REG - OPG Power Ventures - Half-year Report
20/12/2024 07:00
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RNS Number : 8226Q OPG Power Ventures plc 20 December 2024
20 December 2024
OPG Power Ventures Plc
("OPG", the "Group" or the "Company")
OPG (AIM: OPG), the developer and operator of power generation assets in
India, announces its interim results for the six months ended 30 September
2024 ("H1 FY25").
Key Points
● H1 FY25 revenue increased by 24.4 per cent to £86.9 million due to increased
operations (H1 FY24: £69.9 million).
● Electricity generation (including deemed) at the Chennai plant in H1 FY25 was
1.39 billion units, an increase of 20 per cent, as compared to 1.16 billion
units in H1 FY24.
● Plant Load Factor ("PLF") for H1 FY25 was 81.5 per cent as compared to 63.96
per cent for H1 FY24.
● H1 FY25 adjusted EBITDA increased by 13 per cent to £8.8 million (H1 FY24:
£7.8 million).
● Net cash as at 30 September 2024 was £22.3 million against net cash of £3.6
million as at 31 March 2024, owing to prompt payment from customers.
● Revenue for FY25 expected to be higher than that of FY24 and the Company
expects to deliver strong operational and financial performance.
Summary financial information (including historic financial data)
six months ended six months ended Year ended 31 Mar 24
30 Sep 24 30 Sep 23 (£ million)
(£ million) (£ million)
Revenue 86.9 69.9 155.7
EBITDA 8.8 7.8 16.7
Profit before Tax 4.3 4.1 7.5
Profit after Tax 2.6 2.4 4.1
Net (cash 22.3 14.4 3.6
Mr. N. Kumar, OPG's Non-Executive Chairman, commented:
"OPG's business model is robust and strategic to the opportunities in the
Indian Power sector. The trend in FY24 continued in FY25 with the supplies to
state electricity boards through long-term and short-term contracts. The
continued stability in coal prices enabled the company to sustain margins."
For further information, please visit
www.opgpower.com (http://www.opgpower.com/)
or contact:
OPG Power Ventures PLC Via Tavistock below
Ajit Pratap Singh
Cavendish Capital Markets Limited (Nominated Adviser & Broker) +44 (0) 20 7220 0500
Stephen Keys/Katy Birkin
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
H1 FY25 saw the Company continuing the trend of FY24. The Company was able to
increase power generation and consequently the operating revenues as compared
to H1 FY24. OPG's business model is robust and is strategic to the
opportunities in the Indian Power sector. The trend in FY24 continued in FY25
with the supplies to state electricity boards through long-term and short-term
contracts. The continued stability in coal prices enabled the company to
sustain margins.
With a GDP growth rate of 7.8 percent (Source: IMF World Economic Outlook
Projections, April 2024), India also witnessed a surge in power demand of
approximately 7.02 percent during FY 24. This trend is expected to continue
year on year for the next decade.
India is on track to become the world's third largest economy in the years to
come and the country's rapid economic growth and burgeoning population have
continued to create a significant demand for energy, prompting the country to
undergo a transformative shift in its power sector. Currently, while India
ranks third in total power consumption globally, it is significantly lagging
in per capita consumption. The demand for energy will continue to increase not
only in the industrial sector but also in the retail sector where the retail
customer will have an increased reliance on energy due to a rise in
temperature, improved lifestyle and increasing purchasing power. The
Government of India's initiatives have improved the state utilities financial
health, thus enhancing the investment climate for power generation and
transmission.
As at 31 October 2024, the total generation capacity of India reached 454 GW
of which 218 GW is from thermal sources. Compared with the 48% share in
installed capacity, the thermal sector contributed 71% of India's electricity
generated during April to October 2024, with an average PLF of 69.8% from
thermal plants. Out of total generation of 1097 billion units during first 7
months of the current year, generation from coal based plants was 780 billion
units, demonstrating the higher reliance of the country on coal based power
plants to meet the country's energy requirements.
On 11 & 12 November 2024, the Directorate of Enforcement (ED), Chennai
Zonal Office, conducted search operations at various premises associated with
the OPG Group, as part of an investigation into alleged violations under the
Foreign Exchange Management Act (FEMA) and Foreign Direct Investment (FDI)
Regulations. The Company would like to assure our stakeholders that the
Company has fully cooperated with the authorities throughout this process and
has provided all requested business-related information in a timely manner.
The Company remains committed to adhering to all applicable regulations and
will continue to offer full cooperation with the enforcement authorities. The
Company are confident in the integrity of our operations and will promptly
supply any additional details that may be required by the relevant
authorities.
The Company continues to strengthen its balance sheet and liquidity position
which provides OPG with the financial strength and latitude to pursue new
growth opportunities in energy transition.
The increase in electricity demand and transformation in the power sector in
India provides a prime opportunity for OPG to continue to generate profitable
revenues through its sustainable operations.
The Company expects to continue to generate strong cash flows from its
operations.
