JSW Energy Q3 net surges 73% to Rs 205 cr

Sajjan Jindal-led JSW Energy today reported a nearly 73 per cent jump in consolidated net profit at Rs 204.87 crore for third quarter ended December 31, 2009.

The consolidated total income of the company rose to Rs 701.58 crore in the third quarter of current financial year from Rs 576.39 crore in the same quarter last fiscal, JSW Energy said in a filing to Bombay Stock Exchange (BSE).

The company also said that the board of directors today approved formation of a special purpose vehicle with another group firm JSW Bengal Steel to set up a 1,600 Mw power plant in West Bengal.

Two units of 800 Mw each would be set up at an investment of about Rs 9,680 crore. Of this Rs 7,680 crore would be for setting up the power plant and Rs 2,000 crore for development of mines, the company said.

Besides, the board also approved incorporation of wholly-owned subsidiary overseas aimed at acquiring coal mines to secure fuel requirements, it added.

On a standalone basis, the firm recored a net profit of Rs 237.05 crore in the quarter under review, up 54 per cent as against Rs 153.80 crore of year ago quarter.