On behalf of the Board of Directors, it is our privilege to
present the 49^th Annual Report and 6^th Integrated Annual
Report of NTPC Limited ('NTPC" or Your Company) for the
Financial Year ended 31 March 2025 along with Audited
Standalone and Consolidated Financial Statements for the

Financial Year ended 31 March 2025, the Auditors' report,
and comments of the Comptroller and Auditor General
(CAG) of India on the financial statements thereon.

NTPC's unwavering commitment to drive Nation's energy
transition remained at the core of its operations and
strategic initiatives during the FY 2024-25.

2.    Consolidated Financial Results

In accordance with the provisions of the Companies Act
2013, the Company has prepared Consolidated Financial
Results for the financial year 2024-25 which forms part of
this Integrated Report.

A statement containing the salient feature of the financial
statement of your Company's subsidiaries, associate and
joint ventures companies as per first proviso of section
129(3) of the Companies Act, 2013 is given in AOC-1 in the
Consolidated Financial Statements. The detailed financial
results are available in the Financial Statement section of
the report under the Standalone Financial Statements and
Consolidated Financial Statements.

3.    Issue of Securities/Changes in the
Capital Structure

During FY 2024-25, your Company successfully mobilized
' 4,000 crore through private placement of unsecured
bonds, carrying coupon rate of 7.26% and a maturity
period of 15 years. The funds were utilized for the various
purposes as mentioned in the offer document. Further,
Non-Convertible Redeemable Debentures amounting to
' 6,889.73 crore were redeemed during the year under
reporting.

4.    Dividend

For the financial year 2024-25, your Company has paid first
& second interim dividends of ' 2424.17 crore each (at the
rate of ' 2.50 per share) in the month of November 2024
and February 2025, respectively. Furthermore, the Board
of Directors has recommended to pay a final dividend of

' 3,248.38 crore (at the rate of ' 3.35/- per share)
which shall be declared and paid subject to approval of
shareholders at the ensuing Annual General Meeting
(AGM). With the proposed final dividend, the total
dividend payout shall be ' 8,096.72 crore (at the rate of
' 8.35/- per share). This is the 32^nd consecutive year of
dividend declaration by your Company with dividend pay-
ratio during the last five year, as under:

In terms of Regulation 43A of the Securities and
Exchange Board of India (Listing Obligations and
Disclosure Requirements) Regulations, 2015, ('SEBI
(LODR) Regulations, 2015, the Board of the Company
has formulated a Dividend Distribution Policy. The
policy is available on the website of the Company at:

https://ntpc.co.in/sites/default/files/policy-documents/Dividend-

Distribution-Policy.pdf

5. Integrated Report

Securities and Exchange Board of India (SEBI) vide circular
no. SEBI/HO/CFD/CMD/CIR/P/2017/10 dated 6^th February
2017 advised that the Top 500 listed companies, which
are required to prepare a Business Responsibility and
Sustainability Report (BRSR), may consider using integrated
reporting framework for annual reporting.

Your Company being one of the top 500 listed companies
in the Country in terms of market capitalization,
has voluntarily provided Integrated Report, which
encompasses both financial and non-financial information
to enable the Members to take well informed decisions
and have a better understanding of the Company's long¬
term perspective. This Report also touches upon aspects
such as organization's strategy, governance framework,
performance and prospects of value creation based on
the six forms of capital viz. financial capital, manufactured
capital, intellectual capital, human capital, social and
relationship capital, and natural capital.

6.    Group Companies: Subsidiaries and
Joint Ventures

Your Company is one of India's largest energy
conglomerates, established with the objective of
accelerating the development of the power sector in the
country. Over the years, it has emerged as a dominant
player in the energy industry, with a robust presence
across the entire energy value chain. The Company has
also strategically diversified its operations through its
subsidiaries, joint ventures, and associate companies,
thereby strengthening its position at the group level.

As on 31 March 2025, Your Company has total 11 subsidiary
companies and 16 joint venture companies, including 2
international joint ventures, engaged in various business
activities.

In addition, Your Company has 7 step-down subsidiary
companies under its direct subsidiary companies. Further,
details of aforesaid entities are provided in Para no. 11.1
of this Report.

7.    Operational Performance

Your Company achieved a record power generation of
372.83 billion units (BUs) on a standalone basis and 438.68
BUs at the Group level (i.e., including joint ventures (JVs)
and subsidiaries) during the FY 2024-25. This translates to
a year-on-year (Y-o-Y) growth of 3.08% on a standalone
basis and 3.90% at the Group level. Out of the total 438.68
BUs generated, thermal power stations contributed 417.08
BUs, while hydro and renewable sources contributed
13.39 BUs and 8.21 BUs, respectively. During FY 2024-25,
average Plant Load Factor (PLF) of NTPC coal stations was
77.44% as against the National Average of 69.96%.

8. Commercial Performance

8.1    Billing and Realization

During FY 2024-25, your Company has realized 100% of its
bills due for realisation. The target set by the Government
of India (GoI), for realization of dues for energy supply in
FY25 has also been achieved. Most of the beneficiaries
have made timely payments and availed the applicable
rebates.

Your Company has in place a robust payment security
mechanism in the form of Letters of Credit (LC) backed
by the Tri-Partite Agreement (TPA). Apart from the LCs,
payment is secured by the Tri-Partite Agreements (TPAs)
signed amongst the State Government(s), Government
of India (GoI) and Reserve Bank of India (RBI). As per the
TPA, any default in payment by the State owned Discoms
can be recovered directly from the State's account in RBI.
The TPAs signed during the FY 2000-01 were valid up to
31^st October 2016. Subsequently, these TPAs have been
extended for a further period of 10 to 15 years. As of
now, 29 out of total 31 States/UTs have signed the TPAs
extension documents. The signing of TPAs extension by
remaining States is being taken up.

8.2    Power Trading in Power Exchange

Your Company has been participating in both the
Integrated Day Ahead Market (I-DAM), Term Ahead
Market (TAM) and the Real Time Market (RTM) for selling
any un-requisitioned surplus (URS) in the Power Exchange
through its trading arm- NTPC Vidyut Vyapar Nigam Limited
(NVVN). Besides selling the URS power, it has also been
selling any regulated power, merchant power, relinquished
gas power, infirm power in the Power Exchanges. In the
FY25, record 6,392 million units of power worth of ' 2,984
crore has been sold in the various segment of power
exchanges by your Company. Corresponding gains for this
sale have been shared with the beneficiaries as per the
extant regulatory provisions.

8.3    Strengthening Customer Relationship

Customer Focus is one of the core values of your Company
(ICOMIT). In line with this, your Company has taken up
several initiatives targeted towards the external customers
Customer Relationship Management (CRM) and Customer
Satisfaction Index (CSI) are two important aspects of
this program. As part of the CRM, your Company has
been implementing several structured activities with the

objective of sharing its experiences and best practices
with the customers, capturing their feedbacks and
expectations, and also addressing their concerns. Some of
these activities are described below:

•    Your Company has put in place Customer Satisfaction
Index (CSI) Survey scheme, to gather the feedback
from customer through a survey and respond to their
requirements. This CSI survey has been conducted
during FY25 and the score fall under Excellent Category.

•    Your Company offers training programs to the
representatives of beneficiary companies by
conducting dedicated workshops for Discom officials.
Your Company also offers training programs for Discom
officials through Power Management Institute (PMI)
of NTPC, a capacity building initiative of power sector
personnel for equipping them with managerial and
leadership skills.

The details of the various initiatives taken by your company
for strengthening its customer relationships is available in
the Social Capital section of the report.

8.4 Commercial Capacity

During the financial year 2024-25, your Company's total
commercial capacity was 59,413 MW. Additionally, when
considering the collective efforts of your Company and its
joint ventures & subsidiaries, the aggregate group level
commercial capacity was further augmented by 3,972 MW
resulting in an overall group level commercial capacity of
79,930 MW as per detail given below: -

9. Installed Capacity

During the financial year 2024-25, your Company added 335
MW to its installed capacity and reached to 59,413 MW as on
31 March 2025 against 59,078 MW as on 31 March 2024.
In addition to this, NTPC Group made significant strides
in expanding its installed capacity. During FY25, Your
Company at Group Level successfully added 3,972 MW
of capacity, bringing its cumulative installed capacity to
79,930 MW (75,958 MW as on 31 March 2024).

9.1 Capacity Expansion Program

Your Company has formulated a long-term Corporate Plan
which aims to have 60 GW of Renewable Energy capacity
by 2032. While continuing to add capacity through coal-
based power projects, your Company is actively expanding
its power generation portfolio through hydro, renewable
energy sources & nuclear. As on 31 March 2025,
projects with a total capacity of 33,671 MW are under
implementation, including 18,295 MW being developed
by joint venture and subsidiary companies. It comprises of
16,900 MW of Coal (Including 3,060 MW being undertaken
by joint venture and subsidiary companies), 2,255 MW
of Hydro (Including 1,444 MW being undertaken by
joint venture and subsidiary companies) and 14,516
MW of Renewable projects (Including 13,791 MW being
undertaken by joint venture and subsidiary company).
The details are as under:

The details of the same is available in the Manufacturing
Capital and Intellectual capital section of the report.

The environmental clearance in respect of Darlipalli-II and
Telengana-II is yet to be received.

a)    Implementation of the Project is a joint effort of the
owner, government agencies, financing institutions
and large number of vendors/Agencies within India
and abroad, whose efforts must be integrated in a
controlled and sequential manner for successful and
timely completion of the Projects.

Integrated Project Management and Control
System (IPMCS) for Project implementation is being
followed in your Company with the prime objective
of ensuring the completion of the Projects within the
optimum cost and time, with safety and quality. This
System keeps in view the various requirements of
effective working, flow of information, organization
structure, feedback, and control in an integrated
manner. It enables the involvement of all concerned
disciplines in the development of the agreed
project plan, its implementation and control in an
integrated manner, while at the same time allowing
independence to each functional disciplines to
schedule and control its own activities in greater
detail. This Integrated System enables dynamic
planning, scheduling, implementation, review,
monitoring and control of the project. It is necessary
to integrate these different Systems / Procedures to
achieve the overall objective of commissioning of the
Project in time, within the approved cost and with
desired quality. IPMCS serves this purpose as a basic
management tool for Project Planning, Scheduling,
Implementation, Monitoring and Control at various
levels, using computer aided tools/software.

b)    Project Management Control Centres: - IPMCS
System keeps in view the requirements for
effective working, flow of information, feedback,
and monitoring. It enables the involvement of
all concerned in various functional disciplines
for implementation of the Project. The System
constitutes three (3) Project Management Control
Centres, as under:

i)    Engineering Management, Quality Assurance,
and Inspection

ii)    Contract Management

iii)    Site Management

The linkages of various activities of these different
Control Centres from commencement to completion
is established through Networks.

In addition to the above three Control Centres,
the other functions are service functions, e.g.,
Finance, Human Resource, Operation Services,

Fuel Management, Corporate Planning, etc. These
disciplines assist in Project implementation by
providing effective, timely and integrated services in
respective areas. The Finance and Human Resource
functions are integrally linked to all functions of
Project Management.

The Operation Services, during Project
implementation, is involved in finalization of
Mandatory Spares list, testing & commissioning of
the plant, trial operation (completion of facilities),
Performance Guarantee tests, etc. The other
service functions like Corporate Finance, IT &
Communication also help in Project implementation;
Corporate Finance in dealing with funding
agencies and IT & Communication by providing
necessary IT & Communication infrastructure
and support at site. The Regional Head Quarters
under a Regional Executive Director, contribute to
Project implementation through liaison with State
Government and regular monitoring of progress
through Regional PE&M. Each functional group
is responsible for scheduling and monitoring its
respective activities.

The System permits total independence to the Control
Centres for scheduling and monitoring their respective
activities. However, overall planning and scheduling
of the Project activities and tying up the schedule of
interface events and its monitoring, with a view to
achieve the end goal, is the responsibility of Project
Management (PM) located at Corporate Centre/Other
Locations, under Director (Projects), NTPC.

11. Strategic Expansion and Diversification

To further strengthen its competitive position in the
power sector, your Company has diversified its portfolio
and evolved into an integrated energy Company with a
presence across the entire energy value chain. Through
backward and forward integration, Your Company has
forayed into critical areas such as coal mining, Nuclear
Power generation etc thereby enhancing operational
resilience and creating new growth avenues. In addition to
its core power generation business, NTPC has strategically
diversified into emerging areas such as e-mobility, battery
energy storage systems, pumped hydro storage, waste-to-
energy, nuclear power, green hydrogen solutions etc.

In line with NTPC's broader vision to accelerate its
renewable energy expansion and strengthen its
sustainability commitment, ONGC NTPC Green Private
Limited (ONGPL) - a 50:50 joint venture of NTPC Green
Energy Ltd. and ONGC Green Ltd. has acquired 100%
equity stake in Ayana Renewable Power Pvt. Ltd., having

an enterpise value of ^19,500 crore. It has 2,123 MW
operational and 1,989.7 MW under construction capacity.
A majority of Ayana's portfolio is strategically located in
resource rich states and are contracted with high credit
rated off-takers such as SECI, NTPC, GUVNL, Indian
Railways, among others.

Your Company is also expanding its horizontal footprint
through the acquisition of the thermal power plants. NTPC
in consortium with Maharashtra State Power Generation
Co. Ltd. (Mahagenco) has emerged as the highest bidder
for 1,350 MW (5x270 MW) plant located at Sinnar, Nashik,

Maharashtra. The acquisition is being undertaken through
the National Company Law Tribunal (NCLT) process under
the provisions of the Insolvency and Bankruptcy Code (IBC).

11.1 NTPC's Joint Ventures and Subsidiaries
across the Power Value Chain

NTPC has established various Joint Ventures (JVs) and
Subsidiary Companies in the energy value chain to
facilitate capacity addition, share project risks, and
leverage synergies.

b) Details of NTPC's Subsidiary Companies engaged in business other than in power generation, are provided
below: -

c) Details of NTPC's Joint Venture Companies incorporated in India, engaged in business other than in power
generation are as under:

11.2 Asset Monetization

Under the broad contours of the National Monetization
Pipeline (NMP), your Company was allotted a monetization
target of ' 15,000 crore to be achieved in tranches over
FY22 to FY25. In this regard, NTPC has achieved both its
monetization target for FY25 and its cumulative target.

a)    Monetization of RE Assets:

For better marketability, your Company incorporated NTPC
Green Energy Ltd. ("NGEL") as its wholly owned subsidiary
for consolidation of the identified RE portfolio in which RE
assets of NTPC were transferred to NGEL. 10.99% stake
sale of NGEL through IPO has also been completed in
Nov'24. NGEL got listed on exchanges on 27^th November
2024. NGEL has raised ' 10,000 crore through IPO
in FY 2024-25.

b)    Monetization of NTPC's Coal Mines Asset:

NTPC coal mine developed under Mine Developer and
Operator (MDO) route and awarded to MDO for operation
and development of coal Mines have been considered
as Asset Monetization under the ambit of National
Monetization Pipeline. A total ' 7,836 crore is monetized
through the award of MDO for coal mine till end of FY24.

In the meeting of Core Group of Secretaries on Asset
Monetization (CGAM) held on 6^th February 2025, your
Company has been allotted asset monetization target of
' 27,000 crore to be achieved in tranches over FY26-FY30.

12. New Business Areas:

12.1 Opportunities with States and CPSEs:

a) Collaboration with UP State Power Sector:

Your Company has signed following MOUs for investments
in UP Power Sector during UP Global Investors Summit in
2023:

•    MoU dated 19^th January, 2023 for expansion of MUNPL
(a JV of NTPC & UPRVUNL) with Stage-II 3x 800 units,
subject to feasibility, statutory clearance, and equity
infusion by GoUP.

•    MoU dated 11^th February 2023 for jointly setting up
2X800 MW supercritical Thermal Power plants at Obra
and Anpara with UPRVUNL.

b)    Collaboration with Rajasthan Rajya Vidyut Utpadan
Nigam Limited:

Your Company & Rajasthan Rajya Vidyut Utpadan Nigam
Limited (RVUNL) have signed a Joint Venture Agreement
on 4^th November 2024 to form a JV Company. The main
objective of the proposed JVC is transfer of existing units
of Chhabra Thermal Power Station (4x250 MW + 2x660
MW) of RVUNL to this JVC and explore the possibility of
expansion of the Plant by establishing new supercritical
units.

c)    Collaboration with GAIL:

NTPC and GAIL (India) Ltd signed a non-binding
Memorandum of Understanding (MoU) on 19^th February
2025, in New Delhi. The purpose of the MoU is to explore
opportunities for India's clean energy future through
renewable energy projects, energy storage solutions,
and the commercialization of Green Hydrogen, Green
Ammonia, and Green Methanol.

