Final Results

OPG Power Ventures PLC

Sep 25 2024 08:00 BSTSource: RNS

RNS Number : 5205F

OPG Power Ventures plc

25 September 2024

OPG Power Ventures Plc

("OPG", the "Group" or the "Company")

Final Results for the Year Ended 31 March 2024

OPG (AIM: OPG), the developer and operator of power generation assets in India, announces its final results for the year ended 31 March 2024 ("FY24").

FY24 Summary:

· Strong recovery in FY revenues to £155.7m (FY 2023 £58.7m) with our Chennai operations performing well.

· OPG generated cash of £20.8m in the period. At the end of the period, OPG had a net cash position of £3.6m (including restricted cash of £10.1m being cash deposits and mutual fund holdings held as collateral).

· Adjusted EBITDA* was £16.7m in FY 24 (FY 23: £16.5m). The comparable 2023 figure includes profit from opportunistic coal sales, and income from an insurance settlement. Excluding the effects of these EBITDA in 2024 increased 57%.

· Statutory profit before tax was £7.5m in FY 24 (FY 23: £10.4m) with the comparable again reflecting income from coal sales and settlement of an insurance claim and also including an impairment reversal of £2.95m and share of net Profit from associates of £1.36m.

· NAV per share of 42.3p per share principally represents the carrying value of our core asset in Chennai. The Board estimates that the replacement cost for assets of this nature and location is considerably higher than the carrying value.

Unless specified, all figures in £m	FY 24	FY 23
Revenue	155.7	58.7
Other Operating Income	3.6	1.17
Adjusted EBITDA	16.7	16.5
Profit before tax from continuing operations	7.5	10.4**
Earnings per share (pence)	1.02	1.8***
NAV Per Share (pence)	42.3	42.6
Total generation (including deemed) (billion kWh)	2.32	1.5

*Defined as Earnings before Interest, Tax, Depreciation & Amortization and Share Based Payments

**Includes £2.2m coal sales and £3.5m insurance settlement.

*** Includes £2.2m coal sales, £3.5m insurance settlement and impairment reversal of £2.95m and share of Net Profit from associates of £1.36m

Mr. N. Kumar, Non-Executive Chairman said: "The financial year 2023-24 saw OPG record an impressive PLF and robust financial performance. This is a testimony to the continued efforts of the Company to achieve excellence in all areas of operations".

We continue to optimally use our facilities, improving efficiency and reducing emissions thereby improving our operational performance. Our commitment to sustainable practices has not only enhanced our operational resilience but also reinforced our position as a responsible leader in the energy sector.

The international coal prices have stabilized after a long time being volatile from the COVID induced supply chain issues and Russia-Ukraine war, marking a return to normalcy. This reduction and stabilizing of prices have led to improved power generation and consequently increased operating revenues and profits.

"In light of the above, OPG looks forward to FY24/25 with an increasing level of optimism."

For further information, please visit www.opgpower.com or contact:

OPG Power Ventures PLC	Via Tavistock below
Ajit Pratap Singh	Via Tavistock below

Cavendish Capital Markets Limited (Nominated Adviser & Broker)	+44 (0) 20 7220 0500
Stephen Keys/Katy Birkin/George Lawson	+44 (0) 20 7220 0500

Tavistock (Financial PR)	+44 (0) 20 7920 3150
Simon Hudson / Nick Elwes	+44 (0) 20 7920 3150

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

Proof of Excellence

The financial year 2023-24 saw OPG record an impressive PLF and robust financial performance. This is a testimony to the continued efforts of the Company to achieve excellence in all areas of operations.

Strong Performance

The current fiscal year saw the stabilization of coal prices. The Company was able to operate its units at optimal levels thereby delivering strong operating and financial performance. The Group report revenue of £155.7m and an EBITDA of £16.7m.

The Group remains one of the least leveraged power generating companies in India. Prudent cash flow management continues to be a prime focus area.

Building a Sustainable Future

The broad skill set within our team and their commitment to excellence steered by an experienced leadership team have helped achieve a strong performance for the year. The Group's continuous investment in its people and enhancing their skill levels have made our business agile and robust. The FY 24 results are a testimony of the collective efforts of our team. I am happy to note the Company is well positioned to capitalize on opportunities for growth.

We are also pleased to present our fourth standalone ESG report for FY 24. The report summarizes our objectives, activities, and performance from an ESG perspective. This report showcases instances of how we have upheld our commitments and implemented our management approach across various ESG areas, including environmental stewardship, health and safety, community engagement, and corporate governance.

The Company recorded impressive growth in generation of power and consequently on operating revenues. The performance of the Company is discussed in detail in the CEO's and the CFO's reviews.

Indian Economy and Power Sector Update

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, reaching 1,738.1 billion units (BU) compared to 1,624.16 billion units (BU) in FY 23. The surge in energy demand has been fuelled by a confluence of factors, including the Government of India's "Power for All" initiative, population growth, rapid urbanization, industrialization, rising air conditioning usage, and sustained economic expansion.

During FY 24, India added 26 GW of new generation capacity and as of 31 March 2024 the total generation capacity reached 442 GW of which 211 GW is from thermal sources. Compared with the 55% share in installed capacity, the thermal sector contributed 76% of India's electricity generated during FY 24, primarily on account of the higher load factors that thermal plants can achieve.

In India, temperatures in most parts of the country are expected to be above average during summer 2024. The Government of India has projected a peak power demand of 260 GW during the summer season in light of an extended heat wave. By 2030, the Government of India estimates peak electricity demand to exceed 400 GW.

Outlook

During FY 24, with increased generation and continued deleveraging, the Company has significantly strengthened its balance sheet and liquidity position which provides OPG with the financial strength and latitude to pursue new growth opportunities in energy transition.

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.

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 will continue to generate strong cash flows from operations and deleverage its balance sheet to maximise returns to its shareholders.

I take this opportunity to extend my sincere gratitude to all our stakeholders and employees for their continued support to our growth.

N. Kumar

Non-Executive Chairman

24 September 2024

CEO's Operational Review

OPG remains agile in its market strategy, continuously assessing opportunities to optimize capacity and maximize margins. By balancing stable, long-term contracts with short-term supplies and exchanges, the Group ensures robust operational efficiency amid fluctuating market conditions. This proactive approach underscores OPG's commitment to strategic resource management and sustainable profitability.

In the past year, we have reinforced our commitment to sustainable business stewardship and reaffirmed our determination to prove that our purpose-driven, impact-focused business can deliver sustainable performance today and well into the future. The Group continues to honour all its commitments to all stakeholders.

A review of the Group's operations is as follows:

Plant Availability and Generation

OPG's operational performance depends on its sales model, which includes a mix of power purchase agreements with various state utilities, Industry and Power Exchanges, plant availability, plant load factors, and auxiliary power consumption.

Following, the post-Covid stabilization of coal prices, ongoing geopolitical tensions such as the Ukraine-Russian war and instability in the Middle East pose potential risks of supply disruptions. Despite these challenges, the Group has proactively secured its raw material procurement and put in place robust processes to safeguard its operations from any potential interruptions. This strategic approach underscores the Company's resilience in navigating external uncertainties to maintain operational continuity.

OPG's plants are designed to use a wide range of fuels from various sources and are equipped with world class air-cooled condenser technology to minimise water consumption. This flexibility, though initially capital-intensive, paid dividends during challenging times, allowing us to use cheaper coal from various sources, including Indian coal.

Total generation at our plant in FY 24, including deemed offtake, was 2.32 billion units (FY 23: 1.53 billion units). The increased generation was due to higher demand of electricity in India and the Company's ability to secure short term profitable contracts. OPG continues to focus on such contracts in the current financial year.

The plant load factor ('PLF'), including deemed offtake, in FY 24 was 69.21 percent (FY 23: 42.1 percent). Auxiliary consumption levels are a key measure of plant efficiency, typically averaging around 8.5 percent for our units. OPG has implemented several measures and technical improvements to enhance plant efficiency by optimising auxiliary power consumption.

Power Offtake

In FY 24, the coal indices have decreased and the Group is consciously focusing on using a mix of domestic and international coal with the ultimate objective of generating electricity at optimum cost to achieve profitable operations. In FY 24, owing to various measures taken by OPG, the plant realised an average tariff of 7.5p (FY 23: 8.6p).

Coal and Freight

The Group has consistently imported low sulphur coal from reputable mines with established long standing relationships. In FY 24, we purchased coal through medium-term Fuel Supply Agreements (FSA) allowing us to procure 1,99,600 metric tons of Indian coal . Current coal prices and sea freight rates are returning to normal levels and the Group continues to actively review its procurement policy to mitigate the impact of coal price volatility.

Safety and Environmental Compliance

The Group has made excellent progress with its safety programs, recording zero Total Recordable Incident Rate (TRIR) in FY 24. We continue to minimise water consumption using air-cooled condensers and the Group's philosophy of continual improvement to remain a zero discharge unit.

Avantika Gupta

Chief Executive Officer

24 September 2024

CFO's Financial Review

The following is a commentary on the Group's financial performance for the year ending 31 March 2024.

Revenue

The Group's revenues saw an increase of £97m, representing a rise of 165.30 percent in FY 24. This strategic shift was driven by the Group's focus on profitable operations and capitalising on opportunities.

Adjusted EBITDA for FY 24 amounted to £16.7m, equivalent to 10.71 percent of revenues, compared to the previous year's figure of £16.5m, which constituted 28.15 percent of the previous year's revenue.

Income Statement

Year Ended 31 March	FY 24 £m	Percentage of revenue	FY 24 £m	Percentage of revenue
Revenue	£155.7		£58.7
Cost of Revenue (excluding Depreciation)	(£128.0)		(£42.3)
Gross Profit	£27.7	17.8	£16.4	28.0
Other Operating Income	£3.6			1.18
Other Income	£0.2			6.19
Distribution	(£14.8)		(£7.3)
General and Administrative Expenses
Adjusted EBITDA	£16.7	10.7	£16.5	28.15
Depreciation	(£5.5)		(£5.7)
Net Finance Costs	(£3.6)		(£4.7)
Income Before Tax	£7.6	4.9	£6.1	10.4
Reversal of Impairment provision and Share of Profits from Associates	£0.0		£4.31
Profit Before Tax	£7.6	4.9	£10.4	17.8
Taxes	(£3.5)		(£3.2)
Profit for the Year	£4.1	2.6	£7.2	12.2

In FY 24, the average tariff realised was 7.5p/kWh, marking a 12.79 percent decrease compared to the previous year's 8.6p/kWh. However, the total generation (including deemed generation), amounted to 2,322m units, which represented a substantial increase of 51.96 percent when compared to the previous year's 1,528m units. The increased generation was due to higher demand for electricity in India and the Company's ability to secure short term profitable contracts. OPG continues to focus on such contracts in the current financial year.

Coal prices stabilized during the year compared with the highly volatile prices in the previous year. However, the continuing Russia-Ukraine conflict and the unrest in the Middle East creates uncertainty with regard to uninterrupted raw material supplies.

Operational Review	FY 24	FY 23
Total generation, incl. "deemed" generation (m units)	2,322	1,528
Plant Load Factor (PLF) (percent)	69.21	42.1
Average tariff (pence/unit)	7.5	8.6

Gross Profit

In the fiscal year, Gross Profit (GP) amounted to £27.67m, equivalent to 17.77 percent of revenue. When compared to the previous year (FY 23 - £16.42m, representing 27.98 percent of revenue), the GP increased by £11.25mrepresenting a 68.66 percent rise. This increase is due to the stabilisation of coal prices, where the Company was able to significantly improve the power generation leading to higher revenues and consequently had a positive impact on GP as compared to the previous year.

The cost of revenue primarily comprises fuel costs. The table below provides insight into the average prices of coal consumed in FY 24 and FY 23.

Average price of coal consumed	FY 24	FY 23
Average price of coal consumed (per MT)	£71.0	£76.6
Average price of coal consumed (per mKCal)	£23.6	£20.9
Change in Average price of coal consumed (per MT) (percent)	7.3	42.6
Change in Average price of coal consumed (per mKCal) (percent)	12.9	60.1

Adjusted EBITDA

Adjusted Earnings before Interest, Depreciation, Taxes and Amortisation ('Adjusted EBITDA') serves as a measure of a business's cash generation from operations before accounting for depreciation, interests, exceptional charges, and non-standard or non-operational expenses, such as share-based compensation, amongst others. Adjusted EBITDA is a valuable tool for analysing and comparing profitability over different periods and amongst companies, as it removes the impact of financing and capital expenditure.

