JSW Energy net profit falls 36% in September quarter
Forex loss of `168 cr due to 'continued and steep depreciation of the rupee against the dollar' hurts JSW Energy's net
Mumbai: Sajjan Jindal-controlled JSW Energy Ltd reported a 36% fall in net profit to ₹ 163 crore in the September quarter, mainly due to a foreign exchange (forex) loss of ₹ 168 crore.
Total income also fell to ₹ 2,025 crore from ₹ 2,077 crore a year ago, the company said on Saturday.
The company’s net generation for the three months ended 30 September also fell 5% to 4,352 million units from 4,593 million units a year earlier.
The company said though landed cost of imported coal dropped by around 6% in the September quarter, it suffered the forex loss due to “continued and steep depreciation of the rupee against the US dollar during the quarter".
The statement issued by the company has attributed lower generation mainly to good monsoons, slackness in power demand from the utilities and annual overhauling and maintenance shutdown.
JSW Energy’s chief executive officer Sanjay Sagar told reporters, “There will be no (forex loss) surprises in the coming quarters as the company has hedged its entire fuel import."
On Friday, JSW Energy shares lost 2.63% to close at ₹ 46.20 per share on the BSE, while the benchmark Sensex fell 0.2% to close at 20,683.52 points.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!