Reliance Power Ltd Management Discussions

Global Economic Overview1

The global economy maintained a stable growth trajectory in 2024, despite persistent geopolitical tensions and evolving monetary conditions. The global Gross Domestic Product (GDP) increased by 3.2% in FY 2024. This growth was driven by steady consumer spending, easing inflation in developed countries and strong economic momentum in the emerging markets. Advanced economies are projected to grow at 1.4% in 2025, while Emerging Market and Developing Economies (EMDEs) are expected to expand at a stronger rate of 3.7%, driven by robust infrastructure investments. Headline inflation has continued to moderate, declining from 6.7% in FY 2023 to 5.8% in FY 2024, aided by easing energy prices and improved global supply chains. As inflation decreased, many countries began reducing interest rates to encourage investments. Brent crude oil prices, influenced by an unwinding of Organization of the Petroleum Exporting Countries (OPEC) production cuts and robust supply growth outside the cartel are forecasted to average USD 66.9 per barrel in FY 2025, a

15.5% decline from FY 2024. Moreover, the global prices of coal are projected to decline by 15.8% in FY 2025, continuing the trend of reduced demand in developed markets amid ongoing decarbonisation efforts. However, coal consumption remains elevated in many developing countries, where it serves as a critical input for power generation.

Outlook

Looking forward, the global GDP growth is expected to remain steady at 2.8% in FY 2025 and 3.0% in FY 2026. This growth will be supported by recovery in advanced economies and healthy consumer demand. The outlook of the EMDEs remains positive estimating a growth of 3.7% in FY 2025 and 3.9% in FY 2026. Further, advanced economies are expected to grow at a rate of 1.4% in FY 2025 and 1.5% in FY 2026. Inflation is expected to moderate further to 4.3% in FY 2025 and 3.6% in FY 2026. The stabilisation of oil price is contributing to a more supportive environment for global trade and business activity.

Indian Economic Overview

The Indian economy continued its steady growth despite the challenging global environment marked by trade policy shifts.

The countrys GDP growth for FY 2024-25 is projected at

6.5%. Growth during the year was supported by robust private consumptionandimprovedgrossfixedcapitalformation,reflecting strong infrastructure investments. Improved agricultural output supported rural consumption, while urban demand benefitted from income tax relief and rising discretionary spending. The governments thrust on infrastructure development continued with a capital expenditure outlay of Rs. 11.11 lakh crore in the

Union Budget 2025-26. This is expected to catalyse private sector investments and boost employment across the economy. Retail inflation declined from 5.4% in FY 2023-24 to 4.6% in FY 2024-25, largely driven by easing food prices and deflation in fuels. The Reserve Bank of India (RBI) reduced the repo rate by 25 basis points to 6.00% in April 2025, signalling a more accommodative monetary policy stance aimed at supporting growth.

The outlook for FY 2025-26 remains constructive, with GDP growth projected to remain at 6.5%. This projection is based on a combination of accommodative policy support, sustained government capital expenditure and improving macroeconomic fundamentals. The service sector is expected to stay strong and the manufacturing sector is expected to perform better with lowering energy costs. Consumer Price Index (CPI) is expected to come down further to 4% in FY 2025-26, assuming a normal monsoon and stable global commodity prices. However, the uncertainty of reciprocal tariffs by the US may lead to higher import costs, putting upward pressure on inflation. Indian policymakers are monitoring global tariff dynamics and are prepared to take action as necessary. Meanwhile, the Reserve

Bank of Indias recent cut in the repo rate is expected to ease liquidity conditions, reduce borrowing costs and help cushion the economy against external risks.

Power Industry2

The global electricity demand surged by 4% to 30,856 Terawatt-hour (TWh) in 2024, representing an absolute increase of 1,172 TWh. This was the third largest absolute increase in electricity demand. The demand is fuelled by growing industrial production, rising use of air conditioning (AC), electrification and expansion of data centres worldwide. It is expected to maintain a growth rate of 4% per year till 2027. Most of the additional demand for electricity till 2027 is projected to come from emerging economies, which are expected to make up 85% of the growth. India is expected to continue its growth trajectory in electricity consumption and it will account for 10% of the total increase in global demand in 2027 due to robust economic activity and rapid adoption of AC.

