Indian Renewable Energy Development Agency Ltd Management Discussions

The management is pleased to present an overview of the industry landscape along with a review of the Companys performance for the financial year 2024–25 (FY 25)

GLOBAL BUSINESS OUTLOOK AND RE MARKET Overall Economic Outlook

Global economic activity in FY 25 continued to expand at a modest pace, with growth in advanced economies slowing while emerging markets maintained relatively higher momentum.

The IMFs latest outlook projects global GDP growth at 3.3% for both 2025 and 2026, indicating a stable yet modest expansion.

Source: IMF

Inflation pressures are gradually easing worldwide – global inflation is expected to decline from about 6.8% in 2023 to around 4.2% in 2025, bringing many advanced economies closer to their target ranges.

After aggressive monetary tightening through 2023, major central banks are now cautiously moving toward easing, as price stability improves. This shift is fostering a more supportive global financial environment, although downside risks such as geopolitical tensions, financial market volatility continue to warrant vigilance.

Source: TradingEconomics

Investor appetite for green assets remains strong. In 2024, global investment in the low- carbon energy transition reached a record $2.1trillion in 2024 – an 11% year-on-year increase with electrified transport and renewable power projects attracting the bulk of capital.

Source: BloombergNEF

Notably, renewable energy investment alone reached - approximately $728 billion in 2024, despite higher interest rates. This underscores a growing global shift toward sustainable investments – a trend that is likely to accelerate further if borrowing costs decline.

Overview of Global RE Market

The global renewable energy market - experienced unprecedented expansion in 2024, reinforcing its pivotal role in the global energy transition. According to IRENA, a record-breaking 585 GW of new renewable power capacity was added globally in 2024, accounting for over 90% of total capacity addition. This surge brought the total installed renewable energy capacity to approximately 4,448 GW worldwide.

Source: IRENA

Growth has been broad-based across regions, although Asia continues to dominate – accounting for nearly two- thirds of the new capacity additions, with China alone contributing the lions share. Other regions expanded at a steadier pace – for instance, Europe and North America saw significant growth driven by strong policy support, while Africa and Latin America, though showing improvement - continue to lag behind in comparative terms.

Source: IRENA

The International Energy Agency (IEA) projects notes that global renewable energy capacity is on track to reach approximately 2.7 times its 2022 level by 2030. While this falls slightly short of the COP28 goal of tripling capacity, it nonetheless represents a remarkable trajectory. The levelized cost of renewable electricity has continued to decline or remained highly competitive, fortifying the economic case for clean energy.

Governments across major economies have enacted robust policies to accelerate deployment. Notably, the European Union and the United States are poised to roughly double the pace of renewable capacity growth in the second half of this decade, spurred by initiatives such as the European Green Deal and the U.S. Inflation Reduction Act.

However, the IEA cautions that high financing costs in many developing regions are restraining renewable energy development, particularly in sub-Saharan Africa and Southeast Asia. To address this, international cooperation is intensifying to de-risk investments – through mechanism such as green finance initiatives and development bank funding – which could unlock greater renewable deployment in emerging markets.

A major step towards closing the climate finance gapis the Baku Climate Unity Pact, which aims to mobilize

$300 billion annually by 2035 with an overarching target of $1.3 trillion from public and private sources. Another significant development is the approval of global carbon market rules, which has led to creation of a UN-regulat- ed system for carbon trading – a move expected to en- hance transparency and stimulate cross-border climate investments.

INDIA BUSINESS OUTLOOK AND RE MARKET India Economic Outlook

Indias macroeconomic outlook for FY 25-26 remains robust. As of April 2025, the Reserve Bank of India (RBI) projects GDP growth at 6.5%, signaling continued momentum in domestic demand and investment activity. The National Statistics Office (NSO), in its February 2025 release, also estimated real GDP growth at 6.5% for FY 2024-25, indicating alignment in institutional forecasts and sustained economic resilience.

Source: World Bank, Trading Economics

Similarly, RBI has revised its growth forecast to approximately 6.4% for FY 2024-25, citing global headwinds and base effects. Despite this moderation, Indias growth rate continues to outpace that of many other major economies, underscoring its resilience and strong domestic demand.

Source: TradingEconomics

The central bank reported a decline in headline inflation and projects it to moderate to around 4.8% in FY 2024-25. Considering this trajectory, the RBI has shifted towards a neutral-to-accommodative policy stance.

In February 2025, the RBI enacted its first policy rate cut in nearly five years, lowering the benchmark repo rate by 25 bps to 6.25% to support growth. Subsequently in April 2025, the RBI further revised the benchmark repo rate again to 6%. This measured easing, while keeping a close watch on price stability, reflects confidence that inflation will remain under control, with the forecast for the coming year at ~4.1%.

Fiscal policy and budgetary measures for FY 26 are likewise geared toward sustaining growth and enabling the structural transition to a greener economy.

The Union Budget for FY 25-26 has announced a substantial increase in capital expenditure outlays, continuing the governments infrastructure push in sectors such as transport, logistics, and energy. Notably, the budget allocation for the Ministry of New and Renewable Energy (MNRE) was raised to 26,549 Crore, marking a 53% year-on-year increase reflecting a strong focus on clean energy investment.

Of the FY 26 total MNRE budget allocation of 26,549 Crore, key areas of funding are:

75% towards PM Suryaghar Muft Bijli Yojana ( 20,000 Crore)

10% towards PM KUSUM ( 2,600 Crore)

6% towards Grid based Solar ( 1,500 Crore)primary driver of Indias renewable energy growth, now constituting nearly 48% of total RE capacity. While these gains are impressive, the pace of expansion must continue to accelerate, as the government has set a target of 50 GW of renewable additions per year for the next five years to meet the ambitious 2030 target. Achieving this scale of expansion is estimated to require an investment of around 33 trillion ($400 billion) in investments over the next decade, necessitating the mobilization of both public and private finance.

2% towards National Green Hydrogen Mission

( 600 Crore)

2% towards Green Energy Corridor ( 600 Crore)

Overview of Indian Renewable Energy Market & Development

As of 31.03.2025, Indias total installed renewable energy capacity, including large hydro, has surpassed

220 GW, reflecting an impressive ~15% year on year growth. FY 25 saw record-breaking new installations, with approximately 24 GW of Solar PV and 4.1 GW of wind capacity added, marking the highest annual additions on record.

