Dear Members,

Your Directors are pleased to present the Thirty Sixth Directors' Report of the Company for the year ended 31^st March, 2024 along with the Audited Statement of Accounts, Report of Auditors and Comments of the Comptroller and Auditor General of India.

The following financial highlights for the year ended 31^st March 2024 briefly encapsulate the performance of your company -

1. FINANCIAL HIGHLIGHTS ('Rs. in crore)

2. GENERATION

Gross Energy Generation from various operational plants of the Company, including subsidiaries during FY2023-24 is as under -

(Million Units (MU)

Generation Records S Milestones achieved during FY2023-24 include: -

1. NJHPS has achieved highest ever generation of 39.570 MU for the day on 18.07.2023.

2. RHPS has achieved highest ever generation of 10.971 MU for the day on

17.07.2023.

3. Highest ever generation of 50.534 MU achieved from both the Hydro Projects on 18.07.2023.

4. RHPS has achieved highest ever monthly generation of 337.165 MU during August 2023.

5. Highest ever monthly generation of 1590.072 MU recorded from all operational projects in the month of August 2023.

6. CSPS has achieved highest ever generation of 8.842 MU this year.

3. REVENUE AND PROFITS

The standalone revenue from operation decreased by Rs.'401.82 crore to Rs.'2533.59 crore during the financial year 2023-24 compared to'Rs. 2935.41 crore during the previous year. The standalone Profit After Tax (PAT) decreased by'Rs.455.05 crore to Rs.'908.40 crore against Rs.'1363.45 crore for the previousyear.

The Subsidiary companies are under construction except for four projects of SJVN Green Energy Limited (SGEL) of 275 MW and CPTC, (a Joint Venture company) which are in operation. Consolidation has resulted in increase in profit of consolidated group byRs.'Rs. 3.04 crore (P.Y. decrease ofRs.'Rs. 4.15 crore) as compared to standalone financial statements mainly due to profit/income of Subsidiary Companies and inclusion of proportionate share of profit of CPTC.

4. TRANSFER TO RESERVES

During the year'208.31 crore was transferred to General Reserve of the Company.

5. DIVIDEND

During the year, an interim dividend of Rs.'1.15 per share has been paid in the month of February 2024. In addition, your Board has recommended

a final dividend of'Rs. 0.65/- per Share. Thus, subject to your approval, a total dividend of'1.8 per share ('707.37 crore) is proposed to be paid for FY 2023-26 againstRs.'Rs. 1.77 per share ('695.58 crore) paid during the previous year.

6. PROGRESS OF PROJECTS (HYDRO ? THERMAL)

The progress of the projects of the Company and its subsidiaries are as follows: -

A) PROJECTS UNDER CONSTRUCTION

1) Arun-3 HEP (900 MW):

Arun-3 Hydro Electric Project (6x225 MW) is located on River Arun in District Sankhuwasabha of Eastern Nepal. The Project is run-of-the- river scheme with 6 hours peaking and is designed to generate 3926 MU energy annually in a 90% dependable year. SJVN bagged the Project through International Competitive Bidding. Memorandum of Understanding for the execution of this Project was signed with Government of Nepal (GoN) on 02.03.2008. The Project was allotted to SJVN on BOOT basis, to be operated by SJVN for 25 years after the commissioning and thereafter it will be handed overto the Government of Nepal. SJVN Arun-3 Power Development Company Pvt. Ltd (SAPDC) was registered on 25.06.2013 under Companies Act of Nepal, 2063 with an aim to plan, promote and execute the Project.

Techno-Economic approval of the Project was accorded by CEA, Government of India (Gol) on 09.06.2016. Project Development Agreement (PDA) was signed with Investment Board of Nepal (IBN), GoN on 25.11.2016. As perthe PDA, Project is scheduled to be completed within 5 years reckoned from the financial closure. Financial Closure was achieved on 06.02.2020 for'6,333.68 Crores through consortium of five Indian and two Nepalese banks with SBI as the lead.

Environment Impact Assessment report of the Project was approved by Ministry of Science, Technology ? Environment, GoN on 12.08.2015. Private land required forthe Project has been registered in the name of SAPDC. Lease agreement for diversion of 96.97 ha forest land was signed on 23.08.2017 and for balance 26.25 ha land lease agreement wassigned on 06.02.2018.

Government of India has accorded investment approval for the Generation component of the Project at an estimated cost of'Rs. 5,723.72 Crores at May, 2015 price level. Government of Nepal has issued Generation license on 06.05.2018.

Hon'ble Prime Ministers of India and Nepal jointly laid the foundation stone of this Project on 11.05.2018. Major works of the Project are divided in four main packages which have already been awarded and the progress of each of these is discussed as under.

Civil Package- C1 comprising of Civil Works in Dam complex area and 3.7 km Head Race Tunnel (HRT) was awarded to M/s Jaiprakash Associates Ltd. on 22.09.2017. Work is in progress at all the fronts. Diversion of River was completed on 01.02.2021. Dam excavation and concreting is in progress; 99.7% excavation and 26% concreting has been completed. Construction of Intake structure is in progress. In HRT, 100% heading, 100% benching and 99% overt lining has been completed. Civil Package- C2 comprising of Civil Works in Power House and 8.1 km Head Race Tunnel (HRT) was awarded on 19.03.2018 to M/s Patel Engineering Ltd. Allaccess aditsto HRT, PowerHouse, Pressure Shafts, Machine Hall, Transformer Hall and Butterfly Valve House have been completed. Excavation of Machine Hall, Transformer Hall, Butterfly Valve House and Collection Gallery have also been completed. Excavation of Surge Shaft and widening of Pressure Shafts has been completed. Excavation and lining of HRT is in progress; 99% heading, 72% benching and 67% overt lining has been completed. Overall, in both C-1 and C-2 packages 99% heading, 81% benching and 63% overt lining of HRT have been completed.

HM Package- C3 was awarded to M/s OM Metals Infra Projects Ltd. on

11.06.2018. Design and drawings of all major HM components approved. Fabrication of major components has been completed, supply and erection works are in progress.

EM Package was awarded to M/s BHEL on 30.06.2018. Design and drawings of all major EM components approved and fabrication and supply of components is in progress. Erection of DT liner in all units of Machine Hall has been completed and erection of stay ring ? spiral casing is in progress.

Construction Power: Construction of 33 kV Transmission Line (66 km) for Construction Power has been completed, line charged and construction power made available at site.

Power Evacuation System of Arun-3 HEP: Power Evacuation system consists of 253 km long 600 kV DC Transmission Line from Diding (Project area) in Nepal through Dhalkebar to Sitamarhi Substation, India. Nepal portion of 217 km from Arun-3 Power House (Diding) to Bathnaha (Nepal Border) is being constructed by SAPDC. Government of India accorded investment approval amounting to'Rs. 1,236.13 Crores at June, 2017 price level on 08.03.2019 for the Nepal portion of Transmission Line to be constructed by SAPDC. Government of Nepal has issued Transmission license on 12.02.2019.

Indian portion of Transmission Line from Bathnaha-Sitamarhi has been completed by PGCIL and charging upto border area as anti-theft measure hasalso been done.

MoU has been signed with PGCIL for Project Management consultancy for execution of Transmission Line stretch in Nepal. Construction work is being carried out through five packages. Work of two Tower packages, one Substation package is in progress and one Conductor package has been completed whereas second Conductor package is under retendering. 60% Tower foundations ? 51% erection of Towers have been completed and balance work is in progress.

2) Buxar Thermal Power Project (1320 MW):

MOU was signed between SJVN, Bihar State Power Holding Company Limited and Bihar Power Infrastructure Company for the development of 1320 MW Thermal Power Project at village Chausa in District Buxar of Bihar on 17.01.2013. SJVN acquired the Project executing Company Buxar Bijlee Company Private Limited on 06.07.2013. The name of Buxar Bijlee Company Private Limited was changed to SJVN Thermal Private Limited (STPL), a wholly owned subsidiary company of SJVN Limited on 17.10.2013.

Investment approval for carrying out pre-construction activities of the Project amounting to'636.68 Crores was accorded by Gol on 26.05.2015. MoEFfiCC accorded Environment Clearance on 28.02.2017. 1058.33- acre private land for Project components was transferred in the name of STPL on 12.12.2017. Consent to Establish (NOC) was granted by Bihar State Pollution Control Board on 03.09.2019.

CCEA accorded investment approval of Main Plant works on 08.03.2019, amounting to'Rs. 10,639.09 Crores. Foundation stone for the Project was laid by Hon'ble Prime Minister of India on 09.03.2019.

Main Plant works: Single EPC package was awarded to M/s L?T on 22.06.2019 and construction activities are in progress. Area grading work in Main Plant area is in progress, 85% excavation and 86% filling has been completed. Hydro test for Boiler-1 has been completed ? 73% structure erection for Boiler-1 and 65% structure erection for Boiler-ll has been completed. Structure erection work and boxing-up of STG-I has been completed, Structure erection of DM Plant has also been completed and is in progress for Boiler-1 ? II, ESP-I ? II, STG II and CHP system. Chimney outer shell concreting has been completed and flue can erection is in progress.

Rail Infrastructure: The DPR for Rail infrastructure was approved by East Central Railway (ECR), Hazipur on 05.09.2019. For Coal linkage, Amrapali and Magadh coal blocks have been identified as source by Central Coalfields Ltd. (CCL) and Fuel supply agreement was signed with Central Coalfields Ltd on 27.07.2021. Work is divided into seven packages out of which 5 packages (Package-1 to 6 ? Package- 7) have been awarded and tendering work for Package- 5?6 (which have been clubbed together) is in process. Supply of Rails (Package-1) and PSC Sleepers (Package-2) has been completed. Railway siding work (Package-3), Civil works (Package- 6), Signaling ? Transmission work (Package-7) are also in progress.

Power Evacuation system: Power Purchase Agreement (PPA) for the Project was signed with Bihar State Electricity Board (later Bihar State

Power Holding Company Limited, BSPHCL) for 85% share of Power at bus bar rate. PPA (supplementary agreement) signed with BSPHCL on 09.04.2021 for construction of Transmission Lines for Power evacuation. Grant of Connectivity for Power Transmission from Buxar TPP was accorded by Bihar State Power Transmission Company Ltd. (BSPTCL) on 11.03.2022. Power evacuation system is divided into 4 Transmission line packages. LoA for all four lines was issued by BSPTCL and work of all the transmission lines have been completed and kept in anti-theft charging mode.

3) Luhri HEP STAGE-1 (210 MW):

Luhri Hydro Electric Project Stage-1 is a Run-of-the-River (RoR) scheme with installed capacity of 210 MW, located on river Satluj, near village Nirath spread over Shimla and Kullu Districts of Himachal Pradesh. The project will generate 758 MU of electric energy in a 90% dependable year. MOU for execution of the project was signed with Govt, of Himachal Pradesh on 25.09.2019.

Investment approval amounting to'Rs. 1810.56 Cr for main works accorded on 20.11.2020 with completion period of 62 months from date of investment approval. Foundation stone laid by Hon'ble Prime Minister on 27.12.2021. Financial closure of the project has been achieved on

28.02.2022 and agreement signed with State Bank of India.

Main Civil ? HM works package was awarded on 24.11.2020 to M/s Luhri Hydro Power Consortium and works at various fronts are in full swing. River has been diverted on 25.06.2022 and 90% dam excavation completed so far. Dam concreting has been started in parallel with dam excavation. Excavation of power house up to pit for 3 units out 4 has been completed. Concreting of columns and beams in Service Bay was completed on 10.11.2023 and 1st stage concreting for unit-1 ? 2 is in progress. Permanent steel truss bridge (84m) to cross river commissioned on 10.09.2023. 93% excavation of Tail race channel completed. Construction of flood protection wall and TRC walls is also in progress.

