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ANNUAL REPORT 2018-19 the Future Beckons the Future Is Bright for the Renewable Energy Industry Due to Increasing Demand and Favourable Policies

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ANNUAL REPORT 2018-19 the Future Beckons the Future Is Bright for the Renewable Energy Industry Due to Increasing Demand and Favourable Policies THE FUTURE BECKONS ANNUAL REPORT 2018-19 The Future Beckons The future is bright for the Renewable Energy industry due to increasing demand and favourable policies. Suzlon, with its inherent strengths and indefatigable spirit is poised to make the best of it. SUZLON VISION 2020 To be the best Renewable Energy Company in the world To work towards sustainable, social, economical and ecological development To create a better life for future generations Key markets Global custodian of customer's assets • Ensure profitable functioning of wind India turbines across the world • Realise 'Make in India' vision of the • Ensure smooth functioning of products government by developing our vertically through long-term services integrated value chain in order to build • Strengthen Operation and Maintenance India's position as a hub for renewable Services (OMS) capabilities to develop energy solutions that enhance the life of Wind • Aim to achieve, and surpass the annual wind Turbine Generators (WTGs) and operational energy target of 5,000 MW set by the excellence to enable energy security and government reliability • Be the number one renewable energy • Provide value-added products (VAPs) and player in the Indian market services to meet the ever-growing customer needs North America • The regions of the USA, Mexico and Canada remain attractive for Suzlon A talented workforce of brand ambassadors • Development of Technology, Research and • To sustain an environment where the global Development (R&D) and Innovation workforce of over 7,500 employees can work with increased transparency and Other markets measurable goals, aided by promoting • Australia to remain attractive for Suzlon employee initiatives • Emerging markets to enhance Suzlon's • Inspire a culture where employees are growing footprint brand ambassadors of the organization • Inculcate values where employees and the Technology advancement for reduced cost of organization work in tandem to deliver energy optimum performance of the business • Innovate to develop the highest efficiency products to meet market requirements Company of choice for Renewable Energy • Establish new R&D facilities to further • Building utility scale, GW size viable advance in technology and innovation projects as investment opportunities, with • Digitalisation of services and use of big data the aim of installing additional 15 GW in the to increase efficiency and performance of next five years wind turbines • Develop innovative business models with • Aim to reduce the Levelised Cost of Energy the aim of offering repowering, wind-solar (LCoE) and enable higher return on hybrid and off-shore solutions investment for customers • Improve technological strength, enhance successful project execution and best-in-class service to retain market leadership, with an aim to capitalize on the potential available under the government's new policy framework SUZLON ENERGY LTD., ANNUAL REPORT 2018-19 01 INDEX COMPANY OVERVIEW •COMPANY INFORMATION ______________________________________________ 0 3 • BOARD OF DIRECTORS ________________________________________________ 04 • CHAIRMAN’S LETTER __________________________________________________ 06 • CEO’S LETTER _______________________________________________________1 0 • FINANCIAL HIGHLIGHTS _______________________________________________1 3 • KEY HIGHLIGHTS _____________________________________________________ 14 •SSUZLON SERVICE ____________________________________________________ 18 •TECHNOLOGY _______________________________________________________ 20 • SUZLON FOUNDATION_________________________________________________ 22 STATUTORY REPORTS • DIRECTORS’ REPORT AND ANNEXURE THERETO ____________________________2 4 • MANAGEMENT DISCUSSION AND ANALYSIS REPORT _________________________ 55 • CORPORATE GOVERNANCE REPORT______________________________________6 7 • BUSINESS RESPONSIBILITY REPORT ______________________________________8 6 FINANCIAL STATEMENTS STANDALONE FINANCIAL STATEMENTS • INDEPENDENT AUDITOR'S REPORT ON FINANCIAL STATEMENTS _______________9 4 • BALANCE SHEET _____________________________________________________ 102 • STATEMENT OF PROFIT AND LOSS _______________________________________ 103 • CASH FLOW STATEMENT _______________________________________________10 6 • NOTES TO FINANCIAL STATEMENTS______________________________________ 10 8 • FORM AOC-1 [STATEMENT CONTAINING SALIENT FEATURES OF THE FINANCIAL STATEMENTS OF SUBSIDIARIES/ASSOCIATE COMPANIES/JOINT VENTURES AS PER COMPANIES ACT, 2013]_________________________________________________ 1 56 CONSOLIDATED FINANCIAL STATEMENTS • INDEPENDENT AUDITOR'S REPORT ON CONSOLIDATED FINANCIAL STATEMENTS__ 1 58 • CONSOLIDATED BALANCE SHEET________________________________________ 1 65 • STATEMENT OF CONSOLIDATED PROFIT AND LOSS__________________________ 1 66 •CONSOLIDATED CASH FLOW STATEMENT __________________________________ 17 0 • NOTES TO CONSOLIDATED FINANCIAL STATEMENTS_________________________ 17 2 NOTICE AND PROXY FORM _______________________________________________2 28 02 SUZLON ENERGY LTD., ANNUAL REPORT 20189 -1 COMPANY OVERVIEW COMPANY SUZLON ENERGY LIMITED INFORMATION CIN: L40100GJ1995PLC025447 Mr. Tulsi R. Tanti Mr. Vinod R. Tanti Mr. Girish R. Tanti (DIN: 00002283) (DIN: 00002266) (DIN: 00002603) Chairman & Managing Director Wholetime Director & Non-Executive Director Chief Operating Officer Mrs. Pratima Ram Mr. Venkataraman Mr. Marc Desaedeleer (DIN: 03518633) Subramanian (DIN: 00508623) A nominee of (DIN: 00357727) Non-Executive State Bank of India Non-Executive Independent Director Non-Executive Director Independent Director Mr. Ravi Uppal Mr. Per Hornung Pedersen Mrs. Vijaya Sampath (DIN: 00025970) (DIN: 07280323) (DIN: 00641110) Non-Executive Non-Executive Non-Executive Independent Director Independent Director Independent Director Mr. Biju George Kozhippattu Mr. Brij Mohan Sharma Mr. Vaidhyanathan (DIN: 02405333) (DIN: 07193258) Raghuraman A nominee of IDBI Bank Limited A nominee of IDBI Bank Limited (DIN: 00411489) Non-Executive Director Non-Executive Director (ceased to be a Director (Appointed as an additional (ceased to be a Director w.e.f. w.e.f. March 31, 2019) director w.e.f. November 29, 2018) November 29, 2018) Non-executive Independent Director GROUP CHIEF GROUP CHIEF CHIEF FINANCIAL COMPANY EXECUTIVE OFFICER FINANCIAL OFFICER OFFICER SECRETARY Mr. J. P. Chalasani Mr. Kirti J. Vagadia Mr. Swapnil Jain Mr. Hemal A. Kanuga ICAI Membership No.042833 (appointed as CFO ICSI Membership No.F4126 w.e.f. June 1, 2019) STATUTORY AUDITOR BANKERS / INSTITUTIONS Deloitte Haskins & Sells LLP, Axis Bank Limited||| Bank of Baroda Bank of India Chartered Accountants, Bank of Maharashtra||| Central Bank of India Corporation Bank Firm Registration No. Dena Bank | Export Import Bank of India | ICICI Bank Limited | 117366W/W-100018 IDBI Bank Limited|| Indian Overseas Bank Life Insurance 706, ‘B’ Wing, 7th Floor, Corporation of India|| Oriental Bank of Commerce Power Finance ICC Trade Tower, Corporation Limited||| Punjab National Bank State Bank of India Senapati Bapat Road, The Saraswat Co-operative Bank Limited| Union Bank of India Pune-411016, India Yes Bank| Indian Renewable Energy Development Agency Limited REGISTERED OFFICE CORPORATE OFFICE REGISTRAR AND SHARE TRANSFER AGENT "Suzlon", 5, Shrimali Society, One Earth, Karvy Fintech Private Limited Near Shri Krishna Complex, Hadapsar, (formerly known as Karvy Computershare Navrangpura, Pune - 411028, Private Limited) Ahmedabad - 380009, India India Karvy Selenium, Tower B, Plot 31 & 32, Tel.: +91.79.6604 5000 Tel.: +91.20.6702 2000 Gachibowli, Financial District, Fax: +91.79.2656 5540 Fax.: +91.. 20 6702 2100 Nanakramguda, Hyderabad-500032, Website: www.suzlon.com India Email: [email protected] Toll Free No. 1800-3454-001 Website: www.karvyfintech.com Email: [email protected] SUZLON ENERGY LTD., ANNUAL REPORT 20189 -1 03 BOARD OF DIRECTORS Mr. Tulsi R. Tanti Mrs. Vijaya Sampath Chairman & Managing Director Independent Director Mrs. Pratima Ram Marc Desaedeleer Nominee Director of SBI Independent Director Mr. Per Hornung Pederson Mr. Ravi Uppal Independent Director Independent Director Mr. Venkatraraman Subramanian Mr. GirishR. Tanti Independent Director Non-Executive Director Mr. VinodR. Tanti Mr. Biju George K Nominee Director of IDBI Wholetime Director & COO 04 SUZLON ENERGY LTD., ANNUAL REPORT 20189 -1 CHAIRMAN’S GWEC’s Global Wind Report estimates 300 GW of new capacity will be added in the next five years, taking the global installed capacity to 900 GW by LETTER 2024. Over the next few years, both developing markets and the offshore wind segment are expected to constitute a larger share in the overall market. Dear Stakeholders, Besides, price pressure is expected to continue and to stabilize in the ensuing years. However, The Global Renewable Energy sector is on the technological advancement is expected to counter threshold of a revolution. It is expected that the next such pricing pressure. decade will be the one, that shall help renewable energy to grow to its full potential. Over the last decade, a larger number of countries have made Renewables – India outlook significant changes in their regulatory framework During the last five years, the wind energy capacity and policy structure that are aimed to support in India has grown at compound annual growth rate renewable energy sector. Moreover, today clean (CAGR) of 11% whereas the overall renewable energy is also amongst the most affordable energy, capacity grew at CAGR of 16%. Although in the last
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