof55yearsuptothemaximumof300days(HPL).However,totalnumberofleavethatcanbe encashed on superannuation shall be restricted to 300 days and no commutation of half pay leave shall be permissible. The liability for same is recognized on the basis of actuarial valuation.

B. Otheremployeebenefits–POWERGRIDEmployeefamilyrehabilitationscheme ThecompanyhasintroducedPOWERGRIDEmployeesFamilyEconomicRehabilitationSchemeduringtheyear.TheObjectiveofthescheme

istoprovidemonetaryassistanceandsupporttoanemployeeincaseofhis/herpermanenttotaldisablementandtohis/herfamilyincaseofdeathwhileinservice.Thebeneficiarywouldbeentitledtomonthlypaymentequivalenttotheemployee’s50%ofonemonthpaylastdrawnprovidedthebeneficiarydepositswiththecompanyanamountequaltoPF(excludingVPF)balance,GratuityamountandGroupInsurance (EDLI) amount, Such monthly payment would continue till the normal notional date on which the employee concerned would have attained the age of superannuation had the employee continued in the service of the company. The scheme is optional. Provision for POWERGRIDEmployeesFamilyEconomicRehabilitationSchemeamountingto₹0.53crore(PreviousYear₹6.62crore)fortheyearhasbeen made during the year based on actuarial valuation.

(ii) Post-employment obligations(Defined Employee Benefit/Contribution Schemes) A. Post-RetirementMedicalFacility(PRMF) TheCompanyhasPost-RetirementMedicalFacility(PRMF),underwhichretiredemployeesandthespouseareprovidedmedicalfacilitiesin

theempanelledhospitals.TheycanalsoavailtreatmentasOut-Patientsubjecttoaceilingfixedbythecompany.Theliabilityforthesameis recognized on the basis of actuarial valuation on annual basis on the Balance Sheet date. The scheme is funded by the company and is managed by a separate trust constituted on 1stMay2018.

68. Employee Benefit Obligations


Leave Obligations 39.77 331.92 371.69 42.04 312.90 354.94Post-RetirementMedicalFacility(PRMF) 16.86 422.11 438.97 12.30 374.36 386.66OtherEmployeebenefits/LongServiceAward 1.15 13.60 14.75 1.14 13.26 14.40Gratuity 111.45 514.99 626.44 82.72 548.76 631.48Other Defined retirement benefits (ODRB)/Baggage Allowance

2.06 16.67 18.74 2.08 16.35 18.43

Total employee benefit obligations 171.29 1299.29 1470.59 140.28 1265.63 1405.91

67. Income Tax expense (Contd.)


342

(` in Crore)

(` in Crore)

(` in Crore)


Provident Fund (PF) 141.68 2615.90 2757.58 427.96 2196.21 2624.17

ParticularsPF



Net amount

1st April, 2018 2624.17 2649.00 (24.83) Service cost 98.18 - 98.18Interestexpense(income) 199.44 226.44 (27.00)Total 297.62 226.44 71.18Re measurementsReturnonplanassets,excludingamountincludedininterestexpense/(income) - - -(Gain)/Lossfromchangeindemographicassumptions - - -(Gain)/Lossfromchangeinfinancialassumptions (0.10) - (0.10)Experience(Gain)/Losses (34.91) (34.91)Total (35.01) (35.01)Employee contributions 111.69 209.88 (98.19)Benefitspayments (240.89) (240.89) -31st March, 2019 2757.58 2844.43 (86.85)

ParticularsPF



Net amount

1st April, 2017 2321.95 2363.30 (41.35) Service cost 71.41 - 71.41Interestexpense(income) 174.15 217.78 (43.63)Total 245.56 217.78 27.78Re measurementsReturnonplanassets,excludingamountincludedininterestexpense/(income) - - -(Gain)/Lossfromchangeindemographicassumptions - - -(Gain)/Lossfromchangeinfinancialassumptions (0.06) - (0.06)Experience(Gain)/Losses 60.21 60.21Total 60.15 60.15Employee contributions 134.22 205.63 (71.41)Benefitspayments (137.71) (137.71) -31st March, 2018 2624.17 2649.00 (24.83)

B. Otheremployeebenefits–LongServiceAward Thisbenefitisapplicabletoallregularemployeesofthecompany(exceptforDirectorsandCMD)whohavesuperannuatedaftercompleting

at least 10 years of service. C. Gratuity Thecompanyhasadefinedbenefitgratuityplan.Everyemployeewhohasrenderedcontinuousserviceoffiveyearsormoreisentitled

to get gratuity at 15 days salary (15/26 x last drawn basic salary plus, dearness allowance) for each completed year of service onsuperannuation, resignation, termination, disablement or on death subject to amaximumof ₹20 lacs. The scheme is fundedby thecompany and is managed by a separate trust. The liability for the same is recognized on the basis of actuarial valuation on annual basis on theBalanceSheetdate.CompanyhascarriedouttheactuarialvaluationofGratuitybenefitconsideringceilingof₹20Lakhs.

D. OtherDefinedRetirementBenefits(ODRB)/BaggageAllowance The Company has a scheme for settlement at the time of superannuation at home town for employees and dependents to superannuated

employees. The scheme is unfunded and liability for the same is recognized on the basis of actuarial valuation on annual basis on the Balance Sheet date.

E. Provident Fund Company pays fixed contribution to Provident Fund at predetermined rate to a separate trust, which invests the funds in permitted

securities. Contribution to family pension scheme is paid to the appropriate authorities. The contribution to the fund and EPS scheme for the yearamountingto₹131.04crore(previousyear₹93.07crore)hasbeenrecognizedasexpenseandischargedtoStatementofProfitandLoss.TheobligationofthecompanyislimitedtosuchfixedcontributionandtoensureaminimumrateofinterestoncontributionstothemembersasspecifiedbyGOI.Asperthereportofactuaryoverallinterestearningandcumulativesurplusismorethanstatutoryinterestpaymentrequirement.Hence,nofurtherprovisionisconsiderednecessary.SincethecompanydoesnothaveunconditionalrightoverthePF corpus, the surplus has not been recognized in the Balance Sheet.