Figures pertaining to FY 23 are reinstated on account of reclassification completed during FY 24, where applicable.

In FY 24, Adjusted EBITDA amounted to £16.7m, in contrast to £16. 52m in FY 23, reflecting an increase of £0.16m or 0.97 percent. This increase can primarily be attributed to increase in gross profit and revenue in the current year when compared to the previous year.

Profit from operations before tax was £7.55m, equivalent to 4.85 percent of revenue, as compared to £6.12m, representing 10.42 percent of revenue, in FY 23.

Profit Before Tax (PBT) reconciliation for FY 24 (£m)

PBT £m	FY 24
PBT FY 24	£7.55
PBT FY 23	£10.42
Decrease in PBT	(£2.87)
Increase in GP	£11.25
Increase in Other Operating Income	£2.43
Decrease in Other income	(£6.02)
Increase in Distribution, General & Administrative Expenses, Expected Credit Loss	(£7.50)
Decrease in Net Finance Costs	£1.10
Decrease in Depreciation and amortisation	£0.18
Reversal of Impairment and 31% share Net Profit from Associates	(£4.31)
Decrease in PBT	(£2.87)

Taxation

The Group's operating subsidiary continues to benefit from a tax holiday period. However, the subsidiary is subject to Minimum Alternate Tax (MAT) on its accounting profits. The taxes paid under MAT can be used to offset future tax liabilities that may arise after the conclusion of the tax holiday period.

The tax expense for the year amounted to £3.44m.

Profit After Tax from continuing operations

Profit After Tax from operations decreased by £3.15m (43.38 percent) from £7.26m to £4.11m in FY 24. This is due to a one time impact recorded in FY23 as shown in the table above.

Karnataka Solar Projects

As previously announced, the Group has been seeking to divest its stake in the solar assets which was impacted by Covid-19. In March this year the Group sold its 31% interest in each asset for a total consideration of approximately £291,000. This compares to an original investment by the Group in these assets of approximately £2,115. The Group will continue to hold the debentures of approximately £10.80m subscribed in these solar assets.

Despite this Board remains committed, as appropriate, to optimise its thermal power business with alternative green solutions, like, bundled power, battery energy storage system, biofuel etc., especially given the strong domestic demand for power, and that the Government of India has placed trust on capacity addition in thermal power sector.

Current Year's Operations

The plants are running well with a Plant Load Factor of 70%. 15% is for long-term open access with 85% in short-term open access or exchange. The exchange rates have a southward trend owing to increased rains in most part of the Country as well as higher solar generation during the day. The Company is continuing to work on securing domestic coal in government schemes to reduce its costs.

Earnings per Share (EPS)

The Group's total reported EPS decreased from 1.80 Pence in FY 23 to 1.02 Pence in FY 24.

Dividend policy

The Board firmly believes that it is in the interests of stakeholders and the Company to conserve cash to meet its operational and capex requirements and also to provide for any adverse impact on account of economic uncertainties. Therefore, the Board has decided not to declare a dividend for FY 24. The Board will revisit the Group's dividend policy in due course.

The Foreign Exchange Gain / Loss on Translation

The British Pound to Indian Rupee appreciated to a closing rate of £1= INR 105.28 as at 31 March 2024 from a rate of £1= INR 101.44 as at 31 March 2023 resulting in an exchange loss of £0.02m. The same has been recognised under "Exchange differences on translating foreign operations".

Property, Plant and Equipment & Intangible Assets

The decrease in net book value of our Property, Plant and Equipment & Intangible assets to £157.6m principally relates to depreciation, deletions, foreign exchange impact offset by additions during FY 24.

Other Non-Current Assets

Other Non-Current Assets (excluding Property, Plant and Equipment & Intangible Assets) have decreased by £2.95m. The major components of this decrease was £6.52m decrease in "Non-current restricted cash". Further, the same is offset by increase in non-current investments by £3.06m from £15.25m in FY23 to £18.31m.

Current Assets

Current Assets increased by 46.73 per cent or £30.15m from £64.52m to £94.67m year on year. Some of the components of the change are as follows:

· increase in trade receivables by £5.17m,

· increase in inventories by £11.02m,

· increase in other short-term assets by £4.55m from £13.64m in FY 23 to £18.19m in FY 24,

· decrease in Current Tax Assets (Net) by £0.45m from £1.15m in FY 23 to £0.70m in FY 24,

· increase in current restricted cash by £1.47m and

· increase in cash and cash equivalents by £8.39m.

Liabilities

Current liabilities have increased by £5.83 m from £55.52m to £61.35m year on year.

· Borrowings which include current maturities of long term debt decreased by £16.48m from £25.50m to £9.02m principally relates to repayment of debt totalling to £23.54m.

· Trade and other payables increased by £22.33m from £29.51m to £51.85m.

· Other current liabilities decreased by £0.02m from £0.50m to £0.48m.

Non-current liabilities have increased by £14.47m (54.77 percent) from £26.63m last year to £41.10m this year.

· Non-Current portion of long term debt increased by £12.51m from £7.10m to £19.61m on account of the net effect of repayments, new debt as well as movements to current liabilities.

· Trade and other payables increased by £0.49m from £0.34m to £0.83m.

Net Deferred Tax Liabilities increased by £1.47m from £19.19 m to £20.66m.

Financial position, debt, gearing and finance costs

As of 31st March 2024, total borrowings were £28.63m (31 March 2023: £32.60m). The gearing ratio, net debt (i.e. total borrowings minus cash and current and non-current investments in mutual funds)/ (equity plus net debt), was 6.63 percent (31 March 2023: 8.58 percent). The gearing ratio is a useful measure to identify the financial risk of a company.

The Company issued Non-Convertible Debentures (NCDs) (listed on the Bombay Stock Exchange) equivalent to approximately £3m in August 2023.

During FY 24, net debt (total borrowings minus cash and current and non-current investments in mutual funds) decreased to £6.50m from £16.11m. The Net Debt to Adjusted EBITDA ratio also decreased to 0.39x from 1.00x. This decrease was a result of the Company increasing its cash holdings and reducing borrowings by the repayment of borrowings. During FY 24, the Company repaid debt amounting to £23.54m and the same was offset by increasing the issuance of Non-convertible debentures amounting to £3m in the month of August 2023. The net debt position demonstrates the robustness of OPG's financial position. The Group remains amongst the least leveraged power companies in India.

Finance costs have decreased by 6.07 percent or £0.36m to £5.57m in FY 24 from £5.93m in FY 23. This was primarily due to the impact of a decrease in foreign exchange losses. Finance income increased by £0.75m from £1.22m in FY 23 to £1.97m in FY 24.

Overall, this resulted in a decrease of £1.10m (23.35 percent increase) in Net Finance Costs from £4.71m in FY 23 to £3.61m in FY 24.

Current restricted cash representing deposits and mutual funds maturing up to twelve months amounted to £8.25m (FY 23: £6.79m) an increase of 21.5 percent which have been pledged as security for Letters of Credit, Bank Guarantees and debenture redemption fund.

Non-current restricted cash represents investments in mutual funds of £1.86m (FY 23: £8.38m). Non-current restricted cash decreased by 77.80 percent.

Cash flow

Cash flow from operations; before, and after, the changes in working capital was £17.4m (FY 23: £16.0m) and £20.8m (FY 23: £1.2m) respectively.

Movements (£m)	FY 24	FY 23
Operating cash flows from operations before changes in working capital	£17.4	£16.0
Tax Paid	(£0.5)	(£0.4)
Change in working capital assets and liabilities	£4.6	(£16.8)
Net Cash generated by (used in) operating activities from operations	£21.5	(£1.2)
Purchase of Property, Plant and equipment (net of disposals)	(£3.5)	(£1.1)
Investments(purchased)/sold, incl. in solar projects, shipping JV, market securities, movement in restricted cash and interest received	£3.5	£14.5
Net Cash(used in)/from investing activities	£0.0	£13.4
Finance cost paid, incl. foreign exchange losses	(£5.6)	(£5.9)
Dividend paid
Total cash change from operations before net borrowings	£15.0	£6.3

The Company is required under AIM Rule 19 to publish its FY 24 Accounts by 24 September 2024.

Ajit Pratap Singh

Chief Financial Officer

24 September 2024

Consolidated statement of financial position As at 31 March 2024
(All amount in £, unless otherwise stated)			As at	As at
		Notes	31-Mar-24	31-Mar-23
Assets
Non-current Assets
Intangible assets		14	17,010	13,401
Property, plant and equipment		15	157,565,290	165,607,650
Investments		16	18,307,543	15,245,56
Other long-term assets		17(b)	512,358	10,463
Restricted cash		21(b)	1,862,075	8,379,292
Total Non-current Assets			178,264,27	189,256,369
Current assets
Inventories		19	18,736,699	7,719,396
Trade and other receivables		18	37,086,020	31,914,606
Other short-term assets		17(a)	18,186,633	13,636,647
Current tax assets (net)		26	697,438	1,147,062
Restricted cash		21(a)	8,250,594	6,786,497
Cash and cash equivalents		20	11,714,256	3,319,344
Total Current Assets			94,671,640	64,523,372
Total Assets			272,935,916	253,779,741
Equity and liabilities
Equity
Share capital		22	58,909	58,909
Share premium			131,451,482	131,451,482
Other components of equity			(20,305,279)	(15,910,806)
Retained earnings			59,267,745	55,157,211
Equity attributable to owners of the Company			170,472,858	170,756,796
Non-controlling interests			5,822	875,541
Total Equity			170,478,680	171,632,337
Liabilities
Non-current Liabilities
Borrowings		24(b)	9,451,140	7,098,242
Non-Convertible Debentures		24(b)	10,163,461	-
Trade and other payables		25(b)	814,473	306,402
Other liabilities		27(b)	16,903	37,720
Deferred tax liabilities (net)		13	20,657,873	19,188,361
Total Non-current Liabilities			41,103,850	26,630,725
Current Liabilities
Borrowings		24(a)	9,022,924	25,498,900
Trade and other payables		25(a)	51847642	29,514,723
Other liabilities		27(a)	482,820	503,056
Total Current Liabilities			61,353,386	55,516,679
Total Liabilities			102,457,236	82,147,404
Total Equity and Liabilities			272,935,916	253,889,741
The notes are an integral part of these consolidated financial statements. The financial statements were authorised for issue by the board of directors on 24 Sep 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 Year ended 31 March 2024
(All amount in £, unless otherwise stated)			Year ended	Year ended
		Notes	31-Mar-24	31-Mar-23
Revenue		8	155,687,252	58,683,036
Cost of revenue		9	(128,017,534)	(42,263,205)
Gross profit			27,669,718	16,419,831
Other Operating income		10(a)	3,606,866	1,176,416
Other income		10(b)	169,536	6,191,066
Distribution cost			(5,630,647)	(1,225,949)
General and administrative expenses			(9,134,819)	(6,040,826)
Depreciation and amortisation			(5,521,962)	(5,696,860)
Operating profit			11,158,692	10,823,678
Finance costs		11	(5,571,272)	(5,925,076)
Finance income		12	1,967,022	1,218,405
Share of net profit from associates			-	1,355,413
Reversal of FV Impairment of associates made in 21-22			-	2,950,958
Profit before tax			7,554,443	10,423,378
Current tax		13	(1,250,941)	(539,716)
Deferred tax		13	(2,192,952)	(2,623,880)
Tax expense		13	(3,443,893)	(3,163,596)
Profit for the year from continued operations			4,110,550	7,259,782
Gain/(Loss) from discontinued operations, including Non-Controlling Interest		7(a)	-	-
Profit for the year			4,110,550	7,259,782
Profit for the year attributable to:
Owners of the Company			4,110,535	7,252,763
Non - controlling interests			15	7,019
			4,110,550	7,259,782
Earnings per share from continued operations
Basic earnings per share (in pence)		29	1.02	1.80
Diluted earnings per share (in pence)			1.02	1.80
Earnings/(Loss) per share from discontinued operations
Basic earnings/(loss) per share (in pence)		29	-	-
Diluted earnings/(loss) per share (in pence)			-	-
Earnings per share
-Basic (in pence)		29	1.02	1.80
-Diluted (in pence)			1.02	1.80
Other comprehensive (loss) / income
Items that will be reclassified subsequently to profit or loss
Exchange differences on translating foreign operations			(4,394,473)	(5,689,558)
Income tax relating to items that will be reclassified
Items that will be not reclassified subsequently to profit or loss
Exchange differences on translating foreign operations, relating to non-controlling interests			19,317	(4,140)
Total other comprehensive (loss) / income			(4,375,156)	(5,693,698)
Total comprehensive income			(264,606)	1,566,084
Total comprehensive income / (loss) attributable to:
Owners of the Company			(283,938)	1,563,205
Non-controlling interest			19,332	2,879
			(264,606)	1,566,084