N Kumar
Non-Executive Chairman
Consolidated statement of financial position
As at 30 September 2024
(All amounts in £, unless otherwise stated) As at As at As at
Notes 30-Sep-24 30-Sep-23 31 March 2024
Assets
Non-current Assets
Intangible assets 14 14,341 13,773 17,010
Property, plant and equipment 15 146,942,908 162,967,904 157,565,290
Investments 16 18,307,543 18,225,852 18,307,543
Other long-term assets 17(b) 273,237 9,734 512,358
Restricted cash 21(b) 1,213,534 804,242 1,862,075
Total Non-current Assets 166,751,562 182,021,505 178,264,27
Current assets
Inventories 19 16,827,035 4,704,591 18,736,699
Trade and other receivables 18 21,363,543 26,710,529 37,086,020
Other short-term assets 17(a) 27,379,316 24,396,041 18,186,633
Current tax assets (net) 26 223,157 624,753 697,438
Restricted cash 21(a) 9,134,713 5,973,889 8,250,594
Cash and cash equivalents 20 15,842,321 17,957,803 11,714,256
Total Current Assets 90,770,086 80,367,606 94,671,640
Total Assets 257,521,648 262,389,111 272,935,916
Equity and liabilities
Equity
Share capital 22 58,909 58,909 58,909
Share premium 131,451,482 131,451,482 131,451,482
Other components of equity (29,979,907) (16,834,776) (20,305,279)
Retained earnings 61,880,905 57,526,644 59,267,745
Equity attributable to owners of the Company 163,411,396 172,202,259 170,472,858
Non-controlling interests 5,786 878,219 5,822
Total Equity 163,417,181 173,080,478 170,478,680
Liabilities
Non-current Liabilities
Borrowings 24(b) 4,903,171 7,438,586 9,451,140
Non-Convertible Debentures 24(b) 7,311,010 10,579,191 10,163,461
Trade and other payables 25(b) 333,554 685,886 814,473
Other liabilities 27(b) 15,866 33,083 16,903
Deferred tax liabilities (net) 13 20,064,383 20,311,143 20,657,873
Total Non-current Liabilities 32,627,985 39,047,889 41,103,850
Current Liabilities
Borrowings 24(a) 7,813,451 7,055,402 9,022,924
Trade and other payables 25(a) 53,196,052 42,909,826 51847642
Other liabilities 27(a) 466,978 295,516 482,820
Total Current Liabilities 61,476,482 50,260,744 61,353,386
Total Liabilities 94,104,466 89,308,633 102,457,236
Total Equity and Liabilities 257,521,648 262,389,111 272,935,916
The notes are an integral part of these consolidated financial statements.
The financial statements were authorised for issue by the board of directors
on 19 December 2024 and were signed on its behalf by:
N Kumar Ajit Pratap Singh
Non-Executive Chairman Chief Financial Officer
Consolidated statement of Comprehensive Income
For the six months ended 30 September 2024
(All amount in £, unless otherwise stated) Six months ended Six months ended Year ended
Notes 30-Sep-24 30-Sep-23 31-Mar-24
Revenue 8 86,881,668 69,868,090 155,687,252
Cost of revenue 9 (69,209,559) (59,193,925) (128,017,534)
Gross profit 17,672,109 10,674,165 27,669,718
Other Operating income 10(a) 301,317 670,743 3,606,866
Other income 10(b) 1,284,455 305,275 169,536
Distribution cost (6,901,281) (853,886) (5,630,647)
General and administrative expenses (3,562,001) (3,019,573) (9,134,819)
Depreciation and amortisation (2,842,221) (2,724,795) (5,521,962)
Operating profit 5,952,379 5,051,929 11,158,692
Finance costs 11 (2,950,888) (2,892,251) (5,571,272)
Finance income 12 1,253,317 721,914 1,967,022
Share of net profit from associates - 1,182,689 -
Profit before tax 4,254,808 4,064,281 7,554,443
Current tax 13 (936,188) (593,307) (1,250,941)
Deferred tax 13 (705,433) (1,099,995) (2,192,952)
Tax expense 13 (1,641,621) (1,693,302) (3,443,893)
Profit for the year from continued operations 2,613,187 2,370,979 4,110,550
Gain/(Loss) from discontinued operations, including Non-Controlling Interest 7(a) -
Profit for the year 2,613,187 2,370,979 4,110,550
Profit for the year attributable to:
Owners of the Company 2,613,166 2,369,433 4,110,535
Non - controlling interests 21 1,546 15
2,613,187 2,370,979 4,110,550
Earnings per share from continued operations
Basic earnings per share (in pence) 29 0.65 0.59 1.02
Diluted earnings per share (in pence) 0.65 0.59 1.02
Earnings per share
-Basic (in pence) 29 0.65 0.59 1.02
-Diluted (in pence) 0.65 0.59 1.02
Other comprehensive (loss) / income
Items that will be reclassified subsequently to profit or loss
Exchange differences on translating foreign operations (9,674,629) (923,970) (4,394,473)
Income tax relating to items that will be reclassified
Items that will be not be reclassified subsequently to profit or loss
Exchange differences on translating foreign operations, relating to (56) 1,132 19,317
non-controlling interests
Total other comprehensive (loss) / income (9,674,685) (922,838) (4,375,156)
Total comprehensive income (7,061,498) 1,448,141 (264,606)
Total comprehensive income / (loss) attributable to:
Owners of the Company (7,061,463) 1,445,463 (283,938)
Non-controlling interest (35) 2,678 19,332
(7,061,498) 1,448,141 (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 19 December 2024 and were signed on its behalf by:
N Kumar Ajit Pratap Singh
Non-Executive Chairman Chief Financial Officer
Consolidated statement of cash flows
For the six months ended 30 September 2024
