JSW Energy has reported a 65 decline in its net profit in the December quarter at ₹142 crore, against ₹404 crore in the same period last year, due to a tax write-back of ₹190 crore registered last year and lower finance cost. Revenue from operations fell to ₹1,609 crore (₹1,949 crore).

The company’s board has approved the sale of a 18 MW thermal power plant at Salboni in West Bengal to JSW Cement or a special purpose vehicle on a going concern basis, subject to necessary approvals.

JSW Energy has repaid debt of ₹952 crore in Q3, bringing down the overall net debt to ₹6,700 crore. Finance cost was down 27 per cent at ₹191 crore (₹261 crore).

Ebitda during the quarter was down 7 pre cent at ₹655 crore. Fuel cost decreased 26 per cent to ₹823 crore, primarily due to the impact of job work at a standalone entity and fall in international coal prices.

Prashant Jain, Joint Managing Director, JSW Energy, said the demand for electricity is improving steadily since the start of this year and is expected to keep pace with the revival of economic activity, which is clearly visible across sectors.

The company’s plant load factor at Vijayanagar and Ratnagiri was down at 32 per cent (46 per cent) and 69 per cent (72 per cent) due to lower demand in the December quarter.

Its Barmer plant operated at an average PLF of 75.5 per cent against 59 per cent due to higher long-term sales. The Himachal and Nandyal plants operated at 25 per cent (26 per cent) and 85 per cent (58 per cent) in Q3.

The solar plants achieved average capacity utilisation factor of 15 per cent (16 per cent).

Overall, the company generated 4,612 million units against 4,580 million units in the December quarter of previous year.