The notes are an integral part of these consolidated financial statements
The financial statements were authorised for issue by the board of directors on 24 Sep 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 Year ended 31 March 2024
(All amount in £, unless otherwise stated)		Year ended	Year ended
		31 March 2024	31 March 2023
	Notes
Cash flows from operating activities
Profit before income tax including discontinued operations and income from associates		7,554,443	10,423,378
Adjustments for:
(Profit) / Loss from discontinued operations, net / Reversal of Impairment		-	(2,950,958)
(Profit) / Loss from associate companies		-	(1,355,413)
Unrealised foreign exchange (gain)/loss		170,950	(121,677)
Provisions created during the year		237,872	-
Financial costs	10	5,571,272	5,925,076
Financial income (including Profit on sale of Financial Instruments)	11	(1,967,022)	(1,599,860)
Depreciation and amortisation		5,521,962	5,696,860
Changes in working capital
Trade and other receivables		(5,409,286)	(23,306,671)
Inventories		(11,017,303)	2,746,424
Other assets		(3,617,653)	(924,487)
Trade and other payables		22,840,990	4,750,443
Other liabilities		1,428,458	(64,651)
Cash generated from continuing operations		21,314,681	(781,536)
Taxes paid		(482,890)	(436,692)
Cash provided by operating activities of continuing operations		20,831,791	(1,218,228)
Cash used for operating activities of discontinued operations		-	-
Net cash provided by operating activities		20,831,791	(1.218,228)

Cash flows from investing activities
Purchase of property, plant and equipment (including capital advances)		(3,560,859)	(1,112,976)
Proceeds from Disposal of property, plant and equipment		45,827	1,072
Interest received		1967,022	1,218,405
Movement in restricted cash		4,882,171	(2,345,838)
Purchase of investments		(4,767,492)	(68,534,422)
Sale of Investments		0	81,471,026
Redemption of Investments		1,203,617	2,673,310
Cash from / (used in) investing activities of continuing operations		(229,714)	13,370,577
Cash from investing activities of discontinued operations		-	-
Net cash from / (used in) investing activities		(229,714)	13,370,577
Cash flows from financing activities
Proceeds from borrowings (net of costs)		17,355,566	6,842,271
Proceeds/(Investments) from equity		-	(91)
Repayment of borrowings		(21,315,183)	(17,530,906)
Finance costs paid		(5,571,272)	(5,925,076)
Cash used in financing activities of continuing operations		(9,530,888)	(16,613,802)
Cash used in financing activities of discontinued operations		-	-
Net cash used in financing activities		(9,530,888)	(16,613,802)
Net (decrease) in cash and cash equivalents from continuing operations		11,071,189	(4,461,453)
Net decrease in cash and cash equivalents from discontinued operations		-	-
Net (decrease) in cash and cash equivalents		11,071,189	(4,461,453)
Cash and cash equivalents at the beginning of the year		3,319,344	7,691,392
Cash and cash equivalents on deconsolidation		-
Exchange differences on cash and cash equivalents		(2,676,277)	89,405
Cash and cash equivalents of the discontinued operations		-
Cash and cash equivalents at the end of the year		11,714,256	3,319,344

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 2023	Cash flows	Forex Rate Impact	31 March 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

Analysing of changes in Net debt	1 April 2022	Cash flows	Forex Rate Impact	31 March 2023

Working Capital loan	1,641,791	360,042	(50,002)	1,951,831
Secured loan due within one year	11,757,638	12,554,455	(815,388)	23,496,705
Borrowings grouped under Current liabilities	13,399,429	12,914,497	(865,390)	25,448,536
Secured loan due after one year	29,886,348	(23,197,596)	341,546	7,030,298
Borrowings grouped under Non-current liabilities	29,886,348	(23,197,596)	341,546	7,030,298

OPG Power Ventures Plc Consolidated statement of changes in equity
For the Year ended 31 March 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 2022	400,733,511	58,909		131,451,482	-	8,216,152	(18,437,400)	-	47,904,448	169,193,591	872,663	170,066,254
Employee Share based payment LTIP (Note 22)	-	-		-	-	-	-		-	-	-	-
Transaction with owners	-	-		-	-	-	-	-	-	-	-	-

Net Additions for the year	-	-		-	-	-	-	-	7,252,763	7,252,763	7,019	7,259,782
Other comprehensive income	-	-		-	-	-	(5,689,558)		-	(5,689,558)	(4,141)	(5,693,699)
Total comprehensive income	-	-		-	-	-	(5,689,558)	-	7,252,763	1,563,205	2,878	1,566,083

At 31 March 2023	400,733,511	58,909		131,451,482	-	8,216,152	(24,126,958)	-	55,157,211	170,756,796	875,541	171,632,337

At 1 April 2023	400,733,511	58,909		131,451,482	-	8,216,152	(24,126,958)	-	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

The notes are an integral part of these consolidated financial statements. The financial statements were authorised for issue by the board of directors on 24 Sep 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 Alternative Investment Market (AIM) of the London Stock Exchange.
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 June 30, 2021.
ii	Amendments to IFRS 16, Covid 19 "related rent concessions beyond 30 June 2021"
	In light of the fact that the Covid-19 pandemic is continuing, the LASB extended the application period of the practical expenditure with respect to accounting for Covid-19-related rent concessions through June 30, 2022
iii	Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4, and IFRS 16 "Interest rate benchmark reform (phase 2)"
	IFRS9. IAS 39, IFRS 7, The amendments provide temporary relief to adopters regarding the financial reporting impact that will result from replacing Interbank Offered Rates (IBOR) with alternative risk-free rates (RFRS). The amendments provide for the following practical expedients: Treatment of contract modifications or changes in contractual cash flows due directly to the Reform-such as fluctuations in a market interest rate-as changes in a floating rate, allow changes to the designation and documentation of a hedging relationship required by IBOR reform without discontinuing hedge accounting. Temporary relief from having to meet the separately identifiable requirement when an RFR instrument is designated as a hedge of a risk comes in connection with the IBOR Reform.
iv	Amendments to IFRS 9, IAS 39 and IFRS 7, "Interest Rate Benchmark Reform"
	In September 2019, the IASB published amendments to IFRS 9, IAS 39 and IFRS 7, "Interest Rate Benchmark Reform." The Phase 1 amendments of the IASB's Interest Rate Benchmark Reform project (IBOR reform) provide for temporary exemption from applying specific hedge accounting requirements to hedging relationships that are directly affected by IBOR reform. The exemptions have the effect that IBOR reform should not generally cause hedge relationships to be terminated due to uncertainty about when and how reference interest rates will be replaced. However, any hedge ineffectiveness should continue to be recorded in the income statement under both IAS 39 and IFRS 9. Furthermore, the amendments set out triggers for when the exemptions will end, which include the uncertainty arising from IBOR reform. The amendments have no impact on Group's Consolidated Financial Statements.
v	Amendments to IFRS 4, "Extension of the temporary exemption from IFRS 9"
	Deferral of initial application of IFRS 9 for insurers
c)	Standards and Interpretations Not Yet Applicable
	The IASB and the IFRS IC have issued the following additional standards and interpretations. Group does not apply these rules because their application is not yet mandatory. Currently, however, these adjustments are not expected to have a material impact on the consolidated financial statements of the Group:
i	Amendments to IAS 16-proceeds before intended use
	The amendments prohibit a company from deducting from the cost of property, plant and equipment amounts received from selling items produced while the Company is preparing the asset for its intended use. Instead, a company will recognize such sales proceeds and related cost in profit or loss.
ii	Amendments to IAS 37-Onerous contracts-cost of Fulfilling a contract
	Clarification that all costs directly attributable to a contract must be considered when determining the cost of fulfilling the contract.
iii	Amendments to IFRS 3-Reference to the Conceptual Framework
	Reference to the revised 2018 IFRS Conceptual Framework. Priority application of LAS 37 or IFRIC 21 by the acquirer to identify acquired liabilities. No recognition of contingent assets acquired allowed.
iv	Annual Improvements Project-Annual Improvements to IFRSs 2018-2020 Cycle
	Minor amendments to IFRS 1, IFRS 9, IFRS 16 and IAS 41.
v	IFRS 17 "Insurance contracts including Amendments to IFRS 17"
	The new IFRS 17 standard governs the accounting for insurance contracts and supersedes IFRS 4.
vi	Amendment to IFRS 17-Initial Application of IFRS 17 and IFRS 9-Comparative Information
	The amendment concerns the transitional provisions for the initial joint application of IFRS 17 and IFRS 9.
vii	Amendments to IAS 1-Classification of Liabilities as Current or Non-current Amendments to IAS 1-Classification of Liabilities as Current or Non-current-Deferral of Effective Date
	Clarification that the classification of liabilities as current or non-current is based on the rights the entity has at the end of the reporting period.
viii	Amendments to IAS 1 and IFRS Practice Statement 2-Disclosure of Accounting Policies
	Clarification that an entity must disclose all material (formerly "significant") accounting policies. The main characteristic of these items is that, together with other information included in the financial statements, they can influence the decisions of primary users of the financial statements.
ix	Amendments to IAS 8-Definition of Accounting Estimates
	Clarification with regard to the distinction between changes in accounting policies (retrospective application) and changes in accounting estimates (prospective application).
x	Amendments to IAS 12-Deferred Tax related to Assets and Liabilities arising from a Single transaction.
	Clarification that the initial recognition exemption of IAS 12 does not apply to leases and decommissioning obligations. Deferred tax is recognized on the initial recognition of assets and liabilities arising from such transactions.
5	Summary of significant accounting policies
a)	Basis of preparation
	The consolidated financial statements of the Group have been prepared on a historical cost basis, except for financial assets and liabilities at fair value through profit or loss and financial assets measured at FVPL.
	The consolidated financial statements are presented in accordance with IAS 1 Presentation of Financial Statements and have been presented in Great Britain Pounds ('₤'), the functional and presentation currency of the Company.
	Going Concern
	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 conducted a Reverse Stress Test (RST). This analysis was aimed at evaluating the potential effects on the receivables and other financial assets. (1)Despite the volatility in commodity prices and inflationary pressures, the Group's financial health remains resilient. (2) The Group has implemented robust risk management strategies, including cost control measures and operational efficiencies, which have helped in managing the increased financial pressures. (3) As at 31 March 2024 the Group had £12.57m in cash and cumulative net current assets of £33.77m and the Group's liquidity position remains strong, ensuring that the Group can meet short-term obligations and navigate through economic uncertainties without compromising the operational stability. (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. The Reverse Stress assessment affirms that the Group remains in a strong position, and concerns regarding the Group's going concern status are not an issue.
b)	Basis of consolidation
	The consolidated financial statements include the assets, liabilities and results of the operation of the Company and all of its subsidiaries as of 31 March 2024. All subsidiaries have a reporting date of 31 March.
	A subsidiary is defined as an entity controlled by the Company. The parent controls a subsidiary if it is exposed, or has rights, to variable returns from its involvement with the subsidiary and has the ability to affect those returns through its power over the subsidiary. Subsidiaries are fully consolidated from the date of acquisition, being the date on which effective control is acquired by the Group, and continue to be consolidated until the date that such control ceases.
	All transactions and balances between Group companies are eliminated on consolidation, including unrealised gains and losses on transactions between Group companies. Where unrealised losses on intra-group asset sales are reversed on consolidation, the underlying asset is also tested for impairment from a group perspective. Amounts reported in the financial statements of subsidiaries have been adjusted where necessary to ensure consistency with the accounting policies adopted by the Group.
	Non-controlling interest represents the portion of profit or loss and net assets that is not held by the Group and is presented separately in the consolidated statement of comprehensive income and within equity in the consolidated statement of financial position, separately from parent shareholders' equity. Acquisitions of additional stake or dilution of stake from/ to non-controlling interests/ other venturer in the Group where there is no loss of control are accounted for as an equity transaction, whereby, the difference between the consideration paid to or received from and the book value of the share of the net assets is recognised in 'other reserve' within statement of changes in equity.
	Amidst rapid economic growth resulting in escalating electricity demand, the Government of India has placed its trust on the capacity additions in the thermal power sector, in order to meet the strong domestic demand for power in the Country. Recognizing the need to align with this vision of the Nation, the Board made a strategic decision to sharpen its focus on its core business of thermal power and consequently decided to divest its investments in the solar projects during FY 2023-24. Consequently, the Solar Companies, Aavanti Solar Energy Private Limited, Aavanti Renewable Energy Private Limited, Mayfair Renewable Energy (I) Private limited and Brics Renewables Energy Private Limited, ceased to be the associate entities of the Group and the Saan Renewable Private Limited Private Limited, Saman Renewable Private Limited, Mark Renewables Private Limited, Mark Solar Private Limited and Saman Solar Private Limited ceased to be the subsidiaries of the Group. However, the Group continues to hold the debentures subscirbed on the solar assets, maintaining a strategic interest in the renewable energy landscape.
c)	Investments in associates and joint ventures
	Investments in associates and joint ventures are accounted for using the equity method. The carrying amount of the investment in associates and joint ventures is increased or decreased to recognise the Group's share of the profit or loss and other comprehensive income of the associate and joint venture, adjusted where necessary to ensure consistency with the accounting policies of the Group.
	Unrealised gains and losses on transactions between the Group and its associates and joint ventures are eliminated to the extent of the Group's interest in those entities. Where unrealised losses are eliminated, the underlying asset is also tested for impairment.
d)	List of subsidiaries, joint ventures, and associates
	Details of the Group's subsidiaries and joint ventures, which are consolidated into the Group's consolidated financial statements, are as follows:
	i) Subsidiaries
	Subsidiaries					Immediate parent							Country of incorporation									% Voting Right														% Economic interest
																						March 2024								March 2023						March 2024								March 2023
	Caromia Holdings limited ('CHL')					OPGPV							Cyprus									100								100						100								100
	Gita Power and Infrastructure Private Limited, ('GPIPL')					CHL							India									97.73								97.73						97.73								97.73
	Saan Renewable Private Limited Private Limited					OPGPG							India									-								100						-								100
	Saman Renewable Private Limited					OPGPG							India									-								100						-								100
	Mark Renewables Private Limited					OPGPG							India									-								100						-								100
	Mark Solar Private Limited					OPGPG							India									-								100						-								100
	Saman Solar Private Limited					OPGPG							India									-								100						-								100
	OPG Power Generation Private Limited ('OPGPG')					GPIPL							India									81.42								81.42						99.99								99.90
	Samriddhi Surya Vidyut Private Limited					OPGPG							India									100.00								100.00						100.00								100.00
	Powergen Resources Pte Ltd					OPGPV							Singapore									95								95						95								95

