India Power Corporation Limited reports PBT of Rs 43.54 cr

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India Power Corporation Limited (IPCL), one of the nation’s leading power utilities, reported its annual results for the financial year 2015-16.

The Gross Revenue for FY 15-16 is Rs586crore against Rs618crore last year.PBTimprovedto Rs 43.54 crore during FY 15-16 as compared to last year’s PBT of Rs 36.60crore.

PAT improved to Rs 31.9crore during FY 15-16 as compared to last year’s PAT of Rs 24.18 crore.

The Board of Directors at its meeting here today approved the company’s audited financial accounts for the year ended March 31, 2016 and recommended a dividend of 5% to the shareholders.

Mr.HemantKanoria, Chairman, IPCL, said: “IPCL will focus on generating and distributing electricity at the lowest cost to its consumers, whether the source is from thermal or renewable.Due to continuous improvement in our network, we have achieved T&D losses of 2.31%, far lower compared to industry average of around 25%. We are now focusing on growth and backward integration.”

FY 15-16 Performance at a Glance:

IPCL has clocked a remarkable all-round performance during the last financial year, excelling on multiple fronts and buoying the enthusiasm of all its stakeholders.

IPCL has always aimed at optimising its distribution assets and creating benchmarks in efficiency by exceeding industry standards. So, the T&D (transmission and distribution) loss figure stand at 2.31% against the industry average of 25% or above, and this was maintained in the period.

A significant milestone achieve is charging of the 220/33 kV substation at J.K. Nagar in the Asansol subdivision on 1st November, 2015. The JK Nagar substation connects IPCL to the national grid and flexibility to source power for its customer at best competitive rates.The substation will also reinforce the distribution capacity of IPCL by receiving power at 220kV level and help to meet the rising demand for power in the Asansol-Durgapur industrial belt.

The performance of India Power’s Gaya distribution franchisee, which serves Gaya, Bodh Gaya, Manpur and its adjoining areas under The South Bihar Power Distribution Company Limited, has also improved dramatically by 26% in consumer base. India Power Corporation (Bodh Gaya) Limited was set up to meet the needs of more than 150,000 consumers in these areas, with varied requirements including agricultural, commercial and domestic loads.India Power Corporation (Bodhgaya) Limited has reduced the T&D losses from 60% (March 2015) to 46% (March 2016) by taking various loss reduction activities.

In yet another landmark development, India Power Green Energy Utility Private Limited, a wholly-owned subsidiary of IPCL, was incorporated on 30th December 2015 with an objective of foraying into developing and/or acquiring green assets to build a sizable portfolio of green energy.

Work on the 450 MW (3×150 MW) coal-based power plant at Haldia, India Power Corporation (Haldia) Limited is also on in full swing and Phase 1 commissioning is on schedule.

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