MANAGEMENT DISCUSSION AND ANALYSIS REPORT
1. ECONOMIC & SECTOR OVERVIEW
Indias Growth Momentum: Powering Ahead
India is set to sustain the momentum of its impressive economic trajectory, maintaining its position as the fastest-growing large economy globally. According to the July24 World Economic Outlook by IMF, the global economy remains remarkably resilient, with growth holding steady at around 3.2% for FY 24 and 3.3% in FY25. Amid this backdrop, the IMF forecasts Indias growth at 6.5% in 2025. As per Economic Survey 23-24, Indias real GDP is projected to grow between 6.5% and 7% in the fiscal year 2024-25, demonstrating strong economic resilience. This follows an impressive performance in FY 2024, where the real GDP grew by 8.2%, surpassing the 8% mark in three out of four quarters. The Indian economy has swiftly recovered from the pandemic, with its real GDP in FY 2024 being 20% higher than pre-COVID levels in FY 2020.
India is making significant strides towards environmental sustainability, enhancing climate resilience, energy security, and meeting its Net Zero commitments. During Indias presidency at the G-20 summit in 2023, commitments were made to accelerate clean, sustainable, and affordable energy transitions, ensure uninterrupted and diversified energy flows, enhance energy security, and promote competitive international energy markets. Additionally, the G-20 High-Level Voluntary Principles on Hydrogen and voluntary action plans for improving energy efficiency and promoting renewable energy were highlighted. The summit recognized the need for an annual investment of over USD 4 trillion, focusing on renewable energy, with the goal of tripling global renewable energy capacity by 2030 and advancing zero and low-emission technologies.
The production of green hydrogen and its derivatives, green ammonia and green methanol, is set to scale up in the coming years, reflecting a strategic shift towards clean technologies. The governments commitment, demonstrated through the launch of the green hydrogen policy and the National Hydrogen Mission, underscores a focus on both current renewable energy needs and future sustainability goals. These policies are expected to significantly shape Indias renewable energy sector, align with global trends, and position India as a key player in the global transition to sustainable energy.
Indias National Grid has emerged as one of the largest unified electricity grids in the world, as highlighted in the Economic Survey 2023-24. The country is accelerating its efforts to enhance the contribution of non-fossil fuels in its energy mix. The renewable energy sector in India is expected to attract investments of S30.5 lakh crore between 2024 and 2030, creating significant economic opportunities across the value chain. Between 2014 and 2023, the clean energy sector saw new investments of Rs.8.5 lakh crore, underscoring the growing momentum towards a sustainable energy future.
The power sector in India has become increasingly viable and attractive to investors, strengthened by the allowance of 100% Foreign Direct Investment (FDl) under the automatic route, including renewable energy. The Government of India has allocated substantial funds towards green hydrogen, solar power and green energy corridors, aligning with the renewable energy target for 2030 and promoting sustainable energy development. From April 2020 to September 2023, the renewable energy sector alone attracted USD 6.1 billion in FDl equity investment, reflecting growing foreign investor confidence in Indias green energy initiatives. According to the National Electricity Plan 2022-32, the power generation industry will require a total investment of S33 lakh crore by 2032 to meet rising energy demands.
In line with its green energy commitments and the target to achieve net zero by 2070, the government announced several new measures supporting sustainable energy and electric mobility in the interim budget for 2024-25. In a big push for rooftop solar, the budget has proposed to solarize 10 million households by installing rooftop solar plants under the recently announced Pradhan Mantri Suryodaya Yojana initiative. This measure is expected to support around 30 GW of rooftop solar capacity, making clean energy more accessible and creating important carbon credits, which will help India reach its goal of net-zero emissions by 2070. Additionally, the introduction of viability gap funding (VGF) for offshore wind energy projects and Battery Energy Storage Systems (BESS) reflects a significant initiative towards leveraging Indias renewable energy potential. These initiatives further support Indias objectives of achieving 500 GW of non-fossil fuel based generation capacity and to achieve 50% cumulative electric power installed capacity from non-fossil fuel-based energy resources by 2030.
Power Sector Developments 2023-24
The power sector, comprising three key pillars—Generation, Transmission and Distribution—is vital to Indias economic growth. Over the past decade, the countrys generation capacity mix has experienced significant changes. As of March 2024, fossil-based capacity accounts for 55.03% of the total capacity mix, while non- fossil-based capacity makes up 44.97%.
The significant development during last three years is tabulated as below:
Growth |
|||||
| FY 21-22 | FY 22-23 | FY 23-24 | (Y-o-Y) (FY 24 vs FY 23) | 2 years (CAGR) (FY 24 vs FY 22) | |
| Generation | |||||
| Total Installed Capacity (incl. RE) GW | 399.49 | 416.05 | 441.97 | 6.23% | 5.18% |
| Renewable Energy Sources (RES) Capacity GW (excluding large hydro) | 109.85 | 125.15 | 143.64 | 14.78% | 14.35% |
| Total Generation (incl. RE) BU | 1,491.86 | 1,624.15 | 1,738.10 | 7.02% | 7.94% |
| Generation from RE sources (BU) (excluding large hydro) | 170.91 | 203.55 | 225.46 | 10.76% | 14.86% |
| Cross-Border Power Exchange (BU) | 16.83 | 18.09 | 18.00 | -0.50% | 3.42% |
| Transmission | |||||
| Transmission Lines (ckm) (220 kV and above) | 4,56,716 | 4,71,341 | 4,85,544 | 3.01% | 3.11% |
| Transformation Capacity (MVA) | 11,04,450 | 11,80,352 | 12,51,080 | 5.99% | 6.43% |
| Inter-Regional Power Transfer Capacity (MW) | 1,12,250 | 1,12,250 | 1,16,540 | 3.82% | 1.89% |
| Inter-Regional Power Transfer (BU) | 228 | 236 | 249 | 5.51% | 4.50% |
| Power Markets | |||||
| Short Term Transactions (Nos.) | 89,544 | 1,02,692 | 1,20,246 | 17.09% | 15.88% |
| Short Term Transactions (Energy Transacted) BU | 162.81 | 171.81 | 171.66 | -0.09% | 2.68% |
| Power Supply Position | |||||
| Peak Demand (GW) | 203.01 | 215.88 | 243.27 | 12.69% | 9.47% |
| Peak Met (GW) Peak | 200.54 | 207.23 | 239.93 | 15.78% | 9.38% |
| Deficit (%) | 1.20% | 4% | 1.40% | - | - |
| Energy Demand (BU) | 1,379.81 | 1,511.84 | 1,626.13 | 7.56% | 8.56% |
| Energy Met (BU) | 1,374.02 | 1,504.26 | 1,622.02 | 7.83% | 8.65% |
| Deficit (%) | 0.04% | 0.50% | 0.30% | ||
Source: CEA & Grid-lndia Monthly reports
The expansion of the national grid is characterized by the continuous growth in transmission lines and transformation capacity. Countrys transmission network is growing rapidly to support the increasing power demand and the expanding power generation capacity in the country and it is crucial to facilitate integration of renewable energy sources into the grid. It has been characterised by not just physical growth in the transmission network but also the introduction of higher transmission voltages and new technologies for bulk power transmission.
The power distribution sector of India is crucial link in the electricity supply chain. AT&C losses decreased to 15.4% in FY23, down from 21.2% in FY21. This improvement is largely attributed to enhanced collection efficiency, which rose from 92.9% in FY21 to 97.3% in FY23, while billing efficiency remained nearly unchanged.
The Government is actively pushing states to decrease their AT&C losses through Revamped Distribution Sector Scheme (RDSS), which aims to reduce these losses to the range of 12-15% and close the gap between the average cost of supply and the aggregate revenue requirement by fiscal year 2024-25.
Source: 12th Annual Integrated Rating & Ranking-. Power Distribution Utilities
Key Initiatives/Reforms & Regulatory Changes pertaining to Transmission Sector
a) CERC (Terms & Conditions of Tariff) Regulations, 2024
CERC has issued Central Electricity Regulatory Commission (Terms and Conditions of Tariff) Regulations, 2024 for the tariff period from 01.04.2024 to 31.03.2029. Salient feature of Tariff Regulations, pertaining to Transmission includes:
. The Return on Equity (RoE) for transmission assets commissioned before 01.04.2024 has been protected as per the earlier 2019-24 regulations at the rate of 15.5% on pre-tax basis. RoE for transmission assets to be commissioned on and after 01.04.2024 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.
b) Depreciation for existing assets shall continue at 5.28%. For assets commissioned after 01.04.2024, accelerated depreciation is provided for 15 years at 4.22%.
c) MoP Electricity (Late Payment Surcharge and Related Matters) Amendment Rules, 2024
MoP vide gazette notification dated 3rd June, 2022 has issued MoP Electricity (Late Payment Surcharge and Related Matters) Rules, 2022 superseding MoP Electricity (Late Payment Surcharge) Rules, 2021. Amendment to the said Rule is issued by MoP on 28th February, 2024 to align it with CERC (Connectivity and General Network Access to the inter-state Transmission System) Regulations, 2022.
d) Effective Date for CERC GNA Regulations, 2022, CERC (Indian Electricity Grid Code) Regulations, 2023 and 1st amendment to CERC Sharing Regulations, 2020
CERC vide gazette notifications dated 3rd August 2023 has notified that CERC GNA Regulations, 2022, CERC (Indian Electricity Grid Code) Regulations, 2023 and 1st amendment to CERC Sharing Regulations, 2020 shall come into force from 1st October, 2023. Accordingly, the said Regulations have become effective from 1st October, 2023.
e) Central Electricity Regulatory Commission (Sharing of Inter-State Transmission Charges and Losses) (First Amendment) Regulations, 2022.
CERC vide Gazette Notification dated 7th February, 2023 had issued "First Amendment to Sharing Regulations, 2022". Subject amendment is issued to align CERC Sharing Regulations with CERC GNA regulations. The amended regulations provide for separate methodology for calculation of waiver of transmission charges in respect of drawee DICs which have obtained GNA and GNARE. The methodology is based on actual drawl schedules from waived RE sources, total drawl schedules in concerned months along with conditions applied.
These regulations have come into effect from 1st October, 2023 and accordingly the revised billing in line with GNA Regulations is being raised from December, 2023 billing month.
f) Central Electricity Regulatory Commission (Sharing of Inter-State Transmission Charges and Losses) (Second Amendment) Regulations, 2023
CERC vide Notification dated 20th October, 2023 had issued "Second Amendment to Sharing Regulations, 2022" which has come into effect from 1st November, 2023. The amended regulations provide for transmission charges payable and transmission charges liability covering mismatch between ISTS and other ISTS or Intra State elements.
g) Central Electricity Regulatory Commission (Sharing of Inter-State Transmission Charges and Losses) (Third Amendment) Regulations, 2023.
CERC vide Gazette Notification dated 26th October, 2023 had issued "Third Amendment to Sharing Regulations, 2022" which has come into effect from 26th October, 2023. The amended regulations provide for sharing of transmission charges for inter-regional HVDC transmission systems planned to supply power to a particular region, and which is also operated to carry power in the reverse direction due to system requirements. The MW capacity of power flow in reverse direction shall be certified by NLDC by way of actual power flow equal to such capacity.
h) Electricity (Amendment) Rules, 2024
Ministry of Power has issued the Electricity (Amendment) Rules, 2024 which come into force from 11th January, 2024. They introduced amendments to the existing Electricity Rules of 2005. These rules seek to address various aspects of power generation, transmission, and open access charges.
. Rule 21: Establishment, operation, and maintenance of dedicated transmission lines
This rule exempts generating companies, entities setting up captive generating plants. Energy Storage Systems, or consumers with load requirements of at least twenty-five Megawatts for Inter-State Transmission System and ten Megawatts for Intra-State Transmission System from obtaining a license under the Electricity Act. However, compliance with regulations, technical standards, guidelines, and procedures issued under the Act is mandatory.
. Rule 22: Open Access Charges
This rule outlines the calculation of wheeling charges, charges for using the network of State Transmission Utilities, and additional surcharges for Open Access Consumers. The additional surcharge for Open Access Consumers is capped at the per-unit fixed cost of power purchase, with a linear reduction over four years from the date of grant.
. Rule 23: Gap between approved Annual Revenue Requirement and estimated annual revenue.
This rule ensures that tariffs are cost-reflective, minimizing any gap between the approved Annual Revenue Requirement and the estimated annual revenue from approved tariffs. For existing gaps at the time of the rules notification, a maximum of seven yearly instalments is allowed.
Growth Drivers
As discussed in previous sections, India is going through a phase of energy transition at rapid pace with greater focus on development of new Renewable Energy (RE) resources. Government is actively promoting the adoption of Electric Vehicles (EVs), rooftop r solar installations, and solar agriculture pumps, emphasizing Indias commitment to achieving a non-fossil energy capacity of 500GW by 2030 and fulfilling 50% of its energy needs through RE by the same year.
Per Capita Power Consumption
The demand for power in India has been consistently rising, driven by industrial growth, population increase, and expanding electrification. It has become one of the largest producer and consumer of electricity globally. Yet, the per capita electricity consumption in India was 1,331 KWh (FY22-23).
Perspective Transmission Network Plan
Draft National Electricity Plan (NEP) for Transmission envisages addition of 123,577 ckm of transmission lines and 710,940 MVA of transformation capacity (at 220 kV and above voltage levels) during the period 2022-27.
