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JSW Energy posts over Rs.3 bn Q3 profit

Source : IANS
Last Updated: Wed, Jan 23, 2013 14:00 hrs

Mumbai, Jan 23 (IANS) Power producer JSW Energy Wednesday reported a net profit of Rs.3.12 billion for the fiscal's third quarter as compared to a net loss to Rs.817 million in the corresponding period last year on account of higher tariff and lower fuel costs.

Consolidated total income from operations for the quarter ending December 2012 stood at Rs.23.65 billion, up 34 percent over the like period of the previous year.

The company's plant load factor improved to 91.34 percent in the third quarter of fiscal year 2013 as against 82.3 percent in the like quarter of fiscal 2012.

During the quarter, the operating profit margin increased 2.48 times to 27.65 percent from 11.13 percent for the same period last year.

Earnings before interest, tax, depreciation and amortisation (EBITDA) rose 139 percent year-on-year to Rs.8.37 billion.

Net generation grew by 20 percent year-on-year to 4,770 million units during the quarter.

"The company achieved the highest quarterly net generation on the back of improved operations in all the three plants," said JSW Energy managing director Sanjay Sagar.

The company's standalone fuel costs went down by 4 percent and consolidated fuel cost was down 2 percent over the like quarter of last year.

For the Indian power sector, while retail tariff revision has been undertaken by most state distribution companies, adequate fuel supply remains a critical issue.

Towards ensuring fuel security JSW Energy has acquired majority stake in South African Coal Mining Holding Limited having 13 million tonnes of coal reserves.

At the Bombay Stock Exchange, shares of the company gained 2.59 percent to close at Rs.73.55 over its previous close of Rs.71.55.

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