EM package was awarded to M/s Voith Hydro Pvt. Ltd. on 16.07.2021. Manufacturing of all four draft tube liners has been completed and out of which, three DT liners have been delivered at site. Manufacturing of otherEM Components is in progress.

Power from the project shall be evacuated from 400/ 220 kV common pooling station proposed to be constructed at Village Ogli by CTU. Accordingly, work for construction of 220 kV transmission line from switchyard to common pooling station (ISTS network) awarded on

06.07.2022. Detailed survey completed and approval for authorization u/s 164 of Electricity Act, 2003 accorded by MoP on 01.12.2023. Case for diversion of forest land submitted on 11.01.2024 accepted by Project screening committee on 22.02.2024 and under process with State Forest Deptt. Proposal for acquisition of private land is under process of approval.

4) DHAULASIDH HEP (66 MW):

Dhaulasidh Hydro Electric Project with installed capacity of 66 MW is located on river Beas, in Hamirpur and Kangra districts of Himachal Pradesh. The Project is a run-of-the-river scheme and will generate 304 MU of electric energy in a 90% dependable year. MOU was signed with Govt, of Himachal Pradesh on 25.09.2019.

Investment approval amounting to'Rs. 687.97 Crfor main works accorded on 01.10.2020 with completion period of 54 months from date of commencement of construction works. Foundation stone laid by Hon'ble Prime Minister on 27.12.2021. Financial closure of the project was achieved on 18.04.2022 and agreement signed with H.P. State Cooperative bank.

Main Civil ? HM works package was awarded to M/s Rithwik Projects Pvt. Ltd., Hyderabad on 06.05.2021. River has been diverted on

15.02.2022. Excavation for all the project components i.e. Dam, Power House and Tail Race Channel has been completed in all respect. Dam concreting is in full swing and 24% concreting completed. In Power house area, concreting in DT pit, machine hall and service bay is in progress and 17% completed. Work for construction of flood protection wall is also in progress.

EM package for main works awarded to M/s Voith Hydro Pvt. Ltd. on

19.01.2022. Erection of draft tube lines has started w.e.f. 11.02.2024. Both the DT liners have been placed and wielding is in progress. Supply of EoT crane received at site on 01.12.2023. Fabrication of spiral case and stay ring for unit-1 completed and for unit-2 is in progress.

Power from the project shall be evacuated from 220 kV network/ substation of HPPTCL proposed at village Alampur. Payment of Rs. 12.3 Cr. has been deposited with HPPTCL for construction of 2 bays at proposed switching station. Work for construction of 17.2 km transmission line from switchyard to HPPTCL network at Alampur awarded on 14.06.2022. Case for diversion of forest land submitted on

14.06.2023 accepted by Project screening committee on 20.03.2024 and under process with State Forest Deptt. Signing of agreement with land owners for purchase of Private land is in progress. Work for tower foundation in private land has already been started.

Further, in addition to 2 main units of 33 MW each, an auxiliary unit of 3.5 MW capacity to utilize the e-flows is also being planned for which statutory clearance is under process with GoHP.

5) Sunni Dam HEP (382 MW):

Sunni Dam HEP is a run-of-the-river (RoR) scheme on river Satluj located near Khaira village in Shimla and Mandi districts of Himachal Pradesh. The Project will generate 1382 MU of energy in a 90% dependable year. Govt, of H.P. re-allotted the project on "Stand Alone Basis" to SJVN on 29.08.2017. MOU was signed with Govt, of Himachal Pradesh on 25.09.2019. Ground breaking ceremony of the project was presided over by Hon'ble Prime Minister on 27.12.2021.

After obtaining all statutory clearances, investment approval amounting to'Rs. 2614.51 Cr accorded by Gol on 12.01.2023 with completion period of 63 months from date of CCEA approval.

Main Civil ? HM works package was awarded to M/s Rithwik Projects Private Limited on 14.01.2023. Suspension bridge of 113 m span to approach the right bank has been completed on 31.10.2023. AH the approach roads to the project components have also been completed. After completion of 510 m long diversion tunnel river diverted on

13.01.2024 within schedule. Excavation for dam abutments in both the banks is in progress. In the powerhouse area excavation of MAT, adit to powerhouse crown, Adit to Tail race tunnels and development of bench for potheadyard are in progress.

Construction power for initial requirement has been made available at site, while for peak requirement, work of 22 kV line from HPSEB's substation at Gumma to dam site through HPSEB Ltd. is in progress. Construction of permanent steel truss bridge, non-family accommodation and office building at site is also in progress.

EM package: Tender documents for EM works have been prepared and NIT shall be issued shortly.

Power from the project shall be evacuated from 400/220 kV ISTS Network /substation proposed at village Ogli finalised with CTU/CEA. Accordingly, work for construction of transmission line from powerhouse to common pooling station shall be awarded separately matching with commissioning of project.

Widening of Sunni Khaira Road up to Ogli substation for transportation of equipment shall be taken up for which proposal for investment approval has been submitted to CEAon 24.04.2024.

B) PROJECTS UNDER PRE-CONSTRUCTION, SURVEY ? INVESTIGATION STAGES:

1) Lower Arun HEP (669 MW), Nepal:

Lower Arun HEP was allotted to SJVN by Govt, of Nepal on 04.02.2021 with an installed capacity of 669 MW with an annual generation of 2901 MU. The project is located in the Sankhuwasabha and Bhojpur districts of Eastern Nepal on river Arun, d/s of existing Arun-3 HEP (900 MW) which is under construction by SAPDC (wholly owned subsidiary of SJVN). The Project is envisaged to be operated in Tandem with Arun-3 HEP.

Investment approval for Rs.'74.60 Crfor pre-construction activities of the project was accorded by Gol on 02.03.2022. DPR of the Project has been approved by IBN, GoN on 31.03.2022. Techno-Economic Appraisal of the Project has also been accorded by CEAon 31.10.2022.

Project Development Agreement signed with GoN on 01.06.2023. Investment approval of'5792.36 Cr. recommended by PIB on 18.05.2023. CCEA approval is in progress. SEIA has been approved by GoN on

01.11.2023. Tender documents for major works are under finalization.

2) Arun-4 HEP (490 MW), Nepal:

Arun-4 HEP is a run-of-the-river scheme proposed to harness the hydel potential of river Arun in Nepal with an annual generation of 2758 MU. For the development of the project in a Joint Venture, a Memorandum of Understanding has been signed between SJVN and Nepal Electricity Authority (NEA), in the esteemed presence of Hon'ble Prime Ministers of India S Hon'ble Prime Minister of Nepal at Lumbini, Nepalon16.05.2022.

Project registered with CEA on 08.07.2022. Inception report of the Project has also been submitted to NEA, GoN on 23.11.2022. Investment approval for pre-construction activities amounting to'Rs. 41.36 crore has been approved by MoP on 30.12.2022.

Project is in pre-DPR stage. First Consultation meeting held on

04.07.2023. JV Agreement is under finalization with GoN.

3) REOLI-DUGLI HEP (456 MW):

Reoli Dugli HEP is a run-of-the-river project proposed to harness the hydel potential of river Chenab in the Lahaul-Spiti district of Himachal Pradesh. GoHP allotted the project to SJVN with capacity of 430 MW on

23.10.2019. Template MoU was signed with GoHP on 06.11.2019. After feasibility studies, capacity of the project enhanced to 456 MW. Project is in pre- DPR stage. 1st Consultation Meeting held with CEA on 12.06.2023 and General layout of the project cleared by CWC on

02.02.2024. Geological investigations have been completed and pre- DPR chapters are under preparation.

Investment approval for pre-construction activities amounting to'Rs. 79.69 Crore has been approved by MoP on 20.12.2022.

For diversion of forest land, case has been submitted to MoEFSCC on

31.03.2022. Enumeration of trees has been completed and identification of land for compensatory afforestation is in progress. EIA/EMP report is under finalization and CAT plan submitted to Forest Department for approval.

4) PURTHI HEP (234 MW):

GoHP allotted the project with capacity of 210 MW in Chenab basin on 09.08.2019 and Template MoU was signed with GoHP on 25.09.2019. Project is in pre-DPR stage. 1st consultation meeting was held in CEAon

20.10.2020. After preliminary studies, capacity of project has been enhanced to 234 MW. Drilling and drift works for geotechnical investigations were awarded, however, same have been stopped by locals since 04.09.2022. Matter has been taken up with Administration for resolution of issue and resumption of works.

Investment approval for pre-construction activities amounting to'Rs. 78.25 crore has been approved by MoP on 14.12.2022.

ToR of the project has been approved by MoEFSCC on 26.03.2021. EIA/ EMP report and CAT plan are under preparation.

5) BARDANG HEP (166 MW):

Bardang HEP is a R-O-R project to harness the hydel potential of river Chenab in the Lahaul-Spiti district of Himachal Pradesh. GoHP allotted the project with capacity of 138 MW in Chenab basin on 09.08.2019 and Template MoU signed with GoHP on 25.09.2019.

Project is in pre-DPR stage. 1st consultation meeting held with CEA on

06.11.2020. After preliminary studies, capacity of project has been revised to 166 MW. Drift works completed on 09.02.2023 and drilling works are in progress. Six pre-DPR submitted to CEA/CWC out of which five have been cleared.

ToR of the project has been approved by MoEFSCC on 26.03.2021. EIA/ EMP report and CAT plan are under preparation.

PIB proposal for the investment approval for pre-construction activities amounting to'Rs. 88.34 Cr submitted to MoP on 27.06.2023 is underapproval.

6) Sach Khas HEP (287 MW):

Sach Khas HEP is a run of the river project proposed to harness the hydel potential of river Chenab in Chamba district of Himachal Pradesh. GoHP allotted the project with capacity of 267 MW on 05.01.2021.

Project is in pre-DPRstage. 1st consultation meeting held on 06.01.2022. After investigation, capacity of project revised to 287 MW. Drilling and drift work for geotechnical investigations are in progress. 05 pre-DPR chapters have been cleared by CEA/CWC.

ToR of the project approved by MoEFSCC on 04.03.2022. EIA/EMP report and CAT plan are under preparation.

PIB proposal for the investment approval for pre-construction activities amounting to'Rs. 69.67 Cr submitted to MoP on 30.06.2023 is underapproval.

7) Tandi Rashil HEP (268 MW):

Tandi HEP and Rashil HEP were allotted by GoHP with capacity of 104 MW and 130 MW respectively in Chenab basin on 05.01.2021. After preliminary studies, a single scheme of 268 MW Tandi-Rashil HEP has been proposed and same was approved by GoHP on 02.07.2022. Project considered byCEAon 25.07.2022.

Topographical survey and geological mapping required for optimization studies could not be carried out at site due to resistance by locals. Due to delay in investigation works, proposal for SSI and DPR preparation returned by CEA on 11.09.2023. Matter is being followed up with Administration to resolve the issues for resumption of works.

8) Tindi SHEP (4.4 MW):

Tindi hydroelectric project is a run-of-the-river scheme located on Harsar Nala, a tributary of river Chandrabhaga near village Tindi, in District Lahaul S Spiti of Himachal Pradesh. DPR of the project submitted to GoHP/Himurja on 31.08.2022 for approval.

9) Hydro power projects in Arunachal Pradesh:

i) Etalin HEP (3097 MW):

Project allotted by GoAP on 21.07.2023 and MoA signed with GoAP on

12.08.2023. Transfer of concurrence and extension of validity of DPR upto 31.12.2024 accorded by CEA on 09.11.2023. Revised hydrology approved by CWC on 05.02.2024 and power potential studies are under examination in CEA.

