Noida Power Company Limited True-up and ARR Summary for FY 2021-22

The document presents the true-up and annual revenue requirement (ARR) details for Noida Power Company Limited for the fiscal year 2021-22. It includes components of ARR, variance analysis, revenue surplus details, expenses breakdown, and other financial aspects. The report highlights deviations, reasons for variance, power purchase, sales, expenses, employee costs, and more, providing a comprehensive overview of the company's financial status.

• Noida Power Company
• True-up
• ARR
• Financial Analysis
• Fiscal Year

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1. Noida Power Company Limited True-up FY 2021-22, APR FY 2022-23 & ARR FY 2023-24 Petition No. 1919/2022 10th March 2023 1

2. True-up FY 2021-22 2

3. True-up for FY 2021-22: Components of ARR ARR Approved Vide TO dt 26.08.2021 Audited / True up Petition for FY 2021-22 ARR for FY 20-21 Trued-up vide TO dt 20.07.2022 Reasons for Deviation (C) % Variance % Variance Particulars Unit (A) (B) C= (B-A) /A ( D) E= (B-D) /D F Power Purchase 2,682.83 2,540.05 (5.32) 2,187.83 16.10 MU Refer Slide 8 Sales 2,473.57 2,338.04 (5.48) 2,014.56 16.06 Power Purchase Expenses 1,044.51 1,485.06 42.18 886.19 67.58 Rate variance in Short Term and Long Term Power. For details Refer Slide No.8 & 9 Transmission Expenses 200.46 150.26 (25.04) 152.19 (1.27) Total Power Purchase expense 1,244.96 1,635.32 31.35 1,038.38 57.49 R&M Expense 39.16 53.97 37.83 38.25 41.11 Rs. Crore Employee Expenses 31.25 68.26 118.41 29.49 131.48 Refer Slide No.13 14.51 15.67 7.93 13.06 19.95 A&G Expense 84.93 137.90 62.37 80.80 70.67 Gross O&M expenses Proportionate CAPEX at Actual value to Interest on long term Loan 45.36 52.07 14.81 37.44 39.09 Interest on Security Deposit 11.79 12.23 3.74 12.60 (2.96) As per ESC 2005 3

4. True-up for FY 2021-22: Components of ARR ARR Approved Vide TO dt 26.08.2021 (A) Audited / True up Petition for FY 2021-22 (B) ARR for FY 20-21 Trued-up vide TO dt 20.07.2022 ( D) % Variance % Variance Reasons for Deviation (C) Particulars Unit C= (B-A) /A E= (B-D) /D F Proportionate to CAPEX at actual value Depreciation 46.12 56.37 22.24 33.90 66.29 Income Tax 19.03 24.10 26.64 16.36 47.29 As per IT Act Gross Expenditure 1,452.18 1,917.99 32.08 1,219.48 57.28 Less: Employee exp. Capitalized 10.00 8.98 (10.21) 9.82 (8.56) Prop. to Capex at actual Net Expenditure 1,442.18 1,909.01 32.37 1,209.66 57.81 As asset retired during the year Loss on Sale of Fixed Asset - 2.92 - - - Rs. Crore Prov. for bad & doubtful debts 19.07 18.31 (3.97) 16.93 8.18 Contribution towards Contingency Reserve Sub-total As per MYT Regulations 2019 - 4.44 - - - 1,461.25 1,934.68 32.40 1,226.59 57.73 Proportionate to Capex at actual As per actual As per actual treasury income from own funds Add: Return on Equity 56.57 71.64 26.64 48.65 47.26 Less: Revenue from OA Customers 0.10 - - - less Less: Non tariff income 9.36 8.75 (6.50) 22.99 (61.95) Aggregate Revenue Requirement Revenue from Tariff 1,508.46 2,049.03 1,997.48 1,939.66 32.42 (5.34) 1,252.27 1,679.78 59.51 15.47 As per actual 4

5. True-up for FY 2021-22: Components of ARR ARR for FY 20-21 Trued-up Vide TO dt 20.07.22 Reasons for Deviation (C) ARR Approved Vide TO dt 26.08.2021 Audited / True up Petition for FY 2021-22 % Variance % Variance Particulars Unit (A) (B) C= (B-A) /A ( D) E= (B-D) /D F Less: Carrying Cost on Surplus / (Gap) 87.25 (0.63) (100.72) 57.38 (101.09) Revenue Surplus/(Gap) 627.82 (58.44) (109.31) 484.89 (112.05) B/f accumulated Revenue Surplus/ (Gap) from Preceding Years 548.99 22.33 (95.93) 385.84 (94.21) Rs. Crore Revenue Surplus/(Gap) c/f 1,176.81 (36.12) (103.07) 870.73 (104.15) Impact of Orders of LTPPA (provisionally considered) Included in (439.14) - - - Refer slide 9 PPC Net Revenue Surplus/ (Gap) 737.67 (36.12) (104.88) 870.73 (104.15) 5

6. Sub-components Revenue (True-up FY 2021-22) ARR Approved Vide TO dt 26.08.2021 (A) Audited / True up Petition for FY 2021-22 (B) ARR for FY 20-21 Trued-up vide TO dt 20.07.2022 ( D) % Variance % Variance Reasons for Deviation (C) Particulars C= (B-A) /A E= (B-D) /D F Non Industrial Bulk Supply (HV-1) 317.75 237.70 (25.19) 191.32 24.24 1. 15.45 As per Audited A/cs which may vary from ARR approved variance in factors like uninterrupted import of power, hours, load shedding hours, power factor, consumption various time blocks etc. Heavy and Large Industry (HV-2) 874.47 952.80 8.96 825.26 claimed/ due Domestic (LMV-1) 570.63 464.53 (18.59) 409.11 13.55 to Non Domestic (LMV-2) 42.87 46.89 9.38 39.30 19.32 Public Lighting (LMV-3) 32.11 34.90 8.69 28.72 21.52 supply Public & Private Institutions (LMV-4) 20.21 10.60 (47.54) 9.24 14.75 under Private Tube Wells (LMV-5) 2.72 3.68 35.31 4.38 (15.97) Small & Medium Power (LMV-6) 112.02 103.59 (7.52) 88.02 17.69 Public Water Works (LMV-7) 24.96 27.69 10.95 24.88 11.31 2. Unmetered Consumers billed on the basis of actual nos. of consumers and connected every month. State Tube Wells (LMV-8) 0.11 0.21 87.33 0.21 (1.87) Temporary Supply (LMV-9) 47.20 57.06 20.90 56.75 0.55 Electric Vehicle Charging (LMV-11) 3.96 - - - - load of Total 2,049.03 1,939.66 (5.34) 1,677.18 15.65 6