The details of these initiatives are available in the
Manufacturing Capital and Social capital section of the
report.

13. Global Initiatives

13.1 International Investment Projects:

•    Bangladesh-India Friendship Power Company
Private Limited (BIFPCL), Bangladesh:

BIFPCL (A 50:50 JV between NTPC & Bangladesh Power
Development Board, Bangladesh) commissioned a coal-

based power plant of 1,320 MW capacity at Rampal
(Khulna) christened as 'Maitree Super Thermal Power
Plant'. The 1^st and 2^nd units of 660 MW are under
commercial operation since December 2022 and March
2024, respectively.

•    Trincomalee Power Company Limited (TPCL), Sri
Lanka:

TPCL was incorporated as a Joint Venture Company
between NTPC and Ceylon Electricity Board, Sri Lanka
(CEB) with 50% holding by each on 26^th September 2011 in
Sri Lanka. Presently, it is developing a 50 MW (extendable
to 120 MW) solar power project at Sampur, Sri Lanka.

Phase I of 50 MW of the project has secured all the
necessary approvals in Sri Lanka, and the Letter of Award
(LOA) for the implementation of the Phase I has been
issued by CEB to TPCL. In the first week of April 2025, TPCL
has signed the Project Agreements viz. Power Purchase
Agreement (PPA) and Implementation Agreement. The
groundbreaking ceremony for the first phase of project
was launched by Hon'ble Prime Minister of India and
Hon'ble President of Sri Lanka on 5^th April 2025.

13.2 Consultancy Work for International Solar
Alliance (ISA)

Your Company is associated as a corporate partner with
International Solar Alliance (ISA) and has been awarded
the following Project Management Consultancy (PMC)
jobs abroad:

•    ISA Solar Park PMC assignment (ISA Program-06): Your
Company has been appointed as PMC consultant for
the implementation of 6,620 MW Projects in around 13
countries of Africa and Latin America. The assignments
are in different stages of implementation.

•    Rooftop Solar Projects (ISA Program-04): Your
Company is providing PMC services for implementation
of 100kW Roof Top Solar Project in Ethiopia & Sao
Tome. The project in Ethiopia has been completed
while Sao Tome project is under execution.

•    ISA 27 Demonstration Projects: Your Company is
appointed as Project Management Consultant for
implementation of solarization projects in 10 countries
(Viz. Seychelles, Senegal, Djibouti, Cuba, Ethiopia,
Suriname, Burundi, Mozambique, Malawi & Uganda)
across three themes: (i) Solarization of building roof-
top/ground mounted PV installation, (ii) Solar based
Cold Storages and (iii) Solar PV based Water Pumping
Systems.

Project in 7 countries have been successfully commissioned
while in other 3 countries are in various stages of
implementation.

13.3    Other Consultancy Assignments:

Your Company has undertaken the following major
consultancy assignments in FY 2024-25:

a.    Flue Gas Desulphurization (FGD) Site assessment
and report review of 800 MW Kusile Power Plant,
ESKOM, South Africa.

b.    Implementation of 2 MWp Floating PV Power Plant
at Tamarind Falls Reservoir, Mauritius for CEB,
Mauritius.

c.    Preparation of Pre-Feasibility report, Conceptual
Design report (CDR) and CDR for BESS integration
for 30 MW Floating Solar Project at Tamarind Falls
reservoir for CEB, Mauritius.

d.    Vetting of Detailed Project Reports of Nalgad-
Maintada, Nijgadh-Inaruwa, Gandak-Nepalgunj 400
KV transmission lines in Nepal for Exim Bank, India

In addition, Your Company has secured following
major consultancy assignments which will be
executed in FY 2025-26:

e.    Project Management Consultancy services for
the Phase I 50 MW (extendable to 120 MW) solar
project at Sampoor in Trincomalee district of Sri
Lanka from TPCL, Sri Lanka.

f.    Delivery of 52 weeks FGD training program in NTPC
Vindhyachal on O&M practices of NTPC to power
professionals of Eskom, South Africa.

13.4    Strategic Global Tie-ups and International
MoUs

With an intention to increase its footprints across the
globe, Your Company has entered partnerships and
collaborations with some of the world's leading utilities by
signing MoUs and cooperation agreements.

A Memorandum of Understanding (MoU) was signed in
November 2024 between NTPC and ESKOM (the largest
power utility of South Africa) for fostering cooperation in
the power sector. Apart from this, Your Company is having
existing MoU with Nepal Electricity Authority (Nepal),
MASEN (Morocco) as of 31 March 2025. Also, MoU with
Saudi Electricity Company (Saudi Arabia) is ready to be
signed, and discussions for MoU for collaboration in power
sector are ongoing with ASEAN Centre for Energy (ASEAN
Region), EDF (France), and Druk Green Power Corporation
Limited (Bhutan).

13.5    Training and Capability Building Programs

Your Company actively engages global stakeholders
to conduct strategic capability-building programs for

power sector officials, enhancing outreach, goodwill, and
potential business opportunities through networking.

Your Company has successfully conducted 16 training
programs in FY 2024-25, of which 12 programs were
under the ITEC initiative of Ministry of External Affairs, 2
programs for International Solar Alliance and 2 programs
for the Nigerian National Petroleum Corporation Limited
(NNPCL). A total of 296 participants from 38 different
countries have benefited from these programs.

13.6 Other Initiatives

Your Company is also exploring investment opportunities
in the Renewable Energy and consultancy opportunities in
the areas of PMC, O&M services, R&M of power plants,
capacity building, etc., in the regions such as the Africa,
Middle East, SAARC, ASEAN, and Latin America region.

14. Consultancy Services

Your Company's Consultancy division continues to support
the Indian power sector with its extensive experience
and expertise, offering end-to-end consultancy services -
"From Concept to Commissioning and Beyond" - for large
power projects. The scope of services covers Engineering,
Project Management, Operations & Maintenance (O&M),
Contracts & Procurement, Renovation & Modernization
(R&M), Quality & Inspection, Training & Development,
Human Resource, IT solutions, Solar & Renewable Energy
projects, and compliance with environmental norms for
power stations.

In FY 2024-25, your Company secured consultancy orders
worth of ' 245.15 crore. A significant order of ' 168.74
crore was placed by Meja Urja Nigam Private Limited
(MUNPL) for Pre- and Post-award Consultancy services for
the upcoming Meja-II (3x800 MW) Thermal Power Station
at Meja. Damodar Valley Corporation (DVC) awarded an
order worth ' 2.13 crore for the installation of the DREAMS
2.0 application. Additionally, the division submitted over
126 proposals covering 61 clients, with a total proposal
value of ' 1,083.28 crore.

In 2024-25, your Company is executing 106 active
domestic consultancy assignments across various sectors,
including thermal and solar power projects, environmental
compliance, O&M and R&M services, distribution, IT etc.

Customers of NTPC-Consultancy include Central & State
Government organizations, Private companies, Joint
Venture/Subsidiary companies of NTPC.

Your Company's Consultancy division is actively exploring
new business opportunities in emerging areas such as
Sustainability Advisory, Hydro and Pumped Storage,
Distribution sector consultancy, Renovation and

Modernization (R&M) of old thermal plants, and HR-
related services. This is in addition to your Company's
established offerings, which include Project Management
Consultancy (PMC) as Owner's Engineer for greenfield
and brownfield power projects, implementation of new
environmental norms like FGD, ZLD, DNOx, and ESP R&M,
development of Solar and Renewable Energy projects,
O&M and performance improvement of thermal power
plants, and IT services such as ERP implementation,
PRADIP, Dreams 2.0, PI systems, CLIMS, and more.

Highlights of consultancy services are available in the MDA
and Manufacturing capital section of the report.

15.    Financing of New Projects

Group Capital Expenditure (CAPEX) including CAPEX of
JV/ subsidiaries of your Company for FY 2024-25 was
' 48,594.59 crore and on stand-alone basis was ' 23,664.59
crore on accrual basis.

To support its capacity addition programs, your Company
follows well-defined debt-to-equity ratios based on the
nature of the projects. Typically, a 70:30 debt-to-equity
ratio is maintained for thermal, hydro and coal mining
projects, while a more leveraged 80:20 ratio is applied
for solar and wind projects. The Board of Directors is
confident that the Company's strong internal accruals will
be sufficient to meet equity requirements for upcoming
projects.

With a low-geared capital structure and robust credit
ratings, your Company is well-positioned to secure the
necessary borrowings. It continues to explore both
domestic and international funding avenues, including
overseas development assistance from bilateral agencies,
to mobilize debt for its planned capacity expansion.

Additionally, your Company actively undertakes debt
swapping for domestic loans, strategically replacing high-
interest loans with lower-cost borrowings to optimize
the overall cost of debt. Continuous engagement and
negotiation with banks to further reduce interest rates
remain a key focus, enabling your Company to keep
borrowing costs competitive and strengthening financial
efficiency.

The detail of funding is available in the MDA Report which
forms part of this Report.

16.    Fixed Deposits

With effective from 11^th May 2013, your Company ceased
accepting new deposits and renewing existing deposits
under the Public Deposit Scheme. Consequently, there are
no deposits that are non-compliant with the provisions
outlined in Chapter-V of the Companies Act, 2013.

The details relating to deposits, as per the Companies
Act, 2013 are as under:

* Pending for completion of legal formalities/ restraint
orders/ non-receipt of claims.

17. Renovation and Modernization

The Renovation and Modernization (R&M) of various units
of your Company, particularly those that have completed
25 years of commercial operation, is undertaken with
the objective of extending the operational life beyond
the originally designated useful life of the plant. In
addition, R&M plays a vital role in ensuring continued
safe operations, compliance with prevailing statutory
and environmental regulations, and adherence to the
provisions of the Indian Electricity Grid Code (IEGC).

These activities are also focused at enhancing operational
efficiency and flexibility, thereby supporting the sustained
viability of generating units. This facilitates the Company's
ability to respond effectively to evolving operational
conditions, including the adoption of advanced
technologies, variations in coal quality, constraints in water
availability, changes in railway logistics, and emerging
regulatory requirements without compromising service
reliability.

Through the implementation of R&M measures, your
Company seeks to optimize the performance, reliability,
and life cycle of its generating assets, in accordance
with the current industry standards and operational
requirements.

The detail of funding is available in the MDA Report which
forms part of this Report.

Your Company takes great pride in its people, who are the
driving force behind its business success. Human resources
are regarded as the Company's most valuable asset and
its key source of competitive advantage. Aligned with its
Employee Value Proposition of "People before PLF," the
Company remains committed to continuous investment
in Competence, Commitment, Culture, and Systems
Building—the four foundational pillars of its evolving HR
strategy.

Your Company has institutionalized the following initiatives
for building competence for current roles, future leadership
positions, and emerging areas of diversification.

i.    Comprehensive Onboarding.

ii.    Need based training which includes curated learning
paths for all O&M executives.

iii.    Planned interventions at different stages of career
for team building, leadership development and
succession planning.

iv.    Young Leaders Programme (YLP) for middle level
high performers

v.    Job-rotation preceded by Job-rotation facilitation
training.

vi.    Orientation programs for new Business Unit Heads.

vii.    Tie-ups with external experts / institutions for
bringing in niche expertise and outside perspective.

viii.    Specialized training in areas of diversification and
emerging areas like solar energy, wind energy,
nuclear energy, CCUS, battery storage etc.

ix.    Business Simulation Games for honing decision¬
making and critical thinking skills.

x.    Facilitating formulation of Individual Development
Plans (IDP) through customized individual reports of
Competency, Potential and Value (CPV) assessments
and Assessment Development Centres (ADCs)
undertaken.

xi.    Actualization of Individual Development Plans (IDPs)
through PMS wherein IDP is a mandatory KPA Index.

The L&D interventions are bolstered through contemporary
pedagogy, time and location agnostic e-learning modules
and leveraging of immersive technology (Simulation
and VR).

For commitment building, your Company provides
attractive compensation, best in class benefits, facilities
of holistic health (which includes medical, 24¹7 Employee

Assistance program, sports, recreation, Yoga etc.),
superannuation benefits (which includes post-retiral
medical facilities) and rewards (both monetary and non¬
monetary). Your Company also focuses on listening by
implementing a comprehensive Communication Matrix
and putting in place a system of Internal and External
Surveys. The System of Surveys has been recently reviewed
and revised. To further facilitate employee engagement,
your Company is also leveraging the power of AI for
better understanding employee sentiment for effecting
appropriate interventions.

For sustaining and enhancing an enabling culture
of performance, your Company has put in place, a
contemporary ERP enabled PMS focusing on continuous
feedback and assessment, made possible through weekly
planning and feedback and monthly assessment. This is
in addition to the annual assessment at the end of the
assessment year. The promotion policy lays a premium
on performance. Further, 360-degree feedback as a
developmental input, has also been implemented for
selected grades.

Your Company has embraced technology and digitalization
and put in place enabling Systems, for facilitating smart
working and for providing superior employee experience.
These include ERP, ECM (paperless office), HR Unified
Shared Service (HRUSS), an analytics-based HR decision
support system (DELPHI), Contract Labour Information
Management System (CLIMS), AI based chatbots, Medical
Smart Card, Recruitment portal, Policy portal and Ex¬
Employee portal, etc.

Your Company's HR initiatives, aligned with its HR Vision
"To enable our people to be a family of committed
world-class professionals, making NTPC a learning
organization" - have been widely recognized through
numerous prestigious awards in the talent management
and development space. Distinguished accolades include:

•    Forbes World's Best Employers 2024

•    Top Employer 2025 (India) by the Top Employers
Institute ¹

•    CII Digital Transformation Awards 2024 for Leveraging
AI for Employee Engagement, DELPHI (Employee Digital
Platform), Use of AR & VR for Workforce Capacity
Building, Health Management and Profiling System

•    Economic Times Human Capital Awards 2025 for

Excellence in Employee Retention Strategy

•    Economic Times Future Skills Awards 2024 for Use

of AI/AR/VR in Learning and Upskilling, Extended
Enterprise Learning Programs, Leveraging Games and
Simulations in Learning & Development

•    XLRI's HR for the Greater Good Award

The details of the same is available in the Human capital
section of this report.

19. Sustainable Development

Sustainable Development is at the core of your Company's
business development strategy. Your Company firmly
believes in the idea that progress should not come at the
expense of the environment and natural ecosystems. To
promote sustainability, NTPC is driven by two key motives:

a)    To become the most sustainable energy producer
by making fundamental changes in the operating
methods

b)    Increase transparency through timely disclosure of
social, environmental, and economic results

Your Company has developed an Environmental, Social
and Governance Management System (ESG-MS) that
outlines ESG management principles for your Company
and provides guidance for managing ESG risks and
opportunities in our operations. It consists of an ESG
policy statement, measurement and reporting of material
indicators, target settings. There is also a dedicated ESG
and Climate Change Committee to assist the board in
setting the Company's general strategy with respect to
ESG and climate change issues.

Your Company is also implementing "The Brighter Plan
2032", a comprehensive sustainability strategy aimed at
becoming the most sustainable power producer. This plan
focuses on key aspects of sustainability such as reducing
carbon emissions and controlling air emissions, water
conservation, biodiversity protection, health and safety,
circular economy, community development, finance and
ethics, and sustainable supply chain. Through this strategy,
strategic approaches and actions in each of these areas
are formulated to ensure the long-term sustainability of
your business. Your Company is in the process of procuring
an ESG digitization SaaS platform to strengthen its
sustainability governance by enabling accurate, real-time
tracking and reporting of ESG metrics, in line with evolving
regulatory requirements and global best practices.

Your Company employs a three-pronged approach and
considers people, planet and profit as the main pillars
of business sustainability. This approach emphasizes
the importance of balancing social, environmental, and
economic responsibility. By focusing on these interrelated
aspects, the goal is to achieve a harmonious integration
of sustainable practices, increase the well-being of
communities, protect the environment, and ensure long¬
term economic prosperity.

The further detail of our sustainable initiatives and
disclosures is available in the Human, Natural and Social
capital section of the report.