Source: CEA

Over the last decade, Solar power has been the

Source: CEA

Indias policy and regulatory environment remains highly supportive of renewable energy sector, with several notable initiatives launched in FY 25. The National Green Hydrogen Mission, with a budget allocation of

19,744 Crore, has moved into implementation phase. This initiative provides incentives for electrolyzer manufacturing and green hydrogen production, aiming to build 5 MTPA of green hydrogen capacity by 2030.

In the solar and wind domain, the Ministry of New and Renewable Energy (MNRE) has introduced policies facilitating hybrid renewable projects (solar-wind- storage combinations) and is collaborating with states to resolve land acquisition and permitting bottlenecks.

The Union Budgets massive boost to the MNRE budget is funding programs such as the PLI scheme for Solar PV manufacturing scheme and grid infrastructure to support renewable energy integration. Revamped Distribution Sector Scheme (RDSS) is pushing upgrades in the power grid, with an aim to address renewable integration and distribution challenges. Under RDSS, the rollout of smart meters has accelerated to about

2.64 Crore installations, helping reduce Aggregate Technical and Commercial (AT&C) losses.

Additionally, new rules to facilitate open access procurement of green power and updated Renewable Purchase Obligations for state utilities are stimulating demand for clean energy. These comprehensive policy measures – from production to consumption – are creating a cohesive framework that encourages growth across the entire renewable energy value chain.

From a financing perspective, significant capital is being mobilized to support Indias energy transition. Public sector banks have pledged around 10 Lakh Crore (roughly one-third of the required investment) to renewable energy projects in the coming years. Additionally, private investors, including private equity funds, global pension funds, sovereign wealth funds and climate funds, are increasingly active in the space. The issuance of green bonds by Indian entities is on the rise, reflecting both domestic and international appetite for clean energy financing.

However, a key risk to the sector is the planned phase-out of the ISTS waiver from 2025, which currently exempts green hydrogen projects from inter-state transmission charges. Power producers have urged the government to extend the waiver until 2030 to support the broader adoption of clean energy. There are concerns that removing the waiver, could raise costs and negatively impact project viability—especially for projects sourcing renewable power across state lines.

SECTOR WISE OUTLOOK ON RENEWABLE AND NEW ENERGY LANDSCAPE IN INDIA

Key announcements for overall RE sector in India:

The Union Budget 2025–26 allocated a record

26,549 Crore to the Ministry of New and Renewable

Energy (MNRE), marking a 53% increase over the previous year. This allocation supports solar, wind, green hydrogen, battery storage, and manufacturing-linked initiatives.

In a major move to strengthen the domestic value chain, the government announced that from 1^st June 2026, all Solar PV projects must use domestically manufactured solar cells, reinforcing the ‘Make in India push and reducing reliance on imports.

The Green Energy Corridor Phase-II and Inter- State Transmission System (ISTS) expansion are being fast-tracked to accommodate the governments target of 50 GW of annual RE bidding and ensure seamless grid integration of intermittent renewable power.

To scale up green finance, the government is issuing new tranches of sovereign green bonds, while public sector lenders have pledged over 10 Lakh Crore in renewable energy financing over the next decade. The Green Credit Programme framework has also been finalized to support carbon markets and incentivize low-carbon development.

Draft rules for solar panel and battery recycling have been released, in alignment with Indias circular economy and sustainability agenda. Additionally, digital RE portals are now streamlining project clearance systems and compliance tracking reduce delays and enhance transparency.

Traditional and Stabilized Segments in Clean Energy

Solar Power

Indias solar energy sector continued its rapid expansion, achieving a cumulative installed capacity of ~ 105 GW as of the end of FY 25. The year witnessed record addition of ~24 GW of new solar capacity, marking over a 60% increase compared to FY 2023-24. This surge was primarily driven by large-scale project deployments in states such as Rajasthan and Gujarat.

Rooftop and distributed solar also registered steady growth, supported by net metering and subsidy programs.

Solar energy now accounts for nearly half of Indias total installed renewable energy capacity. With an ambitious 2030 target of ~280 GW of solar capacity, India is steadily advancing, with a robust project pipeline of ~84 GW currently under implementation.

Key Government policies driving growth:

Production Linked Incentive (PLI) Scheme - Expanded to incentivize local manufacturing for Solar PV. Under Tranche-II, around 39.6 GW of

solar module manufacturing capacity was awarded to manufacturers, backed by a government outlay of 19,500 Crore.

PM-KUSUM Scheme – Extended upto March 2026, the Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan (PM-KUSUM) program, targets 34.8 GW of decentralized solar capacity, with 34,422 Crore in central financial support. It provides subsidies for farmers to install solar pumps and small grid-connected renewable systems.

Rooftop Solar Program (Phase II) and PM Surya Ghar: Muft Bijli Yojana – Extended upto March 2026, this program continues to provide capital subsidies for residential and institutional solar systems, along with performance-based incentives for DISCOMs to accelerate rooftop solar adoption. The program has now been subsumed under the PM Surya Ghar: Muft Bijli Yojana, which aims to increase the share of solar rooftop capacity and empower residential households to generate their own electricity. With an outlay of 75,021 Crore, the scheme provides a subsidy of 60% of the solar unit cost for systems upto 2 kW capacity, and 40% of additional system cost for systems between 2 to 3 kW capacity.

Revamped Distribution Sector Scheme (RDSS): Launched with an outlay of 3.03 Lakh Crore for FY 2022–26, this scheme aims to modernize power distribution infrastructure, reduce AT&C losses, and strengthen DISCOM finances – a critical enabler for reliable renewable integration into the grid.

Onshore Wind

Indias onshore wind energy sector showed encouraging signs of revival in FY 25, following a period of subdued activity. During the year, India added 4.15 GW of new wind capacity, bringing the cumulative installed wind power capacity of about 50 GW as of the end of FY 25.

Installations were primarily concentrated in wind-rich states such as Tamil Nadu, Gujarat, and Karnataka, supported by growing momentum for wind–solar hybrid projects and rising corporate Power Purchase Agreements (PPAs) for renewable energy.

Despite these positive developments, annual wind additions remain below the pace required to meet the Governments target of ~140 GW onshore wind capacity by 2030. This has led to renewed focus on repowering of old wind farms with modern turbines and on optimizing high wind potential sites through centralized auctions.

Key Government policies driving growth:

Wind RPO Trajectory – Govt. of India introduced

a specific Renewable Purchase Obligation (RPO) for wind power to stimulate demand. Obligated entities – including DISCOMs and large consumers

- must source an increasing minimum share from new wind projects –0.81% of consumption in FY 2022-23, rising to 3.36% by FY 2025-26 and 6.94% by FY 2029-30. Importantly, this wind RPO is exclusive to wind projects commissioned after March 2022, ensuring that it drives new capacity additions rather than legacy compliance.

