JSW Energy, a subsidiary of JSW Group has declared its Q1 results today. JSW Energy is one of the largest private-sector power producers in the country, with a power generation capacity of over 10,000 megawatts.
The Q1FY24 results have highlighted the company’s positive operational and financial performance. Overall net generation increased by 14% year-on-year driven by new renewable energy capacities and higher generation through its plant in Ratnagiri. Net long-term generation witnessed an 18% YoY increase, which is primarily due to higher generations at its plant and additions to RE capacities. There was a surge of 35% seen in the net renewable generation.
When coming to the financials of JSW Energy, Q1 FY24 EBITDA reached to Rs 1,307 crore, which reflected a growth of 18% YoY. This was further driven by Mytrah and RE capacity additions which resulted in around Rs 290 crore of PAT being reported by the company. The balance sheet has remained robust, with net debt-to-equity ratio of 1.2x and net debt-to-EBITDA also known as proforma TTM ratio of 4.7x. Cash and cash equivalents of JSW Energy amounted for Rs 2,572 crore.
When speaking of the under-construction utility-scale generation projects, fast progress was made on the development of 2.0 GW wind project, with part commissions received upto 130 MW as of June 2023. The Kuther hydroelectric project has seen a significant advancement with around 96% of tunneling work done whereas, the restoration work on Ind-Barath thermal power plant is ahead of the schedule which indicates an early commissioning.
The company’s total revenue decreased 3% YoY to Rs 3,013 crore during the quarter, primarily due to low realization in thermal assets which resulted from decline in coal prices. Company’s EBITDA saw an 18% YoY increase and stood at Rs 1,307 crore. The profits after tax stands at Rs 290 crore, lower than Rs 440 crore which the company recorded in the same quarter in the previous year.
As of June 2023, company’s consolidated net worth was Rs 19,111 crore and net debt amounted to Rs 22,904 crore.
The company has also maintained a strong liquidity with cash balances of around Rs 2,572 crore as of June 30, 2023. The robust balance sheet of the company makes it stand out among its peers and has a value assertive growth.
