Power Grid Corpn

Power Grid Corporation of India Ltd Auditor Reports

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Power Grid Corporation of India Ltd Share Price Auditors Report

<dhhead>INDEPENDENT AUDITOR’S REPORT</dhhead>

TO THE MEMBERS OF POWER GRID CORPORATION OF INDIA LIMITED

Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the accompanying Standalone Financial Statements of Power Grid Corporation of India Limited ("the Company"), which comprise the Balance Sheet as at 31 March 2025, the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Changes in Equity and the Statement of Cash Flows for the year ended on that date, and notes to the Standalone financial statements including material accounting policies and other explanatory information (hereinafter referred to as "the Standalone Financial Statements").

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Standalone Financial Statements give the information required by the Companies Act, 2013 ("the Act") in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended ("Ind AS") and other accounting principles generally accepted in India, of the state of affairs of the Company as at 31 March 2025, the profit and total comprehensive income, changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

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

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the Standalone Financial Statements for the year ended 31 March 2025. These matters were addressed in the context of our audit of the Standalone Financial Statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. We have determined the matters described below to be the key audit matters to be communicated in our report.

Sr. No. Key Audit Matters	How the matter was addressed in our audit
1 Recognition of Revenue from Transmission Income	Our audit approach involved:
	Obtaining an understanding of the CERC Tariff
Transmission Income is accounted for, based on tariff orders notified by the Central Electricity Regulatory Commission "CERC". In case of transmission projects where final tariff orders are yet to be notified,	Regulations, Orders, Circulars, Guidelines and the Company’s internal circulars and procedures in respect of recognition and measurement of revenue from transmission of power.
income is accounted for on provisional basis as per Tariff Regulations and Orders of the CERC in earlier cases. Difference, if any, is accounted for on issuance of final Tariff Orders by the CERC. As at each reporting	Evaluated and tested the effectiveness of the design of Internal controls relating to recognition and measurement of revenue from Transmission.
date, transmission income also includes an accrual for services rendered to the customers but not yet billed i.e., Unbilled Revenue.	Verified the transmission revenue based on the CERC Tariff Regulation, Orders, Circulars, Guidelines and the Company’s internal circulars.
This is considered as Key Audit Matter due to the nature and extent of estimates made as per CERC Tariff Regulations and contracts with customers for recognition of revenue. (Refer Note No. 35(b)(ii) of Standalone Financial Statements)	Verified on test basis, the income recognised on provisional basis as per the regulatory guidelines and orders of the CERC in recent cases where tariff orders were issued, for the assets whose final orders are yet to be notified by CERC, based on the date of commercial operation (DOCO) letters issued by Regional technical heads, and capital cost, as certified by the Management. Based on the above procedure performed, the recognition and measurement of revenue from transmission of power is considered to be adequate and reasonable.

2 Deferred Tax Assets relating to Minimum Alternate Tax ("MAT") credit entitlement	Our audit approach involved:
The Company has considered MAT credit in anticipation of set off against the tax payable in future years and created	Reviewing the current status of availability of MAT credits.
Deferred Tax Asset for the same during the year. Corresponding to the said MAT Credit Entitlement, a Deferred Regulatory liability payable to the beneficiaries in subsequent periods as per CERC Tariff Regulations has been recognized.	Assessing the related forecasts of future taxable profits, evaluated the reasonableness and consistency of the considerations/ assumptions underlying the preparation of these forecasts.
We identified this as a key audit matter because of the importance of this matter to the intended users of the financial statements and its materiality and requirement of judgement in assessing future taxable profits for recognition of MAT credit entitlement. (Refer Note No.26 of Standalone Financial Statements.)	Based on the above procedures performed, the recognition and measurement of Deferred tax asset relating to MAT credit entitlement and corresponding Regulatory Deferral Liability towards customers, is considered to be adequate and reasonable.
3 Assessment of Contingent liabilities in respect of certain litigations including land compensation, direct and indirect taxes, various claims filed by other parties not acknowledged as debt.	We have obtained an understanding of the Company’s procedure in respect of estimation and disclosure of contingent liabilities and adopted the following audit procedures:
There is a high level of judgement required in estimating the contingent liabilities. The	Reviewed the current status and material developments of legal matters.
Company’s assessment of contingent liabilities is supported by the facts of the matter, Company’s judgement thereon, past experience and advices from legal and independent tax consultants wherever necessary.	Reviewed the legal and other professional expenses and enquired with the management for recent developments and the status of the material litigations.
We identified the above area as Key Audit Matter in view of associated uncertainty relating to the outcome of these matters. (Refer Note No. 58 of Standalone Financial Statements)	Performed our assessment on a test basis on the underlying calculations supporting the contingent liabilities/other significant litigations disclosed in the Standalone Financial Statements.
	Examined recent orders from competent authorities and/ or communication received from various authorities, judicial forums and follow-up action thereon.
	Based on the above procedures performed, the estimation and disclosures of contingent liabilities is considered to be adequate and reasonable.

Information Other than the Standalone Financial Statements and Auditor’s Report Thereon

The Company’s Board of Directors is responsible for the preparation of the Other Information. The Other Information comprises the information included in the Management Discussion and Analysis, Board’s Report including Annexures to Board’s Report, Business Responsibility and Sustainability Report, Corporate Governance and Shareholder’s Information, but does not include the Standalone Financial Statements and our Auditor’s Report thereon. The other information as identified above is expected to be made available to us after the date of this Auditor’s Report. Our opinion on the Standalone Financial Statements does not cover the other information and we will not express any form of assurance conclusion thereon. In connection with our audit of the Standalone Financial Statements, our responsibility is to read the other information identifiedabove when it becomes available and, in doing so, consider whether the other information is materially inconsistent with the Standalone Financial Statements or our knowledge obtained during the course of our audit or otherwise appears to be materially misstated. When we read those documents including annexures, if any thereon, if we conclude that there is a material deficiencies misstatement therein, we shall communicate the matter to those charged with the governance.

Responsibilities of Management and Those Charged with Governance for the Standalone

Financial Statements

The Company’s Board of Directors is responsible for the matters stated in section 134(5) of the Act with respect to the preparation of these Standalone Financial Statements that give a true and fair view of the financial position, financial performance including other comprehensive income, changes in equity and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS) specified under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended.

This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgements and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Standalone Financial Statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

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

The Board of Directors are responsible for overseeing the Company’s financial reporting process.

Auditor’s Responsibilities for the Audit of the Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the Standalone Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basisof these Standalone Financial Statements. As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

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

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

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

a Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may to continue as a going concern. If we conclude that a material castsignificant uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the Standalone Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern.

a Evaluate the overall presentation, structure and content of the Standalone Financial Statements, including the disclosures, and whether the Standalone Financial Statements represent the underlying transactions and events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the Standalone Financial Statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the Standalone consider quantitative materiality and qualitative factors in (i) planning FinancialStatementsmaybeinfluenced. the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the Standalone Financial statements.

We communicate with those charged with governance regarding, among other matters, the planned scope and control that we includingany significant timingoftheauditand significant identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards. From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the Standalone Financial Statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Other Matter

The Standalone Financial Statements includes comparative figures 2024, which have been audited by M/s S. Ramanand Aiyar & Co., M/s Sagar & Associates, M/s G. D. Apte & Co. and M/s Suresh Surana & Associates LLP, where they have expressed an unmodified opinion vide their report dated 22 May 2024 on such Standalone financial statements.

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

Report on Other Legal and Regulatory Requirements

1. As required by Section 143(3) of the Act, based on our audit we report that:

(a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit; (b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books; (c) The Standalone Balance Sheet, the Standalone Statement of Profit and Loss including Other Comprehensive Income, Standalone Statement of Changes in Equity and the Standalone Statement of Cash Flows dealt with by this Report are in agreement with the books of account; (d) In our opinion, the aforesaid Standalone Financial Statements comply with the Ind AS specified under Section 133 of the Act, read with the relevant rules issued thereunder; (e) In view of exemption given vide notificationno. G.S.R. 463(E) dated June 5, 2015, issued by the Ministry of Corporate Affairs, provisions of Section 164(2) of the Act regarding disqualification of Directors, are not applicable to the Company; (f) With respect to the adequacy of the internal financial controls over financial reporting with reference to Standalone Financial Statements of the Company and the operating effectiveness of such controls, refer to our separate report in Annexure ‘1’.

