After 5 years, PSPCL records Rs 1,446 cr profit

Patiala, September 15

After a gap of almost five years, the Punjab State Power Corporation Limited (PSPCL) has earned a profit of Rs 1,446 crore for the year 2020-21 against the loss of Rs 1,158 crore in the year 2019-20. The annual accounts of the PSPCL for 2020-21 were approved today in a closed-door board meeting.

PSPCL CMD A Venu Prasad said the main reasons for the profit were reduction in the cost of Rs 1,306 crore due to Ujwal DISCOM Assurance Yojana scheme, increase in carrying cost of Rs 577 crore for delayed payment of subsidy, increase in grant by Rs 570 crore on account of loss in funding of previous years and increase in delayed payment surcharge of Rs 156 crore from consumers.

Besides, total borrowings have decreased by four per cent over previous years and financial cost has also reduced significantly due to restructuring of loans. — TNS