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POWER VENTURES LIMITEDMain BoardEquity2025-04-012026-03-312026-05-042026-04-27INRLakhsQuarterlyFourth quarterMulti segment2026-05-0415:30:002026-05-0418:40:00trueCash Flow IndirectStatement on impact of audit qualification2026-01-012026-03-31AuditedConsolidated13864300000843600000147079000001068360000000446500000868800000116850000015207000001468810000019800000019800000104900000486000001535000000-1337000000000-1337000006600000-127100000-1337000000660000006853460000010-0.02-0.0200-0.02-0.020.00240.01150.02342025-04-012026-03-31AuditedConsolidated55634600000228150000057916100000364450000000017311000003749300000472800000037885000005044190000074742000000747420000014081000001559800000296790000004506300000000045063000004200000451050000045063000000420000006853460000010207327000000.490.49000.490.490.00240.02130.0419Consultancy, legal & professional fee11800000Director's sitting fee including GST & service tax900000Power, water and electricity charges53700000Exchange Rate of Flucation0Secuirty Expenses62600000Rural/Site Development Exp.357900000Miscellaneous expenses977100000Rent3500000Taxes & fees9800000Corporate Social Responsibility43400000Consultancy, legal & professional fee288100000Director's sitting fee including GST & service tax4600000Power, water and electricity charges217400000Exchange Rate of Flucation0Secuirty Expenses246200000Rural/Site Development Exp.796200000Miscellaneous expenses1722600000Rent79700000Taxes & fees38500000Corporate Social Responsibility395200000121750100000184240000001600000104370000092320000004830900000000549120000054912000001769200000137652300000488780000001090780000075495000001253900000003232000003131950000054050000051763000004192410000000179576400000685346000005878800000012732260000001273226000002874870000000075500000288242000005002000006244900000113910000036708400000505380000012180000026462000002768000000667030000014492100000100700000030800000155000001554540000052253800000179576400000Other Financial Assets5491200000Other non-current assets1769200000Other current financial assets323200000Other current assets5176300000Lease Liabilities75500000Other non-current liabilities1139100000Lease Liabilities32800000Other Finanacial Liabilities6637500000Other current liabilities1007000000Power13865800000Coal2427900000Sannd Mining0Other, Cement Grinding etc0Power55637700000Coal8168000000Sannd Mining0Other, Cement Grinding etc01629370000063805700000242940000081711000001386430000055634600000Power2129400000Coal77300000Sannd Mining0Other, Cement Grinding etc-149600000Power16061400000Coal311100000Sannd Mining0Other, Cement Grinding etc-421000000205710000015951500000868800000374930000011685000004728000000198000007474200000Power167299000000Coal3615000000Sannd Mining95700000Other, Cement Grinding etc85667000001795764000000179576400000Power13810700000Coal1315600000Sannd Mining0Other, Cement Grinding etc6832300000219586000000219586000003749300000937600000-904600000000-42620000000000047280000000117800000-57300000-20840000000000723000000000080085000001548270000000-18179000009238000002689000001300990000000000000483000007860000000000000000000000023554000000-9088700000-676360000000000000038729000000037189000000-30400000-7622200000-13759000000-137590000089254000007549500000Item that will not be classified to profit or loss1000000010000000Item that will not be classified to profit or loss640000064000003400000220000066000004200000AuditedQualified opinionLodha & Co. LLPtrue2027-03-3157916100000579161000005044190000050441900000747420000074742000000.490.21795764000001795764000005225380000054913400000127322600000124663000000Note no. 3(a) regarding non provision against corporate guarantee provided to lenders (SBI) of JAL as stated in the note no. 3(a) of the accompanying financial results. On filing of the petition by a commercial bank before the National Company Law Tribunal (NCLT) bench at Allahabad, Jaiprakash Associates Limited (JAL) (the party to whom the company is an associate) has been admitted into/for Corporate Insolvency Resolution Process (CIRP) vide NCLT Order dated 3rd June, 2024 and RP was appointed. As stated in the said note, the Company had given a corporate guarantee (CG) to State Bank of India (SBI) of USD 1,500 lakhs (31st March, 2025 USD 1,500 Lakhs) [equivalent Rs. 123,915 lakhs, USD converted at the exchange rate of Rs. 82.61 per