Improvement in Power Supply Position:

Record Demand Met: India successfully met an all-time maximum power demand of 250 Giga Watt (GW) during FY 2024-25.

Sharp Reduction in Power Shortages: Due to significant additions in generation and transmission capacities, energy shortages at the national level have reduced to a mere 0.1% in FY 2024-25, a major improvement from 4.2% in FY 2013-14.

Rise in Per Capita Electricity Consumption: Per capita electricity consumption in India has surged to 1,395 kWh in 2023-24, marking a 45.8% increase (438 kWh) from 957 kWh in 2013-14.

Universal Electrification Achieved: Villages and households across the country have been electrified, marking a significant milestone in Indias power sector.

Improved Power Availability: The average availability of electricity in rural areas has increased from 12.5 hours in 2014 to 21.9 hours, while urban areas now enjoy up to 23.4 hours of power supply, reflecting substantial improvements in the reliability and reach of electricity services.

Existing installed capacity3

As of March 2025, Indias total installed power generation capacity stood at 475.21 GW. India has made significant investments to expand its power generation capacity following the liberalisation of the sector through several reforms. The enactment of the Electricity Act, 2003, led to a substantial increase in conventional power generation capacity. Indias power sector has seen a significant transformation in terms of changes in the energy mix. In recent years, the focus of investments has shifted towards

Energy mix

Power Source	FY 2008-09	FY 2012-13	FY 2016-17	FY 2020-21	FY 2024-25
Coal	52.48%	58.31%	58.56%	54.57%	46.68%
Oil and gas	10.86%	9.54%	7.97%	6.63%	5.29%
Nuclear	2.78%	2.14%	2.07%	1.77%	1.72%
Hydro	26.38%	19.31%	14.89%	13.30%	11.12%
Solar	-	0.76%	3.90%	10.75%	22.23%
Wind	6.32%	8.28%	9.84%	10.23%	10.53%
Bio-power	1.18%	1.66%	2.77%	2.75%	2.43%

Source: India climate and energy dashboard

Electricity consumption

India, the worlds most populous nation, has the third largest demand for electricity in the year under review. However, the electricity demand per capita was 1.4 MWh, less than half of the regional average of 3.7 MWh in Asia and global average of 3.8 MWh. The total electricity demand for the country was 16,93,959 Million Units (MU) in FY 2024-25.4

Robust economic growth and rapid urbanisation have led to a sharp rise in electricity consumption by households, increasing their share in overall usage. The agriculture sectors share, once dominant, has steadily declined over the years, from 24.19% in FY 2020-

21 to 22.10% in FY 2023-24, as the rural electrification stabilised and the irrigation facilities improved. As industrial activity, spanning across infrastructure and manufacturing continues to grow with strong policy support, the demand for reliable base load power is expected to remain high.

Category-wise power consumption

	FY 2020-21	FY 2021-22	FY 2022-23	FY 2023-24
Agriculture	24.19%	22.43%	20.92%	22.10%
Commercial	8.27%	8.61%	9.05%	9.83%
Domestic	32.78%	29.94%	29.89%	30.54%
Electric Vehicles	0.01%	0.02%	0.03%	0.06%
Industrial	29.06%	32.84%	33.89%	31.90%
Public services	3.75%	3.69%	3.72%	3.76%
Railways	0.49%	0.55%	0.47%	0.45%
Others	1.45%	1.92%	2.03%	1.36%

Thermal generation5

Thermal power continued to play a pivotal role in maintaining grid stability and ensuring energy security amid rising electricity demand driven by continued industrial recovery, digitalisation and urbanisation. In FY 2024-25, the peak demand met rose from 2,43,271 MW in the previous year to 2,49,856 MW in the current year. During FY 2024 25, coal and lignite-based thermal plants accounted for 70% of the total electricity generated in India, while renewable sources (solar, wind and biomass) contributed 15%.6 As of March 2025, the total installed capacity of coal and lignite-based thermal plants stood at 2,21,813 MW, which accounts for around 47% of the total installed power generation capacity in India(Source: Installed Capacity Report - Central Electricity Authority) The total installed capacity of coal and ignite-based thermal plants as of March 2025 is 2,21,813 MW.

