JSW Energy, a private power generator, stated on Tuesday that its consolidated net profit fell by more than 68% in the March quarter of 2022–2023 compared to the same quarter the previous year, to Rs 272 crore.
According to the firm, JSW Energy recorded a combined net profit of Rs 864 crore for the quarter that ended on March 31, 2022. This was mostly the result of extraordinary profits.
The figures were not comparable, according to a corporate spokesman, since the firm last year “got a one-time benefit of Rs 492 crore due to a hydropower regulatory adjustment leading to Rs 864 crore profit in FY22 Q4 (January-March 2022)”.
Due to greater production and an increase in renewable capacity, overall income during the reviewed quarter climbed by 6% YoY (year over year) to Rs 2,806 crore from Rs 2,655 crore.
Due to new borrowings (for continuing expansion capex) and a rise in the weighted average cost of debt (excluding Mytrah) to 8.36 percent with the increasing interest rate cycle, the quarter's finance expenses rose to Rs 233 crore from Rs 170 crore in Q4 FY22, it said.
Additionally, the fiscal 2022–2023's combined net profit decreased from Rs 1,728.62 crore to Rs 1,477.76 crore.
Total income rose by 24% YoY to Rs 10,867 crore from Rs 8,736 crore during the FY'23 fiscal year as a result of better realisation (since higher fuel costs are passed through naturally for LT PPAs) and an increase in renewable capacity, according to the statement.
A dividend of Rs 2 per equity share of Rs 10 (20%) was also proposed by the board to the Company's shareholders for declaration at the upcoming 29th Annual General Meeting.
The board also resolved to hold the company's 29th annual general meeting on Friday, June 30, 2023.
The board also authorized Sajjan Jindal's reappointment and compensation as the company's chairman and managing director for a term of five years beginning on January 1, 2024, subject to the shareholders' approval.