Power Grid Corporation of India Ltd Management Discussions

<dhhead>MANAGEMENT DISCUSSION AND ANALYSIS REPORT</dhhead>

1 Economic Overview

In Calendar Year 2024, global GDP increased by 3.3%, demonstrating resilience. Looking forward, the IMF anticipates global growth of 2.8% for 2025 and 3.0% for 2026, suggesting a period of modest expansion. In contrast, India’s economic outlook is exceptionally positive. The IMF (April 2025 edition) forecasts India’s GDP to grow by 6.2% in 2025 and 6.3% in 2026, positioning it as one of the fastest-growing major economies. This impressive performance shines against the global backdrop of slower growth and increased uncertainty.

2. Global Power Sector transformation, propelled by rapid pace Theglobalpowersectorisexperiencingasignificant of electrification, integration of renewable energy sources, and evolution of policy frameworks. According to recent reports, electricity demand is expected to rise substantially through 2027, heralding a new age of Electricity. This increase is largely driven by the electrification of buildings, transportation, and industry, along with increased consumption from data centres and cooling systems.

Key Trends and Developments

Growth:a Electrification In 2024, global electricity demand surged by 4.3%, marking a significant rise from the 2.5% growth observed in 2023. With an average annual growth rate of 2.7% from 2010 to 2023, electricity demand has consistently outpaced the overall energy demand growth, a trend likely to persist, particularly in emerging economies.

a Renewable Energy Expansion: Renewable energy remains at the forefront of the global energy transition. The capacity for renewable power has shown steady growth over the past decade, with solar and wind energy leading the charge. Investments in renewables continue to gain momentum with support from multilateral and national financial institutions.

a Decarbonization and Emissions: The transition to low-carbon energy sources is reshaping global generation portfolios. There shall be continued decline in carbon dioxide emissions from the power sector, spurred by increased use of renewables and advances in energy efficiency.

a System Reliability and Resilience: As the share of weather-dependent energy sources grow, ensuring grid reliability and resilience has become crucial. Advanced grid technologies, storage solutions, and flexible generation methods are being employed to maintain system stability.

Implications for India and POWERGRID

India, one of the fastest-growing electricity markets, aligns with global trends in electrification and renewable energy adoption. POWERGRID, with its extensive transmission infrastructure and strategic investments in green energy corridors, is well-positioned to support Indias energy transition while contributing to global sustainability objectives.

3. Indian Power Sector Significant Developments

Indias power sector has undergone a remarkable evolution over the past few decades, founded on the three essential pillars of Generation, Transmission, and Distribution. This transformation underscores the nations commitment to energy security, sustainability, and inclusive growth.

Generation

Indias power generation landscape, once dominated by fossil fuels with coal as a primary source, has diversified significantly to include hydro, nuclear, and increasingly, solar and wind energy. Today, India ranks among the worlds leading electricity producers, boasting a balanced energy mix of conventional and renewable sources. The country recently achieved a notable milestone by meeting a peak demand of 250 GW, reflecting its growing industrial and residential energy consumption. Looking forward, the emphasis is firmly on clean energy, with ambitious targets such as reaching 500 GW of non-fossil fuel capacity by 2030. This transition to a low-carbon future is driven by a surge in renewable capacity additions, supported by favourable policies and global climate commitments.

Transmission

The expansion of Indias transmission infrastructure has kept pace with its growing generation capacity. From isolated regional grids, India has developed an extensive national grid that facilitates seamless power flow across states and regions. Currently, Indias transmission network ranks among the largest globally, supporting both conventional and renewable energy sources while playing a crucial role in integrating variable renewables and ensuring grid stability. Investments are being channelled into modernizing infrastructure, deploying advanced technologies, and improving interconnectivity to adapt to the dynamic energy landscape.

Distribution

Historically, distribution has been the most challenging segment of Indias power sector, facing issues such as losses, billing inefficiencies, and financial strain. However, reforms over the years have led to substantial improvements in access and reliability. Today, India has achieved near-universal electricity access, with energy shortages reduced to negligible levels. The adoption of digitalization, smart metering, and better governance is enabling utilities to become more efficient and consumer centric. Looking ahead, distribution will be central to Indias energy transition, focusing on empowering consumers, facilitating demand-side management, and integrating distributed energy resources to build a flexible and responsive power system.

The significant development during last three years is tabulated as below:

	FY 22-23	FY 23-24	FY 24-25	Growth (Y-o-Y) (FY 25 vs FY24)	CAGR (FY 23-FY 25)
Generation
Total Installed Capacity (incl. RE) GW	416.06	441.97	475.21	7.52%	6.87%
Renewable Energy Sources (RES)	125.16	143.64	172.37	20.00%	17.35%
Capacity GW (excluding large hydro)
Total Generation (incl. RE) BU	1624.16	1739.09	1829.70	5.21%	6.14%
Generation from RE sources (BU)	203.37	225.83	255.01	12.92%	11.98%
(excluding large hydro)
Transmission
Transmission Lines (ckm) added (220	4,71,341	4,85,544	4,94,374	1.82%	2.41%
kV and above)
Transformation Capacity added	11,80,352	12,51,080	13,37,513	6.91%	6.45%
(MVA)
Inter-Regional Power Transfer	1,12,250	1,18,740	1,18,740	0.00%	2.85%
Capacity (MW)
Inter-Regional Power Transfer (BU)	236.15	249.49	259.94	4.19%	4.92%
Power Markets
Short Term Transactions (Nos.)	1,02,692	1,20,246	1,52,657	26.95%	21.92%
Short Term Transactions (Energy	171.81	171.66	169.72	-1.13%	-0.61%
Transacted) BU
Power Supply Position
Peak Demand (GW)	215.89	243.27	249.86	2.71%	7.58%
Peak Met (GW) Peak	207.23	239.93	249.85	4.13%	9.80%
Deficit (%)	4.01%	1.37%	0.00%	_	_
Energy Demand (BU)	1,513.50	1,626.13	1,693.96	4.17%	5.79%
Energy Met (BU)	1,505.91	1,622.02	1,692.37	4.34%	6.01%
Deficit (%)	0.50%	0.30%	0.1%
Source: CEA & Grid-India Monthly reports

The national grid is undergoing continuous expansion through the addition of transmission lines and transmission capacity to accommodate rising electricity demand and increasing generation capacity. This growth also supports the integration of renewable energy sources. In parallel, advancements in high-voltage transmission and emerging technologies are enhancing the efficiency and scale of bulk power transfer.

Source: CEA Monthly Reports

Key Initiatives/Reforms & Regulatory Changes in Transmission Sector a) CERC (Procedure, Terms and Conditions for grant of Transmission Licence and other related matters) Regulations, 2024

The new Transmission Regulations inter-alia has introduced changes in the eligibility for grant of license, procedure for grant of transmission license, renewal of license and amendment of license w.r.t. to the existing regulations and it aims to smoothen and expedite the process of issuance of transmission license with truncated/simplified timelines for related activities, viz. filing/uploading of petition, publication of notice, and submission of requisite replies & compliances. b) Central Electricity Regulatory Commission (Terms and Conditions of Tariff) (First Amendment) Regulations,

2025

CERC has increased maximum allowable premium in case of Self Insurance Schemes to 0.12% from 0.09% allowed earlier in Principal Tariff Regulations, 2024. Further, it provides that the self-insurance premium shall be transferred to a separate fund for utilization to meet the claims, and the expenditure incurred, or amount utilized from the self-insurance fund shall be made available to the Commission as and when directed. c) Guidelines for payment of Land compensation for Right of Way (RoW): June 14, 2024

The Ministry of Power issued guidelines for RoW compensation for transmission lines. Key provisions include:

a Compensation for Tower base - 200% of land value for tower base area (between four legs);

a Compensation for RoW Corridor - 30% of land value for RoW Corridor.

a Compensation payment shall be one-time and upfront.

a Determination of Land compensation - by the District Magistrate/District Collector/Deputy Commissioner based on the circle rate/Guideline value/Stamp Act rates of the land or prevailing market rate whichever is higher.

a All the States/UTs are directed to adopt these guidelines in their entirety or issue their own modified guidelines. ln the absence of State Government guidelines, these guidelines issued by the Central Government shall apply for determining compensation. d) Supplementary Guidelines for Right of Way (RoW) Compensation: March 21, 2025

Ministry of Power has issued Supplementary Guidelines refining RoW compensation rates based on location:

a Compensation rates - 200% of the land value for the area occupied by the tower base

a Compensation for RoW Corridor - 30% of land value in rural areas,

a 45% of land value in municipalities/ Nagar panchayat notified by State government

a 60% of land value for municipal corporations / metropolitan areas.

Compensation is to be determined by the Market Rate Committee (MRC) based on the valuation by independent land valuers. MRC shall comprise of District Magistrate, representative of landowner and nominee of transmission licensees. Further, these guidelines provide that land compensation paid under these guidelines shall be eligible for pass through under change in law by CERC provided that TBCB projects have been awarded prior to issuance of these guidelines. e) First amendment to Central Electricity Authority (CEA) Manual on Transmission Planning Criteria, 2023

A new chapter (Chapter 7) has been added, detailing procedures for transmission system planning. Updates also include revised parameters for specific conductors. f) Guidelines for the usage and sharing of fiber cores of Optical Ground Wire (OPGW)/ Under Ground Fiber Optic (UGFO) Cables

These guidelines specify:

a Reservation of fiber cores for grid operations

a Procedure for leasing fiber by transmission licensees

a Recommendation for minimum 48 fiber cores, and 96 cores for city installations g) Amendment in Standard Bidding Documents for Tariff Based Competitive Bidding (TBCB) process

The Ministry of Power amended bidding documents to define the load-serving substation limit within a 5 km radius of the proposed location by the Bid Process Coordinator (BPC). h) Central Electricity Regulatory Commission (Deviation Settlement Mechanism and Related Matters) (First Amendment) Regulations, 2024

This amendment has revised regulations regarding clarity on the treatment of deviation for infirm power and in respect of certain other provisions in the Regulations such as Available Capacity, Contract Rate in case of third-party sale under open access etc. i) Second Tranche of BESS - 2025

The Ministry of Power has launched the second phase of its Viability Gap Funding (VGF) program, backed by 5,400 crore from the Power System Development Fund (PSDF). It targets the 30 GWh of BESS capacity:

a 25 GWh across 15 states

a 5 GWh in partnership with NTPC

Growth Drivers Energy Transition

India’s energy transition is accelerating, propelled by rising electricity demand, strong climate commitments, and rapid technological advancements. With energy needs projected to double by 2047, driven by urbanization, data centres demand and the expansion of electric mobility, the country is actively shifting toward a cleaner energy future. India depends heavily on imports of oil, natural gas thus making energy security a top priority. To reduce this dependency, the government is focussing on renewable energy sources and is also expanding nuclear and hydro capacity, promoting green hydrogen, and investing in Pump Storage and large-scale battery storage.

Per Capita Power Consumption

India’s per capita electricity consumption was about 1,395 KWh that remains much below the global average of about 3,000 kWh. This presents significant potential for sustainable growth in power demand in the country owing to universal access of electricity, growth in consumer income, urbanisation, housing, railways & metros, industrial activities etc.

Transmission Network Plan

India’s transmission network is set for major expansion under the National Electricity Plan, aiming to meet rising power demand and support the integration of renewable energy. Between 2022 23 and 2031 32, the country plans to add around 191,000 ckm of transmission lines and 1,270 GVA of transformation capacity at 220 kV and above. Additionally, 33 GW of HVDC bi-pole links are planned to enhance long-distance power transfer. Inter-regional transmission capacity will increase from present 120 GW to 143 GW by 2027, and further to 168 GW by 2032, enabling better grid connectivity across regions. To support renewable integration, the plan includes 47 GW of battery energy storage systems and 36 GW of pumped storage plants. With several transmission schemes under construction, in bidding, and in the pipeline, the sector presents 9.15 lakh significant crore by 2032, offering strong visibility for investors and developers.

Peak Demand & Energy Requirement

India’s installed capacity and peak demand are expected to grow significantly:

a Installed Capacity from 475 GW (March 2025) to 783 GW by 2029 30

a Peak demand to rise from 250 GW (2025) to 335 GW by FY 2029 30

a Additional 39 GW demand expected from ISTS bulk consumers, including 23 GW from green hydrogen/ ammonia plants

		Next Five-year projection				Long Term Projection
	2025-26	2026-27	2027-28	2028-29	2029-30	2031-32	2036-37	2041-42
Peak Demand	260	277	295	313	335	366	466	575
(GW) (ex-bus)
Energy	1797	1797	2021	2279	2139	2474	3096	3776
Requirement
(BU) (ex-bus)

(Source: 20^th EPS Report)

The graph above illustrates the relative growth of generation capacity in comparison to peak demand. Over the period from 2024-25 to 2031-32, the peak demand is projected to increase by 46%, whereas the installed capacity is anticipated to grow by 109% approximately. Considering the RE potential zones as per MNRE/SECI which are to be integrated to ISTS network as well as the RE capacity addition planned to be integrated to the intra-state network by the States during 2027-32, additional planned coal-based capacity, additional pumped storage capacity etc., the installed generating capacity would be about 997 GW by 2031-32.

Power Transmission

Opportunities in Transmission Sector

India’s energy transition depends heavily on its ability to integrate large-scale renewable energy (RE), implement its green hydrogen strategy, and meet climate goals. Achieving this requires a robust transmission infrastructure, including high-capacity AC and HVDC systems, and advanced technologies like Flexible AC Transmission Systems (FACTS) to manage grid parameters. Additionally, energy storage solutions such as battery and pumped hydro systems are essential for balancing intermittent RE generation and optimizing transmission assets. a) Inter-State Transmission System

As per the rolling plan of CTUIL, transmission schemes comprising of 64,136 ckm of transmission lines and transformation capacity of 5,84,800 MVA at estimated cost of 4,30,624 crore is expected to be added in the grid cumulatively by 2029-30. Out of the above, the transmission scheme comprising of 34,707 ckm of transmission lines and transformation capacity of 3,38,210 MVA at estimated cost of 2,15,341 crore is under construction and expected to be added in the grid cumulatively by 2029-30. Further, the transmission scheme comprising of 29,428 ckm of transmission lines and transformation capacity of 2,46,590 MVA at estimated cost of 2,15,284 crore is under planning/bidding/approval and expected to be added in the grid cumulatively by 2029-30. Year wise breakup of transmission lines, transformation capacity and their corresponding cost is as given under:

Sl. No.	Financial Year	Ckm addition	MVA addition	Broad Estimated cost (in crore)
1	2024-25	-	-	23
2	2025-26	1,005	9,890	4,325
3	2026-27	8,893	80,200	50,819
4	2027-28	10,724	1,44,500	69,917
5	2028-29	1,964	7,500	12,700
6	2029-30	6,842	4,500	77,500
	Total	29,428	2,46,590	2,15,284

(Source: Rolling Plan 2029-30 for Inter-State Transmission System by CTUIL).

The Inter-Regional (IR) transmission capacity is expected to grow from present level of 1,18,740 MW to about 1,38,740 MW by 2029-30. b) Intra-State Transmission system

As per the National Electricity Plan Volume II (Transmission), 2024, State Transmission Utilities (STUs) are expected to add around 96,965 ckm of transmission lines and 487,045 MVA of transformation capacity with likely investment of about 255,368 crore between 2022 and 2032. This expansion aligns with the growth of ISTS and supports RE integration at the state level. c) Cross-Border Inter-connections

Due to its strategic geographic location, India is well-positioned to play a key role in regional power exchange. India currently has a cross-border transmission capacity of 5,414 MW with neighbouring countries including Nepal, Bhutan, Bangladesh, and Myanmar. Upon the anticipated commissioning of ongoing cross-border interconnections within the next 2-3 years, the power transfer capacity is expected to increase by about 5,304 MW. Additionally, the projected cross-border power transfer capacity for 2029-30 is expected to reach 14,498 MW.

The existing, under construction, and planned cross-border transmission capacity of India with neighbouring countries is summarized below: (Fig in MW)

Country	Existing (As on Mar’ 2025)	Under Construction	Planned	Total
India-Bangladesh	1,160	0	1,000	2,160
India-Bhutan	2,651	1,880	0	4,531
India-Myanmar	3	0	504	507
India-Nepal	1,600	1,900	3,300	6,800
India-Sri Lanka	0	0	500	500
Total	5,414	3,780	5,304	14,498

(Source: Rolling Plan 2029-30 for Inter-State Transmission System by CTUIL). d) One Sun, One World, One Grid (OSOWOG)

India is exploring regional interconnections under the OSOWOG initiative, aiming to link South Asia with Southeast Asia and the Gulf Cooperation Council (GCC) countries. MoUs have been signed with the UAE and Saudi Arabia, and feasibility studies for the India Saudi Arabia link are underway. The India Sri Lanka interconnection is in advanced stages of finalization. e) Other emerging opportunities (i) Transmission system for Off-shore wind

The Ministry of New and Renewable Energy (MNRE) has identified approximately 70 GW of offshore wind potential in India 36 GW off the coast of Gujarat and 35 GW off the coast of Tamil Nadu . As part of Phase-I development, the government has prioritized 5 GW each in Gujarat and Tamil Nadu.

In June 2024, the Union Cabinet approved a Viability Gap Funding (VGF) scheme for the development of 1 GW of offshore wind projects 500 MW each off the coasts of Gujarat and Tamil Nadu with a total outlay of 7,453 crore. Under this scheme, POWERGRID has been tasked with developing the associated transmission infrastructure, which includes:

a Offshore pooling stations

a Submarine cables connecting offshore and onshore stations

a Onshore transmission systems for grid integration toward harnessing offshore wind energy and integrating it into the Thisinitiativemarksasignificant national grid.

