JSW Energy Q1 results: Positive performance in Q1FY24: EBITDA grows 18%, and strong cash returns for the company
JSW Energy declared its Q1 results today. The company is a subsidiary of JSW Group, a diversified conglomerate. JSW Energy is one of the largest private sector power producers in India, with a power generation capacity of over 10,000 megawatts.
Key highlights of Q1 FY24 reveal positive operational and financial performance for the company. Overall net generation increased by 14% year-on-year (YoY) driven by new renewable energy (RE) capacities and higher generation at Ratnagiri. Net long-term generation saw an 18% YoY increase, primarily due to higher generation at Ratnagiri and RE capacity additions.
Net renewable generation surged by 35% YoY, attributed to RE capacity additions. In terms of financials, Q1 FY24 EBITDA reached approximately INR 1,307 Crore, reflecting an 18% YoY growth. This was driven by contributions from Mytrah and RE capacity additions, resulting in a reported PAT of around INR 290 Crore. The balance sheet remains robust, with a net debt-to-equity ratio of 1.2x and net debt-to-EBITDA (Proforma TTM) ratio of 4.7x.
Cash and cash equivalents amounted to approximately INR 2,572 Crore. Regarding under-construction utility-scale generation projects, progress was made on a 2.0 GW wind project, with part commissioning received for 130 MW as of June 2023. The Kutehr hydroelectric project saw significant advancement, with around 96% tunneling completed.
The Ind-Barath thermal power plant's restoration works are ahead of schedule, indicating potential early commissioning. During the quarter, the company's total revenue decreased by 3% YoY to INR 3,013 Crore, primarily due to lower realization in thermal assets resulting from a decline in coal prices. However, the company saw a robust EBITDA contribution from
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