Energy Development Company Ltd. — Annual Report 2021

Jun 30, 2021

EDCL HOUSE IA, ELGIN ROADKOLKATA - 700 020 TEL: 033-3053 4983 / 4990FAX: 033 - 2290 3298 e-mail : edclcal@edclgroup.com website : www.edclgroup.com CIN: L85110KA1995PLC017003

Ref: EDCL/SE/Comp./2021-22/013

Date: 30th June, 2021

1. The Manager, Department of Corporate Services BSE Limited, Phiroze Jeejeebhoy Towers, 25th Floor, Dalal Street, Mumbai - 400 001

$\mathcal{P}$ The Secretary, National Stock Exchange of India Ltd. "Exchange Plaza", Bandra - Kurla Complex, Bandra (E), Mumbai - 400 051

Dear Sir.

Ref :Compliance with Regulation 30 and 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

Sub: Outcome of the Board Meeting

Please be informed that the Board of Directors of the Company in its meeting held on 30th June, 2021, has inter-alia, approved the Audited Standalone and Consolidated Financial Results for the quarter and year ended on 31st March, 2021 along with Statement of Assets and Liabilities and Statement of Cash Flow. The Statutory Auditors of the Company, M/s. ALPS & Co., have issued Audit Reports with modified opinion on the Standalone and Consolidated Audited Financial Results of the Company for the year ended 31st March, 2021.

The copy of Results along with Statement of Assets and Liabilities, Statement of Cash Flow, Auditors Reports on the Audited Financial Results and the Statements on Impact of Audit Qualifications are enclosed.

Further, considering the current financial position of the Company, the Board decided to not recommend any dividend for the financial year 2020-21.

The Board meeting commenced at 03:30 P. M. and concluded at 11:45 P. M.

This is for your information and record.

Thanking you,

Yours faithfully,

for Energy Development Company Limited For Seasony Development Company, mated

ushore (Siman) Vijayshree Binnani (Company Secretary

Encl: a/a

1. Lalbazar Street. Phone 2230 5621, 4005 1458

INDIPINDINI AUIITORS' RPORT

The Board of Drectos of nergy Development Company 1 imited

Repot on the audit of the Standalonellnanelal Results

Qualified pinion

We have aulitel the accompanylng standalone financlal results of Energy Development Company I imitet( the Company') lor the year ended 31March, 2021and the notes thereon (hereinafter referred to as the "Hnanlal Results") attached herewith, belng compiled by the Company pursuant to the yuirement ot Regulatlon 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("lLIsting Regulations"), The financial results have been initialed by us O the purpose ot identitication.

In our opinion and to the best of our information and according to the explanations given to us,except tor the etlects of the matter described in the Basis for Qualifled Opinion paragraph below these standalone tinancial results:

• ae presented in accorcdance with the requlrements of Regulation 33 of the Listing Regulations in this regard; and
• 8ive a true amd tair vlew in contormity with the recognition and measurement principles laid down in the applicable Indian Accounting Standards and other accounting principles generally accepted in India of the net loss for the year ended 31'March, 2021 and other comprehonslve income and other financlal information for the year ended on that date.

Basis for Qualifled Opinlon

Attention is drawn to the tollowing notes of the financial results:

• a. Note 7 regarding investnents and loans aggregating to Rs, 2881.19 lakhs in Arunachal Pradesh and Uttarakhand Undertaking transferred pursuant to the agreement and consideration of Rs, 4994.52 lakhs recoverable in this respect. In view of the uncertainty and ullilment of the conditions precedent to the agreement pending evaluation of the status of the project, innpairment in the value and amount recoverable there against is presently not ascertainable and as such cannot be commented upon by us.
• Note 8 regarding outstanding amount of Rs. 3407.60 lakhs in respect of trade receivables and loan amounting to Rs. 313.50 lakhs (including interest acerued thereon).
• .Note 9 regarlinyg non-reconcilintion of certain clebit and eredit balances including loans advances, croditors, with confirmation thereof.
• d.Adjustments/impact with respect to above have not been ascertained by the management and as such cannot be commented upon by us

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013 (the Act). Our responsibilities under those Standards are further described in the Auditors' Responsibilities for the Audit of the standalone Financial Results section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial results under the provisions of the Companies Act, 2013 and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion on the standalone financial results.

Management's Responsibilities for the Standalone Financial Results

These standalone financial results have been prepared on the basis of the standalone financial statements. The Company's Board of Directors are responsible for the preparation of these financial results that give a true and fair view of the net loss for the year ended 31*March, 2021 and other comprehensive income and other inancial information of the company in accordance with the recognition and measurement principles laid down in Indian Accounting Standard prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls that were operaing effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the standalone financial results, the Board of Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing the Company's financial reporting process.

Auditors' Responsibilities for the Audit of the Standalone Financial Results

Our objectives are to obtain reasonable assurance about whether the standalone financial results as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our qualified opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these standalone financial results.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error. as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible for expressing an opinion whether the company has adequate internal financial controls with respect to financial statements in place and the operating effectiveness of such controls but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of ٠ accounting estimates and related disclosures made by the Board of Directors.
• · Conclude on the appropriateness of the Board of Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors' report to the related disclosures in the financial results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors' report. However, future events or conditions may cause the Company to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the financial results, including the disclosures, and whether the financial results represent the underlying transactions and events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the financial results that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the financial results may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the standalone financial results.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

Other Matters

a) These standalone financial results include the results for the quarter ended 31March, being the balancing figures between the audited figures in respect of the full financial year and the published year to date figures upto 31December of the relevant financial year. These figures were subject to limitecd review by us as required under the Listing, Regulations.

Our opinion is not nmodified in respect of the matter stated above.

Place: Kolkata Date: 30th June, 2021

For A LPS & Co. Chartered Accountants Firnm's Registratjon No.: 313132:

Partner M. No. 052571 UDIN: 21052751AAAACD9868

1483.46Lakhs, eucept otheraise stated31st March 2020Year endedAndited1137 0531st March. 2021LS4412 1500.0endedAuditednYeariStandalone Statement of Audited Financial Results for the Quarter and Year ended 31st March, 2021(450Kodagu, Karnataka - 571233213 5811206187 03March, 2020524S76411136Auditedt.31stWebsite : www.edcigroup.comm93.52058.24461.03554 553.52196.S7 December, 2020S3.852184072913360147 2613.601b6.9ended5Unaudited2(Somawarpet, Dist -1Quarter31st824050.5560.65145.31 (204.73)23.394.67 13295(5.21)E-mail:edclcal@edclgroup.com;4500066.12379.25(246.30)March, 202189.017.941327(191.4741.57)Hulugunda, Taluka -Audited431stc) Changes in inventories of finished goods, work-in-progress andTotal other comprehensive income for the period/year (Net ofRegd. Office: Village -Total comprehensive income for the period/year (Net of Tax)Earnings per share (Face value of 0 10 each) (not annualised)up equity share tapital (Face value of D 10 each)ms that will not be reclassified to profit or lossDepreciation and amortisation expenseParticularsProfit/(Loss) for the period/year (4-5)4Profit/(Loss) before tax (1+2-3)a) Cost of materials consumedi) Income tax relating to aboveOther comprehensive incomeed) Employee benefits expenseb) Purchase of stock-in-tradeRevenue from operations	CIN-L85110KA1995PLCO17003	ENERGY DEVELOPMENT COMPANY LIMITED

