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Adani Transmission Ltd.

BSE: 539254 Sector: Infrastructure
NSE: ADANITRANS ISIN Code: INE931S01010
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VOLUME 44602
52-Week high 137.00
52-Week low 34.00
P/E 370.67
Mkt Cap.(Rs cr) 12,230
Buy Price 0.00
Buy Qty 0.00
Sell Price 111.00
Sell Qty 200.00
OPEN 111.25
CLOSE 0.00
VOLUME 44602
52-Week high 137.00
52-Week low 34.00
P/E 370.67
Mkt Cap.(Rs cr) 12,230
Buy Price 0.00
Buy Qty 0.00
Sell Price 111.00
Sell Qty 200.00

Adani Transmission Ltd. (ADANITRANS) - Director Report

Company director report

Dear Shareholders

Your Directors are pleased to present the 3rd Annual Report along with the auditedfinancial statements of your Company for the financial year ended on 31st March 2016.

Financial Performance Summary

The summarized financial highlight is depicted below:

(Rs. in crores)

Particulars

Consolidated Results

Standalone Results

2015–16 2014–15 2015–16 2014–15
Financial Results
Total Revenue 2267.37 138.63 421.38 23.83
Total Expenditure other than Financial Costs and Depreciation 265.89 34.08 205.39 22.59
Gross Profit before Depreciation Finance Costs and Tax 2001.48 104.55 215.99 1.24
Finance Costs 970.65 72.53 269.62 19.18
Depreciation Amortization and Impairment Expense 561.06 37.07 0.03 -
Profit / (Loss) for the year before Exceptional and Extra Ordinary Items and Tax 469.77 (5.05) (53.66) (17.94)
Add / (Less) Exceptional Items - - - -
Profit / (Loss) for the year before Extra-Ordinary Items and Tax 469.77 (5.05) (53.66) (17.94)
Profit / (Loss) for the year before Taxation 469.77 (5.05) (53.66) (17.94)
Total Tax Expenses 112.04 1.70 - -
Net Profit / (Loss) before Minority Interest 357.73 (6.75) (53.66) (17.94)
Add / (Less) Share of Minority Interest - - - -
Net Profit / (Loss) for the year after Minority Interest 357.73 (6.75) (53.66) (17.94)
Balance carried to Balance Sheet 357.73 (6.75) (53.66) (17.94)

Clarification note: The Company acquired its subsidiaries viz. Adani Transmission(India) Limited and Maharashtra Eastern Grid Power Transmission Company Limited in themonth of March 2015. Accordingly the results of the current period / year reported arenot comparable with the previous period / year numbers.

There are no material changes and commitments affecting the financial position of theCompany between the end of the financial year and the date of this report.

Performance of your Company

Your Company is the largest private sector transmission company in India with over5000 circuit kms of operational transmission lines across Western & Nothern regionsof India along with 12000 MVA transformation capacity.

Your Company’s operating performance in FY16 has set the best benchmark in thecountry in terms of system availability which ranges from 99.57% to 99.94%. During theyear under review your Company continues to maintain its leadership position in thecountry and is poised to keep growing leverage benefits of new opportunities and createvalue for its stake holders.

Consolidated Financial Results:

The audited consolidated financial statements of your Company as on 31st March 2016prepared in accordance with the relevant applicable Accounting Standards and Regulation 33of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2016 andprovisions of the Companies Act 2013 forms part of this Annual Report.

The key aspects of your Company’s Consolidated performance during the financialyear 2015-16 are as follows:

Operational Highlights:

• Systems Availability was above normative level for all the four lines asfollows:

• 765 kV Tiroda to Aurangabad System achieved average availability of 99.84% forthe year ended March 2016 against 98% of normative availability.

• 400 kV Tiroda to Warora System achieved average availability of 99.94% for theyear ended March 2016 against 98% of normative availability.

• 400 kV Mundra to Dehgam System achieved average availability of 99.85% for theyear ended March 2016 against 98% of normative availability.

• 500 kV HVDC Mundra to Mohindergarh System achieved average availability of99.57% for the year ended March 2016 against 95% of normative availability.

Financial Highlights:

• Consolidated total income for FY 16 was Rs. 2267 Crore.

• Consolidated EBIDTA for FY 16 was Rs. 2001 Crore.

• Consolidated PAT for FY 16 stood at Rs. 358 Crore.

