JSW Energy posted a 37 percent year-on-year jump in consolidated net profit at Rs 297 crore for the three-month period ending September.
Total comprehensive income of the company for the period stood at Rs 612 crore as against Rs 398 crore in the corresponding period of the previous year.
During the quarter, total income from operations was Rs 2,220 crore as against Rs 2,099 crore in the corresponding quarter of the previous year, an increase of 6 percent, largely due to better merchant realisations and increase in other income.
The company's net power generation was 6,117 million units in the second quarter of current fiscal year, compared to 6,276 million units year-ago. The merchant sales during the quarter were 1,182 million units.
It said that the fuel cost for the quarter increased by 8 per cent YoY (year on year) to Rs 936 crore, primarily due to increase in international prices of coal.
The EBIDTA before exceptional items for the quarter was Rs 1,053 crore as against Rs 1,014 crore in the corresponding quarter of the previous year, an increase of 4 percent, primarily due to better merchant realisations, higher other income and savings in operation and maintenance costs, partly offset by higher fuel costs, it said.
The finance costs have declined to Rs 391 crore from Rs 436 crore in the corresponding quarter of the previous year primarily due to interest rate reductions achieved through refinancing arrangements as well as repayment/repayment of borrowings.
The consolidated net worth and consolidated net debt as on September 30, were Rs 11,259 crore and Rs 12,679 crore respectively resulting in a low net debt to equity ratio of 1.13 times, it added.
On the electric vehicle venture, it said that during the second quarter of fiscal year 2017-18, it signed an memorandum of understanding with Gujarat for setting up facilities for manufacture of electric car and storage battery.
The company is in the process of developing its product & technology strategies, business partnerships for technology and engineering as well as building the organisational set-up and core capabilities. A suitable special purpose vehicle for the project is also being planned, it added.
The board has approved capex budget for setting up new thermal generation capacity of 36MW for JSW Cement under long term PPA.
The company is working towards developing capability in the renewable energy space and plans to set up 7MW solar power units consisting of 6MW capacity for JSW Cement under long term PPA and 1MW capacity for JSW Energy's captive consumption.
The company also announced about securing a Rs 600 crore line of credit at attractive interest rate from SBI in partnership with World Bank for funding rooftop solar power projects.
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