	E-mail:edclcal@edclgroup.com;Hulugunda, Taluka -	Somawarpet, Dist -Kodagu, Karnataka-571233Website: www.edclgroup.com
Standalone Audited Segment wise Revenue, Results, Assets and Liabilities for the Quarter and Year ended 31st March, 2021Regd. Office: Village -
Sl.
ParticulasNo.	March, 202131st	Quarter ended		Year ended	D in Lakh)
	Audited	December, 2020Unaudited31st	31st March, 2020	March, 202131st	March, 2020L 31st
Segment revenue			Audited	Audited	Auditedd
a)Generaling division
b) Contract division	28.07	461.03	25.05
c) Trading	22.48		56.54	1,068.2268.83	889.82
Kevenue trom operati10ns					187.48
	50.55	461.03	81.59	1,137.05	1,077.30
Segment results
Profiy(Loss) before tax and finance costs from each segment
a)Generating division
b) Contract divisionn	(115.58)	264.81	(82.39) 1
c) Trading	(18.19)	(31.30)	(37.22)	457.75	437.48
Total Profiy(Loss)	(0.60)		(1.97	(99.81)	(158.81
Less: i) Finance costs	(134.37)	233.51	(121.5	(0.60)	(1.97
ii) Other un-allocable cxpenditure net of un-allocable income	60.65	58.24	37.96	357 35	276.70
Total Profit/(Loss) before tax	51,28	28.01	4	23992	220.49
	(246.30)	147.261	(233.90	161.4	330.62
Segment assets				.06)	(274.41)
aGenerating division
b) Contract division	3,195.89	3,471.22	3,332.27	3.195.89
c) Trading	127.66	1,176.43	L,172.20	L,127.66	3,332.27
d) Unallocated	2,692.07	2,692.07	2,692.07	2,62.07	1,172.20
Total segment assets	18,067.97	17,963.20	17428.71	18,067.97	17428.712,692.07
	25,083.59	25,302.92	24,625.25	5,083.59I	24,625.25
Segment liabilities
a)Generating division
b) Contract divísion	152.27966.37	194.22	279	152.27	39.27
Trading)		783.33	1,007.85	9663 7
d) Unallocated	7465.35480.07	478.85	476.72	440.07	1,007.85
Total segment liabilitiHes		7,635.53	7,042.33	7,465.3	7,042.33 476.72
	9,064.06	9,091.93	8,566.17	9,064.06	,566.17
Note: There was no trading activities during the period/ycar.
	olkata

Note1 Standalone Statement of Assets and Liabilities as at 31st March, 20211

			(in Lakh)
	Particulars	As Aat 31st March, 2021	As at 31st March,2020
	ASSETS	Audited	Andited
	INon curent assets
(a)	Property, plant and equipment
b	Intangible assets	3,086.99	3.338 40
(c)	Financial assets	0.31	0.86
	Investments	7,925.24
	(ii)Loans	2,527.63	7,909 74
(id	Other financial assets	25.59	2,304.99
(e)	Non current tax assets (net)	567.61	33.98
	Deferred tax assets (net)	561.18	565.09570.12
	Oher non current assets	2.85	13.99
	Total non current assets	14,697.40
	Current assets		14,737.17
(a)
(b)	InventoriesFinancialassets	67.31	72.04
	Trade receivables
	Cashand cash cquivalents	3,579.94	3,509.91
	(ii Other bank balances	9.21	7.35
(iv)}	Loans	137.07	138.02
(	Other financial assets	986.17	682. 41
c	Oher current assets	5,315.66	5,224.4
	Total current assets	290.83	253.95
		10,386.19	9,888.08B
	TOTAL ASSETS
		25,083.59	24,625.25
	EQUITY AND LIABILITIES
	EQUITY
(a)	Equity share capital	4,750.00
()	Other equity		4,750.0011,309.08
	Total equity	11,269.5316,019.53	16,059.08
	LIABILITIES
	Non current liabilitiess
	Financial liabilities
	Borrowings(i)Other financial liabilities	2,023.67	1,735.63
(b)		11.76
	ProvisionsS	31. 58	45.44
	ner non currentliabilities	66.53	116.94
	Total non current liabilities	2,133.54	1,898.01
	Current liabilites
(a)	Financial liabilities
(i)	(9BorrowingsTrade payables	81.28	79.05
	Total outstanding dues of micro
	enterprises and small enterprises
	Total outstand ing dues of creditors other
	than micro enterprises and small enterprises	1,378.75	1,275.36
	(iOther financial liabilities
	Other current liabilities	4,391.8	4,742.16
b)		568.33	561.5
	Provisions	10.28	10.08
	Total current liabilities	6,930.52	6,668.16
	Total liabilities	9,064.06	8,566.17
	TOTAL EQUITY AND LIABILITIES	25,083.59	24,625.25

Standalone Statement of Cash Flows for the year ended 31st March, 2021

	For the year ended 31st Marth, 2021 For the year ended 31 March, 202	(o in Lakhs)
Particulars	Audited	Audited
(0) Cash Flow from Operating Activities
ProfivlLoss) before tax
Adjustments:	(44.05)	(274.43
Depreciation and amortisation
Interest and finance charges	268.03239.8
Financial assets written off	9.52	0491214
Loss on fair valuation of financial instrunents	54	12.50
Interest income on financial instrumens	(283.34)
Liabiities no longer requirad written back		(.14
Fair value adjustunent for prepayunent of loan	(15.1
Amortisation of deferred gain on fair valuation of financial instruments	45)	(53.22)
Profit on sale of Froperty, Plant and Equipment		(4 13
Operating profit before working capital changes	121.99	(160.74)
Movement in working capital:
Inventories
Trade and other receivables	4.73	71.76
Trade, other payables and provisions	(176.3919	5
Cash generated from operations	30.51	(5396)
Direct taxes (paid)/refund	(2.52)	3217
Net cash generated froy(utilised in) operating activities (1)	27.99	(S613)
(T) Cash flow from Investing Activities
(Additions to)/Proceeds from sale of Property, Plant and Equipment andIntangible Assets	(2.14)	a.97
Other Bank Balances
Loan (given)/Proceeds on repayment
Interest received	(275.91) 9.23	19273
		4.10
Net cash generated frony(utilised in) investing activities (1)	(265.82)	RSO
(1) Cash flow from financing activities
Proceeds from/ (Repayment of) Borrowings
nterest and Finance charges paid	252.23	21760
Dividend paid	(9.54	(57.69)
Dividend distribution tax paid		(2375(4S2
Net cash generated from/(utilised in) financing activlties (111)	N269	(641)
Net changes in cash and cash equivalents (+ Il+ Il)
Cash and cash cquivalents as at the beginning of the year
Cash and cash equivalents as at the end of the year

