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JSW Energy Ltd has reported a whopping 93 per cent decline in net profit for the quarter ending December 31. This was due to poor electricity demand from all power stations and the shutdown of one unit of 300 MW.
The net profit for the quarter was ₹21 crore, against ₹309 crore in the previous year period. Net sales stood at ₹1,865 crore (₹2,562 crore).
The company said in a statement that during the quarter the net generation declined 23 per cent due to poor demand. A 300 MW unit in the Ratnagiri plant had to be shut down due to vibrations in the turbine.
The company’s board has approved raising of funds up to ₹1,000 crore through redeemable non-convertible debentures on a private placement basis.
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