Mar 31, 2022
2.2.2    Expenditure attributable to Construction (EAC) includes ' 1029.14 Crore (Previous year ' 996.87 Crore) towards borrowing cost capitalised during the year. (Also Refer Note-32).
2.2.3    Capital Work in Progress (CWIP) includes a cumulative expenditure of ' 1234.97 Crore (Previous Year ' 1192.72 Crore) including Survey, Investigation, Consultancy and Supervision Charges of ' 156.27 crore (Previous Year ' 138.52 Crore) on projects under Survey & Investigation stage. Of this, a sum of ' 43.52 Crore (Previous Year ' 43.52 Crore) pertains to Subansiri Upper Project, which had been decided by Government of Arunachal Pradesh to be handed over to a Private Developer. However, pending
handing over of the project & recovery of expenditure incurred thereon, the said amount remains provided for in the books as an abundant precaution. Out of the balance of ' 1191.45 Crore (Previous Year ' 1149.20 Crore) pertaining to projects with the company, a sum of ' 918.48 Crore (Previous Year ' 911.06 Crore) has been provided for where uncertainties are attached and ' 272.97 Crore (Previous Year ' 238.14 Crore), pertaining to other projects having reasonable certainty of getting clearance, is carried over. (Also Refer Note 34(24), 34(25), 34(26) and 34(27)).
2.2.4    Siang Basin, Subansiri Basin & Dibang Multipurpose Projects were taken over from Brahmaputra Board. Pending settlement of accounts with Brahmaputra Board, assets and liabilities have been accounted for to the extent of amounts incurred by the Company on these projects. Siang Lower & Siyom HE Projects (in Siang Basin) & Subansiri Middle (in Subansiri Basin) have since been handed over to Private Developer and liability arising out of settlement of accounts with Brahmaputra Board towards these projects if any, is recoverable from respective Private Developers.
2.2.5    Underground Works amounting to ' 2469.60 Crore (Previous Year ' 2317.10 Crore) created on âLand -Right to Useâ classified under Right of Use Assets, are included under respective heads of Capital Work in Progress (CWIP).
2.2.6    Refer Note no. 34(9) of Standalone Financial Statements for information of non-current assets pledged with banks as security for related borrowings.
2.2.7    Capital Expenditure on projects under construction approved by the competent authority undergoes revision over a period of time as hydroelectric projects are time intensive and some projects take longer period than envisaged. As a consequence cost escalations occur, which require approval of competent authority. Pending such approval the expenditure incurred is carried forward in Capital Work in Progress (CWIP).
2.2.8 Â Â Â Refer Note no. 34(18) of Standalone Financial Statements for information regarding Impairment of Assets.
2.2.9    Expenditure attributable to construction (EAC) includes ' 158.50 Crore on account of expenses on downstream protection work in respect of Subansiri Lower Project, against which grant amounting to ' 74.07 Crore has been received from Government of India. The Grant so received has been recognised under 'Other non current Liabilities' (Note-19.1) and shall be amortised in the Statement of Profit and Loss after commissioning of the project on a systematic basis over the useful life of the project.
2.2.2    Expenditure attributable to Construction (EAC) includes ' 996.87 Crore (Previous year ' 661.79 Crore) towards borrowing cost capitalised during the year. (Also Refer Note-32)
2.2.3    Capital Work in Progress (CWIP) includes a cumulative expenditure of ' 1192.72 Crore (Previous Year ' 1141.05 Crore) including Survey, Investigation, Consultancy and Supervision Charges of ' 138.52 crore (Previous Year ' 119.54 Crore) on projects under Survey & Investigation stage. Of this, a sum of ' 43.52 Crore(Previous Year ' 43.52 Crore) pertains to Subansiri Upper Project, which had been decided by Government of Arunachal Pradesh to be handed over to a Private Developer. However, pending handing over of the project & recovery of expenditure incurred thereon, the said amount remains provided for in the books as an abundant precaution. Out of the balance of ' 1149.20 Crore (Previous Year ' 1097.53 Crore) pertaining to projects with the company, a sum of ' 911.06 Crore (Previous Year ' 777.26 Crore) has been provided for where uncertainties are attached and ' 238.14 Crore (Previous Year ' 320.27 Crore), pertaining to other projects having reasonable certainty of getting clearance, is carried over. (Also Refer Note 34(24), 34(25), 34(26) and 34(27)).
2.2.4    Siang Basin, Subansiri Basin & Dibang Multipurpose Projects were taken over from Brahmaputra Board. Pending settlement of accounts with Brahmaputra Board, assets and liabilities have been accounted for to the extent of amounts incurred by the Company on these projects. Siang Lower & Siyom HE Projects (in Siang Basin) & Subansiri Middle (in Subansiri Basin) have since been handed over to Private Developer and liability arising out of settlement of accounts with Brahmaputra Board towards these projects if any, is recoverable from respective Private Developers.
2.2.5    Underground Works amounting to ' 2317.10 Crore (Previous Year ' 2234.15 Crore) created on âLand -Right to Useâ classified under Right of Use Assets, are included under respective heads of Capital Work in Progress (CWIP).
2.2.6    Refer Note no. 34(9) of Standalone Financial Statements for information of non-current assets pledged with banks as security for related borrowings.
2.2.7    Capital Expenditure on projects under construction approved by the competent authority undergoes revision over period of time as hydroelectric projects are time intensive and some projects take longer period than envisaged. As a consequence cost escalations occur, which require approval of competent authority. Pending such approval the expenditure incurred is carried forward in Capital Work in Progress (CWIP).
2.2.8 Â Â Â Refer Note no. 34(18) of Standalone Financial Statements for information regarding Impairment of Assets.
2.2.9    Post Renovation and Modernization, the Company has commissioned and capitalised Unit#1 of Bairasiul Power Station during the year.
3.1.2    Investment in Government Securities at cost of ' 174.31 Crore/- (Previous Year ' 165.50 Crore) is earmarked as security against ' 174.31 Crore/- (Previous Year ' 165.42 Crore) being 15 percent of total redemption value of Bonds maturing during the Financial Year 2022-2023.
3.1.3 Â Â Â Particulars of Investments as required in terms of Section 186 (4) of the Companies Act, 2013 have been disclosed under Note 3.1 above.
3.1.4    Market Value of Quoted Investments in respect of debt instruments for which recent quotations are not available has been considered based on the value published by Fixed Income Money Market and Derivatives Association of India (FIMMDA).
3.1.5    During FY 2021-22, NHPC has obtained the approval of the Ministry of Power, Govt. of India for acquiring the shareholding from M/s PTC (India) Ltd., one of the Joint Venture partners, amounting to 2% of the equity shares of CVPPPL on 12th May, 2021. Purchase consideration of ' 4.19 Crore/- has been paid to M/s PTC (India) Ltd for acquisition of 40,80,000 shares of CVPPPL (Face Value of ' 10 each). Shares of CVPPPL have been aiioted to NHPC and recognised at Cost.
3.1.6    During FY 2021-22, the company has made impairment provision amounting to ' 14.07 Crore/- (Previous Year Nii) In respect of investment made in National High Power Test Laboratory Private Limited.
*    Detail of Repayment:- ' 6.00 crore was granted on 11.05.2018 and ' 12.40 crore was granted on 31.03.2021 at the rate of 10% compounded anually. Loan is repayable in 20 equal half yearly instalments starting from 31.10.2022. The interest is payable half yearly on 30th April and 31st October in every financial year starting from 30.04.2021.
# Â Â Â Represents loan granted for business purpose.
3.2.1    Loans and advances in the nature of loan that are    Nil    Nil
repayable on demand.
Loans and advances    in the nature of loan    that are without    Nil    Nil
specifying any terms or period of repayment.
3.2.2    Due from directors or    other    officers    of the company.    0.34    0.06
3.2.3Â Â Â Â Loan to Government of Arunachal Pradesh granted for Business Purpose includes :
-    Principal    225.00    225.00
-    Interest    577.92    511.62
3.2.4    Loans are non-derivative financial assets which generate a fixed or variable interest income for the company. The Carrying value may be affected by the changes in the credit risk of the counterparties.
3.2.5    Particulars of Loans as required in terms of Section 186 (4) of the Companies Act, 2013 have been disclosed under Note 3.2 above.
3.2.6Â Â Â Â Refer Note 34(13) of the Standalone Financial Statements with regard to confirmation of balances.
7.6Â Â Â Â Due to the short-term nature of current Trade Receivables, their carrying amount is assumed to be the same as their fair value.
7.7    Trade Receivables amounting to ' 1323.90 Crore (Previous Year ' 726.03 Crore ) liquidated by way of discounting of bills from various banks have not been derecognised in view of terms of the bill discounting agreement as per which the Company guarantees to compensate the banks for credit losses that may occur in case of default by the respective beneficiaries. Refer Note 20.1.1 with regard to liability recognised in respect of discounted bills.
7.8Â Â Â Â Refer Note 34(13) of the Standalone Financial Statements with regard to confirmation of balances.
15.2.1 Nature and Purpose of Reserves
(i)    Capital Redemption Reserve: The company is required to create a capital redemption reserve from distributable profit if the buy-back of shares is out of free reserves. The nominal value of the shares so bought back is required to be transferred to capital redemption reserve.
(ii)    Bond Redemption Reserve: As per the Companies (Share Capital and Debentures) Rules, 2014, the Company was required to create a Bond Redemption Reserve out of available profits for the purpose of redemption of bonds. The Companies (Share Capital and Debentures) Amendment Rules, 2019 exempts the Company from creation of Bond Redemption Reserve. The Amendment Rules, 2019 further stipulate that the amount credited to Debenture Redemption Reserve shall not be utilized by the company except for the purpose of redemption of debentures. Accordingly, though the Bond Redemption Reserve created till 31.03.2019 has been carried forward and further utilised for bonds redeemed during the current year, no further accrual to the reserve has been made.
(iii)    General Reserve: The general reserve is used from time to time to transfer profits from retained earnings for appropriation purposes, as the same is created by transfer from one component of equity to another.
(iv)    Surplus/ Retained Earnings: Surplus/ Retained earnings generally represent the undistributed profit/ amount of accumulated earnings of the company and includes remeasurement gain/ losses on defined benefit obligations.
(v)    Fair value through Other Comprehensive Income (FVTOCI)-Debt Instruments: The Company has elected to recognise changes in the fair value of certain investments in debt securities in other comprehensive income. This reserve represents the cumulative gains and losses arising on the revaluation of debt instruments measured at fair value through other comprehensive income. The Company transfers amounts from this reserve to retained earnings when the relevant debt securities are disposed.
(vi)    Fair value through Other Comprehensive Income (FVTOCI)-Equity Instruments : The Company has elected to recognise changes in the fair value of certain investments in equity securities in other comprehensive income. This reserve represents the cumulative gains and losses arising on the revaluation of equity instruments measured at fair value through other comprehensive income. The Company transfers amounts from this reserve to retained earnings when the relevant equity securities are disposed.
16.1.2.B Particulars of security
1.    Secured by pari-passu charge by way of Equitable mortgage/hypothecation against Immovable/Moveable assets (except for Book Debts and Stores) of Company's Uri-I Power Station situated in the state of Jammu & Kashmir.
2.    Secured by pari-passu charge by way of equitable mortgage and hypothecation against the immovable and moveable assets (except for Book Debts and Stores) of the Company's Parbati-II HE Project situated in the state of Himachal Pradesh.
3.    Secured by pari-passu charge by way of equitable mortgage/hypothecation against immovable/movable assets (except for Book Debts and Stores) of Company's Teesta Low Dam-III Power Station situated in the state of West Bengal.
4.    Secured by pari-passu charge by way of equitable mortgage and charge over all the immoveable and moveable assets (except for Book Debts and Stores) of the Company's Dhauliganga Power Station situated in the state of Uttrakhand.
5.    Secured by a first charge on pari-passu basis by way of equitable mortgage and hypothecation against the immovable and moveable assets (except for Book Debts and Stores) of the Company's Chamera-III Power Station situated in the state of Himachal Pradesh.
