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Cover Page	12 Months Ended
Cover Page	Mar. 31, 2022 shares
Document Information [Line Items]
Document Type	20-F
Amendment Flag	false
Document Registration Statement	false
Document Annual Report	true
Document Transition Report	false
Document Shell Company Report	false
Document Period End Date	Mar. 31, 2022
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Entity Registrant Name	RENEW ENERGY GLOBAL PLC
Entity Central Index Key	0001848763
Current Fiscal Year End Date	--03-31
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	false
Entity Incorporation, State or Country Code	X0
Entity Address, Address Line One	C/O Vistra (UK) Ltd
Entity Address, Address Line Two	3rd Floor
Entity Address, Address Line Three	11-12 St James’s Square
Entity Address, City or Town	London
Entity Address, Country	GB
Entity Address, Postal Zip Code	SW1Y 4LB, United Kingdom
Entity Shell Company	false
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity File Number	001-40752
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Document Accounting Standard	International Financial Reporting Standards
Auditor Name	S. R. Batliboi & Co. LLP
Auditor Location	Gurugram, India
Auditor Firm ID	1272
Business Contact
Document Information [Line Items]
Contact Personnel Name	C/O ReNew Power
Entity Address, Address Line One	Commercial Block-1, Zone 6
Entity Address, Address Line Two	Golf Course Road
Entity Address, Address Line Three	DLF City Phase V
Entity Address, City or Town	Gurugram
Entity Address, Country	IN
Entity Address, Postal Zip Code	122009
City Area Code	91
Local Phone Number	124 489 6670
Class A Ordinary Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	282,469,171
Trading Symbol	RNW
Title of 12(b) Security	Class A Ordinary Shares, par value $0.0001 per share
Security Exchange Name	NASDAQ
Class B Ordinary Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	1
Class C Ordinary Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	118,363,766
Class D Ordinary Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	1
Deferred shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	1
Redeemable Preference Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	50,000
Warrants
Document Information [Line Items]
Trading Symbol	RNWWW
Title of 12(b) Security	Warrants to purchase Class A Ordinary Shares, $0.0001 per share
Security Exchange Name	NASDAQ

Consolidated Statement of Financial Position ₨ in Millions, $ in Millions	Mar. 31, 2022 INR (₨)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 INR (₨)
Non-current assets
Property, plant and equipment	₨ 437,593	$ 5,768	₨ 342,036
Intangible assets	39,724	524	36,410
Right-of-use assets	7,495	99	4,264
Financial assets
Trade receivables	1,006	13	1,178
Loans	164	2	140
Others	3,254	43	2,999
Deferred tax assets (net)	1,062	14	1,611
Prepayments	875	12	679
Non-current tax assets (net)	4,877	64	2,702
Other non-current assets	10,081	133	7,715
Total non-current assets	506,131	6,671	399,734
Current assets
Inventories	815	11	833
Financial assets
Derivative instruments	3,593	47	2,691
Trade receivables	44,819	591	34,802
Cash and cash equivalents	28,379	374	20,679
Bank balances other than cash and cash equivalents	50,741	669	26,506
Loans	623	8	56
Others	2,178	29	3,697
Prepayments	970	13	592
Other current assets	3,001	40	2,464
Total current assets other than non-current assets or disposal groups classified as held for sale or as held for distribution to owners	135,119	1,781	92,320
Assets held for sale	93	1
Total current assets	135,212	1,782	92,320
Total assets	641,343	8,453	492,054
Equity
Issued capital	4,808	63	3,799
Share premium	154,051	2,030	67,165
Hedge reserve	(1,328)	(18)	(5,224)
Share based payment reserve	3,444	45	1,165
Retained losses	(38,420)	(506)	(6,489)
Other components of equity	(4,116)	(54)	1,661
Equity attributable to equity holders of the parent	118,439	1,561	62,077
Non-controlling interests	7,934	105	2,668
Total equity	126,373	1,666	64,745
Financial liabilities
Interest-bearing loans and borrowings	373,729	4,926	335,136
Lease liabilities	2,999	40	1,782
Liability for put options with non-controlling interests	8,636	114
Others	2,087	28	132
Deferred government grant	214	3	719
Employee benefit liabilities	169	2	143
Contract liabilities			1,364
Provisions	13,384	176	13,686
Deferred tax liabilities (net)	12,468	164	10,808
Other non-current liabilities	5	0	2,747
Total non-current liabilities	413,691	5,453	366,517
Financial liabilities
Interest-bearing loans and borrowings	14,485	191	10,643
Lease liabilities	455	6	330
Trade payables	5,609	74	3,245
Liability for put options with non-controlling interests	910	12
Derivative instruments	4,209	55	1,070
Others (includes current maturities of long term interest-bearing loans and borrowings)	71,636	944	42,622
Deferred government grant	11	0	39
Employee benefit liabilities	179	2	252
Contract liabilities			61
Other current liabilities	3,281	43	2,266
Current tax liabilities (net)	504	7	264
Total current liabilities other than liabilities included in disposal groups classified as held for sale	101,279	1,335	60,792
Liabilities directly associated with the assets held for sale			0
Total current liabilities	101,279	1,335	60,792
Total liabilities	514,970	6,788	427,309
Total equity and liabilities	₨ 641,343	$ 8,453	₨ 492,054

Consolidated Statement Of Profit Or Loss And Other Comprehensive Income
₨ in Millions, $ in Millions

12 Months Ended

Mar. 31, 2022

INR (₨)

₨ / shares

Mar. 31, 2022

USD ($)

$ / shares

Mar. 31, 2021

INR (₨)

₨ / shares

Mar. 31, 2020

INR (₨)

₨ / shares

Income

Revenue

₨ 59,349

$ 782

₨ 48,187

₨ 48,412

Other operating income

2,694

Finance income and fair value change in derivative instruments

2,013

3,354

2,179

Other income

5,139

2,870

2,634

Total income

69,195

912

54,491

53,303

Expenses

Raw materials and consumables used

324

426

530

Employee benefits expense

4,501

1,259

951

Depreciation and amortisation

13,764

181

12,026

11,240

Other expenses

9,925

131

7,582

5,665

Finance costs and fair value change in derivative instruments

41,712

550

38,281

35,487

Change in fair value of warrants

690

Listing and related expenses

10,512

139

Total expenses

81,428

1,073

59,574

53,873

Profit (loss) from operating activities

(12,233)

(161)

(5,083)

(570)

Share in loss of jointly controlled entities

(45)

(53)

Loss before tax

(12,233)

(161)

(5,128)

(623)

Income tax expense

Current tax

1,167

785

486

Deferred tax

2,797

2,091

1,714

Adjustment of current tax relating to earlier years

(69)

(1)

(42)

Loss for the year

(16,128)

(213)

(8,032)

(2,781)

Other comprehensive income that may be reclassified to profit or loss in subsequent periods (net of tax):

Net gain / (loss) on cash flow hedge reserve

4,201

(5,065)

2,220

Net gain / (loss) on cost of hedge reserve

(1,385)

(18)

(539)

(1,000)

Total gain / (loss) on cash flow hedges

2,816

(5,603)

1,220

Income tax effect

750

1,532

(1,856)

Other comprehensive income, net of tax, cash flow hedges

3,566

(4,072)

(636)

Exchange differences on translation of foreign operations

191

(2)

Other comprehensive income, net of tax, exchange differences on translation

191

(2)

Net other comprehensive income / (loss) that may be reclassified to profit or loss in subsequent periods (b)

3,757

(4,074)

(622)

Other comprehensive income that will not be reclassified to profit or loss in subsequent periods (net of tax):

Re-measurement loss of defined benefit plan

(8)

(13)

Income tax effect

(3)

Net other comprehensive loss that will not be reclassified to profit or loss in subsequent periods (c)

(7)

(9)

Total other comprehensive income

3,763

(4,081)

(631)

Total comprehensive (loss) / income for the year, net of tax

(12,365)

(163)

(12,113)

(3,412)

Loss attributable to:

Equity holders of the parent

(16,077)

(212)

(7,818)

^[1]

(2,696)

^[1]

Non-controlling interests

(51)

(1)

(214)

(85)

Loss for the year

(16,128)

(213)

(8,032)

(2,781)

Total comprehensive loss attributable to:

Equity holders of the parent

(12,700)

(167)

(11,965)

(3,265)

Non-controlling interests

335

(148)

(147)

Total comprehensive (loss) / income for the year, net of tax

₨ (12,365)

$ (163)

₨ (12,113)

₨ (3,412)

Earnings / (loss) per share

Basic loss attributable to ordinary equity holders of the Parent (in INR and USD) | (per share)

₨ (40.82)

$ (0.54)

₨ (19.49)

^[1]

₨ (7.08)

^[1]

Diluted loss attributable to ordinary equity holders of the Parent (in INR and USD) | (per share)

₨ (40.82)

$ (0.54)

₨ (19.49)

^[1]

₨ (7.08)

^[1]

[1]

The earnings per share disclosed for the year ended March 31, 2021 and 2020 is calculated by dividing:

(a)

Profit or loss of RPPL attributable to ordinary shareholders; by

(b)

RPPL's historical weighted average number of ordinary shares outstanding multiplied by the exchange ratio established in the Transaction (i.e., 1 RPPL share to 0.8289 Company Share).

Consolidated Statement of Changes In Equity
₨ in Millions, $ in Millions

INR (₨)

USD ($)

Subsidiary

INR (₨)

RPPL

INR (₨)

^[2]

RPPL

INR (₨)

Issued capital

INR (₨)

Issued capital

USD ($)

Issued capital

RPPL

INR (₨)

^[2]

Share premium

INR (₨)

Share premium

USD ($)

Share premium

RPPL

INR (₨)

^[2]

Hedge reserve

INR (₨)

Hedge reserve

USD ($)

Share based payment reserve

INR (₨)

Share based payment reserve

USD ($)

Retained earnings / (losses)

INR (₨)

Retained earnings / (losses)

USD ($)

Retained earnings / (losses)

Subsidiary

INR (₨)

Retained earnings / (losses)

RPPL

INR (₨)

Capital reserve

INR (₨)

Capital reserve

USD ($)

Debenture redemption reserve

INR (₨)

Debenture redemption reserve

USD ($)

Foreign currency translation reserve

INR (₨)

Foreign currency translation reserve

USD ($)

Total

INR (₨)

Total

USD ($)

Total

Subsidiary

INR (₨)

Total

RPPL

INR (₨)

^[2]

Total

RPPL

INR (₨)

Non- controlling interests

INR (₨)

Non- controlling interests

USD ($)

Non- controlling interests

Subsidiary

INR (₨)

Beginning balance at Mar. 31, 2019

₨ 81,844

₨ 3,799

₨ 67,165

₨ (512)

₨ 1,086

₨ 1,894

₨ 114

₨ 4,177

₨ (2)

₨ 77,721

₨ 4,123

Profit / (loss) for the year

(2,781)

(2,696)

(85)

Other comprehensive income / (loss)

(631)

(574)

^[1]

(9)

(569)

(62)

Total comprehensive (loss) / income for the year, net of tax

(3,412)

(574)

^[1]

(2,705)

(3,265)

(147)

Share-based payment expense

207

Forfeiture of vested options

(132)

132

Acquisition of non-controlling interest

(643)

(143)

(500)

Acquisition of interest by non-controlling interest in subsidiaries

852

847

Transfer from (to) debenture redemption reserve (net)

1,881

(1,881)

Ending balance at Mar. 31, 2020

78,848

3,799

67,165

(1,086)

1,161

1,207

(29)

2,296

74,525

4,323

Profit / (loss) for the year

(8,032)

(7,818)

(214)

Other comprehensive income / (loss)

(4,081)

(4,138)

^[1]

(7)

(2)

(4,147)

Total comprehensive (loss) / income for the year, net of tax

(12,113)

(4,138)

^[1]

(7,825)

(2)

(11,965)

(148)

Share-based payment expense

177

Forfeiture of vested options

(3)

Repurchase of vested stock options

(646)

(176)

(470)

(646)

Acquisition of non-controlling interest

(1,544)

(1,622)

Acquisition of interest by non-controlling interest in subsidiaries

Acquisition of subsidiaries

107

Transfer from (to) debenture redemption reserve (net)

694

(694)

Others

(121)

Ending balance at Mar. 31, 2021

64,745

3,799

67,165

(5,224)

1,165

(6,489)

1,602

62,077

2,668

Profit / (loss) for the year

(16,128)

$ (213)

(16,077)

(51)

Other comprehensive income / (loss)

3,763

3,180

^[1]

191

3,377

386

Total comprehensive (loss) / income for the year, net of tax

(12,365)

(163)

3,180

^[1]

(16,071)

191

(12,700)

335

Share-based payment expense

2,505

Repurchase of vested stock options

(89)

(24)

(65)

(89)

Amount utilised on exercise of stock options

(85)

Issue of equity shares

9,149

₨ 917

₨ 27,942

₨ 456

9,149

₨ 27,486

₨ 1

9,149

₨ 1

₨ 27,942

₨ 916

Disposal of subsidiary

Acquisition of non-controlling interest

(9,865)

(5,618)

(4,247)

Acquisition of interest by non-controlling interest in subsidiaries

Transfer from (to) debenture redemption reserve (net)

135

(135)

Capital transaction involving issue of shares (net of costs of INR 3,660 related to issuance of equity shares)

73,655

1,050

72,605

73,655

Distribution/Cash paid to RPPL's equity holders

₨ (19,609)

Recognition of non-controlling interests

(497)

(13,226)

716

^[1]

(117)

214

(5)

(188)

(13,103)

13,103

Allocation of other equity to non controlling interest

(23)

(22)

Shares pending cancellation

(997)

Effect of approved capital reduction

(9,128)

9,128

Change in fair value of put option liability / derecognition of non-controlling interests

(9,545)

(4,667)

(4,878)

Ending balance at Mar. 31, 2022

₨ 126,373

$ 1,666

₨ 4,808

$ 63

₨ 154,051

$ 2,030

₨ (1,328)

$ (18)

₨ 3,444

$ 45

₨ (38,420)

$ (506)

₨ (5,573)

$ (73)

₨ 1,256

$ 17

₨ 201

$ 3

₨ 118,439

$ 1,561

₨ 7,934

$ 105

[1]	includes cash flow hedge reserve and cost of hedge reserve
[2]	includes compulsorily convertible preference shares converted to equity shares

Consolidated Statement of Changes in Equity (Parenthetical) ₨ in Millions	12 Months Ended
	Mar. 31, 2022 INR (₨)
Share issue related cost	₨ 3,660

Consolidated Statement of Cash Flows ₨ in Millions, $ in Millions	12 Months Ended
	Mar. 31, 2022 INR (₨)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 INR (₨)	Mar. 31, 2020 INR (₨)
Cash flows from operating activities
Loss before tax	₨ (12,233)	$ (161)	₨ (5,128)	₨ (623)
Adjustments to reconcile profit before tax to net cash flows:
Finance costs	41,088	542	37,852	35,076
Depreciation and amortisation	13,764	181	12,026	11,240
Change in fair value of warrants	690	9
Provision for operation and maintenance equalisation	(574)	(8)	(147)	11
Share based payments	2,410	32	203	72
Listing and related expenses (non cash)	7,617	100
Interest income	(2,013)	(27)	(1,774)	(2,144)
Others	48	1	(634)	(39)
Working capital adjustments:
Increase in trade receivables	(9,732)	(128)	(10,991)	(6,820)
(Increase) / decrease in inventories	(59)	(1)	(221)	110
(Increase) / decrease in other current financial assets	(29)	0	476	(407)
(Increase) / decrease in other non-current financial assets	1,921	25	7	(49)
(Increase) / decrease in other current assets	(476)	(6)	(674)	253
Decrease in other non-current assets	106	1	7	206
Increase in prepayments	(532)	(7)	(213)	(995)
(Decrease) / increase in other current financial liabilities	15	0	(258)	31
Increase in other current liabilities	1,401	18	168	274
(Decrease) / increase in other non-current liabilities	6	0	(9)	35
(Decrease) / increase in contract liabilities	(109)	(1)	1,538
(Decrease) / increase in trade payables	2,241	30	(555)	697
(Decrease) / increase in employee benefit liabilities	(73)	(1)	158	10
(Decrease) / increase in provisions			(4)	4
Cash generated from operations	45,477	599	31,827	36,942
Income tax (paid)/refund	(3,087)	(41)	254	(1,854)
Net cash generated from operating activities (a)	42,390	559	32,081	35,088
Cash flows from investing activities
Purchase of property, plant and equipment, intangible assets and right of use assets	(89,830)	(1,184)	(24,482)	(39,299)
Sale of property, plant and equipment	134	2
Sale of intangible assets				219
Redemption / (investments) in deposits having residual maturity more than 3 months (net)	(24,770)	(326)	1,448	(15,868)
Disposal of subsidiary, net of cash disposed (refer Note 39)	4,765	63	3,597
Acquisition of subsidiaries, net of cash acquired (refer Note 55 and 56)	(15,929)	(210)	(34)	(762)
Government grant received	74	1	26	54
Cash acquired on acquisition of control in jointly controlled entities (refer note 55)			46
Proceeds from interest received	1,759	23	1,987	1,932
Loans given	(950)	(13)
Net cash used in investing activities (b)	(124,747)	(1,644)	(17,412)	(53,724)
Cash flows from financing activities
Capital transaction involving issue of shares (net of transaction cost of INR 3,660)	67,978	896
Shares issued during the year	21	0
Distribution / cash paid to RPPL's equity holders	(19,609)	(258)
Proceeds from disposal of subsidiary's interest to non-controlling interest			8	846
Shares pending cancellation (refer Note 16)	(1,315)	(17)
Acquisition of interest by non-controlling interest in subsidiaries	1,450	19
Payment for acquisition of interest from non-controlling interest	(737)	(10)	(1,516)	(736)
Payment of lease liabilities (including payment of interest expense) (refer Note 41)	(295)	(4)	(248)	(347)
Proceeds from compulsory convertible preference shares				20,903
Payment made for repurchase of vested stock options	(610)	(8)	(681)
Proceeds from long term interest-bearing loans and borrowings	192,905	2,543	125,204	98,660
Repayment of long term interest-bearing loans and borrowings	(109,513)	(1,443)	(95,700)	(55,429)
Loan from related parties			605
Proceeds from short term interest-bearing loans and borrowings	98,044	1,292	18,779	34,808
Repayment of short term interest-bearing loans and borrowings	(103,728)	(1,367)	(20,002)	(44,790)
Interest paid	(34,553)	(455)	(33,528)	(32,305)
Net cash generated from / (used in) financing activities (c)	90,038	1,187	(7,079)	21,610
Net increase in cash and cash equivalents (a) + (b) + (c)	7,681	101	7,590	2,974
Cash and cash equivalents at the beginning of the year	20,679	273	13,089	10,115
Effects of exchange rate changes on cash and cash equivalents	19	0
Cash and cash equivalents at the end of the year	28,379	$ 374	20,679	13,089
Components of cash and cash equivalents
Cash and cheque on hand	0		0	0
Balances with banks:
- On current accounts	27,359		19,474	11,699
- Deposits with original maturity of less than 3 months	1,020		1,205	1,390
Total cash and cash equivalents	₨ 28,379		₨ 20,679	₨ 13,089

Consolidated Statement of Cash Flows (Parenthetical) ₨ in Millions	12 Months Ended
	Mar. 31, 2022 INR (₨)
Statement of cash flows [abstract]
Share issue expenses	₨ 3,660

Changes In Liabilities Arising From Financing Activities - INR (₨)
₨ in Millions

12 Months Ended

Mar. 31, 2022

Mar. 31, 2021

Mar. 31, 2020

Changes in liabilities arising from financing activities

Opening balance

₨ 376,233

₨ 355,684

₨ 289,943

Cash flows (net)

77,708

28,282

54,152

Other changes

^[1]

(9,681)

(7,733)

11,589

Closing balance

444,260

376,233

355,684

Long term interest-bearing loans and borrowings (including current maturities and net of ancillary borrowings cost incurred)

Changes in liabilities arising from financing activities

Opening balance

365,590

343,536

269,327

Cash flows (net)

83,392

29,504

64,134

Other changes

^[1]

(19,207)

(7,450)

10,075

Closing balance

429,775

365,590

343,536

Short term interest-bearing loans and borrowings

Changes in liabilities arising from financing activities

Opening balance

10,643

12,148

20,616

Cash flows (net)

(5,684)

(1,222)

(9,982)

Other changes

^[1]

9,526

(283)

1,514

Closing balance

₨ 14,485

₨ 10,643

₨ 12,148

[1]	includes adjustment for ancillary borrowing cost, unrealised / realised foreign exchange gain / loss.

Corporate Information

12 Months Ended

Mar. 31, 2022

Disclosure Of Corporate Information (Abstract)

Corporate Information

Corporate information

ReNew Energy Global Plc (the Company or Parent) is a public limited company incorporated under the laws of England and Wales (company number 13220321). The Company was incorporated as a private limited company in the United Kingdom on February 23, 2021 and re-registered as a public limited company in the United Kingdom on May 12, 2021. The registered office of the Company is located at C/O Vistra (UK) Ltd, 3rd Floor, 11-12 St. James's Square, London, England, SW1Y 4LB. The consolidated financial statements comprise financial statements of the Company and its subsidiaries (collectively, the Group) were authorised for issue by the Company's Board of Directors on July 25, 2022.

ReNew Power Private Limited (ReNew India or RPPL) is a private limited company domiciled and incorporated in India. The registered office of RPPL is located at 138, Ansal Chamber - II Bhikaji Cama Place, New Delhi - 110066.

The Group carries out business activities relating to generation of power through non-conventional and renewable energy sources through RPPL and its subsidiaries.

RMG Acquisition Corporation II (RMG II) is a blank check company incorporated as a Cayman Islands exempted company, on July 28, 2020 for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses.

ReNew Power Global Merger Sub (Merger Sub) was a Cayman Islands exempted company, wholly-owned by the Company.

Details of Business Combination Agreement (BCA) and consequent listing of ReNew Energy Global Plc on NASDAQ

On February 24, 2021, RPPL with a purpose of listing on NASDAQ through special purpose acquisition company route (SPAC) had entered into a BCA with (i) RMG II, (ii) Philip Kassin, solely in the capacity as the representative for the shareholders of RMG II, (iii) the Company (iv) Merger Sub and (v) certain shareholders of RPPL.

Pursuant to the terms of the BCA, (i) Merger Sub merged with and into RMG II, with RMG II surviving through transfer of RMG II shares in exchange for the issuance of shares of the Company and (ii) certain shareholders of RPPL transferred and the Company acquired, RPPL shares in exchange for the issuance of shares of the Company and/or the payment of cash to the certain shareholders of RPPL (the "Transaction").

On August 23, 2021, on successful completion of above Transaction, the Company got listed on the NASDAQ. The Company acquired approximately 90% and 100% of shareholding of RPPL and RMG II from their existing shareholders, respectively. Consequently, RMG II and RPPL became subsidiaries of the Company. The trading of the Company's shares has commenced with effect from August 24, 2021 on the NASDAQ under symbol "RNW". Information on this transaction is provided in Note 55(a).

Basis of preparation

12 Months Ended

Mar. 31, 2022

Disclosure Of Basis Of Preparation [Abstract]

Basis of preparation

2.1. Basis of preparation

The consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). The Group has prepared the financial statements on the basis that it will continue to operate as a going concern. The Directors consider that there are no material uncertainties that may cast significant doubt over this assumption. They have formed a judgement that there is a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future, and not less than 12 months from the end of the reporting period.

These consolidated financial statements have been prepared in accordance with the accounting policies, set out below, and were in all material aspects were consistently applied to all periods presented unless otherwise stated. Refer Note 4.2.1 for new and amended standards and interpretations adopted by the Group.

The consolidated financial statements have been prepared on a historical cost basis, except for the following assets and liabilities which have been measured at fair value:

- Financial assets and liabilities measured at fair value (refer accounting policy regarding financial instruments)

- Assets held for sale - measured at fair value less cost to sell

- Share based payments

- Share warrants

- Liability for put options (refer accounting policy below)

2.2. Convenience translation (unaudited)

The consolidated financial statements are presented in Indian Rupee (INR), the presentation currency of the Company. Solely for the convenience of readers, the consolidated financial statements as at and for the year ended March 31, 2022 have been translated to U.S. Dollars (USD) at the exchange rate of Rs. 75.87 per $1.00, being the noon buying rate in New York City for cable transfer in non-U.S. currencies as certified for customs purposes by the Federal Reserve Bank of New York on March 31, 2022.

2.3. Accounting policy for transaction referred in Note 1:

On completion of transaction referred in Note 1, the former shareholders of RPPL become majority shareholders of the Company and have the ability to elect, appoint or remove a majority of the members of the governing body of the Company. There were no material assets or liabilities or operations in the Company prior to this transaction. RMG II is a non-operating entity that does not meet the definition of a business under IFRS 3. Therefore, for accounting purposes, RPPL is deemed to be the accounting acquirer in the transaction. The transaction has been treated as a capital transaction equivalent to the issue of shares of RPPL in exchange for the net monetary assets acquired and therefore, acquisition accounting does not apply.

Consequently, there was no goodwill or other intangible assets recorded, in accordance with IFRS. Any difference in the fair value of the shares deemed to have been issued by the accounting acquirer and the fair value of the accounting acquiree‘s identifiable net assets is considered to be payment for a service of a stock exchange listing and recognised as expenses under head “Listing and related expenses” in statement of profit or loss.

The consolidated financial statements of the Company represent the continuation of the pre-acquisition consolidated financial statements of RPPL. The consolidated financial statements of the Company reflect:

(a)

the assets and liabilities of the accounting acquirer recognised and measured at their pre-combination carrying amounts;

(b)

the retained earnings and other equity balances of the accounting acquirer before this transaction, after adjusting amount attributable to NCI recognised;

(c)

the amount recognised as issued capital and share premium is determined by adding the issued equity of the accounting acquirer outstanding immediately before this transaction, after adjusting amount attributable to NCI recognised to the fair value consideration effectively transferred. The number and type of equity instruments pre-acquisition reflect the equity structure of RPPL. Post this transaction, the number and type of equity instruments issued, reflects the equity structure of the Company. Refer Note 38 for adjustment carried to number of equity instruments for computation of earnings per share.

(d)

the non-controlling interest’s proportionate share of the accounting acquirer’s pre-combination carrying amounts of retained earnings and other equity interests;

(e)

the statement of profit or loss and other comprehensive income for the current period reflects that of the accounting acquirer for the full period together with the post-acquisition results of the accounting acquiree.

The consolidated financial statements for year ended March 31, 2021 and 2020 and consolidated financial statements for the period April 1, 2021 to August 23, 2021 include financial data pertaining only to RPPL and its subsidiaries.

The consolidated financial statements are presented in Indian Rupees (INR) and all values are rounded to the nearest million, except when otherwise indicated. Absolute amounts less than INR 500,000 are appearing as "0" due to presentation in millions.

Basis of consolidation

12 Months Ended

Mar. 31, 2022

Basis Of Consolidation [Abstract]

Basis of consolidation

The consolidated financial statements comprise the financial statements of the Company and its subsidiaries as at March 31, 2022. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, the Group controls an investee if and only if the Group has:

- Power over the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee)

- Exposure, or rights, to variable returns from its involvement with the investee; and

- The ability to use its power over the investee to affect its returns

Generally, there is a presumption that a majority of voting rights result in control. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including:

- The contractual arrangement(s) with the other vote holders of the investee

- Rights arising from other contractual arrangements

- The Group's voting rights and potential voting rights

The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the Consolidated Financial Statements from the date the Group gains control until the date the Group ceases to control the subsidiary.

Profit or loss and each component of OCI are attributed to the equity holders of the parent of the Group and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance.

The consolidated financial statements are prepared using uniform accounting policies for like transactions and other events in similar circumstances. If a member of the Group uses accounting policies other than those adopted in the Consolidated Financial Statements for like transactions and events in similar circumstances, appropriate adjustments are made to that Group member’s financial statements in preparing the consolidated financial statements to ensure conformity with the Group’s accounting policies.

The financial statements of all entities used for the purpose of consolidation are drawn up to same reporting date as that of the Company i.e., year ended on March 31. When the end of the reporting period of the parent is different from that of a subsidiary, the subsidiary prepares, for consolidation purposes, additional financial information as of the same date as the financial statements of the parent to enable the parent to consolidate the financial information of the subsidiary, unless it is impracticable to do so.

Consolidation procedure

- Combine like items of assets, liabilities, equity, income, expenses and cash flows of the parent on line by line basis with those of its subsidiaries. For this purpose, income and expenses of the subsidiary are based on the amounts of the assets and liabilities recognised in the Consolidated Financial Statements at the acquisition date.

- Offset (eliminate) the carrying amount of the parent’s investment in each subsidiary and the parent’s portion of equity of each subsidiary. Business combinations policy explains how to account for any related goodwill.

- Eliminate in full intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between entities of the Group (profits or losses resulting from intragroup transactions that are recognised in assets, such as inventory and property, plant and equipment, are eliminated in full). Intragroup losses may indicate an impairment that requires recognition in the Consolidated Financial Statements. IAS 12 - 'Income Taxes' applies to temporary differences that arise from the elimination of profits and losses resulting from intragroup transactions.

Profit or loss and each component of other comprehensive income (OCI) are attributed to the equity holders of the parent of the Group and to the non- controlling interests, even if this results in the non-controlling interests having a deficit balance. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the Group’s accounting policies. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation.

Changes in the Company’s interests in subsidiaries that do not result in a loss of control are accounted for as equity transactions. The carrying amount of the Group’s interests and the non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiaries. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognised directly in equity and attributed to the owners of the Company.

If the Group loses control over a subsidiary, it:

- Derecognises the assets (including goodwill) and liabilities of the subsidiary at their carrying amounts at the date when control is lost

- Derecognises the carrying amount of any non-controlling interests

- Derecognises the cumulative translation differences recorded in equity

- Recognises the fair value of the consideration received and deferred consideration receivable

- Recognises the fair value of any investment retained

- Recognises any surplus or deficit in profit or loss

- Recognise that distribution of shares of subsidiary to group in Group’s capacity as owners

- Reclassifies the parent’s share of components previously recognised in OCI to profit or loss or retained earnings, as appropriate, as would be required if the group had directly disposed of the related assets or liabilities.

Liability for put options with non-controlling interests

Liability for put option issued to non-controlling interests, to be settled in cash by the Company, which do not grant present access to ownership interest to the Group is recognised at present value of the redemption amount and is reclassified from equity. At the end of each reporting period, the non- controlling interests subject to put option is derecognised and the difference between the amount derecognised and present value of the redemption amount, which is recorded as a financial liability, is accounted for as an equity transaction.

Summary of significant accounting policies

12 Months Ended

Mar. 31, 2022

Disclosure Of Summary of Significant Accounting Policies [Abstract]

Summary of significant accounting policies

4.1.

Summary of significant accounting policies

The following are the significant accounting policies applied by the Group in preparing its consolidated financial statements:

Business combinations and goodwill

Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred measured at acquisition date fair value and the amount of any non-controlling interests in the acquiree. For each business combination, the Group elects whether to measure the non-controlling interests in the acquiree at fair value or at the proportionate share of the acquiree’s identifiable net assets. Acquisition-related costs are expensed as incurred and included in other expenses.

The Group determines that it has acquired a business when the acquired set of activities and assets include an input and a substantive process that together significantly contribute to the ability to create outputs. The acquired process is considered substantive if it is critical to the ability to continue producing outputs, and the inputs acquired include an organised workforce with the necessary skills, knowledge, or experience to perform that process or it significantly contributes to the ability to continue producing outputs and is considered unique or scarce or cannot be replaced without significant cost, effort, or delay in the ability to continue producing outputs.

The Group has an option to apply a ‘concentration test’ that permits a simplified assessment of whether an acquired set of activities and assets is not a business. The optional concentration test is met if substantially all the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets.

At the acquisition date, the identifiable assets acquired and the liabilities assumed are recognised at their acquisition date fair values. For this purpose, the liabilities assumed include contingent liabilities representing present obligation and they are measured at their acquisition fair values irrespective of the fact that outflow of resources embodying economic benefits is not probable. However, the following assets and liabilities acquired in a business combination are measured at the basis indicated below:

- Deferred tax assets or liabilities and the assets or liabilities related to employee benefit arrangements are recognised and measured in accordance with IAS 12 - Income Taxes and IAS 19 - Employee Benefits respectively.

- Liabilities or equity instruments related to share based payment arrangements of the acquiree or share – based payments arrangements of the Group entered into to replace share-based payment arrangements of the acquiree are measured in accordance with IFRS 2 Share-based Payment at the acquisition date.

- Assets (or disposal groups) that are classified as held for sale in accordance with IFRS 5 - Non-current Assets Held for Sale and Discontinued Operations are measured in accordance with that standard.

- Reacquired rights are measured at a value determined on the basis of the remaining contractual term of the related contract. Such valuation does not consider potential renewal of the reacquired right.

- Potential tax effects of temporary differences and carry forwards of an acquiree that exist at the acquisition date or arise as a result of the acquisition are accounted in accordance with IAS 12.

When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. This includes the separation of embedded derivatives in host contracts by the acquiree.

If the business combination is achieved in stages, any previously held equity interest is re-measured at its acquisition date fair value and any resulting gain or loss is recognised in the statement of profit or loss or OCI, as appropriate.

Any contingent consideration to be transferred by the acquirer is recognised at fair value at the acquisition date. Contingent consideration classified as an asset or liability that is a financial instrument and within the scope of IFRS 9 Financial Instruments, is measured at fair value with changes in fair value recognised in the statement of profit or loss in accordance with IFRS 9. Other contingent consideration that is not within the scope of IFRS 9 is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Contingent consideration classified as equity is not remeasured and its subsequent settlement is accounted for within equity.

Goodwill is initially measured at cost, being the excess of the aggregate of the consideration transferred and the amount recognised for non-controlling interests, and any previous interest held, over the net identifiable assets acquired and liabilities assumed. If the fair value of the net assets acquired is in excess of the aggregate consideration transferred, the Group re-assesses whether it has correctly identified all of the assets acquired and all of the liabilities assumed and reviews the procedures used to measure the amounts to be recognised at the acquisition date. If the reassessment still results in an excess of the fair value of net assets acquired over the aggregate consideration transferred, then the gain is recognised in statement of profit or loss.

After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group’s cash-generating units that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units.

A cash generating unit to which goodwill has been allocated is tested for impairment annually on March 31, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash generating unit is less than its carrying amount, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro rata based on the carrying amount of each asset in the unit. Any impairment loss for goodwill is recognised in the statement of profit or loss. An impairment loss recognised for goodwill is not reversed in subsequent periods.

Where goodwill has been allocated to a cash-generating unit and part of the operation within that unit is disposed of, the goodwill associated with the disposed operation is included in the carrying amount of the operation when determining the gain or loss on disposal. Goodwill disposed in these circumstances is measured based on the relative values of the disposed operation and the portion of the cash-generating unit retained.

When the Group acquires controlling interest in an entity or a group of assets or net assets that is not a business, the Group allocates the cost of the group between the individual identifiable assets acquired (including intangible assets) and liabilities assumed based on their relative fair values at the date of purchase and these acquisitions do not give rise to the goodwill. The cost of the group of assets is the sum of all consideration given, any NCI recognised, and transaction costs incurred if any.

Investment in associates and jointly controlled entities (joint ventures)

An associate is an entity over which the Group has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee, but is not control or joint control over those policies.

A joint venture is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint venture. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control.

The considerations made in determining significant influence or joint control are similar to those necessary to determine control over subsidiaries. The Group’s investment in its associate and joint venture are accounted for using the equity method.

Under the equity method, the investment in an associate or a joint venture is initially recognised at cost. The carrying amount of the investment is adjusted to recognise changes in the Group’s share of net assets of the associate or joint venture since the acquisition date. Goodwill relating to the associate or joint venture is included in the carrying amount of the investment and is not tested for impairment separately.

The statement of profit or loss reflects the Group’s share of the results of operations of the associate or joint venture. Any change in OCI of those investees is presented as part of the Group’s OCI. In addition, when there has been a change recognised directly in the equity of the associate or joint venture, the Group recognises its share of any changes, when applicable, in the statement of changes in equity. Unrealised gains and losses resulting from transactions between the Group and the associate or joint venture are eliminated to the extent of the interest in the associate or joint venture.

The aggregate of the Group’s share of profit or loss of an associate and a joint venture is shown on the face of the statement of profit or loss outside operating profit and represents profit or loss after tax and non-controlling interests in the subsidiaries of the associate or joint venture.

The financial statements of the associate or joint venture are prepared for the same reporting period as the Group. When necessary, adjustments are made to bring the accounting policies in line with those of the Group.

After application of the equity method, the Group determines whether it is necessary to recognise an impairment loss on its investment in its associate or joint venture. At each reporting date, the Group determines whether there is objective evidence that the investment in the associate or joint venture is impaired. If there is such evidence, the Group calculates the amount of impairment as the difference between the recoverable amount of the associate or joint venture and its carrying value, and then recognises the loss within ‘Share of profit of an associate and a joint venture’ in profit or loss.

Upon loss of significant influence over the associate or joint control over the joint venture, the Group measures and recognises any retained investment at its fair value. Any difference between the carrying amount of the associate or joint venture upon loss of significant influence or joint control and the fair value of the retained investment and proceeds from disposal is recognised in profit or loss.

Interests in joint operations

A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets, and obligations for the liabilities, relating to the arrangement. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require unanimous consent of the parties sharing control.

When a Group entity undertakes its activities under joint operations, the Group as a joint operator recognises in relation to its interest in a joint operation:

•

its assets, including its share of any assets held jointly;

•

its liabilities, including its share of any liabilities incurred jointly;

•

its revenue from the sale of its share of the output arising from the joint operation;

•

its share of the revenue from the sale of the output by the joint operation; and

•

its expenses, including its share of any expenses incurred jointly.

The Group accounts for the assets, liabilities, revenue and expenses relating to its interest in a joint operation in accordance with the IFRS Standards applicable to the particular assets, liabilities, revenue and expenses.

When a Group entity transacts with a joint operation in which a Group entity is a joint operator (such as a sale or contribution of assets), the Group is considered to be conducting the transaction with the other parties to the joint operation, and gains and losses resulting from the transactions are recognised in the Group’s consolidated financial statements only to the extent of other parties’ interests in the joint operation.