Standalone Financial Results :

On standalone basis your Company registered total revenue of Rs. 421 Crore.

The detailed operational performance of your Company has been comprehensively discussedin the Management Discussion and Analysis Report which forms part of this Report.

Dividend

In view of accumulated losses your Directors have not recommended any dividend onEquity Shares for the year under review.

The Composite Scheme of Arrangement

During the year under review the Hon’ble High Court of Gujarat had vide itsorder dated 7th May 2015 sanctioned the Composite Scheme of Arrangement between AdaniEnterprises Limited (‘AEL’) and Adani Ports and Special Economic Zone Limited(‘APSEZ’) and Adani Power Limited (‘APL’) and Adani TransmissionLimited (‘the Company’ or ‘ATL’) and Adani Mining PrivateLimited (‘AMPL’) and their respective shareholders and creditors (‘theScheme’).

The Scheme with effect from 1st April 2015 inter alia provided for Demerger of theTransmission Undertaking of AEL comprising the undertaking businesses activitiesoperations assets (moveable and immoveable) and liabilities pertaining to theMundra-Zerda transmission line and the investment of AEL in ATL into ATL.

Upon the Scheme coming into effect and in consideration of the transfer and vesting ofthe Transmission Undertaking of AEL into the Company in terms of the Scheme the equityshareholders of AEL whose names appeared in the Register of Members of AEL as on theRecord Date i.e. 4th June 2015 ("Eligible Shareholders of AEL") were entitledfor allotment of 1 (one) equity share in ATL of Rs. 10/- each credited as fully paid-upfor every 1 (one) equity share of Rs. 1/- each fully paid-up held by such equityshareholder in AEL.

Accordingly 1099810083 Equity Shares of Rs. 10/- each of the Company were issuedand allotted to the Eligible Shareholders of AEL on 8th June 2015. Further pursuant tothe scheme existing holding of 1090000000 Equity Shares of Rs. 10 each of AEL in theCompany was extinguished and cancelled.

The Equity Shares of the Company so issued pursuant to the Scheme were listed andadmitted for trading on BSE Limited ("BSE") and National Stock Exchange of IndiaLimited ("NSE") with effect from 31st July 2015.

Fixed Deposits

During the year under review your Company has not accepted any fixed deposits withinthe meaning of Section 73 of the Companies Act 2013 and the rules made there under.

Non-Convertible Debentures

During the year under review your Company has issued 1000 Rated Listed TaxableSecured Redeemable Non-Convertible Debentures of face value of Rs. 10 lacs eachaggregating to Rs. 1000 Crores on private placement basis listed on the Wholesale DebtMarket Segment of BSE Limited.

Particulars of Loans Guarantees or Investments

The provisions of Section 186 of the Companies Act 2013 with respect to a loanguarantee or security are not applicable to the Company as the Company is engaged inproviding infrastructural facilities which is exempted under Section 186 of the CompaniesAct 2013. The details of investments made by the Company during the year under review aredisclosed in the financial statements.

Subsidiaries Joint Ventures and Associate Companies

Your Company had 2 direct subsidiaries as on 31st March 2015. During the yearunder review the following changes have taken place in Subsidiary / Joint VentureCompanies:-

• Your Company has acquired Chhattisgarh-WR Transmission LimitedRaipur-Rajnandgaon-Warora Transmission Limited and Sipat Transmission Limited from PFCConsulting Limited.

• Adani Transmission (Rajasthan) Limited was incorporated as a Wholly OwnedSubsidiary for execution & implementation of 400 KV D/C Suratgarh – BikanerTransmission line Project on design build finance operate and transfer (DBFOT) basis.

In view of the above the total number of subsidiaries as on 31st March 2016 was 6.

There are no associate companies or joint venture companies within the meaning ofSection 2(6) of the Companies Act 2013 ("Act"). There has been no materialchange in the nature of the business of the subsidiaries.

Pursuant to the provisions of Section 129 134 and 136 of the Companies Act 2013 readwith rules framed thereunder the Company had prepared consolidated financial statementsof the company and its subsidiaries and a separate statement containing the salientfeatures of financial statement of subsidiaries joint ventures and associates in FormAOC-1 forms part of the Annual Report.

