JSW Energy, on Tuesday, posted a consolidated net profit of Rs 272 crore for the March quarter. This is 68.51 per cent decline from Rs 864 crore a year ago, the company statement said.
The company’s consolidated revenue from operation rose by 9.38 per cent to Rs 2,670 crore for the March quarter as compared to Rs 2,441 crore in the year-ago period.
In a regulatory filing, the company said, “the board of directors has recommended dividend of Rs 2 per equity share of Rs 10 (20%) to the Members of the Company for declaration at the forthcoming 29th Annual General Meeting.”
“The board approved the re-appointment and remuneration of Sajjan Jindal as the chairman and managing director of the company for a period of 5 years with effect from 1 January, 2024, subject to the approval of the members of the company, said JSW Energy in a BSE filing.
A company official stated that the results were not comparable as the company last year “got a one-time benefit of Rs 492 crore due to a hydropower regulatory adjustment leading to Rs 864 crore profit in FY22 Q4 (January-March 2022)”.
Finance costs during the quarter increased to Rs 233 crore vis-a-vis Rs 170 crore in Q4 FY22 due to additional borrowings (for ongoing growth capex) and increase in weighted average cost of debt (excl. Mytrah) to 8.36 per cent with the rising rates cycle, it explained.
The consolidated net profit in the fiscal 2022-23 also dipped to Rs 1,477.76 crore from Rs 1,728.62 crore in the previous financial year.
During FY’23 fiscal, total revenue increased by 24 per cent YoY to Rs 10,867 crore from Rs 8,736 crore, due to higher realisation (as higher fuel costs are pass through in nature for LT PPAs) and an increase in renewable capacity, it explained.
The board also decided to convene the 29th Annual General Meeting of the Members of the Company on Friday, 30th June 2023.
Earlier this month, JSW Energy has signed a power purchase agreement with Solar Energy Corporation of India Ltd (SECI) for wind projects totalling 300 MW.
The PPA is signed for supply of power for a period of 25 years with a tariff of Rs 2.94 per kilowatt (KWh), JSW Energy said in a statement on Friday.
“JSW Renew Energy Three, a wholly-owned step-down subsidiary of JSW Energy, has signed PPA with SECI for 300 MW ISTS-connected wind power projects awarded under SECI Tranche-XII,” it said.
The projects are located in Maharashtra and expected to be commissioned in next 24 months, the company said.
The company has set a target to reach 20 GW capacity by 2030 and 10 GW by 2025. With a total locked-in capacity of 9.9 GW, JSW Energy is well placed to achieve its targets well ahead of time.
In addition, the company has made a foray into energy storage space and has currently locked in 3.4 GWh of energy storage capacity by means of battery energy storage system and hydro pumped storage project.
(With inputs from PTI)
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