JSW Energy Q2 net up 54% at Rs 492 crore

Sajjan Jindal-controlled JSW Energy today posted 54.3 per cent rise in consolidated net profit at Rs 491.96 crore for the quarter ended September 30, helped by higher net generation and lower fuel costs.
Company's consolidated net profit in the year-ago period was Rs 318.63 crore, JSW Energy said in a regulatory filing.
The net sales during the quarter increased 12.4 per cent to Rs 2,491 crore over Rs 2,216.05 crore in the corresponding quarter of previous fiscal, the company said.
"EBIDTA before exceptional items for the quarter is Rs 1,088 crore as against Rs 973 crore in the corresponding quarter of the previous year, an increase of 12 per cent," the company said.

The increase in EBITDA is primarily driven by lower fuel costs and generation from the hydro assets.
"The generation capacity increased from 3,140 MW to 4,531 MW with addition of hydro capacity of 1,391 MW acquired during the current quarter," it said.

Net generation increased to 5,637 million units (MU) as against 5,236 MU in the corresponding quarter of previous year.
The company further said that it refinanced Rs 2,979 crore of term debt from banks/financial institutions at Himachal Baspa Power with extended repayment terms and at lower interest rate as on September 30, 2015.
The consolidated net worth and consolidated net debt as on September 30 were Rs 8,301 crore and Rs 15,589 crore respectively, resulting in a net debt to equity ratio of 1.88 times.

During the quarter, the company achieved an average plant load factor (PLF) of 83 per cent as against 87 per cent in the corresponding quarter of last fiscal.
The PLF was lower primarily due to scheduled major overhauling of a unit of the Vijayanagar plant.
The fuel cost, it said, during the quarter declined 13 per cent year-on-year to Rs 1,071 crore primarily due to lower thermal generation as well as decline in the free-on-board (FOB) cost of imported coal driven by lower international prices.
The company said that the electricity demand has picked up post the lacklustre demand in the first quarter as the progress of monsoon was less than normal.

It further said that despite challenges, the government's efforts to revitalise the economy and focus on manufacturing and infrastructure growth should gradually boost power demand in the coming quarters.
Shares of JSW Energy Ltd were trading at Rs 88.15 apiece on BSE, down 3.29 per cent from the previous close.