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INDI.GB Indus Gas Ltd Ord Gbp0 01

11.50
0.00 (0.00%)
14 Jun 2024 - Closed
Realtime Data
Share Name Share Symbol Market Type Share ISIN Share Description
Indus Gas Ltd Ord Gbp0 01 AQSE:INDI.GB Aquis Stock Exchange Ordinary Share GG00B39HF298 Ordinary Shares 1p
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 11.50 10.00 13.00 11.996 11.50 11.50 7,473 16:29:54
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Indus Gas Limited Half-year Report (8953W)

15/12/2023 7:00am

UK Regulatory


Indus Gas Ltd Ord Gbp0 01 (AQSE:INDI.GB)
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TIDMINDI

RNS Number : 8953W

Indus Gas Limited

15 December 2023

Indus Gas Limited and its subsidiaries

("Indus" or the "Company")

Unaudited Condensed Consolidated Interim Financial

Statements for the six-month period ended 30 September 2023

Indus Gas Limited (AIM: INDI), an oil & gas exploration and development company, is pleased to report its interim results for the six-month period ending 30 September 2023.

Consolidated reported adjusted revenues, operating profit and profit before tax for the interim period ending 30 September 2023 were US$ 26.18m (US$ 27.42m interim 2022), US$ 22.61m (US$ 22.72m interim 2022) and US$ 22.63m (US$ 22.68m interim 2022) respectively.

The Company has continued to make provision for a notional deferred tax liability of US$ 9.88m (US$ 9.95m interim 2022), in accordance with IFRS requirements.

The Company is currently producing from the SGL field as well as the SSF & SSG fields. All gas production from the three fields is currently being sold to GAIL. The Petroleum & Natural Gas Regulatory Board ("PNGRB") is undertaking consultations for deciding on the pipeline route for evacuation of the gas from the SSG and SSF fields.

The gas price for RJ-ON/6 block effective from 1 April 2023 has been agreed to be as per the domestic gas price on Gross Calorific Value ("GCV") basis as notified by petroleum planning and analysis cell of the Government of India. The floor price will continue at US$ 4.5146 per MMBTU on GCV being the existing price of US$ 5 per MMBTU on Net Calorific Value ("NCV") basis.

Jonathan Keeling, Chairman of Indus Gas, commented:

"The Company is well positioned given the strong demand for gas in India and the positive pricing environment.

"The Company welcomed the Gas Price formula revision of domestic gas as announced by Government of India, which was effective from April 2023."

For further information, please contact:

Indus Gas Limited

Jonathan Keeling +44 (0) 20 81333375

Executive Chairman

Strand Hanson Limited (Nominated & Financial Adviser and Broker)

Ritchie Balmer, Rory Murphy +44 (0) 20 7409 3494

 
                                  Notes           As at           As at           As at 
                                           30 September    30 September        31 March 
                                                   2023            2022            2023 
                                            (Unaudited)     (Unaudited)       (Audited) 
 
 ASSETS 
 Non-current assets 
 Property, plant and equipment      6     1,257,875,924   1,189,884,758   1,223,434,478 
 Tax assets                                   1,427,667       1,431,777       1,140,605 
 Other assets                                     7,886             549           7,891 
 Total non-current assets                 1,259,311,477   1,191,317,084   1,224,582,974 
                                         --------------  --------------  -------------- 
 Current assets 
 Inventories                                  7,841,685       6,516,961       9,932,047 
 Prepayments                                          -       3,715,982               - 
 Trade and other receivables                  5,689,457       7,081,049       6,640,424 
 Receivable from related party              106,832,686     108,775,152     107,348,170 
 Cash and cash equivalents                    4,796,883       4,122,096      11,765,514 
 Total current assets                       125,160,711     130,211,240     135,686,155 
                                         --------------  --------------  -------------- 
 Total assets                             1,384,472,188   1,321,528,324   1,360,269,129 
                                         ==============  ==============  ============== 
 
 LIABILITIES AND EQUITY 
 Shareholders' equity 
 Share capital                                3,619,443       3,619,443       3,619,443 
 Additional paid-in capital                  46,733,689      46,733,689      46,733,689 
 Currency translation reserve               (9,313,782)     (9,313,782)     (9,313,782) 
 Merger reserve                              19,570,288      19,570,288      19,570,288 
 Retained earnings                          295,579,974     264,787,793     282,833,686 
 Total shareholders ' equity                356,189,612     325,397,431     343,443,324 
                                         --------------  --------------  -------------- 
 

