The Hindu Business Line : APGENCO net zooms to Rs 143 cr

Hyderabad April 15 Aided by increased operational efficiency and reduction in generation price, Andhra Pradesh Power Generation Corporation Ltd (APGENCO) has clocked net profit of Rs 143 crore on turnover of Rs 4,333 crore for 2006-07, against Rs 63 crore profit and Rs 4,009 crore turnover in 2005-06.

"In 2006-07, all the dues and loans were cleared and the corporation clocked Rs 143-crore profit. It wiped off all accumulated losses of Rs 256 crore and achieved break-even," Mr Ajay Jain, Managing Director, told newspersons.

Further, the cost per unit sent out had been reduced 1.48 per kwh in 2005-06 to Rs 1.43 in 2006-07 due to increased operational efficiencies, he added.

On capacity addition, Mr Jain said that 16 projects were in different stages of completion.

"To double the capacity in next five years and make Andhra Pradesh a power surplus State, we are on track to adding a total of 8,963 MW capacity by 2012. APGENCO will become a 15,724 MW company by the end of the 11th Plan period," he added.

The thermal projects will add 4,730 MW, gas-based plants 2,100 MW and hydel 2,133 MW. "The total investment required for the expansion projects is Rs 21,286 crore. We have already secured commitments for a major part of funding."

Teams from Asian Development Bank (ADB) and JPIC will be holding talks with the State Government over the next few weeks to discuss funding.

Besides, State Bank of Hyderabad and Andhra Bank have already committed to extend Rs 350 crore and Rs 200 crore respectively, Mr Jain said.

The corporation is also in a position to generate Rs 1,160 crore as internal resources for expansion projects, he added.

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