JSW Energy’s Profit Rises 29% on Renewables Strength in Q3 FY24

The company’s renewable energy generation expanded 71% YoY


JSW Energy, an independent power producer, reported a net profit of ₹2.32 billion (~$27.9 million), a jump of 29% year-over-year (YoY) in the third quarter (Q3) of the financial year (FY) 2023-24, helped by a strong performance in the renewables segment and lower fuel costs.

Higher generation in both thermal and renewables segments drove the company’s total revenue up by 13% YoY to ₹26.61 billion (~$320 million).

Renewable generation expanded by 71% YoY, reaching 1.4 billion units (BU), driven by capacity additions and contributions from an acquired renewable portfolio, partly offset by lower generation at its hydropower projects.

The company said it has started commissioning its largest standalone wind project, with a capacity of 810 MW. It has received the commercial operation date for the first 51 MW phase of the project.

The earnings before interest, taxes, and depreciation (EBITDA) showed a 69% YoY increase, reaching ₹12.29 billion ($147.9 million) in the quarter, primarily due to higher merchant volumes and contribution from the 1,200 MW Ratnagiri thermal plant, partly offset by lower generation at the 860 MW Vijayanagar plant.

9M FY24

The company reported a net profit of ₹13.71 billion (~$165.03 million) during the first nine months (9M) of FY24, a 13.68% YoY increase.

The revenue surged by 12.42% to ₹90.62 billion (~$1.09 billion), while EBITDA increased by 54.8% to ₹45.45 billion (~$547.09 million).

JSW Energy’s renewable portfolio currently has a total capacity of 5,934 MW. Of these assets, 3,681 MW are operational, including hydropower (1,391 MW), wind (1,615 MW), and solar (675 MW). An additional 2,253 MW of assets are under construction.

The company also has a 3.4 GWh of storage capacity locked in, out of which the Battery Energy Storage System accounts for 29% and the Pumped Hydro Storage System accounts for 71%.

Last month, the company’s wholly-owned subsidiary, JSW Neo Energy, was among the bidders for Solar Energy Corporation of India’s tender to set up 450,000 metric tons/annum production facilities for green hydrogen.