JSW Energy on Friday posted a 37% rise in consolidated net profit for the July-September quarter of this fiscal on the back of higher revenues.
Net profit came in at Rs 466 crore against Rs 399 crore in the corresponding period of the previous year, the company said in an exchange filing.
During the quarter, total revenue increased by 16% year-on-year to Rs 2,596 crore from Rs 2,237 crore in the year-ago period.
Operating profit or ebitda for the quarter was higher by 2% YoY at ₹1,098 crore against Rs 1,080 crore in the corresponding period of previous year.
The increase is primarily attributable to the contribution from the 225MW solar capacity addition at Vijayanagar and 45MW uprating at Karcham Wangtoo, partially offset by lower short term sales YoY.
Finance cost during the quarter increased by 7% YoY to ₹204 Crore because of additional borrowings due to ongoing growth capex. Weighted average cost of debt increased by 7 bps QoQ to 7.94%, the company said.
Long term sales stood at 6,481 million units, lower by 1% YoY as lower thermal generation was partly offset by higher generation at solar operations at Vijayanagar.
Short term sales during the quarter came at 194 million units versus 236 million units in Q2 FY22 due to weak merchant market demand.
Company’s scrip ended at Rs 317.85, up 1.08% on the BSE on Friday.
Jindal joins board; company to raise Rs 2500 crore through NCDs
The board on Friday inducted Parth Jindal, son of JSW Energy CMD Sajjan Jindal as an additional, non-executive, non-independent director with effect from 28 October. Shareholders’ approval is pending.
Parth Jindal, aged 32, earned his MBA from Harvard Business School in 2016 and is a Bachelor in Arts in Economics and Political Science from Brown University in 2012. He is believed to play a more active role in the company as sharpens focus on renewable energy.
Currently, Parth Jindal is the MD of JSW Cement Ltd, MD of JSW Paints Pvt Ltd and Founder of JSW Sports and is also Chairman and co-owner of IPL team Delhi Capitals.
The company board in its meeting also approved raising long term funds upto Rs 2500 crore through the issuance of non-convertible debentures by way of private placement and has authorised the finance committee to decide on all matters relating to the issuance of the debentures from time to time.
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