Group Companies
Sarda Energy & Minerals Hong Kong Limited (SEMHL) Sarda Energy & Minerals Hongkong Limited, Hongkong, is a wholly owned subsidiary, functioning as global investment and trading arm of the Company. During 2022-23, the subsidiary reported a net profit of ₹1.10 crore as against profit of ₹ 4.87 crore in the previous year.

Sarda Global Venture Pte Limited Sarda Global Venture Pte. Limited, Singapore, a wholly owned subsidiary, is having JV with PT Unggul Jaya Indonesia, an Indorama group company, for coal mining in Indonesia under the name P.T. Tigadaya Minergy (PT TDM). During 2022-23, the mining company in Indonesia has acquired 165 hectare land and is in the process of transferring land in the name of PT TDM. The coal extraction is expected from July-2023. The subsidiary reported a net loss of ₹ 10.56 crore as against net loss of ₹11.87 crore in the previous year. The loss consists mainly of impairment loss of investment in coal Mines ₹5.35 crore and share of loss in associates ₹5.13 crore.

Sarda Global Trading DMCC Sarda Global Trading DMCC, Dubai, a wholly owned subsidiary, has been incorporated in 2018 with the object of trading in metal ores, scrap and coal. During 2022-23, the subsidiary reported a net loss of ₹ 1.43 crore as against net loss of ₹ 8.75 crore in the previous year. The loss consists of mainly Mark to Market losses on investments.

Sarda Metals & Alloys Limited Sarda Metals & Alloys Limited (SMAL), a wholly owned subsidiary is operating 2 x 33 MVA and 1 x 36 MVA Ferro Alloys Furnaces backed by 80 MW captive thermal power plant. The Company is a leading manufacturer and exporter of Ferro Alloys enjoying Three Star Export House Status.

During 2022-23, the company had successfully completed the installation of 3rd Furnace of 36 MVA under the expansion project at its existing facility at Vizianagaram. The plant has started production w.e.f. 22nd December 2022. During the year, power generation was 452.71 MUs as compared to 462.50 MUs in the previous year. The ferro alloys production stood at 79,185 MTs as against 85,705 MTs in the previous year. Power generation and ferro alloys production both were down due to shutdown of power plant for major overhauling of power plant after 9 years of its commissioning. Shutdown, falling prices of ferro alloys, high coal prices and inventory losses affected financial performance badly. As a fallout of above the company reported a net loss of ₹19.13 crore as against Net Profit of ₹146.97 crore in previous year.

During the FY 2022-23, the company exported 76,242 MTs (including trading export of 3,476 MTs) ferro alloys valued ₹772.19 crore (including trading export of ₹51.16 Crore) against 80,896 MTs (including trading export of 3,118 MTs) in the previous year valued ₹880.59 crore (including trading export of ₹43.95 Crore). With the operationalization of Furnace 3, the power plant is being run at near full capacity which has enabled the company to utilize its idle power capacity and optimize the overall cost.

Sarda Energy Limited Sarda Energy Limited (SEL), a wholly owned subsidiary earned a net profit of ₹5.43 crore as against net profit of ₹7.69 crore in the previous year. The profit was mainly from share of profit from investment in Chhattisgarh Hydro Power LLP (Wholly owned subsidiary).

Parvatiya Power Private Limited Parvatiya Power Limited is operating 4.8 MW Loharkhet Hydro Power project in Bageshwar district of Uttarakhand. It is planned to increase the capacity of the plant from 4.8 MW to 7.00 MW. The Government of Uttarakhand has granted permission for capacity enhancement of the Plant during 2022-23. Process of other approvals is going on.

PPL has supplied 22.12 MU power in the FY 2022-23 (Previous Year 25.66 MU) to the state grid. During 2022-23, the Company has earned post tax profit of ₹2.92 crore (Previous Year ₹3.89 crore). The plant has generated employment opportunities and promoted tourism in the remote area.

The Company continues to hold 51% stake in PPL.

Madhya Bharat Power Corporation Limited Madhya Bharat Power Corporation Limited is successfully operating 113 MW Rongnichu HEP in Sikkim since last two years. The company has firm selling arrangement for sale of power under 35 years long term PPA with the Chhattisgarh DISCOM. The company enjoys A+/Stable rating from India Ratings & Research and A-/Stable from CARE Ratings.