The above Cash Flow Statement has been prepared in accondance ith indirest nmethod as set out in Intian Acounting Standand 7 Slabement ofCash Flows

Note 2

Noten to the Standalone Audlted Finandal Renulta

• 3 The above standalone audited fnanclal results for the quarter and year ended Mareh, 01 alongwith notes thereupon inchuding Statement of iMandalome Assets ad abilitiws and Statement of Standalone Cash Plows as given In Note I and 2 renpev tively w#re revswed the Audit l Committee and thereafter approved by the Noard of Dinec tors and wee taken on record at their meetings held on Mh June, 2021
• 4 The generation of electricity, through the Company's Hydel nnd Wind Pnwer Pne ta, le seasonal in nature Information relating to the quarter and year ended 31 Maieh, 2071 aned 31 March, 2020 respectively are glven herein below

Period		Quarter ended		Year ended
	31.03.2021	31.03,2020	31.03.20/21	31.03.2020
Million Units	0.64	0,79	32.82	28.93
Sale Value(Rs. in lakhs)	21.95	25.22	1070.93	2

• 1. Cost of materials consumed represents steel, cement and other construction materlals uilized for construction activitles.
• 1. The Company's business segnment comprises of:
  • a. Generating Divislon -
  • Generation and Sale of electricity; b. Contract Division Construction, development, implementation, operation and maintenance of projects and consultancle; and
  • Trading Division- Trading of power equlpment's, metals etc.
• (a) In terms of an agreement dated 9th November, 2015, for transfer of 76% of the Company's investment in various erstwhile wholly owned subsidiarles undertaking hydel power plants in the State of Arunachal Pradesh and Uttarakhand having aggregate capacity of 660 MW approximately (herein referred to as Arunachal Pradesh and Uttarakhand Undertaking respectively), to another strateglc investor, investment of Rs. 2,200.03 Lakhs as on 31 March, 2021 representing 24% and 51% of the equity in Arunachal Pradlesh and Utarakhand undertaking respectively and 24% in preference shares have been continued to be held by the company.
  • (b) Meanwhile, Memorandum of Agreement for execution of two of the Hydel power plant undertaken in Arunachal Pradesh, transferred as per (a) above, and now have been terminated by the State Government, Necessary legal and other options available in this respect as stated are being examined by management of the assoclate so that to ensure corrective course of actions in due course of time.
  • (c) The investment in subsidiaries/assoclate have been carrled at cost. Pending evaluation of the status of the project, impairment in the value of Invetment of Rs. 2200.03 Lakhs as given under (a) above and loans of Rs. 681.16 Lakhs oulstanding from the aloqenald subsidiaries/associate have not been determined and glven effect to in the fyhaulal statements.

• (d)Sale consideration of Rs. 4994.52 Lakhs pertaining to Arunachal Pradesh undertaking pending fulfilment of conditions and approvals etc. in terms of the agreement, considered recoverable and is included under Other Financial Assets (Current).
• 1. (a) Trade Receivables include balances of Rs. 3407.60 Lakhs which are outstanding for a considerable period of time.

(b) Loan of Rs. 313.50 Lakhs (including interest accrued thereon) recoverable from a company is lying outstanding as on 31 March, 2021.

(c) Legal and other necessary steps for recovery of the above amounts are being contemplated to be taken and as such no provision against these have been considered necessary.

• 1. Various debit and credit balances including in respect of loans, advances, creditors are subject to confirmation and consequential reconciliation thereof.
• 1. Income Tax Authorities has conducted search under Section 132 of the Income Tax Act, 1961 at the Company's Corporate Office. Information and details as required are being provided to the authorities. Outcome of the proceeding and its impact, if any, is currently not ascertainable. The management does not expect any impact on the financial results in this respect.
• 1. The outbreak of COVID-19 and consequential lockdowns declared by the Government of India and State Governments has caused slowing down the economic activities in general. The Company's main operation of electricity generation has been continued during lockdown as electricity generation is considered as one of the essential services by the Government. The Company is also engaged in construction of projects, which has been affected operationally due to lockdown as a result of which, there has been interruption in construction activities. During the quarter ended September 30, 2020, the Company has commenced its construction activities. The Company has taken into account the possible impact of COVID-19 on carrying value of current and non current assets including but not limited to Property, plant and equipment, trade and other receivables and investments. The Company has carried out this assessment based on available internal and external sources of information upto the date of approval of these financial statements. The Company will continue to monitor the impact of pandemic considering the recent surge in number of affected cases due to advent of second wave of COVID-19 on the overall economic conditions and also future impact on its business operations and effective steps will be taken on crystallization thereof.
• 12 The figures for the quarter ended 31s* March are the balancing figures between audited figures in respect of full financial year ended 31st March and the unaudited year to date figures upto 31s December.
• 1. Previous period's/year's figures have been regrouped/ rearranged, wherever considered necessary.

Place: New Delhi Date: 30th June, 2021

For Energy Development Company Limited PME

Or

Vinod Kurar `harma Kolkata (Executive Director)

ANNEXURE II

Statement on Impact of Audit Oualifications (for audit report with modified opinion) submittedalong-with Annual Audited Financial Results- Standalone

		33 of the SEBI (LODR) (Amendment) Regulations, 20161Regulation
	5.NO.	Particulars	Audited Figures(as reportedbefore adjustingfor qualifications)	Adjusted Figures(audited figures afteradjusting forqualifications)
		Turnover/ Total income	1500.06
	2.	Total Expenditure	1544.12
	3.	Net Profit/(Loss)	(39.55)
	4.	Earnings Per Share	(0.10)	Not Ascertainable
		Total Assets	25083.59
	6.	Total Liabilities	9064.06
16019.53Any other financial item(s) (as felt appropriate by themanagement)
II.		Audit Qualification leach audit qualification separatelv:
	a.	Qualification 1Details of Audit Qualification:Attention has been drawn by the Auditor's under para 3 of the Auditors' report to the followingnotes of the financial results for the quarter and year ended 31s" March 2021-Para 3: Note 7 regarding investments and loans aggregating to Rs. 2881.19 lakhs inArunachal Pradesh and Uttarakhand Undertaking transferred pursuant to the agreement andconsideration of Rs.4994.52 lakhs recoverable in thisuncertainty and fulfilment of the conditions precedent to the agreement pendingevaluation of the status of the project, impairment in the value thereof and considerationamount recoverable there against is presently not ascertainable and as such cannot becommented upon by us.		respect. In viewof the
		b.Type of Audit Qualification: Qualified Opinion / Diselaimer-efOpinien/ Adverse-Opiaien

