Impacted by rising fuel costs, Sajjan Jindal-promoted JSW Energy posted a consolidated net profit of Rs 152.8 crore for the third quarter, 25.4 per cent less as compared to the year-ago period’s net profit of Rs 204.9 crore.
However, total income for the quarter rose 53 per cent to Rs 1,076.5 crore, compared with a total income of Rs 701.6 crore for the same quarter last year. The company commissioned an additional 435 Mw during the quarter, to take its total operational capacity to 1,730 Mw, officials said at a press conference here today.
JSW had to spend Rs 637.8 crore for fuelling its plants during the quarter, whereas it was only Rs 277.5 crore for the corresponding quarter last year. The company also had a one-time write-off of Rs 29 crore for the quarter, related to refinancing cost. JSW Energy refinanced debt of Rs 1,769 crore during the quarter, by placing non-convertible debentures for a tenure of up to 12 years, with a moratorium of two years. This resulted in reduction in interest cost by about 1.6 per cent.
The company, which is planning to increase its installed capacity to 11,390 Mw by 2015, has debt of Rs 9,438 crore. During the current financial year till December 31, it had refinanced an aggregate debt of Rs 2,772 crore.
In addition to the existing capacity addition programme, JSW Energy would add another 660 Mw at Vijayanagar (Bellary) in Karnataka, where it is setting up a power project.
JSW hopes to commission two units under construction within the next three months, said N K Jain, vice chairman.
He said the company was also scouting for operating mines in South Africa and Indonesia to meet its short-term fuel requirements. JSW’s recently acquired CIC Energy coal mines in South Africa require another five to seven years to start production, said officials.
JSW has also formed a subsidiary, JSW Green Energy, to venture into renewable energy generation. The company is talking to some solar power equipment manufacturers to start a joint venture to make solar photo-voltaic cells. Initially, the JV would focus on selling PV modules to project developers in India, said Pramod Menon, chief financial officer.