7. Sub-components Sales (MU) (True-up FY 2021-22) ARR Approved Vide TO dt 26.08.2021 Audited / True up Petition for FY 2021-22 ARR for FY 20-21 Trued-up vide TO dt 20.07.2022 % Variance % Variance Reasons for Deviation (C) Particulars (A) (B) C= (B-A) /A ( D) E= (B-D) /D F 31.17 1. As per Audited A/cs which may vary from ARR claimed/ approved due to variance in factors uninterrupted import of power, supply hours, load shedding hours, power consumption various time blocks etc. Non Industrial Bulk Supply (HV-1) 319.98 216.13 (32.45) 164.77 Heavy and Large Industry (HV-2) 1,064.07 1,150.17 8.09 986.19 16.63 Domestic (LMV-1) 767.63 694.48 (9.53) 617.44 12.48 like Non Domestic (LMV-2) 50.71 41.45 (18.27) 33.78 22.70 Public Lighting (LMV-3) 37.52 37.35 (0.45) 31.06 20.25 Public & Private Institutions (LMV-4) 19.95 12.25 (38.62) 10.37 18.09 factor, under Private Tube Wells (LMV-5) 25.49 14.58 (42.82) 19.47 (25.14) Small & Medium Power (LMV-6) 112.72 100.70 (10.66) 82.46 22.12 Public Water Works (LMV-7) 25.13 24.91 (0.86) 22.54 10.54 2. Unmetered Consumers billed on the basis of actual nos. consumers connected every month. State Tube Wells (LMV-8) 0.09 0.06 (29.60) 0.09 (29.60) of Temporary Supply (LMV-9) 44.80 45.96 2.59 43.88 4.74 and of load Electric Vehicle Charging (LMV-11) 5.48 - - - - Total 2,473.57 2,338.04 (5.48) 2,012.05 16.20 7

8. True-up FY 2021-22: Energy Balance ARR Approved Vide TO dt 26.08.2021 Audited / True up Petition for FY 2021-22 ARR for FY 20-21 Trued-up vide TO dt 20.07.2022 Reasons for Deviation (C) % Variance % Variance Particulars (A) (B) C= (B-A) /A ( D) E= (B-D) /D F Energy Sales (MUs) 2,473.57 2,338.04 (5.48) 2,014.56 16.06 Distribution Loss % 7.80% 7.95% 1.96 7.92% 0.42 Given below Distribution Loss (MUs) 209.26 202.01 (3.46) 173.27 16.59 Energy Purchase (MUs) 2,682.83 2,540.05 (5.32) 2,187.83 16.10 Change in Consumption pattern due to curbs during COVID-19 pandemic Lack of LCC drives, Police support etc. resulting into rampant theft during lockdown imposed to contain COVID-19 infections Increased power supply in 118 villages as per State Govt. directives Unauthorised connections in illegal colonies in Doob Area, the Company restrained from providing connections as per NGT/ GNIDA Illegal tapping from underground/overhead wires, puncturing ABC cable / by-passing of meters Lack of effective punitive measures No Anti-theft Police Station, Special Court 8

9. True-up FY 2021-22: Power Purchase Cost Reasons for deviation (C) ARR Approved Vide TO dt 26.08.2021 Audited / True up Petition for FY 2021-22 ARR for FY 20-21 Trued-up vide TO dt 20.07.2022 Variance Variance Source MUs Rs./kWh Rs. Cr MUs Rs./kWh Rs. Cr % MUs Rs./kWh Rs. Cr % G=(E- B)/B A B C D E F H I J K=(E-I)/I F Power Purchase from LTPPA 1,182.73 3.83 452.69 1,157.35 5.27 610.40 37.80 1,208.69 4.27 516.32 23.47 Approved Power Purchase as Order 26.08.2021 Arrears of LT Thermal Power* Prov. approved in T.O. - - 155.07 - Prov. approved in T.O. - per dt Power Purchase from MTPPA 580.57 4.15 240.83 434.78 4.21 182.89 1.41 294.25 4.21 123.85 (0.06) Power Purchase from STPPA 454.05 3.54 160.76 678.88 6.01 408.03 69.76 569.06 3.62 205.83 66.17 Actual PPC as per rate variation in IEX/ Deep Portal Power Purchase from RE 465.46 4.09 190.23 227.83 4.41 100.56 8.00 115.83 3.87 44.83 14.04 Variation as per DSM To be approved while truing up 41.21 6.82 28.11 - To be approved while truing up - Sub-Total PGCIL UPPTCL UPPTCL Arrears Total Power Purchase 2,682.83 2,682.83 2,682.83 3.89 0.56 0.19 1,044.51 149.59 50.86 2,540.05 2,540.05 2,540.05 5.85 0.30 0.29 1,485.06 75.35 74.91 50.17 (46.80) 55.57 2,187.83 2,187.83 4.07 0.20 890.83 43.65 94.48 14.07 1,038.38 43.59 48.68 As (31.71) per actual approved / 2,187.83 0.43 - - 2,682.81 4.64 1,244.96 2,540.05 6.44 1,635.32 38.74 2,187.83 4.75 35.65 *Arrears of LT Thermal approved vide TO dt. 22.11.2021 as detailed in subsequent slide 9

10. Arrears of LT Thermal approved vide TO dt. 22.11.2021 (1/3) Amount Rs. Cr. Item For Details Refer Slide Arrears as per Genco Truing up order dt. 22.11.2021 earlier deferred in NPCL s Truing up orders (Net of rebate) 98.86 11 Carrying Cost on above Incremental O&M Expenditure approved in TO. dt. 22.11.2021 30.96 2.73 Carrying Cost on Additional Coal Charges for FY 2017-18 and FY 2018-19 as approved in TO. dt. 22.11.2021 13.62 12 Carrying Cost on Change in Law Charges for FY 2016-17 to FY 2018-19 as approved in TO. Dt 22.11.2021 9.01 Amount approved by Hon ble UPERC in Genco s Truing-up Petition in addition to amount billed by Genco. 1.37 Carrying Cost approved on above Subtotal Rebate as applicable Total Arrears 0.45 156.99 (1.92) 155.08 10

