JSW Energy Q4 net jumps over eight-fold to Rs 864 cr on one-time gains

JSW Energy on Tuesday reported an over eight-fold increase in consolidated net profit for the quarter ended March 31, 2022 (Q4) on one-time gains including a reversal of a provision due to a tariff true-up order of its Karcham Wangtoo power plant, located in Himachal Pradesh. After adjusting for the tariff reversal, the company's net profit stood at Rs 372 crore in Q4, which is higher than Bloomberg's consensus estimate of Rs 243 crore.

Revenue from operations increased 55.5 per cent year-on-year (YoY) to Rs 2,441 crore in Q4, supported by one-off revenue in JSW Hydro Energy, the company said. Notes in its financial statements for Q4 show that the company has recognised revenue of Rs 553.35 crore in the period under revenue. Bloomberg consensus estimates had pegged Q4 revenue at Rs 1,915 crore.

Earnings before interest tax depreciation and amortisation (Ebitda) stood at Rs 1,346 crore, its highest ever, the company said, thanks to the tariff true-up order of the Karcham Wangtoo plant. EBITDA after adjusting for the one-off gain stood at Rs 821 crore for the period under review.

JSW Energy is pursuing a growth strategy to expand from the current platform capacity of 7 GW to 10 GW by FY25, and 20 GW by FY30, with the entire capacity addition being driven by renewables. 2.25 GW of greenfield renewable energy capacity is currently under construction in full swing.