JSW Energy Q2 net up 37% to Rs 466 cr; Parth Jindal joins board

Revenue up 16% YoY to Rs 2,596 cr; finance cost rises by 7% due to additional borrowings for ongoing capex

JSW Energy on Friday posted a 37 per cent rise in its consolidated net profit to Rs 466 crore in the September quarter compared to the year-ago period, on the back of higher revenues.

The company reported a profit after tax of Rs 339 crore in the corresponding period of the previous year. During the quarter, revenue rose by 16 per cent year on year to Rs 2,596 crore from Rs 2,237 crore a year ago, the company said. Finance cost during the July-September quarter was up 7 per cent YoY to Rs 204 crore, due to additional borrowings for ongoing capital expenditure. The board also okayed fundraising to the tune of Rs 2,500 crore via non-convertible debentures, it said.

At its meeting on Friday, Parth Jindal was inducted into the company's board, JSW Energy said. Jindal, 32, son of JSW Group chairman Sajjan Jindal, is expected to play an active role in the company's transition to renewable energy. In August, a unit of JSW Energy had said it was acquiring 1.75 Gw of renewable energy assets from Mytrah Energy in a Rs 10,530-crore deal, among the largest in the sector. The acquisition would fast-track the company’s ambition of having a capacity of 10 Gw by FY25.