Half-year Financial Report

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RNS Number : 3793M Indus Gas Limited 22 December 2025  

  Indus Gas Limited and its subsidiaries ("Indus" or the "Company")   Unaudited Condensed Consolidated Interim Financial Statements for the six-month period ended 30 September 2025   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 2025.   Consolidated reported adjusted revenues, operating profit and profit before tax for the interim period ended 30 September 2025 were US$ 3.99m (US$ 2.34m interim 2024), US$ 1.93m (US$ 1.24 m interim 2024) and US$ 1.93 m (US$ 1.24 m interim 2024) respectively.   The Company has continued to make provision for a notional deferred tax liability of US$ 0.78m (US$ 0.61m interim 2024), in accordance with IFRS requirements.   Following on from the Company's annual results announced on 30 September 2025, there is limited production from the SGL field as well as the SSF & SSG fields. Gas supplies to Gail continue under an interim term sheet. Once the PSC extension is granted to the block participants, a new gas sale and purchase agreement is targeted to be signed. Updates will be made as and when appropriate.   Jonathan Keeling, Chairman of Indus Gas, commented:   "PSC extension is being awaited by the block participants."   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    

Unaudited Condensed Consolidated Statement of Financial Position

(All amounts in US$, unless otherwise stated)  

 

Notes

As at 30 September 2025

As at 30 September 2024

As at 31 March 2025



 

 

(Unaudited)

(Unaudited)

(Audited)

 

 

 

 

 

ASSETS

 

 

 

 

Non-current assets







Property, plant and equipment

6

788,225,446

1,302,111,915

     776,139,979

Tax assets

 

375,395

783,134

333,262

Other assets

 

8,958

8,722

8,957

Total non-current assets

 

788,609,799

1,302,903,771

776,482,198

Current assets

 







Inventories

 

5,472,059

7,332,245

6,898,623

Trade and other receivables

 

643,156

310,041

          638,220

Receivable from related party

 

110,913,912

109,268,500

109,239,970

Cash and cash equivalents

 

646,316

218,271

240,220

Total current assets

 

117,675,443

117,129,058

117,017,033

Total assets

 

906,285,242

1,420,032,829

893,499,231

 

 







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

 

(53,413,053)

303,657,986

(54,557,477)

Total shareholders' equity

 

7,196,585

364,267,624

6,052,161

   



  LIABILITIES

 

 

 

 

Non-current liabilities

 

 

 

 

Long term debt, excluding current portion

7

163,931,631

159,740,230

159,581,721

Payable to related parties, excluding current portion

9

715,914,347

696,835,347

709,560,347

Deferred tax liabilities (net)

 

11,037,774

160,748,276

10,253,484

Provision for decommissioning

 

1,908,607

1,881,606

1,899,606

Total non-current liabilities

 

892,792,359

1,019,205,459

881,295,158

  Current liabilities

 

 

 

 

Current portion of long-term debt

7

4,689,873

9,582,394

4,505,626

Current portion payable to related parties

9

14,197

20,283

43,762

Trade and other payables

 

1,592,228

1,486,093

1,602,524

Deferred revenue

 

-

25,470,135

-

Total current liabilities

 

6,296,298

36,559,746

6,151,912

Total liabilities

 

899,088,657

1,055,765,205

887,447,070

Total liabilities and equity



906,285,242

1,420,032,829

893,499,231

(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 30 September 2025

 

     Six months ended 30 September 2024

 

 

 

Unaudited

 

Unaudited

 

Revenue                                



3,986,666



2,336,556

 

Cost of sales



(1,411,597)



(651,992)

 

Administrative expenses



(646,209)



(440,812)

 

 







 

Profit from operations

 

1,928,860

 

1,243,752



 

Foreign exchange gain/(loss), net

 

(146)



714



 

Interest income





                                     -

 

Profit before tax

 

1,928,714

 

1,244,466

 

 







 

Income taxes Provision for Deferred tax charge                                                                                              



- (784,290)  



- (605,418)



                             



Profit for the period 



 

 1,144,424

639,048

Total comprehensive income for the period

 

 

1,144,424

                      639,048

Earnings per share

 

10

 

 

Basic

 

 

0.01

0.01

Diluted

 

 

0.01

0.01





(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 Number   Amount

Additional paid-in capital

Currency translation reserve

Merger reserve

(Accumulated Profits)/ Retained earnings

Total stockholders' equity

 

 

 

 

 



