Document And Entity Information
Document And Entity Information | 12 Months Ended |
Mar. 31, 2023 shares | |
Document Information Line Items | |
Entity Registrant Name | Azure Power Global Limited |
Trading Symbol | AZRE |
Document Type | 20-F |
Current Fiscal Year End Date | --03-31 |
Entity Common Stock, Shares Outstanding | 64,166,360 |
Amendment Flag | false |
Entity Central Index Key | 0001633438 |
Entity Current Reporting Status | No |
Entity Voluntary Filers | No |
Entity Filer Category | Accelerated Filer |
Entity Well-known Seasoned Issuer | No |
Document Period End Date | Mar. 31, 2023 |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | FY |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
ICFR Auditor Attestation Flag | true |
Document Registration Statement | false |
Document Transition Report | false |
Document Annual Report | true |
Document Shell Company Report | false |
Entity File Number | 001-37909 |
Entity Incorporation, State or Country Code | O4 |
Entity Address, Address Line One | 8th Floor |
Entity Address, Address Line Two | Tower A, DLF Infinity, Cyber City |
Entity Address, Address Line Three | Phase II, Gurugram-122002 |
Entity Address, Postal Zip Code | Gurugram-122002 |
Entity Address, City or Town | Haryana |
Entity Address, Country | IN |
Title of 12(b) Security | Equity Shares, par value US$0.000625 per share |
Security Exchange Name | NYSE |
Document Financial Statement Error Correction [Flag] | false |
Entity Interactive Data Current | No |
Document Accounting Standard | U.S. GAAP |
Auditor Location | India |
Auditor Name | ASA & Associates LLP |
Auditor Firm ID | 3083 |
Business Contact | |
Document Information Line Items | |
Entity Address, Address Line One | 8th Floor |
Entity Address, Address Line Two | Tower A, DLF Infinity, Cyber City |
Entity Address, Address Line Three | Phase II, Gurugram-122002 |
Entity Address, Postal Zip Code | Gurugram-122002 |
Entity Address, City or Town | Haryana |
Entity Address, Country | IN |
Contact Personnel Name | Sunil Gupta |
City Area Code | +91 |
Local Phone Number | 124 4155755 |
Contact Personnel Email Address | sunil.gupta@azurepower.com |
Consolidated Balance Sheets
Consolidated Balance Sheets ₨ in Millions, $ in Millions | Mar. 31, 2023 INR (₨) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 INR (₨) | |||
Current assets: | ||||||
Cash and cash equivalents | ₨ 12,724 | $ 154.7 | ₨ 18,796 | |||
Restricted cash | 7,764 | 94.5 | 3,784 | |||
Accounts receivable, net | 5,713 | 69.5 | 6,041 | |||
Investments in held to maturity securities | 7 | 0.1 | 6 | |||
Inventory | 13 | 0.2 | ||||
Prepaid expenses and other current assets | 1,630 | 20 | 1,925 | |||
Assets classified as held for sale | [1] | 127 | ||||
Total current assets | 27,851 | 339 | 30,679 | |||
Restricted cash | 479 | 5.8 | 726 | |||
Property, plant and equipment, net | 143,639 | 1,747.6 | 144,332 | |||
Software, net | 1 | 0 | 8 | |||
Accounts receivable, net | 3,896 | 47.4 | 3,203 | |||
Deferred income taxes | 1,137 | 13.8 | 1,920 | |||
Right-of-use assets | [2] | 4,346 | 52.9 | 4,465 | ||
Other assets | 8,730 | 106.2 | 5,190 | |||
Investments | 457 | 5.6 | 96 | |||
Total assets | 190,536 | 2,318.3 | 190,619 | |||
Current liabilities: | ||||||
Short-term debt | 7,840 | 95.4 | 7,036 | |||
Accounts payable | 1,504 | 18.3 | 3,573 | |||
Current portion of long-term debt | 9,414 | [3] | 114.5 | [3] | 9,209 | |
Income taxes payable | 386 | 4.7 | 181 | |||
Interest payable | 1,098 | 13.4 | 1,003 | |||
Deferred revenue | 308 | 3.7 | 230 | |||
Lease liabilities | 292 | 3.6 | 300 | |||
Other liabilities | 5,357 | 65.2 | 5,009 | |||
Liabilities directly associated with assets classified as held for sale | [1] | 73 | ||||
Total current liabilities | 26,199 | 318.8 | 26,614 | |||
Non-current liabilities: | ||||||
Long-term debt | 114,191 | 1,389.4 | 112,542 | |||
Deferred revenue | 6,688 | 81.4 | 5,417 | |||
Deferred income taxes | 3,338 | 40.6 | 1,936 | |||
Asset retirement obligations | 1,112 | 13.5 | 902 | |||
Lease liabilities | 3,408 | 41.5 | 3,534 | |||
Other liabilities | 65 | 0.8 | 98 | |||
Total liabilities | 155,001 | 1,886 | 151,043 | |||
Shareholders’ equity | ||||||
Equity shares, US$0.000625 par value; 64,161,490 and 64,166,360 shares issued and outstanding as of March 31, 2022, and March 31, 2023, respectively | 3 | 0 | 3 | |||
Additional paid-in capital | 56,743 | 690.4 | 56,726 | |||
Accumulated deficit | (17,597) | (214.1) | (15,312) | |||
Accumulated other comprehensive loss | (4,239) | (51.6) | (2,503) | |||
Total APGL shareholders’ equity | 34,910 | 424.7 | 38,914 | |||
Non-controlling interest | 625 | 7.6 | 662 | |||
Total shareholders’ equity | 35,535 | 432.3 | 39,576 | |||
Total liabilities and shareholders’ equity | ₨ 190,536 | $ 2,318.3 | ₨ 190,619 | |||
[1]Also refer note 2(u) and note 23 relating to assets and liabilities directly associated with assets classified as held for sale.[2]Also see note 27. “Whistle-blower Allegations and Special Committee Investigation” for adjustment towards payment made to land aggregators[3]Long term debt (principal) obligations for foreign currency denominated borrowings have been translated to Indian rupees using the closing exchange rate as of March 31, 2023 as per Reserve Bank of India. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 |
Statement of Financial Position [Abstract] | |||
Equity shares, par value (in Dollars per share) | $ 0.000625 | ||
Equity shares, issued | 64,166,360 | 64,161,490 | 48,195,962 |
Equity shares, outstanding | 64,166,360 | 64,161,490 |
Consolidated Statements of Oper
Consolidated Statements of Operations ₨ in Millions, $ in Millions | 12 Months Ended | |||
Mar. 31, 2023 INR (₨) ₨ / shares shares | Mar. 31, 2023 USD ($) $ / shares shares | Mar. 31, 2022 INR (₨) ₨ / shares shares | Mar. 31, 2021 INR (₨) ₨ / shares shares | |
Operating revenues: | ||||
Revenue from customers | ₨ 20,748 | $ 252.4 | ₨ 18,341 | ₨ 15,236 |
Operating costs and expenses: | ||||
Cost of operations (exclusive of depreciation and amortization shown separately below) | 1,825 | 22.2 | 1,597 | 1,261 |
General and administrative | 4,777 | 58.1 | 2,067 | 2,988 |
Depreciation and amortization | 4,024 | 49 | 3,667 | 3,202 |
Impairment loss/(reversal) | 1,279 | 15.6 | (80) | 3,255 |
Total operating costs and expenses: | 11,905 | 144.9 | 7,251 | 10,706 |
Operating income | 8,843 | 107.5 | 11,090 | 4,530 |
Other expense, net: | ||||
Interest expense, net | 8,375 | 101.9 | 11,930 | 8,410 |
Other (income) / expenses | (30) | (0.4) | 3 | 18 |
Loss/ (Gain) on foreign currency exchange, net | 157 | 1.9 | (33) | 7 |
Total other expenses/ (income), net | 8,502 | 103.4 | 11,900 | 8,435 |
(Loss)/Profit before income tax | 341 | 4.1 | (810) | (3,905) |
Income tax expense | (2,663) | (32.4) | (1,316) | (296) |
Net loss | (2,322) | (28.3) | (2,126) | (4,201) |
Less: Net profit / (loss) attributable to non-controlling interest | (37) | (0.5) | (22) | 5 |
Net loss attributable to APGL equity Shareholders | ₨ (2,285) | $ (27.8) | ₨ (2,104) | ₨ (4,206) |
Net profit / (loss) per share attributable to APGL equity Shareholders | ||||
Basic (in Dollars per share and Rupees per share) | (per share) | ₨ (35.61) | $ (0.43) | ₨ (41.36) | ₨ (87.66) |
Diluted (in Dollars per share and Rupees per share) | (per share) | ₨ (35.61) | $ (0.43) | ₨ (41.36) | ₨ (87.66) |
Shares used in computing basic and diluted per share amounts | ||||
Basic (in Shares) | 64,166,360 | 64,166,360 | 50,876,360 | 47,979,581 |
Diluted (in Shares) | 64,166,360 | 64,166,360 | 50,876,360 | 47,979,581 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss ₨ in Millions, $ in Millions | 12 Months Ended | |||
Mar. 31, 2023 INR (₨) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 INR (₨) | Mar. 31, 2021 INR (₨) | |
Statement of Comprehensive Income [Abstract] | ||||
Net loss attributable to APGL equity Shareholders | ₨ (2,285) | $ (27.8) | ₨ (2,104) | ₨ (4,206) |
Add: Non-controlling interest | (37) | (0.5) | (22) | 5 |
Less: Total comprehensive income attributable to non-controlling interest, included in other comprehensive loss/(gain) | ||||
Other comprehensive (loss)/gain, net of tax | ||||
Foreign currency translation | (4,603) | (56) | 2,943 | 1,600 |
Effective portion of cash flow hedge | 3,448 | 42 | (5,227) | (778) |
Income tax effect on effective portion of cash flow hedge | (581) | (7.1) | 753 | 143 |
Unrealized loss on available-for-sale securities | ||||
Income tax effect on unrealized gain/(loss) on available for sale of securities | ||||
Total other comprehensive (loss)/gain | (1,736) | (21.1) | (1,531) | 965 |
Total comprehensive income/ (loss) | ₨ (4,058) | $ (49.4) | ₨ (3,657) | ₨ (3,236) |
Consolidated Statements of Shar
Consolidated Statements of Shareholders’ Equity ₨ in Millions, $ in Millions | Equity share capital INR (₨) | Equity share capital USD ($) | Additional paid-in capital INR (₨) | Additional paid-in capital USD ($) | Accumulated other comprehensive loss INR (₨) | Accumulated other comprehensive loss USD ($) | [1] | Accumulated deficit INR (₨) | Accumulated deficit USD ($) | Total APGL shareholders’ equity INR (₨) | Total APGL shareholders’ equity USD ($) | Non- controlling interests INR (₨) | Non- controlling interests USD ($) | INR (₨) | USD ($) | ||
Balance (in INR) at Mar. 31, 2020 | ₨ 2 | ₨ 37,533 | ₨ (1,937) | [1] | ₨ (8,580) | ₨ 27,018 | ₨ 199 | ₨ 27,217 | |||||||||
Proceeds from issuance of equity shares | 424 | [1] | 424 | 424 | |||||||||||||
Net profit (loss) | [1] | (4,206) | (4,206) | 5 | (4,201) | ||||||||||||
Other comprehensive Income (loss) | 965 | [1] | 965 | 965 | |||||||||||||
Share based compensation | 47 | [1] | 47 | 47 | |||||||||||||
Balance (in INR) at Mar. 31, 2021 | 2 | 38,004 | (972) | [1] | (12,786) | 24,248 | 204 | 24,452 | |||||||||
Transaction with NCI | [1] | (422) | (422) | 480 | 58 | ||||||||||||
Proceeds from issuance of equity shares | [2] | 1 | 18,621 | [1] | 18,622 | 18,622 | |||||||||||
Net profit (loss) | [1] | (2,104) | (2,104) | (22) | (2,126) | ||||||||||||
Other comprehensive Income (loss) | (1,531) | [1] | (1,531) | (1,531) | |||||||||||||
Share based compensation | 101 | [1] | 101 | 101 | |||||||||||||
Balance (in INR) at Mar. 31, 2022 | 3 | 56,726 | (2,503) | [1] | (15,312) | 38,914 | 662 | 39,576 | |||||||||
Proceeds from issuance of equity shares | [3] | [1] | |||||||||||||||
Net profit (loss) | [1] | (2,285) | (2,285) | (37) | (2,322) | $ (28.3) | |||||||||||
Other comprehensive Income (loss) | (1,736) | (1,736) | (1,736) | (21.1) | |||||||||||||
Share based compensation | 17 | [1] | 17 | 17 | |||||||||||||
Balance (in INR) at Mar. 31, 2023 | ₨ 3 | ₨ 56,743 | ₨ (4,239) | [1] | ₨ (17,597) | ₨ 34,910 | ₨ 625 | ₨ 35,535 | 432.3 | ||||||||
Balance (in Dollars) | $ | $ 0 | $ 690.4 | $ (51.6) | $ (214.1) | $ 424.7 | $ 7.6 | $ 432.4 | ||||||||||
[1]Refer note 16 for components of accumulated other comprehensive loss.[2]Includes the related immaterial impact of restricted stock units (“RSU”) which had been converted into restricted stock (“RS”)/ share-based settlement during the previous year.[3]Refer note 16 for reconciliation of number of equity shares. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows ₨ in Millions, $ in Millions | 12 Months Ended | ||||
Mar. 31, 2023 INR (₨) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 INR (₨) | Mar. 31, 2021 INR (₨) | ||
Cash flow from operating activities | |||||
Net Profit/ (loss) | ₨ (2,322) | $ (28.3) | ₨ (2,126) | ₨ (4,201) | |
Adjustments to reconcile net (loss)/profit to net cash provided by/(used in) operating activities: | |||||
Income taxes and deferred tax | 1,614 | 19.6 | 457 | (329) | |
Depreciation and amortization | 4,024 | 49 | 3,667 | 3,202 | |
Impairment loss//(reversal) | 1,279 | 15.6 | (80) | 3,255 | |
Amortization of derivative instrument | 1,726 | 21 | 1,576 | 1,918 | |
Loss on disposal of property plant and equipment | 242 | 2.9 | 167 | 32 | |
Share based compensation | (629) | (7.7) | (295) | 1,001 | |
Amortization of debt financing costs | 336 | 4.1 | 1,107 | 369 | |
Employee benefit | (3) | 0 | 13 | 45 | |
ARO accretion | 83 | 1 | 46 | 42 | |
Interest income from investments | (41) | (0.5) | |||
Non-cash rent expense | 121 | 1.5 | 354 | 169 | |
Allowance for doubtful accounts/ credit losses (net) | 551 | 6.7 | (97) | 294 | |
Loan prepayment charges | 1,608 | 257 | |||
Foreign exchange loss/(gain), net | 157 | 1.9 | (33) | 7 | |
Change in Operating lease right-of-use assets | (349) | (4.2) | (809) | (371) | |
Change in Operating lease liabilities | 213 | 2.6 | 497 | 125 | |
Changes in operating assets and liabilities | |||||
Accounts receivable, net | (916) | (11.1) | (1,057) | (874) | |
Prepaid expenses and other current assets | 388 | 4.7 | (862) | 20 | |
Inventory | (13) | (0.2) | |||
Other assets | 273 | 3.3 | (3,565) | 112 | |
Accounts payable | (994) | (12.1) | 347 | (176) | |
Interest payable | 108 | 1.3 | (520) | (83) | |
Deferred revenue | 1,349 | 16.4 | 3,184 | 224 | |
Other liabilities | 760 | 9.2 | 1,018 | (61) | |
Net cash provided by operating activities | 7,957 | 96.7 | 4,597 | 4,977 | |
Cash flows from investing activities | |||||
Purchase of property plant and equipment | (5,953) | (72.4) | (40,869) | (18,909) | |
Purchase of software | 3 | 0 | (21) | (10) | |
Investment | (362) | (4.4) | (94) | ||
Proceeds from disposal of subsidiaries | 54 | 0.7 | 1,557 | ||
Net cash used in investing activities | (6,258) | (76.1) | (39,427) | (18,919) | |
Cash flows from financing activities | |||||
Proceeds from issuance of Green Bonds | 30,285 | ||||
Proceeds from term and other debt | 3,104 | 37.8 | 84,663 | 25,510 | |
Repayment of Green bonds | (5,175) | (63) | (37,069) | ||
Repayments of term and other debt | [1] | (2,047) | (24.9) | (52,953) | (10,563) |
Loan prepayment charges | (1,608) | (257) | |||
Proceeds from issuance of equity shares | 18,622 | 402 | |||
Net cash provided by financing activities | (4,118) | (50.1) | 41,940 | 15,092 | |
Effect of exchange rate changes on cash and cash equivalents, and restricted cash | 80 | 0.9 | 38 | 8 | |
Net increase in cash and cash equivalents, and restricted cash (refer note 2 (f)) | (2,419) | (29.5) | 7,110 | 1,150 | |
Cash and cash equivalents and restricted cash at the beginning of the period | 23,306 | 283.6 | 16,158 | 15,517 | |
Less: Cash and cash equivalents and restricted cash, held for sale | (517) | ||||
Cash and cash equivalents and restricted cash at the end of the period | 20,967 | 255 | 23,306 | 16,158 | |
Supplemental disclosure of cash flow information | |||||
Cash paid during the year for interest | 9,781 | 119 | 10,656 | 8,918 | |
Cash paid during the year for income taxes | ₨ 986 | $ 12 | ₨ 1,011 | ₨ 488 | |
[1]Includes INR 2,117 million, INR 1,840 million and INR 1,851 million (US$22.5 million) paid towards hedging costs for Solar Green Bonds for the year ended March 31, 2021, 2022, and 2023, respectively. |
Organization
Organization | 12 Months Ended |
Mar. 31, 2023 | |
Organization [Abstract] | |
Organization | 1. Organization Azure Power Global Limited (“APGL” or “Azure”) organized under the laws of Mauritius was incorporated on January 30, 2015. APGL’s subsidiaries are organized under the laws of India (except for one U.S. subsidiary and two subsidiaries in Mauritius) and are engaged in the development, construction, ownership, operation, maintenance and management of renewable energy assets based on long-term contracts (Power Purchase Agreements or “PPA”) with Indian Government energy distribution companies as well as other Indian non-governmental energy distribution companies and Indian commercial customers. APGL and its subsidiaries are hereinafter referred to as the “Company”. During the previous year the Company has entered into a sale agreement for the disposal of its rooftop business. See also Note 23. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2023 | |
Summary of Significant Accounting Policies [Abstract] | |
Summary of significant accounting policies | 2. Summary of significant accounting policies (a) Basis of presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) and are presented in Indian rupees (“INR”), unless otherwise stated. The consolidated financial statements include the accounts of APGL and companies which are directly or indirectly controlled by APGL. All intercompany accounts and transactions have been eliminated upon consolidation. Certain balances relating to prior years have been reclassified, wherever required, to conform to the current year presentation. All share and per share amounts presented in the consolidated financial statements have been adjusted to reflect the 16-for-1 stock split of the Company’s equity shares that was effective on October 6, 2016. (b) Use of estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, costs, expenses and comprehensive loss/ gain that are reported and disclosed in the consolidated financial statements and accompanying notes. These estimates are based on management’s best knowledge of current events, historical experience, actions the Company may undertake in the future and on various other assumptions that are believed to be prudent and reasonable under the circumstances. Significant estimates and assumptions are used for, but not limited to impairment of and useful lives of property, plant and equipment, determination of asset retirement obligations, valuation of derivative instruments, hedge accounting, lease liabilities, right to use asset, allowances for doubtful accounts based on payment history, credit rating, valuation of share-based compensation, income taxes, energy kilowatts expected to be generated over the useful life of the solar power plant, estimated transaction price, including variable consideration, of the Company’s revenue contracts, impairment of other assets, impairment of net assets classified as held for sale and other contingencies and commitments. Although these estimates are based upon management’s best knowledge of current events and actions, actual results could differ from these estimates, and such differences may be material to the consolidated financial statements. Principles of Consolidation The accompanying consolidated financial statements include the accounts of APGL, its subsidiaries, and variable interest entities (“VIE”), where the Company has determined it is the primary beneficiary and are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The Company uses the equity method to account for its investments in entities where it exercises significant influence over operating and financial policies but does not retain control under either the voting interest model (generally 20% to 50% ownership interest) or the variable interest model. The Company has eliminated all intercompany accounts and transactions. (c) Foreign currency translation and transactions The functional currency of APGL is the United States Dollar (“US$”) and reporting currency is Indian rupees (“INR”). The Company’s subsidiaries with operations in India use INR as the functional currency and the subsidiaries in the United States and Mauritius use US$ as the functional currency. The financial statements of APGL and its subsidiaries, other than subsidiaries with a functional currency of INR, are translated into INR using the exchange rate as of the balance sheet date for assets and liabilities, historical exchange rates for equity transactions and average exchange rate for the year for income and expense items. Translation gains and losses are recorded in accumulated other comprehensive income or expenses as a component of shareholders’ equity. Transactions in currencies other than the functional currency are measured and recorded in the functional currency using the exchange rate in effect at the date of the transaction. At the balance sheet date, monetary assets and liabilities that are denominated in currencies other than the functional currency are translated into the functional currency using the exchange rate at the balance sheet date. All gains and losses arising from foreign currency transactions are recorded in the determination of net income or loss/(gain) during the year in which they occur. Revenue, expense and cash flow items are translated using the average exchange rates for the respective period. The resulting gains and losses from such translations are excluded from the determination of earnings and are recognized instead in accumulated other comprehensive loss/ (gain), which is a separate component of shareholders’ equity. Realized and unrealized foreign currency transaction gains and losses, other than those hedged by the Company, arising from exchange rate fluctuations on balances denominated in currencies other than the functional currency of an entity, such as those resulting from the Company’s borrowings in other than functional currency is included in Loss/(gain) on foreign currency exchange, net in the consolidated statements of operations. (d) Convenience translation Translation of balances in the consolidated balance sheets and the consolidated statements of operations, comprehensive loss, shareholders’ equity and cash flows from INR into US$, as of and for the year ended March 31, 2023 are solely for the convenience of the readers and were calculated at the rate of US$1.00 = INR 82.19 , the noon buying rate in New York City for cable transfers in non U.S. currencies, as certified for customs purposes by the Federal Reserve Bank of New York on March 31, 2023 . No representation is made that the INR amounts could have been, or could be, converted, realized or settled into US$ at that rate on March 31, 2023, or at any other rate. (e) Cash and cash equivalents Cash and cash equivalents include demand deposits with banks, term deposits and all other highly liquid investments purchased with an original maturity of three months or less at the date of acquisition and that are readily convertible to cash. The Company has classified term deposits totalling INR 10,482 million and INR 11,850 million (US$144.2 million) as of March 31, 2022 and 2023, respectively, as cash and cash equivalents, because the Company has the ability to redeem these deposits at any time subject to an immaterial interest rate forfeiture. All term deposits are readily convertible into known amount of cash with no more than one day notice. (f) Restricted cash Restricted cash consists of cash balances restricted as to withdrawal or usage and relates to cash used to collateralize bank letters of credit supporting the purchase of equipment for solar power plants, bank guarantees issued in relation to the construction of the solar power plants within the timelines stipulated in PPAs and for certain debt service reserves required under the Company’s loan agreements. Restricted cash is classified into current and non-current portions based on the term of the deposit and the expiration date of the underlying restriction. The following table presents the components of cash and cash equivalents and restricted cash included in the consolidated balance sheets that sums to the total of such amounts in the Consolidated Statements of Cash Flows: March 31, 2021 2022 2023 2023 (INR) (INR) (INR) (US$) (In million) Current Assets Cash and cash equivalents 11,107 18,796 12,724 154.7 Restricted cash 4,881 3,784 7,764 94.5 Non-Current Assets Restricted cash 170 726 479 5.8 Cash and cash equivalents and restricted cash 16,158 23,306 20,967 255.0 (g) Investments The Company determines the appropriate classification of investment securities at the time of purchase and re-evaluates such designation at each balance sheet date. The investment securities held by the Company during the periods presented in the accompanying consolidated financial statements are classified as available-for-sale (short-term investments), consisting of liquid mutual funds units and held-to-maturity investments (long-term investments), consisting of Notes of the Bank of Mauritius. The Company accounts for its investments in accordance with Financial Accounting Standards Board (“FASB”) ASC Topic 320, Accounting for Certain Investments in Debt and Equity Securities Securities that the Company has positive intent and ability to hold until maturity are classified as held-to-maturity securities and stated at amortized cost. As of March 31, 2022, and March 31, 2023, amortized cost of held-to-maturity investments was INR 6 million and INR 7 million (US$0.1 million), respectively. Realized gains and losses and a decline in value judged to be other than temporary on these investments are included in the consolidated statements of operations. The cost of securities sold or disposed is determined on the First in First Out (“FIFO”) method. (h) Accounts receivable, net The Company adopted “ASC Topic 326” Financial Instruments — Credit Losses, effective April 1, 2020 using the modified retrospective transition approach. The new guidance requires the measurement and recognition of expected credit losses (ECL) for financial assets held at amortized cost and replaces the existing incurred loss impairment model with an expected loss model using the forward-looking information to calculate credit loss estimates. The new model requires consideration of a broader range of relevant information, such as off take ratings historical loss experience, current economic conditions, and reasonable and supportable forecasts. The impact of adoption of this guidance did not have a material effect on the Company’s financial statements. Credit Risk Credit risk is the risk that counterparty will not meet its obligations under a financial instrument which consists principally of accounts receivables, cash and cash equivalents and restricted cash, leading to a financial loss. Customer credit risk is managed using the Company’s established policy, procedures and control relating to customer credit risk management. Outstanding accounts receivables are regularly monitored. The Company’s accounts receivables are generated by selling energy to customers and are reported net of any allowance for uncollectible accounts. The allowance for credit losses is based on various factors, including the length of time receivables are past due, significant one-time events, the financial health of customers and historical experience. The allowance for credit losses at March 31, 2022 and March 31, 2023 was INR 285 million and INR 836 million (US$10.2 million), respectively. (i) Property, plant and equipment Property, plant and equipment represents the costs of completed and operational solar power plants, as well as the cost of furniture and fixtures, vehicles, office and computer equipment, leasehold improvements, freehold land and construction in progress. Construction in progress represents the accumulated cost of solar power plants that have not been placed into service at the date of the balance sheet. Construction in progress includes the cost of solar modules for which the Company has taken legal title, civil engineering, electrical and other related costs incurred during the construction of a solar power plant. Construction in progress is reclassified to property, plant and equipment when the project begins its commercial operations. Property, plant and equipment are stated at cost, less accumulated depreciation and accumulated impairment losses. Depreciation is calculated using the straight-line method over the assets’ estimated useful lives as follows: Plant and machinery (solar power plants) 25-35 years Building 25-35 years Furniture and fixtures 5 years Vehicles 5 years Office equipment 1-5 years Computers 3 years Leasehold improvements related to office facilities are depreciated over the shorter of the lease period or the estimated useful life of the improvement. Lease hold improvements on the solar power plant sites are depreciated over the shorter of the lease term or the remaining period of the PPAs undertaken with the respective customer. Freehold land is not depreciated. Construction in progress is not depreciated until it is ready to be used. Improvements to property, plant and equipment deemed to extend the useful economic life of an asset are capitalized. Maintenance and repairs that do not improve efficiency or extend the estimated economic life of an asset are expensed as incurred. Additional capacity, if any, added to property plant and equipment is depreciated over the remaining estimated useful live. Capitalized interest Interest incurred on funds borrowed to finance construction of solar power plants is capitalized until the plant is ready for its intended use. The amount of interest capitalized during the years ended March 31, 2021, 2022 and 2023 were INR 333 million, INR 595 million and INR 344 million (US$4.2 million), respectively. (j) Accounting for impairment of long-lived assets The Company periodically evaluates whether events have occurred that would require revision of the remaining useful life of property, plant and equipment and improvements, or render their carrying value not recoverable. If such circumstances arise, the Company uses an estimate of the undiscounted value of expected future operating cash flows to determine whether the long-lived assets are impaired. If the aggregate undiscounted cash flows are less than the carrying amount of the assets, the resulting impairment charge to be recorded is calculated based on the excess of the carrying value of the assets over the fair value of such assets, with the fair value determined based on an estimate of discounted future cash flows, appraisals, or other valuation techniques. Other than the planned disposal of the Company’s rooftop business, impairment of assets related to manufacturing linked tender and impairment of one of the project, there were no impairment charges related to remaining long-lived assets recognized during the years ended March 31, 2022, and 2023 respectively. See also note 23. (k) Leases and land use rights In February 2016, the FASB issued ASU 2016-02, Leases (“ASC Topic 842”), to increase transparency and comparability among organizations by recognizing a right-of-use asset and a lease liability on the balance sheet for all leases with terms longer than 12 months and disclosing key information about leasing transactions. In July 2018, the FASB issued ASU 2018-11, Leases (Topic 842) – Targeted Improvements, which provided an optional transition method to apply the new lease requirements through a cumulative-effect adjustment in the period of adoption. The Company adopted the guidance effective April 1, 2019 using the modified retrospective approach and elected certain practical expedients permitted under the transition guidance. The majority of the Company’s leases relate to leasehold land on which the solar power plants are constructed on and leases related to office facilities. The leasehold land related to solar power plants has a lease term ranging between 2 to 35 year which is further extendable on mutual agreement by both lessor and lessee. Where applicable, the company has the consent from the lessors to extend the leases up to 35 years. These leases have rent escalation ranging between 5% to 10%, over the tenure of the lease. All existing leases on the date of adoption of ASC Topic 842, were classified as operating leases as they were concluded at their inception under previous guidance of ASC Topic 840, as permitted by the practical expedient package elected. As the implicit rate in the lease contract is not readily determinable, the company has used its average incremental rate of borrowing of 10% for the purposes of the determination of discount rate. The weighted average remaining lease term for operating leases is 29 years. On Adoption of ASC 842, all the lease arrangements entered prior to adoption continued to be classified as operating leases. The Company has made an assessment for lease arrangements entered during the year and classified them as operating leases. The Company did not have any finance lease during any of the periods presented in the accompanying consolidated financial statements. The Company is a lessee in several non-cancellable operating leases, primarily for construction of solar power plants and for office facilities. The Company determines if an arrangement is or contains a lease at contract inception. The Company recognizes a right-of-use (“ROU”) asset and a lease liability at the lease commencement date. For operating leases, the lease liability is initially and subsequently measured at the present value of the unpaid lease payments at the lease commencement date. Key estimates and judgments include how the Company determines (1) the discount rate it uses to discount the unpaid lease payments to present value, (2) lease term and (3) lease payments. ASC Topic 842 requires a lessee to discount its unpaid lease payments using the interest rate implicit in the lease or, if that rate cannot be readily determined, its incremental borrowing rate. Generally, the Company cannot determine the interest rate implicit in the lease because it does not have access to the lessor’s estimated residual value or the amount of the lessor’s deferred initial direct costs. Therefore, the Company generally uses its incremental borrowing rate as the discount rate for the lease. The Company’s incremental borrowing rate for a lease is the rate of interest it would have to pay on a collateralized basis to borrow an amount equal to the lease payments under similar terms. The lease term for all of the Company’s leases includes the non-cancellable period of the lease plus any additional periods covered by either a Company option to extend (or not to terminate) the lease that the Company is reasonably certain to exercise, or an option to extend (or not to terminate) the lease controlled by the lessor. Lease payments included in the measurement of the lease liability comprise of the following: ■ Fixed payments, including in-substance fixed payments, owed over the lease term (which includes termination penalties the Company would owe if the lease term assumes Company exercise of a termination option); ■ Variable lease payments, if any, that depend on an index or rate, initially measured using the index or rate at the lease commencement date; ■ Amounts expected to be payable under a Company-provided residual value guarantee; and ■ The exercise price of a Company option to purchase the underlying asset if the Company is reasonably certain to exercise the option. The ROU asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for lease payments made at or before the lease commencement date, plus any initial direct costs incurred less any lease incentives received. For operating leases, the ROU asset is subsequently measured throughout the lease term at the carrying amount of the lease liability, plus initial direct costs, plus (minus) any prepaid (accrued) lease payments, less the unamortized balance of lease incentives received. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The Company has recognized and reported the Right of Use asset, on consolidated balance sheet by INR 4,346 million (US$52.9 million) as well as Lease Liabilities by INR 3,700 million (US$45.1 million) as at March 31, 2023 and INR 4,465 million in Right of Use asset as well as Lease Liabilities by INR 3,834 million as at March 31, 2022 respectively. During the year ended March 31, 2022 and 2023, the Company recorded lease cost of INR 439 million and INR 436 million (US$5.3 million) respectively. See Note 18 to the consolidated financial statements. ROU assets for operating leases are periodically reduced by impairment losses. The Company uses the long-lived assets impairment guidance in ASC Subtopic 360-10, Property, Plant, and Equipment – Overall, to determine whether a ROU asset is impaired, and if so, the amount of the impairment loss to be recognized. See Note 2(j). The Company monitors for events or changes in circumstances that require a reassessment of one of its leases. When a reassessment results in the remeasurement of a lease liability, a corresponding adjustment is made to the carrying amount of the corresponding ROU asset unless doing so would reduce the carrying amount of the ROU asset to an amount less than zero. In that case, the amount of the adjustment that would result in a negative ROU asset balance is recorded in the consolidated statements of operations. Operating lease ROU assets are presented as operating lease right -of -use assets on the consolidated balance sheet. The current portion of operating lease liabilities is included in other current liabilities and the long-term portion is presented separately as operating lease liabilities on the consolidated balance sheet. The Company has elected not to recognize ROU assets and lease liabilities for short-term leases of warehouses, office, machinery etc. that have a lease term of 12 months or less. The Company recognizes the lease payments associated with its short-term leases as an expense on a straight-line basis over the lease term. The Company’s corporate office leases generally also include non-lease maintenance services (i.e., common area maintenance). The Company allocates the consideration in the contract to the lease and non-lease maintenance component based on each component’s relative standalone price. The Company determines stand-alone prices for the lease components based on the prices for which other lessors lease similar assets on a stand-alone basis. The Company determines stand-alone prices for the non-lease components (i.e., maintenance services) based on the prices that several suppliers charge for maintenance services for similar assets on a stand-alone basis. (l) Asset retirement obligations (ARO) Upon the expiration of the land lease arrangement for solar power plants located on leasehold land, the Company is required to remove the solar power plant and restore the land. The Company records the fair value of the liability for the legal obligation to retire the asset in the period in which the obligation is incurred, which is generally when the asset is constructed. When a new liability is recognized, the Company capitalizes it by increasing the carrying amount of the related long-lived asset, which results in an ARO asset being depreciated over the remaining useful life of the solar power plant. The liability is accreted and expensed to its present expected future value each period based on a credit adjusted risk free interest rate. Upon settlement of the obligation, the Company eliminates the liability and based on the actual cost to retire, may incur a gain or loss. The Company’s asset retirement obligations were INR 902 million and INR 1,112 million (US$13.5 million) as of March 31, 2022 and 2023, respectively. The accretion expense incurred during the years ended March 31, 2021, 2022 and 2023 was INR 42 million, INR 59 million and INR 83 million (US$1.0 million), respectively. The depreciation expense incurred during the years ended March 31, 2021, 2022 and 2023 was INR 23 million, INR 14 million and INR 21 million (US$0.3 million), respectively. During the current year, the carrying amount of the ARO liability is increased by INR 210 million (US$2.6 million) primarily due to commissioning of new projects during the year and accretion expense during the year. The movement in liability during the current year as of March 31, 2023 and comparative year is as below: 2022 (INR) 2023 (INR) 2023 (US$) (In million) Beginning balance 811 902 11.0 Addition during the year 157 127 1.5 Impact of change in estimate (125 ) — — Liabilities settled during the year — — — Accretion expense during the year 59 83 1.0 Ending balance 902 1,112 13.5 (m) Software The Company capitalizes certain internal software development cost under the provision of ASC Topic 350-40 Internal-Use Software (n) Debt financing costs Financing costs incurred in connection with obtaining construction and term financing loans are deferred and amortized over the term of the respective loan using the effective interest rate method. Amortization of debt financing costs is capitalized during construction and recorded as interest expense in the consolidated statements of operations, following commencement of commercial operations of the respective solar power plants. Amortization of debt financing costs for the years ended March 31, 2021, 2022 and 2023 was INR 369 million, INR 1,107 million and INR 336 million (US$4.1 million), including debt financing costs written off related to the debt refinancing amounting to INR 30 million, INR 739 million and INR Nil The carrying value of debt financing costs as on March 31, 2022 and 2023 was INR 1,189 million and INR 1,010 million (US$12.3 million). See Note 12. Further, the Company had debt financing costs of INR 141 million and INR 37 million (US$0.5 million) under other current assets, as on March 31, 2022 and 2023, respectively for facilities not yet drawn. See Note 6. (o) Income taxes Income taxes are recorded under the asset and liability method, as prescribed under ASC Topic 740 Income Taxes, whereby deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax base. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The Company establishes valuation allowances against its deferred tax assets when it is more likely than not that all or a portion of a deferred tax asset will not be realized. The computation of tax liabilities involves dealing with uncertainties in the application of complex tax regulations. The Company applies a two-step approach to recognize and measure uncertainty in income taxes in accordance with ASC Topic 740. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount which is more than 50% likely of being realized upon ultimate settlement through March 31, 2023, the Company does not have any unrecognized tax benefits, nor has it recognized any interest or penalties. During the year ended 2019-20, the Taxation Laws (Amendment) Act, 2019 brought key changes to corporate tax rates in the Income Tax Act, 1961, which reduced the tax rate for certain subsidiaries within the group to 25.17%. Azure Power India Private Limited and several of its subsidiaries which are claiming tax benefits under section 80-IA of the Income Tax Act had decided not to opt for this lower tax benefit and have continued under the old regime for the fiscal year ended March 31, 2023, the statutory income tax rate as per the Income Tax Act, 1961 ranges between 25.17% to 34.94%, depending on the tax regime chosen by the particular subsidiary. (p) Employee benefits Defined contribution plan Eligible employees of the Company in India receive benefits from the Provident Fund, administered by the Government of India, which is a defined contribution plan. Both the employees and the Company make monthly contributions to the Provident Fund equal to a specified percentage of the eligible employees’ salary. The Company has no further funding obligation under the Provident Fund, beyond the contributions elected or required to be made thereunder. Contributions to the Provident Fund by the Company are charged to expense in the period in which services are rendered by the covered employees and amounted to INR 27 million, INR 27 million and INR 27 million (US$0.3 million) for the years ended March 31, 2021, 2022 and 2023, respectively. Defined benefit plan Employees in India are entitled to benefits under the Gratuity Act, a defined benefit post-employment plan covering eligible employees of the Company. This plan provides for a lump-sum payment to eligible employees at retirement, death, and incapacitation or on termination of employment, of an amount based on the respective employee’s salary and tenure of employment. As of March 31, 2022, this plan is unfunded. Current service costs for defined benefit plans are accrued in the period to which they relate. In accordance with ASC Topic 715, Compensation Retirement Benefit- Compensated absences The Company recognizes its liabilities for compensated absences in accordance with ASC Topic 710, Compensation-General (q) Revenue recognition Sale of power consists of solar energy sold to customers under long term Power Purchase Agreements (PPAs), which generally have a term of 25 years. The Company’s customers are generally the Government of India, power distribution companies and, to a lesser extent, commercial and industrial enterprises. Sale of power includes solar power sold through exchange. The Company recognizes revenue on PPAs when the solar power plant generates power and is supplied to the customer in accordance with the respective PPA. The company recognizes revenue each period based on the volume of solar energy supplied to the customer at the price stated in the PPA once the solar energy kilowatts are supplied and collectability is reasonably assured. The solar energy kilowatts supplied by the Company are validated by the customer prior to billing and recognition of revenue. Revenues from the recovery of safe-guard duties and goods and service tax under the change in law provision are recognized over the PPA period in the proportion of the actual sale of solar energy in kilowatts as per the terms agreed with customers or unless contractually agreed otherwise, once collectability is reasonably assured. Revenue from the sale of carbon credit emissions are recognized at the point in time when control of the carbon emission reduction units is transferred. These are initially recognised at cost. The Company applies “ASC Topic 606” Revenue from Contracts with Customers, to recognize revenue from sale of power to its customers. Further, under Topic 606, total consideration for PPAs with scheduled price changes (price escalation is applicable in a solar power plant with 50 MW of operating capacity and price decrease in a solar power plant with 10 MW of operating capacity over the term of PPA) and for significant financing components, is estimated and recognized over the term of the agreement. Price escalations create an unbilled receivable, and the price decreases create deferred revenue. The time value of the significant financing component is recorded as interest expense. The Company uses the discount rate that would be reflected in a separate financing transaction between the entity and its customer at contract inception and recognizes the revenue amount on a straight-line basis over the term of the PPAs, and interest expense using the effective interest rate method. The Company also recognizes incremental costs incurred to obtain a contract in Other Assets in the consolidated balance sheet. These amounts are amortized on a straight-line basis over the term of the PPAs and are included as a reduction to revenue in the consolidated statements of operations. The Company also records the proceeds received from Viability Gap Funding (‘VGF’) on fulfilment of the underlying conditions as deferred revenue. Such deferred VGF revenue is recognized as sale of power in proportion to the actual sale of solar energy during the period to the total estimated sale of solar energy during the tenure of the applicable power purchase agreement or balance tenure of power purchase agreement, as applicable pursuant to the revenue recognition policy. The Company also recognise revenue on Late Payment Surcharge and interest on late payment for power supply on reasonable certainty to expect ultimate collection or otherwise based on actual collection, whichever is earlier. Revenue from customers Revenue from customers, net consists of the following: Year ended March 31, 2021 2022 2023 2023 (INR) (INR) (INR) (US$) (In million) Revenue from Customers: |