For the inter-state transmission system 53,132 ckm and 426,675 MVA of transformation capacity are required while at the intra-state level, 70,445 ckm and 284,265 MVA are required respectively.
To provide reactive power support adequate reactive compensation in the form of bus reactors and line reactors (at 765 kV and 400 kV levels) and Static compensators (STATCOMs) have been planned. Bus reactors of 51,068 MVAr capacity and line reactors of 57,890 MVAr capacity have been planned for implementation.
Peak Demand & Energy Requirement
The All India peak demand met in May24 was about 250 GW which is the highest ever peak demand till date. As per the 20th EPS report, projection of Peak demand (ex Bus) and Energy requirements (Ex Bus) for next five years & long term is as given under:
Next five year projection |
Long Term Projection |
|||||||
| 2024-25 | 2025-26 | 2026-27 | 2027-28 | 2028-29 | 2031-32 | 2036-37 | 2041-42 | |
| Peak Demand (GW) (ex bus) | 245 | 260 | 277 | 295 | 313 | 366 | 466 | 575 |
| Energy Requirement (BU) (ex bus) | 1695 | 1797 | 1908 | 2021 | 2139 | 2474 | 3096 | 3776 |
(Source: 20th EPS report)
The figure above illustrates the relative growth of generation capacity in comparison to peak demand. Over the period from 2023-24 to 2028-29, the peak demand is projected to increase by 30.42%, whereas the installed capacity is anticipated to grow by 64.93%. This substantial growth in installed capacity is primarily attributed to the increased addition of Renewable Energy (RE) capacity.
However, RE capacity often exhibits a lower Capacity Utilization Factor (CUF), and certain RE sources may not be available during periods of evening peak demand, necessitating the need for storage or capacity addition from alternative sources. For instance, solar power is unavailable during evening peak demand hours and beyond until sunrise, while wind power is seasonal and predominantly available during the April-September months. Consequently, the contribution of RE sources to meeting overall energy demand and peak electricity demand may be limited. Nonetheless, in alignment with the imperative of transitioning towards clean energy, capacity addition from RE sources remains imperative.
Opportunities in Transmission Sector
To meet the envisaged peak demand of 313 GW with the total installed capacity of 729 GW by 2028-29, year on year progressive addition of transmission system in ISTS network in terms of new transmission lines (ckm) and substations (MVA) will be required. Additionally, bulk consumers such as Green Hydrogen/Ammonia plants which is planned to be integrated to the grid will further enhance the projected peak demand and hence requisite power to such industries from large RE complexes. Also, by prioritizing offshore wind generation and its effective evacuation, the government aims to accelerate Indias transition towards a sustainable and resilient energy future.
Furthermore, due to large scale RES penetration by 2030, the energy balancing would require adequate flexibility in the grid. Flexible resources such as BESS and a Pumped storage system shall be required on pan-India basis.
a) Inter-State Transmission System
As per the rolling plan of CTUIL, transmission schemes comprising of 48,619 ckm of transmission lines and transformation capacity of 4,56,035 MVA at estimated cost of f2,94,642 crore is expected to be added in the grid cumulatively by 2028-29.
Out of the above, the transmission scheme comprising of 20,322 ckm of transmission lines and transformation capacity of 1,85,055 MVA at estimated cost of S95,997 crore is under construction and expected to be added in the grid cumulatively by 2028-29.
Further, the transmission scheme comprising of 28,297 ckm of transmission lines and transformation capacity of 2,70,980 MVA at estimated cost of fl,98,645 crore is under planning/bidding/approval and expected to be added in the grid cumulatively by 2028-29. Year wise breakup of transmission lines, transformation capacity and their corresponding cost is as given under:
| SI. No. | Financial Year | Ckm addition | MVA addition | Broad Estimated cost (f in crore) |
| 1 | 2024-25 | - | 5,500 | 296 |
| 2 | 2025-26 | 9,612 | 92,390 | 46,414 |
| 3 | 2026-27 | 11,718 | 1,12,200 | 67,594 |
| 4 | 2027-28 | 2,085 | 28,000 | 11,097 |
| 5 | 2028-29 | 4,882 | 32,890 | 70,244 |
| Total | 28,297 | 2,70,980 | 1,98,645 |
Source: Rolling Plan 2028-29 for Inter-State Transmission System by CTUIL.
The Inter-Regional (R) transmission capacity is expected to grow from present level of 1,18,740 MW to about
1,34,540 MW by 2028-29.
b) Intra-State Transmission system
The establishment of an Intra-State Transmission System by State Transmission Utilities (STUs) aligns itself with the development of Inter-State transmission and distribution systems, as it serves as a crucial intermediary in the power supply chain between Inter-State Transmission and Distribution Systems.
As per the revised tariff policy, 2016, policy of intra-state transmission projects shall be developed by State Government through competitive bidding process for projects costing above a threshold limit which shall be decided by the SERCs. So far 22 States have declared a limit for augmentation of projects on the TBCB route which opens up the opportunities in Intra-State Transmission system.
c) Cross-Border Inter-connections
Given its geographical position, India shares borders with numerous South Asian nations and can significantly contribute to power exchange with these countries, thus optimizing resource utilization and fostering economic development. Transmitting power proves more economical than transporting fuel.
Therefore, it is imperative to establish electrical interconnections with neighbouring countries. Such connections would prove advantageous in meeting escalating power demands, sharing diverse energy resources, reducing operational costs through improved resource management, harnessing renewable energy sources and postponing investments by optimizing spinning reserves.
The present cross-border interconnections enable a combined power transfer of approximately 4,745 MW with neighbouring countries such as 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 4,120 MW.
Additionally, the projected cross-border power transfer capacity for 2028-29 is expected to reach 13,872 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 2024) | Under Construction | Planned | Total |
| India-Bangladesh | 1160 | 0 | 1000 | 2160 |
| India-Bhutan | 2185 | 2220 | 0 | 4405 |
| India-Myanmar | 3 | 0 | 504 | 507 |
| India-Nepal | 1400 | 1900 | 3000 | 6300 |
| India-Sri Lanka | 0 | 0 | 500 | 500 |
| Total | 4748 | 4120 | 5004 | 13872 |
Source: Rolling Plan 2028-29 for Inter-State Transmission System by CTUIL.
d) One Sun, One World, One Grid
Studies on various aspects related to existing cross-border transmission interconnections and benefits of regional grid interconnections in terms of optimal utilization of energy resources including renewables, utilization of peak time diversity, sharing of reserves, the economy in operation, development of vibrant power market etc. have been identified.
Opportunities of power transfer across following Inter-regional and Intra-regional transmission links through HVDC technology with undersea power cable/overhead lines have been identified. Viability of the proposed interconnections between South Asia-South East Asia, within South Asia, South Asia-Gulf Cooperation Council (GCC) is being explored. Moll with UAE and Saudi-Arabia has been signed for cross border interconnections and interconnections with Sri-Lanka are in advance stages of finalisation.
e) Other emerging opportunities
i) Transmission system for Off-shore wind
The Ministry of New and Renewable Energy (MNRE) has identified approximately 30 GW of offshore wind power potential along the coasts of Gujarat and Tamil Nadu. Of this, 5 GW of offshore wind in Gujarat and 5 GW in Tamil Nadu have been prioritized for Phase-1 development.
The transmission system for integration of Offshore wind power potential includes establishment of Offshore Pooling Station, submarine power cables for integration of Offshore Pooling Station with Onshore Pooling Station and transmission system beyond Onshore Pooling Station. CTUIL has identified transmission system for Phase-1 of offshore wind power evacuation system for Gujarat and Tamil Nadu.
ii) Greening the Andaman & Nicobar Islands
The electricity demand of the Andaman & Nicobar Islands is mainly met through DG sets, supplemented by small-scale renewable energy sources such as solar and wind power. As per draft NEP, Vol-ll a plan has been prepared to connect the Andaman & Nicobar Islands to the mainland via HVDC undersea cables. This ?320 kV, 250 MW HVDC (VSC-based) interconnection, spanning 1150 km, will be the first of its kind in the country. The estimated cost of this transmission project is approximately 515,120 crore. This interconnection aims to help the islands transition to green energy by 2028-29.
iii) Grid scale battery energy storage technologies
Integration of large scale RE Generation capacity into the Grid poses many challenges like low-capacity utilization factor (CUF), intermittency, round the clock availability etc. To address these challenges, mitigating measures such as deployment of Energy Storage System including Pumped Storage Plants will be needed for providing balancing power during low or no RE period.
iv) Hydrogen Economy and Infrastructure
Green Hydrogen (H2) is now considered as a pillar of net zero economy. It is expected that there is going to be power requirement in the National Grid to the tune of 125 GW from industries producing Green Hydrogen and Green Ammonia using power from Renewable Energy (RE) resources. These bulk consumers (Green Hydrogen/Ammonia plants) of about 47 GW is planned to be integrated to the grid by 2028-29.
The ISTS planning to provide requisite power to such industries from large RE complexes has already been initiated in this direction.
v) Transmission Line Projects on BOOM Basis
Industries with continuous processes, like aluminium production, necessitate a consistent power supply. Any interruption can result in the entire production line shutting down, leading to substantial costs to restart operations. Due to the high stakes involved, these industries often establish captive power plants. However, to meet their substantial power demands, typically ranging from 600 MW to 800 MW, they are now opting for dedicated transmission lines. The implementation of these transmission lines is undertaken by POWERGRID under the BOOM (Building Owner-Operator Model) arrangement.
2. COMPANYS OUTLOOK
I. Transmission
Our transmission business accounts for about 97% of the total revenue of the Company. The established regulatory framework in India supports resilient and stable cash flows of our transmission revenue, from both RTM and TBCB, maintaining revenue visibility subject to fulfilling operational benchmarks, which we have been consistently maintaining over the years. We have a dominant market position in the interstate transmission sector as we own and operate around 85% of Indias inter-regional capacity.
Rolling Plan 2028-29 for Inter-State Transmission System by CTUIL, brings out that the Transmission schemes at estimated cost of Rs. 1,98,645 crore are under planning/bidding/approval and expected to be added in the grid cumulatively by 2028-29. We have been responding to the competition in the sector and it is visible from POWERGRID securing 13 ISTS TBCB projects. In terms of NOT cost, it was about 65% of total project which were bid in FY 23-24 and annual tariff is about 64% of the total.
Some of the major TBCB projects that will be executed during the coming years include Bikaner complex Part A, Koppal - Gadag, Khavda Phase 3 Part B, Bikaner complex Part D, Rajasthan Phase 3 Part D Phase 1. In addition to these, the major RTM project that will be executed include, developing Green Energy Corridor for Ladakh - Pang to Kaithal HVDC and at Pang and Kaithal VSC stations and associated AC transmission line at Pang and Leh. Apart from this we are also actively pursuing opportunities in the intra-state transmission sector.
POWERGRID has strong work in hand of about Rs.1,10,000 crore. Going forward, we expect higher capex, following several successful tariff-based competitive bidding (TBCB) rounds during the recent times, along with the projects allocated under the regulated tariff mechanism (RTM). For FY 25 we are targeting for CAPEX of more than Rs. 18,000 crore.
Through our dedicated efforts we have gained competitive edge in building and maintaining transmission networks efficiently. We are investing heavily on the process innovation and technology adoption to maintain our leadership in transmission sector. Starting from the current financial year we are targeting to spend 1.5% of our profit before tax towards R&D expenditure.
We are taking significant strides in enhancing our environmental and social impact through technological advancements. By deploying STATCOMs in renewable energy pooling stations, we have improved grid stability and facilitated the integration of intermittent renewable sources. As a step towards indigenization, we are developing domestic suppliers for high-voltage Emergency Restoration Systems, reducing reliance on imports. We are also investing in greening our assets by developing digital substation, exploring alternatives to SF6 gas and committed towards sustainable development. We are determined to drive technological progress and responsible development within the power sector.
II. Telecom
PowerTel, our subsidiary, operating the telecom business is poised for significant growth in the coming years. Indias rapid digital transformation, coupled with supportive government policies, creates a favourable environment for telecom infrastructure expansion. Our extensive fiber optic network coupled with strong financial position makes us a key player in this growing market. Our telecom revenue grew by 13% during the current fiscal and it is poised to grow further in the coming years.
Key Growth Drivers that can contribute to the growth prospects of our telecom segment include the governments emphasis on Digital India and the recent Telecommunications Act 2023. These provide a conducive environment for telecom infrastructure development. Additionally, our existing pan-India fiber optic network offers a solid foundation for expanding our telecom services, such as data centers and Wi-Fi solutions.
We are also strategically focusing on diversifying our telecom revenue streams through international longdistance business to serve Bangladesh, Bhutan, Nepal etc., data centres - pilot project is under progress at Manesar, Wi-Fi solutions, and FTTH services and thus reduce our reliance on traditional telecom services. Our robust financial health enables us to invest in new projects and compete effectively in the market.
We are also committed to expanding our tower business. A solution for utilizing power transmission towers for mobile communication infrastructure has been presented to the National Broadband Mission, and the Department of Telecommunications has encouraged telecom operators to leverage these towers. Building on this, we have successfully conducted signal testing for FM transmission on our towers in collaboration with the Ministry of Information and Broadcasting, sharing tower locations to facilitate their mapping requirements.