(g) Pursuant to Notification No. GSR 463(E) dated 5th June 2015 issued by the Ministry of Corporate Affairs, Government of India, provisions of Section 197 of the Companies Act, 2013, are not applicable to the Company, being a Government Company; and (h) With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, as amended, in our opinion and to the best of our information and according to the explanations given to us: i) The Company has disclosed the impact of pending litigations on its financial position in its Standalone Financial Statements Refer Note 58 to the Standalone financial statements. ii) The Company was not required to recognise a provision as at 31 March 2025 under the applicable law or accounting standards, as it does not have any material foreseeable losses on long-term contracts (including derivative contracts). iii) There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company. iv) (a) The Management has represented that, to the best of its knowledge and belief, no funds (which are material either individually or in the aggregate) have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person or entity, including foreign entity ("Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries; (b) The Management has represented, that, to the best of its knowledge and belief, no funds (which are material either individually or in the aggregate) have been received by the Company from any person or entity, including foreign entity ("Funding Parties"), with the understanding, whether recorded in writing or otherwise, that the Company shall, whether, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries; (c) Based on the audit procedures that have been considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the representations under sub-clause (i) and (ii) of Rule 11(e), as provided under (a) and (b) above, contain any material misstatement v) (a) The final dividend proposed for the previous year, declared and paid by the Company during the year is in accordance with Section 123 of the Act, to the extent it applies to payment of dividend.

(b) Interim dividends declared and paid by the Company during the year is in accordance with Section 123 of the Act. (c) As stated in note 59(b) to the financial statements, the Board of Directors of the Company has proposed final dividend for the year which is subject to the approval of the members at the ensuing Annual General Meeting. The amount of dividend proposed is in accordance with Section 123 of the Act to the extent it applies to declaration of dividend. vi) Based on our examination, which included test checks, the Company has used accounting software for maintainingitsbooksofaccountforthefinancialyear ended 31 March 2025 which have the feature of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in the software systems. Further, during the course of our audit we did not come across any instance of the audit trail feature being tampered with. Additionally, the audit trail has been preserved by the Company as per the statutory requirements for record retention.

2. In terms of section 143(5) of the Companies Act, 2013, we give in Annexure ‘2’, our report on the directions issued by the Comptroller and Auditor General of India.

3. As required by the Companies (Auditor’s Report) Order, 2020 ("the Order") issued by the Central Government in terms of Section 143(11) of the Act, we give in Annexure in ‘3’ paragraphs statement on the matters specified 3 and 4 of the Order.

For S. Ramanand Aiyar & Co.	For Jain Paras Bilala & Co.
Chartered Accountants	Chartered Accountants
FRN : 000990N	FRN : 011046C
Puneet Jain	Paras Bilala
Partner	Partner
M. No. 520928	M. No. 400917
UDIN: 25520928BMJCCI4928	UDIN: 25400917BMIFKI1076
For Sagar & Associates	For G. D. Apte & Co.
Chartered Accountants	Chartered Accountants
FRN : 003510S	FRN : 100515W
B. Srinivasa Rao	Umesh S. Abhyankar
Partner	Partner
M. No. 202352	M. No. 113053
UDIN: 25202352BMHYIN6497	UDIN: 25113053BMONKI8542
Place: Gurugram
Date: 19 May 2025

Annexure ‘1’ to the Independent Auditors’ Report

As referred to in paragraph 1 (f) of "Report on Other Legal and Regulatory Requirements" section of our Independent Auditors’ Report of even date to the members of the Power Grid Corporation of India Limited ("the Company"), on the Standalone Financial Statements for the year ended 31 March 2025.

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 ("the Act")

We have audited the internal financial controls over financial reporting with reference to Standalone Financial Statements of the Company as of 31 March 2025 in conjunction with our audit of the Standalone Financial Statements of the Company for the year ended on that date.

Management’s Responsibility for Internal Financial Controls

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

Auditors’ Responsibility

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

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting with reference to Standalone Financial Statements and their operating effectiveness. Our audit of internal financial controls over financial reporting with reference to Standalone Financial Statements included obtaining an understanding of internal financial controls over financial reporting with reference to Standalone Financial Statements, assessing the risk that a material weakness exists and testing and evaluating the design and operating effectiveness of internal controls based on the assessed risk. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the Standalone Financial Statements, whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company’s internal financial controls system over financial reporting with reference to Standalone Financial Statements.

Meaning of Internal Financial Controls Over Financial Reporting With Reference to Standalone Financial Statements

A company’s internalfinancialcontrol over financialreporting with reference to Standalone Financial Statements is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal financial control over financial reporting with reference to Standalone Financial Statements includes those policies and procedures that: (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and directors of the company; and

(3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or dispositions of the Company’s assets that could have a material effect on the Standalone Financial Statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting With Reference to Standalone Financial Statements

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

Opinion

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

For S. Ramanand Aiyar & Co.	For Jain Paras Bilala & Co.
Chartered Accountants	Chartered Accountants
FRN : 000990N	FRN : 011046C
Puneet Jain	Paras Bilala
Partner	Partner
M. No. 520928	M. No. 400917
UDIN: 25520928BMJCCI4928	UDIN: 25400917BMIFKI1076
For Sagar & Associates	For G. D. Apte & Co.
Chartered Accountants	Chartered Accountants
FRN : 003510S	FRN : 100515W
B. Srinivasa Rao	Umesh S. Abhyankar
Partner	Partner
M. No. 202352	M. No. 113053
UDIN: 25202352BMHYIN6497	UDIN: 25113053BMONKI8542
Place: Gurugram
Date: 19 May 2025

Annexure ‘2’ to the Auditors Report

As referred to in paragraph 2 of "Report on Other Legal and Regulatory Requirements" section of our Independent Auditors’ Report of even date to the members of the Power Grid Corporation of India Limited ("the Company") on the standalone financial statements for the year ended 31 March2025.

S. No. Directions	Auditors’ Comments
1. Whether the Company has a system in place to process all the accounting transactions through IT system? If yes, the implications of processing of accounting transactions outside IT system on the integrity of the accounts along with the financial implications, if any, may be stated.	The Company is having ERP system (SAP) in place for processing all accounting transactions. Based on our verification, no accounting transaction is being recorded/ processed other than through the ERP system in place.
2. Whether there is any restructuring of an existing loan or cases of waiver/write off of debts/loans/ interest etc. made by a lender to the Company due to the Company’s inability to repay the loan? If yes, the financial impact may be stated. Whether such cases are properly accounted for? (In case, lender is a Government company, then this direction is also applicable for Statutory Auditor of lender company).	Based on our verification and explanations and information given to us, there were no cases of restructuring of an existing loan or cases of waiver/ write off of debts/loans/interest etc. made by a lender to the Company due to the Company’s inability to repay the loan. During the financial year, in respect of loans given by the Company, there were no cases of restructuring of an existing loan or cases of waiver/write off of debts/loans/ interest etc.
3. Whether funds (grants/ subsidy etc.) received/receivable for specific schemes from Central/State Government or its agencies were properly accounted for/ utilized as per its term and conditions? List the cases of deviation.	Based on our verification and explanations and information given to us, funds received/receivable for specific scheme from Central/State Government or its agencies were properly accounted for and utilized as per its terms and conditions. No deviations were noticed by us.

For S. Ramanand Aiyar & Co. For Jain Paras Bilala & Co.

Chartered Accountants Chartered Accountants FRN : 000990N FRN : 011046C

Puneet Jain Paras Bilala

Partner Partner M. No. 520928 M. No. 400917 UDIN: 25520928BMJCCI4928 UDIN: 25400917BMIFKI1076

For Sagar & Associates For G. D. Apte & Co.

Chartered Accountants Chartered Accountants FRN : 003510S FRN : 100515W

B. Srinivasa Rao Umesh S. Abhyankar

Partner Partner M. No. 202352 M. No. 113053

UDIN: 25202352BMHYIN6497 UDIN: 25113053BMONKI8542

Place: Gurugram Date: 19 May 2025

Annexure ‘3’ to the Independent Auditors’ Report

As referred to in paragraph 3 of "Report on Other Legal and Regulatory Requirements" section of our Independent Auditors’ Report of even date to the members of the Power Grid Corporation of India Limited, on the Standalone Financial Statements for the year ended 31 March 2025.

In terms of the information and explanations sought by us and given by the company and the books of account and records examined by us in the normal course of audit and to the best of our knowledge and belief, we state that: (i) a) (A) The Company has generally maintained records, showing full particulars including quantitative details and situation of Property, Plant & Equipment including details of right-of-use assets covered under Ind AS 116, ‘Leases’. (B) The Company has generally maintained proper records, showing full particulars of intangible assets. b) The Property, Plant & Equipment have been physically verified by the management during the year. In our opinion, frequency of verification is reasonable having regard to the size of the Company and nature of its business. No material discrepancies were noticed on such verification. c) With respect to immovable properties disclosed in the financial statements included in property, plant and equipment, according to the information and explanations given to us and based on the examination of the registered sale deed / transfer deed / conveyance deed/ lease agreement for land provided to us, we report that, the title deeds of such immovable properties (other than immovable properties where the Company is the lessee and the lease agreements are duly executed in favour of the lessee) are held in the name of the Company as at the balance sheet date, except for the following:

Description of the property	Gross Carrying value as at 31 March 2025 ( in Crore)	Title deeds held in the name of	Whether title deed holder is a promoter, director or their relative or employee	Period held – indicate range, where appropriate	Reason for not being held in the name of the company
Leasehold Land
Rourkela	0.26	SAIL-Rourkela	No	25-07-2020	The Original Tripartite sub Lease agreement between Govt. of Odisha, Rourkela Steel Plant & POWERGRID has expired. The same is under process of renewal.
Durgapur	21.48	SAIL-Durgapur	No	01-05-2017	The original Lease agreement with SAIL was expired and the same is under process for renewal.
Alipurduar-Mathabhanga Earth Electrocode	1.48	Govt. Of West Bengal	No	17-03-2017	Lease agreement of 4.85 Hectares of Lease land is approved by the State Cabinet on 23.11.21. Signing of lease agreement is under process. For Balance land of 1.16 Hectares process is on for approval at State Cabinet.
Jamshedpur Substation Village- Ramchandrapur Seraikela, Kharwsawan Jharkhand	1.46	Forest Department, Government of Jharkhand	No	FY 1992-93 onwards	JIADA is trying to get clearance for land transfer from Forest Dept. for onward transfer to POWERGRID.