Coal demand and supply

With the 5th largest coal reserves and 2nd largest consumer, coal plays a key role in improving Indias energy security and making its energy sector more reliable and stable. This supports

Indias ongoing economic growth and development. As the countrys energy needs rise due to a fast-growing economy, coal—as a main source of fuel—has seen an increase in both domestic production and supply. At the same time, coal imports have shown a downward trend. In the year under review, India achieved a record coal production of 1,047.57 Million Tonnes (MT), marking a 4.99% increase from the previous year.7 This milestone highlights Indias progress in ramping up domestic coal production while ensuring efficient distribution to meet growing energy demands. Coal imports in the country during FY 2024-25 fell by 7.9%, totalling 243.62 million tonnes (MT), compared to 264.53 MT in the previous fiscal year. Although coal-based power generation grew by 3.04% from FY 2024-25 compared to the previous fiscal year, imports for blending by thermal power plants sharply decreased by 41.4%. This highlights Indias ongoing efforts to reduce its dependence on imported coal and enhance self-sufficiency in coal production.8

India is one of the best recipients of solar energy because of its favourable location in the solar belt (40? South to 40? North latitude). The installed solar capacity of India reached to 105.65 GW as of March 2025. This capacity is comprised of:

81.01 GW from ground-mounted installations

17.02 GW from rooftop solar

2.87 GW from hybrid projects

4.74 GW from off-grid systems

The Pradhan Mantri Surya Ghar Muft Bijli Yojana, launched in February 2024, aims to install rooftop solar systems in 1 crore households, providing up to 300 units of free electricity every month.11

Wind energy also maintained its steady momentum, contributing 4.15 GW of new capacity during the FY 2024-25. This shows an increase from 3.25 GW installed in the previous year, making the total installed wind energy capacity in India to 50.04 GW. Moreover, the Ministry of New and Renewable (MNRE) has waived Interstate Transmission System (ISTS) charges for wind energy projects commissioned by June 2025, providing cost-effective power distribution across states.14

As of March 2025, small hydro power projects achieved a total installed capacity of 5.10 GW, while large hydro power projects attained a total installed capacity of 47.72 GW.14 These projects play a crucial role in providing decentralised and regionally diverse energy solutions, especially in remote and hilly areas. The government is considering introducing incentives and concessions to support the development of hydroelectric power projects, particularly in regions like Jammu and Kashmir, aiming to speed up the capacity addition.

BESS

As the demand for energy storage grows due to significant additions to renewable energy capacity, the Indian Government is focusing on a multi-pronged strategy for energy storage development and decarbonization of backup power. Battery Energy Storage Systems (BESS) offer a location-agnostic energy storage solution that can be rapidly deployed. Private players have played a significant role in designing, engineering, material procurement, deployment, and operation and maintenance (O&M) of BESS plants. Moreover, these players have strengthened domestic cell manufacturing. In the coming years, contributing factors such as declining lithium-ion battery prices and government initiatives to promote energy storage deployment will drive the BESS industry. Further to this, with increasing funding opportunities, the BESS sector in India is anticipated to expand further.