The annual financial statements and related detailed information of the subsidiarycompanies shall be made available to the shareholders of the holding and subsidiarycompanies seeking such information on all working days during business hours. Thefinancial statements of the subsidiary companies shall also be kept for inspection by anyshareholder/s during working hours at the Company's registered office and that of therespective subsidiary companies concerned. In accordance with Section 136 of the CompaniesAct 2013 the audited financial statements including consolidated financial statementsand related information of the Company and audited accounts of each of its subsidiariesare available on our website www.adanitransmission.com. Details of developments ofsubsidiaries of the Company are covered in the Management's Discussion and Analysis Reportwhich forms part of this Report.

Directors and Key Managerial Personnel

Mr. Gautam S. Adani (DIN: 00006273) Mr. Rajesh S. Adani (DIN: 00006322) Mr. K. Jairaj(DIN: 01875126) Mr. V. Subramanian (DIN: 00357727) and Ms. Meera Shankar (DIN: 06374957)were appointed as Additional Directors of the Company w.e.f 17th June 2015 to hold officeupto the ensuing Annual General Meeting Dr. Ravindra H. Dholakia (DIN: 00069396) wasappointed as an Additional Director of the Company w.e.f. 26th May 2016 to hold officeupto the ensuing Annual General Meeting. The Company has received notice(s) from a memberproposing their appointment as Directors of the Company.

In accordance with the provisions of Section 149 of the Companies Act 2013 Mr. K.Jairaj Mr. V. Subramanian Dr. Ravindra H. Dholakia and Ms. Meera Shankar arebeing appointed as Independent Directors to hold officeas per their tenure of appointmentmentioned in the Notice of the ensuing Annual General Meeting of the Company.

The terms and conditions of appointment of Independent Directors are as per Schedule IVof the Act. The Company has received declarations from all the Independent Directors ofthe Company confirming that they meet with the criteria of independence as prescribed bothunder sub-section (6) of Section 149 of the Companies Act 2013 and under the SEBI(Listing Obligations and Disclosure Requirements) Regulations 2015 ("SEBI ListingRegulations") and there has been no change in the circumstances which may affecttheir status as independent director during the year.

Pursuant to the requirements of the Companies Act 2013 and Articles of Association ofthe Company Mr. Deepak Bhargava (DIN: 05247943) is liable to retire by rotation and beingeligible offers himself for re-appointment.

The Board recommends the appointment/re-appointment of above directors for yourapproval.

Brief details of Directors proposed to be appointed/ re-appointed as required underRegulation 36 of the SEBI Listing Regulations are provided in the Notice of Annual GeneralMeeting.

During the year under review Mr. Devang Desai (DIN: 00005743) Mr. Dev PrakashJoshi (DIN: 05192222) and Mr. Jayadeb Nanda (DIN: 06578925) resigned from the Directorshipof the Company with effect from 17th June 2015 due to their pre occupation. TheBoard places on record its sincere appreciation for the valuable contribution and guidancerendered by Mr. Devang Desai Mr. Dev Prakash Joshi and Mr. Jayadeb Nanda during theirtenure with the Company.

Pursuant to the provisions of Section 203 of the Companies Act 2013 Mr. Kaushal G.Shah was appointed as Chief FinancialOfficerof the Company with effect from 20th October2015 in place of Mr. Rajiv Kumar Rustagi.

Directors’ Responsibility Statement

Pursuant to Section 134(5) of the Companies Act 2013 the Board of Directors to thebest of their knowledge and ability state the following:

a. that in the preparation of the annual financial statements the applicableaccounting standards have been followed along with proper explanation relating to materialdepartures if any;

b. that such accounting policies have been selected and applied consistently andjudgement and estimates have been made that are reasonable and prudent so as to give atrue and fair view of the state of affairs of the Company as at 31st Mach 2016 and of theprofit of the Company for the year ended on that date;

c. that proper and sufficient care has been taken for the maintenance of adequateaccounting records in accordance with the provisions of the Companies Act 2013 forsafeguarding the assets of the Company and for preventing and detecting fraud and otherirregularities;

d. that the annual financial statements have been prepared on a going concern basis;

e. that proper internal financial controls were in place and that the financial controlwere adequate and were operating effectively;

f. that proper systems to ensure compliance with the provisions of all applicable lawswere in place and were adequate and operating effectively.

Number of Board Meetings

The Board of Directors met 7 (seven) times during the year under review. The details ofboard meetings and the attendance of the Directors are provided in the CorporateGovernance Report which forms part of this report.

