JSW Energy on Tuesday posted an over eight-fold jump in consolidated net profit to an all-time high of Rs 864 crore in the quarter ended March, mainly on the back of higher revenues.
The company had posted a consolidated net profit of Rs 107 crore in the year-ago period, it said in a statement.
"Profit After Tax (PAT) stood at an all-time quarterly high of Rs 864 crore, which was 711 per cent higher YoY (year-on-year)…,” it said.
Total revenue increased to Rs 2,654 crore in the quarter under review from Rs 1,614 crore in the same period a year ago.
For the full fiscal 2021-22, consolidated net profit jumped to Rs 1,729 crore from Rs 795 crore in 2020-21.
"Profit After Tax (PAT) stood at an all-time high of Rs 1,729 crore, which was 117 per cent higher YoY compared to a PAT of Rs 795 crore last year…,” it stated.
Total revenue in the fiscal rose to Rs 8,736 crore from Rs 7,160 crore earlier.
The company’s board recommended a dividend of 20 per cent, which is Rs 2 per equity share of Rs 10 each.
The board also approved re-appointment of two independent directors — Rupa Devi Singh and Sunil Goyal.
Besides, it approved the re-appointment of Prashant Jain as whole-time director, designated as joint managing director and chief executive officer of the company, for a term of five years with effect from June 16, 2022 to June 15, 2027, subject to the approval of shareholders.
The power generation of the firm in the March quarter rose to 4,363 million units (MU) from 3,796 MU in the same period a year ago.
The consolidated net worth and consolidated net debt as on March 31, 2022 were at Rs 17,415 crore and Rs 6,963 crore, respectively, resulting in a net debt to equity ratio of 0.40X.
JSW Energy said it is pursuing a growth strategy to expand from the current platform capacity of 7 GW to 10 GW by FY25, and 20 GW by FY30, with the entire capacity addition being driven by renewables.
Further, 2.25 GW of greenfield renewable energy capacity is currently under construction in full swing, it added.
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