JSW Energy posts 27% decline in profit to Rs 795 cr, income slides 16%

JSW Energy reported a 27 per cent decline in its profit, to Rs 795 crore, during financial year 2020-21 over last year.  During the same period, the company's total income was down by 16 per cent to Rs 7,159 crore.

The company attributed the slip in profit to the Covid-19 pandemic and the decline of merchant power sales. “Merchant power sales has witnessed lower demand due to economic slowdown, and consequential impact on tariff. Based on present assumption and gradual improvement in merchant demand, the management does not expect any medium to long term impact on the business of the Group,” said the stock market filing of JSW Energy.

For the quarter ending March 2021, the company reported a net profit of 106 crore, as against Rs 108 crore profit booked during a similar period during FY20. The company registered total income of Rs 1614 crore during the quarter ending March 2021.

JSW Energy has recommended a dividend of Rs 2 per Equity Share of Rs 10 (20%), subject to approval during the upcoming Annual General Meeting.