Orient Green Power Company Ltd Auditor Reports

To The Members of Orient Green Power Company Limited

Report on the Audit of the Consolidated Financial Statements

Opinion

We have audited the accompanying consolidated financial statements of Orient Green Power Company Limited (hereinafter referred to as the "Holding Company”) and its subsidiaries (the Holding Company and its subsidiaries together referred to as "the Group”), which comprise the Consolidated Balance Sheet as at March 31, 2025, the Consolidated Statement of Profit and Loss (including Other Comprehensive Income), the Consolidated Statement of Changes in Equity and the Consolidated Statement of Cash Flows for the year ended on that date, and notes to the consolidated financial statements including a summary of the material accounting policies and other explanatory information. (Hereinafter referred to as "the consolidated financial statements”)

In our opinion and to the best of our information and according to the explanations given to us and based on the consideration of reports of other auditors on separate financial statements and on the other financial information of certain subsidiaries, the aforesaid consolidated financial statements give the information required by the Companies Act, 2013 as amended (the "Act”) in the manner so required and give a true and fair view in conformity with Indian Accounting Standards (IND AS) prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015 as amended including the Companies (Indian Accounting Standards) Amendment Rules, 2019 and other accounting principles generally accepted in India, of the consolidated state of affairs of the Group as at March 31, 2025, the consolidated net profit, consolidated total comprehensive income, consolidated changes in equity and its consolidated cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit of the consolidated financial statements in accordance with the Standards on Auditing (SAs) specified under section 143 (10) of the Act. Our responsibilities under those Standards are further described in the Auditors Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are independent of the Group in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (ICAI) together with the ethical requirements that are relevant to our audit of the consolidated financial statements under the provisions of the Act and the Rules made thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and

the ICAIs Code of Ethics. We believe that the audit evidence obtained by us and the other auditors in terms of their reports referred to in "Other Matter” paragraph below, is sufficient and appropriate to provide a basis for our opinion on the consolidated financial statements.

Emphasis of Matter

We draw attention to the following matters included in the Notes to the Consolidated financial statements:

i. Considering the stay granted by the Honble Supreme Court of India on the order issued by Central Electricity Regulatory Commission (CERC) on reduction of floor price, and based on the legal opinion obtained, the Group is confident of favourable decision on the appeal with Honble Supreme Court against APTEL (Appellate Tribunal for Electricity at New Delhi) order and realisation of difference of Rs. 500 per REC aggregating to Rs. 2,071 Lakhs in respect of receivables as on March 31, 2017. Nevertheless, for the delay in recovering the said amount, the group has made provision of Rs. 746 lakhs for expected credit losses till March 31, 2025.

ii. In earlier years, Amrit Environmental Technologies Private Limited (AETPL) defaulted in repayment of term loan obligations from IL&FS Financial Services Limited (IL&FS). As the company provided a corporate guarantee against this loan availed by AETPL, IL&FS moved The Honble National Company Law Tribunal against the company and the Company submitted a One-Time Settlement (OTS) proposal for Rs. 3,000 lakhs which was approved by The Honble National Company Law Tribunal, Mumbai on June 04, 2024. Pursuant to the approval, the Holding Company, IL&FS and AETPL have entered into a settlement agreement dated June 13, 2024 for repaying the settled amount of Rs. 3,000 lakhs to IL&FS in stipulated installments. Accordingly, the company paid the entire due of Rs. 3,000 lakhs during the year. The excess carrying value of the loan over the OTS amount was Rs. 1,605 lakhs which has been written back and recognized as other income by AEPTL during the year. Further, AETPL has also accounted for impairment provision to the extent of Rs. 900 lakhs during the year in order to recognize the reduction in net realizable value of its assets.

Our opinion is not modified in respect of the above matters.

Key Audit Matters

Key audit matters are those matters that in our professional judgment, were of most significance in our audit of the consolidated financial statements of the current year. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion

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on these matters. We did not audit the financial statements of certain subsidiaries, as at and for the year ended on March 31, 2025, as considered in the consolidated financial statements. These financial statements have been audited

by other auditors whose reports have been furnished to us by the Management and our identification and reporting of the Key Audit Matters, in so far as it relates to these subsidiaries, is based solely on the reports of the other auditors.

We have determined the matter described below to be the key audit matter to be communicated in our report.

Sr. No Key Audit Matter Auditors Response
1 Audit of testing of Impairment in the Property, Plant and Equipment and credit losses, if any, in the Loans and Advances have been identified as a Key Audit Matter considering the materiality involved.	The audit procedures that were performed were as under:
• We have reviewed the reasonableness of the projected revenues, expenses, remaining useful life of the Windmills and the net present value of the cash flows (NPV) of the group companies and the discount rate involved. We have also compared the NPV with the carrying amounts of the assets in order to ascertain the adequacy of the provisions. According to the information and explanations given to us by the management of the company, we have also considered the long gestation and the pay-back period involved in the Wind Power Projects, while estimating the amount and the timing of the provisions/credit losses against the Investments and the Loans.	• We reviewed the impairment testing by the group for the assets pertaining to the subsidiaries on the basis of the operating/ cash profits, the net present value of cash flows on the basis of the projected financial statements of the subsidiaries approved by the Board of Directors, Reports from Chartered Engineers on Valuation of Windmills and Share Valuation Reports from Independent External Valuers.
Our procedures did not reveal any material concerns on the provision for impairment and credit losses as considered in the financial statements.

Information Other than the Consolidated Financial Statements and Auditors Report Thereon

The Holding Companys Board of Directors is responsible for the other information. The other information comprises the information included in the Management Discussion and Analysis, the report of the Board of Directors and the report on the Corporate Governance but does not include the Consolidated Financial Statements and our auditors report thereon.

Our opinion on the Consolidated Financial Statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the Consolidated Financial Statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the Consolidated Financial Statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this other information,

we are required to report that fact. We have nothing to report in this regard.

Managements Responsibility for the Consolidated Financial Statements

The Holding Companys Board of Directors is responsible for preparation and presentation of these consolidated financial statements that give a true and fair view of the consolidated financial position, consolidated financial performance, consolidated total comprehensive income, consolidated statement of changes in equity and consolidated cash flows of the Group in accordance with Indian Accounting Standards (IND AS) prescribed under section 133 of the Act read with the Companies(Indian Accounting Standards) Rules, 2015 as amended including the Companies (Indian Accounting Standards) Amendment Rules, 2019 and other accounting principles generally accepted in India. The respective Board of Directors of the companies included in the Group are responsible for maintenance of the adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Group and for preventing and detecting frauds and other irregularities; selection

and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the consolidated financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error which have been used for the purpose of preparation of the consolidated financial statements by the Board of Directors of the Holding Company, as aforesaid.

In preparing the consolidated financial statements, the respective Board of Directors of the companies included in the Group are responsible for assessing the ability of the Group to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.

The respective Board of Directors of the companies included in the Group are also responsible for overseeing the financial reporting process of the group.

Auditors Responsibilities for the Audit of the Consolidated Financial Statements

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatements, whether due to fraud or error, and to issue an auditors report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal financial controls relevant to the audit in order to design audit procedures

that are appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Holding Company and its subsidiary companies which are companies incorporated in India, have adequate internal financial controls system in place and the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of managements use of the going concern basis of accounting in preparation of consolidated financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Group to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors report. However, future events or conditions may cause the Group to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the Consolidated Financial statements. We are responsible for the direction, supervision and performance of the audit of the Financial Statements of such entities included in the Consolidated Financial Statements of which we are the independent auditors. For the other entities included in the Consolidated Financial Statements, which have been audited by other auditors, such other auditors remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible for our audit opinion.

We communicate with those charged with governance of Holding Company and such other entities included in the consolidated financial statements of which we are the independent auditors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the consolidated financial statements of the current year and are therefore the key audit matters. We describe these matters in our auditors report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Other Matter

We did not audit the financial statements of certain subsidiaries whose financial statements, before consolidation adjustments, reflect groups share of total assets of Rs. 6,368 Lakhs as of March 31, 2025, groups share of total revenues of Rs. 1,791 Lakhs, Groups share of total net profit after tax of Rs. 831 lakhs and total comprehensive income/(loss) of Rs. 950 lakhs for the year ended March 31, 2025 after adjusting net income from discontinued operations of Rs. 698 lakhs of a subsidiary Amrit Environmental Technologies Private Limited and net cash inflows amounting to Rs. 170 Lakhs for the year ended March 31, 2025, as considered in the consolidated financial statements.

These financial statements have been audited by other auditors whose reports have been furnished to us by the Management. Our opinion on the consolidated financial statements, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, and our report in terms of sub-sections (3) of Section 143 of the Act, in so far as it relates to the aforesaid subsidiaries, is based solely on the reports of such other auditors.

Our opinion on the consolidated financial statements, and our report on Other Legal and Regulatory Requirements below, is not modified in respect of the above matter with respect to our reliance on the work done and the reports of the other auditors.

Report on Other Legal and Regulatory Requirements

As required by Section 143(3) of the Act, based on our audit and on the consideration of report of the other auditors on separate financial statements and the other financial information of subsidiaries, as noted in the "other matter” paragraph we report, to the extent applicable, that:

a. We have sought and obtained all the information and explanations which to the best of our knowledge and

belief were necessary for the purposes of our audit of the aforesaid consolidated financial statements.

b. I n our opinion, proper books of account as required by law relating to preparation of the aforesaid consolidated financial statements have been kept so far as it appears from our examination of those books and the reports of the other auditors except for a subsidiary, where backup of certain books of account and other books and papers maintained in electronic mode has not been maintained on a daily basis on servers physically located in India.

c. The Consolidated Balance Sheet, the Consolidated Statement of Profit and Loss (including other comprehensive income), Consolidated Statement of Changes in Equity and the Consolidated Cash Flow Statement dealt with by this Report are in agreement with the relevant books of account maintained for the purpose of preparation of the consolidated financial statements.

d. In our opinion, the aforesaid consolidated financial statements comply with the Indian Accounting Standards specified under Section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015 as amended including the Companies (Indian Accounting Standards) Amendment Rules, 2019.

e. On the basis of the written representations received from the directors of the Holding Company as on March 31, 2025 taken on record by the Board of Directors of the Holding Company and the reports of the statutory auditor of its subsidiaries incorporated in India, none of the directors of the Group companies incorporated in India is disqualified as on March 31, 2025 from being appointed as a director in terms of Section 164 (2) of the Act.

f. With respect to the adequacy of the internal financial controls with reference to financial statements of the Holding Company and its subsidiaries incorporated in India and the operating effectiveness of such controls, refer to our separate Report in "Annexure A”.

g. With respect to the other matters to be included in the Auditors Report in accordance with the requirements of section 197 (16) of the Act, as amended, in our opinion and to the best of our information and according to the explanations given to us, the remuneration paid by the Holding Company and the subsidiaries which are incorporated in India to its directors during the year is in accordance with the provisions of section 197 (16) of the Act.

h. With respect to the other matters to be included in the Auditors Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:

i. The Group has disclosed the impact of pending litigations on its financial position in its consolidated financial statements - Refer Notes to the Consolidated Financial Statements.

ii. The group did not have any material foreseeable losses on long-term contracts including derivative contracts during the year ended 31st March 2025.

iii. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Holding Company and the subsidiaries which are incorporated in India.

iv. a) The management has represented that to the

best of its knowledge or belief, other than as disclosed in the notes to the consolidated financial Statements, no funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Group companies to or in any other persons or entities including foreign entities (intermediaries) with the understanding, whether recorded in writing or otherwise, that the intermediary shall, whether directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Group (ultimate beneficiaries) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;

b) The management has represented that to the best of its knowledge or belief, other than as disclosed in the notes to the consolidated financial Statements, no funds have been received by the Group companies from any other person(s) or entity(ies) including foreign entities (funding parties) with the understanding, whether recorded in writing or otherwise, that the Group shall, whether directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the funding party (ultimate beneficiaries) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;

c) Based on the audit procedures considered reasonable and appropriate in the circumstances carried out by us, nothing has come to our notice that has caused us to believe that the representation under clause (iv-a) & (iv-b) contain any material misstatements.

v. The Company has not declared and paid dividend during the year.

vi. Based on our examination which included test checks, performed by us on the company and its subsidiaries incorporated in India audited by us and on the basis of the reports of the other auditors of certain subsidiaries incorporated in India audited by the other auditors, we report that, these companies have used accounting software for maintaining their respective books of account for the financial year ended March 31, 2025 which has a feature of recording audit trail (edit log) facility and same has operated throughout the year for all relevant transactions recorded in software. Further, during the course of audit, we have not come across any instance of audit trail feature being tampered with and the audit trail has been preserved by the company as per the statutory requirements for record retention.

With respect to the matters specified in paragraphs 3(xxi) and 4 of the Companies (Auditors Report) Order, 2020 (the "Order”/ "CARO”) issued by the Central Government in terms of Section 143(11) of the Act, to be included in the Auditors report, according to the information and explanations given to us, and based on the CARO reports issued by us for the holding Company, subsidiaries and by other auditors of its subsidiaries incorporated in India included in the consolidated financial statements of the Group, to which reporting under CARO is applicable, we report that there are no qualifications or adverse remarks in these CARO reports except as mentioned below -

Name of group company	CARO Clause No.
Beta Wind Farm Private Limited	3 (i) (c)
Orient Green Power Company Limited	3 (vii) (b)
Gamma Green Power Private Limited	3 (i) (c)
Clarion Wind Farm Private Limited	3 (i) (c)
	3 (vii) (b)
Bharath Wind Farm Limited	3 (vii) (b)

For G. D. Apte & Co., Chartered Accountants Firm Registration Number: 100 515W UDIN: 25113053BMONJQ9067

	Umesh S. Abhyankar
Pune,	Partner
April 30, 2025	Membership Number: 113053

XSP Orient Green Power Company Limited

Annexure A to the Independent Auditors Report of Even Date on the Consolidated Financial Statements of Orient Green Power Company Limited - Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 ("the Act")

To The Members of

Orient Green Power Company Limited

In conjunction with our audit of the consolidated financial statements of Orient Green Power Company Limited as at

and for the year ended March 31, 2025, we have audited the internal financial controls over financial reporting of Orient Green Power Company Limited (hereinafter referred to as the "Holding Company”) and its subsidiaries (the Holding Company and its subsidiaries together referred to as "the Group”) which are companies incorporated in India, as at that date.

Managements Responsibility for Internal Financial Controls

The respective Board of Directors of the Holding Company and its subsidiaries, which are companies incorporated in India, are responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Holding Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting ("the Guidance Note”) issued by the Institute of Chartered Accountants of India (ICAI). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to the Companys policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Act.

Auditors Responsibility

Our responsibility is to express an opinion on the companys internal financial controls over financial reporting with reference to these consolidated Ind AS financial statements based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the "Guidance Note”) and the Standards on Auditing, both, issued by the Institute of Chartered Accountants of India, and deemed to be prescribed under section 143(10) of the Act, to the extent applicable to an audit of internal financial controls. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain

reasonable assurance about whether adequate internal financial controls over financial reporting with reference to these consolidated Ind AS financial statements was established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls over financial reporting with reference to these consolidated Ind AS financial statements and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting with reference to these consolidated Ind AS financial statements, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditors judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.

We believe that the audit evidence we have obtained and the audit evidence obtained by the other auditors in terms of their reports referred to in the Other Matters paragraph below, is sufficient and appropriate to provide a basis for our audit opinion on the internal financial controls over financial reporting with reference to these consolidated Ind AS financial statements.

Meaning of Internal Financial Controls over Financial Reporting with Reference to these Consolidated Ind AS Financial Statements

A companys internal financial control over financial reporting with reference to these consolidated Ind AS financial statements is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A companys internal financial control over financial reporting with reference to these consolidated Ind AS financial statements includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of

the companys assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting with Reference to these Consolidated Ind AS Financial Statements

Because of the inherent limitations of internal financial controls over financial reporting with reference to consolidated Ind AS financial statements, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting with reference to these consolidated Ind AS financial statements to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion, the Holding Company and its subsidiaries which are companies incorporated in India have maintained in all material respects, an adequate internal financial controls system over financial reporting with reference to these consolidated Ind AS financial statements and such internal financial controls over financial reporting were operating

effectively as at March 31, 2025, based on the internal control over financial reporting criteria established considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the ICAI.

Other Matter

Our report under Section 143(3)(i) of the Act on the adequacy and operating effectiveness of the internal financial controls over financial reporting with reference to consolidated financial statements in so far as it relates to certain subsidiaries not audited by us and which are companies incorporated in India is based on the corresponding reports of the auditors of such subsidiaries incorporated in India.

Our opinion is not modified in respect of the above matter.

For G. D. Apte & Co., Chartered Accountants Firm Registration Number: 100 515W UDIN: 25113053BMONJQ9067

	Umesh S. Abhyankar
Pune,	Partner
April 30, 2025	Membership Number: 113 053

#ARCEnd#

#NACStart#

>Notes forming part of consolidated financial statements for the year ended March 31, 2025

(All amounts are in Indian Rupees in lakhs unless otherwise stated)

1. Corporate Information

Orient Green Power Company Limited (OGPL) ("the Company") together with its subsidiaries collectively referred to as "the Group". The Group is engaged in the business of generation and sale of power using renewable energy sources i.e., wind energy. The company is having its registered office at Fourth floor, Bascon Futura SV IT Park, No.10/1, Venkatanarayana Road, T. Nagar, Chennai - 600017.

The Companys shares are listed on BSE Limited and National Stock Exchange of India Limited.

2. Applicability of new and revised Ind AS

All the Indian Accounting Standards issued and notified by the Ministry of Corporate Affairs under the Companies (Indian Accounting Standards) Rules , 2015 (as amended from time to time) till the financial statements are authorized have been considered in preparing these consolidated financial statements.

3. Material Accounting Policies

3.1 Statement of compliance

These consolidated financial statements of the Group have been prepared in accordance with Indian Accounting Standards ("Ind AS”) prescribed under Section 133 of Companies Act, 2013 read with the Companies (Indian Accounting Standards) Rules as amended from time to time. The accounting policies as set out below have been applied consistently to all years presented in these consolidated financial statements except where a newly issued accounting standard is initially adopted or a revision to an existing accounting standard requires a change in the accounting policy hitherto in use.

Amounts in the consolidated financial statements are presented in Indian Rupees in Lakhs as permitted by Schedule III to the Companies Act, 2013. Per share data is presented in Indian Rupees.

3.2 Basis of preparation and presentation

The consolidated financial statements have been prepared on the historical cost basis except for certain financial instruments that are measured at fair values at the end of each reporting period, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for goods and services.

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. In estimating the fair value of an asset or a liability, the Group takes into account the characteristics of the asset or liability if market participants would take those characteristics into account when pricing the asset or liability at the measurement date. Fair value for measurement and/or disclosure purposes in these Consolidated Financial Statements is determined on such a basis.

I n addition, for financial reporting purposes, fair value measurements are categorised into Level 1, 2, or 3 based on the degree to which the inputs to the fair value measurements are observable and the significance of the inputs to the fair value measurement in its entirety, which are described as follows:

• Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date;

• Level 2 inputs are inputs, other than quoted prices included within Level 1, that are observable for the asset or liability, either directly or indirectly; and

• Level 3 inputs are unobservable inputs for the asset or liability

When measuring the fair value of an asset or a liability, the Group uses observable market data as far as possible. If the inputs used to measure the fair value of an asset or a liability fall into different levels of the fair value hierarchy, then the fair value measurement is categorised in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement.

The material accounting policies are set out below:

3.3 Basis of Consolidation

Notes to these Consolidated Financial Statements are intended to serve as a means of informative disclosure and a guide to better understanding of the consolidated position of the companies. Considering this purpose, the Company has disclosed only such Notes from the individual Financial Statements, which:

• are necessary for presenting a true and fair view of the Consolidated Financial Statements,

• the notes involving items, which are considered to be material.

