FUTURE PTC Notes to Accounts

1. Company overview


The financial statements comprise financial statements of PTC India Limited (the company) for the year ended 31 March 2017. The company is a public company domiciled in India and limited by shares (CIN: L40105DL1999PLC099328). The company is incorporated under the provisions of the Companies Act applicable in India. The shares of the Company are publicly traded on the National Stock Exchange of India Limited and BSE Limited. The registered office of the company is located at 2nd Floor, NBCC Tower, 15 Bhikaji Cama Place, New Delhi-110066, India.


The company is principally engaged in trading of power. PTC holds Category I license from Central Electricity Regulatory Commission (CERC), the highest category with permission to trade unlimited volumes.


The financial statements were authorized for issue in accordance with a resolution of the directors on 27 May, 2017.


2.1 Basis of preparation of financial statements


(i) Statement of Compliance


The financial statements have been prepared in accordance with Indian Accounting Standards (Ind-AS) as prescribed under section 133 of the Companies Act read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and the Companies (Indian Accounting Standards) Amendment, Rules 2016. These are the entity’s first financial statements presented under Ind AS and therefore Ind-AS 101, “First Time Adoption of Indian Accounting Standards” has been applied. Until 31 March, 2016, the entity prepared its financial statements under the historical cost convention, on the accrual basis of accounting, in accordance with the Generally Accepted Accounting Principles in India (‘GAAP’), mandatory accounting standards as notified under section 133 of the Companies Act, 2013, read together with rule 7 of the Companies (Accounts) Rules, 2014, and the relevant provisions of Companies Act, 2013.


The entity followed the provisions of Ind-AS 101, “First Time Adoption of Indian Accounting Standards”, in preparing its opening Ind-AS Balance Sheet as of the date of transition, viz., 1 April 2015. Certain Ind-AS accounting policies used in the preparation of Company’s opening Statement of Financial Position are different from the accounting policies applied under the earlier GAAP as at 31 March 2015, and accordingly the adjustments were made to restate the opening balances as per Ind-AS. The resulting adjustments arose from events and transactions before the date of transition to Ind-AS. Therefore, as required by Ind-AS 101, those adjustments were recognized directly through retained earnings as at 1 April 2015. An explanation of how the transition to Ind-AS has affected the reported financial position, financial performance and cash flows of the company is provided in note 44.


(ii) Basis of Measurement


The financial statements have been prepared on the historical cost basis except for certain financial assets and liabilities (including derivative instruments) that are measured at fair value (refer accounting policy regarding financial instruments). The methods used to measure fair values are discussed further in notes to financial statements.


Functional and presentation currency


These financial statements are presented in Indian Rupees (INR), which is the Company’s functional currency. All financial information presented in INR has been rounded to the nearest crore (upto two decimals), except as stated otherwise.


Historical cost is generally based on the fair value of the consideration given in exchange for goods and services.


2.2 Use of estimates and management judgments


The preparation of financial statements requires management to make judgments, estimates and assumptions that may impact the application of accounting policies and the reported value of assets, liabilities, income, expenses and related disclosures concerning the items involved as well as contingent assets and liabilities at the balance sheet date. The estimates and management’s judgments are based on previous experience and other factors considered reasonable and prudent in the circumstances. Actual results may differ from these estimates.


Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected.


In order to enhance understanding of the financial statements, information about significant areas of estimation, uncertainty and critical judgments in applying accounting policies that have the most significant effect on the amounts recognised in the financial statements is as under:


a) Useful life of property, plant and equipment


The estimated useful life of property, plant and equipment is based on a number of factors including the effects of obsolescence, demand, competition and other economic factors (such as the stability of the industry and known technological advances) and the level of maintenance expenditures required to obtain the expected future cash flows from the asset.


b) Recoverable amount of property, plant and equipment


The recoverable amount of plant and equipment is based on estimates and assumptions regarding in particular the expected market outlook and future cash flows. Any changes in these assumptions may have a material impact on the measurement of the recoverable amount and could result in impairment.


c) Impairment of non-financial assets


The Company assesses at each reporting date whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Company estimates the asset’s recoverable amount. An asset’s recoverable amount is the higher of an asset’s or CGU’s fair value less costs of disposal and its value in use. It is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. Where the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount.


In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs of disposal, recent market transactions are taken into account. If no such transactions can be identified, an appropriate valuation model is used.


d) Defined benefit plans


The cost of the defined benefit plan and other post-employment benefits and the present value of such obligation are determined using actuarial valuations. An actuarial valuation involves making various assumptions that may differ from actual developments in the future. These include the determination of the discount rate, future salary increases, mortality rates and attrition rate. Due to the complexities involved in the valuation and its long-term nature, a defined benefit obligation is highly sensitive to changes in these assumptions. All assumptions are reviewed at each reporting date.


e) Fair value measurement of financial instruments


When the fair values of financial assets and financial liabilities recorded in the balance sheet cannot be measured based on quoted prices in active markets, their fair value is measured using valuation techniques including the Discounted Cash Flow (DCF) model. The inputs to these models are taken from observable markets where possible, but where this is not feasible, a degree of judgement is required in establishing fair values. Judgements include considerations of inputs such as liquidity risk, credit risk and volatility. Changes in assumptions about these factors could affect the reported fair value of financial instruments.


f) Impairment of financial assets


The impairment provisions for financial assets are based on assumptions about risk of default and expected loss rates. The Company uses judgement in making these assumptions and selecting the inputs to the impairment calculation, based on Company’s past history, existing market conditions as well as forward looking estimates at the end of each reporting period.


g) Deferred Tax


Deferred tax assets are recognized for unused tax losses to the extent that it is probable that taxable profit will be available against which the losses can be utilized. Significant management judgment is required to determine the amount of deferred tax assets that can be recognized, based upon the likely timing and the level of future taxable profits together with future tax planning strategies.


h) Provisions and contingencies


The assessments undertaken in recognizing provisions and contingencies have been made in accordance with Ind AS 37, ‘Provisions, Contingent Liabilities and Contingent Assets’. The evaluation of the likelihood of the contingent events has required best judgment by management regarding the probability of exposure to potential loss. Should circumstances change following unforeseeable developments, this likelihood could alter.


i) Leases not in legal form of lease


Significant judgment is required to apply lease accounting rules under Appendix C to Ind AS 17 ‘Determining whether an arrangement contains a lease’. In assessing the applicability to arrangements entered into by the Company, management has exercised judgment to evaluate the right to use the underlying asset, substance of the transactions including legally enforceable agreements and other significant terms and conditions of the arrangements to conclude whether the arrangement needs the criteria under Appendix C to Ind AS 17.


j) Assets held for sale


Significant judgment is required to apply the accounting of noncurrent assets held for sale under Ind AS 105 ‘Non-current Assets Held for Sale and Discontinued Operations’. In assessing the applicability, management has exercised judgment to evaluate the availability of the asset for immediate sale, management’s commitment for the sale and probability of sale within one year to conclude if their carrying amount will be recovered principally through a sale transaction rather than through continuing use.