Revised case for diversion of 1175 ha forest land submitted on

15.02.2024. Compensatory Afforestation land is being identified by State Forest Department. EC has been recommended on 31.01.2017, however, EC letter will be issued by MoEFSCC after grant of Forest Clearance Stage-1.

For Land Acquisition, Rs. 1175 Ha. land has been identified and compensation amount determined.

Cost to Completion submitted to CEA on 12.02.2024 for approval. Draft PIB Memo for investment approval of main works submitted to MoP on

01.03.2024 is under examination.

Tender documents for major works are under preparation.

ii) Attunli HEP (680MW):

Project allotted by GoAP on 21.07.2023 and MoA signed with GoAP on

12.08.2023. Transfer of concurrence and extension of validity of DPR upto 31.12.2025 accorded by CEA on 09.11.2023. Revised hydrology approved by CWC on 10.04.2024.

FC case for diversion of 261.53 ha forest land submitted on 15.02.2024. Identification of Compensatory Afforestation land and tree enumeration work is in progress. TOR recommended for EC on

09.02.2024 and EIA/EMP is under finalization with consultant.

Forland Acquisition, 261.53 Ha. land has been identified.

Cost to Completion submitted to CEA on 18.01.2024 for approval.

iii) Emini (500 MW), Amulin (420 MW) and Mihumdon (400 MW) HEPs: Projects allotted by GoAP on 21.07.2023 and MoA signed with GoAP on

12.08.2023. To ascertain the commercial viability, NIT for consultancy services for preparation of PFRs issued on 04.04.2024. Process for the other statutory clearances shall be initiated after ascertaining commercial viability of the projects.

iv) Oiher projects:

MoP has indicated 9 more projects totaling 1507 MW in Dibang basin to SJVN on 11.05.2023 of the projects. Commercial viability of the projects is being ascertained before signing of Molls with State Govt.

10) Luhri HEP STAGE-2 (228 MW):

Luhri HEP Stage-2 is a Run-of-the-River (RoR) scheme proposed on river Satluj near village Nanj, in Shimla, Kullu and Mandi districts of Himachal Pradesh. Govt, of H.P. re-allotted the project on "Stand Alone Basis” to SJVN on 29.08.2017. Investment approval for carrying out construction activities amounting to'Rs. 72.478 Cr has been approved by Gol on 16.03.2018. MOU was signed with GoHP on 25.09.2019.

The project is in pre-DPR stage. After preliminary studies, a scheme in tandem operation with upstream Luhri HEP Stage-1 has been identified with an installed capacity of 228 MW and layout of the scheme submitted to CWC/CEA.

Observation raised by CWC on change in allotted domain of the project has been taken up with DoE, GoHP time and again. Due to delay in domain allotment by GoHP, proposal for SSI and DPR preparation returned by CEA on 11.09.2023. Matter for approval of revised domain is being followed up with GoHP regularly.

11) DEVSARI HEP (194 MW):

Devsari HEP is a Run-of-the-River (RoR) scheme located on river Pinder, a major tributary of river Alaknanda in district Chamoli of Uttarakhand. DPR with 252 MW installed capacity was concurred by CEAon 07.08.2012.

As per revised e-flows notified by MoJS, Gol on 09.10.2018, DPR of the project is being revised and capacity reworked from 252 MW to 194 MW. Forest Clearance Stage-1 was accorded by MOEFSCC on 26.02.2018 with conditions. Environmental Clearance was recommended by EAC on 27.03.2018 subject to certain conditions applicable for FC stage-1. For acquisition of private land, award has been issued by DM, Chamoli on 10.07.2019 and compensation amount deposited with District Administration.

However, all SSI works required for revision of DPR are pending and statutory clearances on hold in compliance with Ministry of Power letter dated 06.07.2021 due to stay ordered by Hon'ble Supreme Court of India for development of HEPs in Uttarakhand. Matter has been taken upwith MoP/MoJSand PMO toconsiderthe projectfordevelopment.

12) JAKHOL SANKRI HEP (44 MW):

JakholSankri HEP with proposed installed capacity of 44 MW is located on River Supin, a tributary of River Tons in Uttarkashi District of Uttarakhand. The project is designed as run-of-the-river project and will generate 166 MU of annual energy. Investment approval for carrying out pre-construction activities has been accorded by Gol at an estimated cost of'84.50 Cr. on 15.09.2017.

TEA of DPR issued by GoUk on 03.06.2019. Environmental clearance was recommended by RO, MOEFSCC, Dehradun on 26.12.2019. EAC meeting in MoEFSCC, Delhi held on 17.10.2023; observations raised are being attended. For private land acquisition, RSR plan approved by Commissioner, Garhwalon 15.06.2021 and land compensation is under finalization. Project cost/tariff is on higher side. Optimisation studies to make the project commercially viable are underfinalisation.

13) JANGI THOPAN POWER HEP (804 MW):

Jangi Thopan Powari HEP is located on river Satluj in Distt. Kinnaur of Himachal Pradesh. The project with installed capacity of 780 MW was allotted by GoHP on 24.11.2018 and MoU signed on 25.09.2019. Investment approval for carrying out pre-construction activities of project has been accorded by Gol at an estimated cost of'Rs. 93.24 Cr. on 20.05.2021. After preliminary studies, capacity of project has been proposed to be enhancedto 804 MW.

Drilling and drift works were awarded on 26.02.2021 and 17.03.2021 respectively. However, SSI works were stopped by locals w.e.f.

04.04.2021. Communication plan to persuade locals was prepared and implemented in the project affected areas for sensitization of locals about project benefits. Simultaneously, alternative project scheme/ layout proposing modifications such as possibility of Dam-Toe Power House, use of TBM for HRT etc. are being explored to address the concerns of local public.

However, GoHP on 29.12.2023 has now cancelled the allotment of the project to SJVN. Matter has been taken up with GoHP to withdraw the Cancellation Order. MoP has also requested GoHP to revoke the decision of termination of MoU.

14) Pumped Storage Projects:

i) Jalvara (2220 MW):

The capacity of Jalvara PSP located in the states of Maharashtra S Karnataka revised to 2220 MW with generation of 4619 MU of annual design energy against allotted capacity of 2000 MW. PFR has been prepared and submitted to CEA on 28.12.2022. Upper reservoir of the project falls in Karnataka S lower reservoir falls in Maharashtra. Allotment of the project is under discussion with the respective state governments.

ii) Darzo Lui PSP (2400 MW):

PFR of the project located in Mizoram submitted to CEA on 05.06.2023. Allotment of the project is under discussion with the Govt, of Mizoram. NOC to carry out investigations for DPR preparation issued by Govt, of Mizoram on 26.04.2024.

iii) PSPs in Bihar:

Four PSPs have been identified in Bihar. Consultancy works for preparation of PFR of most suitable PSP awarded to M/s WAPCOS Ltd. on 17.08.2023. Hathiadah-Durgawati PSP with capacity of 1000 MW is selected as best suitable PSP for preparation of Feasibility Report.

iv) PSPs in Madhya Pradesh:

SJVN participated in the bidding process for 2 PSPs viz. Omkareshwar PSP (1200 MW) and Ambapani PSP (740 MW) in the RFP called by Rewa Ultra Mega Solar Ltd. Bidding process issubjudice.

v) PSPs in Maharashtra:

PSP sites at Varasgaon (1200 MW), Panshet (1600 MW) and Kodali (220 MW) will be developed through SPV/JV with Mahagenco. Mahagenco Board has accorded approval for formation of JV with SJVN on

24.02.2024. PFRs shall be prepared to ascertain commercial viability.

vi) PSPs identified in Himachal Pradesh:

PFRs of Sunni PSP (645 MW), Dhurmu PSP (400 MW) and Sadda PSP (180 MW) in Himachal Pradesh have been prepared. However, tariff of the projects is very high.

7. PROGRESS OF PROJECTS (RENEWABLE ENERGY)

SJVN is fast expanding its foot prints in the field of Renewables and aims for adding 1 to 1.5 GW Capacity on annual basis. In order to give a thrust to its renewable endeavors, SJVN has registered a Wholly owned Subsidiary namely "SJVN Green Energy Limited" on 30.03.2022.

The Renewable portfolio at present stands at 7.24 GW which includes Operational (404.5 MW), Construction (2048 MW), Pre-Construction (4790 MW).

A. PROJECTS UNDER OPERATION (404.5 MW)

i) Charanka Solar Power Station

ii) Khirwire Wind Power Station

iii) Sadla Wind Power Project

iv) Parasan Solar Power Station

Parasan Solar Power Station of 75 MW capacity was bagged through Tariff Based Competitive Bidding conducted by Uttar Pradesh New S Renewable Energy Development Agency (UPNEDA) on 17.05.2021 and PPA was signed with UPPCLat a tariff of INR 2.68 per unit. The 1st year design energy for the project is 168.34 MU with a CUF 25.6%. The project was commissioned and came into operation on 22.11.2022. Total energy generation from the plant for FY 2023-24 was 151.647 MU.

v) Gurhah Solar Power Station

Gurhah Solar Power Station of 75 MW capacity was bagged through

Tariff Based Competitive Bidding conducted by Uttar Pradesh New S Renewable Energy Development Agency (UPNEDA) on 05.01.2022 and PPA was signed with UPPCL at a tariff of INR 2.98 per unit. The 1st year design energy for the project is 159.77 MU with a CUF 24.3%. The project was commissioned and came into operation on 29.12.2023. Total energy generation from the plant for FY2023-24 was 41.033 MU.

vi) Gujrai Solar Power Station

Gujrai Solar Power Station of 50 MW capacity was bagged through Tariff Based Competitive Bidding conducted by Uttar Pradesh New S Renewable Energy Development Agency (UPNEDA) on 05.01.2022 and PPA was signed with UPPCL at a tariff of INR 2.98 per unit. The 1st year design energy for the project is 106.52 MU with a CUF 24.3%. The project was commissioned and came into operation on 22.02.2024. Total energy generation from the plant for FY2023-24 was 11.35 MU.

vii) Raghanesda Solar Power Station

Raghanesda Solar Power Station of 100 MW capacity was bagged through Tariff Based Competitive Bidding conducted by Gujarat Urja Vikas Nigam Limited (GUVNL) on 11.10.2021 and PPA was signed with GUVNL at a tariff of INR 2.64 per unit. The 1st year design energy for the project is 252.29 MU with a CUF 28.8%. The project was commissioned on 29.02.2024 and commercial operation date of project is 02.04.2024. Total energy generation from the plant was 3.55 MU for FY 2023-24.