Description of the property	Gross Carrying value as at 31 March 2025 ( in Crore)	Title deeds held in the name of	Whether title deed holder is a promoter, director or their relative or employee	Period held – indicate range, where appropriate	Reason for not being held in the name of the company
Ajmer Township	0.96	Ajmer Distt Authority	No	01-04-1999	Execution of lease deed is pending on account of disposal of the petition before Division Commissioner Ajmer for demand of interest on revised land cost.
400/220 KV S/S Dwarka	63.13	GNCTD	No	01-04-2018	Execution of lease deed is pending on account of
400/220 KV S/S	35.52	GNCTD	No	01-04-2018	procedural delays.
Tuglakabad 400/220 kV GIS Pooling Station Chamba,Village Mohal Rajera Tehsil & Distt. Chamba (HP)	12.36	HP Govt	No	19-10-2011	Subject land is Govt./Forest Land in record of HP Govt. As per GOI guidelines, Forest Land diverted to Non- Forestry purpose under Forest (Conservation) Act, 1980 will be having legal status as "Forest" even after diversion.
SLTS_Kargil Substation (UT of Ladakh)	0.00*	PDD Kargil	No	31-10-2019	Govt of India (MOP) has declared Srinagar Leh Transmission System
SLTS_Drass Substation (UT of Ladakh)	0.00*	PDD Kargil	No	31-10-2019	(SLTS) project as Interstate Transmission System Projects (ISTS) and the
SLTS_Leh Substation (UT of Ladakh)	0.00*	PDD Leh	No	31-10-2019	same has been transferred to POWERGRID.
SLTS_Khalsti Substation (UT of Ladakh)	0.00*	PDD Leh	No	31-10-2019	Land in UT of Ladakh (Erstwhile State of Jammu & Kashmir) is acquired by State Government under state land acquisition act. As per law, the UT/state government remains the owner of the land acquired, and the company is only given possession for specific use.
Wagoora_400/220 kV Sub-Station Wagoora,Village Wagoora Tehsil & Distt. Budgam, Kashmir	1.33	Govt of J&K	No	FY 1993-94 onwards	Land in UT of J&K is acquired by UT/State Government under state land acquisition act. As per law, the UT/state government remains the owner of the land acquired
New wanpoh_400/220 kV Sub-Station New Wanpoh,Village Damjan, Tehsil Dooru, Distt. Anantnag, Kashmir	25.45	Govt of J&K	No	30-11-2010	and company is only given possession for specific use.

Description of the property	Gross Carrying value as at 31 March 2025 ( in Crore)	Title deeds held in the name of	Whether title deed holder is a promoter, director or their relative or employee	Period held – indicate range, where appropriate	Reason for not being held in the name of the company
Kishenpur	0.06	Govt of J&K	No	31-03-1995
Township_800/400/220
kV Sub-Station
Kishenpur,Village Kharta
Tehsil Jindhra & Distt.
Jammu (TOWNSHIP LAND)
Kishenpur_800/400/220	0.34	Govt of J&K	No	31-03-1993
kV Sub-Station
Kishenpur,Village Kharta
Tehsil Jindhra & Distt.
Jammu
Narwal_Line Office	0.00*	Govt of J&K	No	FY 1993-94
Narwal				onwards
Samba_Samba S/S Land	11.60	Govt of J&K	No	19-04-2012
TL Land in UT of Jammu	94.13	Govt of J&K	No	FY 1993-94
and Kashmir		Union		onwards
Land for HVDC Terminal	0.00*		No	23-11-2024	Ladakh Autonomous Hill
Station, Inter					Development Council-Leh
State Transmission		^{Territory of}			(LAHDC) has allotted this
System, Khasra No. 420,					land to the Company
Pang, Ladakh		^{Ladakh, Ladakh}			for construction of HVDC
					Terminal Station for Inter
		^{Autonom ous Hill}			State Transmission System.
					UT/state Govt. remains the
					owner of the land acquired,
		^{Develop ment}			and the company is only
					given possession for
		(LAHDC			specific use.
Visakhapatnam Land for		^{Council-Leh )}
	107.55	^{Rashtriya Ispat}	No	23-03-2022	The original Lease
Gazuwaka Substation		^{Nigam Limited (RINL}			agreement dated 23-03-
		)			1989 with RINL has expired
					on 23-03-2022 and the
					same is under process for
					renewal.
Freehold Land
Township-Sector 46,	11.00	Haryana Shehri	No	02-12-1998	Pending the outcome of
Gurgaon		Vikas Pradhi-			representation made to
		karan(HSVP)			HSVP by Company for
					review of demand dues,
					the title deed is pending
					for transfer in favour of the
					Company.
Birpara	0.00*	Govt. Of West	No	01-11-1996	Survey work of Birpara
		Bengal			Mouza is under progress by
					Block Land Reforms Office &
					mutation will be done after
					survey work is completed.

Description of the property	Gross Carrying value as at 31 March 2025 ( in Crore)	Title deeds held in the name of	Whether title deed holder is a promoter, director or their relative or employee	Period held – indicate range, where appropriate	Reason for not being held in the name of the company
Maithon	0.00*	Multiple Private Owner	No	01-04-1992	The Company is in the process of getting the title deed registered from office of District Land and Land Reforms Officer (DLLRO). There is procedural delay in transfer of title deed.
Maithon	0.02	CLW-Indian Railway	No	01-04-1992	Matter is being followed up with CLW (Chittaranjan Locomotive works) for execution of registration deed. There is procedural delay in transfer of title deed.
Maithon	0.32	Multiple Private Owner	No	28-03-2018	NOC from Tribal Board is yet to be received pending which title deed is not transferred in name of the Company.
Alipurduar-Mathabhanga Earth Electrocode	0.67	Multiple Private Owner	No	31-12-2012	Transfer of title deed is pending on account of procedural delays.
Rajarhat	23.23	Multiple Private Owner	No	30-11-2014
Aizawl	0.03	Govt.of Mizoram	No	1991
Faridabad, NR-1, RHQ (Township)	6.42	Haryana Shehri Vikas Pradhikaran (HSVP)	No	01-04-1999	Pursuant to the order dated 03 April 2025 passed in favour of the Company by the Hon’ble High Court of Punjab and Haryana at Chandigarh in the matter concerning the enhancement and extension fees demanded by HSVP, the Company will take appropriate steps to have the title deed registered in its name.
TL Land in Hisar Fatehabad and Bhiwani Distt.	0.57	NHPC	No	30-09-1991	The company is dealing with multiple authorities for transfer of land situated at multiple locations. The transfer of title deed is pending on account of procedural delays.

Description of the property	Gross Carrying value as at 31 March 2025 ( in Crore)	Title deeds held in the name of	Whether title deed holder is a promoter, director or their relative or employee	Period held – indicate range, where appropriate	Reason for not being held in the name of the company
Line Office Banikhet, Tehsil & Distt. Chamba (HP)	0.00*	HP Govt	No	28-02-1994	Subject land is Govt./Forest Land in record of HP Govt. As per GOI guidelines, Forest Land diverted to Non- Forestry purpose under Forest (Conservation) Act, 1980 will be having legal status as "Forest" even after diversion.
Kurnool Substation Land	0.03	Government of Andhra Pradesh	No	13-06-2023	Company is in the process of obtaining mutation certificate and title deed.
Hiriyur 400/220 KV Substation	0.34	Karnataka Industrial Area Development Board (KIADB)	No	01-02-2004	Pending title rectifications for few parcel of land, to be carried out by KIADB, title deed is yet to be registered in the name of POWERGRID.
Yelahanka 400/220 KV Substation	30.72	Karnataka Power Transmission Corporation Limited (KPTCL)	No	23-03-2011	Transfer of title deed is pending on account of procedural delays with office of M/s KPTCL.
Somanhalli 400/220 KV	0.34	KPTCL	No	FY 1992-93
Substation				onwards
Kolar Siddalagatta HVDC Substation	0.91	KIADB	No	01-04-2002	Transfer of title deed is pending on account of procedural delays with
Tumkur 765/400/220 KV Substation	42.29	KIADB	No	25-09-2013	office of KIADB.
Kudugi 765/400 KV GIS	8.83	KIADB and Others	No	28-02-2014
Bidadi 400/220 KV GIS	20.00	KIADB	No	23-03-2011
Pavagada 400/220 KV Substation	0.26	Private Parties - Mrs. Sanjeevamma D/o Venkatappa, M. Chaplainship S/o Venkatappa and Others	No	30-06-2017	Registration and mutation is pending on account of establishing the legal ownership of the land and consideration for the said land is also yet to be paid.

