Integrated Filing — IndAS



General information about company
Scrip Code 523204
NSE Symbol ABAN
MSEI Symbol NA
ISIN INE421A01028
Name of company ABAN OFFSHORE LIMITED
Type of company Main Board
Class of security Equity
Date of start of financial year 01-Apr-2024
Date of end of financial year 31-Mar-2025
Date of board meeting when results were approved 28-May-2025
Date on which prior intimation of the meeting for considering financial results was informed to the exchange 16-May-2025
Description of presentation currency INR (in Actuals)
Reporting Type Quarterly
Reporting Quarter Fourth quarter
Nature of report standalone or consolidated Consolidated
Whether results are audited or unaudited for the quarter ended Audited
Whether results are audited or unaudited for the Year to date for current period ended/year ended Audited
Segment Reporting Single segment
Description of single segment DRILLING SERVICES
Start date and time of board meeting 28-May-2025   11:15:00
End date and time of board meeting 28-May-2025   14:50:00
Whether cash flow statement is applicable on company Yes
Type of cash flow statement Cash Flow Indirect
Declaration of unmodified opinion or statement on impact of audit qualification Statement on impact of audit qualification



Financial Results Ind-AS
Particulars 3 months/ 6 months ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
A Date of start of reporting period 01-Jan-2025 01-Apr-2024
B Date of end of reporting period 31-Mar-2025 31-Mar-2025
C Whether results are audited or unaudited Audited Audited
D Nature of report standalone or consolidated Consolidated Consolidated
Part I Blue color marked fields are non-mandatory. For Consolidated Results, if the company has no figures for 3 months / 6 months ended, in such case zero shall be inserted in the said column.
1 Income
Revenue from operations 1157130000 4756550000
Other income 51510000 1923180000
Total income 1208640000 6679730000
2 Expenses
(a) Cost of materials consumed 179040000 448680000
(b) Purchases of stock-in-trade 0 0
(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade 0 0
(d) Employee benefit expense 183120000 752890000
(e) Finance costs 2803870000 11103300000
(f) Depreciation, depletion and amortisation expense 51530000 384800000
(f) Other Expenses
1 AMORTISATION OF CONTRACT ASSETS 202040000 799500000
2 OTHER EXPENDITURE 323880000 1780040000
3 INVENTORY WRITE DOWN 0 54300000
Total other expenses 525920000 2633840000
Total expenses 3743480000 15323510000
3 Total profit before exceptional items and tax -2534840000 -8643780000
4 Exceptional items 0 0
5 Total profit before tax -2534840000 -8643780000
6 Tax expense
7 Current tax 48610000 225530000
8 Deferred tax 14970000 22880000
9 Total tax expenses 63580000 248410000
10 Net movement in regulatory deferral account balances related to profit or loss and the related deferred tax movement 0 0
11 Net Profit Loss for the period from continuing operations -2598420000 -8892190000
12 Profit (loss) from discontinued operations before tax 0 0
13 Tax expense of discontinued operations 0 0
14 Net profit (loss) from discontinued operation after tax 0 0
15 Share of profit (loss) of associates and joint ventures accounted for using equity method -270000 -1730000
16 Total profit (loss) for period -2598690000 -8893920000
17 Other comprehensive income net of taxes -122900000 -6406850000
18 Total Comprehensive Income for the period -2721590000 -15300770000
19 Total profit or loss, attributable to
Profit or loss, attributable to owners of parent 0 0
Total profit or loss, attributable to non-controlling interests 0 0
20 Total Comprehensive income for the period attributable to
Comprehensive income for the period attributable to owners of parent 0 0
Total comprehensive income for the period attributable to owners of parent non-controlling interests 0 0
21 Details of equity share capital
Paid-up equity share capital 116730000 116730000
Face value of equity share capital 2 2
27 Details of debt securities
22 Reserves excluding revaluation reserve -218026200000
23 Earnings per share
i Earnings per equity share for continuing operations
Basic earnings (loss) per share from continuing operations -44.53 -152.4
Diluted earnings (loss) per share from continuing operations -44.53 -152.4
ii Earnings per equity share for discontinued operations
Basic earnings (loss) per share from discontinued operations 0 0
Diluted earnings (loss) per share from discontinued operations 0 0
ii Earnings per equity share
Basic earnings (loss) per share from continuing and discontinued operations -44.53 -152.4
Diluted earnings (loss) per share from continuing and discontinued operations -44.53 -152.4
24 Debt equity ratio
25 Debt service coverage ratio
26 Interest service coverage ratio
27 Disclosure of notes on financial results



