JSW Energy Q3 net profit surges 175% YoY on lower cost, tax credit1 min read . Updated: 04 Feb 2020, 04:34 PM IST
- The company reported a 20% YoY fall in revenue from operations to ₹2,016 crore during the quarter
- The Sajjan-Jindal-led company announced a debt-restructuring agreement with Jaiprakash Power Ventures Ltd
Mumbai: JSW Energy Ltd's net profit jumped a whopping 175% year-on-year (YoY) to ₹404.31 crore in the December quarter, led by a tight leash on costs. The Sajjan Jindal-owned company also benefitted from exceptional gains of ₹61.46 crore due to write back of a contingent liability and net deferred tax credit of ₹114.90 crore.
However, the power generation company within the $14 billion JSW Group on Tuesday reported a 20% YoY fall in revenue from operations to ₹2,016 crore during the three months ending December.
JSW Energy also announced a debt-restructuring agreement with Jaiprakash Power Ventures Ltd (JPVL), where it has acquired about 5% equity stake in JPVL. The acquisition of equity is in addition to ₹120 crore that continues as loan repayable to JSW Energy by JPVL.
Both parties have agreed to forego their respective rights and obligations under the securities purchase agreement for transfer of hydropower plants at Karcham and Baspa, JSW Energy informed the stock exchanges.
JSW Energy also said discussions with GMR Energy Ltd are progressing well to expedite the closure of GMR Kamalanga Energy Ltd plant, which has a capacity of 1,050 MW. The company awaits approval of National Company Law Tribunal (NCLT) to acquire Ind-Barath Energy (Utkal) Ltd.
Power generation at the company's major plants at Vijaynagar, Ratnagiri and Barmer fell during the third quarter, JSW Energy said. However, the hydropower units at Himachal Pradesh reported a marginal rise in plant load factors to 25.6% during the quarter from 24.2% a year ago.