	ii) Investments in Joint ventures
	Joint ventures					Venturer							Country of incorporation									% Voting right														% Economic interest
																						March 2024								March 2023						March 2024								March 2023
	Padma Shipping Limited ("PSL")					OPGPV / OPGPG							Hong Kong									0								50						0								50
	The company has been deregistered and notice to the effect has been issued by the Companies Registry, Hong Kong on 14-07-2023.
	iii) Investments in Associates
	Associates												Country of incorporation									% Voting Right														% Economic interest
																						March 2024								March 2023						March 2024								March 2023
	Aavanti Solar Energy Private Limited												India									-								31						-								31
	Mayfair Renewable Energy (I) Private Limited												India									-								31						-								31
	Aavanti Renewable Energy Private Limited												India									-								31						-								31
	Brics Renewable Energy Private Limited												India									-								31						-								31
	e)		Foreign currency translation
			The functional currency of the Company is the Great Britain Pound Sterling (£). The Cyprus entity is an extension of the parent and pass through investment entity. Accordingly the functional currency of the subsidiary in Cyprus is the Great Britain Pound Sterling. The functional currency of the Company's subsidiaries operating in India, determined based on evaluation of the individual and collective economic factors is Indian Rupees ('₹' or 'INR'). The presentation currency of the Group is the Great Britain Pound (£) as submitted to the AIM counter of the London Stock Exchange where the shares of the Company are listed.
			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 31 March 2024: 105.28 (2023: 101.44) and the average rate for the year ended 31 March 2024: 104.06 (2023: 96.79).
	f)		Revenue recognition
			In accordance with IFRS 15 - Revenue from contracts with customers, the group recognises revenue to the extent that it reflects the expected consideration for goods or services provided to the customer under contract, over the performance obligations they are being provided. For each separable performance obligation identified, the Group determines whether it is satisfied at a "point in time" or "over time" based upon an evaluation of the receipt and consumption of benefits, control of assets and enforceable payment rights associated with that obligation. If the criteria required for "over time" recognition are not met, the performance obligation is deemed to be satisfied at a "point in time". Revenue principally arises as a result of the Group's activities in electricity generation and distribution. Supply of power and billing satisfies performance obligations. The supply of power is invoiced in arrears on a monthly basis and generally the payment terms within the Group are 10 to 45 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 STOA, revenue is earned at a point in time of joint meter reading by both buyer and seller for each billing month. For IEX, revenue is earned on daily basis of supply based on the bid and allotted quantum which gets reconciled at a point in time of meter reading for each billing month.
			Interest and dividend
			Revenue from interest is recognised as interest accrued (using the effective interest rate method). Revenue from dividends is recognised when the right to receive the payment is established.
	g)		Operating expenses
			Operating expenses are recognised in the statement of profit or loss upon utilisation of the service or as incurred.
	h)		Taxes
			Tax expense recognised in profit or loss comprises the sum of deferred tax and current tax not recognised in other comprehensive income or directly in equity.
			Current income tax assets and/or liabilities comprise those obligations to, or claims from, taxation authorities relating to the current or prior reporting periods, that are unpaid at the reporting date. Current tax is payable on taxable profit, which differs from profit or loss in the financial statements.
			Calculation of current tax is based on tax rates and tax laws that have been enacted or substantively enacted by the end of the reporting period.
			Deferred income taxes are calculated using the liability method on temporary differences between the carrying amounts of assets and liabilities and their tax bases. However, deferred tax is not provided on the initial recognition of goodwill, nor on the initial recognition of an asset or liability unless the related transaction is a business combination or affects tax or accounting profit. Deferred tax on temporary differences associated with investments in subsidiaries is not provided if reversal of these temporary differences can be controlled by the Group and it is probable that reversal will not occur in the foreseeable future.
			Deferred tax assets and liabilities are calculated, without discounting, at tax rates that are expected to apply to their respective period of realisation, provided they are enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are always provided for in full.
			Deferred tax assets are recognised to the extent that it is probable that they will be able to be utilised against future taxable income. Deferred tax assets and liabilities are offset only when the Group has a right and the intention to set off current tax assets and liabilities from the same taxation authority. Changes in deferred tax assets or liabilities are recognised as a component of tax income or expense in profit or loss, except where they relate to items that are recognised in other comprehensive income or directly in equity, in which case the related deferred tax is also recognised in other comprehensive income or equity, respectively.
	i)		Financial assets
			IFRS 9 Financial Instruments contains regulations on measurement categories for financial assets and financial liabilities. It also contains regulations on impairments, which are based on expected losses.
			Financial assets are classified as financial assets measured at amortized cost, financial assets measured at fair value through other comprehensive income (FVOCI) and financial assets measured at fair value through profit and loss (FVPL) based on the business model and the characteristics of the cash flows. If a financial asset is held for the purpose of collecting contractual cash flows and the cash flows of the financial asset represent exclusively interest and principal payments, then the financial asset is measured at amortized cost. A financial asset is measured at fair value through other comprehensive income (FVOCI) if it is used both to collect contractual cash flows and for sales purposes and the cash flows of the financial asset consist exclusively of interest and principal payments. Unrealized gains and losses from financial assets measured at fair value through other comprehensive income (FVOCI), net of related deferred taxes, are reported as a component of equity (other comprehensive income) until realized. Realized gains and losses are determined by analyzing each transaction individually. Debt instruments that do not exclusively serve to collect contractual cash flows or to both generate contractual cash flows and sales revenue, or whose cash flows do not exclusively consist of interest and principal payments are measured at fair value through profit and loss (FVPL). For equity instruments that are held for trading purposes the group has uniformly exercised the option of recognizing changes in fair value through profit or loss (FVPL). Refer to note 30 "Summary of financial assets and liabilities by category and their fair values".
			Impairments of financial assets are both recognized for losses already incurred and for expected future credit defaults. The amount of the impairment loss calculated in the determination of expected credit losses is recognized on the income statement. Impairment provisions for current and non-current trade receivables are recognised based on the simplified approach within IFRS 9 using a provision matrix in the determination of the lifetime expected credit losses. During this process the probability of the non-payment of the trade receivables is assessed. This probability is then multiplied by the amount of the expected loss arising from default to determine the lifetime expected credit loss for the trade receivables. On confirmation that the trade receivable will not be collectable, the gross carrying value of the asset is written off against the associated provision.
	j)		Financial liabilities
			The Group's financial liabilities include borrowings and trade and other payables. Financial liabilities are measured subsequently at amortised cost using the effective interest method. All interest-related charges and, if applicable, changes in an instrument's fair value that are reported in profit or loss are included within 'finance costs' or 'finance income'.
	k)		Fair value of financial instruments
			The fair value of financial instruments that are actively traded in organised financial markets is determined by reference to quoted market prices at the close of business on the Statement of financial position date. For financial instruments where there is no active market, fair value is determined using valuation techniques. Such techniques may include using recent arm's length market transactions; reference to the current fair value of another instrument that is substantially the same; discounted cash flow analysis or other valuation models.
	l)		Property, plant and equipment
			Property, plant and equipment are stated at historical cost, less accumulated depreciation and any impairment in value. Historical cost includes expenditure that is directly attributable to property plant & equipment such as employee cost, borrowing costs for long-term construction projects etc., if recognition criteria are met. Likewise, when a major inspection is performed, its costs are recognised in the carrying amount of the plant and equipment as a replacement if the recognition criteria are satisfied. All other repairs and maintenance costs are recognised in the profit or loss as incurred.
			Land is not depreciated. Depreciation on all other assets is computed on straight-line basis over the useful life of the asset based on management's estimate as follows:
			Nature of asset											Useful life (years)
			Buildings											40
			Power stations											40
			Other plant and equipment											3-10
			Vehicles											5-11
			Assets in the course of construction are stated at cost and not depreciated until commissioned.
			An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the profit or loss in the year the asset is derecognised.
			The assets residual values, useful lives and methods of depreciation of the assets are reviewed at each financial year end, and adjusted prospectively if appropriate.
	m)		Intangible assets
			Acquired software
			Acquired computer software licences are capitalised on the basis of the costs incurred to acquire and install the specific software.
			Subsequent measurement
			All intangible assets, including software are accounted for using the cost model whereby capitalised costs are amortised on a straight-line basis over their estimated useful lives, as these assets are considered finite. Residual values and useful lives are reviewed at each reporting date. The useful life of software is estimated as 4 years.
	n)		Leases
			All leases are accounted for by recognising a right-of-use asset and a lease liability except for: • Leases of low value assets; and • Leases with a duration of 12 months or less. Lease liabilities are measured at the present value of the contractual payments due to the lessor over the lease term, with the discount rate determined by reference to the rate inherent in the lease unless (as is typically the case) this is not readily determinable, in which case the group's incremental borrowing rate on commencement of the lease is used. Variable lease payments are only included in the measurement of the lease liability if they depend on an index or rate. In such cases, the initial measurement of the lease liability assumes the variable element will remain unchanged throughout the lease term. Other variable lease payments are expensed in the period to which they relate. On initial recognition, the carrying value of the lease liability also includes: • amounts expected to be payable under any residual value guarantee; • the exercise price of any purchase option granted in favour of the group if it is reasonable certain to assess that option; • any penalties payable for terminating the lease, if the term of the lease has been estimated in the basis of termination option being exercised. Right of use assets are initially measured at the amount of the lease liability, reduced for any lease incentives received, and increased for: • lease payments made at or before commencement of the lease; • initial direct costs incurred; and • the amount of any provision recognised where the group is contractually required to dismantle, remove or restore the leased asset (typically leasehold dilapidations)
			Subsequent to initial measurement lease liabilities increase as a result of interest charged at a constant rate on the balance outstanding and are reduced for lease payments made. Right-of-use assets are amortised on a straight-line basis over the remaining term of the lease or over the remaining economic life of the asset if, rarely, this is judged to be shorter than the lease term. When the group revises its estimate of the term of any lease (because, for example, it re-assesses the probability of a lessee extension or termination option being exercised), it adjusts the carrying amount of the lease liability to reflect the payments to make over the revised term, which are discounted using a revised discount rate. The carrying value of lease liabilities is similarly revised when the variable element of future lease payments dependent on a rate or index is revised, except the discount rate remains unchanged. In both cases an equivalent adjustment is made to the carrying value of the right-of-use asset, with the revised carrying amount being amortised over the remaining (revised) lease term. If the carrying amount of the right-of-use asset is adjusted to zero, any further reduction is recognised in profit or loss.
	o)		Borrowing costs
			Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets. Interest income earned on the temporary investment of specific borrowing pending its expenditure on qualifying assets is deducted from the costs of these assets.
			Gains and losses on extinguishment of liability, including those arising from substantial modification from terms of loans are not treated as borrowing costs and are charged to profit or loss.
			All other borrowing costs including transaction costs are recognized in the statement of profit or loss in the period in which they are incurred, the amount being determined using the effective interest rate method.
	p)		Impairment of non-financial assets
			The Group assesses at each reporting date whether there is an indication that an asset may be impaired. If any such indication exists, or when annual impairment testing for an asset is required, the Group estimates the asset's recoverable amount. An asset's recoverable amount is the higher of an asset's or cash-generating unit's (CGU) fair value less costs to sell and its value in use and is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or Groups of assets. Where the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs to sell, an appropriate valuation model is used. These calculations are corroborated by valuation multiples, quoted share prices for publicly traded subsidiaries or other available fair value indicators.
			For assets excluding goodwill, an assessment is made at each reporting date as to whether there is any indication that previously recognised impairment losses may no longer exist or may have decreased. If such indication exists, the Group estimates the asset's or cash-generating unit's recoverable amount. A previously recognised impairment loss is reversed only if there has been a change in the assumptions used to determine the asset's recoverable amount since the last impairment loss was recognised. The reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount, nor exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognised for the asset in prior years. Such reversal is recognised in the profit or loss.
	q)		Non-current Assets Held for Sale and Discontinued Operations
			Non-current assets and any corresponding liabilities held for sale and any directly attributable liabilities are recognized separately from other assets and liabilities in the balance sheet in the line items "Assets held for sale" and "Liabilities associated with assets held for sale" if they can be disposed of in their current condition and if there is sufficient probability of their disposal actually taking place. Discontinued operations are components of an entity that are either held for sale or have already been sold and can be clearly distinguished from other corporate operations, both operationally and for financial reporting purposes. Additionally, the component classified as a discontinued operation must represent a major business line or a specific geographic business segment of the Group. Non-current assets that are held for sale either individually or collectively as part of a disposal group, or that belong to a discontinued operation, are no longer depreciated. They are instead accounted for at the lower of the carrying amount and the fair value less any remaining costs to sell. If this value is less than the carrying amount, an impairment loss is recognized. The income and losses resulting from the measurement of components held for sale as well as the gains and losses arising from the disposal of discontinued operations, are reported separately on the face of the income statement under income/loss from discontinued operations, net, as is the income from the ordinary operating activities of these divisions. Prior-year income statement figures are adjusted accordingly. However, there is no reclassification of prior-year balance sheet line items attributable to discontinued operations. In case of reclassification, previously recognised impairment loss is reversed only if there has been a change in the assumptions used to determine the investment's recoverable amount since the last impairment loss was recognised. The reversal is limited so that the carrying amount of the investment does not exceed its recoverable amount, nor exceed the carrying amount that would have been determined, had no impairment loss been recognised for the investments in prior years. Such reversal is recognised in the profit or loss. Once the Company ceases to classify a component as assets held for sale, the results of that component previously presented in discontinued operations will be reclassified and included in income from continuing operation for the period presented.
	r)		Cash and cash equivalents
			Cash and cash equivalents in the Statement of financial position includes cash in hand and at bank and short-term deposits with original maturity period of 3 months or less.
			For the purpose of the consolidated cash flow statement, cash and cash equivalents consist of cash in hand and at bank and short-term deposits. Restricted cash represents deposits which are subject to a fixed charge and held as security for specific borrowings and are not included in cash and cash equivalents.
	s)		Inventories
			Inventories are stated at the lower of cost and net realisable value. Costs incurred in bringing each product to its present location and condition is accounted based on weighted average price. Net realisable value is the estimated selling price in the ordinary course of business, less estimated selling expenses.
	t)		Earnings per share
			The earnings considered in ascertaining the Group's earnings per share (EPS) comprise the net profit for the year attributable to ordinary equity holders of the parent. The number of shares used for computing the basic EPS is the weighted average number of shares outstanding during the year. For the purpose of calculating diluted earnings per share the net profit or loss for the period attributable to equity share holders and the weighted average number of shares outstanding during the period are adjusted for the effects of all dilutive potential equity share.
	u)		Other provisions and contingent liabilities
			Provisions are recognised when present obligations as a result of a past event will probably lead to an outflow of economic resources from the Group and amounts can be estimated reliably. Timing or amount of the outflow may still be uncertain. A present obligation arises from the presence of a legal or constructive obligation that has resulted from past events. Restructuring provisions are recognised only if a detailed formal plan for the restructuring has been developed and implemented, or management has at least announced the plan's main features to those affected by it. Provisions are not recognised for future operating losses.
			Provisions are measured at the estimated expenditure required to settle the present obligation, based on the most reliable evidence available at the reporting date, including the risks and uncertainties associated with the present obligation. Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. Provisions are discounted to their present values, where the time value of money is material.
			Any reimbursement that the Group can be virtually certain to collect from a third party with respect to the obligation is recognised as a separate asset. However, this asset may not exceed the amount of the related provision. All provisions are reviewed at each reporting date and adjusted to reflect the current best estimate.
			In those cases where the possible outflow of economic resources as a result of present obligations is considered improbable or remote, no liability is recognised, unless it was assumed in the course of a business combination. In a business combination, contingent liabilities are recognised on the acquisition date when there is a present obligation that arises from past events and the fair value can be measured reliably, even if the outflow of economic resources is not probable. They are subsequently measured at the higher amount of a comparable provision as described above and the amount recognised on the acquisition date, less any amortisation.
	v)		Share based payments
			The Group operates equity-settled share-based remuneration plans for its employees. None of the Group's plans feature any options for a cash settlement.
			All goods and services received in exchange for the grant of any share-based payment are measured at their fair values. Where employees are rewarded using share-based payments, the fair values of employees' services is determined indirectly by reference to the fair value of the equity instruments granted. This fair value is appraised at the grant date and excludes the impact of non-market vesting conditions (for example profitability and sales growth targets and performance conditions).
			All share-based remuneration is ultimately recognised as an expense in profit or loss with a corresponding credit to 'Other Reserves'.
			If vesting periods or other vesting conditions apply, the expense is allocated over the vesting period, based on the best available estimate of the number of share options expected to vest. Non-market vesting conditions are included in assumptions about the number of options that are expected to become exercisable. Estimates are subsequently revised if there is any indication that the number of share options expected to vest differs from previous estimates. Any cumulative adjustment prior to vesting is recognised in the current period. No adjustment is made to any expense recognised in prior periods if share options ultimately exercised are different to that estimated on vesting.
			Upon exercise of share options, the proceeds received net of any directly attributable transaction costs up to the nominal value of the shares issued are allocated to share capital with any excess being recorded as share premium.
	w)		Employee benefits
			Gratuity
			In accordance with applicable Indian laws, the Group provides for gratuity, a defined benefit retirement plan ("the Gratuity Plan") covering eligible employees. The Gratuity Plan provides a lump-sum payment to vested employees at retirement, death, incapacitation or termination of employment, of an amount based on the respective employee's salary and the tenure of employment.
			Liabilities with regard to the gratuity plan are determined by actuarial valuation, performed by an independent actuary, at each Statement of financial position date using the projected unit credit method.
			The Group recognises the net obligation of a defined benefit plan in its statement of financial position as an asset or liability, respectively in accordance with IAS 19, Employee benefits. The discount rate is based on the Government securities yield. Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to profit or loss in the statement of comprehensive income in the period in which they arise.
			Employees Benefit Trust
			The Group has established an Employees Benefit Trust (hereinafter 'the EBT') for investments in the Company's shares for employee benefit schemes. IOMA Fiduciary in the Isle of Man have been appointed as Trustees of the EBT with full discretion invested in the Trustee, independent of the company, in the matter of share purchases. As at present, no investments have been made by the Trustee nor any funds advanced by the Company to the EBT. The Company is yet to formulate any employee benefit schemes or to make awards thereunder.
	x)		Business combinations
			Business combinations arising from transfers of interests in entities that are under the control of the shareholder that controls the Group are accounted for as if the acquisition had occurred at the beginning of the earliest comparative period presented or, if later, at the date that common control was established using pooling of interest method. The assets and liabilities acquired are recognised at the carrying amounts recognised previously in the Group controlling shareholder's consolidated financial statements. The components of equity of the acquired entities are added to the same components within Group equity. Any excess consideration paid is directly recognised in equity.
	y)		Segment reporting
			The Group has adopted the "management approach" in identifying the operating segments as outlined in IFRS 8 - Operating segments. Segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The Board of Directors being the chief operating decision maker evaluate the Group's performance and allocates resources based on an analysis of various performance indicators at operating segment level. During FY24 there is only one operating segment thermal power. There are no geographical segments as all revenues arise from India. All the non current assets are located in India.
	6		Significant accounting judgements, estimates and assumptions
			The preparation of financial statements in conformity with IFRS requires management to make certain critical accounting estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.
			The principal accounting policies adopted by the Group in the consolidated financial statements are as set out above. The application of a number of these policies requires the Group to use a variety of estimation techniques and apply judgment to best reflect the substance of underlying transactions.
			The Group has determined that a number of its accounting policies can be considered significant, in terms of the management judgment that has been required to determine the various assumptions underpinning their application in the consolidated financial statements presented which, under different conditions, could lead to material differences in these statements. The actual results may differ from the judgments, estimates and assumptions made by the management and will seldom equal the estimated results.
	a)		Judgements
			The following are significant management judgments in applying the accounting policies of the Group that have the most significant effect on the financial statements.
			Recoverability of deferred tax assets
			The recognition of deferred tax assets requires assessment of future taxable profit (see note 5(h)). Deferred tax assets are recognised to the extent that it is probable that they will be able to be utilised against future taxable income.
	b)		Estimates and uncertainties:
			The key assumptions concerning the future and other key sources of estimation uncertainty at the Statement of financial position date, that have a significant risk of causing material adjustments to the carrying amounts of assets and liabilities within the next financial year are discussed below:
			Estimation of fair value of financial assets and financial liabilities: While preparing the financial statements the Group makes estimates and assumptions that affect the reported amount of financial assets and financial liabilities.
			Trade Receivables
			The group ascertains the expected credit losses (ECL) for all receivables and adequate impairment provision are made. At the end of each reporting period a review of the allowance for impairment of trade receivables is performed. Trade receivables do not contain a significant financing element, and therefore expected credit losses are measured using the simplified approach permitted by IFRS 9, which requires lifetime expected credit losses to be recognised on initial recognition. A provision matrix is utilised to estimate the lifetime expected credit losses based on the age, status and risk of each class of receivable, which is periodically updated to include changes to both forward-looking and historical inputs.
			Financial assets measured at FVPL
			Management applies valuation techniques to determine the fair value of financial assets measured at FVPL where active market quotes are not available. This requires management to develop estimates and assumptions based on market inputs, using observable data that market participants would use in pricing the asset. Where such data is not observable, management uses its best estimate. Estimated fair values of the asset may vary from the actual prices that would be achieved in an arm's length transaction at the reporting date.
			Impairment tests: In assessing impairment, management estimates the recoverable amount of each asset or cash-generating units based on expected future cash flows and use an interest rate for discounting them. Estimation uncertainty relates to assumptions about future operating results including fuel prices, foreign currency exchange rates etc. and the determination of a suitable discount rate. The management considers impairment upon there being evidence that there might be an impairment, such as a lower market capitalization of the group or a downturn in results.
			Useful life of depreciable assets: Management reviews its estimate of the useful lives of depreciable assets at each reporting date, based on the expected utility of the assets.
	7		Profit from discontinued operations
			Non-current assets held for sale and Profit from discontinued operations consists of:
													Assets Held for Sale											Liabilities classified as held for sale											Profit from discontinued operations
													At 31 March 2024				At 31 March 2023							At 31 March 2024						At 31 March 2023					For FY 24								For FY 23
			i Interest in Solar entities Note 7(b)										-				-							-						-					-								-
			ii Share of Profit on fair value of investments, in Solar entities Note 7(b)										-				-							-						-					-								-
			iii Gain on deconsolidation of Solar entities										-				-							-						-					(2,078)								-
			Total										-				-							-						-					(2,078)								-