6.    Secured by pari-passu charge by way of equitable mortgage and hypothecation against the immovable and moveable assets (except for Book Debts and Stores) of the Company's Parbati -III Power Station situated in the state of Himachal Pradesh.
7.    Secured by pari-passu charge by way of equitable mortgage/hypothecation against immovable/movable assets (except for Book Debts and Stores) of Company's Teesta-V Power Station situated in the state of Sikkim.
8.    Security creation by pari-passu charge by way of equitable mortgage and hypothecation against the immovable and moveable assets (except for Book Debts and Stores) of the Company's Parbati -II Project situated in the state of Himachal Pradesh and Secured by pari-passu charge by way of hypothecation against the moveable assets (except for Book Debts and Stores) of the Company's Dulhasti Power Station situated in the state of Jammu & Kashmir.
9.    Security creation by pari-passu charge by way of mortgage and hypothecation against the immovable and movable assets (except for Book Debts and Stores) of the Company's Parbati-II Project situated in the state of Himachal Pradesh and secured by pari-passu charge by way of hypothecation against the movable assets (except for book debts and stores) of the company's Kishanganga Power Station situated in the state of J & K.
10.    Security creation by pari-passu charge, by way of mortgage/hypothecation against the movable and immovable assets (except for book debts and stores) of the Company's Parbati II Project, Parbati III Power Station, Chamera II Power Station situated in the state of Himachal Pradesh and Dhauliganga Power Station situated in the state of Uttrakhand.
11.    Security creation by pari-passu charge by way of mortgage/hypothecation against the immovable and movable assets (except for Book Debts and Stores) of the Company's Chamers II Power Station situated in the state of Himachal Pradesh .
12.    Security creation by pari-passu charge by way of hypothecation against the movable assets (except for Book Debts and Stores) of the Company's Subansiri Lower Project situated in the state of Assam and Arunachal Pradesh.
13.    Security creation by pari-passu charge by way of hypothecation against the movable assets (except for Book Debts and Stores) of the Company's TLDP-IV Power Station situated in the state of West Bengal.
14.    Security creation by pari-passu charge by way of hypothecation against the movable assets (except for Book Debts and Stores) of the Company's URI-II Power Station situated in the state of Jammu & Kashmir.
15. Â Â Â Loans mentioned at sl. nos. F(i),F(ii) and F(iii) above are guaranteed by Government of India.
16.3.1 For meeting funding requirement of Government of India for the Scheme of Power System Development Fund (PSDF) during the financial year 2018-19, the company has raised an aggregate amount of ' 2017.20 Crore through private placement of Unsecured Non-cumulative Non-convertible Redeemable, taxable 'Government of India Fully Serviced Bonds- Series- I', with face value of ' 10,00,000/- each, in the nature of debentures (Bonds). As per Ministry of Power (MoP) letter dated 12.03.2019 read with letter of Ministry of Finance (MoF) dated 21.01.2019 & 11.03.2019, the repayment of principal and interest of the above bonds shall be made by Government of India by making suitable budget provisions in the demand of Ministry of Power as per estimated liabilities. Accordingly, the amount of such bonds along with interest payable to Bond Holders is appearing as financial liability as above.Further, the amount recoverable by the company from Government of India has been shown as âAmount recoverable on Account of Bonds fully Serviced by Government of Indiaâ under Non-Current Financial Assets-Others under Note No-3.3(D).
Interest paid by the Company to the Bond holders is recognised as a recoverable from Government of India under âFinancial Assetsâ.
Detail of Government of India Fully Serviced Bonds raised during financial year 2018-19 is as under :
Government of India Fully Serviced Bond-I Series:
8.12% semi-annual, 10 year unsecured, Non-Cumulative, redeemable, Â Â Â 2,017.20Â Â Â Â 2,017.20
non-convertible Taxable Bonds of ' 10,00,000/- each.
(Date of redemption - 22.03.2029 in one bullet.)
18.2    Pursuant to the provisions of Section 115BAA of the Income Tax Act 1961 announced by Tax Laws (amended) Ordinance 2019 and promulgated as Taxation Laws (amendment) Act 2019 enacted on 11th December 2019 applicable with effect from 1st April 2019, Domestic Companies have options to pay Income Tax at concessional rates by forgoing certain exemptions/ deductions (the new tax regime) as specified in the said section. The company has Minimum Alternate Tax (MAT) credit of ' 2424.58 Crore lying unutilized as on 31st March, 2022 (Previous year ' 2379.94 Crore) and is availing tax deductions in respect of its profit from generation of power from certain power stations. In view of the same, it has been decided to continue with existing tax structure for Current and Deferred Tax recognition. Necessary decision for exercising the option under section 115BAA will be taken once tax deductions are not available and MAT credit is substantially exhausted.
18.3    During the year, the Company has recognised MAT credit amounting to ' 1478.62 Crore (Previous year Rs. Nil), out of total MAT Credit of ' 2424.58 crore available to the Company (Previous year ' 2379.94 Crore) as the same is likely to give rise to future economic benefits in the form of availability of set off against future income tax liability. Out of the above, an amount of ' 1313.27 Crore (Previous year Rs. Nil) has been recognised as payable to beneficiaries by way of regulatory deferral account (Credit) balances. (Refer Note 14.2).
Risk management framework
The Company's activities make it susceptible to various risks. The Company has taken adequate measures to address such concerns by developing adequate systems and practices. Company has a well-defined risk management policy to provide overall framework for the risk management in the Company. The Board of Directors has overall responsibility for the establishment and oversight of the Company's risk management framework.
The Company is exposed to the following risks from its use of financial instruments:
i) Â Â Â Credit risk
Credit risk is the risk that a counter party will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The company is exposed to credit risk from its operating activities (primarily trade receivables/leased assets) and from its financing activities including deposits with banks and financial institutions.
ii) Â Â Â Liquidity risk.
Liquidity risk is the risk that the Company may not be able to meet its present and future cash and collateral obligations without incurring unacceptable losses.
iii) Â Â Â Market risk
Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market prices comprise three types of risk: currency rate risk, interest rate risk and other price risks, such as equity price risk and commodity risk. Financial instruments affected by market risk include loans and borrowings, deposits and investments. Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates.
The company operates in a regulated environment. Tariff of the company is fixed by the Central Electricity Regulatory Commission (CERC) through Annual Fixed Charges (AFC) comprising the following five components: 1. Return on Equity (RoE), 2. Depreciation, 3. Interest on Loans, 4. Operation & Maintenance Expenses and 5. Interest on Working Capital Loans. In addition to the above Foreign Currency Exchange variations and Taxes are also recoverable from Beneficiaries in terms of the Tariff Regulations. Hence variation in interest rate, currency exchange rate variations and other price risk variations are recoverable from tariff and do not impact the profitability of the company.
(B) Credit Risk
The Company is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing activities, including deposits with banks and other financial instruments.
Trade Receivables, unbilled revenue & lease receivables
The Company extends credit to customers in normal course of business. The Company monitors the payment track record of the customers. Outstanding receivables are regularly monitored. The Company evaluates the concentration
of risk with respect to trade receivables as low, as its customers are mainly state government authorities and operate in largely independent markets. Unbilled revenue primarily relates to the Company's right to consideration for work completed but not billed at the reporting date and have substantially the same risk characteristics as trade receivables for the same type of contracts.
Lease receivables of the company are with regard to Power Purchase Agreements classified as finance lease as per Ind AS 116- 'Leases' as referred to in Note No. 34. The power purchase agreements are for sale of power to single beneficiary and recoverability of interest income and principal on leased assets i.e. PPE of the power stations are assessed on the same basis as applied for trade receivables.
Financial assets at amortised cost
Employee Loans: The Company has given loans to employees at concessional rates as per Company's policy which have been measured at amortised cost at Balance Sheet date. The recovery of the loan is on fixed instalment basis from the monthly salary of the employees. The loans are secured by way of mortgage/hypothecation of the assets for which such loans are given. Management has assessed the past data and does not envisage any probability of default on these loans.
Loans to Government of Arunanchal Pradesh : The Company has given loan to Government of Arunachal Pradesh at 9% rate of interest as per the terms and conditions of Memorandum of understanding signed between the Company and Government of Arunachal Pradesh for construction of hydroelectric projects in the state. The loan has been measured at amortised cost. The loan is recoverable from the share of free power of the state government from the first hydroelectric project to be commissioned in the state. Management does not envisage any probability of default on the loan.
Financial instruments and cash deposits :-
The Company considers factors such as track record, size of the bank, market reputation and service standards to select the banks with which balances and deposits are maintained. Generally, the balances are maintained with the banks with which the Company has also availed borrowings. The Company invests surplus cash in short term deposits with scheduled banks. The company has balances and deposits with banks which are well diversified across private and public sector banks with limited exposure with any single bank.
Corporate Guarantee issued by the Company:
The Company has issued an irrevocable and unconditional Corporate Guarantee favouring HDFC Bank in support of the credit facility of Rs. 213.25 crore sanctioned by the Bank to Bundelkhand Saur Urja Ltd (BSUL), a Subsidiary Company of NHPC Limited for a Guarantee Fee of 1.20% plus applicable GST. Exposure of the Company from the Guarantee shall be the principal outstanding under the said credit facility including any interest, commission, charges etc. payable to the Bank by BSUL. However, on the reporting date management does not envisage any probability of the default by the Subsidiary Company.
(ii) Provision for expected credit losses
(a) Â Â Â Financial assets for which loss allowance is measured using 12 month expected credit losses
The Company assesses outstanding receivables on an ongoing basis considering changes in payment behaviour and provides for expected credit loss on case-to-case basis.
(b) Â Â Â Financial assets for which loss allowance is measured using life time expected credit losses
A default in recovery of financial assets occurs when in view of the management there is no significant possibility of recovery of receivables after considering all available options for recovery. As the power stations and beneficiaries of the company are spread over various states of India, geographically there is no concentration of credit risk.
The Company primarily sells electricity to bulk customers comprising mainly of state utilities owned by State Governments. The Company has a robust payment security mechanism in the form of Letters of Credit (LC) backed by the Tri-Partite Agreements (TPA) signed among the Govt. of India, RBI and the individual State Governments subsequent to the issuance of the One Time Settlement Scheme of SEBs dues during 2001-02 by the GOI, which was valid till October 2016. Govt of India has approved the extension of these TPAs for another period of 10 years. Most of the States have signed these TPAs and signing is in progress for the balance states. As per the provisions of the TPA, the customers are required to establish LC covering 105% of the average monthly billing of the Company for last 12 months. The TPA also provided that if there is any default in payment of current dues by any State Utility the outstanding dues can be deducted from the Central Plan Assistance of the State and paid to the concerned CPSU. There is also provision of regulation of power by the Company in case of non payment of dues and non-establishment of LC.
CERC Tariff Regulations 2019-24 allow the Company to raise bills on beneficiaries for late-payment surcharge. which adequately compensates the Company for time value of money arising due to delay in payment. Further, the fact that beneficiaries are primarily State Governments/ State Discoms and considering the historical credit loss experience for trade receivables, the Company does not envisage either impairment in the value of receivables from beneficiaries or loss due to time value of money due to delay in realization of trade receivables. However, the Company assesses outstanding trade receivables on an ongoing basis considering changes in operating results and payment behaviour and provides for expected credit loss on case-to-case basis. As at the reporting date company does not envisage any default risk on account of non-realisation of trade receivables.
(C) Liquidity Risk
Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the availability of funding through an adequate amount of committed credit facilities to meet obligations when due.
i) The Company's objective is to maintain optimum levels of liquidity at all times to meet its cash and collateral requirements. The Company relies on a mix of borrowings and excess operating cash flows to meet its need for funds. The current committed lines of credit and internal accruals are sufficient to meet its short to medium term expansion needs. The Company monitors rolling forecasts of its liquidity requirements to ensure that it has sufficient cash to meet capital expenditure and operational needs while maintaining sufficient headroom on its undrawn committed borrowing facilities at all times so that the borrowing limits or covenants (where applicable) are not breached on any of its borrowing facilities.
