Power producer JSW Energy on Saturday reported 36 per cent decline in net profit at Rs 162.59 crore in the three months ended September, mainly hit by forex losses.
The company, part of the diversified JSW Group, had a net profit of Rs 254.04 crore in the year-ago period. The figures are after taking into account taxes, minority interest and share of profit/loss of associates.
In the second quarter of current financial year, the company raked in a total income of Rs 2,024.63 crore compared to Rs 2,076.53 crore in the same period a year ago.
"The continued and steep depreciation of the rupee against the US dollar during the quarter has resulted in an exchange fluctuation loss of Rs 168 crore which has been considered as an exceptional item," JSW Energy said in a regulatory filing.
However, the company's total expenses in the latest quarter dropped to Rs 1,390.04 crore from Rs 1,660.17 crore in the three months ended September 2012.
JSW Energy, which has an operational power generation capacity of 3,140 MW, said it has received all requisite environmental approvals for the 240 MW project at Kutehr in Himachal Pradesh. "The consolidated net worth and consolidated debt as at September 30, 2013, were Rs 6,598 crore and Rs 10,335 crore, respectively, resulting in a debt equity ratio of 1.57 times," the filing said.