Mumbai, July 20 (IBNS) JSW Energy Limited, a growing energy company, on Friday announced its results for the quarter ended June 30, 2012 where its total income from operations grew 72%.
Key highlights for Q1’ FY 13 (Consolidated):
Highest quarterly net generation of 4,731 million units, growth of 95% over corresponding quarter of previous year
Total Income from operations ` 2,192 crores, growth of 72 % over corresponding quarter of the previous year
EBITDA of ` 660 crores, increase of 58% over corresponding quarter of the previous year
Operational Performance (Consolidated)
The operational performance for the quarter excelled with the Company, registering the highest quarterly net generation of 4731 million units, due to stabilised operations across all the locations.
The Plant Load Factor (PLF) achieved during Q1, FY 2012-13 were as under:
Vijayanagar: The plant achieved average PLF of 101% as against 80% in the corresponding quarter of the previous year.
Ratnagiri: The plant operated at an average PLF of 92%, against an average PLF of 65% in the corresponding quarter of the previous year.
Barmer – The four operational units achieved an average PLF of 75%
Imported thermal coal prices corrected sharply during the course of the quarter due to weak global economy and spurt in thermal coal exports from US.
However, the reductions in the imported thermal coal prices have largely been off-set due to steep depreciation in the Indian Rupee against US Dollar during the quarter.
The benefits of the reduction in coal prices have only marginally been realised, as inventory at the beginning of the quarter have been fully consumed during the quarter.
The efforts to blend coal to reduce cost during the quarter have been encouraging with stable plant operations.
The fuel cost during the quarter was ` 1,155 crore, an increase of 63% over the corresponding quarter of the previous year, primarily due to increase in power generation.
South African Coal Mining Holding (Pty) Ltd (SACMH):
During the quarter, SACMH mined 109,919 tonnes of raw coal from the existing underground mine.
While an existing open cast mine got closed upon extraction of entire coal, approvals are awaited for commencement of open cast operations at a different location, resulting in significant reduction in coal production and higher costs. The total sale of coal during the quarter was 50,930 tons.
Financial Performance (Consolidated)
During the quarter, the Company achieved a Total Income from operations of ` 2,192 crore and EBITDA of ` 660 crore, primarily on the back of enhanced capacity.
The Company has earned a Profit after tax of ` 3 crore during the current quarter against a Profit after Tax of ` 136 crore in the corresponding quarter of the previous year.
The Profitability for the quarter is lower primarily due to net foreign exchange loss of ` 232 crore, considered as an exceptional item, due to the unusual and sharp movement in the value of the Indian Rupee against US Dollar.
Maharashtra Electricity Regulatory Commission (MERC) has granted approval for tariff petitions for FY 10-11 and FY 11-12 in May 2012 with aggregate revenue lower by ` 24 crore which has resulted in reversal of income recognised in previous years.