343


ParticularsPF

31st March, 2019 31st March, 2018Present value of funded obligations 2757.58 2624.17Fair value of plan assets 2844.43 2649.00Deficit/(Surplus) of funded plan (86.85) (24.83)

Particulars PFa) Impact of change in discount rate 2757.58 Present value of Obligation at the end of period-Impactduetoincreaseof0.5% (0.32)-Impactduetodecreaseof0.5% 0.33

Particulars 31st March, 2019 31st March, 2018Quoted Unquoted Total In % Quoted Unquoted Total In %

Equityinstruments(ETF) 38.62 - 38.62 2% 14.84 - 14.84 1%Debt instrumentsGovt/StateBonds 1570.27 - 1570.27 55% 1395.64 - 1395.64 53%PSUandPrivateBonds 1135.92 - 1135.92 40% 1056.47 - 1056.47 40%

Bank Balance 7.79 - 7.79 0% 12.11 - 12.11 0%Other Receivables 91.83 - 91.83 3% 169.94 - 169.94 6%Total 2844.43 - 2844.43 2649.00 - 2649.00

Particulars Less than a year

Between 1-2 year

Between 2-5 years

Over 5 years

Total

31st March, 2019 141.68 125.82 356.78 2133.3 2757.5831st March, 2018 427.96 185.44 584.58 1426.19 2624.17

(` in Crore)

(` in Crore)

(` in Crore)

(` in Crore)

The net liability disclosed above relates to Provident Fund is as follows:

Sensitivity Analysis of Provident Fund:

The major categories of plan assets (PF) are as follows

Fairvalueofcompany’sowntransferablefinancialinstrumentsheldasplanassetsis₹85.50croreason31stMarch,2019(₹94.81croreason 31stMarch,2018).

Theexpectedmaturityanalysisofprovidentfundisasfollows:

F. Pension TheCompanyhasschemeofemployeesdefinedPensionContribution.Companycontributionispaidtoseparatetrust.Amountof

contributionpaid/payablefortheyearis₹102.41crore(previousyear₹108.67crore)hasbeenrecognizedasexpenseandischargedtoStatementofProfit&Loss.


344

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346

Gratuity, ODRB, Pension, PRMF,PFParticulars 31st March, 2019 31st March, 2018Discount rate 7.75% 7.60%Salarygrowthrate(exceptforPF) 6.50% 6.50%

Particulars 31st March, 2019 31st March, 2018i) Retirement Age 60 60ii) Mortality rates inclusive of provision for disability 100%ofIALM(2006-08)iii) Ages

Withdrawal rate % Withdrawal%Upto30years 3 3From 31 to 44 years 2 2Above 44 years 1 1

Age Mortality rate Age Mortality rate Age Mortality rate15 0.000614 45 0.002874 75 0.03963720 0.000888 50 0.004946 80 0.06055825 0.000984 55 0.007888 85 0.09198230 0.001056 60 0.011534 90 0.13889535 0.001282 65 0.017009 95 0.20858540 0.001803 70 0.025855 100 0.311628

(iii) Significant actuarial assumptions for Post-Employment Benefits : Economic Assumptions

ThediscountrateisgenerallybaseduponthemarketyieldsavailableonGovt.Bondsattheaccountingdaterelevanttocurrencyofbenefitpayments for a term that matches the liabilities. Salary growth rate is companies’ long term best estimate as to salary increases and takes accountofinflation,seniority,promotion,businessplan,HRPolicyandotherrelevantfactorsonlongtermbasis.

Demographic Assumptions

Mortality rates for specimen ages

(iv) Sensitivity Analysis of the defined benefit obligation

Particulars Gratuity ODRB Leave PRMFa) Impact of change in discount rate Present value of Obligation at the end of period 626.44 18.74 371.69 438.98-Impactduetoincreaseof0.5% (18.91) (0.70) (14.57) (24.01)-Impactduetodecreaseof0.5% 20.37 0.71 15.79 24.50

b) Impact of change in salary increase Present value of Obligation at the end of period 626.44 18.74 371.69 438.98-Impactduetoincreaseof0.5% 6.91 0.71 15.91 24.94-Impactduetodecreaseof0.5% (7.20) (0.70) (14.80) (24.13)

Althoughtheanalysisdoesnottakeaccountofthefulldistributionofcashflowsexpectedundertheplan,itdoesprovideanapproximationof the sensitivity of the assumptions shown.

Thesensitivityanalysisabovehavebeendeterminedbasedonamethodthatextrapolatestheimpactondefinedbenefitobligationasaresult of reasonable changes in key assumptions occurring at the end of the reporting period. This analysis may not be representative of theactualchangeinthedefinedbenefitobligationsasitisunlikelythatthechangeinassumptionswouldoccurinisolationofoneanotheras some of the assumptions may be correlated

(` in Crore)


347

(v) The major categories of plan assets (Gratuity) are as follows:


Quoted Unquoted Total In % Quoted Unquoted Total In %Equityinstruments(ETF) 3.35 - 3.35 0.5% 3.20 - 3.20 1%Debt instrumentsGovt/StateBonds 292.45 - 292.45 48.5% 291.91 - 291.91 49%PSUandPrivateBonds 307.27 - 307.27 51.0% 296.26 - 296.26 50%Total* 603.07 - 603.07 591.37 - 591.37


Quoted Unquoted Total In % Quoted Unquoted Total In %Equityinstruments(ETF) - - - - - - - -Debt instrumentsGovt/StateBonds 171.85 - 171.85 41% - - - -PSUandPrivateBonds 246.56 - 246.56 59% - - - -Total# 418.41 - 418.41 - - - -

Particulars Less than a year Between 1-2 year Between 2-5 years Over 5 years Total31st March, 2019Definedbenefitobligation(Gratuity) 78.80 9.56 172.02 366.07 626.45Post-employmentmedicalbenefits 16.86 18.13 70.80 333.19 438.98ODRB 2.06 0.20 0.96 15.51 18.73Otheremployeebenefits(LSA) 1.15 1.00 2.90 9.69 14.74Total 98.87 28.89 246.68 724.46 1098.9031st March, 2018Definedbenefitobligation(Gratuity) 82.71 153.47 153.16 242.14 631.48Post-employmentmedicalbenefits 12.31 12.95 43.26 318.14 386.66ODRB 2.08 1.72 4.82 9.81 18.43Otheremployeebenefits(LSA) 1.14 0.97 2.83 9.46 14.40Total 98.24 169.11 204.07 579.55 1050.97