(All amounts in US$, unless otherwise stated)

 
a Unaudited Condensed Consolidated Statement of Financial Position 
 
 
 
    LIABILITIES 
  Non-current liabilities 
  Long term debt, excluding 
   current portion                  7     163,715,686      27,200,889     175,475,431 
  Payable to related parties, 
   excluding current portion        9     647,962,891     627,488,125     633,924,200 
  Deferred tax liabilities (net)          154,280,157     130,350,919     144,392,951 
  Provision for decommissioning             1,881,607       1,920,701       1,894,795 
  Deferred revenue                         30,311,748      25,563,995      30,311,748 
  Total non-current liabilities           998,152,089     812,524,629     985,999,125 
                                       --------------  --------------  -------------- 
 
    Current liabilities 
  Current portion of long-term 
   debt                             7      28,253,210     176,433,130      28,458,200 
  Current portion payable to 
   related parties                  9         338,019            9225         333,611 
  Trade and other payables                  1,539,258       2,086,823       2,034,869 
  Deferred revenue                                  -       5,077,086               - 
  Total current liabilities                30,130,487     183,606,264      30,826,680 
                                       --------------  --------------  -------------- 
  Total liabilities                     1,028,282,576     996,130,893   1,016,825,805 
                                       --------------  --------------  -------------- 
  Total liabilities and equity          1,384,472,188   1,321,528,324   1,360,269,129 
                                       ==============  ==============  ============== 
 

(The accompanying notes are an integral part of these Unaudited Condensed Consolidated Interim Financial Statements)

Unaudited Condensed Consolidated Statement of Comprehensive Income

(All amounts in US $, unless otherwise stated)

 
                            Notes                        Six months ended                       Six months ended 
                                                             30 September                           30 September 
                                                                     2023                                   2022 
                                                                Unaudited                              Unaudited 
--------------------------  ------  -------------------------------------  ------------------------------------- 
Revenue                                                        26,180,911                             27,416,956 
Cost of sales                                                 (3,184,107)                            (4,282,747) 
Administrative expenses                                         (385,179)                              (405,865) 
 
Profit from operations                                         22,611,625                             22,728,344 
                                    -------------------------------------  ------------------------------------- 
Foreign exchange gain/(loss), 
 net                                                               21,869                                 58,132 
Interest income                                                         -                                      - 
Profit before tax                                              22,633,494                             22,786,476 
                                    -------------------------------------  ------------------------------------- 
 
Income taxes 
 Provision for Deferred tax 
 charge                                                       (9,887,206)                            (9,952,486) 
                                    -------------------------------------  ------------------------------------- 
 
 
 
 

Profit for the period (attributable 12,746,288 12,833,990

 
 to the shareholder of the 
  Group) 
                                       -----------  ----------- 
 Total comprehensive income 
  for the period (attributable 
  to the shareholders of 
  the Group)                            12,746,288   12,833,990 
                                       -----------  ----------- 
 Earnings per share                10 
 Basic                                        0.07         0.07 
 Diluted                                      0.07         0.07 
 
 
(The (The accompanying notes are an integral part of these Unaudited Condensed Consolidated 
 Interim Financial Statements) 
 

Unaudited Condensed Consolidated Statement of Changes in Equity

(All amounts in US $, unless otherwise stated)

 
                             Common Stock   Additional       Currency       Merger   (Accumulated             Total 
                            Number Amount      paid-in    translation      reserve      Profits)/     stockholders' 
                                               capital        reserve                    Retained            equity 
                                                                                         earnings 
 
 Balance as at 
  1 
  April 2023      182,973,924   3,619,443   46,733,689    (9,313,782)   19,570,288    282,833,686       343,443,324 
---------------  ------------  ----------  -----------  -------------  -----------  -------------  ---------------- 
 Profit for the 
  period               -                -            -              -            -     12,746,288      12,746,288 
---------------  ------------  ----------  -----------  -------------  -----------  -------------  -------------- 
 Total 
  comprehensive 
  income for 
  the period           -                -            -              -            -     12,746,288        12,746,288 
---------------  ------------  ----------  -----------  -------------  -----------  -------------  ---------------- 
 Balance as at 
  30 
  September 
  2023            182,973,924   3,619,443   46,733,689    (9,313,782)   19,570,288    295,579,974       356,189,612 
---------------  ------------  ----------  -----------  -------------  -----------  -------------  ---------------- 
 