(D) Market Risk:
The sensitivity analysis excludes the impact of movements in market variables on the carrying value of post-employment benefit obligation provisions and on the non-financial assets and liabilities. The sensitivity of the relevant item of the Statement of Profit and Loss is the effect of the assumed changes in the respective market risks. The Company's activities expose it to a variety of financial risks, including the effects of changes in interest rates.
(i) Interest rate risk and sensitivity
The Company's exposure to the risk of changes in market interest rates relates primarily to the Company's long term debt obligations with floating interest rates. Company's policy is to maintain most of its borrowings at fixed rate. Company's fixed rate borrowings are carried at amortised cost and are not subject to interest rate risk. Further the company refinance these debts as and when favourable terms are available. The company is also compensated for variability in floating rate through recovery by way of tariff adjustments under CERC tariff regulations.
Interest Rate Sensitivity Analysis
Profit or loss is sensitive to higher/lower interest expense from borrowings as a result of change in interest rates. The majority of the borrowings of the company are at fixed interest rate. In case of floating rate borrowings there is no impact on Statement of Profit and Loss of the company due to increase/decrese in interest rates, as the same is recoverable from beneficiaries through tariff.
(ii) Interest Rate Benchmark reform rate:
During the year, the Company has transitioned the outstanding Foreign Currency (JPY) Loan amounting to Rs. 688.75 Crore repayable in one instalment bullet on 25.07.2024 from floating rate of 6 month (LIBOR+ 0.75 % ) to Compounded Reference Rate (i.e. TONA+CAS) +0.75%.
Contractual terms of the Company's bank borrowings stands amended as a direct consequence of the change in interest rate benchmark reform and the new basis for determining the contractual cash flows is economically equivalent to the basis immediately preceding the change.
The Company has opted for the practical expedient in Ind AS 109 i.e. Changes to cash flow flows that are directly required by the reform, to be treated as changes to a floating interest rate, equivalent to a movement in a market rate of interest.
The total outstanding amount of exposure that is directly affected by the Interest rate benchmark reform (IBOR) is Rs. 688.75 Crore. Further, the total amount of exposure on account of principal and Interest is hedged by derivative instruments.
Accordingly, there is no material impact on the Statement of Profit and Loss of the Company due to interest rate benchmark reforms.
(ii) Price Risk:
(a) Exposure
The company's exposure to price risk arises from investment in equity shares and debt instruments classified in the financial statements as Fair Value Through OCI. Company's investment in equity shares are listed in recognised stock exchange and are publicly traded in the stock exchanges. Company's investment in debt instruments comprise quoted Government Securities and Public Sector Bonds and are publicly traded in the market. The investment has been classified under non-current investment in Balance Sheet.
Out of the above, loan from MUFG bank is hedged by derivative instrument. For balance exposure gain/(loss) on account of exchange variation is recoverable from beneficiaries as per Tariff Regulation 2019-24. Therefore, currency risk in respect of such exposure would not be very significant.
(b) Sensitivity Analysis
There is no impact of foreign currency fluctuations on the profit of the company as these are either adjusted to the carrying cost of respective fixed asset/Capital Work-in-Progress or recovered through tariff as per CERC Tariff Regulation 2014-19.
(3) Capital Management
(a) Capital Risk Management
The primary objective of the Company's capital management is to maximize the shareholder value. CERC Tariff Regulations prescribe Debt : Equity ratio of 70:30 for the purpose of fixation of tariff of Power Projects. Accordingly, the company manages its capital structure to maintain the normative capital structure prescribed by the CERC.
Note: For the purpose of the Company's capital management, capital includes issued capital and reserves. Total debt includes Long term debts and Lease Liabilities including current maturities thereof, Short term Borrowings and Payable towards Bonds fully serviced by Government of India.
(b) Loan Covenants:
Under the terms of the major borrowing facilities, the company is required to comply with the following financial covenants:-
1. Â Â Â Company shall maintain credit rating AAA and if rating comes down, rate of interest shall be increased by 25Â basis point for each notch below AAA rating .
2. Â Â Â Debt to net worth should not exceed 2:1.
3.    Interest coverage ratio should be more than 2 times and should be calculated as ((Net Profit+Non Cash Expenditures + Interest Payable-Non Cash Income)/Interest Payable))
4. Â Â Â The gross Debt Service Coverage Ratio of the Company will no time be less than 1.25 during the currency of loan.
5. Â Â Â The Government of India holding in the company not to fall below 51%.
6. Â Â Â First Charge on Assets with 1:1.33 coverage on pari paasu basis.
During the year the company has complied with the above loan covenants.
1. Disclosures relating to Contingent Liabilities:
Contingent Liabilities to the extent not provided for -
a) Claims against the Company not acknowledged as debts in respect of:
(i) Â Â Â Capital works
Contractors have lodged claims aggregating to ' 10240.95 Crore (Previous year ' 10099.97 Crore) against the Company on account of rate and quantity deviation, cost relating to extension of time, idling charges due to stoppage of work/deiays in handing over the site etc. These claims are being contested by the company as being not admissible in terms of provisions of the respective contracts or are lying at arbitration tribunai/other forums/under examination with the Company. These include ' 6040.86 Crore (Previous year ' 5772.52 Crore) towards arbitration awards including updated interest thereon, against the Company, which have been chaiienged/decided to be challenged in the Court of Law.
Management has assessed the above claims and recognized a provision of ' 418.63 Crore (Previous year ' 412.91 Crore) based on probability of outflow of resources embodying economic benefits and estimated ' 9546.17 Crore (Previous year ' 9480.36 Crore) as the amount of contingent liability i.e. amounts for which Company may be held contingently iiabie. In respect of such estimated contingent claims either the outflow of resources embodying economic benefits is not probable or a reliable estimate of the amount required for settling the obligation cannot be made. In respect of the rest of the ciaims/obiigations, possibility of any outflow in settiement is considered as remote.
(ii) Â Â Â Land Compensation cases
In respect of iand acquired for the projects, some of the erstwhiie iand owners have fiied ciaims for higher compensation amounting to ' 260.87 Crore (Previous year ' 238.30 Crore) before various authorities/ courts. Pending settiement, the Company has assessed and provided an amount of ' 43.86 Crore (Previous year ' 3.26 Crore) based on probability of outflow of resources embodying economic benefits and estimated ' 217.01 Crore (Previous year ' 235.04 Crore) as the amount of contingent iiabiiity as outflow of resources is considered as not probabie.
(iii) Â Â Â Disputed Tax Demands
Disputed Income Tax/Saies Tax/Service Tax/ Water Cess/ Green Energy Cess/other taxes/duties matters pending before various appellate authorities amount to ' 1905.72 Crore (Previous year ' 923.22 Crore). Pending settlement, the Company has assessed and provided an amount of ' 17.52 Crore (Previous year ' 17.52 Crore) based on probability of outflow of resources embodying economic benefits and ' 704.29 Crore (Previous year ' 645.25 Crore) are being disciosed as contingent iiabiiity as outflow of resources is considered not probabie. In respect of the rest of the ciaims/obiigations, possibility of any outflow in settiement is considered as remote.
(iv) Â Â Â Others
Claims on account of other miscellaneous matters amount to ' 765.02 Crore (Previous year ' 777.54 Crore). These ciaims are pending before various forums. Pending settiement, the Company has assessed and provided an amount of ' 102.24 Crore (Previous year ' 92.49 Crore) based on probability of outflow of resources embodying economic benefits and estimated ' 653.45 Crore (Previous year ' 679.97 Crore) as the amount of contingent iiabiiity as outflow of resources is considered as not probabie. In respect of the rest of the ciaims/obiigations, possibility of any outflow in settiement is considered as remote.
The above is summarized as below: |
 |  |  |  |
(' in Crore) |
||
Sl. No. |
Particulars |
Claims as on 31.03.2022 |
up to date Provision against the claims |
Contingent liability as on 31.03.2022 |
Contingent liability as on 31.03.2021 |
Addition to/ (deduction) from contingent liability during the year |
Decrease of contingent liability from Opening Balance as on 01.04.2021 |
(i) |
(ii) |
(iii) |
(iv) |
(v) |
(vi) |
(vii) = (v)-(vi) |
(viii) |
1. |
Capital Works |
10,240.95 |
418.63 |
9,546.17 |
9480.36 |
65.81 |
751.88 |
2. |
Land Compensation cases |
260.87 |
43.86 |
217.01 |
235.04 |
(18.03) |
27.65 |
3. |
Disputed tax matters |
1,905.72 |
17.52 |
704.29 |
645.25 |
59.04 |
2.59 |
4. |
Others |
765.02 |
102.24 |
653.45 |
679.97 |
(26.52) |
88.39 |
Total |
13,172.56 |
582.25 |
11,120.92 |
11040.62 |
80.30 |
870.51 |
(b)    The above do not include contingent liabilities on account of pending cases in respect of service matters and others where the amount cannot be quantified.
(c)    It is not practicable to ascertain and disclose the uncertainties relating to outflow in respect of contingent liabilities.
(d)    There is possibility of reimbursement to the company of ' 462.67 Crore (Previous year ' 469.82 Crore) against the above Contingent Liabilities.
(e)    (i) An amount of ' 1140.40 Crore (Previous year ' 1140.45 Crore) stands paid towards above
Contingent Liabilities in respect of Capital Works, pursuant to Niti Aayog directions issued vide OM No. 14070/14/2016-PPPAU dated 5th September 2016, in cases where Arbitral Tribunals have passed orders in favour of contractors and such awards/orders have been further challenged/being challenged by the Company in a Court of Law. The amount so paid has been shown under Other NonCurrent Assets (Also refer Note No. 5).
(ii) An amount of ' 1656.11 Crore (Previous year ' 1568.68 Crore) stands paid /deposited with courts/ paid as per Court Order towards above contingent liabilities to contest the cases and has been shown under Other Non-Current/ Current Assets/ adjusted against other liabilities of the claimants.
(f)    The Management does not expect that the above claims/obligations (including under litigation), when ultimately concluded and determined, will have a material and adverse effect on the company's results of operations or financial condition.
2. Contingent Assets:Â Contingent assets in respect of the Company are on account of the following:
a) Â Â Â Counter Claims lodged by the company on other entities:
The company has lodged counter claims aggregating to ' 1067.90 Crore (Previous year ' 971.12 Crore) against claims of other entities. These claims have been lodged on the basis of contractual provisions and are being contested at arbitration tribunal/other forums/under examination with the counterparty. It includes counter claims of ' 26.74 Crore (Previous year ' 28.16 Crore) towards arbitration awards including updated interest thereon.
Based on Management assessment, a favourable outcome is probable in respect of the claims aggregating ' 828.50 Crore (Previous year ' 841.22 Crore) and for rest of the claims, the possibility of any inflow is remote. Accordingly, these claims have not been recognised.
b) Â Â Â Late Payment Surcharge:
CERC (Terms and Conditions of Tariff) Regulations 2014-19/2019-24 provide for levy of Late Payment Surcharge by generating company in case of delay in payment by beneficiaries beyond specified days from the date of presentation of bill. In view of significant uncertainties in the ultimate collection from beneficiaries, an amount of ' 25.61 Crore (previous year ' 60.94 Crore) as estimated by the management has not been recognised.
c) Â Â Â Revenue to the extent not recognised in respect of power stations:
Tariff orders on account of petition fee for 2019-24 are pending in respect of all Power stations. Management has assessed that additional revenue of ' 7.26 Crore (Previous year ' 4.93 Crore) is likely to accrue on account of tariff revision which has not been recognised due to significant uncertainty for the approval thereof.
d) Â Â Â Business Interruption Losses
Insurance Claims due to Business Interruption Losses in respect of Power Stations are recognised when no significant uncertainty of ultimate collection exists. Management has assessed the claim of ' 192.71 Crore (Previous Year ' 417.57 Crore) in this respect which has not been recognised. Power Station-wise details of claims are given at Note 34(23) of the standalone Financial Statements.
e) Â Â Â Other Cases
Claims on account of other miscellaneous matters comprising of interest on amounts deposited as per NITI Aayog directions/court orders in respect of cases pending in court, liquidated damages, due from ex-employees etc. estimated by Management at ' 826.00 Crore (Previous year ' 553.04 Crore) have not been recognised.
