To the Members,
Your Directors are pleased to present the 30th Annual Report and the audited
Financial Statements of the Company for the financial year ended 31st March,
2024.
1. Financial performance
The financial performance of the Company for the financial year ended 31st
March, 2024, is summarized as below:
(Rs. in crores)
Particulars |
Standalone |
Consolidated |
|
FY 2023-24 |
FY 2022-23 |
FY 2023-24 |
FY 2022-23 |
Total Income |
5,339.49 |
6,019.08 |
11,941.34 |
10,867.05 |
Profit before Interest, Depreciation, Tax and Exceptional Items |
1,928.72 |
1,486.83 |
5,837.21 |
3,817.08 |
Finance Cost |
477.87 |
259.80 |
2,053.40 |
844.30 |
Depreciation and Amortisation expense |
269.54 |
317.42 |
1,633.41 |
1,169.23 |
Share of Profit/(Loss) of an Associate/Joint venture |
- |
- |
16.51 |
19.29 |
Exceptional items |
- |
120.00 |
- |
120.00 |
Profit before Tax |
1,181.31 |
1,029.61 |
2,166.91 |
1,942.84 |
Tax expense |
(231.09) |
(318.59) |
(442.26) |
(462.72) |
Profit for the year attributable to: Owners of the Company |
950.22 |
711.02 |
1,722.71 |
1,477.76 |
Profit for the year attributable to: Non-controlling interest |
- |
- |
1.94 |
2.36 |
Other Comprehensive Income: Owners of the Company |
880.49 |
(276.12) |
775.34 |
31.78 |
Other Comprehensive Income: Non-controlling interest |
- |
- |
6.18 |
8.47 |
Total Comprehensive Income (attributable to owners of the Company) |
1,830.71 |
434.90 |
2,498.05 |
1,509.54 |
Total Comprehensive Income
(attributable to Non-controlling interest of the Company) |
- |
- |
8.12 |
10.83 |
2. Result of operations and the state of affairs:
Standalone
Total income of the Company for the financial year 2023-24 stood at Rs. 5,339.49 crores
as against Rs. 6,019.08 crores for the financial year 2022-23, showing a decrease of 11%.
EBITDA for the financial year 2023-24 stood at Rs. 1,928.72 crores as against Rs. 1,486.83
crores for the financial year 2022-23, recording an increase of 30%. Profit after tax for
the financial year 2023-24 stood at Rs. 950.22 crores as against Rs. 711.02 crores for the
financial year
2022- 23 registering an increase of 34%. Net worth increased to Rs. 15,112.05 crores at
the end of the financial year 2023-24 from Rs. 13,609.41 crores at the end of the
financial year 2022-23. The increase in net worth is primarily due to profit for the year.
Net debt gearing stood at 0.41 times as at the end of the financial year 2023-24
compared to 0.44 times as at the end of the financial year 2022-23.
Consolidated
Total income for the financial year 2023-24 stood at Rs. 11,941.34 crores as against
Rs. 10,867.05 crores for the financial year 2022-23, showing an increase of 10%. EBITDA
for the financial year
2023- 24 stood at Rs. 5,837.21 crores as against Rs. 3,817.08 crores for the financial
year 2022-23, showing an increase of 53%. Profit after tax for the financial year 2023-24
stood at Rs. 1,722.71 crores
as against Rs. 1,477.76 crores for the financial year 2022-23 showing an increase of
17%.
Net worth increased to Rs. 20,831.74 crores in the financial year 2023-24 from Rs.
18,628.81 crores in the financial year 2022-23. The increase in net worth is primarily due
to profit during the year. Net debt gearing stood at 1.28 times as at end of the financial
year 2023-24 compared to 1.08 times as at the end of the financial year 2022-23.
Fund raise through QIP
I n a first-ever equity raise since listing in 2010, the Company raised Rs. 5,000
crores by an issue of equity shares through a Qualified Institutions Placement (QIP) in
April, 2024. The proceeds from the QIP have been earmarked for repayment of the borrowings
of the Company, investment in JSW Neo Energy Limited, a wholly-owned subsidiary of the
Company, and other general corporate purposes. The QIP proceeds have bolstered an already
strong capital structure even further, significantly enhanced the CompanyRs.s financial
flexibility, and accelerated the CompanyRs.s ambitious growth plans.
3. Effects of external events on the business of the Company Record capacity additions
In fiscal year 2024, IndiaRs.s power sector experienced robust demand growth of 7.5%
fueled by economic
expansion, urbanization and industrial activities, with peak demand of 243 GW
necessitating enhancements in grid infrastructure. Renewable energy capacity saw
substantial additions with a total of 18.5 GW addition in FY 2024, particularly in solar
with 15 GW additions, driven by government initiatives, policies and investment
incentives. These efforts helped India make significant strides towards its renewable
energy targets, aligning with global commitments to reduce carbon emissions. Technological
advancements, particularly in energy storage, will facilitate better integration of
renewables into the grid, and this is expected to further the growth of complex bids like
Firm Dispatchable Renewable Energy as compared to plain vanilla solar and wind.
The merchant power market also witnessed increased activity, with higher trading
volumes on power exchanges and fluctuating electricity prices reflecting demand-supply
dynamics. Regulatory measures aimed at improving market transparency and competitiveness
further invigorated the trading environment. The healthy renewable bidding and
acceleration in capacity addition highlights the sectorRs.s shift towards a more
sustainable and resilient energy ecosystem.
For further details on the CompanyRs.s performance, operations and strategies for
growth, please refer to the Management Discussion and Analysis section which forms a part
of this Annual Report.
4. Transfer to Reserves
The Company does not propose to transfer any amount (previous year NIL) to the reserves
from surplus. An amount of Rs. 5,441.99 crores (previous year Rs. 4,830.92 crores) is
proposed to be held as Retained Earnings.
5. Dividend
Your Directors have recommended a dividend of Rs. 2 (20%) per share for the financial
year 2023-24 [previous year Rs. 2 (20%) per share], for the approval of the Members at the
forthcoming 30th Annual General Meeting.
The dividend payout is in accordance with the CompanyRs.s Dividend Distribution Policy.
6. Financial Statements
The audited Standalone and Consolidated Financial Statements of the Company, which form
a part of this Annual Report, have been prepared in accordance with the provisions of the
Companies Act, 2013, Regulation 33 of the Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations, 2015 (Rs.Listing RegulationsRs.) and
the Indian Accounting Standards.
7. Subsidiaries, Associates and Joint Ventures
The performance and financial position of each of the subsidiaries, associates and
joint venture companies for the financial year ended 31st March, 2024, in the
prescribed format AOC-1, is attached as Annexure A to the Consolidated Financial
Statements of the Company and forms a part of this Annual Report.
In accordance with Section 136 of the Companies Act, 2013, the audited Financial
Statements, including the Consolidated Financial Statements and the related information of
the Company as well as the audited accounts of each of its subsidiaries, are available on
the website of the Company at www. jsw.in/investors/energy.