			Non-current Assets held-for-sale and discontinued operations
			(a) Assets of disposal group classified as held-for-sale																									As at 31st March 2024										As at 31st March 2023
			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 FY 24										For FY 23
			Revenue																									-										-
			Operating profit before impairments																									-										-
			Other Expenses																									1,921
			Finance income																									-										-
			Finance cost																									157										-
			Current Tax																									-										-
			Deferred tax																									-										-
			Share of Profit/ (Loss) on fair value of investments, in Solar entities																									-										-
			Gain on deconsolidation of Solar entities																									(2,078)										-
			Profit / (Loss) from Solar operations																									-										-
	8		Segment Reporting The Group has adopted the "management approach" in identifying the operating segments as outlined in IFRS 8 - Operating segments. Segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The Board of Directors being the chief operating decision maker evaluate the Group's performance and allocates resources based on an analysis of various performance indicators at operating segment level. During FY24 there is only one operating segment thermal power. There are no geographical segments as all revenues arise from India. All the non current assets are located in India. Revenue on account of sale of power to customer exceeding 10% of total sales revenue amounts to £47,386,876.84 from TANGEDCO & £43,510,481.54 from IEX & £66,999,457.55 from STOA sales to Andhra Pradesh Discom (2023: £51,247,620). Segmental information disclosure
															Continuing operations																	Discontinued operations
															Thermal																	Solar
			Segment Revenue												FY24										FY23							FY24											FY23
			Sales												155,687,252										58,683,036							-											-
			Total												155,687,252										58,683,036							-											-
			Other Operating income												3,606,866										1,455,039							-											-

