JSW Energy Q2 results: PAT drops 17% to ₹705 crore, revenue up 55%

JSW Energy Ltd, part of the $23-billion JSW Group, on Friday reported a 17 per cent drop in profit after tax (PAT) for the September quarter at ₹705 crore compared to ₹853 crore posted in the same quarter of the previous financial year, on account of capitalisation of new projects.

 

During the quarter, total revenue increased 55 per cent to ₹5,361 crore from ₹3,459 crore in the corresponding quarter last year, resulting in EBITDA growth of 67 per cent to ₹3,180 crore, driven by organic capacity additions and contributions from the Mahanadi and O2 Power acquisitions.

 

“Strategic acquisitions boosted EBITDA growth as the Mahanadi plant contributed an incremental ₹807 crore, while O2 Power contributed ₹267 crore of EBITDA during the quarter,” the company said in a statement.

 

 

The company added 443 megawatts of organic renewable energy capacity during the quarter, taking total installed capacity to 13,211 megawatts. Net power generation increased by 52 per cent to 14.9 billion units.

 

“We are pleased to report a strong quarterly performance, with earnings growth primarily driven by healthy organic capacity additions and the recently completed inorganic capacities of Mahanadi and O2 Power,” Joint Managing Director and Chief Executive Officer Sharad Mahendra said.

 

The company is chasing ambitious targets to add 30 gigawatts of power generation capacity and 40 gigawatt hours of storage to its portfolio by 2030. Its share price on the Bombay Stock Exchange (BSE) closed at ₹540.70, down 1.45 per cent compared to the previous close.