JSW Energy reports 88% YoY increase in Q2 net profit

JSW Energy

JSW Energy, a private power producer, reported a 88 percent year-on-year increase in consolidated net profit for the second quarter owing to a robust contribution from its acquired renewable energy portfolio, merchant sales and hydro truing up impact.

Profit rose to Rs 856.79 crore in the three months ended September 30, the Sajjan Jindal-led company said in a BSE filing on October 20. JSW Energy posted a profit of Rs 456.67 crore in the corresponding quarter last year.

Revenue rose to Rs 3,387.36 crore in Q2 (FY24) from Rs 2,596.27 crore a year earlier. This was due to incremental revenue from its renewable portfolio and strong thermal performance on the back of a buoyant merchant market.

Earnings before interest, tax, depreciation, and amortisation (EBITDA) increased 83 percent to Rs 2,008.32 crore from Rs 1,098.37 crore a year earlier. The EBITDA margin was 59 percent compared to 42 percent during the same quarter last year.

The company had an installed capacity of 6,771 MW, according to an investor presentation issued on October 20 and an additional 3,084 MW of capacity under construction is expected to be ready in 2024.

In Q2 of FY24, JSW Energy’s net generation rose 29 percent YoY to 8.6 billion units (BUs). Net renewable generation was up by 47 percent YoY at 4.4 BUs and total thermal generation was up 15 percent YoY at 4.3 BUs.

The results came after market hours. Shares of JSW Energy dropped 3.5 percent to Rs 387.8 at the close on the NSE on October 20.