2.3 Recent accounting pronouncements Standards issued but not yet effective


In March 2017, the Ministry of Corporate Affairs issued the Companies (Indian Accounting Standards) (Amendments) Rules, 2017, notifying amendments to Ind AS 7, ‘Statement of cash flows’ and Ind AS 102, ‘Share-based payment.’ These amendments are in accordance with the recent amendments made by International Accounting Standards Board (IASB) to IAS 7, ‘Statement of cash flows’ and IFRS 2, ‘Share-based payment,’ respectively. The amendments are applicable to the Company from April 1, 2017.


Amendment to Ind AS 7


The amendment to Ind AS 7 requires the entities to provide disclosures that enable users of financial statements to evaluate changes in liabilities arising from financing activities, including both changes arising from cash flows and non-cash changes, suggesting inclusion of a reconciliation between the opening and closing balances in the balance sheet for liabilities arising from financing activities, to meet the disclosure requirement.


The Company is evaluating the requirements of the amendment and the effect on the financial statements is being evaluated.


Amendment to Ind AS 102


Further, amendments were made to Ind AS 102, with respect to accounting of a modification of a share-based payment transaction, treatment of vesting and non-vesting conditions in case of cash-settled share based payment transactions, and treatment of equity settled plan which otherwise allows net settlement by employers to settle their obligation towards withhold tax on share-based payment.


Such amendments do not have any effect on the Company’s financial statements.


Note No.3 - Property, plant and equipment


a) Refer Note 38 regarding property, plant and equipment under finance lease.


b) Refer Note 36 for disclosure of contractual commitments for the acquisition of property, plant and equipment.


c) The depreciation method applied to windmills has been changed from Written Down Method (WDV) to straight Line Method (SLM) to reflect the significant change in the expected pattern of consumption of the future economic benefits embodied in the wind mills. As per Ind AS 16 Property, Plant and Equipment, such change in the depreciation method is considered as a change in an accounting estimate and the effect of the change has been recognized prospectively in accordance with Ind AS 8-Accounting Policies, Changes in Accounting Estimates and Errors. The impact of the change in depreciation method is given as below:-


d) Information regarding gross block of assets and accumulated depreciation under previous GAAP is as follows:


Loans given to employees are measured at amortised cost. The deferred payroll expenditure represents benefits accruing to the employees. The same will be amortised on a straight line basis over the remaining period of the loan.


Considering the provisions of Appendix C to Ind AS-17 on ‘Leases’ w.r.t. determining whether an arrangement contains a lease, the Company has ascertained that the PSA entered with one of its customers falls under the definition of finance lease. Accordingly, the written down value of the specified assets has been derecognized from PPE and accounted as Finance Lease Receivables. Recovery of amounts against depreciation, interest on loan capital and return on equity (pre-tax) components from the customer is adjusted against Finance Lease Receivables and interest. The interest component of the Finance Lease Receivables and amount received on account of revision of tariff of previous periods in respect of the above three elements are recognised as ‘Interest income on assets under finance lease’ under Note 29-‘Other Income’.


Note No.4 - Assets classified as held for sale


The company invested a sum of Rs.224.33 crores in equity of Teesta Urja Limited (TUL). TUL was implementing a project of 1200 MW Teesta III Hydro Electric Project. The execution of the project suffered due to natural calamities and due to non availability of equity funds. This led to time and cost overruns. Govt. of Sikkim (GoS) agreed to have 51% equity holding in TUL by partly acquiring shares from the existing shareholders and partly by subscribing to new shares. Accordingly the company being an existing shareholder needed to sell a part of its shareholding amounting to Rs.44.03 crore to GoS which have been classified as held for sale at fair value of Rs.37.51 crore on the transition date i.e. 1 April 2015.


Thereafter, the investment was sold at its fair value of Rs.37.51 crore in August, 2015. As such there is no loss or profit on sale of such investments in FY 2015-16.


Nature and purpose of reserves:


Securities premium account


Securities premium account is used to record the premium on issue of shares/ securities. This amount is utilised in accordance with the provisions of the Companies Act, 2013.


Share option outstanding account


The share option outstanding account is used to record the value of equity settled share based payment transactions with employees. The amounts recorded in this account are transferred to share premium upon exercise of stock options by employees.


General Reserve


General Reserve is a free reserve which is created from retained earnings. The Company may pay dividend and issue fully paid-up bonus shares to its members out of the general reserve account, and company can use this reserve for buyback of shares.


Contingent Reserve


General Reserve is a free reserve which is created from retained earnings. The company may use it to meet any contingency.


Retained Earnings


Retained earnings comprise of the Company’s undistributed earnings after taxes.


FVOCI-Equity Investment Reserve


The Company has elected to recognise changes in the fair value of certain investments in equity securities in other comprehensive income. These changes are accumulated within FVTOCI reserve within equity. The Company transfers amounts from this reserve to retained earnings when the relevant equity securities are derecognised.


Considering the provisions of Appendix C to Ind AS-17 on ‘Leases’ w.r.t. determining whether an arrangement contains a lease, the Company has ascertained that the PPA entered with one of its suppliers falls under the definition of finance lease. Accordingly, the written down value of the specified assets has been recognized as PPE and accounted as Finance Lease Obligations. Paid/ payable amounts against depreciation, interest on loan capital and return on equity (pre-tax) components to the supplier is adjusted against Finance Lease Obligations and interest. The interest component of the Finance Lease Obligations and amount paid on account of revision of tariff of previous periods in respect of the above three elements are recognised as ‘Interest expense on assets under finance lease’ under Note 33- ‘Finance Cost’.