National Repowering & Life Extension Policy for Wind Power Projects – Announced in December 2023, this policy provides a framework to repower aging wind farms – especially those with turbines below 2 MW capacity – by replacing them with modern, higher capacity turbines. This policy aims to unlock ~25 GW of additional wind capacity, with incentives for developers and facilitative measures for grid and land-use permissions.

Hydro Power

Hydropower remains a crucial component of Indias clean energy mix, providing valuable peaking power and grid stability, making it indispensable for managing the variability of wind and solar resources. As of 31st March, 2025, Indias total installed hydropower capacity (including large hydro) stood at approximately 53 GW, constituting for around 10% of Indias electricity generation.

While capacity additions in FY 25 were modest, the sector witnessed growth through – partial commissioning of large-scale projects (e.g. Subansiri Lower in the Northeast) and incremental growth in small hydropower, which has now reached 5.1 GW.

Given the long gestation periods and environmental sensitivities associated with large dam projects, the current policy and investment focus has shifted to leveraging hydro for energy storage, particularly Pumped Storage Projects (PSPs). There is a major push for PSPs, as evident from the concurrence of ~25.5 GW of new Pumped Storage Projects in 25 by the Central Electricity Authority (CEA), recognizing their essential role in absorbing surplus renewable power and delivering dispatchable power.

Key Government policies driving growth:

Hydropower Purchase Obligation (HPO) – The government has carved out a Hydro-specific RPO to incentivize new large hydropower. It mandates Discoms and Obligated Entities to procure a certain percentage of power from large hydro projects commissioned after 2019 i.e. 0.35% of consumption in FY 2022-23, which rises to 1.48% by FY 2025-26 and reaches to 2.82% by FY 2029-30. This dedicated HPO ensures that new

hydro projects are integrated into Indias broader renewable energy trajectory.

Renewable Energy Classification for Large Hydro

– Since March 2019, all hydroelectric projects above 25 MW have been classified as renewable energy. This policy allows large hydro to contribute toward RPO targets and benefits from renewable- linked incentives. It was accompanied by measures like tariff rationalization for hydropower to improve competitiveness, financial assistance for supporting infrastructure (e.g., access roads, bridges) and access to budgetary support for hydropower.

Pumped Storage Promotion – Recognizing the need for storage, the Ministry of Power issued guidelines to promote Pumped Storage Projects (PSPs). Key initiatives include – simplified and fast-tracked approval processes by CEA, support through concessional climate finance, budgetary support for enabling infrastructure etc.

Bio Energy

As of March 31, 2025, Indias total installed bioenergy- based power capacity reached around 11.58 GW, reflecting moderate growth. While the sector added 0.64 GW during FY 25, its pace remains slower relative to solar and wind. The majority of the capacity stems from bagasse-based cogeneration in sugar mills and biomass power plants utilizing crop residues. Municipal Solid Waste-to-Energy (WtE) plants are also being set up in urban areas to tackle waste while generating power.

Bioenergy offers the advantage of dispatchable, firm power – increasingly important as a balancing resource. Coal power stations have begun co-firing biomass pellets to cut emissions, and initiatives like SATAT are promoting compressed biogas (CBG) production from agricultural and organic waste. The governments push for biofuels has also seen Indias ethanol blending in petrol reach ~10–12% in 2022 and on track for 20% by 2025, which complements the bioenergy ecosystem by utilizing surplus biomass for transport energy.

Key Government policies driving growth:

National Bioenergy Programme – Launched in 2022, this umbrella initiative consolidated earlier biomass and biogas schemes under one platform with a budgetary outlay of 858 Crore. The program supports a wide range of bioenergy projects through the below three sub-programs:

Programme on Energy from Urban, Industrial and Agricultural Wastes/Residues;

Scheme to Support Manufacturing of Briquettes and Pellets and Promotion of

Biomass (non-bagasse) based co-generation in Industries; and

Bio-gas programme.

Ethanol Blending & Biofuel Policy – Indias National Policy on Biofuels (2018, amended 2022) set an ambitious target of 20% ethanol blending in petrol by 2025. Backed by this policy, ethanol production capacity has expanded with fiscal incentives and purchase guarantees. As of early 2025 the blending rate has reached ~19%, on the cusp of the 20% target. Higher ethanol blending not only offers renewable fuel for transport but also energizes the sugar/distillery sector and farmers (through demand for feedstock like molasses, maize, rice). The policy includes plans for second- generation ethanol (from crop stubble) via the Pradhan Mantri JI-VAN Yojana, fostering advanced biofuel refineries.

SATAT and Biogas Initiatives – Under the Sustainable Alternative Towards Affordable Transportation (SATAT) initiative, public-sector oil companies are inviting entrepreneurs to set up compressed biogas (CBG) plants and sell CBG to them at fixed prices. The program targets 5,000 CBG plants by 2025, converting agricultural residues, cattle dung and organic waste into bio- CNG for use as automotive fuel. Complementing this, schemes like GOBAR-Dhan (Galvanizing Organic Bio-Agro Resources) provide support for rural bio-gas plants, aiming to improve sanitation and produce biogas/organic manure. These initiatives continued in FY 25, with fiscal incentives (e.g. guaranteed offtake, capital subsidies) to ramp up biogas production across the Country.

Biomass Co-firing in Coal Plants – To utilize agro- residues at scale and reduce stubble burning, the Ministry of Power mandated biomass co-firing in coal-based thermal power plants. Initially set at 5% blend, with provisions to increase to 7-10%, this policy -launched in late 2021 – has seen gradual implementation.

By 2024, around 47 coal-based power plants (totaling 55 GW capacity) had begun co-firing biomass pellets to some extent. The government estimates that 5–7% biomass co-firing across Indias coal fleet can avoid ~38 million tons of CO2

emissions annually. In FY 25, efforts were ongoing

to scale up co-firing (e.g. securing reliable pellet supply chains and encouraging power producers via Renewable Energy Certificates for biomass use), making thermal power generation cleaner and creating an additional market for biomass waste.

Emerging segments in green financing gaining momentum Solar PV Module and Cell Manufacturing capacity

Indias solar manufacturing ecosystem is rapidly scaling to meet ambitious domestic renewable energy targets. As of March 2025, the Countrys Solar PV Module manufacturing capacity has surged past 74 GW. This aligns with the countrys target to meet rising domestic demand of 40–50 GW annually and reduce reliance on imports.