(All amount in £, unless otherwise stated) Six months ended Six months ended Year ended
30 Sept 2024 30 Sept 2023 31 March 2024
Notes
Cash flows from operating activities
Profit before income tax including discontinued operations and income from 7,554,443
associates
4,254,808 4,064,281
Adjustments for:
(Profit) / Loss from discontinued operations, net / Reversal of Impairment - - -
(Profit) / Loss from associate companies - (1,182,689) -
Unrealised foreign exchange (gain)/loss (30,426) - 170,950
Provisions created during the year - - 237,872
Financial costs 10 2,950,888 2,892,251 5,571,272
Financial income (including Profit on sale of Financial Instruments) 11 (1,967,022)
(1,253,317) (721,914)
Depreciation and amortisation 2,842,221 2,724,795 5,521,962
Changes in working capital
Trade and other receivables 15,722,478 5,204,077 (5,409,286)
Inventories 1,909,664 3,014,805 (11,017,303)
Other assets (8,559,712) (10,159,435) (3,617,653)
Trade and other payables 867,492 13,774,587 22,840,990
Other liabilities (610,369) 910,801 1,428,458
Cash generated from continuing operations 18,093,726 20,521,559 21,314,681
Taxes paid (158,690) (77,101) (482,890)
Cash provided by operating activities of continuing operations 17,935,036 20,444,458 20,831,791
Cash used for operating activities of discontinued operations - - -
Net cash provided by operating activities 17,935,036 20,444,458 20,831,791
Cash flows from investing activities
Purchase of property, plant and equipment (including capital advances) (3,560,859)
(1,859,778) (166,238)
Proceeds from Disposal of property, plant and equipment - - 45,827
Interest received 1,253,317 721,914 1967,022
Movement in restricted cash (205,152) 8,387,658 4,882,171
Purchase of investments 239,121 (5,478,609) (4,767,492)
Sale of Investments - - 0
Redemption of Investments - 1,315,631 1,203,617
Cash from / (used in) investing activities of continuing operations (229,714)
(572,493) 4,780,356
Cash from investing activities of discontinued operations - - -
Net cash from / (used in) investing activities (572,493) 4,780,356 (229,714)
Cash flows from financing activities
Proceeds from borrowings (net of costs) - 15,278,221 17,355,566
Proceeds/(Investments) from equity - - -
Repayment of borrowings (8,609,892) (22,802,184) (21,315,183)
Finance costs paid (2,950,888) (2,892,251) (5,571,272)
Cash used in financing activities of continuing operations (11,560,781) (10,416,214) (9,530,888)
Cash used in financing activities of discontinued operations - - -
Net cash used in financing activities (11,560,781) (10,416,214) (9,530,888)
Net (decrease) in cash and cash equivalents from continuing operations 11,071,189
5,801,763 14,808,600
Net decrease in cash and cash equivalents from discontinued operations - - -
Net (decrease) in cash and cash equivalents 11,071,189
5,801,763 14,808,600
Cash and cash equivalents at the beginning of the year 11,714,256 3,319,148 3,319,344
Cash and cash equivalents on deconsolidation - - -
Exchange differences on cash and cash equivalents (1,673,697) (169,946) (2,676,277)
Cash and cash equivalents of the discontinued operations - - -
Cash and cash equivalents at the end of the year 15,842,322 17,957,803 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 - OPG PG Pvt Ltd 1 April 2024 Cash flows Forex Rate Impact 30 Sep 2024
Working Capital loan 2,960,079 (2,960,079) - 0
Secured loan due within one year 6,062,845 1,832,845 (82,240) 7,813,451
Borrowings grouped under Current liabilities 9,022,924 (1,127,233) (82,240) 7,813,451
Secured loan due after one year
Borrowings grouped under Non-current liabilities 9,451,140 (4,761,622) 213,653 4,903,171
Analysing of changes in Net debt 1 April 2023 Cash flows Forex Rate Impact 31 Mar 2024
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
OPG Power Ventures Plc
Consolidated statement of changes in equity
For the six months ended 30 September 2024
(All amount in £, unless otherwise stated)
Particulars Issued capital (No. of shares) Ordinary shares Share premium Debenture Redemption reserve Other reserves Foreign currency translation reserve Revaluation Reserve Retained earnings Total attributable to owners of parent Non-controlling interests Total equity
At 1 April 2023 400,733,511 58,909 131,451,482 - 8,216,152 (24126958) - 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 5,822 170,478,680
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 - - - - - - - 2,613,166 2,613,166 20 2,613,186
Other comprehensive income - - - - - (9,674,629) - - (9,674,629) (56) (9,674,685)
Total comprehensive income - - - - - (9,674,629) - 2,613,166 (7,061,462) (36) (7,061,498)
At 30 September 2024 400,733,511 58,909 131,451,482 - 8,216,152 (38,196,059) - 61,880,911 163,411,396 5,785 163,417,181
The financial statements were authorised for issue by the board of directors
on 19 December 2024 and were signed on its behalf by:
N. Kumar Ajit Pratap Singh
Non-Executive Chairman Chief Financial Officer
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 55 Athol Street, Douglas, Isle of Man IM1 1LA. The
Company's equity shares are listed on the AIM Market of the London Stock
Exchange (AIM).
