JSW Energy has reported a consolidated net loss of Rs 110.51 crore for the second quarter ended September 30, 2011 citing prolonged monsoon as the main reason for the loss of operational efficiencies. The company had reported a net profit of Rs 183.80 crore in the corresponding quarter last year.
The reasons given by JSW Energy for its “dented” performance are — prolonged monsoon which resulted in “deferment of power procurement by distribution companies”, frequent backdown of the load despite firm orders and loss of operational efficiencies.
“Non-availability of tariff for Barmer plant leading to idling of units and steep depreciation in the foreign currency exchange rate in the last quarter” were the other reasons given for the poor performance.
Net sales in the second quarter stood at Rs 965.56 crore compared with Rs 774.59 crore in the same quarter last year.
On the Bombay Stock Exchange, the JSW Energy stock was being traded at Rs 50, down 4.4 per cent from the previous close.