JSW Energy reported that its net profit in the June quarter was down five per cent at ₹209 crore against ₹220 crore logged in the same period last year, on the back of one-time charges of ₹90 crore towards pre-payment of loans.
Revenue from operations was down five per cent at ₹1,728 crore (₹1,805 crore). EBITDA was marginally up at ₹830 crore.
Net power generation was higher at 5,141 million units (4,930 mu).
Long term sales were up four per cent at 4,994 mu (4,807 mu) primarily due to higher sales at all thermal plants. Last fiscal, the demand was lower due to the pandemic. Short-term sales increased 20 per cent to 147 mu (123 mu) primarily due to higher sales at Vijayanagar, the company said.
Net debt increased by ₹300 crore to ₹6,500 crore due to planned capex. Receivables from power distribution companies declined to ₹1,902 crore (₹2,715 crore).
Prashant Jain, Managing Director, JSW Energy, said the period of deleveraging is complete and the company is all set for the next growth cycle with the planned 20 GW capacity with an investment of ₹75,000 crore by FY30.
The company has already placed orders for equipment to generate 950 MW of green power for JSW Steel in Tamil Nadu, Karnataka and Maharashtra and the project will be completed in two years, he said.
The company will also work with Australian company Fortescue Future Industries Pty to separate hydrogen and oxygen from water and use them as fuel for various applications, said Jain.
Finance cost increased 21 per cent to ₹290 crore (₹240 crore), primarily due to one-time expenses of ₹92 crore towards prepayment charges and write-off of unamortised other borrowing cost relating to repayment of rupee-denominated loans of JSW Hydro Energy. The loans were replaced with a dollar-denominated green bond issued in Q1 FY22.
JSW Energy’s current portfolio comprises 30 per cent renewable energy capacity which is expected to increase to 70 per cent by FY25 and 85 per cent by FY30.