Half-year Report

OPG Power Ventures plc

20 December 2024

A logo with text on it Description automatically generated 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 30 Sep 24 (£ million)		six months ended 30 Sep 23 (£ million)	Year ended 31 Mar 24 (£ 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 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 Non-Executive Chairman		Ajit Pratap Singh 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 non-controlling interests					(56)	1,132	19,317
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 Non-Executive Chairman			Ajit Pratap Singh 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 associates		4,254,808	4,064,281	7,554,443
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	(1,253,317)	(721,914)	(1,967,022)
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)		(1,859,778)	(166,238)	(3,560,859)
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		(572,493)	4,780,356	(229,714)
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		5,801,763	14,808,600	11,071,189
Net decrease in cash and cash equivalents from discontinued operations		-	-	-
Net (decrease) in cash and cash equivalents		5,801,763	14,808,600	11,071,189
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 Non-Executive Chairman			Ajit Pratap Singh 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.

Summary of significant accounting policies

Basis of preparation

The consolidated financial statements of the Group have been prepared on a historical cost basis, except for financial assets and liabilities at fair value through profit or loss and financial assets measured at FVPL.

The consolidated financial statements are presented in accordance with IAS 1 Presentation of Financial Statements and have been presented in Great Britain Pounds ('₤'), the functional and presentation currency of the Company.

Going Concern

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.

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.

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.

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

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

Samriddhi Surya Vidyut Private Limited

OPGPG

India

100.00

Powergen Resources Pte Ltd

OPGPV

Singapore

100.00

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).

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.

Operating expenses

Operating expenses are recognised in the statement of profit or loss upon utilisation of the service or as incurred.

Taxes

Tax expense recognised in profit or loss comprises the sum of deferred tax and current tax not recognised in other comprehensive income or directly in equity.

Current income tax assets and/or liabilities comprise those obligations to, or claims from, taxation authorities relating to the current or prior reporting periods, that are unpaid at the reporting date. Current tax is payable on taxable profit, which differs from profit or loss in the financial statements.

Calculation of current tax is based on tax rates and tax laws that have been enacted or substantively enacted by the end of the reporting period.

Deferred income taxes are calculated using the liability method on temporary differences between the carrying amounts of assets and liabilities and their tax bases. However, deferred tax is not provided on the initial recognition of goodwill, nor on the initial recognition of an asset or liability unless the related transaction is a business combination or affects tax or accounting profit. Deferred tax on temporary differences associated with investments in subsidiaries is not provided if reversal of these temporary differences can be controlled by the Group and it is probable that reversal will not occur in the foreseeable future.

Deferred tax assets and liabilities are calculated, without discounting, at tax rates that are expected to apply to their respective period of realisation, provided they are enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are always provided for in full.

Deferred tax assets are recognised to the extent that it is probable that they will be able to be utilised against future taxable income. Deferred tax assets and liabilities are offset only when the Group has a right and the intention to set off current tax assets and liabilities from the same taxation authority. Changes in deferred tax assets or liabilities are recognised as a component of tax income or expense in profit or loss, except where they relate to items that are recognised in other comprehensive income or directly in equity, in which case the related deferred tax is also recognised in other comprehensive income or equity, respectively.

Financial assets

IFRS 9 Financial Instruments contains regulations on measurement categories for financial assets and financial liabilities. It also contains regulations on impairments, which are based on expected losses.

Financial assets are classified as financial assets measured at amortized cost, financial assets measured at fair value through other comprehensive income (FVOCI) and financial assets measured at fair value through profit and loss (FVPL) based on the business model and the characteristics of the cash flows. If a financial asset is held for the purpose of collecting contractual cash flows and the cash flows of the financial asset represent exclusively interest and principal payments, then the financial asset is measured at amortized cost. A financial asset is measured at fair value through other comprehensive income (FVOCI) if it is used both to collect contractual cash flows and for sales purposes and the cash flows of the financial asset consist exclusively of interest and principal payments. Unrealized gains and losses from financial assets measured at fair value through other comprehensive income (FVOCI), net of related deferred taxes, are reported as a component of equity (other comprehensive income) until realized. Realized gains and losses are determined by analyzing each transaction individually. Debt instruments that do not exclusively serve to collect contractual cash flows or to both generate contractual cash flows and sales revenue, or whose cash flows do not exclusively consist of interest and principal payments are measured at fair value through profit and loss (FVPL). For equity instruments that are held for trading purposes the group has uniformly exercised the option of recognizing changes in fair value through profit or loss (FVPL). Refer to note 30 "Summary of financial assets and liabilities by category and their fair values".