11. Arrears of LT Thermal approved vide TO dt. 22.11.2021 (2/3) Rs. Cr. Particulars Ref. FY-17 FY-18 FY-19 Total Amount Billed by Genco before TO dt. 22.11.2021 a 37.91 457.83 526.55 1,022.29 Less: Rebate b 0.8 10.46 10.95 22.21 Net Amount Claimed in NPCL s True-up Petitions c=a-b 37.11 447.36 515.61 1,000.08 Amount Trued-up in NPCL s Tariff Orders d 37.11 447.36 416.74 901.22 Differential Arrears to be approved with Carrying Cost e=c-d - - 98.86 98.86 ROI Period Arrears Period Carrying Cost (as applicable) A B C D=B*C FY 2018-19 98.86 14.57% 6 months (Average) 7.2 FY 2019-20 98.86 14.46% 12 months 14.29 FY 2020-21 98.86 9.57% 12 months 9.46 Total 98.86 30.96 11

12. Arrears of LT Thermal approved vide TO dt. 22.11.2021 (3/3) Item Amount Rs. Cr. Remarks Incremental O&M Expenditure for FY 2016-17 to FY 2017-18 2.73 Refer page no. 70 of the Order Carrying Cost on Additional Coal Charges for FY 2017-18 and FY 2018-19 13.62 Refer page no. 67 of the Order Carrying Cost on Change in Law Charges for FY 2016-17 to FY 2018-19 9.01 Refer page no. 68 of the Order Total 25.35 12

13. O & M Expenses Rs. Cr. Approved ARR in TO dt 26.08.2021 Audited / True up Petition FY 2021-22 FY 2020-21 Trued-up vide TO dt 20.07.2022 Reasons for deviation (C) Particulars % Variance % Variance (A) (B) C= (B-A) /A ( D) E= (B-D) /D F Repair & Maintenance 39.16 53.97 37.83 38.25 41.11 Employee Expenses (net) 21.25 59.29 178.93 19.67 201.40 Explained as under Administrative & General Expenses 14.51 15.67 7.93 13.06 19.95 Net O & M Expenses 74.93 128.92 72.06 70.98 81.63 Normative O&M approved on the basis of past 5 years Trued-up and not actual O&M Growth in parameters no. consumers etc. not considered in normative O&M Cost of implementation of various recently notified Regulations by : Uttar Pradesh Electricity Regulatory Commission (Standard of Performance) Regulations, 2019 Electricity (Rights of Consumers) Rules, 2020 Directions of Ministry of Power (CEA) (Installation and Operation of Meters) (Amendment) Regulations, 2019 Directions of Hon ble Commission for 100% Feeder Metering Cyber Security related Regulations and Directions Cost of increased legal compliance under GST, MCA, Ind AS, ICFR & Income Tax etc. AMC of IT & Automation assets ranges between 15% to 22%, Office equipment's @ 10% Higher cost for IT enabled skilled manpower Higher cost of semi-skilled / unskilled manpower due to MNREGA Sharp increase in Minimum Wages, not covered in CPI/ WPI Impact of Seventh Pay Commission w.e.f. 1stJan 2016 Licensed area of the Company being a part of National Capital Region (NCR) and proximate to Delhi and Gurugram Lack of strong law and order infrastructure in the Area resulting in higher pilferages and higher breakdowns. Increase in volumes, consumers numbers, office infrastructure etc Reconciliation of O&M Expenses provided in next slide 13

14. Reconciliation of O&M Expenses with Audited A/c Rs. Cr. Sl. No. Description Amount in Rs. Cr. Relevant reference of Audited A/cs 1 Employee cost 59.32 Refer Note-31 Re-measurement of post-employment benefit obligations (as per Ind AS requirement) 2 (0.04) Refer Statement of Profit & Loss 3 Other Expenses 93.35 Refer Note-34 4 Other borrowing costs 1.12 Refer Note-31 5 Total Operating Expenses 153.74 Less: Items not to be considered in O & M Expenses 6 Bad Debts Written off (including provision) (18.31) Refer Note-34 7 Loss on sale of Fixed Assets (2.92) Refer Note-34 8 CSR Expenses (3.59) Refer Note-34 9 Total O&M Expenses claimed 128.92 Total may not tally due to rounding off 14

15. True-up FY 2021-22: Capital Expenditure Rs. Cr Approved in Order dt 26.08.2021 Reasons for deviation Nature of Works Petitioned Actual New Connections, Replacement Stock & Metering New Connection to Oppo Mobile India Pvt Ltd at 132 kV voltage level Substations, Transformers, 33kV, 11 kV & LT Network Process System Automation IT Projects Civil Works & Office Infrastructure Facility Tools & Testing Equipment Vehicles# Demand Side Management Lease Hold Land Sub-Total 46.81 The proposed capex not achieved due to delay in lands, by GNIDA. Non availability of some critical equipment, delay preparation of site consumers etc 153.67 54.89 could be 125.66 8.56 15.12 28.45 2.99 2.25 67.74 2.8 11.05 9.52 1.06 1.58 239.71 RoW 2 6.33 3.7 in 345.03 239.71 199.16 Included Above 78.79 120.37 by Add: Salary Capitalization 10.00 Included Above Less: Consumer Contribution Net Capital Expenditure 112.51 242.52 112.51 127.2 #Vehicles have been procured to replace obsolete or old Vehicles and also to new joinees or employees promoted as per Company Policy 15

16. True-up FY 2021-22: Regulatory Asset Rs. Cr FY 2020-21 Trued-up vide Order dt 20.07.2022 Approved ARR in Order dt 26.08.2021 Audited / True up Petition FY 2021-22 Reasons for deviation (C) % Variance % Variance Particulars (A) (B) C= (B-A) /A ( D) E= (B-D) /D F Opening Revenue Surplus/(Gap) brought Forward 548.99 22.33 (95.93) 385.84 (94.21) 627.82 (58.44) (109.31) 484.89 (112.05) As per Actuals Revenue Surplus/(Gap) for the year Closing Revenue Surplus/ (Gap) Carried forward 1,176.81 (36.12) (103.07) 870.73 (104.15) Impact of Orders of LTPPA (provisionally considered) Included in (439.14) - - - Refer slide 9 PPC Net Revenue Surplus/ (Gap) approved for FY 2020-21 737.67 (36.12) (104.88) 870.73 (104.15) 16

