JSW Energy today reported an 18.55 per cent decline in consolidated net profit at Rs 320.68 crore for the quarter ended December, mainly because of higher interest cost, taxes and depreciation due to acquisition of two hydel assets.
During the quarter, total income from operations grew 11.26 per cent to Rs 2,649.13 crore from Rs 2,380.83 crore a year ago.
Similarly, EBITDA rose to Rs 1,218 crore from Rs 1,012 crore a year ago, driven by lower fuel cost and additional generation from hydel assets despite provision for the Barmer project in Rajasthan.
"The quarter has been satisfactory given the performance of all the thermal plants as well as higher generation from hydel plants. However, profits declined mainly because of higher interest and depreciation due to acquisition of two hydro assets and higher provision of taxes," JSW Energy Finance Director Pramod Menon told reporters here.
Last September, JSW concluded the acquisition of 100 per cent stake in Himachal Baspa Power Company, which has 300-MW Baspa II and 1,091-MW Karcham Wangtoo units.
The company is also in talks to acquire 100 per cent stake in the 500-MW Bina thermal power plant in Madhya Pradesh owned by Jaiprakash Power Ventures.
That apart, the company is planning to acquire 74 per cent stake in Monnet Power, which is setting up a 1,050-MW thermal power plant in Odisha.
"Due diligence for both the deals is on and we hope to announce some positive improvement in one of the deals by next month," Chief Executive Sanjay Sagar said.
Meanwhile, the company has commenced enabling works on the 240-MW Kutehr hydro project in Himachal Pradesh and awarded letter of intent to the EPC contractor, while financial closure is expected by end of current fiscal.
The project cost is estimated at Rs 2,900 crore and cost incurred up to December 2015 was Rs 254 crore. JSW Energy will continue to look at opportunities to acquire assets both in thermal and renewable spaces, Sagar said.
In the October-December period, its thermal power plants achieved an average deemed plant load factor (PLF) of 90 per cent, up from 87 per cent in the same quarter of last year.
The hydro power plants achieved an average PLF of 24 per cent in the December quarter, given the impact of seasonality and availability of water.
The merchant sales during the quarter under review were 2,937 million units and the sales under long-term power purchase agreement stood at 3,032 million units.