			Depreciation, impairment												(5,521,962)										(5,696,860)							-											-
																																-											-
			Profit from operation												11,158,692										10,442,223							-											-
			Finance Income												1,967,022										1,599,860							-											-
			Finance Cost												(5,571,272)										(5,925,076)							-											-
			Tax expenses												(3,443,893)										(3,163,596)							-											-
			Reversal of FV Impairment of associates												-										(2,950,958)							-											-
			Share of Profit, (Loss) on fair value of investments, in Solar entities												-										1,355,413							-											-
			Profit / (loss) for the year												4,110,550										7,259,782							-											-

			Assets												272,935,916										253,779,545							-											-
			Liabilities												102,457,236										82,147,208							-											-

	9		Costs of inventories and employee benefit expenses included in the consolidated statements of comprehensive income
	a)		Cost of fuel
																																31 March 2024											31 March 2023
			Included in cost of revenue:
			Cost of fuel consumed																													124,371,190											39,021,545
			Depreciation																													-											-
			Other direct costs																													3,646,344											3,241,660
			Total																													128,017,534											42,263,205
	b)		Employee benefit expenses forming part of general and administrative expenses are as follows:
																																31 March 2024											31 March 2023
			Salaries and wages																													2,492,231											2,651,267
			Employee benefit costs *																													487,530											186,396
			Long Term Incentive Plan (Note 22)																													-											-
			Total																													2,979,761											2,837,663
	c)		Foreign exchange movements (realised and unrealised) included in the Finance costs is as follows:
																																31 March 2024											31 March 2023
			Foreign exchange realised - loss/(gain)																													75,627											1,278,303
			Foreign exchange unrealised- loss/(gain)																													170,950											(121,677)
			Total																													246,577											1,156,626

			Auditor's remuneration for audit services amounting to £46,000 (2023: £74,000) is included in general and administrative expenses and excludes travel reimbursements.
	10		Other operating income and expenses

	a)		Other operating income
																																31 March 2024											31 March 2023
			Surcharge TANGEDCO																													2,977,906											1,455,039
			Margin on Trading of Power																													628,960											(278,623)
			Total																													3,606,866											1,176,416
			Other operating income represents contractual claims payments from company's customers under the power purchase agreements which were accumulated over several periods.
	b)		Other Income
																																31 March 2024											31 March 2023
			Provisions no longer required written back																													-											-
			Sale of coal (Margin)																													338,390											2,240,486
			Sale of fly ash																													123,996											117,399
			Power trading commission and other services																													-											-
			Profit on disposal of financial instruments*																													(297,408)											381,455
			Others																													4,559											3,451,727
			Total																													169,536											6,191,067
			Profits on disposal of financial instruments include £291,688 of unrealised gain/loss on mark to market rate as on reporting date of mutual funds held during the year. Profits on disposal of financial instruments include profit on sale of investments in associate entities.
	11		Finance Costs
			Finance costs are comprised of:
																																31 March 2024											31 March 2023
			Interest expenses on borrowings																													4,572,000											4,242,700
			Net foreign exchange loss (Note 9)																													246,578											1,156,626
			Other finance costs																													752,695											525,750
			Total																													5,571,272											5,925,076
			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:
																																31 March 2024											31 March 2023
			Interest income on bank deposits and advances																													1,967,022											1,218,405
			Total																													1,967,022											1,218,405

	13		Tax expenses
			Tax Reconciliation
			Reconciliation between tax expense and the product of accounting profit multiplied by India's domestic tax rate for the years ended 31 March 2024 and 2023 is as follows:

																																31 March 2024											31 March 2023
			Accounting profit before taxes																													7,554,443											10,423,378
			Enacted tax rates																													34.94%											34.94%
			Tax expense / profit at enacted tax rate																													2,639,824											3,642,345
			Exempt Income due to tax holiday																													-											-
			Foreign tax rate differential																													15,618											(135,973)
			Unused tax losses brought forward and carried forward																													-											-
			Non deductible / (Non-taxable) items																													2,039,392											198,000
			MAT credit																													(1,250,941)											(540,777)
			Others																													-											-
			Actual tax for the period																													3,443,893											3,163,596

																																31 March 2024											31 March 2023
			Current tax																													(1,250,941)											(539,716)
			Deferred tax																													(2,192,952)											(2,623,880)
			Total tax expenses on income from continued operations																													(3,443,893)											(3,163,596)
			Add: tax on income from discontinuing operations																													-											-
			Tax reported in the statement of comprehensive income																													(3,443,893)											(3,163,596)

			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 2023: 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 31 March 2024 and 2023 relates to the following:
																																31 March 2024											31 March 2023
			Deferred income tax assets
			Unused tax losses brought forward and carried forward																													-											-
			MAT credit entitlement																													10,920,740											11,741,110
																																10,920,740											11,741,110
			Deferred income tax liabilities
			Property, plant and equipment																													31,578,613											30,929,471
			Mark to market on available-for-sale financial assets																													-											-
																																31,578,613											30,929,471
			Deferred income tax liabilities, net																													20,657,873											19,188,361

			Movement in temporary differences during the year
			Particulars												As at 01 April 2023								Deferred tax asset / (liability) for the year									Classified as (Asset) / Liability held for sale											Translation adjustment
			Property, plant and equipment												(30,929,471)								(2,810,234)									-											2,161,091
			Unused tax losses brought forward and carried forward												-								-									-											-
			MAT credit entitlement												1,17,41,110								-									-											(8,20,370)
			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

			Particulars												As at 01 April 2022								Deferred tax asset / (liability) for the year									Classified as (Asset) / Liability held for sale											Translation adjustment
			Property, plant and equipment												(29,015,582)								(2,505,899)									-											592,011
			Unused tax losses brought forward and carried forward												-								-									-											-
			MAT credit entitlement												11,985,655								-									-											(244,545)
			Mark to market gain / (loss) on financial assets measured at FVPL												-								-									-											-
			Deferred income tax (liabilities) / assets, net												(17,029,927)								(2,505,899)									-											347,466

			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.

	14		Intangible assets																															Acquired software licences
			Cost
			At 31 March 2022																															786,502
			Additions																															5,174
			Exchange adjustments																															(14,577)
			At 31 March 2023																															777,099

			At 31 March 2023																															777,099
			Additions																															9,718
			Exchange adjustments																															(28,387)
			At 31 March 2024																															758,430

			Accumulated depreciation and impairment
			At 31 March 2022																															774,692
			Charge for the year																															3,255
			Exchange adjustments																															(14,250)
			At 31 March 2023																															763,698

			At 31 March 2023																															763,698
			Charge for the year																															5,571
			Exchange adjustments																															(27,849)
			At 31 March 2024																															741,419

			Net book value
			At 31 March 2024																															17,010
			At 31 March 2023																															13,401

	15		Property, plant and equipment
			The property, plant and equipment comprises of:
							Power stations					Other plant & equipment								Vehicles						Right-of-use						Asset under construction							Total
			Cost
			At 1st April 2022				205,217,517					1,855,448								730,306						43,843						1,767,219							218,136,670
			Additions				385,220					14,028								-						-						676,736							1,107,802
			Transfers on capitalisation				1,148,303					-								-												(1,148,303)							-
			Sale / Disposals				(42,436)					-								(60,645)						-						-							(103,081)
			Exchange adjustments				(3,803,566)					(34,389)								(13,536)						(813)						(32,754)							(4,043,014)
			At 31 March 2023				202,905,038					1,835,087								656,125						43,030						1,262,898							215,098,377

			At 1st April 2023				202,905,038					1,835,087								656,125						43,030						1,262,898							215,098,377
			Additions				671,051					176,718								2,329,426						-						359,225							3,548,339
			Transfers on capitalisation				-					-								-						-						-							-
			Sale / Disposals				-					(45,827)								-						(43,030)						(19,821)							(108,678)
			Exchange adjustments				(7,422,075)					(66,375)								(23,766)						-						(55,791)							(7,872,817)
			At 31 March 2024				196,154,014					1,899,603								2,961,784						0						1,546,509							210,665,221

			Accumulated depreciation and impairment
			At 1 April 2022				42,722,787					1,340,816								586,541						7,295						-							44,730,992
			Charge for the year				5,361,890					281,236								36,666						-						-							5,693,605
			Sale / Disposals				(15,949)					-								(60,645)						(7,157)						-							(83,751)
			Exchange adjustments				(812,100)					(25,385)								(11,104)						(138)													(850,120)
			At 31 March 2023				47,256,628					1,596,667								551,457						0						-							49,490,726

			At 1 April 2023				47,256,628					1,596,667								551,457						0						-							49,490,726
			Charge for the year				5,130,451					207,118								165,962						-						-							5,516,391
			Sale / Disposals				-					(38,738)								-						-						-							(38,738)
			Exchange adjustments				(1,782,585)					(60,055)								(21,801)						-						-							(1,868,445)
			Solar assets classified as Asset Held for Sale (note 7(b))				-					-								-						-						-							-
			Adjustments on account of deconsolidation of a subsidiary				-					-								-						-						-							-
			At 31 March 2024				50,604,494					1,704,992								695,617						0						-							53,099,934

			Net book value
			At 31 March 2024				145,549,520					194,611								2,266,167						(0)						1,546,509							157,565,290
			At 31 March 2023				155,648,411					238,420								104,667						43,030						1,262,898							165,607,650

			The net book value of land and buildings block comprises of:
																															31 March 2024								31 March 2023
			Freehold land																												7,626,376								7,904,854
			Buildings																												382,106								405,372
																															8,008,482								8,310,226

			Property, plant and equipment with a carrying amount of £ 155,869,612 (2023 £ 164,159,294) is subject to security restrictions. (a) The Group considered both qualitative and quantitative factors when determining whether an Asset or CGU may be impaired. Assets related to each segment and the cash inflows generated by each are separately identifiable and independent of other assets or groups of assets. No impairment loss was recognized for the consulting segment during the year 23-24. The recoverable amount of segment was determined based on value-in-use calculations, covering a detailed 20 year period forecast for Thermal Assets using DCF methodology by management. The present value of the expected cash flows is determined by applying a suitable discount rate reflecting current market assessments of the time value of money and risks specific to the segment. The Present Value of Cash Flows thus determined were compared with the Carrying Cost of PPE and it was found that the PV Values were on the Higher side of the Carrying cost of Property Plant and Equipment.