Cash and Cash Equivalents
Cash and Cash Equivalents | 12 Months Ended |
Mar. 31, 2023 | |
Cash and Cash Equivalents [Abstract] | |
Cash and cash equivalents | 3. Cash and cash equivalents Cash and cash equivalents consists of the following: As of March 31, 2022 2023 2023 (INR) (INR) (US$) (In million) Balances with current accounts 8,314 874 10.5 Bank demand deposits* 10,482 11,850 144.2 Total 18,796 12,724 154.7 * Includes unrestricted term deposit having maturity more than one year. |
Restricted Cash
Restricted Cash | 12 Months Ended |
Mar. 31, 2023 | |
Restricted Cash [Abstract] | |
Restricted cash | 4. Restricted cash Restricted cash consists of the following: As of March 31, 2022 2023 2023 (INR) (INR) (US$) (In million) Bank demand deposits 3,784 7,764 94.5 Term deposits 726 479 5.8 4,510 8,243 100.3 Restricted cash — current 3,784 7,764 94.5 Restricted cash — non-current 726 479 5.8 |
Accounts Receivable
Accounts Receivable | 12 Months Ended |
Mar. 31, 2023 | |
Accounts Receivable [Abstract] | |
Accounts receivable | 5. Accounts receivable The Company’s accounts receivables are generated by selling energy to customers and are reported net of any allowance for uncollectible accounts. The Company uses ageing analysis, probability of default methods, past facts, significant one-time events, guidelines issued by government authorities, credit rating of customers, current economic conditions and reasonable forecasts that are most relevant in evaluating and estimating the expected credit losses. The Company writes-off an account receivable in the period that it is deemed uncollectible and records a reduction in the ECL and the balance of the account receivables in the balance sheet. The Company evaluates the concentration of risk with respect to its accounts receivables as high, due to the limited number of counterparts for its services, being mainly state utilities and government entities. However, the Company does not foresee any significant credit risk attached to receivables from such state utilities/government entities (also refer note 26 below). The Company analyzed its historical loss information for its accounts receivables and adjusted for forward looking information and determined the following credit loss percentages: March 31, 2023 March 31, 2022 Ageing of accounts receivables Expected Credit Expected Credit Not Due (including unbilled receivables) 0.74 % 0.57 % 0-90 days 8.50 % 2.27 % 90-180 days 20.78 % 3.25 % 180-365 days 31.97 % 3.34 % Above 365 days 100 % 11.19 % Doesn’t include specific provision made for cases under litigation with the customers. March 31, March 31, (INR) (INR) Ageing of accounts receivables*# (In million) (In million) Not Due (including unbilled receivables) 7,855 7,656 0-90 days 801 360 90-180 days 345 192 180-365 days 255 405 Above 365 days 1,189 917 Total accounts receivables 10,445 9,530 * Includes Nil # Includes receivables of INR 3,868 million (US$47.1 million) in relation to claims of Safeguard duties under change in Law provisions of Power purchase agreement. As of March 31, 2022 2023 2023 (INR) (INR) (US$) (In million) Accounts receivable (1) 9,529 10,445 127.1 Less: Allowance for doubtful accounts/ credit losses (285 ) (836 ) (10.2 ) Total 9,244 9,609 116.9 Non-current 3,203 3,896 47.4 Current 6,041 5,713 69.5 Accounts receivable, net consists of the following: (1) Includes INR 5,228 million and INR 5,766 million (US$70.2 million) of unbilled receivables for the year ended March 31, 2022 and 2023, respectively. Activity for the allowance for doubtful accounts/ credit losses is as follows: As of March 31, 2022 2023 2023 (INR) (INR) (US$) (In million) Balance at the beginning of the year 475 285 3.5 Provision for doubtful debts/ expected credit losses (net) (198 ) 551 6.7 Write offs charged against the allowance - - - Reclassified to held for sale - - - Reclassified from held for sale 8 - - Balance at the end of the year 285 836 10.2 In relation to the Company’s 50 MW project in Andhra Pradesh, the Andhra Pradesh DISCOM, Southern Power Distribution Company of Andhra Pradesh Ltd (“APSPDCL”), had issued a letter to the Company requesting the reduction of quoted tariff to INR 2.44 per unit as against the PPA rate of INR 5.89 per unit for solar projects from the date of commissioning and threatened termination of the PPA in case of refusal to accede to such reduction (“Letter”). The Company had challenged the Letter before the High Court at Vijayawada, as well as the decision of the Government of Andhra Pradesh (“GoAP”) to constitute a High-Level Negotiation Committee to review, negotiate, and bring down” the solar energy purchase prices vide order dated July 1, 2019 (“HLNC Order”). The High Court vide its judgment dated September 24, 2019 (“Judgment”), whilst quashing the aforesaid Letter and HLNC Order, granted its implied blessing to Andhra Pradesh DISCOM to approach the Andhra Pradesh Electricity Regulatory Commission (“APERC”) for reduction of tariff by directing APSPDCL to make payment of outstanding and future invoices at the “interim” rate of Rs. 2.44/- per unit, till the dispute is resolved by APERC. Accordingly, the Company has filed a writ appeal challenging the Judgment, whereby the Company has inter alia sought: (i) setting aside of the Judgment to the limited extent of the direction to Discoms to make payment at the “interim” rate of Rs. 2.44 per unit and the implied blessing granted by the High Court to approach the APERC for reduction of tariff; and (ii) quashing of all actions undertaken by the respondents and/or restrain the respondents from taking any action seeking reduction of tariff under the concluded PPA and/or unilateral alteration of the terms of such PPA, pursuant to the directions in the Judgment, including quashing of the proceedings. Further, the appellate authority during several hearings had directed the DISCOM to remit the overdue receivables at interim rate. During the previous year on March 15, 2022, High court of Andhra Pradesh, Amaravati has passed an order in favour of the Company and has directed the discom to make the payments of arrears with within six weeks from the date of this order, at the original rate of INR 5.89 per unit mentioned in PPAs. During the current year, the Company has received a letter from off taker dated August 4, 2022, stating outstanding liability as at May 31, 2022, to be paid in 12 monthly installments. The Company has also received dues pursuant to the same. |
Prepaid Expenses and Other Curr
Prepaid Expenses and Other Current Assets | 12 Months Ended |
Mar. 31, 2023 | |
Prepaid Expenses and Other Current Assets [Abstract] | |
Prepaid expenses and other current assets | 6. Prepaid expenses and other current assets Prepaid expenses and other current assets consist of the following: As of March 31, 2022 2023 2023 (INR) (INR) (US$) (In million) Derivative asset - current (Note 25) 13 210 2.6 Interest receivable on term deposits 98 221 2.7 Prepaid debt financing costs 141 37 0.5 Balance with statutory authorities 267 224 2.7 Prepaid bank guarantee charges 62 35 0.4 Prepaid insurance and other expenses 95 220 2.7 Advance to suppliers 998 95 1.2 Other 251 588 7.2 Total 1,925 1,630 20.0 |
Property, Plant and Equipment,
Property, Plant and Equipment, Net | 12 Months Ended |
Mar. 31, 2023 | |
Property, Plant and Equipment, Net [Abstract] | |
Property, plant and equipment, net | 7. Property, plant and equipment, net Property, plant and equipment, net consists of the following: Estimated As of March 31, Useful Life 2022 2023 2023 (in years) (INR) (INR) (US$) (In million) Plant and machinery (solar power plants) 25-35 135,580 150,631 1832.7 Leasehold improvements — solar power plant 25-35 6,297 6,091 74.1 Furniture and fixtures 5 13 10 0.1 Vehicles 5 83 88 1.1 Office equipment 1-5 125 135 1.6 Computers 3 102 114 1.4 Leasehold improvements — office 1-3 152 152 1.8 142,352 157,221 1,912.8 Less: Accumulated depreciation 15,758 19,685 239.5 Less: Accumulated impairment 2,802 3,368 41.0 123,792 134,168 1,632.3 Freehold land* 3,224 3,748 45.6 Construction in progress 17,316 5,723 69.7 Total 144,332 143,639 1,747.6 Depreciation expense on property, plant and equipment was INR 3,165 million, INR 3,639 million and INR 4,020 million (US$48.9 million) for the years ended March 31, 2021, 2022 and 2023, respectively. Refer note 23 for impairment recognized and classification of assets held for sale during the current year. * Also see note 27. “Whistle-blower Allegations and Special Committee Investigation” for adjustment towards payment made to land aggregators. |
Software, Net
Software, Net | 12 Months Ended |
Mar. 31, 2023 | |
Software Net [Abstract] | |
Software, net | 8. Software, net Estimated As of March 31, Useful Life 2022 2023 2023 (in years) (INR) (INR) (US$) (In million) Software licenses and related implementation costs 3 Years 169 166 2.0 Less: Accumulated amortization 161 165 2.0 Total 8 1 0.0 Aggregate amortization expense for software was INR 37 million, INR 28 million and INR 4 million (US$0.1 million) for the years ended March 31, 2021, 2022 and 2023, respectively. Estimated amortization expense for the years ending March 31, 2024 is INR 1 million respectively. |
Other Assets
Other Assets | 12 Months Ended |
Mar. 31, 2023 | |
Other Assets [Abstract] | |
Other assets | 9. Other assets Other assets consist of the following: As of March 31, 2022 2023 2023 (INR) (INR) (US$) (In million) Prepaid income taxes 646 361 4.4 Derivative asset (Note 25) 3,530 7,302 88.8 Interest receivable on term deposits 28 33 0.4 Security deposits 373 386 4.7 Contract acquisition cost 322 305 3.7 Unbilled receivables 253 289 3.5 Other 38 54 0.7 Total 5,190 8,730 106.2 |
Investment
Investment | 12 Months Ended |
Mar. 31, 2023 | |
Investment in Equity Investee [Abstract] | |
Investment | 10. Investments Investments, consists of the following: As of March 31, 2022 2023 2023 (INR) (INR) (US$) (In million) Investment 96 457 5.6 Total 96 457 5.6 During the year ended March 31, 2022, the Company entered in a non-binding obligation with M/s Premier Energies limited (“Premier/ Manufacturer”), a solar module manufacturing company, relating to execution of tender received from SECI. During Fiscal Year 2021-22, the Company invested INR 94 million in equity shares of Premier Energies International Private Limited (“PEIPL”). During the current year, the Company further invested INR 43 million (US$0.5 million) in equity shares (without dividend rights) and INR 319 million (US$3.9 million) in Compulsory Convertible Debentures of PEIPL. During the current year, the Company has entered into related module supply agreements and share and debentures subscription agreements with Premier. The Company is entitled for return of 10% p.a. on investment made under the agreement. |
Other Liabilities
Other Liabilities | 12 Months Ended |
Mar. 31, 2023 | |
Other Liabilities [Abstract] | |
Other Liabilities | 11. Other liabilities Other current liabilities, consists of the following: As of March 31, 2022 2023 2023 (INR) (INR) (US$) (In million) Derivative liability (See Note 25) 2,499 1,542 18.8 Provision for employee benefits 11 21 0.3 Provision for SAR to employees (See Note 21) 844 - - Payable to statutory authorities 291 148 1.8 Other payables 1,364 3,646 44.3 Total 5,009 5,357 65.2 Other non-current liabilities, consists of the following: As of March 31, 2022 2023 2023 (INR) (INR) (US$) (In million) Derivative liability (See Note 25) 7 - - Provision for gratuity 53 39 0.5 Provision for compensated absences 38 26 0.3 Total 98 65 0.8 |
Long Term Debt
Long Term Debt | 12 Months Ended |
Mar. 31, 2023 | |
Long Term Debt [Abstract] | |
Long term debt | 12. Long term debt Long term debt, consists of the following: As of March 31, 2022 2023 2023 (INR) (INR) (US$) (In million) Secured term loans: Foreign currency loans 75,709 77,474 942.6 Indian rupee loans 44,924 44,970 547.2 Unsecured term loans: Indian rupee loans* 1,118 1,161 14.1 Total debt 121,751 123,605 1,503.9 Less: current portion 9,209 9,414 114.5 Long-term debt 112,542 114,191 1,389.4 * Pertains to unsecured term loan taken by subsidiaries, forming the part of disposable group during the current year from its minority shareholders amounting to INR 1,161 million (US$14.1 million) as at March 31, 2023 and INR 1,118 million as at March 31, 2022. Foreign currency term loans 3.575% Senior Notes During the year ended March 31, 2022, Azure Power Energy Limited (one of the subsidiaries of APGL) issued 3.575% US$ denominated Senior Notes (“3.575% Senior Notes” or “Green Bonds”) and raised INR 30,285 million, net of issuance expense of INR 408 million. The issuance expenses have been recorded as finance cost, using the effective interest rate method and the unamortized balance of such amounts is netted with the carrying value of the Green Bonds. The Green Bonds are listed on the Singapore Exchange Securities Trading Limited. In accordance with the terms of the issue, the proceeds were used for repayment of 5.5% Senior Notes. The interest on the 3.575% Senior Notes is payable on a semi-annual basis principal is payable on a semi-annual instalment ranging from 3.4% to 3.8% and balance 67.4% on maturity in August 2026. As of March 31, 2023, the net carrying value of the Green Bonds was INR 30,247 million (US$368.0 million). The Green Bonds are secured by a pledge of Azure Power Energy Limited’s shares held by Azure Power Global Limited. 5.65% Senior Notes During the year ended March 31, 2020, Azure Power Solar Energy Private Limited (one of the subsidiaries of APGL) issued 5.65% US$ denominated Senior Notes (“5.65% Senior Notes” or “Green Bonds”) and raised INR 24,400 million net of discount of INR 7 million at 0.03% and issuance expense of INR 397 million. The discount on issuance of the Green Bonds and the issuance expenses have been recorded as finance cost, using the effective interest rate method and the unamortized balance of such amounts is netted with the carrying value of the Green Bonds. The Green Bonds are listed on the Singapore Exchange Securities Trading Limited. In accordance with the terms of the issue, the proceeds were used for repayment of project level loans. The interest on the 5.65% Senior Notes are payable on a semi-annual basis and the principal amount is payable in December 2024. As of March 31, 2023, the net carrying value of the Green Bonds was INR 28,615 million (US$348.2 million). The Company continues to guarantee the principal and interest repayments to the investors and the guarantee shall become ineffective on meeting certain financial covenants. The Green Bonds are secured fixed charge by the Company over the capital stock of Azure Power Solar Energy Private Limited. Investment of APSEL in non-convertible debentures of group entities are further secured by a first priority security interest (to be shared on pari-passu basis) over all immovable properties of the entities by an equitable mortgage. Loan from Export Development Canada and Standard Chartered Bank (Singapore) Limited During the year ended March 31, 2021, the Company borrowed INR 6,931 million (US$93.0 million) from Export Development Canada and Standard Chartered Bank (Singapore) Limited. The funds were provided to project SPVs as shareholder loans or through other instrument for capital expenditure or for payment of capital expenditure in respect of various specified projects. These facilities are foreign currency loans and carry an interest rate of LIBOR+Margin of 3.95% and the loan is repayable in 8 half yearly instalments ranging from 2.5% - 32.5% commencing from November 2021 and ending May 2025. The borrowing is collateralized by the shares of project SPVs, a hypothecation/charge over receivables of the Company. The net carrying value of the loan as of March 31, 2023 is INR 4,822 million (US$58.7 million). Indian Rupee Non-Convertible Debentures During the year ended March 31, 2019, the Company issued Non-Convertible Debentures in two of its subsidiaries and borrowed INR 548 million, net of issuance expense of INR 14 million. The debentures carry an interest rate of 10.32% per annum. The debentures are repayable in October 2024 and interest payments are payable every three months commencing from April 2019. During the year ended March 31, 2020, the Company issued further Non-Convertible Debentures in four of its subsidiaries and borrowed INR 439 million (US$5.8 million), net of issuance expenses of INR 19 million (US$0.3 million) under the same facility. The debentures carry an interest rate of 9.85% to 10.87% per annum. The debentures are repayable in October 2024 and interest payments are payable every three months commencing from March 2020. The issuance expenses are amortized over the term of the contract using the effective interest rate method. The borrowing is collateralized by first ranking pari passu mortgage charge on all immovable and movable properties of related subsidiary within the group with a net carrying value of INR 2,710 million (US$33.0 million). As of March 31, 2023, the net carrying value of the Non-Convertible Debentures was INR 992 million (US$12.1 million). As of March 31, 2023, the Company was not in compliance with the financial covenants related to this borrowing and has classified the loan under current debt. Project level secured term loans Foreign currency loans During the year ended March 31, 2019, the Company borrowed INR 552 million, as project level financing for some of its rooftop projects. During the year ended March 31, 2020, the Company further borrowed INR 135 million (US$1.8 million) and INR 271 million (US$3.6 million) under the same facility. These foreign currency facilities carry an annual interest rate of LIBOR + 2.75%. The facility is repayable in October 2024 and interest payments are payable every three months commencing from April 2019. The borrowing is collateralized by first ranking pari passu mortgage charge on all immovable and movable properties of the borrower with a net carrying value of INR 2,710 million (US$33.0 million) as on March 31, 2023. The net carrying value of the loan as of March 31, 2023 is INR 1086 million (US$13.2 million). As of March 31, 2023, the Company was not in compliance with the financial covenants related to this borrowing and has classified the loan under current debt. During the year ended March 31, 2022, the Company borrowed amount of INR 11,756 million (US$154.9 million) from MUFG Bank, Société Générale, Export development Canada and Hong Kong Mortgage corporation limited for financing of its 300 MW solar project with Solar Energy Corporation of India., The interest on these facilities will be paid on a floating rate which is LIBOR + Margin of 2.1% p.a. payable on quarterly basis. The principal amount is repayable in 17 quarterly instalments ranging from 0.163% to 0.629% commencing from April 2022 and balance 87.192% is payable in June 2026. The loan is collateralized by movable and immovable properties of the underlying solar power project assets with net carrying value of INR 13,438 million (US$163.5 million) as of March 31, 2023, and pledge of 100% of equity shares of the SPV held by the Azure Power India Private Limited and its nominee. The net carrying value of the loan as of March 31, 2023 is INR 12,703 million (US$154.6 million). Indian rupee loans The net carrying value of the loan as of March 31, 2023, is INR 365 million (US$4.4 million), borrowed for financing of a 5 MW solar power project with NTPC Vidyut Vyapar Nigam Limited from Kotak Infrastructure Debt Fund Limited. The loan carries an interest rate of 8.25% per annum and the loan is repayable in 42 quarterly instalments ranging from 2.09% to 2.80% of loan amount commencing from September 2021. The borrowing is collateralized by movable and immovable properties of the underlying solar power project assets with a net carrying value of INR 453 million (US$5.5 million) as of March 31, 2023 and pledge of 51% of equity shares of the SPV held by the Azure Power India Private Limited. The net carrying value of the loan as of March 31, 2023 is INR 1,406 million (US$17.1 million), borrowed for financing of a 30 MW solar power project with Chhattisgarh State Power Distribution Company Ltd from Indian renewable Energy Development Agency Limited (IREDA). The loan carries interest rate of 7.5% per annum and the interest rate is subject to reset every three years based upon rate of interest notified by IREDA as per applicable grading. The loan is repayable in 168 monthly instalments ranging from 0.50% - 0.60% of the loan amount commencing from April, 2022 and ending on March 2036. The loan is secured by first charge on Company’s movable and immovable properties and hypothecation on all the movable fixed asset with net carrying value INR 1,492 million (US$18.2 million) as of March 31, 2023. The net carrying value of the loan as of March 31, 2023, is INR 2,004 million (US$24.4 million), borrowed for financing of a 50 MW solar power project with NTPC Limited from NIIF Infrastructure Finance Limited. The loan carries interest rate of 7.75% per annum and interest rate is subject to reset in every five years from initial disbursement and loan is repayable in 64 quarterly instalments ranging from 1.05% to 2.45% of loan amount commencing from December 2021 . The loan is collateralized by movable and immovable properties of the underlying solar power project assets with net carrying value of INR 2,445 million (US$29.8 million) and pledge of 51% of equity shares of the SPV held by the Azure Power India Private Limited. The net carrying value of the loan borrowed for financing a 100 MW solar power project with NTPC Limited as of March 31, 2023 is INR 4,795 million (US$58.3 million) from NIIF infrastructure Finance Limited and Aseem Infrastructure Finance Limited. These loans carry interest rate of 7.75% per annum and the interest rate is subject to reset for every five years in case of loan taken from NIIF Infrastructure Finance Limited based upon -35 bps (“Spread”) over and above the NIIF IFL 5 YR Benchmark Rate and for every three years in case of loan taken from Aseem Infrastructure Finance Limited based upon AIFL Benchmark Rate/Benchmark Rate and the applicable Spread. These facilities are repayable in 63 quarterly instalments ranging from 1.23% to 2.55% of the loan amount commencing from December 2021 and ending on June 2037. These facilities are secured by first charge on Company’s movable and immovable properties and hypothecation on all the movable fixed assets both present and future with a net carrying value of INR 4,882 million (US$59.4 million) as of March 31, 2023. During the year ended March 31, 2022, the Company borrowed amount of INR 3,264 million (US$39.7 million), net of initial installments, from Tata Cleantech Capital Limited for financing of its 200 MW solar project with Solar Energy Corporation of India. The loan carries interest rate of 7.50% and the interest rate is subject to reset every three years based upon TCCL New Prime Lending Rate- Long Term (TCCL NPLR-LT). The loan is repayable in 70 quarterly instalments ranging from 1.1% - 1.71% of the loan amount commencing from December 2021 and ending on March 2039. The borrowing is collateralized by the underlying solar power project assets with a net carrying value of INR 8,572 million (US$104.3 million) as of March 31, 2023. The net carrying value of the loan as of March 31, 2023 is INR 3,029 million (US$36.9 million). During the year ended March 31, 2022, the Company borrowed amount of INR 2,467 million (US$30.0 million) , net of initial instalment, from Axis Bank for financing of its 200 MW solar project with Solar Energy Corporation of India. Loan has interest rate of 3 years MCLR and as of March 31, 2023, the loan carries interest rate of 7.50% and the interest rate is subject to reset every three years based upon 3 year MCLR rate. The loan is repayable in 70 quarterly instalments ranging from 1.10% to 1.71% of the loan amount commencing from December 2022 and ending on March 2039. The borrowing is collateralized by the underlying solar power project assets with a net carrying value of INR 8,572 million (US$104.3 million) as of March 31, 2023. The net carrying value of the loan as of March 31, 2023 is INR 2,291 million (US$27.9 million). During the year ended March 31, 2019, the Company borrowed INR 124 million (US$1.5 million) as an External Commercial Borrowings from International Finance Corporation (IFC) for some of its rooftop projects. These facilities carry an interest rate of 10.74% and interest payments are payable every three During the year ended March 31, 2020 and March 31, 2021, the Company borrowed INR 463 million (US$5.6 million) and INR 56 million (US$0.8 million) as a project level financing for financing of a 16 MW rooftop solar power project from the State Bank of India (‘SBI’). These facilities carry an annual interest rate of 6 months MCLR + 1.45%. As of March 31, 2023, the loan carries interest rate of 8.50% per annum. The loan is repayable in 52 quarterly installments commencing June 2020. The borrowing is collateralized by first charge on Company’s movable and immovable properties of the underlying solar power project assets with a net carrying value of INR 573 million (US$7.0 million) as of March 31, 2023 and pledge of 51% shares of the SPV held by Azure Power India Private Limited and Corporate Guarantee which shall terminate as per conditions stipulated in the Rupee Term Loan Agreement. The net carrying value of the loan as of March 31, 2023 is INR 317 million (US$3.9 million). The net carrying value of the loan borrowed for financing of its 90 MW solar project with Assam Power Distribution Company Limited as on March 31, 2023 is INR 3,409 (US$41.5 million) from Indian renewable energy development agency limited (IREDA The loan carry fixed interest rate of 7.5% payable monthly as applicable for Renewable Energy Projects with 3 year reset as per IREDA’s policy. The loan is repayable in 234 monthly instalments ranging from 0.30% to 0.70% of loan amount commencing October 2022. The borrowing is collateralized by the underlying solar power project assets with a net carrying value of INR 4,705 million (US$57.3 million) as of March 31, 2023, pledge of 51% shares of SPV held by the Azure Power India Pvt Ltd and further the loan is guaranteed by Azure Power India Pvt Ltd. The net carrying value of the loan as of March 31, 2023 is INR 2,225 million (US$27.1 million), borrowed for financing of a 35 MW solar project with NTPC Vidyut Vyapar Nigam Limited from NIIF Infrastructure Finance Ltd and Kotak Infra Debt Fund Limited. These facilities carry an interest rate of 8% per annum. the loan is repayable in 47 quarterly instalments ranging from 1.59% to 2.44% of loan amount commencing from September 2021. The borrowing is collateralized by movable and immovable properties of the underlying solar power project assets with a net carrying value of INR 2,217 million (US$27.0 million) as of March 31, 2023 and pledge of 51% shares of the SPV held by the Azure Power India Pvt Ltd. The net carrying value of the loan borrowed for financing of its 600 MW solar project with Solar Energy Corporation of India as on March 31, 2023 is INR 22,152 million (US$269.5 million). from L & T finance Limited, Indian renewable Energy Development Agency Limited (IREDA) and L&T Infra Credit Pvt Ltd. The loan carries rate of interest of 7.2% payable monthly and the interest rate is applicable for Renewable Energy Projects with an Integrated Rating of IR-2, with 3 year reset as per L&T Finance policy. loan is repayable in 243 installments ranging from 0.30% to 0.58% of loan amount commencing from July 2022. The borrowing is collateralized by the underlying solar power project assets with a net carrying value of INR 26,784 million (US$325.9 million) as of March 31, 2023, pledge of 51% of equity shares and CCDs of the SPV held by the Azure Power India Private Limited and further the loan is guaranteed by Azure Power India Pvt Ltd. During the year ended March 31, 2021, the Company borrowed an amount of INR 413 million (US$5.0 million) from Kotak Infrastructure Debt Fund Limited for financing of a 10 MW solar power project with Bangalore Electricity Supply Company Limited. As on March 31, 2023 the loan carries the interest rate of 11% per annum, The loan is repayable in 54 quarterly instalments ranging from 1.85% - 1.88% commencing from December 2020. The borrowing is collateralized by movable and immovable properties of the underlying solar power project assets with a net carrying value of INR 587 million (US$7.1 million) as of March 31, 2023, net carrying value of the loan as of March 31, 2023 is INR 336 million (US$4.1 million). The net carrying value of the loan borrowed for financing of its 300 MW solar project with Solar Energy Corporation of India as on March 31, 2023 is INR 1,534 million (US$18.7 million) from State Bank of India. The loan carries interest rate of SBI 6-month MCLR +2.60%which is presently 9.55% p.a. payable monthly and after operation date the interest rate will be 6 Month MCLR plus margin based on credit ratings payable monthly. The loan is repayable in 222 installments ranging from 0.21% to 0.77% of the loan amount commencing from December 2022. The borrowing is collateralized by first ranking pari passu mortgage charge on all immovable and movable properties of the borrower with a net carrying value of INR 15,882 million (US$193.3 million) as on March 31,2023 and pledge of 51% equity shares of the Company held by holding Company. During the current year, certain subsidiaries falling under the disposable group of rooftop entities has raised unsecured term loans from its minority shareholder amounting to INR 1,161 million (US$14.1 million) as at March 31, 2023 and INR 1,118 million (US$14.7 million) as at March 31, 2022 respectively. These funds have been used for settlement of inter group loans between subsidiaries. which are also consolidated in the Company. As of March 31, 2023, the Company has unused commitments excluding Rooftop portfolio for long-term financing arrangements amounting to INR 3,820 million (US$46.5 million) for solar power projects. Trade credit As of March 31, 2023, the Company has a buyer’s credit facility amounting to INR 7,840 million (US$95.4 million) for one of its under construction SPVs for 300 MW solar power project with Solar Energy Corporation of India. This facility carries a floating interest rate of 12 Month SOFR and spread ranging plus 0.21 PCT. Other long-term loans During the previous year ended March 31, 2022, the Company has taken loan of INR 7 million (US$0.1 million) from HDFC Bank. Borrowing under this facility is repayable in 60 monthly instalments from 1.39% - 1.98% of the loan amount commencing from November 2021 and ending October 2026. The facility carries an interest rate of 7.2%per annum. The loan is repaid during the current year ended March 31, 2023. During the previous year ended March 31, 2022, the Company has taken loan of INR 2 million (US$0.0 million) from HDFC Bank. The loan was repayable in 60 monthly instalments ranging from 1.39% - 1.97% of the loan amount commencing from January 2022 and ending December 2026. The facility carries an interest rate of 7.1% as of March 31, 2023. The net carrying value of the loan as of March 31, 2023, is INR 2 million (US$0.0 million). During the current year ended March 31, 2023, the Company has obtained car loan of INR 8 million (US$0.1 million). Borrowing under this facility is repayable in 60 monthly instalments ranging from 1.38% - 1.98% of the loan amount commencing from January 2022 and ending December 2026. The facility carries an interest rate of 7.35% as of March 31, 2023. The net carrying value of the loan as of March 31, 2023, is INR 7 million (US$0.1 million). Covenants and debt financing costs These aforementioned borrowings are subject to certain financial and non-financial covenants. Financial covenants include cash flow to debt service, indebtedness to net worth ratio, debt equity ratio and maintenance of debt service balances. As of March 31, 2023, the Company was in compliance with the financial covenants or remediated the non-compliance prior to the issuance of these financial statements except for the loans aggregating to INR 2,202 million, wherein the Company was not in compliance with the financial covenants and have classified the loan under current debt. Generally, under the terms of the loan agreements entered into by the Company’s project subsidiaries, the project subsidiaries are restricted from paying dividends, if they default in payment of their principal, interest and other amounts due to the lenders under their respective loan agreements. Certain of APGL’s project subsidiaries also may not pay dividends out of restricted cash. The carrying value of debt financing costs as on March 31, 2022 and March 31, 2023 was INR 1,189 million and INR 1,010 million (US$12.3 million), respectively, for the above loans, which is amortized over the term of the contract using the effective interest rate method. Timely submission of financial statements of the Group, our subsidiaries and/or our subsidiary restricted groups is a key covenant in most of our financing agreements. We have received the time extensions from all lenders until April 30, 2024, towards submission of audited financial statements for FY 2022-23 and expect to submit the audited financial statements with lenders within given extended timelines. Restricted cash The Company is required to maintain principal and interest, both as defined in the respective agreements, as a reserve with banks specified by the respective lenders. Such amounts, totalling INR 1,786 million and INR 3,402 million (US$41.4 million) as of March 31, 2022 and March 31, 2023, respectively, are classified as restricted cash on the consolidated balance sheets. As of March 31, 2023, the aggregate maturities of long-term debt are as follows: Annual maturities (1) As of March 31, INR US$ (In million) 2024 24,028 292.3 2025 43,840 533 .4 2026 10,351 125.9 2027 39,013 474.7 2028 4,707 57.3 Thereafter 52,951 644 .2 Total: aggregate maturities of long-term debt 174,890 2127.8 Less: carrying value of unamortized debt financing costs (1,010 ) (12.3 ) Net maturities of long-term debt 173,880 2,115.5 Less: current portion of long-term debt 9,414 114.5 Long-term debt 164,466 2,001.0 (1) Long term debt (principal) obligations for foreign currency denominated borrowings have been translated to Indian rupees using the closing exchange rate as of March 31, 2023 as per Reserve Bank of India. |
Income Taxes
Income Taxes | 12 Months Ended |
Mar. 31, 2023 | |
Income Taxes [Abstract] | |
