From loss to profit: PSPCL nets ₹830 in 2023-24 fiscal
Punjab State Power Corporation Limited (PSPCL) has improved its financial condition logging a profit of ₹830.37 crore in the 2023-24 fiscal following increase in revenue receipts and cutting down its expenses, primarily due to a decrease in power purchases.
Patiala
Punjab State Power Corporation Limited (PSPCL) has improved its financial condition logging a profit of ₹830.37 crore in the 2023-24 fiscal following increase in revenue receipts and cutting down its expenses, primarily due to a decrease in power purchases.
This marks a significant recovery from the previous year’s loss of ₹4,775.93 crore, according to the final audited balance sheet released by the PSPCL this week.
The report reveals that PSPCL’s total income for 2023-24 was ₹43,988.65 crore, while its expenses amounted to ₹43,157.77 crore, resulting in a net profit of ₹830.37 crore.
A key factor in this financial turnaround was the increase in revenue receipts, which rose by ₹3,002 crore, from ₹21,989.90 crore in 2022-23 to ₹24,991.4 crore in 2023-24.
Additionally, the PSPCL has successfully reduced its expenses, primarily due to a decrease in power purchases. The power purchase bill declined by ₹1,447 crore. The PSPCL purchased electricity worth ₹28,802 crore in 2023-24, compared to ₹30,249 crore in the previous year.
PSPCL officials had attributed the profit to the sale of power through exchanges in the open market thereby earning ₹1,003 crore.
A senior official from PSPCL said: “Last year, we achieved 21% more generation from our own hydel plants and 14% more from BBMB hydel plants, largely due to the heavy rains in July. The acquisition of the Goindwal Sahib thermal plant and the commencement of operations at our Pachhwara coal mines also strengthened the PSPCL’s finances.”
The official added that the takeover of the Goindwal Sahib thermal project had improved the power supply and further bolstered PSPCL’s financial health.