JSW Energy reported a flat net profit of Rs 853.26 crore in Q2FY25, marginally higher than the Rs 850 crore it posted in the same quarter last year. The net profit slightly exceeded Bloomberg’s consensus estimate of Rs 842 crore.
Revenue from operations remained flat at Rs 3,238 crore in Q2FY25, compared to Rs 3,259 crore in Q2FY24. Analysts had expected a higher revenue figure of Rs 3,648 crore.
Ebitda for the quarter came in at Rs 1,685 crore, reflecting a decline of 10.4% year-on-year. This was below analysts’ expectations, who had forecasted an Ebitda of Rs 2,333 crore.
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According to the company, Ebitda was impacted by incremental contributions from renewable energy capacity additions, better hydrology at hydro plants, and higher long-term generation at thermal plants. However, these gains were offset by lower merchant sales margins and a two-part tariff revision at the hydro plant due to changes in depreciation under CERC regulations. Excluding a Rs 174 crore hydro true-up in Q2FY24, underlying Ebitda grew by 4% year-on-year.
Finance costs for the quarter rose slightly to Rs 518 crore, compared to Rs 514 crore in Q2FY24, with the weighted average cost of debt at 8.81%.
As of September 30, JSW Energy’s consolidated net worth stood at Rs 27,970 crore, with net debt at Rs 24,875 crore. This resulted in a net debt-to-equity ratio of 0.9x and a net debt/Ebitda ratio (excluding CWIP) of 2.2x, well within the company’s guided range of 3.5x-4.0x.
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Net generation for the quarter was 9,840 MUs, up 14% year-on-year, driven by wind capacity additions and higher generation at both thermal and hydro plants. Long-term sales increased by 9% due to increased generation from the renewable energy (RE) portfolio, while short-term sales volume surged 68% year-on-year.
During the quarter, JSW Energy commissioned 204 MW of wind capacity, with a total of 495 MW added in the year-to-date period for FY25, bringing the total installed capacity to 7.8 GW. The company also won renewable energy bids to install 3.7 GW, bringing its total locked-in generation capacity to 19.2 GW. Additionally, JSW Energy signed new power purchase agreements (PPAs) for 3.8 GW of renewable projects in Q2FY25,
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