CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2020 ` Crore Particulars Note No. As at As at 31 March 2020 31 March 2019 ASSETS Non-current assets Property, plant and equipment 2 1,87,176.46 1,50,555.42 Capital work-in-progress 3 98,210.94 1,17,998.23 Intangible assets 4 626.33 429.11 Intangible assets under development 5 297.53 398.63 Investments accounted for using the equity method 6 9,256.31 8,040.39 Financial assets Investments 7 50.28 91.92 Loans 8 511.08 476.13 Other financial assets 9 1,227.88 1,302.70 Other non-current assets 10 13,726.72 15,494.22 Total non-current assets 3,11,083.53 2,94,786.75 Current assets Inventories 11 11,138.54 8,251.62 Financial assets Trade receivables 12 20,370.80 12,363.52 Cash and cash equivalents 13 589.52 323.74 Bank balances other than cash and cash equivalents 14 2,624.77 2,609.69 Loans 15 252.67 248.16 Other financial assets 16 13,027.80 9,081.24 Current tax assets (net) 16A 83.26 23.21 Other current assets 17 8,818.51 15,345.20 Total current assets 56,905.87 48,246.38 Regulatory deferral account debit balances 18 9,397.73 3,628.03 TOTAL ASSETS 3,77,387.13 3,46,661.16 EQUITY AND LIABILITIES Equity Equity share capital 19 9,894.56 9,894.56 Other equity 20 1,08,944.60 1,01,461.65 CONSOLIDATED FINANCIAL STATEMENTS Total equity attributable to owners of the Company 1,18,839.16 1,11,356.21 Non-controlling interests 20A 3,317.19 2,908.20 Total equity 1,22,156.35 1,14,264.41 Liabilities Non-current liabilities Financial liabilities Borrowings 21 1,76,020.02 1,47,063.71 Trade payables 22 Total outstanding dues of micro and small enterprises 10.35 6.41 Total outstanding dues of creditors other than micro and small 57.75 41.80 enterprises Other financial liabilities 23 1,404.45 1,977.80 Provisions 24 1,169.17 1,141.73 Deferred tax liabilities (net) 25 7,617.11 3,928.11 Total non-current liabilities 1,86,278.85 1,54,159.56 Current liabilities Financial liabilities Borrowings 26 16,556.23 17,368.85 Trade payables 27 Total outstanding dues of micro and small enterprises 512.24 365.02 Total outstanding dues of creditors other than micro and small 9,596.34 8,249.30 enterprises Other financial liabilities 28 28,646.96 40,173.22 384 ` Crore Particulars Note No. As at As at 31 March 2020 31 March 2019 Other current liabilities 29 1,736.71 1,079.56 Provisions 30 7,287.91 7,308.41 Current tax liabilities (net) 30A 1.71 108.19 Total current liabilities 64,338.10 74,652.55 Deferred revenue 31 4,613.83 3,584.64 TOTAL EQUITY AND LIABILITIES 3,77,387.13 3,46,661.16 Significant accounting policies 1 The accompanying notes 1 to 71 form an integral part of these financial statements. For and on behalf of the Board of Directors (Nandini Sarkar) (A.K. Gautam) (Gurdeep Singh) Company Secretary Director (Finance) Chairman & Managing Director DIN: 08293632 DIN: 00307037 This is the Consolidated Balance Sheet referred to in our report of even date For S.K. Mehta & Co. For S.N. Dhawan & Co LLP For Varma & Varma Chartered Accountants Chartered Accountants Chartered Accountants Firm Reg. No.000478N Firm Reg. No. 000050N/N500045 Firm Reg. No. 004532S ( Rohit Mehta) (Sanjay Arora) (P.R.Prasanna Varma) Partner Partner Partner CONSOLIDATED FINANCIAL STATEMENTS M No. 091382 M No.093754 M No.025854 Place:Chennai For Parakh & Co. For C.K. Prusty & Associates For B.C. Jain & Co. For V.K. Jindal & Co Chartered Accountants Chartered Accountants Chartered Accountants Chartered Accountants Firm Reg. No. 001475C Firm Reg. No. 323220E Firm Reg. No. 001099C Firm Reg. No. 001468C (Thalendra Sharma) (C.K.Prusty) (Ranjeet Singh) (Suresh Agarwal) Partner Partner Partner Partner M No.079236 M No. 057318 M.No.073488 M.No.072534 Place:Jaipur Place: Bhubaneshwar Place: Kanpur Place: Hazaribagh Place : New Delhi Dated : 27 June 2020 Digitally signed by signatory 385 CONSOLIDATED STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED 31 MARCH 2020 ` Crore Particulars Note No. For the year For the year ended ended 31 March 2020 31 March 2019 Income Revenue from operations 32 1,09,464.04 1,00,286.54 Other income 33 2,908.54 2,246.51 Total income 1,12,372.58 1,02,533.05 Expenses Fuel cost 34 57,185.62 54,395.78 Electricity purchased for trading 5,185.95 5,288.12 Employee benefits expense 35 5,830.48 5,816.65 Finance costs 36 8,116.85 5,604.65 Depreciation and amortization expense 37 10,356.16 8,669.03 Other expenses 38 9,725.41 8,105.12 Total expenses 96,400.47 87,879.35 Profit before share of profits of joint ventures accounted for using equity 15,972.11 14,653.70 method, tax and regulatory deferral account balances Add: Share of profits of joint ventures accounted for using equity method 405.40 672.17 Profit before tax and regulatory deferral account balances 16,377.51 15,325.87 Tax expense 49 Current tax Current year 2,782.89 