As on 31st March, 2024, the Company had 81 subsidiaries and 1 associate
company.
During the year, the following companies were incorporated as step-down subsidiaries of
the Company -
Sr. No. |
Name |
Date of Incorporation |
1 |
JSW Energy PSP Six Limited |
27th May, 2023 |
2 |
JSW Energy PSP Seven Limited |
30th May, 2023 |
3 |
JSW Energy PSP Nine Limited |
4th July, 2023 |
4 |
JSW Energy PSP Eight Limited |
5th July, 2023 |
5 |
JSW Renewable Energy (Anjar) Limited |
26th July, 2023 |
6 |
JSW Energy PSP Ten Limited |
18th August, 2023 |
7 |
JSW Energy PSP Eleven Limited |
23rd August, 2023 |
8 |
JSW Renew Energy Materials Trading Limited |
6th November, 2023 |
9 |
JSW Renewable Energy (Salav) Limited |
17th January, 2024 |
10 |
JSW Renew CSI One Limited |
31st January, 2024 |
11 |
JSW Renewable Energy Dolvi Three Limited |
5th February, 2024 |
12 |
JSW Renew Energy Nine Limited |
7th February, 2024 |
13 |
JSW Renew Energy Eight Limited |
9th February, 2024 |
14 |
JSW Renew Energy Ten Limited |
9th February, 2024 |
15 |
JSW Renew CSI Two Limited |
14th February, 2024 |
16 |
JSW Renew Energy Eleven Limited |
24th February, 2024 |
JSW Renewable Energy (Cement) Limited
JSW Neo Energy Limited, a wholly-owned subsidiary of the Company, and JSW Cement
Limited entered into a 74:26 Joint Venture Agreement on 1st June, 2023 pursuant
to which, JSW Cement Limited acquired 26% stake in JSW Renewable Energy (Cement) Limited
to qualify as a captive user in accordance with the requirements of the Electricity Act,
2003.
Mytrah Vayu (Tungabhadra) Private Limited
The Company completed the acquisition of Mytrah Vayu (Tungabhadra) Private Limited
through JSW Neo Energy Limited, a wholly-owned subsidiary of the Company, on 15th
June, 2023.
The Company has initiated the amalgamation of the following step-down subsidiaries:
1. Mytrah Ainesh Power Private Limited
2. Mytrah Vayu (Bhavani) Private Limited
3. Mytrah Vayu (Chitravati) Private Limited
4. Mytrah Vayu (Hemavati) Private Limited
5. Mytrah Vayu (Kaveri) Private Limited
6. Mytrah Vayu (Maansi) Private Limited
7. Mytrah Vayu (Palar) Private Limited
8. Mytrah Vayu (Parbati) Private Limited
9. Mytrah Vayu (Sharavati) Private Limited
10. Mytrah Vayu (Tapti) Private Limited
11. Mytrah Tejas Power Private Limited
12. Mytrah Vayu (Adyar) Private Limited with Mytrah Vayu (Sabarmati) Private Limited
The Scheme has been approved by the Board of Directors of the respective companies and
is presently before the National Company Law Tribunal, Hyderabad Bench.
The name of Mytrah Advaith Power Private Limited has changed to JSW Advaith Power
Private Limited with effect from 6th November, 2023.
The name of JSW Renew Energy Seven Limited has changed to JSW Renewable Energy (Salem)
Limited with effect from 10th January, 2024.
Overseas Subsidiaries
A. JSW Energy Natural Resources Mauritius Limited (JSWENRML)
JSWENRML is a wholly-owned subsidiary of the Company incorporated in April, 2010 in
Mauritius, for overseas acquisition of coal
assets. It has downstream investment of Rs. 49.68 crores in 100% equity of JSW Energy
Natural Resources South Africa (PTY) Limited and has advanced Rs. 406.98 crores as a loan
as on 31st March, 2024.
B. JSW Energy Natural Resources South Africa (PTY) Limited (JSWENRSAL)
JSWENRSAL is a wholly-owned subsidiary of JSWENRML. As on 31st March, 2024,
JSWENRSAL has invested Rs. 22.62 crores in acquiring 100% equity of Royal Bafokeng Capital
(Proprietary) Limited and Rs. 6.92 crores in acquiring 100% equity of Mainsail Trading 55
Proprietary Limited.
Further, JSWENRSAL has invested Rs. 5.72 crores in acquiring 10.97% equity of South
African Coal Mining Holdings Limited (SACMH) and advanced Rs. 410.28 crores as loan to
SACMH and its subsidiaries as on 31st March, 2024.
C. South African Coal Mining Holdings Limited (SACMH)
The Company has an effective shareholding of 69.44%. in SACMH as at 31st
March, 2024. SACMH, together with its subsidiaries, owns a coal mine with more than 32
million tonnes of resources, along with supporting infrastructure like coal washery,
railway siding and equity investment based capacity allocation of 0.5 mtpa at Richards Bay
Coal Terminal. While the mine is presently under care and maintenance pending receipt of
requisite licences, SACMH uses its logistical and infrastructural assets to generate
rental income to defray the costs incurred.
Joint Ventures and Other Investments Toshiba JSW Power Systems Private Limited (Toshiba
JSW)
Toshiba JSW is a joint venture company with the Toshiba Group, Japan, engaged in the
business of designing, manufacturing, marketing and maintenance services of mid to
large-size (500 MW to 1,000 MW) Supercritical Steam Turbines and Generators. As on 31st
March, 2024, Toshiba Group, Japan holds 95.36% and JSW Group holds 4.64% in Toshiba JSW.
The Company has invested Rs. 100.23 crores in Toshiba JSW. The Company has been
providing for its share of the losses of Toshiba JSW in its
consolidated books of account. The cumulative share of losses of the Company has
exceeded the value of its investment in Toshiba JSW. Toshiba JSW plans to continue its
business by expanding the service businesses and increasing collaboration jobs for various
projects of Toshiba, Japan.
Power Exchange of India Limited (PXIL)
The Company had invested Rs. 1.25 crore in PXIL, a company promoted by National Stock
Exchange of India Limited and National Commodities S Derivatives Exchange Limited. PXIL
provides the platform for trading in electricity and Renewable Energy Certificates. JSW
Power Trading Company Limited, a wholly-owned subsidiary of the Company is also a member
of PXIL.
8. Share Capital
The paid up equity share capital of the Company as at 31st March, 2024 was
Rs. 1,644.68 crores.
During the year under review, the Company has not issued any:
a) shares with differential rights
b) sweat equity shares.
9. Deposits
The Company has not accepted or renewed any amount falling within the purview of
Section 73 of the Companies Act, 2013 (the Act) read with the Companies (Acceptance of
Deposit) Rules, 2014, during the year under review. Hence, the requirement of providing
details relating to deposits as also of deposits which are not in compliance with Chapter
V of the Act, is not applicable.