4 Recent accounting pronouncements
a) 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.
b) Changes in accounting Standards
The following standards and amendments to IFRS became effective for the period
beginning on 1 January 2022 and did not have a material impact on the
consolidated financial statements:
• IFRS 1, 'First time adoption of IFRS' has been amended for a subsidiary
that becomes a first-time adopter after its parent. The subsidiary may elect
to measure cumulative translation differences for foreign operations using the
amounts reported by the parent at the date of the parent's transition to IFRS.
• IFRS 9, 'Financial Instruments' has been amended to include only those
costs or fees paid between the borrower and the lender in the calculation of
"the 10% test" for derecognition of a financial liability. Fees paid to third
parties are excluded from this calculation.
• IFRS 16, 'Leases', amendment to the Illustrative Example 13 that
accompanies IFRS 16 to remove the illustration of payments from the lessor
relating to leasehold improvements. The amendment intends to remove any
potential confusion about the treatment of lease incentives.
I Amendments to IFRS 16, Covid 19 "related rent concessions"
The amendments permit lessees, as a practical expedient, not to assess whether
particular rent concessions occurring as a direct consequence of the Covid-1
pandemic are lease modifications and instead, to account for those rent
concessions as they were not in lease modifications. Initially, these
amendments were to apply until 2021.
Ii Amendments to IFRS 16, Covid 19 "related rent concessions beyond 30 June 2021"
In light of the fact that the Covid-19 pandemic is continuing, the LASB
extended the application period of the practical expenditure with respect to
accounting for Covid-19-related rent concessions through June 30, 2022
Iii Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4, and IFRS 16 "Interest rate
benchmark reform (phase 2)"
IFRS9. IAS 39, IFRS 7, The amendments provide temporary relief to adopters
regarding the financial reporting impact that will result from replacing
Interbank Offered Rates (IBOR) with alternative risk-free rates (RFRS). The
amendments provide for the following practical expedients:
Treatment of contract modifications or changes in contractual cash flows due
directly to the Reform-such as fluctuations in a market interest rate-as
changes in a floating rate, allow changes to the designation and documentation
of a hedging relationship required by IBOR reform without discontinuing hedge
accounting. Temporary relief from having to meet the separately identifiable
requirement when an RFR instrument is designated as a hedge of a risk comes in
connection with the IBOR Reform.
Iv Amendments to IFRS 9, IAS 39 and IFRS 7, "Interest Rate Benchmark Reform"
In September 2019, the IASB published amendments to IFRS 9, IAS 39 and IFRS 7,
"Interest Rate Benchmark Reform." The Phase 1 amendments of the IASB's
Interest Rate Benchmark Reform project (IBOR reform) provide for temporary
exemption from applying specific hedge accounting requirements to hedging
relationships that are directly affected by IBOR reform. The exemptions have
the effect that IBOR reform should not generally cause hedge relationships to
be terminated due to uncertainty about when and how reference interest rates
will be replaced. However, any hedge ineffectiveness should continue to be
recorded in the income statement under both IAS 39 and IFRS 9. Furthermore,
the amendments set out triggers for when the exemptions will end, which
include the uncertainty arising from IBOR reform. The amendments have no
impact on Group's Consolidated Financial Statements.
V Amendments to IFRS 4, "Extension of the temporary exemption from IFRS 9"
Deferral of initial application of IFRS 9 for insurers
c) Standards and Interpretations Not Yet Applicable
The IASB and the IFRS IC have issued the following additional standards and
interpretations. Group does not apply these rules because their application is
not yet mandatory. Currently, however, these adjustments are not expected to
have a material impact on the consolidated financial statements of the Group:
I Amendments to IAS 16-proceeds before intended use
The amendments prohibit a company from deducting from the cost of property,
plant and equipment amounts received from selling items produced while the
Company is preparing the asset for its intended use. Instead, a company will
recognize such sales proceeds and related cost in profit or loss.