(` in Crore)

(` in Crore)

(` in Crore)

*Fairvaluationasperactuarialvaluationis₹590.27crore(PreviousYear₹579.51crore). Fairvalueofcompany’sowntransferablefinancialinstrumentsheldasplanassetsis₹73.83crore(PreviousYear₹87.53crore). (vi) The major categories of plan assets (PRMF) are as follows:

#Fairvaluationasperactuarialvaluationis₹418.69crore(PreviousYear₹Nilcrore) (vii) Description of Risk exposures Valuationisbasedoncertainassumptionswhicharedynamicinnatureandvaryovertime.Assuchcompanyisexposedtovariousrisksas

follows: A)SalaryIncreases(exceptforPF)–Actualsalaryincreasewillincreasetheplan’sliability.Increaseinsalaryincreaserateassumptions

infuture valuation will also increase the liability. B)Investmentrisk–Ifplanisfundedthenassetsliabilitiesmismatchandactualinvestmentreturnonassetslowerthanthediscountrate

assumed at the last valuation date can impact the liability C)DiscountRate–Reductionindiscountrateinsubsequentvaluationscanincreasetheplan’sliability. D)Mortality&disability–Actualdeathsanddisabilitycasesprovinglowerorhigherthanassumedinthevaluationcanimpacttheliabilities. E)Withdrawals–Actualwithdrawalsprovinghigherorlowerthanassumedwithdrawalsandchangeofwithdrawalratesatsubsequent

valuations can impact Plan’s liability. (viii) Defined benefit liability and employee contribution Theweightedaveragedurationofthedefinedbenefitobligationsis41.39years(PreviousYear41.89years).Theexpectedmaturityanalysis

ofundiscountedpension,gratuity,otherdefinedretirementbenefitandpost-employmentmedicalbenefitsisasfollows:



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69. Recent Accounting Pronouncements effective from 1st April 2019: IndAS116wasnotifiedbyMinistryofCorporateAffairson30March2019anditisapplicableforannualreportingperiodsbeginningonor

after 1 April 2019. IndAS116willaffectprimarilytheaccountingby lesseesandwillresult intherecognitionofalmostall leasesonbalancesheet.The

standardremovesthecurrentdistinctionbetweenoperatingandfinanceleasesandrequiresrecognitionofanasset(theright-of-usetheleaseditem)andafinancialliabilitytopayrentalsforvirtuallyallleasecontracts.Anoptionalexemptionexistsforshort-termandlow-valueleases.Theaccountingbylessorswillnotsignificantlychange.

TheCompanyisevaluatingtherequirementsoftheamendmentandtheeffectonfinancialstatements. AmendmentstoIndAS19,‘EmployeeBenefits’ TheamendmentstoIndAS19clarifytheaccountingfordefinedbenefitplanamendments,curtailmentsandsettlements.Theyconfirmthat

entities must : • Calculatethecurrentservicecostandnetinterestfortheremainderofthereportingperiodafteraplanamendment,curtailmentor

settlementbyusingtheupdatedassumptionsfromthedateofthechange; • Anyreductioninasurplusshouldberecognisedimmediatelyinprofitorlosseitheraspartofpastservicecost,orasagainorloss

onsettlement.Inotherwords,areductioninasurplusmustberecognisedinprofitorlossevenifthatsurpluswasnotpreviouslyrecognisedbecauseoftheimpactoftheassetceiling;and

• Separatelyrecogniseanychangesintheassetceilingthroughothercomprehensiveincome. These amendments will apply to any future plan amendments, curtailments, or settlements of the Company on or after 1 April 2019.The

Companyisevaluatingtherequirementsoftheamendmentandtheeffectonfinancialstatements. AmendmenttoIndAS12,‘IncomeTaxes’ Theamendmentsclarifythattheincometaxconsequencesofdividendsonfinancialinstrumentsclassifiedasequityshouldberecognised

accordingtowherethepasttransactionsoreventsthatgenerateddistributableprofitswererecognised.Theserequirementsapplytoallincometaxconsequencesofdividends.Previously,itwasunclearwhethertheincometaxconsequencesofdividendsshouldberecognisedinprofitorloss,orinequity,andthescopeoftheexistingguidancewasambiguous.

TheCompanyisevaluatingtherequirementsoftheamendmentandtheeffectonfinancialstatements. Amendments to Ind AS 23, ‘Borrowing Costs’ Theamendmentsclarifythatifaspecificborrowingremainsoutstandingaftertherelatedqualifyingassetisreadyforitsintendeduseor

sale, it becomes part of general borrowings. TheCompanyisevaluatingtherequirementsoftheamendmentandtheeffectonfinancialstatements.70. a) Figureshavebeenroundedofftonearestrupeesincroreuptotwodecimal. b) Previousyearfigureshavebeenregrouped/rearrangedwhereverconsiderednecessary.