Impairments of financial assets are both recognized for losses already incurred and for expected future credit defaults. The amount of the impairment loss calculated in the determination of expected credit losses is recognized on the income statement. Impairment provisions for current and non-current trade receivables are recognised based on the simplified approach within IFRS 9 using a provision matrix in the determination of the lifetime expected credit losses. During this process the probability of the non-payment of the trade receivables is assessed. This probability is then multiplied by the amount of the expected loss arising from default to determine the lifetime expected credit loss for the trade receivables. On confirmation that the trade receivable will not be collectable, the gross carrying value of the asset is written off against the associated provision.

Financial liabilities

The Group's financial liabilities include borrowings and trade and other payables. Financial liabilities are measured subsequently at amortised cost using the effective interest method. All interest-related charges and, if applicable, changes in an instrument's fair value that are reported in profit or loss are included within 'finance costs' or 'finance income'.

Fair value of financial instruments

The fair value of financial instruments that are actively traded in organised financial markets is determined by reference to quoted market prices at the close of business on the Statement of financial position date. For financial instruments where there is no active market, fair value is determined using valuation techniques. Such techniques may include using recent arm's length market transactions; reference to the current fair value of another instrument that is substantially the same; discounted cash flow analysis or other valuation models.

Property, plant and equipment

Property, plant and equipment are stated at historical cost, less accumulated depreciation and any impairment in value. Historical cost includes expenditure that is directly attributable to property plant & equipment such as employee cost, borrowing costs for long-term construction projects etc., if recognition criteria are met. Likewise, when a major inspection is performed, its costs are recognised in the carrying amount of the plant and equipment as a replacement if the recognition criteria are satisfied. All other repairs and maintenance costs are recognised in the profit or loss as incurred.

Land is not depreciated. Depreciation on all other assets is computed on straight-line basis over the useful life of the asset based on management's estimate as follows:

Nature of asset

Useful life (years)

Buildings

Power stations

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.

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.

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.

Borrowing costs

Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets. Interest income earned on the temporary investment of specific borrowing pending its expenditure on qualifying assets is deducted from the costs of these assets.

Gains and losses on extinguishment of liability, including those arising from substantial modification from terms of loans are not treated as borrowing costs and are charged to profit or loss.

All other borrowing costs including transaction costs are recognized in the statement of profit or loss in the period in which they are incurred, the amount being determined using the effective interest rate method.

Impairment of non-financial assets

The Group assesses at each reporting date whether there is an indication that an asset may be impaired. If any such indication exists, or when annual impairment testing for an asset is required, the Group estimates the asset's recoverable amount. An asset's recoverable amount is the higher of an asset's or cash-generating unit's (CGU) fair value less costs to sell and its value in use and is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or Groups of assets. Where the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs to sell, an appropriate valuation model is used. These calculations are corroborated by valuation multiples, quoted share prices for publicly traded subsidiaries or other available fair value indicators.

For assets excluding goodwill, an assessment is made at each reporting date as to whether there is any indication that previously recognised impairment losses may no longer exist or may have decreased. If such indication exists, the Group estimates the asset's or cash-generating unit's recoverable amount. A previously recognised impairment loss is reversed only if there has been a change in the assumptions used to determine the asset's recoverable amount since the last impairment loss was recognised. The reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount, nor exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognised for the asset in prior years. Such reversal is recognised in the profit or loss.