Balance as at 1 April 2025  

182,973,924

3,619,443

46,733,689

(9,313,782)

19,570,288

(54,557,477)

6,052,161

 

Profit for the period  

-

-

-

-

-

1,144,424

1,144,424



Total comprehensive income for the period  

-

-

-

-

-

1,144,424

1,144,424

 

Balance as at 30 September 2025

182,973,924

3,619,443

46,733,689

(9,313,782)

19,570,288

(53,413,053)

7,196,585

 









                 

Balance as at 1 April 2024  

182,973,924

3,619,443

46,733,689

(9,313,782)

19,570,288

303,018,938

363,628,576

Profit for the period  

-

-

-

-

-

639,048

639,048



Total comprehensive income for the period  

-

-

-

-

-

639,048

 639,048

Balance as at 30 September 2024

182,973,924

3,619,443

46,733,689

(9,313,782)

19,570,288

303,657,986

364,267,624

  (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 ended 30 September 2025 (Unaudited)



Six months ended 30 September 2024 (Unaudited)

 

(A) Cash flow from operating activities







 

Profit before tax

 

1,928,714

 

1,244,023

 

Adjustments







 

Unrealised exchange loss/ (gain)



145



(714)

 

Depreciation

 

665,167



471,469

 

Changes in operating assets and liabilities







 

Inventories



1,426,564



                 1,612,144

 

Trade receivables



(4,938)



                    303,664

 

Trade and other payables



1,464,950



                 832,004

 

Other current and non-current assets



-



7,959

 

Provisions for decommissioning



9,000



-

 

Other liabilities



(39,863)



(30,975)

 

Cash generated from operations

 

5,449,739

 

4,439,874

 

Income taxes paid/refund



(42,128)



(19,898)

 

Net cash generated from operating activities

 

5,407,611

 

4,419,976

 

  (B) Cash flow from investing activities

 

 

 

 

 

Purchase of property, plant and equipment

 

(9,234,259)



(6,849,192)

 

Interest received





                                 -

 

Net cash used in investing activities

 

(9,234,259)

 

(6,849,192)

 

  (C) Cash flow from financing activities

 

 

 

 

 

Repayment of long-term debt from banks Proceeds from long-term debt

 

- 4,350,000

(10,800,000) -

Proceeds from Related Party

 

6,354,000

18,425,000

Payment of interest

 

(6,471,111)

(7,047,469)

Net cash used in financing activities

 

4,232,889

577,531

Net change in cash and cash equivalents

 

406,241

(1,851,687)

Cash and cash equivalents at the beginning of the period



                                240,220

  2,069,244

Effect of exchange rate change on cash and cash equivalents



                                  (145)

714

Cash and cash equivalents at the end of the period

 

646,316

218,271

 

 

 

 

 









                   (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 $, unless otherwise stated) 1.    INTRODUCTION   Indus Gas Limited ("Indus Gas" or "the Company") was incorporated in the Island of Guernsey on 4 March 2008 pursuant to an Act of the Royal Court of the Island of Guernsey. The Company was set up to act as the holding company of iServices Investments Limited. ("iServices") and Newbury Oil Co. Limited ("Newbury"). iServices and Newbury are companies incorporated in Mauritius and Cyprus, respectively. iServices was incorporated on 18 June 2003 and Newbury was incorporated on 17 February 2005. The Company was admitted to trading on the AIM of the London Stock Exchange on 6 June 2008. Indus Gas, through its wholly owned subsidiaries iServices and Newbury (together the "Group"), is engaged in the business of oil and gas exploration, development and production.   Focus Energy Limited ("Focus"), an entity incorporated in India, entered into a Production Sharing Contract("PSC") with the Government of India ("GOI") and Oil and Natural Gas Corporation Limited ("ONGC") on 30 June 1998 for petroleum exploration and development concession in India known as RJ-ON/06 ("the Block"). Focus is the Operator of the Block. On 13 January 2006, iServices and Newbury entered into an interest sharing agreement with Focus and obtained a 65 per cent and 25 per cent share respectively in the Block. The balance 10 per cent of participating interest is owned by Focus. The participating interest explained above is subject to any option to acquire 30 per cent Participating Interest exercised by ONGC in respect of discoveries. ONGC has already exercised 30 per cent PI option for SGL field (as further explained in Note 3). 2.   BASIS OF PREPARATION   The unaudited condensed consolidated interim financial statements are for the six months ended 30 September 2025 and are presented in United States Dollar (US$), 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 2025.   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 2025.   These unaudited condensed consolidated interim financial statements are for the six months ended 30 September 2025 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'. 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.   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 has reduced 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 paid as at the end of the previous year. As per PSC the recovery shall be first made of Production Costs and next recovery be made of Exploration costs and the remaining shall be made of Development costs.     On the basis of the above, gas production for the period ended 30th September 2025 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.    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 2025.     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 well test equipment

