JSW Energy’s consolidated operating profit for the October-December quarter of 2021 rose 31% year-on-year (y-o-y) to Rs 790.14 crore on the back of higher short-term (merchant) sales, and lower operations and maintenance cost.
Operating margins jumped 416 basis points on year to 41.72% on better realisation from the electricity sold in the short-term market.
While consolidated revenue for the December quarter of 2021 rose 18% y-o-y to Rs 1,894 crore, beating the Bloomberg estimate of Rs 1,867 crore, net profit for the quarter rose 126% y-o-y to Rs 321 crore.
“This has been our highest PAT and Ebitda (earnings before interest, tax, depreciation and amortisation) figure in the last five years in the third quarter. Lower finance cost which came down to 7.82% in Q3FY22 against 8.25% a year ago, and higher short term sales during the quarter have helped us to deliver strong numbers,” Prashant Jain, joint managing director of JSW Energy, told FE.
Underlying finance cost during the October-December quarter of 2021 decreased by 10.5% y-o-y to Rs 171 crore, from Rs 191 Crore in the corresponding quarter of the previous year. However, there was an additional finance cost of `25 crore relating to interest on regulatory liabilities on green bonds issued in the last quarter, Jain said.