Indian Subsidiary Financial R

RNS Number : 8156M

KSK Power Ventur PLC

01 June 2010

 



1^st June 2010

KSK Power Ventur plc

("KSKPV" or "the Company")

Indian subsidiary financial results (under Indian GAAP) for the year ended 31st March 2010

KSK Power Ventur plc (KSK.L), the power project company listed on the London Stock Exchange, with interests in multiple power plants across India, is pleased to announce that its subsidiary, KSK Energy Ventures Limited ("KSKEV"), the equity shares of which are listed and traded on the National Stock Exchange of India Limited ("NSE") and the Bombay Stock Exchange Limited ("BSE"), has filed with the NSE and BSE on 29 May  2010 its audited  financial results for the twelve months ended 31 March 2010. Full details of the KSKEV audited results are available from the Company website as well as the KSK section of the NSE website (www.nseindia.com) and the BSE website (www.bseindia.com).

Business update

KSKPV is pleased to note the forward movement of the business and potential of its Indian subsidiary, KSKEV, with respect to the underlying business. The power generation activities, with associated revenues and profitability have displayed robustness. As a result, the consolidated total income during the year ended 31 March 2010 was INR 5025 million, up 32% against the previous year of INR 3809 million.

PBIT was INR 2799 million, up 45% against the previous year of INR 1936 million. KSKEV experienced a consolidated profit before Minority Interest of INR 1913 million, as against INR 1454 million in the previous period. The fourth quarter was a substantial period of growth for overall revenues, both with respect to project development as well as power generation segments. We expect to release a further operational update and the wider business initiatives of the Group in due course.

KSKEV reports its financial results under Indian GAAP. It is anticipated that KSKPV will be announcing its own financial results under IFRS for the year ended 31 March 2010 during July 2010.

The full text of the results are attached below

Commenting on the results, Mr. T.L.Sankar, Non Executive Chairman of KSK said:

"The year witnessed the gross generation of power plants crossing the 1 billion kwh mark as well as associated increase in tariff realization along with substantial development progress of the 3600 MW KSK Mahanadi power project on various development milestones. These have contributed to the enhanced revenue and profitability of the group. It is anticipated that the current financial year i.e. 2010-11 would witness further progress in multiple units commissioning and associated generation income and profitability accruing to the Group."

For further information please contact:

KSK Power Ventur plc                                                                      [phone]

Mr. S. Kishore, Executive Director

Mr. K. A. Sastry, Executive Director

Arden Partners plc                                                                            [phone]

Richard Day / Adrian Trimmings

Financial Dynamics                                                                          [phone]

Jonathan Brill / Billy Clegg / Ed Westropp

Full Results (Indian GAAP)

The Full text of the Consolidated and standalone results of KSKEV are given below

