Essar Power Hazira net zooms 113 pc to Rs 128 cr in FY21, Energy News, ET EnergyWorld

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Essar Power, the Essar Power Hazira arm, recorded a 113% increase in net profit to Rs 128.63 crore for the year ended March 31, 2021. Essar Power Hazira had posted a net profit of Rs 60.44 crore during the 2019-20 fiscal year, according to a company statement.

The company’s total income was Rs 427.19 crore in 2020-21, compared to Rs 419.52 crore in 2019-20.

“With the onset of the pandemic and the lockdowns that followed, the electricity industry being an essential service has had to scale up to keep the engines of our economy going. We are honored to have contributed to the nation in these hard times, “Kush S, CEO, said Essar Power Ltd in the release.

Kush added that from a performance standpoint, Essar Power Hazira has consistently seen steady growth and maintained plant uptime at 94% during the year.

The company’s profit before interest, taxes, depreciation and amortization (EBITDA) in 2020-2021 increased 7% to Rs 327.39 crore, from Rs 305.02 crore in 2019-2020.

So far, 40 percent of the debt has been repaid to lenders, he said, adding that the company is working to achieve a higher credit rating this fiscal year.

Essar Power Hazira provides ArcelorMittal Nippon Steel India Limited with the most reliable, uninterrupted power at the lowest cost, Kush added.

Essar Power is one of India’s leading independent private sector power producers with over 25 years of successful experience.

It currently has an electricity production capacity of 2100 MW namely Essar Power Gujarat (1200 MW thermal) at Salaya Gujarat, Essar Power Hazira (300 MW of waste energy) at Hazira Gujarat, Essar Power (515 MW based on gas) at Hazira Gujarat and Algoma (85 MW thermal) in Algoma, Canada.

Essar Power has also invested in the electricity transmission sector and owns and operates a 464 km interstate transmission network that spans three Indian states. After deleveraging most of its fossil assets, Essar Power is entering the renewable energy sector, namely solar, wind, solar-wind hybrid, storage and green hydrogen.

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