The company has billed 393.22 MU (PY 286.04 MU) of power in the F.Y 2022-23 and reported ₹251.76 crore (PY ₹ 194.18 crore) as revenue from operations. Based on provisional tariff, it has earned post tax profit of ₹ 4.49 crore. The determination of final tariff is in process.

The Company holds 84.65% stake in MBPCL (76.43% directly and 8.22% through its wholly owned subsidiary Sarda Energy Limited).

Chhattisgarh Hydro Power LLP Chhattisgarh Hydro Power LLP is operating 24 MW Gullu Small Hydro Electric Project (SHP) and 24.9 MW Rehar SHP is under construction which is expected to be completed before end of next financial year.

CHPLLP is committed to utilize the natural flow of rivers in the north eastern part of Chhattisgarh to develop eco-friendly- hydro power projects which will supply renewable energy to the grid and significantly contribute to the socio-economic development of this remote region. Other two projects are under different stage of clearances.

During 2022-23, due to poor rainfall in the catchment area the Gullu SHP has generated and supplied 79 MU units (PY 105 MU units) and has earned post tax profit of ₹24.74 crore (PY ₹33.43 crore).

The Company has 100% stake in the LLP (72% directly and 28% through its wholly owned subsidiary Sarda Energy Limited).

Sarda Hydro Power LLP Sarda Hydro Power LLP has licenses for implementation of two small hydro projects. Survey works for 24.90 MW Kotaiveera SHP is under progress. The project is likely to enter construction phase in the next financial year.

The Company holds 60% stake in the LLP.

Shri Ram Electricity LLP. Shri Ram Electricity LLP was incorporated as a special purpose vehicle (SPV) for setting up a captive thermal power plant. In view of the changed power scenario and cancellation of coal linkage for the power project, the LLP has dropped the project. The Company continues to hold 51% stake in SRE LLP. The firm will be dissolved once coal allocation related matters are closed.

Natural Resources Energy Pvt. Ltd Natural Resources Energy Private Limited has been converted into Subsidiary Joint Venture during 2022-23 with company holding 51% stake. The company has not carried out any business during 2022-23. In the current year 2023-24, the company has been declared as the preferred bidder by Directorate of Geology and Mining, Government of Maharashtra for Surjagad 1 Iron Ore Block in the state of Maharashtra in the recent auction held for commercial iron ore blocks with 126.35% revenue share. The company is taking /shall take steps as per the instructions received / to be received from the Directorate of Geology and Mining, Government of Maharashtra.

Raipur Infrastructure Company Ltd. Raipur Infrastructure Company Limited (RICL) was operating a leased Railway Siding in Mandhar, Raipur. The lease has expired. The company will be wound-up after closure of pending proceedings and getting refunds from Railways and the tax authorities. The Company holds one third share in the Joint Venture. During the year 2021-22 the company had achieved total comprehensive income of ₹ 3.68 crore as against loss of ₹ 1.49 crore in the previous year. The comprehensive income was mainly on account of fair valuation of equity investments.

Madanpur South Coal Co.Ltd. Madanpur South Coal Company Limited (MSCCL), an SPV was allotted Madanpur South Coal Block in consortium. The Supreme Court had cancelled all coal block allotments. Consequent to cancellation of coal mines, there is no business left in the company and no other activity has been planned. During the year 2021-22, MSCCL reported comprehensive income of ₹ 0.16 crore as against ₹ 0.15 crore in the previous year. MSCCL holds certain assets, including land, acquired for the project. MSCCL would be wound-up after disposal of these assets. The Company holds 20.13% in MSCCL. In the current financial year, the company has received compensation for the land acquired for the mining. Kalyani Coal Mining Private Limited. Kalyani Coal Mining Private Limited, a wholly owned subsidiary has been incorporated in current year 2023-24 as a Special Purpose Vehicle for carrying out the Re-opening, Salvaging, Rehabilitation, Development and Operation of Kalyani Underground Mines, in the state of Chhattisgarh. The Company was declared successful bidder for operation of the coal mine on revenue sharing basis. 4.5% of the revenue net of taxes shall be retained by South Eastern Coal Fields Limited. The company is yet to start its activities.