REG - Indus Gas Limited - Half-year Report
15/12/2023 07:00
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RNS Number : 8953W Indus Gas Limited 15 December 2023
Indus Gas Limited and its subsidiaries
("Indus" or the "Company")
Unaudited Condensed Consolidated Interim Financial
Statements for the six-month period ended 30 September 2023
Indus Gas Limited (AIM: INDI), an oil & gas exploration and development
company, is pleased to report its interim results for the six-month period
ending 30 September 2023.
Consolidated reported adjusted revenues, operating profit and profit before
tax for the interim period ending 30 September 2023 were US$ 26.18m (US$
27.42m interim 2022), US$ 22.61m (US$ 22.72m interim 2022) and US$ 22.63m (US$
22.68m interim 2022) respectively.
The Company has continued to make provision for a notional deferred tax
liability of US$ 9.88m (US$ 9.95m interim 2022), in accordance with IFRS
requirements.
The Company is currently producing from the SGL field as well as the SSF &
SSG fields. All gas production from the three fields is currently being sold
to GAIL. The Petroleum & Natural Gas Regulatory Board ("PNGRB") is
undertaking consultations for deciding on the pipeline route for evacuation of
the gas from the SSG and SSF fields.
The gas price for RJ-ON/6 block effective from 1 April 2023 has been agreed to
be as per the domestic gas price on Gross Calorific Value ("GCV") basis as
notified by petroleum planning and analysis cell of the Government of India.
The floor price will continue at US$ 4.5146 per MMBTU on GCV being the
existing price of US$ 5 per MMBTU on Net Calorific Value ("NCV") basis.
Jonathan Keeling, Chairman of Indus Gas, commented:
"The Company is well positioned given the strong demand for gas in India and
the positive pricing environment.
"The Company welcomed the Gas Price formula revision of domestic gas as
announced by Government of India, which was effective from April 2023."
For further information, please contact:
Indus Gas Limited
Jonathan Keeling +44 (0) 20 81333375
Executive Chairman
Strand Hanson Limited (Nominated & Financial Adviser and Broker)
Ritchie Balmer, Rory Murphy +44 (0) 20 7409 3494
Notes As at As at As at
30 September 2023 30 September 2022 31 March 2023
(Unaudited) (Unaudited) (Audited)
ASSETS
Non-current assets
Property, plant and equipment 6 1,257,875,924 1,189,884,758 1,223,434,478
Tax assets 1,427,667 1,431,777 1,140,605
Other assets 7,886 549 7,891
Total non-current assets 1,259,311,477 1,191,317,084 1,224,582,974
Current assets
Inventories 7,841,685 6,516,961 9,932,047
Prepayments - 3,715,982 -
Trade and other receivables 5,689,457 7,081,049 6,640,424
Receivable from related party 106,832,686 108,775,152 107,348,170
Cash and cash equivalents 4,796,883 4,122,096 11,765,514
Total current assets 125,160,711 130,211,240 135,686,155
Total assets 1,384,472,188 1,321,528,324 1,360,269,129
LIABILITIES AND EQUITY
Shareholders' equity
Share capital 3,619,443 3,619,443 3,619,443
Additional paid-in capital 46,733,689 46,733,689 46,733,689
Currency translation reserve (9,313,782) (9,313,782) (9,313,782)
Merger reserve 19,570,288 19,570,288 19,570,288
Retained earnings 295,579,974 264,787,793 282,833,686
Total shareholders' equity 356,189,612 325,397,431 343,443,324
(All amounts in US$, unless otherwise stated)
a Unaudited Condensed Consolidated Statement of Financial Position
LIABILITIES
Non-current liabilities
Long term debt, excluding current portion 7 163,715,686 27,200,889 175,475,431
Payable to related parties, excluding current portion 9 647,962,891 627,488,125 633,924,200
Deferred tax liabilities (net) 154,280,157 130,350,919 144,392,951
Provision for decommissioning 1,881,607 1,920,701 1,894,795
Deferred revenue 30,311,748 25,563,995 30,311,748
Total non-current liabilities 998,152,089 812,524,629 985,999,125
Current liabilities
Current portion of long-term debt 7 28,253,210 176,433,130 28,458,200
Current portion payable to related parties 9 338,019 9225 333,611
Trade and other payables 1,539,258 2,086,823 2,034,869
Deferred revenue - 5,077,086 -
Total current liabilities 30,130,487 183,606,264 30,826,680
Total liabilities 1,028,282,576 996,130,893 1,016,825,805
Total liabilities and equity 1,384,472,188 1,321,528,324 1,360,269,129
(The accompanying notes are an integral part of these Unaudited Condensed
Consolidated Interim Financial Statements)
Unaudited Condensed Consolidated Statement of Comprehensive Income
(All amounts in US $, unless otherwise stated)
