Net profit declines over 48% to Rs 290 crore

JSW Energy has reported over 48 per cent decline in consolidated net profit to Rs 290 crore in the April-June quarter due to one-time impact of non-operational expenses of recent Mytrah buyout and Ind-Barath 700 MW thermal plant deal under the insolvency route.

The consolidated net profit of the company stood at Rs 560 crore in the quarter ended on June 30, 2022, according to the investor presentation of the company.

The company, in a statement, said that there is a one-time impact of non-operational expenses of recent Mytrah buyout and Ind-Barath 700 MW thermal NCLT (National Company Law Tribunal) deal.

During the quarter, total revenue decreased by 3 per cent YoY (year on year) to Rs 3,013 crore from Rs 3,115 crore a year ago as the incremental revenue from Mytrah and renewable capacity additions was offset by lower realisation in thermal assets on account of decline in coal prices (which are pass through in nature), it said.

Higher profitability from Mytrah and RE (renewable energy) assets was more than offset by the drag from lower short term sales, lower hydrology, lower profits at international coal assets and one-off charges due to debt refinancing at Mytrah, it explained.

The company’s net generation during the quarter stood at 6,699 MUs (million units), higher 14 per cent YoY from 5,850 MUs, on the back of contribution from new assets like Mytrah and RE capacity additions.

Its short term sales fell 5 per YoY during the quarter while total long term sales in the quarter increased 18 per cent YoY due to higher long term generation at Ratnagiri and contribution from the RE portfolio.

The company’s board has approved the appointment of Rajiv Chaudhri with effect from July 14, 2023, as an Additional Director and also as an Independent Director of the Company for three consecutive years, it said.