(b)    The Company has commitments of ' 1344.47 Crore (Previous year ' 1414.47 Crore) towards further investment in the subsidiary companies as at 31st March 2022.
(c)    The Company has commitments of ' 762.19 Crore (Previous year ' 807.27 Crore) towards further investment in the joint venture companies as at 31st March 2022.
4. Commitments regarding Corporate Guarantee issued by the Company to BSUL:Â During the year, the Company has issued an irrevocable and unconditional Corporate Guarantee favouring HDFC Bank in
support of the credit facility of ' 213.25 crore sanctioned by the Bank to Bundelkhand Saur Urja Ltd (BSUL), a Subsidiary Company of NHPC Limited, for which a Guarantee Fee of 1.20% plus applicable GST is being charged. Exposure of the Company from the Guarantee shall be the principal outstanding under the said credit facility including any interest, commission, charges etc. payable to the Bank by BSUL. Accordingly, exposure as on 31st March, 2022 is ' 60.19 crore (31st March 2021: Nil). Income recognised towards Guarantee fee receivable from BSUL is ' 0.03 Crore (31st March, 2021: NIL).
5. Disclosures as per IND AS 115-'Revenue from contracts with customers':
(A) Nature of goods and services
Majority of Revenue: The revenue of the Company comprises of income from electricity sales, sale of electricity through trading, consultancy and other services. The following is a description of the principal activities:
(a) Â Â Â Revenue from sale of electricity
The major revenue of the Company comes from sale of electricity. The Company sells electricity to bulk customers, mainly electricity utilities owned by State Governments as well as private Discoms operating in States. Sale of electricity is generally made pursuant to long-term Power Purchase Agreements (PPAs) entered into with the beneficiaries.
The details of nature, timing of satisfaction of performance obligations and significant payment terms under contracts for electricity sales are as under:
Product/ Â Â Â Nature, timing of satisfaction of performance obligations and significant
Service    payment terms
Sale of    The Company recognises revenue from contracts for electricity sales on the basis of
electricity    long-term Power Purchase Agreements entered into with the beneficiaries, which is for
substantially the entire life of the Power Stations, i.e., 40 years. Revenue from sale of electricity is accounted for based on tariff rates approved by the CERC for tariff periods of 5 years as modified by the orders of Appellate Tribunal for Electricity to the extent applicable. In case of power stations where the tariff rates are yet to be approved/approved provisionally by the CERC in their orders, provisional rates are adopted considering the applicable CERC Tariff Regulations. Revenue from sale of electricity is recognised once the electricity has been delivered to the beneficiary. Beneficiaries are billed on a periodic and regular basis.
(b)    Project Management / Construction Contracts / Consultancy assignments (Projects and Consultancies)
The Company undertakes consultancy and project execution & maintenance contracts for domestic and international clients. Services are rendered in various areas, viz. Design and engineering, procurement, project management and supervision, construction management, operation and maintenance of power plants, rural road projects and rural electrification projects.
The details of nature, timing of satisfaction of performance obligations and significant payment terms under contracts for consultancy and other services are as under:
Product/ Â Â Â Nature, timing of satisfaction of performance obligations and
Service    significant payment terms
Consultancy The Company recognises revenue from contracts for consultancy services over the time services    as the customers simultaneously receive and consume the benefits provided by the
Company. The assets (e.g. deliverables, reports etc.) transferred under the contracts do not have any alternative use to the Company and the Company has enforceable right to payment for performance completed to date. The revenue from consultancy services is determined as per the terms of the contracts. The amounts are billed as per the terms of the contracts and are payable within contractually agreed credit period.
 |
Product/ Service |
Nature, timing of satisfaction of performance obligations and significant payment terms |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
 |
Rural Road Project / Rural Electrification Project |
The Company recognises revenue from work done under the scheme over time as the assets do not have alternative use to the Company and the Company has enforceable right to payment for performance completed to date. The revenue from the scheme is determined as per the terms of the contract. The amounts are billed as per the terms of the contracts and are payable within contractually agreed credit period. |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(c) |
Trading of Power |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
 |
The Com
Mar 31, 2019
Note No. 35 to Standalone Financial Statements During the year ended on 31.03.2019, retrospective reclassifications/restatements have been carried out in respect of certain items in the financial statements of previous periods. Accordingly, to comply with the requirements of Ind AS 1, the company has presented a 3rd Balance Sheet as at the begnining of preceding period, i.e. as on 01.04.2017. Major restatements/reclassifications are explained as under:- (A) Restated Standalone Financial Statements for the year ended 31st March, 2018 and as at 1st April, 2017 RESTATED STANDALONE BALANCE SHEET AS AT 31ST MARCH, 2018 and as at 1st April, 2017
(Rs in crore)
(Rs in crore)
(B) RESTATED STANDALONE STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED 31ST MARCH, 2018
(C ) STATEMENT OF CHANGES IN EQUITY AS AT 31ST MARCH, 2018 (Extract) OTHER EQUITY (Rs in crore)
Notes :- 35.1 As per CERC Tariff Regulations, deferred tax for the tariff period 2004-09 is recoverable from beneficiaries in the year the same materialises as current tax and for tariff period 2014-19 by way of grossing up of Return on Equity by the effective tax rate based on actual tax paid, Till 31 st March, 2018 the deferred tax recoverable from beneficiaries in future years was adjusted against deferred tax liability. Pursuant to an opinion of the Expert Advisory Committee of the Institute of Chartered Accountants of India obtained during FY 2018-19, the Company has reclassified the deferred tax recoverable as Regulatory Deferral Account balance as against adjusting the same with deferred tax liability. Consequent upon this change, impact of Rs (-) 81.22 crore on account of tax liability pertaining to period 2014-15 to 2017-18 has been adjusted/ considered in the tax computation for the current year. 35.2 Deferred Tax expense to the extent of Rs 657.49 crore of FY 2017-18 has been reclassified/ restated as movement in Regulatory Deferral Account balances consequent upon reclassification of deferred tax recoverable from beneficiaries as explained at SI. No.35.1 above. 35.3 The depreciation on assets acquired and available for use during the " fag-end" as per CERC Tariff Regulations 2014-19 (last 5 years) of the operating life of a Power Station was charged based on the originally estimated useful life as against the extended life of the generating station under CERC Tariff Regulation/ Orders. (Refer S.No-32 of Note 34). As a result, excess depreciation pertaining to earlier periods have been written-back to Property, Plant & Equipment with consequential increase in "Other Equity". 35.4 Till FY 2017-18, reversal of provisions were being presented as "Other Income". Pursuant to an opinion of the Expert Advisory Committee of the Institute of Chartered Accountants of India, the Company has adjusted reversal of provisions of earlier years to the extent of provisions created during the year and consequently "Other Income" and related expenses have also been adjusted to that extent. However there is no impact of such reclassification on the profit of the respective year. 35.5 Further to above, following reclassifications/restatements have also been made in the Balance Sheet and Statement of Profit and Loss to correspond to the current year classification: a) Deposits of perpetual nature earlier classified as "Other Current Assets"/ "Other Non Current Assets" have been reclassified as "Current-Financial Assets-Loans"/ "Non-Current-Financial Assets-Loans". b) Interest accrued on Loan to Govt of Arunachal Pradesh, earlier classified as "Financial Assets-Others" has been reclassified as "Financial Assets-Loans" along with the loan balance. c) Payments made to contractors in pursuance to Niti Aayog guidelines (refer Note 34(1 )(e) of the Financial Statements) earlier presented under "Financial Assets-Current- Others" have been reclassified as "Other Non-Current Assets". d) Certain liabilities incurred in the normal course of business have been reclassified from "Other Financial Liabilities-Current" to "Trade Payables-Current". e) Income on account of Generation Based Incentive (GBI) earlier presented as "Other Income" has been reclassified as "Revenue from Operations". f) In Tax Expenses, Adjustments for Income Tax is clubbed in current taxes. 35.6 Basic and Diluted earning per share for the year 2017-18 have also been restated. The basic and diluted earnings per share has increased by Rs 0.65 before movement in regulatory Deferral Account Balances and by Rs 0.01 per share after movement in regulatory Deferral Account Balances. 35.7 There is no impact due to the above restatement/reclassifications on the Statement of Cash Flow of the Year 2017-18.