Notes Six months ended Six months ended
30 September 2023 30 September 2022
Unaudited Unaudited
Revenue 26,180,911 27,416,956
Cost of sales (3,184,107) (4,282,747)
Administrative expenses (385,179) (405,865)
Profit from operations 22,611,625 22,728,344
Foreign exchange gain/(loss), net 21,869 58,132
Interest income - -
Profit before tax 22,633,494 22,786,476
Income taxes
Provision for Deferred tax charge (9,887,206) (9,952,486)
Profit for the period (attributable
12,746,288
12,833,990
to the shareholder of the Group)
Total comprehensive income for the period (attributable to the shareholders of 12,746,288 12,833,990
the Group)
Earnings per share 10
Basic 0.07 0.07
Diluted 0.07 0.07
(The (The accompanying notes are an integral part of these Unaudited Condensed
Consolidated Interim Financial Statements)
Unaudited Condensed Consolidated Statement of Changes in Equity
(All amounts in US $, unless otherwise stated)
Common Stock Number Amount Additional paid-in capital Currency translation reserve Merger reserve (Accumulated Profits)/ Retained earnings Total stockholders' equity
Balance as at 1 April 2023 182,973,924 3,619,443 46,733,689 (9,313,782) 19,570,288 282,833,686 343,443,324
Profit for the period - - - - - 12,746,288 12,746,288
Total comprehensive income for the period - - - - - 12,746,288 12,746,288
Balance as at 30 September 2023 182,973,924 3,619,443 46,733,689 (9,313,782) 19,570,288 295,579,974 356,189,612
Balance as at 1 April 2022 182,973,924 3,619,443 46,733,689 (9,313,782) 19,570,288 251,953,803 312,563,441
Profit for the period - - - - - 12,833,990 12,833,990
Total comprehensive income for the period - - - - - 12,833,990 12,833,990
Balance as at 30 September 2022 182,973,924 3,619,443 46,733,689 (9,313,782) 19,570,288 264,787,793 325,397,431
(The accompanying notes are an integral part of these Unaudited Condensed
Consolidated Interim Financial Statements)
Unaudited Condensed Consolidated Statement of Cash Flows
(All amounts in US $, unless otherwise stated)
Six months ended Six months ended
30 September 2023 30 September 2022
(Unaudited) (Unaudited)
(A) Cash flow from operating activities
Profit before tax 22,633,494 22,786,476
Adjustments
Unrealised exchange loss/ (gain) (21,869) (58,132)
Depreciation 2,832,274 3,697,287
Changes in operating assets and liabilities
Inventories 2,090,362 2,942,792
Trade receivables 980,864 11,254,024
Trade and other payables 2,845,043 3,996,329
Other current and non-current assets (29,924) (1,945,215)
Provisions for decommissioning (13,190) (66,625)
Other liabilities (491,168) 251,975
Cash generated from operations 30,825,886 42,858,911
Income taxes paid/refund (287,062) (217,791)
Net cash generated from operating activities 30,538,824 42,641,120
(B) Cash flow from investing activities
Purchase of property, plant and equipment (A) (10,988,404) (8,647,153)
Interest received - -
Net cash used in investing activities (10,988,404) (8,647,153)
(C) Cash flow from financing activities
Repayment of long-term debt from banks (12,168,000) (8,568,000)
Proceeds from Related Party (6,500,000) (18,250,000)
Payment of interest (7,872,920) (7,564,013)
Net cash used in financing activities (26,540,920) (34,382,013)
Net change in cash and cash equivalents (6,990,500) (388,046)
Cash and cash equivalents at the beginning of the period
11,765,514 4,452,010
Effect of exchange rate change on cash and cash equivalents 21,869 58,132
Cash and cash equivalents at the end of the period 4,796,883 4,122,096
(The accompanying notes are an integral part of these Unaudited Condensed
Consolidated Interim Financial Statements)
Notes to Unaudited Condensed Consolidated Interim Financial Statements
(All amounts in US $, unless otherwise stated)
1. INTRODUCTION
Indus Gas Limited ("Indus Gas" or "the Company") was incorporated in the
Island of Guernsey on 4 March 2008 pursuant to an Act of the Royal Court of
the Island of Guernsey. The Company was set up to act as the holding company
of iServices Investments Limited. ("iServices") and Newbury Oil Co. Limited
("Newbury"). iServices and Newbury are companies incorporated in Mauritius and
Cyprus, respectively. iServices was incorporated on 18 June 2003 and Newbury
was incorporated on 17 February 2005. The Company was admitted to trading on
the AIM of the London Stock Exchange on 6 June 2008. Indus Gas, through its
wholly owned subsidiaries iServices and Newbury (together the "Group"), is
engaged in the business of oil and gas exploration, development and
production.
