Private power producer JSW Energy reported a 47.66 percent year-on-year decline in consolidated net profit to Rs 290.35 crore for the first quarter ended June 30.
The subdued performance, according to the Sajjan Jindal-led company, was due to one time impact of non-operational expenses of the recent Mytrah buyout and Ind-Barath 700 MW thermal NCLT deal. JSW Energy had posted a profit of Rs 554.78 crore in the corresponding quarter last year.
However, the company in a statement said after adjusting for one-offs for the first quarter of the last financial year (FY23) the decline in the net profit stood at 34 percent in Q1 FY24. It stated that the net profit in Q1 FY23 came to Rs 440 crore after adjustments for one-offs, even as the absolute number was Rs 554.78 crore. "Further, of the 34 percent (Rs 150 crore) decline in net profit, around Rs 57 crore capacity charges will be recovered over the next few months, which means technically profit after tax (PAT) is down by Rs 93 crore (21 percent) compared to last year's first quarter," a company spokesperson said.
Revenue fell to Rs 3,013.22 crore in Q1 (FY24) from Rs 3,115.33 crore a year earlier, JSW Energy said in a company filing on July 14. This was due to incremental revenue from Mytrah and also because renewable energy capacity additions were offset by lower realisation in thermal on account of decline in coal prices.
Earnings before interest, tax, depreciation, and amortisation (EBITDA) increased 18 percent to Rs 1,307 crore from Rs 1,111 crore in the corresponding period in the previous financial year. The EBITDA margin was 43 percent compared with 36 percent a year earlier.
The company increased its operating capacity to 6,564 MW in FY23 from 4,559 MW in FY22, adding 2 GW during the year through a mix of organic and inorganic capacity.
In Q1 FY24, the company's overall net generation was up by 14 percent year-on-year at 6.7 billion units driven by new renewable energy capacities (including Mytrah) and higher generation at Ratnagiri, partly offset by lower generation at hydropower assets.
JSW Energy has been allocated production-linked incentives to develop a high-efficiency Wafer-Cell-Module (W-C-M) manufacturing capacity of 1 GW. The company is eligible for benefits amounting to Rs 320 crore.
The results came after market hours. Shares of JSW Energy Ltd ended at Rs 304.6 on July 14, up by Rs 5.70, or 1.91 percent on the NSE.
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