			Year ended 31 March 2024								Thermal £ Mn
			Present Value of Cash Flows								285.96
			Carrying Cost of PPE								155.1

			Appropriate sensitivities to understand impact on key estimates and under all scenarios were tested and no impairment was triggered. Group has also considered the impact of climate change and global energy transition. Coal fired power generation will remain key to the energy mix for India over the life of the Power Station. With the above calculations, it was concluded that there is no impairment in Thermal Assets. Management's key assumptions included: Cash flow projections reflect stable Profit Margins and Cash Flows on Thermal Assets. No expected efficiency improvements have been taken into account and expenses were considered based on forecasts of inflation and our current actual expenses and the Revenue forecasts were based on the Rates at which the PPA with Utility companies were entered or are prevalent in the market. Current exchange rate of 1USD to INR 83.01 has been considered and is depreciated by 2 % Year on Year over the forecast period. The exchange rate is estimated to be consistent with the average market forward exchange rate over the budget period. The discount rate was derived based on weighted average cost of capital (WACC) for comparable entities in the industry, based on market data. The discount rates reflect appropriate adjustments relating to market risk and specific risk factors of each segment. Further, management considered the maturity and stability when determining the appropriate adjustments to this rate.
			(b) Cash flow projections
			Thermal
			Parameters							Values
			Plant Load Factors (%)							63 to 84
			Realisable Tariff (Pence)							4.9 to 7.7
			Price of Coal (USD/Ton)							60 to 50
			WACC (%)							13.92
			Cost of Debt (%)							8.71

			(c) From the results of the Reverse Stress Test as under, it may be observed that Significant Issues would be required to Impact the Cash flows of the entity, only in extreme cases in the Year 24 where PLF drops from 68 % to 16 % and Cost of Coal Increases from $ 61 to $ 143 and Tariff per Unit Drops from INR 7.5 to INR 4.7 and Forex Rate of INR to $ increases from 84 to 199 and no consequential impact in the ability of generating Revenue and Profits were found.

			Variables			Base Case										Reverse Stress Test
						FY 2025										FY 2025																FY 2026
			PLF %			72										68.4																71.01
			Cost of Coal ($)			54.86										57.6																56.45
			Tariff (INR/Unit)			4.99										4.75																4.78

	16		Investments accounted for using the equity method The carrying amount of investments accounted for using the equity method is as follows:
																																	31 March 2024											31 March 2023
			Investments in joint venture																														-											-
			Impairment provision for investments in joint venture (Note 7(a))																																									-
			Investments in Associates																														-											16,159,133
			Balance value of Investments in Associates classified as Assets held for sale																																									-
			Investments accounted for using the equity method																														-											16,159,133

			a) Investment in associates (Note 5(d) 7(b))
			Summarised aggregated financial information of the Group's share in the associates.
																																	31 March 2024											31 March 2023
			Profit from continuing operations																														-											1,355,413
			Other comprehensive income																														-											-
			Total comprehensive Income																														-											1,355,413

			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
																																	31 March 2024											31 March 2023
			Associates & Other Entities																														18,307,543											15,245,563
			Total carrying Amount																														18,307,543											15,245,563

	17		Other Assets
																																	31 March 2024											31 March 2023
			a) Short-term
			Capital advances																														-											-
			Financial instruments measured at fair value through P&L																														9,893,198											4,792,732
			Advances and other receivables																														8,293,435											8,843,735
			Total																														18,186,633											13,636,467

			b) Long term
			Advances to related parties																														-											-
			Classified as asset held for sale (note 7(a))																														-											-
			Lease deposits																														-											-
			Bank deposits																														512,358											10,463
			Other advances																														-											-
			Total																														512,358											10,463

	18		Trade and other receivables
																																	31 March 2024											31 March 2023
			Current
			Trade receivables																														37,086,020											31,914,606
			Other receivables																														-											-
			Total																														37,086,020											31,914,606

			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
																																	31 March 2024											31 March 2023
			Coal and fuel																														17,317,906											6,706,467
			Stores and spares																														1,418,793											1,012,929
			Total																														18,736,699											7,719,396

			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:
																																	31 March 2024											31 March 2023
			Investment in Mutual funds																														-											-
			Cash at banks and on hand																														8,768,162											3,319,344
			Short-term deposits																														2,946,094											-
			Total																														11,714,256											3,319,344

			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 £8,250,594 (2023 - £6,786,497) 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 £1,862,075 (2023 - £8,379,292).

	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 31 March 2024, the Company has an authorised and issued share capital of 400,733,511 (2023: 400,733,511) equity shares at par value of £ 0.000147 (2023: £ 0.000147) per share amounting to £58,909 (2023: £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 FY24 and no shares were issued during FY 24. 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-23								Movements during the period Expired/									LTIP Outstanding							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											31 March 2024										31 March 2023
			Borrowings at amortised cost							9.9-10.85¹												Jan 2029											18,474,064										10,416,543
			Non-Convertible Debentures at amortised cost							9.85-12.75												Nov 2026											10,163,461										22,180,599
			Total																														28,637,525										32,597,142
			^{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 31 March 2024, the Group has met all the relevant covenants. The fair value of borrowings at 31 March 2024 was £ 28,637,525 (2023: £ 32,597,142). 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:
																																	31 March 2024										31 March 2023
			a. Current liabilities
			Amounts falling due within one year																														9,022,924										25,498,900

			b. Non-current liabilities
			Amounts falling due after 1 year but not more than 5 years																														19,614,601										7,098,242
			Total																														28,637,525										32,597,142
	25		Trade and other payables
																																	31 March 2024										31 March 2023
			a. Current
			Trade payables																														51,742,313										29,251,178
			Creditors for capital goods																														105,329										263,545
			Bank Overdraft																														-										-
			Other payables																														-										-
			Total																														51,847,642										29,514,723

			b. Non-current
			Other payables
			Provision for Gratuity																														256,906										129,932
			Provision for Leave Encashment																														39,154										20,301
			Others																														518,413										156,169
			Total																														814,473										306,402

			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 £697,438 (2023: £1,147,062).

	27		Other liabilities
																																	31 March 2024										31 March 2023
			a. Current - Other Liabilities
			Advance from Customers																														381,886										84,889
			Other Liabilities																														100,934										418,167
			Total																														482,820										503,056

			Other Liabilities consists of Statutory liabilities of the Group.

			b. Non-current - Other Liabilities
			Other Liabilities																														16,903										37,720
			Total																														16,903										37,720

	28		Related party transactions
		Where control exists:
		Name of the party															Nature of relationship
		Caromia Holdings limited															Subsidiary
		OPG Power Generation Private Limited															Subsidiary
		Gita Power and Infrastructure Private Limited															Subsidiary
		Powergen Resources PTE Ltd															Subsidiary

		Key Management Personnel:
		Name of the party															Nature of relationship
		N Kumar															Non-executive Chairman (from 4th April 2022)
		Avantika Gupta															Chief Executive Officer (from 4th April 2022)
		Ajit Pratap Singh															Chief Financial Officer (from 31st May 2022)
		Jeremy Warner Allen															Deputy Chairman
		Mike Grasby (from February 2021)															Director

		Related parties with whom the group had transactions during the period
		Name of the party															Nature of relationship
		Powergen Resources PTE Ltd															Subsidiary
		Samriddhi Bubna															Relative of Key Management Personnel

		Summary of transactions with related parties
		Name of the party																							31 March 2024				31 March 2023

		Remuneration to Samriddhi Bubna																							52,854				61,990

		Summary of balance with related parties
		Name of the party						Nature of balance																	31 March 2024				31 March 2023

		Outstanding balances at the year-end are unsecured. Related party transaction are on arms length basis. There have been no guarantees provided or received for any related party receivables or payables. The assessment of impairment is undertaken each financial year through examining the financial position of the related party and the market in which the related party operates.

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 year ended March 2024 or 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																											31 March 2024							31 March 2023
		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


30		Directors' remuneration
		Name of directors																											31 March 2024							31 March 2023
		Ajit Pratap Singh																											90,921							186,620
		Avantika Gupta																											115,317							229,861
		Dmitri Tsvetkov																											-							25,000
		Jeremy Warner Allen																											43,972							42,920
		N Kumar																											45,000							45,000
		Mike Grasby																											45,000							45,000
		Total																											340,209							574,401

		The above remuneration is in the nature of short-term employee benefits. As the future liability for gratuity and compensated absences is provided on actuarial basis for the companies in the group, the amount pertaining to the directors is not individually ascertainable and therefore not included above.
31		Business combination within the group without loss of control As per the original structure of the group, two Cypriot subsidiaries of OPGPV, namely Gita Energy Private Limited ('GEPL') and Gita Holdings Private Limited ('GHPL'), held the investments in the equity of the Group's Special Purpose Vehicles (SPV) in India. During the year ended 31 March 2013, the management decided to interpose an Indian holding Company, GPIPL in the structure and warehouse the SPV investments in GPIPL. Accordingly, the shareholders of GEPL, GHPL and GPIPL had entered into a scheme of arrangement to effect the above restructuring of the group. As part of the regulatory requirements in India, the group had applied and obtained approval from the High court of Madras on 28 October 2011 subject to fulfilment of certain conditions including approval of relevant regulatory authorities, allotment of shares etc. The scheme had been consummated with effect from 25 January 2013 upon issue of shares to the shareholders of GEPL and GHPL, namely CHL and the assets and liabilities of GEPL and GHPL have been taken over by GPIPL. Consequent to the scheme of arrangement, the group also has gained 100% economic interest over GPIPL by virtue of an agreement entered into with the minority shareholders of GPIPL dated 01 April 2012. The above arrangement has been considered as a business combination involving companies under the group since then and has been accounted at the date that common control was established using pooling of interest method. The assets and liabilities transferred 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. There was no excess consideration paid in this transaction.

32		Commitments and contingencies
		Operating lease commitments
		The Group leases office premises under operating leases. The leases typically run for a period up to 5 years, with an option to renew the lease after that date. None of the leases includes contingent rentals. Non-cancellable operating lease rentals are payable as follows:
																													31 March 2024								31 March 2023
		Not later than one year																											-								-
		Later than one year and not later than five years																											-								-
		Later than five years																											-								-
		Total																											-								-

		Recognition of a right of use asset NIL (2023 NIL).

		Contingent liabilities
		Disputed income tax demands £ 4,448,130 (2023:£ 341,841 ). Future cash flows in respect of the above matters are determinable only on receipt of judgements / decisions pending at various forums / authorities.
		Guarantees and Letter of credit
		The Group has provided bank guarantees and letter of credits (LC) to customers and vendors in the normal course of business. The LC provided as at 31 March 2024: £43,951,191.14 (2023: £27,109,682) and Bank Guarantee (BG) as at 31 March 2024: £5,750,073 (2023: £5,481,828). LC are supporting accounts payables already recognised in statement of financial position. There have been no guarantees provided or received for any related party receivables or payables. BG are treated as contingent liabilities until such time it becomes probable that the Company will be required to make a payment under the guarantee.