Focus Energy Limited ("Focus"), an entity incorporated in India, entered into
a Production Sharing Contract("PSC") with the Government of India ("GOI") and
Oil and Natural Gas Corporation Limited ("ONGC") on 30 June 1998 for petroleum
exploration and development concession in India known as RJ-ON/06 ("the
Block"). Focus is the Operator of the Block. On 13 January 2006, iServices and
Newbury entered into an interest sharing agreement with Focus and obtained a
65 per cent and 25 per cent share respectively in the Block. The balance 10
per cent of participating interest is owned by Focus. The participating
interest explained above is subject to any option to acquire 30 per cent
Participating Interest exercised by ONGC in respect of discoveries. ONGC has
already exercised 30 per cent PI option for SGL field (as further explained in
Note 3).
2. BASIS OF PREPARATION
The unaudited condensed consolidated interim financial statements are for the
six months ended 30 September 2023 and are presented in United States Dollar
(US$), which is the functional currency of the parent company and other
entities in the Group. They have been prepared in accordance with IAS 34
Interim Financial Reporting. They do not include all of the information
required in annual financial statements in accordance with International
Financial Reporting Standards as adopted by the European union, and should be
read in conjunction with the consolidated financial statements and related
notes of the Group for the year ended 31 March 2023.
The unaudited condensed consolidated interim financial statements have been
prepared on a going concern basis. The accounting policies applied in these
unaudited condensed consolidated interim financial statements are consistent
with the policies that were applied for the preparation of the consolidated
financial statements for the year ended 31 March 2023.
These unaudited condensed consolidated interim financial statements are for
the six months ended 30 September 2023 and have been approved for issue by the
Board of Directors.-
3. JOINTLY CONTROLLED ASSETS
As explained above, the Group through its subsidiaries iServices and Newbury
has an "Interest sharing arrangement" with Focus in the block, which under
IFRS 11 Joint Arrangements, is classified as a 'Joint operation'. All rights
and obligations in respect of exploration, development and production of oil
and gas resources under the 'Interest sharing agreement' are shared between
Focus, iServices and Newbury in the ratio of 10 per cent, 65 per cent and 25
per cent respectively.
Under the PSC, the GOI, through ONGC has an option to acquire a 30 per cent
participating interest in any discovered field, upon such successful discovery
of oil or gas reserves, which has been declared as commercially feasible to
develop.
The block is divided into 3 fields - SGL, SSG and SSF.
The SGL field received its declaration of commercial discovery on 21 January
2008. Subsequent to the declaration of commercial discovery in SGL field, ONGC
exercised the option to acquire a 30 per cent participating interest in the
discovered fields on 6 June 2008. The exercise of this option would reduce the
interest of the existing partners proportionately.
However, on exercise of this option, ONGC is liable to pay its share of 30 per
cent of the SGL field development costs and production costs incurred after 21
January 2008 and in order to be entitled to their 30 per cent share in the
production of gas subject to recovery of contract costs as explained below.
The allocation of the production from the field to each participant in any
year is determined on the basis of the respective proportion of each
participant's cumulative unrecovered contract costs as at the end of the
previous year or where there is no unrecovered contract cost at the end of
previous year on the basis of participating interest of each such participant
in the field.
On the basis of the above, gas production for the period ended 30(th)
September 2023 continues to be shared between Focus, iServices and Newbury in
the ratio of 10 percent, 65 percent, and 25 percent, respectively. ONGC will
not be entitled to any participating interest in the production until the full
exploration and development cost is recovered by other participants.
