JSW Energy posted 37% rise in PAT to Rs 466 cr in July-Sept quarter

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 mainly 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, a statement said.

During the quarter, total revenue increased by 16 per cent YoY to Rs 2,596 crore from Rs 2,237 crore in the year-ago period, JSW Energy said.

Finance cost during the quarter (July-September) increased by 7 per cent YoY to Rs 204 crore because of additional borrowings due to ongoing growth capex. The weighted average cost of debt increased by 7 bps QoQ (basis point quarter on quarter) to 7.94 per cent, it stated.

Long-term sales during the quarter stood at 6,481 million units, lower by 1 per cent YoY as lower thermal generation was partly offset by higher generation at solar operations at Vijayanagar, it informed.

Short term sales during the quarter came at 194 million units versus 236 million units in Q2 FY22 due to weak merchant market demand, it also stated.

The board in its meeting also approved raising long term funds up to Rs 2,500 crores through, inter-alia, the issuance of non-convertible debentures by way of private placement and has authorised the Finance Committee to decide on all matters relating to the issuance of the debentures from time to time, including finalization and approval of the detailed terms of issue.

The board also approved the appointment of Parth Jindal, son of JSW Energy CMD Sajjan Jindal, as an Additional, Non-Executive, Non-Independent Director with effect from 28th October 2022.

Parth Jindal, 32, earned his MBA from Harvard Business School in 2016 and his Bachelor in Arts in Economics and Political Science from Brown University in 2012.

At present, Parth Jindal is the Managing Director of JSW Cement Ltd, Managing Director of JSW Paints Private Ltd, Founder of JSW Sports and is Chairman and Co-Owner of IPL team Delhi Capitals.

Parth Jindal is also the Founder of Inspire Institute of Sports, Director of JSW Ventures and Director of JSW USA along with being a Director on Boards of other companies.