USD] against loans granted by SBI to JAL. Also, during the earlier year, the Company has received a legal demand cum recall notice from SBI for corporate guarantee provided by the Company, however for the reasons as stated in the said note, the Company has disputed the same. Further as stated in the note no. 3(a), the SBI has filed a case for recovery in DRT-III at Delhi against JAL along with other parties where Company has also been made a party as a corporate guarantor. <br></br> <br></br> Read with above to that extent non-compliance of Ind AS 113 as fair valuation and recognition of consequential impact in books of accounts has not been carried out of stated Corporate Guarantee. Also, attention is drawn to the note no. 3(a) read with note no. 8 where as stated in the said notes, there was/is non -compliance of SEBI Circular dated 17th April, 2014. <br></br> <br></br> As stated in note no. 3(a) of the accompanying financial results, in the opinion of the management, pending claims of the Company before RP and pending decision on release of the corporate guarantee (which Company has submitted) in view of the Framework Agreement, presently the impact (amount) is unascertainable as stated in the said note. <br></br> <br></br> As stated in para (A) above, impact is unascertainable in the opinion of the management. <br></br> Qualified opinionRepetitiveImpact is not quantified. Impact is not quantified. In the opinion of the Management there will be no material impact of the fair valuation of the following guarantee on the financial result/ statement of affairs. Accordingly fair valuation is not being considered and recorded in this financial statement. <br></br> <br></br> Corporate Guarantee of US$ 1,500 Lakhs in favour of State Bank of India, Hong Kong branch for the credit facilities granted by lenders to Jaiprakash Associates Limited (Party to whom the company is Associate). The principal amount of loan outstanding of US$ 1,300 Lakhs (equivalent to Rs. 70,333 lakhs) has been converted into rupee term loan by State Bank of India vide sanction letter dated 28th December, 2016.Subsequent to the accounting of the impact of Framework Agreement (Framework Agreement with its lenders for debt restructuring in earlier year), the Company had initiated process for the release of the guarantee provided to SBI. However, further in response to their legal demand cum recall notice, the following has been replied : <br></br> <br></br> Said Corporate Guarantee has no essence to lodge/invoke against any claim on or after 18.04.2019 (execution date of Framework Agreement) since the same was to be released by the State Bank of India (@), being one of the participant of the DRP as explained above (provisions of the Framework Agreement will be apply mutatis mutandis) and accordingly sustainability of the Resolution Plan was worked out without considering any liability on account of the said Corporate Guarantee on the basis of Financial Projections duly approved by the Consortium of Lenders of JPVL including SBI. <br></br> [(@) as stated in the note no. 3(a) SBI has assigned its fund based claim outstanding due for JAL to the National Reconstruction Company Limited] <br></br> Presently Impact cannot be quantified. <br></br> No further Comments. As stated in para in (A) above, JAL has been admitted into Corporate Insolvency Resolution Process (CIRP) and RP was appointed. We draw the attention to the note no. 3(b) of the accompanying financial results that the Company has paid advance (net) of Rs. 578 lakhs to/for carrying out certain works/repairs under different contracts. Against advance payment made to JAL, no provision has been made for the reasons stated in the said note. Further, as stated in the said note the Company has filed claims with RP for advance amount paid and other claims [note no. 3(b)] which are pending, hence presently in the opinion of the management, impact is unascertainable. <br></br> <br></br> Qualified opinionRepetitiveImpact is not quantified. Impact is not quantified. JAL is doing Civil Work and other works for JPVL. It is also doing Coal Handling work at Jaypee Bina Thermal Power Plant. There is regular recovery from JAL, during the F.Y2024-25, the Company has originally filed claim of Rs. 4,841lakhs (net). However, as on 31st March, 2026, balance in the account of JAL is Rs. 578 Lacs (net). In the