EESL registers 70% consolidated revenue growth in FY19
Chennai, 28thMay 2019: Energy Efficiency Services Limited (EESL), a joint venture of PSUs of Ministry of Power (Govt. of India), today announced standalone financial results for the fiscal year 2018-19 ended March 31, 2019. EESL has registered revenue of INR 1,935 crores in FY19, a 37% increase over the previous fiscal, and pre-tax earnings growth of 178% to INR 171 crores over the same fiscal. During this period, revenue has been driven primarily through maintenance services for street lights, and through sale of agricultural pumps, streetlights to industrial units and urban local bodies, and solar study lamps.
The EESL group turnover stood at INR 2435 crores, including an impressive revenue of INR 500 crore from its UK subsidiary, registering an overall revenue growth of 70%. The Profit After Tax (PAT) of the group stood at INR 110 crores which is a 214% increase.
Commenting on the announcement, Shri Saurabh Kumar, Managing Director, EESL stated: “We are delighted by our performance figures over the last year, and our encouraged by the response and appetite for energy efficiency-focused goods and services we continue to receive from markets in India and abroad. Our consultancy services will become an increasingly stronger component of our offering as we continue charting new geographies and frontiers in the responsible energy domain and diversify our product portfolio with established and upcoming energy efficient technologies and solutions. Our UK business has added INR 500 crore to our turnover, which reinforces our faith in the strategic direction of our international expansion plans. I would like to thank all our shareholders, company employees, consumers and partners for enabling our continued success as we aspire to become an INR 10,000 crore company by next year.”
The above figures demonstrate the evolving nature of the company’s portfolio, which has expanded from the flagship Unnat Jyoti Affordable LED’s for All (UJALA) and Street Light National Program (SLNP) to now include consultancy services for energy efficiency to international governments, a wider range of energy efficient products and appliances like agricultural pumps and smart meters, leasing services for next-generation technologies like electric vehicles and turnkey offerings for efficient energy generation alternatives like trigeneration.
With the proportion of Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA)to sales also increasing from 23% to 36% over the last year, the company’s growth figures also indicate economy in its cost and expenditure management.
EESL's net worth grew 30% from INR 644 to INR 840 crores in the last fiscal. The paid-up share capital of the company as on March 31, 2019 increased from INR 462 crores in FY18 to INR 675 crores in the current fiscal, while fixed assets (net) have grown from INR 849 crores to INR 1,847 crores. Earnings per share for the company have grown nearly 72% from INR 0.85 to INR 1.46.