Description of the property	Gross Carrying value as at 31 March 2025 ( in Crore)	Title deeds held in the name of	Whether title deed holder is a promoter, director or their relative or employee	Period held – indicate range, where appropriate	Reason for not being held in the name of the company
Pugalur HVDC Substation	0.31	Bhoodan Trust Board	No	01-04-2017	The land has been allotted by Bhoodan Trust Board to the company. Due to delay in incumbency of meetings of Bhoodan Trust Board and other formalities, registration in the name of the company is pending.
Kovilpatti 400/220 KV GIS	51.20	Shri Ramesh and Shri R Rajan	No	19-10-2011	Pursuant to the directions of the Hon’ble High Court, Chennai Sole Arbitrator has been appointed and an award has been passed. Aggrieved by the award, both the parties has approached Hon’ble High Court for compensation award. Hon’ble High Court, Chennai is yet to decide the case. Therefore, title deed is yet to be transferred in the name of the Company.
New Navsari Substation	11.36	Government of Gujarat	No	20-06-2022	During the year 2024- 25, the mutation process for transferring the land parcels in the name of company has been completed, except for land parcel bearing Survey No 563 admeasuring 2.71 hectares having gross block of Rs. 11.36 crores as on 31 March 2025. Further, the Company has taken appropriate steps to have the title deed registered in its name for remaining land.
Freehold Building
Building Flats in Powai and Oshiwara Mumbai	2.96	MHADA	No	Since 02-01-2017	Transfer of title deed is pending on account of procedural delays.
ROU Asset- Building
Leasehold Building at	0.09	Smt. Jagrutibahen	No	31-01-2025	The original Lease agreement was expired and the same is under
Mehsana TLM Office		Hiteshkumar Prajapati			process for renewal.

*Amount is less than Decimal of Crore d) The Company has not revalued its Property, Plant and Equipment (including Right of Use assets) and intangible assets during the year. Accordingly, the provisions of clause 3(i)(d) of the Order are not applicable. e) No proceedings have been initiated or are pending against the Company for holding any Benami property under the "Benami Transactions (Prohibition) Act, 1988 and Rules made thereunder. (ii) (a) The inventories have been physically verified by the management during the year. In our opinion, frequency of verification, coverage and procedure adopted is reasonable having regard to the size of the Company and nature of its business. No material discrepancies of 10% or more in the aggregate for each class of inventory between physical inventory and book records were noticed on such physical verification.

(b) The Company has been sanctioned working capital limits in excess of Rs. 5 crore, in aggregate, from banks on the basis of security of current assets. In our opinion and according to the information and explanations given to us and based on the audit procedures performed by us, the quarterly returns/statements filed by the Company with such banks are in agreement with the books of account of the Company. During the year Company has not availed working capital limit from any financial institution.

(iii) (a) The Company has made investments, provided guarantees and granted unsecured loans during the year to Subsidiaries, Joint Ventures and Associates.

(A) the aggregate amount during the year, and balance outstanding at the balance sheet date with respect to such loans or advances in the nature of loan or guarantees or security to subsidiaries, joint ventures and associates are as follows: ( in crore)

Sl. No.	Particulars	Financial Guarantees	Secured Loan	Unsecured Loan	Advance in nature of Loan
Aggregate amount granted/ provided during the year
1	Subsidiaries	-	-	15,866.51	123.71*
2	Joint Ventures	-	-	-	-
3	Associates	-	-	-	-
Balance outstanding as at 31 March 2025
1	Subsidiaries	-	-	35,960.01	123.71*
2	Joint Ventures	-	-	40.50	-
3	Associates	-	-	-	-

* Against which intercorporate Loan Agreement are pending as at 31 March 2025.

(B) The Company has not given loans or advances or guarantees or security to parties other than subsidiaries, joint ventures and associates during the period under Audit.

(b) The investments made, guarantees provided and the terms and conditions of the grant of all loans and guarantees provided are not prejudicial to the Company’s interest.

(c) In respect of loans given, the schedule of repayment of principal and payment of interest has been stipulated and the repayments of principal amounts and receipts of interest are regular. (d) There is no overdue amount for more than ninety days in respect of loans given and advances in the nature of loans given.

(e) No loan or advance in the nature of loan granted which has fallen due during the year, has been renewed or extended or fresh loans granted to settle the overdue of existing loans given to the same parties.

(f) The Company has not granted any loans or advances in the nature of loans either repayable on demand or without specifying any terms or period of repayment during the year.

The company has not made investments in Firms and Limited Liability Partnerships during the year. Further the company has not provided any guarantee or security or granted any advances in the nature of loans, secured or unsecured, to Companies (other than the companies mentioned above in Clause 3(iii)(a)), Firms, Limited Liability Partnerships or any other parties.

(iv) The Company has complied with the provisions of section 185 and 186 of the Act in respect of loans, investments, guarantees and security.

(v) The Company has not accepted any deposit from the public and no amounts has been deemed to be deposits in accordance with the provisions of the sections 73 to 76 or any other relevant provisions of the Act, and the rules framed thereunder. Hence, reporting under clause 3(v) of the Order is not applicable to the Company.

(vi) We have broadly reviewed the cost records maintained by the Company specified for verification under sub section (1) of section 148 of the Act, in respect of Transmission Operations of the Company and we are of the opinion that prima facie the prescribed records have been made and maintained. However, we have not made detailed examination of the cost records with a view to determine whether they are accurate or complete. (vii) a) The Company is generally regular in depositing undisputed statutory dues with appropriate authorities including Provident Fund, Income Tax, Goods and Services Tax, Sales Tax, Service Tax, Duty of Custom, Duty of Excise, Value Added Tax, Cess and other statutory dues applicable to the Company and that there are no undisputed statutory dues outstanding as at 31 March 2025 for a period of more than six months from the date they became payable. As informed, provisions of the Employees State Insurance Act are not applicable to the Company. b) There are no statutory dues referred to in sub- clause (a) which have not been deposited on account of dispute except for the following:

Name of the Statute	Nature of dues	*Amount ( in Crore)**	Period to which the amount relates	Forum where dispute is pending
Income Tax Act, 1961	Income Tax	0.18	For the F.Y. 2007-08 to F.Y 2016-17 and F.Y. 2018-19 to F.Y. 2021-22	Jurisdictional Assessing Officers of respective TANs
Income Tax Act, 1961	Income Tax	0.00	For the F.Y. 2018-19	Commissioner of Income Tax (Appeals)
Income Tax Act, 1961	Income Tax	0.51	For the F.Y. 2021-22	Deputy Commissioner of Income Tax, Delhi
Income Tax Act, 1961	Income Tax	0.18	For the F.Y. 2022-23	Deputy Commissioner of Income Tax, Delhi
Finance Act 1994	Service Tax	0.05	April 2016 to June 2017	The Commissioner (Appeal), Bhopal
Finance Act 1994	Service Tax	0.43	FY 2008-09	CESTAT, Chandigarh
Finance Act 1994	Service Tax	0.00#	FY 2016-17	The Commissioner (Appeals),
				Ludhiana
Finance Act 1994	Service Tax	1.49	From F.Y. 2014-15 to	The Commissioner (Appeals),
			F.Y. 2016-17	Patna
Finance Act 1994	Service Tax	30.39	FY 2016-17 and the	CESTAT, Kolkata
			period April 2017 to
			June 2017.
Finance Act 1994	Service Tax	23.13	April 2016 to June 2017	CESTAT, Mumbai
Finance Act 1994	Service Tax	1.54	For the F.Y. 2003-04	Hon’ble High Court, Patna
Finance Act 1994	Service Tax	28.14	April 16-June 17	CESTAT, Ahmedabad
Goods and Services	Goods and	11.91	From July 2017 to	Commissioner Appeal, GST,
tax Act 2017	Services tax (GST)		March 2020	Central Excise and Customs,
				Bhubaneswar
Goods and Services	Goods and	28.30	FY 2017-18	The Commissioner (Appeal),
tax Act 2017	Services tax (GST)			New Delhi
Goods and Services	Goods and	0.33	FY 2017-18	The Commissioner (Appeal),
tax Act 2017	Services tax (GST)			New Delhi