Development Assets

Production Assets

Bunk Houses

Vehicles

Other assets

Capital work-in-progress

Total

Balance as at 1 April 2025

167,248

9,213,444

949,347,153

417,794,368

8,441,154

4,078,344

1,708,643

1,474,130

1,392,224,474

Additions Disposals

- -

- -

     13,088,785     -

- -

- -

- (12,065)

- -

- -

13,088,785   (12,065)

Balance as at 30 September 2025

167,248

9,213,444

962,435,938

417,794,368

8,441,154

4,066,279

1,708,643

1,474,130

1,405,301,194

Accumulated depreciation











 

Balance as at 1 April 2025

-

6,165,332

386,880,485

209,175,292

7,487,710

4,078,338

1,696,608

600,741

616,084,506

 Depreciation on assets transferred

-

209,491

-  

665,167

126,264

-

2,385

-

1,003,307

Depreciation for the period

-

-

-

-

-

(12,065)

-

-

(12,065)

Impairment for the year















Balance as at 30 September 2025

-

6,374,823

386,880,485

209,840,459

7,613,974

4,066,273

1,698,993

600,741

617,075,748

Carrying value

167,248

2,838,621

575,555,453

   207,953,909

827,1805

6

9,650

873,389

788,225,446

As at 30 September 2025

 

 

 

 

 

 

 

 

 

       

Cost    

Land

Extended well test equipment

Development Assets

Production Assets

Bunk Houses

Vehicles

Other assets

Capital work-in-progress

Total

Balance as at 1 April 2024

167,248

9,213,444

935,804,466

409,502,205

7,869,575

4,963,923

1,695,265

3,699,487

 1,372,915,613

Additions Disposals/Transfers

- -

- -

     11,259,592      -

410 -

- -

- -

13,035 -

- -

11,273,037 -

Balance as at 30 September 2024

167,248

9,213,444

947,064,058

409,502,615

7,869,575

4,963,923

1,708,300

3,699,487

1,384,188,650

Accumulated depreciation











 

Balance as at 1 April 2024

-

   3,555,792

 -  

64,478,363

6,608,781

4,963,875

1,685,736

-

   81,292,547

Depreciation for the period

-

231,296

-  

471,469

97,768

42

913

-

784,188

Balance as at 30 September 2024

-

   3,787,088

 -  

64,949,832

6,706,549

4,963,917

1,686,649

-

   82,076,735

Carrying value













 

As at 30 September 2024

167,248

5,426,356

947,064,058

344,552,783

1,163,0264

6

21,651

3,699,487

1,302,111,915

     

 

Cost    

Land

Extended well test equipment

Development

Production assets

Bunk houses

Vehicles

Other assets

Capital work-in-progress

Total

 

Balance as at 1 April 2024

167,248

9,213,444

935,804,466

409,502,205

7,869,575

4,963,923

1,695,265

3,699,487

  1,372,915,613

 

Additions Transfers Disposals

             - - -

- - -

20,140,425       (6,597,738) -

-   8,292,163 -

- 571,579 -

- - (885,579)

13,378 - -

40,637 (2,266,004) -

20,194,440 - (885,579)

 

Balance as at 31 March 2025

167,248

9,213,444

949,347,153

    417,794,368

8,441,154

4,078,344

1,708,643

1,474,120

1,392,224,474

 

Accumulated depreciation











 

 

Balance as at 1 April 2024

-

3,555,792

-

64,478,362

6,608,781

4,963,875

1,685,736

-

81,292,546

 

 Depreciation on assets transferred

-

-

-

-

-

(885,537)

-

-

(885,537)

 

Depreciation for the period

-

425,589

-

1,202,824

195,692

-

2,249

-

1,826,354

 

Impairment for the year



2,183,951

386,880,485

143,494,106

683,236

-

8,623

600,731

533,851,132

Balance as at 31 March 2025

-

6,165,332

 386,880,485  

209,175,292

7,487,709

  4,078,338

1,696,608

600,731

    616,084,495

 

