DEAR STAKEHOLDERS,

IT CONTINUES TO BE A GREAT HONOUR FOR ME TO WRITE THIS LETTER TO YOU EVERY YEAR. I WILL LET PRATIK SPEAK ABOUT THE PERFORMANCE OF THE COMPANY IN THE REPORTING PERIOD, WHILE THE SUBSEQUENT PAGES WILL REVIEW IN GREATER DETAIL THE DIFFERENT ACTIVITIES UNDERTAKEN BY OUR BUSINESS VERTICALS. BUT BEFORE THAT, I WOULD LIKE TO PUT INTO PERSPECTIVE THE ENERGY STORY OF INDIA AND THE WORLD AT LARGE.

It will be no exaggeration to say that more has happened in the Indian power sector in the past 10 years than the preceding several decades. The World Bank, in the latest edition of its Energy Progress Report, counts India among the countries that have made the most progress on energy access since 2010. Having said that, power sector in India needs to transform itself to support our Prime Minister’s dream of making India a five trillion dollar economy.

In 2013, Justice S. Manikumar, in an erudite judgment, ruled that lack of electricity affects education and health and is a cause of economic disparity, and consequently, inequality in society leading to poverty. The court upheld that access to electricity should be a human right. Apart from those who have no access to power, there are millions who get power intermittently. Further, closely tied to the idea of reliable power as a fundamental right is the idea of power being affordable. It is to say that when it comes to talking about power as a fundamental right for all citizens, it is as much about electrification as about the quality of power, affordability and reliability.

India is one of the fastest-growing economies of the world and is projected to grow above the world average in the coming decades. Power will invariably fuel this. The demand for electricity will grow with a large unelectrified population getting connected. To address these changes, the Government, through various programmes, is emphasising on the availability of quality power for all, stable and secure grid connectivity, and massive expansion of renewables. Development of efficient, economical and integrated transmission will be an imperative for success of these initiatives. Power planners must incentivise adequate investments and encourage competition in the transmission space.

We are in the middle of a global energy revolution. Countries all over the world are working hard to ensure global temperature rise is curtailed to below 1.5 degree Celsius. Technology is fast changing the way energy is produced and consumed. People are making eco-friendly choices about how their homes are lit and the kinds of cars they are going to drive. The focus has shifted universally on to clean energy, which will only be made possible through investments in evacuation, storage and transmission.

A SUSTAINABLE TOMORROW

Sustainability is a prime focus for Sterlite Power. And so, our sustainability efforts form the foundation of the way we do our business. From economic sustainability to social responsibility, preserving biodiversity and working towards a greener environment, a uniform sustainable approach across all our businesses, enables us to create a lasting impact on our communities, as well as the world.

As a company, we are inclined towards achieving the United Nations’ Sustainable Development Goals, and so we give our best whenever we see these goals aligning with our business operations.

It has been an extraordinary journey and the greatest privilege of my life to lead Sterlite Power. I would like to extend my sincere gratitude to my fellow Board members and the Management Team of Sterlite Power. A powerhouse of talent, these people have always stood by me and have helped me in nurturing the strong foundation of our company. It is the sheer dedication and strong leadership of my fellow colleagues that has enabled us to conquer one milestone after another. Without their continuous support, this 3-year-voyage wouldn’t have been possible.

With many parts across the globe still reeling under darkness, Sterlite Power continues to make relentless efforts to ensure access to reliable power to every nook and corner. Thereby all future generations can enjoy their fundamental rights to the fullest and have a sustainable livelihood.

In closing, I would like to share with you the following thoughts. The energy landscape has changed rapidly since Sterlite Power’s formation. The sector has evolved and we evolved with it, thanks to a clear purpose and an unflinching focus on what will best service society’s energy needs today and tomorrow.

Faced with the opportunities that are emerging through decarbonisation, electrification and the need to upgrade India’s power infrastructure, our focus needs to be stronger than ever. This will mean making the most of Sterlite Power’s core competencies and creating value for shareholders and society from developing, owning and operating energy and related infrastructure and services in a sustainable way. I am of the firm belief that the realisation of this strategy will depend on shared talent, skills and values of the people at Sterlite Power, and the sustenance of the progress made in recent years. I remain confident, energised and optimistic in our delivery, as we continue to partner with the Government in its mission to provide 24x7 reliable power to all citizens of the country.

Warm regards,

PRAVIN AGARWAL

Chairman