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100Th Annual Report FY19

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100Th Annual Report FY19 Dear Shareholders, It gives me immense pleasure to share with you our performance for the year and perspectives on the way forward. FY 2018-19 was marked by steady growth in power demand, led by an improvement in the overall economic environment in India. Over the next decade, the Indian economy is set WRJURZDWDUHFRUGSDFHDQGDNH\HQDEOHURIWKLVJURZWKZLOOEH,QGLD¶VDELOLW\WRIXO¿OLWV electricity needs. We expect the growth momentum in the Indian power sector to continue, led by government’s infrastructure push and various structural policy reforms, which should augur well for the country’s power demand growth. Your Company’s consolidated PAT for FY 2019 was at ` 2,441 crore compared to ` FURUHLQWKHSUHYLRXV\HDUPDLQO\GXHWRORZHUSUR¿WVIURPFRDOFRPSDQLHV7KH SUR¿WDELOLW\RIFRDOFRPSDQLHVGXULQJWKH\HDUZDVDGYHUVHO\DIIHFWHGGXHWRGRPHVWLF market pricing obligation in Indonesia and increased fuel prices. All our subsidiaries and operating divisions have reported robust performance despite sectoral challenges. Our renewable power business added 200 MW in the current year and with another 400 MW in the pipeline. The solar EPC business possesses a healthy order book of ` 1,360 crore. We also launched residential solar rooftop solutions in several cities and installed 65 EV charging points across the country. The Trombay PPA with BEST and Tata Power’s Mumbai discom received an extension for 5 years. Through the Resurgent platform, the Company is in the process of acquiring the 1,980 MW Prayagraj power plant in Uttar Pradesh. Regarding Coastal Gujarat Power Limited, further to the recommendations by a High Powered Committee set up by the Government of Gujarat, we are in discussion with various state governments and state discoms and expect a compensatory tariff for it soon. The Company continued its exit from non-core investments and raised about ` 1,897 crore through disinvestment of Tata Communications Limited and Panatone Finvest Limited. The management is committed to deleveraging the Balance Sheet by divesting the non-core assets. The proceeds from such sale would be re-invested in core areas as well as emerging areas where there is a huge growth opportunity. Our future growth would be in conventional power generation with emphasis on renewable power, power distribution and service-led businesses and this will bring in greater value and help us align with the emerging consumer needs. 'XULQJ WKH \HDU7DWD3RZHU UHGHVLJQHG LWV RUJDQL]DWLRQ VWUXFWXUH WR IRFXV RQ NH\ LGHQWL¿HG JURZWK DUHDV OLNH Thermal & Hydro Generation, Renewable Generation, Transmission, Distribution and New & Value-Added Businesses including Rooftop Solar, Smart Metering, Micro Grids in rural areas and setting up of Electric Vehicle charging units. The Company, during its century old existence, has constantly evolved to stay relevant to meet the needs of customers and contribute to nation building. It remains focused on building sustainable value to all our stakeholders while upholding the Tata values. I would like to take this opportunity to thank our customers, suppliers, shareholders, unions, employees and the Board for their constant support, faith and trust in us, with the belief that it will continue for the times to come. ,DOVRWKDQNWKHOHQGHUVJRYHUQPHQWH[HFXWLYHVDQGRI¿FHUVIRUWKHLUJXLGDQFHDQGVXSSRUWWRRXUYDULRXVYHQWXUHV Yours sincerely, Praveer Sinha CEO & MD, Tata Power 100th Annual Report 2018-19 CHIEF FINANCIAL OFFICER CONTENTS Mr. Ramesh N. Subramanyam COMPANY SECRETARY Mr. Hanoz M. Mistry Notice and Explanatory Statement .................................... 02 STATUTORY AUDITORS Shareholder Information ........................................................ 11 S R B C & CO. LLP Board’s Report ............................................................................ 13 SOLICITORS Mulla & Mulla & Craigie Blunt & Caroe Annexures to the Board’s Report ......................................... 26 BANKERS Management Discussion & Analysis ................................... 62 Axis Bank Limited Report on Corporate Governance ....................................... 83 Bank of America Citibank N. A. Business Responsibility Report ........................................... 113 Credit Agricole S. A. DBS Bank Limited Consolidated Financial Statements HDFC Bank Limited Independent Auditor’s Report .............................................. 124 ICICI Bank Limited IDBI Bank Limited Annexure to the Independent Auditor’s Report ............ 130 IDFC Bank Limited Consolidated Balance Sheet .................................................. 132 Induslnd Bank Limited Kotak Mahindra Bank Limited Consolidated Statement of Profit and Loss ..................... 133 Standard Chartered Bank Limited Consolidated Statement of Cash Flows ............................. 