1. Project Appraisal and Financing Project Report on
INDIABULLS REALTECH LIMITED (IRL)
5x270 MW Thermal Power Project at District Nasik, Maharashtra
By
Shafaquat Husain (11FN-093)
Shaurya Vikram Singh (11FN-096)
Shubhendu Gaur (11FN-102)
(PAF-Section B)

2. TABLE OF CONTENTS
Page
I Introduction: Project Company 1
1.1 Company Profile 1
1.2 Company Background 1
1.3 Capital Structure and Share Holding Pattern 2
II Project Details 3
2.1 Project Scope 3
2.2Location 4
2.3Land Requirement 5
2.4Implementation Schedule 5
III Project Cost and Financing 7
3.1 Project Cost 7
3.2 Means of finance 8
IV Key Financial Indicators 9
4.1 Debt to Service Coverage Ratio 9
4.2 Indicators 9
4.3 Sensitivity 9
4.4 Covenant Analysis 10
V Risks and Mitigation 11
VI Conclusion 14
ANNEXURE I

3. 1. Project Company (SPV)
1.1 Profile of the company
Name Indiabulls Realtech Limited
Industry Power Generation
Corporate Office "Indiabulls House", 445-448, Udyog Vihar, Phase - V,
Gurgaon - 122 001
Registered Office E-29, 1st Floor, Connaught Place, New Delhi -110001
Location of the Project Sinnar , Nasik district, Maharashtra
Date of Incorporation January 03, 2007
Constitution Public Limited company
1.2 Company Background
Indiabulls Realtech Limited (IRL) is a SPV promoted by Indiabulls Power Limited (IPL) to
develop, design, construct, finance, commission, operate and maintain a power plant with
capacity of 1350 MW (5x270) at Nasik district, Maharashtra. The project is being developed
as part of the multi-product SEZ, being developed by Indiabulls Industrial Infrastructure
Limited (IIIL), a joint venture of Maharashtra Industrial Development Corporation (MIDC) and
Indiabulls Real Estate (IBREL). The plant is located inside the said 2500-acre multi product SEZ.
The company’s shareholding arrangement in the Indiabulls’ group is explained under:
INDIABULLS REAL
ESTATE LIMITED
58.67%
%
INDIABULLS POWER LIMITED.. LN MITTAL: 8.80 %
(FORMERLY KNOWN AS SOPHIA Farallon Capital: 14.67 %
POWER CO. LTD) Others: 17.86 %
(Implementing Amravati TPP
(Phase – I, 1350 MW)
100% 100%
%6%
ote
INDIABULLS CSEB BHAIYATHAN INDIABULLS REALTECH LTD
POWER LTD (ICBPL) 1350 MW Coal Based Power
1320 MW Coal Based Power Project atNasik, Maharashtra
Project at Bhaiyathan,
Chhattisgarh
IPL (formerly known as Sophia Power Company Limited) is a subsidiary of IBREL. The company
was incorporated in October 2007 for development of power projects of the group. IPL is
currently developing 1350 MW coal based power plant at Amravati district, Maharashtra. In
addition to this, IPL has promoted two separate wholly owned SPV’s for the purpose of
executing power project in Nasik (Maharashtra) and Bhaiyathan (Chhattisgarh).

4. 1.3 Capital Structure and Shareholding Pattern
The capital structure of IRL as on December 10, 2009 is as follows:
Number of Shares Rs. Crores
Authorized capital
Equity share capital 20,000,000 20.00
Issued, Subscribed and Paid up
Equity share capital 1,049,500 1.05
Share Premium 98.95
The shareholding pattern of IRL is as follows
Category Number of shares % Holding
Indiabulls Power Limited. 10,49,500 100%
Total 10,49,500 100%

