JSW Energy Q1 results: PAT jumps 80% to Rs 5.22 Bn

22 Jul 2024 CW Team

According to a company statement, the Profit After Tax (PAT) or net profit surged 80% year on year to Rs 5.22 billion, up from Rs 2.9 billion in the same period last year. This increase was driven by higher profitability in the thermal business and incremental contributions from new renewable energy capacity additions. The cash PAT for the quarter was robust at Rs 958 crore.

Revenue increased by 1% year on year to Rs 30 billion during the reporting quarter, compared to Rs 3,013 crore in the corresponding period last year. Incremental revenue from capacity additions was offset by lower realizations in thermal assets due to a decline in coal prices, which are pass-through in nature.

EBITDA (earnings before interest, taxes, depreciation, and amortization) increased by 21% year on year to Rs 1,581 crore in the quarter. This growth was primarily driven by higher energy generation at newly added renewable capacities and contributions from Utkal Unit 1. The finance cost for the quarter rose to Rs 5.11 billion from Rs 4.86 billion in Q1 FY24, with the weighted average cost of debt at 8.75%.

Net generation for the quarter stood at 7,881 million units (MUs), an 18% year-on-year increase from 6,699 MUs in Q1 FY24. This was driven by higher hydro power generation, renewable capacity additions, and Utkal Unit 1. Sharad Mahendra, Joint Managing Director and CEO of JSW Energy, stated that the company has built a robust pipeline of 5.7 GW of renewable projects and is on track to achieve its 10 GW target, marking a key milestone in their journey.

The company reported that its consolidated net worth and net debt as of June 30, 2024, were Rs 269 billion and Rs 233 billion, respectively, resulting in a net debt-to-equity ratio of 0.9X. JSW Energy achieved an 80% increase in net profit, reaching Rs 5.2 billion in the April-June quarter, largely due to higher profitability in its thermal business and additional contributions from renewable energy sources. According to a company statement, the Profit After Tax (PAT) or net profit surged 80% year on year to Rs 5.22 billion, up from Rs 2.9 billion in the same period last year. This increase was driven by higher profitability in the thermal business and incremental contributions from new renewable energy capacity additions. The cash PAT for the quarter was robust at Rs 958 crore. Revenue increased by 1% year on year to Rs 30 billion during the reporting quarter, compared to Rs 3,013 crore in the corresponding period last year. Incremental revenue from capacity additions was offset by lower realizations in thermal assets due to a decline in coal prices, which are pass-through in nature. EBITDA (earnings before interest, taxes, depreciation, and amortization) increased by 21% year on year to Rs 1,581 crore in the quarter. This growth was primarily driven by higher energy generation at newly added renewable capacities and contributions from Utkal Unit 1. The finance cost for the quarter rose to Rs 5.11 billion from Rs 4.86 billion in Q1 FY24, with the weighted average cost of debt at 8.75%. Net generation for the quarter stood at 7,881 million units (MUs), an 18% year-on-year increase from 6,699 MUs in Q1 FY24. This was driven by higher hydro power generation, renewable capacity additions, and Utkal Unit 1. Sharad Mahendra, Joint Managing Director and CEO of JSW Energy, stated that the company has built a robust pipeline of 5.7 GW of renewable projects and is on track to achieve its 10 GW target, marking a key milestone in their journey.

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