(ii) Grid scale battery energy storage technologies

According to the National Electricity Plan (2024), India will require around 47 GW of BESS and 36 GW of pumped hydro storage by 2032 to maintain grid stability and support renewable integration. To support this transition, the Ministry of Power has introduced several enabling policies:

a Ancillary Services Regulations

a Inclusion of BESS under the Electricity Act, 2003

a A VGF scheme for BESS deployment

These measures, combined with falling battery costs, are expected to boost the energy storage-as-a-service market and create new business models across the energy value chain. POWERGRID has implemented a 500 kW pilot project with lithium-ion phosphate and lead acid in Puducherry in 2021.

Further, more studies are being planned to assess the impact of grid scale BESS in renewable rich regions.

(iii) Hydrogen Economy and Infrastructure

Under the National Green Hydrogen Mission, India aims to become a global hub for green hydrogen production and export. The Ministry of New and Renewable Energy (MNRE) has identified coastal regions such as Mundra, Kandla, Gopalpur, Paradeep, Tuticorin, Visakhapatnam, and Mangalore as key locations for green hydrogen and ammonia manufacturing hubs. As per initial estimates, the electricity demand from these facilities could reach 70,500 MW by 2031 32, with potential for further growth depending on market dynamics and hydrogen production costs.

(iv) Transmission Line Projects on BOOM Basis

Industries with continuous operations such as aluminium smelters, green hydrogen plants, and data centers require uninterrupted power supply. To meet their high demand (typically 600 800 MW), many are opting for dedicated transmission lines. Some of these lines are being developed by POWERGRID under the Build-Own-Operate-Maintain (BOOM) model, ensuring reliable and customized power delivery for critical industrial operation.

(v) 1100 kV Transmission System

Discussions are under way for developing 1100 kV transmission corridors to enhance bulk power transfer capacity, conserving RoW. This shall support India’s growing demands, enable integration of large conventional & RE generation driving economic growth and development. Nine 1100 kV lines and ten substations with an investment of about 53,000 crore have been identified for development by 2034.

4. Company’s Outlook

I. Transmission

POWERGRID stands as one of the largest transmission entities globally. POWERGRID owns and operates an extensive network of Extra High Voltage (EHV) transmission lines that spans the entire nation, alongside EHV

AC & HVDC substations. Dominating the inter-State transmission sector, the Company owns and operates approximately 84% of the countrys inter regional power transfer capacity. As part of its strategic expansion, POWERGRID has ventured into the development of intra-State networks through the Tariff Based Competitive Bidding (TBCB) mode. The Companys vast and resilient power transmission network, including its subsidiaries, as well as other business segments such as Telecom and Consultancy are thoroughly discussed in the Director’s Report.

Looking forward to 2032, the Company has set a business outlook of about 306,600 crore, allocating around 270,000 crores for inter-state transmission projects, with the remainder dedicated to other areas, including the intra-state transmission system. At present, the Company has works in hand amounting to more than 150,000 crore. In the financial year of 2025-26, the Company is targeting capital expenditure (Capex) of 28,000 crore with expectations for these targets to rise beyond 30,000 crore in subsequent years.

The Company is poised to commission several challenging projects in coming years including transmission projects for evacuation of renewable power from Rajasthan, Gujarat, Andhra Pradesh, Company’s first TBCB

HVDC project from Khavda to Nagpur, which is of about 6,000 MW capacity.

The Company remains steadfast in its commitment to project excellence. To accelerate progress and mitigate the shortage of skilled manpower in the transmission sector, advanced mechanization is being increasingly adopted across construction activities. Key initiatives include the use of cranes for tower erection, drone-assisted transmission line stringing, and the implementation of LiDAR (Light Detection and Ranging) technology for survey work.

To further address supply chain challenges and enhance the vendor ecosystem, the Company is embracing bulk procurement strategies and actively organizing vendor development programs. POWERGRID is driving innovation by developing and adopting modern technologies such as multi-circuit towers, extra-tall and narrow-based towers, efficient conductors, and insulated cross arms. Other recent technological innovations include the replacement of synthetic oil with more environmentally friendly ester oil for transformers and reactors and ongoing efforts towards replacement of SF6 gas with eco-friendly alternatives to minimize environmental impacts.

II. Telecom

Telecom remains a crucial infrastructure for economic development and enhancing the quality of human life. Factors such as increasing affordability, growing data demand, and government initiatives continue to propel expansion in Indias telecom industry. With 100% backbone availability, the Company is a trusted partner for telecom service providers and other customers. The telecom segment recorded 1,000 crore in revenue, reaching 1,128 crore, and PowerTel a significant remains the preferred bandwidth solution provider for projects in both government and private sectors.

PowerTel has recently begun offering International Long Distance (ILD) services to Bhutan and plans to expand ILD services to other South Asian countries. Further expanding its capabilities, PowerTel has ventured into the

Data Center (DC) business, and is implementing a Pilot DC at Manesar, near Gurgaon. The Pilot DC a 1000-rack, 14 MW, UPTIME Tier-III certified Data Center, is slated to commence commercial operations in FY 2025-26. Further, land has also been acquired at Chennai for establishment of Zone-2 Data Centre. PowerTel also continues to provide telecom-based solutions to POWERGRID in its digitalisation journey- both in the areas of operations and construction, through projects such as dedicated network for operations, live monitoring of under-construction substations and transmission lines, and a pan-India Wi-Fi project for the Company.

Our solutions for utilizing power transmission towers for mobile communication and for FM transmission have been successfully tested by both the commercial entities and the government agencies, and the Department of Telecommunications has also encouraged telecom operators to leverage the same for helping in bridging the digital divide through a sustainable mode.

III. Consultancy

POWERGRID, a leading global power transmission utility, offers expertise in transmission projects and communications. With deep domain knowledge, the Company provides consultancy services across planning, design, project management, smart grids, and asset management to various utilities. It is the implementing agency of centrally sponsored schemes including the Comprehensive Transmission & Distribution Scheme in Arunachal Pradesh and Sikkim, and the Northeastern Region Power System Improvement Project (NERPSIP). POWERGRID is providing consultancy to services for implementation of interconnection works of North, Middle and South Andaman Islands at 66 kV voltage level. Further, POWERGRID has also signed agreement for loss reduction works and Smart Metering initiatives through POWERGRID Energy Services Limited (PESL), our 100% owned subsidiary, under the Revamped Distribution Sector Scheme (RDSS). Internationally, POWERGRID has established a strong international presence across 25 countries, with Oman added in FY 25 and Mozambique added in June 2025. Its clientele spans government energy entities and global institutions such as the World Bank, ADB, and IFC. Leveraging decades of technical expertise, POWERGRID offers end-to-end consultancy services including feasibility studies, DPR preparation, project management, procurement, asset management, and capacity building. The Company is actively pursuing new opportunities in the USA, Australia, Africa, and the Middle East, while also engaging in G2G collaborations with neighbouring nations to enhance existing transmission networks and develop new cross-border connectivity. In Africa, POWERGRID is focused on expanding its presence by exploring opportunities for developing transmission systems under the Public-Private Partnership (PPP) model in collaboration with Africa50. Notably, the project in Kenya has reached an advanced stage of development, and discussions are currently in progress with Uganda, Mozambique, Zambia, and Angola for similar transmission initiatives.

IV. Emerging Areas

Through PESL, the Company is implementing comprehensive infrastructure for Smart Metering in two DISCOMs (MGVCL & UGVCL) in Gujarat under the DBFOOT model. It has also partnered with the Electricity Department of Andaman & Nicobar for complete Smart Metering development.

Aligned with its net-zero commitment, POWERGRID is establishing a green hydrogen project at the Neemrana substation. Company has entered MoUs with EIL and ONGC to collaborate on Green Hydrogen, Offshore Wind, Data Centres, and other areas of mutual interest.

PESL has made its first large-scale solar PV plant a 85 MW facility in Nagda, Madhya Pradesh commercially operational. The Solar PV plant shall generate about 184 MUs of electricity annually, this marks a significant milestone in POWERGRID’s renewable energy journey. With increased penetration of Renewable Energy into the grid, role of Energy Storage System in Grid operation incl. Peak & Frequency Management is becoming pivotal; in this direction MoP has approved Viability Gap Funding for 30 GWh of BESS till 2028, of which 25 GWh allocated across 15 states (major chunk to Rajasthan, Gujarat, and Maharashtra), in light of these emerging opportunities, strategic options are currently being explored to enter and expand within the BESS domain.

5. Major Constraints / Challenges / Threats faced in construction, operation & maintenance of Transmission systems and mitigation thereof:

In spite of several policy initiatives taken by Govt. of India and POWERGRID, timely obtaining clearance for forest/wildlife area and securing land for upcoming substations remains a major challenge, largely due to involvement of external factors/agencies. Conserving Right-of-Way (RoW) through forests, agricultural land, urban areas, industrial establishments as well as other infrastructure, upgradation of transfer capacity of lines matching with power transfer requirement, securing land for substations are major areas of concern in development of transmission network in the country.

Challenges in Construction	Mitigation actions
1. Availability of land	Recognizing that land is both a scarce resource and an emotionally
for construction of	sensitive issue for landowners, your company prioritizes innovative
Substation/ transmission	design solutions to minimize land requirements for the construction
lines.	of new substations, while ensuring minimal environmental and socio-
	economic impacts. In line with this commitment, while exploring land
	alternatives for new substations, non-agricultural/ barren government
	land having the least social and environmental impact is given
	top priority. However, in case private land becomes unavoidable,
	the company adopts a voluntary approach, securing land through
	mutually negotiated rate with the landowners, and avoids invoking
	the provisions of the RFCTLARR Act, 2013 for forceful acquisition.
	By leveraging free market mechanisms either directly or through
	state-specific amendments and rules, your company ensures fair
	compensation and prevents involuntary displacement. This approach
	fosters goodwill among landowners, enabling smooth and amicable
	acquisition of land for new substations.
	To further streamline the voluntary land acquisition process and ensure
	timely possession of substation land, your company has developed a
	comprehensive and integrated Standard Operating Procedure (SOP)
	for securing substation land.
	Additionally, your company has developed a methodology to
	enhance the load-bearing capacity of loose soil deposits using
	vibro stone columns. This technique transforms soil with high water
	content, which would otherwise be unsuitable for supporting any
	structure, into a foundation capable of sustaining heavier imposed
	loads during earthquake. This ground improvement strategy has
	been adopted at Khavda Renewable Energy Park to facilitate
	construction of equipment foundation in challenging sub-soil
	conditions.
	Narrow Base Multi-circuit Tower without Bottom Cross-Arm along with
	rock bolt foundation is used at strategic locations. Your company has
	taken initiative for the development of Insulated Cross Arms, which
	helps to reduce the Right-of-Way requirement. Your company has also
	carried out a pilot project on Dynamic Line Loading system which helps
	in optimizing utilization of line capacity.
2. Forest/ wildlife Clearances	POWERGRID is leveraging the Fortnightly Regional Coordination
challenges	Meetings (FRCM) conducted by each Integrated Regional Offices
	(IRO) of the Ministry of Environment, Forest and Climate Change
	(MoEFCC) to address its pending forest/wildlife cases and also
	expedite their approval by the Regional Offices of MoEFCC. Additionally,
	utilization of GoI digital portal like PM GatiShakti & Parivesh 2.0
	has further facilitated the optimization of transmission line routes
	concerning forest, protected areas and other right-of-way constraints
	during the early stages of planning and the formulation of forest/
	wildlife proposals.
3. Timely expansion of	Bulk procurement of major equipment like 765kV & 400kV class
Transmission system to	Transformer & Reactor, 765kV & 400kV Bushings AIS substation
meet the requirements	equipment viz., CB/CT/Isolator/Substation Structure/CRP& SAS/Surge
of Renewable Energy (RE)	Arrestors/ BPI/Wave Trap/ Power & Control Cables, being made to
capacity addition	cater to the requirement of compressed schedule for RE & other special
	projects. This approach has helped to overcome delay in supply of
	major equipment due to capacity constraints at manufacturer(s) end.
	POWERGRID Board has already allocated 1000 Crore fund for advance
	expenditure against the bulk procurement.

Challenges in Construction	Mitigation actions
	DREAMS (Drawing Review and Approval Management System):
	Digitalization of the engineering documents for real-time availability
	of approved documents to stakeholders for expediting project work &
	also for Document-archiving for future requirement.
	Mechanization: To support rapid transmission infrastructure
	development in remote deserts, high altitude and difficult terrains,
	your company has taken initiative for the development of heavy
	lift programmable drone with 100 kg payload capacity to transport
	construction materials like tower parts, cement bags, and insulator
	strings. Further, development of mobile tower cranes has also
	been taken up to fast track the erection activities of transmission
	line tower.
4. Sustainability, ESG & Health	Carbon Footprint Reduction Targets: As part of its sustainability
	roadmap, POWERGRID has set ambitious targets to reduce its own
	carbon footprints. Your company committed for 50% of its auxiliary
	consumption from renewable sources by the year 2025. To achieve this
	POWERGRID is opting for green tariff from respective DISCOM at various
	SS as per the provisions of states in addition to installation of solar roof
	top at various installations.
	Green Technology Development Initiatives: Under progressing
	green technology development initiatives POWERGRID has initiated
	several forward-looking projects aimed at reducing the carbon
	footprint of its operations and facilitating the integration of
	renewable energy sources into the grid. The Company undertook
	Circuit Breakers
	projects for the replacement of existing 145kV SF6
	with environment friendly gas (alternative to SF6) breakers in one of
	the substations.
	Use of eco-friendly Natural/ Synthetic Ester Oil in Transformers and
	Reactors: POWERGRID has undertaken a pioneering initiative by retro
	filling the ester oil in place of mineral oil in one of the transformers of
	10 MVA capacity at 132kV level and sets a benchmark for sustainable
	practices in the power sector. This initiative shall support compliance
	with future environmental norms and standards. Further, your company
	is adopting environmental friendly ester oil-based Reactor. POWERGRID
	has piloted the worlds first 400kV reactor with safer and
	natural ester at theMaithonsubstationin2021.Italsoretrofittedthe
	132kV 20 MVAR bus reactor at the Aizawl substation with natural ester
	oil. POWERGRID has also taken steps for development of Synthetic Ester
	Fluid based 400kV class transformers and reactors whereunder one
transformer is being supplied at one of the syntheticesterfluid-based
	substations. Apart from the above, 02 no. 400kV class shunt reactors
	are under manufacturing.
	Hydrophobic coating for insulators: Your company, in collaboration
	with IIT Kanpur, has developed super-hydrophobic coating for insulators
	using nanomaterials and waste plastic for enhancing self-cleaning,
	anti-icing, etc., properties of insulators to reduce the maintenance of
	insulators.

The Company is continuously taking to efforts to maintain the high standards of availability and reliability of its transmission system through use of latest state-of-art maintenance practices. Maintenance activities are planned well in advance and an ‘Annual Maintenance Plan’ is prepared for every asset through live line or shutdown maintenance, as per technical feasibility which has minimized the tripping of lines especially. The software tool, Transformer Online Condition Monitoring System (TOCMS), is operational at NTAMC and RTAMC. POWERGRID Asset Life Management System helps determine the health index of the critical equipment viz. transformers, reactors and circuit breakers. POWERGRID has invested in the latest technological tools and techniques for better operational performance and in this direction following latest technologies have been adopted by your Company:

Challenges in	Mitigation actions
Operations and
Maintenance
Increasing	a ISO55001 Certification: POWERGRID became first Transmission utility in
operational &	India to be certified for ISO 55001 for Asset Management at organizational
maintenance	level. This internationally recognized standard outlines the requirements for
efficiency	an effective asset management system, ensuring that organizations meet
	the highest benchmarks in managing their assets efficiently. POWERGRID’s
	commitment to achieve ISO 55001 certification underscores its dedication to
	continual improvement, risk management, and delivering reliable services.
	The organization has diligently worked to make its asset management
	practices compliant with ISO 55001, demonstrating a robust framework for
	strategic decision-making and sustainable value creation.
	a In-houseDevelopmentofAssetHealthIndexingSoftwareforTransformers/
	Reactors/Circuit Breakers: POWERGRID Asset Life Management System
	(PALMS) is an in-house developed software tool by POWERGRID designed
	to enhance the monitoring, diagnostics, and life-cycle management of
	its vast fleet of transformers, Reactors & Circuit Breakers. It automatically
	fetches and evaluates the Transformer/Reactor/Circuit Breaker data
	from a centralized database and assigns health index to the equipment
	based on the extent of deterioration using POWERGRID’s own interpretation
	technique. This will help in migration to Reliability Centered Maintenance of
	Transmission Asset. POWERGRID received a patent for an invention entitled
	‘System and method for health assessment of Transformers / Reactors’.
	a Indigenous Vendor Development for Supply of Emergency Restoration
	System (ERS): Keeping in view the Aatma Nirbhar Bharat Abhiyaan & Make
	in India initiative of Government of India, indigenous vendor development
	of Emergency Restoration System (ERS) have been taken up for emergency
	restoration of transmission lines and successfully completed up to 400kV
	voltage level. Under this initiative two vendors have been developed, who
	have supplied ERS at two locations of POWERGRID during the year.
	a Substation Inspection Robot: POWERGRID, in collaboration with IIT-Kanpur,
	has successfully developed an indigenous robotic prototype aimed at
	revolutionizing substation inspection and monitoring. It is equipped with IoT
	sensors (IRIS control cameras, IR thermal sensors, LiDAR, Fire Alarms) and
	an autonomous navigating platform (along with teleoperation feature). It
	is being utilized for continuous surveillance of substation assets, reducing
	dependency on manual inspections, Minimizing human exposure, reduced
	inspection time and providing real time data which shall support the
	predictive analysis for preventive maintenance.
	a Pilot Project on Dynamic Line Loading (DLL): Your company has taken
	up a pilot project on the implementation of Dynamic Line Loading (DLL)
	in one of our transmission line. Dynamic Line Loading (DLL) is a smart grid
	technology that dynamically determines the power transfer capacity of

