JSW Energy Q1 net profit jumps 80% to Rs 522 crore

Revenue increased by 1 per cent YoY to Rs 3,043 crore during the reporting quarter from Rs 3,013 crore in the corresponding period last year.

JSW Energy on Friday posted an 80 per cent jump in its net profit at Rs 522 crore in the April-June quarter, mainly due to higher profitability in thermal business and incremental contributions from renewables.

"Profit After Tax (PAT) or net profit surged 80 per cent YoY (year on year) to Rs 522 crore, up from Rs 290 crore in the same period last year, driven by higher profitability in the thermal business and incremental contribution from RE capacity additions. Cash PAT for the quarter was robust at Rs 958 Crore," a company statement said.

Revenue increased by 1 per cent YoY to Rs 3,043 crore during the reporting quarter from Rs 3,013 crore in the corresponding period last year.

The incremental revenue from capacity additions was offset by lower realisation in thermal assets on account of decline in coal prices (which are pass through in nature).

EBITDA (earnings before interest, taxes, depreciation, and amortization) was higher by 21 per cent YoY at Rs 1,581 crore in the quarter, primarily driven by higher energy generation at newly-added renewable capacities and contribution from Utkal Unit 1.

The finance cost for the quarter rose to Rs 511 crore from Rs 486 crore in Q1 FY24, with the weighted average cost of debt at 8.75 per cent.

The consolidated net worth and net debt as on Jun 30, 2024 were Rs 26,929 crore and Rs 23,339 crore, respectively, resulting in a net debt-to-equity ratio of 0.9X.

Net generation for the quarter stood at 7,881 million units (MUs), an 18 per cent YoY increase (over 6,699 MUs in Q1 FY24), driven by higher hydro power generation, renewable capacity additions, and Utkal Unit 1.

Sharad Mahendra, Joint Managing Director and CEO of JSW Energy, said in the statement, "We have built a robust pipeline of 5.7 GW of renewable projects. We are on track to achieve our 10 GW target, this marks a key milestone in our journey."