When a Group entity transacts with a joint operation in which a Group entity is a joint operator (such as a purchase of assets), the Group does not recognise its share of the gains and losses until it resells those assets to a third party.

Current versus non-current classification

The Group presents assets and liabilities in the statement of financial position based on current / non-current classification.

An asset is treated as current when it is:

•

Expected to be realised or intended to sold or consumed in normal operating cycle

•

Held primarily for the purpose of trading

•

Expected to be realised within twelve months after the reporting period, or

•

Cash or cash equivalents unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period

All other assets are classified as non-current.

A liability is treated as current when it is:

•

Expected to be settled in normal operating cycle

•

Held primarily for the purpose of trading

•

Due to be settled within twelve months after the reporting period, or

•

There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period

All other liabilities are classified as non-current.

Deferred tax assets / liabilities are classified as non-current assets / liabilities.

The terms of the liability that could, at the option of the counterparty, result in its settlement by the issue of equity instruments do not affect its classification. The operating cycle is the time between the acquisition of assets for processing and their realisation / settlement in cash and cash equivalents. The Group has identified twelve months as their operating cycle for classification of their current assets and liabilities.

Fair value measurement

The Group measures financial instruments, such as, derivatives at fair value at each reporting date.

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either:

•

In the principal market for the asset or liability, or

•

In the absence of a principal market, in the most advantageous market for the asset or liability

The principal or the most advantageous market must be accessible by the Group.

The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. The fair value measurement of a non-financial asset takes into account a market participant’s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use. The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs.

The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs.

All assets and liabilities for which fair value is measured or disclosed in the consolidated financial statements are categorised within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole:

•

Level 1 - Quoted (unadjusted) market prices in active markets for identical assets or liabilities

•

Level 2 - Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable

•

Level 3 - Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable

For assets and liabilities that are recognised in the financial statements at fair value on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by re-assessing categorisation (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period.

The management of the Group determines the policies and procedures for both recurring fair value measurement, such as unquoted financial assets, and for non-recurring measurement, such as assets held for sale.

At each reporting date, the management of the Group analyses the movements in the values of assets and liabilities which are required to be remeasured or re-assessed as per the accounting policies of the Group. The management also compares the change in the fair value of each asset and liability with relevant external sources to determine whether the change is reasonable.

For the purpose of fair value disclosures, the Group has determined classes of assets and liabilities on the basis of the nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy, as explained above.

This note summarises the accounting policy for determination of fair value. Other fair value related disclosures are given in the relevant notes as following:

•

Disclosures for significant estimates and assumptions (refer Note 58)

•

Quantitative disclosures of fair value measurement hierarchy (refer Note 48)

•

Financial instruments (including those carried at amortised cost) (refer Note 47 and 48)

Revenue recognition

(i)

Revenue

Revenue is recognised when control of the goods or services are transferred to the customer at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or services. The Group has generally concluded that it is the principal in its revenue arrangements, because it typically controls the goods or services before transferring them to the customer.

Sale of power

Income from supply of power is recognised over time on the supply of units generated from plant to the grid as per terms of the Power Purchase Agreement (PPA) entered into with the customers.

The Group considers whether there are other promises in the contract that are separate performance obligations to which a portion of the transaction price needs to be allocated. In determining the transaction price for the sale of power, the Group considers the effects of variable consideration and existence of a significant financing component. There is only one performance obligation in the arrangement and therefore, allocation of transaction price is not required.

Income from services (management consultancy)

The Group recognises revenue from projects management / technical consultancy over time because the customer simultaneously receives and consumes the benefits provided to them, as per the terms of the agreement entered with the customer.

Sale of equipment

Revenue from sale of equipment is recognised at the point in time when control of the asset is transferred to the customer, generally on delivery of the equipment. The Group considers whether there are other promises in the contract that are separate performance obligations to which a portion of the transaction price needs to be allocated. In determining the transaction price for the sale of equipment, the Group considers the effects of variable consideration, the existence of significant financing components, non-cash consideration, and consideration payable to the customer. There is only one performance obligation in the arrangement and therefore, allocation of transaction price is not required.

Income from operation and maintenance services

Revenue from operation and maintenance services are recognised over time as per the terms of agreement.

Revenue from Engineering Procurement and Construction (EPC) Contracts

Revenue from provision of service is recognised over a period of time on the percentage of completion method. Percentage of completion is determined as a proportion of cost incurred to date to the total estimated contract cost. Profit on contracts is recognised on percentage of completion method and losses are accounted as soon as these are anticipated. In case the total cost of a contract based on technical and other estimates is expected to exceed the corresponding contract value such expected loss is provided for. The revenue on account of extra claims on construction contracts are accounted for at the time of acceptance in principle by the customers due to uncertainties attached.

Contract revenue earned in excess of billing has been reflected under other current assets and billing in excess of contract revenue has been reflected under current liabilities in the statement of financial position.

Variable consideration

If the consideration in a contract includes a variable amount, the Group estimates the amount of consideration to which it will be entitled in exchange for transferring the goods or service to the customer. The variable consideration is estimated at contract inception and constrained until it is highly probable that a significant revenue reversal in the amount of cumulative revenue recognised will not occur when the associated uncertainty with the variable consideration is subsequently resolved. To estimate the variable consideration, the Group applies the method that it expects best predicts the amount of consideration to which the entity will be entitled based on the terms of the contract.

- Rebates

In some PPAs, the Group provide rebates in invoice if payment is made before the due date. These are adjusted against revenue and are offset against amounts payable by the customers.

- Significant financing component

Significant financing component for customer contracts is considered for the length of time between the customers’ payment and the transfer of the performance obligation, as well as the prevailing interest rate in the market. The transaction price for these contracts is discounted, using the interest rate implicit in the contract. This rate is commensurate with the rate that would be reflected in a separate financing transaction between the Group and the customer at contract inception.

(ii)

Contract balances

Contract assets

A contract asset is the right to consideration in exchange for goods or services transferred to the customer. If the Group performs by transferring goods or services to a customer before the customer pays consideration or before payment is due, a contract asset is recognised for the earned consideration that is conditional. Contract assets are subject to impairment assessment. Refer to accounting policies in section (o) Impairment of non-financial assets.

Contract liabilities

A contract liability is the obligation to transfer goods or services to a customer for which the Group has received consideration (or an amount of consideration is due) from the customer. If a customer pays consideration before the Group transfers goods or services to the customer, a contract liability is recognised when the payment is made or the payment is due (whichever is earlier). Contract liabilities are recognised as revenue when the Group performs under the contract (i.e., transfers control of the related goods or services to the customer).

Trade receivables

A receivable represents the Group’s right to an amount of consideration that is unconditional (i.e., only the passage of time is required before payment of the consideration is due). Refer to accounting policies of financial assets in section s) Financial instruments – initial recognition and subsequent measurement.

(iii)

Others

Income from compensation for loss of revenue

Income from compensation for loss of revenue is recognised after certainty of receipt of the same is established.

Foreign currencies

The consolidated financial statements have been presented in INR, which is the Group's presentation currency as business activities of the Group are carried through RPPL and its subsidiaries, whose functional currency is INR.

The functional currency for each entity in the Group is determined as the currency of the primary economic environment in which it operates and items included in the financial statements of each entity are measured using that functional currency.

Foreign currency translation

Transactions in foreign currencies are initially recorded by the Group’s entities at their respective functional currency spot rates at the date the transaction first qualifies for recognition. Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rates of exchange at the reporting date. Differences arising on settlement or translation of monetary items are recognised in profit or loss with the exception of monetary items that are designated as part of the hedge of the Group’s net investment in a foreign operation. These are recognised in OCI until the net investment is disposed of, at which time, the cumulative amount is reclassified to profit or loss. Tax charges and credits attributable to exchange differences on those monetary items are also recognised in OCI.

Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value is determined.

The gain or loss arising on translation of non-monetary items measured at fair value is treated in line with the recognition of the gain or loss on the change in fair value of the item (i.e., translation differences on items whose fair value gain or loss is recognised in OCI or profit or loss are also recognised in OCI or profit or loss, respectively).

Group companies

On consolidation, the assets and liabilities of foreign operations are translated into INR at the rate of exchange prevailing at the reporting date and their statements of profit and loss are translated at exchange rates prevailing at the dates of the transactions. For practical reasons, the group uses an average rate to translate income and expense items, if the average rate approximates the exchange rates at the dates of the transactions. The exchange differences arising on translation for consolidation are recognised in OCI. On disposal of a foreign operation, the component of OCI relating to that particular foreign operation is recognised in profit and loss.

Taxes

Current income tax

Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted, at the reporting date in India. Current income tax relating to items recognised outside profit or loss is recognised outside profit or loss (either in OCI or equity). Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation and considers whether it is probable that a taxation authority will accept an uncertain tax treatment. The Group reflects the effect of uncertainty for each uncertain tax treatment by using either most likely method or expected value method, depending on which method predicts better resolution of the treatment. Current income tax assets and liabilities are offset if a legally enforceable right exists to set off these and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Deferred tax

Deferred tax is provided using the asset-liability method on temporary differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at the reporting date.

Deferred tax liabilities are recognised for all taxable temporary differences, except:

- When the deferred tax liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss.

- In respect of taxable temporary differences associated with investments in subsidiaries, associates and interests in joint ventures, when the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future.

Deferred tax assets are recognised for all deductible temporary differences, the carry forward of unused tax credits and any unused tax losses. Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilised except:

- When the deferred tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss

- in respect of deductible temporary differences associated with investments in subsidiaries, associates and interests in joint ventures, deferred tax assets are recognised only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilised.

The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. Unrecognised deferred tax assets are re-assessed at each reporting date and are recognised to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered.

In situations where Group is entitled to a tax holiday under the Income-tax Act, 1961, enacted in India, no deferred tax (asset or liability) is recognised in respect of temporary differences which reverse during the tax holiday period. Deferred taxes in respect of temporary differences which reverse after the tax holiday period are recognised in the period in which the temporary differences originate. However, the Group restrict the recognition of deferred tax assets to the extent that it has become reasonably certain that sufficient future taxable income will be available against which such deferred tax assets can be realised.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date.

Deferred tax relating to items recognised outside profit or loss is recognised outside profit or loss (either in OCI or equity). Deferred tax items are recognised in correlation to the underlying transaction either in OCI or directly in equity.

Deferred tax assets and deferred tax liabilities are offset if a legally enforceable right exists to set off current tax assets against current tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation authority.

Minimum Alternate Tax

Minimum alternate tax (MAT) paid in a year is charged to the statement of profit or loss as current tax for the year. The deferred tax asset is recognised for MAT credit available only to the extent that it is probable that the concerned company will pay normal income tax during the specified period, i.e., the period for which MAT credit is allowed to be carried forward. In the year in which the company recognises MAT credit as an asset, it is created by way of credit to the statement of profit or loss and shown as part of deferred tax asset. The company reviews the “MAT credit entitlement” asset at each reporting date and writes down the asset to the extent that it is no longer probable that it will pay normal tax during the specified period.

Government grants

Government grants are recognised where there is reasonable assurance that the grant will be received and all attached conditions will be compiled with. When the grant related to an expense item, it is recognised as income on a systematic basis over the periods that related costs, for which it is intended to compensate, are expensed. When grant is related to an asset, it is recognised as income in equal amounts over the expected useful life of related asset.

When the Group receive grants of non-monetary assets, the asset and the grant are recorded at fair value amounts and released to profit or loss over the expected useful life in a pattern of consumption of the benefit of the underlying asset i.e. by equal annual instalments.

The Group presents grants related to an expense item as other income in the statement of profit or loss. Thus, generation based incentive and Sale of emission reduction certificates have been recognised as other income.

Generation based incentive

Generation based incentive is recognised on the basis of supply of units generated by the Group to the state electricity board from the eligible project in accordance with the scheme of the "Generation Based Incentive (GBI) for Grid Interactive Wind Power Projects".

Subsidy (Viability Gap Funding)

The Group receives Viability Gap Funding (VGF) for setting up of certain solar power projects. The Group records the VGF proceeds on fulfilment of the underlying conditions as deferred government grant. Such deferred grant is recognised over the period of useful life of underlying asset.

Sale of emission reduction certificates

Government grants in the form of carbon emission rights (CERs), which are received on projects registered under the United Nations Framework on Climate Change, are recorded as non-financial assets and initially measured at fair value when there is reasonable assurance that such CERs will be received, with credit being recognised as Income from carbon credits under other operating income in the statement of profit or loss. Such CERs are subsequently tested for impairment. The Group derecognises the CERs when the certificate is sold, which occurs when units are transferred to the customer. The difference between the carrying value and sale price is recognised as income from carbon credits.

Property, plant and equipment

Capital work in progress is stated at cost, net of accumulated impairment loss, if any. Property, plant and equipment (PPE) except freehold land is stated at cost, net of accumulated depreciation and accumulated impairment losses, if any. Such cost includes the cost of replacing part of the plant and equipment and borrowing costs for long-term construction projects if the recognition criteria are met. When significant parts of plant and equipment are required to be replaced at intervals, the Group depreciates them separately based on their specific useful lives. Likewise, when a major inspection is performed, its cost is recognised in the carrying amount of the plant and equipment as a replacement if the recognition criteria are satisfied. All other repair and maintenance costs are recognised in the statement of profit or loss as incurred. Land is stated at cost net of accumulated impairment losses and is not depreciated.

The present value of the expected cost for the decommissioning of an asset after its use is included in the cost of the respective asset if the recognition criteria for a provision are met. Refer to significant accounting judgements, estimates and assumptions (refer Note 58) and provisions (refer Note 25) for further information about the recognised decommissioning provision.

Subsequent costs

The cost of replacing a part of an item of property, plant and equipment is recognised in the carrying amount of the item of property, plant and equipment, if it is probable that the future economic benefits embodied within the part will flow to the Group and its cost can be measured reliably with the carrying amount of the replaced part getting derecognised. The cost for day-to-day servicing of property, plant and equipment are recognised in statement of profit or loss as and when incurred.

Derecognition

An item of property, plant and equipment and any significant part initially recognised is derecognised upon disposal (i.e., at the date the recipient obtains control) or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the statement of profit or loss when the asset is derecognised. Gains or losses arising from de-recognition of fixed assets are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognised in the statement of profit or loss when the asset is derecognised.

Intangible assets

Intangible assets acquired separately are measured in initial recognition at cost. The cost of intangible assets and intangible assets under development acquired in a business combination is their fair value at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortisation and accumulated impairment losses and intangible assets under development are carried at cost less any accumulated impairment losses. The useful lives of intangible assets are assessed as either finite or indefinite.

Intangible assets with finite lives are amortised over the useful life and assessed for impairment whenever there is an indication that the intangible asset may be impaired.

An intangible asset is derecognised upon disposal (i.e., at the date the recipient obtains control) or when no future economic benefits are expected from its use or disposal. Any gain or loss arising upon derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the statement of profit or loss.

Customer related intangibles are capitalised if they meet the definitions of an intangible asset and the recognition criteria are satisfied. Customer-related intangibles acquired as part of a business combination are valued at fair value and those acquired separately are measured at cost. Such intangibles are amortised over the remaining useful life of the customer relationships or the period of the contractual arrangements.

Intangible assets with indefinite useful lives are not amortised, but are tested for impairment annually, either individually or at the cash-generating unit level. The assessment of indefinite life is reviewed annually to determine whether the indefinite life continues to be supportable. If not, the change in useful life from indefinite to finite is made on a prospective basis.

Development costs

Development expenditures on an individual project are recognised as an intangible asset when the Group can demonstrate:

•

The technical feasibility of completing the intangible asset so that the asset will be available for use or sale

•

Its intention to complete and its ability and intention to use or sell the asset

•

How the asset will generate future economic benefits

•

The availability of resources to complete the asset

•

The ability to measure reliably the expenditure during development

Following initial recognition of the development expenditure as an asset, the asset is carried at cost less any accumulated amortisation and accumulated impairment losses. Amortisation of the asset begins when development is complete and the asset is available for use. It is amortised over the period of expected future benefit.

Depreciation / amortisation of property, plant and equipment and intangible assets

Depreciation and amortisation are calculated on a straight-line basis over the estimated useful lives of the assets as follows:


	Category	Life (in years)
	Plant and equipment (solar rooftop projects)*	25 or terms of PPA, whichever is less (15-25)
	Plant and equipment (wind and solar power projects)*	30-35
	Plant and equipment (others)	5-18
	Office equipment	5
	Furniture and fixture	10
	Computers	3
	Computer servers	6
	Computer software	3-6
	Customer contracts	25
	Development rights	25
	Leasehold improvements	Useful life or lease term (5 years), whichever is lower
	Building (Temporary structure)	3

* Based on an external technical assessment, the management believes that the useful lives as given above and residual value of 0%-5%, best represents the period over which management expects to use its assets and its residual value.

The residual values, useful lives and methods of depreciation and amortisation of property, plant and equipment and intangible assets are reviewed at each financial period end and adjusted prospectively, if appropriate.

Inventories

Inventories are valued at the lower of cost and net realisable value. Cost includes cost of purchase and other costs incurred in bringing the inventories to their present location and condition. Cost is determined on first in, first out basis.

Net realisable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated costs necessary to make the sale. Unserviceable / damaged inventories are identified and written down based on technical evaluation.

Borrowing costs

Borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset are capitalised during the period. Borrowing costs consist of interest, discount on issue, premium payable on redemption and other costs that an entity incurs in connection with the borrowing of funds (this cost also includes exchange differences to the extent regarded as an adjustment to the borrowing costs). The borrowing costs are amortised basis the Effective Interest Rate (EIR) method over the term of the loan. The EIR amortisation is recognised under finance costs in the statement of profit or loss. The amount amortised for the period from disbursement of borrowed funds upto the date of capitalisation of the qualifying assets is added to cost of the qualifying assets.

To the extent, group borrows funds for general purpose and uses them for the purpose of obtaining a qualifying asset, the group determines the amount of borrowing costs eligible for capitalisation by applying a capitalisation rate to the expenditures on that asset. The capitalisation rate used is weighted average of the borrowing costs applicable to the borrowings of the group that are outstanding during the period, other than borrowings made specifically for the purpose of obtaining a qualifying asset. In case any specific borrowing remains outstanding after the related asset is ready for its intended use or sale, that borrowing becomes part of the funds that an entity borrows generally when calculating the capitalisation rate on general borrowings. The Group treats as part of general borrowings any borrowing originally made to develop a qualifying asset when substantially all of the activities necessary to prepare that asset for its intended use or sale are complete.

Leases

The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.

As a lessee

The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Group recognises lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets.

Right-of-use assets

The Group recognises right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and accumulated impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets, as follows:

•

Leasehold land: 13 to 30 years

•

Building: 3 to 5 years

If ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset.

The right-of-use assets are also subject to impairment. Refer to the accounting policies in section (o) Impairment of non-financial assets.

ii)

Lease liabilities

At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating the lease, if the lease term reflects the Group exercising the option to terminate. Variable lease payments that do not depend on an index or a rate are recognised as expenses (unless they are incurred to produce inventories) in the period in which the event or condition that triggers the payment occurs.

In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (example: changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset.

iii)

Short-term leases and leases of low-value assets

The Group applies the short-term lease recognition exemption to its short-term leases (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases of office equipment that are considered to be low value. Lease payments on short-term leases and leases of low value assets are recognised as expense on a straight-line basis over the lease term.

As a lessor

Leases in which the Group does not transfer substantially all the risks and rewards of ownership of an asset are classified as operating leases. Rental income from operating lease is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised over the lease term on the same basis as rental income. Contingent rents are recognised as revenue in the period in which they are earned.

Impairment of non-financial assets

The Group assess, at each reporting date, whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for a cash-generating unit (CGU) asset is required in case of CGU which includes Goodwill, the Group estimate the asset’s recoverable amount. An asset’s recoverable amount is the higher of an asset’s or CGU fair value less costs of disposal and its value in use. Recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or group of assets. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount.

In assessing value in use, the estimated future cash flows are discounted to their present value using a pre -tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs of disposal, recent market transactions are taken into account. If no such transactions can be identified, an appropriate valuation model is used. These calculations are corroborated by valuation multiples, quoted share prices for publicly traded companies or other available fair value indicators. The higher of value-in-use or fair value less costs of disposal is regarded as the recoverable amount.

The Group bases its impairment calculation on detailed budgets and forecast calculations, which are prepared separately for each of the Group’s CGUs to which the individual assets are allocated. These budgets and forecast calculations generally cover a remaining life of the power purchase agreements of the project considering the long term fixed rate firm agreements available.

Impairment losses of continuing operations, including impairment on inventories, are recognised in the statement of profit or loss.

For assets excluding goodwill, an assessment is made at each reporting date to determine whether there is an indication that previously recognised impairment losses no longer exist or have decreased. If such indication exists, the Group estimates the asset's or CGU's recoverable amount. A previously recognised impairment loss is reversed only if there has been a change in the assumptions used to determine the asset's recoverable amount since the last impairment loss was recognised. The reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount, nor exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognised for the asset in prior years. Such reversal is recognised in the statement of profit or loss unless the asset is carried at a revalued amount, in which case, reversal is treated as an increase in revaluation.

Goodwill is tested for impairment annually on March 31, or more frequently when there is an indication that the carrying value may be impaired. Impairment is determined for goodwill by assessing the recoverable value of each of the CGUs (or group of CGUs) to which the goodwill relates. When the recoverable value of CGU is less than its carrying value, an impairment loss is recognised. Impairment loss on Goodwill is never reversed in future.

Share based payments

Company provides additional benefits to certain members of senior management and employees of the Group in the form of share-based payments, whereby employees render services as consideration for equity instruments (equity-settled transactions).

Equity-settled transactions

The cost of equity-settled transactions is determined by the fair value at the date when the grant is made using an appropriate valuation model.

The cost is recognised, together with a corresponding increase in share-based payment reserve in equity, over the period in which the performance and / or service conditions are fulfilled in employee benefit expenses. The cumulative expense recognised for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Group's best estimate of the numbers of equity instruments that will ultimately vest. The statement of profit or loss expense or credit for a period represents the movement in cumulative expense recognised as at the beginning and end of that period and is recognised in employee benefit expense.

Service and non-market performance conditions are not taken into account when determining the grant date fair value of awards, but the likelihood of the conditions being met is assessed as part of the Group's best estimate of the number of equity instruments that will ultimately vest. Market performance conditions are reflected within the grant date fair value. Any other condition attached to an award, but without associated service requirement, are considered to be non-vesting conditions. Non-vesting conditions are reflected in the fair value of an award and lead to an immediate expensing of an award unless there are also service and / or performance conditions.

No expense is recognised for awards that do not ultimately vest because of non-market performance and / or service conditions have not been met. Where awards include a market or non-market condition, the transaction are treated as vested irrespective of whether the market or non-vesting condition is satisfied, provided that all other performance and/or service condition are satisfied.

When the terms of an equity-settled award are modified, the minimum expense recognised is the grant date fair value of the unmodified award, provided the original vesting terms of the award are met. An additional expense, measured as at the date of modification, is recognised for any modification that increases the total fair value of the share-based payment transaction, or is otherwise beneficial to the employee. Where an award is cancelled by the entity or by the counterparty, any remaining element of the fair value of the award is expensed immediately through the statement of profit or loss.

The dilutive effect of outstanding options is reflected as additional share dilution in the computation of diluted earnings per share.

On repurchase of vested equity instruments by the Group, the payment made to the employee shall be accounted for as a deduction from equity, except to the extent that the payment exceeds the fair value of the equity instruments repurchased, measured at the repurchase date. Any such excess shall be recognised as an expense in the statement of profit or loss.

Cash-settled transactions

A liability is recognised for the fair value of cash-settled transactions. The fair value is measured initially and at each reporting date up to and including the settlement date, with changes in fair value recognised in employee benefits expense (refer Note 34). The fair value is expensed over the period until the vesting date with recognition of a corresponding liability. The fair value is determined using a Black-Scholes model, further details of which are given in Note 42. The approach used to account for vesting conditions when measuring equity-settled transactions also applies to cash-settled transactions.

Retirement and other employee benefits

Retirement benefit in the form of provident fund is a defined contribution scheme. The Group has no obligation, other than the contribution payable to the provident fund. The Group recognise contribution payable to provident fund scheme as an expense, when an employee renders the related service.

Remeasurements comprising of actuarial gain and losses, the effect of the asset ceiling, excluding amount recognised in the net interest on the defined benefit liability and the return on plan assets (excluding amounts included in net interest on the net defined benefit liability), are recognised in the statement of financial position with a corresponding debit or credit to retained earnings through OCI in the period in which they occur. Remeasurements are not reclassified to the statement of profit or loss in subsequent periods.

The Group operates a defined benefit plan in India, viz., gratuity. The cost of providing benefit under this plan is determined on the basis of actuarial valuation at each period-end carried out using the projected unit cost method.

Past service costs are recognised in statement of profit or loss on the earlier of:

- The date of the plan amendment or curtailment; and

- The date that the Group recognises related restructuring costs

Net interest is calculated by applying the discount rate to the net defined benefit liability or asset. The Group recognises the following changes in the net defined benefit obligation as an expense in the statement of profit or loss:

- Service costs comprising current service costs, past-service costs, gains and losses on curtailments and non-routine settlements; and

- Net interest expense or income

Accumulated leave, which is expected to be utilised within the next twelve months, is treated as short term employee benefit. The Group measures the expected cost of such absences as an additional amount that it expects to pay as a result of the unused entitlement that has accumulated at reporting date.

The Group treats the accumulated leave expected to be carried forward beyond twelve months, as long term employee benefit for measurement purposes. Such long term compensated absences are determined on the basis of actuarial valuation at each period-end carried out using the projected unit cost method. Remeasurements comprising of actuarial gain and losses are recognised in the statement of financial position with a corresponding debit or credit to profit or loss in the period in which they occur. The Group presents the leave as current liability in the balance sheet, to the extent is does not have an unconditional right to defer its settlement for 12 months after the reporting date. Where Group has unconditional legal and contractual right to defer the settlement for a period beyond 12 months, the same is presented as non-current liability.

Provisions

Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. When the Group expects some or all of a provision to be reimbursed, for example, under an insurance contract, the reimbursement is recognised as a separate asset, but only when the reimbursement is virtually certain. The expense relating to a provision is presented in the statement of profit or loss net of any reimbursement.

If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognised as a finance cost.

Decommissioning liability

The Group considers constructive obligations and records a provision for decommissioning costs of the wind and solar power plants. Decommissioning costs are provided for at the present value of expected costs to settle the obligation using estimated cash flows and are recognised as part of the cost of the relevant asset. The cash flows are discounted at a current pre-tax rate that reflects the risks specific to the decommissioning liability. The unwinding of the discount is expensed as incurred and recognised in the statement of profit or loss as a finance cost. The estimated future costs of decommissioning are reviewed annually and adjusted as appropriate. Changes in the estimated future costs, or in the discount rate applied, are added to or deducted from the cost of the asset.

Financial instruments

A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.

Financial assets

Initial recognition and measurement

Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair value through other comprehensive income (FVTOCI), and fair value through profit or loss (FVTPL).

The classification of financial assets at initial recognition depends on the financial asset’s contractual cash flow characteristics and the Group’s business model for managing them. With the exception of trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient, the Group initially measures a financial asset at its fair value plus, in the case of a financial asset not at FVTPL, transaction costs. Trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient are measured at the transaction price as disclosed in section 4.1(e) Revenue from contracts with customers.

Purchases or sales of financial assets that require delivery of assets within a time frame established by regulation or convention in the market place (regular way trades) are recognised on the trade date, i.e., the date that the Group commits to purchase or sell the asset.

Subsequent measurement

For purposes of subsequent measurement, financial assets are classified in four categories:

Debt instruments at amortised cost

A ‘debt instrument’ is measured at the amortised cost if both the following conditions are met:

The asset is held within a business model whose objective is to hold assets for collecting contractual cash flows; and

Contractual terms of the asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

After initial measurement, such financial assets are subsequently measured at amortised cost using the EIR method. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included in other income in the statement of profit or loss. The losses arising from impairment are recognised in the statement of profit or loss.

Debt instruments at FVTOCI

A ‘debt instrument’ is classified as at the FVTOCI if both of the following criteria are met:

The objective of the business model is achieved both by collecting contractual cash flows and selling the financial assets; and

The asset’s contractual cash flows represent solely payments of principal and interest.

Debt instruments included within FVTOCI category are measured initially as well as at each reporting date at fair value. Fair value movements are recognised in OCI. However, the Group recognises interest income, impairment losses and reversals and foreign exchange gain or loss in the statement of profit or loss. On derecognition of the asset, cumulative gain or loss previously recognised in OCI is reclassified from the equity to statement of profit or loss. Interest earned whilst holding FVTOCI debt instrument is reported as interest income using the EIR method.

Debt instruments at FVTPL

FVTPL is a residual category for debt instruments. Any debt instrument, which does not meet the criteria for categorisation as at amortised cost or as FVTOCI, is classified as at FVTPL.

In addition, the Group may elect to designate a debt instrument, which otherwise meets amortised cost or FVTOCI criteria, as at FVTPL. However, such election is allowed only if doing so reduces or eliminates a measurement or recognition inconsistency (referred to as ‘accounting mismatch’). The Group has not designated any debt instrument as at FVTPL.

Debt instruments included within FVTPL category are measured at fair value with all changes recognised in the statement of profit or loss.

Equity investments

All other equity investments in scope of IFRS 9 are measured at fair value. Equity instruments which are held for trading and contingent consideration recognised by an acquirer in a business combination to which IFRS 3 applies are classified at FVTPL. For all other equity instruments, the Group may make an irrevocable election to present in other comprehensive income subsequent changes in the fair value. The Group makes such election on an instrument-by-instrument basis. The classification is made on initial recognition and is irrevocable.

If the Group decides to classify an equity instrument as at FVTOCI, then all fair value changes on the instrument, excluding dividends, are recognised in the OCI. There is no recycling of the amounts from OCI to statement of profit or loss, even on sale of investment. However, the Group may transfer the cumulative gain or loss within equity.

Equity instruments included within FVTPL category are measured at fair value with all changes recognised in the statement of profit or loss.

Embedded derivatives

A derivative embedded in a hybrid contract, with a financial liability or non-financial host, is separated from the host and accounted for as a separate derivative if: the economic characteristics and risks are not closely related to the host; a separate instrument with the same terms as the embedded derivative would meet the definition of a derivative; and the hybrid contract is not measured at FVTPL. Embedded derivatives are measured at fair value with changes in fair value recognised in profit or loss. Reassessment only occurs if there is either a change in the terms of the contract that significantly modifies the cash flows that would otherwise be required or a reclassification of a financial asset out of the FVTPL category.

Derecognition

A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognised when:

- The rights to receive cash flows from the asset have expired, or

- The respective Group has transferred their rights to receive cash flows from the asset or have assumed the obligation to pay the received cash flows in full without material delay to a third party under a ‘pass-through’ arrangement; and

- Either the Group has transferred substantially all the risks and rewards of the asset, or has neither transferred nor retained substantially all the risks and rewards of the asset, but have transferred control of the asset.

When the Group has transferred its rights to receive cash flows from an asset or has entered into a pass-through arrangement, it evaluates if and to what extent it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all of the risks and rewards of the asset, nor transferred control of the asset, the Group continues to recognise the transferred asset to the extent of the continuing involvement of Group. In that case, the Group also recognises an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Group has retained.

Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the Group could be required to repay.

Impairment of financial assets

In accordance with IFRS 9, the Group applies expected credit loss (ECL) model for measurement and recognition of impairment loss for all debt instruments not held at FVTPL. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate.

The Group follows 'simplified approach' for recognition of impairment loss allowance on trade receivables or contract revenue receivables. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment.

The assessment of the correlation between historical observed default rates, forecast economic conditions and ECLs is a significant estimate. The amount of ECLs is sensitive to changes in circumstances and of forecast economic conditions. The Group’s historical credit loss experience and forecast of economic conditions may also not be representative of customer’s actual default in the future.

The application of simplified approach does not require the Group to track changes in credit risk. Rather it recognises impairment loss allowance based on lifetime ECLs at each reporting date, right from initial recognition.

For recognition of impairment loss on other financial assets and risk exposure, the group determines that whether there has been a significant increase in the credit risk since initial recognition. If credit risk has not increased significantly, 12-month ECL is used to provide for impairment loss. However, if credit risk has increased significantly, lifetime ECL is used. If, in a subsequent period, credit quality of the instrument improves such that there is no longer a significant increase in credit risk since initial recognition, then the entity reverts to recognising impairment loss allowance based on 12-month ECL. The Group considers that there has been a significant increase in credit risk when contractual payments are more than 30 days past due.

Lifetime ECL are the expected credit losses resulting from all possible default events over the expected life of a financial instrument. The 12-month ECL is a portion of the lifetime ECL which results from default events that are possible within 12 months after the reporting date.

The Group considers a financial asset in default when contractual payments are 90 days past due. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows.

For financial guarantee contracts, the date that the Group becomes a party to the irrevocable commitment is considered to be the date of initial recognition for the purposes of assessing the financial instrument for impairment. In assessing whether there has been a significant increase in the credit risk since initial recognition of a financial guarantee contracts, the Group considers the changes in the risk that the specified debtor will default on the contract.

For a financial guarantee contract, as the Group is required to make payments only in the event of a default by the debtor in accordance with the terms of the instrument that is guaranteed, the expected loss allowance is the expected payments to reimburse the holder for a credit loss that it incurs less any amounts that the Group expects to receive from the holder, the debtor or any other party.

The Group regularly monitors the effectiveness of the criteria used to identify whether there has been a significant increase in credit risk and revises them as appropriate to ensure that the criteria are capable of identifying significant increase in credit risk before the amount becomes past due.

ECL impairment loss allowance (or reversal) during the period is recognised as income / expense in the statement of profit or loss.

Financial liabilities

Initial recognition and measurement

Financial liabilities are classified, at initial recognition, as financial liabilities at FVTPL, loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. All financial liabilities are recognised initially at fair value and in the case of loans and borrowings and payables, net of directly attributable transaction costs. The financial liabilities of the Group include trade and other payables, derivative financial instruments, loans and borrowings including bank overdraft.

Subsequent measurement

The measurement of financial liabilities depends on their classification as discussed below:

Loans and borrowings

After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the EIR method. Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as through the EIR amortisation process.

Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the statement of profit or loss. This category generally applies to borrowings.

Compulsorily convertible preference shares

Compulsorily Convertible Preference Shares (CCPS) are separated into liability and equity components based on the terms of the contract. On issuance of the CCPS, the fair value of the liability component is determined using a market rate for an equivalent non-convertible instrument. This amount is classified as a financial liability measured at amortised cost (net of transaction costs) until it is extinguished on conversion or redemption. The remainder of the proceeds is allocated to the conversion option that is recognised and included in equity since conversion option meets IAS 32 criteria for fixed to fixed classification. Transaction costs are deducted from equity and liability on pro-rata basis, net of associated income tax. The carrying amount of the conversion option is not remeasured in subsequent years.

Transaction costs are apportioned between the liability and equity components of the CCPS based on the allocation of proceeds to the liability and equity components when the instruments are initially recognised.

Compound instruments - Compulsorily Convertible Debentures

Compulsorily Convertible Debentures (CCDs) are separated into liability and equity components based on the terms of the contract

The Group recognises interest, dividends, losses and gains relating to such financial instrument or a component that is a financial liability as income or expense in the statement of profit or loss.

The present value of the liability part of the compulsorily convertible debentures classified under financial liabilities and the equity component is calculated by subtracting the liability from the total proceeds of CCDs.

Transaction costs that relate to the issue of a compound financial instrument are allocated to the liability and equity components of the instrument in proportion to the allocation of proceeds. Transaction costs that relate jointly to more than one transaction (for example, cost of issue of debentures, listing fees) are allocated to those transactions using a basis of allocation that is rational and consistent with similar transactions.

Financial guarantees

Financial guarantee contracts issued by the group are those contracts that require a payment to be made to reimburse the holder for a loss it incurs because the specified debtor fails to make a payment when due in accordance with the terms of a debt instrument. Financial guarantee contracts are recognised initially as a liability at fair value, adjusted for transaction costs that are directly attributable to the issuance of the guarantee. Subsequently, the liability is measured at the higher of the amount of loss allowance determined as per impairment requirements of IFRS 9 and the amount recognised less, when appropriate, the cumulative amount of income recognised in accordance with the principles of IFRS 15.

Derecognition

A financial liability is derecognised when the obligation under the liability is discharged / cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit or loss.

Reclassification of financial assets and liabilities

The Group determines classification of financial assets and liabilities on initial recognition. After initial recognition, no reclassification is made for financial assets which are equity instruments and financial liabilities. For financial assets which are debt instruments, a reclassification is made only if there is a change in the business model for managing those assets. Changes to the business model are expected to be infrequent.

The Group’s senior management determines change in the business model as a result of external or internal changes which are significant to the Group’s operations. Such changes are evident to external parties. A change in the business model occurs when the Group either begins or ceases to perform an activity that is significant to its operations. If the Group reclassifies financial assets, it applies the reclassification prospectively from the reclassification date which is the first day of the immediately next reporting period following the change in business model. The Group does not restate any previously recognised gains, losses (including impairment gains or losses) or interest.

Offsetting of financial instruments

Financial assets and financial liabilities are offset and the net amount is reported in the statement of financial position if there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, to realise the assets and settle the liabilities simultaneously.

Derivative financial instruments and hedge accounting

Initial recognition and subsequent measurement

The Group uses derivative financial instruments, such as foreign currency forward contracts, cross currency swaps (CCS), call spreads, foreign currency option contracts and interest rate swaps (IRS), to hedge its interest rate risks and foreign currency risks. Such derivative financial instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently re-measured at fair value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative.

Any gains or losses arising from changes in the fair value of derivatives are taken directly to profit or loss, except for the effective portion of cash flow hedges, which is recognised in OCI and later reclassified to profit or loss when the hedge item affects profit or loss or treated as basis adjustment if a hedged forecast transaction subsequently results in the recognition of a non-financial asset or non-financial liability.