Remarks
Debt equity ratio
Debt service coverage ratio
Interest service coverage ratio


Statement of Asset and Liabilities
Particulars Year ended (dd-mm-yyyy)
Date of start of reporting period 01-Apr-2024
Date of end of reporting period 31-Mar-2025
Whether results are audited or unaudited Audited
Nature of report standalone or consolidated Consolidated
Assets
1 Non-current assets
Property, plant and equipment 2709190000
Capital work-in-progress 0
Investment property 0
Goodwill 0
Other intangible assets 3799840000
Intangible assets under development 0
Biological assets other than bearer plants 0
Investments accounted for using equity method 0
Non-current financial assets
Non-current investments 218980000
Trade receivables, non-current 0
Loans, non-current 312200000
Other non-current financial assets 2079400000
Total non-current financial assets 2610580000
Deferred tax assets (net) 403850000
Other non-current assets 123450000
Total non-current assets 9646910000
2 Current assets
Inventories 1149820000
Current financial asset
Current investments 0
Trade receivables, current 807980000
Cash and cash equivalents 1918960000
Bank balance other than cash and cash equivalents 0
Loans, current 554540000
Other current financial assets 105450000
Total current financial assets 3386930000
Current tax assets (net) 0
Other current assets 1146190000
Total current assets 5682940000
3 Non-current assets classified as held for sale 0
4 Regulatory deferral account debit balances and related deferred tax Assets 0
Total assets 15329850000
Equity and liabilities
1 Equity
Equity attributable to owners of parent
Equity share capital 116730000
Other equity -254136690000
Total equity attributable to owners of parent -254019960000
Non controlling interest 0
Total equity -254019960000
2 Liabilities
Non-current liabilities
Non-current financial liabilities
Borrowings, non-current 0
Trade payables, non-current
(A) Total outstanding dues of micro enterprises and small enterprises 0
(B) Total outstanding dues of creditors other than micro enterprises and small enterprises 0
Total Trade payable 0
Other non-current financial liabilities 0
Total non-current financial liabilities 0
Provisions, non-current 0
Deferred tax liabilities (net) 0
Deferred government grants, Non-current 0
Other non-current liabilities 5090000
Total non-current liabilities 5090000
Current liabilities
Current financial liabilities
Borrowings, current 156971950000
Trade payables, current
(A) Total outstanding dues of micro enterprises and small enterprises 0
(B) Total outstanding dues of creditors other than micro enterprises and small enterprises 1748180000
Total Trade payable 1748180000
Other current financial liabilities 110619910000
Total current financial liabilities 269340040000
Other current liabilities 4680000
Provisions, current 0
Current tax liabilities (Net) 0
Deferred government grants, Current 0
Total current liabilities 269344720000
3 Liabilities directly associated with assets in disposal group classified as held for sale 0
4 Regulatory deferral account credit balances and related deferred tax liability 0
Total liabilities 269349810000
Total equity and liabilites 15329850000
Disclosure of notes on assets and liabilities



Format for Reporting Segmenet wise Revenue, Results and Capital Employed along with the company results
Particulars 3 months/ 6 month ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
Date of start of reporting period 01-Jan-2025 01-Apr-2024
Date of end of reporting period 31-Mar-2025 31-Mar-2025
Whether accounts are audited or unaudited Audited Audited
Nature of report standalone or consolidated Consolidated Consolidated
1 Segment Revenue (Income)
(net sale/income from each segment should be disclosed)
Total Segment Revenue
Less: Inter segment revenue
Revenue from operations
2 Segment Result
Profit (+) / Loss (-) before tax and interest from each segment
Total Profit before tax
i. Finance cost
ii. Other Unallocable Expenditure net off Unallocable income
Profit before tax
3 (Segment Asset - Segment Liabilities)
Segment Asset
Total Segment Asset
Un-allocable Assets null null
Net Segment Asset null null
4 Segment Liabilities
Segment Liabilities
Total Segment Liabilities
Un-allocable Liabilities null null
Net Segment Liabilities null null
Disclosure of notes on segments



