JSW Energy on Friday reported a 12.7 per cent dip in its consolidated net profit to Rs 213 crore for the June 2020 quarter, mainly due to lower revenues.
The company's net profit had stood at Rs 244 crore in the corresponding quarter of the previous financial year, it said in a BSE filing.
Its total revenue in April-June 2020 fell 23 per cent to Rs 1,887 crore as compared with Rs 2,464 crore in the year-ago period, on account of lower long-term and short-term sales, the firm said.
Short-term sales during the quarter were lower at 123 million units, compared with 722 million units a year ago, due to lower sales at both Ratnagiri and Vijayanagar plants, it added.
JSW Energy said that amid the COVID-19 situation, the company's operations continue to run smoothly while ensuring adherence to necessary safety measures and maintaining adequate liquidity.
However, on a Rs 5,321-crore deal to acquire GMR Kamalanga Energy Ltd, the company said, "With the elapsing of long-stop date, both parties have mutually agreed to terminate the transaction, given continued uncertainty due to the COVID-19 pandemic." About the acquisition of Ind-Barath Energy (Utkal) Ltd, it said approval by the National Company Law Tribunal continues to remain under process for the resolution plan submitted by the company.
During the June 2020 quarter, the firm's fuel cost dropped 33 per cent year-on-year to Rs 915 crore due to moderation in imported coal prices and lower generation.
The finance costs also fell to Rs 240 crore in the quarter, from Rs 270 crore in the corresponding quarter of the previous year, attributable primarily to proactive debt repayments.
Its consolidated net worth and consolidated net debt as on June 30 stood at Rs 12,202 crore and Rs 8,493 crore, respectively, resulting in a net debt-to-equity ratio of 0.70.
"Power demand in the near term is expected to be muted due to COVID-19-induced conditions. However, gradual easing of lockdowns and restrictions should help in demand revival," it said.