For the purpose of hedge accounting, hedges are classified as:

- Fair value hedges when hedging the exposure to changes in the fair value of a recognised asset or liability or an unrecognised firm commitment

- Cash flow hedges when hedging the exposure to variability in cash flows that is either attributable to a particular risk associated with a recognised asset or liability or a highly probable forecast transaction or the foreign currency risk in an unrecognised firm commitment

- Hedges of a net investment in a foreign operation

At the inception of a hedge relationship, the Group formally designates and documents the hedge relationship to which the Group wishes to apply hedge accounting and the risk management objective and strategy for undertaking the hedge.

The documentation includes identification of the hedging instrument, the hedged item, the nature of the risk being hedged and how the Group will assess whether the hedging relationship meets the hedge effectiveness requirements (including the analysis of sources of hedge ineffectiveness and how the hedge ratio is determined). A hedging relationship qualifies for hedge accounting if it meets all of the following effectiveness requirements:

•

There is ‘an economic relationship’ between the hedged item and the hedging instrument.

•

The effect of credit risk does not ‘dominate the value changes’ that result from that economic relationship.

•

The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item.

Hedges that meet the strict criteria for hedge accounting are accounted for, as described below:

Cash flow hedges

The effective portion of the gain or loss on the hedging instrument is recognised in OCI in the cash flow hedge reserve, while any ineffective portion is recognised immediately in the statement of profit or loss. The cash flow hedge reserve is adjusted to the lower of the cumulative gain or loss on the hedging instrument and the cumulative change in fair value of the hedged item.

The Group uses forward currency contracts as hedges of its exposure to foreign currency risk in forecast transactions and firm commitments, as well as forward commodity contracts for its exposure to volatility in the commodity prices. The ineffective portion relating to foreign currency contracts is recognised as other expense and the ineffective portion relating to commodity contracts is recognised in other operating income or expenses.

The Group designates only the forward element of forward contracts as a hedging instrument. The amounts accumulated in OCI are accounted for, depending on the nature of the underlying hedged transaction. If the hedged transaction subsequently results in the recognition of a non-financial item, the amount accumulated in equity is removed from the separate component of equity and included in the initial cost or other carrying amount of the hedged asset or liability. This is not a reclassification adjustment and will not be recognised in OCI for the period. This also applies where the hedged forecast transaction of a non-financial asset or non-financial liability subsequently becomes a firm commitment for which fair value hedge accounting is applied.

When option contracts are used, the Group uses only intrinsic value of the option as the hedging instrument. Gains or losses relating to the effective portion of the changes in intrinsic value of the option are recognised in the cash flow hedging reserve within equity. The changes in the time value of money that relate to the hedged item are recognised within other comprehensive income in the cost of hedging reserve within equity.

For any other cash flow hedges, the amount accumulated in OCI is reclassified to profit or loss as a reclassification adjustment in the same period or periods during which the hedged cash flows affect profit or loss.

If cash flow hedge accounting is discontinued, the amount that has been accumulated in OCI must remain in accumulated OCI if the hedged future cash flows are still expected to occur. Otherwise, the amount will be immediately reclassified to profit or loss as a reclassification adjustment. After discontinuation, once the hedged cash flow occurs, any amount remaining in accumulated OCI must be accounted for depending on the nature of the underlying transaction as described above.

Cash and bank balances

(i)

Cash and cash-equivalents

Cash and short-term deposits in the statement of financial position comprise cash at banks and cash in hand and short-term deposits with an original maturity of three months or less, that are readily convertible to a known amount of cash and subject to an insignificant risk of changes in value. For the purpose of the statement of cash flows, cash and cash equivalents consist of cash and short term deposits, as defined above, net of bank overdrafts as they are considered an integral part of the Group's cash management.

(ii)

Bank balances other than cash and cash equivalents

Bank balances other than cash and cash equivalents consists of deposits with an original maturity of more than three months. These balances are classified into current and non-current portions based on the remaining term of the deposit.

Contingent liabilities

Contingent liabilities are disclosed when there is a possible obligation arising from past events, the existence of which will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Group or a present obligation that arises from past events where it is either not probable that an outflow of resources will be required to settle or a reliable estimate of the amount cannot be made.

Earnings per equity share (EPS)

Basic earnings per equity share is computed by dividing the net profit attributable to the equity holders of the Parent by the weighted average number of equity shares and instruments mandatorily convertible into equity shares outstanding during the period. Diluted earnings per equity share is computed by dividing the net profit attributable to the equity holders of the Group by the weighted average number of equity shares considered for deriving basic earnings per equity share and also the weighted average number of equity shares that could have been issued upon conversion of all dilutive potential equity shares. The dilutive potential equity shares are adjusted for the proceeds receivable had the equity shares been actually issued at fair value (i.e. the average market value of the outstanding equity shares). Dilutive potential equity shares are deemed converted as of the beginning of the period, unless issued at a later date. Dilutive potential equity shares are determined independently for each period presented.

The number of equity shares and potentially dilutive equity shares are adjusted retrospectively for all periods presented for any share splits and bonus shares issues including for changes effected prior to the approval of the consolidated financial statements by the Board of Directors. The dilutive effect of outstanding options is reflected as additional share dilution in the computation of diluted earnings per share.

Non-current assets (and disposal groups) classified as held for sale

The Group classifies non-current assets and disposal groups as held for sale if their carrying amounts will be recovered principally through a sale transaction rather than through continuing use. Non-current assets and disposal groups classified as held for sale are measured at the lower of their carrying amount and fair value less costs to sell. Costs to sell are the incremental costs directly attributable to the disposal of an asset (disposal group), excluding finance costs and income tax expense.

The criteria for held for sale classification is regarded as met only when the sale is highly probable, and the asset or disposal group is available for immediate sale in its present condition. Actions required to complete the sale should indicate that it is unlikely that significant changes to the sale will be made or that the decision to sell will be withdrawn. Management must be committed to the plan to sell the asset and the sale expected to be completed within one year from the date of the classification.

Property, plant and equipment, intangible assets and right of use assets are not depreciated or amortised once classified as held for sale.

Assets and liabilities classified as held for sale are presented separately as current items in the statement of financial position.

Immediately prior to classification as held for sale, the assets or groups of assets were remeasured in accordance with the Group’s accounting policies. Subsequently, assets and disposal groups classified as held for sale were valued at the lower of book value or fair value less disposal costs. A gain or loss not previously recognised by the date of sale of non-current assets (or disposal group) is recognised at the date of de-recognition.

4.2.

New standards, interpretations and amendments

4.2.1.

New and amended standards and interpretations adopted by the Group

The Group applied for the first-time certain standards and amendments, which are effective for annual periods beginning April 1, 2021 (unless otherwise stated) but do not have a material impact on the financial statements of the Group. The Group has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective.

Interest rate benchmark reform – Phase 2: Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16

The amendments provide temporary reliefs which address the financial reporting effects when an interbank offered rate (IBOR) is replaced with an alternative nearly risk-free interest rate (RFR). The amendments include the following practical expedients:

A practical expedient to require contractual changes, or changes to cash flows that are directly required by the reform, to be treated as changes to a floating interest rate, equivalent to a movement in a market rate of interest

Permit changes required by IBOR reform to be made to hedge designations and hedge documentation without the hedging relationship being discontinued

Provide temporary relief to entities from having to meet the separately identifiable requirement when an RFR instrument is designated as a hedge of a risk component

The amendment applies to annual reporting periods beginning on or after January 1, 2021. These amendments had no material impact on the consolidated financial statements. The Group intends to use the practical expedients in future periods if they become applicable.

(i) COVID-19 related rent concessions: Amendment to IFRS 16

On May 28, 2020, the International Accounting Standards Board (‘IASB’) issued COVID-19 related rent concessions - amendment to IFRS 16 Leases. The amendments provide relief to lessees from applying IFRS 16 guidance on lease modification accounting for rent concessions arising as a direct consequence of the COVID-19 pandemic. As a practical expedient, a lessee may elect not to assess whether a COVID-19 related rent concession from a lessor is a lease modification. A lessee that makes this election accounts for any change in lease payments resulting from the COVID-19 related rent concession the same way it would account for the change under IFRS 16, if the change were not a lease modification. The amendment applies to annual reporting periods beginning on or after June 1, 2020. Earlier application is permitted.

ii)

COVID-19 related rent concessions beyond June 30, 2021

The amendment, included in (i) above, was intended to apply until June 30, 2021, but as the impact of the Covid-19 pandemic is continuing, on March 31, 2021, the IASB extended the period of application of the practical expedient to June 30, 2022.The amendment applies to annual reporting periods beginning on or after April 1, 2021. The Group has not received COVID-19-related rent concessions but plans to apply the practical expedient if it becomes applicable within allowed period of application.

These amendments had no material impact on the consolidated financial statements.

4.2.2.

Standards issued but not yet effective

The following new and amended standards and interpretations that are issued, but not yet effective, up to the date of issuance of the Group’s financial statements which are not expected to have any material impact on the financial statements of the Group are disclosed below:

- Amendments to IFRS 9 - Financial Instruments - Fees in the '10 percent' test for derecognition of financial liabilities (effective from 1 January 2022*)

- Amendments to IAS 12 - Deferred Tax related to Assets and Liabilities arising from a Single Transaction (effective from January 1, 2023*)

- Amendments to IAS 1 and IFRS Practice Statement 2 - Disclosure of Accounting Policies (effective from January 1, 2023*)

- Amendments to IAS 16 - Property, Plant and Equipment: Proceeds before Intended Use (effective from 1 January 2022*)

- Amendments to IFRS 3 - Reference to the Conceptual Framework (effective from 1 January 2022*)

- Amendments to IAS 37 - Onerous Contracts - Costs of Fulfilling a Contract (effective from 1 January 2022*)

- Amendments to IAS 1 - Classification of Liabilities as Current or Non-current (effective from January 1, 2023*#)

- Amendments to IAS 8 - Definition of Accounting Estimates (effective from January 1, 2023*)

* Effective for annual periods beginning on or after this date.

# In July 2021, IASB tentatively decided to defer the effective date of this 2020 amendment to no earlier than January 1, 2024.

Property, plant and equipment

12 Months Ended

Mar. 31, 2022

Disclosure of detailed information about property, plant and equipment [abstract]

Property, plant and equipment


	Freehold Land #			Plant and equipment			Buildings		Leasehold improvements		Office equipment			Furniture and fixtures			Computers			Capital work in progress			Total property, plant and equipment
	(INR)			(INR)			(INR)		(INR)		(INR)			(INR)			(INR)			(INR)			(INR)
Cost
As at April 1, 2019		8,705			295,406			65		124		56			49			64			16,269			320,738
Additions during the year^		1,258			48,419			—		6		12			8			26			49,218			98,947
Adjustments during the year*		(73	)		(51	)		—		—		—			—			—			(188	)		(312	)
Disposals during the year**		—			(95	)		—		—		(1	)		—			(4	)		(27	)		(127	)
Capitalised during the year		—			—			—		—		—			—			—			(47,373	)		(47,373	)
As at March 31, 2020		9,890			343,679			65		130		67			57			86			17,899			371,873
Additions during the year^		603			31,179			12		5		9			7			33			22,725			54,573
Acquisition of subsidiaries (refer Note 55)		57			2,500			—		—		1			1			1			—			2,560
Disposal of subsidiary (refer Note 39)		—			(14,998	)		—		—		(1	)		—		(0)				—			(14,999	)
Adjustments during the year*		(19	)		(265	)		—		—		(1	)		—			(1	)		(4	)		(290	)
Disposals during the year**		—			(242	)		—		—		(1	)					(4	)		(39	)		(286	)
Capitalised during the year		—			—			—		—		—			—			—			(30,176	)		(30,176	)
As at March 31, 2021		10,531			361,853			77		135		74			65			115			10,405			383,255
Additions during the year^		830			79,195			14		—		14			13			50			92,533			172,649
Asset acquisition (refer Note 56)		1,806			19,906			24		—		2			0			1			—			21,739
Adjustments during the year*		64			(198	)		—		—		(1	)		1			(1	)		(355	)		(490	)
Assets held for sale					(228	)																		(228	)
Disposal of subsidiaries (refer Note 39)		(1	)		(5,976	)		—		—		(2	)		(2	)	(0)				(90	)		(6,071	)
Disposals during the year**		—			(121	)		—		—		(3	)		—		(0)				(129	)		(253	)
Capitalised during the year		—			—			—		—		—			—			—			(80,385	)		(80,385	)
As at March 31, 2022		13,230			454,431			115		135		84			77			165			21,979			490,216

Accumulated depreciation
As at April 1, 2019		—			21,237			15		25		20			9			30			—			21,336
Charge for the year (refer Note 35)		—			9,827			3		11		7			6			11			—			9,865
Depreciation capitalised during the year		—			2			—		15		6			2			7			—			32
Adjustments during the year*		—			0			—		—		—			—			—			—		0
Disposals during the year		—		(0)				—		—		(1	)		—			(4	)		—			(5	)
As at March 31, 2020		—			31,066			18		51		32			17			44			—			31,228
Charge for the year (refer Note 35)		—			10,568			3		14		9			9			12			—			10,615
Depreciation capitalised during the year		—			4			—		13		6			2			7			—			32
Disposal of a subsidiary (refer Note 39)		—			(615	)		—		—		(1	)		—		(0)				—			(616	)
Disposals during the year		—			(35	)		—		—		(1	)		—			(4	)		—			(40	)
As at March 31, 2021		—			40,988			21		78		45			28			59			—			41,219
Charge for the year (refer Note 35)		—			12,148			7		18		9			6			10			—			12,198
Depreciation capitalised during the year		—			4			—		9		6			2			10			—			31
Disposal of subsidiaries (refer Note 39)		—			(734	)		—		—		(1	)		(1	)	(0)				—			(736	)
Adjustments during the year*		—			—			—		—		(1	)		1			(1	)					(1	)
Assets held for sale		—			(47	)		—		—		—			—			—			—			(47	)
Disposals during the year		—			(39	)		—		—		(2	)		—		(0)				—			(41	)
As at March 31, 2022		—			52,320			28		105		56			36			78			—			52,623
Net book value
As at April 1, 2020 (INR)		9,890			312,613			47		79		35			40			42			17,899			340,645
As at March 31, 2021 (INR)		10,531			320,865			56		57		29			37			56			10,405			342,036
As at March 31, 2022 (INR)		13,230			402,111			87		30		28			41			87			21,979			437,593
As at March 31, 2022 (USD)		174			5,300			1	0		0				1			1			290			5,768

Mortgage and hypothecation on property, plant and equipment:

Property, plant and equipment are subject to a pari passu first charge to respective lenders for project term loans, buyer's/supplier's credit, senior secured notes, working capital loan, debentures and acceptances as disclosed in Note 18 and 27.


^ Capitalised borrowing costs		The amount of borrowing costs capitalised in property, plant and equipment and capital work in progress during the year ended March 31, 2022 was INR 2,553 (March 31, 2021 INR 2,072, March 31, 2020 INR 1,928). The rate ranging between 2.81% to 12.65% used to determine borrowing costs eligible for capitalisation was the effective interest rate of specific borrowings and capitalisation rate of general borrowings.

*Adjustments to property, plant and equipment are as follows:


Freehold land		Adjustment of INR 64 (March 31, 2021: INR 19, March 31, 2020: INR 73) pertains to actualisation of provisional capitalisation.
Plant and equipments		Adjustment of INR 198 (March 31, 2021: INR 265, March 31, 2020: INR 51) pertains to actualisation of provisional capitalisation.
Capital work in progress		Adjustment of INR 355 (March 31, 2021: INR 4, March 31, 2020: INR 188) pertains to actualisation of provision against capital expenditure.

** Disposals in capital work in progress includes INR 129 (March 31, 2021: INR 39, March 31, 2020: INR 27) that has been written off to the extent of non-viability of recovery of cost in future.

Intangible assets

12 Months Ended

Mar. 31, 2022

Disclosure of detailed information about intangible assets [abstract]

Intangible assets


	Computer software			Customer contracts#			Development rights		Other intangible assets		Goodwill		Intangible asset under development@			Total intangible assets
	(INR)			(INR)			(INR)		(INR)		(INR)		(INR)			(INR)
Cost
As at April 1, 2019		160			26,744			36		—		11,381		6			38,327
Additions during the year		19			—			—		—		—		60			79
Capitalised during the year		—			—			—		—		—		(13	)		(13	)
As at March 31, 2020		179			26,744			36		—		11,381		53			38,393
Additions during the year		86			—			—		—		215		49			350
Acquisition of subsidiaries (refer Note 55(b))		7			1,304			—		7		—		20			1,338
Capitalised during the year		—			—			—		—		—		(67	)		(67	)
As at March 31, 2021		272			28,048			36		7		11,596		55			40,014
Additions during the year		89			—			—		—		—		35			124
Asset acquisition (refer Note 56)		—			4,547			—		—		—		—			4,547
Disposal of subsidiaries (refer Note 39)		(8	)		(3	)		—		—		—		—			(11	)
Adjustments during the year*		2			—			—		—		—		(13	)		(11	)
Capitalised during the year		—			—			—		—		—		(9	)		(9	)
As at March 31, 2022		355			32,592			36		7		11,596		68			44,654
Accumulated amortisation
As at April 1, 2019		64			1,197			2		—		—		—			1,263
Charge for the year (refer Note 35)		30			1,114			1		—		—		—			1,145
Amortisation capitalised during the		—			15			—		—		—		—			15
As at March 31, 2020		94			2,326			3		—		—		—			2,423
Charge for the year (refer Note 35)		23			1,142			1		—		—		—			1,166
Amortisation capitalised during the year		15			—			—		—		—		—			15
As at March 31, 2021		132			3,468			4		—		—		—			3,604
Charge for the year (refer Note 35)		26			1,278			1		0		—		—			1,305
Disposal of subsidiaries (refer Note 39)		(4	)		—			—		—		—		—			(4	)
Capitalised during the year		25			—			—		—		—		—			25
As at March 31, 2022		179			4,746			5		0		—		—			4,930
Net book value
As at April 1, 2020 (INR)		85			24,418			33		—		11,381		53			35,970
At March 31, 2021 (INR)		140			24,580			32		7		11,596		55			36,410
As at March 31, 2022 (INR)		176			27,846			31		7		11,596		68			39,724
As at March 31, 2022 (USD)		2			367			0		0		153		1			524

# Remaining life of customer contracts ranges from 16 to 22 years as on March 31, 2022 (March 31, 2021: 17 to 23 years, March 31, 2020: 18 to 24 years)

* Adjustment of INR 2 (March 31, 2021: INR Nil, March 31, 2020: INR Nil) pertains to actualisation of provisional capitalisation.

Mortgage and hypothecation on intangible assets:

Intangible assets are subject to a pari passu first charge to respective lenders for senior secured bonds, project term loans, buyer's/supplier's credit, working capital loan, debentures, senior secured notes and acceptances as disclosed in Note 18 and Note 27.

Impairment of non-financial assets including goodwill and intangible assets under development

Below is the break-up for goodwill and intangible assets under development for each group of cash generating units and individual cash generating units (CGU):


Group of CGU / individual CGU	March 31, 2022		March 31, 2021		March 31, 2020
Ostro Energy Group (wind power segment)
Goodwill		9,903		9,903		9,903
Intangible asset under development		—		—		—
ReNew Vayu Urja (KCT) (wind power segment)
Goodwill		756		756		756
Intangible asset under development		—		—		—
Prathamesh Solarfarms (solar power segment)
Goodwill		428		428		428
Intangible asset under development		—		—		—


Group of CGU / individual CGU	March 31, 2022		March 31, 2021		March 31, 2020
Others
Goodwill		509		509		294
Intangible asset under development@		68		55		53

@Intangible assets under development amounting to INR Nil as at March 31, 2022 (March 31, 2021: INR 20) out of the total intangible assets under development pertain to fair value of customer contracts for projects under development acquired as part of business combination. Goodwill and intangible assets under development pertain to various group of CGUs and individual CGUs and a combined test of impairment have been performed.

The Group undertook the impairment testing of Goodwill assigned to each Group of CGU and Individual CGU as at March 31, 2022, 2021 and 2020 applying value in use approach across all the Group CGUs and individual CGUs i.e. using cash flow projections based on financial budgets covering contracted power sale agreements with procurers (25 years) using a discount rate range of 9% - 11.8% (pre-tax) per annum for the impairment test as at March 31, 2022 (March 31, 2021: 10.90%, March 31, 2020: 11.40%). The Group has used financial projections over the remaining life of the Power Purchase Agreement (PPA) as the tariff rates are fixed as per PPAs and the terminal value at the end of PPA. The plant load factor for future periods is reviewed at least annually based on initial projections and future outlook.

The management and board has also considered the consequential impacts of the ongoing litigations in Andhra Pradesh while determining the timing of cash flows. The Company believes that the dispute (refer Note 52) would be ultimately decided in favour of the Group.

Based on the results of the impairment test, the estimated value in use of each Group of CGU and individual CGU was more than the respective carrying values and accordingly no impairment loss provision was recognised in the statement of profit or loss.

Based on the results of the Goodwill impairment test, the estimated value in use of each Group of CGU and individual CGU after adjusting the carrying values of property, plant and equipment's and intangible assets was more than carrying value of Goodwill as per below details:


Group of CGU / individual CGU	March 31, 2022		March 31, 2021		March 31, 2020
Ostro Energy Group (wind power segment)		3,851		3,090		4,106
ReNew Vayu Urja (wind power segment)		419		2,727		1,628
Prathamesh Solarfarms (solar power segment)		2,054		1,775		586
Others		4,253		5,319		5,232

The Management believes that any reasonably possible change in the key assumptions on which value in use is based would not cause the aggregate carrying amount of Goodwill to exceed the aggregate value in use of each group of CGU and individual CGU.

Further, no indicator for impairment existed either as at March 31, 2022, 2021 and 2020 in any of the individual CGUs where no goodwill was assigned.

Right of use assets

12 Months Ended

Mar. 31, 2022

Disclosure of quantitative information about right-of-use assets [abstract]

Right of use assets


	Leasehold land			Building			Total
	(INR)			(INR)			(INR)
Cost
As at April 1, 2019		4,270			450			4,720
Additions during the year		460			50			510
Deletions during the year		(4	)		(3	)		(7	)
As at March 31, 2020		4,726			497			5,223
Acquisition of subsidiaries (refer note 55)		36			—			36
Additions during the year		1,443			25			1,468
Modifications during the year		—			(26	)		(26	)
Disposal of subsidiaries (refer Note 39)		(1,745	)		—			(1,745	)
As at March 31, 2021		4,460			496			4,956
Additions during the year		3,434			—			3,434
Asset acquisition (refer Note 56)		128			—			128
Adjustments during the year*		(13	)					(13	)
As at March 31, 2022		8,009			496			8,505

Accumulated depreciation
As at April 1, 2019		177			96			273
Charge for the year (refer Note 35)		192			38			230
Depreciation capitalised during the year		—			65			65
As at March 31, 2020		369			199			568
Charge for the year (refer Note 35)		191			54			245
Depreciation capitalised during the year		—			54			54
Disposal of subsidiaries (refer Note 39)		(175	)		—			(175	)
As at March 31, 2021		385			307			692
Charge for the year (refer Note 35)		217			44			261
Depreciation capitalised during the year		—			57			57
As at March 31, 2022		602			408			1,010

Net book value
As at April 1, 2020 (INR)		4,357			298			4,655
As at March 31, 2021 (INR)		4,075			189			4,264
As at March 31, 2022 (INR)		7,407			88			7,495
As at March 31, 2022 (USD)		98			1			99

* Adjustment of INR 13 (March 31, 2021: INR Nil, March 31, 2020: INR Nil) pertains to leasehold land purchased during the year.

Trade receivables

12 Months Ended

Mar. 31, 2022

Trade Receivables [Abstract]

Trade receivables


	As at March 31,
	2021			2022			2022
	(INR)			(INR)			(USD)
Trade receivables (refer Note 52)		36,542			46,791			617
Less: impairment allowances for expected credit losses		(562	)		(966	)		(13	)
Total		35,980			45,825			604

Non-current		1,178			1,006			13
Current		34,802			44,819			591

Trade receivables are non-interest bearing and are generally on terms of 7-60 days.

Financial assets

12 Months Ended

Mar. 31, 2022

Disclosure of financial assets [abstract]

Financial assets


	As at March 31,
	2021		2022		2022
	(INR)		(INR)		(USD)
Non current
Financial assets at amortised cost
Loans
Security deposits		140		164		2
Total		140		164		2

Others
Deferred consideration receivable (refer Note 39)		—		1,936		26
Bank deposits with remaining maturity for more than twelve months (refer Note 15)		2,999		1,318		17
Total		2,999		3,254		43


	As at March 31,
	2021		2022		2022
	(INR)		(INR)		(USD)
Current
Financial assets at amortised cost
Loans
Loans to related parties (refer Note 45)		11		—		—
Loans and advances to third party		—		556		7
Security deposits		45		67		1
Total		56		623		8


	As at March 31,
	2021		2022		2022
	(INR)		(INR)		(USD)
Others
Deferred consideration receivable (refer Note 39)		1,936		610		8
Advances recoverable		154		153		2
Government grant receivable						—
- viability gap funding		302		0		0
- generation based incentive receivable		859		783		10
Interest accrued on fixed deposits		394		444		6
Interest accrued on loan to third party		—		40		1
Others		52		148		2
Total		3,697		2,178		29

Loans and receivables are non-derivative financial assets which generate fixed interest income for the Group. The carrying value may be affected by changes in the credit risk of the counterparties.

Deferred tax assets (DTA) (net) / deferred tax liabilities (DTL) (net)

12 Months Ended

Mar. 31, 2022

Deferred tax assets and liabilities [abstract]

Deferred tax assets (DTA) (net) / deferred tax liabilities (DTL) (net)

10.

Deferred tax assets (DTA) (net) / deferred tax liabilities (DTL) (net)

10A Deferred tax assets (net)


	As at March 31,
	2021		2022		2022
	(INR)		(INR)		(USD)
Deferred tax assets (gross)
Compound financial instruments		31		26		0
Loss on mark to market of derivative instruments		222		376		5
Difference in written down value of PPE as per books of account and tax laws		1		30		0
Unamortised ancillary borrowing cost		—		3		0
Provision for decommissioning cost		1,246		1,248		16
Expected credit loss		54		88		1
Losses available for offsetting against future taxable income		15,173		17,939		236
Unused tax credit (MAT)		106		181		2
Provision for operation and maintenance equalisation		284		252		3
Lease liabilities		149		470		6
Financial guarantee contracts		24		—		—
Government grant (viability gap funding)		28		355		5
Others		97		109		1
Deferred tax assets (gross) - Total (a)		17,415		21,077		278
Deferred tax liabilities (gross)
Compound financial instruments		6		—		—
Gain on mark to market of derivative instruments		81		51		1
Difference in written down value of PPE as per books of account and tax laws		15,407		19,265		254
Unamortised ancillary borrowing cost		169		162		2
Right of use asset		129		497		7
Government grant (viability gap funding)		11		0		0
Others		1		40		1
Deferred tax liabilities (gross) - Total (b)		15,804		20,015		264
Deferred tax assets (net) (a) - (b)		1,611		1,062		14

10B Deferred tax liabilities (net)


	As at March 31,
	2021		2022		2022
	(INR)		(INR)		(USD)
Deferred tax liabilities (gross)
Compound financial instruments		—		38		0
Gain on mark to market of derivative instruments		54		129		2
Difference in written down value of PPE as per books of account and tax laws		33,930		43,316		571
Unamortised ancillary borrowing cost		162		124		2
Right of use asset		52		175		2
Fair value gain on financial instruments		0		9		0
Others		24		85		1
Deferred tax liabilities (gross) - Total (c)		34,222		43,876		578
Deferred tax assets (gross)
Compound financial instruments		107		—		—
Loss on mark to market of derivative instruments		143		267		4
Unamortised ancillary borrowing cost		5		60		1
Provision for decommissioning cost		2,330		2,186		29
Expected credit loss		96		167		2
Losses available for offsetting against future taxable income		18,843		26,435		348
Unused tax credit (MAT)		1,248		1,711		23
Provision for operation and maintenance equalisation		411		324		4
Lease liabilities		61		184		2
Government grant (viability gap funding)		164		57		1
Others		6		17		0
Deferred tax assets (gross) - Total (d)		23,414		31,408		414
Deferred tax liabilities (net) (c) - (d)		10,808		12,468		164

10C Reconciliation of tax expense and the accounting profit multiplied by tax rate


	For the year ended March 31,
	2020			2021			2022			2022
	(INR)			(INR)			(INR)			(USD)
Accounting loss before income tax		(623	)		(5,128	)		(12,233	)		(161	)
Tax at the India's tax rate of 31.2% applicable to RPPL (March 31, 2021: 31.2%, March 31, 2020: 31.2%)		(194	)		(1,600	)		(3,817	)		(50	)
Disallowance under section 94B of the Income Tax Act		1,328			1,333			794			10
Interest on compound financial instrument		634			1,091			—			—
Tax rate differences		(96	)		15			282			4
Impact of ICDS related to hedge contracts routed through OCI					—			1,473			19
Changes in estimates on reasonable certainty for recoverability of tax losses		(1,426	)		2,305			2,475			33
Change in estimates for recoverability of MAT		316			82			(8	)	(0)
Adjustment of tax relating to earlier periods		291			174			(327	)		(4	)
On account of adoption of new tax ordinance
- MAT credit written off		938			48			—			—
- Recognition / reversal of deferred tax asset / deferred tax liability		83			(7	)		(65	)		(1	)
Effect of tax holidays and other tax exemptions		271			(879	)		71			1
Deferred tax asset written off on sale of subsidiary (refer Note 39)		—			306			—			—
Reinstatement loss on loan having income taxable under income from other sources		74			—			—			—
Listing and related expenses		—			—			3,280			43
Other non-deductible expenses		(61	)		36			(263	)		(3	)
At the effective income tax rate		2,158			2,904			3,895			51
Current tax expense reported in the statement of profit or loss		486			785			1,167			15
Deferred tax expense reported in the statement of profit or loss		1,714			2,091			2,797			37
Adjustment of current tax relating to earlier years		(42	)		28			(69	)		(1	)
		2,158			2,904			3,895			51

10D Reconciliation of deferred tax assets (net) and deferred tax liabilities (net):

For the year ended March 31, 2020


Particulars	Opening balance DTA / (DTL) as at April 1, 2019			Income / (expense) recognised in profit or loss			Income / (expense) recognised in OCI			Income / (expense) recognised in equity			Income / (expense) recognised in profit or loss on sale of subsidiary		Addition through business combination		Closing balance DTA / (DTL) as at March 31, 2020
	(INR)			(INR)			(INR)			(INR)			(INR)		(INR)		(INR)
Compound financial instruments		172			(2	)		—			(32	)		—		—		138
Gain / (loss) on mark to market of derivative instruments		185			0			(1,856	)		—			—		—		(1,671	)
Difference in written down value of PPE as per books of account and tax laws		(34,254	)		(6,018	)		—			—			—		—		(40,272	)
Unamortised ancillary borrowing cost		(225	)		(114	)		—			—			—		—		(339	)
Provision for decommissioning cost		2,738			377			—			—			—		—		3,115
Expected credit loss		27			17			—			—			—		—		44
Fair value gain on financial instruments		0			(9	)		—			—			—		—		(9	)
Losses available for offsetting against future taxable income		23,038			5,060			—			—			—		—		28,098
MAT		2,465			(1,207	)		—			—			—		—		1,258
Provision for operation and maintenance equalisation		454			179			—			—			—		—		633
Lease liabilities		352			(10	)		—			—			—		—		342
Government grant (viability gap funding)		255			(11	)		—			—			—		—		244
Right of use asset		(322	)		1			—			—			—		—		(321	)
Option premium		(31	)		31			—			—			—		—		—
Others		43			(8	)		4			—			—		—		39
		(5,103	)		(1,714	)		(1,852	)		(32	)		—		—		(8,701	)

For the year ended March 31, 2021


Particulars	Opening balance DTA / (DTL) as at April 1, 2020			Income / (expense) recognised in profit or loss			Income / (expense) recognised in OCI			Income / (expense) recognised in equity		Income / (expense) recognised in profit or loss on sale of subsidiary			Addition through business combination			Closing balance DTA / (DTL) as at March 31, 2021
	(INR)			(INR)			(INR)			(INR)		(INR)			(INR)			(INR)
Compound financial instruments		138			(84	)		—			—		80			—			134
Gain / (loss) on mark to market of derivative instruments		(1,671	)		(7	)		1,905			—		—			—			227
Difference in written down value of PPE as per books of account and tax laws		(40,272	)		(8,782	)		—			—		366			(649	)		(49,337	)
Unamortised ancillary borrowing cost		(339	)		19			—			—		—			(5	)		(325	)
Provision for decommissioning cost		3,115			482			—			—		(26	)		4			3,575
Expected credit loss		44			105			—			—		(1	)		—			148
Fair value gain on financial instruments		(9	)		(8	)		—			—		17			—		0
Losses available for offsetting against future taxable income		28,098			6,304			(339	)		—		(719	)		675			34,019
MAT		1,258			95			—			—		—			—			1,353
Provision for operation and maintenance equalisation		633			60			—			—		—			2			695
Lease liabilities		342			21			—			—		(157	)		4			210
Financial guarantee contracts		—			24			—			—		—			—			24
Government grant (viability gap funding)		244			(63	)		—			—		—			—			181
Right of use asset		(321	)		11			—			—		133			(4	)		(181	)
Option premium		—			—			—			—		—			—			—
Others		39			39			1			—		—			1			80
		(8,701	)		(1,784	)		1,567			—		(307	)		28			(9,197	)

For the year ended March 31, 2022


Particulars	Opening balance DTA / (DTL) as at April 1, 2021			Income / (expense) recognised in profit or loss			Income / (expense) recognised in OCI			Income / (expense) recognised in equity			Adjustment on account of sale of subsidiary			Addition through business combination		Closing balance DTA / (DTL) as at March 31, 2022
	(INR)			(INR)			(INR)			(INR)			(INR)			(INR)		(INR)
Compound financial instruments		134			19			—			(165	)		—			—		(12	)
Gain / (loss) on mark to market of derivative instruments		227			284			(48	)		—			—			—		463
Difference in written down value as per books of account and tax laws		(49,337	)		(14,253	)		—			—			1,039			—		(62,551	)
Unamortised ancillary borrowing cost		(325	)		100			—			—			2			—		(223	)
Provision for decommissioning cost		3,575			(141	)		—			—			—			—		3,434
Expected credit loss		148			117			—			—			(10	)		—		255
Fair value gain on financial instruments	0				(9	)		—			—			—			—		(9	)
Losses available for offsetting against future taxable income		34,019			10,386			798			—			(829	)		—		44,374
MAT		1,353			604			—			—			(65	)		—		1,892
Provision for operation and maintenance equalisation		695			(119	)		—			—			—			—		576
Lease liabilities		210			444			—			—			—			—		654
Financial guarantee contracts		24			(24	)		—			—			—			—		—
Government grant (viability gap funding)		181			359			—			—			(128	)		—		412
Right of use asset		(181	)		(491	)		—			—			—			—		(672	)
Others		80			(73	)		(3	)		—			(3	)		—		1
		(9,197	)		(2,797	)		747			(165	)		6			—		(11,406	)

The Group has unabsorbed depreciation and tax losses which arose in India as at March 31, 2022 is INR 183,625 (March 31, 2021: INR 140,086). The unabsorbed depreciation and tax losses will be available for offsetting against future taxable profits of the Group.

Out of this, the tax losses that are available for offsetting for eight years against future taxable profits of the companies in which the losses arose are INR 5,966 (March 31, 2021: INR 10,854). The unabsorbed depreciation that will be available for offsetting for against future taxable profits of the companies in which the losses arose are of INR 177,659 (March 31, 2021: INR 129,232). Unabsorbed depreciation is available for utilisation indefinitely.

The Group has recognised deferred tax asset of INR 44,374 (March 31, 2021: INR 34,016) utilisation of which is dependent on future taxable profits. The future taxable profits are based on projections made by the management considering the PPA with power procurer.

The expiry year of MAT credit is 15 years from the date of entitlement and deferred tax has been recognised on MAT credit which are expected to be utilised before the expiry year.

The Group has tax losses amounting to INR 4,018 (March 31, 2021: INR 7,586) having an expiry period of 4 to 8 years (March 31, 2021: 5 to 8 years), capital losses amounting to INR 828 (March 31, 2021: INR 828) having an expiry period of 7 years, unabsorbed depreciation amounting to INR 8,040 (March 31, 2021: INR 1,535) which are available for utilisation indefinitely and MAT credit amounting to INR 316 (March 31, 2021: INR 82) having an expiry period of 8-15 years on which deferred tax assets have not been recognised as there may not be sufficient taxable profits to offset these losses.

Certain subsidiaries of the Group have undistributed earnings INR 17,662 as at March 31, 2022 (March 31, 2021: INR 15,783) which, if paid out as dividends, would be subject to tax in the hands of recipient. An assessable temporary difference exists, but no deferred tax liability has been recognised as the Parent is able to control timing of distributions from these subsidiaries. These subsidiaries are not expected to distribute these profits in the foreseeable future.

10E The tax department has raised demands for AY 2018-19 by disallowing certain employee costs and interest costs as allowable expenditures and has made few other additions to the taxable income. The management based on past legal precedents and the views of tax specialists believes it has strong grounds on merit for successful appeal in this matter. The potential additional tax outflow on account of these items as at March 31, 2022 is INR 969 plus applicable interest till the settlement of such disputes.

Prepayments

12 Months Ended

Mar. 31, 2022

Disclosure Of Currnet And Non Current Prepayments [Abstract]

Prepayments

11.

Prepayments


	As at March 31,
	2021		2022		2022
	(INR)		(INR)		(USD)
Non-current
Prepaid expenses		679		875		12
Total		679		875		12

Current
Prepaid expenses		592		970		13
Total		592		970		13

Other Assets

12 Months Ended

Mar. 31, 2022

Disclosure Of Other Assets [Abstract]

Other assets

12.

Other assets


	As at March 31,
	2021		2022		2022
	(INR)		(INR)		(USD)
Non-current
Capital advance		7,497		9,971		131
Advances recoverable		142		72		1
Security deposits		8		7		0
Balances with government authorities		68		31		0
Total		7,715		10,081		133

Current
Advances recoverable (refer Note 52)		1,553		1,517		20
Balances with government authorities		825		1,484		20
Others		86		0		0
Total		2,464		3,001		40

Inventories

12 Months Ended

Mar. 31, 2022

Classes of current inventories [abstract]

Inventories

13.

