Essar Power arm Essar Power Hazira has posted a 113 percent rise in its net profit at Rs 128.63 crore for the financial year ended March 31, 2021. Essar Power Hazira had posted a net profit of Rs 60.44 crore in fiscal year 2019-20, according to a company statement.

The total income of the company stood at Rs 427.19 crore in 2020-21, as compared to Rs 419.52 crore in 2019-20. "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," Kush S, CEO, Essar Power Ltd said in the statement.

Kush further said that from a performance standpoint, Essar Power Hazira has consistently delivered steady growth, and has maintained plant availability of 94 percent during the year. The company's earnings before interest, taxes, depreciation, and amortization (EBITDA) in 2020-21 rose by 7 percent to Rs 327.39 crore, as compared to Rs 305.02 crore in 2019-20.

Till date 40 percent of the debt has been serviced to the lenders, it said, adding the company strives to attain a higher credit rating in this financial year. Essar Power Hazira provides the most reliable and uninterrupted power at the lowest cost to ArcelorMittal Nippon Steel India Limited, Kush added.

Essar Power is one of India's first private sector independent power producers having a successful track record of over 25 years. It 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.

Essar Power has also invested in the power transmission business and owns and operates a 464-km interstate transmission system which spans across three Indian states. After deleveraging most of its fossil fuel assets, Essar Power is foraying into the renewable energy sector namely solar, wind, solar-wind hybrid, storage and green hydrogen.

First Published:Jun 24, 2021 1:38 PM IST