Other Comprehensive Income
Particulars 3 months/ 6 months ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
A Date of start of reporting period 01-Jan-2025 01-Apr-2024
B Date of end of reporting period 31-Mar-2025 31-Mar-2025
C Whether results are audited or unaudited Audited Audited
D Nature of report standalone or consolidated Consolidated Consolidated
Other comprehensive income [Abstract]
1 Amount of items that will not be reclassified to profit and loss
Total Amount of items that will not be reclassified to profit and loss
2 Income tax relating to items that will not be reclassified to profit or loss 122900000 6406850000
3 Amount of items that will be reclassified to profit and loss
Total Amount of items that will be reclassified to profit and loss
4 Income tax relating to items that will be reclassified to profit or loss 0 0
5 Total Other comprehensive income -122900000 -6406850000



Cash flow statement, indirect
Particulars Year ended (dd-mm-yyyy)
A Date of start of reporting period 01-Apr-2024
B Date of end of reporting period 31-Mar-2025
C Whether results are audited or unaudited Audited
D Nature of report standalone or consolidated Consolidated
Part I Blue color marked fields are non-mandatory.
Statement of cash flows
Cash flows from used in operating activities
Profit before tax -8643780000
Adjustments for reconcile profit (loss)
Adjustments for finance costs 11100700000
Adjustments for decrease (increase) in inventories -46580000
Adjustments for decrease (increase) in trade receivables, current -360900000
Adjustments for decrease (increase) in trade receivables, non-current 0
Adjustments for decrease (increase) in other current assets 0
Adjustments for decrease (increase) in other non-current assets 0
Adjustments for other financial assets, non-current -98540000
Adjustments for other financial assets, current -21350000
Adjustments for other bank balances 0
Adjustments for increase (decrease) in trade payables, current 442620000
Adjustments for increase (decrease) in trade payables, non-current 0
Adjustments for increase (decrease) in other current liabilities -1860000
Adjustments for increase (decrease) in other non-current liabilities 0
Adjustments for depreciation and amortisation expense 1184310000
Adjustments for impairment loss reversal of impairment loss recognised in profit or loss 0
Adjustments for provisions, current 440000
Adjustments for provisions, non-current 0
Adjustments for other financial liabilities, current 0
Adjustments for other financial liabilities, non-current 0
Adjustments for unrealised foreign exchange losses gains -404570000
Adjustments for dividend income 0
Adjustments for interest income 58620000
Adjustments for share-based payments 0
Adjustments for fair value losses (gains) 0
Adjustments for undistributed profits of associates 0
Other adjustments for which cash effects are investing or financing cash flow -163740000
Other adjustments to reconcile profit (loss) 0
Other adjustments for non-cash items -1499850000
Share of profit and loss from partnership firm or association of persons or limited liability partnerships 0
Total adjustments for reconcile profit (loss) 10072060000
Net cash flows from (used in) operations 1428280000
Dividends received 0
Interest paid 0
Interest received 0
Income taxes paid (refund) 39380000
Other inflows (outflows) of cash 0
Net cash flows from (used in) operating activities 1388900000
Cash flows from used in investing activities
Cash flows from losing control of subsidiaries or other businesses 0
Cash flows used in obtaining control of subsidiaries or other businesses 0
Other cash receipts from sales of equity or debt instruments of other entities 50000
Other cash payments to acquire equity or debt instruments of other entities 0
Other cash receipts from sales of interests in joint ventures 0
Other cash payments to acquire interests in joint ventures 0
Cash receipts from share of profits of partnership firm or association of persons or limited liability partnerships 0
Cash payment for investment in partnership firm or association of persons or limited liability partnerships 0
Proceeds from sales of property, plant and equipment 170990000
Purchase of property, plant and equipment 12380000
Proceeds from sales of investment property 0
Purchase of investment property 0
Proceeds from sales of intangible assets 0
Purchase of intangible assets 0
Proceeds from sales of intangible assets under development 0
Purchase of intangible assets under development 0
Proceeds from sales of goodwill 0
Purchase of goodwill 0
Proceeds from biological assets other than bearer plants 0
Purchase of biological assets other than bearer plants 0
Proceeds from government grants 0
Proceeds from sales of other long-term assets 0
Purchase of other long-term assets 0
Cash advances and loans made to other parties 0
Cash receipts from repayment of advances and loans made to other parties 139570000
Cash payments for future contracts, forward contracts, option contracts and swap contracts 0
Cash receipts from future contracts, forward contracts, option contracts and swap contracts 0
Dividends received 0
Interest received 16880000
Income taxes paid (refund) 0
Other inflows (outflows) of cash 0
Net cash flows from (used in) investing activities 315110000
Cash flows from used in financing activities
Proceeds from changes in ownership interests in subsidiaries 0
Payments from changes in ownership interests in subsidiaries 0
Proceeds from issuing shares 0
Proceeds from issuing other equity instruments 0
Payments to acquire or redeem entity's shares 0
Payments of other equity instruments 0
Proceeds from exercise of stock options 0
Proceeds from issuing debentures notes bonds etc 0
Proceeds from borrowings 0
Repayments of borrowings 231160000
Payments of lease liabilities 0
Dividends paid 0
Interest paid 260000
Income taxes paid (refund) 0
Other inflows (outflows) of cash 0
Net cash flows from (used in) financing activities -231420000
Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes 1472590000
Effect of exchange rate changes on cash and cash equivalents
Effect of exchange rate changes on cash and cash equivalents 11300000
Net increase (decrease) in cash and cash equivalents 1483890000
Cash and cash equivalents cash flow statement at beginning of period 435070000
Cash and cash equivalents cash flow statement at end of period 1918960000





