JSW Energy March net profit plunges 92% on output woes

PTI Feeds
JSW Energy March net profit plunges 92% on output woes

New Delhi, Apr 29 (PTI) JSW Energy today reported a steep 91.74 per cent drop in its consolidated net profit from a year ago at Rs 24.76 crore for the March quarter, largely due to lower power generation.

Consolidated net profit in the same quarter a year earlier was Rs 299.94 crore, JSW Energy said in a BSE statement after its board approved the financial results at a meeting held today.

Total income came down to Rs 1,935.29 crore, from Rs 2,664.87 crore in the corresponding period of the previous fiscal.

For 2016-17, the company’s consolidated net profit read Rs 622.51 crore, down from the earlier Rs 1,460.27 crore.

Deemed PLF (plant load factor or capacity utilisation of power plants) was 52 per cent as against 69 per cent a year ago.

JSW Energy’s net generation was 4,063 million units (MUs) in the fourth quarter, down from 5,894 MUs in the previous year. Total income from operations at the consolidated level came in at Rs 1,862 crore as against Rs 2,631 crore in the corresponding quarter last year, down 29 per cent, mostly due to lower generation from thermal plants and subdued merchant realisations.

It said fuel cost for the quarter under review came down by 16 per cent year on year to Rs 1,005 crore.

The board today recommended dividend payout of Rs 0.50 per share for 2016-17.

On its outlook for the industry, the company said, “The New government in Uttar Pradesh (UP) has already embarked on a programme to accelerate the availability of 24×7 power for all citizens and it is expected that other states will follow the UP example. This should lead to a robust growth in demand, which has otherwise been subdued for the last 2 years.”

This is published unedited from the PTI feed.