JSW Energy Q1 Results: PAT slumps 48% YoY to Rs 290 crore despite higher EBITDA

economictimes.indiatimes.com:

JSW Energy Ltd’s consolidated net profit for the quarter ended June plunged more than 48% year-on-year (YoY) to Rs 290 crore. Revenue from operations dropped 3.3% on year to Rs 2,927.85 crore. The revenue dropped as incremental revenue from the recently acquired assets of Mytrah Energy and renewable energy capacity additions was offset by lower realization in thermal operations amid a decline in coal prices, the company said.

While topline growth was muted, the JSW Group company’s operating profit, calculated as earnings before interest, taxes, depreciation and amortization (EBITDA), increased 18% YoY to 1,307 crore, driven by contribution from Mytrah and renewable energy capacity additions. On a sequential basis, EBITDA rose a sharp 48%, and PAT increased by 7%. The overall net generation was up by 14% YoY at 6.7 billion units in the quarter, driven by new renewable energy capacities and higher generation at Ratnagiri, but partly offset by lower generation at hydropower assets, the company said.

The net renewable generation rose 35% YoY in the quarter to 2.3 billion units due to new capacity additions. In the thermal business, the PLF or plant load factor, increased to 73% in the June quarter, from 67% a year ago. The company saw its financial costs jump more than two times on year to Rs 486 crore, primarily due to a one-off impact of the refinancing at Mytrah Energy.

“The additional finance cost is driven by interest cost for Mytrah amounting to Rs 170 crore and ongoing growth capex,” the company said. The net debt-to-equity as of June-end stood at 1.2 times, while the net debt-to-EBITDA was at 4.7 times. As of June- end, the company’s cash and cash equivalents was Rs 2,572 crore.