Income Taxes | 13. Income Taxes The individual entities within the Company file individual tax returns as per the regulations existing in their respective jurisdictions. The fiscal year under the Indian Income Tax Act ends on March 31. A portion of the Company’s Indian operations qualify for deduction from taxable income because its profits are attributable to undertakings engaged in development of solar power projects under section 80-IA of the Indian Income Tax Act, 1961. This holiday is available for a period of ten consecutive years out of fifteen years beginning from the year in which the Company generates power (“Tax Holiday Period”). However, the exemption is only available to the projects completed on or before March 31, 2017. The Company anticipates that it will claim the aforesaid deduction in the last ten years out of fifteen years beginning with the year in which the Company generates power and when it has taxable income. Accordingly, its current operations are taxable at the applicable tax rates, based on eligibility criteria. The Company had adopted the provisions of ASC Topic 740 as they relate to uncertain income tax positions. Tax exposures can involve complex issues and may require extended periods to resolve. The Company does not have any uncertain tax positions requiring recognition. The Company reassesses its tax positions in light of changing facts and circumstances, such as the closing of a tax audit, refinement of an estimate, or changes in tax codes. To the extent that the final tax outcome of these matters differs from the amounts recorded, such differences will impact the provision for income taxes in the period in which such determination is made. The provision (benefit) for income taxes consists of the following: Year ended March 31, 2021 2022 2023 2023 INR INR INR US$ (In million) Current tax expense (1) 242 485 707 8.6 Withholding tax on interest on Inter-Company debt related to green bonds 384 367 342 4.2 Deferred income tax (benefit)/expense (330 ) 464 1,614 19.6 Total 296 1,316 2,663 32.4 (1) Current tax on profit before tax. Current tax includes reversal of INR 78 million (US$ 1.0 Income/(loss) before income taxes is as follows: March 31, 2021 2022 2023 2023 (INR) (INR) (INR) (US$) (In million) Domestic operations 8 19 333 4.1 Foreign operations (3,913 ) (829 ) 8 0.1 Total (3,905 ) (810 ) 341 4.2 Net deferred income taxes on the consolidated balance sheet is as follows: March 31, 2022 2023 2023 (INR) (INR) (US$) (In million) Deferred tax assets 4,201 3,592 43.7 Less: valuation allowance (2,281 ) (2,455 ) (29.9 ) Net deferred tax assets 1,920 1,137 13.8 Deferred tax liability 1,936 3,338 40.6 At March 31, 2023, the Company performed an analysis of the recoverability of the deferred tax asset. Based on the analysis, the Company has concluded that a valuation allowance offsetting the deferred tax assets is required. Change in the valuation allowance for deferred tax assets as of March 31, 2022 and March 31, 2023 is as follows: March 31, 2022 2023 2023 (INR) (INR) (US$) (In million) Opening valuation allowance 1,088 2,281 27.8 Movement during the Year* 1,193 174 2.1 Closing valuation allowance 2,281 2,455 29.9 * For financial year 2022 and 2023, The movement also includes INR 843 million and INR 843 million (US$10.3 million) respectively relating to capital loss on rooftop and other asset classified as held for sale. The movement for financial year 2022 and 2023 also includes INR 125 million and reversal of INR Nil million The significant components of the net deferred income tax assets and liabilities exclusive of amounts that would not have any tax consequences because they will reverse within the Tax Holiday Period, are as follows: As of March 31, 2022 2023 2023 (INR) (INR) (US$) (In million) Deferred tax assets: Net operating loss (a) 12,309 16,191 197.0 Tax on Inter — Company margin 210 (26 ) (0.3 ) Deferred revenue 503 599 7.3 Asset retirement obligation 232 285 3.5 Minimum alternate tax credit 765 1,287 15.7 Other deductible temporary difference 226 376 4.6 Capital loss on investment in rooftop and other assets 843 843 10.3 Valuation allowance (2,281 ) (2,455 ) (29.9 ) Deferred tax liabilities: Depreciation and amortization (12,732 ) (18,639 ) (226.8 ) Other comprehensive income (91 ) (662 ) (8.1 ) Net deferred tax (liability) asset (16 ) (2,201 ) (26.7 ) (a) Includes deferred tax on unabsorbed depreciation that can be carried forward indefinitely for set off as per income tax laws. APGL, the holding company and two of its subsidiaries incorporated in Mauritius have an applicable income tax rate of 15%. However, the group’s significant operations are based in India and are taxable as per the Indian Income Tax Act, 1961. For effective tax reconciliation purposes, the applicable tax rate in India has been considered. The income tax rate differs from the amount computed by applying the statutory income tax rate to loss before income taxes and is as follows: For the year ended March 31, 2021 2022 2023 Tax (INR million) % Tax (INR million) % Tax (INR million) % US$ million Statutory income tax (benefit)/expense (1,365 ) 34.94 % (283 ) 34.94 % 119 34.94 % 1.4 Temporary differences reversing in the Tax Holiday Period (1,070 ) 27.40 % (9 ) (1.11 )% (586 ) (171.85 )% (7.1 ) Permanent timing differences 1,423 (36.44 )% 43 (3.05 )% 2,919 855.72 % 35.5 Valuation allowance created / (reversed) during the year 871 (22.30 )% 1,193 (147.32 )% 174 51.03 % 2.1 Tax adjustment relating to earlier years - - 42 (5.19 (78 ) (22.87 )% (0.9 ) Withholding tax on interest on Inter-Company debt related to green bonds 384 (9.83 )% 367 (45.31 )% 342 100.29 % 4.2 Other difference 53 (1.36 )% (37 ) (4.57 )% (227 ) (66.57 )% (2.8 ) Total 296 (7.58 )% 1,316 (162.46 )% 2,663 780.69 % 32.4 During the year end March 31, 2020, The Taxation Laws (Amendment) Act, 2019 has brought key changes to corporate tax rates in the Income Tax Act, 1961, which reduced the tax rate for certain subsidiaries within the group to 25.17%. Azure Power India Private Limited and several of its subsidiaries which are claiming tax benefits under section 80-IA of the Income Tax Act had decided not to opt for this lower tax benefit and have continued under the old regime for the fiscal year ended March 31, 2022 and 2023. The statutory income tax rate as per the Income Tax Act, 1961 ranges between 25.17% to 34.94%, depending on the tax regime chosen by the particular subsidiary. As of March 31, 2021, 2022, and 2023, deferred income taxes have not been provided for the Company’s share of undistributed net earnings of foreign operations due to management’s intent to reinvest such amounts indefinitely. |
Interest Expense, Net
Interest Expense, Net | 12 Months Ended |
Mar. 31, 2023 | |
Interest Expense Net [Abstract] | |
Interest expense, net | 14. Interest expense, net Interest expense, net consists of the following: Year ended March 31, 2021 2022 2023 2023 (INR) (INR) (INR) (US$) (In million) Interest expense: Term loans 8,399 9,577 9,644 117.3 Bank charges and other (1) 598 3,069 369 4.5 Loss on account of modification of contractual cash flows - 294 30 0.4 8,997 12,940 10,043 122.2 Interest income: Term and fixed deposits 554 578 977 11.9 Others 33 432 691 8.4 587 1,010 1,668 20.3 Total 8,410 11,930 8,375 101.9 (1) Bank charges and other includes amortization of debt financing costs of INR 369 million, INR 1,107 million and INR 336 million (US$4.1 million) for the years ended March 31, 2021, 2022 and 2023, respectively, and includes debt financing costs written off related to the debt refinancing amounting to INR 30 million, INR 739 million and INR Nil million |
Loss on Foreign Currency Exchan
Loss on Foreign Currency Exchange | 12 Months Ended |
Mar. 31, 2023 | |
Loss on Foreign Currency Exchange [Abstract] | |
Loss on foreign currency exchange | 15. Loss on foreign currency exchange Loss on foreign currency exchange consists of the following: Year ended March 31, 2021 2022 2023 2023 (INR) (INR) (INR) (US$) (In million) Unrealized loss/ (gain) on foreign currency loans (12 ) 1 26 0.3 Realized (gain) loss on foreign currency loans 13 - - - Realized loss/ (gain) on derivative instruments (1 ) (4,886 ) - - Other loss on foreign currency exchange 7 4,852 131 1.6 Total 7 (33 ) 157 1.9 |
Equity Shares
Equity Shares | 12 Months Ended |
Mar. 31, 2023 | |
Equity shares [Abstract] | |
Equity shares | 16. Equity shares Equity shares Equity shares have a par value of US$0.000625 per share at APGL. There is no limit on the number of equity shares authorized. As of March 31, 2022, and 2023, there were 64,161,490 and 64,166,360 equity shares issued and outstanding. As of March 31, 2022 2022 2023 2023 Number of shares INR in thousands Number of shares INR in thousands Issued: Outstanding and fully paid: Equity shares of US$0.000625 par value each Beginning balance 48,195,962 2,090 64,161,490 2,837 Issuance of new shares (1) 15,828,917 741 - - Exercise of ESOPs (2) 136,611 6 4,870 1 Ending balance 64,161,490 2,837 64,166,360 2,838 (1) During the previous year, the Company’s has raised proceeds of INR 18,621 million (US$245.4 million) net of issuance expenses through its Rights offering and has issued 15,828,917 equity shares (par value $0.000625 per share) at US$15.79 per share. These proceeds from the rights offering have been invested in subsidiaries and are utilised for repayment of existing corporate borrowings. (2) Refer Note 21 for details of ESOPs exercised during the year. Accumulated other comprehensive loss The following represents the changes and balances to the components of accumulated other comprehensive loss: Foreign Cashflow Total (INR) (INR) (INR) (in millions) (in millions) (in millions) Balance as of March 31, 2021 (6,082 ) 5,110 (972 ) Adjustments during the year 2,943 (4,474 ) (1,531 ) Balance as of March 31, 2022 (3,139 ) 636 (2,503 ) Adjustments during the year (4,603 ) 2,867 (1,736 ) Balance as of March 31, 2023 (7,742 ) 3,503 (4,239 ) Balance as of March 31, 2023 ((US$) (Note 2(d)) (94.2 ) 42.6 (51.6 ) |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings per share | 17. Earnings per share The Company calculates earnings per share in accordance with FASB ASC Topic 260 Earnings Per Share and FASB ASC Topic 260-10-45 Determining Whether Instruments Granted in Share-Based Payment Transactions Are Participating Securities. Basic and diluted earnings losses per equity share give effect to the change in the number of equity shares of the Company. The calculation of basic earnings per equity share is determined by dividing net profit/loss attributable to APGL equity shareholders by the weighted average number of equity shares outstanding during the respective periods. The potentially dilutive shares, consisting of employee share options have been included in the computation of diluted net earnings per share and the weighted average shares outstanding, except where the result would be anti-dilutive. Net (loss)/profit per share is presented below: Year ended March 31 2021 2022 2023 2023 (INR) (INR) (INR) (US$) (amounts in millions, except share and per share data) Net loss attributable to APGL equity shareholders (A) (4,206 ) (2,104 ) (2,285 ) (27.8 ) Shares outstanding for allocation of undistributed income: Equity shares 48,195,962 64,161,490 64,166,360 64,166,360 Weighted average shares outstanding Equity shares – Basic (B) 47,979,581 50,876,360 64,166,360 64,166,360 Equity shares – Diluted (C) 47,979,581 50,876,360 64,166,360 64,166,360 Net (loss)/profit per share – basic and diluted Equity earnings/(loss) per share – Basic (D=A/B) (87.66 ) (41.36 ) (35.61 ) (0.43 ) Equity earnings/(loss) per share – Diluted (E=A/C) (87.66 ) (41.36 ) (35.61 ) (0.43 ) Refer to Note 16 for details of shares issued. The number of share options outstanding but not included in the computation of diluted earnings per equity share because their effect was antidilutive is 184,600 and 413,843 for years ended March 31, 2022 and 2023, respectively. |
Leases
Leases | 12 Months Ended |
Mar. 31, 2023 | |
Leases [Abstract] | |
Leases | 18. Leases The Company has several non-cancellable operating leases, primarily for construction of solar power plants and for office facilities, warehouses, and office space that have a lease term ranging between 2 to 35 years (after considering further extendable period on mutual agreement by both lessor and lessee). The Company has considered the renewal options in determining the lease term to the extent it was reasonably certain to exercise those renewal options and accordingly, associated potential option payments are included as part of lease payments. The components of lease cost for the year ended March 31, 2022 and March 31, 2023 were as follows: For the year ended March 31, 2022 2023 2023 INR INR US$ (In million) Operating lease cost 439 436 5.3 Short-term lease cost 17 22 0.3 Total lease cost 456 458 5.6 Amounts reported in the consolidated balance sheet as of March 31, 2022 and March 31, 2023 were as follows: As at As at As at 2022 2023 2023 INR INR US$ (In million) Non-current assets Right-of-use assets* 4,465 4,346 52.9 Non-current liabilities Lease liabilities 3,534 3,408 41.5 Current liabilities Lease liabilities 300 292 3.6 Total operating lease liabilities 3,834 3,700 45.1 * Also see note 27. “Whistle-blower Allegations and Special Committee Investigation” for adjustment towards payment made to land aggregators Other information related to leases as of March 31, 2022 and March 31, 2023 was as follows: As at As at As at 2022 2023 2023 INR INR US$ (In million) Supplemental cash flow information: Cash paid for amounts included in the measurement of lease liabilities 310 347 4.2 Weighted average remaining lease term 30 years 29 years Incremental borrowing rate 10 % 10 % Maturities of lease liabilities under non-cancellable leases as of March 31, 2023 are as follows: Year ended March 31, 2023 Amount (INR) US$ (In million) Fiscal 2024 304 3.7 Fiscal 2025 314 3.8 Fiscal 2026 322 3.9 Fiscal 2027 332 4.0 Fiscal 2028 342 4.2 Thereafter 11,120 135.3 Total undiscounted lease payments 12,734 154.9 Less: Imputed interest 9,034 109.8 Total lease liabilities 3,700 45.1 |
Commitments, Guarantees and Con
Commitments, Guarantees and Contingencies | 12 Months Ended |
Mar. 31, 2023 | |
Commitments, Guarantees and Contingencies [Abstract] | |
Commitments, Guarantees and Contingencies | 19. Commitments, guarantees and contingencies A) Capital commitments The commitments for the purchase of property, plant and equipment were INR 2,857 million and INR 32,157 million (US$391.3 million) as of March 31, 2022 and 2023 respectively. B) Guarantees The terms of our PPAs provide for the annual delivery of a minimum amount of electricity at fixed prices. Under the terms of the PPAs, we have issued irrevocable performance bank guarantees. These in total amount to INR 5,179 and INR 2,409 million (US$29.3 million) as of March 31, 2022 and 2023, respectively. As of March 31, 2022 and 2023, the Company has irrevocable performance bank guarantees aggregating to INR 2,320 million and INR 904 million (US$11.0 million) respectively, in relation to under construction projects. Further, bank guarantees of INR 1,517 million and INR 1,154 million (US$14.0 million) as of March 31, 2022 and 2023 respectively are in relation to commissioned projects as per respective PPAs and other project requirements. Bank guarantees amounting to INR 458 million and INR 78 million (US$0.9 million) as of March 31, 2022 and 2023 respectively, have been issued to meet Debt-Service Reserve Account (DSRA) requirements for outstanding loans. We have also obtained guarantees from financial institutions as a part of the bidding process for establishing solar projects amounting to INR 873 million and INR 267 million (US$3.2 million) as of March 31, 2022 and 2023 respectively. We have given term deposits as collateral for those guarantees which are classified as restricted cash on the consolidated balance sheet. Further, INR 11 million and INR 5 million (US$0.1 million) bank guarantee as of March 31, 2022 and 2023 respectively, are towards other commitments. The funds released from maturity/settlement of existing bank guarantees can be used for future operational activities. C) Contingencies (a) A PIL had been initiated by certain individuals claiming to be wildlife experts/interested in conservation of wildlife, before the Supreme Court of India against various state governments such as Rajasthan, Gujarat, and MNRE, MoP among others, seeking protection of the two endangered bird species, namely the GIB and the Lesser Florican found in the states of Rajasthan and Gujarat. The Supreme Court by way of order dated April 19, 2021 issued directions to: (i) underground all low voltage transmission lines, existing and future lines falling in potential and priority habitats of GIB, (ii) to convert all existing high voltage lines in priority and potential areas of GIB where found feasible within a period of one year, if not found feasible, the matter to be referred to the committee formed by the Supreme Court which will take a decision on feasibility, and (iii) to install bird diverters on all existing overhead lines in the interim. We and many other developers have projects in the potential area as determined by the court, hence aggrieved by the order, the Solar Power Developers Association (“SPDA”) and Union of India have filed an application before the Supreme Court seeking among others, exemption from undergrounding of transmission lines in potential areas. The matter was last listed on November 30, 2022, whereby directions were passed to parties to ensure installation of bird diverters in the Priority Area and for them to be in compliance with quality standards issued by the Supreme Court Committee. As per the directions of Supreme Court, for its solar power plants, the Company installed bird divertors in the habitats of Great-Indian Bustard during FY 2022-23. The PIL is presently pending. The SPDA has filed an application seeking modification of Supreme Court’s order dated April 19, 2021. Further, the Supreme Court vide its order dated March 21, 2024 modified its earlier order dated April 19, 2021 directing the Central Government to constitute an expert committee to examine the issue of installing overhead and underground powerlines in the priority areas marked for the conservation of the Great Indian Bustard (GIB). The expert committee on the GIB issue will, inter-alia, look into (i) the scope and feasibility of laying down underground and overhead transmission lines, (ii) measures for the conservation of GIB, and (iii) identifying suitable alternatives for laying down power lines in the future. The expert committee is required to submit its report latest by July 31, 2024. Citing practical difficulties in laying down underground transmission lines, the Supreme Court has also restricted the requirement of laying down underground transmission lines only to the priority area (covering roughly 13,163 sq km). If the modification application is dismissed, we might entail significant costs and delays. |
Related Party Disclosures
Related Party Disclosures | 12 Months Ended |
Mar. 31, 2023 | |
Related Party Disclosures [Abstract] | |
Related Party Disclosures | 20. Related Party Disclosures In respect of second matter, during the previous year the Company received a favorable Award from Singapore International Arbitration Centre in relation to the purchase price of shares, held by Mr. Inderpreet Singh Wadhwa and Mr. H. S. Wadhwa (erstwhile Chief Operating Officer), in Azure Power India Private Limited. However, Mr. Inderpreet Singh Wadhwa has challenged the award and filed an appeal before the High Court of Singapore. The appeal challenging the SIAC Award has been dismissed by the Singapore court. |
Share Based Compensation
Share Based Compensation | 12 Months Ended |
Mar. 31, 2023 | |
Share Based Compensation [Abstract] | |
Share based compensation | 21. Share based compensation The Company has a 2015 Stock Option Plan and 2016 Equity Incentive Plan and as amended on March 31, 2020 (collectively “ESOP Plans”) duly approved by the Board and had 2,023,744 stock options in the employee stock option pool. Under the ESOP Plans, the Compensation Committee on behalf of Board of Directors (the “Directors”) may from time to time make grants to one or more employees, determined by it to be eligible for participation under the plans. The Compensation Committee determines which employees are eligible to receive the equity awards, the number of equity awards to be granted, the exercise price, the vesting period and the exercise period. The vesting period will be decided by the Compensation Committee as and when any grant takes place. All options granted under these plans shall vest over a period of 4 years from the date of grant with 25% vesting at the end of year one, 25% vesting at the end of year two, 25% vesting at the end of year three and 25% vesting at the end of year four unless specified otherwise. Shares forfeited by the Company are transferred back to the employee stock pool and shall be available for new grants. Options are deemed to have been issued under these plans only to the extent actually issued and delivered pursuant to a grant. To the extent that a grant lapses or the rights of its grantee terminate, any equity shares subject to such grant are again available for new grants. The option grant price may be determined by the Compensation Committee and is specified in the option grant. The grant is in writing and specifies the number of options granted the price payable for exercising the options, the date/s on which some or all of the options shall be eligible for vesting, fulfilment of the performance and other conditions, if any, subject to when vesting shall take place and other terms and conditions thereto. The option grant can be exercised only by the employees/ Key Managerial personal (KMP) of the Company. Employee Stock Option Plan and Restricted Stocks (RS) Options granted under the plan are exercisable into equity shares of the Company, have a contractual life equal to the shorter of ten years, or July 20, 2025, or July 20, 2027, as the case may be, and vest equitably over four years, unless specified otherwise in the applicable award agreement. The Company recognizes compensation cost, reduced by the estimated forfeiture rate, over the vesting period of the option. A summary of share option activity during the years ended March 31, 2022 and March 31, 2023 is set out below: Number of Weighted Options outstanding as of March 31, 2021 703,708 1,217 Granted (1) 24,205 1583 Exercised (136,611 ) 788 Forfeited (32,474 ) 1,613 Options outstanding as of March 31, 2022 558,829 1,314 Vested and exercisable as of March 31, 2022 250,784 1,128 (1) Includes 4,748 RSU granted during the year to its Directors. Number of Weighted Options outstanding as of March 31, 2022 558,829 1,314 Granted (1) 543 - Exercised (4,870 ) 112 Forfeited (138,687 ) 1,455 Options outstanding as of March 31, 2023 415,813 1,276 Vested and exercisable as of March 31, 2023 281,960 1,183 (1) Includes 543 RSU granted during the year to its Directors. Total options available for grant as of March 31, 2023 was 457,114 ESOPs. The Black-Scholes-Merton option pricing model includes assumptions regarding dividend yields, expected volatility, expected option term, and risk-free interest rates. The Company estimates expected volatility based on the historical volatility of the Company (considering sufficient history of its own data is available now for identifying the volatility). The risk-free interest rate is based on the yield of relevant time period based on US government bonds in effect at the time of grant for a period commensurate with the estimated expected life. The expected term of options granted is derived using the “simplified” method as allowed under the provisions of ASC Topic 718 to provide a reasonable basis upon which to estimate expected term. The fair value of each share option granted to employees/ RS is estimated on the date of grant using the Black- Scholes option-pricing model with the following weighted average assumptions: Year ended March 31, 2022 2023* Dividend yield 0% - Expected term (in years) 3.8 – 5.1 - Expected volatility 46.3% - 47.8% - Risk free interest rate 0.55% - 0.80% - * No new grants have been made by the Company during the current year. As of March 31, 2022, and 2023, the aggregate intrinsic value of all outstanding options was Nil The share-based compensation expense related to share options (including RS) is recorded as a component of general and administrative expenses in the Company’s consolidated statements of operations and totaled, INR 36 million, INR 69 million and INR 17 million (US$0.2 million) for the years ended March 31, 2021, 2022 and 2023, respectively. The amount of share-based compensation expense capitalized during the year ended March 31, 2022 and 2023 was INR 23 million and INR Nil Unrecognized compensation cost for unvested options as of March 31, 2023 is INR 32 million (US$0.4 million), which is expected to be expensed over a weighted average period of 2.1 years. The intrinsic value of options exercised during the year ended March 31, 2022, and March 31, 2023 was INR Nil Nil During November 2018, the Company repriced the exercise price for 692,507 options, which were previously awarded to certain officers, employees and directors under the ESOP plans from US$13.25 to US$11.90 per share. All terms and conditions of the eligible options, including the vesting schedule, service condition and other terms remain the same. The impact of the repricing of the options has been considered in the company’s financial statements. The intrinsic value per option at the date of grant during the years ended March 31, 2022 and 2023 is as follows: Date of grant No. of options Deemed fair Intrinsic value Valuation used October 01, 2020* 4,273 2,320 — Market price March 31, 2021 182,800 2,057 — Market price July 7, 2021 20,000 1,838 — Market price * Pertains to RSUs converted into RSs at the prevailing market price. Stock Appreciation Rights (SARs) The Company granted incentive compensation in the form of Stock Appreciation Rights (“SARs”), as defined in the Company’s 2016 Equity Incentive Plan, as amended on March 31, 2020, to its CEO and COO. The SARs have been granted in 4 tranches with maturity dates up to financial year March 31, 2028. A summary of SARs activity during the periods ending March 31, 2022 and 2023 is set out below: Number of Weighted SAR outstanding as of March 31, 2021 1,875,000 810 Granted - - Exercised - - Options outstanding as of March 31, 2022 1,875,000 810 Vested as of March 31, 2022 680,000 805 Exercisable as of March 31, 2022 130,000 1,154 Number of Weighted SAR outstanding as of March 31, 2022 1,875,000 810 Granted - - SAR forfeited/reversed during the year (1,195,000 ) 771 Options outstanding as of March 31, 2023 680,000 878 Vested as of March 31, 2023 680,000 878 Exercisable as of March 31, 2023 680,000 878 The fair value of each SAR granted to employees is estimated at each reporting date using the Black- Scholes option-pricing model with the following weighted average assumptions: Year ended March 31, 2022 2023* Dividend yield 0% - Expected term (in years) 3.2 – 4.7 - Expected volatility 49.32% - 52.52% - Risk free interest rate 2.45% -2.49% - * Fair value of SARs as of March 31, 2023 has been taken basis the expected settlement with the EX CEO and COO. The share-based compensation expense related to SARs is recorded as a component of general and administrative expenses in the Company’s consolidated statements of operations totalled reversal of INR 373 million and reversal of expense of INR 646 million (US$7.9 million) for the year ended March 31, 2022 and 2023, respectively. The amount of share-based compensation expense capitalized during the year ended March 31, 2022 and 2023 was INR Nil Unrecognized compensation cost for unvested SARs as of March 31, 2023 is INR Nil million On April 26, 2022, the Company through its Board of Directors has accepted the resignations of erstwhile CEO and COO of the Company. Both of the KMP’s were relinquished from their roles with the Company/ Group with immediate effect. Considering the same adjustment in relation to SARs of the CEO and COO has been made in Fiscal Year 2023. The fair value per SAR at the date of grant is as follows: Date of grant No. of Deemed fair Vesting Valuation July 18, 2019 200,000 722 February 2020 Market price July 18, 2019 1,600,000 722 March 31, 2020 to Market price March 30, 2020 170,000 1,069 March 31, 2021 to Market price March 30, 2021 80,000 2,056 March 31, 2022 to Market price |
Post Retirement Plans
Post Retirement Plans | 12 Months Ended |
Mar. 31, 2023 | |
Post Retirement Plans [Abstract] | |
Post Retirement Plans | 22. Post retirement plans The Company has a defined benefit gratuity plan. Every employee who has completed five years or more of service is entitled to a gratuity on departure at 15 days salary (last drawn salary) for each completed year of service. The Scheme is unfunded and accrued cost is recognized through a provision in the accounts of the company. The following table sets forth the changes in projected benefit obligations - As of March 31, 2022 2023 2023 (INR) (INR) (US$) (In million) Benefit obligation at beginning of year 50 56 0.7 Service cost 14 14 0.2 Interest cost 4 5 0.1 Net actuarial loss (gain) (8 (17 ) (0.2 ) Benefits paid (4 ) (10 ) (0.1 ) Benefit obligation at end of year 56 48 0.6 Amounts recognized in statement of financial position at March 31 consist of: Other non-current liabilities 53 39 0.5 Other current liabilities 3 9 0.1 Net amount recognized 56 48 0.6 Components of Net Periodic Benefit Cost (Income) Net periodic benefit cost (income) for our postretirement benefit plans consisted of the following and is recorded as a component of general and administrative expenses in the Company’s consolidated statement of operations: Year ended March 31 2022 2023 2023 (INR) (INR) (US$) (In million) Service Cost 14 14 0.2 Interest Cost 4 5 0.1 Amortization of: Net actuarial loss (gain) (8 ) (17 ) (0.2 ) Net periodic benefit cost (income) 10 2 0.1 The principal assumptions used in determining gratuity for the Company’s plans are shown below: Year ended March 31 2022 2023 Discount rate 7.92 % 7.92 % Salary escalation rate 10.00 % 10.00 % Employee turnover rate 9.00 % 30.00 % Retirement age 58 years 58 years The following estimated payments to the defined benefit plan in future years: Year ended March 31 2022 2023 2023 (INR) (INR) (US$) (In million) Within the next - 1 year 4 9 0.1 - 1 and 2 years 3 19 0.2 - 2 and 3 years 4 18 0.2 - 3 and 4 years 5 16 0.2 - 4 and 5 years 5 14 0.2 - 5 and 10 years 24 24 0.3 |
Impairment of Assets and Assets
Impairment of Assets and Assets Held for Sale | 12 Months Ended |
Mar. 31, 2023 | |
Impairment of Assets and Assets Held for Sale [Abstract] | |
Impairment of assets and Assets held for sale | 23. Impairment of assets and Assets held for sale In April 2021, the Company has entered into an agreement with Radiance to sell certain subsidiaries (the “Rooftop Subsidiaries”) with an operating capacity of 153 MW (the “Rooftop Portfolio”) for INR 5,350 million, subject to certain purchase price adjustments (the “Rooftop Sale Agreement”). Pursuant to the Rooftop Sale Agreement, Radiance will acquire 100% of the equity ownership of the Rooftop Subsidiaries owned by the Group. The Company had recognized an impairment loss in relation to the Rooftop Subsidiaries aggregating to INR 3,255 million during the year ended March 31, 2021, pursuant thereto these assets (net) are carried at its fair values in the financial statements. As per the terms of the Rooftop Sale Agreement out of 43.2 MW operating capacity that are part of the Restricted Groups (as defined in the respective Green Bond Indentures) during August 2021, post refinancing of 5.5% Senior Notes and repayment of loan relating to one of a rooftop project of 10 MW the company transferred 100% shareholding in the that project to Radiance and 48.6% of the equity ownership of entities forming part of Restricted Group having 33.2 MW operating capacity has also been transferred to Radiance on the closing date. Pursuant to the terms of the Green Bond Indentures, the remaining 51.4% will only be transferred post refinancing of the Green Bonds. The transfer of ownership for the remaining operating capacity of 33.2 MW for the Solar Green Bonds is not anticipated to occur within 12 months, hence, the assets and liabilities of these subsidiaries are not presented as “Assets classified as held for sale” and instead continue to be classified within the respective balance sheet captions in the consolidated financial statements at March 31, 2023 and March 31, 2022 respectively. There is also a restriction on transfer of equity ownership relating to the 16 MW project with Delhi Jal Board (DJB), wherein 49% of the equity ownership was transferred to Radiance on closing date, and the remaining 51% will be transferred on or after March 31, 2024. Accordingly, the related assets and liabilities of the DJB 16 MW project are not presented as “Assets classified as held for sale” and instead continue to be classified within the respective balance sheet captions at March 31, 2023 and March 31, 2022 respectively. During the current year, Company has transferred 100% shareholding in relation to 2.5 MW operating capacity. In the event the sale of the Rooftop Subsidiaries does not occur, the Company must reimburse Radiance the equity value of the assets not transferred along with an 10.5% per annum equity return. Further, the Company and Radiance have mutually agreed to terminate the transfer in shareholding of the remaining un-transferred 86.5 MW portfolio to Radiance, and accordingly, the Purchaser will not purchase from the Sellers and the Sellers will not sell to the Purchaser the AZR Sale Shares (including any Seller Group Loans) as was agreed in the Previous MSPA and further amended under the Amended MSPA. Accordingly, the assets and related liabilities of these subsidiaries are not presented as “Assets classified as held for sale” and instead re-classified within the respective balance sheet captions in the consolidated balance sheet as at March 31, 2022 and March 31, 2023. The assets and liabilities of the Rooftop Subsidiaries classified as held for sale, together with the calculation of the related impairment loss is shown below. As of March 31, 2022 2023 2023 (INR) (INR) (US$) (In million) Current assets: Cash and cash equivalents 41 - - Restricted cash 9 - - Accounts receivable, net 1 - - Total current assets 51 - - Property, plant and equipment, net 96 - - Total assets (A) 147 - - Liabilities Current liabilities: Accounts payable 1 - - Current portion of long-term debt 66 - - Interest payable 2 - - Other liabilities 4 - - Total current liabilities 73 - - Non-current liabilities - - - Total liabilities (B) 73 - - Net Assets (C=A-B) 74 - - Fair value (D) 54 - - Impairment loss/ (reversal)* (E=C-D) 20 - - The fair value of consideration related to the rooftop sale in previous year includes expected recovery of VGF for INR 463 million (US$6.1 million). The Company has undertaken to refund to the purchaser an amount equivalent to 85% of any shortfall in recovery of VGF. Based on the current circumstances, management has assessed that they have complied with the conditions associated with the grant of VGF and hence have determined that the recovery of the VGF is likely. During the previous year ended March 31, 2022, in respect of the 33.2 MW operating capacity that are part of the Restricted Groups, and 16 MW project with Delhi Jal Board, the Company has consolidated the entities in the consolidated financial statements and net carrying value of assets are reinstated. The Company has reported the Minority interest equivalent to shareholding transferred to Radiance. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Mar. 31, 2023 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | 24. Fair Value Measurements ASC Topic 820 Fair Value Measurements and Disclosures defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly, hypothetical transaction between market participants at the measurement date. ASC Topic 820 establishes a three-tier value hierarchy of fair value measurement based upon the whether the inputs to that measurement are observable or unobservable. Observable inputs reflect data obtained from independent sources while unobservable inputs reflect the Company’s market assumptions. ASC Topic 820 prioritizes the inputs used in the valuation methodologies in measuring fair value as follows: Level 1 — Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 — Includes other inputs that are directly or indirectly observable in the marketplace. Observable inputs, other than Level 1 quoted prices for similar instruments in active markets; quoted prices for similar or identical instruments in markets that are not active; and valuations using models in which all significant inputs are observable in active markets. Level 3 — Unobservable inputs which are supported by little or no market activity. The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. In accordance with ASC Topic 820, assets and liabilities are to be measured based on the following valuation techniques: Market approach — Prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. Income approach — converting the future amounts based on the market expectations to its present value using the discounting methodology. Cost approach — Replacement cost method. The valuation techniques used by the Company to measure and report the fair value of certain financial assets and liabilities on a recurring basis are as follows; Foreign exchange derivative contracts The Company enters into foreign exchange option contracts to hedge fluctuations in foreign exchange rates for recognized balance sheet items such as foreign exchange term loans. The Company mitigates the credit risk of these foreign exchange option contracts by transacting with highly rated counterparties which are major banks. The Company uses valuation models to determine the fair value of the foreign exchange option contracts. The inputs considered include the theoretical value of a call option, the underlying spot exchange rate as of the balance sheet date, the contracted price of the respective option contract, the term of the option contract, the implied volatility of the underlying foreign exchange rates and the risk-free interest rate as of the balance sheet date. The techniques and models incorporate various inputs including the credit worthiness of counterparties, foreign exchange spot and forward rates, interest rate yield curves, forward rate yield curves of the underlying option contracts. The Company classifies the fair value of these foreign exchange option contracts in Level 2 because the inputs used in the valuation model are observable in active markets over the term of the respective option contracts. Fair value measurement at reporting date using Quoted Prices in Active Significant Markets for Other Significant As of Identical Observable Unobservable March 31, Assets Inputs Inputs Description 2022 (Level 1) (Level 2) (Level 3) (In million) Assets Current assets Forward exchange derivative contracts (INR) 13 - 13 - Non-current assets Fair valuation of swaps and options (INR) 2,647 - 2,647 - Forward exchange derivative contracts (INR) 883 - 883 - Total assets (INR) 3,543 - 3,543 - Total assets (US$) 46.7 - 46.7 - Fair value measurement at reporting date using Quoted Prices in Active Significant Markets for Other Significant As of Identical Observable Unobservable March 31, Assets Inputs Inputs Description 2022 (Level 1) (Level 2) (Level 3) (In million) Liabilities Current liabilities Forward exchange derivative contracts (INR) 106 - 106 - Fair valuation of swaps and forward (INR) 658 - 658 - Fair valuation of swaps and options (INR) 1,735 - 1,735 - Non-current liabilities Fair valuation of swaps and forward (INR) 7 - 7 - Total Liabilities (INR) 2,506 - 2,506 - Total Liabilities (US$) 33.0 - 33.0 - Fair value measurement at reporting date using Quoted Prices in Active Significant Markets for Other Significant As of Identical Observable Unobservable March 31, Assets Inputs Inputs Description 2023 (Level 1) (Level 2) (Level 3) (In million) Assets Current Asset Fair valuation of swaps and forward (INR) 210 - 210 - Non-current assets Fair valuation of swaps and options (INR) 5,447 - 5,447 - Fair valuation of swaps and forward (INR) 1,855 - 1,855 - Total assets (INR) 7,512 - 7,512 - Total assets (US$) 91.4 - 91.4 - Fair value measurement at reporting date using Quoted Prices in Active Significant Markets for Other Significant As of Identical Observable Unobservable March 31, Assets Inputs Inputs Description 2023 (Level 1) (Level 2) (Level 3) (In million) Liabilities Current liabilities Forward exchange derivative contracts (INR) 108 - 108 - Fair valuation of swaps and forwards (INR) 3 - 3 - Fair valuation of swaps and options (INR) 1,431 - 1,431 - Total Liabilities (INR) 1,542 - 1,542 - Total Liabilities (US$) 18.8 - 18.8 - The carrying amount of cash and cash equivalents, including restricted cash, accounts receivable, accounts payables, and other current financial assets and liabilities approximate their fair value largely due to the short-term maturities of these instruments and are classified as level 2. There have been no transfers between categories during the current year. The carrying value and fair value of the Company’s fixed rate project financing term loans is as follows: As of March 31, 2022 Carrying Value Fair Value * (INR) (INR) US$ (In million) Fixed rate project financing loans: Foreign currency loans 56,785 57,032 751.7 Indian rupee loans 4,006 3,580 47.2 As of March 31, 2023 Carrying Value Fair Value * (INR) (INR) US$ (In million) Fixed rate project financing loans: Foreign currency loans 58,863 45,963 559.2 Indian rupee loans 3,719 4,417 53.7 The Company uses the yield method to estimate the fair value of fixed rate loans using interest rate change as an input. The carrying amount of the Company’s variable rate project financing terms loans approximate, their fair values due to their variable interest rates. The carrying value and fair value of the Company’s investment in the Bank of Mauritius notes, classified as held to maturity securities is as follows: As of March 31, 2022 Carrying Value Fair Value * (INR) (INR) US$ (In million) Non-current investments: Fixed rate Bank of Mauritius notes 6 6 0.1 As of March 31, 2023 Carrying Value Fair Value * (INR) (INR) US$ (In million) Non-current investments: Fixed rate Bank of Mauritius notes 7 7 0.1 The Company uses the yield method to estimate the fair value of fixed rate Bank of Mauritius notes by using interest rate as an input. The carrying amount of the Company’s investment in fixed rate Bank of Mauritius notes approximate, their fair values relative to variable interest rates. * Fair value measurement at reporting date using significant unobservable inputs (Level 3). |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 12 Months Ended |
