India Power Corporation Ltd (India Power) has reported a 50 per cent rise in standalone net profit to ₹3 crore for the quarter ending March 31, 2021. Net profit in the year-ago period stood at ₹2 crore.
For the quarter under review, the company reported a near 9 per cent rise in total income, YoY, to ₹145 crore.
For the full fiscal, total standalone income stood at ₹518 crore; up 1.7 per cent YoY; while the profit after tax saw a 59 per cent growth to ₹27 crore.
Accelerated sales growth, procuring power at competitive prices and upgrade of conventional infrastructure to smart utility infrastructure aided earnings, it said in a statement.
India Power's customer base expanded by 52 per cent and sales increased by 2 million units in FY21. Load increased by 10 per cent, while AT&C losses stood at 3 per cent.
India Power clocks ₹27 crore profit in FY21Jumped to 60%
“Going forward, we plan to add industrial consumers across voltage levels from large industries to SMEs and exponentially increase its domestic consumer base by expanding and strengthening network across license area. The company expects over 40 per cent increase in its sales volume during the current financial year," Somesh Dasgupta, Whole-time Director, India Power, said.
The company purchased over 12 per cent of renewable energy in FY21 and plans to increase it to 35 per cent over the next two years.