Details of Impact of Audit Qualification
Whether results are audited or unaudited Audited
Declaration of unmodified opinion or statement on impact of audit qualification Statement on impact of audit qualification
Auditor's opinion Disclaimer of opinion
Declaration pursuant to Regulation 33 (3) (d) of SEBI (LODR) Regulation, 2015: The company declares that its Statutory Auditor/s have issued an Audit Report with unmodified opinion for the period on Standalone results
Sr No. Audit firm's name Whether the firm holds a valid peer review certificate issued by Peer Review Board of ICAI Certificate valid upto
1 M/S. FORD RHODES PARKS & CO.LLP Yes 30-Sep-2027


Financial details
Sr. Particulars Audited Figures (as reported before adjusting for qualifications) Adjusted Figures (audited figures after adjusting for qualifications)
1 Turnover / Total income 6679570000 6679730000
2 Total Expenditure 15323510000 0
3 Net Profit/(Loss) -8643780000 0
4 Earnings Per Share -152.42 0
5 Total Assets 15329850000 0
6 Total Liabilities 269349810000 0
7 Net Worth -254019960000 0


Audit qualification
Sr. Details of Audit Qualification Type of Audit Qualification Frequency of qualification For Audit Qualification(s) where the impact is quantified by the auditor For Audit Qualification(s) where the impact is not quantified by the auditor
Management's Views (i) Management's estimation on the impact of audit qualification (ii) If management is unable to estimate the impact, reasons for the same Auditors' Comments on (i) or (ii) above
1 Textual Information(1) Disclaimer of opinion Repetitive Textual Information(2) Textual Information(3) Textual Information(4) Textual Information(5)


