After posting losses consistently for the last one year, Mumbai-based JSW Energy has turned a corner, posting a consolidated net profit of Rs 310.51 crore in the quarter ended December 2012. Net sales rose nearly 33% to Rs 2329.10 crore in the quarter under review as against Rs 1751.35 crore last year.
On a standalone basis, JSW reported a net profit of Rs 296.32 crore in the quarter under review versus a net loss of Rs 71.61 crore last year. Sales rose nearly 19% to Rs 1,689.16 crore as against Rs 1,425.09 crore last year.
JSW Energy said profits rose mainly due to increase in generation, improved tariff and relatively lower fuel cost. The depreciation of the Indian rupee against the US dollar resulted in an exceptional net foreign exchange loss of Rs 61 crore during the quarter.
Plant Load Factor (PLF) was up at 91.34% in the third quarter versus 82.30% last year.
Net generation rose 20% to 4,770 million units in the quarter under review. JSW sold net 110 million units in the three months ended December 2012 that were banked in the previous quarters.
The merchant sales in the third quarter were 2,616 million units and the sales under long term PPA were 2,043 million units, JSW said. The company also generated 221 million units under the conversion agreement during the quarter.