JSW Energy reported 14% fall in net profit to Rs 277 crore for the quarter ended June 2015 as against Rs 325 crore in the corresponding quarter of the previous year. The Street had estimated the profit at Rs 305 crore.
The company's total income declined by 17% to Rs 2,107 crore as compared to Rs 2,558 crore in June 2014 due to planned maintenance shutdown of its plants at Ratnagiri and Vijaynagar and weak demand.
During the quarter the company achieved an average plant load factor of 75% as against 84% in June 2014. The fuel cost reduced by 17% to Rs 974 crore due to fall in imported coal prices. However, these gains were offset by the lower generation and marginal decline in the realisation, which resulted in decline in EBIDTA to Rs 886 crore against Rs 948 crore, a 6% fall.
The merchant sales during the quarter were 1,990 million units and the sales under long term power purchase agreement were 2,490 million units. Shares of JSW Energy's stock price was flat on Wednesday at 1430 hours on the BSE
The company has commenced enabling works for the 240 MW projects in Himachal Pradesh and expects the award of EPC contracts to be completed by the second quarter of 2015-16. The cost incurred on the project upto June 30 is Rs 239 crore.
During the quarter, Barmer Ignite Mining Company has despatched 1.44 MT of lignite to feed the company's power plant in Balmer. The tendering process for selection off mine development and operator for Kapurdi and Jalipa lignite mines by EIL has commenced and the evaluation of tenders is under process. The project cost incurred till June 30 is Rs 1,837 crore
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