REG - OPG Power Ventures - Final Results for the Year Ended 31 March 2025
02/09/2025 11:00
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RNS Number : 6680X OPG Power Ventures plc 02 September 2025
2 September 2025
OPG Power Ventures Plc
("OPG", the "Group" or the "Company")
Final Results for the Year Ended 31 March 2025
OPG (AIM: OPG), the developer and operator of power generation assets in
India, is pleased to announce its final results for the year ended 31 March
2025 ("FY25").
FY25 Summary:
· FY25 revenues of £156.7m (FY24: £160.8m).
· In FY25, OPG generated cash from operations of £22.3m (FY24:
£20.8m). At year end, OPG had a net cash position of £15.6m (FY24: £3.6m).
· Adjusted EBITDA* was £13.8m in FY25 (FY24: £17.2m).
· Profit before tax was £5.2m in FY25 (FY24: £7.7m).
Unless specified, all figures in £m FY 25 FY 24
Revenue 156.7 160.8
Other Operating Income 3.7 3.6
Adjusted EBITDA* 13.8 17.2
Earnings per share (pence) 0.35 1.02
NAV per share (pence) 41.1 42.3
Total generation (including deemed) (billion kWh) 2.32 2.32
*defined as Earnings before Interest, Tax, Depreciation & Amortization and
Share Based Payments
Investigation
On 15 November 2024, the Company announced that it was subject to an
investigation into alleged regulatory non-compliances by the Group under the
Foreign Exchange Management Act ("FEMA"). FEMA regulates, consolidates and
amends the law relating to foreign exchange, with the purpose of facilitating
external trade and payments and promoting the orderly development and
maintenance of the foreign exchange market in India, including foreign direct
investment into India and overseas investment by Indian companies.
The Group considers that it has undertaken all material transactions,
following professional advice on compliances with FEMA and is confident that
it has been compliant. The Group offered full co-operation to the
investigation. The Group's plants continue to operate as usual and the Group
does not anticipate any material impact of the investigation process on the
Group.
The Group considers that it has a robust track record of corporate governance
and compliance and has full faith and confidence in the regulatory system of
India.
Mr. N. Kumar, Non-Executive Chairman said: "FY25 marked another year of steady
operational delivery. Our 414 MW thermal plant in Tamil Nadu maintained
industry level PLFs, ensuring consistent power supply during periods of
elevated demand. This strong performance reflects the discipline of our teams,
robustness of our asset base, and effectiveness in managing operations across
varying market conditions."
"We remain committed to providing transparent governance, stakeholder value
and long-term strategic clarity. Our priorities are maintenance of strong cash
flows, repayment of debt, asset reliability and calibrated investment in
optimisation initiatives. As the Indian power sector continues to evolve,
thermal power is likely to remain indispensable for supporting peak demand,
grid stability and round-the-clock energy access."
For further information, please visit www.opgpower.com or contact:
OPG Power Ventures PLC Via Tavistock below
A P Singh
Cavendish Capital Markets Limited +44 (0) 20 7220 0500
(Nominated Adviser & Broker)
Stephen Keys/Katy Birkin/George Lawson
Tavistock (Financial PR) +44 (0) 20 7920 3150
Simon Hudson / Nick Elwes
The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the UK version of the EU
Market Abuse Regulation (2014/596) which is part of UK law by virtue of the
European Union (Withdrawal) Act 2018, as amended and supplemented from time to
time.
Chairman's Statement
India remains the world's fastest-growing major economy and its energy sector
continues to be a critical enabler of that growth.
India's Growth Story and the Role of Power
India's economic engine is accelerating at a scale and speed that is redrawing
the global growth landscape. FY25 saw GDP expand by a robust ~6.5% (Source:
IMF), powered by an unprecedented manufacturing boom, nationwide
infrastructure build-out, rapid urban transformation, and deep penetration of
technology across sectors. Government-led initiatives such as Production
Linked Incentive (PLI) schemes and the push towards electrification of
everything, from industry to mobility, are driving a structural surge in power
demand. As industrial clusters, data centres, transportation networks and
rural development programmes expand, the need for reliable, scalable and
round-the-clock electricity has never been more critical. Positioned at the
centre of this transformation is the energy sector - thermal based generation
in particular - that remains pivotal in powering India's journey towards
economic leadership.
India's power sector continued its upward trajectory in FY25, with total
electricity generation reaching 1,821 billion units (BU), a 5% year-on-year
increase over FY24's 1,733 BU. As of March 2025, India's total installed power
capacity stands at approximately 475 GW, with 245 GW from thermal power. More
importantly, thermal continues to dominate the generation mix with over 74%
share, owing to its unmatched role in delivering base-load power and ensuring
grid stability, as Plant Load Factors (PLF) across these thermal assets tend
to be more than double of renewable plants. Recognizing the importance and
need of such base load energy, the Government of India (GOI) is aiming to add
80 GW of new thermal capacity by 2032. Against this backdrop, OPG Power
Ventures remains a vital contributor to India's energy story, offering
consistency, reliability and operational resilience.
Operational Strength and Consistency
FY25 marked another year of steady operational delivery. Our 414 MW thermal
plant in Tamil Nadu maintained industry level PLFs, ensuring consistent power
supply during periods of elevated demand. This strong performance reflects the
discipline of our teams, robustness of our asset base, and effectiveness in
managing operations across varying market conditions.
Financial Performance and Prudent Fiscal Management
The financial year saw OPG post a revenue of 156.73 GBP Mn and an EBITDA of
13.83 GBP Mn, reflecting continued focus on operational efficiency and cost
control. The balance sheet remains healthy, backed by disciplined capital
allocation and efficient working capital management. Prudent cash flow
strategies have enabled us to meet our debt obligations comfortably while
maintaining sufficient liquidity.
Governance, Strategy and Outlook
We remain committed to providing transparent governance, stakeholder value and
long-term strategic clarity. Our priorities are maintenance of strong cash
flows, repayment of debt, asset reliability and calibrated investment in
optimisation initiatives. As the Indian power sector continues to evolve, we
firmly believe thermal power will remain indispensable, in the near future,
for supporting peak demand coverage and round-the-clock energy access.
In closing, I wish to thank all my colleagues on the board, employees,
regulators, partners and shareholders for their trust and continued belief in
OPG. Your support strengthens our resolve to deliver consistent value through
orderly execution. We move ahead with clarity, confidence and purpose.
N. Kumar
Non-Executive Chairman
01 September 2025
CEO's Operational Review
The Group remains steadfast in pursuing resilient and value-accretive growth,
in alignment with India's energy vision to propel development
Macroeconomic and Industry Overview
FY25 was a defining year for the Indian power sector, supported by strong
economic growth and continued policy support. India being the world's
fastest-growing major economy has seen robust electricity demand driven by
industrial expansion, urbanisation and rising per capita consumption. Growth
in Power demand surpassed earlier forecasts, peaking at over 250 GW during the
summer months. Thermal power generation maintained its dominance in the energy
mix, contributing over 74% of total electricity generated during the year.
This reaffirmed the importance of coal-based power in ensuring energy security
and round-the-clock availability of electricity.
On the coal front, domestic production hit a new record of over 1 billion
tonnes, a milestone achievement that reduced import dependency and improved
fuel security. GOI's initiatives such as the SHAKTI Scheme ensured improved
availability of coal. The current policy landscape is focused on ramping up
domestic output while gradually reducing import reliance, which in turn has
contributed to a softening of international coal prices. The Ministry of Power
of GOI, has played a key role in this transition, proactively facilitating
long-term PPAs and refining coal allocation mechanisms to ensure consistent
fuel supply for power generators.
Operational Performance
The Company continued to supply electricity to various state distribution
companies across India, under a well-diversified portfolio of short, medium
and long-term contracts. This structured sales mix has helped anchor
operational flexibility in response to the evolving market dynamics.
OPG delivered a steady operational performance in FY25, with electricity
generation of 2.324 BU, closely tracking FY24 levels (2.323 BU). The plant
sustained a PLF of 69%, underscoring operational consistency. Power was
generated through a balanced mix of domestic and imported coal, ensuring
reliability and cost competitiveness. The average realized tariff for the year
stood at 6.5 pence per unit, compared to 7.5 pence in the previous year,
largely reflecting market dynamics and balanced sales mix. Despite the tariff
decline, profitability remained stable owing to effective coal procurement
strategies and softened input costs.
Sustaining Performance
Auxiliary consumption was maintained at 8.5%, in line with sectoral
benchmarks. An in-house solar plant commissioned within the premises supplied
power for internal operations, improving net plant efficiency, reducing carbon
footprint and saving auxiliary consumption annually. The facility has
implemented multiple initiatives to further reduce emissions per electricity
generated, reinforcing its commitment to cleaner operations. Further, Biomass
blending continues to support cleaner combustion practices.
Water usage was minimised through the use of air-cooled condensers,
positioning the facility as a zero-discharge unit. These measures contribute
to operational sustainability without compromising generation reliability.
Safety and Compliance
FY25 marked another year of excellent safety performance, with zero Total
Recordable Incident Rate (TRIR). The company strengthened its on-ground safety
systems, conducted periodic drills, and maintained a proactive health and
safety framework, reinforcing a culture of accountability and care.
Avantika Gupta
Chief Executive Officer
01 September 2025
Financial Review
In FY25, the Group navigated market cyclicality with financial discipline,
sustaining stability and long-term value with focus of deleveraging the
balance sheet and strengthening the financial position.
The following is a commentary on the Group's financial performance for the
year ending 31 March 2025.
Revenue
In FY25, the Group delivered revenue of £156.7 million, reflecting a
moderation of £4.1 million (2.5%) from FY24. The shift is largely
attributable to market cyclicality against an exceptional prior-year base,
while the Group's operating fundamentals remain strong.
Adjusted EBITDA was £13.8 million, representing 8.8% of revenue, compared
with £17.2 million (10.7%) in FY24. The variance reflects revenue movement,
though profitability continues to be supported by disciplined operations and
ensuring sustainable performance.
Year Ended 31 March FY 25 £m Percentage of revenue FY 24 £m Percentage of revenue
Revenue £156.7 £160.8
Cost of Revenue (excluding Depreciation) (£132.5) (£132.8)
Gross Profit £24.2 15.4 £28.0 17.4
Other Operating Income £3.7 £3.6
Other Income £4.0 £0.2
Distribution (£18.0) (£14.6)
General and Administrative Expenses
Adjusted EBITDA £13.8 8.8 £17.2 10.7
Depreciation (£5.7) (£5.5)
Net Finance Costs (£2.9) (£3.9)
Income Before Tax £5.2 3.3 £7.7 4.8
Reversal of Impairment provision and Share of Profits from Associates £0.0 £0.0
Profit Before Tax £5.2 3.3 £7.7 4.8
Taxes (£3.8) (£3.4)
Profit for the Year £1.4 0.9 £4.3 2.7
Note: due to rounding, numbers presented throughout this document may not add
up precisely to the totals provided and percentages may not precisely reflect
the absolute figures.
In FY 25, the average tariff realised was 6.5p/kWh, compared to previous
year's 7.5p/kWh. The total generation (including deemed generation),
amounted to 2,324 million units, representing similar levels as compared to
the previous year's 2,323 million units. While generation levels in FY25
closely tracked those of the previous year, the Company maintained its focus
on the short-term market, responding to evolving demand trends and ensuring
steady plant utilisation.
Coal prices moderated to normative levels during the year, supporting
operating margins. However, global supply dynamics remain sensitive to shifts
in China and India's coal demand, Indonesian export policies, and
weather-related disruptions, factors that continue to influence international
pricing and availability
Operational Review FY 25 FY 24
Total generation, incl. "deemed" generation (m units) 2,324 2,323
Plant Load Factor (PLF) (percent) 68.50 69.21
Average tariff (pence/unit) 6.5 7.5
Gross Profit
For FY25, Gross Profit (GP) stood at £24.2 million, representing 15.4% of
revenue, compared with £28.0 million (17.4%) in FY24. The year-on-year
movement reflects a normalisation in operating margins following the
exceptional benefits seen in the previous year from stabilised coal prices and
stronger generation levels.
While the reported GP is lower in absolute terms, the outcome is consistent
with expectations in a year marked by fluctuating input costs and evolving
market dynamics. Importantly, the Group maintained disciplined cost management
and ensured operational efficiency, thereby sustaining a resilient margin
profile in line with industry trends.
The Group remains focused on optimising its cost base and enhancing efficiency
to safeguard profitability, while continuing to prioritise stable cash flows
and long-term shareholder value creation.
Adjusted EBITDA
Adjusted Earnings before Interest, Depreciation, Taxes and Amortisation
("Adjusted EBITDA") is a key indicator of the Group's underlying cash
generation, as it excludes the effects of financing, depreciation, exceptional
charges, and other non-operational items such as share-based compensation.
This measure enables a clearer comparison of profitability across periods and
with peers, by focusing on core operating performance and removing distortions
from capital structure and accounting treatments.
Figures pertaining to FY 24 have been reinstated to reflect reclassification
adjustments carried out during FY 25, ensuring consistency and comparability
across reporting periods.
In FY 25, Adjusted EBITDA stood at £13.8 million, representing 8.8% of
revenue, compared to £17.2 million or 10.7% of revenue in FY 24. The movement
reflects a recalibration from the exceptionally strong operating environment
of FY 24, as well as the impact of higher input costs during the year.
