Panasian Power posts Rs 90 mn PAT | Daily News


Panasian Power posts Rs 90 mn PAT

Pathmanatha Poddiwala
Pathmanatha Poddiwala

Panasian Power PLC (PAP.N), has posted a consolidated net profit of Rs 90 million for the quarter ending March 31, 2019 signifying a growth of 48% compared to the same quarter last year. Revenue for the year amounted to Rs 761 million, representing a growth of 57% compared to FY17/18.

The company’s net profit margin also grew year on year by 19%. Panasian Power now at present has the highest return on equity and one of the lowest price-to-book values in the renewable energy industry.

Key highlights for the quarter that paved Panasian Power’s path to this resounding success was the connection of 1MW of ground solar and 3.2 MW of rooftop solar to the grid, a 20-year extension of the Rathganga hydro tariff scheme, and the completion of pre-development for 5MW of ground solar projects in Matara, Maho and Pannala.

Speaking about the company’s exemplary performance and pipeline development, Panasian Power Executive Director, Pathmanatha Poddiwala said, “These results, as well as our consistent performance in recent quarters, provide further validation that we are on the correct path. Our margin growth through cost optimization is now paying dividends, as is our diversification through solar, energy consultancy and retail.

We also continue to grow value for our investors, having doubled the earnings per share year-on-year to Rs 0.71 per share and increasing our contribution towards a sustainable future for our country. In addition, our 14 MW of solar projects in the pipeline will ensure that our growth will continue along the same trajectory for years to come.”

Continuing to seek opportunities on a global scale, Panasian Power has identified East Africa as the ideal location for expansion due to the region’s high energy requirement and attractive dollar tariff.

The company has a positive outlook on its Africa strategy, having made significant progress in the bidding process, particularly in Zambia.

Panasian Power PLC (incorporated in 2002) owns and operates mini hydropower plants supplying electricity directly to the Ceylon Electricity Board. In 2017, the company diversified into solar energy to meet its target of having an energy portfolio of 30 MW by 2020.

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