Subsidiary Results

RNS Number : 0463H

KSK Power Ventur PLC

30 October 2008

 



Immediate Release

30 October 2008

KSK Power Ventur plc  

Subsidiary Results

KSK Power Ventur plc, the AIM listed power development company, announces today that its Indian subsidiary, KSK Energy Ventures Limited ('KSKEV'), which floated on the Indian Stock Exchanges in July 2008, has announced its interim unaudited results for the half year ended 30 September 2008. Please note that KSKEV prepares its accounts under Indian GAAP whereas KSK Power Venture plc prepares its accounts under IFRS.

Unaudited Consolidated Financial Results 

for the quarter and half year ended 30 September 2008 (Rs. in Millions)

Sl No		Particulars	3 months ended	Year to Date figures for current Period ended	Year to Date figures for previous Period ended	Previous accounting year ended
			30-Sep-08	30-Sep-08	30-Sep-07	31-Mar-08
			Unaudited	Unaudited	Audited	Audited
1	(a)	Net Sales/Income from Operations	989.88	1,557.92	676.82	2,391.25
	(b)	Other Operating Income	170.56	280.27	86.89	68.68
		Total Income	1,160.44	1,838.19	763.71	2,459.93
2		Expenditure
	a	(Increase)/decrease in stock in trade and work in progress	-	-	-	-
	b	Consumption of raw materials	200.97	445.46	236.14	747.96
	c	Purchase of traded goods	-	-	-	-
	d	Employees cost	27.04	49.27	26.20	73.79
	e	Depreciation	62.33	123.27	79.94	223.59
	f	Other expenditure	151.08	266.71	142.63	599.77
		Total	441.42	884.71	484.91	1,645.11
3		Profit from operation before other income, Interest & Exceptional items (1-2)	719.02	953.48	278.80	814.82
4		Other Income	232.19	735.70	49.30	1,119.52
5		Profit before Interest & Exceptional items (3+4)	951.21	1,689.18	328.10	1,934.34
6		Interest	290.01	552.67	177.34	627.13
7		Profit after interest but before Exceptional items (5-6)	661.20	1,136.51	150.76	1,307.21
8		Exceptional items	-	-	-	-
9		Profit (+)/ Loss (-) from Ordinary Activities before tax (7-8)	661.20	1,136.51	150.76	1,307.21
10		Tax expense	209.07	278.13	28.32	220.75
11		Net Profit (+)/ Loss (-) from Ordinary Activities after tax (9-10)	452.13	858.38	122.44	1,086.46
12		Extraordinary Items (net of tax expense Rs. Nil)	-	-	-	-
13		Net Profit(+)/ Loss(-) for the period (11-12)	452.13	858.38	122.44	1,086.46
14		Minority interest	(1.78)	16.63	6.02	61.66
15		Shares of associates		-	-	-

Unaudited Consolidated Financial Results (Continued)

for the quarter and half year ended 30 September 2008 (Rs. in Millions)

Sl No		Particulars	3 months ended	Year to Date figures for current Period ended	Year to Date figures for previous Period ended	Previous accounting year ended
			30-Sep-08	30-Sep-08	30-Sep-07	31-Mar-08
			Unaudited	Unaudited	Audited	Audited
16		Other Related items		-	-	-
17		Consolidated Net Profit(+)/ Loss(-) for the period (13-(14 to 16))	453.91	841.75	116.42	1,024.80
18		Face Value (in Rs.)	10.00	10.00	10.00	10.00
19		Paid-up equity share capital	3,461.05	3,461.05	910.27	2,941.88
20		Reserves excluding Revaluation Reserves as per balance sheet of previous accounting year	-	-	-	3,427.60
21		Earnings Per Share (EPS)
	a	Before Extraordinary items for the period, for the year to date and for the previous year (not to be annualized)
		- Basic	1.41	2.61	2.15	5.73
		- Diluted	1.41	2.61	1.74	5.17
	b	After Extraordinary items for the period, for the year to date and for the previous year (not to be annualized)
		- Basic	1.41	2.61	2.15	5.73
		- Diluted	1.41	2.61	1.74	5.17
22		Public shareholding
		- Number of shares	154,882,709	154,882,709	Nil	102,965,789
		- Percentage of shareholding	44.75%	44.75%	Nil	35%

Segment wise revenue, results and capital employed under clause 41 of the Listing agreement