c.Frequency of qualiflcation: Whether-appearedlust-time / repetitiveeince howlang continsing
dFor Audit Qualilfication(s) where the impact is quantified by the auditor, Management's ViewsNot Applicable
e.For Audit Qualification(s)where the impact is not quantified by the auditor:
(i)Management's estimation on the impact of audit qualification: Not Applicable
(i)f management is unable to estimate the impact, reasons for the same: There suncertainty regarding implementation of the projects at Aruanchal PradeshandUttarakhand Undertaking and fulfilment of the conditions precedent of the agreemententered into with respect to the same.
(ii)Auditors' Comments on (1) or (i) above: As stated herein above, the impact with respectto above and consequential adjustments cannot be ascertained by the management and assuch cannot be commented upon by us.
Qualification 2Details of Audit Qualification:a.Attention has been drawn by the Auditor's under para 3 of the Auditors' report to the followingnotes of the financial results for the quarter and year ended 31" March 2021-
Note 8 of the financial results with respect to long outstanding trade receivables and loan including interest thereon.
b.Type of Audit Qualification: Qualified Opinion/ Diselaimer-et-Opinien/ Adverseepinien
c.Frequency of qualification: Whether-eppeared-first time/ repetitiwesince howleng continuing
d.For Audit Qualification(s) where the impact is quantified by the auditor, Management's Views:Not Applicable
e.For Audit Qualification(s) where the impact is not quantified by the auditor:
i)Management's estimation on the impact of audit qualification: Not Applicable
(i)if management is unable to estimate the impact, reasons for the same: Legal and othernecessary steps for recovery of the amounts are being contemplated to be taken and assuch no provision against these have been considered necessary.
(Gi)Auditors' Comments on () or (i) above: As stated herein above, the impact with respectto above and consequential adjustments has not been ascertained by the management andas such cannot be commented upon by us.
Qualification 3b. Details of Audit Qualification:

	Attention has been drawn by the Auditor's under para 3 of the Auditors' report to the followingnotes of the financial results for the quarter and year ended 31" March 2021-
	Note 9 of the financial results with respect to non reconciliation of certain debit and credit balancesincluding loans, advances, creditors, with confirmation thereof. Adjustments/impact in this respectare currently not ascertainable and as such cannot be commented upon by the auditor.
	b Type of Audit Qualification : Qualified Opinion / Disclaimer of Opinion / Adverse Opinian
	c.Frequency of qualification: Whether appeared first time / repotitive/ since how longcontinuing
	d.For Audit Qualification(s) where the impact is quantified by the auditor, Management'sNot ApplicableViews:
	e. For Audit Qualification(s) where the impact is not quantified by the auditor:
	(i)Management's estimation on the impact of audit qualification: Not Applicable
	(ii)If management is unable to estimate the impact, reasons for the same: Impact willbecome ascertainable only upon reconciliations and confirmations.
	(iii)Auditors' Comments on (i) or (ii) above: As stated herein above, the impact with respectto above and consequential adjustments cannot be ascertained by the management and assuch cannot be commented upon by us.
Ш.	Signatories:
	DCEO/Managing Director
	DCFO
	ARAN□Audit Committee Chairman
	16 JanuaryOStatutory Auditor
	Place: New Delhi
	Date: 30.06.2021

1. Lalbazar Street Koikata 700 001 Phone 2230 5621 4005 1458

INDEPENDENT AUDITORS' REPORT

The Board of Directors of Energy Development Company Limited

Report on the Audit of ConsolidatedFinancial Results

Qualified Opinion

We have audited the acconmpanying consolidated financial results of Energy Development Company Limited(hereinafter referred to as "the Parent Company"), its Subsidiaries (the Parent Company and its Subsidiaries together referred to as "the Group") and its associate for the year ended 31 March, 2021and the notes thereon (hereinafter referred to as the "Consolidated Financial Results") attached herewith, being submitted by the ParentCompany pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations"). The consolidated financial results have been initialed by us for the purpose of identification.

In our opinion and to the best of our information and according to the explanations given to us except for the effects of the matter described in the Basis for Qualified Opinion paragraph below, the aforesaid Consolidated Financial Results:

i. Include the annual financial results of the following entities

Name of the Subsidiaries
Ayyappa Hydro Power Limited
EDCL Power Projects Limited
Eastern Ramganga Valley Hydel Projects Company Private Limited
Sarju Valley Hydel Projects Company Private Limited
EDCL Arunachal Hydro Project Private Limited
Name of the Associate
Arunachal Hydro Power Limited

are presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this regard; and .

give a true and fair view in conformity with the recognition and measurenment principles laid down in the applicable Indian Accounting Standards and other accounting principles generally accepted in India of the consolidatednet loss for the year ended 31"March, 2021 and other comprehensive income and other financial information of the Group and its associate for the year ended on that date, .

olkat

Basis for Qualified Opinion

Attention is drawn to the following notes of the consolidated financial results:

• Note 7 regarding investments and loans aggregating to Rs 1819.54 lakhs in Arunachal Pradesh and Uttarakhand Undertaking transferred pursuant to the agreement and consideration of Rs. 4994.52 lakhs recoverable in this respect. In view of the uncertainty and fulfilment of the conditions precedent to the agreement pending evaluation of the status of the projet. impairment in the value and amount recoverable there against is presently not ascertainable and as such cannot be commented upon by us.
• bNote 8 regarding outstanding amount of Rs. 3407.60 lakhs in respect of trade receivables and loan amounting to Rs. 586.50 lakhs (including interest accrued thereon).
• Note 9 regarding non-reconciliation of certain debit and credit balances including loans,. advances, creditors, with confirmation thereof.
• d. Adjustments/impact with respect to above have not been ascertained by the management and as such cannot be commented upon by us.

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013 (the Act). Our responsibilities under those Standards are further described in the Auditors' Responsibilities for the Audit of the Consolidated Financial Results section of our report. We are independent of the Group and its associate in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial results under the provisions of the Companies Act 2013 and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion on the financial results.

Management's Responsibilities for the Consolidated Financial Results

These Consolidated Financial Results have been prepared on the basis of the consolidated financial statements. The Parent Company's Board of Directors are responsible for the preparation of these consolidated financial results that give a true and fair view of the net loss for the year ended March 31, 2020 and other comprehensive income and other financial information of the Group and its associate in accordance with the recognition and measurement principles laid down in Indian Accounting Standard prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Group and its associate and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; nmaking judgnments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the consolidated financial results by the Directors of the Parent Company . as aforesaid.