Mar. 31, 2023 | |
Derivative Instruments and Hedging Activities [Abstract] | |
Derivative instruments and hedging activities | 25. Derivative instruments and hedging activities Option Contracts Undesignated as Hedge (Gains)/Losses on foreign exchange derivative contracts for the year ended March 31, 2021, 2022 and 2023 aggregated INR Nil million Nil million Nil Contracts designated as a Cashflow Hedge The Company hedged the foreign currency exposure risk related to certain intercompany loans denominated in foreign currency through a call spread option with a full swap for coupon payments. The Company also availed trade credit facilities denominated in foreign currencies which were fully hedged through interest rate swaps. The foreign currency forward contracts and options were not entered into for trading or speculative purposes. The Company documented each hedging relationship and assessed its initial effectiveness on inception date and the subsequent effectiveness was tested as determined at the time of inception of the contract. The gain or loss on the hedge contracts was recorded in accumulated other comprehensive income to the extent the hedge contracts were effective. The gain or loss on the hedge contracts shall be reclassified to interest expense when the coupon payments and principal repayments are made on the related investments. The hedge contracts were effective as of March 31, 2023. The following table presents outstanding notional amount and balance sheet location information related to foreign exchange derivative contracts as of March 31, 2022 and 2023: As of March 31, 2023 Notional Non- Current Prepaid Other Other Current Non- Prepaid (US$) (INR) (INR) (INR) (INR) (US$) (US$) (US$) (US$) Audited (In million) Fair valuation of swaps and options 721.6 - 1,431 - 5,447 66.3 17.4 - - Forward exchange derivative contract 97.4 - 108 - - - 1.3 - - Fair valuation of swaps and forward 230.0 - 3 210 1,855 22.6 0.0 - 2.6 As of March 31, 2022 Notional Non- Current Prepaid Other Other Current Non- Prepaid (US$) (INR) (INR) (INR) (INR) (US$) (US$) (US$) (US$) Audited (In million) Fair valuation of swaps and options 753.9 - 1,735 - 2,647 34.9 22.9 - - Forward exchange derivative contract 93.8 - 106 13 - - 1.4 - 0.2 Fair valuation of swaps and forward 253.7 7 658 - 883 11.6 8.7 0.1 - The company recorded the net fair value of derivative liability of INR 4,404 million and INR 4,935 million (US$60.0 million) in the Other comprehensive income for the year ended March 31, 2022 and 2023, respectively and recorded an expense of INR 1,302 million and INR 1,726 million (US$21.0 million) related to the amortization of the cost of the hedge for the year ended March 31, 2022 and 2023, respectively. The foreign exchange derivative contracts mature generally over a period of 0.7 – 3.3 years. Contracts designated as fair value hedge The Company hedged the exposure to fluctuations in the fair value of firm commitments denominated in foreign currency through forward exchange derivative contracts. Fair value adjustments related to non-financial instruments will be recognized in the hedged item upon recognition and will eventually affect earnings as and when the hedged item is derecognized. Changes in the fair value of derivatives designated and qualifying as fair value hedges, together with any changes in the fair value of the hedged firm commitments attributable to the hedged risk, will be recorded in in the consolidated balance sheet. The gain or loss on the hedging derivative in a hedge of a foreign-currency-denominated firm commitment and the offsetting loss or gain on the hedged firm commitment is recognized in earnings in the accounting period, post the recognition of the hedged item in the balance sheet. The forward exchange derivative contracts were not entered into for trading or speculative purposes. The foreign exchange derivative contracts mature generally over a period of 1 months – 9 months. The Company documented each hedging relationship and assessed its initial effectiveness on inception date and the subsequent effectiveness was tested as determined at the time of inception of the contract. The hedge contracts were effective as of March 31, 2023. As of March 31, 2022 Notional Current Liabilities (Fair value) Prepaid expenses and other current assets (Fair value) Prepaid expenses and other current assets (Fair value) Current Liabilities (Fair value) (US$) (INR) (INR) (US$) (US$) Audited (In million) Forward exchange derivative contracts 15.7 12 1 0.0 0.2 The company recorded the fair value of derivative asset/liability of INR 12 million and INR Nil as at March 31, 2022 and 2023, respectively and incurred an amount of INR 1,001 million and INR Nil |
Concentrations of Credit Risk
Concentrations of Credit Risk | 12 Months Ended |
Mar. 31, 2023 | |
Concentrations of Credit Risk [Abstract] | |
Concentrations of Credit Risk | 26. Concentrations of credit risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash and cash equivalents, restricted cash, accounts receivables and derivative instruments. The Company mitigates the risk of credit losses from financing instruments, other than accounts receivables, by selecting counter parties that are well known Indian or international banks. The following customers account for more than 10% of the Company’s accounts receivable and sale of power as of and for the year ended March 31, 2022 and 2023: March 31, 2022 March 31, 2023 % of Sale % of Accounts % of Sale % of Accounts Customer Name of Power Receivable of Power Receivable Solar Energy Corporation of India 30.09 % 39.64 % 42.31 % 47.02 % Punjab State Power Corporation Limited 10.71 % 4.53 % 9.35 % 5.42 % NTPC Vidyut Vyapar Nigam Limited 15.23 % 5.42 % 13.73 % 4.81 % Hubli Electricity Supply Company Limited 5.32 % 10.49 % 3.93 % 8.91 % Chamundeshwari Electricity Supply Company 2.88 % 8.20 % 2.57 % 10.67 % Andhra Pradesh Power Coordination Committee 2.83 % 13.12 % 2.44 % 7.44 % |
Whistle-blower Allegations and
Whistle-blower Allegations and Special Committee Investigation | 12 Months Ended |
Mar. 31, 2023 | |
Whistle-blower Allegations and Special Committee Investigation [Abstract] | |
Whistle-blower Allegations and Special Committee Investigation | 27. Whistle-blower Allegations and Special Committee Investigation In May 2022, we received a whistle-blower complaint that alleged health and safety lapses, procedural irregularities, misconduct by certain employees, improper payments and false statements relating to one of our projects belonging to a project subsidiary. Following extensive investigation by the Ethics Committee, supervised by the Board’s Audit and Risk Committee and by external counsel and forensic professionals, we identified evidence of manipulation and misrepresentation of project data by some employees at that project site. Weak controls over payments to a vendor and failures to provide accurate information both internally and externally were found, but no direct evidence that any improper payment was made to any government official was identified. Further, in Fiscal 2023, we reported to SECI that this project had (i) shortfalls in generation and (ii) that it failed to timely complete and commission the requisite contractually required capacity. On January 3, 2023 and January 4, 2023, SECI advised us, inter alia, that the project may be liable for damages and penalties for shortfalls in generation. In September 2022, we received an additional whistle-blower complaint primarily making similar allegations of misconduct as raised in the May 2022 complaint, as well as allegations of misconduct related to joint ventures and land acquisition, allegations of our failure to be transparent with the market and advisors and other claims. The Ethics Committee, supervised by the Board’s Audit and Risk Committee, with the support of external counsel and forensic accounting professionals, investigated these September 2022 allegations. The investigation of the September 2022 complaint identified significant control issues in the process of acquiring land and land use rights in relation to one of our projects. The investigation specified that third party land aggregators may have been involved in improper payments but no improper transfer of money by the Group was identified. We have made an adjustment (de-capitalization) in the books of accounts of INR 138 million (US$1.8 million) on estimate, as a prudent measure in the given project. Further, we have reviewed the entire amount paid to land aggregators in other projects to identify any similar issue and after an assessment a further adjustment (decapitalisation) aggregating to INR 118 million (US$1.6 million) has been made in the books of account for FY 2022 on estimate, as a prudent measure, though no improper payments by the Group could be identified. In line with review made during the previous year, we reviewed reviewed the entire amount paid to land aggregators during the current year and made adjustment of INR 28 million (US$0.4 million) during the year ended March 31, 2023 on prudent basis though no improper payments by the Group could be identified in current year as well. Our investigation did not substantiate other portions of this September 2022 whistle-blower complaint. As part of our investigations of the May 2022 and September 2022 whistle-blower complaints, we also widened our review to include a review of projects commissioned in Fiscal 2022 and Fiscal 2023 to ensure that similar weaknesses were not present. As part of our investigations, we identified inconsistencies in project data in certain of our projects, but we identified no improper payments made in connection with these projects. We have taken a range of actions due to these findings, and the employees involved in the misconduct are no longer associated with us. In accordance with the recommendations of the Ethics Committee, the Board’s Audit and Risk Committee and their legal and forensic advisors, we are implementing remedial measures in both project control and monitoring. Further, we reported the findings from its investigations of the May 2022 and September 2022 whistle-blower complaints to the SEC and the U.S. Department of Justice, and we continue to cooperate with these authorities. In addition, a Special Committee of the Board (the “Special Committee”) was convened in August 2022 to review certain material projects and contracts over a three-year period for anti-corruption and related compliance issues. Independent outside counsel and forensic advisors were engaged to support the Special Committee. The Special Committee’s investigation has identified evidence that individuals formerly affiliated with the Group may have had knowledge of, or were involved in, an apparent scheme with persons outside the Group to make improper payments in relation to certain projects. To date, the Special Committee has not identified related improper payments or transfers by the Group. The Special Committee’s investigation is still ongoing. The Special Committee’s review and its findings has impacted the decision-making of the Group in connection with such projects. We have disclosed the details of the Special Committee’s investigation to the SEC and the U.S. Department of Justice, and we continue to cooperate with those agencies. Our Group including our subsidiaries with respect to affected projects could be exposed to liabilities under the relevant contractual and tender documents (including levy of damages and liquidated damages, reduction of PPA tariffs and/or short closure of capacity), administrative actions (including the risk of PPA cancellation, risk of being debarred from SECI’s future contracts, withdrawal or nullification of commissioning certificates and/or revocation of commissioning extensions) and penalties from customers and other civil liabilities, all of which could adversely impact the revenue, profitability and capitalization of the affected projects. In addition, civil and/or criminal fines and/or penalties by regulatory authorities (including by the SEC, the U.S. Department of Justice and applicable Indian regulatory authorities) could be imposed on us as well as ongoing obligations, remedial corporate measures or other relief against us that could adversely impact our operations. Any such fines, penalties, ongoing obligations or other measures or relief against uscould materially and adversely affect our business, results of operations, financial condition and cash flows in future periods. Further, in addition, certain of those outcomes could adversely impact our ability to maintain compliance with the covenants under our credit facilities or result in an event of default thereunder. In addition, we could be exposed to future litigation in connection with any findings of fraud, corruption, or other misconduct by persons who served as our directors, officers and employees. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Mar. 31, 2023 | |
Subsequent Event [Abstract] | |
Subsequent events | 28. Subsequent events On May 3, 2023, the Company announced the appointment of Mr. Sugata Sircar as CFO for the Company and the Group and Executive Director, Finance of the Company’s subsidiary, Azure Power India Private Limited, with effect from May 1, 2023. He subsequently resigned from his position as Non-executive Independent Director and member of the Company’s Audit & Risk Committee and Capital Committee. On May 3, 2023, the Company has announced the appointment of Mr. Sunil Gupta as Chief Executive Officer (CEO) effective July 10, 2023, replacing the acting CEO, Rupesh Agarwal. On May 27, 2023, Radiance have sent the Company a notice to terminate the Master Share Purchase Agreement in relation to 86.5 MW Rooftop portfolio in relation to Azure Power Rooftop (Genco) Private Limited and related group SPVs. The Company and Radiance have mutually agreed to terminate the transfer in shareholding of the un-transferred 86.5 MW portfolio to Radiance and accordingly, the Purchaser will not purchase from the Sellers and the Sellers will not sell to the Purchaser the AZR Sale Shares (including any Seller Group Loans) as was agreed in the Previous MSPA and further amended under the Amended MSPA. The assets and related liabilities of these subsidiaries are not presented as “Assets classified as held for sale” and instead re-classified within the respective balance sheet captions in the consolidated balance sheet as at March 31, 2022. On June 16, 2023, the Company has announced the appointment of Mr. Richard Payette as an Independent non-executive Director on the Company’s Board effective July 1, 2023. On June 23, 2023, the Company has announced the resignation of Ms. Christine Ann Mc Namara as an Independent non-executive Director on the Company’s Board. On October 11, 2023, Mr. Alan Rosling resigned as Chairman of the Board and as a director of the Company and APIPL. Mr. M.S. Unnikrishnan then became the Chairman of the Board of the Company. Mr. Deepak Malhotra and Mr. Cyril Sebastien Dominique Cabanes resigned as directors of the Company on October 29, 2023 and October 30, 2023 respectively. On October 31, 2023, Mr. Jaime Garcia Nieto and Mr. Philippe Pierre Wind were appointed as directors of the Company. Both directors are non-executive nominees of the majority shareholder, CDPQ. On December 14, 2023, APSEPL and APEL completed a consent solicitation in respect the 2024 Notes and 2026 Notes. Under the same, APSEPL and APEL sought the consent of the Noteholders of each of the 2024 Notes and 2026 Notes to amend certain terms of Bond Indentures. Pursuant to the terms of the amended Indentures, APSEPL and APEL launched tender offers for the 2024 Notes and the 2026 Notes on February 16, 2024. The early deadline of the tender offers was on March 1, 2024 and APSEPL and APEL purchased US$40,000,000 of the 2024 Notes and US$14,477,000 of the 2026 Notes respectively on March 11, 2024. On March 13, 2024, Mr. M.S. Unnikrishnan resigned as Chairman of the Board and as a director of the Company and APIPL. Subsequent to year end, the Company has received favorable orders for entitlement of compensation related to “change in law” event for increase in GST rate from 5% to 12 % and introduction & imposition of Safeguard Duty aggregating to INR 1,423 million. These favorable orders have been considered as subsequent adjusting event, accordingly the Company has recognised the same in the books of account as on 31st March 2023. On February 13, 2024, FS India Solar Ventures Private Limited (“First Solar”) sent us a notice that First Solar was terminating the Master Supply Agreement, dated August 22, 2022 (“First Solar MSA”), between First Solar and APIPL. The notice claims that a termination payment of US$29.242 million is due to be paid by APIPL to First Solar under the First Solar MSA. APIPL disputes that such a termination payment is due and intends to engage in commercial discussions with First Solar to resolve the matter. On March 05, 2024, Siemens Gamesa sent us a notice which claims a default and damages of INR 1,934 million (US$23.5 million) in connection with a supply agreement between Siemens Gamesa and APIPL in respect of our 345.6 MW wind power project in the state of Karnataka. APIPL disputes such claim of default and damages and intends to engage in mutual discussions with Simens Gamesa to resolve the matter. On March 18, 2024, we received two letters from SECI. In its first letter, SECI stated that it had terminated the PPAs with the Group in respect of the 2,333 MW projects and reserved its rights to take action against the Group including forfeiture of the performance guarantees and success charges and fees in respect of the PPAs and other documentation associated with the 2,333 MW projects. In its second letter, SECI informed the Group that it was awarding the 2,333 MW projects and associated PPAs to a third-party. Further, SECI informed the Group that it had reduced Azure’s capacity allocation under the manufacturing Letter of Award by 2,333MW and its corresponding manufacturing capacity of solar cells and solar modules by 583 MW. On July 13, 2023, the NYSE suspended trading in our Company’s shares and commenced delisting proceedings (the “Delisting Decision”). As described more fully in our July 13, 2023 Form 6-K, we took substantial steps to remediate the issues that led to the Delayed Filings including, among others, the replacement of our independent public accounting firm for our U.S. GAAP consolidated financial statements, strengthening our management team and appointing external consultants to review our internal controls and compliance framework. On July 26, 2023, we submitted an appeal of the Delisting Decision. However, on October 30,2023, the NYSE Committee for Review affirmed the Delisting Decision. On November 13, 2023 our shares were delisted from trading on the NYSE. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Mar. 31, 2023 | |
Summary of Significant Accounting Policies [Abstract] | |
Basis of presentation | (a) Basis of presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) and are presented in Indian rupees (“INR”), unless otherwise stated. The consolidated financial statements include the accounts of APGL and companies which are directly or indirectly controlled by APGL. All intercompany accounts and transactions have been eliminated upon consolidation. Certain balances relating to prior years have been reclassified, wherever required, to conform to the current year presentation. All share and per share amounts presented in the consolidated financial statements have been adjusted to reflect the 16-for-1 stock split of the Company’s equity shares that was effective on October 6, 2016. |
Use of estimates | (b) Use of estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, costs, expenses and comprehensive loss/ gain that are reported and disclosed in the consolidated financial statements and accompanying notes. These estimates are based on management’s best knowledge of current events, historical experience, actions the Company may undertake in the future and on various other assumptions that are believed to be prudent and reasonable under the circumstances. Significant estimates and assumptions are used for, but not limited to impairment of and useful lives of property, plant and equipment, determination of asset retirement obligations, valuation of derivative instruments, hedge accounting, lease liabilities, right to use asset, allowances for doubtful accounts based on payment history, credit rating, valuation of share-based compensation, income taxes, energy kilowatts expected to be generated over the useful life of the solar power plant, estimated transaction price, including variable consideration, of the Company’s revenue contracts, impairment of other assets, impairment of net assets classified as held for sale and other contingencies and commitments. Although these estimates are based upon management’s best knowledge of current events and actions, actual results could differ from these estimates, and such differences may be material to the consolidated financial statements. Principles of Consolidation The accompanying consolidated financial statements include the accounts of APGL, its subsidiaries, and variable interest entities (“VIE”), where the Company has determined it is the primary beneficiary and are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The Company uses the equity method to account for its investments in entities where it exercises significant influence over operating and financial policies but does not retain control under either the voting interest model (generally 20% to 50% ownership interest) or the variable interest model. The Company has eliminated all intercompany accounts and transactions. |
Foreign currency translation and transactions | (c) Foreign currency translation and transactions The functional currency of APGL is the United States Dollar (“US$”) and reporting currency is Indian rupees (“INR”). The Company’s subsidiaries with operations in India use INR as the functional currency and the subsidiaries in the United States and Mauritius use US$ as the functional currency. The financial statements of APGL and its subsidiaries, other than subsidiaries with a functional currency of INR, are translated into INR using the exchange rate as of the balance sheet date for assets and liabilities, historical exchange rates for equity transactions and average exchange rate for the year for income and expense items. Translation gains and losses are recorded in accumulated other comprehensive income or expenses as a component of shareholders’ equity. Transactions in currencies other than the functional currency are measured and recorded in the functional currency using the exchange rate in effect at the date of the transaction. At the balance sheet date, monetary assets and liabilities that are denominated in currencies other than the functional currency are translated into the functional currency using the exchange rate at the balance sheet date. All gains and losses arising from foreign currency transactions are recorded in the determination of net income or loss/(gain) during the year in which they occur. Revenue, expense and cash flow items are translated using the average exchange rates for the respective period. The resulting gains and losses from such translations are excluded from the determination of earnings and are recognized instead in accumulated other comprehensive loss/ (gain), which is a separate component of shareholders’ equity. Realized and unrealized foreign currency transaction gains and losses, other than those hedged by the Company, arising from exchange rate fluctuations on balances denominated in currencies other than the functional currency of an entity, such as those resulting from the Company’s borrowings in other than functional currency is included in Loss/(gain) on foreign currency exchange, net in the consolidated statements of operations. |
Convenience translation | (d) Convenience translation Translation of balances in the consolidated balance sheets and the consolidated statements of operations, comprehensive loss, shareholders’ equity and cash flows from INR into US$, as of and for the year ended March 31, 2023 are solely for the convenience of the readers and were calculated at the rate of US$1.00 = INR 82.19 , the noon buying rate in New York City for cable transfers in non U.S. currencies, as certified for customs purposes by the Federal Reserve Bank of New York on March 31, 2023 . No representation is made that the INR amounts could have been, or could be, converted, realized or settled into US$ at that rate on March 31, 2023, or at any other rate. |
Cash and cash equivalents | (e) Cash and cash equivalents Cash and cash equivalents include demand deposits with banks, term deposits and all other highly liquid investments purchased with an original maturity of three months or less at the date of acquisition and that are readily convertible to cash. The Company has classified term deposits totalling INR 10,482 million and INR 11,850 million (US$144.2 million) as of March 31, 2022 and 2023, respectively, as cash and cash equivalents, because the Company has the ability to redeem these deposits at any time subject to an immaterial interest rate forfeiture. All term deposits are readily convertible into known amount of cash with no more than one day notice. |
Restricted cash | (f) Restricted cash Restricted cash consists of cash balances restricted as to withdrawal or usage and relates to cash used to collateralize bank letters of credit supporting the purchase of equipment for solar power plants, bank guarantees issued in relation to the construction of the solar power plants within the timelines stipulated in PPAs and for certain debt service reserves required under the Company’s loan agreements. Restricted cash is classified into current and non-current portions based on the term of the deposit and the expiration date of the underlying restriction. The following table presents the components of cash and cash equivalents and restricted cash included in the consolidated balance sheets that sums to the total of such amounts in the Consolidated Statements of Cash Flows: March 31, 2021 2022 2023 2023 (INR) (INR) (INR) (US$) (In million) Current Assets Cash and cash equivalents 11,107 18,796 12,724 154.7 Restricted cash 4,881 3,784 7,764 94.5 Non-Current Assets Restricted cash 170 726 479 5.8 Cash and cash equivalents and restricted cash 16,158 23,306 20,967 255.0 |
Investments | (g) Investments The Company determines the appropriate classification of investment securities at the time of purchase and re-evaluates such designation at each balance sheet date. The investment securities held by the Company during the periods presented in the accompanying consolidated financial statements are classified as available-for-sale (short-term investments), consisting of liquid mutual funds units and held-to-maturity investments (long-term investments), consisting of Notes of the Bank of Mauritius. The Company accounts for its investments in accordance with Financial Accounting Standards Board (“FASB”) ASC Topic 320, Accounting for Certain Investments in Debt and Equity Securities Securities that the Company has positive intent and ability to hold until maturity are classified as held-to-maturity securities and stated at amortized cost. As of March 31, 2022, and March 31, 2023, amortized cost of held-to-maturity investments was INR 6 million and INR 7 million (US$0.1 million), respectively. Realized gains and losses and a decline in value judged to be other than temporary on these investments are included in the consolidated statements of operations. The cost of securities sold or disposed is determined on the First in First Out (“FIFO”) method. |
Accounts receivable, net | (h) Accounts receivable, net The Company adopted “ASC Topic 326” Financial Instruments — Credit Losses, effective April 1, 2020 using the modified retrospective transition approach. The new guidance requires the measurement and recognition of expected credit losses (ECL) for financial assets held at amortized cost and replaces the existing incurred loss impairment model with an expected loss model using the forward-looking information to calculate credit loss estimates. The new model requires consideration of a broader range of relevant information, such as off take ratings historical loss experience, current economic conditions, and reasonable and supportable forecasts. The impact of adoption of this guidance did not have a material effect on the Company’s financial statements. Credit Risk Credit risk is the risk that counterparty will not meet its obligations under a financial instrument which consists principally of accounts receivables, cash and cash equivalents and restricted cash, leading to a financial loss. Customer credit risk is managed using the Company’s established policy, procedures and control relating to customer credit risk management. Outstanding accounts receivables are regularly monitored. The Company’s accounts receivables are generated by selling energy to customers and are reported net of any allowance for uncollectible accounts. The allowance for credit losses is based on various factors, including the length of time receivables are past due, significant one-time events, the financial health of customers and historical experience. The allowance for credit losses at March 31, 2022 and March 31, 2023 was INR 285 million and INR 836 million (US$10.2 million), respectively. |
Property, plant and equipment | (i) Property, plant and equipment Property, plant and equipment represents the costs of completed and operational solar power plants, as well as the cost of furniture and fixtures, vehicles, office and computer equipment, leasehold improvements, freehold land and construction in progress. Construction in progress represents the accumulated cost of solar power plants that have not been placed into service at the date of the balance sheet. Construction in progress includes the cost of solar modules for which the Company has taken legal title, civil engineering, electrical and other related costs incurred during the construction of a solar power plant. Construction in progress is reclassified to property, plant and equipment when the project begins its commercial operations. Property, plant and equipment are stated at cost, less accumulated depreciation and accumulated impairment losses. Depreciation is calculated using the straight-line method over the assets’ estimated useful lives as follows: Plant and machinery (solar power plants) 25-35 years Building 25-35 years Furniture and fixtures 5 years Vehicles 5 years Office equipment 1-5 years Computers 3 years Leasehold improvements related to office facilities are depreciated over the shorter of the lease period or the estimated useful life of the improvement. Lease hold improvements on the solar power plant sites are depreciated over the shorter of the lease term or the remaining period of the PPAs undertaken with the respective customer. Freehold land is not depreciated. Construction in progress is not depreciated until it is ready to be used. Improvements to property, plant and equipment deemed to extend the useful economic life of an asset are capitalized. Maintenance and repairs that do not improve efficiency or extend the estimated economic life of an asset are expensed as incurred. Additional capacity, if any, added to property plant and equipment is depreciated over the remaining estimated useful live. Capitalized interest Interest incurred on funds borrowed to finance construction of solar power plants is capitalized until the plant is ready for its intended use. The amount of interest capitalized during the years ended March 31, 2021, 2022 and 2023 were INR 333 million, INR 595 million and INR 344 million (US$4.2 million), respectively. |
Accounting for impairment of long-lived assets | (j) Accounting for impairment of long-lived assets The Company periodically evaluates whether events have occurred that would require revision of the remaining useful life of property, plant and equipment and improvements, or render their carrying value not recoverable. If such circumstances arise, the Company uses an estimate of the undiscounted value of expected future operating cash flows to determine whether the long-lived assets are impaired. If the aggregate undiscounted cash flows are less than the carrying amount of the assets, the resulting impairment charge to be recorded is calculated based on the excess of the carrying value of the assets over the fair value of such assets, with the fair value determined based on an estimate of discounted future cash flows, appraisals, or other valuation techniques. Other than the planned disposal of the Company’s rooftop business, impairment of assets related to manufacturing linked tender and impairment of one of the project, there were no impairment charges related to remaining long-lived assets recognized during the years ended March 31, 2022, and 2023 respectively. See also note 23. |
Leases and land use rights | (k) Leases and land use rights In February 2016, the FASB issued ASU 2016-02, Leases (“ASC Topic 842”), to increase transparency and comparability among organizations by recognizing a right-of-use asset and a lease liability on the balance sheet for all leases with terms longer than 12 months and disclosing key information about leasing transactions. In July 2018, the FASB issued ASU 2018-11, Leases (Topic 842) – Targeted Improvements, which provided an optional transition method to apply the new lease requirements through a cumulative-effect adjustment in the period of adoption. The Company adopted the guidance effective April 1, 2019 using the modified retrospective approach and elected certain practical expedients permitted under the transition guidance. The majority of the Company’s leases relate to leasehold land on which the solar power plants are constructed on and leases related to office facilities. The leasehold land related to solar power plants has a lease term ranging between 2 to 35 year which is further extendable on mutual agreement by both lessor and lessee. Where applicable, the company has the consent from the lessors to extend the leases up to 35 years. These leases have rent escalation ranging between 5% to 10%, over the tenure of the lease. All existing leases on the date of adoption of ASC Topic 842, were classified as operating leases as they were concluded at their inception under previous guidance of ASC Topic 840, as permitted by the practical expedient package elected. As the implicit rate in the lease contract is not readily determinable, the company has used its average incremental rate of borrowing of 10% for the purposes of the determination of discount rate. The weighted average remaining lease term for operating leases is 29 years. On Adoption of ASC 842, all the lease arrangements entered prior to adoption continued to be classified as operating leases. The Company has made an assessment for lease arrangements entered during the year and classified them as operating leases. The Company did not have any finance lease during any of the periods presented in the accompanying consolidated financial statements. The Company is a lessee in several non-cancellable operating leases, primarily for construction of solar power plants and for office facilities. The Company determines if an arrangement is or contains a lease at contract inception. The Company recognizes a right-of-use (“ROU”) asset and a lease liability at the lease commencement date. For operating leases, the lease liability is initially and subsequently measured at the present value of the unpaid lease payments at the lease commencement date. Key estimates and judgments include how the Company determines (1) the discount rate it uses to discount the unpaid lease payments to present value, (2) lease term and (3) lease payments. ASC Topic 842 requires a lessee to discount its unpaid lease payments using the interest rate implicit in the lease or, if that rate cannot be readily determined, its incremental borrowing rate. Generally, the Company cannot determine the interest rate implicit in the lease because it does not have access to the lessor’s estimated residual value or the amount of the lessor’s deferred initial direct costs. Therefore, the Company generally uses its incremental borrowing rate as the discount rate for the lease. The Company’s incremental borrowing rate for a lease is the rate of interest it would have to pay on a collateralized basis to borrow an amount equal to the lease payments under similar terms. The lease term for all of the Company’s leases includes the non-cancellable period of the lease plus any additional periods covered by either a Company option to extend (or not to terminate) the lease that the Company is reasonably certain to exercise, or an option to extend (or not to terminate) the lease controlled by the lessor. Lease payments included in the measurement of the lease liability comprise of the following: ■ Fixed payments, including in-substance fixed payments, owed over the lease term (which includes termination penalties the Company would owe if the lease term assumes Company exercise of a termination option); ■ Variable lease payments, if any, that depend on an index or rate, initially measured using the index or rate at the lease commencement date; ■ Amounts expected to be payable under a Company-provided residual value guarantee; and ■ The exercise price of a Company option to purchase the underlying asset if the Company is reasonably certain to exercise the option. The ROU asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for lease payments made at or before the lease commencement date, plus any initial direct costs incurred less any lease incentives received. For operating leases, the ROU asset is subsequently measured throughout the lease term at the carrying amount of the lease liability, plus initial direct costs, plus (minus) any prepaid (accrued) lease payments, less the unamortized balance of lease incentives received. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The Company has recognized and reported the Right of Use asset, on consolidated balance sheet by INR 4,346 million (US$52.9 million) as well as Lease Liabilities by INR 3,700 million (US$45.1 million) as at March 31, 2023 and INR 4,465 million in Right of Use asset as well as Lease Liabilities by INR 3,834 million as at March 31, 2022 respectively. During the year ended March 31, 2022 and 2023, the Company recorded lease cost of INR 439 million and INR 436 million (US$5.3 million) respectively. See Note 18 to the consolidated financial statements. ROU assets for operating leases are periodically reduced by impairment losses. The Company uses the long-lived assets impairment guidance in ASC Subtopic 360-10, Property, Plant, and Equipment – Overall, to determine whether a ROU asset is impaired, and if so, the amount of the impairment loss to be recognized. See Note 2(j). The Company monitors for events or changes in circumstances that require a reassessment of one of its leases. When a reassessment results in the remeasurement of a lease liability, a corresponding adjustment is made to the carrying amount of the corresponding ROU asset unless doing so would reduce the carrying amount of the ROU asset to an amount less than zero. In that case, the amount of the adjustment that would result in a negative ROU asset balance is recorded in the consolidated statements of operations. Operating lease ROU assets are presented as operating lease right -of -use assets on the consolidated balance sheet. The current portion of operating lease liabilities is included in other current liabilities and the long-term portion is presented separately as operating lease liabilities on the consolidated balance sheet. The Company has elected not to recognize ROU assets and lease liabilities for short-term leases of warehouses, office, machinery etc. that have a lease term of 12 months or less. The Company recognizes the lease payments associated with its short-term leases as an expense on a straight-line basis over the lease term. The Company’s corporate office leases generally also include non-lease maintenance services (i.e., common area maintenance). The Company allocates the consideration in the contract to the lease and non-lease maintenance component based on each component’s relative standalone price. The Company determines stand-alone prices for the lease components based on the prices for which other lessors lease similar assets on a stand-alone basis. The Company determines stand-alone prices for the non-lease components (i.e., maintenance services) based on the prices that several suppliers charge for maintenance services for similar assets on a stand-alone basis. |
