Panasian Power PLC records 63% increase in net profit for FY20/21
Panasian Power PLC (CSE:PAP.N) one of Sri Lanka’s leading green energy solutions providers, posted a consolidated net profit of Rs 248 million for the financial year ending March 31st 2021, signifying a growth of 63% compared to the financial year in 2019/20.
The Group saw a revenue increase of 62% in the final quarter of the year 2020/21 when compared with the corresponding quarter in FY 19/20. Net profit margin also grew year on year by 7%.
Key highlights for the year that paved Panasian Power’s path to a successful financial year was the commissioning of a total of 6.75MWp of solar projects across the country amidst difficult operating conditions given the global Covid crisis. This included a 3MWp ground solar project in Matara, and 3.75MWp of rooftop solar projects, along with the completion of pre-development for 2MWp of ground solar projects.
Speaking on the organization’s exceptional performance and pipeline developments, Panasian Power Chief Executive Officer, Pathmanatha Poddiwala said, “These results, including our consistent performance over the years are a testament to the company’s strategic plan and growth measures. Although the past financial year has been challenging given the global pandemic, we have focused on our priorities, and our diversification efforts through solar projects as well as retail of Sungrow inverters have gained traction. We will continue to grow value for our investors and are committed towards our contribution for a sustainable future for our country.”
Overall, for the year, the team at PAP highlighted their expertise in renewable energy development, with solar power projects continuing to be the focal point of the company strategy. Panasian Power currently has a series of high-performing solar power projects in its portfolio totalling 13MWp and a total generation capacity of 22MW, including hydro power. The company also engaged in revenue diversification with focus on the EPC segment, which yielded positive results, beating internal forecasts.
Panasian Power PLC (CSE:PAP.N) will be holding its 4th quarter earnings update for the quarter ended 31 March 2021 on Tuesday, 18th May 2021 at 4:00 PM. The online webinar will be hosted by Pathmanatha Poddiwala, CEO, and Gayan Gunawardana, CFO, of Panasian Power.