Income Statement (INR Cr) Units Mar/14

Saleable Units 4,570

Revenues
Gross Revenues INR Cr 2,116
Less: Environment Cess INR Cr 5
Net Revenues INR Cr 2,121
Growth (%) -1.9%

Expenses
O&M Expenses (% of Project Costs) INR Cr 146
YoY Escalation 5.72%

EBITDA INR Cr 1,974

Margin (%) 93.1%
Book Depreciation INR Cr 439
Interest Expenses INR Cr 786
Interest Income INR Cr 16
Profit Before Tax INR Cr 766
Margin (%) 36.1%
Tax INR Cr 146
Effective Tax Rate (%) 19.1%
Profit After Tax INR Cr 620
Margin (%) 29.2%
Balance Sheet (INR Cr) Units Mar/13 Mar/14
Assets
Fixed Assets
Gross Block INR Cr 9,237 9,237
Less: Accumulated Depreciation INR Cr 439 878
Net Block INR Cr 8,798 8,359
Capital Work-in-Progress INR Cr - -
Working Capital
Receivables INR Cr 360 353
O&M Expenses INR Cr 23 24
Maintenance Spares INR Cr 92 98
Cash INR Cr 267 679

Total Assets INR Cr 9,540 9,514

Liabilities and Stockholders' Equity

Equity Share Capital INR Cr 2,771 2,771
Retained Earnings INR Cr 593 1,213
Total Net Worth INR Cr 3,364 3,984
Debt
Project Debt INR Cr 5,819 5,173
Working Capital Loan INR Cr 357 357
Total Debt INR Cr 6,176 5,529

Total Liabilities and Stockholders' Equity INR Cr 9,540 9,514