Asset retirement obligations (ARO) | (l) Asset retirement obligations (ARO) Upon the expiration of the land lease arrangement for solar power plants located on leasehold land, the Company is required to remove the solar power plant and restore the land. The Company records the fair value of the liability for the legal obligation to retire the asset in the period in which the obligation is incurred, which is generally when the asset is constructed. When a new liability is recognized, the Company capitalizes it by increasing the carrying amount of the related long-lived asset, which results in an ARO asset being depreciated over the remaining useful life of the solar power plant. The liability is accreted and expensed to its present expected future value each period based on a credit adjusted risk free interest rate. Upon settlement of the obligation, the Company eliminates the liability and based on the actual cost to retire, may incur a gain or loss. The Company’s asset retirement obligations were INR 902 million and INR 1,112 million (US$13.5 million) as of March 31, 2022 and 2023, respectively. The accretion expense incurred during the years ended March 31, 2021, 2022 and 2023 was INR 42 million, INR 59 million and INR 83 million (US$1.0 million), respectively. The depreciation expense incurred during the years ended March 31, 2021, 2022 and 2023 was INR 23 million, INR 14 million and INR 21 million (US$0.3 million), respectively. During the current year, the carrying amount of the ARO liability is increased by INR 210 million (US$2.6 million) primarily due to commissioning of new projects during the year and accretion expense during the year. The movement in liability during the current year as of March 31, 2023 and comparative year is as below: 2022 (INR) 2023 (INR) 2023 (US$) (In million) Beginning balance 811 902 11.0 Addition during the year 157 127 1.5 Impact of change in estimate (125 ) — — Liabilities settled during the year — — — Accretion expense during the year 59 83 1.0 Ending balance 902 1,112 13.5 |
Software | (m) Software The Company capitalizes certain internal software development cost under the provision of ASC Topic 350-40 Internal-Use Software |
Debt financing costs | (n) Debt financing costs Financing costs incurred in connection with obtaining construction and term financing loans are deferred and amortized over the term of the respective loan using the effective interest rate method. Amortization of debt financing costs is capitalized during construction and recorded as interest expense in the consolidated statements of operations, following commencement of commercial operations of the respective solar power plants. Amortization of debt financing costs for the years ended March 31, 2021, 2022 and 2023 was INR 369 million, INR 1,107 million and INR 336 million (US$4.1 million), including debt financing costs written off related to the debt refinancing amounting to INR 30 million, INR 739 million and INR Nil The carrying value of debt financing costs as on March 31, 2022 and 2023 was INR 1,189 million and INR 1,010 million (US$12.3 million). See Note 12. Further, the Company had debt financing costs of INR 141 million and INR 37 million (US$0.5 million) under other current assets, as on March 31, 2022 and 2023, respectively for facilities not yet drawn. See Note 6. |
Income taxes | (o) Income taxes Income taxes are recorded under the asset and liability method, as prescribed under ASC Topic 740 Income Taxes, whereby deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax base. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The Company establishes valuation allowances against its deferred tax assets when it is more likely than not that all or a portion of a deferred tax asset will not be realized. The computation of tax liabilities involves dealing with uncertainties in the application of complex tax regulations. The Company applies a two-step approach to recognize and measure uncertainty in income taxes in accordance with ASC Topic 740. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount which is more than 50% likely of being realized upon ultimate settlement through March 31, 2023, the Company does not have any unrecognized tax benefits, nor has it recognized any interest or penalties. During the year ended 2019-20, the Taxation Laws (Amendment) Act, 2019 brought key changes to corporate tax rates in the Income Tax Act, 1961, which reduced the tax rate for certain subsidiaries within the group to 25.17%. Azure Power India Private Limited and several of its subsidiaries which are claiming tax benefits under section 80-IA of the Income Tax Act had decided not to opt for this lower tax benefit and have continued under the old regime for the fiscal year ended March 31, 2023, the statutory income tax rate as per the Income Tax Act, 1961 ranges between 25.17% to 34.94%, depending on the tax regime chosen by the particular subsidiary. |
Employee benefits | (p) Employee benefits Defined contribution plan Eligible employees of the Company in India receive benefits from the Provident Fund, administered by the Government of India, which is a defined contribution plan. Both the employees and the Company make monthly contributions to the Provident Fund equal to a specified percentage of the eligible employees’ salary. The Company has no further funding obligation under the Provident Fund, beyond the contributions elected or required to be made thereunder. Contributions to the Provident Fund by the Company are charged to expense in the period in which services are rendered by the covered employees and amounted to INR 27 million, INR 27 million and INR 27 million (US$0.3 million) for the years ended March 31, 2021, 2022 and 2023, respectively. Defined benefit plan Employees in India are entitled to benefits under the Gratuity Act, a defined benefit post-employment plan covering eligible employees of the Company. This plan provides for a lump-sum payment to eligible employees at retirement, death, and incapacitation or on termination of employment, of an amount based on the respective employee’s salary and tenure of employment. As of March 31, 2022, this plan is unfunded. Current service costs for defined benefit plans are accrued in the period to which they relate. In accordance with ASC Topic 715, Compensation Retirement Benefit- Compensated absences The Company recognizes its liabilities for compensated absences in accordance with ASC Topic 710, Compensation-General |
Revenue recognition | (q) Revenue recognition Sale of power consists of solar energy sold to customers under long term Power Purchase Agreements (PPAs), which generally have a term of 25 years. The Company’s customers are generally the Government of India, power distribution companies and, to a lesser extent, commercial and industrial enterprises. Sale of power includes solar power sold through exchange. The Company recognizes revenue on PPAs when the solar power plant generates power and is supplied to the customer in accordance with the respective PPA. The company recognizes revenue each period based on the volume of solar energy supplied to the customer at the price stated in the PPA once the solar energy kilowatts are supplied and collectability is reasonably assured. The solar energy kilowatts supplied by the Company are validated by the customer prior to billing and recognition of revenue. Revenues from the recovery of safe-guard duties and goods and service tax under the change in law provision are recognized over the PPA period in the proportion of the actual sale of solar energy in kilowatts as per the terms agreed with customers or unless contractually agreed otherwise, once collectability is reasonably assured. Revenue from the sale of carbon credit emissions are recognized at the point in time when control of the carbon emission reduction units is transferred. These are initially recognised at cost. The Company applies “ASC Topic 606” Revenue from Contracts with Customers, to recognize revenue from sale of power to its customers. Further, under Topic 606, total consideration for PPAs with scheduled price changes (price escalation is applicable in a solar power plant with 50 MW of operating capacity and price decrease in a solar power plant with 10 MW of operating capacity over the term of PPA) and for significant financing components, is estimated and recognized over the term of the agreement. Price escalations create an unbilled receivable, and the price decreases create deferred revenue. The time value of the significant financing component is recorded as interest expense. The Company uses the discount rate that would be reflected in a separate financing transaction between the entity and its customer at contract inception and recognizes the revenue amount on a straight-line basis over the term of the PPAs, and interest expense using the effective interest rate method. The Company also recognizes incremental costs incurred to obtain a contract in Other Assets in the consolidated balance sheet. These amounts are amortized on a straight-line basis over the term of the PPAs and are included as a reduction to revenue in the consolidated statements of operations. The Company also records the proceeds received from Viability Gap Funding (‘VGF’) on fulfilment of the underlying conditions as deferred revenue. Such deferred VGF revenue is recognized as sale of power in proportion to the actual sale of solar energy during the period to the total estimated sale of solar energy during the tenure of the applicable power purchase agreement or balance tenure of power purchase agreement, as applicable pursuant to the revenue recognition policy. The Company also recognise revenue on Late Payment Surcharge and interest on late payment for power supply on reasonable certainty to expect ultimate collection or otherwise based on actual collection, whichever is earlier. Revenue from customers Revenue from customers, net consists of the following: Year ended March 31, 2021 2022 2023 2023 (INR) (INR) (INR) (US$) (In million) Revenue from Customers: Sale of Power (1) 15,133 17,621 20,744 252.3 Others (2) 103 720 4 0.1 Total 15,236 18,341 20,748 252.4 (1) Sale of power includes revenue for the recovery of Safe-Guard Duties and Goods and Service Tax, which is linked to generation of Solar units, resulting from the change in law provision of our PPAs, during the year ended March 31, 2022 and 2023 amounting to INR 340 million and INR 267 million (US$3.3 million) respectively. (2) Others includes revenue from the sale of carbon credits emissions amounting to INR 720 million and INR 4 million (US$ 0.1 million) during the year ended March 31, 2022 and 2023 respectively. Contract balances The following table provides information about receivables, unbilled receivables, contract acquisition cost and deferred revenue from customers as at March 31, 2022 and 2023, respectively. As at March 31, 2022 2023 2023 INR INR US$ (In million) Current assets Accounts receivable, net 6,041 5,713 69.5 Contract acquisition cost 16 17 0.2 Non-current assets Unbilled receivable 253 289 3.5 Accounts receivable (net) 3,203 3,896 47.4 Contract acquisition cost 322 305 3.7 Current liabilities Deferred revenue 230 308 3.7 Non-current liabilities Deferred revenue 5,417 6,688 81.4 Movement in deferred revenue: As at March 31, 2022 2023 2023 INR INR US$ (In million) Beginning balance 2,463 5,647 68.7 Increased as a result of additional cash received against VGF 40 152 1.8 Deferred revenue recognized 3,183 1,300 15.8 Amount recognized into revenue (39 ) (103 ) (1.3 ) Ending balance 5,647 6,996 85.1 Accounts receivable – from sale of power consist of accrued revenues due under the PPA, based on the sale of power transferred to the customer, generally requiring payment within 30 to 60 days of sale. As per terms of PPA, payment is unconditional once performance obligations have been satisfied and does not contain any future, unsatisfied performance obligation to be included in this disclosure. |
Cost of operations (exclusive of depreciation and amortization) | (r) Cost of operations (exclusive of depreciation and amortization) The Company’s cost of operations consists of expenses pertaining to operations and maintenance of its solar power plants. These expenses include payroll and related costs for maintenance staff, plant maintenance, insurance, and if applicable, lease costs etc. Depreciation expense is not included in cost of operations but is included within “Depreciation and amortization” expense, shown separately in the consolidated statements of operations. |
General and administrative expenses | (s) General and administrative expenses General and administrative expenses include payroll and related costs for corporate, finance and other support staff, including bonus and share based compensation expense, professional fees and other corporate expenses. |
Share based compensation | (t) Share based compensation The Company follows guidance under ASC Topic 718, Compensation — Stock Compensation The Company recognizes compensation expense for SARs based on the fair value of the amount payable to employees in respect of SARs, which are settled in cash, with a corresponding increase in liabilities, over the period that the employees unconditionally become entitled to the payment. The liability is remeasured at each reporting date and at settlement date based on the fair value of the SARs or amounts as per best estimated. Any changes in the fair value of the liability are recognized in consolidated statements of operations. The Company has elected to use the Black-Scholes-Merton valuation model to determine the fair value of share-based awards on the date of grant for employee share options with a fixed exercise price and fixed service-based vesting. The Company has elected to use the Black-Scholes-Merton valuation model to determine the fair value of SARs at each reporting date. Employee Stock Option and Restricted Stocks The share-based compensation expense related to share-based compensation is recorded as a component of general and administrative expenses in the Company’s consolidated statements of operations and totalled INR 44 million, INR 69 million and INR 17 million (US$0.2 million) for the years ended March 31, 2021, March 31, 2022, and 2023, respectively. The amount of share-based compensation expense capitalized during the year ended March 31, 2020, March 31, 2022, and 2023 was INR 8 million, INR 23 million and INR Nil Stock Appreciation Rights The share-based compensation expense related to SARs is recorded as a component of general and administrative expenses in the Company’s consolidated statements of operations totalled reversal of expense of INR 373 million and reversal of expense of INR 646 million (US$7.9 million) for the year ended March 31, 2022, and 2023, respectively. The amount of share-based compensation expense capitalized during the years ended March 31, 2022, and 2023 was Nil |
Assets held-for-sale | (u) Assets held-for-sale Assets and asset disposal group are classified as held-for-sale if their carrying amount will be recovered principally through a sale transaction rather than through continuing use. This condition is regarded as met only when management commits to a plan to sell the asset; the asset is available for immediate sale in its present condition; an active program to locate a buyer and other actions required to complete the plan have been initiated; the sale of the asset is probable within one year or within extended period on account of conditions beyond the control of the Company; the asset is being actively marketed for sale at a reasonable price in relation to its current fair value; and it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Assets and liabilities classified as held-for-sale are measured at lower of their carrying amount and fair value less costs to sell and depreciation (amortization) ceases once the asset is classified as held for sale. See also, Note 23. |
Contingencies | (v) Contingencies Liabilities for loss contingencies arising from claims, tax assessments, litigation, fines and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment and/or remediation can be reasonably estimated. Legal costs incurred with respect to these items are expensed as incurred. |
Fair value of financial instruments | (w) Fair value of financial instruments ASC Topic 820, Fair Value Measurements and Disclosures When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels ● Level 1 inputs: Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date. ● Level 2 inputs: Other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability. ● Level 3 inputs: Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at measurement date. |
Derivatives and Hedging | (x) Derivatives and Hedging In the normal course of business, the Company uses derivative instruments for the purpose of mitigating the exposure from foreign currency fluctuation risks associated with forecasted transactions denominated in certain foreign currencies and to minimize earnings and cash flow volatility associated with changes in foreign currency exchange rates, and not for speculative trading purposes. These derivative contracts are purchased within the Company’s policy and are with counterparties that are highly rated financial institutions. Contracts designated as Cash Flow Hedge Cash flow hedge accounting is followed for derivative instruments to mitigate the exchange rate risk on foreign currency denominated debt instruments. Changes in fair value of derivative contracts designated as cash flow hedges are recorded in other comprehensive income/(loss), net of tax, until the hedge transaction occurs. The Company evaluates hedge effectiveness of cash flow hedges at the time a contract is entered into as well as on an ongoing basis or as required. When the relationship between the hedged items and hedging instrument is highly effective at achieving offsetting changes in cashflows attributable to the hedged risk, the Company records in other comprehensive income the entire change in fair value of the designated hedging instrument that is included in the assessment of hedge effectiveness. The cost of the hedge is recorded as an expense over the period of the contract on a straight-line basis. Fair value hedges: hedging of foreign exchange exposure Fair value hedge accounting is followed for foreign exchange risk with the objective to reduce the exposure to fluctuations in the fair value of firm commitments due to changes in foreign exchange rates. Fair value adjustments related to non-financial instruments will be recognized in the hedged item upon recognition and will eventually affect earnings as and when the hedged item is derecognized. Changes in the fair value of derivatives designated and qualifying as fair value hedges, together with any changes in the fair value of the hedged firm commitments attributable to the hedged risk, will be recorded in in the consolidated balance sheet. The gain or loss on the hedging derivative in a hedge of a foreign-currency-denominated firm commitment and the offsetting loss or gain on the hedged firm commitment is recognized in earnings in the accounting period, post the recognition of the hedged item in the balance sheet. Undesignated contracts Changes in fair value of undesignated derivative contracts are reported directly in earnings along with the corresponding transaction gains and losses on the items being economically hedged. The Company enters into foreign exchange currency contracts to mitigate and manage the risk of changes in foreign exchange rates. These foreign exchange derivative contracts were entered into to hedge the fluctuations in foreign exchange rates for recognized balance sheet items such as the Company’s U.S. dollar denominated borrowings. The Company has not designated the derivative contracts as hedges for accounting purposes. Realized gains (losses) and changes in the fair value of these foreign exchange derivative contracts are recorded in Loss (gain) on foreign currency exchange, net in the consolidated statements of operations. These derivatives are not held for speculative or trading purposes. |
Segment information | (y) Segment information Operating segments are defined as components of a company about which separate financial information is available that is evaluated regularly by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. The Company’s chief executive officer is the chief operating decision maker. Based on the financial information presented to and reviewed by the chief operating decision maker in deciding how to allocate the resources and in assessing the performance of the Company, the Company has determined that it has a single operating and reporting segment: Sale of power. The Company’s principal operations, revenue and decision-making functions are located in India. |
Non-controlling interest | (z) Non-controlling interest The non-controlling interest recorded in the consolidated financial statements relates to following: (i) 0.83% ownership interest in a subsidiary, a 10MW Gujarat power plant, not held by the Company (ii) 49.00% ownership interest in a subsidiary, a 50MW Uttar Pradesh power plant, not held by the Company (iii) 0.16% ownership interest in a subsidiary, a 100 MW Telangana power plant, not held by the Company (iv) 0.01% ownership interest in Azure Power India Private Limited* not held by the Company (v) 49% ownership interest in 16 MW rooftop project** of DJB not held by the Company (vi) 48.6% ownership interest in a subsidiary, a 4 MW rooftop project** with GEDCOL, not held by the Company (vii) 48.6% ownership interest in a subsidiary, a 11.4 MW** rooftop project with DMRC, not held by the Company (viii) 48.6% ownership interest in a subsidiary, a 17.8 MW** rooftop project with railways, not held by the Company. As of March 31, 2023, the Company recorded a non-controlling interest amounting to INR 625 million (US$7.6 million) including INR 37 million (US$0.5 million) of net loss for the year ended March 31, 2023. As of March 31, 2022, the Company recorded a non-controlling interest amounting to INR 662 million including INR 22 million of net profit for the year ended March 31, 2022. * This remaining ownership by the founders was under arbitration and same has been decided in the favor of the Company, subsequent to the year end. Refer to note 20. ** During the previous year, the Company has entered into a sale agreement for the disposal of its rooftop business and has transferred the 48.6% and 49% shareholding of identified entities in reference to agreement and has recognized proportionate minority interest of INR 453 million (US$6.0 million) on transfer of its shareholdings of rooftop entities. See also Note 23 |
Inventory | ( aa Carbon emission rights (CERs) received on registered projects are recorded as inventory. 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 using weighted average method. 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. The Group derecognises the CERs when the certificate is sold, which occurs when units are transferred to the customer. |
Recent accounting pronouncements | ( ab In December 2019, the FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes (“ASU 2019-12”). ASU 2019-12 eliminates certain exceptions to the general principles in ASC 740, Income Taxes and adds guidance to reduce complexity in accounting for income taxes. ASU 2019-12 eliminates, inter alia, the general methodology for calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year. It requires that an entity reflect the effect of an enacted change in tax laws or rates in the annual effective tax rate computation in the interim period that includes the enactment date. ASU 2019-12 is effective for the annual periods beginning after December 15, 2020, including interim periods within those fiscal years. During FY 2022, we applied ASU 2019-12 and noted that the impact of adoption of this guidance did not have a material effect on our consolidated financial statements. In March 2020, the Financial Accounting Standards Board issued ASU No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”).” ASU 2020-04 provides temporary optional expedients and exceptions to the guidance in U.S. GAAP on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates. In January 2021, the FASB issued Accounting Standard Update 2021-01 (Topic 848), which amends and clarifies the existing accounting standard issued in March 2020 2020-04 for Reference Rate Reform. Reference rates such as LIBOR, are widely used in a broad range of financial instruments and other agreements. The ASU permits entities to elect certain optional expedients and exceptions when accounting for derivative contracts and certain hedging relationships affected by changes in the interest rates used for discounting cash flows, for computing variation margin settlements, and for calculating price alignment interest in connection with reference rate reform activities under way in global financial markets (the “discounting transition”). The ASU 2020-04 is effective for adoption at any time between March 12, 2020 and December 31, 2022, for all entities, and ASU 2021-01 is effective for all entities as of January 7, 2021 through December 31, 2022. As of March 31, 2022, we have not made any contract modifications to replace the reference rate in any of its agreements and will continue to evaluate the effects of this standard on its consolidated financial position, results of operations, and cash flows. Management does not believe that other recent accounting pronouncements issued by the FASB (including by its Emerging Issues Task Force) have a material impact on our present or future financial statements. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Summary of Significant Accounting Policies [Abstract] | |
Schedule of Cash and Cash Equivalents and Restricted Cash Included in the Consolidated Balance Sheets | The following table presents the components of cash and cash equivalents and restricted cash included in the consolidated balance sheets that sums to the total of such amounts in the Consolidated Statements of Cash Flows: March 31, 2021 2022 2023 2023 (INR) (INR) (INR) (US$) (In million) Current Assets Cash and cash equivalents 11,107 18,796 12,724 154.7 Restricted cash 4,881 3,784 7,764 94.5 Non-Current Assets Restricted cash 170 726 479 5.8 Cash and cash equivalents and restricted cash 16,158 23,306 20,967 255.0 |
Schedule of Property Plant and Equipment Estimated Useful Lives | Property, plant and equipment are stated at cost, less accumulated depreciation and accumulated impairment losses. Depreciation is calculated using the straight-line method over the assets’ estimated useful lives as follows: Plant and machinery (solar power plants) 25-35 years Building 25-35 years Furniture and fixtures 5 years Vehicles 5 years Office equipment 1-5 years Computers 3 years |
Schedule of Liability During the Current Year and Comparative Year | The movement in liability during the current year as of March 31, 2023 and comparative year is as below: 2022 (INR) 2023 (INR) 2023 (US$) (In million) Beginning balance 811 902 11.0 Addition during the year 157 127 1.5 Impact of change in estimate (125 ) — — Liabilities settled during the year — — — Accretion expense during the year 59 83 1.0 Ending balance 902 1,112 13.5 |
Schedule of Revenue from Customers | Revenue from customers, net consists of the following: Year ended March 31, 2021 2022 2023 2023 (INR) (INR) (INR) (US$) (In million) Revenue from Customers: Sale of Power (1) 15,133 17,621 20,744 252.3 Others (2) 103 720 4 0.1 Total 15,236 18,341 20,748 252.4 (1) Sale of power includes revenue for the recovery of Safe-Guard Duties and Goods and Service Tax, which is linked to generation of Solar units, resulting from the change in law provision of our PPAs, during the year ended March 31, 2022 and 2023 amounting to INR 340 million and INR 267 million (US$3.3 million) respectively. (2) Others includes revenue from the sale of carbon credits emissions amounting to INR 720 million and INR 4 million (US$ 0.1 million) during the year ended March 31, 2022 and 2023 respectively. |
Schedule of Information About Receivables, Unbilled Receivables, Contract Acquisition Cost and Deferred Revenue from Customers | The following table provides information about receivables, unbilled receivables, contract acquisition cost and deferred revenue from customers as at March 31, 2022 and 2023, respectively. As at March 31, 2022 2023 2023 INR INR US$ (In million) Current assets Accounts receivable, net 6,041 5,713 69.5 Contract acquisition cost 16 17 0.2 Non-current assets Unbilled receivable 253 289 3.5 Accounts receivable (net) 3,203 3,896 47.4 Contract acquisition cost 322 305 3.7 Current liabilities Deferred revenue 230 308 3.7 Non-current liabilities Deferred revenue 5,417 6,688 81.4 |
Schedule of Movement in Deferred Revenue | Movement in deferred revenue: As at March 31, 2022 2023 2023 INR INR US$ (In million) Beginning balance 2,463 5,647 68.7 Increased as a result of additional cash received against VGF 40 152 1.8 Deferred revenue recognized 3,183 1,300 15.8 Amount recognized into revenue (39 ) (103 ) (1.3 ) Ending balance 5,647 6,996 85.1 |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of Cash and Cash Equivalents | Cash and cash equivalents consists of the following: As of March 31, 2022 2023 2023 (INR) (INR) (US$) (In million) Balances with current accounts 8,314 874 10.5 Bank demand deposits* 10,482 11,850 144.2 Total 18,796 12,724 154.7 * Includes unrestricted term deposit having maturity more than one year. |
Restricted Cash (Tables)
Restricted Cash (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Restricted Cash [Abstract] | |
Schedule of Restricted Cash | Restricted cash consists of the following: As of March 31, 2022 2023 2023 (INR) (INR) (US$) (In million) Bank demand deposits 3,784 7,764 94.5 Term deposits 726 479 5.8 4,510 8,243 100.3 Restricted cash — current 3,784 7,764 94.5 Restricted cash — non-current 726 479 5.8 |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Accounts Receivable [Abstract] | |
Schedule of Credit Loss Percentages | The Company analyzed its historical loss information for its accounts receivables and adjusted for forward looking information and determined the following credit loss percentages: March 31, 2023 March 31, 2022 Ageing of accounts receivables Expected Credit Expected Credit Not Due (including unbilled receivables) 0.74 % 0.57 % 0-90 days 8.50 % 2.27 % 90-180 days 20.78 % 3.25 % 180-365 days 31.97 % 3.34 % Above 365 days 100 % 11.19 % |
Schedule of Credit Loss | March 31, March 31, (INR) (INR) Ageing of accounts receivables*# (In million) (In million) Not Due (including unbilled receivables) 7,855 7,656 0-90 days 801 360 90-180 days 345 192 180-365 days 255 405 Above 365 days 1,189 917 Total accounts receivables 10,445 9,530 * Includes Nil # Includes receivables of INR 3,868 million (US$47.1 million) in relation to claims of Safeguard duties under change in Law provisions of Power purchase agreement. |
Schedule of Accounts Receivable, Net | As of March 31, 2022 2023 2023 (INR) (INR) (US$) (In million) Accounts receivable (1) 9,529 10,445 127.1 Less: Allowance for doubtful accounts/ credit losses (285 ) (836 ) (10.2 ) Total 9,244 9,609 116.9 Non-current 3,203 3,896 47.4 Current 6,041 5,713 69.5 (1) Includes INR 5,228 million and INR 5,766 million (US$70.2 million) of unbilled receivables for the year ended March 31, 2022 and 2023, respectively. |
Schedule of Allowance for Doubtful Accounts/ Credit Losses | Activity for the allowance for doubtful accounts/ credit losses is as follows: As of March 31, 2022 2023 2023 (INR) (INR) (US$) (In million) Balance at the beginning of the year 475 285 3.5 Provision for doubtful debts/ expected credit losses (net) (198 ) 551 6.7 Write offs charged against the allowance - - - Reclassified to held for sale - - - Reclassified from held for sale 8 - - Balance at the end of the year 285 836 10.2 |
Prepaid Expenses and Other Cu_2
Prepaid Expenses and Other Current Assets (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Prepaid Expenses and Other Current Assets [Abstract] | |
Schedule of Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets consist of the following: As of March 31, 2022 2023 2023 (INR) (INR) (US$) (In million) Derivative asset - current (Note 25) 13 210 2.6 Interest receivable on term deposits 98 221 2.7 Prepaid debt financing costs 141 37 0.5 Balance with statutory authorities 267 224 2.7 Prepaid bank guarantee charges 62 35 0.4 Prepaid insurance and other expenses 95 220 2.7 Advance to suppliers 998 95 1.2 Other 251 588 7.2 Total 1,925 1,630 20.0 |
Property, Plant and Equipment_2
Property, Plant and Equipment, Net (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Property, Plant and Equipment, Net [Abstract] [Standard Label] | |
Schedule of Property, Plant and Equipment, Net | Property, plant and equipment, net consists of the following: Estimated As of March 31, Useful Life 2022 2023 2023 (in years) (INR) (INR) (US$) (In million) Plant and machinery (solar power plants) 25-35 135,580 150,631 1832.7 Leasehold improvements — solar power plant 25-35 6,297 6,091 74.1 Furniture and fixtures 5 13 10 0.1 Vehicles 5 83 88 1.1 Office equipment 1-5 125 135 1.6 Computers 3 102 114 1.4 Leasehold improvements — office 1-3 152 152 1.8 142,352 157,221 1,912.8 Less: Accumulated depreciation 15,758 19,685 239.5 Less: Accumulated impairment 2,802 3,368 41.0 123,792 134,168 1,632.3 Freehold land* 3,224 3,748 45.6 Construction in progress 17,316 5,723 69.7 Total 144,332 143,639 1,747.6 * Also see note 27. “Whistle-blower Allegations and Special Committee Investigation” for adjustment towards payment made to land aggregators. |
Software, Net (Tables)
Software, Net (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Software Net [Abstract] | |
Schedule of Software, Net | Estimated As of March 31, Useful Life 2022 2023 2023 (in years) (INR) (INR) (US$) (In million) Software licenses and related implementation costs 3 Years 169 166 2.0 Less: Accumulated amortization 161 165 2.0 Total 8 1 0.0 |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Other Assets [Abstract] | |
Schedule of Other Assets | Other assets consist of the following: As of March 31, 2022 2023 2023 (INR) (INR) (US$) (In million) Prepaid income taxes 646 361 4.4 Derivative asset (Note 25) 3,530 7,302 88.8 Interest receivable on term deposits 28 33 0.4 Security deposits 373 386 4.7 Contract acquisition cost 322 305 3.7 Unbilled receivables 253 289 3.5 Other 38 54 0.7 Total 5,190 8,730 106.2 |
Investment (Tables)
Investment (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Investment in Equity Investee [Abstract] | |
Schedule of Investment | Investments, consists of the following: As of March 31, 2022 2023 2023 (INR) (INR) (US$) (In million) Investment 96 457 5.6 Total 96 457 5.6 |
Other Liabilities (Tables)
Other Liabilities (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Other Liabilities [Abstract] | |
Schedule of Other Current Liabilities | Other current liabilities, consists of the following: As of March 31, 2022 2023 2023 (INR) (INR) (US$) (In million) Derivative liability (See Note 25) 2,499 1,542 18.8 Provision for employee benefits 11 21 0.3 Provision for SAR to employees (See Note 21) 844 - - Payable to statutory authorities 291 148 1.8 Other payables 1,364 3,646 44.3 Total 5,009 5,357 65.2 |
Schedule of Other Non-Current Liabilities | Other non-current liabilities, consists of the following: As of March 31, 2022 2023 2023 (INR) (INR) (US$) (In million) Derivative liability (See Note 25) 7 - - Provision for gratuity 53 39 0.5 Provision for compensated absences 38 26 0.3 Total 98 65 0.8 |
Long Term Debt (Tables)
Long Term Debt (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Long Term Debt [Abstract] | |
Schedule of Long Term Debt | As of March 31, 2022 2023 2023 (INR) (INR) (US$) (In million) Secured term loans: Foreign currency loans 75,709 77,474 942.6 Indian rupee loans 44,924 44,970 547.2 Unsecured term loans: Indian rupee loans* 1,118 1,161 14.1 Total debt 121,751 123,605 1,503.9 Less: current portion 9,209 9,414 114.5 Long-term debt 112,542 114,191 1,389.4 * Pertains to unsecured term loan taken by subsidiaries, forming the part of disposable group during the current year from its minority shareholders amounting to INR 1,161 million (US$14.1 million) as at March 31, 2023 and INR 1,118 million as at March 31, 2022. |
Schedule of Aggregate Maturities of Long-Term Debt | As of March 31, 2023, the aggregate maturities of long-term debt are as follows: Annual maturities (1) As of March 31, INR US$ (In million) 2024 24,028 292.3 2025 43,840 533 .4 2026 10,351 125.9 2027 39,013 474.7 2028 4,707 57.3 Thereafter 52,951 644 .2 Total: aggregate maturities of long-term debt 174,890 2127.8 Less: carrying value of unamortized debt financing costs (1,010 ) (12.3 ) Net maturities of long-term debt 173,880 2,115.5 Less: current portion of long-term debt 9,414 114.5 Long-term debt 164,466 2,001.0 (1) Long term debt (principal) obligations for foreign currency denominated borrowings have been translated to Indian rupees using the closing exchange rate as of March 31, 2023 as per Reserve Bank of India. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Income Taxes [Abstract] | |
Schedule of Provision (Benefit) for Income Taxes | The provision (benefit) for income taxes consists of the following: Year ended March 31, 2021 2022 2023 2023 INR INR INR US$ (In million) Current tax expense (1) 242 485 707 8.6 Withholding tax on interest on Inter-Company debt related to green bonds 384 367 342 4.2 Deferred income tax (benefit)/expense (330 ) 464 1,614 19.6 Total 296 1,316 2,663 32.4 (1) Current tax on profit before tax. Current tax includes reversal of INR 78 million (US$ 1.0 |
Schedule of Income/(Loss) Before Income Taxes | Income/(loss) before income taxes is as follows: March 31, 2021 2022 2023 2023 (INR) (INR) (INR) (US$) (In million) Domestic operations 8 19 333 4.1 Foreign operations (3,913 ) (829 ) 8 0.1 Total (3,905 ) (810 ) 341 4.2 |
Schedule of Net Deferred Income Taxes | Net deferred income taxes on the consolidated balance sheet is as follows: March 31, 2022 2023 2023 (INR) (INR) (US$) (In million) Deferred tax assets 4,201 3,592 43.7 Less: valuation allowance (2,281 ) (2,455 ) (29.9 ) Net deferred tax assets 1,920 1,137 13.8 Deferred tax liability 1,936 3,338 40.6 |
Schedule of Change in Valuation Allowance for Deferred Tax Assets | Change in the valuation allowance for deferred tax assets as of March 31, 2022 and March 31, 2023 is as follows: March 31, 2022 2023 2023 (INR) (INR) (US$) (In million) Opening valuation allowance 1,088 2,281 27.8 Movement during the Year* 1,193 174 2.1 Closing valuation allowance 2,281 2,455 29.9 * For financial year 2022 and 2023, The movement also includes INR 843 million and INR 843 million (US$10.3 million) respectively relating to capital loss on rooftop and other asset classified as held for sale. The movement for financial year 2022 and 2023 also includes INR 125 million and reversal of INR Nil million |
Schedule of Components of Net Deferred Income Tax Assets and Liabilities | The significant components of the net deferred income tax assets and liabilities exclusive of amounts that would not have any tax consequences because they will reverse within the Tax Holiday Period, are as follows: As of March 31, 2022 2023 2023 (INR) (INR) (US$) (In million) Deferred tax assets: Net operating loss (a) 12,309 16,191 197.0 Tax on Inter — Company margin 210 (26 ) (0.3 ) Deferred revenue 503 599 7.3 Asset retirement obligation 232 285 3.5 Minimum alternate tax credit 765 1,287 15.7 Other deductible temporary difference 226 376 4.6 Capital loss on investment in rooftop and other assets 843 843 10.3 Valuation allowance (2,281 ) (2,455 ) (29.9 ) Deferred tax liabilities: Depreciation and amortization (12,732 ) (18,639 ) (226.8 ) Other comprehensive income (91 ) (662 ) (8.1 ) Net deferred tax (liability) asset (16 ) (2,201 ) (26.7 ) (a) Includes deferred tax on unabsorbed depreciation that can be carried forward indefinitely for set off as per income tax laws. |
Schedule of Statutory Income Tax Rate to Loss Before Income Taxes | The income tax rate differs from the amount computed by applying the statutory income tax rate to loss before income taxes and is as follows: For the year ended March 31, 2021 2022 2023 Tax (INR million) % Tax (INR million) % Tax (INR million) % US$ million Statutory income tax (benefit)/expense (1,365 ) 34.94 % (283 ) 34.94 % 119 34.94 % 1.4 Temporary differences reversing in the Tax Holiday Period (1,070 ) 27.40 % (9 ) (1.11 )% (586 ) (171.85 )% (7.1 ) Permanent timing differences 1,423 (36.44 )% 43 (3.05 )% 2,919 855.72 % 35.5 Valuation allowance created / (reversed) during the year 871 (22.30 )% 1,193 (147.32 )% 174 51.03 % 2.1 Tax adjustment relating to earlier years - - 42 (5.19 (78 ) (22.87 )% (0.9 ) Withholding tax on interest on Inter-Company debt related to green bonds 384 (9.83 )% 367 (45.31 )% 342 100.29 % 4.2 Other difference 53 (1.36 )% (37 ) (4.57 )% (227 ) (66.57 )% (2.8 ) Total 296 (7.58 )% 1,316 (162.46 )% 2,663 780.69 % 32.4 |
Interest Expense, Net (Tables)
Interest Expense, Net (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Interest Expense Net [Abstract] | |
Schedule of Interest Expense, Net | Interest expense, net consists of the following: Year ended March 31, 2021 2022 2023 2023 (INR) (INR) (INR) (US$) (In million) Interest expense: Term loans 8,399 9,577 9,644 117.3 Bank charges and other (1) 598 3,069 369 4.5 Loss on account of modification of contractual cash flows - 294 30 0.4 8,997 12,940 10,043 122.2 Interest income: Term and fixed deposits 554 578 977 11.9 Others 33 432 691 8.4 587 1,010 1,668 20.3 Total 8,410 11,930 8,375 101.9 (1) Bank charges and other includes amortization of debt financing costs of INR 369 million, INR 1,107 million and INR 336 million (US$4.1 million) for the years ended March 31, 2021, 2022 and 2023, respectively, and includes debt financing costs written off related to the debt refinancing amounting to INR 30 million, INR 739 million and INR Nil million |