Green Hydrogen

Since green hydrogen directly contributes to emission reduction, it has swiftly emerged as the strongest response to achieving a carbon-neutral economy. In India, the push for green hydrogen is driven by the vast industrial sector, especially steel and fertilizers, which are under pressure to reduce carbon emissions. This offers strong growth opportunities for key players in the green hydrogen industry. Additionally, such growth opportunities are encouraging key players to export it in the form of green ammonia. The National Green Hydrogen Mission, initiated in 2022, aims to achieve a production capacity of 5 million tonnes per annum of green hydrogen by 2030. Under this scheme, the Indian Government introduced the SIGHT Programme

Component II to incentivise the production of green ammonia. Moreover, in the reported year, the annual allocation for green ammonia production was increased to align with its escalating demand. The efforts made by the Indian Government collectively reflect its focus on promoting domestic production of green hydrogen and its derivatives.

Power transmission and distribution

FY 2025 was a significant year for the power industry in India. The country witnessed a total power demand of 250 GW and a reduction in energy shortage by 1%. This was accompanied by advancements in energy generation, transmission, and distribution as well. During the reported year, 10,273 ckm of transmission lines (of 220 kV & above), 71,197 MVA of transformation capacity (of 220 kV & above), and 2,200 MW of inter-regional transfer capacity were added.16 India has remained consistent in prioritising renewable energy and modernising the transmission and distribution (T&D) sector. It has developed a robust and expansive power network across various regions. Moreover, the Indian power transmission and distribution industry is on the cusp of massive expansion, further supported by strategic interventions made by the Indian Government. The Government has finalised the National Electricity Plan for 2023 to 2032 for central and state transmission systems to meet the increased demand of 458 GW by 2032. This scheme includes the expansion of the transmission network from 4.91 lakh ckm in 2024 to 6.48 lakh ckm in 2032 in India.

Sector Outlook

Indias power sector is undergoing a significant transformation to meet the growing energy demands of the countrys expanding economy and population. The Central Electricity Authority (CEA) projects that electricity demand will increase by approximately 80% between FY 2021-22 and FY 2031-32, driven by factors such as urbanisation, industrialisation and the electrification of transportation and agriculture.17 However, coal-based power generation remains integral to ensuring energy security and meeting base-load demand. The National Electricity Plan anticipates an increase of 80 GW in coal-based capacity by FY 2031-32 to maintain grid stability alongside the integration of variable renewable energy sources.18

Company Overview

Reliance Power Limited, a constituent of the Reliance Group, is a prominent private sector power generation company in India. The Company has built a diversified portfolio encompassing thermal, solar and hydroelectric power projects, with the objective of developing, constructing and operating power projects both domestically and internationally.

As of FY 2024 25, the Company operates a significant power generation capacity, with key projects including the Sasan Ultra

Mega Power Project in Madhya Pradesh, Rosa Power Project in

Uttar Pradesh, Solar CSP and PV in Rajasthan . The Company is also actively pursuing renewable energy initiatives, aligning with the global sustainability trends and Indias commitment to increase its renewable energy footprint. The Company continues to explore new opportunities in the power sector, aiming to enhance its competitiveness and deliver profitable growth. Reliance Power is well-positioned to contribute significantly to Indias evolving energy landscape, with a focus on sustainable development and leveraging synergies within the Reliance Group.

Operations of the Company

The Company is in the business of developing and operating power generation projects, along with the development of coal mines linked to these projects. Reliance Power has built a balanced portfolio including both power plants and coal assets. As of now, power projects with a total capacity of approximately 5,305 MW have been successfully commissioned, while the remaining projects are at different stages of planning and development.

Sasan Ultra Mega Power Project

The Sasan Ultra Mega Power Project (Sasan UMPP) with its captive coal mining operations in Madhya Pradesh, is one of the worlds largest integrated coal-based power plants. It has an installed capacity of 3,960 MW. The Sasan UMPP has performed exceptionally in the year under review, generating 31,425 million units (MUs) of electricity and operating at a remarkable Plant

Load Factor (PLF) of 90.6%, significantly higher than the national thermal average of around 69%.