These consolidated financial statements incorporate the financial statements of the Company and its subsidiaries. Subsidiaries are entities controlled by the Company. Control is achieved when the Company:

• has power over the investee;

• i s exposed, or has rights, to variable returns from its involvement with the investee; and

• has ability to use its power to affect its returns

The Company reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above.

When the Company has less than a majority of the voting rights of an investee, it has power over the investee when the voting rights are sufficient to give it the practical ability to direct the relevant activities of the investee unilaterally. The Company considers all relevant facts and circumstances in assessing whether or not the Companys voting rights in an investee are sufficient to give it power, including:

• the size of the Companys holding of voting rights relative to the size and dispersion of holding of the other vote holders;

• potential voting rights held by the Company, other vote holders or other parties, if any;

• rights arising from other contractual

arrangements; and

• any additional facts and circumstances that indicate that the Company has, or does not have, the current ability to direct the relevant activities at the time that decisions need to be made, including voting patterns at previous shareholders meetings.

Consolidation of a subsidiary begins when the Company obtains control over the subsidiary and ceases when the Company loses control of the subsidiary. Specifically, income and expenses of a subsidiary acquired or disposed of during the year are included in the

consolidated statement of profit and loss from the date the Company gains control until the date the Company ceases to control the subsidiary.

The Consolidated Financial Statements have been prepared using uniform accounting policies for like transactions and other events in similar circumstances are presented to the extent possible, in the same manner as the Companys separate financial statements except otherwise stated. When necessary, adjustments are made to the financial statements of subsidiaries to bring them in line with the Groups accounting policies.

The Consolidated Financial Statements have been prepared by combining the financial statements of the company and its subsidiaries on a line-by-line basis by adding together the book values of like items of assets, liabilities, income and expenses after eliminating in full intra-group balances, intra-group transactions and unrealized profits. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Non-controlling interest represents the proportion of income, other comprehensive income and net assets in subsidiaries that is not attributable to the Companys shareholders. Considering the business model adopted by the Indian subsidiaries engaged in wind power generation, their profits/losses are absorbed by the company.

Profit or loss and each component of other comprehensive income are attributed to the shareholders of the company and to non-controlling interests. Total comprehensive income of subsidiaries is attributed to the shareholders of the Company and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance.

In case Group loses control of a subsidiary on its disposal, the difference between the proceeds from disposal of investments in a subsidiary and the carrying amount of its net assets as on the date of disposal is recognized in the Consolidated Statement of Profit and Loss.

The following are the list of direct and step down subsidiaries of the Company that are consolidated:

Notes forming part of consolidated financial statements for the year ended March 31, 2025

(All amounts are in Indian Rupees in lakhs unless otherwise stated)

Sl. NO Name of the Subsidiary	Principal Activity	Country of Incorporation	Relationship	Effective Ownership Interest as at
				March 31, 2025	March 31, 2024
1 Beta Wind farm Private Limited	Generation and sale of power from Renewable energy sources	India	Subsidiary	74%	74%
2 Bharath Wind Farm Limited	Generation and sale of power from Renewable energy sources	India	Subsidiary	100%	100%
3 Clarion Wind Farm Private Limited	Generation and sale of power from Renewable energy sources	India	Subsidiary of Bharath Wind Farm Limited	72%	72%
4 Gamma Green Power Private Limited	Generation and sale of power from Renewable energy sources	India	Subsidiary	73%	73%
5 Orient Green Power Europe B.V.	Generation and sale of power from Renewable energy sources	Netherlands	Subsidiary	100%	100%
6 Vjetro Elektrana Crno Brdo d.o.o.	Generation and sale of power from Renewable energy sources	Croatia	Subsidiary of Orient Green Power (Europe) B.V.	51%	51%
7 Orient Green Power d.o.o.	Generation and sale of power from Renewable energy sources	Macedonia		64%	64%
8 Amrit Environmental Technologies Private Limited (Refer note below)	Generation and sale of power from Renewable energy sources	India	Subsidiary	74%	74%
9 Delta Renewable Energy Private Limited	Generation and sale of power from Renewable energy sources	India	Subsidiary	100%	100%

Note

These consolidated financial statements include one of the subsidiaries viz. Amrit Environmental Technologies Pvt. Ltd (AETPL), whose financial statements were prepared by the Management on the basis other than that of going concern.

3.4 Business Combination

Acquisitions of businesses are accounted for using the acquisition method. In this method, acquirers identifiable assets, liabilities and contingent liabilities that meet condition for recognition are recognized at their fair values as at the acquisition date. The cost of acquisition also include the fair value of contingent consideration, if any. Such contingent consideration is measured at fair value at each reporting date. Acquisition related costs are generally recognised in consolidated statement of profit and loss as incurred.

Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any noncontrolling interest in the acquiree and the fair value of the acquirers previously held equity interest in the acquiree (if any) over the net amounts of the identifiable assets acquired and the liabilities assumed on the acquisition-date.

Any excess of the Groups share of the net fair value of the identifiable assets and liabilities over the sum of the consideration transferred, the amount of any

non-controlling interest in the acquiree, and the fair value of the acquirers previously held equity interest in the acquiree (if any) cost of the investment, after reassessment, is recognised directly in equity as capital reserve in the period in which the investment is acquired.

Non Controlling Interests that are present ownership interests and entitle their holders to a proportionate share of the entitys net assets in the event of liquidation is measured at the non controlling interests proportionate share of the recognised amounts of the acquirees identifiable net assets.

Initially, Non controlling interest is measured at proportionate share of the recognised amounts of the acquirees identifiable net assets.

When a business combination is achieved in stages, the Groups previously held equity interest in the acquiree is remeasured to its acquisition-date fair value and the resulting gain or loss, if any, is recognised in consolidated statement of profit and loss. Amounts arising from interests in the acquiree prior to the acquisition date that have previously been recognised in other comprehensive income are reclassified to consolidated statement of profit and loss where such treatment would be appropriate if that interest were disposed of.

3.5 Goodwill

Goodwill arising on an acquisition of a business is carried at cost as established at the date of acquisition of the business (see note 3.4 above) less accumulated impairment losses, if any.

For the purposes of impairment testing, goodwill is allocated to each of the Groups cash-generating units that is expected to benefit from the synergies of the combination.

A cash-generating unit to which goodwill has been allocated is tested for impairment annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than its carrying amount, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro rata based on the carrying amount of each asset in the unit. Any

impairment loss for goodwill is recognised directly in consolidated statement of profit and loss. An impairment loss recognised for goodwill is not reversed in subsequent periods.

On disposal of the relevant cash-generating unit, the attributable amount of goodwill is included in the determination of the profit or loss on such disposal.

3.6 Inventories

Raw materials and stores and spares are stated at the lower of cost and net realisable value. Costs of inventories are determined on a weighted average basis and includes all direct costs incurred in bringing such inventories to their present location and condition. Net realisable value represents the estimated selling price for inventories less all estimated costs of completion and costs necessary to make the sale.

Due allowance is made to the carrying amount of inventory based on Managements assessment/ technical evaluation and past experience of the Group taking into account its age, usability, obsolescence, expected realisable value etc.

3.7 Cash Flow Statement

Cash flows are reported using the indirect method, whereby profit before tax is adjusted for the effects of transactions of non-cash nature, any deferrals or accruals of past or future operating cash receipts or payments and item of income or expenses associated with investing or financing cash flows. The cash flows are segregated into operating, investing and financing activities.

Cash and cash equivalents in the balance sheet comprise cash at banks and on hand and short-term deposits with original maturity of three months or less, which are subject to an insignificant risk of changes in value. In the Consolidated Statement of Cash Flows, cash and cash equivalents consist of cash and short term deposits, as defined above, net of outstanding bank overdrafts, if any, as they are considered as integral part of the Companys cash management.

3.8 Taxation

Income tax expense represents the sum of the current tax and deferred tax.

3.8.1 Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit before tax as reported in the consolidated statement of profit and loss because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Groups current tax is calculated using tax rates and laws that have been enacted or substantively enacted by the end of the reporting period.

3.8.2 Deferred tax

Deferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities in the consolidated financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised.

Deferred tax liabilities are recognised for taxable temporary differences associated with investment in subsidiaries, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences associated with such interests are recognised only to the extent that it is probable that there will be sufficient taxable profits against which to utilise the benefits of the temporary differences and they are expected to reverse in the foreseeable future.

The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the deferred tax assets to be utilized.

Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the period in which the liability would be settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Group expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

3.8.3 Current and deferred tax for the year

Current and deferred tax expense is recognised in the Consolidated Statement of Profit and Loss. When they relate to items that are recognised in other comprehensive income or directly in equity, the current and deferred tax are also recognised in other comprehensive income or directly in equity respectively.

3.9 Property, Plant and Equipment (PPE)

Property, plant and equipment are carried at cost less accumulated depreciation and impairment losses, if any. The cost of property, plant and equipment comprises the purchase price net of any trade discounts and rebates, any import duties and other taxes (other than those subsequently recoverable) and includes interest on borrowings attributable to acquisition of qualifying property, plant and equipment up to the date the asset is ready for its intended use and other incidental expenses incurred up to that date. Subsequent expenditure relating to property, plant and equipments is capitalised only if such expenditure results in an increase in the future benefits from such asset beyond its previously assessed standard of performance.

Property, plant and equipment acquired and put to use for project purpose are capitalised and depreciation thereon is included in the project cost till the project is ready for its intended use.

Any part or components of property, plant and equipment which are separately identifiable and expected to have a useful life which is different from that of the main assets are capitalised separately, based on the technical assessment of the management.

Projects under which assets are not ready for their intended use and other capital work-in-progress are carried at cost, comprising direct cost, related incidental expenses and attributable interest.

Property, plant and equipment retired from active use and held for sale are stated at the lower of their net book value and net realisable value and are disclosed separately.

Capital work in progress represents projects under which the property, plant and equipments are not yet ready for their intended use and are carried at cost determined as aforesaid.

3.10 Depreciation

Depreciation on property, plant and equipment is provided pro-rata for the periods of use on the straightline method at the rates specified in Schedule II to the Companies Act, 2013 except in respect of certain assets mentioned below which are provided for at the rates based on the estimated useful lives of the assets, as determined by the Management.

Plant and Equipment in the nature of Electrical equipment including transmission facilities are depreciated over a period of 22 to 27 years considering the nature of the facilities and technical evaluation.

I ndividual assets costing less than Rs. 5,000 each are depreciated in the year of purchase considering the type and usage pattern of these assets.

Leasehold improvements are depreciated over the primary lease period.

Depreciation is accelerated on property, plant and equipment, based on their condition, usability, etc. as per the technical estimates of the Management, where necessary.

Buildings and Plant and Machinery developed on land/ plot obtained on a lease arrangement are depreciated over the term of the arrangement or the useful life of the asset, whichever is lower.

3.11 Intangible assets

I ntangible assets are carried at cost less accumulated amortisation and impairment losses, if any.

Intangible assets with finite useful lives that are acquired separately are carried at cost less accumulated amortisation and accumulated impairment losses. Amortisation is recognised on a straight line basis over the estimated useful lives. The estimated useful life and amortisation method are reviewed at the end of each reporting period, with the effect of any changes in estimate being accounted for on prospective basis.

An Intangible asset is derecognised on disposal or when no future economic benefits are expected from use or disposal. Gains or losses arising from derecognition of an intangible asset is measured as the difference

between the net disposal proceeds and the carrying amount of the asset and is recognised in the statement of profit and loss.

3.12 Leases

A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.

Company as a lessee

The Company accounts for each lease component within the contract as a lease separately from nonlease components of the contract and allocates the consideration in the contract to each lease component on the basis of the relative standalone price of the lease component and the aggregate standalone price of the non-lease components.

The Company recognises right-of-use asset representing its right to use the underlying asset for the lease term at the lease commencement date. The cost of the right-of-use asset measured at inception shall comprise of the amount of the initial measurement of the lease liability adjusted for any lease payments made at or before the commencement date less any lease incentives received, plus any initial direct costs incurred and an estimate of costs to be incurred by the lessee in dismantling and removing the underlying asset or restoring the underlying asset or site on which it is located. The right-of-use assets is subsequently measured at cost less any accumulated depreciation, accumulated impairment losses, if any and adjusted for any remeasurement of the lease liability. The right-of- use assets is depreciated using the straight line method from the commencement date over the shorter of lease term or useful life of right-of-use asset. The estimated useful lives of right-of-use assets are determined on the same basis as those of property, plant and equipment. Right of- use assets are tested for impairment whenever there is any indication that their carrying amounts may not be recoverable. Impairment loss, if any, is recognised in the statement of profit and loss.

The Company measures the lease liability at the present value of the lease payments that are not paid at the commencement date of the lease. The lease payments are discounted using the interest rate implicit in the lease, if that rate can be readily determined. If that rate cannot be readily determined, the Company uses incremental borrowing rate. For leases with

reasonably similar characteristics, the Company, on a lease by lease basis, may adopt either the incremental borrowing rate specific to the lease or the incremental borrowing rate for the portfolio as a whole. The lease payments shall include fixed payments, variable lease payments, residual value guarantees, exercise price of a purchase option where the Company is reasonably certain to exercise that option and payments of penalties for terminating the lease, if the lease term reflects the lessee exercising an option to terminate the lease. The lease liability is subsequently remeasured by increasing the carrying amount to reflect interest on the lease liability, reducing the carrying amount to reflect the lease payments made and remeasuring the carrying amount to reflect any reassessment or lease modifications or to reflect revised in-substance fixed lease payments.

The Company recognises the amount of the remeasurement of lease liability due to modification as an adjustment to the right-of-use asset and statement of profit and loss depending upon the nature of modification. Where the carrying amount of the rig ht- of-use asset is reduced to zero and there is a further reduction in the measurement of the lease liability, the Company recognises any remaining amount of the remeasurement in the statement of profit and loss.

The Company has elected not to apply the requirements of Ind AS 116 Leases to short term leases of all assets that have a lease term of 12 months or less and leases for which the underlying asset is of low value. The lease payments associated with these leases are recognised as an expense on a straight line basis over the lease term.

The Company chose to present Right-of-use assets along with the property plant and equipment, as if they were owned.

Company as a lessor

At the inception of the lease the Company classifies each of its leases as either an operating lease or a finance lease. The Company recognises lease payments received under operating leases as income on a straight line basis over the lease term. In case of a finance lease, finance income is recognised over the lease term based on a pattern reflecting a constant periodic rate of return on the lessors net investment in the lease. When the Company is an intermediate lessor it accounts for its

interests in the head lease and the sublease separately. It assesses the lease classification of a sub-lease with reference to the right-of-use asset arising from the head lease, not with reference to the underlying asset. If a head lease is a short term lease to which the Company applies the exemption described above, then it classifies the sub-lease as an operating lease.

If an arrangement contains lease and non-lease components, the Company applies Ind AS 115 Revenue from contracts with customers to allocate the consideration in the contract.

Company as a lessee

Operating leases

For transition, the Company has elected not to apply the requirements of Ind AS 116 to leases which are expiring within 12 months from the date of transition by class of asset and leases for which the underlying asset is of low value on a lease-by-lease basis. The Company has also used the practical expedient provided by the standard when applying Ind AS 116 to leases previously classified as operating leases under Ind AS 17 and therefore, has not reassessed whether a contract, is or contains a lease, at the date of initial application, relied on its assessment of whether leases are onerous, applying Ind AS 37 immediately before the date of initial application as an alternative to performing an impairment review, excluded initial direct costs from measuring the rightof-use asset at the date of initial application and used hindsight when determining the lease term if the contract contains options to extend or terminate the lease. The Company has used a single discount rate to a portfolio of leases with similar characteristics.

3.13 Revenue recognition

Revenue from Operations- Sale of Power

The group derives revenue primarily from Sale of power.

Revenue from the sale of power is recognised on the basis of the number of units of power exported, in accordance with joint meter readings undertaken on a monthly basis by representatives of the State Electricity Board and the Group, at rates agreed upon with customers and when there is no uncertainty in realising the same. Transmission, System Operating and Wheeling/Other Charges payable to State Electricity Boards on sale of power is reduced from Revenue.

Revenue from the end of the last invoicing to the reporting date is recognized as unbilled revenue and are classified as contract assets.

The group accounts for volume discounts and pricing incentives to customers as a reduction of revenue based on the ratable allocation of the discounts/ incentives to each of the underlying performance obligation that corresponds to the progress by the customer towards earning the discount/ incentive.

Other Operating Revenues

a. Renewable Energy Certificate (REC) Income

I ncome arising from REC is initially recognised in respect of the number of units of power exported at the minimum expected realisable value, determined based on the rates specified under the relevant regulations duly considering the entitlements as per the policy, industry specific developments, Management assessment etc and when there is no uncertainty in realising the same. The difference between the amount recognised initially and the amount realised on sale of such RECs at the Power Exchange are accounted for as and when such sale happens.

The issuance fee incurred for registering the RECs are reduced from the REC income.

b. Others

(i) Income in the form of Generation Based Incentives are accounted for in the year of generation for eligible units when there is no uncertainty in receiving the same.

(ii) Revenue from windmill operations and maintenance services is recognized based on time elapsed mode and revenue is pro rated over the period for which service is performed.

The Group presents revenues net of indirect taxes in its consolidated statement of Profit and loss.

Other Income

(i) Dividend from investments is recognised when the shareholders right to receive payment is established and it is probable that the economic benefits will flow to the Group and the amount can be measured reliably.

(ii) Interest income from a financial asset is recognised when it is probable that the economic benefits will flow to the Group and the amount of income can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding and the effective rate of interest applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that assets net carrying amount on initial recognition.

(iii) I nsurance claims are accounted for on the basis of claims admitted/expected to be admitted and to the extent that the amount recoverable can be measured reliably and it is reasonable to expect ultimate collection.

3.14 Employee Benefits

Employee benefits are accrued in the period in which the associated services are rendered by employees of the Group, as detailed below:

Defined contribution plans

The Groups contribution to State Governed provident fund scheme, Employee State Insurance scheme and Employee pension scheme are considered as defined contribution plans and expenses are recognized in the Consolidated Statement of Profit and Loss based on the amount of contribution required to be made and when services are rendered by the employees.

Defined benefit plans

The cost of the defined benefit plans and the present value of the defined benefit obligation are recognized based on actuarial valuation using the projected unit credit method. An actuarial valuation involves making various assumptions that may differ from actual developments in the future. These include the determination of the discount rate, future salary increases and mortality rates. Due to the complexities

involved in the valuation and its long term nature, a defined benefit obligation is highly sensitive to changes in these assumptions. All assumptions are reviewed at each reporting date.

The Group accrues for liability towards Gratuity which is a defined benefit plan. The present value of obligation under such defined benefit plan is determined based on actuarial valuation as at the balance sheet date, using the Projected Unit Credit Method. Actuarial gains and losses are recognized in the Consolidated Statement of Other comprehensive income in the period in which they occur and are not deferred.

In accordance with Indian law, the company and its subsidiaries in India operate a scheme of gratuity which is a defined benefit plan. The gratuity plan provides for a lump sum payment to vested employees at retirement, death while in employment or on termination of employment of an amount equivalent to 15 days salary payable for each completed year of service. Vesting occurs upon completion of five continuous years of service. The group formed gratuity trusts for making the contributions. These contributions are classified as plan assets and the corpus is managed by the Life Insurance Corporation of India.

The plan assets are adjusted against the gratuity liability. Any excess of Plan assets over the liability is grouped under non-current/current assets respectively.

Short Term employee benefits

Short term employee benefits at the Balance Sheet date, including short term compensated absences, are recognized as an expense as per the Groups scheme based on expected obligations on an undiscounted basis.

Long term employee benefits

The Groups accounts for its liability towards long term compensated absences based on the actuarial valuation done as at the Balance Sheet date by an independent actuary using the Projected Unit Credit Method.

All gains/losses due to actuarial valuations are immediately recognized in the Consolidated Statement of profit and loss.

3.15 Foreign Currencies

I tems included in the financial statements of each of the Groups entities are measured using the currency of

the primary economic environment in which the entity operates (the "functional currency”). The consolidated financial statements are presented in Indian Rupees, which is the Companys functional currency and the Groups presentation currency.

