JSW Energy's Q3 FY24 Results Showcase Strong Growth

During the quarter, finance costs stood at INR 521 Crore, with the weighted average cost of debt at 8.58 percent, a slight increase from 8.51 percent in Q2 FY24.

January 25, 2024. By Abha Rustagi

JSW Energy Limited has reported impressive financial results for the quarter ending December 31, 2023, signaling robust growth and financial resilience.

The consolidated financial performance review reveals a 13 percent year-on-year increase in total revenue, reaching INR 2,661 Crore compared to INR 2,350 Crore in Q3 FY23. Notably, EBITDA witnessed substantial growth, soaring by 69 percent YoY to INR 1,229 Crore, driven by incremental contributions from the renewable portfolio and a robust thermal performance fueled by a buoyant merchant market.

During the quarter, finance costs stood at INR 521 Crore, with the weighted average cost of debt at 8.58 percent, a slight increase from 8.51 percent in Q2 FY24.

The Profit After Tax (PAT) for the quarter exhibited a remarkable 28 percent YoY increase, reaching INR 231 Crore, compared to INR 180 Crore in the corresponding period of the previous year.

The higher profitability was attributed to a robust performance at the thermal power plants, resulting in a cash PAT generation of INR 628 Crore during the quarter, implying a noteworthy 20 percent cash return on adjusted net worth.

As of December 31, 2023, the Consolidated Net Worth and Net Debt stood at INR 20,976 Crore and INR 26,286 Crore, respectively, leading to a Net Debt to Equity ratio of 1.3x. Net Debt to EBITDA¹ was reported at 4.6x, while Net Debt to EBITDA¹ (excluding CWIP) remained at a healthy 3.2x.

JSW Energy's liquidity position remains strong, with cash balances at INR 2,867 Crores as of December 31, 2023. The company boasts one of the strongest balance sheets in the sector, providing the flexibility to pursue value-accretive growth opportunities. This robust financial performance positions JSW Energy as a key player in the evolving energy landscape.

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