10. Non-Convertible Debentures
During the year ended 31st March, 2024, the Company has redeemed / repaid
Non-Convertible Debentures (NCD) amounting to Rs. 175 crores in accordance with the terms
of the respective issues. During the year under review, there were no fresh issuances of
NCDs.
11. Particulars of Loans, Guarantees, Investments and Securities
Particulars of loans given, investments made, guarantees given and securities provided,
along with the purpose, are provided in the Notes to the Standalone Financial Statements.
12. Internal Financial Controls over Financial Statement
The details in respect of internal controls and internal financial controls and their
adequacy are included in the Management Discussion and Analysis, which forms a part of
this Annual Report.
13. Particulars of Contracts or Arrangements with Related Parties
The CompanyRs.s Policy on Materiality of Related Party Transactions as also Dealing
with Related Party Transactions, as approved by the Board, is available on the website of
the Company at www. jsw.in/investors/energy. The Policy is reviewed by the Audit Committee
at least once in every two years.
During the year under review, all other contracts / arrangements / transactions entered
into during the financial year 2023-24 by the Company with Related Parties were in the
ordinary course of business and on an armRs.s length basis. Related Party Transactions
which are in the ordinary course of business and on an armRs.s length basis, of repetitive
nature and proposed to be entered into during the financial year are placed before the
Audit Committee for prior omnibus approval. A statement giving details of all Related
Party Transactions, as approved, is placed before the Audit Committee for review on a
quarterly basis.
The Company has developed a framework for the purpose of identification and monitoring
of such Related Party Transactions. The details of transactions / contracts / arrangements
entered into by the Company with Related Parties during the financial year under review
are set out in the Notes to the Financial Statements. The disclosure in Form AOC-2 is
attached as Annexure A to this Report.
14. Disclosures under the Employees Stock Option Plans and Schemes
The Company has formulated the JSWEL Employees Stock Ownership Plan - 2016 (ESOP 2016),
which is implemented through the JSW Energy Employees ESOP Trust and also the JSW Energy
Employees Stock Ownership Scheme - 2021 (ESOS 2021) consisting of Shri. O. P. Jindal
Employees Stock Ownership Plan (JSWEL) - 2021 and JSWEL Shri.
O. P. Jindal Samruddhi Plan - 2021, which is administered through the JSW Energy
Employees Welfare Trust.
The applicable disclosures as stipulated under the Securities and Exchange Board of
India (Share Based Employee Benefits and Sweat Equity), Regulations, 2021 (Rs.SEBI
RegulationsRs.) for the year ended 31st March, 2024, with regard to ESOP 2016
and ESOS 2021 are provided on the website of the Company at
https://www.jsw.in/investors/energy/ jsw-energy-corporate-governance-employee-
stock-options.
Voting rights on the shares, if any, as may be issued to employees under the Plans, are
to be exercised by them directly or through their appointed proxy. Hence, the disclosure
stipulated under Section 67(3) of the Companies Act, 2013, is not applicable.
There is no material change in the ESOP 2016 and ESOS 2021 and the aforesaid Schemes
are in compliance with the SEBI Regulations, as amended from time to time. The certificate
from the Secretarial Auditor of the Company, that the aforesaid Schemes have been
implemented in accordance with the SEBI Regulations along with the Resolution passed by
the Members, would be available for electronic inspection by the Members at the
forthcoming 30th Annual General Meeting.
15. Credit Rating
The details of the credit ratings during the financial year 2023-24 are as follows:
Facility |
Credit Rating Agency |
|
India Ratings and Research |
ICRA Limited |
|
Reaffirmed (Existing
facilities) |
Assigned (Additional
facilities) |
Reaffirmed |
Long-term facilities and NonConvertible Debentures |
IND AA/ Stable |
IND AA/ Stable |
ICRA AA/ Stable |
Short-term facilities and Commercial Papers |
IND A1 + |
IND A1 + |
ICRA A1 + |
16. Awards
A keen focus on optimum utilisation of resources, efficient operations, occupational
safety and minimising environmental impact provide the Company with due recognition each
year.
During the year, the Company also received the
following awards:
CORPORATE
1. LACP - Gold Award for Best Annual Report, rated amongst the top 80 reports, top 10
Indian Reports (Global Award).
2. CAP 2 (Climate Action Program) - Resilient (1st Place) Award by CII for
climate change.
3. DJSI (Dow Jones Sustainability Index) Rating - 72/100 for ESG Performance under
Corporate Sustainability Assessment (CSA).
4. Climate Disclosure Programme (CDP) (Global Rating) - Received "A-"
(leadership band) for climate change.
5. Climate Disclosure Programme (CDP) (Global Rating) - Received "B"
(Management Band) for water security.
BARMER PLANT
1. Platinum Award 2022 in Environment Management by Grow Care India.
2. Gold Award 2022 in Sustainability by Grow Care India.
3. Water Optimization Award 2023 in Best Zero Liquid Discharge Plant by Mission Energy
Foundation.
4. 2nd CEE Environment Excellence Award 2023 by the Council of Enviro
Excellence.
5. The Gold Award during 14th Exceed Green Future Environment Award in the
sustainability category by Sustainable Development Foundation.
6. National Award for Excellence in Energy Management 2023 by the Confederation of
Indian Industry (CII).
7. State Safety Award-2023 for high standards of competence and compliance of OHS by
Factories S Boilers Inspection, Rajasthan Government
8. Certificate of Appreciation for good practices in safety system in 10th
FICCI Award for Excellence in safety system by the Federation of Indian Chambers of
Commerce and Industry (FICCI).
9. Horticulture Development Award by the Green Maple Foundation.
10. The CEE 3rd National Energy Efficiency Award 2023 by the Council of
Enviro Excellence.
11. Platinum Award in the power generation sector for outstanding achievement in
Occupational Health and Safety by the Sustainability Development Foundation.
RATNAGIRI PLANT
1. I nternational Safety Award - Merit Category by British Safety Council (BSC).
2. Rs. Par ExcellenceRs. awards at the 9th National Conclave on 5S.
3. Runner Up Award in the Best Operating Thermal Power Plant Category by IPPAI
(Independent Power Producer Association of India).
4. Gold award at CCQC 2023, Pune chapter.
5. Four Gold and one Silver award in ICQCC, China chapter.
6. 10th FICCI Award in Excellence in Safety System.
VIJAYANAGAR PLANT
1. Mission Energy - Water Conservation Award.
2. Green Maple Foundation - Green Feather Environment award - Diamond Category.
3. British Safety Council - Rs.Five Star RatingRs. for Excellence in Occupational
Health S Safety.
4. Council of Enviro Excellence - Energy Efficency - Winner Rs. Operational
ExcellenceRs..
5. Exceed Energy Efficiency - Platinum Award.
6. Exceed Water conservation - Gold Award.
7. CII - Energy Efficient Unit Award.
8. Society of Energy Engineers S Managers (SEEM) - Energy Efficiency Platinum Award.
9. Green Maple Foundation - Rs.Wellness at WorkRs. - Diamond Award.
10. British Safety Council - Rs.Sword of HonorRs. Award for Excellence in Safety.
11. (CII) DX Digital Transformation Award for Rs.Best Practice in Digital
TransformationRs..