In preparing the financial statements of each individual group entity, transactions in currencies other than the respective entities functional currency (foreign currencies) are recognised at the rates of exchange prevailing at the dates of the transactions. At the end of each reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing at that date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing at the date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated.

Exchange differences on monetary items are recognised in the consolidated statement of profit and loss in the year in which they arise except for exchange differences on foreign currency borrowings relating to assets under construction for future productive use, which are included in the cost of those assets when they are regarded as an adjustment to interest costs on those foreign currency borrowings.

Assets and liabilities of entities with functional currency other than presentation currency are translated to the presentation currency (INR) using closing exchange rates prevailing on the last day of the reporting period. Income and expense items are translated using average exchange rates for the period. Exchange differences arising, if any, are recognized in other comprehensive income and accumulated in equity as "Foreign currency translation reserve".

3.16 Borrowing Costs

Borrowing costs specifically identified to the acquisition or construction of qualifying assets are capitalized as part of such assets. A qualifying asset is one that necessarily takes a substantial period of time to get ready for the intended use. All other borrowing costs are charged to the consolidated statement of profit and loss.

Capitalisation of borrowing costs is suspended and charged to the consolidated statement of profit and

loss during extended periods when active development activity on the qualifying assets is interrupted.

Interest income earned on temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalization. Borrowing costs that are not directly attributable to a qualifying asset are recognised in the consolidated statement of profit and loss using the Effective Interest Rate (EIR) method.

3.17 Financial instruments

Financial assets and financial liabilities are recognised when the group becomes a party to the contractual provisions of the instruments.

Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognised immediately in the consolidated statement of profit and loss.

3.18 Financial assets

All regular way purchases or sales of financial assets are recognised and derecognised on a trade date basis. Regular way purchases or sales are purchases or sales of financial assets that require delivery of assets within the time frame established by regulation or convention in the marketplace.

All recognised financial assets are subsequently measured in their entirety at either amortised cost or fair value, depending on the classification of the financial assets.

3.18.1 Classification of financial assets

Debt instruments that meet the following conditions are subsequently measured at amortised cost (except for debt instruments that are designated as at fair value through consolidated statement of profit and loss on initial recognition):

• the asset is held within a business model whose objective is to hold assets in order to collect contractual cash flows; and

• the contractual terms of the instrument give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

Debt instruments that meet the following conditions are subsequently measured at fair value through other comprehensive income (except for debt instruments that are designated as at fair value through profit or loss on initial recognition) :

• the asset is held within a business model whose objective is achieved both by collecting contractual cash flows and selling financial assets; and

• the contractual terms of the instrument give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

All other financial assets are subsequently measured at fair value.

3.18.2 Amortised cost and Effective Interest Rate method

The effective Interest Rate method is a method of calculating the amortised cost of a debt instrument and of allocating interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts (including all fees and amounts paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the debt instrument, or, where appropriate, a shorter period, to the net carrying amount on initial recognition.

Income is recognised on an effective interest basis for debt instruments other than those financial assets classified as at FVTPL. Interest income is recognised in consolidated statement of profit and loss and is included in the "Other income” line item.

3.18.3 Investments in equity instruments

On initial recognition, the Group can make an irrevocable election (on an instrument-by-instrument basis) to present the subsequent changes in fair value in other comprehensive income pertaining to investments in

equity instruments. Investments in subsidiaries held in the course of business are measured at fair value through profit or loss. The related accounting treatment is discussed in detail in the relevant sections below. This election is not permitted if the equity investment is held for trading. These elected investments are initially measured at fair value plus transaction costs. Subsequently, they are measured at fair value with gains and losses arising from changes in fair value recognised in other comprehensive income and accumulated in the Reserve for equity instruments through other comprehensive income. The cumulative gain or loss is not reclassified to consolidated statement of profit and loss on disposal of the investments.

A financial asset is held for trading if:

• It has been acquired principally for the purpose of selling it in the near term; or

• On initial recognition it is part of a portfolio of identified financial instruments that the Group manages together and has a recent actual pattern of short-term profit-taking; or

• It is a derivative that is not designated and effective as a hedging instrument or a financial guarantee.

Changes in the carrying amount of investments in equity instruments at FVTOCI relating to changes in foreign currency rates are recognised in other comprehensive income.

3.18.4 Financial assets at FVTPL

Financial assets are measured at fair value through profit or loss unless they are measured at amortised cost or at fair value through other comprehensive income on initial recognition. The transaction costs directly attributable to the acquisition of financial assets at fair value through profit or loss are immediately recognised in consolidated statement of profit and loss.

3.18.5 Impairment of financial assets

Loss allowance for expected credit losses is recognised for financial assets measured at amortised cost (or) fair value through other comprehensive income (or) fair

has not significantly increased since initial recognition, loss allowance equal to twelve months expected credit losses is recognised.

I n accordance with Ind AS 109 - Financial Instruments, the Group follows simplified approach for recognition of impairment loss allowance on trade receivables wherein impairment loss allowance based on lifetime expected credit loss at each reporting date, is recognized right from its initial recognition.

3.18.6 Derecognition of financial assets

The Group derecognises a financial asset when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another party. If the Group neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset, the Group recognises its retained interest in the assets and an associated liability for amounts it may have to pay. If the Group retains substantially all the risks and rewards of ownership of a transferred financial asset, the Group continues to recognise the financial asset and also recognises a collateralised borrowing of the proceeds received.

3.19 Financial Liabilities and Equity Instruments

3.19.1 Classifications debt or equity

Financial liabilities and equity instruments issued by the Group are classified according to the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument.

3.19.2 Equity instruments

An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Equity instruments issued by the Group are recognized at the proceeds received, net of direct issue costs.

3.19.3 Financial liabilities

(i) Financial Liabilities

value through profit or loss, as the case may be.

Loss allowance equal to the lifetime expected credit losses is recognised if the credit risk on the financial instruments has significantly increased since initial recognition. For financial instruments whose credit risk

Trade and other payables are initially measured at fair value, net of transaction costs, and are subsequently measured at amortised cost, using the effective interest rate method. Interestbearing bank loans, overdrafts and issued

earnings per share is computed by dividing the net profit after tax by the weighted average number of equity shares considered for deriving basic earnings per share and also the weighted average number of equity shares that could have been issued upon conversion of all dilutive potential equity shares.

Further, the Basic and Diluted earnings per share attributable to the equity shareholders of the Holding Company are presented separately for continuing and discontinuing operations for the year.

3.21 Impairment of Assets

debt are initially measured at fair value and are subsequently measured at amortised cost using the effective interest rate method.

Any difference between the proceeds (net of transaction costs) and the settlement or redemption of borrowings is recognised over the term of the borrowings in accordance with the Groups accounting policy for borrowing costs.

(ii) Financial guarantee contracts

A financial guarantee contract is a contract that requires the issuer to make specified payments to reimburse the holder for a loss it incurs because a specified debtor fails to make payments when due in accordance with the terms of a debt instrument.

Financial guarantee contracts issued by the Group are initially measured at their fair values and, if not designated as at FVTPL, are subsequently measured at the higher of:

a. the amount of loss allowance determined in accordance with impairment requirements of Ind AS 109; and

b. the amount initially recognised less, when appropriate, the cumulative amount of income recognised in accordance with the principles of Ind AS 115.

(iii) Derecognition of financial liabilities

The Group derecognises financial liabilities when, and only when, the Groups obligations are discharged, cancelled or expired. The difference between the carrying amount of the financial liability derecognised and the consideration paid and payable is recognised in the consolidated statement of profit and loss.

3.19.4 Offsetting of financial assets and liabilities

Financial assets and financial liabilities are offset when the group has a legally enforceable right (not contingent on future events) to off-set the recognised amounts either to settle on a net basis, or to realise the assets and settle the liabilities simultaneously.

3.20 Earnings Per Share

Basic earnings per share are computed by dividing the net profit after tax by the weighted average number of equity shares outstanding during the period. Diluted

At the end of each balance sheet date, the Group assesses whether there is any indication that any Property, plant and equipment and intangible assets with finite lives may be impaired. If any such indication exists, the recoverable amount of the asset is estimated to determine the extent of the impairment, if any. When it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the cash generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in consolidated statement of profit and loss.

3.22 Provisions, Contingent Liabilities and Contingent Assets

Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, if it is probable that the Group will be required to settle the obligation, and a reliable estimate can be made out of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties

surrounding the obligation. When a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

Contingent assets are disclosed in the consolidated financial statements by way of notes to accounts when an inflow of economic benefits is probable.

Contingent liabilities are disclosed in the consolidated financial statements by way of notes to accounts, unless possibility of an outflow of resources embodying economic benefit is remote.

3.23 Non-Current assets held for sale

Non-current assets (including disposal groups) are classified as held for sale if their carrying amount will be recovered principally through a sale transaction rather than through continuing use and a sale is considered highly probable.

Non-current assets classified as held for sale are measured at lower of their carrying amount and fair value less cost to sell. Non-current assets classified as held for sale are not depreciated or amortised from the date when they are classified as held for sale. While designating the non-current assets as held for sale, the liabilities (if any) directly associated with these assets are identified classified separately under "Liabilities directly associated with assets classified as held for sale”.

Non-current assets classified as held for sale and the assets and liabilities of a disposal group classified as held for sale are presented separately from the other assets and liabilities in the Balance Sheet.

A discontinued operation is a component of the entity that has been disposed off or is classified as held for sale and:

• represents a separate major line of business or geographical area of operations and;

• i s part of a single co-ordinated plan to dispose of such a line of business or area of operations.

The results of discontinued operations are presented separately in the Consolidated Statement of Profit and Loss.

3.24 Operating Segment

Operating segments reflect the Groups management structure and the way the financial information is regularly reviewed by the Groups Chief Operating Decision Maker (CODM). The CODM considers the business from both business and product perspective based on the dominant source, nature of risks and returns and the internal organisation and management structure.

Ind AS 108 operating segment requires Management to determine the reportable segments for the purpose of disclosure in financial statements based on the internal reporting reviewed by the CODM to assess performance and allocate resource. The standard also requires Management to make judgments with respect to recognition of segments. Accordingly, the Group recognizes Generation of Power through Renewable Sources as its sole segment.

3.25 Operating Cycle for current and non-current classification

All assets and liabilities have been classified as current or non-current as per the Groups normal operating cycle and other criteria set out in notes to these consolidated financial statements. Based on the nature of products and services and the time between the acquisition of assets for processing and their realisation in cash and cash equivalents, the Group has ascertained its operating cycle as 12 months for the purpose of current and non-current classification of assets and liabilities.

4. Critical accounting assumptions

The preparation of Consolidated Financial Statements in conformity with Ind AS requires management to make judgements, estimates and assumptions, that affect the application of accounting policies and the reported amounts of assets and liabilities, disclosures of contingent liabilities at the date of the Consolidated Financial Statements and the reported amounts of revenue and expenses for the years presented. Actual results may differ from these estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected.

In particular, information about significant areas of estimation, uncertainty and critical judgments

in applying accounting policies that have the most significant effect on the amounts recognized in the Consolidated Financial Statements pertain to:

4.1 Useful lives of Property, Plant and Equipment and intangible assets

The Group has estimated useful life of each class of assets based on the nature of assets, the estimated usage of the asset, the operating condition of the asset, past history of replacement, anticipated technological changes, etc. The Group reviews the carrying amount of property, plant and equipment and intangible assets at the end of each reporting period. This reassessment may result in change in depreciation expense in future periods.

Depreciation on property, plant and equipment is provided pro-rata for the periods of use on the Straight Line Method (SLM) on the basis of useful life of the property, plant and equipment mandated by Part C of Schedule II of the Companies Act, 2013 or the useful life determined by the Group based on technical evaluation, whichever is lower, taking into account the nature of the asset, the estimated usage of the asset, the operating conditions of the asset, past history of replacement, maintenance support, as per details given below:

Description	Useful life
Property, Plant and Equipment- Wind energy generators	22 - 27 years
Buildings	30 years
Roads and civil structures	3-4 years
Furniture and Fixtures	10 years
Vehicles	10 years
Office Equipment	5 years
Computers	3 years
Other Plant & Equipments	3-5 years
Intangible assets - Software	3 years
Intangible assets - Technical know how	10 years

4.2 Impairment of tangible and intangible assets other than goodwill

Property, plant and equipment and intangible assets are tested for impairment when events occur or changes in circumstances indicate that the recoverable amount of the cash generating unit is less than its carrying value. The recoverable amount of cash generating units is

higher of value-in-use and fair value less cost to sell. The calculation involves use of significant estimates and assumptions which includes turnover and earnings multiples, growth rates and net margins used to calculate projected future cash flows, risk-adjusted discount rate, future economic and market conditions.

In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

At each Balance Sheet date, consideration is given to determine whether there is any indication of impairment of the carrying amount of the Groups assets. If any indication exists, estimation is made for the assets recoverable amount, which is the greater of the net selling price and the value in use. An impairment loss, if any, is recognized whenever the carrying amount of an asset exceeds the recoverable amount.

I mpairment losses of continuing operations, including impairment on inventories, if any, are recognized in the consolidated statement of profit and loss.

4.3 Application of interpretation for Service Concession Arrangements (SCA)

Management has assessed applicability of Appendix A of Indian Accounting Standards 11: Service Concession Arrangements for the power purchase agreement which the Group has entered into. In assessing the applicability of SCA, the management has exercised significant judgement in relation to the underlying ownership of the assets, the attached risks and rewards of ownership, residual interest and the fact that secondary lease periods are not at nominal lease rentals etc. in concluding that the arrangements dont meet the criteria for recognition as service concession arrangements.

4.4 Determining whether an arrangement contain leases and classification of leases

The Group enters into service / hiring arrangements for various assets / services. The determination of lease and classification of the service / hiring arrangement as a finance lease or operating lease is based on an assessment of several factors, including, but not limited to, transfer of ownership of leased asset at end of

lease term, lessees option to purchase and estimated certainty of exercise of such option, proportion of lease term to the assets economic life, proportion of present value of minimum lease payments to fair value of leased asset and extent of specialized nature of the leased asset.

4.5 Employee Benefits - Defined benefit obligation (DBO)

Managements estimate of the DBO is based on a number of critical underlying assumptions such as standard rates of inflation, medical cost trends, mortality, discount rate and anticipation of future salary increases. Variation in these assumptions may

significantly impact the DBO amount and the annual defined benefit expenses.

4.6 Events after the reporting period

Adjusting events are events that provide further evidence of conditions that existed at the end of the reporting period. The financial statements are adjusted for such events before authorization for issue.

Non-adjusting events are events that are indicative of conditions that arose after the end of the reporting period. Non-adjusting events after the reporting date are not accounted, but disclosed if material.

Note 5: Property, Plant and Equipment
	Tangible Assets												Intangible Assets
Particulars	Owned									Right-of-use Assets		Total Property,		Technical knowhow	Total Intangible Assets (5b)
	Land- Freehold	Buildings	Roads and Civil Structures	Plant and Equipment	Furniture and Fixtures	Vehicles	Office equipments	Computers	Other Plant & Equipments	Lease hold Land	Buildings	plant and equipment (5a)	Software
Gross Carrying Amount as at March 31,2023	16,178	44	94	2,05,492	30	49	33	53	-	5,592	177	2,27,742	17	1,023	1,040
Additions	22	-	64	2,064	-	24	3	9	-	632	4	2,822	1	-	1
Less: Other adjustments (Refer note-48.b)	-	-	-	-	-	-	-	-	-	(390)	-	(390)	-	-	-
Add/less: Effect of foreign currency translation from functional currency to reporting currency	-	-	-	72	-	-	-	-	-	-	-	72	-	-	-
Less:Disposals/Transfers/ Discarded	(365)	-	-	(1,519)	-	(1)	-	-	-	-	-	(1,885)	-	-	-
Gross Carrying Amount as at March 31,2024	15,835	44	158	2,06,109	30	72	36	62	-	5,834	181	2,28,361	18	1,023	1,041
Additions	470	-	129	548	2	22	2	8	7	855	-	2,043	16	-	16
Additions on account of reclassification from assets held for sale (Refer note 18.1)	93	-	-	4	-	-	-	-	-	-	-	97	-	-	-
Add/less: Effect of foreign currency translation from functional currency to reporting currency	-	-	-	279	-	-	-	-	-	-	-	279	-	-	-
Less:Disposals/Transfers/ Discarded (Refer Note 5.5 below)	(81)	-	-	-	-	-	(2)	(5)	-	-	-	(88)	-	-	-
Gross Carrying Amount as at March 31,2025	16,317	44	287	2,06,940	32	94	36	65	7	6,689	181	2,30,692	34	1,023	1,057
Accumulated Depreciation/ Amortisation
Balance as at March 31,2023	-	15	6	81,397	23	22	27	52	-	1,126	43	82,711	16	1,023	1,039
Depreciation/ Amortisation chargeduringtheyear	-	1	42	7,883	1	4	3	2	-	277	20	8,233	1	-	1
Less: Disposals/T ransfers/ Discarded	-	-	-	(638)	-	(1)	-	-	-	-	-	(639)	-	-	-
Add/less: Effect of foreign currency translation from functional currency to reporting currency	-	-	-	39	-	-	-	-	-	-	-	39	-	-	-
Balance as at March 31,2024	-	16	48	88,681	24	25	30	54	-	1,403	63	90,344	17	1,023	1,040

ANNUAL REPORT 2024-25

	Tangible Assets												Intangible Assets
Particulars	Owned									Right-of-use Assets		Total Property,		Technical knowhow	Total Intangible Assets (5b)
	Land- Freehold	Buildings	Roads and Civil Structures	Plant and Equipment	Furniture and Fixtures	Vehicles	Office equipments	Computers	Other Plant & Equipments	Lease hold Land	Buildings	plant and equipment (5a)	Software
Depreciation/ Amortisation chargeduring the year	-	1	56	7,943	2	6	2	4	1	324	20	8,359	5	-	5
Less: Disposals/T ransfers/ Discarded	-	-	-	-	-	-	(1)	(5)	-	-	-	(6)	-	-	-
Add/less: Effect of foreign currency translation from functional currency to reporting currency	-	-	-	145	-	-	-	-	-	-	-	145	-	-	-
Balance as at March 31,2025	-	17	104	96,769	26	31	31	53	1	1,727	83	98,842	22	1,023	1,045
Net Carrying Amount as at March 31,2024	15,835	28	110	1,17,428	6	47	6	8	-	4,431	118	1,38,017	1	-	1
Net Carrying Amount as at March 31,2025	16,317	27	183	1,10,171	6	63	5	12	6	4,962	98	1,31,850	12	-	12

Notes

5 .1 All the above assets, other than the right-of-use assets are owned by the group.

5.2 Depreciation, Amortisation and Impairment for the year comprises of the following

Particulars	For the year ended March 31, 2025	For the year ended March 31,2024
Depreciation / Amortisation on
(i) Continuing Operations
- Property, Plant and Eguipment	8,015	7,936
- Right-of-use Assets	344	297
- Intangible Assets	5	1
Total	8,364	8,234

5.3 During the year, the group tested the Plant and Eguipment of Operating subsidiaries for impairment. Such testing conducted by an independent technical expert and approved by the management did not result in any impairment losses.

5.A During the year, the group disposed certain vacant land parcels resulting in a profit (net) of Rs. 51 lakhs (Previous year Rs. 1,580 lakhs). In addition, during the previous year, one of the windmills owned by a subsidiary was identified with technical issues significantly affecting the generation. This windmill has been replaced with a machine of similar capacity and vintage, funded through the insurance claim proceeds. The old machine was scrapped resulting in a net loss of Rs.190 lakhs.

5.5 During the year, the group has written off the pathway rights associated with freehold land aggregating to 26.94 acres with a carrying value of Rs.30.13 lakhs.

