Sarda Energy & Minerals Ltd. - Quarterly/Annual Result Disclosures and Notes dated 30 Sep 2024

NOTES:-

1. The above results have been reviewed by the Audit committee and approved by the Board of Directors of the company in its meeting held on 14th November 2024.
2. On August 21, 2024, the Company completed acquisition of SKS Power Generation (Chhattisgarh) Limited (‘SKS’) pursuant to the Resolution Plan (‘RP’) as approved by the National Company Law Tribunal vide its order dated August 13, 2024, under Corporate Insolvency and Resolution Process (‘CIRP’) of the Insolvency and Bankruptcy Code, 2016 (‘IBC’). SKS is having 2 x 300 MW thermal power plant in the state of Chhattisgarh.

As per the terms of RP, the Company discharged its obligation under the RP by paying the full consideration on August 19, 2024, and acquired 100% shareholding of SKS on August 21, 2024.

Further, pursuant to the RP, the Company amalgamated the whole of the undertaking of SKS along with all the properties, assets, liabilities, permits, licenses, investments etc. with itself as a going concern w.e.f. Appointed Date of September 1, 2024.

As per Ind AS 103, the transaction has been accounted for on a provisional basis, pending final determination of the fair value of the acquired assets and liabilities. However, the management does not envisage any significant impact on the profit & loss for the period ended 30th September 2024 and Balance Sheet as at 30th September 2024.

Results of current quarter includes the numbers of SKS from August 22, 2024, hence, not comparable with previous periods. One of the units (300 MW) was under periodical maintenance shutdown from 1st September, which came into operation w.e.f.12.10.2024.

Furthermore, the Order of Hon’ble NCLT approving the Resolution Plan was challenged by unsuccessful resolution applicants before NCLAT which has been rejected by NCLAT. Now the unsuccessful applicants have filed appeals in the hon’ble Supreme Court.

3.The other income includes interest, share of profit / (loss) in LLP, dividend from joint venture/ subsidiary company & effect of change in fair value of market investments.

4.The figures for the corresponding previous periods have been regrouped, wherever necessary, to make them comparable.

5.The above results are also available on the Company's website - www.seml.co.in and also on the website of BSE and NSE.