20.    Fly Ash Utilization

Fly Ash produced at Coal based Thermal Power Plant is
a resource material for Cement industry and building
products manufacturing units. It is also being utilized as
a construction material in road and flyover embankment,
thereby contributing to the conservation of topsoil
and preventing degradation of fertile agricultural land.
Sustainable Fly Ash utilization is one of the thrust areas of
its activities at all NTPCs Coal based Power Plants. To give
momentum for Fly Ash utilization, separate Ash Utilization
Group was set up in 1991. Now, at all Coal based stations
are having dedicated group responsible for Ash utilization
activities and the group strives to achieve 100% Ash
utilization on sustainable basis. Project-wise ash produced
and Utilized is given at Annexure-VII.

21.    Corporate Social Responsibility

Corporate Social Responsibility (CSR) has always been
integral to your Company's core business of power
generation, with spirit of caring and sharing embedded in
your Company's mission statement. Your Company has a
well-defined Resettlement & Rehabilitation (R&R) Policy
that also encompasses community development (CD)
initiatives. Community development activities in greenfield
areas are initiated right from the project planning stage
and are further expanded alongside project execution to
ensure sustainable development in surrounding areas.
The CSR Policy, originally introduced in July 2004 and
periodically revised, is now known as the "NTPC Policy
for CSR and Sustainability," aligning with the Companies
Act, 2013 and the guidelines of the Department of Public
Enterprises (DPE). It covers a wide range of activities
including implementation of a few key programs taken
through NTPC Foundation.

Your Company is committed to contribute to the society,
discharging its CSR through initiatives that have positive
impact on the society, especially the community in the
neighborhood of its operations by improving the quality

of life of the people, promoting inclusive growth and
environmental sustainability.

Your Company's focus areas of CSR activities are health,
sanitation, safe drinking water and education. Moreover,
capacity building of the youth, women empowerment,
social infrastructure development, livelihood creation
through support for implementation of innovative
agriculture & livestock development, support to
physically challenged person (PCPs), and for the activities
contributing towards environment sustainability have also
been taken up.

Preference for CSR & Sustainability activities is being given
to local areas around Company's operations, ensuring that
majority CSR funds are spent for activities in local areas.
However, considering Inclusive Growth and Environment
Sustainability and to supplement Government efforts,
activities are also taken up in other parts of the country.
During FY 2024-25, 581 villages and more than 558
schools have been benefitted by your Company's various
CSR initiatives at different locations. Your Company's CSR
initiatives have touched, in one way or the other, the lives
of around 18 lakh people residing at remote locations.

Your Company spent ' 362.94 crore during the FY 2024-25
towards various CSR initiatives, against the CSR obligation
of ' 295.29 crore.

The CSR Policy, which provides comprehensive guidelines
for conducting CSR activities, is available on our
Company's website: https://ntpc.co.in/sites/default/files/policy-
documents/CSRpolicy.pdf Furthermore, the Annual Report on
CSR, in compliance with Section 135 of the Companies Act,
2013, and the Companies (Corporate Social Responsibility
Policy) Rules, 2014, is given at Annexure-VI.

The CSR activities undertaken in and around stations to
improve the living conditions of the local communities,
other CSR initiatives undertaken pan-India are mentioned
in the Social capital section of this report.

NTPC Foundation

"NTPC Foundation" was formed by your Company as a
charitable Trust, with a vision to serve and empower the
physically challenged and economically weaker sections of
the society. The Foundation undertakes various activities/
schemes/programs/projects /initiatives in accordance
with the provisions of Section 135 of the Companies Act,
2013 and in line with CSR & Sustainability Policy of NTPC.

At present, the Foundation is carrying out various
flagship programs of NTPC, primarily in the areas of
Health, Education, Girl Empowerment, etc. for inclusive
growth and equitable development of the persons with
disabilities & women. Recently, the Foundation has been

entrusted with the implementation of NTPC's Flagship
"Girl Empowerment Mission (GEM)" program at various
NTPC Locations Pan India in addition to existing activities.

The details of expenditure incurred, and initiatives
undertaken by your Company under CSR are given in
Annual Report on CSR at Annexure VI.

22. Rehabilitation and Resettlement (R&R)

Your Company is committed to help the population affected
on account of land acquisition. The Company has been
making efforts to improve the socio-economic status of the
Project Affected Families (PAFs). As a part of its decision¬
making process, your Company has had a Rehabilitation
and Resettlement (R&R) Policy since the year 1993 which
has been amended from time to time to keep abreast with
the Government guidelines. Your Company's latest R&R
Policy-2017 is in line with the extant Land Acquisition Act
- The RFCTLARR Act, 2013 (The Right to Fair Compensation
and Transparency in Land Acquisition, Rehabilitation and
Resettlement Act, 2013).

R&R activities are initiated at your Company's projects
by undertaking need-based community development
activities in the areas of health & sanitation, education,
drinking water, capacity building, infrastructure, solar
electrification, etc. by formulating the 'Initial Community
Development (ICD) Plan' in consultation with concerned
Panchayats, District Administration and other Stakeholders
Your Company addresses the R&R issues in line with the
extant R&R Policy of NTPC/ Central Govt./ State Govt. /
extant Land Acquisition Act, with an objective, that after
a reasonable transition period, the conditions of PAFs
improve or at least they regain their previous standard of
living, earning capacity, and production levels.

As per your Company's R&R Policy-2017, a Social Impact
Assessment (SIA)/Census Survey is conducted by the
State Govt. during the process of land acquisition for
the project, so as to collect detailed demographic data
of the area. This shall form the basis for the preparation
of the 'Rehabilitation and Resettlement Scheme' by the
'Appropriate Government'. The R&R Scheme consists of
measures for Rehabilitation & Resettlement and need-
based CD infrastructure in Resettlement Colony.

Additionally, your Company has retained its good practices
on the Community Development (CD) activities which
are primarily aimed at socio-economic development in
the Project Affected Villages (PAVs) and the Project's
vicinity. This is to ensure that the displaced families in
the Resettlement Colony or the affected families settling
in the neighboring villages may secure for themselves a
reasonable standard of community life.

Expenditure on implementation of the R&R Plan is part of
the Capital Cost of the project. The Plan is implemented
in a time-bound manner so as to complete it by the time
of the project's commissioning. Upon completion of the
R&R Plan implementation, a Social Impact Evaluation (SIE)
is conducted by a professional agency to know the efficacy
of the R&R Plan implementation for future learning &
corrective actions, if any.

23. R&R Achievements during the
Financial Year:

•    Rehabilitation and Resettlement (R&R) Plan:

R&R activities were implemented at the Greenfield /
Brownfield Thermal Power projects - Barh, Darlipali,
Gadarwara, Kanti, Khargone, Kudgi, Lara, Meja, North-
Karanpura, NSTPS, Patratu, Tanda-II, Telangana, Hydro
projects - Tapovan- Vishnugad & Rammam-III and
Coal Mining Projects at Pakri-Barwadih, Chatti-Bariatu,
Kerendari, Dulanga and Talaipalli as per the R&R / CD
Plans, which were finalized earlier in consultation with the
stakeholders and approved by the State Govt.

The R&R CD Works have been successfully completed
at Khargone and Gadarwara Projects and Social Impact
Evaluations have indicated a positive impact on the
community. Further, community development works in
the vicinity areas of these projects would be taken under
CSR as per the provisions of the Companies Act, 2013.

•    Focus areas for Community Development activities:

The Community Development activities are generally
initiated by your Company under Initial Community
Development (ICD) Policy and subsequently under the
R&R/ CD Plan of the Project. Your Company is sensitive to
the needs and aspirations of the Project Affected Families
(PAFs). Your Company also provides for Stakeholders'
Participation through its Public Information Centers/ R&R
Offices/ Village Development Advisory Committee (VDAC)
Meetings to disseminate useful information sought by the
villages Other useful information is also communicated
through notices, pamphlets, letters, etc. from time to time.

In the last 10 years up to FY 2024-25, more than
' 2,598 crore worth of expenditure were incurred by your
Company towards Community Development (CD) works
by various Projects under R&R Plans.

- Drinking water - Planning and implementation
of activities towards access to drinking water for
100% coverage of all Project Affected Villages are
undertaken. Your Company's Policy- Jal Jyoti Mission
embarks upon ensuring safe drinking water and
rejuvenation of ponds in its project-affected villages.

-    Capacity building / Skill up-gradation - Training
programs were conducted by various projects
towards the skill enhancement of youths. The
specific focus was on imparting training to the
villagers on modern farming methods. The support
to dependents of PAFs for ITI training was also
extended to increase their employability.

-    Education - Financial assistance was extended
towards up-gradation of infrastructure and other
basic amenities in the neighboring schools and
educational institutions of NTPC projects including
for development of Educational Institutes in the
technical and medical domain.

Your Company has the Policy on Improving Learning
Outcomes & Quality of Education for children
studying in Government Schools of its project-
affected villages.

-    Health - For the benefit of PAFs and neighboring
populations, medical outreach through Mobile
Health Clinics & Medical Camps/ NTPC's own
Hospital set-ups is ensured. Support is extended by
the projects in augmenting the existing health- care
infra in the vicinity of various projects. Your Company
has the Policy on Maternal and Child Health Care to
provide 650 days of antenatal/prenatal & postnatal
preventive health care to expectant & new mothers
and newborn babies.

24. NTPC Energy Technology Research
Alliance (NETRA)

Your Company understands the importance of Research
and Development (R&D) in the ever-changing dynamics of
the energy sector. It also firmly believes that assimilation
of knowledge and its conversion into technologies shall
be the key differentiator in coming times. Technological
progress, thus, achieved, in aggregation, improves
the Country's energy security, economic growth and
environmental sustainability. Concurrently, it plays a crucial
role in determining the competitiveness of companies
in the marketplace - both nationally and internationally.
Therefore, R&D has been incorporated in the long-term
vision and strategy for the benefit of the Company and
society. NTPC has been assigning more than 2% of PBT
consistently for R&D related activities.

As we gaze towards the future, it is of paramount importance
that your Company as power generation company needs to
adapt to counter emerging challenges of power sector and at
the same time, it is equally important that we as a Company
should increase our presence across entire electricity supply
chain and R&D is a vital step to achieve that.

Your Company has always taken upon itself to incorporate
innovative technologies to enhance the safety, reliability,
and efficiency of power plants through a prudent mix
of development, adoption, and adaption of frontier
technologies. We are constantly making efforts to address
the major concerns of the power sector - as well as exploring
and tapping the potential opportunities available. Towards
this direction, your Company established NTPC Energy
Technology Research Alliance (NETRA) in 2009 as state-of-
the-art center for research, technology development and
scientific services.

NETRA collaborates with leading institutes, technology
players and service providers both at national and
international level. A Research Advisory Council (RAC)
comprising of eminent scientists and experts from India
and abroad has been constituted to steer NETRA for high
end research. In-house Scientific Advisory Council (SAC) has
also been constituted to provide directions for improving
plant performance & reducing cost of generation.

The focus areas of NETRA are continuously evolving
with respect to the dynamic nature of power sector and
presently our main focus for R&D is Carbon capture and
utilization technologies, Hydrogen Technology, Energy
Storage, Ash utilization technology, Waste to energy, Water
technology, in addition to earlier focus areas of Efficiency
Improvement & Cost Reduction; New & Renewable
Energy; Climate Change & Environmental protection which
includes Water Conservation, and Utilization & Waste
Management. NETRA also provides Advanced Scientific
Services to its stations and other utilities in the area Non¬
Destructive Examination (NDE), Metallurgy & Failure
analysis, Oil/water chemistry, Environment, Electrical,
Computational Fluid Dynamics (CFD), etc. for efficient and
reliable performances. NETRA laboratories are ISO 17025
accredited and NETRA NDT laboratory is also recognized
as Remnant Life Assessment Organization under the Boiler
Board Regulations, 1950.

The further details of the NETRA's performance highlights
are available in the Intellectual capital section of the
report .

25. Implementation of Official Language

NTPC has taken several initiatives for the progressive use
of Hindi in the day-to-day official work and implementation
of official language policy of the Union of India in your
company. The compliance with official language policy in
your projects and regional headquarters was inspected
and need based suggestions were given to the respective
heads of offices in this regard.

Quarterly meetings of official language implementation
committee were held in which extensive discussions
took place on progressive use of Hindi and the ways
and means to bring about further improvements. Hindi
Divas was celebrated on 14^th September 2024 and Hindi
Fortnight was organized from 14^th -28^th September 2024
at the Corporate Centre as well as regional headquarters
and projects/stations to create awareness among the
employees, Associates, and their family members Our
biannual Hindi magazine 'Vidyut Swar' published (in
digitized form) to promote creative writing in Hindi.

Employees were motivated to use Hindi in official work
by organizing Hindi workshops, Unicode Hindi Computer
Training along with Hindi e-tools and popularization of
Hindi incentive schemes. Hindi webpage was updated
with improved important information of Rajbhasha for
employees.

The second sub-committee of Parliament on official
Language had inspected North Karanpura, Talcher (Kaniha),
ER-2 Headquarters, Bongaigaon and Koldam; reviewed the
progress of Official Language implementation and appreciated
our efforts. NTPC's website also has a facility of operating in a
bilingual form, in Hindi as well as in English.

26. Web Based Contractors' Labour

Information and Management System
(CLIMS)

Your Company has successfully implemented an in-house,
web-based solution—Contractors' Labour Information
Management System (CLIMS)—hosted on a captive
private cloud. CLIMS streamlines key labour management
processes, ensuring mandatory pre-deployment health
checkups, safety training, and compliance with statutory
social security and welfare legislations for contract
workers. The system is equipped with a fully biometric
access control mechanism, enabling real-time monitoring
of workforce deployment across job sites while also
enhancing security of the power plant. Additionally, CLIMS
provides contracting agencies with a digitized database
of their workforce, facilitating efficient administration of
wages and other statutory entitlements.

CLIMS incorporates a range of features to enhance
workforce management. This comprehensive system
enables effective monitoring and workforce management,
promote transparency, efficiency, and ensure coverage
of the workers for statutory social security measures. By
adopting CLIMS, your Company has improved the overall
labour management process, facilitating timely and
accurate provision of wages and benefits to your workers
while ensuring their well-being and safety.

27.    Vigilance

To ensure transparency, objectivity and quality of decision
making in various operations, your Company has a
Vigilance Department headed by Chief Vigilance Officer.
The Vigilance set up in the Company consists of Vigilance
Executives in Corporate Centre as well as at sites. In
sites, the Vigilance Executives report to the Project Head
in administrative matters and they report to the Chief
Vigilance Officer in functional matters.

Corporate Vigilance Department consists of four Cells as
under:

•    Vigilance Investigation and Processing Cell

•    Departmental Proceedings Cell

•    Technical Examination Cell

•    MIS Cell

These cells deal with various facets of vigilance
mechanism. The vigilance works have been assigned
region-wise to Vigilance officers at Corporate Centre
(Regional Vigilance Executives) for speedier disposal.
Senior officials of Vigilance Department comprising ED
(Vigilance), Regional Vigilance Executives and Head of
DPC/MIS Cell meet regularly to discuss common issues
to ensure uniform working in all Regions. This facilitates
transparency, efficiency, and effectiveness of Vigilance
functionaries by making use of collective knowledge,
experience and wisdom of Vigilance Executives as well
as breaking of compartmentalization and abridging of
strengths & weaknesses.

Anti-Bribery Management System certification ISO 37001
has been obtained for Corporate Center in FY 2024¬
25 on 5^th August 2024 and is valid for three years i.e.,
4^th August 2027.

The detail of your Company's vigilance work is available in
the Ethics and Vigilance section of our report.

28.    Redressal of Public Grievances

Your Company is committed for resolution of public
grievance in efficient and time bound manner. General
Manager (HR), CC- EOC Noida has been designated as
Director (Grievance) to facilitate earliest resolution of
public grievances received from President Secretariat,
Prime Minister's Office, Ministry of Power etc.

In order to facilitate resolution of grievances in transparent
and time bound manner, Department of Administrative
Reforms & Public Grievances, Department of Personnel
& Training, Government of India has initiated web-based
monitoring system at www.pgportal.gov.in.

As per directions of Government of India, public grievances
are to be resolved within a period of 21 days. If it is not
possible to resolve the same within this period, an interim
reply is to be given. Your Company is making all efforts to
resolve grievances in the above time frame.