opinion of the Management, there are fair chances for recovery of this amount and there is no Provision required for it.No further Comments. Note no. 10 of the accompanying financial results regarding non provision against the recompense claim amount of Rs. 5,69,651 lakhs claimed by the lenders (ICICI bank as lead) as stated in the said note. As stated in the said note, the Company has challenged the amount demanded and advised ICICI bank to explain basis for amount so demanded. Management of the Company believes that based on present free cash flow situation and taking into consideration the extent RBI guidelines, nothing is payable/due as on 31st March, 2026.Further in the opinion of the management, impact if any, will not be material, on the state of affairs as same is recoverable, under PPAs as stated in the note no. 10. In the opinion of the management, impact, if any, cannot be ascertained.Qualified opinionRepetitiveImpact is not quantified. Impact is not quantified. - After Revised Circular 2018 was repealed pursuant to the SC Judgement, question arises as to which rules / regulations of RBI would govern the Framework Agreement, as on that date. <br></br> <br></br> - Arguably, once the Revised Circular 2018 was repealed, then RBI Circulars on the resolution of stressed assets which had been issued prior and annulled by the said Revised Circular 2018, such as CDR / JLF for resolution of stressed accounts, may be said to be automatically reinstated. This may also be inferred from Clause 1.1 of the Framework Agreement, which defines IRAC Norms as the Prudential Norms on Income Recognition and Asset Classification dated July 01, 2015, issued by the RBI, as amended, modified, and restated from time to time. An alternate view may be adopted that with the quashing of the Revised Circular 2018, there exits no rules/ regulations of the RBI, which pertain to or deal with the resolution of stressed assets <br></br> <br></br> - Thus, Framework Agreement was governed by the CDR Circular 2015 and IRAC Circular 2015, which as explained above, did not provide for recompense. <br></br> No further Comments. Note no 11 of the financial results regarding the Company has recognized Minimum Alternate Tax (MAT) Credit Entitlement aggregating to Rs.26,596 Lacs as at March 31, 2026 (including MAT credit recognition of Rs.14,078 lacs of current year) for the reasons as stated in the said note, the Company has elected to continue under the regular / old tax regime for current financial year and onwards. <br></br> <br></br> Had the Company complied with the recognition requirements of Ind AS 12 Income Taxes, the MAT Credit Entitlement of Rs. 26,596 lacs would not have been recognised, and consequently, Tax Expense for the year would have been higher, and Retained Earnings as at 31 March 2026 and the Net Profit After Tax for the year ended 31 March 2026 would have been lower by Rs. 26,596 lacs. <br></br> Matters stated in para (A) and (B) above had also been qualified in our audit report on the consolidated financial statements for the year ended 31st March, 2025 and limited review report for the corresponding quarter and matters (A) to (C) above had also been qualified in our review report on the con financial results previous quarter ended 31st December, 2025. <br></br> Qualified opinionRepetitiveImpact is not quantified. Impact is not quantified. Management is in the process of assessing/reassessing the Company's long-term business projections in light of recent developments in the energy generation sector, the long-term business plans and changes in the level of a promoter group Company, credits, other factors and the statutory 15-year window available for utilisation of MAT credits, the Management has decided and recognised and continues to carry forward MAT Credit Entitlement amounting to Rs. 26,596 lacs as at 31 March 2026. <br></br> Considering the above stated reasons, the Management is confident about recoverability and that the recognition and continued carrying value of the MAT Credit Entitlement is appropriate and is in compliance with the recognition principles. Accordingly, the Company has continued to recognise Deferred Tax Assets / Liability using the tax rates applicable under the old regime. <br></br> No further Comments. SUREN JAINRAM KUMAR PORWALDR. DINESH KUMAR LIKHINARENDER KUMAR LODHANEW DELHI2026-05-04