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INDEPENDENT AUDITOR’S REPORTTO THE MEMBERS OF POWER GRID CORPORATION OF INDIA LIMITEDReport on the Audit of the Consolidated Financial Statements OpinionWehaveauditedtheaccompanyingconsolidatedfinancialstatementsofPowerGridCorporationofIndiaLimited(hereinafterreferredtoasthe“Holding Company”), and its subsidiaries (The Holding Company and its subsidiaries together referred to as “the Group”), its joint ventures, whichcomprise theconsolidatedBalanceSheetasatMarch31,2019,andtheConsolidatedStatementofProfitandLoss(includingOtherComprehensiveIncome),theConsolidatedStatementofChangesinEquityandtheConsolidatedStatementofCashFlowsfortheyearended,andnotestotheconsolidatedfinancialstatement,includingasummaryofthesignificantaccountingpoliciesandotherexplanatoryinformation(hereinafterreferredtoas“theconsolidatedfinancialstatements”).Inouropinionandtothebestofourinformationandaccordingtotheexplanationsgiventous,theaforesaidconsolidatedfinancialstatementsgivetheinformationrequiredbytheCompaniesAct,2013(“theAct”)inthemannersorequiredandgiveatrueandfairviewinconformitywith the Indian Accounting Standards prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015,asamended,(“IndAS”)andotheraccountingprinciplesgenerallyacceptedinIndia,ofthestateofaffairsoftheCompanyasatMarch31,2019,theprofit&totalcomprehensiveincome,changesinequityanditscashflowsfortheyearendedonthatdate.Basis for OpinionWeconductedourauditoftheconsolidatedfinancialstatementsinaccordancewiththeStandardsonAuditing(SAs)specifiedundersection143(10) of the Act. Our responsibilities under those Standards are further described in the Auditor’s Responsibilities for the Audit of the ConsolidatedFinancialStatementssectionofourreport.WeareindependentoftheCompanyinaccordancewiththeCodeofEthicsissuedbytheInstituteofCharteredAccountantsofIndia(ICAI)togetherwiththeindependencerequirementsthatarerelevanttoourauditoftheconsolidatedfinancialstatementsundertheprovisionsoftheActandtheRulesmadethereunder,andwehavefulfilledourotherethicalresponsibilitiesinaccordancewiththeserequirementsandtheICAI’sCodeofEthics.Webelievethattheauditevidencewehaveobtainedissufficientandappropriatetoprovideabasisforourauditopinionontheconsolidatedfinancialstatements.Emphasis of MatterWedrawattentiontothefollowingmattersinthenotestotheConsolidatedFinancialStatements(a) InrespectofrecognitionofrevenuefromtransmissionassetsforwhichfinaltariffordersareyettobeissuedbytheCERC[ReferNoteNo.

35(b)(ii)];and(b) Inrespectofbalanceconfirmation,reconciliationandconsequentialadjustments,ifany,ofTradeReceivableandRecoverableandTrade

andOtherpayableswhichiscarriedoutonanongoingbasis[ReferNoteNo.45(a)].Ouropinionisnotmodifiedinrespectofthesematters.Key Audit MattersKeyauditmattersarethosemattersthat, inourprofessionaljudgment,wereofmostsignificanceinourauditoftheconsolidatedfinancialstatements for the year ended 31st March 2019. Thesematters were addressed in the context of our audit of the consolidated financialstatementsasawhole,andinformingouropinionthereon,andwedonotprovideaseparateopiniononthesematters.Wehavedeterminedthe matters described below to be the key audit matters pertaining to Power Grid Corporation of India Limited, the Listed “Holding Company” to be communicated in our report.

Sr. No. Key Audit Matters# Auditors’ approach to address the Key Audit Matters1 Recognition of Revenue

The Company has revenue from three business segments viz. Transmission, Telecom and Consultancy. Transmission Income is accounted for based ontariffordersnotifiedbytheCERC.Incaseoftransmissionprojectswherefinal tariffordersare yet to be notified, transmission incomeis accounted for on provisional basis as per tariff regulations and orders of the CERC insimilar cases.Difference, if any, isaccountedonissuanceoffinaltariffordersbytheCERC.As at each reporting date, transmission income includes an accrual for services rendered to the customersbutnot yetbilled i.e.UnbilledRevenue.The Company implemented Ind AS 115 in the currentfinancialyearandappliedtheavailableexemptionprovidedtherein,tonotrestatethecomparative periods.This is considered as Key Audit Matter due to the nature and extent of estimatesmade asperCERCtariffRegulationsandcontractswithcustomers for recognition of revenue.(Refer Note No. 35(b)(ii) of Consolidated Financial Statement)

Our audit approach was a combination of test of internal controls and substantive procedures which includes the following: WeassessedtheCompany’sprocesstoidentifytheimpactofadoptionofthe

new revenue accounting standard. Evaluated the detailed analysis performed by management on revenue

streamsbyselectingsamples for theexistingcontractswithcustomersandconsidered revenue recognition policy in the current period in respect of those revenuestreams;

Evaluated and tested the effectiveness of the design of Internal controlsrelating to recognition and measurement of revenue from Transmission, Telecom and Consultancy.

VerifiedthetransmissionrevenuebasedontheCERCtariffRegulation,orders,circulars, guidelines and the company’s internal circulars.

VerifiedtherevenuefromTransmissionbasedonthetariffordersnotifiedbyCERC during the year on test basis.

Verified on test basis the income recognised on provisional basis (UnbilledRevenue) consistently as per the regulatory guidelines for the assets whose finalordersareyettobenotifiedbyCERC,basedonthedateofcommercialoperation (DOCO) letters issued by Regional technical heads, and capital cost, ascertifiedbytheManagement.

Verified theConsultancyandTelecom revenuebasedon the contractswithcustomers.

Evaluated the appropriateness of the disclosures provided under the new revenuestandardandassessedtheadequacyoftherelevantdisclosures.

Verified on test basis the incentive/disincentive recognized as per thecompany’s policy.


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#AbovereferredKeyAuditMattersareinrespectoftheHoldingCompanyonly.Allthesubsidiariesinthegroupareunlistedentities.Information Other than the Consolidated Financial Statements and Auditor’s Report ThereonThe Holding Company’s Board of Directors is responsible for the preparation of the other information. The other information comprises the informationincludedintheManagementDiscussionandAnalysis,Board’sReportincludingAnnexurestoBoard’sReport,BusinessResponsibilityReport,CorporateGovernanceandShareholder’s Information,butdoesnot includetheconsolidatedfinancialstatementsandourAuditor’sReportthereon.TheotherinformationasidentifiedaboveisexpectedtobemadeavailabletousafterthedateofthisAuditor’sReport.Ouropinionon theconsolidatedfinancialstatementsdoesnotcover theother informationandwewillnotexpressany formofassuranceconclusion thereon. Inconnectionwithourauditoftheconsolidatedfinancialstatements,ourresponsibilityistoreadtheotherinformationidentifiedabovewhenitbecomesavailableand,indoingso,considerwhethertheotherinformationismateriallyinconsistentwiththeconsolidatedfinancialstatementsorourknowledgeobtainedduringthecourseofourauditorotherwiseappearstobemateriallymisstated.Wehavenothingtoreportinthisregard.Whenwereadthosedocumentsincludingannexures,ifanythereon,ifweconcludethatthereisamaterialmisstatementtherein,weshallcommunicate the matter to those charged with the governance.Management’s Responsibility for the Consolidated Financial StatementsThe Holding Company’s Board of Directors is responsible for the matters stated in section 134(5) of the Act with respect to the preparation oftheseconsolidatedfinancialstatementsthatgiveatrueandfairviewofthefinancialposition,financialperformanceincludingothercomprehensiveincome,changesinequityandcashflowsoftheGroupinaccordancewiththeIndASandotheraccountingprinciplesgenerallyaccepted in India.