17. Other Parameters FY 2019-20 FY 2020-21 FY 2021-22 Particulars Trued UP vide Order dated 26.08.2021 Trued UP vide Order dated 20.07.2022 Actual/ Claimed UoM Approved Energy Purchase (MUs) Distribution Loss % Energy Sales (MUs) MU % MU 2,261.58 8.00% 2,080.65 2,187.83 7.92% 2,014.56 2,682.83 7.80% 2,473.57 2,540.05 7.95% 2,338.04 Power Purchase Cost including Transmission cost 1,635.32# Rs. Cr. 1,048.05 1,038.38 1,244.96 Other Component of ARR including Carrying Cost Rs. Cr. 203.24 271.25 176.25 362.79 Total ARR (including Carrying cost) Rs. Cr. 1,251.29 1,309.63 1,421.21 1,998.11 Average Cost of Service (ACOS) (Per unit sales) Rs. / unit 6.01 6.50 5.75 8.55 Revenue from Tariff (incl. Surcharge*) Rs. Cr. 1,649.95 1,679.78 2,049.03 1,939.66 Average Billing Rate (ABR) (Per unit sales) Rs. / unit 7.93 8.34 8.28 8.30 # Without Arrears * Regulatory surcharge applicable till Sep 2019 in FY 2019-20 17

18. Annual Performance Review (APR) FY 2022-23 18

19. APR for FY 2022-23: Components of ARR Approved ARR in order dt 20.07.2022 (A) 3,012.12 2,780.19 FY 2021-22 Audited / True up Petition ( D) 2,540.05 2,338.04 Reasons for deviation (C) APR Petition % Variance % Variance Particulars Unit (B) 3,292.66 3,039.13 C= (B-A) /A E= (B-D) /D F Power Purchase Sales Power Purchase Expenses 9.31% 9.31% 29.63 29.99 MU Estimated Rate variance Short Term and Long Power, details Refer to Slide No. 25 1,323.80 1,700.37 28.45% 1,485.06 14.50 in Transmission Expenses 207.56 227.39 9.56% 150.26 51.33 Term for Total Power Purchase expense 1,531.36 1,927.76 25.89% 1,635.32 17.88 R&M Expense Employee Expenses A&G Expense Gross O&M expenses 41.31 33.08 14.10 88.49 64.72 76.90 26.63 168.26 56.67% 132.50% 88.83% 90.14% 53.97 68.26 15.67 137.90 19.92 12.66 70.01 22.01 5.35Prop. to est. CAPEX Rs. Crore Refer to Slide No. 26 Interest on long term Loan 43.82 54.86 25.20% 52.07 Interest on Security Deposit 12.51 13.02 4.07% 12.23 6.46 As per ESC 2005 -Prop. to est. Working Capital Interest on Working Capital - 2.20 - - 19

20. APR for FY 2022-23: Components of ARR Approved ARR in order dt 20.07.2022 (A) FY 2021-22 Audited / True up Petition ( D) Reasons for deviation (C) APR Petition % Variance % Variance Particulars Unit (B) C= (B-A) /A 34.64% 33.08% 29.42% -28.57% 29.89% E= (B-D) /D F Depreciation Income Tax Gross Expenditure Less: Employee exp. Capitalized Net Expenditure Loss on Sale of Fixed Asset Prov. for bad & doubtful debts Contribution towards Contingency Reserve Smart Metering / DT Metering / SOP implementation OPEX Sub-total Add: Return on Equity Less Revenue from Open Access Customers Less: Non tariff income Aggregate Revenue Requirement Net Revenue from Tariff * 47.42 19.54 63.85 26.00 56.37 24.10 13.26 Prop. to est. CAPEX 7.91 As per Income Tax Act 17.62 11.37 Prop. to est. CAPEX 17.65 10.62 As per latest Estimate 159.85Latest Estimate/ As per MYT Regulations 2019 10.62 1,743.14 14.00 1,729.14 2,255.95 10.00 2,245.95 3.23 47.59 1,917.99 8.98 1,909.01 2.92 18.31 - - 22.51 111.46% - 4.92 - 4.44 Rs. Crore Included above 2,301.68 77.31 Nil# - - - Refer to slide No.34 1,751.65 58.10 31.40% 33.08% 1,934.68 71.64 18.97 7.91 Prop. to est. CAPEX - 1.10 0.10 1016.90 As per latest Estimate 22.99 8.75 -61.95% 8.75 0.00 As per latest Estimate 1,786.75 2,369.14 32.59% 1,997.48 18.61 2,006.88 2,272.06 13.21% 1,939.66 17.14 As per latest estimate # 50% R&M expenditure allowed to UP State Discoms *Includes impact of Regulatory Discount 20

21. APR for FY 2022-23: Components of ARR FY 2021-22 Audited / True up Petition Reasons for deviation (C) Approved ARR in order dt 20.07.2022 APR Petition % Variance % Variance Particulars Unit E= (B-D) /D (A) (B) C= (B-A) /A ( D) F 50.40 (8.64) (117.13) (0.63) 1280.84 Less: Carrying Cost on Surplus / (Gap) 270.53 (105.72) (139.08) (58.44) 80.90 Revenue Surplus/(Gap) Rs. Crore Accumulated Revenue Surplus/(Gap) from Preceding Years 951.03 (36.12) (103.80) 22.33 (261.77) 1,221.56 (141.84) (111.61) (36.12) 292.72 Revenue Surplus/(Gap) Included in PPC Included in PPC Impact of Orders of LTPPA (provisionally considered) -Refer slide 25 (642.48) - Net Revenue Surplus/ (Gap) approved for FY 2020-21 579.08 (141.84) (36.12) (124.49) 292.72 21