5. 2. Project Details
2.1 Project Scope
The salient features of the project and their significance for the success of the project are
detailed in the subsequent section. Brief of the same is tabulated under:
Project Name Indiabulls Realtech Ltd
Plant Rated Capacity 5 units each of 270 MW. Total capacity 1350 MW
Location Sinnar village in Nasik district of Maharashtra
Distance from nearest railway station , Niphad Station - 30 km
Distance from nearest airport: Mumbai- 230 km
Distance from nearest seaport: Mumbai- 230 km
Distance from SECL mines- 825 km
Distance from WCL mines - 430 km
Distance from MCL mines- 1025 km
Land for the Project Entire land of 900 acres has been allotted by the developer of SEZ
i.e. Indiabulls Industrial Infrastructure Limited
Source of water Dedicated water supply from the outlet of the sewage treatment
plant of Nasik Municpal Corpration (NMC)
Technology Subcritical technology
Primary Fuel Coal
Coal Linkage LOA’s received from MCL, WCL and SECL for 5.23 MTPA of coal .
The balance 0.71 MTPA is proposed to be procured from the open
market.
Power Off take The company has submitted a bid under Case-1 bidding for
MSEDCL for supply of 950 MW net power under long term
arrangement.
Power Evacuation 400 kV Nasik substation and 400KV Babhaleswar Substation of
Maharasatra State Electricity Transmission Corporation Limited (
MSETCL).
Notice to Proceed November 2009
Target for COD 34 months from NTP-Unit 1
35 months from NTP-Unit 2
37 months from NTP-Unit 3
39 months from NTP-Unit 4
41 months from NTP-Unit 5

6. 2.2 Location of the project
Nasik, Maharashtra
Location: Sinnar, Nasik District,
Maharashtra
The site has been selected in view of the availability of habitation free and even land. The
water intake point is the outlet of the sewage treatment plant of Nasik Municipal
Corporation, which is at a distance of 30 km from the project site. The project site lies on

7. Nasik-Bhuswal rail section and well connected to coal fields in the command area of SECL
which are located about 825 km distance away. The site is also well connected to the coal
blocks of MCL through Jharsuguda- Champa – Bilaspur – Wardha - Niphad railway route of
EasternCoast, Central and South Eastern Central Railways.Similarly WCL mines are connected
via Bhalarshah – Chandrapur – Wardha – Niphad lines of Central Railways. For transmission of
generated power , the power plant can be connected to MSETCL’S 400kV substation at
Babhaleswar , 80 km from the plant and 400 KV substation at Nasik , which is 22 KM from the
plant.
2.3 Land requirement
The land requirement can broadly be classified as Plant area, Ash Disposal area &other
facilities such as water reservoir, township, administration office, roads, etc. etc. The total
land requirement for the project is estimated at 900 acres. The approximate break-up of land
requirements estimated for the project is given below:
- Plant Area
An area of about 228 acres will be required for installation of the project equipment. The land
area considered includes space for cooling towers, railway sidings, coal handling system with
about 30 days coal stockpile, fuel oil unloading and storage facility, 400 kV switchyard,
mandatory space provision for future flue gas de-sulphurisation (FGD) plant, etc.
- Ash Disposal Area
An area of 210 acres shall be required for the Ash Pond for disposing Bottom ash and Fly ash
in ash pond in the form of high concentration slurry. As per the notification of Ministry of
Environment & Forest (MOEF) dated 19th July 1999, the fly ash utilization has to be 100% from
10th year of commissioning of the project. The area is adequate to store about 25 year’s ash
generation considering 100% of bottom ash & unutilised fly ash.
- Other Area
Other area includes 270 acres for green belt, township (42 acres) and other facilties (150
acres) etc.
2.4 Implementation Schedule
The construction start date for the 1350 (5 x 270) MW power project is reckoned from the
effective date of award of the BTG contract for the project i.e. 24th Nov 2009. Unit I is
estimated to be commissioned within a time period of 34 months , unit II in 35 months, unit III
in 37 months, unit IV in 39 months and unit V in 41 months from Notice to Proceed.
Implementation schedule is as follows:
Milestone / Activity Timeline
Finalization of Detailed Project Report (DPR) Achieved
Award of Coal Linkage Achieved
Completion of Land Acquisition Achieved
Environment Clearance by MoEF, GoI Mar, 2010
Finalization of Power Sale Arrangements Feb , 2010
Financial Closure Feb, 2010
Issue of Notice to Proceed (NTP) Achieved. BTG contract awarded and
other packages to be awarded by Jun
2010.
Finalization of Project construction contracts Jun, 2010
Commencement of Unit I Oct, 2012
Commencement of Unit II Nov, 2012