Sr. No. Key Audit Matters# Auditors’ approach to address the Key Audit Matters2 Deferred Tax Assets relating to MAT

credit entitlementThe Company has considered MAT credit of `5935.70 Crore in anticipation of set offagainst the tax payable in future years andcreated Deferred Tax Asset for the sameduring the year. The same has been recognized as liability of the Regulatory Deferral Account corresponding to the said MAT credit entitlement.Weidentifiedthisasakeyauditmatterbecauseof the importance of this matter intended uses ofthefinancialstatementsanditsmaterialityand requirement of judgement in assessingfuturetaxableprofitsforrecognisitionofMATcredit entitlement.(Refer Note No. 26 of Consolidated financialstatements.)

Ourauditapproachinvolved; UnderstandingthecurrentstatusofavailabilityofMATcredits Discussed with appropriate senior management and evaluated management’s

underlyingkeyassumptions forsetoffofMATcreditagainst taxable futureprofits

3 Assessment of contingent liabilities in respect of certain litigations including land compensation, direct and indirect taxes, various claims filed by other parties not acknowledged as debt. There is high level of judgement requiredin estimating the contingent liabilities. The company’s assessment of contingent liabilities is supported by the facts of the matter, Company’s judgement thereon, past experience and advices from legaland independent tax consultants wherevernecessary.We identified the above area as Key AuditMatters in view of associated uncertainty relating to the outcome of these matter.(Note No. 63 of Consolidated financialstatements).

Ourauditapproachinvolved;

a. Understandingthecurrentstatusofthelitigationforlandcompensations/taxassessments.

b. Examiningrecentordersfromcompetentauthoritiesand/orcommunicationreceived from various authorities, judicial forums and follow up action thereon.

c. Review and analysis of evaluation of the contentions of the company through discussions, collection of details of the subject matter under consideration, thelikelyoutcomeandconsequentpotentialoutflowsonthoseissues.

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ThisresponsibilityalsoincludesmaintenanceofadequateaccountingrecordsinaccordancewiththeprovisionsoftheActforsafeguardingtheassetsoftheGroupandforpreventinganddetectingfraudsandotherirregularities;selectionandapplicationofappropriateaccountingpolicies;makingjudgmentsandestimatesthatarereasonableandprudent;anddesign,implementationandmaintenanceofadequateinternalfinancialcontrols,thatwereoperatingeffectivelyforensuringtheaccuracyandcompletenessoftheaccountingrecords,relevanttothepreparationandpresentationoftheconsolidatedfinancialstatementsthatgiveatrueandfairviewandarefreefrommaterialmisstatement,whetherduetofraud or error.Inpreparing the consolidatedfinancial statements, theHoldingCompany’sManagement is responsible for assessing theGroup’s ability tocontinue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unlessHoldingCompany’sManagementeitherintendstoliquidatetheCompanyortoceaseoperations,orhasnorealisticalternativebuttodoso.TheHoldingCompany’sBoardofDirectorsisresponsibleforoverseeingtheGroup’sfinancialreportingprocess.Auditor’s Responsibilities for the Audit of the Consolidated Financial StatementsOurobjectivesare toobtain reasonableassuranceaboutwhether the consolidatedfinancial statementsasawholeare free frommaterialmisstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance,butisnotaguaranteethatanauditconductedinaccordancewithSAswillalwaysdetectamaterialmisstatementwhenitexists.Misstatementscanarisefromfraudorerrorandareconsideredmaterialif,individuallyorintheaggregate,theycouldreasonablybeexpectedtoinfluencetheeconomicdecisionsofuserstakenonthebasisoftheseconsolidatedfinancialstatements.AspartofanauditinaccordancewithSAs,weexerciseprofessionaljudgmentandmaintainprofessionalskepticismthroughouttheaudit.Wealso:• Identifyandassesstherisksofmaterialmisstatementoftheconsolidatedfinancialstatements,whetherduetofraudorerror,design

andperformauditproceduresresponsivetothoserisks,andobtainauditevidencethatissufficientandappropriatetoprovideabasisforour opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtainanunderstandingofinternalfinancialcontrolsrelevanttotheauditinordertodesignauditproceduresthatareappropriateinthecircumstances.Undersection143(3)(i)oftheAct,wearealsoresponsibleforexpressingouropiniononwhethertheCompaniesintheGrouphaveadequateinternalfinancialcontrolssysteminplaceandtheoperatingeffectivenessofsuchcontrols.

• EvaluatetheappropriatenessofaccountingpoliciesusedandthereasonablenessofaccountingestimatesandrelateddisclosuresmadebyHolding Company’s Management.

• ConcludeontheappropriatenessofHoldingCompany’sManagementuseofthegoingconcernbasisofaccountingand,basedontheauditevidenceobtained,whetheramaterialuncertaintyexistsrelatedtoeventsorconditionsthatmaycastsignificantdoubtontheabilityoftheGrouptocontinueasagoingconcern.Ifweconcludethatamaterialuncertaintyexists,wearerequiredtodrawattentioninourauditor’sreporttotherelateddisclosuresintheconsolidatedfinancialstatementsor,ifsuchdisclosuresareinadequate,tomodifyouropinion.Ourconclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern.

• Evaluatetheoverallpresentation,structureandcontentoftheconsolidatedfinancialstatements,includingthedisclosures,andwhethertheconsolidatedfinancialstatementsrepresenttheunderlyingtransactionsandeventsinamannerthatachievesfairpresentation.

