JSW Energy posts loss of Rs 111 cr

The company had reported a consolidated net profit of Rs 184.56 cr in the same quarter last fiscal.

Sajjan Jindal-promoted JSW Energy today reported a net loss of Rs 110.51 crore for the second quarter of this fiscal due to forex losses and increased fuel costs.

The company had reported a consolidated net profit of Rs 184.56 crore in the same quarter last fiscal,it said in statement.

Attributing the loss to foreign exchange fluctuations,the company said it has considered a loss of Rs 79 crore as an “exceptional item” due to steep depreciation in the value of rupee against the US dollar over the last quarter.

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“The fuel cost for the quarter was Rs 762 crore,an increase of 65 per cent over the corresponding quarter of the previous year due to increased volume of generation as also the increase in prices of imported coal,” it said.

It sold 2,593 million units of power during the quarter against 1,781 million units in the corresponding quarter of the previous year.

Net sales of the company during the quarter rose to Rs 966 crore against Rs 775 crore in the year-ago period. JSW Energy said that the company’s performance was “severely dented” due to an early onset of the prolonged monsoon causing deferment of power procurement by distribution companies.

“Non-availability of tariff for Barmer plant also led to the idling of unit,” it said,adding the unit remained closed during the quarter pending tariff approval by Rajasthan Electricity Regulatory Commission.