8. Milestone / Activity Timeline
Commencement of Unit III Jan, 2013
Commencement of Unit IV Mar, 2013
Commercial Operations Date May, 2013
Implementation Strategy
Project implementation is proposed to be undertaken through Engineering Procurement
Construction Contract (EPC) for the Main Plant. The EPC contract for supply of Boiler , Turbine
and Generator (BTG) has been awarded to Bharat Heavy Electricals Limited (BHEL) on 24
November, 2009. IRL proposes to appoint Project Management Consultant for technical
monitoring of the project implementation. IRL has already received a Letter of Support from
Govt. of Maharashtra on November 3, 2008 for providing administrative support for
development of the Project.

9. 3. Project Cost and Financing
3.1 Project Cost
The proposed project is envisaged to be commissioned at an estimated cost of around Rs.
6,789 crores. The cost estimates are based on Detailed Project Report (DPR) prepared by
Evonik.The project cost works out to Rs. 5.03 crore/MW.
Components of project cost
The components of project cost are presented hereunder
Components of Project Cost Rs. Crores
Land & Site 55
BTG 2,889
Balance of Plant 1,107
Civil and other works 1,024
Cost of Transmission System 195
Railway Infrastructure 144
Township 60
Raw water Piping 196
Total Cost of Works 5,670
Preliminary Pre-Operative and other expenses 325
Contingency Provisions 112
Margin Money for working capital 87
Interest During Construction 595
Total Project Cost 6,789
Land & Site Development:
The cost under this head represent the cost of 900 acres of land at approximately Rs. 6.11
lakh/acre and other site development costs.
BTG:
The company issued a Letter of Award for supply, erection and commissioning of BTG main
plant to Bharat Heavy Electricals Limited (BHEL) on November 24, 2009. The detailed
agreement with BHEL is in final stage of discussion and is expected to be signed shortly. The
above cost is as per the LOA issued to BHEL. The company has already paid Rs. 221.13 crores
as advance money to BHEL to commence construction work.
BOP:
The cost of Balance of Plant (electrical works including Switchyard, Control &
Instrumentation, DG Sets etc and mechanical works) has been estimated at Rs. 1,107 crores
by the DPR consultant. The major costs shall be towards Water treatment system, cooling
system and ash handling facility etc.
Civil and other works:
The cost of Civil works would comprise of construction of Plant Building, Cooling water
Pumphouse & Forebay, Cooling Tower, Raw water Reservoir, Storage tanks and clarified
water Pumphouse system, chimney and civil works required for Ash handling and coal
handling system along with other infrastructure such as housing colony, roads, boundary wall,
paving etc. The cost of civil works is estimated at Rs. 1,024 crores by the DPR consultant.
Railway Infrastructure, Township and Raw Water Piping:

10. Railway Infrastructure cost has been taken as Rs. 144 crores, while the cost for development
of township and pipeline has been assumed as lump sum Rs 60 crores and Rs. 196 crores
Transmission lines:
The cost under this head includes the Rs.195 crore towards the power transmission line to the
substations of MSEDCL. The company shall be laying approx. 100 km of transmission lines for
connecting to the nearest substations of MSETCL.
Contingency:
Adequate contingency provision of Rs. 112 crores has been made which is 2.0% of the total
EPC cost of the project.
Preliminary & Pre-Operative, Establishment and other expenses:
The cost under this head includes cost towards preliminary works & investigation studies,
establishment charges, design, engineering, construction supervision, financing charges, fees
and, consultancy charges, training expenses and cost of issuing of BGs to various coal-mining
companies for issuance of LoA etc.
Margin Money:
The Margin on Working Capital is estimated @ 25% of the working capital requirement for the
first full year of operation and the same has been included as a part of the project cost.
Interest during Construction (IDC):
IDC for the project has been provided @11.0% based on the capital phasing & the
implementation schedule of the loan. Details of the project cost is placed as Annexure VII.
3.2 Means of Finance
The total project cost is proposed to be financed by a debt-equity mix of 75:25. The
proposed means of financing is as follows
Means of Finance Rs. Crores
Debt 5,092
Equity 1,697
Total 6,789
IPL is currently implementing 3 coal based power projects with a total capacity of 4,020 MW.
The following projects, with total envisaged equity requirement for these projects is as under:
Particulars Rs. Crores
Amravati (1350 MW) 1,722.00
Nasik (1350 MW) – Proposed project 1,697.00
Bhaiyathan (1320 MW) 1,699.00
Total 5,118.00

11. 4. Key Financial Indicators
4.1 Debt Service Coverage
The debt service capability of the project is as follows
(Rs. Crores)
For year
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
ending
PAT 410 430 445 459 473 486 499 511 522 533 403
Depreciation 320 325 325 325 325 325 325 325 325 325 244
Interest 577 534 478 423 368 313 258 202 147 92 45
Total (A) 1,307 1,289 1,249 1,207 1,166 1,124 1,081 1,038 995 951 692
Repayment 255 509 509 509 509 509 509 509 509 509 255
Interest 577 534 478 423 368 313 258 202 147 92 45
Total (B) 832 1,043 988 932 877 822 767 712 657 602 299
DSCR (A/B) 1.57 1.24 1.26 1.29 1.33 1.37 1.41 1.46 1.52 1.58 2.31
Avg. DSCR 1.43
Min. DSCR 1.24
4.2 Indicators
Financial Indicator Estimated Value
Minimum DSCR 1.24
Average DSCR 1.43
Project IRR 14.11 %
Levellised Tariff (25 years) Rs./unit 3.35
The various financial indicators compares favorably for the project.
4.3 Sensitivity
The critical factors affecting the profitability projections are (i) sales levels, (ii) interest rate
and (iii) growth rate and (iv) operating expenses. Accordingly, sensitivity analysis has been
carried out on some of the critical factors affecting the profitability projections. The factors
are as follows:
(i) Decrease in PLF from 85% to 80%
(ii) Escalation in YOY fuel cost from 6% to 7%.
(iii) Decrease in merchant tariff by 5%.
Particulars Project IRR Min DSCR Average DSCR
Base Case 14.11% 1.24 1.43
Decrease in PLF by 5% 13.98% 1.22 1.42
Increase in Fuel cost 13.73% 1.23 1.41
Decrease in Merchant Tariff by 5% 13.59% 1.21 1.39
From the above, it is observed that the DSCR remains comfortable and the project cash
flows are at satisfactory levels to service the debt under various adverse scenarios.

12. 4.4 Covenant Analysis
The following covenants have to be met by the company during the currency of term debt.
DSCR of at least 1.20.
TTL/TNWs ratio shall not exceed 3.00
FACR of at least 1.20
For year ending Mar 31st 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
DSCR covenant 1.20 1.20 1.20 1.20 1.20 1.20 1.20 1.20 1.20 1.20 1.20
DSCR estimated 1.57 1.24 1.26 1.29 1.33 1.37 1.41 1.46 1.52 1.58 2.31
TTL/TNW ratio covenant 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00
TTL/TNW estimated 2.20 1.65 1.24 0.94 0.70 0.51 0.36 0.23 0.13 0.04 0.00
FACR covenant - 1.20 1.20 1.20 1.20 1.20 1.20 1.20 1.20 1.20 1.20
FACR estimated - 1.21 1.28 1.36 1.47 1.62 1.83 2.15 2.71 3.95 5.08