Coal production from these captive mines stood at 18.12 million metric tonnes, while the total material handled reached 59 million bank cubic metres (BCM), including 46.81 million BCM of overburden removal. Power generated from the Sasan

UMPP is supplied to 14 distribution companies (DISCOMs) across seven states under a 25-year long-term Power Purchase Agreement (PPA), ensuring reliable and cost-effective electricity for millions of consumers.

Rosa Coal-based Power Project

The Rosa power plant marked another successful year, delivering strong operational and financial results with an installed capacity of 1200 MW. The plant generated 7,403 MUs of electricity during the year under review. The entire power output is supplied to the state of Uttar Pradesh under a cost-plus regulated PPA, ensuring stable returns and reliable power supply to the region.

Dhursar Solar Photovoltaic (PV) Power Project

Dhursar Solar Power Private Limited (DSPPL) operates a 40 MW solar PV plant located in the Jaisalmer district of Rajasthan. The electricity generated from this plant is sold under a 25-year PPA. The project delivered a generation of 26.25 MUs of electricity in FY 2024-25.

Concentrated Solar Power (CSP) in Rajasthan

Rajasthan Sun Technique Energy Private Limited (RSTEPL), a subsidiary of Reliance Power Limited, operates a 100 MW CSP project located in Jaisalmer, Rajasthan. During the year, the project generated 18.38 MUs of electricity.

Samalkot Power Project (SMPL)

Gas-based generation capacity across the country, including that of SMPL, continues to remain stranded. In response, the Company has been actively exploring opportunities to monetise

SMPLs equipment. As part of this effort, it entered into a Memorandum of Understanding (MoU) with the Government of Bangladesh to develop a 3,000 MW gas-based power project in phases.

In line with this initiative, Reliance Bangladesh LNG and Power Limited (RBLPL), a subsidiary of the Parent Company, progressed toward the implementation of Phase-1, which involves the supply of 718 MW (net) from a combined cycle gas-based power plant at Meghnaghat, near Dhaka. Key project agreements, including the Power Purchase Agreement, Land Lease Agreement, Gas Supply Agreement and Implementation Agreement, were signed in September 2019.

To support the project, the Parent Company entered into a partnership with JERA Power International (Netherlands), a subsidiary of JERA Co., Inc. (Japan), which acquired a 49% equity stake in RBLPL. JERA brings strong expertise, with investments in 27 power projects totalling approximately 80 GW in Japan and nearly 10 GW internationally, as well as extensive LNG infrastructure comprising 11 terminals and 20 LNG carriers.

In March 2020, SMPL signed an Equipment Supply Contract for one module, which was successfully exported for use in the Bangladesh project. The proceeds from this export were utilised to reduce outstanding debt owed to the Export-Import Bank of the

United States. The Company continues to explore monetisation opportunities for the remaining two modules at SMPL.

Renewable energy

Reliance NU Suntech Private Limited, a subsidiary of Reliance

Power Limited, has signed a Power Purchase Agreement (PPA) with the Solar Energy Corporation of India (SECI) for developing a 930 MW solar power project along with a 465 MW/1,860 MWh Battery Energy Storage System (BESS). The project will feature the largest deployment of grid-scale storage batteries at a single site in Asia, outside China.

Strengths

One of the Indias Largest Private

Thermal Power Producer

Long-Term PPAs & Regulatory Licenses Experienced Workforce & Technical Expertise Captive Coal Mine

Opportunities

Renewable Energy Transition Battery Energy Storage System Growing Power Demand in India

Key Risks and Concerns

The power sector is highly capital-intensive and involves long gestation periods before generating revenue, particularly for projects that rely on conventional technologies. Coal-based power plants, for example, typically take around 7 to 8 years to develop and construct and have an operational life of over 25 years. Given the long timelines involved, the sector is exposed to certain inherent risks, both from internal operations and external factors. To address these challenges, the Company continuously monitors the external environment and actively manages internal processes to reduce potential risks and concerns.

