JSW Energy Q2 Net Profit Grows Over 38% to Rs 1,141 Cr

New Delhi: JSW Energy on Wednesday reported an over 38 per cent year-on-year rise in consolidated net profit to Rs 1,141 crore in the September quarter, driven by higher revenues.

The company had posted a net profit of Rs 824 crore in the second quarter of the preceding financial year, JSW Energy said in an exchange filing.

During July-September, the company’s total income rose to Rs 6,657.71 crore from Rs 5,361 crore in the year-ago period.

The board of JSW Energy also approved raising of long-term funds up to Rs 5,000 crore through the issuance of rated and listed non-convertible debentures on a private placement basis, in one or more tranches, and authorised the Finance Committee to decide on all matters relating to the issuance of the debentures, from time to time, including finalisation and approval of the detailed terms of issue, the filing said.

The company’s current installed capacity stands at 15,147 MW, of which renewables account for 9,189 MW, or 61 per cent. The renewable portfolio comprises 3,125 MW of wind, 2,426 MW of solar, 1,857 MW of hybrid and 1,781 MW of hydro capacity, complemented by 5,958 MW of thermal capacity.

During the quarter, the company signed a Shareholders’ Agreement with Druk Green Power Corporation Limited (DGPC), a wholly-owned subsidiary of Druk Holding & Investments, the commercial arm of the Royal Government of Bhutan, to jointly develop the 920 MW Punatsangchhu-III Hydroelectric Project. The JV will be held 51:49 by DGPC and JSW Neo Energy.

This is the company’s first power generation venture outside India.

It acquired Maruti Clean Coal & Power Ltd on August 6, which operates a 300 MW thermal plant in Chhattisgarh, at an enterprise value of approximately Rs 1,410 crore. The plant has a long-term Power Purchase Agreement (PPA) of 195 MW (net) with Rajasthan discoms, with a residual PPA life of 14 years.

(Disclaimer: Except for the headline, this article has not been edited by HDFC Sky editorial team and is auto-generated from PTI feed.)