New Delhi: Private sector power producer JSW Energy recorded a 29% surge in profit after tax (PAT) on account of the company's owners for the March quarter, primarily due to reduced tax expenses.
During this period, the company reported a consolidated PAT of Rs 351.34 crore, marking an increase from Rs 272.05 crore compared to the previous year.
Revenue from operations stood at Rs 2,755.87 crore, rising by three percent year-on-year.
The company noted a 47% increase in EBITDA for the quarter, reaching Rs 1,292 crore, driven by enhanced contributions from the renewable portfolio and robust performance by thermal assets.
Sequentially, revenue from operations rose by 8%, and profit escalated by 52%.
JSW Energy reported a 26% increase in total net generation for the quarter, amounting to 6.4 billion units, with net debt as of March totalling Rs 26,636 crore.
The company's board proposed a dividend of Rs 2 per equity share for FY24, pending shareholder approval at the upcoming annual general meeting.
Regarding the sector's outlook, JSW Energy expressed optimism, citing healthy prospects in the power sector over the medium term.
Factors such as rapid urbanization, government-led capital expenditure, and a robust investment cycle are anticipated to bolster overall power demand.
The company highlighted that while base load capacity increases, including round-the-clock with storage, are trailing demand growth, supply enhancements are expected to lag behind demand growth over the medium term, resulting in tight demand-supply conditions.
In a separate announcement, JSW Energy disclosed that its board approved plans to raise funds not exceeding Rs 10,000 crore through the issuance of eligible securities via private offerings, preferential allotment, qualified institutions placement, or any other suitable method or combination thereof.
Support Our Journalism
We cannot do without you.. your contribution supports unbiased journalism
IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.