Importantly, despite this moderation, the Group continued to generate strong
operating cash flows, underscoring the resilience of its business model.
Profit Before Tax
Profit from operations before tax was £5.2 million, or 3.3% of revenue, in FY
25, relative to £7.7 million (4.8% of revenue) in FY 24. The variance
primarily stems from margin compression following a high base year; however,
the Group remains focused on operational discipline and efficiency
improvements. These initiatives are expected to enhance long-term
profitability and reinforce the platform for sustained shareholder value
creation.
Profit Before Tax (PBT) reconciliation for FY 25 (£m)
PBT £m FY 25
PBT FY 25 £5.2
PBT FY 24 £7.7
Decrease in PBT (£2.5)
Decrease in GP £(3.8)
Increase in Other Operating Income £0.1
Increase in Other income £3.8
Increase in Distribution, General & Administrative Expenses, Expected (£3.4)
Credit Loss
Decrease in Net Finance Costs £1.0
Decrease in Depreciation and Amortisation (£0.2)
Decrease in PBT (£2.5)
Taxation
The Group's operating subsidiary continues to benefit from a tax holiday
period. However, the subsidiary is subject to Minimum Alternate Tax (MAT) on
its accounting profits. The taxes paid under MAT can be used to offset future
tax liabilities that may arise after the conclusion of the tax holiday period.
The tax expense for the year amounted to £3.8 million.
Profit After Tax from continuing operations
Profit After Tax from continuing operations stood at £1.4 million in FY25,
compared to £4.3 million in FY24, reflecting a reduction of £2.9 million
(66.2%). The decline primarily mirrors the flow-through impact of lower
operating earnings in the year, alongside prudent provisioning and
conservative recognition policies that the Company has maintained in line with
its disciplined financial approach.
While PAT is lower year-on-year, the underlying fundamentals of the business
remain intact. The Company continues to generate steady operating cash flows
and retains financial flexibility to support growth initiatives. Management
remains focused on driving operational efficiency and portfolio optimization,
which are expected to underpin sustainable long-term profitability.
Current Year's Operations:
The plants are running well with a Plant Load Factor of 69%. The plants have
continued to operate steadily, supported by reliable offtake arrangements
across both long-term and short-term markets. Market dynamics have shown signs
of stabilization despite fluctuations in exchange rates and seasonal supply
variations. The Company remains focused on enhancing operational resilience by
optimizing fuel sourcing strategies, including pursuing opportunities under
government-led coal initiatives, while maintaining flexibility to adapt to
evolving market conditions. These measures are aimed at ensuring cost
efficiency and supporting consistent generation performance.
Earnings per Share (EPS)
The Group's total reported EPS decreased from 1.02 Pence in FY 24 to 0.35
Pence in FY 25.
Dividend policy
The Board remains firmly committed to prudent capital management, prioritising
liquidity to support operational needs, future capex requirements, and to
withstand against evolving macroeconomic uncertainties. In line with this
approach, the Board has decided not to declare a dividend for FY25. The
Group's dividend policy will be reviewed periodically, keeping in view
business performance, cash flows, and strategic priorities.
The Foreign Exchange Gain / Loss on Translation
The British Pound to Indian Rupee appreciated to a closing rate of £1= INR
110.38 as at 31 March 2025 from a rate of £1= INR 105.28 as at 31 March 2024
resulting in an exchange loss of £7.03 million. The same has been recognised
under "Exchange differences on translating foreign operations".
Property, Plant and Equipment & Intangible Assets
The net book value of Property, Plant and Equipment and Intangible Assets
stood at £148.2 million, reflecting the impact of depreciation, asset
disposals and foreign exchange movements, partially offset by additions during
the year.
Other Non-Current Assets
Other Non-Current Assets (excluding Property, Plant and Equipment &
Intangible Assets) declined by £4.5 million in FY25. The reduction was
primarily driven by a £4.3 million decrease in non-current investments, which
moved from £18.3 million to £14.0 million during the year.
Current Assets
Current Assets declined by £29.5 million (31.2%) year-on-year, reflecting
adjustments across working capital balances. The most notable changes were:
· Inventories contracted by £13.3 million, driven by lower stock
holdings in line with operational requirements.
· Trade receivables reduced by £16.1 million, reflecting tighter
collections.
· Other short-term assets advanced modestly by £1.8 million, providing
partial offset.
· Current tax assets edged lower by £0.04 million.
· Restricted cash balances decreased by £5.5 million, following
scheduled utilisation
· Cash and cash equivalents improved by £3.6 million, strengthening
liquidity.
Liabilities
Total liabilities witnessed a sharp reduction, with current liabilities
declining by £27.1 million (44.2%). This movement was primarily driven by:
· Borrowings, including current maturities of long-term debt, which
reduced by £6.9 million, reflecting repayments during the year.
· Trade and other payables, which contracted significantly by £20.1
million, in line with operating requirements.
· Other current liabilities, which saw a marginal decline of £0.01
million.
On the non-current side, liabilities decreased by £10.7 million (26.1%),
largely attributable to:
· A fall in the non-current portion of long-term debt by £11.3 million,
reflecting repayments.
· Trade and other payables, which decreased by £0.4 million.
Partially offsetting these reductions, net deferred tax liabilities rose by
£1.0 million, reflecting timing differences between book and tax treatments.
Capital Structure and Financial Leverage Analysis
Debt Profile and Leverage Metrics
The Company's borrowings portfolio witnessed a significant deleveraging during
FY25, with total outstanding debt declining substantially to £10.5 million
from the previous year's £28.6 million. The gearing ratio, calculated as net
debt divided by equity plus net debt, improved markedly to -0.09x from -0.02x,
reflecting the organization's strengthened balance sheet position. Notably,
the Company abstained from raising any new debt facilities during the
financial year.
Liquidity Position
The net cash position (total borrowings minus cash and current and non-current
investments in mutual funds) experienced a remarkable enhancement,
strengthening from £3.6 million to £15.6 million, primarily attributable to
systematic debt reduction amounting to £18.1 million. This strategic debt
retirement underscores management's commitment to optimizing the capital
structure. The Net Debt to EBITDA ratio further improved from -0.2x to -1.1x,
demonstrating enhanced earnings coverage relative to the Company's net cash
position and reinforcing its robust financial flexibility.
Finance Costs and Income
Financial expenses registered a marginal uptick of £0.5 million
year-over-year, while finance income demonstrated robust growth of £1.5
million. Consequently, net finance costs contracted from £3.9 million in FY24
to £2.9 million in FY25, representing an improvement of £1.0 million.
Restricted Cash Holdings (Pledged as Security for Funding Purposes)
Current restricted cash reserves decreased to £2.7 million from £8.3 million
(66.8% reduction), while non-current restricted cash holdings declined to
£1.5 million from £1.9 million (21.4% reduction). These movements reflect
the Company's enhanced operational cash flow management and reduced collateral
requirements.
Cash flow
Cash flow from operations; before, and after, the changes in working capital
was £13.0 million (FY 24: £17.1 million) and £22.3 million (FY 24: £20.8
million) respectively.
Movements (£m) FY 25 FY 24
Operating cash flows from operations before changes in working capital £13.0 £17.1
Tax Paid (£0.8) (£0.5)
Change in working capital assets and liabilities £10.1 £4.2
Net Cash generated by operating activities from operations £22.3 £20.8
Purchase of Property, Plant and equipment (net of disposals) (£3.6) (£3.6)
Investments(purchased)/sold, incl. in solar projects, shipping JV, market £12.7 £3.3
securities, movement in restricted cash and interest received
Net Cash from / (used in) investing activities £9.2 (£0.2)
Finance cost paid, incl. foreign exchange losses (£6.1) (£5.6)
Dividend paid - -
Total cash change from operations before net borrowings £25.4 £15.0
Ajit Pratap Singh
Non-Executive Director
01 September 2025
Consolidated statement of financial position
As at 31 March 2025
(All amount in £, unless otherwise stated)
As at As at
Notes 31-Mar-25 31-Mar-24
Assets
Non-current Assets
Intangible assets 13 37,664 17,010
Property, plant and equipment 14 148,169,618 157,565,290
Investments 15 14,005,609 18,307,543
Other long-term assets 16(b) 658,306 512,358
Restricted cash 20(b) 1,463,539 1,862,075
Total Non-current Assets 164,334,736 178,264,276
Current assets
Inventories 18 5,398,008 18,736,699
Trade and other receivables 17 21,006,192 37,086,020
Other short-term assets 16(a) 19,987,627 18,186,633
Current tax assets (net) 25 654,736 697,438
Restricted cash 20(a) 2,736,441 8,250,594
Cash and cash equivalents 19 15,348,348 11,714,256
Total Current Assets 65,131,351 94,671,640
Total Assets 229,466,086 272,935,916
Equity and liabilities
Equity
Share capital 21 58,909 58,909
Share premium 131,451,482 131,451,482
Other components of equity (27,339,325) (20,305,279)
Retained earnings 60,680,225 59,267,745
Equity attributable to owners of the Company 164,851,291 170,472,858
Non-controlling interests - 5,822
Total Equity 164,851,291 170,478,680
Liabilities
Non-current Liabilities
Borrowings 23(b) 5,416,058 9,451,140
Non-Convertible Debentures 23(b) 2,898,997 10,163,461
Trade and other payables 24(b) 388,469 814,473
Other liabilities 26(b) - 16,903
Deferred tax liabilities (net) 12 21,652,104 20,657,873
Total Non-current Liabilities 30,355,628 41,103,850
Current Liabilities
Borrowings 23(a) 2,166,804 9,022,924
Trade and other payables 24(a) 31,716,742 51,847,642
Other liabilities 26(a) 375,621 482,820
Total Current Liabilities 34,259,167 61,353,386
Total Liabilities 64,614,795 102,457,236
Total Equity and Liabilities 229,466,086 272,935,916
The notes are an integral part of these consolidated financial statements.
The financial statements were authorised for issue by the board of directors
on 01 September 2025 and were signed on its behalf by:
N Kumar, Ajit Pratap Singh
Non-Executive Chairman Non-Executive Director
Consolidated statement of Comprehensive Income
For the year ended 31 March 2025
(All amount in £, unless otherwise stated)
Year ended Year ended
31-Mar-25 31-Mar-24
Notes
Revenue 7 156,738,456 160,794,155
Cost of revenue 8 (132,535,087) (132,786,047)
Gross profit 24,203,369 28,008,108
Other Operating income 9(a) 3,673,412 3,573,242
Other income 9(b) 3,998,765 169,536
Distribution cost (9,511,894) (5,630,647)
General and administrative expenses (8,534,326) (8,965,598)
Expected credit loss on trade receivables - -
Depreciation and amortisation (5,695,201) (5,521,962)
Operating profit 8,134,124 11,632,680
Finance costs 10 (6,097,115) (5,571,272)
Finance income 11 3,205,785 1,662,256
Share of net profit from associates - -
Reversal of FV Impairment of associates made in 21-22 - -
Profit before tax 5,242,794 7,723,664
Current tax 12 (1,418,583) (1,250,941)
Earlier Year Tax Adjustments (370,467) -
Deferred tax 12 (2,008,243) (2,192,952)
Tax expense 12 (3,797,292) (3,443,893)
Profit for the year from continued operations 1,445,501 4,279,771
Gain/(Loss) from discontinued operations, including Non-Controlling Interest - -
Other Comprehensive Income Remeasurement of the defined benefit plans (33,021) (169,221)
Profit for the year 1,412,480 4,110,550
Profit for the year attributable to:
Owners of the Company 1,412,480 4,110,535
Non - controlling interests - 15
1,412,480 4,110,550
Earnings per share from continued operations
Basic earnings per share (in pence) 28 0.35 1.02
Diluted earnings per share (in pence) 0.35 1.02
Earnings/(Loss) per share from discontinued operations
Basic earnings/(loss) per share (in pence) 28 - -
Diluted earnings/(loss) per share (in pence) - -
Earnings per share
-Basic (in pence) 28 0.35 1.02
-Diluted (in pence) 0.35 1.02
Other comprehensive (loss) / income
Items that will be reclassified subsequently to profit or loss
Exchange differences on translating foreign operations (7,037,274) (4,394,473)
Income tax relating to items that will be reclassified
Items that will be not reclassified subsequently to profit or loss
Exchange differences on translating foreign operations, relating to - 19,317
non-controlling interests
Total other comprehensive (loss) / income (7,037,274) (4,375,156)
Total comprehensive income (5,624,794) (264,606)
Total comprehensive income / (loss) attributable to:
Owners of the Company (5,624,794) (283,938)
Non-controlling interest - 19,332
(5,624,794) (264,606)
The notes are an integral part of these consolidated financial statements
The Financial statements were authorised for issue by the board of directors
on 01 September 2025 and were signed on its behalf by:
N Kumar, Ajit Pratap Singh
Non-Executive Chairman Non-Executive Director
Consolidated statement of cash flows
For the Year ended 31 March 2025
(All amount in £, unless otherwise stated)
Year ended Year ended
31-Mar-25 31-Mar-24
Notes
Cash flows from operating activities
Profit before income tax including discontinued operations and income from 5,242,794 7,554,443
associates
Adjustments for:
(Profit) / Loss from discontinued operations, net / Reversal of Impairment - -
(Profit) / Loss from associate companies - -
Unrealised foreign exchange (gain)/loss 528,738 170,950
Provisions created during the year (1,344,621) 237,872
Financial costs 10 6,097,115 5,571,272
Financial income (including Profit on sale of Financial Instruments) 11 (3,205,785) (1,967,022)
Depreciation and amortisation 5,695,201 5,521,962
Changes in working capital
Trade and other receivables 17,424,449 (5,409,286)
Inventories 13,338,691 (11,017,303)
Other assets (951,829) (3,617,653)
Trade and other payables (20,556,904) 22,840,990
Other liabilities 870,129 1,428,458
Cash generated from continuing operations 23,137,979 21,314,681
Taxes paid (806,463) (482,890)
Cash provided by operating activities of continuing operations 22,331,516 20,831,791
Cash used for operating activities of discontinued operations - -
Net cash provided by operating activities 22,331,516 20,831,791
Cash flows from investing activities
Purchase of property, plant and equipment (including capital advances) (3,558,443) (3,560,859)
Proceeds from Disposal of property, plant and equipment - 45,827
Interest received 3,205,785 1,967,022
Movement in restricted cash 5,383,951 4,882,171
Purchase of investments 4,155,986 (4,767,492)
Sale of Investments - -
Redemption of Investments - 1,203,617
Cash from / (used in) investing activities of continuing operations 9,187,278 (229,714)
Cash from investing activities of discontinued operations - -
Net cash from / (used in) investing activities 9,187,278 (229,714)
Cash flows from financing activities
Proceeds from borrowings (net of costs) - 17,355,566
Proceeds/(Investments) from equity - -
Repayment of borrowings (18,155,666) (21,315,183)
Finance costs paid (6,097,115) (5,571,272)
Cash used in financing activities of continuing operations (24,252,781) (9,530,888)
Cash used in financing activities of discontinued operations - -
Net cash used in financing activities (24,252,781) (9,530,888)
Net increase / (decrease) in cash and cash equivalents from continuing 7,266,013 11,071,189
operations
Net increase / (decrease) in cash and cash equivalents from discontinued - -
operations
Net increase / (decrease) in cash and cash equivalents 7,266,013 11,071,189
Cash and cash equivalents at the beginning of the year 11,714,256 3,319,344
Cash and cash equivalents on deconsolidation - -
Exchange differences on cash and cash equivalents (3,631,921) (2,676,277)
Cash and cash equivalents of the discontinued operations - -
Cash and cash equivalents at the end of the year 15,348,348 11,714,256
The notes are an integral part of these consolidated financial statements.