Name of the Statute	Nature of dues	*Amount ( in Crore)**	Period to which the amount relates	Forum where dispute is pending
Goods and Services	Goods and	34.90	FY 2019-20	The Commissioner (Appeal),
tax Act 2017	Services tax (GST)			New Delhi
Goods and Services	Goods and	30.98	FY 2020-21	The Company is in the process
tax Act 2017	Services tax (GST)			of filling the appeal with the
				Appellate Authorities
Goods and Services	Goods and	0.23	From FY 2018-19 to FY	The Commissioner (Appeal),
tax Act 2017	Services tax (GST)		2019-20	Jammu
Goods and Services	Goods and	23.25	From July 2017 to May	Commissioner Central Excise,
tax Act 2017	Services tax (GST)		2019	GST and central excise,
				Vadodara [Appeal has been filed
				and deposit of Rs. 0.70 crore has
				been paid on 29th April, 2025]
Goods and Services	Goods and	2.65	FY 2018-19	Additional Commissioner, CGST
tax Act 2017	Services tax (GST)			(Appeals), Vadodara
Goods and Services	Goods and	0.04	FY 2020-21	The Company is in the process
tax Act 2017	Services tax (GST)			of filling the appeal with the
				Appellate Authorities
Goods and Services	Service Tax	6.36	From October 2016 to	The Company is in the process
tax Act 2017			June 2017	of filling the appeal with the
				Appellate Authorities
The Customs Act,	Differential Custom	23.43	From FY 2016-17 to FY	CESTAT, Chennai
1962	duty		2017-18 and FY 2019-
			20 to FY 2021-22
The Customs Act,	Penalty under the	1.00	FY 2023-24	CESTAT, Mumbai
1962	Customs Act, 1962
Delhi Municipal	Property Tax	230.68	From F.Y. 2004-05- to	Hon’ble High Court, Delhi
Corporation Act. 1957			F.Y. 2013-14
Delhi Municipal	Property tax	102.95	From F.Y. 2007-08 to	Hon’ble High Court, Delhi
Corporation Act. 1957			F.Y. 2017-18
Jammu and Kashmir	Sales Tax	0.00	FY 2017-18	Appeal has been filed with J&K
General Sales Tax				Sales Tax (Appellate) Tribunal,
Act, 1962				Jammu against order of Dy.
				Commissioner State Taxes
				(Appeal -II) setting aside of
				Demand of Rs. 34. 78 Crores and
				ordering denovo assessment of
				the same.
Punjab Tax on Entry	Entry Tax	9.64	From F.Y. 2011-12 to F.Y.	Hon’ble High Court Punjab and
of Goods into Local			2013-14	Haryana at Chandigarh
areas Act, 2000
MP Land Revenue	Diversion Tax	2.97	From F.Y. 2004-05- to	Hon’ble High Court, Madhya
Code, 1959			F.Y. 2017-18	Pradesh at Jabalpur
Andhra Pradesh	Non- Agricultural	0.09	FY 2005-06	Hon’ble High Court, Andhra
Non- Agricultural	Land Assessment			Pradesh
Land Assessment	(NALA) Tax
1963

* Demand amount including interest and net of amount paid under protest Rs 44.76 crore #Amount is less than Decimal of Crore

(viii) We report that no income has been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 and therefore, no such transactions are required to be recorded in the books of account. Accordingly, the provisions of clause 3(viii) of the Order are not applicable.

(ix) (a) The Company has not defaulted in repayment of loans or other borrowings or in the payment of interest thereon to any lender. (b) We report that the Company has not been declared wilful defaulter by any bank or financial institution or other lender.

(d) We report that no funds raised on short-term basis have been used for long-term purposes by the Company.

(e) We report that the Company has taken funds from the following entities on account of or to meet the obligations of its subsidiaries, associates or joint ventures as per details below:

Nature of fund taken	Name of lender	Amount Disbursed/ Guarantee issued or renewed during the year ( in Crores)	Amount Repaid/ Guarantee reduced or discharged or renewed during the year ( in Crores)	Amount Outstanding as on 31 March 2025 ( in Crores)	Name of the subsidiary, joint venture, associate	Relation	Nature of Transaction for which Funds utilized
Bonds	Bond	-	80.90	522.94 Powergrid NM		Subsidiary	Capex
	Holders				Transmission Limited
Bonds	Bond	-	1.22	30.01 Powergrid Unchahar		Subsidiary	Capex
	Holders				Transmission Limited
Term	Bank	-	0.02	0.84 Powergrid Unchahar		Subsidiary	Capex
Loans					Transmission Limited
Bonds	Bond	-	32.99		Powergrid Southern	Subsidiary	Capex
	Holders			1,249.23	Interconnector
					Transmission System
					Limited
Term	Bank	-	27.37		Powergrid Southern	Subsidiary	Capex
Loans				1,029.73	Interconnector
					Transmission System
					Limited
Bonds	Bond	4.50	82.14		Powergrid Medinipur	Subsidiary	Capex
	Holders			1,152.81	Jeerat Transmission
					Limited
Term	Bank	-	61.64	864.05 Powergrid Medinipur		Subsidiary	Capex
Loans					Jeerat Transmission
					Limited
Bonds	Bond	4.64	30.14	423.95 Powergrid		Subsidiary	Capex
	Holders				Mithilanchal
					Transmission Limited
Term	Bank	-	25.94	362.49 Powergrid		Subsidiary	Capex
Loans					Mithilanchal
					Transmission Limited
Bonds	Bond	-	25.00	339.43 Powergrid Varanasi		Subsidiary	Capex
	Holders				Transmission System
					Limited
Term	Bank	-	18.42	250.13 Powergrid Varanasi		Subsidiary	Capex
Loans					Transmission System
					Limited

Nature of fund taken	Name of lender	Amount Disbursed/ Guarantee issued or renewed during the year ( in Crores)	Amount Repaid/ Guarantee reduced or discharged or renewed during the year ( in Crores)	Amount Outstanding as on 31 March 2025 ( in Crores)	Name of the subsidiary, joint venture, associate	Relation	Nature of Transaction for which Funds utilized
Bonds	Bond	3.42	-	263.40 Powergrid		Subsidiary	Capex
	Holders				Jawaharpur Firozabad
					Transmission Limited
Term	Bank	-	-	34.67 Powergrid		Subsidiary	Capex
Loans					Jawaharpur Firozabad
					Transmission Limited
Bonds	Bond	2.10	17.87	416.68 Powergrid Khetri		Subsidiary	Capex
	Holders				Transmission System
					Limited
Term	Bank	-	6.47	150.90 Powergrid Khetri		Subsidiary	Capex
Loans					Transmission System
					Limited
Bonds	Bond	21.26	14.32	256.21 Powergrid Bhuj		Subsidiary	Capex
	Holders				Transmission Limited
Term	Bank	-	10.14	179.06 Powergrid Bhuj		Subsidiary	Capex
Loans					Transmission Limited
Bonds	Bond	1.75	5.33	175.07 Powergrid Bhind Guna		Subsidiary	Capex
	Holders				Transmission Limited
Term	Bank	-	3.94	128.34 Powergrid Bhind Guna		Subsidiary	Capex
Loans					Transmission Limited
Bonds	Bond	-	12.40	346.60 Powergrid Ajmer		Subsidiary	Capex
	Holders				Phagi Transmission
					Limited
Term	Bank	-	1.32	36.99 Powergrid Ajmer		Subsidiary	Capex
Loans					Phagi Transmission
					Limited
Bonds	Bond	-	11.75	327.34 Powergrid Fatehgarh		Subsidiary	Capex
	Holders				Transmission Limited
Term	Bank	-	2.89	80.42 Powergrid Fatehgarh		Subsidiary	Capex
Loans					Transmission Limited
Bonds	Bond	359.90	-		Powergrid Narela	Subsidiary	Capex
	Holders			1,170.06	Transmission Limited
Term	Bank	-	-	287.23 Powergrid Narela		Subsidiary	Capex
Loans					Transmission Limited
Bonds	Bond	473.52	-	492.68 Powergrid Energy		Subsidiary	Capex
	Holders				Services Limited
Term	Bank	9.91	-	9.91 Powergrid Energy		Subsidiary	Capex
Loans					Services Limited
Bonds	Bond	5.53	1.87	85.09 Powergrid		Subsidiary	Capex
	Holders				Rampur Sambhal
					Transmission Limited
Term	Bank	-	4.78	204.94 Powergrid		Subsidiary	Capex
Loans					Rampur Sambhal
					Transmission Limited

