14864 Investors following JSW Energy. Share this News with them.
0
Like this story, share it with millions of investors on M3
CEO Speak:JSW Energy will return to profits, says LK Gupta
JSW Energy reported a loss of Rs109 crore in the July-Sept quarter compared to a net profit of Rs 84 crore which the company has posted in the year-ago period, but the company hopes to return to profits in the current quarter as it expects coal prices to fall and tariffs to rise.
JSW Energy reported a loss of Rs109 crore in the July-Sept quarter compared to a net profit of Rs 185 crore which the company has posted in the year-ago period, but the company hopes to return to profits in the current quarter as it expects coal prices to fall and tariffs to rise.
Giving an insight on the quarter gone-by, Lalit Kumar Gupta, joint managing director an CEO at JSW Energy in an interview to moneycontrol.com said, "There was a fall in the price of power sold in short-term market and a forex loss on overseas liabilities as rupee appreciated almost 10% in the last quarter resulting in a foreign exchange loss of Rs 78.8 crore."
He further said that the company's Rajasthan power project remained shut for the entire quarter due to pending tariff approval by Rajasthan Electricity Regulatory Commission, which also played a spoilsport.
However, Gupta sounds optimistic when he says his company will return to profitability in the Oct-Dec quarter as coal prices are likely to see a downward correction. "Our plants in Ratnagiri and Vijaynagar are already operating at optimum levels and will continue to do so as we have entered into banking arrangement for 286 million units and the banked power will be available for sale from this month to March 2012 in tranches.
