India Power Clocks Rs 27 Cr Profit In FY21

India Power Corporation Ltd on Saturday said its profit after tax (PAT) jumped 60 per cent to Rs 26.66 crore in the fiscal year ended March 31, 2021.

In 2019-20, it recorded a profit of Rs 16.69 crore, a company statement said. The Kolkata-headquartered company is an integrated power utility with distribution licence covering 618 square kilometres in Asansol-Ranigunj region of West Bengal. It provides power to industrial, commercial and domestic consumers.

Total income for the year was at Rs 518.37 crore, it said without disclosing the comparative figure.

India Power further said its sales increased by 2 million units in 2020-21 despite the impact of the pandemic and lockdown during the first two quarters of the financial year.

'We were able to overcome the setback of the coronavirus pandemic by adding a large number of consumers across voltage levels, which resulted in accelerated sales growth from second quarter onwards. Our ability to procure power at competitive prices led to cost savings and further improved our earnings,' India Power Whole-time Director Somesh Dasgupta said. 

(PTI)