B. PROJECTS UNDER CONSTRUCTION (2048 MW)

Presently, SJVN Ltd has twelve (12) solar power projects under construction with total capacity of 2048 MW located in Gujarat, Rajasthan, Madhya Pradesh, Punjab, Bihar and Assam. The details of the projects are listed below:

i) 70 MW Bagodara Solar Power Project

Bagodara Solar Power Project of 70 MW capacity was bagged through Tariff Based Competitive Bidding conducted by Gujarat Urja Vikas Nigam Limited on 26.03.2021. PPA was signed with GUVNL at tariff of INR 2.21 per unit. The EPC was awarded to M/s Svaryu Energy Limited (Formerly known as Refex Energy Limited). The project is in construction stage and is likely to be commissioned by December 2024.

ii) 1000 MW Bikaner Solar Power Project under CPSU Scheme

SJVN during the month of September 2021 bagged 1000 MW Solar Project at a tariff of INR 2.57/Unit (maximum) and a Viability Gap Funding (VGF) of 44.72 Lakh/MWthrough competitive bidding underthe CPSU Scheme. The Power Utilisation Agreement (PUA) has been signed with Uttarakhand Power Corporation Limited (UPCL) for 200 MW, Jammu and Kashmir Power Corporation Limited (JKPCL) for 300 MW and Rajasthan Urja Vikas and IT Services Limited (RUVITL) for 500 MW. The EPC was awarded to M/s TATA Power Solar System Limited. The project is in construction stage and 1st Block of 250 MW is likely to be commissioned September 24 and full capacity is likely to commissioned by March-25.

iii) 100 MW Punjab Solar Project

SJVN through Tariff Based Competitive Bidding conducted by Punjab State Power Corporation Limited (PSPCL) bagged 100 MWSolar Project in Punjab. PPA has been signed with PSPCL at a tariff of INR 2.65/Unit. Award has been placed upon M/s BVG India Limited on 21.03.2023. Project is to be commissioned by December, 2024.

iv) 15 MW Nangal FSP

SJVN through Tariff Based Competitive Bidding conducted by Solar Energy Corporation Limited (SECI) bagged 15 MW Floating Solar Project. PPA has been signed with BBMB at a tariff of INR 3.26/Unit. Award has been placed to M/s Hartek Solar Pvt. Limited on 24.03.2023 for construction of 15 MW floating SPP in the catchment area of BBMB DAM at Nangal. Project is likely to commissioned by December, 2024.

v) 90 MW Omkareshwar Floating Solar Project

SJVN through Open Competitive Bidding conducted by Rewa Ultra Mega Solar Ltd. (RUMSL) bagged 90 MW Floating Solar Project at Indira Dam, Omkareshwar, Madhya Pradesh. PPA signed with MPPMCL on 04.08.2022 at a tariff of INR 3.26/Unit. Award has been placed to M/s Larsen SToubro Limited on 29.11.2022. Project isto be commissioned by August, 2024.

vi) 100 MW Bhuj SPP (GUVNL Phase -XIII)

SJVN through Open Competitive Bidding conducted by Gujarat Urja Vikas Nigam Limited (GUVNL) bagged 100 MW Solar Power Project on

16.04.2022. PPA was signed with GUVNL at tariff of INR 2.29 per unit. The Balance of Works was awarded to M/s Solar World Energy Solution Private Limited on 28.11.2023. The project is in construction stage and is likely to be commissioned by March 2025.

vii) 260 MW Gujarat SPP (Phase -XIV)

SJVN through Open Competitive Bidding conducted by Gujarat Urja Vikas Nigam Limited (GUVNL) bagged 260 MW Solar Power Project on

15.07.2022. PPA was signed with GUVNL at tariff of INR 2.3031 per unit. The Balance of Works was awarded to M/s Solar World Energy Solution Private Limited on 28.11.2023. The project is in construction stage and is likely to be commissioned by March 2025.

viii) 200 MW Khavda SPP (Phase -XVII)

SJVN through Open Competitive Bidding conducted by Gujarat Urja Vikas Nigam Limited (GUVNL) bagged 200 MW Solar Power Project on

16.05.2023. PPA was signed with GUVNL at tariff of INR 2.88 per unit. The Balance of Works was awarded to M/s Rays Power Infra Private Limited on 08.01.2024. The project is in construction stage and is likely to be commissioned by March 2025.

ix) 75 MW Jamui Solar Power Project (Phase -I)

SJVN through Open Competitive Bidding conducted by Bihar Renewable Energy Development Agency bagged 200 MW Solar Power Project on

28.01.2022. PPA was signed with BREDA at tariff of INR 3.11 per unit. The Balance of Works for 75 MW was awarded to M/s Hartek Power Private Limited on 08.01.2024. The project is in construction stage and is likely to be commissioned by January 2025.

x) 18 MW BBMB Solar Project

SJVN through Open Competitive Bidding conducted by Punjab Energy Development Agency (PEDA) bagged 18 MW Solar Power Project on

05.05.2023. PPA was signed with BBMB at tariff of INR 2.63 per unit. The EPC for 18 MW was awarded to M/s Ganesh Green Bharat Limited on

20.02.2024. The project is in construction stage and is likely to be commissioned by March 2025.

xi) 50 MW Sonitpur SPP (Assam)

SJVN through Open Competitive Bidding conducted by Assam Power Distribution Company Limited (APDCL) bagged 50 MW Solar Power Project on 28.08.2023. PPA was signed with APDCL at tariff of INR 3.92 per unit. The EPC for 50 MW was awarded to M/s Solar World Energy Solution Private Limited on 20.03.2024. The project is in construction stage and is likely to be commissioned by May 2025.

xii) 70 MW Dhubri SPP (Assam)

SJVN through Open Competitive Bidding conducted by Assam Power Distribution Company Limited (APDCL) bagged 70 MW Solar Power Project on 28.08.2023. PPA was signed with APDCL at tariff of INR 3.92 per unit. The EPC for 70 MW was awarded to M/s Rays Power Infra Private Limited on 20.02.2024. The project is in construction stage and is likely to be commissioned by May 2025.

C. PROJECTS UNDER PRE-CONSTRUCTION STAGE (4790 MW)

Following solar projects are under pre construction stage:

8. BUSINESS DEVELOPMENT PLAN AND FUTURE BUSINESS STRATEGY

SJVN has set for itself ambitious capacity addition targets of 25000 MW by the year 2030 and 50000 MW by 2040. With the increasing renewable energy (Solar, Wind, Hybrid) penetration in the grid day by day, SJVN since long has been making all the efforts for allotment of Hydro Power Projects/Pumped hydro Storage Projects Pan India and in neighboring counties as well.

A. Business opportunities in Hydro and PSPs

1. Hydro-Electric Projects:

As per the Reassessment Study carried out by the Central Electricity Authority (CEA) during 1978-1987, the assessed hydro power potential in the country is about 145320 MW (for projects with capacity above 25 MW). Presently, 42104.6 MW (29%) out of 145320 MW has been developed and 15023.5 MW (10.3%) is under construction. As compared to wind and solar, hydro power is of much greater value due to several reasons including black start, regulations and frequency response, spinning reserve, non-spinning reserve and voltage reserve.

The north-eastern states of India, collectively hold a significant portion of India's hydroelectric potential. Specially, Arunachal Pradesh, often referred to as the "Powerhouse of the Northeast" due to its immense hydroelectric potential around 50,000 megawatts (MW) of hydroelectric power, primarily driven bythe Brahmaputra and its tributaries.

2. Pumped Hydro Storage Projects:

MoP (Gol) indication of identified 55 No's PSPs sites of cumulative capacity of 73,240 MW to seven CPSUs i.e., NHPC; NTPC; SJVN; THDC; NEEPCO; DVC and BBMB MW in various states.

As per CEA report, currently 43 Pumped Hydro Storage (PSPs) are under survey investigation with an aggregate installed capacity of 55,085 MW. These included projects situated in states like Uttarakhand, Tamil Nadu, Andhra Pradesh and Maharashtra.

Pumped storage plants can generate power continuously for long duration, depending on the storage capacity of the reservoir. These should be considered as RE projects and not like the conventional hydro power projects. These plants have a lifetime of over 40 years, and they operate with an efficiency of 70-80 per cent. Further, as compared to the conventional thermal generator, PSP has the ability of quick start- stop as well as higher ramping capability.

PSPs can cater to the seasonal mismatches in RE and load due to its bulk storage capability. PSPs having minimal environmental impact, minimum RSRand, lowercost.shorterconstruction period.

Business Strategy:

I.) To acquire HEPs/PSPs through allotment/MoU with state govts.

ii. ) To acquire HEPs/PSPs through open market competitive bidding

iii. ) To acquire stalled stressed HEPs/PSPs from previous developers ort hrough NCLT.

iv. ) To acquire and execute HEPs/PSPs by forming JVCs with state bodies/Boards/corporations and private players in PPE mode.

In line with the business strategy, SJVN has signed MoU with GoAP for execution of Five HEPs (5097 MW) in Dibang river basin. Further, nine projects (cumulative capacity of 1507 MW) are under pipeline forsigning MoU. SJVN has signed MoU with MAHAGENCO (Govt, of Maharashtra undertaking) for development of 5000 MW renewable energy projects i/c HEPs/PSPs in state of Maharashtra. SJVN has also signed MoU with Navayga Engineering Company ltd for development of OJU HEP (1878 MW) on PPE mode in Arunachal Pradesh.

B. RE-RTC Power for different consumers with different demand profile in different part of country.

RE-RTC (Renewable Energy-Round the Clock) is a form of supply that combine storage system such as battery energy Storage system or PSP with Solar, Wind or Hydro to meet a demand at a desired availability and cost. Round the Clock (RTC) supply has gained prominence in recent years due to various benefit it provides; Reliable supply of Power, Combination of Solar and wind with complimentary profile, reducing the Green Housing Gas (GHG) emission etc. The study explores combination of RE sources for RE- RTC to meet the requirement of different consumers with different demand profile. With Reduction of Cost of Storage technologies, it is expected that RE-RTC will become cost competitive with other standalone renewable technologies and the dependence on fossil fuel sources may be reduced in the future. Overall, achieving RE- RTC is a critical goal for reducing greenhouse gas emissions and ensuring a sustainable energy future.

Business Strategy:

SJVN Ltd. has entered in all fields of Renewable Energy (RE) generation i.e. Hydro, Solar and Wind. Therefore, SJVN is capable for supply of RE-RTC for different consumers with their demand profile based on the market practices.

C. Plan for a joint venture for captive power plants for Refineries, Railways etc.

The shift towards self-reliance in energy is gaining momentum in India. One significant stride in this direction is the adoption of captive power generation. These power plants, especially prevalent in industrial hubs like Surat, are not just a symbol of energy independence but also a testament to innovation and sustainability. Captive power plants (CPPs) represent a paradigm shift in India's approach to energy generation. By allowing industries to produce their own electricity, CPPs provide a reliable and cost-effective alternative to grid power, especially in areas with less supply.

a) The Growth Trend: The captive power generation market in India is experiencing significant growth, with projections showing an increase by 31.05 GW from 2021 to 2026. This expansion, at a CAGR of 6.63%, indicates a strong move towards self-reliance in power generation by industries.

b) Financial Benefits and Incentives

The financial logic behind adopting CPPs is compelling. In areas like Surat, high industrial power costs drive the adoption of captive power solutions.

Cost-Effectiveness: By generating their own power, industries can substantially reduce their energy expenses.

Sale of Excess Power: CPPs not only provide energy security but also offer the potential for revenue generation. Industries can sell surplus power to open-access trading markets, turning an operational necessity into a financial asset.

Business Strategy:

i) To sign MoU with State Governments for various industrial units.

ii) To sign MoU with Railway/OilCompanies/Private players

iii) By forming JVCs with state bodies/Boards/corporations/PSUs and private players for installation of plants

9. POWER TRADING BUSINESS AND LICENSE

SJVN ventured into Power Trading Business as part of its business expansion and diversification plan and has obtained Category-1 license from CERC in January, 2022 for interstate trading of electricity. Power Trading Business of the company endeavors to provide efficient and affordable power to its clients. SJVN is registered at DEEP (Discover of Efficient Electricity Price) e-bidding portal and has trader membership in Indian Energy Exchange (IEX). SJVN has also developed customized Power Trading Software ISET (Integrated Solution for Energy Trading) through PWC to automate its power trading activities. During the

Financial Year 2023-24, Company had traded energy of 78.38 MUs with turnoverof D40.21 Crore.

10. SJVNAS RENEWABLE ENERGY IMPLEMENTING AGENCY (REIA)

In line with the Government of India's ambitious target to achieve 50% of the country's electricity demands from renewable energy sources by 2030 and reach net zero emissions by 2070, SJVN Limited has been designated as Renewable Energy Implementing Agency (REIA) by the Ministry of New and Renewable Energy (MNRE) on 24th April, 2023.

As REIA, SJVN has been entrusted with the responsibility to select Renewable Energy Power Developers (RPDs) through Tendering Process, for setting up and supply of various forms of renewable energy, including solar power, wind power, wind-solar hybrid power, and firm and dispatchable RE power. The selection process is conducted through a tariff-based competitive bidding procedure.

