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January 31, 2019 05:15 PM | Business

Power industry to see more consolidation in 2019, says JSW Energy

More consolidation is going to happen in the next 12 months in the power sector than 2018 with the resolution of stressed assets and the bankruptcy route will further aid the demand-supply balancing, said Prashant Jain, joint MD, JSW Energy.

"We are more optimistic about growth and in terms of profitability as more and more consolidation is going to happen in the next 12 months," Jain told CNBC-TV18.

JSW Energy's consolidated net profit nearly trebled to Rs 147.08 crore for the quarter ended on December 31, 2018 compared to the year-ago period, mainly on account of higher revenues.

"The profit is mainly on the back of higher generation and better realisations from both merchant and long-term PPA customers. Also, our efforts to reduce debt has resulted in interest cost coming down by almost 13 percent," Jain said.

“We have reduced our auxiliary power consumptions and that is why our coal cost went up by 24 percent in rupees per tonne but it went up only by 14 percent rupees per unit. So that explains that internal efficiencies have been helping us. So that is what we have worked upon,” he added.
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