Sri Lanka’s Panasian Power post 63% growth in profits in 2020/2021 compared to previous year - Opportunity Sri Lanka
Sri Lanka’s Panasian Power post 63% growth in profits in 2020/2021 compared to previous year

Sri Lanka’s Panasian Power post 63% growth in profits in 2020/2021 compared to previous year

Panasian Power PLC, which is one of Sri Lanka’s leading green energy solutions providers, has reportedly posted a consolidated net profit of Rs. 248 million for the financial year ending 31 March 2021, signifying a growth of 63% compared to the financial year in 2019/20.
The Group has seen 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%, according to local media reports.

According to reports, key highlights for the year that had 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 19 crisis, which 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 organisation’s exceptional performance and pipeline developments, Panasian Power Chief Executive Officer Pathmanatha Poddiwala has reportedly 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 Panasian had 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.

OSL take:

Sri Lanka’s drive to promote renewable energy generation projects to meet the growing demand for power in the country has resulted in the expansion of business/investment opportunities in Sri Lanka’s renewable energy generation sector. Sri Lanka is facing a looming power crisis given that it is fast becoming a business hub in the South Asian region. Given the incentives offered to the renewable energy sector by the government of Sri Lanka, foreign businesses/investors could explore business opportunities in Sri Lanka’s renewable energy generation sector.

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Article Code : VBS/AT/20210521/Z_1

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