5.6 There are no proceedings initiated or pending against the group for holding any benami property held under the Prohibition of Benami Property Transactions Act, 1988

5.7 There are no revaluations to the PPE/intangible assets of the group during the year/previous year.

Notes forming part of consolidated financial statements for the year ended March 31, 2025

(All amounts are in Indian Rupees in lakhs unless otherwise stated)

Note 6 : Capital Work in Progress

Particulars	As at March 31, 2025	As at March 31, 2024
Plant and machinery	968	1,004
Civil works	-	61
Total	968	1,065

Capital Work in Progress ageing as at March 31, 2025

Particulars	Amount in Capital Work in Progress for a period of				Total
	Less than 1 year	1-2 years	2-3 years	More than 3 years
Projects in progress	968	-	-	-	968
Projects temporarily suspended	-	-	-	-	-
Total	968	-	-	-	968

Capital Work in Progress ageing as at March 31, 2024

Particulars	Amount in Capital Work in Progress for a period of				Total
	Less than 1 year	1-2 years	2-3 years	More than 3 years
Projects in progress	1,065	-	-	-	1,065
Projects temporarily suspended	-	-	-	-	-
Total	1,065	-	-	-	1,065

Note:

a. Details of project that were not completed and over due as at balance sheet date: Nil

b. Details of projects exceeding cost compared to original plan- Nil.

c. During the FY 2022-23, the group initiated certain capital works in few identified windmills by replacing the existing

components with the state of the art technology. This is expected to improve the generation capacity in these wind mills. Note 7 : Loans-Non current

Particulars	As at March 31, 2025	As at March 31, 2024
(a) Loans Receivables considered good - Secured	-	-
(b) Loans Receivables considered good - Unsecured	-	-
(c) Loans Receivables which have significant increase in Credit Risk	-	-
(d) Loans Receivables - credit impaired	6,533	6,601
Less: Impairment Allowance	(6,533)	(6,601)
Total	-	-

Note: No loans or advances which are in the nature of loans have been granted by company/subsidiaries to promoters, directors and KMPs (as defined under the Companies Act, 2013) either severally or jointly with any other person.

Note 8 : Other Financial Assets - Non current

Particulars	As at March 31, 2025	As at March 31, 2024
(a) Security Deposits	570	353
Total	570	353

Note 9 : Non current Tax Assets

Particulars	As at March 31, 2025	As at March 31, 2024
(a) Advance Income Tax (Net of Provisions)	251	206
Total	251	206

Note 10 : Other Non Current Assets

Particulars	As at March 31, 2025	As at March 31, 2024
(a) Capital Advances	193	333
(b) Payment under Protest	100	-
Less: Allowance for credit losses	(35)	-
(c) Others	83	83
Total	341	416

Note 11 : Inventories (At lower of cost and net realizable value)

Particulars	As at March 31, 2025	As at March 31, 2024
(a) Stores & Spares	566	323
(b) Consumables	55	61
Total	621	384

11.1 Cost of Inventories

	Continuing Operations		Discontinued Operations
Particulars	For the year ended		For the year ended
	March 31, 2025	March 31, 2024	March 31, 2025	March 31, 2024
Cost of Stores, Spares and consumables	507	558	-	-

11.2 Mode of valuation of inventories has been stated in Note 3.6. Note 12 : Current Investments

Particulars	As at March 31, 2025	As at March 31, 2024
Designated as Fair value through Profit and loss (FVTPL) Investment in Mutual funds - Quoted (Refer note 12.1 below)	1,401
Total	1,401	-

12.1 The details of Investments in Mutual funds are given below

	As at March 31, 2025		As at March 31, 2024
Particulars	Holding (in units)	Fair Value	Holding (in units)	Fair Value
LIC MF Liquid Fund-Direct-Growth	1,325	62	-	-
LIC MF Ultra Short Duration Fund-Direct-Growth	1,931	26	-	-
Shriram-Overnight Fund-Direct-Growth	87,85,299	1,036	-	-
UTI-Liquid Fund-Direct- Growth	2,723	116	-	-
UTI-Money Market Fund-Direct-Growth	3,341	102	-	-
UTI-Overnight Fund-Direct-Growth	1,676	59	-	-
Total		1,401		-

Note 13 : Trade Receivables (Current)

Particulars	As at March 31, 2025	As at March 31, 2024
A. Trade Receivables
(a) Trade Receivables considered good - Secured	-	-
(b) Trade Receivables considered good - Unsecured	7,781	7,532
(c) Trade Receivables which have significant increase in Credit Risk	-	-
(d) Trade Receivables - credit impaired	1,215	1,178
Less: Allowances for credit losses	(1,215)	(1,178)
B. Unbilled Revenue	276	602
Total	8,057	8,134

Note:

13.1. The average credit period for trade receivables is 30 days.

13.2. Ageing of receivables - March 2025

Particulars	Not due	Outstanding for following periods from due date of payment					Total
		Less than 6 months	6 months 1 year	1-2 years	2-3 years	more than 3 years
> Undisputed trade receivables - considered good	3,036	1,417	158	19	-	781	5,411
> Undisputed trade receivables - which have significant increase in credit risk
> Undisputed trade receivables - credit impaired	-	-	-	-	-	-	-
> Disputed trade receivables - considered good	-	-	-	-	1,989	381	2,370
> Disputed trade receivables - which have significant increase in credit risk
> Disputed trade receivables - credit impaired	-	-	-	-	-	1,215	1,215
	3,036	1,417	158	19	1,989	2,377	8,996
Less: Allowance for expected credit losses							(1,215)
Trade Receivables (Net)							7,781
Trade receivables - Unbilled							276
Total							8,057

Notes forming part of consolidated financial statements for the year ended March 31, 2025

(All amounts are in Indian Rupees in lakhs unless otherwise stated)

13.3. Ageing of receivables - March 2024

Particulars	Not due	Outstanding for following periods from due date of payment					Total
		Less than 6 months	6 months 1 year	1-2 years	2-3 years	more than 3 years
> Undisputed trade receivables - considered good	2,901	1,187	6	651	1,997	790	7,532
> Undisputed trade receivables - which have significant increase in credit risk
> Undisputed trade receivables - credit impaired	-	-	-	-	-	243	243
> Disputed trade receivables - considered good	-	-	-	-	-	-	-
> Disputed trade receivables - which have significant increase in credit risk
> Disputed trade receivables - credit impaired	-	-	-	-	103	832	935
	2,901	1,187	6	651	2,100	1,865	8,710
Less: Allowance for expected credit losses							(1,178)
Trade Receivables (Net)							7,532
Trade receivables - Unbilled							602
Total							8,134

13.4. Movement in the Expected Credit Loss (ECL) allowance for receivables

Particulars	As at March 31, 2025	As at March 31, 2024
Balance at beginning of the year	(1,178)	(1,080)
Add: Allowance for ECL made during the year	(342)	(107)
Less: Allowance for ECL reversed during the year	62	42
Add: ECL adjusted against trade receivables / transfers	243	(33)
Balance at end of the year	(1,215)	(1,178)

13.5. Major customers, being government undertakings and private companies having highest credit ratings, carry negligible credit risk. Concentration of credit risk to any private counterparty is periodically reviewed by the management. Also refer note- 46(a)(IX).

13.6 There are no amounts due from the directors or other officers of the Company/subsidiaries or any of them either severally or jointly with any other person or debts due from firms including Limited Liability Partnerships (LLPs), private companies, respectively, in which any director or other officer is a partner or a director or a member.

Note 14 : Cash and cash equivalents

Particulars	As at March 31, 2025	As at March 31, 2024
Cash and Bank Balances
(a) Cash on hand	-	-
(b) Balances with banks
(i) In current accounts	646	1,418
(ii) In foreign currency accounts	968	799
(iii) In deposit accounts
- Earmarked deposits representing unspent Rights Issue Proceeds (Refer Note 15.1 below)	700	1,833
- Other deposits	630	2,900
Total	2,944	6,950

Note 15 : Bank Balances other than 14 above

Particulars	As at March 31, 2025	As at March 31, 2024
Other Bank Balances
(i) In deposit accounts
- Earmarked deposits representing unspent Rights Issue Proceeds (Refer Note 15.1 below)	13,647	200
- Other deposits	530	130
Total	14,177	330
Total (A+B)	17,121	7,280

Notes:

15.1 These deposits include Rs. 14,347 lakhs (Previous year - Rs. 2,033 lakhs) of unspent issue proceeds from the rights issue of equity shares received during the year. The balances were segregated and disclosed inline with their maturity pattern. (Also refer notes 52 & 53)

Note 16 : Other Financial Assets (Current)

Particulars	As at March 31, 2025	As at March 31, 2024
(a) Security Deposits
- Unsecured and considered good	307	307
(b) REC Receivable (refer note 16.1 below)	2,101	2,080
Less: Allowances for credit losses	(746)	(621)
Net Receivable	1,355	1,459
(c) Interest Receivable	448	55
(d) Other Receivables (Refer Notes - 16.2 & 42.2)	506	961
Total	2,616	2,782

Note:

16.1. Considering the stay granted by the Supreme Court of India on the order issued by Central Electricity Regulatory Commission (CERC) on reduction of floor price, and based on the legal opinion obtained, the Group is confident of favourable decision on the appeal with Honble Supreme Court against the APTEL (Appellate Tribunal for Electricity at New Delhi) order and realization of difference of Rs. 500/ REC aggregating to Rs. 2,071 lakhs in respect of the receivables as on 31st March 2017. Nevertheless, for the delay in recovering the said amounts, the group made provision of Rs. 746 lakhs for expected credit losses till March 31, 2025.

16.2. The other receivables represent Rs. 470 lakhs (Previous Year - Rs. 650 lakhs) receivable on account of liquidated damages of Rs. 1,146 lakhs claimed during the previous year.

Note 17 : Other Current Assets

Particulars	As at March 31, 2025	As at March 31, 2024
(a) Prepaid Expenses	377	342
(b) Advance for Expenses	170	76
(c) Balance with GST & other state authorities	320	194
(d) Others	17	17
Total	884	629

Note 18 : Assets classified as held for sale

Particulars	As at March 31, 2025	As at March 31, 2024
(a) Land	205	298
(b) Building	304	304
(c) Plant & Equipment	1,363	1,363
(d) Other Assets	2,804	2,807
Less: Provision made considering the fair value less costs to sell	(4,455)	(3,555)
Total	221	1,217

Note:

18.1 The group expects delays in Sale of certain land parcels and Wind mills, which were classified as Asset Held for Sale during earlier years, with carrying value of Rs. 93 lakhs and Rs. 4 lakhs respectively. Accordingly, the said assets have been re-classified during the year as Property, Plant and Equipment. (Also refer note 5 on PPE).

18.2 Refer note 42.1 on discontinued operations

18.3 The liabilities directly associated with assets held for sale have been identified by the management under Note 33.

Note 19 : Equity Share Capital

	As at March 31, 2025		As at March 31, 2024
Particulars	Number of Shares	Amount Rs. In Lakhs	Number of Shares	Amount Rs. In Lakhs
(a) Authorised (Refer note 19.8)
Equity shares of Rs. 10 each with voting rights	2,20,00,00,000	2,20,000	1,30,00,00,000	1,30,000
Preference shares of Rs. 10 each	30,00,00,000	30,000	30,00,00,000	30,000
(b) Issued
Equity shares of Rs. 10 each with voting rights	1,17,30,31,669	1,17,303	98,07,23,977	98,072
(c) Subscribed and fully paid up
Equity shares of Rs.10 each with voting rights	1,17,30,31,669	1,17,303	98,07,23,977	98,072
Total	1,17,30,31,669	1,17,303	98,07,23,977	98,072

Note:

19.1 Reconciliation of the number of shares and amount outstanding at the beginning and at the end of the reporting period

Particulars	Opening Balance	Fresh issue	Closing Balance
Equity shares with voting rights
Year ended March 31, 2025
- Number of shares	98,07,23,977	19,23,07,692	1,17,30,31,669
- Amount (Rs. In lakhs)	98,072	19,231	1,17,303
Year ended March 31, 2024
- Number of shares	75,07,23,977	23,00,00,000	98,07,23,977
- Amount (Rs. In lakhs)	75,072	23,000	98,072

19.2 Terms and Rights attached to equity shares

i. The company has only one class of equity shares having a par value of Rs.10 each. Each shareholder of equity shares is entitled to one vote per share.

ii. I n the event of liquidation, the equity shareholders will be entitled to receive the remaining assets of the company, after distribution of all preferential amounts, in proportion to shareholding.

19.3 Details of shares held by each shareholder holding more than 5% shares

Class of shares / Name of shareholder	As at March 31, 2025		As at March 31, 2024
	Number of shares held	% holding in that class of shares	Number of shares held	% holding in that class of shares
Equity shares with voting rights (a) Janati Bio Power Private Limited (Refer note-19.7 below)	28,59,52,084	24.38%	28,85,29,007	29.42%

19.4 Disclosure of shareholding of promoters

Disclosure of shareholding of promoters as at March 31, 2025

Particulars	Shares held by promoters				% change during the year
	As at March 31, 2025		As at March 31, 2024
	No. of shares	% of total shares	No. of shares	% of total shares
Janati Bio Power Private Limited	28,59,52,084	24.3800%	28,85,29,007	29.4200%	-5.04%
Nivedana Power Private Limited	7,940	0.0007%	5,000	0.0005%	0.00%
Syandana Energy Private Limited	5,000	0.0004%	5,000	0.0005%	0.00%
SVL Limited	5,000	0.0004%	5,000	0.0005%	0.00%
Total	28,59,70,024	24.3815%	28,85,44,007	29.4215%	-5.04%

Disclosure of shareholding of promoters as at March 31, 2024

Particulars	Shares held by promoters				% change during the year
	As at March 31, 2024		As at March 31, 2023
	No. of shares	% of total shares	No. of shares	% of total shares
Janati Bio Power Private Limited	28,85,29,007	29.4200%	24,38,08,809	32.4765%	-3.06%
Nivedana Power Private Limited	5,000	0.0005%	5,000	0.0007%	0.00%
Syandana Energy Private Limited	5,000	0.0005%	5,000	0.0007%	0.00%
SVL Limited	5,000	0.0005%	5,000	0.0007%	0.00%
SEPC Limited (refer note 19.9 below)	NA	NA	3,86,526	0.0515%	NA
Total	28,85,44,007	29.4215%	24,42,10,335	32.5301%	-3.06%

19.5 Aggregate Number and Class of Shares- allotted as Fully paid up Bonus shares (or) issued for consideration other than cash (or) shares bought back for the Period of 5 Years Immediately Preceding the Balance Sheet Date - Nil.

19.6 Shares reserved for issue under options and contracts or commitments for the sale of shares or disinvestment, including the terms and amounts - Nil.

19.7 During the year, 2,69,23,077 Equity shares (Previous year - 7,47,20,198 Equity shares) were alloted to M/s. Janati Bio Power Private Limited (JBPL), one of the promoters of the company under Right Issue of equity shares. Further, JBPL informed the Stock Exchanges under Regulation 31 of the SEBI (Substantial Acquisition of shares and Takeover) Regulations, 2011 that 2,95,00,000 Equity Shares (Previous year - 2,50,00,000 Equity shares)of the Company has been invoked by SPV Finserve Private Limited (formerly SPV Resorts Private Limited) (Previous year -M/s. Axis Trustee Services limited) out of 2,95,00,000 shares (Previous year- 4,00,00,000 Shares) pledged for a loan taken by one of the associates of JBPL, not being the company or its subsidiaries. Further, JBPL disposed 50,00,000 Equity shares held in the company in open market during the previous year. Considering the part subscription to the aforementioned rights issue and the said invocation, the shareholding of JBPL in the company has come down from 29.42% as at March 31,2024 to 24.38% as at March 31,2025.

19.8 During the year, the company increased the authorised share capital from Rs. 1,60,000 Lakhs consisting Rs. 1,30,000 Lakhs (divided into 1,30,00,00,000 equity shares of Rs. 10 each) and Rs.30,000 Lakhs (divided into 30,00,00,000 preference shares of Rs. 10 each) to Rs. 2,50,000 Lakhs consisting Rs. 2,20,000 Lakhs (divided into 2,20,00,00,000 equity shares of Rs. 10 each) and Rs.30,000 Lakhs (divided into 30,00,00,000 preference shares of Rs. 10 each).

19.9 Pursuant to letters each dated June 28, 2023, issued by BSE Limited and National Stock Exchange of India Limited, SEPC Limited was classified as the public shareholder of the Company and therefore SEPC Limited ceased to be a Promoter and related party.

19.10 Issue of Shares under Rights Issue

The Company had issued 19,23,07,692 equity shares of face value Rs. 10 with a premium of Rs. 3 per share (Previous year- 23,00,00,000 equity shares of face value of Rs. 10/- each) on right basis (Rights Equity Shares) to the Eligible Equity Shareholders. The issue was fully subscribed and Rs. 25,000 lakhs (Previous year- Rs. 23,000 lakhs), were received from the concerned allottees and accordingly shares were allotted. The details of utilization of issue proceeds are given in note nos. 52 & 53.

Note 20 : Other Equity

(i) Reserves and Surplus

Particulars	As at March 31, 2025	As at March 31, 2024
(a) Capital Reserve on Consolidation
Opening balance	12,455	12,455
Less : Adjustments during the year (if any)	-	-
Closing balance	12,455	12,455
(b) Securities premium account
Opening balance	80,013	80,203
Add : Premium on issue of shares (Refer note 52)	5,769	-
Less : Issue Expenses adjusted during the year (Refer notes 52 & 53)	(291)	(190)
Closing balance	85,491	80,013
(c) Surplus / (Deficit) in Statement of Profit and Loss
Opening balance	(1,12,576)	(1,16,229)
Add: Profit/(Loss) for the year	3,881	3,653
Closing balance	(1,08,695)	(1,12,576)
Total (A)	(10,749)	(20,108)

(ii) Other Components of Equity

Particulars	As at March 31, 2025	As at March 31, 2024
(a) Remeasurement of net defined benefit obligation
Opening Balance	(142)	(106)
Add: Additions during the year	25	-
Less: Reductions during the year	-	(36)
Closing Balance	(117)	(142)
(b) Foreign Currency Translation Reserve
Opening balance	991	967
Add : Additions during the year	119	24
Less : Utilised during the year	-	-
Closing balance	1,110	991
Total (B)	993	849
Total Other Equity (A+B)	(9,756)	(19,259)

Note:

Capital Reserve on consolidation: If the value of investment in subsidiary is less than the book value of the net assets acquired, the difference represents Capital Reserve.

Surplus / (Deficit) in the Statement of Profit and Loss: This comprise of the undistributed profit/ (loss) after taxes.

Securities Premium account: The amount received in excess of face value of the equity shares is recognised in securities premium reserve. The reserve is utilised in accordance with the provision of the Companies Act, 2013.

Foreign Currency Translation Reserve : Foreign currency translation reserve comprises all foreign currency differences arising from the translation of the financial statements of foreign operations.

