Revenues soar at Indian power generator KSK

22nd Nov 2010 17:47

Indian power generator KSK Power Ventur significantly increased its interim revenues but higher interest costs meant that the interim profit fell. Revenues jumped from $24.4m to $82.6m in the six months to September 2010 as new capacity came on stream. Even though overheads have been increased to cope with expansion, operating profit improved from $15m to $40.3m. Capital investment has increased borrowings and there was a net interest charge in the period, compared with net interest income plus a number of one-off gains the previous year. KSK has a generating capacity of 549MW with a further 52MW of wind power in place. A further 313MW should start to generate power by next March, which will take KSK's capacity to more than 900MW. KSK Mahanadi, a 3,600 MW power plant in Chhattisgarh, is under active construction and there are a further 6GW of production projects at early stages of development. Net debt was around $760m at the end of September 2010, if long-term investments and financial assets are taken into account. Revenues will continue to grow in the second half of the financial year as there is a greater contribution from new capacity.