Disclosure of Changes in financing liabilities:
Analysing of changes in Net debt 01-Apr-24 Cash flows Forex Rate Impact 31-Mar-25
Working Capital loan 2,960,079 (2,960,079) - 0
Secured loan due within one year 6,062,845 (3,896,041) 3,249,254 5,416,058
Borrowings grouped under Current liabilities 9,022,924 (6,856,120) 3,249,254 5,416,059
Secured loan due after one year 9,451,140 (4,128,760) 213,653 5,536,033
Borrowings grouped under Non-current liabilities 9,451,140 (4,128,760) 213,653 5,536,033
Analysing of changes in Net debt 01-Apr-23 Cash flows Forex Rate Impact 31-Mar-24
Working Capital loan 1,951,831 1,004,384 3,863 2,960,079
Secured loan due within one year 23,496,705 (17,480,361) 46,501 6,062,845
Borrowings grouped under Current liabilities 25,448,536 (16,475,976) 50,364 9,022,924
Secured loan due after one year 7,030,298 2,380,444 40,398 9,451,140
Borrowings grouped under Non-current liabilities 7,030,298 2,380,444 40,398 9,451,140
Consolidated statement of changes in equity
For the year ended 31 March 2025
(All amount in £, unless otherwise stated)
Particulars Issued capital (No. of shares) Ordinary shares Share premium Capital Redemption Reserve Other reserves Foreign currency translation reserve Other Compre- Retained earnings Total attributable to owners of parent Non-controlling interests Total equity
hensive Income
At 1 April 2023 400,733,511 58,909 131,451,482 - 8,216,152 (24,126,958) - 55,157,211 170,756,796 875,541 171,632,337
Employee Share based payment LTIP (Note 22) - - - - - - - - - -
Transaction with owners - - - - - - - - - - -
Net Additions for the year - - - - - - - 4,110,535 4,110,535 (889,036) 3,221,499
Other comprehensive income - - - - - (4,394,473) - - (4,394,473) 19,317 (4,375,156)
Total comprehensive income - - - - - (4,394,473) - 4,110,535 (283,938) (869,719) (1,153,657)
At 31 March 2024 400,733,511 58,909 131,451,482 - 8,216,152 (28,521,431) - 59,267,745 170,472,858 5,822 170,478,679
At 1 April 2024 400,733,511 58,909 131,451,482 - 8,216,152 (28,521,431) - 59,267,745 170,472,858 5,822 170,478,679
Employee Share based payment LTIP (Note 22) - - - - - - - - - - -
Transaction with owners - - - - - - - - - - -
Net Additions for the year - - - 3,228 - - - 1,445,501 1,448,729 (5,822) 1,442,907
Other comprehensive income - - - - - (7,037,274) - (33,021) (7,070,295) - (7,070,295)
Total comprehensive income - - - 3,228 - (7,037,274) - 1,412,480 (5,621,566) (5,822) (5,627,388)
At 31 March 2025 400,733,511 58,909 131,451,482 3,228 8,216,152 (35,558,705) - 60,680,225 164,851,292 (0) 164,851,291
The notes are an integral part of these consolidated financial statements
The financial statements were authorised for issue by the board of directors
on 01 September 2025 and were signed on its behalf by
N Kumar, Ajit Pratap Singh
Non-Executive Chairman Non-Executive Director
Notes to the consolidated financial statements
(All amounts are in £, unless otherwise stated)
1 Nature of operations
OPG Power Ventures Plc ('the Company' or 'OPGPV'), and its subsidiaries
(collectively referred to as 'the Group') are primarily engaged in the
development, owning, operation and maintenance of private sector power
projects in India. The electricity generated from the Group's plants is sold
principally to public sector undertakings and heavy industrial companies in
India or in the short term market. The business objective of the group is to
focus on the power generation business within India and thereby provide
reliable, cost effective power to the industrial consumers and other users
under the 'open access' provisions mandated by the Government of India.
2 Statement of compliance
The consolidated financial statements of the Group have been prepared in
accordance with International Financial Reporting Standards (IFRS) - as issued
by the International Accounting Standards Board and the provisions of the Isle
of Man, Companies Act 2006 applicable to companies reporting under IFRS.
3 General information
OPG Power Ventures Plc, a limited liability corporation, is the Group's
ultimate parent Company and is incorporated and domiciled in the Isle of
Man. The address of the Company's registered Office, which is also the
principal place of business, is PO Box I45, Level 6 10A Prospect Hill Douglas,
Isle of Man, IM99 IFY. The Company's equity shares are listed on the AIM
Market of the London Stock Exchange.
4 Recent accounting pronouncements
Standards, amendments and interpretations to existing standards that are not
yet effective and have not been adopted early by the Group
At the date of authorisation of these financial statements, certain new
standards, and amendments to existing standards have been published by the
IASB that are not yet effective, and have not been adopted early by the Group.
Information on those expected to be relevant to the Group's financial
statements is provided below.
Management anticipates that all relevant pronouncements will be adopted in the
Group's accounting policies for the first period beginning after the effective
date of the pronouncement. New standards, interpretations and amendments not
either adopted or listed below are not expected to have a material impact on
the Group's financial statements.
Changes in accounting Standards
The following standards and amendments to IFRS became effective for the period
beginning on 1 January 2024 and did not have a material impact on the
consolidated financial statements:
· IFRS 1, 'First time adoption of IFRS' has been amended with
clarification regarding "Classification of Liabilities as Current or
Non-current (including amendments related to Non-current Liabilities with
Covenants)". The amendments clarify the classification of liabilities as
current or non-current, based on the rights in place at the reporting date.
They also require enhanced disclosures for liabilities subject to covenants
that are tested post reporting period.
These amendments did not result in reclassification of liabilities on the
statement of financial position but have led to enhanced disclosures where
applicable, particularly in respect of loan agreements with financial
covenants.
· IFRS 16 - Lease Liability in a Sale and Leaseback has been amended to
provide clarification on how to measure lease liabilities in sale and
leaseback transactions to ensure that the seller-lessee does not recognize any
gain or loss related to the retained right-of-use asset.
While the Group did not enter into new sale and leaseback arrangements during
the reporting period, the amendment has been considered in assessing
lease-related transactions and disclosures, if any.
· IAS 7 and IFRS 7 - Supplier Finance Arrangements amendments
introduced a new disclosure requirements where supplier finance arrangements
exist. As a thermal power generator, the Group enters into structured
arrangements for procurement of coal and other critical inputs, where payment
terms are supported by financial intermediaries.
While these arrangements do not significantly impact the classification of
liabilities, the Group has provided additional disclosures in Note 24 to
reflect the nature, terms, and associated risks of such arrangements, in
compliance with the new requirements.
Standards and Interpretations Not Yet Applicable
The following new or amended standards have been issued but are not yet
effective for the Group's reporting period. The Group has not early adopted
these standards and is currently evaluating their potential impact:
IAS 21 - Lack of Exchangeability (effective from 1 January 2025)
These amendments address situations where exchangeability of foreign currency
is lacking and provide guidance on estimating a spot exchange rate. Given the
Group's capital imports and cross-border transactions denominated in foreign
currency (notably for turbine equipment and spares), these amendments may
become relevant in jurisdictions with exchange restrictions. The Group is
assessing potential implications in relevant markets.
IFRS 10 and IAS 28 - Sale or Contribution of Assets between an Investor and
its Associate or Joint Venture
These amendments clarify the recognition of gains or losses on the sale or
contribution of assets between an investor and its associate or joint venture.
The effective date has been deferred indefinitely. The Group will apply these
amendments when they become effective.
Future standards applicable beyond FY 2024-25 (not early adopted):
IFRS 18 - Presentation and Disclosure in Financial Statements (effective 1
January 2027)
Introduces revised presentation of income and expenses, including new
subtotals (e.g., operating profit), and management performance measure
disclosures.
IFRS 19 - Subsidiaries without Public Accountability: Disclosures (effective 1
January 2027)
Permits reduced disclosures for eligible subsidiaries within consolidated
groups.
Amendments to IFRS 9 and IFRS 7 (effective 1 January 2026)
Address classification of financial instruments with ESG-linked features and
derecognition guidance for electronic settlement of liabilities.
Amendments related to Nature-dependent Electricity Contracts
Clarify the 'own-use' exemption for contracts like power purchase agreements
(PPAs) and permit hedge accounting for certain variable volume forecast
transactions.
5 Summary of significant accounting policies
Basis of preparation
The consolidated financial statements of the Group have been prepared on a
historical cost basis, except for financial assets and liabilities at fair
value through profit or loss and financial assets measured at FVPL.
The consolidated financial statements are presented in accordance with IAS 1
Presentation of Financial Statements and have been presented in Great Britain
Pounds ('₤'), the functional and presentation currency of the Company.
Going Concern
In response to continued global disruptions, including persistent inflationary
pressures, volatile energy markets, and ongoing geopolitical tensions such as
the war in Ukraine and regional instability in the Middle East, the Group has
proactively conducted a Reverse Stress Test (RST) to assess the potential
impact on its receivables, financial assets, and overall liquidity position.
1) Despite heightened commodity price fluctuations and inflationary headwinds,
particularly in coal and other fuel inputs, the Group's financial position
remains resilient. Market volatility has been managed through a disciplined
and forward-looking financial framework.
2) The Group has further enhanced its risk management strategies in FY
2024-25, including tighter cost controls, dynamic procurement models, and
operational efficiencies across thermal power generation assets. These
initiatives have mitigated margin pressures and preserved cash flows amid an
uncertain global energy landscape.
3) As at 31 March 2025, the Group held cash reserves of £15.35mn and
cumulative net current assets of £30.87mn. The Group's liquidity position
remains strong, supported by prudent treasury management and diversified
funding lines. This ensures full coverage of short-term obligations and
provides the financial flexibility to navigate macroeconomic uncertainties
without compromising operational continuity.
4) The Group's ability to rapidly adapt to evolving market conditions through
scenario-based planning, strategic hedging, and agile decision-making has been
central to maintaining stable operations and performance. This adaptability
continues to be a core strength as the Group transitions towards long-term
sustainability goals, while ensuring energy reliability in the near term.
Basis of consolidation
The consolidated financial statements include the assets, liabilities and
results of the operation of the Company and all of its subsidiaries as of 31
March 2025. All subsidiaries have a reporting date of 31 March.
A subsidiary is defined as an entity controlled by the Company. The parent
controls a subsidiary if it is exposed, or has rights, to variable returns
from its involvement with the subsidiary and has the ability to affect those
returns through its power over the subsidiary. Subsidiaries are fully
consolidated from the date of acquisition, being the date on which effective
control is acquired by the Group, and continue to be consolidated until the
date that such control ceases.
All transactions and balances between Group companies are eliminated on
consolidation, including unrealised gains and losses on transactions between
Group companies. Where unrealised losses on intra-group asset sales are
reversed on consolidation, the underlying asset is also tested for impairment
from a group perspective. Amounts reported in the financial statements of
subsidiaries have been adjusted where necessary to ensure consistency with the
accounting policies adopted by the Group.