 
 
 Balance as at 1 
  April 2022               182,973,924   3,619,443   46,733,689   (9,313,782)   19,570,288   251,953,803   312,563,441 
------------------------  ------------  ----------  -----------  ------------  -----------  ------------  ------------ 
 Profit for the period          -                -            -             -            -    12,833,990    12,833,990 
------------------------  ------------  ----------  -----------  ------------  -----------  ------------  ------------ 
 Total comprehensive 
  income for the period         -                -            -             -            -    12,833,990    12,833,990 
------------------------  ------------  ----------  -----------  ------------  -----------  ------------  ------------ 
 Balance as at 30 
  September 2022           182,973,924   3,619,443   46,733,689   (9,313,782)   19,570,288   264,787,793   325,397,431 
------------------------  ------------  ----------  -----------  ------------  -----------  ------------  ------------ 
 

(The accompanying notes are an integral part of these Unaudited Condensed Consolidated Interim Financial Statements)

Unaudited Condensed Consolidated Statement of Cash Flows

(All amounts in US $, unless otherwise stated)

 
                                                                                                               Six months 
                                                                                  Six months ended                  ended 
                                                                                      30 September           30 September 
                                                                                              2023                   2022 
                                                                                       (Unaudited)            (Unaudited) 
----------------------------------  --------------------  ----------------------------------------      ----------------- 
 (A) Cash flow from operating 
  activities 
 Profit before tax                                                                      22,633,494             22,786,476 
 Adjustments 
 Unrealised exchange loss/ (gain)                                                         (21,869)               (58,132) 
 Depreciation                                                                            2,832,274              3,697,287 
 Changes in operating assets and 
  liabilities 
 Inventories                                                                             2,090,362              2,942,792 
 Trade receivables                                                                         980,864             11,254,024 
 Trade and other payables                                                                2,845,043              3,996,329 
 Other current and non-current 
  assets                                                                                  (29,924)            (1,945,215) 
 Provisions for decommissioning                                                           (13,190)               (66,625) 
 Other liabilities                                                                       (491,168)                251,975 
                                                          ----------------------------------------      ----------------- 
 Cash generated from operations                                                         30,825,886             42,858,911 
 Income taxes paid/refund                                                                (287,062)              (217,791) 
                                                          ----------------------------------------      ----------------- 
 Net cash generated from operating 
  activities                                                                            30,538,824             42,641,120 
                                                          ----------------------------------------      ----------------- 
 
   (B) Cash flow from investing 
   activities 
 Purchase of property, plant and 
  equipment (A)                                                                       (10,988,404)            (8,647,153) 
 Interest received                                                                         -                            - 
 Net cash used in investing 
  activities                                                                          (10,988,404)            (8,647,153) 
                                                          ----------------------------------------      ----------------- 
 
  (C) Cash flow from 
  financing 
  activities 
 Repayment of long-term debt from banks                                           (12,168,000)                    (8,568,000) 
 Proceeds from Related Party                                                       (6,500,000)                   (18,250,000) 
 Payment of interest                                                               (7,872,920)                    (7,564,013) 
 Net cash used in financing activities                                            (26,540,920)                   (34,382,013) 
                                                          ------------------------------------  ----------------------------- 
 Net change in cash and cash equivalents                                           (6,990,500)                      (388,046) 
 Cash and cash equivalents at the beginning 
  of the period                                                                     11,765,514                      4,452,010 
 Effect of exchange rate change on cash 
  and cash equivalents                                                                  21,869                         58,132 
                                                          ------------------------------------  ----------------------------- 
 Cash and cash equivalents at the end 
  of the period                                                                      4,796,883                      4,122,096 
                                                          ------------------------------------  ----------------------------- 
 
 
 

(The accompanying notes are an integral part of these Unaudited Condensed Consolidated Interim Financial Statements)

Notes to Unaudited Condensed Consolidated Interim Financial Statements

(All amounts in US $, unless otherwise stated)

   1.    INTRODUCTION 

Indus Gas Limited ("Indus Gas" or "the Company") was incorporated in the Island of Guernsey on 4 March 2008 pursuant to an Act of the Royal Court of the Island of Guernsey. The Company was set up to act as the holding company of iServices Investments Limited. ("iServices") and Newbury Oil Co. Limited ("Newbury"). iServices and Newbury are companies incorporated in Mauritius and Cyprus, respectively. iServices was incorporated on 18 June 2003 and Newbury was incorporated on 17 February 2005. The Company was admitted to trading on the AIM of the London Stock Exchange on 6 June 2008. Indus Gas, through its wholly owned subsidiaries iServices and Newbury (together the "Group"), is engaged in the business of oil and gas exploration, development and production.