Based on the information available with the Company, there are no dues as at March 31, 2017 payable to enterprises covered under “Micro Small and Medium Enterprises Development Act, 2006”. As such, no interest is paid/payable by the Company in terms of Section 16 of the Micro, Small and Medium Enterprises Development Act, 2006.


Considering the provisions of Appendix C to Ind AS-17 on Leases w.r.t. determining whether an arrangement contains a lease, the Company has ascertained that the PSA entered with one of its customers falls under operating lease. Recovery of amounts against depreciation, interest on loan capital and return on equity (pre-tax) from the customer are considered as lease rental on the assets under operating lease.


Considering the provisions of Appendix C to Ind AS-17 on ‘Leases’ w.r.t. determining whether an arrangement contains a lease, the Company has ascertained that the PSA entered with one of its customers falls under the definition of finance lease. Accordingly, the written down value of the specified assets has been derecognized from PPE and accounted as Finance Lease Receivables. Recovery of amounts against depreciation, interest on loan capital and return on equity (pre-tax) components from the customer is adjusted against Finance Lease Receivables and interest. The interest component of the Finance Lease Receivables and amount received on account of revision of tariff of previous periods in respect of the above three elements are recognised as ‘Interest income on assets under finance lease’.


Considering the provisions of Appendix C to Ind AS-17 on Leases w.r.t. determining whether an arrangement contains a lease, the Company has ascertained that the PPA entered with one of its suppliers falls under operating lease. Paid/payables amounts against depreciation, interest on loan capital and return on equity (pre-tax)to the supplier are considered as lease rental expenses on the assets under operating lease.


Note No.5 - Finance costs


a) Considering the provisions of Appendix C to Ind AS-17 on ‘Leases’ w.r.t. determining whether an arrangement contains a lease, the Company has ascertained that the PPA entered with one of its suppliers falls under the definition of finance lease. Accordingly, the written down value of the specified assets has been recognized as PPE and accounted as Finance Lease Obligations. Paid/ payable amounts against depreciation, interest on loan capital and return on equity (pre-tax) components to the supplier is adjusted against Finance Lease Obligations and interest. The interest component of the Finance Lease Obligations and amount paid on account of revision of tariff of previous periods in respect of the above three elements are recognised as ‘Interest expense on assets under finance lease’.


b) As per Power purchase agreements entered into with the off takers of Chukha and Kurichhu power projects (Bhutan), the interest earned on the term deposits made with commercial banks for the payments received on behalf of these projects is passed back to them. Accordingly interest income as well as expense is accounted for in the books of account.


Note No.6 - Contingent liabilities and commitments


Notes


i) Claims against the Company not acknowledged as debt include:


a) The company had an arrangement with a supplier for purchase of power. The supplier claimed that the company did not off take the offered surplus power and claimed a damage of Rs.84.95 Crore (31 March 2016: Rs.84.95 crore, 1 April 2015: Rs.84.95 crore). The arbitrator concluded the arbitration in favour of the company, however, the supplier has contested the award at High Court.


b) The company had an arrangement with a supplier for purchase of power. However, due to the prevalent market situation, the company was unable to find a buyer for power from the supplier for most of the period. The supplier raised a compensation bill of Rs.43.28 Crore (31 March 2016: Rs.43.28 crore, 1 April 2015: Rs.43.38 crore) for non-supply of power. The matter is pending at Supreme Court. The company has paid a deposit amounting to Rs.20.48 crore which is subject to the outcome of the appeal before the Appellate Tribunal.


c) Pending resolution of the issues with a supplier, the company has estimate an contingency liability of Rs.68.36 crore (31 March 2016 Rs.54.66 crore 1 April 2015: Rs.33.24 crore) towards his claims


ii) Disputed income tax/ custom duty pending before various forums/ authorities amount to Rs.241.37 crore (31 March 2016: Rs.24.94 crore, 1 April 2015: Rs.112.80 crore). Many of these matters were adjudicated in favour of the Company but are disputed before higher forums/ authorities by the concerned departments.


The company has paid a deposit amounting to Rs.6.45 crore against custom duty which is subject to the outcome of the appeal.


iii) Pending resolution of the respective proceedings, it is not practicable for the company to estimate the timings of cash outflows, if any, in respect of the above as it is determinable only on receipt of judgements/decisions pending with various forums/authorities.


Possible Reimbursement


The contingent liabilities referred to in (i) above, include an amount of Rs.68.36 crore (31 March 2016: Rs.54.66 crore, 1 April 2015: Rs.33.94 crore), for which Company envisages possible reimbursement from the one of its suppliers in full.


Commitments


a). Estimated amount of contracts remaining to be executed on capital account (property, plant & equipment and intangible assets) and not provided for as at 31 March 2017 is Rs.41.44 crore (31 March 2016: Rs.0.38 crore, 1 April 2015: Rs.0.38 crore). The details is as under:-


Note No.7 - Disclosure as per Ind AS 12 ‘Income taxes’


(a) Income tax expense


i) Income tax recognised in Statement of Profit and Loss


b). In respect of investments of Rs.1408.89 crore (31 March 2016: Rs.586.69 crore, 1 April 2015: Rs.501 crore) in subsidiary Companies, the Company has restrictions for their disposal as at 31 March 2017 as under:


ii) Income tax recognised in other comprehensive income


iii) Reconciliation of tax expense and the accounting profit multiplied by India’s domestic tax rate


c). In respect of investments of Rs.165.65 crore (31 March 2016: Rs.153.61 crore, 1 April 2015: Rs.153.61 crore) in other Companies, the Company has restrictions for their disposal as at 31 March 2017 as under:


c) The future minimum lease payments (MLPs) under non-cancellable leases in respect of the operating leases are as follows:


(b) Tax losses carried forward


Deferred tax assets have not been recognised in respect of the tax losses incurred by the Company that is not likely to generate taxable income in the foreseeable future.


(c) Unrecognised deferred tax assets and liabilities Unrecognized deferred tax liabilities


There is no unrecognised deferred tax liabilities


Unrecognised deferred tax assets


Deferred tax assets have not been recognized on provision for impairment in value of investment and decrease in fair value of investments through FVOCI as there is no certainty of its realisation.


(d) Dividend distribution tax on proposed dividend not recognised at the end of the reporting period


Since year end, the directors have recommended the payment of final dividend amounting to Rs.88.80 crore (31 March 2016: 74.00 crore). The dividend distribution tax on this proposed dividend amounting to Rs.18.06 crore (31 March 2016: Rs.15.06 crore) has not been recognised since this proposed dividend is subject to the approval of shareholders in the ensuing annual General Meeting.