Strained fiscal health of DISCOMs

The financial condition of electricity DISCOMs continues to be a major concern for the overall stability of the power sector. DISCOMs, considered the most vulnerable link in the power supply chain, face challenges due to operational inefficiencies, underinvestment in distribution infrastructure and delays in revising tariffs to reflect actual costs.

To address these issues, the Government introduced the Ujwal DISCOM Assurance Yojana (UDAY), a reform initiative aimed at helping DISCOMs achieve both operational and financial turnaround. The scheme focused on reducing Aggregate Technical and Commercial (AT&C) losses, narrowing the gap between Average Cost of Supply (ACS) and Average Revenue Realised (ARR) and enhancing overall efficiency. Further efforts have been made by Energy Efficiency Services Limited (EESL)

Weaknesses

Aging Infrastructure Regulatory Challenges

Threats

Stringent Environmental Regulations Climate Risk

through the deployment of smart meters to replace conventional ones. This move is intended to improve billing accuracy and boost revenue collection for DISCOMs. Building on the lessons from UDAY, the Government launched a new, result-linked, reforms-based distribution sector scheme with an estimated outlay of 3 lakh crore for the period FY 2022 to FY 2026.

Other measures, including the privatisation of DISCOMs in union territories and proposed amendments to the Electricity Act to allow consumers to choose their power suppliers, are also expected to positively influence the sector over time. Improving the financial and operational health of DISCOMs will, in turn, reduce counterparty risks for power generating companies and lead to better payment security and increased power demand.

Ongoing gas supply constraints

The viability of both existing and newly developed gas-based power plants, with a combined capacity of nearly 25 GW, has been significantly affected by the shortage of domestic natural gas supply. This widespread challenge has resulted in most of the countrys gas-based power generation capacity remaining idle, with no long-term solution in place as yet.

Adoption of updated environmental compliance norms

Following the notification of the Environment (Protection) Amendment Rules, 2015, all coal-based power plants are required to comply with the updated emission standards. To meet these new norms, developers must invest in additional capital expenditure (CAPEX) for necessary technological upgrades and infrastructure.

To support the sector in implementing these changes, the Ministry of Power, through its directive dated May 30, 2018, instructed the Central Electricity Regulatory Commission (CERC) and State Electricity Regulatory Commissions (SERCs) to treat these new environmental standards as a ‘Change in Law

(CIL). This allows for a regulatory mechanism to be established for appropriate tariff recovery. In this regard, CERC introduced a framework during FY 2022 to calculate tariff adjustments and help mitigate the financial impact of these regulatory changes.

Furthermore, the Ministry of Environment, Forest and Climate Change (MoEF&CC) has granted an extension of three years for compliance with the revised environmental norms, providing additional time for thermal power plants to implement the required measures while maintaining grid reliability and operational stability.

Government focus for future growth of renewable energy

In FY 2024-25, new policy measures and budgetary allocations by the government have reinforced focus on green hydrogen production, expanded solar power capacity, including rooftop solar and the Electric Vehicle (EV) ecosystem. India remains on track to meet its ambitious target of 500 GW of non-fossil fuel capacity by 2030.

These developments pose risks to the Companys existing portfolio of conventional power plants. The rapid scaling of renewable capacity and evolving regulatory environment may reduce the market share and utilisation of coal and gas-based power projects. To mitigate this, the Company is actively diversifying its energy portfolio by investing in renewable energy projects and green hydrogen initiatives, thereby aligning with evolving market trends and government policies to ensure sustainable growth and reduce dependency on conventional power assets.

Risk Management Framework

The Company has established a comprehensive Risk Management Framework that operates both at the corporate level and across individual projects. This framework ensures a systematic process for identifying, assessing, monitoring, reporting and managing various risks at regular intervals. the oversight of this process is provided by the Risk Management Committee of the Board, which regularly reviews the identified risks and monitors the progress of mitigation measures.