In preparing the comolidatod lnancial renults, the respective Board of Directors are responsible for ealng he Group and itn awsoclate'sability to continue as a going concern, disclosing, as malters applicable, related to golng concern and uning the going concern basis of accounting unless the rospective Board of Directors elther intends to liquidate the Groupor to cease operations, or has no realistic alternative but to do s,

The respective Board of Directors are also responsible for overseeing the financial reportiny, proCess of the Group and its asROClate

Auditors' Responslbllitlen for the Audit of the Consolidated Pinancial Results

Our objectives are to obtain reasonable assurance about whether the consolidated financial results as awhole are free fronm material misstatement, whether due to fraud or error, and to issue an auditors report that includes our qualiffed opinlon, Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists, Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial results.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• ldentify and assess the risks of material misstatement of theconsolidated financial results, whether due to fraud or error, design and perform audit procedures responsive to those rísks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our qualified opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3)6) of the Act, we are also responsible for expressing our opinion whether the group and its associate has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controlsbut not for the purpose of expressing an opinion on the effectiveness of the Group and its associate's internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.
• Conclude on the appropriateness of the Board of Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group and its associate ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors' report to the related disclosures in the consolidated financial results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors' report. However, future events or conditions may cause the Group and its associate to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the consolidated financial resuits, incuding the disclosures, and whether the consolidated financ ial results represent the underlying transactions and events in a manner that achieves fair presentation.
• Obtain sufficient appropriate audit evidence regarding the finandial resuitsfinancial information of the erntities within the Group and its associate to express an opinion on consolidated financial results. We are responsible for the direction, supervision and performance of the audit of the financial information of such entities incuded in the consolidated financial results of which we are the independent auditors. For the other entities included in the consolidated financial results which have been audited by other auditors such other auditors remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible for our audit opinion.

Materiality is the magnitude of misstatements in the financial results that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the financial results may be influenced. We consider quantitative materiality and qualitative factors in () planning the scope of our audit work and in evaluating the results of our work; and (i) to evaluate the effect of any identified misstatements in the financial results.

We communicate with those charged with governance of the ParentCompany regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them al relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.We also performed procedures in accordance with the circular issued by SEBl under Regulation 33(8) of the Listing Regulations to the extent applicable.

Other Matters

1. The consolidated audited financial results include the financial results of two subsidiaries which have not been audited by us, whose financial results reflect total assets of Rs. 2973.26 lakhs as at 31st March, 2021, total revenue of Rs. Nil, total net profit/ (loss) after tax of Rs. (315.13) Lakhs, total comprehensive income of Rs. (315.13) Lakhs and net cash inflow/ (outflow) of Rs.Nil for the year ended as on that date, which have been audited by their independent auditor.The independent auditors' report on financial statements of these entities have been furnished to us and our opinion on the consolidated financial results, in so far as it relates to the anmounts and disclosures included as above, is based solely on the reports of their auditor.

The consolidated audited financial results also include the Group's Share of net profit after tax of Rs.Nil and total comprehensive income of Rs. Nil for the year ended 31"March, 2021, in respect of one associate, based on their financial results which have not been audited by us. The aforesaid financial statements are unaudited and havebeen approved and furnished to us by the management and our opinion on the consolidated financial results, in so far as it relates to the amounts and disclosures included as above, is based solely on unaudited financial information. In our opinion and according to the information and explanations given to us by the Parent's Management, these financial information are not material to the Group.

2 The Consolidated Pinanclal Results include the results for the quarter ended 31*March, being the balanclng lgure between the udited figures in respect of the full financial year and the published unaudited year to date flgures up to 31"December, of the relevant financial year The year-to-date figures pertaining to the period up to 31 December were only reviewed by un as requlred under IJsting Regulations.

Our opinion on Consolidated Financial Results in respect of other matters stated in para 1 and 2above is not modifled.

For A LPS& Co. Chartered Accountants Firm's ICAI Registration No.: 313132E

M. No. 052571 UDIN: 21052751 AAAACE4330

Place: Kolkata A.K.Khetawat Date: 30th June, 2021 Partner

Statement of Consolidated Audited Financial Results for the Quarter and Year ended 31st March, 2021AuditedHulugunda, Taluka - Somawarpet, Dist - Kodagu, Karnataka - 571233Quarter Ended3.52(2.18)470.09260.4831st December, 2020134.64292.55993.09(99.66)(99.66)(0.19)66.351,059.44(89.74)1,159.10(9.92)(91.13)(42.49)(1.39)(43.88)(47.25)4750.00(1.87)(1.39)(47.25)dclcal@edclgroup.com ; Website : www.edclgroup.com0.48UnauditedCIN - 1.85110KA1995PLC017003406.1939.1823.390.00132.20(5.21)481.67(612.60)(612.60)(352.18)(224.63)4750.00$\frac{(0.55)}{(0.55)}$255.71$\frac{170.21}{2}$(245.64)(35.79)(35.79)445.37(260.42)(5.20)(209.85)1,057.9719.9814.7814.7831st March, 2021AuditedRegd. Office: Village-E-mail:ec) Changes in inventories of finished goods, work-in-progress and stock-in-Profit/(Loss) before share of Profit/( Loss) of Associate and tax (1+2-3)Total Other Comprehensive Income for the periodyear (Net of tax)Other Comprehensive Income for the periodyear attributable to:Total Comprehensive Income for the periodyear attributable to:Total Comprehensive Income for the periodyear (8+9)Paid-up Equity Share Capital (Face value of e 10 each)Earnings per share :- (of $\Box$ 10 each) (not annualised)i) Items that will not be reclassified to Profit or LossProfit/ (Loss) for the period/year attributable to:Particularsf) Depreciation and amortisation expenseProfit / (Loss) for the periodyear (6-7)Share of Profit/ (Loss) of Associateb) Deferred Tax - charge/(credit)ii) Income Tax relating to aboveOther Comprehensive Incomea) Cost of materials consumedProfit/(Loss) before tax (4+5)d) Employee benefits expenseb) Purchase of stock-in-tradeb) Non-Controling Interestb) Non-Controling Interestb) Non-Controling InterestRevenue from operationsa) Owners of the Parenta) Owners of the Parenta) Owners of the Parentg) Other expensesTotal expensese) Finance costsa) Current TaxTotal IncomeOther IncomeTax ExpenseOther Equitya) Basic (C)Expensestradeœ,ςb,4é8Ħø١Ņ$\overline{a}$$\overline{a}$$\mathbf{H}$15161314éZ5		ENERGY DEVELOPMENT COMPANY LIMITED
				(□ in Lakhs,	except otherwise stated)
				Year Ended	Year Ended
			31st March, 2020	31st March, 2021	31st March, 2020
				Audited	Audited
			353.57	3,129.48	2,994.22
			175.09	222.28	202.48
			528.66	3,351.76	3,196.70
			50.44	52.22	86.82
			(4.50)	6.07	69.82
			153.75	559.69	593.94
			371.07	1,877.76	1,831.97
			260.93	1.036.00	1,045.51
			275.28	843.53	1,004.67
			1,106.97	4,375.27	4,632.73
			(578.31)	(1,023.51)	(1,436.03)
			(578.31)	(1,022.51)	(1,436.03)
			(927.00)	(391.49)	(988.74)
			348.69	(632.02)	(447.29)
			(9.74)263	14.38	(7.46)
			(7.11)	(3.74)	$\ddot{a}$
			341.58	10.64	(5.32)
				(621.38)	(452.81)
			382.61
			(33.92)	(477.61)	$003.57$
				(154.41)	(143.72)
			(7.11)
				10.64	(5.52)
			375.50	(400.97)	CAN OF
			(33.92)	(154.41)
			1750.00	4750(00)	W.0521Cent
				4.19246
					10,60,1
			0.73
(0.19)	b) Diluted $\left($ $\right)$		0.73	$\frac{3}{2}$	(हेन्र)