134 State Bank of India Consolidated Statement of Changes in Equity ............... 136 REGISTERED OFFICE Bombay House, Notes to the Consolidated Financial Statements .......... 137 24, Homi Mody Street, 239 Mumbai 400 001. Form AOC - 1 ............................................................................... Tel. 022 6665 8282; Fax. 022 6665 8801 Standalone Financial Statements Email: [email protected] Website: www.tatapower.com Independent Auditor’s Report .............................................. 242 CIN: L28920MH1919PLC000567 Annexures to the Independent Auditor’s Report .......... 247 CORPORATE OFFICE Balance Sheet ............................................................................. 250 Corporate Centre, 34, Sant Tukaram Road, Carnac Bunder, Mumbai 400 009. Statement of Profit and Loss ................................................. 251 Tel. 022 6717 1000 Statement of Cash Flows ........................................................ 252 SHARE REGISTRARS TSR Darashaw Limited Statement of Changes in Equity .......................................... 254 6-10, Haji Moosa Patrawala Industrial Estate, Notes to the Financial Statements ...................................... 255 (Near Famous Studio), 20, Dr. E. Moses Road, Mahalaxmi, Mumbai 400 011. Performance Perspective ........................................................ 324 Tel. 022 6656 8484; Fax. 022 6656 8494 Glossary......................................................................................... 325 Email: [email protected] Website: www.tsrdarashaw.com Proxy Form 100TH ANNUAL GENERAL MEETING Day & Date : Tuesday, 18th June 2019 Time : 3:00 p.m. Venue : Birla Matushri Sabhagar, Sir Vithaldas Thackersey Marg, 19, New Marine Lines, Mumbai 400 020 Contents I 1 The Tata Power Company Limited NOTICE NOTICE IS HEREBY GIVEN THAT THE HUNDREDTH ANNUAL the Company, not liable to retire by rotation, for a term of GENERAL MEETING OF THE TATA POWER COMPANY LIMITED five years commencing from 2nd May 2019 upto 1st May will be held on Tuesday, the 18th day of June 2019 at 3 p.m. 2024, be and is hereby approved.” at Birla Matushri Sabhagar, Sir Vithaldas Thackersey Marg, 19, 6. Appointment of Branch Auditors New Marine Lines, Mumbai 400 020, to transact the following To consider and, if thought fit, to pass the following business:- resolution as an Ordinary Resolution:- Ordinary Business: “RESOLVED that pursuant to the provisions of Section 1. To receive, consider and adopt the Audited Financial 143(8) and other applicable provisions, if any, of the Statements of the Company for the financial year ended Companies Act, 2013 (the Act) (including any statutory 31st March 2019, together with the Reports of the Board modification or re-enactment thereof for the time being in of Directors and the Auditors thereon. force) and the Companies (Audit and Auditors) Rules, 2014, 2. To receive, consider and adopt the Audited Consolidated as amended from time to time, the Board of Directors Financial Statements of the Company for the financial year (which term shall be deemed to include any Committee ended 31st March 2019, together with the Report of the of the Board constituted to exercise its powers, including Auditors thereon. the powers conferred by this Resolution) be and is hereby 3. To declare a dividend on Equity Shares for the financial authorised to appoint as Branch Auditor(s) of any Branch year ended 31st March 2019. Office of the Company, whether existing or which may be opened/acquired hereafter, outside India, in consultation 4. To appoint a Director in place of Mr. Banmali Agrawala with the Company’s Auditors, any persons, qualified to act (DIN: 00120029), who retires by rotation and, being as Branch Auditors within the provisions of Section 143(8) eligible, offers himself for re-appointment. of the Act and to fix their remuneration. Special Business: RESOLVED FURTHER that the Board of Directors of the 5. Appointment of Mr. Ashok Sinha as a Director and as Company be and is hereby authorised to do all acts, an Independent Director matters, deeds and things and take all such steps as may To consider and, if thought fit, to pass the following be necessary, proper or expedient to give effect to this resolution as an Ordinary Resolution:- Resolution.” “RESOLVED that Mr. Ashok Sinha (DIN: 00070477), who 7. Ratification of Cost Auditor’s Remuneration was appointed by the Board of Directors as an Additional To consider and, if thought fit, to pass the following Director of the Company with effect from 2nd May 2019 resolution as an Ordinary Resolution:- and who holds office upto the date of this Annual General “RESOLVED that pursuant to the provisions of Section Meeting of the Company in terms of Section 161(1) of 148(3) and other applicable provisions,
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