III. Consultancy
Leveraging our vast experience and expertise in the power sector, we provide comprehensive consultancy services to various Utilities, CPSEs, and private agencies. Our services encompass power transmission system planning and design, substation design and construction, transmission line engineering, contracting, project management, SCADA development, energy efficiency, smart grid infrastructures, and Transmission Asset Management Centres. We play a pivotal role in centrally sponsored schemes in the Northeast region and the UTs of Jammu & Kashmir and Ladakh. With a large pool of experienced professionals and deep domain knowledge, we are playing vital role in implementing the Revamped Distribution Sector Scheme (RDSS) to strengthen distribution and sub-transmission systems. The Company is executing several flagship programs of the Government of India, including the Comprehensive Transmission & Distribution Scheme in Arunachal Pradesh and Sikkim, and the Northeastern Region Power System Improvement Project (NERPSIP). Additionally, we are implementing smart metering and loss reduction works under the Revamped Distribution Sector Scheme (RDSS) through PESL, our subsidiary.
Internationally, we have footprints in 23 countries. We have successfully secured over 130 assignments in the highly competitive international arena, demonstrating our robust expertise and capabilities. With more than 120 projects completed, we have ventured into three key business models: Consultancy, Supply, and Investment under Joint Venture/Public-Private Partnership (JV/PPP) models. Currently, we are actively exploring business opportunities in Kenya, Tanzania, Gabon, Angola, Mozambique, Nepal, Sri Lanka, Saudi Arabia, Myanmar and beyond.
We along with Africa50, have formed strategic alliance aimed to catalyse investments in African market including Kenya, Tanzania, Mozambique among other countries.
IV. Emerging Areas
We are actively exploring opportunities to undertake transmission projects on Build, Own, Operate, and Maintain (BOOM) model for renewable energy developers, distribution licensees, and bulk consumers with advanced discussions underway with potential clients. POWERGRID is assisting several state utilities including OPTCL and UPPTCL in automating substations and establishing a State Transmission Asset Management System (STAMS).
Our first large-scale grid-connected Solar PV Project with an 85 MW capacity at Nagda, Madhya Pradesh, is scheduled to become operational during FY 2024-25. This plant is expected to generate approximately 184 million units (MU) of solar energy in its first full year of operation.
We have been allocated eight States / Union Territories by the Ministry of New and Renewable Energy (MNRE) under the Pradhan Mantri Surya Ghar: Muft Bijli Yojana. These include Rajasthan, Gujarat, Odisha, Assam, Tamil Nadu, Ladakh, Puducherry, and Lakshadweep. For installing rooftop solar in residential buildings, Company is actively engaging with Odisha, Puducherry, Ladakh and Lakshadweep. Further, Company is pursuing with allocated states for installation of roof top in government buildings. Under this scheme, we will also be installing rooftop solar on our own buildings.
A pilot project on Green Hydrogen at Neemrana is being set up to gain hands-on experience in its production, storage, and applications. This initiative aims to build expertise and practical knowledge in the emerging field of Green Hydrogen. Company is actively exploring opportunities to partner with both government and private entities to scale up Green Hydrogen projects to a commercial level.
3. 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 for construction of Substation/ transmission lines. | Apart from investing in new technologies like Gas Insulated Switchgear (GIS) Substations and Hybrid substation, your Company ensures that its projects have minimal social impact. Your Company identifies a degraded government land for constructing its substation as first preference. In case private land is unavoidable, your Company secures land voluntarily at negotiated rate with landowners. Avoiding involuntary acquisition of land for its substation and securing it through free market mechanism, either directly or utilizing state specific rules/ guideline ensures fair compensation. This approach fosters goodwill among landowners, resulting in a smooth acquisition of land for substations. |
| Your Company has designed an innovative twin steel monopole, approximately 64 meters in height, for 400 kV double-circuit transmission lines, capable of turning the line at a right angle. This twin pole structure consists of two monopoles erected side by side, which occupy a smaller footprint on the ground for areas with RoW constraints while offering higher power-carrying capacity and improved mechanical stability. It also reduces visual impact and facilitate easier installation and maintenance. | |
| Additionally, your Company has developed a methodology to enhance the load-bearing capacity of loose soil deposits using stone columns. This technique transforms very loose soil, which would otherwise be unsuitable for supporting any structure into a foundation capable of sustaining heavier imposed loads. | |
| Narrow Base Multi-circuit Tower without Bottom Cross-Arm along with rock bolt foundation is used at strategic locations. | |
| The ground improvement strategy has been adopted at Khavda Renewable Energy Park, employing Vibro Stone Columns, to facilitate construction of equipment foundation in challenging sub-soil conditions. | |
| 2. Forest/wildlife Clearances challenges | POWERGRID is leveraging the Fortnightly Regional Coordination Meetings (FRCM) conducted by each Regional 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, POWERGRIDs access to the Decision Support System (DSS) software of MoEFCC and the PM GatiShakti Portal has 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. Moreover, recent amendments to the Forest Conservation Act and Rules, including introduction of Project Screening Committee (PSC), have further streamlined the forest clearance process and has resulted in avoiding cross references, thus reducing the time required for processing/approval of forest proposal. |
| Challenges in Construction | Mitigation actions |
| 3. Timely expansion of Transmission system to meet the requirements of Renewable Energy (RE) capacity addition | Bulk procurement of major equipments like 765 & 400 class Transformer & Reactor, 765, 400, 220 kV class (AIS) CB/CT/lsolator/Substation Structure/CRP & SAS/Surge Arrestors along with LT Transformers, DG SETs, Clamps & connectors being made to cater to the requirement of compressed schedule for RE & other special projects. POWERGRID Board has already allocated 51000 Crore fund for advance expenditure against the bulk procurement. |
| The Ease of Doing Business targeted with revision of engineering technical specifications for EHV substations with aligning those of IS/ IEC/CEA requirement and standardization of Tower & Foundations etc. | |
| DREAMS (Drawing Review and Approval Management System) | |
| Digitalization of the engineering documents for real-time availability of approved documents to stakeholder for expediting project work & also for Document-archiving for future requirement. | |
| 4. Sustainability, ESG & Health | Structural health of Residential & Non-residential Buildings: |
| Guidelines have been framed & circulated to all POWERGRID Installations. | |
| Rain-Water Harvesting: | |
| Guidelines have been framed & being circulated to all POWERGRID Installations. These guidelines shall be applicable for existing Substations & for future stations and shall be part of tender BOQ/ Specification. | |
| Sewage Treatment Plant: | |
| Pilot project for 3 Substations has been undertaken which is to be implemented within FY 2024-25. |
The Company is continuously taking efforts 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 has invested in the latest available technological tools and techniques for better operational performance and in this direction following latest technologies have been adopted by your Company:
| Challenges in Operations and Maintenance | Mitigation actions |
| Increasing operational & maintenance efficiency | . ISO 55001 Certification: POWERGRID has taken a significant step towards excellence in asset management by aligning its practices with the ISO 55001 standards. This internationally recognized standard outlines the requirements for an effective asset management system, ensuring that organizations meet the highest benchmarks in managing their assets efficiently. |
| . Implemented Reliability Centered Maintenance (RCM) practices for its critical assets, including Transformers, Reactors and Transmission Lines w.e.f. 1st January 2024. This strategic approach involves a meticulous analysis of each components reliability, identifying potential failure modes and developing targeted maintenance plans to enhance overall system performance. It will lead to significant reduction in man-hours spent on routine maintenance activities and enables focused & quality maintenance. | |
| Challenges in Operations and Maintenance | Mitigation actions |
| . 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 lEDs 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. | |
| . Developed In house Al/ ML based defect identification tool PG AMRIT (POWERGRID Asset Management though Artificial Intelligence in Transmission) which has been integrated with transmission line patrolling platform PG-DARPAN (POWERGRID Digital Application for Routine Patrolling & Assessment of Network). PG AMRIT automatically identifies the defects from Tower photographs using Al/ML algorithms. This has aided in optimizing the efforts of line maintenance manpower and shifted the focus from defect identification to defect rectification. | |
| . Asset Management Dashboard (UDAAN) to ensure a single window access to all the key performance indicators (KPIs) by integrating data stored in various formats. The dashboard not only facilitates a streamlined and efficient process for management but also offers a birds eye geospatial view of the entire asset management system across the organization. | |
| . Developed In-house, Asset Health Indexing Software for 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 POWERGRIDs own interpretation technique. This will help in migration to Reliability Centered Maintenance of Transmission Asset. | |
| . Intelligent Inspection in POWERGRID (l2P): POWERGRIDimplemented an Intelligent Inspection module utilizing QR codes enabled efficient inspections of substation equipment. The rugged tablets used for data logging are water and dust protected, unaffected by electromagnetic induction, and allow users to input data in both online and offline modes. | |
| . 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. Further, training for Hotline maintenance on 765kV transmission lines has been given first time in India. POWERGRID is also using ERS for quick restoration of transmission lines in case of failures. | |
| . 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, taken up indigenous vendor development of Emergency Restoration System (ERS) for emergency restoration of transmission lines. | |
| Challenges in Operations and Maintenance | Mitigation actions |
| . Drone Patrolling of Transmission Lines: POWERGRID has successfully conducted drone-based patrolling of transmission lines, covering an impressive 900 kilometers. This innovative approach enhances the efficiency and effectiveness of monitoring activities, allowing for swift and comprehensive inspections of transmission lines. Drones patrolling enables the identification of potential issues and facilitating timely maintenance efforts. | |
| . 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. | |
| . 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. | |
| . 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. | |
| . Substation Inspection Robot: POWERGRID has taken up the development of autonomous robot powered with Al/ML algorithms for detection of faults in substation equipment, which will ease the routine inspection activities. | |
| . STATCOMs in RE Pooling Stations: STATCOMs were considered for the first time in India with multivendor 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, ensuring stability and reliability in the grid. | |
| . 500MVAr Thyristor Controlled Reactor: To have a vernier control of voltage profile, a standalone 500MVAr TCR has been considered for the first time in India at Kurukshetra to facilitate smooth and reliable operation of HVDC controllers at steady state. Further, it helps in dynamic over voltage control in case of sudden load rejection. | |
| . Drone Patrolling, Headgears, AR/VR devices. Industrial Rugged Tablet based Inspection for improved asset inspection efficiency, asset reliability and grid resilience. | |
| Challenges in Operations and Maintenance | Mitigation actions |
| . Digitization initiatives (QR tagging of assets. Digital Portals, OCR Reader, Valve Hall Inspection Robot etc.) for improving data management, analysis and asset monitoring. | |
| . Security Operations Centre: POWERGRID has established in partnership with ECIL an Indigenous Integrated Information Security Operations Centre (I3SOC) for monitoring of heterogeneous (i.e. IT, ERP, Telecom, OT, etc.) POWERGRIDs digital assets spread across the country. |
4. Risk Management Framework
Your Company has established a comprehensive Enterprise Risk Management (ERM) framework that enables the achievement of the Companys strategic objectives by identifying, analyzing, assessing, mitigating, monitoring, and governing any risk or potential threat to these objectives. The strategic, operational, financial, HR, compliance, ESG and cyber security risks identified by the businesses and functions are systematically monitored and controlled through various Key Performance Indicators (KPIs).
Your Company has a dedicated Board level Risk Management Committee comprising one Independent Director and three Executive Directors as members to review the KPIs, and processes and address major risks through mitigating actions on a continuing basis to improve business efficiency. The risk management committee also monitors compliance-related risks regularly and ensures strict compliance with all regulatory norms. The systematic and proactive identification of risks, and mitigation thereof, enables your Company to boost performance with effective and timely decision-making.
Your Company has designated a Chief Risk Officer. During the reporting period, three meetings of the Risk Management Committee were held to monitor/review the risks.
5. 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 Companys 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 Committee meets at regular intervals. The significant / material audit findings are placed before the Audit Committee for review, discussion and subsequent action.
6. Integrated Management Policy:
POWERGRID is committed to:
• Establish and maintain an efficient and effective "National Grid" with due regard to time, cost. Technology and value additions.,
• Sustainable development through conservation of natural resources and adopting environment friendly technology on principles of Avoidance, Minimization and Mitigation.,
• 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.
7. Financial Discussion and Analysis Total Income from Continuing Operations
| (Rs. in crore) | |||
| Particulars | FY 2023-24 | FY 2022-23 | Change % |
| Revenue from Operations | 42,391.16 | 42,635.90 | (0.57) |
| Other Income | 3,424.21 | 2,591.62 | 32.13 |
| Total Income | 45,815.37 | 45,227.52 | 1.30 |
Total income from Continuing Operations in FY 2023-24 was 545,815.37 crore, which represented an increase of 1.30% over the total income of 545,227.52 crore in FY 2022-23. In FY 2023-24, transmission and transmission related activities constituted 91.39% of our total income from Continuing Operations, with the balance coming from consultancy business and other income.
Factor affecting your Companys 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 Regulated Tariff Mode are governed by tariff regulations notified by CERC 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 15th 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 1st 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 1st 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 1st 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 systems, etc.
? 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 1st 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 levelized tariff for a period of 35 years.
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, 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. 1st 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.
Presently, Electricity (Late Payment Surcharge and Related Matters) Rules, 2022 issued on 3rd June, 2022 are in vogue. Amendment to the said Rules was issued by MoP on 28th 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 1st April of the financial year plus 500 bps. In addition, regulation of access for default in payment of dues has also been provided in the rules.