Note 21 : Non Current borrowings

Particulars	As at March 31, 2025	As at March 31, 2024
(a) Term loans - Secured
From Banks (Refer Note 21.1 A)	680	2,840
From Financial Institutions - (Refer Notes 21.1 B & 21.7)	40,933	51,428
Less: Unamortized processing fee on above borrowings	(144)	(205)
(b) Loans taken from related parties, unsecured (Refer Note 21.2)	1,875	8,945
Total	43,344	63,008

Notes:

21.1 Details of the secured long-term borrowings from Banks and Financial Institutions

Description	Total Amouni	outstanding	Amounts due within one year classified as Current borrowings (Refer Note 26)		Amount disclosed as Non current Borrowings (Refer Note 21)
	As at March 31, 2025	As at March 31, 2024	As at March 31, 2025	As at March 31, 2024	As at March 31, 2025	As at March 31, 2024
From Banks (A)
City Union Bank Limited	1,051	1,830	777	777	274	1,053
HDFC Bank Limited	1,778	4,142	1,372	2,355	406	1,787
Sub- Total (A)	2,829	5,972	2,149	3,132	680	2,840
From Financial Institutions (B)
Indian Renewable Energy Development Agency Limited (IREDA) (Refer Note - 21.7)	48,976	59,105	8,043	7,677	40,933	51,428
Sub- Total (B)	48,976	59,105	8,043	7,677	40,933	51,428
Total loans from Banks and Financial Institutions (A+B)	51,805	65,077	10,192	10,809	41,613	54,268

21.2 Details of the unsecured long-term borrowings from Related Parties

Description	Total Amount outstanding		Amounts due within one year classified as Current borrowings (Refer Note 26)		Amount disclosed as Non current Borrowings (Refer Note 21)
	As at March 31, 2025	As at March 31, 2024	As at March 31, 2025	As at March 31, 2024	As at March 31, 2025	As at March 31, 2024
From Related Parties SVL Limited (Refer note 47.2)	1,543	8,545			1,543	8,545
Janati Bio Power Private Limited	332	400	-	-	332	400
Total - Loans from Related Parties (C)	1,875	8,945	-	-	1,875	8,945
Total Borrowings (A+B+C)	53,680	74,022	10,192	10,809	43,488	63,213

21.3 Details of Security and Terms of Repayment/Interest

The term loans obtained by the group are secured by assets identified in the loan agreements entered into by the group which are in the nature of immoveable property where the wind energy generators are located, trade receivables, inventory and other assets related to the group. In the case of certain borrowings where the terms stipulate, Corporate Guarantees have been given by the company. The above loans are repayable over a period stipulated in the respective agreements. The interest rates ranging between 9.05% to 11.45% in respect of the above loans are in accordance with the terms of the respective loan agreements.

21.4 Details of Defaults repayment of long term borrowings

There were no delays in the repayments of principal and interest amounts in respect of borrowings from Banks/Financial Institutions by the Group.

21.5 The Company and its subsidiaries are not declared as wilful defaulter by any bank or financial institution or other lender.

21.6 The company and its subsidiaries registered charges/ satisfaction of charges, wherever applicable within stipulated time with the Registrar of Companies.

21.7 As required under the loan covenants with IREDA, the group is required to create a Debt Service Reserve Account (DSRA) of Rs. 6,942 lakhs. Accordingly, the group has created Fixed deposits of Rs. 6,942 lakhs as at March 31,2025 (as at March 31, 2024 - Rs. 4,489 lakhs) towards DSRA. These DSRA deposits have been netted off against the term loan obligations due to IREDA.

Note 22 : Lease Liabilities-Non Current

Particulars	As at March 31, 2025	As at March 31, 2024
a. Lease Liabilities (refer note - 48)	1,643	1,477
Total	1,643	1,477

Note 23 : Other Financial Liabilities-Non Current

Particulars	As at March 31, 2025	As at March 31, 2024
a. Security deposits from Customers	8	-
Total	8	-

Note 24 : Provisions- Non Current

Particulars	As at March 31, 2025	As at March 31, 2024
(a) Provision for employee benefits
(i) Provision for compensated absences	79	79
(ii) Provision for gratuity	90	95
(b) Provision for Decommisioning liability	19	12
Total	188	186

Note 25 : Deferred Tax Liability (Net)

Particulars	As at March 31, 2025	As at March 31, 2024
Deferred Tax Liabilities	24,361	24,489
Less: Deferred Tax Assets (Refer Note 25.1)	(24,337)	(24,489)
Net deferred tax liability / (asset)	24	-

Note:

25.1 In accordance with the accounting policy adopted by the group, the deferred tax asset mainly arising on unabsorbed business and depreciation losses has only been recognised to the extent of deferred tax liabilities (net), due to absence of reasonable certainty supported by appropriate evidence regarding availability of future taxable income. Further, Deferred tax liabilities has been recognised through statement of profit and loss when situation warrants.

25.2 Movement in Deferred Tax Liability/(Assets) For the year ended March 31, 2025

S.No Particulars	Balance as at April 01,2024	Recognised in profit and loss	Recognised in other comprehensive income (OCI)	Other Adjustments	Balance as at March 31, 2025
I. Deferred tax liabilities
(a) Property, plant and equipment and	24,458	67		(194)	24,331
Intangible assets
(b) EIR impact on financial instruments	38			(8)	30
measured at amortised cost
(c) Others	(7)	-	-	7	-
Gross Deferred tax liabilities (I)	24,489	67	-	(195)	24,361
II. Deferred tax assets
(a) Bonus	4	1	-	-	5
(b) Gratuity	55	2	-	(15)	42
(c) Leave Encashment	22	4	-	(7)	19
(d) Provision for doubtful debts/
Allowance for ECL		29		56	503
(e) Provision for diminution in the	17			(17)
value of Investments

 

S.No Particulars	Balance as at April 01,2024	Recognised in profit and loss	Recognised in other comprehensive income (OCI)	Other Adjustments	Balance as at March 31, 2025
(f) Corporate Guarantee commission	40	-	-	(4)	36
(g) Lease Liabilities	373	-	-	44	417
(h) Interest accrued but not due	-	-	-	2	2
(i) Remeasurements of the defined benefit obligation	-	-	7	-	7
(j) Unabsorbed Depreciation and Business losses (Refer note - 25.1 above)	23,560	-	-	(254)	23,306
Gross deferred tax assets (II)	24,489	36	7	(195)	24,337
Deferred tax liabilities / (assets), net (I-II)	-	31	(7)	-	24

For the year ended March 31, 2024

S.No Particulars	Balance as at	Recognised in profit and loss	Recognised in other	Other	Balance as at March 31,2024
	April 01,2023		comprehensive income (OCI)	Adjustments
I. Deferred tax liabilities
(a) Property, plant and equipment and Intangible assets	23,417	-	-	1,041	24,458
(b) EIR impact on financial instruments measured at amortised cost	64	-	-	(26)	38
(c) Others	-	-	-	(7)	(7)
Gross Deferred tax liabilities (I)	23,481	-	-	1,008	24,489
II. Deferred tax assets
(a) Bonus	4	-	-	-	4
(b) Gratuity	37	-	-	18	55
(c) Leave Encashment	14	-	-	8	22
(d) Provision for doubtful debts/ Allowance for ECL	384	-	-	34	418
(e) Provision for diminution in the value of Investments	17	-	-	-	17
(f) Provision for diminution in the value of Inventory	2	-	-	(2)	-
(g) Corporate Guarantee commission	-	-	-	40	40
(h) Lease Liabilities	-	-	-	373	373
(i) Unabsorbed Depreciation and Business losses (Refer note - 25.1 above)	23,023			537	23,560
Gross deferred tax assets (II)	23,481	-	-	1,008	24,489
Deferred tax liabilities / (assets), net (I-II)	-	-	-	-	-

Note 26 : Current Borrowings

Particulars	As at March 31, 2025	As at March 31, 2024
(i) Current maturities of long-term debt (Refer Note 21.1)	10,192	10,809
(ii) Interest payable
(a) Interest accrued and due on Long term borrowings	-	-
(b) Interest accrued and not due on Long term borrowings	7	17
Total	10,199	10,826

Note 27 : Lease Liabilities- Current

Particulars	As at March 31, 2025	As at March 31, 2024
a. Lease Liabilities (refer note - 48)	42	42
Total	42	42

Note 28 : Trade Payables

Particulars	As at	As at
	March 31, 2025	March 31, 2024
(a) Total outstanding dues of micro and small enterprises	79	23
(b) Total outstanding dues of creditors other than micro and small enterprises	702	792
Total	781	815

28.1 Trade payables ageing schedule As at March 31, 2025

		Outstanding for following periods from due date of payment
Particulars	Not due	Less than 1 year	1-2 years	2-3 years	more than 3 years	Total
(i) Micro and Small Enterprises	69	10	-	-	-	79
(ii) Others	507	103	7	-	85	702
(iii) Disputed dues - Micro and Small Enterprises	-	-	-	-	-	-
(iv) Disputed dues - Others	-	-	-	-	-	-
Total	576	113	7	-	85	781

As at March 31, 2024

		Outstanding for following periods from due date of payment
Particulars	Not due	Less than 1 year	1-2 years	2-3 years	more than 3 years	Total
(i) Micro and Small Enterprises	23	-	-	-	-	23
(ii) Others	257	457	-	-	78	792
(iii) Disputed dues - Micro and Small Enterprises	-	-	-	-	-	-
(iv) Disputed dues - Others	-	-	-	-	-	-
Total	280	457	-	-	78	815

Note 29 : Other Financial Liabilities (Current)

Particulars	As at March 31, 2025	As at March 31, 2024
(1) Payable for purchase of fixed assets (Also refer note 18.1)	93	-
Total	93	-

Note 30 : Other current liabilities

Particulars	As at March 31, 2025	As at March 31, 2024
(a) Statutory remittances	52	19
(b) Advance from Customers	12	20
(c) Advance received for sale of land	22	46
(d) Others	37	58
Total	123	143

Note 31 : Provisions- Current

Particulars	As at March 31, 2025	As at March 31, 2024
(a) Provision for employee benefits
(1) Provision for compensated absences	58	22
(II) Provision for gratuity	26	29
Total	84	51

Note 32 : Current tax liabilities (Net)

Particulars	As at March 31, 2025	As at March 31, 2024
Income tax liabilities (Net of tds receivable)	92	-
Total	92	-

32.1 Reconciliation of tax expenses and profit before tax

Particulars	For the year ended March 31,2025	For the year ended March 31,2024
Consolidated Profit/(Loss) before tax of the group	3,620	3,867
Profit before tax of the company/subsidiary(ies) subject to tax	229	222
Income tax on subsidiary at corporate tax rate of 25.17% (Previous year-18%)	58	40
Add/(Less) tax effect on account of :
Deductible expenses (net)	(2)	-
Utilisation of unabsorbed depreciation/carry forward losses	(16)	(13)
Current Income tax expense recognised in Consolidated Statement of Profit and Loss	40	27

32.2 The above Income tax liabilities include Rs. 52 lakhs of liabilities pertaining to earlier years and interest thereon.

Note 33 : Liabilities directly associated with assets classified as held for sale

Particulars	As at March 31, 2025	As at March 31, 2024
(a) Borrowings and interest payable thereon (Refer note 42.1)	-	4,201
(b) Trade payables (Refer note 33.1)	33	530
(c) Payable towards Plant & Equipment (Refer note 33.2)	513	513
(d) Others (Refer note 47.2)	1,837	1,837
Total	2,383	7,081

33.1 Considering the decision to reclassify the assets held for sale back to Property, Plant and Equipment (Refer Note 18.1), the corresponding liabilities directly associated with the said assets held for sale amounting to Rs. 93 lakhs were reclassified to Other financial liabilities (Current) during the year. Also refer note 18 on Assets classified as held for sale.

33.2 The amounts payable towards Plant & Equipment belongs to assets of subsidiary classified as held for sale.

Note 34 : Revenue from Operations

Particulars	For the year ended	For the year ended
	March 31, 2025	March 31, 2024
(a) Sale of power	25,456	25,788
(b) Other operating revenues (Refer Note below)	889	160
Total	26,345	25,948

 

Other Operating Revenues comprises:	For the year ended March 31, 2025	For the year ended March 31, 2024
(i) Revenue from Operations and Maintenance Consulting services	832	-
(ii) Renewable Energy Certificates Income (Refer note- 16.1)	20	2
(iii) Generation Based Income	37	158
Total	889	160

34 (a) Disaggregation of revenue from the transfer of goods and services over time and at a point in time in the following major product lines and geographical regions

Particulars	For the year ended March 31, 2025	For the year ended March 31, 2024
i. Revenue from sale of Power
- India	23,665	24,038
- Others	1,791	1,750
ii. Revenue from Other Operations
- India	889	160
- Others	-	-
Total Revenue from Contracts with Customers (i+ii)	26,345	25,948
Timing of Revenue Recognition
- At a point in Time	25,513	25,948
- Over period of Time	832	-
Total Revenue from Contracts with Customers	26,345	25,948

Note 35: Other Income

Particulars	For the year ended March 31, 2025	For the year ended March 31, 2024
(a) Interest income
(i) Bank Deposits	1,171	509
(ii) Others	62	24
(b) Other non-operating income (net of expenses directly attributable to such income)
(i) Writeback of liabilities	88	-
(ii) Miscellaneous Income*	611	398
(iii) Net gains/(losses) on mutual fund investments designated at FVTPL	25	39
Total	1,957	970

* Miscellaneous income primarily includes income from sale of scrap and spares, income from certain services provided and gain on fair valuation of security deposit received.

35.1 The Group received interest waiver on certain loans from the promoters for the previous year and current year. Accordingly,

no interest expense was recognized on such loans. Note 36 : Cost of Maintenance

Particulars	For the year ended March 31, 2025	For the year ended March 31, 2024
(a) Windmill maintenance contract	4,802	4,487
(b) Consumption of stores and spares	507	558
Total	5,309	5,045

Note: Cost of maintenance expense include the expense incurred for upkeep of windmills to ensure continuous generation and include such expenses incurred towards breakdown maintenance.

Note 37 : Employee benefits expense

Particulars	For the year ended March 31, 2025	For the year ended March 31, 2024
(a) Salaries and wages	1,362	1,176
(b) Contributions to provident fund and other funds	128	115
(c) Gratuity expense	39	32
(d) Staff welfare expenses	72	66
Total	1,601	1,389

Note 38 : Finance Costs

Particulars	For the year ended March 31, 2025	For the year ended March 31, 2024
(a) Interest expense on:
(i) Term Loans	6,871	7,659
(ii) Current Borrowings	-	8
(iii) Lease liabilities	205	224
(iv) Others	26	9
(b) Other borrowing costs	116	113
Total	7,218	8,013

Note 39 : Other expenses

Particulars	For the year ended March 31, 2025	For the year ended March 31, 2024
(a) Fuel expenses	84	84
(b) Rent *	22	6
(c) Repairs and maintenance - Others	42	52
(d) Insurance	485	466
(e) Rates and taxes	277	152
(f) Communication	42	36
(g) Travelling and conveyance	96	83
(h) Hire Charges	90	39
(i) Sitting Fees	33	18
(j) Legal and professional charges	570	560
(k) Payments to auditors (Refer Note 39.1)	52	51
(l) Allowance for expected credit losses	503	212
(m) Net (gain)/loss on foreign currency transactions and translation	(54)	(26)
(n) Electricity Charges	31	33
(o) Watch and Ward	134	125
(p) Miscellaneous expenses	88	113
Total	2,495	2,004

* These amounts represent lease rentals for short term leases. Note: 39.1 Payments to the Auditors Comprises

Particulars	For the year ended March 31, 2025	For the year ended March 31, 2024
As Statutory Auditors*	55	53
Total	55	53

* Includes Rs. 3 lakhs (Previous year Rs.2 lakhs), in the nature of rights issues expenses accounted in Securities Premium Account.

Note 40 : Exceptional Items

Note Particulars	For the year ended March 31, 2025	For the year ended March 31, 2024
a. Profit/(Loss) on sale of assets (Net) (Refer Note 5.4)	51	1,390
b. Interest income/(expense) (net)A	-	(707)
c. Loss in value of Renewable Energy Certificates (RECs)	-	(414)
d. Gain/(Loss) on modification of Lease (Refer note 48.b)	-	250
e. GST on corporate guarantees issued to subsidiaries and interest	-	(35)
f. Claim for generation loss$	134	1,146
g. Refund of grid support charges*	120	-
Total	305	1,630

interest Income/ (Expense) for previous year include interest expense incurred on pre closure of secured borrowings on account of refinancing, net of corresponding interest income.

$Re-stated during the year as an exceptional item, which was earlier presented under revenue from operations.

*Income Recognised on account of Order received from Andhra Pradesh Electricity Regulatory Commission (APERC) to refund the Grid Support Charges paid during earlier periods. The amount has been realized during April 2025.

Note 41 : Contingent Liabilities and Commitments

S. No Particulars	As at March 31, 2025	As at March 31, 2024
(I) Contingent liabilities (Net of Provisions) (i) Income Tax Demands (Refer note (a) below)	356	311
(ii) Service Tax Demands	1,465	1,465
(iii) Demand from Employees State Insurance Corporation (ESIC)	65	65
Note: The Group expects a favourable decision with respect to the above disputed demands / claims based on professional advice. Hence, no provision for the same has been made. (iv) Claims against the Company/subsidiary, not acknowledged as debt
(II) Commitments (i) Estimated amount of contracts remaining to be executed on capital account and not provided for in respect of tangible assets.	228	204

Note:

(a) During the year, The Group opted to The Direct Tax Vivad se Vishwas Scheme, 2024 as notified by the Government of India against income tax demands of Rs.115 lakhs. As at March 31, 2025, the application for settlement of a demand of Rs. 96 lakhs is pending with the department and considering the taxes already remitted, the group expects no further liability to settle this dispute. However, the other demand of Rs. 19 lakhs has been settled for Rs. 5 lakhs.

(b) During the year, Tamil Nadu Generation and Distribution Corporation Limited (TANGEDCO) filed petitions before the Honble Tamil Nadu Electricity Regulatory Commission, seeking to declare that Gamma Green Power Private Limited (Gamma, a subsidiary) and Clarion Wind Farm Private Limited (Clarion, a step-down subsidiary) have not met the criteria for Captive Generation Plant (CGP) status for certain earlier years. Consequently, TANGEDCO has claimed applicable Cross Subsidy Surcharge (CSS) and Additional Surcharge on the energy consumed during the respective years. While the petition does not quantify the claim, the group has, without admitting any liability, internally estimated the claim in terms of the petition as 12,163 lakhs approximately.

Based on a legal opinion obtained by the group and the CGP compliance certificates already issued by TANGEDCO for Clarion for FY 2015 to FY 2022, the likelihood of any liability arising from this petition is assessed to be remote. Considering the merits of the case and remoteness of the impact, this claim has neither been treated as a liability nor a contingent liability in these consolidated financial statements as at March 31, 2025.

Note 42 : Discontinued Operations

42.1 The Board of Directors of the Company, at their meeting held on Jan 24, 2018, accorded its approval to sell the investments held in one of its subsidiaries, M/s. Amrit Environmental Technologies Private Limited (AETPL). Accordingly, during 2018 - 19, the company transferred 26% of shares in AETPL for a consideration of Rs. 247 lakhs. The Corresponding Assets and liabilities of AETPL are classified as assets held for sale and liabilities associated with assets held for sale in these consolidated financial statements. Considering the fair value less costs to sell, the group has written down the carrying value of Property, Plant and Equipment (PPE) by Rs. 900 lakhs (cumulative write down till March 31, 2025 - Rs. 4,071 lakhs) and the PPE is carried at a net realizable value of Rs. 50 lakhs as at March 31, 2025.

During FY 2019-20, AETPL defaulted in repayment of a term loan which was availed from IL&FS Financial Services Limited ("IL&FS"). As the company provided corporate guarantee against this loan availed by AETPL, IL&FS moved The Honble National Company Law Tribunal against the company and the Company submitted a One-Time Settlement (OTS) proposal for Rs. 3,000 lakhs which was approved by The Honble National Company Law Tribunal, Mumbai on June 04, 2024. Pursuant to the approval, the Company, IL&FS and AETPL have entered into a settlement agreement dated June 13, 2024 for repaying the settled amount of Rs. 3,000 lakhs to IL&FS in stipulated installments. Accordingly, the company paid the entire dues of Rs. 3,000 lakhs during the year. The excess carrying value of the loan over the OTS amount was Rs. 1,605 lakhs which has been written back and recognized as other income by AEPTL during the year.

Notes forming part of consolidated financial statements for the year ended March 31, 2025

(All amounts are in Indian Rupees in lakhs unless otherwise stated)

42.2 During FY 2019-20, the Group decided to dispose one of its subsidiaries viz., Statt Orient Energy Private Limited (SOEL) domiciled in Srilanka. Accordingly, the assets have been stated at net realizable value. During FY 2021-22, the company disinvested its entire shareholding in SOEL, this did not result in any impairment and the group recognized Rs. 51 lakhs of gain on derecognition of this subsidiary. However, the proceeds of USD 74,340 (Rs. 62 lakhs as at March 31, 2024) were repatriated to India during the previous year and realised during the year. Accordingly, the receivables for the previous year has been classified under Other financial assets -current.