Challenges in	Mitigation actions
Operations and
Maintenance
	transmission lines based on real-time weather conditions, conductor
	characteristics, critical spans and daily load fluctuations. It enables
	grid operators to make decisions considering factors such as ambient
	temperature, solar radiation, wind speed, and direction. As part of
	this project, DLL sensors has been installed in one of the transmission
	line. These sensors will gather real-time data on weather and line
	conditions, which will be used to predict the line’s current power-
	carrying capacity, helping improve efficiency and reliability in
	power transmission.
	a Development of Spatial Decision Support System (SDSS): POWERGRID has
	signed an MoU with ISRO to develop Spatial Decision Support System for
	managing transmission towers. This includes development of geospatial
	dashboard & tools for visualization and analysis of towers prone to various
	disasters such as flood, river course change, landslides, forest fires, lightning,
	cyclone, etc. It will also facilitate monitoring vegetation growth along the
	Right-of-Way of transmission corridor. This will also enable remote expert
	assistance in fieldwork, thereby leading to reduced downtime, knowledge
	transfer, higher safety and higher reliability in equipment performance.
	a Wi-Fi Deployment at Substations for Digitalization: To accelerate the
	adoption of digitaltoolsandenhanceoperationalefficiency,your company
	has initiated the deployment of Wi-Fi connectivity across substations. This
	initiative supports the integration of intelligent inspection devices and real-
	time data analytics, forming a foundation for smart grid operations. Based
	on strategic importance, and on behalf of asset density installation at 60
	Nos substation has been taken up in Ist phase, which is under installation.
	a Centre of Excellence (CoE) for Protection and SCADA: POWERGRID has
	established Centre of Excellence (CoE)-Protection & SCADA to manage &
	validate the database of around 36,000 IEDs and 190 nos. SAS gateways,
	to ensure proper implementation of scheme, uniformity of settings/
	configurations and resolution of on demand issues from centralized location.
	It enables availability of competent manpower to handle protection issues
	from central location and ensures effective utilization of expert manpower
	for remote support to sites using latest technology like Augmented
	Reality, etc.
	a Hotline maintenance and Emergency Restoration System (ERS): Using hot
	line maintenance techniques to carry out maintenance of critical elements
	in live condition to avoid outages. Company is actively expanding the
	deployment of insulated compact bucket units across its network, covering
	voltage levels of 400kV AC, 765kV AC, ?500kV HVDC, 220kV AC, and 132kV
	AC. Further, training for Hotline maintenance on 765kV transmission lines
time in India.	Your Company is also using ERS for quick hasbeengiven first
	restoration of transmission lines in case of failures. Your company is also
	in the process of getting 220kV and 132kV Mobile GIS Bays developed for
	emergency restoration of bays. 400kV Mobile GIS Bay has also been taken
	up for development.

Challenges in	Mitigation actions
1Operations and
Maintenance
	a Development of special design for transmission line foundations:
	Your company has developed an innovative pile foundation design,
	featuring three piles under each leg instead of the conventional four.
	This approach will expedite line completion by requiring fewer piles to
	be driven, thereby reducing both construction time and overall costs.
	Additionally, a foundation system incorporating a portal structure
	beneath one leg has been developed for areas with significant
	undulations. This innovation eliminates the need for very long standing
	chimney extensions.
	a Development of Inhouse capability for survey of new transmission
	line: To meet the requirements of the Tariff-Based Competitive Bidding
	(TBCB) projects, your company has initiated the development of in-house
	capabilities to select the optimal route for transmission line projects across
	India. This involves utilizing the latest survey techniques, such as satellite
	mapping, Georeferenced maps, the Gatishakti portal, and various other
	available GIS software tools.
	a Innovative Line Survey technique: Your company has initiated the use of
	Light Detection and Ranging (LiDAR) technology to conduct detailed surveys
	for transmission lines in high mountain and other inaccessible areas. This
	process involves flying through the line corridor with LiDAR equipment
	mounted on an aircraft or helicopter. LiDAR uses laser beams to measure
	distances and generate 3D maps of the terrain, which are then used to
	route the transmission lines in an effective and optimal manner.
	a STATCOM’s in RE Pooling Stations: STATCOMs were considered for the first
	time in India with multimodule Inverter Based Resources (IBRs) in RE pooling
	stations at Rajasthan RE complex. The presence of STATCOMs at strategic
	locations with unique control features near solar power parks enhances
	grid stability, improves power quality, and facilitates the smooth integration
	of renewable energy sources into the existing power infrastructure.
	STATCOMs can provide dynamic reactive power support to regulate
	voltage levels, thus reduce tripping of transmission lines, and reliability in
	the grid.

6. Risk Management Framework

The Company has implemented a robust Enterprise Risk Management (ERM) framework designed to support the attainment of its strategic objectives by systematically identifying, analyzing, assessing, mitigating, monitoring, and governing risks or potential threats. This framework encompasses a wide range of risks, including strategic, operational, financial, HR, compliance, ESG, and cyber security risks. These risks, identified by various business units and functions, are consistently monitored and managed through Key Performance Indicators (KPIs).

A dedicated Board-level Risk Management Committee is in place, consisting of one Independent Director and three Executive Directors. This committee is tasked with reviewing KPIs, processes, and addressing major risks through ongoing mitigation actions to enhance business efficiency. The committee also places a strong emphasis on compliance-related risks, ensuring adherence to all regulatory standards. By proactively identifying and mitigating risks, the company enhances its performance and supports effective, timely decision-making.

The Company has appointed a Chief Risk Officer to oversee the risk management process. During the reporting period, the Risk Management Committee convened three times to monitor and review risks, ensuring the continued alignment of the risk management strategy with the Companys objectives.

7. Internal Financial Control and Adequacy

POWERGRID has a comprehensive internal control mechanism in place to verify the Accounting and Financial Management System, adequacy of controls, material checks, financial propriety aspects and compliance implementation mechanism. The elaborate guidelines for preparation of Accounts are followed consistently for uniform compliance.

In line with the regulatory requirements, the Internal Auditors were appointed by the Board of Directors. Regular and exhaustive Internal Audit on half yearly basis is carried out by the experienced Cost / Chartered Accountant Firms in close co-ordination with Company’s own Internal Audit department to ensure that all checks and balances are in place and all internal controls/systems are in order. The Corporate Internal Audit Department also carries out System Audit and Management Audit to reassure the effectiveness of internal control mechanism. The scope of the Internal Audit is derived from the Internal Audit Plan approved by the Audit Committee. The Audit Committeemeetsatregularintervals.Thesignificant/ material audit findingsare placed before the Audit Committee for review, discussion and subsequent action.

8. Integrated Management Policy:

POWERGRID is committed to:

a Establish and maintain an efficient and effective "National Grid" with due regard to time, cost, Technology and value additions.,

a Sustainable development through conservation of natural resources and adopting environment friendly technology on principles of Avoidance, Minimization and Mitigation.,

a Ensure safe, occupational hazard free and healthy work environment to the satisfaction of stakeholders in all areas of its activities and shall endeavor to continually improve its management systems and practices in conformity to legal and regulatory provisions.

9. Financial Discussion and Analysis

Total Income from Continuing Operations

( in crore)

Particulars	FY 2024-25	FY 2023-24	Change %
Continuing Operations
Revenue from Operations	41,431.49	42,391.16	(2.26)
Other Income	4,893.83	3,424.21	42.92
Total Income	46,325.32	45,815.37	1.11

Total income from Continuing Operations in FY 2024-25 was 46,325.32 crore, which represented an increase of 1.11% over the total income of 45,815.37 crore in FY 2023-24. In FY 2024-25, transmission and transmission related activities constituted 89.44% of our total income from Continuing Operations, with the balance coming from consultancy and other income.

Factor affecting your Company’s results of operations

Tariff norms

The transmission charges of the transmission system or an element used for inter-state transmission of electricity and implemented under RegulatedTariffModearegoverned notifiedby CERC tariffregulations according to the Central Government Tariff Policy and legislation. The transmission licensee shall make an application as prescribed in the CERC Tariff Regulations, for determination of tariff based on capital expenditure incurred or projected to be incurred during the prevailing tariff block for the transmission system, as the case may be.

Under Tariff Regulations, your Company has been permitted to charge transmission charges for recovery of Annual Fixed Cost ("AFC") consisting of tariff components such as Return on Equity, Interest on Loan, Depreciation, Operation & Maintenance expenditure and Interest on Working Capital. CERC vide public notice dated 15^th March 2024 has issued CERC (Terms and Conditions of Tariff) Regulations, 2024 which shall be applicable for the 2024-29 Tariff Block.

The salient changes in the new tariff regulations are:

The Return on Equity (RoE) for transmission assets commissioned before 1^st April 2024 has been protected as per the earlier 2019-24 regulations at the rate of 15.5% on pre-tax basis. However, the RoE for transmission assets to be commissioned on and after 1^st April 2024 is computed on a pre-tax basis by grossing up the base rate of return on equity of 15.0% at the effective tax rate of the respective financial year. Depreciation for existing assets shall continue at the same rates. For assets commissioned after 1^st April 2024, accelerated depreciation is provided for 15 years at slightly reduced rates and after 15 years, remaining depreciation spread in balance useful life. The interest on the loan is calculated considering repayment of the loan for each year deemed to be equal to the allowed depreciation.

Recovery of Operation & Maintenance (O&M) expenses for maintaining the transmission systems are based on specified norms for Transmission Lines, Substations, HVDC insurance Reserve, Security Expense & Capital spares are allowed separately. Subsequently, CERC vide 1st amendment to Tariff Regulations, 2024 has increased maximum allowable premium in case of Self Insurance Schemes to 0.12% from 0.09%.

For interest on working capital, the rate of interest is considered on a normative basis and is linked to a one-year MCLR of SBI plus 325 bps as of 1^st April of the tariff year (reduced from 350 bps in 2019-24 block). Besides the above rebate for timely payment of transmission charges as per Sharing Regulations, 2020 and Late Payment Surcharge (LPS) as per MoP Rules for delayed payments are also applicable.

For projects being implemented under the TBCB route, the tariff is discovered through a competitive bidding process wherein the successful bidder would be the one who has quoted the lowest transmission tariff for a period of 35 years.

Provisions related to Commissioning declaration

The commissioning of transmission elements is governed by CERC (Indian Electricity Grid Code) Regulations, 2023 (IEGC 2023). It provides the regulations related to trial run operation, documents and tests prior to Declaration of Commercial Operation (DOCO) and Commercial Operation Date (COD).

Sharing of transmission Charges

The sharing of Inter-state transmission charges for RTM projects and TBCB projects is governed by CERC

(Sharing of Inter-State Transmission Charges and Losses) Regulations, as notified from time to time. Presently, CERC (Sharing of Interstate Transmission Charges and Losses) Regulations, 2020 are in vogue. As per the Sharing Regulations, 2020, Recovery of Yearly Transmission Charges of transmission licensees has been specified through four components viz. National Component (NC), Regional Component (RC), Transformer Component (TC) and AC System Component (ACC). The Central Transmission Utility (CTU) has the responsibility of billing, collection and disbursement of transmission charges on behalf of all ISTS licensees in the country. Your Company ceased to be the CTU w.e.f. 1^st April 2021 and the Central Transmission Utility of India Limited (CTUIL), a wholly-owned subsidiary of the Company, has been notified to undertake and discharge all functions of CTU. However, even with this change, your Company continues to be a deemed Transmission Licensee under the Electricity Act, 2003. Subsequently, CERC vide Notification dated 20^th October 2023 had issued "Second Amendment to Sharing Regulations, 2022" which provide for transmission charges payable and transmission charges liability in cases having mismatch between ISTS and other ISTS or Intra State elements. Under amended regulations, for ISTS licensees whose elements (except Drawl ICTs) are ready but not in use due to mismatch will get 50% of its Transmission charges for first 6 months post deemed COD or actual power flow, whichever is earlier and thereafter 100% of its Transmission Charges from 7^th month. The entity which is delayed will pay 50% of its Transmission Charges OR 50% of Transmission Charges of ready transmission system, whichever is lower, till it achieves its COD.

Provisions related to non payment of transmission tariff by customers

Presently, Electricity (Late Payment Surcharge and Related Matters) Rules, 2022 issued on 3^rd June 2022 are in vogue. Amendment to the said Rules was issued by MoP on 28^th February 2024 to align it with CERC

(Connectivity and General Network Access to the Inter-State Transmission System) Regulations, 2022. The LPS shall be payable on outstanding dues after 45 days at the rates specified in the rules. The "Base rate of LPS" is linked to the one-year MCLR of SBI as of 1^st April of the financial year plus access for default in payment of dues has also been provided in the rules. Subsequently, Ministry of Power vide notification dated 2^nd May 2025 has issued the amendment to LPS Rules, 2022 wherein the applicability of these rules has been extended to all transmission licensees including intra- state transmission licensees.

Certain expenses and income, allowed under CERC Regulations are required to be reimbursed/ passed on to beneficiaries in future, and are to be accounted for in the Statement of Profit and Loss as per the provisions of Ind AS 114 ‘Regulatory Deferral Accounts’. Such expenses and income, to the extent recoverable/payable as part of tariff under CERC Regulations, are treated as Regulatory Deferral Assets/Liabilities.

From Continuing Operations 9.1 Revenue from Operations

( in crore)

Particulars	FY 2024-25	FY 2023-24	Change %
Self Revenue from Transmission Business	40,843.21	41,872.71	(2.46)
(including Other Operating Revenue)
Consultancy- Project Management &	588.28	518.45	13.47
Supervision
Total	41,431.49	42,391.16	(2.26)

Your Company is mainly engaged in the business of Transmission of Power. The revenue from transmission business has decreased by 2.46% mainly due to decrease in interest on differential between provisional and final tariff and one time CERC Order Impact.

Your Company also earns revenue from Consultancy (including project management and supervision services). Consultancy income mainly consists of fee for the execution of transmission and communication system-related projects on a turnkey basis and technical consulting assignments for Indian state utilities, joint venture/ subsidiaries companies and utilities in other countries. The revenue from consultancy business increased by 13.47% mainly due to consultancy service provided to TBCB companies/other assignments.

9.2 Other Income

( in crore)

Particulars	FY 2024-25	FY 2023-24	Change %
Other Income	4,893.83	3,424.21	42.92

The other income increased mainly due to an increase in dividend income from Subsidiaries, JVs & Associates and interest on Loan to Subsidiaries.

10. Expenses

( in crore)

Particulars	FY 2024-25	FY 2023-24	Change %
Expenses	27,986.51	27,241.40	2.74

Expenses have been categorized as (i) Employee Benefits Expense (ii) Finance Costs (iii) Depreciation and Amortization Expense (iv) Other Expenses.

10.1 Employee Benefits Expense

( in crore)

Particulars	FY 2024-25	FY 2023-24	Change %
Employee Benefits Expense	2,593.00	2,376.88	9.09

Employee benefits expenses include salaries and wages, allowances & benefits, contributions to provident and other funds and staff welfare expenses. The increase is mainly on account of capitalisation of new transmission assets, general increase in basic salary, DA, HRA, medical expenses, leave encashment.

10.2 Finance Costs

( in crore)

Particulars	FY 2024-25	FY 2023-24	Change %
Finance Costs	9,479.32	9,046.87	4.78

As compared to previous year, the increase of 4.78% in finance cost was mainly due to interest on loan to subsidiaries/JV, FERV limited upto Domestic Borrowing cost, increase in working capital loans and capitalization of new assets which is partially offset due to repayment of long-term loans.

10.3 Depreciation and Amortization Expenses

( in crore)

Particulars	FY 2024-25	FY 2023-24	Change %
Depreciation and amortization expenses	12,352.23	12,558.19	(1.64)

As compared to previous year, the decrease of 1.64% in Depreciation and Amortization Expenses was mainly due to completion of 12 years of life of assets which is partially offset due to capitalisation of new assets.

10.4 Other Expenses

( in crore)

Particulars	FY 2024-25	FY 2023-24	Change %
Other Expenses	3,561.96	3,259.46	9.28

As compared to previous year, the increase of 9.28% in other expenses is mainly on account of increase of foreign exchange rate variation, R&M Expenses, travelling & recruitment expenses, etc.

During the year, allowance for impairment amounting to 51.70 crore (previous year 149.12 crore) has been provided towards impairment of investment in Energy Efficiency Services Limited (EESL).

11. Profit before Tax & Regulatory Deferral Account Balances

( in crore)

Particulars	FY 2024-25	FY 2023-24	Change %
Profit before Tax & Regulatory Deferral Account	18,338.81	18,573.97	(1.27)
Balances

11.1 Tax Expenses

Tax expenses consist of Current tax and Deferred tax.

