institutions and other non-banking financial institutions expose us to various risks in the event of default by a

counterparty, which can be exacerbated during periods of market illiquidity.

RISKS RELATING TO THE OFFER AND THE EQUITY SHARES

51. Our Equity Shares have never been publicly traded, and may experience price and volume fluctuations
following the completion of the Offer. Further, our Equity Shares may not result in an active or liquid market
and the price of our Equity Shares may be volatile and you may be unable to resell your Equity Shares at or
above the Offer Price or at all. The Offer Price is also not indicative of the market price of the Equity Shares.

Prior to the Offer, there has been no public market for our Equity Shares, and an active trading market may not develop
or be sustained after the Offer. Listing and quotation does not guarantee that a market for our Equity Shares will
develop or, if developed, does not guarantee the liquidity of such market for the Equity Shares. Investors might not be
able to rapidly sell the Equity Shares at the quoted price if there is no active trading in the Equity Shares. The Offer
Price of the Equity Shares has been determined by our Company and the Selling Shareholders in consultation with the
BRLMs through the Book Building Process. The Offer Price will be based on numerous factors, including certain
qualitative and quantitative factors, the basic and diluted earnings per share, price earnings ratio in relation to the offer
price per equity share of the face value, comparison with listed industry peers, if any, and return on net worth as
described under “Basis for Offer Price” beginning on page 92 and may not be indicative of the market price for the
Equity Shares after the Offer.

The market price of the Equity Shares may fluctuate as a result of, among other things, the following factors, some of
which are beyond our control:

 quarterly variations in our results of operations;

 results of operations that vary from the expectations of securities analysts and investors;
 results of operations that vary from those of our competitors;
 changes in expectations as to our future financial performance, including financial estimates by research
analysts and investors;
 a change in research analysts’ recommendations;
 announcements by us or our competitors of significant acquisitions, strategic alliances, joint operations or
capital commitments; announcements by third parties or governmental entities of significant claims or
proceedings against us;
 developments relating to our peer companies in our industry;
 new laws and governmental regulations applicable to our industry;
 additions or departures of key management personnel;
 changes in exchange rates;
 speculative trading in the Equity Shares;
 investor perception of us and the industry in which we operate;
 the public’s reaction to our press releases and adverse media reports;
 changes in the price of conventional and renewable energy;
 fluctuations in stock market prices and volume; and
 general economic and stock market conditions.

Changes in relation to any of the factors listed above could adversely affect the price of the Equity Shares. The market
price of the Equity Shares may decline below the Offer Price and investors may not be able to re-sell Equity Shares at
or above the Offer Price resulting in a loss of all or part of the investment.

52. Our ability to pay dividends in the future will depend on our earnings, financial condition, cash flows,
capital requirements, capital expenditures and restrictive covenants of our financing arrangements.

We have not paid any dividends on our Equity Shares in the last three Fiscals. Our ability to pay dividends in the
future will depend on our earnings, financial condition, cash flows, capital requirements and restrictive covenants of
our financing arrangements. Any future determination as to the declaration and payment of dividends will be at the
discretion of our Board in accordance with applicable law, and subject to approval of shareholders. The quantum of

47
dividend to be distributed, if any, will depend on a number of factors, including profit earned during the current
financial year, overall financial conditions, cash flows, capital requirements, business prospects and expansion plans,
cost of raising funds from alternative sources, restrictive covenants under our financing arrangements, money market
conditions, and macro-economic conditions. We cannot assure you that we will be able to pay dividends at any point
in the future. We may also decide to retain all of our earnings to finance the development and expansion of our business
and, therefore, may not declare dividends on our Equity Shares. For further details, see “Dividend Policy” on page
201.