Focus Energy Limited ("Focus"), an entity incorporated in India, entered into a Production Sharing Contract("PSC") with the Government of India ("GOI") and Oil and Natural Gas Corporation Limited ("ONGC") on 30 June 1998 for petroleum exploration and development concession in India known as RJ-ON/06 ("the Block"). Focus is the Operator of the Block. On 13 January 2006, iServices and Newbury entered into an interest sharing agreement with Focus and obtained a 65 per cent and 25 per cent share respectively in the Block. The balance 10 per cent of participating interest is owned by Focus. The participating interest explained above is subject to any option to acquire 30 per cent Participating Interest exercised by ONGC in respect of discoveries. ONGC has already exercised 30 per cent PI option for SGL field (as further explained in Note 3).

   2.   BASIS OF PREPARATION 

The unaudited condensed consolidated interim financial statements are for the six months ended 30 September 2023 and are presented in United States Dollar (US$) , which is the functional currency of the parent company and other entities in the Group. They have been prepared in accordance with IAS 34 Interim Financial Reporting. They do not include all of the information required in annual financial statements in accordance with International Financial Reporting Standards as adopted by the European union, and should be read in conjunction with the consolidated financial statements and related notes of the Group for the year ended 31 March 2023.

The unaudited condensed consolidated interim financial statements have been prepared on a going concern basis. The accounting policies applied in these unaudited condensed consolidated interim financial statements are consistent with the policies that were applied for the preparation of the consolidated financial statements for the year ended 31 March 2023.

These unaudited condensed consolidated interim financial statements are for the six months ended 30 September 2023 and have been approved for issue by the Board of Directors.-

3 . JOINTLY CONTROLLED ASSETS

As explained above, the Group through its subsidiaries iServices and Newbury has an "Interest sharing arrangement" with Focus in the block, which under IFRS 11 Joint Arrangements, is classified as a 'Joint operation'. All rights and obligations in respect of exploration, development and production of oil and gas resources under the 'Interest sharing agreement' are shared between Focus, iServices and Newbury in the ratio of 10 per cent, 65 per cent and 25 per cent respectively.

Under the PSC, the GOI, through ONGC has an option to acquire a 30 per cent participating interest in any discovered field, upon such successful discovery of oil or gas reserves, which has been declared as commercially feasible to develop.

The block is divided into 3 fields - SGL, SSG and SSF.

The SGL field received its declaration of commercial discovery on 21 January 2008. Subsequent to the declaration of commercial discovery in SGL field, ONGC exercised the option to acquire a 30 per cent participating interest in the discovered fields on 6 June 2008. The exercise of this option would reduce the interest of the existing partners proportionately.

However, on exercise of this option, ONGC is liable to pay its share of 30 per cent of the SGL field development costs and production costs incurred after 21 January 2008 and in order to be entitled to their 30 per cent share in the production of gas subject to recovery of contract costs as explained below.

The allocation of the production from the field to each participant in any year is determined on the basis of the respective proportion of each participant's cumulative unrecovered contract costs as at the end of the previous year or where there is no unrecovered contract cost at the end of previous year on the basis of participating interest of each such participant in the field.

On the basis of the above, gas production for the period ended 30(th) September 2023 continues to be shared between Focus, iServices and Newbury in the ratio of 10 percent, 65 percent, and 25 percent, respectively. ONGC will not be entitled to any participating interest in the production until the full exploration and development cost is recovered by other participants.

