JSW Energy shares slipped 10 per cent in Wednesday's trade, logging an intraday low at Rs 453.6 per share. The selling pressure in the stock came after the company's consolidated net profit declined 27 per cent year-on-year.
Around 9:26 AM, JSW Energy share price was down 6.78 per cent at Rs 469.85 per share on BSE. In comparison, the BSE Sensex was up 0.47 per cent at 76,257.42. The market capitalisation of the company stood at Rs 82,118.9 crore. The 52-week high of the stock was at Rs 804.95 per share and the 52-week low was at Rs 452.05 per share.
On Tuesday, after market hours, JSW Energy reported a consolidated net profit of Rs 167.83 crore as compared to a profit of Rs 231.33 crore a year ago. The revenue of the company for the quarter under review declined 5.6 per cent to Rs 2,400 crore as compared to Rs 2,542.8 crore a year ago.
The Earnings before interest, tax, depreciation and amortisation (Ebitda) for the quarter under review declined 9 per cent Y-o-Y to Rs 1,115 crore as due to lower short-term spreads, despite a 28 per cent increase in short-term generation. A year ago Ebitda for the corresponding quarter stood at Rs 1,229 crore.
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Ebitda margin for the quarter stood at 42 per cent as compared to 46 per cent a year ago. Further, the company's board approved raising long term funds up to Rs 3,000 crore.
"We hereby inform you that the Board of Directors at its meeting held today has, inter-alia, approved the following.. raising of long term funds up to Rs 3,000 crore through, inter-alia, the issuance of rated and listed Non-Convertible Debentures on a private placement basis and has authorised the Finance Committee to decide on all matters relating to the issuance of the Debentures from time to time, including finalisation and approval of the detailed terms of issue," the filing read.
The company also re-appointed Rajeev Sharma as an Independent Director for a second term of five consecutive years with effect from March 24, 2025.
In the past one year, JSW Energy shares have gained 2.8 per cent against Sensex's rise of 5.5 per cent.