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India Power declares flat net profit at Rs4.43 crore during Q3

According to reports, India Power Corporation, one of the oldest power utilities in India, today declared a flat net profit at Rs. 4.43 crore during the third quarter of the current fiscal.

Net sales for the quarter stood at Rs 155.56 crore, registering a growth of 11%, as compared to Rs 140.28 crore in the same period last year inspite of this quarter being the lean season. The Company also rationalized its operation expenditures that has lead to EBITDA growth by 8% in Q3FY14 to Rs 19.13 crore against Rs 17.63 crore in Q3FY13.

The average T&D Loss for the quarter ended December 31st, 2013 was further reduced and stood at 2.50 %, as compared to the industry average of 25% or more.

Siddharth Mehta, CEO – India Power said, “We are moving aggressively with upgradation of our existing network. At the same time we are pushing to further reducing our T&D losses and expand our distribution business. During the first half of 2013, we diligently prepared for an enhanced operation and review schedule and will continue with our efficiency increasing steps. We are well positioned as we move forward towards the end of this financial year. We are also currently undertaking preparatory steps to operationalise the Gaya Franchisee in the next fiscal year.”

Post disinvestment in the year 2009-10 by the Central Government, the company entered into private sector and since then has supported the process of rapid industrialization of the State.

The company generates 12 MW from its coal-based thermal power plant at Dishergarh, operates wind assets having 100 MW cumulatively in three states of India and also is facilitating setting up of a 450 MW thermal plant in Haldia, West Bengal. In the distribution space, the company has a license for supply of electricity in and around Asansol-Ranigunj area spread over 618 sq. km. with a combined distribution capacity of more than 250 MVA. The Company also has very recently been awarded distribution franchisee for Gaya, Bodhgaya and adjoining areas by the Bihar Govt. The company has strong distribution network with T&D loss of only 2.20% against country average of 25%.

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