Sajjan Jindal-led JSW Energy has posted a 35.63% rise in consolidated net profit to Rs 456.57 crore for the quarter ended September 30, buoyant on a rise in power demand.
It had posted a net profit of Rs 336.62 crore for the same quarter of the previous financial year.
During the quarter under review, its consolidated total income rose 16% to Rs 2,596.27 crore from Rs 2,237.36 crore in the comparable year-ago period. The rise in total revenue was largely due to increase in fuel costs, which are pass-through in nature, a company statement said.
A consensus estimate of Bloomberg analysts had expected the firm to post aconsolidated net profit of Rs 670 crore (three brokerages) on revenues of Rs 2,711.80 crore (five brokers).
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During the quarter, the demand for power across the country rose by 5.9% on a year-on-year basis. Peak power demand touched a high of 200 GW in September.
The rise is primarily attributable to the contribution from the 225 MW solar capacity addition at Vijayanagar and 45 MW uprating at Karcham Wangtoo and partially offset by lower short-term sales on a year-on-year basis.
The company’s finance cost rose by 7% y-o-y to Rs 204 crore due to additional borrowings needed for ongoing growth capex. Weighted average cost of debt rose by 7 basis points on a quarter-on-quarter basis to 7.94%.
As of September 30, the firm had a cash balance of Rs 3,327 crore.
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The firm is also looking to expand its installed capacity to 10 GW by FY25 and 20 GW by FY30. With a locked-in capacity of 9.9 GW, the company expects to achieve its FY25 target well ahead of the timeline.
The total locked-in portfolio (2.2 GW under-construction, letter of intent received for 0.4 GW) comprises 61% renewable capacity, which is expected to rise to about 81% by FY30.