The aggregate amounts relating to jointly controlled assets, liabilities, expenses, and commitments related thereto that have been included in the consolidated financial statements are as follows:

 
 Particular                         Period ended        Period ended        Year ended 
                                    30 September        30 September          31 March 
                                            2023                2022              2023 
                                     (Unaudited)         (Unaudited)         (Audited) 
----------------------------  ------------------  ------------------  ---------------- 
Non-current assets                 1,257,875,924       1,189,884,758     1,223,434,478 
Current assets                       114,674,371         115,292,113       111,000,741 
Non-current liabilities                1,881,607           1,920,700         1,894,797 
Expenses (net of finance 
 income)                               2,845,043           3,996,329         6,342,915 
 
 
 

Further, the SSF and SSG field has also received its declaration of commerciality on 24th November 2014. Subsequent to the declaration of commerciality for SSF and SSG discovery, ONGC did not exercise the option to acquire 30 percent in respect of SSG and SSF field. The participating interest in SSG and SSF field between Focus, iServices and Newbury will remain in ratio of 10 percent, 65 percent and 25 percent respectively for exploration, evaluation and development cost, and production revenue for SSF and SSG in the block.

4. SIGNIFICANT ACCOUNTING JUDGEMENTS AND ESTIMATES

The preparation of interim financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates.

In preparing these unaudited condensed interim consolidated financial statements, the significant judgments made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were consistent with those that applied to the consolidated financial statements as at and for the year ended 31 March 2023.

5. SEGMENT REPORTING

Operating segments are identified on the basis of internal reports about components of the Group that are regularly reviewed by the management in order to allocate resources to the segments and to assess their performance. The Company considers that it operates in a single operating segment being the production and sale of gas.

6. PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment comprise of the following:

 
 Cost                       Land      Extended          Development    Production    Bunk Houses     Vehicles       Other            Capital           Total 
                                     well test               Assets        Assets                                  assets   work-in-progress 
                                     equipment 
----------------------  --------  ------------  -------------------  ------------  -------------  -----------  ----------  -----------------  -------------- 
 Balance as at 
  1 April 2023           167,248     9,131,202          878,686,884   393,696,456      7,869,575    4,963,923   1,695,265          3,024,746   1,299,235,299 
                                                         37,568,922 
 Additions                     -        44,140         (12,688,624)         3,639              -            -           -              1,243      37,617,944 
  Disposals/Transfers          -             -                         12,688,624              -            -           -                  -               - 
----------------------  -------- 
 Balance as at 
  30 
  September 2023         167,248     9,175,342          903,567,182   406,388,719      7,869,575    4,963,923   1,695,265          3,025,989   1,336,853,243 
----------------------  --------  ------------  -------------------  ------------  -------------  -----------  ----------  -----------------  -------------- 
 Accumulated depreciation 
 Balance as at 
  1 April 2023                 -     3,129,668                    -    59,656,825      6,412,709    4,916,324   1,685,294                  -      75,800,820 
 Depreciation for 
  the period                   -       211,426                    -     2,832,274         97,768       34,625         406                  -       3,176,499 
----------------------  --------  ------------  -------------------  ------------  -------------  -----------  ----------  -----------------  -------------- 
 Balance as at 
  30 September 2023            -     3,341,094                    -    62,489,099      6,510,477    4,950,949   1,685,700                  -      78,977,319 
----------------------  --------  ------------  -------------------  ------------  -------------  -----------  ----------  -----------------  -------------- 
 Carrying value 
 As at 30 September 
  2023                   167,248     5,834,248          903,567,182   343,899,621     1,359,0984       12,974       9,565          3,025,989   1,257,875,924 
----------------------  --------  ------------  -------------------  ------------  -------------  -----------  ----------  -----------------  -------------- 
 
 
 Cost                       Land    Extended     Development    Production        Bunk    Vehicles          Other            Capital           Total 
                                   well test          Assets        Assets      Houses                     assets   work-in-progress 
                                   equipment 
----------------------  --------  ----------  --------------  ------------  ----------  ----------  -------------  -----------------  -------------- 
 Balance as at 
  1 April 2022           167,248   5,172,729     865,416,249   329,916,943   7,869,575   4,917,035      1,695,265          2,978,870   1,218,133,914 
 Additions                     -     162,004      44,341,029    66,383,013           -      46,888              -             26,293     110,959,227 
  Disposals/Transfers          -                (66,383,013)                         -           -              -                       (66,383,013) 
----------------------  -------- 
 Balance as at 
  30 
  September 2022         167,248   5,334,733     843,374,265   396,299,956   7,869,575   4,963,923      1,695,265          3,005,163   1,262,710,128 
----------------------  --------  ----------  --------------  ------------  ----------  ----------  -------------  -----------------  -------------- 
 Accumulated depreciation 
 Balance as at 
  1 April 2022                 -   2,898,821               -    53,213,090   6,217,173   4,897,781      1,683,377                  -      68,910,242 
 Depreciation for 
  the period                   -     108,295               -     3,697,139      97,770      10,007          1,917                  -       3,915,128 
----------------------  --------  ----------  --------------  ------------  ----------  ----------  -------------  -----------------  -------------- 
 Balance as at 
  30 September 2022            -   3,007,116               -    56,910,229   6,314,943   4,907,788      1,685,294                  -      72,825,370 
----------------------  --------  ----------  --------------  ------------  ----------  ----------  -------------  -----------------  -------------- 
 Carrying value 
 As at 30 September 
  2022                   167,248   2,327,617     843,374,265   339,389,727   1,554,632      56,135          9,971          3,005,163   1,189,884,758 
----------------------  --------  ----------  --------------  ------------  ----------  ----------  -------------  -----------------  -------------- 
 