Note No.8 - Disclosure as per Ind AS 17 ‘Leases’


a) Operating leases


i. Leases as lessee


a) The Company’s leasing arrangements are in respect of operating leases of premises for office and land. An amount of Rs.1.17 crore (31 March 2016: Rs.0.38 crore) towards lease payments in respect of premises for offices and land are included under ‘Rent’ in Note 34.


b) The Company has classified the arrangement with one of its suppliers as lease based on the principles enunciated in Appendix C of Ind AS 17 and accounted for as operating lease in accordance with those principles. An amount of Rs.193.40 crore (31 March 2016: Rs.214.32 crore) towards lease payments in respect of the arrangement are included under Lease rental expenses on assets under operating lease’ in Note 31-’Operating expenses’


ii. Leases as lessor


a) The Company has classified the arrangement with one of its customers as lease based on the principles enunciated in Appendix C of Ind AS 17 and accounted for as operating lease in accordance with those principles. An amount of Rs.193.40 crore (31 March 2016: Rs.214.32 crore) towards lease receipts in respect of the arrangement are included under ‘Lease rentals on asset under operating lease ’ in Note 28- Revenue from operations. The future minimum lease payments (MLPs) under non-cancellable leases in respect of the same are as follows:


b) Finance leases


i Leases as lessee


a) Leasehold land acquired by the Company are capitalised at the present value of the total minimum lease payments to be paid over the lease term. Future lease rentals are recognised as ‘Finance lease obligations’ at their present values. The leasehold land is amortised considering the significant accounting policies of the Company.


b) The Company has classified the arrangement with one of its suppliers in the nature of lease based on the principles enunciated in Appendix C of Ind AS 17, ‘Leases’ and accounted for as finance lease in accordance with those principles.


c) The future minimum lease payments (MLPs) under non-cancellable leases in respect of the same are as follows:


Note No.9 - Disclosure as per Ind AS 19 ‘Employee benefits’


ii Leases as lessor


The Company has classified the arrangement with one of its customers in the nature of lease based on the principles enunciated in Appendix C of Ind AS 17, ‘Leases’ and accounted for as finance lease in accordance with those principles. The future minimum lease payments (MLPs) under non-cancellable leases in respect of the same are as follows:


(i) Defined contribution plans:


A. Provident fund


The Company pays fixed contribution to provident fund to the appropriate authorities. The contributions to the fund for the year are recognized as expense and are charged to the profit or loss. An amount of Rs.0.95 crore (31 March 2016: Rs.0.87 crore) for the year is recognised as expense on this account and charged to the Statement of Profit and Loss.


(ii) Defined benefit plans:


A. Gratuity


a) The Company has a defined benefit gratuity plan. Every employee who has rendered continuous service of five years or more is entitled to gratuity at 15 days salary (15/26 X last drawn basic salary) for each completed year of service subject to a maximum of Rs.0.10 crore on superannuation, resignation, termination, disablement or on death.


Based on the actuarial valuation obtained in this respect, the following table sets out the status of the gratuity and the amounts recognised in the Company’s financial statements as at balance sheet date:


B. Post-Retirement Medical Benefits (PRMB)


The Company has Post-Retirement Medical Facility Benefits (PRMB), under which the eligible retired employees and their spouses are provided medical facilities and an out-patient actual medical reimbursement subject to a ceiling fixed by the Company. The liability for the same is recognised annually on the basis of actuarial valuation. “


Based on the actuarial valuation obtained in this respect, the following table sets out the status of the PRMF and the amounts recognised in the Company’s financial statements as at balance sheet date:


C. Plan assets


The estimates of future salary increases considered in actuarial valuation, take account of inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment market. Further, the expected return on plan assets is determined considering several applicable factors mainly the composition of plan assets held, assessed risk of asset management and historical returns from plan assets.


ii. Sensitivity analysis


Reasonably possible changes at the reporting date to one of the relevant actuarial assumptions, holding other assumptions constant, would have affected the defined benefit obligation by the amounts shown below:


Plan assets comprise the following


D. Defined benefit obligations


i. Actuarial assumptions


The following were the principal actuarial assumptions at the reporting date:


Although the analysis does not take account of the full distribution of cash flows expected under the plan, it does provide an approximation of the sensitivity of the assumptions shown.


The sensitivity analysis above have been determined based on a method that extrapolates the impact on defined benefit obligation as a result of reasonable changes in key assumptions occurring at the end of the reporting period. This analysis may not be representative of the actual change in the defined benefit obligations as it is unlikely that the change in assumptions would occur in isolation of one another as some of the assumptions may be correlated.


E. Risk exposure


Through its defined benefit plans, the Company is exposed to a number of risks, the most significant of which are detailed below:


a) Asset volatility


The plan liabilities are calculated using a discount rate set with reference to bond yields; if plan assets underperform this yield, this will create a deficit. Most of the plan asset investments are in fixed income securities with high grades and in government securities. These are subject to interest rate risk and the fund manages interest rate risk with derivatives to minimise risk to an acceptable. The equity securities are expected to earn a return in excess of the discount rate and contribute to the plan deficit. Any deviations from the range are corrected by rebalancing the portfolio. The Company intends to maintain the above investment mix in the continuing years.


b) Changes in discount rate


A decrease in discount rate will increase plan liabilities, although this will be partially offset by an increase in the value of the plans’ assets holdings. The Company actively monitors how the duration and the expected yield of the investments are matching the expected cash outflows arising from the employee benefit obligations. The Company has not changed the processes used to manage its risks from previous periods.


F. Expected maturity analysis of the defined benefit plans in future years


Expected contributions to post-employment benefit plans for the year ending 31 March 2018 are Rs.0.49 crore.


The weighted average duration of the defined benefit plan obligation at the end of the reporting period is as under:-


(iii) Other long term employee benefit plans Leave


The Company provides for earned leave benefit (including compensated absences), non-encashable leave (NEL) and half-pay leave (not applicable for new employee joining after November, 2008) to the employees of the Company which accrue annually at 34 days, 6 days and 20 days respectively. Earned leave (EL) is encashable while in service whereas NEL is non-encashable while in service. Total number of leave (i.e. EL & NEL combined) that can be encashed on superannuation shall be restricted to 300 days and in addition to this half-pay leave is encashable upto 150 days. The scheme is unfunded and liability for the same is recognised on the basis of actuarial valuation. A provision of Rs.1.12 crore (31 March 2016: Rs.0.75 crore) for the year have been made on the basis of actuarial valuation at the year end and debited to the Statement of Profit and Loss.