29.    Right to Information (RTI)

Your Company recognizes the importance of providing
information to citizens and maintaining transparency and
accountability. In accordance with the Right to Information
Act, 2005 (RTI Act). Your Company has implemented the
necessary mechanisms to facilitate this. It has appointed
individuals such as the Central Public Information Officers,
An Appellate Authority and Assistant Public Information
Officers (APIOS) at all sites and offices.

In the financial 2024 -2025, your Company received a total
of 2,042 applications under the RTI Act, which includes 55
pending applications from the previous fiscal year. Among
these, 1982 applications have been responded to, while
60 applications are still awaiting resolution. Additionally,
your Company has voluntarily made disclosures under
section 4(1) (b) of the RTI Act, and these disclosures have
been audited by National Power Training Institute (NPTI)
Faridabad.

By adhering to the provisions of the RTI Act. Your Company
strives to ensure that citizens have access to information
and that transparency is upheld in all its operations.

30.    Using Information and Communication
Technology for Productivity
Enhancement

Information and Communication Technology (ICT) is
playing a critical role in enhancing productivity across
your company. By streamlining core processes, facilitating
seamless communication and collaboration, enabling
data-driven decision-making, and supporting flexible work
environments, ICT has become a catalyst for operational
efficiency and innovation.

Your Company has also made a remarkable progress in
Digital Initiatives by implementing Boiler Tube Health
and Prediction, Coal volume measurement, Ash Dyke
Monitoring, Project Monitoring and Solar Panel inspection
under Integrated Intelligent Drone Data Management
(IIDDM) Projects. Further, POCs on Worker safety, Wagon
tippler safe operations, Fire safety and Worker Safety
under AI/ML based Initiatives.

Your Company has taken multiple initiatives like :-

• SAP integration with Coal India Limited for coal billing
under "Ease of Doing Business" initiative.

•    Developing Automatic Mill Scheduler system for
automatic start-up and shutdown of mills during load
ramp up and ramp down operation.

•    Developing digital platform for capturing MOU related
data of NEEPCO and THDC.

•    Implementation of Drawing Review and Approval
Management System (DREAMS) 2.0 in DVC.

Your Company's plants and offices across India are
connected to Corporate Office and main Data Centre (DC)
through 2x68/155/200/400 Mbps high-speed MPLS links
at each site to facilitate seamless communication. The DC
and DR (Disaster Recovery) site is connected with high
bandwidth 2x400 Mbps MPLS links for data replication.
Some of the highlights of the progress in IT/ERP area
during the FY 2024-25 are as follows:

•    Digitization - The digitization initiative in the form
of Project PRADIP (Pro-Active and Digital Initiatives
to become Paperless) resulted in implementation
e-Office, digitization of documents and paperless
processes for different functions. Various applications
have been developed in PRADIP like Integration of
AI Generative model with Office Note Predefined
process, Implementation of multi-factor authentication
(MFA) for on-premises AD users, ICSR (Integrated CSR
Application), and Implementation of Payment Module
in NVVN has been done. NTPC PRADIP Vendor Payment
Portal has been enhanced with the implementation of
Robotic Process Automation (RPA) and integration with
TReDS Portal through SAP Webservices.

•    ERP - Enhancements in SAP like CERC Tariff Petition
System, RCRORE coal receipts along with facility of
capturing coal quality parameters in SAP-Fuel Module.
Integration of FOIS (Freight Operations Information
System) with railways, SURAKSHA App integration with
ERP PM module, and Integration of CROREIS (Centre
for Railway Information Systems) database with NTPC
SAP through API have been completed.

•    M365 Implementation - A Comprehensive Cloud based
SaaS solution implemented across NTPC including JVs
for mail and messaging services, Teams, Share Point,
Power App, Power BI etc. along with Single Sign On
(SSO).

•    Centralization of Active Directory (AD) System -

It marks a major advancement in the organization's
identity and access management strategy. This
initiative simplifies administrative overhead,
minimizes hardware dependencies, and enhances
system reliability. Transitioning from a distributed to a
centralized Active Directory architecture has resulted in
improved operational efficiency, scalability, and system
robustness. This strategic transformation not only
reinforces infrastructure resilience but also positions
your company for agile, secure, and efficient growth in
the digital era.

•    Security - No major security breach was observed
during the year 2024-25. Your company has further
enhanced its Cyber Security through coordination with
CERT-In, CEA, NCIIPC and other Government agencies.
A Security Operation Center (SOC) is also operational
24x7. A new "Integrated Security Awareness Platform"
(Supplied by EC-Council - Global leader in Security
training), Zero Trust Network Access and Deception
Solutions, unified End Point Vulnerability and Security
Management Solution, etc. have been deployed. Also,
a Cloud based Web Application and API Protection
(CWAAP) in learning mode has been deployed.

•    Network Operation Center (NOC) Implementation

- The state-of-the-art AI powered NOC has been
implemented with advance monitoring and analytical
features for Network Detection and Response, NMS
services, Deep Packet Inspection and Synthetic testing
which enhances great visibility at packet level ensuring
better correlation, efficient troubleshooting, and
seamless connectivity. Overall integration with ITSM
tool for performance benchmark-based reporting and
real time notification trigger makes troubleshooting
proactive rather than reactive. The Unified Network
performance and Operation Center improved the
visibility into the scattered MPLS network with better
insight into the utilization and performance.

•    Launch of various Web & Mobile apps as part of its
digital initiatives.

•    PRIME or e-Office for JVs and other utilities.

•    Thermal Project Monitoring system for CEA.

•    PM rooftop solar scheme monitoring system
SURYAGHAR.

•    Mobile app for MOP visits and grievances
handling.

•    NITIKOSH repository for ministry circulars

•    IT Asset Management system etc.

Further, your Company has also launched multiple
applications on its raising day on 07^th November 2024.

•    NTPC Unified Mobile Application

•    Fuel Management Dashboard

•    Associates Hiring Portal

•    Coal Quality Monitoring System

•    Network Operation Centre (NOC)

Your Company has also started its journey towards SAP S4
HANA implementation by completing the Business Process
Reengineering (BPR) of existing processes implemented
in SAP, areas of improvement and pain points in various
business functions and making it ready for migration to S4
HANA. IT Consultancy assignments for ' 5 Crore towards
power sector improvement.

•    SAP support in JV companies of NTPC.

•    M365 support in JV companies of NTPC.

•    DREAMS 2.0 in DVC

•    PRIME or e-Office in NTECL

Awards and Recognition - NTPC IT received the following
recognition and awards:

•    Governance now 9^th PSU IT Awards 2024 for
Excellence in Software Development and for
Best Use of Emerging Technologies.

•    SKOCH Award 2024 for DREAMS 2.0.

•    Digital Champion Award in India PSE Summit
2024 for RPA Implementation in Commercial
Billing process.

•    CII DX Awards 2024 for NTPC PRADIP Vendor
Payment Portal under Service Excellence
category.

•    PSE Excellence Award 2025 under Enterprise
Security category for implementing Face
Recognition based Access Control System in Data
Centre Noida and under Data Centre category
for NOC implementation at EOC Noida.

•    PSE Excellence Award 2025 under Data Centre
category for NOC implementation at EOC Noida.

•    Governance Now 10^th PSU IT Awards 2025 under
Data Centers Excellence for implementing Face
Recognition based Access Control System in
Data Centre Noida.

•    Governance Now 10^th PSU IT Awards 2025 under
Best IT Implementation Project for Centralization
of Active Directory System in NTPC Limited.

31. Information Pursuant to Statutory and
Other Requirements

Information required to be furnished as per the
Companies Act, 2013 and SEBI (LODR) Regulations, 2015
thereto are as under:

31.1 Statutory Auditors

The Statutory Auditors of your Company are appointed by
the Comptroller & Auditor General of India. Joint Statutory
Auditors for the FY 2024-25 were (i) M/s. Vinod Kumar &
Associates, Chartered Accountants, New Delhi (ii) M/s.
Goyal Parul & Co., Chartered Accountants, New Delhi
(iii) M/s. M C Bhandari & Co., Chartered Accountants,
Hyderabad (iv) M/s. J K S S & Associates, Chartered
Accountants, Jaipur and (v) M/s. Agasti & Associates,
Chartered Accountants, Bhubaneshwar (vi) M/s. S. N.
Kapur & Associates, Chartered Accountants, Kanpur.

31.2    Cost Auditors

As prescribed under the Companies (Cost Records and
Audit) Rules, 2014, the Cost Accounting records are
being maintained by all stations and Coal mines of your
Company.

The firms of Cost Accountants appointed under Section
148(3) of the Companies Act, 2013 for the FY 2024-25
were i) M/s Mani & Co., Kolkata, ii) M/s Shome & Banerjee,
Kolkata, iii) M/s K G Goyal & Associates, Delhi, iv) M/s R.
J. Goel & Co., Delhi, v) Bandyopadhyaya Bhaumik & Co.,
Kolkata, vi) M/s Datta Ghosh Bhattacharya & Associates,
Kolkata, vii) M/s S. Dhal & Co., Bhubaneshwar, viii)
M/s Paliwal & Associates, Lucknow, ix) M/s BVS & Co.,
Hyderabad,

The due date for filing the consolidated Cost Audit Report
in XBRL format for the financial year ended 31 March 2024
was upto 27^th September 2024 and the consolidated Cost
Audit Report for your Company was filed with the Central
Government on 24^th July 2024.

The Cost Audit Report for the FY ended 31 March 2025
shall be filed within the prescribed time period under the
Companies (Cost Records & Audit) Rules, 2014.

31.3    Secretarial Auditors

Pursuant to the provisions of Section 204 of the Companies
Act, 2013 and Regulation 24A of the SEBI (LODR)
Regulations, 2015, the Board of Directors had appointed
M/s Agarwal S. & Associates, Company Secretaries,
Company Secretary in practice as the Secretarial Auditor
for conducting Secretarial Audit of the Company for the
FY 2024-25.

31.4    Management Comments on Statutory
Auditors' Report

The Statutory Auditors of the Company have given an
un-qualified report on the accounts of the Company for
the FY 2024-25. However, they have drawn attention
under 'Emphasis of Matter' to the following note of the
Standalone Financial Statements:

(i) Note No 2 (g) with respect to execution of Business
Transfer Agreement (BTA) dated 17^th August
2023 with NTPC Mining Limited, a wholly owned
subsidiary of the Company, for hiving off its coal
mining business at book value. The BTA has only
been approved by the Board of Directors of the
company and subsidiary company, which shall
become effective on completion of the precedent
conditions as mentioned in the said BTA.

The abovementioned issue has been adequately explained
in the Note referred to by the Auditors.

31.5    Review of Accounts by Comptroller & Auditor
General of India (C&AG)

The Comptroller & Auditor General of India, through
letter dated 06 August 2025, has given NIL comments on
the Standalone Financial Statements of your Company
for the year ended 31 March 2025 after conducting
supplementary audit under Section 143 (6) (a) of the
Companies Act, 2013.

The Comptroller & Auditor General of India, through
letter dated 06 August 2025, has given NIL comments on
the Consolidated Financial Statements of your Company
for the year ended 31 March 2025 after conducting
supplementary audit under Section 143 (6) (a) read with
Section 129 (4) of the Companies Act, 2013.

The aforesaid reports are being placed with the report
of Statutory Auditors of your Company elsewhere in this
Annual Report.

31.6    Secretarial Audit Report and Management
Response thereto

The "Secretarial Audit Report" by the Secretarial Auditor in
Form MR-3 as required under Section 204 of the Companies
Act, 2013 read with rule 9 of the Companies (Appointment
and Remuneration of Managerial Personnel) Rules, 2014
is given at Annexure-X. The Management Reply on the
observations provided in the Secretarial Auditor Report is
given at Annexure-XI.

31.7    Risk Management

Your Company has a comprehensive Enterprise Risk
Management (ERM) framework in place to proactively
identify, assess, and mitigate potential risks. In line with
the requirements of the Companies Act, 2013 and SEBI
(LODR) Regulations 2015, the Board has constituted a Sub¬
Committee known as the Risk Management Committee
(RMC), which is chaired by the Director (Projects). During
FY25, the RMC identified total 26 risks, out of which the
following nine (9) risks have been classified as top risks for
the Company:

i.    Threats to safety & security of people & property

ii.    Sustaining efficient plant operations

iii.    Compliance of emission, ash utilization and
regulatory norms

iv.    Legal risks

v.    Risks related to coal mining.

vi.    Difficulties in acquisition of land

vii.    Delay in execution of projects.

viii. Risks pertaining to hydro projects.

ix.    Inadequate fuel supply

The RMC meets regularly and monitors the top risks
through reporting of key risk indicators, prepare mitigation
plans and monitors their implementation. The risk
assessment and the progress of the mitigation measures
are reported regularly to the Board of Directors. Moreover,
the RMC seamlessly coordinates its functions with other
committees as necessary.

Notably, NTPC's Enterprise Risk Management (ERM)
framework aligns with the globally recognized ISO
31000:2018 standard and COSO framework ensuring a
robust and internationally compliant approach to risk
management.

Your Company is exposed to foreign exchange risk in
respect of contracts denominated in foreign currency for
purchase of plant and machinery, spares and fuel for its
projects/ stations and foreign currency loans. In terms of
its Exchange Risk Management Policy, during FY 2024¬
25, your Company has entered into derivative contracts
amounting to JPY 1048.31 Million, USD 266.66 Million
and EUR 14.73 Million in respect of foreign currency loans
exposure.

31.8    Policy for Selection and Appointment of
Directors' and their Remuneration

Your Company being a Government Company, the
provisions of Section 134(3)(e) of the Companies Act, 2013
do not apply in accordance with the Gazette notification
dated 5^th June 2015 issued by Ministry of Corporate Affairs,
Government of India.

31.9    Performance Evaluation of the Directors and
the Board

Ministry of Corporate Affairs (MCA), through General
Circular dated 5^th June 2015, has exempted Government
Companies from the provisions of Section 178 (2) of
the Companies Act, 2013 which requires performance
evaluation of every director by the Nomination &
Remuneration Committee. The aforesaid circular of MCA
further exempted Government Companies from provisions
of Section 134(3)(p) and Schedule IV of the Companies Act,
2013 which requires mentioning the manner of formal
evaluation of its own performance by the Board and that of
its Committees and Individual Director in Board's Report,
if directors are evaluated by the Ministry or Department
of the Central Government which is administratively in
charge of the Company, or, as the case may be, the State
Government as per its own evaluation methodology.

In this regard, the Department of Public Enterprises (DPE)
has already laid down a mechanism for performance
appraisal of all functional directors. DPE has also initiated
the evaluation of Independent Directors.

Your Company enters into a Memorandum of
Understanding (MOU) with Government of India each
year, which outlines key performance parameters for the
Company. The performance of the Company is evaluated
by the Department of Public Enterprises vis-a-vis MOU
entered into with the Government of India.

In terms of Regulation 25 of SEBI (LODR) Regulations,
2015, the performance of the Board as a whole and non¬
independent directors including Chairman & Managing
Director is evaluated by the Independent Directors in a
separate Meeting. As per general practice in NTPC, this
separate meeting held in the last quarter of the financial
year. However, consequent upon the end of tenure of
Independent Directors on 11^th November 2024, the
separate meeting of the Independent Directors for the FY
2024-25 could not be held.

31.10    Declaration by Independent Directors

All Independent Directors, during their tenure in FY 2024¬
25, met the requirements specified under Section 149(6)
of the Companies Act, 2013 for holding the position of
'Independent Director'. Requisite declarations under
Section 149 (7) of the Companies Act, 2013, Regulation
25 of SEBI (LODR) Regulations, 2015 and Rule 6 of the
Companies (Appointment and Qualification of Directors)
Rules, 2014 were provided by the all Independent
Directors of your Company.

31.11    Management Discussion and Analysis

The Management Discussion and Analysis (MDA) Report,
as per Regulation 34(2)(e) read with Schedule-V to the
SEBI (LODR) Regulations, 2015 and DPE Guidelines, is
given at Annexure-I.

31.12    Corporate Governance

In accordance with Regulation 34(3) of SEBI (LODR)
Regulations, 2015, a detailed report on Corporate
Governance along with a certificate on Compliance of
conditions of Corporate Governance under the SEBI
Regulation and DPE Guidelines on Corporate Governance
are given at Annexure-II.

31.13    Business Responsibility and Sustainability
Report

The "Business Responsibility and Sustainability Report"
and Assurance or Assessment report for BRSR Core

in compliance with Regulation 34 of the SEBI (LODR)
Regulations, 2015 is given at Annexure-IX.