53. You may be subject to Indian taxes arising out of capital gains on the sale of the Equity Shares.

Under the current Indian tax laws and unless specifically exempted, capital gains arising from the sale of equity shares
in an Indian company are generally taxable in India. However, any gain realised on the sale of listed equity shares on
before March 31, 2018 on a stock exchange held for more than 12 months will not be subject to capital gains tax in
India if Securities Transaction tax (“STT”) is paid on the sale transaction and additionally, as stipulated by the Finance
Act, 2017, STT had been paid at the time of acquisition of such equity shares on or after October 1, 2004, except in
the case of such acquisitions of equity shares which are not subject to STT, as notified by the Central Government
under notification no. 43/2017/F. No. 370142/09/2017- TPL on June 5, 2017. However, the Finance Act, 2018, has
now levied taxes on such long term capital gains exceeding ₹100,000.00 arising from sale of equity shares on or after
April 1, 2018, while continuing to exempt the unrealised capital gains earned up to January 31, 2018 on such equity
shares subject to specific conditions. Accordingly, you may be subject to payment of long term capital gains tax in
India, in addition to payment of STT, on the sale of any equity shares held for more than 12 months. STT will be
levied on and collected by a domestic stock exchange on which the equity shares are sold.

Further, any gain realised on the sale of listed equity shares held for a period of 12 months or less will be subject to
short term capital gains tax at in India. Capital gains arising from the sale of equity shares will be exempt from taxation
in India in cases where an exemption is provided under a treaty between India and the country of which the seller is a
resident. Generally, Indian tax treaties do not limit India’s ability to impose tax on capital gains. As a result, residents
of other countries may be liable for tax in India as well as in their own jurisdictions on gains arising from a sale of
equity shares.

54. Investors will not be able to sell immediately on an Indian stock exchange any of the Equity Shares they
purchase in the Offer.

The Equity Shares will be listed on the Stock Exchanges. Pursuant to applicable Indian laws, certain actions must be
completed before the Equity Shares can be listed and trading in the Equity Shares may commence. Investors' book
entry, or ‘demat’ accounts with depository participants in India, are expected to be credited with the Equity Shares
within one working day of the date on which the Basis of Allotment is approved by the Stock Exchanges. The
Allotment of Equity Shares in this Offer and the credit of such Equity Shares to the applicant’s demat account with
depository participant could take approximately six working days from the Bid Closing Date (or such other period as
prescribed under applicable laws) and trading in the Equity Shares upon receipt of final listing and trading approvals
from the Stock Exchanges is expected to commence within six working day of the Bid Closing Date (or such other
period as prescribed under applicable laws). There could be a failure or delay in listing of the Equity Shares on the
Stock Exchanges. Any failure or delay in obtaining the approval or otherwise any delay in commencing trading in the
Equity Shares would restrict investors’ ability to dispose of their Equity Shares. There can be no assurance that the
Equity Shares will be credited to investors’ demat accounts, or that trading in the Equity Shares will commence, within
the time periods specified in this risk factor. We could also be required to pay interest at the applicable rates if allotment
is not made, refund orders are not dispatched or demat credits are not made to investors within the prescribed time
periods.

55. Foreign investors are subject to foreign investment restrictions under Indian law, which could limit our ability
to attract foreign investors and our ability to raise foreign capital may be constrained by Indian law, which in
turn could adversely affect the market price of the Equity Shares.

Foreign investment in Indian securities is subject to regulation by Indian regulatory authorities. Under the foreign
exchange regulations currently in force in India, transfers of shares between non-residents and residents are freely
permitted (subject to certain exceptions) if they comply with the pricing guidelines and reporting requirements