During the Financial Year 2023-24, SJVN was given a target of tendering renewable energy projects with an aggregate capacity of 10 GW as an intermediary procurer. In compliance with this target, SJVN floated tenders for the selection of developers for a cumulative capacity of 9900 MW, out of which letters of awards were issued to successful developers for a cumulative capacity of 5368 MW. Whereas, a cumulative capacity of 3900 MW is under the tendering process and is expected to be concluded by June, 2024.

SJVN has also signed Power Sale Agreements (PSAs) with DISCOMsfor the full awarded capacity of 2368 MW FDRE power, and PSAs for the remaining awarded capacity of 3000 MW are expected to be signed shortly. During the Financial Year 2024-25, SJVN intends to issue tenders for the selection of renewable energy power developers for setting up and supply of various forms of renewable energy with a cumulative capacity of 10 GW.

11. SJVN AS NODAL AGENCY FOR ROOF TOP SOLAR (RTS) SCHEME

SJVN has also been entrusted with the responsibility of functioning as Nodal Agency for the implementation of the Roof Top Solar (RTS) Scheme on government buildings of eighteen ministries of the Government of India. Additionally, SJVN has been directed to function as a Nodal Agencyforthe implementation of solar systems on the roof tops of majority residential buildings and government buildings in the states of Flimachal Pradesh, Punjab and Arunachal Pradesh.

With these initiatives, SJVN is committed to playing a significant role in India's transition to a low-carbon economy and achieving the country's ambitious renewable energy targets.

12. SUBSIDIARIES AND JOINT VENTURE COMPANIES A) SUBSIDIARY COMPANIES:

Company has four wholly owned subsidiary companies as on

31.03.2024. The details of the subsidiaries are as under

1. SJVN Thermal Pvi. Ltd.

SJVN Thermal Pvt. Ltd (STPL) (earlier, Buxar Bijlee Company Private Limited) has been acquired as 100% subsidiary company of SJVN Ltd on 04.07.2013. The Company has taken up the development of 1320 MW Coal-based Thermal Power Project located near village Chausa in District Buxar of Bihar.

2. SJVN Arun-3 Power Development Company Pvt. Ltd.

SJVN Arun-3 Power Development Company Pvt. Ltd. (SAPDC) was incorporated in Nepal as a wholly owned subsidiary company of SJVN Ltd on 25.04.2013. The company has been formed to execute the 900 MW Arun-3 Hydro Electric Project in Nepal. This project is situated on river Arun in Sankhuwasabha District of Nepal.

3. SJVN Green Energy Limited (SGEL)

SJVN Green Energy Limited (SGEL) has been incorporated as a wholly owned subsidiary company of SJVN Ltd on 30.03.2022 with its registered office at Shimla, Himachal Pradesh. SGEL shall work in the verticals of power generation from renewable sources such as Solar, Wind S Hybrid Projects, Battery Energy Storage system, Biomass, small Hydro and Green Hydrogen based business ventures.

4. SJVN Lower Arun Power Development Company Private Limited (SLAPDC)

SJVN Lower Arun Power Development Company Private Limited (SLAPDC) was incorporated in Nepal as a wholly owned subsidiary company of SJVN Ltd on 26.05.2023. The company has been formed to execute the 669 MW Lower Arun Hydro Electric Project in Nepal.

B) JOINT VENTURES:

1. Cross Border Power Transmission Company Limited

Cross Border Power Transmission Company Limited (CPTC) is a joint venture of SJVN Ltd. with ILSFS Energy Development Company Ltd. (IEDCL), Power Grid Corporation of India Ltd. (PGCIL) and Nepal Electricity Authority (NEA) for implementation of Indian portion of the transmission line from Nepal. Equity contributions by SJVN, PGCIL, IEDCL S NEA are 26%, 26%, 38% S10% respectively in the Joint Venture Company.

2. SGEL Assam Renewable Energy Limited

SJVN Green Energy Limited has incorporated a Joint Venture Company with Assam Power Distribution Company Limited named "SGEL Assam Renewable Energy Limited" on 18.04.2024. SJVN Green Energy Limited holds 51% equity in SGEL Assam Renewable Energy Limited.

Status of JV between SJVN and MAHAGENCO: Govt, of India has accorded approval for the formation of JV for the development of 5000 MW RE Projects in the state of Maharashtra with Maharashtra State Power Generation Company (MAHAGENCO) with equity participation of 51% on 30.01.2024. The formation of a Joint Venture company is under process.

13. ENVIRONMENT

SJVN is aware of its obligation to conserve and protect the environment. SJVN strictly adheres to all policies and guidelines of the Ministry of Environment, Forest and Climate Change (MoEFSCC) concerning identification and mitigation of environmental impacts of projects, which are a part of the Comprehensive Environmental Impact Assessment (CEIA) Study of projects, carried out through reputed organizations/NABET accredited-consultants. AH environmental aspects are suitably addressed in the CEIA study. Accordingly, Management Plans are prepared and suitable measures are adopted to negate any adverse impact on the environment and ecology during construction and operation stages of project cycle. In order to achieve these objectives, SJVN has a dedicated Corporate Environment Department at CHQ besides Environment officers posted at various projects.

SJVN has also been in consonance with "Mission Life" launched by MoEFSCC and is striving to achieve its aims. SJVN commits to saving energy and water, reducing waste, e-waste, plastic waste and avoiding single-use plastics, and encouraging employees for adopting healthy lifestyles.

SJVN has consistently complied with applicable environmental legislations and norms, has always mitigated environmental risks and has adopted the best environmental practices. In recognition to these efforts, SJVN has been awarded with the prestigious "Greentech Environment Award 2023" in the category of "Environmental Excellence".

SJVN has three hydro power stations under operation, viz 1500 MW Nathpa Jhakri HPS (NJHPS) and 412 MW Rampur HPS (RHPS) in Himachal Pradesh and 60 MW Naitwar Mori HPS in Uttrakhand, wherein management measures such as Catchment Area Treatment (CAT), Compensatory Afforestation (CA), Muck Management, Restoration of muck disposal sites, quarry sites and construction areas, Green belt development, Fisheries Management, Reservoir rim treatment, etc. were successfully undertaken. Regular environmental monitoring is done at SJVN projects and six-monthly compliance reports of Environment Clearance are sent to MoEFSCC and other concerned authorities.

SJVN has three hydroelectric projects, which are in construction stage

in Himachal Pradesh - 210 MW Luhri Stage-1 HEP, 382 MW Sunni Dam HEP on River SatLuj and 66 MW Dhaulasidh HEP on river Beas in Himachal Pradesh.

At Luhri Siage-I HEP, Environment Management Plan(EMP) amounting to'Rs. 168.60 crore along with a Corporate Environment Responsibility (CER) plan amounting to'8.6 crore are being implemented.

The project has also been certified for ISO 9001:2015, IS/IS016001:2015 S IS/ISO 65001:2018 (QEHSS) by Bureau of Indian Standards.

Various Environment Management measures taken at project sites are as follows:

i. A playground at Government Primary School, Koel has been developed under CER by funding an amount of'5 lakhs.

ii. For PHCs of Neether, Koel, Nirath and Shamathala, First Aid/ Medical equipment amounting'Rs. 6.9 lakhs have been provided for medicaltreatment of locals.

iii. Environment Lab has also been set up at project site.

At Dhaulasidh HEP, EMP amounting to'Rs. 36.16 crore is being implemented. Environment Management System (ISO 16001:2015) is also being implemented. Other measures are as follows:

i. For Fisheries Management Plan (FMP), an amount of'Rs. 70 Lakh was deposited to HP Fisheries Department, of which'Rs. 19.5 Lakh has been utilized

ii. Early Warning system for floods has been installed.

iii. 2 STPs in the project site and 1 STP near office building have been installed.

iv. This year 111 nos. solar lights have been installed in Hamirpur, Bilaspur, Kangra and Chamba districts.

SunniDamHEPisin early stages of construction. An amount of'305.66 crore has been kept for implementation of various measures proposed in Environment Management Plan.

60 MW Naitwar Mori Hydroelectric Project, on Tons river in Uttarkashi District of Uttarakhand has been commissioned in December2023.

'65.50 crores has been spent against a financial provision of'Rs. 32.68 crore on implementation of environmental management measures, which was appreciated by the Government officials during Multidisciplinary Committee (MDC) meeting. Some of the initiatives are below:

i. For implementation of CAT plan, Rs'12.96 crore have been deposited out of which'Rs. 1.61 crore have been utilized.

ii. CA over 80.00 ha of civil soyam and forest land has been carried out,'Rs. 76.67 lakhs have been spent.

iii.'Rs. 63 lakhs has been deposited for Biodiversity Conservation and Management Plan prepared by State Forest Department, of which'Rs. 28.2 lakh has been spent.

iv. Under Fisheries Management Plan (FMP), a fish pass for migratory fish species has been completed. Central Inland Fisheries Research Institute, Barrakpore, West Bengal has vetted the design parameters for effective and sustainable fish pass.

v. Muck management is being implemented as per the MoEFSCC guidelines.

vi. To avoid landslides and soil erosion, Reservoir Rim Treatment Plan is being implemented.

vii. Environmental parameters are being monitored by Pollution Control Research Institute, BHEL at Haridwar. Data shows reported values below the prescribed permissible limits.

viii. Rain water harvesting system along with a 60 KLD STP has been setup at project colony.

ix. Bio composterfi Plasticwaste bailing machine have been procured for treatment of solid waste of project affected villages and project colony.

x. AAC bricks having fly ash content about 68% were used in the

construction of township and office buildings, resulting in recycling of Waste product.

xi. For energy conservation, energy efficient BEE 5 Star rating electrical appliances have been procured.

xii. Environment Management System (ISO 16001:2015) is being implemented.

At NJHPS, an "In House Paper to Pencil Making Plant" for recycling of waste paper has been established to show the commitment and concern towards sustainable development.

At RHPS, the initiatives taken for environmental considerations are as under

i. A roof top solar power plant with total capacity 60kWp has also been installed, commissioned in 2019. Total green energy generation for FY 2023-26 was 79067 Units with CUF=15%.

ii. A new 1000 KG/day capacity automatic organic waste converter has been installed, supplementing the existing 25 KG/day capacity converter. Compost pits are also being used for making organic compost.

iii. The Direct On-Line (DOL) starters for pump-motor sets were replaced with VFD cum motor control panels in three units. This transition cuts annual energy consumption of the pump-motor sets by 25%, enhancing unit and plant efficiency.

SJVN Corporate Headquarters (CHQ) is designed and constructed with green building concept equipped with STP of 90 KLD per day capacity for wastewater recycling, rain water harvesting system with capacity of 50 kL, natural lighting with provision of sky light glasses, centralized HVAC system, intelligent/automatic sensor-controlled illumination system for conservation of electricity, etc. Owing to these efforts, CHQ Building has obtained four-star GRIHA rating. Various aspects are as follows:

i. 160 kWP On-Grid Solar Power Plant has been installed.

ii. Water Solar Heating System of 5000 Ltr. Capacity has been installed.

iii. A recycling plant is installed to convert kitchen waste into compost.

iv. AAC blocks are being used in construction of Auditorium Block and Guest House.

v. Bio-Diversity Park has been developed near CHQ in association with Municipal Corporation, Shimla.

vi. Energy Audit of CHQ was conducted in FY 2021-22 and recommendations like improvement of power-use, LED lights automation system, etc. are being implemented.