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 7.1 Revenue from Operations
| (Rs. in crore) | |||
| Particulars | FY 2023-24 | FY 2022-23 | Change % |
| Revenue from Transmission Business (including Other Operating Revenue) | 41,872.71 | 42,126.61 | (0.60) |
| Consultancy- Project Managements; Supervision | 518.45 | 509.29 | 1.80 |
| Total | 42,391.16 | 42,635.90 | (0.57) |
Your Company is mainly engaged in the business of Transmission of Power. The revenue from transmission business has decreased by 0.60% 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/ subsidiary companies and utilities in other countries. The revenue from consultancy business increased by 1.80% mainly due to consultancy fee from domestic/foreign consultancy assignments.
7.2 Other Income
| (Rs. in crore) | |||
| Other Income | 3,424.21 | 2,591.62 | 32.13 |
The other income increased mainly due to an increase in dividend income from Subsidiaries and interest from Loan to Subsidiaries.
8. Expenses
| (Rs. in crore) | |||
| Particulars | FY 2023-24 | FY 2022-23 | Change % |
| Expenses | 27,241.40 | 28,240.57 | (3.54) |
Expenses have been categorized as (i) Employee Benefits Expense (ii) Finance Costs (iii) Depreciation and Amortization Expense (iv) Other Expenses.
8.1 Employee Benefits Expense
| (Rs. in crore) | |||
| Particulars | FY 2023-24 | FY 2022-23 | Change % |
| Employee Benefits Expense | 2,376.88 | 2,400.35 | (0.98) |
Employee benefits expenses include salaries and wages, Performance related pay, allowances & benefits, contributions to provident and other funds and staff welfare expenses. The decrease is mainly on account of superannuation of senior officials which is partially offset by increase in Dearness Allowance.
8.2 Finance Costs
| (g in crore) | ||||
| Particulars | FY 2023-24 | FY 2022-23 | Change % | |
| Finance Costs | 9,046.87 | 9,707.20 | (6.80) |
As compared to previous year, the decrease of 6.80% in finance cost was mainly due to decrease in FERV due to decrease in exchange rate, reduction in interest on working capital loans and repayment of longterm loans which is partially offset due to capitalisation of new assets.
8.3 Depreciation and Amortization Expenses
| (g in crore) | |||
| Particulars | FY 2023-24 | FY 2022-23 | Change % |
As compared to previous year, the decrease of 2.34% 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.
8.4 Other Expenses
| in crorej | |||
| Particulars | FY 2023-24 | FY 2022-23 | Change % |
| Other Expenses | 3,259.46 | 3,274.50 | (0.46) |
As compared to previous year, the decrease of 0.46% in other expenses is mainly on account of decrease of foreign exchange rate variation, fair valuation loss on Financial assets (LPSC Scheme) which is partially offset due to increase in System Operation charges, R&M Expenses, training & recruitment expenses, power charges etc.
During the year, allowance for impairment amounting to fl49.12 crore has been provided towards impairment of investment in Energy Efficiency Services Limited (EESL).
9 Profit before Tax & Reaulatorv Deferral Account Balances
| (Rs. in crore) | |||
| Particulars | FY 2023-24 | FY 2022-23 | Change % |
| Profit before Tax & Regulatory Deferral Account Balances | 18,573.97 | 16,986.95 | 9.34 |
9.1 Tax Expenses
Tax expenses consist of Current tax and Deferred tax.
| (Rs. in crore) | |||
| Particulars | FY 2023-24 | FY 2022-23 | Change % |
| Current Tax | 3,236.43 | 2,874.82 | 12.58 |
| Deferred Tax | (604.45) | (755.98) | (20.04) |
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 benefits will 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 31st 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.
9.2 Net Movement in Regulatory Deferral Account Balances-lncome/(Expenses) (Net of Tax)
Net movement in Regulatory Deferral Account Balances-lncome/(Expenses) (net of tax) for FY 2023- 24 stood at Rs.(564.5l) crore as against f256.43 crore in previous year. The decrease is mainly due to decrease in Foreign Currency Fluctuation which is partially offset by increase in Regulatory Deferral Account Balances on account of Deferred Asset for Deferred Tax Liability.
10 Profit from Discontinued Operations
| Particulars | FY 2023-24 | FY 2022-23 | Change % |
| Profit before tax from Discontinued Operations | 116.27 | 227.74 | (48.95) |
| Tax expense of Discontinued Operations | 19.14 | 16.74 | 14.34 |
| Profit from Discontinued Operations | 97.13 | 211.00 | (53.97) |
The Board of Director in their meeting held on 14th July 2023 has approved the proposal for transfer of Telecommunication Business of the Company to POWERGRID Teleservices Limited (PowerTel), a wholly owned subsidiary of the Company.
The Telecommunications Business of the Company was transferred to PowerTel, w.e.f. 1st October 2023 at book value as on 30th September 2023. In line 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 S97.13 crore as compared to S211.00 crore in previous year.
11 Profit after Tax (PAT)
| Particulars | FY 2023-24 | FY 2022-23 | Change % |
| Profit after Tax (PAT) | 15,474.61 | 15,335.54 | 0.91 |
Your Company recorded a growth in PAT at 0.91% as compared to previous year mainly due to commissioning of new transmission assets.
12 Return on Net Worth
| (in %) | |||
| Particulars | FY 2023-24 | FY 2022-23 | Change |
| Return on Net Worth | 17.81 | 18.51 | (3.78) |
13 Financial Ratios
| Particulars | FY 2023-24 | FY 2022-23 |
| Debtors Turnover | 3.21 | 3.03 |
| Inventory Turnover | 32.48 | 32.24 |
| Interest Coverage Ratio | 4.10 | 3.93 |
| Current Ratio | 0.80 | 0.88 |
| Debt Equity Ratio | 1.42 | 1.55 |
| Operating Profit Margin | 94% | 92% |
| Net Profit Margin | 36% | 35% |
All Ratios are calculated including Discontinued Operations.
Refer Note 64(l) "Additional Regulatory Information as per schedule III to the Companies Act, 2013-Ratios" for reasons for variance >25%
14 Other Comprehensive Income (Net of Tax)
| (Rs. in crore) | ||
| Particulars | FY 2023-24 | FY 2022-23 |
| Other Comprehensive Income | ||
| From Continuing Operations | (231.94) | (108.04) |
| From Discontinued Operations | (0.95) | 1.34 |
The variation is mainly due to increase in valuation of investment in units of PGInvIT and PTC India Limited.
15 Credit Ratings
Your Companys financial prudence is strongly reflected in the credit ratings accorded by domestic and international ratings agencies. For details, refer Report on Corporate Governance.
16 Liquidity and Capital Resources
| Particulars | FY 2023-24 | FY 2022-23 | % Change |
| Cash and cash equivalents | 2,620.55 | 4,146.24 | (36.80) |
The Company depends on both internal and external sources of liquidity to provide working capital and to fund capital requirements. The decrease in cash and cash equivalents in comparison to previous year is mainly on account of decrease in Term Deposits (with maturity less than 3 months) (including interest accrued).
17 Cash Flows
| (Rs. in crore) | ||
| Particulars | Year ended March 31 |
|
| 2024 | 2023 | |
| Cash and cash equivalents at the beginning of the year | 4,146.24 | 2,457.47 |
| Net cash from operating activities | 34,790.13 | 37,839.42 |
| Net cash from /(used in)lnvesting activities | (10,433.54) | (5,701.42) |
| Net cash from /(used in) Financing activities | (25,882.28) | (30,449.23) |
| Cash and cash equivalents at the end of the year | 2,620.55 | 4,146.24 |
17.1 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.
17.2 Net Cash from /(used in) Investing Activities
Net cash used in investing activities during FY 2023-24 was primarily reflected in expenditure on Property, Plant & Equipment and Capital Work-in-Progress (including advances for capital expenditure) of Rs. 5,511.80 crore, Loans & Advances to Subsidiaries & Joint Ventures (including repayment) of Rs.4,650.02 crore, investment in Subsidiaries, & Joint Ventures & Others (Net) of Rs.1,042.69 crore and receipt of interest on deposits, bonds and loans to subsidiaries & JVs, PGInvIT of SI,748.70 crore, surcharge received of S275.95 crore and dividend received of Rs. 1,038.02 crore.
17.3 Net Cash from /(used in) Financing Activities
During FY 2023-24, your Company raised S8,053.00 crore of new long term borrowings. These borrowings included principally Rupee bonds/Loans. The Company repaid S13,440.72 crore of long-term borrowings and paid finance cost of Rs.9,339.19 crore. In FY 2023-24, the Company paid dividend of Rs.11,218.85 crore comprising final dividend of Rs.3,313.34 crore for FY 2022-23 and interim dividend of Rs.7,905.51 crore for FY 2023-24.
18 Capital Expenditure
| (Rs. in crore) | |||
| Particulars | FY 2023-24 | FY 2022-23 | % Change |
| Capital Expenditure (Cash Basis) | 11,219 | 8,850 | 26.77 |
Your Companys capital expenditure is primarily used for the installation of new transmission capacity and the expansion of existing capacity. Our capital expenditure during FY 2023-24 and FY 2022-23 includes CAPEX for TBCB companies of Rs.5,563 crore and Rs.3,867 crore respectively.
19 Non-current Assets
| (Rs. in crore) | |||
| Particulars | FY 2023-24 | FY 2022-23 | % Change |
| Non-Current Assets | 2,12,123.34 | 2,14,700.99 | (1.20) |
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.
19.1 Property, Plant and Equipment
| (Rs. in crore) | |||
| Particulars | FY 2023-24 | FY 2022-23 | % Change |
| Property, Plant & Equipment (Net Block) | 1,61,333.81 | 1,70,801.36 | (5.54) |
Property, Plant & Equipment (Net Block) has decreased by 5.54%. It mainly consists of Land, Buildings, Transmission Lines, Substations, HVDC, ULDC Equipment, Furniture Fixtures, Right of Use (ROU) assets etc.
19.2 Capital work in progress
| (Rs. in crore) | |||
| Particulars | FY 2023-24 | FY 2022-23 | % Change |
| Capital work-in-progress | 9,581.16 | 7,668.13 | 24.95 |
Capital work-in-progress was increased by 24.95% in FY 2023-24. 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.
19.3 Investment Property
| (Rs. in crore) | |||
| Particulars | FY 2023-24 | FY 2022-23 | % Change |
| Investment Property | 1.84 | - | 100 |
19.4 Intangible assets
| (Rs. in crore) | |||
| Particulars | FY 2023-24 | FY 2022-23 | %Change |
| Intangible Assets | 1,366.70 | 1,476.19 | (7.42) |
Intangible Assets consist of Electronic Data Processing Software, Right of Way-Afforestation Expenses, and development of 1200 kV Transmission System.
19.5 Intangible assets under development
| (Rs. in crore) | |||
| Particulars | FY 2023-24 | FY 2022-23 | % Change |
| Intangible assets under development | 91.01 | 31.08 | 192.82 |
Right of way-afforestation expenses during construction period are shown as Intangible assets under development. The change is on account of capitalization of expenditures on Transmission Projects during FY 2023-24 and undertaking of new transmission projects.
19.6 Investments
| (Rs. in crore) | |||
| Particulars | FY 2023-24 | FY 2022-23 | % Change |
| Investments (Quoted) | 1,515.93 | 1,774.46 | (14.57) |
| Investments (Un-Quoted) | 7,215.70 | 5,640.49 | 27.93 |
| Total | 8,731.63 | 7,414.95 | 17.76 |
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 ventures as on 31st March 2024 are:
| SI. No. | Name of the Subsidiary/Joint Venture | Amount invested as on 31.03.2024 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 | 140.00 |
| 15. | POWERGRID Sikar Transmission Limited | 142.00 |
| 16. | POWERGRID Teleservices Limited | 664.02 |
| 17. | POWERGRID Narela Transmission Limited | 100.00 |
| 18. | POWERGRID Neemuch Transmission System Limited | 125.81 |
| 19. | Powerlinks Transmission Limited | 229.32 |
| 20. | Sikkim Power Transmission Limited | 120.12 |
| 21. | North East Transmission Company Limited | 106.96 |
| 22. | Bihar Grid Company Limited | 337.39 |
| 23. | Energy Efficiency Services Limited (Net of provision for diminution in value of investment) | 697.49 |
19.7 Trade Receivables (Non-Current Assets)
| (Rs. in crore) | ||
| Particulars | FY 2023-24 | FY 2022-23 |
| Trade receivables | 282.95 | 695.57 |
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.
19.8 Loans (Non-Current)
| (Rs. in crore) | |||
| Particulars | FY 2023-24 | FY 2022-23 | %Change |
| Loans to Related Parties | 21,016.53 | 16,450.85 | 27.75 |
| Loans to Employees | 485.99 | 446.44 | 8.86 |
| Total | 21,502.52 | 16,897.29 | 27.25 |
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.
19.9 Other non-current financial assets
| (Rs. in crore) | |||
| Particulars | FY 2023-24 | FY 2022-23 | % Change |
| Other non-current financial assets | 4,662.16 | 4,810.79 | (3.09) |
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 53,487.50 crore during FY 2018-19 for raising of Extra Budgetary Resources (EBR) for Gol scheme of Power System Development Fund in terms of letter no. 7/1/2018-OM dated 21st 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 Gol.