Carrying value













 

 

As at 31 March 2025

167,248

3,048,112

562,466,668

208,619,076

953,445

6

12,035

873,389

776,139,979









   

7.  LONG TERM DEBTS   From Banks

 

 

30 September 2025 (Unaudited)

30 September 2024 (Unaudited)

31 March 2025 (Audited)

Current portion of long-term debt from banks



-

5,244,617

                 -    

Total

 

 

5,244,617

-

    From Bonds/Debts

 

 

30 September 2025 (Unaudited)

30 September 2024 (Unaudited)

31 March 2025 (Audited)

Non-current portion of long-term debt



163,931,631

159,740,228

159,581,721

Current portion of long-term debt



4,689,873

4,337,778

4,505,626

Total

 

168,621,504

164,078,006

164,087,347

    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.Enterprise over which Key Management Personnel (KMP) exercise control (with whom there are transactions)

Focus Energy Limited

Disclosure of transactions between the Group and related parties and the outstanding balances as of 30 September 2025 and 30 September 2024 are as follows:   Transactions during the period  

Particulars

 

Period ended 30 September 2025

Period ended 30 September 2024



Loan Received from Related Party



                           6,354,000

18,425,000









Short term employee benefits (KMP)



50,277

84,005

 







Cost incurred by the Focus on behalf of the group in respect of the Block



5,713,058

2,418,570

Remittances to Focus



7,387,000

4,381,505

            9.PAYABLE/RECEIVABLE TO RELATED PARTIES  

Particulars

As at 30 September 2025

As at 30 September 2024

As at 31 March 2025

Receivable form Focus  

110,913,912

109,268,500

109,239,970

Payables to Related Party

715,914,347

696,835,347

709,560,347









Employee obligation (KMP)

14,197

20,283

43,726



 

 



  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.   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 30 September 2025

Period ended 30 September 2024

Profit attributable to shareholders of Indus Gas Limited, for basic and dilutive



1,144,424

639,048

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$)

 

0.01*

0.01*

Diluted earnings per share (US$)

 

0.01*

0.01*

*Rounded off to the nearest two decimal places.   11.  COMMITMENTS AND CONTINGENCIES   At 30 September 2025, the Group had capital commitments of US$ Nil (30 September 2024: US$ Nil;31 March 2025: US$ Nil) in relation to property, plant & equipment - development/producing assets, in the Block. The Group has no contingencies as at 30 September 2025 (30 September 2024: Nil;31 March 2025: 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 2025.   13.  BASIS OF GOING CONCERN ASSUMPTION    The Production sharing Contract (PSC) entered by Wholly Owned Subsidiary (WOS) expired on 20 August 2024. WOS has formally applied for an extension of the PSC and operator of the block continues to engage with relevant authorities to secure its renewal.   The Gas Sales and Purchase Agreement (GSPA) with the Group's sole customer expired on 30september 2024. In its place, the Group entered into an Interim Term Sheet for gas sales and purchases, which is extendable every six months. The current Interim Term Sheet has been extended until 31 January 2026. Operator of the block remains in active negotiations with the customer to establish a long-term commercial arrangement. The repeated extensions of the Interim Term Sheet, along with the customer's operational reliance on gas from block to support regional power generation, support the expectation of further extensions renewal of the GSPA.    Based on factors and forecasts, management is confident that the group will be able to meet its obligations as they become due in the ordinary course of business. Accordingly, these financial statements have been prepared on a going concern basis.   14.  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 2025

30 September 2024

 31 March 2025

Loans - Security deposits

8,958

8,722

8,958

Current assets







-Trade receivables

643,156

310,041

638,230

-Cash and cash equivalents

646,316

218,271

240,220

- Prepayment and other assets due from a related party

110,913,912

109,268,500

      109,239,970

Total financial assets

112,212,342

109,805,534

110,127,378

Financial liabilities measured at amortized cost Non-current liabilities







-  Long term debts/bonds

163,931,631

159,740,230

159,581,721

-  Payable to related parties

715,914,347

696,835,347

709,560,347

Current liabilities







-  Current portion of long-term debts/bonds

4,689,873

9,782,394

4,505,626

-  Current portion of payable to related parties

14,197

20,283

43,762

-  Accrued expenses and other liabilities

1,537,125

1,486,933

1,548,070

Total financial liability measured at amortized cost

886,087,173

867,665,187

875,239,526

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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