Loss on Foreign Currency Exch_2
Loss on Foreign Currency Exchange (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Loss on Foreign Currency Exchange [Abstract] | |
Schedule of Loss on Foreign Currency Exchange | Loss on foreign currency exchange consists of the following: Year ended March 31, 2021 2022 2023 2023 (INR) (INR) (INR) (US$) (In million) Unrealized loss/ (gain) on foreign currency loans (12 ) 1 26 0.3 Realized (gain) loss on foreign currency loans 13 - - - Realized loss/ (gain) on derivative instruments (1 ) (4,886 ) - - Other loss on foreign currency exchange 7 4,852 131 1.6 Total 7 (33 ) 157 1.9 |
Equity Shares (Tables)
Equity Shares (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Equity shares [Abstract] | |
Schedule of Equity Shares Issued and Outstanding | Equity shares have a par value of US$0.000625 per share at APGL. There is no limit on the number of equity shares authorized. As of March 31, 2022, and 2023, there were 64,161,490 and 64,166,360 equity shares issued and outstanding. As of March 31, 2022 2022 2023 2023 Number of shares INR in thousands Number of shares INR in thousands Issued: Outstanding and fully paid: Equity shares of US$0.000625 par value each Beginning balance 48,195,962 2,090 64,161,490 2,837 Issuance of new shares (1) 15,828,917 741 - - Exercise of ESOPs (2) 136,611 6 4,870 1 Ending balance 64,161,490 2,837 64,166,360 2,838 (1) During the previous year, the Company’s has raised proceeds of INR 18,621 million (US$245.4 million) net of issuance expenses through its Rights offering and has issued 15,828,917 equity shares (par value $0.000625 per share) at US$15.79 per share. These proceeds from the rights offering have been invested in subsidiaries and are utilised for repayment of existing corporate borrowings. (2) Refer Note 21 for details of ESOPs exercised during the year. |
Schedule of Changes and Balances to the Components of Accumulated Other Comprehensive Loss | The following represents the changes and balances to the components of accumulated other comprehensive loss: Foreign Cashflow Total (INR) (INR) (INR) (in millions) (in millions) (in millions) Balance as of March 31, 2021 (6,082 ) 5,110 (972 ) Adjustments during the year 2,943 (4,474 ) (1,531 ) Balance as of March 31, 2022 (3,139 ) 636 (2,503 ) Adjustments during the year (4,603 ) 2,867 (1,736 ) Balance as of March 31, 2023 (7,742 ) 3,503 (4,239 ) Balance as of March 31, 2023 ((US$) (Note 2(d)) (94.2 ) 42.6 (51.6 ) |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Net (Loss)/Profit Per Share | Net (loss)/profit per share is presented below: Year ended March 31 2021 2022 2023 2023 (INR) (INR) (INR) (US$) (amounts in millions, except share and per share data) Net loss attributable to APGL equity shareholders (A) (4,206 ) (2,104 ) (2,285 ) (27.8 ) Shares outstanding for allocation of undistributed income: Equity shares 48,195,962 64,161,490 64,166,360 64,166,360 Weighted average shares outstanding Equity shares – Basic (B) 47,979,581 50,876,360 64,166,360 64,166,360 Equity shares – Diluted (C) 47,979,581 50,876,360 64,166,360 64,166,360 Net (loss)/profit per share – basic and diluted Equity earnings/(loss) per share – Basic (D=A/B) (87.66 ) (41.36 ) (35.61 ) (0.43 ) Equity earnings/(loss) per share – Diluted (E=A/C) (87.66 ) (41.36 ) (35.61 ) (0.43 ) |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Leases [Abstract] | |
Schedule of Components of Lease Cost | The components of lease cost for the year ended March 31, 2022 and March 31, 2023 were as follows: For the year ended March 31, 2022 2023 2023 INR INR US$ (In million) Operating lease cost 439 436 5.3 Short-term lease cost 17 22 0.3 Total lease cost 456 458 5.6 |
Schedule of Amounts Reported in Consolidated Balance Sheet | Amounts reported in the consolidated balance sheet as of March 31, 2022 and March 31, 2023 were as follows: As at As at As at 2022 2023 2023 INR INR US$ (In million) Non-current assets Right-of-use assets* 4,465 4,346 52.9 Non-current liabilities Lease liabilities 3,534 3,408 41.5 Current liabilities Lease liabilities 300 292 3.6 Total operating lease liabilities 3,834 3,700 45.1 * Also see note 27. “Whistle-blower Allegations and Special Committee Investigation” for adjustment towards payment made to land aggregators |
Schedule of Other Information Related to Leases | Other information related to leases as of March 31, 2022 and March 31, 2023 was as follows: As at As at As at 2022 2023 2023 INR INR US$ (In million) Supplemental cash flow information: Cash paid for amounts included in the measurement of lease liabilities 310 347 4.2 Weighted average remaining lease term 30 years 29 years Incremental borrowing rate 10 % 10 % |
Schedule of Maturities of Lease Liabilities Under Non-Cancellable Leases | Maturities of lease liabilities under non-cancellable leases as of March 31, 2023 are as follows: Year ended March 31, 2023 Amount (INR) US$ (In million) Fiscal 2024 304 3.7 Fiscal 2025 314 3.8 Fiscal 2026 322 3.9 Fiscal 2027 332 4.0 Fiscal 2028 342 4.2 Thereafter 11,120 135.3 Total undiscounted lease payments 12,734 154.9 Less: Imputed interest 9,034 109.8 Total lease liabilities 3,700 45.1 |
Share Based Compensation (Table
Share Based Compensation (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Share Based Compensation [Abstract] | |
Schedule of Share Option Activity | A summary of share option activity during the years ended March 31, 2022 and March 31, 2023 is set out below: Number of Weighted Options outstanding as of March 31, 2021 703,708 1,217 Granted (1) 24,205 1583 Exercised (136,611 ) 788 Forfeited (32,474 ) 1,613 Options outstanding as of March 31, 2022 558,829 1,314 Vested and exercisable as of March 31, 2022 250,784 1,128 (1) Includes 4,748 RSU granted during the year to its Directors. Number of Weighted Options outstanding as of March 31, 2022 558,829 1,314 Granted (1) 543 - Exercised (4,870 ) 112 Forfeited (138,687 ) 1,455 Options outstanding as of March 31, 2023 415,813 1,276 Vested and exercisable as of March 31, 2023 281,960 1,183 (1) Includes 543 RSU granted during the year to its Directors. |
Schedule of Fair Value of Each Share Option Granted to Employees | The fair value of each share option granted to employees/ RS is estimated on the date of grant using the Black- Scholes option-pricing model with the following weighted average assumptions: Year ended March 31, 2022 2023* Dividend yield 0% - Expected term (in years) 3.8 – 5.1 - Expected volatility 46.3% - 47.8% - Risk free interest rate 0.55% - 0.80% - * No new grants have been made by the Company during the current year. Year ended March 31, 2022 2023* Dividend yield 0% - Expected term (in years) 3.2 – 4.7 - Expected volatility 49.32% - 52.52% - Risk free interest rate 2.45% -2.49% - * Fair value of SARs as of March 31, 2023 has been taken basis the expected settlement with the EX CEO and COO. |
Schedule of Intrinsic Value Per Option at the Date of Grant | The intrinsic value per option at the date of grant during the years ended March 31, 2022 and 2023 is as follows: Date of grant No. of options Deemed fair Intrinsic value Valuation used October 01, 2020* 4,273 2,320 — Market price March 31, 2021 182,800 2,057 — Market price July 7, 2021 20,000 1,838 — Market price * Pertains to RSUs converted into RSs at the prevailing market price. |
Schedule of SARs Activity | A summary of SARs activity during the periods ending March 31, 2022 and 2023 is set out below: Number of Weighted SAR outstanding as of March 31, 2021 1,875,000 810 Granted - - Exercised - - Options outstanding as of March 31, 2022 1,875,000 810 Vested as of March 31, 2022 680,000 805 Exercisable as of March 31, 2022 130,000 1,154 Number of Weighted SAR outstanding as of March 31, 2022 1,875,000 810 Granted - - SAR forfeited/reversed during the year (1,195,000 ) 771 Options outstanding as of March 31, 2023 680,000 878 Vested as of March 31, 2023 680,000 878 Exercisable as of March 31, 2023 680,000 878 |
Schedule of Fair Value Per Sar at the Date of Grant | The fair value per SAR at the date of grant is as follows: Date of grant No. of Deemed fair Vesting Valuation July 18, 2019 200,000 722 February 2020 Market price July 18, 2019 1,600,000 722 March 31, 2020 to Market price March 30, 2020 170,000 1,069 March 31, 2021 to Market price March 30, 2021 80,000 2,056 March 31, 2022 to Market price |
Post Retirement Plans (Tables)
Post Retirement Plans (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Post Retirement Plans [Abstract] | |
Schedule of Net Periodic Benefit | The following table sets forth the changes in projected benefit obligations - As of March 31, 2022 2023 2023 (INR) (INR) (US$) (In million) Benefit obligation at beginning of year 50 56 0.7 Service cost 14 14 0.2 Interest cost 4 5 0.1 Net actuarial loss (gain) (8 (17 ) (0.2 ) Benefits paid (4 ) (10 ) (0.1 ) Benefit obligation at end of year 56 48 0.6 Amounts recognized in statement of financial position at March 31 consist of: Other non-current liabilities 53 39 0.5 Other current liabilities 3 9 0.1 Net amount recognized 56 48 0.6 |
Schedule of Recorded as a Component of General and Administrative Expenses in the Company’s Consolidated Statement of Operations | Net periodic benefit cost (income) for our postretirement benefit plans consisted of the following and is recorded as a component of general and administrative expenses in the Company’s consolidated statement of operations: Year ended March 31 2022 2023 2023 (INR) (INR) (US$) (In million) Service Cost 14 14 0.2 Interest Cost 4 5 0.1 Amortization of: Net actuarial loss (gain) (8 ) (17 ) (0.2 ) Net periodic benefit cost (income) 10 2 0.1 |
Schedule of Principal Assumptions Used in Determining Gratuity | The principal assumptions used in determining gratuity for the Company’s plans are shown below: Year ended March 31 2022 2023 Discount rate 7.92 % 7.92 % Salary escalation rate 10.00 % 10.00 % Employee turnover rate 9.00 % 30.00 % Retirement age 58 years 58 years |
Schedule of Estimated Payments to the Defined Benefit Plan | The following estimated payments to the defined benefit plan in future years: Year ended March 31 2022 2023 2023 (INR) (INR) (US$) (In million) Within the next - 1 year 4 9 0.1 - 1 and 2 years 3 19 0.2 - 2 and 3 years 4 18 0.2 - 3 and 4 years 5 16 0.2 - 4 and 5 years 5 14 0.2 - 5 and 10 years 24 24 0.3 |
Impairment of Assets and Asse_2
Impairment of Assets and Assets Held for Sale (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Impairment of Assets and Assets Held for Sale [Abstract] | |
Schedule of Assets and Liabilities Classified as Held for Sale and Computation of Impairment Loss | The assets and liabilities of the Rooftop Subsidiaries classified as held for sale, together with the calculation of the related impairment loss is shown below. As of March 31, 2022 2023 2023 (INR) (INR) (US$) (In million) Current assets: Cash and cash equivalents 41 - - Restricted cash 9 - - Accounts receivable, net 1 - - Total current assets 51 - - Property, plant and equipment, net 96 - - Total assets (A) 147 - - Liabilities Current liabilities: Accounts payable 1 - - Current portion of long-term debt 66 - - Interest payable 2 - - Other liabilities 4 - - Total current liabilities 73 - - Non-current liabilities - - - Total liabilities (B) 73 - - Net Assets (C=A-B) 74 - - Fair value (D) 54 - - Impairment loss/ (reversal)* (E=C-D) 20 - - |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Fair Value Measurements [Abstract] | |
Schedule of Fair Value of Certain Financial Assets and Liabilities Measured on Recurring Basis | The Company classifies the fair value of these foreign exchange option contracts in Level 2 because the inputs used in the valuation model are observable in active markets over the term of the respective option contracts. Fair value measurement at reporting date using Quoted Prices in Active Significant Markets for Other Significant As of Identical Observable Unobservable March 31, Assets Inputs Inputs Description 2022 (Level 1) (Level 2) (Level 3) (In million) Assets Current assets Forward exchange derivative contracts (INR) 13 - 13 - Non-current assets Fair valuation of swaps and options (INR) 2,647 - 2,647 - Forward exchange derivative contracts (INR) 883 - 883 - Total assets (INR) 3,543 - 3,543 - Total assets (US$) 46.7 - 46.7 - Fair value measurement at reporting date using Quoted Prices in Active Significant Markets for Other Significant As of Identical Observable Unobservable March 31, Assets Inputs Inputs Description 2022 (Level 1) (Level 2) (Level 3) (In million) Liabilities Current liabilities Forward exchange derivative contracts (INR) 106 - 106 - Fair valuation of swaps and forward (INR) 658 - 658 - Fair valuation of swaps and options (INR) 1,735 - 1,735 - Non-current liabilities Fair valuation of swaps and forward (INR) 7 - 7 - Total Liabilities (INR) 2,506 - 2,506 - Total Liabilities (US$) 33.0 - 33.0 - Fair value measurement at reporting date using Quoted Prices in Active Significant Markets for Other Significant As of Identical Observable Unobservable March 31, Assets Inputs Inputs Description 2023 (Level 1) (Level 2) (Level 3) (In million) Assets Current Asset Fair valuation of swaps and forward (INR) 210 - 210 - Non-current assets Fair valuation of swaps and options (INR) 5,447 - 5,447 - Fair valuation of swaps and forward (INR) 1,855 - 1,855 - Total assets (INR) 7,512 - 7,512 - Total assets (US$) 91.4 - 91.4 - Fair value measurement at reporting date using Quoted Prices in Active Significant Markets for Other Significant As of Identical Observable Unobservable March 31, Assets Inputs Inputs Description 2023 (Level 1) (Level 2) (Level 3) (In million) Liabilities Current liabilities Forward exchange derivative contracts (INR) 108 - 108 - Fair valuation of swaps and forwards (INR) 3 - 3 - Fair valuation of swaps and options (INR) 1,431 - 1,431 - Total Liabilities (INR) 1,542 - 1,542 - Total Liabilities (US$) 18.8 - 18.8 - |
Schedule of Carrying Value and Fair Value of Fixed Rate Project Financing Term Loans | The carrying value and fair value of the Company’s fixed rate project financing term loans is as follows: As of March 31, 2022 Carrying Value Fair Value * (INR) (INR) US$ (In million) Fixed rate project financing loans: Foreign currency loans 56,785 57,032 751.7 Indian rupee loans 4,006 3,580 47.2 As of March 31, 2023 Carrying Value Fair Value * (INR) (INR) US$ (In million) Fixed rate project financing loans: Foreign currency loans 58,863 45,963 559.2 Indian rupee loans 3,719 4,417 53.7 * Fair value measurement at reporting date using significant unobservable inputs (Level 3). |
Schedule of Carrying Value and Fair Value of Investments Classified as Held to Maturity Securities | The carrying value and fair value of the Company’s investment in the Bank of Mauritius notes, classified as held to maturity securities is as follows: As of March 31, 2022 Carrying Value Fair Value * (INR) (INR) US$ (In million) Non-current investments: Fixed rate Bank of Mauritius notes 6 6 0.1 As of March 31, 2023 Carrying Value Fair Value * (INR) (INR) US$ (In million) Non-current investments: Fixed rate Bank of Mauritius notes 7 7 0.1 * Fair value measurement at reporting date using significant unobservable inputs (Level 3). |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Derivative Instruments and Hedging Activities [Abstract] | |
Schedule of Outstanding Notional Amount and Balance Sheet Location Information Related to Foreign Exchange Derivative Contracts | The following table presents outstanding notional amount and balance sheet location information related to foreign exchange derivative contracts as of March 31, 2022 and 2023: As of March 31, 2023 Notional Non- Current Prepaid Other Other Current Non- Prepaid (US$) (INR) (INR) (INR) (INR) (US$) (US$) (US$) (US$) Audited (In million) Fair valuation of swaps and options 721.6 - 1,431 - 5,447 66.3 17.4 - - Forward exchange derivative contract 97.4 - 108 - - - 1.3 - - Fair valuation of swaps and forward 230.0 - 3 210 1,855 22.6 0.0 - 2.6 As of March 31, 2022 Notional Non- Current Prepaid Other Other Current Non- Prepaid (US$) (INR) (INR) (INR) (INR) (US$) (US$) (US$) (US$) Audited (In million) Fair valuation of swaps and options 753.9 - 1,735 - 2,647 34.9 22.9 - - Forward exchange derivative contract 93.8 - 106 13 - - 1.4 - 0.2 Fair valuation of swaps and forward 253.7 7 658 - 883 11.6 8.7 0.1 - |
Schedule of Documented Each Hedging Relationship and Assessed its Initial Effectiveness | As of March 31, 2022 Notional Current Liabilities (Fair value) Prepaid expenses and other current assets (Fair value) Prepaid expenses and other current assets (Fair value) Current Liabilities (Fair value) (US$) (INR) (INR) (US$) (US$) Audited (In million) Forward exchange derivative contracts 15.7 12 1 0.0 0.2 |
Concentrations of Credit Risk (
Concentrations of Credit Risk (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Concentrations of Credit Risk [Abstract] | |
Schedule of Customers Account for More than 10% of the Company’s Accounts Receivable and Sale of Power | The following customers account for more than 10% of the Company’s accounts receivable and sale of power as of and for the year ended March 31, 2022 and 2023: March 31, 2022 March 31, 2023 % of Sale % of Accounts % of Sale % of Accounts Customer Name of Power Receivable of Power Receivable Solar Energy Corporation of India 30.09 % 39.64 % 42.31 % 47.02 % Punjab State Power Corporation Limited 10.71 % 4.53 % 9.35 % 5.42 % NTPC Vidyut Vyapar Nigam Limited 15.23 % 5.42 % 13.73 % 4.81 % Hubli Electricity Supply Company Limited 5.32 % 10.49 % 3.93 % 8.91 % Chamundeshwari Electricity Supply Company 2.88 % 8.20 % 2.57 % 10.67 % Andhra Pradesh Power Coordination Committee 2.83 % 13.12 % 2.44 % 7.44 % |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) ₨ / shares in Thousands, $ / shares in Thousands, $ in Millions | 12 Months Ended | ||||||
Mar. 31, 2023 INR (₨) ₨ / shares MW | Mar. 31, 2023 USD ($) $ / shares MW | Mar. 31, 2022 INR (₨) | Mar. 31, 2022 USD ($) | Mar. 31, 2021 INR (₨) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) | |
Summary of Significant Accounting Policies [Line Items] | |||||||
Foreign exchange conversion rate | (per share) | ₨ 82,190 | $ 1,000 | |||||
Amortized cost of held to maturity investments | ₨ 7,000,000 | ₨ 6,000,000 | $ 0.1 | $ 0.1 | |||
Allowance for credit losses | 836,000,000 | 285,000,000 | $ 10.2 | ||||
Interest capitalized | 344,000,000 | $ 4.2 | 595,000,000 | ₨ 333,000,000 | |||
Impairment of long-lived assets | ₨ 0 | ₨ 0 | |||||
Weighted average remaining operating lease term | 29 years | 30 years | 29 years | 30 years | |||
Total lease liabilities | ₨ 3,700,000,000 | ₨ 3,834,000,000 | $ 45.1 | ||||
Asset retirement obligations | 1,112,000,000 | 902,000,000 | 811,000,000 | 13.5 | $ 11 | ||
Accretion expense | 83,000,000 | 1 | 59,000,000 | 42,000,000 | |||
Depreciation expense | 4,020,000,000 | 48.9 | 3,639,000,000 | 3,165,000,000 | |||
ARO liability reduced amount | 210,000,000 | 2.6 | |||||
Amortization of debt financing costs | 336,000,000 | 4.1 | 1,107,000,000 | 369,000,000 | |||
Written off debt financing cost | 739,000,000 | 30,000,000 | |||||
Debt issuance expense | ₨ 1,010,000,000 | 1,189,000,000 | 12.3 | ||||
Tax benefit percentage | 50% | 50% | |||||
Contributions to provident fund | ₨ 27,000,000 | $ 0.3 | 27,000,000 | 27,000,000 | |||
Defined benefit plans | 48,000,000 | 56,000,000 | 50,000,000 | 0.6 | $ 0.7 | ||
Revenue from customers | 20,748,000,000 | 252.4 | 18,341,000,000 | 15,236,000,000 | |||
Sale of carbon credits emissions | ₨ 4,000,000 | $ 0.1 | 720,000,000 | ||||
Sale of power, payment terms | payment within 30 to 60 days of sale | payment within 30 to 60 days of sale | |||||
Share based compensation expense capitalized | 23,000,000 | 8,000,000 | |||||
Non-controlling interest | 625,000,000 | 662,000,000 | $ 7.6 | ||||
Net loss | ₨ 37,000,000 | 0.5 | |||||
Net profit | 22,000,000 | ||||||
Ten M W Gujarat Power Plant [Member] | |||||||
Summary of Significant Accounting Policies [Line Items] | |||||||
Ownership interest percentage by non-controlling owners | 0.83% | 0.83% | |||||
Fifty M W Uttar Pradesh Power Plant [Member] | |||||||
Summary of Significant Accounting Policies [Line Items] | |||||||
Ownership interest percentage by non-controlling owners | 49% | 49% | |||||
Hundred M W Telangana Power Plant [Member] | |||||||
Summary of Significant Accounting Policies [Line Items] | |||||||
Ownership interest percentage by non-controlling owners | 0.16% | 0.16% | |||||
Azure Power India Private Limited A Z I [Member] | |||||||
Summary of Significant Accounting Policies [Line Items] | |||||||
Ownership interest percentage by non-controlling owners | 0.01% | 0.01% | |||||
DJB [Member] | |||||||
Summary of Significant Accounting Policies [Line Items] | |||||||
Ownership interest percentage by non-controlling owners | 49% | 49% | |||||
GEDCOL [Member] | |||||||
Summary of Significant Accounting Policies [Line Items] | |||||||
Ownership interest percentage by non-controlling owners | 48.60% | 48.60% | |||||
DMRC [Member] | |||||||
Summary of Significant Accounting Policies [Line Items] | |||||||
Ownership interest percentage by non-controlling owners | 48.60% | 48.60% | |||||
Railways Project [Member] | |||||||
Summary of Significant Accounting Policies [Line Items] | |||||||
Ownership interest percentage by non-controlling owners | 48.60% | 48.60% | |||||
Other Current Assets [Member] | |||||||
Summary of Significant Accounting Policies [Line Items] | |||||||
Debt issuance expense | 141,000,000 | $ 0.5 | |||||
Other Assets [Member] | |||||||
Summary of Significant Accounting Policies [Line Items] | |||||||
Debt issuance expense | ₨ 37,000,000 | ||||||
General and Administrative Expense [Member] | |||||||
Summary of Significant Accounting Policies [Line Items] | |||||||
Share based compensation expense | 17,000,000 | 0.2 | 69,000,000 | 44,000,000 | |||
Share based compensation expense capitalized | |||||||
Stock Appreciation Rights (SARs) [Member] | |||||||
Summary of Significant Accounting Policies [Line Items] | |||||||
Share based compensation expense | 646,000,000 | 7.9 | 373,000,000 | ||||
Share based compensation expense capitalized | $ | |||||||
Stock Appreciation Rights (SARs) [Member] | General and Administrative Expense [Member] | |||||||
Summary of Significant Accounting Policies [Line Items] | |||||||
Share based compensation expense | $ | $ 7.9 | ||||||
Rooftop Business [Member] | |||||||
Summary of Significant Accounting Policies [Line Items] | |||||||
Non-controlling interest | ₨ 453,000,000 | $ 6 | |||||
Solar Power Plant1 [Member] | |||||||
Summary of Significant Accounting Policies [Line Items] | |||||||
Capacity of Power Plants (in Megawatts) | MW | 50 | 50 | |||||
Solar Power Plant2 [Member] | |||||||
Summary of Significant Accounting Policies [Line Items] | |||||||
Capacity of Power Plants (in Megawatts) | MW | 10 | 10 | |||||
Accounting Standards Update 2016-02 [Member] | |||||||
Summary of Significant Accounting Policies [Line Items] | |||||||
Lessee, operating lease, option to extend lease term | 35 years | 35 years | |||||
Weighted average discount rate | 10% | 10% | |||||
Weighted average remaining operating lease term | 29 years | 29 years | |||||
Right of use asset | ₨ 4,346,000,000 | 4,465,000,000 | $ 52.9 | ||||
Total lease liabilities | 3,834,000,000 | ||||||
Lease expense | ₨ 436,000,000 | $ 5.3 | 439,000,000 | ||||
Minimum [Member] | |||||||
Summary of Significant Accounting Policies [Line Items] | |||||||
Lessee operating lease term of contract | 2 years | 2 years | |||||
Statutory income tax rate | 25.17% | 25.17% | |||||
Shareholder percentage | 48.60% | 48.60% | |||||
Minimum [Member] | Employee Stock Option Plan [Member] | |||||||
Summary of Significant Accounting Policies [Line Items] | |||||||
Ownership interest | 20% | 20% | |||||
Minimum [Member] | Accounting Standards Update 2016-02 [Member] | |||||||
Summary of Significant Accounting Policies [Line Items] | |||||||
Lessee operating lease term of contract | 2 years | 2 years | |||||
Lease rent escalation percentage | 5% | 5% | |||||
Maximum [Member] | |||||||
Summary of Significant Accounting Policies [Line Items] | |||||||
Lessee operating lease term of contract | 35 years | 35 years | |||||
Reduction in right of use assets | ₨ 0 | ||||||
Statutory income tax rate | 34.94% | 34.94% | |||||
Shareholder percentage | 49% | 49% | |||||
Maximum [Member] | Employee Stock Option Plan [Member] | |||||||
Summary of Significant Accounting Policies [Line Items] | |||||||
Ownership interest | 50% | 50% | |||||
Maximum [Member] | Accounting Standards Update 2016-02 [Member] | |||||||
Summary of Significant Accounting Policies [Line Items] | |||||||
Lessee operating lease term of contract | 35 years | 35 years | |||||
Lease rent escalation percentage | 10% | 10% | |||||
Taxation Laws Acts 2019 [Member] | |||||||
Summary of Significant Accounting Policies [Line Items] | |||||||
Reduced corporate tax rate | 25.17% | 25.17% | |||||
Safe Guard Duties And Goods And Service Tax [Member] | |||||||
Summary of Significant Accounting Policies [Line Items] | |||||||
Revenue from customers | ₨ 267,000,000 | $ 3.3 | 340,000,000 | ||||
Power Purchase Agreements [Member] | |||||||
Summary of Significant Accounting Policies [Line Items] | |||||||
Purchase agreement Term | 25 years | 25 years | |||||
Asset retirement obligations [Member] | |||||||
Summary of Significant Accounting Policies [Line Items] | |||||||
Depreciation expense | ₨ 21,000,000 | $ 0.3 | 14,000,000 | ₨ 23,000,000 | |||
Bank Time Deposits [Member] | |||||||
Summary of Significant Accounting Policies [Line Items] | |||||||
Cash and cash equivalents | ₨ 11,850,000,000 | ₨ 10,482,000,000 | $ 144.2 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) - Schedule of Cash and Cash Equivalents and Restricted Cash Included in the Consolidated Balance Sheets ₨ in Millions, $ in Millions | Mar. 31, 2023 INR (₨) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 INR (₨) | Mar. 31, 2021 INR (₨) |
Current Assets | ||||
Cash and cash equivalents | ₨ 12,724 | $ 154.7 | ₨ 18,796 | ₨ 11,107 |
Restricted cash | 7,764 | 94.5 | 3,784 | 4,881 |
Non-Current Assets | ||||
Restricted cash | 479 | 5.8 | 726 | 170 |
Cash and cash equivalents and restricted cash | ₨ 20,967 | $ 255 | ₨ 23,306 | ₨ 16,158 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Details) - Schedule of Property Plant and Equipment Estimated Useful Lives | Mar. 31, 2023 |
Plant and machinery (solar power plants) [Member] | Minimum [Member] | |
Schedule of Property Plant and Equipment Estimated Useful Lives [Line Items] | |
Estimated useful lives | 25 years |
Plant and machinery (solar power plants) [Member] | Maximum [Member] | |
Schedule of Property Plant and Equipment Estimated Useful Lives [Line Items] | |
Estimated useful lives | 35 years |
Building [Member] | Minimum [Member] | |
Schedule of Property Plant and Equipment Estimated Useful Lives [Line Items] | |
Estimated useful lives | 25 years |
Building [Member] | Maximum [Member] | |
Schedule of Property Plant and Equipment Estimated Useful Lives [Line Items] | |
Estimated useful lives | 35 years |
Furniture and Fixtures [Member] | |
Schedule of Property Plant and Equipment Estimated Useful Lives [Line Items] | |
Estimated useful lives | 5 years |
Vehicles [Member] | |
Schedule of Property Plant and Equipment Estimated Useful Lives [Line Items] | |
Estimated useful lives | 5 years |
Office Equipment [Member] | Minimum [Member] | |
Schedule of Property Plant and Equipment Estimated Useful Lives [Line Items] | |
Estimated useful lives | 1 year |
Office Equipment [Member] | Maximum [Member] | |
Schedule of Property Plant and Equipment Estimated Useful Lives [Line Items] | |
Estimated useful lives | 5 years |
Computers [Member] | |
Schedule of Property Plant and Equipment Estimated Useful Lives [Line Items] | |
Estimated useful lives | 3 years |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies (Details) - Schedule of Liability During the Current Year and Comparative Year ₨ in Millions, $ in Millions | 12 Months Ended | ||
Mar. 31, 2023 INR (₨) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 INR (₨) | |
Schedule of Liability During the Current Year and Comparative Year [Abstract] | |||
Beginning balance | ₨ 902 | $ 11 | ₨ 811 |
Addition during the year | 127 | 1.5 | 157 |
Impact of change in estimate | (125) | ||
Liabilities settled during the year | |||
Accretion expense during the year | 83 | 1 | 59 |
Ending balance | ₨ 1,112 | $ 13.5 | ₨ 902 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies (Details) - Schedule of Revenue from Customers ₨ in Millions, $ in Millions | 12 Months Ended | ||||
Mar. 31, 2023 INR (₨) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 INR (₨) | Mar. 31, 2021 INR (₨) | ||
Revenue from Customers: | |||||
Revenue from customers | ₨ 20,748 | $ 252.4 | ₨ 18,341 | ₨ 15,236 | |
Sale of Power [Member] | |||||
Revenue from Customers: | |||||
Revenue from customers | [1] | 20,744 | 252.3 | 17,621 | 15,133 |
Others [Member] | |||||
Revenue from Customers: | |||||
Revenue from customers | [2] | ₨ 4 | $ 0.1 | ₨ 720 | ₨ 103 |
[1]Sale of power includes revenue for the recovery of Safe-Guard Duties and Goods and Service Tax, which is linked to generation of Solar units, resulting from the change in law provision of our PPAs, during the year ended March 31, 2022 and 2023 amounting to INR 340 million and INR 267 million (US$3.3 million) respectively.[2]Others includes revenue from the sale of carbon credits emissions amounting to INR 720 million and INR 4 million (US$ 0.1 million) during the year ended March 31, 2022 and 2023 respectively. |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies (Details) - Schedule of Information About Receivables, Unbilled Receivables, Contract Acquisition Cost and Deferred Revenue from Customers ₨ in Millions, $ in Millions | Mar. 31, 2023 INR (₨) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 INR (₨) |
Current assets | |||
Accounts receivable, net | ₨ 5,713 | $ 69.5 | ₨ 6,041 |
Contract acquisition cost | 17 | 0.2 | 16 |
Non-current assets | |||
Unbilled receivable | 289 | 3.5 | 253 |
Accounts receivable (net) | 3,896 | 47.4 | 3,203 |
Contract acquisition cost | 305 | 3.7 | 322 |
Current liabilities | |||
Deferred revenue | 308 | 3.7 | 230 |
Non-current liabilities | |||
Deferred revenue | ₨ 6,688 | $ 81.4 | ₨ 5,417 |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies (Details) - Schedule of Movement in Deferred Revenue ₨ in Millions, $ in Millions | 12 Months Ended | ||
Mar. 31, 2023 INR (₨) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 INR (₨) | |
Schedule of Movement in Deferred Revenue [Abstract] | |||
Beginning balance | ₨ 5,647 | $ 68.7 | ₨ 2,463 |
Increased as a result of additional cash received against VGF | 152 | 1.8 | 40 |
Deferred revenue recognized | 1,300 | 15.8 | 3,183 |
Amount recognized into revenue | (103) | (1.3) | (39) |
Ending balance | ₨ 6,996 | $ 85.1 | ₨ 5,647 |
Cash and Cash Equivalents (Deta
Cash and Cash Equivalents (Details) - Schedule of Cash and Cash Equivalents ₨ in Millions, $ in Millions | Mar. 31, 2023 INR (₨) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 INR (₨) | |
Cash and Cash Equivalents [Line Items] | ||||
Cash and cash equivalents | ₨ 12,724 | $ 154.7 | ₨ 18,796 | |
Bank Deposits [Member] | ||||
Cash and Cash Equivalents [Line Items] | ||||
Cash and cash equivalents | 874 | 10.5 | 8,314 | |
Term Deposits [Member] | ||||
Cash and Cash Equivalents [Line Items] | ||||
Cash and cash equivalents | [1] | ₨ 11,850 | $ 144.2 | ₨ 10,482 |
[1]Includes unrestricted term deposit having maturity more than one year. |
Restricted Cash (Details) - Sch
Restricted Cash (Details) - Schedule of Restricted Cash ₨ in Millions, $ in Millions | Mar. 31, 2023 INR (₨) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 INR (₨) | Mar. 31, 2021 INR (₨) |
Schedule of Restricted Cash [Line Items] | ||||
Total Restricted cash | ₨ 8,243 | $ 100.3 | ₨ 4,510 | |
Restricted cash — current | 7,764 | 94.5 | 3,784 | ₨ 4,881 |
Restricted cash — non-current | 479 | 5.8 | 726 | ₨ 170 |
Bank demand deposits [Member] | ||||
Schedule of Restricted Cash [Line Items] | ||||
Total Restricted cash | 7,764 | 94.5 | 3,784 | |
Term deposits [Member] | ||||
Schedule of Restricted Cash [Line Items] | ||||
Total Restricted cash | ₨ 479 | $ 5.8 | ₨ 726 |
Accounts Receivable (Details)
Accounts Receivable (Details) ₨ / shares in Units, $ / shares in Units, ₨ in Millions, $ in Millions | 12 Months Ended | ||||
Mar. 15, 2022 ₨ / shares | Mar. 31, 2023 INR (₨) ₨ / shares | Mar. 31, 2023 USD ($) $ / shares | Mar. 31, 2022 INR (₨) | Mar. 31, 2023 USD ($) | |
Accounts Receivable [Line Items] | |||||
Receivables | ₨ 1 | ||||
Unbilled receivables | ₨ 5,766 | ₨ 5,228 | $ 70.2 | ||
Reduction of quoted tariff rate per unit (in Rupees per share) | ₨ / shares | ₨ 2.44 | ||||
Power purchase agreement rate per unit (in Rupees per share) | ₨ / shares | ₨ 5.89 | ₨ 5.89 | |||
Interim rate per unit (in Dollars per share) | $ / shares | $ 2.44 | ||||
APERC [Member] | |||||
Accounts Receivable [Line Items] | |||||
Interim rate per unit (in Dollars per share) | $ / shares | $ 2.44 | ||||
Power Purchase Agreements [Member] | |||||
Accounts Receivable [Line Items] | |||||
Receivables | ₨ 3,868 | $ 47.1 |
Accounts Receivable (Details) -
Accounts Receivable (Details) - Schedule of Credit Loss Percentages | Mar. 31, 2023 | Mar. 31, 2022 |
Not Due (Including Unbilled Receivables) [Member] | ||
Schedule of Credit Loss Percentage [Line Items] | ||
Expected Credit Losses % | 0.74% | 0.57% |
0-90 Days [Member] | ||
Schedule of Credit Loss Percentage [Line Items] | ||
Expected Credit Losses % | 8.50% | 2.27% |
90-180 Days [Member] | ||
Schedule of Credit Loss Percentage [Line Items] | ||
Expected Credit Losses % | 20.78% | 3.25% |
180-365 Days [Member] | ||
Schedule of Credit Loss Percentage [Line Items] | ||
Expected Credit Losses % | 31.97% | 3.34% |
Above 365 Days [Member] | ||
Schedule of Credit Loss Percentage [Line Items] | ||
Expected Credit Losses % | 100% | 11.19% |
Accounts Receivable (Details)_2
Accounts Receivable (Details) - Schedule of Credit Loss - INR (₨) ₨ in Millions | Mar. 31, 2023 | Mar. 31, 2022 | |
Schedule of Impact on Credit Risk [Line Items] | |||
Total accounts receivables | [1],[2] | ₨ 10,445 | ₨ 9,530 |
Not Due (including unbilled receivables) [Member] | |||
Schedule of Impact on Credit Risk [Line Items] | |||
Total accounts receivables | [1],[2] | 7,855 | 7,656 |
0-90 Days [Member] | |||
Schedule of Impact on Credit Risk [Line Items] | |||
Total accounts receivables | [1],[2] | 801 | 360 |
90-180 Days [Member] | |||
Schedule of Impact on Credit Risk [Line Items] | |||
Total accounts receivables | [1],[2] | 345 | 192 |
180-365 Days [Member] | |||
Schedule of Impact on Credit Risk [Line Items] | |||
Total accounts receivables | [1],[2] | 255 | 405 |
Above 365 Days [Member] | |||
Schedule of Impact on Credit Risk [Line Items] | |||
Total accounts receivables | [1],[2] | ₨ 1,189 | ₨ 917 |
[1]Includes Nil |
Accounts Receivable (Details)_3
Accounts Receivable (Details) - Schedule of Accounts Receivable, Net ₨ in Millions, $ in Millions | Mar. 31, 2023 INR (₨) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 INR (₨) | |
Schedule of Accounts Receivable, Net [Abstract] | ||||
Accounts receivable | [1] | ₨ 10,445 | $ 127.1 | ₨ 9,529 |
Less: Allowance for doubtful accounts/ credit losses | (836) | (10.2) | (285) | |
Total | 9,609 | 116.9 | 9,244 | |
Non-current | 3,896 | 47.4 | 3,203 | |
Current | ₨ 5,713 | $ 69.5 | ₨ 6,041 | |
[1]Includes INR 5,228 million and INR 5,766 million (US$70.2 million) of unbilled receivables for the year ended March 31, 2022 and 2023, respectively. |
Accounts Receivable (Details)_4
Accounts Receivable (Details) - Schedule of Allowance for Doubtful Accounts/ Credit Losses ₨ in Millions, $ in Millions | 12 Months Ended | ||
Mar. 31, 2023 INR (₨) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 INR (₨) | |
Schedule of Allowance for Doubtful Accounts/ Credit Losses [Abstract] | |||
Balance at the beginning of the year | ₨ 285 | $ 3.5 | ₨ 475 |
Provision for doubtful debts/ expected credit losses (net) | 551 | 6.7 | (198) |
Write offs charged against the allowance | |||
Reclassified to held for sale | |||
Reclassified from held for sale | 8 | ||
Balance at the end of the year | ₨ 836 | $ 10.2 | ₨ 285 |
Prepaid Expenses and Other Cu_3
Prepaid Expenses and Other Current Assets (Details) - Schedule of Prepaid Expenses and Other Current Assets ₨ in Millions, $ in Millions | Mar. 31, 2023 INR (₨) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 INR (₨) |
Prepaid Expenses and Other Current Assets [Abstract] | |||
Derivative asset - current (Note 25) | ₨ 210 | $ 2.6 | ₨ 13 |
Interest receivable on term deposits | 221 | 2.7 | 98 |
Prepaid debt financing costs | 37 | 0.5 | 141 |
Balance with statutory authorities | 224 | 2.7 | 267 |
Prepaid bank guarantee charges | 35 | 0.4 | 62 |
Prepaid insurance and other expenses | 220 | 2.7 | 95 |
Advance to suppliers | 95 | 1.2 | 998 |
Other | 588 | 7.2 | 251 |
Total | ₨ 1,630 | $ 20 | ₨ 1,925 |
Property, Plant and Equipment_3
Property, Plant and Equipment, Net (Details) ₨ in Millions, $ in Millions | 12 Months Ended | |||
Mar. 31, 2023 INR (₨) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 INR (₨) | Mar. 31, 2021 INR (₨) | |
Property, Plant and Equipment [Line Items] | ||||
Depreciation expense | ₨ 4,020 | $ 48.9 | ₨ 3,639 | ₨ 3,165 |
Property, Plant and Equipment_4
Property, Plant and Equipment, Net (Details) - Schedule of Property, Plant and Equipment, Net ₨ in Millions, $ in Millions | Mar. 31, 2023 INR (₨) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 INR (₨) | |
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, gross | ₨ 157,221 | $ 1,912.8 | ₨ 142,352 | |
Less: Accumulated depreciation | 19,685 | 239.5 | 15,758 | |
Less: Accumulated impairment | 3,368 | 41 | 2,802 | |
Property plant and equipment, Total | 134,168 | 1,632.3 | 123,792 | |
Property, plant and equipment, net | 143,639 | 1,747.6 | 144,332 | |
Plant and machinery (solar power plants) [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, gross | ₨ 150,631 | $ 1,832.7 | 135,580 | |
Plant and machinery (solar power plants) [Member] | Minimum [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Estimated Useful Life (Years) | 25 years | 25 years | ||
Plant and machinery (solar power plants) [Member] | Maximum [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Estimated Useful Life (Years) | 35 years | 35 years | ||
Leasehold improvements — solar power plant [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, gross | ₨ 6,091 | $ 74.1 | 6,297 | |
Leasehold improvements — solar power plant [Member] | Minimum [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Estimated Useful Life (Years) | 25 years | 25 years | ||
Leasehold improvements — solar power plant [Member] | Maximum [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Estimated Useful Life (Years) | 35 years | 35 years | ||
Furniture and fixtures [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Estimated Useful Life (Years) | 5 years | 5 years | ||
Property, plant and equipment, gross | ₨ 10 | $ 0.1 | 13 | |
Vehicles [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Estimated Useful Life (Years) | 5 years | 5 years | ||
Property, plant and equipment, gross | ₨ 88 | $ 1.1 | 83 | |
Office equipment [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, gross | ₨ 135 | $ 1.6 | 125 | |
Office equipment [Member] | Minimum [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Estimated Useful Life (Years) | 1 year | 1 year | ||
Office equipment [Member] | Maximum [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Estimated Useful Life (Years) | 5 years | 5 years | ||
Computers [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Estimated Useful Life (Years) | 3 years | 3 years | ||
Property, plant and equipment, gross | ₨ 114 | $ 1.4 | 102 | |
Leasehold improvements — office [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, gross | ₨ 152 | $ 1.8 | 152 | |
Leasehold improvements — office [Member] | Minimum [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Estimated Useful Life (Years) | 1 year | 1 year | ||
Leasehold improvements — office [Member] | Maximum [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Estimated Useful Life (Years) | 3 years | 3 years | ||
Freehold land [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, net | [1] | ₨ 3,748 | $ 45.6 | 3,224 |
Construction in progress [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, net | ₨ 5,723 | $ 69.7 | ₨ 17,316 | |
[1]Also see note 27. “Whistle-blower Allegations and Special Committee Investigation” for adjustment towards payment made to land aggregators. |
Software, Net (Details)
Software, Net (Details) - Software and Software Development Costs [Member] ₨ in Millions, $ in Millions | 12 Months Ended | |||
Mar. 31, 2023 INR (₨) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 INR (₨) | Mar. 31, 2021 INR (₨) | |
Software, Net [Line Items] | ||||
Amortization expense | ₨ 4 | $ 0.1 | ₨ 28 | ₨ 37 |
Estimated amortization expense, 2024 | ₨ 1 |
Software, Net (Details) - Sched
Software, Net (Details) - Schedule of Software, Net - Software and Software Development Costs [Member] ₨ in Millions, $ in Millions | Mar. 31, 2023 INR (₨) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 INR (₨) |
Schedule of Software, Net [Line Items] | |||