14063.102692.0768.8310,760.16 1,39238(1,02351)66. 37(0.60) 1,377.763,129.481,291.9711,933.155 34551.70437.7326,269.70(99.81)480.031st March, 2021Year endedAuditedAudited Consolidated Segment wise Revenue, Results, Assets and Liabilities for the Quarter and Year ended 31st March, 2021(5831)(19.12)(1.97)57831) (37.22)4767256.5414,02037 10,177.7411,467.96148.931,007.852,692.0719.253.83297.03353.5725,682.6834586.06371.071,17220031st March, 2020AuditeddKodagu, Karnataka-5712332,692.0731.30)1,176.43518.44487.14 14,124.4610,877.951116.71 18,984.0711,939.67 34,792.24 783.333 (99.66) Website: www.edclgroup.com993.09993.0926,264.5931st December, 2020478.8470.09UnauditedendedENERGY DEVELOPMENT COMPANY LIMITEDSomawarpet, Dist -CIN-L85110KA1995PLC017003Quarter(18.19)(0.60)(15.54)96.6122.48(34.33) 966.37(612.60) 11,933.151,127.6614,063.10480.0710,760.16383.7134,551.7026,269.70018,798.82406.19481.672,692.07March, 2021E-mailedclcal@edclgroup.comHulugunda, Taluka -Audited31stKataRegd. Office: Village -ii) Other un-allocable expenditure net of un-allocable incomeProfiy(Loss) before tax and finance costs from each segmentNote: There was no trading activities during the period/year.Particulars			in Lakhs)(	Year ended	March, 202031st	Audited			2,806.74	187.48	2994.22			1208.03	(158.81)	(1.972	1,047.25	1.97	651.31	(1,436.03)			19,253.83	1,17220	2.69207	11467.96	34,586.06			14,020.37	476.721,007.85	10,177.74	25,682.68
									3,060.65														18798.82	1,12.66
																																				ered
				No.			Segment Revenue	a) Generating Division	b) Contract Division	)	Revenue From Operations	Segment Results	a) Generating Division	b) Contract Division	)	Total Profiy(Loss)	Less: i) Finance costs		Total Profit/(Loss) Before Tax		Segment Assets	a)Generating Division	B) Contract Division	)	d) Unallocated	Total Segment Assets		Segment Liabilities	a)Generating Division	b) Contract Division_	c) Trading	d) Unallocated_	Total Segment Liabilities

Note 1

Statement of Consolidated Assets and Liabilities as at 31st March, 2021

			(0 in Lakhs)
	Particulars	As at 31st March 2021	As at 31st March 2020
	ASSETS	Audited	Audited
	Non Current Assets
(a)	Property, Plant and Equipment	16,419.42	17,251.47
$(\mu)$	Capital work in progress	2,971.24	2,971.24
$\left($ c $\right)$	Intangible Assets	757.17	933.94
(d)	Financial Assets
$\omega$	Investments	1,230.83	1,230.83
(ii)	Loans		152.18
(iii)	Other Financial Assets	56.72	63.35
(e)	Non Current Tax Assets (Net)	576.66	573.59
(f)	Deferred Tax Assets (Net)	1,570.29	1,182.54
(g)	Other Non-Current Assets	6.41	22.64
	Total Non Current Assets	23,588.74	24,381.78
2	Current Assets
(a)	Inventories	80.58	87.72
(b)	Financial Assets
(i)	Trade Receivables	3,763.81	3,618.50
(ii)	Cash and Cash Equivalents	204.93	212.15
(iii)(iv)	Other Bank Balances	137,07	138.02
	Loans	1,157.68	590.11
(v)(c)	Other Financial Assets	5,245.92	5,226.88
	Other Current Assets	372.97	330.90
	Total Current Assets	10,962.96	10.204.28
	TOTAL ASSETS	34,551.70	34,586.06
	EQUITY AND LIABILITIES
1	EQUITY
(a)	Equity Share Capital
(b)	Other Equity	4,750.004,192.46	4,750.004,659.43
	Equity attributable to owners of the Company	8,942.46	9,409.43
	Non Controlling Interest	(660.46)	(506.05)
	Total Equity	8,282.00	8,903.38
	LIABILITIES
$\overline{c}$	Non Current Liabilities
(a)	Financial Liabilities
(i)	Borrowings	15,743.29	15,547.09
(ii)	Other Financial Liabilities	11.76
(b)	Provisions	47.61	60.46
(c)	Other Non Current Liabilities	180.74	338.67
	Total Non Current Liabilities	15,983.40	15,946.22
	Current Liabilites
(a)	Financial Liabilities
(i)	Borrowings	83.98	81.75
(i)	Trade Payables
	- Total outstanding dues of micro enterprises
	and small enterprises
	- Total outstanding dues of creditors other	1,626.56	1,528.98
	than micro enterprises and small enterprises
(iii)	Other Financial Liabilities	7,857,28	7,410.18
(b)	Other Current Liabilities	708.15	705.42
(c)	Provisions	10.33	10.13
	Total Current Liabilities	10,286.30	9,736.46
	Total Liabilities	26,269.70	25,682.68
	TOTAL EQUITY AND LIABILITIES	34,551.70
			34,586.06

Kenta 1

Blatement of Consolidated Assets and Liabilities as at $1st March, 2021

			$($ in Letting
	Particulars	As at $161 March 2021	As at $144 March 2074
		Audited	Andised
	ASSETS
	Non Current Asseta
		16,419.42	17.251.47
(A)側	Property, Marit and Equipment	2,971.24	2,971.24
$\left(\epsilon\right)$	Capital work in progressIntangible Assets	757.17	933.94
(d)	Financial Assets
$\left( 0 \right)$	Investments	1,230.83	1,230.83
	Loans		152.18
(11)		56.72	63.35
(iii)	Other Financial AssetsNon Current Tax Assets (Net)	576.66	573.50
(e)		1,570.29	1,182.54
(f)	Deferred Tax Assets (Net)		22.64
(g)	Other Non-Current Assets	6.4123,544.74	24,381.78
	Total Non Current Assets
2	Current Assets
(a)	Inventories	80.56	87.72
(1)	Financial Assets
(1)	Trade Receivables	3,763.81	3,618.50
(ii)	Cash and Cash Equivalents	204.93	212.15
(111)	Other Bank Balances	137.07	138.02
(iv)	Loans	1,157.68	590.11
(v)	Other Financial Assets	5,245.92	5,226.88
(c)	Other Current Assets	372.97	330.90
	Total Current Assets	10,962.96	10,204.28
	TOTAL ASSETS	34,551.70	34,586.06
	EQUITY AND LIABILITIES
1	EQUITY
(A)	Equity Share Capital	4,750.00	4,750.00
(b)	Other Equity	4,192.46	4,659.43
	Equity attributable to owners of the Company	8,942.46	9,409.43
	Non Controlling Interest	(660.46)	(506.05)
	Total Equity	8,282.00	8,903.38
	LIABILITIES
2	Non Current Liabilities
(a)	Financial Liabilities
(i)	Borrowings	15,743.29	15,547.09
(ii)	Other Financial Liabilities	11.76
(b)	Provisions	47.61	60.46
(c)	Other Non Current Liabilities	180.74	338.67
	Total Non Current Liabilities	15,983.40	15,946.22
3	Current Liabilites
(a)	Financial Liabilities
(i)	Borrowings	83.98	81.75
(i)	Trade Payables
	- Total outstanding dues of micro enterprises
	and small enterprises
	- Total outstanding dues of creditors other
	than micro enterprises and small enterprises	1,626.56	1,528.98
(iii)	Other Financial Liabilities	7,857.28
	Other Current Liabilities	708.15	7,410.18
(b)	Provisions		705.42
(c)		10.33	10.13
	Total Current Liabilities	10,286.30	9,736.46
	Total Liabilities	26,269.70	25,682.68
	TOTAL EQUITY AND LIABILITIES	34,551.70	34,586.06