48
specified by the RBI. If the transfer of shares is not in compliance with such pricing guidelines or reporting
requirements or falls under any of the exceptions referred to above, then a prior regulatory approval will be required.
Additionally, shareholders who seek to convert the Rupee proceeds from a sale of shares in India into foreign currency
and repatriate that foreign currency from India will require a no objection or a tax clearance certificate from the Indian
income tax authorities. Additionally, the Government of India may impose foreign exchange restrictions in certain
emergency situations, including situations where there are sudden fluctuations in interest rates or exchange rates,
where the Government of India experiences extreme difficulty in stabilising the balance of payments, or where there
are substantial disturbances in the financial and capital markets in India. We cannot assure investors that any required
approval from the RBI or any other governmental agency can be obtained on any particular terms or at all. Further,
the Government of India on April 22, 2020 amended the FEMA Non-debt Instruments Rules pursuant to which any
investment into India by an entity of a country which shares a land border with India, or the beneficial owner of an
investment into India who is situated in or is a citizen of any such country, shall require the approval of the Government
of India. For further details, see “Restrictions on Foreign Ownership of Indian Securities” beginning on page 379.

As an Indian company, we are also subject to exchange controls that regulate borrowing in foreign currencies. Such
regulatory restrictions limit our financing sources and could constrain our ability to obtain financing on competitive
terms and refinance existing indebtedness. In addition, we cannot assure you that any required regulatory approvals
for borrowing in foreign currencies will be granted to us without onerous conditions, or at all. Limitations on foreign
debt may have an adverse effect on our business growth, financial condition and results of operations.

56. Any future issuance of Equity Shares may dilute your shareholding and sales of the Equity Shares by our
Promoters or other significant shareholders may adversely affect the trading price of the Equity Shares.

We may be required to finance our growth through future equity offerings. Any future equity issuances by our
Company, including a primary offering or through the ESOP Schemes may lead to the dilution of investors’
shareholdings in the Company. Any future issuances of Equity Shares or the disposal of Equity Shares by our
Promoters or other significant Shareholders or the perception that such issuance or sale may occur may adversely
affect the trading price of the Equity Shares, which may lead to other adverse consequences including difficulty in
raising capital through offering of the Equity Shares or incurring additional debt. We cannot assure you that we will
not issue further Equity Shares or that the shareholders will not dispose of, pledge or otherwise encumber the Equity
Shares held by them. Any future issuances could also dilute the value of your investment in the Equity Shares.

57. Certain of our existing Shareholders together may be able to exert significant influence over our Company
after completion of the Offer, which may limit your ability to influence the outcome of matters submitted for
approval of our Shareholders.

Following the completion of the Offer, our Promoters will continue to hold more than 20.00% of our post-Offer Equity
Share capital. Certain other Shareholders may also continue to hold more than 10.00% of our post-Offer Equity Share
capital. Such shareholdings to be held by our Promoters and certain significant shareholders could limit your ability
to influence corporate matters requiring shareholder approval especially the resolutions which are required to be
approved by way of special resolutions by the Shareholders under the provisions of the Companies Act. Any
consequent delay or non-receipt of shareholder approval for such matters could adversely affect our business. In
addition, following the completion of the Offer and subject to the approval of shareholders by special resolution after
the successful completion of the Offer, AVMS, I-Cap, AG-II, Tano, Maj Invest and TR Capital will each have the
right to appoint one non–executive nominee director on the Board until such time that such shareholder continues to
hold 5.00% of the issued and paid-up share capital of our Company, on an as adjusted basis. For further details on
their shareholding and their right to appoint nominee directors, see “Capital Structure” and “History and Certain
Corporate Matters” on pages 68 and 169, respectively.

58. Rights of shareholders under Indian law may be more limited than under the laws of other jurisdictions.

Indian legal principles and the validity of corporate procedures, directors’ fiduciary duties and liabilities, and
shareholders’ rights may differ from those that would apply to a company in another jurisdiction. Shareholders’ rights
under Indian law may not be as extensive as shareholders’ rights under the laws of other countries or jurisdictions.
Investors may have more difficulty in asserting their rights as shareholders of our Company than as shareholders of a
corporation in another jurisdiction.

49
59. Fluctuation in the exchange rate of the Rupee and other currencies could have an adverse effect on the value
of our Equity Shares, independent of our operating results.