12. Council of Enviro Excellence - Best Energy Efficient Award.
13. EXCEED Safety Awards - GOLD Award for Rs.Excellence in SafetyRs..
14. IPPAI - Winner - Innovation Category - "Digital Monitoring of Auxiliary
Consumption and Heat Rate".
15. ISO Convention - 1st Prize in TOPS Convention by Indian Society for
Quality.
16. TQM (Total Quality Management) - 5 Gold and 1 Platinum in TQM Summit and qualified
for ICQC.
HYDRO PLANT
1. Grow Care India Occupational Health S Safety Platinum Award 2023.
2. EKDKN - Platinum award for Excellence in Occupation Health S Safety by Sustainable
Development Foundation.
17. Disclosures related to Policies
A. Nomination Policy
The Company has adopted a Nomination Policy to identify persons who are qualified to
become Directors on the Board of the Company and who may be appointed in senior management
positions in accordance with the criteria laid down, and recommend their appointment and
removal and also for the appointment of Key Managerial Personnel (KMP) of the Company, who
have the capacity and ability to lead the Company towards achieving sustainable
development.
I n terms thereof, the size and composition of the Board should have:
an optimum mix of qualifications, skills, gender and experience as identified by
the Board from time to time;
an optimum mix of Executive, Non-Executive and Independent Directors;
minimum six number of Directors or such minimum number as may be required by the
Listing Regulations and / or by the Act or as per Articles;
maximum number of Directors as may be permitted by the Listing Regulations and /
or by the Act or as per Articles; and
at least one Independent Woman Director.
While recommending a candidate for appointment, the Compensation and Nomination S
Remuneration Committee shall assess the appointee against a range of criteria including
qualifications, age, experience, positive attributes, independence, relationship, gender
diversity, background, professional skills and personal qualities required to operate
successfully in the position and has discretion to decide adequacy of such criteria for
the concerned position. All candidates shall be assessed on the basis of merit, skills and
competencies without any discrimination on the basis of religion, caste, creed or gender.
B. Remuneration Policy
The Company regards its employees as the most valuable and strategic resource and seeks
to ensure a high performance work culture through a fair compensation structure, which is
linked to Company and individual performance. The compensation is therefore based on the
nature of job, as well as skill and knowledge required to perform the given job in order
to achieve the CompanyRs.s overall objectives.
The Company has devised a policy relating to the remuneration of Directors, KMPs and
senior management employees with the following broad objectives.
i. Remuneration is reasonable and sufficient to attract, retain and motivate Directors;
ii. Remuneration is reasonable and sufficient to motivate senior management, KMPs and
other employees and to stimulate excellence in their performance;
iii. Remuneration is linked to performance.
The Remuneration Policy balances fixed and variable pay and short and long-term
performance objectives.
The Remuneration Policy of the Company is available on the website of the Company at
https://www.jsw.in/investors/energy/ jsw-energy- corporate-governance-policies.
C. Corporate Social Responsibility Policy
The Board of Directors of the Company has adopted a Corporate Social Responsibility
(CSR) Policy on the recommendation of the CSR Committee and the CSR Policy has been
amended from time to time to ensure its continued relevance and to align it with the
amendments to applicable provisions of law. CSR activities are undertaken in accordance
with the said Policy.
The Company undertakes CSR activities through the JSW Foundation, and is committed to
allocating at least 2% of the average net profit of the last 3 years. The Company gives
preference to the local areas in which it operates for taking up CSR initiatives.
In line with the CompanyRs.s CSR Policy and strategy, the Company supports
interventions, inter alia, in the fields of health and nutrition, education, water,
environment S sanitation, agri-livelihoods, livelihoods and other initiatives.
The CSR Policy of the Company is available on the website of the Company at https://
www. jsw.in/investors/energy/jsw-energy- corporategovernance-policies.
During the year under review, the Company has spent through the JSW Foundation the
entire mandated amount of Rs. 12.37 crores (Rs. 32.47 crores on a consolidated basis).
Please refer to the Management Discussion and Analysis section of this Report for
further details. The Annual Report on CSR activities is annexed as Annexure B and forms a
part of this Report.
D. Whistle Blower Policy and Vigil Mechanism
The Board has, pursuant to the provisions of Section 177(9) of the Companies Act, 2013
read with Rule 7 of the Companies (Meetings of Board and its Powers) Rules, 2014 and the
Listing Regulations, framed a Rs.Whistle Blower Policy and Vigil MechanismRs..
The Company believes in the conduct of the affairs of its constituents in a fair and
transparent manner by adopting the highest standards of professionalism, honesty,
integrity and ethical behaviour.
The Policy has been framed with a view to provide a mechanism, inter alia, enabling
stakeholders including Directors, individual employees of the Company and their
representative bodies, to freely communicate their concerns about illegal or unethical
practices and to report genuine concerns or grievances as also to report to the management
their concerns about unethical behaviour, actual or suspected, fraud or violation of the
CompanyRs.s Code of Conduct.
The Whistle Blower Policy was reviewed by the Board during the year under review to
ensure its continued relevance and to align it with changes in applicable law and
regulations. The Whistle Blower Policy and Vigil Mechanism is available on the website of
the Company at https://www. jsw.in/investors/energy/ jsw-energy-corporate-
governance-policies.
E. Risk Management Policy
The Company has adopted a Risk Management Policy aimed to ensure resilience for
sustainable growth and sound corporate governance by having a process of risk
identification and management in compliance with the provisions of the Companies Act,
2013, and the Listing Regulations.
The Company recognises that all emerging and identified risks need to be managed and
mitigated to -
Protect its shareholderRs.s and other stakeholderRs.s interests;
Achieve its business objectives; and
Enable sustainable growth.
The Company follows the Committee of Sponsoring Organisations (COSO) framework of
Enterprise Risk Management (ERM) to identify, classify, communicate, respond to risks and
opportunities based on probability, frequency, impact, exposure and resultant
vulnerability.
Pursuant to the requirement of Regulation 21 of the Listing Regulations, the Company
has constituted a sub-committee of Directors called the Risk Management Committee to
oversee the Enterprise Risk Management framework. The Risk Management Committee
periodically reviews the framework including cyber security, high risks items, mitigation
plans and opportunities which are emerging or where the impact is substantially changing.
There are no risks which, in the opinion of the Board, threaten the existence of the
Company. Key risks of the Company and response strategies are set out in the Management
Discussion and Analysis section which forms a part of this Annual Report.
F. Policy for Annual Performance Evaluation of Directors, Committees and Board
Pursuant to the provisions of the Companies Act, 2013 and the Listing Regulations, the
Company has framed a Policy for Performance Evaluation of Independent Directors, Board,
Committees and other individual Directors which includes criteria for performance
evaluation of the Non - Executive Directors and the Executive Directors on the basis of
the criteria specified in this Policy, evaluation of the performance of Individual
Directors, Independent Directors, its own performance and that of the working of its
Committees during the financial year 2023-24 was carried out by the Board.
