JSW Energy’s Q3 net profit down 45% at ₹180 crore

“Profit after tax (PAT) stood at 180 crores, which is lower than PAT 324 crore in the same period last year. cash on pat 489 crore was down 22%, the company said in a statement.

“During the quarter, total revenue grew by 18% 2,350 crores to 1,984 crore YoY, on account of higher recoveries (higher fuel cost passed through in nature for LT PPAs (long term power purchase agreements)).

Ebitda was down 18 per cent for the quarter 727 cr as against 882 crore in the same period last year.

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

Finance cost increased by 9% during the quarter 214 crore (for ongoing development capex) on account of additional borrowings and increased the weighted average cost of debt by 8.29% with the cycle of rising rates.

Consolidated net worth and consolidated net debt as of December 31, 2022 were 18,392 crore and 9,840 crore respectively, resulting in a net debt equity ratio of 0.54x and net debt/TTM EBITDA of 2.30x.

The number of days receivable decreased from 75 days year-on-year to 69 days on December 31, 2022.

Liquidity remains strong with cash balances 3,029 crore by December 31, 2022. The company has one of the strongest balance sheets among its peers to pursue value-enhancing growth opportunities.

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

Since then, the company has steadily increased its power generation capacity by 260 MW to 4,559 MW, with a portfolio of thermal 3,158 MW, hydro 1,391 MW and solar 10 MW, thereby expanding its geographical presence, fuel sources and off-take arrangements of power. Diversity is ensured.

The company is currently building various renewable power projects totaling 2.2 GW, with an aim to achieve a total power generation capacity of 20 GW by the year 2030, when the share of renewable energy in total capacity will increase to ~81%.

The emphasis on renewable energy comes as India seeks 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 emissions by 2070.