Nature of fund taken	Name of lender	Amount Disbursed/ Guarantee issued or renewed during the year ( in Crores)	Amount Repaid/ Guarantee reduced or discharged or renewed during the year ( in Crores)	Amount Outstanding as on 31 March 2025 ( in Crores)	Name of the subsidiary, joint venture, associate	Relation	Nature of Transaction for which Funds utilized
Bonds	Bond	21.39	-	246.54 Powergrid Meerut		Subsidiary	Capex
	Holders				Simbhavali
					Transmission Limited
Term	Bank	-	-	203.36 Powergrid Meerut		Subsidiary	Capex
Loans					Simbhavali
					Transmission Limited
Bonds	Bond	457.03	-	795.43 Powergrid Sikar		Subsidiary	Capex
	Holders				Transmission Limited
Term	Bank	-	-	232.77 Powergrid Sikar		Subsidiary	Capex
Loans					Transmission Limited
Bonds	Bond	328.29	-	389.06 Powergrid Ramgarh		Subsidiary	Capex
	Holders				Transmission Limited
Term	Bank	-	-	141.33 Powergrid Ramgarh		Subsidiary	Capex
Loans					Transmission Limited
Bonds	Bond	130.61	-	295.60 Powergrid Bhadla		Subsidiary	Capex
	Holders				Transmission Limited
Term	Bank	-	-	159.87 Powergrid Bhadla		Subsidiary	Capex
Loans					Transmission Limited
Bonds	VALIGN=TOP> Bond	90.73	-	287.83 Powergrid Aligarh		Subsidiary	Capex
	Holders				Sikar Transmission
					Limited
Term	Bank	-	-	170.79 Powergrid Aligarh		Subsidiary	Capex
Loans					Sikar Transmission
					Limited
Bonds	Bond	190.53	30.00	535.20 Powergrid Bikaner		Subsidiary	Capex
	Holders				Transmission System
					Limited
Term	Bank	-	-	403.83 Powergrid Bikaner		Subsidiary	Capex
Loans					Transmission System
					Limited
Bonds	Bond	69.07	10.49	483.91 Powergrid Gomti		Subsidiary	Capex
	Holders				Yamuna Transmission
					Limited
Term	Bank	-	7.90	344.50 Powergrid Gomti		Subsidiary	Capex
Loans					Yamuna Transmission
					Limited
Bonds	Bond	164.28	4.17	197.34 Powergrid		Subsidiary	Capex
	Holders				Teleservices Limited
Bonds	Bond	92.07	7.62	524.46 Powergrid Neemuch		Subsidiary	Capex
	Holders				Transmission System
					Limited
Term	Bank	-	2.26	151.11 Powergrid Neemuch		Subsidiary	Capex
Loans					Transmission System
					Limited

Nature of fund taken	Name of lender	Amount Disbursed/ Guarantee issued or renewed during the year	Amount Repaid/ Guarantee reduced or discharged or renewed during the year	Amount Outstanding as on 31 March 2025 ( in Crores)	Name of the subsidiary, joint venture, associate	Relation	Nature of Transaction for which Funds utilized
		( in Crores)	( in Crores)
Bonds	Bond	122.14	-	157.26 Powergrid ER NER		Subsidiary	Capex
	Holders				Transmission Limited
Term	Bank	-	-	9.03 Powergrid ER NER		Subsidiary	Capex
Loans					Transmission Limited
Bonds	Bond	140.41	-	159.53 Powergrid ERWR		Subsidiary	Capex
	Holders				Power Transmission
					Limited
Term	Bank	-	-	0.44 Powergrid ERWR		Subsidiary	Capex
Loans					Power Transmission
					Limited
Bonds	Bond	326.23	-	526.25 Powergrid Khavda RE		Subsidiary	Capex
	Holders				Transmission System
					Limited
Term	Bank	-	-	5.01 Powergrid Khavda RE		Subsidiary	Capex
Loans					Transmission System
					Limited
Bonds	Bond	414.50	-	753.22 Powergrid Khavda		Subsidiary	Capex
	Holders				II- B Transmission
					Limited
Term	Bank	-	-	6.74 Powergrid Khavda		Subsidiary	Capex
Loans					II- B Transmission
					Limited
Bonds	Bond	884.14	-		Powergrid Khavda II-C	Subsidiary	Capex
	Holders			1,724.74	Transmission Limited
Term	Bank	-	-	57.50 Powergrid Khavda II-C		Subsidiary	Capex
Loans					Transmission Limited
Bonds	Bond	505.47	-	553.10 Powergrid KPS2		Subsidiary	Capex
	Holders				Transmission System
					Limited
Term	Bank	-	-	7.20 Powergrid KPS2		Subsidiary	Capex
Loans					Transmission System
					Limited
Bonds	Bond	159.57	-	174.67 Powergrid Raipur		Subsidiary	Capex
	Holders				Pool Dhamtari
					Transmission Limited
Bonds	Bond	134.61	-	168.24 Powergrid		Subsidiary	Capex
	Holders				Dharamjaigarh
					Transmission Limited
Term	Bank	-	-	0.15 Powergrid		Subsidiary	Capex
Loans					Dharamjaigarh
					Transmission Limited
Bonds	Bond	495.40	-	569.43 Powergrid KPS3		Subsidiary	Capex
	Holders				Transmission Limited
Term	Bank	-	-	7.73 Powergrid KPS3		Subsidiary	Capex
Loans					Transmission Limited

Nature of fund taken	Name of lender	Amount Disbursed/ Guarantee issued or renewed during the year	Amount Repaid/ Guarantee reduced or discharged or renewed during the year	Amount Outstanding as on 31 March 2025 ( in Crores)	Name of the subsidiary, joint venture, associate	Relation	Nature of Transaction for which Funds utilized
		( in Crores)	( in Crores)
Bonds	Bond	599.39	-		Powergrid Bhadla	Subsidiary	Capex
	Holders			1,043.72	Sikar Transmission
					Limited
Term	Bank	-	-	3.25 Powergrid Bhadla		Subsidiary	Capex
Loans					Sikar Transmission
					Limited
Bonds	Bond	328.27	-	406.77 Powergrid		Subsidiary	Capex
	Holders				Ananthpuram Kurnool
					Transmission Limited
Bonds	Bond	997.05	-		Powergrid Bhadla III	Subsidiary	Capex
	Holders			1,100.59	Transmission Limited
Bonds	Bond	1,063.83	-		Powergrid Beawar	Subsidiary	Capex
	Holders			1,184.70	Dausa Transmission
					Limited
Bonds	Bond	713.37	-	866.48 Powergrid Ramgarh II		Subsidiary	Capex
	Holders				Transmission Limited
Bonds	Bond	609.96	-	629.38 Powergrid Bikaner		Subsidiary	Capex
	Holders				Neemrana
					Transmission Limited
Bonds	Bond	772.38	-	791.11 Powergrid Neemrana		Subsidiary	Capex
	Holders				Bareilly Transmission
					Limited
Bonds	Bond	645.19	-	712.91 Powergrid Vataman		Subsidiary	Capex
	Holders				Transmission Limited
Bonds	Bond	464.61	-	483.85 Powergrid Koppal		Subsidiary	Capex
	Holders				Gadag Transmission
					Limited
Bonds	Bond	830.09	-	830.09 Powergrid Sikar Khetri		Subsidiary	Capex
	Holders				Transmission Limited
Bonds	Bond	542.60	-	542.60 Powergrid Bidar		Subsidiary	Capex
	Holders				Transmission Limited
Bonds	Bond	82.38	-	82.38 Powergrid Mandsaur		Subsidiary	Capex
	Holders				Transmission Limited
Bonds	Bond	16.28	-	16.28 Powergrid Khavda		Subsidiary	Capex
	Holders				IV-E2 Power
					Transmission Limited
Bonds	Bond	206.67	-	206.67 Powergrid Mewar		Subsidiary	Capex
	Holders				Transmission Limited
Bonds	Bond	119.53	-	119.53 Powergrid Sirohi		Subsidiary	Capex
	Holders				Transmission Limited
Bonds	Bond	125.38	-	125.38 Powergrid		Subsidiary	Capex
	Holders				Beawar-Mandsaur
					Transmission Limited

Nature of fund taken	Name of lender	Amount Disbursed/ Guarantee issued or renewed during the year ( in Crores)	Amount Repaid/ Guarantee reduced or discharged or renewed during the year ( in Crores)	Amount Outstanding as on 31 March 2025 ( in Crores)	Name of the subsidiary, joint venture, associate	Relation	Nature of Transaction for which Funds utilized
Bonds	Bond	9.65	-	9.65 Powergrid Khavda PS1		Subsidiary	Capex
	Holders				And 3 Transmission
					Limited
Bonds	Bond	15.57	-	15.57 Powergrid Bhadla		Subsidiary	Capex
	Holders				Bikaner Transmission
					Limited
Bonds	Bond	173.59	-	173.59 Powergrid South		Subsidiary	Capex
	Holders				Olpad Transmission
					Limited
Bonds	Bond	9.16	-	9.16 Powergrid Bhadla-III		Subsidiary	Capex
	Holders				Power Transmission
					Limited
Bonds	Bond	105.45	-	105.45 Powergrid Kurawar		Subsidiary	Capex
	Holders				Transmission Limited
Bonds	Bond	8.54	-	8.54 Powergrid Jam		Subsidiary	Capex
	Holders				Khambhaliya
					Transmission Limited
Bonds	Bond	827.85	243.54	584.31 Powergrid West		Subsidiary	Capex
	Holders				Central Transmission
					Limited
Term	Overseas	578.90	-	578.90 Powergrid West		Subsidiary	Capex
Loans	Bank				Central Transmission
					Limited
Bonds	Bond	22.57	-	22.57 Powergrid Barmer I		Subsidiary	Capex
	Holders				Transmission Limited
Bonds	Bond	74.63	-	74.63 Powergrid Bikaner IV		Subsidiary	Capex
	Holders				Transmission Limited
Bonds	Bond	60.01	-	60.01 Powergrid Siwani		Subsidiary	Capex
	Holders				Transmission Limited
Bonds	Bond	7.70	-	7.70 Powergrid		Subsidiary	Capex
	Holders				Kudankulam
					Transmission Limited
Bonds	Bond	93.40	-	93.40 Powergrid Ghiror		Subsidiary	Capex
	Holders				Transmission Limited
Bonds	Bond	13.50	-	13.50 Powergrid Koppal		Subsidiary	Capex
	Holders				Gadag Augmentation
					Transmission Limited
Bonds	Bond	6.77	-	6.77 Khavda V-B1B2 Power		Subsidiary	Capex
	Holders				Transmission Limited
Bonds	Bond	6.78	-	6.78 Bidar Transco Limited		Subsidiary	Capex
	Holders
Bonds	Bond	19.96	-	19.96 Chitradurga Bellary		Subsidiary	Capex
	Holders				REZ Transmission
					Limited