42.3 The details of aforementioned discontinued business included in these consolidated financial statements for the year ended March 31, 2025 are given below

Particulars	As at March 31, 2025	As at March 31, 2024
Revenue from operations	-	-
Other Income	1,605	-
Total Income (I)	1,605	-
Expenses Employee Benefits
Finance Costs	-	-
Depreciation and Amortisation	-	-
Other Expenses	-	-
Total expenses (II)	-	-
Profit / (Loss) before exceptional items and Tax (MI = I-II)	1,605	-
Exceptional Items (IV) - Impairement on assets classified as held for sale	900
Profit / (Loss) for the year from discontinuing activities (V = III - IV) (before tax)	705	-
Less: Tax expense - on ordinary activities attributable to the discontinued operations
- on gain / (loss) on disposal of assets / settlement of liabilities	-	-
Profit / (Loss) from discontinued operations (after tax)	705	-

i) The details of carrying amount of assets and liabilities relating to identified discontinued operations are given below

Particulars	As at March 31, 2025	As at March 31, 2024
Non-current assets
Property, plant and equipment	-	-
Intangible assets	-	-
Financial assets	-	-
Other non current assets	-	-
Current Assets
Inventories	-	-
Financial assets
- Cash and cash equivalents	-	-
Other current assets	-	-
Assets classified as held for sale (Refer Note 18)	221	1,217
TOTAL ASSETS	221	1,217
Particulars	As at March 31, 2025	As at March 31, 2024
LIABILITIES
Non-current liabilities
Financial liabilities	-	-
Provisions	-	-
Other non-current liabilities	-	-
Current liabilities
Financial liabilities
(i) Borrowings	-	-
(ii) Trade payables	-	-
Provisions	-	-
Other current liabilities	-	-
Liabilities directly associated with assets classified as held for sale (Refer note 33)	2,383	7,081
TOTAL LIABILITIES	2,383	7,081

(ii) The details of net cash flows attributable to the discontinued operations are given below

Particulars	For the year ended	For the year ended
	March 31, 2025	March 31, 2024
Cash flows from Operating activities	-	-
Cash flows from Investing activities	-	-
Cash flows from Financing activities	-	-

Note 43 : Goodwill on Consolidation

The details of Goodwill on consolidation are given below

Particulars	As at March 31, 2025	As at March 31, 2024
Opening Balance	1,278	1,278
Add/(Less): Adjustments during the year	-	-
Closing Balance	1,278	1,278

Note: During the year, the group tested the investments in operating subsdiaries for any indications of impairment. Such testing carried out by an Independent valuer on the basis of Net present value of the projected cash flows of the subsidiaries did not reveal any indicators for further impairment to the net carrying value as at March 31, 2025. Also refer note no. 5.3.

Note 44 : Segment information

The primary reporting of the Group has been made on the basis of Business Segments. The Group has a single business segment as defined in Indian Accounting Standard (Ind AS) 108 on Segment Reporting, namely Generation of Power through Renewable Sources and related services. Accordingly, the amounts appearing in these Consolidated Financial Statements relate to this primary business segment.

Notes forming part of consolidated financial statements for the year ended March 31, 2025

(All amounts are in Indian Rupees in lakhs unless otherwise stated)

Note 45 : Geographical information

Particulars	Revenue from external customers		Capital Expenditure (including Right-of-use Asset)
	For the year ended March 31, 2025	For the year ended March 31, 2024	For the year ended March 31, 2025	For the year ended March 31, 2024
India	24,554	24,198	2,059	2,823
Croatia (Europe)	1,791	1,750	-	-
Unallocated	-	-	-	-
	26,345	25,948	2,059	2,823

 

	Non-current assets
Particulars	As at March 31, 2025	As at March 31, 2024
India	1,30,210	1,36,036
Croatia (Europe)	5,060	5,300
Unallocated	-	-
	1,35,270	1,41,336

45.1 Information about major Customers

During the year 4 customers contributed 10% or more to the Groups revenue.(Previous year - 3 customers).

Note 46(a) : Financial Instruments (I) Capital Management

The Group manages its capital to ensure that it is able to continue as going concern while maximising the return to the stakeholders through the optimization of the debt and equity balance. The capital structure of the Group consists of Debt and total Equity. The Group is not subject to any externally imposed capital requirement. In order to maintain the capital structure in consistent with others in the industry , the Group monitors capital on the basis of the following gearing ratio.

Gearing Ratio :

Particulars	As at March 31, 2025	As at March 31, 2024
Debt$	53,543	73,834
Cash and Bank Balance (Refer Note 14 & 15)	(17,121)	(7,280)
Net Debt	36,422	66,554
Total Equity	1,07,187	78,133
Less: Goodwill on consolidation (Note 43)	1,278	1,278
Adjusted Equity	1,05,909	76,855
Net Debt to equity ratio	34%	87%

$ Debt refers to Long term borrowings including current maturities, Short term borrowings, interest accrued thereon on borrowings.

(II) Categories of Financial Instruments

(a) Financial Assets

Particulars	As at March 31, 2025	As at March 31, 2024
Measured at fair value through profit or loss (FVTPL)
- Investments in mutual funds	1,401	-
Measured at amortised cost
- Loans	-	-
- Security Deposits	877	660
- Trade receivables	8,057	8,134
- Cash and Bank balance	17,121	7,280
- Other financial assets	2,309	2,475

(b) Financial Liabilities

Particulars	As at March 31, 2025	As at March 31, 2024
Measured at amortised cost
- Borrowings	53,680	74,022
- Trade payables	781	815
- Other financial liabilities	1,793	1,536

(III) Details of financial assets pledged as collateral

Carrying amount of financial assets as at March 31, 2025 and March 31, 2024 that the group has provided as a collateral for obtaining borrowing and other facilities from the bankers are as follows

Particulars	As at March 31, 2025	As at March 31, 2024
Trade receivable	6,148	6,765
GBI Income receivable	10	6
Unbilled Revenue	276	430
Total	6,434	7,201

(IV) Financial Risk Management Framework

The Group manages financial risk relating to the operations through internal risk reports which analyse exposure by degree and magnitude of risk. These risks include market risk (including currency risk, interest rate risk and other price risk), credit risk and liquidity risk. The Group has formulated policies approved by the Audit Committee which provides principles on foreign exchange risk, interest rate risk , credit risk , the use of financial derivatives and non derivative financial instruments and the investment in excess of liquidity. Compliance with policies and exposure limits is reviewed by the management on a continuous basis.

The Group does not enter into or trade in financial instruments including derivative financial instruments for speculative purpose.

(V) Market Risk

The Groups activities exposes it primarily to the financial risk of change in foreign currency exchange rates and interest rates. The Group enters into a derivative instruments to manage its exposure to foreign currency risk and interest rate risk including forward foreign exchange contracts to hedge the exchange rate risk arising on account of borrowings ( including interest payable).

(VI) Foreign Currency Risk Management

The Group undertakes transactions denominated in foreign currencies consequently, exposures to exchange rate fluctuations arises. Exchange rate exposures are managed within approved policy parameters utilising forward foreign exchange contracts.

The carrying amounts of the Groups foreign currency denominated monetary assets and monetary liabilities at the end of each reporting period are as follows

Particulars	As at	(Rs.In Lakhs)		(Rs.In Lakhs)
		Euro	INR	USD	INR
Trade Receivables	March 31, 2025	2	201	-	-
	March 31, 2024	2	140	-	-
Other financial assets (Refer Note - 42.2)	March 31, 2025	-	-	-	-
	March 31, 2024	-	-	1	62
Trade Payables	March 31, 2025	1	47	-	-
	March 31, 2024	1	47	-	-
Balances with Bank	March 31, 2025	10	968	-	-
	March 31, 2024	9	799	-	-

Of the above foreign currency exposures, the following exposures are not hedged

Particulars	As at	(Rs.In Lakhs)		(Rs.In Lakhs)
		Euro	INR	USD	INR
Trade Receivables	March 31, 2025	2	201	-	-
	March 31, 2024	2	140	-	-
Other financial assets (Refer Note - 42.2)	March 31, 2025	-	-	-	-
	March 31, 2024	-	-	1	62
Trade Payables	March 31, 2025	1	47	-	-
	March 31, 2024	1	47	-	-
Balances with Bank	March 31, 2025	10	968	-	-
	March 31, 2024	9	799	-	-

(VII) Interest rate risk management

The group is exposed to interest rate risk since it borrow funds at fixed and floating interest rates. The risk is managed by maintaining an appropriate mix between fixed and floating rate borrowings, and by the use of interest rate swap contracts. Hedging activities are evaluated regularly to align with interest rate views and defined risk appetite, ensuring the most cost-effective hedging strategies are applied.

(VIII) Foreign Currency sensitivity analysis

The Group is mainly exposed to the currency of Europe.

As per managements assessment of reasonable possible changes in the exchange rate of +/- 5% between EUR-INR currency pairs, sensitivity of profit or loss only on outstanding foreign currency denominated monetary items at the period end is presented below

Particulars	As at March 31, 2025	As at March 31, 2024	As at March 31, 2025	As at March 31, 2024
	EURO sensitivity at year end		USD sensitivity at year end
Trade Receivables
-Weakening of INR by 5%	10.07	6.57	-	-
-Strengthening of INR by 5%	(10.07)	(7.37)	-	-
Other financial assets
-Weakening of INR by 5%	-	-	-	3.00
-Strengthening of INR by 5%	-	-	-	(3.00)

Notes forming part of consolidated financial statements for the year ended March 31, 2025

(All amounts are in Indian Rupees in lakhs unless otherwise stated)

Particulars	As at March 31, 2025	As at March 31, 2024	As at March 31, 2025	As at March 31, 2024
	EURO sensitivity at year end		USD sensitivity at year end
Trade Payables
-Weakening of INR by 5%	(1.90)	(3.44)	-	-
-Strengthening of INR by 5%	2.75	3.94	-	-
Balances with Banks
-Weakening of INR by 5%	48.56	50.84	-	-
-Strengthening of INR by 5%	(48.26)	(30.10)	-	-

Notes

1. This is mainly attributable to the exposure of receivable and payable outstanding in the above mentioned currencies to the Group at the end of the reporting period.

2. I n Managements opinion, the sensitivity analysis is unrepresentative of the inherent foreign exchange risk because the exposure at the end of the reporting period does not reflect the exposure during the year.

(IX) Management of Credit Risk

Credit risk is the risk of financial loss to the company if a customer or counterparty to a financial instrument fails to meet its contractual obligations.

Trade receivables

Credit risk arising from trade receivables is managed in accordance with the Groups established policy, procedures and control relating to customer credit risk management. All trade receivables are reviewed and assessed for default at each reporting period. The allowance for lifetime expected credit loss on trade receivables as at March 31, 2025 and 2024, was Rs. 1,215 lakhs and Rs. 1,178 lakhs respectively. Refer note 3.18 for accounting treatement for Trade receivable and note 13.2, 13.3 for ageing and of Trade receivables and note 13.4 for reconciliation for allowance of credit loss on Trade receivables.

Loans and other financial Assets

Credit risk related to cash and cash equivalents and bank deposits is managed by only accepting highly rated banks and diversifying bank deposits. Risks relating to other financial assets measured at amortized cost including loans, its related interest receivables and other financial assets are managed by monitoring the recoverability of such amounts continuously, while at the same time internal control system in place ensure the amounts are within defined limits. The allowance for lifetime expected credit loss on advances and other receivables as at March 31, 2025 and 2024, was Rs 7,279 lakhs and Rs 7,222 lakhs respectively.

The Groups maximum exposure to credit risk as at March 31, 2025 and March 31, 2024 is the carrying value of each class of financial assets.

(X) Liquidity Risk Management

Ultimate responsibility for liquidity risk management rests with the board of directors, which has established an appropriate liquidity risk management framework for the management of the Groups short-, medium- and long-term funding and liquidity management requirements. The Group manages liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing facilities, by continuously monitoring forecast and actual cash flows, and by matching the maturity profiles of financial assets and liabilities.

Liquidity and Interest Risk Tables

The following tables detail the Groups remaining contractual maturity for its non-derivative financial liabilities with agreed repayment periods. The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the Group can be required to pay. The tables include both interest and principal cash flows.

Particulars	Weighted average interest rate	Less than 1 month	1-3 months	3 months to 1 year	1 to 5 years	5 years and above	TOTAL
	%	INR	INR	INR	INR	INR	INR
March 31, 2025
Non-interest bearing instruments	NA	436	1,319	4,318	13,890	6,716	26,679
Variable interest rate instruments	9.44%	311	2,522	7,359	31,901	11,587	53,680
Total		747	3,841	11,677	45,791	18,303	80,359
March 31, 2024
Non-interest bearing instruments	NA	622	1,577	5,151	16,782	9,245	33,377
Variable interest rate instruments	9.72%	291	2,286	8,233	43,123	20,091	74,024
Total		913	3,863	13,384	59,905	29,336	1,07,401

The following table details the Groups expected maturity for its non-derivative financial assets. The table has been drawn up based on the undiscounted contractual maturities of the financial assets that will be earned on those assets. However, the interest/ return on these financial assets were not considered on a conservative basis. The inclusion of information on non-derivative financial assets is necessary in order to understand the Groups liquidity risk management as the liquidity is managed on a net asset and liability basis.

Particulars	Less than 1 month	1-3 months	3 months to 1 year	1 to 5 years	5 years and above	TOTAL
	INR	INR	INR	INR	INR	INR
March 31, 2025
Non-interest bearing instruments	1,614	-	12,074	-	570	14,258
Fixed interest rate instruments	5,300	1,832	8,348	27	-	15,507
Total	6,914	1,832	20,422	27	570	29,765
March 31, 2024
Non-interest bearing instruments	2,217	-	10,916	-	353	13,486
Fixed interest rate instruments	3,433	1,604	26	-	-	5,063
Total	5,650	1,604	10,942	-	353	18,549

The amounts included above for variable interest rate instruments for both non-derivative financial assets and liabilities is subject to change if changes in variable interest rates differ to those estimates of interest rates determined at the end of the reporting period.

There are no derivative financial contracts entered into by the group during the financial year.

Note 46 (b) - Fair Value Measurement

This note provides information about how the Group determines fair value of various financial assets and liabilities.

(i) Fair value of the Groups financial assets and financial liabilities that are measured at fair value on a recurring basis

Some of the Groups financial assets and liabilities are measured at fair value at the end of each reporting period. The following table gives information about how the fair value of these financial assets and liabilities are determined

Financial assets/Financial liabilities	Fair Value as at		Fair value hierarchy	Valuation technique(s) and key input(s)
	March 31, 2025	March 31, 2024
1. Investment in Mutual funds	1,401	-	Level 1	Mark to Market valuation

(ii) Fair value of financial assets and financial liabilities that are not measured at fair value

The Group considers that the carrying amount of financial assets and financial liabilities recognised in these consolidated financial statements approximate their fair values.

Note 47: Related Party Disclosure

Details of Related Parties

Description of Relationship	Names of Related Parties
	FY 2024-25	FY 2023-24
Entities Exercising Significant Influence (EESI)	SVL Limited Janati Bio Power Private Limited	SVL Limited Janati Bio Power Private Limited
Key Management Personnel (KMP)	Mr. T. Shivaraman, Managing Director	Mr. T. Shivaraman, Managing Director
	Ms. J Kotteswari, Chief Financial Officer	Ms. J Kotteswari, Chief Financial Officer
	Ms. M Kirithika, Company Secretary	Ms. M Kirithika, Company Secretary
Post Employment Benefit plans	Orient Green Power Company Limited Employees Gratuity Trust	Orient Green Power Company Limited Employees Gratuity Trust
	Beta Wind Farm Private Limited Employees Gratuity Trust	Beta Wind Farm Private Limited Employees Gratuity Trust
	Bharath Wind Farm Limited Employees Gratuity Trust	Bharath Wind Farm Limited Employees Gratuity Trust
	Clarion Wind Farm Private Limited Employees Gratuity Trust	Clarion Wind Farm Private Limited Employees Gratuity Trust
	Gamma Green Power Private Limited Employees Gratuity Trust	Gamma Green Power Private Limited Employees Gratuity Trust
Co-venturer exercising significant influence on certain subsidiaries	For Vjetro Electrana Crno Brdo, Step down subsidiary	For Vjetro Electrana Crno Brdo, Step down subsidiary
(Other ventures)	- Tudic Elecktro Centar Obnovljivi izvori d.o.o. Sibenik	- Tudic Elecktro Centar Obnovljivi izvori d.o.o. Sibenik

Notes forming part of consolidated financial statements for the year ended March 31, 2025

(All amounts are in Indian Rupees in lakhs unless otherwise stated)

Details of Related Party Transactions during the relevant years and as at the balance sheet date

Description	Name of the Related Party	FY 2024-25	FY 2023-24
Cost of Maintenance	Tudic Elecktro Centar Obnovljivi izvori d.o.o. Sibenik	218	204
Purchase of Spares, Consumables and Windmill components	SVL Limited	95	-
Remuneration to Key Management Personnel	Salaries and Short-term employee benefits	190	139
	Contribution to defined contribution plans	11	9
	Compensated absences and Gratuity provision	54	7
Contribution to Post employment benefit plans	Orient Green Power Company Limited Employees Gratuity Trust	1	4
	Beta Wind Farm Private Limited Employees Gratuity Trust	15	9
	Bharath Wind Farm Limited Employees Gratuity Trust	2	1
	Clarion Wind Farm Private Limited Employees Gratuity Trust	8	9
	Gamma Green Power Private Limited Employees Gratuity Trust	3	3
Assignment of Receivables	Janati Bio Power Private Limited	-	68
Capital Advances	Tudic Elecktro Centar Obnovljivi izvori d.o.o. Sibenik	194	-
Loans and Advances Made /Repaid / (Recovered (received) - Net)	SVL Limited	7,002	1,048
	Janati Bio Power Private Limited	-	17,950

Closing Balance at the Year End

Description	Name of the Related Party	As at March 31, 2025	As at March 31, 2024
Capital Advances	Tudic Elecktro Centar Obnovljivi izvori d.o.o. Sibenik	194	-
Borrowings	SVL Limited	1,543	8,545
	Janati Bio Power Private Limited	332	332
Other Liabilities	SVL Limited (Refer Note 47.2 below)	1,793	1,787
Cost of Maintenance	Tudic Elecktro Centar Obnovljivi izvori d.o.o. Sibenik	39	-

Notes:

47.1 The Group accounts for costs incurred by the Related parties based on the actual invoices/debit notes raised and accruals as confirmed by such related parties. The Related parties have confirmed to the Management that As at March 31, 2025, there are no further amounts payable to/receivable from them, other than as disclosed above.

47.2 During the previous year, SEPC Limited, erstwhile promoter assigned Rs. 1,787 lakhs of its receivable from the group to M/s. SVL Limited. Accordingly, the said amount is reflected as payable to SVL Limited.

47.3 Also refer note no. 19.7.

Note 48 : a. Leases

The group has taken on lease certain portions of land for installation of windmills and buildings. With the exception of short term leases and leases of low-value underlying assets, each lease is reflected on the balance sheet as a right-of-use asset and a lease liability. The group classifies its right-of-use assets in a consistent manner under its property, plant and equipment within the same line item as if they were owned by group. (Refer note 5)

Rental expenses recorded for short term leases during the year ended March 31, 2025 is Rs.22 Lakh (Previous year- 6 Lakhs).

In accordance with IND AS 116 Leases, The payment of lease liabilities have been disclosed under cash flow from financing activities in the Cash Flow Statement.