Health, Safety and Environment (HSE) and Corporate Social Responsibility (CSR)

The Company places the highest priority on maintaining strong operational safety standards across all its sites. Proactive and preventive steps are taken regularly to ensure these standards are consistently upheld, ensuring the safety of both employees and equipment.

CSR is a core part of Reliance Groups values. The Company and its subsidiaries are deeply committed to make a positive impact on all its stakeholders. It places special focus on empowering the communities located near its business operations. The

Groups CSR efforts span across key areas such as healthcare, education, rural development, environmental sustainability and the Swachh Bharat Abhiyan. These initiatives are designed based on the specific needs of the local communities and are aligned with its business plans, complete with clear, measurable objectives. Over the years, the Groups CSR programmes have been recognised with several awards from respected institutions including Federation of Indain Chambers of Commerce and Industry (FICCI), World CSR Congress, Bombay Chambers of Commerce and Industry, India CSR and The CSR Journal.

Human Resources

The Company considers its people to be its most valuable asset and a key strategic advantage. The Company is committed to creating a work environment that promotes continuous learning and development to keep pace with evolving business needs.

Reliance Power has a balanced mix of young and experienced professionals as its team members. Across India, we have 1,267 highly trained and experienced professionals. Learning and development remains a top priority for them. Through structured career progression plans, the Company ensures smooth transfer of knowledge to the upcoming generation, shaping them into future leaders.

Financial Operations

An extract of the Consolidated Profit and Loss is provided below.

Particulars	Year ended March 31, 2025	Year ended March 31, 2024
Revenue from operations	7,58,289	7,89,260
Other income	67,415	36,783
Total income	8,25,704	8,26,023
Cost of fuel consumed	3,89,200	3,83,135
Employee benefit expenses	20,029	18,424
Finance cost	2,05,586	2,45,129
Depreciation/amortisation	90,967	1,06,175
General, administration and other expenses	1,38,235	2,71,970
Total expenses	8,44,017	10,24,833
Profit before exceptional items and tax	(18,313)	(1,98,810)
Exceptional items	3,23,042	(4,005)
Profit/(loss) after exceptional items and before tax (continuing operations)	3,04,729	(2,02,815)
Tax expenses	9,989	21,403
Profit/(loss) after taxes (continuing operations)	2,94,740	(2,24,218)
Profit/(loss) after tax (discontinuing operations)	43	17,380
Profit/(loss) after tax (continuing and discontinuing operations)	2,94,783	(2,06,838)
Profit attributable to non-controlling interest	-	-
Profit attributable to owners of the parent	2,94,783	(2,06,838)
EPS (Basic) (Rs.)	7.338	(5.458)
EPS (Diluted) (Rs.)	7.000	(5.458)

Key financial ratios based on Consolidated Financials are presented below.

Particulars	Year ended March 31, 2025	Year ended March 31, 2024
Debtors turnover (Days)	73.2	76.3
Inventory turnover (Days)	61.8	52.1
Interest coverage ratio1	0.9	0.2
Current ratio	0.4	0.3
Debt equity ratio2	0.88	1.6
Operating profit margin (%)1	28	15.0
Net profit margin (%)1	(3)	(25.0)
Return on net worth (%)3	(2)	(17.0)

1Improved due to an increase in EBITDA.

2Decrease in debt to equity ratio due to lower debt and growth in retained earnings.

3Return on Equity (ROE) has improved, driven by exceptional income from deconsolidation and impairment provision during year ended March 31, 2024.

Internal Financial Control and Systems

The Company has put in place internal control systems and processes which are commensurate with its size and scale of its operations.

The system has control processes designed to take care of various control and audit requirements. The Company has Internal Audit function which oversees the implementation and adherence to various systems and processes. The internal audit function reviews and ensures the sustained effectiveness of Internal Financial Controls designed by the Company. The internal audit team is supported by the reputed audit firms to undertake the exercise of Internal Audit at various project locations. The report of the Internal Auditors is placed at the Audit Committee of the Board and the improvements in systems and processes are carried out where necessary.