Note No.10 - Disclosure as per Ind AS 24 ‘Related Party Disclosures’


a) List of Related parties:


i) Subsidiaries:


1. PTC India Financial Services Limited


2. PTC Energy Limited


ii) Associates:


Krishna Godavari Power Utilities Limited


iii) Key Managerial Personnel (KMP):


A) Whole time directors


Shri Deepak Amitabh Chairman and Managing Director


Shri Arun Kumar Director (Finance) & CFO


Shri Ajit Kumar Director (Commercial & Operations)


Dr. Rajib Kumar Mishra Director (Marketing & Business Development)


B) Non-whole time directors Shri Anil Razdan


Shri Dhirendra Swarup Shri Dipak Chatterjee Shri H.L. Bajaj


Hemant Bhargava (Nominee director of Life Insurance Corporation of India)


Shri S Balachandran Shri Ved Kumar Jain


iv) Entities having significance influence on the company


1. NTPC Limited.


2. Power Grid Corporation of India Limited.


3. Power Finance Corporation Limited


4. NHPC Limited


v) Other Related Parties:


PTC Foundation PTC India Gratuity Trust


Terms and conditions of transactions with the related parties


(a) Transactions with the related parties are made on normal commercial terms and conditions and at market rates.


(b) The Company is deputing its employees to Subsidiaries as per the terms and conditions agreed between the companies, which are similar to those applicable for deputation of employees to other companies and institutions. The cost incurred by the company towards superannuation and employee benefits are recovered from these companies.


(c ) Consultancy services provided by the Company to Subsidiaries are generally on nomination basis at the terms, conditions and principles applicable for consultancy services provided to other parties.


(d) The company has taken/given office space on lease from/to subsidiary company. The rent and other terms and conditions are fixed after mutual discussion and after taking into account the prevailing market conditions.


(e) Outstanding balances of Subsidiaries and other related parties at the year-end, are unsecured and interest free and settlement occurs through banking transaction. For the year ended 31 March 2017, the company has not recorded any impairment of receivables relating to amounts owed by related parties (31 March 2016: Rs.Nil). This assessment is undertaken each financial year through examining the financial position of the related party and the market in which the related party operates.


Note No.11 - Disclosure as per Ind AS 36 ‘Impairment of Assets’


As required by Ind AS 36, an assessment of impairment of assets was carried out and based on such assessment, the Company has accounted impairment losses as below:


The Company has invested Rs.37.55 crore as 49% of equity in its associate “Krishna Godavari Power Utilities Limited (KGPUL)” for 60 MW Thermal imported coal based project. The project was 90% completed and further progress on the project was stopped due to paucity of funds. One of the lenders has carried out the valuation of assets of the project and based on the valuation report, the company has recognized an impairment loss of Rs.37.55 crore in respect of such investment and disclosed as an exceptional item in the Statement of Profit and Loss for the year ended 31 March, 2016.


Also, refer Note No. 45 for “Reconciliation of impairment loss provisions”.


Note No.12 - First-time adoption of Ind AS Transition to Ind AS


These are the Company’s first Financial Statements in accordance with Ind AS. For periods up to and including the year ended 31 March 2016, the Company prepared its financial statements in accordance with previous GAAP, including accounting standards notified under the Companies (Accounting Standards) Rules, 2006 (as amended). The effective date for Company’s Ind AS Opening Balance Sheet is 1 April 2015 (the date of transition to Ind AS).


The accounting policies set out in Note 1 have been applied in preparing the financial statements for the year ended 31 March 2017, the comparative information presented in these financial statements for the year ended 31 March 2016 and in the preparation of an opening Ind AS Balance Sheet at 1 April 2015 (the Company’s date of transition). According to Ind AS 101, the first Ind AS Financial Statements must use recognition and measurement principles that are based on standards and interpretations that are effective at 31 March 2017, the date of first-time preparation of Financial Statements according to Ind AS. These accounting principles and measurement principles must be applied retrospectively to the date of transition to Ind AS and for all periods presented within the first Ind AS Financial Statements.


Any resulting differences between carrying amounts of assets and liabilities according to Ind AS 101 as of 1 April 2015 compared with those presented in the previous GAAP Balance Sheet as of 31 March 2015, were recognized in equity under retained earnings within the Ind AS Balance Sheet.


An explanation of how the transition from previous GAAP to Ind AS has affected the company’s financial position, financial performance and cash flows is set out in the following tables and notes.


Optional exemptions availed and mandatory exceptions


In the Ind AS Opening Balance Sheet as at 1 April 2015, the carrying amounts of assets and liabilities from the previous GAAP as at 31 March 2015 are generally recognized and measured according to Ind AS in effect as on 31 March 2017. For certain individual cases, however, Ind AS 101 provides for optional exemptions and mandatory exceptions to the general principles of retrospective application of Ind AS. The Company has made use of the following exemptions and exceptions in preparing its Ind AS Opening Balance Sheet:


Business combinations


The Company has elected not to apply IND AS 103 Business Combinations retrospectively to business combinations that occurred before the date of transition.


Property, plant and equipment & Intangible assets


Ind AS 101 permits a first-time adopter to elect to continue with the carrying value for all of its property, plant and equipment and intangible assets as recognised in the financial statements as at the date of transition to Ind AS, measured as per the previous GAAP and use that as its deemed cost as at the date of transition.


Accordingly, the Company has elected to measure all of its property, plant and equipment and intangible assets at their previous GAAP carrying value.”


Designation of previously recognised financial instruments


Ind AS 101 allows an entity to designate investments in equity instruments at FVOCI on the basis of the facts and circumstances at the date of transition to Ind AS.


The Company has elected to apply this exemption for its investment in equity investments in the following companies:


1. Teesta Urja Limited


2. Athena Energy Ventures Private Limited


3. Chenab Valley Power Projects Private Limited


Arrangements containing a lease


Appendix C, Ind AS 17 requires an entity to assess whether an arrangement contains a lease at its inception. However, Ind AS 101 provides an option to make this assessment on the basis of facts and circumstances existing at the date of transition to Ind AS. The Company has elected to apply this exemption for such contracts/arrangements.