33		Financial risk management objectives and policies
		The Group's principal financial liabilities, comprises of loans and borrowings, trade and other payables, and other current liabilities. The main purpose of these financial liabilities is to raise finance for the Group's operations. The Group has loans and receivables, trade and other receivables, and cash and short-term deposits that arise directly from its operations. The Group also hold investments designated financial assets measured at FVPL categories. The Group is exposed to market risk, credit risk and liquidity risk. The Group's senior management oversees the management of these risks. The Group's senior management advises on financial risks and the appropriate financial risk governance framework for the Group. The Board of Directors reviews and agrees policies for managing each of these risks which are summarised below: Market risk Market risk is the risk that the fair values of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market prices comprise three types of risk: interest rate risk, currency risk and other price risk, such as equity risk. Financial instruments affected by market risk include loans and borrowings, deposits, financial assets measured at FVPL. The sensitivity analyses in the following sections relate to the position as at 31 March 2024 and 31 March 2023. The following assumptions have been made in calculating the sensitivity analyses: (i) The sensitivity of the statement of comprehensive income is the effect of the assumed changes in interest rates on the net interest income for one year, based on the average rate of borrowings held during the year ended 31 March 2024, all other variables being held constant. These changes are considered to be reasonably possible based on observation of current market conditions. Interest rate risk Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Group's exposure to the risk of changes in market interest rates relates primarily to the Group's long-term debt obligations with average interest rates. At 31 March 2024 and 31 March 2023, the Group had no interest rate derivatives. The calculations are based on a change in the average market interest rate for each period, and the financial instruments held at each reporting date that are sensitive to changes in interest rates. All other variables are held constant. If interest rates increase or decrease by 100 basis points with all other variables being constant, the Group's profit after tax for the year ended 31 March 2024 would decrease or increase by £ 236,288 (2023: £ 944,115). Foreign currency risk Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rate. The Group's presentation currency is the Great Britain £. A majority of our assets are located in India where the Indian rupee is the functional currency for our subsidiaries. Currency exposures also exist in the nature of capital expenditure and services denominated in currencies other than the Indian rupee. The Group's exposure to foreign currency arises where a Group company holds monetary assets and liabilities denominated in a currency different to the functional currency of that entity:
							As at 31 March 2024																					As at 31 March 2023
				Currency					Financial assets										Financial liabilities										Currency												Financial assets
				United States Dollar (USD)					-									5,54,92,762											United States Dollar (USD)													-

									As at 31 March 2024																				As at 31 March 2023
				Currency					Closing Rate (INR/USD)									Effect of 10% strengthening in USD against INR - Translated to GBP											Currency											Closing Rate (INR/USD)

	United States Dollar (USD)			83.38						4,395,119					United States Dollar (USD)														83.38

	The impact on total equity is the same as the impact on net earnings as disclosed above

	Credit risk analysis
	Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Group is exposed to credit risk from its operating activities (primarily for trade and other receivables) and from its financing activities, including short-term deposits with banks and financial institutions, and other financial assets. The Group has exposure to credit risk from accounts receivable balances on sale of electricity. The operating entities of the group has entered into power purchase agreements with distribution companies incorporated by the Indian state government (TANGEDCO) to sell the electricity generated therefore the group is committed to sell power to these customers and the potential risk of default is considered low. For other customers, the Group ensures concentration of credit does not significantly impair the financial assets since the customers to whom the exposure of credit is taken are well established and reputed industries engaged in their respective field of business. It is Group policy to assess the credit risk of new customers before entering contracts and to obtain credit information during the power purchase agreement to highlight potential credit risks. The Group have established a credit policy under which customers are analysed for credit worthiness before power purchase agreement is signed. The Group's review includes external ratings, when available, and in some cases bank references. The credit worthiness of customers to which the Group grants credit in the normal course of the business is monitored regularly and incorporates forward looking information and data available. The receivables outstanding at the year end are reviewed till the date of signing the financial statements in terms of recoveries made and ascertain if any credit risk has increased for balance dues. Further, the macro economic factors and specific customer industry status are also reviewed and if required the search and credit worthiness reports, financial statements are evaluated. The credit risk for liquid funds is considered negligible, since the counterparties are reputable banks with high quality external credit ratings. To measure expected credit losses, trade and other receivables have been grouped together based on shared credit risk characteristics and the days past due. The Group determined that some trade receivables were credit impaired as these were long past their due date and there was an uncertainty about the recovery of such receivables. The expected loss rates are based on an ageing analysis performed on the receivables as well as historical loss rates. The historical loss rates are adjusted to reflect current and forward looking information that would impact the ability of the customer to pay. Trade and other receivables are written off when there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include , amongst others, the failure of the debtor to engage in a repayment plan, the debtor is not operating anymore and a failure to make contractual payments for a period of greater than 180 days.
		31 March 2024		Within Credit period		Days past due
						More than 30 days					More than 60 days					More than 180 days							Total
		Expected General loss allowance rate		0%		0%					0%					108.68%							-
		Gross carrying amount - Trade Receivables -TANGEDCO		7,665,256		2,555,085					1,846,436					4,203,879							16,270,656
		Gross carrying amount - Trade Receivables -Others		19,515,683		3,856,338					2,090,000					894,723							26,356,744
		General loss allowance		-		--					-					5,541,380							5,541,380
		Total loss allowance		-		-					-					5,541,380							5,541,380

		31 March 2024		Within Credit period		Days past due
						More than 30 days					More than 60 days					More than 180 days							Total
		Expected General loss allowance rate		0%		0%					0%					117.55%							-
		Gross carrying amount - Trade Receivables -TANGEDCO		14,536,783		2,305,759					134,789					5,337,057							22,314,389
		Gross carrying amount - Trade Receivables -Others		12,289,965		2,572,888					1,567,981					3,174,717							19,605,551
		General loss allowance		-		-					-					10,005,333							10,005,333
		Total loss allowance		-		-					-					10,005,333							10,005,333

		The closing loss allowances for trade receivables as at 31 March 2024 reconciles to the opening loss allowances as follows:
																			31 March 2024								31 March 2023
		Opening loss allowance as at 1 April																	10,005,333								10,385,677
		(Reversal) in loss allowance																	(4,463,953)								(380,344)
		Total																	5,541,380								10,005,333

		The Group's management believes that all the financial assets, except as mentioned above are not impaired for each of the reporting dates under review and are of good credit quality.

		Liquidity risk analysis The Group's main source of liquidity is its operating businesses. The treasury department uses regular forecasts of operational cash flow, investment and trading collateral requirements to ensure that sufficient liquid cash balances are available to service on-going business requirements. The Group manages its liquidity needs by carefully monitoring scheduled debt servicing payments for long-term financial liabilities as well as cash outflows due in day-to-day business. Liquidity needs are monitored in various time bands, on a day-to-day and week-to-week basis, as well as on the basis of a rolling 90 day projection. Long-term liquidity needs for a 90 day and a 30 day lookout period are identified monthly. The Group maintains cash and marketable securities to meet its liquidity requirements for up to 60 day periods. Funding for long-term liquidity needs is additionally secured by an adequate amount of committed credit facilities and the ability to sell long-term financial assets. The following is an analysis of the group contractual undiscounted cash flows payable under financial liabilities at 31 March 2024 and 31 March 2023.
		As at 31 March 2024
					Current									Non-Current
					Within 12 months									1-5 years												Later than 5 years
		Borrowings			6,648,283									(712,320)												5,935,963
		Non-Convertible Debentures			2,374,640									10,163,461												12,538,101
		Trade and other payables			51,847,642									814,473												52,662,115
		Other liabilities			482,820									20,674,775												21,157,596
		Other current liabilities			-									-												-
		Total			61,353,386									30,940,388												92,293,775

		As at 31 March 2023
					Current									Non-Current
					Within 12 months									1-5 years											Later than 5 years
		Borrowings			3,318,301									7,098,242											10,416,543
		Non-Convertible Debentures			22,180,599									-											22,180,599
		Trade and other payables			29,514,723									306,402											29,821,125
		Other liabilities			37,720									-											37,720
		Other current liabilities			502,860									-											502,860
		Total			55,554,203									7,404,644											62,958,847

		Capital management Capital includes equity attributable to the equity holders of the parent and debt less cash and cash equivalents. The Group's capital management objectives include, among others: - ensure that it maintains a strong credit rating and healthy capital ratios in order to support its business and maximise shareholder value - ensure Group's ability to meet both its long-term and short-term capital needs as a going concern and - to provide an adequate return to shareholders by pricing products and services commensurately with the level of risk. The Group manages its capital structure and makes adjustments to it, in light of changes in economic conditions. To maintain or adjust the capital structure, the Group may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares. No changes were made in the objectives, policies or processes during the years end 31 March 2024. The Group maintains a mixture of cash and cash equivalents, long-term debt and short-term committed facilities that are designed to ensure the Group has sufficient available funds for business requirements. There are no imposed capital requirements on Group or entities, whether statutory or otherwise. The Capital for the reporting periods under review is summarised as follows:
																				31 March 2024								31 March 2023
		Total equity																		170,478,680								171,632,337
		Less: Cash and cash equivalents																		(11,714,256)								(3,319,344)
		Capital																		158,764,424								168,312,993

		Total equity																		170,478,680								171,632,337
		Add: Borrowings																		28,637,525								32,597,142
		Overall financing																		199,116,205								204,229,479
		Capital to overall financing ratio																		0.80								0.82

34		Summary of financial assets and liabilities by category and their fair values
							Carrying amount										Fair value
							March 2024					March 2023					March 2024					March 2023
		Financial assets measured at amortised cost
		Cash and cash equivalents ¹							11,714,256			3,319,344					11,714,256					3,319,344
		Restricted cash ¹							10,112,669			15,165,789					10,112,669					15,165,789
		Current trade receivables ¹							37,086,020			31,914,606					37,086,020					31,914,606
		Other long-term assets							512,358			10,463					512,358					10,463
		Other short-term assets							8,293,435			8,843,735					8,293,435					8,843,735
		Financial instruments measured at fair value through profit or loss
		Other short term assets (Note 17)						9,893,198					4,792,732					9,893,198						4,792,732
								77,611,936					64,046,669					77,611,936						64,046,669
		Financial assets measured at amortised cost
		Term Loans²					18,474,064					10,416,543					18,474,064					10,416,543
		LC Bill discounting & buyers' credit facility ¹					-					-					-					-
		Non-Convertible Debentures²					10,163,461					22,180,599					10,163,461					22,180,599
		Current trade and other payables ¹					51,847,642					29,514,723					51,847,642					29,514,723
		Provision for pledged deposits					16,903					37,720					16,903					37,720
		Non-current trade and other payables ²					814,473					306,402					814,473					306,402
							81,316,542					62,455,987					81,316,542					62,455,987

		The fair value of the financial assets and liabilities are included at the price that would be received to sell an asset or paid to transfer a liability (i.e. a exit price) in an ordinary transaction between market participants at the measurement date. The following methods and assumptions were used to estimate the fair values. 1. Cash and short-term deposits, trade receivables, trade payables, and other borrowings like short-term loans, current liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments. 2. The fair value of loans from banks and other financial indebtedness, obligations under finance leases, financial liabilities at fair value through profit or loss as well as other non-current financial liabilities is estimated by discounting future cash flows using rates currently available for debt or similar terms and remaining maturities. 3. Fair value of financial assets measured at FVPL held for trading purposes are derived from quoted market prices in active markets. Fair value of financial assets measured at FVPL of unquoted equity instruments are derived from valuation performed at the year end. Fair Valuation of retained investments in PS and BV is on basis of the last transaction.
		Fair value measurements recognised in the statement of financial position The following table provides an analysis of financial instruments that are measured subsequent to initial recognition at fair value, grouped into Levels 1 to 3 based on the degree to which the fair value is observable. • Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities. • Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). • Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs).
			Level 1												Level 2						Level 3								Total
		Financial instruments measured at fair value through profit or loss
		2024
		Quoted securities								9,893,198					-						-								9,893,198
		Total								9,893,198					-						-								9,893,198
		2023
		Quoted securities								4,792,732					-						-								4,792,732
		Total								4,792,732					-						-								4,792,732

		There were no transfers between Level 1 and 2 in the period. Investments in mutual funds are valued at closing net asset value (NAV). The Group's finance team performs valuations of financial items for financial reporting purposes, including Level 3 fair values. Valuation techniques are selected based on the characteristics of each instrument, with the overall objective of maximising the use of market-based information. The finance team reports directly to the President of Finance & Accounts. Valuation processes and fair value changes are discussed by the Board of Directors at least every year, in line with the Group's reporting dates. The fair value of contingent consideration related to the level 3 investments is estimated using a present value technique. The Nil (2023: Nil) fair value is estimated by discounting the estimated future cash outflows, adjusting for risk at 17%. Approved by the Board of Directors on 24 September 2024 and signed on its behalf by:
		N Kumar Non-Executive Chairman Ajit Pratap Singh Chief Financial Officer

-ends-

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