 
  Cost                      Land      Extended          Development    Production          Bunk    Vehicles       Other            Capital             Total 
                                     well test                             assets        houses                  assets   work-in-progress 
                                     equipment 
 ---------------------  --------  ------------  -------------------  ------------  ------------  ----------  ----------  -----------------  ---------------- 
  Balance as at 
   1 April 2022          167,248     5,172,729          865,416,249   329,916,943     7,869,575   4,917,035   1,695,265          2,978,870     1,218,133,914 
  Additions                    -     3,958,473           77,050,148             -             -      46,888           -             45,876        81,101,385 
   Disposals/Transfers         -             -         (63,779,513)    63,779,513             -           -           -                  -                 - 
 ---------------------  -------- 
  Balance as at 
   31 March 2023         167,248     9,131,202          878,686,884   393,696,456     7,869,575   4,963,923   1,695,265          3,024,746     1,299,235,299 
 ---------------------  --------  ------------  -------------------  ------------  ------------  ----------  ----------  -----------------  ---------------- 
  Accumulated depreciation 
  Balance as at 
   1 April 2022                -     2,898,821                    -    53,213,090     6,217,173   4,897,781   1,683,377                  -        68,910,242 
  Depreciation for 
   the period                  -       230,847                    -     6,443,735       195,536      18,543       1,917                  -         6,890,578 
 ---------------------  --------  ------------  -------------------  ------------  ------------  ----------  ----------  -----------------  ---------------- 
 Balance as at 
  31 March 2023                -     3,129,668                    -    59,656,825     6,412,709   4,916,324   1,685,294                  -        75,800,820 
----------------------  --------  ------------  -------------------  ------------  ------------  ----------  ----------  -----------------  ---------------- 
  Carrying value 
  As at 31 March 
   2023                  167,248     6,001,534          878,686,885   334,039,630     1,456,864      47,599       9,971          3,024,749     1,223,434,478 
 ---------------------  --------  ------------  -------------------  ------------  ------------  ----------  ----------  -----------------  ---------------- 
 
 

Borrowing costs capitalised for the period ended 30 September 2023 amounted to US$ 28,614,875 (30 September 2022: US$ 28,074,577 and 31 March 2023: US$ 55,091,974 ).

7. LONG TERM DEBT FROM BANKS

 
                                  Maturity     30 September    30 September     31 March 
                                                   2023            2022           2023 
                                                (Unaudited)     (Unaudited)     (Audited) 
------------------------------  -----------  --------------  --------------  ------------ 
 Non-current portion of 
  long-term debt                    2024          4,063,925      27,200,889     15,859,060 
 Current portion of long-term 
  debt from banks                                23,915,432      22,665,893     24,155,800 
 Total                                           27,979,357      49,866,782   40,014,860 
-------------------------------------------  --------------  --------------  ------------ 
 
 

Current interest rates are variable and weighted average interest for the period was 6.80per cent per annum (30 September 2022:6.75 per cent per annum and 31 March 2023: 6.76 per cent per annum). The fair value of the above variable rate borrowings is considered to approximate their carrying amounts.

The term loans are secured by following: -

-- First charge on all project assets of the Group both present and future, to the extent of SGL Field Development and to the extent of capex incurred out of this facility in the rest of RJ-ON/6 field .

-- First charge on the current assets (inclusive of condensate receivable) of the Group to the extent of SGL field.