( in crore)

Particulars	FY 2024-25	FY 2023-24	Change %
Current Tax	3,177.83	3,236.43	(1.81)
Deferred Tax	88.03	(604.45)	(114.56)

Provision for deferred tax is made in respect of timing difference on account of higher depreciation charge available under income tax provisions. In the opinion of the management, it is probable that future economic benefitswill flow to the Company in the form of availability of set off against future income tax liability by recognizing MAT credit. Future taxable profits will be adjusted against (a) tax holiday u/s 80-IA of Income Tax Act, 1961 for the projects commissioned upto 31^st March 2017 (b) initial depreciation on the assets to be commissioned in future and (c) regular income tax depreciation u/s 32 of Income Tax Act, 1961 and thereafter tax amount will be set off against MAT credit. Hence, the same has been recognized as Deferred Tax Assets during the year.

11.2 Net Movement in Regulatory Deferral Account Balances-Income/(Expenses) (Net of Tax)

Net movement in Regulatory Deferral Account Balances-Income/(Expenses) (net of tax) for FY 2024-25 stood at 280.62 crore as against (564.51) crore in previous year. The increase is mainly due to increase in Foreign Currency Fluctuation and Deferred Assets for Deferred Tax Liability.

12. Profit from Discontinued Operations

( in crore)

Particulars	FY 2024-25	FY 2023-24	Change %
Profit before tax from Discontinued Operations	-	116.27	(100)
Tax expense from Discontinued Operations	-	19.14	(100)
Profit from Discontinued Operations	-	97.13	(100)

The Telecommunications Business of the Company was transferred to POWERGRID Teleservices Limited (PowerTel), w.e.f. 1^st October 2023 at book value as on 30^th September 2023. In lines with IndAS 105, the same is presented as Discontinued Operations in the Statement of Profit and Loss. Accordingly, Profit after tax from discontinued operations is Nil during the current year as compared to 97.13 crore in previous year.

13. Profit after Tax (PAT)

( in crore)

Particulars	FY 2024-25	FY 2023-24	Change %
Profit after Tax (PAT)	15,353.57	15,474.61	(0.78)

Your Company recorded decline in PAT at 0.78% as compared to previous year.

14. Return on Net Worth

(In %)

Particulars	FY 2024-25	FY 2023-24	Change
Return on Net Worth	16.65	17.81	(6.51)

Return on Net Worth has decreased by 6.51% in FY 2024-25 as compared to previous year on account of decline in Profit After Tax.

15. Financial Ratios

Particulars	FY 2024-25	FY 2023-24
Debtors Turnover	4.37	3.21
Inventory Turnover	30.89	32.48
Interest Coverage Ratio	3.94	4.10
Current Ratio	0.74	0.76
Debt Equity Ratio	1.42	1.42

Particulars	FY 2024-25	FY 2023-24
Operating Profit Margin	97%	94%
Net Profit Margin	37%	36%

All Ratios are calculated including Discontinued Operations.

Refer Note 64(I) "Additional Regulatory Information as per schedule III to the Companies Act, 2013-Ratios" for reasons for variance >25%

16. Other Comprehensive Income (Net of Tax)

( in crore)

Particulars	FY 2024-25	FY 2023-24
Other Comprehensive Income
- From Continuing Operations	(239.33)	(231.94)
- From Discontinued Operations	-	(0.95)

17. Credit Ratings

Your Company’s financial prudence is strongly reflected in the credit ratings accorded by domestic and international ratings agencies. For details, refer Report on Corporate Governance.

18. Liquidity and Capital Resources

( in crore)

Particulars	FY 2024-25	FY 2023-24	% Change
Cash and cash equivalents	3,723.53	2,620.55	42.09

The Company depends on both internal and external sources of liquidity to provide working capital and to fund capital requirements. The increase in cash and cash equivalents in comparison to previous year is mainly on account of increase in Term Deposits (with maturity less than 3 months) (including interest accrued).

19. Cash Flows

( in crore)

Particulars	Year ended March 31
	2025	2024
Cash and cash equivalents at the beginning of the year	2,620.55	4,146.24
Net cash from operating activities	31,356.87	34,790.13
Net cash from /(used in)Investing activities	(17,896.81)	(10,433.54)
Net cash from /(used in) Financing activities	(12,357.08)	(25,882.28)
Cash and cash equivalents at the end of the year	3723.53	2,620.55

19.1 Net Cash from Operating Activities

Net cash flows from operating activities are principally used to service long-term debt, for investments and for payment of dividend.

19.2 Net Cash from /(used in) Investing Activities

Net cash used in investing activities during FY 2024-25 was primarily reflected in expenditure on Purchase of Property, Plant & Equipment, Intangible Assets, Capital Work-in-Progress etc. (including advances for capital expenditure) of 5,142.74 crore, investment in Subsidiaries, Joint Ventures & Others (Net) of 2,352.98 crore, Loans & Advances to Subsidiaries, Joint Ventures & Associates (including repayments) of 14,859.55 crore, and receipt of interest on deposits, bonds and loans to subsidiaries & JV’s, PGInvIT etc. of 2,286.78 crore, surcharge received of 148.33 crore and dividend received of 1,376.70 crore.

19.3 Net Cash from /(used in) Financing Activities

During FY 2024-25, your Company raised 19,324.36 crore of new long-term borrowings. These borrowings included principally Rupee bonds/Loans. The Company repaid 15,701.70 crore of long-term borrowings and paid finance cost of 9,221.63 crore. In FY 2024-25, the Company paid dividend of 9,765.64 crore comprising final dividend of 2,557.67 crore for FY 2023-24 and interim dividend of 7,207.97 crore for FY 2024-25.

20. Capital Expenditure

( in crore)

Particulars	FY 2024-25	FY 2023-24	% Change
Capital Expenditure (Cash Basis)	24,630	11,219	119.54

Your Company’s capital expenditure is primarily used for the installation of new transmission capacity and the expansion of existing capacity. Our capital expenditure during FY 2024-25 and FY 2023-24, includes CAPEX for TBCB companies of 18,393 crore and 5,563 crore respectively.

21. Non-current Assets

( in crore)

Particulars	FY 2024-25	FY 2023-24	% Change
Non-Current Assets	2,22,997.03	2,12,501.26	4.94

Non-current assets have been categorized as (i) Property, Plant & Equipment; (ii) Capital work-in- progress; (iii) Investment Property; (iv) Intangible assets; (v) Intangible assets under development; (vi) Investments (vii) Trade receivables (viii) Loans; (ix) other non-current financial assets; and (x) other non-current assets.

21.1 Property, Plant and Equipment

( in crore)

Particulars	FY 2024-25	FY 2023-24	% Change
Property, Plant & Equipment (Net Block)	1,52,384.51	1,61,333.81	(5.55)

Property, Plant & Equipment (Net Block) has decreased by 5.55%. It mainly consists of Land, Buildings, Transmission Lines, Substations, HVDC, ULDC Equipment, Furniture Fixtures, Right of Use (ROU) assets etc.

21.2 Capital work in progress

( in crore)

Particulars	FY 2024-25	FY 2023-24	% Change
Capital work-in-progress	12,166.85	9,581.16	26.99

Capital work-in-progress was increased by 26.99% in FY 2024-25. The cost of materials consumed, erection charges and other expenses incurred for the construction of Property, Plant and Equipment are shown on the Balance Sheet as capital work-in-progress, pending capitalization of the completed project. The change in this amount is due to capitalization of several transmission projects and due to undertaking of new transmission projects.

21.3 Investment Property

( in crore)

Particulars	FY 2024-25	FY 2023-24	% Change
Investment Property	1.87	1.84	1.63

21.4 Intangible assets

( in crore)

Particulars	FY 2024-25	FY 2023-24	% Change
Intangible Assets	1,250.35	1,366.70	(8.51)

Intangible Assets consist of Electronic Data Processing Software, Right of Way-Afforestation Expenses and development of 1200 kV Transmission System.

21.5 Intangible assets under development

( in crore)

Particulars	FY 2024-25	FY 2023-24	% Change
Intangible assets under development	232.19	91.01	155.13

Right of way-afforestation expenses during construction period are shown as Intangible assets under development. The change is on account of undertaking of new transmission projects and capitalization of expenditures on Transmission Projects during FY 2024-25.

21.6 Investments

( in crore)

Particulars	FY 2024-25	FY 2023-24	% Change
Investments (Quoted)	1,233.59	1,515.93	(18.62)
Investments (Un-Quoted)	10,078.71	7,215.70	39.68
Total	11,312.30	8,731.63	29.56

Investments under ‘Quoted’ category are investments made in PTC India Limited and POWERGRID

Infrastructure Investment Trust (PGInvIT) computed at Fair Value. Investments under ‘Unquoted’ category consist of equity investment in Subsidiaries & Joint venture companies at cost. Major investments in Subsidiaries & Joint venture as on 31^st March 2025 are:

Sl. No. Name of the Subsidiary/Joint Venture	Amount invested as on 31.03.2025 ( in crore)
Subsidiaries
1. POWERGRID NM Transmission Limited	490.95
2. POWERGRID Khetri Transmission System Limited	198.75
3. POWERGRID Medinipur Jeerat Transmission Limited	661.60
4. POWERGRID Mithilanchal Transmission Limited	233.20
5. POWERGRID Ajmer Phagi Transmission Limited	115.00
6. POWERGRID Himachal Transmission Limited	432.50
7. POWERGRID Fatehgarh Transmission Limited	141.00
8. POWERGRID Southern Interconnector Transmission System Limited	709.00
9. POWERGRID Varanasi Transmission System Limited	187.56
10. POWERGRID Bhuj Transmission Limited	232.00
11. POWERGRID Rampur Sambhal Transmission Limited	151.30
12. POWERGRID Meerut Simbhavali Transmission Limited	205.98
13. POWERGRID Bhind Guna Transmission Limited	111.95
14. POWERGRID Bikaner Transmission System Limited	204.95
15. POWERGRID Sikar Transmission Limited	169.81
16. POWERGRID Teleservices Limited	700.69
17. POWERGRID Narela Transmission Limited	194.45
18. POWERGRID Neemuch Transmission System Limited	168.41
19. POWERGRID Ramgarh Transmission Limited	143.52
20. POWERGRID Aligarh Sikar Transmission Limited	110.72
21. POWERGRID Energy Services Limited	282.62
22. POWERGRID KPS2 Transmission System Limited	139.71
23. POWERGRID KPS3 Transmission Limited	138.14
24. POWERGRID Khavda II-C Transmission Limited	198.57
25. POWERGRID Ramgarh II Transmission Limited	130.52
26. POWERGRID Bikaner Neemrana Transmission Limited	142.01

Sl. No. Name of the Subsidiary/Joint Venture	Amount invested as on 31.03.2025 ( in crore)
27. POWERGRID Vataman Transmission Limited	167.31
28. POWERGRID Koppal Gadag Transmission Limited	151.21
29. POWERGRID West Central Transmission Limited	271.05
Joint Ventures
30. Powerlinks Transmission Limited	229.32
31. Sikkim Power Transmission Limited	120.12
32. North East Transmission Company Limited	106.96
33. Bihar Grid Company Limited	337.39
34. Energy Efficiency diminut ServicesLimited(Net of provisionfor ion in	645.79
value of investment)

21.7 Trade Receivables (Non-Current Assets)

( in crore)

Particulars	FY 2024-25	FY 2023-24
Trade receivables	41.72	282.95

The Companys portion of dues have been presented at their fair value under Trade Receivables (Non-current/Current) where dues have been rescheduled in pursuant to Electricity (Late Payment Surcharge and Related Matters) Rules, 2022 or otherwise.

21.8 Loans (Non-Current)

( in crore)

Particulars	FY 2024-25	FY 2023-24	% Change
Loans to Related Parties	35,702.66	21,016.53	69.88
Loans to Employees	546.62	485.99	12.48
Total	36,249.28	21,502.52	68.58

The increase in loans in comparison to previous year was mainly due to increase in Unsecured Loans given to Subsidiaries for execution of Projects acquired by the Company through Tariff Based Competitive Bidding (TBCB) route.

21.9 Other non-current financial assets

( in crore)

Particulars	FY 2024-25	FY 2023-24	% Change
Other non-current financial assets	5,285.72	5,040.08	4.87

Other non-current financial asset mainly consists of Recoverable from GOI fully serviced Bonds and Lease Receivables. Company has issued Government of India fully serviced bonds amounting to 3,487.50 crore during FY 2018-19 for raising of Extra Budgetary Resources (EBR) for GoI scheme of Power System Development Fund in terms of letter no. 7/1/2018-OM dated 21^st January, 2019 of Ministry of Power, Government of India for meeting accrued liabilities for creation of Capital Assets. The repayment of principal and the interest payment on such bonds shall be met by GoI.

21.10 Other non-current assets

( in crore)

Particulars	FY 2024-25	FY 2023-24	% Change
Other non-current assets	4,072.24	4,569.56	(10.88)

Other non-current assets mainly comprise of advances for Capital Expenditure, deferred foreign currency Fluctuation Asset, advance recoverable in kind or for value to be received from Customs Port Trust and other authorities.

22. Current Assets

( in crore)

Particulars	FY 2024-25	FY 2023-24	% Change
Current Assets	24,932.88	23,320.41	6.91

Current Assets have been categorized as (i) Inventories; (ii) Investments; (iii) Trade receivables; (iv) Cash & Cash Equivalents; (v) Bank Balances other than cash and cash equivalents; (vi) Loans; (vii) Other currentfinancial assets (viii) Other current and (ix) Assets classified as held for sale.

22.1 Inventories

( in crore)

Particulars	FY 2024-25	FY 2023-24	% Change
Inventories	1,377.82	1,303.73	5.68

Inventories are valued at lower of the cost, determined on weighted average basis, and net realizable value. Inventories consist of components, spares & other spare parts, loose tools, consumable stores and other items.

22.2 Investments

( in crore)

Particulars	FY 2024-25	FY 2023-24	% Change
Investments (Quoted)	-	608.26	(100)

Investments (Quoted) are investments in mutual funds computed at Fair value as at 31^st March, 2024.

22.3 Trade Receivables

( in crore)

Particulars	FY 2024-25	FY 2023-24	% Change
Trade Receivables	7,273.25	10,825.80	(32.82)

Trade Receivables consists mainly of receivables relating to transmission services and consultancy services. Due to different payment security mechanisms available to the Company, the Company has no material impaired receivables.

22.4 Cash & Cash Equivalents

( in crore)

Particulars	FY 2024-25	FY 2023-24	% Change
Cash and Cash Equivalents	3,723.53	2,620.55	42.09

Cash & Cash Equivalents increased by 42.09% in FY 2024-25 as compared to previous year was mainly on account of increase in term deposits (with maturity less than 3 months) (including Interest accrued).

22.5 Bank Balances other than cash & cash equivalents

( in crore)

Particulars	FY 2024-25	FY 2023-24	% Change
Bank balances other than cash & cash	2,695.87	2,406.18	12.04
equivalents

Bank Balances other than cash & cash equivalents increased by 12.04% during FY 2024-25 as compared to previous year was mainly on account of increase in term deposits (with maturity over 3 months but up to 12 months) in banks for consultancy clients & others.

22.6 Loans (Current)

( in crore)

Particulars	FY 2024-25	FY 2023-24	% Change
Loans	716.23	450.49	58.99

The increase in Loans from previous year to FY 2024-25 was mainly on account of increase of current maturities of Loans to Subsidiary Companies.

22.7 Other current financial assets

( in crore)

Particulars	FY 2024-25	FY 2023-24	% Change
Other current financialassets	8,855.09	4,642.65	90.73

As compared to previous year, other current financial assets increased by 90.73% during FY 2024-25 mainly on account of increase in Contract Assets.

22.8 Other Current Assets

( in crore)

Particulars	FY 2024-25	FY 2023-24	% Change
Other current assets	291.09	201.89	44.18

As compared to previous year, the other current assets have increased by 44.18% in FY 2024-25 mainly on account of increase in advances given to Subsidiaries and JVs and for CSR activities.

22.9 Assets Classified as Held for Sale

The balance share of 26% of 4 associate companies have been transferred, which was classified as "Assets classified as Held for Sale", to PGInVIT on 30 December 2024. Profit on above transaction (net of related expenses) amounting to 246.60 crore is included in "Other Income."

23. Indebtedness

The Company relies on both Rupee and foreign currency denominated borrowings. A significant part of our external funding has been through long-term foreign currency loans from multilateral agencies such as the World Bank and the Asian Development Bank, which are guaranteed by GOI. The following table sets forth, by currency, our outstanding debt, and its maturity profile (currency conversions are as of 31^st March 2025): ( in crore)

Loan Name	2025-26	2026-27	2027-28	2028-29	2029-30 Onwards	Total
1. Domestic Bonds	8,255.96	11,771.08	10,261.80	5,483.80	32,057.55	67,830.19
2. Domestic Loans	3,698.44	3,951.18	3,587.34	3,762.90	10,545.54	25,545.40
3. Foreign Loans
US$	2,544.07	2,311.23	2,067.38	1,855.44	16,882.06	25,660.18
EUR	674.69	668.70	658.53	639.55	1,089.09	3,730.56
SEK	218.35	218.36	161.23	52.05	0.00	649.99
JPY	6.14	265.10	254.58	254.58	1,058.88	1,839.28
Sub Total (3)	3,443.25	3,463.39	3,141.72	2,801.62	19,030.03	31,880.01
TOTAL (1+2+3)	15,397.65	19,185.65	16,990.86	12,048.32	61,633.12	1,25,255.60

23.1 Long-term borrowings

( in crore)

Particulars	FY 2024-25	FY 2023-24	% Change
Long-term borrowings	1,09,857.95	1,05,066.95	4.56%

Long-term borrowings include amounts raised from private placement of bonds, term loans from banks and financialinstitutions. 56% as compared to the previous year. Our borrowings haveincreased by 4.

