“We are keen to add to our existing investment and we are keen to grow,” Managing Director and Chief Executive Officer Anil Sardana told reporters. He dismissed any plans of monetising assets right now.
The company added 2,536 circuit km to its power transmission network in FY21, driven by organic and inorganic growth taking the total network to 17,276 2,536 circuit km.
The company had committed to invest the same amount on the two businesses in the year ended March. “Total capex was Rs 4,500 crore (in FY21); the numbers are far higher than that,” Sardana said.
On Thursday, the company reported a net profit of Rs 257 crore in the fourth quarter of FY21 as against Rs 59 crore a year ago. Revenue in the quarter rose 3% year-on-year to Rs 2,276 crore.
For the year ended March, the company reported net profit of Rs 1,290 crore, up 82% on year. But revenue declined 14% to Rs 8,840 crore.
“Consolidated operational revenue was lower at Rs 8,840 crore in FY21 mainly due to lower revenue contribution from distribution business led by lower power consumption in commercial and industrial segment in first half of FY21. However, operational revenue from transmission business was unaffected in FY21,” the company said.
Power demand and bill collection in the Mumbai electricity distribution area was impacted in the first half of FY21 due to the disruption caused by the Covid-19 pandemic but the company saw improvement on both accounts in the second half.