The table below provides details regarding the contractual maturities of lease liabilities on an undiscounted basis

Particulars	As at March 31, 2025	As at March 31, 2024
Not later than one year	43	43
Later than one year but not later than five years	1,187	855
Later than five years	2,737	3,100
Total	3,967	3,998

The table below provides the reconciliation for changes in Right-of-use (ROU) assets and Lease liabilities

Particulars	As at March 31, 2025	As at March 31, 2024
Right-of-use (ROU) asset balance at the beginning of the year	4,549	4,600
Add : Additions during the year	855	636
Less: Impact on modification of lease (Refer note 48.b below)	-	(390)
Less: Amortisation cost accrued during the year	(344)	(297)
Right-of-use (ROU) asset balance at the end of the year	5,060	4,549
Lease Liabilities at the beginning of the year	1,519	1,969
Add : Additions during the year	3	4
Less: Impact on modification of lease (Refer note 48.b below)	-	(640)
Add: Interest cost accrued during the year	205	224
Add/(less): Other adjustments	-	-
Less: Payment of lease liabilities	(42)	(38)
Lease Liabilities at the end of the year	1,685	1,519

b. Modification of lease agreements

During the Previous year, one of the land lease agreements entered into by one of the subsidiary M/s. Beta Wind Farm Private Limited as a lessee was amended. This modification of lease terms resulted in a reduction of Right-of-use asset and lease liabilities by Rs.390 Lakhs and Rs.640 Lakhs respectively. Consequently, a gain of Rs. 250 lakhs has been recognized under exceptional items .

Note 49 : Earnings Per Share

Particulars	For the year ended March 31, 2025	For the year ended March 31, 2024#
Basic and Dilutive
Continuing operations
Profit/(Loss) for the year - Rupees in Lakhs	3,496	3,840
Less: Profit/(Loss) attributable to non controlling interest	137	187
Less: Issue expenses adjusted to the securities premium	291	190
Profit/(Loss) attributable to owners of the company	3,068	3,463
Weighted average number of equity shares - Numbers	1,11,43,66,391	1,04,85,38,492
Par value per share - Rupees	10	10
Earnings per share - Basic - Rupees	0.28	0.33
Earnings per share - Diluted - Rupees	0.28	0.33
Discontinued Operations
Profit/(Loss) for the year - Rupees in Lakhs	705	-
Less: Profit/(Loss) attributable to non controlling interest	183	-
Profit/(loss) attributable to owners of the company	522	-
Weighted average number of equity shares - Numbers	1,11,43,66,391	1,04,85,38,492
Par value per share - Rupees	10	10
Earnings per share - Basic - Rupees	0.05	-
Earnings per share - Diluted - Rupees	0.05	-

# EPS for the previous year has been restated on account of equity shares issued under rights issue during the year.

Statement of Net Assets and Profit and Loss attributable to Owners and Non Controlling Interests

	Net assets, i.e., total assets minus total liabilities		Share of net		Share in Other		Share in Total
			profit or (loss)		Comprehensive Income		Comprehensive Income
S. No Name of the entity	As % of consolidated net assets	Amount as at March 31, 2025	As % of consolidated profit or loss	For the Year Ended March 31, 2025	As % of consolidated profit or loss	For the Year Ended March 31, 2025	As % of consolidated profit or loss	For the Year Ended March 31, 2025
A Parent	14.70%	15,761	-31.33%	(1,316)	-2.78%	(4)	-30.38%	(1,320)
B 1 Subsidiaries Indian Amrit Environmental Technologies Private Limited	-2.13%	(2,283)	16.78%	705	0.00%	-	16.23%	705
2 Bharath Wind Farm Limited	0.87%	937	-19.73%	(829)	-13.19%	(19)	-19.52%	(848)
3 Beta Wind farm Private Limited	68.42%	73,333	59.49%	2,499	0.00%	-	57.51%	2,499
4 Gamma Green Power Private Limited	5.66%	6,068	13.71%	576	2.78%	4	13.35%	580
5 Clarion Wind Farm Private Limited	6.66%	7,141	54.77%	2,301	30.56%	44	53.97%	2,345
6 Delta Renewable Energy Private Limited	0.00%	5	-1.24%	(52)	0.00%	-	-1.20%	(52)
Foreign
7 Orient Green Power Europe B.V.	5.81%	6,225	7.55%	317	82.64%	119	10.03%	436
C Non controlling interest in all subsidiaries	0.00%	-	0.00%	-	0.00%	-	0.00%	-
D Total	100.00%	1,07,187	100.00%	4,201	100.00%	144	100.00%	4,345

Note:

The above amounts are as considered in the consolidated financial statements after adjusting for eliminations/other consolidation adjustments.

50 (b) Statement of Net Assets and Profit and Loss attributable to Owners and Non Controlling Interests

	Net assets, i.e., total assets minus total liabilities		Share of net profit or (loss)		Share in Other Comprehensive Income		Share in Total Comprehensive Income
S. No Name of the entity	As % of consolidated net assets	Amount as at March 31, 2024	As % of consolidated profit or loss	For the Year Ended March 31, 2024	As % of consolidated profit or loss	For the Year Ended March 31, 2024	As % of consolidated profit or loss	For the Year Ended March 31, 2024
A Parent	3.93%	3,070	-66.43%	(2,551)	-50.00%	6	-66.48%	(2,545)
B 1 Subsidiaries Indian Amrit Environmental Technologies Private Limited	-7.66%	(5,988)	0.00%	-	0.00%	-	0.00%	-
2 Bharath Wind Farm Limited	1.47%	1,152	-25.65%	(985)	16.67%	(2)	-25.78%	(987)
3 Beta Wind farm Private Limited	90.02%	70,339	104.84%	4,026	50.00%	(6)	105.02%	4,020
4 Gamma Green Power Private Limited	0.58%	453	15.16%	582	33.33%	(4)	15.10%	578
5 Clarion Wind Farm Private Limited	3.78%	2,955	59.87%	2,299	250.00%	(30)	59.27%	2,269
6 Delta Renewable Energy Private Limited Foreign	0.01%	7	-0.03%	(1)	0.00%	-	-0.03%	(1)
7 Orient Green Power Europe B.V.	7.86%	6,145	7.37%	283	-200.00%	24	8.02%	307
C Non controlling interest in all subsidiaries	0.00%	-	4.87%	187	0.00%	-	4.89%	187
D Total	100.00%	78,133	100.00%	3,840	100.00%	(12)	100.00%	3,828

Note:

The above amounts are as considered in the consolidated financial statements after adjusting for eliminations/other consolidation adjustments.

Note 51 : Other Statutory information

(a) The Group has not entered into transactions with companies struck off under section 248 of the Companies Act, 2013 or section 560 of Companies Act, 1956 during the year under consideration.

(b) The group have not traded or invested in Crypto currency or Virtual Currency during the financial year.

(c) The Group have neither received nor given any fund from or to any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the group shall (otherthan transactions referred under Note 55):

(i) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) or (otherthan transactions referred under Note 55) or

(ii) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

(d) The group is in compliance with the number of layers prescribed under clause (87) of section 2 of the Companies Act, 2013 read with the Companies (Restriction on number of Layers) Rules, 2017 (as amended).

Note 52 : Rights Issue of Equity shares 2024 and utilization of funds

During the year, the company raised equity share capital of Rs. 25,000 lakhs through issue of 19,23,07,692 Equity shares on rights basis to eligible shareholders of the company at face value of Rs. 10/- per share with a premium of Rs.3/- per share. The details of utilization of issue proceeds as at March 31, 2025 are given below.

Objects of the issue	Amounts proposed under objects	Revised Amounts as per the terms of the issue	Amounts utilized till March 31, 2025	Amounts pending utilization as at March 31, 2025 *
a. To invest/ infuse funds in our newly incorporated wholly owned subsidiary namely Delta Renewable Energy Private Limited ("Delta”) for developing the 19.8 MW AC (29 MW DC) Solar Power Project at Tamil Nadu (the "Phase-1 Power Project” ("Project”) (Refer note 52.3)	14,350	14,350	3	14,347
b. Repayment/Pre-payment of unsecured loan availed by our Company from Gamma Green Power Private Limited ("GGPPL”, one of the subsidiaries of our Company) & Clarion Wind Farm Private Limited ("CWFPL”, one of the step-down subsidiaries of our Company)	1,364	1,364	1,364	-
c. To lend fresh loans to GGPPL and CWFPL to facilitate them to repay/pre-pay in full or part of unsecured loans availed by them from SVL limited, one of the Corporate Promoters of our Company	6,036	6,036	6,036	-
d. Part payment of security deposits towards contractual lease commitments of Beta Wind Farm Private Limited ("BWFPL”) one of the subsidiaries of our Company (Refer Note 52.2)	500	469	469	-
e. General Corporate Purposes (Refer Note 52.2)	2,557	2,490	2,490	-
f. Issue expenses (Refer Note 52.2)	193	291	291	-
Total	25,000	25,000	10,653	14,347

* Pending utilization, Rs. 14,347 lakhs are placed as fixed deposits with banks.(also refer note 52.1)

52.1. During the year ended March 31, 2025, the company issued 19,23,07,692 Equity Shares of Rs. 10 each at a price of Rs. 13 per equity share aggregating to Rs. 25,000 lakhs through a Rights issue and the allotment is made on September 20, 2024. Consequently, the paid-up Equity share Capital has increased to Rs. 1,17,303 lakhs. The Equity Shares of the Company were listed and admitted for trading on BSE Limited (BSE) and The National Stock Exchange of India Limited (NSE) with effect from September 27, 2024.

Till March 31, 2025, the company utilized Rs. 10,653 lakhs towards the objects of the issue and issue expenses. Pending utilization, Rs. 14,347 lakhs are placed in the fixed deposits with banks.

52.2. The Letter of offer dated August 06, 2024, specifies that -

"If the actual utilisation towards any of the Objects, as set out above, is lower than the proposed deployment, such balance shall be used towards the general corporate purposes, provided that the total amount to be utilized towards general corporate purposes does not exceed 25% of the Gross Proceeds, in accordance with the SEBIICDR Regulations."

and

"In case of any difference between the estimated issue related expenses and actual expenses incurred, the shortfall or excess shall be adjusted with the amount allocated towards general corporate purposes."

Accordingly, the allocation towards Object 4 has been revised to Rs. 469 lakhs, with Rs. 31 lakhs reallocated to General Corporate Purposes (GCP). The actual issue-related expenses amounted to Rs. 291 lakhs, compared to the Rs. 193 lakhs amounts estimated in the Letter of Offer. The additional expenditure of Rs. 98 lakhs was met from the GCP allocation, in accordance with the terms of the Letter of Offer.

52.3. One of the objects of the aforementioned Rights issue is to develop a 19.80 MW AC solar capacity through Delta Renewable Energy Private Limited, Subsidiary company. The Board of Directors in the meeting held on December 02, 2024, reviewed and approved the capacity revision to 25.00 MW AC as against the proposed 19.80 MW AC, without additional capital outlay. Further, the board also approved the change in EPC contractor and the location of project from Vellore/Ranipet district to Theni district in the state of Tamil Nadu.

Note 53 : Rights Issue of Equity shares 2023 and utilization of funds

During the previous year, the company raised equity share capital of Rs. 23,000 lakhs through issue of 23,00,00,000 Equity shares on rights basis to eligible shareholders of the company at face value of Rs. 10/-. The details of utilization of issue proceeds as at March 31, 2025 are given below.

Objects of the issue	Amount proposed under objects	Amounts utilized till March 31, 2024	Amounts utilised during FY 24-25 (Refer note 53.2 below)	Amounts pending utilization as at March 31, 2025
a. Repayment of unsecured loans due from our Company to Janati Bio Power Private Limited, one of the Promoters of our Company.	14,500	14,500	-	-
b. Part repayment or pre-payment of unsecured loans to Janati Bio Power Private Limited, one of the Promoters of our Company, availed by Bharath Wind Farm Limited, one of our wholly owned subsidiaries of the Company.	2,500	2,500	-	-
c. Repayment/ Pre-payment of certain secured loans including interest availed from lenders of the Company either in part or full.(Refer Note 53.1)	1,500	1,500	-	-
d. Part repayment of secured loans including interest availed from lenders by Amrit Environmental Technologies Private Limited, one of the subsidiaries of the Company.	1,500	-	1,500	-
e. Part repayment or pre-payment of unsecured loans including interest availed from Beta Wind Farm Private Limited, one of the subsidiaries of the Company.	1,000	1,000	-	-
f. General Corporate Purposes	1,810	1,277	533	-
g. Issue expenses	190	190	-	-
Total	23,000	20,967	2,033	-

53.1. The Company had availed a term loan from Yes Bank Limited for an amount aggregating to Rs. 5,000 lakhs which was repayable in 39 quarterly installments commencing from December 2016 and ending on June 2026. In the Draft Letter of Offer, The Company had disclosed that it proposed to utilize an aggregate amount of Rs. 1,500 lakhs from the Net Proceeds towards full or partial re-payment or prepayment of the secured loans availed by The Company from Yes Bank Limited. However, on July 28, 2023, The Company has repaid the entire amount outstanding against the secured loan availed from Yes Bank Limited aggregating to Rs. 1,349.08 lakhs. The repayment of the loan has been made through an unsecured loan of Rs. 1,500 lakhs which was availed from Gamma Green Power Private Limited, one of the Subsidiaries of The Company. Therefore, a portion of the proceeds of the Issue has been utilised towards repayment of unsecured loan amounting to Rs. 1,500 lakhs availed from Gamma Green Power Private Limited.

53.2. The entire proceeds from the rights issue were initially proposed to be utilized during the financial year 2023-24. However, an amount of Rs. 2,033 lakhs remained unutilized as at March 31, 2024 and were placed as fixed deposits with the banks. During the year, the shareholders of the company approved the extension for deployment of these unutilized funds. Accordingly, the utilization has been completed as per the objects of the issue during the year without any deviations.

Note 54 : The figures for previous year have been regrouped wherever necessary to conform to the classification of the current year.

Note 55 : 1. Utilisation of Borrowed funds for FY 2024-25

Details of transaction where the Company/subsidiary has received fund from entities (Funding Party) with the understanding that the Company/subsidiary shall directly or indirectly lend or invest in other entities.

S. No Name of Funding Party	Date of funds received	Amount of funds received	Name of the Intermediary	Name of other intermediaries or ultimate beneficiaries	Date of funds loaned	Amount of funds loaned
1(a). Bharath Wind Farm Limited Address:No.10/1, Venkatanarayana Road, T.Nagar,Chennai- 600017,Tamilnadu. PAN:AADCB1556E CIN : U31101TN2006PLC061881	29-04-2024	35	Clarion Wind Farm Private Limited Address:No.10/1, Venkatanarayana Road, T.Nagar,Chennai- 600017,Tamilnadu. PAN:AADCC4348P CIN : U40106TN2008PTC067781	Gamma Green Power Private Limited Address:No.10/1, Venkatanarayana Road, T.Nagar,Chennai- 600017,Tamilnadu. PAN: AABCO2429B CIN: U40102TN2009PTC073976	29-04-2024	35
1(b). SVL Limited Address:123, Angappa Naicken Street, Chennai-600001,Tamilnadu. PAN : AAACS7696D CIN : U74900TN1986PLC013431	13-06-2024	185	Bharath Wind Farm Limited Address:No.10/1, Venkatanarayana Road, T.Nagar,Chennai- 600017,Tamilnadu. PAN : AADCB1556E CIN : U31101TN2006PLC061881	Clarion Wind Farm Private Limited Address:No.10/1, Venkatanarayana Road, T.Nagar,Chennai- 600017,Tamilnadu. PAN : AADCC4348P CIN : U40106TN2008PTC067781	13-06-2024	185
1(c). Orient Green Power Company Limited Address:No.10/1, Venkatanarayana Road, T.Nagar,Chennai- 600017,Tamilnadu. PAN : AAACO9310N CIN : L40108TN2006PLC061665	13-02-2025	3	Bharath Wind Farm Limited Address:No.10/1, Venkatanarayana Road, T.Nagar,Chennai- 600017,Tamilnadu. PAN : AADCB1556E CIN : U31101TN2006PLC061881	Delta Renewable Energy Private Limited Address:No.10/1, Venkatanarayana Road, T.Nagar,Chennai- 600017,Tamilnadu. PAN : AAKCD4682L CIN : U35106TN2023PTC165612	13-02-2025	3

2. Utilisation of Borrowed funds for FY 2023-24

Details of transaction where the Company/subsidiary has received fund from entities (Funding Party) with the understanding that the Company/subsidiary shall directly or indirectly lend or invest in other entities.

	Date of funds received	Amount		Name of other intermediaries	Date of	Amount
S. No Name of Funding Party		of funds	Name of the Intermediary	or	funds	of funds
		received		ultimate beneficiaries	loaned	loaned
2(a). Bharath Wind Farm Limited	04-05-2023	40	Clarion Wind Farm Private Limited	Orient Green Power Company Limited	04-05-2023	40
Address:No.10/1, Venkatanarayana Road,	05-05-2023	17	Address:No.10/1, Venkatanarayana Road,	Address:No.10/1, Venkatanarayana Road,	05-05-2023	17
T.Nagar,Chennai-			T.Nagar,Chennai-	T.Nagar,Chennai-
600017,Tamilnadu.			600017,Tamilnadu.	600017,Tamilnadu.
PAN:AADCB1556E			PAN:AADCC4348P	PAN:AAACO9310N
CIN : U31101TN2006PLC061881			CIN : U40106TN2008PTC067781	CIN: L40108TN2006PLC061665

 

2(b). SVL Limited	27-07-2023	228	Gamma Green Power Private Limited	Orient Green Power Company Limited	27-07-2023	228
Address:123, Angappa Naicken Street,	28-07-2023	564	Address:No.10/1, Venkatanarayana Road,	Address:No.10/1, Venkatanarayana Road,	28-07-2023	564
Chennai-600001,Tamilnadu.			T.Nagar,Chennai-	T.Nagar,Chennai-
			600017,Tamilnadu.	600017,Tamilnadu.
PAN:AAACS7696D			PAN:AABCO2429B	PAN:AAACO9310N
CIN : U74900TN1986PLC013431			CIN:U40102TN2009PTC073976	CIN: L40108TN2006PLC061665

Note 56 : Form AOC -1 (Part- A)

S.No Name of the subsidiary	Reporting currency and Exchange rate as on the last date of the relevant Financial year in the case of foreign subsidiaries.	Share capital	Reserves & surplus	Total assets	Total Liabilities	Investments	Turnover	Profit/ (Loss) before taxation	Provision for taxation	Profit/ (Loss) after taxation	Proposed Dividend	% of shareholding
1 Amrit Environmental Technologies Private Limited	INR	1,700	(9,052)	50	7,402	-	-	698	-	698	-	74.00%
2 Beta Wind Farm Private Limited	INR	49,016	27,133	1,29,876	53,727	-	17,500	587	5	cn CO r-o	-	74.00%
3 Orient Green Power Europe B.V.	EUR*	3,355	(177)	6,311	1,583	-	1,791	187	-	187	-	100.00%
4 Bharath Wind Farm Limited	INR	7,171	11,420	19,041	450	4,022	1,269	229	107	122	-	100.00%
5 Clarion Wind Farm Private Limited	INR	3,599	801	19,768	15,368	828	4,010	1,511	12	1,499	-	72.35%
6 Gamma Green Power Private Limited	INR	2,792	(13,375)	7,402	17,985	610	1,903	153	-	153	-	72.50%
7 Delta Renewable Energy Private Limited #	INR	1	(56)	6	61	-	-	(55)	-	(55)	-	100.00%

* Exchange Rates as on 31.03.2025

Currency	Balance Sheet	Profit & Loss
EUR 1	Rs. 92.4646	Rs. 90.7417

The Reporting period for the subsidiaries are same as that of the Holding Company,i.e., March 31, 2025. # The Subsidiary is yet to commence operations.

Note 57. The Board of Directors of the Company has reviewed the realisable value of all the current assets and has confirmed that the value of such assets in the ordinary course of business will not be less than the value at which these are recognized in the consolidated financial statements. In addition, the Board has also confirmed the carrying value of the non-current assets in the consolidated financial statements. The Board, duly taking into account all the relevant disclosures made, has approved these consolidated financial statements in its meeting held on April 30, 2025.