Kolkata $\widetilde{q_{\text{Acc0}}}$

Statement of Consulidated Carb Haves for the year ended 41st March. 2000.

Parthrulais	Poi the pear coded Atar March, 2001Audited	, kariha yaar andag yigi titandi, marAuthor
(I) Cash Flow from Operating Activities
Profil/(Loss) before tax	11.0014.01	计线柄
Adjustments:
Depreciation and amoritaationInterest and finance charges	1.000.00	t Ribb Hi
Interest to one on financial tratruments	1.477776	100141
Financial assets written oft	141.60	WI HT$+14$
i oss on fair valuation of financial instrument	#4#4	HM
Liabilities no longer required written back		61 4 I
Ameritsation of deferred gain on fair valuation of financial instrumentsProfit on sale of Property. Plant and Equipment	117710	1164 I AB14 FS
Operating Profit before working sapital changes	1.846.48	1.499.91
Movement in working capitali
Inventories
Trade and other receivables	944	$1 + i$
Trade and other payables	$1 + 14 + 11$$1 + 61$	in in
		4681 A.O
Cash generated from operations	1.897.44	1 846 44
Direct taxes (paid)/refund	(111)	Lies Keep
Net cash generated from/(utilised in) Operating Activities (I)	1,539.34	TATEFA
(II) Cash flow from Investing Activities
Additions to Property, Plant and Equipment and Intangible Assets
Loan (given)/Proceeds on repayment	114.491474.41	$1 - 100$
Interest received	1414	$1160 + 17$718
Net cash generated from/(utilised in) Investing Activities (II)
	(470.56)	(145.47
(III) Cash flow from Financing Activities
Proceeds from/(Repayment of) Borrowings	144 144	US 49
Interest and Finance charges paid	(1, 200, 37)	11,1603,46
Dividend paid		11114
Dividend distribution (as paid		(48.8%)
Net cash generated from/[utilised in] Financing Activities (III)	(1,115.99)	(1,491,14)
Net Changes in Cash and Cash Equivalents (1 + II + III)	(7.77)	177h
Cash and Cash Equivalents as at the beginning of the year	919.15
Cash and Cash Equivalents as at the end of the year	204.93	4911
		717.75

The above Cash Flow Statement has been prepared in accordance with indirect method as set ant in the hot AG7 "Statement of Cash Flows"

$\left(\bigcup_{\substack{i=1\i\neq j}}\mathbb{C}\left(\bigcup_{\substack{i=1\i\neq j}}\mathbb{C}\left(\bigcup_{\substack{i=1\i\neq j}}\mathbb{C}\left(\bigcup_{\substack{i=1\i\neq j}}\mathbb{C}\left(\bigcup_{\substack{i=1\i\neq j}}\mathbb{C}\left(\bigcup_{\substack{i=1\i\neq j}\neq j}\mathbb{C}\left(\bigcup_{\substack{i=1\i\neq j}\neq j}\mathbb{C}\left(\bigcup_{\substack{i=1\i\neq j}\neq j}\mathbb{C}\left(\bigcup_{\substack{i=1\i\neq j}$ イムヴ

$\gamma_{\gamma}$

$Hilk$

Notes to the Consolidated Audited Financial Results

3 The above consolidated audited financial results for the quarter and 2021 year ended 31st March along with notes thereupon inctuding Statement of Consolidated Assets and Liablities and Statement of Consolidated Cash Flows as given in Note 1 and 2 respectively were reviewed by the Audit Committee and thereafter approved by the Board of Directors and were taken on record a their meetings held on 30 June. 2021.

The consolidated audited financial results include the results of its subsidiaries ard ako its share of net profit/ (loss) after tax, other comprehensive income and total comprehensive income/(loss) of its assoxiate company.

4 The generation of electricity, through the Company's Hydel and Wind Power Projects, s seasonal in nature. Information relating to the quarter and year ended March 31, 20120, are given herein below:

Period	Quarter ended		Year ended
	31.03.2021	31.03.2020	31.03.2021	31.03.20200
MillionUnits	10.76	948	88.56
SaleValue(Rs in lakhs)	389.65	353.57	3102.35	83.432994.22

• 1. Cost of materials consumed represents steel, cement and other construction materias utiized for construction activities.
• 1. The group's business segment comprises of
  • a. Generating Division -
  • Generation and Sale of electricity, b. Contract Division -Construction, development, implementation, operation and maintenance of projects and consultancies; and
  • Trading Division- Trading of power equipmene's, metals etc.
• 1. (a) In terms of an agreement dated 9th November, 2015, for transfer of 76% of the Company's investment in various erstwhile wholly owned subsidiaries undertaking hydel power plants in the State of Arunachal Pradesh and Uttarakhand having aggregate capacity of 660 MW approximately (herein referred to as Arunachal Pradesh and Utarakhand Undertaking respectively), to another strategic investor, investment of Rs. 1,230.83 Lakhs as on 31 March, 2021 representing 24% of the equity and preference shares in Arunachal Pradesh have been continued to be held by the company.
  • (b) Meanwhile, Memorandum of Agreement for execution of two of the Hydel power plant undertaken in Arunachal Pradesh, transferred as per (a) above, and now have been terminated by the State Government. Necessary legal and other options available in this respect as stated are being examined by management of the associate so that to ensure corrective course of actions in due course of time.

• (c) The investment in associate have been carried at cost. Pending evaluation of the status of the project, impairment in the value of investment of Rs. 1,230.83 Lakks as given under (a) above and loans of Rs. 588.71 Lakhs outstanding from the aforesaid associate, have not been determined and given effect to in the financial statements
• (d)Sale consideration of Rs. 4994.52 Lakhs pertaining to Aromachal Pradesh undertaking pending fulfilment of conditions and approvals etc. in terms of the agreement, considered recoverable and is included under Other Financial Assets (Current)
• 1. (a) Trade Receivables include balances of Rs. 3407.60 Lakhs which are outstanding for a considerable period of time.

