JSW Energy has posted 54.4% fall in net profit in its first quarter of the financial year 2011-2012 to R136.3 crore compared with R298.7 crore last year.
The company?s Q1FY12 revenue stood at R1,145.4 crore as compared with R927.7 crore last year. JSW Energy?s Q1FY12 operating profits dipped to 25.2% as compared with 43.7% last year.
The company?s operating profit was impacted largely due to deferment of planned power procurement by distribution licensees, early monsoon and prolonged hearing on the matter related to tariff fixation. JSW Energy has received environment clearance for the 240 MW Kutehr hydro project. In Q1, the company has refinanced its debt aggregating to R554 crore and the interest rate has reduced by 0.73%. Consolidated debt for the company currently is R9,722 crore with a debt equity ratio of 1.67. Out of the R2,700 crore received from the IPO, the company has so far utilised R1,681.2 crore.
Shares of JSW Energy closed 6.64% down at R71 on the Bombay Stock Exchange on Thursday. JSW Energy?s lignite mines at Kapurdi currently await regulatory orders for operation as the existing order for operations based on alternative fuel has expired.
The company’s two units of 135 mw operated on imported coal up to April-end. But due to pending provisional tariff approval and provisional transfer price for supply of lignite kept the operations in the unit suspended. Also, the company’s plant load factor (PLF) was affected at the Ratnagiri units due to heavy rains, reduced schedule from distribution companies and planned shutdown of one unit of 300 mw capacity for 20 days during the quarter. Its average PLF was 64.73%.
The units at Vijayanagar faced a similar situation with shutdown of a 300 mw plant, lower tie-up of power due to sudden decision of distribution companies in deferring procurement of power with the onset of early monsoon.