Independent Directors’ Meeting

The Independent Directors met on 30th March 2016 without the attendance ofNon-Independent Directors and members of the Management. The Independent Directorsreviewed the performance of non-independent directors and the Board as a whole; theperformance of the Chairperson of the Company taking into account the views of ExecutiveDirectors and Non-Executive Directors and assessed the quality quantity and timeliness offlow of information between the Company Management and the Board that is necessary for theBoard to effectively and reasonably perform their duties.

Board Evaluation

The Board adopted a formal mechanism for evaluating its performance and as well as thatof its Committees and individual Directors including the Chairman of the Board. Theexercise was carried out through a structured evaluation process covering various aspectsof the Boards functioning such as composition of the Board & committees experience& competencies performance of specificduties & obligations contribution at themeetings and otherwise independent judgment governance issues etc.

Policy on Directors’ Appointment and Remuneration

The Company’s policy on directors’ appointment and remuneration and othermatters provided in Section 178(3) of the Companies Act 2013 is made available on theCompany’s website (http://www.adanitransmission.com/Investor-relation/investor-download).

Internal Financial Control System and Their Adequacy

The details in respect of internal financial control and their adequacy are included inManagement and Discussion & Analysis which forms part of this report.

Risk Management

The Board of the Company has formed a risk management committee to frame implement andmonitor the risk management plan for the Company. The committee is responsible forreviewing the risk management plan and ensuring its effectiveness. The audit committee hasadditional oversight in the area of financial risks and controls.

Committees of Board

Details of various committees constituted by the Board of Directors as per theprovisions of the SEBI Listing Regulations and Companies Act 2013 are given in theCorporate Governance Report which forms part of this report.

Corporate Social Responsibility

The Company has constituted a Corporate Social Responsibility & Sustainability(CSR&S) Committee and has framed a CSR Policy. The brief details of (CSR&S)Committee are provided in the Corporate Governance Report. The Annual Report on CSRactivities is annexed to this Report. The CSR Policy is available on the website(http://www.adanitransmission.com/Investor-relation/ investor-download) of the Company.

Corporate Governance and Management Discussion and Analysis Report

Separate reports on Corporate Governance compliance and Management Discussion andAnalysis as stipulated by the SEBI Listing Regulations forms part of this Annual Reportalong with the required Certificate from Statutory Auditors of the Company regardingcompliance of the conditions of Corporate Governance as stipulated.

In compliance with Corporate Governance requirements as per the SEBI ListingRegulations your Company has formulated and implemented a Code of Business Conduct andEthics for all Board members and senior management personnel of the Company who haveaffirmed the compliance thereto.

Business Responsibility Report

The Business Responsibility Report for the year ended 31st March 2016 as stipulatedunder Regulation 34 of the SEBI Listing Regulations is annexed which forms part of thisAnnual Report.

Prevention of Sexual Harassment at Workplace

As per the requirement of the Sexual Harassment of Women at Workplace (PreventionProhibition & Redressal) Act 2013 and rules made thereunder your Company hasconstituted Internal Complaints Committee (ICC) which is responsible for redressal ofcomplaints related to sexual harassment. During the year under review there were nocomplaints pertaining to sexual harassment.

Extract of Annual Return

The details forming part of the extract of the Annual Return in Form MGT-9 are annexedto this Report as Annexure-A.

Related Party Transactions

All the related party transactions entered into during the financial year were on anarm’s length basis and were in the ordinary course of business. Your Company had notentered into any transactions with related parties which could be considered material interms of Section 188 of the Companies Act 2013. Accordingly the disclosure of relatedparty transactions as required under Section 134(3)(h) of the Companies Act 2013 in FormAOC 2 is not applicable.

During the year under review your Company has entered into transactions with relatedparties which are material as per Regulation 23 of the SEBI Listing Regulations and thedetails of said transactions are provided in the Annexure to Notice of the Annual GeneralMeeting.

Significant and Material orders passed by the Regulators or courts or tribunalsimpacting the Going Concern Status of the Company

There are no significant and material orders passed by the Regulators or Courts orTribunals which would impact the going concern status and the Company’s futureoperations.

Insurance

The Company has taken appropriate insurance for all assets against foreseeable perils.