Inventories


	As at March 31,
	2021		2022		2022
	(INR)		(INR)		(USD)
Consumables and spares		833		815		11
Total		833		815		11

Derivative instruments

12 Months Ended

Mar. 31, 2022

Disclosure Of Derivative Instruments [Abstract]

Derivative instruments

14.

Derivative instruments


	As at March 31,
	2021		2022		2022
	(INR)		(INR)		(USD)
Financial assets designated as a hedge instrument at fair value
Derivative instruments - hedge instruments		2,691		3,593		47
Total		2,691		3,593		47

Cash and bank balances

12 Months Ended

Mar. 31, 2022

Disclosure Of Cash And Cash Equivalents [Abstract]

Disclosure of cash and cash equivalents

15.

Cash and bank balances


	As at March 31,
	2021			2022			2022
	(INR)			(INR)			(USD)
Cash and cash equivalents
Cash and cheque on hand		0			0			0
Balance with banks
- On current accounts		19,474			27,359			361
- Deposits with original maturity of less than 3 months #		1,205			1,020			13
		20,679			28,379			374

Bank balances other than cash and cash equivalents
Deposits with
- Remaining maturity of less than twelve months #		26,506			50,741			669
- Remaining maturity of more than twelve months #		2,999			1,318			17
		29,505			52,059			686
Less: amount disclosed under financial assets (others) (refer Note 9) #		(2,999	)		(1,318	)		(17	)
Total		26,506			50,741			669

Fixed deposits of INR 11,307 (March 31, 2021: INR 14,037) are under lien with various banks for the purpose of Debt Service Reserve Account and as margin money for the purpose of letter of credit / bank guarantee etc.

# The bank deposits have an original maturity period of 37 days to 5,482 days and carry an interest rate of 2.25% - 8% which is receivable on maturity.

Share capital

12 Months Ended

Mar. 31, 2022

Disclosure of classes of share capital [abstract]

Share capital

16.

Share capital


Authorised share capital	Number of shares
Equity shares of INR 10 each
As at April 1, 2020 (pertains to RPPL)		500,000,000
As at March 31, 2021 (pertains to RPPL)		500,000,000
As at March 31, 2022*


Compulsory convertible preference shares of INR 425 each (refer Note 18)	Number of shares
As at April 1, 2020 (pertains to RPPL)		60,000,000
As at March 31, 2021 (pertains to RPPL)		60,000,000
As at March 31, 2022*		—

* There is no requirement under the UK Companies Act for the Company to have an authorised share capital.

Issued share capital


	Number of shares			Issued capital			Share premium
				(INR)			(INR)
As at April 1, 2020 (i)		379,924,556		3,799			67,165
As at April 1, 2021 (i)		379,924,556			3,799			67,165
Shares issued during the year (including compulsorily convertible preference shares converted to equity) (ii)		45,637,118			456			27,486
Total (i)		425,561,674			4,255			94,651
Adjustments / impact pursuant to the Transaction:
- Capital transaction involving issue of shares (net of costs of INR 3,660 related to issuance of equity shares) (refer Note 53(a)) (iii)		105,011,966			1,050			72,605
- Recognition of non-controlling interests		(49,732,523	)		(497	)		(13,226	)
- Adjustment to arrive at number of equity instruments of the Company		(92,336,396	)		—			—
As at August 23, 2021 (iv)		388,504,721			4,808			154,030
Shares issued during the period (v)		12,328,219			0			9,149
Effect of approved capital reduction*		—			—			(9,128	)
Shares pending cancellation*		(1,655,300	)		(0	)		—
As at March 31, 2022		399,177,640			4,808			154,051

(i)

Number of shares presented represents RPPL Shares. Equivalent number of equity instruments of the Company will be number of RPPL shares presented multiplied by exchange ratio established in the Transaction (i.e., 1 RPPL share to 0.8289 Company Share).

(ii)

During the year ended March 31, 2022, Series A compulsory convertible preference shares issued to certain existing shareholders were converted into equity shares on August 23, 2021 as per its original terms. Consequently, amortised cost of compulsory convertible preference shares of INR 27,665 which was classified as financial liability on the date of conversion was derecognised with recognition of issued capital amounting to INR 445 and share premium of INR 27,220.

(iii)

Number of shares presented represents shares issued by the Company for the Transaction. Deemed number of shares issued by RPPL is 127,381,626. Amount recognised in issued capital and share premium represents fair value consideration effectively transferred by RPPL.

(iv)

Number of shares presented represents Company's shares outstanding on consummation of the Transaction.

(v)

During the year ended March 31, 2022, the Company has issued class C shares on purchase shares held by non-controlling interests in RPPL. (refer Note 55(a))

(vi)

Before consummation of the Transaction, the Company had 1 equity share at par value of USD 0.01.

* Capital Reduction and Share Repurchase Program

Pursuant to a court order dated February 8, 2022, the Company’s share premium account was cancelled and the amount of INR 9,128 standing to its credit was transferred to the Company’s retained earnings account with effect from February 14, 2022.

On February 2, 2022, the Company’s Board of Directors approved the Company’s proposal to commence a share repurchase program of up to USD 250 worth of its Class A Ordinary Shares (the “Share Repurchase Program”) by way of open market purchases and the Company engaged Credit Suisse Securities (USA) LLC as its broker (the Broker) for the Share Repurchase Program.

In the period to March 31, 2022, the Broker purchased 1,655,300 Class A Ordinary Shares (par value USD 0.0001 each) on the open market for the purposes of the Share Repurchase Program for a consideration equivalent to INR 997. The shares have subsequently been repurchased into treasury by the Company.

Terms / rights attached to equity shares of RPPL

RPPL has only one class of equity shares having par value of INR 10 per share. Each holder of equity shares is entitled to one vote per share. If declared, the Group will declare and pay dividends in Indian rupees. In the event of liquidation of a Group, the holders of equity shares of such Group will be entitled to receive remaining assets of the Group, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders of the Group.

The equity shares were redeemable at the option of the holders till August 23, 2021 and therefore, were considered a puttable instrument in accordance with IAS 32. Puttable instruments are required to be accounted for as financial liabilities, except where certain conditions are met in accordance with IAS 32, in which case, the puttable instruments may be presented as equity. The equity shares meet the conditions of IAS 32 and are, therefore, classified and accounted for as equity. Pursuant to the BCA (refer Note 1), the Company became legal parent of RPPL. Post this transaction, the number and type of equity instruments issued, reflects the equity structure of the Company.

Terms / rights attached to equity shares of the Company

The Company has four classes of shares outstanding as follows:


Class of shares	Nominal value	Number of shares	Terms / rights
a) Class A shares	USD 0.0001	280,813,871	The holders of the Class A ordinary shares shall be entitled to receive distributions, in the form of dividends, return of capital on a winding up or any other means in proportion to the number of Class A ordinary shares held by them and pro rata with all other shares in the capital of the company which are entitled to distributions. Each holder of equity shares is entitled to one vote per share.
b) Class B shares	USD 0.0001	1	The holder of the Class B ordinary share shall be entitled to participate in distributions of the company, whether in the form of dividends, returns of capital on a winding up or any other means as per the terms of the articles of association (Articles), only during the period from the date on which the Company's Articles (as adopted on August 20, 2021) were adopted until the date that is three (3) years following the date of adoption. Holder is entitled to a number of voting rights from time to time equal to the equivalent voting beneficial shares (as defined in the articles) held by the founder investors (and their affiliates) (as defined in the articles) as of the relevant time. The Class B ordinary share may not be transferred by the holder thereof to any person other than the founder’s affiliates (as defined in the articles).
			Class B shares are held by CEO of the Company.
c) Class C shares	USD 0.0001	118,363,766	The holders of the Class C ordinary shares shall be entitled to receive distributions in the form of dividends, return of capital on a winding up or any other means in proportion to the number of Class C ordinary shares held by them and pro rata with all other shares (as defined in the articles) in the capital of the company which are entitled to distributions. This class of share does not carry voting rights. Each Class C ordinary share shall automatically be re-designated as one (1) Class A ordinary share in the hands of a transferee (other than where such transferee is an affiliate).
d) Class D shares	USD 0.0001	1	The holder of the Class D ordinary share shall be entitled to participate in distributions of the company, whether in the form of dividends, returns of capital on a winding up or any other means as per the terms of the Articles, only during the period from the date on which the Company's Articles (as adopted on August 20, 2021) were adopted until the date that is three (3) years following the date of adoption. The holder is entitled to a number of voting rights from time to time equal to the equivalent voting beneficial shares (as defined in the articles) held by Canada Pension Plan Investment Board (and its affiliates) (as defined in the articles) as of the relevant time.
			The Company shall redeem and cancel the Class D Share for nominal value as soon as reasonably practicable after the transfer to the Company of all of the RPPL ordinary Shares held in exchange for Class A Shares pursuant to the terms defined in the Articles.


Class of shares	Nominal value	Number of shares	Terms / rights
e) Deferred shares	USD 0.01	1	The holder of the deferred share shall not be entitled to participate in the profits of the Company, shall have no right to attend, speak or vote, either in person or by proxy, at any general meeting of the company or any meeting of a class of members of the company in respect of the deferred share (save where required by law) and shall not be entitled to receive any notice of the meeting.
			On a return of capital of the company on a winding up or otherwise, the holder of the deferred share shall be entitled to receive out of the assets of the company available for distribution to its shareholders the sum of, in aggregate, $0.01 but shall not be entitled to any further participation in the assets of the Company.
Total shares		399,177,640

Other equity

12 Months Ended

Mar. 31, 2022

Other Equity [Abstract]

Other equity

17.

Other equity

17A Hedge reserve


	(Amounts in INR)
As at April 1, 2020		(1,086	)
OCI for the year (refer Note 53)		(4,072	)
Attributable to non-controlling interests (refer Note 53)		(66	)
As at March 31, 2021		(5,224	)
OCI for the year (refer Note 53)		3,565
Recognition of non-controlling interests pursuant to the Transaction		716
Attributable to non-controlling interests (refer Note 53)		(385	)
As at March 31, 2022		(1,328	)

Nature and purpose

The Group uses hedging instruments as part of its management of foreign currency risk and interest rate risk associated on borrowings. For hedging foreign currency and interest rate risk, the Group uses foreign currency forward contracts, cross currency swaps (CCS), call spreads, foreign currency option contracts and interest rate swaps (IRS). To the extent these hedges are effective, the change in fair value of the hedging instrument is recognised in the cash flow hedging reserve. Amounts recognised in the cash flow hedging reserve is reclassified to the statement of profit or loss when the hedged item affects profit or loss (example: interest payments).

17B Share based payment reserve


	(Amounts in INR)
As at April 1, 2020		1,161
Expense for the year		177
Repurchase of vested stock options		(176	)
Forfeiture of vested options		3
As at March 31, 2021		1,165
Expense for the year		2,505
Recognition of non-controlling interests pursuant to the Transaction		(117	)
Repurchase of vested stock options		(24	)
Amount utilised on exercise of stock options		(85	)
As at March 31, 2022		3,444

Nature and purpose

The share options based payment reserve is used to recognise the grant date fair value of options issued to employees under employee stock option plan.

17C Retained earnings / (losses)


	(Amounts in INR)
As at April 1, 2020		1,207
Loss for the year		(7,818	)
Re-measurement loss on defined benefit plans (net of tax)		(7	)
Forfeiture of vested options		(3	)
Acquisition of interest by NCI in subsidiaries		29
Repurchase of vested stock options		(470	)
Debenture redemption reserve created during the year		(117	)
Debenture redemption reserve released on account of repayment of debentures		811
Others*		(121	)
As at March 31, 2021		(6,489	)
Loss for the year		(16,077	)
Re-measurement loss on defined benefit plans (net of tax)		6
Acquisition of interest by NCI in subsidiaries		1
Repurchase of vested stock options		(65	)
Debenture redemption reserve created during the year		(5	)
Debenture redemption reserve released on account of repayment of debentures		140
Adjustments / impact pursuant to the Transaction:
Distribution / cash paid to RPPL’s equity holders		(19,609	)
Recognition of non-controlling interests pursuant to the Transaction		214
Change in fair value of put option liability / derecognition of non-controlling interests		(4,667	)
Effect of approved capital reduction (refer Note 16)		9,128
Shares pending cancellation (refer Note 16)		(997	)
As at March 31, 2022		(38,420	)

* represents distribution to owner recognised for financial guarantees (refer Note 45)

Nature and purpose

Retained earnings are the profits/(loss) that the Group has earned/incurred till date, less any transfers to general reserve, dividends or other distributions paid to shareholders. It is a free reserve available to the Group and eligible for distribution to shareholders, in case where it is having positive balance representing net earnings till date.

17D Other components of equity


	(Amounts in INR)
As at April 1, 2020*		2,279
As at March 31, 2021*		1,661
As at March 31, 2022*		(4,116	)

* Represents capital reserve, debenture redemption reserve and foreign currency translation reserve as explained below.

(i)

Capital reserve


	(Amounts in INR)
As at April 1, 2020		(29	)
Gain on acquisition of non-controlling interest		78
As at March 31, 2021		49
Acquisition of non-controlling interest (refer Note 55(c)(i))		(5,618	)
Recognition of non-controlling interests pursuant to the Transaction		(5	)
Allocation of other equity to non controlling interest		1
As at March 31, 2022		(5,573	)

Nature and purpose

Capital reserve represents bargain purchase gain on business combinations recognised under Local GAAP prior to date of transition to IFRS. It also includes adjustments recognised directly in equity pertaining to changes in the proportion held by non-controlling interests i.e., difference between the amount by which the non-controlling interests adjusted and the fair value of the consideration paid or received.

(ii)

Debenture redemption reserve


	(Amounts in INR)
As at April 1, 2020		2,296
Debenture redemption reserve created during the year		117
Debenture redemption reserve transferred to retained earnings during the year		(811	)
As at March 31, 2021		1,602
Debenture redemption reserve created during the year		5
Recognition of non-controlling interests pursuant to the Transaction		(188	)
Allocation of other equity to non controlling interest		(23	)
Debenture redemption reserve transferred to Retained earnings / (losses) during the year		(140	)
As at March 31, 2022		1,256

Nature and purpose

As per the Indian Companies Act, Debenture Redemption Reserve (DRR) is a reserve required to be maintained by the Companies that have issued debentures. The purpose of this reserve is to minimise the risk of default on repayment of debentures as this reserve ensures availability of funds for meeting obligations towards debenture-holders. As per amendments in Companies (Share capital and Debentures) Rules, 2014 the requirement of listed Companies to create Debenture redemption reserve has been removed.

(iii)

Foreign currency translation reserve


	(Amounts in INR)
As at April 1, 2020		12
Exchange differences on translation of foreign operations		(2	)
At March 31, 2021		10
Exchange differences on translation of foreign operations		191
As at March 31, 2022		201

Nature and purpose

Exchange differences arising on translation of the foreign operations are recognised in other comprehensive income as described in accounting policy and accumulated in a separate reserve within equity. The cumulative amount is reclassified to profit or loss when the foreign operation is disposed-off.

Interest-bearing loans and borrowings

12 Months Ended

Mar. 31, 2022

Disclosure of Interest Bearing Loans and Borrowings [Abstract]

Interest-bearing loans and borrowings

18.

Interest-bearing loans and borrowings


				Non-current						Current
				As at March 31,						As at March 31,
	Notes	Nominal interest rate	Maturity	2021		2022		2022		2021			2022			2022
				(INR)		(INR)		(USD)		(INR)			(INR)			(USD)
Debentures
- Non convertible debentures (secured)	(i)	See note (b)	See note (b)		90,137		76,184		1,004		10,447			8,078			106
- Compulsorily convertible debentures (unsecured)	(ii)	8% - 11.00%	June 2026 - September 2036		809		1,213		16		—			—			—
Term loan from bank (secured)	(iii)	2.81% - 9.60%	March 2023 - June 2042		44,269		59,847		789		6,888			3,972			52
Term loan from financial institutions (secured)	(iv)	3.20% - 10.90%	September 2023 - January 2044		80,300		102,088		1,346		13,119			7,681			101
Senior secured notes	(v)	4.50% - 7.18%	September 2022 - April 2027		92,924		134,397		1,771		—			36,315			479
Compulsorily convertible preference shares	(vi)	15.02%	−		26,697		—		—		—			—			—
Interest-bearing loans and borrowings - total #					335,136		373,729		4,926		30,454			56,046			739
Amount disclosed under the head 'other current financial liabilities' (refer Note 21)					—		—		—		(30,454	)		(56,046	)		(739	)
Interest-bearing loans and borrowings - net					335,136		373,729		4,926		—			—			—

#Certain borrowings included above are guaranteed by the Parent on behalf of the group entities. Further, certain securities held in subsidiary companies are pledged with banks and financial institutions as security for financial facilities obtained by subsidiary

Notes:

(a)

Details of terms and security

(i)

Non convertible debentures (secured)

The debentures are secured by way of first pari passu charge on the respective Company’s immovable properties, movable assets, current assets, cash accruals including but not limited to current assets, receivables, book debts, cash and bank balances, loans and advances etc. present and future.

(ii)

Compulsorily convertible debentures (unsecured)

Terms of conversion of CCDs


Entity	Tenure (years)		Total proceeds		Maturity date	Interest	Moratorium period
ReNew Mega Solar Private Limited*		25		193	August 22, 2036	8%	18 months from the date of issue
ReNew Solar Energy (Telangana) Private Limited*		20		620	September 20, 2036	8%	18 months from the date of issue
Abha Solarfarms Limited		10		35	June 6, 2026, January 26, 2027 and May 24, 2027	10.70%	24 months from the date of issue
Aalok Solarfarms Limited		10		35	June 6, 2026, January 26, 2027 and May 24, 2027	10.70%	24 months from the date of issue
Shreyas Solarfarms Limited		10		69	June 8, 2026 and January 26, 2027	10.70%	24 months from the date of issue
Heramba Renewables Limited		10		69	January 26, 2027 and May 24, 2027	10.70%	24 months from the date of issue
ReNew Solar Energy (Jharkhand three) Private Limited		6		965	March 31, 2027	8.00%	Not applicable
Total				1,986

* Compulsorily convertible debentures are compulsorily convertible into equity shares in accordance with the terms of the Joint Venture Agreement at conversion ratio of 1:1. CCD do not carry any voting rights. Liability component of Compulsorily convertible debentures represent the present value of interest coupon.

(iii)

Term loan from banks (secured)

Secured by pari passu first charge by way of mortgage of all the present and future immovable properties, hypothecation of movable assets, book debt, operating cash flows, receivables, commissions, revenue of whatsoever nature, all bank accounts and assignment of all rights, title, interests, benefits, claims etc. of project documents and insurance contracts of the respective Company. These loans usually have repayment cycle of monthly / quarterly payments.

For all long-term loan arrangements from banks, the Group has complied with the debt covenants except for a long-term loan arrangement amounting to INR 653 as at March 31, 2022 (March 31, 2021: INR 3,895), where the Group could not meet covenants with the effect that the liability became payable on demand. The Group has classified these liabilities as current.

(iv)

Term loan from financial institutions (secured)

Secured by a first pari passu charge by way of mortgage on immovable properties, first pari passu charge by way of hypothecation of tangible moveable assets, first charge on all the current assets and accounts. Further secured by way of assignment of all the rights, title, interest, benefit, claims and demands under all the project agreements, letter of credit, insurance contracts and proceeds, guarantees, performance bond etc. of the respective company. These loans usually have repayment cycle of monthly / quarterly payments.

For all long-term loan arrangements from financial institutions, the Group has complied with the debt covenants except for a long-term loan arrangement amounting to INR Nil as at March 31, 2022 (March 31, 2021: INR 6,446), where the Group could not meet covenants with the effect that the liability became payable on demand. The Group had classified these liabilities as current. Further, for the such borrowings outstanding as at March 31, 2021, the Group had subsequently received waiver from the lenders in April 2021.

Non creation of charge on securities against outstanding loans

Certain entities forming part of the Group had not created charge on security against outstanding loan balances as at March 31, 2021 mainly on account of pending approvals from government agencies with respect to land mortgages. During the year ended March 31, 2022, these companies have received the necessary approval and charge has been created. In any of the entities stated below, non-creation of charge did not result in any breach of material provisions (event of default). As at March 31, 2022, there are no entities in the Group where charge has not been created on security against outstanding loan balances.


Entity name	Lender name	As at March 31, 2021
ReNew Solar Energy (Rajasthan) Private Limited	Power Finance Corporation Limited		3,025
Prathamesh Solarfarms Limited	Yes Bank *		1,522
Prathamesh Solarfarms Limited	Rural Electrification Corporation *		1,724
ReNew Solar Power Private Limited	Indian Renewable Energy Development		5,513
Ostro Jaisalmer Private Limited	Rural Electrification Corporation *		778
Ostro Urja Wind Private Limited	Rural Electrification Corporation *		2,165
Ostro Dakshin Power Private Limited	Ptc Financial Services Pvt. Ltd.		1,236
Ostro Dakshin Power Private Limited	Rural Electrification Corporation		3,803
Ostro Andhra Wind Private Limited	India Infrastructure Finance Co. Ltd		1,373
Ostro AP Wind Private Limited	India Infrastructure Finance Co. Ltd		1,404
Ostro Madhya Wind Private Limited	Rural Electrification Corporation *		2,143
Badoni Power Private Limited	Rural Electrification Corporation *		852
AVP Powerinfra Private Limited	Rural Electrification Corporation *		795
Ostro Anantapur Private Limited	Rural Electrification Corporation *		3,344
ReNew Wind Energy (Varekarwadi) Private Limited	Rural Electrification Corporation *		2,172

* The corresponding loan balances have been fully repaid subsequently in the year ended March 31, 2022.

(v)

Listed senior secured notes

Notes are secured by way of exclusive mortgage over immovable properties and exclusive charge by way of hypothecation of tangible and intangible movable assets. Further secured by way of hypothecation over rights and benefit, claims and demands under all the project agreements, letter of credit, insurance contracts and proceeds, guarantees, performance bond etc. of the company. Secondary charge over the account receivables, book debts and cash flows. The senior secured notes shall be repaid through bullet payments starting from September 2022 to April 2027.

(vi)

Compulsorily convertible preference shares (refer Note 16)

The Company has issued INR 20,903 Compulsory Convertible Preference Shares ('CCPS') - Series A to certain existing shareholders:


Name of allottee	Number of shares allotted		Face value		Amount received		Balance as at March 31, 2022
GS Wyvern Holding Limited		16,395,294		425		6,968		—
Green Rock B 2014 Limited (acting in its capacity as trustee of Green Stone A 2014 Trust)		16,318,729		425		6,935		—
Canada Pension Plan Investment Board		16,470,588		425		7,000		—
Total		49,184,611				20,903		—

Each Series A CCPS are non-cumulative and shall be entitled to a preferred rate of dividend of 0.0001% over the equity shares of the Company. These are mandatorily convertible upon the occurrence of the earliest of certain events as enumerated in terms specified in board resolution passed for issuance of CCPS but no later than 3 years from the date of allotment. Conversion shall occur at conversion price which will be computed in the manner as terms specified in board resolution passed for issuance of CCPS on the date of conversion. Series A CCPS do not meet the criteria of conversion into fixed number of equity shares given conversion price is not currently ascertainable, accordingly these CCPS were recorded as financial liability and carried at amortised cost. These CCPS carried a yield of 15.02%. These CCPS were converted to equity shares of RPPL during July 2021 (refer Note 16).

The terms of conversion of CCPS include cap and floor prices for the computation of conversion ratio of the CCPS. These are considered as embedded derivatives and are accounted a FVTPL. The fair value of these embedded derivatives were Nil as at March 31, 2021.

(b)

The details of non convertible debentures (secured) are as below:


Listing status	Debenture Series	Face value per		Numbers of NCDs outstanding				Outstanding amount							Nominal			Earliest redemption	Last date of	Terms of repayment
		NCD (INR)		As at March 31,				As at March 31,							interest			date	repayment
				2021		2022		2021			2022		2022
								(INR)			(INR)		(USD)
Non listed	Not applicable		1,000,000		1,026		—		1,026			—		—		9.41	%	June 30, 2020	September 30, 2030	Quarterly
Non listed	Not applicable		1,000,000		4,966		—		4,966			—		—		9.60	%	June 30, 2020	March 31, 2023	Quarterly
Non listed	Series 1		1,000,000		1,778		—		1,778			—		—	9.60%-9.95%			June 30, 2020	March 31, 2023	Quarterly
Non listed	Series 2		1,000,000		3,071		—		3,071			—		—	9.60%-9.95%			June 30, 2020	March 31, 2023	Quarterly
Non listed	Not applicable		1,000,000		2,844		—		2,844			—		—		9.95	%	June 30, 2020	March 31, 2023	Quarterly
Listed	Not applicable		1,000,000		3,370		3,025		3,370			3,025		40		9.75	%	September 30, 2020	March 31, 2033	Half yearly
Listed	Series-1		1,000,000		474		422		474			422		6		8.55	%	September 30, 2020	September 30, 2034	Half yearly
Listed	Series-2		1,000,000		2,161		2,031		2,161			2,031		27		8.65	%	September 30, 2020	September 30, 2034	Half yearly
Listed	Series-3		1,000,000		3,867		3,675		3,867			3,675		48		8.75	%	September 30, 2020	September 30, 2034	Half yearly
Non listed	Not applicable		1,000,000		2,000		2,000		2,000			2,000		26		12.50	%	October 27, 2022	October 27, 2022	Bullet
Non listed	Not applicable		1,000,000		2,000		1,500		2,000			1,500		20		12.68	%	September 28, 2022	September 28, 2022	Bullet
Non listed	Not applicable		1,000,000		3,210		—		3,210			—		—		9.45	%	July 30, 2025	July 30, 2025	Bullet
Non listed	Not applicable		1,000,000		3,738		3,738		3,738			3,738		49		8.55	%	August 31, 2022	August 31, 2022	Bullet
Non listed	Not applicable		1,000,000		9,000		—		9,000			—		—		9.25	%	March 30, 2022	March 30, 2022	Bullet
Non listed	Not applicable		1,000,000		5,159		5,159		5,159			5,159		68		8.46	%	April 28, 2024	April 28, 2024	Bullet
Non listed	Not applicable		1,000,000		1,747		1,747		1,747			1,747		23		8.46	%	April 28, 2024	April 28, 2024	Bullet
Non listed	Not applicable		1,000,000		1,674		1,674		1,674			1,674		22		8.46	%	April 28, 2024	April 28, 2024	Bullet
Non listed	Not applicable		1,000,000		440		440		440			440		6		8.46	%	April 28, 2024	April 28, 2024	Bullet
Non listed	Not applicable		1,000,000		5,948		5,948		5,948			5,948		78		8.46	%	April 28, 2024	April 28, 2024	Bullet
Non listed	Not applicable		1,000,000		2,972		2,972		2,972			2,972		39		8.46	%	April 28, 2024	April 28, 2024	Bullet
Non listed	Not applicable		1,000,000		1,197		1,197		1,197			1,197		16		8.46	%	April 28, 2024	April 28, 2024	Bullet
Non listed	Not applicable		1,000,000		1,189		1,189		1,189			1,189		16		8.46	%	April 28, 2024	April 28, 2024	Bullet
Non listed	Not applicable		1,000,000		1,188		1,188		1,188			1,188		16		8.46	%	April 28, 2024	April 28, 2024	Bullet
Non listed	Not applicable		1,000,000		1,199		1,199		1,199			1,199		16		8.46	%	April 28, 2024	April 28, 2024	Bullet
Non listed	Not applicable		1,000,000		1,196		1,196		1,196			1,196		16		8.46	%	April 28, 2024	April 28, 2024	Bullet
Non listed	Not applicable		1,000,000		1,548		1,548		1,548			1,548		20		6.03	%	August 22, 2026	August 22, 2026	Bullet
Non listed	Not applicable		1,000,000		6,765		6,765		6,765			6,765		89		6.03	%	August 22, 2026	August 22, 2026	Bullet
Non listed	Not applicable		1,000,000		3,835		3,835		3,835			3,835		51		6.03	%	August 22, 2026	August 22, 2026	Bullet
Non listed	Not applicable		1,000,000		11,721		11,721		11,721			11,721		154		6.03	%	August 22, 2026	August 22, 2026	Bullet
Non listed	Not applicable		1,000,000		1,736		1,736		1,736			1,736		23		6.03	%	August 22, 2026	August 22, 2026	Bullet
Non listed	Not applicable		1,000,000		3,663		3,663		3,663			3,663		48		6.03	%	August 22, 2026	August 22, 2026	Bullet
Non listed	Not applicable		1,000,000		4,432		4,432		4,432			4,432		58		6.03	%	August 22, 2026	August 22, 2026	Bullet
Non listed	Not applicable		1,000,000		—		10,020		—			10,020		132		7.75	%	September 27, 2024	September 27, 2024	Bullet
Total (gross)									101,114			84,020		1,107
Transaction costs, discount on issue and premium on redemption									(530	)		242		4
Total									100,584			84,262		1,111

Lease liabilities

12 Months Ended

Mar. 31, 2022

Presentation of leases for lessee [abstract]

Lease liabilities

19.

Lease liabilities


	As at March 31,
	2021		2022		2022
	(INR)		(INR)		(USD)
Non-current
Lease liabilities (refer Note 41)		1,782		2,999		40
		1,782		2,999		40

Current
Lease liabilities (refer Note 41)		330		455		6
Total		330		455		6

Liability for put options with non-controlling interests

12 Months Ended

Mar. 31, 2022

Liability For Put Options With Non-controlling Interests [Abstract]

Liability for put options with non-controlling interests

20.

Liability for put options with non-controlling interests


	As at March 31,
	2021		2022		2022
	(INR)		(INR)		(USD)
Non-current
Liability for put options with non-controlling interests*		—		8,636		114
		—		8,636		114

Current
Liability for put options with non-controlling interests*		—		910		12
Total		—		910		12

* Non-controlling shareholders of RPPL have an option to offload their shareholding to the Company in accordance with the terms mentioned in the BCA at fair value of shares on the date of Put for cash. Put option liability with non-controlling interest accounted for at fair value. Subsequent changes to the put option liability are treated as equity transaction and hence accounted for in equity (refer Note 3).

Other financial liabilities

12 Months Ended

Mar. 31, 2022

Categories of non-current financial liabilities [abstract]

Other financial liabilities

21.

Other financial liabilities


	As at March 31,
	2021		2022		2022
	(INR)		(INR)		(USD)
Non-current
Provision for operation and maintenance		—		2,087		28
Interest accrued but not due on debentures		132		—		—
		132		2,087		28

Current
Financial guarantee contracts		78		—		—

Financial liabilities at amortised cost
Current maturities of long term interest-bearing loans and borrowings (refer Note 18)*		30,454		56,046		739

Others
Interest accrued but not due on borrowings		1,686		1,821		24
Interest accrued but not due on debentures		1,211		2,037		27
Capital creditors		9,001		11,036		145
Purchase consideration payable		191		88		1
Cash settled shared based payment liability		—		36		0
Provision for operation and maintenance		—		565		7
Other payables		1		7		0
Total		42,622		71,636		944

*For all long-term loan arrangements from banks, the Group has complied with the debt covenants except for a long-term loan arrangement amounting to INR 653 as at March 31, 2022 (March 31, 2021: INR 10,341), where the Group could not meet covenants with the effect that the liability became payable on demand. The Group has classified these liabilities as current.

Deferred government grant

12 Months Ended

Mar. 31, 2022

Deferred government grant [Abstract]

Deferred government grant

22.

Deferred government grant


	As at March 31,
	2021			2022			2022
	(INR)			(INR)			(USD)
Opening balance		848			758			10
Adjustment during the year		(58	)		—			—
Disposal of subsidiary (refer Note 39)		—			(501	)		(7	)
Released to the statement of profit or loss		(32	)		(32	)	(0)
Total		758			225			3
Current		39			11			0
Non-current		719			214			3
		758			225			3

Employee benefit liabilities

12 Months Ended

Mar. 31, 2022

Disclosure of Employee Benefit Liabilities [abstract]

Employee benefit liabilities

23.

Employee benefit liabilities


	As at March 31,
	2021		2022		2022
	(INR)		(INR)		(USD)
Non-current
Provision for gratuity (refer Note 40)		143		169		2
Total		143		169		2

Current
Provision for gratuity (refer Note 40)		7		20		0
Provision for compensated absences		143		159		2
Share based payment liability		102		—		—
Total		252		179		2

Contract liabilities

12 Months Ended

Mar. 31, 2022

Contract liabilities [abstract]

Contract liabilities

24.

Contract liabilities


	As at March 31,
	2021		2022		2022
	(INR)		(INR)		(USD)
Non-current
Deferred revenue*		1,364		—		—
Total		1,364		—		—

Current
Deferred revenue*		61		—		—
Total		61		—		—

*Considering the specific facts and nature of the transaction, the Company has assessed that the said liability is no longer required. Since this change has no material impact on financial statements hence the previous year numbers have not been revised.

Provisions

12 Months Ended

Mar. 31, 2022

Provisions [abstract]

Provisions

25.

Provisions


	As at March 31,
	2021		2022		2022
	(INR)		(INR)		(USD)
Non-current
Provision for decommissioning costs		13,686		13,384		176
Total		13,686		13,384		176

					Provision for decommissioning costs
As at April 1, 2019						10,377
Arised during the year						1,049
Unwinding of discount and changes in discount rate						524
As at March 31, 2020						11,950
Arised during the year						1,071
Unwinding of discount and changes in discount rate						744
Acquisition of subsidiaries						21
Disposal of subsidiaries						(100	)
As at March 31, 2021						13,686
Arised during the year						1,206
Unwinding of discount and changes in discount rate						778
Acquisition of subsidiaries						78
Adjustment during the year						(2,364	)
As at March 31, 2022						13,384

Decommissioning costs

Provision has been recognised for decommissioning costs associated with premises taken on leases wherein the Group is committed to decommission the site as a result of construction of wind and solar power projects.

Other liabilities

12 Months Ended

Mar. 31, 2022

Miscellaneous liabilities [abstract]

Other liabilities

26.

Other liabilities


	As at March 31,
	2021		2022		2022
	(INR)		(INR)		(USD)
Non-current
Provision for operation and maintenance*		2,736		—		—
Others		11		5		0
Total		2,747		5		0

Current
Provision for operation and maintenance*		490		—		—
Advance received against sale of assets				85		1
Other payables
TDS payable		1,389		2,719		36
GST payable		367		447		6
ESI payable		—		1		0
Labour welfare fund payable		1		3		0
Provident fund payable		19		26		0
Total		2,266		3,281		43

* Provision for operation and maintenance has been classified under financial liabilities as at March 31, 2022 considering the nature of obligations. Since the change in presentation is not material to the financial statements as at March 31, 2021, the grouping has not been revised.

Interest-bearing loans and borrowings 1

12 Months Ended

Mar. 31, 2022

Disclosure Of Borrowings [Abstract]

Interest-bearing loans and borrowings

27.

Interest-bearing loans and borrowings


	As at March 31,
	2021		2022		2022
	(INR)		(INR)		(USD)
Working capital term loan (secured)		5,525		4,480		59
Acceptances (secured)		2,169		4,605		61
Buyer's / supplier's credit (secured)		2,949		5,400		71
Total #		10,643		14,485		191

Working capital term loan (secured)

The term loan from bank carries interest at 4.8% to 6.5% per annum. The same is repayable with a bullet payment at the end of the tenure i.e. 30-365 days. It is secured by first charge by way of hypothecation entire movable properties of the borrower, including movable plant and machinery, machinery spares, tools and accessories, furniture, fixture and all other movable properties, book debts, operating cash flows, receivables, commission and revenues, all other current assets, intangible assets, goodwill, uncalled up capital except project assets.

Acceptances (secured)

Acceptances are secured by pari-passu charge over all present and future current assets and movable fixed assets of the Company of respective projects for which such acceptances are taken. Discount rate of acceptances ranges from 5.10% to 7.06%. The maturity period ranges from 3-12 months.

Buyer's / supplier's credit (secured)

Buyer's/Supplier credit carries an interest rate of 0.51% -1.94% and is secured by first pari passu first charge by way of mortgage of all the present and future immovable properties, hypothecation of movable assets, book debt, operating cash flows, receivables, commissions, revenue of whatsoever nature, all bank accounts and all intangibles assets, assignment of all rights, title, interests, benefits, claims etc. of project documents, PPA, and insurance contracts of the Company. Creation of charge by way of mortgage and assignment is under process.

# Certain borrowings included above are guaranteed by RPPL on behalf of the Group entities. Further, certain securities held in subsidiary companies are pledged with banks and financial institutions as security for financial facilities obtained by subsidiary companies.

Trade payables

12 Months Ended

Mar. 31, 2022

Trade and other payables [abstract]

Trade payables

28.

Trade payables


	As at March 31,
	2021		2022		2022
	(INR)		(INR)		(USD)
Current
Trade payables		3,245		5,609		74
Total		3,245		5,609		74

Derivative Instrument Liabilities

12 Months Ended

Mar. 31, 2022

Text Blocks [Abstract]

Derivative Instruments

29.

Derivative instruments


	As at March 31,
	2021		2022		2022
	(INR)		(INR)		(USD)
Current
Financial liabilities designated as a hedge instrument at fair value
Derivative instruments - hedge instruments		1,070		1,723		23
Financial liabilities at FVTPL
Derivative instruments - share warrants (refer Note 43)		—		2,486		33
Total		1,070		4,209		55

Revenue

12 Months Ended

Mar. 31, 2022

Disclosure of disaggregation of revenue from contracts with customers [abstract]

Revenue

30.

Revenue


	For the year ended March 31,
	2020		2021		2022		2022
	(INR)		(INR)		(INR)		(USD)
Sale of power		47,759		47,673		58,990		778
Sale of services - management shared services		15		14		—		—
Income from engineering, procurement and construction service		543		434		295		4
Sale of services - operation and maintenance services (refer Note 45)		16		37		0		0
Others		79		29		64		1
Revenue from contracts with customers		48,412		48,187		59,349		782

The Group recognised impairment losses on receivables arising from contracts with customers, included under other expenses in the consolidated statement of profit or loss, amounting to INR 404 (March 31, 2021: INR 386, March 31, 2020: INR 70)

The location for all of the revenue from contracts with customers is India.