Non-controlling interest represents the portion of profit or loss and net
assets that is not held by the Group and is presented separately in the
consolidated statement of comprehensive income and within equity in the
consolidated statement of financial position, separately from parent
shareholders' equity. Acquisitions of additional stake or dilution of stake
from/ to non-controlling interests/ other venturer in the Group where there is
no loss of control are accounted for as an equity transaction, whereby, the
difference between the consideration paid to or received from and the book
value of the share of the net assets is recognised in 'other reserve' within
statement of changes in equity.
List of subsidiaries, joint ventures, and associates
Details of the Group's subsidiaries and joint ventures, which are consolidated
into the Group's consolidated financial statements, are as follows:
i) Subsidiaries
Immediate parent Country of incorporation % Voting Right % Economic interest
Subsidiaries
March 2025 March 2024 March 2025 March 2024
Caromia Holdings limited ('CHL') OPGPV Cyprus 100.00 100.00 100.00 100.00
Gita Power and Infrastructure Private Limited, ('GPIPL') CHL India 100.00 100.00 100.00 100.00
OPG Power Generation Private Limited ('OPGPG')* GPIPL India 100.00 81.42 100.00 99.99
Samriddhi Surya Vidyut Private Limited OPGPG India 100.00 100.00 100.00 100.00
Powergen Resources Pte Ltd OPGPV Singapore 95.00 95.00 95.00 95.00
*During the FY 2024-25, Gita Power and Infrastructure Pvt Ltd became 100%
holding company of OPG Power Generation Pvt Ltd.
Foreign currency translation
The functional currency of the Company is the Great Britain Pound Sterling
(£). The Cyprus entity is an extension of the parent and pass through
investment entity. Accordingly the functional currency of the subsidiary in
Cyprus is the Great Britain Pound Sterling. The functional currency of the
Company's subsidiaries operating in India, determined based on evaluation of
the individual and collective economic factors is Indian Rupees ('₹' or
'INR'). The presentation currency of the Group is the Great Britain Pound (£)
as submitted to the AIM counter of the London Stock Exchange where the shares
of the Company are listed.
At the reporting date the assets and liabilities of the Group are translated
into the presentation currency at the rate of exchange prevailing at the
reporting date and the income and expense for each statement of profit or loss
are translated at the average exchange rate (unless this average rate is not a
reasonable approximation of the cumulative effect of the rates prevailing on
the transaction dates, in which case income and expense are translated at the
rate on the date of the transactions). Exchange differences are charged/
credited to other comprehensive income and recognized in the currency
translation reserve in equity.
Transactions in foreign currencies are translated at the foreign exchange rate
prevailing at the date of the transaction. Monetary assets and liabilities
denominated in foreign currencies at the Statement of financial position date
are translated into functional currency at the foreign exchange rate ruling at
that date. Aggregate gains and losses resulting from foreign currencies are
included in finance income or costs within the profit or loss.
INR exchange rates used to translate the INR financial information into the
presentation currency of Great Britain Pound (£) are the closing rate as at
31 March 2025: 110.38 (2024: 105.28) and the average rate for the year ended
31 March 2025: 107.88 (2024: 104.06).
Revenue recognition
In accordance with IFRS 15 - Revenue from contracts with customers, the group
recognises revenue to the extent that it reflects the expected consideration
for goods or services provided to the customer under contract, over the
performance obligations they are being provided. For each separable
performance obligation identified, the Group determines whether it is
satisfied at a "point in time" or "over time" based upon an evaluation of the
receipt and consumption of benefits, control of assets and enforceable payment
rights associated with that obligation. If the criteria required for "over
time" recognition are not met, the performance obligation is deemed to be
satisfied at a "point in time". Revenue principally arises as a result of the
Group's activities in electricity generation and distribution. Supply of power
and billing satisfies performance obligations. The supply of power is invoiced
in arrears on a monthly basis and generally the payment terms within the Group
are 10 to 45 days.
Revenue
Revenue from providing electricity to Discoms under LTOA/MTOA is recognised on
the basis of billing cycle under the contractual arrangement with the Discoms
and reflects the value of units of power supplied and the applicable tariff
after deductions or discounts. Revenue is earned at a point in time of joint
meter reading by both buyer and seller for each billing month.
In accordance with the Group's revenue recognition policy and the concept of
prudence, surcharges on delayed customer payments under LTOA contracts are
recognised only upon receipt, to mitigate the risk of non-recoverability or
significant delays in collection. The same recognition principle is applied to
amounts arising from Change in Law claims as per the PPA.
For STOA, revenue is earned at a point in time of joint meter reading by both
buyer and seller for each billing month.
For IEX, revenue is earned on daily basis of supply based on the bid and
allotted quantum which gets reconciled at a point in time of meter reading for
each billing month.
Interest and dividend
Revenue from interest is recognised as interest accrued (using the effective
interest rate method). Revenue from dividends is recognised when the right to
receive the payment is established.
Operating expenses
Operating expenses are recognised in the statement of profit or loss upon
utilisation of the service or as incurred.
Taxes
Tax expense recognised in profit or loss comprises the sum of deferred tax and
current tax not recognised in other comprehensive income or directly in
equity.
Current income tax assets and/or liabilities comprise those obligations to, or
claims from, taxation authorities relating to the current or prior reporting
periods, that are unpaid at the reporting date. Current tax is payable on
taxable profit, which differs from profit or loss in the financial statements.
Calculation of current tax is based on tax rates and tax laws that have been
enacted or substantively enacted by the end of the reporting period.
Deferred income taxes are calculated using the liability method on temporary
differences between the carrying amounts of assets and liabilities and their
tax bases. However, deferred tax is not provided on the initial recognition of
goodwill, nor on the initial recognition of an asset or liability unless the
related transaction is a business combination or affects tax or accounting
profit.
Deferred tax on temporary differences associated with investments in
subsidiaries is not provided if reversal of these temporary differences can be
controlled by the Group and it is probable that reversal will not occur in the
foreseeable future.
Deferred tax assets and liabilities are calculated, without discounting, at
tax rates that are expected to apply to their respective period of
realisation, provided they are enacted or substantively enacted by the end of
the reporting period. Deferred tax liabilities are always provided for in
full.
Deferred tax assets are recognised to the extent that it is probable that they
will be able to be utilised against future taxable income. Deferred tax assets
and liabilities are offset only when the Group has a right and the intention
to set off current tax assets and liabilities from the same taxation
authority. Changes in deferred tax assets or liabilities are recognised as a
component of tax income or expense in profit or loss, except where they relate
to items that are recognised in other comprehensive income or directly in
equity, in which case the related deferred tax is also recognised in other
comprehensive income or equity, respectively.
Financial assets
IFRS 9 Financial Instruments contains regulations on measurement categories
for financial assets and financial liabilities. It also contains regulations
on impairments, which are based on expected losses.
Financial assets are classified as financial assets measured at amortized
cost, financial assets measured at fair value through other comprehensive
income (FVOCI) and financial assets measured at fair value through profit and
loss (FVPL) based on the business model and the characteristics of the cash
flows. If a financial asset is held for the purpose of collecting contractual
cash flows and the cash flows of the financial asset represent exclusively
interest and principal payments, then the financial asset is measured at
amortized cost. A financial asset is measured at fair value through other
comprehensive income (FVOCI) if it is used both to collect contractual cash
flows and for sales purposes and the cash flows of the financial asset consist
exclusively of interest and principal payments. Unrealized gains and losses
from financial assets measured at fair value through other comprehensive
income (FVOCI), net of related deferred taxes, are reported as a component of
equity (other comprehensive income) until realized. Realized gains and losses
are determined by analyzing each transaction individually. Debt instruments
that do not exclusively serve to collect contractual cash flows or to both
generate contractual cash flows and sales revenue, or whose cash flows do not
exclusively consist of interest and principal payments are measured at fair
value through profit and loss (FVPL). For equity instruments that are held for
trading purposes the group has uniformly exercised the option of recognizing
changes in fair value through profit or loss (FVPL). Refer to note 30 "Summary
of financial assets and liabilities by category and their fair values".
Impairments of financial assets are both recognized for losses already
incurred and for expected future credit defaults. The amount of the impairment
loss calculated in the determination of expected credit losses is recognized
on the income statement. Impairment provisions for current and non-current
trade receivables are recognised based on the simplified approach within IFRS
9 using a provision matrix in the determination of the lifetime expected
credit losses. During this process the probability of the non-payment of the
trade receivables is assessed. This probability is then multiplied by the
amount of the expected loss arising from default to determine the lifetime
expected credit loss for the trade receivables. On confirmation that the trade
receivable will not be collectable, the gross carrying value of the asset is
written off against the associated provision.
Financial liabilities
The Group's financial liabilities include borrowings and trade and other
payables. Financial liabilities are measured subsequently at amortised cost
using the effective interest method. All interest-related charges and, if
applicable, changes in an instrument's fair value that are reported in profit
or loss are included within 'finance costs' or 'finance income'.
Fair value of financial instruments
The fair value of financial instruments that are actively traded in organised
financial markets is determined by reference to quoted market prices at the
close of business on the Statement of financial position date. For financial
instruments where there is no active market, fair value is determined using
valuation techniques. Such techniques may include using recent arm's length
market transactions; reference to the current fair value of another instrument
that is substantially the same; discounted cash flow analysis or other
valuation models.
Property, plant and equipment
Property, plant and equipment are stated at historical cost, less accumulated
depreciation and any impairment in value. Historical cost includes expenditure
that is directly attributable to property plant & equipment such as
employee cost, borrowing costs for long-term construction projects etc., if
recognition criteria are met. Likewise, when a major inspection is
performed, its costs are recognised in the carrying amount of the plant and
equipment as a replacement if the recognition criteria are satisfied. All
other repairs and maintenance costs are recognised in the profit or loss as
incurred.
Land is not depreciated. Depreciation on all other assets is computed on
straight-line basis over the useful life of the asset based on management's
estimate as follows:
Nature of asset Useful life (years)
Buildings 40
Power stations 40
Other plant and equipment 1-5
Vehicles 1-5
Assets in the course of construction are stated at cost and not depreciated
until commissioned.
An item of property, plant and equipment is derecognised upon disposal or when
no future economic benefits are expected from its use or disposal. Any gain or
loss arising on derecognition of the asset (calculated as the difference
between the net disposal proceeds and the carrying amount of the asset) is
included in the profit or loss in the year the asset is derecognised.
The assets residual values, useful lives and methods of depreciation of the
assets are reviewed at each financial year end, and adjusted prospectively if
appropriate.
Intangible assets
Acquired software
Acquired computer software licences are capitalised on the basis of the costs
incurred to acquire and install the specific software.
Subsequent measurement
All intangible assets, including software are accounted for using the cost
model whereby capitalised costs are amortised on a straight-line basis over
their estimated useful lives, as these assets are considered finite. Residual
values and useful lives are reviewed at each reporting date. The useful life
of software is estimated as 3-4 years.
Borrowing costs
Borrowing costs directly attributable to the acquisition, construction or
production of qualifying assets, that necessarily take a substantial period of
time to get ready for their intended use or sale, are added to the cost of
those assets. Interest income earned on the temporary investment of specific
borrowing pending its expenditure on qualifying assets is deducted from the
costs of these assets.
Gains and losses on extinguishment of liability, including those arising from
substantial modification from terms of loans are not treated as borrowing
costs and are charged to profit or loss.
All other borrowing costs including transaction costs are recognized in the
statement of profit or loss in the period in which they are incurred, the
amount being determined using the effective interest rate method.
Impairment of non-financial assets
The Group assesses at each reporting date whether there is an indication that
an asset may be impaired. If any such indication exists, or when annual
impairment testing for an asset is required, the Group estimates the asset's
recoverable amount. An asset's recoverable amount is the higher of an asset's
or cash-generating unit's (CGU) fair value less costs to sell and its value in
use and is determined for an individual asset, unless the asset does not
generate cash inflows that are largely independent of those from other assets
or Groups of assets. Where the carrying amount of an asset or CGU exceeds its
recoverable amount, the asset is considered impaired and is written down to
its recoverable amount. In assessing value in use, the estimated future cash
flows are discounted to their present value using a pre-tax discount rate that
reflects current market assessments of the time value of money and the risks
specific to the asset. In determining fair value less costs to sell, an
appropriate valuation model is used. These calculations are corroborated by
valuation multiples, quoted share prices for publicly traded subsidiaries or
other available fair value indicators.
For assets excluding goodwill, an assessment is made at each reporting date as
to whether there is any indication that previously recognised impairment
losses may no longer exist or may have decreased. If such indication exists,
the Group estimates the asset's or cash-generating unit's recoverable amount.
A previously recognised impairment loss is reversed only if there has been a
change in the assumptions used to determine the asset's recoverable amount
since the last impairment loss was recognised. The reversal is limited so that
the carrying amount of the asset does not exceed its recoverable amount, nor
exceed the carrying amount that would have been determined, net of
depreciation, had no impairment loss been recognised for the asset in prior
years. Such reversal is recognised in the profit or loss.
