JSW Energy Sees 35% Rise In RE Generation, 48% Plunge In PAT In Q1

JSW Energy Limited, in its latest announced Q1 results for FY24, claimed that its total renewable energy generation increased by 35 percent on a Year-on-Year (YoY) basis. The financial results for the quarter also state that it witnessed a decrease in total revenue and Profit After tax (PAT).  

As per the details shared by the firm in its disclosure to the Bombay Stock Exchange (BSE), JSW Energy claimed a rise in its green energy capacity from 1,616 MW in Q1 of FY23 to 3,509 in the latest quarter of FY24, showing a growth of 117 percent. Its net generation increased to around 35 percent from 1,670 Million Units (MU) to 2,559 MU on YoY in the year’s first quarter.

The firm said that the net generation increased owing to the capacity additions. It said its solar assets (excluding Mytrah) generated 150 MUs in Q1 FY24 at an average CUF of 29%. Meanwhile, its SECI X (130 MW, partly commissioned) project generated 53 MW at a CUF of 23%. 

It also says that its total operating revenue in RE power doubled to Rs 780 crore, driven by the Mytrah acquisition and other greenfield RE assets. However, its net generation of hydropower witnessed a 27 percent plunge. 

Regarding its financial results of Q1, JSW Energy Limited reported a decline in total revenue from Rs 3,115 crore in Q1 FY23 to Rs 3,013 crore in Q1 FY24. It, however, witnessed a rise in EBITDA margin from 36 percent to 43 percent YoY. Its PAT, however, plunged from 560 to 290 on YoY, showing a 48 percent decline. 

As per the disclosure made by the energy firm, JSW Energy has a total capacity of 5,912 MW which comprises 3624 MW (61%) of wind projects, 1631 MW (28%) of hydro projects and 657 MW (11%) of solar projects. It claims to have operational assets of 3,509 MW. It includes 1,391 MW of hydro, 1461 MW of wind, and 657 MW (11.1%) of solar projects. It also stated it has 2403 MW of under-construction projects which could be operational by CY2024. 

JSW Energy plans to achieve 10 GW of generation capacity ahead of the stated timeline in 2025. It also plans to foray into new areas of clean energy technologies like Green Hydrogen, solar module manufacturing and others.