Mar 31, 2018
(I) Reporting entity NHPC Limited (the âCompanyâ) is a Company domiciled in India and limited by shares. The shares of the Company are publicly traded on the National Stock Exchange of India and BSE Limited. The address of the Companyâs registered office is NHPC LIMITED, NHPC Office Complex, Sector-33, Faridabad, Haryana -121003. The Company is primarily involved in the generation and sale of bulk power to various Power Utilities. Other business includes providing consultancy, project management & supervision. (II) Basis of preparation (A) Statement of Compliance These standalone financial statements are prepared on accrual basis of accounting except for the Statement of Cash Flows and comply with the Indian Accounting Standards (Ind AS) notified under the Companies (Indian Accounting Standards) Rules, 2015 and subsequent amendments thereto, the Companies Act, 2013 (to the extent notified and applicable), applicable provisions of the Companies Act, 1956, and the provisions of the Electricity Act, 2003 to the extent applicable. (B) Basis of Measurement The financial statements have been prepared on historical cost basis, except for following financial assets and financial liabilities which are measured at fair value: - Certain financial assets and liabilities measured at fair value. - Plan assets of defined employee benefit plans. The methods used to measure fair values are discussed in Note 33. (C) Functional and presentation currency These financial statements are presented in Indian Rupees (INR), which is the Companyâs functional currency. All financial information presented in INR has been rounded off to the nearest crores (upto two decimals) for the Company. (D) Use of estimates and management judgments The preparation of financial statements in conformity with Ind AS requires management to make judgments, estimates and assumptions that may impact the application of accounting policies and the reported value of assets, liabilities, income, expenses and related disclosures including contingent assets and liabilities at the Balance Sheet date. The estimates and managementâs judgments are based on previous experience and other factors considered reasonable and prudent in the circumstances. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised. In order to enhance understanding of the financial statements, information about significant areas of estimation, uncertainty and critical judgments in applying accounting policies that may have the most significant effect on the amounts recognised in the financial statements are included in the following notes: Critical judgments and estimates a) Determining whether an arrangement contains a lease Appendix C, Ind AS 17 âDetermining whether an arrangement contains a leaseâ requires an assessment of whether: - -fulfilment of the arrangement is dependent on the use of a specific asset or assets (the asset); and - -the arrangement conveys a right to use the asset. Further, an arrangement conveys a right to use the asset if facts and circumstances indicate that it is remote that one or more parties other than the purchaser will take more than an insignificant amount of the output or other utility that will be produced or generated by the asset during the term of the arrangement, and the price that the purchaser will pay for the output is neither contractually fixed per unit of output nor equal to the current market price per unit of output as of the time of delivery of the output. The Company enters into power purchase agreements with beneficiaries. Power Purchase Agreements (PPA) in the nature of embedded lease with a single beneficiary where the minimum lease term is for the major part of the plantâs economic life and the minimum lease payments amount to substantially all the fair value of the plant are considered as a Finance Lease. Other embedded leases are considered as Operating Lease. For embedded leases in the nature of a Finance Lease, the investment in the plant is recognised as a Lease Receivable. The minimum lease payments are identified by segregating the embedded lease payments from the rest of the contract amounts. Each lease receipt is allocated between the receivable and finance lease income so as to achieve a constant rate of return on the Lease Receivable outstanding. In the case of operating leases or embedded operating leases, the lease income from the operating lease is recognised in revenue on a straight-line basis over the lease term. The respective leased assets are included in the Balance Sheet based on their nature. b) Useful life of Property, Plant and Equipment and Intangible Assets The estimated useful life of property, plant and equipment and intangible assets are based on a number of factors including the effects of obsolescence, demand, competition and other economic factors (such as the stability of the industry and known technological advances) and the level of maintenance expenditures required to obtain the expected future cash flows from the asset. Useful life of the assets used for generation of electricity is determined by the Central Electricity Regulatory Commission (CERC) Tariff Regulations as mentioned in part B of Schedule II of the Companies Act, 2013 except for construction plant & machinery and computers & peripherals which are in accordance with Schedule II of the Companies Act, 2013 and mobile phones which are as per management assessment. c) Recoverable amount of property, plant and equipment, capital work in progress and intangible assets The recoverable amount of property, plant and equipment, capital work in progress and intangible assets are based on estimates and assumptions, in particular the expected market outlook and future cash flows associated with the power plants. Any changes in these assumptions may have a material impact on the measurement of the recoverable amount resulting in impairment. d) Post-retirement benefit plans Employee benefit obligations are measured on the basis of actuarial assumptions which include mortality and withdrawal rates as well as assumptions concerning future developments in discount rates, the rate of salary increase, the inflation rate and expected rate of return on plan assets. The Company considers that the assumptions used to measure its obligations are appropriate and documented. However, any changes in these assumptions may have an impact on the resulting calculations. e) Revenue The Company records revenue from sale of power based on Tariff approved by the CERC, as per the principles of Ind AS 18. However, in cases where tariff rates are yet to be approved, provisional rates are adopted considering the applicable CERC Tariff Regulations. f) Provisions and contingencies The assessments undertaken in recognising provisions and contingencies have been made in accordance with Ind AS 37, âProvisions, Contingent Liabilities and Contingent Assetsâ. The evaluation of the likelihood of the contingent events has been made on the basis of best judgment by management regarding probable outflow of economic resources. Such estimation can change following unforeseeable developments. g) Recoverable Amount of Rate Regulated Assets The operating activities of the Company are subject to cost-of-service regulations whereby tariff charged for electricity generated is based on allowable costs like interest costs, depreciation, operation & maintenance including a stipulated return. Guidance Note on Rate Regulated Activities issued by the ICAI (previous GAAP) and Ind AS 114- âRegulatory Deferral Accountsâ permits an entity to include in the rate base, as part of the cost of self-constructed (tangible) PPE or internally generated intangible assets, amounts that would otherwise be recognised as an expense in the statement of profit and loss in accordance with Ind AS. The Company estimates that items of regulatory deferral accounts recognised in the financial statements are recoverable as per the current CERC Tariff regulations 2014-19. However, changes in CERC tariff regulations beyond the current tariff period may affect the recoverability of such balances. h) Impairment of Trade Receivables Considering the historical credit loss experience for trade receivables, the Company does not envisage either impairment in the value of receivables from beneficiaries or loss due to time value of money owing to delay in realization of trade receivables, except to the extent already provided for. i) Investment in Subsidiaries and Joint Ventures Investment has been carried at costs and as per assessment by the Company, there is no indication of impairment on such investments. Any changes in assumption may have a material impact on the measurement of the recoverable amount. j) Insurance Claim Recoverable The recoverable amount of insurance claims in respect of damages to Property, Plant & Equipment is based on estimates & assumptions as per terms and conditions of insurance policies. 1) Expenditure attributable to Construction (EAC) includes Rs.371.10 Crore (Previous year Rs.377.54 Crore) towards borrowing cost capitalised during the period. 2) Capital Work in Progress (CWIP) includes a cumulative expenditure of Rs.1287.92 Crore (Previous Year Rs.1178.32 Crore) on projects under Survey & Investigation stage. Of this, a sum of Rs.43.52 Crore (Previous Year Rs.43.52 Crore) pertains to Subansiri Upper Project, which had been decided by Govt. of Arunachal Pradesh to be handed over to a Private Developer. However, pending handing over of the project & recovery of expenditure incurred on it, the said amount is already provided for in the books as an abundant precaution. Out of the balance of Rs.1244.40 Crore (Previous Year Rs.1134.80 Crore) pertaining to projects with the company, a sum of Rs.562.01 Crore (Previous Year Rs.535.74 Crore) has been provided upto date as an abundant precaution in respect of projects, where uncertainties are attached and Rs.682.39 Crore (Previous Year Rs.599.15 Crore), pertaining to other projects having reasonable certainty of getting clearance, is carried over. 3) Siang Basin, Subansiri Basin & Dibang Multipurpose Projects were taken over from Brahmaputra Board. Pending settlement of accounts with Brahmaputra Board, assets and liabilities have been accounted for to the extent of amounts incurred by the Company on these projects. Siang Lower & Siyom HE Projects (in Siang Basin) & Subansiri Middle (in Subansiri Basin) have since been handed over to Private Developer and liability arising out of settlement of accounts with Brahmaputra Board towards these projects if any, is recoverable from respective Private Developers. 4) Underground Works amounting to Rs.5177.50 Crore (Previous Year Rs.4923.90 Crore) created on Land - Right to use, are included under respective heads of Capital Work in Progress (CWIP). 5) Refer para no. 9 of Note no. 34 for information of non-current assets pledged with banks as security for related borrowings. 6) Capital Expenditure on projects approved by the competent authority undergoes revision over period of time as hydroelectric projects are time intensive and some takes longer period than envisaged. As a consequence the cost escalation occur, which requires approval of competent authority. Pending such approval the expenditure incurred is carried forward in Capital Work in Progress (CWIP). 1) Expenditure attributable to Construction (EAC) includes Rs.377.54 Crore (Previous year Rs.461.70 Crore) towards borrowing cost capitalised during the year. 2) Capital Work in Progress (CWIP) includes a cumulative expenditure of Rs.1178.32 Crore (Previous Year Rs.1069.48 Crore) on projects under Survey & Investigation stage. Of this, a sum of Rs.43.52 Crore (Previous Year Rs.43.52 Crore) pertains to Subansiri Upper Project, which had been decided by Govt. of Arunachal Pradesh to be handed over to a Private Developer. However, pending handing over of the project & recovery of expenditure incurred on it, the said amount is already provided for in the books as an abundant precaution. Out of the balance of Rs.1134.80 Crore (Previous Year Rs.1025.96 Crore) pertaining to projects with the company, a sum of Rs.535.74 Crore (Previous Year Rs.494.40 Crore) has been provided upto date as an abundant precaution in respect of projects, where uncertainties are attached and Rs.599.15 Crore (Previous Year Rs.531.56 Crore), pertaining to other projects having reasonable certainty of getting clearance, is carried over. 3) Siang Basin, Subansiri Basin & Dibang Multipurpose Projects were taken over from Brahmaputra Board. Pending settlement of accounts with Brahmaputra Board, assets and liabilities have been accounted for to the extent of amounts incurred by the Company on these projects. Siang Lower & Siyom HE Projects (in Siang Basin) & Subansiri Middle (in Subansiri Basin) have since been handed over to Private Developer and liability arising out of settlement of accounts with Brahmaputra Board towards these projects if any, is recoverable from respective Private Developers. 4) Underground Works amounting to Rs.4923.90 Crore (Previous Year Rs.4205.33 Crore) created on Land - Right to use, are included under respective heads of Capital Work in Progress (CWIP). 5) Refer para no. 9 of Note no. 34 for information of non-current assets pledged with banks as security for related borrowings. 6) Capital Expenditure on projects approved by the competent authority undergoes revision over period of time as hydroelectric projects are time intensive and some takes longer period than envisaged. As a consequence the cost escalation occur, which requires approval of competent authority. Pending such approval the expenditure incurred is carried forward in Capital Work in Progress (CWIP). d) The Company has issued only one kind of equity shares with voting rights proportionate to the share holding of the shareholders. These voting rights are exercisable at meeting of shareholders. The holders of the equity shares are also entitled to receive dividend as declared from time to time for them. e) Shares in respect of each class in the company held by its holding company or its ultimate holding company including shares held by subsidiaries or associates of the holding company or the ultimate holding company in aggregate: NIL g) Shares reserved for issue under options and contracts/commitments for the sale of shares/disinvestment, including the terms and amounts : NIL h) In preceding five financial years immediately preceding 31.03.2018, Company has not allotted any equity share as fully paid up pursuant to contract(s) without payment being received in cash/ not allotted any equity share as fully paid up by way of bonus share(s). i) Terms of any securities convertible into equity shares issued along with the earliest date of conversion in descending order starting from the farthest such date:- NIL j) Calls unpaid (showing aggregate value of calls unpaid by directors and officers) : NIL k) Forfeited shares (amount originally paid up) :NIL l) During the Financial Year 2016-17 the Company has completed buyback of 811347977 shares of Rs.10 each, from the shareholders on a proportionate basis by way of a tender offer at a price of Rs.32.25 per equity share for an aggregate amount of Rs.2616.60 crores in accordance with the provisions of the Companies Act, 2013 and the SEBI regulations. Nature and Purpose of Reserves 1 Capital Redemption Reserve : The company is required to create a capital redemption reserve from distributable profit if the buy-back of shares is out of free reserves, the nominal value of the shares so purchased is required to be transferred to capital redemption reserve. 