JSW Energy Q1 net slumps 54% to Rs 136 cr

JSW Energy today reported a 54% decline in its consolidated profit at Rs 136.31 crore in the June quarter, bogged down by delays in power procurement by distribution licencees as well as higher fuel costs.

The entity, which has an operational capacity of 2,030 Mw, had a profit of Rs 298.64 crore in the year-ago period.

However, the company's consolidated revenues in the first quarter rose to Rs 1,272.44 crore from Rs 932.39 crore in the year-ago period.

"The operational performance during the quarter was impacted mainly due to deferment of planned power procurement by distribution licencees, onset of early monsoon and prolonged hearing on matter related to tariff fixation," JSW Energy said in a statement.

JSW Energy refinanced debt worth Rs 554 crore of long term rupee debt. The entity's consolidated debt was at Rs 9,722 crore at the end of June 2011.