Essar Power Hazira net profit rises by 113% to Rs 128.63 Cr in FY21

Mumbai, June 24 Essar Power Hazira Ltd, part of Essar Power Ltd and one of country's first private sector independent power producers, announced its results for the full year ended March 31, 2021 that shows its net profit zooming 113 per cent.

The company reported net profit of Rs 128.63 crore in FY21 as compared to Rs 60.44 crore in FY20.

The total income of the company stood at Rs 427.19 crore in FY21 marginally higher than Rs 419.52 crore reported in FY20.

Company's EBIDTA in FY21 rose by 7 per cent to Rs 327.39 crore as compared to Rs 305.02 crore in FY20. Till date 40 per cent of the debt has been serviced to the lenders. The company said that it strives to attain a higher credit rating in this financial year.

Speaking on the results Kush. S, CEO, Essar Power Ltd. said, "With the onset of the pandemic and ensuing lockdowns, the power industry being an essential service had to step up to keep the engines of our economy going. We are humbled to have contributed to the Nation in such trying times."

"From a performance standpoint, Essar Power Hazira has consistently delivered steady growth, and has maintained plant availability of 94 per cent during the year. Essar Power Hazira provides the most reliable and uninterrupted power at the lowest cost to ArcelorMittal Nippon Steel India Limited."

Essar Power presently has a power generating capacity of 2100 MW namely 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.