Non-current Assets Held for Sale and Discontinued Operations

Non-current assets and any corresponding liabilities held for sale and any directly attributable liabilities are recognized separately from other assets and liabilities in the balance sheet in the line items "Assets held for sale" and "Liabilities associated with assets held for sale" if they can be disposed of in their current condition and if there is sufficient probability of their disposal actually taking place. Discontinued operations are components of an entity that are either held for sale or have already been sold and can be clearly distinguished from other corporate operations, both operationally and for financial reporting purposes. Additionally, the component classified as a discontinued operation must represent a major business line or a specific geographic business segment of the Group. Non-current assets that are held for sale either individually or collectively as part of a disposal group, or that belong to a discontinued operation, are no longer depreciated. They are instead accounted for at the lower of the carrying amount and the fair value less any remaining costs to sell. If this value is less than the carrying amount, an impairment loss is recognized. The income and losses resulting from the measurement of components held for sale as well as the gains and losses arising from the disposal of discontinued operations, are reported separately on the face of the income statement under income/loss from discontinued operations, net, as is the income from the ordinary operating activities of these divisions. Prior-year income statement figures are adjusted accordingly. However, there is no reclassification of prior-year balance sheet line items attributable to discontinued operations.

In case of reclassification, previously recognised impairment loss is reversed only if there has been a change in the assumptions used to determine the investment's recoverable amount since the last impairment loss was recognised. The reversal is limited so that the carrying amount of the investment does not exceed its recoverable amount, nor exceed the carrying amount that would have been determined, had no impairment loss been recognised for the investments in prior years. Such reversal is recognised in the profit or loss. Once the Company ceases to classify a component as assets held for sale, the results of that component previously presented in discontinued operations will be reclassified and included in income from continuing operation for the period presented.

Cash and cash equivalents

Cash and cash equivalents in the Statement of financial position includes cash in hand and at bank and short-term deposits with original maturity period of 3 months or less.

For the purpose of the consolidated cash flow statement, cash and cash equivalents consist of cash in hand and at bank and short-term deposits. Restricted cash represents deposits which are subject to a fixed charge and held as security for specific borrowings and are not included in cash and cash equivalents.

Inventories

Inventories are stated at the lower of cost and net realisable value. Costs incurred in bringing each product to its present location and condition is accounted based on weighted average price. Net realisable value is the estimated selling price in the ordinary course of business, less estimated selling expenses.

Earnings per share

The earnings considered in ascertaining the Group's earnings per share (EPS) comprise the net profit for the year attributable to ordinary equity holders of the parent. The number of shares used for computing the basic EPS is the weighted average number of shares outstanding during the year. For the purpose of calculating diluted earnings per share the net profit or loss for the period attributable to equity shareholders and the weighted average number of shares outstanding during the period are adjusted for the effects of all dilutive potential equity share.

Other provisions and contingent liabilities

Provisions are recognised when present obligations as a result of a past event will probably lead to an outflow of economic resources from the Group and amounts can be estimated reliably. Timing or amount of the outflow may still be uncertain. A present obligation arises from the presence of a legal or constructive obligation that has resulted from past events. Restructuring provisions are recognised only if a detailed formal plan for the restructuring has been developed and implemented, or management has at least announced the plan's main features to those affected by it. Provisions are not recognised for future operating losses.

Provisions are measured at the estimated expenditure required to settle the present obligation, based on the most reliable evidence available at the reporting date, including the risks and uncertainties associated with the present obligation. Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. Provisions are discounted to their present values, where the time value of money is material.

Any reimbursement that the Group can be virtually certain to collect from a third party with respect to the obligation is recognised as a separate asset. However, this asset may not exceed the amount of the related provision. All provisions are reviewed at each reporting date and adjusted to reflect the current best estimate.

In those cases where the possible outflow of economic resources as a result of present obligations is considered improbable or remote, no liability is recognised, unless it was assumed in the course of a business combination. In a business combination, contingent liabilities are recognised on the acquisition date when there is a present obligation that arises from past events and the fair value can be measured reliably, even if the outflow of economic resources is not probable. They are subsequently measured at the higher amount of a comparable provision as described above and the amount recognised on the acquisition date, less any amortisation.

Share based payments

The Group operates equity-settled share-based remuneration plans for its employees.

All goods and services received in exchange for the grant of any share-based payment are measured at their fair values. Where employees are rewarded using share-based payments, the fair values of employees' services is determined indirectly by reference to the fair value of the equity instruments granted. This fair value is appraised at the grant date and excludes the impact of non-market vesting conditions (for example profitability and sales growth targets and performance conditions).

All share-based remuneration is ultimately recognised as an expense in profit or loss with a corresponding credit to 'Other Reserves'.