In tandem, solar cell manufacturing capacity has increased to 25 GW, while ingot manufacturing capacity – crucial for upstream integration - has increased to 2 GW, with several leading players commissioning integrated fabs spanning across the entire value chain.

Key Government policies driving growth:

Production-Linked Incentive (PLI) program for high-efficiency solar modules (4,500 Crore in Tranche-I, expanded by 19,500 Crore in Tranche-

II) has enabled the development of 48.3 GW of new domestic capacity.

Customs Duties and Cess - India earlier levied a 40% Basic Customs Duty on imported solar modules and 25% on solar cells to encourage domestic manufacturing. In Union Budget 2025, these were later revised to 20%.

Approved List of Models & Manufacturers (ALMM) – Reinstated in April 2024 after a temporary exemption, this policy mandates the use of approved, domestically manufactured solar modules in government supported projects, reinforcing the Make in India initiative.

Electric Vehicles (EV)

FY 25 sustained Indias EV momentum with over 1.95 million units sold in CY 2024, driven predominantly by the two-wheeler (2W) and three-wheeler (3W) segments. EVs now constitute ~3.6% of overall vehicle sales, aided by cost parity, growing awareness and increased availability of models.

Looking ahead, this momentum is expected to continue for FY 26, even with the FAME (Faster Adoption and Manufacturing of Electric Vehicles)-II (2019-2024) scheme concluding as new programs have been rolled out to maintain the policy push and charging infrastructure is expanding steadily across states.

With the FAME-II scheme concluding, Indias e-mobility ecosystem is now shifting toward long-term scale and localization.

Key Government policies driving growth:

PM E-Drive Initiative (Post-FAME support) -

Approved with an outlay of 10,900 Crore, this program targets deployment of ~2.8 million electric two-wheelers (e-2W) and three-wheelers (e-3W) and 14,000 e-buses in the coming years. This is complemented by the PM-bus Sewa scheme (3,435 Crore), which aims to procure 38,000+ electric buses from FY 2024-25 to FY 2028-29, with payment security support for transit agencies.

Electric Mobility Promotion Program, 2024 – Launched by the Ministry of Heavy Industries for the April-September period, with a budget of

769.65 Crore, this short-term scheme targets subsidizing ~5.6 lakhs of e-2W and e-3W, helping sustain demand post FAME-II. These measures, alongside state-level EV policies and GST cuts (EVs taxed at 5%) are reinforcing the national push for electric mobility.

Green Transmission

In October 2024, India unveiled the National Electricity Plan (Transmission), setting-out a roadmap for scaling up grid infrastructure to match the Countrys clean energy ambitions. The plan outlines the addition of

~191,000 circuit-km of transmission lines and 1,270 GVA of transformation capacity (at 220 kV and above voltage level) over the decade from 2022-23 to 2031-32. This expansion is essential for evacuating the targeted 500 GW of non-fossil capacity by 2030. The plan also incorporates 47 GW of battery storage and 31 GW of pumped hydro storage, ensuring grid flexibility and reliability as renewable energy penetration increases.

Specific projects are progressing for example – a dedicated Ladakh-Haryana HVDC transmission line project of 713 km involving 480 km of HVDC transmission, is being built to transmit 13 km of solar and wind power from the remote Ladakh region to Haryana, with commissioning targeted by 2029-30. The project is backed by Central Finance Assistance (CFA) of upto 40% of the Project Cost.

Similarly, the Green Energy Corridor intra-state networks are being developed across renewable-rich states to handle an additional 20 GW of solar and wind power generation. These efforts in FY25 are critical enablers for Indias energy transition.

Key Government policies driving growth:

Green Energy Corridor (GEC) Program – GEC Phase-I (intrastate, near completion) and GEC Phase-II aims to strengthen transmission infrastructure. GEC Phase-II (InSTS) spans 7 states, targeting ~10,750 km of new lines and 27,500 MVA of substations and is backed by 12,000 crore investment (including 33% central subsidy) and aimed to evacuate 20 GW of renewable energy by 2026.

Transmission Incentives for Renewables - Interstate transmission charges for renewable energy are waived for 25 years for projects commissioned by 30^th June 2025 and 31^st December 2032 for offshore wind.

Grid Operations Reforms - Through green energy open access rules, scheduling reforms and digital load dispatch centers, grid operations are being strengthened. In FY 25, transmission planning has been integrated with renewable and green hydrogen hubs, reflecting a holistic approach to building a "green grid" for Indias future.

New and Evolving Segments Energy Storage

Energy storage is emerging as a vital enabler of Indias clean energy transition, especially as renewable energy penetration increases. Grid-connected energy storage technologies such as Battery Energy Storage Systems (BESS) and Pumped Storage Projects (PSPs) are now at the forefront of infrastructure development to ensure Round-the-Clock (RTC) renewable power and grid stability.

Battery Energy Storage Systems (BESS) -

FY 25 marked a significant shift with the launch of Indias first large-scale utility BESS tenders - SECI tender for 1,000 MW/2,000 MWh and multiple 500 MW/1,000 MWh projects by national and state utilities.

Though operational BESS capacity remains limited, the project pipeline is growing rapidly, and costs are declining steadily, improving commercial viability. In line with these trends, the government upgraded its initial BESS target from 4 GWh to ~13.2 GWh by FY 27-28 while staying within the approved budgetary allocation of 3,760 Crore under the VGF scheme.

Pumped Storage Projects (PSPs) -

While ~4.7 GW of operational PSP capacity in India, states are reviving pumped hydro storage projects to ensure RTC clean power. During FY 25, CEA (Central Electricity Authority) concurred DPRs of 6 Hydro PSPs of about 7.5 GW and aims to concur minimum 13 PSPs of about 22 GW during FY 2025- 26.

Key Government policies driving growth:

Validity Gap Funding (VGF) scheme for BESS- Launched in September 2023, this scheme offers upto 40% of VGF for battery storage projects, through providing 9,400 Crore to support 4,000MWh of battery storage by FY2026. Falling battery prices have since prompted a scale-up, as now the VGF program will facilitate 13,200 MWh of BESS (with the same budget) by FY 2027-28.

Energy storage obligations (ESO) - It mandates DISCOMs and other obligated entities to meet their renewable energy consumption through solar/ wind energy along with/ through storage(on energy basis) as 1% by FY24, rising to 4% by FY30, with an annual increase of 0.5%.

Policy Incentives for PSPs - Under the Guidelines to promote development of PSPs, Govt. of India has offered incentives such as waiver of transmission charges for new pumped storage projects and inclusion of such storage in the ESO framework.

