Led by lower electricity generation and subdued merchant realisations, JSW Energy, a Sajjan Jindal-led company reported a 91.74% year-on-year drop in consolidated net profit to Rs 24.76 crore for the quarter ended March 31 of 2016-17. Total electricity generated during the quarter dropped 31% year-on-year to 4,064 million units against 5,894 mln units a year ago. Merchant sales during the quarter were at 1,312 million units and sales under long term power purchase agreement were 2,833 million units.
During the quarter, all the plants operated at lower plant load factor (PLF). Vijaynagar in Karnataka operated at 77% PLF compared with 99% a year ago, Ratnagiri was down to 47% as against 92% a year ago, Barmer operated at 82% compared with 86%, while the hydro project in Himachal operated at 14% unchanged from last year period.Revenue from operations were down 29% year-on-year to `1,862 crore, while the fuel cost was lower by 16% to Rs 1,005 crore led by decrease in generation. The earnings before interest, tax, depreciation, and amortisation was down 41% to Rs 660 crore primarily on account of lower revenues and higher international coal prices.
For the full year 2016-17, income from operations dropped 16% to Rs 8,263 crore, while EBITDA was down 17% to Rs 3,541 crore. Full year consolidated net profit dropped to Rs 622.51 crore from Rs 1,460.27 crore a year ago.
“The new government in Uttar Pradesh has already embarked on a programme to accelerate 24×7 power for all and it is expected that other states will follow the UP example. This should lead to robust growth in demand, which has otherwise been subdued for the past two years,” the company said in a statement.