JSW Energy Q4 net profit at Rs 272.05 crore
Industrialist Sajjan Jindal-led JSW Energy has posted a consolidated net profit of ₹272.05 crore for the fourth quarter ended March 31, a 68.5% fall from ₹864.35 crore posted in the year-ago period. Despite the decline, the company’s net profit for the reporting quarter surpassed market estimates of ₹171 crore.
The firm had recorded a one-time gain of ₹492 crore in the fourth quarter of last year due to a hydropower regulatory adjustment. This had resulted in a net profit of ₹864 crore, and hence the figures are not strictly comparable, the company said in a statement.
During the quarter under review, the consolidated revenue from operations rose 9.39% to ₹2,669.97 crore from ₹2,440.68 crore recorded in the previous year-ago period.
A consensus estimate of Bloomberg analysts was expecting the firm to post a consolidated net profit of ₹171 crore on revenues of ₹2,268 crore and EBITDA of ₹606 crore.
JSW Energy’s board also recommended a dividend of ₹2 per share.
The company’s board also reappointed Sajjan Jindal as chairman and managing director, with effect from January 1, 2024, for five years.
JSW Energy’s net generation during the quarter rose 16% to 5,067 million units on a year-on-year basis on back of strong merchant volumes, incremental generation from Vijayanagar Solar (225 MW) and Solar Energy Corporation of India (27 MW). During the reporting quarter, its short-term sales rose three times to 629 MUs (226 MUs earlier), while Long term sales rose 7% due to higher generation at Ratnagiri.
For FY23, the company’s adjusted net profit rose 15% to ₹1,358 (from ₹1,180 crore in FY22), while cash net profit rose 7% to ₹2,570 crore (₹2,395 Crore). The company’s total revenue for the period rose 24% ₹10,867 Crore (₹8,736 crore) due to higher realisation and increase in renewable capacity.
Finance costs during the year rose to ₹844 crore (₹777 crore) due to additional borrowings (for ongoing growth capex) and increase in weighted average cost of debt with the rising rates cycle, it added.