Text Block
Textual Information(1) Going concern n nAs disclosed in Note 2.1 to the financial statements, in preparing the financial statements, the Board of Directors have considered the operations of the Group and the Company as going concerns notwithstanding that the Group and the Company incurred a net loss of US$125,953,000 and US$107,030,000 respectively for the financial year ended 31 March 2025, and as at that date, the Group and the Company were in net current liabilities position of US$2,953,600,000 and US$2,772,175,000 respectively. The Group and the Company were also in net liabilities position of US$2,861,120,000 and US$2,126,047,000 respectively as at 31 March 2025. n nAs disclosed in Note 20 to the financial statements, the Groups rig, classified as property, plant and equipment, with carrying amount of US$30,305,000 has been pledged as security for the borrowings of the Group and the Company amounted to US$1,761,279,000 and US$1,641,198,000 (Note 25) respectively. n nIn addition, the Group and the Company have defaulted on payment of their borrowings, which have fallen due and have breached the covenants of their borrowings, giving the lenders the right to demand the related borrowings be due and payable immediately. The lenders have issued recall notices to the Group and the Company. Management has reclassified these borrowings of the Group and the Company, with original repayment terms beyond 12 months from the balance sheet date as current liabilities. n nThe above conditions indicate the existence of material uncertainties that may cast significant doubt on the Groups and the Companys ability to continue as going concerns. Nevertheless, the Board of Directors believes that the use of the going concern assumption in the preparation of the financial statements of the Group and of the Company for the financial year ended 31 March 2025 is still appropriate. The Group has during the financial year ended 31 March 2024, submitted a proposal for a one-time settlement of the bank borrowings to the lenders. As at 31 March 2025, the lenders are still seeking approval from the relevant authorities for the aforesaid proposal. n nThe ability of the Group and the Company to continue in operational existence in the foreseeable future and to meet their financial obligations as and when they fall due are dependent on the actions and measures undertaken as disclosed above. Additionally, it is uncertain whether the Group and the Company will raise further funds through any fund-raising exercises. Therefore, we were unable to obtain sufficient audit evidence to enable us to form an opinion on whether the going concern basis of preparation of the accompanying financial statements of the Group and the Company is appropriate. nIf the Group and the Company are unable to continue in operational existence in the foreseeable future, the Group and the Company may be unable to discharge their liabilities in the normal course of business. As a result, adjustments may have to be made to reflect the situation where assets, particularly the rig of the Group, may need to be realised other than in the normal course of business and at amounts which could differ significantly from their current recorded values in the balance sheet. Additionally, the Group and the Company may have to reclassify non-current assets and liabilities as current assets and liabilities respectively. These financial statements do not include any adjustment which may arise from these uncertainties. n n n2.tIncompleteness of bank confirmations n nWe were unable to obtain bank confirmations to confirm the bank borrowings of the Group and the Company amounted to US$1,761,279,000 and US$1,641,198,000 (Note 25) respectively as at 31 March 2025. n nThere were also no practicable audit procedures available to us to confirm or verify these balances and transactions. As a result, we were unable to ascertain the accuracy and completeness of the aforesaid bank borrowings. In addition, we were unable to verify the completeness of the Groups and the Companys transactions with the banks for the aforesaid bank borrowings. Consequently, we were unable to determine whether any adjustments and disclosures might have been found necessary in respect of unrecorded and/or undisclosed transactions, facilities and information with the banks in the financial statements. n n n n3 .Investments in subsidiary corporations, Investment in associated company, Amounts due from subsidiary corporations and immediate and ultimate holding corporation n nAs disclosed in Note 15 to the financial statements, the Companys carrying amount of the investments in subsidiary corporations as at 31 March 2025 amounted to US$520,337,000. As disclosed in Note 16 to the financial statements, the Groups carrying amounts of the investments in associated companies as at 31 March 2025 amounted to US$1,094,000. Management has determined that no objective evidence or indication that the carrying amount of the investments in subsidiary corporations and associated companies may not be recoverable, accordingly no impairment assessment is required. n nAs disclosed in Notes 19 to the financial statements, the amounts due from subsidiary corporations as at 31 March 