In terms of our report attached	For and on behalf of the Board of Directors
For G.D. Apte & Co.,
Chartered Accountants
Firm Registration Number: 100 515W	T. Shivaraman	R. Ganapath
	Managing Director & CEO	Director
	DIN: 01312018	DIN: 001036

R. Ganapathi Director DIN: 00103623

ANNUAL REPORT 2024-25

165

Umesh S. Abhyankar
Partner	J. Kotteswari	M. Kirithika
Membership Number: 113 053	Chief Financial Officer	Company Secretary

 

Place : Pune	Place : Chennai
Date : April 30, 2025	Date : April 30, 2025

#NACEnd#

#ARStart#

INDEPENDENT AUDITORS REPORT

To The Members of Orient Green Power Company Limited Report on the Audit of the Standalone Financial Statements Opinion

We have audited the accompanying standalone financial statements of Orient Green Power Company Limited ("the Company”), which comprise the Standalone Balance Sheet as at March 31, 2025, the Standalone Statement of Profit and Loss (including Other Comprehensive Income), Standalone Statement of Changes in Equity and Standalone Statement of Cash Flows for the year then ended, and notes to the financial statements, including a summary of material accounting policies and other explanatory information (hereinafter referred to as "the standalone financial statements”).

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give the information required by the Companies Act, 2013, as amended ("the Act”) in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2025, and its loss and total comprehensive loss, changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143 (10) of the Act. Our responsibilities under those Standards are further described in the Auditors Responsibilities for the Audit of the Standalone Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (the ICAI) together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act, and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion on the standalone Financial Statements.

Emphasis of Matter:

We draw attention to the following matter in the Notes to the standalone financial statements:

i. Considering the restrictive covenants by financial institutions on a subsidiary viz. Beta Wind Farm Private Limited and the uncertainty associated with the recovery, the company has on a prudent basis not recognized the finance income of Rs. 5,057 Lakhs during the year ended March 31, 2025 (cumulative Rs. 46,120 lakhs up to March 31, 2025) on loan measured at amortized cost, consequent to fair valuation of investment in preference shares. Had the company recognized the finance income, the net loss for the year would have been lower by Rs. 5,057 Lakhs (cumulative Rs. 46,120 Lakhs up to March 31, 2025) and the loan to subsidiary would have been higher by Rs. 46,120 Lakhs.

ii. Defaults were made by one of the Subsidiaries, Amrit Environmental Technologies Private Limited (AETPL) in repayment of term loan obligations from IL&FS Financial Services Limited (IL&FS). As the company provided a corporate guarantee against this loan availed by AETPL, IL&FS moved The Honble National Company Law Tribunal against the company. The Company submitted a One-Time Settlement (OTS) proposal for Rs. 3,000 lakhs which was approved by The Honble National Company Law Tribunal, Mumbai on June 4, 2024. Pursuant to the approval, the Company, IL&FS and AETPL have entered into a settlement agreement dated June 13, 2024 for repaying the settled amount of Rs. 3,000 lakhs to IL&FS in stipulated installments. The company had recognized a provision of Rs. 3,000 lakhs under discontinued operations towards its obligations of the corporate guarantee for repayment of the loan and paid IL&FS entire Rs. 3,000 lakhs during the year ended March 31, 2025.

Our opinion is not modified in respect of the above matters. Key Audit Matters

Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the standalone financial statements of the current year. These matters were addressed in the context of our audit of the standalone financial statements as a whole and in forming our opinion thereon, and we do not provide a separate opinion on these matters. We have determined the matter described below to be the key audit matters to be communicated in our report:

Sr. No. Key Audit Matter	Auditors Response
1 Impairment testing of Companys investments in and	The audit procedures that were performed were as under:
loans to subsidiaries	• We have considered and reviewed Companys policy for impairment testing for investments and loans to subsidiaries.
• We reviewed the adequacy of the impairment provisions/ credit losses estimated by the company for its Investments in and Loans to the Subsidiaries based on the net-worth of the subsidiaries, the operating/ cash profits, the net present value of cash flows on the basis of the projected financial statements approved by the Board of Directors, Reports from Chartered Engineers on Valuation of Windmills and Share Valuation Reports from Independent External Valuers. We have reviewed the reasonableness of the projected revenues, expenses, and the net present value of the cash flows (NPV) of the company and the discount rate involved. We have also compared the NPV with the carrying amounts of the assets in order to ascertain the adequacy of the provisions. According to the information and explanations given to us by the management of the company, we have also considered the long gestation and the pay-back period involved in the Wind Power Projects, while estimating the amount and the timing of the provisions/ credit losses against the investments and the loans.	As at March 31, 2025, the Company has gross investments in subsidiaries amounting to Rs. 73,593 lakhs and loans and advances amounting to Rs. 46,706 lakhs. Considering the materiality and management judgement involved, audit of impairment testing of Companys investments and provision for expected credit losses on loans to subsidiaries was determined to be a key audit matter.
	• Our procedures did not reveal any material concerns on the provision for impairment and credit losses as considered in the financial statements.

Information Other than the Standalone Financial Statements and Auditors Report Thereon

The Companys Board of Directors is responsible for the other information. The other information comprises the information included in the Management Discussion and Analysis, the report of the Board of Directors and the report on the Corporate Governance but does not include the standalone financial statements and our auditors report thereon.

Our opinion on the standalone financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the standalone financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the standalone financial statements or our knowledge obtained during the course of our audit or otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report

in this regard.

Managements Responsibility for the Standalone Financial Statements

The Companys Board of Directors is responsible for the matters stated in Section 134 (5) of the Act with respect to the preparation of these Standalone Financial Statements that give a true and fair view of the financial position, financial performance including total comprehensive income/ loss, changes in equity and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (IND AS) specified under Section 133 of the Act read with the Companys (Indian Accounting Standards) Rules,2015 as amended including the Companies (Indian Accounting Standards) Amendment Rules 2019. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate

internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone financial statements that give a true and fair view and are free from material misstatements, whether due to fraud or error.

In preparing the standalone financial Statements, management is responsible for assessing the Companys ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors is also responsible for overseeing the Companys financial reporting process.

Auditors Responsibilities for the Audit of the Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the Standalone Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these standalone financial statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the standalone financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal financial controls relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls system in place and the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of managements use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Companys ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors report to the related disclosures in the standalone financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors report. However, future events or conditions may cause the Company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the standalone financial statements, including the disclosures, and whether the standalone financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the standalone financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditors report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditors Report) Order, 2020 ("the Order”), issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in the "Annexure A,” a statement on the matters specified in

paragraphs 3 and 4 of the said Order, to the extent applicable.

As required by Section 143 (3) of the Act, we report that:

(a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit.

(b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books.

(c) The Balance Sheet, the Statement of Profit and Loss including other comprehensive income, the Statement of Changes in Equity and the Cash Flow Statement dealt with by this Report are in agreement with the books of account.

(d) In our opinion, the aforesaid standalone financial statements comply with the Indian Accounting Standards specified under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended including the Companies (Indian Accounting Standards) Amendment Rules, 2019.

(e) On the basis of the written representations received from the directors as on March 31, 2025, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2025, from being appointed as a director in terms of Section 164 (2) of the Act.

(f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in "Annexure B” to this report.

(g) With respect to the other matters to be included in the Auditors Report in accordance with the requirements of section 197(16) of the act, as amended, in our opinion and to the best of our information and according to the explanations given to us, the remuneration paid by the Company to its directors during the year is in accordance with the provisions of section 197 (16) of the Act.

(h) With respect to the other matters to be included in the Auditors Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, as amended, in our opinion and to the best of our information and according to the explanations given to us:

i. The Company has disclosed the impact of pending litigations on its financial position in its standalone financial statements - Refer Notes to the financial statements.

ii. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.

iii. According to the information and explanations given to us, Company is not required to transfer any amount to the Investor Education and Protection Fund (IEPF) during the year ended March 31, 2025.

iv. a. The management has represented that to

the best of its knowledge or belief, other than as disclosed in notes to the financial statements, no funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the company to or in any other persons or entities including foreign entities (intermediaries) with the understanding, whether recorded in writing or otherwise, that the intermediary shall, whether directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the company (ultimate beneficiaries) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;

b. The management has represented that to the best of its knowledge or belief, no funds have been received by the company to or in any other persons or entities including foreign entities (funding parties) with the understanding, whether recorded in writing or otherwise, that the company shall, whether directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the funding party (ultimate beneficiaries) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;

c. Based on the audit procedures considered reasonable and appropriate in the circumstances carried out by us, nothing

has come to our notice that has caused us to believe that the representation under clause (iv-a) & (iv-b) contain any material misstatements

v. The Company has not declared and paid any dividend during the year.

vi. According to the information and explanations given to us and based on our examination which included appropriate test checks, we report that the company has used accounting software for maintaining its books of account which has the feature of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in the software. Further, we did not come across any instance of

tampering of the audit trail feature during the course of our audit and the audit trail has been preserved by the company as per the statutory requirements for record retention.

For G. D. Apte & Co., Chartered Accountants Firm Registration Number: 100515W UDIN: 25113053BMONJP5951

	Umesh S. Abhyankar
Pune,	Partner
April 30, 2025	Membership Number: 113 053

ANNEXURE A TO THE AUDITORS REPORT

(Referred to in paragraph under the heading Report on Other Legal and Regulatory Requirements of our report of even date to the members of the Company for the year ended March 31, 2025)

i. (a) A. The company has maintained proper records

showing full particulars of property plant and equipment including quantitative details and situation of assets.

B. The company is maintaining proper records showing full particulars of intangible assets.

(b) The items of Property Plant & Equipment were physically verified during the year by the Management in accordance with a programme of verification, which in our opinion is reasonable having regard to the size of the company and the nature of its assets. According to the information and explanations given to us, no material discrepancies were noticed on such verification.

(c) According to the information and explanations given to us and based on the records examined by us, we report that, the title deeds comprising all the immovable properties of land and buildings, are held in the name of the Company as at the balance sheet date.

(d) According to the information and explanations given to us, the company has not carried out revaluation of property, plant and equipment or intangible assets during the year. Accordingly, reporting under clause 3(i)(d) of the Order is not applicable to the Company.

(e) According to the information and explanations given to us and based on our examination, we report that, there are no proceedings initiated or pending under the section 45 of Benami Transactions (Prohibition) Act, 1988 and rules made thereunder.

ii. (a) The Company did not hold any inventories during

the year. Accordingly, reporting under sub-clause

(a) of clause 3(ii) of the order is not applicable to company.

(b) According to information provided to us, the company has not been sanctioned working capital limits in excess of five crore rupees during the year, from banks or financial institutions on the basis of security of current assets.

iii. (a) Based on the audit procedures conducted by us

and according to the information and explanations

provided to us, during the year the company has not made any investments in or has not provided any guarantee or security or has not granted any loans or advances in the nature of loans, secured or unsecured, to companies, firms, Limited Liability Partnerships or any other parties except as follows:

(Rs. in lakhs)

Particulars	Guarantee	Loan
Aggregate amount given during the year
- Subsidiaries	Nil	9,508
Balance outstanding as at balance sheet date
- Subsidiaries	80,938	46,706*
- Others	Nil	6,533**

* ECL provision of Rs. 6,389 lakhs has been made against Rs. 46,706 lakhs.

** Full provision of Rs. 6,533 lakhs for ECL has been made.

(b) According to the information and explanations given to us and based on our examination we report that, the terms and conditions of loans and guarantee given are not prejudicial to the companys interest.

(c) According to the information and explanations given to us and based on our examination we report that the schedule of repayment of principal and payment of interest has been stipulated. However, the repayments are not due as on March 31, 2025.

(d) According to the information and explanations given to us and based on our examination we report that, loans amounting to Rs. 6,533 lakhs given to other parties are overdue for more than ninety days which have been fully provided for by the company and as informed reasonable steps have been taken for its recovery.

(e) According to the information and explanations given to us and based on our examination we report that, there are no loans or advances in the nature of loan granted which have fallen due for repayment except loans amounting to Rs. 6,533 lakhs as stated above.

(f) According to the information and explanations given to us and based on our examination we report that the company has not granted any loans or advances in the nature of loans either repayable on demand or without specifying any terms or period of repayment.

iv. Based on the audit procedures conducted by us and according to the information and explanations given to us, we are of the opinion that the provisions of section 185 of the Act have been complied with by the Company and the provisions of section 186 of the Act, except sub-section 1 are not applicable to the Company being company providing infrastructural facilities as specified in Schedule VI to the Act. We further report that provisions of sub-section 1 of section 186 are complied with.

v. The Company has not accepted any deposits or amounts which are deemed deposits from the public within the meaning of Sections 73, 74, 75 and 76 of the Act and the Rules framed there under. According to the information and explanations given to us, no order has been passed by Company Law Board or National Company Law Tribunal or Reserve Bank of India or any court or any other tribunal.

vi. The Company is not required to maintain cost records under sub-section (1) of section 148 of the companies Act, 2013.

vii. (a) The Company has generally been regular in

depositing undisputed statutory dues including Provident fund, Employees State Insurance, Income tax, Goods and Services Tax, Custom Duty, Cess and other material statutory dues applicable to it with appropriate authorities. There were no undisputed amounts payable in respect of Provident fund, Employees State Insurance, Income-tax, Goods and Services Tax, Cess and other material statutory dues in arrears as at March 31, 2025 for a period of more than six months from the date they became payable.

(b) According to information and explanations given to us and based on the audit procedures carried out by us, there are no dues of Provident fund, Employees State Insurance, Income tax, Goods and Services Tax, Custom Duty, Cess and other material statutory dues as on March 31, 2025 which were not deposited on account of disputes except as stated below:

Name of the Statute	Nature of Dues	Amount (Rs. in Lakhs)	Years to which the amount relates	Forum where dispute is pending
Income Tax Act, 1961	Demand arising from reopening of assessment	4	A.Y. 2015-16	Commissioner of Income Tax (Appeals)
Income Tax Act, 1961	Demand arising from reopening of assessment	7	A.Y. 2017-18	Commissioner of Income Tax (Appeals)

 

Name of the Statute	Nature of Dues	Amount (Rs. in Lakhs)	Years to which the amount relates	Forum where dispute is pending
Income Tax Act, 1961	Disallowances during the course of assessment	89	A.Y. 2020-21	Commissioner of Income Tax (Appeals)
Employees State Insurance Act, 1948	Demand for ESI Contribution for contractual payments	49	FY 2018-19 and 2019-20	Principal Labour Court, Chennai

viii. According to the information and explanations given to us and based on the audit procedures performed by us, we report that no amount has been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (43 of 1961).

ix. (a) In our opinion and according to the information

and explanations given to us, the Company has not defaulted in the repayment of loans or borrowings and interest thereon payable to any banks and other lenders. The company does not have any borrowings from financial institutions or government.

(b) According to the information and explanations given to us the company is not declared as wilful defaulter by any bank or financial institution or other lenders.

(c) The company has not obtained any term loans during the year. Further there were no term loans which were unutilised at the beginning of the year. As such, reporting under sub-clause (c) of clause 3(ix) is not applicable to the company.

(d) According to the information and explanations given to us, and the procedures performed by us, we report that, the company has not used funds raised on short term for long-term purposes.

(e) According to the information and explanations given to us and on an overall examination of the financial statements of the company, we report that the company has not taken any funds from any entity or person on account of or to meet the obligations of its subsidiaries.

(f) According to the information and explanations given to us, and the procedures performed, we report that company has not raised loan during the year on the pledge of securities held in its subsidiaries, joint ventures or associate companies.

x. (a) During the year, the company has not raised

money by way of further public offer (including debt instrument). Accordingly, reporting under sub-clause (a) of clause 3(x) of the order is not applicable to the company.

(b) In our opinion and according to the information and explanations given to us, company has not made any preferential allotment or private placement of shares or convertible debentures (fully, partially or optionally convertible) during the year. Accordingly, reporting under sub clause (b) of clause 3(x) of the order is not applicable to the company.

xi. (a) Based on the audit procedures performed for the

purpose of reporting the true and fair view of the Financial Statements and as per the information and explanations given by the management, we report that no fraud by the Company or any fraud on the Company has been noticed or reported during the year.

(b) During the year no report under sub-section (12) of section 143 of the Companies Act has been filed by the auditors in Form ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central Government.

(c) According to the information and explanations given to us and procedures performed by us, we report that no whistle-blower complaints were received during the year by the company.

xii. The company is not nidhi company pursuant to the provisions of section 406 of the Companies Act, 2013. Accordingly, reporting under sub-clause (a) to (c) of the clause 3(xii) of the order is not applicable to the company.

xiii. Based upon the audit procedures performed for the purpose of reporting the true and fair view of the financial statements and as per the information and explanations given to us, we report that the transactions with the related parties are in compliance with sections 177 and 188 of the Act where applicable and the details as required by the applicable accounting standards have been disclosed in the standalone financial Statements.

xiv. (a) In our opinion and based on our examination,

the company has an internal audit system

commensurate with the size and nature of its business.

(b) The internal audit reports of the company have been considered by us during the course of our audit.

xv. Based upon the audit procedures performed and as per the information and explanations given to us, we report that the company has not entered into any non-cash transactions of the nature as described in section 192 (1) of the Act. Accordingly, reporting under this clause will not be applicable.

xvi. (a) The Company is not required to be registered

under section 45-1A of the Reserve Bank of India Act, 1934.

(b) Based on audit procedures performed, we report that the company has not conducted any nonbanking financial or housing finance activities during the year.

(c) According to the information and explanations given to us and based on audit procedures performed, we report that, the Company would not be classified as a Core Investment Company (CIC).

(d) According to the information and explanations given to us, we report that the Group does not have any CIC.

xvii. The Company has incurred cash losses of Rs. 2,021 lakhs in the current financial year i.e. FY 2024-25 and Rs. 390 lakhs in immediately preceding financial year i.e. FY 2023-24.

xviii. There has been no resignation of statutory auditors during the year. Accordingly reporting under clause 3(xviii) of the order will not be applicable to the company.

xix. According to the information and explanations given to us and on the basis of the financial ratios, ageing and expected dates of realization of financial assets and payment of financial liabilities, other information accompanying the financial statements, our knowledge of the Board of Directors and management plans and based on our examination of the evidence supporting the assumptions, nothing has come to our attention, which causes us to believe that any material uncertainty exists as on the date of the audit report that company is not capable of meeting its liabilities existing at the

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date of balance sheet as and when they fall due within a period of one year from the balance sheet date. We, however, state that this is not an assurance as to the future viability of the company. We further state that our reporting is based on the facts up to the date of the audit report and we neither give any guarantee nor any assurance that all liabilities falling due within a period of one year from the balance sheet date, will get discharged by the company as and when they fall due.

xx. In our opinion and according to information and explanation provided to us, the Company is not required to incur expenditure on Corporate Social Responsibility

under section 135 of the Companies Act, 2013 in view of adjustment of losses pertaining to earlier years as per section 198(4)(l) of the Act.

For G. D. Apte & Co., Chartered Accountants Firm Registration Number: 100515W UDIN: 25113053BMONJP5951

	Umesh S. Abhyankar
Pune,	Partner
April 30, 2025	Membership Number: 113053

ANNEXURE B TO THE INDEPENDENT AUDITORS REPORT

(Referred to in paragraph (f) under the heading Report on other legal and regulatory requirements of our report on even date on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 ("the Act") to the members of the Company for the year ended March 31, 2025)

To The Members of

Orient Green Power Company Limited

We have audited the internal financial controls over financial reporting of Orient Green Power Company Limited ("the Company”) as of March 31, 2025 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date.

Managements Responsibility for Internal Financial Controls

The Companys Management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India (ICAI). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to the Companys policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.

Auditors Responsibility

Our responsibility is to express an opinion on the Companys internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the "Guidance Note”) and the Standards on Auditing as specified under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditors judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the companys internal financial controls system over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A companys internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A companys internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the companys assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion, to the best of our information and according to the explanations given to us, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31, 2025, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal controls stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.

For G. D. Apte & Co., Chartered Accountants Firm Registration Number: 100 515W UDIN: 25113053BMONJP5951

	Umesh S. Abhyankar
Pune,	Partner
April 30, 2025	Membership Number: 113053