JSW Energy Ltd (JEL) said on Friday its revenue in the second fiscal quarter dropped by 13 per cent to Rs 2,232 crore primarily due to decline in fuel costs.
The Sajjan Jindal-led company had reported a revenue of Rs 2,568 crore in Q2 of FY19. But in July to September quarter (Q2 FY20), fuel costs decreased by 26 per cent to Rs 983 crore due to moderation in imported coal prices.
However, earnings before interest, tax, depreciation and amortisation (EBITDA) increased by 5 per cent to Rs 1,048 crore from Rs 998 crore in the corresponding quarter of previous year.
At the same time, finance costs declined to Rs 272 crore in Q2 FY20 from Rs 308 crore due to proactive debt re-payments and pre-payments.
Consequently, the company’s net profit stood at Rs 353 crore versus Rs 316 crore. Total comprehensive income for Q2 FY20 stood at Rs 23 crore as against Rs 651 crore in Q2 FY19.
The consolidated net worth and consolidated net debt as on September 30 were Rs 11,756 crore and Rs 9,702 crore respectively, resulting in a net debt-to-equity ratio of 0.83x.
On the overall business environment, JSW Energy said India’s power demand growth declined to 1.6 per cent in Q2 FY20 compared to 6.8 per cent in the year-on period due to heavy rains and floods in west and south India.
“Over the medium term, it is expected to improve backed by rapid urbanisation and stabilisation of various government schemes like ‘Power for All’ and ’24 x 7 Power.’ The country almost achieved universal household electrification in FY19 which should unlock the latent power demand from rural India.
Source: ANI