• ObtainsufficientappropriateauditevidenceregardingthefinancialinformationoftheentitiesorbusinessactivitieswithintheGrouptoexpressanopinionontheconsolidatedfinancialstatements.Weareresponsibleforthedirection,supervisionandperformanceoftheauditoftheFinancialStatements of such entities included in the Consolidated Financial Statements of which we are the Independent Auditors. For the other entities included in the Consolidated Financial Statements, which have been audited by other Auditors, such other Auditors remain responsible for the direction,supervisionandperformanceoftheauditscarriedoutbythem.Weremainsolelyresponsibleforourauditopinion.

Materialityisthemagnitudeofmisstatementsintheconsolidatedfinancialstatementsthat,individuallyorinaggregate,makesitprobablethattheeconomicdecisionsofareasonablyknowledgeableuserofthefinancialstatementsmaybeinfluenced.Weconsiderquantitativematerialityandqualitativefactorsin(i)planningthescopeofourauditworkandinevaluatingtheresultsofourwork;and(ii)toevaluatetheeffectofanyidentifiedmisstatementsinthefinancialstatements.WecommunicatewiththosechargedwithgovernanceoftheHoldingCompanyincludedintheConsolidatedFinancialStatements,ofwhichwearetheIndependentAuditorsregarding,amongothermatters,theplannedscopeandtimingoftheauditandsignificantauditfindings,includinganysignificantdeficienciesininternalcontrolthatweidentifyduringouraudit.We also provide those chargedwith governancewith a statement that we have compliedwith relevant ethical requirements regardingindependence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.Fromthematterscommunicatedwiththosechargedwithgovernance,wedeterminethosemattersthatwereofmostsignificanceintheauditoftheconsolidatedfinancialstatementsofthecurrentperiodandarethereforethekeyauditmatters.Wedescribethesemattersinourauditor’sreportunlesslaworregulationprecludespublicdisclosureaboutthematterorwhen,inextremelyrarecircumstances,wedeterminethatamattershouldnotbecommunicatedinourreportbecausetheadverseconsequencesofdoingsowouldreasonablybeexpectedtooutweighthepublicinterestbenefitsofsuchcommunication.Other Matters(a) Wedidnotauditthefinancialstatements/financialinformationofthefollowingsubsidiarieswhosefinancialstatementsreflectthedetails

given below for total assets and net assets as at 31stMarch2019,totalrevenuesandnetcashflowsfortheyearendedonthatdatetotheextenttowhichtheyarereflectedintheconsolidatedfinancialstatements:


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S. No. Name of the Subsidiaries Total Assets Net Assets Total Revenues

Net Cash Inflows/ (Outflows)

1 Powergrid Vemagiri transmission Ltd - (19.40) - -2 Powergrid NM transmission Ltd 1,317.51 98.34 16.13 0.71 3 Powergrid Vizag Transmission Ltd 1,236.13 307.17 298.23 (0.90)4 Powergrid Southern Interconnector Transmission

System Limited 3,411.75 513.92 33.14 0.01

5 Powergrid Parli Transmission Limited 1,824.45 274.36 283.91 (6.64)6 PowergridWaroraTransmissionLimited 2,137.51 382.76 280.61 (6.83)7 Powergrid Jabalpur Transmission Limited 1,512.44 183.30 61.05 0.04 8 Powergrid Kala Amb Transmission Ltd 302.07 70.71 60.30 0.06 9 PowergridUnchaharTransmissionLtd 70.99 24.58 23.47 (1.05)10 Powergrid Medinipur Jeerat Transmission Limited 1,519.46 0.01 - 0.02 11 Powergrid Mithilanchal Transmission Limited 240.88 0.04 - 0.07 12 Powergrid Varanasi Transmission System Limited 226.37 0.04 - 0.44 13 Powergrid Jawaharpur Firozabad Transmission Limited 6.38 0.05 - 0.08 Total 13,805.94 1,835.88 1,056.84 (13.99)

(` in Crore)

TheconsolidatedfinancialstatementsalsoincludetheGroup’sshareofnetprofit/loss(includingOtherComprehensiveIncome)fortheyear ended 31stMarch2019asconsideredintheconsolidatedfinancialstatementsinrespectoffollowingjointventureswhosefinancialstatements/financialinformationhavenotbeenauditedbyus.

Thesefinancialstatements/financialinformationofsubsidiariesandjointventureshavebeenauditedbyotherauditorswhosereportshavebeen furnished to us by the Holding Company’s Management upto 25thMay,2019andouropinionontheconsolidatedfinancialstatements,in so far as it relates to the amounts and disclosures included in respect of these subsidiaries and joint ventures, and our report in terms of sub-section(3)ofSection143oftheAct,insofarasitrelatestotheaforesaidsubsidiariesandjointventuresisbasedsolelyonthereportsoftheotherauditorsafterconsideringtherequirementofStandardonAuditing(SA600)on‘UsingtheworkofAnotherAuditor’includingmateriality.

(b) TheconsolidatedfinancialstatementsincludetheGroup’sshareofnetprofit/loss(includingOtherComprehensiveIncome)fortheyearended 31stMarch, 2019 as considered in the consolidated financial statements in respect of following joint ventureswhose financialstatements/financialinformationhavenotbeenauditedbyus.

S No. Name of Joint Ventures Group’s share net profit/(loss)1 Powerlinks Transmission Limited 55.122 Torrent Powergrid Limited 4.973 Jaypee Powergrid Limited 16.394 North East Transmission Company Limited 17.06

Total 93.54

SNo. Name of Joint Ventures Group’s share net profit/(loss)1 Parbati Koldam Transmission Company Limited 12.672 Teestavalley Power Transmission Limited (0.34)3 National High Power Test Lab Pvt Limited (1.75)4 Bihar Grid Company Limited 12.325 KalingaBidyutParasaranNigamPvtLimited# 0.006 Cross Border Transmission Limited 3.987 RINLPOWERGRIDTLTPvt.Limited## (0.02)8 Power Transmission Company Nepal Ltd * 2.23

Total 29.09

(` in Crore)

(` in Crore)

353

* located outside India. #TheHoldingcompany’sboardofdirectorshasaccordedapprovalforinitiatingprocedureforwindingupoftheJVcompany. ##TheHoldingcompany’sboardofdirectorshasaccordedin-principleapprovalforclosureoftheJVcompany. Thesefinancialstatements/financialinformationofjointventuresareunauditedandhavebeenfurnishedtousbytheHoldingCompany’s