19.10 Other non-current assets
| (Rs. in crore) | |||
| Other non-current assets | 4,569.56 | 4,905.63 | (6.85) |
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.
20 Current Assets
| (Rs. in crore) | |||
| Particulars | FY 2023-24 | FY 2022-23 | % Change |
| Current Assets | 23,698.33 | 23,231.42 | 2.01 |
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 current financial assets (viii) Other current assets and (ix) Assets classified as held for sale.
20.1 Inventories
| (Rs. in crore) | |||
| Particulars | FY 2023-24 | FY 2022-23 | % Change |
| Inventories | 1,303.73 | 1,323.55 | (1.50) |
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.
20.2 Investments
| (Rs. in crore) | |||
| Particulars | FY 2023-24 | FY 2022-23 | % Change |
| Investments (Quoted) | 608.26 | - | 100 |
Investments (Quoted) are investments in mutual funds computed at Fair value. 20.3 Trade Receivables
| (Rs. in crore) | |||
| Particulars | FY 2023-24 | FY 2022-23 | % Change |
| Trade Receivables | 10,825.80 | 14,304.13 | (24.32) |
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.
20.4 Cash & Cash Equivalents
| (Rs. in crore) | |||
| Particulars | FY 2023-24 | FY 2022-23 | % Change |
| Cash and Cash Equivalents | 2,620.55 | 4,146.24 | (36.80) |
Cash & Cash Equivalents decreased by 36.80% in FY 2023-24 as compared to previous year was mainly on account of decrease in term deposits (with maturity less than 3 months) (including Interest accrued).
20.5 Bank Balances other than cash & cash equivalents
| (Rs. in crore) | |||
| Particulars | FY 2023-24 | FY 2022-23 | % Change |
| Bank balances other than cash & cash equivalents | 2,406.18 | 588.20 | 309.08 |
Bank Balances other than cash & cash equivalents increased by 309.08% during FY 2023-24 as compared to previous year was mainly on account of increase in term deposits (with maturity over 3 months but up to 12 months) (including interest accrued) in banks for consultancy clients & others.
20.6 Loans (Current)
| (Rs. in crore) | |||
| Particulars | FY 2023-24 | FY 2022-23 | % Change |
| Loans | 450.49 | 455.10 | (1.01) |
The decrease in Loans from previous year to FY 2023-24 was mainly on account of decrease of current maturities of Loans to Subsidiary Companies.
20.7 Other current financial assets.
| (Rs. in crore) | |||
| Particulars | FY 2023-24 | FY 2022-23 | % Change |
| Other current financial assets | 5,020.57 | 1,930.57 | 160.06 |
As compared to previous year, other current financial assets increased by 160.06% during FY 2023-24 mainly on account of increase in Contract Assets.
20.8 Other Current Assets
| (Rs. in crore) | |||
| Particulars | FY 2023-24 | FY 2022-23 | % Change |
As compared to previous year, the other current assets have decreased by 9.37% in FY 2023-24 mainly on account of decrease in advances recoverable in kind or for value to be received from Customs Port-Trust and other authorities.
20.9 Assets Classified as Held for Sale
The balance share of 26% of 4 associate companies amounting to S260.86 crore will be transferred in line with Transmission Service Agreement (TSA) and the same was shown as "Assets Classified as Held for Sale".
21 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. Following table sets forth, by currency, our outstanding debt, and its maturity profile (currency conversions are as of 31st March 2024):
| (Rs. in crore) | ||||||
| Loan Name | 2024-25 | 2025-26 | 2026-27 | 2027-28 | 2028-29 Onwards |
Total |
| 1. Domestic Bonds | 8,762.55 | 7,687.30 | 11,200.58 | 9,691.30 | 24,577.41 | 61,919.14 |
| 2. Domestic Loans | 3,448.44 | 3,698.44 | 3,951.18 | 3,491.84 | 10,305.02 | 24,894.92 |
| 3. Foreign Loans | ||||||
| us$ | 2,615.63 | 2,480.95 | 2,253.53 | 2,015.77 | 18,268.94 | 27,634.82 |
| EUR | 652.66 | 650.25 | 646.06 | 636.24 | 1,673.14 | 4,258.35 |
| SEK | 198.73 | 198.73 | 198.73 | 146.74 | 47.39 | 790.32 |
| JPY | 10.14 | 10.14 | 255.48 | 245.34 | 736.45 | 1,257.55 |
| Sub Total (3) | 3,477.16 | 3,340.07 | 3,353.80 | 3,044.09 | 20,725.92 | 33,941.04 |
| TOTAL (1+2+3) | 15,688.15 | 14,725.81 | 18,505.56 | 16,227.23 | 55,608.35 | 120,755.10 |
21.1 Long-term borrowings
| (Rs. in crore) | |||
| Particulars | FY 2023-24 | FY 2022-23 | %Change |
| Long-term borrowings | 1,05,066.95 | 1,13,891.29 | (7.75%) |
Long-term borrowings include amounts raised from private placement of bonds, term loans from banks and financial institutions. Due to the repayment of loans during last year our borrowings have decreased by 7.75% as compared to the previous year.
21.2 Secured Loans
The secured loans (excluding current maturities of long-term loans) as at 31st March 2024 and 2023 were 565,012.12 crore and 575,338.05 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 31st March 2024:
| Particulars | Amount (Rs. in crore) | % of total unsecured debt |
| Bonds denominated in Rupees | 33,775.24 | 51.95 |
| Term Loans and other Loans from Banks and Financial Institutions: | ||
| Denominated in Foreign Currency | 26,323.90 | 40.49 |
| Denominated in Rupees | 4,912.98 | 7.56 |
| Total | 65,012.12 | 100 |
21.3 Unsecured Loans
The unsecured loans (excluding current maturities) as at 31st March 2024 and 2023 were Rs.40,054.83 crore and Rs.38,553.24 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 31st March 2024:
| Particulars | Amount (Rs. in crore) | % of total unsecured debt |
| Bonds denominated in Rupees | 19,381.35 | 48.39 |
| Term Loans (From Domestic Banks and Foreign Currency Loans): | ||
| Denominated in Foreign Currency | 4,139.98 | 10.33 |
| Denominated in Rupees | 16,533.50 | 41.28 |
| Total | 40,054.83 | 100 |
22 Advance Against Depreciation (AAD)
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 31st March 2024, AAD has decreased by 18.43% from Rs.706.73 crore during FY 2022-23 to Rs.576.49 crore in FY 2023-24.
23 Current Liabilities
| (Rs. in crore) | |||
| Particulars | FY 2023-24 | FY 2022-23 | % Change |
| Current Liabilities | 29,805.81 | 26,296.27 | 13.35 |
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.
23.1 Borrowings (Current)
| (Rs. in crore) | |||
| Particulars | FY 2023-24 | FY 2022-23 | % Change |
| Borrowings | 18,381.67 | 14,626.22 | 25.68 |
The Borrowings were increased due to increase in current maturities of Long Term Borrowings.
23.2 Trade payables
| (Rs. in crore) | |||
| Particulars | FY 2023-24 | FY 2022-23 | % Change |
Trade payables as at 31st March 2024 were 8.94% higher as compared to 31st March 2023.
23.3 Other Current Financial Liabilities
| a Rs. o o c |
|||
| Particulars | FY 2023-24 | FY 2022-23 | % Change |
| Other current financial liabilities | 7,875.60 | 7,392.53 | 6.53 |
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 31st March 2024 were 6.53% higher as compared to 31st March 2023.
23.4 Other Current liabilities
| (Rs. in crore) | |||
| Particulars | FY 2023-24 | FY 2022-23 | % Change |
| Other current liabilities | 2,606.93 | 3,132.40 | (16.78) |
Other current liabilities as at 31st March 2024 were 16.78% lower as compared to 31st March 2023 mainly on account of advances from customers.
23.5 Provisions
| (Rs. in crore) | |||
| Particulars | FY 2023-24 | FY 2022-23 | % Change |
As compared to previous year, the provisions for Employee Benefits and others decreased by 25.35%.
24 BUSINESS AND FINANCIAL REVIEW OF JOINT VENTURE COMPANIES and SUBSIDIARIES for FY 2023-24
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. POWERGRID received 538.98 crore as dividend during FY 2023-24 from this JV.
As on 31st March 2024, POWERLINKS had a paid-up capital of 5468.00 crore and POWERGRIDs share in its paid-up capital is 5229.32 crore
Financial Highlights of this JV:
| (? in crore) | ||
| H Particulars | FY 2023-24 | FY 2022-23 |
| POWERGRIDs investment in Equity | 229.32 | 229.32 |
| Gross Income | 139.54 | 138.83 |
| Profit after Tax | 81.54 | 81.08 |
| Earnings per Share* (5) | 1.74 | 1.73 |
| *Face value per Share is 510 each. |
(ii) TORRENT POWERGRID LIMITED (TPL)
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 Ltd. at Akhakhol in Surat District of Gujarat.
As on 31st March 2024, TPL had paid-up capital of 590 crore. POWERGRIDs share in the paid-up capital is 523.40 crore. The project was progressively commissioned in March 2011. POWERGRID has received 52.11 crore as dividend during FY 2023-24 from this JV.
Financial Highlights of this JV:
| (Rs. in crore) | ||
| Particulars | FY 2023-24 | FY 2022-23 |
| POWERGRIDs investment in Equity | 23.40 | 23.40 |
| Gross Income | 28.42 | 40.39 |
| Profit after Tax | 16.98 | 21.24 |
| Earnings per Share* (5) | 1.89 | 2.36 |
*Face value per Share is 510/- each.
(iii) NORTH EAST TRANSMISSION COMPANY LTD. (NETC):
POWERGRID entered into a Joint Venture Agreement with ONGC Tripura Power Project Company Ltd. (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.
As on 31st March 2024, NETC had paid-up share capital of 5411.40 crore. POWERGRIDs share in the paid- up capital is 5106.96 crore. The project was progressively commissioned in February, 2015. NETC has paid 519.25 crore dividend during FY 2023-24 to POWERGRID.
Financial Highlights of this JV:
| (Rs. in crore) | ||
| Particulars | FY 2023-24 | FY 2022-23 |
| POWERGRIDs investment in Equity | 106.96 | 106.96 |
| Gross Income | 285.39 | 304.98 |
| Profit after Tax | 71.13 | 88.63 |
| Earnings per Share* (5) | 1.73 | 2.15 |
*Face value per Share is 510/- 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-ll (800 MW) HEP and Koldam (800 MW) HEP.
As on 31st March 2024, PKTCL had paid-up capital of 5272.84 crore. POWERGRIDs share in the paid-up capital is 570.94 crore. The Project was progressively commissioned in November, 2015. POWERGRID has received 53.55 crore dividend during FY 2023-24 from this JV.
Financial Highlights of this JV:
| (Rs. in crore) | ||
| Particulars | FY 2023-24 | FY 2022-23 |
| POWERGRIDs investment in Equity Gross Income | 70.94 143.16 |
70.94 142.87 |
| Profit after Tax | 46.57 | 43.19 |
| Earnings per Share* (5) | 1.70 | 1.59 |
*Face value per Share is 510/- each.
(v) SIKKIM POWER TRANSMISSION LIMITED (SPTL)
POWERGRID and Teesta Urja Ltd. 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-lll Hydro Electric Power Project to Kishanganj substation.
As on 31st March 2024, SPTL had Paid-Up Capital of 5388.45 crore. POWERGRIDs share in the paid-up capital was 5120.12 crore. The Project commissioned progressively in February, 2019
Financial Highlights of this JV:
| (Rs. in crore) | ||
| Particulars | FY 2023-24 | FY 2022-23 |
| POWERGRIDs investment in Equity | 120.12 | 120.12 |
| Gross Income | 256.41 | 254.11 |
| Profit after Tax | 67.37 | 51.67 |
| Earnings per Share* (5) | 1.73 | 1.33 |
*Face value per Share is 510/- each.
(vi) NATIONAL HIGH POWER TEST LABORATORY PRIVATE LIMITED (NHPTL):
NHPTL is a joint venture Company of NTPC, NHPC, POWERGRID, DVC and CPRI with equal equity participation of 20% each. The main aim of the NHPTL is to establish an online high power short circuit test facility in the country. This Facility is being established for the first time in the country at Bina (M.P.) to provide a full range of short circuit testing for the electrical equipment in conformance to Indian and International Standards.
As on 31st March 2024, NHPTL had paid up share capital of 5225.60 crore. POWERGRIDs share in the paid- up capital was 548.80 crore.
High Voltage Transformer (HVTR) Section of Laboratory under Phase-1 put under commercial operation with effect from 1st July 2017. The HVTR lab is capable of Short Circuit (sc) testing of power transformers for all possible ratings with voltage class starting from 132 kV to 765 kV. Medium Voltage Transformer (MVTR) Section was written off.
Financial Highlights of this JV:
| (Rs. in crore) | ||
| Particulars | FY 2023-24 | FY 2022-23 |
| POWERGRIDs investment in Equity | 48.80 | 30.40 |
| Gross Income | 46.11 | 20.18 |
| Profit after Tax | 20.89 | (111.29) |
| Earnings per Share* (5) | 1.40 | (7.15) |
*Face value per Share is 510/- each.