Non-current Assets Held for Sale and Discontinued Operations
Non-current assets and any corresponding liabilities held for sale and any
directly attributable liabilities are recognized separately from other assets
and liabilities in the balance sheet in the line items "Assets held for sale"
and "Liabilities associated with assets held for sale" if they can be disposed
of in their current condition and if there is sufficient probability of their
disposal actually taking place. Discontinued operations are components of an
entity that are either held for sale or have already been sold and can be
clearly distinguished from other corporate operations, both operationally and
for financial reporting purposes. Additionally, the component classified as a
discontinued operation must represent a major business line or a specific
geographic business segment of the Group. Non-current assets that are held for
sale either individually or collectively as part of a disposal group, or that
belong to a discontinued operation, are no longer depreciated. They are
instead accounted for at the lower of the carrying amount and the fair value
less any remaining costs to sell. If this value is less than the carrying
amount, an impairment loss is recognized. The income and losses resulting from
the measurement of components held for sale as well as the gains and losses
arising from the disposal of discontinued operations, are reported separately
on the face of the income statement under income/loss from discontinued
operations, net, as is the income from the ordinary operating activities of
these divisions. Prior-year income statement figures are adjusted
accordingly. However, there is no reclassification of prior-year balance
sheet line items attributable to discontinued operations.
In case of reclassification, previously recognised impairment loss is reversed
only if there has been a change in the assumptions used to determine the
investment's recoverable amount since the last impairment loss was recognised.
The reversal is limited so that the carrying amount of the investment does not
exceed its recoverable amount, nor exceed the carrying amount that would have
been determined, had no impairment loss been recognised for the investments in
prior years. Such reversal is recognised in the profit or loss. Once the
Company ceases to classify a component as assets held for sale, the results of
that component previously presented in discontinued operations will be
reclassified and included in income from continuing operation for the period
presented.
Cash and cash equivalents
Cash and cash equivalents in the Statement of financial position includes cash
in hand and at bank and short-term deposits with original maturity period of 3
months or less.
For the purpose of the consolidated cash flow statement, cash and cash
equivalents consist of cash in hand and at bank and short-term deposits.
Restricted cash represents deposits which are subject to a fixed charge and
held as security for specific borrowings and are not included in cash and cash
equivalents.
Inventories
Inventories are stated at the lower of cost and net realisable value. Costs
incurred in bringing each product to its present location and condition is
accounted based on weighted average price. Net realisable value is the
estimated selling price in the ordinary course of business, less estimated
selling expenses.
Earnings per share
The earnings considered in ascertaining the Group's earnings per share (EPS)
comprise the net profit for the year attributable to ordinary equity holders
of the parent. The number of shares used for computing the basic EPS is the
weighted average number of shares outstanding during the year. For the purpose
of calculating diluted earnings per share the net profit or loss for the
period attributable to equity share holders and the weighted average number of
shares outstanding during the period are adjusted for the effects of all
dilutive potential equity share.
Other provisions and contingent liabilities
Provisions are recognised when present obligations as a result of a past event
will probably lead to an outflow of economic resources from the Group and
amounts can be estimated reliably. Timing or amount of the outflow may still
be uncertain. A present obligation arises from the presence of a legal or
constructive obligation that has resulted from past events. Restructuring
provisions are recognised only if a detailed formal plan for the restructuring
has been developed and implemented, or management has at least announced the
plan's main features to those affected by it. Provisions are not recognised
for future operating losses.
Provisions are measured at the estimated expenditure required to settle the
present obligation, based on the most reliable evidence available at the
reporting date, including the risks and uncertainties associated with the
present obligation. Where there are a number of similar obligations, the
likelihood that an outflow will be required in settlement is determined by
considering the class of obligations as a whole. Provisions are discounted to
their present values, where the time value of money is material.
Any reimbursement that the Group can be virtually certain to collect from a
third party with respect to the obligation is recognised as a separate asset.
However, this asset may not exceed the amount of the related provision. All
provisions are reviewed at each reporting date and adjusted to reflect the
current best estimate.
In those cases where the possible outflow of economic resources as a result of
present obligations is considered improbable or remote, no liability is
recognised, unless it was assumed in the course of a business combination. In
a business combination, contingent liabilities are recognised on the
acquisition date when there is a present obligation that arises from past
events and the fair value can be measured reliably, even if the outflow of
economic resources is not probable. They are subsequently measured at the
higher amount of a comparable provision as described above and the amount
recognised on the acquisition date, less any amortisation.
Share based payments
The Group operates equity-settled share-based remuneration plans for its
employees. None of the Group's plans feature any options for a cash
settlement.
All goods and services received in exchange for the grant of any share-based
payment are measured at their fair values. Where employees are rewarded using
share-based payments, the fair values of employees' services is determined
indirectly by reference to the fair value of the equity instruments granted.
This fair value is appraised at the grant date and excludes the impact of
non-market vesting conditions (for example profitability and sales growth
targets and performance conditions).
All share-based remuneration is ultimately recognised as an expense in profit
or loss with a corresponding credit to 'Other Reserves'.
If vesting periods or other vesting conditions apply, the expense is allocated
over the vesting period, based on the best available estimate of the number of
share options expected to vest. Non-market vesting conditions are included in
assumptions about the number of options that are expected to become
exercisable. Estimates are subsequently revised if there is any indication
that the number of share options expected to vest differs from previous
estimates. Any cumulative adjustment prior to vesting is recognised in the
current period. No adjustment is made to any expense recognised in prior
periods if share options ultimately exercised are different to that estimated
on vesting.
Upon exercise of share options, the proceeds received net of any directly
attributable transaction costs up to the nominal value of the shares issued
are allocated to share capital with any excess being recorded as share
premium.
Employee benefits
Gratuity
In accordance with applicable Indian laws, the Group provides for gratuity, a
defined benefit retirement plan ("the Gratuity Plan") covering eligible
employees. The Gratuity Plan provides a lump-sum payment to vested employees
at retirement, death, incapacitation or termination of employment, of an
amount based on the respective employee's salary and the tenure of employment.
Liabilities with regard to the gratuity plan are determined by actuarial
valuation, performed by an independent actuary, at each Statement of financial
position date using the projected unit credit method.
The Group recognises the net obligation of a defined benefit plan in its
statement of financial position as an asset or liability, respectively in
accordance with IAS 19, Employee benefits. The discount rate is based on the
Government securities yield. Actuarial gains and losses arising from
experience adjustments and changes in actuarial assumptions are charged or
credited to profit or loss in the statement of comprehensive income in the
period in which they arise.
Employees Benefit Trust
The Group has established an Employees Benefit Trust (hereinafter 'the EBT')
for investments in the Company's shares for employee benefit schemes. IOMA
Fiduciary in the Isle of Man have been appointed as Trustees of the EBT with
full discretion invested in the Trustee, independent of the company, in the
matter of share purchases. As at present, no investments have been made by the
Trustee nor any funds advanced by the Company to the EBT. The Company is yet
to formulate any employee benefit schemes or to make awards thereunder.
Business combinations
Business combinations arising from transfers of interests in entities that are
under the control of the shareholder that controls the Group are accounted for
as if the acquisition had occurred at the beginning of the earliest
comparative period presented or, if later, at the date that common control was
established using pooling of interest method. The assets and liabilities
acquired are recognised at the carrying amounts recognised previously in the
Group controlling shareholder's consolidated financial statements. The
components of equity of the acquired entities are added to the same components
within Group equity. Any excess consideration paid is directly recognised in
equity.
Segment reporting
The Group has adopted the "management approach" in identifying the operating
segments as outlined in IFRS 8 - Operating segments. Segments are reported in
a manner consistent with the internal reporting provided to the chief
operating decision maker. The Board of Directors being the chief operating
decision maker evaluate the Group's performance and allocates resources based
on an analysis of various performance indicators at operating segment level.
During FY25 there is only one operating segment thermal power. There are no
geographical segments as all revenues arise from India. All the non current
assets are located in India.
6 Significant accounting judgements, estimates and assumptions
The preparation of financial statements in conformity with IFRS requires
management to make certain critical accounting estimates and assumptions that
affect the reported amounts of assets and liabilities and the disclosure of
contingent assets and liabilities at the date of the financial statements and
the reported amounts of revenues and expenses during the reporting period.
The principal accounting policies adopted by the Group in the consolidated
financial statements are as set out above. The application of a number of
these policies requires the Group to use a variety of estimation techniques
and apply judgment to best reflect the substance of underlying transactions.
The Group has determined that a number of its accounting policies can be
considered significant, in terms of the management judgment that has been
required to determine the various assumptions underpinning their application
in the consolidated financial statements presented which, under different
conditions, could lead to material differences in these statements. The actual
results may differ from the judgments, estimates and assumptions made by the
management and will seldom equal the estimated results.
Judgements
The following are significant management judgments in applying the accounting
policies of the Group that have the most significant effect on the financial
statements.
Recoverability of deferred tax assets
The recognition of deferred tax assets requires assessment of future taxable
profit (see note 5(h)). Deferred tax assets are recognised to the extent that
it is probable that they will be able to be utilised against future taxable
income.
Estimates and uncertainties:
The key assumptions concerning the future and other key sources of estimation
uncertainty at the Statement of financial position date, that have a
significant risk of causing material adjustments to the carrying amounts of
assets and liabilities within the next financial year are discussed below:
i) Estimation of fair value of financial assets and financial liabilities: While
preparing the financial statements the Group makes estimates and assumptions
that affect the reported amount of financial assets and financial liabilities.
Trade Receivables
The group ascertains the expected credit losses (ECL) for all receivables and
adequate impairment provision are made. At the end of each reporting period a
review of the allowance for impairment of trade receivables is performed.
Trade receivables do not contain a significant financing element, and
therefore expected credit losses are measured using the simplified approach
permitted by IFRS 9, which requires lifetime expected credit losses to be
recognised on initial recognition. A provision matrix is utilised to estimate
the lifetime expected credit losses based on the age, status and risk of each
class of receivable, which is periodically updated to include changes to both
forward-looking and historical inputs.
Financial assets measured at FVPL
Management applies valuation techniques to determine the fair value of
financial assets measured at FVPL where active market quotes are not
available. This requires management to develop estimates and assumptions based
on market inputs, using observable data that market participants would use in
pricing the asset. Where such data is not observable, management uses its best
estimate. Estimated fair values of the asset may vary from the actual prices
that would be achieved in an arm's length transaction at the reporting date.
ii) Impairment tests: In assessing impairment, management estimates the
recoverable amount of each asset or cash-generating units based on expected
future cash flows and use an interest rate for discounting them. Estimation
uncertainty relates to assumptions about future operating results including
fuel prices, foreign currency exchange rates etc. and the determination of a
suitable discount rate. The management considers impairment upon there being
evidence that there might be an impairment, such as a lower market
capitalization of the group or a downturn in results.
iii) Useful life of depreciable assets: Management reviews its estimate of the
useful lives of depreciable assets at each reporting date, based on the
expected utility of the assets.
7 Segment Reporting
The Group has adopted the "management approach" in identifying the operating
segments as outlined in IFRS 8 - Operating segments. Segments are reported in
a manner consistent with the internal reporting provided to the chief
operating decision maker. The Board of Directors being the chief operating
decision maker evaluate the Group's performance and allocates resources based
on an analysis of various performance indicators at operating segment level.
During FY25 there is only one operating segment thermal power. There are no
geographical segments as all revenues arise from India. All the non current
assets are located in India.
Revenue on account of sale of power to customer exceeding 10% of total sales
revenue amounts to £33,512,393 from TANGEDCO & £33,083,787 from IEX
& £19,593,900 and £50,690,276 from STOA sales to Andhra Pradesh Discom
and Haryana Discom respectively (2024: £157,896,815.90).
Segmental information disclosure
Continuing operations
Thermal
Segment Revenue 31-Mar-25 31-Mar-24
Sales 156,738,456 160,794,155
Total 156,738,456 160,794,155
Other Operating income 3,673,412 3,573,242
Depreciation, impairment (5,695,201) (5,521,962)
Profit from operation 8,134,124 11,632,680
Finance Income 3,205,785 1,662,256
Finance Cost (6,097,115) (5,571,272)
Tax expenses (3,797,292) (3,443,893)
Reversal of FV Impairment of associates - -
Share of Profit, (Loss) on fair value of investments, in Solar entities - -
Profit / (loss) for the year 1,445,501 4,279,771
Loss on deconsolidation of Solar entities amounted to £2,078 during the FY
2023-24.
The comparative amounts for the prior year have been reclassified to reflect
changes in the presentation of coal sales on a gross basis. This adjustment is
presentation-only and has no impact on previously reported profit or equity.
Assets 229,466,086 272,935,916
Liabilities 64,614,795 102,457,236
8 Costs of inventories and employee benefit expenses included in the
consolidated statements of comprehensive income
a) Cost of fuel
31-Mar-25 31-Mar-24
Included in cost of revenue:
Cost of fuel consumed 126,994,512 129,139,703
Other direct costs 5,540,575 3,646,344
Total 132,535,087 132,786,047
b) Employee benefit expenses forming part of general and administrative expenses
are as follows:
31-Mar-25 31-Mar-24
Salaries and wages 2,848,703 2,492,231
Employee benefit costs 294,490 487,530
Long Term Incentive Plan (Note 22) - -
Total 3,143,193 2,979,761
c) Foreign exchange movements (realised and unrealised) included in the Finance
costs is as follows:
31-Mar-25 31-Mar-24
Foreign exchange realised - loss / (gain) 509,951 75,627
Foreign exchange unrealised- loss / (gain) 528,738 170,950
Total 1,038,689 246,577
d) Auditor's remuneration for audit services amounting to £50,600 (2024:
£46,000) is included in general and administrative expenses and excludes
travel reimbursements.