G. Material Subsidiary Policy
Pursuant to the provisions of Regulation 16(1) (c) of the Listing Regulations, the
Company has adopted a Policy for determining Material Subsidiaries laying down the
criteria for identifying material subsidiaries of the Company.
Accordingly, JSW Hydro Energy Limited, JSW Energy (Barmer) Limited and JSW Neo Energy
Limited have been determined as the material subsidiaries of the Company during the
financial year 2023-24.
The Policy may be accessed on the website of the Company at
https://www.jsw.in/investors/energy/ jsw-energy-corporate-governance-policies.
H. Dividend Distribution Policy
Pursuant to Regulation 43A of the Listing Regulations, the Board has approved and
adopted a Dividend Distribution Policy which provides:
a. the circumstances under which shareholders may or may not expect dividend;
b. the financial parameters that shall be considered while declaring dividend;
c. the internal and external factors that shall be considered for declaration of
dividend;
d. manner as to how the retained earnings shall be utilized.
During the year under review, the Dividend Distribution Policy was reviewed by the
Board to ensure its continued relevance. The Policy is available on the website of the
Company at the link: https://www.jsw.in/investors/energy/jsw-energy-
corporate-governance-policies.
18. Corporate Governance Report
The Company has complied with the requirements of Corporate Governance as stipulated
under the Listing Regulations, and accordingly, the Corporate Governance Report and the
requisite Certificate from Deloitte Haskins S Sells LLP, the Statutory Auditor of the
Company, regarding compliance with the conditions of Corporate Governance forms a part of
this Report.
19. Business Responsibility and Sustainability Report
The Business Responsibility and Sustainability Report along with the report on
assurance of the BRSR Core, consisting of a set of Key Performance Indicators (KPIs) /
metrics under 9 ESG attributes for the financial year ended 31st March, 2024
forms a part of this Annual Report and is available on the website of the Company at
www.jsw.in/investors/ energy.
20. Directors and Key Managerial Personnel
The Company has received declarations from all the Independent Directors under Section
149(7) of the Companies Act, 2013 and Regulation 25(8) of the Listing Regulations
confirming that they meet the criteria of independence as prescribed thereunder.
The Independent Directors have complied with the Code for Independent Directors
prescribed under Schedule IV of the Companies Act, 2013 and the Listing Regulations. The
Board is of the opinion that the Independent Directors of the Company possess requisite
qualifications, experience and expertise and they hold highest standards of integrity.
During the year under review, none of the managerial personnel i.e. the Managing
Director and Whole-time Directors of the Company were in receipt of remuneration /
commission from the subsidiary companies.
The Company familiarises the Independent Directors of the Company with their roles,
rights, responsibilities in the Company, nature of the industry in which the Company
operates, business model and related risks of the Company, etc. Monthly updates on
performance/ developments are sent to the Directors. The brief details of the
familiarisation programme are put up on the website of the Company at https://www.
jsw.in/investors/energy/jsw-energy-corporate governance-policies.
Resignation / Cessation
During the year under review, no Independent Director resigned before the expiry of his
/ her tenure. Mr. Prashant Jain resigned as the Joint Managing Director & CEO and Key
Managerial Personnel of the Company with effect from 1st February, 2024.
Appointment / Re-appointment
Based on the recommendation of the Compensation and Nomination & Remuneration
Committee (CNRC), the Board of Directors, taking into account his integrity, expertise and
experience, appointed Mr. Rajiv J. Chaudhri (DIN: 10134162) as an Additional Director and
an Independent Director for a term of 3 consecutive years with effect from 14th
July, 2023, subject to the approval of the Members of the Company. Members approved the
above appointment through a Resolution passed by Postal Ballot with requisite majority on
31st August, 2023.
Based on the recommendation of the CNRC, the Board of Directors, taking into account
his expertise and experience, appointed Mr. Sharad Mahendra (DIN: 02100401) as an
Additional Director and a Whole-time Director for a term of 5 consecutive years with
effect from 1st December, 2023, and as the Joint Managing Director & CEO as
well as a Key Managerial Personnel with effect from 1st February, 2024, subject
to the approval of the Members of the Company. Members approved the above appointment
through a Resolution passed by Postal Ballot with requisite majority on 23rd
February, 2024.
Based on the recommendation of the CNRC, the Board of Directors, taking into account
his expertise and experience, appointed Mr. Ashok Ramachandran (DIN: 08364598) as an
Additional Director and a Whole-time Director designated as Whole-time Director & COO
for a term of 5 consecutive years, subject to the approval of the Members of the Company
as well as a Key Managerial Personnel from 23rd January, 2024. Members approved
the above appointment through a Resolution passed by Postal Ballot with requisite majority
on 23rd February, 2024.
There were no other changes in the Key Managerial Personnel during the financial year
2023-24.
In accordance with the provisions of the Companies Act, 2013 and the Articles of
Association of the Company, Mr. Parth Jindal (DIN: 06404506) retires as a Director by
rotation at the forthcoming 30th Annual General Meeting and, being eligible,
has offered himself for re-appointment.
Necessary Resolution for approval of the reappointment of Mr. Parth JIndal has been
included in the Notice of the forthcoming 30th Annual General Meeting of the
Company. The Directors recommend the same for approval by the Members.
Profile of Mr. Parth Jindal and as required under Regulation 36(3) of the Listing
Regulations and Clause 1.2.5 of the Secretarial Standard - 2, is given in the Notice of
the 30th Annual General Meeting.
21. DirectorsRs. Responsibility Statement
Pursuant to the requirement under Section 134(5) of the Companies Act, 2013, it is
hereby confirmed that:
(a) i n preparation of the annual accounts, the applicable accounting standards have
been followed along with proper explanation relating to material departures;
(b) the Directors have 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 of the Company for the year under review;
(c) the Directors have taken proper and sufficient care 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;
(d) the Directors have prepared the annual accounts for the year under review, on a
Rs.going concernRs. basis;
(e) the Directors have laid down internal financial controls to be followed by the
Company and that such internal financial controls are adequate and were operating
effectively, and
(f) the Directors have devised proper systems to ensure compliance with the provisions
of all applicable laws and that such systems were adequate and operating effectively.
22. Committees of the Board
The Company has constituted various Committees of the Board as required under the
Companies Act, 2013 and the Listing Regulations. For details like composition, number of
meetings held, attendance of members, etc. of such Committees, please refer to the
Corporate Governance Report which forms a part of this Annual Report.
23. Meetings of the Board
During the year under review, the Board of Directors met 6 times. For details of the
meetings of the Board, please refer to the Corporate Governance Report which forms a part
of this Annual Report.