(vii) BIHAR GRID COMPANY LIMITED (BGCL):
POWERGRID entered into a Shareholders Agreement on 29th 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.
As on 31st March 2024, BGCL had the Paid-up Share Capital of 5674.78 crore. POWERGRIDs share in the paid-up capital was 5337.39 crore.
The Company is implementing Transmission System Strengthening Schemes in Bihar under Phase-IV, Part-1 worth 52,024 crore. The major components of Part-1 Projects are under commercial operation. Further, works Phase-IV, Part-ll worth 51,688 crore and Supplementary works worth 5111 crore are under final stage of implementation.
Financial Hiahliahts of this JV:
| (Rs. in crore) | ||
| Particulars | FY 2023-24 | FY 2022-23 |
| POWERGRIDs investment in Equity | 337.39 | 334.13 |
| Gross Income | 295.86 | 252.30 |
| Profit after Tax | (141.07) | (88.17) |
| Earnings per Share* (5) | (2.10) | (1.28) |
*Face value per Share is 510/- each.
(viii) RINL POWERGRID TLT PRIVATE LIMITED (RPTPL)
POWERGRID and Rashtriyalspat Nigam Ltd. (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 31st March 2024, the JV Company has paid up share capital of 58.00 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 Ltd., Power Finance Corporation Ltd., and REC Ltd. The JV Company viz. EESL is to promote measures of Energy 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 31st March 2024, EESL had Paid-up Share Capital of 52,156.82 crore. POWERGRIDs share in the paid- up capital was 5846.61 crore (39.25%).
Financial Highlights of this JV:
| (Rs. in crore) | ||
| Particulars | FY 2023-24 | FY 2022-23 |
| POWERGRIDs investment in Equity | 846.61 | 463.61 |
| Gross Income (including other income) | 1,871.54 | 2,448.79 |
| Profit after Tax | (393.83) | (331.74) |
| Earnings per Share* (5) | (1.83) | (2.37) |
*Face value per Share is 510/- each.
(x) Cross Border Power Transmission Company Limited (CPTCL):
POWERGRID entered into ShareholdersAgreement on 9th July 2012 with IL&FS Energy Development Company Limited (lEDCL), 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 (India Portion) of 400 kV D/c Muzaffarpur-Dhalkebar Indo-Nepal Cross Border transmission line.
The Shareholding of POWERGRID, SJVN, lEDCL and NEA in the said JV Company is 26%, 26%, 38% and 10% respectively. As on 31st March 2024, CPTCL had paid-up capital of 548.50 crore. At present, POWERGRID equity is 512.62 crore. It is prudent to mention here that lEDCL vide their letter dated 25th August, 2021 has informed that their board has proposed to divest the shares held by lEDCL in CPTC (i.e. 38%), as per mandate of NCLT approved resolution framework. Further, lEDCL proposed the divestment of the shares directly to other shareholders of CPTCL viz. POWERGRID, SJVN and NEA in proportion to their existing shareholdings in line with the Shareholders Agreement dated 9th July, 2012 (SHA). Currently, the approval from NCLT is under process.
POWERGRID has received 53.15 crore dividend during FY 2023-24 from this JV.
(xi) Power Transmission Company Nepal Limited (PTCN):
POWERGRID entered into a Joint Venture cum Share Purchase Agreement on 5th April, 2014 with Nepal Electricity Authority (NEA), Hydroelectricity Investment & Development Company Ltd. (HIDCL) of Nepal and IL&FS Energy Development Company Ltd. (lEDCL) 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 10th 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 Shareholders Agreement dated 5th April, 2014 (SHA). Currently, the approval from NCLT is under process.
As on 31st March, 2024, PTCN had Authorized, issued & 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. 19th February, 2016. POWERGRID has received Rs.1.32 crore dividend during FY 2023-24 from this JV.
(xii) 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 31st August, 2022 in India.
As on 31st March, 2024, BGCBPTL had paid-up capital of f20 crore. POWERGRIDs shares in the paid-up capital was flO crore.
SUBSIDIARY COMPANIES:
(i) POWERGRID NM TRANSMISSION LIMITED (PNMTL)
PNMTL was acquired by POWERGRID on 29th March, 2012 under Tariff Based Competitive Bidding for establishing 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. PNMTL was granted transmission license by CERC in June, 2013. All the project elements had been progressively commissioned by January 2019.
As on 31st March, 2024, PNMTL had an Authorized and Paid-up Share Capital of S496.25 crore and S490.95 crore. PNMTL paid first interim dividend of Rs.5.89 crore, second interim dividend of S14.24 crore, third interim dividend of 514.24 crore and fourth interim dividend of 511.78 crore for FY 2023-24.
| (Rs. in crore) | ||
| Particulars | FY 2023-24 | FY 2022-23 |
| Gross Income | 171.50 | 365.09 |
| Profit after Tax | 54.63 | 222.39 |
(ii) POWERGRID UNCHAHAR TRANSMISSION LIMITED (PUTL)
POWERGRID Unchahar Transmission Limited ("PUTL") was acquired by POWERGRID on 24th March, 2014 under Tariff Based Competitive Bidding for establishment of transmission system for Associated Transmission System ("ATS") of Unchahar Thermal Power Station ("TPS") on a build-own-operate-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. PUTL was granted transmission license by Central Electricity Regulatory Commission on 21st July, 2014 and the project had been commissioned on 1st October 2016.
PUTL is also Investment Manager of POWERGRID Infrastructure Investment Trust ("PGInvIT").
As on 31st March 2024, PUTL had an Authorized Share Capital of 514 crore and Paid-up Share Capital of 512.96 crore respectively. PUTL paid first interim dividend of 53.82 crore, second interim dividend of 53.37 crore and third interim dividend of 53.63 crore for FY 2023-24. PUTL further proposed a final dividend of 53.24 crore for FY 2023-24.
| (Rs. in crore) | ||
| Particulars | FY 2023-24 | FY 2022-23 |
| Gross Income | 28.65 | 28.75 |
| Profit after Tax | 14.39 | 14.83 |
(iii) POWERGRID SOUTHERN INTERCONNECTOR TRANSMISSION SYSTEM LIMITED (PSITSL)
PSITSL was acquired by POWERGRID on 4th December, 2015 under Tariff Based Competitive Bidding for "Strengthening of Transmission System Beyond Vemagiri" Project on build, own operate and maintain (BOOM) basis. The transmission project comprising of 765 kV & 400 kV D/C transmission lines which traverse the states of Andhra Pradesh, Telangana & Karnataka and include establishment of one 765/400 kV Substation as well as 400kV bay extension at two existing sub-stations in the state of Andhra Pradesh. The Company was granted transmission license by CERC in March 2016. All the project elements had been progressively commissioned by January, 2020.
The Company has also implemented following works under regulated tariff mechanism:
i) 765 KV Spare (l-Ph) Reactor unit at 765 kV Chilakaluripeta substation (Commissioned w.e.f. 31st August, 2023).
ii) To bypass NGR to use switchable line reactor as Bus reactor at 765 kV Chilakaluripeta substation (Commissioned w.e.f. 12th May, 2023).
As on 31st March, 2024, PSITSL had an Authorized Share Capital of Rs.731 crore and Paid-up Share Capital of 5709 crore. PSITSL paid first interim dividend of Rs.20.56 crore, second interim dividend of 539.70 crore, third interim dividend of Rs.32.61 crore and fourth interim dividend of Rs.27.65 crore for FY 2023-24.
| (Rs. in crore) | ||
| Particulars | FY 2023-24 | FY 2022-23 |
| Profit after Tax | 128.93 | 129.91 |
(iv) POWERGRID MEDINIPUR - JEERAT TRANSMISSION LIMITED (PMJTL)
PMJTL was acquired by POWERGRID on 28tfl March, 2017 under Tariff based competitive bidding for Transmission System associated with "765kV Strengthening in Eastern Region (ERSS-XVIll)" on build, own, operate and maintain (BOOM) basis. The Transmission System includes establishment of 765kV and 400kV Transmission lines which traverse the states of West Bengal and Jharkhand and includes establishment of two new 765/400kV Substations in West Bengal. The Company was granted transmission license by CERC in June, 2017. All the project elements had been progressively commissioned by August, 2022.
As on 31st March, 2024, PMJTL had an Authorised and Paid-up Share Capital of 5682.00 crore and 5661.60 crore respectively. PMJTL paid first interim dividend of 561.66 crore, second interim dividend of 5 54.09 crore, third interim dividend of 555.57 crore and fourth interim dividend of 549.62 crore for FY 2023-24.
| (Rs. in crore) | ||
| Particulars | FY 2023-24 | FY 2022-23 |
| Gross Income | 597.34 | 589.62 |
| Profit after Tax | 213.00 | 223.65 |
(v) POWERGRID MITHILANCHAL TRANSMISSION LIMITED (PMTL)
PMTL was acquired by POWERGRID on 12th January, 2018 under Tariff Based Competitive Bidding for "Establishment of Transmission System for Eastern Region Strengthening Scheme- XXI (ERSS-XXl)" on build, own, operate and maintain (BOOM) basis. The Transmission System includes establishment of 400kV Transmission lines in the state of Bihar and establishment of three new 400/220/132 kV Substations in Bihar. The Company was granted transmission license by CERC in April, 2018. All the project elements had been progressively commissioned by October, 2021.
As on 31st March, 2024, PMTL had an Authorised and Paid-up Share Capital of Rs..245.50 crore and Rs.233.20 crore respectively. PMTL paid first interim dividend of Rs.8.86 crore, second interim dividend of Rs.10.26 crore, third interim dividend of 510.03 crore, fourth interim dividend of Rs.7.93 crore and fifth interim dividend of 52.33 crore for FY 2023-24.
| (Rs. in crore) | ||
| Particulars | FY 2023-24 | FY 2022-23 |
| Gross Income | 176.53 | 177.51 |
| Profit after Tax | 39.86 | 41.11 |
(vi) POWERGRID VARANASI TRANSMISSION SYSTEM LIMITED (PVTSL)
PVTSL was acquired by POWERGRID on 27th March, 2018 under Tariff Based Competitive Bidding for establishing Transmission System for new Western Region- Northern Region 765kV Inter Regional Corridor on build, own, operate and maintain (BOOM) basis. The Transmission System includes establishment of a 765kV D/c Transmission Line from Vindhyachal pooling station to Varanasi which traverse the states of Madhya Pradesh and Uttar Pradesh. The Company was granted transmission license by CERC in August 2018. The project was commissioned in August, 2021.
As on 31st March, 2024, PVTSL had an Authorized and Paid-up Share Capital of 5198.90 crore and 5187.56 crore respectively. PVTSL paid first interim dividend of 55.06 crore, second interim dividend of 57.31 crore, third interim dividend of 56.38 crore and fourth interim dividend of 56.00 crore for FY 2023-24.
| (Rs. in crore) | ||
| Particulars | FY 2023-24 | FY 2022-23 |
| Gross Income | 121.48 | 122.13 |
| Profit after Tax | 26.24 | 29.16 |
(vii) POWERGRID JAWAHARPUR FIROZABAD TRANSMISSION LIMITED (PJFTL)
PJFTL was acquired by POWERGRID on 21st December, 2018 under Tariff based competitive bidding for establishing intra-state Transmission System in Uttar Pradesh for Evacuation of Power from 2 X 660 MW Jawaharpur Thermal Power Project and Construction of 400 kV Substation at Firozabad along with associated Transmission Lines on build, own, operate and maintain (BOOM) basis. The Company was granted transmission license by UPERC on 5tfl July 2019. All the project elements had been progressively commissioned by July, 2021.
As on 31st March, 2024, PJFTL had an Authorized and Paid-up Share Capital of Rs.89.60 crore. PJFTL paid first interim dividend of Rs.47.31 crore and second interim dividend of Rs.2.69 crore for FY 2023-24.
| (Rs. in crore) | ||
| Particulars | FY 2023-24 | FY 2022-23 |
| Gross Income | 69.07 | 59.16 |
| Profit after Tax | 26.68 | 18.97 |
(viii) POWERGRID KHETRI TRANSMISSION SYSTEM LIMITED (PKTSL)
PKTSL was acquired by POWERGRID on 29th August, 2019 under Tariff based competitive bidding to establish Transmission system associated with LTA application from Rajasthan SEZ (Part-C) on build, own, operate and maintain (BOOM) basis. The Company was granted transmission license by CERC on 19th December, 2019. The project was commissioned on 4th October, 2021.
As on 31st March, 2024, PKTSL had an Authorized and Paid-up Share Capital of Rs.209.00 crore and Rs.198.75 crore respectively. PKTSL paid first interim dividend of Rs.9.94 crore, second interim dividend of Rs.4.97 crore, third interim dividend of Rs.2.98 crore, fourth interim dividend of 512.92 crore, fifth interim dividend of Rs.5.57 crore and sixth interim dividend of Rs.11.93 crore for FY 2023-24.
| (Rs. in crore) | ||
| Particulars | FY 2023-24 | FY 2022-23 |
| Gross Income | 158.69 | 130.84 |
| Profit after Tax | 48.41 | 26.84 |
(ix) POWERGRID BHIND GUNA TRANSMISSION LIMITED (PBGTL)
PBGTL was acquired by POWERGRID on 11th 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 in December, 2020 by MPERC. The project was commissioned on 7th October, 2022.