23.2 Secured Loans

The secured loans (excluding current maturities of long-term loans) as at 31^st March 2025 and 2024 were 57,545.37 crore and 65,012.13 respectively. Most of these loans have been secured by floating charges on the moveable and immovable properties of the Company. The following table presents the secured debt as at 31^st March, 2025:

Particulars	Amount ( in crore)	% of total unsecured debt
Bonds denominated in Rupees	29,799.92	51.79
Term Loans and other Loans from Banks and Financial Institutions:
Denominated in Foreign Currency	24,286.48	42.20
Denominated in Rupees	3,458.97	6.01
Total	57,545.37	100

23.3 Unsecured Loans

The unsecured loans (excluding current maturities) as at 31^st March 2025 and 2024 were 52,312.57 crore and 40,054.83 crore respectively, which consist of domestic bonds, loans from foreign financial institutions/ Banks such as the Natixis (Formerly Credit National) in France, Japan International Cooperation Agency (Formerly Japan Bank for International Co-operation) in Japan, Skandinaviska Enskilda Banken AB (publ.) in Sweden and AB Svensk Exportkredit, Sweden,etc.

The following table presents our unsecured debt as at 31^st March 2025:

Particulars	Amount ( in crore)	% of total unsecured debt
Bonds denominated in Rupees	29,774.31	56.92
Term Loans (From Domestic Banks and Foreign Currency Loans):
Denominated in Foreign Currency	4,150.28	7.93
Denominated in Rupees	18,387.98	35.15
Total	52,312.57	100

24. Advance Against Depreciation (current and non current)

Advance against depreciation (AAD) was a component of tariff that was permitted to be charged under CERC regulations for the Block 2004-09, to cover shortfall in respect of depreciation in a year on assets, for repayment of debts. AAD was done away with in the tariff block 2009-2014 and depreciation rate were reworked. Due to change in these tariff norms and the depreciation rates w.e.f. 1st April 2009, the outstanding AAD has been taken to transmission income after 12 years from the date of commercial operation to the extent the depreciation charged in respect of transmission system is more than the depreciation recovery under tariff. As on 31^st March 2025, AAD has decreased by 18.82% from 576.49 crore during FY 2023-24 to 468.01 crore in FY 2024-25.

25. Current Liabilities

( in crore)

Particulars	FY 2024-25	FY 2023-24	% Change
Current Liabilities	33,505.22	30,737.30	9.01

Current Liabilities includes (i) Borrowings; (ii) Trade payables (iii) Other current Financial Liabilities (iv) Other current Liabilities; (v) Provisions; (vi) Current Tax Liabilities (Net) and (vii) Lease Liabilities.

25.1 Borrowings (Current)

( in crore)

Particulars	FY 2024-25	FY 2023-24	% Change
Borrowings	21,107.01	18,381.67	14.83

The Borrowings were increased mainly on account of increase in unsecured short term borrowings from banks.

25.2 Lease Liabilities (current)

( in crore)

Particulars	FY 2024-25	FY 2023-24	% Change
Lease Liabilities	9.04	4.18	116.27

Lease Liabilities as at 31^st March 2025 were 116.27% higher as compared to 31^st March 2024.

25.3 Trade payables

( in crore)

Particulars	FY 2024-25	FY 2023-24	% Change
Trade payables	567.68	354.07	60.33

Trade payables as at 31^st March 2025 were 60.33% higher as compared to 31^st March 2024.

25.4 Other Current Financial Liabilities

( in crore)

Particulars	FY 2024-25	FY 2023-24	% Change
Other current financial liabilities	7,446.74	7,875.60	(5.45)

Other current financial liabilities mainly include Interest accrued but not due on borrowings, dues for capital expenditure, deposits/retention money from contractors and others etc. Other current financial liabilities as at 31^st March 2025 were 5.45% lower as compared to 31^st March 2024.

25.5 Other Current liabilities

( in crore)

Particulars	FY 2024-25	FY 2023-24	% Change
Other current liabilities	3,605.26	3,538.42	1.89

Other current liabilities as at 31^st March 2025 were 1.89% higher as compared to 31^st March 2024 mainly on account of statutory dues.

25.6 Provisions

( in crore)

Particulars	FY 2024-25	FY 2023-24	% Change
Provisions for Employee Benefits and others	605.46	583.36	3.79

As compared to previous year, the provisions for Employee Benefits and others increased by 3.79%.

26. BUSINESS AND FINANCIAL REVIEW OF JOINT VENTURE COMPANIES and SUBSIDIARIES for FY 2024-25

JOINT VENTURE (JV) COMPANIES:

(i) POWERLINKS TRANSMISSION LIMITED (POWERLINKS):

POWERGRID and Tata Power Company Limited are the Joint Venture Partners in this Joint Venture Company and hold 49% and 51% equity respectively. POWERLINKS was incorporated to undertake the implementation of Transmission Lines associated with Tala HEP, East-North interconnector and Northern Region Transmission System from Siliguri in West Bengal via Bihar to Uttar Pradesh and was the first public - private partnership in Power Transmission. POWERLINKS progressively commissioned the project by August, 2006. As on 31^st March 2025, POWERLINKS had a paid-up share capital of 468.00 crore. POWERGRID’s share in the paid-up share capital is 229.32 crore. POWERGRID received 79.11 crore as dividend during FY 2024-25 from this JV.

Financial Highlights of this JV:

( in crore)

Particulars	FY 2024-25	FY 2023-24
POWERGRID’s investment in Equity	229.32	229.32
Gross Income	132.70	139.54
Profit after Tax	78.76	81.53
Earnings per Share* ( )	1.68	1.74

(ii) TORRENT POWER GRID LIMITED (TPGL):

POWERGRID and Torrent Power Limited are the Joint Venture Partners in this Joint Venture Company and hold 26% and 74% equity respectively. The Company was incorporated to undertake the implementation of transmission system associated with 1100 MW Gas Based project (Sugen) Generation Station of Torrent Power Limited at Akhakhol in Surat District of Gujarat. The project progressively commissioned in March 2011.

As on 31^st March 2025, TPGL had paid-up share capital of 90 crore. POWERGRID’s share in the paid-up share capital is 23.40 crore. POWERGRID has received 3.98 crore as dividend during FY 2024-25 from this JV.

Financial Highlights of this JV:

( in crore)

Particulars	FY 2024-25	FY 2023-24
POWERGRID’s investment in Equity	23.40	23.40
Gross Income	26.20	28.42
Profit after	15.72	16.98
Earnings per Share* ( )	1.75	1.89

*Face value per Share is 10/- each.

(iii) NORTH EAST TRANSMISSION COMPANY LIMITED (NETC):

POWERGRID entered into a Joint Venture Agreement with ONGC Tripura Power Project Company Limited. (OTPC), Government of Tripura, Manipur, Mizoram, Assam Electricity Grid Corporation Ltd., Meghalaya and Nagaland for establishment of Transmission Line of 400 kV D/C Palatana- Silchar- Bongaigoan Transmission Project associated with 726.6 MW Palatana Gas based Power Project in the state of Tripura.

The project progressively commissioned in February, 2015.

As on 31^st March 2025, NETC had paid-up share capital of 411.40 crore. POWERGRID’s share in the paid- up share capital is 106.96 crore. NETC has paid 16.04 crore divided during FY 2024-25 to POWERGRID.

Financial Highlights of this JV:

( in crore)

Particulars	FY 2024-25	FY 2023-24
POWERGRID’s investment in Equity	106.96	106.96
Gross Income	279.96	285.40
Profit after Tax	78.80	71.13
Earnings per Share* ( )	1.91	1.73

*Face value per Share is 10/- each.

(iv) PARBATI KOLDAM TRANSMISSION COMPANY LIMITED (PKTCL):

POWERGRID and India Grid Trust (IGT) are the Joint Venture Partners in this Joint Venture Company and hold 26% and 74% equity respectively. PKTCL was incorporated to undertake the implementation of transmission lines associated with Parbati-II (800 MW) HEP and Koldam (800 MW) HEP. The Project progressively commissioned in November, 2015.

As on 31^st March 2025, PKTCL had paid-up capital of 272.84 crore. POWERGRID’s share in the paid-up capital is 70.94 crore. POWERGRID has received 10.29 crore dividend during FY 2024-25 from this JV.

Financial Highlights of this JV:

( in crore)

Particulars	FY 2024-25	FY 2023-24
POWERGRID’s investment in Equity	70.94	70.94
Gross Income	137.37	143.17
Profit after Tax	37.63	38.24
Earnings per Share* ( )	1.39	1.40

*Face value per Share is 10/- each.

(v) SIKKIM POWER TRANSMISSION LIMITED (SPTL):

POWERGRID and Teesta Urja Limited are the Joint Venture Partners in this Joint Venture Company and hold 30.92% and 69.08% equity respectively. SPTL was incorporated to undertake the implementation of transmission lines associated with 1,200 MW Teesta-III Hydro Electric Power Project to Kishanganj sub- station. The Project commissioned progressively in February, 2019.

As on 31^st March 2025, SPTL had Paid-Up share Capital of 388.45 crore. POWERGRID’s share in the paid-up share capital is 120.12 crore.

Financial Highlights of this JV:

( in crore)

Particulars	FY2024-25	FY 2023-24
POWERGRID’s investment in Equity	120.12	120.12
Gross Income	246.77	251.64
Profit after Tax #	65.10	63.64
Earnings per Share* ( )	1.68	1.64

*Face value per Share is 10/- each.

#Profit after tax and before Deferral Regulatory and OCI Adjustment.

(vi) NATIONAL HIGH POWER TEST LABORATORY PRIVATE LIMITED (NHPTL):

National High Power Test Laboratory Private Limited, is a Joint Venture Company of POWERGRID, NTPC, NHPC, DVC and CPRI and incorporated for establishment of an independent, standalone, state of the art, professionally managed, international class On-line High Power Short-circuit Test Facility in Bina, M.P, India. NHPTL provides wide range of Short-circuit testing of EHV Transformer in conformance to Indian and International Standards for the manufacturers in domestic market, National Power Utilities and International Transformer manufacturers. The Company commenced the commercial operation for the Dynamic SC test for Transformers of 400kV voltage class w.e.f. 01^st July 2017 and for 765kV w.e.f. 11^th September 2017. Till date more than 75 Nos. of EHV Transformer have been tested of domestic and international customers of 220kV, 330kV, 400kV & 765kV voltage class. In FY 2024-25 NHPTL did 15Nos. Transformers tested which is highest ever in terms of numbers.

As on 31^st March 2025, NHPTL had paid up share capital of 285.09 crore. POWERGRID’s share in the paid-up share capital is 89.89 crore.

Financial Highlights of this JV:

( in crore)

Particulars	FY 2024-25	FY 2023-24
POWERGRID’s investment in Equity	89.89	48.80
Gross Income	38.38	46.17
Profit after Tax	18.12	21.34
Earnings per Share* ( )	0.64	1.40

*Face value per Share is 10/- each.

(vii) BIHAR GRID COMPANY LIMITED (BGCL):

POWERGRID entered into a Shareholders’ Agreement on 29^th December 2012 with Bihar State Power (Holding) Company Limited {BSP(H)CL} for implementation of Intra-State Transmission System in the State of Bihar on 50:50 equity participation basis. The Company is implementing Transmission System Strengthening Schemes in Bihar under Phase-IV, Part-I worth 2,024 crore. The major components of Part-I Projects are under commercial operation. Further, works Phase-IV, Part-II worth 1,688 crore and Supplementary works worth 111 crore are under final stage of implementation.

As on 31^st March 2025, BGCL had the Paid-up Share Capital of 674.78 crore. POWERGRID’s share in the paid-up share capital is 337.39 crore.

Financial Highlights of this JV:

( in crore)

Particulars	FY 2024-25	FY 2023-24
POWERGRID’s investment in Equity	337.39	337.39
Gross Income	488.78	295.86
Profit after Tax	91.02	(141.07)
Earnings per Share* ( )	1.35	(2.10)

*Face value per Share is 10/- each.

(viii) RINL POWERGRID TLT PRIVATE LIMITED (RPTPL):

POWERGRID and RashtriyaIspat Nigam Limited (RINL) formed a joint venture Company, RPTPL, on 50:50 equity participation basis for setting up a Transmission Line Tower (TLT) manufacturing plant at Visakhapatnam with a view to exploit the emerging opportunity in transmission line tower manufacturing business.

As on 31^st March 2025, RPTPL had paid up share capital of 8.00 crore. However, keeping in view the business scenario of tower manufacturing, the Board of Directors of POWERGRID accorded approval for closure of the Company.

(ix) ENERGY EFFICIENCY SERVICES LIMITED (EESL):

POWERGRID entered into a Joint Venture Agreement with NTPC Limited, Power Finance Corporation Ltd., and REC Limited. The JV Company viz. EESL is incorporatedtopromotemeasuresof Efficiency,Energy Conservation and Climate Change and is carrying out business related to energy audit of Government buildings, consultancy assignments etc. in India and globally.

As on 31^st March 2025, EESL had Paid-up Share Capital of 2,156.82 crore. POWERGRID’s share in the paid- up share capital is 846.61 crore (39.25%).

Financial Highlights of this JV:

( in crore)

Particulars	FY 2024-25	FY 2023-24
POWERGRID’s investment in Equity	846.61	846.61
Gross Income	896.34	1,216.92
Profit after Tax	(596.61)	(459.02)
Earnings per Share* ( )	(2.77)	(2.52)

*Face value per Share is 10/- each.

(x) RAJASTHAN POWER GRID TRANSMISSION COMPANY LIMITED (RPTCL):

POWERGRID and Rajasthan Rajya Vidyut Prasaran Nigam Limited (RVPN) formed a joint venture Company, Rajasthan Power Grid Transmission Co Limited (RPTCL) on 74:26 equity participation basis respectively for Implementation of Intra-State Transmission System in the State of Rajasthan. The JV Company was incorporated in Nov 2024.

(xi) CROSS BORDER POWER TRANSMISSION COMPANY LIMITED (CPTCL):

POWERGRID entered into Shareholders’ Agreement on 9^th July 2012 with IL&FS Energy Development Company Limited (IEDCL), SJVN Limited (SJVN) and Nepal Electricity Authority (NEA) of Nepal and incorporated a JV

Company in India i.e. Cross Border Power Transmission Company Limited for implementation of Indian portion viz. Muzaffarpur-Sursand section of 400 kV D/c Muzaffarpur-Dhalkebar Indo-Nepal Cross Border transmission line.

IEDCL has proposed to divest shares held by IEDCL in CPTC (i.e. 38%), as per mandate of NCLT approved resolution framework. After, divestment of IEDCL shares to other shareholders of CPTCL viz. POWERGRID, SJVN and NEA in proportion to their existing shareholdings in line with the Shareholder’s Agreement. As on 31^st March 2025, CPTCL had paid-up share capital of 48.50 crore. Initially, POWERGRID equity was 12.62 crore. Further, during divestment of IEDCL shares in CPTC, POWERGRID has purchased additional equity shares of 14.73 crore in December, 2024. POWERGRID has received 3.15 crore dividend during FY

2024-25 from this JV.

(xii) POWER TRANSMISSION COMPANY NEPAL LIMITED (PTCN):

POWERGRID entered into a Joint Venture cum Share Purchase Agreement on 5^th April 2014 with Nepal Electricity Authority (NEA), Hydroelectricity Investment & Development Company Limited (HIDCL) of Nepal and IL&FS Energy Development Company Limited (IEDCL) and incorporated a JV Company in Nepal i.e. Power Transmission Company Nepal Limited (PTCN) for implementation of Dhalkebar Bhittamod 400 kV Transmission Line (Nepal Portion of 400 kV D/C Dhalkebar - Muzaffarpur Indo-Nepal Cross Border transmission line). The Dhalkebar - Muzaffarpur Indo-Nepal Cross Border Transmission line is being used for Transmission of power between India & Nepal.

The Shareholding of NEA, POWERGRID, HIDCL and IEDCL in the said JV Company is 50%, 26%, 14% and 10% respectively. It is prudent to mention here that IEDCL vide their letter dated 10^th March 2023 had informed that their board has proposed to divest the shares held by IEDCL in PTCN (i.e. 10%), as per mandate of NCLT approved resolution framework. Further, IEDCL proposed the divestment of the shares directly to other shareholders of PTCN viz. NEA, POWERGRID and HIDCL in proportion to their existing shareholdings in line with the Shareholder’s Agreement dated 5^th April 2014 (SHA). Currently, the divestment of the shares of IEDCL is under process.

As on 31^st March 2025, PTCN had Paid-up share capital of NPR 45 crore. At present, POWERGRID equity is NPR 11.70 crore including 1,30,000 Bonus shares of NPR 100/- each. The line is under commercial operation w.e.f. 19^th February 2016. POWERGRID has received 1.32 crore dividend during FY 2024-25 from this JV.

(xiii) BUTWAL - GORAKHPUR CROSS BORDER POWER TRANSMISSION LIMITED (BGCBPTL):

POWERGRID entered into a Joint Venture Agreement with Nepal Electricity Authority (NEA) for implementation of Indian portion of 400 kV New Butwal (Nepal) Gorakhpur (India) Cross Border Transmission Line. The Shareholding of both NEA & POWERGRID is 50% each in the JV Company. The JV

Company was incorporated on 31^st August 2022 in India.

As on 31^st March 2025, BGCBPTL had Paid-up share capital of 40 crore. POWERGRIDs shares in the Paid-up share capital was 20 crore.