KSK Energy Ventures Limited
Audited Consolidated Financial Results for the year ended March 31, 2010
(All amount in Indian Rupees million, except share data and where otherwise stated)
S.No		Particulars	3 months ended	3 months ended	Year ended
			31-Mar-10	31-Mar-09	31-Mar-10	31-Mar-09
			Unaudited	Unaudited	Audited	Audited
1	a	Net sales/Income from operations	1,652.88	1,275.40	4,534.05	3,504.21
	b	Other operating income	151.11	45.05	490.50	305.23
		Total income	1,803.99	1,320.45	5,024.55	3,809.44
2		Expenditure
	a	(Increase)/decrease in stock in trade and work in progress	-	-	-	-
	b	Consumption of raw materials	322.03	289.66	1,209.00	1,040.07
	c	Purchase of traded goods	-	-	-	-
	d	Employees cost	33.38	31.57	119.98	110.54
	e	Depreciation	73.67	60.96	259.73	246.43
	f	Other expenditure	192.98	116.38	636.77	476.57
		Total expenditure	622.06	498.57	2,225.48	1,873.61
3		Profit from operation before other income, interest and exceptional items (1-2)	1,181.93	821.88	2,799.07	1,935.83
4		Other income	150.35	199.06	635.97	1,122.74
5		Profit before interest and exceptional items (3+4)	1,332.28	1,020.94	3,435.04	3,058.57
6		Interest	303.24	334.99	1,246.38	1,221.44
7		Profit after interest but before exceptional items (5-6)	1,029.04	685.95	2,188.66	1,837.13
8		Exceptional items	-	-	-	60.00
9		Profit (+)/ Loss (-) from ordinary activities before tax (7+8)	1,029.04	685.95	2,188.66	1,897.13
10		Tax expense	33.49	177.84	275.95	442.88
11		Net Profit (+)/ Loss (-) from ordinary activities after tax (9-10)	995.55	508.11	1,912.71	1,454.25
12		Extraordinary Items (net of tax expense Rs. Nil)	-	-	-	-
13		Net Profit(+)/ Loss(-) for the period (11-12)	995.55	508.11	1,912.71	1,454.25
14		Minority interest	46.83	26.94	161.64	95.11
15		Shares of associates	-	-	-	-
16		Other related items	-	-	-	-
17		Consolidated Net Profit(+)/ Loss(-) for the period (13-(14 to 16))	948.72	481.17	1,751.07	1,359.14
18		Face Value (in Rs.)	10.00	10.00	10.00	10.00
19		Paid-up equity share capital	3,726.30	3,461.05	3,726.30	3,461.05
20		Reserves excluding revaluation reserves	-	-	22,894.08	16,360.18
21		Earnings/(Loss) Per Share (EPS)
	a	Before extraordinary items  for the period, for the year to date and for the previous year/period (non annualized)
		- Basic	2.55	1.39	4.92	4.07
		- Diluted	2.55	1.39	4.92	4.07
	b	After extraordinary items  for the period, for the year to date and for the previous year/period (non annualized)
		- Basic	2.55	1.39	4.92	4.07
		- Diluted	2.55	1.39	4.92	4.07
22		Public shareholding
		- Number of shares	176,123,868	154,882,709	176,123,868	154,882,709
		- Percentage of shareholding	47.27%	44.75%	47.27%	44.75%
23	a	Pledged/Encumbered
		- Number of shares	52,000,000	-	52,000,000	-
		- Percentage of shares (as a % of total shareholding of the Promoter    and Promoter group)	26.46%	-	26.46%	-
		Percentage of shares (as a % of total Share capital of the Company)	13.95%	-	13.95%	-
	b	Non-encumbered
		- Number of shares	144,506,586	191,222,031	144,506,586	191,222,031
		- Percentage of shares (as a % of total shareholding of the Promoter     and Promoter group	73.54%	100.00%	73.54%	100.00%
		-  Percentage of shares (as a % of total Share capital of the Company)	38.78%	55.25%	38.78%	55.25%

Segment wise revenue, results and capital employed under clause 41 of the Listing agreement
(All amount in Indian Rupees million, except share data and where otherwise stated)
Particulars	3 months ended	3 months ended	Year ended	Year ended
	31-Mar-10	31-Mar-09	31-Mar-10	31-Mar-09
	Unaudited	Unaudited	Audited	Audited
1. Segment revenue
(a) Project development	994.45	583.47	2,120.95	1,370.01
(b) Power generation	826.09	740.03	2,929.31	2,451.64
(c) Unallocated	-	-	-	-
Total	1,820.54	1,323.50	5,050.26	3,821.65
Less: Inter segment revenue	16.55	3.05	25.71	12.21
Net sales/income from operations	1,803.99	1,320.45	5,024.55	3,809.44
2. Segment results profit(+)/ (loss) (-) before tax and interest
(a) Project development	897.25	537.84	1,822.22	1,168.82
(b) Power generation	284.68	284.04	976.85	767.01
(c) Unallocated	-	-	-	-
Total	1,181.93	821.88	2799.07	1,935.83
Less:  i) Interest	303.24	334.99	1,246.38	1,221.44
Add : ii) Other un-allocable income net off un-allocable expenditure	150.35	199.06	635.97	1,182.74
Total Profit before tax	1,029.04	685.95	2,188.66	1,897.13
3. Capital employed
(Segment assets - Segment liabilities)
(a) Project development	1,774.70	2,505.56	1,774.70	2,505.56
(b) Power generation	73,617.98	30,773.89	73,617.98	30,773.89
(c) Unallocated	6,687.09	10,637.69	6,687.09	10,637.69
Total	82,079.77	43,917.14	82,079.77	43,917.14