Ii Amendments to IAS 37-Onerous contracts-cost of Fulfilling a contract
Clarification that all costs directly attributable to a contract must be
considered when determining the cost of fulfilling the contract.
Iii Amendments to IFRS 3-Reference to the Conceptual Framework
Reference to the revised 2018 IFRS Conceptual Framework. Priority application
of LAS 37 or IFRIC 21 by the acquirer to identify acquired liabilities. No
recognition of contingent assets acquired allowed.
Iv Annual Improvements Project-Annual Improvements to IFRSs 2018-2020 Cycle
Minor amendments to IFRS 1, IFRS 9, IFRS 16 and IAS 41.
V IFRS 17 "Insurance contracts including Amendments to IFRS 17"
The new IFRS 17 standard governs the accounting for insurance contracts and
supersedes IFRS 4.
Vi Amendment to IFRS 17-Initial Application of IFRS 17 and IFRS 9-Comparative
Information
The amendment concerns the transitional provisions for the initial joint
application of IFRS 17 and IFRS 9.
Vii Amendments to IAS 1-Classification of Liabilities as Current or Non-current
Amendments to IAS 1-Classification of Liabilities as Current or
Non-current-Deferral of Effective Date
Clarification that the classification of liabilities as current or non-current
is based on the rights the entity has at the end of the reporting period.
Viii Amendments to IAS 1 and IFRS Practice Statement 2-Disclosure of Accounting
Policies
Clarification that an entity must disclose all material (formerly
"significant") accounting policies. The main characteristic of these items is
that, together with other information included in the financial statements,
they can influence the decisions of primary users of the financial statements.
Ix Amendments to IAS 8-Definition of Accounting Estimates
Clarification with regard to the distinction between changes in accounting
policies (retrospective application) and changes in accounting estimates
(prospective application).
X Amendments to IAS 12-Deferred Tax related to Assets and Liabilities arising
from a Single transaction.
Clarification that the initial recognition exemption of IAS 12 does not apply
to leases and decommissioning obligations. Deferred tax is recognized on the
initial recognition of assets and liabilities arising from such transactions.
5 Summary of significant accounting policies
a) 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
1. In response to the recent global challenges, including the Covid-19
pandemic and the war in Ukraine, which have led to significant increases in
commodity prices and inflation, particularly impacting coal prices, the Group
has proactively performed sensitivity analysis on the assumptions used for
business projections and based on current estimates expects the carrying
amount of these assets will be recovered and no material impact on the
financial results inter-alia including the carrying value of various current
and non-current assets are expected to arise for the year ended 31 March 2025.
2. Despite the volatility in commodity prices and inflationary
pressures, the Group's financial health remains resilient.
3. The Group has implemented robust risk management strategies,
including cost control measures and operational efficiencies, which have
helped in managing the increased financial pressures.
4. The Group's ability to adapt to changing market conditions and
rapidly implement strategic adjustments has been crucial in sustaining the
Group's performance through these challenging times.
b) 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 2024. 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.
c) Investments in associates and joint ventures
Investments in associates and joint ventures are accounted for using the
equity method. The carrying amount of the investment in associates and joint
ventures is increased or decreased to recognise the Group's share of the
profit or loss and other comprehensive income of the associate and joint
venture, adjusted where necessary to ensure consistency with the accounting
policies of the Group.
Unrealised gains and losses on transactions between the Group and its
associates and joint ventures are eliminated to the extent of the Group's
interest in those entities. Where unrealised losses are eliminated, the
underlying asset is also tested for impairment.
d) 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
Subsidiaries Immediate parent Country of incorporation % Voting Right % Economic interest
September 2024 March 2024 September2024 March 2024
Caromia Holdings limited ('CHL') OPGPV Cyprus 100 100 100 100
Gita Power and Infrastructure Private Limited, ('GPIPL') CHL India 97.58 97.73 97.58 97.73
OPG Power Generation Private Limited ('OPGPG') GPIPL India 99.82 99.82 99.82 99.82
Samriddhi Surya Vidyut Private Limited OPGPG India 100.00 100.00 100.00 100.00
Powergen Resources Pte Ltd OPGPV Singapore 100.00 100.00 100.00 100.00
e) 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.
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
30 September 2024: 112.16 (2024: 105.28) and the average rate for the year
ended 30 September 2024: 107.13 (2024: 104.06).
f) 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 75 days.
Revenue
Revenue from providing electricity to captive power shareholders and sales to
other customers is recognised on the basis of billing cycle under the
contractual arrangement with the captive power shareholders & customers
respectively 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.