As on 31st March, 2024, PBGTL had an Authorized and Paid-up Share Capital of 5120.42 crore and Rs.111.95 crore respectively. PBGTL paid first interim dividend of Rs.8.73 crore, second interim dividend of Rs.3.13 crore, third interim dividend of Rs.6.72 crore and fourth interim dividend of Rs.5.04 crore for FY 2023-24.
| (Rs. in crore) | ||
| Particulars | FY 2023-24 | FY 2022-23 |
| Gross Income | 70.97 | 32.77 |
| Profit after Tax | 23.22 | 9.18 |
(x) POWERGRID AJMER PHAGI TRANSMISSION LIMITED (PAPTL)
PAPTLwas acquired by POWERGRID on 3rd October 2019 underTariff based competitive bidding to establish transmission system for Construction of Ajmer (PG)-Phagi 765 kV D/C line along with associated bays for Rajasthan SEZon build, own, operate and maintain (BOOM) basis. The Company was granted transmission license by CERC on 4th March 2020. The project was commissioned on 6th May 2021.
As on 31st March 2024, PAPTL had an Authorized and Paid-up Share Capital of Rs.125 crore and Rs.115 crore respectively. PAPTL paid first interim dividend of Rs.3.45 crore, second interim dividend of Rs.3.45 crore, third interim dividend of Rs.5.17 crore, fourth interim dividend of Rs.1.15 crore and fifth interim dividend of Rs.7.48 crore for FY 2023-24.
| (Rs. in crore) | ||
| Particulars | FY 2023-24 | FY 2022-23 |
| Gross Income | 79.12 | 66.17 |
| Profit after Tax | 20.69 | 10.25 |
(xi) POWERGRID FATEHGARH TRANSMISSION LIMITED (PFTL)
PFTL was acquired by POWERGRID on 14th 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 4m March 2020. The project was commissioned on 1st September 2021.
As on 31st March 2024, PFTL had an Authorized and Paid-up Share Capital of Rs.141.00 crore. PFTL paid first interim dividend of Rs.4.23 crore, second interim dividend of Rs.2.96 crore, third interim dividend of Rs.4.23 crore, fourth interim dividend of Rs.5.36 crore, fifth interim dividend of Rs.3.53 crore and sixth interim dividend of Rs.4.09 crore for FY 2023-24.
| (Rs. in crore) | ||
| Particulars | FY 2023-24 | FY 2022-23 |
| Total Income | 92.89 | 77.73 |
| Profit after Tax | 24.62 | 12.86 |
(xii) POWERGRID BHUJ TRANSMISSION LIMITED (PBTL)
PBTL was acquired by POWERGRID on 16th October, 2019 underTariff based competitive bidding to establish transmission system for providing connectivity to RE projects at Bhuj-ll (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 765 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 3rd 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-ll substation to cater to connectivity of RE Gencos works under regulated tariff mechanism.
As on 31st March 2024, PBTL had an Authorised and Paid-up Share Capital of Rs.236.00 crore and Rs.232.00 crore respectively. PBTL paid first interim dividend of Rs. 8.58 crore, second interim dividend of Rs.4.64 crore, third interim dividend of Rs.3.02 crore and fourth interim dividend of Rs.1.86 crore for FY 2023-24.
| (Rs. in crore) | ||
| Particulars | FY 2023-24 | FY 2022-23 |
| Gross Income | 132.67 | 66.11 |
| Profit after Tax | 18.57 | 2.31 |
(xiii) POWERGRID RAMPUR SAMBHAL TRANSMISSION LIMITED (PRSTL)
PRSTL was acquired by POWERGRID on 12th December 2019 under Tariff based competitive bidding to establish transmission System for construction of 765/400/220kV GIS Substation at Rampur and 400/220/l32kV 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 31st March 2023.
As on 31st March 2024, PRSTL had an Authorized and Paid-up Share Capital of Rs.166 crore and Rs.151.30 crore respectively.
| (Rs. in crore) | ||
| Particulars | FY 2023-24 | FY 2022-23 |
| Gross Income | 104.94 | 21.09 |
| Profit after Tax | 32.50 | 6.79 |
(xiv) POWERGRID MEERUT SIMBHAVALI TRANSMISSION LIMITED (PMSTL)
PMSTL was acquired by POWERGRID on 19th December 2019 under Tariff based competitive bidding to establish transmission system for Construction of 765/400/220 kVGIS 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 18th September 2020. The project has been completely commissioned with effect from 29th April 2023.
As on 31st March 2024, PMSTL had an Authorized and Paid-up Share Capital of 5220.00 crore and 5205.98 crore respectively.
| (Rs. in crore) | ||
| Particulars | FY 2023-24 | FY 2022-23 |
| Gross Income | 107.44 | 0.06 |
| Profit after Tax | 28.41 | (0-17) |
(xv) POWERGRID RAMGARH TRANSMISSION LIMITED (PRTL)
PRTL was acquired by POWERGRID on 9tfl March 2021 under Tariff based competitive bidding to establish Transmission System for "Transmission System Strengthening Scheme for evacuation of Power from Solar Energy Zones in Rajasthan (8.1 GW) under Phase-ll Part-A" on Build, Own, Operate and Maintain (BOOM) basis. The Company was granted transmission license by CERC on 31st May 2021. All the project elements were commissioned on 24th 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-lll Part El
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-lll (erstwhile Ramgarh-ll) PS under ISTS
v) Augmentation of Transformation Capacity at 400/220 kV Fatehgarh-lll PS (Section-l) by 400/220 kV, lx500MVA ICT (5th)
vi) Implementation of 400kV bay for RE generators at Fatehgarh-lll (erstwhile Ramgarh-ll)
vii) Implementation of 1 no. of 220 kV line bay at 400/220 kV Fatehgarh-lll PS (Sec-l) for interconnection of BESS of JSW Renew Energy Five Ltd.
As on 31st March 2024, Company had an Authorized and Paid-up Share Capital of 535 crore and 532.01 crore respectively.
| (Rs. in crore) | ||
| Particulars | FY 2023-24 | FY 2022-23 |
| Gross Income | 13.11 | 0.01 |
| Profit after Tax | 2.84 | (0.01) |
(xvi) POWERGRID BIKANER TRANSMISSION SYSTEM LIMITED (PBTSL)
PBTSL was acquired by POWERGRID on 25th March 2021 underTariff based competitive bidding to establish Transmission System for "Transmission System Strengthening Scheme for evacuation of Power from Solar Energy Zones in Rajasthan (8.1 GW) under Phase-ll Part-F" on Build, Own, Operate and Maintain (BOOM) basis. The Company was granted transmission license by CERC on 15th July, 2021. All the project elements had been progressively commissioned by 24th July, 2023
The Company has also commissioned 220kV bays for RE Generators and 400/220kV ICTs at Bikaner-ll PS works under regulated tariff mechanism:
Further, following works are being implemented under regulated tariff mechanism:
i) Implementation of 1 no. of 400 kV line bay at 400/220 kV Bikaner-ll PS for interconnection of 1000 MW Solar Project of SJVN Ltd.
ii) Implementation of 2 no. of 220 kV line bays at 400/220 kV Bikaner-ll 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 Phase-IV (Part-l) (Bikaner Complex) Part-E
iv) Implementation of 1 no. of 220kV line bay at 400/220 kV Bikaner-ll PS for interconnection of solar project (m/s NHPC Ltd).
v) Implementation of 2 no. of 220 kV line bays at 400/220kV Bikaner-ll PS for interconnection of RE power park of M/s ALF Solar Amarsar Pvt Ltd.
vi) Augmentation of transformation capacity at 400/220kV Bikaner-ll PS by 400/220kV, 1x500 MVA ICT (3rd)
vii) Implementation of Bus Sectionalizer at 400kV level of 400/220kV Bikaner-ll PS
As on 31st March 2024, Company had an Authorized and Paid-up Share Capital of Rs.140 crore each. PBTSL paid first interim dividend of Rs.4.56 Crore, second interim dividend of Rs.5.95 Crore and third interim dividend of Rs.9.10 Crore for FY 2023-24.
| (Rs. in crore) | ||
| Particulars | FY 2023-24 | FY 2022-23 |
| Gross Income | 120.20 | 0.02 |
| Profit after Tax | 22.02 | (0.30) |
(xvii) POWERGRID SIKAR TRANSMISSION LIMITED (PSTL)
PSTL was acquired by POWERGRID on 4th June 2021 under Tariff based competitive bidding to establish Transmission System for "Transmission system strengthening scheme for evacuation 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 27m May 2022. The project is under implementation.
As on 31st March 2024, Company had an Authorized and Paid-up Share Capital of Rs.142 crore each.
(xviii) POWERGRID BHADLA TRANSMISSION LIMITED (PBdTL)
PBdTL formerly known as Fatehgarh Bhadla Transco Limited was acquired by POWERGRID on 4m June 2021 under Tariff based competitive bidding to establish Transmission System for "Transmission system strengthening scheme 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 25th November 2022. The project is under implementation.
As on 31st March 2024, the Company had an Authorized and Paid-up Share Capital of Rs.89.35 crore and Rs.73.21 crore respectively.
(xix) POWERGRID VEMAGIRI TRANSMISSION LIMITED (PVTL)
PVTL was acquired by POWERGRID on 18th April 2012 underTariff based competitive bidding for establishing 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 31st March 2024, PVTL had an Authorized and Paid-up Share Capital of Rs.5 Lakh.
CERC vide Order dated 6th 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 has acquired 74% stake on 25th 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 1st 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 31st March 2024, the Authorized and Paid-up Share Capital of PHTL is S300 crore each. PHTL paid first interim dividend of Rs.27 crore, second interim dividend of Rs.9 crore and third interim dividend of S12 crore for FY 2023-24.
| (Rs. in crore) | ||
| Particulars | FY 2023-24 | FY 2022-23 |
| Gross Income | 129.61 | 134.77 |
| Profit after Tax | 53.19 | 49.69 |
(xxi) POWERGRID ALIGARH SIKAR TRANSMISSION LIMITED (PASTL)
PASTL formerly known as Sikar-ll Aligarh Transmission Limited was acquired by POWERGRID on 8tfl June 2021 under Tariff based competitive bidding to establish transmission system for "Transmission system strengthening scheme 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 765kV D/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 on 28th May, 2022 by CERC. The project is under implementation.
As on 31st March 2024, Company had an Authorised and Paid-up Share Capital of S100 crore and Rs.99.95 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 28th December 2020. This Subsidiary has been mandated to be acquired by Government of India.
As on 31st March 2024, the Authorised and Paid-up Share Capital of CTUIL is SI crore and Rs.0.05 crore respectively. CTUIL paid total interim dividend of Rs.40 crore during FY 2023-24.
| (Rs. in crore) | ||
| Particulars | FY 2023-24 | FY 2022-23 |
| Gross Income | 103.17 | 71.62 |
| Profit after Tax | 68.78 | 51.11 |
(xxiii) POWERGRID TELESERVICES LIMITED (POWERTEL)
PowerTel has been incorporated on 25th November 2021, as a 100% 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 11th May 2023. Further, Infrastructure Provider-1 (iP-l) registration certificate has been received on 16th February 2023.
The Telecommunications and Digital Technology Business of POWERGRID has been transferred to PowerTel w.e.f. 1st 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 27th 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 31st March 2024, the Authorised and Paid-Up Share Capital of PowerTel is Rs.800 crore and Rs.664.02 crore respectively.
| j5 in crore; | ||
| Particulars | FY 2023-24* | FY 2022-23 |
| Gross Income | 473.22 | 0.19 |
| Profit after Tax | 157.32 | (0.06) |
"Unaudited
(xxiv) POWERGRID ENERGY SERVICES LIMITED (PESL)
PESL was incorporated on 14m March 2022 as a wholly-owned Subsidiary of POWERGRID to undertake the Energy Management projects in India and Abroad.
PESL has entered into O&M agreements with 14 TBCB SPVs (wholly owned subsidiaries of POWERGRID (Holding Company) for providing Operations and Maintenance (o&M) services including Warranty Services w.e.f. 1st July 2023.
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 has entered into agreements with Madhya Gujarat Vij Company Ltd. (MGVCL) and Uttar Gujarat Vij Company Ltd. (UGVCL) in August 2023 for Implementation of Smart Metering Project in the state of Gujarat. Works under these two agreements have started and is to be completed in next 27 months.
As on 31st March 2024, Company had an Authorized and Paid-up Share Capital of Rs.150 crore and Rs.97.75 crore respectively.
| f5 in crorej | ||
| Particulars | FY 2023-24 | FY 2022-23 |
| Gross Income | 75.30 | 0.03 |
| Profit after Tax | 8.08 | (9.33) |
(xxv) POWERGRID NARELA TRANSMISSION LIMITED (PNTL)
PNTL, formerly known as Khetri-Narela Transmission Limited was acquired by POWERGRID on 11th May 2022 under Tariff based competitive bidding to establish Transmission System for "Transmission System Strengthening Scheme for Evacuation of Power from Solar Energy Zones in Rajasthan (8.1 GW) under Phase-ll Part-G", on build, own, operate and maintain (BOOM) basis. The Company was granted transmission license by CERC on 26th September 2022. The project is under implementation.
As on 31st March 2024, Company had an Authorized and Paid-up Share Capital of Rs.166 crore and Rs.100 crore respectively.