Nature of fund taken	Name of lender	Amount Disbursed/ Guarantee issued or renewed during the year ( in Crores)	Amount Repaid/ Guarantee reduced or discharged or renewed during the year ( in Crores)	Amount Outstanding as on 31 March 2025 ( in Crores)	Name of the subsidiary, joint venture, associate	Relation	Nature of Transaction for which Funds utilized
Bonds	Bond	7.11	-	7.11 Fatehgarh II		Subsidiary	Capex
	Holders				and Barmer I PS
					Transmission Limited
Bonds	Bond	6.75	-	6.75 Banaskantha Transco		Subsidiary	Capex
	Holders				Limited
Bonds	Bond	18.77	-	18.77 Kurnool-IV		Subsidiary	Capex
	Holders				Transmission Limited
Bonds	Bond	18.84	-	18.84 Rajasthan V Power		Subsidiary	Capex
	Holders				Transmission Limited
Bonds	Bond	17.53	-	17.53 Kurnool III PS RE		Subsidiary	Capex
	Holders				Transmission Limited
Bonds	Bond	-	54.21	40.50 National High Power		Joint	Capex
	Holders				Test Laboratory	Venture
					Private Limited
Guarantee	Bank	-	-	21.60 Powergrid Medinipur		Subsidiary	Performance
					Jeerat Transmission		Bank
					Limited		Guarantee
Guarantee	Bank	-	-	31.01 Powergrid Narela		Subsidiary	Performance
					Transmission Limited		Bank
							Guarantee
Guarantee	Bank	-	27.30	0.84 Powergrid		Subsidiary	Performance
					Rampur Sambhal		Bank
					Transmission Limited		Guarantee
Guarantee	Bank	-	17.21	16.54 Powergrid Meerut		Subsidiary	Performance
					Simbhavali		Bank
					Transmission Limited		Guarantee
Guarantee	Bank	-	5.99	31.14 Powergrid Sikar		Subsidiary	Performance
					Transmission Limited		Bank
							Guarantee
Guarantee	Bank	-	10.67	3.37 Powergrid Ramgarh		Subsidiary	Performance
					Transmission Limited		Bank
							Guarantee
Guarantee	Bank	-	1.69	8.81 Powergrid Bhadla		Subsidiary	Performance
					Transmission Limited		Bank
							Guarantee
Guarantee	Bank	-	4.00	13.33 Powergrid Aligarh		Subsidiary	Performance
					Sikar Transmission		Bank
					Limited		Guarantee
Guarantee	Bank	-	34.65	-Powergrid Bikaner		Subsidiary	Performance
					Transmission System		Bank
					Limited		Guarantee
Guarantee	Bank	-	-	15.33 Powergrid Gomti		Subsidiary	Performance
					Yamuna Transmission		Bank
					Limited		Guarantee

Nature of fund taken	Name of lender	Amount Disbursed/ Guarantee issued or renewed during the year ( in Crores)	Amount Repaid/ Guarantee reduced or discharged or renewed during the year ( in Crores)	Amount Outstanding as on 31 March 2025 ( in Crores)	Name of the subsidiary, joint venture, associate	Relation	Nature of Transaction for which Funds utilized
Guarantee	Bank	-	18.60	-Powergrid Neemuch		Subsidiary	Performance
					Transmission System		Bank
					Limited		Guarantee
Guarantee	Bank	-	-	6.84 Powergrid ER NER		Subsidiary	Performance
					Transmission Limited		Bank
							Guarantee
Guarantee	Bank	-	-	4.80 Powergrid ERWR		Subsidiary	Performance
					Power Transmission		Bank
					Limited		Guarantee
Guarantee	Bank	-	-	24.00 Powergrid Khavda RE		Subsidiary	Performance
					Transmission System		Bank
					Limited		Guarantee
Guarantee	Bank	-	-	30.00 Powergrid Khavda		Subsidiary	Performance
					II- B Transmission		Bank
					Limited		Guarantee
Guarantee	Bank	-	-	39.90 Powergrid Khavda II-C		Subsidiary	Performance
					Transmission Limited		Bank
							Guarantee
Guarantee	Bank	-	-	18.00 Powergrid KPS2		Subsidiary	Performance
					Transmission System		Bank
					Limited		Guarantee
Guarantee	Bank	-	-	4.80 Powergrid Raipur		Subsidiary	Performance
					Pool Dhamtari		Bank
					Transmission Limited		Guarantee
Guarantee	Bank	-	-	9.00 Powergrid		Subsidiary	Performance
					Dharamjaigarh		Bank
					Transmission Limited		Guarantee
Guarantee	Bank	-	-	15.90 Powergrid KPS3		Subsidiary	Performance
					Transmission Limited		Bank
							Guarantee
Guarantee	Bank	-	-	16.28 Powergrid Bhadla		Subsidiary	Performance
					Sikar Transmission		Bank
					Limited		Guarantee
Guarantee	Bank	-	-	27.60 Powergrid		Subsidiary	Performance
					Ananthpuram Kurnool		Bank
					Transmission Limited		Guarantee
Guarantee	Bank	-	-	60.00 Powergrid Bhadla III		Subsidiary	Performance
					Transmission Limited		Bank
							Guarantee
Guarantee	Bank	-	-	44.40 Powergrid Beawar		Subsidiary	Performance
					Dausa Transmission		Bank
					Limited		Guarantee
Guarantee	Bank	-	-	34.20 Powergrid Ramgarh II		Subsidiary	Performance
					Transmission Limited		Bank
							Guarantee

Nature of fund taken	Name of lender	Amount Disbursed/ Guarantee issued or renewed during the year ( in Crores)	Amount Repaid/ Guarantee reduced or discharged or renewed during the year ( in Crores)	Amount Outstanding as on 31 March 2025 ( in Crores)	Name of the subsidiary, joint venture, associate	Relation	Nature of Transaction for which Funds utilized
Guarantee	Bank	-	-	81.00 Powergrid Bikaner		Subsidiary	Performance
					Neemrana		Bank
					Transmission Limited		Guarantee
Guarantee	Bank	-	-	42.00 Powergrid Neemrana		Subsidiary	Performance
					Bareilly Transmission		Bank
					Limited		Guarantee
Guarantee	Bank	-	-	76.00 Powergrid Vataman		Subsidiary	Performance
					Transmission Limited		Bank
							Guarantee
Guarantee	Bank	-	-	126.00 Powergrid Koppal		Subsidiary	Performance
					Gadag Transmission		Bank
					Limited		Guarantee
Guarantee	Bank	-	-	42.00 Powergrid Sikar Khetri		Subsidiary	Performance
					Transmission Limited		Bank
							Guarantee
Guarantee	Bank	-	-	85.90 Powergrid Bidar		Subsidiary	Performance
					Transmission Limited		Bank
							Guarantee
Guarantee	Bank	77.50	-	77.50 Powergrid Mandsaur		Subsidiary	Performance
					Transmission Limited		Bank
							Guarantee
Guarantee	Bank	30.00	-	30.00 Powergrid Khavda		Subsidiary	Performance
					IV-E2 Power		Bank
					Transmission Limited		Guarantee
Guarantee	Bank	70.00	-	70.00 Powergrid Mewar		Subsidiary	Performance
					Transmission Limited		Bank
							Guarantee
Guarantee	Bank	79.00	-	79.00 Powergrid Sirohi		Subsidiary	Performance
					Transmission Limited		Bank
							Guarantee
Guarantee	Bank	52.00	-	52.00 Powergrid		Subsidiary	Performance
					Beawar-Mandsaur		Bank
					Transmission Limited		Guarantee
Guarantee	Bank	24.75	-	24.75 Powergrid Khavda PS1		Subsidiary	Performance
					And 3 Transmission		Bank
					Limited		Guarantee
Guarantee	Bank	30.00	-	30.00 Powergrid Bhadla		Subsidiary	Performance
					Bikaner Transmission		Bank
					Limited		Guarantee
Guarantee	Bank	100.00	-	100.00 Powergrid South		Subsidiary	Performance
					Olpad Transmission		Bank
					Limited		Guarantee
Guarantee	Bank	21.00	-	21.00 Powergrid Bhadla-III		Subsidiary	Performance
					Power Transmission		Bank
					Limited		Guarantee
							517