31.14    Investor Education and Protection Fund
(IEPF)

Number of Equity Shares due for transfer to IEPF and
details of unclaimed dividend as on 31 March 2025 are
available on the website of the Company, and the same
is also disclosed in the Report on Corporate Governance
given at Annexure-II.

31.15    Particulars of Contracts or Arrangements
with Related Parties

During the period under review, your Company had not
entered into any material transaction with any of its related
parties. The Company's major related party transactions
are generally between NTPC and its Group Companies. In
line with the statutory enactments, Policy on Materiality
of Related Party Transactions and on Dealing with Related
Party Transactions of the Company has been revised
during the year 2024-25 and is available at

https://ntpc.co.in/sites/default/files/policy-documents/RPT-Policy.pdf

In line with the said Policy, all related party transactions
are approved by the Audit Committee and / or the Board
of Directors, as the case may be. The transactions with
related parties are included in the Notes to Accounts as
per the applicable provisions of the Companies Act, 2013.
Further, the particulars of Related Party Transactions are
given in form AOC-2 at Annexure-VIII.

31.16    Significant and Material Orders passed
by the Regulators or Courts or Tribunals
impacting the Going Concern Status and
Company's Operations in future.

No significant and material orders were passed by any
regulator or court or tribunal impacting the going concern
status and Company's operations during the financial year
2024-25.

31.17    Adequacy of Internal Financial Controls
with reference to the Financial Reporting

Your Company has in place adequate internal financial
controls with reference to financial reporting. During the
year, such controls were regularly tested and no reportable
material weakness in the design, implementation and
operation effectiveness was observed.

31.18    Particulars of Loans, Guarantees or
Investments

The details of investments made, loans granted and
guarantees extended by the Company during the FY
2024-25 under Section 186 of the Companies Act, 2013

are disclosed at Note 7 & 57 to the standalone financial
statements for the financial year 2024-25.

31.19 Prevention, Prohibition and Redressal
of Sexual Harassment of Women at
Workplace

Your Company has a comprehensive policy in place
to address the Prevention, Prohibition, and Redressal
of Sexual Harassment of Women at the Workplace, in
accordance with the Sexual Harassment of Women at
Workplace (Prevention, Prohibition & Redressal) Act,
2013 (POSH Act). This policy is applicable to all female
employees, including those who are regular, contractual,
temporary, or trainees.

Your Company has complied with provisions relating to the
constitution of Internal Complaints Committee (ICC) under
the POSH Act and to ensure effective implementation and
handling of complaints, Internal Committees (ICs) have
been established at all projects and locations of your
Company.

These committees are responsible for addressing and
resolving complaints related to sexual harassment.

During the FY25, only one case of sexual harassment was
reported across NTPC. The Internal Committee, upon
review, did not recommend any action to the employer.
Details of complaints are as under: -

31.20 Procurement from Micro and Small
Enterprises (MSEs) and Procurement
through GEM

The Government of India notified a Public Procurement
Policy for Micro and Small Enterprises (MSEs) Order, 2012
under section 11 of Micro, Small and Medium Enterprises
Development Act, 2006.

During the FY 2024-25, the Company made a total
procurement of ' 18,117.30 crore (Including GST) through
GEM portal. Further, the Company procured items valuing
' 8,474.961 crore from MSE vendors which was 47.68%
of the total procurement* of ' 17,775.022 crore against
the minimum threshold of 40% as stipulated in the Public
Procurement Policy for Micro and Small Enterprises
(MSMEs) Order. Out of which, the procurement percentage
from MSEs owned by SC/ST and Women Entrepreneurs
was 0.28% and 3.17%, respectively.

Your Company has conducted 32 Vendor Development
Programs (VDPs), including 19 Special VDPs for MSEs
owned by SC/ST and Women Entrepreneurs across the
company.

Annual procurement plan for 2025-26 from MSEs is
uploaded on https://ntpc.co.in/procurement-plan

*Excluding Primary fuel, Secondary fuel, steel, cement, project
procurement including Renovation & Modernization and procurement
from Original Equipment Manufacturer (OEM)/ Original Equipment
Supplier (OES)/ Proprietary Article Certificate (PAC) as per Order of the
Development Commissioner, Ministry of MSME vide letter No. F. No.
21(9)/2017-MA(Pt-I) (E-17230) dated 31^st August 2021.

31.21    Particulars of Employees

As per provisions of Section 197(12) of the Companies Act,
2013 read with Rule 5 of the Companies (Appointment
and Remuneration of Managerial Personnel) Rules, 2014,
every listed company is required to disclose the ratio of the
remuneration of each director to the median employee's
remuneration and details of employees receiving
remuneration exceeding limits as may be prescribed from
time to time.

However, as per notification dated 5^th June 2015 issued by
the Ministry of Corporate Affairs, Government Companies
are exempted from complying with provisions of Section
197 of the Companies Act, 2013. Therefore, such
particulars have not been included and do not form part
of this Directors' Report.

31.22    Extract of Annual Return

Annual Return pursuant to Section 92 (3) of the Companies
Act, 2013, read with Section 134(3)(a) and rule 12 of the
Company (Management & Administration) Rules, 2014 for
the Financial Year ended 31 March 2025 is available on the
Company's website i.e www.ntpc.co.in/compliances

31.23    Credit Ratings

Your Company's financial discipline and prudence is
reflected in the strong credit ratings accorded by rating
agencies. The details of credit ratings are disclosed in the
Management Discussion and Analysis Report and Report
on Corporate Governance which form part of the Annual
Report.

31.24    Reporting of fraud by Auditors

During the year under review, neither the statutory
auditors nor the secretarial auditor has reported to the
audit committee, under Section 143 (12) of the Companies
Act, 2013, any instances of fraud committed against your
Company by its officers or employees, the details of which
would need to be mentioned in the Director's report.

31.25    Compliance with Secretarial Standards

Your Company is in compliance with the applicable Secretarial
Standards issued by the Institute of Company Secretaries
of India and approved by the Central Government under
Section 118(10) of the Companies Act, 2013.

31.26    Key Financial Ratios

Key Financial Ratios for the financial year ended 31 March
2025, have been provided under Note 74 of the Notes to
the Accounts of the Standalone Financial Statement and
in the Management Discussion Analysis Report given at
Annexure-I.

31.27    Consumption of Imported Goods (On
consolidated basis)

The consumption of imported goods for your Group
companies is as follows:

31.28 Government of India (GoI) Memorandum
of Undertaking (MoU) 2024-25
Achievements

GoI MoU is an agreement between the management
of the Central Public Sector Enterprises (CPSEs) and the
Government of India. MoU is a major policy initiative of the
Government of India to undertake regular performance
evaluation of CPSEs and enhancing the performance levels
of the CPSEs.

GoI MoU 2024-25 was signed between NTPC and Ministry
of Power on consolidated basis. The key achievements
against the targets of MoU 2024-25 are as under:

•    Revenue from Operations: Your Group company has
achieved highest ever Revenue from operations of
' 1,88,138 crore in FY 2024-25.

•    Power Generation: Your company has registered a
generation of 4,02,284 MUs (including generation from

NTPC Subsidiaries and excluding NTPC JV companies)
with a growth of 3.6%. NTPC generation mix includes
generation from Thermal, Hydro and RE sources.

• Financial Ratios: Your Company has strong financial
systems in place. It believes in prudent management
of its financial resources and strives to reduce the cost
of capital. It has robust financials leading to strong
cash flows which are being progressively deployed in
generating assets. Your Company has a strong balance-
sheet coupled with low gearing and healthy coverage
ratios. As a result, your Company has been able to raise
resources for its expansion projects at very competitive
interest rates in domestic as well international market.
With respect of GoI MoU your company has achieved
following ratios.

•    CAPEX: Your company has incurred a CAPEX of ' 48,595
crore including CAPEX of JVs and Subsidiaries of your
company for the year 2024-25 on accrual basis.

•    TReDS Portal: Your Company has onboarded Trade
Receivable electronic Discounting System (TReDS)
portals. TReDS is an institutional mechanism set
up in order to facilitate the discounting of trade
receivables of MSMEs from corporate buyers through
invoice discounting by multiple financiers avoiding
any procedural time lag, on acceptance of invoice by
corporate buyers Being a responsible corporate, your
company, has always ensured prompt/ timebound
payments to MSEs.

•    Procurement from GeM: Your company has registered
a procurement of Goods & Services worth ' 20,426
crore from GeM Portal (including procurement by
NTPC Subsidiaries). Your company has also integrated
its ERP system with GeM portal for efficient processing
of the payment.

•    Trade Receivables: As on 31 March 2025, trade
receivables amounted to ' 34,750.66 crore. Trade
receivables include unbilled revenue amounting to
' 16,319.77 crore billed, to the beneficiaries after
31 March 2025, excluding the unbilled revenue, trade
receivables are equivalent to 36 days of Revenue from
Operations as on 31 March 2025.

•    Expenditure on Research & Development/ Innovations
Initiatives: Your Company understands the importance
of Research and Development (R&D) in the ever-
changing dynamics of the energy sector coupled with

energy transition. In this regard, Your Company is
focused on research and development of innovative
solutions primarily in the domain of CCUS, Green Fuel,
Green Fertilizer & Energy Storage. This will help the
company to steer itself on the pathway of green energy
transition. The total expenditure on R&D/ Innovations
Initiatives during the financial year stands at ' 582.8
crore.

•    Performance on Stock Exchanges: Your company has
outperformed BSE 500 index during the financial year.
The Market Capitalization on BSE exchange improved
during the financial year from ' 3,25,759.50 crore to
' 3,46,801.26 crore. Your Company has paid a total of
' 7,999.75 crore as dividends to the shareholders during
the financial year. Further Interest and redemption
on Bonus debenture paid to shareholders during the
financial year was ' 4,475.63 crore.

•    Procurement from MSEs: The Government of India has
notified the Public Procurement Policy for Micro and
Small Enterprises (MSEs) Order, 2012. Your Company
has registered a procurement of Goods & Services
worth ' 9,137 crore from MSE vendors out of which
procurement from SC/ ST MSE vendors was ' 63 crore
and Woman MSE vendors was ' 613 crore.

Total Procurement* during the financial year 2024-25
by NTPC & its subsidiaries stands at ' 19,321 crore.

* Excluding Primary fuel, Secondary fuel, steel, cement,
project procurement including Renovation & Modernization
and procurement from Original Equipment Manufacturer
(OEM)/ Original Equipment Supplier (OES)/ Proprietary Article
Certificate (PAC) as per Order of the Development Commissioner,
Ministry of MSME vide letter No. F. No. 21(9)/2017-MA(Pt-I)
(E-17230) dated 31^st August 2021.

Symposium/ conference on health issues for
employees: Occupational health and safety at
workplace is one of the prime concerns for your
company. Utmost importance is given to provide safe
working environment and to inculcate safety awareness
among the employees. There was total 11 different
conferences and symposiums organized on health-
related issues and awareness for NTPC employees and
their families during the financial year.

•    Digitalization of process: Integration of worker's
hazard training requirement mapping with CLIMS:

Your company has integrated workers safety training
requirements in its contractors' labour information
management system by 31.12.2024, which facilitates
mapping of training needs of each contractors' worker
according to their potential exposure to hazards during
actual working conditions as per their job profile.
Worker's awareness being one of the crucial enablers
for ensuring safety, digital mapping of training needs

identification of contractor's workers at the time of
issuing gate pass has further strengthened the system
of training and awareness.

31.29    Proceeding pending under the Insolvency
and Bankruptcy Code, 2016

During the year under review, no application was made &
accepted or any proceeding pending under the Insolvency
and Bankruptcy Code, 2016 during the financial year 2024-25.

31.30    One-time Settlement and Valuation

During the FY 2024-25, no event has taken place that
gives rise to reporting of details w.r.t. difference between
amount of the valuation done at the time of onetime
settlement and the valuation done while taking loans from
the Banks or Financial Institutions.

31.31    Information on Differently Abled persons
& Statistical information on persons
belonging to Scheduled Caste / Scheduled
Tribe categories.

Pursuant to DPE guidelines, Statistical information on
reservation of SCs/ STs/OBCs for the year 2024-25 &
Information on Persons with Benchmark Disabilities
(PwBD) are given at Annexure-IV & V respectively.

31.32    Other Information

Information on Number of Meetings of the Board held
during the year, composition of committees of the Board
and their meetings held during the year, a chart or a matrix
setting out the skills/expertise/competence of the board of
directors, total fees for all services paid by the listed entity
and its subsidiaries, on a consolidated basis, to the statutory
auditor and all entities in the network firm/network
entity of which the statutory auditor is a part, details of
utilization of funds raised through preferential allotment
or qualified institutions placement, establishment of
vigil mechanism/ whistle blower policy and web-links
for familiarization/ training policy of directors, Policy
on Materiality of Related Party Transactions and also on
Dealing with Related Party Transactions and Policy for
determining 'Material' Subsidiaries have been provided in
the Report on Corporate Governance at Annexure-II.

31.33    Change in Board of Directors & Key
Managerial Personnel (KMP)

During the FY 2024-25 and till date of the report, the
following changes occurred in the Board / Key Managerial
Personnel of the Company: -

1. Shri Dillip Kumar Patel (DIN: 08695490) ceased to be
a Director of the Company upon his superannuation
on 30^th April 2024.

2.    Shri Mahabir Prasad (DIN: 07094229) was appointed
as an Additional Director (Government Nominee
Director) on 14^th August 2024. His appointment was
then regularized as a Government Nominee Director
in the 48^th Annual General meeting of the Company
held on 29^th August 2024.

3.    Shri Anil Kumar Jadli (DIN: 10630150) was appointed
as an Additional Director [Director (HR)] on 23^rd
August 2024 and held office until the conclusion of the
48^th Annual General Meeting of the Company held
on 29^th August 2024. He has been reappointed as an
Additional Director with effect from the same date.

4.    Pursuant to Order No. 8/3/2023-Th.I dated 25^th April
2024 and 20^th August 2024 of Ministry of Power,
consequent upon retirement of Shri Dillip Kumar
Patel, Shri Jaikumar Srinivasan, Director (Finance)
(DIN: 01220828) held the additional charge of the
post of Director (HR) till 22^nd August 2024.

5.    Shri Vidyadhar Vaishampayan, Shri Vivek Gupta, Shri
Jitendra Jayantilal Tanna and Ms. Sangitha Varier
ceased to hold the position of Independent Directors
on the Company upon completion of their term of
appointment of three years on 11^th November 2024.

6.    Shri Aditya Dar and Mr. Masood A. Ansari, Senior
Management Officials have been designated as Key
Managerial Personnel by the Board at its meeting
held on 25^th January 2025.

7.    The following Senior Management Officials/
Functional heads have been designated as Key
Managerial Personnel by the Board at its meeting
held on 1^st March 2025:

1.    Shri Shaswattam, Executive Director

2.    Shri Goutam Deb, Executive Director

3.    Shri A K Manohar, Executive Director

4.    Shri C Kumar, Executive Director

5.    ^AShri R R Parida, Executive Director

6.    ^AAShri Animesh Jain, Executive Director

7.    *Shri R Sarangapani, Executive Director

8.    **Shri U H Gokhe, Executive Director

9.    Shri Ajay Dua, Executive Director

10.    **Shri Satish Upadhyay, Executive Director

11.    $Shri Rajiv Gupta, Executive Director
Note: -

^A Took charge as KMP on 3^rd March 2025
^AATook Charge as KMP on 10^th March 2025.

*Ceased to be KMP with effect from 31^st May 2025.

** Superannuated on 30^th June 2025
$ Ceased to be KMP with effect from 7^th July 2025.

8.    Pursuant to MoP Order No. 8/4/2020-Th.l dated
16^th April 2025, Shri Anil Kumar Trigunayat, (DIN:
07900294), was appointed as Independent Director
(Additional) on the Board on 17^th April 2025 for a
period of one year w.e.f. the date of notification
of the aforesaid order or until further orders,
whichever is earlier.

9.    Pursuant to MoP Order No. 8/4/2020-Th.l dated
15^th May 2025, Dr. Anil Kumar Gupta, (DIN: 00442146)
and CA Pankaj Gupta (DIN: 03415536) were appointed
as Independent Directors (Additional Directors) on
16^th May 2025 and Dr. Kanchiappan Ghayathri Devi
(alias Dr. K. Ghayathri Devi) (DIN: 07584524), and
Shri Sushil Kumar Choudhary (DIN: 11111980), were
appointed as Independent Directors (Additional
Directors) on 19^th May 2025, for a period of three
years w.e.f. the date of notification of the aforesaid
order or until further orders, whichever is earlier.

