The company had reported a net profit of Rs 335 crore in the financial year 2011-12, Essar Power said in a statement.
The company recorded net revenues of Rs 2,371 crore as compared to Rs 1,378 crore in FY'12.
There was a whopping 85 per cent increase in power generation from the company's thermal power plants at 9,061 million units against 4,926 million units in the same period last fiscal.
"We commissioned both units of Salaya power plant (2x600 MW), received final forest clearance for Aries Mine development, received forest clearance for Mahan, and also signed a few long term PPAs," KVB Reddy, Executive Director, Essar Power, said in the statement.
However, slow pace of regulatory clearances for some captive mines and adverse impact of the Indonesian law on imported coal based projects such as Salaya is a concern, he added.
Essar said it will convert two gas fired plants with combined capacity of 1,015 MW to imported coal fired plants with 430 MW capacity to overcome gas availability and cost constraints.
"Ongoing high gas prices, with little prospect of this situation changing for the foreseeable future, has led to a review of our current gas fired generation portfolio. It is proposed to convert the Hazira 515 MW and Bhander 500 MW power stations to coal fired boilers based on imported coal," the statement said.
The existing gas turbines will be sold or relocated to regions where there is ample supply of economic natural gas, it said.
Essar Power is a subsidiary of London-listed Essar Energy.