Our Equity Shares will be quoted in Rupees on the Stock Exchanges. Any dividends, if declared, in respect of our
Equity Shares will be paid in Rupees and subsequently converted into the relevant foreign currency for repatriation,
if required. Any adverse movement in exchange rates during the time that it takes to undertake such conversion may
reduce the net dividend to investors. In addition, any adverse movement in exchange rates during a delay in repatriating
the proceeds from a sale of Equity Shares outside India, for example, because of a delay in regulatory approvals that
may be required for the sale of Equity Shares may reduce the net proceeds received by shareholders.

The exchange rate of the Rupee has changed substantially in the last two decades and could fluctuate substantially in
the future, which may have a material adverse effect on the value of the Equity Shares and returns from the Equity
Shares, independent of our operating results.

60. Investors may have difficulty enforcing foreign judgments against us or our management.

We are a limited liability company incorporated under the laws of India. The majority of our directors and key
management personnel are residents of India and all of our assets are located in India. As a result, it may not be
possible for investors to effect service of process upon us or such persons outside of India, or to enforce judgments
obtained against such parties outside of India.

Recognition and enforcement of foreign judgments is provided for under Section 13 of the Code of Civil Procedure,
1908 (“CPC”) on a statutory basis. Section 13 of the CPC provides that foreign judgments shall be conclusive
regarding any matter directly adjudicated upon, except: (i) where the judgment has not been pronounced by a court of
competent jurisdiction; (ii) where the judgment has not been given on the merits of the case; (iii) where it appears on
the face of the proceedings that the judgment is founded on an incorrect view of international law or a refusal to
recognise the law of India in cases to which such law is applicable; (iv) where the proceedings in which the judgment
was obtained were opposed to natural justice; (v) where the judgment has been obtained by fraud; and (vi) where the
judgment sustains a claim founded on a breach of any law then in force in India. Under the CPC, a court in India shall,
upon the production of any document purporting to be a certified copy of a foreign judgment, presume that the
judgment was pronounced by a court of competent jurisdiction, unless the contrary appears on record. However, under
the CPC, such presumption may be displaced by proving that the court did not have jurisdiction.

Among others, the United Kingdom, Singapore, the United Arab Emirates and Hong Kong have been declared by the
Government of India to be reciprocating territories for the purposes of Section 44A of the CPC. Section 44A of the
CPC provides that where a foreign judgment has been rendered by a superior court, within the meaning of that Section,
in any country or territory outside of India which the Central Government has by notification declared to be in a
reciprocating territory, it may be enforced in India by proceedings in execution as if the judgment had been rendered
by the relevant court in India. However, Section 44A of the CPC is applicable only to monetary decrees not being of
the same nature as amounts payable in respect of taxes, other charges of a like nature or of a fine or other penalties.

We have been advised by our Indian counsel that the United States and India do not currently have a treaty providing
for reciprocal recognition and enforcement of judgments, other than arbitration awards, in civil and commercial
matters. Therefore, a final judgment for the payment of money rendered by any federal or state court in the United
States on civil liability, whether or not predicated solely upon the federal securities laws of the United States, would
not be enforceable in India. However, the party in whose favour such final judgment is rendered may bring a new suit
in a competent court in India based on a final judgment that has been obtained in the United States. The suit must be
brought in India within three years from the date of the judgment in the same manner as any other suit filed to enforce
a civil liability in India.

It is unlikely that a court in India would award damages on the same basis as a foreign court if an action was brought
in India. Furthermore, it is unlikely that an Indian court would enforce a foreign judgment if that court was of the view
that the amount of damages awarded was excessive or inconsistent with public policy or Indian practice. It is uncertain
as to whether an Indian court would enforce foreign judgments that would contravene or violate Indian law. However,

50
a party seeking to enforce a foreign judgment in India is required to obtain approval from the RBI to execute such a
judgment or to repatriate any amount recovered.

61. Holders of Equity Shares may be restricted in their ability to exercise pre-emptive rights under Indian law
and thereby may suffer future dilution of their ownership position.

