1st Jun 2010 07:00
1st 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 +91 40 2355 9922
Mr. S. Kishore, Executive Director
Mr. K. A. Sastry, Executive Director
Arden Partners plc +44 (0)20 7614 5900
Richard Day / Adrian Trimmings
Financial Dynamics +44(0)20 7269 7157
Jonathan Brill / Billy Clegg / Ed Westropp
Full Results (Indian GAAP)
The Full text of the Consolidated and standalone results of KSKEV are given below
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KSK Energy Ventures Limited |
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Audited Consolidated Financial Results for the year ended March 31, 2010 |
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(All amount in Indian Rupees million, except share data and where otherwise stated) |
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S.No |
Particulars |
3 months ended |
3 months ended |
Year ended |
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31-Mar-10 |
31-Mar-09 |
31-Mar-10 |
31-Mar-09 |
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Unaudited |
Unaudited |
Audited |
Audited |
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1 |
a |
Net sales/Income from operations |
1,652.88 |
1,275.40 |
4,534.05 |
3,504.21 |
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b |
Other operating income |
151.11 |
45.05 |
490.50 |
305.23 |
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Total income |
1,803.99 |
1,320.45 |
5,024.55 |
3,809.44 |
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2 |
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Expenditure |
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a |
(Increase)/decrease in stock in trade and work in progress |
- |
- |
- |
- |
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b |
Consumption of raw materials |
322.03 |
289.66 |
1,209.00 |
1,040.07 |
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c |
Purchase of traded goods |
- |
- |
- |
- |
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d |
Employees cost |
33.38 |
31.57 |
119.98 |
110.54 |
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e |
Depreciation |
73.67 |
60.96 |
259.73 |
246.43 |
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f |
Other expenditure |
192.98 |
116.38 |
636.77 |
476.57 |
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Total expenditure |
622.06 |
498.57 |
2,225.48 |
1,873.61 |
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3 |
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Profit from operation before other income, interest and exceptional items (1-2) |
1,181.93 |
821.88 |
2,799.07 |
1,935.83 |
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4 |
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Other income |
150.35 |
199.06 |
635.97 |
1,122.74 |
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5 |
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Profit before interest and exceptional items (3+4) |
1,332.28 |
1,020.94 |
3,435.04 |
3,058.57 |
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6 |
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Interest |
303.24 |
334.99 |
1,246.38 |
1,221.44 |
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7 |
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Profit after interest but before exceptional items (5-6) |
1,029.04 |
685.95 |
2,188.66 |
1,837.13 |
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8 |
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Exceptional items |
- |
- |
- |
60.00 |
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9 |
|
Profit (+)/ Loss (-) from ordinary activities before tax (7+8) |
1,029.04 |
685.95 |
2,188.66 |
1,897.13 |
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10 |
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Tax expense |
33.49 |
177.84 |
275.95 |
442.88 |
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11 |
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Net Profit (+)/ Loss (-) from ordinary activities after tax (9-10) |
995.55 |
508.11 |
1,912.71 |
1,454.25 |
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12 |
|
Extraordinary Items (net of tax expense Rs. Nil) |
- |
- |
- |
- |
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13 |
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Net Profit(+)/ Loss(-) for the period (11-12) |
995.55 |
508.11 |
1,912.71 |
1,454.25 |
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14 |
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Minority interest |
46.83 |
26.94 |
161.64 |
95.11 |
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15 |
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Shares of associates |
- |
- |
- |
- |
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16 |
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Other related items |
- |
- |
- |
- |
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17 |
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Consolidated Net Profit(+)/ Loss(-) for the period (13-(14 to 16)) |
948.72 |
481.17 |
1,751.07 |
1,359.14 |
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18 |
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Face Value (in Rs.) |
10.00 |
10.00 |
10.00 |
10.00 |
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19 |
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Paid-up equity share capital |
3,726.30 |
3,461.05 |
3,726.30 |
3,461.05 |
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20 |
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Reserves excluding revaluation reserves |
- |
- |
22,894.08 |
16,360.18 |
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21 |
|
Earnings/(Loss) Per Share (EPS) |
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|
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|
a |
Before extraordinary items for the period, for the year to date and for the previous year/period (non annualized) |
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- Basic |
2.55 |
1.39 |
4.92 |
4.07 |
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- Diluted |
2.55 |
1.39 |
4.92 |
4.07 |
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b |
