JSW Energy net up 37% at Rs 297 cr in July-Sept

JSW Energy today posted a 37 per cent jump in consolidated net profit at Rs 297 crore for the July-September quarter this year compared to the same period of last year.
"The company earned a net profit of Rs 297 crore as against Rs 217 crore in the corresponding quarter of the previous year," JSW Energy said in a statement.
Total comprehensive income of the company for the September quarter stood at Rs 612 crore as against Rs 398 crore in the corresponding period of the previous year.
During the quarter, total income from operations was Rs 2,220 crore as against Rs 2,099 crore in the corresponding quarter of the previous year, an increase of 6 per cent, largely due to better merchant realisations and increase in other income.

The company's net power generation was 6,117 million units in the second quarter of FY2017-18 compared to 6,276 million units year ago. The merchant sales during the quarter were 1,182 million units.
It said that the fuel cost for the quarter increased by 8 per cent YoY (year on year) to Rs 936 crore, primarily due to increase in international prices of coal.

The EBIDTA before exceptional items for the quarter was Rs 1,053 crore as against Rs 1,014 crore in the corresponding quarter of the previous year, an increase of 4 per cent, primarily due to better merchant realisations, higher other income and savings in operation and maintenance costs, partly offset by higher fuel costs, it said.

The finance costs have declined to Rs 391 crore from Rs 436 crore in the corresponding quarter of the previous year primarily due to interest rate reductions achieved through refinancing arrangements as well as prepayment/repayment of borrowings.
The Consolidated Net Worth and Consolidated Net Debt as on September 30, 2017 were Rs 11,259 crore and Rs 12,679 crore respectively resulting in a low Net Debt to Equity ratio of 1.13 times, it added.
On the electric vehicle venture, it said that during the second quarter of FY2017-18, it signed an MoU with Gujarat for setting up facilities for manufacture of electric car and storage battery.

The company is in the process of developing its product & technology strategies, business partnerships for technology and engineering as well as building the organisational set-up and core capabilities. A suitable SPV for the project is also being planned, it added.
The board has approved capex budget for setting up new thermal generation capacity of 36MW for JSW Cement under long term PPA.
The company is working towards developing capability in the Renewable Energy space and plans to set up 7MW solar power units consisting of 6MW capacity for JSW Cement under long term PPA and 1MW capacity for JSW Energys captive consumption.

The company also announced about securing a Rs 600 crore line of credit at attractive interest rate from SBI in partnership with World Bank for funding rooftop solar power projects.