Under the Companies Act, a company having share capital and incorporated in India must offer its holders of equity
shares pre-emptive rights to subscribe and pay for a proportionate number of equity shares to maintain their existing
ownership percentages before the issuance of any new equity shares, unless the pre-emptive rights have been waived
by adoption of a special resolution by our Company. However, if the laws of the jurisdiction the investors are located
in do not permit them to exercise their pre-emptive rights without our filing an offering document or registration
statement with the applicable authority in such jurisdiction, the investors will be unable to exercise their pre-emptive
rights unless our Company makes such a filing. If our Company elects not to file a registration statement, the new
securities may be issued to a custodian, who may sell the securities for the investor’s benefit. The value the custodian
receives on the sale of such securities and the related transaction costs cannot be predicted. In addition, to the extent
that the investors are unable to exercise pre-emptive rights granted in respect of the Equity Shares held by them, their
proportional interest in our Company would be reduced.

62. QIBs and Non-Institutional Bidders are not permitted to withdraw or lower their Bids (in terms of quantity of
Equity Shares or the Bid Amount) at any stage after submitting a Bid.

Pursuant to the SEBI Regulations, QIBs and Non-Institutional Bidders are not permitted to withdraw or lower their
Bids (in terms of quantity of Equity Shares or the Bid Amount) at any stage after submitting a Bid. Retail Individual
Bidders can revise their Bids during the Bid/Offer Period and withdraw their Bids until Bid/Offer Closing Date. While
our Company is required to complete Allotment pursuant to the Offer within six working days from the Bid/Offer
Closing Date (or such other period as prescribed under applicable laws), events affecting the Bidders’ decision to
invest in the Equity Shares, including material adverse changes in international or national monetary policy, financial,
political or economic conditions, our business, cash flows, results of operation or financial condition may arise
between the date of submission of the Bi d and Allotment. Our Company may complete the Allotment of the Equity
Shares even if such events occur, and such events limit the Bidders’ ability to sell the Equity Shares Allotted pursuant
to the Offer or cause the trading price of the Equity Shares to decline on listing.

63. Our Company will not receive any proceeds from the Offer for Sale portion. The objects of the Fresh Issue
for which the funds are being raised have not been appraised by any bank or financial institutions. Any
variation in the utilisation of our Net Proceeds as disclosed in this Draft Red Herring Prospectus would be
subject to certain compliance requirements, including prior shareholders’ approval.

The Offer includes an offer for sale of up to 27,055,893 Equity Shares by the Selling Shareholders. The proceeds from
the Offer for Sale will be paid to Selling Shareholders and we will not receive any such proceeds. Our Company
intends to primarily use the Net Proceeds of the Fresh Issue for augmenting its capital base to meet future capital
requirements, as described in “Objects of the Offer” on page 88.

Such intended use of proceeds has not been appraised by any bank or financial institution. Our Company will appoint
a monitoring agency for monitoring the utilisation of the Net Proceeds. Any variation in the objects of the Fresh Issue
would require shareholders’ approval and may involve considerable time or may not be forthcoming and in such an
eventuality it may adversely affect our operations or business.

Further, our Promoters or controlling shareholders would be required to provide an exit opportunity to the shareholders
who dissent with our proposal to change the objects of the Offer, at a price and in the manner as specified in Sections
13(8) and 27 of the Companies Act, 2013 and the SEBI ICDR Regulations. Additionally, the requirement on the
Promoters or controlling shareholders to provide an exit opportunity to such dissenting shareholders may discourage
the Promoters or our controlling shareholders from undertaking steps for the variation of the proposed utilisation of
our Net Proceeds, even if such variation is in our interest. Further, we cannot assure you that our Promoters or the
controlling shareholders will have adequate resources at their disposal at all times to enable them to provide an exit
opportunity to the dissenting shareholders at the price specified in the SEBI ICDR Regulations.