If vesting periods or other vesting conditions apply, the expense is allocated over the vesting period, based on the best available estimate of the number of share options expected to vest. Non-market vesting conditions are included in assumptions about the number of options that are expected to become exercisable. Estimates are subsequently revised if there is any indication that the number of share options expected to vest differs from previous estimates. Any cumulative adjustment prior to vesting is recognised in the current period. No adjustment is made to any expense recognised in prior periods if share options ultimately exercised are different to that estimated on vesting.

Upon exercise of share options, the proceeds received net of any directly attributable transaction costs up to the nominal value of the shares issued are allocated to share capital with any excess being recorded as share premium.

Employee benefits

Gratuity

In accordance with applicable Indian laws, the Group provides for gratuity, a defined benefit retirement plan ("the Gratuity Plan") covering eligible employees. The Gratuity Plan provides a lump-sum payment to vested employees at retirement, death, incapacitation or termination of employment, of an amount based on the respective employee's salary and the tenure of employment.

Liabilities with regard to the gratuity plan are determined by actuarial valuation, performed by an independent actuary, at each Statement of financial position date using the projected unit credit method.

The Group recognises the net obligation of a defined benefit plan in its statement of financial position as an asset or liability, respectively in accordance with IAS 19, Employee benefits. The discount rate is based on the Government securities yield. Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to profit or loss in the statement of comprehensive income in the period in which they arise.

Employees Benefit Trust

The Group has established an Employees Benefit Trust (hereinafter 'the EBT') for investments in the Company's shares for employee benefit schemes. IOMA Fiduciary in the Isle of Man have been appointed as Trustees of the EBT with full discretion invested in the Trustee, independent of the company, in the matter of share purchases. As at present, no investments have been made by the Trustee nor any funds advanced by the Company to the EBT. The Company is yet to formulate any employee benefit schemes or to make awards thereunder.

Business combinations

Business combinations arising from transfers of interests in entities that are under the control of the shareholder that controls the Group are accounted for as if the acquisition had occurred at the beginning of the earliest comparative period presented or, if later, at the date that common control was established using pooling of interest method. The assets and liabilities acquired are recognised at the carrying amounts recognised previously in the Group controlling shareholder's consolidated financial statements. The components of equity of the acquired entities are added to the same components within Group equity. Any excess consideration paid is directly recognised in equity.

Segment reporting

The Group has adopted the "management approach" in identifying the operating segments as outlined in IFRS 8 - Operating segments. Segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The Board of Directors being the chief operating decision maker evaluate the Group's performance and allocates resources based on an analysis of various performance indicators at operating segment level. During 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.

Significant accounting judgements, estimates and assumptions

The preparation of financial statements in conformity with IFRS requires management to make certain critical accounting estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.

The principal accounting policies adopted by the Group in the consolidated financial statements are as set out above. The application of a number of these policies requires the Group to use a variety of estimation techniques and apply judgment to best reflect the substance of underlying transactions.

The Group has determined that a number of its accounting policies can be considered significant, in terms of the management judgment that has been required to determine the various assumptions underpinning their application in the consolidated financial statements presented which, under different conditions, could lead to material differences in these statements. The actual results may differ from the judgments, estimates and assumptions made by the management and will seldom equal the estimated results.

Judgements

The following are significant management judgments in applying the accounting policies of the Group that have the most significant effect on the financial statements.

Recoverability of deferred tax assets

The recognition of deferred tax assets requires assessment of future taxable profit (see note 5(h)). Deferred tax assets are recognised to the extent that it is probable that they will be able to be utilised against future taxable income.

Estimates and uncertainties:

The key assumptions concerning the future and other key sources of estimation uncertainty at the Statement of financial position date, that have a significant risk of causing material adjustments to the carrying amounts of assets and liabilities within the next financial year are discussed below:

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.

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

Segment Reporting

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

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

Costs of inventories and employee benefit expenses included in the consolidated statements of comprehensive income

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

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

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.

Other operating income and expenses

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.

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 01-Apr-24		Movements during the period Expired/					LTIP Outstanding30-sep-24			Latest vesting
									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				9.9-10.85¹					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

Non-Executive Chairman

Ajit Pratap Singh

Chief Financial Officer

-ends-

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OPG Power Ventures (OPG)

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