Estimates


An entity’s estimates in accordance with Ind AS at the date of transition to Ind AS shall be consistent with estimates made for the same date in accordance with previous GAAP (after adjustments to reflect any difference in accounting policies), unless there is objective evidence that those estimates were in error.


Ind AS estimates as at 1 April 2015 are consistent with the estimates as at the same date made in conformity with previous GAAP. The Company made estimates for following items in accordance with Ind AS at the date of transition as these were not required under previous GAAP:


- Investment in equity instruments carried at FVTPL or FVTOCI;


- Investment in debt instruments carried at FVTPL; and


- Impairment of financial assets based on expected credit loss model.”


Classification and measurement of financial assets


The Company has also elected the option under Ind AS 101 by not applying the requirement of Ind AS 109 in case of employee loans which requires that these shall be recognized initially at fair value and subsequently at amortized cost. As per the exemption, if an entity finds impracticable to apply retrospectively effective interest method, the fair value of the financial asset at the date of transition to Ind ASs shall be the new amortized cost of that financial asset at the date of transition to Ind AS.


Employee stock option expense


Under the previous GAAP, the cost of equity-settled employee share-based plan were recognised using the intrinsic value method. Under Ind AS 102 Share-based payment, the cost of equity settled share-based plan is recognised based on the fair value of the options as at the grant date. However, IND AS 101 permits a first-time adopter not to apply Ind AS 102 Share-based Payment to equity instruments that were vested before the date of transition to Ind AS.


Accordingly, the company has elected to recognise the cost of equity-settled employee share-based plan using the intrinsic value method.


Reconciliation between previous IGAAP and Ind AS


Ind AS 101 requires an entity to reconcile equity, total comprehensive income and cash flows for prior periods. The following tables represent the reconciliation from previous IGAAP to Ind AS.


Notes to first-time adoption:


1 Property, plant & equipment


a) Under Indian GAAP, the company accounted for long term leasehold land taken for its office space as perpetual lease and the payments of ground paid for the said lease were being charged to profit or loss. Under Ind-AS, the company has accounted for such lease as finance lease and the payments of ground rent have been apportioned into reduction in finance obligation and recognition of interest thereon.


On transition date the carrying value of property, plant and equipment has been increased by Rs.0.04 crore with a increase in financial liabilities (finance lease obligation) by Rs.0.71 crore and decrease in retained earnings by Rs.0.67 crore.


During the year ended 31 March, 2016, depreciation on leasehold land is charged by Rs.0.05 crore with a corresponding reduction in value of property, plant and equipment. Further, ground rent under the head “’’Other expenses”“ has been derecognised by Rs.0.08 crore with corresponding recognition of “’interest expense on assets under finance lease”“ under ‘Finance cost’ .


b) Under Indian GAAP, the company capitalized upfront lease payment as leasehold land for its windmill plant . Under Ind-AS, such upfront payment is to be treated as advance rent.


The effect of the adjustments resulted in decrease in property, plant & machinery by Rs.0.08 crore with a corresponding increase in value of prepayments on transition date.


Out of total prepayments of Rs.0.08 crore, current portion of Rs.0.01 crore and non current portion of Rs.0.07 crore have been classified under the head ““Other current assets”“ and ““Other non-current assets”“ respectively.


During the year ended 31 March, 2016, depreciation on leasehold land is derecognized by Rs.0.01 crore with a corresponding reduction in prepayments under the head ““Other current assets’.


2 Fair valuation of investments


Under the previous GAAP, investments in equity instruments and mutual funds were classified as long-term investments or current investments based on the intended holding period and realisability. Long-term investments were carried at cost less provision for other than temporary decline in the value of such investments. Current investments were carried at lower of cost and fair value. Under Ind AS, these investments are required to be measured at fair value.


The resulting fair value changes of these investments have been recognised in retained earnings as at the date of transition and subsequently in the profit or loss for the year ended 31 March 2016. This increased the retained earnings by Rs.8.15 crore on transition date and Rs.8.19 crore on 31 March 2016. Corresponding increase is in value of non-current investment and current investment by Rs.4.80 crore and Rs.3.35 crore respectively as on transition date and Rs.Nil and Rs.8.19 crore respectively on 31 March, 2016.


During the year ended 31 March, 2016, other income has increased by Rs.0.04 crore due to net change in fair value of the investments.


3 Financial assets (Employee loans)


Under previous GAAP, employee loans and other long term advances to be settled in cash or another financial asset are recorded at cost. However, under Ind AS, certain assets covered under Ind AS 32 meet the definition of financial assets which include employee loans and long term advances to be settled in cash or another financial asset are classified as financial assets at amortized cost. Thus in case interest rate on such financial assets is lower than market rate, these financial assets have been discounted to present value.


The effect of the adjustments resulted in reduction in the value of financial assets (employee loans) and increase in value of non-financial assets (Deferred payroll expenses) by Rs.0.36 crore and Rs.0.31 crore respectively on transition date. As at 31 March 2016, the value of financial assets (employee loans) has been reduced and value of non-financial assets (Deferred payroll expenses) has been increased by Rs.0.37 crore and Rs.0.32 crore respectively.


Retained earnings have been decreased by net impact of Rs.0.05 crore of above adjustments on transition date as well on 31 March, 2016.


Out of total reduction of employee loans of Rs.0.36 crore (on 31 March, 2016 Rs.0.37 crore), current portion of Rs.Nil crore (on 31 March, 2016 Rs. 0.03 crore) has been classified under the head ““Current loans”“ and non current portion of Rs.0.36 crore (on 31 March, 2016 Rs.0.34 crore) has been classified under the head ““ Non-current loans”“.


Out of total increase in deferred payroll expenses of Rs.0.31 crore (on 31 March, 2016 Rs.0.32 crore), current portion of Rs.0.03 crore (on 31 March, 2016 Rs.0.03 crore) has been classified under the head ““Other current assets”“ and non current portion of Rs.0.28 crore (on 31 March, 2016 Rs. 0.29 crore) has been classified under the head ““ Other non current assets.


During the year ended 31 March, 2016, employee cost has been increased by Rs.0.03 crore with a corresponding reduction in deferred payroll expenses. Further interest on employee loan is increased by Rs.0.03 crore under the head ““Other income”“ due to unwinding of present value of financial assets”“.