51
 SECTION III: INTRODUCTION

THE OFFER

The details of the Offer are disclosed below.

Offer of Equity Shares of face value of ₹10 each Up to [●] Equity Shares aggregating to up to ₹[●] million

Of which
Fresh Issue (1) Up to [●] Equity Shares aggregating to up to ₹ 8,500 million
Offer for Sale (2) Up to 27,055,893 Equity Shares aggregating to up to ₹ [●]
million

Including
Employee Reservation Portion(3) Up to [●] Equity Shares aggregating to up to ₹[●] million

Accordingly
Net Offer Up to [●] Equity Shares

Of which
(A) QIB Portion(4)(5) Not more than [●] Equity Shares

Of which
Anchor Investor Portion Up to [●] Equity Shares
Net QIB Portion (assuming Anchor Investor [●] Equity Shares
Portion is fully subscribed)

Of which
Mutual Fund Portion [●] Equity Shares
Balance for all QIBs including Mutual [●] Equity Shares
Funds

(B) Non-Institutional Portion(4) Not less than [●] Equity Shares

(C) Retail Portion(4) Not less than [●] Equity Shares

Pre and Post-Offer Equity Shares

Equity Shares outstanding prior to the Offer (as on the date of 120,177,303 Equity Shares
this Draft Red Herring Prospectus)
Equity Shares outstanding after the Offer [●] Equity Shares

Use of Proceeds by our Company For details of the use of proceeds from the Fresh Issue, see
“Objects of the Offer” beginning on page 88.

Our Company will not receive any proceeds from the Offer for
Sale.

(1) The Fresh Issue has been authorized by a resolution dated January 15, 2021 passed by our Board and a special resolution dated January
22, 2021 passed by our Shareholders. Our Company may consider a Pre-IPO Placement aggregating upto ₹1,500 million, in
consultation with the BRLMs, prior to the filing of the Red Herring Prospectus with the RoC. The Pre-IPO Placement shall be undertaken
at the discretion of our Company and the Selling Shareholders and the price of the securities allotted pursuant to the Pre-IPO Placement
shall be determined by our Company, in consultation with the BRLMs. If the Pre-IPO Placement is completed, the amount raised
pursuant to the Pre-IPO Placement will be reduced from the Fresh Issue, subject to compliance with Rule 19(2)(b) of the SCRR. Details
of the Pre-IPO Placement, if undertaken, shall be included in the Red Herring Prospectus.

52
(2) The details of authorization by each Selling Shareholder approving their participation in the Offer for Sale are as set out below:

Number of Offered
S. No. Name of the Selling Shareholder Date of board resolution Date of consent letter Shares

1. Maj Invest February 12, 2021 February 12, 2021 1,925,158

2. MSDF February 11, 2021 February 12, 2021 2,191,557
3. Tano January 18, 2021 February 12, 2021 9,302,853
4. AG II February 9, 2021 February 12, 2021 12,421,484
5. TR Capital February 9, 2021 February 12, 2021 1,214,840

(3) The maximum Bid Amount under the Employee Reservation Portion by an Eligible Employee shall not exceed ₹500,000. However, the
initial Allotment to an Eligible Employee in the Employee Reservation Portion shall not exceed ₹200,000. In the event of an under-
subscription in the Employee Reservation Portion after the initial allotment, such unsubscribed portion may be Allotted on a
proportionate basis to Eligible Employees Bidding in the Employee Reservation Portion, for a value in excess of ₹200,000, subject to
the total Allotment to an Eligible Employee not exceeding ₹500,000. The unsubscribed portion if any, in the Employee Reservation
Portion shall be added back to the Net Offer.

