JSW Energy’s First Quarter Profit Rises, Lenders Reject Bid to Buy Monnet Power
JSW Energy’s 300 megawatt Baspa-II power project achieved its highest ever generation in April-June quarter this year.
JSW Energy Ltd.’s income rose 76 percent in the April to June quarter to Rs 497 crore from Rs 283 crore in the corresponding quarter last year. This was backed by a 48 percent increase in power generation to 6,648 million units over the year, the company said in its filing on the Bombay Stock Exchange.
During the quarter, the 300 megawatt Baspa-II power project achieved its highest ever generation in April-June quarter since the commissioning of the plant with a gross generation of 454 million units.JSW Energy Statement
Profit after tax rose 19 percent to Rs 367 crore from Rs 309 crore in the same quarter last year. Earnings before interest, tax, depreciation and amortisation increased 31 percent to Rs 1,159 crore in the first quarter of 2016-17, compared to Rs 887 crore in the corresponding quarter last year.
Other income of Rs 41 crore includes compensation received as per a share purchase agreement, the filing said.
JSW Energy said lenders to Monnet Power Co Ltd have rejected an offer from the company to buyout majority stake in the power producer, prompting it to withdraw “from the acquisition process”. Going forward, the company is exploring and evaluating inorganic growth opportunities, Sajjan Jindal, chairman of the JSW Group said.
The company also announced a dividend of 20 percent per equity share on 164 crore equity shares of Rs 10 each.
Shares fell 3.23 percent on the Bombay Stock Exchange after the earnings announcement.