Though a challenging year globally, we have successfully managed in consolidating our position nationally as well as internationally.
With the commissioning of the 1000 MW Thermal Power Plant in Raigarh (Chhattisgarh), we moved decisively in the direction of realising Government of India's goal of "Power for All". The independent power plant is now generating power at its full capacity.
We are also setting up a 2400 MW (4x600 MW) power project with an investment of Rs. 13,410 crore in Chhattisgarh. This project is expected to be completed by 2013.
Projects under implementation include:
- 2400 MW coal based power project in Tamnar, Raigarh, Chhattisgarh
- 1320 MW coal based power project in Dumka, Jharkhand
- 660 MW coal based power project in Godda, Jharkhand
- 4000 MW hydroelectric power project in Etalin, Arunachal Pradesh
- 500 MW hydroelectric power project in Attunli, Arunachal Pradesh
- 1600 MW hydroelectric power project in Subansiri Middle, Arunachal Pradesh
The projects in Arunachal Pradesh are being developed through joint ventures with Hydro Power Development Corporation of Arunachal Pradesh Ltd. (HPDCAPL)
Further, the Company plans to expand the generation capacity through the construction of the following projects:
- 2640 MW coal based thermal power project in Jharkhand
- 1320 MW coal based power project in Angul, Odisha
- 220 MW hydroelectric power plant in Chainpur Seti, Nepal
Jindal Power Limited has achieved robust growth in its financial results for the year ending March 31, 2009. Net Sales were at Rs. 3,257 crore and Profit after Tax at Rs. 1,581 crore. Our gross generation was 6369 million units.
Despite such gains, I would like to assure you that this is just a humble beginning as we move on the trajectory of growth, involvement and commitment. I wish to record my appreciation to all for their contribution towards the growth of the company and look forward to take on new challenges and scale new heights of achievement in future.
Admittedly, India is the world's second fastest growing economy after China. But now this status quo of being the second best could soon change. In fact, India's growth in 2010 was a notch higher than that of China. The country's GDP grew 10.4 per cent in 2010 vis-a-vis China's 10.3 per cent. This is the first time that India's growth rate has surpassed that of China. The challenge now is to sustain it and move higher. The energy sector can play a crucial role in sustaining our trillion-dollar economy and in helping generate more equitable growth.
India's energy sector has grown rapidly in the last few decades. However, considering the demand growth, the supply remains inadequate, resulting in peak shortages. The country's energy deficit is alarmingly high, which is expected to impact its economic efficiency significantly. To cater to India's stupendous energy demand, JPL has drawn up aggressive plans to expeditiously add generation capacity and contribute towards achieving the Government of India's vision of providing affordable energy to all sections of the Indian society. The organisation's planned expansions demonstrate its commitment to reinforce its footprint in the country's promising energy sector.
With growing global concern over depletion of fossil fuel and rising carbon emissions, the need for renewable energy is paramount. JPL's hydroelectric power projects represent our resolve to enhance our presence in the green energy segment. The future lies in developing green energy and JPL is focused on making green energy production an overriding corporate priority. Our performance in 2010-11 was modest as compared to last year, although we retained our profitability: our total income declined 12.10% owing to lower realisations. The profit before tax stood at Rs. 2,496.22 crore in 2010-11 against Rs. 2,809.68 crore in 2009-10. The profit after tax declined 13.67% to Rs. 2,001.60 crore in 2010-11 from Rs. 2,318.76 crore in 2009-10. We also declared an interim dividend of 9% (Re. 0.90) per share.
JPL's social initiatives are part of our focused approach to help drive inclusive growth in India. Our social endeavour (O.P. Jindal Samaj Kalyan Samiti) focuses on enhancing living conditions of the underprivileged and makes a positive difference in their lives. The Samiti works with marginalised communities to unlock the regional potential, develop resources, support locals in developing professional skills and enhancing the quality of life in adopted villages through better education, healthcare, infrastructure and civic amenities.
Our vision is to work towards a happier tomorrow by transforming the energy scenario of our nation and by developing self-supporting communities in the areas of our operations. We have an outstanding strategic advantage, a great brand, enduring values, committed work force and a remarkable future ahead. I welcome all our stakeholders to be a part of our future.