Stand-Alone Information (Audited)				All amounts in INR million
SL No.	PARTICULARS	For the Quarter ended		For the Year ended
		31-Mar-10	31-Mar-09	31-Mar-10	31-Mar-09
		Unaudited	Unaudited	Audited	Audited
1	Turnover	1,005.22	585.19	2,145.01	1,317.67
2	Profit before tax	852.39	496.62	1,555.11	1,366.44
3	Profit after tax	793.23	362.37	1,270.49	1,036.22

KSK Energy Ventures Limited
Audited Consolidated Financials  for the year ended March 31, 2010
(All amount in Indian Rupees million, except share data and where otherwise stated)
STATEMENT OF ASSETS AND LIABILITIES
SL No.	PARTICULARS			As at	As at
				31-Mar-10	31-Mar-09
				Audited	Audited
	Shareholder's funds
a	Share Capital			3,726.30	3,461.05
b	Reserves and Surplus			22,894.08	16,360.18
	Minority interest			1,947.05	1,649.86
	Loan funds			53,389.82	22,385.59
	Deferred tax liability			122.52	60.46
	Total			82,079.77	43,917.14
	Fixed assets (including capital work in progress and goodwill)			68,983.16	32,574.16
	Investments			31.67	757.56
	Current assets, loans and advances
a	Inventory			491.39	149.38
b	Sundry Debtors			448.56	410.15
c	Cash and bank balances			11,943.34	11,073.31
d	Other current assets			528.74	488.40
e	Loans and advances			4,133.08	4,096.27
	Less : Current liabilities and provisions
a	Liabilities			4,412.41	5,477.59
b	Provisions			67.76	154.50
	Net current assets			13,064.94	10,585.42
	Total			82,079.77	43,917.14

	Notes:
1	The above results have been reviewed by the Audit Committee and taken on record by the Board of Directors at its meeting held on May 29, 2010.
2	The particulars of proceeds raised from the Public issue and its actual utilisation upto March  31, 2010 for the stated purposes in prospectus are given below:
	Funds received upto March 31, 2010 :
	Sl No	Particulars			Rs. in Millions
	1	Equity Share Capital			346.11
	2	Share Premium			7,960.53
	3	Interest on Liquid Funds			672.22
		Total			8,978.86
	Actual utilisation upto March 31, 2010
	Sl No	Particulars			Rs. in Millions
	1	IPO Expenses (Including service tax)			544.42
	2	Investments/Advances - KSK Mahanadi Power Company Limited			8,296.14
		Sub-total			8,840.56
	3	Balance of unutilised monies out of the IPO funds in liquid funds			138.30
3	The segment report of KSK Energy Ventures Limited and its subsidiaries has been prepared in accordance with the AS 17 "Segment Reporting" issued by the Institute of Chartered Accountants of India and notified by Companies (Accounting Standard) Rules, 2006.
4	The company has no reportable geographical segments referred to in AS 17 "Segment Reporting".
5	There were no investor complaints pending for at the beginning of the quarter. The Company has not received any investor complaints during the quarter ended March 31,2010.
6	The Pledge of shares by the Promoter entity i.e, KSK Energy Limited,  Mauritius is offered as collateral with respect to the corporate debt facility availed by the Company from a reputed financial institution in India.
7	During the year ended March 31, 2010, Company has changed the accounting policy on revenue recognition relating to Insurance Claims from recognising it "on the basis of acceptance"  to "on the basis of of certainity of realisation". Consequently, the consolidated profit before tax and other current assets are higher by Rs. 4.93 Mn.
8	During the year ended March 31, 2010, the Company has raised an amount of Rs 5,159.25 millions by issuing 26,525,714 equity shares of Rs 10/- each at a premium of Rs 184.50 to Qualified Institutional Buyers ("QIBs") through qualified institutions placement under Chapter VIII of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2010, as amended. The Shares were allotted on November 17, 2009 and as a result the paid up share capital has increased to Rs 3,726.30 million.
9	There are no exceptional/extra-ordinary items during the quarter / year ended March 31, 2010.
10	Standalone Financial results of the  Company for the year ended March 31, 2010 are available on the Company's website www.ksk.co.in .
11	Figures for the quarter/previous year have been regrouped and reclassified to confirm to the classification of the current quarter / year, wherever necessary.
	Date: May 29, 2010						For KSK Energy Ventures Limited
	Place: Hyderabad.
							S.Kishore
							Whole-time Director