Managementandouropinionontheconsolidatedfinancialstatements,insofarasitrelatestotheamountsanddisclosuresincludedinrespectofthesesubsidiariesandjointventures,andourreportintermsofsub-section(3)ofSection143oftheActinsofarasitrelatestotheaforesaidjointventures,isbasedsolelyonsuchunauditedfinancialstatements/financialinformation.OneofthejointventuresasaboveislocatedoutsideIndiainrespectofwhichtheHoldingCompany’smanagementhasprovidedusthefinancialstatementspreparedinaccordancewithaccountingprinciplesgenerallyacceptedinIndia.InouropinionandaccordingtotheinformationandexplanationsgiventousbytheHoldingCompany’sManagement,thesefinancialstatements/financialinformationarenotmaterialtotheGroup.

Ouropinionontheconsolidatedfinancialstatements,andourreportonOtherLegalandRegulatoryRequirementsgivenbelow,isnotmodifiedinrespectoftheabovematterswithrespecttoourrelianceontheworkdoneandthereportsoftheotherauditorsandthefinancialstatements/financialinformationcertifiedbytheHoldingCompany’sManagement.

Report on Other Legal and Regulatory Requirements1. AsrequiredbySection143(3)oftheAct,basedonourauditandontheconsiderationofreportoftheotherauditorsonseparatefinancial

statementsandtheotherfinancialinformationofsubsidiariesandjointventuresasnotedintheothermatterparagraph,wereport,totheextentapplicable,that:

a) Wehavesoughtandobtainedalltheinformationandexplanationswhichtothebestofourknowledgeandbeliefwerenecessaryforthepurposesofourauditoftheaforesaidconsolidatedfinancialstatements.

b) Inouropinion,properbooksofaccountasrequiredbylawrelatingtopreparationoftheaforesaidconsolidatedfinancialstatementshavebeenkeptsofarasitappearsfromourexaminationofthosebooksandthereportsoftheotherauditors.

c) TheConsolidatedBalanceSheet,theConsolidatedStatementofProfitandLoss(includingOtherComprehensiveIncome),theConsolidatedStatementofChangesinEquityandtheConsolidatedStatementofCashFlowsdealtwithbythisReportareinagreementwiththerelevantbooksofaccountmaintainedforthepurposeofpreparationoftheConsolidatedfinancialstatements.

d) Inouropinion,theaforesaidconsolidatedfinancialstatementscomplywiththeIndianAccountingStandardsspecifiedunderSection133of the Act read with the Companies (Indian Accounting Standards) Rules, 2015 as amended.

e) Inviewofexemptiongivenvidenotificationno.G.S.R.463(E)datedJune5,2015,issuedbyMinistryofCorporateAffairs,provisionsofSection164(2)oftheActregardingdisqualificationofDirectors,arenotapplicabletotheHoldingCompanyanditssubsidiaries.Further,on the basis of the reports of the auditors of 4 (four) joint ventures incorporated in India, none of the directors of the joint ventures incorporatedinIndiaisdisqualifiedason31March,2019frombeingappointedasadirectorintermsofsection164(2)oftheAct.

f) WithrespecttotheadequacyoftheinternalfinancialcontrolsoverfinancialreportingoftheHoldingCompany,itssubsidiariesandjointventuresincorporatedinIndiaandtheoperatingeffectivenessofsuchcontrols,refertoourseparatereportin‘Annexure1’.OurreportexpressesanunmodifiedopinionontheadequacyandoperatingeffectivenessoftheGroup’sinternalfinancialcontrolswithreferencetoconsolidatedfinancialstatements.

g) WithrespecttotheothermatterstobeincludedintheAuditor’sReportinaccordancewithRule11oftheCompanies(AuditandAuditor’s)Rules,2014,inouropinionandtothebestofourinformationandaccordingtotheexplanationsgiventousandbasedontheconsiderationofthereportoftheotherauditorsonseparatefinancialstatementsasalsotheotherfinancialinformationofthesubsidiariesandjointventures, as noted in the ‘Other Matters’ paragraph:

i. TheconsolidatedfinancialstatementsdisclosetheimpactofpendinglitigationsontheconsolidatedfinancialpositionoftheGroup(ReferNote48and63totheconsolidatedfinancialstatements)andthejointventurecompanies(ReferNote44.2.5totheconsolidatedfinancialstatements).

ii. Provisionhasbeenmadeintheconsolidatedfinancialstatements,asrequiredundertheapplicablelaworIndianAccountingStandards,formaterialforeseeablelosses,ifany,onlong-termcontractsincludingderivativecontracts.

iii. Therehasbeennodelayintransferringamounts,requiredtobetransferred,totheInvestorEducationandProtectionFundbytheGroup and the joint venture companies incorporated in India.