(4) Subject to valid Bids being received at or above the Offer Price, under-subscription, if any, in any category, except the QIB Portion,
would be allowed to be met with spill-over from any other category or combination of categories of Bidders at the discretion of our
Company, in consultation with the BRLMs and the Designated Stock Exchange. In case of under-subscription in the Offer, the Equity
Shares in the Fresh Issue will be issued prior to the sale of Equity Shares in the Offer for Sale. In the event of achieving aforesaid
minimum subscription, however, there is under-subscription in achieving the total Offer size, the Equity Shares will be allotted in the
following order: (i) such number of Equity Shares will first be Allotted by our Company such that 90% of the Fresh Issue portion is
subscribed; (ii) upon (i), all the Equity Shares held by the Selling Shareholders and offered for sale in the Offer for Sale will be Allotted
(in proportion to the Offered Shares being offered by each Selling Shareholder); and (iii) once Equity Shares have been Allotted as per
(i) and (ii) above, such number of Equity Shares will be Allotted by our Company towards the balance 10% of the Fresh Issue portion.
See “Terms of the Offer – Minimum Subscription” beginning on page 357.

(5) Our Company and the Selling Shareholders may, in consultation with the BRLMs, allocate up to 60% of the QIB Portion to Anchor
Investors on a discretionary basis in accordance with the SEBI ICDR Regulations. The QIB Portion will be accordingly reduced for the
shares allocated to Anchor Investors. One-third of the Anchor Investor Portion will be reserved for domestic Mutual Funds only, subject
to valid Bids being received from domestic Mutual Funds at or above the Anchor Investor Offer Price. In case of under-subscription or
non-Allotment in the Anchor Investor Portion, the remaining Equity Shares will be added back to the Net QIB Portion. See “Offer
Procedure” beginning on page 362.

Allocation to Bidders in all categories, except the Retail Portion and the Anchor Investor Portion, if any, shall be made
on a proportionate basis, subject to valid Bids being received at or above the Offer Price, as applicable. Allocation to
Retail Individual Bidders shall not be less than the minimum Bid Lot, subject to availability of Equity Shares in the
Retail Portion, and the remaining available Equity Shares, if any, shall be allocated on a proportionate basis. Allocation
to Anchor Investors shall be on a discretionary basis in accordance with the SEBI ICDR Regulations. For further
details, see “Offer Structure”, “Terms of the Offer” and “Offer Procedure” beginning on pages 358, 352 and 362,
respectively.

53
 SUMMARY OF FINANCIAL INFORMATION

The following tables set forth summary financial information derived from the Restated Financial Information. The
summary financial information presented below should be read in conjunction with “Financial Statements” and
“Management’s Discussion and Analysis of Financial Condition and Results of Operations” beginning on pages 202
and 280, respectively.

(Remainder of the page has been intentionally left blank)

54
Restated Statement of Assets and Liabilities
(Amounts in ₹ millions)
Particulars As at As at As at As at
September 30, 2020 March 31, 2020 March 31, 2019 March 31, 2018
(Proforma)

Assets
Financial assets
Cash and cash equivalents 11,476.28 6,885.83 1,740.06 1,587.81
Other bank balances 1,817.45 1,516.56 881.88 658.33
Trade receivables 16.85 53.20 56.63 21.92
Loans 43,862.83 43,471.91 35,152.16 20,384.55
Investments - - 0.33 0.52
Other financial assets 133.11 212.26 361.32 103.04
Total financial assets 57,306.52 52,139.76 38,192.38 22,756.17

Non-financial assets
Current tax assets (net) 38.10 41.07 32.40 0.84
Deferred tax assets (net) 534.25 352.76 36.47 69.84
Property, plant and equipment 57.91 64.91 60.10 49.92
Intangible assets under development 2.33 0.48 0.53 -
Intangible assets 45.52 53.88 57.04 53.41
Right of use asset 63.24 74.03 64.57 40.25
Other non-financial assets 83.30 81.32 87.48 66.27
Total non-financial assets 824.65 668.45 338.59 280.53

Total assets 58,131.17 52,808.21 38,530.97 23,036.70

Liabilities and equity

Liabilities
Financial liabilities
Payables
Trade payables
- Total outstanding dues of micro enterprises and small
- - - -
enterprises
- Total outstanding dues of creditors other than micro
enterprises and small enterprises - - - -