10.    Ministry of Power, Government of India vide its letter
No. 8/1/2024-Th.I(271803) dated 18^th July 2025 has
informed that the President of India has re-employed
Shri Gurdeep Singh (DIN: 00307037), Chairman &
Managing Director, NTPC Limited as the Chairman
& Managing Director of NTPC Limited on contract
basis for a period of one year beyond the date of
his superannuation i.e. w.e.f. 1^st August 2025 till
31^st July 2026, or till assumption of charge of the post
by the regular incumbent, or until further orders,
whichever is the earliest on the terms and conditions
to be decided by the Government of India. Pursuant
to the aforesaid order, he has been appointed as an
Additional Director [Chairman & Managing Director]
with effect from 1^st August, 2025.

The Board wishes to place on record its deep appreciation
for the valuable services rendered by Shri Vidyadhar
Vaishampayan, Shri Vivek Gupta, Shri Jitendra Jayantilal
Tanna and Ms. Sangitha Varier during their association
with the Company.

The Board welcomes Shri Anil Kumar Trigunayat, Dr. Anil
Kumar Gupta, CA Pankaj Gupta, Dr. Kanchiappan Ghayathri
Devi and Shri Sushil Kumar Choudhary on the Board of
your Company.

The aforesaid Additional Directors appointed shall hold
offices upto the date of ensuing Annual General Meeting
of the Company. The Company has received the notice
of their candidate for appointment as director of the
Company.

31.34 Retirement by Rotation and Subsequent
Re-appointment

Pursuant to the provisions of Section 152 of the
Companies Act, 2013, Shri Jaikumar Srinivasan, Director

(Finance) (DIN-01220828) and Shri Shivam Srivastava
(DIN: 10141887), are due to retire by rotation at the
ensuing Annual General Meeting of the Company, and
being eligible, offer themselves for reappointment. The
Board recommends their re-appointment.

31.35 Committees of the Board of Directors

The Board of Directors, from time to time, has constituted
several Sub-Committees of the Board of Directors in line
with the provisions of the Companies Act, 2013, SEBI (LODR)
Regulations 2015 and Corporate Governance Guidelines
of Department of Public Enterprises, Government
of India. Pursuant to order No. 8/4/2020-Th.1 dated
12^th November 2021 of Ministry of Power, the tenure of
four Independent Directors on the Board of NTPC Limited
ended on 11^th November 2024. As a result, the Audit
Committee, Nomination & Remuneration Committee
including PRP, Stakeholder Relationship Committee, Risk
Management Committee, Corporate Social Responsibility
& Sustainability Committee were reconstituted with
available directors on the Board of the Company. For the
composition of Committees and other related details as on
31 March 2025, please refer to the Corporate Governance
Report given at Annexure-II.

Further, Ministry of Power vide its orders No. 8/4/2020-
Th.I dated 16^th April 2025 and 17^th May 2025, appointed
five Independent Directors on the Board of the Company
as mentioned in para no.31.33 of this report. Following
this, aforesaid Committees have been reconstituted in line
with the applicable provisions of the Companies Act, 2013,
SEBI (LODR) Regulations 2015 and Corporate Governance
Guidelines of Department of Public Enterprises,
Government of India. As on the date of this report, the
composition of these Committees is as under: -

1. Audit Committee:

2. Nomination and Remuneration Committee
Including PRP

3. Stakeholders Relationship Committee

4. Risk Management Committee

5. Corporate Social Responsibility and Sustainability
Committee

31.36    Energy Conservation, Technology
Absorption and Foreign Exchange Earnings
and Outgo

Energy conservation is a top priority in the Company's
operations. Continuous monitoring of all units ensures
ongoing performance assessments, and efforts are made
to achieve continuous improvement by integrating the
latest technologies and global best practices. Throughout
the financial year, various energy conservation measures
were implemented across the power plants and stations,
resulting in significant energy and monetary savings.

In accordance with the provisions of the Companies Act,
2013, and rules notified thereunder, the details relating
to Energy Conservation, Technology Absorption and
Foreign Exchange Earnings and Outgo are annexed as
Annexure - III.

31.37    Compliance with Maternity Benefit Act, 1961

Your Company has been complying with the provisions of
the Maternity Benefit Act, 1961.

32.    Material changes and commitments
affecting financial position between
the end of the financial year and date
of the report.

There have been no material changes and commitments
which affect the financial position of the Company, that
have occurred between the end of the financial year to
which the financial statements relate and the date of this
report.

33.    Directors' Responsibility Statement

As required under Section 134(3)(c) & 134(5) of the
Companies Act, 2013, your Directors confirm:

a)    that in the preparation of the annual accounts
for the financial year ended 31 March 2025, the
applicable accounting standards had been followed
along with proper explanation relating to material
departures.

b)    that such accounting policies were selected and
applied them consistently and such judgments
and estimates were made that are reasonable and
prudent so as to give a true and fair view of the state
of affairs of the company as at 31 March 2025 and
of the profit of the Company for the financial year
ended on that date.

c)    that the proper and sufficient care has been taken
for the maintenance of adequate accounting
records in accordance with the provisions of the
Companies Act, 2013, for safeguarding the assets
of the Company and for preventing and detecting
fraud and other irregularities.

d)    that the Annual Accounts have been prepared on a
going concern basis.

e)    that internal financial controls to be followed by the
Company had been laid down and that such internal
financial controls are adequate and were operating
effectively; and

f)    that the proper system has been devised to ensure
compliance with the provisions of all applicable laws
and that such systems were adequate and operating
effectively.

34. Acknowledgement

The Directors of your Company extend their sincere

appreciation for the cooperation received from the

Government of India, especially the Prime Minister's

Office, the Ministry of Power, the Ministry of New &

Renewable Energy, the Ministry of Finance, the Ministry

of Environment, Forests & Climate Change, the Ministry of
Coal, the Ministry of Petroleum & Natural Gas, the Ministry
of Railways, the Ministry of Corporate Affairs, the Ministry
of Labour and Employment, the Central Board of Direct
Taxes, the Central Board of Indirect Taxes and Customs,
GST authorities, the Department of Public Enterprises, the
Department of Investment and Public Asset Management,
the Central Electricity Authority, the Central Electricity
Regulatory Commission, the Comptroller & Auditor
General of India, the Appellate Tribunal for Electricity, State
Governments, Regional Power Committees, State Utilities,
Stock exchanges, governments of various countries, and
the Office of the Attorney General of India. Their active
support has been instrumental in achieving the Company's
successes during the financial year under review.

We also acknowledge the constructive suggestions
received from the Office of the Comptroller & Auditor
General of India, the Statutory Auditors, Cost Auditors,
Internal Auditors and Secretarial Auditors.

The Directors also express their gratitude to the
shareholders, as well as to various international and
Indian banks and financial institutions, for their continued
confidence in the Company. The Board appreciates
the valuable contributions of contractors, vendors,
and consultants in the implementation of various
Company projects. Furthermore, we extend our heartfelt
appreciation to the entire NTPC family for their tireless
efforts and contributions at all levels, ensuring the
Company's continued growth and excellence.

For and on behalf of the Board of Directors

Sd/-

Place: New Delhi    (Gurdeep Singh)

Date: 07 August 2025 Chairman & Managing Director

1

   Brandon Hall Human Capital Management Excellence
Awards for Benefits, Wellness, and Well-being
Programs, Leadership Development and Talent
Mobility, Leveraging Games and Simulations for
Learning, Performance Management, Competency and
Skill Development.

•    ATD Best Award 2025

•    SHRM HR Excellence Awards for Emerging Leadership
Development, Benefits and Wellness, Learning and
Development, Community Impact

Financial Year ended 31 March 2025, the Auditors' report,
and comments of the Comptroller and Auditor General
(CAG) of India on the financial statements thereon.

NTPC's unwavering commitment to drive Nation's energy
transition remained at the core of its operations and
strategic initiatives during the FY 2024-25.

•    At the group level, your Company added 3,972 MW of commercial capacity during the year. As on 31 March 2025,
the total commercial capacity stood at 79,930 MW on a consolidated basis and 59,413 MW on a standalone basis.

•    Power generation recorded a growth of 3.08% on a standalone basis and 3.90% at the group level.

•    Your Company achieved a remarkable average Plant Load Factor (PLF) of 77.44% in FY25, significantly higher than
the national average of 69.96% for coal-based plants. This marked the highest PLF recorded by the Company in the
past seven years.

•    Notably, seven of your Company's stations ranked among the top 15 performers in the All-India PLF rankings.

•    The captive coal production witnessed a steep year-on-year growth of 29%, increasing from 35.64 MMT in FY24 to
45.82 MMT in FY25. This significant rise has strengthened long-term fuel security for the Company's operations.

•    Your Company at group level has made significant progress in strengthening fuel security. In FY25, a total of 282.80
MMT of coal was received, reflecting a 5.2% increase over the 268.70 MMT received in the previous year. Notably,
only 2.53 MMT of this was imported coal, resulting a substantial reduction compared to 10.50 MMT imported in
the previous year, underscoring the Company's continued focus on enhancing domestic coal sourcing and reducing
dependence on imports.

•    The successful listing of NTPC Green Energy Limited (NGEL) on 27^th November 2024 through its initial public offer
(IPO) of ' 10,000 crore marked a significant milestone, positioning NGEL as a prominent player in India's renewable
energy sector.

•    In line with NTPC's broader vision to accelerate its renewable energy expansion and strengthen its sustainability
commitment, ONGC NTPC Green Private Limited (ONGPL) - a 50:50 joint venture of NTPC Green Energy Limited and
ONGC Green Limited has acquired 100% equity stake in Ayana Renewable Power (P) Limited, having an enterpise
value of ' 19,500 crore. It has 2,123 MW operational and 1,989.7 MW under construction capacity.

•    Govt. of India has approved transfer of Mahi Banswara Rajasthan Atomic Power Project (MBRAPP) 4x700 MWe
based on indigenous PHWR technology, from Nuclear Power Corporation of India Limited (NPCIL) to the JV
Company i.e. Anushakti Vidhyut Nigam Ltd (ASHVINI).

•    Your Company's group Level total income for FY25 increased by 5%, amounting to ' 190,862 crore compared to
' 1,81,166 crore in FY24.

•    The Group CAPEX for FY25 rose to ' 48,594.59 crore, making a notable increase from ' 35,385 crore in FY24. On
a standalone basis, CAPEX recorded strong growth reaching ' 23,664.59 crore from ' 19,444 crore in the previous
year.

•    The Dividend income of ' 2,101.48 crore recognized from its subsidiaries, joint venture companies, and others in
FY25, as compared to ' 1,639.08 crore recognized in FY24, reflecting a healthy growth in returns from strategic
investments.

•    Your Company triumphed again at the 'ATD BEST Awards 2025', marking its eighth win in talent development
excellence. Your Company is also certified as a "Top Employer 2025" in India by Brandon Hall Group.

I    ^J

The following is a summary of your Company's performance, emphasizing the noteworthy achievements made in the
reporting year

1. Financial Performance:

2.    Consolidated Financial Results

In accordance with the provisions of the Companies Act
2013, the Company has prepared Consolidated Financial
Results for the financial year 2024-25 which forms part of
this Integrated Report.

A statement containing the salient feature of the financial
statement of your Company's subsidiaries, associate and
joint ventures companies as per first proviso of section
129(3) of the Companies Act, 2013 is given in AOC-1 in the
Consolidated Financial Statements. The detailed financial
results are available in the Financial Statement section of
the report under the Standalone Financial Statements and
Consolidated Financial Statements.

3.    Issue of Securities/Changes in the
Capital Structure

During FY 2024-25, your Company successfully mobilized
' 4,000 crore through private placement of unsecured
bonds, carrying coupon rate of 7.26% and a maturity
period of 15 years. The funds were utilized for the various
purposes as mentioned in the offer document. Further,
Non-Convertible Redeemable Debentures amounting to
' 6,889.73 crore were redeemed during the year under
reporting.

4.    Dividend

For the financial year 2024-25, your Company has paid first
& second interim dividends of ' 2424.17 crore each (at the
rate of ' 2.50 per share) in the month of November 2024
and February 2025, respectively. Furthermore, the Board
of Directors has recommended to pay a final dividend of

Your Company being one of the top 500 listed companies
in the Country in terms of market capitalization,
has voluntarily provided Integrated Report, which
encompasses both financial and non-financial information
to enable the Members to take well informed decisions
and have a better understanding of the Company's long¬
term perspective. This Report also touches upon aspects
such as organization's strategy, governance framework,
performance and prospects of value creation based on
the six forms of capital viz. financial capital, manufactured
capital, intellectual capital, human capital, social and
relationship capital, and natural capital.

6.    Group Companies: Subsidiaries and
Joint Ventures

Your Company is one of India's largest energy
conglomerates, established with the objective of
accelerating the development of the power sector in the
country. Over the years, it has emerged as a dominant
player in the energy industry, with a robust presence
across the entire energy value chain. The Company has
also strategically diversified its operations through its
subsidiaries, joint ventures, and associate companies,
thereby strengthening its position at the group level.

As on 31 March 2025, Your Company has total 11 subsidiary
companies and 16 joint venture companies, including 2
international joint ventures, engaged in various business
activities.

In addition, Your Company has 7 step-down subsidiary
companies under its direct subsidiary companies. Further,
details of aforesaid entities are provided in Para no. 11.1
of this Report.

7.    Operational Performance

Your Company achieved a record power generation of
372.83 billion units (BUs) on a standalone basis and 438.68
BUs at the Group level (i.e., including joint ventures (JVs)
and subsidiaries) during the FY 2024-25. This translates to
a year-on-year (Y-o-Y) growth of 3.08% on a standalone
basis and 3.90% at the Group level. Out of the total 438.68
BUs generated, thermal power stations contributed 417.08
BUs, while hydro and renewable sources contributed
13.39 BUs and 8.21 BUs, respectively. During FY 2024-25,
average Plant Load Factor (PLF) of NTPC coal stations was
77.44% as against the National Average of 69.96%.

8. Commercial Performance

8.1    Billing and Realization

During FY 2024-25, your Company has realized 100% of its
bills due for realisation. The target set by the Government
of India (GoI), for realization of dues for energy supply in
FY25 has also been achieved. Most of the beneficiaries
have made timely payments and availed the applicable
rebates.

Your Company has in place a robust payment security
mechanism in the form of Letters of Credit (LC) backed
by the Tri-Partite Agreement (TPA). Apart from the LCs,
payment is secured by the Tri-Partite Agreements (TPAs)
signed amongst the State Government(s), Government
of India (GoI) and Reserve Bank of India (RBI). As per the
TPA, any default in payment by the State owned Discoms
can be recovered directly from the State's account in RBI.
The TPAs signed during the FY 2000-01 were valid up to
31^st October 2016. Subsequently, these TPAs have been
extended for a further period of 10 to 15 years. As of
now, 29 out of total 31 States/UTs have signed the TPAs
extension documents. The signing of TPAs extension by
remaining States is being taken up.

8.2    Power Trading in Power Exchange

Your Company has been participating in both the
Integrated Day Ahead Market (I-DAM), Term Ahead
Market (TAM) and the Real Time Market (RTM) for selling
any un-requisitioned surplus (URS) in the Power Exchange
through its trading arm- NTPC Vidyut Vyapar Nigam Limited
(NVVN). Besides selling the URS power, it has also been
selling any regulated power, merchant power, relinquished
gas power, infirm power in the Power Exchanges. In the
FY25, record 6,392 million units of power worth of ' 2,984
crore has been sold in the various segment of power
exchanges by your Company. Corresponding gains for this
sale have been shared with the beneficiaries as per the
extant regulatory provisions.

8.3    Strengthening Customer Relationship

Customer Focus is one of the core values of your Company
(ICOMIT). In line with this, your Company has taken up
several initiatives targeted towards the external customers
Customer Relationship Management (CRM) and Customer
Satisfaction Index (CSI) are two important aspects of
this program. As part of the CRM, your Company has
been implementing several structured activities with the

objective of sharing its experiences and best practices
with the customers, capturing their feedbacks and
expectations, and also addressing their concerns. Some of
these activities are described below:

•    Your Company has put in place Customer Satisfaction
Index (CSI) Survey scheme, to gather the feedback
from customer through a survey and respond to their
requirements. This CSI survey has been conducted
during FY25 and the score fall under Excellent Category.