24. Auditors and Reports
a. Statutory Auditor
As recommended by the Audit Committee and the Board of Directors of the Company and in
accordance with Section 139 of the Companies Act, 2013 and the Rules made thereunder,
Deloitte Haskins S Sells LLP, Chartered Accountants, Mumbai, were re-appointed as the
Statutory
Auditor of the Company by the Members of the Company at the Annual General Meeting held
on 14th June, 2022, from the conclusion of the 28th Annual General
Meeting till the conclusion of the 33rd Annual General Meeting.
The Statutory Auditor has issued Audit Reports with unmodified opinion on the
Standalone and Consolidated Financial Statements of the Company for the financial year
ended 31st March, 2024. The Notes on the Financial Statements referred to in
the Audit Report are self-explanatory and therefore, do not call for any further
explanation or comments from the Board under Section 134(3) (f) of the Companies Act,
2013.
b. Cost Auditor
The Company has made and maintained cost accounts and records as specified by the
Central Government under Section 148(1) of the Companies Act, 2013. For the financial year
2023-24, Kishore Bhatia S Associates, Cost Accountants conducted the audit of the cost
records of the Company.
Pursuant to the provisions of Section 148 of the Companies Act, 2013, read with
Notifications / Circulars issued by the Ministry of Corporate Affairs from time to time,
the Board appointed Kishore Bhatia S Associates, Cost Accountants, to audit the cost
records of the Company for the financial year 2024-25.
The remuneration payable to the Cost Auditor is subject to ratification by the Members
at the Annual General Meeting. Accordingly, the necessary Resolution for ratification of
the remuneration payable to Kishore Bhatia S Associates, Cost Accountants, for the audit
of cost records of the Company for the financial year 2024-25, has been included in the
Notice of the forthcoming 30th Annual General Meeting of the Company. The
Directors recommend the same for approval by the Members.
c. Secretarial Auditor
The Board appointed Ashish Bhatt S Associates, Company Secretaries, to carry out
secretarial audit for the financial year 2023-24.
The Secretarial Audit Report issued by Ashish Bhatt S Associates, Company Secretaries,
for the financial year 2023-24 confirms that the Company has complied with the provisions
of the applicable laws and does not contain any observation or qualification requiring
explanation or comments
from the Board under Section 134(3) of the Companies Act, 2013. The report in Form MR-3
is annexed as Annexure C to this Report.
As per Regulation 24(A)(1) of the Listing Regulations, the material subsidiaries of the
Company are required to undertake secretarial audit. JSW Hydro Energy Limited (JSWHEL),
JSW Energy (Barmer) Limited (JSWEBL) and JSW Neo Energy Limited (JSWNEL) are material
subsidiaries of the Company pursuant to the Regulation 16(1) (c) of the Listing
Regulations.
Accordingly, Ashish Bhatt & Associates, Company Secretaries, carried out the
secretarial audit for JSWEBL, JSWHEL and JSWNEL for the financial year 2023-24. These
Secretarial Audit Reports do not contain any observation or qualification. The respective
reports in Form MR-3 are annexed as Annexure C1, C2 and C3 respectively to this Report.
25. Compliance with Secretarial Standards
During the year under review, the Company has complied with the Secretarial Standards 1
and 2, issued by the Institute of Company Secretaries of India.
26. Material Changes and Commitments
In terms of Section 134(3)(l) of the Companies Act, 2013, except as disclosed elsewhere
in this Report, no material changes and commitments which could affect the CompanyRs.s
financial position have occurred between the end of the financial year of the Company and
date of this Report.
27. Significant and Material Orders passed by Regulators or Courts or Tribunals
No orders have been passed by any Regulator or Court or Tribunal which can have a
significant impact on the going concern, status and the CompanyRs.s operations in future.
28. Annual Return
Pursuant to the provisions of Sections 134(3)(a) and 92(3) of the Companies Act, 2013,
the Annual Return for the financial year ended 31st March, 2024, is available
on the website of the Company at https://www.jsw.in/investors/energy/ annual- return.
29. Environmental Norms
The Ministry of Environment, Forest and Climate Change (MoEF & CC) had, in December
2015, revised environment emission norms prescribing more stringent emission limits for
operating as well as under development power plants in the country with respect to
particulate matter, sulphur dioxide (SO2) & nitrogen dioxide (NO2).
As a responsible corporate and to maintain the best environmental operating standards,
the Company has deployed state-of-the-art technology to prevent / minimize pollution
levels at all its power plants. The CompanyRs.s Ratnagiri Units 1 to 4 of 300 MW capacity,
are in compliance with all revised emission norms prescribed by MoEF & CC. High
efficiency ESP & Low NOX burners have been installed since inception. Also Flue Gas
Desulphurization units have been installed as per directives from MoEF & CC.
JSW Energy (Barmer) LimitedRs.s Units 1 to 8 of 135 MW capacity, are CFBC based and are
in compliance with SO2 emission norms prescribed by MoEF & CC. In order to comply with
Suspended Particulate Matter norms, modifications in the Electrostatic Precipitator have
been done in Units 1 to 7 and modification works are left only in Unit 8 which shall be
completed as per the maintenance shut down schedule well within the stipulated time frame.
The CompanyRs.s Toranagallu Units 2 X 130 MW, are already in compliance with all revised
emission norms. Work is in progress to bring the other operating units within the
compliance limits in the stipulated time frame.
30. Reporting of frauds
There was no instance of fraud during the year under review, which required the
Statutory Auditor to report to the Audit Committee and / or Board under Section 143(12) of
the Companies Act, 2013 and Rules framed thereunder.
31. Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and
Outgo
The particulars, as required under the provisions of Section 134(3)(m) of the Companies
Act, 2013 read with Rule 8 of the Companies (Accounts) Rules, 2014, in respect of
conservation of energy, technology absorption, foreign exchange earnings and outgo are as
under:
(A) Conservation of Energy
(i) The steps taken for energy conservation are
as below:
Vijayanagar Plant
APC Optimization Projects:
1. VFD Installation in SBU2 HFO pump-A has given a saving of 8 kW.
2. VFD Installation in SBU2 LDO pump-A has given a saving of 4 kW.
3. SBU2 U1 CW pump-A overhaul has given a saving of 69 kW.
4. SBU2 U1 TG overhaul has optimized feed water flow which has given a saving of 667 kW
in BFP power consumption.
5. SBU2 U1 ash handling compressor outlet pressure optimization has given a saving of
17 kW.
6. Stopping of first field hopper heaters in SBU2 units has given a saving of 46 kW.
7. Adjusting auto cut-in & cut-out
temperature set points of hopper heaters in SBU2 units has given a saving of 19 kW.
8. Stopping Silo blowers when ash
conveying has given a saving of 8 kW in SBU2 units.
9. Stopping ESP blowers when ash
conveying has given a saving of 4.97 kW in SBU2 units.
10. SBU1 PA fan outlet header pressure optimization from 850 mm WC to 780 mm WC has
given a saving of 42 kW.
11. Stopping of idle lube oil pumps in SBU2 unitsRs. mills has given a power saving of
7 kW.
12. Clearing of SBU1 U1 seal air fan choking in unit running condition has given a
power saving of 128 kW.