13. 5. Risks and Mitigation
An analysis of major risks associated with the project, their sharing and mitigation /
implications, is presented below.
Risk Risk Mitigation
PROJECT DEVELOPMENT PHASE
Sponsors Risk Indiabulls Group is a reputed group with strong presence in the
real-estate and financial services segment in India. As on 30
September, 2009,the net worth of the Group was recorded at
Rs 14,336 crores (since increased to Rs. 15,960 crores after IPO
of IPL in October 2009). The group has sound project
development & management experience. The group
comprises of a number of companies who have attained
leadership positions in their respective businesses.
Obtaining IRL has made substantial progress towards obtaining various
Approvals/Clearance statutory/non statutory approvals/clearances. The Terms of
Reference for environmental clearance has also been
approved and Rapid EIA study has been submitted. The
company expects to receive the final approval from MOEF
shortly. The company has received the approval and sanction
from the state body for the entire water requirement for the
project. The project has also received clearance for chimney
height, defence establishment and Open access from MSETCL.
Further, a suitable pre-disbursement condition has been
stipulated that IRL shall be obtaining all relevant and
applicable statutory/non-statutory clearances/approvals
required for the project.
Funding Risk IRL is a 100% subsidiary of IPL.As on 30 September, 2009, IPL has
a consolidated networth of Rs. 2,344.48 crores. During October
2009, IPL raised approximately Rs. 1,624 crores (incuding
exercise of green shoe option) through its IPO, part of which
has been utilized towards capital exependiture on Amravati,
Bhaiyathan and Nasik projects . Further Indiabulls Group is a
resourceful group and hence no problem is envisaged in
bringing promoter’s contribution. Further, a sponsors
undertaking has been stipulated such that the sponsors shall
infuse 35% equity contribution upfront prior to seeking first
disbursement and balance equity contribution in pro-rata as
per the debt equity ratio.
PROJECT CONSTRUCTION PHASE
Land Availability The land requirement for the project is estimated at 900 acres.
Entire land is in possession of the company and is free from any
encroachment and R&R issues.
Project Cost Overrun The project is proposed to be executed on fixed price/time
contract, which will include BTG, BOP, and majority of plant
civil components except for smaller contracts for railway line,
water pipeline, transmission system and township which the
company proposes to implement through other contractors.
Any increase in cost shall be the responsibility of the

14. Risk Risk Mitigation
contractors. Nonetheless, a contingency provision of around
Rs. 112 crores has been considered in the project cost. A
suitable condition has been stipulated that any cost
overrun/shortfall in the resources shall be met by the promoters.
Time Overrun The company proposes to implement the project via various
works contract on a fixed price fixed time basis. The company
has already awarded the contract for BTG to BHEL. The
contract for BOP and civil works are expected to be awarded
shortly.
The contracts shall have clauses for Penalties/Liquidated
damages in case of a delay in project completion. Further
suitable insurance will be taken by the company to cover for
delays in project implementation.
PROJECT OPERATION PHASE
Fuel Availability & Logistics The coal requirement for the project is proposed to be met
mainly through long term coal linkages from SECL, WCL and
MCL for 5.23 MTPA and balance 0.71 MTPA is proposed to be
procured through market purchases
The coal mines of SECL, WCL & MCL are well connected to the
site and IRL needs to lay only a railway line of 30 km
connecting the plant site to nearest railway station. The
secondary fuel shall be sourced from nearby oil depots. In view
of the above, no problem is envisaged in respect of fuel
availability and transportation.
Increase in Fuel Price As per the recent CERC notification for tariff dated September
30 2009, annual escalation rates for the domestic coal prices
has been considered at 6.12%. For the purpose of estimates/
projections, the price of coal is assumed to increase by 6.12%.
The DSCR for the project term loan is within comfortable limits in
the above mentioned adverse scenario.
Plant Performance Risk The EPC contract to provide for appropriate liquidated
damages during the warranty period as also defect liability
period.
Operation & Maintenance The O&M of the plant to be carried out by both reputed O&M
Risk contractor and experienced in-house team. In view of the
above no problem is envisaged regarding O&M.
Off take Risk IRL proposes to sell over 75% power on Long Term basis and the
balance power is proposed to be sold on Merchant basis. The
Levelized tariff as per CERC norms works out to Rs. 3.35/kWh for
a period of 25 years which can be considered competitive.
There is a huge demand supply mismatch in power sector with
average energy deficit of 9.3% and peak deficit of 13.9%. In
view of the above no off take risk is envisaged. Suitable
covenants in the proposed terms have also been stipulated in
this regard.
Power Evacuation Risk IRL shall be laying a transmission line of approx 100 km length