The aggregate amounts relating to jointly controlled assets, liabilities,
expenses, and commitments related thereto that have been included in the
consolidated financial statements are as follows:
Particular Period ended Period ended Year ended
30 September 2023 30 September 2022 31 March 2023
(Unaudited) (Unaudited) (Audited)
Non-current assets 1,257,875,924 1,189,884,758 1,223,434,478
Current assets 114,674,371 115,292,113 111,000,741
Non-current liabilities 1,881,607 1,920,700 1,894,797
Expenses (net of finance income) 2,845,043 3,996,329 6,342,915
Further, the SSF and SSG field has also received its declaration of
commerciality on 24th November 2014. Subsequent to the declaration of
commerciality for SSF and SSG discovery, ONGC did not exercise the option to
acquire 30 percent in respect of SSG and SSF field. The participating interest
in SSG and SSF field between Focus, iServices and Newbury will remain in ratio
of 10 percent, 65 percent and 25 percent respectively for exploration,
evaluation and development cost, and production revenue for SSF and SSG in the
block.
4. SIGNIFICANT ACCOUNTING JUDGEMENTS AND ESTIMATES
The preparation of interim financial statements requires management to make
judgements, estimates and assumptions that affect the application of
accounting policies and the reported amounts of assets and liabilities, income
and expense. Actual results may differ from these estimates.
In preparing these unaudited condensed interim consolidated financial
statements, the significant judgments made by management in applying the
Group's accounting policies and the key sources of estimation uncertainty were
consistent with those that applied to the consolidated financial statements as
at and for the year ended 31 March 2023.
5. SEGMENT REPORTING
Operating segments are identified on the basis of internal reports about
components of the Group that are regularly reviewed by the management in order
to allocate resources to the segments and to assess their performance. The
Company considers that it operates in a single operating segment being the
production and sale of gas.
6. PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment comprise of the following:
Cost Land Extended well test equipment Development Assets Production Assets Bunk Houses Vehicles Other assets Capital work-in-progress Total
Balance as at 1 April 2023 167,248 9,131,202 878,686,884 393,696,456 7,869,575 4,963,923 1,695,265 3,024,746 1,299,235,299
Additions - 44,140 37,568,922 (12,688,624) 3,639 - - - 1,243 37,617,944
Disposals/Transfers - - 12,688,624 - - - - -
Balance as at 30 167,248 9,175,342 903,567,182 406,388,719 7,869,575 4,963,923 1,695,265 3,025,989 1,336,853,243
September 2023
Accumulated depreciation
Balance as at 1 April 2023 - 3,129,668 - 59,656,825 6,412,709 4,916,324 1,685,294 - 75,800,820
Depreciation for the period - 211,426 - 2,832,274 97,768 34,625 406 - 3,176,499
Balance as at 30 September 2023 - 3,341,094 - 62,489,099 6,510,477 4,950,949 1,685,700 - 78,977,319
Carrying value
As at 30 September 2023 167,248 5,834,248 903,567,182 343,899,621 1,359,0984 12,974 9,565 3,025,989 1,257,875,924
Cost Land Extended well test equipment Development Assets Production Assets Bunk Houses Vehicles Other assets Capital work-in-progress Total
Balance as at 1 April 2022 167,248 5,172,729 865,416,249 329,916,943 7,869,575 4,917,035 1,695,265 2,978,870 1,218,133,914
Additions - 162,004 44,341,029 66,383,013 - 46,888 - 26,293 110,959,227
Disposals/Transfers - (66,383,013) - - - (66,383,013)
Balance as at 30 167,248 5,334,733 843,374,265 396,299,956 7,869,575 4,963,923 1,695,265 3,005,163 1,262,710,128
September 2022
Accumulated depreciation
Balance as at 1 April 2022 - 2,898,821 - 53,213,090 6,217,173 4,897,781 1,683,377 - 68,910,242
Depreciation for the period - 108,295 - 3,697,139 97,770 10,007 1,917 - 3,915,128
Balance as at 30 September 2022 - 3,007,116 - 56,910,229 6,314,943 4,907,788 1,685,294 - 72,825,370
Carrying value
As at 30 September 2022 167,248 2,327,617 843,374,265 339,389,727 1,554,632 56,135 9,971 3,005,163 1,189,884,758
Cost Land Extended well test equipment Development Production assets Bunk houses Vehicles Other assets Capital work-in-progress Total
Balance as at 1 April 2022 167,248 5,172,729 865,416,249 329,916,943 7,869,575 4,917,035 1,695,265 2,978,870 1,218,133,914
Additions - 3,958,473 77,050,148 (63,779,513) - - 46,888 - 45,876 81,101,385
Disposals/Transfers - - 63,779,513 - - - - -
Balance as at 31 March 2023 167,248 9,131,202 878,686,884 393,696,456 7,869,575 4,963,923 1,695,265 3,024,746 1,299,235,299
Accumulated depreciation
Balance as at 1 April 2022 - 2,898,821 - 53,213,090 6,217,173 4,897,781 1,683,377 - 68,910,242
Depreciation for the period - 230,847 - 6,443,735 195,536 18,543 1,917 - 6,890,578
Balance as at 31 March 2023 - 3,129,668 - 59,656,825 6,412,709 4,916,324 1,685,294 - 75,800,820
Carrying value
As at 31 March 2023 167,248 6,001,534 878,686,885 334,039,630 1,456,864 47,599 9,971 3,024,749 1,223,434,478
Borrowing costs capitalised for the period ended 30 September 2023 amounted to
US$ 28,614,875 (30 September 2022: US$ 28,074,577 and 31 March 2023: US$
55,091,974).
