Power generator JSW Energy's net profit plunged 97% to Rs. 3.41 crore in the first quarter from Rs. 136 crore a year ago, hit by a Rs. 232-crore forex loss in the three-month period. However, revenue for the first quarter went up 72% to Rs. 2,192 crore year on year as power generation nearly doubled to 4,731 million units.
"The energy sector has deteriorated over the last two years. With international coal prices up 50%, many state electricity boards found it hard to buy power at higher tariff as they are in deficit," said Sajjan Jindal, chairman, JSW Group.
"Our plants have 2,600 MW capacity operational and another 500 MW will be up soon. Coal price has eased and our performance will improve," he said.