JSW Energy’s net profit dips 48% y-o-y to Rs 290 crore in Q1FY24; stock slips ~3%

17 Jul 2023 , 10:38 AM

JSW Energy Ltd’s consolidated net profit fell more than 48% year-on-year (YoY) to Rs 290 crore in the quarter ended June. The revenue from operations fell 3.3% year-on-year to Rs 2,927.85 crore.

Revenue fell as incremental revenue from Mytrah Energy’s recently acquired assets and renewable energy capacity expansions were offset by reduced realization in thermal operations due to a drop in coal prices, according to the company.

The company’s operating profit EBITDA, climbed 18% year-on-year to Rs 1,307 crore, owing to Mytrah’s contribution and renewable energy capacity expansions.

EBITDA climbed by 48% sequentially, while PAT increased by 7%. Overall net generation increased by 14% year-on-year to 6.7 billion units in the third quarter.

Due to new capacity expansions, net renewable generation increased 35% y-o-y in the quarter to 2.3 billion units. In the thermal industry, the PLF, or plant load factor, grew to 73% in the June quarter, up from 67% the same quarter of previous year.

As of June 30, the net debt-to-equity ratio was 1.2 times, while the net debt-to-EBITDA ratio was 4.7 times. The company’s cash and cash equivalents stood at Rs 2,572 crore at the end of June.

At around 10.35 AM, JSW Energy was trading 2.76% lower at Rs 296.20, against the previous close of Rs 304.60 on NSE. The counter touched an intraday low of Rs 291.50.

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