After extraordinary items for the period, for the year to date and for the previous year/period (non annualized) |
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- Basic |
2.55 |
1.39 |
4.92 |
4.07 |
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- Diluted |
2.55 |
1.39 |
4.92 |
4.07 |
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22 |
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Public shareholding |
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- Number of shares |
176,123,868 |
154,882,709 |
176,123,868 |
154,882,709 |
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- Percentage of shareholding |
47.27% |
44.75% |
47.27% |
44.75% |
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23 |
a |
Pledged/Encumbered |
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- Number of shares |
52,000,000 |
- |
52,000,000 |
- |
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- Percentage of shares (as a % of total shareholding of the Promoter and Promoter group) |
26.46% |
- |
26.46% |
- |
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Percentage of shares (as a % of total Share capital of the Company) |
13.95% |
- |
13.95% |
- |
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b |
Non-encumbered |
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- Number of shares |
144,506,586 |
191,222,031 |
144,506,586 |
191,222,031 |
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- Percentage of shares (as a % of total shareholding of the Promoter and Promoter group |
73.54% |
100.00% |
73.54% |
100.00% |
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- Percentage of shares (as a % of total Share capital of the Company) |
38.78% |
55.25% |
38.78% |
55.25% |
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Segment wise revenue, results and capital employed under clause 41 of the Listing agreement |
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(All amount in Indian Rupees million, except share data and where otherwise stated) |
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Particulars |
3 months ended |
3 months ended |
Year ended |
Year ended |
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31-Mar-10 |
31-Mar-09 |
31-Mar-10 |
31-Mar-09 |
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Unaudited |
Unaudited |
Audited |
Audited |
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1. Segment revenue |
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(a) Project development |
994.45 |
583.47 |
2,120.95 |
1,370.01 |
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(b) Power generation |
826.09 |
740.03 |
2,929.31 |
2,451.64 |
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(c) Unallocated |
- |
- |
- |
- |
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Total |
1,820.54 |
1,323.50 |
5,050.26 |
3,821.65 |
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Less: Inter segment revenue |
16.55 |
3.05 |
25.71 |
12.21 |
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Net sales/income from operations |
1,803.99 |
1,320.45 |
5,024.55 |
3,809.44 |
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2. Segment results profit(+)/ (loss) (-) before tax and interest |
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(a) Project development |
897.25 |
537.84 |
1,822.22 |
1,168.82 |
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(b) Power generation |
284.68 |
284.04 |
976.85 |
767.01 |
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(c) Unallocated |
- |
- |
- |
- |
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Total |
1,181.93 |
821.88 |
2799.07 |
1,935.83 |
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Less: i) Interest |
303.24 |
334.99 |
1,246.38 |
1,221.44 |
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Add : ii) Other un-allocable income net off un-allocable expenditure |
150.35 |
199.06 |
635.97 |
1,182.74 |
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Total Profit before tax |
1,029.04 |
685.95 |
2,188.66 |
1,897.13 |
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3. Capital employed |
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(Segment assets - Segment liabilities) |
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(a) Project development |
1,774.70 |
2,505.56 |
1,774.70 |
2,505.56 |
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(b) Power generation |
73,617.98 |
30,773.89 |
73,617.98 |
30,773.89 |
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(c) Unallocated |
6,687.09 |
10,637.69 |
6,687.09 |
10,637.69 |
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Total |
82,079.77 |
43,917.14 |
82,079.77 |
43,917.14 |
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Stand-Alone Information (Audited) |
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All amounts in INR million |
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SL No. |
PARTICULARS |
For the Quarter ended |
For the Year ended |
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31-Mar-10 |
31-Mar-09 |
31-Mar-10 |
31-Mar-09 |
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Unaudited |
Unaudited |
Audited |
Audited |
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1 |
Turnover |
1,005.22 |
585.19 |
2,145.01 |
1,317.67 |
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2 |
Profit before tax |
852.39 |
496.62 |
1,555.11 |
1,366.44 |
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3 |
Profit after tax |
793.23 |
362.37 |
1,270.49 |
1,036.22 |
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KSK Energy Ventures Limited |
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Audited Consolidated Financials for the year ended March 31, 2010 |
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(All amount in Indian Rupees million, except share data and where otherwise stated) |
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STATEMENT OF ASSETS AND LIABILITIES |
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SL No. |
PARTICULARS |
As at |
As at |
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31-Mar-10 |
31-Mar-09 |
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Audited |
Audited |