2 Securities Premium Account : Securities premium reserve is used to record the premium on issue of shares. The reserve is utilised in accordance with the provisions of the Companies Act. 3 Bond Redemption Reserve : The company is required to create a bond redemption reserve out of the profits which is available for the purpose of redemption of bonds. 4 Research & Development Fund : As per the requirement of Department of Public Enterprise (DPE) IOM no. 3(9)/2010-DPE (MoU) dated 23rd September 2011, creation of reserve for Research & Development (R&D) @ 0.5% of Profit after Tax was made a mandatory criteria for performance evaluation under the MoU system for Central Public Sector Companies. Accordingly, the Company had been creating R&D Reserve as per DPE guidelines till FY 2016-17. However, since FY 2016-17, targets for R&D no longer form part of MoU of the Company. Further, keeping in view the industry practice in this regard, the Company has ceased creation of R&D reserve w.e.f. the current financial year and balance of Rs.43.90 Crore in R&D Reserve as on 31st March, 2017 has been transferred to Retained Earnings during the year. 5 FVTOCI-Equity Instruments : The company has elected to recognise changes in the fair value of certain investments in equity securities in Other Comprehensive Income (OCI). These changes are accumulated within the FVOCI equity investments reserve within equity. The company transfers amounts from this reserve to retained earnings when the relevant equity securities are derecognised. 6 FVTOCI-Debt Instruments : The company has elected to recognise changes in the fair value of certain investments in debt securities in Other Comprehensive Income. These changes are accumulated within the FVTOCI debt investments reserve within equity. The company transfers amounts from this reserve to retained earnings through P&L when the relevant debt securities are derecognised. * Particulars of security 1. Secured by pari-passu charge by way of Equitable mortgage/hypothecation against Immovable/Moveable assets (except for Book Debts and Stores) of Companyâs Chamera-I Power Station situated in the state of Himachal Pradesh. 2. Secured by pari-passu charge by way of Equitable mortgage/hypothecation against Immovable/Moveable assets (except for Book Debts and Stores) of Companyâs Uri-I Power Station situated in the state of Jammu & Kashmir. 3. Secured by pari-passu charge by way of Equitable mortgage/ hypothecation against Immovable / Moveable assets (except for Book Debts and Stores) of Companyâs Chamera-II Power Station situated in the state of Himachal Pradesh. 4. Secured by pari-passu charge by way of equitable mortgage and hypothecation against the immovable and moveable assets (except for Book Debts and Stores) of the Companyâs Parbati-II HE Project situated in the state of Himachal Pradesh. 5. Secured by pari-passu charge by way of equitable mortgage/hypothecation against immovable/movable assets (except for Book Debts and Stores) of Companyâs Teesta Low Dam-III Power Station situated in the state of West Bengal. 6. Secured by pari-passu charge by way of equitable mortgage and charge over all the immoveable and moveable assets (except for Book Debts and Stores) of the Companyâs Dhauliganga Power Station situated in the state of Uttrakhand. 7. Secured by way of first charge on pari-passu basis by way of hypothecation on whole of the Companyâs movable assets(except for Book Debts and Stores), both present and future, of Dulhasti Power Station situated in the state of Jammu & Kashmir. 8. Secured by a first charge on pari-passu basis by way of equitable mortgage and hypothecation against the immovable and moveable assets (except for Book Debts and Stores) of the Companyâs Chamera-III Power Station situated in the state of Himachal Pradesh. 9. Secured by way of first charge on pari-passu basis by way of hypothecation on whole of the Companyâs movable assets (except for Book Debts and Stores), both present and future, of Salal Power Station situated in the state of Jammu & Kashmir, Sewa-II Power Station situated in the state of Jammu & Kashmir, Chutak Power Station situated in the state of Jammu & Kashmir, Nimmo-Bazgo Power Station situated in the state of Jammu & Kashmir, Uri-II Power Station situated in the state of Jammu & Kashmir & TLDP-IV Power Station situated in the state of West Bengal. 10. Secured by pari-passu charge by way of equitable mortgage and hypothecation against the immovable and moveable assets (except for Book Debts and Stores) of the Companyâs Parbati -III Power Station situated in the state of Himachal Pradesh. 11. Secured by pari-passu charge by way of equitable mortgage/hypothecation against immovable/movable assets (except for Book Debts and Stores) of Companyâs Teesta-V Power Station situated in the state of Sikkim. 12. Loans mentioned at sl. nos. C(i),F(i),F(ii) and F(iii) above are guaranteed by Government of India. 13. Secured by pari-passu charge by way of equitable mortgage and hypothecation against the immovable and moveable assets (except for Book Debts and Stores) of the Companyâs Parbati -II Power Station situated in the state of Himachal Pradesh. 14. Security creation by pari-passu charge by way of equitable mortgage and hypothecation against the immovable and moveable assets (except for Book Debts and Stores) of the Companyâs Parbati -II Power Station situated in the state of Himachal Pradesh and Secured by pari-passu charge by way of hypothecation against the moveable assets (except for Book Debts and Stores) of the Companyâs Dulhasti Power Station situated in the state of Jammu & Kashmir is under process. *1) The Board has resolved to implement the directions of the Ministry of Power (MoP) vide its letter no. 11/17/2009 NHPC/ Vol. III dated 27th December 2013 conveying the approval of Competent Authority about pay scales in respect of below Board level Executives that the pay scales shall be fixed w.e.f. 01.01.2007 after correcting the aberrations in pay scales fixed w.e.f. 01.01.1997 and the deviant pay scales fixed w.e.f. 01.01.1997 shall not be regularized. The MoP has confirmed vide letter no. 11/17/2009-NHPC-Vol. III dated 25th Feb., 2016 that the recovery of personal pay adjustment w.e.f. 01.02.2014 is in conformity with the said directive of the Competent Authority. Accordingly, advance against personal pay adjustment of Rs.31.03 crore paid upto 31.01.2014 has been set-off against the Provision for wage revision. However, pending final decision in the matter, the balance amount of Rs.12.57 crore is continued in advance. Thus, the cumulative amount provided towards the Personal Pay Adjustment w.e.f 01/02/2014 to 31/03/2018 under the head âProvision for Wage Revisionâ is Rs.12.57 crore (including provision for the current period Rs.2.47 crore) with corresponding amount shown as âAdvance paidâ. 2) Information about Provisions are given in para 21 of Note 34 of Balance Sheet Total carried forward to Statement of Profit & Loss includes Rs.331.39 Crore (Previous period Rs.365.32 Crore) relating to Subansiri Lower Project as explained in para 22 of Note no-34. However Regulatory Deferral Account Balances for an equivalent amount of Rs.331.39 Crore pertaining to Subansiri Lower Project has been recognised as per Ind AS 114-âRegulatory Deferral Accountsâ. i) Credit risk Credit risk is the risk that a counter party will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The company is exposed to credit risk from its operating activities (primarily trade receivables/leased assets) and from its financing activities including deposits with banks and financial institutions. ii) Liquidity risk Liquidity risk is the risk that the Company may not be able to meet its present and future cash and collateral obligations without incurring unacceptable losses. iii) Market risk Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market prices comprise three types of risk: currency rate risk, interest rate risk and other price risks, such as equity price risk and commodity risk. Financial instruments affected by market risk include loans and borrowings, deposits and investments. Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The company operates in a regulated environment. Tariff of the company is fixed by the Central Electricity Regulatory Commission (CERC) through Annual Fixed Charges (AFC) comprising the following five components: 1. Return on Equity (RoE), 2. Depreciation, 3. Interest on Loans, 4. Operation & Maintenance Expenses and 5. Interest on Working Capital Loans. In addition to the above Foreign Currency Exchange variations and Taxes are also recoverable from Beneficiaries in terms of the Tariff Regulations. Hence variation in interest rate, currency exchange rate variations and other price risk variations are recoverable from tariff and do not impact the profitability of the company. (B) Credit Risk The Company is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing activities, including deposits with banks and other financial instruments. Trade Receivables & lease receivables :- The Company extends credit to customers in normal course of business. The Company monitors the payment track record of the customers. Outstanding receivables are regularly monitored. The Company evaluates the concentration of risk with respect to trade receivables as low, as its customers are mainly state government authorities and operate in largely independent markets. Lease receivables of the company are with regard to Power Purchase Agreements classified as deemed lease as per Appendix C of Ind AS 17- âLeasesâ as referred to in Note No. 34. The power purchase agreements are for sale of power to single beneficiary and recoverability of interest income and principal on leased assets i.e. PPE of the power stations are assessed on the same basis as applied for trade receivables. Financial assets at amortised cost :- Employee Loans: The Company has given loans to employees at concessional rates as per Companyâs policy which have been measured at amortised cost at Balance Sheet date. The recovery of the loan is on fixed instalment basis from the monthly salary of the employees. The loans are secured by way of mortgage/hypothecation of the assets for which such loans are given. Management has assessed the past data and does not envisage any probability of default on these loans. Loans to Govt. of Arunanchal Pradesh : The Company has given loan to Govt. of Arunachal Pradesh at 9% rate of interest as per the terms and conditions of MOU signed between the Company and Govt of Arunachal Pradesh for construction of hydroelectric projects in the state. The loan has been measured at amortised cost. The loan is recoverable from the share of free power of the state government from the first hydroelectric project to be commissioned in the state. Management does not envisage any probability of default on the loan. Financial instruments and cash deposits :- The Company considers factors such as track record, size of the bank, market reputation and service standards to select the banks with which balances and deposits are maintained. Generally, the balances are maintained with the banks with which the Company has also availed borrowings. The Company invests surplus cash in short term deposits with scheduled banks. The company has balances and deposits with banks which are well diversified across private and public sector banks with limited exposure with any single bank. (i) Exposure to credit risk The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk at the reporting date was as under: (ii) Provision for expected credit losses :- (a) Financial assets for which loss allowance is measured using 12 month expected credit losses The Company assesses outstanding receivables on an ongoing basis considering changes in payment behaviour and provides for expected credit loss on case-to-case basis. (b) Financial assets for which loss allowance is measured using life time expected credit losses CERC Tariff Regulations 2014-19 allow the Company to raise bills on beneficiaries for late-payment surcharge. which adequately compensates the Company for time value of money arising due to delay in payment. Further, the fact that beneficiaries are primarily State Governments/ State Discoms and considering the historical credit loss experience for trade receivables, the Company does not envisage either impairment in the value of receivables from beneficiaries or loss due to time value of money due to delay in realization of trade receivables. However, the Company assesses outstanding trade receivables on an ongoing basis considering changes in operating results and payment behaviour and provides for expected credit loss on case-to-case basis. As at the reporting date company does not envisage any default risk on account of non-realisation of trade receivables. (iii) Reconciliation of impairment loss provisions The movement in the allowance for impairment in respect of financial assets during the year was as follows: (C) Liquidity Risk Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the availability of funding through an adequate amount of committed credit facilities to meet obligations when due. i) The Companyâs objective is to maintain optimum levels of liquidity at all times to meet its cash and collateral requirements. The Company relies on a mix of borrowings and excess operating cash flows to meet its need for funds. The current committed lines of credit and internal accruals are sufficient to meet its short to medium term expansion needs. The Company monitors rolling forecasts of its liquidity requirements to ensure that it has sufficient cash to meet capital expenditure and operational needs while maintaining sufficient headroom on its undrawn committed borrowing facilities at all times so that the borrowing limits or covenants (where applicable) are not breached on any of its borrowing facilities. ii) Maturities of Financial Liabilities: The amounts disclosed in the table below are the contractual undiscounted cash flows. Balances due within 1 year is equal to their carrying balances as the impact of discounting is not significant. (D) Market Risk: The sensitivity analysis excludes the impact of movements in market variables on the carrying value of post-employment benefit obligation provisions and on the non-financial assets and liabilities. The sensitivity of the relevant item of the Statement of Profit and Loss is the effect of the assumed changes in the respective market risks. The Companyâs activities expose it to a variety of financial risks, including the effects of changes in interest rates. (i) Interest rate risk and sensitivity The Companyâs exposure to the risk of changes in market interest rates relates primarily to the Companyâs long term debt obligations with floating interest rates. Companyâs policy is to maintain most of its borrowings at fixed rate. Companyâs fixed rate borrowings are carried at amortised cost and are not subject to interest rate risk. Further the company refinance these debts as and when favourable terms are available. The company is also compensated for variability in floating rate through recovery by way of tariff adjustments under CERC tariff regulations. Interest Rate Sensitivity Analysis Profit or loss is sensitive