22. Sub-components of Sales (MU) (APR FY 2022-23) Approved ARR in order dt 20.07.2022 (A) FY 2021-22 Audited / True up Petition ( D) Reasons for deviation (C) APR Petition % Variance % Variance Particulars (B) C= (B-A) /A E= (B-D) /D F Non Industrial Bulk Supply (HV-1) 333.37 341.97 2.58 216.13 58.22 1. Based on Latest estimated which may vary from ARR claimed / approved due to variance in factors like uninterrupted import of power, supply hours, load shedding hours, power factor, consumption under various time blocks etc. Heavy and Large Industry (HV-2) 1,269.96 1,450.44 14.21 1,150.17 26.11 Domestic (LMV-1) 852.78 926.22 8.61 694.48 33.37 Non Domestic (LMV-2) 47.57 51.82 8.94 41.45 25.03 Public Lighting (LMV-3) 37.87 37.56 (0.83) 37.35 0.55 Public & Private Institutions (LMV-4) 16.97 16.38 (3.50) 12.25 33.72 Private Tube Wells (LMV-5) 20.45 16.32 (20.18) 14.58 11.99 Small & Medium Power (LMV-6) 116.96 117.96 0.86 100.70 17.14 Public Water Works (LMV-7) 26.69 28.04 5.06 24.91 12.54 2. Unmetered Consumers billed based on estimated number of consumers and connected load of every month. # State Tube Wells (LMV-8) 0.07 0.03 (62.52) 0.06 (58.59) Temporary Supply (LMV-9) 52.29 52.17 (0.22) 45.96 13.52 Electric Vehicle Charging (LMV-11) 5.19 0.21 (95.91) - - Total 2,780.19 3,039.13 9.31 2,338.04 29.99 # Category LMV-8 merged with Category LMV-7 in pursuance of Tariff Order dated 20.07.2022 22

23. Sub-components of Revenue (Rs. Cr.)* (APR FY 2022-23) Approved ARR in order dt 20.07.2022 FY 2021-22 Audited / True up Petition Reasons for deviation (C) APR Petition % Variance % Variance Particulars (A) (B) 315.41 1,067.15 596.94 56.39 32.60 C= (B-A) /A ( D) E= (B-D) /D F 32.70 1. 12.00 28.50 20.26 (6.58) Based on Latest estimated which may vary from ARR claimed / approved due to variance in factors like uninterrupted import of power, supply hours, load shedding hours, power factor, consumption under various time blocks etc. Non Industrial Bulk Supply (HV-1) Heavy and Large Industry (HV-2) Domestic (LMV-1) Non Domestic (LMV-2) Public Lighting (LMV-3) 291.16 917.91 532.83 48.49 34.40 8.33 16.26 12.03 16.30 (5.22) 237.70 952.80 464.53 46.89 34.90 Public & Private Institutions (LMV-4) 15.21 16.14 6.12 10.60 52.23 Private Tube Wells (LMV-5) Small & Medium Power (LMV-6) Public Water Works (LMV-7) State Tube Wells (LMV-8) Temporary Supply (LMV-9) Electric Vehicle Charging (LMV-11) 3.77 87.90 3.40 (9.82) 21.84 18.02 3.68 (7.63) 3.38 (2.02) (84.80) (13.04) 107.10 27.13 0.03 49.62 0.13 103.59 27.69 0.21 57.06 22.99 # - 48.81 3.41 1.67 2. Unmetered Consumers billed based on estimated number of consumers and connected load of every month (96.05) - - Total 2,006.88 2,272.06 13.21 1,939.66 17.14 *Net of Regulatory Discount # Category LMV-8 merged with Category LMV-7 in pursuance of Tariff Order dated 20.07.2022 23

24. APR FY 2022-23: Energy Balance Approved ARR in order dt 20.07.2022 FY 2021-22 Audited / True up Petition Reasons for deviation (C) APR Petition % Variance % Variance Particulars (A) (B) C= (B-A) /A ( D) E= (B-D) /D F Energy Sales (MUs) 2,338.04 29.99 2,780.19 3,039.13 9.31 Distribution Loss (%) (3.18) 7.70% 7.70% - 7.95% NA Distribution Loss (MUs) 25.50 231.93 253.53 9.31 202.01 Energy Purchase (MUs) 2,540.05 29.63 3,012.12 3,292.66 9.31 24

25. APR FY 2022-23: Power Purchase Cost Approved ARR in order dt 20.07.2022 Varianc e FY 2021-22 Audited / True up Petition Reasons for deviation (G) APR Petition Variance Rs./kW h Rs./kW h Rs./kW h Source of Power Purchase MUs Rs. Cr MUs Rs. Cr % MUs Rs. Cr % G=(E- B)/B A B C D E F H I J K=(E-I)/I L Power Purchase from LTPPA 1,192.46 4.29 511.53 1,189.27 4.55 540.56 5.96 1157.35 5.27 610.40 (16.03) Approved Power Purchase as per Order 20.07.2022 21.09.2022 (MYT Order) based on latest estimate as per market conditions. Arrears - - - - - (157.97) - - - 155.07 (201.87) Power Purchase from MTPPA 486.51 4.13 200.97 431.79 4.19 181.07 1.52 434.78 4.21 182.89 (0.31) dated and Power Purchase from STPPA 749.63 4.62 346.66 1,114.65 7.27 810.68 57.27 678.88 6.01 408.03 17.36 Power Purchase from RE 583.63 4.53 264.66 516.23 5.64 291.31 24.44 227.83 4.41 100.56 21.78 present Variation as per DSM - - - 40.71 8.53 34.72 - 41.21 6.82 28.11 20.03 Sub-Total 3,012.12 4.39 1,323.80 3,292.66 5.16 1,700.37 17.51 2540.05 5.85 1485.06 (13.21) PGCIL 3,012.12 0.46 138.01 3,292.66 0.43 140.54 (6.84) 2540.05 0.30 75.35 30.50 As estimate/ approved per latest UPPTCL 3,012.12 0.23 69.55 3,292.66 0.26 86.85 14.24 2540.05 0.29 74.91 (11.81) Total Power Purchase 3,012.12 5.08 1,531.36 3,292.66 5.85 1,927.76 15.16 2540.05 6.44 1635.32 (9.96) 25

26. APR FY 2022-23: O & M Expenses Rs. Cr. Reasons for deviation (C) F Approved ARR in order dt 20.07.2022 (A) FY 2021-22 Audited / True up Petition ( D) Particulars APR Petition % Variance % Variance (B) C= (B-A) /A E= (B-D) /D Repair & Maintenance 41.31 64.72 56.67 53.97 19.92 Net Employee Expenses 19.08 66.90 250.69 59.29 12.85 Explained as under Administrative & General Expenses 14.10 26.63 88.83 15.67 70.01 Net O & M Expenses 74.49 158.26 112.45 128.92 22.75 Normative O&M approved on the basis of past 5 years Trued-up and not actual O&M Growth in parameters no. consumers etc. not considered in normative O&M Cost of implementation of various recently notified Regulations by : Uttar Pradesh Electricity Regulatory Commission (Standard of Performance) Regulations, 2019 Electricity (Rights of Consumers) Rules, 2020 Directions of Ministry of Power (CEA) (Installation and Operation of Meters) (Amendment) Regulations, 2019 Directions of Hon ble Commission for 100% Feeder Metering Cyber Security related Regulations and Directions Cost of increased legal compliance under GST, MCA, Ind AS, ICFR & Income Tax etc. AMC of IT & Automation assets ranges between 15% to 22%, Office equipment's @ 10% Higher cost for IT enabled skilled manpower Higher cost of semi-skilled / unskilled manpower due to MNREGA Sharp increase in Minimum Wages, not covered in CPI/ WPI Impact of Seventh Pay Commission w.e.f. 1stJan 2016 Licensed area of the Company being a part of National Capital Region (NCR) and proximate to Delhi and Gurugram Lack of strong law and order infrastructure in the Area resulting in higher pilferages and higher breakdowns. Increase in volumes, consumers numbers, office infrastructure etc 26

