JSW Energy Reports 29% Rise in Q4 Net Profit, Plans for Expansion and Diversification

JSW Energy Reports 29% Rise in Q4 Net Profit, Plans for Expansion and Diversification
JSW Energy, under the leadership of Sajjan Jindal, has reported a notable 29% increase in its consolidated net profit for the quarter ended March 31, 2024, reaching Rs 351 crore. This growth is primarily attributed to higher revenues. The company's previous consolidated net profit was Rs 272 crore in the corresponding quarter of the previous fiscal year.
Total revenue during the March quarter rose by 3% year-on-year (YoY) to Rs 2,879 crore, compared to Rs 2,806 crore in the same period last year. For the full fiscal year 2023-24, JSW Energy's profit after tax increased by 17% YoY to Rs 1,723 crore, while total revenue grew by 10% YoY to Rs 11,941 crore.
The company's board has proposed a dividend of Rs 2 per equity share (20%) for consideration at the upcoming 30th Annual General Meeting. Additionally, the board approved the raising of funds up to Rs 10,000 crore through various means, including private offerings, preferential allotment, or qualified institutional placement, among others.
JSW Energy also announced its plans to broaden the scope of its Memorandum of Association (MoA) to encompass a wider range of non-conventional and renewable energy businesses. This move aims to include areas such as energy storage, renewable equipment, green hydrogen, and battery technology for various sectors, including electric vehicles.
The company will hold its 30th Annual General Meeting on June 28, 2024, to deliberate on fund-raising measures and the alteration of the MoA's Objects Clause.
In terms of operational performance, JSW Energy saw net power generation reach 6,397 million units (MUs) in the March quarter, marking a 26% YoY increase. This was driven by higher contributions from acquired and greenfield renewable energy capacities, as well as increased thermal generation.
Long-term power generation under power purchase agreements (PPAs) also rose by 21% YoY, propelled by higher generation at Ratnagiri and renewable energy capacity additions. Short-term sales experienced a surge, reflecting the strong underlying power demand growth across the country.
Overall, net generation in fiscal year 2024 climbed 27% YoY to 27.9 billion units (BUs), fueled by the integration of renewable energy capacity additions and robust thermal performance. Renewable energy generation alone increased by 54% YoY to 9.3 BUs, while long-term generation accounted for 88% of the total net generation, up by 22% YoY.