Mumbai, Nov 1 (IBNS) JSW Energy Ltd., a growing energy company, on Thursday announced the results for the quarter and half year ended September 30, 2012.
Key highlights for Q2' FY 13 (Consolidated):
PLF at 87.79% as against 63.58% in the corresponding quarter of the previous year.
Net generation of 4,593 million units, growth of 77% over corresponding quarter of the previous year
Total Income from operations ` 2,077 crores, growth of 108 % over corresponding quarter of the previous year
EBITDA of ` 622 crores, increase of 231% over corresponding quarter of the previous year
PAT of ` 254 crores as against a Net loss of ` 109 crores during corresponding quarter of the previous year.
Key highlights for H1' FY 13 (Consolidated):
PLF at 89.62% as against 63.73% in the corresponding period of the previous year.
Net generation of 9,324 million units, growth of 86% over corresponding period of the previous year
Total Income from operations ` 4,268 crores, growth of 88 % over corresponding period of the previous year
EBITDA of ` 1,282 crores, increase of 113% over corresponding period of the previous year
PAT of ` 257 crores as against a net profit of ` 27 crores during corresponding period of the previous year, an increase of 840%.
Operational Performance (Consolidated)
The Company's operational performance during the quarter excelled on the back of high PLF achieved by its units at Vijayanagar and Ratnagiri , despite annual shutdown and back down of the units, registering a quarterly net generation of 4,593 million units.
The Plant Load Factor (PLF) achieved during Q2, FY 2012-13 were as under:
Vijayanagar: - The plant achieved average PLF of 100% as against 72% in the corresponding quarter of the previous year.
Ratnagiri: - The plant operated at an average PLF of 90%, against an average PLF of 74% in the corresponding quarter of the previous year with one unit undertaking annual shutdown.
Barmer:- The four operational units achieved an average PLF of 64%. Units 1 & 2 were under planned shutdown for annual maintenance. Certain major modifications to the boiler for longer sustainability were also carried out.
In order to ensure effective utilisation of the plant during monsoon period, the Company had entered into banking arrangement, under which 272 million units have been banked during the quarter.
The banked power will be available for sale during the period November 2012 to March 2013 in tranches.
During the Quarter, the company has returned back the balance 84 million units of banked power received earlier under a banking arrangement.
The merchant sales during the quarter were 2,201 million units and the sales under Long Term PPA were 1723 million units. The Company has also generated 313 million units under the Conversion Agreement during the quarter.
Imported thermal coal prices remained range bound, with the API 4 index moving around US$ 85 ~ 90per ton during the quarter due to weak global demand. The rupee retained bias towards weakness throughout the quarter, except the latter half of September.
The fuel cost also moderated for the Company in similar direction. The strategy to use high CV coal during the monsoon period has ensured that availability of units remained high. Efforts are being made to identify various new sources of coal aimed at reducing the fuel costs.
The fuel cost during the quarter was ` 1,100 crore, an increase of 44% over the corresponding quarter of the previous year, primarily due to increase in quantum of generation.
South African Coal Mining Holding (Pty) Ltd (SACMH):
During the quarter, SACMH mined 71,530 tonnes of raw coal from the existing underground mine. SACMH has also bought 41,786 tonnes of raw coal for washing and blending with its product. The total sale of coal during the quarter was 72,023 tonnes.
With low production volume as also realisations, the operations have not been profitable. The existing operations at the underground mine are nearing completion and approvals are still awaited for the commencement of operations at the new location.
Considering the challenging environment, SACMH is presently considering to put the mine under Care & Maintenance till the approvals are received and there is visibility of sustainable operations.
Financial Performance (Consolidated)
During the quarter, the Company has achieved a Total Income from operations of ` 2,077 crore and EBITDA of ` 622 crore, an increase of 108% and 231% respectively over the corresponding quarter of the previous year. The increase in profitability is primarily due to increase in generation, better tariff realisation and relatively lower fuel cost.
The Company has earned a Profit after tax of ` 254 crore during the current quarter as against Net Loss of ` 109 crore in the corresponding quarter of the previous year.
The appreciation of the Indian Rupee against the US dollar resulted in an exceptional net foreign exchange gain of ` 93 crore during the quarter.
Rajasthan Electricity Regulatory Commission (RERC), pursuant to the directions of Appeallate Tribunal for Electricity (APTEL), has revised upwards interim tariff for Barmer Works of Unit 1 to 4, to ` 3.6271 per unit as against ` 3.3448 per unit provided earlier besides determining the adhoc interim tariff for Unit 5 to 8 at ` 3.8600 per unit.
RERC adjudicated a dispute on the first year tariff applicable for the Project at a fixed rate of ` 2.43/Unit.
The Company has filed a petition with APTEL seeking stay as also review of the said order on various grounds including that the first year tariff is linked to the first year tariff of Unit-1 of Giral & not to a fixed price.
As the matter is presently under challenge, no effect has been given in the financial statements.
The Consolidated net worth and Consolidated debt as at September 30, 2012 was ` 5,947 crore and ` 10,144 crore respectively resulting in a debt equity ratio of 1.71 times.