The timing for all of the revenue from contracts with customers is over time.

The Group has certain power purchase agreements entered with customers which contains provision for claiming cost over-runs due to change in law clause, subject to approval by appropriate authority. During the year ended March 31, 2022, on receipt of approval of cost over-run of INR Nil (March 31, 2021: INR 1,472, March 31, 2020: INR Nil), the Group has included the same as part of transaction price. Pending approval of cost over-runs of INR 4,219 (March 31, 2021: INR 1,266, March 31, 2020: INR 4,236) till the reporting period end, the Group has not included these over-runs as part of transaction price applying guidance on constraining estimates of variable consideration. Out of cost over-runs approved, the Group during the year ended March 31, 2022 has recognised revenue of INR 61 (March 31, 2021: INR 48, March 31, 2020: INR Nil).

Transaction price - remaining performance obligations

The remaining performance obligation disclosure provides the aggregate amount of the transaction price yet to be recognised as at the end of the reporting period and an explanation as to when the Group expects to recognise these amounts in revenue. Applying the practical expedient as given in IFRS 15, the Group has not disclosed the remaining performance obligation related disclosures for contracts as the revenue recognised corresponds directly with the value to the customer of the entity’s performance completed to date. The cost over-runs which are pending approval of customers has been excluded for this disclosure because it was not included in the transaction price. These cost over-runs were excluded from the transaction price in accordance with the guidance on constraining estimates of variable consideration.

The transaction price allocated to the remaining performance obligations (unsatisfied or partially unsatisfied), other than those where Group has elected the practical expedient available under IFRS 15 as mentioned above is approximately INR 38,018 as at March 31, 2022. Out of this, the group expects to recognise revenue of approximately 4% within the next one year and the remaining thereafter. The remaining performance obligations expected to be recognised relate to the supply of power under power purchase agreements that is to be satisfied as the Group performs for the remaining term of contract.

There are no other material differences between the contracted price and revenue from contracts with customers.

Contract balances


	As at April 1,	As at March 31,
	2020	2021		2022		2022
	(INR)	(INR)		(INR)		(USD)
Trade receivables (refer Note 8)	25,914		35,980		44,819		591
Contract liabilities (refer Note 24)	1		1,425		—		—

Other operating income

12 Months Ended

Mar. 31, 2022

Disclosure of Other Operating Income [Abstract]

Other operating income

31.

Other operating income


	For the year ended March 31,
	2020		2021		2022		2022
	(INR)		(INR)		(INR)		(USD)
Income from leases		63		80		68		1
Income from carbon credits		15		—		2,626		35
Total		78		80		2,694		36

Finance income

12 Months Ended

Mar. 31, 2022

Disclosure of Finance Income [Abstract]

Finance income

32.

Finance income and fair value change in derivative instruments


	For the year ended March 31,
	2020		2021		2022		2022
	(INR)		(INR)		(INR)		(USD)
Interest income accounted at amortised cost
- on fixed deposit with banks		2,044		1,563		1,385		18
- on loan given to third party		—		—		40		1
- on trade receivables		—		114		138		2
- others		135		212		238		3
Gain on fair value changes on derivative instruments (other than hedge instruments)		—				212		3
Gain on settlement of financial liabilities*		—		1,465		—		—
Total		2,179		3,354		2,013		27

* Represents gain on derecognition of long term interest-bearing loans and borrowings accounted for using amortised cost method on account of reduction in premium on redemption due to early repayment.

Other income

12 Months Ended

Mar. 31, 2022

Other Income Expense [Abstract]

Other income

33.

Other income


	For the year ended March 31,
	2020		2021		2022		2022
	(INR)		(INR)		(INR)		(USD)
Government grant
- generation based incentive		2,098		1,846		2,029		27
- viability gap funding		37		32		32		0
Compensation for loss of revenue		89		431		1,461		19
Gain on sale of property, plant and equipment		219		0		10		0
Insurance claim		34		63		265		3
Gain on derivative instruments designated as cash flow hedge (net)		—		16		29		0
Gain on disposal of subsidiaries (net) (refer Note 39)		—		—		214		3
Income tax refund		—		160		—		—
Excess provisions written back		—		—		611		8
Commission on financial guarantee contracts (refer Note 45)		—		—		78		1
Miscellaneous income		157		295		389		5
Fair value gain on investment (refer Note 55(b))		—		27		—		—
Fair value change of mutual fund (including realised gain)		—		—		21		0
Total		2,634		2,870		5,139		68

Employee benefits expense

12 Months Ended

Mar. 31, 2022

Classes of employee benefits expense [abstract]

Employee benefits expense

34.

Employee benefits expense


	For the year ended March 31,
	2020		2021		2022		2022
	(INR)		(INR)		(INR)		(USD)
Salaries, wages and bonus		785		949		1,840		24
Contribution to provident and other funds		37		50		88		1
Share based payments (refer Note 42)		72		203		2,410		32
Gratuity expense (refer Note 40)		13		15		31		0
Staff welfare expenses		44		42		132		2
Total		951		1,259		4,501		59

Depreciation and amortisation

12 Months Ended

Mar. 31, 2022

Disclosure of Depreciation and Amortisation Expense [Abstract]

Depreciation and amortisation

35.

Depreciation and amortisation


	For the year ended March 31,
	2020		2021		2022		2022
	(INR)		(INR)		(INR)		(USD)
Depreciation of property, plant and equipment (refer note 5)		9,865		10,615		12,198		161
Amortisation of intangible assets (refer note 6)		1,145		1,166		1,305		17
Depreciation of right of use assets (refer note 7)		230		245		261		3
Total		11,240		12,026		13,764		181

Other expenses

12 Months Ended

Mar. 31, 2022

Disclosure Of Detailed Information About Other Expenses [Abstract]

Other expenses

36.

Other expenses


	For the year ended March 31,
	2020		2021		2022		2022
	(INR)		(INR)		(INR)		(USD)
Legal and professional fees		737		853		1,740		23
Corporate social responsibility		73		82		106		1
Travelling and conveyance		163		148		233		3
Lease rent relating to short term leases		24		22		10		0
Director's commission		9		15		35		0
Printing and stationery		2		3		3		0
Rates and taxes		191		235		385		5
Insurance		201		527		1,027		14
Operation and maintenance		3,488		3,935		4,929		65
Repair and maintenance		65		104		110		1
Loss on sale/damage of property plant and equipment		104		205		1		0
Bidding expenses		26		12		40		1
Advertising and sales promotion		22		30		48		1
Impairment of capital work in progress		—		39		129		2
Security charges		195		241		274		4
Communication costs		31		36		68		1
Impairment loss on assets of disposal group held for sale (refer Note 39)		—		408		—		—
Impairment of inventory		—		—		75		1
Impairment allowances for financial assets		82		416		411		5
Miscellaneous expenses		252		271		301		4
Total		5,665		7,582		9,925		131

Finance costs and fair value change in derivative instruments

12 Months Ended

Mar. 31, 2022

Disclosure Of Detailed Information About Finance Cost And Fair Value Change in Derivative Instruments [Abstract]

Finance costs and fair value change in derivative instruments

37.

Finance costs and fair value change in derivative instruments


	For the year ended March 31,
	2020		2021		2022		2022
	(INR)		(INR)		(INR)		(USD)
Interest expense#		32,913		34,988		35,667		470
Bank charges		411		428		625		8
Option premium amortisation		1,119		1,773		2,327		31
Loss on fair value changes on derivative instruments*		—		—		1,629		21
Unwinding of discount on provisions		524		745		778		10
Unamortised ancillary borrowing cost written off		520		347		686		9
Total		35,487		38,281		41,712		550

# Includes interest on loan from related parties, compulsorily convertible preference shares and lease liabilities of INR Nil (March 31, 2021: INR 19, March 31, 2020: INR 15), INR 925 (March 31, 2021: INR 3,361, March 31, 2020: INR 2,230) and INR 166 (March 31, 2021: INR 113, March 31, 2020: INR 105), respectively.

* Represents cumulative losses that were reported in equity transferred statement of profit or loss in respect of forecasted transaction that are no longer expected to occur.

Earnings / (loss) per share

12 Months Ended

Mar. 31, 2022

Earnings per share [abstract]

Earnings / (loss) per share

38.

Earnings / (loss) per share


	For the year ended March 31,
	2020**			2021**			2022			2022
	(INR)			(INR)			(INR)			(USD)
The following reflects the profit and share data used for the basic and diluted EPS computations
Loss attributable to equity holders of the parent		(2,696	)		(7,818	)		(16,077	)		(212	)
Add: Loss attributable to one class B share @		—			—			551			7
Add: Loss attributable to one class D share ^		—			—			437			6
Loss attributable to equity holders of Class A and C for basic and diluted earnings		(2,696	)		(7,818	)		(15,089	)		(199	)
Loss per share: Basic and Diluted
Equity shares (in INR)		(7.08	)		(19.49	)		—			—
Equity shares: Class A shares (in INR, par value of USD 0.0001)		—			—			(40.82	)		(0.54	)
Equity shares: Class C shares (in INR, par value of USD 0.0001)		—			—			(40.82	)		(0.54	)


	For the year ended March 31,
	2020**		2021**		2022
Weighted average number of equity shares in calculating basic EPS*#
Weighted Average number of shares of RPPL		380,631,871		401,122,836		127,082,377
Class A shares of the Company		—		—		170,901,108
Class C shares of the Company		—		—		71,666,828
Weighted average number of equity shares in calculating basic EPS		380,631,871		401,122,836		369,650,313

*The weighted average number of ordinary shares outstanding for the year ended March 31, 2022:

(a)

the number of ordinary shares outstanding from April 1, 2021 to August 23, 2021 is computed on the basis of the weighted average number of ordinary shares of RPPL outstanding during the year multiplied by the exchange ratio established in the Transaction (i.e., 1 RPPL share to 0.8289 Company Share); and

(b)

the number of ordinary shares outstanding from August 24, 2021 to March 31, 2022 is the actual number of ordinary shares of the Company outstanding during that year.

**The earnings per share disclosed for the year ended March 31, 2021 and 2020 is calculated by dividing:

(a)

Profit or loss of RPPL attributable to ordinary shareholders; by

(b)

RPPL's historical weighted average number of ordinary shares outstanding multiplied by the exchange ratio established in the Transaction (i.e., 1 RPPL share to 0.8289 Company Share).

@ Class B share is not the most subordinate to other classes of equity instruments as per IAS 33. Refer Note 16 for terms of Class B share.

^ Class D share is a redeemable share and therefore, is not considered as ordinary shares as per IAS 33. Refer Note 16 for terms of Class D share.

#Since the effect of all potential equity shares was anti-dilutive in year ended March 2022 and 2021, it has not been considered for the purpose of computing diluted earnings per share.

Disposal group held for sale and disposal of subsidiaries

12 Months Ended

Mar. 31, 2022

Disclosure of Disposal Groups Classified as Held For Sale [Abstract]

Disposal group held for sale and disposal of subsidiaries

39.

Disposal group held for sale and disposal of subsidiaries

(i)

For the year ended March 31, 2022

(a)

ReNew Solar Energy Private Limited and its subsidiaries and two solar rooftop projects

On October 4, 2021, the Board of the Company passed a resolution to sell its two solar roof top projects housed in RPPL and ReNew Solar Power Private Limited as well as 100% stake in ReNew Solar Energy Private Limited (ReNew Solar) along with all wholly owned subsidiaries under ReNew Solar as listed below (hereinafter referred to as "Solar Energy and its subsidiaries"), which are carrying out business of operating solar roof top projects in India with commissioned capacity of 117 MW solar rooftop project. ReNew Solar along with its subsidiaries falls under solar power reportable segment. Following wholly owned subsidiaries under ReNew Solar were proposed to be sold:


	(i) Renew Distributed Solar Services Private Limited	(xi) Renew Sun Ability Private Limited
	(ii) Renew Distributed Solar Energy Private Limited	(xii) ReNew Mega Light Private Limited
	(iii) Renew Distributed Solar Power Private Limited	(xiii) Renew Sun Flash Private Limited
	(iv) Renew Surya Prakash Private Limited	(xiv) Renew Mega Urja Private Limited
	(v) Renew Saur Vidyut Private Limited	(xv) Renew Mega Spark Private Limited
	(vi) ReNew Energy Services Private Limited	(xvi) Renew Green Energy Private Limited
	(vii) ReNew Solar Sun Flame Private Limited	(xvii) Renew Green Power Private Limited
	(viii) Renew Solar Daylight Energy Private Limited	(xviii) Renew Green Solutions Private Limited
	(ix) Zorya Distributed Power Services Private Limited	(xix) Renew Mega Green Private Limited
	(x) Renew Clean Tech Private Limited	(xx) Renew Surya Mitra Private Limited

On October 4, 2021, the loss of control over two solar rooftop projects and Solar Energy and its subsidiaries within the next twelve months became highly probable and met the criteria to be classified as a disposal group held for sale and accordingly, assets and liabilities related to the ReNew Solar along with its subsidiaries were classified as held for sale. The Company had entered into a share purchase agreement with Fourth Partner Energy for sale of Solar Energy and its subsidiaries and two rooftop projects. As part of the share purchase agreement, the Company has also executed deed of assignment for two solar rooftop projects housed in RPPL and ReNew Solar Power Private Limited wherein the Company has irrevocably conveyed all the rights, title and interest in the amounts due to Fourth Partner Energy till the time it executes a separate novation agreement.

The total sale consideration on account of above transactions was INR 6,047 against net assets of INR 5,820 which resulted in a gain of INR 227. The transaction for sale of Solar Energy and its subsidiaries was completed on January 18, 2022. The transaction for sale of two solar rooftop projects is not completed as at end of reporting period.

Refer note (c) below for assets held for sale and the details of assets and liabilities derecognised on account of the aforementioned sale of subsidiaries.

(b)

Shekhawati Solar Park Private Limited

The Company had entered into a share purchase agreement dated March 29, 2022 with Shekhawati Solar Power Private Limited to sell 100% of its stake in Shekhwati Solar Park Private Limited. The total sale consideration of this sale was INR 3 against net assets of INR 16 which resulted in a loss of INR 13.

Refer note (c) below for the details of assets and liabilities which have been derecognised.

(c)

(i) Details of assets and liabilities at the date of disposal


Particulars		Solar Energy and its subsidiaries		Shekhawati Solar Park Private Limited
		(INR)		(INR)
Date of loss of control		January 18, 2022		March 29, 2022
Assets
Property, plant and equipment			5,335		1
Intangible assets			7		—
Trade receivables			310		—
Bank balances other than cash and cash equivalents			640		3
Cash and cash equivalents			664		11
Deferred tax assets (net)			30		—
Other non-current assets			1		5
Other current financial assets			244		0
Other current assets			262		—
Non-current tax assets (net)			80		—
Other assets			6		0
Total assets	(a)		7,579		20


Particulars		Solar Energy and its subsidiaries		Shekhawati Solar Park Private Limited
		(INR)		(INR)
Liabilities
Interest-bearing loans and borrowings			1,238		—
Deferred government grant - non-current			476		—
Deferred government grant - current			25		—
Others current financial liabilities			55		—
Deferred tax liabilities (net)			37		—
Trade payables			66		4
Other non-current liabilities			13		—
Current tax liabilities (net)			15		—
Total liabilities	(b)		1,925		4

Non controlling interest	(c)		15		—

Net assets sold	(d) = (a) - (b) - (c)		5,639		16

(ii) Disposal group held for sale		Two solar rooftop projects
Assets
Property, plant and equipment (excluding impairment loss of INR 88)	(e)	181			—
Total assets	(f) = (d) + (e)		5,820		16

Total liabilities	(g)		—		—
Net assets	(h) = (f) - (g)		5,820		16
Total consideration	(i)		6,047		3
Total gain / (loss)	(i) - (h)		227		(13	)

Consideration satisfied by:
Cash and cash equivalents			5,437		3
Deferred consideration receivable			610		—
			6,047		3

The deferred consideration represents the fair value of consideration receivable and the same is contractually recoverable on the receipt of receivables by Solar Energy and its subsidiaries from its customers. There was no reclassification of amounts from OCI relating to Solar Energy and its subsidiaries and Shekhawati Solar Park Private Limited

(d)

The results of ReNew Solar Energy Private Limited and its subsidiaries and Shekhawati Solar Park Private Limited included in statement of profit or loss were as follows:


	For the year ended March 31,
	2021			2022			2022
	(INR)			(INR)			(USD)
Income		698			709			9
Expenses		(516	)		(487	)		(6	)
Loss before tax		182			222			3
Income tax (expense) / income		8			(19	)	(0)
Loss for the year		190			203			3

In accordance with the IFRS 5, depreciation and amortisation on the assets of Solar Energy and its subsidiaries and Shekhawati Solar Park Private Limited ceased as at October 4, 2021 and March 29, 2022, respectively.

(e)

Impact on cash flow statement

During the year ended March 31, 2022, Solar Energy and its subsidiaries and Shekhawati Solar Park Private Limited contributed INR 564 (March 31, 2021: INR 563) to the Group’s operating cash flows, used INR 55 (March 31, 2021: INR 1,116) in respect of investing activities and contributed INR 33 (March 31, 2021: INR 135) in respect of financing activities.


Net cash inflow arising on disposal:	(INR)
Consideration received in cash and cash equivalents		5,440
Less: cash and cash equivalents disposed		(675	)
		4,765

(ii)

For the year ended March 31, 2021

On September 28, 2020, the board of directors approved the plan to sell 300 MW Pavagada solar project housed in Adyah Solar Energy Private Limited (Adyah Solar), a wholly owned subsidiary which falls under Solar power reportable segment. The Group has entered into a sale and purchase agreement dated October 31, 2020 for sale of 100% shareholding in Adyah Solar to Ayana Renewable Power Private Limited. At September 28, 2020, the loss of control over Adyah Solar within the next twelve months became highly probable and met the criteria to be classified as a disposal group held for sale and accordingly, assets and liabilities related to the entity were classified as held for sale. The transaction was completed on February 15, 2021.

Impairment losses relating to the disposal group on classification as held for sale on September 28, 2020

The total consideration for sale was as INR 5,549 and the net assets of the entity were INR 5,957 excluding deferred tax assets of INR 306. Since total consideration for sale is lower than net assets of the entity disposed, the Group had derecognised deferred tax assets of INR 306, with the corresponding amount recognised under deferred tax in the consolidated statement of profit or loss.

Assets and liabilities of Adyah Solar at the date of disposal


Particulars		As at February 15, 2021
Assets		(INR)
Property, plant and equipment			14,383
Right of use assets			1,571
Trade receivables			621
Bank balances other than cash and cash equivalents			392
Cash and cash equivalents			16
Other non-current assets			10
Prepayments (non-current)			37
Other current financial assets			2
Other current assets			25
Total assets	(a)		17,057

Liabilities
Interest-bearing loans and borrowings			10,336
Others non-current financial liabilities			596
Long term provisions			100
Others current financial liabilities			48
Other current liabilities			20
Total liabilities	(b)		11,100

Net assets sold	(c) = (a) - (b)		5,957
Total consideration	(d)		5,549
Total impairment loss on assets of disposal group held for sale (presented under other expenses in statement of profit or loss)	(c) - (d)		408

Consideration satisfied by:
Cash and cash equivalents			3,613
Deferred consideration receivable			1,936
			5,549

The deferred consideration represents the fair value of consideration receivable and the same is contractually recoverable on the receipt of safeguard duty claims under change in law clause by Adyah Solar from its customers. This consideration was expected to be settled in cash by the purchaser by March 31, 2022. During the year ended March 31, 2022, the Group reassessed the classification based on the expected realisation, which has had no material impact on financial statements.

There was no reclassification of amounts from OCI relating to Adyah Solar.

The results of Adyah Solar included in statement of profit or loss were as follows:


	For the year ended March 31,
	2021			2020
	(INR)			(INR)
Income		2,372			1,998
Expenses		(2,718	)		(2,563	)
Loss before tax		(346	)		(565	)
Income tax expense		229			113
Loss for the year		(117	)		(452	)

In accordance with the IFRS 5, depreciation and amortisation on the assets of Adyah Solar Energy Private Limited ceased as at September 28, 2020.

Impact on cash flow statement

During the year ended March 31, 2021, Adyah Solar contributed INR 1,120 (March 31, 2020: INR 1,061) to the Group’s net operating cash flows, INR 206 (March 31, 2020: paid INR 2,770) in respect of investing activities and paid INR 1,354 (March 31, 2020: contributed INR 1,727) in respect of financing activities.


Net cash inflow arising on disposal:	(INR)
Consideration received in cash and cash equivalents		3,613
Less: cash and cash equivalents disposed		(16	)
		3,597

Gratuity and other post-employment benefit plans

12 Months Ended

Mar. 31, 2022

Disclosure of information about defined benefit plans [abstract]

Gratuity and other post-employment benefit plans

40.

Gratuity and other post-employment benefit plans

Retirement benefit in the form of provident fund is a defined contribution scheme. The contributions to the provident fund are charged to the statement of profit or loss for the year when the contributions are due. The Group has no obligation, other than the contribution payable to the provident fund.

The Group has a defined benefit gratuity plan. Gratuity is computed as 15 days' salary, for every completed year of service or part thereof in excess of 6 months and is payable on retirement/termination/resignation. The benefit vests on the employees after completion of 5 years of service. The Gratuity liability has not been externally funded. Group makes provision of such gratuity liability in the books of accounts on the basis of actuarial valuation as per the projected unit credit method.

The following tables summarise the components of net benefit expense recognised in the statement of profit or loss and the unfunded status and amounts recognised in the statement of financial position for gratuity.


a) Statement of profit or loss and OCI	For the year ended March 31,
	2020			2021			2022			2022
	(INR)			(INR)			(INR)			(USD)
Net employees benefit expense recognised in employee cost
Current service cost		25			31			44			1
Interest cost on benefit obligation		6			7			10			0
Net benefit expense*		31			38			54			1
* This amount is inclusive of amount capitalised in different projects.
Net (expense) / income recognised in OCI		(13	)		(8	)		(9	)		0


b) Statement of financial position	As at March 31,
	2021		2022		2022
	(INR)		(INR)		(USD)
Defined benefit liability
Present value of unfunded obligation		150		189		2
Net liability		150		189		2


	For the year ended
	2020			2021			2022			2022
	(INR)			(INR)			(INR)			(USD)
Changes in the present value of the defined benefit obligation
Opening defined benefit obligation		75			108			150			2
Current service cost		25			31			44			1
Interest cost		6			7			10			0
Benefits paid		(10	)		(6	)		(5	)	(0)
Liabilities assumed / (settled)		(1	)		—			1			0
Remeasurements during the year due to:
- Experience adjustments		2			7			6			0
- Change in financial assumptions		11			—			1			0
- Change in demographic assumptions		0			—			(16	)	(0)
Liabilities net of planned assets assumed under business combination		—			3			9			0
Assets extinguished on curtailments/settlements		—			—			(11	)	(0)
Closing defined benefit obligation		108			150			189			2

Since the entire amount of plan obligation is unfunded therefore changes in fair value of plan assets, categories of plan assets as a percentage of the fair value of total plan assets and Group’s expected contribution to the plan assets for the next year is not given.


c) Principal assumptions used in determining gratuity obligations	For the year ended
	2020			2021			2022
Discount rate	6.85%			6.85%			6.80%
Salary escalation		10.00	%		10.00	%		10.00	%

The estimates of future salary increases considered in actuarial valuation take account of inflation, total amount of inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment market.

The Group regularly assesses these assumptions with the projected long-term plans and prevalent industry standards. The impact of sensitivity due to changes in the significant actuarial assumptions on the defined benefit obligations is given in the table below:


	Change in	Impact on provision for gratuity as at March 31,
Particulars	assumptions	2021		2022		2022
		(INR)		(INR)		(USD)
Discount rate	+ 0.5%		141		184		2
	- 0.5%		159		197		3
Salary escalation	+ 0.5%		156		195		3
	- 0.5%		144		185		2

The sensitivity analysis above has been determined based on a method that extrapolates the impact on defined benefit obligation as a result of reasonable changes in key assumptions occurring at the end of the year.

Projected plan cash flow

The table below shows the expected cash flow profile of the benefits to be paid to the current membership of the plan based on past service of the employees as at the valuation date:


Maturity profile	As at March 31,
	2021		2022		2022
	(INR)		(INR)		(USD)
Within next 12 months		7		20		0
From 2 to 5 years		37		90		1
From 6 to 9 years		40		76		1
10 years and beyond		330		147		2

The weighted average duration to the payment of these cash flows is 7.15 years (March 31, 2021: 13 years).

Risk analysis

The Group is exposed to a number of risks in the defined benefit plans. Most significant risks pertaining to defined benefits plans and management estimation of the impact of these risks are as follows:

Inflation risk: Currently the Group has not funded the defined benefit plans. Therefore, the Group will have to bear the entire increase in liability on account of inflation.

ii)

Longevity risk / life expectancy: The present value of the defined benefit plan liability is calculated by reference to the best estimate of the mortality of plan participants both during and at the end of the employment. An increase in the life expectancy of the plan participants will increase the plan liability.

iii)

Salary growth risk: The present value of the defined benefit plan liability is calculated by reference to the future salaries of plan participants. An increase in the salary of the plan participants will increase the plan liability.


Defined contribution plan	For the year ended March 31,
	2020	2021	2022	2022
	(INR)	(INR)	(INR)	(USD)
Contribution to provident fund and other fund charged to statement of profit or loss (inclusive of amount capitalised in different projects)	89	108	150	2

Leases

12 Months Ended

Mar. 31, 2022

Presentation of leases for lessee [abstract]

Leases

41.

Leases

The Group has entered into leases for its offices and leasehold lands. These leases generally have lease terms of 5 to 30 years. The Group also has certain leases of regional offices and office equipment with lease terms of 12 months or less and lease of office equipments with low value. The Group applies the ‘short-term lease’ and ‘lease of low-value assets’ recognition exemptions for these leases. Set out below are the carrying amounts of lease liabilities carried at amortised cost and the movements during the year:


	For the year ended
Particulars	2020			2021			2022			2022
	(INR)			(INR)			(INR)			(USD)
Opening balance		1,436			1,646			2,112			28
Additions		410			1,101			1,229			16
Asset acquisition (refer Note 56)		—			—			128			2
Acquisition of subsidiary		—			17			—			—
Capitalised during the year		—			105			114			2
Accretion of interest		147			113			166			2
Lease modification during the year		—			(26	)		—			—
Disposal of subsidiary		—			(596	)		—			—
Payments		(347	)		(248	)		(295	)		(4	)
Closing balance		1,646			2,112			3,454			46
Current	259			330			455			6
Non-current		1,387			1,782			2,999			40

Notes:

There are no restrictions or covenants imposed by leases.

Refer Note 36 for rental expense recorded for short-term leases and low value leases.

There are no amounts payable toward variable lease expense recognised for the years ended March 31, 2022, 2021 and 2020.

The maturity analysis of lease liabilities are disclosed in Note 49.

There are no leases which have not yet commenced to which the lessee is committed.

The effective interest rate for lease liabilities is 10.08% (March 31, 2021: 10.40%),

Share based payment

12 Months Ended

Mar. 31, 2022

Share Based Payment [Abstract]

Share based payment

42.

Share based payment

Equity settled share-based payment transactions by RPPL

RPPL until August 23, 2021 had five share-based payment schemes for its employees: 2018 Stock Option Plan, 2017 Stock Option Plan, 2016 Stock Option Plan, 2014 Stock Option Plan and 2011 Stock Option Plan (Group Stock Option Plans) approved by the Board of Directors of RPPL. According to these schemes, the employee selected by the compensation committee from time to time will be entitled to options as per grant letter issued by the compensation committee, subject to satisfaction of prescribed vesting conditions. The employees will be issued equity share of RPPL on exercises of these Group Stock Option Plans.

The relevant terms of the Group Stock Option Plans are as follows:


	Group Stock Option Plans
Plans	2018 Stock Option Plan Modified (new plan)	2018 Stock Option Plan	2017 Stock Option Plan	2016 Stock Option Plan	2014 Stock Option Plan	2011 Stock Option Plan
Grant date	August 16, 2019	Multiple	Multiple	Multiple	Multiple	Multiple
Vesting period	Time linked vesting: Grants will vest in 5 years on quarterly basis which shall commence one year after the date of grant of options	Time linked vesting: 50 % of grants will vest in 5 years as follows: i) One year from the date of grant, the Options for the first four quarters shall vest immediately. ii) Thereafter, vesting will continue on a quarterly basis for the unvested Options. Remaining 50% will vest at the end of 5 years from the date of grant.	Time linked vesting: 50 % of grants will vest in 5 years as follows: i) One year from the date of grant, the Options for the first four quarters shall vest immediately. ii) Thereafter, vesting will continue on a quarterly basis for the unvested Options. Remaining 50% will vest at the end of 5 years from the date of grant.	Time linked vesting: 5 years on quarterly basis effective from December 1, 2015 on completion of one year from the date of grant, the Options for the first seven quarters shall vest immediately. Thereafter, vesting will continue on quarterly basis for the unvested Options commencing from December 1, 2017. Performance linked vesting: The Options shall vest annually and shall be prorated over a period of 3 years from the date of grant and shall be subject to the EBITDA achieved by the Company for the last completed financial year. The vesting of the Options shall take place at the end of the first anniversary of the date of grant (Vesting date) and thereafter on March 31, 2018 and March 31, 2019 or at a later date when the audited financial statements of the Company are available.	Time linked vesting: 5 years on quarterly basis which shall commence one year after the date of grant of option	Time linked vesting: 5 years from the grant date
Exercise period	Within 10 years from date of grant upon vesting	Within 10 years from date of grant upon vesting	Within 10 years from date of grant upon vesting	Within 10 years from date of grant upon vesting	Within 10 years from date of grant upon vesting	Within 10 years from date of grant upon vesting
Exercise price	INR 400	INR 400, INR 415 and INR 420	INR 340	INR 205	INR 100 and 131	INR 100
Expiry date	August 16, 2029	April 24, 2028 to December 31, 2030	April 10, 2027 to February 25, 2028	September 30, 2026	December 31, 2022 to January 1, 2025	September 30, 2021 to December, 31 2022
Settlement type	Equity settled	Equity settled	Equity settled	Equity settled	Equity settled	Equity settled

Number of options outstanding as at (in million):


Plans	2018 Stock Option Plan Modified (new plan)		2018 Stock Option Plan		2017 Stock Option Plan		2016 Stock Option Plan		2014 Stock Option Plan		2011 Stock Option Plan
March 31, 2020		1		1		10		2		3		1
March 31, 2021		1		1		9		1		2		1

The movement of options outstanding under the Group Stock Option Plans are summarised below:


	Number of options (in million)
Particulars	March 31, 2020	March 31, 2021	August 23, 2021
Outstanding at the beginning of the year	19	18	16
Granted during the year	1	1	—
Forfeited during the year	(2)	(0)	(0)
Repurchase during the year	—	(3)	—
Exercised during the year	—	—	(1)
Replacement of Group Stock Option Plans (refer note (d))	—	—	(14)
Outstanding at the end of the year	18	16	—
Exercisable at the end of the year	9	8	—

- The weighted average exercise price of these options outstanding was INR 303 for the year ended March 31, 2021 (March 31, 2020: INR 280).

- The weighted average exercise price of these options granted during the year was INR 404 for the year ended March 31, 2021 (March 31, 2020: INR 400).

- There were no options exercised during the years ended March 31, 2021 and 2020.

- The weighted average exercise price of these options forfeited during the year was INR 395 for the year ended March 31, 2021 (March 31, 2020: INR 189).

- The weighted average exercise price of these options repurchased during the year was INR 157 for the year ended March 31, 2021 (No options were repurchased during the years ended March 31, 2020)

- The weighted average exercise price of exercisable options was INR 250 for the year ended March 31, 2021 (March 31, 2020: INR 206).

- The weighted average remaining contractual life of options outstanding as at March 31, 2021 was 5.75 years (March 31, 2020: 6.30 years).

The following tables list the inputs to the models used for the years ended March 31, 2021 and 2020:


	For the year ended March 31,
Particulars	2020	2021
Dividend yield (%)	2.9%	3.4%
Expected volatility (%)	23.0%	22.0%
Risk–free interest rate (%)	6.53%	4.16% - 5.92%
Weighted average remaining contractual life of options granted	9.37 years	9.44 years
Weighted average share price (in INR)	415	471
Weighted average fair value (in INR)	110.43	133.01

- The fair value of share options granted is estimated at the date of grant using Black-Scholes valuation model, taking into account the terms and conditions upon which the share options were granted.

- The expected volatility reflects the assumption that the historical volatility over a period similar to the life of the options is indicative of future trends, which may not necessarily be the actual outcome.

Repurchase of vested stock options by RPPL

Transaction during the year ended March 31, 2021

During the year ended March 31, 2021, the Group undertook a one-time partial liquidity scheme for outstanding ESOPs, wherein, maximum 40% options vested as on July 31, 2020 out of options granted up to March 31, 2018 were eligible for surrender for INR 420 per option. The total number of options opted by employees for surrender were 2,592,557 options. Settlement has been done by the Group in the form of ex-gratia payment equal to value accreted against the surrendered options subject to and net of applicable tax deduction at source. All applicable taxes are to be borne by the employee. Surrendered options are subject to value adjustment in case Group or any of its holding company issues primary securities or on signing of any definitive agreements before July 31, 2021 at higher / lower than INR 420 per share (adjusted for capital restructurings, consolidations, split etc.).

Actual adjustments for upside or downside were to be settled post completion of the deal. As per the terms, upsides were to be accrued to an employee only if they continue in employment as of 31 July 2021 and employee was liable for downside value adjustment even if he or she ceased employment. The terms also stated that if no deal is completed by October 31, 2021, the deal will be disregarded for adjustments.

During the year ended March 31, 2022, the Group paid INR 524 on account of upside accrued to the employees.

The details of repurchase of vested stock options are as follows:


Particulars		Amounts in INR
Total consideration paid for repurchase of vested stock options (a)		681
Fair value of the vested stock options repurchased, measured at the repurchase date, recognised in equity (b)*		650
Excess consideration paid recognised in statement of profit or loss (a) - (b)		31

* The fair value of vested stock options was estimated at the date of repurchase using Black-Scholes valuation model, taking into account the terms and conditions upon which the share options were granted using following inputs as at July 31, 2020.


Particulars		March 31, 2021
Share price per share at measurement date		420
Expected volatility		22%
Dividend yield		3.40%
Risk-free interest rate		4.16% - 5.92%

The expected volatility reflects the assumption that the historical volatility over a period similar to the life of the options is indicative of future trends, which may not necessarily be the actual outcome.

Transaction during the year ended March 31, 2022

RPPL during year ended March 31, 2022 repurchased 264,480 vested options of two of its employees who passed away due to COVID-19 and has paid INR 89 at fair value of options on the date of repurchase.

Cash settled share based payments arising out of a one-time partial liquidity scheme (refer note b above)

The carrying amount of the liability (included in employee benefit liabilities) relating to the cash settled share based payments at March 31, 2022 was INR Nil (March 31, 2021: INR 102). RPPL had settled all of the outstanding the cash settled options on August 23, 2021 by paying cash of INR 201.75 per option, as per terms of these options, which resulted in total outflow of INR 524 during the year ended March 31, 2022.

The fair value of the cash settled share based payments was determined using the Black-Scholes model using the following inputs as at March 31, 2021:


Particulars		31 March 2021
Share price per share at measurement date		420
Expected volatility		22%
Dividend yield		3.40%
Risk-free interest rate		4.16% - 5.92%

Replacement of Group Stock Option Plans

On August 23, 2021, all vested and unvested option outstanding for Group Stock Option Plans were replaced by the ‘2021 Stock Entitlement Program’ of the Company (Holding Company Stock Option Plans). The employees of the Group were entitled to 0.8289 Holding Company Stock Option for every one Group Stock Option held for both vested and unvested options with no changes in vesting period and exercise period. The exercise price of Group Stock Option, which was fixed in INR, got converted into US Dollars using exchange rate as on the date of replacement, as exercise price of Holding Company Stock Option.

The Holding Company Stock Option Plans granted to the employees will be settled in Class A share of the Company. Therefore, the Holding Company Stock Option Plans have been classified as an equity settled share based payment. The replacement of Group Stock Option Plans with Holding Company Stock Option Plans is identified as replacement plan and accounted for as a modification of the Group Stock Option Plans. ESOP expenses [grant date fair value as per Group Stock Option Plans plus incremental fair value (if any) measured at the date of replacement] related to employees of the Group are recognised as employees’ expenses, over vesting period. The modification reduces the fair value of the stock options granted, measured immediately before and after the modification, and therefore the Group has not taken into account that decrease in fair value and had continued to measure the amount recognised for services received based on the grant date fair value of the Group Stock Option Plans granted. Pursuant to replacement of stock options, on the date of replacement, 6,933,865 vested and 7,146,270 unvested option of Group Stock Option Plans got replaced with 5,747,481 vested and 5,923,543 unvested Holding Company Stock Option Plans.