Heat Rate Optimization Projects:
1. SBU2 U1 GHR has improved by 41 kCal/ kWh after capital overhaul.
a. SBU2 U1 CW pump overhaul and condenser cleaning has improved vacuum by 0.83 kPa
which has resulted in savings of 11.58 kCal/ kWh.
b. SBU2 U1 APH baskets replacement during capital overhaul has saved
25.22 kCal/kWh by reducing air temperature at APH outlet by 22?C from 162?C to
140?C.
2. 949 kg/h steam saved by reducing
steam loss through flash tank venting at SBU2 VAM discharge.
Ratnagiri Plant
1. De-staging of 4 boiler feed pumps has resulted in saving of 1012 kWh auxiliary power
consumption at full load.
2. De-staging of 2 condensate extraction pumps has resulted in saving of 217 kWh
auxiliary power consumption at full load.
3. Energy efficient coating of 2 pf CW pumps has resulted in saving of 70 kWh auxiliary
power consumption at full load.
4. Replacement of primary air fan suction baffles, resulted in saving of 244 kWh
auxiliary power consumption
5. U#1 & 3 HP exhaust dump valve replaced with new design valve, resulted in
benefit of heat rate by 2 kcal.
6. The day average water consumption reduced to / by 500 M3/day by various initiatives
of recollection of Steam and Water Analysis System (SWAS) water & lubrication water
for cooling water system
(ii) The steps taken by the Company for utilizing alternate sources of energy:
Vijayanagar Plant
In both SBU-1 (2 X 130 MW) and SBU-2 (2 X 300 MW) units, waste gases from blast furnace
and other steel process plants of JSW Steel are being utilized as fuel which has led to
2.03 Lakh MT displacement of coal.
Implementation of flexibilization to accommodate 225 MW solar power for production of
steel leading to emission reduction of 4,56,781 tCO2e.
Ratnagiri Plant
The Company has built a number of check dams to conserve the rain water. It has
resulted in a saving of 2.35 Lakh M3 of surface water till date and also resulted in
savings of pumping power of approximately 150 KW per hour.
(iii) Capital investment on energy conservation equipment:
Vijayanagar Plant
1. SBU2 U1 TG Overhaul: 481.72 lacs
2. SBU2 U1 APH Baskets replacement: Material: 328.05 lacs, Services: 50.59 lacs.
3. SBU2 U1 CW pumps overhaul: 24.53 lacs Ratnagiri Plant
1. De-staging of BFP in two units to save the auxiliary power consumption, Rs. 3.01
crores.
(B) Technology absorption
(i) The efforts made towards technology absorption are provided below -
Vijayanagar Plant
1. Company invested substantially in digitization to achieve improvements in heat rate
and auxiliary power consumption
OSI PI digital dash boards for monitoring and reduction of controllable losses
and improvement in heat rate and auxiliary power consumption.
Heat rate improvement by smart soot blowing by adopting Artificial Intelligence
technology.
IIOT based fault detection system for critical equipment in the plant.
2. APH 1A and 1B complete basket replacement done with new profile basket (DN8)
supplied by Arvos Ljungstorm. APH flue gas exit temperature got reduced from 162?C to
140?C and improved the boiler efficiency by 1%.
Ratnagiri Plant
1. Lube oil flushing time optimized by 12 hrs during capital overhauling, by installing
new design three stage filtration skid instead of single stage filtration skid.
2. Condenser tubes eddy current testing method developed to avoid the failure of the
tubes.
3. DCS control system network switches has been upgraded in view of the cyber security
compliance.
4. Upgradation of Supervisory Control S Data Acquisition (SCADA) system, Continuous
Emission Monitoring System (CEMS) Controller S HMI Station with latest version to enhance
the cyber security compliance S system reliability.
5. Performance dash board has been developed by using PI server connectivity DMZ system
to Vijayanagar server for centralized monitoring and analysis.
6. Upgradation of the fire alarm system with enhanced features and brought under
centralised control monitoring system.
7. Enhancing the mean time to failure of bottom ash conveying System from 1 to 5 years
by replacing the new design of post cooler idlers.
8. As a part of digitisation drive, Advanced Process Control logic has been carried out
in Unit-4 on pilot-run and in result monitoring stage.
9. Recycling legacy ash and bottom ash under zero waste approach to generate value
added product by in house developed technology.
10. Technology has been developed to fill the 45000 MT of fly ash, and executed two
export consignment in FY24.
(ii) The benefits derived like product improvement, cost reduction, product development
or import substitution.
Vijayanagar Plant
1. Coal Mill 1D vane wheel replaced with AIA supplied airport ring assembly and rejects
reduced drastically (from 106 Kg/h to 2.6Kg/h.) Specific power consumption got reduced
from 9.28 to 8.69 KWH/Ton. Achieved a monetary benefit of 18.43 Lakhs per Mill/ year.
2. Innovative cleaning of oil nozzles within Mill- 3CRs.s gearbox reduced Mean Time to
Repair (MTTR) from 160 to 8 hours, averting gearbox replacement and emphasizing meticulous
maintenanceRs.s impact on equipment reliability and downtime minimization.
3. SBU1 Mill-1 C Journal assembly Trunnion Bushes were not available in stock which
would have led to non-availability of coal mill. It was fabricated in house for the first
by a creative and innovative idea of sandwiching bushes and gaskets and cold pressing with
a jack. Spares cost of Rs. 1 Lakh saved.
4. For safe removal of spillage coal trolley arrangement made in SBU-2 bunker floor to
avoid manpower getting trapped in conveyor during online housekeeping of spilled coal.
5. DCC breakdown was happening frequently due to clinker getting stuck between guide
wheel S chain. DCC Guide Wheel guard fabrication S Installation completed in all 4 units
of DCC. After modification DCC breakdowns reduced from 24 to 2 incidents.
6. To avoid Corex bellow damage in SBU-1 Corex system new Drain pipe line is erected
and connected to seal pot to avoid any water accumulation.
7. PA Fan 2A shaft locking arrangement to avoid reverse rotation of fan during standby.
Unsafe condition during PA fan shaft locking is eliminated. PA fan can be started S
stopped frequently without any delay as per load schedule.
8. Mill 2B S 2C inerting line modification done for easy access of JCB to remove mill
rejects. Eliminated the potential of musculoskeletal diseases of mill rejects handling
manpower.
9. SBU-2 VAM steam traps and condensate line MIV found passing which is affecting the
VAM performance and also leading to steam loss. All passing steam traps and MIV replaced
and eliminated the steam loss and avoided potential loss of 56.4 lakhs.
10. Overhauling of cooling pond pump-A, installation of recirculation line to reduce
header pressure, replacement of leak-prone areas with SS pipeline, and installation of
isolation valve for individual unit maintenance improved the availability of the cooling
pond system.
11. I nserting steam line provided in all coal mill pyrite hoppers to avoid fire and
improved availability of coal mill.
12. Availability MTBF of coal mills has doubled through the installation of additional
hardfaced wear plates on scraper.
