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Singapore-based energy firm Sembcorp's India unit has turned around to post a net profit of Singapore dollar 28.9 million (about Rs 153.3 crore) in the September quarter on better operational performance and commencing a new wind power project.
Net profit of Singapore dollar (SGD) 28.9 million in the July-September quarter compared with a loss of SGD 2.7 million a year ago, according to a company statement. Sembcorp Energy India Ltd's "thermal power plant continue to contribute positively and improvement in third quarter of 2018 came from its renewable power plant with good wind season," it said. The company follows January to December as the financial accounting year.
Sembcorp Industries Group President and CEO Neil McGregor said: "India continued to deliver a positive performance. We secured a long-term power purchase agreement for our second thermal power plant and commenced operations of the 250-megawatt wind power project, the first installed capacity delivered under India's nationwide wind power tenders. We now have 2,600 megawatts of renewable energy assets in operation and under development globally."
Turnover rose 9 per cent to SGD 482.5 million. During nine month period ended September 30, 2018, Sembcorp Energy India Ltd posted a net profit of SGD 52.7 million as opposed to a loss of SGD 22.5 million in the same period of the previous year. Turnover rose 12 per cent to SGD 1.4 billion.
On the outlook, the company said "India energy business is expected to be profitable for 2018, despite a weaker upcoming fourth quarter". Sembcorp Gayatri Power Ltd (SGPL), a subsidiary of Sembcorp Energy India Ltd (SEIL), has been merged into SEIL.
"Accordingly, the thermal business has been consolidated into SEIL and renewable business will remain with the SEIL subsidiary (Sembcorp Green Infra Ltd)," the statement said.
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