Mr. Faruk G Patel
Chairman and Managing Director
My sincere wishes and prayers that each one of you is safe and sound in these di cultmes. The financial year 2020-21 was one of the most challenging years with the outbreak ofthe Covid-19 pandemic resulng in the widespr ead shutdown of business industrialeconomic social educaonal and c ommunity acvies around the world and the subsequentwaves of the coronavirus connue t o have a devastang impact on the society. As I writethis le er the world is sll g oing through an unprecedented health crisis but showingsigns of a sustainable recovery from the global pandemic. The ongoing aggressive vaccinaondriv e and stricter adherence to Covid-19 protocols have enabled a steady economicrecovery in several countries including India.
For your Company our top priority throughout the year was to ensure the safety of ouremployees and all the persons who are directly or indirectly connected with us and toimplement various safety guidelines and protocols to ensure their well-being. We stronglybelieve in 'People First' philosophy and this philosophy reflects in all our businessstrategy which has helped the Company to overcome the two waves of pandemic.
It is an honour and privilege to share with you the Company's performance highlightsduring the year and its plans for the future. This Financial Year turns out to be a yearof humongous growth for your Company in terms of both Revenue and Pro t. Your Companygenerated a revenue of 103.50 crores in FY21 registering a significant growth of almost75% over previous FY revenue of 59.28 crores. With this the Company has crossed 100crores revenue milestone for the very first me in its his tory. During the FY21 theCompany delivered a record breaking net profit of 22.11 crores which was more than 3 mesof pr evious FY profit of 6.5 crores. The historic growth of the Company is primarilydriven by the consistent growth of our two major business verc als IPP and CPP whichcontribute 95% of the total revenue. Your Company has taken an ambious t arget to doublethe revenue and achieve a total capacity of 150 MW from both the segments IPP and CPP bythe end of FY 22.
I am delighted to report that the Company has successfully received approval from BSELimited and Naonal Stock Exchange of India Limited for migraon of equity shar es of theCompany from BSE SME pla orm to main board of BSE Limited and Naonal St ock Exchange ofIndia Limited respecv ely and have already migrated with effect from Tuesday July 272021. As an organizaon w e connue t o remain fully commi ed in complying with theregulatory requirements ensuring quality products best processes and pracces andundertaking various CSR inia v es to ensure the welfare of society at large.
This year we have also expanded our solar power generaon c apacity. At the end ofMarch 2021 we achieved ~58MW cumulav e capacity for IPP and CPP verc als. During the yearunder review your Company received the financial assistance of 76 crores from PowerFinance Corporaon Limit ed (PFC) New Delhi for seng up an addional 20 MW Solar P owerProject in Bharuch Gujarat and also received financial assistance of Rs. 31.50 croresagainst re financing of the exisng 15MW Solar pow er project which was earlier nanced bySBI aggregang a t otal of Rs. 107.50 Cr during the year 2020-21.
Despite the economic shock generated due to the Coronavirus Renewable energy has beenone sector that has been resilient amid the global pandemic. India is transforming rapidlyand with this change the country is set to experience the largest increase in energydemand. In recent year our country has made remarkable progress in scaling up the use ofrenewable energy parcularly solar . The country is targeng t o achieve about 450 gigawasof ins talled renewable energy capacity by 2030 out of which 280 GW (over 60%) would comefrom solar. Your Company is very aggressively moving ahead to make its contribuon in achieving the naonal t arget.
In conclusion I would like to thank all our employees for their dedicaon and commitment in maintaining business connuity during the mos t challenging mes the seniormanag ement for their strategic vision and unwavering leadership during a challenging yearand to all our customers suppliers regulatory authories and shareholders for theirconnuous support and c on dence in our Company.