Adani Power : APL AR 2022-23

Building a better tomorrow

Welcome strengthening India's tomorrow with energy security today

Adani Power Limited

Annual Report 2022-23

Forward-looking statement

Certain statements in this communication may be 'forward-looking statements' within the meaning of applicable laws and regulations. These forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements. Important developments that could affect the Company's operations include changes in the industry structure, significant changes in political and economic environments in India and overseas, tax laws, import duties, litigation and labour relations. Adani Power Limited will not be in any way responsible for any action taken based on such statements and undertakes no obligation to publicly update these forward-looking statements to reflect subsequent events or circumstances.

Building a Better Tomorrow

The Adani Group's Annual Report for the year 2022-23 presents

a growth narrative powered by sustainable infrastructure and building a better future for the world around sustainable practices.

This positioning reflects our Chairman's vision of long-term growth. From humble origins, the Adani Group has evolved into India's largest infrastructure platform (outside of the government) with a focus on

renewable energy and sustainable development.

The Group's efforts have also contributed to the formulation of policies that offer renewable power options to consumers across India, making it available, affordable and accessible.

This Annual Report emphasises the overarching theme of sustainability, adaptability, and climate resilience, which underpins the Adani Group's narrative of long-term growth. The report highlights specific

achievements, showcasing the overall portfolio growth and the progress of individual companies within the Group.

This Annual Report 2022-23 presents a compelling 'Building a better tomorrow' theme through sustainability, adaptability, climate resilience, and community development.

Through these attributes, the Group has positioned itself as a leader in driving positive change and creating a better tomorrow for all its stakeholders.

Contents

Part 1: What we are and what we do

4 Corporate Snapshot

8 Adani Power at a glance

Part 2: Adani Power. Positioned to build a better tomorrow

15 APL. Building a Better tomorrow by catalysing the Indian economy

Part 3: Perspectives of our management

1. The Adani profile

1. Chairman's Message

36 Managing Director's Communique

40 CEO'S Communique

Part-4: How APL has built a culture of excellence

48 Adani Power. A sectorial benchmark in terms of asset sophistication and operating efficiency

54 APL. Building robust value drivers, enhancing stakeholder value

57 How we are building a better tomorrow through the acquisition and turnaround of financially stressed power plants

59 Adani Power's culture of operation and maintenance excellence

76 Our fuel management and logistics excellence

78 How we have deepened a culture of technological excellence at Adani Power

81 How APL strengthened data privacy and cyber risk management

84 How we are building a great team at Adani Power

Part-5: Seeding responsibility in profitability

92 How we deepened our environment responsiveness at Adani Power

98 Adani Power: Committed to the complete safety of its people, plants and communities

102 Empowering communities: Adani Power's commitment to corporate social responsibility

Statutory section

113 Management discussion and analysis

1. Company Information
2. Director's report and annexures

144 Corporate Governance Report

178 Business Responsibility and Sustainability Report

Financial statements

221 Standalone Financial Statements

324 Consolidated Financial Statements

424 AGM Notice

Building

1. better tomorrow

At Adani Power Limited, we are engaged in a business that empowers lives.

We facilitate national growth - individual, commercial and industrial

• through the ability to generate power reliably and affordably.

We are engaged in building a better tomorrow through strategically-targeted capacity addition, technology adoption and environmental consciousness.

The company's operations are marked by a reliable, always-available power supply to some of India's largest power markets and growth centres.

By reconciling the needs of the consumer, environment, country and other stakeholders, the company is building a better tomorrow.

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ADANI POWER LIMITED ANNUAL REPORT 2022-23

CORPORATE OVERVIEW

STATUTORY REPORTS

FINANCIAL STATEMENTS

PART 1

What we are and what we do

3