JSW Energy reported that its net profit in the September quarter fell by five per cent at Rs 337 crore against Rs 356 crore due to higher cost and increase in tax cuts.
Revenue from operations increased by eight per cent to Rs.2,087 crore (Rs.1,939 crore). Overall expenditures rose by 8 per cent at Rs.1,633 crore (Rs.1,513 crore). The deferred tax was at ₹ 100 crore (Rs 63 crore).
Power generation increased 2% at 6,786 million units (6,653 mu). Long-term sales in the quarter rose slightly at 6,201 mu (6,194 mu) mainly due to higher sales at Ratnagiri and Vijayanagar plants but offset by lower sales at Barmer and Hydro. The company said short-term sales more than doubled to 236 mu (110 mu) mainly due to higher short-term sales in Vijayanagar.
In the quarter under review, the company signed MOUs with the Maharashtra government for 5 GW of wind and 1.5 GW of pumped hydro storage projects.
Energy demand rose 10 percent in the September quarter due to higher economic activity and the impact of the lower base. Demand growth has been positive in all regions of the country. Moreover, peak energy demand in India touched a record high of 201 gigawatts on July 7, indicating a boom in economic activity.
Average monthly merchant rates were 8.7 rupees, the highest unit this month in the past decade.