Battery Manufacturing

India is laying the groundwork for a domestic storage cell and battery manufacturing ecosystem, crucial for both EVs and stationary storage. While most storage cells are still imported, several cell and battery manufacturing facilities are now under development, marking a pivotal shift toward self-reliance.

To accelerate the transition, the Government has launched strategic initiatives to localize the entire value chain – from cell production to R&D and supply chain development.

Key Government policies driving growth:

National Programme on Advanced Chemistry Cell (ACC) Battery Storage – Launched in 2021, this flagship policy initiative, targets to establish 50 GWh of domestic cell capacity across multiple chemistries, with a total budgetary outlay of

18,100 Crore in the form of Performance Linked Incentives (PLI). The first round of PLI was concluded in March 2022 wherein 30 GWh of cell production capacity was allocated. Subsequently 10 GWh of capacity was allocated in September 2024. The remaining 10 GWh is expected to be allocated in future rounds, ensuring phased market expansion and technology adoption.

Beyond the PLI beneficiaries, other firms are also venturing out into domestic cell and battery manufacturing to tap the growing market of energy storage.

Other supportive measures include customs duty exemptions on certain cell components, R&D support for novel chemistries (e.g. metal-air, solid- state batteries), and state-level incentives (land, tax breaks) for gigafactory investments. Together, these policies in FY 26 aim to build a complete domestic supply chain for battery technology in India.

Green Hydrogen and Electrolyzer Manufacturing

Green hydrogen has gained significant traction in FY 25 as India seeks to decarbonize hard-to-abate sectors. The National Green Hydrogen Mission (NGHM), approved in January 2023, set a target of producing at least 5 MMT (million metric tons) of green hydrogen annually by 2030, with an associated RE capacity addition of 125 GW. During FY 25, the Government of India allocated

600 Crore to kick-start mission programs, and public- sector undertakings (e.g. refineries, fertilizer plants) have started pilot projects to use green hydrogen in their processes.

On the manufacturing side, India conducted its first auction for domestic electrolyzer production capacity under the missions incentives: 1,500 MW/year of electrolyzer capacity was awarded in Tranche-I of the SIGHT program. This was followed by Tranche- II, which also awarded 1,500 MW/year of electrolyzer manufacturing capacity across various technology categories, further boosting domestic production under the National Green Hydrogen Mission.

Key Government policies driving growth:

The National Green Hydrogen Mission (NGHM) is the overarching policy driver, with a total outlay of 19,744 Crore and the objective of making India a global hub for green hydrogen. The mission expects to mobilize 8 trillion in investments and create about 6 Lakh (600,000) jobs by 2030. Key components of the mission include:

Strategic Interventions for Green Hydrogen Transition (SIGHT) – a two-pronged production- linked incentive scheme for domestic electrolyzer manufacturing and for green hydrogen production,

Funding for pilot projects in sectors like steel, long- range transport, shipping, and energy storage to demonstrate hydrogen use;

Development of green hydrogen hubs (regions with clustered production and end-use);

Support for infrastructure such as pipelines, and regulations for open access renewable power for hydrogen

R&D and skill-building programs.

In addition, policies to enable the industry include waivers of interstate transmission charges for renewable electricity used to produce green hydrogen (for projects commissioned before 2030), mandates for oil & fertilizer companies to purchase green hydrogen (gradual hydrogen purchase obligations), and standards for hydrogen fuel quality and safety.

Off-shore Wind

India is in the early stages of developing offshore windenergy, a new frontier to expand renewable power. While no offshore wind farms have been commissioned as of FY 25, the potential is substantial and policy momentum is accelerating. Studies indicate about 36 GW of wind potential off the coast of Gujarat alone and nearly 35 GW of offshore wind energy potential exists off the Tamil Nadu coast. Combined, these zones offer a potential of 70+ GW offshore wind which is critical for meeting long- term decarbonization targets.

To capitalize on this potential, the Government of India has laid out an ambitious trajectory to install 37 GW of offshore wind capacity by 2030. FY 25 marked a turning point with several concrete actions to lay the groundwork, as the government approved a 7453 Crore (~US$900 million) Viability Gap Funding (VGF) scheme to develop Indias first offshore wind project, which will support 1 GW of offshore wind development off the coasts of Gujarat and Tamil Nadu. Further, during the year, SECI (Solar Energy Corporation of India) invited the bids for development of 4 GW offshore wind energy off Tamil Nadu coast, divided into 4 blocks of 1 GW each. Moreover, central agencies are planning pilot projects of 5 GW each off Gujarat and Tamil Nadu in the coming years. Also, efforts are also underway to build transmission links from sea to grid – planning is completed for evacuating the first 10 GW.

This commitment to offshore wind is expected to bring infrastructure synergies, supply chain development and policy learnings that could indirectly benefit the onshore wind ecosystem as well.

Key Government policies driving growth:

Offshore Wind Energy Rules (2023) - Under the same, the developers are allowed to secure seabed leases for up to 35 years, providing long-term certainty and investment confidence.

Transmission Waivers and Open Access Incentives - To improve project economics, a 25- year waiver of inter-state transmission charges was announced for offshore wind projects commissioned by December 2032. Likewise, these projects will pay no additional open access surcharges for power delivered to commercial consumers by 2032, making offshore wind power more competitive.

Viability Gap Funding (VGF) Scheme - Recognizing the high upfront costs, the government outlined a viability gap funding (VGF) scheme for an amount of 7,453 Crore to provide financial support (likely through grants or accelerated depreciation benefits) to early offshore wind projects and for port upgrades to support logistics for these projects.

Auction Roadmap (2023-2030) - An auction roadmap for 2023–2030 was released to provide visibility on upcoming tenders, covering auction models such as Build-Own-Operate (BOO) and Open Access Sale, ensuring market development and private sector participation.

Global Collaborations – India is partnering with offshore wind energy leaders such as Denmark and Germany to gain technical expertise, de-risk early stage development, and co-develop supply chains and port infrastructure.

Smart Metering

The Government of India (GoI) is taking various initiatives to boost the adoption of Advanced Metering Infrastructure (AMI)/ Smart meters in the Country. It has launched initiatives such as Smart Meter National Programme that aims to replace 25 Crore (250 million) conventional meters with smart meters in India. To drive this vision, the Government of India launched the Revamped Distribution Sector Scheme (RDSS), which is a reform based and result linked scheme aiming to improve the reliability and quality of power supply, operational efficiencies, and financial sustainability of electricity distribution sector.