to higher/lower interest expense from borrowings as a result of change in interest rates. With all other variables held constant, the following table demonstrates the impact of borrowing cost on floating rate portion of loans and borrowings. However there is no impact on profit or loss for increase and decrease in interest rates, as the same is recoverable from beneficiaries through tariff. Company does not have floating rate domestic borrowings as on 31.03.2018 (ii) Price Risk: (a) Exposure The companyâs exposure to price risk arises from investment in equity shares and debt instruments classified in the financial statements as Fair Value Through OCI. Companyâs investment in equity shares are listed in recognised stock exchange and are publicly traded in the stock exchanges. Companyâs investment in debt instruments comprise quoted Government Securities and Public Sector Bonds and are publicly traded in the market. The investment has been classified under non-current investment in Balance Sheet. (b) Price Risk Sensitivity For Investment in Equity Instruments (Investment in equity shares of IOB and PTC) The table below summarises the impact of increase/decrease in the market price of investment in equity instruments on the companyâs equity for the year: Sensitivity has been worked out based on the previous 3 years average of six monthly fluctuations in the share price as quoted on the National Stock Exchange (NSE). For Investment in Debt Instruments (Investments in Govt and PSU Bonds) The table below summarises the impact of increase/decrease of the market value of the debt instruments on companyâs equity for the year: (iii) Foreign Currency Risk The company is compensated for variability in foreign currency exchange rate through recovery by way of tariff adjustments under the CERC Tariff Regulations. (a) Foreign Currency Exposure: The companyâs exposure to foreign currency risk at the end of the reporting period expressed in INR are as follows: (b) Sensitivity Analysis There is no impact of foreign currency fluctuations on the profit of the company as these are either adjusted to the carrying cost of respective fixed asset/Capital Work-in-Progress or recovered through tariff as per CERC Tariff Regulation 2014-19. (3) Capital Management (a) Capital Risk Management The primary objective of the Companyâs capital management is to maximize the shareholder value. CERC Tariff Regulations prescribe Debt : Equity ratio of 70:30 for the purpose of fixation of tariff of Power Projects. Accordingly the company manages its capital structure to maintain the normative capital structure prescribed by the CERC. The Company monitors capital using Debt : Equity ratio, which is net debt divided by total capital. The Debt : Equity ratio are as follows: Note: For the purpose of the Companyâs capital management, capital includes issued capital and reserves. Net debt includes interest bearing loans and borrowings. (b) Loan Covenants: Under the terms of the major borrowing facilities, the company is required to comply with the following financial covenants:- 1. Company shall maintain credit rating AAA and if rating comes down, rate of interest shall be increased by 25 basis point for each notch below AAA rating. 2. Debt to net worth should not exceed 2:1. 3. Interest coverage ratio should be more than 2 times and should be calculated as ((Net Profit Non-Cash Expenditures Interest Payable-Non-Cash Income)/Interest Payable)) 4. First Charge on Assets with 1:1.33 coverage on pari paasu basis. During the year the company has complied with the above loan covenants. NOTE NO. - 1: Other Explanatory Notes to Accounts 1. Disclosures relating to Contingent Liabilities:- a) Claims against the Company not acknowledged as debts in respect of: (i) Capital works Contractors have lodged claims aggregating to Rs.9912.98 Crore (Previous year Rs.9612.16 Crore) against the Company on account of rate & quantity deviation, cost relating to extension of time, idling charges due to stoppage of work/ delays in handing over the site etc. These claims are being contested by the company as being not admissible in terms of provisions of the respective contracts or are lying at arbitration tribunal/other forums/under examination with the Company. These include Rs.3645.08 Crore (Previous year Rs.2858.26 Crore) towards arbitration awards including updated interest thereon, against the Company, which have been challenged/decided to be challenged in the Court of Law. Management has assessed the above claims and recognized a provision of Rs.441.96 Crore (Previous year Rs.452.88 Crore) based on probability of outflow of resources embodying economic benefits and estimated Rs.9370.30 Crore (Previous year Rs.7848.60 Crore) as the amount of contingent liability i.e. amounts for which Company may be held contingently liable. In respect of such estimated contingent claims either the outflow of resources embodying economic benefits is not probable or a reliable estimate of the amount required for settling the obligation cannot be made. In respect of the rest of the claims/obligations, possibility of any outflow in settlement is considered as remote. (ii) Land Compensation cases In respect of land acquired for the projects, some of the erstwhile land owners have filed claims for higher compensation amounting to Rs.49.67 Crore (Previous year Rs.36.09 Crore) before various authorities/courts. Pending settlement, the Company has assessed and provided an amount of Rs.10.99 Crore (Previous year Rs.16.73 Crore) based on probability of outflow of resources embodying economic benefits and estimated Rs.38.68 Crore (Previous year Rs.19.36 Crore) as the amount of contingent liability as outflow of resources is considered as not probable. In respect of the rest of the claims/obligations, possibility of any outflow in settlement is considered as remote. (iii) Disputed Tax Demands Disputed Income Tax/Sales Tax/Service Tax/ other taxes/duties matters pending before various appellate authorities amount to Rs.454.44 Crore (Previous year Rs.395.48 Crore). Pending settlement, the Company has assessed and provided an amount of Rs.30.77 Crore (Previous year Rs.21.95 Crore) based on probability of outflow of resources embodying economic benefits and rest of the claims i.e. Rs.423.67 Crore (Previous year Rs.373.53 Crore) are being disclosed as contingent liability as outflow of resources is considered not probable. In respect of the rest of the claims/ obligations, possibility of any outflow in settlement is considered as remote. (iv) Others Claims on account of other miscellaneous matters amount to Rs.633.26 Crore (Previous year Rs.622.81 Crore). These claims are pending before various forums. Pending settlement, the Company has assessed and provided an amount of Rs.29.69 Crore (Previous year Rs.36.52 Crore) based on probability of outflow of resources embodying economic benefits and estimated Rs.601.69 Crore Previous year Rs.584.41 Crore) as the amount of contingent liability as outflow of resources is considered as not probable. In respect of the rest of the claims/obligations, possibility of any outflow in settlement is considered as remote. (b) The above contingent liabilities do not include contingent liabilities on account of pending cases in respect of service matters & others where the amount cannot be quantified. (c) It is not practicable to ascertain and disclose the uncertainties relating to outflow in respect of contingent liabilities. (d) There is possibility of reimbursement to the company of Rs.235.73 Crore (Previous year Rs.221.02 Crore) towards above contingent liabilities. (e) (i) An amount of Rs.536.06 Crore (Previous year â NIL) stands paid towards above Contingent Liabilities in respect of Capital Works, pursuant to Niti Aayog directions issued vide OM No. 14070/14/2016-PPPAU dated 5th September 2016, in cases where Arbitral Tribunals have passed orders in favour of contractors in arbitral proceedings and such awards/orders have been further challenged by the Company in a Court of Law, towards 75% of the arbitral award (including interest payable as per such award) subject to contractors fulfilling the terms and conditions laid down in the Standard Operating Procedures framed by the Company in this regard. The amount so paid is being shown as Current Financial Assets-Others (Note No. 11). (ii) An amount of Rs.80.81 Crore (Previous year Rs.49.29 Crore) stands paid /deposited with courts towards above contingent liabilities to contest the cases and is being shown as Current Assets. (f) The companyâs management does not expect that the above claims/obligations (including under litigation), when ultimately concluded and determined, will have a material and adverse effect on the companyâs results of operations or financial condition. 2. Contingent Assets: Contingent assets in respect of the company are on account of the following: a) Counter Claims lodged by the company on other entities: The company has lodged counter claims aggregating to Rs.588.08 Crore (Previous year Rs.399.74 Crore) against claims of other entities. These claims have been lodged on the basis of contractual provisions and are being contested at arbitration tribunal/other forums/under examination with the counterparty. It includes Rs.446.53 Crore (Previous year Rs.317.90 Crore) towards arbitration awards including updated interest thereon. Based on Management assessment, a favourable outcome is probable in respect of the claims aggregating Rs.587.84 Crore (Previous year Rs.317.90 Crore) and for rest of the claims, the possibility of any inflow is remote. However, the amount has not been recognised. b) Late Payment Surcharge: CERC (Terms & Conditions of Tariff) Regulations 2014-19 provide for levy of Late Payment Surcharge by generating company in case of delay in payment by beneficiaries beyond 60 days from the date of presentation of bill. However, pending opinion from the Expert Advisory Committee of the Institute of Chartered Accountants of India in this regard, management has continued with its past practice of recognition of surcharge only when no significant uncertainty of ultimate collection exists. Accordingly, late payment surcharge of Rs.188.42 Crore (Previous year Rs.435.20 Crore) has not been recognised. c) Revenue to the extent not recognised in respect of power stations: Truing up order of 2009-14 and/or Tariff Order for 2014-19 are pending in respect of Sewa-II, Chamera III, Parbati-III, TLDP-III and TLDP-IV Power stations pending approval of revised cost estimate. Management has assessed the impact of these expenditures on tariff and considers that inflow of Rs.694.94 Crore (Previous year Rs.688.76 Crore) is probable. d) Business Interruption Losses Insurance Claims due to Business Interruption Losses in respect of Power Stations are recognised when no significant uncertainty of ultimate collection exists. Management has assessed that claim on account of Business Interruption losses aggregating to Rs.195.04 Crore (Previous Year Rs.345.95 Crore) is probable. Power Station-wise details of claims are given at Para 23 of this Note. e) Other Cases Claims on account of other miscellaneous matters amount to Rs.60.34 Crore (Previous year Rs.4.00 Crore). Management has assessed these claims and estimates that inflow of economic benefits of Rs.60.34 Crore (Previous year Rs.4.00 Crore) are probable. 3. Commitments: (a) Estimated amount of contracts remaining to be executed on capital account and not provided for are as under: (b) The Company has commitments of Rs.653.49 Crore (Previous year Rs.619.49 Crore) towards further investment in the subsidiary companies as at 31st March 2018. (c) The Company has commitments of Rs.577.65 Crore (Previous year Rs.765.20 Crore) towards further investment in the joint venture entities as at 31st March 2018. 4. Pending approval of competent authority, provisional payments / provisions made towards executed quantities of works of some of the items beyond the approved quantities as also for extra items totaling to Rs.5.39 Crore (Previous year Rs.10.05 Crore) are included in Capital Work-in-Progress / Property, Plant and Equipment. 5. Other disclosure under IND AS 11- âConstruction Contractsâ are as under: * There is however no impact on profitability of the Company, as the impact of change in foreign exchange rates is recoverable from beneficiaries in terms of prevailing CERC (Terms & Conditions of Tariff) Regulations 2014-19. The exchange rate variation for the year is transferred to deferred foreign currency fluctuation assets (recoverable from beneficiaries) as per Significant Accounting Policy of the Company. 6. Operating Segment: a) Electricity generation (including income from embedded Finance/ Operating leases) is the principal business activity of the Company. Other operations viz., Contracts, Project Management and Consultancy works do not form a reportable segment as per the Ind AS - 108 on âOperating Segmentâ. b) The Company has a single geographical segment as all its Power Stations are located within the Country. The Company is a Central Public Sector Undertaking (CPSU) controlled by Central Government by holding majority of shares. Pursuant to Paragraph 25 & 26 of Ind AS 24, entities over which the same government has control or joint control of, or significant influence, shall be regarded as related parties. The Company has applied the exemptions available for government related entities and have made limited disclosures in the financial Statements in accordance with Ind AS 24. The Company has business transactions with the state governments and entities controlled by the Govt. of India. Transactions with these entities are carried out at market terms on arms- length basis (except subordinate debts received from Central Govt. at concessional rate) through a transparent price discovery process against open tenders, except in a few cases of procurement of spares/services from Original Equipment Manufacturers (OEMs) for proprietary items on single tender basis due to urgency, compatibility or other reasons. Such single tender procurements are also done through a process of negotiation with prices benchmarked against available price data of same/similar items. Therefore, party-wise details of such transactions have not been given since such transactions are carried out in the ordinary course of business at normal commercial terms and are not considered to be significant. 