Certain items previously presented within General and Administrative Expenses
have been reclassified to Other Comprehensive Income to better reflect their
nature. Comparative figures have been adjusted accordingly. This change is
presentation-only and does not impact profit or equity.
9 Other operating income and expenses
a) Other operating income
31-Mar-25 31-Mar-24
Surcharge TANGEDCO 3,872,650 2,977,906
Sale of Solar 16,932 -
Margin on Trading of Power (216,171) 595,336
Total 3,673,412 3,573,242
Surcharge from Other operating income represents contractual claims payments
from company's customers under the power purchase agreements which were
accumulated over several periods.
b) Other income
31-Mar-25 31-Mar-24
Provisions no longer required written back(1) 3,761,778 -
Sale of coal (Margin) - 338,390
Sale of fly ash 153,722 123,996
Power trading commission and other services - -
Profit on disposal of financial instruments(2) (38,087) (297,408)
Others 121,351 4,559
Total 3,998,765 169,536
(1) During the year ended 31 March 2025, the Group reviewed its outstanding
provisions as part of its year-end financial close and risk reassessment
processes. Following this review, a provision of £ 3,761,778 was assessed as
no longer required. The underlying obligation has been either resolved,
expired without materialisation of liability, or is no longer considered
probable based on updated operational assessments. Accordingly, the provision
was released in full during the current financial year, resulting in a credit
to the income statement under Other Income. This release has no impact on the
Group's operational performance or cash flows and reflects the Group's prudent
approach to financial risk management.
(2)Profits on disposal of financial instruments unrealised gain/loss on mark
to market rate as on reporting date of mutual funds held during the year.
10 Finance costs
Finance costs are comprised of:
31-Mar-25 31-Mar-24
Interest expenses on borrowings 4,793,299 4,572,000
Net foreign exchange loss (Note 9) 357,460 246,578
Other finance costs 946,356 752,695
Total 6,097,115 5,571,272
Other finance costs include charges and cost related to LC's for import of
coal and other charges levied by bank on transactions
11 Finance income
Finance income is comprised of:
31-Mar-25 31-Mar-24
Interest income on bank deposits and advances 2,745,341 1,662,256
Profit on disposal of financial instruments* 460,444 -
Total 3,205,785 1,662,256
*Profits on disposal of financial instruments unrealised gain/loss on mark to
market rate as on reporting date of mutual funds held during the year.
12 Tax expenses
31-Mar-25 31-Mar-24
Current tax (1,418,583) (1,250,941)
Earlier Year tax adjustments (370,467) -
Deferred tax (2,008,243) (2,192,952)
Total tax expenses on income from continued operations (3,797,292) (3,443,893)
Add: tax on income from discontinuing operations - -
Tax reported in the statement of comprehensive income (3,797,292) (3,443,893)
The Company is subject to Isle of Man corporate tax at the standard rate of
zero percent. As such, the Company's tax liability is zero. Additionally, Isle
of Man does not levy tax on capital gains. However, considering that the
group's operations are primarily based in India, the effective tax rate of the
Group has been computed based on the current tax rates prevailing in India.
Further, a portion of the profits of the Group's India operations are exempt
from Indian income taxes being profits attributable to generation of power in
India. Under the tax holiday the taxpayer can utilize an exemption from income
taxes for a period of any ten consecutive years out of a total of fifteen
consecutive years from the date of commencement of the operations. However,
the entities in India are still liable for Minimum Alternate Tax (MAT) which
is calculated on the book profits of the respective entities currently at a
rate of 17.47% (31 March 2024: 17.47%).
The Group has carried forward credit in respect of MAT tax liability paid to
the extent it is probable that future taxable profit will be available against
which such tax credit can be utilized.
Deferred income tax for the group at 31 March 2025 & 31 March 2024 relates
to the following:
31-Mar-25 31-Mar-24
Deferred income tax assets
Unused tax losses brought forward and carried forward - -
MAT credit entitlement 12,692,271 10,920,740
12,692,271 10,920,740
Deferred income tax liabilities
Property, plant and equipment 34,344,375 31,578,613
Mark to market on available-for-sale financial assets - -
34,344,375 31,578,613
Deferred income tax liabilities, net 21,652,104 20,657,873
Movement in temporary differences during the year
Particulars As at 01 April 2024 Deferred tax asset / (liability) for the year Changes due to reclassification Translation adjustment As at 31 March 2025
Property, plant and equipment (31,578,613) (3,565,832) (317,449) 1,117,519.68 (34,344,375)
Unused tax losses brought forward and carried forward - - - - -
MAT credit entitlement 10,920,740 1,557,589 600,410 (386,469) 12,692,271
Mark to market gain / (loss) on financial assets measured at FVPL - - - - -
Deferred income tax (liabilities) / assets, net (20,657,873) (2,008,243) 282,961 731,051 (21,652,104)
Particulars As at 01 April 2023 Deferred tax asset / (liability) for the year Classified as (Asset) / Liability held for sale Translation adjustment As at 31 Mar 2024
Property, plant and equipment (30,929,471) (2,810,234) - 2,161,091 (31,578,613)
Unused tax losses brought forward and carried forward - - - - -
MAT credit entitlement 11,741,110 - - (820,370) 10,920,740
Mark to market gain / (loss) on financial assets measured at FVPL - - - - -
Deferred income tax (liabilities) / assets, net (19,188,361) (2,810,234) - 1,340,721 (20,657,873)
In assessing the recoverability of deferred income tax assets, management
considers whether it is more likely than not that some portion or all of the
deferred income tax assets will be realized. The ultimate realization of
deferred income tax assets is dependent upon the generation of future taxable
income during the periods in which the temporary differences become
deductible. The amount of the deferred income tax assets considered
realizable, however, could be reduced in the near term if estimates of future
taxable income during the carry forward period are reduced.
Shareholders resident outside the Isle of Man will not suffer any income tax
in the Isle of Man on any income distributions to them. However, dividends are
taxable in India in the hands of the recipient.
There is no unrecognised deferred tax assets and liabilities. As at 31 March
2025 and 31 March 2024, there was no recognised deferred tax liability for
taxes that would be payable on the unremitted earnings of certain of the
Group's subsidiaries, as the Group has determined that undistributed profits
of its subsidiaries will not be distributed in the foreseeable future.
13 Intangible assets Acquired software licences
Cost
At 31 March 2023 777,099
Additions 9,718
Exchange adjustments (28,387)
At 31 March 2024 758,430
At 31 March 2024 758,430
Additions 31,883
Exchange adjustments (35,712)
At 31 March 2025 754,601
Accumulated depreciation and impairment
At 31 March 2023 763,698
Charge for the year 5,571
Exchange adjustments (27,849)
At 31 March 2024 741,419
At 31 March 2024 741,419
Charge for the year 9,945
Exchange adjustments (34,428)
At 31 March 2025 716,936
Net book value
At 31 March 2025 37,664
At 31 March 2024 17,010
14 Property, plant and equipment
The property, plant and equipment comprises of:
Land & Buildings Power stations Other plant & equipment Vehicles Right-of-use Asset under construction Total
Cost
At 1st April 2023 8,396,200 202,905,038 1,835,087 656,125 43,030 1,262,898 215,098,377
Additions 11,920 671,051 176,718 2,329,426 - 359,225 3,548,338
Transfers on capitalisation - - - - - - -
Sale / Disposals - - (45,827) - (43,030) (19,821) (108,678)
Exchange adjustments (304,810) (7,422,075) (66,375) (23,766) - (55,791) (7,872,817)
At 31 March 2024 8,103,311 196,154,014 1,899,603 2,961,784 0 1,546,509 210,665,221
At 1st April 2024 8,103,311 196,154,014 1,899,603 2,961,784 0 1,546,509 210,665,221
Additions 504,863 3,719,837 404,627 29,290 - 501,538 5,160,155
Transfers on capitalisation - - - - - (1,633,595) (1,633,595)
Sale / Disposals - - - - - - -
Exchange adjustments (379,583) (9,142,766) (95,783) (137,039) - (52,899) (9,808,070)
At 31 March 2025 8,228,590 190,731,085 2,208,446 2,854,036 0 361,552 204,383,710
Accumulated depreciation and impairment
At 1 April 2023 85,973 47,256,628 1,596,667 551,457 0 - 49,490,726
Charge for the year 12,861 5,130,451 207,118 165,962 - - 5,516,391
Sale / Disposals - - (38,738) - - - (38,738)
Exchange adjustments (4,005) (1,782,585) (60,055) (21,805) - - (1,868,449)
At 31 March 2024 94,829 50,604,493 1,704,992 695,613 0 - 53,099,930
At 1 April 2024 94,829 50,604,493 1,704,992 695,613 0 - 53,099,930
Charge for the year 54,136 5,003,405 144,074 483,642 - - 5,685,256
Sale / Disposals - - - - - - -
Exchange adjustments (6,527) (2,440,314) (81,408) (42,844) - - (2,571,094)
At 31 March 2025 142,438 53,167,584 1,767,658 1,136,410 0 - 56,214,092
Net book value
At 31 March 2025 8,086,153 137,563,502 440,788 1,717,625 (0) 361,552 148,169,618
At 31 March 2024 8,008,481 145,549,521 194,611 2,266,171 (0) 1,546,509 157,565,290
The net book value of land and buildings block comprises of:
31-Mar-25 31-Mar-24
Freehold land 7,253,320 7,626,376
Buildings 832,833 382,106
Total 8,086,153 8,008,482
As part of the consolidation process, the carrying amounts of non-monetary
assets, including Property, Plant and Equipment (PPE), are restated at the
closing exchange rates prevailing as at the reporting date. The resulting
foreign exchange differences are not recognised in profit or loss but are
instead recorded in Other Comprehensive Income (OCI) and accumulated in the
Foreign Currency Translation Reserve within equity. The "Exchange adjustments"
in the table above is primarily due to fluctuations in exchange rates between
the functional currencies of those subsidiaries (INR) and the Group's
presentation currency (GBP).
This translation difference has no impact on the Group's cash flows or
underlying operational performance and reflects currency volatility at the
reporting date.
The Group considered both qualitative and quantitative factors when
determining whether an Asset or CGU may be impaired. Assets related to each
segment and the cash inflows generated are separately identifiable and
independent of other assets or groups of assets. No impairment loss was
recognized for the consulting segment during the year 24-25.
The recoverable amount of segment was determined based on value-in-use
calculations, covering a detailed 20 year period forecast for Thermal Assets
using DCF methodology by management. The present value of the expected cash
flows is determined by applying a suitable discount rate reflecting current
market assessments of the time value of money and risks specific to the
segment.
The Present Value of Cash Flows thus determined were compared with the
Carrying Cost of PPE and it was found that the PV Values were on the Higher
side of the Carrying cost of Property Plant and Equipment.
Year ended 31 March 2025 Thermal £ Mn
Present Value of Cash Flows 176.01
Carrying Cost of PPE 145.11
Appropriate sensitivities to understand impact on key estimates and under all
scenarios were tested and no impairment was triggered. Group has also
considered the impact of climate change and global energy transition. Coal
fired power generation will remain key to the energy mix for India over the
life of the Power Station. With the above calculations, it was concluded that
there is no impairment in Thermal Assets.
15 Investments accounted for using the equity method
The carrying amount of investments accounted for using the equity method in
other entities is as follows:
31-Mar-25 31-Mar-24
Other Entities 14,005,609 18,307,543
Total carrying Amount 14,005,609 18,307,543
16 Other Assets
31-Mar-25 31-Mar-24
a. Short-term
Capital advances - -
Financial instruments measured at fair value through P&L 5,858,860 9,893,198
Advances and other receivables* 14,128,768 8,293,435
Total 19,987,627 18,186,633
*The officials from Directorate of Enforcement (ED), Chennai Zonal Office,
conducted search operations in the premises connected to the OPG Group on 11th
& 12th November 2024 in respect of alleged violations under Foreign
Exchange Management Act (FEMA) and Foreign Direct Investment (FDI)
Regulations. The company has fully cooperated with the authorities and
provided all business related information as per their request. The company
has complied with all the regulations and will continue to cooperate with the
authorities and shall provide all necessary details as and when required by
the department.
Advances and other receivables include Balance with government authorities
amounting to £0.03mn seized by the Directorate of Enforcement Officials
during the above search.
b. Long-term
Advances to related parties - -
Classified as asset held for sale - -
Lease deposits - -
Bank deposits 658,306 512,358
Other advances - -
Total 658,306 512,358
The financial instruments of £5,858,860 (FY24: £9,893,198) represent
investments in mutual funds and Bonds - their fair value is determined by
reference to published data.
17 Trade and other receivables
31-Mar-25 31-Mar-24
Current
Trade receivables 21,006,192 37,086,020
Other receivables - -
Total 21,006,192 37,086,020
The Group's trade receivables are classified at amortised cost unless stated
otherwise and are measured after allowances for future expected credit losses,
see "Credit risk analysis" in note 32 "Financial risk management objectives
and policies" for more information on credit risk. The carrying amounts of
trade and other receivables, which are measured at amortised cost, approximate
their fair value and are predominantly non-interest bearing.