SUBSIDIARY COMPANIES:

(i) POWERGRID NM TRANSMISSION LIMITED (PNMTL)

PNMTL was acquired by POWERGRID on 29^th March 2012 under Tariff Based Competitive Bidding to establish transmission system associated with IPPs of Nagapattinam / Cuddalore Area (Package A) on build, own, operate and maintain (BOOM) basis. The Transmission System comprising 765kV D/C and 765kV S/C traverses the states of Tamil Nadu and Karnataka. The company was granted transmission license by CERC in June, 2013. All the project elements had been progressively commissioned by January 2019. As on 31^st March 2025, PNMTL had an Authorized and Paid-up Share Capital of 496.25 crore and 490.95 crore respectively. PNMTL paid first interim dividend of 17.67 crore, second interim dividend of 14.24 crore, third interim dividend of 14.73 crore and fourth interim dividend of 13.26 crore for FY 2024-25.

( in crore)

Particulars	FY 2024-25	FY 2023-24
Gross Income	166.46	171.49
Profit after Tax	58.53	54.63

(ii) POWERGRID UNCHAHAR TRANSMISSION LIMITED (PUTL)

PUTL was acquired by POWERGRID on 24^th March 2014 under Tariff Based Competitive Bidding to establish transmission system for Associated Transmission System ("ATS") of Unchahar Thermal Power Station ("TPS") on a build, own, operate and maintain (BOOM) basis. The transmission system comprising Unchahar - Fatehpur 400kV Double Circuit (D/C) line (about 106.74 circuit kilometer) traverses the state of Uttar Pradesh. The company was granted transmission license by CERC on 21^st July 2014. The project had been commissioned on 1^st October 2016.

PUTL is also Investment Manager of POWERGRID Infrastructure Investment Trust ("PGInvIT").

As on 31^st March 2025, PUTL had an Authorized Share Capital of 14 crore and Paid-up Share Capital of 12.96 crore respectively. PUTL paid first interim dividend of 3.82 crore, second interim dividend of 3.37 crore and third interim dividend of 3.63 crore for FY 2024-25. PUTL further proposed a final dividend of 3.24 crore for FY 2024-25.

(ix) POWERGRID BHIND GUNA TRANSMISSION LIMITED (PBGTL)

PBGTL was acquired by POWERGRID on 11^th September 2019 under Tariff Based Competitive Bidding to establish transmission system for Intra-State Transmission Work associated with construction of 400 kV

Substation near Guna & Intra-State Transmission Work associated with construction of 220 kV S/s near Bhind in Madhya Pradesh on build, own, operate and maintain (BOOM) basis. The Company was granted transmission license by MPERC in January 2021. The project was commissioned on 7^th October 2022.

As on 31^st March 2025, PBGTL had an Authorized and Paid-up Share Capital of 120.42 crore and 111.95 crore respectively. PBGTL paid first interim dividend of 6.27 crore, second interim dividend of 5.71 crore, third interim dividend of 5.60 crore and fourth interim dividend of 4.25 crore for FY 2024-25.

( in crore)

Particulars	FY 2024-25	FY 2023-24
Gross Income	67.81	70.97
Profit after Tax	20.88	23.22

(x) POWERGRID AJMER PHAGI TRANSMISSION LIMITED (PAPTL)

PAPTL was acquired by POWERGRID on 3^rd October 2019 under Tariff Based Competitive Bidding to establish transmission system for Construction of Ajmer (PG)-Phagi 765 kV D/C line along with associated bays for Rajasthan SEZ on build, own, operate and maintain (BOOM) basis. The Company was granted transmission license by CERC on 4^th March 2020. The project was commissioned on 6^th May 2021.

As on 31^st March 2025, PAPTL had an Authorized and Paid-up Share Capital of 125.00 crore and 115.00 crore respectively. PAPTL paid first interim dividend of 3.45 crore, second interim dividend of 5.75 crore, third interim dividend of 5.75 crore, and fourth interim dividend of 4.025 crore for FY 2024-25.

( in crore)

Particulars	FY 2024-25	FY 2023-24
Gross Income	77.28	79.11
Profit after Tax	19.39	20.69

(xi) POWERGRID FATEHGARH TRANSMISSION LIMITED (PFTL)

PFTL was acquired by POWERGRID on 14^th October 2019 under Tariff Based Competitive Bidding to establish Transmission system associated with LTA applications from Rajasthan SEZ Part-B on build, own, operate and maintain (BOOM) basis. The Company was granted transmission license by CERC on 4^th March 2020. The project was commissioned on 1^st September 2021.

As on 31^st March 2025, PFTL had an Authorized and Paid-up Share Capital of 141.00 crore each. PFTL paid first interim dividend of 5.64 crore, second interim dividend of 5.64 crore, third interim dividend of 7.05 crore and fourth interim dividend of 4.94 crore for FY 2024-25.

( in crore)

Particulars	FY 2024-25	FY 2023-24
Gross Income	91.07	92.89
Profit after Tax	24.11	24.62

(xii) POWERGRID BHUJ TRANSMISSION LIMITED (PBTL)

PBTL was acquired by POWERGRID on 16^th October 2019 under Tariff Based Competitive Bidding to establish transmission system for providing connectivity to RE projects at Bhuj-II (2000MW) in Gujarat on build, own, operate and maintain (BOOM) basis. The transmission system includes establishment of new 2 x 1500 MVA (765/400 kV), 4 x 500 MVA (400/220 kV) Bhuj - II PS and reconfiguration of Bhuj PS Lakadia PS kV D/c line so as to establish Bhuj II Lakadia 765 kV D/c line as well as Bhuj Bhuj II 765 kV D/c line. The Company was granted transmission license by CERC on 3^rd March 2020. All the project elements had been progressively commissioned by November, 2022.

The Company is also implementing ‘Requirement of additional FOTE of STM-16 capacity at Bhuj-II substation to cater to connectivity of RE Gencos’ works under Regulated Tariff Mechanism.

As on 31^st March 2025, PBTL had an Authorised and Paid-up Share Capital of 236.00 crore and 232.00 crore respectively. PBTL paid first interim dividend of 3.25 crore, Second Interim Dividend of 13.22 crore Third Interim Dividend of 10.44 crore and fourth interim dividend of 7.89 crore for the FY 2024-25.

( in crore)

Particulars	FY 2024-25	FY 2023-24
Gross Income	157.07	132.67
Profit after Tax	35.13	18.57

(xiii) POWERGRID RAMPUR SAMBHAL TRANSMISSION LIMITED (PRSTL)

PRSTL was acquired by POWERGRID on 12^th December 2019 under Tariff Based Competitive Bidding to establish transmission System for construction of 765/400/220kV GIS Substation at Rampur and 400/220/132kV GIS Substation at Sambhal with associated Transmission Lines on build, own, operate and maintain (BOOM) basis. The Company was granted transmission license by UPERC in September 2020. The project was commissioned on 31^st March 2023.

As on 31^st March 2025, PRSTL had an Authorized and Paid-up Share Capital of 166 crore and 151.30 crore respectively. PRSTL paid an interim dividend of 17.70 crore for the FY 2024-25.

( in crore)

Particulars	FY 2024-25	FY 2023-24
Gross Income	105.26	104.94
Profit after Tax	30.93	32.50

(xiv) POWERGRID MEERUT SIMBHAVALI TRANSMISSION LIMITED (PMSTL)

PMSTL was acquired by POWERGRID on 19^th December 2019 under Tariff Based Competitive Bidding to establish transmission system for Construction of 765/400/220 kV GIS Substation at Meerut with associated lines and 400/220/132 kV GIS Substation at Simbhaoli with associated Transmission lines on build, own, operate and maintain (BOOM) basis. The Company was granted transmission license by UPERC on 18^th September 2020. The project has been completely commissioned with effect from 29^th April 2023. As on 31^st March 2025, PMSTL had an Authorized and Paid-up Share Capital of 220.00 crore and 205.98 crore respectively.

(xv) POWERGRID RAMGARH TRANSMISSION LIMITED (PRTL)

PRTL was acquired by POWERGRID on 9^th March 2021 under Tariff Based Competitive Bidding to establish Transmission System for evacuation of Power from Solar Energy Zones in Rajasthan (8.1 GW) under Phase-II Part-A on build, own, operate and maintain (BOOM) basis. The Company was granted transmission license by CERC on 31^st May 2021. All the project elements were commissioned on 24^th December 2023. The Company is also implementing following works under Regulated Tariff Mechanism: i) Transmission system for evacuation of power from REZ in Rajasthan (20GW) under Phase-III Part E1 ii) Implementation of Bus Sectionalizer at 400kV Level of 765/400/220kV Fatehgarh- III PS (Section-2) iii) Transmission system for evacuation of power from REZ in Rajasthan (20 GW) under Phase III Part E2 iv) Grant of 400kV & 220kV bays to RE generators at Fatehgarh-III (erstwhile Ramgarh-II) PS under ISTS v) Augmentation of Transformation Capacity at 400/220 kV Fatehgarh-III PS (Section-1) by 400/220 kV, 1x500MVA ICT (5^th) vi) Implementation of 400kV bay for RE generators at Fatehgarh-III (erstwhile Ramgarh-II) As on 31^st March 2025, PRTL had an Authorized and Paid-up Share Capital of 411.53 crore and 143.52 crore respectively.

( in crore)

Particulars	FY 2024-25	FY 2023-24
Gross Income	48.35	13.11
Profit after Tax	3.63	2.84

(xvi) POWERGRID BIKANER TRANSMISSION SYSTEM LIMITED (PBTSL)

PBTSL was acquired by POWERGRID on 25^th March 2021 under Tariff Based Competitive Bidding to establish Transmission System for evacuation of Power from Solar Energy Zones in Rajasthan (8.1 GW) under Phase-II Part-F". The Company was granted a transmission license by CERC on 12^th July 2021. All the project elements had been progressively commissioned by 24^th July 2023 The Company has also commissioned ‘220kV bays for RE Generators and 400/220kV ICTs at Bikaner-II PS, Implementation of 1 no. of 400kV Line Bay at 400/220kV Bikaner-II PS for interconnection of 1000MW Solar Project of SJVN Ltd and 400kV Transformer Package TR-43 for 5*500 MVA, 400/220 kV ICT at Bikaner-II SS associated with Transmission System for Evacuation of Power From Rajasthan REZ PH-IV (Part-I) (Bikaner Complex) PART-E under Regulated Tariff Mechanism: Further, following works are being implemented under Regulated Tariff Mechanism: i) Implementation of 220kV Bays of RE Generators and 400/220kV ICTs at Bikaner-II SS ii) Implementation of 2 no. of 220 kV line bays at 400/220 kV Bikaner-II PS for interconnection of solar projects (ACME Solar Holdings Pvt. Ltd., Prerak Greentech Pvt. Ltd.) iii) Transmission System for Evacuation of Power from Rajasthan REZ PH-IV (Part-I) (Bikaner Complex) iv) Implementation of 1 no. of 220kV line bay at 400/220 kV Bikaner-II PS for interconnection of solar project (M/s NHPC Bay) v) Civil & Erection Work including supply of erection hardware associated with extension of 400/220 kV

Bikaner-II Sub Station vi) Augmentation of transformation capacity at 400/220kV Bikaner-II PS by 400/220kV, 1x500 MVA ICT

(ICT diverted from TR-43) vii) Implementation of Bus Sectionalizer at 400kV level of 400/220kV Bikaner-II PS

As on 31^st March 2025, PBTSL had an Authorized and Paid-up Share Capital of 286.00 crore and 204.95 crore respectively. PBTSL paid first interim dividend of 6.88 crore and second interim dividend of 9.22 crore for FY 2024-25.

( in crore)

Particulars	FY 2024-25	FY 2023-24
Gross Income	209.56	120.20
Profit after Tax	44.04	22.02

(xvii) POWERGRID SIKAR TRANSMISSION LIMITED (PSTL)

PSTL was acquired by POWERGRID on 4^th June 2021 under Tariff Based Competitive Bidding to establish Transmission System forevacuation of power from solar energy zones in Rajasthan (8.1 GW) under Phase II Part C on build, own, operate and maintain (BOOM) basis. The Company was granted transmission license by CERC on 27^th May 2022. All the project elements had been progressively commissioned by 19^th December 2024. As on 31^st March 2025, PSTL had an Authorized and Paid-up Share Capital of 188.85 crore and 169.80 crore respectively. ( in crore)

Particulars	FY 2024-25	FY 2023-24
Gross Income	56.66	0.01
Profit after Tax	4.47	-0.38

(xviii) POWERGRID BHADLA TRANSMISSION LIMITED (PBdTL)

PBdTL was acquired by POWERGRID on 4^th June 2021 under Tariff Based Competitive Bidding to establish Transmission System for evacuation of power from solar energy zones in Rajasthan (8.1 GW) under phase II Part B" on build, own, operate and maintain (BOOM) basis. The Company was granted transmission license by CERC on 25^th November 2022. The project was commissioned on 18^th August 2024. As on 31^st March 2025, the Company had an Authorized and Paid-up Share Capital of 89.35 crore and 83.24 crore approx. respectively.

(xix) POWERGRID VEMAGIRI TRANSMISSION LIMITED (PVTL)

PVTL was acquired by POWERGRID on 18^th April 2012 under Tariff Based Competitive Bidding Transmission system associated with IPPs of Vemagiri Area (Package A). The transmission system comprising 765kV

D/C lines which traverse the state of Andhra Pradesh and Telangana.

As on 31^st March 2025, PVTL had an Authorized Share Capital and Paid-up Share Capital of 5 Lakh each. CERC vide Order dated 6^th April 2015 stated that Vemagiri-Khammam-Hyderabad 765 kV D/C lines under the project is neither required as an evacuation line nor as a system strengthening line, no useful purpose will be served by adopting the transmission charges and granting license to the petitioner for the said transmission line and has withdrawn the regulatory approval for the Transmission project.

(xx) POWERGRID HIMACHAL TRANSMISSION LIMITED (PHTL)

POWERGRID acquired 74% stake on 25^th March 2021 held by Jaiprakash Power ventures Ltd. (JPVL) in JPL

(Jaypee POWERGRID Limited) and hence JPL has become a wholly owned subsidiary of POWERGRID. Consequent upon acquisition, name of the Company has been changed from Jaypee POWERGRID Limited to PHTL. The project was commissioned on 1^st April 2012.

PHTL is engaged in operation and maintenance of (i) 400 Kv D/C Karcham Wang to Abdullapur Transmission Line with 219.80 KM (ii) LILO of 400 Kv D/C Baspa-Jhakri Line with 4.0 KM.

As on 31^st March 2025, PHTL had an Authorized and Paid-up Share Capital of 300 crore each. PHTL paid first interim dividend of 12 crore, second interim dividend of 18 crore, third interim dividend of 12 crore and fourth interim dividend of 9 crore for FY 2024-25. ( in crore)

Particulars	FY 2024-25	FY 2023-24
Gross Income	78.91	129.61
Profit after Tax	48.67	53.19

(xxi) POWERGRID ALIGARH SIKAR TRANSMISSION LIMITED (PASTL)

PASTL was acquired by POWERGRID on 8^th June 2021 under Tariff Based Competitive Bidding to establish transmission system for evacuation of power from solar energy zones in Rajasthan (8.1 GW) under Phase II Part D" on build, own, operate and maintain (BOOM) basis. The transmission system comprises establishment of a 765kVD/C transmission line from Sikar to Aligarh and associated Substation extension works in the State of Rajasthan and Uttar Pradesh. The Company was granted transmission license by CERC on 28^th May 2022. The project was commissioned on 10^th October 2024. As on 31^st March 2025, PASTL had an Authorised and Paid-up Share Capital of 120.00 crore and 110.72 crore respectively.

(xxii) CENTRAL TRANSMISSION UTILITY OF INDIA LIMITED (CTUIL)

Pursuant to mandate of Government of India, POWERGRID incorporated Central Transmission Utility of India Limited, as its wholly-owned Subsidiary on 28^th December 2020. This Subsidiary has been mandated to be acquired by Government of India. As on 31^st March 2025, CTUIL had an Authorised and Paid-up Share Capital of 1 crore and 0.05 crore respectively. CTUIL paid total interim dividend of 10 crore during FY 2024-25. ( in crore)

Particulars	FY 2024-25	FY 2023-24
Gross Income	118.25	103.17
Profit after Tax	57.94	68.78

(xxiii) POWERGRID TELESERVICES LIMITED (POWERTEL)

PowerTel was incorporated on 25^th November 2021, as a wholly owned subsidiary of POWERGRID to undertake the Telecommunications and Digital Technology Business of POWERGRID.

Unified License agreement for service authorizations for National Long Distance (NLD), Internet Service Provider - A (ISP-A) & International Long Distance (ILD) was obtained on 11^th May 2023. Further, Infrastructure Provider-1 (IP-1) registration certificate has been received on16^th February 2023.

The Telecommunications and Digital Technology Business of POWERGRID has been transferred to PowerTel w.e.f. 1^st October 2023.

During the year, PowerTel has maintained Telecom backbone availability of 100%. POWERGRID is expanding its business into Data Centre services through PowerTel and a commercial Data Centre at POWERGRID

Manesar Substation, Haryana is under implementation. Permission has also been received on 27^th March 2024 from CERC for Data Centres establishment at 15 substation locations across the country. Based on customer requirement and business experience, PowerTel would explore establishing Data Centres at these locations.

As on 31^st March 2025, Company had an Authorised and Paid-Up Share Capital of 1000 crore and 700.69 crore respectively.

