JSW Energy's net profit rises by 179% to Rs560 crore

22 Jul 2022 , 10:34 AM

JSW Energy reported on Thursday that greater revenues were mostly to blame for its net profit increase of 189% to Rs560 crore in the June quarter. According to a corporate release, "Profit After Tax (PAT) amounted at Rs560 crore, which was 179% higher YoY (year over year) than a PAT of Rs201 crore in a similar period of the previous year (April-June 2021).

Total sales rose 68% YoY to Rs3,115 crore during the quarter from Rs1,860 crore in the first quarter of FY22.

The rise is mostly due to increased short-term sales, the expansion of solar capacity in Vijayanagar, and the uprating of 45MW at Karcham Wangtoo, it stated.

According to the statement, the weighted average cost of debt was reduced by 18 bps (basis points) during the quarter, which helped offset a rise in gross debt that increased underlying finance costs by 2.5% YoY to Rs193 crore.

As of June 30, 2022, the combined net debt and wealth were Rs7,720 crore and Rs16,638 crore, respectively.

Receivables days decreased from 85 to 45 days on June 30, 2022, according to the statement.

As a result of stronger sales in the hydro business being offset by reduced sales in the thermal sector, long-term sales during the quarter, at 4,976 million units, were at levels similar to Q1 FY22 (4,994 million units), it stated.

According to the statement, stronger sales at the Vijayanagar and Ratnagiri facilities were the reason for the quarter's short-term sales, which totaled 874 million units as opposed to 147 million units in Q1 FY22.