Despite prepayment and unamortised finance costs of Rs 92 crore, Sajjan Jindal-led JSW Energy’s consolidated net profit fell 5.52% year-on-year (y-o-y) to Rs 336.62 crore.
Adjusting for an exceptional finance cost towards rupee term loan for the hydro project, the net profit for September quarter stood at Rs 414 crore against Rs 356 crore a year ago.
However JSW Energy’s total revenue in Q2FY22 grew 12% y-o-y to Rs 2237.36 crore backed by 116% y-o-y increase in short-term sales largely from the Vijaynagar plant. Total short term sales stood at 236 million units in Q2FY22 compared with 110 million units a year ago. The long-term sales during the quarter was up marginally to 6,201 million units from 6,194 million units a year ago.
Prashant Jain, joint managing director of JSW Energy told FE, that the company’s revenue and generation both were up during the quarter on strong short-term market. “We were the largest participants in the short-term market during the quarter. Majority of the contribution has come from our Vijaynagar plant, and given the demand in the short-term market the sale will likely continue in the December quarter as well,” Jain said.
While the overall generation in Q2FY22 from thermal, renewables and hydro rose 2% YoY to 6,786 million units, the thermal PLF in the July-September quarter was up at 61% from 59% a year ago, Jain said.
The overall receivables in Q2FY22 at the company level declined 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 equivalent was higher Rs 1,736 crore compared with Rs 811 crore a year ago.