18 Inventories
31-Mar-25 31-Mar-24
Coal and fuel 4,098,400 17,317,906
Stores and spares 1,299,608 1,418,793
Total 5,398,008 18,736,699
The entire amount of above inventories has been pledged as security for
borrowings
19 Cash and cash equivalents
Cash and short term deposits comprise of the following:
31-Mar-25 31-Mar-24
Investment in Mutual funds - -
Cash at banks and on hand 12,402,254 11,714,256
Short-term deposits 2,946,094 -
Total 15,348,348 11,714,256
Short-term deposits are placed for varying periods, depending on the immediate
cash requirements of the Group. They are recoverable on demand.
20 Restricted cash
a. Restricted cash - Current
Current restricted cash represents deposits and mutual funds with the maturity
up to twelve months amounting to £2,736,441 (2024 - £8,250,594) which have
been lien marked by the Group in order to establish Letters of Credits, Bank
Guarantees from the bankers and debenture redemption fund.
b. Restricted cash - Non-Current
Non-Current restricted cash represents deposits and mutual funds with the
maturity more than twelve months amounting to £1,463,539 (2024 -
£1,862,075).
21 Issued share capital
Share Capital
The Company presently has only one class of ordinary shares. For all matters
submitted to vote in the shareholders meeting, every holder of ordinary
shares, as reflected in the records of the Group on the date of the
shareholders' meeting, has one vote in respect of each share held. All shares
are equally eligible to receive dividends and the repayment of capital in the
event of liquidation of the Group.
As at 31 March 2025, the Company has an authorised and issued share capital of
400,733,511 (2024: 400,733,511) equity shares at par value of £ 0.000147
(2024: £ 0.000147) per share amounting to £58,909 (2024: £58,909) in total.
Reserves
Share premium represents the amount received by the Group over and above the
par value of shares issued. Any transaction costs associated with the issuing
of shares are deducted from share premium, net of any related income tax
benefits.
Foreign currency translation reserve is used to record the exchange
differences arising from the translation of the financial statements of the
foreign subsidiaries.
Other reserve represents the difference between the consideration paid and the
adjustment to net assets on change of controlling interest, without change in
control, other reserves also includes any costs related with share options
granted and gain/losses on re-measurement of financial assets measured at fair
value through other comprehensive income.
Retained earnings include all current and prior period results as disclosed in
the consolidated statement of comprehensive income less dividend distribution.
22 Share based payments
Long Term Incentive Plan
The number of performance-related awards is 14 million ordinary shares (the
"LTIP Shares") (representing approximately 3.6 per cent of the Company's
issued share capital). The grant date is 24 April 2019.
The LTIP Shares were awarded to certain members of the senior management team
as Nominal Cost Shares and will vest in three tranches subject to continued
service with Group until vesting and meeting the following share price
performance targets, plant load factor ("PLF") and term loan repayments of the
Chennai thermal plant.
- 20% of the LTIP Shares shall vest upon meeting the target share
price of 25.16p before the first anniversary for the first tranche, i.e. 24
April 2020, achievement of PLF during the period April 2019 to March 2020 of
at least 70% at the Chennai thermal plant and repayment of all scheduled term
loans.
- 40% of the LTIP Shares shall vest upon meeting the target share
price of 30.07p before the second anniversary for the second tranche, i.e. 24
April 2021, achievement of PLF during the period April 2020 to March 2021 of
at least 70% at the Chennai thermal plant and repayment of all scheduled term
loans.
- 40% of the LTIP Shares shall vest upon meeting the target share
price of 35.00p before the third anniversary for the third tranche, i.e. 24
April 2022, achievement of PLF of at least 70% at the Chennai thermal plant
during the period April 2021 to March 2022 and repayment of all scheduled term
loans.
The nominal cost of performance share, i.e. upon the exercise of awards,
individuals will be required to pay up 0.0147p per share to exercise their
awards.
The share price performance metric will be deemed achieved if the average
share price over a fifteen day period exceeds the applicable target price. In
the event that the share price or other performance targets do not meet the
applicable target, the number of vesting shares would be reduced pro-rata, for
that particular year. However, no LTIP Shares will vest if actual performance
is less than 80 per cent of any of the performance targets in any particular
year. The terms of the LTIP provide that the Company may elect to pay a cash
award of an equivalent value of the vesting LTIP Shares.
None of the LTIP Shares, once vested, can be sold until the third anniversary
of the award, unless required to meet personal taxation obligations in
relation to the LTIP award.The shares have not been issued because that was
the time of COVID lock downs and related disruptions including Administrative
and Logistics issues, thus delaying the process of allocation of shares. No
changes/revisions were made to LTIP during the reporting period and no shares
were issued during the reporting period. The Carry forward shares under LTIP
reserves will be issued by the revised timeline of FY27.
Movements during the period Expired/ LTIP Outstanding Latest vesting
LTIP as at
LTIP granted 01-Apr-24 Granted Cancelled Exercised 31-Mar-25 date
Arvind Gupta 24-Apr-19 1,185,185 Nil 0 Nil 1,185,185 24-Apr-20
Dmitri Tsvetkov 24-Apr-19 568,889 Nil 0 Nil 568,889 24-Apr-20
Avantika Gupta 24-Apr-19 284,445 Nil 0 Nil 284,445 24-Apr-20
23 Borrowings
The borrowings comprise of the following:
Interest rate (range %) Final maturity 31-Mar-25 31-Mar-24
Borrowings at amortised cost 9.9-10.85(1) Jan 2029 7,582,862 18,474,064
Non-Convertible Debentures at amortised cost 9.85-12.75 Nov 2026 2,898,997 10,163,461
Total 10,481,859 28,637,525
(1 Interest rate range for Project term loans and Working Capital) ( ) ( ) ( )
The term loans, working capital loans and non-convertible debentures taken by
the Group are fully secured by the property, plant, assets under construction
and other current assets of subsidiaries which have availed such loans.
Term loans contain certain covenants stipulated by the facility providers and
primarily require the Group to maintain specified levels of certain financial
metrics and operating results. As of 31 March 2025, the Group has met all the
relevant covenants.
The fair value of borrowings at 31 March 2025 was £ 10,481,859 (2024: £
28,637,525). The fair values have been calculated by discounting cash flows at
prevailing interest rates.
The borrowings are reconciled to the statement of financial position as
follows:
31-Mar-25 31-Mar-24
a. Current liabilities
Amounts falling due within one year 2,166,804 9,022,924
b. Non-current liabilities
Amounts falling due after 1 year but not more than 5 years 8,315,055 19,614,601
Total 10,481,859 28,637,525
24 Trade and other payables
31-Mar-25 31-Mar-24
a. Current
Trade payables 31,406,331 51,847,642
Creditors for capital goods 310,411 -
Bank Overdraft - -
Other payables - -
Total 31,716,742 51,847,642
b. Non-current
Other payables
Provision for Gratuity 339,790 256,906
Provision for Leave Encashment 48,679 39,154
Others (0) 518,413
Total 388,469 814,473
Trade payables include credit availed from banks under letters of credit for
payments in USD to suppliers for coal purchased by the Group. Other trade
payables are normally settled on 45 days terms credit. The arrangements are
interest bearing and are payable within one year. With the exception of
certain other trade payables, all amounts are short term. Creditors for
capital goods are non-interest bearing and are usually settled within a
year. Other payables include accruals for gratuity and other accruals for
expenses.
25 Current tax assets (net)
Current tax assets (net) consists of Advance tax and Tax deducted at source
net of provision for income tax for the year, amounting to £ 654,736 (2024:
£ 697,438).
26 Other Liabilities
31-Mar-25 31-Mar-24
a. Current - Other Liabilities
Advance from Customers 215,855 381,886
Other Liabilities 159,766 100,934
Total 375,621 482,820
Other Liabilities consists of Statutory liabilities of the Group.
b. Non-current - Other Liabilities
Other Liabilities - 16,903
Total - 16,903
27 Related party transactions
Where control exists:
Name of the party Nature of relationship
Caromia Holdings limited Subsidiary
OPG Power Generation Private Limited Subsidiary
Gita Power and Infrastructure Private Limited Subsidiary
Powergen Resources PTE Ltd Subsidiary
Samriddhi Surya Vidyut Private Limited Subsidiary
Key Management Personnel:
Name of the party Nature of relationship
N Kumar Non-executive Chairman
Avantika Gupta Chief Executive Officer
Ajit Pratap Singh Chief Financial Officer up to 20th March 2025 Non-executive Director
Jeremy Warner Allen Non-executive Director, Deputy Chairman
Mike Grasby Non-executive Director
Related parties with whom the group had transactions during the period
Name of the party Nature of relationship
Powergen Resources PTE Ltd Subsidiary
Samriddhi Bubna Relative of Key Management Personnel
Summary of transactions with related parties
Name of the party 31-Mar-25 31-Mar-24
Remuneration to Samriddhi Bubna - 52,854
Summary of balance with related parties
Name of the party Nature of balance 31-Mar-25 31-Mar-24
Outstanding balances at the year-end are unsecured. Related party transaction
are on arms length basis. There have been no guarantees provided or received
for any related party receivables or payables. The assessment of impairment is
undertaken each financial year through examining the financial position of the
related party and the market in which the related party operates.
28 Earnings per share
Both the basic and diluted earnings per share have been calculated using the
profit attributable to shareholders of the parent company as the numerator (no
adjustments to profit were necessary for the year ended March 2025 or year
ended March 2024).
The company has issued LTIP over ordinary shares which could potentially
dilute basic earnings per share in the future.
The weighted average number of shares for the purposes of diluted earnings per
share can be reconciled to the weighted average number of ordinary shares used
in the calculation of basic earnings per share (for the group and the company)
as follows:
Particulars 31-Mar-25 31-Mar-24
Weighted average number of shares used in basic earnings per share 402,924,030 402,924,030
Shares deemed to be issued for no consideration in respect of share based - -
payments
Weighted average number of shares used in diluted earnings per share 402,924,030 402,924,030
29 Directors remuneration
Name of directors 31-Mar-25 31-Mar-24
Ajit Pratap Singh 30,990 90,921
Avantika Gupta 111,236 115,317
Jeremy Warner Allen 45,000 43,972
N Kumar 45,000 45,000
Mike Grasby 45,000 45,000
Total 277,226 340,209
The above remuneration is in the nature of short-term employee benefits. As
the future liability for gratuity and compensated absences is provided on
actuarial basis for the companies in the group, the amount pertaining to the
directors is not individually ascertainable and therefore not included above.
30 Business combination within the group without loss of control
As per the original structure of the group, two Cypriot subsidiaries of OPGPV,
namely Gita Energy Private Limited ('GEPL') and Gita Holdings Private Limited
('GHPL'), held the investments in the equity of the Group's Special Purpose
Vehicles (SPV) in India. During the year ended 31 March 2013, the management
decided to interpose an Indian holding Company, GPIPL in the structure and
warehouse the SPV investments in GPIPL. Accordingly, the shareholders of GEPL,
GHPL and GPIPL had entered into a scheme of arrangement to effect the above
restructuring of the group. As part of the regulatory requirements in India,
the group had applied and obtained approval from the High court of Madras on
28 October 2011 subject to fulfilment of certain conditions including approval
of relevant regulatory authorities, allotment of shares etc. The scheme had
been consummated with effect from 25 January 2013 upon issue of shares to the
shareholders of GEPL and GHPL, namely CHL and the assets and liabilities of
GEPL and GHPL have been taken over by GPIPL. Consequent to the scheme of
arrangement, the group also has gained 100% economic interest over GPIPL by
virtue of an agreement entered into with the minority shareholders of GPIPL
dated 01 April 2012.
The above arrangement has been considered as a business combination involving
companies under the group since then and has been accounted at the date that
common control was established using pooling of interest method. The assets
and liabilities transferred are recognised at the carrying amounts recognised
previously in the Group controlling shareholder's consolidated financial
statements. The components of equity of the acquired entities are added to the
same components within Group equity. There was no excess consideration paid in
this transaction.
31 Commitments and contingencies
Contingent liabilities
Disputed income tax demands £ 455,328 (2024: £4,448,130).
Future cash flows in respect of the above matters are determinable only on
receipt of judgements / decisions pending at various forums / authorities.
Guarantees and Letter of credit
The Group has provided bank guarantees and letter of credits (LC) to customers
and vendors in the normal course of business. The LC provided as at 31 March
2025: £ 5,323,578 (2024: £ 7,489,725) and Bank Guarantee (BG) as at 31 March
2025: £ 4,001,158 (2024: £ 5,750,073). LC are supporting accounts payables
already recognised in statement of financial position. There have been no
guarantees provided or received for any related party receivables or payables.
BG are treated as contingent liabilities until such time it becomes probable
that the Company will be required to make a payment under the guarantee.
32 Financial risk management objectives and policies
The Group's principal financial liabilities, comprises of loans and
borrowings, trade and other payables, and other current liabilities. The main
purpose of these financial liabilities is to raise finance for the Group's
operations. The Group has loans and receivables, trade and other receivables,
and cash and short-term deposits that arise directly from its operations. The
Group also hold investments designated financial assets measured at FVPL
categories.
The Group is exposed to market risk, credit risk and liquidity risk.
The Group's senior management oversees the management of these risks. The
Group's senior management advises on financial risks and the appropriate
financial risk governance framework for the Group.
The Board of Directors reviews and agrees policies for managing each of these
risks which are summarised below:
Market risk
Market risk is the risk that the fair values of future cash flows of a
financial instrument will fluctuate because of changes in market prices.