3,391.25 Earlier years 2,743.64 (103.81) Deferred tax 3,821.01 (6,067.38) Total tax expense 9,347.54 (2,779.94) Profit before regulatory deferral account balances 7,029.97 18,105.81 Net movement in regulatory deferral account balances (net of tax) 65 4,872.01 (4,071.32) Profit for the year 11,901.98 14,034.49 Other comprehensive income CONSOLIDATED FINANCIAL STATEMENTS Items that will not be reclassified to profit or loss - Net actuarial gains/(losses) on defined benefit plans (372.10) (238.93) - Net gains/(losses) on fair value of equity instruments (41.64) (16.74) - Share of other comprehensive income of joint ventures accounted for (0.50) (1.07) using the equity method Income tax on items that will not be classfied to profit or loss - Net actuarial gains/(losses) on defined benefit plans 66.52 51.89 Items that will be reclassified to profit or loss - Exchange differences on translation of foreign operations 40.00 11.67 Other comprehensive income for the year (307.72) (193.18) Total comprehensive income for the year 11,594.26 13,841.31 Profit attributable to: Owners of the Parent Company 11,600.23 13,736.68 Non-controlling interests 301.75 297.81 11,901.98 14,034.49 Other comprehensive income attributable to: Owners of the Parent Company (303.43) (192.15) Non-controlling interests (4.29) (1.03) (307.72) (193.18) 386 ` Crore Particulars Note No. For the year For the year ended ended 31 March 2020 31 March 2019 Total comprehensive income attributable to: Owners of the Parent Company 11,296.80 13,544.53 Non-controlling interests 297.46 296.78 11,594.26 13,841.31 Earnings per equity share attributable to owners of the parent 54 (Par value ` 10/- each) Basic & Diluted (`) (including net movement in regulatory deferral account balances) 11.72 13.88 Basic & Diluted (`) (excluding net movement in regulatory deferral account balances) 6.80 18.00 Significant accounting policies 1 The accompanying notes 1 to 71 form an integral part of these financial statements. For and on behalf of the Board of Directors (Nandini Sarkar) (A.K. Gautam) (Gurdeep Singh) Company Secretary Director (Finance) Chairman & Managing Director DIN: 08293632 DIN: 00307037 This is the Consolidated Statement of Profit and Loss referred to in our report of even date For S.K. Mehta & Co. For S.N. Dhawan & Co LLP For Varma & Varma Chartered Accountants Chartered Accountants Chartered Accountants Firm Reg. No.000478N Firm Reg. No. 000050N/N500045 Firm Reg. No. 004532S CONSOLIDATED FINANCIAL STATEMENTS ( Rohit Mehta) (Sanjay Arora) (P.R.Prasanna Varma) Partner Partner Partner M No. 091382 M No.093754 M No.025854 Place:Chennai For Parakh & Co. For C.K. Prusty & Associates For B.C. Jain & Co. For V.K. Jindal & Co Chartered Accountants Chartered Accountants Chartered Accountants Chartered Accountants Firm Reg. No. 001475C Firm Reg. No. 323220E Firm Reg. No. 001099C Firm Reg. No. 001468C (Thalendra Sharma) (C.K.Prusty) (Ranjeet Singh) (Suresh Agarwal) Partner Partner Partner Partner M No.079236 M No. 057318 M.No.073488 M.No.072534 Place:Jaipur Place: Bhubaneshwar Place: Kanpur Place: Hazaribagh Place : New Delhi Dated : 27 June 2020 Digitally signed by signatory 387 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MARCH 2020 388 (A) Equity share capital For the year ended 31 March 2020 ` Crore Particulars Amount Balance as at 1 April 2019 9,894.56 Changes in equity share capital during the year - Balance as at 31 March 2020 9,894.56 For the year ended 31 March 2019 ` Crore Particulars Amount Balance as at 1 April 2018 8,245.46 Changes in equity share capital during the year (refer Note 19) 1,649.10 Balance as at 31 March 2019 9,894.56 (B) Other equity For the year ended 31 March 2020 ` Crore Attributable to owners of the Parent Company Other equity Non- Total Items of other attributable controlling Reserves & surplus comprehensive income to owners of interests (OCI) the parent company Particulars Capital Other Securities Bonds/ Fly ash Corporate General Retained Equity Foreign reserve capital premium Debentures utilisation Social reserve earnings instruments currency reserve - redemption reserve Responsibility through translation CONSOLIDATED FINANCIAL STATEMENTS common reserve fund reserve OCI reserve control Balance as at 1 April 2019 72.86 (5,170.26) 2,228.46 8,597.97 638.11 2.39 85,999.15 9,100.33 (8.94) 1.58 1,01,461.65 2,908.20 1,04,369.85 Profit for the year - - - - - - - 11,600.23 - - 11,600.23 301.75 11,901.98 Other comprehensive income - - - - - - - (301.79) (41.64) 40.00 (303.43) (4.29) (307.72) Total comprehensive income - - - - - - - 11,298.44 (41.64) 40.00 11,296.80 297.46 11,594.26 Additional non-controlling interest - - - - - - - - - - - 150.28 150.28 arising on acquisition / disposal of interest & other adjustments Impact of adjustments in