Key highlights

• Total revenue for Q2 FY'13 for PFS grew by 63% y.o.y and PBT for the company, grew by 143% y.o.y. (Excluding the one off profit on sale of investment gain of Rs 12.87 crore for Q2 FY'12 as compared to Nil for Q2 FY'13).

• Outstanding loan book as on Sep'12, stood at Rs 1916 crore, as compared to Rs 1270 crore o Mar'12. Of the total debt outstanding, about 44% is towards coal power projects, 31% to wind power projects, 7% to Hydro, 5% gas, 3% solar, 2% biomass and rest 8% to other projects.

• Management's endeavor is to focus more on renewable projects, given the uncertainty on FSA for coal based projects.

• Interest costs for the quarter grew by about 51% as compared to about 103% growth in interest income, as some of the high costs loans were repaid and were swapped by ECB loans.

• Management has taken a prudent policy on provision against standard assets to 0.5%. Although this is not mandatory, looking at the gains and profits, management adopted a conservative approach.

• On its equity investment projects, Ind-Bharat energy is delayed by about 12 months, but now has received the financial closure and all other clearances as well and the project with 700 MW of power capacity will be operational by July'13.

• East Coast Energy project also received the environment clearance, although the project is delayed by about 6 months. The project, as per the management will be back on track after financial closure.

• Meenakshi 1000 MW of power project is on track and the Phase 2 of 700 MW will commission in Dec'13 after successfully commissioning the Phase 1 of 300 MW.

• Overall, management expects strong robust growth to continue and focus more on renewable energy projects.