4 Arrangements containing the lease


A) Arrangements with generators


The company has entered into power purchase agreements (PPAs or arrangements) with generators for supply of electricity. Under


Ind AS, the amounts receivable under these arrangements have the substance of a lease under the provisions of Appendix C to Ind AS 17 as these arrangements are dependent on use of specific assets and convey the right to use those assets. The evaluation of the arrangements is based on the facts and circumstances existing at the date of transition of the lease. Based on these evaluations, the Company has identified that the two arrangements entered into with generators are to be treated as leases. The company analyzed with reference to Ind AS 17 for classification as either finance or operating leases. Accordingly, one arrangement is classified as finance lease and another as operating lease.


i) Finance lease


Under Indian GAAP, the amounts payable to the generators were recognized as purchases . However, under Ind AS, power plant is to be treated as assets taken on finance lease and amounts payable against depreciation, interest on loan capital and return on equity (pre-tax) components are to treated as made against finance lease and have been segregated into finance expense and repayment of principal.


On transition date the carrying value of property, plant and equipment has been increase by Rs.812.20 crore with corresponding increase in financial liabilities (finance lease obligations) by Rs.790.78 crore and Increase in amount of retained earnings by Rs.21.42 crore.


Out of total financial lease obligations of Rs.790.78 crore (on 31 March, 2016 Rs.733.71 crore), current portion of Rs.74.13 crore (on 31 March, 2016 Rs.19.45 crore) has been classified under the head ““Other financial liabilities”“ and non current portion of Rs.716.65 crore (on 31 March, 2016 Rs.714.26 crore) has been classified under the head ““ Borrowings.


During the year ended 31 March 2016, purchase of energy was reduced by Rs.164.92 crore with corresponding recognition of interest expense on assets on finance lease under ‘finance cost’ by Rs.100.63 crore and reduction in value of finance lease payable by Rs.64.29 crore.


ii) Operating lease


Under Indian GAAP, the amounts payable to the generators were recognized as purchases. However, under Ind AS, amounts payable against depreciation, interest on loan capital and return on equity (pre-tax) components are to treated as made against operating lease and recognised as lease rental expense.


During the year ended 31 March 2016, purchases was reduced by Rs.214.32 crore with corresponding recognition of lease expenses on assets under operating lease under the head ‘Operating expenses’.


B) Arrangements with customers


The company has entered into Power Sale Agreements (PSAs or arrangements) with its customers for sale of electricity. However, under Ind AS, the amounts receivable under these arrangements have the substance of a lease under the provisions of Appendix C to Ind AS 17 as these arrangements are dependent on use of specific assets and convey the right to use these assets. The evaluation of the arrangements is based on the facts and circumstances existing at the date of transition of the lease. Based on these evaluations, the Company has identified that the two arrangements entered into with customers are to be treated as leases. The company analyzed with reference to Ind AS 17 for classification as either finance or operating leases. Accordingly, one arrangement is classified as finance lease and another as operating lease.


i) Finance lease


Under Indian GAAP, the amounts receivables from customers were recognized as sales of electricity. However, under Ind AS, power plant is to be treated as assets given on finance lease and amounts receivable against depreciation, interest on loan capital and return on equity (pre-tax) components are to treated as made against finance lease and has been segregated into finance income and repayment of principal. On transition date the carrying value of property, plant and equipment has been decrease by Rs.812.20 crore with a corresponding increase in financial assets (finance lease receivables) by Rs.790.78 crore and decrease in amount of retained earnings by Rs.21.42 crore.


Out of total lease receivable of Rs.790.78 crore (on 31 March, 2016 Rs.733.71 crore), current portion of Rs.74.13 crore (on 31 March, 2016 Rs.19.45 crore) has been classified under the head ““Other Financial Assets”“ and non current portion of Rs.716.65 crore (on 31 March, 2016 Rs.714.26 crore) has been classified under the head ““ Other non-current financial assets”“.


During the year ended 31 March 2016, sale of energy was reduced by Rs.164.92 crore with recognition of interest income on assets on finance lease by Rs.100.63 crore under the head ‘Other Income’ and reduction in value of finance lease receivables by Rs.64.29 crore.


ii) Operating lease


Under Indian GAAP, the amounts receivable from customers were recognized as sales of electricity. However, under Ind AS, power plant is to be treated as assets given on operating lease and amounts receivable against depreciation, interest on loan capital and return on equity (pre-tax) components are to treated as made against operating lease and have been recognised as lease rental income.


During the year ended 31 March 2016, sales of energy was reduced by Rs.214.32 crore with corresponding recognition of lease income on assets under operating lease under the head ‘Revenue from operations’.


5 Assets classified as held for sale


Under Indian GAAP, a portion of the equity investment in Teesta Urja Limited was classified under the head ““ Current investments”“ for the year ended March 31, 2015 as such portion was expected to be realised within 12 months. Thereafter, the investment was sold in the year ended March 31, 2016. Under Ind-AS GAAP, such non-current equity investment amounting to Rs.37.51 crore (at fair value) has been reclassified under the head ““Assets classified as held for sale”“ at the transition date i.e. 1 April 2015.


6 Presentation of financial assets and financial liabilities


Under Indian GAAP, trade receivables, trade payables, open access advances and advances from customers were settled off to the extent related to a single party for the purpose of presentation in the financial statements. However, under Ind-AS, such setting off is permissible only if an entity intends either to settle on a net basis or to realise the asset and settle the liability simultaneously and currently has a legally enforceable right to set off the recognized amounts.


As on transition date, trade receivables and open access advances have been increased by Rs.279.76 crore and Rs.8.78 crore respectively with a corresponding increase in trade payables and advances from vendors by Rs.266.07 crore and Rs.22.47 crore respectively. As on 31 March, 2016, trade receivables have been increased by Rs.482.37 with a corresponding increase in trade payables and advances from vendors by Rs.472.36 crore and Rs.10.01 crore respectively.


7 Proposed dividend


Under the previous Indian GAAP, dividends proposed by the board of directors after the balance sheet date but before the approval of the financial statements were considered as adjusting events. Accordingly, provision for proposed dividend was recognised as a liability. Under


Ind AS, such dividends are recognised when the same is approved by the shareholders in the general meeting. Accordingly, the liability for proposed dividend (including dividend distribution tax) included under provisions has been reversed by Rs.78.38 crore and Rs.89.06 crore on transition date and 31 March, 2016 respectively with corresponding adjustment to retained earnings. Consequently, the total equity increased by an equivalent amount.