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ANNEXURE 1 ATTACHED TO THE INDEPENDENT AUDITOR’S REPORT OF EVEN DATE ON THE CONSOLIDATED IND AS FINANCIAL STATEMENTS OF POWER GRID CORPORATION OF INDIALIMITED FOR THE YEAR ENDED 31stMARCH, 2019.Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (“the Act”)In conjunction with our audit of the Consolidated Financial Statements of the Company as of and for the year ended on 31st March, 2019, we haveaudited the internalfinancialcontrolswith reference toConsolidatedFinancialStatementsofPowerGridCorporationof IndiaLimited(hereinafter referred to as “the Holding Company”) and its subsidiary companies (the Holding Company and its subsidiaries together referred to as “the Group”) and its joint venture companies, which are companies incorporated in India as of 31st March, 2019.Management’s Responsibility for Internal Financial ControlsThe respective Board of directors of the Holding company, its subsidiary companies and its joint venture companies, which are companies incorporatedinIndia,areresponsibleforestablishingandmaintaininginternalfinancialcontrolsbasedontheinternalcontrolsoverfinancialreporting 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. These responsibilities include thedesign, implementationandmaintenanceofadequate internalfinancialcontrolsthatwereoperatingeffectivelyforensuringtheorderlyandefficientconductofitsbusiness,includingadherencetocompany’spolicies,thesafeguardingofitsassets,thepreventionanddetectionoffraudsanderrors,theaccuracyandcompletenessoftheaccountingrecords,andthetimelypreparationofreliablefinancialinformation,asrequiredundertheCompaniesAct,2013.Auditors’ ResponsibilityOurresponsibilityistoexpressanopinionontheGroup’sinternalfinancialcontrolswithreferencetoConsolidatedFinancialStatementsbasedonouraudit.WeconductedourauditinaccordancewiththeGuidanceNoteonAuditofInternalFinancialControlsOverFinancialReporting(the “Guidance Note”) and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act,2013,totheextentapplicabletoanauditofInternalFinancialControls,bothapplicabletoanauditofInternalFinancialControlsand,bothissuedbytheInstituteofCharteredAccountantsofIndia.ThoseStandardsandtheGuidanceNoterequirethatwecomplywithethicalrequirementsandplanandperformtheaudittoobtainreasonableassuranceaboutwhetheradequateInternalFinancialControlswithreferencetoConsolidatedFinancialStatementswereestablishedandmaintainedandifsuchcontrolsoperatedeffectivelyinallmaterialrespects.OurauditinvolvesperformingprocedurestoobtainauditevidenceabouttheadequacyoftheinternalfinancialcontrolssystemwithreferencetoConsolidatedFinancialStatementsandtheiroperatingeffectiveness.OurauditofinternalfinancialcontrolswithreferencetoConsolidatedFinancialStatements includedobtaininganunderstandingof internalfinancialcontrolswithreferencetoConsolidatedFinancialStatements,assessingtheriskthatmaterialweaknessexists,andtestingandevaluatingthedesignandoperatingeffectivenessofinternalcontrolbasedonthe assessed risk. The procedures selected depend on the auditor’s Judgment, including the assessment of the risks of material misstatement of the Consolidated Financial Statements, whether due to fraud or error. WebelievethattheauditevidencewehaveobtainedandtheauditevidenceobtainedbytheotherauditorsofthesubsidiariesandjointventurecompaniesincorporatedinIndia,intermsoftheirreportsreferredtointhe‘OtherMatters’paragraphissufficientandappropriatetoprovideabasisforourauditopinionontheGroup’sinternalfinancialcontrolssystemwithreferencetoConsolidatedFinancialStatements.Meaning of Internal Financial Controls with reference to Consolidated Financial StatementsACompany’sinternalfinancialcontrolwithreferencetoConsolidatedFinancialStatementsisaprocessdesignedtoprovidereasonableassuranceregardingthereliabilityoffinancialreportingandthepreparationoffinancialstatementsforexternalpurposesinaccordancewithgenerallyacceptedaccountingprinciples.Acompany’sinternalfinancialcontrolwithreferencetoConsolidatedFinancialStatementsincludesthosepoliciesand procedures that:i. pertaintothemaintenanceofrecordsthat,inreasonabledetail,accuratelyandfairlyreflectthetransactionsanddispositionsoftheassets

ofthecompany;ii. providereasonableassurance that transactionsare recordedasnecessary topermitpreparationoffinancialstatements inaccordance

withgenerallyacceptedaccountingprinciples,andthatreceiptsandexpendituresofthecompanyarebeingmadeonlyinaccordancewithauthorizationsofmanagementanddirectorsofthecompany;and

iii. providereasonableassuranceregardingpreventionortimelydetectionofunauthorizedacquisition,use,ordispositionofthecompany’sassetsthatcouldhaveamaterialeffectonthefinancialstatements.

Inherent Limitations of Internal Financial Controls with reference to Consolidated Financial StatementsBecauseoftheinherentlimitationsofinternalfinancialcontrolswithreferencetoConsolidatedFinancialStatements,includingthepossibilityof collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projectionsofanyevaluationoftheinternalfinancialcontrolswithreferencetoConsolidatedFinancialStatementstofutureperiodsaresubjecttotheriskthattheinternalfinancialcontrolwithreferencetoConsolidatedFinancialStatementsmaybecomeinadequatebecauseofchangesin conditions, or that the degree of compliance with the policies or procedures may deteriorate.OpinionIn our opinion, the Holding Company, its subsidiaries, and joint ventures which are companies incorporated in India have, in all material respects,anadequateinternalfinancialcontrolssystemwithreferencetoConsolidatedFinancialStatementsandsuchinternalfinancialcontrolswithreferencetoConsolidatedFinancialStatementswereoperatingeffectivelyasat31stMarch,2019,basedontheinternalcontroloverfinancial

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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.Other MattersOuraforesaidreportunderSection143(3)(i)oftheActontheadequacyandoperatingeffectivenessoftheinternalfinancialcontrolswithreference to Consolidated Financial Statements in so far as it related to 13 (thirteen) subsidiary companies and 4 (four)joint venture Companies incorporated in India, is based on the corresponding report of auditors of such companies.OuraforesaidreportunderSection143(3)(i)oftheActontheadequacyandoperatingeffectivenessoftheinternalfinancialcontrolswithreference to Consolidated Financial Statements of in so far as it related to 7 (seven) Joint venture Companies incorporated in India, and 1 (one)JointventurecompanyincorporatedoutsideIndiawhosefinancialstatements/financialinformationareunauditedandweareunabletoexpressouropiniononadequacyandoperatingeffectivenessofinternalfinancialcontrolswithreferencetoConsolidatedFinancialStatements,howeveraccordingtotheinformationandexplanationsgiventousbytheHoldingCompany’sManagement,thesefinancialstatements/financialinformation are not material.



M.No. 072290


M.No.041883


M.No. 064601


M.No. 425104






DEPARTMENT OF POST

O/o VASHI BPC NAVI MUMBAl-400703

TO,

CGM & Company Secretary,

Power Grid corporation of Indian limited.

This is to certify that dispatch of notice of 3011' AGM & /\nnu:il rcporl of powur

Grid corporation of India limited has started from today l.o 29111 July 2019

Name ..................... ~ ...... .

Deslcnatlon ...... .§ ......... ~.RV..HKl.R ..... . (VASHI BPC)

VASHI P0-400 7f'J