For LTOA and 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.
g) Operating expenses
Operating expenses are recognised in the statement of profit or loss upon
utilisation of the service or as incurred.
h) 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.
i) 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.
j) 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'.
k) 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.
l) 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 3-10
Vehicles 5-11
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 de-recognition 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.
m) 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 4 years.
n) Leases
All leases are accounted for by recognising a right-of-use asset and a lease
liability except for:
• Leases of low value assets; and
• Leases with a duration of 12 months or less.
Lease liabilities are measured at the present value of the contractual
payments due to the lessor over the lease term, with the discount rate
determined by reference to the rate inherent in the lease unless (as is
typically the case) this is not readily determinable, in which case the
group's incremental borrowing rate on commencement of the lease is used.
Variable lease payments are only included in the measurement of the lease
liability if they depend on an index or rate. In such cases, the initial
measurement of the lease liability assumes the variable element will remain
unchanged throughout the lease term. Other variable lease payments are
expensed in the period to which they relate. On initial recognition, the
carrying value of the lease liability also includes:
• amounts expected to be payable under any residual value guarantee;
• the exercise price of any purchase option granted in favour of the group
if it is reasonable certain to assess that option;
• any penalties payable for terminating the lease, if the term of the lease
has been estimated in the basis of termination option being exercised.
Right of use assets are initially measured at the amount of the lease
liability, reduced for any lease incentives received, and increased for:
• lease payments made at or before commencement of the lease;
• initial direct costs incurred; and
• the amount of any provision recognised where the group is contractually
required to dismantle, remove or restore the leased asset (typically leasehold
dilapidations)
Subsequent to initial measurement lease liabilities increase as a result of
interest charged at a constant rate on the balance outstanding and are reduced
for lease payments made. Right-of-use assets are amortised on a straight-line
basis over the remaining term of the lease or over the remaining economic life
of the asset if, rarely, this is judged to be shorter than the lease term.
When the group revises its estimate of the term of any lease (because, for
example, it re-assesses the probability of a lessee extension or termination
option being exercised), it adjusts the carrying amount of the lease liability
to reflect the payments to make over the revised term, which are discounted
using a revised discount rate. The carrying value of lease liabilities is
similarly revised when the variable element of future lease payments dependent
on a rate or index is revised, except the discount rate remains unchanged. In
both cases an equivalent adjustment is made to the carrying value of the
right-of-use asset, with the revised carrying amount being amortised over the
remaining (revised) lease term. If the carrying amount of the right-of-use
asset is adjusted to zero, any further reduction is recognised in profit or
loss.
o) 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.
p) 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.
q) 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.
r) 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.
s) 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.
t) 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 shareholders and the weighted average number of
shares outstanding during the period are adjusted for the effects of all
dilutive potential equity share.
u) 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.
v) Share based payments
The Group operates equity-settled share-based remuneration plans for its
employees.
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.
w) 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.
x) 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.
y) 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 FY24 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.
a) 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.
b) 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:
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.
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.
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 Profit from discontinued operations
Non-current assets held for sale and Profit from discontinued operations
consists of:
Assets Held for Sale Liabilities classified as held for sale Profit from discontinued operations
At 30 September 2024 At 31 March 2024 At 30 September 2024 At 31 March 2024 For Sep 24 For FY 23
- - - - - -
Non-current Assets held-for-sale and discontinued operations
(a) Assets of disposal group classified as held-for-sale As at 30th September 2024 As at 31st March 2024
Property, plant and equipment - -
Trade and other receivables - -
Other short-term assets - -
Restricted cash - -
Cash and cash equivalents - -
Investment in associates classified as held for sale - -
Total - -
(b) Analysis of the results of discontinued operations is as follows: For Sep 24 For FY 24
Revenue - -
Operating profit before impairments - -
Other Expenses -
Finance income - -
Finance cost - -
Current Tax - -
Deferred tax - -
Share of Profit/ (Loss) on fair value of investments, in Solar entities - -
Gain on deconsolidation of Solar entities - -
Profit / (Loss) from Solar operations - -
8 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 FY24 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 £12,018,995 from TANGEDCO & £8,887,932 from IEX &
£19,731,348 and £45,934,882 from STOA sales to Andhra Pradesh Discom and
Haryana Dsicom respectively (2024: £157,896,815.90).