SJVN celebrated World Environment Day on 5th June 2023 and organized "Swachhta Pakhwara" in October 2023. Pledge for environment protection/conservation and talks on environmental aspects were delivered. In addition, Slogan-writing, Drawing, Photography, awareness programs, etc. were also organized and environmental awareness films were screened. Large scale plantation programs were also undertaken to raise awareness about environmental issues and inculcating a sense of responsibility and stewardship towards our planet.

14. CSRAND SUSTAINABILITY

An annual report of Corporate Social Responsibility, highlighting the Company's CSR Policy, details of expenditure on CSR and overview of projects/ programs/ activities undertaken by the Company during FY 2023-26 and Impact Assessment in format prescribed under Companies (CSR Policy) Rules 2016 is annexed as Annexure-V and forms an integral part of this Directors' Report.

15. REHABILITATION AND RESETTLEMENT

SJVN, being conscious of its responsibilities towards society, is committed to execute and operating power projects in a socially responsible manner by adopting generous Rehabilitation S Resettlement measures for the benefit of Project Affected Families (PAFs) by investing in the socio-economic development of communities

to continually minimize potential negative impacts as well as to establish the sustainable positive impact of projects on them.

Well before any project is taken up for execution, Social Impact Assessment (SIA) study is carried out to ensure that the potential socio-economic benefits accrued from the project outweigh the likely social costs and adverse social impact. Public consultation meetings with the stakeholders are held by the project authorities to make local communities aware of developmental facilities to be created in the fields of health, education, sanitation, drinking water, approach roads and other community assets of the project and their benefits to the society. Subsequently, the R&R plan is devised based on conclusive findings derived from the socio-economic survey carried out by an independent expert agency. The RSR plan thus devised and approved essentially prescribes mitigation measures for the reconstruction and regeneration of economies of the PAFs. During the implementation stage of the RSR plan, regular monitoring of RSR activities is conducted through an external independent agency to ensure the timely extension

of RSR benefits to the PAFs. Subsequently on completion and implementation of the RSR plan, social impact evaluation is carried out by an independent external agency to assess various tangible and intangible benefits accrued in the area of socio-economic development. To have constant interaction with local people, a Project Information Centre is set up at project level.

SJVN has implemented/ implementing RSR plans in 07 Power Stations/ Projects:

1. Nathpa Jhakri Hydro PowerStation (NJHPS.1500 MW)

2. RampurHydro PowerStation (RHPS, 412 MW)

3. Naitwar Mori Hydro PowerStation (NMHPS, 60 MW)

4. Luhri Hydro Electric Project Stage-1 (LHEP Stage-1,210 MW)

5. Sunni Dam Hydro Electric Project (SDHEP, 382 MW)

6. Dhaulasidh Hydro Electric Project (DSHEP, 66 MW)

7. BuxarThermal Power Project (BTPP, 1320 MW)

The details of R&R benefits extended to PAFs in above Power Station/ Power project are given under table-1

TABLE-1

Besides above 07 power project, the followings projects are under survey and investigation stage and their RSR status is as under:

1. Jakhol Sankri Hydro Electric Project Uttarakhand (JSHEP, 44 MW):

Land acquisition as per RFCTLARR Act, 2013 is under process. The RSR plan for Project Affected Families (PAFs) has been prepared in line with RFCTLARR Act, 2013 and approved by Govt of Uttarakhand.

2. Devsari Hydro Electric Project Uttarakhand (DHEP, 252 MW):, land acquisition process under RFCTLARR Act, 2013 is in progress. The RSR plan for Project Affected Families (PAFs) is prepared in line with RFCTLARR Act, 2013 and is approved by the Govt, of Uttarakhand.

3. Etalin Hydroelectric Project, Arunachal Pradesh ( Etalin HEP, 3097 MW)

:The Govt, of Arunachal Pradesh has conveyed RSR plan for EHEP. The Dy. Commissioner, Anini has also submitted Land compensation Estimate to Govt, of Arunachal Pradesh. Final award Notification is under process.

4. Attunli Hydroelectric Project, Arunachal Pradesh (Attunli HEP, 680 MW): SIA report under Section (4) of RFCTLARR Act, 2013 is in advance stage of approval by the Govt, of AP.

5. Emni Hydroelectric Project (Emni HEP, 500 MW), Amulin Hydroelectric Project (Amulin HEP, 420 MW) and Mihundon Hydroelectric Project (Mihundon HEP, 400 MW) Arunachal Pradesh: The projects are under survey & investigation stage.

TABLE-2

Social Impaci Evaluation (SIA): TheSociallmpact Evaluation (SIA) studies of R?R implementation of projects are carried out by the specialization agencies. Social impact assessment reports reveal that RSR implementation in the project affected areas has substantially enhanced the socio-economic standard of the local population on various development parameters like economy, health, education etc. The World Bank Mission has monitored the RSR activities carried out in NJHPS and RHPS and reorganized SJVN RSR activities as under-

'The success of the resettlement activities undertaken in these projects are quite rare for India, and can be considered as one of the best examples of resettlement implementation in bank assisted projects in India. It should be considered as an example for other projects.'

16. RESEARCH AND DEVELOPMENT

SJVN has been continuously striving for excellence in its core area of power generation by showing commitment towards research and development, innovation, technology up-gradation, and product development.

Specific areas in which RSD/Innovations have been carried out during FY2023-24are:

1. To reduce the downtime of machines, The Bottom Removal of Kaplan Turbine ? its components is under adoption at LHEP-1 Project.

2. Topographical plan developed using high resolution satellite imageryforChenab projects.

3. Pilot Hydrogen generation project of capacity 20 NM3/hr Green Hydrogen and 25 kW of Green Power is under construction at NJHPS, Jhakri.

4. SJVN has established partnerships/collaborations with several academic institutions, for the fiscal year 2023-24, as detailed below.

a. IIT Madras: Development of Alternative material for improved Silt and Cavitation erosion resistance coatings of hydro turbine components.

b. IIT Delhi: Ongoing studies on High performance concrete for high sluice spillways of dams and barrages.

c. IIT Roorkee: Development of prototype Hydrokinetic Turbine based on lab scaled model.

d. IIT Mandi: Studies completed for the optimum height of lift for mass concreting in concrete dam structures.

Apart from above R?D, 28 no. innovative/ technological upgradation measures were also taken at Project sites ? Corporate Headquarter of SJVN to enhance the operational efficiency of the company. The total expenditure by SJVN for RSD/ Innovations initiative works for the FY 202324 was I NR 17.62 Cr. (including taxes).

17. HUMAN RESOURCES

The total Manpower on the rolls of SJVN (Direct Recruits/Absorbed Employees and Fixed Term Appointees) as on 31.03.2024 was 1718 and the strength of HPSEB/HP Govt. Employees on deputation on the above date was 39.

(i) Representation of Women employees:

(ii) Representation of Physically Challenged Employees:

(iii) Representation of SC/ST ? OBC employees:

Committing towards continuous growth and development, SJVN gives utmost importance to the enrichment of employee skills and knowledge. During the Financial Year 2023-24, 6 Online Programmes, 67 In-House Programmes and 119 External Programmes were conducted.

The trainings were imparted through organizations of national repute like IIMs, NTs, NPTIs, CIGRE, Indian Institute of Corporate Affairs (IICA), AJNIFM, ISEG, THDC, NAHRD, ESCI, ASCI, CBIP, DPE, INCOLD, SCOPE, Indian Institute of Remote Sensing, Engineering Council of India, BHEL, National Water Academy, DVC, Capacity Building Commission, DoPfiT, etc.

The Training Programmes were conducted on topics like, Corporate Governance, Awareness Session on ABMS (ISO 37001), Contract Management including decision of LD imposition, ORACLE Primavera P6 Professional Training, Vigilance Awareness to enhance Managerial Effectiveness, Preparation on Estimate for small/ major services/ works/ supplies/ misc. proposals, Manual Metal Arc Welding, Capacity Building Programme on Vigilance Awareness, International Symposium on Tunneling, Solar Power Plant designing with PVSYST and PVSOL Software, Audit, Accounting ? Financial Management, Public Procurement - Emphasis on Goods, Services ? Consultancy, Adopting Best Life Style Practices for better Management, Management Development Programme, Engineering Geological Mapping, PowerTrading fiTransmission, Welding ? Inspection, Phased Array Ultrasonic Testing - Level II, Enterprise Risk Management, Role of Engineers in Accelerating Economic Growth, 0?M of Thermal Power Plant and Visit to Thermal Power Plant, Advanced practices for Geo-Engineering Challenges, EHV- Gas Insulated Switchgear, FDP on Battery Storage, Green Hydrogen and New Energies, Basic Safety Working at Height, First Air, Manual Handling, Fire Awareness based on GWO Standards, etc. to mention a few.

To inculcate SJVN Core Values among employees and motivate them, a series of specialized Training Programmes namely'Rs. S3 Shivir - Saksham SarthakShreshth¹ were organized for all SJVN Executives during Financial Year2023-24.

MotivationalTalk(s) - 2 No. Programmes were organized through renowned Motivational Speaker(s) namely, Mr. Anurag Rishi and Mr. Harshvardhan Jain, which were also relayed through Facebook live for employees posted at various SJVN's Projects /Offices located across in India/Nepal/Bhutan.

Training Programme on occasion of International Women's Day 2024 was organized at Shimla on 8th March, 2024, wherein Ms. Geeta Phogat was invited as Motivational Speaker. The Programme was attended by SJVN's women employees posted at various projects /offices located across.

18. INDUSTRIAL RELATIONS

Regular Meetings are held with the representatives of the various Associations / Unions to sort out the local issues as well as policy related matters. Recreational, Cultural and Sports functions on different occasions were also held, thus, resulting in better employee- employer relations and cordial industrial relations were maintained duringtheyear.

19. STATUTORY AND OTHER INFORMATIONS

The information required to be furnished as per the Companies Act 2013, SEBI (Listing Obligations S Disclosure Requirements) Regulations, 2015, Government Guidelines, and Code of Corporate Governance of your Company, on the following matters is placed at respective annexures and form integral part of Directors Report:-

a. Management Discussion and Analysis - Annexure - I

b. Report on Corporate Governance - Annexure - II

c. Certificate from Practicing Company Secretary on Corporate Governance- Annexure - III

d. Information on Conservation of Energy, Technology Absorption and Foreign Exchange earnings and out go - Annexure - IV

e. Annual Report on Corporate Social Responsibility SSustainability - Annexure - V

f. Business Responsibility and Sustainability Report - Annexure - VI

g. Certificate regarding Non-Disqualification of Directors - Annexure - VII

h. Secretarial Audit Report - Annexure - VIII

20. DIRECTORS' RESPONSIBILITY STATEMENT

The Directors' state that:

• in the preparation of the annual accounts for the year ended March 31, 2024, the applicable Accounting Standards read with requirements set out under Schedule III to the Act, have been followed along with proper explanation relating to material departures, if any

• the Directors have selected such accounting policies and applied them consistently except as disclosed in the Notes on Accounts and made judgment and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at March 31, 2024 and of the profit of the Company for the year ended on that date;

• the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

• the Directors have prepared the annual accounts on a'Rs. going concern' basis;

• the Directors have laid down internal financial controls to be followed by the company and that such internal financial controls are adequate and are operating effectively; and

• the Directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems are adequate and operating effectively.

21. DECLARATION OF INDEPENDENCE BY INDEPENDENT DIRECTORS

Your Company has received declarations from all the Independent Directors confirming that they meet the criteria of independence as provided under Section 149(6) of the Companies Act, 2013 and under Regulation 16(1)(b) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

22. SECRETARIAL STANDARDS

The Company has complied with the applicable Secretarial Standards during the Financial Year ended 31.03.2024.

23. SEXUAL HARASSMENT PREVENTION

SJVN has implemented the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 in its entirety.

Internal Complaints' Committees as per the provisions of the act have been constituted at Corporate Office and Projects sites of SJVN.