Other payables
- Total outstanding dues of micro enterprises and small
- - - -
enterprises
- Total outstanding dues of creditors other than micro
enterprises and small enterprises - - - -

Debt securities 6,578.71 - 624.59 1,169.46

Borrowings (other than debt securities) 37,977.05 39,834.10 27,758.78 16,034.11
Subordinated liabilities 2,138.04 2,097.03 1,851.52 1,497.60
Other financial liabilities 720.21 903.18 1,042.65 381.86
Total financial liabilities 47,414.01 42,834.31 31,277.54 19,083.03

Non-financial liabilities
Current tax liabilities (net) 208.90 4.43 - -
Provisions 164.02 142.30 52.37 26.19
Other non-financial liabilities 191.58 200.86 229.49 108.85

55
Total non-financial liabilities 564.50 347.59 281.86 135.04

Total liabilities 47,978.51 43,181.90 31,559.40 19,218.07

Equity
Share capital 1,111.71 1,103.21 1,026.74 884.65
Other equity 9,040.95 8,523.10 5,944.83 2,933.98
Total equity 10,152.66 9,626.31 6,971.57 3,818.63

Total liabilities and equity 58,131.17 52,808.21 38,530.97 23,036.70

- - - -

56
Restated Statement of Profit and Loss
(Amounts in ₹ millions)
Particulars Six months period ended Year ended Year ended Year ended
30 September 2020 March 31, 2020 March 31, 2019 March 31, 2018
(Proforma)

Revenue from operations

Interest income 4,913.78 8,614.63 5,848.38 3,096.79
Fees and commission income 41.88 252.52 198.44 129.27
Net gain on de-recognition of financial instruments - 332.48 426.96 -
Other operating income 4.22 18.37 14.84 4.63
Total revenue from operations 4,959.88 9,218.00 6,488.62 3,230.69
Other income 114.05 127.06 27.31 48.02
Total income 5,073.93 9,345.06 6,515.93 3,278.71
Expenses
Finance costs 2,376.42 3,822.01 2,547.85 1,241.26
Impairment on financial instruments 633.47 1,558.79 368.43 483.35
Employee benefits expenses 938.93 1,570.08 1,172.58 688.31
Depreciation and amortisation 33.96 66.96 52.72 40.27
Other expenses 276.05 651.36 602.98 351.21
Total expenses 4,258.83 7,669.20 4,744.56 2,804.40

Profit before tax 815.10 1,675.86 1,771.37 474.31

Tax expenses:
- Current tax 333.28 752.08 458.52 202.60
- Deferred tax expense/(credit) (143.82) (344.23) 46.99 (37.04)
- Excess tax provisions written back - - (10.54) (1.00)
189.46 407.85 494.97 164.56

Profit for the period/year 625.64 1,268.01 1,276.40 309.75

Other comprehensive income (OCI)
(A) Items that will not be reclassified to profit or loss
Re-measurement loss on defined benefit plans (13.41) (57.61) (11.61) (5.31)
Fair value of equity instruments - (0.33) - (0.02)
Income tax related to these items 3.38 14.58 4.06 1.86
Sub-total (A) (10.03) (43.36) (7.55) (3.47)

(B) Items that will be reclassified to profit or loss

Fair valuation of financial assets (136.24) 168.93 (29.94) -
Income tax related to these items 34.29 (42.52) 10.46 -
Sub-total (B) (101.95) 126.41 (19.48) -

Total other comprehensive income (A + B) (111.98) 83.05 (27.03) (3.47)

Total comprehensive income 513.66 1,351.06 1,249.37 306.28

Earnings per equity share (face value ₹ 10 each)
Basic earnings per share (₹) 5.75 12.07 14.05 3.52
Diluted earnings per share (₹) 5.74 12.05 14.02 3.51

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