Segmental information disclosure
Continuing operations Discontinued operations
Thermal Solar
Segment Revenue Sep 24 FY24 FY24 FY23
Sales 86,881,668 155,687,252 - -
Total 86,881,668 155,687,252 - -
Other Operating income 301,317 3,606,866 - -
Depreciation, impairment (2,842,221) (5,521,962) - -
- -
Profit from operation 5,952,379 11,158,692 - -
Finance Income 1,253,317 1,967,022 - -
Finance Cost (2,950,888) (5,571,272) - -
Tax expenses (1,641,621) (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 2,613,187 4,110,550 - -
Assets 257,521,648 272,935,916 - -
Liabilities 94,104,466 102,457,236 - -
9 Costs of inventories and employee benefit expenses included in the
consolidated statements of comprehensive income
a) Cost of fuel
30 Sep 2024 31 March
2024
Included in cost of revenue:
Cost of fuel consumed 67,021,527 124,371,190
Depreciation - -
Other direct costs 2,188,032 3,646,344
Total 69,209,559 128,017,534
b) Employee benefit expenses forming part of general and administrative expenses
are as follows:
30 Sep 2024 31 March
2024
Salaries and wages 1,404,351 2,492,231
Employee benefit costs * 134,099 487,530
Long Term Incentive Plan (Note 22) - -
Total 1,538,450 2,979,761
c) Foreign exchange movements (realised and unrealised) included in the Finance
costs is as follows:
31 Sep 2024 31 March
2024
Foreign exchange realised - loss/(gain) 36,010 75,627
Foreign exchange unrealised- loss/(gain) (30,426) 170,950
Total 5,584 246,577
Auditor's remuneration for audit services amounting to £46,000 (2023:
£74,000) is included in general and administrative expenses and excludes
travel reimbursements.
10 Other operating income and expenses
a) Other operating income
30 Sep 2024 31 March
2024
Surcharge TANGEDCO 239,943 2,977,906
Margin on Trading of Power - 628,960
Total 61,374 3,606,866
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
30 Sep 2024 31 March
2024
Provisions no longer required written back 509,470 -
Sale of coal (Margin) 133,342 338,390
Sale of fly ash 88,003 123,996
Power trading commission and other services - -
Profit on disposal of financial instruments* 550,003 (297,408)
Others 3,636 4,559
Total 1,284,455 169,536
*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.
11 Finance Costs
Finance costs are comprised of:
30 Sep 2024 31 March
2024
Interest expenses on borrowings 2,358,847 4,572,000
Net foreign exchange loss (Note 9) (5,584) 246,578
Other finance costs 597,625 752,695
Total 2,950,888 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
12 Finance income
Finance income is comprised of:
30 Sep 2024 31 March
2024
Interest income on bank deposits and advances 1,253,317 1,967,022
Total 1,253,317 1,967,022
13 Tax expenses
30 Sep 2024 31 March 2024
Current tax (936,188) (1,250,941)
Deferred tax (705,433) (2,192,952)
Total tax expenses on income from continued operations (1,641,621) (3,443,893)
Add: tax on income from discontinuing operations - -
Tax reported in the statement of comprehensive income (1,641,621) (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 30September 2024, 31 March 2024 relates
to the following:
30 Sep 2024 31 March
2024
Deferred income tax assets
Unused tax losses brought forward and carried forward - -
MAT credit entitlement 11,856,446 10,920,740
11,856,446 10,920,740
Deferred income tax liabilities
Property, plant and equipment 31,920,829 31,578,613
Mark to market on available-for-sale financial assets - -
31,920,829 31,578,613
Deferred income tax liabilities, net 20,064,383 20,657,873
Movement in temporary differences during the year
Particulars As at 01 April 2024 Deferred tax asset / (liability) for the year Translation adjustment As at 30 Sep 2024
Property, plant and equipment (31,578,613) (1,246,057) 903,841 (31,920,829)
Unused tax losses brought forward and carried forward - - - -
MAT credit entitlement 10,920,740 1,248,279 (312,573) (11,856,446)
Mark to market gain / (loss) on financial assets measured at FVPL - - - -
Deferred income tax (liabilities) / assets, net (20,657,873) 2,222 591,268 (20,064,383)
Particulars As at 01 April 2023 Deferred tax asset / (liability) for the year 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 30
September 2024 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.
14 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 2,313
Exchange adjustments (46,526)
At 30 September 2024 714,217
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 4,015
Exchange adjustments (45,558)
At 30 Sep 2024 699,877
Net book value
At 31 March 2024 14,341
At 31 March 2023 17,010
15 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 175,071 1,175,595 264,336 21,356 - 201,381 1,837,739
Transfers on capitalisation - - - - - - -
Sale / Disposals - - - - - - -
Exchange adjustments (492,538) (12,088,141) (115,525) (179,769) - (113,296) (12,989,269)
At 30 Sep 2024 7,785,843 185,241,468 2,048,414 2,803,371 0 1,634,593 199,513,690
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 21,838 2,509,955 62,975 243,437 - - 2,838,205
Sale / Disposals - - - - - - -
Exchange adjustments (8,010) (3,199,658) (106,495) (53,187) - - (3,367,350)
At 30 Sep 2024 108,657 49,914,790 1,661,472 885,862 0 - 52,570,785
Net book value
At 30 Sep 2024 7,677,186 135,326,678 386,942 1,917,508 (0) 1,634,593 146,942,908
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:
30-Sep-24 31-Mar-24
Freehold land 7,502,116 7,626,376
Buildings 175,071 382,106
7,677,186 8,008,482
16 Investments accounted for using the equity method
The carrying amount of investments accounted for using the equity method is as
follows:
30 Sep 2024 31 March
2024
- -
- -
- -
- -
Investments accounted for using the equity method - -
a) Investment in associates (Note 5(d) 7(b))
Summarised aggregated financial information of the Group's share in the
associates.
