JSW Energy has reported a 170% increase in its third quarter net profit to ₹394 crore following a drop in expenditure during the quarter. Revenue dropped 19% to ₹2,016 crore on lower short-term sales and a decline in fuel cost. Fuel cost decreased by 23% to ₹1,115 crore due to moderation in the prices of imported coal and lower generation. Earnings before tax, depreciation and amortisation fell 13% to ₹706 crore.
Total expenses also dropped to ₹1,864 crore, against ₹2,271 crore in the October-December quarter of 2018-19.
Short-term sales during the quarter were lower at 541 million units as compared with the 1,112 million units in the third quarter of 2018-19 due to lower short-term sales at both Ratnagiri and Vijayanagar plants.
The company’s debt restructuring agreement with Jaiprakash Power Ventures Ltd. (JPVL) was completed during the third quarter, “whereby the company has acquired a 5% equity stake in JPVL, in addition to ₹120 crore continuing as loan repayable from JPVL to the company,” said the company in a statement.
Further, both parties have agreed to forego their respective rights and obligations in relation to the securities purchase agreement for transfer of Karcham and Baspa hydro assets, it said.
“For GMR Kamalanga Energy Ltd of 1050 MW (megawatts), discussions are progressing well between the company and GMR Energy Ltd. for an expeditious closure. And, for Ind-Barath Energy (Utkal) Ltd. (700 MW), approval by National Company Law Tribunal is under process for the resolution plan submitted by the company,” said the statement.
JSW Energy shares on BSE closed 2.27% higher to ₹63.20 in a firm Mumbai market on Tuesday, valuing the company at ₹10,379.71 crore.