-- First Charge on the entire current assets of the SGL Field and to the extent of capex incurred out of this facility in the rest of RJON/6 field.

From Bonds

 
                                      Maturity     30 September    30 September      31 March 
                                                       2023            2022            2023 
                                                    (Unaudited)     (Unaudited)      (Audited) 
----------------------------------  -----------  --------------  --------------  --------------- 
 Non-current portion of long-term          2023               -                   -                - 
  debt 
 Current portion of long-term                                 -         153,767,237                - 
  debt 
 Non-current portion of long-term 
  debt                                     2027     159,651,761                   -      159,608,734 
 Current portion of long-term 
  debt                                                4,337,778                   -        4,302,400 
 Total                                              163,989,539         153,767,237   163,911,134 
-----------------------------------------------  --------------  ------------------  ------------ 
 
 

The Group has issued US Dollar 160.00 million bonds which carries interest at the rate of 8 per cent per annum, for the purpose of re-financing the bonds which were repayable in December 2022. These bonds are unsecured bonds and are fully repayable at the end of 5 years i.e., November 2027, further interest on these notes is paid semi-annually.

8. RELATED PARTY TRANSACTIONS

The related parties for each of the entities in the Group have been summarised in the table below:

 
 Nature of the relationship                 Related Party's Name 
-----------------------------------------  ----------------------------------- 
 
 I. Holding Company                         Gynia Holdings Ltd. 
 
 II. Ultimate Holding Company               Multi Asset Holdings Ltd. (Holding 
                                             Company of Gynia Holdings Ltd.) 
 III.Enterprise over which Key Management   Focus Energy Limited 
  Personnel (KMP) exercise control (with 
  whom there are transactions) 
-----------------------------------------  ----------------------------------- 
 

Disclosure of transactions between the Group and related parties and the outstanding balances as of 30 September 2023 and 30 September 2022are as follows:

Transactions during the period

 
 Particulars                                  Period ended    Period ended 
                                         30 September 2023    30 September 
                                                                      2022 
--------------------------------  ---  -------------------  -------------- 
 Transactions with the Holding 
  Company 
 Amount Received                               (6,500,000)    (18,250,000) 
  Interest                                      20,538,691               - 
 
 Transactions with KMP 
 Short term employee benefits                       90,382          69,055 
 
 Entity over which KMP exercise 
  control 
 Cost incurred by the Focus 
  on behalf of the group in 
  respect of the Block                           7,815,484      12,952,972 
 Remittances                                     7,300,000       1,320,000 
-------------------------------------  -------------------  -------------- 
 

09.PAYABLE/RECEIVABLE TO RELATED PARTIES

 
 Particulars                         As at               As at            As at 
                                  30 September        30 September       31 March 
                                      2023                2022             2023 
----------------------------  ------------------  ------------------  ------------ 
 Entity over which KMP 
  exercise control 
 Receivable to Focus Energy 
  Limited                            106,832,686         108,775,152   107,348,170 
 Payable with the Holding 
  Company 
 Payables to Gynia Holding 
  Limited*                           647,962,891         627,488,125   633,924,200 
 
   Payable to KMP 
 Employee obligation                     338,019               9,225       333,611 
 
 

*Including interest

Directors' remuneration

Directors' remuneration is included under administrative expenses, evaluation and exploration assets or development assets in the unaudited consolidated financial statements allocated on a systematic and rational manner.

Amount receivable from Focus

Amount receivable from Focus represents amounts paid in advance to them in respect of contract costs in Block RJ-ON/6.

Liability payable to Gynia

Borrowings from Gynia Holdings Ltd. carries interest rate of 6.5 per cent per annum compounded annually. The outstanding balance was made subordinate to the loans taken from the banks and therefore, is payable subsequent to repayment of bank loan in year 2024.

10. EARNINGS PER SHARE

The calculation of the earnings per share is based on the profits attributable to ordinary shareholders divided by the weighted average number of shares issued during the period.

