Private-sector power utility JSW Energy enjoyed an impressive increase in its net profit during the three months ended June 30, 2013, thanks to lower costs and higher income.

In a statement, released on Friday, JSW said its net profit jumped from Rs 3.41 crore in the April-June quarter of FY2012-13 to Rs 214.26 crore in the corresponding three months of current financial year.

Total income of the Sajjan Jindal-led power utility climbed from Rs 2,191.54 crore to Rs 2,471.96 crore, while the fuel cost during the concerned three months slipped 8 per cent year-on-year to Rs 1,062 crore.

The Mumbai-headquartered company's overall debt touched Rs 10,625 crore, while consolidated net worth reached Rs 6,432 crore at the end of the June quarter.

The company also announced its decision to shelve its plans for new power projects because its recent policy measures in the struggling power sector haven't produced desired results yet. The company, instead, is now eyeing on acquiring distressed assets to expand its energy portfolio.

N K Jain, vice chairman of JSW Energy, said there were a number of distressed assets available in the market for purchase, and that the company very cautiously looking to reap promising acquisition opportunities.