JSW Energy shares gain 3.5% powered by 88% surge in Q2 net profit

According to the company, the higher profitability in the September quarter was driven by by robust contribution from the acquired RE portfolio, merchant sales, and hydro truing up impact – meaning better output.

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Shares of JSW Energy gained nearly 4 percent at the open on the NSE on October 23 after the energy producer reported an 88 percent on-year increase in consolidated net profit for Q2FY24. At 9:24am, the stock was trading at Rs 401.95, nearly 3.6 percent higher than its Friday’s close.

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According to a regulatory filing, in the second quarter of FY24, JSW Energy reported a growth in net profit to Rs 856.79. Revenue for the quarter also grew Rs 3,387.36 crore in Q2FY24 from Rs 2,596.27 crore in the previous fiscal due to incremental revenue from RE assets and higher merchant sale. Earnings before interest, tax, depreciation, and amortisation (EBITDA) grew 83 percent on-year to Rs 2,008.32 crore from Rs 1,098.37.

Also read: Power On Fire: What’s fuelling the rally in energy stocks?

The company’s EBITDA margin also grew to 59 percent from 42 percent during the same quarter last year. According to the company, the higher profitability in the September quarter was driven by by robust contribution from ‘the acquired RE portfolio and merchant sales’.

Also read: JSW Energy reports 88% YoY increase in Q2 net profit

During the quarter, the net renewable generation was up by 47 percent YoY at 4.4 BUs and total thermal generation was up 15 percent YoY at 4.3 BUs. According to an investor presentation, of the total installed capacity (9,792 MW), Thermal is 3,158 MW, Wind is 1,547 MW, Hydro is 1,391 MW and Solar is 675 MW, while 3,021 MW is under construction.

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