Auditors & Auditors' Report

Pursuant to the provisions of Section 139 of the Companies Act 2013 read with rulesmade thereunder M/s. Dharmesh Parikh & Co. Chartered Accountants (Firm RegistrationNo.: 112054W) were appointed as Statutory Auditors of the Company to hold office tillconclusion of the 5th Annual General Meeting (AGM) of the Company to be held in thecalendar year 2018 subject to ratification of their appointment at every AGM.Accordingly the appointment of M/s. Dharmesh Parikh & Co. Chartered Accountants asStatutory Auditors of the Company is placed for ratification by the Shareholders. In thisregard the Company has received a certificate from the auditors to the effect that ifthey are re-appointed it would be in accordance with the provisions of Section 141of the Companies Act 2013.

The Notes to the financial statements referred in the Auditors Report areself-explanatory and therefore do not call for any comments under Section 134 of theCompanies Act 2013. The Auditors’ Report is enclosed with the financial statementsin this Annual Report.

Secretarial Audit Report

Pursuant to the provisions of Section 204 of the Companies Act 2013 and the rules madethereunder the Company had appointed Mr. Chirag Shah Practicing Company Secretary toundertake the Secretarial Audit of the Company. The Secretarial Audit Report for FY2015-16 is annexed which forms part of this report as Annexure-B. There were noqualifications reservation or adverse remarks given by Secretarial Auditors of theCompany.

Particulars of Employees

The information required under Section 197 of the Companies Act 2013 read with Rule5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014are provided in separate annexure forming part of this Report as Annexure-C.

The statement containing particulars of employees as required under Section 197 of theCompanies Act 2013 read with Rule 5(2) of the Companies (Appointment and Remuneration ofManagerial Personnel) Rules 2014 will be provided upon request. In terms of Section 136of the Companies Act 2013 the Report and Accounts are being sent to the Members andothers entitled thereto excluding the information on employees’ particulars which isavailable for inspection by the members at the Registered Office of the Company duringbusiness hours on working days of the Company. If any member is interested in obtaining acopy thereof such Member may write to the Company Secretary in this regard.

Conservation of Energy Technology Absorption Foreign Exchange Earnings and Outgo

The information on conservation of energy technology absorption and foreign exchangeearnings and outgo stipulated under Section 134(3)(m) of the Companies Act 2013 read withRule 8 of The Companies (Accounts) Rules 2014 as amended from time to time is annexed tothis Report as Annexure-D.

Acknowledgment

Your Directors are highly grateful for all the guidance support and assistancereceived from the Government of India various State Governments Financial Institutionsand Banks. Your Directors thank all shareowners esteemed customers suppliers andbusiness associates for their faith trust and confidence reposed in the Company.

Your Directors wish to place on record their sincere appreciation for the dedicatedefforts and consistent contribution made by the employees at all levels to ensure thatthe Company continues to grow and excel.

For and on behalf of the Board of Directors
Gautam S. Adani
Place : Ahmedabad Chairman
Date : 26.05.2016 (DIN: 00006273)

Annexure – C to the Directors’ Report

[Information pursuant to Section 197 of the Companies Act 2013 read with Rule 5(1) ofthe Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014]

i) The ratio of the remuneration of each Director to the median remuneration of theemployees of the Company for the financial year 2015-16 and the percentage increase inremuneration of each Director Chief Financial Officer Chief Executive Officer CompanySecretary in the financial year 2015-16:

Name of Director and KMP Ratio of remuneration to median remuneration of Employees % increase in remuneration in the financial year
Executive Directors
Mr. Gautam S. Adani 1 - -
Mr. Rajesh S. Adani 1 - -
Mr. Deepak Bhargava 2 &7 15.24:1 -
Non-Executive Directors
Mr. K. Jairaj 1 3 &7 0.14:1 -
Mr. V. Subramanian 1 3 &7 0.14:1 -
Ms. Meera Shankar 1 3 & 7 0.12:1 -
Mr. Devang Desai 4 - -
Mr. Dev Prakash Joshi 4 - -
Mr. Jayadeb Nanda 4 - -
Key Managerial Personnel
Mr. Kaushal G. Shah 5 & 7 5.80:1 -
Mr. Rajiv Kumar Rustagi 6 - -
Mr. Jaladhi Shukla - -

