JSW Energy Q3 consolidated net profit jumps over twofold to Rs 394 cr

JSW Energy on Tuesday said its consolidated net profit jumped over twofold to Rs 394 crore during the December 2019 quarter, mainly helped by reduced expenses.

The company had clocked a Rs 146-crore net profit during the corresponding quarter a year ago, JSW Energy said in a BSE filing.

Its total income in the October-December 2019 period fell to Rs 2,106 crore, from Rs 2,491 crore in the corresponding period a year ago.

The firm's total expenses also dropped to Rs 1,864 crore, against Rs 2,271 crore in the October-December quarter of 2018-19.

In a statement, JSW Energy said a debt restructuring agreement with Jaiprakash Power Ventures Ltd (JPVL) completed during the third quarter, "whereby the company has acquired 5 per cent equity stake in JPVL, in addition to Rs 120 crore continuing as loan repayable from JPVL to the company".

Further, both parties have agreed to forego their respective rights and obligations in relation to the securities purchase agreement for transfer of Karcham and Baspa hydro assets, it said.

"For GMR Kamalanga Energy Ltd of 1050 MW (megawatts), discussions are progressing well between the company and GMR Energy Ltd for an expeditious closure. And, for Ind-Barath Energy (Utkal) Ltd (700 MW), approval by National Company Law Tribunal is under process for the resolution plan submitted by the company," it said.

Transfer of JSW Energy (Kutehr) Ltd by the company to JSW Hydro Energy Ltd, wholly-owned subsidiary of the company, also stands completed, it added.

Short-term sales during the quarter were lower at 541 million units as compared to 1,112 million units in the third quarter of 2018-19 due to lower short-term sales at both Ratnagiri and Vijayanagar plants, the company said.