27. APR FY 2022-23: Capital Expenditure Rs. Cr Approved in order dt 20.07.2022 Nature of Works Petitioned Estimated Reasons for deviation CAPEX above 10 Cr. Capex required for expansion/ new connection/network growth Capex required for loss reduction Capex required for any other work with details Gross CAPEX Salary Capitalization Net CAPEX Less: Consumer Contribution Add: Assets taken over from GNIDA & Other Agencies Grand Total 153.17 186.89 157.22 - 4.54 21.35 179.05 10.00 189.05 36.24 1.00 153.81 CAPEX approved based on projections/ estimates in Sep-Oct 21 and Latest estimate 21.15 208.04 14.00 222.04 44.49 1.00 178.55 demand 157.22 14.00 171.22 44.49 1.00 127.73 27

28. APR FY 2022-23: Regulatory Asset Rs. Cr Approved ARR in order dt 20.07.2022 FY 2021-22 Audited / True up Petition Reasons for deviation (C) APR Petition % Variance % Variance S. No. Particulars (A) (B) C= (B-A) /A ( D) E= (B-D) /D F Opening Revenue Surplus/(Gap) brought Forward 951.03 (36.12) (103.80) 22.33 (261.77) 1 270.53 (105.72) (139.08) (58.44) 80.90 2 Revenue Surplus/(Gap) for the year Closing Revenue Surplus/ (Gap) Carried forward 1,221.56 (141.84) (111.61) (36.12) 292.72 3 Included in Impact of Orders of LTPPA (provisionally considered) Included in Refer Slide 25 (642.48) - 4 PPC PPC Net Revenue Surplus/ (Gap) approved for FY 2020-21 579.08 (141.84) (124.49) (36.12) 292.72 5 28

29. APR FY 2022-23: Other Parameters Rs. Cr. FY 2020-21 FY 2021-22 FY 2022-23 S. No. Particulars UoM Claimed Claimed Approved Estimated 1 Energy Purchase (MUs) MU 2,196.36 2,540.05 3,012.12 3,292.66 2 Distribution Loss (%) % 8.39% 7.95% 7.70% 7.70% 3 Energy Sales (MUs) MU 2,012.05 2,338.04 2,780.19 3,039.13 Power Purchase Cost including Transmission cost 4 Rs. Cr. 1,157.13 1,635.32 1,531.36 1,927.76 Other Component of ARR including Carrying Cost 5 Rs. Cr. 333.23 362.79 305.80 432.74 Total ARR (including Carrying cost) 6 Rs. Cr. 1,490.36 1,998.11 1,837.16 2,360.51 Average Cost of Service (ACOS) (Per Unit Sale) 7 Rs./Unit 8.55 6.61 7.77 7.41 8 Revenue from Tariff* Rs. Cr. 1,677.18 1,939.66 2,006.88 2,272.06 Average Billing Rate (ABR) (Per Unit Sale) 9 Rs./Unit 8.34 8.30 7.22 7.48 *Net of Regulatory Discount 29

30. Annual Revenue Requirement (ARR) FY 2023-24 30

31. ARR for FY 2023-24: Components of ARR FY 2023-24 Projected FY 2022-23 APR Petition % Variance Particulars Reasons for Deviation UoM ( A) (B) E= (A-B) /B 3,589.47 3,292.66 9.01 Power Purchase MUs 3,315.59 3,039.13 9.10 Sales Refer to slide 38 & 39 1,806.92 1,700.37 6.27 Power Purchase Expenses 324.30 227.39 42.61 Transmission Expenses 2,131.21 1,927.76 10.55 Total Power Purchase expense 72.38 64.72 11.83 R&M Expense Rs. Crore 91.12 76.90 18.49 Employee Expenses 29.36 26.63 10.23 A&G Expense Explained in Slide No. 34 192.85 168.26 14.62 Gross O&M expenses 61.78 54.86 12.61 Interest on long term Loan 14.39 13.02 10.53 Interest on Security Deposit 0.59 2.20 (73.12) Interest on Working Capital 31

32. ARR for FY 2023-24: Component of ARR FY 2023-24 Projected ( A) FY 2022-23 APR Petition (B) % Variance Particulars UoM Reasons for Deviation E= (A-B) /B Depreciation Income Tax Gross Expenditure Less: Employee exp. Capitalized Net Expenditure Loss on Sale of Fixed Asset Prov. for bad & doubtful debts 74.79 29.01 63.85 26.00 17.14 11.57 11.02 20.00 10.98 7.91 Projected 4.70 Projected 9.07 As per MYT Regulations 2019 Explained in Slide No. 34 2,504.63 12.00 2,492.63 3.48 49.83 2,255.95 10.00 2,245.95 3.23 47.59 Contribution towards Contingency Reserve 5.36 4.92 Rs. Crore Smart Metering / DT Metering / SOP implementation OPEX Sub-Total Add: Return on Equity Less: Revenue from Open Access Customers Less: Non tariff income Aggregate Revenue Requirement Included above in O&M # 2,551.29 Included above in - Explained in Slide No. 34 O&M # 2,301.68 77.31 1.10 8.75 2,369.14 10.84 11.57 Explained in Slide No. 34 74.64 Projected - Projected 10.88 Based on Hon ble UPERC Business Plan order dt. 20.07.2022 86.26 1.93 8.75 2,626.87 Revenue from Tariff * 2,378.83 2,272.06 4.70 # 50% R&M expenditure allowed to UP State Discoms *Net of Regulatory Discount 32