7. LONG TERM DEBT FROM BANKS
Maturity 30 September 2023 30 September 2022 31 March 2023
(Unaudited) (Unaudited) (Audited)
Non-current portion of long-term debt 2024 4,063,925 27,200,889 15,859,060
Current portion of long-term debt from banks 23,915,432 22,665,893 24,155,800
Total 27,979,357 49,866,782 40,014,860
Current interest rates are variable and weighted average interest for the
period was 6.80per cent per annum (30 September 2022:6.75 per cent per annum
and 31 March 2023: 6.76 per cent per annum). The fair value of the above
variable rate borrowings is considered to approximate their carrying amounts.
The term loans are secured by following: -
· First charge on all project assets of the Group both present and
future, to the extent of SGL Field Development and to the extent of capex
incurred out of this facility in the rest of RJ-ON/6 field.
· First charge on the current assets (inclusive of condensate
receivable) of the Group to the extent of SGL field.
· First Charge on the entire current assets of the SGL Field and to the
extent of capex incurred out of this facility in the rest of RJON/6 field.
From Bonds
Maturity 30 September 2023 30 September 2022 31 March 2023
(Unaudited) (Unaudited) (Audited)
Non-current portion of long-term debt 2023 - - -
Current portion of long-term debt - 153,767,237 -
Non-current portion of long-term debt 2027 159,651,761 - 159,608,734
Current portion of long-term debt 4,337,778 - 4,302,400
Total 163,989,539 153,767,237 163,911,134
The Group has issued US Dollar 160.00 million bonds which carries interest at
the rate of 8 per cent per annum, for the purpose of re-financing the bonds
which were repayable in December 2022. These bonds are unsecured bonds and are
fully repayable at the end of 5 years i.e., November 2027, further interest on
these notes is paid semi-annually.
8. RELATED PARTY TRANSACTIONS
The related parties for each of the entities in the Group have been summarised
in the table below:
Nature of the relationship Related Party's Name
I. Holding Company Gynia Holdings Ltd.
II. Ultimate Holding Company Multi Asset Holdings Ltd. (Holding Company of Gynia Holdings Ltd.)
III.Enterprise over which Key Management Personnel (KMP) exercise control Focus Energy Limited
(with whom there are transactions)
Disclosure of transactions between the Group and related parties and the
outstanding balances as of 30 September 2023 and 30 September 2022are as
follows:
Transactions during the period
Particulars Period ended Period ended
30 September 2023 30 September 2022
Transactions with the Holding Company
Amount Received (6,500,000) (18,250,000)
Interest 20,538,691 -
Transactions with KMP
Short term employee benefits 90,382 69,055
Entity over which KMP exercise control
Cost incurred by the Focus on behalf of the group in respect of the Block 7,815,484 12,952,972
Remittances 7,300,000 1,320,000
09.PAYABLE/RECEIVABLE TO RELATED PARTIES
Particulars As at As at As at
30 September 2023 30 September 2022 31 March 2023
Entity over which KMP exercise control
Receivable to Focus Energy Limited 106,832,686 108,775,152 107,348,170
Payable with the Holding Company
Payables to Gynia Holding Limited* 647,962,891 627,488,125 633,924,200
Payable to KMP
Employee obligation 338,019 9,225 333,611
*Including interest
Directors' remuneration
Directors' remuneration is included under administrative expenses, evaluation
and exploration assets or development assets in the unaudited consolidated
financial statements allocated on a systematic and rational manner.
Amount receivable from Focus
Amount receivable from Focus represents amounts paid in advance to them in
respect of contract costs in Block RJ-ON/6.