8 Remeasurements of post-employment benefit obligations


Both under previous GAAP and Ind-AS, the company recognised costs related to its post-employment defined benefit plan on an actuarial basis. Under previous GAAP, the entire cost, including actuarial gains and losses, are charged to profit or loss. Under Ind-AS, remeasurements [comprising of actuarial gains and losses, the effect of the asset ceiling, excluding amounts included in net interest on the net defined benefit liability and the return on plan assets excluding amounts included in net interest on the net defined benefit liability] are recognised in Other comprehensive income.


As a result, profit for the year ended 31 March 2016 decreased by Rs.0.03 crore (net of tax of Rs.0.01 crore) with corresponding increase in Other comprehensive income during the year.


9 Rebate on purchase of power


The company earns rebate on purchases by making early payments to vendors as per agreements. Under Indian GAAP, rebate on purchases was classified under the head ““Revenue from operations”“ . However, under Ind AS, such rebate is reduced from purchases. Accordingly purchases are shown net of rebate on purchase of power.


During the year ended 31 March, 2016, purchases was reduced by Rs.104.92 crore with corresponding reduction in rebate on purchase of power under the head ““Revenue from operations”“.


10 Rebate on sale of power


The company gives rebate on sale of power on early payments received from its customers as per agreements. Under Indian GAAP, rebate on sale of power was shown as an expense . However, under Ind AS, such rebate is reduced from sale of electricity classified under the head ““Revenue from operations”“. Accordingly sale of electricity is shown net of rebate on sale of power.


During the year ended 31 March, 2016, sale of electricity was reduced by Rs.52.95 crore under the head ““Revenue from operations”“ with corresponding reduction in rebate on sale of power.


11 Deferred taxes


Indian GAAP requires deferred tax accounting using the income statement approach, which focuses on differences between taxable profits and accounting profits for the period. Ind AS 12 requires entities to account for deferred taxes using the balance sheet approach, which focuses on temporary differences between the carrying amount of an asset or liability in the balance sheet and its tax base. The application of Ind AS 12 approach has resulted in recognition of deferred tax on new temporary differences which was not required under Indian GAAP.


In addition, the various transitional adjustments lead to temporary differences. According to the accounting policies, the Group has to account for such differences. Deferred tax adjustments are recognised in correlation to the underlying transaction either in retained earnings or a separate component of equity. On the date of transition, the net impact on deferred tax liabilities is of Rs.1.53 crore (31 March 2016: Rs.0.67 crore). The movement of Rs.0.85 crore in the deferred tax liabilities during the year ended 31 March, 2016 has been recognized in the statement of Profit or Loss by Rs.0.86 Crore (income) and Rs.0.01 crore (expense) in other comprehensive income.


12 Other equity :


Retained earnings as at 1 April 2015 has been adjusted consequent to the above Ind AS transition adjustments. Refer ‘Reconciliation of total equity as at 31 March 2016 and 1 April 2015 as given above for details.


13 Other comprehensive income


Under Indian GAAP, the Company has not presented other comprehensive income (OCI) separately. Items that have been reclassified from statement of profit and loss to other comprehensive income includes remeasurement of defined benefit plans and fair value gain/loss on FVTOCI equity instruments. Hence, Indian GAAP profit or loss is reconciled to total comprehensive income as per Ind AS.


14 Statement of cash flows for the year ended 31 March, 2016


Note No.13 . Financial Risk Management


The Company’s principal financial liabilities comprise trade payables and other payables including financial obligations. The main purpose of these financial liabilities is to finance the Company’s operations. The Company’s principal financial assets are trade & other receivables including lease receivables, current investments and cash and short-term deposits that derive directly from its operations. The Company also holds equity investments in subsidiaries, associate companies and other companies.


The Company is exposed to the following risks from its use of financial instruments:


- Credit risk


- Liquidity risk


- Market risk


This note presents information about the Company’s exposure to each of the above risks, the Company’s objectives, policies and processes for measuring and managing risk.


Risk management framework


The Company’s activities make risk an integral and unavoidable component of business. The company manages risks in a proactive and effective manner and has taken adequate measures to address such concerns by developing adequate systems and practices.


In order to institutionalize the risk management process in the Company, there is a Risk Management Group (RMG) and an elaborate Risk Management Policy (RMP) has been formulated.


Governance Framework


The Governance framework of the Risk Management process is constituted by three layers of authority:


i) Board of Directors and Audit Committee


ii) Executive Management Team


iii) Functional Head(s)


The process of escalation to and monitoring of risks by the three layers in the Governance framework is built around the following key facilitating roles. A cross functional team approach has been followed to establish a workable and business focused risk management process in the PTC Group.


i) Chief Risk Officer (reporting to Audit Committee)


ii) Risk Owners (typically Vice President level functionaries reporting to Functional Heads)


iii) Risk Monitors


Roles and Responsibilities


Board and Audit Committee: The Board, on the recommendation of Audit Committee, approves the risk management policy framework and process and takes various decisions related to risk management policy and process.


Chief Risk Officer (CRO): The CRO provides inputs and insights in the establishment, monitoring and structuring risk management process and further monitor its compliance in accordance with relevant provisions of the policy. CRO coordinates between the Board and Executive Management Team to establish an advance / proactive risk reporting system, based on ethical principles, so that risks are understood in a simple and transparent manner.


Executive Management Team: The CEO, Whole Time Directors and other Functional heads of respective Business Units / Functions constitute the Executive Management Team. By virtue of their roles, they are the best equipped to have knowledge and understanding of their respective business functions. Hence, they constitute the first

CIN: U67190WB2003PTC096617. Trading in Commodities is done through our Group Company Dynamic Commodities Pvt. Ltd. The company is also engaged in Proprietory Trading apart from Client Business.
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Disclaimer: There is no guarantee of profits or no exceptions from losses. The investment advice provided are solely the personal views of the research team. You are advised to rely on your own judgment while making investment / Trading decisions. Past performance is not an indicator of future returns. Investment is subject to market risks. You should read and understand the Risk Disclosure Documents before trading/Investing.

Disclosure: We, Dynamic Equities Private Limited are also engaged in Proprietory Trading apart from Client Business. In case of any complaints/grievances, clients may write to us at compliance@dynamiclevels.com

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