•    Your Company offers training programs to the
representatives of beneficiary companies by
conducting dedicated workshops for Discom officials.
Your Company also offers training programs for Discom
officials through Power Management Institute (PMI)
of NTPC, a capacity building initiative of power sector
personnel for equipping them with managerial and
leadership skills.

The details of the various initiatives taken by your company
for strengthening its customer relationships is available in
the Social Capital section of the report.

8.4 Commercial Capacity

During the financial year 2024-25, your Company's total
commercial capacity was 59,413 MW. Additionally, when
considering the collective efforts of your Company and its
joint ventures & subsidiaries, the aggregate group level
commercial capacity was further augmented by 3,972 MW
resulting in an overall group level commercial capacity of
79,930 MW as per detail given below: -

9. Installed Capacity

During the financial year 2024-25, your Company added 335
MW to its installed capacity and reached to 59,413 MW as on
31 March 2025 against 59,078 MW as on 31 March 2024.
In addition to this, NTPC Group made significant strides
in expanding its installed capacity. During FY25, Your
Company at Group Level successfully added 3,972 MW
of capacity, bringing its cumulative installed capacity to
79,930 MW (75,958 MW as on 31 March 2024).

9.1 Capacity Expansion Program

Your Company has formulated a long-term Corporate Plan
which aims to have 60 GW of Renewable Energy capacity
by 2032. While continuing to add capacity through coal-
based power projects, your Company is actively expanding
its power generation portfolio through hydro, renewable
energy sources & nuclear. As on 31 March 2025,
projects with a total capacity of 33,671 MW are under
implementation, including 18,295 MW being developed
by joint venture and subsidiary companies. It comprises of
16,900 MW of Coal (Including 3,060 MW being undertaken
by joint venture and subsidiary companies), 2,255 MW
of Hydro (Including 1,444 MW being undertaken by
joint venture and subsidiary companies) and 14,516
MW of Renewable projects (Including 13,791 MW being
undertaken by joint venture and subsidiary company).
The details are as under:

The details of the same is available in the Manufacturing
Capital and Intellectual capital section of the report.

The environmental clearance in respect of Darlipalli-II and
Telengana-II is yet to be received.

a)    Implementation of the Project is a joint effort of the
owner, government agencies, financing institutions
and large number of vendors/Agencies within India
and abroad, whose efforts must be integrated in a
controlled and sequential manner for successful and
timely completion of the Projects.

Integrated Project Management and Control
System (IPMCS) for Project implementation is being
followed in your Company with the prime objective
of ensuring the completion of the Projects within the
optimum cost and time, with safety and quality. This
System keeps in view the various requirements of
effective working, flow of information, organization
structure, feedback, and control in an integrated
manner. It enables the involvement of all concerned
disciplines in the development of the agreed
project plan, its implementation and control in an
integrated manner, while at the same time allowing
independence to each functional disciplines to
schedule and control its own activities in greater
detail. This Integrated System enables dynamic
planning, scheduling, implementation, review,
monitoring and control of the project. It is necessary
to integrate these different Systems / Procedures to
achieve the overall objective of commissioning of the
Project in time, within the approved cost and with
desired quality. IPMCS serves this purpose as a basic
management tool for Project Planning, Scheduling,
Implementation, Monitoring and Control at various
levels, using computer aided tools/software.

b)    Project Management Control Centres: - IPMCS
System keeps in view the requirements for
effective working, flow of information, feedback,
and monitoring. It enables the involvement of
all concerned in various functional disciplines
for implementation of the Project. The System
constitutes three (3) Project Management Control
Centres, as under:

i)    Engineering Management, Quality Assurance,
and Inspection

ii)    Contract Management

iii)    Site Management

The linkages of various activities of these different
Control Centres from commencement to completion
is established through Networks.

In addition to the above three Control Centres,
the other functions are service functions, e.g.,
Finance, Human Resource, Operation Services,

Fuel Management, Corporate Planning, etc. These
disciplines assist in Project implementation by
providing effective, timely and integrated services in
respective areas. The Finance and Human Resource
functions are integrally linked to all functions of
Project Management.

The Operation Services, during Project
implementation, is involved in finalization of
Mandatory Spares list, testing & commissioning of
the plant, trial operation (completion of facilities),
Performance Guarantee tests, etc. The other
service functions like Corporate Finance, IT &
Communication also help in Project implementation;
Corporate Finance in dealing with funding
agencies and IT & Communication by providing
necessary IT & Communication infrastructure
and support at site. The Regional Head Quarters
under a Regional Executive Director, contribute to
Project implementation through liaison with State
Government and regular monitoring of progress
through Regional PE&M. Each functional group
is responsible for scheduling and monitoring its
respective activities.

The System permits total independence to the Control
Centres for scheduling and monitoring their respective
activities. However, overall planning and scheduling
of the Project activities and tying up the schedule of
interface events and its monitoring, with a view to
achieve the end goal, is the responsibility of Project
Management (PM) located at Corporate Centre/Other
Locations, under Director (Projects), NTPC.

11. Strategic Expansion and Diversification

To further strengthen its competitive position in the
power sector, your Company has diversified its portfolio
and evolved into an integrated energy Company with a
presence across the entire energy value chain. Through
backward and forward integration, Your Company has
forayed into critical areas such as coal mining, Nuclear
Power generation etc thereby enhancing operational
resilience and creating new growth avenues. In addition to
its core power generation business, NTPC has strategically
diversified into emerging areas such as e-mobility, battery
energy storage systems, pumped hydro storage, waste-to-
energy, nuclear power, green hydrogen solutions etc.

In line with NTPC's broader vision to accelerate its
renewable energy expansion and strengthen its
sustainability commitment, ONGC NTPC Green Private
Limited (ONGPL) - a 50:50 joint venture of NTPC Green
Energy Ltd. and ONGC Green Ltd. has acquired 100%
equity stake in Ayana Renewable Power Pvt. Ltd., having

an enterpise value of ^19,500 crore. It has 2,123 MW
operational and 1,989.7 MW under construction capacity.
A majority of Ayana's portfolio is strategically located in
resource rich states and are contracted with high credit
rated off-takers such as SECI, NTPC, GUVNL, Indian
Railways, among others.

Your Company is also expanding its horizontal footprint
through the acquisition of the thermal power plants. NTPC
in consortium with Maharashtra State Power Generation
Co. Ltd. (Mahagenco) has emerged as the highest bidder
for 1,350 MW (5x270 MW) plant located at Sinnar, Nashik,

Maharashtra. The acquisition is being undertaken through
the National Company Law Tribunal (NCLT) process under
the provisions of the Insolvency and Bankruptcy Code (IBC).

11.1 NTPC's Joint Ventures and Subsidiaries
across the Power Value Chain

NTPC has established various Joint Ventures (JVs) and
Subsidiary Companies in the energy value chain to
facilitate capacity addition, share project risks, and
leverage synergies.

b) Details of NTPC's Subsidiary Companies engaged in business other than in power generation, are provided
below: -

c) Details of NTPC's Joint Venture Companies incorporated in India, engaged in business other than in power
generation are as under:

11.2 Asset Monetization

Under the broad contours of the National Monetization
Pipeline (NMP), your Company was allotted a monetization
target of ' 15,000 crore to be achieved in tranches over
FY22 to FY25. In this regard, NTPC has achieved both its
monetization target for FY25 and its cumulative target.

a)    Monetization of RE Assets:

For better marketability, your Company incorporated NTPC
Green Energy Ltd. ("NGEL") as its wholly owned subsidiary
for consolidation of the identified RE portfolio in which RE
assets of NTPC were transferred to NGEL. 10.99% stake
sale of NGEL through IPO has also been completed in
Nov'24. NGEL got listed on exchanges on 27^th November
2024. NGEL has raised ' 10,000 crore through IPO
in FY 2024-25.

b)    Monetization of NTPC's Coal Mines Asset:

NTPC coal mine developed under Mine Developer and
Operator (MDO) route and awarded to MDO for operation
and development of coal Mines have been considered
as Asset Monetization under the ambit of National
Monetization Pipeline. A total ' 7,836 crore is monetized
through the award of MDO for coal mine till end of FY24.

In the meeting of Core Group of Secretaries on Asset
Monetization (CGAM) held on 6^th February 2025, your
Company has been allotted asset monetization target of
' 27,000 crore to be achieved in tranches over FY26-FY30.

12. New Business Areas:

12.1 Opportunities with States and CPSEs:

a) Collaboration with UP State Power Sector:

Your Company has signed following MOUs for investments
in UP Power Sector during UP Global Investors Summit in
2023:

•    MoU dated 19^th January, 2023 for expansion of MUNPL
(a JV of NTPC & UPRVUNL) with Stage-II 3x 800 units,
subject to feasibility, statutory clearance, and equity
infusion by GoUP.

•    MoU dated 11^th February 2023 for jointly setting up
2X800 MW supercritical Thermal Power plants at Obra
and Anpara with UPRVUNL.

b)    Collaboration with Rajasthan Rajya Vidyut Utpadan
Nigam Limited:

Your Company & Rajasthan Rajya Vidyut Utpadan Nigam
Limited (RVUNL) have signed a Joint Venture Agreement
on 4^th November 2024 to form a JV Company. The main
objective of the proposed JVC is transfer of existing units
of Chhabra Thermal Power Station (4x250 MW + 2x660
MW) of RVUNL to this JVC and explore the possibility of
expansion of the Plant by establishing new supercritical
units.

c)    Collaboration with GAIL:

NTPC and GAIL (India) Ltd signed a non-binding
Memorandum of Understanding (MoU) on 19^th February
2025, in New Delhi. The purpose of the MoU is to explore
opportunities for India's clean energy future through
renewable energy projects, energy storage solutions,
and the commercialization of Green Hydrogen, Green
Ammonia, and Green Methanol.

The details of these initiatives are available in the
Manufacturing Capital and Social capital section of the
report.

13. Global Initiatives

13.1 International Investment Projects:

•    Bangladesh-India Friendship Power Company
Private Limited (BIFPCL), Bangladesh:

BIFPCL (A 50:50 JV between NTPC & Bangladesh Power
Development Board, Bangladesh) commissioned a coal-

based power plant of 1,320 MW capacity at Rampal
(Khulna) christened as 'Maitree Super Thermal Power
Plant'. The 1^st and 2^nd units of 660 MW are under
commercial operation since December 2022 and March
2024, respectively.

•    Trincomalee Power Company Limited (TPCL), Sri
Lanka:

TPCL was incorporated as a Joint Venture Company
between NTPC and Ceylon Electricity Board, Sri Lanka
(CEB) with 50% holding by each on 26^th September 2011 in
Sri Lanka. Presently, it is developing a 50 MW (extendable
to 120 MW) solar power project at Sampur, Sri Lanka.

Phase I of 50 MW of the project has secured all the
necessary approvals in Sri Lanka, and the Letter of Award
(LOA) for the implementation of the Phase I has been
issued by CEB to TPCL. In the first week of April 2025, TPCL
has signed the Project Agreements viz. Power Purchase
Agreement (PPA) and Implementation Agreement. The
groundbreaking ceremony for the first phase of project
was launched by Hon'ble Prime Minister of India and
Hon'ble President of Sri Lanka on 5^th April 2025.

13.2 Consultancy Work for International Solar
Alliance (ISA)

Your Company is associated as a corporate partner with
International Solar Alliance (ISA) and has been awarded
the following Project Management Consultancy (PMC)
jobs abroad:

•    ISA Solar Park PMC assignment (ISA Program-06): Your
Company has been appointed as PMC consultant for
the implementation of 6,620 MW Projects in around 13
countries of Africa and Latin America. The assignments
are in different stages of implementation.

•    Rooftop Solar Projects (ISA Program-04): Your
Company is providing PMC services for implementation
of 100kW Roof Top Solar Project in Ethiopia & Sao
Tome. The project in Ethiopia has been completed
while Sao Tome project is under execution.

•    ISA 27 Demonstration Projects: Your Company is
appointed as Project Management Consultant for
implementation of solarization projects in 10 countries
(Viz. Seychelles, Senegal, Djibouti, Cuba, Ethiopia,
Suriname, Burundi, Mozambique, Malawi & Uganda)
across three themes: (i) Solarization of building roof-
top/ground mounted PV installation, (ii) Solar based
Cold Storages and (iii) Solar PV based Water Pumping
Systems.

Project in 7 countries have been successfully commissioned
while in other 3 countries are in various stages of
implementation.

13.3    Other Consultancy Assignments:

Your Company has undertaken the following major
consultancy assignments in FY 2024-25:

a.    Flue Gas Desulphurization (FGD) Site assessment
and report review of 800 MW Kusile Power Plant,
ESKOM, South Africa.

b.    Implementation of 2 MWp Floating PV Power Plant
at Tamarind Falls Reservoir, Mauritius for CEB,
Mauritius.

c.    Preparation of Pre-Feasibility report, Conceptual
Design report (CDR) and CDR for BESS integration
for 30 MW Floating Solar Project at Tamarind Falls
reservoir for CEB, Mauritius.

d.    Vetting of Detailed Project Reports of Nalgad-
Maintada, Nijgadh-Inaruwa, Gandak-Nepalgunj 400
KV transmission lines in Nepal for Exim Bank, India

In addition, Your Company has secured following
major consultancy assignments which will be
executed in FY 2025-26:

e.    Project Management Consultancy services for
the Phase I 50 MW (extendable to 120 MW) solar
project at Sampoor in Trincomalee district of Sri
Lanka from TPCL, Sri Lanka.

f.    Delivery of 52 weeks FGD training program in NTPC
Vindhyachal on O&M practices of NTPC to power
professionals of Eskom, South Africa.

13.4    Strategic Global Tie-ups and International
MoUs

With an intention to increase its footprints across the
globe, Your Company has entered partnerships and
collaborations with some of the world's leading utilities by
signing MoUs and cooperation agreements.

A Memorandum of Understanding (MoU) was signed in
November 2024 between NTPC and ESKOM (the largest
power utility of South Africa) for fostering cooperation in
the power sector. Apart from this, Your Company is having
existing MoU with Nepal Electricity Authority (Nepal),
MASEN (Morocco) as of 31 March 2025. Also, MoU with
Saudi Electricity Company (Saudi Arabia) is ready to be
signed, and discussions for MoU for collaboration in power
sector are ongoing with ASEAN Centre for Energy (ASEAN
Region), EDF (France), and Druk Green Power Corporation
Limited (Bhutan).

13.5    Training and Capability Building Programs

Your Company actively engages global stakeholders
to conduct strategic capability-building programs for

power sector officials, enhancing outreach, goodwill, and
potential business opportunities through networking.

Your Company has successfully conducted 16 training
programs in FY 2024-25, of which 12 programs were
under the ITEC initiative of Ministry of External Affairs, 2
programs for International Solar Alliance and 2 programs
for the Nigerian National Petroleum Corporation Limited
(NNPCL). A total of 296 participants from 38 different
countries have benefited from these programs.

13.6 Other Initiatives

Your Company is also exploring investment opportunities
in the Renewable Energy and consultancy opportunities in
the areas of PMC, O&M services, R&M of power plants,
capacity building, etc., in the regions such as the Africa,
Middle East, SAARC, ASEAN, and Latin America region.

14. Consultancy Services

Your Company's Consultancy division continues to support
the Indian power sector with its extensive experience
and expertise, offering end-to-end consultancy services -
"From Concept to Commissioning and Beyond" - for large
power projects. The scope of services covers Engineering,
Project Management, Operations & Maintenance (O&M),
Contracts & Procurement, Renovation & Modernization
(R&M), Quality & Inspection, Training & Development,
Human Resource, IT solutions, Solar & Renewable Energy
projects, and compliance with environmental norms for
power stations.

In FY 2024-25, your Company secured consultancy orders
worth of ' 245.15 crore. A significant order of ' 168.74
crore was placed by Meja Urja Nigam Private Limited
(MUNPL) for Pre- and Post-award Consultancy services for
the upcoming Meja-II (3x800 MW) Thermal Power Station
at Meja. Damodar Valley Corporation (DVC) awarded an
order worth ' 2.13 crore for the installation of the DREAMS
2.0 application. Additionally, the division submitted over
126 proposals covering 61 clients, with a total proposal
value of ' 1,083.28 crore.