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Shareholder's funds |
|
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a |
Share Capital |
3,726.30 |
3,461.05 |
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b |
Reserves and Surplus |
22,894.08 |
16,360.18 |
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Minority interest |
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1,947.05 |
1,649.86 |
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Loan funds |
53,389.82 |
22,385.59 |
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Deferred tax liability |
122.52 |
60.46 |
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Total |
82,079.77 |
43,917.14 |
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Fixed assets (including capital work in progress and goodwill) |
68,983.16 |
32,574.16 |
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Investments |
31.67 |
757.56 |
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Current assets, loans and advances |
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a |
Inventory |
491.39 |
149.38 |
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b |
Sundry Debtors |
448.56 |
410.15 |
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c |
Cash and bank balances |
11,943.34 |
11,073.31 |
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d |
Other current assets |
|
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528.74 |
488.40 |
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e |
Loans and advances |
4,133.08 |
4,096.27 |
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Less : Current liabilities and provisions |
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a |
Liabilities |
4,412.41 |
5,477.59 |
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b |
Provisions |
67.76 |
154.50 |
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Net current assets |
13,064.94 |
10,585.42 |
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Total |
82,079.77 |
43,917.14 |
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Notes: |
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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. |
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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: |
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Funds received upto March 31, 2010 : |
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Sl No |
Particulars |
Rs. in Millions |
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1 |
Equity Share Capital |
346.11 |
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2 |
Share Premium |
7,960.53 |
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3 |
Interest on Liquid Funds |
672.22 |
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Total |
8,978.86 |
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Actual utilisation upto March 31, 2010 |
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Sl No |
Particulars |
Rs. in Millions |
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1 |
IPO Expenses (Including service tax) |
544.42 |
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2 |
Investments/Advances - KSK Mahanadi Power Company Limited |
8,296.14 |
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Sub-total |
8,840.56 |
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3 |
Balance of unutilised monies out of the IPO funds in liquid funds |
138.30 |
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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. |
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4 |
The company has no reportable geographical segments referred to in AS 17 "Segment Reporting". |
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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. |
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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. |
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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. |
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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. |
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9 |
There are no exceptional/extra-ordinary items during the quarter / year ended March 31, 2010. |
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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 . |
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11 |
Figures for the quarter/previous year have been regrouped and reclassified to confirm to the classification of the current quarter / year, wherever necessary. |
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Date: May 29, 2010 |
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For KSK Energy Ventures Limited |
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Place: Hyderabad. |
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S.Kishore |
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Whole-time Director |
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KSK Energy Ventures Limited |
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Audited Standalone Financial Results for the year ended March 31, 2010 |
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(All amount in Indian Rupees million, except share data and where otherwise stated) |
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S.No |
Particulars |
3 months ended |
3 months ended |
Year ended |
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31-Mar-10 |
31-Mar-09 |
31-Mar-10 |
31-Mar-09 |
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Unaudited |
Unaudited |
Audited |
Audited |
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1 |
a |
Net sales/Income from operations |
850.60 |
538.43 |
1,637.71 |
1,064.77 |
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b |
Other operating income |
154.62 |
46.76 |
507.30 |
252.90 |
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Total income |
1,005.22 |
585.19 |
2,145.01 |
1,317.67 |
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2 |
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Expenditure |
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a |
