JSW Energy Ltd. (JSW), the Indian power producer controlled by the billionaire Jindal family, posted an unexpected loss in the second quarter after earnings were hurt by a decline in the rupee.
The loss, including those of units, was 1.09 billion rupees ($22 million), or 0.66 rupee a share, compared with a profit of 1.85 billion rupees, or 1.13 rupees, in the three months ended Sept. 30, JSW Energy said today in a statement to the Bombay Stock Exchange. The median estimate of 13 analysts in a Bloomberg survey was a profit of 806 million rupees. The currency loss was 788.1 million rupees.
The rupee depreciated 8.7 percent last quarter, the most since 1992 and the worst performer after South Korea’s won among Asian currencies, as Europe’s debt crisis prompted investors to pull money out of emerging-market assets. The currency lost 5.9 percent in September alone, the steepest slide since the collapse of Lehman Brothers Holdings Inc. in 2008.
Net sales climbed 25 percent to 9.66 billion rupees, according to the filing.
JSW Energy fell 3.1 percent to 50.75 rupees at 2:37 p.m. in Mumbai trading, after declining as much as 3.8 percent. The benchmark Sensitive Index dropped 0.4 percent.
To contact the reporter on this story: Abhishek Shanker in Mumbai at email@example.com