The fair value of stock options was estimated at the date of replacement using Black-Scholes valuation model, taking into account the terms and conditions upon which the share options were granted. Following are the assumptions used in valuation of Holding Company Stock Option Plan as on the date of replacement:


	Group Stock	Holding Company
Particulars	Option Plans	Stock Option Plans
Dividend yield (%)	0.0%	0.0%
Expected volatility (%)	25.67% - 37.87%	33.43% - 49.97%
Risk–free interest rate (%)	3.29% - 6.39%	0.05% - 1.03%
Weighted average expected life of options granted	0.07 years - 6.86 years	0.07 years - 6.86 years
Weighted average share price	INR 606.96	USD 8.17

The relevant terms of the Holding Company Stock Option Plans are as below:


	Holding Company Stock Option Plans
Particulars	2018 Stock Option Plan Modified	2018 Stock Option Plan	2017 Stock Option Plan	2016 Stock Option Plan	2014 Stock Option Plan	2011 Stock Option Plan
Grant date	August 16, 2019	Multiple	Multiple	Multiple	Multiple	Multiple
Replacement date	August 23, 2021	August 23, 2021	August 23, 2021	August 23, 2021	August 23, 2021	August 23, 2021
Vesting period	Time linked vesting: Grants will vest in 5 years on quarterly basis which shall commence one year after the date of original grant of options	Time linked vesting: 50 % of grants will vest in 5 years as follows: i) One year from the date of original grant, the Options for the first four quarters shall vest immediately. ii) Thereafter, vesting will continue on a quarterly basis for the unvested Options. Remaining 50% will vest at the end of 5 years from the date of original grant.	Time linked vesting: 50 % of grants will vest in 5 years as follows: i) One year from the date of original grant, the Options for the first four quarters shall vest immediately. ii) Thereafter, vesting will continue on a quarterly basis for the unvested Options. Remaining 50% will vest at the end of 5 years from the date of original grant.	Time linked vesting: 5 years on quarterly basis effective from December 1, 2015 on completion of one year from the date of original grant, the Options for the first seven quarters shall vest immediately. Thereafter, vesting will continue on quarterly basis for the unvested Options commencing from December 1, 2017.	Time linked vesting: 5 years on quarterly basis which shall commence one year after the date of original grant of option	Time linked vesting: 5 years from the original grant date
				Performance linked vesting: The Options shall vest annually and shall be prorated over a period of 3 years from the date of grant and shall be subject to the EBITDA achieved by the Company for the last completed financial year. The vesting of the Options shall take place at the end of the first anniversary of the date of original grant (Vesting date) and thereafter on March 31, 2018 and March 31, 2019 or at a later date when the audited financial statements of RPPL are available.
Exercise period	Within 10 years from date of original grant upon vesting	Within 10 years from date of original grant upon vesting	Within 10 years from date of original grant upon vesting	Within 10 years from date of original grant upon vesting	Within 10 years from date of original grant upon vesting	Within 10 years from date of original grant upon vesting
Exercise price	USD 5.33	USD 5.33, 5.53 and 5.60	USD 4.53	USD 2.73	USD 1.75	USD 1.33
Settlement type	Equity settled	Equity settled	Equity settled	Equity settled	Equity settled	Equity settled
Expiry date	August 16, 2029	April 24, 2028 to December 31, 2030	April 10, 2027 to February 25, 2028	September 30, 2026	December 31, 2022 to January 1, 2025	September 30, 2021 to December 31, 2022

Number of options outstanding as at (in million):


March 31, 2022	1.0	1.0	7.5	0.7	0.6	0.8

The details of options outstanding are summarized below:


		Number of options (in million)
Particulars		March 31, 2022
Opening balance as at August 23, 2021		—
Replacement of Group Stock Option Plans at exchange ratio of 0.8289:1		12
Exercised during the period August 24, 2021 to March 31, 2022		0
Outstanding at the end of the year		12

Exercisable at the end of the year		6

- The weighted average exercise price of these options outstanding was USD 4.22 for the year ended March 31, 2022

- The weighted average exercise price of exercisable options was USD 3.69 for the year ended March 31, 2022

- The weighted average exercise price of replacement of Group Stock Option Plans was USD 4.22 for the year ended March 31, 2022

- The weighted average exercise price of options excercised during the period was USD 2.25 for the year ended March 31, 2022

- The weighted average remaining contractual life of options outstanding as at March 31, 2022 was 4.29 years

2021 Incentive Award Plan granted during the period August 23, 2021 to March 31, 2022

The Company introduced the 2021 Incentive Award Plan (Incentive Plan) to grant options to selected employees of the Group. The relevant terms of the Incentive Plan are as below:

According to this scheme, the employees selected by the compensation committee from time to time will be entitled to options as per grant letter issued by the compensation committee, subject to satisfaction of prescribed vesting conditions. The employees will be issued class A equity share of the Company on exercises of this incentive plan.


Particulars	2021 Incentive Plan
Grant date	August 23, 2021, November 23, 2021 and February 23, 2022	August 23, 2021
Replacement date	August 23, 2021	August 23, 2021
Vesting period	Time linked vesting: 80 % of grants will vest in 4 years as follows: i) For the first year, from the date of original grant, the options for the first four quarters shall vest immediately. ii) Thereafter, vesting will continue on a quarterly basis for the unvested options. Remaining 20% will vest at the end of 4 years from the date of original grant.	Time linked vesting: i) 6.25% of grant will vest on the last day of the first calendar year quarter immediately following the closing of the Business Combination transactions ii) Thereafter, 6.25% of grant shall vest on the last day of each calendar year quarter, such that the grant shall be fully vested on the 16th vesting date.
Exercise period	Within 10 years from date of grant upon vesting
Exercise price	USD 10.00	USD 10.00
Settlement type	Equity settled	Equity settled
Expiry date	August 23, 2031 to February 23, 2032	August 23, 2031

Number of options outstanding as at (in million):


March 31, 2022	7.2	23.0

The fair value of stock options was estimated using Black-Scholes valuation model, taking into account the terms and conditions upon which the share options were granted. Following are the assumptions used in valuation of 2021 Incentive Award Plan:


Particulars		2021 Incentive Award Plan
Dividend yield (%)		0.0%
Expected volatility (%)		34.87% - 40.84%
Risk–free interest rate (%)		0.78% - 2.33%
Weighted average expected life of options granted		3.71 years - 6.93 years
Weighted average share price		USD 7.82 - 9.65

The details of options outstanding are summarized below:


		Number of options (in million)
Particulars		March 31, 2022
Opening balance as at August 23, 2021		—
Granted during the period August 24, 2021 to March 31, 2022		30
Outstanding at the end of the year		30
Exercisable at the end of the year		4

- The weighted average exercise price of these options outstanding was USD 10 for the year ended March 31, 2022

- The weighted average exercise price of these options granted during the year was USD 10 for the year ended March 31, 2022

- The weighted average exercise price of exercisable options was USD 10 for the year ended March 31, 2022

- The weighted average remaining contractual life of options outstanding as at March 31, 2022 was 9.4 years

- There were no options exercised during the year.

Expenses arising from share-based payment transactions

The expense recognised for employee services received during the year is shown in the following table:


	For the year ended March 31,
Particulars	2020		2021		2022
	(INR)		(INR)		(INR)
Expense arising from equity-settled share-based payment transactions		206		189		2,517
Expense arising from repurchased vested stock options		—		31		—
Expense arising from cash settled share based payments transactions		—		102		422
Total expense arising from share-based payment transactions*		206		322		2,939

* This amount is inclusive of amount capitalised in different projects.

Share warrants

12 Months Ended

Mar. 31, 2022

Disclosure of Share warrants [Abstract]

Share warrants

43.

Share warrants

Prior to consummation of the Transaction (Refer Note 55(a)), RMG II had issued warrants having rights to purchase its Class A equity shares. As part of the transaction, the Company has issued warrants to these warrants’ holders (refer below for terms of these warrants), which will entitle these warrants holders to purchase Company’s Class A equity shares. These warrants are classified to be derivative instruments and as such, are recorded at fair value through profit or loss account.

The Company will continue to adjust the fair value of the warrant liability at the end of each reporting period for changes in fair value from the prior period until the earlier of the exercise or expiration of the applicable warrants or until such time that the warrants are no longer determined to be derivative instruments.

The details of warrants issued are as follows:

Public warrants:

The Company has 11,755,319 outstanding public warrants as at March 31, 2022 (August 23, 2021: 11,755,339 public warrants), having an exercise price of USD 11.50 per share, subject to adjustments, and are exercisable during the period beginning December 14, 2021 and ending on August 23, 2026 or earlier upon redemption or liquidation. The Company may redeem the outstanding public warrants after they become exercisable per the terms of the warrants agreement. The fair value of the public warrants was determined using the market trading price which as at March 31, 2022 was USD 1.77 (August 23, 2021: USD 1.27).

Private warrants:

The Company has 6,771,434 outstanding private warrants as at March 31, 2022 (August 23, 2021: 6,771,434 private warrants), having an exercise price of USD 11.50 per share, subject to adjustments, and are exercisable during the period beginning December 14, 2021 and ending on August 23, 2026 or earlier upon redemption or liquidation. The Company may redeem the outstanding public warrants after they become exercisable per the terms of the warrants agreement. The fair value of the private warrants as at March 31, 2022 was USD 1.77 (August 23, 2021 USD 1.27).

The fair value of the private warrants was determined using the Black-Scholes option pricing model taking into account the following assumptions:


Particulars	March 31, 2022	August 23, 2021
Share price	USD 8.88	USD 10.5
Volatility (%)	39.41%	28.1%
Risk-free interest rate	2%	1%
Expected warrant life (in years)	4.50 years	5.31 years

The Group has recognised the following warrant obligations (refer Note 29):


Particulars	Public warrants		Private warrants		Total
	(INR)		(INR)		(INR)
Balance at August 23, 2021		1,084		663		1,747
Foreign currency translation		31		18		49
Change in fair value		428		262		690
Balance at March 31, 2022		1,543		943		2,486

Group information

12 Months Ended

Mar. 31, 2022

Disclosure of Group Information [Abstract]

Group information

44.

Group information

(a)

Subsidiaries

The Group’s subsidiaries are set out below. Unless otherwise stated, they have equity share capital that are held directly held by the Group, and the proportion of ownership interests held equals to the voting rights held by the Group. The country of incorporation is also their principal place of business.


			Country of	As at March 31,
S.No	Name of companies	Holding company	incorporation	2021	2022
1	ReNew Wind Energy (AP 3) Private Limited	ReNew Power Private Limited	India	100%	100%
2	ReNew Solar Power Private Limited^	ReNew Power Private Limited	India	100%	100%
3	ReNew Wind Energy (MP) Private Limited	ReNew Power Private Limited	India	100%	100%
4	ReNew Wind Energy (Varekarwadi) Private Limited	ReNew Power Private Limited	India	100%	100%
5	ReNew Wind Energy Delhi Private Limited	ReNew Power Private Limited	India	100%	100%
6	ReNew Wind Energy (Jamb) Private Limited	ReNew Power Private Limited	India	100%	100%
7	ReNew Wind Energy (Devgarh) Private Limited	ReNew Power Private Limited	India	100%	100%
8	ReNew Wind Energy (AP) Private Limited*	ReNew Power Private Limited	India	70%	70%
9	Narmada Wind Energy Private Limited	ReNew Power Private Limited	India	100%	100%
10	ReNew Wind Energy (Sipla) Private Limited	ReNew Power Private Limited	India	100%	100%
11	ReNew Solar Energy (Jharkhand One) Private Limited^	ReNew Solar Power Private Limited	India	100%	100%
12	ReNew Solar Energy (Jharkhand Three) Private Limited*	ReNew Solar Power Private Limited	India	51%	51%
13	ReNew Solar Energy (Jharkhand Four) Private Limited	ReNew Solar Power Private Limited	India	100%	100%
14	ReNew Solar Energy (Jharkhand Five) Private Limited	ReNew Solar Power Private Limited	India	100%	100%
15	ReNew Wind Energy (Karnataka Two) Private Limited	ReNew Power Private Limited	India	100%	100%
16	Abaha Wind Energy Developers Private Limited	ReNew Power Private Limited	India	100%	100%
17	ReNew Solar Energy Private Limited^+	ReNew Power Private Limited	India	—	100%
18	ReNew Wind Energy (TN) Private Limited	ReNew Power Private Limited	India	100%	100%
19	ReNew Wind Energy (Budh 3) Private Limited	ReNew Solar Power Private Limited	India	100%	100%
20	ReNew Wind Energy (MP One) Private Limited	ReNew Power Private Limited	India	100%	100%
21	ReNew Solar Energy (Telangana) Private Limited*	ReNew Solar Power Private Limited	India	51%	51%
22	ReNew Power Services Private Limited^$	ReNew Power Private Limited	India	100%	100%
23	ReNew Solar Energy (Karnataka Two) Private Limited	ReNew Solar Power Private Limited	India	100%	100%
24	ReNew Wind Energy (Shivpur) Private Limited	ReNew Power Private Limited	India	100%	100%


			Country of	As at March 31,
S.No	Name of companies	Holding company	incorporation	2021	2022
25	ReNew Wind Energy (Karnataka) Private Limited*	ReNew Power Private Limited	India	71%	71%
26	ReNew Wind Energy (Karnataka 3) Private Limited	ReNew Solar Power Private Limited	India	100%	100%
27	ReNew Wind Energy (AP Five) Private Limited	ReNew Solar Power Private Limited	India	100%	100%
28	ReNew Saur Urja Private Limited	ReNew Solar Power Private Limited	India	100%	100%
29	Bhumi Prakash Private Limited	ReNew Solar Power Private Limited	India	100%	100%
30	Tarun Kiran Bhoomi Private Limited	ReNew Solar Power Private Limited	India	100%	100%
31	ReNew Saur Shakti Private Limited (Formerly known as Surya Prakash Urja Bhoomi Private Limited)	ReNew Solar Power Private Limited	India	100%	100%
32	ReNew Agni Power Private Limited (Formerly known as Bhanu Dhara Limited) Kiran Private	ReNew Solar Power Private Limited	India	100%	100%
33	ReNew Mega Solar Power Private Limited (Formerly known as Sun Season Private Limited)*	ReNew Solar Power Private Limited	India	51%	51%
34	ReNew Wind Energy (Rajasthan 2) Private Limited	ReNew Power Private Limited	India	100%	100%
35	ReNew Wind Energy (MP Two) Private Limited	ReNew Power Private Limited	India	100%	100%
36	ReNew Wind Energy (Jath Three) Private Limited	ReNew Power Private Limited	India	100%	100%
37	ReNew Wind Energy (Karnataka 4) Private Limited	ReNew Solar Power Private Limited	India	100%	100%
38	ReNew Wind Energy (Maharashtra) Private Limited	ReNew Solar Power Private Limited	India	100%	100%
39	ReNew Wind Energy (MP Four) Private Limited	ReNew Solar Power Private Limited	India	100%	100%
40	ReNew Wind Energy (AP2) Private Limited	ReNew Power Private Limited	India	100%	100%
41	ReNew Wind Energy (Orissa) Private Limited	ReNew Power Private Limited	India	100%	100%
42	ReNew Wind Energy (AP 4) Private Limited	ReNew Power Private Limited	India	100%	100%
43	ReNew Wind Energy (Jadeswar) Private Limited	ReNew Power Private Limited	India	100%	100%
44	ReNew Wind Energy (Welturi) Private Limited	ReNew Power Private Limited	India	100%	100%
45	ReNew Solar Services Private Limited^	ReNew Green Energy Solutions Private Limited	India	100%	100%
46	ReNew Solar Energy (Rajasthan) Private Limited	ReNew Solar Power Private Limited	India	100%	100%
47	ReNew Wind Energy (Vaspet 5) Private Limited	ReNew Power Private Limited	India	100%	100%
48	ReNew Solar Energy (Karnataka) Private Limited	ReNew Solar Power Private Limited	India	100%	100%
49	ReNew Wind Energy (TN 2) Private Limited	ReNew Solar Power Private Limited	India	100%	100%
50	ReNew Wind Energy (Rajkot) Private Limited	ReNew Power Private Limited	India	100%	100%


			Country of	As at March 31,
S.No	Name of companies	Holding company	incorporation	2021	2022
51	ReNew Wind Energy (Rajasthan) Private Limited	ReNew Power Private Limited	India	100%	100%
52	ReNew Akshay Urja Limited	ReNew Solar Power Private Limited	India	100%	100%
53	ReNew Wind Energy (Jath) Limited (Formerly known as ReNew Wind Energy (Jath) Private Limited)	ReNew Power Private Limited	India	100%	100%
54	ReNew Wind Energy (Rajasthan One) Private Limited	ReNew Power Private Limited	India	100%	100%
55	ReNew Wind Energy (Rajasthan 3) Private Limited	ReNew Power Private Limited	India	100%	100%
56	ReNew Solar Energy (TN) Private Limited	ReNew Solar Power Private Limited	India	100%	100%
57	ReNew Wind Energy (Karnataka Five) Private Limited	ReNew Power Private Limited	India	100%	100%
58	ReNew Wind Energy (MP Three) Private Limited	ReNew Solar Power Private Limited	India	100%	100%
59	ReNew Wind Energy (Rajasthan Four) Private Limited	ReNew Solar Power Private Limited	India	100%	100%
60	ReNew Clean Energy Private Limited	ReNew Solar Power Private Limited	India	100%	100%
61	ReNew Distributed Solar Energy Private Limited^+	ReNew Solar Energy Private Limited	India	—	100%
62	ReNew Distributed Solar Services Private Limited+	ReNew Solar Energy Private Limited	India	—	100%
63	ReNew Distributed Solar Power Private Limited^+	ReNew Solar Energy Private Limited	India	—	100%
64	ReNew Surya Mitra Private Limited*^+	ReNew Solar Energy Private Limited	India	—	68%
65	ReNew Surya Prakash Private Limited^+	ReNew Solar Energy Private Limited	India	—	100%
66	ReNew Saur Vidyut Private Limited^+	ReNew Solar Energy Private Limited	India	—	100%
67	ReNew Solar Daylight Energy Private Limited+	ReNew Solar Energy Private Limited	India	—	100%
68	ReNew Solar Sun Flame Private Limited+	ReNew Solar Energy Private Limited	India	—	100%
69	ReNew Power Singapore Pte. Ltd.@	ReNew Power Private Limited	Singapore	100%	—
70	Abha Sunlight Private Limited	ReNew Solar Power Private Limited	India	100%	100%
71	Nokor Solar Energy Private Limited	ReNew Solar Power Private Limited	India	100%	100%
72	Izra Solar Energy Private Limited	ReNew Solar Power Private Limited	India	100%	100%
73	Zorya Solar Energy Private Limited	ReNew Solar Power Private Limited	India	100%	100%
74	Vivasvat Solar Energy Private Limited	ReNew Solar Power Private Limited	India	100%	100%
75	Nokor Bhoomi Private Limited	ReNew Solar Power Private Limited	India	100%	100%
76	Akhilagya Solar Energy Private Limited	ReNew Solar Power Private Limited	India	100%	100%
77	Adyah Solar Energy Private Limited#	ReNew Solar Power Private Limited	India	—	—
78	ReNew Transmission Ventures Private Limited	ReNew Power Private Limited	India	100%	100%
79	Helios Infratech Private Limited	ReNew Power Private Limited	India	100%	100%
80	Shruti Power Projects Private Limited	ReNew Power Private Limited	India	100%	100%
81	Lexicon Vanijya Private Limited	ReNew Solar Power Private Limited	India	100%	100%
82	Symphony Vyapaar Private Limited	ReNew Solar Power Private Limited	India	100%	100%
83	Star Solar Power Private Limited	ReNew Solar Power Private Limited	India	100%	100%
84	Sungold Energy Private Limited	ReNew Solar Power Private Limited	India	100%	100%


			Country of	As at March 31,
S.No	Name of companies	Holding company	incorporation	2021	2022
85	ReNew Energy Services Private Limited (formerly known as Sunsource Energy Services Private Limited)+	ReNew Solar Energy Private Limited	India	—	100%
86	Molagavalli Renewable Private Limited	ReNew Power Private Limited	India	100%	100%
87	ReNew Vayu Urja Private Limited (Formerly known as KCT Renewable Energy Private Limited)	ReNew Power Private Limited	India	100%	100%
88	Rajat Renewables Limited	ReNew Power Private Limited	India	100%	100%
89	Kanak Renewables Limited	ReNew Power Private Limited	India	100%	100%
90	Bidwal Renewable Private Limited	ReNew Power Private Limited	India	100%	100%
91	Pugalur Renewable Private Limited	ReNew Power Private Limited	India	100%	100%
92	AVP Powerinfra Private Limited	Ostro Energy Private Limited	India	100%	100%
93	Badoni Power Private Limited	Ostro Energy Private Limited	India	100%	100%
94	Ostro Alpha Wind Private Limited	ReNew Green Energy Solutions Private Limited	India	100%	100%
95	Ostro Anantapur Private Limited	Ostro Energy Private Limited	India	100%	100%
96	Ostro Andhra Wind Private Limited	Ostro Energy Private Limited	India	100%	100%
97	Ostro AP Wind Private Limited	Ostro Energy Private Limited	India	100%	100%
98	Ostro Bhesada Wind Private Limited	Ostro Energy Private Limited	India	100%	100%
99	Ostro Dakshin Power Private Limited	Ostro Energy Private Limited	India	100%	100%
100	Ostro Dhar Wind Private Limited	Ostro Energy Private Limited	India	100%	100%
101	Ostro Jaisalmer Private Limited	Ostro Energy Private Limited	India	100%	100%
102	Ostro Kannada Power Private Limited	Ostro Energy Private Limited	India	100%	100%
103	Ostro Kutch Wind Private Limited	Ostro Energy Private Limited	India	100%	100%
104	Ostro Madhya Wind Private Limited	Ostro Energy Private Limited	India	100%	100%
105	Ostro Mahawind Power Private Limited	Ostro Energy Private Limited	India	100%	100%
106	Ostro Raj Wind Private Limited	Ostro Energy Private Limited	India	100%	100%
107	Ostro Rann Wind Private Limited	Ostro Energy Private Limited	India	100%	100%
108	Ostro Renewables Private Limited	Ostro Energy Private Limited	India	100%	100%
109	Ostro Urja Wind Private Limited	Ostro Energy Private Limited	India	100%	100%
110	Prathmesh Solarfarms Limited (refer Note 54)	Ostro Energy Private Limited	India	100%	100%
111	Ostro Energy Private Limited	ReNew Power Services Private Limited	India	100%	100%
112	Zemira Renewable Energy Limited	ReNew Power Private Limited	India	100%	100%
113	Auxo Solar Energy Private Limited	Renew Wind Energy (TN) Private Limited	India	100%	100%
114	ReNew Power International Limited	ReNew Power Private Limited	United Kingdom	100%	100%
115	Zorya Distributed Power Services Private Limited+	ReNew Solar Energy Private Limited	India	—	100%
116	ReNew Cleantech Private Limited+	ReNew Solar Energy Private Limited	India	—	100%
117	ReNew Sun Ability Private Limited+	ReNew Solar Energy Private Limited	India	—	100%
118	ReNew Mega Light Private Limited+	ReNew Solar Energy Private Limited	India	—	100%
119	ReNew Sun Waves Private Limited	ReNew Solar Energy (Jharkhand Four) Private Limited	India	100%	100%
120	ReNew Sun Flash Private Limited+	ReNew Solar Energy Private Limited	India	—	100%
121	ReNew Sun Bright Private Limited	ReNew Solar Energy (Jharkhand Four) Private Limited	India	100%	100%
122	ReNew Sun Energy Private Limited	ReNew Solar Power Private Limited	India	100%	100%
123	Auxo Sunlight Private Limited^	ReNew Solar Power Private Limited	India	100%	100%


			Country of	As at March 31,
S.No	Name of companies	Holding company	incorporation	2021	2022
124	ReNew Services Private Limited$	ReNew Power Private Limited	India	100%	100%
125	ReNew Sun Power Private Limited	ReNew Solar Power Private Limited	India	100%	100%
126	ReNew Mega Urja Private Limited+	ReNew Solar Energy Private Limited	India	—	100%
127	ReNew Mega Spark Private Limited+	ReNew Solar Energy Private Limited	India	—	100%
128	ReNew Mega Green Private Limited+	ReNew Solar Energy Private Limited	India	—	100%
129	ReNew Green Energy Private Limited+	ReNew Solar Energy Private Limited	India	—	100%
130	ReNew Green Power Private Limited+	ReNew Solar Energy Private Limited	India	—	100%
131	Greenyana Sunstream Private Limited	ReNew Green Energy Solutions Private Limited	India	100%	100%
132	Renew Vyoman Power Private Limited	ReNew Power Private Limited	India	100%	100%
133	Renew Vyoman Energy Private Limited	ReNew Power Private Limited	India	100%	100%
134	Renew Vyan Shakti Private Limited	ReNew Power Private Limited	India	100%	100%
135	Shekhawati Solar Park Private Limited•	ReNew Green Energy Solutions Private Limited	India	100%	100%
136	Renew Green Solutions Private Limited+	ReNew Solar Energy Private Limited	India	—	100%
137	Renew Surya Roshni Private Limited	ReNew Solar Power Private Limited	India	100%	100%
138	Renew Solar Urja Private Limited	ReNew Solar Power Private Limited	India	100%	100%
139	Renew Surya Ojas Private Limited	ReNew Solar Power Private Limited	India	100%	100%
140	Renew Surya Vihaan Private Limited	ReNew Solar Power Private Limited	India	100%	100%
141	ReNew Surya Jyoti Private Limited	ReNew Green Energy Solutions Private Limited	India	100%	100%
142	ReNew Surya Aayan Private Limited	ReNew Solar Power Private Limited	India	100%	100%
143	ReNew Solar Vidhi Private Limited	ReNew Solar Power Private Limited	India	100%	100%
144	ReNew Surya Pratap Private Limited	ReNew Green Energy Solutions Private Limited	India	100%	100%
145	ReNew Surya Alok Private Limited*	ReNew Solar Power Private Limited	India	69%	69%
146	Renew Surya Kiran Private Limited*	ReNew Green Energy Solutions Private Limited	India	69%	69%
147	ReNew Surya Tejas Private Limited	ReNew Green Energy Solutions Private Limited	India	100%	100%
148	ReNew Surya Uday Private Limited*	ReNew Green Energy Solutions Private Limited	India	74%	74%
149	ReNew Solar Piyush Private Limited	ReNew Solar Power Private Limited	India	100%	100%
150	ReNew Solar Stellar Private Limited	ReNew Solar Power Private Limited	India	100%	100%
151	Regent Climate Connect Knowledge Solutions Private Limited	ReNew Power Private Limited	India	100%	100%
152	ReNew Vayu Energy Private Limited	ReNew Power Private Limited	India	100%	100%
153	ReNew Energy Markets Private Limited (formerly known as ReNew Vayu Power Private Limited)	ReNew Power Private Limited	India	100%	100%
154	ReNew Photovolitics Private Limited (formerly known as ReNew Saksham Urja Private Limited)	ReNew Power Private Limited	India	100%	100%
155	ReNew Pawan Shakti Private Limited	ReNew Power Private Limited	India	100%	100%
156	ReNew Pawan Urja Private Limited	ReNew Power Private Limited	India	100%	100%
157	ReNew Sunlight Energy Private Limited*	ReNew Green Energy Solutions Private Limited	India	69%	69%
158	ReNew Sun Renewables Private Limited	ReNew Green Energy Solutions Private Limited	India	100%	100%


			Country of	As at March 31,
S.No	Name of companies	Holding company	incorporation	2021	2022
159	ReNew Sun Shakti Private Limited*	ReNew Green Energy Solutions Private Limited	India	100%	100%
160	ReNew Ravi Tejas Private Limited	ReNew Green Energy Solutions Private Limited	India	100%	100%
161	Aalok Solarfarms Limited*	Ostro Energy Private Limited	India	75%	75%
162	Abha Solarfarms Limited*	Ostro Energy Private Limited	India	75%	75%
163	Heramba Renewables Limited*	Ostro Energy Private Limited	India	75%	75%
164	Shreyas Solarfarms Limited*	Ostro Energy Private Limited	India	75%	75%
165	ReNew Power Private Limited* ^^	ReNew Energy Global Plc	India	—	93%
166	ReNew Green Energy Solutions Private Limited (Formerly known as ReNew Wind Energy (Jath Three) Private Limited)	ReNew Power Private Limited	India	—	100%
167	Renew Naveen Urja Private Limited	ReNew Power Private Limited	India	—	100%
168	Renew Samir Urja Private Limited	ReNew Power Private Limited	India	—	100%
169	ReNew Samir Shakti Private Limited	ReNew Samir Urja Private Limited	India	—	100%
170	Prathamesh Solarfarms Limited	Ostro Energy Private Limited	India	—	100%
171	RMG Acquisition Corp II	ReNew Energy Global Plc	Cayman Islands	—	100%
172	ReNew Surya Ravi Private Limited	ReNew Solar Energy (Jharkand Four) Private Limited	India	—	100%
173	ReNew Dinkar Jyoti Private Limited	ReNew Solar Power Private Limited	India	—	100%
174	ReNew Dinkar Urja Private Limited	ReNew Solar Power Private Limited	India	—	100%
175	ReNew Bhanu Shakti Private Limited	ReNew Green Energy Solutions Private Limited	India	—	100%
176	ReNew Ushma Energy Private Limited	ReNew Solar Power Private Limited	India	—	100%
177	ReNew Surya Spark Private Limited	ReNew Green Energy Solutions Private Limited	India	—	100%
178	ReNew Hans Urja Private Limited	ReNew Solar Power Private Limited	India	—	100%
179	ReNew Solar (Shakti One) Private Limited	ReNew Solar Power Private Limited	India	—	100%
180	ReNew Solar (Shakti Two) Private Limited	ReNew Solar Power Private Limited	India	—	100%
181	ReNew Solar (Shakti Three) Private Limited	ReNew Solar Power Private Limited	India	—	100%
182	ReNew Solar (Shakti Four) Private Limited	ReNew Power Private Limited	India	—	100%
183	ReNew Solar (Shakti Five) Private Limited	ReNew Solar Power Private Limited	India	—	100%
184	ReNew Solar (Shakti Six) Private Limited	ReNew Solar Power Private Limited	India	—	100%
185	ReNew Solar (Shakti Seven) Private Limited	ReNew Solar Power Private Limited	India	—	100%
186	ReNew Solar (Shakti Eight) Private Limited	ReNew Solar Power Private Limited	India	—	100%
187	ReNew Green (MHH One) Private Limited	ReNew Green Energy Solutions Private Limited	India	—	100%
188	ReNew Green (MHP One) Private Limited	ReNew Green Energy Solutions Private Limited	India	—	100%
189	ReNew Green (TNJ One) Private Limited	ReNew Green Energy Solutions Private Limited	India	—	100%
190	ReNew Green (GJS One) Private Limited	ReNew Green Energy Solutions Private Limited	India	—	100%


			Country of	As at March 31,
S.No	Name of companies	Holding company	incorporation	2021	2022
191	ReNew Green (GJS Two) Private Limited	ReNew Green Energy Solutions Private Limited	India	—	100%
192	ReNew Jal Urja Private Limited (Formerly known as L&T Uttaranchal Hydropower Ltd.)	ReNew Power Services Private Limited	India	—	100%
193	ReNew Green (MHK Two) Private Limited	ReNew Green Energy Solutions Private Limited	India	—	100%
194	ReNew Green (KAK One) Private Limited	ReNew Green Energy Solutions Private Limited	India	—	100%
195	ReNew Green (GJS Three ) Private Limited	ReNew Green Energy Solutions Private Limited	India	—	100%
196	ReNew Green (GJ five ) Private Limited	ReNew Green Energy Solutions Private Limited	India	—	100%
197	ReNew Green (GJ Six ) Private Limited	ReNew Green Energy Solutions Private Limited	India	—	100%
198	ReNew Green (GJ seven ) Private Limited	ReNew Green Energy Solutions Private Limited	India	—	100%
199	ReNew Green (MHK One) Private Limited	ReNew Green Energy Solutions Private Limited	India	—	100%
200	ReNew Green (MHP Two) Private Limited	ReNew Green Energy Solutions Private Limited	India	—	100%
201	ReNew Green (TNJ Two) Private Limited	ReNew Green Energy Solutions Private Limited	India	—	100%
202	ReNew Fazilka Solar Power Private Limited	ReNew Solar Power Private Limited	India	—	100%
203	ReNew Nizamabad Power Private Limited	ReNew Fazilka Solar Power Private Limited	India	—	100%
204	ReNew Warangal Power Private Limited	ReNew Fazilka Solar Power Private Limited	India	—	100%
205	ReNew Narwana Power Private Limited	ReNew Fazilka Solar Power Private Limited	India	—	100%
206	Sunworld Solar Power Private Limited	ReNew Fazilka Solar Power Private Limited	India	—	100%
207	Neemuch Solar Power Private Limited	ReNew Fazilka Solar Power Private Limited	India	—	100%
208	Purvanchal Solar Power Private Limited	ReNew Fazilka Solar Power Private Limited	India	—	100%
209	Rewanchal Solar Power Private Limited	ReNew Fazilka Solar Power Private Limited	India	—	100%
210	ReNew Medak Power Private Limited	ReNew Fazilka Solar Power Private Limited	India	—	100%
211	ReNew Ranga Reddy Power Private Limited	ReNew Fazilka Solar Power Private Limited	India	—	100%
212	ReNew Karimnagar Power Private Limited	ReNew Fazilka Solar Power Private Limited	India	—	100%
213	ACME Photovoltaic Solar Private Limited*	ReNew Solar Power Private Limited	India	—	49%
214	ACME Green Shakti Private Limited	ReNew Solar Power Private Limited	India	—	100%
215	ReNew Vikram Shakti Pvt Ltd	ReNew Power Private Limited	India	—	100%
216	ReNew Tapas Urja Pvt Ltd	ReNew Power Private Limited	India	—	100%
217	ReNew Tej Shakti Pvt Ltd	ReNew Power Private Limited	India	—	100%
218	ReNew Urja Shachar Pvt Ltd	ReNew Power Private Limited	India	—	100%
219	India Clean Energy Holdings	ReNew Energy Global Plc	Mauritius	—	100%
220	IB Vogt Solar Seven Private Limited*	ReNew Solar Power Private Limited	India	—	24%


			Country of	As at March 31,
S.No	Name of companies	Holding company	incorporation	2021	2022
221	ReNew Green (MHP Three) Pvt. Ltd.	ReNew Green Energy Solutions Private Limited	India	—	100%
222	ReNew Green (GJ Nine) Pvt. Ltd.	ReNew Green Energy Solutions Private Limited	India	—	100%
223	ReNew Green (CGS One) Pvt. Ltd.	ReNew Green Energy Solutions Private Limited	India	—	100%
224	ReNew Green (MPR One) Pvt. Ltd.	ReNew Green Energy Solutions Private Limited	India	—	100%
225	ReNew Green (GJ Eight) Pvt. Ltd.	ReNew Green Energy Solutions Private Limited	India	—	100%
226	ReNew Green (GJ Four) Pvt. Ltd.	ReNew Green Energy Solutions Private Limited	India	—	100%
227	ReNew Vidyut Tej Private Limited	ReNew Power Private Limited	India	—	100%
228	ReNew Vidyut Shakti Private Limited	ReNew Power Private Limited	India	—	100%
229	ReNew Power Synergy Private Limited	ReNew Power Private Limited	India	—	100%
230	Koppal- Narendra Transmission Limited	ReNew Transmission Ventures Private Limited	India	—	100%
231	Gadag Transmission Limited	ReNew Transmission Ventures Private Limited	India	—	100%
232	Diamond II Limited	ReNew Energy Global Plc	Mauritius	—	100%

^ These companies are also engaged in providing EPC services apart from generation of power through non-conventional and renewable energy sources.

$These companies are engaged in providing services for operation and management.

* The remaining stakeholders in the respective entities have protective rights only. The Group has evaluated that it has ability to use its power over the entities which entitle the Group to exposure / rights to variable returns, hence these have been accounted as subsidiaries in these consolidated financial statements of the Group.

+ These entities which formed part of solar rooftop portfolio, were disposed on January 18, 2022.

• Shekhawati Solar Park Private Limited was disposed on March 29, 2022.

@ ReNew Power Singapore Pte. Ltd. was dissolved in May 2021.

# Adyah Solar Energy Private Limited, a wholly owned subsidiary was disposed on February 15, 2021

^^RPPL is deemed to be the accounting acquirer in the transaction (refer Note 2.3). The remaining 7% shareholding are held by non controlling interest which are material to the Group.

All Group companies listed above are engaged in generation of power through non-conventional and renewable energy sources except for following entities:

ReNew Wind Energy (Jamb) Private Limited which is purely engaged in providing EPC services.

ii)

ReNew Services Private Limited which is purely engaged in providing operation and maintenance services.

(b)

Interests in joint operations*


			Country of	As at March 31,
S.No	Name of companies	Holding company	incorporation	2021	2022
1	VG DTL Transmissions Projects Private Limited	ReNew Wind Energy (AP2) Private Limited	India	50%	50%

*Also refer note 54(b)

(c)

Non-controlling interests

Details of subsidiaries that have material non-controlling interests

The non-controlling interests (excluding those having put option to be settled in cash) that are material to the Group primarily relates to RPPL wherein Canada Pension Plan Investment Board holds an economic interest by virtue of its shareholding of 3.11% amounting to INR 3,870 (refer (i) below).

There are certain other subsidiaries in the Group (refer Note (a) above) with non-controlling interests but these are not considered material to the Group and hence no disclosures have been made related to these subsidiaries.

The table below shows summarised financial information of RPPL, before intercompany eliminations:


(i) Consolidated statement of financial position	As at March 31, 2022
	(INR)		(USD)
Non-current assets		506,129		6,671
Current assets		124,603		1,642
Non-current liabilities		404,808		5,336
Current liabilities		97,596		1,286
Non-controlling interests (pertains to subsidiaries not considered material to the Group)		4,064		54
Equity attributable to equity holders of the parent		124,264		1,638
Attributable to:
Equity holders of the parent		120,394		1,587
Non-controlling interests (excluding liability for put options with non-controlling interests)		3,870		51


(ii) Consolidated statement of profit or loss and other comprehensive income	For the year ended March 31, 2022
	(INR)			(USD)
Revenue		59,349			782
Other income		9,568			126
Expenses		71,800			946
Loss for the year		(2,883	)		(38	)
Other comprehensive income for the year, net of tax		3,569			47
Total comprehensive income for the year, net of tax		686			9
Loss for the year attributable to:
Non-controlling interests (pertains to subsidiaries not considered material to the Group)		449			6
Equity holders of the parent		(3,332	)		(44	)
		(2,883	)		(38	)
Attributable to:
Equity holders of the parent		(2,832	)		(37	)
Non-controlling interests (including liability for put options with non-controlling interests)		(500	)		(7	)
Total comprehensive income attributable to:
Non-controlling interests (pertains to subsidiaries not considered material to the Group)		465			6
Equity holders of the parent		221			3
		686			9
Attributable to:
Equity holders of the parent		351			5
Non-controlling interests (including liability for put options with non-controlling interests)		(130	)		(2	)


(iii) Consolidated statement of cash flows	For the year ended March 31, 2022
	(INR)			(USD)
Net cash generated from operating activities		45,775			603
Net cash used in investing activities		(116,258	)		(1,532	)
Net cash generated from / (used in) financing activities		77,024			1,015
Net increase in cash and cash equivalents		6,541			86

Note:

Previous year comparatives are not applicable as non controlling interest in RPPL is recognised by the Company upon consummation of the Transaction explained in Note 1.