( in crore)

Particulars	FY 2024-25	FY 2023-24
Gross Income	1,128.10	473.22
Profit after Tax	391.13	157.32

(xxiv) POWERGRID ENERGY SERVICES LIMITED (PESL)

PESL was incorporated on 14^th March 2022 as a wholly-owned Subsidiary of POWERGRID to undertake the Energy Management projects in India and Abroad.

During FY 2024-25, PESL has entered into 07 new O&M agreements (Cumulative 21 O&M agreements) with TBCB SPV’s (wholly owned subsidiaries of POWERGRID) (Holding Company) for providing Operations and Maintenance (O&M) services including Warranty Services.

PESL entered into agreements for Project Implementation services for Design, Engineering, Procurement, Supply, Erection, testing and Commissioning works of Distribution Infrastructure works under RDSS in June 2023 with Ladakh Power Development Department (LPDD), in various districts of Ladakh to be implemented in three years.

In its endeavor towards effective energy management, PESL is implementing smart metering project in the state of Gujarat. PESL has obtained Operational Go-Live certificates for meters installed in FY 2024-25 from both the DISCOMs i.e., Madhya Gujarat Vij Company Limited (MGVCL) and Uttar Gujarat Vij Company Limited (UGVCL).

As on 31^st March 2025, PESL had an Authorized and Paid-up Share Capital of 495 crore and 282.62 crore respectively.

( in crore)

Particulars	FY 2024-25	FY 2023-24
Gross Income	332.03	75.30
Profit after Tax	51.22	8.08

(xxv) POWERGRID NARELA TRANSMISSION LIMITED (PNTL)

PNTL was acquired by POWERGRID on 11^th May 2022 under Tariff Based Competitive Bidding to establish Transmission System for evacuation of Power from Solar Energy Zones in Rajasthan (8.1 GW) under Phase-II Part-G" on build, own, operate and maintain (BOOM) basis. The Company was granted transmission license by CERC on 26^th September 2022. The project is under implementation.

As on 31^st March 2025, PNTL had an Authorized and Paid-up Share Capital of 220 crore and 194.45 crore respectively.

(xxvi) POWERGRID GOMTI YAMUNA TRANSMISSION LIMITED (PGYTL)

PGYTL was acquired by POWERGRID on 30^th May 2022 under Tariff Based Competitive Bidding to establish transmission system for construction of 400/220/132kV GIS Substation at Mohanlalganj (Lucknow) with associated 400kV lines, and other 765kV & 400kV LILO lines at 765kV GIS Substation Rampur and 400kV

LILO (Quad Moose on Monopole) at 400kV GIS Substation at Sector 123, Noida. The Company was granted transmission license by UPERC on 20^th December 2022. All the project elements had been progressively commissioned by 24^th March 2024.

As on 31^st March 2025, PGYTL had an Authorized and Paid-up Share Capital of 100 crore and 96 Crore respectively.

Particulars	FY 2024-25	FY 2023-24
Gross Income	125.93	26.99
Profit after Tax	41.58	10.68

(xxvii) POWERGRID NEEMUCH TRANSMISSION SYSTEM LIMITED (PNTSL)

PNTSL was acquired by POWERGRID on 24^th August 2022 under Tariff Based Competitive Bidding to establish Transmission System for evacuation of Power from Neemuch SEZ on build, own, operate and Transfer (BOOT) basis. The Company was granted a transmission license by CERC on 27^th December 2022. The project was commissioned on 24^th April 2024.

As on 31^st March 2025, PNTSL had an Authorized and Paid-up Share Capital of 175.00 crore and 168.41 crore respectively.

( in crore)

Particulars	FY 2024-25	FY 2023-24
Gross Income	63.42	0.01
Profit after	9.38	(1.29)

(xxviii) POWERGRID ER NER TRANSMISSION LIMITED (PENTL)

PENTL was acquired by POWERGRID on 10^th October 2022 under Tariff Based Competitive Bidding to establish Inter-State Transmission System for System Strengthening Scheme for Eastern and North Eastern Regions on build, own, operate and Transfer (BOOT) basis. The Company was granted transmission license by CERC on 4^th February 2023. The project was commissioned on 3^rd July 2025. As on 31^st March 2025, PENTL had an Authorized and Paid-up Share Capital of 53.00 crore and 40.50 crore respectively.

( in crore)

Particulars	FY 2024-25	FY 2023-24
Gross Income	4.64	0.01
Profit after Tax	2.43	(0.27)

(xxix) POWERGRID ERWR POWER TRANSMISSION LIMITED (PEPTL)

PEPTL was acquired by POWERGRID on 21^st March 2023 under Tariff Based Competitive Bidding to establish Transmission System for Transmission system strengthening scheme for 400/220/132 KV Jagdalpur sub-station of CSPTCL and 400/220 KV Jeypore sub-station of POWERGRID. The Company was granted transmission license by CERC on 31^st July 2023. The project was commissioned on 10^th June 2025. As on 31^st March 2025, PEPTL had an Authorized and Paid-up Share Capital of 48.05 crore and 26.78 crore respectively.

(xxx) POWERGRID KHAVDA RE TRANSMISSION SYSTEM LIMITED (PKRETSL)

PKRETSL formerly known as Khavda RE Transmission Limited was acquired by POWERGRID on 21^st March 2023 under Tariff Based Competitive Bidding to establish Transmission Network Expansion in Gujarat associated with integration of RE projects from Khavda potential RE zone on build, own, operate and Transfer (BOOT) basis. The Company was granted transmission license by CERC on 17^th August 2023. The project is under implementation.

As on 31^st March 2025, PKRETSL had an Authorized and Paid-up Share Capital of 163 crore and 96.57 crore respectively.

(xxxi) POWERGRID KPS2 TRANSMISSION SYSTEM LIMITED (PKPS2TSL)

PKPS2TSL was acquired by POWERGRID on 21^st March 2023 under Tariff Based Competitive Bidding for establishment of Khavda Pooling Station-2 (KPS2) in Khavda RE Park on build, own, operate and transfer (BOOT) basis. The Company was granted transmission license on 4^th August 2023. The project is under implementation.

The Company is also implementing ‘Interconnection of RE developer’s DTL at Bay no 416 of KPS-2 (400kV

Bus Section-I)’ works under Regulated Tariff Mechanism.

As on 31^st March 2025, PKPS2TSL had an Authorized and Paid-up Share Capital of 162 crore and 139.71 crore respectively.

(xxxii) POWERGRID KPS3 TRANSMISSION LIMITED (PKPS3TL)

PKPS3TL was acquired by POWERGRID on 21^st March 2023 under Tariff Based Competitive Bidding for establishment of Khavda Pooling Station-3 (KPS3) in Khavda RE Park on build, own, operate and transfer (BOOT) basis. The Company was granted transmission license on 31^st August 2023. The project is under implementation.

The Company is also implementing ‘Transmission system for evacuation of power from potential Renewable Energy Zone in Khavda area of Gujarat under Phase IV (7GW): Part E3’ works under Regulated Tariff Mechanism.

As on 31^st March 2025, PKPS3TL had an Authorized and Paid-up Share Capital of 293 crore and 138.14 crore respectively.

(xxxiii) POWERGRID KHAVDA II-B TRANSMISSION LIMITED (PKIIBTL)

PKIIBTL was acquired by POWERGRID on 21^st March 2023 under Tariff Based Competitive Bidding for establishment of Transmission scheme for evacuation of 4.5 GW RE injection at Khavda P.S. under Phase-II Part B on build, own, operate and transfer (BOOT) basis. The Company was granted transmission license by CERC on 22^nd August 2023. The project is under implementation.

As on 31^st March 2025, PKIIBTL had an Authorized and Paid-up Share Capital of 203 crore and 81.66 crore respectively.

(xxxiv) POWERGRID KHAVDA II-C TRANSMISSION LIMITED (PKIICTL)

PKIICTL was acquired by POWERGRID on 21^st March 2023 under Tariff based competitive bidding for establishment of Transmission scheme for evacuation of 4.5 GW RE injection at Khavda P.S. under Phase-II Part C on build, own, operate and Transfer (BOOT) basis. The Company was granted transmission license on 31^st July 2023. The project is under implementation.

As on 31^st March 2025, PKIICTL had an Authorized and Paid-up Share Capital of 580.23 crore and 198.57 crore respectively.

(xxxv) POWERGRID BHADLA SIKAR TRANSMISSION LIMITED (PBSTL)

PBSTL was acquired by POWERGRID on 28^th March 2023 under Tariff Based Competitive Bidding to establish Transmission system associated with LTA applications from Rajasthan SEZ Part-E on build, own, operate and Maintain (BOOM) basis. The Company was granted transmission license by CERC on 30^th August 2023. The project is under implementation. As on 31^st March 2025, PBSTL had an Authorized and Paid-up Share Capital of 286.66 crore and 79.20 crore respectively.

(xxxvi) POWERGRID DHARAMJAIGARH TRANSMISSION LIMITED (PDTL)

PDTL was acquired by POWERGRID on 28^th March 2023 under Tariff Based Competitive Bidding to establish Western Region Expansion Scheme- XXVIII (WRES-XXVIII) & XXIX (WRES-XXIX) on build, own, operate and Transfer (BOOT) basis. The Company has granted transmission license by CERC on 31^st July 2023. The project WRES-XXIX was commissioned on 28^th March 2025 and WRES-XXVIII was commissioned on 08^th April 2025.

As on 31^st March 2025, PDTL had an Authorized and Paid-up Share Capital of 52.06 crore and 40.20 crore respectively.

(xxxvii) POWERGRID RAIPUR POOL DHAMTARI TRANSMISSION LIMITED (PRPDTL)

PRPDTL was acquired by POWERGRID on 28^th March 2023 under Tariff Based Competitive Bidding to establish Transmission System associated with Western Region Expansion Scheme -XXVII (WRES-XXVII) on build, own, operate and Transfer (BOOT) basis. The Company was granted transmission license on 23^rd August 2023. The project has been commissioned on 26^th March 2025. As on 31^st March 2025, PRPDTL had an Authorized and Paid-up Share Capital of 54.33 crore and 33.03 crore respectively.

(xxxviii) POWERGRID BHADLA III TRANSMISSION LIMITED (PBIIITL)

PBIIITL, formerly known as Bhadla III Transmission Limited, was acquired by POWERGRID on 28^th March 2023 under Tariff Based Competitive Bidding to establish Transmission System associated with Western Region Expansion Scheme -XXVII (WRES-XXVII) on build, own, operate and Transfer (BOOT) basis. The Company was granted transmission license on 23^rd August 2023. The project has been commissioned in March 2025. The Company is also implementing ‘1 no. of 400 kV line bay at 765/400/220kV Bhadla-III PS for interconnection of M/s ReNew Solar (Shakti Six) Pvt. Ltd.’ works under regulated tariff mechanism. As on 31^st March 2025, PBIIITL had an Authorized and Paid-up Share Capital of 200.01 crore and 64.15 crore respectively.

(xxxix) POWERGRID ANANTHPURAM KURNOOL TRANSMISSION LIMITED (PAKTL)

PAKTL, formerly known as Ananthpuram Kurnool Transmission Limited, was acquired by POWERGRID on 27^th September 2023 under Tariff Based Competitive Bidding to establish Inter-StateTransmission System for "Transmission scheme for Solar Energy Zone in Anathpuram (Ananthapur) (2500MW) and Kurnool (1000MW), Andhra Pradesh". The Company was granted transmission license by CERC on 29^th February 2024. The project is under implementation.

The Company is also implementing ‘3 nos. of 400kV line bays at Ananthapuram PS for integration of RE generation projects’ works under Regulated Tariff Mechanism.

As on 31^st March 2025, PAKTL had an authorized and Paid-up Share Capital of 249.73 crore and 45.74 crore respectively.

(xl) POWERGRID RAMGARH II TRANSMISSION LIMITED (PRIITL)

PRIITL, formerly known as Ramgarh II Transmission Limited, was acquired by POWERGRID on 26^th October 2023 under Tariff Based Competitive Bidding to establish "Transmission system for evacuation of power from REZ in Rajasthan (20GW) under Phase-III Part C1". The Company was granted transmission license by CERC on 13^th April 2024. The project is under implementation.

As on 31^st March 2025, PRIITL had an Authorized and and Paid-up Share Capital of 359.2 crore and 130.52 crore respectively.

(xli) POWERGRID BEAWAR DAUSA TRANSMISSION LIMITED (PBDTL)

PBDTL, formerly known as Beawar Dausa Transmission Limited, was acquired by POWERGRID on 30^th October 2023 under Tariff Based Competitive Bidding to establish Transmission System for evacuation of power from REZ in Rajasthan (20GW) under Phase-III Part H. The Company was granted transmission license by CERC on 13^th April 2024. The project is under implementation. As on 31^st March 2025, PBDTL had Authorized and Paid-up Share Capital of 442 crore and 92.45 crore respectively.

(xlii) POWERGRID VATAMAN TRANSMISSION LIMITED (PVTL)

PVTL, formerly known as Vataman Transmission Limited, was acquired by POWERGRID on 26^th December 2023 under Tariff Based Competitive Bidding to establish Transmission System for evacuation of Additional 7GW RE Power from Khavda RE Park under Phase-III Part B. The Company was granted transmission license by CERC on 13^th April 2024. The project is under implementation.

As on 31^st March 2025, PVTL had an Authorized and Paid-up Share Capital of 750.36 crore and 167.31 crore respectively.

(xliii) POWERGRID KOPPAL GADAG TRANSMISSION LIMITED (PKGTL)

PKGTL, formerly known as Koppal II Gadag II Transmission Limited, was acquired by POWERGRID on 26^th December 2023 under Tariff based competitive bidding to establish "Transmission Scheme for Integration of Renewable Energy Zone (Phase-II) in Koppal-II (Phase-A & B) and Gadag-II (Phase-A) in Karnataka" on build, own, operate and Transfer (BOOT) basis. The Company was granted transmission license by CERC on 26^th July 2024. The project is under implementation.

As on 31^st March 2025 PKGTL had an Authorized and Paid-up Share Capital of 584 crore and 151.21 crore respectively.

(xliv) POWERGRID BIKANER NEEMRANA TRANSMISSION LIMITED (PBNTL)

PBNTL, formerly known as Bikaner III Neemrana Transmission Limited, was acquired by POWERGRID on 27^th December 2023 under Tariff based competitive bidding to establish Transmission system for evacuation of power from Rajasthan REZ Ph-IV (Part1) (Bikaner Complex): PART-A on build, own, operate and Transfer (BOOT) basis. The Company was granted a transmission license by CERC on 15^th April 2024. The project is under implementation.

As on 31^st March 2025, the Company had an Authorized and Paid-up Share Capital of 603.74 crore and 142.01 crore respectively.

(xlv) POWERGRID NEEMRANA BAREILLY TRANSMISSION LIMITED (PNBTL)

PNBTL, formerly known as Neemrana II Bareilly Transmission Limited, was acquired by POWERGRID on 27^th December 2023 under Tariff Based Competitive Bidding to establish Transmission System for evacuation of power from Rajasthan REZ Ph-IV (Part-I) Bikaner Complex-Part D on build, own, operate and Transfer (BOOT) basis. The Company was granted transmission license by CERC on 22^nd April 2024. The project is under implementation.

As on 31^st March 2025, PNBTL had an Authorized and Paid-up Share Capital of 412 crore and 90.01 crore respectively.

(xlvi) POWERGRID SIKAR KHETRI TRANSMISSION LIMITED (PSKTL)

PSKTL, formerly known as Sikar Khetri Transmission Limited, was acquired by POWERGRID on 9^th February 2024 under Tariff based competitive bidding to establish of "Transmission system for evacuation of power from REZ in Rajasthan (20GW) under Phase-III Part D Phase I" on build, own, operate and Transfer (BOOT) basis. The Company was granted transmission license by CERC on 28^th May 2024. The project is under implementation.

As on 31^st March 2025, PSKTL had an Authorized and Paid-up Share Capital of 400 crore and 65.38 crore respectively.

(xlvii) POWERGRID BIDAR TRANSMISSION LIMITED (PBTL)

PBTL formerly known as Bidar Transmission Limited, was acquired by POWERGRID on 9^th February 2024 under Tariff Based Competitive Bidding to establish Transmission System for "Transmission Scheme for Solar Energy Zone in Bidar (2500 MW), Karnataka" on build, own, operate and Transfer (BOOT) basis. The project is under implementation. As on 31^st March 2025, PBTL had an Authorized and Paid-up Share Capital of 435.32 crore and 45.65 crore respectively.

(xlviii) POWERGRID KHAVDA IV-E2 POWER TRANSMISSION LIMITED (PKVIE2PTL)

PKIVE2PTL, formerly known as Khavda IV-E2 Power Transmission Limited, was acquired by POWERGRID on 30^th May 2024 under Tariff Based Competitive Bidding to establish Inter State Transmission System for evacuation of power from potential renewable energy zone in Khavda area of Gujarat under Phase IV

(Part 2: 7 GW) Part E2". The Company was granted a transmission license by CERC on 18^th November 2024. The project is under implementation.

As on 31^st March 2025, KVIE2PTL had an Authorized and Paid-up Share Capital was 33 crore and 13.07 crore respectively.

(xlix)POWERGRID MANDSAUR TRANSMISSION LIMITED (PMnTL)

PMnTL, formerly known as Rajasthan IV C Power Transmission Limited, was acquired by POWERGRID on 19^th August 2024, under Tariff based competitive bidding to establish "Transmission system for evacuation of power from Rajasthan REZ Ph-IV (Part-2: 5.5 GW) (Jaisalmer/Barmer Complex): Part C" in build, own, operate and Transfer (BOOT) basis. The Company was granted transmission license by CERC on 8^th February 2025. The project is under implementation. As on 31^st March 2025, PMnTL had an authorized and Paid-up Share Capital of 151 crore and 1.25 crore respectively.