33. ARR for FY 2023-24: Component ARR FY 2023-24 Projected FY 2022-23 APR Petition % Variance Particulars Reasons for Deviation Unit ( A) (B) E= (A-B) /B Less: Carrying Cost on Surplus / (Gap) (27.12) (8.64) 214.03 NA Revenue Surplus / (Gap) (275.16) (105.72) 160.27 NA Rs. Crore Accumulated Revenue Surplus/ (Gap) from Preceding Years (141.84) (36.12) 292.72 NA Revenue Surplus/(Gap) c/f (416.99) (141.84) 193.99 NA 33

34. ARR for FY 2023-24: Reason for Deviation Particulars Reason for deviations Employee Cost - - - - - - Impact of Seventh Pay Commission w.e.f. 1st Jan 2016 Higher cost for IT enabled skilled manpower, Higher Cost of semi-skilled / unskilled manpower due to MNREGA Sharp increase in Minimum Wages, not covered in CPI/ WPI Cost of increased legal compliance under GST, MCA, Ind AS, ICFR & Income Tax etc. Deploying additional manpower to contain Bad Debts to 1.5% vis- -vis 2% allowable Employee Cost Capitalized R&M Expenses A&G Expenses Smart Metering / DT Metering / SOP implementation OPEX Depreciation Misc. Expenses & GST Impact Income Tax Return on Equity Interest on Long Term Loan Interest on Consumer Security Deposit & Working Capital Non Tariff Income Proportionate to Capex AMC of IT & Automation assets between 15% to 22%, Office equipment's @ 10% Optimization of Costs like Variable Pay-out, incentives on improved performances Implementation of various Regulations e.g. SOP 2019, directions of Hon ble UPERC, CEA, Cyber Security etc. Proportionate to CAPEX In compliance with Statutory Provisions As per Income Tax Act Proportionate to CAPEX at projected value Proportionate to CAPEX Projected for CSD & Bank rate movements Projected 34 34

35. ARR for FY 2023-24: Load (MW) FY 2023-24 Projected FY 2022-23 APR Petition % Variance Category Reasons for Deviation ( A) (B) E= (A-B) /B Non Industrial Bulk Supply (HV-1) 192.60 159.49 20.77 560.06 499.25 12.18 Heavy and Large Industry (HV-2) 643.32 576.97 11.50 Domestic (LMV-1) 47.77 41.73 14.46 Non Domestic (LMV-2) 12.58 12.20 3.17 Public Lighting (LMV-3) As Hon'ble Commission in the Company's Business Plan Order 22.11.2022. approved by the 8.30 7.71 7.56 Public & Private Institutions (LMV-4) 6.50 5.58 16.55 Private Tube Wells (LMV-5) dated 100.24 90.47 10.80 Small & Medium Power (LMV-6) 13.88 12.98 6.86 Public Water Works (LMV-7) - - - State Tube Wells (LMV-8)* 19.69 19.49 1.03 Temporary Supply (LMV-9) 1.81 0.75 141.25 Electric Vehicle Charging (LMV-11) 1,606.75 1,426.62 12.63 Total * Category LMV-8 merged with Category LMV-7 in pursuance of Tariff Order dated 20.07.2022 35

36. ARR for FY 2023-24: Number of Consumer . FY 2023-24 Projected FY 2022-23 APR Petition % Variance Category Reasons for Deviation (A) (B) E= (A-B) /B Non Industrial Bulk Supply (HV-1) 285 264 22.29 1,040 963 16.06 Heavy and Large Industry (HV-2) 1,54,407 1,26,259 10.15 Domestic (LMV-1) 5,060 4,360 5.62 Non Domestic (LMV-2) 499 453 19.74 Public Lighting (LMV-3) As approved by the Hon'ble Commission in the Company's Business Plan Order 22.11.2022. 620 587 6.39 Public & Private Institutions (LMV-4) 1,292 1,079 7.74 Private Tube Wells (LMV-5) dated 3,880 3,647 - Small & Medium Power (LMV-6) 320 297 1.30 Public Water Works (LMV-7) - - 130.00 State Tube Wells (LMV-8)* 933 921 7.95 Temporary Supply (LMV-9) 23 10 8.00 Electric Vehicle Charging (LMV-11) 1,68,359 1,38,840 21.26 Total * Category LMV-8 merged with Category LMV-7 in pursuance of Tariff Order dated 20.07.2022 36

37. ARR for FY 2023-24: ABR* FY 2023-24 Projected FY 2022-23 APR Petition % Variance E= (A-B) /B Reasons for Deviation Category ABR (Rs. /unit) (A) ABR (Rs. /unit) (B) MUs Rs. Cr. MU Rs. Cr. Non Industrial Bulk Supply (HV-1) Heavy and Large Industry (HV-2) Domestic (LMV-1) Non Domestic (LMV-2) Public Lighting (LMV-3) Public & Private Institutions (LMV- 4) Private Tube Wells (LMV-5) Small & Medium Power (LMV-6) Public Water Works (LMV-7) State Tube Wells (LMV-8) Temporary Supply (LMV-9) Electric Vehicle Charging (LMV-11) Total 435.50 1,546.00 1,098.69 980.70 59.28 37.76 381.14 8.75 7.11 1,450.44 1,067.15 6.07 926.22 10.07 51.82 8.44 37.56 341.97 315.41 9.22 7.36 6.44 10.88 8.68 (5.11) (3.41) (5.75) (7.45) (2.73) @ 595.69 59.70 31.89 596.94 56.39 32.60 As approved by Hon'ble Commission in Company's Business Plan Order dated 22.11.2022 and amount projected. the 18.89 16.88 8.94 16.38 16.14 9.86 (9.34) the @ 20.45 130.94 30.48 4.40 2.15 8.56 9.25 16.32 117.96 28.04 0.03 52.17 0.21 3.40 2.08 9.08 9.68 11.94 9.51 6.36 7.48 3.40 (5.68) (4.39) 112.13 28.20 107.10 27.13 0.03 49.62 0.13 # - - - - 54.58 1.01 49.46 0.65 9.06 6.42 7.17 3,039.13 2,272.06 (4.73) 1.05 (4.03) 3,315.59 2,378.83 *Net of Regulatory Discount W.E.F 04.08.2022 #Category LMV-8 merged with Category LMV-7 in pursuance of Tariff Order dated 20.07.2022 @ Unmetered Consumers billed based on actual number of consumers on monthly basis 37

