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

  • Total Income achieved Rs.427.19 crore in FY21 vs Rs.419.52 crore in FY20
  • PAT for FY21 up 113% YoY at Rs. 128.63 crore
  • EBITDA for FY21 up 7% YoY at Rs.327.39 crore

Mumbai, June 24, 2021: Essar Power Hazira Ltd, part of Essar Power Ltd and one of India’s first private sector independent power producers, announced its results for the full year ended March 31, 2021.

PAT for FY21 rose by 113% to Rs 128.63 crore as compared to Rs 60.44 crore in FY20. The Total income stood at Rs 427.19 crore in FY21 as compared to Rs 419.52 crore in FY20. Company’s EBIDTA in FY21 rose by 7% to Rs 327.39 crore as compared to Rs 305.02 crore in FY20. 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.

Speaking on the results Mr. 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% during the year. Essar Power Hazira provides the most reliable and uninterrupted power at the lowest cost to ArcelorMittal Nippon Steel India Limited.”

About Power

Essar Power is one of India’s first private sector independent power producer having a successful track record of 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 & operates a 464-km interstate transmission system which spans across three Indian states. Having deleveraged 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.

Media contact: 

Manish Kedia, Senior Vice President – Corporate Affairs, Essar

Phone: +91 98197 30092, Email: Manish.Kedia@essarcapital.com

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Trupti Sakpal, Phone: +91 99308 96738, Email: trupti.sakpal@adfactorspr.com