13. Coal mills hot air duct area fire hazard eliminated by covering ducts with used
conveyor belts to avoid coal falling on hot air ducts.
14. Safety of coal mills work at height activities has been reinforced by adding a toe
guard to the mill platform, previously unavailable.
15. To address corrosive RO permeate water, UPVC pipes were initially chosen for a
1400-meter pipeline, leading to frequent failures and inability to commission the DM
Plant; however, after implementing a SS Bellow Hose and other modifications, achieving a
design flow of 120 M3/Hr and 100% reliability while saving significant water volumes of
approx. 12000 M3/month. (144000M3/Year).
16. Despite initial challenges and the absence of prior similar endeavours in India,
successful in-situ repair of worn-out main steam pipe seal ring portions in SBU2 U1 HIP
outer casing was achieved during capital overhaul, setting a benchmark for the teamRs.s
capability in conducting such repairs for turbine parts.
17. Despite initial difficulties, the exact leakage source of the SBU2 U1 Generator
Stator cooling water was successfully pinpointed, leading to significant cost savings of
approx. 10 lacs by locally fabricating stainless-steel bellows instead of purchasing it
from the OEM.
18. Successfully addressing the SBU2 U1 generator hydrogen leakage involved machining a
new seal ring to match onsite conditions, identifying the leak as part of a stator water
leak, and conducting a pneumatic test to ensure the integrity of the Generator CC bolts,
resulting in reduced hydrogen consumption.
19. BCN-2A hydraulic brake system commissioned and conveyor travel distance reduced
from 30 meter to 5 meter after stopping/tripping of conveyor. This eliminates potential
injury to workers in case a need for emergency stoppage of conveyor.
20. Installation of Safe Load Indicators in mobile cranes prevents overloading by
locking the boom movement when lifting loads exceeding the rated capacity, enhancing
safety for operators and surrounding personnel.
21. Elimination of Li-Br contamination and performance improvement of VAM machine
carried out by installation of in house fabricated magnetic filter.
22. I ntroduced tractors monitoring system to ensure the healthiness of housekeeping
vendorRs.s tractors by ensuring all tractors are inspected by respective area engineers
along with vendorRs.s supervisor.
23. 220kV transmission line tower heightening work done for railway line
electrification.
24. 220kV transmission line brought inside the plant on emergency rescue system (ERS)
during the transmission line tower heightening work project.
25. 33kV power cable rerouting work done for the hot metal track of JVML Project- GC
customer.
Ratnagiri Plant
1. By reducing the auxiliary power consumption, resulted in saving of approx. 13.5 Mus
and monetary benefit of approx. 6.5 Cr/annum.
2. DCS controller and ESP electronics cards repaired through developed vendor,
resultant cost saving is 2.9 Cr. and availability of controller enhanced.
3. Following modifications are carried out in system for improvement in reliability and
safety:
a) Primary frequency response test as per IEGC 2023 for power plant have been
successfully completed S accordingly logic have been implemented.
b) BFP double backup logic implemented to enhance the BFP availability during partial
load operation.
c) Common Unit Switchgear breakers remote operation from the respective units for ease
of operation.
d) LDO Tanker unloading earthing system safety enhanced by introducing the RTR (Road
Tanker Recognition) system with protection and remote monitoring.
e) Motor Current Signature Analysis (MCSA) Test carried out for all HT motors to know
the healthiness and avoid the premature failures and improve the reliability.
f) New Battery Bank 16TBS2100 installed in Unit Battery Bank for the system
reliability.
g) Installed Auto Changeover Switches in VFD AC PDBRs.s for the equipment availability.
h) Making compost manure using tree leaves and tree branches in the plant area for
fertilizer.
(iii) I n case of imported technology (imported during the last three years reckoned
from the beginning of the financial year): Nil.
(iv) The expenditure incurred on Research and Development: The Company did not carry
out any core R S D work during the financial year 2023-24.
(v) Future Plans:
Vijayanagar Plant
1. Replacement of APH baskets in SBU-2 Unit-1 for Boiler efficiency improvement S APC
reduction.
2. Reduction of controllable losses by installation of PID controller through
digitization.
3. I nstallation of advance AI/ML based digital technology for improving plant
performance.
Ratnagiri Plant
1. Main Plant Control system-DCS upgradation.
2. I nstallation of control switching device for 400 KV Breaker to avoid the downstream
failure of the cables.
3. Enhancing the efficiency of the main plant compressor system by installing the
standalone cooling water system.
4. Replacement of HVAC chiller unit with energy efficient chiller of COP 5.5 kw.
5. Cooling tower efficiency S reliability improvement by replacing energy efficient
fans S gear box.
6. Energy efficient coating for cooling water pumps.
7. To minimise the dependency of raw water by installing the sea water-based RO plant
along with reservoir.
8. AI ML based video analytics for safety surveillance system and AR/VR for safety
training.
9. Super heater De-superheating line modification to optimize the heat rate.
10. To improve the reliability of the cooling water system by provision alternate lube
water system.
(C) Foreign exchange earnings and outgo
The foreign exchange inflow of the Company for the year under review amounted to Rs.
1.93 crores and outflow amounted to Rs. 2,167.14 crores.
32. Particulars of Employees and Related Disclosures
The disclosure pertaining to remuneration and other details as required under Section
197(12) of the Act read with Rule 5(1) of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014 is annexed as Annexure D to this Report.
The disclosure under Rules 5(2) and 5(3) of the Companies (Appointment and Remuneration
of Managerial Personnel) Rules, 2014 forms a part of this Report. However, as per first
proviso to Section 136(1) of the Act and second proviso of Rule 5(3) of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014 the Report and
Financial Statements are being sent to the Members of the Company excluding the said
statement. Any Member interested in obtaining a copy of the said statement may write to
the Company Secretary at the Registered Office of the Company.
33. Prevention, Prohibition and Redressal of Sexual Harassment of Women at Workplace
Pursuant to the requirements under the Prevention of Sexual Harassment of Women at
Workplace (Prevention, Prohibition and Redressal) Act,
2013, the Company has enacted a Policy and duly constituted Internal Complaints
Committees across locations. To build awareness in this area, the Company has been
conducting induction / refresher programmes in the organisation on a continuous basis.
During the year under review, a complaint was received by the Company, and on further
investigation by the Internal Complaints Committee, and after examination of the evidences
and deposition of the complainant and the respondent, it was concluded that the complaint
did not pertain to sexual harassment.
34. IBC Code & One-time Settlement
There is no proceeding pending against the Company under the Insolvency and Bankruptcy
Code, 2016 (IBC Code). There has not been any instance of one-time settlement of the
Company with any bank or financial institution.
35. Acknowledgements
Your Directors would like to express their appreciation for the co-operation and
assistance received from the Government authorities, banks and other financial
institutions, vendors, suppliers, customers, debenture holders, shareholders and all other
stakeholders during the year under review.
Your Directors also wish to place on record their deep sense of appreciation for the
committed services of all the employees.