In 2024-25, your Company is executing 106 active
domestic consultancy assignments across various sectors,
including thermal and solar power projects, environmental
compliance, O&M and R&M services, distribution, IT etc.

Customers of NTPC-Consultancy include Central & State
Government organizations, Private companies, Joint
Venture/Subsidiary companies of NTPC.

Your Company's Consultancy division is actively exploring
new business opportunities in emerging areas such as
Sustainability Advisory, Hydro and Pumped Storage,
Distribution sector consultancy, Renovation and

Modernization (R&M) of old thermal plants, and HR-
related services. This is in addition to your Company's
established offerings, which include Project Management
Consultancy (PMC) as Owner's Engineer for greenfield
and brownfield power projects, implementation of new
environmental norms like FGD, ZLD, DNOx, and ESP R&M,
development of Solar and Renewable Energy projects,
O&M and performance improvement of thermal power
plants, and IT services such as ERP implementation,
PRADIP, Dreams 2.0, PI systems, CLIMS, and more.

Highlights of consultancy services are available in the MDA
and Manufacturing capital section of the report.

15.    Financing of New Projects

Group Capital Expenditure (CAPEX) including CAPEX of
JV/ subsidiaries of your Company for FY 2024-25 was
' 48,594.59 crore and on stand-alone basis was ' 23,664.59
crore on accrual basis.

To support its capacity addition programs, your Company
follows well-defined debt-to-equity ratios based on the
nature of the projects. Typically, a 70:30 debt-to-equity
ratio is maintained for thermal, hydro and coal mining
projects, while a more leveraged 80:20 ratio is applied
for solar and wind projects. The Board of Directors is
confident that the Company's strong internal accruals will
be sufficient to meet equity requirements for upcoming
projects.

With a low-geared capital structure and robust credit
ratings, your Company is well-positioned to secure the
necessary borrowings. It continues to explore both
domestic and international funding avenues, including
overseas development assistance from bilateral agencies,
to mobilize debt for its planned capacity expansion.

Additionally, your Company actively undertakes debt
swapping for domestic loans, strategically replacing high-
interest loans with lower-cost borrowings to optimize
the overall cost of debt. Continuous engagement and
negotiation with banks to further reduce interest rates
remain a key focus, enabling your Company to keep
borrowing costs competitive and strengthening financial
efficiency.

The detail of funding is available in the MDA Report which
forms part of this Report.

16.    Fixed Deposits

With effective from 11^th May 2013, your Company ceased
accepting new deposits and renewing existing deposits
under the Public Deposit Scheme. Consequently, there are
no deposits that are non-compliant with the provisions
outlined in Chapter-V of the Companies Act, 2013.

The details relating to deposits, as per the Companies
Act, 2013 are as under:

* Pending for completion of legal formalities/ restraint
orders/ non-receipt of claims.

17. Renovation and Modernization

The Renovation and Modernization (R&M) of various units
of your Company, particularly those that have completed
25 years of commercial operation, is undertaken with
the objective of extending the operational life beyond
the originally designated useful life of the plant. In
addition, R&M plays a vital role in ensuring continued
safe operations, compliance with prevailing statutory
and environmental regulations, and adherence to the
provisions of the Indian Electricity Grid Code (IEGC).

These activities are also focused at enhancing operational
efficiency and flexibility, thereby supporting the sustained
viability of generating units. This facilitates the Company's
ability to respond effectively to evolving operational
conditions, including the adoption of advanced
technologies, variations in coal quality, constraints in water
availability, changes in railway logistics, and emerging
regulatory requirements without compromising service
reliability.

Through the implementation of R&M measures, your
Company seeks to optimize the performance, reliability,
and life cycle of its generating assets, in accordance
with the current industry standards and operational
requirements.

The detail of funding is available in the MDA Report which
forms part of this Report.

Your Company takes great pride in its people, who are the
driving force behind its business success. Human resources
are regarded as the Company's most valuable asset and
its key source of competitive advantage. Aligned with its
Employee Value Proposition of "People before PLF," the
Company remains committed to continuous investment
in Competence, Commitment, Culture, and Systems
Building—the four foundational pillars of its evolving HR
strategy.

Your Company has institutionalized the following initiatives
for building competence for current roles, future leadership
positions, and emerging areas of diversification.

i.    Comprehensive Onboarding.

ii.    Need based training which includes curated learning
paths for all O&M executives.

iii.    Planned interventions at different stages of career
for team building, leadership development and
succession planning.

iv.    Young Leaders Programme (YLP) for middle level
high performers

v.    Job-rotation preceded by Job-rotation facilitation
training.

vi.    Orientation programs for new Business Unit Heads.

vii.    Tie-ups with external experts / institutions for
bringing in niche expertise and outside perspective.

viii.    Specialized training in areas of diversification and
emerging areas like solar energy, wind energy,
nuclear energy, CCUS, battery storage etc.

ix.    Business Simulation Games for honing decision¬
making and critical thinking skills.

x.    Facilitating formulation of Individual Development
Plans (IDP) through customized individual reports of
Competency, Potential and Value (CPV) assessments
and Assessment Development Centres (ADCs)
undertaken.

xi.    Actualization of Individual Development Plans (IDPs)
through PMS wherein IDP is a mandatory KPA Index.

The L&D interventions are bolstered through contemporary
pedagogy, time and location agnostic e-learning modules
and leveraging of immersive technology (Simulation
and VR).

For commitment building, your Company provides
attractive compensation, best in class benefits, facilities
of holistic health (which includes medical, 24¹7 Employee

Assistance program, sports, recreation, Yoga etc.),
superannuation benefits (which includes post-retiral
medical facilities) and rewards (both monetary and non¬
monetary). Your Company also focuses on listening by
implementing a comprehensive Communication Matrix
and putting in place a system of Internal and External
Surveys. The System of Surveys has been recently reviewed
and revised. To further facilitate employee engagement,
your Company is also leveraging the power of AI for
better understanding employee sentiment for effecting
appropriate interventions.

For sustaining and enhancing an enabling culture
of performance, your Company has put in place, a
contemporary ERP enabled PMS focusing on continuous
feedback and assessment, made possible through weekly
planning and feedback and monthly assessment. This is
in addition to the annual assessment at the end of the
assessment year. The promotion policy lays a premium
on performance. Further, 360-degree feedback as a
developmental input, has also been implemented for
selected grades.

Your Company has embraced technology and digitalization
and put in place enabling Systems, for facilitating smart
working and for providing superior employee experience.
These include ERP, ECM (paperless office), HR Unified
Shared Service (HRUSS), an analytics-based HR decision
support system (DELPHI), Contract Labour Information
Management System (CLIMS), AI based chatbots, Medical
Smart Card, Recruitment portal, Policy portal and Ex¬
Employee portal, etc.

Your Company's HR initiatives, aligned with its HR Vision
"To enable our people to be a family of committed
world-class professionals, making NTPC a learning
organization" - have been widely recognized through
numerous prestigious awards in the talent management
and development space. Distinguished accolades include:

•    Forbes World's Best Employers 2024

•    Top Employer 2025 (India) by the Top Employers
Institute ¹

•    CII Digital Transformation Awards 2024 for Leveraging
AI for Employee Engagement, DELPHI (Employee Digital
Platform), Use of AR & VR for Workforce Capacity
Building, Health Management and Profiling System

•    Economic Times Human Capital Awards 2025 for

Excellence in Employee Retention Strategy

•    Economic Times Future Skills Awards 2024 for Use

of AI/AR/VR in Learning and Upskilling, Extended
Enterprise Learning Programs, Leveraging Games and
Simulations in Learning & Development

•    XLRI's HR for the Greater Good Award

The details of the same is available in the Human capital
section of this report.

19. Sustainable Development

Sustainable Development is at the core of your Company's
business development strategy. Your Company firmly
believes in the idea that progress should not come at the
expense of the environment and natural ecosystems. To
promote sustainability, NTPC is driven by two key motives:

a)    To become the most sustainable energy producer
by making fundamental changes in the operating
methods

b)    Increase transparency through timely disclosure of
social, environmental, and economic results

Your Company has developed an Environmental, Social
and Governance Management System (ESG-MS) that
outlines ESG management principles for your Company
and provides guidance for managing ESG risks and
opportunities in our operations. It consists of an ESG
policy statement, measurement and reporting of material
indicators, target settings. There is also a dedicated ESG
and Climate Change Committee to assist the board in
setting the Company's general strategy with respect to
ESG and climate change issues.

Your Company is also implementing "The Brighter Plan
2032", a comprehensive sustainability strategy aimed at
becoming the most sustainable power producer. This plan
focuses on key aspects of sustainability such as reducing
carbon emissions and controlling air emissions, water
conservation, biodiversity protection, health and safety,
circular economy, community development, finance and
ethics, and sustainable supply chain. Through this strategy,
strategic approaches and actions in each of these areas
are formulated to ensure the long-term sustainability of
your business. Your Company is in the process of procuring
an ESG digitization SaaS platform to strengthen its
sustainability governance by enabling accurate, real-time
tracking and reporting of ESG metrics, in line with evolving
regulatory requirements and global best practices.

Your Company employs a three-pronged approach and
considers people, planet and profit as the main pillars
of business sustainability. This approach emphasizes
the importance of balancing social, environmental, and
economic responsibility. By focusing on these interrelated
aspects, the goal is to achieve a harmonious integration
of sustainable practices, increase the well-being of
communities, protect the environment, and ensure long¬
term economic prosperity.

The further detail of our sustainable initiatives and
disclosures is available in the Human, Natural and Social
capital section of the report.

20.    Fly Ash Utilization

Fly Ash produced at Coal based Thermal Power Plant is
a resource material for Cement industry and building
products manufacturing units. It is also being utilized as
a construction material in road and flyover embankment,
thereby contributing to the conservation of topsoil
and preventing degradation of fertile agricultural land.
Sustainable Fly Ash utilization is one of the thrust areas of
its activities at all NTPCs Coal based Power Plants. To give
momentum for Fly Ash utilization, separate Ash Utilization
Group was set up in 1991. Now, at all Coal based stations
are having dedicated group responsible for Ash utilization
activities and the group strives to achieve 100% Ash
utilization on sustainable basis. Project-wise ash produced
and Utilized is given at Annexure-VII.

21.    Corporate Social Responsibility

Corporate Social Responsibility (CSR) has always been
integral to your Company's core business of power
generation, with spirit of caring and sharing embedded in
your Company's mission statement. Your Company has a
well-defined Resettlement & Rehabilitation (R&R) Policy
that also encompasses community development (CD)
initiatives. Community development activities in greenfield
areas are initiated right from the project planning stage
and are further expanded alongside project execution to
ensure sustainable development in surrounding areas.
The CSR Policy, originally introduced in July 2004 and
periodically revised, is now known as the "NTPC Policy
for CSR and Sustainability," aligning with the Companies
Act, 2013 and the guidelines of the Department of Public
Enterprises (DPE). It covers a wide range of activities
including implementation of a few key programs taken
through NTPC Foundation.

Your Company is committed to contribute to the society,
discharging its CSR through initiatives that have positive
impact on the society, especially the community in the
neighborhood of its operations by improving the quality

of life of the people, promoting inclusive growth and
environmental sustainability.

Your Company's focus areas of CSR activities are health,
sanitation, safe drinking water and education. Moreover,
capacity building of the youth, women empowerment,
social infrastructure development, livelihood creation
through support for implementation of innovative
agriculture & livestock development, support to
physically challenged person (PCPs), and for the activities
contributing towards environment sustainability have also
been taken up.

Preference for CSR & Sustainability activities is being given
to local areas around Company's operations, ensuring that
majority CSR funds are spent for activities in local areas.
However, considering Inclusive Growth and Environment
Sustainability and to supplement Government efforts,
activities are also taken up in other parts of the country.
During FY 2024-25, 581 villages and more than 558
schools have been benefitted by your Company's various
CSR initiatives at different locations. Your Company's CSR
initiatives have touched, in one way or the other, the lives
of around 18 lakh people residing at remote locations.

Your Company spent ' 362.94 crore during the FY 2024-25
towards various CSR initiatives, against the CSR obligation
of ' 295.29 crore.

The CSR Policy, which provides comprehensive guidelines
for conducting CSR activities, is available on our
Company's website: https://ntpc.co.in/sites/default/files/policy-
documents/CSRpolicy.pdf Furthermore, the Annual Report on
CSR, in compliance with Section 135 of the Companies Act,
2013, and the Companies (Corporate Social Responsibility
Policy) Rules, 2014, is given at Annexure-VI.

The CSR activities undertaken in and around stations to
improve the living conditions of the local communities,
other CSR initiatives undertaken pan-India are mentioned
in the Social capital section of this report.

NTPC Foundation

"NTPC Foundation" was formed by your Company as a
charitable Trust, with a vision to serve and empower the
physically challenged and economically weaker sections of
the society. The Foundation undertakes various activities/
schemes/programs/projects /initiatives in accordance
with the provisions of Section 135 of the Companies Act,
2013 and in line with CSR & Sustainability Policy of NTPC.

At present, the Foundation is carrying out various
flagship programs of NTPC, primarily in the areas of
Health, Education, Girl Empowerment, etc. for inclusive
growth and equitable development of the persons with
disabilities & women. Recently, the Foundation has been

entrusted with the implementation of NTPC's Flagship
"Girl Empowerment Mission (GEM)" program at various
NTPC Locations Pan India in addition to existing activities.

The details of expenditure incurred, and initiatives
undertaken by your Company under CSR are given in
Annual Report on CSR at Annexure VI.

22. Rehabilitation and Resettlement (R&R)

Your Company is committed to help the population affected
on account of land acquisition. The Company has been
making efforts to improve the socio-economic status of the
Project Affected Families (PAFs). As a part of its decision¬
making process, your Company has had a Rehabilitation
and Resettlement (R&R) Policy since the year 1993 which
has been amended from time to time to keep abreast with
the Government guidelines. Your Company's latest R&R
Policy-2017 is in line with the extant Land Acquisition Act
- The RFCTLARR Act, 2013 (The Right to Fair Compensation
and Transparency in Land Acquisition, Rehabilitation and
Resettlement Act, 2013).

R&R activities are initiated at your Company's projects
by undertaking need-based community development
activities in the areas of health & sanitation, education,
drinking water, capacity building, infrastructure, solar
electrification, etc. by formulating the 'Initial Community
Development (ICD) Plan' in consultation with concerned
Panchayats, District Administration and other Stakeholders
Your Company addresses the R&R issues in line with the
extant R&R Policy of NTPC/ Central Govt./ State Govt. /
extant Land Acquisition Act, with an objective, that after
a reasonable transition period, the conditions of PAFs
improve or at least they regain their previous standard of
living, earning capacity, and production levels.

As per your Company's R&R Policy-2017, a Social Impact
Assessment (SIA)/Census Survey is conducted by the
State Govt. during the process of land acquisition for
the project, so as to collect detailed demographic data
of the area. This shall form the basis for the preparation
of the 'Rehabilitation and Resettlement Scheme' by the
'Appropriate Government'. The R&R Scheme consists of
measures for Rehabilitation & Resettlement and need-
based CD infrastructure in Resettlement Colony.

Additionally, your Company has retained its good practices
on the Community Development (CD) activities which
are primarily aimed at socio-economic development in
the Project Affected Villages (PAVs) and the Project's
vicinity. This is to ensure that the displaced families in
the Resettlement Colony or the affected families settling
in the neighboring villages may secure for themselves a
reasonable standard of community life.

Expenditure on implementation of the R&R Plan is part of
the Capital Cost of the project. The Plan is implemented
in a time-bound manner so as to complete it by the time
of the project's commissioning. Upon completion of the
R&R Plan implementation, a Social Impact Evaluation (SIE)
is conducted by a professional agency to know the efficacy
of the R&R Plan implementation for future learning &
corrective actions, if any.

23. R&R Achievements during the
Financial Year:

•    Rehabilitation and Resettlement (R&R) Plan:

R&R activities were implemented at the Greenfield /
Brownfield Thermal Power projects - Barh, Darlipali,
Gadarwara, Kanti, Khargone, Kudgi, Lara, Meja, North-
Karanpura, NSTPS, Patratu, Tanda-II, Telangana, Hydro
projects - Tapovan- Vishnugad & Rammam-III and
Coal Mining Projects at Pakri-Barwadih, Chatti-Bariatu,
Kerendari, Dulanga and Talaipalli as per the R&R / CD
Plans, which were finalized earlier in consultation with the
stakeholders and approved by the State Govt.