Employees cost |
21.05 |
20.39 |
77.20 |
73.02 |
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b |
Depreciation |
6.73 |
2.31 |
13.84 |
9.09 |
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c |
Other expenditure |
57.78 |
19.44 |
186.14 |
104.13 |
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Total expenditure |
85.56 |
42.14 |
277.18 |
186.24 |
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3 |
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Profit from operation before other income, interest and exceptional items (1-2) |
919.66 |
543.05 |
1,867.83 |
1,131.43 |
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4 |
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Other income |
149.34 |
195.54 |
613.70 |
1,112.77 |
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5 |
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Profit before interest and exceptional items (3+4) |
1,069.00 |
738.59 |
2,481.53 |
2,244.20 |
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6 |
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Interest |
216.62 |
241.97 |
926.42 |
877.76 |
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7 |
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Profit after interest but before exceptional items (5-6) |
852.38 |
496.62 |
1,555.11 |
1,366.44 |
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8 |
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Exceptional items |
- |
- |
- |
- |
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9 |
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Profit (+)/ Loss (-) from ordinary activities before tax (7+8) |
852.38 |
496.62 |
1,555.11 |
1,366.44 |
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10 |
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Tax expense |
59.15 |
134.25 |
284.62 |
330.22 |
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11 |
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Net Profit (+)/ Loss (-) from ordinary activities after tax (9-10) |
793.23 |
362.37 |
1,270.49 |
1,036.22 |
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12 |
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Extraordinary Items (net of tax expense Rs. Nil) |
- |
- |
- |
- |
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13 |
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Net Profit(+)/ Loss(-) for the period (11-12) |
793.23 |
362.37 |
1,270.49 |
1,036.22 |
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14 |
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Face Value (in Rs.) |
10.00 |
10.00 |
10.00 |
10.00 |
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15 |
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Paid-up equity share capital |
3,726.30 |
3,461.05 |
3,726.30 |
3,461.05 |
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16 |
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Reserves excluding revaluation reserves |
- |
- |
22,074.18 |
16,020.87 |
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17 |
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Earnings/(Loss) Per Share (EPS) |
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a |
Before extraordinary items for the period, for the year to date and for the previous year/period (non annualized) |
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- Basic |
2.13 |
1.05 |
3.57 |
3.10 |
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- Diluted |
2.13 |
1.05 |
3.57 |
3.10 |
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b |
After extraordinary items for the period, for the year to date and for the previous year/period (non annualized) |
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- Basic |
2.13 |
1.05 |
3.57 |
3.10 |
|
|
|
- Diluted |
2.13 |
1.05 |
3.57 |
3.10 |
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18 |
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Public shareholding |
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|
|
|
|
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|
- 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 |
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|
Audited Standalone Financials for the year ended March 31, 2010 |
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(All amount in Indian Rupees million, except share data and where otherwise stated) |
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|
Statement of assets and liabilities |
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|
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: |
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|
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. |
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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: |
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|
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 |
|
|
||||
|
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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". |
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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. |
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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. |
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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. |
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7 |
There are no extra-ordinary / exceptional items during the quarter/year ended March 31, 2010. |
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8 |
Figures for the previous quarter/year have been regrouped and reclassified to conform to the classification of the current quarter/year, wherever necessary. |
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For KSK Energy Ventures Limited |
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Date: May 29, 2010. |
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S.Kishore |
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Place: Hyderabad. |
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Whole-time Director |
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Related Shares:
KSK.L