Summary of Sexual harassment issues raised, attended and dispensed during the year 2023-24 has been disclosed in Report on Corporate Governance.

24. RISK MANAGEMENT FRAMEWORK

The Company has implemented Risk Management Policy and the details of the same is included in Report of Corporate Governance. SJVN has also implemented Risk Management Framework as per ISO 31000:2018 consisting of thefollowing: -

1. Risk Identification and Assessment: SJVN conducts thorough risk identification and assessment processes across its projects, and departments. This includes evaluating both internal factors (such as operational risks, financial risks, and compliance risks) and external factors (such as market risks, regulatory risks, and environmental risks).

2. Risk Mitigation Plan: Once risks are identified, SJVN develops risk mitigation plan for each risk. These plans involve implementing preventive measures, establishing control mechanisms, and implementing best practices to minimize the likelihood and impact of risks. For opportunities, SJVN devises action plans to maximize their potential benefits and value.

3. Regular Risk Review and Reporting: SJVN conducts periodic reviews of risks and opportunities to ensure their relevance and effectiveness. Frequency of Project level Risk steering committee meeting is quarterly basis and for corporate level Risk steering committee meeting is half yearly basis. The Risk Management committee of SJVN board conveneson biannual basis.

4. Preventive Actions and Continuous Improvement: SJVN emphasizes the implementation of preventive actions to address potential risks probatively. This involves conducting risk assessments, identifying control gaps, and implementing measures to strengthen controls and reduce the likelihood of risks occurring. The organization also fosters a culture of continuous improvement, regularly evaluating and enhancing risk management practices.

5. Training and Awareness: SJVN provides training and awareness programs to its employees to enhance risk management capabilities. This ensures that employees across the organization understand their roles and responsibilities in managing risks and capitalizing on opportunities.

25. SECRETARIAL AUDIT

The Board appointed Shri Santosh Kumar Pradhan, Practicing Company Secretary, to conduct Secretarial Audit for the Financial Year 2023-24. The Report of the Secretarial Auditors for the year ended 31.03.2024 is placed at Annexure-VIII. Reply of Board to observations of Secretarial Auditor is placed at Annexure-IX.

In compliance to Regulation 24A of SEBI Listing Regulations, Secretarial Audit Report of SJVN Thermal Private Limited (STPL), which is a material unlisted subsidiary of SJVN, is also given along with Secretarial Audit Report of the Company.

26. STATUTORY AUDIT

M/s APT ? Co. LLP, Chartered Accountants, were appointed by Comptroller ? Auditor General as Statutory Auditors of the Company for the financial year 2023-24.

The Report of the Statutory Auditors to the Members on the Standalone and Consolidated Accounts for the year ended 31.03.2024 is placed at Annexure-X and Annexure-XI respectively. Reply of Board to observations of Statutory Auditor on Internal Financial Control on the Standalone and Consolidated Accounts are placed at Annexure-XII and Annexure-XIII respectively. Observations/ Comments of the Comptroller and Auditor General (C?AG) of India on the Standalone and Consolidated Accounts for the year ended 31.03.2024 and Board's replies thereon are placed at Annexure-XIV and Annexure-XV respectively.

27. ANNUAL RETURN

The Draft Annual Return in Form MGT-7 as required under Section 92(3) of the Companies Act, 2013 can be accessed at Investor Relation Section on SJVN website www.sjvn.nic.in.

28. COST RECORDS AND AUDIT

Pursuant to the Central Government directions to audit Cost Accounting Records as maintained by the Company, your Company appointed M/s A.J.S. ? Associates, Cost Accountants, as Cost Auditor for the financial year 2023-24. The Cost Audit Report for the year ended 31^st March 2023 was filed with MCAon12.10.2023.

29 INTERNAL FINANCIAL CONTROL SYSTEM

Internal controls are the mechanisms, rules, and procedures implemented by a company to ensure the integrity of financial and accounting information, promote accountability and prevent fraud. Financial controls are processes, policies, and procedures that are implementedto manage finances.

The company has adequate internal control system and the transactions/processes are guided by delegation of powers, policies, rules, guidelines and manuals framed in compliance with relevant laws and regulations. The organizational structure is well defined in terms of structured authority/responsibility involved at each particular hierarchy/level.

The company has sufficient internal control over financial reporting to ensure assurance regarding the reliability of financial reporting and in the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.

In order to ensure adequacy of internal control system, internal audit is conducted by the independent Chartered Accountants firms in close co-ordination with company's own internal Audit Department. The internal Audit process includes review and evaluation of effectiveness of existing processes, controls and compliances. It also ensures adherence to rules, procedures, policies and systems and mitigation of the operational risks perceived for each area under audit.

It is also informed that significant Audit observations and Action Taken reports are placed before the Audit Committee headed by Independent Directors. The recommendation and directions of the Audit Committee are carried out and complied with.

30. RELATED PARTY TRANSACTIONS ? POLICY

In compliance with the provisions of Regulation 23 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and Section 188 of Companies Act 2013, the company has formulated a Policy on Materiality of Related Party Transactions and dealing with Related PartyTransaction, duly approved bythe Board of Directors.

AH contracts/ arrangements/ transactions entered by the company during the financial year with related parties were in the ordinary course of business and on arm's length basis. During the year, the company had not entered into any contract/ arrangement/ transaction with related parties, which could be considered material in accordance with the policy of the company on materiality of related party transactions or provisions of SEBI (LODR) Regulations, 2015. Your attention is drawn to the Financial Statements, which sets out the Related Party Disclosures under Note no. 2.44.

The Policy on Materiality of Related Party Transactions and dealing with Related Party Transaction has been disclosed on website of the Company and may be accessed at https://sivnindia.com/UploadFiles/Page/1053829670 PageDocumeni policv%20on%20maierialiiv%20of%20relaied%20pariv%20iransaciions %20and%20on%20dealing%20with%20related%20party%20transaction s 13.06.2024.pdf.

31. CONSOLIDATED FINANCIAL STATEMENTS

In accordance with the Indian Accounting Standard (Ind ASJ-110 on Consolidated Financial Statements read with Ind AS-111 on Joint Agreements and Ind AS-112 on Disclosure of Interest in other entities, the Audited Consolidated Financial Statements are provided in the Annual Report. Directors Report / Financial Statements in respect of following Subsidiary Companies are also included in this Annual Report: -

a) SJVN Thermal Private Limited.

b) SJVN Green Energy Limited.

c) SJVN Arun-3 Power Development Company Private Limited, Nepal.

d) SJVN Lower Arun Power Development Company, Nepal Statement containing salient features of the financial statements of Subsidiaries/ Joint Ventures of SJVN Ltd. pursuant to first proviso to sub-section (3) of Section 129 read with Rule 5 of Companies (Accounts) Rules, 2014, in form AOC-I forms part of the Consolidate Financial Statements.

32. DETAILS OF DIRECTORS OR KMPAPPOINTED/ RESIGNED

During the FY 2023-24, the following changes took place in the composition of the Board of Directors or KMP of the Company -

a. Shri S.P Bansal, Director (Civil), who was suspended by Ministry of Power, Government of India Order No.C-13011/52/2022-V?S dated 28^th July, 2022 ceased as Director (Civil) consequent to attaining the age of superannuation on 31^st July, 2023.

b. Shri RajeevSharma, Secretary (MPP ? Power) ceased as Part Time Official Director (GoFIP Nominee) pursuant to relieving him from the post of Secretary (Ayush, YSS, P?S, MPP ? Power and NCES) to the GoFIP, Shimla. w.e.f. 31^a0ctober2023.

c. Shri Bharat Khera, Principal Secretary (MPP ? Power and NCES), Government of Himachal Pradesh appointed as a Part Time Official Director - Government of Himachal Pradesh Nominee on the Board of Directors of the Company w.e.f. 26^th December, 2023.

d. Shri Nand Lai Sharma, Chairman and Managing Director ceased as Director of the Company consequent to superannuation w.e.f. 31^st January, 2024.

e. Shri Bharat Khera, Government of Himachal Pradesh, ceased as Part Time Official Director (GoHP Nominee) on withdrawal of Nomination by appointing authority w.e.f. 03^rd February, 2024.

The following changes took place during the current financial year 2024-25

till the date of the Director's Report:

a. Smt. Geeta Kapur, Director (Personnel) who was also holding additional charge of Chairman and Managing Director pursuant to Ministry of Power order dated 31.01.2024, ceased as Director of the Company w.e.f. 30^th April 2024 on account of superannuation.

b. Shri Ajay Tewari, Additional Secretary, Ministry of Power has ceased as Part Time Official Director- Gol Nominee w.e.f. 31^st May, 2024.

c. Shri Mohammad Afzal, Joint Secretary (Hydro), Ministry of Power, Government of India has been appointed as Part Time Official Director- Gol Nominee w.e.f. 12^th July, 2024.

d. Shri Arindam Chaudhary, Special Secretary Power, Government of Himachal Pradesh has been appointed as Part Time Official Director- GoHP Nominee w.e.f. 12^th July, 2024.

None of the Directors are inter-se related to each other.

The Board Meetings held during the FinancialYear 2023-24 and the attendance of the Directors therein is mentioned in the Report on Corporate Governance.

33. BOARD LEVEL COMMITTEES

The composition of the Statutory Committees constituted as per the Companies Act 2013 and the SEBI Listing Regulations and the meetings held therein are mentioned in the Corporate Governance Report.

34. KEY MANAGERIAL PERSONNEL

In compliance with Section 203 of the Companies Act, 2013, following have been designated as Key Managerial Personnel:-

1. Shri Sushil Sharma, Chariman ? Managing Director and Director (Projects).

2. Shri Akhileshwar Singh, Director (Finance) ? Chief Financial Officer.

3. Shri Soumendra Das, Company Secretary.

35. IMPLEMENTATION OF OFFICIAL LANGUAGE

In order to ensure the implementation of the Official Language Policy of the Govt, of India, all possible efforts have been made by the company to achieve the targets as specified by the Department of Official Language. Under section 3.3(1) of Official Language Act cent percent documents were issued bilingually Sail the letters received in Hindi were replied to in Hindi. Company's website is in bilingual form and it is updated from timetotime.

To encourage executives and non-executives to do their entire work in Hindi, number of incentive schemes are under implementation namely Payment of increment of three months during the year, fordoing his/her whole office workinHindiandduringthe year and under this scheme a total 209 Employees/Officers were awarded cash prizes amounting to ?14,01,540/-(Approx.).

12 Hindi workshops/seminars have been organised and 353 no. of executives and non-executives have been trained. Organising of Hindi quiz competitions on national/important occasions and other competitions (i.e. Nibhand (Essay writing), Kahani, Noting-drafting, Shabdarth gyan, Sulekh, Hindi Vyakaran Rajbhasha Niti ? Shodhpatra competition) is a regular feature and besides this number of competitions were also organised during "Hindi fortnight". In these competitions 236 no. of employees were awarded cash prizes amounting to ?4,52,800.

During the year under review, with the aim of propagating Hindi in the schools, colleges, institutes and universities located in the projects including Corporate Office, Shimla, various Hindi competitions were organized and awards amounting to about ?2,40,500/- were given to 115 students.

To popularise Hindi in a big way a'Rs. Akhil Bhartiya Kavi Sammelan¹ was organised on 20.03.2024 at Corporate Headquarter, Shimla.

Half yearly meetings of the Town Official Language Implementation Committee, Shimla (Office-2) constituted for the CPSUs ? Banks etc. were held on 24.07.2023 ? 26.12.2023.

Similarly, Rajbhasha Sangosthi has been organised on 20.03.2024 for TOLIC, Shimla (Office-2) employees and the awards of TOLIC Rajbhasha Shield were given to the members of TOLIC, Shimla (Office-2) on 26.12.2023 forthe best performance in Official Language Hindi.