15. Risk Risk Mitigation
from the plant site till sub station of MSETCL.The company has
secured open access approval from MSETCL.
Force Majeure Risk IRL to take an appropriate insurance to cover both material
damage and loss of profit.

16. 6. Conclusion
IRL is a SPV promoted by IPL to develop, design, construct, finance, commission, operate and
maintain a power plant with capacity of 1350 MW (5x 270) at Nasik district, Maharashtra. The
project is being developed as part of the multi product SEZ, being developed by Indiabulls
group, under a joint venture of MIDC and IBREL. IPL is also developing a thermal power
project of 1350 MW size at Amravati district, Maharashtra and 1320 MW CSEB Bhaiyathan
Power project at Bhaiyathan in Surguja District, Chhattisgarh.
India suffers from acute shortage of power. As per the 17th Electric Power Survey carried out
by the Central Electricity Authority (CEA) it is expected that power requirement would
increase at a rate of over 7% till 2021. The western region of India is witnessing shortage in
energy and peak demand deficits in the range of 15% - 16% and 14% - 25% respectively. The
power demand scenario in western sector indicates that the power demand will continue to
exceed the available and planned generation capacity in future. The Indian government
through the Electricity Act (EA), 2003, has brought in several reforms in the sector and
allowed more participation from private players in the power sector.
The present project benefits from experienced promoters, strategic location at Sinnar district
which offers easy accessibility, availability of water, and fuel supply. The company is already
in possession of encroachment and R&R free entire land of 900 acres required for the project.
IRL has received water clearance from Nasik Municipal Corporation. The EPC contract for
BTG has been awarded to BHEL. The company is currently in discussion with various
contractors for the other packages.
The company has received allocation of coal from standing linkage committee of
Government of India for 5.23 MTPA out of the total requirement of 5.94 MTPA . The company
has received LOA from MCL , WCL and SECL mines. The deficit of approximately 0.71 MTPA is
proposed to be purchased from open market.
The company has bidded under case-1 bidding for MSEDCL for supply of 950 MW net power
under long term arrangement. It plans to sell balance (23.5% of generated power) on
merchant basis.
The project has sound financials and the project IRR works out to 14.11%. The debt servicing
capability of the project is estimated at comfortable levels under the various sensitized
scenarios. The project emerges with strong technical, economic and financial fundamentals.
In light of the above the investment in the project can be considered a fair banking risk.

