Page 146 - Index

Notes
to the Consolidated Financial Statements for the year ended 31 March 2022
The Group’s capital management, amongst other things, aims to ensure that it meets financial covenants attached to the interest-bearing loans and borrowings that define capital structure requirements. There have been no breaches in the financial covenants of any interest-bearing loans and borrowing in the current period.
(b) Reconciliation of tax expense and the accounting profit multiplied by India’s tax rate:
₹ in million
For the year ended 31 March 2022
5,275.70
1,654.91
(664.29)
396.60
(145.46)
(599.20)
642.56
Distributions
Particular
Interim distributions for the year ended 31.03.2022 of ₹ 7.50 per unit (Comprising Taxable Dividend – ₹ 1.68, Exempt Dividend – ₹ 0.80, Interest – ₹ 5.01 and Treasury Income – ₹ 0.01)
₹ in million
Particulars
Profit before income tax expense including movement in Regulatory Deferral Account Balances
Tax at the Company’s domestic tax rate
Tax effect of:
Impact of exemption u/s 10(23FC) of the Income Tax Act, 1961
Deferred Tax Expense/(Income) Minimum alternate tax adjustments Tax Adjustments on accounting profit Income tax expense
(c) MAT Credit / Current Tax
As at 31 March 2022
6,824.99
Distribution not recognized at the end of the reporting period:
In addition to above distribution, the Board of Directors of POWERGRID Unchahar Transmission Limited in its capacity as the Investment Manager to POWERGRID Infrastructure Investment Trust (“PGInvIT”) on 26.05.2022 recommended distribution related to last quarter of FY 2021-22 of ₹ 3.00 per unit.
46. INCOME TAX EXPENSE
This note provides an analysis of the group’s income tax expense, and how the tax expense is affected by non-assessable and non-deductible items. It also explains significant estimates made in relation to the Group’s tax position.
As company have option to avail MAT credit in future against Income Tax payable and hence MAT paid during earlier and in current year are carried forward.
47. DISCLOSURES PURSUANT TO IND AS 103 “BUSINESS COMBINATIONS”
i) Acquisition of subsidiaries
Pursuant to the Share Purchase Agreements dated 22 April 2021, the Trust acquired 74% of equity stake of the PVTL, PKATL, PPTL, PWTL and PJTL on 13 May 2021, the acquisition date, for an equity consideration of ₹ 41,065.09 Millions.
Accordingly, the financial statements of the aforesaid subsidiaries for the period 13 May 2021 to 31 March 2022 have been considered in the consolidated financial statements of the Group. The funding for the said acquisition was raised through public issue of units of the Trust. The Group has carried out a fair valuation of the net assets of the SPVs and accordingly the goodwill /gain from bargain purchase has been recorded in the consolidated financial statements.
(a) Income tax expense
Particulars
Current Tax
Current tax on profits for the year
Adjustments for current tax of prior periods
ToTal currenT Tax expense (a)
Deferred Tax Expense
Origination and reversal of temporary differences
Previously unrecognised tax credit recognised as Deferred Tax Asset this year
Total deferred tax expense /benefit (B) Income tax expense (A+B)
₹ in million
For the year ended 31 March 2022
245.96
396.60
-
396.60
642.56
144 Annual Report 2021-22