(xxvi) POWERGRID GOMTI YAMUNA TRANSMISSION LIMITED (PGYTL)
PGYTL, formerly known as Mohanlalganj Transmission Limited, was acquired by POWERGRID on 30th May 2022 under Tariff based competitive bidding to establish transmission system for Construction of 400/220/l32kV 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 20th December 2022. All the project elements had been progressively commissioned by 24m March 2024.
As on 31st March 2024, PGYTL had an Authorized and Paid-up Share Capital of Rs.100 crore and Rs.96 Crore respectively.
| (Rs. in crore) | ||
| Particulars | FY 2023-24 | FY 2022-23 |
| Gross Income | 27.00 | 0.05 |
| Profit after Tax | 10.68 | (0.77) |
(xxvii) POWERGRID NEEMUCH TRANSMISSION SYSTEM LIMITED (PNTSL)
PNTSL formerly Neemuch Transmission Limited was acquired by POWERGRID on 24th 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 transmission license by CERC on 27th December 2022. The project was commissioned on 24th April 2024.
As on 31st March 2024, Company had an Authorized and Paid-up Share Capital of Rs.175.00 croreand Rs.125.81 crore respectively.
(xxviii) POWERGRID ER NER TRANSMISSION LIMITED (PENTL)
PENTL, formerly known as ER NER Transmission Limited was acquired by POWERGRID on 10th 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 4m February 2023. The project is under implementation.
As on 31st March 2024, Company had an Authorized Share Capital of Rs.36.05 crore and Paid-up Share Capital of Rs.10.05 crore.
(xxix) POWERGRID ERWR POWER TRANSMISSION LIMITED (PEPTL)
PEPTL formerly ERWR Power Transmission Limited was acquired by POWERGRID on 21st 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 31st July 2023. The project is under implementation.
As on 31st March 2024, Company had an Authorized and Paid-up Share Capital of Rs.5 Lakh.
(xxx) POWERGRID KHAVDA RE TRANSMISSION SYSTEM LIMITED (PKRETSL)
PKRETSL formerly known as Khavda RE Transmission Limited was acquired by POWERGRID on 21st 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 17m August 2023. The project is under implementation.
As on 31st March 2024, Company had an Authorized and Paid-up Share Capital of Rs.26.05 crore and Rs.12.76 crore respectively.
(xxxi) POWERGRID KPS2 TRANSMISSION SYSTEM LIMITED (PKPS2TSL)
PKPS2TSL formerly known as KPS2 Transmission Limited was acquired by POWERGRID on 21st 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 4th August 2023. The project is under implementation.
The Company is also implementing Interconnection of RE developers DTL at Bay no 416 of KPS-2 (400kV Bus Section-l) works under regulated tariff mechanism.
As on 31st March 2024, Company had an Authorized and Paid-up Share Capital of Rs.8.05 Crore and Rs.1.30 Crore respectively.
(xxxii) POWERGRID KPS3 TRANSMISSION LIMITED (PKPS3TL)
PKPS3TL formerly known as KPS3 Transmission Limited was acquired by POWERGRID on 21st 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 31st 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 31st March 2024, Company had an Authorized Share capital of Rs.7.05 Crore and Paid-up Share Capital of Rs.6.30 Crore.
(xxxiii) POWERGRID KHAVDA ll-B TRANSMISSION LIMITED (PKIIBTL)
PKIIBTL formerly known as KHAVDA ll-B Transmission Limited was acquired by POWERGRID on 21st 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-ll - Part B on Build, Own, Operate and Transfer (BOOT) basis. The Company was granted transmission license on 22nd August 2023. The project is under implementation.
As on 31st March 2024, Company had an Authorized and Paid-up Share Capital of Rs.26.05 crore.
(xxxiv) POWERGRID KHAVDA ll-C TRANSMISSION LIMITED (PKIICTL)
PKIICTL formerly known as KHAVDA ll-C Transmission Limited was acquired by POWERGRID on 21st 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-ll - Part C on Build, Own, Operate and Transfer (BOOT) basis. The Company was granted transmission license on 31st July 2023. The project is under implementation.
As on 31st March 2024, Company had an Authorized and Paid-up Share Capital of S5 lakh.
(xxxv) POWERGRID BHADLA SIKAR TRANSMISSION LIMITED (PBSTL)
PBSTL formerly known as Bhadla Sikar Transmission Limited was acquired by POWERGRID on 28th 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 30m August 2023. The project is under implementation.
As on 31st March 2024, Company had an Authorized and Paid-up Share Capital of S37 crore and SI lakh respectively.
(xxxvi) POWERGRID DHARAMJAIGARH TRANSMISSION LIMITED (PDTL)
PDTL formerly known as Dharamjaigarh Transmission Limited was acquired by POWERGRID on 28th March 2023 under Tariff based competitive bidding to establish Western Region Expansion Scheme- XXVIII (WRES-XXVIll) & XXIX (WRES-XXIX) on Build, Own, Operate and Transfer (BOOT) basis. The Company was granted transmission license by CERC on 31st July 2023. The project is under implementation.
As on 31st March 2024, Company had an Authorized and Paid-up Share Capital of Rs.1 lakh.
(xxxvii) POWERGRID RAIPUR POOL DHAMTARI TRANSMISSION LIMITED (PRPDTL)
PRPDTL formerly known as Raipur Pool Dhamtari Transmission Limited was acquired by POWERGRID on 28th March 2023 under Tariff based competitive bidding to establish Transmission System associated with Western Region Expansion Scheme -XXVII (WRES-XXVIl) on Build, Own, Operate and Transfer (BOOT) basis. The Company was granted transmission license on 23rd August 2023. The project is under implementation.
As on 31st March 2024, the Authorized and Paid-up Share Capital of PRPDTL is SI lakh.
(xxxviii) POWERGRID BHADLA III TRANSMISSION LIMITED (PBIIITL)
PBIIITL formerly known as BHADLA III TRANSMISSION LIMITED was acquired by POWERGRID on 27" September, 2023 under Tariff based competitive bidding for "Transmission system for evacuation of power from REZ in Rajasthan (20GW) under Phase-III Part-Bl" on Build, Own, Operate and Transfer (BOOT) basis. The Company was granted transmission license by CERC on 29th February 2024. The project is under implementation.
The Company is also implementing 1 no. of 400 kV line bay at 765/400/220kV Bhadla-lll PS for interconnection of M/s ReNew Solar (Shakti Six) Pvt. Ltd. works under regulated tariff mechanism.
As on 31st March 2024, the Authorized and Paid-up Share Capital of PBIIITL was fl lakh.
(xxxix) POWERGRID ANANTHPURAM KURNOOL TRANSMISSION LIMITED (PAKTL)
PAKTL formerly known as Ananthpuram Kurnool Transmission Limited was acquired by POWERGRID on 27th 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 29th 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 31st March 2024, Company had an Authorized and Paid-up Share Capital of Rs.1 Lakh.
(xl) POWERGRID RAMGARH II TRANSMISSION LIMITED (PRIITL)
PRIITL formerly known as Ramgarh II Transmission Limited was acquired by POWERGRID on 26th October 2023 under Tariff based competitive bidding to establish "Transmission system for evacuation of power from REZ in Rajasthan (20GW) under Phase-Ill Part Cl". The Company was granted transmission license by CERC on 13th April 2024. The project is under implementation.
As on 31st March 2024, Company had an Authorized and Paid-up Share Capital of Rs.5 Lakh.
(xli) POWERGRID BEAWAR DAUSA TRANSMISSION LIMITED (PBDTL)
PBDTL formerly known as Beawar Dausa Transmission Limited was acquired by POWERGRID on 30th October 2023 under Tariff based competitive bidding to establish "Transmission System for evacuation of power from REZ in Rajasthan (20GW) under Phase-Ill Part H". The Company was granted transmission license by CERC on 13th April 2024. The project is under implementation.
As on 31st March 2024, Company had an Authorized and Paid-up Share Capital of Rs.1 Lakh.
(xlii) POWERGRID VATAMAN TRANSMISSION LIMITED (PVTL)
PVTL formerly known as Vataman Transmission Limited was acquired by POWERGRID on 26tfl December 2023 under Tariff based competitive bidding to establish Transmission System for evacuation of Additional 7GW RE Power from Khavda RE Park under Phase-Ill Part B. The Company was granted transmission license by CERC on 13th April 2024. The project is under implementation.
As on 31st March 2024, Company had an Authorized and Paid-up Share Capital of SI Lakh.
(xliii) POWERGRID KOPPAL GADAG TRANSMISSION LIMITED (PKGTL)
PKGTL formerly known as Koppal II Gadag II Transmission Limited was acquired by POWERGRID on 26m December 2023 under Tariff based competitive bidding for "Transmission Scheme for Integration of Renewable Energy Zone (Phase-ll) in Koppal-ll (Phase-A & B) and Gadag-ll (Phase-A) in Karnataka" 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 31st March 2024, Company had an Authorized and Paid-up Share Capital of SI Lakh.
(xliv)POWERGRID BIKANER NEEMRANA TRANSMISSION LIMITED (PBNTL)
PBNTL formerly known as Bikaner III Neemrana Transmission Limited was acquired by POWERGRID on 27th December 2023 under Tariff based competitive bidding for "Transmission system for evacuation of power from Rajasthan REZ Ph-IV (Parti) (Bikaner Complex): PART-A" on Build, Own, Operate and Transfer (BOOT) basis. The Company was granted transmission license by CERC on 15th April 2024. The project is under implementation.
As on 31st March 2024, Company had an Authorized and Paid-up Share Capital of Rs.1 Lakh.
(xlv) POWERGRID NEEMRANA BAREILLY TRANSMISSION LIMITED (PNBTL)
PNBTL formerly known as Neemrana II Bareilly Transmission Limited was acquired by POWERGRID on 27m December 2023 under Tariff based competitive bidding to establish Transmission System for evacuation of power from Rajasthan REZ Ph-IV (Part-l) Bikaner Complex-Part D on Build, Own, Operate and Transfer (BOOT) basis. The Company was granted transmission license by CERC on 22nd April 2024. The project is under implementation.
As on 31st March 2024, Company had an Authorized and Paid-up Share Capital of Rs.1 Lakh.
(xlvi) POWERGRID SIKAR KHETRI TRANSMISSION LIMITED (PSKTL)
PSKTL formerly known as Sikar Khetri Transmission Limited was acquired by POWERGRID on 09m February 2024 under Tariff based competitive bidding for establishment of "Transmission system for evacuation of power from REZ in Rajasthan (20GW) under Phase-lll Part D - Phase I" on Build, Own, Operate and Transfer (BOOT) basis. The Company was granted transmission license by CERC on 28m May 2024. The project is under implementation.
As on 31st March 2024, Company had an Authorized and Paid-up Share Capital of Rs.5 Lakh.
(xlvii) POWERGRID BIDAR TRANSMISSION LIMITED (PBTL)
PBTL formerly known as Bidar Transmission Limited was acquired by POWERGRID on 9th 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 Company has filed petition with CERC for grant of transmission license. The project is under implementation.
As on 31st March 2024, Company had an Authorized and Paid-up Share Capital of Rs.5 Lakh.
(xlviii) POWERGRID KHAVDA IV-E2 POWER TRANSMISSION LIMITED (PKIVE2PTL)
PKIVE2PTL formerly known as Khavda IV-E2 Power Transmission Limited was acquired by POWERGRID on 30th May, 2024 under Tariff based competitive bidding for establishment of "Transmission System for Evacuation of Power from potential renewable energy zone in Khavda area of Gujarat under Phase- IV (7 GW): Part E2" 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 31st March 2024, the Authorized and Paid-up Share Capital of PKIVE2PTL was Rs.5 lakh.
25. Consolidated Financial Statements of POWERGRID
The consolidated financial statements have been prepared in accordance with Ind AS 110- Consolidated Financial Statements and Ind AS 28 - Investments in Associates and Joint Ventures. On a consolidated basis, the Total Income of the Company, during FY 2023-24, stood at Rs.46,913.12 crore as against Rs.46,605.64 crore during FY 2022-23, registering an increase of about 0.66%. Total Expenses for the year ended 31st March 2024 stood at Rs.27,808.23 crore as against Rs.29,070.47 crore for the year ended 31st March 2023. Profit after Tax during FY 2023-24 increased by 0.99% vis-a-vis FY 2022-23. A brief summary of the results on a consolidated basis is given below:
| (Rs. in crore) | ||
| Particulars | FY 2023-24 | FY 2022-23 |
| Total Income | 46,913.12 | 46,605.64 |
| Profit before Tax & Regulatory Deferral Account Balances | 19,085.34 | 17,453.05 |
| Profit after Tax | 15,573.16 | 15,419.74 |
| Net Cash from operating activities | 37,289.50 | 40,202.87 |
26. Material developments in Human Resources / Industrial Relations
Please refer to Human Resource section of Directors Report for details.
| For and on behalf of the Board of Directors | |
| Chairman & Managing Director | |
| DIN: 09632316 | |
| Date: 31st July, 2024 | |
| Place: Gurugram |
Invest wise with Expert advice
IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000
IIFL Capital Services Support WhatsApp Number
+91 9892691696
Download The App Now
Follow us on
2025, IIFL Capital Services Ltd. All Rights Reserved
IIFL Securities Limited - Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248
This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.