Under RDSS, AMI shall be implemented under TOTEX mode, in which agency will be contracted for supplying, maintaining and operating the metering infrastructure for the purpose of meter related data and services to the DISCOM. It will make both capital and operational expenditure under DBFOOT (Design Build Fund Own Operate & Transfer) or similar modes and will be paid for a portion of its capital expenditure initially on installation and commissioning of smart meter and the remaining payment over the O&M period.

Key Government policies driving growth:

Revamped Distribution Sector Scheme (RDSS) - Launched in mid-2021, RDSS is the flagship policy for smart metering and distribution reforms. With a massive outlay of 3.03 Lakh Crore (3 trillion) and 97,631 Crore of central budget support, RDSS aims to overhaul distribution infrastructure and reduce aggregate technical & commercial (AT&C) losses to 12-15% while eliminating the revenue gap (ACS-ARR). However, on account of challenges in tendering, lack of awareness at utility and consumer levels, difficulties in establishing direct debit facilities etc., the rollout of smart meters under the RDSS in India is experiencing delays. To address the same, the Power Ministry has sought to extend RDSS till FY2027-28, giving DISCOMs extra time to meet targets without penalty.

FINANCIAL AND OPERATIONAL PERFORMANCE

Over FY 25, your Company has demonstrated significant loan book growth coupled with robust financial performance across key dimensions including profitability, cash flows, asset quality and capital adequacy.

Key performance highlights

Your Company continued its performance in its traditionally strong market with solar, wind and hydro power project financing contributing ~53% of sanctioned amount FY 25.

Your Company has bolstered its net worth to

10,266.16 Crore in FY 25 and posted an all-time high PAT of 1,698.60 Crore.

Capital adequacy for your Company is well in line with RBI regulations with CRAR at 17.77% vs. minimum permissible floor of 15%. In addition, augmentation in net worth will also allow your Company to boost its exposure limits which has the potential to enhance business.

Debt equity ratio increased to 6.31 in FY 25 as compared to 5.80 in FY 24 given the higher growth in liabilities compared to equity.

Operating profit margin reduced by 2.9% in FY 25 to 31.02 % as compared to 33.92% in FY 24 majorly driven by higher revenue growth in the financial year.

Net Profit Margin stayed almost flat at 25.15% in FY 25 compared to 25.22% in FY 24 highlighting a consistent balance between growing revenue and controlled expenses.

Return on net worth has increased to 17.44% in FY 25 as compared to 16.40% in FY 24 due to significant increase in net profits.

With continued improvements in financial and operational performance, your Company has consistently achieved an "Excellent" rating in the MoU evaluation over the last four financial years. For FY 25 also, it is expected to retain "Excellent" rating subject to assessment by the Government of India.

Supported by a marginally higher yield on loan assets (10.03% in FY 25 vs 9.97% in FY 24) and a lower cost of borrowing (7.61% in FY 25 vs 7.81% in FY 24), the Company recorded an improvement of 26 basis points in interest spread. Consequently, the net interest margin increased to 3.27% in FY 25 from 2.85% in FY 24.

Your Company continued its strong asset quality performance by significantly addressing stressed assets, bringing its Net NPA ratio to 1.35% at theclose of FY 25 (vs. 0.99% at the close of FY 24). Structured recovery processes led to a GNPA and NNPA of 2.45% and 1.35%, respectively. Furthermore, your Companys robust credit appraisal mechanisms and proactive post-sanction and disbursement monitoring played a key role in effectively mitigating defaults.

Strong focus on recovery/resolution actions have resulted in net reduction of 4 loan accounts from the NPA list and 287.76 Crore was recovered from NPA loans which include 134.00 Crore towards Principal and 147.06 Crore towards Interest Income and 6.70 Crore towards other income.

Financial Performance (Standalone)

Total Income

( in Crore)

Particulars	Year Ended 31.03.2025	Year Ended 31.03.2024
Interest Income	6,575	4,822
Fees and Commission Income	96	60
Net gain/(loss) on fair value changes on derivatives	13	(11)
Other Operating Income	58	93
Total Revenue from operations (I)	6,742	4,964
Other Income (II)	12	1
Total Income (I+II)	6,754	4,965

Total income for FY 25 has grown by 36% as compared to FY 24 primarily driven by a substantial increase in interest income from loans. This growth is attributable to Companys highest-ever loan disbursements of 30,168 Crore during FY 25, resulting in an increase in the Loan Book from 59,698 Crore as on 31.03.2024 to 76,282 Crore by the end of FY 25.

Additionally, fees and commission income rose by 60% in FY 25 over FY 24, owing to increased commission on providing non-fund based financing and higher fee generated due to highest-ever loan sanctions amounting to 47,453 Crore in FY 25. The growth in revenue from operations over the last 5 years registered a CAGR of 23%.

Net gain/(Loss) on Fair Value Changes on Derivatives

( in Crore)

The Company during FY 25 has experienced a change of 218% primarily on account of mark to market (MTM) valuation of the derivative instruments availed to hedge foreign currency loans.

Finance Cost

( in Crore)

Particulars	Year Ended 31.03.2025	Year Ended 31.03.2024
Finance Cost	4,141	3,164

During FY 25, finance costs increased by 31% compared to FY 24, primarily due to increased borrowing undertaken to support the expanding demand for lending operations. A significant component of this rise was 83% increase in interest expenses on debt securities, attributable to the strategic issuance of bonds that capitalized on favorable interest rate conditions in the domestic capital markets. In addition, interest expenses related to subordinated liabilities rose by 8% during FY 25, following the issuance of Subordinated Tier-II Bonds and Perpetual Debt Instruments, which were aimed at enhancing Companys capital adequacy and diversifying its funding sources.

Net Translation/ Transaction Exchange Loss/(Gain)

( in Crore)

Particulars	Year Ended 31.03.2025	Year Ended 31.03.2024
Net Translation/ Transaction exchange loss	42	(17)

In FY 25, there has been an increase in translation/ transaction exchange losses. This rise was primarily driven by adverse exchange rate fluctuations impacting foreign currency borrowings, as well as prepayment of Loan II availed from AFD.

Impairment on Financial Instruments

( in Crore)

Particulars	Year Ended 31.03.2025	Year ended 31.03.2024
Loans	237	(67)

Impairment on Financial Instruments has increased during FY 25 primarily due to an increase in loan portfolio; and change in loan assets. ECL is calculated in line with Ind AS 109 under ECL methodology by an external expert agency.

Particulars	Year Ended 31.03.2025	Year ended 31.03.2024
Employee Benefits Expense	81	71

Employee benefits expenses increased by 14% on account of normal DA increase, employee promotions and routine increments.

