Essar Power Hazira PAT up 113% for FY21

Our Bureau Ahmedabad | Updated on June 25, 2021

The firm recorded net profit at ₹128.63 crore for the fiscal on a total income of ₹427.19 crore

Essar Power Hazira, part of independent private power producer Essar Power, posted a 113 per cent rise in its net profit at ₹128.63 crore for the fiscal year 2020-21 on a total income of ₹427.19 crore, the company said.

In the previous year, the company’s net profits stood at ₹60.44 crore on total revenues of ₹419.52 crore.

The firm’s EBIDTA for FY21 rose by 7% to ₹327.39 crore as compared to ₹305.02 crore in the previous year. “Till date, 40% of the debt has been serviced to the lenders. The company strives to attain a higher credit rating in this financial year,” a statement said.

Also read: ArcelorMittal Nippon Steel buys Essar Power Orissa for ₹450 cr

Kush S, CEO, Essar Power, said, “From a performance standpoint, Essar Power Hazira has consistently delivered steady growth, and has maintained plant availability of 94% during the year. Essar Power Hazira provides the most reliable and uninterrupted power at the lowest cost to ArcelorMittal Nippon Steel India,” he added.

Essar Power has a power generating capacity of 2100 MW under its subsidiaries including Essar Power Gujarat (1200 MW thermal) at Salaya Gujarat, Essar Power Hazira (300 MW waste to energy) at Hazira Gujarat, Essar Power (515 MW gas based) at Hazira Gujarat and Algoma (85 MW thermal) at Algoma, Canada.

Published on June 25, 2021

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