JSW Energy today reported consolidated net profit of Rs 366.53 crore for the first quarter ended June 30, 2016-17.
Its net profit after taxes, minority interest and share of profit of associate stood at Rs 308.85 crore in the year-ago period, JSW Energy said in a filing to BSE.
The company said in a press release that “PAT of Rs 367 crore, up by 19 per cent as against Rs 309 crore in the corresponding quarter of the previous year.”
Net sales during the April-June quarter were at Rs 2,411.24 crore, as against Rs 2,058.16 crore a year ago.
In the BSE filing, however, the Sajjan Jindal-led firm said: “Karcham Wangtoo plant of Himachal Baspa Power Company Limited, has filed petition for determination of final tariff with Central Electricity Regulatory Commission (CERC) and pending the receipt of final tariff order, the revenue from sale of power under long term power purchase agreements are being recognised in terms of expected tariff as per the available guideline in this regard.
“The hydro projects were acquired during September, 2015, hence figures for the corresponding quarter of the previous year are not comparable.”
On generation, the press release said: “During the quarter, net generation was up by 48 per cent compared to the corresponding quarter of the previous year primarily due to generation from hydro power plants acquired during FY 2016 and improved performance of Ratnagiri plant; which were partly offset by shut downs at Vijayanagar and Barmer plants due to maintenance and low scheduling of power since the month of June.”
During the quarter, the 300 MW Baspa-II power project achieved its highest ever generation in April–June quarter since the commissioning of the plant with a gross generation of 454 million units (MUs).
“The merchant sales during the quarter were 2,397 million units (37 per cent of volume); while the sales under long-term PPA were 4,019 million units (63 per cent of volume),” the statement said.
For the first quarter ended June 30, 2016-17, the company achieved a consolidated turnover of Rs 2,492 crore, up 15 per cent as compared to Rs 2,167 crore a year ago.
The increase in turnover is primarily on account of the addition of hydro units acquired during the second quarter of the previous year; partly offset by lower realisation during the quarter.