JSW Energy Net Slips 65% to Rs 142.07 Cr in Q3 FY21

Sajjan Jindal-led JSW Group’s power sector arm JSW Energy has reported nearly 65 per cent decline in its consolidated net profit after tax (PAT) at Rs 142.07 crore during the third quarter ending December 2020 of FY21, on the back of lower revenue from operations.

January 29, 2021. By Manu Tayal

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Sajjan Jindal-led JSW Group’s power sector arm JSW Energy has reported nearly 65 per cent decline in its consolidated net profit after tax (PAT) at Rs 142.07 crore during the third quarter ending December 2020 of FY21, on the back of lower revenue from operations.

The company’s net profit after tax stood at Rs 404.31 crore during the same quarter a year ago.

However, it’s last year net profit included certain tax reversals and one-off gains. Adjusting for all such exceptional items and one-off gains, net profit of the company stood at Rs Rs 124 crore, which is up by 12 per cent, the company said in a statement.

During the quarter under review, total revenue of the company dropped by 18 per cent to Rs 1,659 crore, from Rs 2,016 crore in the corresponding quarter of the previous year, mainly on account of lower short term sales and the reduction attributable to the impact of job work at standalone entity.

Furthermore, the EBITDA of the company during Q3 FY21, declined by 7 per cent to Rs 655 crore, from Rs 706 crore during the same period last year. Although, the drag from lower EBITDA was more than offset by lower interest costs due to continued deleveraging.

The company in a statement said that, in line with increased demand in Q3 FY21, the overall power generation grew by 6.3 per cent y-o-y. Thermal and Renewable generation grew by 7.6 per cent and 19.3 per cent respectively, while Hydro generation declined by 11.4 per cent, on y-o-y basis.

The average PLF for Thermal segment improved to 55.2 per cent from 51.9 per cent y-o-y. PLFs improved across state, private and central sectors on a y-o-y basis, it added.

On the supply side, installed capacity of the company stood at 375.3 GW as on December 31, 2020. In Q3 FY21, installed capacity increased by 2.3 GW, led by renewable more than 1.9 GW, thermal over 0.3 GW net, and hydro more than 0.1 GW segments.

Meanwhile, scrips of the company ended at Rs 71.40 apiece, down 3.25 per cent, from the previous close on the exchange.

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