Calculation of basic and diluted earnings per share is as follows:

 
                                         Period ended    Period ended 
                                          30 September    30 September 
                                              2023            2022 
-------------------------------------   --------------  -------------- 
 Profit attributable to shareholders 
  of Indus Gas Limited, for 
  basic and dilutive                        12,746,288      12,833,991 
 Weighted average number of 
  shares (used for basic profit 
  per share)                               182,973,924     182,973,924 
 No. of equivalent shares                            -               - 
  in respect of outstanding 
  options 
 Diluted weighted average 
  number of shares (used for 
  diluted profit per share                 182,973,924     182,973,924 
 Basic earnings per share 
  (US$)                                          0.07*           0.07* 
 Diluted earnings per share 
  (US$)                                          0.07*           0.07* 
--------------------------------------  --------------  -------------- 
 

* Rounded off to the nearest two decimal places.

11. COMMITMENTS AND CONTINGENCIES

At 30 September 2023, the Group had capital commitments of US$ Nil (30 September 2022: US$ Nil;31 March 2023: US$ Nil) in relation to property, plant & equipment - development/producing assets, in the Block. The Group has no contingencies as at 30 September 2023 (30 September 2022: Nil;31 March 2023: Nil).

12. FINANCIAL RISK MANAGEMENT

The Group's financial risk management objectives and policies are consistent with those disclosed in the consolidated financial statements as at and for the year ended 31 March 2023.

13. INCOME TAX CREDIT

Indus Gas profits are taxable as per the tax laws applicable in Guernsey where zero per cent tax rate has been prescribed for corporates. Accordingly, there is no tax liability for the Group in Guernsey. iServices and Newbury being participants in the PSC are covered under the Indian Income tax laws as well as tax laws for their respective countries. However, considering the existence of double tax avoidance arrangement between Cyprus and India, and Mauritius and India, profits in Newbury and iServices are not likely to attract any additional tax in their local jurisdiction. Under Indian tax laws, Newbury and iServices are allowed to claim the entire expenditure in respect of the Oil Block incurred until the start of commercial production (whether included in the exploration and evaluation assets or development assets) as deductible expense in the first year of commercial production or over a period of 10 years. The Group has opted to claim the expenditure in the first year of commercial production. As the Group has commenced commercial production for SGL field in 2011 and has generated profits in Newbury and iServices, the management believes there is reasonable certainty of utilisation of such losses in the future years and thus a deferred tax asset has been created in respect of these.

14 . BASIS OF GOING CONCERN ASSUMPTION

As at 30 September 2023, the Group had current liabilities amounting to US$ 30,130,487 the majority of which is towards current portion of borrowings from banks and bonds. As at 30 September 2023, the amounts due for repayment (including interest payable) within the next 12 months for long term borrowings were US$ 28,253,210 which the Group expects to meet from its internal generation of cash from operations.

Further, there is no significant impact of Covid-19 on the Company's ability to continue as going concern considering that the entity is in the business of essential services

15. FINANCIAL INSTRUMENTS

A summary of the Group's financial assets and liabilities by category is mentioned in the table below. The carrying amounts of the Group's financial assets and liabilities as recognized at the end of the reporting periods under review may also be categorized as follows:

 
                                                  30 September    30 September       31 March 
                                                      2023             2022            2023 
-----------------------------------------------  -------------  ----------------  ------------ 
 
   Non-current assets 
 Loans 
  - Security deposits                                    7,886               549         7,891 
 
   Current assets 
 -Trade receivables                                  5,689,457         7,081,049     6,598,149 
 -Cash and cash equivalents                          4,796,883         4,122,096    11,765,514 
-----------------------------------------------  -------------  ----------------  ------------ 
 Total financial assets                             10,494,226        11,203,694    18,371,554 
-----------------------------------------------  -------------  ----------------  ------------ 
 
   Financial liabilities measured 
   at amortized cost 
   Non-current liabilities 
 - Long term debt from banks                           163,715,686    27,200,889   175,475,431 
 - Payable to related parties                          647,962,891   627,488,125   633,924,200 
 
   Current liabilities 
 - Current portion of long-term 
  debt                                                  28,253,210   176,433,130    28,458,200 
 - Current portion of payable 
  to related parties                                       338,019         9,225       333,611 
 
   *    Accrued expenses and other liabilities           1,539,258     2,086,824     1,550,911 
-----------------------------------------------  -----------------  ------------  ------------ 
 Total financial liability 
  measured at amortized cost                           841,809,064   833,218,193   839,742,353 
-----------------------------------------------  -----------------  ------------  ------------ 
 
 

The fair value of the financial assets and liabilities described above closely approximates their carrying value on the statement of financial position dates.

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December 15, 2023 02:00 ET (07:00 GMT)

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