30 Sep 2024 31 March 2024
- -
- -
Total comprehensive Income - -
Future Cash flows were determined under the DCF method for the PPA period. The
Present Value of cash flows were found to be higher than the carrying cost of
these assets and no impairment was found to be existent. The details of
impairment analysis are provided in Note 15 above.
Aggregate carrying amount of the Group's interests in these associates &
other entities
30 Sep 2024 31 March 2024
Other Entities 18,307,543 18,307,543
Total carrying Amount 18,307,543 18,307,543
17 Other Assets
30 Sep 2024 31 March
2024
a) Short-term
Capital advances - -
Financial instruments measured at fair value through P&L 15,881,482 9,893,198
Advances and other receivables 11,497,834 8,293,435
Total 27,379,316 18,186,633
b) Long term
Advances to related parties - -
Classified as asset held for sale (note 7(a)) - -
Lease deposits - -
Bank deposits 273,237 512,358
Other advances - -
Total 273,237 512,358
The financial instruments represent investments in mutual funds and Bonds-
their fair value is determined by reference to published data.
18 Trade and other receivables
30 Sep 2024 31 March
2024
Current
Trade receivables 21,363,543 37,086,020
Other receivables - -
Total 21,363,543 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 30 "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.
19 Inventories
30 Sep 2024 31 March 2024
Coal and fuel 15,400,977 17,317,906
Stores and spares 1,426,059 1,418,793
Total 16,827,035 18,736,699
The entire amount of above inventories has been pledged as security for
borrowings
20 Cash and cash equivalents
Cash and short term deposits comprise of the following:
30 Sep 2024 31 March 2024
Investment in Mutual funds - -
Cash at banks and on hand 12,896,227 11,714,256
Short-term deposits 2,946,094 -
Total 15,842,321 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.
21 Restricted cash
a. Restricted cash
Current restricted cash represents deposits and mutual funds with the maturity
up to twelve months amounting to £9,134,713 (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 restricted cash represents deposits and mutual funds with the
maturity more than twelve months amounting to £1,213,534 (2024 -
£1,862,075).
22 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 30 September 2024, 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.
23 Share based payments
Long term incentive plan
The number of performance-related awards is 14 m 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. 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 in the year 24-25. 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 to the Executives over the three
year period from 2020.
LTIP granted LTIP as at Movements during the period Expired/ LTIP Latest vesting
01-Apr-24 Outstanding30-sep-24
Cancelled Exercised
Arvind Gupta 24-Apr-19 1,185,185 0 Nil 1,185,185 24-Apr-20
Dmitri Tsvetkov 24-Apr-19 568,889 0 Nil 568,889 24-Apr-20
Avantika Gupta 24-Apr-19 284,445 0 Nil 284,445 24-Apr-20
24 Borrowings
Borrowings comprise of the following:
Interest rate (range %) Final maturity 30 Sep 2024 31 March
2024
Borrowings at amortised cost 9.9-10.85(1) Jan 2029 12,716,623 18,474,064
Non-Convertible Debentures at amortised cost 9.85-12.75 Nov 2026 7,311,010 10,163,461
Total 20,027,633 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 30 September 2024, the Group has met all
the relevant covenants.
The fair value of borrowings at 30 September 2024 was £ 20,027,633 (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:
30 Sep 2024 31 March
2024
a. Current liabilities
Amounts falling due within one year 7,813,451 9,022,924
b. Non-current liabilities
Amounts falling due after 1 year but not more than 5 years 12,214,182 19,614,601
Total 20,027,633 28,637,525
25 Trade and other payables
30 Sep 2024 31 March
2024
a. Current
Trade payables 53,180,628 51,847,642
Creditors for capital goods 15,424 -
Bank Overdraft - -
Other payables - -
Total 53,196,052 51,847,642
b. Non-current
Other payables
Provision for Gratuity 266,713 256,906
Provision for Leave Encashment 60,978 39,154
Others 5,863 518,413
Total 333,554 814,473
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.
26 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 £ 223,157 (2024:
£ 697,438).
27 Other liabilities
30 Sep 2024 31 March
2024
a. Current - Other Liabilities
Advance from Customers 406,593 381,886
Other Liabilities 60,385 100,934
Total 466,978 482,820
Other Liabilities consists of Statutory liabilities of the Group.
b. Non-current - Other Liabilities
Other Liabilities 15,866 16,903
Total 15,866 16,903
29 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 half year ended September 2024 or
year ended March 2023)..
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 30 Sep 2024 31 March
2024
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
Approved by the board of directors on 19 December 2024 and signed on its
behalf by:
N Kumar Ajit Pratap Singh
Non-Executive Chairman Chief Financial Officer
-ends-
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