Panasian Power PLC records 63% increase in net profit for FY20/21

CEYLON TODAY | Published: 2:10 AM May 18 2021

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 6.75MW 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 3.75MW of rooftop solar projects, along with the completion of predevelopment for 2MW 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 highperforming solar power projects in its portfolio totalling 13MW and a total generation capacity of 22MW, including hydro power.

CEYLON TODAY | Published: 2:10 AM May 18 2021

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