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JSW Energy posts consolidated net profit of Rs 5.79 cr

For the entire financial year 2018-19, the overall profit of JSW Energy stood at Rs 684.49 crore as compared to Rs 84.91 crore in the previous year

New Delhi: JSW Energy registered a consolidated net profit of Rs 5.79 crore for the fourth quarter of the current financial year in stark contrast to the loss of Rs 480.05 crore it posted in the corresponding period a year ago. The company attributed the rise in profits to higher revenues. For the entire financial year 2018-19, the overall profit stood at Rs 684.49 crore as compared to Rs 84.91 crore in the previous year.

Income stood at Rs 2,018.16 crore in Q4

JSW Energy posted a total income of Rs 2,018.16 crore in Q4 of the financial year 2018-19, up from Rs 1,879.01 crore a year ago. Total income for the entire fiscal year stood at Rs 9,505.56 crore against Rs 8,513.98 crore in 2017-18.

Key decisions taken at the board meeting

The company’s board met on Thursday and recommended a dividend of Re 1 per equity share of Rs 10 each for the FY 2018-19. It also decided that the company will not pursue the electric vehicle business because of the higher than anticipated uncertainties associated with it. The board said that JSW Energy will instead maintain capital cushion for growth opportunities in power and other related businesses. The board gave a nod to the appointment of Sharad Mahendra as an additional, whole-time director of the company for five years, subject to approval from shareholders. It was also decided that the 25th annual general meeting of the members of the company will be held on August 13.