JSW Energy Q1 profit dives 40% to Rs. 217 cr
JSW Energy on Friday reported a 40 per cent decline in its consolidated net profit to Rs 217.18 crore in the first quarter ended June 30, mainly on account of higher fuel costs and dip in revenues.
The company also announced that its board has approved the proposal to enter into electric vehicles, energy storage systems and associated business, directly or through one or more subsidiaries.
On the investment in this segment, it said the expected capex (capital expenditure) to be incurred over the next three years will be in the range of Rs 3,500 to Rs 4,000 crore.
The company's consolidated net profit was Rs 364.89 crore in the April-June quarter last fiscal, JSW Energy said in a BSE filing.
During the quarter, total income from operations slipped 9 per cent to Rs 2,232 crore as against Rs 2,450 crore in the corresponding quarter of the previous year, due to lower generation from the coal fired plants and subdued merchant realisations, the company said in a statement.
The fuel cost for the quarter increased by 8 per cent year-on-year to Rs 1,120 crore following rise in international prices of coal.