| Description of state of companies affair
The Company develops, builds, owns, operates and maintains utility scale grid connected solar power projects (through our Group EPC and O&M operations). The Company through its subsidiaries generates revenue by sale of electricity to central and state government entities and government-backed corporations as well as EPC of solar projects.
As at the end of year, the Company is having operational Solar capacity of 1,459 MW and an under-construction Solar capacity of 1,750 MW and Wind 50 MW Power projects during the financial year 2022-23.
The Company has signed power purchase agreement for 100 MW Wind Power Project with GUVNL on dated 10th May, 2023 and 380 MW Hybrid Power project with SECI LOI issued dated 20th April, 2023.
Details regarding energy conservation
Conservation of Energy
The Company is continuously emphasizing on reducing consumption of energy at all levels.
Details regarding foreign exchange earnings and outgo
Foreign exchange earnings and outgo
During the period under review, the foreign exchange earnings - NIL and Foreign exchange outgo – INR1,37,77,54,959/-
Details regarding technology absorption
Technology Absorption
This is not applicable to the Company However, being in the business of generating solar energy, the Company is constantly looking at innovations to increase production efficiency in its business.
Disclosures in director’s responsibility statement
To the best of our knowledge and belief and according to the information and explanations obtained by us, your directors make the following statements in terms of section 134 (5) of the Companies Act, 2013:
• in the preparation of the annual financial statements for the year ended March 31, 2023, the applicable Indian accounting standards had been followed along with proper explanation relating to the material departures, if any;
• the Directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit and loss of the Company for that period;
• the proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;
• the annual financial statements have been prepared on a going concern basis;
• the Directors had laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and were operating effectively; and
|