Estimated Useful Life (in years) | 3 years | 3 years | |
Software, gross | ₨ 166 | $ 2 | ₨ 169 |
Less: Accumulated amortization | 165 | 2 | 161 |
Total | ₨ 1 | $ 0 | ₨ 8 |
Other Assets (Details) - Schedu
Other Assets (Details) - Schedule of Other Assets ₨ in Millions, $ in Millions | Mar. 31, 2023 INR (₨) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 INR (₨) |
Schedule of Other Assets [Abstract] | |||
Prepaid income taxes | ₨ 361 | $ 4.4 | ₨ 646 |
Derivative asset (Note 25) | 7,302 | 88.8 | 3,530 |
Interest receivable on term deposits | 33 | 0.4 | 28 |
Security deposits | 386 | 4.7 | 373 |
Contract acquisition cost | 305 | 3.7 | 322 |
Unbilled receivables | 289 | 3.5 | 253 |
Other | 54 | 0.7 | 38 |
Total | ₨ 8,730 | $ 106.2 | ₨ 5,190 |
Investment (Details)
Investment (Details) ₨ in Millions, $ in Millions | 12 Months Ended | |||
Mar. 31, 2023 INR (₨) | Mar. 31, 2022 INR (₨) | Mar. 31, 2022 USD ($) | Mar. 31, 2022 USD ($) | |
Investment [Line Items] | ||||
Investment | ₨ 94 | |||
Percentage of investment | 10% | 10% | ||
Azure Power India Private Limited A Z I [Member] | ||||
Investment [Line Items] | ||||
Equity investment committed | ₨ 319 | $ 3.9 | ||
Corporate Joint Venture [Member] | Azure Power India Private Limited A Z I [Member] | ||||
Investment [Line Items] | ||||
Invested amount | ₨ 43 | $ 0.5 |
Investment (Details) - Schedule
Investment (Details) - Schedule of Investment ₨ in Millions, $ in Millions | Mar. 31, 2023 INR (₨) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 INR (₨) |
Schedule of Investment [Abstract] | |||
Investment | ₨ 457 | $ 5.6 | ₨ 96 |
Total | ₨ 457 | $ 5.6 | ₨ 96 |
Other Liabilities (Details) - S
Other Liabilities (Details) - Schedule of Other Current Liabilities ₨ in Millions, $ in Millions | Mar. 31, 2023 INR (₨) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 INR (₨) |
Schedule of Other Current Liabilities [Abstract] | |||
Derivative liability (See Note 25) | ₨ 1,542 | $ 18.8 | ₨ 2,499 |
Provision for employee benefits | 21 | 0.3 | 11 |
Provision for SAR to employees (See Note 21) | 844 | ||
Payable to statutory authorities | 148 | 1.8 | 291 |
Other payables | 3,646 | 44.3 | 1,364 |
Total | ₨ 5,357 | $ 65.2 | ₨ 5,009 |
Other Liabilities (Details) -_2
Other Liabilities (Details) - Schedule of Other Non-Current Liabilities ₨ in Millions, $ in Millions | Mar. 31, 2023 INR (₨) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 INR (₨) |
Schedule of Other Non-Current Liabilities [Abstract] | |||
Derivative liability (See Note 25) | ₨ 7 | ||
Provision for gratuity | 39 | 0.5 | 53 |
Provision for compensated absences | 26 | 0.3 | 38 |
Total | ₨ 65 | $ 0.8 | ₨ 98 |
Long Term Debt (Details) - Part
Long Term Debt (Details) - Part 1 ₨ in Millions, $ in Millions | 1 Months Ended | 12 Months Ended | |||||||||||||||
Oct. 31, 2022 | Apr. 30, 2022 | Mar. 31, 2022 INR (₨) | Jan. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2020 | Nov. 30, 2021 | Mar. 31, 2023 INR (₨) | Mar. 31, 2022 INR (₨) | Mar. 31, 2021 INR (₨) | Mar. 31, 2020 INR (₨) | Mar. 31, 2023 USD ($) | Mar. 31, 2021 USD ($) | ||||
Long Term Debt (Details) - Part 1 [Line Items] | |||||||||||||||||
Minority shareholders amount | ₨ 1,118 | ₨ 1,161 | ₨ 1,118 | $ 14.1 | |||||||||||||
Senior notes raised amount (in Rupees) | 30,285 | ||||||||||||||||
Debt financing costs | 1,189 | 1,010 | 1,189 | 12.3 | |||||||||||||
Current portion of debt (in Rupees) | ₨ 9,209 | 9,414 | [1] | ₨ 9,209 | 114.5 | [1] | |||||||||||
Net of discount (in Rupees) | [1] | ₨ 1,010 | 12.3 | ||||||||||||||
Number of repayable installments | 60 | 222 | 60 | ||||||||||||||
Net carrying value loan | ₨ 7 | 0.1 | |||||||||||||||
Minimum [Member] | |||||||||||||||||
Long Term Debt (Details) - Part 1 [Line Items] | |||||||||||||||||
Instalments ranging percentage | 0.30% | 0.163% | 1.39% | 1.38% | 1.23% | 1.59% | 1.85% | 2.50% | 1.05% | 1.39% | |||||||
Maximum [Member] | |||||||||||||||||
Long Term Debt (Details) - Part 1 [Line Items] | |||||||||||||||||
Instalments ranging percentage | 0.70% | 0.629% | 1.97% | 1.98% | 2.55% | 2.44% | 1.88% | 32.50% | 2.45% | 1.98% | |||||||
Foreign currency term loans [Member] | |||||||||||||||||
Long Term Debt (Details) - Part 1 [Line Items] | |||||||||||||||||
Net carrying value loan | ₨ 4,822 | ||||||||||||||||
Secured Indian Rupee Term Loan Seventeen [Member] | |||||||||||||||||
Long Term Debt (Details) - Part 1 [Line Items] | |||||||||||||||||
Foreign currency term loan (in Dollars) | $ | $ 58.7 | ||||||||||||||||
3.575% Senior Notes [Member] | |||||||||||||||||
Long Term Debt (Details) - Part 1 [Line Items] | |||||||||||||||||
Denominated senior percentage | 3.575% | 3.575% | |||||||||||||||
Debt instrument interest rate, percentage | 3.575% | 3.575% | |||||||||||||||
Debt financing costs | ₨ 408 | ||||||||||||||||
Repayment of senior notes percentage | 5.50% | 5.50% | |||||||||||||||
Net carrying value | ₨ 30,247 | $ 368 | |||||||||||||||
Number of repayable installments | 17 | ||||||||||||||||
5.5% Senior Notes [Member] | |||||||||||||||||
Long Term Debt (Details) - Part 1 [Line Items] | |||||||||||||||||
Debt interest rate | 3.575% | 3.575% | |||||||||||||||
Principal amount payable, description | Notes is payable on a semi-annual basis principal is payable on a semi-annual instalment ranging from 3.4% to 3.8% and balance 67.4% on maturity in August 2026 | ||||||||||||||||
5.65% Senior Notes [Member] | |||||||||||||||||
Long Term Debt (Details) - Part 1 [Line Items] | |||||||||||||||||
Denominated senior percentage | 5.65% | ||||||||||||||||
Debt instrument interest rate, percentage | 5.65% | ||||||||||||||||
Debt financing costs | ₨ 397 | ||||||||||||||||
Debt interest rate | 5.65% | ||||||||||||||||
Net carrying value | ₨ 28,615 | $ 348.2 | |||||||||||||||
Current portion of debt (in Rupees) | ₨ 24,400 | ||||||||||||||||
Net of discount (in Rupees) | ₨ 7 | ||||||||||||||||
Net of discount percentage | 0.03% | ||||||||||||||||
Project S P Vs [Member] | Loan from Export Development Canada and Standard Chartered Bank Singapore Limited [Member] | |||||||||||||||||
Long Term Debt (Details) - Part 1 [Line Items] | |||||||||||||||||
Debt instrument interest rate, percentage | 3.95% | 3.95% | |||||||||||||||
Borrowed funds | ₨ 6,931 | $ 93 | |||||||||||||||
Number of repayable installments | 8 | ||||||||||||||||
Repayment of loan, commenced date | November 2021 | ||||||||||||||||
[1]Long term debt (principal) obligations for foreign currency denominated borrowings have been translated to Indian rupees using the closing exchange rate as of March 31, 2023 as per Reserve Bank of India. |
Long Term Debt (Details) - Pa_2
Long Term Debt (Details) - Part 2 ₨ in Millions, $ in Millions | 1 Months Ended | 12 Months Ended | ||||||||||||||
Oct. 31, 2022 | Apr. 30, 2022 | Mar. 31, 2022 INR (₨) | Jan. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2026 | Nov. 30, 2021 | Mar. 31, 2023 INR (₨) MW | Mar. 31, 2022 INR (₨) MW | Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) | Mar. 31, 2020 INR (₨) | Mar. 31, 2020 USD ($) | Mar. 31, 2019 INR (₨) | |
Long Term Debt (Details) - Part 2 [Line Items] | ||||||||||||||||
Debt financing costs | ₨ 1,189 | ₨ 1,010 | ₨ 1,189 | $ 12.3 | ||||||||||||
Net carrying value loan | 7 | 0.1 | ||||||||||||||
Net carrying value | ₨ 15,882 | $ 193.3 | ||||||||||||||
Annual interest rate | 2.75 | 2.75 | ||||||||||||||
Number of repayable installments | 60 | 222 | 60 | |||||||||||||
Percentage of pledge shares of promoters | 51% | 51% | ||||||||||||||
Collateralized Securities [Member] | ||||||||||||||||
Long Term Debt (Details) - Part 2 [Line Items] | ||||||||||||||||
Net carrying value | ₨ 13,438 | $ 163.5 | ||||||||||||||
Percentage of pledge shares of promoters | 100% | 100% | ||||||||||||||
Minimum [Member] | ||||||||||||||||
Long Term Debt (Details) - Part 2 [Line Items] | ||||||||||||||||
Instalments ranging percentage | 0.30% | 0.163% | 1.39% | 1.38% | 1.23% | 1.59% | 1.85% | 2.50% | 1.05% | 1.39% | ||||||
Maximum [Member] | ||||||||||||||||
Long Term Debt (Details) - Part 2 [Line Items] | ||||||||||||||||
Instalments ranging percentage | 0.70% | 0.629% | 1.97% | 1.98% | 2.55% | 2.44% | 1.88% | 32.50% | 2.45% | 1.98% | ||||||
Twelve Point Three Zero Percentage Non Convertible Debentures [Member] | ||||||||||||||||
Long Term Debt (Details) - Part 2 [Line Items] | ||||||||||||||||
Net carrying value | ₨ 992 | $ 12.1 | ||||||||||||||
Secured Foreign Currency Loan Six [Member] | ||||||||||||||||
Long Term Debt (Details) - Part 2 [Line Items] | ||||||||||||||||
Net carrying value | ₨ 3,409 | 41.5 | ||||||||||||||
Capacity of solar power project (in Megawatts) | MW | 90 | |||||||||||||||
Number of repayable installments | 234 | |||||||||||||||
Secured Foreign Currency Loan Five And Six [Member] | ||||||||||||||||
Long Term Debt (Details) - Part 2 [Line Items] | ||||||||||||||||
Net carrying value loan | ₨ 1,086 | 13.2 | ||||||||||||||
Net carrying value | 2,710 | 33 | ||||||||||||||
Secured Indian Rupee Term Loan Eleven [Member] | ||||||||||||||||
Long Term Debt (Details) - Part 2 [Line Items] | ||||||||||||||||
Net carrying value loan | 2,225 | 27.1 | ||||||||||||||
Net carrying value | ₨ 2,217 | $ 27 | ||||||||||||||
Borrowed funds | ₨ 11,756 | ₨ 11,756 | $ 154.9 | |||||||||||||
Capacity of solar power project (in Megawatts) | MW | 35 | |||||||||||||||
Number of repayable installments | 47 | |||||||||||||||
Percentage of pledge shares of promoters | 51% | 51% | ||||||||||||||
Secured Indian Rupee Term Loan Fifteen [Member] | ||||||||||||||||
Long Term Debt (Details) - Part 2 [Line Items] | ||||||||||||||||
Net carrying value loan | ₨ 12,703 | $ 154.6 | ||||||||||||||
I F C Led Consortium for Rooftop Projects [Member] | Secured Foreign Currency Loan Five [Member] | ||||||||||||||||
Long Term Debt (Details) - Part 2 [Line Items] | ||||||||||||||||
Borrowed funds | ₨ 135 | $ 1.8 | ₨ 552 | |||||||||||||
I F C Led Consortium for Rooftop Projects [Member] | Secured Foreign Currency Loan Six [Member] | ||||||||||||||||
Long Term Debt (Details) - Part 2 [Line Items] | ||||||||||||||||
Borrowed funds | 271 | 3.6 | ||||||||||||||
I F C Led Consortium for Rooftop Projects [Member] | Secured Foreign Currency Loan Five And Six [Member] | ||||||||||||||||
Long Term Debt (Details) - Part 2 [Line Items] | ||||||||||||||||
Interest on non-convertible debentures, description | The facility is repayable in October 2024 and interest payments are payable every three months commencing from April 2019 | |||||||||||||||
Indian Rupee Non-Convertible Debentures [Member] | ||||||||||||||||
Long Term Debt (Details) - Part 2 [Line Items] | ||||||||||||||||
Net carrying value loan | ₨ 2,710 | $ 33 | ||||||||||||||
LIBOR Plus [Member] | ||||||||||||||||
Long Term Debt (Details) - Part 2 [Line Items] | ||||||||||||||||
Debt instrument interest rate, percentage | 2.10% | 2.10% | 2.10% | |||||||||||||
3.575% Senior Notes [Member] | ||||||||||||||||
Long Term Debt (Details) - Part 2 [Line Items] | ||||||||||||||||
Debt financing costs | ₨ | ₨ 408 | |||||||||||||||
Debt instrument interest rate, percentage | 3.575% | 3.575% | 3.575% | |||||||||||||
Number of repayable installments | 17 | |||||||||||||||
Subsidiaries [Member] | I F C Led Consortium for Rooftop Projects [Member] | Non Convertible Debentures [Member] | ||||||||||||||||
Long Term Debt (Details) - Part 2 [Line Items] | ||||||||||||||||
Non-convertible debentures | ₨ | 548 | |||||||||||||||
Debt financing costs | ₨ | ₨ 14 | |||||||||||||||
Debt instrument interest rate, percentage | 10.32% | |||||||||||||||
Interest on non-convertible debentures, description | The debentures are repayable in October 2024 and interest payments are payable every three months commencing from April 2019 | |||||||||||||||
Subsidiaries Four [Member] | Non Convertible Debentures [Member] | ||||||||||||||||
Long Term Debt (Details) - Part 2 [Line Items] | ||||||||||||||||
Non-convertible debentures | 439 | 5.8 | ||||||||||||||
Debt financing costs | ₨ 19 | $ 0.3 | ||||||||||||||
Interest on non-convertible debentures, description | The debentures are repayable in October 2024 and interest payments are payable every three months commencing from March 2020 | |||||||||||||||
Subsidiaries Four [Member] | Non Convertible Debentures [Member] | Minimum [Member] | ||||||||||||||||
Long Term Debt (Details) - Part 2 [Line Items] | ||||||||||||||||
Debt instrument interest rate, percentage | 9.85% | 9.85% | ||||||||||||||
Subsidiaries Four [Member] | Non Convertible Debentures [Member] | Maximum [Member] | ||||||||||||||||
Long Term Debt (Details) - Part 2 [Line Items] | ||||||||||||||||
Debt instrument interest rate, percentage | 10.87% | 10.87% | ||||||||||||||
Solar Energy Corporation of India [Member] | Secured Indian Rupee Term Loan Eleven [Member] | ||||||||||||||||
Long Term Debt (Details) - Part 2 [Line Items] | ||||||||||||||||
Capacity of solar power project (in Megawatts) | MW | 300 | |||||||||||||||
Forecast [Member] | ||||||||||||||||
Long Term Debt (Details) - Part 2 [Line Items] | ||||||||||||||||
Commencing balance rate | 87.192% |
Long Term Debt (Details) - Pa_3
Long Term Debt (Details) - Part 2.1 ₨ in Millions, $ in Millions | 1 Months Ended | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2022 | Oct. 31, 2022 | Apr. 30, 2022 | Mar. 31, 2022 INR (₨) | Jan. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2020 | Nov. 30, 2021 | Mar. 31, 2023 INR (₨) Installments MW | Mar. 31, 2022 INR (₨) MW | Mar. 31, 2021 INR (₨) MW | Mar. 31, 2019 INR (₨) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) | Mar. 31, 2021 USD ($) | Mar. 31, 2020 INR (₨) | Mar. 31, 2020 USD ($) | Mar. 31, 2019 USD ($) | ||
Long Term Debt (Details) - Part 2.1 [Line Items] | ||||||||||||||||||||
Net carring value | [1] | ₨ 173,880 | $ 2,115.5 | |||||||||||||||||
Number of repayable installments | 60 | 222 | 60 | |||||||||||||||||
Net carrying value | ₨ 15,882 | $ 193.3 | ||||||||||||||||||
Percentage of pledge shares of promoters | 51% | 51% | ||||||||||||||||||
Period For rate revision | 3 years | |||||||||||||||||||
Net carrying value loan | ₨ 7 | $ 0.1 | ||||||||||||||||||
Long term debt, net carrying value | [1] | ₨ 174,890 | $ 2,127.8 | |||||||||||||||||
Number of quarterly installment | 6 months | |||||||||||||||||||
Interest rate carry percentage | 2.60% | 2.60% | ||||||||||||||||||
Unsecured term loans | ₨ 1,118 | ₨ 1,161 | ₨ 1,118 | $ 14.1 | $ 14.7 | |||||||||||||||
Solar power project [Member] | ||||||||||||||||||||
Long Term Debt (Details) - Part 2.1 [Line Items] | ||||||||||||||||||||
Net carrying value | ₨ 2,445 | $ 29.8 | ||||||||||||||||||
Percentage of pledge shares of promoters | 51% | 51% | ||||||||||||||||||
First ranking pari passu mortgage [Member] | ||||||||||||||||||||
Long Term Debt (Details) - Part 2.1 [Line Items] | ||||||||||||||||||||
Net carrying value | ₨ 2,267 | $ 27.6 | ||||||||||||||||||
Indian Renewable Energy Development Agency Limited [Member] | ||||||||||||||||||||
Long Term Debt (Details) - Part 2.1 [Line Items] | ||||||||||||||||||||
Net carrying value | ₨ 4,705 | $ 57.3 | ||||||||||||||||||
Percentage of pledge shares of promoters | 51% | 51% | ||||||||||||||||||
Minimum [Member] | ||||||||||||||||||||
Long Term Debt (Details) - Part 2.1 [Line Items] | ||||||||||||||||||||
Instalments ranging percentage | 0.30% | 0.163% | 1.39% | 1.38% | 1.23% | 1.59% | 1.85% | 2.50% | 1.05% | 1.39% | ||||||||||
Installments ranging percentage | 0.21% | |||||||||||||||||||
Maximum [Member] | ||||||||||||||||||||
Long Term Debt (Details) - Part 2.1 [Line Items] | ||||||||||||||||||||
Instalments ranging percentage | 0.70% | 0.629% | 1.97% | 1.98% | 2.55% | 2.44% | 1.88% | 32.50% | 2.45% | 1.98% | ||||||||||
Installments ranging percentage | 0.77% | |||||||||||||||||||
New Prime Lending Rate- Long Term [Member] | ||||||||||||||||||||
Long Term Debt (Details) - Part 2.1 [Line Items] | ||||||||||||||||||||
Number of repayable installments | 70 | |||||||||||||||||||
Net carrying value | ₨ 8,572 | $ 104.3 | ||||||||||||||||||
New Prime Lending Rate- Long Term [Member] | Minimum [Member] | ||||||||||||||||||||
Long Term Debt (Details) - Part 2.1 [Line Items] | ||||||||||||||||||||
Instalments ranging percentage | 1.10% | |||||||||||||||||||
New Prime Lending Rate- Long Term [Member] | Maximum [Member] | ||||||||||||||||||||
Long Term Debt (Details) - Part 2.1 [Line Items] | ||||||||||||||||||||
Instalments ranging percentage | 1.71% | |||||||||||||||||||
Secured Indian Rupee Term Loan [Member] | ||||||||||||||||||||
Long Term Debt (Details) - Part 2.1 [Line Items] | ||||||||||||||||||||
Net carring value | ₨ 365 | 4.4 | ||||||||||||||||||
Capacity of solar power project (in Megawatts) | 5 | |||||||||||||||||||
Interest rate | 8.25% | |||||||||||||||||||
Number of repayable installments | 42 | |||||||||||||||||||
Indian Rupee Loans [Member] | ||||||||||||||||||||
Long Term Debt (Details) - Part 2.1 [Line Items] | ||||||||||||||||||||
Net carrying value | ₨ 453 | $ 5.5 | ||||||||||||||||||
Percentage of pledge shares of promoters | 51% | 51% | ||||||||||||||||||
Indian Rupee Loans [Member] | Minimum [Member] | ||||||||||||||||||||
Long Term Debt (Details) - Part 2.1 [Line Items] | ||||||||||||||||||||
Instalments ranging percentage | 2.09% | |||||||||||||||||||
Indian Rupee Loans [Member] | Maximum [Member] | ||||||||||||||||||||
Long Term Debt (Details) - Part 2.1 [Line Items] | ||||||||||||||||||||
Instalments ranging percentage | 2.80% | |||||||||||||||||||
Secured Indian Rupee Term Loan Two [Member] | ||||||||||||||||||||
Long Term Debt (Details) - Part 2.1 [Line Items] | ||||||||||||||||||||
Net carring value | ₨ 1,406 | $ 17.1 | ||||||||||||||||||
Capacity of solar power project (in Megawatts) | 30 | |||||||||||||||||||
Number of repayable installments | 168 | |||||||||||||||||||
Secured Indian Rupee Term Loan Three [Member] | ||||||||||||||||||||
Long Term Debt (Details) - Part 2.1 [Line Items] | ||||||||||||||||||||
Period For rate revision | 3 years | |||||||||||||||||||
Secured Indian Rupee Term Loan Ten [Member] | ||||||||||||||||||||
Long Term Debt (Details) - Part 2.1 [Line Items] | ||||||||||||||||||||
Capacity of solar power project (in Megawatts) | 50 | |||||||||||||||||||
Interest rate | 7.75% | |||||||||||||||||||
Number of repayable installments | 64 | |||||||||||||||||||
Period For rate revision | 5 years | |||||||||||||||||||
Net carrying value loan | ₨ 2,004 | 24.4 | ||||||||||||||||||
Repayment of loan, commenced date | December 2021 | |||||||||||||||||||
Secured Indian Rupee Term Loan Four [Member] | ||||||||||||||||||||
Long Term Debt (Details) - Part 2.1 [Line Items] | ||||||||||||||||||||
Net carring value | ₨ 4,795 | 58.3 | ||||||||||||||||||
Capacity of solar power project (in Megawatts) | 100 | |||||||||||||||||||
Period For rate revision | 5 years | |||||||||||||||||||
Secured Indian Rupee Term Loan Six [Member] | ||||||||||||||||||||
Long Term Debt (Details) - Part 2.1 [Line Items] | ||||||||||||||||||||
Capacity of solar power project (in Megawatts) | 200 | |||||||||||||||||||
Interest rate | 11% | |||||||||||||||||||
Number of repayable installments | 54 | |||||||||||||||||||
Borrowed amount | ₨ 3,264 | ₨ 3,264 | 39.7 | |||||||||||||||||
Axis Bank [Member] | ||||||||||||||||||||
Long Term Debt (Details) - Part 2.1 [Line Items] | ||||||||||||||||||||
Capacity of solar power project (in Megawatts) | 200 | |||||||||||||||||||
Interest rate | 7.50% | |||||||||||||||||||
Number of repayable installments | 70 | |||||||||||||||||||
Net carrying value loan | ₨ 2,291 | 27.9 | ||||||||||||||||||
Borrowed funds | 2,467 | ₨ 2,467 | 30 | |||||||||||||||||
Interest rate years | 3 years | |||||||||||||||||||
Net carrying value of solar power plant | 8,572 | 104.3 | ||||||||||||||||||
Axis Bank [Member] | Minimum [Member] | ||||||||||||||||||||
Long Term Debt (Details) - Part 2.1 [Line Items] | ||||||||||||||||||||
Instalments ranging percentage | 1.10% | |||||||||||||||||||
Axis Bank [Member] | Maximum [Member] | ||||||||||||||||||||
Long Term Debt (Details) - Part 2.1 [Line Items] | ||||||||||||||||||||
Instalments ranging percentage | 1.71% | |||||||||||||||||||
Secured Indian Rupee Term Loan Eight [Member] | I F C Led Consortium for Rooftop Projects [Member] | ||||||||||||||||||||
Long Term Debt (Details) - Part 2.1 [Line Items] | ||||||||||||||||||||
Interest rate | 10.74% | |||||||||||||||||||
Period For rate revision | 3 years | |||||||||||||||||||
Net carrying value loan | ₨ 123 | 1.5 | ||||||||||||||||||
Borrowed amount | ₨ 124 | $ 1.5 | ||||||||||||||||||
Interest payment of loan commence date | April 2019 | |||||||||||||||||||
Secured Indian Rupee Term Loan Nine [Member] | ||||||||||||||||||||
Long Term Debt (Details) - Part 2.1 [Line Items] | ||||||||||||||||||||
Capacity of solar power project (in Megawatts) | 16 | |||||||||||||||||||
Interest rate | 8.50% | |||||||||||||||||||
Net carrying value loan | ₨ 317 | 3.9 | ||||||||||||||||||
Repayment of loan, commenced date | June 2020 | |||||||||||||||||||
Borrowed amount | ₨ 56 | $ 0.8 | ₨ 463 | $ 5.6 | ||||||||||||||||
Interest rate carry percentage | 1.45% | 1.45% | ||||||||||||||||||
Number of monthly installments (in Installments) | Installments | 52 | |||||||||||||||||||
Secured Foreign Currency Loan Six [Member] | ||||||||||||||||||||
Long Term Debt (Details) - Part 2.1 [Line Items] | ||||||||||||||||||||
Capacity of solar power project (in Megawatts) | 90 | |||||||||||||||||||
Number of repayable installments | 234 | |||||||||||||||||||
Net carrying value | ₨ 3,409 | $ 41.5 | ||||||||||||||||||
Repayment of loan, commenced date | October 2022 | |||||||||||||||||||
Secured Foreign Currency Loan Six [Member] | Indian Renewable Energy Development Agency Limited [Member] | ||||||||||||||||||||
Long Term Debt (Details) - Part 2.1 [Line Items] | ||||||||||||||||||||
Debt instrument interest rate, percentage | 7.50% | 7.50% | ||||||||||||||||||
Secured Foreign Currency Loan Six [Member] | I F C Led Consortium for Rooftop Projects [Member] | ||||||||||||||||||||
Long Term Debt (Details) - Part 2.1 [Line Items] | ||||||||||||||||||||
Borrowed funds | ₨ 271 | $ 3.6 | ||||||||||||||||||
Secured Indian Rupee Term Loan Eleven [Member] | ||||||||||||||||||||
Long Term Debt (Details) - Part 2.1 [Line Items] | ||||||||||||||||||||
Capacity of solar power project (in Megawatts) | 35 | |||||||||||||||||||
Interest rate | 8% | |||||||||||||||||||
Number of repayable installments | 47 | |||||||||||||||||||
Net carrying value | ₨ 2,217 | $ 27 | ||||||||||||||||||
Percentage of pledge shares of promoters | 51% | 51% | ||||||||||||||||||
Net carrying value loan | ₨ 2,225 | $ 27.1 | ||||||||||||||||||
Borrowed funds | ₨ 11,756 | ₨ 11,756 | $ 154.9 | |||||||||||||||||
Secured Indian Rupee Term Loan Twelve [Member] | ||||||||||||||||||||
Long Term Debt (Details) - Part 2.1 [Line Items] | ||||||||||||||||||||
Capacity of solar power project (in Megawatts) | 600 | |||||||||||||||||||
Interest rate | 7.20% | |||||||||||||||||||
Net carrying value | ₨ 22,152 | 269.5 | ||||||||||||||||||
Period For rate revision | 3 years | |||||||||||||||||||
Secured Indian Rupee Term Loan Thirteen [Member] | ||||||||||||||||||||
Long Term Debt (Details) - Part 2.1 [Line Items] | ||||||||||||||||||||
Capacity of solar power project (in Megawatts) | 10 | |||||||||||||||||||
Net carrying value loan | ₨ 336 | $ 4.1 | ||||||||||||||||||
Borrowed amount | ₨ 413 | $ 5 | ||||||||||||||||||
Debt instrument interest rate, percentage | 7.20% | 7.20% | ||||||||||||||||||
Kotak Infrastructure Debt Fund Limited [Member] | ||||||||||||||||||||
Long Term Debt (Details) - Part 2.1 [Line Items] | ||||||||||||||||||||
Net carrying value | ₨ 587 | $ 7.1 | ||||||||||||||||||
Secured Indian Rupee Term Loan Fourteen [Member] | ||||||||||||||||||||
Long Term Debt (Details) - Part 2.1 [Line Items] | ||||||||||||||||||||
Capacity of solar power project (in Megawatts) | 300 | |||||||||||||||||||
Net carrying value loan | ₨ 1,534 | 18.7 | ||||||||||||||||||
State Bank of India [Member] | ||||||||||||||||||||
Long Term Debt (Details) - Part 2.1 [Line Items] | ||||||||||||||||||||
Number of repayable installments | 6 | |||||||||||||||||||
Secured Indian Rupee Term Loan Three [Member] | ||||||||||||||||||||
Long Term Debt (Details) - Part 2.1 [Line Items] | ||||||||||||||||||||
Interest rate | 7.50% | |||||||||||||||||||
Secured Indian Rupee Term Loan Four [Member] | ||||||||||||||||||||
Long Term Debt (Details) - Part 2.1 [Line Items] | ||||||||||||||||||||
Interest rate | 7.75% | |||||||||||||||||||
Solar power project [Member] | ||||||||||||||||||||
Long Term Debt (Details) - Part 2.1 [Line Items] | ||||||||||||||||||||
Interest rate | 7.50% | |||||||||||||||||||
Short Term Loan Facility One [Member] | Secured Indian Rupee Term Loan Six [Member] | ||||||||||||||||||||
Long Term Debt (Details) - Part 2.1 [Line Items] | ||||||||||||||||||||
Long term debt, net carrying value | ₨ 3,029 | $ 36.9 | ||||||||||||||||||
MCLR Plus [Member] | ||||||||||||||||||||
Long Term Debt (Details) - Part 2.1 [Line Items] | ||||||||||||||||||||
Debt instrument interest rate, percentage | 9.55% | 9.55% | ||||||||||||||||||
Trade Credit [Member] | ||||||||||||||||||||
Long Term Debt (Details) - Part 2.1 [Line Items] | ||||||||||||||||||||
Interest rate of SOFR | 12 months | |||||||||||||||||||
L&T Infra Credit Pvt Ltd [Member] | ||||||||||||||||||||
Long Term Debt (Details) - Part 2.1 [Line Items] | ||||||||||||||||||||
Number of repayable installments | 243 | |||||||||||||||||||
L&T Infra Credit Pvt Ltd [Member] | Minimum [Member] | ||||||||||||||||||||
Long Term Debt (Details) - Part 2.1 [Line Items] | ||||||||||||||||||||
Installments ranging percentage | 0.30% | |||||||||||||||||||
L & T finance Limited [Member] | ||||||||||||||||||||
Long Term Debt (Details) - Part 2.1 [Line Items] | ||||||||||||||||||||
Net carrying value | ₨ 26,784 | $ 325.9 | ||||||||||||||||||
Percentage of pledge shares of promoters | 51% | 51% | ||||||||||||||||||
L & T finance Limited [Member] | Maximum [Member] | ||||||||||||||||||||
Long Term Debt (Details) - Part 2.1 [Line Items] | ||||||||||||||||||||
Installments ranging percentage | 0.58% | |||||||||||||||||||
Rooftop portfolio [Member] | ||||||||||||||||||||
Long Term Debt (Details) - Part 2.1 [Line Items] | ||||||||||||||||||||
Financing arrangements amount | ₨ 3,820 | $ 46.5 | ||||||||||||||||||
Term Loan Agreement [Member] | ||||||||||||||||||||
Long Term Debt (Details) - Part 2.1 [Line Items] | ||||||||||||||||||||
Net carrying value | ₨ 573 | $ 7 | ||||||||||||||||||
Percentage of pledge shares of promoters | 51% | 51% | ||||||||||||||||||
Construction SPV [Member] | Trade Credit [Member] | ||||||||||||||||||||
Long Term Debt (Details) - Part 2.1 [Line Items] | ||||||||||||||||||||
Capacity of solar power project (in Megawatts) | 300 | |||||||||||||||||||
Multiple buyer's credit facilities amount | ₨ 7,840 | $ 95.4 | ||||||||||||||||||
Secured Debt [Member] | ||||||||||||||||||||
Long Term Debt (Details) - Part 2.1 [Line Items] | ||||||||||||||||||||
Net carrying value | ₨ 1,492 | 18.2 | ||||||||||||||||||
Secured Debt [Member] | Minimum [Member] | ||||||||||||||||||||
Long Term Debt (Details) - Part 2.1 [Line Items] | ||||||||||||||||||||
Instalments ranging percentage | 0.50% | |||||||||||||||||||
Secured Debt [Member] | Maximum [Member] | ||||||||||||||||||||
Long Term Debt (Details) - Part 2.1 [Line Items] | ||||||||||||||||||||
Instalments ranging percentage | 0.60% | |||||||||||||||||||
Secured facilities [Member] | ||||||||||||||||||||
Long Term Debt (Details) - Part 2.1 [Line Items] | ||||||||||||||||||||
Number of repayable installments | 63 | |||||||||||||||||||
Net carrying value | ₨ 4,882 | $ 59.4 | ||||||||||||||||||
[1]Long term debt (principal) obligations for foreign currency denominated borrowings have been translated to Indian rupees using the closing exchange rate as of March 31, 2023 as per Reserve Bank of India. |
Long Term Debt (Details) - Pa_4
Long Term Debt (Details) - Part 3 ₨ in Millions, $ in Millions | 1 Months Ended | 12 Months Ended | ||||||||||
Oct. 31, 2022 | Apr. 30, 2022 | Mar. 31, 2022 INR (₨) | Jan. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2020 | Nov. 30, 2021 | Mar. 31, 2023 INR (₨) | Mar. 31, 2022 INR (₨) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) | |
Long Term Debt (Details) - Part 3 [Line Items] | ||||||||||||
Other long-term loans | ₨ 7 | ₨ 7 | $ 0.1 | |||||||||
Number of repayable installments | 60 | 222 | 60 | |||||||||
Net carrying value loan | ₨ 7 | $ 0.1 | ||||||||||
Covenants and debt financing costs (in Rupees) | 2,202 | |||||||||||
Debt financing costs | ₨ 1,189 | 1,010 | ₨ 1,189 | 12.3 | ||||||||
Restricted cash | ₨ 1,786 | ₨ 3,402 | ₨ 1,786 | $ 41.4 | ||||||||
Minimum [Member] | ||||||||||||
Long Term Debt (Details) - Part 3 [Line Items] | ||||||||||||
Instalments ranging percentage | 0.30% | 0.163% | 1.39% | 1.38% | 1.23% | 1.59% | 1.85% | 2.50% | 1.05% | 1.39% | ||
Maximum [Member] | ||||||||||||
Long Term Debt (Details) - Part 3 [Line Items] | ||||||||||||
Instalments ranging percentage | 0.70% | 0.629% | 1.97% | 1.98% | 2.55% | 2.44% | 1.88% | 32.50% | 2.45% | 1.98% | ||
Secured Indian Rupee Term Loan Thirteen [Member] | ||||||||||||
Long Term Debt (Details) - Part 3 [Line Items] | ||||||||||||
Debt instrument interest rate, percentage | 7.20% | 7.20% | ||||||||||
Net carrying value loan | ₨ 336 | $ 4.1 | ||||||||||
Other long-term loans [Member] | ||||||||||||
Long Term Debt (Details) - Part 3 [Line Items] | ||||||||||||
Repayment of loan, commenced date | November 2021 | |||||||||||
Debt instrument interest rate, percentage | 7.10% | 7.10% | 7.10% | |||||||||
Trade Credit [Member] | ||||||||||||
Long Term Debt (Details) - Part 3 [Line Items] | ||||||||||||
Other long-term loans | ₨ 2 | ₨ 2 | $ 0 | |||||||||
Other long-term loans [Member] | ||||||||||||
Long Term Debt (Details) - Part 3 [Line Items] | ||||||||||||
Number of repayable installments | 60 | |||||||||||
Repayment of loan, commenced date | January 2022 | |||||||||||
Debt instrument interest rate, percentage | 7.35% | 7.35% | 7.35% | |||||||||
Net carrying value loan | 2 | 0 | ||||||||||
Other long-term loans | ₨ 8 | $ 0.1 |
Long Term Debt (Details) - Sche
Long Term Debt (Details) - Schedule of Long Term Debt ₨ in Millions, $ in Millions | Mar. 31, 2023 INR (₨) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 INR (₨) | |||
Schedule of Long Term Debt [Line Items] | ||||||
Total debt | ₨ 123,605 | $ 1,503.9 | ₨ 121,751 | |||
Less: current portion | 9,414 | [1] | 114.5 | [1] | 9,209 | |
Long-term debt | 114,191 | 1,389.4 | 112,542 | |||
Secured Foreign Currency Term Loans [Member] | ||||||
Schedule of Long Term Debt [Line Items] | ||||||
Total debt | 77,474 | 942.6 | 75,709 | |||
Secured Indian Rupee Term Loans [Member] | ||||||
Schedule of Long Term Debt [Line Items] | ||||||
Total debt | 44,970 | 547.2 | 44,924 | |||
Unsecured Indian Rupee Term Loans [Member] | ||||||
Schedule of Long Term Debt [Line Items] | ||||||
Total debt | [2] | ₨ 1,161 | $ 14.1 | ₨ 1,118 | ||
[1]Long term debt (principal) obligations for foreign currency denominated borrowings have been translated to Indian rupees using the closing exchange rate as of March 31, 2023 as per Reserve Bank of India.[2]Pertains to unsecured term loan taken by subsidiaries, forming the part of disposable group during the current year from its minority shareholders amounting to INR 1,161 million (US$14.1 million) as at March 31, 2023 and INR 1,118 million as at March 31, 2022. |
Long Term Debt (Details) - Sc_2
Long Term Debt (Details) - Schedule of Aggregate Maturities of Long-Term Debt ₨ in Millions, $ in Millions | Mar. 31, 2023 INR (₨) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 INR (₨) | |||
Schedule of Aggregate Maturities of Long Term Debt [Abstract] | ||||||
2024 | [1] | ₨ 24,028 | $ 292.3 | |||
2025 | [1] | 43,840 | 533.4 | |||
2026 | [1] | 10,351 | 125.9 | |||
2027 | [1] | 39,013 | 474.7 | |||
2028 | [1] | 4,707 | 57.3 | |||
Thereafter | [1] | 52,951 | 644.2 | |||
Total: aggregate maturities of long-term debt | [1] | 174,890 | 2,127.8 | |||
Less: carrying value of unamortized debt financing costs | [1] | (1,010) | (12.3) | |||
Net maturities of long-term debt | [1] | 173,880 | 2,115.5 | |||
Less: current portion of long-term debt | 9,414 | [1] | 114.5 | [1] | ₨ 9,209 | |
Long-term debt | [1] | ₨ 164,466 | $ 2,001 | |||
[1]Long term debt (principal) obligations for foreign currency denominated borrowings have been translated to Indian rupees using the closing exchange rate as of March 31, 2023 as per Reserve Bank of India. |
Income Taxes (Details)
Income Taxes (Details) ₨ in Millions, $ in Millions | 12 Months Ended | |||
Mar. 31, 2023 INR (₨) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 INR (₨) | Mar. 31, 2023 USD ($) | |
Income Taxes [Line Items] | ||||
Availability of tax holiday | period of ten consecutive years | period of ten consecutive years | ||
Tax adjustment | ₨ 1 | $ 1 | ||
Valuation allowance relating to capital loss on rooftop and other asset | 843 | ₨ 843 | $ 10.3 | |
Movement relating to other rooftop assets | ₨ 125 | |||
Minimum [Member] | ||||
Income Taxes [Line Items] | ||||
Statutory income tax rate | 25.17% | 25.17% | ||
Maximum [Member] | ||||
Income Taxes [Line Items] | ||||
Statutory income tax rate | 34.94% | 34.94% | ||
Income Tax Act 1961 [Member] | ||||
Income Taxes [Line Items] | ||||
Applicable income tax rate, percentage | 15% | 15% | ||
Income Tax Act 1961 [Member] | Minimum [Member] | ||||
Income Taxes [Line Items] | ||||
Statutory income tax rate | 25.17% | 25.17% | ||
Income Tax Act 1961 [Member] | Maximum [Member] | ||||
Income Taxes [Line Items] | ||||
Statutory income tax rate | 34.94% | 34.94% | ||
Taxation Laws (Amendment) Act, 2019 [Member] | ||||
Income Taxes [Line Items] | ||||
Reduced corporate tax rate | 25.17% | 25.17% |
Income Taxes (Details) - Schedu
Income Taxes (Details) - Schedule of Provision (Benefit) for Income Taxes ₨ in Millions, $ in Millions | 12 Months Ended | ||||
Mar. 31, 2023 INR (₨) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 INR (₨) | Mar. 31, 2021 INR (₨) | ||
Schedule of Provision (Benefit) for Income Taxes [Line Items] | |||||
Current tax expense | [1] | ₨ 707 | $ 8.6 | ₨ 485 | ₨ 242 |
Withholding tax on interest on Inter-Company debt related to green bonds | 342 | 4.2 | 367 | 384 | |
Total | 2,663 | 32.4 | 1,316 | 296 | |
Deferred Income Tax Charge [Member] | |||||
Schedule of Provision (Benefit) for Income Taxes [Line Items] | |||||
Deferred income tax (benefit)/expense | ₨ 1,614 | $ 19.6 | ₨ 464 | ₨ (330) | |
[1]Current tax on profit before tax. Current tax includes reversal of INR 78 million (US$ 1.0 |
Income Taxes (Details) - Sche_2
Income Taxes (Details) - Schedule of Income/(Loss) Before Income Taxes ₨ in Millions, $ in Millions | 12 Months Ended | |||
Mar. 31, 2023 INR (₨) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 INR (₨) | Mar. 31, 2021 INR (₨) | |
Schedule of Income/(Loss) Before Income Taxes [Abstract] | ||||
Domestic operations | ₨ 333 | $ 4.1 | ₨ 19 | ₨ 8 |
Foreign operations | 8 | 0.1 | (829) | (3,913) |
Total | ₨ 341 | $ 4.2 | ₨ (810) | ₨ (3,905) |
Income Taxes (Details) - Sche_3
Income Taxes (Details) - Schedule of Net Deferred Income Taxes ₨ in Millions, $ in Millions | Mar. 31, 2023 INR (₨) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 INR (₨) |
Schedule of Net Deferred Income Taxes [Abstract] | |||
Deferred tax assets | ₨ 3,592 | $ 43.7 | ₨ 4,201 |
Less: valuation allowance | (2,455) | (29.9) | (2,281) |
Net deferred tax assets | 1,137 | 13.8 | 1,920 |
Deferred tax liability | ₨ 3,338 | $ 40.6 | ₨ 1,936 |
Income Taxes (Details) - Sche_4
Income Taxes (Details) - Schedule of Change in Valuation Allowance for Deferred Tax Assets ₨ in Millions, $ in Millions | 12 Months Ended | |||
Mar. 31, 2023 INR (₨) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 INR (₨) | ||
Schedule of Change in Valuation Allowance for Deferred Tax Assets [Abstract] | ||||
Opening valuation allowance | ₨ 2,281 | $ 27.8 | ₨ 1,088 | |
Movement during the Year | [1] | 174 | 2.1 | 1,193 |
Closing valuation allowance | ₨ 2,455 | $ 29.9 | ₨ 2,281 | |
[1]For financial year 2022 and 2023, The movement also includes INR 843 million and INR 843 million (US$10.3 million) respectively relating to capital loss on rooftop and other asset classified as held for sale. The movement for financial year 2022 and 2023 also includes INR 125 million and reversal of INR Nil million |
Income Taxes (Details) - Sche_5
Income Taxes (Details) - Schedule of Components of Net Deferred Income Tax Assets and Liabilities ₨ in Millions, $ in Millions | Mar. 31, 2023 INR (₨) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 INR (₨) | |
Deferred tax assets: | ||||
Net operating loss | [1] | ₨ 16,191 | $ 197 | ₨ 12,309 |
Tax on Inter — Company margin | (26) | (0.3) | 210 | |
Deferred revenue | 599 | 7.3 | 503 | |
Asset retirement obligation | 285 | 3.5 | 232 | |
Minimum alternate tax credit | 1,287 | 15.7 | 765 | |
Other deductible temporary difference | 376 | 4.6 | 226 | |
Capital loss on investment in rooftop and other assets | 843 | 10.3 | 843 | |
Valuation allowance | (2,455) | (29.9) | (2,281) | |
Deferred tax liabilities: | ||||
Depreciation and amortization | (18,639) | (226.8) | (12,732) | |
Other comprehensive income | (662) | (8.1) | (91) | |
Net deferred tax (liability) asset | ₨ (2,201) | $ (26.7) | ₨ (16) | |
[1]Includes deferred tax on unabsorbed depreciation that can be carried forward indefinitely for set off as per income tax laws. |
Income Taxes (Details) - Sche_6
Income Taxes (Details) - Schedule of Statutory Income Tax Rate to Loss Before Income Taxes ₨ in Millions, $ in Millions | 12 Months Ended | |||
Mar. 31, 2023 INR (₨) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 INR (₨) | Mar. 31, 2021 INR (₨) | |
Schedule of Effective Income Tax Rate Differs from Amount Computed by Applying Statutory Income Tax Rate to Loss Before Income Taxes [Abstract] | ||||
Statutory income tax (benefit)/expense ,Tax | ₨ 119 | $ 1.4 | ₨ (283) | ₨ (1,365) |
Statutory income tax (benefit)/expense ,Percent | 34.94% | 34.94% | 34.94% | 34.94% |
Temporary differences reversing in the Tax Holiday Period ,Tax | ₨ (586) | $ (7.1) | ₨ (9) | ₨ (1,070) |
Temporary differences reversing in the Tax Holiday Period, Percent | (171.85%) | (171.85%) | (1.11%) | 27.40% |
Permanent timing differences ,Tax | ₨ 2,919 | $ 35.5 | ₨ 43 | ₨ 1,423 |
Permanent timing differences ,Percent | 855.72% | 855.72% | (3.05%) | (36.44%) |
Valuation allowance created / (reversed) during the year ,Tax | ₨ 174 | $ 2.1 | ₨ 1,193 | ₨ 871 |
Valuation allowance created / (reversed) during the year ,Percent | 51.03% | 51.03% | (147.32%) | (22.30%) |
Tax adjustment relating to earlier years, Tax | ₨ (78) | $ (0.9) | ₨ 42 | |
Tax adjustment relating to earlier years, Percent | (22.87%) | (22.87%) | 5.19% | |
Withholding tax on interest on Inter-Company debt related to green bonds, Tax | ₨ 342 | $ 4.2 | ₨ 367 | ₨ 384 |
Withholding tax on interest on Inter-Company debt related to green bonds, Percent | 100.29% | 100.29% | (45.31%) | (9.83%) |
Other difference ,Tax | ₨ (227) | $ (2.8) | ₨ (37) | ₨ 53 |
Other difference ,Percent | (66.57%) | (66.57%) | (4.57%) | (1.36%) |
Total ,Tax | ₨ 2,663 | $ 32.4 | ₨ 1,316 | ₨ 296 |
Total ,Percent | 780.69% | 780.69% | (162.46%) | (7.58%) |
Interest Expense, Net (Details)
Interest Expense, Net (Details) ₨ in Millions, $ in Millions | 12 Months Ended | ||||
Mar. 31, 2023 INR (₨) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 INR (₨) | Mar. 31, 2021 INR (₨) | Mar. 31, 2023 USD ($) | |
Interest Expense Net [Abstract] | |||||
Debt financing costs | ₨ 336 | ₨ 1,107 | ₨ 369 | $ 4.1 | |
Debt financing costs written off | ₨ 739 | ₨ 30 |
Interest Expense, Net (Detail_2
Interest Expense, Net (Details) - Schedule of Interest Expense, Net - Interest Income And Expense [Member] ₨ in Millions, $ in Millions | 12 Months Ended | ||||
Mar. 31, 2023 INR (₨) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 INR (₨) | Mar. 31, 2021 INR (₨) | ||
Interest expense: | |||||
Term loans | ₨ 9,644 | $ 117.3 | ₨ 9,577 | ₨ 8,399 | |
Bank charges and other | [1] | 369 | 4.5 | 3,069 | 598 |
Loss on account of modification of contractual cash flows | 30 | 0.4 | 294 | ||
Total interest expenses | 10,043 | 122.2 | 12,940 | 8,997 | |
Interest income: | |||||
Term and fixed deposits | 977 | 11.9 | 578 | 554 | |
Others | 691 | 8.4 | 432 | 33 | |
Other income | 1,668 | 20.3 | 1,010 | 587 | |
Total | ₨ 8,375 | $ 101.9 | ₨ 11,930 | ₨ 8,410 | |
[1]Bank charges and other includes amortization of debt financing costs of INR 369 million, INR 1,107 million and INR 336 million (US$4.1 million) for the years ended March 31, 2021, 2022 and 2023, respectively, and includes debt financing costs written off related to the debt refinancing amounting to INR 30 million, INR 739 million and INR Nil million |
Loss on Foreign Currency Exch_3
Loss on Foreign Currency Exchange (Details) - Schedule of Loss on Foreign Currency Exchange ₨ in Millions, $ in Millions | 12 Months Ended | |||
Mar. 31, 2023 INR (₨) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 INR (₨) | Mar. 31, 2021 INR (₨) | |
Schedule of Loss on Foreign Currency Exchange [Abstract] | ||||
Unrealized loss/ (gain) on foreign currency loans | ₨ 26 | $ 0.3 | ₨ 1 | ₨ (12) |
Realized (gain) loss on foreign currency loans | 13 | |||
Realized loss/ (gain) on derivative instruments | (4,886) | (1) | ||
Other loss on foreign currency exchange | 131 | 1.6 | 4,852 | 7 |
Total | ₨ 157 | $ 1.9 | ₨ (33) | ₨ 7 |
Equity Shares (Details)
Equity Shares (Details) $ / shares in Units, ₨ in Millions, $ in Millions | 12 Months Ended | |||
