JSW Energy reported 17 per cent higher net profit at ₹105 crore for the March quarter, against ₹90 crore logged in the same period last year, largely due to lower cost.
However, revenue was down 12 per cent at ₹1,570 crore (₹1,793 crore), primarily due to reduction attributable to the impact of job work where the company is supplied with coal and it supplies power.
The company has announced a dividend of ₹2 per equity share.
Total expense was down at ₹1,488 crore (₹1,756 crore). EBITDA for the quarter rose 8 per cent to ₹677 crore, from ₹629 crore in the same period last year.
The consolidated net debt of the company was at ₹6,206 crore as of March-end. Cash balances stood at ₹2,137 crore.
JSW Energy plans to expand capacity from 4.6 GW to 10 GW by FY25 and further to 20 GW by FY30 through renewable energy.
Rising renewable capacity
It is already working on capacity addition of 2.5 GW of renewable energy.
JSW Energy’s current portfolio comprises 30 per cent of renewable energy capacity and this is expected to increase to 70 per cent by FY25 and 85 per cent by FY30.
Prashant Jain, Managing Director, JSW Energy, said despite a challenging economic scenario last fiscal, overall power demand declined by only one per cent and the all-India peak power demand touched a record high of 190 GW, indicating a spurt in economic activity.
The demand increased 8.4 per cent in March quarter on low base. The recovery in demand continued in April and May with a growth of 21 per cent on strong demand from North, West, and East regions, he said.
The installed capacity of the company stood at 382.2 GW with an increase of 6.4 GW as of March-end. It added 3.3 GW of renewable and 3.1 GW of thermal segments. Within renewables, solar segment added 2.6 GW and wind added 0.6 GW.
In FY21, the company installed capacity increased by 12 GW, led by 7.4 GW of renewable and 4.1 GW of thermal. Within renewables, solar segment added 5.5 GW and wind added 1.6 GW.