JSW Energy net profit falls 45% to ₹180 cr in Q3

JSW Energy on Friday reported a 45 per cent decline in its consolidated net profit to 180 crore for the December 2022 quarter.

“Profit After Tax (PAT) stood at 180 crore, which is lower YoY compared to a PAT of 324 crore in the corresponding period of previous year. Cash PAT at 489 crore was lower by 22% YoY,” the company said in a statement.

“During the quarter, the total revenue increased by 18% YoY to 2,350 crore from 1,984 crore YoY, due to higher realisation (as higher fuel costs are pass through in nature for LT PPAs (long term power purchase agreements).

The EBITDA for the quarter was 18 per cent lower at 727 crore vis-a-vis 882 crore in the corresponding period of the previous year.

“The decrease is primarily due to lower short term sales YoY, partly offset by contribution from Vijayanagar Solar and higher other income in the quarter,” it said.

The finance costs during the quarter increased by 9% YoY to 214 crore due to additional borrowings (for ongoing growth capex) and increase in weighted average cost of debt to 8.29% with the rising rates cycle.

The consolidated net worth and consolidated net debt as on December 31, 2022 were 18,392 crore and 9,840 crore respectively, resulting in a Net Debt to Equity ratio of 0.54x and Net Debt/TTM EBITDA of 2.30x.

The receivables days‘ declined to 69 days on December 31, 2022, from 75 days year-on-year.

Liquidity continues to be strong with cash balances at 3,029 crore as of December 31, 2022. The company has one of the strongest balance sheets among its peers with a large headroom to pursue value accretive growth opportunities, it stated.

JSW Energy began commercial operations in 2000, with the commissioning of its first 2×130 MW thermal power plants at Vijayanagar, Karnataka.

Since then, the company has steadily enhanced its power generation capacity from 260 MW to 4,559 MW having a portfolio of thermal 3,158 MW, hydel 1,391 MW and solar 10 MW, ensuring diversity in geographic presence, fuel sources and power off-take arrangements.

The company is presently constructing various renewable power projects to the tune of 2.2 GW, with a vision to achieve a total power generation capacity of 20 GW by the year 2030, when the share of renewables in the total capacity will increase to ~ 81%.

The emphasis on renewable energy comes as India is trying to boost its clean energy programme. At the COP-26 summit in Glasgow, Prime Minister Narendra Modi had said that India would achieve net zero carbon emission by 2070.

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