(b) Loan of Rs. 586.50 Lakhs (including interest accrued thereon) recoverable from a company is lying outstanding as on 31st March, 2021.

(c) Legal and other necessary steps for recovery of the above amounts are being contemplated to be taken and as such no provision against these has been considered necessary.

• 1. Various debit and credit balances including in respect of loans, advances, creditors are subject to confirmation and consequential reconciliation thereof.
• 1. Income Tax Authorities has conducted search under Section 132 of the Income Tax Act, 1961 at the Company's Corporate Office. Information and details as required are being provided to the authorities. Outcome of the proceeding and its impact, if any, is currently not ascertainable. The management does not expect any impact on the financial results in this respect.
• 1. The outbreak of COVID-19 and consequential lockdowns declared by the Government of India and State Governments has caused slowing down the economic activities in general. The Group's main operation of electricity generation has been continued during lockdown as electricity generation is considered as one of the essential services by the Government. The Group is also engaged in construction of projects, which has been affected operationally due to lockdown as a result of which, there has been interruption in construction activities. During the quarter ended September 30, 2020, the Group has commenced its construction activities. The Group has taken into account the possible impact of COVID-19 on carrying value of current and non current assets including but not limited to Property, plant and equipment, trade and other receivables and investments. The Group has carried out this assessment based on available internal and external sources of information upto the date of approval of these financial statements. The Group will continue to monitor the impact of pandemic considering the recent surge in number of affected cases due to advent of second wave of COVID-19 on the overall economic conditions and also future impact on its business operations and effective steps will be taken on crystallization thereof.
• 1. The figures for the quarter ended 31st March are the balancing figures between audited figures in respect of full financial year ended 31st March and the unaudited year to date figures upto 31st December.
• 1. Previous period's/year's figures have been regrouped/ rearranged, wherever considered necessary.

Place: New Delhi Date: 30th June, 2021

Vinod Kumar Sharma (Executive Director) DIN: 02879206

For Energy Development Company Limited

ANNEXUREI

Statement on Impact of Audit Oualifications dor audit report with modified.opinion) submitted alongwith Annual Audited Financial Results Consolidated

No.	IRegulation 3 of the 5BI (LODR) (Amendment) Hagulations, 201Particulars	Audined Fhres(s reportedhefore sdjustingfor qualifications)	Mjunad Vigus(udnad tgmes sherduotng tonqualstio
	Turnover/ Total income	3,331.16
2.	Total Expenditure
	Net Profit/(Loss)_	4,375.27(621.30)
	Earnings Per Share	(1.32)
	Total Assets	34,551.70	AAssenainahe
6.	Total Liabilities	26,269.70
	7Net Worth	3,2.00
	Any other financial item(s) (as felt appropriste by themanagement)
	Audit Qualification leach audit qualification separately
	Details of Audit Qualification:Attention has been drawn by the Auditor's under para 3 of the Auditors' report to thenotes of the financial results for the quarter and year ended 31" March 2021-Para 3: Note 7 regarding investments and loans aggregating to Rs. 2881.19 lakhs in ArunachalPradeshandUtarakhandtransferredUndertakingconsideration of Rs. 4994.52	pursuantto	followingtheagreement and
	lakhs recoverable in this respect. In view of the uncertainty andfulfilment of the conditions precedent to the agreement pending evaluation of the status ofproject, impairment in the value thereof and consideration amount recoverable there against ispresently not ascertainableand as such cannot be commented upon by us.		the
	b.Type of Audit Qualification: Qualified Opinion / Diselaimer-ef-Opinion/		Adverse9pinien
c.Frequency of qualification: Whether-appeared-fiest time/repetitivesinee-hewleng continsing

e.For Audit Qualification(s) where the Impact is not quantified by the auditor:
(i)Management's estimation on the impact of audit qualification: Not Applicable
(Hi)f management Is unable to estimate thee impact, reasons for the same: There isuncertaintyimplementationregardingtheprojectsatPradeshofAruanchalandUttarakhand Undertaking and fulfilment of the conditions precedent of the agreemententered into with respect to the same.
(ii) Auditors' Comments on (i) or (i) above:As stated herein above, the impact with respectto above and consequential adjustments cannot be ascertained by the management and assuch cannot be commented upon by us.
Qualification 2
Details of Audit Qualification:a.Attention has been drawn by the Auditor's under para 3 of the Auditors' report to the following notes of the consolidated financial results for the quarter and year ended 31" March 2021Note 8 of the consolidated financial results with respect to long outstanding trade receivables andloan including interest thereon.
b.Type of Audit Qualification: Qualified Opinion /Diselaimer-of-Opinien / Adverse-Opinien
c.Frequency of qualification: hether-appearee-first time / repetitivefsinee-hewlengcentinuin
d.For Audit Qualification(s) where the impact is quantified by the auditor, Management'sViews:Not Applicable
e.For Audit Qualification(s) where the impact is not quantified by the auditor:
(i)Management's estimation on the impact of audit qualification: Not Applicable
(i)tf management is unable to estimate the impact, reasons for the same: Legal and othernecessary steps for recovery of the amounts are being contemplated to be taken and as suchno provision against these have been considered necessary.
(i) Auditors' Comments on (i) or (i) above: As stated herein above, the impact with respectto above and consequential adjustments has not been ascertained by the management andas such cannot be commented upon by us.
Qualification 3
b.Details of Audit Qualification:Attention has been drawn by the Auditor's under para 3 of the Auditors' report to the followingnotes of the financial results for the quarter and year ended 31" March 2021

Note 9 of the consolidated financial results withrespect to nonreconciliation of certain debit andcredit balancesincluding loans, advances, creditors, with confirmation thereof.in thisAdjustments/impactrespect are currently not ascertainable and as such cannot be commentedupon by theauditor.
b.Type of Audit Qualification: QualifiedOpinion / Diselaimer-efOpinion/ AdverseOpinien
c.Frequency of qualification:Whether-appeareed-first time/repetitve/sinee hewlengeentinuing
1.For Audit Qualification(s) where theimpact is quantifled by theauditor, Management'sViews:Not Applicable
e.For Audit Qualification(s) where theimpact is notquantified by the
auditor:(i)Management's estimation on the impact of
audit qualification: NotApplicable(i)uf management is unable to estimatethe impact, reasons for thesame:becomeImpact willa scertainable only upon reconciliationsand confirmations.
(ii)Auditors' Comments on(i) or (i) above: As stated hereinto above and consequentialabove, the impact with respectadjustments cannot be ascertainedsuch cannot be commentedby the management and asupon by us.
SIgnatorie
DCEO/Managing Director
OCFO
DAudit Committee ChairmanTMa
OStatutory Auditor
Place: New Delhi