38. ARR FY 2023-24: Energy Balance Approved vide Business Plan Order dt. 22.11.2022 Particulars Projected Variance Energy Sales (MUs) 3,315.59 3,315.59 - Distribution Loss (%) 7.63% 7.63% - Distribution Loss (MUs) 273.88 273.88 - Energy Purchase (MUs) 3,589.47 3,589.47 - As approved by the Hon'ble Commission in the Company's Business Plan Order dated 22.11.2022. 38

39. ARR FY 2023-24 : Power Purchase Cost ARR petition for FY 2023-24 APR petition for FY 2022-23 Source of Power Purchase Reasons for Deviation Variance Amount (Rs. Cr) Amount (Rs. Cr) MUs Rs./kWh MUs Rs./kWh 1,189.42 4.51 536.31 1,189.27 3.22 382.59 40.16 As approved by the Commission in the Company's Business Order 22.11.2022. (3.45) LTPPA Thermal Hon'ble 1,091.19 4.55 496.64 431.79 4.19 181.07 8.53 MTPPA GoHP Plan dated STPPA /IEX/Banking 752.64 6.17 464.72 1,114.65 7.27 810.68 (15.10) RE Power 575.56 5.45 313.58 516.23 5.64 291.31 The cost has been projected -19.33 2.24 -4.33 40.71 8.53 34.72 (73.76) DSM/ Sale of power For power based on approved PPA Tied up 3,589.47 5.03 1,806.92 3,292.66 5.16 1,700.37 (2.52) Total PGCIL 3,589.47 0.65 233.45 3,292.66 0.43 140.54 52.37 For power based on Rate prevailing in the Market. untied UPPTCL 3,589.47 0.25 90.85 3,292.66 0.26 86.85 (4.05) Total Power Purchase Cost 3,589.47 5.94 2,131.21 3,292.66 5.85 1,927.76 1.41 39

40. ARR FY 2023-24: Projected RPO Status True Up petition for FY 2021-22 APR petition for FY 2022-23 ARR petition for FY 2023-24 RPO Source Particulars Ref. 44.62 23.48 18.63 Opening a 75.14 130.37 145.98 Obligation b Solar 96.28 135.21 147.30 Met c 23.48 18.63 17.31 Closing d=a+b-c 140.52 92.60 (170.60) Opening e 112.71 156.44 204.37 Obligation f Non-Solar 160.63 419.64 466.88 Met g 92.60 (170.60) (433.12) Closing h=e+f-g (12.71) 43.65 121.87 Opening i 56.36 78.22 87.59 Obligation j Hydro 0.00 0.00 0.00 Met k 43.65 121.87 209.45 Closing l=i+j-k 159.73 (30.10) (206.36) Cumulative Gap/(Surplus) m=d+h+l 40

41. ARR FY 2023-24: Capital Expenditure Rs. Cr Nature of Works FY 2022-23 FY 2023-24 Variance Reasons for Deviation As per Regulation 44.2 of the MYT Regulations, petition has been filed before Hon ble Commission 06.01.2023 Power Evacuation from new / upcoming 220 kV & 132 kV Substations being constructed at Greater Noida Investments to Build Cyber Resilience 87.33 2019 - - 13.54 on 100.88 Total CAPEX above 10 Cr. New Connections, Replacement Stock & Metering Substations, Transformers, 33kV, 11 kV & LT Network Loss Control Activity Process System Automation IT Projects Civil Works & Office Infrastructure Facility Tools & Testing Equipment Vehicles Demand Side Management Lease Hold Land Sub-Total Salary Capitalization Sub-Total Less: Consumer Contribution Net Capital Expenditure Add: Assets taken over from GNIDA & Other Agencies Grand Total 65.63 70.30 4.54 7.61 9.75 6.73 1.63 2.36 1.00 9.49 179.05 10.00 189.05 36.24 152.81 1.00 153.81 105.23 60.17 8.86 16.95 9.42 6.05 3.37 3.49 1.00 60.34 (14.41) 95.15 122.73 (3.38) (10.10) 106.75 47.88 Projected - Included above 314.42 12.00 326.42 59.42 266.99 1.00 267.99 75.60 20.00 72.66 63.96 87.94 - 87.33 Vehicles have been procured to replace obsolete or old Vehicles and also provide vehicles to new joinees or promoted employees as per Company Policy 41

42. ARR FY 2023-24 : Regulatory Asset Rs. Cr S. No. Particulars FY 2023-24 FY 2022-23 Variance (%) (141.84) (36.12) 292.72 1 Opening Revenue Surplus /(Gap) Brought Forward (275.16) (105.72) 160.27 2 Revenue Surplus/(Gap) for the year (416.99) (141.84) 193.99 3 Closing Revenue Surplus/ (Gap) Carried forward The Company has filed Appeal No. and Writ Petition with no.: Appeal No. 98 of 2021 against the Tariff Order dated 04.12.2020 Appeal No. 343 of 2021 against the Tariff Order dated 26.08.2021. Appeal No. 398 of 2022 against the Tariff Order dated 20.07.2022. Accordingly, the instant Petition has been prepared without considering the impact of aforesaid Orders of the Hon ble Commission. Accordingly, the Hon ble Commission is kindly requested to take an appropriate view with regard to the Tariff to be charged by the Company from the consumers for FY 2023-24. Writ Petition no. C 24992 of 2020 against Uttar Pradesh Electricity Regulatory Commission (Multi Year Tariff for Distribution and Transmission) Regulations, 2019 42

43. Other Parameters Rs. Cr. FY 2021-22 FY 2022-23 FY 2023-24 S. No. Particulars UoM Actual Estimated Projected 1 Energy Purchase (MUs) MU 2,540.05 3,292.66 3,589.47 2 Distribution Loss (%) % 7.95% 7.70% 7.63% 3 Energy Sales (MUs) MU 2,338.04 3,039.13 3,315.59 Power Purchase Cost including Transmission cost 1 Rs. Cr. 1635.32 1927.76 2131.21 Other Component of ARR including Carrying Cost 2 Rs. Cr. 362.79 432.74 522.78 3 Total ARR (including Carrying cost) Rs. Cr. 1998.11 2360.51 2653.99 Average Cost of Service (ACOS) (Per unit Sale) 4 Rs. / unit 8.55 7.77 8.00 5 Revenue from Tariff * Rs. Cr. 1939.66 2272.06 2378.83 Average Billing Rate (ABR) (Per unit Sale) 6 Rs. / unit 8.30 7.48 7.17 *Net of Regulatory Discount 43

44. Thank You 44