JSW Energy net profit down over 68 pc at Rs 124 cr in December quarter

JSW Energy on Friday reported over 68 per cent dip in its consolidated net profit to Rs 124 crore for the quarter ended in December.

The consolidated net profit of the company was Rs 394 crore in the quarter ended on December 31, 2019, a BSE filing stated.

However, the company said that in the year-ago period net profit included certain tax reversal and one-off gains.

Adjusting for all such exceptional items and one-off gains, the consolidated net profit of Rs 124 crore is 12 per cent up on year-on-year (YoY) basis.

Total revenue of the company decreased 18 per cent on YoY basis to Rs 1,659 crore in the quarter under consideration from Rs 2,016 crore in the corresponding quarter of the previous year, primarily due to lower short term sales and reduction attributable to the impact of job work at standalone entity.

It generated 4,612 million units of electricity in the December quarter up from 4,580 million units in the same period a year ago.

The fuel cost for the quarter decreased 26 per cent YoY to Rs 823 crore, primarily attributable to impact of job work at standalone entity, as well as reduction in international coal prices.

Finance costs declined 27 per cent YoY to Rs 191 crore from Rs 261 crore in the corresponding quarter of the previous year, primarily attributable to proactive debt repayments.

The company’s profit before tax (before exceptional items) increased 14 per cent YoY to Rs 172 crore in the December quarter from Rs 151 crore in the corresponding quarter of the previous year.

Total comprehensive income of the company for the quarter under consideration stood at Rs 861 crore as against Rs 712 crore in the corresponding period of the previous year.

The consolidated net worth and consolidated net debt as on December 31, 2020 were Rs 13,900 crore and Rs 6,719 crore respectively, resulting in a net debt to Equity ratio of 0.48X.

The company said that the board has approved the sale of 18 MW thermal power plant at Salboni to JSW Cement Ltd or its SPV (special purpose vehicle) on a going concern basis, subject to necessary approvals.

About 810 MW blended wind project-SECI ( won under Solar Energy Corporation of India auction), it stated that PPA (power purchase agreement) signing with discoms is awaited.

About 240 MW Kutehr HEP (hydro electric project), it said that PPA is under finalisation with Haryana discoms.

About Ind-Barath Energy (Utkal) Ltd, it said the resolution plan is pending for approval by the NCLT (National Company Law Tribunal).

(PTI)