1. Appointed as Additional Directors w.e.f. 17th June 2015.

2. Appointed as a Whole-time Director w.e.f. 8th May 2015.

3. Reflects sitting fees.

4. Resigned as Directors w.e.f. 17th June 2015.

5. Appointed as Chief Financial Officer w.e.f. 20th October 2015.

6. Appointed as Chief Financial Officer of the Company w.e.f. 17th June 2015 andresigned w.e.f. 20th October 2015.

7. Appointed during FY 2015-16 therefore increase in remuneration is not applicable.

8. Dr. Ravindra H. Dholakia was appointed as an Additional Director w.e.f. 26th May2016.

ii) The percentage increase in the median remuneration of employees in the financialyear: 16.93%

iii) The number of permanent employees on the rolls of Company: 211 as on 31stMarch 2016.

iv) The explanation on the relationship between average increase in remuneration andCompany performance:

The average increase in remuneration is closely linked to and driven by achievement ofannual corporate goals and overall business financial and operational performance of theCompany.

v) Comparison of the remuneration of the key managerial personnel against theperformance of the Company:

The total remuneration of key managerial personnel’s in FY16 was Rs. 2.36 Crorewhereas during the year under review the Company registered total revenue of Rs. 421Crore on standalone basis and Rs. 2267 Crore on consolidated basis.

vi) Variations in the market capitalisation of the Company price earnings ratio as atthe closing date of the current financial year and previous financial year:

Particulars 31st March 2016 31st March 2015 % Change
Market Capitalisation (Rs. in crores) 3772 Not Applicable 1 -
Price Earnings Ratio (70) Not Applicable 1 -

1. The Equity Shares of the Company issued pursuant to the Scheme were listed andadmitted for trading on BSE and NSE w.e.f. 31st July 2015.

vii) Percentage increase over decrease in the market quotations of the shares of theCompany in comparison to the rate at which the Company came out with the last publicoffer:

The Market Price of per share as on 31st March 2016 was Rs. 34.30 on BSE and Rs. 34.35on NSE.

The Company has not made any public offer in the recent past and accordinglycomparison of public offer price and the current market price of the Company’s sharesis not relevant.

The Equity Shares of the Company issued pursuant to the Scheme were listed and admittedfor trading on BSE and NSE w.e.f. 31st July 2015.

viii) Average percentile increase already made in the salaries of employees other thanthe managerial personnel in the last financial year and its comparison with the percentileincrease in the managerial remuneration and justification thereof and point out if thereare any exceptional circumstances for increase in the managerial remuneration:

- Average increase in remuneration of employees excluding KMPs: N.A.

- Average increase in remuneration of KMPs: N.A.

ix) Comparison of the each remuneration of the Key Managerial Personnel against theperformance of the Company:

The total remuneration of key managerial personnel’s in FY 16 was Rs. 2.36 Croreas disclosed in Form no. MGT-9 above whereas during the year under review the Companyregistered total revenue of Rs. 421 Crore on standalone basis and Rs. 2267 Crore onconsolidated basis.

x) The key parameters for any variable component of remuneration availed by theDirectors:

Not Applicable.

xi) The ratio of the remuneration of the highest paid Director to that of the employeeswho are not Directors but receive remuneration in excess of the highest paid Directorduring the year: Not Applicable

xii) Affirmation that the remuneration is as per the Remuneration Policy of theCompany:

The Company affirms remuneration is as per the Remuneration Policy of the Company.

Annexure – D to the Directors’ Report

CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO

A. Conservation of Energy:

(i) Steps taken or impact on conservation of energy:

• Voltage optimization through reactive power compensation

• Exploring use of Renewable energy

• Implemented Process for Energy Wastage minimization

• Power factor improvement

• High efficiency lighting control motors pumps & fans

• Control building insulation & windows

• Operation of transformer in order to get high efficiency

• Ensuring of good electrical contact to attain low resistance at conductor joints(splices) and parallel groove (PG) clamps through periodical inspection and maintenance.

• Use of Silicon Rubber Insulator for less break down of line

(ii) Steps taken by the company for utilizing alternate sources of energy:

We are exploring the renewable source of Power like Solar for alternate source ofpower.

(iii) Capital investment on energy conservation equipment:

Nil

B. Technology Absorption:

Nil

C. Details of Foreign Exchange Earning & Outgo during the year:

The particulars relating to foreign exchange earnings and outgo during the year underreview are as under:

(Rs. in crores)
Particulars 2015-16 2014-15
Foreign exchange earned -- --
Foreign exchange outgo 2.81 --