Related party disclosure

12 Months Ended

Mar. 31, 2022

Disclosure of transactions between related parties [abstract]

Related party disclosure

45.

Related party disclosure

Names of related parties and related party relationship

The names of related parties where control exists and / or with whom transactions have taken place during the year and description of relationship as identified by the management are:

Entities with significant influence on RPPL

GS Wyvern Holdings Limited (till August 22, 2021)

ii)

Entities owned or significantly influenced by key management personnel or their relatives

Wisemore Advisory Private Limited

ReNew Foundation

iii)

Entities under joint control

Aalok Solarfarms Limited (till 31 December 2020)*

Heramba Renewables Limited (till 31 December 2020)*

Shreyas Solarfarms Limited (till 31 December 2020)*

Abha Solarfarms Limited (till 31 December 2020)*

VG DTL Transmissions Private Limited

*These companies ceased to exist as entities under joint control with effect from January 1, 2021 as control was established from this date. These four entities have been consolidated in the Group's financial statements with effect from 1 January 2021.

iv)

Remuneration to key management personnel and their relatives


	For the year ended March 31,
Remuneration to key management personnel	2020		2021		2022		2022
	(INR)		(INR)		(INR)		(USD)
Short-term benefits		205		137		245		3
Share based payments		176		150		2,291		30
Post-employment benefits		13		11		5		0
		394		298		2,541		33

Payment to non-executive directors (includes Directors sitting fee and commission)	12		18		76		1

During the year ended March 31, 2022, the Company has granted 36,085,265 options to key management personnel under 2021 Incentive Award plan (refer Note 42).

Key management personnel (KMP) are those persons having authority and responsibility for planning, directing and controlling the activities of the Group, directly or indirectly, including any director (whether executive or otherwise).


	For the year ended March 31,
Other related party	2020		2021		2022		2022
	(INR)		(INR)		(INR)		(USD)
Remuneration to relatives of KMP#		19		20		41		1

#relative of the Director and Chief Executive Officer of the Company

The disclosure has been revised during the current year to aggregate the transactions based on categories of related parties for better presentation and understanding of the transactions. No material change has occurred consequent to this change.

Details of transactions and balances with entities having significant influence on RPPL


	GS Wyvern Holdings Limited
Transactions during the year ended March 31,	2020		2021		2022		2022
	(INR)		(INR)		(INR)		(USD)
Compulsorily convertible preference shares issued		7,734		—		—		—
Interest expense on compulsorily convertible preference shares outstanding		—		1,165		323		4
Compulsorily convertible preference shares converted to equity		—		—		9,222		122


	GS Wyvern Holdings Limited
Balances as at year end March 31,	2021		2022		2022
	(INR)		(INR)		USD
Compulsorily convertible preference shares outstanding		8,899		—		—

vi)

Transactions and balances with entities under joint control:


Transactions during the year end March 31,	Heramba Renewables Limited						Aalok Solarfarms Limited
	2020		2021		2022		2020		2021		2022
	(INR)		(INR)		(INR)		(INR)		(INR)		(INR)
Unsecured loan received		—		221		—		—		114		—
Unsecured loan repaid		11		4		—		7				—
Interest expense on unsecured loan received		5		6		—		—				—
Expenses incurred on behalf of the related party	0			23		—		—		11		—
Expenses incurred on behalf by the related party		—		—		—		—	0			—
Income from management shared services		5		5		—		3		2		—
Income from operation and maintenance services		5		8		—		3		4		—
Interest income on compulsorily convertible debentures		21		17		—		12		8		—
Interest expense on unsecured loan received		—		—		—		2		3		—


Transactions during the year end March 31,	Shreyas Solarfarms Limited						Abha Solarfarms Limited
	2020		2021		2022		2020		2021		2022
	(INR)		(INR)		(INR)		(INR)		(INR)		(INR)
Unsecured loan received back		—		5		—		—		—		—
Unsecured loan received		—		222		—		43		105		—
Unsecured loan repaid		12		11		—		—		—		—
Expenses incurred on behalf of the related party	0			23		—	0			12		—
Expenses incurred on behalf by the related party		—	0			—		—		—		—
Interest income on unsecured loan given	0		0			—		—		—		—
Income from operation and maintenance services		5		8		—		3		4		—
Interest expense on unsecured loan received		5		6		—		3		4		—
Interest income on compulsorily convertible debentures		23		17		—		11		8		—
Income from management shared services		5		4				3		2		—

vii)

Transactions and balances with other related parties


Transactions during the year end March 31,	ReNew Foundation
	2020		2021	2022
	(INR)		(INR)	(INR)
Contribution for activities related to corporate social responsibility		3	0	0


Transactions during the year end March 31,	KMP
	2020		2021		2022
	(INR)		(INR)		(INR)
Salary advance		—		11		—


Balances as at year end March 31,	KMP
	2021		2022
	(INR)		(INR)
Salary advance		11		—

Financial guarantees

During January 2021, RPPL had provided financial guarantee on the loans obtained by the shareholder, Wisemore Advisory Private Limited amounting to INR 4,900, being the maximum Group exposure, towards non-convertible debentures for a 7-month period. In the event of default, the Group will have to repay the non-convertible debentures. The Group has not received any consideration for guarantee given. The Group had initially measured financial guarantee at fair value amounting INR 121 with corresponding amount recognised in equity as distributions to equity shareholder. The said guarantee was revoked in August 2021.

According to Group’s policy, amortisation is calculated on straight-line basis until maturity of the contract. During the year ended March 31, 2022, an amortisation of INR 78 (March 31, 2021: INR 43) has been recognised under head "other income" in the statement of profit or loss. The carrying amounts of the related financial guarantee contracts recognised in the consolidated financial statements is INR Nil (March 31, 2021: INR 78). The amount of loss allowance as at March 31, 2021 was lower than the fair value of financial guarantee initially recognised less cumulative amortisation, therefore no loss allowance was recognised in profit or loss for the financial guarantee contract.

Put option with non controlling interest

During the year ended March 31, 2022, the Company has granted an option to the CEO, to purchase his entire shareholding in RPPL, which was held directly or indirectly by him. As per the terms of option, the Company is required to purchase for cash the said shares in RPPL at a 30 days weighted price of the Company with conversion ratio of 1:0.8289 subject to a maximum of USD 12 per annum. The outstanding liability on this account as at March 31, 2022 is INR 9,546. No option was exercised during the current period (refer Note 20).

Segment information

12 Months Ended

Mar. 31, 2022

Disclosure of operating segments [abstract]

Segment information

46.

Segment information

The CEO of the Company takes decisions in respect of allocation of resources and assesses the performance basis the reports/ information provided by functional heads and is thus considered to be the Chief Operating Decision Maker (CODM).

The Group discloses segment information in a manner consistent with internal reporting to CEO. The Group entities have segments based on type of business operations. The reportable segments of Group under IFRS 8 are Wind Power and Solar Power which predominantly relate to generation and sale of electricity and construction activities. Other operations of the Group primarily include sale of electricity from Hydro power. These "Other" operations do not meet any of the quantitative thresholds to be a reportable segment for any of the periods presented in these consolidated financial statements and therefore reported under “Others”.

The Group entities does not operate in more than one geographical segment. The Group discloses in the segment information Earnings before interest, tax, depreciation and amortisation (EBITDA), where EBITDA is measured on the basis of profit/(loss) from continuing operations. The Group measures EBITDA as loss / (profit) after tax plus (a) income tax expense, (b) share in loss of jointly controlled entities, (c) finance costs and (d) depreciation and amortisation.

No operating segment has been aggregated to form the above reportable operating segments. Further, total assets and liabilities balance for each reportable segment is not reviewed by or provided to the CODM.


	For the year ended March 31, 2020												For the year ended March 31, 2021												For the year ended March 31, 2022
Particulars	Wind power		Solar power		Others		Un- allocable			Total			Wind power		Solar power		Others		Un- allocable			Total			Wind power		Solar power		Others		Un- allocable			Total			Total
	(INR)		(INR)		(INR)		(INR)			(INR)			(INR)		(INR)		(INR)		(INR)			(INR)			(INR)		(INR)		(INR)		(INR)			(INR)			(USD)

Revenue		31,800		16,598		—		14			48,412			29,411		18,737		—		39			48,187			33,861		24,060		1,428		—			59,349			782
Revenue		31,800		16,598		—		14			48,412			29,411		18,737		—		39			48,187			33,861		24,060		1,428		—			59,349			782

Other income		3,066		594		—		1,231			4,891			4,198		1,030		—		1,076			6,304			5,730		3,128		7		981			9,846			130
Total income		34,866		17,192		—		1,245			53,303			33,609		19,767		—		1,115			54,491			39,591		27,188		1,435		981			69,195			912

Less: Employee benefit and other expenses		3,706		2,098		—		1,342			7,146			4,843		2,726		—		1,698			9,267			5,924		3,562		304		4,960			14,750			194
Total expenses		3,706		2,098		—		1,342			7,146			4,843		2,726		—		1,698			9,267			5,924		3,562		304		4,960			14,750			194

EBITDA		31,160		15,094		—		(97	)		46,157			28,766		17,042		—		(582	)		45,224			33,667		23,626		1,131		(3,979	)		54,445			718

Depreciation and amortisation expense											11,240												12,026												13,764			181
Change in fair value of warrants											—												—												690			9
Listing and related expenses											—												—												10,512			139
Finance costs											35,487												38,281												41,712			550
(Loss) / profit before share of profit of jointly controlled entities and tax											(570	)											(5,083	)											(12,233	)		(161	)

Share in loss of jointly controlled entities											(53	)											45												—			—
Income tax expense											(2,158	)											2,904												3,895			51
Loss for the year											(2,781	)											(8,032	)											(16,128	)		(213	)

The revenues from five major customers for the year ended March 31, 2022 amounts to INR 35,290 (March 31, 2021: four customers amounting to INR 23,175, March 31, 2020: four customers amounting to INR 23,312) each of which contributes more than 10% of the total revenue of the Group. Out of these, revenues from wind segment amounts to INR 22,510 (March 31, 2021: INR 14,676, March 31, 2020: INR 15,982) and solar segment amounts to INR 12,780 (March 31, 2021: INR 8,499, March 31, 2020: INR 7,330).

Fair values

12 Months Ended

Mar. 31, 2022

Fair Values [Abstract]

Fair values

47.

Fair values

Set out below, is a comparison by class of the carrying amounts and fair value of the financial instruments of the Group:


	As at March 31, 2021				As at March 31, 2022				As at March 31, 2022
	Carrying value		Fair value		Carrying value		Fair value		Carrying value		Fair value
	(INR)		(INR)		(INR)		(INR)		(USD)		(USD)
Financial assets
Measured at amortised cost
Security deposits		185		185		231		231		3		3
Bank deposits with remaining maturity for more than twelve months		2,999		2,999		1,318		1,318		17		17
Trade receivables		35,980		35,980		45,825		45,825		604		604
Cash and cash equivalents		20,679		20,679		28,379		28,379		374		374
Bank balances other than cash and cash equivalents		26,506		26,506		50,741		50,741		669		669
Advances recoverable		154		154		153		153		2		2
Interest accrued on fixed deposits		394		394		444		444		6		6
Interest accrued on loan to third party		—		—		40		40		1		1
Government grant receivable		1,161		1,161		783		783		10		10
Loans to related parties		11		11		—		—		—		—
Deferred consideration receivable		1,936		1,936		2,547		2,547		34		34
Loans and advances to third party		—		—		556		556		7		7
Other current financial assets		52		52		148		148		2		2
Financial assets designated as a hedge instrument at fair value
Derivative instruments - hedge instruments		2,691		2,691		3,593		3,593		47		47
Financial liabilities
Financial guarantee contracts		78		78		—		—		—		—
Measured at amortised cost
Non-convertible debentures		100,584		101,725		84,262		82,622		1,111		1,089
Term loan from bank		51,157		51,455		63,819		58,928		841		777
Term loan from financial institutions		93,419		99,394		109,769		112,382		1,447		1,481
Compulsorily convertible debentures		809		809		1,213		1,213		16		16
Senior secured notes		92,924		98,308		170,712		164,617		2,250		2,170
Compulsorily convertible preference shares		26,697		26,697		—		—		—		—
Interest accrued but not due on borrowings		1,686		1,686		1,821		1,821		24		24
Interest accrued but not due on debentures		1,344		1,344		2,037		2,037		27		27
Capital creditors		9,001		9,001		11,036		11,036		145		145
Purchase consideration payable		191		191		88		88		1		1
Cash settled shared based payment liability		—		—		36		36		0		0
Other payables		1		1		7		7		0		0
Provision for operation and maintenance equalisation		—		—		2,652		2,652		35		35
Interest-bearing loans and borrowings - short term		10,643		10,643		14,485		14,485		191		191
Trade payables		3,245		3,245		5,609		5,609		74		74
Financial liabilities at fair value
Liability for put options with non-controlling interests		—		—		9,546		9,546		126		126
Financial liabilities at FVTPL
Derivative instruments - share warrants		—		—		2,486		2,486		33		33
Financial liabilities designated as a hedge instrument at fair value
Derivative instruments - hedge instruments		1,070		1,070		1,723		1,723		23		23

The management of the Group assessed that cash and cash equivalents, trade receivables (current), bank balances other than cash and cash equivalents, short term loans, trade payables, short term interest-bearing loans and borrowings, other current financial liabilities and other current financial assets approximate their carrying amounts largely due to the short-term maturities of these instruments.

For all other instruments, following methods and assumptions were used to estimate the fair values:

Fair values of the Group’s term loans from banks, term loans from financial institutions, non-convertible debentures, acceptances and senior secured notes including current maturities are determined by using Discounted Cash Flow (DCF) method using discount rate that reflects the issuer’s borrowing rate (prevailing interest rate in the market) as at the end of the reporting period. They are classified as level 3 fair values in the fair value hierarchy due to the inclusion of unobservable inputs including own credit risk. The own non-performance risk as at March 31, 2022 and 2021 was assessed to be insignificant.

ii)

Fair values of the liability component of compulsory convertible preference shares and compulsory convertible debentures determined by using DCF method using discount rate that reflects the borrowing rate (prevailing interest rate in the market) as at the end of the reporting period. They are classified as level 3 fair values in the fair value hierarchy due to the inclusion of unobservable inputs including own credit risk. The own non-performance risk as at March 31, 2022 and 2021 was assessed to be insignificant.

iii)

Fair values of the non-current trade receivables, bank deposits and security deposits given are determined by using DCF method using discount rate that reflects the lending rate (prevailing interest rate in the market) as at the end of the reporting period. They are classified as level 3 fair values in fair value hierarchy due to inclusion of unobservable inputs including counterparty credit risk.

iv)

The Group enter into derivative financial instruments with various counterparties, principally financial institutions with investment grade credit ratings. Cross currency interest rate swaps are valued using valuation techniques, which employs the use of market observable inputs. The models incorporate various fair value level 2 inputs including the credit quality of counterparties, foreign exchange spot and forward rates, yield curves of the currency, interest rate curves and forward rate curves of the underlying instrument. The changes in counterparty credit risk had no material effect on the hedge effectiveness assessment for derivatives designated in hedge relationships.

Fair Value Measurement Hierarchy

12 Months Ended

Mar. 31, 2022

Disclosure of fair value measurement hierarchy [abstract]

Fair Value Measurement Hierarchy

48.

Fair value measurement hierarchy

The Group categorises assets and liabilities measured at fair value into one of three levels depending on the ability to observe inputs employed in their measurement which are described as follows:

•

Level 1 - Quoted (unadjusted) market prices in active markets for identical assets or liabilities

•

Level 2 - Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable

•

Level 3 - Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable

For assets and liabilities that are recognised at fair value on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by re-assessing categorisation (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. There were no changes in the Group’s valuation processes, valuation techniques, and types of inputs used in the fair value measurements during the year.

There were no material transfers between Level 1 and Level 2 fair value measurements, and no material transfers into or out of Level 3 fair value measurements during the year ended March 31, 2022 and 2021. There were no changes in the Group’s valuation processes, valuation techniques, and types of inputs used in the fair value measurements during the year.

The following table provides the fair value measurement hierarchy of the assets and liabilities of the Group:


		As at March 31, 2021				As at March 31, 2022				As at March 31, 2022
Financial assets	Level	Carrying value		Fair value		Carrying value		Fair value		Carrying value		Fair value
		(INR)		(INR)		(INR)		(INR)		(USD)		(USD)
Financial assets designated as a hedge instrument at fair value
Derivative instruments	Level 2		2,691		2,691	3,593		3,593		47			47
Financial guarantee contracts	Level 3		78		78		—		—		—		—
Financial liabilities at fair value
Liability for put options with non- controlling interests	Level 2		—		—	9,546		9,546		126			126
Financial liabilities designated as a hedge instrument at fair value
Derivative instruments - hedge instruments	Level 2		1,070		1,070		1,723	1,723			23		23
Financial liabilities at FVTPL
Derivative instruments
- public share warrants	Level 1		—		—	1,543		1,543		20			20
- private share warrants	Level 2		—		—		943		943		12		12

Set out below are the fair value hierarchy, valuation techniques and inputs used as at March 31, 2022 and 2021:


Particulars	Level	Valuation technique	Inputs used
Financial assets designated as a hedge instrument at fair value
Derivative instruments - hedge instruments	Level 2	Market value techniques	Forward foreign currency exchange rates, interest rates to discount future cash flows
Financial liabilities at fair value
Liability for put options with non-controlling interests	Level 2	Market value techniques	Volume Weight Average Price of the Company shares over 30 trading days
Financial liabilities at FVTPL
Derivative instruments
- public share warrants	Level 1	Market value techniques	Market value of warrants
- private share warrants	Level 2	Black Scholes method	Interest rates to discount future cash flows, share price and public share warrant price
Financial liabilities designated as a hedge instrument at fair value
Derivative instruments - hedge instruments	Level 2	Market value techniques	Forward foreign currency exchange rates, interest rates to discount future cash flows
Financial liabilities
Financial guarantee contracts	Level 3	Discounted cash flow	Prevailing interest rates in market, future cash flows

Financial risk management objectives and policies

12 Months Ended

Mar. 31, 2022

Financial Risk Management Objectives And Policies [Abstract]

Financial risk management objectives and policies

49.

Financial risk management objectives and policies

The financial liabilities comprise loans and borrowings, derivative liabilities, trade payable and other financial liabilities.

The main purpose of these financial liabilities is to finance the Group's operations. The Group's principal financial assets include loans, derivative assets, trade receivables, cash and cash equivalents and other financial assets. The Group is exposed to market risk, credit risk and liquidity risk. The Group's senior management oversees the management of these risks. The Group's senior management is supported by various sub committees that advises on financial risks and the appropriate financial risk governance framework for the Group. These committees provide assurance to the Group's senior management that the Group's financial risk activities are governed by appropriate policies and procedure and that financial risks are identified, measured and managed in accordance with the Group's policies and risk objectives. The Board of Directors reviews and agrees policies for managing each of these risks, which are summarised below:

Market risk

Market risk is the risk that the Group's assets and liabilities will be exposed to due to a change in market prices that determine the valuation of these financial instruments. Market risk comprises three types of risk: interest rate risk, currency risk and other price risk. Financial instruments affected by market risk include loans and borrowings, deposits, investments and derivative financial instruments.

The sensitivity analysis in the following sections relate to the position as at March 31, 2022 and 2021. The sensitivity analyses have been prepared on the basis that the amount of net debt, the ratio of fixed to floating interest rates of the debt and derivatives and the proportion of financial instruments in foreign currencies are all constant and on the basis of hedge designations in place as at March 31, 2022.

(i)

Interest rate risk

Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Group is exposed to interest rate risk primarily from the external borrowings that are used to finance their operations. In case of external commercial borrowings (ECB) and buyers credit the Group believes that the exposure of Group to changes in market interest rates is insignificant as the respective companies manage the risk by hedging the changes in the market interest rates through cross currency interest rate swaps. The Group also monitors the changes in interest rates and actively refinances its debt obligations to achieve an optimal interest rate exposure.

Interest rate sensitivity

The following table demonstrates the sensitivity to a reasonable possible change in interest rates on financial liabilities, i.e. floating interest rate borrowings in INR and USD. Interest rate sensitivity has been calculated for borrowings with floating rate of interest. For borrowings with fixed rate of interest sensitivity disclosure has not been made. With all other variables held constant, the Group's profit before tax is affected through the impact on financial liabilities, as follows:

For the year ended March 31,

2020

2021

2022

Increase / decrease in basis points

Effect on profit before tax

Increase /
decrease in basis points

Effect on profit before tax

Increase /
decrease in basis points

Effect on profit before tax

INR

+/(-) 50

(-)/+ 615

+/(-) 50

(-)/+ 646

+/(-) 50

(-)/+ 361

The assumed movement in basis points for the interest rate sensitivity analysis is based on the currently observable market environment. Though there is exposure on account of Interest rate movement as shown above but the Group minimises the foreign currency (US dollar) interest rate exposure through derivatives and INR interest rate exposure through re-financing.

(ii)

Foreign currency risk

Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The Group is exposed to foreign currency risk arising from imports of goods in US dollars. The Group hedges its exposure to fluctuations on the translation into INR of its buyer's/supplier's credit by using foreign currency swaps and forward contracts. The Group has followed a conservative approach for hedging the foreign currency risk so as to not use complex forex derivatives and foreign currency loan. The Group also monitors that the hedges do not exceed the underlying foreign currency exposure. The Group does not undertake any speculative transaction.

Credit risk

Credit risk is the risk that the power procurer will not meet their obligations under a financial instrument or customer contract, leading to a financial loss. The Group is exposed to credit risk from their operating activities (primarily trade receivables) and from its financing activities, including deposits with banks and financial institutions and other financial instruments. The credit risk exposure is insignificant given the fact that substantially whole of the revenues are from state utilities/government entities. The Group only deals with parties which has good credit rating / worthiness given by external rating agencies or based on the Group's internal assessment.

Further the group sought to reduce counterparty credit risk under long-term contracts in part by entering into power sales contracts with utilities or other customers of strong credit quality and we monitor their credit quality on an ongoing basis.

The maximum credit exposure to credit risk for the components of the statement of financial position at March 31, 2022 and 2021 is the carrying

amount of all the financial assets except for financial guarantees. The Group’s maximum exposure relating to financial guarantees is disclosed in Note 45 and the liquidity table below.

(i)

Trade receivables

Customer credit risk is managed basis established policies of Group, procedures and controls relating to customer credit risk management. Outstanding customer receivables are regularly monitored. The Group does not hold collateral as security. The group has majorly state utilities / government entities as its customers with high credit worthiness and therefore the group does not see any significant risk related to credit.

The trade receivable balances of the Group are evenly spread over customers.

The credit quality of the customers is evaluated based on their credit ratings and other publicly available data.

The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment and impairment analysis is performed at each reporting date to measure expected credit losses. The calculation reflects the probability-weighted outcome, the time value of money and reasonable and supportable information that is available at the reporting date about past events, current conditions and forecasts of future economic conditions.

Set out below is the information about the credit risk exposure on the Group’s trade receivables using a provision matrix:


As at March 31, 2022
	Trade receivables (days past due)
	0 - 6 months*		6 -12 months		12 -18 months		> 18 months		Total
	(INR)		(INR)		(INR)		(INR)		(INR)
Gross carrying amount	17,831		14,060		3,277		11,623		46,791
Expected credit loss		233		304		103		326		966


As at March 31, 2021
	Trade receivables (days past due)
	0 - 6 months*		6 -12 months		12 -18 months		> 18 months		Total
	(INR)		(INR)		(INR)		(INR)		(INR)
Gross carrying amount	18,621		9,308		1,425		7,188		36,542
Expected credit loss		233		177		51		101		562

* included trade receivables which are not yet due.

(ii)

Financial instruments and credit risk

Credit risk from balances with banks is managed by Group's treasury department. Investments, in the form of fixed deposits, loans and other investments, of surplus funds are made only with banks and within credit limits assigned to each counterparty. Counterparty credit limits are reviewed on an annual basis by the Group, and may be updated throughout the year subject to approval of group's finance committee. The limits are set to minimise the concentration of risks and therefore mitigate financial loss through counterparty's potential failure to make payments.

(iii)

Other financial assets

Credit risk from other financial assets including loans is managed basis established policies of Group, procedures and controls relating to customer credit risk management. Outstanding receivables are regularly monitored. The Group does not hold collateral as security.

(iv)

Equity price risk

Share warrants

The Company has issued warrants to these warrants’ holders (refer Note 43), which entitle these warrants holders to purchase Company’s Class A equity shares. These warrants are classified to be derivative instruments and are recorded at fair value through profit or loss account basis market value of warrants. The Group is exposed to price risk considering the liability in the hands of the Company is impacted through the market price of share warrants.

The Group has determined that an increase / (decrease) of 5% in the market value of warrants would have an impact of INR 122 increase / (decrease) on the profit or loss of the Group.

Put options

Non-controlling shareholders of RPPL have an option to offload their shareholding to the Company in accordance with the terms mentioned in the BCA at fair value of shares on the date of Put for cash. Put option liability with non-controlling interest accounted for at fair value basis volume weight average price of the Company shares over 30 trading days. The changes to the put option liability are accounted for in equity. The Group is exposed to price risk considering the liability in the hands of the Company is impacted through the market price of shares of the Company.

The Group has determined that an increase / (decrease) of 5% in the volume weight average price of the Company shares would have an impact of INR 477 increase / (decrease) on the total equity of the Group.

Liquidity risk

Liquidity risk is the risk that the Group will encounter in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The approach of the Group to manage liquidity is to ensure, as far as possible, that these will have sufficient liquidity to meet their respective liabilities when they are due, under both normal and stressed conditions, without incurring unacceptable losses or risk damage to their reputation. The Group assessed the concentration of risk with respect to refinancing its debt and concluded it to be low. The Group has access to a sufficient variety of sources of funding and debt maturing within 12 months can be rolled over with existing lenders.

The Group rely mainly on long-term debt obligations to fund their construction activities. To the extent available at acceptable terms, utilised non-recourse debt to fund a significant portion of the capital expenditures and investments required to construct and acquire our wind and solar power plants and related assets. The Group's non-recourse financing is designed to limit default risk and is a combination of fixed and variable interest rate instruments. In addition, the debt is typically denominated in the currency that matches the currency of the revenue expected to be generated from the benefiting project, thereby reducing currency risk. The majority of non-recourse debt is funded by banks and financial institutions, with debt capacity supplemented by unsecured loan from related party.

The table below summarises the maturity profile of financial liabilities of the Group based on contractual undiscounted payments:


As at March 31, 2022	On demand		Less than 3 months		3 to 12 months		1 to 5 years		> 5 years		Total
	(INR)		(INR)		(INR)		(INR)		(INR)		(INR)
Borrowings
Non convertible debentures (secured)*		—		—		—		90,763		5,402		96,165
Compulsorily convertible debentures*		—		—		—		346		616		962
Term loan from banks*		—		—		—		47,780		38,733		86,513
Loans from financial institutions*		—		—		—		60,623		109,100		169,723
Senior secured notes*		—		—		—		81,356		84,636		165,993
Short term interest-bearing loans and borrowings
Acceptances (secured)		—		3,686		919		—		—		4,605
Buyer's / supplier's credit (secured)		—		—		5,400		—		—		5,400
Working capital term loan (secured)		—		2,750		1,730		—		—		4,480
Other financial liabilities
Lease liabilities		—		148		338		1,334		9,370		11,190
Current maturities of long term interest-bearing loans and borrowings*		653		8,930		76,132		—		—		85,715
Interest accrued but not due on borrowings		—		384		1,437		—		—		1,821
Interest accrued but not due on debentures		—		1,233		804		—		—		2,037
Capital creditors		—		11,036		—		—		—		11,036
Purchase consideration payable		—		88		—		—		—		88
Trade payables
Trade payables		—		5,613		—		—		—		5,613


As at March 31, 2021	On demand		Less than 3 months		3 to 12 months		1 to 5 years		> 5 years		Total
	(INR)		(INR)		(INR)		(INR)		(INR)		(INR)
Borrowings (other than CCPS)#
Non convertible debentures (secured)*		—		—		—		71,507		48,560		120,066
Compulsorily convertible debentures*		—		—		—		349		700		1,050
Term loan from banks*		—		—		—		26,929		45,804		72,733
Loans from financial institutions*		—		—		—		46,968		106,625		153,593
Senior secured notes*		—		—		—		85,989		21,242		107,231
Short term interest-bearing loans and borrowings
Acceptances (secured)		—		1,788		381		—		—		2,169
Buyer's / supplier's credit (secured)		—		—		2,962		—		—		2,962
Working capital term loan (secured)		—		175		5,350		—		—		5,525
Other financial liabilities
Lease liabilities		—		90		240		878		5,332		6,540
Current maturities of long term interest-bearing loans and borrowings*		11,088		9,960		36,422		—		—		57,470
Interest accrued but not due on borrowings		—		1,116		612		—		—		1,728
Interest accrued but not due on debentures		—		894		275		—		132		1,301
Capital creditors		—		9,001		—		—		—		9,001
Purchase consideration payable		—		191		—		—		—		191
Financial guarantee contracts@		4,900		—		—		—		—		4,900
Trade payables
Trade payables		—		3,245		—		—		—		3,245

# The Company has issued Compulsorily convertible preference shares, which are mandatorily convertible into equity shares. These CCPS are excluded from maturity profile of financial liabilities since there is no cash outflow involved. These CCPS were subsequently converted to equity shares of RPPL in July 2021.

* Including future interest payments.

@ Based on the maximum amount that can be called for under the financial guarantee contracts.

Capital management

12 Months Ended

Mar. 31, 2022

Capital Management [Abstract]

Capital management

50.

Capital management

For the purpose of the capital management, capital includes issued equity capital, compulsorily convertible debentures, compulsorily convertible preference shares, Securities premium and all other equity reserves attributable to the equity holders of the parent. The primary objective of the Group's management is to maximise the shareholder value.

The Group manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements of the financial

To maintain or adjust the capital structure, the Group may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares. The Group monitor capital using a gearing ratio, which is net debt divided by total capital plus net debt. The Group includes within net debt, interest bearing loans and borrowings and other payables, less cash and short-term deposits. Group systematically evaluates opportunities for managing its assets including that of buying new assets, partially or entirely sell existing assets and potential new joint ventures. Crystallisation of any such opportunity shall help the Group in improving the overall portfolio of assets, cash flow management and shareholder returns.

The policy of the Group is to keep the gearing ratio of the power project to 3:1 during the construction phase and aim to enhance it to 4:1 post the construction phase. This is in line with the industry standard ratio. The current gearing ratios of the various projects in the Group is between 3:1 to 4:1. 'In order to achieve this overall objective, the capital management of the Group, amongst other things, aims to ensure that they meet financial covenants attached to the interest-bearing loans and borrowings that define capital structure requirements.

For all long-term loan arrangements from banks, the Group has complied with the debt covenants except for a long-term loan arrangement amounting to INR 653 as at March 31, 2022 (March 31, 2021: INR 10,341), where the Group could not meet covenants with the effect that the liability became payable on demand. The Group has classified these liabilities as current.

No changes were made in the objectives, policies or processes for managing capital during the years ended March 31, 2022, 2021 and 2020.

Commitments, liabilities and contingencies

12 Months Ended

Mar. 31, 2022

Disclosure of Commitments and Contingent Liabilities [Abstract]

Commitments, liabilities and contingencies

51.

Commitments, liabilities and contingencies (to the extent not provided for)

(i)

Contingent liabilities


Description	As at March 31, 2021		As at March 31, 2022		As at March 31, 2022
	(INR)		(INR)		(USD)
Contingent liabilities on account of liquidated damages for delay in project commissioning for which no material liability is expected. Further, the management believes that any amount of liquidated damages to be levied by customer shall be entirely reimbursable from capital vendors of respective projects.		917		1,245		16
Contingent liabilities on account of transmission penalties for inability to execute or delays in execution of projects		—		1,197		16
VAT, GST, service tax, entry tax matters#		91		52		1
Income tax disallowances / demands under litigation@		40		82		1

# The Group is contesting demands of direct and indirect taxes and the management, including its tax advisors, believe that its positions will likely be upheld in the appellate process. No tax expense has been accrued in the financial statements for the demands raised.

@ There is an additional disallowance/addition to returned income for INR 440 of RPPL under section 37 of the Income Tax Act, 1961 for share based payment expenses. The management believes that any unfavourable judgement will not have any impact as this will be eligible for set off against unabsorbed losses / depreciation. Accordingly, no amount has been provided in consolidated financial statements as at March 31, 2022 and 2021. Also, considering deferred tax asset has not been recognised on tax losses, therefore, the Group does not expect to have any material impact on the consolidated statement of profit or loss in case of unfavourable outcome (refer Note 10(e)).

(ii)

Commitments

Estimated amount of contracts remaining to be executed on capital account and not provided for in the financial statements

As at March 31, 2022, the Group has capital commitment (net of advances) pertaining to commissioning of wind and solar energy projects of INR 16,740 (March 31, 2021: INR 55,483).

Guarantees

The Group has obtained guarantees from financial institutions as a part of the bidding process for establishing renewable projects. Further, the Group issues irrevocable performance bank guarantees in relation to its obligation towards construction and transmission infrastructure of renewable power projects plants as required by the PPA and such outstanding guarantees are INR 14,875 as at March 31, 2022 (March 31, 2021: INR 13,218).

The terms of the PPAs provide for the delivery of a minimum quantum of electricity at fixed prices.

Legal matters

12 Months Ended

Mar. 31, 2022

Legal Matters [Abstract]

Legal matters

52.

Legal matters

(a)

Dispute with Southern Power Distribution Company of Andhra Pradesh Limited

Certain subsidiaries companies (AP entities) have entered into long-term PPAs having a cumulative capacity of 777 MWs (wind and solar energy projects) with Southern Power Distribution Company of Andhra Pradesh Limited i.e. the distribution company of Andhra Pradesh (APDISCOM). These PPAs have a fixed rate per unit of electricity for the 25-year term. With regard to aforementioned PPAs, certain litigations as described below are currently underway:

In terms of the Generation Based Incentive (GBI) scheme of the Ministry of Renewable Energy (MNRE), the AP entities accrue income based on units of power supplied under the aforementioned PPAs. Andhra Pradesh Electricity Regulatory Commission (APERC) vide its order in July 2018 allowed APDISCOMS to interpret the Andhra Pradesh Electricity Regulatory Commission (Terms and Conditions for Tariff Determination for Wind Power Projects) Regulations, 2015 (Regulations) in a manner to treat GBI as a pass through in the tariff.

The AP entities filed writ petition before the Andhra Pradesh High Court (AP High Court) challenging the vires of the regulation and the order by APERC and were granted an interim stay order in August 2018. As at March 31, 2022 and 2021, the cumulative amount recoverable from the APDISCOM pertaining to period from February 2017 till July 2018, included in trade receivables amounts to INR 1,004 million. The AP entities have filed an interim application in AP High Court seeking payment of amount wrongfully deducted by the APDISCOM

The management basis legal opinion obtained by it, believes that the GBI benefit is over and above the applicable tariffs and the APERC does not have jurisdiction to interfere with the intent of GBI scheme and therefore the outstanding amount is recoverable and hence no adjustment has been made in the consolidated financial statements in this regard.

The Government of Andhra Pradesh (GoAP) issued an order (GO) dated July 1, 2019 constituting a High-Level Negotiation Committee (HLNC) for review and negotiation of tariff for wind and solar energy projects in the state of Andhra Pradesh. Pursuant to the GO, APDISCOM issued letters dated July 11, 2019 and July 12, 2019 to the AP entities, requesting for revision of tariffs entered into in PPAs. The AP entities filed a writ petition on July 23, 2019 before the AP High Court challenging the GO and the said letters issued by APDISCOM for renegotiation of tariffs. The AP High Court issued its order dated September 24, 2019 enumerating the following:

Writ petition is allowed, and both GO and the subsequent letters are set aside.

ii.

Further, APDISCOM were instructed to honour pending and future bills and pay the same at the interim rate of INR 2.43 per unit till determination of O.P. No. 17 of 2018 pending before APERC

iii.

APERC to dispose-off the case within a time frame of six months.

The AP Entities have filed a Writ Appeal before the division bench of the AP High Court challenging the jurisdiction of APERC in entertaining Original Petition (O.P.) No. 17 of 2018. Parallelly, the AP Entities have filed another Writ Appeal before the division bench of the AP High Court challenging AP High Court’s direction to the APDISCOM to pay tariff at interim rate till determination of OP No. 17 of 2018 by APERC.

Thereafter, certain power generating companies other than ReNew Group have filed petitions under Article 139 of the Constitution of India before the Supreme Court seeking transfer of the proceedings pending before the Division Bench of the High Court, and for adjudication of the same by the Supreme Court.

APDISCOM has also filed a Special Leave Petition (SLP) in the Supreme Court in October 2020 against the Judgment and order dated December 19, 2019 in I.A. No. 9 of 2019 in W.P. No. 9876 of 2019 of another power generating company in the industry, which modified the Order dated September 24, 2019, passed by Single Judge of AP High Court and directed APDISCOM to make payments at the rate mentioned in PPAs. The AP Entities through its Holding Company, ReNew Power Private Limited, has filed an impleadment application in the SLP apprehending that any order or observation of the Supreme Court may have an adverse impact on the Order dated September 24, 2019 and W.A. No. 6 of 2020 and batch pending before Division Bench of the AP High Court.

APDISCOM was directed in order dated October 1, 2021 to pay 50% amount of the outstanding invoices raised till June 30, 2021. APDISCOM did not comply with this order. Thereafter, the next appeal was heard on November 8, 2021 where APDISCOM was given three more weeks to make the said payment. In subsequent hearing held on December 8, 2021, the AP High Court noted that payments have been made upto May 2021 and APDISCOM had sought some more time for payment of the remaining amounts at the interim rate. The AP High Court had directed APDISCOM to make the payments for June 2021 by December 29, 2021 and was asked to file an affidavit with payment schedule for payments for the third and fourth quarter of 2021. The payments so directed by the AP High Court were received in December 2021. Thereafter, by its common final order dated March 15, 2022, the AP High Court allowed the appeals by AP entities and set aside the Order dated September 24, 2019, holding that APERC does not have the jurisdiction to entertain Original Petition (O.P.) No. 17 of 2018 and directing APDISCOM to pay all outstanding amounts to AP Entities within a period of 6 weeks. Thereafter, APDISCOM has filed an application before the AP High Court seeking extension of the period of 6 weeks granted for time for payment of all outstanding amounts.