Market prices comprise three types of risk: interest rate risk, currency risk
and other price risk, such as equity risk. Financial instruments affected by
market risk include loans and borrowings, deposits, financial assets measured
at FVPL.
The sensitivity analyses in the following sections relate to the position as
at 31 March 2025 and 31 March 2024
The following assumptions have been made in calculating the sensitivity
analyses:
(i) The sensitivity of the statement of comprehensive income is the effect
of the assumed changes in interest rates on the net interest income for one
year, based on the average rate of borrowings held during the year ended 31
March 2025, all other variables being held constant. These changes are
considered to be reasonably possible based on observation of current market
conditions.
Interest rate risk
Interest rate risk is the risk that the fair value or future cash flows of a
financial instrument will fluctuate because of changes in market interest
rates. The Group's exposure to the risk of changes in market interest rates
relates primarily to the Group's long-term debt obligations with average
interest rates.
At 31 March 2025 and 31 March 2024, the Group had no interest rate
derivatives.
The calculations are based on a change in the average market interest rate for
each period, and the financial instruments held at each reporting date that
are sensitive to changes in interest rates. All other variables are held
constant. If interest rates increase or decrease by 100 basis points with all
other variables being constant, the Group's profit after tax for the year
ended 31 March 2025 would decrease or increase by £ 86,507 (2024: £
236,288).
Foreign currency risk
Foreign currency risk is the risk that the fair value or future cash flows of
a financial instrument will fluctuate because of changes in foreign exchange
rate. The Group's presentation currency is the Great Britain £. A majority of
our assets are located in India where the Indian rupee is the functional
currency for our subsidiaries. Currency exposures also exist in the nature of
capital expenditure and services denominated in currencies other than the
Indian rupee.
The Group's exposure to foreign currency arises where a Group company holds
monetary assets and liabilities denominated in a currency different to the
functional currency of that entity:
As at 31 March 2025 As at 31 March 2024
Currency Financial assets Financial liabilities Financial assets Financial liabilities
United States Dollar (USD) - 26,983,493 - 55,492,762
Set out below is the impact of a 10% change in the US dollar on profit arising
as a result of the revaluation of the Group's foreign currency financial
instruments:
As at 31 March 2025 As at 31 March 2024
Currency Closing Rate (INR/USD) Effect of 10% strengthening in USD against INR - Translated to GBP Closing Rate (INR/USD) Effect of 10% strengthening in USD against INR - Translated to GBP
United States Dollar (USD) 85.55 2,091,413 83.38 4,395,119
The impact on total equity is the same as the impact on net earnings as
disclosed above.
Credit risk analysis
Credit risk is the risk that counterparty will not meet its obligations under
a financial instrument or customer contract, leading to a financial loss. The
Group is exposed to credit risk from its operating activities (primarily for
trade and other receivables) and from its financing activities, including
short-term deposits with banks and financial institutions, and other financial
assets.
The Group has exposure to credit risk from accounts receivable balances on
sale of electricity. The operating entities of the group has entered into
power purchase agreements with distribution companies incorporated by the
Indian state government (TANGEDCO) to sell the electricity generated therefore
the group is committed to sell power to these customers and the potential risk
of default is considered low. For other customers, the Group ensures
concentration of credit does not significantly impair the financial assets
since the customers to whom the exposure of credit is taken are well
established and reputed industries engaged in their respective field of
business. It is Group policy to assess the credit risk of new customers before
entering contracts and to obtain credit information during the power purchase
agreement to highlight potential credit risks. The Group have established a
credit policy under which customers are analysed for credit worthiness before
power purchase agreement is signed. The Group's review includes external
ratings, when available, and in some cases bank references. The credit
worthiness of customers to which the Group grants credit in the normal course
of the business is monitored regularly and incorporates forward looking
information and data available. The receivables outstanding at the year end
are reviewed till the date of signing the financial statements in terms of
recoveries made and ascertain if any credit risk has increased for balance
dues. Further, the macro economic factors and specific customer industry
status are also reviewed and if required the search and credit worthiness
reports, financial statements are evaluated. The credit risk for liquid funds
is considered negligible, since the counterparties are reputable banks with
high quality external credit ratings.
To measure expected credit losses, trade and other receivables have been
grouped together based on shared credit risk characteristics and the days past
due. The Group determined that some trade receivables were credit impaired as
these were long past their due date and there was an uncertainty about the
recovery of such receivables. The expected loss rates are based on an ageing
analysis performed on the receivables as well as historical loss rates. The
historical loss rates are adjusted to reflect current and forward looking
information that would impact the ability of the customer to pay.
Trade and other receivables are written off when there is no reasonable
expectation of recovery. Indicators that there is no reasonable expectation of
recovery include , amongst others, the failure of the debtor to engage in a
repayment plan, the debtor is not operating anymore and a failure to make
contractual payments for a period of greater than 180 days.
31-Mar-25 Within Credit period Days past due
More than 30 days More than 60 days More than 180 days Total
Expected general loss allowance rate 0% 0% 0% 62.31%
Gross carrying amount - Trade Receivables -TANGEDCO 6,560,724 5,846,631 863,203 11,837,387 25,107,944
Gross carrying amount - Trade Receivables -Others 2,283,256 478,773 159,591 935,165 3,856,784
General loss allowance 7,958,537 7,958,537
Total Loss allowance - - - 7,958,537 7,958,537
31-Mar-24 Within Credit period Days past due
More than 30 days More than 60 days More than 180 days Total
Expected loss rate 0% 0% 0% 108.68%
Gross carrying amount - Trade Receivables -TANGEDCO 7,665,256 2,555,085 1,846,436 4,203,879 16,270,657
Gross carrying amount - Trade Receivables -Others 19,515,683 3,856,338 2,090,000 894,723 26,356,744
General loss allowance - - - 5,541,380 5,541,380
Total Loss allowance - - - 5,541,380 5,541,380
The closing loss allowances for trade receivables as at 31 March 2025
reconciles to the opening loss allowances as follows:
31-Mar-25 31-Mar-24
Opening loss allowance as at 1 April 5,541,380 10,005,333
Additional ECL for the year net off reversal in loss allowance 2,417,157 (4,463,953)
Total 7,958,537 5,541,380
The Group's management believes that all the financial assets, except as
mentioned above are not impaired for each of the reporting dates under review
and are of good credit quality.
Liquidity risk analysis
The Group's main source of liquidity is its operating businesses. The treasury
department uses regular forecasts of operational cash flow, investment and
trading collateral requirements to ensure that sufficient liquid cash balances
are available to service on-going business requirements. The Group manages its
liquidity needs by carefully monitoring scheduled debt servicing payments for
long-term financial liabilities as well as cash outflows due in day-to-day
business. Liquidity needs are monitored in various time bands, on a day-to-day
and week-to-week basis, as well as on the basis of a rolling 90 day
projection. Long-term liquidity needs for a 90 day and a 30 day lookout period
are identified monthly.
The Group maintains cash and marketable securities to meet its liquidity
requirements for up to 60 day periods. Funding for long-term liquidity needs
is additionally secured by an adequate amount of committed credit facilities
and the ability to sell long-term financial assets.
The following is an analysis of the group contractual undiscounted cash flows
payable under financial liabilities at 31 March 2025 and 31 March 2024.
As at 31 March 2025 Current Non-Current Total
Within 12 months 1-5 years Later than 5 years
Borrowings 2,166,804 5,416,058 - 7,582,862
Non-Convertible Debentures - 2,898,997 - 2,898,997
Trade and other payables 31,716,742 388,469 - 32,105,211
Other liabilities 375,621 21,652,104 - 22,027,724
Other current liabilities - -
Total 34,259,167 30,355,628 - 64,614,795
As at 31 March 2024 Current Non-Current Total
Within 12 Months 1-5 Years Later than 5 years
Borrowings 9,022,924 9,451,140 - 18,474,064
Non-Convertible Debentures - 10,163,461 - 10,163,461
Trade and other payables 51,847,642 814,473 - 52,662,115
Other liabilities 482,820 20,674,775 - 21,157,596
Other current liabilities - - - -
Total 61,353,386 41,103,849 - 102,457,235
Capital management
Capital includes equity attributable to the equity holders of the parent and
debt less cash and cash equivalents.
The Group's capital management objectives include, among others:
· Ensuring that it maintains a strong credit rating and healthy capital
ratios in order to support its business and maximise shareholder value
· Ensuring Group's ability to meet both its long-term and short-term capital
needs as a going concern and
· Providing an adequate return to shareholders by pricing products and
services commensurately with the level of risk.
The Group manages its capital structure and makes adjustments to it, in light
of changes in economic conditions. To maintain or adjust the capital
structure, the Group may adjust the dividend payment to shareholders, return
capital to shareholders or issue new shares.
No changes were made in the objectives, policies or processes during the year
end 31 March 2025.
The Group maintains a mixture of cash and cash equivalents, long-term debt and
short-term committed facilities that are designed to ensure the Group has
sufficient available funds for business requirements. There are no imposed
capital requirements on Group or entities, whether statutory or otherwise.
The Capital for the reporting periods under review is summarised as follows:
31-Mar-25 31-Mar-24
Total equity 164,851,291 170,478,680
Less: Cash and cash equivalents (15,348,348) (11,714,256)
Capital 149,502,943 158,764,424
Total equity 164,851,291 170,478,680
Add: Borrowings 10,481,859 28,637,525
Overall financing 175,333,150 199,116,205
Capital to overall financing ratio 0.85 0.80
33 Summary of financial assets and liabilities by category and their fair values
Carrying amount Fair value
31-Mar-25 31-Mar-24 31-Mar-25 31-Mar-24
Financial assets measured at amortised cost
· Cash and cash equivalents (1) 15,348,348 11,714,256 15,348,348 11,714,256
· Restricted cash (1) 4,199,979 10,112,669 4,199,979 10,112,669
· Current trade receivables (1) 21,006,192 37,086,020 21,006,192 37,086,020
· Other long-term assets 658,306 512,358 658,306 512,358
· Other short-term assets 19,987,627 18,186,633 19,987,627 18,186,633
Financial instruments measured at fair value through profit or loss
· Other short term assets - (Note 16 (a)) (3) 5,858,860 9,893,198 5,858,860 9,893,198
Total 67,059,312 87,505,134 67,059,312 87,505,134
Financial liabilities measured at amortised cost
Term loans(2) 7,582,862 18,474,064 7,582,862 18,474,064
LC Bill discounting & buyers' credit facility (1) - - - -
Non-Convertible Debentures(2) 2,898,997 10,163,461 2,898,997 10,163,461
Current trade and other payables (1) 31,716,742 51,847,642 31,716,742 51,847,642
Provision for pledged deposits - 16,903 - 16,903
Non-current trade and other payables (2) 388,469 814,473 388,469 814,473
Total 42,587,070 81,316,542 42,587,070 81,316,542
The fair value of the financial assets and liabilities are included at the
price that would be received to sell an asset or paid to transfer a liability
(i.e. a exit price) in an ordinary transaction between market participants at
the measurement date. The following methods and assumptions were used to
estimate the fair values.
1. Cash and short-term deposits, trade receivables, trade payables, and
other borrowings like short-term loans, current liabilities approximate their
carrying amounts largely due to the short-term maturities of these
instruments.
2. The fair value of loans from banks and other financial indebtedness,
obligations under finance leases, financial liabilities at fair value through
profit or loss as well as other non-current financial liabilities is estimated
by discounting future cash flows using rates currently available for debt or
similar terms and remaining maturities.
3. Fair value of financial assets measured at FVPL held for trading purposes
are derived from quoted market prices in active markets. Fair value of
financial assets measured at FVPL of unquoted equity instruments are derived
from valuation performed at the year end. Fair Valuation of retained
investments in PS and BV is on basis of the last transaction.
Fair value measurements recognised in the statement of financial position
The following table provides an analysis of financial instruments that are
measured subsequent to initial recognition at fair value, grouped into Levels
1 to 3 based on the degree to which the fair value is observable.
· Level 1 fair value measurements are those derived from quoted prices
(unadjusted) in active markets for identical assets or liabilities.
· Level 2 fair value measurements are those derived from inputs other
than quoted prices included within Level 1 that are observable for the asset
or liability, either directly (i.e. as prices) or indirectly (i.e. derived
from prices).
· Level 3 fair value measurements are those derived from valuation
techniques that include inputs for the asset or liability that are not based
on observable market data (unobservable inputs).
Level 1 Level 2 Level 3 Total
Financial instruments measured at fair value through profit or loss
2025
Quoted securities 5,858,860 - - 5,858,860
Total 5,858,860 - - 5,858,860
2024
Quoted securities 9,893,198 - - 9,893,198
Total 9,893,198 - - 9,893,198
There were no transfers between Level 1 and 2 in the period. Investments in
mutual funds are valued at closing net asset value (NAV).
The Group's finance team performs valuations of financial items for financial
reporting purposes, including Level 3 fair values. Valuation techniques are
selected based on the characteristics of each instrument, with the overall
objective of maximising the use of market-based information. The finance team
reports directly to the President of Finance & Accounts.
Valuation processes and fair value changes are discussed by the Board of
Directors at least every year, in line with the Group's reporting dates.
Approved by the Board of Directors on 01 September 2025 and signed on its
behalf by:
N Kumar Ajit Pratap Singh
Non-Executive Chairman Non-Executive Director
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