Nature of fund taken	Name of lender	Amount Disbursed/ Guarantee issued or renewed during the year ( in Crores)	Amount Repaid/ Guarantee reduced or discharged or renewed during the year ( in Crores)	Amount Outstanding as on 31 March 2025 ( in Crores)	Name of the subsidiary, joint venture, associate	Relation	Nature of Transaction for which Funds utilized
Guarantee	Bank	89.00	-	89.00 Powergrid Kurawar		Subsidiary	Performance
					Transmission Limited		Bank
							Guarantee
Guarantee	Bank	15.00	-	15.00 Powergrid Jam		Subsidiary	Performance
					Khambhaliya		Bank
					Transmission Limited		Guarantee
Guarantee	Bank	714.00	-	714.00 Powergrid West		Subsidiary	Performance
					Central Transmission		Bank
					Limited		Guarantee
Guarantee	Bank	73.50	-	73.50 Powergrid Barmer I		Subsidiary	Performance
					Transmission Limited		Bank
							Guarantee
Guarantee	Bank	157.50	-	157.50 Powergrid Bikaner IV		Subsidiary	Performance
					Transmission Limited		Bank
							Guarantee
Guarantee	Bank	139.50	-	139.50 Powergrid Siwani		Subsidiary	Performance
					Transmission Limited		Bank
							Guarantee
Guarantee	Bank	12.00	-	12.00 Powergrid		Subsidiary	Performance
					Kudankulam		Bank
					Transmission Limited		Guarantee
Guarantee	Bank	141.00	-	141.00 Powergrid Ghiror		Subsidiary	Performance
					Transmission Limited		Bank
							Guarantee
Guarantee	Bank	63.00	-	63.00 Powergrid Koppal		Subsidiary	Performance
					Gadag Augmentation		Bank
					Transmission Limited		Guarantee
Guarantee	Bank	15.00	-	15.00 Khavda V-B1B2 Power		Subsidiary	Performance
					Transmission Limited		Bank
							Guarantee
Guarantee	Bank	16.50	-	16.50 Bidar Transco Limited		Subsidiary	Performance
							Bank
							Guarantee
Guarantee	Bank	107.50	-	107.50 Chitradurga Bellary		Subsidiary	Performance
					REZ Transmission		Bank
					Limited		Guarantee
Guarantee	Bank	22.50	-	22.50 Fatehgarh II		Subsidiary	Performance
					and Barmer I PS		Bank
					Transmission Limited		Guarantee
Guarantee	Bank	6.00	-	6.00 Banaskantha Transco		Subsidiary	Performance
					Limited		Bank
							Guarantee
Guarantee	Bank	157.75	-	157.75 Kurnool-IV		Subsidiary	Performance
					Transmission Limited		Bank
							Guarantee

Nature of fund taken	Name of lender	Amount Disbursed/ Guarantee issued or renewed during the year	Amount Repaid/ Guarantee reduced or discharged or renewed during the year	Amount Outstanding as on 31 March 2025 ( in Crores)	Name of the subsidiary, joint venture, associate	Relation	Nature of Transaction for which Funds utilized
		( in Crores)	( in Crores)
Guarantee	Bank	128.00	-	128.00 Rajasthan V Power		Subsidiary	Performance
					Transmission Limited		Bank
							Guarantee
Guarantee	Bank	82.00	-	82.00 Kurnool III PS RE		Subsidiary	Performance
					Transmission Limited		Bank
							Guarantee
Guarantee	Bank	-	26.78**	16.94 **Powergrid		Subsidiary	Performance
					Teleservices Limited		Bank
							Guarantee

**With effect from 01 October 2023, Telecom Segment of the Company has been transferred to Powergrid Teleservices Limited. However, as of 31 March 2025 the above stated performance bank guarantees continue to stand in the name of the Company.

(f) The Company has not raised loans during the year on the pledge of securities held in its subsidiaries, joint ventures or associate companies.

(x) (a) The company has not raised money by way of initial public offer or further public offer (including debt instruments) during the year and hence reporting under clause 3(x)(a) of the Order is not applicable.

(b) According to the information and explanations given to us, the Company has not made any preferential allotment or private placement of shares or convertible debentures (fully, partially or optionally convertible) during the year and hence reporting under clause 3(x)(b) of the Order is not applicable.

(xi) (a) According to the information and explanations given to us and as represented by the Management and based on our examination of the books and records of the Company, no case of material fraud by the Company or on the Company has been noticed or reported during the year.

(b) As no fraud has been noticed during the year as mentioned at xi(a) above, report under subSection (12) of Section 143 of the Companies Act in the Form ADT-4 as prescribed under Rule 13 of Companies (Audit and Auditors) Rules 2014 is not applicable.

(c) We have taken into consideration the Whistle blower complaints received by the Company during the year while determining the nature, timing and extent of audit procedures.

(xii) The company is not a Nidhi Company as prescribed under section 406 of the Act. Accordingly, clause 3(xii) of the Order is not applicable to the company.

(xiii) In our opinion all transactions with the related parties are in compliance with sections 177 and 188 of the Act, where applicable and the details have been disclosed in the standalone financial statements as required by the applicable Indian Accounting Standards.

(xiv) (a) According to the information and explanations given to us and based on our examination of the records of the company, the company has an internal audit system commensurate with the size and nature of its business.

(b) We have considered the reports of the Internal Auditors for the year under audit, issued to the Company during the year and till date in determining the nature, timing and extent of our audit procedures.

(xv) According to the information and explanations given to us and based on our examination of the records of the company, the company has not entered into non-cash transactions with directors or persons connected with them covered under Section 192 of the Act. Accordingly, Clause 3(xv) of the Order is not applicable to the company.

(xvi) (a) In our opinion and according to the information and explanations given to us, the Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act, 1934. Accordingly, provision of clause 3(xvi)(a) of the Order are not applicable to the Company.

(b) According to the information and explanations provided to us, the Company has not conducted any Non-Banking Financial or Housing Finance activities therefore the Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act, 1934. Accordingly, provisions of clause 3(xvi)(b) of the Order are not applicable.

(c) The Company is not a Core Investment Company (CIC) as defined in the regulations made by the Reserve Bank of India. Accordingly, provisions of clause 3(xvi)(c) of the Order are not applicable. (d) In our opinion, there is no core investment company within the Group (as defined in the Core Investment Companies (Reserve Bank) Directions, 2016). Accordingly, provisions of clause 3(xvi) (d) of the Order are not applicable.

(xvii) Based on our examination of the records of the company, the company has not incurred any cash losses in the current Financial Year and in the immediately preceding Financial Year. Accordingly, provisions of clause 3(xvii) of the order are not applicable (xviii) There has been no any resignation of the statutory auditors during the year. Accordingly, provisions of clause 3 (xviii) of the order are not applicable.

(xix) According to the information and explanations given to us and on the basis of the financial ratios, ageing and expected dates of realization of financial assets and payment of financial liabilities, other information accompanying the financial statements, our knowledge of the Board of Directors and management plans and based on our examination of the evidence supporting the assumptions, nothing has come to our attention, which causes us to believe that any material uncertainty exists as on the date of the audit report that company is not capable of meeting its liabilities existing at the date of balance sheet as and when they fall due within a period of one year from the balance sheet date. We, however, state that this is not an assurance as to the future viability of the company. We further state that our reporting is based on the facts up to the date of the audit report and we neither give any guarantee nor any assurance that all liabilities falling due within a period of one year from the balance sheet date, will get discharged by the company as and when they fall due. xx) The Company has spent the amount required as per section 135(5) of the Act during the financial year and hence there is no unspent amounts which are to be transferred pursuant to Section 135 (5) of the Act.

For S. Ramanand Aiyar & Co.	For Jain Paras Bilala & Co.
Chartered Accountants	Chartered Accountants
FRN : 000990N	FRN : 011046C
Puneet Jain	Paras Bilala
Partner	Partner
M. No. 520928	M. No. 400917
UDIN: 25520928BMJCCI4928	UDIN: 25400917BMIFKI1076
For Sagar & Associates	For G. D. Apte & Co.
Chartered Accountants	Chartered Accountants
FRN : 003510S	FRN : 100515W
B. Srinivasa Rao	Umesh S. Abhyankar
Partner	Partner
M. No. 202352	M. No. 113053
UDIN: 25202352BMHYIN6497	UDIN: 25113053BMONKI8542
Place: Gurugram
Date: 19 May 2025

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