JSW Energy’s consolidated net at T2FY22 drops 5.5% on one-off interest charges


While overall production at T2FY22 from thermal, renewables and hydropower increased 2% year-on-year to 6,786 million units, thermal PLF in the July-September quarter increased 61% from 59% a year ago, Jain said.

JSW Energy led by Sajjan Jindal’s consolidated net profit for the July-September quarter fell 5.52% year-on-year (year-on-year) to Rs 336.62 crore, missing Bloomberg estimates due to payment one-time advance and an unamortized finance cost of Rs 92 crore, the company said.

Adjusting for a one-off finance cost towards a rupee term loan for the hydropower project, net profit for the September quarter stood at Rs 414 crore versus Rs 356 crore a year ago.

In the second quarter of fiscal 22, the cost of fuel increased 3% year-on-year to Rs 869 crore, resulting in stable long-term electricity sales. It also impacted the operating profit or (Ebitda) of the electricity producer. EBITDA edged up 0.53% year on year to Rs 929.76 crore and operating margins fell 253 basis points to 44.54%.
The cost of fuel has increased due to higher production and higher fuel prices at the standalone entity level, the company said.

However, JSW Energy’s total revenue at T2FY22 increased 12% yoy to Rs 2,237.36 crore supported by a 116% yoy increase in short-term sales largely from the plant. Vijaynagar. Total short-term sales amounted to 236 million units at T2FY22 compared to 110 million units a year ago. Long-term sales in the quarter edged up to 6,201 million units, from 6,194 million units a year ago.

Prashant Jain, deputy managing director of JSW Energy, told FE that the company’s revenue and production both increased in the quarter in a strong short-term market. “We were the main participants in the short-term market during the quarter. The majority of the contribution comes from our plant in Vijaynagar, and given the short-term market demand, sales will likely continue into the December quarter as well, ”said Jain.

While overall production at T2FY22 from thermal, renewables and hydropower increased 2% year-on-year to 6,786 million units, thermal PLF in the July-September quarter increased 61% from 59% a year ago, Jain said.

Aggregate T2FY22 receivables at the enterprise level decreased 19% yoy and 7% qoq (sequentially), Jain added.

Net debt to equity as of September 30, 2021 was 0.41 times, and cash and cash equivalents were Rs 1,736 crore higher compared to Rs 811 crore a year ago.

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