KSK Energy Ventures Limited
Audited Standalone Financial Results for the year ended March 31, 2010
(All amount in Indian Rupees million, except share data and where otherwise stated)
S.No		Particulars	3 months ended	3 months ended	Year ended
			31-Mar-10	31-Mar-09	31-Mar-10	31-Mar-09
			Unaudited	Unaudited	Audited	Audited
1	a	Net sales/Income from operations	850.60	538.43	1,637.71	1,064.77
	b	Other operating income	154.62	46.76	507.30	252.90
		Total income	1,005.22	585.19	2,145.01	1,317.67
2		Expenditure
	a	Employees cost	21.05	20.39	77.20	73.02
	b	Depreciation	6.73	2.31	13.84	9.09
	c	Other expenditure	57.78	19.44	186.14	104.13
		Total expenditure	85.56	42.14	277.18	186.24
3		Profit from operation before other income, interest and exceptional items (1-2)	919.66	543.05	1,867.83	1,131.43
4		Other income	149.34	195.54	613.70	1,112.77
5		Profit before interest and exceptional items (3+4)	1,069.00	738.59	2,481.53	2,244.20
6		Interest	216.62	241.97	926.42	877.76
7		Profit after interest but before exceptional items (5-6)	852.38	496.62	1,555.11	1,366.44
8		Exceptional items	-	-	-	-
9		Profit (+)/ Loss (-) from ordinary activities before tax (7+8)	852.38	496.62	1,555.11	1,366.44
10		Tax expense	59.15	134.25	284.62	330.22
11		Net Profit (+)/ Loss (-) from ordinary activities after tax (9-10)	793.23	362.37	1,270.49	1,036.22
12		Extraordinary Items (net of tax expense Rs. Nil)	-	-	-	-
13		Net Profit(+)/ Loss(-) for the period (11-12)	793.23	362.37	1,270.49	1,036.22
14		Face Value (in Rs.)	10.00	10.00	10.00	10.00
15		Paid-up equity share capital	3,726.30	3,461.05	3,726.30	3,461.05
16		Reserves excluding revaluation reserves	-	-	22,074.18	16,020.87
17		Earnings/(Loss) Per Share (EPS)
	a	Before extraordinary items  for the period, for the year to date and for the previous year/period (non annualized)
		- Basic	2.13	1.05	3.57	3.10
		- Diluted	2.13	1.05	3.57	3.10
	b	After extraordinary items  for the period, for the year to date and for the previous year/period (non annualized)
		- Basic	2.13	1.05	3.57	3.10
		- Diluted	2.13	1.05	3.57	3.10
18		Public shareholding
		- Number of shares	176,123,868	154,882,709	176,123,868	154,882,709
		- Percentage of shareholding	47.27%	44.75%	47.27%	44.75%
19	a	Pledged/Encumbered
		- Number of shares	52,000,000	-	52,000,000	-
		- Percentage of shares (as a % of total shareholding of the Promoter     and Promoter group)	26.46%	-	26.46%	-
		- Percentage of shares (as a % of total Share capital of the Company)	13.95%	-	13.95%	-
	b	Non-encumbered
		- Number of shares	144,506,586	191,222,031	144,506,586	191,222,031
		- Percentage of shares (as a % of total shareholding of the Promoter     and Promoter group	73.54%	100.00%	73.54%	100.00%
		-  Percentage of shares (as a % of total Share capital of the Company)	38.78%	55.25%	38.78%	55.25%