7. Disclosures Under Ind AS-19 âEmployee Benefitsâ: (A) Defined Contribution Plans- (i) Social Security Scheme: The Company has a Social Security Scheme in lieu of the erstwhile scheme of compassionate appointment. The Company also makes a matching contribution per month per employee and such contribution was to be made for 8 years to build up corpus from the date the scheme is in operation i.e. 01.06.2007, which has been extended for another 2 years i.e. up to 31.05.2017 and further extended for another 3 years i.e. up to 31.05.2020. The scheme has been created to take care of and helping bereaved families in the event of death or permanent total disability of its employee. The expenses recognised during the year towards social security scheme is Rs.3.88 Crore (Previous year Rs.4.23 Crore). (ii) Employees Defined Contribution Superannuation Scheme (EDCSS): The Company has an employee defined contribution superannuation scheme for providing pension benefits to employees. As per the scheme, each employee contributes @ 5% of Basic Pay & Dearness Allowance. The company contributes to the extent of balance available after deducting employersâ contribution to Provident Fund, contribution to Gratuity Trust and REHS Trust, from the amount worked out @ 30% of the Basic Pay & DA. The Scheme is managed by Life Insurance Corporation of India. The expenses recognised during the year towards Employees Defined Contribution Superannuation Scheme (EDCSS) is Rs.67.20 Crore (Previous year Rs.76.18 Crore). (B) Defined Benefit Plans- Company has following defined post-employment benefit obligations: (a) Description of Plans: (i) Provident Fund: The Company pays fixed contribution to Provident Fund at predetermined rates to a separate Trust, which invests the funds in permitted securities. The contribution to the fund for the year is recognised as expense and is charged to the Statement of Profit & Loss/Expenditure Attributable to Construction. The obligation of the Company is to make fixed contribution and to ensure a minimum rate of return to the members as specified by Government of India (GoI). (ii) Gratuity: The Company has a defined benefit gratuity plan. The ceiling limit of gratuity is fixed as per the Payment of Gratuity Act, 1972, whereby every employee who has rendered continuous service of five years or more is entitled to get gratuity at 15 days salary (15/26 X last drawn basic salary plus dearness allowance) for each completed year of service subject to a maximum of Rs.0.20 Crore on superannuation, resignation, termination, disablement or on death. The plan is being managed by a separate Trust created for the purpose and obligation of the company is to make contribution to the Trust based on actuarial valuation. (iii) Retired Employees Health Scheme (REHS): The Company has a Retired Employee Health Scheme, under which retired employee and/or spouse of retiree and eligible dependent children of deceased employees are provided medical facilities in the Company hospitals / empanelled hospitals. They can also avail treatment as Out-Patient subject to a ceiling fixed by the Company. The liability for the same is recognised on the basis of actuarial valuation. The Scheme is being managed by a separate Trust created for the purpose and obligation of the company is to make contribution to the Trust based on such actuarial valuation. (iv) Allowances on Retirement/Death: Actual cost of shifting from place of duty at which employee is posted at the time of retirement to any other place where he / she may like to settle after retirement is paid as per the rules of the Company. In case of death, family of deceased employee can also avail this facility. The liability for the same is recognised on the basis of actuarial valuation. (v) Memento to employees on attaining the age of superannuation: The Company has a policy of providing Memento valuing Rs.5000/- to employee on superannuation. The liability for the same is recognised on the basis of actuarial valuation As per the provisions of the Employeesâ Provident Funds and Miscellaneous Provisions Act, 1952, the Company has no right to the benefits either in the form of refund from the plan or lower future contribution to the plan towards the net surplus of Rs.19.66 Crore determined through actuarial valuation. Accordingly, Company has not recognised the surplus as an asset, and the actuarial gains in Other Comprehensive Income, as these pertain to the Provident Fund Trust and not to the company. (e) Risk Exposure: Through its defined benefit plans, the Company is exposed to a number of risks, the most significant of which are detailed below: Description of Risk Exposures: Valuations are based on certain assumptions, which are dynamic in nature and vary over time. As such, the company is exposed to various risks as follow - A) Salary Increase- Actual salary increase will increase the Planâs liability. Increase in salary increase rate assumption in future valuations will also increase the liability. B) Investment Risk - If Plan is funded then assets liabilities mismatch & actual investment return on assets lower than the discount rate assumed at the last valuation date can impact the liability. C) Discount Rate: Reduction in discount rate in subsequent valuations can increase the planâs liability. D) Mortality & disability - Actual deaths & disability cases proving lower or higher than assumed in the valuation can impact the liabilities. E) Withdrawals - Actual withdrawals proving higher or lower than assumed withdrawals and change of withdrawal rates at subsequent valuations can impact Planâs liability. (f) Defined benefit liability and employer contributions: Funding levels are monitored on an annual basis and the current contribution rate is 30% of basic salary & dearness allowance. The Company considers that the contribution rates set at the last valuation date are sufficient to eliminate the deficit over the agreed period and that regular contributions, which are based on service costs, will not increase significantly. Expected contributions to defined-benefit plans for the year ending March 31, 2019 are Rs.132.53 Crore (March 31, 2018 Rs.137.86 Crore). The weighted average duration of the defined benefit obligations is 10.38 Years (2017 - 9.62 years). The expected maturity analysis of undiscounted defined benefit plans is as follows: (C) Other long-term employee benefits (Leave Benefit): The Company provides for earned leave and half-pay leave to the employees which accrue annually @ 30 days and 20 days respectively. The maximum ceiling of encashment of earned leave is limited to 300 days. However, any shortfall in the maximum limit of 300 days in earned leave on superannuation shall be fulfilled by half pay leave to that extent. The liability for the same is recognised on the basis of actuarial valuation. The leave obligation covers the Companyâs liability towards employeesâ leave entitlements. The amount of provision for the year ended 31.03.2018 amounting to Rs.58.96 crore has been disclosed as Current since the same is to be paid to the trust set up by the Company as against in the Previous year wherein the amount of Rs.447.32 crore and Rs.66.14 crore were presented as Non-current and Current respectively as the same was unfunded till 31.03.2017. The current leave obligation estimated to settle within the next 12 months is Rs.46.03 crore (Previous year Rs.66.14 crore). During the year the Company has created a Leave Encashment Trust to administer the funds towards provision for leave encashment appearing in its books till financial year 2016-17. Accordingly, the Company has remitted Rs.369.27 crore to the trust during the current year being the net liability in respect of leave encashment as on that date. 8. Disclosure related to Confirmation of Balances is as under : (a) Balances shown under material issued to contractors, claims recoverable including insurance claims, advances for Capital expenditure, Sundry Debtors, Advances to Contractors, Sundry Creditors and Deposits/Earnest money from contractors are subject to reconciliation/ confirmation and respective consequential adjustments. Claims recoverable also include claims in respect of projects handed over or decided to be handed over to other agencies in terms of Government of India directives. (b) The confirmation from external parties in respect of Trade Receivables, Trade Payables, Deposits, Advances to Contractors/Suppliers/Service Providers/Others including for capital expenditure and material issued to contractors is sought for outstanding balances of Rs.0.05 crore or above in respect of each party as at 31st December of every year. Status of confirmation of balances as at December 31, 2017 as well as amount outstanding as on 31.03.2018 is as under: (c) In the opinion of the management, unconfirmed balances will not have any material impact. (ii) Other disclosures:- (a) Details of expenditure incurred during the year ended on 31.03.2018 paid and yet to be paid along with the nature of expenditure (capital or revenue nature) is as under:- (b) As stated above, a sum of Rs.1.89 crore out of total expenditure of Rs.38.55 crore is yet to be paid to concerned parties which are included in the relevant head of accounts pertaining to liabilities. (iii) As per Section 135 read with Section 198 of Companies Act 2013, the amount required to be spent towards CSR works out to Rs.59.52 Crore for financial year 2017-18 (based on 2% of average net profit of preceding three financial years). The Board of Directors had allocated total budget of Rs.59.52 Crore for financial year 2017-18, out of which an amount of Rs.20.97 Crore remained unspent. 9. Disclosures as required under Section 22 of The Micro, Small and Medium Enterprises Development Act, 2006 read with notification of Ministry of Corporate Affairs dated 04.09.2015 (Refer Note no. 20.2 and 20.3 of the Balance Sheet) are as under: 16. Disclosures regarding leases as per IND AS -17 âLeasesâ: A) Operating leases- Company as Lessee a) The Companyâs significant leasing arrangements are in respect of operating leases of premises for residential use of employees. These leasing arrangements, which are not non-cancellable, are usually renewable on mutually agreeable terms. Lease payments in respect of premises for residential use of employees amounting to Rs.41.25 Crore (Previous year Rs.45.52 Crore) included under Salaries, wages, allowances in Note 26. b) The Company has taken premises for offices, guest houses & transit camps on operating leases which are not non-cancellable and are usually renewable on mutually agreeable terms. Lease payments in respect of premises for offices, guest houses & transit camps amounting to Rs.7.05 Crore (Previous year Rs.6.38 Crore) are shown under Rent & Hire Charges in Note 29. c) The Company has taken vehicles on operating leases generally for a period of 1 to 2 years and such leases are not non-cancellable. Lease payments in respect of hiring of vehicles amounting to Rs.34.16 Crore (Previous year Rs.32.43 Crore) are shown under Rent & Hire Charges in Note 29. B) Finance Lease - Company as Lessor The Company has entered into an arrangement with a single beneficiary, PDD J&K for sale of the entire power generated by two power stations, namely Nimmo Bazgo Power Station & Chutak Power Station for 35 years, which is equal to the expected life of these Power Stations. Under the agreements, the customer is obliged to purchase the entire output at prices determined by the Central Electricity Regulatory Commission (CERC). The Company has classified these Power Stations as embedded Finance Lease as per Appendix-C to Ind AS 17- Leases. Other Financial Assets (Current and NonCurrent) include lease receivables representing the present value of future lease rentals receivable on the embedded finance lease arrangements entered into by the company. C) Operating Lease -Company as Lessor : The Company has entered into an arrangement with West Bengal State Electricity Board for sale of power from TLDP-III and TLDP-IV power stations for a period of 5 years and with Jodhpur Vidyut Vitran Nigam Ltd. for sale of power from Wind Power Project, Jaisalmer for a period of 3 years. Under the agreements, the customer is obliged to purchase the output at prices determined by the Central Electricity Regulatory Commission. Accordingly, the Company has classified these Power Stations as Operating Leases as per Appendix-C to Ind AS 17- Leases. * Equity investments in Subsidiaries and Joint Ventures are measured at cost as per the provisions of Ind AS 27 on âSeparate Financial Statementsâ. **During the year, the company has further invested Rs.122.36 crore in Chenab Valley Power Project Ltd. (CVPPL), as a result of which the companyâs shareholding increased to 55.39%. However, CVPPL continues to be a Joint Venture owing to control exercised jointly with the other joint venturer, pursuant to the Joint Venture agreement. 10. The management is of the opinion that no case of impairment of assets including regulatory deferral account balances exists under the provisions of Ind AS-36 on âImpairment of Assetsâ as at 31st March 2018. 11. As per Hydro Policy 2008, energy corresponding to 100 units of electricity is to be provided to each Project Affected Family (PAF) notified by the State Government through the concerned distribution licensee for a period of 10 years from the date of commissioning of a project. Notification by the respective State Governments regarding PAFs is yet to be made. Since the total saleable energy of a power station is to be arrived at by deducting such free power from the design energy, there would not be any impact on the profit of the Company. 12. Pending approval of tariff for the period 2014-19 by Central Electricity Regulatory Commission (CERC) as per notification no. L-1/144/2013/CERC dated 21st February 2014, sales have been recognized provisionally as per tariff notified by CERC for the period 2009-14 in respect of Sewa-II, Chamera-III, TLDP-III and Parbati-III Power Stations. CERC Regulations for the tariff period 2014-19 provide for recovery of income tax from the beneficiaries by way of grossing up of the Return on Equity with effective tax rate of the respective financial year i.e. actual tax paid during the year on the generating income. 13. Nature and details of provisions (refer Note No. 17 and 22 of Balance Sheet) (i) General Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. When the company expects some or all of a provision to be reimbursed, for example, under an insurance contract, the reimbursement is recognised as a separate asset, but only when the reimbursement is virtually certain. The expense relating to a provision is presented in the statement of profit and loss net of any reimbursement. If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognised as a Finance Cost. (ii) Provision for employee benefits (Other than provisions for defined contribution and defined benefit plans which have been disclosed as per Ind AS-19 at S. No. 10 of Note No. 34): a) Provision for Performance Related Pay/Incentive: Short-term Provision has been recognised in the accounts towards Performance Related Pay/ incentive to employees for the year (Previous Year 2016-17) on the basis of Management Estimates as per companyâs rules in this regard which are based on the guidelines of the Department of Public Enterprises, Government of India. b) Provision For Wage Revision as per 3rd Pay Revision Committee (PRC): Short term provision for wage revision of the employees of the company has been recognised in the accounts for the period 1.01.2017 to 31.03.2018 as per notification of the Department of Public Enterprises, Government of India. (iii) Other Provisions: a) Provision For Tariff Adjustment: Provision for tariff adjustment is made on estimated basis against probable refund to beneficiaries on reassessment of tariff billed, pending approval of Tariff/truing up for the period 2014-19 by Central Electricity Regulatory Commission (CERC). b) Provision for Livelihood Expenses: Provision has been recognised at discoun
Mar 31, 2015
Mar 31, 2014
Mar 31, 2013
Mar 31, 2012
Mar 31, 2011
Mar 31, 2010
Mar 31, 2009
Disclaimer: This is 3rd Party content/feed, viewers are requested to use their discretion and conduct proper diligence before investing, GoodReturns does not take any liability on the genuineness and correctness of the information in this article More Information on NHPC Ltd.
Enable
|