2025 amounted to US$121,130,000. Management has determined that no expected credit loss is required as there was no significant increase in credit risk. n nBased on the latest financial performance and financial position of the subsidiary corporations and associated companies as well as other information made available to us, we were unable to obtain sufficient appropriate audit evidence in respect of the managements assessment of the recoverability of the investments in subsidiary corporations and associated companies, and the expected credit losses associated with the amounts due from subsidiary corporations as at 31 March 2025. Consequently, we were unable to determine whether any adjustments might have been found necessary in respect of the carrying amounts of the investment in the subsidiary corporations and associated companies, and amounts due from subsidiary corporations as at 31 March 2025. n nIn the case of the Parent Company, the Statutory Auditors have given a qualified opinion on the matter of non-receipt of confirmation of bank account balances and term loans in their Report on the Stand-alone financial statements of ABAN OFFSHORE LIMITED for the year ended 31st March 2025, which is reproduced below n n nBasis for Qualified Opinion nNon-receipt of confirmation of bank account balances including loan accounts as stated below: nThough the Company authorized its bankers to send balance confirmation to us directly, we did not receive any direct confirmation except for four accounts with minor balances. The company is unable to obtain and provide bank balance confirmations for the Companys bank balances of INR 114.58 million and the Companys outstanding bank borrowings from 2 banks (term loans) amounting to INR 4,012.88 million as of 31st March 2025. In our opinion, there are no other practicable audit procedures available to us to verify these bank balances and transactions. n.In view of the non-confirmation of bank current, deposit and loan account balances and non-availability of bank statements of bank loan accounts, we are not in a position to ascertain and comment on the correctness of the above-mentioned balances and the resultant impact of the same on the standalone financial statements of the Company . n
Textual Information(2) cannot be quantified
Textual Information(3) cannot be quantified
Textual Information(4) The disclaimer of opinion is on preparation of the financial statements, the Management has considered the operations of the Group and the Company as going concerns notwithstanding that the Group and the Company have incurred net loss, the Group and the Company defaulting on payment of borrowings that have become due for payment and breach of certain covenants of the borrowings that have given right to the lenders to demand the borrowings to be paid immediately. They have also expressed existence of material uncertainties on the going concern assumption. The Management believes that the use of the going concern assumption in the preparation of the financial statements for the financial year ended 31st March 2025 is still appropriate. The Management is in discussions with its lenders to obtain approval for and implementation of an appropriate debt resolution plan. n n In view of the foregoing the impact of the disclaimer of opinion cannot be ascertained. n n The basis of disclaimer in also on account of n ntincompleteness of bank confirmations relating to material bank balances as well as the bank borrowings. The impact of this disclaimer cannot be ascertained ntUnable to ascertain recoverability of the carrying amounts of the investments the subsidiary corporations and amounts due from subsidiary corporations and ultimate holding corporation as at 31st March 2025 n n nThe Management has considered appropriate provisions of interest on outstanding terms loans based on the rates of original agreements for outstanding terms loans. n nThe Management has determined that there is no objective evidence or indication that the carrying amount of investments in subsidiary corporations may not be recoverable and accordingly no impairment is required. In respect of the amounts due from subsidiary corporations and the ultimate holding company the Management has determined that there is no significant increase in credit risk and no impairment is required. n nThe Statutory auditors of the Parent Company and have given qualified report due to non-receipt of confirmations of bank balances and outstanding term loans. The impact of this qualification cannot be quantified. The Management has considered appropriate accruals /provisions of interest and outstanding deposits and term loans, based rates as per the original agreement. n n
Textual Information(5) Refer to the Basis of Disclaimer and the qualified opinion in the auditors report dated May 28,2025 in the Consolidated financial results of the Group for the year ended March 31,2025. No further comments.


Signatories detail
Name of CEO / Managing director REJI ABRAHAM
Name of CFO NARAYAN VENKAT RAMANAN
Name of audit committee chairman KRISHNAMURTHY VIJAYAN
Name of statutory auditor R SUBRAMANIAN
Name of other signatory, if any, with designation P VENKATESWARAN, CHAIRMAN
Place CHENNAI
Date 28-May-2025