20th June, 2021 BSE Limited National Stock Exchange of India Limited P J Towers, Exchange plaza, Dalal Street, Bandra-Kurla Complex, Bandra (E) Mumbai – 400001. Mumbai – 400051. Scrip Code: 533096 Scrip Code: ADANIPOWER Dear Sir(s), Sub: Notice of the 25TH Annual General Meeting alongwith Annual Report of the Company for the financial year 2020-21 This is to inform that the 25th Annual General Meeting (“AGM”) of the Company will be held on Tuesday, 13th July, 2021 at 12:00 Noon through Video Conferencing (“VC”) / Other Audio Visual Means (“OAVM”), in accordance with the applicable circulars issued by the Ministry of Corporate Affairs and the Securities and Exchange Board of India. Pursuant to Regulation 34(1) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are submitting herewith the Annual Report of the Company along with the Notice of AGM for the financial year 2020-21 which is being sent through electronic mode to the Members. The Annual Report containing the Notice is also uploaded on the Company’s website and can be accessed at www.adanipower.com. Kindly take the same on your record. Thanking you. Yours faithfully, For Adani Power Limited Deepak Pandya Company Secretary Encl.: a/a Adani Power Limited Tel +91 79 2656 7555 “Adani Corporate House” Fax +91 79 2555 7177 Shantigram, Near Vaishno Devi Circle, [email protected] S. G. Highway, Khodiyar, www.adanipower.com Ahmedabad-382421, Gujarat India CIN : L40100GJ1996PLC030533 Registered Office: “Adani Corporate House”, Shantigram, Near Vaishno Devi Circle, S. G. Highway, Khodiyar, Ahmedabad-382421 Enhancing India’s power security Adani Power Limited Annual Report 2020-21 Forward-looking statement In this Annual Report we have disclosed forward-looking information to enable investors to comprehend our prospects and take informed investment decisions. This report and other statements - written and oral - that we periodically make contain forward-looking statements that set out anticipated results based on the management’s plans and assumptions. We have tried wherever possible to identify such statements by using words such as ‘anticipates’, ‘estimates’, ‘expects’, ‘projects’, ‘intends’, ‘plans’, ‘believes’, and words of similar substance in connection with any discussion of future performance. We cannot guarantee that these forward looking statements will be realised, although we believe we have been prudent in assumptions. The achievement of results is subject to risks, uncertainties and even inaccurate assumptions. Should known or unknown risks or uncertainties materialise or should underlying assumptions prove inaccurate, actual results could vary materially from those anticipated, estimated or projected. Readers should bear this in mind. We undertake no obligation to publicly update any forward- looking statements, whether as a result of new information. Contents CORPORATE OVERVIEW 002 004 010 Corporate snapshot Our performance in About the FY 2020-21 Adani Group 018 024 034 Chairman’s message Managing Director’s Our presence communique 040 046 050 Our value-accretive Our operations & Our proposed business model maintenance excellence capacity expansion 052 053 056 Enhancing value for Protecting the Corporate social all stakeholders environment responsibility STATUTORY REPORTS 065 066 088 Corporate information Directors’ Report and Management Discussion Annexures and Analysis 098 121 Corporate Governance Business Responsibility Report Report FINANCIAL STATEMENTS 130 191 269 Standalone accounts Consolidated accounts Notice India is among the largest electricity consumers in the world and yet its per capita consumption is less than a third of the global average. Adani Power Limited is committed to invest in large modern thermal power plants today to ensure that India possesses adequate power tomorrow. Enhancing India’s power security. Adani Power Limited CORPORATE SNAPSHOT Adani Power Limited. Comprising a portfolio of some of India’s most modern thermal power plants. The Company delivers affordable and reliable power supply. It possesses proven capabilities in executing world-class projects and turning stressed power assets around after acquisition. This capability has been complemented by competent fuel management, logistics and technical excellence. Resulting in a repository of capabilities directed towards responsible nation building. Background Rajasthan and Chhattisgarh and a the Group has positioned itself as Adani Power Limited (APL) is solar power unit in Gujarat. a market leader in the transport India’s largest private sector logistics and energy utility thermal power producer. The Adani Group portfolio businesses focusing on The Adani Group is a diversified large infrastructure development The Company ventured into