AP entities have total outstanding receivables of INR 17,411 as at March 31, 2022 (March 31, 2021: INR 14,167) from sale of electricity against such PPAs [including an amount of INR 1,004 for GBI receivable as explained in part (a) to the note], which was the subject matter of dispute.

In view of the favourable order by the AP High Court and basis legal opinions obtained by the Company, management believes that it has strong merits in the case and no adjustment is required in the consolidated financial statements.

(b)

Dispute with Karnataka Electricity Regulatory Commission

Distribution companies of the state of Karnataka issued demand notices to captive users (customers of certain Group’s subsidiaries) and to the respective captive plants (hereinafter refer to as the "SPVs"), alleging that captive users had not consumed energy in proportion to their respective shareholding in the SPVs, thereby failing to maintain their Captive Status in accordance with Rule 3 of the Electricity Rules, 2005, and consequently, were liable to pay cross subsidy surcharge and differential between rate of electricity tax applicable on the energy consumed in the entire year.

SPVs had deposited a sum of INR 114 (March 31, 2021: INR 114) under protest against the demand raised by distribution companies amounting INR 298 (March 31, 2021: INR 298) in relation to the demand notices up to financial year ended March 31, 2018. Thereafter, the SPVs had filed petitions before the Karnataka Electricity Regulatory Commission (KERC) contesting these demands.

KERC had granted interim relief and stayed the demand notice and disconnection by the distribution companies till final adjudication of the petitions. The amount paid under protest has been accounted for as recoverable and disclosed under head “Other current assets” in these financial statements.

Apart from above, a sum of INR 193 has been demanded by distribution companies from some of the captive users of the SPVs towards energy supplied till March 31, 2022, alleging that the captive user had not consumed energy in proportion to its respective shareholding in the SPVs. The SPVs have filed a writ petitions in July 2019 and August 2020 before the High Court of Karnataka challenging such demands and seeking their quashing. The High Court, vide Orders dated July 18, 2019, December 18, 2019, September 18, 2020 and October 6, 2020, has directed that no precipitative action shall be taken on these demand notices till final adjudication of the petitions.

The SPVs, based on legal advice obtained, believes that there are merits in its position and that the demand raised by distribution companies would be rescinded by relevant legal authorities and hence no adjustment has been made in the consolidated financial statements in this regard.

(c)

Order of the Supreme Court of India to underground high-tension power lines

In earlier years, a petition in public interest (the “Writ Petition”) was filed before the Supreme Court of India to seek directions to save two protected species of birds in the state of Rajasthan and Gujarat (the ‘Birds’) stating that these Birds collide with overhead transmission lines and suffer injuries or die. During the current period, on April 19, 2021, the Supreme Court has ordered (the “Order”) for all existing and future power lines to be undergrounded, subject to feasibility in case of high-tension power lines. As at March 31, 2022, operational capacity in the Rajasthan and Gujarat projects likely to be affected by the Supreme Court order was 1,813.8 MW and the capacity of the under-development projects in Rajasthan and Gujarat, which are likely to be impacted by the Supreme Court order was 2,375 MW.

The Group along with other companies in the industry affected by the Order have filed applications seeking certain modification of the directions passed by the Supreme Court of India, including (i) exemption from undergrounding for existing power projects and (ii) declaration of the cost of undergrounding as a pass-through under the various power purchase agreements. Applications have also been filed by the Ministry of New and Renewable Energy and the Government of Rajasthan, seeking similar modifications. Through Order dated April 21, 2022, the Supreme Court of India has directed (i) completion of installation of bird diverters on all overhead transmission lines in the Priority Area identified by the Supreme Court by July 21, 2022 and (ii) all affected projects to approach the Technical Expert Committee appointed by it to seek any exemption from undergrounding and to approach the Supreme Court thereafter in case of any grievance from the decision of the committee. The matter is pending.

Further, management, basis legal opinion obtained by it believes that the additional cost that will be incurred by the Group shall be recovered from customers under respective PPAs through provisions relating to change in law and force majeure and hence no material financial implication is likely to devolve on the Group.

Hedging activities and derivatives

12 Months Ended

Mar. 31, 2022

Disclosure of detailed information about hedges [abstract]

Hedging activities and derivatives

53.

Hedging activities and derivatives

Derivatives designated as hedging instruments

The Group uses certain types of derivative financial instruments (viz. forwards contracts, swaps, call options and call spreads) to manage / mitigate its exposure to foreign exchange and interest risk. Further, the Group designates such derivative financial instruments (or its components) as hedging instruments for hedging the exchange rate fluctuation and interest risk attributable to either a recognised item or a highly probable forecast transaction (‘Cash flow hedge’).

The effective portion of changes in the fair value of derivative financial instruments (or its components) that are designated and qualify as cash flow hedges, are recognised in the other comprehensive income and held in hedge reserve - a component of equity. Any gains / (losses) relating to the ineffective portion, are recognised immediately in the statement of profit or loss within other income / other expenses. The amounts accumulated in equity for highly probable forecast transaction are added to carrying value of non financial asset or non financial liability as basis adjustment, other amounts accumulated in equity are re-classified to the statement of profit or loss in the years when the hedged item affects profit or loss.

At any point of time, when a forecast transaction is no longer expected to occur, the cumulative gains / (losses) that were reported in equity is immediately transferred to the statement of profit or loss.

Cash flow hedges

Hedge has been taken against exposure to foreign currency risk and variable interest outflow on external commercial borrowings, buyer’s credit, foreign letter of credits and highly probable forecast transactions. Terms of the derivative contracts and their respective impact on OCI and statement of profit or loss is as below:-

- Buyers credit / suppliers credit (included in long term / short term interest-bearing loans and borrowings)

Pay fixed INR and receive USD

- Loan (included in long term interest-bearing loans and borrowings)

Pay fixed INR and receive USD and pay fixed interest at 4.07% to 10.19% p.a. and receive a variable interest at 3 months LIBOR plus 2% p.a. to 6 months LIBOR plus 3.24% p.a. and fixed interest at 3.73% p.a. on the notional amount.

- Senior secured notes (included in long term interest-bearing loans and borrowings)

Pay fixed INR and receive USD and pay fixed interest in INR at 4.56% to 7.18% p.a. and receive a fixed interest in USD at 4.50% to 6.45% on the notional amount.

The cash flow hedges through Cross Currency Swap (CCS) of USD 578 (March 31, 2021: USD 360), CCS of EURO 41 (March 31, 2021: Nil), Coupon Only Swap (COS) of USD 1,735 (March 31, 2021: USD 1,206), Principal Only Swap (POS) of USD 159 (March 31, 2021: USD 64) and Call Spread of USD 699 (March 31, 2021: USD 299), foreign currency call options of USD 980 (March 31, 2021: USD 1,016) and foreign currency forwards of USD 709 and CNH 2,580 outstanding at the year ended March 31, 2022 were assessed to be highly effective and a mark to market gain of INR 763 (March 31, 2021: INR 4,884, March 31, 2020: INR 516) with a deferred tax liability of INR 228 (March 31, 2021: INR 144, March 31, 2020: INR 1,675) is included in OCI.

- All of the cash flow hedges were fully effective during the years ended March 31, 2022, 2021 and 2020.

- All of the underlying foreign currency and floating interest rate exposure is fully hedged with cash flow hedges as at March 31, 2022 and 2021.

The expiry dates of cash flow hedge deals range between April 29, 2022 to March 31, 2027.

March 31, 2021

March 31, 2022

Assets

Liabilities

Assets

Liabilities

(INR)

(INR)

(INR)

(INR)

Derivative contracts designated as hedging instruments

2,691

1,070

3,593

4,209

Hedge reserve movement


	For the year ended March 31,
a) Cash flow hedge reserve	2020			2021			2022			2022
	(INR)			(INR)			(INR)			(USD)
Opening balance (after non-controlling interest)		(429	)		(300	)		(4,061	)		(54	)
Gain / (loss) recognised on cash flow hedges		1,373			(5,104	)		1,878			25
(Gain) / loss reclassified to profit or loss (under head finance costs)		8			(58	)		(212	)		(3	)
(Gain) / loss reclassified to non financial assets or liabilities as basis adjustment (under head property, plant and equipment)		559			(9	)		907			12
(Gain) / loss reclassified to profit or loss as hedged future cash flows are no longer expected to occur		280			106			1,629			21
Income tax relating on cash flow hedges		(2,157	)		1,365			411			5
Closing balance		(366	)		(4,000	)		552			7
Less: Non-controlling interest movement		66			(61	)		116			2
Closing balance (after non-controlling interest)		(300	)		(4,061	)		668			9

b) Cost of hedge reserve on cash flow hedges

Opening balance (after non-controlling interest)		(82	)		(785	)		(1,161	)		(15	)
Effective portion of changes in fair value		(2,119	)		(2,354	)		(6,128	)		(81	)
Amount reclassified to profit or loss as option premium amortisation (under head finance costs)		1,119			1,773			4,740			62
Amount transferred to property, plant and equipment		—			42			—			—
Tax effect		301			167			338			4
Closing balance		(781	)		(1,157	)		(2,211	)		(29	)
Less: Non-controlling interest movement		(4	)		(4	)		215			3
Closing balance (after non-controlling interest)		(785	)		(1,161	)		(1,996	)		(26	)

c) Total Hedge reserve movement (a+b)

Opening balance (after non-controlling interest)		(511	)		(1,085	)		(5,222	)		(69	)
OCI for the year		(636	)		(4,072	)		3,563			47
Attributable to non-controlling interests		62			(65	)		331			4
Closing balance (after non-controlling interest)		(1,085	)		(5,222	)		(1,328	)		(18	)

(a) Investments in entities under joint control

12 Months Ended

Mar. 31, 2022

Disclosure of joint ventures [abstract]

(a) Investments in entities under joint control

54.

(a) Investments in entities under joint control

The Group also has investment in individually immaterial entities under joint control that are accounted using equity method.


Company name	Opening balance		Addition during the year		Share in loss of jointly controlled entity			Acquired during the year*			Closing balance
	(INR)		(INR)		(INR)			(INR)			(INR)
Abha Solarfarms Limited
For the year ended March 31, 2021		89		—		(7	)		(82	)		—
For the year ended March 31, 2020		84		15		(10	)		—			89
Heramba Renewables Limited
For the year ended March 31, 2021		170		—		(14	)		(156	)		—
For the year ended March 31, 2020		156		30		(16	)		—			170
Aalok Solarfarms Limited
For the year ended March 31, 2021		91		—		(7	)		(84	)		—
For the year ended March 31, 2020		86		14		(9	)		—			91
Shreyas Solarfarms Limited
For the year ended March 31, 2021		174		—		(17	)		(157	)		—
For the year ended March 31, 2020		163		29		(18	)		—			174

* Refer Note 55(b)

(b)

Joint operations

On date September 17, 2020, the Group through a subsidiary company namely ReNew Wind Energy (AP2) Private Limited had acquired 50% interest in a joint arrangement called VG DTL Transmissions Private Limited which was set up together with KP Energy Limited to develop evacuation facility for the SECI III project in the state of Gujarat.

The country of incorporation and principal place of business of the joint operation is in India. The interest in joint operation is not significant to the Group.

Business combination

12 Months Ended

Mar. 31, 2022

Business Combination [Abstract]

Business combination

55.

Business combination

(a)

Accounting for transaction referred in Note 1:

Upon consummation of the Transaction explained in Note 1, the Company has issued following shares /warrants to the shareholders of RMG II, shareholders of RPPL and PIPE investors:

(i)

RPPL shareholders:

- The Company has acquired approximately 90% shareholding in RPPL from existing shareholders of RPPL.

- Details of shares issued and cash paid to existing shareholders of RPPL is as follows


			Shares issued / cash consideration by the Company
Investor	Number of RPPL's ordinary equity shares transferred		Class A shares		Class B shares		Class C shares		Class D shares		Cash consideration
											(INR)
GS Wyvern Holdings Limited	184,709,600			34,133,476		—		106,074,525		—		8,319
Canada Pension Plan Investment Board		61,608,099		46,867,691		—		—		1		3,120
Abu Dhabi Investment Authority		75,244,318		58,170,916		—		—		—		3,120
JERA Power RN, B.V.		34,411,682		28,524,255		—		—		—		—
GEF SACEF India		12,375,767		9,658,421		—		—		—		446
Founder investors*		7,479,685		—		1		—		—		4,605
		375,829,151		177,354,759		1		106,074,525		1		19,609

*Represents shares held by (a) Wisemore Advisory Private Limited, (b) Cognisa Investment, and (c) Mr. Sumant Sinha.

(ii)

RMG II shareholders:

- 19,511,966 class A shares of the Company to holders of RMG II class A and class B common stock in exchange for their respective shares of RMG II class A and class B common stock on a one-for-one basis.

- Each outstanding warrant to purchase shares of RMG II’s common stock was converted into a warrant to acquire one common share of the Company. A total of 11,500,000 public warrants and 7,026,807 private warrants of RMG II were converted into public and private warrants of the Company respectively on a one-for-one basis. Such warrants are classified as a liability and are measured at fair value (refer Note 29). These warrants are considered as part of net assets acquired.

(iii)

Private investment in public equity (PIPE) investors

The Company has issued 85,500,000 share to PIPE investors at USD 10 per share amounting to INR 63,506.

(iv)

Accounting for the Transaction

For accounting purposes, RPPL is deemed to be the accounting acquirer in this transaction and consequently, this transaction is treated as a capital transaction involving the issuance of RPPL shares (refer Note 2.3).

The net assets acquired was the fair value of the net assets of RMG II, which on 23 August 2021 was INR 5,165 and amount infused by PIPE investors of INR 63,506.

The Net assets, fair value of considerations and listing and related expenses amount was calculated as follows:


Particulars	Amount (INR)
Net Assets of RMG II
Cash and cash equivalents	8,139
Prepayments		16
Share warrants		(1,747	)
Trade payables		(1,243	)
(1) Total		5,165
(2) PIPE investors		63,506
(3) Total net assets ((1)+(2))		68,671
(4) Fair value of 127,381,626 shares deemed to be issued by RPPL at INR 606.96 per share ^		77,315
(5) Fair value of consideration paid in excess of net assets acquired ((4)-(3))		8,644
(6) Transaction costs related to acquisition and listing		1,868
(7) Listing and related expenses ((5)+(6))		10,512

The costs incurred for this transaction was INR 5,528. An amount of INR 1,868 has been charged to statement of profit or loss and INR 3,660 in statement of changes in equity under share premium.

^ The fair value of the shares in RPPL has been determined using discounted cash flow method. Following is the summary of assumptions considered by the Company in determining the fair value of RPPL per share value, a level 3 fair valuation technique.


Particulars		August 23, 2021
Cost of equity (CoE)		14.46% - 12.11%
- Beta equity		0.94
- Beta asset		0.57
- Risk free rate (RFR)		6.91%
- Equity risk premium (ERP)		For FY 2022 – 8%, Post FY 2022 – 6.5%

(v)

Non-controlling interests

As a result of the Transaction, there was recognition of non-controlling interest of 10 % in RPPL which majorly include GS Wyvern Holdings Limited, Canada Pension Plan Investment Board and Founder investors.

Non-controlling shareholders of RPPL (refer Note 20) have an option to offload their shareholding to the Company in accordance with the terms mentioned in the BCA at fair value of shares on the date of Put for cash. Put option liability with non-controlling interest accounted for at fair value. Subsequent changes to the put option liability are treated as equity transaction and hence accounted for in equity.

Certain non-controlling shareholders of RPPL (excluding non-controlling shareholders having put option to be settled in cash as stated in above paragraph) have an arrangement with the Company to put shares held by them in the Company for fixed number of class A shares of the Company at time of exercise of put options. These put options are exercisable at sole discretion of non-controlling interest. No premium is received by the Company for the put options given. These put options do not grant present access to ownership interest to the Group. Accordingly, in respect of these put options, non-controlling interest is continued to be recognised.

(b)

The Group had acquired unlisted companies based in India and carrying out business activities relating to generation of power through non- conventional and renewable energy sources, in exchange for cash consideration. The Group acquired these entities because management believes that the acquisition would enable the group to strengthen its position in renewable energy sector. Below are the details of the acquisitions:

Acquisition of entities which were earlier under joint control

The below listed entities were under joint control till December 31, 2020 and were accounted for under equity method. The Group held 75% stake in these entities till December 31, 2020. Due to amendments to the shareholder's agreements, these companies ceased to be entities under joint control with effect from January 1, 2021 as control was established from this date. However, no additional stake has been acquired. These four entities have been consolidated in the Group's financial statements with effect from January 1, 2021. These entities are involved in the business of generation of power through renewable energy sources considered as a single Group of CGU by the Group and are a part of Solar Power reporting segment.

- Aalok Solarfarms Limited

- Abha Solarfarms Limited

- Heramba Renewables Limited

- Shreyas Solarfarms Limited

The acquisition date fair value of the equity interest held by the Group immediately before the acquisition date was INR 507. The Group has recognised INR 27 gain as a result of remeasurement to fair value the equity interest in the entity. The fair value gain has been included in "other income" of the Group.

ii)

Regent Climate Connect Knowledge Solutions Private Limited

The Group had acquired 100% stake in an unlisted company based in India on August 28, 2020, carrying out business activities relating to consultancy on environment for industries, business units, civil administration and public and local authorities in India and elsewhere.

Assets acquired and liabilities assumed

The fair values of the identifiable assets and liabilities as at the date of acquisition were:


	For the year ended March 31, 2021
Particulars	Acquisition of entities which were earlier under joint control		Regent Climate Connect Knowledge Solutions Private Limited
	(INR)		(INR)
Acquisition date	January 1, 2021		August 28, 2020
Assets
Property plant and equipment		2,559		1
Intangible assets		1,304		34
Right of use assets		38		—
Deferred tax assets (net)		—		9
Other non-current financial assets		—		0
Prepayments - non current		125		—
Loans - non current		11		—
Other non-current assets		24		—
Non current tax assets (net)		—		3
Trade receivables		107		6
Loans - current		837		—
Cash and cash equivalents		46		0
Bank balances other than cash and cash equivalent		1		—
Prepayments - current		17		—
Others current financial assets		36		1
Other current assets		4		2
Inventories		3		—
		5,112		56


Particulars	Acquisition of entities which were earlier under joint control		Regent Climate Connect Knowledge Solutions Private Limited
	(INR)		(INR)
Liabilities
Interest-bearing loans and borrowings - long term		4,072		8
Long term provisions		21		2
Other non-current liabilities		6		—
Other non-current financial liabilities		16		—
Deferred tax liabilities (net)		64		—
Interest-bearing loans and borrowings - short term		—		24
Trade payables		152		7
Other current financial liabilities		353		2
Other current liabilities		—		9
Short term provisions		—		0
		4,684		52

Total identifiable net assets at fair value		428		4
Non controlling interest in the acquired entity		107		—
Total identifiable net assets at fair value attributable to RPPL		322		—
Fair value of investment on the date of acquisition		507		—
Purchase consideration transferred		—		34
Goodwill on acquisition		185		30

Goodwill recognised represents the future economic and synergy benefits arising from assets acquired to strengthen its position in renewable energy sector. None of the goodwill recognised is expected to be deductible for income tax purposes.

From the date of acquisition till the financial year end date, the acquired entities have contributed in revenue and loss / profit before tax as follows:


Particulars	Acquisition of entities which were earlier under joint control		Regent Climate Connect Knowledge Solutions Private Limited
	(INR)		(INR)
Revenue		168		26
(Loss) / profit before tax		36		(36	)

If the combination had taken place at the beginning of the year, the Group's revenue and loss before tax for the year would have been:


Particulars	For the year ended March 31, 2021
	(INR)
Revenue		48,715
(Loss) / profit before tax		(5,180	)

Purchase consideration - cash flows


Particulars	Acquisition of entities which were earlier under joint control			Regent Climate Connect Knowledge Solutions Private Limited
	(INR)			(INR)
Cash consideration paid		—		34
Less: cash balances acquired		(46	)	(0)
Acquisition of subsidiary, net of cash acquired		—			34
Cash acquired on acquisition of control in jointly controlled entities		46			—

The Group recognises non-controlling interests in the acquired entity either at fair value or at non-controlling interest's proportionate share of the acquired entity's net identifiable assets. This decision is made on acquisition-by-acquisition basis. For the non-controlling interests in Acquisition of entities which were earlier under joint control, the group elected to recognise the non-controlling interests at its proportionate share of the acquired net identifiable assets.

(c)

Transaction with non-controlling interests

(i)

Acquisition of additional interest ReNew

Power Private Limited

On August 23, 2021, the Group acquired an additional 3% interest in the voting shares of ReNew Power Private Limited from some of the employees and GS Wyvern Holdings Limited, increasing its ownership interest to 93%. Cash consideration of INR 736 was paid to the non-controlling shareholders. Further, 12,289,241 equity shares of value 9,128 were issued to the non-controlling shareholders. The carrying value of the net assets of ReNew Power Private Limited was INR 130,497. The carrying value of the additional interest acquired at the date of acquisition was INR 4,242.

ReNew Akshay Urja Limited

On September 25, 2020, the Group acquired an additional 44% interest in the voting shares of Renew Akshay Urja Limited, increasing its ownership interest to 100%. Cash consideration of INR 1,515 was paid to the non-controlling shareholders. The carrying value of the net assets of ReNew Akshay Urja Limited was INR 2,976. The carrying value of the additional interest acquired at the date of acquisition was INR 1,593.

ReNew Solar Energy (Karnataka) Private Limited

On June 19, 2019, the Group acquired an additional 49% interest in the voting shares of ReNew Solar Energy (Karnataka) Private Limited, increasing its ownership interest to 100%. Cash consideration of INR 561 was paid to the non-controlling shareholders. The carrying value of the net assets of ReNew Solar Energy (Karnataka) Private Limited (excluding goodwill on the original acquisition) was INR 687. The carrying value of the additional interest acquired at the date of acquisition was INR 418.


	For the year ended 31 March 2020			For the year ended March 31, 2021			For the year ended March 31, 2022
Particulars	ReNew Solar Energy (Karnataka) Private			ReNew Akshay Urja Limited			ReNew Power Private Limited
	(INR)			(INR)			(INR)
Date of transaction with non-controlling interests	June 19, 2019			September 25, 2020			August 23, 2021
Segment	Solar power			Solar power			Wind and solar power
Change in interest (%)		49.00	%		44.00	%		3.34	%

Non-controlling interest acquired		418			1,593			4,242
Cash consideration paid		561			1,515			736
Issue of Class C shares of the Company (including share premium)		—			—			9,128
Difference recognised in capital reserve within equity		(143	)		78			(5,623	)

There are other insignificant acquisitions of non-controlling interest amounting to INR Nil for the year ended March 31, 2022 (March 31, 2021: INR 29, March 31, 2020: INR 82)

(ii)

Change in interest without loss of control

On March 28, 2020, the Group entered into a transaction with GS Engineering & Construction Corp to issue equity equivalent to 49% interest in the voting shares of ReNew Solar Energy (Jharkhand Three) Private Limited, decreasing its ownership interest to 51%. Cash consideration of INR 832 was received from the non-controlling shareholders. The carrying value of the net assets of ReNew Solar Energy (Jharkhand Three) Private Limited was INR 601.

On March 4, 2020, the Group entered into a transaction with investors to issue 98.61% interest in the voting shares of ReNew Surya Mitra Private Limited, decreasing its ownership interest to 1.39%. Cash consideration of INR 14 was received from the non-controlling shareholders. The carrying value of the net assets of ReNew Surya Mitra Private Limited was INR (0).

Following is a schedule of change in interest without loss of control:


	For the year ended March 31, 2020
Particulars	ReNew Solar Energy (Jharkhand Three) Private Limited			ReNew Surya Mitra Private Limited
	(INR)			(INR)
Date of transaction with non-controlling interests	March 28, 2020			March 4, 2020
Segment	Solar power			Solar power
Change in interest (%)		49.00	%		98.61	%

Recognised in non-controlling interests		827			14
Cash consideration received from non-controlling shareholders		832			14
Difference recognised in retained earnings within equity		5			—

Issue of shares by Company's subsidiaries having non controlling interest:

During the year ended March 31, 2022, few subsidiaries of the Group have issued share capital to their parent as well as non-controlling interest. The amount of INR 904 contributed by non controlling interests is recognised as an addition to non controlling interest. No gain or loss to the Group arose from these transactions.

Sale of subsidiaries:

During the year ended March 31, 2022, the Group has sold its share in "Solar Energy and its subsidiaries" (refer Note 39). One of these entities had share of non-controlling interest amounting to INR 15, which ceased to form part of the Group with effect from January 18, 2022.

There are other insignificant additions to non-controlling interest amounting to INR 42 for the year ended March 31, 2022 (March 31, 2021: INR 8, March 31, 2020: INR 6).

Transactions Accounted for as Asset Acquisition

12 Months Ended

Mar. 31, 2022

Disclosure of detailed information about business combination [abstract]

Transactions accounted for as asset acquisition

56.

Transactions accounted for as asset acquisition

(a)

On November 2, 2021, the Company through its subsidiary, ReNew Solar Power Private Limited had acquired 100% stake in ACME Fazilka Power Private Limited (ACME Fazilka) along with wholly-owned subsidiaries under ACME Fazilka as listed below (all 11 entities acquired are collectively referred as ‘ACME Fazilka Group’) from ACME Solar Holdings Private Limited, for a purchase consideration of INR 6,631. ACME Fazilka Group is engaged in operating solar power projects in India with a commissioned capacity of 260 MW solar power projects and is part of the Solar power reporting segment. The Group has acquired ACME Fazilka Group because the management believes that this acquisition would enable the Group to strengthen its position in renewable energy sector. The acquisition of ACME Fazilka Group was determined to be an asset acquisition and not a business combination.

Following wholly-owned subsidiaries under ACME Fazilka have been acquired:

(i)

ACME Medak Solar Energy Private Limited

(ii)

Sunworld Solar Power Private Limited

(iii)

ACME Nizamabad Solar Energy Private Limited

(iv)

Rewanchal Solar Power Private Limited

(v)

Neemuch Solar Power Private Limited

(vi)

ACME Warangal Solar Power Private Limited

(vii)

Purvanchal Solar Power Private Limited

(viii)

ACME Narwana Solar Power Private Limited

(ix)

ACME Karimnagar Solar Power Private Limited

(x)

ACME Ranga Reddy Solar Power Private Limited

Refer (c) below for the fair values of the identifiable assets and liabilities as at the date of acquisition.

(b)

On August 30, 2021, the Company through its subsidiary, ReNew Power Services Private Limited, had acquired 100% stake in L&T Uttaranchal Hydropower Ltd. (L&T Uttaranchal) from L&T Power Development Ltd, for a purchase consideration of INR 10,058. L&T Uttaranchal has a 99 MW hydro-power plant based in India and is part of the "Others" reporting segment. The Group has acquired L&T Uttaranchal because the management believes that this acquisition would enable the Group to strengthen its position in renewable energy sector. The acquisition was determined to be an asset acquisition and not a business combination.

Refer (c) below for the fair values of the identifiable assets and liabilities as at the date of acquisition.

(c)

Assets acquired and liabilities assumed

The fair values of the identifiable assets and liabilities as at the date of acquisition were:


Particulars	L&T Uttaranchal		ACME Fazilka Group
	(INR)		(INR)
Assets
Property, plant and equipment		9,475		12,264
Intangible assets		0		4,547
Right of use assets		128		—
Trade receivables		56		1,572
Cash and cash equivalents		488		268
Bank balances other than cash and cash equivalent		—		363
Other assets		50		23
		10,197		19,037
Liabilities
Interest-bearing loans and borrowings - long term		—		10,709
Interest-bearing loans and borrowings - short term		—		385
Trade payables		133		170
Other current financial liabilities		—		1,049
Other liabilities		6		93
		139		12,406

Total identifiable net assets at fair value		10,058		6,631

The associated acquisition costs were not material.

Acquisition of ReGen Powertech Private Limited

12 Months Ended

Mar. 31, 2022

Disclosure of detailed information about business combination [abstract]

Acquisition of ReGen Powertech Private Limited

57.

Acquisition of ReGen Powertech Private Limited

The Company through its subsidiary, ReNew Power Services Private Limited (ReNew Power Services) made the successful bid to acquire ReGen Powertech Private Limited (ReGen) and was declared the successful resolution applicant as per order of National Company Law Tribunal (NCLT) dated February 1, 2022. According to the approved resolution plan, ReNew Power Services was required to transfer the first tranche of purchase consideration within 30 days, upon which the business would have been transferred to ReNew Power Services and the existing share capital of ReGen would have been extinguished with new shares being issued to ReNew Power Services. Accordingly, ReNew Power Services has paid an amount of INR 716 out of the total consideration of INR 1,675, to the Committee of Creditors (CoC).

As per the resolution plan, ReNew Power Services paid the first tranche on March 2, 2022 and subsequently, a new board was formed with ReNew nominated directors, and the first meeting was convened on the same date for the issuance of new equity shares to ReNew Power Services. However, few aggrieved parties challenged the NCLT order approving ReNew Power Services's resolution plan in National Company Law Appellate Tribunal (NCLAT), which through its orders dated March 9, 2022, March 21, 2022 and April 27, 2022, directed deferment of the resolution plan's implementation until July 26, 2022, due to which all activities of resolution plan implementation were halted. Further, the business activities of ReGen are being currently handled by resolution professional appointed by CoC and ReNew Power Services does not have any control over the relevant activities of ReGen. ReNew Power Services has applied to NCLAT to have the order deferring implementation of the resolution plan vacated, but NCLAT is yet to consider the application. On the basis of above facts and considering that the Group does not have control over ReGen in accordance with the definition of control laid out in IFRS 10, the Group has not consolidated ReGen in these consolidated financial statements.

Significant accounting judgments, estimates and assumptions

12 Months Ended

Mar. 31, 2022

Disclosure Of Accounting Judgements And Estimates [Abstract]

Significant accounting judgments, estimates and assumptions

58.

Significant accounting judgments, estimates and assumptions

The preparation of consolidated financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities and the accompanying disclosures. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods.

In the process of applying the accounting policies management has made certain judgments, estimates and assumptions. The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below. The Group based its assumptions and estimates on parameters available when the consolidated financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising that are beyond control of the Group. Such changes are reflected in assumptions when they occur.

Estimates and assumptions

Capitalisation of internal costs

The Group capitalises certain internal costs incurred in connection with development of its wind and solar power Projects as eligible cost of property, plant and equipment as per IAS 16. The capitalisation of these costs during the construction period (including internal Employee benefit costs and other common expenses) begins when development efforts commence and ends when the asset is ready for its intended use. These expenses are allocated to all the wind and solar power projects of the Group in the form of 'Management Shared Services'. Allocation of cost to the entities involves various estimates including retention for costs of management of investments in subsidiaries, allocation of cost for projects under construction vis-a-vis operating projects, profit mark-up which are assessed through an external expert. The capitalisation of internal costs increases construction in progress recognized during development of the related project asset and depreciated over its estimated useful life. The Group capitalised such internal costs amounting to INR 2,776 during the year ended March 31, 2022 (March 31, 2021: INR 1,649, March 31, 2020: INR 1,713)

Impairment of goodwill

The key assumptions used to determine the recoverable amount for the different CGUs are disclosed and further explained in Note 6.

Provision for expected credit losses of trade receivables

The Group uses a provision matrix to calculate ECLs for trade receivables. The provision rates are based on days past due for groupings of various customer segments that have similar loss patterns (i.e., by geography, product type, customer type and rating etc.).

The provision matrix is initially based on the Group’s historical observed default rates. The Group will calibrate the matrix to adjust the historical credit loss experience with forward-looking information. At every reporting date, the historical observed default rates are updated and changes in the forward-looking estimates are analysed. The assessment of the correlation between historical observed default rates, forecast economic conditions and ECLs is a significant estimate. The amount of ECLs is sensitive to changes in circumstances and of forecast economic conditions. The Group’s historical credit loss experience and forecast of economic conditions may also not be representative of customer’s actual default in the future. The information about the ECLs on the Group’s trade receivables is disclosed in Note 8.

Code on Social Security, 2020	12 Months Ended
Code on Social Security, 2020	Mar. 31, 2022
Disclosure of information about defined benefit plans [abstract]
Code on Social Security, 2020	59. Code on Social Security, 2020 The Code on Social Security, 2020 (‘Code’) relating to employee benefits during employment and post-employment benefits received Presidential assent in September 2020. The Code has been published in the Gazette of India. However, the date on which the Code will come into effect has not been notified and the final rules / interpretation have not yet been issued. The Group will assess the impact of the Code when it comes into effect and will record any related impact in the period the Code becomes effective. Based on a preliminary assessment, the Group believes the impact of the change will not be significant.

Impact of COVID- 19	12 Months Ended
Impact of COVID- 19	Mar. 31, 2022
Impact of Covid Nineteen [Abstract]
Impact of COVID-19	60. Impact of COVID-19 Due to outbreak of COVID-19 in India and globally, the Group has continued its assessment of likely impact on economic environment in general and financial risks on account of COVID-19. Considering the fact that the disruptions caused by COVID-19 are significantly reduced and that the business of Group is an essential service as emphasized by the Ministry of Home Affairs and Ministry of Power, Government of India, the management does not see any material risks to its operations or financial statements on account of COVID-19.

Subsequent events	12 Months Ended
Subsequent events	Mar. 31, 2022
Disclosure of non-adjusting events after reporting period [abstract]
Subsequent events	61. Subsequent events The Group has evaluated subsequent events through July 25, 2022, which is the date when the consolidated financial statements were authorised for issuance. There are no events which would require any material adjustments or disclosures in these consolidated financial statements.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Mar. 31, 2022

Disclosure Of Summary of Significant Accounting Policies [Abstract]

Business combinations and goodwill

- Potential tax effects of temporary differences and carry forwards of an acquiree that exist at the acquisition date or arise as a result of the acquisition are accounted in accordance with IAS 12.

Investment in associates and jointly controlled entities (joint ventures)

Interests in joint operations

When a Group entity undertakes its activities under joint operations, the Group as a joint operator recognises in relation to its interest in a joint operation:

•

its assets, including its share of any assets held jointly;

•

its liabilities, including its share of any liabilities incurred jointly;

•

its revenue from the sale of its share of the output arising from the joint operation;

•

its share of the revenue from the sale of the output by the joint operation; and

•

its expenses, including its share of any expenses incurred jointly.

Current versus non-current classification

The Group presents assets and liabilities in the statement of financial position based on current / non-current classification.

An asset is treated as current when it is:

•

Expected to be realised or intended to sold or consumed in normal operating cycle

•

Held primarily for the purpose of trading

•

Expected to be realised within twelve months after the reporting period, or

•

Cash or cash equivalents unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period

All other assets are classified as non-current.

A liability is treated as current when it is:

•

Expected to be settled in normal operating cycle

•

Held primarily for the purpose of trading

•

Due to be settled within twelve months after the reporting period, or

•

There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period

All other liabilities are classified as non-current.

Deferred tax assets / liabilities are classified as non-current assets / liabilities.

Fair value measurement

The Group measures financial instruments, such as, derivatives at fair value at each reporting date.

•

In the principal market for the asset or liability, or

•

In the absence of a principal market, in the most advantageous market for the asset or liability

The principal or the most advantageous market must be accessible by the Group.

•

Level 1 - Quoted (unadjusted) market prices in active markets for identical assets or liabilities

•

Level 2 - Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable

•

Level 3 - Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable

This note summarises the accounting policy for determination of fair value. Other fair value related disclosures are given in the relevant notes as following:

•

Disclosures for significant estimates and assumptions (refer Note 58)

•

Quantitative disclosures of fair value measurement hierarchy (refer Note 48)

•

Financial instruments (including those carried at amortised cost) (refer Note 47 and 48)

Revenue recognition

(i)

Revenue

Sale of power

Income from supply of power is recognised over time on the supply of units generated from plant to the grid as per terms of the Power Purchase Agreement (PPA) entered into with the customers.

Income from services (management consultancy)

Sale of equipment

Income from operation and maintenance services

Revenue from operation and maintenance services are recognised over time as per the terms of agreement.

Revenue from Engineering Procurement and Construction (EPC) Contracts

Variable consideration

- Rebates

In some PPAs, the Group provide rebates in invoice if payment is made before the due date. These are adjusted against revenue and are offset against amounts payable by the customers.

- Significant financing component

(ii)

Contract balances

Contract assets

Contract liabilities

Trade receivables

(iii)

Others

Income from compensation for loss of revenue

Income from compensation for loss of revenue is recognised after certainty of receipt of the same is established.

Foreign currencies

Foreign currency translation

Group companies

Taxes

Current income tax

Deferred tax

Deferred tax liabilities are recognised for all taxable temporary differences, except:

Minimum Alternate Tax

Government grants

Generation based incentive

Subsidy (Viability Gap Funding)

Sale of emission reduction certificates

Property, plant and equipment

Subsequent costs

Derecognition

Intangible assets

Intangible assets with finite lives are amortised over the useful life and assessed for impairment whenever there is an indication that the intangible asset may be impaired.

Development costs

Development expenditures on an individual project are recognised as an intangible asset when the Group can demonstrate:

•

The technical feasibility of completing the intangible asset so that the asset will be available for use or sale

•

Its intention to complete and its ability and intention to use or sell the asset

•

How the asset will generate future economic benefits

•

The availability of resources to complete the asset

•

The ability to measure reliably the expenditure during development

Depreciation / amortisation of property, plant and equipment and intangible assets

Depreciation and amortisation are calculated on a straight-line basis over the estimated useful lives of the assets as follows:


	Category	Life (in years)
	Plant and equipment (solar rooftop projects)*	25 or terms of PPA, whichever is less (15-25)
	Plant and equipment (wind and solar power projects)*	30-35
	Plant and equipment (others)	5-18
	Office equipment	5
	Furniture and fixture	10
	Computers	3
	Computer servers	6
	Computer software	3-6
	Customer contracts	25
	Development rights	25
	Leasehold improvements	Useful life or lease term (5 years), whichever is lower
	Building (Temporary structure)	3