KSK Energy Ventures Limited
Audited Standalone Financials  for the year ended March 31, 2010
(All amount in Indian Rupees million, except share data and where otherwise stated)
Statement of assets and liabilities
SL No.	PARTICULARS	As at	As at
		31-Mar-10	31-Mar-09
		Audited	Audited
	Shareholder's funds
a	Share Capital	3,726.30	3,461.05
b	Reserves and Surplus	22,074.18	16,020.87
	Loan funds	7,205.16	4,581.41
	Deferred tax liability	33.04	2.35
	Total	33,038.68	24,065.68
	Fixed assets (including capital work in progress)	1,610.40	191.42
	Investment	8,180.64	8,227.76
	Current assets, loans and advances
a	Inventory	-	-
b	Cash and bank balances	2,590.34	8,898.75
c	Sundry Debtors	0.55	-
d	Other current assets	190.46	464.33
e	Loans and advances	24,063.24	7,544.61
	Less : Current liabilities and provisions
a	Liabilities	3,596.17	1,260.96
b	Provisions	0.79	0.23
	Net current assets	23,247.64	15,646.50
	Total	33,038.68	24,065.68

Notes:
1	The above  audited results have been reviewed by the Audit Committee and taken on record by the Board of Directors at its meeting held on May 29, 2010.
2	The particulars of proceeds raised from the Public issue and its actual utilisation upto March 31, 2010 for the stated purposes in prospectus are given below:
	Funds received upto March 31, 2010 :
	Sl No	Particulars					Rs. in Millions
	1	Equity share capital					346.11
	2	Securities premium					7,960.53
	3	Interest on liquid funds					672.22
	4	Total					8,978.86
	Actual utilisation upto March 31, 2010 :
	Sl No	Particulars					Rs. in Millions
	1	IPO expenses(Including service tax)					544.42
	2	Investments/Advances in KSK Mahanadi Power Company Limited					8,296.14
	3	Sub-total					8,840.56
	4	Balance of unutilised monies out of the IPO funds in liquid funds					138.30
3	The company has no reportable business segments other than project development segment. Further, as all the business and operations are carried out in India, there are no reportable geographical segments referred to in AS 17 "Segment Reporting".
4	There were no investor complaints pending for at the beginning of the quarter. The Company has not received any investor complaints during the quarter ended March 31,2010.
5	The Pledge of shares by the Promoter entity i.e, KSK Energy Limited,  Mauritius is offered as collateral with respect to the corporate debt facility availed by the Company from a reputed financial institution in India.
6	During the year ended March 31 , 2010, the company has raised an amount of Rs.5,159.25 millions by issuing 26,525,714 equity shares of Rs.10/- each at a premium of Rs.184.50 to Qualified Institutional Buyers ("QIBs") through qualified institutions placement under Chapter VIII of the Securities and Exchange Board  of India (Issue of Capital and Disclosure requirements) Regulations, 2009, as amended. The Shares were  allotted on November 17, 2009 and as a result the paid up share capital has increased to Rs 3,726.30 million.
7	There are no extra-ordinary / exceptional items during the quarter/year ended March 31, 2010.
8	Figures for the previous quarter/year have been regrouped and reclassified to conform to the classification of the current quarter/year, wherever necessary.
							For KSK Energy Ventures Limited
	Date: May 29, 2010.						S.Kishore
	Place: Hyderabad.						Whole-time Director

 

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