multi-business conglomerate in with operations and maintenance the business in 2006 when it India with a combined market practices benchmarked around embarked on the construction of capitalisation of USD 91 Billion global standards. The Group its first plant in Mundra, Gujarat. as on 31st March, 2021 across includes four Investment Grade- The Company will possess an six publicly traded companies. rated businesses and is the only aggregate power generation The group comprises a world- Infrastructure Investment Grade capacity of 14,050 MW (40 MW class transport and utilities issuer in India. The Adani Group solar) following the completion infrastructure portfolio with a pan- is committed to ‘Nation Building’ of its ongoing Jharkhand project. India presence. The Adani Group and ‘Growth with Goodness’, its The Company’s operating capacity is headquartered in Ahmedabad principles for sustainable growth. comprises thermal power plants in (Gujarat, India). Over the years, The Group is committed to widen Gujarat, Maharashtra, Karnataka, 002 Annual Report 2020-21 its ESG footprint by realigning its businesses around climate Big numbers at our Company protection and increasing outreach through its CSR programme. 8 Largest 87 Strategically Private sector % of our overall Respect located power Independent Power generation units that The Company was the world’s plants Producer (IPP) are supercritical and first coal-based thermal power ultra-supercritical project to be granted carbon (including Godda) credits by the United Nations Framework Convention on Climate Change (UNFCCC). 84 89 74 The Company was also the % of domestic coal % of plant % of power generated world’s first company to set secured as a part availability secured through long- up a coal-based supercritical of the Company’s under long-term term power purchase thermal power project registered needs power purchase agreements (including under the Clean Development agreements Godda) Mechanism (CDM) of the Kyoto protocol. The Company is engaged in the construction of a 1,600-MW 12.41 2,936 106 GW, Total Team size %, fly ash utilisation ultra-supercritical thermal power operational thermal in FY 2020-21 project in Godda, Jharkhand. The power generation proposed plant will export power capacity from India to Bangladesh. Our power generation assets: Their scale and locations Location Category Coal source Technology Total capacity (MW) Udupi, Karnataka Coastal; Utility Imported Sub-critical 1,200 (600x2) Tiroda, Maharashtra Near pithead Fuel Supply Super-critical 3,300 (660x5) Agreement (FSA) Raipur, Chhattisgarh Near pithead E-auction Super-critical 1,370 (685x2) Raigarh, Chhattisgarh Near pithead FSA and e-auction Sub-critical 600 (600x1) Kawai, Rajasthan Hinterland FSA Super-critical 1,320 (660x2) Mundra, Gujarat Coastal FSA and imported Sub-critical 4,620 (330x4) and Super-critical (660x5) Bitta, Gujarat Solar Not applicable Photovoltaic 40 Godda, Jharkhand Hinterland (export) Imported Ultra-supercritical 1,600 (800x2) Awards, certifications, and accreditations in for FY 2020-21 § UPCL was awarded a Five Star by TuV Nord, while REL implementation of its safety rating which is the highest received certification for these system. category safety recognition and standards. § APRL received Safety the Sword of Honour-2020 by § APML received Safety Appreciation award – Boiler British Safety Council. Appreciation (Prashansa Patra) & Factory in manufacturing § APMuL, APML, APRL, and UPCL award from National Safety Sector – Power Generation received a recertification for ISO Council India on Manufacturing category from the Factories and 9001:2015, ISO 14001:2015, ISO Sector – Power Generation Boilers Inspection Department 45001:2018, ISO 50001:2018 category for the effective Government of Rajasthan. 003 Adani Power Limited How we performed in FY 2020-21 Operations Strategy Finance § APL achieved an average § Signed 1,230 MW power § Consolidated total revenues PLF of 58.9% compared to supply agreement with were marginally higher at 66.6% in FY 2019-20 Madhya Pradesh Power H28,150 Crore (H27,842 Management Co. Ltd.; Crore in FY 2019-20) § Aggregate sales volume was power to be supplied from 59.3 BU compared to 64 BU § Consolidated EBITDA greenfield ultra-super- in FY 2019-20 grew 50% to H10,597 Crore critical power plant to be compared to H7,059 Crore § Plant uptime was commissioned in Madhya in FY 2019-20 due to maintained at a high Pradesh improved merchant tariffs, level despite operational § Embarked on a lower imported coal prices, restrictions during the transformational program higher prior period income nation-wide lockdown. to enhance operational recognition and favourable efficiency and business currency movements excellence § Total Comprehensive