To give impetus to the multi-facet talent of employees an in-house biannual Hindi magazine "Himshakti" and on Annual basis issues of TOLIC in-house magazine'Rs. Himsamvad' was published and circulated. Out of total expenditure on purchase of books, 90.31% of amount was spent on purchase of Hindi books.

36. AWARDS ? ACHIEVEMENTS

1. 11^th April, 2023 : SJVN won two prestigious awards at 14^th CIDC Vishwakarma Awards 2023. The'Rs. Achievement Award for Creating Social Development and Impact has been conferred in recognition to the exceptional organizational efforts in the field of Corporate Social Responsibility.

2. 15^th July, 2023 i First prize in prestigiousSwachhta Pakhwada Award 2023 by Ministry of Power, Govt, of India.

3. 11^th August, 2023 : SJVN awarded prestigious Developer of the Year Platinum Award in Solar Sector under PSU category by EQ International.

4. 17^th August, 2023 : SJVN conferred with first prize of'Rs. NTPC Rajbhasha

Shield 2023.'

5. 22^nd August, 2023 : SJVN conferred with'Rs. 2^nd Annual Greentech Quality ? Innovation Award 2023' under the category of Quality Improvement.

6. 25^th August, 2023 estigious'RE Developer of Year for Rajasthan Silver Award' in PSU category during Rajasthan Annual Solar Award 2023.

7. 13^th September, 2023 ry Management System certification by Bureau of Indian Standards.

8. 24^th November, 2023 : SJVN conferred with 23^rd Annual Greentech Environment Award 2023 under category of Environment Excellence. SJVN has also been bestowed with 10^th Annual Greentech CSR Award in Healthcare Promotion Category.

9. 27^th December, 2023 : SJVN awarded with prestigious IEI Industry Excellence Silver Award 2023 by Institution of Engineers India.

10. 12^th January, 2024 :SJVN certified as Great Place To Work by Great Place To Work, India.

11. 18^th January, 2024 : SJVN won'Rs. SCOPE Excellence Award in Institutional Category II' and'Rs. SCOPE Meritorious Award for Corporate Social Responsibility ? Responsiveness.'

12. 6^th February, 2024 : SGEL, renewable arm of SJVN Limited won prestigious'Rs. Diamond Award for Large Scale Solar Project Developer of Yearin UttarPradesh in PSU category.

13. 29^th February, 2024 : STPL, a wholly owned subsidiary of SJVN conferred with Certificate of Appreciation for Second Highest percentage in procurement from Women owned MSEs amongst CPSEs.

37. OTHER MAJOR DEVELOPMENTS

1. 6^th April, 2023 : SJVN nominated as fourth Renewable Energy Implementing Agencies (REIAs) in addition to SECI, NTPC and NHPC.

2. 3^rd May, 2023 : SJVN bagged full quoted capacity of 200 MW Grid connected Solar Power Project in Khavda Solar Park @ D2.88 per unit in e-Reverse auction conducted by GUVNL.

3. 5^th May, 2023 : SJVN bagged 100 MW Grid Connected Wind Power Project at a tariff of D3.17 per unit in Gujarat.

4. 23^rd May, 2023 : SJVN signed Memorandum of Understanding with Government of Goa for development of Renewable Energy Projects.

5. 2^nd June, 2023 : Project Development Agreement (PDA) of 669 MW Lower Arun Hydro Electric Project in Nepalsigned.

6. 13^th June, 2023 : SJVN bagged 200 MW Grid Connected Wind Power Project at a tariff of D3.24 per unit in e-RA organized by SECI.

7. 15^th June, 2023 : SJVN signed Memorandum of Understanding with MAHAGENCO for development of 5000 MW Renewable Energy Projects in Maharashtra.

8. 19^th July, 2023 : SJVN signed Power Purchase Agreements for 300 MW Renewable Energy Projects with MSEDCL.

9. 21^st July, 2023 : SJVN inked an MoU with REC to finance projects of SJVN and i ts subsidiaries ? joint ventures to the extent of D50.000/- crores.

10. 3^rd August, 2023 : SJVN inked Memorandum of Understanding with Sikkim Urja Limited for trading 180 MW Hydro Power from SUL's 1200 MWTeesta-lll Hydro Electric Project in Sikkim to Distribution Licensees and Open Access Consumers.

11. 10^th August, 2023 idums of Understanding with

ONGC for joint development of renewable energy projects

12. 10^thAugust, 2023 ndums of Understanding with

Sambhar Salts Limited, a subsidiary of Hindustan Salts Limited for development of Solar Projects / Park in phased manner on identified land bank of M/sSSL.

13. 10^th August, 2023 :SJVN has 90 MW Floating Solar Project @ ?3.79/unit in OmkareshwarFloatingSolarPark, Madhya Pradesh.

14. 12^th August, 2023 : SJVN signed historic MOA for implementing five Hydro Projects of 5097 MWin Arunachal Pradesh.

15. 29^th August, 2023 : SJVN received Letter of Awards for executing three solar projects of 320 MW cumulative capacity from Assam Power Development Corporation Limited.

16. 8^th September, 2023 : SJVN signed Power Purchase Agreement for 18 MWSolarPowerwith BBMB.

17. 14^th September, 2023 : Sh. Akhileshwar Singh, Director (Finance) SJVN honoured with Best CFO Award 2023 in Power Sector by Dalai Street Journal.

18. 20^th September, 2023 : SJVN signs MOU with PFC for ? 1,18,000 crores financing of RE SThermal Projects.

19. 12^th October, 2023 : SJVN received Letter of Award for 100 MW Solar Power Project from RUVNL at a tariff of D2.62 per unit.

20. 27^th October, 2023 : SJVN signed Memorandum of Understanding with M/s Ocean Sun, Norway for collaboration in field of New Technologies in Green S Clean Energy Sector.

21. 16^th November, 2023 : SJVN signed Power Purchase Agreement for 200 MW Grid Connected Wind Power Project with SECI.

22. 4^th December, 2023 : SJVN commissioned 60 MW Naitwar Mori Hydro PowerStation in Uttarakhand.

23. 26^th December, 2023 : SJVN secured 100 MW Solar Power Project @ D2.63/Unit through e-RA conducted by GUVNL

24. 30^th December, 2023 : SJVN commissioned 75 MW Gurhah Solar Power Plant located in district JaLaun, Uttar Pradesh.

25. 22^nd January, 2024 n of Understanding with

NHAI for providing Technical Consultancy Services.

26. 25^th January, 2024 : SJVN Limited secured 100 MW Solar Power Project @ ?2.54/Unit through e-RA conducted by GUVNL.

27. 23^rd February, 2024 : SJVN Commissioned 50 MW Gujrai Solar Power Station located in District Kanpur Dehat, Uttar Pradesh.

28. 27^th February, 2024 : SJVN commissioned 100 MW Raghanesda Solar PowerStation located in district Banaskantha, Gujarat.

29. 3^rd March, 2024 : SJVN secured 200 MW Solar Project at a tariff of D2.66 perunit in e-RA Conducted by GUVNL.

30. 4^th March, 2024 : Hon'ble Prime Minister Sh. Narendra Modi virtually dedicated to the Nation four Power Stations of SJVN namely 60 MW Naitwar Mori Hydro Power Station in Uttarakhand, 75 MW Parasan Solar Power Station, 75 MW Gurhah Solar Power Station and 50 MW GujraiSolarPowerStation in Uttar Pradesh.

He also laid foundation stone of SJVN's projects viz. 382 MW Sunni Dam Hydro Electric Project and 15 MW Nangal Floating Solar Power Project in Himachal Pradesh and 70 MW Solar Project in Assam.

31. 7^th March, 2024 : SJVN received Letter of Awards for 1352 MW Solar Power Projects to be developed at various locations in districts of Maharashtra.

32. 10^th March, 2024 : SJVN signed Power Usage Agreements for 500 MW Solar Power and for 100 MW Solar Power with Rajasthan Urja Vikas and IT Services Limited.

38. PARTICULARS OF LOANS GIVEN, INVESTMENTS MADE GUARANTEES GIVEN AND SECURITIES PROVIDED UNDER SECTION 186 OF COMPANIES ACT, 2013

Particulars of loans given, investments made, guarantees given and securities provided along with the purpose for which the loan or guarantee or security is proposed to be utilized by the recipient are as under -

39. DETAILS OF NON-CONVERTIBLE SECURITIES ISSUED

In FY 2021-22 Company has raised the fund of D1000 Cr. through private placement of Non-Convertible, Redeemable Debenture at a coupon rate of 6.10% p.a having maturity at 5-year tenor. No new NCD was raised in the FY2023-24.

40. DETAILS OF EXTERNAL COMMERCIAL BORROWINGS (ECB)

SJVN has tied up the USD 500 Million from PNB Dubai/ Gift City in FY

2021-22 and subsequently revised the sanction to USD 300 MN and

same has been disbursed and utilized toward capital expenditure in ongoing projects. The Total Outstanding Borrowings of PNB-Gift City was?2474.03 Cr as on 31.03.2024 (Previous Year?2431.64 Cr).

SJVN has also tied-up the ECB amounting to JPY15 Billion. The entire ECB will be utilized to meet out the Capital Expenditure of 100 MW Raganesda Solar Power Project in the state of Gujarat and 90 MW Omkareshwar Floating Solar Power Project in the state of Madhya Pradesh.

The Total Outstanding Borrowings of ECB-JBIC was D826.31 as on 31.03.2024 (PreviousYearNil).

The Outstanding foreign currency loan from World Bank for Financing RHPS was 1187.71 ason 31.03.2024 (Previous Year? 1423.92 Cr)

41. GENERAL

Directors of your Company state that no disclosure or reporting is required in respect of the following items as there were no transactions/ events on these items/ matters during the year under review:

1. The Company has not accepted any deposits during the year under review.

2. Issue of equity shares with differential rights as to dividend, voting or otherwise.

3. Neither the Managing Director nor the Whole-time Directors of the Company receive any remuneration or commission from any of its subsidiaries.

4. No significant or material orders were passed by the Regulators or Courts or Tribunals which impact the going concern status and Company's operations in future.

5. There have been no Material Changes and Commitments affecting the financial position of the company which have occurred between the end of the financial year 2023-24 and the date of this report.

6. The company has not made any buyback of shares during the year under review.

7. There have been no changes in the nature of business of the company during the year.

8. No application was made or any proceeding was pending against SJVN Limited under the Insolvency and Bankruptcy Code, 2016 during the financial year 2023-24.

42. ACKNOWLEDGMENT

The Board of Directors acknowledge with deep appreciation, the cooperation and guidance extended by various Ministries/Departments of the Government of India, particularly, Ministry of Power, Ministry of New S Renewable Energy, Ministry of Finance, Ministry of External Affairs, Ministry of Environment S Forest, Central Electricity Authority, Central Water Commission, Geological Survey of India, the Government of Nepal, the Government of Himachal Pradesh, State Governments of Bihar, Uttarakhand, Gujarat, Uttar Pradesh, Maharashtra, Assam, Arunachal Pradesh, Jharkhand, Rajasthan, Punjab, Madhya Pradesh, Mizoram and Odisha the State Electricity Boards and the World Bank. Your Directors also convey their gratitude to the shareholders, various international and Indian banks and financial institutions for the confidence reposed by them in the Company. The Board also acknowledges and appreciates the contribution made by Contractors, Vendors, Consultants and others for achieving the planned goals of the Company.

The Board also places on record its deep appreciation of valued cooperation extended by the Office of the Comptroller and Auditor General of India and the Auditors. Last but not least, the Board commends the hard work and dedicated efforts put in by the employees of the Corporation including the employees on deputation at all levels.

For and on behalf of Board of Directors