JSW Energy net profit surges 179% to Rs 560 crore in June quarter

JSW Energy on Thursday said its net profit jumped 179 per cent to Rs 560 crore in the June quarter, mainly on the back of higher revenues.

"Profit After Tax (PAT) stood at Rs 560 crore, which was 179 per cent higher YoY (year on year) compared to a PAT of Rs 201 crore in the corresponding period of previous year (April-June 2021)," a company statement said.

During the quarter, total revenue increased by 68 per cent YoY to Rs 3,115 crore from Rs 1,860 crore in first quarter of FY22.

The increase is primarily attributable to higher contribution from short-term sales, solar capacity addition at Vijayanagar and 45MW uprating at Karcham Wangtoo, it stated.

Underlying finance cost during the quarter decreased by 2.5 per cent YoY to Rs 193 crore on the back of 18 bps (basis points) reduction in the weighted average cost of debt partially offset by increase in gross debt, it explained.

The consolidated net worth and consolidated net debt as on June 30, 2022 were Rs 16,638 crore and Rs 7,720 crore respectively.

Receivables days' declined to 45 days on June 30, 2022 from 85 days on June 30, 2021, it stated.

Long-term sales during the quarter at 4,976 million units were at similar levels of Q1 FY22 (4,994 million units) as the higher sales at hydro business were offset by lower sales at thermal businesses, it said.

Short-term sales during the quarter at 874 million units versus 147 million units in Q1 FY22 were due to higher sales at both Vijayanagar and Ratnagiri plants, it added.