17. Annexure I
Projected Financials of the company
Profit and Loss Account (Rs. Crores)
For the year ending Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Revenues
Long Term Sale 2034 2094 2122 2154 2189 2227 2269 2315 2364 2418 2477
Merchant sale 748 761 761 761 761 761 761 761 761 761 761
Gross Revenues 2782 2855 2883 2915 2950 2988 3030 3075 3125 3179 3238
Operating Expenses
O&M Expenses 201 212 221 229 239 248 258 268 279 290 302
Primary Fuel Expenses 1176 1250 1308 1368 1432 1500 1571 1647 1726 1810 1899
Secondary Fuel
Expenses 14 15 15 16 16 17 17 18 18 19 19
Total Operating
Expenses 1391 1477 1544 1614 1687 1765 1847 1933 2023 2119 2220
PBDIT 1391 1377 1339 1301 1262 1223 1183 1143 1102 1060 1018
Depreciation 320 325 325 325 325 325 325 325 325 325 325
PBIT 1071 1052 1014 976 937 898 858 818 777 735 693
Interest on RTL 549 504 448 392 336 280 224 168 112 56 7
Interest on WC Loan 28 30 30 31 32 33 34 34 35 36 38
PBT 494 518 536 553 569 585 601 615 629 643 648
Taxation 84 88 91 94 97 99 102 105 107 109 110
PAT 410 430 445 459 473 486 499 511 522 533 538
Balance Sheet(Rs. Crores)
For the year ending Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Assets
Gross Block 6703 6703 6703 6703 6703 6703 6703 6703 6703 6703 6703
Less: Acc. 401 726 1051 1377 1702 2027 2352 2677 3003 3328 3653
Depreciation
Closing Block 6301 5976 5651 5326 5001 4675 4350 4025 3700 3375 3049
Working Capital 348 361 369 377 386 396 406 417 429 442 455
Cash & Bank 248 386 673 974 1288 1616 1956 2308 2672 3046 3803
Balances
DSRA 402 507 479 451 423 395 367 339 311 283 131
TOTAL ASSETS 7299 7230 7172 7128 7098 7082 7079 7089 7111 7145 7438
Liabilities
Equity 1697 1697 1697 1697 1697 1697 1697 1697 1697 1697 1697
Reserves & Surplus 503 934 1379 1838 2310 2796 3295 3806 4328 4861 5399
Net Worth 2201 2631 3076 3535 4008 4494 4992 5503 6025 6559 7097
Rupee Term Loan 4837 4328 3819 3310 2801 2291 1782 1273 764 255 0
WC Loan 261 271 277 283 290 297 305 313 322 331 341
TOTAL LIABILITIES 7299 7230 7172 7128 7098 7082 7079 7089 7111 7145 7438

18. Cash Flow Statement(Rs. Crores)
For the year Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
ending
Sources of Funds
Equity 521 536 46
Drawdown
Debt 2,627 1609 137
Changes in WC - 63 198 10 6 6 7 7 8 8 9 9 10
Loan
PBDIT - 326 1391 1377 1340 1301 1263 1223 1183 1143 1102 1060 1018
Less:Taxation - 19 84 88 91 94 97 99 102 105 107 109 110
Cash 3,148 2516 1688 1299 1254 1214 1173 1131 1089 1047 1004 960 918
Generation
Uses of Funds
Capital 3,148 2059 183.08 - - - - - - - - - -
Expenditure
Debt - - 255 509 509 509 509 509 509 509 509 509 255
Repayment
Interest Expenses - 133 577 534 478 423 368 313 258 202 147 92 45
Changes in WC - 84 264 13 8 8 9 10 10 11 12 12 13
DSRA - 131 270 105 -28 -28 -28 -28 -28 -28 -28 -28 -152
Cash Usage 3,148 2407 1549 1161 968 913 858 804 749 695 640 586 161
Opening Cash - - 109 248 386 673 974 1288 1616 1956 2308 2672 3046
Balance
Addition - 109 139 138 287 301 314 328 340 352 363 374 757
Closing Cash - 109 248 386 673 974 1288 1616 1956 2308 2672 3046 3803
Balance
Cost Comparison with other similar projects
Cost Rs. Crore/
Project Capacity (MW)
(Rs. Crore) MW
Vidharbha Industries Power Ltd. (Reliance
300 2,070 6.90
ADAG)
Rosa Power Co. Limited (Phase-II)( Reliance
600 3,034 5.05
ADAG)
GVK Power (Govindwal Sahib) Limited 540 3200 5.93
Adani Power Limited (Mundra) 1320 7,249 5.49
Indiabulls Power Limited (Amravati) 1350 6,888 5.10
Indiabulls Realtech Limited (Nasik project) 1350 6,789 5.03
Jhabua Power Limited (Avantha Group) 600 2,910 4.85
EMCO Energy Limited (GMR Group) 600 3,480 5.80
The cost of the IRL’s power project at Rs. 5.03 per MW compares favorably with other power
projects being set up by various companies.