Liability payable to Gynia
Borrowings from Gynia Holdings Ltd. carries interest rate of 6.5 per cent per
annum compounded annually. The outstanding balance was made subordinate to the
loans taken from the banks and therefore, is payable subsequent to repayment
of bank loan in year 2024.
10. EARNINGS PER SHARE
The calculation of the earnings per share is based on the profits attributable
to ordinary shareholders divided by the weighted average number of shares
issued during the period.
Calculation of basic and diluted earnings per share is as follows:
Period ended Period ended
30 September 2023 30 September 2022
Profit attributable to shareholders of Indus Gas Limited, for basic and 12,746,288 12,833,991
dilutive
Weighted average number of shares (used for basic profit per share) 182,973,924 182,973,924
No. of equivalent shares in respect of outstanding options - -
Diluted weighted average number of shares (used for diluted profit per share 182,973,924 182,973,924
Basic earnings per share (US$) 0.07* 0.07*
Diluted earnings per share (US$) 0.07* 0.07*
*Rounded off to the nearest two decimal places.
11. COMMITMENTS AND CONTINGENCIES
At 30 September 2023, the Group had capital commitments of US$ Nil (30
September 2022: US$ Nil;31 March 2023: US$ Nil) in relation to property, plant
& equipment - development/producing assets, in the Block. The Group has no
contingencies as at 30 September 2023 (30 September 2022: Nil;31 March 2023:
Nil).
12. FINANCIAL RISK MANAGEMENT
The Group's financial risk management objectives and policies are consistent
with those disclosed in the consolidated financial statements as at and for
the year ended 31 March 2023.
13. INCOME TAX CREDIT
Indus Gas profits are taxable as per the tax laws applicable in Guernsey where
zero per cent tax rate has been prescribed for corporates. Accordingly, there
is no tax liability for the Group in Guernsey. iServices and Newbury being
participants in the PSC are covered under the Indian Income tax laws as well
as tax laws for their respective countries. However, considering the existence
of double tax avoidance arrangement between Cyprus and India, and Mauritius
and India, profits in Newbury and iServices are not likely to attract any
additional tax in their local jurisdiction. Under Indian tax laws, Newbury and
iServices are allowed to claim the entire expenditure in respect of the Oil
Block incurred until the start of commercial production (whether included in
the exploration and evaluation assets or development assets) as deductible
expense in the first year of commercial production or over a period of 10
years. The Group has opted to claim the expenditure in the first year of
commercial production. As the Group has commenced commercial production for
SGL field in 2011 and has generated profits in Newbury and iServices, the
management believes there is reasonable certainty of utilisation of such
losses in the future years and thus a deferred tax asset has been created in
respect of these.
14. BASIS OF GOING CONCERN ASSUMPTION
As at 30 September 2023, the Group had current liabilities amounting to US$
30,130,487 the majority of which is towards current portion of borrowings from
banks and bonds. As at 30 September 2023, the amounts due for repayment
(including interest payable) within the next 12 months for long term
borrowings were US$ 28,253,210 which the Group expects to meet from its
internal generation of cash from operations.
Further, there is no significant impact of Covid-19 on the Company's ability
to continue as going concern considering that the entity is in the business of
essential services
15. FINANCIAL INSTRUMENTS
A summary of the Group's financial assets and liabilities by category is
mentioned in the table below. The carrying amounts of the Group's financial
assets and liabilities as recognized at the end of the reporting periods under
review may also be categorized as follows:
30 September 2023 30 September 2022 31 March 2023
Non-current assets
Loans 7,886 549 7,891
- Security deposits
Current assets
-Trade receivables 5,689,457 7,081,049 6,598,149
-Cash and cash equivalents 4,796,883 4,122,096 11,765,514
Total financial assets 10,494,226 11,203,694 18,371,554
Financial liabilities measured at amortized cost
Non-current liabilities
- Long term debt from banks 163,715,686 27,200,889 175,475,431
- Payable to related parties 647,962,891 627,488,125 633,924,200
Current liabilities
- Current portion of long-term debt 28,253,210 176,433,130 28,458,200
- Current portion of payable to related parties 338,019 9,225 333,611
- Accrued expenses and other liabilities 1,539,258 2,086,824 1,550,911
Total financial liability measured at amortized cost 841,809,064 833,218,193 839,742,353
The fair value of the financial assets and liabilities described above closely
approximates their carrying value on the statement of financial position
dates.
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. END IR FFAFWLEDSESERecent news on Indus Gas
See all newsREG - Indus Gas Limited - Half-year Report
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