Essar Power logs profit for first time since 1997
The Dollar Business Bureau Almost two decades after entering the power generation business, Essar Power finally logged profit of Rs 39 crore for FY16. The management is optimistic of continuing healthy business for the latest fiscal and is even expecting Rs 550 cr net income by the end of the financial year 2017, provided that the coal prices and further variables remain stable, revealed Sushil Maroo, Vice-Chairman of Essar power. Against the net loss of Rs 684 crore in FY15, Essar closed at net profit of Rs 39 cr in FY16. Low coal prices, reverse e-auction of coal, other effective measures and average Plant Load Factor of more than 80% gave a push to EBITDA (Earnings before interests, taxes, depreciation and amortization) by 168% ...
