EESL's revenue grows 19 times at Rs 1,227 cr in FY'17

State-run EESL today said that the company has registered a revenue of Rs 1,227.18 crore in 2016-17, growing 19 times from 2014-15.

The company's performance demonstrates the government's commitment and consumers' participation towards adopting energy efficiency to mitigate climate change, Energy Efficiency Services Ltd (EESL) said in a statement.

According to statement, the company's profit before tax stood at Rs 81.12 crore this year in comparison with Rs 50.19 crore in 2015-16.

The profit of the company grew Rs 30.93 crore this fiscal in comparison with the previous year. The net worth of the company as on March 31, 2017 has increased from Rs 417.63 crore to Rs 555.33 crore this fiscal.

"EESL will ensure that it continues to tap the energy efficiency market and make it affordable to the masses. I am confident that in the current fiscal, we will register a revenue of Rs 3,000 crore," EESL Managing Director Saurabh Kumar said in a statement.

During the year, the company spearheaded the successful implementation of the Unnat Jeevan by Affordable LEDs and Appliances for all (UJALA) scheme, under which citizens have benefited from high quality LED bulbs, LED tube lights and energy efficient fans across the country.

The company also demonstrated its commitment to make India energy efficient by expanding their schemes across the Street Lighting National Programme, the Energy Efficient Buildings programme, etc.

It also expanded its operations in international markets by successfully completing pilot projects in Bangladesh and Sri Lanka. It also opened its office in London to cater to the European market.

The EESL is the first company in South Asia exclusively focused on energy efficiency implementation and is responsible for facilitating bulk procurement of both LED household lamps and LED streetlights lowering the cost of the product, making it affordable for consumers with a view to replace 77 crore LEDs in households and 1.34 crore LED street lights by 2019.

A joint venture of NTPC Limited, Power Finance Corporation, Rural Electrification Corporation and Power Grid, Energy Efficiency Services Limited (EESL) was set up under Ministry of Power to facilitate implementation of energy efficiency projects.

EESL is a Super Energy Service Company (ESCO) that seeks to unlock energy efficiency market in India, estimated at USD 12 billion that can potentially result in energy savings of up to 20 per cent of current consumption, by way of innovative business and implementation models.

It also acts as the resource centre for capacity building of State DISCOMs, ERCs, SDAs, upcoming ESCOs, financial institutions, etc.

(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)