New Delhi: JSW Energy on Tuesday reported over 28 percent rise in its consolidated net profit to Rs 231 crore in the December 2023 quarter on the back of higher revenues.
"Profit After Tax for the quarter (October-December 2023) increased by 28 percent YoY (year-on-year) to Rs 231 crore, compared to Rs 180 crore in the corresponding period of the previous year," a company statement said.
During the quarter, the total revenue increased 13 percent year-on-year to Rs 2,661 crore from Rs 2,350 crore in Q3 FY23, driven by incremental contribution from renewable portfolio and strong thermal performance, largely driven by a buoyant merchant market, it added.
The consolidated net worth and net debt as of December 31, 2023, were Rs 20,976 crore and Rs 26,286 crore, respectively, resulting in a net debt-to-equity ratio of 1.3X.
Liquidity continues to be strong, with cash balances at Rs 2,867 crore as of December 31, 2023, it stated.
The company has one of the strongest balance sheets in the sector, which gives it the headroom to pursue value-accretive growth opportunities, it noted.
It generated 6,128 million units (MU) of power in the third quarter, up from 4,274 MU a year ago, driven by the higher thermal generation and contribution from acquired and greenfield RE (renewables) capacity additions.
It is presently constructing various power projects to the tune of 2.6 GW, with a vision to achieve a total power generation capacity of 20 GW by 2030.
The board, in its meeting held on Tuesday, also appointed Ashok Ramachandran, Chief Operating Officer, as an Additional Director and as a Whole-time Director (designated as Whole-time Director & COO) of the company for a term of 5 years with effect from January 23, 2024, till January 22, 2029.
Ramachandran, in his capacity as a Whole-time Director, is also appointed as a key managerial personnel of the company.
Previously, Ramachandran had been appointed as the Chief Operating Officer, with effect from October 20, 2023.
(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)