Patiala Financial diligence, reduction in cost of money and improvement in operational efficiency have led the Punjab State Power Corporation Limited (PSPCL) to report a profit of ₹1,446 crore for 2020-21 for the first time in five years. In 2019-20, the utility had reported a loss of ₹1,158 crore. Transmission and distribution losses also came down slightly.
Elaborating, chairman and managing director A Venu Prasad said, “We saw a reduction in finance cost of ₹1,306 crore due to the Ujwal-DISCOM Assurance Yojana (UDAY) scheme; there was an increase in carrying cost of ₹577 crore for delayed payment of subsidy, increase in grant by ₹570 crore on account of loss funding of previous years and increase in delayed payment surcharge of ₹156 crore from consumers.”
