JSW Energy Q2 net profit up 54% to Rs 492 crore
JSW Energy today beat the street estimate to post 54% rise in its consolidated net to Rs 491.9 crore for the quarter ended September 30, 2015 compared to Rs 318.6 crore during the corresponding period last year. Total income grew by 10% to Rs 2,612.2 crore against Rs 2,372.2 crore.
During the quarter, the company has concluded the acquisition of 100% stake in Himachal Baspa Power Company Limited (HBPCL) which has 300 MW Baspa II and 1091 MW Karcham Wangtoo hydroelectric projects both located at Himachal Pradesh for an asset value of Rs 9,275 crore from Jaiprakash Power Ventures Limited (JPVL). Consequently, HBPCL has become a 100% subsidiary of the Company effective September 08, 2015.
Further, Karcham Wangtoo plant of HBPCL has filed petition for determination of final tariff with Central Electricity Regulatory Commission (CERC) and pending the receipt of final tariff order, the revenue from sale of power under long term power purchase agreements are being recognised as per the tariff petition filed with CERC. The compensation of Rs. 150 crore received by HBPCL, as per the terms of the Share Purchase Agreement, has been disclosed as an exceptional item.