(l) POWERGRID MEWAR TRANSMISSION LIMITED (PMeTL)

PMeTL, formerly known as Rajasthan IV E Power Transmission Limited, was acquired by POWERGRID on 19^th August 2024 under Tariff Based Competitive Bidding to establish Transmission System for Evacuation of Power from Rajasthan REZ Ph-IV (Part-2: 5.5 GW)(Jaisalmer/ Barmer Complex): Part E" on build, own, operate and Transfer (BOOT) basis. The Company was granted transmission license by CERC on 14^th February 2025. The project is under implementation.

As on 31^st March 2025, PMeTL had an Authorized and Paid-up Share Capital 486.66 crore and 56.06 crore respectively

(li) POWERGRID SIROHI TRANSMISSION LIMITED (PSiTL)

PSiTL, formerly known as Sirohi Transmission Limited, was acquired by POWERGRID on 22^nd August 2024 under Tariff Based Competitive Bidding to establish Transmission system for evacuation of power from Rajasthan REZ Ph -IV (Part-2: 5.5 GW) (Jaisalmer/ Barmer Complex) Part B". The Company was granted transmission license by CERC on 25^th November 2024. The project is under implementation.

As on 31^st March 2025, PSiTL had an Authorized and Paid-up Share Capital of 549.60 crore and 42.01 crore respectively.

(lii) POWERGRID BEAWAR-MANDSAUR TRANSMISSION LIMITED (PBMTL)

PBMTL, formerly known as Beawar-Mandsaur Transmission Limited, was acquired by POWERGRID on 22^nd August 2024 under Tariff based competitive bidding to establish Transmission system for Power from Rajasthan REZ Ph-IV (Part-2 5.5 GW) (Jaisalmer/ Barmer Complex): Part D" on build, own, operate and transfer (BOOT) basis. The Company has filed a petition with CERC for a grant of a transmission license. The project is under implementation.

As on 31^st March 2025, PBMTL had an Authorized and Paid-up Share Capital of 368.06 crore and 22.51 crore respectively.

(liii) POWERGRID KHAVDA PS1 AND 3 TRANSMISSION LIMITED (PKPS1&3TL)

PKPS1&3TL, formerly known as Khavda PS1 and 3 Transmission Limited, was acquired by POWERGRID on 7^th November 2024 under Tariff based competitive bidding for "Provision of Dynamic Reactive Compensation at Khavda Pooling Station 1 (KPS1) and Khavda Pooling Station 3 (KPS3)" on build, own, operate and Transfer (BOOT) basis. The Company was granted transmission license by CERC on 25^th March 2025. The project is under implementation.

As on 31^st March 2025, PKPS1&3TL had an Authorized and Paid-up Share Capital of 1 lakh each.

(liv) POWERGRID BHADLA BIKANER TRANSMISSION LIMITED (PBBTL)

PBBTL, formerly known as Khavda PS1 and 3 Transmission Limited, formerly known as Bhadla-III & Bikaner-III Transmission Limited was acquired by POWERGRID on 30^th August 2024, under Tariff based competitive bidding for establishment of "Transmission System Strengthening for interconnections of Bhadla-III and Bikaner-III complex" in build, own, operate and Transfer (BOOT) basis. The Company was granted transmission license by CERC on 8^th February 2025. The project is under implementation. As on 31^st March 2025, PBBTL had an Authorized and Paid-up Share Capital of 165.91 crore and 1 lakh respectively.

(lv) POWERGRID SOUTH OLPAD TRANSMISSION LIMITED (PSOTL)

PSOTL, formerly known as South Olpad Transmission Limited, was acquired by POWERGRID on 15^th October 2024 under Tariff Based Competitive Bidding to establish Transmission system for Evacuation of Power from potential renewable energy zone in Khavda area of Gujarat under Phase-IV (7GW): Part B on build, own, operate and Transfer (BOOT) basis. The Company has filed petition with CERC for grant of transmission license. The project is under implementation. As on 31^st March 2025, PSOTL had an Authorized and Paid-up Share Capital of 956.88 crore and 8.32 crore respectively.

(lvi) POWERGRID BHADLA-III POWER TRANSMISSION LIMITED (PBIIIPTL)

PBIIIPTL, formerly known as Bhadla-III Power Transmission Limited, was acquired by POWERGRID on 28^th August 2024 under Tariff Based Competitive Bidding to establish Additional Transmission system for Evacuation of Power from Bhadla III PS as part of Rajasthan REZ Phase-III Scheme (20 GW). The Company has filed petition with CERC for grant of transmission license. The project is under implementation. As on 31^st March 2025, PBIIIPTL had an Authorized and Paid-up Share Capital of 84.13 crore and 5 lakh respectively.

(lvii) POWERGRID KURAWAR TRANSMISSION LIMITED (PKwTL)

PKwTL, formerly known as Rajasthan IV H1 Power Transmission Limited, was acquired by POWERGRID on 15^th October 2024 under Tariff Based Competitive Bidding to establish Transmission system for evacuation of power from Rajasthan REZ Ph-IV (Part-2: 5.5 GW) (Jaisalmer/Barmer Complex): Part H1 on build, own, operate and Transfer (BOOT) basis. The Company has filed petition with CERC for grant of transmission license. The project is under implementation.

As on 31^st March 2025, PKwTL had an Authorized and Paid-up Share Capital of 539.37 crore and 68.87 lakh respectively.

(lviii) POWERGRID JAM KHAMBALIYA TRANSMISSION LIMITED (PJKTL)

PJKTL, formerly known as Jam Khambhaliya Transmission Limited was acquired by POWERGRID on 15^th October 2024 to establish Inter-State transmission System for transmission of electricity through "Augmentation of Transformation capacity at Jam Khambhaliya PS (GIS)". The Company was granted transmission license by CERC on 21^st March 2025. The project is under implementation.

As on 31^st March 2025, PJKTL had an Authorized and Paid-up Share Capital of 74.10 crore and 1 lakh respectively.

(lix) POWERGRID WEST CENTRAL TRANSMISSION LIMITED (PWCTL)

PWCTL, formerly known as Khavda V-A Power Transmission Limited, was acquired by POWERGRID on 19^th November 2024 under Tariff Based Competitive Bidding to establish the Inter-State "Transmission System for Evacuation of Power from potential renewable energy zone in Khavda area of Gujarat under Phase-V

(8GW): Part A". The Brief scope of Project is as follows: e) Establishment of 6000 MW, ?800 kV KPS2 (HVDC) [LCC] terminal station (4x1500 MW) along with associated interconnections with 400kV HVAC Switchyard e) Establishment of 6000 MW, ?800 kV Nagpur (HVDC) [LCC] terminal station (4x1500 MW) along with associated interconnections with 400kV HVAC Switchyard. e) ?800 kV HVDC Bipole line (Hexa lapwing) between KPS2 (HVDC) and Nagpur (HVDC) (1200 km) (with Dedicated Metallic Return) (capable to evacuate 6000 MW with overload as specified). e) Establishment of 6x1500 MVA, 765/400 kV ICTs at Nagpur S/s along with 2x330 MVAR (765 kV) & 2x125 MVAR, 420 kV bus reactors along with associated interconnections with HVDC Switchyard. e) LILO of Wardha Raipur 765 kV one D/c line (out of 2xD/c lines) at Nagpur. e) Installation of 240 MVAR switchable line reactor at Nagpur end on each ckt of Nagpur Raipur 765 kV D/c line.

The Project is under implementation.

As on 31^st March 2025, PWCTL had an Authorized and Paid-up Share Capital of 1000 crore and 271.05 crore respectively.

(lx) POWERGRID BARMER I TRANSMISSION LIMITED (PBITL)

PBITL (Formerly known as Barmer I Transmission Limited) was acquired by POWERGRID on 7^th November, 2024, under Tariff based competitive bidding for establishment of "Transmission System for Evacuation of Power from Rajasthan REZ Ph-IV (Part-2: 5.5 GW)(Jaisalmer/ Barmer Complex): Part F (By clubbing Part F1 & F2)" in build, own, operate and Transfer (BOOT) basis. The Company was granted a transmission license by CERC on 26^th March 2025. The project is under implementation. As on 31^st March 2025, PBITL had an Authorized and Paid-up Share Capital of 444.18 crore and 1 lakh respectively.

(lxi) POWERGRID BIKANER IV TRANSMISSION LIMITED (PBIVTL)

PBIVTL formerly known as Bikaner A Power Transmission Limited was acquired by POWERGRID on 11^th November, 2024, under Tariff based competitive bidding to establish "Transmission System for evacuation of power from Rajasthan REZ Ph IV (Part 3: 6GW) (Bikaner Complex): Part A" in build, own, operate and Transfer (BOOT) basis. The Company was granted transmission license by CERC on 8^th February 2025. The project is under implementation. As on 31^st March 2025, PBIVTL had an Authorized and Paid-up Share Capital of 925.23 crore and 36 lakh respectively.

(lxii) POWERGRID SIWANI TRANSMISSION LIMITED (PSwTL)

PSwTL formerly known as Bikaner B Power Transmission Limited was acquired by POWERGRID on 11^th November 2024 under Tariff based competitive bidding to establish "Transmission system for evacuation of power from Rajasthan REZ Ph IV (Part3:6GW(BikanerComplex)".TheCompanyhasfileda petition with CERC for a grant of transmission license. The project is under implementation.

As on 31^st March 2025, PSwTL had an Authorized and Paid-up Share Capital of 870.57 crore and 62.00 lakh respectively.

(lxiii) POWERGRID KUDANKULAM TRANSMISSION LIMITED (PKkTL)

PKkTL formerly known as Kundankulam ISTS Transmission Limited was acquired by POWERGRID on 10^th January 2025 under Tariff Based Competitive Bidding to establish inter-state transmission system for Transmisssion System under ISTS for evacuation of power from Kudankulam unit 3 and 4 (2X100 MW). The Company has filed a petition with CERC for a grant of transmission license. The project is under implementation.

As on 31^st March 2025, PKkTL had an Authorized and Paid-up Share Capital of 1 lakh each.

(lxiv)POWERGRID GHIROR TRANSMISSION LIMITED (PGTL)

PGTL, formerly known as Rajasthan IV 4A Power Transmission Limited, was acquired by POWERGRID on 30^th December 2024 under Tariff Based Competitive Bidding to establish Transmission system for evacuation of power from Rajasthan REZ in build, own, operate and Transfer (BOOT) basis. The Company has filed a petition with CERC for a grant of a transmission license. The project is under implementation. As on 31^st March 2025, PGTL had an Authorized and Paid-up Share 5 lakh each.

(lxv) POWERGRID KOPPAL GADAG AUGMENTATION TRANSMISSION LIMITED (PKGATL)

PKGATL, formerly known as Gadag II and Koppal II Transmission Limited was acquired by POWERGRID on 16^th January 2025 under Tariff based competitive bidding for System Strengthening at Koppal-II and Gadag-II for integration of RE generation project on build, own, operate and Transfer (BOOT) basis. The Company has filed petition with CERC for grant of transmission license . The project is under implementation. As on 31^st March 2025, PKGATL had an Authorized and Paid-up Share Capital of 1 lakh each.

(lxvi)POWERGRID KPS 1 AND 2 AUGMENTATION TRANSMISSION LIMITED (PKPS1&2ATL)

PKPS1&2ATL formerly known as Khavda V-B1B2 Power Transmission Limited was acquired by POWERGRID on 18^th February 2025 under Tariff Based Competitive Bidding to establish Inter-State Transmission System for Augmentation of transformation capacity at KPS1 (GIS) and KPS2 (GIS) (Phase-V Part B1 and Part B2 scheme) on build, own, operate and Transfer (BOOT) basis. The Company has filed petition with CERC for grant of transmission license. The project is under implementation. As on 31^st March 2025, PKPS1&2ATL had an Authorized and Paid-up Share Capital of 5 lakh each.

(lxvii) POWERGRID BIDAR AUGMENTATION TRANSMISSION LIMITED (PBATL)

PBATL formerly known as Bidar Transco Limited was acquired by POWERGRID on 18^th February 2025, under Tariff based competitive bidding to establish Augmentation of transformation capacity by 3x500 MVA, 400/220kV ICTs (6^th 8^th) and 1x1500 MVA, 765/400kV ICT (4^th) at Bidar PS" in build, own, operate and Transfer (BOOT) basis. The Company was granted transmission license by CERC on 30^th June 2025. The project is under implementation. As on 31^st March 2025, PBATL had an Authorized and Paid-up Share Capital of 5 lakh each.

(lxiii) POWERGRID CHITRADURGA BELLARY TRANSMISSION LIMITED (PCBTL)

PCBTL ,formerly known as Chitradurga Bellary Rez Transmission Limited, was acquired by POWERGRID on 21^st March, 2025 under Tariff based competitive bidding to establish "Transmission scheme for integration of Davanagere/ Chitradurga Rez and Bellary Rez in Karnataka" The Company has filed petition with CERC for a grant of transmission license. The project is under implementation. As on 31^st March 2025, PCBTL had an Authorized and Paid-up Share Capital of 1 lakh each.

(lxix) POWERGRID FATEHGARH BARMER AUGMENTATION TRANSMISSION LIMITED (PFBATL)

PFBATL, formerly known as Fatehgarh II and Barmer I PS Transmission Limited was acquired by POWERGRID on 21^st March, 2025 under Tariff based competitive bidding System to establish Inter-State transmission system for Augmentation at Fatehgarh-II PS, Fatehgarh-IV PS (Section-II) and Barmer-I PS. The Company has filed petition with CERC for grant of transmission license . The project is under implementation. As on 31^st March 2025, PFBATL had an Authorized and Paid-up Share Capital of 1 lakh each.

(lxx) POWERGRID BANASKANTHA AUGMENTATION TRANSMISSION LIMITED (PBaATL)

PBaATL, formerly known as Banaskantha Transco Limited, was acquired by POWERGRID on 24^th March, 2025 under Tariff based competitive bidding System to establish Inter-State Transmission System for "Augmentation of transformation capacity at Banaskantha (Raghanesda) PS (GIS) under Build, Own, and Operate and Transfer (BOOT) basis. The Company has filed a petition with CERC for grant of transmission license. The project is under implementation.

As on 31^st March 2025, PBaTL had an Authorized and Paid-up Share Capital of 5 lakh each.

(lxxi) POWERGRID SIROHI KHANDWA TRANSMISSION LIMITED (PSKhTL)

PSKhTL, formerly know as Rajasthan V Power Transmission Limited, was acquired by POWERGRID on 24^th March 2025 under Tariff Based Competitive Bidding to establish Transmission system for evacuation of power from Rajasthan REZ Ph-V (Part-1: 4 GW) [Sirohi/Nagaur] Complex on build, own, operate and Transfer (BOOT) basis. The Company has filed petition with CERC for grant of transmission license. The project is under implementation.

As on 31^st March 2025, PSkTL had an Authorized and Paid-up Share Capital of 5 lakh each.

(lxxii) POWERGRID KURNOOL-IV TRANSMISSION LIMITED (PK-IVTL)

PK-IVTL, formerly known as Kurnool-IV Transmission Limited, was acquired by POWERGRID on 24^th March 2025 under Tariff Based Competitive Bidding to establish Transmission System for Integration of Kurnool-IV REZ- Phase-I (for 4.5 GW) on build, own, operate and transfer (BOOT) basis. The Company has filed petition with CERC for a grant of transmission license. The project is under implementation. As on 31^st March 2025, PK-IVTL had an Authorized and Paid-up Share Capital of 5 lakh each.

(lxxiii) POWERGRID KURNOOL-III CPETA TRANSMISSION LIMITED (PK-IIICTL)

PK-IIICTL, formerly known as Kurnool III PS RE Transmission Limited, was acquired by POWERGRID on 27^th March 2025 under Tariff Based Competitive Bidding to establish Transmission System Strengthening at Kurnool-III PS for Integration of Additional RE Generation Projects on build, own, operate and transfer (BOOT) basis. The Company has filed petition with CERC for a grant of transmission under implementation. As on 31^st March 2025, PK-IIICTL had an Authorized and Paid-up Share Capital of 1 lakh each.

27. Consolidated Financial Statements of POWERGRID

The consolidated financial statements have been prepared in accordance with Indian Accounting Standards (Ind AS) 110- ‘Consolidated Financial Statements’ and Indian Accounting Standards (Ind AS) 28 ‘Investments in Associates and Joint Ventures’. On a consolidated basis, the Total Income of the Company, during FY 2024-25, stood at 47,459.38 crore as against 46,913.12 crore during FY 2023-24, registering an increase of about 1.16%. Total Expenses for the year ended 31^st March 2025 stood at 28,331.23 crore as against 27,808.23 crore for the year ended 31^st March 2024. Profit FY 2024-25 decreased by 0.33% vis-a-vis FY 2023-24. A brief summary of the results on a consolidated basis is given below:

	FY 2024-25	FY 2023-24
Total Income	47,459.38	46,913.12
Profit before Tax & Regulatory Deferral Account Balances	19,017.89	19,085.34
Profit after	15,521.44	15,573.16
Net Cash from operating activities	36,223.29	37,289.50

28. Material developments in Human Resources / Industrial Relations

Please refer to Human Resource section of Director’s Report for details.

	For and on behalf of the Board of Directors
	(Ravindra Kumar Tyagi)
	Chairman & Managing Director
	DIN: 09632316
Date: 03rd August, 2025
Place: Gurugram