	ANNEXURE IV TO CLAUSE 41			(Rs in Millions)
Particulars	3 months ended	Year to date figures for current period ended	Year to Date figures for previous Period ended	Previous accounting year ended
	30-Sep-08	30-Sep-08	30-Sep-07	31-Mar-08
	Unaudited	Unaudited	Audited	Audited
1. Segment Revenue
(net sale/income from each segment should be disclosed under this head)
(a) Project Development	519.15	522.75	124.98	504.78
(b) Power Generation	473.78	1,041.27	551.84	1,896.57
(c) Unallocated	-	-	-	-
Total	992.93	1,564.02	676.82	2,401.35
Less: Inter Segment Revenue	3.05	6.10	-	10.10
Net sales/Income From Operations	989.88	1,557.92	676.82	2,391.25
2. Segment Results Profit(+)/ (Loss) (-) before tax and interest from Each segment)
(a) Project Development	457.60	414.34	29.73	242.78
(b) Power Generation	90.86	258.87	162.18	503.36
(c) Unallocated	-	-	-	-
Total	548.46	673.24	191.91	746.14
Less: i) Interest	290.01	552.67	177.34	627.13
Add : ii) Other Un-allocable Expenditure net off Un-allocable income	402.75	1,015.97	136.19	1,188.20
Total Profit Before Tax	661.21	1,136.54	150.76	1,307.21
3. Capital Employed
(Segment assets - Segment Liabilities)
(a) Project Development	2,275.57	2,275.57	1,483.47	1,969.57
(b) Power Generation	21,551.21	21,551.21	7,492.89	16,977.49
(c) Unallocated	13,286.66	13,286.66	1,990.25	1048.97
Total	37,627.07	37,627.07	10,966.61	19,996.04

  Notes:

1	The above results have been reviewed by the Audit Committee in its meeting held on 29 October 2008 and approved by the Board of Directors in its meeting held on 29 October 2008.
2	The above results for the quarter ended 30 September 2008 have been subjected to 'Limited Review' by the Statutory Auditors of the Company, as per the listing agreement entered into with the stock exchanges in India.
3	The Company has completed its Initial Public Offering (IPO) and issued and allotted 34,611,000 Equity shares of Rs 10 each at a premium of Rs 230.
4	The Company's Shares got listed at the National Stock Exchange of India Limited and Bombay Stock Exchange Limited from 14 July 2008 and hence the comparative figures for the previous year/period are not required to be furnished. However, the Company has opted to publish financials for the period from 1 April 2007 to 30 September 2007 to facilitate comparison.
5	The particulars of proceeds raised from the issue and its actual utilisation up to 30 September 2008 for the stated purposes in prospectus are given below:

Funds received up to 30 September 2008 :

Sl No	Particulars	Rs. in Millions
1	Equity Share Capital	346.11
2	Share Premium	7,960.53
3	Total	8,306.64

Actual utilisation up to 30 September 2008

Sl No	Particulars	Rs. in Millions
1	IPO Expenses	312.72
2	Investment in Wardha - Chhattisgarh project	590.00
3	Sub-total	902.72
4	Balance of unutilised monies out of the IPO funds in liquid funds	7,403.92

6	The segment report of KSK Energy Ventures Limited and its subsidiaries and associates has been prepared in accordance with the AS 17 'Segment Reporting' issued pursuant to the Companies (Accounting Standard) Rules, 2006 and by the Institute of Chartered Accountant of India.
7	The company has no reportable geographical segments referred to in AS 17 'Segment Reporting'.
8	Number of investor complaints during the quarter ended 30 September 2008 :

Sl No	Particulars	Status
i	Opening	Nil
ii	Received	108
iii	Resolved	108
iv	Pending	Nil

9	There are no exceptional/extra-ordinary items during the quarter/period ended 30 September 2008.
10	The Company has adjusted the IPO issue expenses of Rs 399.64 million (including Rs 312.72 million as per note 4 above detailing the utilisation of funds raised in IPO) against the Securities premium account.
11	Standalone Financial results of the parent Company for the quarter ended 30 September 2008 are available on the Company's website www.ksk.co.in
12	Figures for the previous year/period have been regrouped and reclassified to conform to the classification of the current period, wherever necessary.

Date: 29 October 2008	For KSK Energy Ventures Limited
Location: Hyderabad
	K.A. Sastry
	Full time Executive Director

For further information please contact:

KSK Power Ventur plc	[phone]
S. Kishore, Executive Director
K.A.Sastry, Executive Director
Buchanan Communications	[phone]
Mark Edwards / Ben Willey
Arden Partners plc	[phone]
Richard Day / Adrian Trimmings

 

END

 

 

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