Mar. 31, 2023 INR (₨) shares | Mar. 31, 2023 USD ($) $ / shares shares | Mar. 31, 2022 shares | Mar. 31, 2021 shares | |
Equity Shares (Details) [Line Items] | ||||
Equity shares, par value (in Dollars per share) | $ / shares | $ 0.000625 | |||
Equity shares, issued | 64,166,360 | 64,161,490 | 48,195,962 | |
Equity shares, outstanding | 64,166,360 | 64,161,490 | ||
Proceeds of net issuance expenses | ₨ 18,621 | $ 245.4 | ||
Equity shares, issued | 15,828,917 | 15,828,917 | ||
Per share (in Dollars per share) | $ / shares | $ 0.000625 | |||
Price per share (in Dollars per share) | $ / shares | $ 15.79 | |||
Common Stock [Member] | ||||
Equity Shares (Details) [Line Items] | ||||
Equity shares, issued | 64,161,490 |
Equity Shares (Details) - Sched
Equity Shares (Details) - Schedule of Equity Shares Issued and Outstanding - INR (₨) ₨ in Thousands | 12 Months Ended | |||||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 30, 2022 | ||||
Issued: | ||||||
Beginning balance | 64,161,490 | 48,195,962 | 48,195,962 | |||
Beginning balance | ₨ 2,837 | ₨ 2,090 | ₨ 2,090 | |||
Issuance of new shares | [1] | 15,828,917 | ||||
Issuance of new shares | [1] | ₨ 741 | ||||
Exercise of ESOPs | 4,870 | [2] | 136,611 | [2] | 136,611 | |
Exercise of ESOPs | [2] | ₨ 1 | ₨ 6 | |||
Ending balance | 64,166,360 | 64,161,490 | ||||
Ending balance | ₨ 2,838 | ₨ 2,837 | ||||
[1]During the previous year, the Company’s has raised proceeds of INR 18,621 million (US$245.4 million) net of issuance expenses through its Rights offering and has issued 15,828,917 equity shares (par value $0.000625 per share) at US$15.79 per share. These proceeds from the rights offering have been invested in subsidiaries and are utilised for repayment of existing corporate borrowings.[2]Refer Note 21 for details of ESOPs exercised during the year. |
Equity Shares (Details) - Sch_2
Equity Shares (Details) - Schedule of Equity Shares Issued and Outstanding (Parentheticals) - $ / shares | Mar. 31, 2023 | Mar. 31, 2022 |
Schedule of Equity Shares Issued and Outstanding [Abstract] | ||
Equity shares, par value | $ 0.625000 | $ 0.625000 |
Equity Shares (Details) - Sch_3
Equity Shares (Details) - Schedule of Changes and Balances to the Components of Accumulated Other Comprehensive Loss ₨ in Millions, $ in Millions | 12 Months Ended | |||
Mar. 31, 2023 INR (₨) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 INR (₨) | Mar. 31, 2021 INR (₨) | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance of Beginning (in INR) | ₨ 38,914 | |||
Adjustments during the year | (1,736) | $ (21.1) | ₨ (1,531) | ₨ 965 |
Balance of Ending (in INR) | 34,910 | 424.7 | 38,914 | |
Other Comprehensive Income (Loss) [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance of Beginning (in INR) | (2,503) | (972) | ||
Adjustments during the year | (1,736) | (1,531) | ||
Balance of Ending (in INR) | (4,239) | (2,503) | (972) | |
Balance of Ending (in Dollars) | $ | (51.6) | |||
Cashflow Hedge, net of taxes (INR) [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance of Beginning (in INR) | 636 | 5,110 | ||
Adjustments during the year | 2,867 | (4,474) | ||
Balance of Ending (in INR) | 3,503 | 636 | 5,110 | |
Balance of Ending (in Dollars) | $ | 42.6 | |||
Foreign currency translation, net of taxes (INR) [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance of Beginning (in INR) | (3,139) | (6,082) | ||
Adjustments during the year | (4,603) | 2,943 | ||
Balance of Ending (in INR) | ₨ (7,742) | ₨ (3,139) | ₨ (6,082) | |
Balance of Ending (in Dollars) | $ | $ (94.2) |
Earnings Per Share (Details)
Earnings Per Share (Details) - shares | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Share-Based Payment Arrangement, Option [Member] | ||
Earnings Per Share (Details) [Line Items] | ||
Number of share options excluded from computation of diluted earnings per equity share | 413,843 | 184,600 |
Earnings Per Share (Details) -
Earnings Per Share (Details) - Schedule of Net (Loss)/Profit Per Share ₨ / shares in Units, $ / shares in Units, ₨ in Millions, $ in Millions | 12 Months Ended | |||
Mar. 31, 2023 INR (₨) ₨ / shares shares | Mar. 31, 2023 USD ($) $ / shares shares | Mar. 31, 2022 INR (₨) ₨ / shares shares | Mar. 31, 2021 INR (₨) ₨ / shares shares | |
Computation of Diluted Net Earnings Per Share and the Weighted Average Shares Outstanding [Abstract] | ||||
Net loss attributable to APGL equity shareholders (A) (in Dollars and Rupees) | ₨ (2,285) | $ (27.8) | ₨ (2,104) | ₨ (4,206) |
Shares outstanding for allocation of undistributed income: | ||||
Equity shares | 64,166,360 | 64,166,360 | 64,161,490 | 48,195,962 |
Weighted average shares outstanding | ||||
Equity shares – Basic (B) | 64,166,360 | 64,166,360 | 50,876,360 | 47,979,581 |
Equity shares – Diluted (C) | 64,166,360 | 64,166,360 | 50,876,360 | 47,979,581 |
Net (loss)/profit per share – basic and diluted | ||||
Equity earnings/(loss) per share – Basic (D=A/B) (in Dollars per share and Rupees per share) | (per share) | ₨ (35.61) | $ (0.43) | ₨ (41.36) | ₨ (87.66) |
Equity earnings/(loss) per share – Diluted (E=A/C) (in Dollars per share and Rupees per share) | (per share) | ₨ (35.61) | $ (0.43) | ₨ (41.36) | ₨ (87.66) |
Leases (Details)
Leases (Details) | Mar. 31, 2023 |
Minimum [Member] | |
Leases (Details) [Line Items] | |
Lessee operating lease term of contract | 2 years |
Maximum [Member] | |
Leases (Details) [Line Items] | |
Lessee operating lease term of contract | 35 years |
Leases (Details) - Schedule of
Leases (Details) - Schedule of Components of Lease Cost ₨ in Millions, $ in Millions | 12 Months Ended | ||
Mar. 31, 2023 INR (₨) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 INR (₨) | |
Schedule of Components of Lease Cost [Abstract] | |||
Operating lease cost | ₨ 436 | $ 5.3 | ₨ 439 |
Short-term lease cost | 22 | 0.3 | 17 |
Total lease cost | ₨ 458 | $ 5.6 | ₨ 456 |
Leases (Details) - Schedule o_2
Leases (Details) - Schedule of Amounts Reported in Consolidated Balance Sheet ₨ in Millions, $ in Millions | Mar. 31, 2023 INR (₨) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 INR (₨) | |
Non-current assets | ||||
Right-of-use assets | [1] | ₨ 4,346 | $ 52.9 | ₨ 4,465 |
Non-current liabilities | ||||
Lease liabilities | 3,408 | 41.5 | 3,534 | |
Current liabilities | ||||
Lease liabilities | 292 | 3.6 | 300 | |
Total operating lease liabilities | ₨ 3,700 | $ 45.1 | ₨ 3,834 | |
[1]Also see note 27. “Whistle-blower Allegations and Special Committee Investigation” for adjustment towards payment made to land aggregators |
Leases (Details) - Schedule o_3
Leases (Details) - Schedule of Other Information Related to Leases ₨ in Millions, $ in Millions | 12 Months Ended | ||
Mar. 31, 2023 INR (₨) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 INR (₨) | |
Leases (Details) - Schedule of Other Information Related to Leases [Line Items] | |||
Cash paid for amounts included in the measurement of lease liabilities | ₨ 347 | $ 4.2 | ₨ 310 |
Weighted average remaining lease term | 29 years | 29 years | 30 years |
Incremental borrowing rate | 10% | 10% | 10% |
Leases (Details) - Schedule o_4
Leases (Details) - Schedule of Maturities of Lease Liabilities Under Non-Cancellable Leases ₨ in Millions, $ in Millions | Mar. 31, 2023 INR (₨) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 INR (₨) |
Schedule of Maturities of Lease Liabilities Under Non-Cancellable Leases [Abstract] | |||
Fiscal 2024 | ₨ 304 | $ 3.7 | |
Fiscal 2025 | 314 | 3.8 | |
Fiscal 2026 | 322 | 3.9 | |
Fiscal 2027 | 332 | 4 | |
Fiscal 2028 | 342 | 4.2 | |
Thereafter | 11,120 | 135.3 | |
Total undiscounted lease payments | 12,734 | 154.9 | |
Less: Imputed interest | 9,034 | 109.8 | |
Total lease liabilities | ₨ 3,700 | $ 45.1 | ₨ 3,834 |
Commitments, Guarantees and C_2
Commitments, Guarantees and Contingencies (Details) ₨ in Millions, $ in Millions | 12 Months Ended | |||
Mar. 31, 2023 INR (₨) m² | Mar. 31, 2023 USD ($) | Mar. 31, 2022 INR (₨) | Mar. 31, 2023 USD ($) m² | |
Commitments, Guarantees and Contingencies (Details) [Line Items] | ||||
Commitments for the purchase | ₨ 32,157 | $ 391.3 | ₨ 2,857 | |
Bank guarantees | 2,409 | 5,179 | $ 29.3 | |
Guarantee obligations issued | 78 | 458 | 0.9 | |
Guarantee obligation | $ | 3.2 | |||
Other commitment | ₨ 5 | 11 | $ 0.1 | |
Area of land covering (in Square Meters) | m² | 13,163 | 13,163 | ||
Performance Guarantee [Member] | ||||
Commitments, Guarantees and Contingencies (Details) [Line Items] | ||||
Outstanding guarantees | ₨ 904 | 2,320 | $ 11 | |
Financial Guarantee [Member] | ||||
Commitments, Guarantees and Contingencies (Details) [Line Items] | ||||
Guarantee obligation | ₨ | 267 | 873 | ||
Guarantees [Member] | ||||
Commitments, Guarantees and Contingencies (Details) [Line Items] | ||||
Outstanding guarantees | ₨ 1,154 | ₨ 1,517 | $ 14 |
Share Based Compensation (Detai
Share Based Compensation (Details) $ / shares in Units, ₨ in Millions, $ in Millions | 12 Months Ended | |||||||
Mar. 31, 2023 INR (₨) shares | Mar. 31, 2023 USD ($) shares | Mar. 31, 2022 INR (₨) shares | Mar. 31, 2022 USD ($) | Mar. 31, 2021 INR (₨) shares | Mar. 31, 2023 USD ($) shares | Mar. 31, 2022 USD ($) shares | Nov. 30, 2018 $ / shares shares | |
Share Based Compensation (Details) [Line Items] | ||||||||
Vesting period | 4 years | 4 years | ||||||
Total options available for grant (in Shares) | 457,114 | 457,114 | ||||||
Aggregate intrinsic value of outstanding options (in Dollars) | $ | ||||||||
Share based compensation expense capitalized | ₨ 23 | ₨ 8 | ||||||
Options (in Shares) | 415,813 | 558,829 | 703,708 | 415,813 | 558,829 | |||
Employee Stock Option Plan [Member] | ||||||||
Share Based Compensation (Details) [Line Items] | ||||||||
Employee stock option (in Shares) | 2,023,744 | 2,023,744 | ||||||
Share based compensation expense capitalized | ₨ | ₨ 23 | |||||||
Unrecognized compensation cost | ₨ 32 | $ 0.4 | ||||||
Unrecognized compensation cost, expected period of recognition | 2 years 1 month 6 days | 2 years 1 month 6 days | ||||||
Intrinsic value of options exercised | ₨ | ||||||||
Options (in Shares) | 692,507 | |||||||
Minimum [Member] | Employee Stock Option Plan [Member] | ||||||||
Share Based Compensation (Details) [Line Items] | ||||||||
Option exercise price (in Dollars per share) | $ / shares | $ 13.25 | |||||||
Maximum [Member] | Employee Stock Option Plan [Member] | ||||||||
Share Based Compensation (Details) [Line Items] | ||||||||
Option exercise price (in Dollars per share) | $ / shares | $ 11.9 | |||||||
Share-Based Payment Arrangement, Tranche One [Member] | ||||||||
Share Based Compensation (Details) [Line Items] | ||||||||
Vesting percentage | 25% | 25% | ||||||
Share-Based Payment Arrangement, Tranche Two [Member] | ||||||||
Share Based Compensation (Details) [Line Items] | ||||||||
Vesting percentage | 25% | 25% | ||||||
Share-Based Payment Arrangement, Tranche Three [Member] | ||||||||
Share Based Compensation (Details) [Line Items] | ||||||||
Vesting percentage | 25% | 25% | ||||||
Share Based Compensation Award Tranche Four [Member] | ||||||||
Share Based Compensation (Details) [Line Items] | ||||||||
Vesting percentage | 25% | 25% | ||||||
General and Administrative Expense [Member] | ||||||||
Share Based Compensation (Details) [Line Items] | ||||||||
Share based compensation expense | ₨ 17 | $ 0.2 | 69 | ₨ 44 | ||||
Share based compensation expense capitalized | ₨ | ||||||||
General and Administrative Expense [Member] | Employee Stock Option Plan [Member] | ||||||||
Share Based Compensation (Details) [Line Items] | ||||||||
Share based compensation expense | ₨ 17 | $ 0.2 | 69 | ₨ 36 | ||||
Restricted Stock Units (RSUs) [Member] | Director [Member] | ||||||||
Share Based Compensation (Details) [Line Items] | ||||||||
Number of RS granted (in Shares) | 4,748 | 4,748 | ||||||
Restricted Stocks [Member] | ||||||||
Share Based Compensation (Details) [Line Items] | ||||||||
Number of RS granted (in Shares) | 543 | 543 | ||||||
Stock Appreciation Rights (SARs) [Member] | ||||||||
Share Based Compensation (Details) [Line Items] | ||||||||
Share based compensation expense | ₨ 646 | $ 7.9 | 373 | |||||
Share based compensation expense capitalized | $ | ||||||||
Unrecognized compensation cost | ₨ | ||||||||
Carrying value of liability | ₨ 198 | 844 | $ 2.4 | |||||
Stock Appreciation Rights (SARs) [Member] | Maximum [Member] | ||||||||
Share Based Compensation (Details) [Line Items] | ||||||||
Maturity date | Mar. 31, 2028 | Mar. 31, 2028 | ||||||
Stock Appreciation Rights (SARs) [Member] | General and Administrative Expense [Member] | ||||||||
Share Based Compensation (Details) [Line Items] | ||||||||
Share based compensation expense | $ | $ 7.9 | |||||||
Share based compensation expense | ₨ | ₨ 646 | ₨ 373 |
Share Based Compensation (Det_2
Share Based Compensation (Details) - Schedule of Share Option Activity - ₨ / shares | 12 Months Ended | |||||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 30, 2022 | ||||
Schedule of Share Option Activity [Abstract] | ||||||
Number of options, Options outstanding, Beginning | 558,829 | 703,708 | 703,708 | |||
Weighted average exercise price in INR, Options outstanding Ending | ₨ 1,314 | ₨ 1,217 | ₨ 1,217 | |||
Number of options, Granted | 543 | [1] | 24,205 | [2] | ||
Weighted average exercise price in INR, Granted | [1] | ₨ 1,583 | [2] | |||
Number of options, Exercised | (4,870) | [3] | (136,611) | [3] | (136,611) | |
Weighted average exercise price in INR, Exercised | ₨ 112 | ₨ 788 | ||||
Number of options, Forfeited | (138,687) | (32,474) | ||||
Weighted average exercise price in INR, Forfeited | ₨ 1,455 | ₨ 1,613 | ||||
Number of options, Options outstanding Ending | 415,813 | 558,829 | ||||
Weighted average exercise price in INR, Options outstanding Ending | ₨ 1,276 | ₨ 1,314 | ||||
Number of options, Vested and exercisable | 281,960 | 250,784 | ||||
Weighted average exercise price in INR, Vested and exercisable | ₨ 1,183 | ₨ 1,128 | ||||
[1]Includes 543 RSU granted during the year to its Directors.[2]Includes 4,748 RSU granted during the year to its Directors.[3]Refer Note 21 for details of ESOPs exercised during the year. |
Share Based Compensation (Det_3
Share Based Compensation (Details) - Schedule of Fair Value of Each Share Option Granted to Employees | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | ||
Share Based Compensation (Details) - Schedule of Fair Value of Each Share Option Granted to Employees [Line Items] | |||
Dividend yield | [1],[2] | ||
Expected term (in years) | [1],[2] | ||
Expected volatility | [1],[2] | ||
Risk free interest rate | [1],[2] | ||
Minimum [Member] | |||
Share Based Compensation (Details) - Schedule of Fair Value of Each Share Option Granted to Employees [Line Items] | |||
Dividend yield | 0% | ||
Expected term (in years) | 3 years 2 months 12 days | ||
Expected volatility | 49.32% | ||
Risk free interest rate | 2.45% | ||
Maximum [Member] | |||
Share Based Compensation (Details) - Schedule of Fair Value of Each Share Option Granted to Employees [Line Items] | |||
Dividend yield | 0% | ||
Expected term (in years) | 4 years 8 months 12 days | ||
Expected volatility | 52.52% | ||
Risk free interest rate | 2.49% | ||
Black Scholes Option Pricing Model [Member] | Minimum [Member] | |||
Share Based Compensation (Details) - Schedule of Fair Value of Each Share Option Granted to Employees [Line Items] | |||
Dividend yield | 0% | ||
Expected term (in years) | 3 years 9 months 18 days | ||
Expected volatility | 46.30% | ||
Risk free interest rate | 0.55% | ||
Black Scholes Option Pricing Model [Member] | Maximum [Member] | |||
Share Based Compensation (Details) - Schedule of Fair Value of Each Share Option Granted to Employees [Line Items] | |||
Dividend yield | 0% | ||
Expected term (in years) | 5 years 1 month 6 days | ||
Expected volatility | 47.80% | ||
Risk free interest rate | 0.80% | ||
[1]Fair value of SARs as of March 31, 2023 has been taken basis the expected settlement with the EX CEO and COO.[2]No new grants have been made by the Company during the current year. |
Share Based Compensation (Det_4
Share Based Compensation (Details) - Schedule of Intrinsic Value Per Option at the Date of Grant ₨ in Millions | 12 Months Ended | |
Mar. 31, 2023 INR (₨) shares | ||
October 01, 2020 [Member] | ||
Share Based Compensation (Details) - Schedule of Intrinsic Value Per Option at the Date of Grant [Line Items] | ||
No. of options granted (in Shares) | shares | 4,273 | [1] |
Deemed fair value of equity shares (INR) | ₨ 2,320 | [1] |
Intrinsic value per option at the time of grant (INR) | [1] | |
Valuation used | Market price | [1] |
March 31, 2021 [Member] | ||
Share Based Compensation (Details) - Schedule of Intrinsic Value Per Option at the Date of Grant [Line Items] | ||
No. of options granted (in Shares) | shares | 182,800 | |
Deemed fair value of equity shares (INR) | ₨ 2,057 | |
Intrinsic value per option at the time of grant (INR) | ||
Valuation used | Market price | |
July 7, 2021 [Member] | ||
Share Based Compensation (Details) - Schedule of Intrinsic Value Per Option at the Date of Grant [Line Items] | ||
No. of options granted (in Shares) | shares | 20,000 | |
Deemed fair value of equity shares (INR) | ₨ 1,838 | |
Intrinsic value per option at the time of grant (INR) | ||
Valuation used | Market price | |
[1]Pertains to RSUs converted into RSs at the prevailing market price. |
Share Based Compensation (Det_5
Share Based Compensation (Details) - Schedule of SARs Activity - Stock Appreciation Rights (SARs) [Member] - ₨ / shares | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Share Based Compensation (Details) - Schedule of SARs Activity [Line Items] | ||
Number of SARs, outstanding Beginning | 1,875,000 | 1,875,000 |
Weighted average exercise price in INR, outstanding Beginning | ₨ 810 | ₨ 810 |
Number of SARs, Granted | ||
Weighted average exercise price in INR, Granted | ||
Number of SARs, SAR forfeited/reversed during the year | (1,195,000) | |
Weighted average exercise price in INR, SAR forfeited/reversed during the year | ₨ 771 | |
Number of SARs, Exercised | ||
Weighted average exercise price in INR, Exercised | ||
Number of SARs, Options outstanding Ending | 680,000 | 1,875,000 |
Weighted average exercise price in INR, Options outstanding Ending | ₨ 878 | ₨ 810 |
Number of SARs, Vested | 680,000 | 680,000 |
Weighted average exercise price in INR, Vested | ₨ 878 | ₨ 805 |
Number of SARs, Exercisable | 680,000 | 130,000 |
Weighted average exercise price in INR, Exercisable | ₨ 878 | ₨ 1,154 |
Share Based Compensation (Det_6
Share Based Compensation (Details) - Schedule of Fair Value Per Sar at the Date of Grant - Stock Appreciation Rights (SARs) [Member] ₨ in Millions | 12 Months Ended |
Mar. 31, 2023 INR (₨) shares | |
July 18, 2019 [Member] | |
Share Based Compensation (Details) - Schedule of Fair Value Per Sar at the Date of Grant [Line Items] | |
No. of SARs granted | shares | 200,000 |
Deemed fair value of SAR (INR) | ₨ | ₨ 722 |
Vesting period | February 2020 |
Valuation used | Market price |
July 18, 2019 [Member] | |
Share Based Compensation (Details) - Schedule of Fair Value Per Sar at the Date of Grant [Line Items] | |
No. of SARs granted | shares | 1,600,000 |
Deemed fair value of SAR (INR) | ₨ | ₨ 722 |
Vesting period | March 31, 2020 to July 31, 2027 |
Valuation used | Market price |
March 30, 2020 [Member] | |
Share Based Compensation (Details) - Schedule of Fair Value Per Sar at the Date of Grant [Line Items] | |
No. of SARs granted | shares | 170,000 |
Deemed fair value of SAR (INR) | ₨ | ₨ 1,069 |
Vesting period | March 31, 2021 to March 31, 2024 |
Valuation used | Market price |
March 30, 2021 [Member] | |
Share Based Compensation (Details) - Schedule of Fair Value Per Sar at the Date of Grant [Line Items] | |
No. of SARs granted | shares | 80,000 |
Deemed fair value of SAR (INR) | ₨ | ₨ 2,056 |
Vesting period | March 31, 2022 to March 31, 2025 |
Valuation used | Market price |
Post Retirement Plans (Details)
Post Retirement Plans (Details) - Schedule of Changes in Projected Benefit Obligation ₨ in Millions, $ in Millions | 12 Months Ended | |||
Mar. 31, 2023 INR (₨) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 INR (₨) | Mar. 31, 2023 USD ($) | |
Schedule of Changes in Projected Benefit Obligation [Abstract] | ||||
Benefit obligation at beginning of year | ₨ 56 | $ 0.7 | ₨ 50 | |
Service cost | 14 | 0.2 | 14 | |
Interest cost | 5 | 0.1 | 4 | |
Net actuarial loss (gain) | (17) | (0.2) | 8 | |
Benefits paid | (10) | (0.1) | (4) | |
Benefit obligation at end of year | 48 | $ 0.6 | 56 | |
Other non-current liabilities | 39 | 53 | $ 0.5 | |
Other current liabilities | 9 | 3 | 0.1 | |
Net amount recognized | ₨ 48 | ₨ 56 | $ 0.6 |
Post Retirement Plans (Detail_2
Post Retirement Plans (Details) - Schedule of Recorded as a Component of General and Administrative Expenses in the Company’s Consolidated Statement of Operations ₨ in Millions, $ in Millions | 12 Months Ended | ||
Mar. 31, 2023 INR (₨) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 INR (₨) | |
Schedule of Recorded as a Component of General and Administrative Expenses in the Company’s Consolidated Statement of Operations [Abstract] | |||
Service Cost | ₨ 14 | $ 0.2 | ₨ 14 |
Interest Cost | 5 | 0.1 | 4 |
Net actuarial loss (gain) | (17) | (0.2) | (8) |
Net periodic benefit cost (income) | ₨ 2 | $ 0.1 | ₨ 10 |
Post Retirement Plans (Detail_3
Post Retirement Plans (Details) - Schedule of Principal Assumptions Used in Determining Gratuity - Defined Benefit Gratuity Plan [Member] | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Post Retirement Plans (Details) - Schedule of Principal Assumptions Used in Determining Gratuity [Line Items] | ||
Discount rate | 7.92% | 7.92% |
Salary escalation rate | 10% | 10% |
Employee turnover rate | 30% | 9% |
Retirement age | 58 years | 58 years |
Post Retirement Plans (Detail_4
Post Retirement Plans (Details) - Schedule of Estimated Payments to the Defined Benefit Plan ₨ in Millions, $ in Millions | Mar. 31, 2023 INR (₨) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 INR (₨) |
Within the next | |||
- 1 year | ₨ 9 | $ 0.1 | ₨ 4 |
- 1 and 2 years | 19 | 0.2 | 3 |
- 2 and 3 years | 18 | 0.2 | 4 |
- 3 and 4 years | 16 | 0.2 | 5 |
- 4 and 5 years | 14 | 0.2 | 5 |
- 5 and 10 years | ₨ 24 | $ 0.3 | ₨ 24 |
Impairment of Assets and Asse_3
Impairment of Assets and Assets Held for Sale (Details) ₨ in Millions, $ in Millions | 12 Months Ended | |||||
Apr. 30, 2021 INR (₨) | Mar. 31, 2023 INR (₨) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 INR (₨) | Mar. 31, 2021 INR (₨) | Mar. 31, 2023 USD ($) | |
Purchase consideration of Assets and Assets Held for Sale [Line Items] | ||||||
Impairment loss (in Rupees) | ₨ 1,279 | $ 15.6 | ₨ (80) | ₨ 3,255 | ||
Percentage of ownership transferred | 100% | 100% | ||||
Equivalent percentage | 85% | 85% | ||||
153 MW [Member] | ||||||
Purchase consideration of Assets and Assets Held for Sale [Line Items] | ||||||
Ownership percentage | 100% | |||||
Rooftop Subsidiaries [Member] | ||||||
Purchase consideration of Assets and Assets Held for Sale [Line Items] | ||||||
Ownership percentage | 100% | 100% | ||||
Rooftop Sale Agreement In Respect Of Forty Three Point Two M Ws Operating Capacity Of Restricted Groups [Member] | ||||||
Purchase consideration of Assets and Assets Held for Sale [Line Items] | ||||||
Pecentage of senior note | 5.50% | 5.50% | ||||
Delhi Jal Board16 M W Project [Member] | ||||||
Purchase consideration of Assets and Assets Held for Sale [Line Items] | ||||||
Percentage of remaining equity | 51% | 51% | ||||
Rooftop Subsidiaries [Member] | ||||||
Purchase consideration of Assets and Assets Held for Sale [Line Items] | ||||||
Impairment loss (in Rupees) | ₨ 3,255 | |||||
Green Bond Indentures [Member] | ||||||
Purchase consideration of Assets and Assets Held for Sale [Line Items] | ||||||
Ownership percentage | 51.40% | 51.40% | ||||
Rooftop Sale Agreement [Member] | ||||||
Purchase consideration of Assets and Assets Held for Sale [Line Items] | ||||||
Fair value of consideration | ₨ 463 | $ 6.1 | ||||
Radiance [Member] | ||||||
Purchase consideration of Assets and Assets Held for Sale [Line Items] | ||||||
Percentage of equity return | 10.50% | 10.50% | ||||
Radiance [Member] | Delhi Jal Board16 M W Project [Member] | ||||||
Purchase consideration of Assets and Assets Held for Sale [Line Items] | ||||||
Percentage of ownership transferred | 49% | 49% | ||||
Radiance [Member] | Rooftop Sale Agreement [Member] | Rooftop Subsidiaries [Member] | Operating Capacity Of153 M W [Member] | ||||||
Purchase consideration of Assets and Assets Held for Sale [Line Items] | ||||||
Operating capacity (in Rupees) | ₨ 5,350 | |||||
Restricted Group Sale [Member] | ||||||
Purchase consideration of Assets and Assets Held for Sale [Line Items] | ||||||
Percentage of ownership transferred | 48.60% | 48.60% |
Impairment of Assets and Asse_4
Impairment of Assets and Assets Held for Sale (Details) - Schedule of Assets and Liabilities Classified as Held for Sale and Computation of Impairment Loss ₨ in Millions, $ in Millions | Mar. 31, 2023 INR (₨) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 INR (₨) |
Current assets: | |||
Cash and cash equivalents | ₨ 41 | $ 0 | ₨ 0 |
Restricted cash | 9 | 0 | 0 |
Accounts receivable, net | 1 | 0 | 0 |
Total current assets | 51 | 0 | 0 |
Property, plant and equipment, net | 96 | 0 | 0 |
Total assets (A) | 147 | 0 | 0 |
Current liabilities: | |||
Accounts payable | 1 | 0 | 0 |
Current portion of long-term debt | 66 | 0 | 0 |
Interest payable | 2 | 0 | 0 |
Other liabilities | 4 | 0 | 0 |
Total current liabilities | 73 | 0 | 0 |
Total liabilities (B) | 73 | 0 | 0 |
Net Assets (C=A-B) | 74 | 0 | 0 |
Fair value (D) | 54 | 0 | 0 |
Impairment loss/ (reversal)* (E=C-D) | ₨ 20 | $ 0 | ₨ 0 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - Schedule of Fair Value of Certain Financial Assets and Liabilities Measured on Recurring Basis - Fair Value Measurements Recurring [Member] ₨ in Millions, $ in Millions | Mar. 31, 2023 INR (₨) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 INR (₨) | Mar. 31, 2022 USD ($) |
Non-current assets | ||||
Fair valuation of swaps and options (INR) | ₨ 5,447 | ₨ 2,647 | ||
Total assets (INR) | 7,512 | 3,543 | ||
Total assets (US$) (in Dollars) | $ | $ 91.4 | $ 46.7 | ||
Current liabilities | ||||
Fair valuation of swaps and forward (INR) | 3 | 658 | ||
Fair valuation of swaps and options (INR) | 1,431 | 1,735 | ||
Non-current liabilities | ||||
Fair valuation of swaps and forward (INR) | 7 | |||
Total Liabilities (INR) | 1,542 | 2,506 | ||
Total Liabilities (US$) (in Dollars) | $ | 18.8 | 33 | ||
Current Asset | ||||
Fair valuation of swaps and forward (INR) | 210 | |||
Foreign Exchange Forward [Member] | ||||
Current assets | ||||
Forward exchange derivative contracts (INR) | 13 | |||
Non-current assets | ||||
Forward exchange derivative contracts (INR) | 883 | |||
Current liabilities | ||||
Forward exchange derivative contracts (INR) | 108 | 106 | ||
Non-current liabilities | ||||
Fair valuation of swaps and forward (INR) | 1,855 | |||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||
Non-current assets | ||||
Fair valuation of swaps and options (INR) | ||||
Total assets (INR) | ||||
Total assets (US$) (in Dollars) | $ | ||||
Current liabilities | ||||
Fair valuation of swaps and forward (INR) | ||||
Fair valuation of swaps and options (INR) | ||||
Non-current liabilities | ||||
Fair valuation of swaps and forward (INR) | ||||
Total Liabilities (INR) | ||||
Total Liabilities (US$) (in Dollars) | $ | ||||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Foreign Exchange Forward [Member] | ||||
Current assets | ||||
Forward exchange derivative contracts (INR) | ||||
Non-current assets | ||||
Forward exchange derivative contracts (INR) | ||||
Current liabilities | ||||
Forward exchange derivative contracts (INR) | ||||
Non-current liabilities | ||||
Fair valuation of swaps and forward (INR) | ||||
Significant Observable Inputs (Level 2) [Member] | ||||
Non-current assets | ||||
Fair valuation of swaps and options (INR) | 5,447 | 2,647 | ||
Total assets (INR) | 7,512 | 3,543 | ||
Total assets (US$) (in Dollars) | $ | 91.4 | 46.7 | ||
Current liabilities | ||||
Fair valuation of swaps and forward (INR) | 3 | 658 | ||
Fair valuation of swaps and options (INR) | 1,431 | 1,735 | ||
Non-current liabilities | ||||
Fair valuation of swaps and forward (INR) | 7 | |||
Total Liabilities (INR) | 1,542 | 2,506 | ||
Total Liabilities (US$) (in Dollars) | $ | 18.8 | 33 | ||
Current Asset | ||||
Fair valuation of swaps and forward (INR) | 210 | |||
Significant Observable Inputs (Level 2) [Member] | Foreign Exchange Forward [Member] | ||||
Current assets | ||||
Forward exchange derivative contracts (INR) | 13 | |||
Non-current assets | ||||
Forward exchange derivative contracts (INR) | 883 | |||
Current liabilities | ||||
Forward exchange derivative contracts (INR) | 108 | 106 | ||
Non-current liabilities | ||||
Fair valuation of swaps and forward (INR) | 1,855 | |||
Significant Unobservable Inputs (Level 3) [Member] | ||||
Non-current assets | ||||
Fair valuation of swaps and options (INR) | ||||
Total assets (INR) | ||||
Total assets (US$) (in Dollars) | $ | ||||
Current liabilities | ||||
Fair valuation of swaps and forward (INR) | ||||
Fair valuation of swaps and options (INR) | ||||
Non-current liabilities | ||||
Fair valuation of swaps and forward (INR) | ||||
Total Liabilities (INR) | ||||
Total Liabilities (US$) (in Dollars) | $ | ||||
Significant Unobservable Inputs (Level 3) [Member] | Foreign Exchange Forward [Member] | ||||
Current assets | ||||
Forward exchange derivative contracts (INR) | ||||
Non-current assets | ||||
Forward exchange derivative contracts (INR) | ||||
Current liabilities | ||||
Forward exchange derivative contracts (INR) | ||||
Non-current liabilities | ||||
Fair valuation of swaps and forward (INR) |
Fair Value Measurements (Deta_2
Fair Value Measurements (Details) - Schedule of Carrying Value and Fair Value of Fixed Rate Project Financing Term Loans ₨ in Millions, $ in Millions | Mar. 31, 2023 INR (₨) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 INR (₨) | Mar. 31, 2022 USD ($) | |
Secured Foreign Currency Term Loans [Member] | |||||
Fixed rate project financing loans: | |||||
Fair Value | $ | $ 751.7 | ||||
Indian Rupee Loans [Member] | |||||
Fixed rate project financing loans: | |||||
Fair Value | $ | $ 47.2 | ||||
Secured Foreign Currency Term Loans [Member] | |||||
Fixed rate project financing loans: | |||||
Fair Value | $ | $ 559.2 | ||||
Indian Rupee Loans [Member] | |||||
Fixed rate project financing loans: | |||||
Fair Value | $ | $ 53.7 | ||||
Fair Value, Recurring [Member] | Secured Foreign Currency Term Loans [Member] | |||||
Fixed rate project financing loans: | |||||
Carrying Value | ₨ 56,785 | ||||
Fair Value | [1] | 57,032 | |||
Fair Value, Recurring [Member] | Indian Rupee Loans [Member] | |||||
Fixed rate project financing loans: | |||||
Carrying Value | 4,006 | ||||
Fair Value | [1] | ₨ 3,580 | |||
Fair Value, Recurring [Member] | Secured Foreign Currency Term Loans [Member] | |||||
Fixed rate project financing loans: | |||||
Carrying Value | ₨ 58,863 | ||||
Fair Value | [1] | 45,963 | |||
Fair Value, Recurring [Member] | Indian Rupee Loans [Member] | |||||
Fixed rate project financing loans: | |||||
Carrying Value | 3,719 | ||||
Fair Value | [1] | ₨ 4,417 | |||
[1]Fair value measurement at reporting date using significant unobservable inputs (Level 3). |
Fair Value Measurements (Deta_3
Fair Value Measurements (Details) - Schedule of Carrying Value and Fair Value of Investments Classified as Held to Maturity Securities ₨ in Millions, $ in Millions | Mar. 31, 2023 INR (₨) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 INR (₨) | Mar. 31, 2022 USD ($) | |
Fair Value Measurements (Details) - Schedule of Carrying Value and Fair Value of Investments Classified as Held to Maturity Securities [Line Items] | |||||
Non-current investments, Carrying Value | ₨ 7 | $ 0.1 | ₨ 6 | $ 0.1 | |
Fixed Rate Bank Of Mauritius Notes [Member] | |||||
Fair Value Measurements (Details) - Schedule of Carrying Value and Fair Value of Investments Classified as Held to Maturity Securities [Line Items] | |||||
Non-current investments, Carrying Value | 7 | 6 | |||
Non-current investments, fair value | [1] | $ 7 | $ 6 | ||
[1]Fair value measurement at reporting date using significant unobservable inputs (Level 3). |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities (Details) ₨ in Millions, $ in Millions | 12 Months Ended | ||||
Mar. 31, 2023 INR (₨) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 INR (₨) | Mar. 31, 2021 INR (₨) | Mar. 31, 2023 USD ($) | |
Derivative Instruments and Hedging Activities (Details) [Line Items] | |||||
Foreign exchange derivative contracts | |||||
Capital assets | ₨ 1,001 | ||||
Cash Flow Hedging [Member] | |||||
Derivative Instruments and Hedging Activities (Details) [Line Items] | |||||
Fair value of derivative asset | 4,935 | 4,404 | $ 60 | ||
Amortization of the cost | 1,726 | $ 21 | 1,302 | ||
Fair Value Hedging [Member] | |||||
Derivative Instruments and Hedging Activities (Details) [Line Items] | |||||
Fair value of derivative asset | 12 | ||||
Capital assets | |||||
Foreign Exchange Option [Member] | |||||
Derivative Instruments and Hedging Activities (Details) [Line Items] | |||||
Foreign exchange derivative contracts | |||||
Foreign Exchange Option [Member] | Minimum [Member] | Cash Flow Hedging [Member] | |||||
Derivative Instruments and Hedging Activities (Details) [Line Items] | |||||
Foreign exchange derivative | 8 months 12 days | 8 months 12 days | |||
Foreign Exchange Option [Member] | Minimum [Member] | Fair Value Hedging [Member] | |||||
Derivative Instruments and Hedging Activities (Details) [Line Items] | |||||
Foreign exchange derivative | 1 month | 1 month | |||
Foreign Exchange Option [Member] | Maximum [Member] | Cash Flow Hedging [Member] | |||||
Derivative Instruments and Hedging Activities (Details) [Line Items] | |||||
Foreign exchange derivative | 3 years 3 months 18 days | 3 years 3 months 18 days | |||
Foreign Exchange Option [Member] | Maximum [Member] | Fair Value Hedging [Member] | |||||
Derivative Instruments and Hedging Activities (Details) [Line Items] | |||||
Foreign exchange derivative | 9 months | 9 months |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities (Details) - Schedule of Outstanding Notional Amount and Balance Sheet Location Information Related to Foreign Exchange Derivative Contracts - Cash Flow Hedging [Member] ₨ in Millions, $ in Millions | Mar. 31, 2023 INR (₨) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 INR (₨) | Mar. 31, 2022 USD ($) |
Fair Valuation Of Swaps And Options [Member] | ||||
Derivative Instruments and Hedging Activities (Details) - Schedule of Outstanding Notional Amount and Balance Sheet Location Information Related to Foreign Exchange Derivative Contracts [Line Items] | ||||
Notional Amount | $ 721.6 | |||
Current Liabilities (Fair Value) | ₨ 1,431 | 17.4 | ||
Prepaid expenses and other current assets (Fair Value) | ||||
Other Non-Current Assets (Fair Value) | 5,447 | 66.3 | ||
Forward Exchange Derivative Contracts [Member] | ||||
Derivative Instruments and Hedging Activities (Details) - Schedule of Outstanding Notional Amount and Balance Sheet Location Information Related to Foreign Exchange Derivative Contracts [Line Items] | ||||
Notional Amount | 97.4 | |||
Current Liabilities (Fair Value) | 108 | 1.3 | ||
Prepaid expenses and other current assets (Fair Value) | ||||
Other Non-Current Assets (Fair Value) | ||||
Fair Valuation Of Swaps And Forward [Member] | ||||
Derivative Instruments and Hedging Activities (Details) - Schedule of Outstanding Notional Amount and Balance Sheet Location Information Related to Foreign Exchange Derivative Contracts [Line Items] | ||||
Notional Amount | 230 | |||
Non- Current Liabilities (Fair Value) | ||||
Current Liabilities (Fair Value) | 3 | 0 | ||
Prepaid expenses and other current assets (Fair Value) | 210 | 2.6 | ||
Other Non-Current Assets (Fair Value) | ₨ 1,855 | $ 22.6 | ||
Fair Valuation Of Swaps And Options One [Member] | ||||
Derivative Instruments and Hedging Activities (Details) - Schedule of Outstanding Notional Amount and Balance Sheet Location Information Related to Foreign Exchange Derivative Contracts [Line Items] | ||||
Notional Amount | $ 753.9 | |||
Non- Current Liabilities (Fair Value) | ||||
Current Liabilities (Fair Value) | 1,735 | 22.9 | ||
Prepaid expenses and other current assets (Fair Value) | ||||
Other Non-Current Assets (Fair Value) | 2,647 | 34.9 | ||
Forward Exchange Derivative Contracts Two [Member] | ||||
Derivative Instruments and Hedging Activities (Details) - Schedule of Outstanding Notional Amount and Balance Sheet Location Information Related to Foreign Exchange Derivative Contracts [Line Items] | ||||
Notional Amount | 93.8 | |||
Non- Current Liabilities (Fair Value) | ||||
Current Liabilities (Fair Value) | 106 | 1.4 | ||
Prepaid expenses and other current assets (Fair Value) | 13 | 0.2 | ||
Other Non-Current Assets (Fair Value) | ||||
Fair valuation of swaps and forward One [Member] | ||||
Derivative Instruments and Hedging Activities (Details) - Schedule of Outstanding Notional Amount and Balance Sheet Location Information Related to Foreign Exchange Derivative Contracts [Line Items] | ||||
Notional Amount | 253.7 | |||
Non- Current Liabilities (Fair Value) | 7 | 0.1 | ||
Current Liabilities (Fair Value) | 658 | 8.7 | ||
Prepaid expenses and other current assets (Fair Value) | ||||
Other Non-Current Assets (Fair Value) | ₨ 883 | $ 11.6 |
Derivative Instruments and He_5
Derivative Instruments and Hedging Activities (Details) - Schedule of Documented Each Hedging Relationship and Assessed its Initial Effectiveness - Mar. 31, 2022 - Fair Value Hedging [Member] - Forward Exchange Derivative Contracts [Member] ₨ in Millions, $ in Millions | INR (₨) | USD ($) |
Derivative Instruments and Hedging Activities (Details) - Schedule of Documented Each Hedging Relationship and Assessed its Initial Effectiveness [Line Items] | ||
Notional | $ 15.7 | |
Current Liabilities | ₨ 12 | 0.2 |
Prepaid expenses and other current assets | ₨ 1 | $ 0 |
Concentrations of Credit Risk_2
Concentrations of Credit Risk (Details) | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Customers account [Member] | ||
Concentrations of Credit Risk [Line Items] | ||
Concentration risk, Percentage | 10% | 10% |
Concentrations of Credit Risk_3
Concentrations of Credit Risk (Details) - Schedule of Customers Account for More than 10% of the Company’s Accounts Receivable and Sale of Power | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Solar Energy Corporation of India [Member] | ||
Concentration Risk [Line Items] | ||
Percentage of Sale of Power | 42.31% | 30.09% |
Percentage of Accounts Receivable | 47.02% | 39.64% |
Gujarat Urja Vikas Nigam Limited [Member] | ||
Concentration Risk [Line Items] | ||
Percentage of Sale of Power | 9.35% | 10.71% |
Percentage of Accounts Receivable | 5.42% | 4.53% |
NTPC Vidyut Vyapar Nigam Limited [Member] | ||
Concentration Risk [Line Items] | ||
Percentage of Sale of Power | 13.73% | 15.23% |
Percentage of Accounts Receivable | 4.81% | 5.42% |
Hubli Electricity Supply Company Limited [Member] | ||
Concentration Risk [Line Items] | ||
Percentage of Sale of Power | 3.93% | 5.32% |
Percentage of Accounts Receivable | 8.91% | 10.49% |
Chamundeshwari Electricity Supply Company [Member] | ||
Concentration Risk [Line Items] | ||
Percentage of Sale of Power | 2.57% | 2.88% |
Percentage of Accounts Receivable | 10.67% | 8.20% |
Andhra Pradesh Power Coordination Committee [Member] | ||
Concentration Risk [Line Items] | ||
Percentage of Sale of Power | 2.44% | 2.83% |
Percentage of Accounts Receivable | 7.44% | 13.12% |
Whistle-blower Allegations an_2
Whistle-blower Allegations and Special Committee Investigation (Details) ₨ in Millions, $ in Millions | 12 Months Ended | |||
Mar. 31, 2023 INR (₨) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 INR (₨) | Mar. 31, 2022 USD ($) | |
Whistle-blower Allegations and Special Committee Investigation [Abstract] | ||||
Aggregate in book of accounts | ₨ 138 | $ 1.8 | ₨ 118 | $ 1.6 |
Adjustment of land aggregator amount paid | ₨ 28 | $ 0.4 |
Subsequent Events (Details)
Subsequent Events (Details) ₨ in Millions | 1 Months Ended | 12 Months Ended | |||||
Mar. 11, 2024 USD ($) | Mar. 02, 2024 USD ($) | Mar. 31, 2023 USD ($) | Mar. 18, 2024 MW | Mar. 05, 2024 INR (₨) MW | Mar. 05, 2024 USD ($) MW | Feb. 13, 2024 USD ($) | |
Subsequent Events (Details) [Line Items] | |||||||
Compensation | $ | $ 1,423,000,000 | ||||||
Power supply agreement | 2,333 | 345.6 | 345.6 | ||||
Capacity of solar cells and solar modules | 583 | ||||||
Minimum [Member] | |||||||
Subsequent Events (Details) [Line Items] | |||||||
GST rate | 5% | ||||||
Maximum [Member] | |||||||
Subsequent Events (Details) [Line Items] | |||||||
GST rate | 12% | ||||||
FS India Solar Ventures Private Limited [Member] | Subsequent Event [Member] | |||||||
Subsequent Events (Details) [Line Items] | |||||||
Termination payment claims | ₨ 1,934 | $ 23,500,000 | $ 29,242,000 | ||||
APSEPL [Member] | Forecast [Member] | 2024 Notes [Member] | |||||||
Subsequent Events (Details) [Line Items] | |||||||
Notes purchased | $ | $ 40,000,000 | ||||||
APEL [Member] | Forecast [Member] | 2026 Notes [Member] | |||||||
Subsequent Events (Details) [Line Items] | |||||||
Notes purchased | $ | $ 14,477,000 | ||||||
PPA [Member] | |||||||
Subsequent Events (Details) [Line Items] | |||||||
Power supply agreement | 2,333 | ||||||
SECI [Member] | |||||||
Subsequent Events (Details) [Line Items] | |||||||
Power supply agreement | 2,333 |