JSW Energy Q1FY24 Results: Powering Ahead with Impressive Growth and Strong Financials

JSW Energy, a subsidiary of the renowned JSW Group, announced its Q1 FY24 results, painting a positive picture of operational and financial performance. With a power generation capacity exceeding 10,000 megawatts, JSW Energy stands as one of India’s largest private sector power producers.

During Q1 FY24, the company witnessed a notable 14% YoY increase in overall net generation, driven by new renewable energy capacities and higher generation at Ratnagiri. Long-term net generation surged by 18% YoY, primarily attributed to higher generation at Ratnagiri and RE capacity additions. An impressive 35% YoY growth in net renewable generation was evident, courtesy of RE capacity expansions.

Financially, Q1 FY24 EBITDA soared to approximately INR 1,307 Crore, reflecting an 18% YoY growth. This remarkable achievement was driven by contributions from Mytrah and RE capacity additions, resulting in a reported PAT of around INR 290 Crore.

With a robust balance sheet, the company maintained a net debt-to-equity ratio of 1.2x and a net debt-to-EBITDA (Proforma TTM) ratio of 4.7x. Cash and cash equivalents amounted to approximately INR 2,572 Crore, showcasing a strong liquidity position.

Progress on under-construction utility-scale generation projects was evident, with significant advancements made on a 2.0 GW wind project and the Kutehr hydroelectric project. Restoration works for the Ind-Barath thermal power plant were ahead of schedule, signaling potential early commissioning.

While total revenue for the quarter declined by 3% YoY to INR 3,013 Crore due to lower realization in thermal assets, JSW Energy’s robust EBITDA contribution from renewable assets led to an 18% YoY increase, standing at INR 1,307 Crore.

The company’s consolidated net worth as of June 30, 2023, was INR 19,111 Crore, with net debt amounting to INR 22,904 Crore, resulting in favorable net debt ratios. With strong liquidity, cash balances reached approximately INR 2,572 Crore, positioning the company well to explore value accretive growth opportunities.

Overall, JSW Energy’s Q1 FY24 results reflect its continued commitment to delivering impactful and sustainable solutions in the energy sector, making it a formidable player in the industry.

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