Depreciation, Amortization & Impairment

Investments

( in Crore)

Particulars	As on 31.03.2025	As on 31.03.2024
Investments	626	101

Depreciation, Amortization and Impairment Expense has increased by 30% majorly due to additions of tangible assets acquired by the Company during FY 25.

Other Expenses

( in Crore)

Particulars	Year Ended 31.03.2025	Year Ended 31.03.2024
Other Expenses	86	77

Other expenses have increased marginally and comprises Investments increased significantly by 520% during FY 25 as compared to FY 24. This rise was primarily attributable to increased allocations to Government Securities reflecting a strategic approach to maintain HQLA as per the extant guidelines along with robust liquidity management.

Additionally, the Company also invested in equity in its wholly owned subsidiary in International Financial Services Centre (IFSC) at GIFT City, Gujarat.

Liabilities Debt Securities

( in Crore)

of rent, taxes and power, repairs and maintenance, communication expenses, business promotion and legal and professional charges etc.

Financial Position (Standalone) Assets

Cash and Cash Equivalents

( in Crore)

Particulars	As on 31.03.2025	As on 31.03.2024
Cash and Cash Equivalents	30	74

Cash and Cash Equivalents primarily consists of balance in deposit accounts with banks. The Company has made an effective utilization of funds available with the Company.

Loans

Particulars	As on 31.03.2025	As on 31.03.2024
Debt Securities	28,446	17,714

In FY 25, Debt Securities registered a substantial increase of 61%, largely driven by Companys proactive fund-raising initiatives through the issuance of taxable bonds. These efforts were strategically undertaken to meet evolving business requirements w.r.t. onward lending and ensure adequate liquidity. As a result, Company has successfully raised 10,740 Crore during FY 25, reflecting strong investor confidence and effective capital market engagement.

Borrowings (Other than Debt Securities)

( in Crore)

( in Crore)

Particulars	As on 31.03.2025	As on 31.03.2024
Loans (net)	75,320	58,775

During FY 25, Companys loan portfolio grew by 28%, primarily driven by a substantial increase in disbursements. Total disbursements for FY 25 stood at

30,168 Crore as against 25,089 Crore in FY 24, marking it the highest annual disbursement in Companys history. This growth underscores Companys strong market presence and continued focus on expanding its lending operations towards financing support to promote renewable energy segment in the Country.

Borrowings (other than debt securities), registered a 7% increase in FY 25. This rise was primarily due to raising of term loans from banks and financial institutions net of scheduled repayments of existing loans.

Subordinated Liabilities

( in Crore)

Particulars	As on 31.03.2025	As on 31.03.2024
Subordinated Liabilities	2,805	649

During FY 25, subordinated liabilities witnessed a substantial increase of 332%. This growth was primarily

attributable to issue of Subordinated Tier-II Bonds for 910 Crore and maiden issue of Perpetual Debt Instruments for 1,247 Crore, aimed at strengthening Companys capital base and supporting its long-term funding needs.

Equity

Total Assets	79,735	62,600
Total Liabilities	69,468	54,041

The Company has incorporated a subsidiary at IFSC GIFT City, Gujarat for which Certificate of Registration dated 18.02.2025 has been received from International Financial Services Centre Authority (IFSCA) to undertake activities as a finance company and inline consolidated financial results have been prepared w.e.f. quarter ended

During FY 25, Other Equity increased by 29%, primarily driven by a significant rise in retained earnings compared to FY 24. This growth reflects Companys strong financial performance, culminating in the highest ever PAT (profit after tax) of 1,699 Crore recorded in FY 25 as against

1,252 Crore in FY 24.

Changes in Key Financial Ratios

Particulars	Unit	As on / for the year ended 31.03.2025	As on / for the year ended 31.03.2024	Change
Debtor Turnover Ratio	times	Not Applicable	Not Applicable	-
Inventory Turnover Ratio	times	Not Applicable	Not Applicable	-
Interest Coverage Ratio	times	Not Applicable	Not Applicable	-
Current Ratio	times	Not Applicable	Not Applicable	-
Debt Equity Ratio	times	6.31	5.80	8.79%
Operating Margin Percent	%	31.02	33.92	-8.55%
Net Profit Margin Percent	%	25.15	25.22	-0.28%

Changes in Return on Net Worth

Particulars	Unit	As on 31.03.2025	As on 31.03.2024	Change
Return on net worth	%	17.44	16.40	4.44%

During FY 25, Company has recorded the highest ever profit of 1,699 Crore as compared to FY 24 which resulted in increase in return on net worth.

Financial Performance (Consolidated)

( in Crore)

31.03.2025. The Company has invested an amount of USD 3.11 Million equivalent to 26.00 Crore in its wholly owned subsidiary which has been temporarily placed as short-term deposits.

Financial Performance (Subsidiary)

( in Crore)

Particulars	Year Ended 31.03.2025
Total Income	0.91
Profit Before Tax	(0.28)
Profit After Tax	(0.28)
Net Worth	26.36

There was no operational activity during the period except that short term deposits have yielded interest income amounting to USD 0.07 Million equivalent to

0.91 Crore for FY 25 and a sum of 1.19 Crore has been expensed by the subsidiary company.

STRENGTHS, WEAKNESSES, OPPORTUNITIES AND THREATS (SWOT)

Strengths

Navratna CPSE status confers greater operational

and financial autonomy, enhancing strategic agility

Strong investor confidence demonstrated by 38.59x IPO subscription, Highest Credit rating of "AAA/ Stable" from multiple agencies and International Credit Rating of "BBB-/Stable" from S&P Global Ratings Ltd.

~28% YoY loan book growth (FY25 vs. FY24)- in line with IREDAs last 5-year loan book CAGR of ~27%

Diversified assets with Pan-India funding across 23

states and 4 UTs

Well-established partnerships with leading international financial institutions (including the World Bank, ADB, AfD, KfW, JICA, EIB, among others) as well as domestic lending agencies.

Deep sectoral expertise and robust credit appraisal process, resulting in GNPA and NNPA of only 2.45% and 1.35% as on 31.03.2025 respectively.

Offers a wide range of financial products and schemes such as Project Specific Funding, Guarantee Scheme, Credit Enhancement Guarantee Scheme etc.

Weaknesses

As a Non-Deposit taking Systemically Important (ND-SI) NBFC, your Company is not permitted to accept deposits from retail investors, which poses challenges in accessing low-cost funds and lending at competitive rates.

