JSW Energy Q3 net jumps two-fold to on lower effective tax rate

JSW Energy has reported around two-fold increase in net profit for the quarter ended December 31 at Rs 50.55 crore owing to improved revenues, decline in finance cost and lower effective tax rate. The company had reported a net profit of Rs 17.96 crore in the corresponding quarter last fiscal. Its total revenues for the October-December period grew 6.46 per cent to Rs 2,081 crore from Rs 1,954 crore in Q3 FY17. The merchant sales during the quarter were 1,555 million units, up from the level of 699 million units in Q3 FY17, due to the buoyant short-term market. During the quarter, the company reduced the net debt by Rs 83 crore, while for the nine months between April-December 2017 reduced by Rs 2,490 crore. The company's consolidated net debt as on December 31, stood at Rs 11,896 crore resulting in a low net debt to equity ratio of 1.04 times, which is a substantial decline from 1.29 times at the end of Q4 FY17.