JSW Energy Q4 net rises 16.5% to Rs 104.75 crore

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June 26, 2021 5:00 AM

Operating margins for January-March quarter of 2021 were also higher by 826 basis points on year to 40.31% on higher realisations during the quarter.

jsw steelLower expenses, including the fuel cost led to 10% year-on-year increase in operating profit or Ebitda (earnings before interest, tax, depreciation and amortisation) to Rs 632 crore for the March quarter of 2021.

JSW Energy on Friday reported a 16.5% year-on-year rise in consolidated net profit for the January-March quarter of 2021 to Rs 104.75 crore on higher operating profit and operating margins during the period.

Lower expenses, including the fuel cost led to 10% year-on-year increase in operating profit or Ebitda (earnings before interest, tax, depreciation and amortisation) to Rs 632 crore for the March quarter of 2021.

Operating margins for January-March quarter of 2021 were also higher by 826 basis points on year to 40.31% on higher realisations during the quarter.

Long term power sales in Q4FY21 were up at 3,463 million units compared with 3,369 million units a year ago due to higher offtake from the Barmer plant. However, the short terms sales or merchant sales were impacted by Covid-19 resulting in a drop of 54% on year at 332 million units as against 736 million units a year ago.

Revenue from operations in Q4FY21 were down 12.51% on year to Rs 1,569.62 crore due to long term job work opted by the customers. Under job work, the customers provide the fuel or coal while the company produces the power for them. The process has also resulted in lower fuel cost for the company at Rs 701 crore in Q4FY21 as against Rs 996.32 crore a year ago.

Although total generation in Q4FY21 fell 7.52% on year to 3,796 million units, Vijayanagar and Barmer units did well to register higher production due to higher offtake of power. However, Ratnagiri thermal power plant, and the Himachal Pradesh based hydropower projects production fell during the quarter due to lower plant load factor (PLF).

The Vijayanagar plant in Karnataka produced 680 million units against 593 million units a year ago at a plant load factor (PLF) of 39.8% against 34.3% a year ago while Ratnagiri plant in Maharashtra produced 1,172 million units against 1,705 million units a year ago. The PLF at Ratnagiri was 49.7% vs 71% a year ago, while the Barmer plant produced 1,526 million units against 1,346 million units a year ago. The PLF for Barmer plant stood higher at 71.9% against 63.2% a year ago.

Going ahead, the company sees 85% of its power generation to happen through renewable energy sources by 2030. At present the renewable portfolio comprises of 30%, which will increase to 70% by 2025. JSW Energy plans to use its profitable and cash generating projects to fund the expansion and does not envisage any equity dilution for the growth.

As of March 31, JSW Energy’s net debt stood at Rs 8,907 crore as against Rs 11,646 crore a year ago. Net debt to equity was lower at 0.43 times against 0.77 times a year ago.

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