Owing to limited capital base, your Company is required to access capital markets from time to time to meet the growing financing requirements of the sector.

Opportunities

Huge renewable energy and associated green energy sectors investment pipeline in India: Over

46 Lakh Crore estimated by 2030.

Government-backed push for 50 GW annual bidding and 500 GW non-fossil capacity by 2030.

New funding avenues via GIFT City and ESG-linked

instruments like green bonds.

Growing demand for green hydrogen, battery storage, offshore wind, smart metering infrastructure and electric mobility provides long- term lending opportunities.

Threats, Risks and Concerns

The growth of the RE sector is strongly linked to favorable government policies and financial incentives. Any reduction or withdrawal of these benefits could adversely affect the sector and your Company.

Your Company faces stiff competition, especially in traditional RE sectors, from other deposit-taking financial institutions that might have lower costs of funds or better access to capital.

RISK MANAGEMENT FRAMEWORK

Your Companys comprehensive risk management is overseen by the Board of Directors. The Risk Management Committee (RMC), a Board-level Committee chaired by an Independent Director, is responsible for supervising the implementation of the risk strategy and developing policies and procedures in line with Reserve Bank of India guidelines. The Board holds ultimate responsibility for managing overall organizational risk.

The RMC ensures independent risk oversight and a focused risk management process. It also reviews enterprise-wide risk frameworks such as the Risk Appetite Framework (RAF), Internal Capital Adequacy Assessment Process (ICAAP), and the Stress Testing Framework.

Given the evolving nature of risk taxonomies,maintaining a prudent risk management approachrequires periodic revision of the charters for the Board and its sub-committees, all under the umbrella of astute Board oversight.

Your Companys principal risks include credit, liquidity, operational, cybersecurity, and technology risks. To address these, the Company have implemented a comprehensive Risk Appetite Framework. An Internal Audit Department assesses the adequacy and effectiveness of internal controls, risk management practices, governance systems, and related processes in line with the Regulatory guidelines.

INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY

Your Company has adequate system of internal control systems commensurate with size, scale and complexity of its operations to ensure accurate and timely reporting of various transactions, efficiency of operations and compliance with applicable laws, regulations, guidelines and Companys policies.

Review of the Internal Financial Controls for ensuring accuracy and completeness of the accounting record, safeguarding of assets, the prevention and detection of frauds and errors and timely preparation of reliable financial information is conducted by an experienced firm of Chartered Accountants in close co-ordination with the Companys various departments.

The Internal Audit is carried out by Companys Internal Audit Department, with the help of external professional audit firm M/s Ravi Rajan & Company, LLP, Chartered Accountants, appointed as internal auditor, for FY 25. The Audit Committee periodically reviews the significant findings of the audits, as prescribed by the Companies Act, 2013, SEBI (LODR) Regulations, 2015 and applicable RBI Guidelines. Further, Company has implemented Board-approved Risk Based Internal Audit (RBIA) Policy in compliance with the RBI guidelines.

HUMAN RESOURCES/ INDUSTRIAL RELATIONS

As your Company navigates an ever-evolving business landscape, its human resource function remains committed to fostering a culture of excellence and inclusivity. Your Company believes in a strong value system and best practices to enhance and improve its capabilities and achieve organisational objectives. The HR strategy of your Company continues to align with its goals, ensuring that the Company attract, develop, and retain top talent to drive sustainable growth and contribute to the broader mission of the Company.

The total employee strength of your Company was 166 as on March 31, 2025 as against 173 as on March 31, 2024, excluding Board Level Executives. The strength of female employees is a crucial aspect of workforce diversity and gender equality and number of female staff as on 31.03.2025 was 47

i.e. 28.31% of total employee strength. The attrition rate of your Company was 2.95 %, excluding superannuation & death cases. The average age of the employees as on 31.03.2025 is ~43.5 Years.

ENVIRONMENT AND SOCIAL MANAGEMENT

SYSTEM

Your Company is a key player in the renewable energy sector and a responsible financial institution that has adopted a comprehensive Environmental and Social Management System (ESMS) to identify and mitigate the impacts, if any, of the funded projects on the environment and society at large.

The Environmental & Social Safeguards Unit (ESSU) of your Company has the primary responsibility of safeguarding against impacts pertaining to Environmental and Social (E&S) aspects of various projects and their respective technologies, besides ensuring implementation of the ESMS. During FY 25, E&S Screening and Categorization of about 109 projects were carried out across all technologies funded by your Company. Regular interaction with international lenders is maintained to understand their E&S requirements. This has helped your Company to meet its E&S obligations and has helped the borrowers in managing E&S risks associated with their projects.

CORPORATE SOCIAL RESPONSIBILITY

Your Company is strongly committed to being a socially responsible agency that actively contributes to the society and nation to improve the quality of life. The Companys Corporate Social Responsibility (CSR) initiatives are deeply rooted in the principle of making a positive impact and aligning with the goals set by the Government of India and the Sustainable Development objectives.

Through these initiatives, your Company aims to promote and will continue to facilitate enhancement of value creation in society through contribution in sustainable community and environmental projectsin the field of healthcare, nutrition, renewable energy, energy efficiency, clean technologies etc. towards environmental and social development of the Country.

Additionally, your Company focuses on areas such as environmental protection, promotion of green and energy-efficient technologies, and development of underprivileged regions, as per the provisions of Section 135 of the Companies Act, 2013 read with Companies (Corporate Social Responsibility Policy) Rules, 2014.

During FY 25, your Company sanctioned a total amount of 24.34 Crore (excluding administration expenses) for a total of 13 projects under CSR funds for the FY 25 and disbursed a total amount of 7.82 Crore in FY 25, including disbursements from unspent accounts for previous years and administrative expenses for FY 25.

Your Company launched a Corporate Social Responsibility (CSR) portal for enhancing transparency in receipt and disposal of CSR requests from various organizations and institutions and ensuring timely examination, sanction and disbursements of financial assistance for CSR proposals.

As a socially responsible corporate, your Company is committed to expanding its CSR impact over the coming years and aims to play a larger role in the development of the Nation.

SEGMENT WISE – OR PRODUCT WISE PERFORMANCE

The Company operates in India hence it is considered to operate only in domestic segment. All operations of the Company are considered as single business segment therefore, the Company does not have any separate reportable segment.

CAUTIONARY STATEMENT

Statements in Management Discussion and Analysis describing the Companys objectives, projections, expectations, and estimates are based on the current business environment. Actual results could differ from those expressed or implied, based upon the future economic and other developments, both in India and abroad.